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ANTENGENE-B(6996)
Analysis¡G
Antengene is an Asia-Pacific commercial-stage biopharmaceutical company focused on innovative anti-tumor drugs. Its uniqueness stems from strong R&D capabilities and a strategic approach to developing new anti-tumor therapies. The Group has strategically designed and built an innovative R&D pipeline focused on oncology and immunology, which includes 1 commercial-stage product, 5 clinical-stage projects, and multiple preclinical-stage projects. The Group adopts a ¡§combination and complementary¡¨ R&D strategy to maximize the potential of its synergistic pipeline assets. Its commercial-stage product, XPOVIO (selinexor), has received NDA approval in Mainland China, Taiwan, Hong Kong, Macau, South Korea, Singapore, Malaysia, Thailand, Indonesia, and Australia.
For the year ended December 31, 2025, the Group recorded revenue of RMB 105 million, representing a 14.5% increase compared to 2024. This growth was primarily driven by accelerated contributions from the Mainland China market, supported by steadily improving market penetration and deepening commercialization collaborations. The loss narrowed from RMB 319 million in 2024 by RMB 80.2 million to RMB 239 million in 2025. On March 3, 2026, the Group¡¦s wholly-owned subsidiaries, Antengene Biologics Limited and Antengene (Hangzhou) Biologics Co., Ltd., entered into a licensing agreement with UCB. Under the agreement, Antengene granted UCB a worldwide exclusive license for the further development, manufacturing, and commercialization of its candidate drug ATG-201, along with access to related manufacturing technology.In return, the Group will receive US$80 million in upfront and near-term milestone payments (including a US$60 million upfront payment and an additional US$20 million in near-term milestones upon satisfying certain conditions). It is also eligible for up to approximately US$1.1 billion in future milestone payments based on successful development and commercialization, as well as tiered royalties on future net sales. ATG-201 is an investigational CD19/CD3 bispecific T-cell engager (TCE) specifically designed and developed for the treatment of B cell-mediated autoimmune diseases. The Group plans to submit clinical trial applications for ATG-201 in China and Australia in the first quarter of 2026. After completing the first-in-human (Phase 1) clinical studies in these two regions, it will hand over subsequent clinical and other related development work for ATG-201 to UCB. UCB, founded in 1928, is a global biopharmaceutical company dedicated to discovering and developing innovative drugs and solutions that improve the lives of patients with severe diseases of the immune system or central nervous system. Its shares are listed on Euronext Brussels (ticker: UCB). In 2025, UCB reported revenue of £á7.7 billion.
Looking ahead, the Group will continue to advance the clinical development of its nine clinical-stage products across multiple therapeutic areas. It will also continue to implement a dual-engine approach of external collaborations and internal discovery to build a global and Asia-Pacific-focused pipeline targeting key oncogenic pathways, the tumor microenvironment, tumor-associated antigens, and autoimmune diseases.(I do not hold the above stock.)
Strategy¡G
Buy-in Price: $4.50, Target Price: $5.00, Cut Loss Price: $4.25
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ANHUIEXPRESSWAY(600012.CH, 995.HK)
Analysis¡G
The Company is the only listed expressway company in Anhui Province. At present, it has the toll rights and interests of 9 high-speed expressways/first-class highway/bridges. The mileage of roads in operation is 5126 km. Most of them are national east-west channels, and play an important role in highway transportation in Anhui Province and the whole country. The core roads of the Company, including the Sanhe Nanjing Expressway, Xuanguang Expressway, and Gaojie Expressway, are gradually being renovated and expanded, and the operating period is expected to be extended by 25-30 years. From Q1 to Q3 of 2025, the company reported revenue of 5.39 billion yuan, down 2.1% yoy, and net profit attributable to the parent company of 1.48 billion yuan, up 5.4% yoy (adjusted figures; before adjustment, yoy growth was +21.0%). In Q1 2025, the company completed the acquisitions of Fujian-Zhouzhou and Sishui-Xushui highways. Meanwhile, the reconstruction and expansion of Xuan Guang Highway was completed, combined with the higher toll rates for trucks in Anhui Province, driving a 13.4% increase in toll revenue. In Q4 2025, the company announced plans to acquire a 7% stake in Shandong High-Speed, which is expected to boost its performance by approximately 10%. The company's performance is projected to benefit from highway acquisitions and the advancement of core asset reconstructions and expansions in the coming years. In April 2025, the company introduced a new round of shareholder return plan, pledging to maintain a cash dividend ratio of no less than 60% of net profit attributable to the parent company from 2025 to 2027, with high dividend expectations persisting.
Strategy¡G
Buy-in Price:¢D15.33, Target Price:¢D17.5, Cut Loss Price:¢D14.10
Buy-in Price: $14.26, Target Price: $16.30, Cut Loss Price: $13.00
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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 26-3-2026 | | Recommendation | Buy (Maintain) | | Price on Recommendation Date | $ 12.390 | | Suggested purchase price | N/A | | Target Price | $ 17.000 |
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