2 May 2025 Wasion announced that both Indonesian and Malaysian facilities have commenced operation in April 2025.
CROSBY Research – Wasion Holdings (3393 HK/ BUY): Expanding global manufacturing facilities’ footprint
CROSBY Research – Xtep (1368 HK/BUY): New brands continue to enjoy high YoY growth
29 Apr 2025 Xtep announced its 1Q25 operational results, with retail sales for its Xtep Core Brand recorded a MSD growth YoY, slowing down from HSD/HSD growth in 4Q24/1Q24. While offline sales recorded LSD YoY growth amid less foot traffic,
CROSBY Research – Crosby Bi-noculars (Bi-weekly Issue 78)
28 April 2025
CROSBY Research – Precision Tsugami (China) (1651 HK/ NEUTRAL): An even better FY25
25 April 2025 Precision Tsugami (China) (PTC) issued a positive profit alert citing that the company expects its FY25 (Yr-ended Mar) net profit to increase by approximately 60% YoY to Rmb782m compared to FY24 net profit of Rmb480m. This encouraging
CROSBY Research – Xin Point (1571 HK/ NR): Warnings on the impact of US tariff
22 April 2025 Since the President Trump’s second presidency has initiated, a series of steep and aggressive trade measures was introduced. The ongoing trade war with China was further escalated as China also impose reciprocal tariff in retaliation. On 9th
CROSBY Research – 361 Degrees (1361 HK/BUY): Double digit sales growth in 1Q25
15 Apr 2025 361 Degrees announced its 1Q25 operational results, with offline retail sales for its 361° Core Brand recorded a 10%-15% growth YoY (4Q24: +10%, 1Q24: +high-teens), while 361° Kids was up by 10%-15% growth YoY (4Q24: +10%-15%, 1Q24:
CROSBY Research – Anta (2020 HK/BUY): Robust 1Q25 sales growth, plans to acquire Jack Wolfskin
14 Apr 2025 Anta announced its 1Q25 operational results, with retail sales for its Anta Core Brand recorded a HSD growth YoY, flat QoQ compared to 4Q24 (3Q24: MSD, 2Q24: HSD). Both adults and kids sales grew by HSD YoY.
CROSBY Research – Crosby Bi-noculars (Bi-weekly Issue 77)
8 Apr 2025
CROSBY Research – China Lesso (2128 HK/ BUY): A tough FY24
1 April 2025 Operating against the backdrop of volatile market environment; escalating geopolitical issue and subdued property sector in China, China Lesso was indeed operating in a tough environment. Its FY24 turnover was down by 12.4% YoY to Rmb27.0bn while
CROSBY Research – Sunny Optical (2382 HK/BUY): Vehicle and Handset segments continue to drive growth in FY25
27 Mar 2025 Sunny Optical’s FY24 revenue was up by 20.9% YoY to Rmb38.3bn, driven by i) 20.2% YoY increase in handset segment (HLS/HCM) to Rmb25.1bn amid recovery in the smartphone market and better product mix; ii) 14.3% YoY increase