股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年9月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 第一上海投資有限公司 | | | 呈交日期: | 2025年10月3日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00227 | 說明 | | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 2,190,679,905 | | 0 | | 2,190,679,905 | | 增加 ...

第一上海发布研报称，予云工场(02512)"买入"评级，考虑到公司当前市值规模及其积极布局新业务版 图，给予云工场科技4倍PS估值，得出目标价6.9港元，较现价有36%的增长空间。展望未来，随着国务 院"人工智慧+"行动推进，公司在智算业务、模型应用等方面布局契合政策，公司基于IDC构建下沉分 散式边缘云网路，凭借技术与市场优势，有望借助行业东风再塑增长曲线，持续提升业绩，为投资者创 造价值。 作为集团核心业务，2025年H1公司IDC解决方案服务收益达376.1百万元(YoY+7.9%)，占收比92.5%。收 益增长主要源于集团依託良好声誉、稳定客户基础及广泛业务网路实现的常规业务扩张。受激烈市场竞 争下服务价格战略调整影响，该业务毛利率为10.2%。 边缘计算服务增速显著，技术产品亮点突出 2025H1边缘计算服务收益增长至29.2百万元(YoY+39.0%)，占收比7.2%，系因EdgeCDN服务市场需求增 长及新客户拓展;其他服务收入145万，占收入比为0.3%。报告期内，EdgeAIStation服务完成多款主流AI 模型对算力平台的适配，可提供可靠安全的算力服务;推出灵境云大模型私有化部署解决方案 ...

Core Viewpoint - The report from First Shanghai gives a "buy" rating for Cloud Factory (02512), with a target price of HKD 6.9, indicating a 36% upside potential from the current price, driven by the company's strategic positioning in new business areas and alignment with government policies on "Artificial Intelligence+" [1] Financial Performance - In H1 2025, the group's total revenue reached HKD 406.8 million, a year-on-year increase of 10.0%, primarily due to regular business expansion and significant growth in edge computing services [1] - Gross profit was HKD 47.7 million, with an overall gross margin of 11.7%, while net profit stood at HKD 14.9 million, reflecting a year-on-year growth of 19.0% [1] - The earnings per share for ordinary equity holders remained at HKD 0.03, and as of June 30, the group had cash and cash equivalents of HKD 348.1 million, indicating strong liquidity reserves [1] IDC Solutions Growth - The revenue from IDC solutions services in H1 2025 reached HKD 376.1 million, a year-on-year increase of 7.9%, accounting for 92.5% of total revenue [2] - The growth in revenue was attributed to the company's strong reputation, stable customer base, and extensive business network, despite a decrease in gross margin to 10.2% due to competitive pricing strategies [2] Edge Computing Services - Revenue from edge computing services grew to HKD 29.2 million, a year-on-year increase of 39.0%, representing 7.2% of total revenue, driven by increased market demand for EdgeCDN services and new customer acquisition [3] - The gross margin for this segment was 27.1%, and the company has been recognized as one of the top 20 edge computing companies in China for three consecutive years [3] Strategic Development - The company focuses on four strategic areas: expanding smart computing services, enhancing technology research and development, strengthening ecosystem partnerships, and building a dual-driven model for government and enterprise solutions [4] - Recent capital raised from new share subscriptions will be used for various business developments, including the establishment of a joint venture to explore the smart computing services market [4]

医药分销板块方面，期内营业收入为2,185.3亿元，同比下降3.52%。经营溢利率为2.58%，较上年同期 下降0.17个百分点，主要受终端销售价格下降和院端品类结构调整影响。2025年H1国谈品种销售额保持 快速增长，销售收入及毛利额同比均实现双位数增长。渠道结构上，国药控股积极推进等级医院核心市 场品种增长，同时紧抓基层医疗市场刚需，带动整体份额增长。收入下降也部分由于公司主动的战略转 型，降低低毛利、低周转的收入占比，推动行业供应链效率和合规提升，持续挖掘新环境下业务可持续 增长的能力。 器械分销业务来看，实现收入570.5亿元，同比下滑2.46%。经营溢利率为1.92%，同比下降0.33个百分 点，主要是高毛利器械收入占比降低以及行业配送毛利率整体下行所致。医疗设备与IVD品类销售呈现 明显回落，而医用耗材保持稳健增长。公司主动收缩长账期、低附加值及资金占用较高的业务规模，持 续优化渠道结构，上半年净新增SPD项目7个、单体医院集中配送项目18个及医联体、医共体集中配送 项目1个。SPD项目带动器械收入同比增长13%。此外，公司新增35项服务类软件著作权，进一步赋能 终端医院运营。 此外，医药零售板块 ...

智通财经APP获悉，第一上海发布研报称，维持国药控股(01099)"买入"评级，目标价21.3港元。国药控 股作为医药流通行业龙头，短期业绩虽承压，但零售板块逆势增长与国大药房扭亏初显转型成效。长期 仍受益于老龄化趋势与集约化政策，预计公司将逐步走出之前调整带来的业务转型压力。 报告中称，国药控股2025年上半年实现营业收入2,860.4亿元，较去年同期下降2.95%。毛利为203.5亿 元，同比下降7.28%。整体毛利率持续承压，上半年为7.11%，同比下降了0.34%。净利润为53.37亿元， 同比下降9.53%。归属于公司权益持有人的利润为34.7亿元，同比下降6.43%。费用管控成效显著，销 售、管理和财务费用率分别降至2.74%、1.28%和0.35%，主因融资成本降低、一体化整合深化及业务成 本优化。期间费用率下降有效缓解利润压力，推动利润率同比降幅收窄，报告期内利润率为1.21%，同 比下降3.59个百分点。 医药分销板块方面，期内营业收入为2,185.3亿元，同比下降3.52%。经营溢利率为2.58%，较上年同期 下降0.17个百分点，主要受终端销售价格下降和院端品类结构调整影响。2025年H ...

9月22日，康达环保、中国水务及联合要约人联合公布，要约已于2025年9月22日下午四时正截止，且联 合要约人并无作出进一步修订或延期。于2025年9月22日下午四时正(即综合文件所载接纳要约的最后时 间及日期)，联合要约人已接获股份要约项下合共3.35亿股要约股份(接纳股份)的有效接纳，占本公司于 本联合公告日期已发行股本总额约14.53%;及购股权要约项下合共4420万份购股权(接纳购股权)的有效 接纳，占购股权要约项下购股权的约26.7%。 智通财经APP获悉，香港联交所最新资料显示，9月26日，康达环保(06136)股东将股票存入第一上海证 券公司，存仓市值6072.84万港元，占比6.93%。 ...

9月22日，康达环保、中国水务及联合要约人联合公布，要约已于2025年9月22日下午四时正截止，且联 合要约人并无作出进一步修订或延期。于2025年9月22日下午四时正(即综合文件所载接纳要约的最后时 间及日期)，联合要约人已接获股份要约项下合共3.35亿股要约股份(接纳股份)的有效接纳，占本公司于 本联合公告日期已发行股本总额约14.53%;及购股权要约项下合共4420万份购股权(接纳购股权)的有效 接纳，占购股权要约项下购股权的约26.7%。 香港联交所最新资料显示，9月26日，康达环保(06136)股东将股票存入第一上海证券公司，存仓市值 6072.84万港元，占比6.93%。 ...

新吉奥房车公布2025年中期业绩，收入约4.12亿元，同比减少2.4%。毛利约1.22亿元，同比减少9.9%。 公司权益股东应占溢利3070万元，同比减少22.34%。每股盈利0.03元。 智通财经APP获悉，香港联交所最新资料显示，9月23日，新吉奥房车(00805)股东将股票由第一上海证 券公司转入圣衡金融控股，转仓市值6103.51万港元，占比5.34%。 ...

新吉奥房车公布2025年中期业绩，收入约4.12亿元，同比减少2.4%。毛利约1.22亿元，同比减少9.9%。 公司权益股东应占溢利3070万元，同比减少22.34%。每股盈利0.03元。 香港联交所最新资料显示，9月23日，新吉奥房车(00805)股东将股票由第一上海证券公司转入圣衡金融 控股，转仓市值6103.51万港元，占比5.34%。 ...

Company Overview - The company primarily engages in financial services and real estate development and investment, operating through five segments: financial services, property development, property investment and hotel operations, healthcare, and direct investments [11]. Financial Performance - In the first half of 2025, the company's average return on equity was 0.13%, a decrease of 2.65 percentage points compared to the same period last year [20]. - The net cash flow from operating activities for the first half of 2025 was HKD 167 million, while cash flow from financing activities was negative HKD 25.615 million, and cash flow from investing activities was negative HKD 3.389 million [24]. - The company's revenue and net profit growth rates showed fluctuations over the years, with significant changes noted in 2023 and 2024 [14][15]. Revenue Composition - In the first half of 2025, the revenue composition was as follows: financial services contributed HKD 1.101 billion, property investment and hotel operations contributed HKD 1.514 billion, and property development contributed HKD 0.117 billion [15][17]. Asset and Liability Changes - As of the first half of 2025, the company's cash and cash equivalents increased by 43.52%, accounting for a 9.92 percentage point rise in total assets [32]. - The company's accounts payable and notes payable increased by 31.26%, representing a 6.36 percentage point rise in total assets [35]. - The company's liquidity ratios were reported as follows: current ratio at 1.48 and quick ratio at 1.38 [38]. Historical Trends - The company's historical asset turnover ratio and fixed asset turnover ratio showed a downward trend, with the asset turnover ratio at 0.08 times in the first half of 2025 [28][29]. - The historical debt-to-asset ratio has been fluctuating, with the latest figure indicating a decrease in comparison to previous years [37].