Core Viewpoint - The company reported a strong performance in Q1 2025, with significant sales growth driven by new model launches, despite a challenging industry environment [1][2][3]. Sales Performance - In Q1 2025, the company achieved sales of 94,000 vehicles, representing a year-on-year increase of 330.8% and a quarter-on-quarter increase of 2.7% [1]. - The new models, Mona M03 and P7+, contributed significantly to sales, with 47,000 and 24,000 units sold respectively, accounting for 75.5% of total sales in the quarter [2]. Financial Metrics - Total revenue for Q1 2025 was 15.81 billion yuan, showing a year-on-year increase of 141.5% but a quarter-on-quarter decrease of 1.8% [1]. - The average revenue per vehicle was 153,000 yuan, down 39.8% year-on-year and 4.7% quarter-on-quarter [1]. - The gross margin improved to 15.6%, with a year-on-year increase of 2.7 percentage points and a quarter-on-quarter increase of 1.2 percentage points [1]. Future Outlook - The company has set a delivery guidance of 102,000 to 108,000 vehicles for Q2 2025, which would be a record high [2]. - The introduction of new models such as G6 and G9, along with the upcoming M03 Max version, is expected to further enhance sales and profitability [3]. - The company anticipates total sales of 550,000 vehicles in 2025, representing a year-on-year increase of 190% [3]. Technological Advancements - The company is set to deploy its self-developed Turing chip in Q2, which is designed to optimize cost control and enhance the capabilities of its vehicles [3]. - The Turing chip boasts processing power 3-7 times that of current mainstream AI chips, specifically designed for L4 autonomous driving [3]. Profitability Forecast - The company has revised its revenue projections for 2025-2027 upwards, with expected revenues of 95.9 billion, 117.2 billion, and 135.5 billion yuan respectively [4]. - The forecast for net profit attributable to the parent company has also been increased, with estimates of 400 million, 2.8 billion, and 4.7 billion yuan for the same period [4].

Core Viewpoint - The company reported strong Q1 2025 performance with revenue and profit exceeding Bloomberg consensus expectations, driven by favorable policies and recovery in overseas travel demand [1][2] Financial Performance - Overall Q1 revenue reached 13.8 billion yuan, a year-on-year increase of 16%, slightly above Bloomberg consensus by 0.22% [1] - Operating profit was 3.6 billion yuan with a margin of 26%, exceeding Bloomberg consensus by 7.34% [1] - Adjusted net profit was 4.2 billion yuan, a year-on-year increase of 3%, surpassing Bloomberg consensus by 8.99% [1] Business Segment Analysis - Accommodation booking revenue was 5.5 billion yuan, up 23% year-on-year, exceeding Bloomberg consensus by 1.39% [1] - Transportation ticketing revenue was 5.4 billion yuan, an 8% year-on-year increase, slightly above Bloomberg consensus by 0.20% [1] - Travel vacation revenue was 0.9 billion yuan, a 7% year-on-year increase, below Bloomberg consensus by 5.90% [1] - Business travel management revenue was 0.6 billion yuan, up 12% year-on-year, exceeding Bloomberg consensus by 4.36% [1] - Other business revenue was 1.4 billion yuan, a 33% year-on-year increase, slightly below Bloomberg consensus by 0.96% [1] Growth Drivers - Overseas business saw a 60% year-on-year increase in OTA platform bookings, with inbound tourism bookings more than doubling, driven by strategic investments and favorable visa policies [1] - In Q1, inbound tourist numbers surged by 40.2%, with 75% of visitors from visa-free countries, particularly from South Korea, Thailand, Malaysia, and Indonesia, with hotel orders increasing by over 240% [1] - The introduction of a 240-hour visa-free transit policy in December 2024 will expand the list of eligible countries to 54 and open 60 entry and exit points [1] Outbound Business - Outbound hotel and flight bookings have surpassed 120% of the same period in 2019, benefiting from the orderly recovery of capacity [2] - Cross-border flight capacity has recovered to 83%-84% of 2019 levels, with predictions to reach 90% by the end of the year [2] Market Outlook - Hotel ADR (Average Daily Rate) saw a high single-digit decline in Q1, but the decline has narrowed in Q2, with low single-digit decreases during the May Day holiday [2] - With increasing travel demand and normalization of supply, hotel prices are expected to stabilize [2] Investment Projections - Revenue projections for 2025, 2026, and 2027 are 61.4 billion, 68.5 billion, and 76.5 billion yuan, reflecting year-on-year growth of 15%, 12%, and 12% respectively [2] - Adjusted net profit projections for the same years are 18.7 billion, 21.8 billion, and 24.7 billion yuan, with year-on-year growth of 3%, 16%, and 14% respectively [2] - The company maintains a "buy" rating based on these projections [2]

Core Viewpoint - Trip.com Group reported strong financial performance in Q1 2025, with revenue growth and positive operating profit margins, indicating a robust recovery in the travel sector [1][4]. Financial Performance - Q1 2025 revenue reached Rmb13.9 billion, representing a 16% year-over-year increase [1]. - Non-GAAP operating profit was Rmb4 billion, with a non-GAAP operating profit margin of 29% [1]. - The company maintains its non-GAAP EPS forecasts of Rmb27.7 for 2025, Rmb29.7 for 2026, and Rmb30 for 2027 [1]. Business Segment Performance - Accommodation reservation revenue increased by 23% year-over-year [2]. - Transportation ticketing revenue grew by 8%, packaged tour revenue by 7%, corporate travel revenue by 12%, and other business revenue by 33% [2]. - Revenue breakdown by region: domestic (65% of total revenue, low teens growth), outbound (15%, 20% growth), and pure overseas (20%, 30%+ growth) [2]. Brand Contribution and Outlook - The Trip.com brand contributed 13% of total revenue, with over 50% year-over-year growth [3]. - For Q2 2025, revenue is expected to grow by 14% year-over-year, with domestic business in low teens, outbound travel up by 15%, and Trip.com brand growth exceeding 50% [3]. - The recovery rate of outbound travel compared to 2019 is projected to rise from 50% in Q1 2025 to 60% [3]. Market Position and Rating - The company is positioned as a leader in China's online travel industry, with potential for market share gains internationally [4]. - The target price is maintained at HK$590, indicating a 22% upside, with a Buy rating sustained [4].

Group 1 - Xiaomi Group reaffirms its R&D investment guidance of 30 billion yuan by 2025 and 200 billion yuan from 2026 to 2030 [1] - The company launched its first SUV YU7, 3nm flagship SoC Xuanjie O1, and integrated self-developed 4G baseband Xuanjie T1, along with several flagship products [1][2] - YU7 is positioned as a "luxury high-performance SUV" with a body size of 4999/1996/1600mm and a wheelbase of 3000mm, featuring laser radar and NVIDIA Thor [1][2] Group 2 - The 3nm flagship SoC Xuanjie O1 features 19 billion transistors and a chip area of only 109 square millimeters, with a CPU configuration of 10 cores [2] - The GPU is a 16-core Immortalis-G925, supporting dynamic performance scheduling, and the self-developed ISP has reached its fourth generation [2] - The Xuanjie T1 SoC integrates a self-developed 4G baseband, marking a significant breakthrough in communication technology for Xiaomi [3] Group 3 - Xiaomi's chip development strategy has evolved since 2014, with a focus on peripheral functional chips, leading to the establishment of the Xuanjie project in early 2021 [3] - The company has invested 13.5 billion yuan in R&D as of April 2025, with a projected budget of over 6 billion yuan for 2025 [3] - The high-end strategy is expected to enhance product strength, profit margins, and valuation, maintaining a buy rating [3][4] Group 4 - The release of YU7 and the Xuanjie O1/T1 signifies a continued strengthening of the product portfolio and a solidification of the technological moat [4] - Xiaomi possesses a unique "human-vehicle-home" ecosystem and competitive advantages [4] - Revenue forecasts for 2025-2027 are set at 469.4 billion, 572 billion, and 684.4 billion yuan, with adjusted net profits of 37.6 billion, 45.7 billion, and 55.8 billion yuan respectively [4]

Group 1: Product Launches - Xiaomi Group held its 15th anniversary strategic product launch event, introducing several new products including the Xiaomi 15S Pro smartphone, Xiaomi Civi 5 Pro, Xiaomi Pad 7 Ultra, Xiaomi Watch S4 eSIM version, and Xiaomi YU7 car, along with multiple IoT products [1] - The Xiaomi 15S Pro smartphone and Xiaomi Pad 7 Ultra are powered by the self-developed 3nm Xuanjie O1 processor, featuring a "ten-core four-cluster" architecture and the latest Arm Immortalis-G925 GPU [1] - The Xiaomi Watch S4 eSIM version is equipped with the Xuanjie T1 watch chip, which integrates Xiaomi's first 4G baseband [1] Group 2: Automotive Developments - The Xiaomi YU7, positioned as a luxury high-performance SUV, features a maximum power of 690PS and a top speed of 253 km/h, with a range of up to 835 km [2] - The YU7 includes advanced intelligent features such as a four-in-one domain controller, NVIDIA Thor chip for assisted driving, and multiple sensors for enhanced safety and performance [2] - Cumulative deliveries of the Xiaomi SU7 series have exceeded 258,000 units, with over 28,000 units delivered in April 2025 alone [2] Group 3: Strategic Vision and Market Position - Xiaomi's "human-vehicle-home ecosystem" strategy is now fully integrated, with significant growth in home appliances, achieving over 100% year-on-year sales growth in Q1 2025 [3] - The company has a comprehensive layout across multiple hardware categories, including smartphones, PCs, wearables, smart home devices, and automobiles, positioning itself favorably in the emerging edge AI era [3] - The integration of AI software capabilities, represented by the Super Xiao Ai, and AI core hardware capabilities, represented by the Xuanjie O1, is expected to enhance Xiaomi's market position [3] Group 4: Financial Outlook - The company maintains its existing profit forecasts, with the current stock price corresponding to a 2025/2026 adjusted net profit P/E ratio of 31.9/23.1 times [3] - The target price is set at HKD 70.0, reflecting a potential upside of 31.6% compared to the current stock price [3]

Core Viewpoint - A social media influencer raised concerns about potential fraud by Juzhi Biotechnology regarding their collagen product, claiming that the detected collagen content was significantly lower than what was stated on the product label [2][3]. Group 1: Detection and Analysis - The influencer utilized high-precision HPLC amino acid quantification methods to test the collagen product, revealing that the detected collagen content was only 0.0177%, which is below the expected threshold of 0.1% for non-trace ingredients [2][3]. - The influencer's analysis indicated that glycine, a key component of collagen, was not detected in the sample, contradicting established knowledge that glycine constitutes one-third of collagen's amino acid residues [3]. Group 2: Company Response - In response to the allegations, Juzhi Biotechnology's brand Kefu Mei stated that their own testing showed collagen content exceeding 0.1%, with results of 0.27%, 0.27%, and 0.28% from multiple samples taken on May 24 [4]. - The company criticized the influencer's testing methods as not being recognized by industry standards and claimed that the influencer did not request the original collagen material for testing [4]. Group 3: Regulatory Context - A consumer previously reported adverse effects after using a product from Juzhi Biotechnology, leading to a separate investigation regarding the presence of epidermal growth factor (EGF), which is prohibited in cosmetics [4][5]. - The Shaanxi Provincial Drug Administration conducted inspections and found no evidence of EGF in the products, concluding that the company did not engage in illegal practices regarding EGF [5].

1 国家网信办持续深入整治网上金融信息乱象 5月24日，据网信中国微信公众号消息，近期，国家网信办会同金融管理部门依法处置一批散布资本市场不实信息、开展非法荐股、炒作虚拟货币交易等的 账号、网站。"爱股票App"等账号发布资本市场不实信息。"侃哥说财经"等账号开展非法荐股。"火哥聊加密"等账号、网站宣传炒作虚拟货币交易。"小北 呦"等账号散布金融领域黑灰产信息。涉及的账号、网站已被依法依约关闭。 据中国证券报5月24日消息，证监会日前更新披露的一则行政处罚决定书显示，证监会对田汉等违反限制性规定转让股票、信息披露违法行为进行立案调 查。审理发现，田汉、京汉控股集团有限公司、建水泰融企业管理有限公司违反限制性规定转让"奥园美谷"；田汉、京汉控股信息披露违法，导致奥园美谷 2020年年报披露股东情况存在虚假记载。证监会决定，综合上述两项违法事实，对田汉合计没收违法所得1.93亿元，并处以2250万元罚款；对京汉控股合计 处以800万元罚款；对建水泰融没收违法所得298.31万元，并处以50万元罚款。 5 国际新闻 香港特区行政长官李家超5月24日出席"购在中国·2025大湾区消费季"启动仪式并致辞。他表示将善用香 ...

每经编辑｜胡玲 1 国家网信办持续深入整治网上金融信息乱象 5月24日，据网信中国微信公众号消息，近期，国家网信办会同金融管理部门依法处置一批散布资本市场不实信息、开展非法荐股、炒作虚拟货币交易等的 账号、网站。"爱股票App"等账号发布资本市场不实信息。"侃哥说财经"等账号开展非法荐股。"火哥聊加密"等账号、网站宣传炒作虚拟货币交易。"小北 呦"等账号散布金融领域黑灰产信息。涉及的账号、网站已被依法依约关闭。 2 李家超：将香港打造成为区内的跨境电商物流配送中心 香港特区行政长官李家超5月24日出席"购在中国·2025大湾区消费季"启动仪式并致辞。他表示将善用香港优越的地理位置，以及一流的运输物流基建设施， 将香港打造成为区内的跨境电商物流配送中心。李家超表示，未来，香港特区政府会继续加快产业数字转型、加强数字基础建设、研究促进数据交易生态， 并且以大湾区作试点探讨便利数据跨境流动安排，推动数字经济和实体经济融合发展。（大湾区之声） 3 浙江余姚一学校食堂绞肉机发现活蛆：对有关人员停职、免职处理 5月23日，有网友反映浙江宁波余姚市姚北实验学校食堂的绞肉机中有大量蠕动的活蛆。宁波市教育局随后派出工作组赴余姚 ...

每经编辑｜张锦河 5月24日深夜，巨子生物旗下品牌可复美发布告消费者书：——关于近期网传"巨子生物（HK02367，股价76.7港元，市值821.38亿港元）可复美产品检测未 添加重组胶原蛋白成分"的严正声明。 | 【产品信息】 | | | --- | --- | | 产品名称: | 可复美重组胶原蛋白肌御修护次抛精华液 | | 备案编号: | 陕G妆网备字2025000048 | | 备案日期: | 2025-03-28 | | 备案人: | 西安巨子生物基因技术股份有限公司 | | 备案人住所地址: | 西安市高新区锦业路69号创业研发园C区20号 | | 生产企业: | 企业名称：西安巨子生物基因技术股份有限公司 企业地址：西安市高新区锦业路69号创业研发园C区20号 生产地址： 西安市高新区毕原三 路3365号 生产许可证: 陕妆20160024 | | 成分: | ("水","甘油聚碳-26","丁二醇","1,2-己二醇","四氨甲基吨啶技酸","甜菜碱","可溶性胶原","1,3-丙二醇","丙烯酸（酯）类/C10- 30 烷醇丙烯酸酯交联聚合物","透明质酸钠","辛甘醇","即肽","甘草酸 ...

机构：中金公司 研究员：张琎/刘雅馨/朱言音 IBI363 肠癌后线数据较大超我们预期。截至2024 年12 月6 日1：患者基线单药组和联合组分别有63.2% 和53.4%此前已经接受过3 线及以上的治疗。在疗效可评估患者中（单药组 n=63，联合组 n=68）整体 ORR为12.7%和23.5%。接受IBI363 单药治疗患者mOS达16.1 个月（95% CI： 10.1–未达到），IBI363 联合贝伐珠单抗组OS未成熟。三级及以上TRAE发生概率单药组和联合用药组 分别为23.5%和30.1%。尽管此前IBI363 披露的ORR数据已经显示出亮眼信号，我们认为此次首次披露 的OS数据仍较大超我们预期，IBI363 未来有潜力成为该领域的重磅品种。 IBI363 在IO经治肺癌持续展现领先的竞争力。截至2024 年12 月6 日2： 至少有1 次基线后肿瘤评估的鳞状NSCLC患者中，3mg/kg剂量组（n=30）ORR高达43.3%（cORR 36.7%），DCR 90.0%。mPFS 7.3 个月。在无可靶向基因组改变的PD-(L)1 经治患者中，3mg/kg剂量组 （n=30）ORR28.0%（c ...