| 【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 |
| 【Company Research】AIA Group Ltd. (1299 HK) - 1H25 review: Resilient VONB uptrend with optimistic outlook on China Growth Strategy |
| 【Company Research】SANY Heavy (600031 CH) - 2Q25 profit +38% YoY with interim div; Solid upcycle |
| 【Company Research】AAC Tech (2018 HK) - 1H25 in-line despite GPM dip; Solid outlook intact on AI-driven upgrade cycle in 2H25E |
| 【Company Research】Xunfei Healthcare (2506 HK) - Government remains the primary driving force of medical AI applications |
| 【Company Research】Tuhu Car (9690 HK) - Market share gain on superb management |
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