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    Author: Crosby_research

    CROSBY Research – Q-Tech Group (1478 HK/ NEUTRAL): Strong August shipment growth for CCM and FPM

    CROSBY Research – Q-Tech Group (1478 HK/ NEUTRAL): Strong August shipment growth for CCM and FPM

    12 September 2025 Q-Tech’s CCM and FPM shipment maintained strong momentum in 8M25. Total sales vol. of CCM increased 18.4% MoM/ 44.3% YoY to 47.1m units in 8M25. The strong YoY increase was primarily driven by the company’s expanded market

    Crosby_research September 12, 2025September 12, 2025 RESEARCH Read more

    EMPEROR/CROSBY Research: Anta (2020 HK/BUY): Robust sales from Descente and Kolon

    EMPEROR/CROSBY Research: Anta (2020 HK/BUY): Robust sales from Descente and Kolon

    12 Sep 2025 Anta’s 1H25 revenue was up by 14.3% YoY to Rmb38.54bn, mainly driven by i) 5.4% YoY growth from core brand sales to Rmb16.95bn as a result of online growth, product enhancement and better store positioning; ii) 8.6%

    Crosby_research September 12, 2025September 12, 2025 RESEARCH Read more

    CROSBY Research – China Lesso (2128 HK/BUY): 1H25 demonstrated resilience amid challenging market

    CROSBY Research – China Lesso (2128 HK/BUY): 1H25 demonstrated resilience amid challenging market

    3 September 2025 In 1H25, the global economic recovery remained sluggish, weighed down by persistent geopolitical tensions and rising trade protectionism which continued to cloud the growth outlook. China’s economy on the other hand began to show renewed resilience following

    Crosby_research September 3, 2025September 3, 2025 RESEARCH Read more

    CROSBY Research – Wasion Holdings (3393 HK/NEUTRAL): A stellar set of 1H25 results

    CROSBY Research – Wasion Holdings (3393 HK/NEUTRAL): A stellar set of 1H25 results

    1 September 2025 Wasion’s 1H25 turnover increased by 17.3% YoY to Rmb4.4bn, while NP grew by 32.8% YoY to Rmb439.6m. In 1H25, sales of Wasion’s power AMI/ communication and fluid (C&F) AMI/ ADO, all recorded growth of 29.8%/12.8%/6.1% to Rmb1.9bn/

    Crosby_research September 1, 2025September 1, 2025 RESEARCH Read more

    CROSBY Research – XTEP (1368 HK/BUY): Strong growth in professional sportswear

    CROSBY Research – XTEP (1368 HK/BUY): Strong growth in professional sportswear

    21 Aug 2025 Xtep’s 1H25 revenue was up by 7.1% YoY to Rmb6,838m, mainly driven by i) 4.5% YoY growth from core brand sales to Rmb6,053m as a result of the robust growth in online channels and increase in footwear

    Crosby_research August 21, 2025August 21, 2025 RESEARCH Read more

    CROSBY Research – TK Group (2283 HK/ NR): Resilient 1H25 results despite tough operating environment

    CROSBY Research – TK Group (2283 HK/ NR): Resilient 1H25 results despite tough operating environment

    20 Aug 2025 TK Group’s (TKG) 1H25 revenue amounted to HK$1.1bn, representing a YoY increase of 4.3%, while NP also went up by 8.8% YoY to HK$86.8m. The mold fabrication segment delivered robust growth in 1H25, by registering 30.4% YoY

    Crosby_research August 20, 2025August 20, 2025 RESEARCH Read more

    CROSBY Research – OrbusNeich Medical (6929 HK/ NR): Fuel growth through portfolio and capacity expansion

    CROSBY Research – OrbusNeich Medical (6929 HK/ NR): Fuel growth through portfolio and capacity expansion

    18 Aug 2025 OrbusNeich is a global medical device company focused on interventional technologies for percutaneous coronary intervention (PCI) and percutaneous transluminal angioplasty (PTA) has announced its 1H25 results. In 1H25, the company faced considerable challenges stemming from a complex

    Crosby_research August 18, 2025August 18, 2025 RESEARCH Read more

    CROSBY Research – Concord New Energy (182 HK/BUY): Weaker than expected 1H25

    CROSBY Research – Concord New Energy (182 HK/BUY): Weaker than expected 1H25

    18 Aug 2025 CNE’s 1H25 revenue was down by 6.6% YoY to Rmb1,400m, mainly due to a 2.1% YoY decline in power sales to Rmb1,335m, which accounted for 95.4% of total revenue (1H24: 91.0%), and also a 52% YoY decrease

    Crosby_research August 18, 2025August 18, 2025 RESEARCH Read more

    CROSBY Research – 361 Degrees (1361 HK/BUY): Online sales recorded strong growth in 1H25

    CROSBY Research – 361 Degrees (1361 HK/BUY): Online sales recorded strong growth in 1H25

    14 Aug 2025 1H25 revenue increased by 11.0% YoY to Rmb5.70bn, with adults footwear and apparel up by 12.8% and 1.6% YoY, respectively, while kidswear surged by 11.4% YoY.  GPM edged up by 0.2ppt YoY to 41.5%, as adult footwear/apparel

    Crosby_research August 14, 2025August 14, 2025 RESEARCH Read more

    CROSBY Research – Xtep (1368 HK/BUY): DTC transformation of its main brand to start in 4Q25

    CROSBY Research – Xtep (1368 HK/BUY): DTC transformation of its main brand to start in 4Q25

    31 July 2025 Xtep announced its 2Q25 operational results, with retail sales for its Xtep Core Brand recorded a LSD growth YoY, slowing down from MSD/+10% growth in 1Q25/2Q24. Breaking down by month, sales in April/May were better than June,

    Crosby_research July 31, 2025July 31, 2025 RESEARCH Read more
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