| 【Company Research】ZTO Express (ZTO US/2057 HK) - Lower volume guidance but likely ASP surprise |
| 【Company Research】Xiaomi (1810 HK) - 2Q25 in line; Solid EV/IoT momentum offset by softer smartphone outlook |
| 【公司研究】中国生物制药 (1177 HK) - 丰富且差异化的创新管线将持续驱动出海授权交易 |
| 【Company Research】Hansoh Pharma (3692 HK) - Stronger-than-expected BD income in 1H25 |
| 【Company Research】Onewo (2602 HK) - Earnings beat against tough weather; Dividend yield remains attractive |
| 【Company Research】Palo Alto Networks (PANW US) - Solid rev growth and profitability expansion likely to sustain in FY26 |
| 【Company Research】Yancoal Australia (3668 HK) - Weak earnings but largely anticipated; Expect an improvement trend of coal price |
| 【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 |
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