China Life (2628 HK) - 4Q Slowdown as Expected; DPS Exceeded >50%
Net asset value dropped 10% QoQ in 4Q24 to RMB509.7bn, reflecting the rapid interest rate decline in last quarter with 10yr CN govt. bond yield...
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Weichai Power (2338 HK/000338 CH) - Strong Engine Margin Expansion in 2024
Net profit in 4Q24 grew 19% YoY to RMB3bn, driven by 28%/13% YoY reduction of S&D / R&D expenses despite a flat (YoY) revenue.
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BOE Varitronix (710 HK) - FY24 Strong Sales Dragged by Weaker Margin
We believe BOEVx will continue to benefit from strong product pipeline and overseas expansion. Maintain BUY with new TP of HK$9.63.
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Giant Biogene (2367 HK) - Strong Performance in 2024
Giant Biogene announced strong 2024 results, with revenue up by 57% YoY to RMB5.5bn. Revenue from skincare products and medical dressing increased...
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Atour Lifestyle (ATAT US) - Cautious Outlook but Downside Is Limited
Atour continues to face pressure in 2025 YTD, and it has also provided a rather conservative guidance at the low-end of market consensus, in our view.
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