Summary of the Conference Call for 滔博 International Holdings Limited Company Overview - **Company**: 滔博 International Holdings Limited - **Industry**: Retail (Sportswear and Footwear) Key Points and Arguments Financial Performance - In Q3 2025, 滔博's pre-tax sales decreased by a high single-digit percentage year-on-year, consistent with mid-term performance trends [4] - The demand for sports footwear and apparel remained weak, with seasonal product sales under pressure [4] - Retail business outperformed wholesale, but overall retail performance was slightly weaker compared to the first half of the fiscal year [5] - The company maintained a reasonable and controllable inventory level, with total inventory decreasing year-on-year [5] Market Dynamics - Increased promotional activities disrupted both online and offline market order, leading to heightened consumer price sensitivity [2] - The offline channel showed improvement from a low base, but overall retail performance was still slightly weaker than the first half of the fiscal year [5] - Nike's performance in the Greater China market faced challenges similar to those observed by 滔博, including low foot traffic and inventory pressures [2][5] Strategic Initiatives - 滔博 is optimizing its offline store network, with a significant reduction in the number of store closures expected compared to the previous year [2] - The company launched a new running brand concept store, Echoes, and collaborated with Soar to introduce a Shanghai city-limited series to enhance brand recognition and user interaction [2] - 滔博 plans to maintain healthy gross margins through a volume control strategy and cost optimization measures [4][6] Collaboration with Nike - Nike's increased wholesale discounts are expected to positively impact 滔博's gross margins by providing better purchase subsidies [4][6] - The collaboration with Nike aims to standardize market order and optimize pricing, which may have short-term impacts but is expected to enhance overall value in the long term [4][7] - Nike's old inventory recovery efforts are anticipated to alleviate operational pressures on retail partners and improve market conditions [6][19] Future Outlook - The external environment remains challenging, with cautious expectations for terminal demand due to ongoing low foot traffic and retail fluctuations [6] - The company anticipates potential deviations from annual profit targets, but the range of deviation is considered manageable [3][6] - 滔博 is focused on long-term growth driven by national policy support and increasing public enthusiasm for sports [7] Inventory Management - Inventory management is a dynamic process influenced by demand, online promotional rhythms, and pricing strategies [9][10] - The company is implementing new measures to improve inventory turnover and overall market health [9] Competitive Landscape - Adidas has shown strong performance in the current quarter, particularly with its three-stripe series and localized product strategies [15] - The competitive environment remains challenging, with various factors affecting sales performance across different companies [10] Conclusion - 滔博 is committed to enhancing its operational efficiency and profitability while navigating a challenging retail environment. The focus remains on strategic partnerships, particularly with Nike, to drive long-term growth and market share expansion [20][21]

Summary of Huazhu Group Conference Call Industry Overview - The hotel industry is expected to see cyclical improvement by 2026, with RevPAR (Revenue Per Available Room) decline narrowing each quarter, driven by a rebalancing of supply and demand and robust growth in leisure travel demand. Service consumption policies will also boost leisure travel demand [2][6]. - The business travel market is stabilizing, with occupancy rates (OCC) having bottomed out, indicating potential for recovery. The investment payback period has extended to approximately 5 years due to declining average room prices (RAP) and rents, with a forecasted decrease in new store openings in 2026 [2][8]. Company Insights: Huazhu Group - Huazhu has maintained a compound annual growth rate (CAGR) of over 20% in store count and performance over the past 15 years, leveraging product iteration, standardized management, and strong member loyalty to create a unique growth flywheel. The company is actively expanding into the mid-to-high-end hotel sector, establishing a rich brand matrix [4][13]. - Huazhu's extensive store network and strong membership system allow it to reduce reliance on Online Travel Agencies (OTAs) in the short term, showcasing its operational strength. The company’s dual flywheel model, which links network scale and member traffic, provides a competitive advantage even in adverse conditions [5][7]. Competitive Positioning - Leading companies like Huazhu hold a market share of 15%-20% in key regions such as Shanghai, granting them pricing power. The strategy has shifted from focusing on occupancy rates to optimizing average room prices, which helps stabilize overall industry pricing [9]. - The hotel industry remains fragmented, but leading firms are transitioning to a strategy that balances occupancy and pricing, as evidenced by Huazhu achieving positive growth in average daily rates (ADR) in Q3 [9]. Long-term Growth Potential - The long-term outlook for China's accommodation industry is positive, with a trend of upward penetration. Comparatively, China's per capita GDP is nearing that of the U.S. in 1981, indicating a high proportion of disposable income spent on accommodation and leisure travel [10]. - The potential for chain hotel development is significant, with estimates suggesting that increasing the chain rate from 46% to 60%-70% could yield growth rates of 30%-50% for hotels with over 30 rooms [11][12]. Strategic Development in Mid-to-High-End Market - Huazhu currently operates over 1,000 mid-to-high-end hotels, with revenue per room significantly higher than that of economy hotels. The company aims to increase the number of mid-to-high-end hotels to over 3,000, which would surpass the share of economy hotels in its overall business [15]. - The company is also collaborating with Didi to attract high-quality business travelers and is expected to optimize product offerings in the mid-to-high-end sector [14]. Valuation and Market Position - Huazhu is projected to have a price-to-earnings (P/E) ratio of 24-25 times by 2026, reflecting both industry recovery and the company's growth trajectory. The hotel sector in A-shares is currently experiencing marginal improvements, with leading companies like Shoulv and Jinjiang already showing positive changes [17]. - The overseas hotel groups benefit from a light-asset model that allows for valuation premiums, and Huazhu is expected to follow a similar path, transitioning from low-end to high-end offerings while ensuring stable cash flow and shareholder returns [16].

钧达股份 尚翼光电战略合作解读 ✕ 20251222 摘要 全球低轨卫星规划突破 10 万颗，太空能源需求激增，地面算力瓶颈凸 显，太空算力成破局关键，君达股份与上亿光电战略合作，探索太空能 源解决方案。 君达股份作为光伏电池龙头，N 型电池出货量领先，钙钛矿技术取得突 破；上亿光电源于中科院上海光机所，专注于柔性钙钛矿光伏技术在太 空应用，具备独特优势。 双方共建太空钙钛矿研发平台，联合制定行业标准，申报国家专项，君 达股份战略投资上亿光电，推进太空钙钛矿能源产品产业化，实现商业 化转化与规模供应。 太空光伏市场空间巨大，低轨卫星发射计划超 10 万颗，太空数据中心 解决供能散热问题，预计 2030 年太空光伏市场规模可达万亿元，远超 地面市场。 传统太空太阳能电池在成本、重量、柔性等方面存在局限，技术路线向 金硅或金硅加钙钛矿叠层演进，以平衡性能和成本需求，适应商业航天 发展。 Q&A 君达股份与上亿光电的战略合作协议具体内容是什么？ 君达股份与上亿光电的战略合作协议主要包括以下几个方面： 上亿光电推出第三代柔性星座太阳能电池，具备耐受配方、电池结构、 柔性衬底材料和温控技术三大核心竞争力，并已完成空间环 ...

安井食品 20251222 安井食品四季度业绩超预期，截至 12 月 22 日仍保持 10%的增长率， 尽管去年同期基数较高。政府补助对公司整体影响不大，因全国多基地 运营增加获得补贴和税收返还的概率。 公司战略从渠道驱动转向产品驱动，今年推出多款新品，多数达到或超 出预期。海外市场方面，东南亚速冻食品市场增长迅速，但 CR5 占比低， 存在巨大机会，公司计划通过并购当地品牌拓展欧美市场。 公司近期申请河南工厂，以清真食品为目标，瞄准西北市场和东南亚市 场。已购买"安斋"商标，计划将其打造成专门的清真食品品牌，并将 在马来西亚、印尼等地申请清真认证。 速冻食品行业正从充分竞争转向垄断竞争，安井食品销售增长和利润表 现优于同行。公司面临的主要挑战是持续创新，今年从渠道驱动转向新 品驱动，并叠加渠道驱动，希望新品能成为爆品。 今年推出 35 至 40 款新品，如活鱼现杀嫩鱼丸、多多多烤肠、嵊州小笼 包等。烤肠板块增长超过 60%，虾滑类产品增速最高，预计营收超 10 亿。明年将加大研发投入和激励机制，提高新品命中率。 Q&A 请介绍一下公司近期的经营动态和市场表现。 今年四季度对我们来说是一个利润高基数和收入不低 ...

We reiterate our Buy rating Midea which we see as among our top picks within the white goods space due to its leading position in domestic HVAC/appliances market, market share gain potential in overseas HVAC/appliances market, fast-growing 2B business as the mid/long growth driver, as well as market-leading shareholder return. On Dec 19, we visited Midea's lighthouse chiller factory and operation center in Chongqing, meeting with company management which included the General Manager of Intelligent Building ...

Summary of the Conference Call for Pop Mart Company Overview - **Company**: Pop Mart - **Industry**: Toy and IP (Intellectual Property) Management Key Points and Arguments Business Performance - **2023 H2 Turning Point**: Pop Mart experienced an upward turning point in business performance in the second half of 2023, with successful market expansion into Southeast Asia in 2024 and North America in the first half of 2025 [2][5] - **Core IP Growth**: The core IP, Labubu, has seen significant growth, contributing to stock price increases [2][6] - **Supply and Demand Dynamics**: Despite an increase in supply from scalpers, stores in China remain generally out of stock, indicating a tight supply-demand balance [2][7] Market Concerns - **North America Market Worries**: Concerns exist regarding the North American market due to pessimistic guidance from companies like Sea of Treasure, Mattel, and Disney for 2026, leading to stock price adjustments. However, North America only accounts for about 20% of revenue, and data has stabilized in the second half of the year [2][8] - **China Market Confidence**: Strong confidence in the Chinese market, with expectations of adding approximately 10 new stores in 2026 and e-commerce growth projected at 22%-30% [2][9] Expansion Plans - **Store Expansion**: Plans to open around 20 new stores in the Asia-Pacific region, 30 in North America, and 20-25 in Europe, with overall performance expected to maintain around 18 billion [2][9] - **Future Development Logic**: Focus on deepening offline operations and continuous overseas expansion, with a rapid store opening pace in North America and significant potential in Europe, Japan, and the Middle East [2][10] Product and Innovation Strategy - **Supply Logic**: The company employs a "70% full" supply logic to prevent inventory issues and extend product life cycles, with a controlled frequency of new product releases [5][15] - **Platform Capability**: Pop Mart's platform capability is a core competitive advantage, allowing for the continuous creation of long-lasting IP and the development of multiple tiers of IP [4][16] Future Outlook - **Long-term Growth**: The company is in a multi-category and multi-IP expansion phase, with a stable foundation despite potential declines in single-store performance. Long-term valuation is expected to reach 20-25 times compared to traditional toy companies [2][17][18] Additional Insights - **IP Heat in Global Markets**: Analysis shows a balanced IP structure in Southeast Asia, while the popularity of Labubu has stabilized in the US, UK, and France. Japan relies heavily on Labubu's popularity [2][14] - **Theme Park Developments**: The company is progressing with theme park projects, which are expected to enhance emotional connections with consumers [4][13] This summary encapsulates the key insights from the conference call, highlighting Pop Mart's current performance, market dynamics, expansion strategies, and future outlook in the toy and IP industry.

| M | | | | --- | --- | --- | | | | Update | | December 19, 2025 03:33 AM GMT | | | | Contemporary Amperex Technology Co. Ltd. Asia | Morgan Stanley Asia Limited+ | | | Pacific | Jack Lu Equity Analyst | | | | Jack.Lu@morganstanley.com | +852 2848-5044 | | ESS Tariff and ITC Eligibility in | Kaylee Xu | | | | Equity Analyst | | | | Kaylee.Xu@morganstanley.com | +852 2239-1506 | | 2026 | Yiyi Wang Research Associate | | | | Yiyi.Wang@morganstanley.com | +852 3963-4169 | December 19, 2025 03:33 AM GMT Contemp ...

Summary of the Conference Call Transcript Company Overview - **Company**: Joyson Electronics (均胜电子) - **Industry**: Automotive Safety and Electronics Solutions - **Rating**: Buy with a target price of Rmb 34.20, up from Rmb 21.10 [1][4] Key Points and Arguments Industry Trends - The global automotive industry is undergoing significant electrification and intelligence trends, expected to drive the automotive electronics market with a CAGR of 9.0% from 2025 to 2028 [2][9] - Key growth segments include smart cockpit solutions, intelligent driving solutions, new energy management systems, and intelligent connectivity systems [2][9] Financial Projections - Joyson's net profit is projected to grow at a CAGR of 17% from 2025 to 2028, driven by deepening collaborations with domestic automakers and benefiting from overseas automakers' transitions to electrification and intelligence [3][10] - Revenue is expected to grow at a CAGR of 6.5%, with gross and net profit margins improving from 18.3% and 2.4% in 2025 to 18.4% and 3.2% in 2028, respectively [3][10] Valuation - The valuation is based on a segmented approach: - Automotive safety and other parts: 21.0x 2026E PE - Automotive electronics: 27.5x 2026E PE - Robotics parts: 9.5x 2026E P/S [4][31] - The new target price reflects a 27.5x 2026E PE, indicating a 16% discount compared to peers [4][31] Market Position - Joyson is positioned as a global leader in automotive passive safety and electronics, with a comprehensive product portfolio and a global customer base [1][13] - The company has established over 25 R&D centers and more than 60 production bases worldwide, covering major automakers [13] Growth Opportunities - Joyson has secured projects with leading overseas automakers and a major humanoid robot manufacturer, indicating potential growth in the robotics sector [1][19] - The company is expected to benefit from the increasing demand for automotive electronics due to stricter safety standards and the transition to centralized electronic architectures [9][10] Additional Important Insights - The current stock price of Rmb 26.95 reflects a potential upside, with a risk-reward ratio of 3.1:1 [36] - The company has faced challenges in the past due to significant acquisitions and restructuring, but these impacts are expected to diminish by 2025 [14] - Joyson's revenue growth is primarily driven by the automotive electronics sector, which is anticipated to outperform the traditional automotive safety market [9][10] Conclusion - Joyson Electronics is well-positioned to capitalize on the ongoing transformation in the automotive industry, with strong growth prospects in both automotive electronics and robotics. The current valuation does not fully reflect the company's growth potential, making it an attractive investment opportunity.

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 ...

Summary of Qiaotai Technology Conference Call Company Overview - **Company**: Qiaotai Technology (丘钛科技) - **Industry**: Camera module and fingerprint recognition technology Key Points Camera Module Business - Significant growth in camera module business, especially in modules below 32 million pixels, benefiting from collaboration with Korean clients, becoming their largest supplier [2][3] - Total shipment of mobile camera modules from January to November 2025 was approximately 390 million units, showing slight growth compared to the previous year despite a 14.8% decline in the first half [3] - Non-mobile camera module shipments exceeded 300 million units monthly since August 2025, with a record high of 3.7 million units in November, achieving a 111% year-on-year growth from January to November [7] Fingerprint Recognition Modules - Shipment of fingerprint recognition modules reached 184 million units from January to November 2025, a year-on-year increase of 31.3% [4] - The share of ultrasonic fingerprint recognition modules increased to over 30%, with monthly shipments exceeding 5 million units since August [6] Financial Performance - Third-quarter financial data met expectations, with the Indian subsidiary no longer consolidated, resulting in a one-time gain [5][11] - Despite stock price volatility, the company remains focused on long-term value creation [11] Vertical Integration and Strategic Developments - New Giant Technology (新巨科技) achieved breakthroughs in IoT business, receiving project certifications from core North American clients [10] - The acquisition of TDK's global motor business is expected to complete in Q1 2026, reflecting increased demand for high-end products [10] - The company plans to enhance its manufacturing capabilities domestically, leveraging precision manufacturing advantages [10] Automotive Business - The automotive business showed strong performance in the second half of 2025, with monthly shipments reaching seven figures, improving profitability [9] - The company is expanding into lidar products, expecting contributions to the automotive business by 2026 [9] IoT and Other Collaborations - Deepening cooperation with major clients in the IoT sector positively impacts profitability, including partnerships in AR/VR and Micro LED technologies [8] - The company is working on dual RGBD solutions with partners to achieve breakthroughs in perception technology [8] Market Outlook and Challenges - The company is monitoring the impact of rising memory and storage prices on the smartphone market, noting stable demand for smart vision technology [11] - Competition in the high-end camera module market remains rational, with a focus on vertical integration delivery capabilities [12] Future Goals - The company is in the process of formulating its 2026 and future five-year plans, aiming for non-mobile business to contribute more significantly to overall performance [15][16] - No specific revenue or shipment targets for 2026 have been disclosed yet [15] Stock Buyback Considerations - Management is considering stock buyback options to boost shareholder confidence but has not made a final decision [17] Additional Insights - The company is cautious about the potential for price adjustments in fingerprint recognition modules due to market dynamics, but expects no significant short-term price drops [14] - The integration of motor business into the listed company is under consideration, with a focus on ensuring benefits for shareholders [12]