2 Jun 2025
CROSBY Research – Crosby Bi-noculars (Bi-weekly Issue 80)
CROSBY Research – SinoMab BioScience (3681 HK/ NR): An innovative immunology specialist
2 Jun 2025 Based in Hong Kong, SinoMab is a pioneering biopharmaceutical company specializing in the research, development, manufacturing, and commercialization of therapeutics for immunological diseases, with a primary focus on monoclonal antibody (mAb)-based biologics. Since its inception, SinoMab has
CROSBY Research – Kuaishou (1024 HK/NR): 1QFY25 revenue up 10.9% YoY
30 May 2025 Kuaishou’s 1QFY25 revenue was up by 10.9% YoY to Rmb32.6bn, mainly due to i) 8% YoY increase in online marketing services to Rmb18.0bn, driven by higher spending from marketing clients; ii) 14% YoY increase in live streaming
CROSBY Research – Johnson Electric (179 HK/ NR): FY25 results showed resilience amid challenges
29 May 2025 During the period under review, Johnson Electric (JE) faced mounting challenges across its key downstream markets. These difficulties stemmed from a decline in automobile production, heightened price competition in several consumer and industrial segments, and weakened consumer
CROSBY Research – SunArt Retail (6808 HK/NR): Turnaround in FY25
23 May 2025 SunArt’s FY25 (Mar-end) revenue was down by 1.4% YoY to Rmb71.6bn, mainly due to i) the contraction of supply chain business and store closures which accounted for 1.4% decline in sales; and ii) closures on loss making
CROSBY Research – Man Wah (1999 HK/NR): FY25 adj. NP increased by 1.3% YoY on higher GPM
20 May 2025 Man Wah reported its Mar ended FY25 results with top line declined by 8.2% YoY to HK$17.2bn. GPM increased by 1.1ppt YoY to 40.5%. The improvement in overall GPM was mainly attributed to the declining RM prices,
CROSBY Research – Haier (6690 HK/NR): 1QFY25 adjusted NP up 15.6% YoY
09 May 2025 Haier announced its 1QFY25 quarterly results, with operating revenue increased by 10.1% YoY to Rmb79.12bn GPM for the quarter was up by 0.1ppt YoY to 25.4%, with the increase driven by further digitalization from manufacturing to sales,
CROSBY Research – Wasion Holdings (3393 HK/ BUY): Expanding global manufacturing facilities’ footprint
2 May 2025 Wasion announced that both Indonesian and Malaysian facilities have commenced operation in April 2025.
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