SICC (688234.SS): AI servers rising power to drive SiC penetration; expanding application w/enhanced costs saving; TP to Rmb115; Buy The power path in AI data center includes: (1) high-voltage AC from utility grid power entering the data center substation, (2) the substation reduces the voltage and distributes AC to the rack-level power shelf, which contains the front-end power supplies, (3) 800V HVDC (uses SiC MOSFET) converts AC to DC (front-end conversion), and a high-voltage busbar distributing power to ...

Summary of Baidu.com Inc. (BIDU) Conference Call Company Overview - **Company**: Baidu.com Inc. (BIDU) - **Industry**: Technology, specifically focusing on AI, cloud services, and autonomous driving Key Points Kunlunxin Spin-off - Baidu announced that Kunlunxin submitted an application for a listing on the HK Stock Exchange on January 1, 2026, as part of a proposed spin-off through a Global Offering of Kunlunxin shares [1] - Following the spin-off, Baidu expects Kunlunxin to remain a subsidiary, with Baidu holding a controlling stake of 59% as of August 2025 [2] Financial Implications - The potential spin-off of Kunlun could unlock significant value for Baidu, with estimates suggesting a valuation range of US$3 billion to US$11 billion for Baidu's 59% stake in Kunlun, which could represent 6% to 23% of Baidu's current market cap [8] - If applying a 40X 2026 P/S multiple, the implied valuation for Baidu could reach US$22 billion, equating to 45% of its latest market cap [8] Sales and Revenue Projections - Kunlun's total sales are estimated to have reached approximately RMB 3.5 billion in 2025, with projections of RMB 6.5 billion for 2026 [6] - External sales from Kunlun, which were insignificant as of late 2025, are expected to grow rapidly, potentially accounting for 14% of total cloud sales by 2026 [6] - Subscription-based revenue is projected to contribute close to 30% of cloud revenue, indicating a shift towards more recurring revenue streams [6] Strategic Positioning - Kunlun is a critical component of Baidu's full-stack AI cloud capabilities, which includes chips, deep learning frameworks, and applications across various industries [6] - The launch of the Kunlun P800 chip has garnered orders from diverse sectors, including internet platforms, telecommunications, finance, and government [6][7] Future Expectations - Upcoming announcements are anticipated regarding new orders and product upgrades for Kunlun, as well as updates on the separate listing process [8] - Baidu is expected to revise its shareholder return policy in Q1 2026 and provide further details on steps to unlock asset value [8] Market Context - Baidu's cloud segment is expected to grow significantly, driven by strong demand for AI accelerator-based cloud services, which saw a year-over-year growth of 128% in Q3 2025 [11] - The overall cloud segment is valued at 5X price to 2026E sales, with traditional CPU-based revenue having lower profit margins compared to GPU-based subscription services [11] Risks and Considerations - Key risks include competition in the AI cloud space, slower-than-expected growth in Robotaxi fleets, and potential declines in search advertising revenue impacting overall margins [24] Valuation and Price Target - Goldman Sachs maintains a Buy rating on Baidu with a 12-month price target of US$155, reflecting a potential upside of 3.1% from the current price [25] Additional Insights - Baidu is transitioning from a traditional advertising-focused model to a more diversified revenue stream, with non-search business expected to account for over 50% of core revenue by 2027 [23] - The company is taking proactive measures to enhance shareholder returns, which is reflected in its valuation approach [23]

December 30, 2025 11:42 PM GMT M Update Contemporary Amperex Technology Co. Ltd. | Asia Pacific ePV Subsidy Continuity Confirmed, Uncertainty Removed Key Takeaways 2026 large-scale equipment renewal and consumer goods trade-in policy for electric passenger vehicles (ePV): Morgan Stanley Asia Limited+ Jack Lu Equity Analyst Jack.Lu@morganstanley.com +852 2848-5044 Contemporary Amperex Technology Co. Ltd. (300750.SZ, 300750 CS) Top Pick China Energy & Chemicals | China Stock Rating Overweight Industry View In ...

Summary of Xiansheng Pharmaceutical Conference Call Company Overview - **Company**: Xiansheng Pharmaceutical - **Industry**: Pharmaceutical, focusing on oncology and neurology Key Points Oncology Pipeline Highlights - **Core Products**: - Enze Shou (苏维西西达单抗) has been approved and included in the medical insurance directory, showing clear overall survival (OS) benefits for platinum-resistant ovarian cancer [6] - Kexaila (曲拉西利) is a CDK46 inhibitor, conditionally approved in 2022, expected to enter the medical insurance directory by the end of 2024 [6] - Enlituz (EGFR monoclonal antibody) is also expected to enter the medical insurance directory by the end of 2024 [6] New Product Launches - **Dali Le Sheng**: A new insomnia drug with significant market potential, expected to enhance performance rapidly. It reaches plasma peak in 1-2 hours and has an 8-hour half-life, aligning with human sleep cycles [2][3][7] - **Future Innovations**: Multiple innovative drugs are expected to launch in the coming years, including: - Madunosawe (抗流感), anticipated approval in 2026 [11] - New RSV infection drug, currently in slower clinical progress [11] Research and Development Investments - **R&D Spending**: In the first half of 2025, R&D investment reached 1.03 billion yuan, accounting for approximately 29% of revenue [4] - **Funding**: Raised 1.5 billion HKD through share placement, with 90% allocated for R&D [4] - **BD Collaborations**: Significant partnerships with companies like AbbVie, indicating international recognition of innovation capabilities [5] Market Potential and Competitive Landscape - **Insomnia Market**: The insomnia prevalence in China is 29.2%, with Dali Le Sheng addressing unmet needs in sleep onset and maintenance without next-day drowsiness [7][10] - **Safety Profile**: Dali Le Sheng is classified as a non-controlled substance, indicating a high safety profile and no addiction potential, allowing for broader market access [10] Financial Projections - **Short-term Growth**: Existing products entering the medical insurance directory and new launches like Dali Le Sheng are expected to drive revenue and profit growth [8][14] - **Long-term Outlook**: Continuous R&D investment and a robust pipeline suggest sustained growth momentum, with a target price of 20.16 HKD and a total market value of 48 billion RMB, indicating over 60% upside potential from current prices [4][8] Risks and Challenges - **Market Risks**: Potential risks in the autoimmune sector, particularly with the consistency evaluation of existing products, but new products like Jack One inhibitors are expected to mitigate these risks [15][16] Summary of Current Pipeline Performance - **Core Products**: The existing pipeline is performing well, with significant market share for key products like Xianbixin injection [15] - **Growth Opportunities**: New indications for existing drugs, such as Shisuan Jianjia for post-stroke cognitive impairment, are being explored for additional growth [16]

钧达股份 20251230 摘要 君达股份与中科院上海光机所合作，研发钙钛矿与晶硅叠层技术，用于 太空光伏，目标是降低成本和重量，同时保持 30%-40%的转化效率， 以满足未来全球卫星发射计划的需求。 太空能源市场前景广阔，预计全球 10 万颗以上卫星的发射将带来数千 亿甚至上万亿人民币的市场规模，更高轨道算力中心建设对高效能低成 本太阳能电池的需求巨大。 太空算力中心依赖光伏能源，晨昏轨道太阳光吸收效率高，太空超低温 环境自然解决冷却问题，中国在低轨卫星体系和晨昏轨道体系中的发展 受到重视。 君达股份计划 2026 年完成在美国产能及供应链布局，利用合作伙伴资 源加速进入美国供应链，同步推进北美和中国产能建设，验证交付商业 卫星及太空算力解决方案。 钙钛矿电池在太空应用中衰减问题得到缓解，柔性薄膜具有重量轻、防 辐射能力强等优点，晶硅加钙钛矿叠层成为当前唯一可行的技术路线。 Q&A 君达股份在太空能源领域的战略和技术布局是怎样的？ 君达股份是一家专注于光伏电池技术的企业，致力于通过技术驱动引领行业发 展。公司在地面光伏领域拥有丰富经验和领先地位，目前全球市场占有率第一， 并且在北美、南美、欧洲和印度等主要 ...

泡泡玛特&老铺黄金的争议点与解决方向 20251230 摘要 泡泡玛特和老铺黄金通过消费者自发营销实现品牌传播，其产品通过审 美优越感而非性价比吸引消费者，形成独特的"破圈效应"。 2025 年二三季度，两家公司预期利润大幅增长至约 130 亿，受益于股 价上涨带来的信心提升，但近期的股价下跌引发了对 2026 年 30%增速 预期的质疑。 市场对两家公司 2026 年 30%增速预期存在分歧，尽管海外市场仍保持 较高增速（泡泡玛特超 100%，老铺黄金涨价后 150-200%），但增速 较年初有所下滑，持续性存疑。 由于无法通过传统开店方式进行线性外推预测，泡泡玛特和老铺黄金未 来业绩的不确定性较大，多空双方对商业模式和海外增速下滑问题存在 激烈争论。 投资者信心受股价表现和具体销售数据影响。2026 年 3-4 月份的一二 月份销售数据将提供趋势性指引，股价上涨亦能增强信心，但长期增长 潜力仍需验证。 市场对泡泡玛特和老铺黄金明年（2026 年）30%增速的预期存在较大分歧。 尽管这些公司在海外仍有较高增速，如泡泡玛特目前海外增速超过 100%，但 比起年初 300%的增速有所下滑。同样，老铺黄金在 10 ...

汇量科技 20251231 摘要 慧量科技当前主要依赖游戏应用内广告变现，并积极拓展 IAP 广告变现 产品，IAP 模式因用户价值更高，有望在算法成熟后显著提升收入和利 润率。 非游戏市场潜力巨大，电商广告规模接近游戏广告三倍，且海外长尾流 量增长迅速。慧量科技在非游戏品类 CPE 算法优化后，有望实现显著增 长。 程序化 AI 广告通过 AI 算法智能分发中长尾流量，提高变现效率，其利 润来源于上游报价 ROI 与下游采买成本之差，通过提高 ROI 来增加利润。 海外第三方程序化广告市场长尾流量充足，竞争相对缓和，各公司专注 于算法优化即可获得预算，为慧量科技提供了增长空间。 慧量科技的收入增长与算法发布节奏密切相关，预计 2025 年 IAP 等新 算法爬坡完成后，将再次推动收入增长，公司未来仍具增长潜力。 IAP 算法能更精准地定位深度用户，提高变现效率，通过购买更少但更 精准的流量，为广告主交付合格的 ROI，从而提升流量价值和变现效率。 预计 2026 年慧量科技收入增速约为 30%，2027 年 IAP 起势后增速将 达 40%。通过优化算法提高毛利率，利润率将稳步提升，目标市值约 50 亿美元 ...

Summary of Junsheng Electronics Conference Call Company Overview - **Company**: Junsheng Electronics - **Industry**: Automotive Electronics and Robotics Key Points Product Development and Customer Feedback - Junsheng Electronics is modifying materials, electronic architecture, and thermal products for head assembly to enhance interactivity, with customer feedback expected after the Christmas and New Year holidays [2][4] - Updates to the body structure are being made to meet requirements for drop resistance and weatherproofing, which will enhance product value [2][4] Production Capacity - The current production capacity supports over 30,000 humanoid robots per month without additional reserves [2][6] - Plans to increase capacity will be based on assembly line automation and material scheduling to ensure smooth production [2][6] Smart Driving Sector - The company has entered a scale effect phase in advanced smart driving, with orders totaling at least 20 billion RMB announced in September and October [2][7] - Collaborations with Qualcomm and Momenta are aimed at providing integrated smart driving solutions for domestic and international brands, with significant revenue and profit expected in 2026 and 2027 [2][8] Chip Solutions and Market Expansion - Junsheng has secured chip solutions for multiple sub-brands of SAIC, with overseas models expected to begin production in 2025 [2][9] - The overseas market is primarily focused on collaboration with Qualcomm, emphasizing competitive pricing and cost efficiency [2][10] Financial Performance and Projections - The company anticipates a net profit exceeding 1.5 billion RMB in 2025, with expectations for over 10% revenue growth and over 20% net profit recovery in automotive electronics and safety sectors by 2026 [2][3][11] - The company has improved from a loss to a projected profit, with a goal of doubling overall profit margins in the next three years [2][11] Market Dynamics and Pricing Strategy - Annual price reduction pressures from automakers are manageable, with the Chinese market contributing approximately 25% to global revenue [2][12] - The company has implemented a pricing reassessment and cost transfer mechanism in overseas markets since 2022, leading to improved cost structures [2][12] Collaborations and Future Directions - Successful collaboration with Zhiyuan Robotics includes products like AI head assemblies and energy management systems [2][13] - Junsheng's subsidiary, Xiangshan, is focused on humanoid robot R&D, maintaining close cooperation and resource sharing with Junsheng [2][14] - Future product expansions with Tesla include battery management and joints, with plans for further diversification [2][15] Regulatory Impact - The L3 regulations are seen as a pivotal point for smart driving commercialization, with plans to expand cooperation with domestic automakers [2][16] Additional Insights - The company’s accounts receivable period is approximately 55 days, providing a significant advantage over competitors [2][12]

Summary of Conference Call Notes on CaoCao (2643.HK) Company Overview - **Company**: CaoCao (2643.HK) - **Industry**: Mobility and Corporate Travel Services Key Points Acquisitions - CaoCao announced the acquisition of two companies: 1. **Geely Business**: A corporate travel management service platform from Geely Holding for a cash consideration of Rmb65 million [2][3] 2. **StarRides**: A high-end mobility service platform from Weixing Technology for a total consideration of Rmb225 million [2][7] Strategic Goals - The acquisitions aim to create a one-stop "mobility + business travel" technology platform catering to both individual and corporate clients, enhancing service offerings from standard to high-end [1][2] - By leveraging StarRides' global network across 12 cities and Geely Business' overseas customer resources, CaoCao is accelerating its international expansion [1] Financial Implications - The acquisition of Geely Business is valued based on an EV/EBITDA multiple of 7.66x on TTM EBITDA of Rmb26 million, with projected profit before tax for 2023 and 2024 at Rmb56.4 million and Rmb30.1 million, respectively [3] - The acquisition of StarRides is based on a median EV/Sales multiple of 1.43x TTM sales of Rmb157.8 million, with projected losses after tax for 2023 and 2024 at Rmb58.41 million and Rmb57.46 million, respectively [7] Market Positioning - The acquisitions are expected to strengthen CaoCao's market competitiveness and ecosystem integration capabilities as part of Geely Holding's smart mobility platform [1] - Targeting corporate customers and high-end users is anticipated to increase overall Average Revenue Per User (ARPU) and margin profile, enhancing customer loyalty and potential for cross-selling [1] Investment Rating - Citi maintains a "Buy" rating with a target price of HK$70, indicating an expected share price return of 131.6% from the current price of HK$30.22 [5] Risks - Key risks identified include: 1. Intense market competition leading to margin pressures due to discounts and incentives [9] 2. Heavy reliance on aggregator platforms for over 80% of order volume, affecting bargaining power [9] 3. Regulatory risks associated with compliance and operational costs [9] 4. Strategic dependence on Geely Group for vehicles and technology, which could impact operations if the relationship changes [9] Conclusion - The strategic acquisitions by CaoCao are positioned to enhance its service offerings and market presence in the mobility and corporate travel sectors, although several risks could impact its financial performance and operational stability.

Summary of Kingdee's Conference Call Company Overview - **Company**: Kingdee International Software Group Company Limited (0268.HK) - **Industry**: Technology, specifically focusing on AI and SaaS (Software as a Service) Key Points AI-native Agent Launch - Kingdee launched an AI-native agent named "Little K" during the Global Changemakers Conference, which enhances its AI SaaS platform and transitions from a general platform to multiple AI agents tailored for specific business scenarios [1][2] Revenue and Growth Projections - Contracts from AI-native products exceeded Rmb150 million by the end of 1H25, indicating initial monetization from enterprise clients [2] - Management aims for AI revenues to contribute over 30% of total revenues by 2030, with expectations that more clients will be empowered by AI [2] AI Features and Integration - "Little K" integrates over 20 AI agents covering various business functions such as recruitment, procurement risk control, and contract review, enhancing capabilities across marketing, supply chain, HR, and finance [5][7] - The AI platform is designed for human-agent collaboration, with built-in AI modules to support both large-scale and mid-scale enterprise clients [5] Partnerships and Client Engagement - Kingdee is expanding partnerships for AI deployment with notable clients including Tongwei and Hisense, leveraging AI features to enhance workforce capabilities [5] Financial Outlook - The 12-month price target for Kingdee is set at HK$18.98, representing a potential upside of 42.1% from the current price of HK$13.35 [10] - Revenue projections for the next few years are as follows: - 2024: Rmb6,255.7 million - 2025E: Rmb7,044.0 million - 2026E: Rmb8,742.6 million - 2027E: Rmb10,729.7 million [10] Risks - Key downside risks include: 1. Weaker-than-expected demand for ERP digitization 2. Slower-than-expected product development 3. Increased talent and labor costs [9] Valuation Methodology - The valuation methodology incorporates a WACC of 11.5% and a terminal growth rate of 2% in the DCF valuation, reflecting the company's diverse customer base and strong customer relationships [8] Additional Insights - The integration of AI features is expected to enhance client productivity, which is crucial for scaling up AI revenues [2] - The company is transitioning from basic data visualization to data-driven processes, indicating a strategic shift towards more advanced analytics capabilities [5] This summary encapsulates the essential insights from Kingdee's conference call, highlighting the company's strategic initiatives, financial outlook, and associated risks.