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    Author: Crosby_research

    CROSBY Research – Sany Heavy Equipment (631 HK/NR): Margin pressure dented 1Q26 bottom line growth

    CROSBY Research – Sany Heavy Equipment (631 HK/NR): Margin pressure dented 1Q26 bottom line growth

    21 May 2026 Sany Heavy announced its 1Q26 business update with revenue increased 13.2% YoY to Rmb6.7bn in 1Q26. Net profit, however, declined by 19.8% YoY to Rmb509.4m in 1Q26. Its GPM declined by 3.6ppt to 20.7% in 1Q26. Sany

    Crosby_research May 21, 2026May 21, 2026 RESEARCH Read more

    CROSBY Research – Anta Sports (2020 HK/BUY): Better than expected sales growth in 1Q26

    CROSBY Research – Anta Sports (2020 HK/BUY): Better than expected sales growth in 1Q26

    15 May 2026 Anta announced its 1Q26 operational results, with retail sales for its Anta Core Brand recorded a HSD growth YoY (4Q25: -LSD, 3Q25: +LSD). The main reasons for 1Q26 YoY sales growth was due to i) a later

    Crosby_research May 15, 2026May 15, 2026 RESEARCH Read more

    CROSBY Research – 361 Degrees (1361 HK/BUY): Plans to open 100 Super Premium Stores this year

    CROSBY Research – 361 Degrees (1361 HK/BUY): Plans to open 100 Super Premium Stores this year

    15 May 2026 361 Degrees announced its 1Q26 operational results, with offline retail sales for its 361° Core Brand recorded a +10% growth YoY (4Q25: +10%, 3Q25: +10%), while 361° Kids was up by +10% YoY (4Q25: +10%, 3Q25: +10%).

    Crosby_research May 15, 2026May 15, 2026 RESEARCH Read more

    CROSBY Research – Wasion Holdings (3393 HK/BUY): Capital strength and orders win fuel future growth   

    CROSBY Research – Wasion Holdings (3393 HK/BUY): Capital strength and orders win fuel future growth   

    14 May 2026 Wasion has secured contract wins in State Grid’s first tender, landing contracts for 827k smart meters and metering current and voltage transformers worth Rmb207.8m. Willfar Information also achieved success, winning contracts for 24k intelligent fusion terminals and

    Crosby_research May 14, 2026May 14, 2026 RESEARCH Read more

    CROSBY Research – Xtep (1368 HK/BUY): Solid FY25 results; Multi-brand strategy continues to gain traction

    CROSBY Research – Xtep (1368 HK/BUY): Solid FY25 results; Multi-brand strategy continues to gain traction

    14 May 2026 Xtep delivered solid FY25 results, with revenue up 4.2% YoY to Rmb14,151m and NP up 10.8% YoY to Rmb1,372m. Excluding the disposal impact from K&P in FY24, comparable continuing-operations NP grew c.5.1% YoY. The company declared a

    Crosby_research May 14, 2026May 14, 2026 RESEARCH Read more

    CROSBY Research – Anta Sports (2020 HK/BUY): Solid FY25 results, multi-brand strategy continue to gain traction

    CROSBY Research – Anta Sports (2020 HK/BUY): Solid FY25 results, multi-brand strategy continue to gain traction

    31 Mar 2026 Anta’s FY25 revenue was up by 13.3% YoY to Rmb80.22bn driven by the YoY rise in Anta brand/ FILA/ Other brands by 3.7%/ 6.9%/ 59.2% to Rmb34.8bn/Rmb28.5bn/ Rmb17.0bn respectively driven by better brand positioning and growing e-commerce.

    Crosby_research March 31, 2026March 31, 2026 RESEARCH Read more

    CROSBY Research – Wasion Holdings (3393 HK/BUY): 2025 marked as a pivotal year, redefining Wasion’s trajectory

    CROSBY Research – Wasion Holdings (3393 HK/BUY): 2025 marked as a pivotal year, redefining Wasion’s trajectory

    30 March 2026 Wasion recorded a turnover of Rmb10.1bn in FY25, representing a YoY increase of 15.6%. NP grew 50.0% YoY to Rmb1.1bn in FY25. GPM edged up 0.9ppt to 35.7% in FY25.

    Crosby_research March 30, 2026March 30, 2026 RESEARCH Read more

    CROSBY Research – 361 Degrees  (1361 HK/BUY): Inline FY25 results

    CROSBY Research – 361 Degrees  (1361 HK/BUY): Inline FY25 results

    30 Mar 2026 FY25 revenue was up 10.6% YoY to Rmb11.1bn, with core brand retail value up by 10-15%/10%/10%/10% YoY and that of 361º Kids up by 10-15%/10%/10%/10% YoY in 1Q/2Q/3Q/4Q. GPM was flat at 41.5%, with adults-footwear/adults-apparel/kids-footwear/kids-apparel GPM recorded

    Crosby_research March 30, 2026March 30, 2026 RESEARCH Read more

    CROSBY Research – Sany Heavy Equipment (631 HK/NR): Overseas sales and reduced impairment costs lifted FY25 earnings

    CROSBY Research – Sany Heavy Equipment (631 HK/NR): Overseas sales and reduced impairment costs lifted FY25 earnings

    23 Mar 2026 Sany Heavy has issued a positive profit alert, projecting its FY25 net profit in the range of Rmn1.6–1.9bn, a robust year‑on‑year increase of 49.8% to 73.2%. This earnings surge is primarily driven by a significant reduction in

    Crosby_research March 23, 2026March 23, 2026 RESEARCH Read more

    CROSBY Research – Q Tech (1478 HK/BUY): A solid set of FY25 results

    CROSBY Research – Q Tech (1478 HK/BUY): A solid set of FY25 results

    18 March 2026 In line with its profit alert in Jan this year, Q Tech was indeed posted a solid set of FY25 results. Turnover grew by 29.3% YoY to Rmb20.9b while NP surged by 435.2% YoY to Rmb1.5b.

    Crosby_research March 18, 2026March 18, 2026 RESEARCH Read more
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