18 November 2025 | 7:03AM CST Equity Research XPeng Inc. (XPEV): 3Q25 First Take: Operating profit in line, 4Q25E revenue guidance below expectation XPeng reported 3Q25 result with total revenue and operating profit in line with expectation, with higher revenue and gross margin from services and others mitigating the impact from lower vehicle sales and margin. However, 4Q25E revenue guidance was below expectation, with revenue of Rmb21.5bn-23.0bn (-17%/-16% vs.GSe/Consensus at the midpoint) and vehicle sale ...

EQUITY: TECHNOLOGY VGT, Shennan, Kingsoft Office, Kingdee Quick Note China Technology: CIF meeting takeaways We met with representatives of several PCB companies during our China Investment Forum in Shenzhen this week, including Victory Giant (300476 CH, Buy) and Shennan Circuits (002916 CH, Buy). We discussed investors' most frequently asked questions with management, including demand-supply dynamics, capacity expansion plans, and competitive landscape. We also met with managements of Kingsoft Office (6881 ...

Accessible version InnoScience Technology Global GaN power semi leader, well- positioned for rapid growth; initiate at Buy Initiating Coverage: BUY | PO: 108.00 HKD | Price: 74.40 HKD Initiate at Buy, PO of HK$108 (45% upside potential) We initiate coverage on InnoScience at Buy with a PO of HK$108. InnoScience is a Gallium Nitride (GaN) power semiconductor leader with largest market share of 30% (by revenue) globally in 2024. We are positive on its long-term growth outlook, given (1) rapid growth of global ...

November 17, 2025 11:26 PM GMT Trip.com Group Ltd | Asia Pacific M Update 3Q25 slight beat; Overseas high GTV Growth Reaction to earnings Unchanged Modest upside Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research 3Q25 revenue of Rmb18.2bn was up 16% YoY and 1% above MSe; By segment, hotel was up 18% YoY and flight was up 12% YoY, both came in 1% above MSe. International OTA GTV was up 60% YoY and ou ...

和铂医药 20251117 摘要 诺纳生物定位为提供一站式或整合式交付的创新 CRO，区别于传统 CRO 的碎片化服务，通过科学家自主想法和全球竞争力平台，为客户创 造价值，交付 License out 产品，如 binder、PCC 或 IND。 诺纳生物拥有四大关键技术平台，包括 HMI 人源化转基因小鼠平台、 ADC/RDC/AOC 递送系统、新型体内 CAR 体系和 AI 研发平台，这些平 台不仅支持内部管线，也为全球企业提供服务。 诺纳生物计划未来三年从 Discovery 阶段扩展到 CMC 和临床概念验证 阶段，通过与 GLP 和 CDMO 公司合作，提升 GLP 延展能力和高端制剂 研发能力，并在上海建立 AI 创新中心。 诺纳生物通过 Humanetics 平台形成数字化合作小组，结合干湿实验提 升药物研发成功率，并在临床后端与顶级医院合作，构建"数字人"以 提高数字化临床试验效率。 和铂医药的 4,003 项目是一种 Treg 细胞清除疗法，在临床前研究中显 示出显著效果，清除肿瘤微环境中的 Treg 细胞的效力是对照组的 100 倍，并在多个适应症中展现出潜力。 Q&A 诺纳生物的创新战 ...

XPeng achieved a 149% year-over-year increase in vehicle deliveries, totaling 116,007 units, driven by the successful launch of the XPeng P7, which became a top BEV sedan in its price range, boosting monthly deliveries to over 40,000 units by September. The company's gross margin exceeded 20% for the first time in Q3, and XPeng is focused on reducing its net loss, aiming to achieve break-even by Q4, indicating improved financial performance and operational efficiency. XPeng is leveraging AI and physical AI ...

固生堂 2024 年收入约 800 万新币，2025 年至今保持超 100%增长， 通过并购、合作、自建积极扩展海外市场，控股 OneDox 实现中西医结 合，收购大中堂增强市场控制力，新加坡首店月收入达 16-17 万新币， 回头率超 40%。 固生堂董事长持续增持公司股份，看好公司未来发展。国内市场方面， 2024 年以利润为主导，2025 年上半年利润增长显著。无锡地区在医保 政策严格管控下收入增长超 40%，区域利润率约 26%，显示出盈利能 力。 固生堂计划 2026 年进入香港和马来西亚市场，香港通过并购增加约 20 家诊所。公司人才策略是将中国优秀人才派驻海外担任总经理，构建本 地化运营团队，力争三年内成为当地中医领域头部企业。 新加坡中医支付主要依赖自费，但正推动中医药沙盒计划，未来可能纳 入医保体系。香港医疗券可用于中医诊所，商业保险也覆盖部分。公司 预计 2026 年海外收入规模将达数亿元人民币。 Q&A 固生堂 20251117 摘要 固生堂在新加坡的并购进展和战略布局是怎样的？ 固生堂于 2025 年 10 月与新加坡数字医疗平台 OneDox 达成战略合作，并在 2025 年 11 ...

粉笔 20251117 近期粉笔线下营收有所转正，公司认为这部分增长得益于线上 AI 产品带来的引 流效应。如果线下业务能够稳定增长，其年化利润可能达到 2 亿至 3 亿元。 对于粉笔整体业绩预期及估值有何看法？ 粉笔在 AI 产品方面的最新进展和市场表现如何？ 粉笔自 2025 年四五月份发布 AI 产品以来，已经取得了显著的市场表现。到 2025 年 11 月，粉笔全年计划销售 20 万套 AI 刷题班的目标基本提前完成，预 计 11 月份单月销量可达 6 万多套，这一数据略超预期。粉笔还计划在未来几 个月推出 AI 面试刷题班，并预计其毛利率将达到 90%。整体来看，粉笔的 AI 产品具有较高的毛利率，例如系统班预计到 2026 年的毛利率为 81%，而冲刺 班由于成本极低，其毛利率高达 94%。 粉笔未来在 AI 产品方面有哪些具体目标？ 粉笔短期目标是实现 100 万套 AI 课程的销量，其中包括 10 万套面试课程和主 要集中在 150~350 元区间客单价的刷题班。中期目标是 300 万套，长期目标 则是 500 万套。公司计划通过初期打折促销、深化个性化体验以及利用线上沉 淀的数据来实现这些目 ...

保利物业 20251117 摘要 保利物业基础物管板块维持双位数收入增长，主要受益于保利发展交付 及第三方市场拓展，但非业主增值板块受地产周期影响收入下滑，全年 压力较大，中期结构特点明显。 公司通过精益管理对冲毛利率承压，归母净利润增速符合指引，但相对 收入增长压力更大。小业主端回款率受房价下行影响下滑明显，公服和 商办回款总体可控。 2025 年前三季度市场拓展延续双位数增长，以国资、商办公服及三星 产业类客户为主，全年目标单年合同金额不低于 30 亿元，核心五十城 项目分布达到 85%。 公司尚未发布 2025 年派息指引，但表示长期希望给予市场和股东可预 期的稳步分红回报，2024 年派息比例为 50%，从 2022 年的 25%逐步 提升。 保利物业关注服务品质提升，针对不同档次小区推出不同产品，并升级 客服中心及智能工单系统，提高响应效率和服务效率。 Q&A 保利物业在 2025 年第三季度的经营情况如何？ 2025 年第三季度，保利物业整体运营基调依然稳健。公司年初给出的业绩指 引是收入和归母净利润预计不低于 5%的增速，上半年已经达成这一目标，三 季度表现也基本符合预期。具体来看，基础物管板块 ...

Summary of Bilibili Inc. (BILI) Conference Call Company Overview - **Company**: Bilibili Inc. (BILI) - **Market Cap**: $11.0 billion - **Enterprise Value**: $8.8 billion - **Industry**: Games, Entertainment & Healthcare Tech Key Points Financial Performance - **3Q25 Results**: Bilibili's results indicate solid user engagement and advertising strength, maintaining a quality content community with strong user engagement [1][2] - **Revenue Estimates**: Revised revenue estimates for 2025E and 2026E increased by 1% to Rmb 30,162.6 million and Rmb 33,406.2 million respectively [20][21] - **EBITDA Growth**: Projected EBITDA for 2025E is Rmb 4,687.3 million, with significant growth expected in subsequent years [6][12] - **EPS Forecast**: Non-GAAP EPS is expected to be Rmb 6.05 in 2025E, up from a loss of Rmb 0.05 in 2024 [12][21] Advertising Growth - **Advertising Revenue**: Bilibili's advertising revenue is projected to grow significantly, with a 28% increase expected in 2025E [22][24] - **eCPM Growth**: The effective cost per mille (eCPM) has shown an upward trajectory, with a 16% year-over-year increase in 3Q25 [3][28] - **Ad Load**: Current ad load is at 7%, with potential for increase as it remains lower than peers [3][28] User Engagement and Community - **User Demographics**: Over 75% of new users are under 22 years old, indicating a strong appeal to younger demographics [27] - **Content Quality**: The community ecosystem supports high-quality user-generated content (UGC), with diversified monetization methods for creators [27][28] - **Traffic Growth**: Bilibili is focusing on video podcasts, contributing to user traffic growth [27] Gaming Strategy - **Upcoming Game Releases**: The planned launch of "Sanguo: Ncard" in 1Q26 is expected to drive gaming revenue growth in 2026E [2][19] - **Seasonality Effects**: The gaming strategy includes seasonal launches, with two planned for 1Q26, which may impact revenue [28] - **Game Selection**: Management emphasized the importance of selecting games that cater to a young audience and have long-term operational potential [26][28] Margin and Capital Allocation - **Operating Margin Target**: Bilibili aims for a mid-term operating margin of 15% to 20%, supported by operating leverage and disciplined cost management [2][28] - **R&D Investment**: Increased R&D expenses are anticipated due to investments in self-developed games and AI initiatives [20][28] Market Position - **Competitive Landscape**: Bilibili's advertising growth is one of the fastest among peers, with a focus on diversifying its revenue streams [2][3] - **Market Share**: Bilibili's advertising revenue is projected to reach Rmb 9,939 million in 2025, positioning it favorably within the Chinese media landscape [22][24] Additional Insights - **Management's Confidence**: Management remains optimistic about the company's growth trajectory, particularly in advertising and gaming sectors [1][2] - **Community Engagement**: The emphasis on community and content quality is seen as a key driver for future growth [27][28] This summary encapsulates the essential insights from Bilibili's recent conference call, highlighting the company's financial performance, advertising growth, user engagement, gaming strategy, and market position.