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Colin Lee ... (+3)
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
ZTE Corporation (763 HK): 3Q25: Sharp Deterioration In Product Mix Due...
ZTE’s 3Q25 results are significantly below expectations, with revenue declining 24.9% qoq to Rmb30b, which is well below our/market estimates of Rmb33b-34b. We believe the significant 14.5ppt yoy and 5.0ppt qoq decline in gross margin was due to a weaker-than-expected carrier network business which has much higher margins (>50%) than its other businesses. Due to the decline in gross margins, reported net profit plunged 87.8% yoy and 89.8% qoq to Rmb264m, a significant miss vs consensus estimates...
Kenny Yong Hui Lim
- Kenny Yong Hui Lim
Ping An Insurance Group (2318 HK): 3Q25: Earnings Beat On Broad-Based ...
Ping An reported a strong set of 3Q25 results with OPAT and net profit growing 15%/45% yoy respectively, attributed to narrowing losses in the asset management segment and strong equity investment gains amid the stock market rally. NBV also surged 58% yoy due to FYP growth recovery before the pricing interest rate cut in late-Aug 25. Looking ahead, management is confident about sustaining NBV and OPAT growth momentum in 2026. Maintain BUY with a higher target price of HK$75.00.
Julia Pan Mengyao ... (+2)
- Julia Pan Mengyao
- Ming San Soong
New Oriental Education (EDU US): 1QFY26: Results In Line; Intact 2QFY2...
EDU’s 1QFY26 results beat expectations. Revenue grew 6% yoy to US$1,523m, in line with our and consensus estimates. Non-GAAP net profit came in at US$241m, slightly lower than our and consensus estimates, while net margin shrank 1ppt yoy to 17% for 1QFY26. EDU expects 2QFY26 revenue to increase by a solid 9-12% yoy to US$1,132.1m-1,163.3m, in line with expectations. Downgrade to HOLD with a target price of US$58.00 (HK$45.00).
Ejann Hiew ... (+3)
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Midea Group (000333 CH): 3Q25: Solid Results; Steady Overseas Order Mo...
Midea’s 3Q25 revenue was Rmb112,385m (+10% yoy, -9% qoq), and net profit was Rmb11,870m (+9% yoy, -13% qoq). In 3Q25, ToC revenue grew by 10%, of which domestic sales increased by mid-single-digit, and overseas sales grew by nearly 15%, with orders recovering rapidly in 3Q25. Management sees higher visibility for overseas markets for 2026, driven by the OBM business. ToB revenue increased by over 15%. The company expects ToB’s revenue growth to surpass that of the ToC segment in 2026.
Ejann Hiew ... (+3)
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Kweichow Moutai (600519 CH): 3Q25: Largely Flattish Revenue And Slight...
Kweichow Moutai reported 9M25 revenue of Rmb130,904m (+6% yoy), tracking below its full-year revenue growth target of 9%. In 3Q25, revenue was Rmb39,810m (+0.3% yoy). Net profit was Rmb19,224m (+0.5% yoy), with net margin of 48.3% (+0.1ppt yoy). By end-3Q25, contract liabilities were Rmb7,749m, down 22% yoy but up 41% qoq. Notes receivable was Rmb5,210m, up 353% yoy and 85% qoq. This surge was likely due to relaxation of distributor policies. Maintain BUY; cut target price by 8% to Rmb1,576.00.
Greater China Research Team
- Greater China Research Team
Strategy - Alpha Picks: Greater China October Conviction List
As we continue to expect market volatility, we maintain exposure to names that have resilient earnings or are expected to enjoy an earnings growth recovery, such as Ausnutria Dairy (1717 HK), CSPC (1093 HK) and Dongfeng Motor (489 HK), and add PICC P&C (2328 HK) to our BUY list.
01093
CSPC PHARMACEUTICAL GROUP LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
SCNR SUNAC CHINA HOLDINGS LTD.
D4D DONGFENG MOTOR GROUP CO. LTD. CLASS H
02689 NINE DRAGONS PAPER HOLDINGS LTD.
6AH AUSNUTRIA DAIRY CORP LTD
2333 GREAT WALL MOTOR CO. LTD. CLASS H
700 HK TENCENT
2269 WUXI BIOLOGICS (CAYMAN) INC.
1600 CHINA TIAN LUN GAS HOLDINGS LTD
3618 CHONGQING RURAL COMMERCIAL BANK CO LTD
631 SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS CO LTD
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
SCNR SUNAC CHINA HOLDINGS LTD.
D4D DONGFENG MOTOR GROUP CO. LTD. CLASS H
02689 NINE DRAGONS PAPER HOLDINGS LTD.
6AH AUSNUTRIA DAIRY CORP LTD
2333 GREAT WALL MOTOR CO. LTD. CLASS H
700 HK TENCENT
2269 WUXI BIOLOGICS (CAYMAN) INC.
1600 CHINA TIAN LUN GAS HOLDINGS LTD
3618 CHONGQING RURAL COMMERCIAL BANK CO LTD
631 SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS CO LTD
Gary Kong Tsz Yeung ... (+2)
- Gary Kong Tsz Yeung
- Tham Mun Hon
China Strategy - The End Of Cycles?
The stronger-than-expected 1Q19 economic data and central bank backstop have fuelled optimism that cycles are a thing of the past. With animal spirits rekindled, our more cautious view since end-February has not played out well. Although we have not seen an improvement in risk-reward so far and further meaningful monetary easing will be needed to see a sustainable recovery, we are adjusting our strategy to include laggards and policy-supported sectors in our BUY list.
Gary Kong Tsz Yeung ... (+2)
- Gary Kong Tsz Yeung
- Tham Mun Hon
China Strategy: The end of cycles?
The stronger-than-expected 1Q19 economic data and central bank backstop has fuelled optimism that cycles are a thing of the past. With animal spirits rekindled, our more cautious view since end-February has not played out well. Although we have not seen an improvement in risk-reward so far and further meaningful monetary easing will be needed to see a sustainable recovery, we are adjusting our strategy to include laggards and policy-supported sectors into our BUY list.
Greater China Research Team ... (+3)
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Monday, October 13, 2025
Top Stories Sector Update | Internet The growing robotaxi ecosystem is drawing an increasing number of new entrants, including autonomous service providers and ride-hailing platforms. We expect technological maturity, policy support and better fleet economics to drive a major expansion wave for the robotaxi industry into 2H25/2026, with China’s robotaxi fleet size expected to grow ten-fold during this period. We see material development and monetisation progress of Robotaxi, sparking renewed in...
Carol Dou Xiao Qin ... (+9)
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Thursday, September 25, 2025
Top Stories Strategy | China’s 15th Five-Year Plan: Unlocking Domestic Consumption The 15th Five-Year Plan (2026-30) targets a 4.5-5.0% yoy GDP growth toward 2035 modernisation. Priorities include boosting services-led consumption via subsidies, tax reforms and consumer credit; advancing innovation in semiconductors, EVs, robotics and biotech; and extending anti-involution reforms to consolidate sectors with excess capacity. Green transition shifts focus on grid efficiency, storage and nuclear....
Ejann Hiew ... (+3)
- Ejann Hiew
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Wednesday, September 24, 2025
Top Stories Company Update | Miniso (MNSO US/BUY/US$23.53/Target: US$26.80) Miniso’s qtd business performance was in line with management’s expectations. Domestically, it has 12 Miniso Land stores, with the estimated payback period for the Guangzhou Beijing Road store at 3-4 months. Overseas, adjustments were implemented in the US market following the appointment of the new CEO, who has over 15 years of experience in local retailing. On proprietary IP strategy, Yoyo’s sales are expected to exce...
Bella Lu Yifei ... (+8)
- Bella Lu Yifei
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Wednesday, August 20, 2025
KEY HIGHLIGHTS Results China Resources Beer (291 HK/BUY/HK$28.28/Target: HK$33.80) 1H25 results beat expectations. Sales volume of sub-premium beer and above saw mid-to-high single-digit growth. In the 15th Five-Year Plan, CR Beer will remain focused on Heineken as its core, while strengthening the sub-premium segment as another growth driver. The baijiu business is not expected to deteriorate further amid the adjustment phase in 2H25, but any potential impairment will still depend on business...
Bella Lu Yifei ... (+10)
- Bella Lu Yifei
- Claire Wang Kelai
- Ejann Hiew
- Greater China Research Team
- Ken Lee
- Kenny Yong Hui Lim
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Monday, March 17, 2025
KEY HIGHLIGHTS Economics Money Supply February's M1 growth slowed to 0.1% yoy (-0.3ppt), missing consensus’ 1.0%, due to the Chinese New Year effect. M2 remained steady at 7.0% yoy, but new bank loans fell to Rmb1.01t compared with Jan 25’s Rmb5.13t, while new TSF fell to Rmb2.23t, both below forecasts. Thus, outstanding bank loans growth edged lower to 7.3% yoy. Nevertheless, outstanding TSF growth rose to 8.2% yoy due to increased government bond issuance. Weak domestic demand remains a key ...
Jo Yee Ng ... (+9)
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Terence Chiu
- Tham Mun Hon
Greater China Daily: Tuesday, November 14, 2023
KEY HIGHLIGHTS Economics Money Supply A little less to cheer. Strategy Small-Mid Cap Biweekly Riding on the wave of AI PC; Thunder Software Technology is a beneficiary. Sector Internet 3Q23 results preview: Solid e-commerce ad growth to drive sector growth; potential positive surprise from online game grossing. Internet Muted growth acceleration from 11.11 campaign. Update Xtep International Holdings (1368 HK/BUY/HK$6.43/Target: HK$9.50) Revenue guidance revised down yet sales target mainta...