Summary of Kingdee (0268.HK) Conference Call Company Overview - **Company**: Kingdee International Software Group Company Limited (0268.HK) - **Industry**: Enterprise Cloud Solutions and AI Technology Key Points 2026 Outlook - Management anticipates continued growth in 2026, driven by increasing contributions from recurring revenues, which will enhance margin improvement and Free Cash Flow (FCF) growth [2] - Positive sentiment regarding increased spending from large-scale clients, with expectations for accelerated growth from mid-scale clients this year [2] - Incremental opportunities identified from service fees, AI features, and higher charges per employee [2] AI Monetization and Product Expansion - Kingdee has launched 30-40 AI agents, including Chat BI, Knowledge agent, GM analysis agent, and Quality testing agent [3] - AI products have penetrated multiple enterprise clients, with deep cooperation on flagship projects with major clients such as Hisense and Seres [3] - Management emphasizes Kingdee's advantages in accumulated data assets and data processing capabilities [3] Financial Projections - **12-Month Price Target**: HK$18.98, representing an upside of 25.4% from the current price of HK$15.13 [9] - **Market Capitalization**: HK$52.8 billion (approximately $6.8 billion) [9] - **Revenue Projections**: Expected revenues of Rmb 6,255.7 million in 2024, increasing to Rmb 10,729.7 million by 2027 [9] - **EBITDA Projections**: Expected EBITDA of Rmb 69.8 million in 2024, growing to Rmb 1,364.4 million by 2027 [9] - **Earnings Per Share (EPS)**: Projected EPS to improve from (0.04) Rmb in 2024 to 0.25 Rmb by 2027 [9] Risks - Key downside risks include: 1. Weaker-than-expected demand for ERP digitization [5] 2. Slower-than-expected product development processes [5] 3. Increased talent and labor costs [5] Valuation Methodology - Valuation based on a blend of 2-stage DCF and Price/Sales methodologies, incorporating a WACC of 11.5% and a terminal growth rate of 2% [4] Additional Insights - Management's focus on improving employee productivity alongside AI monetization strategies [1] - The company is actively working on data cloud and Gen-AI ERP solutions to enhance its service offerings [1] This summary encapsulates the key discussions and insights from the Kingdee conference call, highlighting the company's growth prospects, AI initiatives, financial projections, and associated risks.

19 January 2026 | 7:06PM HKT Equity Research Trip.com Group (TCOM) Analysis on potential impact from greater hotel segment competition: profit breakdown and earnings sensitivity; Buy | TCOM | 12m Price Target: $87.00 | Price: $61.77 | Upside: 40.8% | | --- | --- | --- | --- | | 9961.HK | 12m Price Target: HK$676.00 | Price: HK$466.20 | Upside: 45.0% | TCOM's share price has fallen by ~20% over the past three days following its announcement that the State Administration for Market Regulations of the PRC (SAM ...

Summary of Pony AI Inc. Conference Call Company Overview - **Company**: Pony AI Inc. (PONY) - **Industry**: Autonomous Vehicle Technology Key Points Fleet Expansion and Business Model - Pony AI is expanding its fleet size from 1,000 Robotaxis by the end of 2025 to 3,000 by the end of 2026 [1][2] - The company is implementing an asset-light business model by collaborating with local fleet operators, which is expected to enhance operational efficiency and fleet utilization [1][2] Cost Reduction and Unit Economics - Management highlighted a decrease in the Bill of Materials (BOM) cost for Pony AI's Gen 7 Robotaxi, primarily due to reductions in ADK costs, enabling the company to achieve unit economics break-even in Guangzhou [1][2] Market Expansion - Pony AI is focusing on international markets, particularly through partnerships with local operators to leverage their market knowledge [1][2] Safety and Operational Track Record - Management expressed confidence in their successful operating and safety records in major tier-1 cities in China, which aids in obtaining permits for new cities more rapidly [2] Financial Projections - **12-Month Price Target**: $31.30, representing a potential upside of 92% from the current price of $16.30 [3][8] - **Market Capitalization**: $5.7 billion [8] - **Revenue Projections**: Expected revenue growth from $75 million in 2024 to $173.5 million by 2027 [8] - **EBITDA Projections**: Expected EBITDA losses decreasing from $(277.2) million in 2024 to $(181.1) million in 2026 [8] Risks - Key downside risks identified include: 1. Regulatory challenges 2. Supply chain issues 3. Growth of the robotaxi market 4. Personal information security concerns 5. Infrastructure limitations 6. Pricing competition 7. Product liability [4] Conclusion - The overall sentiment towards Pony AI's commercialization path remains positive, driven by fleet expansion, cost reductions, and increasing consumer acceptance of driverless taxis [1][2]

Summary of Haidilao Conference Call Company Overview - **Company**: Haidilao International Holding Ltd. - **Industry**: Restaurant and Food Service Key Points and Arguments Financial Performance - In 2025, Haidilao's restaurant revenue experienced a slight decline, but overall group revenue increased due to growth in the Pomegranate series restaurants and takeout business, with an average selling price (ASP) slightly up compared to 2024 [2][4] - Profit in the second half of 2025 is under pressure due to rising raw material costs and table turnover rate challenges, impacting both profit margins and absolute profit figures [2][5] - The overall revenue for the group saw a small increase driven by the growth of the Pomegranate series and takeout services [4] 2026 Outlook - The outlook for 2026 is characterized as stable and conservative, with a slight increase in the number of stores and adjustments to closures based on actual performance [2][6] - The company aims to stabilize the table turnover rate based on 2025 levels and continue advancing the Pomegranate plan and smart middle platform construction [6][7] Management Changes - A management team adjustment was made to focus on the Pomegranate plan and smart middle platform development, with founder Zhang Yong returning as CEO, which will not alter the company's long-term strategy or existing policies [2][8] Takeout Business - Haidilao's takeout business saw a 100% increase in both revenue and profit in 2025, with plans to operate takeout as independent satellite stores and increase SKUs to enhance profitability [2][9] Brand Development and Competition - The expansion speed of the Yanjing barbecue brand has slowed due to intense market competition, lack of unique flavors and products, and customer dissatisfaction with service [2][10] - The company is exploring new areas through franchising, particularly in lower-tier markets, with good performance from franchise stores [3][18] Store Model Changes - The store model has changed, with a slowdown in the opening of new Yanjing stores due to unmet operational expectations and increased competition in the barbecue sector [11] - The average breakeven table turnover rate remains at approximately 2.5 times [16] Employee Costs and Marketing - Employee costs are expected to remain stable in 2026, with plans to optimize labor efficiency through kitchen upgrades [12] - Marketing expenses have increased significantly due to various promotional activities, and this trend will continue into 2026 [12] Innovation and New Brands - Innovative store types have performed well, with themes like fresh-cut and night snack showing increased customer engagement [13] - The "Pomegranate plan" focuses on developing new brands, with a shift towards collaboration with experienced external operators to reduce failure rates [19][20] Franchise Impact - The franchise business will contribute to the 2026 opening targets, although transitioning from direct to franchise operations may negatively impact overall revenue [21] - The franchise fee structure is generally fixed at over 10%, with adjustments based on individual store performance [22] Additional Important Information - The company plans to continue exploring partnerships with franchisees to enhance market coverage and brand influence [3][18] - The management is focused on maintaining a balance between direct and franchise operations to optimize revenue streams and minimize risks [21]

Summary of Borayton's Conference Call Company Overview - **Company**: Borayton - **Industry**: Mining Equipment and Renewable Energy Solutions Key Financials and Performance - In 2025, Borayton's overall business scale was approximately **760 million RMB**, with mining truck revenue accounting for over **80%**, showing a year-on-year growth of nearly **80%** [2][4] - The overall performance growth for 2025 was about **20%** [4] - For 2026, Borayton plans to achieve a **120%** increase in wide-body truck revenue, targeting **1,200 units** sold [6] - Expected vehicle revenue for 2026 is over **1.5 billion RMB**, with grid revenue around **300 million RMB** [7] - Total revenue for 2027 is projected to exceed **3 billion RMB**, with power station revenue reaching **750 million RMB** and vehicle revenue over **2 billion RMB** [7] Business Segments and Growth Strategies - Borayton focuses on three main business segments: **photovoltaic power generation**, **electric mining trucks**, and **autonomous driving technology**, creating a closed-loop system [3] - The company has initiated **four photovoltaic power projects** in Africa, providing stable, low-cost electricity to local mining operations [8] - Borayton has signed multiple large-scale delivery agreements to promote autonomous driving technology in coal and metal mines [6] Competitive Advantages - The **cost-effectiveness** of renewable energy mining trucks is highlighted, with significant savings compared to diesel trucks. For instance, the cost per kilometer for electric trucks is **6 RMB**, compared to **21 RMB** for diesel trucks [15] - Borayton's photovoltaic projects, such as the **76 MW Li Zhuba project**, can generate **1.2 billion kWh** of electricity annually, yielding **180 million RMB** in revenue [5][10] - The company has a strategic partnership with **Xinjiang Mingyang** to transition part of their autonomous vehicle operations to Borayton's systems, aiming for reduced operational costs [2] Future Outlook and Market Expansion - Borayton is optimistic about overseas market opportunities, particularly in Africa, where they aim to become a leading provider of integrated solutions for mining operations [13] - The company plans to establish a presence in **Australia** and **South America**, with projects aimed at addressing local energy needs through integrated solutions [19][14] - By 2026, Borayton expects to deliver **300 to 500** electric autonomous vehicles, increasing to **1,000** by 2027 and **3,000 to 5,000** by 2028 [12] Challenges and Considerations - The company faces challenges in project execution in Africa, including high transportation costs and lengthy licensing processes [25] - Maintenance costs for photovoltaic systems are relatively low, but depreciation remains a significant financial consideration [26] Conclusion - Borayton is positioned to capitalize on the growing demand for electric mining solutions and renewable energy, with a clear strategy for market expansion and technological advancement. The company aims to integrate its operations to become a leader in the mining equipment and renewable energy sectors, leveraging its competitive advantages in cost and technology [30]

Summary of OmniVision Conference Call Company Overview - **Company**: OmniVision (603501.SS) - **Industry**: Semiconductor, specifically focusing on CMOS image sensors (CIS) for smartphones and vehicles, and Liquid Crystal on Silicon (LCOS) technology for various applications Key Points 1. Smartphone CIS Outlook - Management is cautious about smartphone end market demand in 2026 due to rising memory costs, particularly for mid/low-end models - Despite this, management is optimistic about single-digit revenue growth for smartphone CIS in 2026, driven by a low base and introduction of new products - Expected increase in gross margin (GM) for smartphone CIS in 2026 due to new products and cost reductions from moving to local foundries [2][9] 2. Vehicle CIS Outlook - Vehicle CIS revenues are projected to grow at a low double-digit percentage year-over-year in 2026 - OmniVision has established relationships with 70-80% of local car OEMs, positioning the company well to benefit from the smart driving trend - Growth will be supported by the introduction of new products, including Serdes high-speed interface chips and microcontrollers (MCUs) - Management is also positive about future gross margin expansion due to better specifications and cost reductions from local foundries [3][9] 3. LCOS Opportunities - LCOS technology is being applied in various end applications, including AI glasses, vehicle augmented reality heads-up displays (ARHUD), projectors, and optical networks - The company is currently shipping LCOS for wavelength selective switches (WSS) used in telecom operators' data centers, with future potential in optical circuit switches (OCS) for cloud service providers' AI data centers - The OCS switch is significant, featuring 300-500 ports and requiring 2 to 4 wafers, which could lead to substantial revenue increases for OmniVision [4][9] 4. Financial Projections and Valuation - OmniVision is rated as a "Buy" with a 12-month target price of Rmb186.3, based on a 33x P/E ratio for 2026 - The target multiple reflects the company's long-term EPS growth compared to global peers - Risks include slower new product expansion, weaker-than-expected demand in the China smartphone market, and potential impacts from trade tensions [9] 5. Market Position and Growth Drivers - OmniVision holds a leading market position in camera CIS for smartphones and vehicles, benefiting from specification upgrades - The anticipated ramp-up in AI glasses and long-term growth in AI data center switches are expected to drive future growth [1][9] Additional Important Information - The management's positive tone regarding the 2026 outlook is supported by the anticipated growth in both smartphone and vehicle segments, as well as new applications for LCOS technology - The company is strategically positioned to leverage emerging trends in AI and smart driving, which could enhance its market share and profitability in the coming years [1][3][4]

Summary of Lens Tech (300433.SZ) Management Call Company Overview - **Company**: Lens Tech (300433.SZ) - **Industry**: Glass casing and cover glass supplier for smartphones, expanding into vehicles, AI glasses, and robotics - **Peers**: Biel Crystal (private), FII, BYDE Key Industry Insights 1. **Growth Drivers**: - **Foldable Phones**: Anticipated increase in dollar content due to specification upgrades in 3D glass casing and cover glass, with expected foldable iPhone shipments of 11 million in 2026E and 35 million in a bull case scenario [1][3] - **AI / AR Glasses**: Expected shipments of 3.7 million and 7.0 million units in 2026 and 2027 respectively, with a projected 32% CAGR leading to 16 million units by 2030E [1][3] - **LEO Satellites**: Acceleration in launches, with Starlink adding 87 satellites recently, totaling 10,955, and plans for 222 launches in January [1][3] 2. **Market Dynamics**: - The Apple supply chain is expected to benefit from the shift in smartphone form factors, driving end demand and increasing dollar content [1] - AI / AR glasses are gaining traction, providing new ways for users to connect with the digital world through enhanced features like POV shots and hands-free communication [1][3] 3. **Future Strategies**: - Management aims to encourage customers to switch to ultra-thin glass (UTG) for satellites to reduce weight and size, thereby saving on launch costs [3] - Plans to expand customer base from global-tier operators to local customers in China [3] Financial Performance and Projections - **Revenue Growth**: Management remains optimistic about revenue growth driven by the aforementioned segments, particularly foldable phones and AI / AR glasses [3] - **Investment Recommendations**: - Buy recommendations for companies in the Apple supply chain including SZS, Hon Hai, Largan, FII, AAC, Lingyi - Buy recommendations for AI / AR glasses suppliers like Omnivision, AAC, Lingyi - Buy recommendation for LEO satellite suppliers like UMT [1][3] Additional Insights - The company is diversifying its product line from glass covers to metal middle frames, indicating a strategic shift to capture a broader market [2] - Management's positive outlook reflects confidence in the technological advancements and market demand for innovative products [3] This summary encapsulates the key points discussed during the management call, highlighting the growth potential and strategic direction of Lens Tech in the evolving technology landscape.

January 18, 2026 02:49 PM GMT SICC Co Ltd | Asia Pacific M Update Rebound in 6-inch SiC substrate pricing vs. ongoing decline in 8- inch What's new? Based on our industry checks, some SiC substrate vendors have lifted 6 inch SiC substrate prices by about 15% to Rmb2,100 (~US$300), as they continued to lose money selling 6 inch substrate; some vendors are also bundling the substrate with higher margin products to support profitability. Pricing for 8 inch substrate continued to fall to around Rmb4,500 (~US$64 ...

Summary of Sanhua Intelligent Controls Conference Call Company Overview - **Company**: Sanhua Intelligent Controls (002050.SZ) - **Industry**: HVAC (Heating, Ventilation, and Air Conditioning) and EV (Electric Vehicle) components Key Takeaways 1. **Market Position and Rating**: - Sanhua is rated as Buy/Neutral post recent outperformance in a market optimistic about humanoid revenue levels and timing. However, expectations for humanoid robots are considered too high too soon [1][10] - The main business is expected to see growth moderation in the upcoming two quarters, while the full-year 2026 setup appears stable [1][10] 2. **Revenue Growth Projections**: - **HVAC Components**: Revenue is guided to grow at approximately 10% year-over-year (yoy) in 2026, driven by a structural mix improvement towards commercial HVAC applications [2][4] - **EV Components**: Expected to grow at a compound annual growth rate (CAGR) of around 20% from 2025 to 2027, supported by a backlog of orders and increasing content value in next-generation EV platforms [4][5] 3. **Margin Stability**: - Gross Profit Margin (GPM) is expected to remain stable at 25-28%, with potential improvements due to a higher commercial HVAC mix and cost optimization strategies [4][6] - The company anticipates a firmwide net profit growth of 20% in 2026 [4][5] 4. **Humanoid Robot Actuators**: - Identified as a medium- to long-term growth driver, with limited near-term progress disclosed. The company has a dedicated R&D team of approximately 200 engineers [8][10] 5. **Market Dynamics**: - Climate-driven demand from regions like Southeast Asia, India, and parts of Europe is expected to provide long-term structural tailwinds for HVAC adoption [5][10] - Domestic demand is moderating due to pull-forward subsidy demand, with full-year HVAC growth guided at around 15% [5][10] 6. **Investment Thesis**: - Sanhua is positioned to deliver revenue growth above the residential HVAC industry, driven by gains in commercial HVAC market share and sensor products [10] - The company is expected to play a significant role in the supply chain for humanoid robots, with catalysts including technology advancements and increased EV penetration in Europe [10] 7. **Price Targets and Risks**: - 12-month target prices are set at Rmb40.9 for Sanhua A and HK$43.1 for Sanhua H, indicating a downside of 25% and an upside of 15% respectively [1][11] - Key risks include faster or slower-than-expected revenue contributions from humanoid robots and fluctuations in global EV and home appliance sales [11][12] Additional Insights - The company is focusing on systematic internal cost absorption mechanisms and continuous design-led material optimization to maintain margins [6][7] - The management emphasizes a selective customer strategy for humanoid robots, prioritizing deep engagement with top customers [8][10] This summary encapsulates the essential points discussed during the conference call, providing a comprehensive overview of Sanhua Intelligent Controls' current market position, growth prospects, and strategic focus areas.

17 January 2026 | 12:07AM HKT Equity Research SICC (688234.SS): Mgmt. visit: AI data center rising requirements on power efficiency drive SiC adoption; rising yield rate enhances GM We hosted SICC management on Jan 14 in GS Tech AI Outlook Corp Day in Hong Kong. Management's positive tone on 2026 and onward echoes our positive view on SICC: (1) strong R&D to enhance yield rate and profitability despite SiC substrate price downward trend, (2) SiC substrate price decline could drive the adoption rate of SiC a ...