格隆汇8月14日丨交银国际(03329.HK)公告，董事会会议将于2025年8月26日(星期二)举行，藉以(其中包 括)批准公司及其附属公司截至2025年6月30日止6个月中期业绩及其刊发。 ...

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 交銀國際控股有限公司 （股份代號：3329） （於香港註冊成立的有限公司） 公司秘書 伊莉 香港，2025年8月14日 於本公告日期，董事會包括非執行董事肖霆先生及朱忱女士；執行董事謝潔先生、 王賢家先生及譚岳衡先生；及獨立非執行董事馬宁先生、林志軍先生及浦永灝先生。 董事會會議召開日期 交銀國際控股有限公司（「本公司」）之董事會（「董事會」）宣佈，董事會會議將於2025年 8月26日（星期二）舉行，藉以（其中包括）批准本公司及其附屬公司截至2025年6月30日 止六個月之中期業績及其刊發。 承董事會命 交銀國際控股有限公司 ...

Group 1 - The core viewpoint of the article highlights the financial performance of Quantum Thinking (08050) for the fiscal year ending March 31, 2025, showing a significant increase in revenue but a shift to a loss for the company [1] Group 2 - Quantum Thinking reported a revenue of HKD 39.553 million, representing a year-on-year increase of 144.88% [1] - The company recorded a loss attributable to shareholders of HKD 13.41 million, compared to a profit of HKD 6.604 million in the same period last year [1] - The loss per share was reported at HKD 0.99 [1] Group 3 - On August 13, shareholders of Quantum Thinking deposited shares into Bank of Communications International Securities, with a market value of HKD 162 million, accounting for 33.18% of the total [1]

Core Viewpoint - The report from CMB International downgrades the target price of Baoshan International (03813) to HKD 0.74 while maintaining a "Buy" rating, indicating that the current stock price reflects performance pressures and offers sufficient downside protection with an expected dividend yield exceeding 8% [1] Company Summary - Baoshan International's revenue and net profit for the first half of 2025 showed a decline, with revenue at RMB 9.16 billion and net profit at RMB 190 million, representing year-on-year decreases of 8.3% and 44.1% respectively, primarily due to reduced foot traffic in physical stores [1] - The company is expected to face continued revenue pressure, with a projected decline of 4.5% year-on-year for the second half of 2025, leading to a revenue forecast adjustment of 7%-8% for 2025-2027, bringing the expected revenue to RMB 17.3-18.9 billion [1] - The gross margin decreased by 0.7 percentage points to 33.5%, and the operating profit margin fell by 1.7 percentage points to 3.1% due to discount pressures [1] - Despite short-term performance challenges, there are positive signals emerging in Q2, including a slight improvement in discount levels and inventory management, which may support future recovery [1] Industry Summary - The industry is expected to remain competitive in the short term, with ongoing pressure on discounts likely to continue into the second half of the year [1] - The negative operating leverage effect has led to a downward revision of net profit forecasts for the next three years by 6%-24%, estimating net profits to be between RMB 410 million and RMB 600 million [1]

Core Viewpoint - The report from CMB International indicates a downward adjustment of the target price for Baoshan International (03813) to HKD 0.74 while maintaining a "Buy" rating, citing that the current stock price reflects performance pressures and an expected dividend yield of over 8% provides sufficient downside protection [1] Company Summary - The short-term outlook for the company suggests continued intense industry competition, with potential ongoing pressure on discounts in the second half of the year [1] - Revenue forecasts for the company for 2025-2027 have been reduced by 7%-8% to RMB 17.3-18.9 billion, with anticipated revenue for the second half of 2025 expected to remain in a declining range, showing a year-on-year decrease of 4.5% [1] - Net profit forecasts for the next three years have been lowered by 6%-24% to RMB 410-600 million, reflecting the impact of negative operating leverage [1] Industry Summary - For the first half of 2025, Baoshan International's performance continued to decline, with Q2 showing some positive signals: the company achieved revenue and net profit attributable to shareholders of RMB 9.16 billion and RMB 190 million, respectively, representing year-on-year declines of 8.3% and 44.1%, primarily due to reduced foot traffic in physical stores, with same-store sales down by 10%-20% [1] - The gross margin decreased by 0.7 percentage points to 33.5%, while the operating profit margin fell by 1.7 percentage points to 3.1% [1] - Despite short-term performance pressures, the report highlights positive operational signals emerging in Q2, laying the groundwork for future recovery: discount levels improved slightly compared to Q1, leading to a seasonal recovery in gross margin, and inventory levels also showed a quarter-on-quarter improvement, indicating operational resilience [1]

Core Viewpoint - The report from CMB International maintains a target price of HKD 5.68 for Prosperity REIT (00778) and keeps a "Buy" rating, citing a decrease in interest expenses that is expected to lead to an increase in dividends for the year [1] Group 1: Financial Performance - Prosperity REIT's performance for the first half of 2025 is stable and largely in line with market expectations, with a slight year-on-year revenue decrease of 2% to HKD 854.5 million due to rental reductions on some assets [1] - The distributable income and distribution per unit (DPU) for the first half of 2025 increased by 2.1% and 1% year-on-year, respectively, aligning with expectations [2] Group 2: Rental and Occupancy Rates - The occupancy rate improved by 0.9 percentage points to a high level of 95% for the year, with 11 out of 17 shopping malls achieving occupancy rates above 96% [2] - The company plans to re-lease previously vacated spaces in the Prosperity Plaza, expecting further improvement in overall occupancy rates and rental recovery in the second half of the year [2] Group 3: Tenant Composition and Strategy - Approximately 72% of Prosperity REIT's tenant mix consists of essential services and daily necessities, which helps maintain resilience in the retail portfolio [2] - The company aims to optimize its tenant mix by introducing more specialty dining and new brands to mitigate the impact of pressured sectors, with expectations for overall rental stability in the second half of the year [2] Group 4: Interest Expense and Dividend Outlook - The company is expected to benefit from a decrease in HIBOR, which will help save on interest expenses for about 50% of its floating-rate debt, supporting an increase in DPU [2]

智通财经APP获悉，交银国际发布研报称，上调信义能源(03868)目标价9.4%，从1.17港元升至1.28港 元。公司股价近期大涨后，该行认为估值吸引力有限，评级下调至"中性"。 该行指，公司2025年上半年盈利4.5亿元人民币(下同)，同比增加23.4%。由于光照较强，利用小时增长 超3%，但平均电价下降12%，低于该行预期。上半年公司已将港元借款全部置换为人民币借款，推动 期末平均借款利率环比下降0.62个百分点至2.88%。光电抢装下，该行预期短期限电风险加大。 ...

Core Viewpoint - The report from CMB International indicates an upward revision of Xinyi Energy's target price by 9.4%, from HKD 1.17 to HKD 1.28, while downgrading the rating to "Neutral" due to limited valuation attractiveness after a recent stock price surge [1] Financial Performance - For the first half of 2025, the company is expected to achieve a profit of RMB 450 million, representing a year-on-year increase of 23.4% [1] - The increase in profit is attributed to stronger sunlight and a growth in utilization hours exceeding 3%, despite a 12% decline in average electricity prices, which was below expectations [1] Debt Management - The company has fully converted its HKD borrowings to RMB borrowings in the first half of the year, resulting in a decrease in the average borrowing rate by 0.62 percentage points to 2.88% [1] Market Risks - The report anticipates an increase in short-term electricity supply risks due to a surge in photovoltaic installations [1]

Core Insights - July saw a moderate growth in the new energy vehicle (NEV) market despite being a traditional off-peak season for passenger car sales, with delivery volume growth slowing down year-on-year [2][3] - The overall delivery volume of NEVs in July showed a year-on-year increase of 11.2% but a month-on-month decrease of 6.2% among 11 car manufacturers [2][3] - The upcoming months are expected to see improved sales as multiple new models are set to launch, coinciding with the traditional peak sales season in September and October [6] Company Summaries - **BYD**: In July, BYD sold 341,030 passenger vehicles, a slight year-on-year increase but a month-on-month decrease of 9.7%. Exports reached 80,178 units, a significant year-on-year increase of 159.5% [2][3] - **Xiaomi Auto**: Achieved over 30,000 deliveries in July, marking a new monthly delivery record [2] - **Horizon Smart Mobility**: Delivered 47,752 units in July, an 8.3% increase year-on-year, but a 9.5% decrease month-on-month [3] - **Xpeng Motors**: Delivered 36,717 units in July, with year-on-year and month-on-month growth of 229.4% and 6.1%, respectively, setting a new monthly delivery record [3] - **Li Auto**: Delivered 30,731 units in July, with year-on-year and month-on-month declines of 39.7% and 15.3% [3] - **NIO**: Delivered 21,017 units in July, with a year-on-year increase of 2.5% but a month-on-month decrease of 15.7% [4] - **Leap Motor**: Achieved 50,129 deliveries in July, marking a year-on-year increase of 127% and a month-on-month increase of 4% [4] - **Avita**: Delivered 10,062 units in July, with a year-on-year increase of 177.6% but a slight month-on-month decrease of 0.9% [5] Market Outlook - The market is expected to improve in August as several new models are set to launch, including Li Auto's i6 and new versions of Xpeng's P7 and Horizon's R7 and S7 [6] - The industry remains optimistic about BYD's smart driving and export capabilities, as well as Xpeng's new model launches contributing to sales and profit margin improvements [6]

Core Viewpoint - The report highlights that Ninebot Company has shown strong growth in electric two-wheeler sales and profitability in Q2 2025, leading to an upward revision of the target price to RMB 75.02 and a buy rating [1][4]. Financial Performance - In Q2 2025, Ninebot Company reported revenue of RMB 6.63 billion and a net profit attributable to shareholders of RMB 790 million, representing year-on-year increases of 61.5% and 70.8% respectively [2][3]. - The gross margin and net profit margin were 30.9% and 11.8%, reflecting increases of 0.5 and 0.6 percentage points year-on-year [2][3]. Sales Growth - The sales of electric two-wheelers reached RMB 3.96 billion, with a year-on-year growth of 81%, and the volume sold increased by 77.3% to 1.389 million units [3]. - The average selling price (ASP) for electric two-wheelers was RMB 2,852, maintaining a high level [3]. Product Development and Market Expansion - The company launched new product series targeting female riders and sports performance, contributing to the optimistic sales outlook for the year [3]. - As of June 30, 2025, Ninebot had over 8,700 dedicated electric two-wheeler retail stores in mainland China, indicating ongoing market expansion [3]. Profitability Enhancement - The gross margin for electric two-wheelers was 23.7% in the first half of 2025, up from 21.1% for the entire year of 2024, indicating improved profitability [3]. - The company achieved a record high net profit margin of 11.8% in Q2 2025, with a combined sales, management, and R&D expense ratio of 17%, down by 1.1 and 1.2 percentage points year-on-year and quarter-on-quarter respectively [3]. Future Outlook - The revenue forecasts for 2025-2027 have been adjusted upward by 3-4% to RMB 19.86 billion, RMB 24.15 billion, and RMB 27.62 billion respectively, due to strong sales growth and product upgrades [4]. - The net profit forecasts for 2025-2026 have been increased by 10%-12% to RMB 1.87 billion, RMB 2.49 billion, and RMB 2.96 billion respectively, reflecting enhanced profitability potential [4].