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Anta Sports / China Overseas Land & Investment / Haidilao / Hansoh Pharmaceutical / Minth Group / Ningbo Joyson Electronic / RoboSense Technology / Shuanghuan Driveline / Tsingtao
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Company Results | Anta Sports (2020 HK/BUY/HK$78.75/Target: HK$112.20)
Anta reported solid 1H26 results, with operating margin beating expectations and all segments exceeding their full-year targets. Despite a softened consumption trend starting from 2Q26, management is confident in achieving its full-year retail sales growth targets and operating margin targets. For Jack Wolfskin, China stores will be launched in September-October. The brand remained loss-making in 1H26, and management expects a slightly narrower loss in 2H26. Maintain BUY, raise target price by 4% to HK$112.20.
Company Results | China Overseas Land & Investment (688 HK/BUY/HK$14.35/Target:HK$19.88)
COLI's 1H26 core net profit fell 9.7% yoy, better than the low-teens drop we expected. Gross profit margin declined at a slower 1.3ppt yoy. DPS fell a narrower 8.0% yoy to HK$0.23. Management guided for an improved market outlook, confidence in sales growth and Rmb80b-100b of investment in 2026. First-tier exposure is the profit lever, and margin stabilisation is increasingly visible. Maintain BUY with an unchanged target price of HK$19.88. COLI remains our top pick in the China property sector.
Company Results | Haidilao International Holding (6862 HK/BUY/HK$12.25/Target: HK$16.70)
Haidilao’s 1H26 operating profit beat but net profit missed. The company raising the dividend payout to 100% was a surprise. Looking ahead, the Haidilao brand will maintain a steady store opening pace at mid-single-digit growth this year, while new brands, food stall hot pot and sushi, will enter the replication stage. The delivery business is expected to sustain rapid growth at a high double-digit rate in 2H26. Maintain BUY, cut target price by 9% to HK$16.70.
Company Results | Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$31.74/Target: HK$45.00)
Driven by strong revenue growth of innovative products, Hansoh Pharma’s 1H26 revenue rose 11.7% yoy to Rmb8.30b and net profit grew 35.8% yoy to Rmb4.26b. The robust earnings growth was significantly ahead of market estimates. Management keeps its double-digit revenue growth target for 2026 unchanged and indicates the new wave of new product launches will support robust revenue growth of the company from 2027 onwards. Maintain BUY and target price of HK$45.00.
Company Results | Minth Group (425 HK/BUY/ HK$29.70/Target: HK$56.00
Minth's 1H26 net profit rose 12.3% yoy to Rmb1,434m and adjusted net profit increased 16.6% yoy to Rmb1,379m, beating our estimate as gross margin expanded 0.4ppt yoy to 28.6% and operating expenses remained under control. New business intake surged 150% yoy to Rmb46.7b, taking the order backlog to above Rmb290b. We raise our 2026-28 net profit forecasts by 6%/7%/7% respectively on higher gross margin assumptions. Maintain BUY with an unchanged target price of HK$56.00.
Company Results | Ningbo Joyson Electronic Corporation (600699 CH/BUY/Rmb18.98/Target: Rmb25.00)
Joyson's 2Q26 net profit fell 8.3% yoy to Rmb337m and adjusted net profit dropped 24.1% to Rmb293m, missing our estimates on both revenue and gross margin as the China and North American markets weakened. Order intakes grew 43.9% yoy to Rmb44.9b in 1H26, which should return revenue to growth in 2H26. We cut our 2026-28 net profit forecasts by 14%/16%/17% to Rmb1,530m/Rmb1,712m/Rmb1,959m respectively. Maintain BUY and cut our target price to Rmb25.00.
Company Results | RoboSense Technology Co (2498 HK/BUY/HK$18.83/Target: HK$33.00
2Q26 results missed expectations with revenue growing 23.2% yoy to Rmb561m and net loss increasing 88.8% yoy to Rmb97m, on disappointing ASP and margins. We maintain 2026-28 sales volume growth at 152%/65%/53% based on design wins, new project ramps, and launches of EOCENE SPAC-SoCs. We cut 2026-28 bottom line projections to -Rmb286m/Rmb150m/Rmb474m respectively, based on lower ASP and gross margin. Maintain BUY and cut target price from HK$50 to HK$33.
Company Results | Shuanghuan Driveline (002472 CH/BUY/Rmb35.60/Target: Rmb50.00)
Shuanghuan’s 2Q26 bottom line missed due to weaker-than-expected margins. Revenue grew 13.8% yoy to Rmb2,463m which is a solid beat, but gross margin fell 1.2ppt yoy to 26.1% as early production ramps in overseas capacity diluted profitability. Coupled with a forex swing, net profit grew 0.5% yoy to Rmb303m, missing our estimate by 3.0%. Maintain BUY, cut target price to Rmb50.00.
Company Results | Tsingtao Brewery (168 HK/BUY/HK$42.86/Target: HK$62.40)
Tsingtao Brewery’s 2Q26 earnings were in line with consensus. In 2Q26, beer sales volume was 23.0m hl (-7% yoy). By brand, sales volume of the Tsingtao brand/secondary brand was 13.3m hl/9.7m hl (-1%/-14% yoy), respectively. By category, sales volume of mid-range to high-end/other products was 10.0m hl/13.0m hl (+2%/-13% yoy), respectively. Product mix continued to improve yoy. However, ASP remained largely flat yoy. Maintain BUY, cut target price by 6% to HK$62.40.
Top Stories
Company Results | Anta Sports (2020 HK/BUY/HK$78.75/Target: HK$112.20)
Anta reported solid 1H26 results, with operating margin beating expectations and all segments exceeding their full-year targets. Despite a softened consumption trend starting from 2Q26, management is confident in achieving its full-year retail sales growth targets and operating margin targets. For Jack Wolfskin, China stores will be launched in September-October. The brand remained loss-making in 1H26, and management expects a slightly narrower loss in 2H26. Maintain BUY, raise target price by 4% to HK$112.20.
Company Results | China Overseas Land & Investment (688 HK/BUY/HK$14.35/Target:HK$19.88)
COLI's 1H26 core net profit fell 9.7% yoy, better than the low-teens drop we expected. Gross profit margin declined at a slower 1.3ppt yoy. DPS fell a narrower 8.0% yoy to HK$0.23. Management guided for an improved market outlook, confidence in sales growth and Rmb80b-100b of investment in 2026. First-tier exposure is the profit lever, and margin stabilisation is increasingly visible. Maintain BUY with an unchanged target price of HK$19.88. COLI remains our top pick in the China property sector.
Company Results | Haidilao International Holding (6862 HK/BUY/HK$12.25/Target: HK$16.70)
Haidilao’s 1H26 operating profit beat but net profit missed. The company raising the dividend payout to 100% was a surprise. Looking ahead, the Haidilao brand will maintain a steady store opening pace at mid-single-digit growth this year, while new brands, food stall hot pot and sushi, will enter the replication stage. The delivery business is expected to sustain rapid growth at a high double-digit rate in 2H26. Maintain BUY, cut target price by 9% to HK$16.70.
Company Results | Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$31.74/Target: HK$45.00)
Driven by strong revenue growth of innovative products, Hansoh Pharma’s 1H26 revenue rose 11.7% yoy to Rmb8.30b and net profit grew 35.8% yoy to Rmb4.26b. The robust earnings growth was significantly ahead of market estimates. Management keeps its double-digit revenue growth target for 2026 unchanged and indicates the new wave of new product launches will support robust revenue growth of the company from 2027 onwards. Maintain BUY and target price of HK$45.00.
Company Results | Minth Group (425 HK/BUY/ HK$29.70/Target: HK$56.00
Minth's 1H26 net profit rose 12.3% yoy to Rmb1,434m and adjusted net profit increased 16.6% yoy to Rmb1,379m, beating our estimate as gross margin expanded 0.4ppt yoy to 28.6% and operating expenses remained under control. New business intake surged 150% yoy to Rmb46.7b, taking the order backlog to above Rmb290b. We raise our 2026-28 net profit forecasts by 6%/7%/7% respectively on higher gross margin assumptions. Maintain BUY with an unchanged target price of HK$56.00.
Company Results | Ningbo Joyson Electronic Corporation (600699 CH/BUY/Rmb18.98/Target: Rmb25.00)
Joyson's 2Q26 net profit fell 8.3% yoy to Rmb337m and adjusted net profit dropped 24.1% to Rmb293m, missing our estimates on both revenue and gross margin as the China and North American markets weakened. Order intakes grew 43.9% yoy to Rmb44.9b in 1H26, which should return revenue to growth in 2H26. We cut our 2026-28 net profit forecasts by 14%/16%/17% to Rmb1,530m/Rmb1,712m/Rmb1,959m respectively. Maintain BUY and cut our target price to Rmb25.00.
Company Results | RoboSense Technology Co (2498 HK/BUY/HK$18.83/Target: HK$33.00
2Q26 results missed expectations with revenue growing 23.2% yoy to Rmb561m and net loss increasing 88.8% yoy to Rmb97m, on disappointing ASP and margins. We maintain 2026-28 sales volume growth at 152%/65%/53% based on design wins, new project ramps, and launches of EOCENE SPAC-SoCs. We cut 2026-28 bottom line projections to -Rmb286m/Rmb150m/Rmb474m respectively, based on lower ASP and gross margin. Maintain BUY and cut target price from HK$50 to HK$33.
Company Results | Shuanghuan Driveline (002472 CH/BUY/Rmb35.60/Target: Rmb50.00)
Shuanghuan’s 2Q26 bottom line missed due to weaker-than-expected margins. Revenue grew 13.8% yoy to Rmb2,463m which is a solid beat, but gross margin fell 1.2ppt yoy to 26.1% as early production ramps in overseas capacity diluted profitability. Coupled with a forex swing, net profit grew 0.5% yoy to Rmb303m, missing our estimate by 3.0%. Maintain BUY, cut target price to Rmb50.00.
Company Results | Tsingtao Brewery (168 HK/BUY/HK$42.86/Target: HK$62.40)
Tsingtao Brewery’s 2Q26 earnings were in line with consensus. In 2Q26, beer sales volume was 23.0m hl (-7% yoy). By brand, sales volume of the Tsingtao brand/secondary brand was 13.3m hl/9.7m hl (-1%/-14% yoy), respectively. By category, sales volume of mid-range to high-end/other products was 10.0m hl/13.0m hl (+2%/-13% yoy), respectively. Product mix continued to improve yoy. However, ASP remained largely flat yoy. Maintain BUY, cut target price by 6% to HK$62.40.
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