Investment Rating - The investment rating for the company is "Buy" with a target price of 13.8 HKD [7] Core Insights - The company reported a strong performance in the first half of 2025, achieving revenue of 455.2 billion HKD, a year-on-year increase of 13.6%, and a net profit of 610 million HKD, up 34.7% [1][2] - The growth was driven by the collaborative performance of its three main business segments, with the Southeast Asia region showing significant growth of 22.5% [1][3] - The cloud computing segment emerged as a key growth driver, with revenue increasing by 67.9% year-on-year, highlighting its potential in the digital transformation landscape [2][3] Financial Performance Summary - For the first half of 2025, the company achieved a gross margin of 4.75%, an increase of 0.32 percentage points year-on-year [2] - The revenue breakdown shows consumer electronics at approximately 171.9 billion HKD (up 7.5%), enterprise systems at 257.0 billion HKD (up 14.1%), and cloud computing at 26.2 billion HKD (up 67.9%) [2] - The company has adjusted its net profit forecasts for 2025 and 2026 to 13.4 billion HKD and 16.8 billion HKD respectively, reflecting a positive outlook [2][3] Business Segment Analysis - The consumer electronics segment continues to show stable growth, supported by a diverse range of IT products [2] - The enterprise systems segment remains a major contributor to revenue and profit, aligning with the increasing demand for digital transformation solutions [2] - The cloud computing segment is positioned as a significant growth area, with increasing demand for cloud solutions as businesses undergo digital transformation [3] Regional Performance - The company’s revenue from North Asia reached approximately 287.8 billion HKD, growing by 8.9%, while Southeast Asia's revenue was about 167.4 billion HKD, reflecting a robust growth of 22.5% [3]

2025年以来，港股市场迎来了一场令人瞩目的牛市行情。恒生指数一路高歌猛进，年初至8月20日累计上涨约25.5%，大幅跑赢美股市场的道琼斯工业指数 （同期上涨5.6%）、纳斯达克综合指数（同期上涨10.4%）以及标准普尔500指数（同期上涨9.0%），相比A股的上证指数同期12.4%的涨幅，亦优势明显。 就伟仕佳杰目前所处阶段来看，行情已行至中后期，但远远未到泡沫阶段。其在AI与云计算、东南亚出海、国产替代等多个赛道有着广阔的发展前景，这 些"长坡厚雪"的可持续价值还未完全在公司估值中得到充分体现。 在这轮尚在进行中的港股牛市，科技与AI成为耀眼的主线之一，众多相关企业股价水涨船高，开启价值重估之路。身处其中的伟仕佳杰(00856.HK)同样表现 不俗。截至8月20日，其股价相比年初有显著升幅，录得约131.0%，大幅跑赢恒生指数。近两个月来，南下资金亦对伟仕佳杰青睐有加，港股持股比例持续 攀升返回历史高位，对公司股价带来积极推动作用。 （数据来源：格隆汇 APP ） 总结来看，公司股价在这轮港股牛市行情中得到大幅攀升，其背后是有着几个深层次的原因。一方面，伟仕佳杰的估值处于低位。与同业对标企业相比，其 市盈 ...

Summary of Weishi Jiajie Group's Conference Call Company Overview - Weishi Jiajie Group reported a revenue of HKD 45.5 billion for the first half of 2025, representing a year-on-year growth of 13.6% [2][3] - The group achieved a shareholder return rate of 13.7% and earnings per share of HKD 44.06 [2][3] - Total assets reached HKD 40.5 billion with a cash balance of HKD 3.82 billion and a net debt to total assets ratio of 0.14 [3] Key Financial Metrics - Accounts receivable turnover days: 70 days [2][3] - Accounts payable turnover days: 65 days [2][3] - Inventory turnover days: 48 days [3] - Operating turnover days: 53 days [2][3] Market Performance - Southeast Asia emerged as a growth engine with a revenue increase of 22.5% year-on-year [2][5] - Specific country growth rates: Thailand 50.4%, Philippines 45.4%, Malaysia 31.3%, Indonesia 29.9% [2][5] - The strong growth in Southeast Asia is attributed to local digitalization trends and a 104% increase in Apple business [5] Cloud Business Growth - The cloud business experienced explosive growth with a year-on-year increase of 67.9% [2][6] - Revenue growth from major cloud services: Alibaba Cloud 156%, Huawei Cloud 29%, Amazon Cloud 293%, VMware 295% [6] - The subsidiary Jiajie Yunxing achieved a revenue growth of 63% and won multiple AI computing center projects [6] Financial Services Innovations - The company is exploring financial service innovations, including the introduction of stablecoins to enhance cross-border payment efficiency and reduce exchange rate risks [7] - Focus on creating a new IP distribution ecosystem to improve operational efficiency and digitalization [7] Future Development Strategy - Plans to expand into Vietnam and India, with considerations for entering South Korea, Japan, Taiwan, and Australia [4][13] - Aiming to become the largest ICT industry solution technology platform in China and Asia [8] - The company maintains a stable dividend policy with a payout ratio of approximately 35% [4][14] Growth Drivers - Revenue growth is primarily driven by increased demand for basic computing power and AI [9] - The cloud business segment grew by 76% due to rising AI computing power demand [9] - Collaborations with several computing ecosystem partners, including Kunpeng and Haiguang chips, have significantly boosted performance [9] AI Business Outlook - AI business is still in its early stages, but the company plans to invest heavily in AI software and related fields [12] - Achieved a 76% growth in the AI segment in 2025, exceeding expectations [12] M&A Plans - The company is actively seeking acquisition opportunities to accelerate growth [15] Performance Guidance - Expected profit and revenue growth of around 20% over the next 2 to 3 years while maintaining operational quality [16] Seasonal Business Trends - Overall business shows some seasonality, with lower activity in the first half of the year due to the Spring Festival [17]

Financial Data and Key Metrics Changes - Revenue grew by 13.6%, reaching HKD 45.5 billion, while profit attributable to equity shareholders increased by 34.7%, reaching HKD 610 million, with an EPS of HKD 0.04406 and ROE of 13.7%, significantly higher than the Hang Seng Index average ROE of 10.94% [2] - The company has experienced a steady growth in revenue since being listed, with a CAGR of 24% and an average annual growth rate of 28% for net profit [3] Business Segment Data and Key Metrics Changes - Enterprise Systems revenue increased by 14.1%, from 22.5 billion yen to 25.7 billion yen, while Consumer Electronics grew by 7.5%, from 15.9 billion yen to 17.2 billion yen [5] - Cloud computing revenue grew exponentially by 67.9%, from 1.56 billion yen to 2.61 billion yen [6] Market Data and Key Metrics Changes - North Asia revenue increased from 26.4 billion yen to 28.7 billion yen, while Southeast Asia grew by 22.5%, from 13.6 billion yen to 16.7 billion yen [6] - Southeast Asia saw significant growth in various countries: Thailand (50%), Philippines (45.4%), Malaysia (31%), and Indonesia (30%), with Singapore experiencing a revenue decrease of 19% [9][10] Company Strategy and Development Direction - The company aims to become one of the largest ICT industry solutions technology platforms in the Asia Pacific region, focusing on digital construction and maintaining a leading position in the industry [14] - The strategy includes enhancing operational efficiency and digitalization while creating sustainable social values [14] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strong demand for AI computing, which has driven revenue growth, particularly in Southeast Asia, and expressed confidence in the sustainability of this growth [19] - The company is cautious about the operating risks due to Sino-U.S. trade conflicts but sees opportunities in domestic products for Southeast Asia [17] Other Important Information - The company maintains a stable dividend payout policy at around 35% and has no immediate plans to increase the payout ratio despite strong growth [30] - There are ongoing considerations for M&A expansions, with a strong intention to speed up the process [31] Q&A Session Summary Question: Regarding AI trends and Southeast Asia opportunities - Management noted that AI computing demand has driven revenue growth in Southeast Asia, with infrastructure computing demand being a significant factor [18] Question: Details on CloudStar's business development - Management discussed the advantages of CloudStar in multi-cloud management and scheduling, emphasizing increased investment in R&D and AI capabilities [23] Question: Future dividend strategy - The company plans to maintain a stable dividend payout ratio at around 35% and balance business development with dividend payouts [30] Question: Revenue guidance for the next few years - Management indicated that while forecasting business in China is challenging, there are many opportunities in overseas markets, particularly in Southeast Asia [32]

Financial Data and Key Metrics Changes - Revenue grew by 13.6%, reaching HKD 45.5 billion, while profit attributable to equity shareholders increased by 34.7%, reaching HKD 610 million, with an EPS of HKD 0.4406 and ROE of 13.7%, significantly higher than the Hang Seng Index average ROE of 10.94% [3] - The company has maintained a steady growth in revenue since being listed, with a CAGR of 24% and an average annual growth rate of 28% for net profit [4] Business Segment Data and Key Metrics Changes - Enterprise Systems revenue increased by 14.1%, from 22.5 billion yen to 25.7 billion yen, while Consumer Electronics grew by 7.5%, from 15.9 billion yen to 17.2 billion yen [6] - Cloud computing revenue grew exponentially by 67.9%, from 1.56 billion yen to 2.61 billion yen [7] Market Data and Key Metrics Changes - North Asia revenue increased from 26.4 billion yen to 28.7 billion yen, while Southeast Asia grew by 22.5%, from 13.6 billion yen to 16.7 billion yen [7] - Southeast Asia saw significant growth in various countries: Thailand (50%), Philippines (45.4%), Malaysia (31%), and Indonesia (30%), with Singapore experiencing a revenue decrease of 19% [10][11] Company Strategy and Development Direction - The company aims to become one of the largest ICT industry solutions technology platforms in the Asia Pacific region, focusing on digital construction and maintaining a leading position in the industry [15] - The strategy includes enhancing cross-border payment efficiency through innovative technologies like stablecoins and creating value in the digital economy [2] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the sustainable growth of AI computing demand, which has driven revenue in Southeast Asia [20] - The company plans to continue investing in AI and cloud capabilities, with expectations of further growth in these areas [24][30] Other Important Information - The company maintains a stable dividend payout policy at around 35% and has no immediate plans to increase the payout ratio [31] - There are ongoing considerations for M&A expansions, with a strong intention to accelerate the process [32] Q&A Session Summary Question: Regarding AI and Southeast Asia strategy amidst trade conflicts - Management highlighted that AI infrastructure demand has positively impacted revenue, and they are exploring opportunities for domestic products in Southeast Asia [19] Question: Details on CloudStar's business development - Management discussed the advantages of CloudStar in multi-cloud management and the ongoing investments in R&D and AI capabilities [24] Question: Future prospects for AI business and revenue growth - Management acknowledged the unexpected 76% growth in AI business and emphasized continued investment in this area [30] Question: Dividend strategy and M&A plans - The company confirmed a stable dividend policy and expressed strong intentions for M&A expansions [31][32] Question: Revenue guidance for the next two to three years - Management indicated challenges in forecasting business in China but noted opportunities in overseas markets, particularly in Southeast Asia [33]

Group 1 - The company reported a consolidated revenue of approximately HKD 45.515 billion for the first half of 2025, representing a year-on-year growth of 13.55% [2] - The consumer electronics segment saw a revenue increase of 7.49% to HKD 17.191 billion, while the enterprise systems segment grew by 14.09% to HKD 25.704 billion [2] - The cloud computing segment experienced significant growth, with revenue rising by 67.88% to approximately HKD 2.620 billion [2] Group 2 - The company's gross profit for the reporting period was HKD 2.164 billion, reflecting a year-on-year increase of 21.93%, with a gross profit margin rising to 4.75% [2] - Operating profit reached HKD 0.928 billion, marking a year-on-year growth of 19.69% [2] - Profit attributable to equity holders was approximately HKD 0.610 billion, which is a year-on-year increase of 34.67% [2]

【财华社讯】伟仕佳杰(00856.HK)公布，截至2025年6月30日止六个月，收益约455.15亿港元，同比增 长13.55%；公司权益持有人应占溢利约6.1亿港元，同比增长34.67%；基本每股盈利44.06港仙。不派中 期息。 本文源自：财华网 ...

Core Viewpoint - The company reported strong financial performance for the six months ending June 30, 2025, with significant growth in revenue and net profit, driven by its strategic focus on the ICT sector and international expansion, particularly in Southeast Asia [1][2][5] Group 1: Financial Performance - The company achieved a revenue of HKD 45.5 billion, representing a year-on-year increase of 13.6% [1] - The net profit after tax was approximately HKD 610 million, reflecting a year-on-year growth of 34.7% [1] - The return on equity (ROE) stood at 13.7% [1] Group 2: Regional Performance - North Asia contributed approximately HKD 28.8 billion to revenue, accounting for 63% of total revenue, while Southeast Asia contributed about HKD 16.7 billion, making up 37% [1] - Southeast Asia emerged as a key growth area, with a revenue increase of 22.5% during the reporting period [2] - Notable revenue growth in Southeast Asia included 50% for Thailand, 45% for the Philippines, 31% for Malaysia, and 30% for Indonesia [2] Group 3: Strategic Partnerships and Market Expansion - The company significantly boosted its Apple business in Southeast Asia, achieving a remarkable growth rate of 104% [2] - The company supported numerous Chinese enterprises in expanding overseas, with domestic brand revenue in Southeast Asia increasing by 35% [3] - Huawei's business saw a substantial growth of 46%, with Indonesia and the Philippines experiencing increases of 194% and 171%, respectively [3] Group 4: Cloud Business Growth - The cloud computing segment experienced a robust growth of 67.9%, with Alibaba Cloud growing by 156% and Amazon Cloud by 293% [4] - The company became the exclusive distributor for VMware in May 2024, leading to a 295% increase in related revenue [4] - The subsidiary, Jiajie Cloud Star, reported a 63% increase in revenue, providing customized solutions in multi-cloud management and AI computing [4] Group 5: Domestic Market Development - Revenue in the China region grew by 8.9%, with a focus on localizing business operations [5] - The company established stable partnerships with domestic manufacturers, achieving over 70% market share for domestic brands [5] - The domestic business in computing power saw a 26% increase, supported by collaboration with Huawei [5] Group 6: Future Outlook - The company plans to continue its innovation-driven approach and explore new business models, including partnerships with third-party service providers [6] - There is an intention to expand into the field of embodied intelligence [7] - The company aims for sustainable development and value creation for shareholders and society [7]

集团将持续执行策略以增加市场占有率及所提供的产品及服务种类。此举将有助集团继续着眼于所有业 务分部的产品种类及发展。集团将凭借集团广泛的产品组合及网络继续推动集团发展。 伟仕佳杰(00856)发布截至2025年6月30日止6个月业绩，该集团期内取得收益455.15亿港元，同比增加 13.55%;公司权益持有人应占溢利6.1亿港元，同比增加34.67%;每股基本溢利44.06港仙。 ...

集团将持续执行策略以增加市场占有率及所提供的产品及服务种类。此举将有助集团继续着眼于所有业 务分部的产品种类及发展。集团将凭借集团广泛的产品组合及网络继续推动集团发展。 智通财经APP讯，伟仕佳杰(00856)发布截至2025年6月30日止6个月业绩，该集团期内取得收益455.15亿 港元，同比增加13.55%;公司权益持有人应占溢利6.1亿港元，同比增加34.67%;每股基本溢利44.06港 仙。 ...