| 【Company Research】CPIC (2601 HK) - Participating sales noticeably increased; MTM losses dragged a profit miss in 1Q25 |
| 【Company Research】Li Ning (2331 HK) - A cautious outlook after a maintained guidance |
| 【Company Research】Zhejiang Dingli (603338 CH) - 1Q25 profit rose 42% YoY but only helped by non-operating items |
| 【Company Research】Wingtech (600745 CH) - Resilient 1Q semiconductor sales; non-profitable ODM business to be deconsolidated |
| 【Company Research】BYDE (285 HK) - 1Q25 earnings flat YoY; 2025 positive outlook backed by auto/AI and limited tariff impact |
| 【Company Research】Akeso (9926 HK) - Continued optimism on the global potential of Ivonescimab |
| 【行业研究】中国医药 - 关注ASCO数据发布，创新药行情或将分化 |
| 【Company Research】Ping An (2318 HK) - 1Q25 NBV stayed robust lifting L&H OPAT back to positive growth |
| 【Company Research】Great Wall Motor (2333 HK/601633 CH) - No need to read too much into 1Q25 earnings |
| 【Company Research】BYD (1211 HK/002594 CH) - 1Q25 earnings on track |
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