FY25 guidance 25 November 2025 | 2:22AM HKT Equity Research JD Health International (6618.HK): Internet Trip takeaways: continued share gain across categories, drugs momentum to continue; Buy We hosted JD Health (JDH) Investor Relations team with investors on Nov 24 in Beijing during our China internet trip, where investors' key focus and our takeaways were centered around: 1) FY25 revenue and profit guidance; 2) recent trend by product category; 3) thoughts and investments on O2O initiatives; 4) update on ...

+852-2978-7347 | xinyu.ruan@gs.com Goldman Sachs (Asia) L.L.C. Carol Chen +852-2978-7999 | carol.chen@gs.com Goldman Sachs (Asia) L.L.C. 24 November 2025 | 4:53PM HKT Equity Research Miniso (MNSO): NDR takeaways: solid SSSG; mix dragged US GPM but operating leverage supports margin improvement; Buy We hosted Miniso's CFO Mr. Eason Zhang and Director of Capital Markets Christina Zhu for a virtual NDR on Nov 24 post its 3Q25 result. Key takeaways include: 1) Miniso China SSSG momentum has been holding up well ...

Summary of Kingsoft Cloud 3Q25 Earnings Call Company Overview - **Company**: Kingsoft Cloud - **Sector**: Internet Infrastructure Services - **Headquarters**: Beijing, China - **Description**: Leading independent cloud service provider in China, offering cloud infrastructure services and products (IaaS and PaaS) and enterprise cloud solutions across various sectors including government, financial services, healthcare, media, games, and education [11][12] Key Financial Highlights - **3Q25 Revenue**: Rmb2.48 billion, up 31% YoY and 6% QoQ, exceeding consensus estimates by 1% [1][14] - **Adjusted EBITDA**: Rmb827 million, representing a 30% increase above consensus, with an adjusted EBITDA margin of 33.4%, up 23.5 percentage points YoY and 16.1 percentage points QoQ [1][14] - **Gross Profit Margin (GPM)**: 15.4% in 3Q25, an increase of 1 percentage point QoQ, attributed to economies of scale and a shift towards AI-related public cloud business [1][14] Revenue Breakdown - **Public Cloud Revenue**: Rmb1.75 billion, up 49% YoY and 8% QoQ, primarily driven by AI-related orders [2][14] - **AI Revenue**: Increased 7% QoQ to Rmb782 million, accounting for 45% of public cloud revenue in 3Q25 [2] - **Xiaomi and Kingsoft Ecosystem Contribution**: Grew 84% YoY to Rmb691 million [2] - **Enterprise Cloud Revenue**: Rmb726 million, up 2% YoY, with expectations for steady recovery in 4Q25 [2] Profitability and Cost Management - **GPM Improvement Outlook**: Management anticipates further GPM improvements driven by increased revenue from model inferencing services, which typically have better margins than model training services [3] - **Cost Control**: Stringent cost control measures have contributed to improved profitability, with stable operating expenses expected in the coming years [12] Future Outlook - **Growth Drivers**: High growth visibility driven by AI and demand from the Xiaomi ecosystem, with expectations for continued revenue growth from AI-related business in 4Q25 [12][21] - **Risks**: Potential risks include pricing pressure from competition, high customer concentration, and export restrictions on AI chips to China [21] Valuation and Investment Rationale - **Price Objective**: HKD 10.60, based on a 3x 12-month forward price-to-sales ratio, reflecting the average valuation of independent cloud service providers in China [20] - **Investment Rating**: Rated as "Buy" due to higher revenue growth visibility, improving business quality, and profitability [12] Important Metrics - **Net Income (Adjusted)**: Expected to improve from a loss of Rmb1,291 million in 2023 to a loss of Rmb248 million by 2027 [4][9] - **Free Cash Flow**: Projected to improve from a negative Rmb600 million in 2023 to a near breakeven by 2027 [4][9] - **Return on Equity (2025E)**: Expected to be -16.6% [7][9] Conclusion Kingsoft Cloud demonstrates strong revenue growth and improving profitability, driven by AI expansion and effective cost management. The company is well-positioned for future growth, although it faces risks from competition and market dynamics. The investment rationale supports a "Buy" rating, with a favorable price objective reflecting its growth potential.

小菜园 20251124 摘要 小菜园计划优化收入结构，将外卖占比降至 35%，同时提升堂食客流， 10 月堂食客流增速超过门店增速，外卖订单量和单均金额也有所提升。 通过发放现金抵用券和赠送免费水果等措施，提高了堂食客流转化率， 今年国庆假期前 7 天客流同比增长 21%。 小菜园坚持高性价比路线，主动降价以释放性价比空间，同时保证利润 率。2025 年上半年门店利润率约为 20%，较去年提升，毛利率达到 70.5%，未来计划通过让利消费者保持毛利率略低于当前水平，目标是 将净利润率稳定在 12%~13%。 小菜园坚持全直营模式，门店选址到位，人员储备充足，90%的区域总 经理都是内部晋升。基层管理者薪资高于同行业 30%以上，成功运营门 店并贡献利润可晋升为上市公司股东，通过灵活薪资结构激励员工。 小菜园加速门店扩张，年底目标 800 家，明年净增 200 家至 1,000 家， 中长期目标 3,000 家，主要集中在中国内地，并以全直营模式进行。 2026 年计划在优势区域如安徽、江苏、华东加密布点，并拓展京津冀、 山东等地。 Q&A 请介绍一下小菜园近期门店的同店销售情况及未来展望。 小菜园的同店销售 ...

名创优品 20251124 摘要 对于名创优品未来的发展前景如何展望？ 展望未来，公司预计全年归母净利润在 28.5-30 亿之间，根据最新调整后的预 测，今年（2025 年）归母净利润大约为 29 亿，对应第四季度约 8.5 亿的利润。 目前股价对应今年（2025 年）的市盈率仅 15 倍，相当便宜。如果明年 （2026 年）美国直营门店能够提升 2-3 个点的利润率，公司经调整净利润可 能达到 35 亿左右，对应市盈率 12 倍左右。因此，如果美国市场表现理想，公 司估值有望得到显著提升，实现戴维斯双击。 美国市场对名创优品整体业绩影响如何？ Q&A 名创优品最新的季度财报表现如何？ 名创优品在最新发布的季度财报中，收入增速达到 28.2%，超出彭博一致预测 的 25%左右，略高于公司指引的 25-28%的增速范围。具体来看，国内同店销 售增长接近 10%，而海外市场也实现了正个位数级别的同店增长。Top Toy 业务表现尤为突出，单季度增速达到 110%，远超预期，对整体收入贡献约 2 个百分点。然而，利润方面稍微不及预期，扣非净利润增速为 12%左右，比彭 博一致预期低 3 个百分点。这主要是由于毛利 ...

Laopu Gold 6181.HK 6181 HK EQUITY: GENERAL CONSUMER Growth track remains intact Management expressed optimism; gold purchase tax's impact to be limited Unchanged confidence by management Laopu attended Nomura's China Investor Forum (13 Nov); key takeaways: 1) The company's sales momentum remained intact during the Double-Eleven period (e.g. Laopu's sales on Tmall exceeding CNY1bn during the period). 2) Although Laopu increased its product sales prices for the third time in October (by c.25%), there has been ...

H1 revenue grew 33% YoY to Rmb4.05bn, beating UBS-e/Visible Alpha consensus 7%/6%. GPM fell 7.5ppt YoY to 35.7% in H1. Due to better opex control and higher other income, adjusted EBITA/NP beat consensus 6%/11% (page 2). ab 17 November 2025 Global Research Damai Entertainment Holdings Strong momentum in Alifish; eyes on to-C retail and overseas & content segment expansion H1 solid beat on revenue; GPM was on the weak side Key takeaways from conference call 1) IP merchandising (rev: +ve, margin: -ve): Alifis ...

November 16, 2025 11:13 PM GMT Pop Mart | Asia Pacific M Update Fun Bites: Labubu Goes Hollywood Key Takeaways Timely news to ease negative narrative on Labubu: We think market has underestimated Pop Mart's proactive measures in driving IP popularity. Beyond new product launches, its engagement in entertainment - such as theme parks, movies, and celebrity collaboration - are effective measures to sustain its IP lifecycle, in our view. If this movie deal comes to fruition, potential upside for consumer reach ...

Summary of Microsoft Corp. (MSFT) Investor Meeting Company Overview - **Company**: Microsoft Corp. (MSFT) - **Current Price**: $487.12 - **12-Month Price Target**: $630.00 - **Upside Potential**: 29.3% [1] Key Topics Discussed 1. **Long-term AI Value Accrual**: - Investors are focused on where AI value will accrue in the long term, beyond short-term supply-demand dynamics. - Microsoft customers value flexibility across technologies and models, preferring larger, integrated solutions over many small components to reduce costs and integration challenges. - Microsoft aims to be model agnostic, as shown by partnerships with Anthropic and OpenAI, providing access to multiple models through its Foundry layer [2][15]. 2. **Emerging Killer Applications for AI**: - Significant productivity improvements are seen in coding and customer support applications. - The healthcare sector has shown strong adoption of Microsoft AI, with over 70% of providers utilizing AI for analytics, exemplified by the partnership with Epic [16]. 3. **ROI Breakthroughs**: - Large Language Models (LLMs) are primarily consumer-focused but can unlock greater ROI when integrated with enterprise applications. - Aiming for higher accuracy in AI tasks (from 80% to 90-95%) is crucial for mainstream adoption, requiring improved model capabilities and data integration [17]. 4. **AI Halo Effect on Azure and M365**: - Increased adoption of AI workloads on Azure is positively impacting other Microsoft products like Microsoft Fabric and Power BI. - Enterprises are recognizing the benefits of M365 Copilot, although implementation requires a learning curve [18]. 5. **Next Generation Data Center**: - Microsoft is developing a distributed network of AI data centers designed for high compute and energy density, capable of handling massive training workloads with lower latency [20][22]. 6. **Capacity Building for Growth**: - Microsoft is strategically increasing capacity while managing supply-demand imbalances, focusing on land, power, and GPU infrastructure. - Future investments in AI capacity are expected to enhance revenue from first-party applications, not just Azure [23]. Financial Projections - **Market Cap**: $3.6 trillion - **Revenue Forecasts**: - FY25: $281.72 billion - FY26E: $326.91 billion - FY27E: $376.69 billion - FY28E: $432.40 billion [3][11] - **EBITDA Forecasts**: - FY25: $162.68 billion - FY26E: $203.84 billion - FY27E: $238.14 billion - FY28E: $274.06 billion [3][11] - **EPS Forecasts**: - FY25: $13.64 - FY26E: $16.05 - FY27E: $19.53 - FY28E: $23.05 [3][11] Investment Thesis - Microsoft is positioned to capitalize on long-term trends such as generative AI, public cloud consumption, and digital transformation. - The company is expected to double its earnings per share from FY24 to FY28, with a projected cloud business run-rate of ~$250 billion by FY27, representing a 22% CAGR [24][25]. - Microsoft’s diverse offerings and strong market presence provide a competitive advantage in the evolving tech landscape [27]. Risks - Key risks include slower public cloud adoption, overall IT spending slowdown, and competitive pressures [30]. This summary encapsulates the critical insights from the investor meeting regarding Microsoft's strategic direction, financial outlook, and market positioning in the context of AI and cloud services.

微泰医疗 20251120 摘要 微泰医疗动态血糖监测设备（CGM）出货量和用户数量大幅增长，分别 同比增长超过 600%和接近 300%，在天猫 CGM 品类中排名第一，显 示出强劲的市场增长势头。 国际业务增速显著高于公司平均增速，尤其是在亚太、拉美和非洲等新 兴市场，通过参与大型标单、构建医保服务体系和跨境电商平台，市场 占有率和品牌影响力得到提升，增长略超预期。 针对雅培的专利诉讼，微泰医疗积极应诉，认为涉及争议的 072 专利有 效性不稳定，并已准备新的规避方案，同时新产品设计上规避潜在风险， 以突破专利壁垒，对欧洲市场影响有限（销售额占比不到 5%）。 公司核心员工持股平台部分股份归属到员工个人名下，导致实际控制人 名下股份变化，为纳税需要出售约 300 万股股票，并非董事长个人减持， 而基于税务考虑。 CGM 毛利率保持稳定，通过供应链优化和自动化生产线降本约 10- 20%。国际市场利润率优于国内，整体利润率符合预期目标。定价策略 上，微泰医疗 CGM 产品比雅培低 20-30%，但毛利率接近。 Q&A 微泰医疗在今年双十一的销售情况如何？ 今年双十一活动从 10 月 9 日开始，一直到上周五 ...