Equity Research Analyst - Long-Short

Raj S, CA, CFA

Equity Bottom-Up

Beijing Roborock Technology  / Equity Bottom-Up

<ul>
<li>Roborock's margins are expected to bottom-out after a tough four quarters of strategically prioritizing market share at the cost of margins. 3Q-4Q25 will mark the start of new margin cycle.</li>
<li>Margins stabilizing at the new normal of 12-14% NPM will mean earnings will track revenue growth going forward. Meanwhile, revenues can surprise on the upside with &gt;25% CAGR in medium-term.</li>
<li>
HK-Listing into 2H25/ 1H26 is a strong catalyst which can bring in fresh money, and improve disclosure standards - a key concern. We expect 70% upside in our bull case.
</li>
</ul>


Roborock's margins are expected to bottom-out after a tough four quarters of strategically prioritizing market share at the cost of margins. 3Q-4Q25 will mark the start of new margin cycle.
Margins stabilizing at the new normal of 12-14% NPM will mean earnings will track revenue growth going forward. Meanwhile, revenues can surprise on the upside with &gt;25% CAGR in medium-term.

HK-Listing into 2H25/ 1H26 is a strong catalyst which can bring in fresh money, and improve disclosure standards - a key concern. We expect 70% upside in our bull case.



Beijing Roborock (688169.SS): Structural Margin Recovery to Drive Re-Rating; HK Listing Key Catalyst

<ul>
<li>
Margins yet to recover – 3Q25 profitability remained under pressure from China promotions and early Vietnam cost drag.</li>
<li>Strong topline – revenue +61 % YoY, driven by broad-based global demand.</li>
<li>Recovery deferred – margin inflection likely only after efficiency gains and tariff easing.</li>
</ul>



Margins yet to recover – 3Q25 profitability remained under pressure from China promotions and early Vietnam cost drag.
Strong topline – revenue +61 % YoY, driven by broad-based global demand.
Recovery deferred – margin inflection likely only after efficiency gains and tariff easing.


Beijing Roborock (688169.SS): 3Q25 Review: Turn Around Delayed Further

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orbbee-inc" target="_blank" data-smartkarma-citation="entities:40865:1" rel="noopener">Orbbec (688322 CH)</a>, a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing.</li>
<li>Orbbec designs, develops, and manufactures a suite of 3D vision sensors and a range of consumer-grade and industrial-grade application devices, serving customers across robotics, and other artificial intelligence of things.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Orbbec (688322 CH), a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing.
Orbbec designs, develops, and manufactures a suite of 3D vision sensors and a range of consumer-grade and industrial-grade application devices, serving customers across robotics, and other artificial intelligence of things.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Orbbec A/H Listing - Track Record Isn’t Great but Robovision Outlook Is Bright

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>STAR 50 and STAR 100 are tech-focused, blue-chip indices in Mainland China which track the largest names in the STAR market of the Shanghai Stock Exchange.</li>
<li>In this insight, we look at the potential ADDs/DELs for the STAR50/STAR100 indices for the December 2026 index rebal event.</li>
<li>We expect around US$3.9bn combined one-way flows for STAR 50 and STAR 100 during the December 2026 index rebal event.</li>
</ul>


STAR 50 and STAR 100 are tech-focused, blue-chip indices in Mainland China which track the largest names in the STAR market of the Shanghai Stock Exchange.
In this insight, we look at the potential ADDs/DELs for the STAR50/STAR100 indices for the December 2026 index rebal event.
We expect around US$3.9bn combined one-way flows for STAR 50 and STAR 100 during the December 2026 index rebal event.


Quiddity Leaderboard STAR 50/100 Dec26: CXMT Addition Possible; ~US$3.9bn Combined One-Way Flow

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We continue to view the latest pullback as healthy/normal within the ongoing bull market, and it is quite possible that the lows have been established on MSCI ACWI (ACWI-US).</li>
<li>Upgrading EM to Market Weight; MSCI Emerging Markets, China (shanghai Composite) and Hong Kong (Hang Seng) Still Bottoming; we discussed buying in our February 23, 2024 Int'l Compass
</li>
<li>Commodities all appear to be rolling over near resistance, which is what we discussed to watch for in our April 18, 2024 Int'l Compass. This has bullish implications for ACWI</li>
</ul>


We continue to view the latest pullback as healthy/normal within the ongoing bull market, and it is quite possible that the lows have been established on MSCI ACWI (ACWI-US).
Upgrading EM to Market Weight; MSCI Emerging Markets, China (shanghai Composite) and Hong Kong (Hang Seng) Still Bottoming; we discussed buying in our February 23, 2024 Int'l Compass

Commodities all appear to be rolling over near resistance, which is what we discussed to watch for in our April 18, 2024 Int'l Compass. This has bullish implications for ACWI


Upgrading Emerging Markets to Market Weight; China/Hong Kong Continue to Bottom; Energy Breakdowns

China

Beijing Roborock Technology Co., Ltd. manufactures and sells household vacuum cleaners. The Company researches, develops, and produces robotic home cleaners and other cleaning appliances. Beijing Roborock Technology also manufactures and sells household appliance parts.

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Beijing Roborock Technology (688169 CH)

Beijing Roborock (688169.SS): Structural Margin Recovery to Drive Re-Rating; HK Listing Key Catalyst

We just published a quarterly update note on this Beijing Roborock Margin Recovery story post 3Q earnings, and the way forward. Beijing Roborock is...

Raj S, CA, CFA

Beijing Roborock (688169.SS): 3Q25 Review: Turn Around Delayed Further

We just published a quarterly update note on this Beijing Roborock Margin Recovery story post 3Q earnings, and the way forward. Beijing Roborock is...

Raj S, CA, CFA

Aequitas: Orbbec A/H Listing - Track Record Isn’t Great but Robovision Outlook Is Bright

Orbbec (688322 CH), a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing. In this note, we look at the...

Sumeet Singh

Quiddity Leaderboard STAR 50/100 Dec26: CXMT Addition Possible; ~US$3.9bn Combined One-Way Flow

Recent Chinese megacap IPO name CXMT (688825 CH) could get added to STAR 50 in the upcoming index rebalance event which could be a multibillion...

Janaghan Jeyakumar, CFA

Upgrading Emerging Markets to Market Weight; China/Hong Kong Continue to Bottom; Energy Breakdowns

Upgrading Emerging Markets $EEM $VWO to Market Weight; China/Hong Kong Continue to Bottom $FXI $MCHI $KWEB; Lows Likely in on $ACWI; Commodities...

Vermilion Research

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