Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 9,159,425 thousand, a decrease of 8.3% compared to RMB 9,983,269 thousand in 2024[7] - Gross profit decreased by 10.1% to RMB 3,069,210 thousand, with a gross margin of 33.5%, down 0.7 percentage points from 34.2%[7] - Operating profit fell by 41.6% to RMB 281,596 thousand, resulting in an operating margin of 3.1%, down 1.7 percentage points from 4.8%[7] - Profit attributable to owners of the company decreased by 44.1% to RMB 187,615 thousand, with basic earnings per share of RMB 3.62, down from RMB 6.48[7] - The company's profit for the six months ended June 30, 2025, was RMB 200,106 thousand, a decrease of 40.9% compared to RMB 338,006 thousand for the same period in 2024[15] - Total comprehensive income for the same period was RMB 197,764 thousand, down 42.5% from RMB 342,575 thousand in 2024[15] - Basic and diluted earnings per share for the six months ended June 30, 2025, were RMB 0.036, down from RMB 0.065 in 2024, reflecting a decline of 44.6%[36] - The company’s net profit attributable to shareholders decreased by 44.1% to RMB 187.6 million, resulting in a profit margin of 2.0%, down 1.4 percentage points year-on-year[62] Dividends - The interim dividend was reduced by 42.5% to HKD 0.0115 per share, compared to HKD 0.02 in the previous year[7] - The board has declared an interim dividend of HKD 0.0115 per share for the six months ending June 30, 2025, down from HKD 0.02 per share for the same period in 2024[74] - A special dividend of HKD 0.0115 per share has also been approved, compared to HKD 0.02 per share in the previous period, resulting in a total dividend of HKD 0.0230 per share with a payout ratio of 60%[74] - The record date for the interim and special dividends is September 16, 2025, with the payment scheduled for October 9, 2025[75] Assets and Liabilities - Non-current assets totaled RMB 3,329,854 thousand as of June 30, 2025, a decrease from RMB 3,630,267 thousand at the end of 2024[16] - Current assets amounted to RMB 9,261,076 thousand, slightly down from RMB 9,407,623 thousand at the end of 2024[18] - Current liabilities decreased to RMB 2,844,523 thousand from RMB 3,253,830 thousand at the end of 2024, indicating improved liquidity[18] - The company's net asset value increased to RMB 8,977,358 thousand as of June 30, 2025, compared to RMB 8,870,796 thousand at the end of 2024[18] - The group's asset-liability ratio increased to 2.2% as of June 30, 2025, compared to 0.4% as of December 31, 2024, indicating a rise in leverage[64] Cash Flow - Cash and cash equivalents decreased by 13.2% to RMB 1,232,169 thousand from RMB 1,419,052 thousand[7] - The net cash generated from operating activities for the six months ended June 30, 2025, was RMB 399,258,000, a decrease from RMB 873,308,000 in the same period of 2024[21] - The company incurred a net cash outflow from investing activities of RMB 273,713,000, down from RMB 608,057,000 in the prior year[21] - The company's cash and cash equivalents were RMB 1,232,169 thousand, down from RMB 1,419,052 thousand at the end of 2024[16] - The group's operating cash flow for the period was RMB 399.3 million, indicating a stable cash generation capability[65] Inventory and Costs - Inventory as of June 30, 2025, was RMB 4,865,388 thousand, a slight decrease of 1.6% from RMB 4,946,314 thousand[7] - The average inventory turnover period increased to 146 days from 130 days in the previous year, while inventory at the end of the period decreased to RMB 4,865.4 million[63] - The company’s employee costs totaled RMB 1,053,815,000, a decrease of 3.6% from RMB 1,092,906,000 in the previous period[35] - Total sales and distribution expenses were RMB 2,508.4 million, accounting for 27.4% of revenue, while administrative expenses were RMB 381.9 million, representing 4.2% of revenue[58] Operational Highlights - The company continued to enhance its digital capabilities, integrating its multi-dimensional operational matrix to improve interaction with different consumer groups[52] - The company is focusing on optimizing its store layout and enhancing digital capabilities to improve consumer experience and sales performance[51] - The group signed multiple new lease agreements for retail stores with lease terms generally ranging from 1 to 6 years, resulting in right-of-use assets of RMB 157,629,000 and RMB 76,218,000 respectively[40] - The group has 3,408 directly operated stores in the Greater China region as of June 30, 2025[50] - The group recorded over 100% growth in live-streaming sales, indicating strong performance in private traffic channels[48] - The group continues to optimize its store portfolio and enhance direct store sales conversion rates amid a challenging retail environment[49] Shareholder Information - As of June 30, 2025, the total number of issued shares is 5,326,179,615, with key executives holding a combined total of 19,523,000 shares, representing 0.37% of the issued shares[77] - The major shareholder, Li Shang Management Limited, holds 3,331,551,560 shares, representing 62.55% of the issued shares[87] - The company has a share award plan in place, which was adopted on May 9, 2014, and has been extended for another ten years until May 8, 2034[80] - The total number of shares granted under the share incentive plan cannot exceed 4% of the issued shares as of the grant date, which is 213,047,184 shares[82] - The total number of shares granted to directors and key executives during the reporting period is 800,000 shares, with 1,480,000 shares being forfeited or canceled[83] Governance and Compliance - The company has complied with all applicable code provisions and recommended best practices as per the Corporate Governance Code during the six-month period ending June 30, 2025[94] - The audit committee has reviewed the unaudited condensed consolidated financial information for the six months ending June 30, 2025, and discussed risk management and internal control matters[96] - The board of directors includes non-executive directors, executive directors, and independent non-executive directors as of the report date[98]

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8月31日 狀態: 新提交 公司名稱: 寶勝國際(控股)有限公司 呈交日期: 2025年9月3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) | 03813 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 | 本月底法定/註冊股本總額： HKD ...

Group 1 - Company experienced an 8.3% year-on-year decline in revenue, totaling 9.16 billion RMB, due to fluctuating store traffic and increased discounts [1] - Gross margin decreased by 0.7 percentage points to 33.5%, while net profit fell by 44% year-on-year to 190 million RMB, resulting in a net profit margin of 2.1% [1] - Inventory levels remained healthy, with inventory days at 146, below the target of 150 days, and old inventory accounting for less than 9% [1] Group 2 - Online sales showed robust growth of 16%, with live streaming sales exceeding 100% growth, contributing to 33% of total revenue [2] - The company maintained its offline store count at 3,408, with a net closure of 40 stores, while same-store sales declined by 10% to 20% [2] - The company plans to optimize its product mix and develop proprietary brands, with short-term revenue contribution from these brands at only 2-3% [2]

Core Viewpoint - Goldman Sachs reports that Yue Yuen Industrial Holdings Limited (00551) and its subsidiary Pou Chen Corporation (03813) exceeded market expectations for net profit in Q2 2025 by 16% and 49% respectively, primarily due to non-operating income and tax benefits exceeding expectations [1][2] Group 1: Financial Performance - Yue Yuen's Q2 2025 net profit increased by 13% year-on-year, surpassing market consensus by 16%, driven by higher-than-expected non-operating income and lower tax expenses [2][5] - The group's total revenue for Q2 2025 was reported at $2.03 billion, a 1% year-on-year increase, with OEM sales growing by 6.5% [4] - Pou Chen's Q2 2025 revenue decreased by 12% year-on-year, aligning with expectations, while net profit fell by 69% year-on-year but exceeded market expectations by 49% [2][6] Group 2: Operational Insights - OEM business sales showed steady growth, but gross margins were under pressure due to uneven production levels and rising labor costs [2][4] - Inventory levels increased by 4.6% year-on-year, with inventory turnover days at 146, up from 138 in Q1 2025 [8] - The company announced a change in CFO, with Chau Chi Ming taking over the position [2][3] Group 3: Market Focus Areas - Investors should focus on the OEM business, including updates on order outlook for H2 2025 and the impact of tariff changes [3] - In the retail segment (Pou Chen), attention should be given to recent sales trends, inventory status, and performance by brand and product category [3]

Core Viewpoint - Goldman Sachs reports that Yue Yuen Industrial Holdings Limited (00551) and its subsidiary Pou Chen Corporation (03813) exceeded market expectations for net profit in Q2 2025 by 16% and 49% respectively, primarily due to non-operating income and tax benefits exceeding expectations [1][2] Group 1: Financial Performance - Yue Yuen's Q2 2025 net profit increased by 13% year-on-year, surpassing market consensus by 16%, driven mainly by higher-than-expected non-operating income and lower tax expenses [2][5] - The group's total revenue for Q2 2025 was pre-announced at $2.03 billion, reflecting a 1% year-on-year growth, with OEM sales growing by 6.5% [4] - Pou Chen's Q2 2025 revenue was reported at 4.1 billion RMB, a 12% year-on-year decline, while net profit fell by 69% year-on-year but exceeded market expectations by 49% [6][7] Group 2: Operational Insights - The OEM business's gross profit margin was reported at 17.8%, slightly below market expectations of 18.1%, while the retail business's gross profit margin was approximately 34.5%, exceeding expectations of 33.5% [4][6] - Inventory levels increased by 4.6% year-on-year, with inventory turnover days at 146 days, up from 138 days in Q1 2025 [8] - The company announced a change in CFO, with Chau Chi Ming taking over the position [2][3] Group 3: Strategic Focus Areas - Investors should focus on the OEM business, particularly on order visibility and the impact of tariff changes on production efficiency and pricing [3] - In the retail segment, attention should be given to recent sales trends, inventory management, and the performance of brands and product categories [3]

Market Performance - Hong Kong stock market recorded its best single-day performance since early May, driven by interest subsidy policies, improving geopolitical conditions, and rising risk appetite ahead of tech giants' earnings season [1][2] - The Hang Seng Index saw a significant increase despite net outflows of $1 billion from southbound funds, indicating growing local market risk sentiment [1] Sector Performance - Healthcare, technology, and consumer sectors led the gains, with notable stock price increases following the Chinese government's announcement of interest subsidies for eligible personal consumption loans [2] - Key performers included Innovent Biologics (+9%), WuXi AppTec (+6.2%), and Hansoh Pharmaceutical (+5.4%) in the healthcare sector, while Tencent Music (+15.6%) and Alibaba (+6.1%) excelled in technology [2] Tencent Financial Results - Tencent reported a 15% year-on-year revenue growth in Q2, exceeding expectations, with operating profit up 18% [3] - Game revenue increased by 22%, and advertising revenue rose by 20%, both surpassing forecasts [3] - Gross margin improved to 57%, reflecting strong performance in high-margin business areas despite previous concerns over AI-related capital expenditures [3] Goldman Sachs Ratings - Goldman Sachs initiated a "Buy" rating for Damai Entertainment, setting a 12-month target price of HK$1.38, citing its leading position in live event ticketing and IP licensing in China [4] - The company is expected to benefit from the growing demand for live entertainment, with projections indicating a sixfold growth in the sector over the next five years [4] Baidu's Business Outlook - Baidu is undergoing a significant transformation in its search business, with expectations of declining advertising revenue due to shifts in user behavior towards AI and social media [8][11] - The cloud business is anticipated to grow by 25% year-on-year in 2025, driven by strong demand for AI training and subscription models [8][11] Tencent Music Highlights - Tencent Music's Q2 revenue reached 4.4 billion RMB, a year-on-year increase of 18%, driven by strong online music service performance [12][13] - The number of SVIP users surpassed 15 million, contributing to an increase in average revenue per user (ARPU) [12][13] - Non-GAAP operating profit margin expanded to 33.5%, supported by effective cost control [12][13] Yonghui Superstores and Baoshan International - Yonghui Superstores reported a 13% year-on-year increase in net profit for Q2, driven by non-operating income and lower tax expenses [18] - Baoshan International's Q2 revenue declined by 12%, with same-store sales showing a significant drop, although gross margin exceeded expectations [19][20]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][34] Core Views - The company experienced an 8.3% year-on-year decline in revenue to 9.16 billion RMB in the first half of the year, primarily due to increased discounts and a drop in customer traffic [1][4] - The gross profit margin decreased by 0.7 percentage points to 33.5%, leading to a 44.0% year-on-year decline in net profit to 190 million RMB [1][4] - The company maintains a healthy inventory level with an average inventory turnover of 146 days, keeping within the target of 150 days [1][4] - Online sales showed a robust growth of 16%, with live streaming sales exceeding 100% growth, contributing to 33% of total revenue [3][4] - The company plans to optimize its product mix and develop its own brands to enhance sales performance [3][4] Summary by Sections Financial Performance - Revenue for the first half of the year decreased by 8.3% to 9.16 billion RMB, with a net profit decline of 44.0% to 190 million RMB [1][4] - In the second quarter, revenue fell by 11.6% to 4.05 billion RMB, but the gross margin improved by 1.8 percentage points quarter-on-quarter to 34.5% [2][4] - The company has a stable cash level of 2.7 billion RMB and plans to distribute an interim and special dividend of 0.23 HKD per share, with a payout ratio of 60% [1][4] Channel Performance - Online channels showed a 16% increase in revenue, while offline store sales were negatively impacted by reduced customer traffic, with same-store sales down by 10% to 20% [3][4] - The company closed 40 stores, bringing the total to 3,408, a 2.0% year-on-year decrease [3][4] Future Outlook - The company expects to stabilize profitability despite current revenue pressures, with a forecasted net profit of 390 million RMB in 2025, down 21% year-on-year, but projected to recover by 21% in 2026 and 11% in 2027 [4][32] - The target price is maintained at 0.59 to 0.69 HKD, corresponding to a 6-7x PE for 2026 [4][32]

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]

Group 1 - The core viewpoint of the report indicates that both Yue Yuen Industrial Holdings Limited (00551) and Pou Chen Corporation (03813) reported second-quarter results that were generally in line with the expectations of the firm, but more than 10% lower than market consensus, attributed to pressure on the profitability of their OEM businesses [1] - The firm has lowered the target prices for Yue Yuen and Pou Chen to HKD 7.4 and HKD 0.84 respectively, assigning "Underperform" and "Buy" ratings, expressing concerns about potentially weak order conditions over the next six months [1] - Management attributed the lower-than-expected OEM profit margins to uneven order allocation and rising labor costs, while noting an improvement in capacity utilization during the period [1] Group 2 - The company has a cautious outlook for order prospects in the second half of the year, indicating that the third quarter is traditionally a slow season, with expected year-on-year shipment volume declines reaching high single-digit percentages [1] - The decline in gross margin is expected to be more pronounced compared to the first half of the year, with uncertainties surrounding fourth-quarter orders primarily due to delays in order placements from brand clients [1] - Earnings per share estimates for Yue Yuen for 2026 have been reduced by 5% to RMB 0.18, while earnings per share estimates for Pou Chen for the next two years have been cut by 30% and 18% to RMB 0.07 and RMB 0.09 respectively [1]