HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shenzhen Hipine Precision Technology / Equity Capital Markets

<ul>
<li>Although high gold price helps drive revenue growth as Hipine generally adjusts selling prices, consumer sentiment and demand for purchasing non-essential items such as precious metal watch would be suppressed.</li>
<li>The biggest challenge is that ceiling in gold watch industry is not high. It’s not easy to create new imagination space in a segmented market, which would affect valuation expansion.</li>
<li>Due to the concerns on the future growth potential and profitability, we'e not optimistic about the outlook of Hipine. We think the valuation of Hipine could be lower than peers.</li>
</ul>


Although high gold price helps drive revenue growth as Hipine generally adjusts selling prices, consumer sentiment and demand for purchasing non-essential items such as precious metal watch would be suppressed.
The biggest challenge is that ceiling in gold watch industry is not high. It’s not easy to create new imagination space in a segmented market, which would affect valuation expansion.
Due to the concerns on the future growth potential and profitability, we'e not optimistic about the outlook of Hipine. We think the valuation of Hipine could be lower than peers.


Pre-IPO Shenzhen Hipine Precision Technology (PHIP Updates) - Some Points Worth the Attention

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

Chow Tai Fook Jewellery / Equity Bottom-Up

<ul>
<li>China gold jewelry demand slumped in 2Q2025, while investment demand for coins and bars remained resilient amidst rise in gold prices, according to data released by China Gold Association.</li>
<li>If gold rally continues, <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> faces heightened demand growth risk due to reliance on the competitive, price-sensitive, consumption-driven jewellery segment.</li>
<li>Chow Tai Fook’s 140% YTD rally reflects optimism on branding-driven earnings growth, but <strong>stretched valuations overlook downside risks to growth if gold prices keep rising.</strong>
</li>
</ul>


China gold jewelry demand slumped in 2Q2025, while investment demand for coins and bars remained resilient amidst rise in gold prices, according to data released by China Gold Association.
If gold rally continues, Chow Tai Fook Jewellery (1929 HK) faces heightened demand growth risk due to reliance on the competitive, price-sensitive, consumption-driven jewellery segment.
Chow Tai Fook’s 140% YTD rally reflects optimism on branding-driven earnings growth, but stretched valuations overlook downside risks to growth if gold prices keep rising.



Chow Tai Fook (1929 HK): Strong Rally, Weak Jewellery Demand. Growth Risks.

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.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, a number of company's appear to be lining up to launch their IPOs in the coming month.</li>
<li>On the placements front, there were a number of large deals across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, a number of company's appear to be lining up to launch their IPOs in the coming month.
On the placements front, there were a number of large deals across the region.


ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Index Rebalance

<ul><li>Last night, the price snapshot was taken for the JSE September 2025 rebalance.</li><li>GLN is expected to enter the Top 40 index, with APN falling out.</li><li>No changes are expected for the FINDI, FINI, INDI or RESI indices.</li></ul>

Last night, the price snapshot was taken for the JSE September 2025 rebalance.GLN is expected to enter the Top 40 index, with APN falling out.No changes are expected for the FINDI, FINI, INDI or RESI indices.

JSE Sep ‘25 Rebalance: GLN Expected to Enter Top 40, APN to Fall Out

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhou-liu-fu-jewellery-co-ltd" target="_blank" data-smartkarma-citation="entities:43706:1" rel="noopener">Zhou Liu Fu Jewellery (6168 HK)</a>'s 1H25 results are healthy, but there are challenges, including weak revenue growth and higher R&amp;D costs.  </li>
<li>Growth is almost entirely driven by online sales, but its plan to expand offline stores rapidly may erode net profit in the near term. </li>
<li>The stock has become the most expensive one in the sector, based on its PERs of 22.4x CY25F and 21.4x CY26F. Its 3-year EPS CAGR of 6.8% is uninspiring.</li>
</ul>



Zhou Liu Fu Jewellery (6168 HK)'s 1H25 results are healthy, but there are challenges, including weak revenue growth and higher R&amp;D costs.  
Growth is almost entirely driven by online sales, but its plan to expand offline stores rapidly may erode net profit in the near term. 
The stock has become the most expensive one in the sector, based on its PERs of 22.4x CY25F and 21.4x CY26F. Its 3-year EPS CAGR of 6.8% is uninspiring.


Zhou Liu Fu (6168 HK): 1H25 Is Fine, but Still......

China

Laopu Gold Co., Ltd. produces and sells jewelry products. The Company produces pendants, bracelets, bracelets, collectibles, ornaments, and other products. Laopu Gold also operates import and export businesses.

Price Gauge
52-week Range	0.00 - 0.00
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Laopu Gold (6181 HK)

Pre-IPO Shenzhen Hipine Precision Technology (PHIP Updates) - Some Points Worth the Attention

High gold price drive revenue growth for Hipine but consumer sentiment and limited market size will hinder valuation expansion. Outlook for Hipine...

Xinyao (Criss) Wang

Chow Tai Fook (1929 HK): Strong Rally, Weak Jewellery Demand. Growth Risks.

Downside risk to the stock as stretched valuations overlook the risk of worsening jewellery sales if the gold rally continues.

Devi Subhakesan

ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

JSE Sep ‘25 Rebalance: GLN Expected to Enter Top 40, APN to Fall Out

M. Aug ‘25 Rebalance: SSW to enter SA, ACWI / APN, KIO & WHL exiting. Last night, the price snapshot was taken for the JSE September 2025 rebalance.

DMA

Zhou Liu Fu (6168 HK): 1H25 Is Fine, but Still......

Zhou Liu Fu has a healthy 1H25, but faces challenges with weak revenue growth and higher R&D costs. Expansion of offline stores may impact net...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Shenzhen Hipine Precision Technology (PHIP Updates) - Some Points Worth the Attention

​High gold price drive revenue growth for Hipine but consumer sentiment and limited market size will hinder valuation expansion. Outlook for Hipine...

Xinyao (Criss) Wang

Chow Tai Fook (1929 HK): Strong Rally, Weak Jewellery Demand. Growth Risks.

Downside risk to the stock as stretched valuations overlook the risk of worsening jewellery sales if the gold rally continues.

Devi Subhakesan

ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

JSE Sep ‘25 Rebalance: GLN Expected to Enter Top 40, APN to Fall Out

M. Aug ‘25 Rebalance: SSW to enter SA, ACWI / APN, KIO & WHL exiting. Last night, the price snapshot was taken for the JSE September 2025 rebalance.

DMA

Zhou Liu Fu (6168 HK): 1H25 Is Fine, but Still......

​Zhou Liu Fu has a healthy 1H25, but faces challenges with weak revenue growth and higher R&D costs. Expansion of offline stores may impact net...

Osbert Tang, CFA

High gold price drive revenue growth for Hipine but consumer sentiment and limited market size will hinder valuation expansion. Outlook for Hipine...

Zhou Liu Fu has a healthy 1H25, but faces challenges with weak revenue growth and higher R&D costs. Expansion of offline stores may impact net...