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    Author: Crosby_research

    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

    CROSBY Research – Nine Dragons (2689 HK/NR): FY25 NP upswing on GPM expansion

    CROSBY Research – Nine Dragons (2689 HK/NR): FY25 NP upswing on GPM expansion

    25 Sept 2025 ND reported its FY25 results (Yr ended Jun) with revenue amounting to Rmb63.2bn, representing a YoY increase of 6.3%. The major revenue contributor remained as its packaging paper business which consists of linerboard, high performance corrugating medium,

    Crosby_research September 25, 2025September 25, 2025 RESEARCH Read more

    CROSBY Research – Wasion Holdings (3393 HK/NEUTRAL): First Southern Grid tender results

    CROSBY Research – Wasion Holdings (3393 HK/NEUTRAL): First Southern Grid tender results

    22 Sept 2025 Earlier this month, China Southern Power Grid has announced the results of its first framework tender for meting equipment this year. Wasion secured contracts worth about Rmb201.2m. In addition, Willfar Information Technology Company (a subsidiary) was awarded

    Crosby_research September 22, 2025September 22, 2025 RESEARCH Read more
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