Contents 目錄 2 Corporate Information 公司資料 6 Unaudited Consolidated Statement of Profit or Loss 未經審核綜合損益表 7 Unaudited Consolidated Statement of Other Comprehensive Income 未經審核綜合其他全面收入表 8 Unaudited Consolidated Statement of Financial Position 未經審核綜合財務狀況表 10 Unaudited Condensed Consolidated Cash Flow Statement 未經審核簡明綜合現金流量報表 11 Unaudited Consolidated Statement of Changes in Equity 未經審核綜合權益變動報表 12 Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註 31 Independent Review Report 獨立審閱報告 33 Management Discu ...

Group 1 - The core viewpoint of the article highlights a significant rise in Hong Kong's Apple-related stocks, driven by the anticipation of a potential upgrade cycle for iPhone users as new models are released [1] - Wedbush analysts estimate that approximately 315 million out of 1.5 billion global iPhone users have not upgraded their devices in over four years, indicating a substantial upgrade opportunity for Apple [1] - Analysts suggest that Apple's focus on product efficiency, along with innovative redesigns and practical new features, may lead the company into a "super upgrade cycle" within the next 12 to 18 months [1] Group 2 - Tianfeng Securities expresses optimism regarding investment opportunities in edge AI, supported by favorable policies and the influence of major players, with Apple's recent developments showcasing its commitment to innovation in edge AI products [1] - The report indicates that Apple's advancements in edge AI could exceed expectations in terms of user experience and sales, prompting a recommendation to pay attention to the Apple supply chain [1]

Group 1 - The core point of the article highlights the significant stock price increase of 伟仕佳杰 (Weishi Jiajie), which rose over 5% following Oracle's impressive financial performance and growth expectations in cloud services [1] - Oracle's stock surged nearly 36% after reporting a substantial growth forecast for its cloud services, with unfulfilled performance obligations reaching $455 billion by the end of August [1] - Oracle's five-year contract with OpenAI is reportedly valued at $300 billion, indicating strong demand and growth potential in the cloud computing sector [1] Group 2 - 伟仕佳杰 operates in three main business segments: enterprise systems, consumer electronics, and cloud computing, partnering with over 300 Fortune 500 technology companies [1] - The company is recognized as a key ecological partner in the Asia-Pacific region, with a product line exceeding 10,000 items [1] - Recent research from Dongwu Securities expresses optimism about 伟仕佳杰's future developments in cloud computing and AI, suggesting the potential for a second growth curve [1]

Core Viewpoint - Oracle's stock surged significantly due to an impressive earnings report, highlighting strong growth expectations in cloud services, which positively impacts related companies like 伟仕佳杰 [1] Company Summary - 伟仕佳杰 (00856) opened over 5% higher and is currently trading at 10.68 HKD with a transaction volume of 3.33 million HKD [1] - The company operates in three main sectors: enterprise systems, consumer electronics, and cloud computing, partnering with over 300 Fortune 500 tech companies [1] - Recent research from Dongwu Securities indicates optimism regarding the company's future developments in cloud computing and AI, suggesting potential for a second growth curve [1] Industry Summary - Oracle's stock initially rose by 42% and closed with a nearly 36% increase, driven by a robust earnings report and a significant contract with OpenAI valued at 300 billion USD [1] - Oracle's unfulfilled performance obligations reached 455 billion USD by the end of August, indicating strong future revenue potential [1]

Core Viewpoint - The report highlights the significant growth potential in the AI cloud market in China, driven by generative AI, with a projected market size of 223 billion yuan by the first half of 2025 and an expected growth of 148% by 2030, reaching 1,930 billion yuan [1] Company Summary - Weishi Jiajie (00856) saw its stock price increase by over 5% during trading, closing at 10.38 HKD with a transaction volume of 118 million HKD [1] - The company has been strategically investing in cloud computing since establishing its cloud computing division in 2013 and has formed partnerships with major cloud providers like Microsoft, Alibaba Cloud, Amazon, Huawei, and VMware since 2015 [1] - In 2020, Weishi Jiajie acquired a software technology company focused on cloud management and AI computing scheduling, now known as Jiajie Yunxing [1] - The company's AI business revenue reached 3.78 billion HKD in 2024, reflecting a year-on-year growth of 42% [1] - Dongwu Securities expresses optimism about the company's future in cloud computing and AI, suggesting it could unlock a second growth curve and has initiated coverage with a "buy" rating [1] Industry Summary - According to Omdia's report, Alibaba Cloud leads the Chinese AI cloud market with a 35.8% market share [1] - The report anticipates that the generative AI sector will significantly contribute to the growth of the AI cloud market, with a forecasted increase of 148% by 2030 [1] - Oracle's recent quarterly earnings report indicated strong growth prospects in its AI business, despite overall revenue and earnings per share falling short of expectations, highlighting the increasing demand for cloud infrastructure [1]

Group 1 - The core viewpoint of the article highlights the significant growth potential in the AI cloud market in China, driven by generative AI, with a projected market size of 223 billion yuan by mid-2025 and an expected growth of 148% by 2030, reaching 1,930 billion yuan [1] - Omdia's report indicates that Alibaba Cloud holds the largest market share at 35.8% in the Chinese AI cloud market [1] - Oracle's recent earnings report shows strong growth prospects in its AI business, despite overall revenue and earnings per share falling short of expectations, driven by a substantial deal with OpenAI [1] Group 2 - Weishi Jiajie has been strategically developing its cloud computing business since establishing its cloud computing division in 2013 and has formed partnerships with major cloud providers like Microsoft, Alibaba Cloud, Amazon, Huawei, and VMware since 2015 [1] - The company acquired a software technology firm focused on cloud management and AI scheduling operations, now named Jiajie Yunxing, in 2020 [1] - In 2024, Weishi Jiajie's AI business revenue reached 3.78 billion HKD, reflecting a year-on-year growth of 42%, indicating a positive outlook for its future in the cloud computing and AI sectors [1]

Group 1 - ApexPay completed a multi-million dollar Series A funding round 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 [1][2] - Wistron Neweb's investment in ApexPay aligns with its "technology + industry" strategy, aiming to tap into the high-growth fintech sector and create new revenue streams [1][3] Group 2 - ApexPay holds core financial qualifications in regions like Hong Kong and Australia, collaborating with over 25 major banks, and has established a diverse payment ecosystem covering various high-frequency scenarios [2] - The partnership between Wistron Neweb and ApexPay is expected to enhance customer retention by providing comprehensive cross-border financial services to existing clients [2][3] - Wistron Neweb's revenue for the first half of 2025 grew by 13.6%, with technology services now accounting for over 62% of total revenue, indicating a successful shift towards comprehensive tech services [3] Group 3 - ApexPay plans to allocate 25% of its funding to stablecoin project development and licensing, with additional investments in emerging markets and platform integration [4][5] - The global cross-border payment market exceeds $150 trillion, but digital asset penetration remains below 1%, primarily due to compliance and adaptability issues [5] - The collaboration between Wistron Neweb and ApexPay is anticipated to accelerate the adoption of digital assets in traditional cross-border payment scenarios [5][6] Group 4 - Wistron Neweb's investment in ApexPay represents a strategic move into the fintech sector and supports its transformation into a comprehensive tech service provider [6] - The partnership is expected to yield dual returns of business growth and investment income as ApexPay develops its stablecoin offerings and global compliance network [6]

Core Viewpoint - The company is a leading ICT industry solution provider in the Asia-Pacific region, focusing on enhancing operational efficiency and reducing transaction costs through comprehensive information services [1] Group 1: Company Overview - Established in 1991 and listed on the Hong Kong main board in 2002, the company serves as a major channel for technology products entering China and Southeast Asia [1] - The company offers a full range of one-stop information services across three main business segments: enterprise systems, consumer electronics, and cloud computing [1] - It operates in twelve fields including cloud computing, big data, artificial intelligence, data storage, and cybersecurity, among others [1] - The company has a market presence in nine countries, including China, Thailand, and Singapore, with 87 branches and partnerships with 50,000 channel institutions, serving a population of 1.9 billion [1] Group 2: Market Performance - The Southeast Asian market has shown strong growth, with revenue from this region expected to increase by nearly 74% year-on-year in 2024, reaching a revenue share of 34.41% [2] - The company has been expanding its presence in Southeast Asia, particularly in future technologies such as AI and cloud services [2] Group 3: Business Development - The company established its cloud computing division in 2013 and has since partnered with major cloud providers like Microsoft and Amazon [2] - In 2020, the company acquired a software technology firm focused on cloud management and AI, enhancing its capabilities in these areas [2] - The AI business is projected to generate HKD 3.78 billion in revenue in 2024, reflecting a year-on-year growth of 42% [2] Group 4: Financial Forecast - Revenue projections for 2025-2027 are estimated at HKD 102.3 billion, 117.1 billion, and 133.4 billion, with corresponding growth rates of 15%, 14%, and 14% [3] - Net profit forecasts for the same period are HKD 1.3 billion, 1.5 billion, and 1.8 billion, with growth rates of 20%, 22%, and 15% [3] - The company is expected to maintain a favorable PE ratio of 12, 10, and 8 times for the respective years [3]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [1]. Core Insights - The company is a leading ICT solutions provider in the Asia-Pacific region, focusing on digital transformation through cloud computing and AI technologies [8][13]. - The Southeast Asian market is experiencing rapid growth, with projected revenue growth of approximately 74% in 2024, contributing to a significant portion of the company's overall revenue [32]. - The company has established strong partnerships with major tech firms, enhancing its market position and service offerings [18][19]. Summary by Sections 1. Company Overview - The company was founded in 1991 and listed on the Hong Kong Stock Exchange in 2002, serving as a key channel for ICT products in Southeast Asia [8][13]. - It operates across nine countries in the region, with a network of 87 branches and partnerships with over 50,000 channel institutions [15]. 2. Business Growth - Revenue from the Southeast Asian market is expected to increase significantly, with a forecasted growth rate of 34.41% in 2024 [32]. - The company has seen steady revenue growth from 2020 to 2024, with total revenues projected to reach HKD 102.31 billion in 2025, reflecting a year-on-year growth of 14.85% [61]. 3. Cloud Computing and AI Expansion - The company has been actively expanding its cloud computing and AI services since establishing its cloud division in 2013, collaborating with major cloud providers [37]. - AI-related revenue is projected to reach HKD 3.78 billion in 2024, marking a 42% increase year-on-year [54]. 4. Financial Projections - The company anticipates total revenues of HKD 1,023.11 billion, HKD 1,170.77 billion, and HKD 1,334.02 billion for the years 2025, 2026, and 2027, respectively [61]. - The expected net profit for the same period is projected to be HKD 1.3 billion, HKD 1.5 billion, and HKD 1.8 billion, with corresponding growth rates of 20%, 22%, and 15% [60].

Group 1 - The article reports on share buybacks conducted by various companies on September 2, 2025, with a total of 30 companies participating in the buyback program [1] - China Hongqiao (01378) had the largest buyback amount, repurchasing 36.65 million shares for a total of 942 million [2] - Tencent Holdings (00700) repurchased 913,000 shares for 550 million, while Hang Seng Bank (00011) bought back 210,000 shares for 23.66 million [2] Group 2 - The cumulative buyback quantity for China Hongqiao (01378) for the year reached 14.1 million shares, representing 1.5% of its total share capital [2] - Other notable buybacks include Vitasoy International (00345) with 718,000 shares for 6.57 million and MGM China (02282) with 1 million shares for 15.90 million [2] - The buyback activity reflects a trend among companies to return capital to shareholders, with varying percentages of total share capital being repurchased across different firms [2][3]