Group 1 - ApexPay announced the completion of a multi-million dollar Series A financing in August 2025, with participation from Wistron NeWeb Corporation, marking a significant move in the fintech sector [1] - The global cross-border payment market faces efficiency and cost challenges, with traditional systems taking over 3 days for settlement and fees ranging from 1% to 3%, while crypto solutions offer 24/7 real-time settlement and lower fees [2] - Wistron Neweb's investment in ApexPay aligns with its "technology + industry" strategy, aiming to penetrate the high-growth fintech sector and create new growth avenues [3] Group 2 - Wistron Neweb's diversified growth strategy is showing results, with a 13.6% year-on-year revenue increase in the first half of 2025, and technology services now accounting for over 62% of total revenue [4][5] - The collaboration with ApexPay fills a gap in Wistron Neweb's enterprise financial services, enhancing its service offerings and revenue streams [5] - Wistron Neweb plans to explore new business models, including partnerships for developing new payment solutions, which aligns with ApexPay's business strategy [5] Group 3 - ApexPay's funding will be allocated to stablecoin project development, team building in emerging markets, and platform integration, aligning with Wistron Neweb's global strategy [6][7] - The global cross-border payment market exceeds $150 trillion, with digital asset penetration below 1%, primarily due to compliance and adaptability issues [7] - The partnership between Wistron Neweb and ApexPay is expected to accelerate the adoption of digital assets in traditional cross-border payment scenarios [7] Group 4 - Wistron Neweb's investment in ApexPay represents a strategic move into the fintech sector, with potential for dual returns from business growth and investment gains [8]

Core Insights - The establishment of the "Hong Kong Digital Asset Listed Companies Association" marks a significant step in promoting digital assets in Hong Kong, with participation from over 80 listed companies and financial institutions [1][2] - The Hong Kong government is committed to fostering innovation in financial technology, with over 1,100 fintech companies operating in the region and a 15% annual growth rate [1][2] Group 1: Government Initiatives - The Hong Kong government plans to regularize the issuance of green bonds and explore tokenization applications in various sectors, including renewable energy [2] - A funding program has been launched to support projects with commercial potential, offering up to HKD 500,000 for tokenization certification and commercialization [2] Group 2: Participating Companies - A list of participating companies includes notable H-shares such as Guofu Quantum, China New Economy Investment, and Huya Capital, among others [3] - A-share participants include Zhaoxin Co. and Jingbeifang, while US-listed companies include Galaxy Digital and Amber [4]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, driven by its enterprise systems and cloud computing businesses. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of approximately 45.515 billion HKD, representing a year-on-year growth of 13.6% [1] - The net profit for the same period was approximately 610 million HKD, reflecting a year-on-year increase of 34.7% [1] - The gross profit margin was approximately 4.75%, an increase of 0.32 percentage points year-on-year [1] Group 2: Business Segments - The enterprise systems business remains the primary revenue source, with revenue of approximately 25.704 billion HKD, a year-on-year growth of 14.1% [1] - The consumer electronics business generated revenue of approximately 17.191 billion HKD, growing by 7.5% year-on-year [1] - The cloud computing business saw remarkable growth, with revenue of approximately 2.620 billion HKD, a year-on-year increase of 67.9% [1][2] Group 3: Regional Performance - The Southeast Asia business showed impressive performance, with revenue of approximately 16.7 billion HKD, a year-on-year growth of 22.5% [1] - Thailand's revenue grew by 50.4%, the Philippines by 45.4%, and Malaysia by 31.3% year-on-year [1] - The company's Apple business in Southeast Asia grew by 104%, while domestic brand revenue increased by 35% and Huawei business revenue grew by 46% [1] Group 4: Cloud Business Growth - The cloud business experienced rapid growth, with a year-on-year increase of 67.9% [2] - Alibaba Cloud revenue grew by 156%, Huawei Cloud by 29%, and Amazon Cloud by 293% [2] - The company secured several projects, including the Pengcheng Cloud Brain computing power scheduling and operation management [2] Group 5: Future Outlook - The company plans to explore new business models and collaborate with third-party service providers to develop innovative payment solutions, including stablecoin settlements [2] - There is a focus on expanding into the field of embodied intelligence [2] - The company aims to strengthen partnerships to achieve high-quality and sustainable long-term development [2] Group 6: Earnings Forecast - The revenue forecast for 2025-2027 is estimated at 102.117 billion HKD, 113.757 billion HKD, and 125.365 billion HKD respectively [2] - The projected net profit for the same period is expected to be 1.307 billion HKD, 1.545 billion HKD, and 1.741 billion HKD respectively [2] - Corresponding diluted EPS is forecasted to be 0.91 HKD, 1.08 HKD, and 1.21 HKD, with P/E ratios of 12.7x, 10.7x, and 9.5x [2]

公司 2025 年上半年云计算收入为 26.20 亿港元，同比增长 67.9%。但各云厂商的增速有所不同，华为 云、阿里云、亚马逊网络服务和 VMWare 的销售分别增长了 29%、156%、293%和 295%。2025 年上半 年，公司中标了鹏城云脑算力调度和运营管理、南通人工智能计算中心、沈阳人工智能计算中心等项 目。此外，公司与国内芯片设计公司保持着良好的业务关系，是海光 CPU 的唯一分销商，并覆盖了华 为鲲鹏的大部分主要供应商。此外，公司已开始为医疗和教育等行业提供定制化的服务器软件解决方 案。 公司东南亚扩张持续推进，收入达 167.35 亿港元，同比增长 22.5%。部分东南亚市场贡献了较快的增 长，包括泰国、菲律宾、马来西亚和印度尼西亚，同比增长分别达 50.4%、45.4%、31.3%和 29.9%。东 南亚收入环比下降的原因是 2024 年下半年新加坡出现了一笔非经常性收入。 风险：贸易摩擦扰乱跨境技术的自由流动。 维持"买入"评级，并基于 14.3 倍 2025 年市盈率，上调目标价至 14.00 港元，公司 2025 年上半年业绩 强劲，每股盈利超出我们预期 3.7%。收入增长强劲， ...

Group 1 - The report highlights that XPeng Motors achieved a record high gross margin in Q2 2025, with a revenue of 18.27 billion yuan, representing a year-on-year increase of 125.3% [5][6] - The gross margin for Q2 was 17.3%, up 3.3 percentage points from the same period in 2024, driven by the launch of high-priced models G6 and G9 [5][6] - The company expects to continue improving its overall gross margin in Q4 2025 with the release of new models and an increase in sales of range-extended vehicles [6][7] Group 2 - Shengnong Development reported a revenue of 8.856 billion yuan in H1 2025, a slight increase of 0.22% year-on-year, while net profit surged by 791.93% to 910 million yuan [11][13] - The company achieved growth in both production and sales, with chicken meat sales increasing by 2.5% and processed meat products by 13.21% [13] - The completion of the acquisition of Sun Valley Holdings has further optimized the supply chain and improved operational efficiency [13][14] Group 3 - Muyuan Foods reported a revenue of 76.463 billion yuan in H1 2025, a year-on-year increase of 34.46%, with net profit soaring by 1169.77% to 10.53 billion yuan [15][16] - The company sold 46.91 million pigs in H1 2025, with production costs decreasing to approximately 11.8 yuan/kg by July [16] - The company aims to reduce its overall debt by 10 billion yuan, having already decreased its total liabilities by 5.6 billion yuan by the end of Q2 2025 [15][16] Group 4 - Yanjin Food reported a revenue of 2.941 billion yuan in H1 2025, a year-on-year increase of 19.58%, with net profit rising by 16.70% to 373 million yuan [18][19] - The company’s revenue from konjac products increased by 155% to 790 million yuan, becoming a key growth driver [19][20] - The company is focusing on optimizing its cost structure and improving profitability through better product mix and channel strategies [20][21] Group 5 - Guocer Materials achieved a revenue of 2.154 billion yuan in H1 2025, a year-on-year increase of 10.29%, with net profit slightly up by 0.38% to 332 million yuan [22][24] - The company’s electronic materials segment saw a revenue increase of 23.65%, while the new energy materials segment grew by 26.36% [24][25] - The company is actively developing new materials and expanding its product offerings to meet the growing demand in various sectors [27][28] Group 6 - Yingliu Technology reported a revenue of 1.384 billion yuan in H1 2025, a year-on-year increase of 9.11%, with net profit rising by 23.91% to 188 million yuan [29][30] - The company’s new material and equipment segment experienced significant growth, with a revenue increase of 74.49% [31] - The company has secured multiple strategic partnerships in the nuclear energy sector, enhancing its order backlog [33][34] Group 7 - Shengquan Group reported a revenue of 5.351 billion yuan in H1 2025, a year-on-year increase of 15.67%, with net profit rising by 51.19% to 501 million yuan [37][38] - The company’s advanced electronic materials and battery materials segments achieved significant revenue growth, driven by increased demand [38][39] - The company is focusing on cost control and efficiency improvements to enhance profitability [39][40]

证券研究报告 计算机 | IT 服务Ⅱ 港股|公司点评报告 hyzqdatemark 2025 年 08 月 24 日 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 联系人 市场表现： | 基本数据 | 2025 | 年 | 08 | 月 21 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 11.47 | | | 一年内最高/最低（港 | | | | 12.22/4.01 | | | 元） | | | | | | | 总市值（百万港元） | | | | 16,411.44 | | | 流通市值（百万港元） | | | | 16,411.44 | | | 资产负债率（%） | | | | 76.29 | | | 资料来源：聚源数据 | | | | | | 伟仕佳杰(00856.HK) 投资评级： 买入（维持） ——东南亚区域高速增长，利润率回升，1H25 公司业绩超预期 投资要点 ...

Core Insights - Weishi Jiajie (00856.HK) reported a revenue of HKD 45.5 billion for the six months ending June 30, 2025, representing a year-on-year growth of 13.6% [1] - The net profit attributable to shareholders was approximately HKD 610 million, reflecting a year-on-year increase of 34.7% [1] - The return on equity (ROE) stood at 13.7% [1] Revenue Breakdown - Revenue from the North Asia region was approximately HKD 28.8 billion, accounting for 63% of the total [1] - Revenue from the Southeast Asia region was around HKD 16.7 billion, making up 37% of the total [1] Business Segment Performance - The Consumer Electronics segment generated revenue of approximately HKD 17.19 billion, with a year-on-year growth of 7.5% [1] - The Enterprise Systems segment reported revenue of about HKD 25.7 billion, showing a year-on-year increase of 14.1% [1] - The Cloud Computing segment achieved revenue of approximately HKD 2.62 billion, with a significant year-on-year growth of 67.9%, becoming a key growth driver for the company [1] Strategic Focus - The Consumer Electronics segment continues to show stable growth, providing a diverse range of IT products such as computers, mobile phones, and drones to meet various consumer needs [1] - The company is strategically focusing on its cloud business, deepening collaborations with leading cloud providers [1] - Notable growth in cloud services includes a 156% increase in Alibaba Cloud, a 29% increase in Huawei Cloud, and a 293% increase in Amazon Cloud [1] Overseas Business Performance - Weishi Jiajie's Southeast Asia performance was strong, with a year-on-year growth of 22.5%, indicating a positive market growth trend [2] - The company leverages its brand and channel advantages in Southeast Asia to assist numerous Chinese enterprises in expanding overseas and increasing market share [2]

Investment Rating - The report maintains a "Buy" rating for VSTECS (00856 HK) with a target price of HK$14.00, revised from the previous target price of HK$8.18 [1]. Core Insights - The company has demonstrated strong performance in the first half of 2025, with earnings per share exceeding expectations by 3.7%. Revenue growth was particularly robust in the cloud computing segment, which saw a year-on-year increase of 67.9%, surpassing expectations by 8.2% [5]. - The forecast for net profit for 2025-2027 has been revised upwards to HK$14.03 billion (+16.0%), HK$16.28 billion (+19.2%), and HK$20.36 billion, respectively. The current target price corresponds to a price-to-book ratio of 2.0 times and a price-to-earnings ratio of 13.9 times for 2025 [5][6]. - The company has secured several significant projects in the cloud computing space and maintains strong relationships with domestic chip design companies, positioning it well for future growth [5]. Financial Performance Summary - For the fiscal year ending December 31, 2023, VSTECS reported total revenue of HK$73.891 billion and a net profit of HK$922 million, with an earnings per share (EPS) of HK$0.656 [4]. - The projected revenue for 2025 is HK$103.922 billion, with a net profit forecast of HK$1.403 billion and an EPS of HK$1.009, reflecting a growth of 33.3% in EPS compared to 2024 [4][7]. - The company’s cloud computing revenue for the first half of 2025 was HK$2.620 billion, marking a significant increase of 67.9% year-on-year [6]. Segment Performance - The cloud computing segment is expected to grow significantly, with projected revenues of HK$5.477 billion in 2025, representing a year-on-year growth of 39.2% [9]. - The Southeast Asia expansion has also been fruitful, with revenues reaching HK$16.735 billion, a year-on-year increase of 22.5%, driven by strong growth in markets like Thailand and the Philippines [5][6]. Valuation Metrics - The report indicates that VSTECS is currently trading at a price-to-earnings ratio of 15.2 for 2024 and is expected to decrease to 11.4 by 2025, suggesting an attractive valuation relative to its growth prospects [10]. - The company’s return on equity (ROE) is projected to improve from 11.6% in 2023 to 17.7% by 2027, indicating enhanced profitability [14].

更新报告 伟仕佳杰（856.HK） 平安证券（香港）研究 2025 年 8 月 22 日 1H25 业绩略超预期， 东南亚及云计算增长动能强劲 | 百万港元 | 2022A | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 收入 | 77,324 | 73,891 | 89,086 | 100,439 | 111,996 | 124,007 | | 同比增长 | -1.3% | -4.4% | 20.6% | 12.7% | 11.5% | 10.7% | | 毛利 | 3,378 | 3,497 | 3,929 | 4,555 | 5,058 | 5,583 | | 毛利率 | 4.4% | 4.7% | 4.4% | 4.5% | 4.5% | 4.5% | | 净利润 | 823 | 922 | 1,052 | 1,281 | 1,440 | 1,617 | | 同比增长 | -37.4% | 12.0% | 14.1% | 21.8% | 12.4% | 12.3% | | 净 ...

云计算业务高速增长，潜力巨大。 云计算分部表现抢眼，收入增速领先，其分部业绩也从 2024 年同期 的 0.54 亿港元增长至 0.84 亿港元，同比增长 54.3%。随着数字化浪潮的推进，企业对云计算解决方案 和服务的需求日益旺盛，集团在该领域的布局逐渐显现成效，有望成为未来集团业绩增长的核心驱动力 之一。 核心财务指标亮眼，增长动能强劲。2025H1 公司收入达约 455.2 亿港元，同比增长 13.55%，增长势头 显著。主要得益于旗下三大业务分部的共同发力，其中消费电子分部收入约 171.9 亿港元，同比增长 7.5%；企业系统分部收入约 257.0 亿港元，同比增长 14.1%；云计算分部收入约 26.20 亿港元，同比大 幅增长 67.9%，成为集团增长的重要引擎。盈利方面，2025H1 公司毛利率同比增加 0.32 个百分点至 4.75%，期间录得归母净利润 6.10 亿港元，同比增长 34.7%，盈利增长幅度超过营收增长，主要受益于 盈利能力的提升。 消费电子业务稳定增长，产品多元化优势凸显。消费电子分部作为集团的传统业务板块，继续保持稳定 增长，其提供的计算机、手机、无人机等多元化 IT 产 ...