| 【公司研究】贝克微 (2149 HK) - 战略调整中保持高盈利能力；预计下半年表现更强劲 |
| 【Company Research】Jiangsu Hengli (601100 CH) - 2Q25 earnings growth accelerated; Staying positive on both existing and new business |
| 【Company Research】BaTeLab (2149 HK) - Maintaining high profitability amid strategic shifts; Expect stronger 2H25 |
| 【Company Research】Jiumaojiu (9922 HK) - Multiple positive signs suggest a turnaround |
| 【Company Research】Tongda (698 HK) - 1H25 earnings recovery in-line; Positive on glass fiber casing upgrade and smart tech expansion ahead |
| 【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 |
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