格隆汇8月20日丨晶苑国际(02232.HK)发布公告，截至2025年6月30日止六个月，实现收益12.29亿美 元，同比增加12.4%；毛利为2.43亿美元，同比增加13.7%；公司拥有人应占溢利9826.5万美元，同比增 加17%；基本每股盈利3.44美仙，拟宣派中期股息每股普通股16.3港仙(约2.1美仙)。 ...

EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，本公司董事會包括執行董事羅樂風先生、羅蔡玉清女士、羅正亮先生、黃星華先生及羅正豪先生；非執行董事王志 輝先生及LEE Kean Phi Mark先生；及獨立非執行董事張家騏先生、麥永森先生、黃紹基先生及麥鄧碧儀女士。 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 晶苑國際集團有限公司（於百慕達註冊成立的有限公司並以存續方式於開曼群島註冊） | | 股份代號 | 02232 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至二零二五年六月三十日止六個月之中期股息 | | | 公告日期 ...

[Financial Summary](index=1&type=section&id=Financial%20Summary) The group reported a 12.4% increase in revenue to $1,229 million and a 16.7% rise in net profit to $98 million for the first half of 2025 2025 H1 Financial Summary | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue (Million USD) | 1,229 | 1,094 | | Net Profit (Million USD) | 98 | 84 | | Interim Dividend (HK Cents per Share) | 16.3 | 13.8 | [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the group's financial performance and position, including detailed statements of profit or loss and financial position [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, group revenue increased by 12.4% to $1.229 billion, with net profit rising 16.8% to $98.32 million Key Profit or Loss Data | Metric (Thousand USD) | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,229,475 | 1,093,672 | +12.4% | | Gross Profit | 242,602 | 213,452 | +13.7% | | Profit Before Tax | 119,707 | 102,912 | +16.3% | | Profit for the Period | 98,323 | 84,214 | +16.8% | | Profit Attributable to Owners of the Company | 98,265 | 84,012 | +16.9% | | Basic Earnings Per Share (US Cents) | 3.44 | 2.94 | +17.0% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets grew to $2.338 billion, driven by increases in inventory and cash, maintaining a robust capital structure Key Balance Sheet Data | Metric (Thousand USD) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 906,731 | 894,116 | | Current Assets | 1,430,841 | 1,360,337 | | **Total Assets** | **2,337,572** | **2,254,453** | | **Equity and Liabilities** | | | | Total Equity | 1,540,295 | 1,535,446 | | Non-current Liabilities | 52,834 | 54,075 | | Current Liabilities | 744,443 | 664,932 | | **Total Equity and Liabilities** | **2,337,572** | **2,254,453** | [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed disclosures on revenue, segment information, dividends, and earnings per share, supporting the condensed financial statements [3. Revenue and Segment Information](index=7&type=section&id=3.%20Revenue%20and%20Segment%20Information) Group revenue increased across all five product categories and major geographical markets, with leisurewear and sportswear being the largest segments Revenue by Product Segment (Thousand USD) | Product Segment | 2025 H1 | 2024 H1 | YoY Change | | :--- | :--- | :--- | :--- | | Leisurewear | 339,672 | 304,981 | +11.4% | | Sportswear and Outdoorwear | 312,906 | 278,285 | +12.4% | | Denim | 262,202 | 237,697 | +10.3% | | Intimate Wear | 209,784 | 191,517 | +9.5% | | Sweaters | 104,911 | 81,192 | +29.2% | | **Total** | **1,229,475** | **1,093,672** | **+12.4%** | Revenue by Geographical Location (Thousand USD) | Region | 2025 H1 | 2024 H1 | YoY Change | | :--- | :--- | :--- | :--- | | Asia Pacific | 478,286 | 417,729 | +14.5% | | North America | 462,934 | 414,566 | +11.7% | | Europe | 252,705 | 230,447 | +9.7% | | Other Countries/Regions | 35,550 | 30,930 | +15.0% | | **Total** | **1,229,475** | **1,093,672** | **+12.4%** | [6. Dividends](index=12&type=section&id=6.%20Dividends) The Board declared an interim dividend of 16.3 HK cents per ordinary share for the six months ended June 30, 2025, an increase from the prior year - The Board declared an interim dividend of **16.3 HK cents per ordinary share**, totaling approximately **$59.24 million**, an increase from **13.8 HK cents per share** (totaling approximately **$50.43 million**) in the prior year[31](index=31&type=chunk) [7. Earnings Per Share](index=12&type=section&id=7.%20Earnings%20Per%20Share) Basic earnings per share attributable to owners of the company increased to 3.44 US cents for the six months ended June 30, 2025 Basic Earnings Per Share Calculation | Metric | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company (Thousand USD) | 98,265 | 84,012 | | Weighted Average Number of Ordinary Shares (Thousand Shares) | 2,852,822 | 2,852,822 | | **Basic Earnings Per Share (US Cents)** | **3.44** | **2.94** | [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews market conditions, business performance, financial results, sustainability efforts, and future outlook, highlighting strategic responses to challenges [Market Overview](index=16&type=section&id=Market%20Overview) The apparel industry showed strong momentum in H1 2025, particularly in Asia and Europe, despite new US tariffs posing challenges to key export countries - The US announced significant reciprocal tariffs on global trade partners on April 2, 2025, imposing high differential rates on major apparel exporting countries like China and Vietnam, creating headwinds for the group's business[43](index=43&type=chunk) - The group identifies three key factors to mitigate tariff impacts: its FOB revenue structure (tariffs borne by customers), strong pricing power of brand customers, and the core competitiveness of industry suppliers[44](index=44&type=chunk) [Business Review](index=17&type=section&id=Business%20Review) In H1 2025, the group achieved balanced growth across all segments, with revenue up 12.4% to $1.229 billion and net profit up 16.8% to $98 million 2025 H1 Performance Highlights | Metric | 2025 H1 | 2024 H1 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue (Million USD) | 1,229 | 1,094 | +12.4% | | Gross Profit (Million USD) | 243 | 213 | +13.7% | | Gross Margin | 19.7% | 19.5% | +0.2pp | | Net Profit (Million USD) | 98 | 84 | +16.8% | | Net Margin | 8.0% | 7.7% | +0.3pp | - The Board resolved to declare an interim dividend of **16.3 HK cents per share**, representing a payout ratio of **60%**[46](index=46&type=chunk) - Capital expenditure for the period was **$60 million**, an increase from **$52 million** in the prior year[46](index=46&type=chunk) [Financial Review](index=18&type=section&id=Financial%20Review) The group maintained a robust financial position with revenue growth across all categories and regions, improved margins, and a strong net cash position of $517 million [Revenue Analysis](index=18&type=section&id=Revenue%20Analysis) Total revenue increased by 12.4%, driven by deeper collaboration with key brand customers, with sweaters showing the fastest growth and Asia Pacific being the largest market Revenue and Proportion by Product Category | Product Category | 2025 H1 Revenue (Thousand USD) | Proportion | 2024 H1 Revenue (Thousand USD) | Proportion | | :--- | :--- | :--- | :--- | :--- | | Leisurewear | 339,672 | 27.6% | 304,981 | 27.9% | | Sportswear and Outdoorwear | 312,906 | 25.5% | 278,285 | 25.4% | | Denim | 262,202 | 21.3% | 237,697 | 21.7% | | Intimate Wear | 209,784 | 17.1% | 191,517 | 17.5% | | Sweaters | 104,911 | 8.5% | 81,192 | 7.5% | | **Total** | **1,229,475** | **100.0%** | **1,093,672** | **100.0%** | [Gross Profit Analysis](index=19&type=section&id=Gross%20Profit%20Analysis) Overall gross margin slightly increased to 19.7%, with leisurewear and intimate wear improving due to efficiency gains, while sweaters saw a decline Gross Profit and Gross Margin by Product Category | Product Category | 2025 H1 Gross Profit (Thousand USD) | Gross Margin | 2024 H1 Gross Profit (Thousand USD) | Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Leisurewear | 69,801 | 20.5% | 60,344 | 19.8% | | Sportswear and Outdoorwear | 64,869 | 20.7% | 58,158 | 20.9% | | Denim | 42,892 | 16.4% | 39,322 | 16.5% | | Intimate Wear | 43,637 | 20.8% | 37,311 | 19.5% | | Sweaters | 21,403 | 20.4% | 18,317 | 22.6% | | **Total** | **242,602** | **19.7%** | **213,452** | **19.5%** | [Liquidity and Financial Resources](index=20&type=section&id=Liquidity%20and%20Financial%20Resources) The group maintained a strong financial position with $155 million in operating cash flow, a cash balance of $512 million, and zero gearing ratio Key Financial Position Metrics | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Operating Cash Flow (Six Months) | $155 million | $44 million (2024 H1) | | Cash Balance | $512 million | $427 million | | Bank Borrowings | $122 million | $147 million | | Net Cash Position | $517 million | Not Applicable | | Gearing Ratio | Zero | Zero | - Cash conversion cycle increased from **71 days** to **84 days**, with trade receivables turnover days rising from **52 days** to **62 days**, and inventory turnover days from **48 days** to **59 days**[56](index=56&type=chunk) [Sustainability](index=22&type=section&id=Sustainability) The group prioritizes sustainability with its "Crystal Sustainability Vision 2030" and a net-zero commitment by 2050, achieving CDP climate A-list status - The group established its "Crystal Sustainability Vision 2030 (CSV2030)" and committed to achieving net-zero emissions by **2050**, with an interim target of reducing total greenhouse gas emissions by **35%** by **2030**[65](index=65&type=chunk) - The group demonstrated excellent climate action, ranking on the CDP Climate A List (Leadership) for two consecutive years and making its debut on the CDP 2024 Supplier Engagement Rating A List[69](index=69&type=chunk) - The company actively empowers talent and gives back to the community, for example, providing empowerment programs for over **70,300 female employees** and planning to plant **2 million trees** globally by **2030**[70](index=70&type=chunk)[73](index=73&type=chunk) [Outlook and Prospects](index=24&type=section&id=Outlook%20and%20Prospects) The group plans to expand capacity and deepen vertical integration in Vietnam, prioritize European and Asian markets, and explore new production bases to mitigate tariff impacts - To counter the impact of US tariffs, the group will prioritize developing European and Asian markets and will establish a new partnership with a leading European brand customer in the second half of the year[75](index=75&type=chunk) - The group will continue to invest in its production network and vertical supply chain in Vietnam, while actively evaluating the feasibility of establishing new production bases in peripheral European regions to enhance responsiveness to the European market[74](index=74&type=chunk)[75](index=75&type=chunk) - Leveraging its robust operating cash flow, the group is committed to continuing to deliver substantial returns to shareholders through stable and attractive dividend distributions[75](index=75&type=chunk) [Corporate Governance and Other Information](index=25&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details the interim dividend declaration and the company's adherence to high standards of corporate governance practices [Interim Dividend](index=25&type=section&id=Interim%20Dividend) The Board declared an interim dividend of 16.3 HK cents (approximately 2.1 US cents) per ordinary share, payable on September 18, 2025 - The Board resolved to declare an interim dividend of **16.3 HK cents per ordinary share**[76](index=76&type=chunk) - To determine dividend entitlements, the share transfer register will be suspended from **September 5 to September 9, 2025**. The record date is **September 9, 2025**, with an expected payment date of **September 18, 2025**[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) [Corporate Governance Practices](index=26&type=section&id=Corporate%20Governance%20Practices) The company maintained high corporate governance standards, complying with listing rules, and the Audit Committee reviewed financial statements and internal controls - The company consistently complied with all code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules for the six months ended June 30, 2025[81](index=81&type=chunk) - The Audit Committee reviewed the group's financial reporting, internal control systems, and risk management, recommending the Board adopt the unaudited condensed consolidated financial statements for the six months ended June 30, 2025[83](index=83&type=chunk)[84](index=84&type=chunk) - The Board is responsible for and satisfied with the effectiveness of the group's risk management and internal control systems[85](index=85&type=chunk)

Core Viewpoint - Company is initiating coverage on Crystal International with a "Buy" rating and a target price of HKD 7.38, corresponding to a 12x PE for 2025 [1] Group 1: Company Overview - Crystal International is a leading global garment manufacturer with over 20 factories in Vietnam, China, Cambodia, Bangladesh, and Sri Lanka, benefiting from ample overseas production capacity [1] - The company has a long-standing partnership with Uniqlo, spanning nearly 30 years, which supports stable revenue growth [3] Group 2: Market Position and Strategy - The global sportswear market is projected to grow at a CAGR of 6.3% from 2024 to 2028, reaching USD 313.1 billion, indicating a favorable environment for the company [2] - Crystal International has entered the sportswear segment through the acquisition of Vista in 2016 and is now supplying major clients like Adidas, Nike, and Lululemon, which enhances its market share [2] Group 3: Financial Performance and Projections - The company's revenue share from sportswear is expected to increase from 9.6% in 2018 to 22.5% in 2024, with gross margin improving from 18.6% to 19.7% during the same period [3] - The company plans to increase its workforce by 10,000 to a total of 75,000 employees, maintaining a high productivity level of USD 33,000 per employee [3] Group 4: Competitive Advantage - Crystal International's "Co-creation" model enhances its ODM capabilities, allowing for deeper involvement in client design processes, which strengthens customer loyalty and market share [2] - The company benefits from a global production footprint and a high percentage of overseas employees (84%), positioning it well to capitalize on the trend of concentrated sportswear suppliers [3] Group 5: Valuation and Earnings Forecast - The company forecasts net profits to grow by 15.7%, 15.1%, and 11.6% from 2025 to 2027, reaching USD 230 million, USD 270 million, and USD 300 million respectively [4] - A target price of HKD 7.38 is set based on a 12x PE for 2025, reflecting a slight discount due to the company's later entry into the high-growth segment [4]

Investment Rating - The report initiates coverage on Crystal International, assigning a "Buy" rating with a target price of HKD 7.38, corresponding to a 12x PE for 2025E [1][7]. Core Views - Crystal International is a leading global garment manufacturer with over 30 years of deep collaboration with Uniqlo, operating more than 20 factories across Vietnam, China, Cambodia, Bangladesh, and Sri Lanka, ensuring ample overseas production capacity [1][22]. - The company has strategically entered the sportswear segment through the acquisition of Vista in 2016, enhancing its self-sufficiency in fabric production and expanding its client base to include major brands like Adidas, Nike, and Lululemon [2][17]. - The report anticipates a significant increase in the company's dividend payout ratio from 31.5% in 2021 to 70.1% by 2024, reflecting a commitment to enhancing shareholder returns [1][20]. Summary by Sections Company Overview - Crystal International, established in 1970, has diversified its product offerings to include sweaters, casual wear, denim, underwear, and sportswear, delivering over 470 million garments annually [17][22]. - The company has a robust global presence with production facilities in various countries, which mitigates risks associated with trade uncertainties [21][22]. Market Position and Growth Potential - The global sportswear market is projected to grow at a CAGR of 6.3% from 2024 to 2028, reaching USD 313.1 billion, indicating a favorable environment for the company's growth [2][18]. - Crystal International's unique "Co-creation" model allows for deep involvement in clients' R&D and design processes, strengthening its ODM capabilities and customer loyalty [2][18]. Financial Performance and Projections - The report forecasts net profits for Crystal International to grow by 15.7%, 15.1%, and 11.6% from 2025 to 2027, reaching USD 2.3 billion, USD 2.7 billion, and USD 3.0 billion respectively [5][17]. - The company's revenue from sportswear is expected to increase from 9.6% to 22.5% of total revenue between 2018 and 2024, with a corresponding rise in gross margin from 18.6% to 19.7% [3][19]. Competitive Advantages - Crystal International's long-standing relationship with its largest client, maintaining a stable revenue contribution of around 30%, reduces dependency risks [4][21]. - The company benefits from a significant overseas workforce (84%) and a diversified production base, which enhances its competitive edge in the global market [4][21].

茲提述(i)晶苑國際集團有限公司（「本公司」）日期為二零二五年六月三十日的公告（「該公 告」），內容有關與客戶應收款項保理計劃有關的主要交易；及(ii)本公司日期為二零二五年七 月二十二日的公告（「延遲公告」），內容有關延遲寄發該通函。除另有所述外，本公告所用 詞彙與該公告及延遲公告所界定者具有相同涵義。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因公告全部或任何部份內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 進一步延遲寄發有關與客戶應收款項保理計劃有關的 主要交易的通函 誠如延遲公告所述，且香港聯交所已授予本公司豁免嚴格遵守上市規則第 14.41(a)條的規定， 由於本公司需要更多時間編製及確定該通函所載若干資料，因此預期該通函的寄發日期將延期 至二零二五年八月十二日當日或之前的日期。 由於本公司需要更多時間編製及確定該通函所載若干資料，因此預期該通函的寄發日期進一步 延期至二零二五年八月二十九日當日或之前的日期。 承董事會命 晶苑國際集團有限公司 主席 羅樂風 香港，二零二五年八月十二日 於本公告日期，董 ...

FF301 第 1 頁 共 10 頁 v 1.1.1 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 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Crystal International Group Limited 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 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) | 02232 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,500,000,000 | HKD | | 0.01 | HKD | | 35,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,500,000, ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本文件的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本文件全 部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任 。 主席 羅樂風 香港，二零二五年八月一日 於本公告日期，本公司董事會包括執行董事羅樂風先生、羅蔡玉清女士、羅正 亮 先 生 、 黃 星 華 先 生 及 羅 正 豪 先 生 ； 非 執 行 董 事 王 志 輝 先 生 及 L E E K ea n Ph i M a rk先生；及獨立非執行董事張家騏先生、麥永森先生 、黃紹基先生及麥鄧碧 儀女士。 董事會會議召開日期 晶苑國際集團有限公司(「本公司 」)董事會(「董事會 」)謹此宣佈，本公 司 將 於 二 零 二 五 年 八 月 二 十 日 ( 星 期 三 ) 舉 行 董 事 會 會 議 ， 藉 以 （ 其 中 包 括）批准本公司及其附屬公司截至二零二五年六月三十日止六個月的中期 業績及其發佈，以及考慮派付中期股息(如有)。 承董事會命 晶苑國際集團有限公 司 * 僅供識別 ...

Group 1: Macro Policy Insights - The Central Political Bureau meeting on July 30 emphasized the need for continuous and stable macro policies to support high-quality development in the context of the 15th Five-Year Plan preparation [1][20][22] - The meeting highlighted the importance of domestic demand as a key driver, with the introduction of a parenting subsidy program amounting to approximately 90 billion yuan, marking a significant direct cash subsidy to the public [1][21] - The meeting also indicated a shift in focus towards urban renewal as a new policy goal, alongside enhancing the attractiveness and inclusivity of the domestic capital market [1][22] Group 2: Credit Market Analysis - The credit market is expected to experience a stable supply in the second half of the year, with favorable liquidity conditions supporting the bond market [2][24][25] - There is a discussion around the potential risks of credit spread compression, with a focus on the need for liquidity management and position adjustments [2][25] - The credit market has shown resilience, with limited widening of credit spreads despite recent market adjustments, suggesting a cautious outlook for the third quarter [2][25] Group 3: Chemical Industry Developments - Recent policies aimed at addressing "involution" in the chemical industry include stricter cost regulation and adjustments to pricing mechanisms, indicating a shift towards more sustainable competition [3][28] - The analysis of various sub-sectors within the chemical industry suggests that those with high concentration and significant losses are more likely to be targeted for policy interventions [3][28][29] - Key sub-sectors identified for potential breakthroughs include soda ash, polyurethane, and organic silicon, which meet multiple criteria for policy focus [3][29] Group 4: Food and Beverage Sector Insights - The recent listing of Jiyuan Group, a leading supplier of HMB raw materials, highlights the growth potential in the muscle health market, driven by increasing demand from aging populations [30][31] - The company is projected to achieve a revenue growth of 12.3% in 2024, with a significant portion of its income derived from overseas markets [30][31] - The focus on innovative nutritional products positions the company well within the expanding sports nutrition and joint health segments [30][33]

Group 1: Macro Strategy and Market Overview - The upcoming third round of trade talks between China and the US is expected to focus on energy and rare earth materials, with potential extensions of negotiation deadlines [2] - A-shares saw slight increases across major indices, with the CSI 500 and ChiNext rising by 3.28% and 2.76% respectively [2] - The central bank's net fund injection was 109.5 billion yuan, indicating a slight rebound in short-term interest rates [2] - The US dollar index showed a slight decline, closing at 97.67, down 0.8% week-on-week, while the RMB appreciated by 0.18% [2] Group 2: Fixed Income and Debt Market - The Southbound Bond Connect is expected to facilitate investment in Chinese dollar bonds, with a focus on city investment bonds benefiting from local debt policies [4] - The Hong Kong bond market has a total outstanding amount of 19.55 billion USD in HKD bonds and 17.32 billion USD in offshore RMB bonds [4] - The outlook for Chinese dollar bonds remains positive, with expected continued good returns due to narrowing yield spreads and favorable policies [4][33] Group 3: Coal Industry Insights - Domestic coal social inventory decreased in June 2025, leading to a rebound in coal prices, with expectations for port prices to reach 700-750 yuan per ton [9] - The government aims for coal production to reach approximately 4.8 billion tons in 2025, with potential adjustments in production capacity to ensure supply [9] Group 4: Company-Specific Analysis - Wei Shi Jia Jie (00856) is expected to benefit significantly from the AI and cross-border payment sectors, with projected revenue growth from 63.7 billion yuan in 2020 to 81.1 billion yuan in 2024 [11] - The company is positioned to capture growth in the Southeast Asian ICT market, which is projected to reach approximately 415 billion USD by 2028 [11] - The company anticipates a significant increase in net profit from 830 million yuan in 2023 to 958 million yuan in 2024, reflecting a growth rate of 14.09% [11][15] Group 5: Construction and Materials Sector - Su Jiao Ke (300284) reported a revenue decline of 13.75% in H1 2025, but is transitioning towards becoming a "think tank technology enterprise" with a focus on new business areas [16] - The company has developed five cloud platforms aimed at enhancing its service offerings in urban safety and low-altitude economy [16] Group 6: Chemical Industry Trends - The proportion of public funds holding basic chemical stocks has slightly decreased, with a shift towards mid-cap stocks [15] - The chemical sector has seen a notable increase in the holding ratio of leading stocks, indicating a preference for smaller-cap stocks [15]