智通财经APP获悉，截止8月29日，未平仓空单比位列前三位为中兴通讯（00763）、中远海控 （01919）、宁德时代（03750），空仓比分别为16.47%、13.94%、13.88%。 未平仓空单比（绝对值）较上一次增加最多为赣锋锂业（01772）、华虹半导体（01347）、美图公司 （01357），分别增加2.85%、2.56%、1.80%。 未平仓空单比（绝对值）较上一次减少最多为海信家电（00921）、药明康德（02359）、栢能集团 （01263），分别减少-3.57%、-2.44%、-1.76%。 前10大未平仓空仓比 | 股票名称 | 前次空仓数 | 本次空仓数 | 最新空仓比↓ | | --- | --- | --- | --- | | 中兴通讯(00763) | 1.24 亿股 | 1.24 亿股 | 16.47% | | 中远海控(01919) | 3.93 亿股 | 4.01 亿股 | 13.94% | | 宁德时代(03750) | 2186.91 万股 | 2164.51 万股 | 13.88% | | 中国平安(02318) | 9.42 亿股 | 9.37 亿股 | 12.58 ...

Core Insights - The report highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies as of September 1, 2025 [1][2][3]. Group 1: Increased Holdings - Aikang Medical (01789) saw the largest increase in holdings, up by 1.59%, bringing its total to 20.34% [1]. - Yimai Sunshine (02522) and Shanghai Fudan (01385) also experienced notable increases of 1.19% and 0.91%, with new holdings of 38.82% and 41.13% respectively [1]. - Other companies with significant increases include Jingtai Holdings (02228) and Fourth Paradigm (06682), both up by 0.86%, with holdings of 41.75% and 46.65% respectively [1]. Group 2: Decreased Holdings - Hang Seng China Enterprises (02828) experienced the largest decrease, down by 15.91%, now holding only 0.50% [2]. - Other notable decreases include the Tracker Fund of Hong Kong (02800) and Southern Hang Seng Technology (03033), which fell by 7.39% and 2.67%, with holdings of 0.69% and 59.48% respectively [2]. - Companies like Huaxia Hang Seng Biotechnology (03069) and Yuzhou Group (01628) also saw reductions of 1.59% and 1.27%, with holdings of 13.93% and 2.06% respectively [2]. Group 3: Five-Day Changes - Over the last five trading days, Anjijia Food (02648) led with a 4.24% increase, reaching a holding of 16.87% [3]. - Other companies with significant five-day increases include Jinli Permanent Magnet (06680) and Ganfeng Lithium (01772), which rose by 3.94% and 3.34%, with holdings of 28.00% and 34.97% respectively [3]. - Companies like Jingtai Holdings (02228) and Times Angel (06699) also saw increases of 3.12% and 2.06%, with holdings of 41.75% and 23.15% respectively [3]. Group 4: Twenty-Day Changes - In the last twenty days, Anjijia Food (02648) had the highest increase at 14.45%, with a holding of 16.87% [4]. - Changfei Optical Fiber (06869) and Yimai Sunshine (02522) also saw significant increases of 8.06% and 7.96%, with holdings of 54.02% and 38.82% respectively [4]. - Other notable increases include Meizhong Jiahe (02453) and Jingtai Holdings (02228), which rose by 7.16% and 6.99%, with holdings of 37.60% and 41.75% respectively [4].

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 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) | 02013 | 說明 | | | | | | | | | 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 | | | 3,615,888,208 | | 0 | | 3,615,888,208 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 3,615,888,208 | | 0 | | 3,615,888,208 | 第 2 頁 共 10 頁 v 1.1.1 | 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公司 | | ...

Core Viewpoint - The company reported a revenue of 775 million RMB for 1H25, a year-on-year decrease of 10.6%, primarily due to cost-cutting measures and a reduction in low-margin businesses, leading to a decrease in deferred revenue [1] Group 1: Financial Performance - The company achieved a gross profit of 582 million RMB in 1H25, reflecting a year-on-year increase of 1.1%, with a gross margin of 75.1%, up by 8.7 percentage points [1] - Adjusted net profit for 1H25 was 17 million RMB, marking the first profit since 2021, attributed to cost reduction and efficiency improvements [1] Group 2: Subscription Revenue and Market Focus - Subscription solutions revenue for 1H25 was 438 million RMB, down 10.1% year-on-year, mainly due to the reduction of low-quality subscription businesses, resulting in a decrease of approximately 30 million RMB in deferred subscription revenue [2] - The number of paying merchants reached 59,100, a year-on-year decrease of 13.9%, with an average revenue per user (ARPU) of 7,402 RMB, up 4.5% year-on-year [2] - The smart retail business generated 286 million RMB in revenue, accounting for 65.2% of subscription solutions revenue, with a year-on-year decline of 6.1% [2] Group 3: Advertising and Merchant Solutions - Merchant solutions revenue for 1H25 was 338 million RMB, down 11.3% year-on-year; however, after adjusting for a reduction in the rebate ratio, the revenue growth was 45.3% [3] - The gross advertising revenue for merchants was approximately 8.623 billion RMB, reflecting a year-on-year growth of 3.4% [3] - The gross margin for this business segment reached 91.3%, compared to 74.5% in 24H1, due to the reduction of low-margin businesses [3] Group 4: AI Integration and Product Development - AI product revenue for 1H25 was approximately 34 million RMB, with the development of three major products: WAI SaaS, WAI Pro, and WIME, covering various application scenarios [4] - The usage rate of the WAI SaaS for store operations increased by 4.5 times, indicating strong adoption among merchants [4] - The number of registered users for WIME reached 110,000, with revenue growth of 172% quarter-on-quarter [4]

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies [1][2][3][4]. Summary by Category Increase in Holdings - The companies with the largest increases in Hong Kong Stock Connect holdings include: - Hang Seng China Enterprises (02828) with an increase of 5.48%, bringing the total holding to 6.10% - Tracker Fund of Hong Kong (02800) with an increase of 4.07%, totaling 4.76% - Anjoy Foods (02648) with an increase of 1.74%, now at 15.81% [2] - Other notable increases include: - Angelalign Technology (06699) +1.66% to 23.03% - Ganfeng Lithium (01772) +1.44% to 34.51% - East China Environmental Protection (00895) +1.44% to 43.67% [2] Decrease in Holdings - The companies with the largest decreases in Hong Kong Stock Connect holdings include: - Kinglong Motor Group (06680) with a decrease of 3.39%, now at 24.56% - Interstellar Technology (01725) with a decrease of 2.02%, totaling 10.16% - Goldwind (02208) with a decrease of 1.48%, now at 41.84% [3] - Other notable decreases include: - ZTE Corporation (00763) -1.35% to 56.09% - Longpan Technology (02465) -1.08% to 49.62% [3] Five-Day Changes - Over the last five trading days, the companies with the largest increases in holdings are: - Lens Technology (06613) +6.93% to 13.85% - ZTE Corporation (00763) +5.92% to 56.09% - Tongyu Pharmaceutical-B (02410) +5.40% to 14.72% [4] - The companies with the largest decreases in holdings over the same period include: - Hang Seng China Enterprises (02828) -14.01% to 6.10% - Tracker Fund of Hong Kong (02800) -4.36% to 4.76% [4] Twenty-Day Changes - In the last twenty days, the companies with the largest increases in holdings are: - Meizhong Jiahe (02453) +12.09% to 37.34% - Changfei Optical Fiber (06869) +10.66% to 54.73% - Tongyu Pharmaceutical-B (02410) +8.30% to 14.72% [5] - The companies with the largest decreases in holdings over the same period include: - Yisou Technology (02550) -10.13% to 47.88% - Chongqing Steel (01053) -5.27% to 31.55% [6]

Group 1 - JPMorgan Chase increased its stake in Weimob Group (02013) by approximately 22.56 million shares at a price of about HKD 2.77 per share [1] - The total amount for this transaction was approximately HKD 62.44 million [1] - After the increase, JPMorgan's total shareholding in Weimob Group reached approximately 192 million shares, representing a holding percentage of 5.31% [1]

香港联交所最新资料显示，8月25日，摩根大通增持微盟集团(02013)2256.1829万股，每股作价2.7675港 元，总金额约为6243.99万港元。增持后最新持股数目约为1.92亿股，最新持股比例为5.31%。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 2.65 HKD per share [5]. Core Insights - The company's SaaS business has stabilized sequentially, and the structure of advertising clients continues to optimize [1]. - The company reported a revenue of 775 million RMB for 1H25, a year-over-year decrease of 10.6%, primarily due to cost-cutting measures that reduced low-margin, low-quality small business operations [1]. - The adjusted net profit for 1H25 was 17 million RMB, marking the first profit since 2021, attributed to cost reduction and efficiency improvements [1]. Summary by Sections Subscription Revenue - Subscription solutions revenue for 1H25 was 438 million RMB, down 10.1% year-over-year, mainly due to the reduction of low-quality subscription businesses [2]. - The number of paying merchants decreased by 13.9% year-over-year to 59,100, while the average revenue per user (ARPU) increased by 4.5% to 7,402 RMB [2]. - The smart retail business generated 286 million RMB in revenue, accounting for 65.2% of subscription solutions revenue, despite a 6.1% year-over-year decline [2]. Advertising Revenue - Merchant solutions revenue for 1H25 was 338 million RMB, down 11.3% year-over-year, but adjusted revenue growth reached 45.3% after accounting for a reduction in the rebate ratio [3]. - The gross advertising revenue for merchants was approximately 8.623 billion RMB, reflecting a year-over-year growth of 3.4% [3]. - The gross margin for this business segment improved to 91.3% compared to 74.5% in 24H1, due to the reduction of low-margin businesses [3]. AI Integration - The company's AI product revenue reached approximately 34 million RMB in 1H25, with significant growth in user engagement for its AI solutions [4]. - The WAI SaaS product saw a 4.5-fold increase in usage for store operations, while WIME registered 110,000 users with a revenue growth of 172% [4]. - The company plans to continue expanding its AI applications and has developed 15 AI agents to enhance business operations [4]. Financial Forecast and Valuation - Revenue forecasts for 2025 and 2026 have been adjusted downwards to 1.58 billion RMB and 1.74 billion RMB, respectively, with a new forecast for 2027 set at 1.88 billion RMB [4]. - The report indicates a gradual stabilization of the SaaS business and an improvement in the merchant solutions segment due to strategic adjustments [4].

智通财经APP获悉，根据2025年8月27日披露数据，金力永磁（06680）、中兴通讯（00763）、蓝思科 技（06613）港股通持股占比增加值最大，分别增加4.65%、1.42%、1.31%；龙蟠科技（02465）、微盟 集团（02013）、山东墨龙（00568）港股通持股占比减少值最大，分别减少-2.70%、-2.38%、-1.80%。 在最近有统计数据的5个交易日内，中兴通讯（00763）、金力永磁（06680）、蓝思科技（06613）港股 通持股占比增加值最大，分别增加8.14%、6.89%、6.20%；恆生中国企业（02828）、盈富基金 （02800）、南京熊猫电子股份（00553）港股通持股占比减少值最大，分别减 少-10.17%、-4.01%、-2.99%。 | 锦欣生殖(01951) | -0.90% | 46.07% | | --- | --- | --- | | 马鞍山钢铁股份(00323) | -0.88% | 15.97% | | 移卡(09923) | -0.84% | 10.90% | | 南方恆生科技(03033) | -0.80% | 59.87% | | 建滔集团(001 ...

Key Points - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 581 million, Kangfang Biotech (09926) with 541 million, and Hong Kong Stock Exchange (00388) with 434 million [1] - The top three companies with net outflows of southbound funds are Yingfu Fund (02800) with -2.396 billion, Xiaomi Group-W (01810) with -1.524 billion, and SMIC (00981) with -845 million [1] - In terms of net inflow ratios, the top three companies are Quan Feng Holdings (02285) at 51.60%, Sen Song International (02155) at 49.91%, and GX China (03040) at 43.94% [1] - The top three companies with the highest net outflow ratios are Yihai International (01579) at -51.63%, Zhou Hei Ya (01458) at -49.54%, and Kangji Medical (09997) at -46.09% [1] Net Inflow Rankings - Alibaba-W (09988) had a net inflow of 581 million, representing a 2.88% increase in closing price to 124.500 [2] - Kangfang Biotech (09926) saw a net inflow of 541 million, with a closing price of 169.500, down 4.18% [2] - Hong Kong Stock Exchange (00388) experienced a net inflow of 434 million, closing at 462.800, up 3.30% [2] - Kuaishou-W (01024) had a net inflow of 428 million, closing at 78.750, up 5.14% [2] - Horizon Robotics-W (09660) recorded a net inflow of 401 million, closing at 7.760, up 1.31% [2] Net Outflow Rankings - Yingfu Fund (02800) had the largest net outflow of -2.396 billion, with a closing price of 26.360, up 2.01% [2] - Xiaomi Group-W (01810) experienced a net outflow of -1.524 billion, closing at 53.500, up 1.81% [2] - SMIC (00981) saw a net outflow of -845 million, with a closing price of 57.800, up 1.58% [2] - CNOOC (00883) had a net outflow of -708 million, closing at 18.830, up 0.53% [2] - Pop Mart (09992) recorded a net outflow of -418 million, closing at 326.600, up 1.94% [2] Net Inflow Ratio Rankings - Quan Feng Holdings (02285) had a net inflow ratio of 51.60%, with a net inflow of 24.33 million, closing at 24.300, up 5.29% [3] - Sen Song International (02155) recorded a net inflow ratio of 49.91%, with a net inflow of 54.68 million, closing at 10.900, up 1.68% [3] - GX China (03040) had a net inflow ratio of 43.94%, with a net inflow of 1.29 million, closing at 37.820, up 2.55% [3] Net Outflow Ratio Rankings - Yihai International (01579) had a net outflow ratio of -51.63%, with a net outflow of -69.47 million, closing at 14.780, up 4.23% [3] - Zhou Hei Ya (01458) recorded a net outflow ratio of -49.54%, with a net outflow of -20.12 million, closing at 2.570, up 2.80% [3] - Kangji Medical (09997) had a net outflow ratio of -46.09%, with a net outflow of -30.83 million, closing at 8.680, up 0.35% [3]