Standard Chartered (SEHK:02888) Conference November 19, 2025 08:30 AM ET Speaker0Thank you very much for joining us with Standard Chartered CFO Diego. Diego, you started as CFO in January 2024. The stock is up, I think, since you joined. I checked yesterday, 150% roughly. SX7P is up 110, so there's a track record here.Speaker2Not bad, huh?Speaker0Not bad, not bad.Speaker2A testament to the great guys of Standard Chartered. I agree.Speaker0Now the pressure's on, of course, to continue with that. Let's talk a ...

19 November 2025 | 7:01AM HKT Equity Research Trip.com Group (TCOM) 3Q25 results above on margin beat. EBIT growth re-acceleration ahead to help re-rate the stock. Buy | TCOM | 12m Price Target: $91.00 | Price: $72.44 | Upside: 25.6% | | --- | --- | --- | --- | | 9961.HK | 12m Price Target: HK$706.00 | Price: HK$564.50 | Upside: 25.1% | On the back of healthy leisure travel demand during 3Q25 and Golden Week holidays for which booking revenue tends to be recognized in 3Q (see our report on Oct 10), we had a ...

Summary of Cisco's Earnings Call Company Overview - **Company**: Cisco - **Date**: November 18, 2025 Key Industry Insights - Cisco merged opportunities in Enterprise, Sovereign, and New Cloud sectors, revealing over $200 million in orders to showcase AI-driven growth opportunities and update market information, primarily involving systems and optical products [2][3] - AI revenue is derived mainly from Series A K, Silicon One, and optical products, with systems and optical products each accounting for 50% of the revenue [2][9] - Demand for DCI (Data Center Interconnect) related products has significantly increased, particularly for coherent pluggable optics [2][9] Core Business Strategies - Cisco's deep involvement in the design process with Hyper Scalers and the implementation of a Silicon strategy have reduced reliance on external supply chains, enabling success in the AI sector and effectively addressing supply chain challenges [2][8] - Collaboration with NVIDIA on the N9,200 switch may lower profit margins due to the use of external chips, but the integration of software and enterprise sales channel advantages enhances customer satisfaction and market competitiveness [2][11] Market Position and Competition - Cisco believes that white box switches do not pose a substantial threat to its market position and gross margins, as it possesses silicon technology and operating systems, maintaining close relationships with Hyper Scaler customers to meet complex network demands [2][13] - The company is optimistic about the growth of its security business, targeting a long-term growth rate of 15% to 17% annually, despite recent underperformance due to a transition period between old and new products [4][17] Financial Performance and Projections - Cisco's $2 billion pipeline includes opportunities from Sovereign enterprises and emerging cloud vendors, with the timing of project rollouts dependent on market demand and project progress [5][6] - The company expects that the conversion of orders to revenue typically takes about six months, but it can be quicker, around 90 days, depending on external factors [7] Product Development and Customer Needs - The hybrid work trend has impacted Cisco's collaboration business, which remains stable due to a strong product portfolio and cash flow generation capabilities [4][19] - Cisco's strategy for product updates involves a gradual approach, allowing customers to transition from older products to newer models, ensuring service continuity and security [15][16] Future Outlook - Cisco is optimistic about the future, particularly in AI and security sectors, and is positioned to leverage its dual technology strengths in networking and security [21][22] - The company emphasizes the importance of enhancing remote participant experiences in hybrid work environments and continues to focus on AI advancements as a key growth area [22][23] Additional Considerations - The transition to cloud subscriptions in the Slunk business has altered revenue recognition methods, leading to short-term revenue softness but aligning with long-term strategic goals [18] - Cisco's diverse supply chain strategy, including both proprietary and third-party components, ensures production stability and mitigates risks associated with single supply chain dependencies [11]

微博 20251118 摘要 Q&A What were the key highlights of Weibo's product and monetization efforts in Q3 2025? In the third quarter of 2025, Weibo's monthly active users (MAUs) reached 578 million, and daily active users (DAUs) reached 257 million. Total revenues for the quarter were $442.3 million, a year- over-year decrease of 5%, with advertising revenues at $375.4 million, down 6% year-over-year. The company's non-GAAP operating income was $132 million, representing a non-GAAP operating margin of 30%. Weibo's ...

截至 2025 年 10 月，怡海国际的整体表现与上半年相似。从增长驱动来看， 主要来源于其他弊端和海外市场。下半年海外市场增速有所放缓，符合预期， 因为下半年基数较高，预计增速在 20%-30%之间。上半年海外第三方增速接 近 50%，但全年预计会放缓到 20%-30%。其他弊端部分没有进一步加速，主 要受 9 月份预制菜事件影响，客户调整采购计划。关联方业务在下半年有所修 复，下滑幅度从上半年的双位数缩小到个位数。 颐海国际 20251118 摘要 公司预计全年第三方收入增速将放缓，关联方收入取决于海底捞表现， 全年收入可能持平或微增。受益于税率恢复正常水平，利润增速预计快 于收入增速。 牛油仍是最大单品，上半年推出低价产品刺激销量增长约 20%，但影响 均价和毛利率。下半年将调整策略，仅在价格敏感区域推广低价牛油， 预计全年毛利率持平或微增。 海外第三方业务上半年增长近 50%，体量达 1.9 亿元，预计全年增速放 缓至 20%-30%。主要驱动力来自东南亚市场，未来将拓展中东、中美 洲及非洲市场。 方便速食业务面临激烈竞争，上半年第三方渠道仅小幅增长，下半年呈 现下降趋势。公司策略是保持相对平稳发展， ...

ITP 抑制剂项目因制造方面挫折需重新提交数据，预计 2026 年上半年 重新提交，若顺利将于 2027 年获中国批准上市。该项目是公司首个自 身免疫疾病分子，将开拓新的潜在市场。 公司拥有成熟商业化产品、稳定收益及强大的资产负债表，以及处于早 期临床前阶段的 ATTC 平台。未来 12 个月内，ATTC 平台可能更受关注， 并积极寻求 BD 活动。 在当前瞬息万变的生物技术环境下，胡德曼公司如何平衡中国市场增长和全球 扩展之间的优先级？ 和黄医药 20251118 摘要 胡德曼公司通过 Orpathys（肺癌）和另一款药物（已商业化）实现盈 利，并预计 Orpathys 与阿斯利康合作的 III 期临床试验数据将于 2026 年上半年公布，目标是 2027 年获得美国及全球批准。 公司调整收入指引，因上半年销售疲软及基础设施重组以满足合规要求， 导致部分销售活动减少和人员削减。预计下半年业绩将因中国市场改善 而提升，并建立更可持续的销售体系。 ATTC 平台是一种免化疗的抗体靶向疗法偶联体，使用小分子靶向药物 而非化学毒素，旨在减少毒性并提高选择性。目前正在进行一期临床试 验，并寻求合作机会以推动其发展。 ...

永辉中国未来三年的战略重点包括以下几个方面：首先，公司将继续专注于创 新和运营效率，以增强业务的抗风险能力和竞争力，实现可持续的长期增长。 公司通过创新门店模式（如"双子星"门店）拓展低线城市，目标到 2030 年将低线城市门店数量翻倍，这将显著扩大市场覆盖范围，并可 能带来新的增长点。 内华达咖啡在中国市场开设 118 家门店（截至 2025 年 Q3），计划年 底增至 145 家，门店业务月环比增长强劲，轻量化模式新门店毛利率约 5.8%，为单店经济带来积极信号。 百胜中国 20251118 摘要 永辉中国稳居中国最大餐饮公司地位，2016-2020 年系统销售额增长 60%，毛利率扩大 1.6 倍，营业利润增加 80%，显示出强大的市场竞 争力和增长潜力，为股票交易提供积极信号。 未来三年，永辉中国将专注于创新和运营效率，优化店铺模式，拓展下 沉市场，并通过数字化工具提升客户体验，这些战略调整将直接影响公 司未来业绩和市场表现。 肯德基保持价格稳定，必胜客采取积极价格策略，通过新产品实现交易 额增长，肯德基交易量增长 40%，披萨交易量增长近 90%，确保公司 在创造股东价值的同时保持合理价格。 公司重 ...

零跑汽车 20251118 摘要 零跑汽车三季度通过主营业务实现盈利，毛利率达 14.5%，整车毛利率 约为 13%，较二季度有所上升，主要受益于新车型上市改善了终端平均 售价（ASP）。 预计四季度零跑整车毛利率将继续提升，销量预计达 20 万辆，高于三 季度的 17.4 万辆，且二氧化碳积分收入预计约 5 亿元，显著贡献利润。 零跑汽车三季度行政费用和研发费用因公司规模扩大和研发投入增加而 增长，但销售费用保持稳定，预计四季度费率将下降至 13%左右。 展望 2025 年四季度，零跑汽车整车业务有望首次实现扭亏为盈，且预 计二氧化碳积分收入约为 5 亿元，全年利润目标为 5-10 亿元。 零跑汽车国内市场表现强劲，多款车型月销过万，并计划明年推出四款 新车，包括 D19、A10、A05 及 B 系列 MPV，以扩大市场覆盖面。 零跑汽车出口持续增长，9 月海外订单超 1 万辆，11 月和 12 月订单总 计超 2.5 万台，经销商库存低，预计 2025 年出口量超 5 万辆，2026 年目标为 10-15 万辆。 零跑与一汽合作开发海外车型项目已落地，预计明年下半年量产，将对 公司利润产生积极影响。公司对 ...

摘要 小鹏汽车三季度交付量与二季度持平，9 月和 10 月单月交付量突破 4,000 辆，但汽车毛利率环比略有下降，综合毛利率首次超过 20%，服 务及其他业务毛利率高达 74.6%，主要得益于大众业务收入翻倍至约 12 亿元。 公司预计 2025 年研发费用达 90 亿元，四季度预计 25 亿元左右，销售 及管理费用因新车上市增加。三季度亏损 3.8 亿元，较二季度减亏 1 亿 元。预计 2025 年四季度交付量为 12.5 万至 13.2 万辆，计划 2026 年 推出 7 款新车，包括增程车型和 SUV。 小鹏汽车计划至少导入三款新车至海外市场，包括一款小型 SUV。预计 四季度大众合作收入与三季度相当，2026 年技术授权费、IP 授权费及 硬件收费预计贡献 30 亿至 40 亿元收入。 公司计划 2026 年底量产高阶机器人，预计 2030 年机器人年销量超百 万台。同时，计划 2026 年推出三款 Robotaxi 车型，与高德合作运营， 旨在通过创新产品占领用户心智，提升品牌认可度。 Q&A 小鹏汽车 20251118 同时，大众技术授权费将继续反哺公司的盈利能力。在费用端，尽管研发投入 仍会增 ...

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 ...