Core Viewpoint - First Shanghai maintains a "buy" rating for NetDragon (00777), highlighting the robustness of the company's gaming business and the potential market space for its education business. The steady development of gaming IPs and the expansion into overseas markets, along with the successful promotion of tablet products, are expected to drive new performance growth for the company. The target price is set at HKD 17.27, indicating a 55% upside from the previous closing price [1] Group 1: 2025 Mid-Year Performance - NetDragon is projected to achieve revenue of RMB 2.38 billion in the first half of 2025, with a gross profit of RMB 1.7 billion and a gross margin increase of 2.9 percentage points to 69.5%, reflecting enhanced overall profitability [1] - Operating expenses are expected to be RMB 1.35 billion, a decrease of 15.6% year-on-year, indicating the effectiveness of cost optimization and efficiency improvement measures [1] - The company has a solid financial position with net cash of approximately RMB 1.5 billion and holds 12,000 Ethereum as part of its digital asset reserves [1] - A mid-term dividend of HKD 0.5 per share has been announced, with a commitment to return at least HKD 600 million to shareholders through dividends and share buybacks over the next year [1] Group 2: Gaming Business - In the first half of 2025, the gaming and other businesses generated revenue of RMB 1.74 billion, showing signs of stabilization and recovery compared to the second half of 2024 [2] - The Monthly Active Users (MAU) of "Magic Domain" increased by 11% year-on-year, with mobile revenue also showing a quarter-on-quarter increase, indicating improved user engagement and retention [2] - The operating profit margin for the gaming business has rebounded to 28.8%, nearing historical normal levels, due to ongoing cost reduction and efficiency enhancement efforts [2] - Upcoming product launches include "Code MY" which began small-scale testing in August, and plans to launch "Magic Domain" and "Code Alpha" in multiple overseas markets in the second half of the year [2] Group 3: Education Business - The Mynd.ai business generated revenue of RMB 640 million in the first half of 2025 [3] - In response to challenges from reduced global education technology spending, the company will continue to pursue cost optimization [3] - Despite weak performance in traditional markets in Europe and the US, the company is actively exploring emerging markets for new growth opportunities [3] - While short-term pressures from fluctuations in overseas education budgets remain, the long-term core logic of increasing digital penetration in global education remains unchanged [3]

Core Viewpoint - The report maintains a "Buy" rating for China Resources Vientiane Life (01209), projecting net profit for the years 2025-2027 to be 4.0 billion, 4.6 billion, and 5.26 billion respectively, with a target price of 48.5 HKD [1] Financial Performance - In the first half of 2025, the company's revenue reached 8.524 billion, a year-on-year increase of 6.5%, with a gross margin of 37.1%, up 3.1 percentage points [2] - Core net profit increased by 15.0% to 2.01 billion, with a core net profit margin rising by 1.4 percentage points to 23.6% [2] - The proposed interim dividend is 0.53 per share, along with a special dividend of 0.35 per share, resulting in a 100% payout ratio based on core net profit [2] Commercial Management - Commercial management revenue was 3.27 billion, a year-on-year increase of 14.6%, with a gross margin improvement of 5.2 percentage points to 66.1% [3] - Retail sales in shopping centers grew by 21.1% to 122 billion, with same-store sales increasing by 9.7%, outperforming the overall retail sales growth [3] - The company operated 125 shopping centers with an average occupancy rate of 97.1%, an increase of 0.4 percentage points from the end of 2024 [3] Property Management - Property management revenue grew by 1.1% to 5.16 billion, with a slight decline in gross margin to 18.8% due to a decrease in community space service income [4] - The total contracted area reached 4.5 billion square meters, with managed area increasing by 0.4% to 4.2 billion square meters [4] - The urban space segment's managed area grew by 1.8% to 1.27 billion square meters, accounting for 30.2% of the total managed area, with revenue contribution rising to 18.4% [4]

Core Viewpoint - First Shanghai maintains a "Buy" rating for China Resources Vientiane Life (01209), projecting net profit attributable to shareholders of 4.0 billion, 4.6 billion, and 5.26 billion yuan for 2025-2027, with a target price of 48.5 HKD [1] Group 1: Financial Performance - In the first half of 2025, the company's revenue reached 8.524 billion yuan, a year-on-year increase of 6.5% [1] - Core net profit increased by 15.0% to 2.01 billion yuan, with a core net profit margin rising by 1.4 percentage points to 23.6% [1] - The company plans to distribute an interim dividend of 0.53 yuan per share and a special dividend of 0.35 yuan per share, achieving a 100% payout ratio based on core net profit [1] Group 2: Commercial Management - Commercial management revenue was 3.27 billion yuan, up 14.6% year-on-year, with a gross margin increase of 5.2 percentage points to 66.1% [2] - Retail sales in shopping centers grew by 21.1% to 122 billion yuan, with same-store sales increasing by 9.7% [2] - The company operated 125 shopping centers at the end of the period, maintaining an average occupancy rate of 97.1%, an increase of 0.4 percentage points from the end of 2024 [2] Group 3: Property Management - Property management revenue grew by 1.1% to 5.16 billion yuan, with a slight decline in gross margin by 0.1 percentage points to 18.8% [3] - Urban space revenue increased by 15.1%, contributing to a rise in the proportion of urban space in total managed area to 30.2% [3] - The total managed area reached 4.2 billion square meters, with urban space managed area growing by 1.8% to 1.27 billion square meters [3]

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。 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%。 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。 ...

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]