| 【Company Research】Hesai Group (HSAI US) - Solid core business growth outlook; pursuing expansion opportunities beyond LiDAR market |
| 【Company Research】WuXi Biologics (2269 HK) - Resilient demand amid macro uncertainties |
| 【Company Research】PDD Holdings (PDD US) - Earnings recovery in sight despite ongoing investment phase |
| 【Company Research】Nongfu Spring (9633 HK) - FY25: Strong tea & juice biz; facing challenges to maintain high growth |
| 【Company Research】CSPC Pharmaceutical (1093 HK) - BD becoming sustainable revenue engine |
| 【Company Research】Kuaishou (1024 HK) - Solid AI monetization progress; increasing AI investment may impact ST margin |
| 【Company Research】WuXi XDC (2268 HK) - Ambitious capacity expansion to continue |
| 【Company Research】WuXi AppTec (603259 CH) - Strong CDMO demand to fuel 2026 growth |
| 【Company Research】Xiaomi (1810 HK) - 4Q25 better than feared; Positive on AI investment to bear fruit in 2026-27 |
| 【Company Research】Tongcheng Travel (780 HK) - Expecting resilient core business earnings growth in 2026 |
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