Core Viewpoint - New Giao RV (00805) has reported a decline in revenue and profit for the first half of 2025, primarily due to a decrease in RV sales [1] Financial Performance - Revenue for the first half of 2025 is approximately HKD 412 million, representing a year-on-year decrease of 2.4% [1] - Gross profit is around HKD 122 million, down 9.9% compared to the previous year [1] - Profit attributable to equity shareholders is HKD 30.7 million, a decline of 22.34% year-on-year [1] - Earnings per share stand at HKD 0.03 [1] Shareholder Activity - On October 17, shareholders of New Giao RV deposited shares worth HKD 100 million into First Shanghai Securities, accounting for 9.52% of the total market value [1]

Core Viewpoint - New Giao RV (00805) has seen a decline in its financial performance for the first half of 2025, primarily due to a decrease in RV sales, with shareholders depositing stocks valued at HKD 100 million into First Shanghai Securities [1] Financial Performance Summary - Revenue for the first half of 2025 was approximately HKD 412 million, representing a year-on-year decrease of 2.4% [1] - Gross profit was around HKD 122 million, down 9.9% compared to the previous year [1] - Profit attributable to equity shareholders was HKD 30.7 million, a decline of 22.34% year-on-year, with earnings per share at HKD 0.03 [1] Shareholder Activity Summary - On October 17, shareholders of New Giao RV deposited stocks into First Shanghai Securities, with a market value of HKD 100 million, accounting for 9.52% of the total shares [1]

Group 1 - The core viewpoint of the report is that HuTongDa Network (09878) is expected to experience high-quality and rapid growth driven by rural revitalization policies, AI empowerment, and external mergers and acquisitions, with a target price of HKD 23.38 and a buy rating [1] - The company has a diverse ownership structure, with Alibaba holding a 16.28% stake since 2018, and the management's focus is returning to the company, enhancing its strategic position within the group [2] - HuTongDa is leveraging policy benefits and urbanization trends to drive growth in the trillion-level sinking market, optimizing its supply chain and product structure to meet local consumer demands [3] Group 2 - The company serves over 251,000 rural couple stores and reaches 300 million rural residents, with a projected revenue CAGR of 12.5% from 2018 to 2024 [4] - In 2024, the company is shifting its strategy from scale-oriented to profit and cash flow-oriented, leading to historical highs in gross margin (4.6%), net margin (1.0%), and net profit margin (0.6%) in the first half of 2025 [4] - The company has submitted a full circulation application for 350 million domestic shares and plans to repurchase up to 500 million RMB of H-shares, aiming to enhance its market value and re-enter the Hong Kong Stock Connect [4]

Core Viewpoint - First Shanghai initiates coverage on HuTongDa Network (09878) with a target price of HKD 23.38 and a buy rating, highlighting the company's strong growth potential driven by rural revitalization policies, AI empowerment, and external acquisitions [1] Group 1: Company Overview - HuTongDa, established in 2010, has become a leader in the small B e-commerce market in China's lower-tier cities, providing AI + SaaS solutions to meet local shopping needs [1] - The company has a diverse shareholding structure, with Alibaba holding a 16.28% stake since 2018, and management's focus is returning to the company in 2024, enhancing its strategic position [1] Group 2: Growth Drivers - HuTongDa is capitalizing on the trillion-level lower-tier market, benefiting from urbanization and consumption upgrades, along with national subsidies and rural revitalization policies [2] - The company is enhancing its supply chain advantages and optimizing product structures to better match consumer demands in lower-tier markets, with AI + SaaS revenue exceeding 65 million yuan in the first half of the year [2] - A strategic partnership with Alibaba Cloud is in place to continuously optimize the "QianCheng AI" solution, while the company plans to acquire 25% of JinTongLing for approximately 1 billion yuan to enhance its industry layout [2] Group 3: Financial Performance - HuTongDa serves over 251,000 rural couple stores, reaching 300 million rural residents, with a projected revenue CAGR of 12.5% from 2018 to 2024 [3] - The company is shifting its strategy from scale to profit and cash flow, achieving historical highs in gross margin (4.6%), net margin (1.0%), and net profit margin (0.6%) in the first half of 2025 [3] - Positive operating cash flow is expected to create a virtuous cycle of business optimization, with rapid revenue and profit growth anticipated starting in 2025 [3] Group 4: Market Positioning - The company has submitted a request for full circulation of 350 million domestic shares, which is expected to significantly enhance its market capitalization [3] - A plan to repurchase up to 500 million yuan of H-shares and a shareholder dividend plan for 2025 are in place, aiming to reinstate the company into the Hong Kong Stock Connect [3]

Core Viewpoint - Goodbaby (01086) is rated "Buy" with a target price of HKD 1.85, driven by its core asset Cybex, which is a major profit source and growth driver for the group [1] Group 1: Company Overview - Goodbaby is a global leader in the baby products industry, known for its safety, innovation, and high quality, with a diverse product matrix covering strollers, car seats, furniture, carriers, and apparel [1] - The company owns strategic brands such as Cybex, Evenflo, and gb, catering to various market segments and price points [1] Group 2: Cybex Performance - In 2024, Cybex achieved record revenue of HKD 4.4 billion, accounting for 51% of total revenue, with a gross margin exceeding 50% [1] - Cybex continues to increase its global market share, holding approximately 30% in Europe, while expanding into Japan and other potential markets [1] Group 3: gb Brand Transformation - The gb brand, a domestic leader, has faced challenges but is showing signs of recovery, with positive growth in offline channels and improved online performance expected by mid-2025 [2] - The brand's gross margin has improved due to optimized channel management and pricing strategies [2] Group 4: Financial Performance and Shareholder Returns - In 2024, Goodbaby's revenue grew by 10.6% to HKD 8.77 billion, driven by growth in Europe and Cybex [3] - Operating profit and net profit attributable to shareholders increased by 35.7% and 74.9%, respectively, benefiting from improved gross margins [3] - The company has resumed dividend payments, declaring HKD 0.07 per share, representing a payout ratio of 33.3% [3]

Core Viewpoint - First Shanghai has issued a "Buy" rating for Goodbaby (01086) with a target price of HKD 1.85, highlighting the company's competitive advantages and future development potential [1] Group 1: Company Overview - Goodbaby is a global leader in the baby products industry, known for its safety, innovation, and high quality, with a diverse product matrix that includes strollers, car seats, baby furniture, carriers, and clothing [2] - The company owns strategic brands such as Cybex, Evenflo, and gb, covering all price ranges and age groups to meet various market demands [2] Group 2: Cybex Performance - Cybex, recognized as a high-end brand, generated a record revenue of HKD 4.4 billion in 2024, accounting for 51% of total revenue, with a gross margin exceeding 50% [3] - The brand continues to increase its global market share, holding approximately 30% in Europe, while also expanding into markets like Japan, the Middle East, North America, and China [3] Group 3: gb Brand Transformation - The gb brand, a domestic leader in the Chinese market, has faced a decline due to various internal and external factors, but is showing signs of recovery with positive growth in offline channels and improved online performance [4] - The gross margin has significantly improved due to the optimization of channel strategies, and the Chinese market is expected to gradually turn from loss to profit [4] Group 4: Financial Performance and Shareholder Returns - In 2024, Goodbaby's revenue increased by 10.6% to HKD 8.77 billion, driven by growth in Europe and the Cybex brand [5] - Operating profit and net profit attributable to shareholders rose by 35.7% and 74.9% to HKD 500 million and HKD 360 million, respectively, benefiting from improved gross margins [5] - The company has resumed dividend payments, declaring a dividend of HKD 0.07 per share, equivalent to a payout ratio of 33.3%, as a means to return value to shareholders [5]

Group 1 - The core viewpoint of the report is that the domestic market for tool steel is stabilizing and recovering, with high-end materials expected to be a profit explosion point for Tiangong International (00826) in the future [1] - Revenue forecasts for Tiangong International are projected to be 5.24 billion, 6.08 billion, and 6.93 billion RMB for the years 2025, 2026, and 2027 respectively, with net profit attributable to shareholders expected to be 430 million, 600 million, and 810 million RMB for the same years [1] - The report maintains a buy rating with a target price of 4.38 HKD for the next 12 months, corresponding to an 18 times PE for 2026, indicating a potential upside of 44.56% from the current price [1] Group 2 - Despite revenue pressure, Tiangong International's profitability is showing counter-cyclical growth, with a net profit attributable to shareholders of 203 million RMB in the first half of 2025, representing a year-on-year increase of approximately 10.4% [1] - The recovery of the domestic tool steel industry, combined with rising raw material prices, has offset short-term pressures from overseas markets, resulting in positive growth in revenue and gross profit [1] - Powder metallurgy materials are anticipated to be one of the future profit explosion points, with sales of 589 tons in the first half of 2025, a quarter-on-quarter increase of 66.4%, and a price of 149,000 RMB per ton, significantly higher than ordinary high-speed steel and tool steel products [1] Group 3 - The company has signed a long-term supply agreement with Heng Er Da, committing to supply no less than 100 tons of specialized powder high-speed steel materials annually for five years starting in 2026, totaling no less than 600 tons [1] - This agreement is expected to provide stable support for the company's future performance and further solidify its market position in the specialized powder high-speed steel segment [1] - Looking ahead, the company holds an optimistic outlook on the high-end titanium alloy business, anticipating that demand from downstream customers for new models will gradually be released [2]

Group 1 - The core viewpoint of the report is that the domestic market for tool steel is stabilizing and recovering, with high-end materials expected to be a future profit explosion point. The target price for Tiangong International is set at HKD 4.38, representing a 44.56% upside potential based on a 2026 PE of 18 times [1] - The sales volume of tool steel decreased by 5.2% year-on-year, but overall revenue increased by 2.3% to CNY 1.16 billion, with a gross margin rise of 0.5 percentage points to 13.8%. The recovery in the domestic tool steel industry, combined with rising raw material prices, offset the short-term pressure from overseas markets [1] - Powder metallurgy materials are identified as a future profit explosion point, with sales of 589 tons in the first half of 2025, a 66.4% increase quarter-on-quarter, and a price of CNY 149,000 per ton, significantly higher than ordinary high-speed steel and tool steel products [1] Group 2 - The company holds an optimistic outlook on the high-end titanium alloy business, anticipating that demand from downstream customers for new models will gradually be released next year. The company has achieved phased results in high-end titanium alloy industry construction in aerospace, healthcare, and nuclear fusion sectors [2]

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 ...

Core Viewpoint - First Shanghai has issued a "Buy" rating for Cloud Factory (02512), setting a target price of HKD 6.9, indicating a potential upside of 36% from the current price, driven by the company's market positioning and new business initiatives [1] Financial Performance - In H1 2025, the group's total revenue reached HKD 406.8 million, reflecting a year-on-year increase of 10.0%, primarily due to regular business expansion and significant growth in edge computing services [2] - Gross profit was HKD 47.7 million, with an overall gross margin of 11.7%. Net profit for the period was HKD 14.9 million, marking a year-on-year growth of 19.0% [2] - The earnings per share for ordinary equity holders remained at HKD 0.03, with cash and cash equivalents amounting to HKD 348.1 million, indicating strong liquidity [2] IDC Solutions Growth - The IDC solutions service, as the core business, generated revenue of HKD 376.1 million in H1 2025, a year-on-year increase of 7.9%, accounting for 92.5% of total revenue [3] - Revenue growth was attributed to the company's strong reputation, stable customer base, and extensive business network, although the gross margin for this segment was impacted by competitive pricing strategies, standing at 10.2% [3] Edge Computing Services - Revenue from edge computing services surged to HKD 29.2 million, a year-on-year increase of 39.0%, representing 7.2% of total revenue, driven by growing market demand for EdgeCDN services and new customer acquisition [4] - The segment's gross margin was 27.1%, with notable product highlights including the adaptation of mainstream AI models for computing platforms and the launch of private deployment solutions for enterprise clients [4] Strategic Initiatives - The company is focusing on four strategic areas: expanding smart computing services, enhancing technology research and development, strengthening ecosystem partnerships, and establishing a dual-driven model for government and enterprise solutions [5] - Recent capital raises will support various business developments, including the establishment of a joint venture to explore the smart computing service market [5]