20 November 2025 | 11:51AM HKT Equity Research Pony AI Inc. (PONY): Gen-4 Robotruck with lower cost announced; Initial fleet deployment to start in 2026E; Buy Pony AI announced the new generation of Robotruck (Gen-4) in Nov, highlighting the new model is built on battery-electric vehicle platform, fully redundant design, and automotive-grade components. Management notes the BOM (Bill-of-materials) cost was lowered by ~70% (Link) with full utlization of automotive-grade components. The company cooperates wit ...

November 20, 2025 09:10 AM GMT WuXi XDC Cayman Inc. | Asia Pacific M Update Asia Pacific Summit 2025 Feedback Questions centred on ramp-up for the Singapore site and margins impact: The Singapore site is expected to add an additional 8mn vials of drug products capacity in 2026, supporting commercial contracts for 2027-28 (note). XDC expects a few active contracts to be signed in the near term. The closest project to FDA inspection is Duality/BionTech's HER2 ADC. With the expansion in Wuxi city and Singapore ...

Summary of ZTO Express Conference Call Company Overview - **Company**: ZTO Express (ZTO.N) - **Industry**: Transportation & Infrastructure in Hong Kong/China Key Points and Arguments Market Share and Competition - ZTO has gained market share in Q4 2025, achieving low-teens year-over-year volume growth quarter-to-date, outperforming the industry due to a decrease in low-value parcels in the market [4][12] - Management believes that market competition has improved, with leading players resuming share gains, which was a positive surprise compared to expectations of stable market shares due to customer lock-up [2][4] - ZTO is not participating in aggressive pricing competition, which is deemed irrational for smaller players with thin margins and weak balance sheets [5][12] Financial Performance - 3Q25 net profit exceeded expectations due to tax credits, while gross profit and operating profit missed estimates [3] - Adjusted EBITDA was in line with expectations, and excluding tax benefits, unit profit increased quarter-over-quarter [3] - The 2025 volume outlook was slightly lowered due to a slowdown in market volume growth [3] Earnings Forecasts and Price Target - EPS forecasts for 2025-2027 have been raised by 3%, 6%, and 4% respectively, reflecting the 3Q25 results and healthier average selling price dynamics [6][15] - The weighted average cost of capital (WACC) assumption was slightly lowered to 13.2% from 13.3% due to a decrease in the cost of debt [6][16] - The price target has been increased by 5% to US$25.00, implying a 13x 2026 estimated P/E, which is below the domestic peer average of 16x [6][16] Shareholder Returns and Capital Expenditure - ZTO expects higher absolute shareholder returns year-over-year, assuming no irrational competition [14] - Capital expenditure guidance for 2025 is approximately Rmb5.5-6 billion, expected to decline to Rmb5 billion in 2026 [14] Risks and Opportunities - Risks still exist, but the company is optimistic about achieving both market share gain and profit growth in 2026 [5][29] - The retail business handles over 9 million daily parcels, representing 8-9% of total volume, with management targeting a higher retail parcel mix in 2026 [13] - Potential mergers and acquisitions are being considered as a growth option [14] Valuation and Investment Thesis - ZTO is viewed as a long-term winner in the industry, with attractive risk-reward dynamics, trading at 11x 2026 estimated P/E and a forward free cash flow yield of 7-8% compared to a peer average of 1% [7][29] - The company’s market leadership in volume and unit profitability supports a positive outlook, with a moderate probability of achieving both market share gain and profit growth [24][29] Additional Important Information - The effective tax rate is expected to be 18%, with a significant reduction in tax expenses noted [17] - The company’s market cap is currently Rmb107,605 million, with an average daily trading value of US$10 million [9] - The stock price closed at US$18.97 on November 19, 2025, indicating a 32% upside to the new price target [9] This summary encapsulates the key insights from the ZTO Express conference call, highlighting the company's performance, market dynamics, and future outlook.

Summary of Bilibili Inc. Conference Call Company Overview - **Company**: Bilibili Inc (Ticker: BILI.O) - **Industry**: China Internet and Other Services - **Market Cap**: US$11,642 million - **Current Stock Price**: US$25.31 (as of November 19, 2025) - **Price Target**: US$25.00, indicating a slight downside of 1% from the current price [4][4][4] Key Points User Engagement and Content Strategy - User engagement accelerated significantly in Q2 and Q3 of 2025 without additional sales and marketing expenses, attributed to a strategic shift towards long and high-quality video content since 2024 [1][1][1] - The percentage of time spent on long videos increased from 70% to 75%, while short video engagement decreased, highlighting the effectiveness of premium content as a key driver for user retention [1][1][1] - Bilibili aims to enhance creator productivity through various AI tools and a fan charging scheme to improve monetization [1][1][1] - AI technology is being utilized to identify and promote high-quality content more effectively [1][1][1] Advertising Revenue - The advertising business experienced a 10% increase in effective cost per mille (eCPM) in the first half of 2025, with high single-digit growth expected in the second half [2][2][2] - Current ad load is approximately 7%, with a target of reaching 10% in the future, compared to higher levels in peer companies [2][2][2] Financial Projections - Management projects achieving an operating profit margin (OPM) target of 15-20% within the next 2-3 years [2][2][2] - Revenue forecasts for the upcoming fiscal years are as follows: - 2025: Rmb 30,206 million - 2026: Rmb 33,053 million - 2027: Rmb 35,834 million [4][4][4] - Expected earnings per share (EPS) for 2025 is Rmb 5.26, with projections of Rmb 6.61 and Rmb 8.90 for 2026 and 2027, respectively [4][4][4] Valuation and Risks - The valuation methodology is based on discounted cash flow with a weighted average cost of capital (WACC) of 12% and a terminal growth rate of 3% [6][6][6] - Upside risks include stronger-than-expected advertising revenue growth and better user retention for key content [8][8][8] - Downside risks involve lower-than-expected monthly active user (MAU) growth and potential increases in sales and marketing expenses [8][8][8] Stock Rating - Current stock rating is Equal-weight, with an attractive industry view [4][4][4] - The stock has a 52-week range of US$32.50 to US$14.47, indicating volatility in its trading history [4][4][4] Additional Insights - The company is set to launch the NCard in late March 2026, focusing initially on daily active user (DAU) growth rather than immediate monetization [2][2][2] - The management's focus on AI tools and premium content suggests a strategic pivot towards enhancing user experience and engagement, which could lead to long-term growth [1][1][1] This summary encapsulates the key insights from the conference call, providing a comprehensive overview of Bilibili Inc.'s current position, strategies, and future outlook.

Key Takeaways Overall impression: Haidilao Hotpot business operation is stabilising and should have started benefiting from the low base. Key points to watch remain macro (especially inflation) and external factors, such as delivery platform price war, which affects dine-in demand. Delivery business and new brands are top-line growth drivers. However, profit contribution for both of them are still non-material. In 1H, delivery business was mildly profitable, while new brands as a whole were slightly loss ma ...

Summary of Laopu Gold Conference Call Company Overview - **Company**: Laopu Gold (6181.HK) - **Industry**: China/Hong Kong Consumer - **Current Stock Price**: HK$642.00 (as of November 20, 2025) - **Market Capitalization**: RMB 91,358.3 million - **Price Target**: HK$1,010.00, implying a 57% upside potential [6][6][6] Key Industry Insights - **Total Addressable Market**: Laopu Gold currently has 660,000 members, with a target market of over 6 million high-net-worth (HNW) households in China, alongside a larger entry-level consumer market [3][3][3] - **Store Expansion Plans**: The company aims to establish a presence in 50 high-end shopping malls in China, currently operating in 33 [3][3][3] Core Business Strategies - **Brand Positioning**: Laopu Gold is working to enhance its high-end brand image, moving away from the perception of being a "value-for-money" option. A price increase of over 25% was implemented in late October, which was higher than the increase in gold prices [4][4][4] - **Target Market**: The company is focusing on high-net-worth individuals (HNWIs) for product offerings, store expansion, customer service, and membership management [4][4][4] - **Sales Dynamics**: Approximately 50% of sales occur during marketing activities, indicating a strong reliance on promotional events [8][8][8] Financial Performance - **Growth Momentum**: Continued high growth momentum in the second half of 2025, driven by store openings and shopping festivals [8][8][8] - **Gross Profit Margin (GPM)**: Currently above 40%, despite higher VAT and pressure in the second half compared to the first half of the year [8][8][8] - **Future Projections**: Revenue is projected to grow from RMB 8,506 million in 2024 to RMB 45,409 million by 2027, with EPS increasing from RMB 9.47 to RMB 49.62 over the same period [6][6][6] Valuation and Risks - **Valuation Methodology**: The company is valued using a P/E-based methodology, with a target P/E of 23x for 2026, reflecting a lower-than-average PEG ratio due to expected growth deceleration [9][9][9] - **Risks**: - **Upside Risks**: Proactive consumption-related policy support, faster same-store sales growth, and a rally in gold prices [11][11][11] - **Downside Risks**: Delays in policy support, weaker demand trends due to gold price corrections, and potential sales growth slowdowns [11][11][11] Additional Insights - **Market Positioning**: Laopu Gold is transitioning from a product-driven to a brand-driven approach, aiming to capture demand from both entry-level consumers and HNWIs [8][8][8] - **Store Upgrades**: Plans to open or upgrade five stores in China and 3-4 stores outside China in 2026 [8][8][8] This summary encapsulates the key points from the Laopu Gold conference call, highlighting the company's strategic direction, market positioning, financial outlook, and associated risks.

天工国际 20251120 摘要 钛合金需求激增：公司与苹果签订约 4,000 吨钛合金订单，较 2025 年 增长 4 倍，预计 2026 年钛合金总销量达 5,000-6,000 吨，受益于手机 厂商如苹果、三星、小米、华为等新机型对钛合金的大量使用。 钛合金业务盈利预测：预计 2026 年钛合金业务营收达 10 亿元，受益 于海绵钛价格下降至每吨 4 万元，公司未调整供货价格，净利润率预计 达 45%，对应净利润约 4.5 亿元。 粉末钢业务增长强劲：2025 年粉末钢销售目标 1,500 吨已基本确定， 2026 年目标 3,000 吨，增量主要来自核聚变相关项目，如贝斯堆硼钢 和去活化钢招标 1,100 吨，核聚变市场前景广阔。 公司整体盈利能力稳健：2025 年主业扣除钛合金后利润预计 3.5-4 亿 元，同比增长 10%-15%，加上钛合金业务 3 亿元，总体盈利有望达 7 亿多元，收购 3D 打印钛粉企业将进一步增加营收和利润。 核聚变材料商业应用前景：核聚变商业堆中材料将成为耗材，需定期更 换，为材料企业带来持续需求和市场价值增长，公司在核聚变领域粉末 技术应用前景广阔，与科研院所合作顺利， ...

网易 20251120 摘要 网易三季度推出多款新游，如登顶美国 iOS 下载榜的科幻射击游戏，以 及 Steam 全球畅销榜排名第三的《Marvel Rivals》，《天翼》上线两 日 Steam 峰值在线人数达 19 万，市场表现强劲。 网易通过创新和合作丰富产品组合，如《人性》推出新场景和 PVP 改革， 与《Power World》合作，以及《正义》采用 AI 驱动 NPC 和智能面部 创建系统，提升用户体验。 网易通过推出无限服务器等方式，持续为运营 22 年的旗舰级作品《梦 幻西游 Online》注入新活力，并发玩家账户连续四次创新高，并不断更 新《梦幻西游手游》以满足玩家需求。 网易通过与故宫博物院合作、举办三周年庆祝活动等社区互动，显著提 升用户参与度，如《Eggie Party》三周年活动日活跃用户突破 3,000 万，《All-My-Ogi》周年活动进入中国 iOS 收入前十。 网易将继续专注于创新、国际市场扩张和社区参与，计划在国际舞台展 示新作，优化现有产品，并开发全新项目，致力于为全球玩家带来独特 体验。 Q&A 网易在 2025 年第三季度的财务表现如何？ 2025 年第三季度，网 ...

Summary of Ctrip Group's Conference Call Company Overview - **Company**: Ctrip Group (携程集团) - **Date**: November 21, 2025 Key Points Industry and Market Dynamics - Ctrip's domestic and outbound tourism is entering a low season, while overseas tourism is entering a peak season, with Trip.com’s revenue share expected to rise from 13% in Q3 to 17-18% in Q4, indicating a seasonal revenue structure change [2][5] - The company has not been significantly impacted by new competitors due to rational competition post-pandemic, with brands focusing on core positioning and customer loyalty rather than price wars [2][6] - The average daily rate (ADR) for hotels has shown signs of recovery, with a 15% increase in domestic hotel bookings in Q3 and a return to 2019 levels for outbound travel bookings [3][4] Financial Performance - In Q3 2025, domestic market performance was strong, particularly in leisure travel, with a 10% growth rate maintained in the first two months of Q4 [3] - Trip.com is expected to maintain over 50% growth in Q4, despite a high base from the previous year, with hotel business growth exceeding 40% of total revenue [3][4] AI Integration and Technology - Ctrip is implementing an "AI everywhere" strategy, integrating AI into its app for customer service, sales optimization, and user experience enhancement [2][7] - The company is developing an AI itinerary planning assistant that generates travel recommendations based on user inputs, aiming to improve operational efficiency and customer engagement [8][10] Revenue Structure and Commission Rates - Ctrip has no immediate plans to adjust commission rates for domestic or outbound businesses, focusing instead on market share growth [4][11] - Future commission rate increases may occur for Trip.com, currently at 8-9%, as the company prioritizes market share over immediate profitability [11] Market Recovery and Competition - The APAC market is recovering rapidly, with capacity restored to 90%, and Ctrip expects to capture more market share as some overseas OTAs have not returned to the Chinese market [13][15] - The company is focusing on high-value markets like Hong Kong and Singapore, where it has achieved profitability and is shifting marketing strategies from brand advertising to performance-based advertising [17][18] Challenges and Strategic Responses - Recent events in Japan have led to increased order cancellations, but Ctrip is adapting by promoting alternative destinations and monitoring travel trends [12] - The company is aware of the unique competitive landscape in Japan and Korea, where local OTAs dominate, and is adjusting its strategies accordingly [22][23] Future Outlook - Ctrip plans to maintain its marketing budget at current levels, with no immediate expansion expected, while anticipating a stable loss rate in 2026 [26][27] - The company is optimistic about its growth trajectory, particularly in the APAC region, and aims to leverage AI and data analytics to enhance its service offerings and operational efficiency [10][20] Additional Insights - Ctrip's focus on high-end international travel customers through Trip.com aligns with its strategy to enhance user experience and reduce reliance on third-party platforms [24][25] - The company is committed to optimizing its revenue structure by increasing the share of higher-margin segments like hotel bookings [11][19]

金山云 20251120 摘要 金山云第三季度总收入达 24.8 亿元人民币，同比增长 36%，首次实现 净利润转正，为 2,873 万元人民币，经调整营业利润为 1,536 万元人民 币，营业利润率为 0.6%。 智能计算云业务成为增长引擎，收入达 7.82 亿元人民币，同比增长约 122%，占公共云收入的 45%，受益于对各大互联网客户大规模训练和 推理需求的支持。 公有云业务收入 17.5 亿人民币，同比增长 49%，金山云积极拓展客户 覆盖面，并推进智能计算与基础公有云的交叉销售，企业云业务收入 7.3 亿元。 金山云持续加强技术投入，推出模型 API 服务、升级在线模型服务，并 推出数据标注和数据集市场服务，构建计算资源调度平台等，满足私有 部署场景需求。 小米及其生态系统产品贡献收入 6.91 亿元人民币，同比增长 84%，占 总收入的 28%，为金山云发展提供重要支撑，并对未来增长持乐观态度。 金山云通过一体化训练与推理、智能计算及公有/私有混合部署等方式， 应对生成式人工智能市场快速发展，布局模型 API 业务，加强成本控制。 管理层预计未来几年毛利率将维持在 20%左右，随着推理需求增加，预 ...