| 【Company Research】Xpeng Inc. (XPEV US/9868 HK) - Cost reduction, economies of scale pave way for profit |
| 【Company Research】Xtep (1368 HK) - FY25E guidance unchanged after 1H25 beat |
| 【Company Research】Leapmotor (9863 HK) - Sustainable profit ahead on strong sales momentum |
| 【Company Research】Tongcheng Travel (780 HK) - Solid 2Q results; core OTA earnings growth on track |
| 【行业研究】中国医药 - 海外CXO/生命科学上游1H25业绩剖析：关税影响小于预期，临床CRO订单意外增长 ，普遍上调业绩指引 |
| 【Company Research】China Hongqiao (1378 HK) - Lack of interim dividends but new buyback scheme to boost confidence |
| 【Company Research】NetEase Cloud Music (9899 HK) - 1H25 review: earnings beat on strong music business and enhanced efficiency |
| 【Company Research】Weibo (WB US) - 2Q25 results beat, but 2H25 outlook remains uncertain |
| 【公司研究】极智嘉 (2590 HK) - 全球仓储自动化AMR领域新星；港股稀缺标的 |
| 【Company Research】China Lilang (1234 HK) - A cautious 2H25E outlook but a decent yield |
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