转自：智通财经 智通财经9月4日讯(编辑 童古 汤赞淇)以下为各家机构对港股的最新评级和目标价： 瑞银：维持信达生物买入评级 升目标价至137.4港元 瑞银9月4日就信达生物(01801.HK)发布研报称，该行认为信达生物产品线具有前景，其IBI363(PD-1/IL- 2)的全球研发潜力以及mazdutide商业化潜力巨大。将其目标价上调至137.4港元，维持买入评级。 招商证券(香港)：维持中国人寿买入评级 上调目标价至29港元 招商证券(香港)9月4日就中国人寿(02628.HK)发布研报称，该公司2025年上半年净利润同比增长7%，尽 管二季度承压，但新业务价值同比增长20.3%，其中银保渠道大幅增长179%，推动整体NBV上升。投 资结构优化带动核心权益资产占比提升，叠加股息收入大幅增长，未来利润稳定性增强。预计2025- 2027年EPS上调至2.99/3.23/3.67元，目标价上调至29港元，维持买入评级。 招商证券(香港)：维持中兴通讯买入评级 上调目标价至42港元 招商证券(香港)9月4日就中兴通讯(00763.HK)发布研报称，该公司2025年上半年收入同比增长15%至716 亿元，政企 ...

3、家清个护+宠物布局强化打开中长期成长空间，关注公司现金价值及股东回报。我们认为，1）家清 个护：公司持续推进产品高端化升级，高端天然家居护理等新品有望支撑后续成长，渠道端有望在巩固 线下分销渠道的领先地位的同时，快速发展抖音等内容电商，线上运营提效实现高质量发展；2）宠物 业务：公司于宠物用品、宠物食品、终端门店等维度布局完善，有望充分受益于我国宠物行业扩容及国 货崛起红利，拓店节奏及门店服务范围延伸下宠物门店收入有望持续快增，提质经营及自有品牌销售提 升有望带动单店盈利能力改善，倔强的嘴巴等自主品牌亦有望加速培育；3）此外，公司当前现金价值 凸显，截至6 月30 日，公司账上净现金26.5 亿元，且分红率近年来持续高位，股东回报力度较大。 盈利预测与估值 维持盈利预测不变，当前股价对应2025/26 年14/13 倍P/E。维持跑赢行业评级和目标3.65 港元不变，对 应2025/26 年20/19 倍P/E，对应46%上行空间。 1H25 业绩符合我们预期 公司公布1H25 业绩，收入13.4 亿元，同增7.2%，归母净利润1.7 亿元，同降3.3%，符合我们预期。公 司宣布中期派息每股人民币0.05 ...

Core Viewpoint - The report from CICC maintains the earnings forecast for Chaoyun Group (06601) unchanged, with the current stock price corresponding to 14/13 times P/E for 2025/26, and a target price of HKD 3.65, indicating a 46% upside potential [1] Group 1: Financial Performance - In 1H25, the company reported revenue of RMB 1.34 billion, a year-on-year increase of 7.2%, and a net profit attributable to shareholders of RMB 170 million, a decrease of 3.3%, which aligns with CICC's expectations [1] - The company declared an interim dividend of RMB 0.0521 per share (equivalent to HKD 0.0571), with a payout ratio of 40%, indicating strong shareholder returns [1] Group 2: Revenue Breakdown - In 1H25, pet revenue doubled, while home care revenue grew steadily; specifically, home care product revenue increased by 4.3% to RMB 1.21 billion, driven by strong growth in mosquito repellent new products, and pet products revenue surged by 101.4% to RMB 96 million, with offline stores expanding to 77 [2] - Online revenue grew by 27.4% to RMB 520 million, accounting for 38.6% of total revenue, while offline revenue decreased by 2.6% to RMB 820 million, supported by brand reputation and distribution networks [2] Group 3: Margin Improvement and Strategic Focus - The company's gross margin improved by 2.9 percentage points to 49.3% in 1H25, with home care and pet product margins increasing by 2.7 and 8.6 percentage points to 49.1% and 58.1%, respectively [3] - The company is focusing on high-end product upgrades in home care and personal care, with new high-end natural home care products expected to support future growth, while also enhancing online operations through platforms like Douyin [3] - The company has a strong cash position, with net cash of RMB 2.65 billion as of June 30, and has maintained a high dividend payout ratio in recent years, reflecting substantial shareholder returns [3]

智通财经APP获悉，中金发布研报称，维持朝云集团(06601)盈利预测不变，当前股价对应2025/26年 14/13倍P/E。维持跑赢行业评级和目标价3.65港元不变，对应2025/26年20/19倍P/E，对应46%上行空 间。公司公布1H25业绩，收入13.4亿元，同增7.2%，归母净利润1.7亿元，同降3.3%，符合该行预期。 公司宣布中期派息每股人民币0.0521元(即每股0.0571港元)，派息率为40%，股东回报力度较大。 中金主要观点如下： 1、1H25宠物营收翻倍，线上助力家居护理营收稳健成长 1H25营收具体看，1)分品类：家居护理产品收入同增4.3%至12.1亿元，驱蚊类新品成长向好;宠物及宠 物产品收入同增101.4%至0.96亿元，线下门店扩展至77家，自有品牌规模亦快速成长;个人护理产品收 入同降25.8%至0.26亿元;2)分渠道：公司线上收入同增27.4%至5.2亿元，收入占比同增6.1ppt至38.6%， 公司线上聚焦便携驱蚊、家居清洁等强势单品，抖音等新电商渠道快速发展;线下收入同降2.6%至8.2亿 元，品牌口碑及分销网络支撑下，公司于线下经销及KA渠道积累深厚。 公司1H ...

FF301 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 致：香港交易及結算所有限公司 公司名稱: 朝雲集團有限公司 (於開曼群島註冊成立的有限公司） 呈交日期: 2025年9月2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) | 06601 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 250,000,000,000 | USD | 0.0000002 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 250,000,000,000 | USD | 0.0000002 | USD | | 50,000 ...

Group 1 - The core viewpoint is that despite the overall pressure on consumer stocks, the pet economy is thriving, with projections indicating it may exceed 1.15 trillion yuan by 2028 [1] - Chaoyun Group has successfully built a comprehensive pet industry chain, leveraging early investments in the pet business since 2019 [1] Group 2 - Chaoyun Group's pet business has achieved over 100% growth, with revenue increasing from 48 million to 96 million yuan, reflecting a year-on-year growth of 101.4% and a gross margin of 58.1% [2] - The company has developed a core competitive advantage through an "online + offline" collaboration strategy [2] Group 3 - Online marketing efforts have led to a significant increase in pet food sales, which now account for nearly 70% of total revenue, with a year-on-year revenue increase of 124% [3] - The company has utilized "content e-commerce + precise marketing" to create popular pet food products on platforms like Douyin [3] Group 4 - Chaoyun Group's new pet store model has resulted in an 82% increase in revenue, with 77 new high-quality stores opened [4] - The company has implemented strategies to enhance customer experience and operational efficiency, leading to rapid profitability for new stores [4] - The integration of self-owned brands with store operations has resulted in over 30% of sales coming from proprietary products, creating a closed-loop system from online marketing to offline experience [4] Group 5 - According to the 2025 mid-year performance report, the company has seen a 7.2% year-on-year revenue increase, marking the fifth consecutive period of growth [5] - The home care business has also shown growth, with pest control products maintaining the top market share for 11 years [5] - The synergy between essential goods and pet business has created a positive feedback loop, contributing to overall growth [5]

Group 1 - The report highlights the growth trend in the treatment of hemorrhoids products and the potential for expanding into wet wipes business, with a focus on the company's strong performance in the first half of 2025 [5][6][7] - The company achieved a revenue of 1.949 billion yuan in H1 2025, a year-on-year increase of 1.11%, and a net profit of 343 million yuan, up 10.04% year-on-year [6][7] - The company is extending its product line into the field of anal health, with rapid growth in wet wipes, leveraging its established brand recognition and user base [7] Group 2 - The report discusses the strategic focus on financial technology and the acceleration of AI model applications by the company, which reported a revenue of 1.208 billion yuan in H1 2025, a decrease of 48.55% year-on-year [8][9] - The company is narrowing its business focus to financial technology, reducing non-financial IT business, while maintaining investment in core technology and product areas [9][10] - The new generation of core products is being developed to enhance self-operated technology services, with significant investments in AI [11][12] Group 3 - The report indicates that the secondary market is under pressure, with new infrastructure turnover rates leading the market, as evidenced by the issuance of 14 public REITs in 2025, a decrease from the previous year [13][14] - The REITs index has faced declines, with the market's total value dropping to 215.894 billion yuan, while the trading activity has increased slightly [14][15] - New infrastructure sectors are showing higher turnover rates, particularly in park infrastructure, which is leading in transaction volume [15] Group 4 - The report notes that competition in the food delivery sector is intensifying, leading to significant pressure on profits, with the company reporting a revenue of 91.8 billion yuan in Q2 2025, a year-on-year increase of 12% [18][19] - The core local business revenue grew by 8% to 65.3 billion yuan, but operating profits fell sharply due to increased delivery subsidies and marketing expenses [19][20] - The company is optimistic about its long-term growth potential in instant delivery and overseas expansion despite short-term profit pressures [21][22] Group 5 - The report highlights the company's investments in digital and cultural sectors, with a stable revenue of 1.179 billion yuan in H1 2025, and a focus on expanding its digital technology and cultural offerings [23][24] - The online gaming segment showed a revenue increase of 9% to 706 million yuan, while the digital marketing services revenue grew by 14% [24][25] - The company is actively investing in various innovative business areas, including digital sports and arts, to enhance its market presence [25][26] Group 6 - The report indicates that the company achieved a revenue of 13.38 billion yuan in H1 2025, a year-on-year increase of 27.9%, with a significant rise in overseas sales [31][32] - The company is focusing on expanding its IP matrix and targeting a broader age demographic, with a notable increase in sales from online channels [33][34] - The company is adjusting its revenue forecasts for 2025-2027, expecting revenues of 34.18 billion yuan, 47.16 billion yuan, and 57.25 billion yuan respectively [36]

Group 1 - The core viewpoint of the article highlights the financial performance of Chaoyun Group, a subsidiary of Libai, which reported a revenue increase of 7.2% year-on-year to 1.339 billion yuan for the first half of 2025, with a profit growth of 5.3% to 232 million yuan and a gross margin increase of 2.9% to 49.3% [1][3][4] Group 2 - Chaoyun Group operates under several brands, including pest control brands Chaowei and Beibeijian, cleaning brand Wei Wang, pet brands Jueqiang Zuiba and Jueqiang Weiba, and personal care brand Runzhisu [1][3] - The company has three main business segments: home care products, pet products, and personal care products. Home care products generated 1.214 billion yuan in revenue, accounting for 90.7% of total revenue, with a gross margin increase of 2.7% [1][3] - The pet products segment saw a significant revenue increase of 101.4% to 96 million yuan, with a gross margin increase of 8.6% [1][3] - Personal care products experienced a revenue decline of 25.8% to 25.8 million yuan, with a gross margin decrease of 2.2% [1][3] Group 3 - In terms of sales channels, offline channels accounted for 61.4% of total revenue but saw a year-on-year decline, while online channels grew by 27.4% to 517 million yuan [3][4] - The company has been focusing on expanding its pet-related business, which surpassed 100 million yuan in revenue in 2024, becoming the second-largest revenue segment after home care products [3][4] Group 4 - Looking ahead, the company plans to expand its high-end natural home care product line, upgrade pest control products, and enhance its pet business by increasing store coverage and profitability [4]

Core Viewpoint - Chaoyun Group reported strong financial performance for H1 2025, with revenue growth and consistent profitability, highlighting the company's robust cash flow and commitment to high dividend payouts [1][5]. Financial Performance - Revenue for H1 2025 reached 1.339 billion RMB, a year-on-year increase of 7.2% - Gross margin improved by 2.9 percentage points - Profit before tax was 232 million RMB, up 5.3% year-on-year - The company proposed an interim dividend of 0.0521 RMB per share, maintaining a high payout ratio of 40% [1][5]. Business Segments - The home care segment saw revenue growth of 4.3% to 1.214 billion RMB, with a gross margin increase of 2.7 percentage points to 49.1% - The pet business experienced significant growth, with revenue reaching approximately 96 million RMB, a year-on-year increase of 101.4%, indicating a shift to a profitable scale [2][3]. Pet Business Growth - The pet business growth was driven by a dual strategy of online product incubation and high-quality offline store expansion - Online sales of self-owned pet brands grew by 124%, with food products accounting for nearly 70% - The number of offline pet stores increased to 77, with revenue growth of 82% [3][4]. Online Channel Performance - Online channel revenue grew by 27.4% in H1 2025, with a gross margin of 59.9% - The success of content e-commerce channels like Douyin contributed to a 101% year-on-year growth in this segment [4]. Market Performance - The company's stock price increased by over 44% year-to-date, reflecting strong market confidence in its growth trajectory - The stock closed at 2.53 HKD, with a price-to-earnings ratio of 15.33, below historical averages, indicating potential for valuation recovery [5][7]. Investment Outlook - The combination of a solid financial foundation, high dividend yield, and rapid growth in the pet business positions Chaoyun Group as a compelling investment opportunity in a complex market environment [7].

Group 1 - The company reported revenue of 1.339 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 7.2% [1] - The company's profit for the period was 171 million RMB, showing a year-on-year decrease of 2.7% [1] - Basic earnings per share were 13.02 cents, and the company proposed an interim dividend of 0.0521 RMB per share [1]