Core Insights - Huya Technology (01860) saw a significant stock increase of over 10%, reaching HKD 16 with a trading volume of HKD 406 million [1] Financial Performance - For the mid-year results of 2025, the company reported a revenue of USD 938 million, representing a substantial year-on-year growth of 47% [1] - Adjusted EBITDA for the period was USD 88.68 million, showing a year-on-year increase of 41% [1] - The core programmatic advertising platform, Mintegral, generated revenue of USD 897 million, marking a 48.6% increase year-on-year [1] - Within Mintegral, the gaming category performed exceptionally well, achieving revenue of USD 662 million, a significant year-on-year growth of 51.7% [1] - Non-gaming verticals contributed USD 236 million, accounting for 26% of Mintegral's total revenue [1] Market Analysis - According to a report from Open Source Securities, the company's impressive growth is attributed to the continuous iteration of its AI-driven smart bidding system and the strengthening of its flywheel effect, which enhances economies of scale [1] - The firm has revised upward its profit forecasts for 2025-2026 and introduced new projections for 2027, indicating confidence in Mintegral's ongoing revenue contributions [1] - The outlook remains positive for Mintegral, with a maintained "buy" rating from analysts [1]

Core Viewpoint - The company has shown significant revenue growth and profit margin improvement in the first half of 2025, driven by advancements in AI technology and a strong performance from its advertising platform Mintegral [1][2]. Financial Performance - In H1 2025, the company's revenue reached $940 million, a year-on-year increase of 47%, with a net profit of $32 million, up 340% year-on-year [1] - Q2 2025 revenue was $498 million, reflecting a 48% year-on-year growth, while net profit for the same period was $11 million, a remarkable increase of 555% year-on-year [1] - The gross margin stood at 21.44%, up 0.88 percentage points, and the net margin was 3.44%, an increase of 2.29 percentage points year-on-year [1] Growth Drivers - The significant performance improvement is attributed to the continuous iteration of the AI-driven intelligent bidding system and the strengthening of the company's flywheel effect, which enhances scale efficiency [1] - The company has revised its revenue forecasts for 2025-2027, expecting revenues of $2.38 billion, $2.93 billion, and $3.57 billion respectively, with net profits projected at $124 million, $170 million, and $225 million [1] Mintegral Platform Performance - Mintegral's revenue continued to grow, reaching $897 million in H1 2025, a 49% year-on-year increase, with the gaming category contributing $662 million, up 52% year-on-year [1] - The number of developers integrating Mintegral Ads SDK surged from 20,000 to over 110,000 from 2022 to H1 2025, indicating a significant expansion in developer scale [1] - The platform has effectively assisted over 10,000 advertisers and more than 100,000 applications in customer acquisition, with daily ad requests exceeding 300 billion [1] AI and Marketing Technology Innovations - The company is deeply investing in AI across multiple fields, focusing on LLM/AIGC to enhance advertising content creation and campaign management [2] - New AI-driven tools such as the MaxAgent system and Hybrid ROAS bidding strategy have been launched to optimize advertising operations and improve targeting of high-value audiences [2]

Summary of Key Points Overall Market Trends - The overall market shows a rebound in institutional attention, particularly in the mechanical, pharmaceutical, and automotive sectors [5][6][7] - The Shanghai and Shenzhen 300 indices have shown varied performance across different sectors, with banking and utilities leading in gains [1][2] Industry Insights - The pharmaceutical sector is witnessing significant advancements in the small molecule GLP-1RA space, with Orforglipron leading globally and domestic pipelines gaining value [28][30][31] - The mechanical industry is focusing on unmanned intelligent equipment, highlighted by the upcoming military parade showcasing new technologies [35][36][38] Company-Specific Updates - **Old Phoenix (老凤祥)**: The company reported a 10.5% year-on-year increase in Q2 revenue, with a focus on brand rejuvenation and product upgrades [42][44] - **Federation Pharmaceutical (联邦制药)**: The company achieved a 4.61% increase in revenue for H1 2025, with significant growth in its formulation segment [46][48] - **Giant Star Agriculture (巨星农牧)**: The company experienced a 66.49% increase in revenue for H1 2025, driven by a substantial rise in pig sales [51][52] - **China Shenhua (中国神华)**: The company reported a decline in revenue but maintained strong integrated operations, with a focus on asset injection and sustainable dividends [56][58] Investment Recommendations - The small molecule GLP-1RA market is expected to provide new growth opportunities, with several domestic companies positioned to benefit from international expansion [33] - Companies involved in the mechanical sector, particularly those developing robotic technologies, are recommended for investment due to their innovative potential [39][40]

格隆汇9月3日丨根据联交所最新权益披露资料显示，2025年9月1日，汇量科技(01860.HK)遭执行董事方子恺在场内以每股均价15.90港元减持30万股，涉资 约477万港元。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 篇 | 月図 | 股份數目 | | | ( 請參閱上述 * 註 有投票權股 (日 / 月 / 年) 權 | | | | | | | | | 田 份自分比 | | | | | | | | | ( % ) | | | DA20250901E00273 | 方子賞 | 1201(L) | | 300.000(L | HKD 15.9000 | 2.969,100(L) | 0.19(L)01/09/2025 | 减持后，方子恺最新持股数目为296.91万股，持股比例由0.21%下降至0.19%。 | 股份代號: | 01860 | | --- | --- | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][11]. Core Insights - The company experienced significant revenue growth in H1 2025, with revenue reaching $940 million, a year-on-year increase of 47%, and net profit of $32 million, a year-on-year increase of 340% [4]. - The gross margin improved to 21.44%, up by 0.88 percentage points, while the net margin increased to 3.44%, up by 2.29 percentage points [4]. - The growth is attributed to the continuous iteration of the AI-driven smart bidding system and the strengthening of the company's flywheel effect, which enhances economies of scale [4]. - Revenue forecasts for 2025-2027 have been revised upwards, with expected revenues of $2.38 billion, $2.93 billion, and $3.57 billion respectively [4]. - The company is expected to maintain a strong contribution to revenue growth through its Mintegral platform, which has seen a significant increase in developer participation [5]. Financial Summary and Valuation Metrics - Revenue for 2023 is projected at $1.054 billion, with a year-on-year growth of 17.9%, and is expected to reach $2.381 billion in 2025, reflecting a growth of 57.9% [7]. - Net profit is forecasted to increase from $25 million in 2023 to $124 million in 2025, representing a year-on-year growth of 607.5% [7]. - The company’s gross margin is expected to improve from 20.6% in 2023 to 23.6% in 2025, while the net margin is projected to rise from 2.3% to 5.2% over the same period [7]. - The price-to-earnings (P/E) ratio is expected to decrease from 132.5 in 2023 to 26.3 in 2025, indicating a more attractive valuation as earnings grow [7].

Group 1 - The latest shareholder equity disclosure for Huilyang Technology (01860) was made on September 2, 2025 [1] - Fang Zikai reduced his holdings in Huilyang Technology from 3.2691 million shares to 2.9691 million shares, representing a decrease in ownership [2] - The current holding percentage for Fang Zikai is 0.19%, down from 0.21% in the previous disclosure [2]

Core Insights - Huya Technology (01860) saw a significant stock increase of over 14%, reaching HKD 16.1 with a trading volume of HKD 1.79 billion [1] Financial Performance - For the interim period ending in 2025, the company reported a revenue of USD 938 million, representing a substantial year-on-year growth of 47% [1] - Adjusted EBITDA was recorded at USD 88.68 million, showing a year-on-year increase of 41% [1] - The core programmatic advertising platform, Mintegral, generated revenue of USD 897 million, marking a year-on-year growth of 48.6% [1] Business Development - Mintegral's gaming category performed exceptionally well, achieving revenue of USD 662 million, which is a significant year-on-year increase of 51.7% and contributed 74% to Mintegral's total revenue [1] - The intelligent bidding product system has contributed over 80% of Mintegral's total revenue, becoming the main driver for the company's revenue and profit growth [1] - The company is actively expanding into other verticals, such as e-commerce and tools, with non-gaming verticals generating revenue of USD 236 million, accounting for 26% of Mintegral's revenue [1]

Performance Summary - China Railway Construction (01186.HK) reported a revenue of 489.2 billion yuan, a decrease of 5.2% year-on-year, with a net profit of approximately 10.7 billion yuan, down 10.1% [2] - Industrial and Commercial Bank of China (01398.HK) achieved a revenue of 409.1 billion yuan, an increase of 1.8% year-on-year, while net profit fell by 1.4% to 168.1 billion yuan [2] - Agricultural Bank of China (01288.HK) recorded a revenue of 369.79 billion yuan, up 0.7% year-on-year, and a net profit of 139.51 billion yuan, an increase of 2.66% [2] - China Construction Bank (00939.HK) reported a revenue of 385.91 billion yuan, a 3% increase year-on-year, with net profit around 162.08 billion yuan, down 1.4% [2] - Bank of China (03988.HK) had a revenue of 329.42 billion yuan, up 3.61% year-on-year, while net profit decreased by 0.85% to 117.59 billion yuan [2] - Postal Savings Bank of China (01658.HK) reported a revenue of 179.53 billion yuan, a 1.5% increase year-on-year, with net profit of 49.23 billion yuan, up 0.85% [2] - China Merchants Bank (03968.HK) achieved a revenue of 169.92 billion yuan, down 1.7% year-on-year, while net profit increased by 0.3% to 74.93 billion yuan [2] - Bank of Communications (03328.HK) reported a revenue of 133.50 billion yuan, up 0.7% year-on-year, with net profit of 46.02 billion yuan, an increase of 1.6% [2] - Minsheng Bank (01988.HK) had a revenue of 70.70 billion yuan, up 7.8% year-on-year, while net profit decreased by 4.9% to 21.38 billion yuan [2] - China Everbright Bank (06818.HK) reported a revenue of 65.95 billion yuan, down 5.6% year-on-year, with net profit of 24.62 billion yuan, an increase of 0.55% [2] - BYD Company (01211.HK) achieved a revenue of 371.28 billion yuan, up 23.3% year-on-year, with net profit of 15.51 billion yuan, an increase of 13.8% [2] - China Communications Construction Company (01800.HK) reported a revenue of 335.45 billion yuan, down 5.8% year-on-year, with net profit of 9.99 billion yuan, down 16.9% [2] - Lenovo Holdings (03396.HK) achieved a revenue of 281.59 billion yuan, up 21% year-on-year, with net profit of 699 million yuan, an increase of 144% [2] - Great Wall Motors (02333.HK) reported a revenue of 92.34 billion yuan, up 1% year-on-year, with net profit of 6.34 billion yuan, down 10.2% [2] - BYD Electronics (00285.HK) achieved a revenue of 80.61 billion yuan, up 2.6% year-on-year, with net profit of 1.73 billion yuan, an increase of 14% [2] - Country Garden (02007.HK) reported a revenue of 72.57 billion yuan, with a net loss of 19.078 billion yuan [2] - China Reinsurance (01508.HK) achieved a revenue of 61.03 billion yuan, up 0.6% year-on-year, with net profit of 6.244 billion yuan, an increase of 9.03% [2] - Yanzhou Coal Mining Company (01171.HK) reported a revenue of 53.966 billion yuan, down 13.17% year-on-year, with net profit of 4.731 billion yuan, down 38.7% [2] - Jitu Express (01519.HK) achieved a revenue of 5.499 billion USD, up 13.1% year-on-year, with net profit of 156 million USD, an increase of 147.1% [2] - AVIC Industry (02357.HK) reported a revenue of 37.465 billion yuan, up 11.43% year-on-year, with net profit of 1.03 billion yuan, down 17.67% [2] - CITIC Financial Assets (02799.HK) achieved a revenue of 31.136 billion yuan, up 2.9% year-on-year, with net profit of 6.168 billion yuan, an increase of 15.7% [2] - Bank of China Hong Kong (02388.HK) reported a net interest income of 25.06 billion HKD, down 3.5% year-on-year, with net profit of 22.12 billion HKD, an increase of 10.54% [2] - Zoomlion Heavy Industry (01157.HK) achieved a revenue of 24.855 billion yuan, up 1.3% year-on-year, with net profit of 2.765 billion yuan, an increase of 20.84% [2] - New Town Development (01030.HK) reported a revenue of 22.1 billion yuan, down 34.82% year-on-year, with net profit of 895 million yuan, down 32.11% [2] - Huatai Securities (06886.HK) achieved a revenue of approximately 20.98 billion yuan, up 5.86% year-on-year, with net profit of 7.549 billion yuan, an increase of 42.16% [2] - China Sanjiang Chemical (02198.HK) reported a revenue of 9.106 billion yuan, down 1.5% year-on-year, with net profit of 301 million yuan, an increase of 95.5% [2] - Tianjin Bank (01578.HK) achieved a revenue of 8.828 billion yuan, up 0.8% year-on-year, with net profit of 1.988 billion yuan, an increase of 1.1% [2] - Harbin Bank (06138.HK) reported a revenue of 7.386 billion yuan, up 2.6% year-on-year, with net profit of 915 million yuan, an increase of 20% [2] - Qingjian International (01240.HK) achieved a revenue of approximately 4.404 billion HKD, down 9.8% year-on-year, with net profit of 2.992 million HKD, an increase of 25.6% [2] - Xingye Alloy (00505.HK) reported a revenue of 4.389 billion yuan, up 22.1% year-on-year, with net profit of 106 million yuan, down 24.7% [2] - 3SBio (01530.HK) achieved a revenue of 4.355 billion yuan, down 0.8% year-on-year, with net profit of 1.358 billion yuan, an increase of 24.6% [2] - Huya Technology (01860.HK) reported a revenue of 938 million USD, up 47% year-on-year, with adjusted EBITDA of 88.681 million USD, an increase of 41% [2] - Haitong Securities (01905.HK) achieved a revenue of 3.521 billion yuan, down 12.6% year-on-year, with net profit of 785 million yuan, down 3.4% [2] - Dazhong Public Utilities (01635.HK) reported a revenue of approximately 3.449 billion yuan, down 5.8% year-on-year, with net profit of approximately 333 million yuan, an increase of 172.6% [2] Company News - China Biologic Products (01177.HK) received approval for the launch of Zongaitini tablets for the treatment of HER2-mutant non-small cell lung cancer [3] - Shandong High-Speed New Energy (01250.HK) reported a total operating power generation of approximately 3.6744 million MWh, an increase of approximately 6.9% year-on-year [3] - Fosun International (00656.HK) reached a settlement with Cainiao regarding a share buyback involving 350 million USD [3] Buyback Activities - Tencent Holdings (00700.HK) repurchased approximately 55 million HKD worth of shares, buying back 919,000 shares at prices ranging from 594.5 to 605 HKD [3] - China Hongqiao (01378.HK) repurchased approximately 22.7 million HKD worth of shares, buying back 8.9235 million shares at a price of 25.44 HKD [3] - HSBC Holdings (00005.HK) repurchased approximately 15.3 million HKD worth of shares, buying back 1.5276 million shares at prices ranging from 99.8 to 100.7 HKD [3] - Hang Seng Bank (00011.HK) repurchased approximately 2.3517 million HKD worth of shares, buying back 210,000 shares at prices ranging from 111.5 to 112.5 HKD [3] - MGM China (02282.HK) repurchased approximately 1.60602 million HKD worth of shares, buying back 1 million shares at prices ranging from 15.92 to 16.27 HKD [3] - Sinopec Engineering (02386.HK) canceled 136,500 shares that had been repurchased [3]

Group 1 - The company reported a revenue of 938.1 million USD for the six months ending June 30, 2025, representing a 47.0% increase compared to 638.3 million USD in the same period of 2024 [1] - Gross profit for the period was 201.1 million USD, up 53.3% from 131.2 million USD in 2024, with a gross margin of 21.4%, an improvement from the previous year [1] - Operating profit was recorded at 46.9 million USD, significantly higher than 13.2 million USD in the prior year, while profit attributable to equity shareholders was 32.3 million USD, compared to 9.3 million USD in 2024 [1] Group 2 - The company expects to achieve a net profit of between 30 million to 38 million USD for the interim period [1]

Core Insights - The company reported a significant revenue increase of 47% year-on-year, reaching $938 million for the six months ending June 30, 2025 [1] - Adjusted EBITDA rose by 41% to $88.68 million, indicating strong operational efficiency and growth momentum [1] - The core growth driver, Mintegral, leverages AI and machine learning for its smart bidding system, enhancing ROI for advertisers [1] Revenue Breakdown - Mintegral generated $897 million in revenue, marking a 48.6% increase year-on-year, with over 80% of its total revenue coming from smart bidding products [1] - The gaming category performed exceptionally well, contributing $662 million in revenue, a 51.7% increase, and accounting for 74% of Mintegral's total revenue [2] - Non-gaming verticals, including e-commerce and tools, generated $236 million, representing 26% of Mintegral's revenue [2] Market Presence - Mintegral serves clients from approximately 130 countries and regions, with traffic coverage exceeding 250 areas, predominantly from overseas markets [2] - Over 99% of the devices used are sourced from international markets, indicating a solid foundation in the overseas market [2]