Core Viewpoint - UBS has raised the target price for Hong Kong Telecom-SS (06823) to HKD 13.4, reflecting a stable operational performance with EBITDA meeting market expectations [1] Financial Performance - Hong Kong Telecom's EBITDA for the first half of the year increased by approximately 3% year-on-year to HKD 6.4 billion, aligning with market expectations [1] - Despite stable operational performance, net profit appears to be below market expectations, potentially due to higher-than-expected interest expenses [1] Revenue Forecast - UBS has adjusted the revenue forecast for fixed-line business (TSS) for 2025 to 2027 upwards by 2% to 3%, contributing to an overall revenue forecast increase of 1% to 2% for the period [1] Target Price Adjustment - The target price for Hong Kong Telecom has been slightly increased by about 3%, from HKD 13 to HKD 13.4, while maintaining a "Buy" rating [1]

瑞银发布研报称，香港电讯-SS(06823)上半年EBITDA同比升约3%至64亿元，符合市场预期。虽然营运 业绩表现稳健，但净利润似乎低于市场预期，这可能是由于利息费用较预期高，因为较低HIBOR的利 好因素尚未在上半年完全反映出来。该行表示，由于企业收入增长，上调2025至27年固网业务(TSS)收 入预测2至3%，带动期内整体收入预测调升1%至2%。该行微升公司目标价约3%，由13元上调至13.4港 元，维持"买入"评级。 ...

Core Viewpoint - UBS's research report indicates that Hong Kong Telecom's EBITDA for the first half of the year increased by approximately 3% year-on-year to HKD 6.4 billion, aligning with market expectations. However, net profit appears to be below market expectations, potentially due to higher-than-expected interest expenses, as the benefits of lower HIBOR have not fully reflected in the first half [1] Group 1 - The company's operational performance remains robust, with a year-on-year EBITDA increase of about 3% to HKD 6.4 billion [1] - Net profit is reportedly lower than market expectations, attributed to higher interest expenses [1] - The lower HIBOR benefits have not been fully realized in the first half of the year [1] Group 2 - UBS has raised its revenue forecast for the fixed-line business (TSS) for 2025 to 2027 by 2% to 3%, which contributes to an overall revenue forecast increase of 1% to 2% for the period [1] - The target price for the company has been slightly increased by approximately 3%, from HKD 13 to HKD 13.4, while maintaining a "Buy" rating [1]

Market Performance - Hang Seng Index fell by 403 points, or 1.6%, closing at 24,773 points[1] - Shanghai Composite Index dropped by 42 points, or 1.18%, closing at 3,573 points[2] - S&P 500 decreased by 23 points, or 0.4%, closing at 6,339 points, marking the third consecutive day of decline[2] Currency and Economic Indicators - Hong Kong Monetary Authority bought HKD 39.25 billion during New York session due to a weak HKD[1] - People's Bank of China conducted a 7-day reverse repo operation of CNY 283.2 billion at a steady rate of 1.4%[2] - July's official manufacturing PMI in China fell to 49.3, below expectations[2] Real Estate and Corporate Performance - Top 100 real estate companies in China reported total sales of CNY 2.07 trillion in the first seven months, a year-on-year decline of 13.3%[4] - Internet and related services companies in China generated revenue of CNY 961.3 billion in H1, a year-on-year growth of 3.1%[4] - Sinopec expects H1 2025 net profit to be between CNY 20.1 billion and CNY 21.6 billion, a year-on-year decline of 39.5% to 43.7%[6] Automotive Sector - XPeng Motors delivered 36,717 smart electric vehicles in July, a year-on-year increase of 229%[7] - Cumulative deliveries exceeded 800,000 units as of July, with a total of 233,906 units delivered in the first seven months, marking a 270% year-on-year growth[7]

Core Viewpoint - Hong Kong Telecommunications-SS reported a 4% year-on-year increase in total revenue for the first half of 2025, reaching HKD 17.322 billion, driven by growth in local data services and telecommunications services [1] Financial Performance - Total revenue increased by 4% to HKD 17.322 billion [1] - EBITDA rose over 3% to HKD 6.380 billion [1] - Profit attributable to shareholders increased by 4% to HKD 2.07 billion [1] - Basic earnings per share were HKD 0.2732, with an interim dividend of HKD 0.3380 per share [1] Revenue Breakdown - Local data service revenue grew by 8% to HKD 6.867 billion, making it the largest component of local telecommunications services, accounting for 79% of total revenue [1] - Local telecommunications service revenue increased by 5% to HKD 8.714 billion [1] - Revenue from pay television services was HKD 1.16 billion, while local telephone service revenue was HKD 0.953 billion [1] - International telecommunications service revenue grew by 1% to HKD 3.813 billion [1] - Total telecommunications service revenue rose by 4% to HKD 12.527 billion [1] Mobile Services Performance - Mobile communications service revenue increased by 5% to HKD 4.189 billion, driven by growth in roaming services, an expanding postpaid customer base, increased wholesale revenue, and rising demand for enterprise solutions utilizing 5G and IoT technologies [1]

Core Viewpoint - Hong Kong Telecommunications-SS reported a 4% year-on-year increase in total revenue for the first half of 2025, reaching HKD 17.322 billion, with EBITDA rising over 3% to HKD 6.38 billion, and net profit attributable to shareholders increasing by 4% to HKD 2.07 billion [1] Financial Performance - Total revenue increased by 4% to HKD 17.322 billion [1] - EBITDA rose over 3% to HKD 6.38 billion [1] - Net profit attributable to shareholders increased by 4% to HKD 2.07 billion [1] - Basic earnings per share were HKD 0.2732, with an interim dividend of HKD 0.3380 per share [1] Revenue Breakdown - Local data service revenue grew by 8% to HKD 6.867 billion, driving local telecommunications service revenue up by 5% to HKD 8.714 billion [1] - Local data services accounted for 79% of local telecommunications service revenue [1] - Pay TV services generated revenue of HKD 1.16 billion, while local telephone services brought in HKD 0.953 billion [1] - International telecommunications service revenue increased by 1% to HKD 3.813 billion, contributing to a total telecommunications service revenue rise of 4% to HKD 12.527 billion [1] Mobile Services Performance - Mobile communications service revenue grew by 5% to HKD 4.189 billion, driven by increased roaming services, an expanding postpaid customer base, higher wholesale revenue, and rising demand for enterprise solutions utilizing 5G and IoT technologies [1]

Performance Updates - 开拓药业-B (09939.HK) has completed patient enrollment for the Phase III clinical trial of KX-826 solution for androgenetic alopecia in adult males in China [2] - 李氏大药厂 (00950.HK) has received approval from the National Medical Products Administration for Socazolimab to be used in combination with chemotherapy for first-line treatment of extensive-stage small cell lung cancer in mainland China [2] - 恒瑞医药 (01276.HK) has received approval for clinical trials of SHR-8068 injection, Adebali monoclonal antibody injection, and Bevacizumab injection [2] - 恒瑞医药 (01276.HK) has also received approval to conduct clinical trials for HRS-5041, intended for prostate cancer treatment [2] - 深圳高速公路股份 (00548.HK) reported toll revenue of 106 million yuan for the outer ring project in June [2] - 大成生化科技 (00809.HK) has signed an EPC contract with Northeast Electric and Liaoning Electric for boiler renovation projects, with a maximum cost of 129.1 million yuan [2] - 小黄鸭德盈 (02250.HK) has signed a contract to develop an AI marketing system to diversify revenue sources [2] Buyback and Financing Activities - 威海银行 (09677.HK) plans to issue up to approximately 758 million domestic shares and 154 million H-shares, raising nearly 3 billion yuan [2] Financial Results - 香港电讯-SS (06823.HK) reported total revenue of 17.322 billion HKD for the first half, a year-on-year increase of 4%, with a net profit of 2.07 billion HKD, also up 4% [4] - 青岛银行 (03866.HK) reported operating revenue of 7.662 billion yuan for the first half, a growth of 7.5%, and a net profit of 3.065 billion yuan, up 16.05% [4] - 中国石油化工股份 (00386.HK) expects mid-term net profit to be between 20.1 billion and 21.6 billion yuan, a year-on-year decline of 39.5%-43.7% [4] - 汽车之家-S (02518.HK) reported total revenue of 3.212 billion yuan for the first half, a decrease of 7.75%, with a net profit of 772 million yuan, down 15.99% [4] - 绿茶集团 (06831.HK) issued a profit warning, expecting mid-term net profit to be between 230 million and 237 million yuan, a year-on-year increase of approximately 32%-36% [4] - 粤海置地 (00124.HK) issued a profit warning, expecting mid-term net profit to exceed 260 million HKD, turning from loss to profit [4] - 药师帮 (09885.HK) issued a profit warning, expecting mid-term net profit to exceed 70 million yuan [4] - 中国东方教育 (00667.HK) issued a profit warning, expecting mid-term net profit to grow by 45%-50% year-on-year [4] - 中核国际 (02302.HK) issued a profit warning, expecting mid-term revenue to increase to at least 585 million HKD, with net profit of at least 9.5 million HKD [4] - 大唐环境 (01272.HK) issued a profit warning, expecting mid-term net profit to decrease to between 350 million and 400 million yuan [4] - 长江生命科技 (00775.HK) issued a profit warning, expecting mid-term net loss of approximately 150 million HKD, turning from profit to loss year-on-year [4] - 延长石油国际 (00346.HK) issued a profit warning, expecting mid-term loss of approximately 27.9 million HKD [4]

Financial Performance - Total revenue increased by 4% year-over-year to $2,221 million[9], with revenue excluding mobile product sales also up by 4% year-over-year to $2,091 million[9,128] - Total EBITDA increased by 3% year-over-year to $818 million[9,128] - Adjusted Funds Flow increased by 3% year-over-year to $328 million[9,128] - Profit attributable to holders of share stapled units increased by 4% year-over-year to $265 million[128] Business Segments - Enterprise revenue increased by 11% year-over-year[9] - Broadband revenue increased by 3% year-over-year[9] - Mobile services revenue increased by 5% year-over-year to $537 million[9,135] - Local TSS revenue grew by 5% year-over-year[133] - Mainland China business achieved a remarkable growth of 13% year-over-year[97] Mobile Business - Post-paid customer base increased by 1% year-over-year to 3.478 million[41,135] - 5G customer base grew by 21% year-over-year to 1.894 million, representing 54% of the total post-paid base[45,135] - Consumer outbound roaming revenue in H1'25 grew by 11% year-over-year and reached 141% of pre-pandemic levels[43] Broadband and Pay TV - Consumer broadband net adds increased by 3% year-over-year[48] - Uptake of 2.5G service accelerated, with 141% year-over-year growth[48,132] - Now OTT customer base grew by 17% year-over-year[55,133]

（文章来源：每日经济新闻） 每经AI快讯，7月31日，香港电讯-SS(06823.HK)发布公告称，上半年总收益173.22亿港元，同比增长 4%；同期净利润20.7亿港元，同比增加4%。 ...

Core Viewpoint - Hong Kong Telecommunications reported a 4% year-on-year increase in profit attributable to shareholders for the first half of 2025, driven by growth in local data services and telecommunications revenue [1] Financial Performance - Total revenue increased by 4% to HKD 17.322 billion [1] - EBITDA rose by over 3% to HKD 6.38 billion [1] - Profit attributable to shareholders increased by 4% to HKD 2.07 billion [1] - Basic earnings per share were HKD 0.2732 [1] - Interim dividend per share was HKD 0.3380 [1] Revenue Breakdown - Local data service revenue grew by 8% to HKD 6.867 billion [1] - Local telecommunications service revenue increased by 5% to HKD 8.714 billion [1]