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    Author: Crosby_research

    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

    CROSBY Research – Mengniu (2319 HK/NR): Earnings Rebound Masks a Still-Soft Demand Backdrop

    CROSBY Research – Mengniu (2319 HK/NR): Earnings Rebound Masks a Still-Soft Demand Backdrop

    13 Mar 2026 FY25 revenue is expected to be 7% to 8% lower YoY while OPM is slightly lower. FY25 NP would be Rmb1.4bn to Rmb1.6bn, vs Rmb104.5m in FY24. The main reason the FY25 profit rebound appears so dramatic

    Crosby_research March 13, 2026March 13, 2026 RESEARCH Read more

    CROSBY Research – Impro Precision Industries (1286 HK/NR): FY25 top and bottom line reached record high

    CROSBY Research – Impro Precision Industries (1286 HK/NR): FY25 top and bottom line reached record high

    11 March 2026 Impro Precision’s FY25 revenue increased by 8.7% YoY to HK$5.1bn. Its FY25 GPM was 27.5% compared to 27.1% in FY24. The marginal improvement in GPM was mainly due to the robust demand from high horsepower engine end-market,

    Crosby_research March 11, 2026March 11, 2026 RESEARCH Read more

    CROSBY Research – Wasion Holdings (3393 HK): A positive earnings surprise  

    CROSBY Research – Wasion Holdings (3393 HK): A positive earnings surprise  

    9 Mar 2026 Wasion issued a positive profit alert, citing that the company expects its FY25 NP to grow by 42-50% YoY to Rmb1.0bn-Rmb1.1bn. Such increase is mainly driven by revenue growth and improvement in GPM. The company is set

    Crosby_research March 9, 2026 RESEARCH Read more

    CROSBY Research – Uni-President China (220 HK/NR): Margin Resilience Amid Price Wars; 2026 Poised for Steady Growth

    CROSBY Research – Uni-President China (220 HK/NR): Margin Resilience Amid Price Wars; 2026 Poised for Steady Growth

    06 Mar 2026 UPC’s FY2025 revenue reached Rmb31.71bn, up 4.6% YoY, primarily driven by growth in the first half of the year. However, 2H revenue contracted by 1.7% YoY, reflecting broader market challenges including economic slowdowns and heightened competition in

    Crosby_research March 6, 2026March 6, 2026 RESEARCH Read more

    CROSBY Research – MiniMax Group (100 HK/NR): FY25 turnover beats market expectation

    CROSBY Research – MiniMax Group (100 HK/NR): FY25 turnover beats market expectation

    3 Mar 2026 Newly debuted on HKEX in Jan this year, MiniMax announced its first FY25 results. The company’s turnover came in better than expected, amounting to USD79.0m and representing a YoY increase of 158.9%. This growth was driven by

    Crosby_research March 4, 2026 RESEARCH Read more
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