Hong Kong Stock Rating Summary: CITIC Securities Maintains Buy Rating on Old Shop Gold

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Caixin Media, March 25 (Editor: Tong Gu) The following are the latest ratings and target prices for Hong Kong stocks from various institutions:

CITIC Securities: Maintains a Buy rating for Laopuqin Gold

CITIC Securities issued a research report on Laopuqin Gold (06181.HK), stating that the company’s net profit for 2026Q1 is expected to be RMB 3.6–3.8 billion, accounting for over 52% of the full-year forecast. The Spring Festival peak season combined with price-increase expectations has triggered a rush to buy; brand strength continues to be reinforced, with the overlap rate of consumers of international luxury brands such as LV and Hermès rising to 82.4%. Annualized sales per mall are nearly RMB 1 billion, and among global luxury goods groups, store efficiency and floor efficiency are both ranked first. CICC Securities (Hong Kong): Maintains a Buy rating for PharmaEssentia, with a target price of HK$99.78

CICC Securities (Hong Kong) issued a research report on PharmaEssentia (02696.HK), stating that the company’s 2025 product sales revenue increased 17.0% year over year. The overseas revenue for its core products, surluli monoclonal antibody and trastuzumab (and its related product), continues to grow. HLX43 (PD-L1 ADC) demonstrates excellent efficacy in the post-line treatment of NSCLC. Multiple global clinical trial milestones are progressing smoothly, and the upfront payment for PD-1 authorization collaborations reached USD 75 million, validating its internationalization capabilities and asset value.

CICC Securities (Hong Kong): Maintains a Buy rating for Minth Group, with a target price of HK$44.00

CICC Securities (Hong Kong) issued a research report on Minth Group (00425.HK), stating that although the aluminum business faces short-term pressure, management is firmly confident in its 5-year target of a 23% revenue CAGR. With more than 60% of overseas revenue and a layout in robotic and liquid-cooling new businesses, the company is expected to support growth and enhance valuation. Revenue targeted for new businesses in 2030 is expected to reach RMB 10 billion, with a clear growth path.

CICC Securities (Hong Kong): Maintains a Buy rating for Zhong An Online, with a target price of HK$18

CICC Securities (Hong Kong) issued a research report on Zhong An Online (06060.HK), stating that the company’s health insurance and auto insurance segments have seen a remarkable improvement in the combined ratio, driving growth in overall underwriting profit. ZA Bank achieved profitability in its first year, with net income up 62.7% year over year, and a significant optimization in the cost-to-income ratio. AI-enabled cost reduction and efficiency improvements have been outstanding, with the expense ratio for health insurance decreasing by 3.6 percentage points.

CICC Securities: Maintains an Overweight rating for Everbright Environment

CICC Securities issued a research report on Everbright Environment (00257.HK), stating that in 2025, the company’s waste treatment volume grew 3% year over year, while the volume of heat and gas supply increased 39% year over year. The environmental energy segment is expected to account for 17% of profit growth. The accounts receivable collection rate is over 98%. With lower capital expenditures combined with a 20% reduction in financial expenses, cash flow has continued to improve, laying the foundation for higher dividends.

CICC Securities: Maintains a Strong Buy rating for Tuhu-W

CICC Securities issued a research report on Tuhu-W (09690.HK), stating that in 2025, the company had 8,008 stores. The penetration rate among new energy transaction users reached 15%, leading the industry. AI is deeply enabling customer service, store management, and the supply chain—raising the conversion rate of intelligent recommendations by 10%, and multi-modal applications such as fire detection have already been implemented. More than 90% of mature franchised stores remain profitable, and expansion quality is steady.

CITIC Securities: Maintains a Buy rating for BOSS直聘

CITIC Securities issued a research report on BOSS直聘-W (02076.HK), stating that the company’s 2025Q4 non-GAAP net profit margin reached a historic high of 43.6%, improving for the seventh consecutive quarter. The proportion of paid users among small and medium-sized enterprises first surpassed 50%. Revenue from AI closed-loop services has already reached the RMB 640k scale and is leading in growth rate. Shareholder returns have been strengthened: over the next three years, share repurchases and dividends each year will be no less than 50% of the net profit of the previous year.

CITIC Securities: Maintains a Buy rating for Alibaba-SW

CITIC Securities issued a research report on Alibaba-SW (09988.HK), stating that the company’s FY2026Q3 cloud revenue increased 36% year over year, accelerating on a quarter-over-quarter basis. AI revenue accounts for more than 20%. The “one cloud, multiple chips” strategy continues to be advanced, and the ATH business group was established to strengthen the priority of MaaS. On the e-commerce side, losses from flash purchase (闪购 UE) have narrowed, and user acquisition effects have been significant. Improving ARPU and purchase frequency is expected to drive growth in traditional e-commerce.

CITIC Securities: Maintains a Buy rating for Geely Automobile

CITIC Securities issued a research report on Geely Automobile (00175.HK), stating that the company’s 2025Q4 net profit attributable to shareholders was RMB 3.74 billion. Profitability has been steadily improving under scale effects and expense control. The new vehicle cycle in 2026 is set to begin across the board. Zeekr 8X’s pre-sales yielded over 10,000 small deposits in 38 minutes; combined sales targets for Galaxy, Zeekr, and Lynk & Co total 2.25 million vehicles. The export target is 640k units, up 50% year over year. Dual engines of global expansion and premiumization will release earnings leverage.

CITIC Securities: Maintains a Buy rating for Giant Biogene

CITIC Securities issued a research report on Giant Biogene (02367.HK), stating that the company’s 2025 Gelatin (可丽金) revenue grew 9.2% year over year, and the collagen film king product has been iterated to version 3.0. Two products of restructured type Iα1 subtype collagen proteins obtained approval for Class III medical device registration certificates, officially starting the second growth curve of medical aesthetics. 2026 is a “new products launch” year: four S/S+ tier new products are scheduled, and commercialization of the three-device category is expected to exceed expectations.

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