December 18, 2025 03:47 AM GMT Contemporary Amperex Technology Co. Ltd. | Asia Pacific Truck Electrification - A New High Key Takeaways Exhibit 1: China's monthly electric heavy-duty truck sales and penetration rate 2024 2025 Units China eHDT monthly sales 30,000 25,000 20,000 15,000 10,000 5,000 China eHDT historical penetration rate Jul-25 Jan-25 Jul-24 Jan-24 Jul-23 Jan-23 Jul-22 40% 30% 20% 10% 0% Source: CPCA, Morgan Stanley Research Exhibit 2: China's monthly electric light-duty truck sales and penetr ...

丘钛科技 20251217 摘要 秋泰科技摄像头模组业务增长显著，尤其 3,200 万像素以下模组受益于 韩系客户合作，成为其最大供应商，虽目前集中于低端项目，但未来有 望拓展至中高端，越南工厂奠基进一步加强合作紧密度。 指纹识别模组出货量同比增长 31.3%至 1.84 亿颗，超声波指纹识别模 组占比提升至 30%以上，月均出货超 500 万颗，产品规格和数量提升 有助于提高产能利用率和盈利能力。 非手机摄像头模组业务增长迅猛，月均出货超 300 万颗，11 月创 370 万颗新高，1-11 月同比增长 111%，远超预期，上半年收入占比已达 23.9%，有望实现五年战略目标，IoT 领域核心大客户销售强劲，垂直 整合供应商地位稳固。 车载业务下半年表现突出，单月出货达七位数，改善盈利能力，与关键 客户合作紧密并获交付奖项，拓展至激光雷达产品，预计 2026 年贡献 车载业务。 垂直整合方面，新巨科技在 IoT 业务上取得突破，获北美核心客户项目 认证。实控人收购 TDK 全球马达业务预计 2026 年一季度完成，关联交 易采购金额提升，反映高端产品需求增长及终端客户认证。 Q&A 秋泰科技在手机摄像头模组 ...

小马智行 20251217 明年的新车将是第七代车型，其整车成本会进一步下降。然而，更重要的是提 升收入，而不是仅关注降本。尽管我们会继续降低成本，但明年的重点应放在 收入增长上。 摘要 小马智行在广州已实现盈利转正，其模式在其他区域具备高度可复制性， 主要得益于车辆硬件成本的降低（第六代车成本降至 27 万元）和技术 上的完全无人化，大幅降低了运营成本。未来重点在于收入增长，而非 仅关注降本。 无人驾驶行业的核心壁垒在不同阶段有所不同。早期是技术，后期则扩 展到技术、政策、生产、成本、后勤保障和用户增长等多方面。小马智 行在这些综合壁垒上保持领先地位，新入局者难以在短时间内赶超。 L4 级别自动驾驶技术积累需要长期投入，新入局者难以在短期内追赶。 顶尖人工智能人才的吸引和机器学习方式的创新是关键挑战，简单延续 L2 体系无法达到 L4 的安全标准。 政策是自动驾驶汽车行业的重要门槛，需要经过逐步验证过程，通常需 要四五年时间才能大规模扩展。即使未来政策有所放松，新进入者仍需 经历类似的验证周期。 L3 和 L4 是不同的商业模式和政策监管模式，短期内 L3 的发展不会对 L4 造成显著影响。L3 目前仅在北 ...

Summary of Leshu Group's Conference Call Company Overview - Leshu Group holds a leading position in the diaper and sanitary napkin market in Africa, with significant market shares in countries like Ghana, Cameroon, and Kenya. The company has established 18 sales branches in 12 countries, covering over 30 countries and serving more than 25 million customers, showcasing a strong first-mover advantage [2][3][4]. Core Business Insights - The group has built an efficient and robust global supply chain with 44 production lines across eight African countries. The design capacity for diapers exceeds 5.5 billion yuan, while sanitary napkins exceed 2.5 billion yuan. Local manufacturing shortens sales cycles, and global centralized procurement ensures stable raw material supply [2][3][4]. - Leshu Group collaborates with international consulting firms to establish a digital management system, enhancing decision-making efficiency [2][3]. - The company's ESG strategy drives four strategic directions, with a localization employee training strategy resulting in 90.5% of employees being locally hired, promoting win-win cooperation [2][5]. Market Dynamics - Emerging markets like Africa exhibit strong economic vitality and growth potential, with a youthful population and rising consumer power. Africa accounts for approximately 37% to 38% of the world's annual newborns, creating a substantial market opportunity [6]. - High import tariffs (around 25%) in Africa encourage local production, while supportive government policies in countries like Ghana boost demand for sanitary products [6][10]. Competitive Advantages - Leshu Group's core advantages include: 1. First-mover advantage in the sanitary products market in Africa, establishing strong manufacturing barriers [7]. 2. An efficient global supply chain centered on international manufacturing [7]. 3. A localization strategy that emphasizes local employee training [7]. - These advantages enable the company to effectively respond to challenges in emerging markets and maintain a competitive edge [8]. Financial Performance - The company experienced rapid business growth in 2023, with a revenue increase of 19% year-on-year for the first half of 2025, driven by core regional focus, cost control, tariff advantages, and new factory openings. The gross profit margin remains stable between 33% and 35.5% [4][19][20]. Future Growth Potential - The sanitary napkin market in Africa is projected to grow significantly, with the female population expected to reach 1.2 to 1.3 billion by 2050. The usage rate of sanitary napkins among African women is anticipated to rise to two-thirds, compared to current usage rates in China [9]. - Leshu Group plans to expand its product categories beyond diapers and sanitary napkins, exploring related food sectors and considering greenfield investments or acquisitions [29]. Challenges and Strategies - Entering the African market presents challenges such as time barriers and insufficient market knowledge. The company emphasizes the importance of local experience for effective decision-making [10][11]. - Leshu Group's digital operations enhance competitiveness through partnerships with leading firms like IBM and Deloitte, achieving comprehensive digital management across various functions [13]. Regional Focus: Ghana - Ghana is a strategic market for Leshu Group, characterized by a stable political environment and significant economic growth. The government has implemented policies that support economic development, making it an attractive investment destination [45][46]. - The company has established a strong presence in Ghana, with a diversified product strategy catering to different consumer needs and leveraging local market dynamics [55][56]. Conclusion - Leshu Group is well-positioned for continued growth in emerging markets, particularly in Africa, through its robust supply chain, localized strategies, and commitment to digital transformation. The company aims to maintain its leadership in the sanitary products sector while exploring new growth opportunities in related markets.

Summary of Weisheng Holdings Conference Call Company Overview - **Company**: Weisheng Holdings - **Industry**: Smart grid, data center, and energy storage solutions Key Points Order and Revenue Forecast - Weisheng Holdings expects to add 400 million in new orders in Q1 2026, bringing total orders to 1.6 billion [2][5] - Non-grid customers include major companies like ByteDance, Baidu, and Alibaba, with a significant contract of 260 million from ByteDance [2][5] - The data center segment is the fastest-growing, with total orders expected to reach 2.3 billion in 2025, including 1.3 billion from a partnership with GDS and 600 million from overseas [2][5] Data Center Business - Data center revenue is projected to double to 1 billion in 2025, with expectations of 30-35 contracts in 2026 [2][7] - The company has secured a data center order of 600 to 700 megawatts in Malaysia, with a delivery cycle of approximately 45 days starting in 2026 [9] - Major partners in the data center business include GDS and its subsidiary Day One, with significant contracts signed in Thailand and other regions [8][10] ADO Business Insights - ADO business revenue for the first half of 2025 is 1.2 billion, with contributions from data centers (400 million), smart grid distribution (570 million), and energy storage solutions (200 million) [6] - The gross margins for energy storage are around 20%, smart grid distribution is 25-26%, and data centers exceed 26% [6] Market Expansion and Strategy - Weisheng Holdings is expanding its overseas market presence, particularly in Mexico and Brazil, where it has achieved significant revenue from distribution [2][5][17] - The company plans to expand into Europe and Turkey, focusing on distribution, data centers, and energy storage [2][5] Competitive Landscape - The company maintains a strong competitive position due to localized production and a comprehensive service model, which includes market development and after-sales service [14][21] - The gross margin for overseas orders is expected to be higher than domestic due to less competition in certain regions [14] Future Outlook - The company anticipates maintaining over 20% growth in overseas markets, driven by diverse business segments including smart meters, energy storage, and smart city solutions [31] - Management believes the current valuation is underestimated and sees potential for significant growth as the company transitions towards TMT industry valuations [36] Regulatory and Market Trends - The Mexican market is crucial, contributing 57% of revenue in 2024, with a 30% year-on-year increase in orders for smart meters [17][19] - New standards for smart meters are expected to increase prices by 20-40%, which may positively impact gross margins [24][20] Conclusion - Weisheng Holdings is positioned for robust growth in the smart grid and data center sectors, with strategic partnerships and a focus on international expansion. The company is optimistic about future revenue and profit growth, supported by strong demand in both domestic and international markets.

比亚迪电子 20251217 摘要 比亚迪电子 2025 年安卓业务收入约 400 亿元，虽稳健但略有下降，组 装业务同比减少。苹果零部件业务受铝合金材质替代影响，单价降低， 影响整体收入，但高端手机供货量仍有保障。 2025 年汽车业务增长至 250 亿元，得益于母公司比亚迪汽车销量增长。 比亚迪电子在中控主机等舱类产品占据近 100%份额，支架域控和热管 理系统约占 60%，主动悬架份额预计未来一两年内达 50%以上。 数据中心业务 2025 年收入十几亿元，低于预期，主要来自服务器领域。 光模块、液冷等新产品仅有小批量订单，预计 2026 年上半年逐步实现 更多出货。 比亚迪电子具备 800G 光模块量产能力，1.6T 方案仍在研发中，预计 2026 年开始小批量出货。光模块将横向拓展至液冷、电源等品类，有 望在数据中心领域取得突破。 预计 2026 年消费电子端将聚焦大客户零部件，结构件业务有望增长并 贡献利润。数据中心业务预计解决供应问题后将有实际落地项目，汽车 业务将跟随母公司发展趋势提升出货量。 Q&A 2026 年北美大客户新形态手机将带来零部件供应增量，单机价值量和 盈利能力预计优于现有机型 ...

小菜园 20251217 摘要 小菜园自 2025 年 12 月 1 日起调整堂食菜单价格，特色菜品如臭鳜鱼、 红烧肉和蒜蓉虾价格上调 10%-15%，旨在释放性价比，优化外卖与堂 食比例，提升顾客体验。 受季节性因素及外卖优惠政策调整影响，10 月至 12 月同店销售额有所 波动。尽管外卖订单量下降，但单均消费额上升，表明公司成功优化了 客户结构。 2025 年 1-11 月，同店销售额基本恢复至上半年水平（上半年下滑 7.1%）。公司价格调整旨在适应餐饮行业客单价下降趋势（从 88 元降 至 51 元），保持市场竞争力。 11 月数据显示，堂食和外卖客单价均上升，堂食客流同比增长双位数。 公司通过提供餐前水果、到店优惠券及调整菜单价格等方式提升顾客体 验。 菜品价格调整幅度约为 15%，如臭鳜鱼价格调整为 108 元/98 元/92 元。 公司通过集采优势和回收平台优惠券对冲成本，旨在吸引顾客，坚持极 致性价比。 Q&A 请介绍一下小菜园公司近期的经营状况和未来的发展规划。 小菜园公司目前在门店拓展方面取得了显著进展，截至 12 月，公司门店数量 已达到 800 家。近期，公司在外卖和堂食业务上进行了多项 ...

心动公司 20251217 摘要 机游戏营收占比已上升至 92%。与此同时，手机应用商店垄断导致研发厂商更 注重氪金和爆款效应，这种环境促使心动公司推出 TapTap 平台，以重新整合 行业规则。 TapTap 平台于 2016 年上线，通过破解安装包冷启动积累用户流 量，并通过论坛互动增强用户粘性。然而，由于盗版问题，该平台在 2017 年 被整顿停战三个月。这一事件促使公司反思并调整策略，同时加大海外发行力 度。从 2016 年的海外收入占比 2%增长到 2018 年的 62%，目前仍保持过半 水平。心动 Global 负责海外发行，通过策展、广告和 PR 活动确保新游上线前 预热效果良好，从而实现较高的首充流水及活跃用户数据。 TapTap 平台是如何建立并发展的？ TapTap 平台由黄一梦与 BT China 创始人黄锡蔚及 VeryCD 产品经理张干共 同构建，于 2016 年 3 月上线。张干凭借其在聊天室、社交类产品及即时通讯 类产品方面的深刻洞察，为 TapTap 初期的发展奠定基础。早期用户主要通过 破解安装包冷启动积累流量，例如 Pokemon Go 等热门海外游戏吸引大量玩 家。 此外 ...

百融云 20251217 摘要 百融云入选摩根士丹利 China AI 60 榜单，是金融领域唯一入选公司。 截至 2025 年 6 月，毛利率 73%，净利润率 12%，经营活动现金流 1.51 亿人民币，账上现金等价物 37.29 亿人民币，机构客户超 8,000 家，核心客户留存率达 98%。 公司拥有 1,400 多名员工，研发人员占比 57%。平均人效指标年化 200 万，内部工作场景 AI 渗透率达 80%，显著提升工作效率。产品技 术指标方面，百荣百工单次检索时间小于 50 毫秒，voice agent 通话 延迟可做到 40 毫秒以内，准确率大于 98%。 百融云采用 RAP 模式，CX 服务占收入 2/3，EX 服务占 1/3。公司拥有 专属大模型 BRLM，并建立了智能体平台"百工"，API 化能力强，日 均调用量超 3 亿次，日均外呼能力超千万次，提高模型准确度与效率。 AI agent 通过自动化处理基础性任务，使得碳基员工能够专注于创新性 决策。预计三年后，硅基人将能完成 80%的基础任务，实现企业运营自 动化填缝，有效解决机构痛点。 Q&A 请介绍一下百融云在 2025 年的整体业 ...

December 16, 2025 04:09 PM GMT Giant Biogene | Asia Pacific Operating Slippage Buffered By R&D Strength + High Margins | What's Changed | | | | --- | --- | --- | | Giant Biogene Holding Co Ltd (2367.HK) | From | To | | Price Target | HK$78.00 | HK$42.00 | The challenges facing GB are resolvable. Its strong margins allow for increased marketing spend to restore brand momentum, and its robust ingredient R&D supports a healthy product pipeline. Operational improvements remain the key driver for sales growth an ...