Management call takeaways: Positive outlook for Ceres SOFC technology adoption and Weichai's manufacturing capacity ramp-up On Nov 20, we hosted Weichai Power's management team, including the company's SOFC business unit lead and the investor relations team, for an investor call to provide more color on Weichai's strategy in the SOFC business as well as its partnership with Ceres Power. Our key takeaways include: Michele Della Vigna, CFA 21 November 2025 | 1:21AM HKT Equity Research WEICHAI POWER (2338.HK/0 ...

Summary of China Software 3Q25 Result Review Industry Overview - The report focuses on the **China Software** industry, specifically analyzing the performance of various software companies in the third quarter of 2025 (3Q25) and updating estimates based on recent trends. Key Points Overall Performance - Average revenue growth for the covered companies was **4% YoY** in 3Q25, a decline from **9% in 1H25** [1] - Average net margin improved to **3% in 3Q25**, compared to **-3% in 1H25**, indicating enhanced efficiency and profitability among software companies [1] Company-Specific Highlights - **Kingsoft Office**, **Thundersoft**, and **Arcsoft** showed strong revenue growth driven by increased demand for AI products, despite overall soft IT spending [1] - **iFlytek**, **Sangfor**, and **Glodon** experienced net income recovery in 3Q25 due to productivity improvements [1] Management Insights - Management teams expressed optimism regarding enterprise and government spending on AI applications, AI agents, and AI models to enhance productivity and creativity [1] - Despite positive sentiments, the report maintains a **Sell rating** on **ZWSOFT**, **Glodon**, **Thundersoft**, and **Sangfor**, primarily due to valuation concerns [1] Valuation Metrics - The average P/E ratio for China software companies is around **55x-60x**, compared to a five-year average of **59x** [2] - The average EV/Sales ratio remains at **8x-9x**, lower than the 2020-21 average of **12x-18x** [2] Individual Company Performance - **Glodon**: Revenue increased by **4% YoY** to **Rmb1.5 billion**, driven by construction management and design software growth. However, the company faces weak momentum in new construction projects [11] - **ZWSOFT**: Revenue remained flat YoY at **Rmb204 million**, attributed to weak end demand in the China market. Management expects slight recovery in 4Q25 [22] - **Thundersoft**: Revenue grew **43% YoY** to **Rmb1.848 billion**, driven by IoT software and automotive software growth. The company is focusing on next-generation automotive OS and AI edge solutions [30] - **Sangfor**: Revenue growth of **10% YoY** to **Rmb2.116 billion**, attributed to strong demand for cloud computing solutions. The company launched new AI platforms to enhance efficiency [37] Earnings Revisions - **Glodon**: Net income estimates revised down by **6%** for 2025-28E due to lower construction-cost software revenues and higher operating expenses [16] - **ZWSOFT**: Net income estimates revised down by **18%** for 2025-27E due to lower revenues and gross margins [26] - **Thundersoft**: Earnings revised down by **15%** for 2025-27E, mainly due to lower revenue in smartphone software [33] - **Sangfor**: Earnings revised up by **1%** for 2025-27E, reflecting better-than-expected cost management [40] Future Outlook - Management of **Glodon** expects the new code of bills in the construction market to support revenue growth, while **ZWSOFT** anticipates recovery driven by overseas business growth and new client penetration [20][22] - **Thundersoft** is optimistic about opportunities from AI edge devices and the next generation of automotive OS [30] Conclusion - The China Software industry is experiencing mixed performance, with some companies benefiting from AI-related demand while others face challenges. Valuation concerns persist, leading to cautious outlooks for several firms despite positive management sentiments regarding future growth opportunities.

2025 人形机器人大时代 - 具身智能大脑的进化之路 20251120 摘要 具身智能正从模型驱动转向数据驱动，分层控制框架、VLA 模型和世界 模型是当前主流的三种机器人算法架构。分层架构适用于工业场景， VLA 模型擅长人机交互，而世界模型则依赖高保真仿真，但实际应用仍 面临挑战。 数据是具身智能的关键，行业内主要通过真机获取、视频学习和仿真数 据三种路径获取数据，成本与价值量呈正相关。数据安全问题日益突出， 企业需加强数据保护，欧盟等机构已启动相关研究。 为应对行业发展需求，提高研发投入效率至关重要。企业应优化研发流 程，加强跨部门协作，并引入先进工具和方法。跨本体训练是通用智能 的关键，MIT 和 Meta 已发布相关异构训练框架。 具身智能领域缺乏统一评测基准，斯坦福大学发布的 Behavior 1K 是首 个用于评测具身智能模型的 benchmark。国内重视 benchmark 建设 将加速技术发展与应用落地。 Q&A 2025 年机器人行业在算法层面上有哪些主要变化？ 2025 年，机器人行业在算法层面上经历了显著的变化，主要体现在从模型驱 动到数据驱动的转变。过去，机器人控制算法依赖于工程 ...

Summary of Shennan Circuits (002916.SZ) Conference Call Company Overview - **Company**: Shennan Circuits (002916.SZ) - **Market Cap**: Rmb102.6 billion / $14.4 billion - **Target Price**: Rmb254.00, raised by approximately 70% from previous estimates - **Current Price**: Rmb199.96 - **Upside Potential**: 27.0% [1][30] Key Industry Insights - **Industry Focus**: Transition from telecom PCB to AI PCB, targeting compute and networking demands, particularly in the context of the growing market for 800G and 1.6T optical transceivers [1][22] - **Growth Drivers**: - Expansion of high-end PCB capacity in Jiangsu and Thailand factories [1][23] - Increased demand for AI PCB from AI accelerators, optical transceivers, and switches [1][22] - Strong growth in IC substrate business driven by memory chips [1][24] Financial Performance and Projections - **Earnings Growth**: Expected net income growth of 44% CAGR from 2025 to 2027 [1] - **Revenue Estimates**: - 2025: Rmb22,775 million (up 7% from previous estimates) - 2026: Rmb28,491 million (up 15%) - 2027: Rmb35,503 million (up 29%) [1][27] - **Gross Margin Improvement**: Anticipated increase in gross margin by 2.6ppts, 2.7ppts, and 3.4ppts for 2025, 2026, and 2027 respectively [1][26] Competitive Positioning - **Market Position**: Shennan has established long-term partnerships in the telecom sector, which aids its entry into the data center PCB market [4] - **Competitive Risks**: Potential competition from peers with higher exposure to AI and data centers, which could impact pricing and margins [4][37] Capacity and Production - **Capacity Expansion**: Significant ramp-up in production capacity expected from the Jiangsu Nantong factory and Thailand factory in 2026 [19][23] - **Product Mix Upgrade**: Transition towards high-layer count PCBs and optical transceivers, with a projected increase in AI PCB revenue contribution to 28%, 36%, and 41% of total PCB revenues from 2025 to 2027 [22] Investment Thesis - **Recommendation**: Maintain Buy rating based on strong growth prospects in AI PCB and IC substrate markets, supported by capacity expansion and product upgrades [1][30] - **Risks**: Slower-than-expected expansion into AI PCB, increased competition, customer concentration risks, and slower growth in server/automotive PCB and IC substrate markets [37] Conclusion - Shennan Circuits is positioned to benefit from the growing demand for AI PCBs and high-end IC substrates, with significant revenue and earnings growth projected over the next few years. The company's strategic expansion and product upgrades are expected to enhance its competitive edge in the evolving technology landscape.

21 November 2025 | 5:56PM HKT Equity Research Tigermed (3347.HK) Investor feedback post recent upgrade: New orders outweigh impairment risks in driving recovery; Reiterate Buy | 3347.HK | 12m Price Target: HK$63.40 | Price: HK$38.32 | Upside: 65.4% | | --- | --- | --- | --- | | 300347.SZ | 12m Price Target: Rmb78.70 | Price: Rmb50.69 | Upside: 55.3% | Following our upgrade of Tigermed's rating (see link), the stock rallied after the 3Q results but later retraced to previous levels. Investor feedback reflect ...

Key Takeaways from Zijin Mining Group Conference Call Company Overview - **Company**: Zijin Mining Group (Ticker: 2899.HK) - **Industry**: Greater China Materials - **Market Cap**: US$107.861 billion as of November 20, 2025 - **Current Stock Price**: HK$31.12 - **Price Target**: HK$46.10, representing a 48% upside potential [5][5][5] Copper Production Insights - **2025 Copper Output**: Expected to be approximately 1.1 million tons, revised down from earlier guidance of 1.15 million tons, primarily due to reduced output from the KK mine [4][7][7] - **Production Costs**: Anticipated to remain between Rmb21,000-23,000 per ton in the coming years, with a reported cost of Rmb22,100 per ton in Q3 2025 [2][2][2] - **Julong Copper Mine Phase II**: Set to commence production by the end of 2025, with an additional output of 100,000 tons expected in 2026 [1][1][1] - **Serbia Copper Complex Expansion**: Completion expected around 2027, slightly delayed due to the new block caving method requiring longer approval times [1][1][1] Lithium Production Insights - **Lakkor Tso Production**: Started in early 2025, expected to deliver 10,000 tons of Lithium Carbonate Equivalent (LCE) in 2025 and 20,000 tons in 2026, with production costs around Rmb35,000-40,000 per ton LCE [3][3][3] - **3Q Project**: Began production in September 2025, with an estimated output of 20,000-30,000 tons LCE in 2026 and a unit cost of Rmb60,000 per ton LCE [3][3][3] - **Xiangyuan Project**: Expected to start production by the end of 2025, with a capacity of 40,000 tons LCE and an expected output of 30,000 tons in 2026 at a unit cost of Rmb50,000-55,000 per ton LCE [3][3][3] - **Future Plans**: Zijin aims to achieve 250,000-300,000 tons per year of LCE lithium production by 2028 [3][3][3] Financial Performance Metrics - **Revenue Projections**: Expected net revenue for 2025 is Rmb354.239 billion, increasing to Rmb411.130 billion in 2026 [5][5][5] - **Earnings Per Share (EPS)**: Projected EPS for 2025 is Rmb1.97, with further growth expected in subsequent years [5][5][5] - **Return on Equity (ROE)**: Expected to be 37.5% in 2025, indicating strong profitability [5][5][5] Risks and Opportunities - **Upside Risks**: Stronger copper prices due to robust demand or supply disruptions in key copper-producing countries, along with volume increases from project ramp-ups [11][11][11] - **Downside Risks**: Weaker copper prices driven by economic downturns, project execution misses, and geopolitical risks affecting production [11][11][11] Conclusion Zijin Mining Group is positioned for growth in both copper and lithium production, with strategic expansions and cost management in place. However, the company faces potential risks from market fluctuations and geopolitical factors that could impact its operations and profitability.

六氟磷酸锂部分的生产情况如何？ Q&A 天赐材料在 2025 年下半年电解液的产量情况如何？预计全年产量是多少？ 2025 年下半年天赐材料的电解液产量约为上半年的 1.3 倍，全年预计总产量 为 72 万吨。上半年产量约为 31 万吨，下半年则达到 41 万吨，其中第四季度 的产量预计在 22 至 23 万吨之间，平均每月超过 7 万吨。现有电解液的生产线 已经满负荷运转，从本月开始到下个月都将保持 100%的满负荷生产。 六氟磷酸锂部分也已达到满负荷生产状态，目前年化产能为 11.5 万吨，并且 已经完全利用。我们计划在春节前将其升级到年化 4 万吨水平，预计 2026 年 的产量将在 4 万至 4.5 万吨之间。此外，我们还计划在 2026 年底投入使用一 电解液和六氟磷酸锂原则上不备库，即产即用，受限于危险品属性和包 装桶周转。预计 2026 年电解液需求 100 万吨，上半年 45 万吨，下半 年 60 万吨，新增产能将在二季度后投产。 六氟磷酸锂与碳酸锂价格脱钩，但碳酸锂快速上涨会带动六氟磷酸锂上 涨。硫磺、氢氟酸、五氯化磷涨价将传导至六氟磷酸锂成本。公司保持 一个月左右碳砖库存，并逐步增加非洲矿 ...

Summary of Shengton Mining Conference Call Company Overview - Shengton Mining's core assets are concentrated in the Democratic Republic of Congo (DRC), including the Karongwe Copper-Cobalt Mine and newly acquired high-grade open-pit gold mine, as well as an Indonesian high-nickel production base. The company implements a global strategy of "controlling resources and expanding materials" to optimize revenue structure, with copper business being the main profit contributor [2][5][6]. Key Points and Arguments Resource Potential - The Karongwe Copper-Cobalt Mine has fully commenced production, achieving over 60,000 tons in 2023, with significant exploration potential in surrounding areas exceeding 300 square kilometers [2][10]. - The company holds a key copper mining exploration right near major mining areas, indicating substantial future resource potential [3]. - Optimistic outlook for cobalt prices, expected to exceed 500,000 RMB/ton by 2026, with a quota of 1,680 tons secured [3][5]. - New gold mine acquisition in DRC expected to yield 6-7 tons of gold annually at a cost of $300-$350 per ounce [2][16]. Financial Performance - Since 2022, Shengton has been optimizing its revenue structure by gradually divesting from trading businesses, leading to improved financial stability [7][8]. - Approximately 70%-80% of gross profit now comes from copper business, with significant improvements in cash flow, exceeding 3 billion RMB in the first three quarters of the year [8]. - The company anticipates substantial profit growth, potentially reaching 5-6 billion RMB in the future, driven by gold mining operations [4][21]. Strategic Developments - The company plans to acquire 84.68% equity in a Canadian-listed company for 1.35 billion RMB, enhancing its gold reserves and mining capabilities [16]. - The development strategy since 2016 has focused on global expansion and energy metals, with core assets primarily in DRC and smaller operations in China [6]. Operational Risks - Despite geopolitical risks in DRC, the company’s projects are located far from conflict zones, with stable operations in nearby mining areas [2][19]. - Transportation logistics are manageable, with plans for both land and air transport to ensure product delivery [20]. Additional Important Insights - Domestic mining assets are expected to improve significantly, with new projects in Dali and Guizhou projected to contribute additional copper and gold production [4][14]. - The nickel segment, while currently underperforming due to price fluctuations, has potential for profitability during favorable market conditions [12]. - The zinc smelting business is operating at full capacity but has faced some losses due to declining processing fees, though recovery is anticipated [15]. Conclusion - Shengton Mining is positioned for significant growth with a robust portfolio of mining assets, strategic acquisitions, and a focus on optimizing its operational efficiency. The company’s future profit potential appears strong, making it a compelling investment opportunity [21][22].

海尔智家 20251120 摘要 海尔智家 10 月运营良好，国内外市场均实现中位数偏左增长，国内市 场表现出较强韧性，优于行业整体水平。 为应对 2025 年国补政策带来的高基数效应，海尔智家提升产品竞争力， 特别是空调和水产品表现突出，并通过数字化库存改革提高全流程效率。 公司通过产品结构补充和迭代升级应对国补退坡，同时综合考虑市场竞 争情况进行定价，避免恶性价格竞争，保障利润空间。 目前量贡献多于价贡献，公司采取一定程度的自补措施，但受到严格利 润考核限制，并通过调整费用结构进行管理，对全年利润指引影响不大。 公司预计 2026 年国家补贴政策将持续，但金额和范围可能变化，公司 将根据最悲观的行业预期制定目标，保持双位数增长目标不变。 10 月份出口方面，新兴市场表现优于发达国家市场。四季度盈利能力预 计保持稳定增长，并按照整体业绩指引进行拆解。 面对宏观经济不确定性，海尔智家将抓住确定性的增长机会，提升效率 和市场份额，改善边际利润，对 2026 年业绩规划充满信心。 Q&A 海尔智家在 2025 年第三季度的业绩表现如何？ 2025 年第三季度，尽管整个行业呈现双位数下降趋势，但海尔智家实现了双 位 ...

November 21, 2025 09:01 AM GMT China Healthcare - The WuXi Group | Asia Pacific At the Cutting Edge; Top Pick WuXi AppTec A The sector has sold off since mid-September, following a strong year-to-date rally, as investors take profit and await confirmatory signals for 2026 performance. Leading indicators for China's top CDMOs have offered an early look at project momentum and earnings for 2026. Key Takeaways In our sector, WuXi AppTec is the best proxy for a global R&D spending boom, increased reliance on Ch ...