张玮航 国联民生证券医药分析师: 那个，我是今天的主持人。那个国联医生那个研究所的那个研究员张金阳，那个在线跟我 一起主持的还有我们这个研究员胡博、郑博，还有韦超，那个几位分析师老师在线。我在 开始这个，就是整个电话会之前，我可能就在前面要多说几句。那个整个 AI 赋能的这个 创新药的这个板块。其实是我们 2026 年整个年度策略的十大判断里面的一个非常重要的 一个分支，这个我们放到很重要的一个位置。在这里面，我们那个其实也很看好那个静态 这个公司的这个平台的价值。 其实包括我们在路演的过程当中，其实大家分歧比较大的，就是早期的时候，其实我们在 讨论的就是 AI 智能创校这个事到底靠谱到什么程度。后面，慢慢，其实大家已经讨论到 就是这个东西到底怎么给估值，那个维度，对吧？但我们一直跟大家讲，其实 AI 赋能这 个创新药这个方，这个方面，谁家这个平台和模型能力强，其实你从估值的角度是要去想 它的平台和模型的价值。所以，这个事我们就认为很重要。那如果这么这个事是重要的话 那从估值的角度来讲，应该用，从特别远期的角度往回看。 可能会看得更清晰一点。那么怎么证明平台和模型的价值大？其实就是在于说，我觉得就 是我们基于 ...

鲁斯嘉 长江证券交运分析师: 尊敬的各位投资者，大家晚上好，我是长江交运韩云超团队的卢思佳。今天晚上给大家来 汇报一下我们近期发布的中通快递深度报告。中道豫州稳潮头，通达全网筑壁垒。那么在 25 年快递行业经历了反内卷之后，我们觉得电商的生态其实发生了非常大的转变。那么无 论是电商税的这个全面的合规征收，还是快递行业的这种反内卷，那么都让快递的这个格 局产生了非常深远的这种影响。那么展望未来，我们觉得快递行业将重新进入到一个份额 加速向头部集中的这么一个状态。 那么对于快递行业目前的龙头老大中通来讲，过去的股价一直处在被低估的状态。那么我 们觉得随着份额重新向头部集中，中通将迎来一个份额、利润以及估值三个维度的这种三 基，那么在这个时间点上，给大家做一下重大的这个推荐。那么这篇报告主要分成三个部 分。第一个是对中通过去的发展历史，做一个简单的回顾，去看一下中通在过去究竟凭借 什么从行业当中最年轻的一家公司，一跃成为行业的领头羊。第二个，是在过去两年，24 年以及 25 年的一季度，那么中通为什么份额出现了阶段性的回落？ 以及第三块，那么随着外部竞争环境的变化，中通的龙头优势将重新再次回归。那么首先 第一个，我 ...

Summary of Haidilao Conference Call Company Overview - The conference focused on Haidilao, a leading hot pot restaurant chain in China, discussing its recent performance and strategic outlook [1][2]. Key Points and Arguments Financial Performance - Haidilao's overall performance showed a trend of improvement from the first half of 2025, with a recovery in table turnover rates in the third and fourth quarters [1]. - The same-store sales turnover experienced a decline initially but stabilized and turned positive by the fourth quarter of the previous year, indicating a bottoming-out trend [2]. - The average customer spending has stabilized around 100 yuan, showing no further decline [2]. - The total number of restaurants remained stable at approximately 1,370 by year-end, with some closures of underperforming locations [2]. Management Changes - The return of Chairman Zhang Yong to a more active role in management is expected to enhance operational efficiency and cohesion within the company [3][4]. - New promotions within the management team include regional managers with extensive experience in store management, which is anticipated to inject fresh energy into the leadership [4]. Market Position and Competition - The hot pot market in China is substantial, valued at over 600 billion yuan, with Haidilao holding about 7% market share [9]. - The competitive landscape shows a strong concentration, with Haidilao leading in the affordable price segment (below 120 yuan) [9]. - Growth in lower-tier cities is expected to outpace that of first and second-tier cities, providing further expansion opportunities for Haidilao [10]. Expansion Strategy - Haidilao plans to cautiously expand its number of restaurants, potentially reaching 2,000 locations in the future, but will prioritize quality over quantity [11]. - The company is also focusing on the development of sub-brands, which are expected to contribute significantly to revenue growth in the coming years [12]. Financial Projections - Projected net profits for 2025 are expected to show a slight decline, with forecasts of 4.75 billion yuan in 2026 and 5.26 billion yuan in 2027 [15]. - The valuation of Haidilao is currently estimated at around 15-20 times PE, with a target price of 21 yuan based on DCF analysis [15]. Additional Important Information - The company has a stable shareholding structure, with Zhang Yong and his spouse holding a significant portion of shares, ensuring strong control over company decisions [4][5]. - The management's focus on improving operational efficiency and profitability is expected to yield positive results in the long term [8][14]. Conclusion - Overall, the outlook for Haidilao remains optimistic, with expectations of gradual recovery and growth in both revenue and market presence, particularly in lower-tier cities and through the development of sub-brands [15].

Flash | 02 Feb 2026 04:00:13 ET │ 12 pages Buy | Catalyst Watch: Upside, expires 08-FEB-26 | | | --- | --- | | Price (30 Jan 26 16:10) | HK$778.00 | | Target price | HK$1,119.00 | | Expected share price return | 43.8% | | Expected dividend yield | 4.2% | | Expected total return | 48.0% | | Market Cap | HK$137,507M | | | US$17,598M | Tiffany FengAC +852-2501-2759 tiffany.feng@citi.com Laopu Gold (6181.HK) Positive Read-Through from Hurun Chinese Luxury Consumer Survey 2026 CITI'S TAKE We have several positiv ...

Summary of the Conference Call for UBTECH Company Overview - **Company**: UBTECH - **Technology**: Development of the Thinker large model for humanoid robots, showcasing advanced capabilities in task understanding, environmental perception, cognitive decision-making, and task planning [2][4] Key Points Industry and Technology Advancements 1. **Performance in International Evaluations**: The Thinker model has achieved 9 global firsts in international evaluations, demonstrating its technological leadership [2][4] 2. **Robust Execution in Industrial Applications**: The humanoid robots exhibit high efficiency and precision in tasks such as handling and sorting, aided by the integration of the Thinker model with Visual Object Analysis (VOA) technology [2][4][5] 3. **Self-Correction Capabilities**: The robots can autonomously adjust during operations, showcasing strong generalization abilities even in unforeseen circumstances [5][10] Model Development and Data Handling 1. **Data-Centric Approach**: The development has shifted from model-centric to data-centric, achieving nearly 100% automation in data annotation processes, emphasizing the importance of high-quality data [3][6] 2. **Diverse Data Sources**: The training data primarily consists of open-source data, supplemented by real machine and customer site data, effectively addressing hardware heterogeneity issues [5][6] 3. **Cost Control**: Utilizing open-source data significantly reduces research and development costs [5][6] Engineering and Optimization 1. **Efficient Model Deployment**: The Thinker model operates efficiently on limited computational resources through techniques like model distillation and quantization [5][6] 2. **Performance Improvement Factors**: Key factors include multi-modal data fusion, advanced algorithms, and engineering optimizations that enhance stability and reliability in real-world applications [6][10] Future Directions and Goals 1. **Upcoming Model Updates**: In the next 3-6 months, UBTECH aims to explore visual language action (VLA) and world model directions, with plans to release related results soon [7][10] 2. **Adaptability for Specific Models**: The current model serves as a foundational model, which will be fine-tuned for specific robot models like Work S2 [7][10] Collaboration and Open Source 1. **Support for Developers**: The open-source model allows developers to perform secondary fine-tuning and includes tools for hardware optimization, facilitating efficient deployment on UBTECH robots [9][10] 2. **Data Security Measures**: UBTECH ensures that sensitive information in training data is protected and complies with cross-border data transmission policies [9][10] Unique Selling Propositions 1. **Compact Model Size**: The Thinker model is notably small (4B), enhancing deployment efficiency compared to competitors [11][12] 2. **Real-World Data Utilization**: The reliance on real industrial scenario data increases the model's reliability and applicability in practical environments [11][12] Challenges and Solutions 1. **Long-Tail Problem Management**: UBTECH addresses the long-tail problem by focusing on failure cases, collecting and annotating them for model iteration, thus creating a data feedback loop to enhance overall performance [10][12] Conclusion UBTECH's advancements in humanoid robotics through the Thinker model highlight its commitment to innovation, efficiency, and practical application in industrial settings, positioning the company favorably within the robotics industry.

Summary of the Conference Call for Xidi Zhijia Company Overview - **Company**: Xidi Zhijia - **Focus**: L4 autonomous driving, intelligent connected products, and high-performance perception products in mining and logistics sectors - **Commercialization**: Achieved in unmanned mining and logistics, with flagship product "Yuanyuan Mining" connecting virtual and physical worlds, enabling remote scheduling and deployment of hundreds of vehicles in large mines [2][6] Industry Insights - **Market Potential**: The potential market size for China's unmanned mining sector is projected to reach 550 billion yuan in 2023, with the vehicle sales market around 200 billion yuan [2][9] - **Government Policy**: National policies are pushing for automation in mining, aiming for unmanned operations by 2030, with some regions targeting 80% unmanned vehicles by 2027 [3] Financial Performance - **Revenue Growth**: Revenue started at over 30 million yuan in 2022, expected to reach 410 million yuan in 2024, and projected to double in 2025 [12] - **Customer Base**: Increased from over 40 customers in 2022 to over 100 currently, with strong order backlog indicating continued growth [12] - **Gross Margin**: Maintains a gross margin of 20%-25%, which is high for autonomous driving companies [4][13] Technological Advantages - **Technical Barriers**: Key advantages include multi-agent cluster control and heavy vehicle motion control, which are difficult for competitors to replicate [17] - **Product Lines**: Three main product lines include L4 autonomous driving for mining and logistics, B to X intelligent connected products, and high-performance perception for rail transport [5] Commercialization Strategy - **Sales Model**: Focuses solely on product sales rather than vehicle operation, ensuring no conflict of interest with customers [28] - **International Expansion**: Actively pursuing overseas markets, with contracts signed in Australia and orders in Mongolia, aiming to expand into Russia and the Middle East [20][22] Market Dynamics - **Competition**: The mining autonomous driving market is competitive, but Xidi Zhijia has differentiated itself through its comprehensive technology stack and focus on product reliability [35] - **Operational Efficiency**: Autonomous vehicles can operate 21-22 hours a day, significantly improving efficiency compared to human drivers [27] Future Outlook - **Sales Projections**: Expected to maintain close to double growth in 2026 and 2027, with a focus on product sales [15] - **Pricing Strategy**: Currently employs a one-time payment model, with potential future adjustments to SaaS or per-transportation pricing based on customer type [39] Additional Insights - **Impact on Employment**: Automation in mining is expected to alleviate labor shortages and improve safety without significantly impacting employment levels [26] - **R&D Expenses**: Total expenses for 2024 are projected at around 450 million yuan, with a significant portion attributed to stock-based compensation [29] This summary encapsulates the key points from the conference call, highlighting the company's strategic focus, market potential, financial performance, technological advantages, and future outlook.

Summary of Key Points from the Conference Call Industry Overview - The snack wholesale store industry in China is rapidly developing due to several factors, including supply chain advantages, declining distribution costs, standardization of snack categories, high repurchase frequency, and consumer habits influenced by population density [2][6][7]. Company Insights Mingming Hen Mang - Mingming Hen Mang is a leading player in the snack wholesale industry, benefiting from industry trends by controlling costs through improved supply chain efficiency and product selection logic [2][10]. - The company plans to expand its store count significantly, with expectations to exceed 32,000 stores under neutral conditions and potentially reach 38,000 stores under optimistic scenarios by 2025 [21][22]. - Revenue is projected to surpass 100 billion yuan and net profit to exceed 4.2 billion yuan by 2027, indicating strong growth potential [22]. Sam's Club - Sam's Club has achieved success in the Chinese market by offering high-quality products, a streamlined SKU strategy, and leveraging a strong product development team to enhance supply chain efficiency [11][12]. Other Competitors - Other brands like Aoleqi and Hema NB are also adapting to the market by implementing unique strategies, such as Aoleqi's focus on private labels and low-cost operations, which serve as models for emerging snack wholesale stores [17][19][20]. Key Strategies and Trends - The snack wholesale store model has evolved through three stages: small high-margin stores, larger stores with declining margins, and the emergence of large-scale low-margin stores post-pandemic [8][9]. - The cost structure has been redefined to a "10+20" model, where backend costs account for 10% and franchise/store costs for 20%, significantly lowering distribution costs [6][8]. - The introduction of private label products and channel-specific offerings has helped maintain overall gross margins while providing competitive pricing to consumers [4][6]. Consumer and Market Dynamics - Snack wholesale stores cater to concentrated consumer demand for snacks, offering a wide variety of products at competitive prices, which enhances customer satisfaction and loyalty [4][5]. - The industry benefits from the high repurchase frequency of snack products, making it an ideal category for chain operations [7][20]. Challenges and Considerations - Expanding into multiple categories poses challenges, including managing different product frequencies and complexities in supply chain management [20]. - The competitive landscape is evolving, with major players like Mingming Hen Mang and Wancheng engaging in strategic positioning to minimize direct competition and stabilize market dynamics [23]. Conclusion - The snack wholesale industry in China is poised for continued growth, driven by innovative business models, effective supply chain management, and strategic expansion plans from leading companies like Mingming Hen Mang and Sam's Club [2][10][22].

Summary of Yi Hai International Conference Call Company Overview - Yi Hai International started as a supplier for Hai Di Lao and has developed independently since its establishment in 2013 and listing on the Hong Kong Stock Exchange in 2016, benefiting from Hai Di Lao's growth and new product launches [2][4] Industry Insights - The compound seasoning industry in China has experienced a compound annual growth rate (CAGR) of approximately 14% from 2011 to 2023, driven by increased per capita meat consumption and the popularity of kitchen appliances [2][6] - Despite the growth, the penetration rate and per capita consumption of compound seasonings remain significantly lower than in the US and Japan, indicating substantial growth potential [2][6] Key Points and Arguments - Yi Hai has undergone several adjustments in channel management, shifting from aggressive strategies to a more refined approach, including the introduction of a profit increment assessment system to enhance sales quality and profitability [2][7] - The company has expanded its product matrix from a single focus on hot pot base ingredients to include various categories such as compound seasonings and convenient meals [3][5] - Yi Hai's future development will focus on expanding the small and medium B-end market and overseas markets, leveraging its partner system and validated products to attract small B customers [4][10] Financial Projections - Yi Hai is expected to stabilize its revenue in 2026, with compound seasonings projected to achieve double-digit growth. However, growth in supermarket channels may be limited, and the fast-food business could decline due to industry competition [2][9] - The company anticipates a profit of approximately 840 million yuan in 2025, with potential for valuation improvement if revenue and profit growth reach mid-to-high single digits in 2026 [4][9] Sales Strategy Adjustments - Yi Hai plans to integrate B-end restaurant resources and enhance online traffic to develop small B customers, while continuing to reform supermarket channels to increase contribution [11] Additional Important Insights - The introduction of new product lines catering to health demands and the establishment of domestic production bases and global supply chains have been significant changes for Yi Hai [3][4] - The company has successfully launched new flavors in hot pot seasonings and continues to adapt its pricing strategy for convenient meals based on market demand [8][10]

Summary of Conference Call Notes Company and Industry Overview - The company is deeply integrated with six major smartphone manufacturers: Apple, Huawei, Xiaomi, OPPO, vivo, and Honor, exclusively managing all game advertisements on the Honor platform, which provides access to a wealth of real-time dynamic data for precise ad targeting [2][4][5]. Core Insights and Arguments - **AI Advertising Effectiveness**: Through partnerships with Volcano Engine and Alibaba Cloud, the company has significantly enhanced its AI advertising system, achieving client ad ROI typically between 120% and 140%, with some clients exceeding 150% [2][4]. - **Revenue Sharing Model**: The company plans to implement a revenue-sharing model where 10% of the revenue from ROI exceeding 150% will be allocated to the company, which is expected to significantly improve gross margins and will be reflected in the 2025 annual report [2][4][5]. - **AI Mobile Era**: The rise of AI mobile technology is expected to transform the mobile smart terminal landscape, with voice input becoming a primary information entry point, simplifying user interactions and potentially increasing revenue from direct service transactions rather than traditional advertising [6][8]. - **International Expansion**: The company aims to leverage its partnerships with smartphone manufacturers to expand its AI business internationally, focusing on Apple iOS and some Xiaomi overseas operations, with plans to extend to platforms like Google Play, Meta, and TikTok [7][8]. Additional Important Content - **Market Share and Growth Projections**: The company has surpassed a 50% market share in its domestic niche and anticipates rapid growth in overseas revenue, projecting a target of 10 billion yuan by the end of 2025, with international business expected to account for over 30% of total revenue [2][7]. - **Stock Option Plan**: A new stock option plan has been introduced, linked to market capitalization targets of 4 billion, 8 billion, and 12 billion yuan, aimed at attracting new strategic investors from the internet or smartphone sectors [3][11][12]. - **Collaboration with Local Governments**: The company is selectively collaborating with local government industrial funds based on specific regional needs, such as cultural and AI-related digital industry development [13]. - **Future Outlook**: The company expresses confidence in its growth potential, emphasizing its advantageous position in the AI era and the significant opportunities presented by the evolving mobile landscape [14].

心动公司 20260202 摘要 TapTap Maker 如何构建生态闭环？ TapTap Maker 与 TapTap 平台及其广告聚合生态系统（如 De-Richlet）共 同构成了一个完整的商业生态闭环。个人创作者可以在 TapTap Mega 上开发 并发布自己的游戏，通过广告聚合生态一键变现。这些流量又会带来新的用户 沉淀到 TapTap 平台，从而提高讨论度和用户活跃度，进一步促进整个生态系 统的发展。 目前阶段，使用 TapTap Maker 是否收费？未来是否会收费？ TapTap Maker 是一款 AI 原生的代码驱动游戏引擎，旨在通过自然语 言、图片、视频等方式与 AI 协作，实现游戏创作的"想到就能做到"。 TapTap Maker 具备高性能渲染和物理引擎，支持 PC、Mac、手机和 平板等多平台数据实时互传，并内置联网对战功能，提供模型工具、开 发者服务和丰富的素材库。 TapTap Maker 与 TapTap 平台及其广告聚合生态系统 De-Richlet 构 成商业闭环，个人创作者可在 TapTap Mega 上开发并发布游戏，通过 广告聚合生态变现，提高用户活跃度。 Ta ...