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    Author: Crosby_research

    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

    CROSBY Research – Minth Group (425 HK/ NR): Capturing the rise of the low-altitude economy

    CROSBY Research – Minth Group (425 HK/ NR): Capturing the rise of the low-altitude economy

    24 July 2025 In July, Minth announced that it has entered into the Development Commission Service Agreement and Strategic Cooperation with EHang (EH US, NR) to which the parties agreed to the framework of cooperation to jointly develop and operate

    Crosby_research July 24, 2025July 24, 2025 RESEARCH Read more

    CROSBY Research – Anta (2020 HK/BUY): Weaker than expected 2Q25 sales growth for Anta Brand

    CROSBY Research – Anta (2020 HK/BUY): Weaker than expected 2Q25 sales growth for Anta Brand

    18 Jul 2025 Anta announced its 2Q25 operational results, with retail sales for its Anta Core Brand recorded a LSD growth YoY (1Q25: +HSD, 4Q24: +HSD), with 1H25 up by MSD YoY. Both adults and kids sales grew by LSD

    Crosby_research July 18, 2025 RESEARCH Read more

    CROSBY Research – 361 Degrees (1361 HK/BUY): More Super Premium Stores were opened in 2Q25

    CROSBY Research – 361 Degrees (1361 HK/BUY): More Super Premium Stores were opened in 2Q25

    15 Jul 2025 361 Degrees announced its 2Q25 operational results, with offline retail sales for its 361° Core Brand recorded a ~10% growth YoY (1Q25: +10%-15%, 2Q24: +10%), while 361° Kids was up by ~10% growth YoY (1Q25: +10%-15%, 2Q24:

    Crosby_research July 18, 2025July 18, 2025 RESEARCH Read more

    CROSBY Research – Johnson Electric (179 HK/ NR): Alliance of innovation: Forging the humanoid robotic frontier through JVs

    CROSBY Research – Johnson Electric (179 HK/ NR): Alliance of innovation: Forging the humanoid robotic frontier through JVs

    17 July 2025 Johnson Electric (JE) announced that it has entered into two JV agreements with Shanghai Mechanical & Electrical Industry. JE’s total investment in these two JVs amounted to Rmb75m.

    Crosby_research July 17, 2025 RESEARCH Read more

    CROSBY Research – Wasion Holdings (3393 HK/ BUY): Sustained progress in brand globalization with increasing recognition

    CROSBY Research – Wasion Holdings (3393 HK/ BUY): Sustained progress in brand globalization with increasing recognition

    15 July 2025 Wasion announced that it has been awarded a smart meter tender contract by Mexico’s Federal Electricity Commission (CFE) last month, valued at over MXN627.4m. This was followed by a previous supply agreement signed with CFE in March

    Crosby_research July 15, 2025July 15, 2025 RESEARCH Read more
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