J P M O R G A N Asia Pacific Equity Research 27 April 2025 Futu Holdings Our thoughts on Ant Group set to take control of a retail broker in HK Futu's share price fell 6.4% on Friday (vs. KWEB index -0.2%), following the news that Ant Group is acquiring 50.55% stake in Bright Smart Securities (耀才 證券), a retail broker in HK (link). For details about Bright Smart Securities and comparison with Futu, please refer to Table 1Comparisn betwBrigh Smartnd Fuand Table 2Sumary ofkeprating dforFut andBright Smarecuits ...

J P M O R G A N Asia Pacific Equity Research 27 April 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Wuliangye - A 2024 sales up 7.1% yoy at expense of relaxing credit & rising rebates to distributors; 2025 sales target of c5% (in line with GDP growth) ...

April 27, 2025 12:38 PM GMT Marine Transportation | Japan Morgan Stanley MUFG Securities Co., Ltd.+ M Update Nikkei Shimbun Report of US Port Fees on Car Carriers: Risk of Further Supply/Demand Erosion in Car Carrier Industry The Nikkei Shimbun on April 27 reported that the US government from October will impose port entry fees on all foreign-built car carrier ships. None of the three Japanese shipping majors have issued a press release on this news yet. The US Trade Representative (USTR) had already announ ...

中国 证券研究 2025 年 4 月 27 日 比亚迪-H&A 2025 年 1 季度业绩强劲；预计未来增长继续 比亚迪 2025 年 1 季度业绩几无意外，因为公司已于 4 月 9 日发布了 超出预期的业绩预报。业绩预报后，我们上调了盈利预测（链接）， 预计 2025 年平均单车利润为 1.05 万元（对比管理层指引为 1 万元， 市场一致预期为 9,800 元）。我们注意到，今年迄今市场对公司 2025 全年的一致预期已上调了 17%；尽管如此，我们的预测依然高于市场 。比亚迪仍是我们的首选股。 分析师声明及重要披露，包括非美国分析师披露，见第 5 页。 摩根大通与其研究报告所覆盖的公司开展业务，或寻求与这些公司开展业务。因此，投资者应意识到其中可能存 在利益冲突，进而可能会影响本报告的客观性。投资者在做出投资决策时，本报告之观点应仅作为投资者的考虑 因素之一。 亚太汽车行业研究主管 证券分析师: 赖以哲 AC (86-21) 6106 6353 nick.yc.lai@jpmorgan.com 登记编号: S1730520030008 证券分析师: 沈佳捷, CFA (86-21) 6106 6352 ...

April 27, 2025 04:24 PM GMT Pharmaron | Asia Pacific 1Q25 Results First Take: Revenue In Line with MSe; New Order Growth Slightly Softer Than Expected Key Takeaways Geographical mix: 1Q25 revenue streams from North America, EU and China delivered YoY growth of 16.8%, 26.6% and 13.1%, accounted for c. 65%, 18% and 15% of total revenue, respectively with another 2% from rest of the world. Customer base: Revenue stream from top 20 pharma and other customers grew 29% and 14% YoY, respectively. Cash flow: Net op ...

April 27, 2025 03:19 PM GMT Chongqing Changan Automobile (000625.SZ, 000625 Chongqing Changan Automobile | Asia Pacific Resilient 1Q performance, likely on the back of NEV advances Chang'an reported 1Q25 NPAT of Rmb1.35bn, representing YoY growth of 16.8% despite revenue slowing by 7.7% to Rmb34.1bn. We expect losses to narrow notably with respect to its NEV business, as seen by reduced minority interest (Rmb137mn in 1Q25 vs. Rmb302mn in 1Q24 and Rmb348mn in 4Q24, representing a loss to minority shareholder ...

April 27, 2025 07:48 PM GMT Ming Yang Smart Energy | Asia Pacific 2024 and 1Q25 result missed due to lower-than-expected WTG shipment and margin pressure Reaction to earnings Weakens our thesis Modest shortfall Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Key Takeaways MY reported 2024 results, with net profit of Rmb346mn, down 8.1% yoy, the miss due to 1) GP margin pressure for WTG continued, 2) lower-than-expected WTG shipment due to pr ...

J P M O R G A N Asia Pacific Equity Research 27 April 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Yonyou Network - A Another earnings shock, yet again; staying cautious Neutral 600588.SS, 600588 CH Price (25 Apr 25):Rmb13.70 ▼Price Target (Dec-25):R ...

Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS April 27, 2025 02:38 PM GMT Luzhou Lao Jiao Co. Ltd | Asia Pacific 2024/1Q25 Results in Line; Dividend Policy Announced Reaction to earnings Key Takeaways Revenue by price segment: Mid-high end liquor sales rose 3% yoy (88.4% of liquor sales) and low-end liquor sales increased 6% yoy in 2024. Margin trends: OPM declined 1.0ppt yoy in 1Q25, with narrowed GPM on a lower product ...

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. J P M O R G A N Asia Pacific Equity Research 27 April 2025 002032.SZ, 002032 CH Price (25 Apr 25):Rmb55.45 Zhejiang Supor - A ▼Price Target (Jun-26):Rmb61.00 Prior (Jun-26):Rmb63.00 Head of Asia Consumer Resear ...