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    Author: Crosby_research

    CROSBY Research – Johnson Electric (179 HK/NR): 1H26 results showed resilience amid trade shifts

    CROSBY Research – Johnson Electric (179 HK/NR): 1H26 results showed resilience amid trade shifts

    14 November 2025 JE reports its 1H26 (Yr ended Mar) sales of USD1.8bn, representing a YoY marginal decline of 1.1%. Reported NP increased by 2.8% YoY to USD133.3m in 1H26. Stripping off the effect of forex effect and restructuring costs,

    Crosby_research November 14, 2025November 14, 2025 RESEARCH Read more

    CROSBY Research – Anta (2020 HK/ BUY): Slight change in full year guidance

    CROSBY Research – Anta (2020 HK/ BUY): Slight change in full year guidance

    13 November 2025 Anta announced its 3Q25 operational results, with retail sales for its Anta Core Brand recorded a LSD growth YoY (2Q25: +LSD, 1Q25: +HSD). Adult sales grew by LSD YoY and kids sales grew by MSD YoY. Online

    Crosby_research November 13, 2025November 13, 2025 RESEARCH Read more

    CROSBY Research – Sany Heavy Equipment (631 HK/NR): 9M25’s momentum on track for a promising FY25

    CROSBY Research – Sany Heavy Equipment (631 HK/NR): 9M25’s momentum on track for a promising FY25

    3 November 2025 Sany Heavy announced its 3Q25 business update with revenue increased 14.1% YoY to Rmb18.1bn in 9M25. Net profit grew by 22.9% YoY to Rmb1.7bn in 9M25. Through comprehensive initiatives to enhance operational quality and efficiency, combined with

    Crosby_research November 3, 2025November 3, 2025 RESEARCH Read more

    CROSBY Research – Xtep (1368 HK/ BUY): Stable growth in 3Q25

    CROSBY Research – Xtep (1368 HK/ BUY): Stable growth in 3Q25

    23 Oct 2025 Xtep announced its 3Q25 operational results, with retail sales for its Xtep Core Brand recorded a LSD growth YoY, as compared with LSD/MSD growth in 2Q25/1Q25. Breaking down by month, sales in Jul/Aug were better than Sep,

    Crosby_research October 23, 2025October 23, 2025 RESEARCH Read more

    CROSBY Research – Precision Tsugami (China) (1651 HK/BUY): Anticipating a soild 1H26

    CROSBY Research – Precision Tsugami (China) (1651 HK/BUY): Anticipating a soild 1H26

    20 Oct 2025 Precision Tsugami (China) (PTC) issued a positive profit alert, citing that benefitted from the sustained recover of domestic economy, the company’s 1H26 (Year ended Mar) NP is expected to amount to Rmb502m, representing a YoY increase of

    Crosby_research October 20, 2025 RESEARCH Read more

    CROSBY Research – 361 Degrees (1361 HK/ BUY): Double digit growth in 3Q25

    CROSBY Research – 361 Degrees (1361 HK/ BUY): Double digit growth in 3Q25

    15 Oct 2025 361 Degrees announced its 3Q25 operational results, with offline retail sales for its 361° Core Brand recorded a ~10% growth YoY (2Q25: ~10%, 1Q25: +10%-15%), while 361° Kids was up by ~10% growth YoY (2Q25: ~10%, 1Q25:

    Crosby_research October 15, 2025 RESEARCH Read more

    CROSBY Research – Gold price breaks above $4,000 an ounce for the first time

    CROSBY Research – Gold price breaks above $4,000 an ounce for the first time

    10 Oct 2025 Gold extended its historic rally to break above $4,000 an ounce for the first time on Wednesday, driven by strong investment demand amid broader geopolitical and economic uncertainty, along with expectations of further interest rate cuts from

    Crosby_research October 10, 2025October 10, 2025 RESEARCH Read more

    CROSBY Research – Mirxes Holding (2629 HK/NR): Marking a pivotal step in regional expansion through JV

    CROSBY Research – Mirxes Holding (2629 HK/NR): Marking a pivotal step in regional expansion through JV

    10 Oct 2025 On Monday, Mirxes announced a strategic joint venture (JV) with Xeraya Opportunities Fund PCC to establish MYRNA Diagnostics. Under the terms of agreement, Mirxes and Xeraya will contribute US$2 million and US$3 million, respectively, aligned with their

    Crosby_research October 10, 2025 RESEARCH Read more

    CROSBY Research – HK Retail – August retail sales beat estimates, Luxury items up 16.4% YoY

    CROSBY Research – HK Retail – August retail sales beat estimates, Luxury items up 16.4% YoY

    3 Oct 2025 Hong Kong’s August retail print offers the clearest evidence yet that the sector is stabilising after a choppy first half. According to the Census and Statistics Department’s advance estimates, total retail sales rose 3.8% YoY to HK$30.3bn,

    Crosby_research October 3, 2025October 3, 2025 RESEARCH Read more

    CROSBY Research – Alibaba Group (9988 HK/ NR): Advancing a 3Y Rmb380bn AI infrastructure build‑out

    CROSBY Research – Alibaba Group (9988 HK/ NR): Advancing a 3Y Rmb380bn AI infrastructure build‑out

    26 Sep 2025 At the 2025 Apsara Conference held in Hangzhou on September 24, Alibaba Group’s CEO, Eddie Yongming Wu, delivered a keynote speech titled “The Path to Super AI,” outlining the company’s ambitious artificial intelligence strategy.” “An intelligence revolution

    Crosby_research September 26, 2025September 26, 2025 RESEARCH Read more
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