| 【Company Research】PDD Holdings (PDD US) - Results beat on better-than-expected savings from sales and marketing spend |
| 【Company Research】Greentown Service (2869 HK) - Solid growth driven by notable efficiency gains |
| 【Company Research】Poly Services (6049 HK) - 1H25 earnings in line; No interim dividend |
| 【Company Research】Binjiang Service (3316 HK) - 1H25: Robust PM with 5S VAS driver shifting; Targeting HK Connect inclusion by FY26 |
| 【Company Research】Li Ning (2331 HK) - Still positive despite all margin drags in 2H25E |
| 【Company Research】CSPC Pharmaceutical (1093 HK) - Two more large-scale BD deals anticipated in 2H25 |
| 【Company Research】Maxscend (300782 CH) - Margin headwinds persist from business model transition; Maintain HOLD |
| 【Company Research】VSTECS (856 HK) - 1H25 result review: strong cloud computing revenue growth on robust AI demand |
| 【Company Research】Bilibili (BILI US) - Inline 2Q25 results; solid 2H25 earnings outlook despite revenue deceleration |
| 【Company Research】TK Group (2283 HK) - 1H25 in-line; Positive on client wins and product pipeline in AI glasses/360-cam/automobile |
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