Asia Pacific Equity Research 27 February 2026 China Artificial Intelligence CNY-to-date: model agentization with accelerating token consumption, raise Zhipu/MiniMax PT to HK$800/1000 Shares of Knowledge Atlas (Zhipu AI) and MiniMax have risen five-fold since IPO (vs HSI +4.3%), driven by strong investor demand for pure-play GenAI exposure and a broadening narrative that 'AI will disrupt everything'. Beyond sentiment, we see the CNY model release window marking a step change in making monetization dynamics m ...

March 2, 2026 10:10 AM GMT XPeng Inc. | Asia Pacific VLA 2.0 - A bold leap forward to capture the X factor Key Takeaways XPeng officially unveiled its long-awaited VLA 2.0, with 12x faster model inference vs. the previous generation. Per XPeng, it will enable a smoother, more efficient, human-like driving experience with better handling of complex scenarios and corner cases. VLA 2.0 should soon be available on P7, G7, and X9 Ultra in 2H of March, while other models will receive the OTA update in April. Time ...

2 March 2026 | 7:35AM HKT Equity Research Laopu Gold (6181.HK): Conducts 20-30% price hike following strong peak season; Buy On Feb 28th, Laopu conducted a 20-30% price hike (mainly falls into 25-30% range), which based on our conversation with investors, appears on average slightly higher than expectation. By category, pure gold products saw higher price hike magnitude. In our view, this helps to protect the company's GPM which management targets for 40% in 2026, vs. in 2025. Laopu's price was generally be ...

石药集团 20260302 摘要 石药集团创新管线进入兑现期，重点布局肿瘤、减肥/代谢及小核酸领域， 与阿斯利康达成 185 亿美金合作，首付款 12 亿美金，强化其全球化交 易能力和里程碑兑现预期。 石药集团在小分子、ADC 及生物药方向均有深入布局，多个项目处于全 球研发前列，部分具备 first-in-class 属性，EGFR ADC、CD47/CD20 双抗等展现 Best-in-class 潜力。2026 年将迎来早期临床数据密集读出 窗口。 EGFR ADC (6,010) 在 EGFR 突变非小细胞肺癌及后线适应症上体现出 潜在 Best-in-class 特征，并具备广谱 ADC 属性，覆盖多种实体瘤。公 司正探索前线联合治疗，2026 年或有联合治疗数据读出。 CD47/CD20 双特异性融合蛋白 (601) 在血液瘤中显示出较好疗效与安 全性，并有望拓展至 B 细胞相关自身免疫性疾病领域。 PD-1/L15 融合蛋白 (108) 主要针对尿路上皮癌方向的非肌层浸润性膀 胱癌，聚焦 BCG 不响应患者人群，预计 2026 年将发布部分数据。 与阿斯利康在 GLP-1 方向的合作是平台型合作 ...

Flash | 01 Mar 2026 15:46:27 ET │ 14 pages Montage Technology (688008.SS) 4Q25 GPM Expansion Offsets Softer Revenue; AI Infrastructure Thesis Remains Intact CITI'S TAKE Montage disclosed on Feb 27 further details of its preliminary FY25 results. 4Q25 revenue grew 31% to Rmb1.4bn, at 6%/9% below BBG consensus/Citi estimates. Interconnect chips GPM rose 2ppt QoQ (+4.4ppt YoY) to 67.8% in 4Q25 driven by improved product mix. R&D expenses rose 80% YoY to Rmb380mn for new product development. 4Q25 net profit cam ...

Summary of China Cosmetics Conference Call Industry Overview - The focus is on the **anti-aging beauty market** in China, which includes traditional anti-aging skincare, medical aesthetics (MA), and dermocosmetics. - The market is expected to grow at a **high single-digit CAGR** over the period from 2025 to 2030, with medical aesthetics and dermocosmetics leading at **9%** and anti-aging skincare at **6%** [1][22]. Key Insights Market Penetration and Demographics - The current penetration of the MA market in China is low, estimated at **5%** for the core consumer group aged **20-60**, compared to **10%-20%** in developed markets. It is expected to rise to **8%** by **2030E**, supporting a **10% CAGR** for MA users [2][22]. - Anti-aging skincare is seeing earlier adoption among younger consumers, with approximately **40%** of this demographic engaging with the category, which is expected to drive further expansion [2][22]. Pricing Dynamics - More resilient pricing is anticipated from **2026E** due to stricter regulations and healthier competition, with limited supply tailwinds favoring recombinant collagen. The MA market has experienced sharp price reductions due to intense competition, but future pricing is expected to stabilize [3][22]. - Factors contributing to this stabilization include more accessible pricing in China and a narrower price gap with Korea following recent policy changes [3][22]. Company Recommendations - **Forest Cabin** is initiated with a **Buy** rating, expected to benefit from growth in oil-based anti-aging skincare, with a projected **48% sales CAGR** from **2022-2025E** and **32%/29% sales/NP CAGR** from **2025-2028E** [4][22]. - **Giant Biogene** is also rated **Buy** due to its integrated value chain from MA to dermocosmetics, enhancing R&D and brand recognition [4][22]. - **Proya** is viewed as a domestic leader in the anti-aging sector but is rated **Neutral** pending further evidence of the new management's execution track record [4][22]. Market Growth Projections - The overall anti-aging market in China is projected to grow from **RMB 214 billion** in **2024E** to **RMB 398 billion** by **2030E**, reflecting a **CAGR of 8%** [20][22]. - Medical aesthetics is expected to contribute significantly to this growth, with a **10.3% volume CAGR** over the same period, despite ongoing pricing pressures in certain categories [17][22]. Additional Insights - The report emphasizes the importance of companies with larger sales exposure to growth segments, stronger market positions, and better operational execution, including R&D capabilities [10][22]. - The anti-aging skincare segment is projected to see a shift towards functionalities beyond basic moisturizing, with penetration expected to increase from **25.6% to 29.0%** from **2025 to 2030E** [19][22]. Conclusion - The anti-aging beauty market in China presents significant growth opportunities driven by demographic shifts, evolving consumer perceptions, and technological advancements. Companies like Forest Cabin and Giant Biogene are well-positioned to capitalize on these trends, while pricing dynamics and market penetration will play crucial roles in shaping the competitive landscape.

迅策 20260226 摘要 公司以 AI、Data、Agent 为核心，提供全流程数据服务，并对交付结 果负责，早期聚焦东南亚金融市场，现已拓展至零售、城市运营、医药 健康等 7-8 个行业，客户包括私募基金、公募基金及中国移动等大型企 业。 收入模式以按模块收年费为主，交易模式为辅，客户粘性较高。2025 年上半年收入约 2 亿元，受客户验收延迟等因素影响，该数据参考意义 有限。公司优势在于将异构数据转化为高质量数据，并在数据与大模型 间提供适配能力。 公司不直接拥有客户数据，客户可自主选择前端工具与大模型，公司优 势在于将客户内外部异构、脏数据转化为可用的高质量数据，并在数据 与大模型之间提供适配与调优能力，形成深度绑定关系，金融等高要求 行业的长期积累带来稳定性。 公司采取自上而下拓展策略，每年进入 1-2 个新行业，从头部客户切入， 定制化交付，逐步提升标准化程度。对于 3-5 年或 5-7 年难以收敛的行 业，会暂缓进入。2026 年计划重点投入机器人训练数据平台与商业航 天。 Q&A 公司成立背景、上市与入通进展，以及当前业务定位与能力边界是什么？ 公司成立于 2016 年，2025 年 12 ...

February 26, 2026 03:57 PM GMT NIO Inc. | Asia Pacific Time to chip in – NIO's AD chip subsidiary secures Rmb2.3bn external investment Key Takeaways Shenji has received external financing: NIO announced today (February 26) that the company and its subsidiary GeniTech (also known as Shenji) entered into definitive agreements with external investors who will invest an aggregate of Rmb2.257 billion in cash to subscribe for Shenji's newly issued shares. Shenji is primarily responsible for NIO's in-house intelli ...

February 26, 2026 12:51 PM GMT Trip.com Group Ltd | Asia Pacific Steady operations against regulatory uncertainty | What's Changed | | | | --- | --- | --- | | Trip.com Group Ltd (TCOM.O) | From | To | | Price Target | US$87.00 | US$75.00 | TCOM delivered solid earnings and a healthy outlook. For the two market concerns, we believe the regulatory investigation outcome will reset the share price, and TCOM will be able to demonstrate that AI routing is not a real negative for OTAs. Solid global travel demand c ...

连连数字 20260226 香港稳定币监管与牌照发放、内地针对虚拟资产及 RWA 代币化的监管文件， 近期有哪些关键更新，整体监管取向如何？ 香港首批稳定币牌照预计在 2026 年 3 月发出，该牌照源自 2025 年 8 月稳定 币条例，属于面向稳定币发行方的合规牌照；牌照酝酿半年多，时间节点由香 港金融管理局总裁在 2 月初提出，香港行政长官在 2 月中旬再次提及，落地时 间已较为临近。内地方面，2 月 6 日晚央行联合 8 个部门发布《关于进一步防 范和处置虚拟货币等相关风险的通知》，延续对包括稳定币在内的虚拟货币严 厉监管与严管态度，同时对 RWA 代币化的监管原则作出定调：境内严禁，境 内主体不得在境内开展相关发行与交易；境外在严格监管条件下可开展，境内 连连数字营收保持增长，但利润端受联通公司前期投入影响出现亏损， 该亏损处于收窄状态，预计未来两三年联通公司可实现盈利。若仅看主 业经营，公司在 2022 年、2023 年左右已实现盈亏平衡，并预期未来 2 —3 年出现利润拐点。 预计 2025 年连连数字将确认联通公司部分股权转让带来的约 15 亿投 资收益，但不具备持续性。剔除该收益，2025 ...