November 30, 2025 08:00 PM GMT Global Technology Humanoid Tech – Grasping the Future Transitioning to physical intelligence marks a pivotal chapter in human history. The rate of change is incredible, favoring those best able to adapt. We expect a humanoids semiconductor TAM of US$305bn by 2045, comprising key AI processors and sensors, and to delve deeper into the opportunity, we introduce our Humanoids Tech 25 list, highlighting key investment opportunities as the humanoid story evolves. Physical AI – clos ...

1 December 2025 | 7:32PM HKT Equity Research China Unicom (0762.HK): Rising AI Capex with wide IDC coverage; Integrated telecom users in expansion; Buy We view China Unicom as one of the key beneficiaries of the rising AI trend in China, supported by continuous Capex spending on AI computing infrastructure and its wide coverage of IDC cabinets across China. The company's 3Q25 revenues remained flattish at Rmb92.8bn (vs. -1% YoY in 2Q25), and Unicom Cloud delivered double digit YoY growth in 3Q25. Despite mu ...

December 1, 2025 04:44 AM GMT Luxshare Precision Industry Co., Ltd. | Asia Pacific M Idea AirPod Shipments vs. Luxshare's Share Price In this report, we focus on AirPod shipments vs. Luxshare's share price. According to IDC, AirPod shipments in 3Q25 were 17.2mn units (+42% QoQ, +9% YoY). Accelerated YoY shipments will likely support Luxshare's share price, in our view. Exhibit 1: Quarterly AirPod shipment trends vs. Luxshare share price performance since 2017 Rmb mn units Share price (LHS) AirPods Shipment ...

1 December 2025 | 4:20PM CST Equity Research CHINA VANKE (000002.SZ, 2202.HK) Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/r ...

Summary of China Telcos Conference Call Industry Overview - **Industry**: Telecommunications in China - **Key Players**: China Mobile, China Unicom, China Telecom Key Metrics Reviewed 1. **Capex Spending**: - Capital expenditures (capex) for China telcos are expected to decrease in 2025 due to reduced spending on traditional telecom networks, particularly 5G. However, there is a shift towards increased investment in AI and computing infrastructure to meet rising demand [2][3][6] - China Telecom's capex is guided at Rmb84 billion for 2025, down from Rmb94 billion in 2024, while China Unicom's capex is expected to be Rmb55 billion, down from Rmb61 billion [3] 2. **Dividend Payout**: - The dividend payout ratio for China telcos has increased to 60%-72% in 1H25, compared to 50%-67% in 2022. Management anticipates a gradual increase in payout ratios moving forward [6][9] 3. **Subscriber Growth**: - Total subscriber growth has been muted, with 5G penetration increasing from 59% in 1Q to 63% in 3Q25. The method of calculating 5G subscribers was revised, impacting the reported figures [12][15] 4. **Cash Conversion Cycle (CCC) Days**: - Average accounts receivable days increased from 34 days in 2018 to 47 days in 2024, indicating a focus on cash payments. Inventory days decreased to 8 days in 2024, while accounts payable days rose to 392 days [16] 5. **Free Cash Flow (FCF)**: - The average FCF margin improved from 8% in 2018 to 11% in 2024, driven by higher operating cash flow and disciplined capex focused on AI infrastructure [24][26] 6. **Average Revenue Per User (ARPU)**: - Mobile ARPU decreased from Rmb48.9 in 1H21 to Rmb47.9 in 1H25, while household ARPU increased from Rmb44.0 in 2018 to Rmb46.4 in 2024 [27][30] 7. **EBITDA Margin**: - The average EBITDA margin declined from 31% in 2018 to 28% in 2024, but there was a recovery in 1H25 due to disciplined operating expense management [33][35] 8. **New Business Contributions**: - Revenue from new business segments, including industrial internet and digitalization, rose to 26% in 1H25 from 19% in 2021, indicating a key growth driver supported by AI deployment [36][39] 9. **IDC Business**: - The number of IDC cabinets increased from 363k in 2022 to 400k in 2023, with a focus on upgrading to high-power IDC cabinets to enhance AI computing capabilities [40] 10. **Valuation**: - The average EV/EBITDA for China telcos ranges from 2.6x to 4.4x, with expectations of upside due to rising AI demand and comprehensive service offerings [43] Additional Insights - **Investment Outlook**: Despite traditional revenue growth challenges, China telcos are positioned as beneficiaries of AI and cloud growth, with a focus on value-added services [1] - **Management Guidance**: Companies are optimistic about future growth driven by new business segments and improved operational efficiencies [6][9][36]

Summary of Shenzhen Inovance Technology Co. (300124.SZ) Conference Call Company Overview - **Company**: Shenzhen Inovance Technology Co. - **Stock Code**: 300124.SZ - **Industry**: Industrial Automation Key Points Order Growth - Inovance reported a year-over-year (yoy) growth in industrial automation (IA) segment orders of over 20% in November 2025, compared to over 10% in October 2025, indicating a strong upward trend [1][7] - Month-over-month (mom) growth is estimated at approximately 19% for November 2025, compared to around 10% in November 2024 [1] Market Segments Driving Growth - The growth in orders is attributed to strong performance in various end-markets, including: - Port and logistics equipment - Smartphones - Consumer electronics - Lithium batteries - Semiconductors - Automotive equipment - Air compressors [1] Management Guidance - Management expects the IA segment growth to maintain around 20% yoy into the fourth quarter of 2025 and into 2026, with Goldman Sachs estimates of 19% and 17% growth for 2025 and 2026, respectively [1] Competitive Landscape - The company noted that competition in terms of pricing is less intense than the previous year, allowing it to anticipate outperforming the industry trend by 10-20 percentage points [2] Comparison with Peers - Haitian International (1882.HK) reported flat overall orders yoy in November, with a low single-digit percentage increase in domestic orders offset by a decrease in overseas orders, indicating a weaker performance compared to Inovance [3][9] Investment Thesis - Inovance is viewed as a domestic leader in industrial automation with several growth opportunities: - Strong market position in key products like inverters and servos, which are ranked No.1 in China - Potential for market share gains in programmable logic controllers (PLC) - Growth in electric vehicle (EV) components - Development in digitalization and IoT solutions [16][18] Valuation and Price Target - The 12-month price target is set at Rmb82.10, based on a 35x P/E ratio for 2026 estimates, indicating a potential upside of 16.2% from the current price of Rmb70.66 [20] Risks - Key risks include: - Slower-than-expected market share gains in industrial automation - Weaker-than-expected margin trends - Delays in the ramp-up of the EV component segment - General slowdown in manufacturing capital expenditure and automation demand [19] Financial Metrics - Projected revenue growth: - 2025: Rmb45,493.4 million - 2026: Rmb52,707.1 million - 2027: Rmb57,461.2 million [20] Conclusion - Inovance's strong order growth, competitive positioning, and growth potential in various markets make it an attractive investment opportunity, despite the risks associated with market dynamics and competition [18][19]

Summary of TBEA Co (600089.SS) Conference Call Company Overview - **Company**: TBEA Co (600089.SS) - **Industry**: Power Transmission & Distribution (T&D), Polysilicon, Coal, Aluminum Key Points Financial Performance - **Revenue Growth**: TBEA's revenue increased by 0.9% year-on-year (yoy) to Rmb72,988 million in 9M25, driven by a 14% increase in the power T&D segment, which includes Rmb35,909 million from electrical equipment sales [12][13] - **Net Profit**: The net profit rose by 27.6% yoy to Rmb5,484 million in 9M25, with a significant contribution from fair value gains on equity investments [12][14] - **Profit Before Tax**: Increased by 37.7% yoy to Rmb7,339 million, primarily due to a 30% growth in the power T&D segment [2][14] Segment Performance - **Power T&D Segment**: Revenue from this segment grew by 14% yoy, with electrical equipment sales contributing Rmb20.24 billion, up 24% yoy [13][14] - **Polysilicon Sales**: The sales price of polysilicon rebounded significantly, with production of 59,400 tonnes and sales of 54,700 tonnes in 9M25 [20][21] - **Coal Sales**: Coal sales decreased by 32% yoy to Rmb2,994 million, reflecting reduced demand from coal-fired power plants [2][14] Strategic Initiatives - **Revenue Target**: TBEA aims to nearly double its revenue from the power T&D segment from Rmb50-60 billion in 2025E to Rmb100 billion by 2030E [1][3] - **Export Growth**: The company targets to increase its overseas sales mix of electrical equipment from 11% in 9M25 to 30% in 2030E, with new orders from abroad up 88% yoy to US$1.24 billion [1][3][16] - **Polysilicon Production**: TBEA plans to improve production efficiency and product quality in its polysilicon segment, with a focus on controlling output based on demand [22][24] Market Dynamics - **UHV Construction**: The company expects more UHV power transmission lines to be approved in the 15th Five-Year Plan (FYP), anticipating a rise in electricity demand and renewable energy integration [18][19] - **Offshore Wind Development**: TBEA is positioned to benefit from the growth in offshore wind projects, having supplied equipment to about 50% of installed projects in China [19] Valuation and Recommendations - **Target Price**: The DCF-based target price is set at Rmb26.00, reflecting a 44% increase from the previous estimate [1][26] - **Earnings Revision**: Net profit estimates for 2025-27E have been raised by 4-6%, supported by higher margins from export sales and increased polysilicon prices [25][26] Additional Insights - **Cost Management**: The unit cash cost of polysilicon production has decreased to below Rmb30/kg, with total production costs at Rmb34/kg in 3Q25 [20][22] - **Coal Production Strategy**: TBEA plans to expand its annual coal output from 74 million tonnes to over 100 million tonnes, focusing on value-added coal chemical products [23][24] This summary encapsulates the key insights from TBEA's conference call, highlighting the company's financial performance, strategic initiatives, and market outlook.

Summary of Tenglong Co., Ltd. Conference Call Company Overview - **Company**: Tenglong Co., Ltd. - **Industry**: Automotive components, specifically focusing on thermal management systems and new energy vehicles Key Points Industry and Market Dynamics - **Overseas Market Expansion**: Tenglong is actively expanding its overseas market presence, particularly in Poland, Southeast Asia, and Morocco, to counter domestic competition and declining gross margins. As of the first half of 2025, overseas sales reached 460 million yuan, accounting for 24% of total revenue, with expectations for continued growth [2][6][21] - **New Energy Vehicle (NEV) Growth**: The NEV-related business accounted for over 50% of revenue in the first three quarters of 2025, driven by increased penetration rates and higher value per vehicle. The company is launching new products like electronic water pumps and plate heat exchangers [2][7] Financial Performance - **Q3 2025 Performance**: In Q3 2025, the company reported revenue of 972 million yuan and a net profit of 52 million yuan, a year-on-year decrease primarily due to intensified industry competition and a decline in gross margins. However, the gross margin improved by 1 percentage point quarter-on-quarter [2][9][10] - **Financial Stability**: As of Q3 2025, the asset-liability ratio was 48.17%, with accounts receivable turnover days at 98.43, indicating stable cash flow and manageable financial risk [4][13] Strategic Initiatives - **Cost Management**: The company is implementing a "cost-saving and revenue-increasing" strategy, focusing on product matrix expansion, solidifying domestic market share, and enhancing operational efficiency [2][14] - **Technological Innovation**: Tenglong is committed to technological innovation, particularly in thermal management, and is exploring applications in non-automotive sectors such as energy storage and data centers [3][15] Product and Service Development - **Product Matrix**: The main business segments include thermal management products for air conditioning and NEV systems, EGR products for emissions control, and traffic management products. The company is also developing air conditioning hoses and has established a comprehensive domestic production base [5][6] - **Non-Vehicle Applications**: Tenglong has made progress in non-vehicle applications, including high-power electronic water pumps for energy storage and data centers, and is developing smart cabin products [8][15] Future Outlook - **Q4 2025 Expectations**: The company anticipates a stable operational environment in Q4 2025, with seasonal increases in vehicle production expected to boost performance [11] - **Currency Risk Management**: With overseas sales constituting about 20% of total revenue, the company is actively managing currency risks associated with USD and EUR transactions [12][21] Market Challenges - **Competitive Landscape**: The automotive industry is facing intense competition, leading to price wars that pressure profit margins. Tenglong is adapting by enhancing its product offerings and focusing on high-quality clients [3][27] - **Long-term Value Creation**: The company remains focused on long-term value creation for investors, despite short-term challenges [19] Additional Insights - **Hydrogen Energy Investment**: Tenglong has invested in a hydrogen fuel cell company, indicating a long-term interest in hydrogen energy applications, particularly in commercial vehicles [20] - **Market Positioning**: The company is strategically positioning itself to leverage its existing capabilities while exploring new growth avenues in emerging markets and technologies [24][25] This summary encapsulates the key insights from the conference call, highlighting Tenglong's strategic initiatives, financial performance, and market outlook.

粤海饲料 20251201 摘要 粤海饲料前三季度饲料销量达 66 万吨，同比增长 11.93%；营收 49.97 亿元，同比增长 12.18%；归母净利润 2,610.19 万元，同比增 长 38.86%，主要得益于客户结构优化、技术战略和市场营销活动。 公司坚持"三高三低"技术战略和"四重保障"产品质量体系，通过 "粤海畅步行"营销活动，提升产品竞争力和品牌认可度，并积极推广 AI 智能养殖模式，降低养殖成本，提高饲料利用率。 公司预计 2025 年全年业绩保持稳定增长，2026 年规划实现 20%以上 总体增长，虾蟹料及特种水产饲料金额目标增长 50%以上，总销量从 100 万吨提高到 120 万吨以上。 公司计划通过越南和安徽新厂投产增加至少 10 万吨以上的销量，并积 极开拓新的水产品类及区域市场，推动高端化、绿色化产品发展，加大 AI 智能养殖模式推广力度。 公司预计 2025 年和 2026 年营收每年增长 20%-30%，销售费用预计 同比会有一定增长，主要原因是营销组织架构调整和考核方式变化，将 继续强化技术服务和营销服务。 Q&A 粤海饲料在 2025 年前三季度的核心单品（如虾蟹料、罗非 ...

Summary of the Conference Call for Hengli Hydraulic Company Overview - **Company**: Hengli Hydraulic - **Industry**: Hydraulic components and machinery Key Points Excavator Market Performance - Hengli Hydraulic has increased its market share in the excavator sector, with mid-sized excavator pump and valve growth exceeding 40% in the first three quarters of 2025, and large excavators showing growth rates of 40-50% [2][4] - The company expects to maintain an annual growth rate of 5-10% in 2026, driven by product line expansion and improved market conditions [4] Non-Excavator Segment Growth - The non-excavator segment has achieved a compound annual growth rate (CAGR) of 15-20% from 2021 to 2024, offsetting declines in the excavator segment [2][6] - Although growth slowed in 2025, a recovery in the agricultural machinery sector and other industries is anticipated to push the non-excavator segment's growth back above 20% in 2026 [2][6] Collaboration with Foreign Clients - Hengli Hydraulic is expanding its collaboration with foreign clients, including Caterpillar, with significant progress in the mid-sized excavator cylinder project expected to ramp up in 2026 [2][7] - The company plans to enter Caterpillar's pump and valve supply chain, enhancing its global competitiveness in high-end hydraulic components [2][7] Robotics Business Development - The company is actively developing its robotics business, with plans to establish 30 production lines by the end of 2026 [2][8] - Collaboration with T Chain is underway, which is expected to lead to substantial orders, indicating strong growth potential in the robotics sector [2][8] Industrial Screw Market Opportunities - The industrial screw market is currently dominated by Japanese companies, but increasing domestic substitution demand presents opportunities for Hengli Hydraulic [2][9] - The company has been working on the industrial screw project since 2021, with production expected to start in 2024. Successful market entry could significantly enhance the company's market value and profitability [2][9] Future Growth Outlook - Overall, Hengli Hydraulic is positioned for strong growth across both its core and emerging businesses, with a projected profit CAGR of around 30% over the next three to five years [2][10] - The company is seen as entering a pivotal point for stock price acceleration, driven by industry recovery, product line expansion, and deeper foreign client collaborations [2][10]