Research Report

2024Q3 retail sales in-line with expectations

1H2024 earnings growth on track

Solid growth under headwinds

2024Q2 retail sales in line

FY24 earnings missed, core business remained stable

FY1H24 results in-line

Strong sales momentum continued in 2024Q1

FY23 net profit soared, making good progress in establishing new social platforms

FY23 net profit in-line, visible growth for FY24E

Strong 2023Q4 sales, continuous brand building

FY23 earnings in-line, emphasize high-quality application-based education

FY23 earnings beats our expectation

FY1H24 earnings missed, improvement expected in FY2H24E

1H23 results beats, Blued as a new growth engine

1H23 net profit rose 27.7%, resumes dividend payout

1H23 net profit in-line, dividend payout ratio cut to 49%

Impressive results in 1H23 backed by strong contracts growth

1H23 net profit grow by more than 25%

9M22/23 operating results in-line with expectation

FY22/23 earnings slightly declined, pipeline direct drinking water shines

Fine-tuning content ecology to further monetize new social networking products

FY1H23 results up to expectations

FY1H23 results showed strong organic growth

FY1H23 results in-line

2023Q1 sales bounced as expected

科技赋能，释放小微经济投资价值的专家

Micro Connect - Releasing the investment value of SMEs in China through technological innovation

FY22 results miss, expecting a rebound for FY23E

FY23Q1 operations on track

More social apps expecting to begin bearing fruit

Tapping into opportunities in the direct drinking water market

The worst has likely passed

Higher vocational education leads the growth

FY22 results slightly beat, emphasis on quality education

FY22 earnings beat, moderate growth ahead

Lockdown may impact sales in Q4

Impressive new contracts growth in Q3 under severe headwinds

Decent earnings outlook supported by strong order backlogs

1H22 results missed, tough near-term outlook

1H22 results beats amid better costs management

1H22 earnings decline as expected, negatives priced in

Headwinds likely to persist in 2H22E

1H22 earnings beats, strong growth in e-commerce and kids’ wear

Flat earnings growth in 1H22, slowing M&A pace due to high prices

Impressive growth trajectory in 1H22 despite industry headwinds

Retail sales in 2Q2022 remained robust, even under COVID lockdown

Automotive display missed in 1H22 on weak car sales

Kicking off a new growth cycle

1H22 results showed strong organic growth of higher schools

1H22 earnings remains robust despite higher costs

Mixed 1H22 results amid investments to deliver quality education

Strong gas sales offsetting by weak dollar margin, more details for rural solar development

Mixed outlook for FY22E

Compelling growth story despite weak near-term profit

FY21 earnings beat on strong GPM

Earnings challenges remain in FY22E

Aligning with new trends in China property market

Battery business started to bear fruit

Resilient against headwinds

4Q21 retail sales beat expectation

Embracing green energy, ambitious target for gas sales

Aim for quality growth

FY21 results in-line, expecting more M&A

FY21 results slightly beat our expectation

More added value of automotive display as a new earnings catalyst

Encourage private participation in vocational education

Sluggish 3Q21 earnings on weak smartphone market

Striving to become a global technology enabler

Mixed 21H1 results, expecting margins to improve in 21H2E

Optics segment stood strong against headwinds in 21Q2

Strong earnings expected to continue in 21H2E

Promising growth to continue in FY22E

Another landmark M&A

SY21/22 growth on track

Sintilimab on track to become RMB10 bn drug

Safe sail inside the Storm

More M&A coming in 21H2E

First logistics REITs in HK, riding the e-commence wave

Private Higher Edu will not be the next K12 tutoring

Edging up GMV with enabler business kicking off

Fast growing solar farms with promising dividend outlook

Getting closer to breakeven

21H1 net profit expected to up more than 70% YoY

Turnaround possible in 2H21E

Zhuhai Port (000507.SZ) becomes new major shareholder

Attractively valued with solid outlook

Narrowed valuation premium on revised growth outlook

Policy risk on private higher education eased

Acoustic and optics led strong rebound in 21Q1

Convincing long term prospect despite sluggish near term GMV

Ready for more M&A

More visible growth path

Fascinating growth story set to take off

More convincing pipeline development

Optical segment beginning to shine

FY20 bottom line fell short on fulfillment cost

Encouraging recovery in 2H20, visible growth for FY21E

Pure cash cow with surprise on dividend

Payment driven growth thesis remains compelling

Digging the healthcare big data goldmine

Ambitious expansion plan for FY22E

A year of harvest

Flat Jan GMV, but still upbeat on growth prospect

More conviction on marketing services driven growth

Channel inventory improvement on track

More visible and stellar growth

More positive Anta brand FY21E outlook

E commerce solution business moving forward

Tutoring elephant continues to fly

Precor disposal in plan of Amer brands restructuring

Extraordinary growth expected to continue

Placement for strategic deployment

Revealing higher visibility of post-M&A roadmap

Expansion begins

Satisfactory November GMV

Robust growth outlook on surging new students

A fast rising education giant grabbing ample opportunities in China education market

More to expect from FY21E

Robust organic growth with more boosters ahead

All fronts speeding up

Falcom Network as a cream on top

Winner from“stay-at-home” life

New treasures in the property market

Resumed store openings bodes full recovery

Recovery speeded up

3Q19 retail performance up to expectations

3Q19 operations in line with expectations

More visible outlook of full revival

Grabbing opportunities in spite of COVID headwind

Room of more earnings surprise

Another month of robust HLS growth

PD-1 front runner setting off

1H20 soft patch, but still encouraging growth in technology services

More confident on new brands and 2H20E recovery

Management vision beyond domestic e commerce

Leader aims higher

Less foreseeable catalysts

1H20 steady on track

Undervalued acquisition synergies

Less convincing earnings outlook

2Q20 fluctuations to be under control by 4Q20

Well positioned to capture consumption recovery

3rd party expansion speeding up

Robust momentum kept up

Biotech PE model to reap more long term return

Uncertainties on new brands remain but worst is seen

Slow recovery in 2Q20 retail sales

More visible outlook of full revival

Thrive on data servicing capabilities

New share incentives with strong commitment

Inject smartphone business at start of 5G replacement cycle

From payment to Fintech

Moving into the fast lane

More promising prospect from FY21E

Campus capacity enlarged further

Robust expansion continues

Placing for new growth initiatives - city services most likely

Positive read-across from April property sales

Challenging to becoming BN leader

The sky getting clear

Premium products brought up GPM in 1Q20

1Q loss narrowed as economies of scale kicking in

HK based ecommerce on the rise

License fee saving may come earlier

1Q20 retail sales in line

1Q20 sales performance better than feared

1Q20 delivered satisfactory retail sales

Robust online FILA sales to drive 1Q20 sales beat

FY19 GMV saw growth acceleration

FY19 results largely in line

FY19 results up to expectations

A head start in FY20E with resilient operation

Lower order visibility ahead in FY20E

Cloud business ready to accelerate in FY20E

FY20E strive for positive growth

FY19 results up to expectations

FY19 saw solid set of results

Ambitious cloud target to weigh on FY20E earnings

FY19 results in line with expectations

Robust growth momentum to keep up in FY20E

FY19 results up to expectations

FY19 results clean beat on GPM

FY19 results beat on better CCM product mix

1H20/21E positive profit alert - BUY

COVID-19 impact to be inevitable on 1H20E

FY19E cow IMF growth beat expectations

Concrete yet manageable impacts from COVID-19

Better than feared coronavirus impacts, for now

FY19E earnings beat expectations

4Q19 in line with expectations

FY20/21E saw a good start

4Q19 retail sales on track

Issuance of CB to optimize financial structure

2019 shipment targets met - as expected

2019 full year shipments meet OP targets

Introducing Longfor as 3rd largest shareholder

Top-up placement for CCM capacity expansion

Transforming into a leading postpartum care player in China

November saw strong HCM shipment growth

November shipments maintain full steam

Update on winter sales and new brand

Advantageous Educator in Greater Bay Area

3Q results up to expectations

Dispose 5% of Amer for introduction of experienced investors

October shipments in line with expectations

Another month of robust growth in October

More shifting to processing mode in 3Q19

3Q19 saw solid retail performance

Upgrade on diversified global footprint

3Q19 operations in line

September saw robust shipment growth momentum

August saw product mix improving on track

Upgrade on HLS market share gain

1H19 saw softened growth

1H19 saw loss from associate narrowing on track

1H19 earnings beat our expectations

Positive surprise from OPM and Descente breakeven

1H19 saw growth on track

1H19 results in line with expectations

1H19 earnings beat on non-core items

1H19 saw GPM recovery as expected

1H19 results in line with expectations

1H19 results in line

Pathway to the World

Franchise revenue retreated on competition

Response to short-sell allegations

Downgrade on robust shipment growth at the cost of squeezed dollar margin

1H19 results in line with previous profit warnings

Positive surprise on handset lens sets margin

Inventory surge on one-off events

Higher visibility for wholesale channel optimization

Comeback with upbeat margin

Sign of net loss narrowing

1H19E preview: investment thesis intact

Upgrade on improved investor confidence

Upgrade on 1H19E profits surprise

2Q19E online sales slowed on product mix shift

2Q19E keeps up robust growth momentum

2Q19E operations on track

Clearing up Muddy Waters

Downgrade on unexpected profit warning

Upgrade on better downstream demand outlook

Upgrade on surprise in revenue growth

Rebranding starts from building basketball half-courts

Kunshan reverse road show takeaways

Conference call takeaways

Overseas shipments keep steam

May shipments on track

President ups stakes in light of rebranding strategy

Penetrating into probiotics business

May camera module shipments down MoM

Takeaways from Henan site visit

Introduction of new investor to Truly Opto

1Q19 saw margin pressure amidst sales recovery

1Q19E saw a solid start

E-commerce revenue doubled QoQ in 1Q19

HCM shipments growth regained traction

CCM shipments growth implies market share gain

Xtep sets about the inception of its own FILA

1Q19E saw lukewarm sales growth

1Q19E business update on track

1Q19E operations in line with expectations

Comeback with dollar margin improvement

Upbeat 1Q19E sales performance

1Q19E retail performance in-line

March saw improving product mix

1Q19 operations on track

Introducing Tencent as strategic investor

FY18 results up to expectations

FY18 results up to expectations

FY18 earnings miss on GPM and loss from associate

FY18 saw narrower loss than expected

FY18 results in line

Downgrade to SELL as margin recovery was priced in

FY18 saw sustainable high-quality growth

FY18 results up to expectations

Downgrade on fair value

GPM likely bottom out

On secular trend of metal casing adoption

FY18 revenue beat, earnings in line

Margin expansion story continues

Promising FY19E ahead

Rebranding strategies to bear fruit in 2020E

FY18 results up to expectations

Growth momentum likely keeps up in FY19E

JV with Wolverine for multi-brand portfolio

Foldable smartphone play backed by CSOT

FY18 revenue strong beat, profits in-line

FY18 profit surprise on margin expansion

Jan shipments growth was solid

FY18E profit warning

Earnings growth momentum likely resume in 2019

Clear vision of promising secular growth

FY18E results preview

FY18E results preview

FY18E results preview

FY18E results preview

FY18E results preview

FY18E results preview

FY18E results preview

FY18E results preview

FY18E results preview