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    RESEARCH

    CROSBY Research – Sunny Optical (2382 HK/BUY): Vehicle and Handset segments continue to drive growth in FY25

    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

    Crosby_research April 1, 2025April 1, 2025 RESEARCH Read more

    CROSBY Research – Anta (2020 HK/BUY): Outdoor brands have surpassed Rmb10bn in revenue in FY24

    CROSBY Research – Anta (2020 HK/BUY): Outdoor brands have surpassed Rmb10bn in revenue in FY24

    25 Mar 2025 Anta’s FY24 revenue was up by 13.6% YoY to Rmb70.83bn driven by the YoY rise in Anta brand/ FILA/ Other brands by 10.6%/ 6.1%/ 53.7% to Rmb33.5bn/Rmb26.6bn/ Rmb10.7bn respectively driven by the recovery in the retail market.

    Crosby_research April 1, 2025April 1, 2025 RESEARCH Read more

    CROSBY Research – Wasion Holdings (3393 HK/ BUY): FY24 results beat expectation

    CROSBY Research – Wasion Holdings (3393 HK/ BUY): FY24 results beat expectation

    28 March 2025 Wasion announced its FY24 results with NP increased by 35.4% YoY to Rmb705.6m on the back of 20.2% YoY growth in revenue to Rmb8.7bn. Both FY24 top and bottom line beat our expectation by 3% and 8%

    Crosby_research March 28, 2025March 28, 2025 RESEARCH Read more

    CROSBY Research – Q-Tech Group (1478 HK/ NEUTRAL): FY24 product mix continued to improve, expecting further enhancement

    CROSBY Research – Q-Tech Group (1478 HK/ NEUTRAL): FY24 product mix continued to improve, expecting further enhancement

    26 March 2025 On the back of the strong increase in demand for camera modules (CCM) (+28.2% YoY), the increase in ASP and increase in sales volume of fingerprint recognition modules (FPM) (+50.8% YoY), Q-Tech’s FY24 revenue amounted to Rmb16.2bn,

    Crosby_research March 28, 2025 RESEARCH Read more

    CROSBY Research – Xtep (1368 HK/BUY): Inline FY24 results; Expect stable growth this year

    CROSBY Research – Xtep (1368 HK/BUY): Inline FY24 results; Expect stable growth this year

    21 Mar 2025 Xtep’s FY24 revenue was up by 6.5% YoY to Rmb13,577m, mainly driven by i) steady growth of 3.2% YoY from core brand Xtep to Rmb12,327m due to the strong growth from online channels of ~20% YoY which

    Crosby_research March 21, 2025March 21, 2025 RESEARCH Read more

    CROSBY Research – TK Group (2283 HK/ NR): Solid top and bottom-line growth in FY24

    CROSBY Research – TK Group (2283 HK/ NR): Solid top and bottom-line growth in FY24

    19 Mar 2025 TK Group’s (TKG) FY24 revenue amounted to HK$2.4bn, representing a YoY increase of 21.2%, while NP also went up by 28.2% YoY to HK$261.9m.  A final DPS of HK$8.8cents and special DPS of HK$10.0cents was proposed. During

    Crosby_research March 19, 2025March 19, 2025 RESEARCH Read more

    CROSBY Research – 361 Degrees (1361 HK/BUY): Inline FY24 results, expects double-digit growth in FY25

    CROSBY Research – 361 Degrees (1361 HK/BUY): Inline FY24 results, expects double-digit growth in FY25

    13 Mar 2025 FY24 revenue was up 19.6% YoY to Rmb10.1bn, with core brand retail value up by high-teens/10%/10%/10% YoY and that of 361º Kids up by 20-25%/mid-teens/10%/10-15% YoY in 1Q/2Q/3Q/4Q. GPM was up by 0.4ppt YoY to 41.5%, with

    Crosby_research March 13, 2025 RESEARCH Read more

    CROSBY Research – Impro Precision Industries (1286 HK/ NR): High horsepower engine and aerospace end-market sustained FY24 growth

    CROSBY Research – Impro Precision Industries (1286 HK/ NR): High horsepower engine and aerospace end-market sustained FY24 growth

    12 March 2025 Impro Precision’s FY24 revenue amounted to HK$4.7bn, representing a marginal growth of 1.8%. Net profit went up by 10.1% YoY to HK$644.3m in FY24. Its GPM edged up by 1.5ppt to 27.1% in FY24. Improvement in GPM

    Crosby_research March 12, 2025March 12, 2025 RESEARCH Read more

    CROSBY Research – Crosby Bi-noculars (Bi-weekly Issue 76)

    CROSBY Research – Crosby Bi-noculars (Bi-weekly Issue 76)

    10 Mar 2025 CPI and PPI contracted more than expected in February, underscoring the need for more stimulus measures from Beijing amid persistent disinflation in the country. CPI shrank 0.7% YOY, more than expectations for a drop of 0.4% and

    Crosby_research March 10, 2025March 10, 2025 RESEARCH Read more

    CROSBY Research – JNBY (3306 HK/NR): Both top-line and bottom-line up by MSD YoY in FY1H25

    CROSBY Research – JNBY (3306 HK/NR): Both top-line and bottom-line up by MSD YoY in FY1H25

    7 Mar 2025 JNBY announced its 1HFY25 interim results, with revenue increased by 5.0% YoY to Rmb3,156m mainly driven by sales growth in online channel and increase in the scale of offline stores. JNBY brand remained as the largest revenue

    Crosby_research March 7, 2025March 7, 2025 RESEARCH Read more
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