Group 1: Hong Kong Stocks Performance - Miniso (09896) surged over 20% after reporting a 10% year-on-year increase in adjusted net profit for Q2, with TOP TOY revenue skyrocketing by 87.0% [1] - Li Ning (02331) rose over 6% as it announced a 3.3% year-on-year increase in revenue and declared an interim dividend of HKD 0.3359 per share [1] - Innovent Biologics (02096) increased by over 6% following a 26% year-on-year growth in innovative drug revenue, expanding its commercialized innovative drug portfolio to ten products [1] - Tuhu-W (09690) gained over 10% after reporting a 14.6% year-on-year increase in adjusted net profit while continuing to optimize supply-side costs [1] - Kuaishou-W (01024) rose over 4% with impressive Q2 results and accelerated commercialization [1] - UBTECH (09880) increased over 3% as it led the establishment of two national technical standards for humanoid robots [1] - InnoCare Pharma (02577) saw a rise of over 5% after announcing a partnership with NVIDIA [1] Group 2: Other Notable Performances - China Communications Services (00552) fell over 2% despite a slight 0.18% year-on-year increase in net profit attributable to shareholders, with stable development among its three major clients [2] - Parkson Group (03368) surged nearly 25% after reporting a turnaround to profitability in the first half of the year and proposing an interim dividend of HKD 0.02 per share [2] - Esprit Holdings (00330) jumped over 37% after issuing a profit warning, expecting a net profit of approximately HKD 1 million for the six months ending June 30, 2025 [2] - XPeng Motors (09868) rose over 10% as CEO He Xiaopeng increased his stake by purchasing 3.1 million Class A ordinary shares at an average price of HKD 80.49 per share [2] Group 3: US Market Highlights - Coty (COTY.US) plummeted 21.60% due to weak performance in the US market, retailer destocking, and consumers seeking value, impacting Q4 results [3] - NIO (NIO.US) increased by 9.27% ahead of the launch of its new ES8 product and the start of pre-sales [3] - Huazhu Group (HTHT.US) continued to rise by 2.19% with a 41.3% year-on-year increase in revenue and net profit, benefiting from management franchise and licensing business [3] - Boss Zhipin (BZ.US) rose 6.61% after reporting an over 85% year-on-year increase in net profit for the mid-year and extending its share buyback plan [3] - Youlan Group (YOUL.US) surged 17.13% after announcing plans to acquire four companies to expand its online recruitment and regional market share [3] - Hesai Technology (HSAI.US) increased by 11.00% amid market speculation about a potential IPO in Hong Kong to raise approximately USD 300 million [3] Group 4: Additional US Stock Movements - Miniso (MNSO.US) rose 6.38% after reporting a revenue of CNY 9.39 billion for the first half of the year, a year-on-year increase of 21.1%, with adjusted net profit of CNY 1.28 billion [4] - Walmart (WMT.US) fell 4.49% as Q2 adjusted earnings per share fell short of expectations due to increased insurance claims, legal fees, and restructuring costs [4] - Gilead Sciences (GILD.US) dropped 2.18% after CVS Health decided not to include Gilead's new HIV prevention drug Yeztugo in its business plans [4] - XPeng Motors (XPEV.US) rose 11.68% following the CEO's purchase of 3.1 million Class A ordinary shares [5] - Aegon (AEG.US) increased by 7.64% after reporting a turnaround to profitability in the first half of 2025, primarily driven by growth in its US business [5]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The recruitment supply-demand relationship is improving, leading to continuous growth in profitability. The company achieved revenue of 2.102 billion yuan in FY2025Q2, a year-on-year increase of 9.7%, and an adjusted net profit of 941 million yuan, up 30.9% year-on-year. The company expects revenue for FY2025Q3 to be between 2.13 billion and 2.16 billion yuan, representing a year-on-year growth of 11.4% to 13.0% [1] - The company is benefiting from AI empowerment, which has led to cost reduction and efficiency improvement, resulting in a gross margin of 85.37% in FY2025Q2, an increase of 1.89 percentage points year-on-year. The net profit margin has improved to 33.83%, up 12.06 percentage points year-on-year [2] - The company is deepening its penetration in blue-collar and lower-tier markets, with revenue contributions from these segments increasing year-on-year. The recruitment supply-demand relationship has improved, with new job postings for fresh graduates increasing by over 18% year-on-year during the graduation season [3] Financial Summary - For FY2025, the company expects adjusted net profits of 3.529 billion yuan, representing a year-on-year growth of 30.2%. The projected revenue for FY2025 is 8.344 billion yuan, with a growth rate of 13.4% year-on-year [5] - The company’s financial metrics indicate a projected EPS of 2.54 yuan for FY2025, with a P/E ratio of 29.5 and a P/B ratio of 4.1 [5]

Core Insights - BOSS Zhipin (BZ.US) shares rose over 7%, closing at $23.68, following the release of its financial report [1] - In Q2 2025, BOSS Zhipin reported revenue of 2.102 billion yuan, a 9.7% increase compared to the same period in 2024 [1] - The CEO Zhao Peng indicated a recovery trend in the recruitment market and limited impact from external competition on the recruitment business [1] Company Updates - BOSS Zhipin announced the appointment of Chen Xu as the new president, effective August 20, 2025, to optimize governance structure and enhance organizational efficiency [1] - Following this appointment, Chen Xu will no longer serve as Chief Marketing Officer but will continue as an executive director [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][18]. Core Insights - The company reported a revenue of 2.102 billion RMB for Q2 2025, representing a year-on-year increase of 9.7%, exceeding management's guidance of 6.9-8.5% [7][18]. - Non-GAAP operating profit reached 881 million RMB, up 33.5% year-on-year, while Non-GAAP net profit attributable to shareholders was 946 million RMB, reflecting an 18.2% increase [7][18]. - The company expects revenue growth of 11.4-13.0% for Q3 2025, with anticipated revenue between 2.13 billion and 2.16 billion RMB [3][17]. Revenue and Profitability - The online recruitment business (B-end) generated 2.078 billion RMB in revenue, a 9.8% increase year-on-year, with the number of paying enterprise clients reaching 6.5 million, up 10.2% [2][9]. - The average ARPU (Average Revenue Per User) for the past 12 months was 1,180 RMB, an increase of 3.4% year-on-year [2][9]. - The company's Non-GAAP operating profit margin reached a record high of 41.9%, up 7.5 percentage points year-on-year, driven by cost reduction and efficiency improvements [2][12]. Future Outlook - The company has announced a cash dividend plan totaling approximately 80 million USD for 2025 and extended its existing share repurchase plan to August 2026, increasing the amount to 250 million USD [3][17]. - Adjusted net profit forecasts for 2025-2027 have been raised to 3.521 billion, 4.408 billion, and 5.488 billion RMB, respectively, with expected growth rates of 30%, 25%, and 25% [18][20].

Core Viewpoint - The Nasdaq China Golden Dragon Index increased by over 1%, indicating a positive trend in popular Chinese concept stocks [1] Group 1: Stock Performance - Xpeng Motors (XPEV.US) rose by over 9% [1] - Miniso Group (MNSO.US) increased by over 8% [1] - NIO Inc. (NIO.US) and BOSS Zhipin (BZ.US) both saw gains of over 7% [1] - Tuniu Corporation (TOUR.US) grew by over 5% [1] - Tiger Brokers (TIGR.US) climbed nearly 5% [1]

Core Insights - BOSS Zhipin (BZ.US) shares rose over 7% to $23.68 following the release of its financial report for Q2 2025, which showed a revenue of 2.102 billion yuan, representing a 9.7% increase compared to the same period in 2024 [1] Company Developments - The company announced the appointment of Chen Xu as President effective August 20, 2025, a new position aimed at optimizing governance structure and enhancing organizational efficiency, reporting directly to founder and CEO Zhao Peng [1] - Chen Xu will no longer serve as Chief Marketing Officer but will continue as an executive director [1] Industry Trends - The recruitment market is showing signs of recovery, with limited impact from external competitive pressures on the recruitment business [1]

Core Insights - Boss Zhipin (BZ.US) shares rose over 7%, reaching a high of $22.21, the highest since February 2023 [1] Financial Performance - For the mid-term results of 2025, Boss Zhipin reported total revenue of 4.026 billion yuan, an increase of 11.19% year-on-year [1] - The net profit attributable to shareholders was 1.235 billion yuan, reflecting an increase of 85.17% year-on-year [1] Dividend and Share Buyback - The board approved an annual dividend policy, setting the dividend amount for this year at approximately $80 million [1] - The existing share buyback plan has been extended by 12 months until the end of August 2026, with a maximum buyback amount increased to $250 million from the previous $150 million [1] Analyst Ratings and Price Targets - Citigroup raised its earnings forecasts for Boss Zhipin for 2025 to 2027 by 5%, 4%, and 3% respectively, and increased the target price from $21 to $26, maintaining a "Buy" rating [1] - Jefferies also raised its target price from $20 to $24, while maintaining a "Buy" rating [1]

Investment Rating - The report maintains a "Strong Buy" rating for BOSS Zhipin (BZ.O) [4] Core Views - BOSS Zhipin's Q2 2025 performance exceeded market expectations, with revenue of 2.1 billion yuan (+9.7%) and adjusted net profit of 950 million yuan (+30.8%) [1][8] - The company continues to see strong user growth, with a monthly active user (MAU) count of 63.6 million (+16.5%) and a total of 6.5 million paying enterprise clients (+10.2%) over the past 12 months [1][8] - The report highlights the steady recovery in the domestic recruitment industry, particularly in blue-collar and manufacturing sectors, and anticipates continued revenue and profit growth in Q3 2025 [1][8] Financial Data and Valuation - Revenue projections for 2025-2027 are 8.204 billion yuan, 9.120 billion yuan, and 10.229 billion yuan, respectively, with year-on-year growth rates of 12%, 11%, and 12% [3][11] - Adjusted net profit estimates for the same period are 2.454 billion yuan, 2.911 billion yuan, and 3.477 billion yuan, reflecting growth rates of 55%, 19%, and 19% [3][11] - The report indicates a stable gross margin of 85.4% in Q2 2025, with a significant improvement in profitability due to cost control measures [1][8] Performance Metrics - The company achieved an adjusted net profit margin of 45.0% in Q2 2025, an increase of 7.3 percentage points year-on-year [1][8] - The price-to-earnings (PE) ratio based on non-GAAP earnings is projected to decrease from 25.8 in 2023 to 13.5 in 2027, indicating improving valuation [3][12] - Return on equity (ROE) is expected to rise from 11.72% in the trailing twelve months to 15.7% by 2027 [4][12]

Financial Performance - As of June 30, 2025, BOSS Zhipin reported total revenue of 4.026 billion RMB, representing a year-on-year growth of 11.19% [1] - The company's net profit attributable to shareholders reached 1.235 billion RMB, showing a significant year-on-year increase of 85.17% [1] Market Activity - On August 21, BOSS Zhipin's stock opened with a rise of 5.21%, trading at $23.23 per share, with a total transaction volume of $6.7785 million and a market capitalization of $11.1 billion [1] Analyst Ratings - On August 21, BOSS Zhipin received a "Buy" rating from CMB International, with the target price raised to $25.5 [1] Company Overview - Founded in 2014, BOSS Zhipin is currently the largest online recruitment platform in China by average monthly active users (MAU) [2] - The company introduced a disruptive "direct hiring" model in the online recruitment industry, facilitating instant communication between employers and job seekers through its mobile-native application [2] - BOSS Zhipin's operational philosophy emphasizes respect for job seekers and providing them with greater autonomy during the job search process [2] - The company aims to enhance user experience by offering efficient, direct, and convenient services throughout the recruitment cycle [2] - BOSS Zhipin's unique model, strong technological capabilities, and vast data accumulation create sustainable barriers in the industry, paving the way for further scalable growth [2]

Group 1 - Dow futures fell by 0.23%, S&P 500 futures decreased by 0.09%, and Nasdaq futures dropped by 0.02% [1] - Chinese concept stocks mostly rose, with Xiaopeng Motors up 1.08%, NIO up 2.95%, Boss Zhipin up 3.26%, and Miniso up 5.56% [1] - Target's CEO Brian Cornell will step down on February 1 after 11 years due to poor sales performance, with COO Michael Fiddelke taking over [1] - Target has seen sales flat or declining in 9 out of the last 11 quarters, and its stock fell by 0.37% [1] Group 2 - OpenAI's CFO Sarah Friar stated that the company still faces a shortage of computing power, leading to increased demand for GPUs, resulting in a rise in chip stocks [1] - Nvidia rose by 0.4%, AMD increased by 0.72%, and TSMC went up by 0.32% [1] Group 3 - Meta has paused hiring in its AI department after recruiting over 50 researchers and engineers, raising concerns about its ability to return capital to shareholders [2] - Meta's stock fell by 0.21% [2] - Novo Nordisk announced a hiring freeze for non-critical positions globally and is considering layoffs to cut costs [2] - Novo Nordisk's stock rose by 0.24% [2] Group 4 - Delta Airlines confirmed that a Boeing 737 aircraft suffered wing damage during a flight, but no injuries were reported among the 62 passengers and 6 crew members [2] - The aircraft has been grounded for repairs, and the FAA is investigating the incident [2] - Delta's stock fell by 0.08%, while Boeing's stock decreased by 0.27% [2] Group 5 - Johnson & Johnson announced a $2 billion investment in North Carolina to build a new factory, aimed at expanding its production in the U.S. to avoid potential drug import tariffs [3] - Johnson & Johnson's stock fell by 0.29% [3]