报告中称，公司2025年上半年实现保险服务收入2490亿元，同比增长5.6%;其中车险业务实现保险服务 收入1503亿元，同比增长3.5%;非车险保险服务收入987亿元，同比增长8.8%;上半年实现净利润高达245 亿元，同比增长32.3%。剔除投资波动影响的承保利润达到130亿元，同比大幅增长44.6%，这标志着公 司核心业务的盈利能力达到了新的高度。公司上半年净资产较年初增长7.9%，中期拟派息0.24元/股， 同比增长15.4%。 公司作为财险行业龙头，规模以及成本优势放大，马太效应加剧。公司上半年的业绩展示了其强大的α 能力。在行业平稳的背景下，公司通过内部管理的精益化和风险定价的科学化，实现了盈利能力的内生 性强劲增长。这一趋势有望在下半年延续，支撑公司全年业绩的高质量增长。公司作为港股唯一纯财险 标的，盈利模式可持续性强且公司长期ROE、股息率保持稳定，具备长期投资价值。 智通财经APP获悉，第一上海发布研报称，予中国财险(02328)"买入"评级，预计2025-2027年公司归母 净利润分别为450/477/515亿元，同比增长35.9%/5.7%/8.1%，目标价22.2港元。 ...

Group 1 - The core viewpoint of the report is that the company, Inspur Digital Enterprise (00596), is rated as "buy" with a target price of HKD 14.8, driven by its state-owned background, potential profit release from cloud services, and expected valuation uplift from inclusion in the Hong Kong Stock Connect [1] - The company is projected to achieve net profits of RMB 5.2 billion, RMB 6.8 billion, and RMB 8.7 billion for the years 2025, 2026, and 2027 respectively [1] - In the first half of 2025, the company reported revenue of RMB 43.4 billion, a year-on-year increase of 4.9%, with a gross margin of 23.4%, up 1.4 percentage points from the previous year [1] Group 2 - The company's net profit attributable to shareholders for the first half of 2025 was RMB 1.83 billion, reflecting a significant year-on-year growth of 73.3, primarily due to the turnaround of the cloud services business and a 6.22% increase in operating profit from the software business segment [1] - The cloud services business showed remarkable growth, generating revenue of RMB 12.7 billion in the first half of 2025, with a year-on-year growth rate of 30%, and its revenue contribution has consistently increased over the past four years, surpassing 50% for the first time this year, reaching 52% [1] - The company is focusing on large clients such as central state-owned enterprises, which contribute over 80% of its revenue, while small and medium-sized enterprises account for only about 5%, indicating a weak segment in its business structure [2] Group 3 - The company is actively developing end-to-end integrated solutions in collaboration with overseas industrial software vendors to address the pain points faced by small and medium-sized manufacturing enterprises in areas such as R&D design, operational management, and asset control [2] - In the first half of this year, the company's overseas revenue reached RMB 3.8 billion, with plans to focus on expanding into the Southeast Asian market, aligning with the overseas expansion of central state-owned enterprises [2] - The company plans to launch localized products for small and medium-sized enterprises in Southeast Asia by the end of this year or early next year, further enhancing its overseas business layout [2]

公司业务以央国企等大型客户为核心服务对象，此类客户贡献了超过80%的收入，而中小企业客户占比 仅约5%，是业务结构中的薄弱环节。对此，公司已与海外工业软件厂商联合开发端到端一体化解决方 案，针对性解决制造类中小企业在"研发设计、经营管理、资产控制"等环节存在的软件数据不通的痛 点。下半年，公司将积极推进该领域的市场开拓，该行对这一市场的发展机遇充满信心。与此同时，公 司也在积极布局海外市场，今年上半年海外收入达3.8亿元。未来将重点开拓东南亚市场，一方面跟随 央国企出海步伐协同拓展，另一方面计划于年底或明年初推出面向东南亚中小企业的本地化产品，进一 步完善海外业务布局。 报告中称，公司2025上半年实现收入43.4亿元，同比增长4.9%。毛利率23.4%，同比上升1.4个百分点。 归母净利润为1.83亿元，同比增长73.3%，主要是由于云服务业务由亏转盈，以及软件业务分部经营利 润较去年同期增长6.22%2025年上半年，云服务业务增长势头显著，实现收入12.7亿元，同比增幅 30%。云业务在营业收入中的占比已连续4年提升，今年中期首次突破50%，达到52%，且其增速始终稳 定在30%以上。展望未来3-5年， ...

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 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 2,190,679,905 | | 0 | | 2,190,679,905 | 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8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限 ...

Core Viewpoint - First Shanghai has given a "buy" rating for China Hongqiao (01378), predicting revenue and net profit growth from 2025 to 2027, with a target price of HKD 29.0, indicating a 24% upside potential from the current price [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of CNY 81.039 billion, a year-on-year increase of 10.1%; gross profit reached CNY 20.805 billion, a significant increase of 16.9%, with a gross margin improvement of 1.5 percentage points to 25.7% [1] - The net profit attributable to shareholders was CNY 12.361 billion, reflecting a strong year-on-year growth of 35.0%, with a net profit margin increase of 3.1 percentage points to 16.7% [1] - Basic earnings per share surged by 36.0% to CNY 1.31 [1] Group 2: Cost Advantages and Operational Efficiency - The company benefits from stable upstream bauxite supply, with 75.3% sourced from Guinea, ensuring raw material cost advantages [2] - Midstream, the electrolytic aluminum sales reached 2.906 million tons, with a gross margin increase of 0.6 percentage points to 25.2%, driven by optimized energy structure, low-carbon technology reducing energy consumption, and digital empowerment [2] - Downstream, aluminum alloy processing sales were 392,000 tons, with revenue growth of 6.5% to CNY 8.074 billion, achieving bulk delivery of high value-added products [2] Group 3: Market Dynamics - In the first half of 2025, the global electrolytic aluminum market showed a tight balance between supply and demand, with China's primary aluminum production accounting for approximately 59.7% of global output and consumption at 62.6%, reflecting year-on-year increases of 0.2% and 1.1% respectively [3] - Growth in sectors such as power grids, photovoltaics, and new energy vehicles has significantly contributed to domestic demand [3] - It is expected that electrolytic aluminum prices will remain in the range of CNY 20,600 to 21,300 per ton, while alumina prices will be between CNY 3,200 and 3,300, indicating an overall trend of rising prices due to supply-demand dynamics [3] Group 4: Shareholder Returns - The company emphasizes shareholder returns, having repurchased 1.87 billion shares for HKD 2.61 billion in the first half of the year, which directly enhances earnings per share [4] - The company has committed to maintaining the dividend payout ratio at the 2024 level for 2025 and announced a new repurchase plan of no less than HKD 3 billion, demonstrating management's confidence in the company's future development [4]

Core Viewpoint - First Shanghai has issued a "Buy" rating for China Hongqiao (01378), predicting revenue growth from 156 billion RMB in 2025 to 167.4 billion RMB in 2027, with net profit increasing from 24.5 billion RMB to 25.8 billion RMB during the same period, and a target price of 29.0 HKD, indicating a 24% upside potential from the current price [1] Group 1: Financial Performance - In the first half of 2025, the company achieved an operating revenue of 81.039 billion RMB, a year-on-year increase of 10.1%, with gross profit reaching 20.805 billion RMB, up 16.9%, and a gross margin improvement of 1.5 percentage points to 25.7% [2] - The net profit attributable to shareholders was 12.361 billion RMB, reflecting a robust year-on-year growth of 35.0%, with a net profit margin increase of 3.1 percentage points to 16.7% [2] - Basic earnings per share surged by 36.0% to 1.31 RMB [2] Group 2: Cost Advantages and Operational Efficiency - The company benefits from a stable supply of bauxite, with 75.3% sourced from Guinea, ensuring raw material cost advantages [3] - The midstream electrolytic aluminum sales reached 2.906 million tons, with a gross margin increase of 0.6 percentage points to 25.2%, driven by optimized energy structure, low-carbon technology, and digital empowerment [3] - Downstream aluminum alloy processing sales were 392,000 tons, with revenue growth of 6.5% to 8.074 billion RMB, highlighting the successful delivery of high-value-added products [3] Group 3: Market Dynamics - The global electrolytic aluminum market showed a tight balance between supply and demand in the first half of 2025, with China's primary aluminum production accounting for approximately 59.7% of global output and consumption at 62.6% [4] - The demand from sectors such as power grids, photovoltaics, and new energy vehicles has contributed significantly to domestic demand growth [4] - It is expected that electrolytic aluminum prices will remain in the range of 20,600 to 21,300 RMB per ton, while alumina prices will stay between 3,200 to 3,300 RMB, indicating an overall upward price trend [4] Group 4: Shareholder Returns - The company has prioritized shareholder returns, spending 2.61 billion HKD to repurchase 18.7 million shares in the first half of the year, which directly enhances earnings per share [5] - The company has committed to maintaining the dividend payout ratio at the 2024 level for 2025 and announced a new repurchase plan of no less than 3 billion HKD, demonstrating management's confidence in the company's future development [5]

智通财经APP讯，第一上海(00227)发布截至2025年6月30日止六个月的未经审计中期业绩，营业额1.92 亿港元，同比减少8.21%;股东应占溢利334.4万港元，同比减少94.95%;每股基本盈利0.15港仙。 ...

第一上海(00227)发布截至2025年6月30日止六个月的未经审计中期业绩，营业额1.92亿港元，同比减少 8.21%;股东应占溢利334.4万港元，同比减少94.95%;每股基本盈利0.15港仙。 ...

格隆汇8月22日丨第一上海(00227.HK)发布公告，截至2025年6月30日止六个月，集团的营业额约为港币 192,000,000元，较2024年同期下跌8%，主要归因于黄山的物业销售营业额及孖展贷款利息收入的减 少，部分则被经纪佣金收入增长而有所抵销。集团录得股东应占溢利净额及每股基本盈利较2024年同期 下跌95%，分别由约港币66,000,000元及3.02港仙，下跌至约港币3,000,000元及0.15港仙。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 第 一 上 海 投 資 有 限 公 司 （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） （股 份 代 號：227） | | 截至六月三十日止六個月 | | | --- | --- | --- | | | 二零二五年 | 二零二四年 | | | 港幣千元 | 港幣千元 | | 期內溢利 | 3,674 | 66,108 | | 其他全面收益╱（虧損） | | | | 已重新分類或其後可能重新分類至損益之項目 | | | | －出售附屬公司而確認之匯兌儲備 | – | (20,589) | | －匯兌差異 | 45,024 | (14,218) | | 將不會重新分類至損益之項目 | | | | －按公平值作其他全面收益處理之財務資產之 | | | | 公平值收益╱（虧損） | 8,331 | (2,717) | | －匯兌差異 | 923 | (490) | | 期內其他全面收益╱（虧損），扣除稅 ...