reports
- Julia Pan Mengyao
China Internet: 4Q25 Results Recap: AI Bringing Disruptions And Opport...
China online retail companies’ 4Q25 revenue and margins were pressured by the high-base effect and the persistently intense on-demand delivery competition, which are likely to ease in 2026, seeing the solid NBS retail data for Jan-Feb 26, and the latest policy. Meanwhile, online gaming and OTA reported resilient 4Q25 top-line growth and continuous margin improvement, empowered by improved AI efficiency and benign competition. We expect improving AI monetisation and mixed earnings as AI investmen...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
TME TENCENT MUSIC ENTERTAINMENT GROUP SPONSORED ADR CLASS A
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Greater China Research Team
Greater China Strategy: Alpha Picks -- April Conviction Calls
Chinese equities consolidated further in March amid outbreak of hostilities in the Middle East, with the HSI and MSCI China Index declining 6.9% mom and 7.5% mom respectively. We expect markets to stay volatile in April, though oversold rebounds are possible. We continue to focus on names with stronger fundamentals and remain buyers of tech names, adding Li Ning and Zijin Mining to our BUY list while taking profits on Ganfeng Lithium and cutting losses on LINK REIT.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
02331 LI NING COMPANY LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
00700 TENCENT HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
FUTU FUTU HOLDINGS ADS
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
01024 KUAISHOU TECHNOLOGY CLASS B
06160 BEIGENE LTD.
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Julia Pan Mengyao
Kuaishou Technology (1024 HK): 4Q25: Intact Top-line And Earnings Grow...
Kuaishou’s 4Q25 results are in line with expectations. Revenue increased 12% yoy to Rmb39.6b, slightly better than our and consensus estimates. Gross profit margin expanded 1ppt yoy to 55%. Non-IFRS net profit grew 16% yoy to Rmb5.5b, largely in line with our and consensus forecasts. Management guided a 1Q26 revenue growth of 2.5% while earnings are estimated to drop over 40% yoy to Rmb3b, missing our and consensus estimates. Maintain BUY with a slightly lower target price of HK$82.00.
- Jin Yoon
Kuaishou 4Q25 Results: Topline Growth to Moderate in 1Q and FY26
What’s new: Kuaishou’s reported 4Q25 results that top consensus and our expectations. Total rev growth could decelerate in 1Q26 partly driven by slowdown in key segments including OMS and e-commerce. While Kling AI monetization continues to ramp up, investments in training and inferences could further weigh down margins for FY26. We lower our PT from HK$85 to HK$65 on lowered outlook. Our updated PT of HK$65 implies 15.8x FY26E P/E. We maintain our BUY rating. Analysts: Jin Yoon
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Joyce Chu
- Julia Pan Mengyao
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Thursday, March 26, 2026
Top Stories Company Results | Anhui Conch Cement (914 HK/BUY/HK$21.74/Target: HK$26.10) Conch reported 2025 net profit of Rmb8,464.5m (+5.1% yoy), below expectations due to weaker cement prices, with revenue down 9.3% yoy. Cement sales volumes remained resilient at 265m tonnes (-1.1% yoy), outperforming industry declines of 6.9% yoy. Cement unit production cost fell 11.1% yoy to Rmb166.42/tonne, vs a 6.4% yoy drop in blended cement ASP, lifting group gross margin to 23.0% (+2.3ppt yoy). Oversea...
0914 ANHUI CONCH CEMENT COMPANY LIMITED CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
3933 THE UNITED LABORATORIES INTE
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1093 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI BIOLOGICS (CAYMAN) INC.
01024 KUAISHOU TECHNOLOGY CLASS B
- Audrey Celia
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Lester Siew
- Malaysia Research Team
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Thursday, March 26, 2026
Greater China Company Results | Anhui Conch Cement (914 HK/BUY/HK$21.74/Target: HK$26.10) Conch reported 2025 net profit of Rmb8,464.5m (+5.1% yoy), below expectations due to weaker cement prices, with revenue down 9.3% yoy. Cement sales volumes remained resilient at 265m tonnes (-1.1% yoy), outperforming industry declines of 6.9% yoy. Cement unit production cost fell 11.1% yoy to Rmb166.42/tonne, vs a 6.4% yoy drop in blended cement ASP, lifting group gross margin to 23.0% (+2.3ppt yoy). Overse...
544 CSE GLOBAL LTD.
01093 CSPC PHARMACEUTICAL GROUP LIMITED
INKP PT INDAH KIAT PULP & PAPER TBK
TMB TMB BANK PUBLIC COMPANY LIMITED
0914 ANHUI CONCH CEMENT COMPANY LIMITED CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
KLK KUALA LUMPUR KEPONG BHD
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
2269 WUXI BIOLOGICS (CAYMAN) INC.
01024 KUAISHOU TECHNOLOGY CLASS B
KOPI MK ORIENTAL KOPI HOLDINGS BHD
- Amerul Iqmal
- Arsit Pamaranont
- Benjaphol Suthwanish
- Benyamin Mikael
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Gigi Cheuk
- Greater China Research Team
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Joyce Chu
- Kai Jie Tang
- Kate Luang
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Lester Siew
- Malaysia Research Team
- Tanapon Cholkadidamrongkul
- Thailand Research Team
- Tham Mun Hon
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, March 04, 2026
Greater China Economics | China Investors expect the NPC to set a 2026 real GDP growth target of 4.5-5.0% yoy, with policy support led primarily by fiscal measures while monetary easing remains complementary. The official deficit is likely capped at 4%, though augmented fiscal expansion via special bond issuance will provide additional support. The 15th Five-Year Plan is expected to prioritise hard-tech self-reliance, advanced manufacturing and curbing industrial involution, with only target...
AS7 ANTA SPORTS PRODUCTS LTD.
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
ANTM PT ANEKA TAMBANG TBK
3816 MISC BHD
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
INCO VALE INDONESIA
PTTEP PTT EXPLORATION & PRODUCTION PLC
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
HANA HANA MICROELECTRONICS PCL
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
00700 TENCENT HOLDINGS LTD.
SE SEA ADS
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
BURSA BURSA MALAYSIA BHD
BAUTO BERMAZ AUTO BHD
RATCH RATCH GROUP PUBLIC CO. LTD.
FUTU FUTU HOLDINGS ADS
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
CRC CENTRAL RETAIL CORP
1772 GANFENG LITHIUM CO. LTD. CLASS H
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
SCGP SCG PACKAGING PCL
BTNB PROPERTY GURU BRIDGETOWN 2
SE US SEA LIMITED
01024 KUAISHOU TECHNOLOGY CLASS B
06160 BEIGENE LTD.
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
SDG SD GUTHRIE BHD
HRUM HARUM ENERGY TBK PT
DKFT IJ CENTRAL OMEGA RESOURCES
OXB MK OXFORD INNOTECH BHD (OXB MK)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
UGAI ULTRAGREEN.AI LIMITED
- Julia Pan Mengyao
China Internet. Deeper Dive Into Agentic AI And The Rise Of AI Super A...
To-C applications growth is accelerating among mega-cap players with super apps, while emerging unicorns focus on To- B and To-prosumers in specific AI scenarios/verticals and on physical AI in verticals such as mobility and smartphone. For the next 6-12 months, we are eyeing key AI narratives: a) rollout of super apps leveraging on agentic AI, b) leading LLMs in specific verticals unlocking monetisation potential, and c) key drivers of cloud revenue growth. Maintain OVERWEIGHT. Top BUYs: Baidu,...
- Julia Pan Mengyao
China Internet: Deeper dive into agentic AI and the rise of AI super a...
Highlights To-C applications growth is accelerating among mega-cap players with super apps, while emerging unicorns focus on To-B and To-prosumers in specific AI scenarios/verticals and on physical AI in verticals such as mobility and smartphone. For the next 6-12 months, we are eyeing key AI narratives: a) roll-out of super apps leveraging on agentic AI, b) leading LLMs in specific verticals unlocking monetisation potential, and c) key drivers of cloud revenue growth. Over time, we expect fur...
- Alden Gabriel Lam
- Arsit Pamaranont
- Bella Lu Yifei
- Benyamin Mikael
- Claire Wang Kelai
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, February 02, 2026
Greater China Economics | PMI January PMI was below Bloomberg’s consensus, as the manufacturing PMI dipped to 49.2 (-0.9pt mom). The manufacturing output sub-index stayed marginally expansionary, while the new orders and new export orders sub-indices weakened. The purchase prices sub-index surged, pointing to higher cost pressure for manufacturers. The non-manufacturing PMI also fell to 49.4 (-0.8pt mom), mainly driven by a sharp contraction in the construction industry index. Large enterpri...
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
IRPC IRPC PUBLIC CO. LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
BN2 VALUETRONICS HOLDINGS
002230 IFLYTEK CO. LTD. CLASS A
N2IU MAPLETREE COMMERCIAL TRUST
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AJBU KEPPEL DC REIT
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
599A SANDS CHINA LTD.
ASII PT ASTRA INTERNATIONAL TBK
SPRC STAR PETROLEUM REFINING
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
00700 TENCENT HOLDINGS LTD.
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
ICBP INDOFOOD CBP SUKSES MAKMUR T
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
DEWA IJ DARMA HENWA (DEWA IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
RGL RECLAIMS GLOBAL
- Julia Pan Mengyao
- Ming San Soong
China Internet: Strong AI-driven IPO Wave Set To Unfold In 2026.
We reckon that the AI wave is driven by key themes including: a) recurring AI LLM/applications and cloud revenue growth, and b) a wider deployment of proprietary and data driven AI agents by vertical players to strengthen competitive moats. Amid an uncertain competitive backdrop, we opine that cloud hyper-scalers are key beneficiaries underpinned by their ecosystem scale and technological capabilities, underscoring growing investor confidence in the AI-driven sector’s re-rating. Maintain OVERWEI...
- Audrey Celia
- Benjaphol Suthwanish
- Claire Wang Kelai
- Ejann Hiew
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Kai Jie Tang
- Lester Siew
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, January 12, 2026
Greater China Economics | Inflation December CPI inflation rose to 0.8% yoy (+0.1ppt mom), the strongest reading ytd, with a sharp rebound in food prices. Core CPI remained at 1.2% yoy, the highest level for 2025, with goods inflation strengthening further while services inflation continued to ease slightly. PPI deflation moderated to 1.9% yoy (+0.3ppt mom), supported by improvements in mining and consumer goods pricing. Overall, the data suggests tentative price stabilisation, although defl...
002230 IFLYTEK CO. LTD. CLASS A
SCC SIAM CEMENT PUBLIC CO. LTD.
00700 TENCENT HOLDINGS LTD.
SOP SARAWAK OIL PALMS BERHAD
KIML KIM LOONG RESOURCES BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
01876 BUDWEISER BREWING CO. APAC LTD.
09988 ALIBABA GROUP HOLDING LTD.
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
HUME HUME CEMENT INDUSTRIES BHD
SDG SD GUTHRIE BHD
TIDLOR TIDLOR HOLDINGS PCL
RGL RECLAIMS GLOBAL
- Julia Pan Mengyao
- Ming San Soong
Kuaishou Technology (1024 HK): Launch Of Kling AI’s Unified Multimodal...
We had a follow-up call with Kuaishou after it launched its first unified multimodal video model and provided several updates on complementary models, spanning audio generation, virtual avatars, and intelligent creation tools. We anticipate a higherthan- expected revenue contribution from Kling AI in 2026, as it continues to focus on user volume growth over profitability. We believe the company’s strong monetisation progress will create a moat against the competitive environment. Maintain BUY wi...
- Claire Wang Kelai
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Julia Pan Mengyao
- Ming San Soong
- Tham Mun Hon
Greater China Daily: Tuesday, December 9, 2025
Top Stories Economics | Trade Exports growth rebounded to 5.9% yoy in November, beating consensus estimates, driven by a recovery in EU and Japan shipments, although exports to the US weakened further. Imports rose 1.9% yoy, below consensus expectations, amid mixed commodity performances. The trade surplus widened to US$111.7b. Exports of motor vehicle, hi-tech and mechanical & electrical goods improved, while integrated circuit imports strengthened. Overall, trade data showed resilience via di...
- Claire Wang Kelai
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jieqi Liu
- Julia Pan Mengyao
- Kai Jie Tang
- Ming San Soong
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, December 9, 2025
Greater China Economics | Trade Exports growth rebounded to 5.9% yoy in November, beating consensus estimates, driven by a recovery in EU and Japan shipments, although exports to the US weakened further. Imports rose 1.9% yoy, below consensus expectations, amid mixed commodity performances. The trade surplus widened to US$111.7b. Exports of motor vehicle, hi-tech and mechanical & electrical goods improved, while integrated circuit imports strengthened. Overall, trade data showed resilience via d...
- Julia Pan Mengyao
- Ming San Soong
China Internet: 3Q25 Results Recap: Strong AI Cloud Top-line Growth; L...
China’s internet companies reported resilient 3Q25 top-line growth and continuous margin improvement in the online gaming and OTA sectors, empowered by improved AI efficiency and benign competition. Margin pressure in e-commerce due to the intense on-demand delivery competition is likely to ease in 4Q25, but could persist into 2026 given the continuous investment and tough comparison base boosted by the trade-in programme in 2025. Maintain MARKET WEIGHT. Top BUYs: Alibaba, Tencent, TCOM, TME, Ne...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum
- Julia Pan Mengyao
- Kai Jie Tang
- Malaysia Research Team
- Ming San Soong
- Philip Wong
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, December 03, 2025
Greater China Sector Update | Consumer We met investors in Thailand and Malaysia during our marketing trip from 24-28 Nov 25. Overall investor interest in the China consumer sector is improving. The most frequently discussed segments and names include Miniso, Shenzhou, Anta, consumer staples (including dairy, beer and baijiu), as well as some new consumption names such as Pop Mart (non-rated) and Laopu Gold (non-rated). Our preferred stocks include: Galaxy, Midea, Miniso, Shenzhou and Sands ...
BJC BERLI JUCKER PUBLIC CO. LTD.
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
600132 CHONGQING BREWERY CO.LTD CLASS A
000858 WULIANGYE YIBIN CO. LTD. CLASS A
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
BN2 VALUETRONICS HOLDINGS
3K1 KINGSOFT CORP. LTD.
JPFA JAPFA COMFEED INDONESIA
COM7 COM7
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
VSI V.S. INDUSTRY BERHAD
KPJ KPJ HEALTHCARE BERHAD
BURSA BURSA MALAYSIA BHD
CPALL TB CP ALL
BAUTO BERMAZ AUTO BHD
00780 TONGCHENG-ELONG HOLDINGS LIMITED
1368 XTEP INTERNATIONAL HOLDINGS
RSTON RIVERSTONE HOLDINGS LTD
CRC CENTRAL RETAIL CORP
FEH FOOD EMPIRE HOLDINGS LTD
01876 BUDWEISER BREWING CO. APAC LTD.
6186 CHINA FEIHE LTD
HEAL MEDIKALOKA HERMINA
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
09618 JD.COM INC. CLASS A
MNSO MINISO GROUP HOLDING ADS (N SHARES)
01024 KUAISHOU TECHNOLOGY CLASS B
06690 HAIER SMART HOME CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
09888 BAIDU INC
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02423 KE HOLDINGS INC.
DOHOME DOHOME PCL
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
09961 CTRIP.COM INTERNATIONAL
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
CPAXT CP AXTRA PUBLIC COMPANY LIMITED
KOPI MK ORIENTAL KOPI HOLDINGS BHD
BRMS IJ BUMI RESOURCES MINERALS
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
HERE US HERE GROUP (HERE US)
- Jin Yoon
Kuaishou 3Q25 Results: Stepping Up Investments in Kling AI
What’s new: Kuaishou’s reported 3Q25 results that top consensus and our expectations. OMS could remain resilient partly driven by growth in the domestic market. AI monetization could remain stable (to potential upside) partly driven by higher subscriber base for Kling AI. Kuaishou remains committed in investments around Kling AI. We maintain our PT at HKD85. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Kuaishou Technology (1024 HK): 3Q25: Intact Top-line And Earnings Grow...
3Q25 results are in line with expectations. Revenue increased 14% yoy to Rmb35.6b, within consensus estimate. Gross profit margin remained flattish yoy at 55%. Non-IFRS net profit grew 26% yoy to Rmb5b, 3% above consensus forecast. Management guided a 4Q25 revenue growth of 10% while earnings are estimated to jump 15% yoy to Rmb5.4b, both in line with consensus estimates. Maintain BUY with a slightly lower target price of HK$88.00.
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Thursday, November 20, 2025
Top Stories Company Results | Kingsoft Corp (3888 HK/BUY/HK$30.72/Target: HK$44.00) Kingsoft’s 3Q25 results missed expectations. Revenue dropped 17% yoy to Rmb2.4b, 6% below consensus estimate. Gross margin shrank 4ppt yoy to 80.4%, in line with consensus expectation. Operating profit plunged 76% yoy to Rmb277m, while operating margin fell 28ppt yoy to 11%, dampened by subdued revenue growth. Net profit declined 49% yoy to Rmb213m, with net margin shrinking 5ppt yoy to 8.8%. Maintain BUY with a...
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