BOCOM INTERNATIONAL HOLDINGS COMPANY LIMITED 交銀國際控股有限公司 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，概不對因本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。 （於香港註冊成立的有限公司） （股份代號：3329） 有關收購票據之 須予披露交易 收購 於2025年8月27日，Preferred Investment於場外市場以購買價介乎99.544美元至99.640 美元收購本金額為5,000,000美元的BOCAVI票據II，代價約為4,981,040美元（相當於 約39,101,164港元）。 上市規則之涵義 由於先前收購及收購乃於十二個月期間內作出，故根據上市規則第14.22條，該等事項 應合併為本公司的一系列交易。由於有關該等收購的最高適用百分比率合併計算後低 於25%但高於5%，該等收購構成本公司須予披露交易，因此須遵守上市規則第十四章 項下的通知及公告規定。 收購 BOCAVI票據II將由發行人II發行並於新加坡交易所上市。 先前收購 於2 ...

Core Insights - Anta's revenue for the first half of the year increased by 14.3% year-on-year to 38.54 billion yuan, driven by steady growth in the Anta brand and a recovery in FILA brand sales, while other brands continued to maintain high growth [1] - Operating profit margin improved by 0.6 percentage points year-on-year to 26.3% due to effective cost control [1] - Excluding one-time gains from the listing of Amer Sports, net profit attributable to shareholders rose by 14.5% year-on-year to 7.03 billion yuan, exceeding market expectations [1] Revenue and Profit Forecasts - The revenue forecast for the group from 2025 to 2027 has been slightly raised by 2% to 4%, while net profit estimates have been increased by 5% to 8% [1] - Target price has been adjusted upwards to 117.9 HKD, with a rating of "Buy" [1] Related Events - Bank of China International has raised the target price for Anta Sports to 114.7 HKD, indicating strong growth in revenue and core profit for the first half of 2025 [1]

Core Viewpoint - The report from CMB International indicates that CIMC Enric's profit for the first half of the year increased by 15.6% year-on-year to 560 million yuan, which is in line with expectations [1] Financial Performance - CIMC Enric's order backlog remained flat year-on-year [1] - The company's clean energy new orders in the second quarter decreased by 31% year-on-year due to global trade uncertainties and a cautious attitude from customers [1] - The chemical and liquid food sectors also saw a year-on-year decline in new orders and backlog in the second quarter [1] Earnings Forecast - CMB International has revised down the company's core earnings forecasts for this year and next year by 5.8% and 5% respectively [1] - The expectation is that the company's core earnings will remain flat year-on-year for the entire year [1] Target Price and Rating - The target price for CIMC Enric has been raised to 8.4 HKD, with a rating of "Buy" [1]

Core Viewpoint - The report from CMB International indicates that CIMC Enric (03899) achieved a 15.6% year-on-year increase in profit to 560 million RMB in the first half of the year, meeting expectations [1] Group 1: Financial Performance - The company's profit for the first half of the year was 560 million RMB, reflecting a 15.6% increase compared to the previous year [1] - The overall order backlog remained flat year-on-year [1] Group 2: Order Trends - In the second quarter, new orders for clean energy dropped by 31% year-on-year due to global trade uncertainties and a cautious attitude from customers [1] - The chemical and liquid food sectors also saw a year-on-year decline in new orders and backlog in the second quarter [1] Group 3: Forecast and Recommendations - The firm has revised down its core profit forecasts for the company by 5.8% and 5% for this year and next year, respectively [1] - The expectation is that the full-year core profit will remain flat year-on-year [1] - The target price for the company has been raised to 8.4 HKD, with a rating of "Buy" [1]

Core Viewpoint - The report from CMB International indicates that CIMC Enric (03899) achieved a 15.6% year-on-year increase in profit to 560 million RMB in the first half of the year, which aligns with expectations [1] Financial Performance - The company's overall orders on hand remained flat year-on-year in the first half [1] - In the second quarter, new orders for clean energy dropped by 31% year-on-year due to global trade uncertainties and a cautious attitude from clients [1] - The chemical and liquid food sectors also saw a year-on-year decline in new orders and orders on hand in the second quarter [1] Earnings Forecast - CMB International has revised down the core earnings forecast for the company by 5.8% and 5% for this year and next year, respectively [1] - The expectation is that the full-year core earnings will remain flat year-on-year [1] Target Price and Rating - The target price for CIMC Enric has been raised to 8.4 HKD, with a rating of "Buy" [1]

Core Viewpoint - The report from交银国际 indicates a significant potential for康方生物's HARMONi study to achieve statistically significant overall survival (OS) results due to a larger sample size [1] Financial Forecasts - The overseas peak sales forecast for康方生物 has been raised to $16.5 billion [1] - The financial projections for the group from 2025 to 2027 have been adjusted [1] - The target price for康方生物 has been increased from HKD 140 to HKD 183, maintaining a "Buy" rating [1] Sales Performance - The company's commercial sales revenue for the first half of the year increased by 49% year-on-year to RMB 1.4 billion [1] - The growth in sales is primarily attributed to the inclusion of the core dual antibody products卡度尼利 and依沃西 in the medical insurance catalog at the beginning of the year [1] - The commercialization of PCSK9 and IL12/IL23 has also contributed to the sales growth [1] - The sales team has over 1,200 members and continues to enhance the oncology and specialty drug divisions [1]

Core Viewpoint - The report from CMB International indicates that with a larger sample size in the HARMONi study, there is a significant likelihood that the final analysis of overall survival (OS) will reach statistical significance [1] Group 1: Financial Projections - The overseas peak sales forecast for the product has been raised to $16.5 billion [1] - The financial forecasts for the group from 2025 to 2027 have been adjusted [1] - The target price has been increased from HKD 140 to HKD 183, maintaining a "Buy" rating [1] Group 2: Sales Performance - The company's commercial sales revenue increased by 49% year-on-year to RMB 1.4 billion [1] - The growth is primarily attributed to the inclusion of core dual-antibody products, Cardunili and Ivosidenib, in the medical insurance catalog at the beginning of the year [1] - The sales team has over 1,200 members and continues to enhance the oncology and specialty drug divisions [1]

Core Viewpoint - The report from CMB International indicates an upward revision of the revenue forecast for Fourth Paradigm (06682) for 2025-2027 by 7-22%, maintaining expectations for profitability in 2025 and slight profit in 2026 [1] Group 1: Revenue Forecast and Target Price - The revenue forecast for Fourth Paradigm has been increased by 7-22% for the years 2025-2027 [1] - The target price has been raised from HKD 64 to HKD 81, corresponding to a 4x price-to-sales ratio, with the target price rolling to 2026 [1] Group 2: Business Expansion and AI Applications - The recent government policy issued on August 26, titled "Opinions on Deepening the Implementation of AI+ Actions," is expected to benefit the company's business expansion [1] - The company is exploring AI applications across various sectors, including AI+Energy Storage and Phancy Consumer Electronics, which enhances its core competitiveness in traditional industries [1] Group 3: Future Growth and Profitability - As the demand for AI applications from enterprises continues to grow, the average revenue per customer is expected to increase [1] - By 2029, the company's revenue is projected to reach a scale of HKD 20 billion, with an annualized growth rate of 30% compared to 2025, and the scalability effect is expected to continue [1] - Profit margins are anticipated to reach 8-10% [1]

Core Viewpoint - The report from交银国际 raises the target price for Fourth Paradigm (06682) to HKD 81, maintaining a "Buy" rating, driven by increased revenue expectations for 2025-2027 and positive implications from government policies on AI [2]. Revenue Expectations - Revenue forecasts for Fourth Paradigm have been increased by 7-22% for the years 2025-2027, with expectations of turning profitable in 2025 and achieving slight profitability in 2026 [2]. - The company is projected to reach a revenue scale of HKD 20 billion by 2029, reflecting a compound annual growth rate (CAGR) of 30% from 2025 [2]. Market Position and Strategy - The company’s "Prophet" platform is expected to enhance core competitiveness for enterprises amid the AI upgrade in traditional industries [2]. - Fourth Paradigm is actively exploring AI applications across various sectors, including AI+Energy Storage and Phancy Consumer Electronics [2]. Profitability Outlook - The report anticipates that as enterprise demand for AI applications continues to grow, the average revenue per customer will increase, with profit margins potentially reaching 8-10% [2].

Group 1 - The company reported a revenue and other income of HKD 276 million for the six months ending June 30, 2025, with a loss of HKD 283 million, an improvement from a loss of HKD 355 million in the same period of 2024 [1] - Commission and fee income from securities brokerage increased by HKD 29 million or 68.3% to HKD 71.3 million compared to the same period in 2024 [1] - The company completed six IPO projects as overall coordinator and global coordinator/bookrunner during the reporting period [1] Group 2 - The company successfully assisted enterprises in raising a total of USD 11.4 billion through 30 bond issuance projects in the debt capital markets [1] - The total asset management scale reached approximately HKD 20,607.4 million as of June 30, 2025, a 13.5% increase from HKD 18,155.5 million on December 31, 2024 [1] - Asset management and advisory service fee income increased by HKD 1.9 million or 9.7% to HKD 21.9 million compared to the same period in 2024 [1] Group 3 - The company aims to leverage opportunities to strengthen Hong Kong's position as an international financial center, focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [2] - The company emphasizes solidifying its foundation, seeking steady progress, improving quality and efficiency, and strictly controlling risks while enhancing its comprehensive financial service capabilities [2] - The company intends to create value for shareholders and investors by fully utilizing the financial service functions of bank-affiliated securities firms and the advantages of group synergy [2]