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    RESEARCH

    CROSBY Research – Yum China (9987 HK/NR): Concord New Energy (182 HK/BUY): Reshaping through headwinds

    CROSBY Research – Yum China (9987 HK/NR): Concord New Energy (182 HK/BUY): Reshaping through headwinds

    24 Feb 2026 CNE announced profit warning for its FY25 results. FY25 NP is expected to decline by over 80% YoY to Rmb160m or less, compared to a NP of around Rmb800m in FY24. Despite the decrease in profit, the

    Crosby_research February 24, 2026 RESEARCH Read more

    CROSBY Research – Yum China (9987 HK/NR): Yum China’s Path to 30,000 Stores by 2030

    CROSBY Research – Yum China (9987 HK/NR): Yum China’s Path to 30,000 Stores by 2030

    10 Feb 2026 Yum China is China’s largest restaurant operator with >18,100 stores across >2,500 cities at end‑2025, operating KFC (QSR), Pizza Hut (casual), and other concepts including Taco Bell, Lavazza (JV), Little Sheep and Huang Ji Huang. Its digital

    Crosby_research February 10, 2026February 10, 2026 RESEARCH Read more

    CROSBY Research – Tongda Group (698 HK/NR): Anticipating a turnaround in FY25

    CROSBY Research – Tongda Group (698 HK/NR): Anticipating a turnaround in FY25

    9 Feb 2026 Tongda just issued a positive profit alert, citing that the company anticipates a FY25 NP of HK$115m to HK$125m, marking a significant turnaround from the loss of HK$3.9bn recorded in FY24.

    Crosby_research February 9, 2026February 9, 2026 RESEARCH Read more

    CROSBY Research – Xtep (1368 HK/ BUY): Core brand flat growth in 4Q25

    CROSBY Research – Xtep (1368 HK/ BUY): Core brand flat growth in 4Q25

    30 Jan 2026 Xtep announced its 4Q25 operational results, with retail sales for its Xtep Core Brand recorded a flat growth YoY, as compared with LSD/LSD growth in 3Q25/2Q25. Breaking down by month, sales in Oct/Nov were better than Dec,

    Crosby_research January 30, 2026 RESEARCH Read more

    CROSBY Research – Johnson Electric (179 HK/NR): 3Q26 business update

    CROSBY Research – Johnson Electric (179 HK/NR): 3Q26 business update

    26 Jan 2026 JE delivered stable top-line performance in 3Q26 (Yr ended Mar), with turnover standing at USD2.7bn, consistent with prior year.

    Crosby_research January 26, 2026January 26, 2026 RESEARCH Read more

    CROSBY Research – Anta Sports (2020 HK/BUY): Expect positive growth for Anta and Fila brands in FY26

    CROSBY Research – Anta Sports (2020 HK/BUY): Expect positive growth for Anta and Fila brands in FY26

    22 Jan 2026 Anta announced its 4Q25 operational results, with retail sales for its Anta Core Brand recorded a LSD decline YoY (3Q25: +LSD, 2Q25: +LSD). The main reasons for 4Q YoY sales decline was due to i) warmer weather;

    Crosby_research January 22, 2026January 22, 2026 RESEARCH Read more

    CROSBY Research – Sa Sa Intl (178 HK/NR): Re-acceleration in the peak season

    CROSBY Research – Sa Sa Intl (178 HK/NR): Re-acceleration in the peak season

    22 Jan 2026 Sa Sa International announced its 3Q (Oct to Dec) sales figures for March-end FY26. Total turnover rose 12.5% YoY to HK$1,158.8m; offline +12.0% to HK$952.1m (82.2% of sales) and online +14.9% to HK$206.7m (17.8%). Store count reached

    Crosby_research January 22, 2026January 22, 2026 RESEARCH Read more

    CROSBY Research – Q Tech (1478 HK/BUY): Anticipating a strong FY25

    CROSBY Research – Q Tech (1478 HK/BUY): Anticipating a strong FY25

    16 Jan 2026 FY25 proved to be a good year for Q Tech as it expected to record a huge YoY surge in FY25NP of 400%-450%, reaching approximately Rmb1.1bn to Rmb2.6bn.

    Crosby_research January 16, 2026 RESEARCH Read more

    CROSBY Research – 361 Degrees  (1361 HK/BUY): Stable YoY growth in 4Q25

    CROSBY Research – 361 Degrees  (1361 HK/BUY): Stable YoY growth in 4Q25

    14 Jan 2026 361 Degrees announced its 4Q25 operational results, with offline retail sales for its 361° Core Brand recorded a +10% growth YoY (3Q25: +10%, 2Q25: +10%), while 361° Kids was up by +10% YoY (3Q25: +10%, 2Q25: +10%).

    Crosby_research January 14, 2026January 14, 2026 RESEARCH Read more

    CROSBY Research – Wasion Holdings (3393 HK/BUY): Unconventional energy tech; poised for revaluation

    CROSBY Research – Wasion Holdings (3393 HK/BUY): Unconventional energy tech; poised for revaluation

    9 Jan 2026 We have been covering Wasion for a long time. Over the years, we have observed its impressive evolution from a pure metering business into a diversified advanced technology player. Wasion’s pivot reflects China’s broader energy modernization strategy,

    Crosby_research January 9, 2026January 9, 2026 RESEARCH Read more
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