Summary of the Conference Call for Babi Foods Company Overview - **Company**: Babi Foods - **Industry**: Food and Beverage, specifically focusing on dumplings and buns Key Developments - Babi Foods has made significant progress in the past year, particularly in promoting its new handmade dumpling store model, which began trials in the second half of 2025, achieving daily sales exceeding 10,000 yuan per store [3][4] - The company currently operates three business segments: traditional bun shops, group meals, and the new handmade dumpling stores [3] - Traditional bun shop sales turned positive in the second half of 2025, while the handmade dumpling stores are expected to become a new growth engine [3][4] Growth Potential - Market expectations suggest that Babi Foods could open around 100 new stores in Q1 2025, with total new store openings for the year potentially reaching hundreds to over a thousand [3][4] - Even if daily sales per store decrease to 6,000-7,000 yuan, annual revenue could still reach approximately 2 million yuan per store, contributing about 600,000 yuan to Babi's revenue [3][4] - The new dumpling stores are larger, offer more dining options, and have a richer product structure, leading to a faster return on investment despite higher initial costs [3][5] Market Positioning - Babi Foods entered the dumpling market due to its large potential and lack of leading chain brands, with over 30,000 dumpling shops nationwide but no dominant players [6] - The dumpling product line is versatile and suitable for various dining occasions, enhancing its market appeal [6] Financial Projections - Babi Foods is projected to achieve a profit of approximately 340 million yuan in 2026, with a target market capitalization exceeding 10 billion yuan, indicating a potential upside of 30%-50% [4][14] - Each new or remodeled dumpling store is expected to generate an additional revenue increment of about 160 million yuan for every 200 stores, contributing around 20 million yuan in profit [12] Operational Advantages - The company has established five major factories nationwide, providing significant supply chain advantages and strong management capabilities [9] - Babi Foods is focused on ensuring the replicability of its new store model, with plans to promote successful outcomes at the 2026 franchisee conference [10] Investment Recommendations - Given the successful achievement of 2025 goals and the validated replicability of its business model, Babi Foods is expected to enter an accelerated growth phase in 2026 [14] - The company is recommended as a strong investment opportunity within the food and beverage sector, characterized by high growth potential and clear industry logic [14]

31 December 2025 | 8:10PM HKT Equity Research China PCB: Shengyi (600183.SS) CCL factory visit: AI capacity in expansion; Price hikes to continue in 1H26E We visited Shengyi Technology's (600183.SS, Not Covered) copper clad laminate (CCL) factory in Dongguan and talked to management on Dec 30. Shengyi is a local CCL supplier, expanding from consumer electronics, automotive to data center markets. Management expects the CCL price hike to continue in 2026E, given the rising demand from PCB clients and short s ...

31 December 2025 | 11:47AM HKT Equity Research Kematek (301611.SZ): Ceramic components ramp up on capacity expansion and local SPE clients penetration; Buy We view Kematek as one of key beneficiaries of China semis capacity expansion and growing advanced nodes by offering structural ceramic components and ceramic devices. Kematek has wide product coverage across lithography/ deposition/ etching/ Ion implantation tools, and we see the company continuing to penetrate local SPE clients through deep cooperation ...

Summary of Victory Giant (300476.SZ) Conference Call Company Overview - **Company Name**: Victory Giant (300476.SZ) - **Industry**: PCB (Printed Circuit Board) manufacturing - **Products**: Offers MLPCB (Multi-layer PCB), HDI (High-Density Interconnect), single/double layer PCB, FPC (Flexible Printed Circuit), etc. - **End Markets**: AI data centers, automobiles, telecom, smart terminals - **Global Presence**: Operations in mainland China, Malaysia, Vietnam, and Thailand [3][4] Key Points Discussed 1. Capacity Expansion - **Accelerated AI PCB Capacity Expansion**: Victory Giant is expanding its AI PCB capacity more rapidly than before, with plans for two new larger factories in HuiYang and capacity expansion in Thailand and Vietnam. Management emphasized that the time required to ramp up new capacity has decreased due to strong partnerships with major clients and experience in product verification [4][10]. 2. Technological Advantages - **MLPCB and HDI Expertise**: The company has developed mass production capabilities for HDI (28-layers) and MLPCB (70-layers), which are crucial for the new specifications of AI server platforms. Management noted that equipment parameters and material formulas significantly impact performance and yield rates, particularly in laser drilling and copper fill plating processes [5][9]. 3. Dollar Content Upgrade Opportunities - **Revenue Growth from Dollar Content Upgrades**: Management anticipates that upgrades in dollar content will drive revenue growth for AI PCBs. This is attributed to the shift towards new AI platforms with higher speeds (800G / 1.6T and above), which require PCBs with more layers and high-end CCL (Copper Clad Laminate) materials. The company is committed to R&D for new technologies, including 30-layer HDIs and 100+ layer MLPCBs [10][4]. 4. Market Outlook - **Positive Industry Outlook**: The management's comments align with a positive outlook for the China PCB industry, particularly for high-end PCB and CCL suppliers. The expected strong demand for AI PCBs is anticipated to benefit local suppliers as they expand capacity to meet growing needs [2][4]. 5. Customer Penetration - **Continuous Customer Penetration in AI Infrastructure**: Victory Giant is focused on increasing its customer base in AI infrastructure, which includes solutions for AI accelerator cards, AI servers, data center switches, UBB, SSDs, DDR, and optical transceivers [3][4]. Additional Insights - **Strategic Partnerships**: The company’s ability to ramp up capacity quickly is supported by deep partnerships with major clients, which enhances its competitive edge in the market [4][10]. - **Focus on R&D**: Continuous investment in research and development is crucial for maintaining technological leadership and meeting the evolving demands of the AI sector [10][4]. This summary encapsulates the key discussions and insights from the conference call regarding Victory Giant's strategic initiatives, market positioning, and growth prospects in the PCB industry.

January 2, 2026 05:51 PM GMT Tesla Inc | North America Deliveries Broadly In-Line | All Eyes on Robo Tesla delivered 418k vehicles in 4Q25 (-16% y/y), slightly missing sell-side consensus expectations (423k) by 1% but beat MSe (402k), and buy-side expectation of ~400- 410k. ESS deployments also came in higher vs. expectations, hitting a record 14.2 GWh vs. 13.4 GWh cons. We maintain our 1.597m vehicles unit sales (-2.5% Y/Y) and 64 GWh ESS deployment (+37%) estimate in 2026. The catalyst path for TSLA remai ...

Global Research abc 2025 年 12 月 29 日 快评 千方科技 布局干线物流自动驾驶 看好公司干线物流自动驾驶的布局 公司于12月26日收盘后，发布了公告，主要包括：1）公司计划投资约11亿 元开发自动驾驶干线物流项目；2）公司董事会批准派发中期股利，每股分 红0.02元；3）公司更换董秘。我们看好千方科技具备的车路云一体化的研 发技术和交通数据作为干线物流自动驾驶的实践支撑。在我们2022/09/07发 表的题为 The Road Less Travelled: How US$300bn of smart infrastructure may accelerate autonomous driving报告中，我们看好自动驾驶在干线物流 的商业应用，且我们认为公司将投资重心转向自动驾驶在干线物流的应用有 利于未来公司盈利提升和在中国车路协同发展中的战略布局。 投资干线物流自动驾驶项目 徐宾 分析师 S1460511010012 bin.xu@ubs.com +86-21-3866 8872 公司计划将原募投计划中剩余的9.6亿元投资于物流无人化关键技术研发， 公司预计项目建设周期为3 ...

31 December 2025 | 8:33AM HKT Equity Research 1. Accelerated AI PCB capacity expansion: The company facilitates capacity expansion of AI PCBs within a shorter period and will continue to expand its own capacity for AI demand. Besides existing product lines, Victory is also working on two new factories with larger scale in HuiYang and is expanding capacity in overseas sites incl. Thailand/ Vietnam. Management noted it is taking less time for the company to ramp up new capacity, supported by deep partnerships ...

30 December 2025 | 2:59PM HKT Equity Research China Semis: Moore Thread (688795.SS, NC) visit: Local GPU supplier riding on AI trend; new GPU platform for large-scale computing cluster We visited Moore Thread (688795.SS, Not Covered) management in Beijing recently. Moore Thread is a local GPU supplier with in-house architecture, offering GPU for AI training/ inferencing and gaming. Overall, management is positive on the enhanced performance and computing power of the company's new GPU platform that is relea ...

Earnings revision: We revise down our VeriSilicon earnings by 8% / 12% / 14% / 14% / 12% in 2026E-2030E to reflect a lower revenues contribution from higher margin semi design services and IP solutions considering the likely longer time needed to see an acceleration of AI edge devices. That said, we view robust cloud contribution positively and remain constructive on the strong growth ahead driven by Gen-AI demand. We revise down GM by 0.3ppts~1.9ppts in 2026E-2030E on product mix changes. Allen Chang 30 De ...

Read across to Optical modules: Management's positive tone on the end demand for SiPh (Silicon Photonics) optical modules echoes our positive view on networking under AI infrastructure cycle. SiPh carries a more compact and simple structure that reduces components costs and allows better production efficiency, and we expect to see rising contribution from Silicon Photonics in 800G/ 1.6T optical modules. Buy: Innolight, Eoptolink, Landmark, VPEC, TFC Optical. 30 December 2025 | 8:10PM HKT Equity Research Chi ...