Cailian Press, October 23 (Edited by Tong Gu) The following are the latest ratings and target prices from various institutions for Hong Kong stocks:

China Merchants Securities (Hong Kong): Maintains Buy rating for Meituan-W, lowers target price to HKD 154.4

China Merchants Securities (Hong Kong), on October 23, issued a research report on Meituan-W (03690.HK) stating that the company’s third-quarter performance was dragged down by intense competition in the food delivery business, resulting in higher-than-expected losses, but the impact of investments may have peaked. As industry competition becomes more rational and new businesses improve loss reduction, medium- to long-term profitability is expected to recover. The firm maintains a Buy rating while lowering the target price to reflect short-term profit pressure.

Goldman Sachs: Maintains Buy rating for Pop Mart

Goldman Sachs, on October 22, issued a research report on Pop Mart (09992.HK), expressing optimism about the company forming a second growth curve through localized operational systems in overseas markets, as well as continuing its high-quality development in the Chinese market supported by upgraded omni-channel operations. The company’s adjusted net profit attributable to shareholders is projected to reach RMB 13.7/18.8/23.5 billion for 2025-2027, with year-over-year growth rates of 303%/37%/25%. The current share price corresponds to P/E ratios of 23x/17x/13x. The firm maintains a “Buy” rating.

China Merchants Securities (Hong Kong): Maintains Buy rating for Innovent Bio, target price at HKD 110.62

China Merchants Securities (Hong Kong), on October 23, released a research report on Innovent Bio (01801.HK), highlighting that the company has entered into a global strategic partnership with Takeda to advance global development of core oncology assets such as IBI363 and IBI343, receiving an upfront payment of USD 1.2 billion, significantly strengthening cash flow. This collaboration marks a major breakthrough in Innovent Bio’s globalization strategy, with its pipeline value gaining international recognition. Future acceleration of global multicenter clinical trials is expected to enhance long-term growth potential.

BOCOM International: Upgrades Buy rating for Kelun-Biotech-B, raises target price to HKD 549

BOCOM International, on October 23, released a research report on Kelun-Biotech-B (06990.HK), stating that its core ADC product, sac-TMT, demonstrated significant progression-free survival (PFS) and overall survival (OS) benefits in Phase III clinical trials for non-small cell lung cancer and breast cancer. Its efficacy outperformed chemotherapy and similar products, showing best-in-class potential. The product has been approved for marketing, with broad commercial prospects. Based on more optimistic sales expectations, the target price has been raised to HKD 549.

TF Securities: Reiterates Buy Rating for CStone Pharmaceuticals-B

TF Securities issued a research report on CStone Pharmaceuticals-B (02616.HK) on October 23, stating that the company’s PD-1/VEGF/CTLA-4 trispecific antibody CS2009 demonstrated favorable safety and preliminary antitumor activity at ESMO, with a clear dose-dependent response, particularly achieving an ORR of 33.3% in the high-dose group. As a globally leading technology pathway, the trispecific antibody holds differentiated advantages, and subsequent clinical progress is highly anticipated.

TF Securities: Maintains Kelun-Biotech-B’s Buy Rating

TF Securities issued a research report on Kelun-Biotech-B (06990.HK) on October 23, noting that sac-TMT achieved significant OS benefits for the first time in second-line treatment of EGFR-mutant non-small cell lung cancer, becoming the world’s first single-agent ADC superior to chemotherapy in this population, while maintaining controllable safety. This data establishes its status as a treatment benchmark, and coupled with positive developments in breast cancer, the global value of its product portfolio continues to be unlocked.

Industrial Securities: Maintains Outperform Rating for Geekplus-W

Industrial Securities issued a research report on Geekplus-W (02590.HK) on October 23, stating that the company is a global leader in warehouse AMR, leveraging algorithmic scheduling, overseas expansion, and high customer repurchase rates to maintain its lead. Overseas revenue accounts for nearly 80%, with leading gross margins, and new developments in embodied intelligence further expand growth potential, with performance elasticity expected under economies of scale.

Guosheng Securities: Reiterates Outperform Rating for JD.com-SW with Target Price of HKD 144.3

Guosheng Securities issued a research report on JD.com-SW (09618.HK) on October 23, stating that JD.com achieved the highest active user growth rate during the initial phase of Singles’ Day, with explosive sales in home appliances, digital products, and AI hardware categories. Improvements in unit economics for food delivery, along with deep supply chain efficiency enhancements powered by JoyAI large models, have strengthened core retail recovery and cost optimization, ensuring long-term competitiveness. The Outperform rating is maintained.

Dongwu Securities: Maintains Buy Rating for Bosideng

Dongwu Securities issued a research report on Bosideng (03998.HK) on October 23, stating that the company showcased at Paris Fashion Week and brought in a former Dior designer, continuously upgrading its brand fashion positioning. The opening of the Summit Concept Store reinforces its premium image. Combined with expectations of a cold winter and the delayed Spring Festival, sales momentum during the peak season is robust, with high certainty of profit growth in FY26.

Dongwu Securities: Maintain Buy Rating for Guming

On October 23, Dongwu Securities released a research report on Guming (01364.HK), stating that as a leading player in the mid-priced fresh tea beverage market, the company has built operational barriers through a robust cold chain system and regional densification strategy. Its product innovation and quality control capabilities support high repurchase rates, with significant penetration potential in lower-tier markets, a clear path for store expansion, and an evident trend of market share growth.

Huaxi Securities: Maintain Buy Rating for H&H International Holdings

On October 23, Huaxi Securities issued a research report on H&H International Holdings (01112.HK), noting that the company’s revenue reached a new high in the first half of the year. Double-digit growth in Swisse’s China mainland business drove strong performance in the ANC segment, while the pet nutrition business continued to expand. Although the infant formula segment faced short-term pressure, the overall recovery of the three core businesses was evident, with ample cash flow and optimized debt structure, indicating promising prospects for intrinsic profit recovery.