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LEPU BIO-B(2157)
Analysis¡G
Lepu Biopharma recently issued a positive profit alert. It expects that the net profit attributable to shareholders for the year ended 31 December 2025 will be no less than RMB 200 million. This represents an increase of no less than RMB 611 million compared with the loss of approximately RMB 411 million for the year ended 31 December 2024. The improvement is mainly driven by strong revenue growth from domestic commercialization and licensing transactions. The significant revenue increase primarily comes from Puyouheng (Puterli monoclonal antibody injection) and Meiyouheng (Vibecotuzumab for injection). Meiyouheng began generating initial revenue after receiving approval from the National Medical Products Administration (NMPA) in October 2025.In addition, the company¡¦s profitability continues to rise with the ongoing expansion of licensing deals, including the out-licensing of MRG007 and the out-licensing of CTM012 and CTM013 (two preclinical TCE assets). The company also recognised a one-time gain from reclassifying one of its investments from an associate to an investment measured at fair value.Lepu Biopharma is an innovative biopharmaceutical company headquartered in China with a global outlook, focusing on oncology (particularly targeted therapy and immunotherapy). It develops novel antibody-drug conjugates (ADCs) through a comprehensive and advanced ADC technology platform to address unmet clinical needs in cancer patients. The company possesses fully integrated end-to-end capabilities spanning drug discovery, clinical development, CMC, and GMP-compliant manufacturing, covering every key stage of the biopharmaceutical value chain.Lepu has strategically built a broad oncology pipeline. In terms of clinical-stage candidates, it includes one clinical/commercial-stage drug, nine clinical-stage candidates, and three combination therapies of clinical-stage candidates. One of the candidates has already received marketing approval for two targeted indications, while clinical trials for additional indications are ongoing.Puyouheng has completed its full commercialization process and is now in a phase of rapid sales growth. Two other products, CMG901 and MRG007, have also successfully secured licensing partnerships through business development activities. The global rights to CMG901 have been licensed to AstraZeneca, and the rights to MRG007 outside Greater China have been licensed to ArriVent. These deals have laid a solid foundation for the future commercialisation and global collaboration of the company¡¦s ADC products.(I do not hold the above stock.)
Strategy¡G
Buy-in Price: $5.05, Target Price: $$5.60, Cut Loss Price: $4.80
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REFIRE(2570)
Analysis¡G
Refire Energy is a leading global provider of hydrogen power system solutions, specializing in the research, development, and commercialization of fuel cell stacks, hydrogen fuel systems, and distributed energy integration platforms. The company is positioned as a core infrastructure provider for zero-carbon power in the industrial and transportation sectors. With approximately 2,800 employees worldwide, Refire operates six manufacturing bases (three in China, one in the United States, one in Germany, and one in South Korea), serving 23 countries and regions. Its customers include commercial vehicle manufacturers, logistics operators, and energy utility companies. Recently, the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission publicly released the previously jointly issued Notice on Carrying Out Pilot Work for Comprehensive Hydrogen Energy Applications, officially launching the national pilot program for comprehensive hydrogen energy applications. As a key policy guiding China's hydrogen industry from demonstration and exploration to large-scale commercialization, the document designates city clusters as the main implementation entities. Through an "open competition" mechanism to select the best candidates for pilot projects and central fiscal rewards and subsidies as support, it sets a core target of reducing the terminal hydrogen price to approximately 15 yuan per kilogram, directly addressing the key bottleneck in industrial development and charting a clear roadmap for the high-quality development of the hydrogen industry. We believe that as a leading enterprise in the hydrogen fuel cell sector, the company holds significant advantages in policy support, technological expertise, and market position.
Strategy¡G
Buy-in Price: $42.16, Target Price: $47.10, Cut Loss Price: $40.00
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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 20-3-2026 | | Recommendation | Buy (Maintain) | | Price on Recommendation Date | $ 12.390 | | Suggested purchase price | N/A | | Target Price | $ 17.000 |
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