November 14, 2025 09:45 AM GMT M Update Contemporary Amperex Technology Co. Ltd. | Asia Pacific Utility Scale ESS Deployment and Projects On Schedule Key Takeaways 2026e 2025e 2024 GWh Europe ESS YTD cumulative deployment 1 2 3 4 5 6 7 8 9 10 11 12 25 20 15 10 5 - 2026e 2025e 2024 GWh US ESS YTD cumulative deployment 1 2 3 4 5 6 7 8 9 10 11 12 75 60 45 30 15 - 2026e 2025e 2024 GWh China ESS YTD cumulative deployment 1 2 3 4 5 6 7 8 9 10 11 12 200 150 100 50 - 2026e 2025e 2024 Global ESS YTD cumulative deplo ...

Vi e w p o i n t | 12 Nov 2025 03:00:00 ET │ 14 pages US Semiconductors 3Q25 Microprocessor Market Share: AMD and ARM Both Gain Share Over Intel as Overall CPU Market Remains Strong. CITI'S TAKE On Tuesday, Mercury Research released estimates for 3Q25 microprocessor shipments and market share. Total 3Q25 MPU units were up 3.9% QoQ, above seasonality of up 2.4% QoQ driven by above-seasonal server and notebook CPU shipments. AMD and ARM both gained share over Intel as Intel lost 157 basis points QoQ and has 6 ...

Summary of Keep's Conference Call Company Overview - **Company**: Keep - **Industry**: Fitness and Health Technology Key Points and Arguments Financial Performance - In the first half of 2025, Keep achieved an adjusted net profit of over 10 million RMB, with a profit margin of approximately 1% [2][5][18] - The profit margin is expected to increase to 3-4% in the second half of 2025, with an optimistic annual profit target [2][5][18] - Despite a 20% decline in consumer product revenue in the first half, gross margins improved significantly, with a narrowing decline to single digits during the Double Eleven shopping festival [5][6] - The company aims for a revenue rebound in 2026, targeting a reasonable profit margin of 4-5% for sustainable profitability and market investment [2][5][6] User Engagement and Growth - Monthly Active Users (MAU) were approximately 23 million in the first half of 2025, expected to stabilize between 23 million and 25 million in the second half [2][6] - Membership penetration slightly increased to around 13%, with improvements in user activity frequency and duration compared to the previous year [2][6] AI Integration and Product Development - Keep is focusing on AI-driven enhancements, particularly in the online business and fitness coaching [3][4] - The AI coach module has shown better performance than average users, with a 30% increase in click-through rates after interface optimization [7][8] - Future plans include expanding AI functionalities to include voice and video interactions, enhancing user experience [10][11] Strategic Partnerships - Collaboration with Nike to offer professional running coaches, with potential commercialization pricing set at 299 RMB per quarter, currently offered at a promotional price of 200 RMB [8][9] - The integration of AI coaching with membership services allows unlimited access for members, while regular users face limitations [4] Market Trends and Challenges - The medal event business is projected to generate around 200 million RMB in 2025, a significant decline from previous years due to reduced IP event scheduling and market saturation [16][17] - The company is exploring new IPs and product forms to attract younger demographics, despite a cautious outlook on the medal event business [17] Marketing and Brand Strategy - Marketing expenses decreased significantly in the first half of 2025, attributed to reduced customer acquisition costs and promotional spending [14] - The appointment of brand ambassador Sun Yingsha has led to increased engagement, including a themed online medal event attracting over 100,000 participants [14][15] Future Outlook - Keep anticipates a net profit margin of 5% in 2026, driven by stable gross margins and revenue growth [18][19] - AI technology is expected to enhance profitability by increasing membership scale and revenue, despite some cost increases associated with new applications [19] Additional Important Insights - The company is actively refining its product offerings, focusing on high-margin consumer goods such as equipment and apparel [5][6][12][13] - Keep's apparel sales strategy emphasizes major e-commerce platforms, with a goal of achieving positive growth in 2026 after a projected decline in 2025 [13]

361 度 20251114 摘要 三六一度电商策略趋于稳健，不再依赖大幅折扣冲量，而是通过常态化 满减活动分散消费，实现健康增长。双十一期间折扣保持稳定，整体 GMV 增速符合预期，优于行业平均水平。 公司预计 2025 年双十一规则调整将减少无效凑单和高退货率，关注销 售质量。全渠道 GMV 预计微增，退货率预计保持较低水平，政策调整 有利于提升运营效率。 截至 2025 年 10 月底，三六一度已开设 101 家超品店，选址更优、人 流量更大，并探索不同业态。通过优化门店动线设计和购买促进，提高 运营效率，积累了丰富的门店运营经验。 温胃品牌通过线上引流和线下门店结合，强调北欧户外基因和高性价比， 产品风格时尚酷炫。未来计划稳健扩展 SKU 至鞋类及小件装备，并期待 2026 年实现显著增长。 三六一度自 2015 年开始国际化战略，深耕"一带一路"国家，并通过 高端产品线抢占欧美市场。截至 2025 年上半年，全球拥有 1,400 个销 售网点，预计 2026 年海外业务将实现翻倍增长。 Q&A 请简要回顾一下三六一度公司四季度以来的情况。 自 10 月份以来，南方天气相对较暖，对冬装销售有所影响，这 ...

首程控股 20251116 摘要 首城控股 2025 年前三季度营收 12.15 亿港元，同比增长 30%，归母 净利润 4.88 亿港元，同比上涨 22%。公司拥有充足资金储备，总资产 达 163.4 亿港元，并宣布 10 亿元股份回购计划，彰显对公司价值和未 来发展的信心。 公司在机器人产业链上下游均有布局，包括上游机器人核心材料研发， 下游消费级市场线上直播间和线下科技体验店，以及与阿尔特汽车合作 推动机器人和汽车应用新业态发展。已在北京、成都开设三家机器人科 技体验店，计划在全国核心城市陆续开设更多。 在基础设施领域，首城控股完成了北京核心区域租赁住房项目投资，储 备京津冀、华东、成渝、大湾区优质资产，并通过资产证券化、公募 REITs 等手段实现退出。与中国人寿成立 100 亿元平准基金，投资数据 中心及清洁能源项目。 公司关注机器人产业链，包括核心零部件、应用端和材料领域，已投资 权志博（关节模组）和墨镜科技（触觉传感器）。投资策略分为北派 （机身智能产业链）和南派（消费类机器人及 C 端应用场景），只投最 好的企业。 公司在机器人产业方面有哪些具体布局和进展？ 首城控股在机器人产业链上下游均有布 ...

巨星传奇 20251116 摘要 巨星传奇通过发行新股后的补发方式，募集资金投资韩国 Galaxy 公司， 旨在加强在艺人和 IP 方面的合作，包括演唱会和展览等，Galaxy 公司 计划于 2026 年在韩国上市。 公司与中东基金等国际投资方达成长期投资安排，这些基金看重巨星传 奇在 IP 和机器人领域的发展潜力，并了解公司 2025 年的战略升级，包 括与 Galaxy 公司、宇树科技的合作以及鸟巢项目。 巨星传奇与宇树科技成立合资公司，计划推出更多明星版限量款四足机 器人"巨星狗"，并策划机器人表演团体，为艺人或活动提供表演服务， 例如机器人表演刘畊宏的《本草纲目》或 GD 的《Power》。 巨星狗预计 2026 年初量产，计划限量销售约 1,000 只，初期针对高消 费人群，包括名人和艺人，推出特别版和限量版，产品定价正在最后测 试中，预计年底前完成，明年一季度正式上市。 投资 Galaxy 公司不仅看重其艺人的赚钱能力，更看重未来在 IP 和艺人 资源上的深度合作机会，Galaxy 旗下艺人包括权志龙、金钟国、宋康 昊等，希望通过入股在更多领域展开合作。 Q&A 最近巨星传奇发布了关于配售的公告， ...

小鹏汽车 20251116 摘要 小鹏汽车凭借智能驾驶领域的精准定位和持续投入，销量显著增长，尤 其是在市场对智能驾驶认可度提升的背景下，通过管理层调整和供应链 优化，实现了产品竞争力的提升。 未来三至五年，小鹏汽车有望受益于 AI 应用在主机厂的广泛应用，实现 从周期股向科技股的估值体系转变，其图灵 AI 芯片、大模型迭代以及机 器人和飞行汽车布局是关键驱动因素。 小鹏汽车计划在 2026 年推出多款增程车型，包括 X9 增程版以及 G7、P7+、G6 等车型的增程版本，预计将显著提升销量，同时 Mona 系列新车型的上市也将贡献可观销量。 新款 P7 上市后销量迅速突破 1 万辆，表明小鹏汽车在产品力方面取得 了显著提升，尤其是在吸引年轻消费者和对自动驾驶有追求的群体方面 表现突出，售价区间为 22 万到 30 万元。 小鹏汽车加速海外渠道布局，预计年底将达到 100 多个门店，海外累计 销量占比约为 10%，随着全球新能源汽车市场向智能化转变，海外市场 有望成为新的增长点。 1. 增程车型：2026 年小鹏将推出多款增程车型，包括 X9 增程车以及 G7、P7+、G6 等车型的增程版本。这些新车型预计将 ...

Summary of Damai Entertainment Holdings Ltd Conference Call Company Overview - **Company**: Damai Entertainment Holdings Ltd - **Ticker**: 1060.HK - **Industry**: Greater China Media - **Market Cap**: US$3.974 billion - **Current Stock Price**: HK$1.04 - **Price Target**: HK$1.20, implying a 15% upside from the current price [6][11] Key Financial Highlights - **Total Revenue for 1HF26**: Rmb4.0 billion, up 33% year-over-year (YoY) and 11% half-over-half (HoH), exceeding Morgan Stanley estimates (MSe) by 4% and consensus by 6% [3][8] - **GAAP Net Profit**: Rmb520 million, a 54% YoY increase, surpassing the alert for a profit greater than Rmb500 million [4][8] - **Segment Performance**: - **IP Merchandising**: Rmb1.2 billion, up 105% YoY and 34% HoH, exceeding MSe by 2% and consensus by 6% [8] - **Live Content and Technology**: Rmb1.3 billion, up 15% YoY and 51% HoH, above MSe by 1% and consensus by 10% [8] - **Film Content and Technology**: Rmb1.1 billion, down 15% YoY and 27% HoH, below MSe by 2% and consensus by 10% [8] - **Drama Series Production**: Rmb0.48 billion, up 693% YoY but below MSe and consensus by 49% and 50% respectively [8] Operational Insights - **Cost of Sales and Services**: Increased to Rmb2.604 billion, a 50% YoY rise [10] - **Operating Profit Margin**: 12.7%, reflecting a 1.7 percentage point decrease from the previous period [10] - **Non-Operating Items**: Significant increase in profit before tax to Rmb632 million, a 45% YoY rise [10] Future Outlook - **Earnings Call Scheduled**: November 14, 2025, at 10:30 AM HKT [4] - **EPS Estimates**: Projected to grow from Rmb0.02 in FY25 to Rmb0.06 in FY28 [6] - **Valuation Methodology**: Sum-of-the-parts (SOTP) valuation suggests a 32x F2026e P/E and 1.0x PEG [11] Risks and Opportunities - **Upside Risks**: - Faster-than-expected revenue growth in the IP business and ticketing sector [13] - Expansion through cooperation with top IPs [13] - **Downside Risks**: - Slower-than-expected revenue growth in the IP business and potential loss of cooperation with key IPs [13] Additional Notes - **Average Daily Trading Value**: US$26 million [6] - **52-Week Price Range**: HK$0.40 - HK$1.37 [6] - **Analyst Rating**: Overweight, indicating expected performance above the industry average [6][62] This summary encapsulates the key points from the conference call, highlighting the financial performance, operational insights, future outlook, and associated risks for Damai Entertainment Holdings Ltd.

November 13, 2025 05:31 PM GMT Bilibili Inc | Asia Pacific Solid Outlook, Still Shy of Market's High Expectation | What's Changed | | | | --- | --- | --- | | Bilibili Inc (BILI.O) | From | To | | Price Target | US$23.00 | US$25.00 | Despite a 3Q profit beat, slightly better ads momentum, and the success of its Duckov game, management did not guide up 4Q25 financials, restrained by San Mou's seasonality. The early look for 2026 points to our below-consensus forecast. 4Q25 guidance looks shy of buy side's rec ...

13 November 2025 | 7:36PM HKT Equity Research Bilibili Inc. (BILI): 3Q25 First Take: advertising accelerated and adj. OP ahead on operating leverage; eyes on ad momentum and Sanguo: Ncard Bilibili Inc. (BILI) reported largely inline revenue at Rmb7.7bn (+5% yoy, +1%/+0% vs. GSe/Visible Alpha Consensus Data) and non-GAAP EPADS ahead of expectation at Rmb1.73, +14%/+17% vs. GSe/Visible Alpha Consensus Data respectively. Goldman Sachs does and seeks to do business with companies covered in its research reports ...