Performance Summary - Xinyi Solar (00968.HK) reported a revenue of 20.861 billion yuan for 2025, a decrease of 4.8% year-on-year, with a net profit of 844.5 million yuan, down 16.2%, primarily due to a decline in average selling prices of solar glass products [2] - Zhongxin Innovation (03931.HK) expects a net profit of 2.025 billion to 2.193 billion yuan for 2025, an increase of approximately 140% to 160% compared to the previous year, driven by high growth in leading technology products across passenger, commercial, and energy storage sectors [2] - Rongchang Bio (09995.HK) anticipates a revenue of 3.251 billion yuan for 2025, an increase of 89.36% year-on-year, with a net profit of 709 million yuan, turning profitable due to increased sales of Tislelizumab and injection-use Vedolizumab [2] - Xinyi Energy (03868.HK) expects a revenue of 2.453 billion yuan for 2025, a slight increase of 0.53%, with a net profit of 1.011 billion yuan, up 27.79% [2] - Sihang Property (00083.HK) reported a revenue of 5.185 billion HKD for the six months ending December 31, 2025, an increase of 34.54%, while net profit decreased by 15.77% to 1.533 billion HKD [3] - Haohai Biological Technology (06826.HK) expects a revenue of approximately 2.473 billion yuan for 2025, a decrease of 8.33%, with a net profit of about 251 million yuan, down 40.3% [4] - Chunli Medical (01858.HK) anticipates a total revenue of approximately 1.044 billion yuan for 2025, a year-on-year increase of 29.52%, with a net profit of 272 million yuan, up 117.72% [5] - Baosheng International (03813.HK) issued a profit warning, expecting a net profit of approximately 211 million yuan for 2025, a decrease of about 57.1% [6] - Chip Intelligence Holdings (02166.HK) expects a net profit of approximately 140 million to 170 million HKD for 2025, an increase of about 40% to 70%, benefiting from the booming AI technology and increasing market demand [6] - Fengcai Technology (01304.HK) anticipates a total revenue of approximately 774 million yuan for 2025, a year-on-year increase of 28.91%, with a net profit of about 227 million yuan, up 1.92% [6] - Huayou Energy (01251.HK) issued a profit warning, expecting a loss of approximately 100 million to 150 million HKD for the 2025 fiscal year [7] - Zhoneng Group (00131.HK) reported a revenue of 272 million HKD for the six months ending December 31, 2025, an increase of 250.64%, with a net profit of 180 million HKD, turning profitable [8] - Fudan Zhangjiang (01349.HK) expects a revenue of approximately 686 million yuan for 2025, a decrease of 3.33%, with a net loss of approximately 157 million yuan, turning from profit to loss [9] Company News - Bay Area Development (00737.HK) reported that the total toll revenue for January from the Guangzhou-Shenzhen Expressway, Guangzhou-Zhuhai West Line Expressway, and the Shenzhen section of the Yangtze River Expressway was approximately 241 million, 105 million, and 75.169 million yuan, respectively, representing year-on-year growth of 15%, 17%, and 19% [10] - LeCang Logistics (02490.HK) plans to acquire two large container ships [10] - Innovent Biologics (01801) received approval for Jebatuzumab (Pimobendan) in China for the indication of relapsed or refractory chronic lymphocytic leukemia or small lymphocytic lymphoma [11] Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 2.8582 million shares for a total of approximately 99.9973 million HKD, with a repurchase price ranging from 34.92 to 35.04 HKD per share [12] - Geely Automobile (00175.HK) repurchased 3.673 million shares for approximately 59.4327 million HKD, with a repurchase price between 16.1 and 16.3 HKD [13] - Miniso Group (09896.HK) repurchased approximately 0.0526 million shares for about 1.8893 million HKD, with a repurchase price ranging from 35.64 to 36.34 HKD [14] - NetEase Cloud Music (09899.HK) repurchased approximately 0.09715 million shares for about 14.9959 million HKD, with an average repurchase price of 154.36 HKD [14]

格隆汇2月27日丨网易云音乐(09899.HK)公告，2月27日耗资1499.6万港元回购9.7万股。 ...

网易云音乐(09899)公布，2026年2月27日耗资约1499.59万港元回购9.715万股股份。 ...

智通财经APP讯，网易云音乐(09899)公布，2026年2月27日耗资约1499.59万港元回购9.715万股股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 網易雲音樂股份有限公司 呈交日期： 2026年2月27日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 第 1 頁 共 7 頁 v 1.3.0 FF305 | | | 第 2 頁 共 7 頁 v 1.3.0 FF305 確認 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 09899 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | ...

格隆汇2月26日丨网易云音乐(09899.HK)公告，2月26日耗资1499.6万港元回购9.8万股。 ...

智通财经APP讯，网易云音乐(09899)发布公告，于2026年2月26日，该公司斥资1499.63万港元回购9.8万 股股份，每股回购价150.2-156.3港元。 于2026年2月26日，该公司根据首次公开发售前股份奖励计划行使股份期权而发行300股新股。 ...

网易云音乐(09899)发布公告，于2026年2月26日，该公司斥资1499.63万港元回购9.8万股股份，每股回 购价150.2-156.3港元。 于2026年2月26日，该公司根据首次公开发售前股份奖励计划行使股份期权而发行300股新股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 FF305 | | | 第 2 頁 共 7 頁 v 1.3.0 FF305 公司名稱： 網易雲音樂股份有限公司 呈交日期： 2026年2月26日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 09899 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股 ...

Core Viewpoint - The company shows a significant improvement in profitability with adjusted operating profit increasing by over 30% year-on-year, despite a slight decline in revenue due to a more cautious operational strategy in social entertainment services [1]. Financial Performance - In 2025, revenue is projected to be 7.759 billion yuan, a year-on-year decrease of 2.4%, while net profit attributable to shareholders is expected to reach 2.748 billion yuan, reflecting a year-on-year increase of 76.0% [1]. - Adjusted operating profit is forecasted at 1.734 billion yuan, up 32.4% year-on-year, driven by continuous optimization of marketing expenses and content costs [1]. - The adjusted net profit is anticipated to be 2.860 billion yuan, representing a year-on-year growth of 68.2%, with a significant tax benefit impacting the figures [1]. Profitability Metrics - The gross margin for 2025 is expected to be 35.7%, an increase of 2.0 percentage points year-on-year, while the adjusted operating profit margin is projected at 22.34%, up 5.9 percentage points year-on-year [1]. - Sales expenses are forecasted to be 409 million yuan, down 33.2% year-on-year, indicating a reduction in the sales expense ratio by 2.42 percentage points [1]. User Growth and Revenue Streams - The company anticipates online music business revenue of 5.994 billion yuan in 2025, a year-on-year increase of 12.0%, with subscription revenue contributing 5.053 billion yuan, up 13.3% due to enhanced user experience and membership benefits [2]. - The number of paid users is increasing, contributing to the growth in online music subscription revenue, while the monthly active users (MAU) remain stable with a daily active users (DAU) to MAU ratio above 30% [2]. Cost Management - Content service costs are expected to be 3.734 billion yuan in 2025, down 6.9% year-on-year, accounting for 48.1% of revenue, a decrease of 2.3 percentage points [3]. - Promotion and advertising expenses are projected at 296 million yuan, a significant reduction of 43.1% year-on-year, reflecting a more cautious promotional strategy [3]. Content Expansion and AI Features - The company is expanding its music copyright content by introducing new K-Pop labels and nurturing independent musicians, with over 1 million registered independent musicians by the end of 2025 [3]. - New AI features have been launched, including an AI singing assistant and personalized player backgrounds, enhancing the overall music experience [3]. Future Projections - Revenue forecasts for 2026-2028 are 8.479 billion yuan, 9.116 billion yuan, and 9.699 billion yuan, respectively, with net profit estimates of 2.059 billion yuan, 2.274 billion yuan, and 2.476 billion yuan [4]. - The adjusted net profit for the same period is projected at 2.179 billion yuan, 2.404 billion yuan, and 2.617 billion yuan, corresponding to adjusted P/E ratios of 14, 13, and 12 times [4].