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GUOQUAN(2517)
Analysis¡G
Guoquan recently announced its full-year 2025 results, demonstrating that while the group continued to expand its scale, it achieved explosive growth in profitability and successfully entered a new phase of simultaneous increases in both scale and profit. For the year, operating revenue reached RMB 7.81 billion, up 20.7 percent year-on-year. Gross profit stood at RMB 1.687 billion, rising 19 percent, while net profit attributable to shareholders surged 87.8 percent to RMB 433 million.
As at December 31, 2025, the group operated 11,566 stores, with a net addition of 1,416 outlets during the year. Leveraging its ¡§community central kitchen¡¨ positioning, Guoquan successfully penetrated township and rural markets, with more than 70 percent of new stores ¡X a total of 1,004 ¡X located in villages or small towns. In 2025 it completed unmanned or smart upgrades for over 3,000 stores, significantly cutting labour costs and extending operating hours. The group also pushed forward its omni-channel transformation, pushing registered membership past 64.9 million, up 57.1 percent year-on-year. Its Douyin channel recorded GMV of RMB 1.49 billion, a 75.3 percent increase, while the integration of online and offline channels effectively boosted store efficiency. Looking ahead to 2026, Guoquan plans aggressive expansion, targeting more than 14,500 stores with a net increase of approximately 3,000 outlets, and expects membership to exceed 95 million.
Through diversified operations and global positioning, the group is transforming from a pure ¡§ingredient retailer¡¨ into a full-scenario ¡§eating at home¡¨ platform. Beyond its core hotpot and barbecue ingredient business, Guoquan is actively developing non-core scenarios to overcome traditional seasonal slumps. For example, its Guoquan Camping concept extends consumption from the family dining table to outdoor social settings. The first camping store in Zhengzhou achieved a single-month GMV of RMB 280,000 in November 2025, operating on a light-asset model to deliver instant and convenient outdoor dining solutions. Meanwhile, Guoquan¡¦s small-stir-fry and ready-to-cook catering combines standardised supply chains with intelligent equipment, shifting the business from simple ingredient sales to ¡§ready-made catering retail¡¨ and further tapping into the takeaway and fast-food markets.(I do not hold the above stock.)
Strategy¡G
Buy-in Price: $4.15, Target Price: $4.60, Cut Loss Price: $3.95
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DUALITYBIO(9606)
Analysis¡G
DualityBio is a global leader in the field of Antibody-Drug Conjugates (ADCs), dedicated to developing next-generation innovative ADC drugs for patients with cancer and autoimmune diseases. Leveraging its ADC technology platforms and a clinically differentiated advanced pipeline, the company aims to provide revolutionary treatment solutions that improve patient outcomes. In February of this year, the company presented the latest clinical data for DB-1311/BNT324, developed in collaboration with BioNTech, in mCRPC patients at the 2026 ASCO GU conference. The study results are from a global multi-center Phase I/II clinical trial. According to a KPMG report, the global ADC drug market size is estimated to reach US$13.2 billion in 2024, and it is expected to maintain rapid growth with a compound annual growth rate (CAGR) of 30.9% from 2025 to 2030. The global ADC drug market is projected to grow to US$66.2 billion by 2030¹². Meanwhile, the scale of China's ADC CDMO market is expected to jump from US$830 million in 2026 to US$2.45 billion in 2030, representing a CAGR of 24.2%. This reflects that ADC drugs are entering a golden period of rapid development. DualityBio possesses technological advantages and a differentiated pipeline layout in the ADC field. We believe that 2026 will be a critical year to validate its commercialization capabilities and are optimistic about its future development.
Strategy¡G
Buy-in Price: $296.00, Target Price: $332.00, Cut Loss Price: $284.00
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Great Wall Motor (2333 HK) New Energy Vehicles and Overseas Markets Drive Sales Growth
Investment SummaryRevenue Growth Amid Transformation While Profits Face PressureAccording to the 2025 annual result forecast of Great Wall Motor, the Company reported total revenue of RMB222.79 billion in the full year (RMB, the same hereafter), up 10.2% yoy. Net profit attributable to shareholders was RMB9.912 billion, down 21.7% yoy. Non-GAAP net profit attributable to the parent company fell 36.5% yoy to RMB6.158 billion. The decline in profit was mainly due to the Company accelerating the build-out of a new channel model that connects directly with users, while also increasing investment in the launch and promotion of new models and technologies as well as brand enhancement, which reduced the Company's profitability. Looking at the fourth quarter alone, the Company recorded net profit attributable to the parent company of RMB1.28 billion, down 43.5% yoy and down 44.4% qoq, mainly due to one-time year-end bonus accruals and delayed tax refunds on scrapped vehicles. Excluding these factors, the Company's operations remained stable. New Energy Vehicles and Overseas Markets Drive Sales Growth, While Product Mix Optimisation Lifts Per-Vehicle RevenueSales volume of Great Wall Motor reached a record high of 1,324 thousand units in 2025, up 7.3% yoy, driven by the dual engines of new energy vehicles and overseas markets. Among them, sales of new energy vehicles reached 404 thousand units, up 25.4% yoy, with the proportion of NEVs expanding by 4.4 percentage points to 30.5%. Overseas sales reached 506 thousand units, up 11.7% yoy, with the overseas sales ratio expanding by 1.5 percentage points to 38.2%. Among the Company's sub-brands, Haval, WEY, Tank, Ora, and pickup recorded sales volume of 759 thousand, 102 thousand, 233 thousand, 48 thousand, and 182 thousand units respectively, up 7.41%/+86.29%/+0.74%/-23.68%/+2.57% yoy respectively. The high-end brand Tank remained stable, while WEY grew significantly, with WEY Alpine achieving over 10,000 monthly deliveries for three consecutive months. With the continuous optimisation of the product sales structure, the average selling price per vehicle rose steadily. In 2025, the Company's ASP rose up 2.7% yoy, or RMB4,400, to RMB168.3 thousand, reflecting further strengthening of the brand. Platform Opens a New Product CycleIn January 2026, Great Wall Motor launched the world's first native AI full-powertrain platform ¡V GWM One. The platform is compatible with five powertrain types: PHEV, HEV, EV, FCEV, and ICE, covering seven vehicle categories including sedan, SUV, pickup, MPV, and sports car. It is equipped with self-developed 6C cells and a 900V architecture. The first flagship six-seat model based on the GWM One platform, the WEY V9X, is set to debut soon. Deepening Globalisation Strategy to Support Long-Term GrowthThe Company has set a sales volume target of 1.8 million units for 2026, including 600 thousand units from overseas markets, equivalent to an increase of 18.6%. We expect the incremental volume to come mainly from the continued roll-out of overseas localised production capacity and the accelerated expansion of overseas dealer networks (currently deployed in 1,500 locations). The Company has established three complete vehicle production bases in Thailand, Brazil, and Russia, and operates multiple KD factories in Pakistan, Vietnam, Tunisia, and other locations. Investment ThesisThe Company has set resolute strategic objectives and clear steps for new energy and high-end-oriented transformation. The roll-out of a series of new models and the deepening of overseas market deployment in this strong product cycle, along with the scale effect emerging after channel improvements, are expected to support the Company's continued growth momentum. Considering latest financial forecast, we revised our target price to HK$17, equivalent to 13.2/9.5/7.6x P/E and 1.5/1.3/1.1x P/B in 2025/2026/2027. We maintain our Buy rating. (Closing price as at 10 March) GWM¡¦s P/E trend 
Source: Wind, Phillip Securities Hong Kong Research RisksNew vehicle sales fall short of expectations
The SUV market dramatically worsens
The progress of new energy vehicle/Pickup is poorer than expectations Financial Data
(Closing price as at 10 March) Download PDF Report
| Recommendation on 18-3-2026 | | Recommendation | Buy (Maintain) | | Price on Recommendation Date | $ 12.390 | | Suggested purchase price | N/A | | Target Price | $ 17.000 |
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