[headline announcement Nuggets]

Liufu Group (00590) released annual results: profit attributable to shareholders increased by 36.9% over the same period last year, with a final profit of HK $0.55 per share.

Liufu Group announced that as of March 31, 2022, the group had earned HK $11.738 billion in revenue, an increase of 32.5% over the same period last year; profit attributable to equity holders was HK $1.392 billion, up 36.9% from a year earlier; and basic profit per share was HK $2.37, with a proposed final dividend of HK $0.55 per share.

Comments:Liufu Group is an investment holding company mainly engaged in jewelry sales, with operations in mainland China, Hong Kong, Macao and overseas. In the past year, the company implemented a multi-brand strategy, operating a total of 1 main brand and 4 sub-brands / product lines, with a net addition of 443 stores. In the past year, there were a net increase of 435 Liufu stores worldwide, including a net increase of 434 brand stores in the mainland.

From the perspective of this performance, the retail business income is 7.408 billion Hong Kong dollars, an increase of 49.6% over the same period last year, accounting for 63.1% of the group's total income, which is the main source of income. Profit from the retail business was HK $362 million, up 84.9 per cent from a year earlier. The growth in retail business has benefited from a low base last year, a gradual recovery in business sentiment in Hong Kong and the mainland this year and a strong performance in gold sales.

Revenue from wholesale business was 3.077 billion Hong Kong dollars, up 3.9% from the same period last year, accounting for 26.2% of the group's total revenue. The brand business income was 1.253 billion Hong Kong dollars, an increase of 32.4% over the same period last year, accounting for 10.7% of the total revenue.

For the performance of Liufu Group, Goldman Sachs Group believes that at present, consumer sentiment is obviously still depressed, and with the reduction of the epidemic and the recovery of tourism in the future, Liufu Group's sales and store opening will further increase.

[key announcement Nuggets]

China Resources Power Holdings (00836): enter into a framework agreement with China Resources Group on cooperation in comprehensive energy projects

China Resources Power Holdings announced that on June 28, 2022, China Resources Group and the company have entered into a framework agreement for cooperation in integrated energy projects from June 28, 2022 to December 31, 2024. The annual caps for transactions under the framework agreement in the next three years will all be 200 million yuan.

Comments:China Resources Power Holdings's business involves thermal power, coal, wind power, hydropower, distributed energy, nuclear power, photovoltaic power and other fields. Of this total, thermal power accounted for 3% of revenue and renewable energy accounted for 1% of revenue. China Resources Power Holdings can be regarded as one of the most efficient integrated energy companies in China.

High coal prices last year, coupled with the impact of power cuts, put pressure on thermal power profits. But this year, the hardest part of the thermal power business is over. Prior to this, the heavyweight Development and Reform Commission reduced the import tariff on coal to zero, and the policy of ensuring supply and controlling coal prices will continue to be implemented. It is expected that the company's unit fuel costs will improve marginally. In addition, the rise in electricity prices of the long Association will also help power generation enterprises to effectively transmit the cost of coal prices. Thermal power profit repair is in sight.

The installed capacity of wind power and photovoltaic projects in 2021 will be 14.3GW and 0.82GW respectively, and the grid-connected installed capacity of new wind and photovoltaic projects is expected to be 6.3GW in 2022. By the end of 2021, the company has approved or filed about 1.8GW wind power and 35GW photovoltaic projects, and the project reserve is abundant during the 14th five-year Plan period.

The company announced that the proposed transaction under the framework agreement provides a good opportunity for the group to explore and develop a new energy business that is in line with the government's "carbon peak, carbon neutral" policy. It will help the Group to make use of the strength and resources of other profit centers of China Resources Group, and to establish a stable and mutually beneficial relationship between the Group and other profit centers for the development of new energy power business.

Junshi Bio (01877): expected revenue of 293 million-333 million yuan in the second quarter

Junshi biological announcement said that in the second quarter of 2022, the company is expected to achieve operating income of 293 million-333 million yuan.

Comments:Junshi Biology is an innovation-driven biopharmaceutical company. It has a complete industrial chain capacity from the discovery and development of innovative drugs, clinical research on a global scale, mass production to commercialization.

The company pays attention to R & D investment, and 2022Q1 R & D expenditure is 511 million yuan, an increase of 13.37% over the same period last year, accounting for 81.16% of business income. At present, the company's product pipelines have expanded from 30 in 2020 to 51, and the products under research involve 7 forms of drugs, covering five major treatment areas: oncology, metabolism, immunity, infection and nerve. Among them, there are 3 products in the commercial stage, 23 products in the clinical trial stage, and more than 25 products in the preclinical development stage.

Prior to May 10, the company developed COVID-19 specific drug VV116 has been listed in Uzbekistan. VV116 can significantly improve the clinical symptoms of patients, increase the SARS-CoV-2 clearance rate of patients, reduce the risk of critical illness and death by 92%, and have good safety and tolerance. After listing, fill the gap in the domestic market of self-developed COVID-19 small molecular drugs.

On June 7th, the company announced that the clinical trial of JS116, a small irreversible covalent inhibitor of KRASG12C with a new structure, has been approved for the treatment of patients with non-small cell lung cancer (NSCLC) with KRASG12C mutations. At present, there is only one targeted drug for KRASG12C in the world. JS116 makes it a global leader in targeted drug technology for KRAS mutated cancer.

The company's revenue in the first quarter of 2022 was 630 million, down 61.02% from the same period last year. The increase in loss was mainly due to the decline in technology license revenue compared with the same period last year. The annual licensed income in 2021 is 3.34 billion yuan, accounting for 83% of the total revenue. However, the sales revenue of 2022Q1 drugs has increased significantly compared with last year. The annual revenue from drug sales and services in 2021 is 680 million yuan.

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