Core Viewpoint - The report from Xingzheng International maintains an "overweight" rating for Maogeping (01318), expecting continued growth momentum in the second half of the year due to a low base effect and the launch of new products in the fourth quarter [1] Group 1: Sales Performance - In the first half of 2025, the company's sales reached 2.588 billion yuan, a year-on-year increase of 31.3% [2] - Makeup revenue accounted for 1.422 billion yuan, representing 55.1% of total sales, with a growth rate of 31.1% [2] - The core base makeup products, including the caviar cushion and soft silk powder, each surpassed 200 million yuan in retail sales, validating the effectiveness of the big product strategy [2] - Skincare revenue was 1.087 billion yuan, making up 42.0% of total sales, with a year-on-year growth of 33.4% [2] Group 2: Profitability Metrics - The company's gross margin for the first half of 2025 was 84.2%, impacted by rising unit costs from makeup upgrades and increased training expenses [3] - The selling and distribution expense ratio was 45.2% [3] - Net profit reached 670 million yuan, a year-on-year increase of 36.1%, with the net profit margin improving by 0.9 percentage points to 25.9% due to enhanced operational efficiency and reduced listing expenses [3] Group 3: Brand Positioning and Market Expansion - The total number of members exceeded 19 million, with offline repurchase rates at 30.3% and online repurchase rates at 24.1%, indicating increasing brand loyalty [4] - The company plans to continue launching advanced perfumes, high-end skincare, and multifunctional makeup products centered around Eastern aesthetics [4] - The distribution strategy includes deepening offline presence in department stores and shopping centers while enhancing online efficiency through content and live streaming, with plans to open a new counter in Hong Kong and expand into Singapore, Japan, and South Korea [4]

Core Viewpoint - The company maintains a "buy" rating, expecting continued growth in the second half of the year due to a low base effect and the launch of new products in Q4, supported by a high-end membership system and Eastern aesthetic positioning [1] Group 1: Sales Performance - In H1 2025, the company's sales reached 2.588 billion yuan, a year-on-year increase of 31.3%, with color cosmetics contributing 1.422 billion yuan, accounting for 55.1% of total sales and growing by 31.1% [2] - The core base makeup products achieved retail sales exceeding 200 million yuan each, validating the effectiveness of the big product strategy [2] - The company launched a co-branded perfume with the Palace Museum in May, generating sales of 11.41 million yuan in two months, with plans to introduce more Eastern-themed fragrance products throughout the year [2] - Skincare revenue reached 1.087 billion yuan, representing 42.0% of total sales and a growth of 33.4%, with key products like caviar masks and black cream continuing to gain traction [2] Group 2: Profitability and Margins - The company's gross margin in H1 2025 was 84.2%, impacted by rising unit costs from color cosmetics upgrades and increased training expenses [3] - The selling and distribution expense ratio was 45.2%, but net profit margin improved by 0.9 percentage points to 25.9% due to enhanced operational efficiency and reduced listing expenses, resulting in a net profit of 670 million yuan, a year-on-year increase of 36.1% [3] Group 3: Brand Positioning and Market Expansion - The company has over 19 million members, with offline and online repurchase rates at 30.3% and 24.1% respectively, indicating strong brand loyalty [4] - Future product launches will focus on Eastern aesthetics, including advanced perfumes, high-end skincare, and multifunctional color cosmetics [4] - The company plans to enhance its distribution channels through a combination of department stores and shopping centers offline, and content-driven and live-streaming strategies online, with plans to open a new store in Hong Kong and expand into Singapore, Japan, and South Korea [4]

Core Viewpoint - The report from 兴证国际 highlights the strong performance and strategic initiatives of 时代天使 (06699) in the first half of 2025, emphasizing its ability to adapt to market conditions and maintain its leading position through various measures such as price adjustments and market expansion [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of $161 million, representing a year-on-year growth of 33.1%, with a gross margin of 62.4% and an adjusted net profit of approximately $20 million, up 84.8% year-on-year [2] - The global market outside of China contributed approximately $72 million in revenue, a significant increase of 123.4% year-on-year, accounting for 44.4% of total revenue [2] - The domestic market generated $90 million in revenue, showing a modest growth of 0.7% year-on-year, while operating profit reached approximately $17 million, up 52.1% year-on-year, with an operating profit margin of 19.2%, an increase of 6.5 percentage points [2] Group 2: Market Expansion and Strategy - The total number of cases reached 225,800 in the first half of 2025, reflecting a year-on-year increase of 47.7%, with 117,200 cases outside of mainland China, a growth of 103.5% [3] - In mainland China, the company achieved approximately 108,600 cases, a 14.0% increase year-on-year, driven by strategic price adjustments and a focus on early treatment and lower-tier markets [3] - The revenue growth in the domestic market lagged behind the case growth due to a decline in average selling prices [3] Group 3: Globalization and Service Enhancement - The company is expanding its market presence outside of mainland China by leveraging high-quality medical design support and stable delivery, along with continuous education and training led by key opinion leaders [4] - Plans are in place to establish or expand manufacturing and design facilities in key global locations, such as Brazil and Southeast Asia, to support operations in the U.S. [4] - Significant resources are being allocated to upgrade data security facilities and operational processes to comply with data security and privacy regulations in all major countries and regions where the company operates [4]

Core Viewpoint - The report from Xingzheng International recommends focusing on Times Angel (06699), highlighting its significant growth in case numbers and strong performance in global expansion during the first half of 2025 [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of $161 million, a year-on-year increase of 33.1%, with a gross margin of 62.4% and an adjusted net profit of approximately $20 million, up 84.8% year-on-year [2] - Revenue from global markets outside of China reached approximately $72 million, a year-on-year increase of 123.4%, accounting for 44.4% of total revenue [2] - Revenue from the Chinese market was $90 million, a year-on-year increase of 0.7%, making up 55.6% of total revenue, with operating profit of approximately $17 million, up 52.1% year-on-year [2] Group 2: Case Growth - The total number of cases reached 225,800, a year-on-year increase of 47.7%, with 117,200 cases outside of mainland China, up 103.5% year-on-year, representing 51.9% of total cases [3] - In mainland China, the company achieved approximately 108,600 cases, a year-on-year increase of 14.0%, driven by strategic price adjustments in response to competition [3] - The slower revenue growth in the domestic market compared to case growth is attributed to a decline in average selling prices [3] Group 3: Global Expansion - The company is enhancing its global presence by leveraging high-quality medical design support and stable delivery, along with continuous education training led by key opinion leaders [4] - Plans are in place to establish or expand manufacturing and design facilities in key global locations, such as Brazil and Southeast Asia, to support the U.S. market [4] - Significant resources are being invested to upgrade data security facilities and operational processes to comply with data security and privacy regulations in all major countries and regions where the business operates [4]

格隆汇9月11日丨兴证国际(06058.HK)公告，公司间接全资附属公司CISI Investment自2025年7月8日至 2025年9月11日期间，于公开市场购买本金总额为2400万美元债券，总代价为约2290.58万美元。 ...

兴证国际(06058)发布公告，本公司间接全资附属公司CISI Investment自2025年7月8日至2025年9月11日 期间，于公开市场购买本金总额为2400万美元(相当于约1.884亿港元)的债券，总代价为约2290.58万美 元(相当于约1.798亿港元)。 ...

智通财经APP讯，兴证国际(06058)发布公告，本公司间接全资附属公司CISI Investment自2025年7月8日 至2025年9月11日期间，于公开市场购买本金总额为2400万美元(相当于约1.884亿港元)的债券，总代价 为约2290.58万美元(相当于约1.798亿港元)。 ...

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之內容概不負責，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 致之任何損失承擔任何責任。 China Industrial Securities International Financial Group Limited 由於上市規則第14.07條項下各自有關(i)本次購買事項(獨立計算)；及(ii)本次購買事項與過 往購買事項合併計算的其中一項適用百分比率超過5%但低於25%，購買事項構成本公司之 須予披露交易，故須遵守上市規則第14章項下有關申報及公告之規定，惟獲豁免遵守股東 批准之規定。 購買事項 本公司間接全資附屬公司CISI Investment自二零二五年七月八日至二零二五年九月十一日期 間，於公開市場購買本金總額為24,000,000美元(相當於約188,400,000港元)之債券，總代價為 約22,905,775美元(相當於約179,810,331港元)。 債券之主要條款 購買事項 本公司間接全資附屬公司CISI Investment自二零二五年七月八日至二零二五年九月十一日 ...

Group 1 - The core viewpoint of the report maintains a "buy" rating for SF Express, with expectations for continued revenue growth driven by deepening in key accounts, expansion in mid-tier markets, and penetration in lower-tier markets [1] - The company is projected to achieve revenue growth of 33.6%/23.6%/17.7% for the years 2025-2027, with adjusted net profit growth of 88.4%/71.9%/51.2% during the same period [1] Group 2 - In the first half of 2025, the company achieved operating revenue of 10.24 billion yuan, a year-on-year increase of 49%, with revenue from B-end and C-end same-city delivery services reaching 4.5 billion and 1.3 billion yuan respectively, showing growth rates of 55% and 13% [2] - The number of active merchants on the B-end platform reached 850,000, a year-on-year increase of 55%, with significant growth in non-food categories such as tea, supermarkets, pharmaceuticals, and maternal and infant products [2] Group 3 - The last-mile delivery business generated revenue of 4.5 billion yuan in the first half of 2025, reflecting a year-on-year growth of 57%, driven by deep collaboration with SF Group's trunk network and increased demand during peak periods [3] - Daily average order volume in the collection segment increased by 150% year-on-year, supported by the rise in e-commerce parcel delivery and various local logistics scenarios [3] Group 4 - The company reported a gross margin of 6.7% and a net profit of 137 million yuan in the first half of 2025, representing a year-on-year increase of 120%, with a net profit margin of 1.3%, up 0.4 percentage points [4] - Profitability improvements are attributed to scale effects from increased order volume, enhanced network density, and cost reductions from refined management practices [4]

Core Viewpoint - The report maintains a "Buy" rating for SF Express (09699), highlighting continued revenue growth driven by deepening key account (KA) engagement, mid-tier expansion, and penetration into lower-tier markets, with profit growth supported by increased order density, AI scheduling, and the scaling of unmanned vehicles [1] Group 1: Revenue Growth - In H1 2025, the company achieved operating revenue of 10.24 billion yuan, a year-on-year increase of 49% [2] - Revenue from B-end same-city delivery services, C-end same-city delivery services, and last-mile delivery business reached 4.5 billion, 1.3 billion, and 4.5 billion yuan respectively, with year-on-year growth of 55%, 13%, and 57% [2] - The number of active merchants on the B-end platform reached 850,000, a 55% increase year-on-year, with county-level merchants doubling their daily order volume [2] Group 2: Last-Mile Delivery Growth - Last-mile business revenue in H1 2025 was 4.5 billion yuan, reflecting a 57% year-on-year increase [3] - Growth was driven by deep collaboration with SF Group's trunk network, with rapid increases in e-commerce parcel delivery scale and proportion [3] - Daily order volume in the collection segment increased by 150% year-on-year during peak periods such as nights, holidays, and shopping festivals [3] Group 3: Profitability Improvement - The company's gross margin in H1 2025 was 6.7%, with a net profit of 137 million yuan, representing a 120% year-on-year increase [4] - The net profit margin improved by 0.4 percentage points to 1.3% [4] - Profitability enhancement was primarily due to scale effects from increased order volume, improved network density, and cost reductions from refined management [4]