Group 1 - The company,交银国际, announced the acquisition of PLNIJ notes II in the over-the-counter market [1] - The purchase price for the notes was approximately $97.74, with a total principal amount of $6,000,000 [1] - The total cost incurred for the acquisition was about $5,885,713 [1]

Group 1 - The company, China Merchants International (03329), announced the acquisition of PLNIJ Notes II for approximately $588.57 million, equivalent to about 46.20 million Hong Kong dollars [1] - The acquisition is expected to provide the group with long-term investment opportunities, allowing the company to achieve stable investment returns while taking on reasonable risks [1] - The purchase price for the notes was approximately $97.74, with a total face value of $6 million [1]

交銀國際控股有限公司 （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 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。 BOCOM INTERNATIONAL HOLDINGS COMPANY LIMITED 於2025年8月19日，Preferred Investment於場外市場以購買價約97.74美元收購本金額 為6,000,000美元的PLNIJ票據II，代價約為5,885,713美元（相當於約46,202,847.05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一項或多項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 於2025年8月19日，Preferred Investment於場外市場以購買價約97 ...

Core Viewpoint - The report from CMB International maintains a "Buy" rating for Hansoh Pharmaceutical (03692), highlighting its leadership in innovative drugs and international expansion, with a target price increase from HKD 33 to HKD 48, reflecting a projected dynamic P/E ratio of 2.2 times for next year [1] Group 1: Company Performance - Hansoh Pharmaceutical achieved strong double-digit sales growth in the first half of the year, particularly in its ADC and GLP-1 product lines, which continue to generate significant collaboration revenue [1] - The company has raised its full-year revenue guidance to a high double-digit percentage, previously set at a double-digit increase, with specific sales targets of RMB 6 billion for Amelot and RMB 10 billion for overall innovative drugs [1] Group 2: Future Outlook - CMB International expects Amelot's annual sales to have a growth potential of RMB 3 billion to RMB 4 billion, and is optimistic about the contribution of international performance following the normalization of business development activities [1] - The company plans to increase its R&D investment in the second half of the year, with an anticipated growth in R&D expenses of over 38%, leading to an overall increase of more than 30% for the year [1]

Group 1 - The core viewpoint of the report is that Hansoh Pharmaceutical (03692) is a leading prescription drug company with a significant share of innovative drugs and a strong international expansion process, maintaining a "Buy" rating and industry focus recommendation, with the target price raised from HKD 33 to HKD 48, equivalent to a projected dynamic P/E ratio of 2.2 times [1] - Hansoh Pharmaceutical's product sales continued to show strong double-digit growth in the first half of the year, with substantial contributions from BD (business development) collaborations in the ADC and GLP-1 product lines [1] - The company has raised its full-year revenue guidance to a high double-digit percentage, previously set at a double-digit increase, maintaining sales guidance for Amelot and overall innovative drugs at RMB 6 billion and RMB 10 billion respectively [1] Group 2 - The report indicates that the annual sales of Amelot still have a growth potential of RMB 3 billion to RMB 4 billion, and the company is optimistic about the performance contribution from product internationalization after normalizing BD [1] - The company plans to increase R&D investment in the second half of the year, with expected R&D expenses growing by over 38%, and an overall increase of more than 30% for the year [1]

报告指，集团2025年上半年业绩符合预期，持续经营业务收入同比增长82%至5.19亿美元，经调整净利 润增长510%至1.78亿美元。集团上调生命科学板块全年收入增速指引至13-15%，对应下半年增速15- 18%。 交银国际发布研报称，上调金斯瑞生物科技(01548)2025-27年收入1-5%，但考虑到2025年上半年传奇生 物账面净亏损仍较大，下调2025年净利润预测。该行将SOTP模型滚动至2026年，各业务板块目标估值 倍数保持不变，维持目标价28.75港元及"买入"评级。 ...

Core Viewpoint - The report from CMB International indicates an upward revision of Kingsray Biotechnology's (01548) revenue forecast for 2025-2027 by 1-5%, while lowering the net profit forecast for 2025 due to significant net losses in the first half of 2025 [1] Group 1: Financial Performance - The group's performance for the first half of 2025 met expectations, with a year-on-year revenue increase of 82% to $519 million [1] - Adjusted net profit surged by 510% to $178 million [1] Group 2: Business Segment Outlook - The company raised its full-year revenue growth guidance for the life sciences segment to 13-15%, with a corresponding growth rate of 15-18% expected in the second half of the year [1] Group 3: Valuation and Rating - The SOTP model has been rolled forward to 2026, maintaining the target valuation multiples for each business segment [1] - The target price remains at HKD 28.75, with a "Buy" rating upheld [1]

交银国际发表报告指，网易云音乐上半年收入38.3亿元，按年降6%，主要因社交娱乐收入下降，会员 订阅收入维持稳健，按年增加15%；毛利率36.4%，按年优化1.4个百分点，符合预期；剔除一次性影 响，经调整净利润11亿元，超市场预期。 基于好于预期的费用管控，上调网易云音乐2025/2026年剔除一次性影响经调整净利润12%及9%，各至 21.7亿及23.9亿元，将估值切换至2026年，考虑行业估值中枢上移，基于28倍市盈率将目标价由240港元 上调至339港元，维持"买入"评级。 ...

报告指，2025年上半年集团收入38.3亿元人民币，毛利率36.4%，同比优化1.4个百分点，符合预期。剔 除一次性影响，经调整净利润11亿元人民币，超市场预期。该行维持2025年在线音乐收入同比增15%预 期，预计会员订阅收入仍受会员规模扩张拉动。 智通财经APP获悉，交银国际发布研报称，基于网易云音乐(09899)好于预期的费用管控，该行上调 2025/26年经调整净利润12%及9%，至21.7及23.9亿元人民币(剔除一次性影响)，将估值切换至2026年， 考虑行业估值中枢上移，基于28倍市盈率，将目标价从240港元上调41%至339港元，维持"买入"评级。 ...

Group 1 - The core viewpoint of the report indicates that Tencent's Q2 total revenue increased by 15% year-on-year to 184.5 billion yuan, surpassing both the bank's and market expectations by 4% and 3% respectively [1] - Gross profit rose by 22% year-on-year, outpacing revenue growth, with gross margin improving by approximately 3.6 percentage points to 57%, driven by high-margin businesses such as local games, video accounts, and search revenue contributions, as well as cost optimization in payment and cloud services [1] - Adjusted earnings per share were 6.79 yuan, a 13% year-on-year increase, exceeding the bank's and market expectations by 5% and 3% respectively [1] Group 2 - The bank noted that Tencent's better-than-expected performance enhances market confidence in the company's sustained robust growth, forecasting an overall revenue growth of 11% for Q3, compared to the previous market expectation of 10% [1] - Revenue growth rates for social, gaming, FBS, and marketing are projected at 7%, 13%, 7%, and 18% respectively, benefiting from evergreen games, new game schedules, financial services, and increased demand for cloud and API/GPI driven by AI, along with enhanced advertising monetization efficiency [1] - The bank has raised its revenue and profit forecasts for 2025 to 2027 by 2% to 3% and 2% to 10% respectively, increasing the target price from 604 HKD to 700 HKD while maintaining a "buy" rating [1]