First Shanghai: Initiates coverage on Bubugao (09992.HK) with a "buy" rating and a target price of 400 Hong Kong dollars.

According to the Wisdom Financial APP, First Shanghai released a research report stating that based on Pinduoduo Maotai's (09992.HK) Q3 revenue performance exceeding expectations and strong outlook for the peak season in Q4, the profit forecast for 2025-2027 has been raised to 13.29/19.78/25.20 billion yuan, with a target price of 400.0 Hong Kong dollars, equivalent to 35.8/24.1 times PE for the fiscal year 25/26, representing a 75.3% increase from the current stock price, with a buy rating. In 2025 Q3, the company's operating income increased by 245%-250% year-on-year, with domestic revenue growing by 185%-190% year-on-year and overseas revenue increasing by 365%-370% year-on-year, exceeding expectations in overall performance.