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]

Company News - Sun Hung Kai Properties (00016.HK) reported a revenue of HKD 79.721 billion for the fiscal year 2025, an increase of 11.5% year-on-year; net profit reached HKD 19.277 billion, up 1.2% year-on-year [2] - Sincere Watch International (00732.HK) recorded a net operating revenue of approximately HKD 11.011 billion for the first eight months, a decrease of 5.5% year-on-year; in August, the net operating revenue was about HKD 1.445 billion, down 6.5% year-on-year [2] Financial Activities - China Construction Bank (00939.HK) announced that CCB Financial Leasing plans to increase its capital by HKD 3 billion to CCB Shipping and Aviation [3] Pharmaceutical Developments - Heng Rui Medicine (01276.HK) received approval to conduct clinical trials for RSS0393 ointment, which can alleviate tissue damage and inflammation related to atopic dermatitis [4] - Heng Rui Medicine (01276.HK) also received approval for clinical trials of HRS-4729 injection, a tri-agonist for GLP-1R/GIPR/GCGR [4] Real Estate Sales Performance - China Overseas Land & Investment (00688.HK) reported a contracted sales amount of HKD 150.331 billion for the first eight months, a decline of 16.5% year-on-year; August contracted sales were HKD 18.33 billion, down 0.7% year-on-year [5] - Sunac China (01918.HK) recorded a contracted sales amount of approximately HKD 30.47 billion for the first eight months, a decrease of 13% year-on-year; August contracted sales were HKD 5.39 billion, down 26.7% year-on-year [5] - China Overseas Grand Oceans Group (00081.HK) reported a contracted sales amount of HKD 20.783 billion for the first eight months, a decline of 10.6% year-on-year; August contracted sales were HKD 2.133 billion, an increase of 6.1% year-on-year [5] - Gemdale Corporation (00535.HK) reported a total contracted sales of approximately HKD 7.588 billion for the first eight months, a decrease of 39% year-on-year; August contracted sales were HKD 608 million, down 52.9% year-on-year [5] - Hongyang Real Estate (01996.HK) reported a contracted sales amount of HKD 3.506 billion for the first eight months, a decrease of 42.2% year-on-year; August contracted sales were HKD 299 million, down 48.5% year-on-year [5] - Ronshine China Holdings (03301.HK) reported a contracted sales amount of approximately HKD 2.7 billion for the first eight months, a decline of 46.4% year-on-year; August contracted sales were about HKD 130 million, down 87.9% year-on-year [5] Share Buyback Activities - HSBC Holdings (00005.HK) repurchased 2.01 million shares at a cost of approximately HKD 200 million, with prices ranging from HKD 98.75 to HKD 100.3 [6] - Midea Group (00300.HK) repurchased 310,000 shares at a cost of approximately HKD 25.849 million, with prices ranging from HKD 83.3 to HKD 83.5 [6] - Hang Seng Bank (00011.HK) repurchased 210,000 shares at a cost of approximately HKD 23.799 million, with prices ranging from HKD 112.9 to HKD 113.7 [6] - MGM China Holdings (02282.HK) repurchased 1 million shares at a cost of approximately HKD 15.687 million, with prices ranging from HKD 15.58 to HKD 15.97 [6] Shareholding Changes - Kanglong Chemical (03759.HK) completed a share reduction plan, with a total of 26.6729 million shares reduced [6] - Sinopec Limited (00386.HK) canceled 67.624 million shares that had been repurchased [6]

Group 1 - The company, Xingsheng International, announced a total subscription amount of 44.88 million USD for the Industrial Global Dollar Currency Fund during the period from January 28, 2025, to September 4, 2025 [1] - The subscription has been confirmed for the specified period, and the participation shares have been allocated to Xingsheng International Securities and CISI Capital [1] - The total consideration for the subscription is 44.88 million USD, excluding transaction costs [1]