Investment Rating - The report does not specify a clear investment rating for Samsonite, but it discusses the company's performance and outlook in detail, indicating a cautious but optimistic long-term view from management [5][12]. Core Insights - Samsonite's revenue and profit declined in 1H25, with net sales at USD 1.662 billion, down 6.0% YoY, primarily due to weak demand in North America and Asia [2][8]. - Gross profit was USD 984 million, with a gross margin of 59.2%, down 1.0 percentage point YoY, affected by lower sales from higher-margin regions and increased promotions [2][8]. - Adjusted EBITDA decreased by 19.4% YoY to USD 269 million, with an adjusted EBITDA margin of 16.2% [2][8]. - Management remains optimistic about long-term consumption demand despite short-term pressures from trade policy changes and macroeconomic uncertainties [11][12]. Summary by Sections Financial Performance - In 1H25, net sales were USD 1.662 billion, down 6.0% YoY, with gross profit at USD 984 million, down 7.6% YoY, and adjusted net profit at USD 123 million, down 29.1% YoY [2][8]. - The adjusted free cash flow was USD 11.5 million, a decrease of USD 70 million YoY, with net debt increasing to USD 1.162 billion [2][8]. Regional Performance - Revenue in Asia was USD 626 million, down 7.3% YoY, with significant declines in China, South Korea, and Hong Kong [3][9]. - North America saw revenue of USD 561 million, down 7.7% YoY, with all brands declining, particularly American Tourister [3][9]. - Europe experienced modest growth, with revenue at USD 379 million, up 1.6% YoY, driven by strong performance in Germany [3][9]. Channel Performance - The DTC channel share rose to 39.6%, with e-commerce accounting for 11.3% and offline retail at 28.3% [4][10]. - Wholesale revenue fell 7.4% YoY, primarily due to cautious procurement by wholesale customers amid economic uncertainty [4][10]. Strategic Initiatives - The company is addressing tariff impacts through price increases and supplier negotiations, aiming to offset negative effects in North America [5][11]. - Management plans to enhance brand competitiveness through product innovation and expansion of the Tumi brand [5][11]. Management Outlook - Management expects improvement in the Chinese and Indian markets in the second half of 2025, with a generally stronger performance in the second half compared to the first [12].

Investment Rating - The report assigns a positive outlook for Galaxy Entertainment, indicating confidence in its long-term prospects with an interim dividend of HKD0.70 per share, reflecting a dividend payout ratio of 58% [5][12]. Core Insights - Galaxy Entertainment reported a net revenue of HKD12.04 billion for Q2 2025, representing a year-on-year increase of 10.3% and a quarter-on-quarter increase of 7.5% [2][7]. - The adjusted EBITDA for Q2 2025 reached HKD3.57 billion, up 12.4% year-on-year, with an adjusted EBITDA margin of 29.6%, an increase of 0.5 percentage points year-on-year [4][11]. - The company's market share increased to 20.2% in Q2 2025, up from 19.5% in Q1 2025, indicating a strengthening position in the market [5][12]. Revenue Breakdown - In Q2 2025, gaming revenue increased by 12.3% year-on-year, contributing HKD9.66 billion, while non-gaming revenue reached HKD1.61 billion, up 8.4% year-on-year [2][8]. - The total betting amount for the company reached HKD119.45 billion, an increase of 18.4% year-on-year, with VIP betting accounting for 46.7% of the total [3][9]. Performance Metrics - The company's gross gaming revenue (GGR) for Q2 2025 was HKD12.01 billion, reflecting an 11.8% year-on-year increase, which outpaced the industry growth rate of 8.3% [10]. - The adjusted EBITDA for Galaxy Macau and StarWorld Macau was HKD3.33 billion and HKD0.3 billion respectively, with respective adjusted EBITDA margins of 33.3% and 25.9% [4][11].

Investment Rating - The report maintains an "Outperform" rating for Beijing Yanjing Brewery with a target price of Rmb 13.50, based on a current price of Rmb 12.51 [2][13]. Core Insights - The company's performance exceeded expectations, with robust growth in both volume and average selling price (ASP), highlighting operational resilience. In H1 2025, revenue reached Rmb 8.56 billion, a year-on-year increase of 6.4%, while net profit attributable to shareholders was Rmb 1.10 billion, up 45.4% year-on-year [3][10]. - The growth in beer sales volume and ton price was 2.0% and 4.8%, respectively, reaching 2.352 million tons and Rmb 3,358 [3][10]. - The product structure is continuously optimizing, with revenue from mid-to-high-end products increasing by 9.3% year-on-year, now accounting for 70% of total revenue [3][10]. Financial Performance Summary - Revenue and profit forecasts for the company are as follows: - Revenue for 2024 is projected at Rmb 14.67 billion, increasing to Rmb 15.09 billion in 2025, and Rmb 15.28 billion in 2026 [9]. - Net profit is expected to grow from Rmb 1.06 billion in 2024 to Rmb 1.51 billion in 2025, and Rmb 1.69 billion in 2026, reflecting a growth rate of 64% and 43% for the respective years [9]. - The diluted EPS is forecasted to be Rmb 0.37 in 2024, Rmb 0.53 in 2025, and Rmb 0.60 in 2026 [9]. Operational Efficiency - The company has seen a significant improvement in its net profit margin, which rose to 12.9% in H1 2025, with Q2 net profit margin exceeding 19.8% [5][12]. - The gross profit margin for the beer business improved to 45.7%, with overall gross profit margin at 45.5% [5][12]. - The expense ratios for sales and management have decreased, indicating enhanced operational efficiency [5][11]. Strategic Initiatives - The flagship product U8 is expected to achieve an annual sales target of 900,000 tons, contributing significantly to revenue growth [6][13]. - The "beer + beverage" strategy has shown initial success, with tea beverage revenue increasing by 98.7% year-on-year [6][13]. - The company is deepening its "100 cities and 100 counties" project to accelerate market penetration in weaker regions [6][13].

Investment Rating - The report maintains an "Outperform" rating for the company [2][16]. Core Insights - The company's profitability in meat products remains high, and its high dividend payout underscores its investment value [3][5]. - The company achieved a revenue of RMB 28.50 billion in 1H25, reflecting a year-on-year increase of 3.0%, with a net profit attributable to shareholders of RMB 2.32 billion, up 1.2% year-on-year [8][3]. - The report projects revenue for 2025, 2026, and 2027 to be RMB 61.5 billion, RMB 63.4 billion, and RMB 66.2 billion respectively, with corresponding net profits of RMB 5.2 billion, RMB 5.4 billion, and RMB 5.7 billion [14]. Revenue and Profit Analysis - In 1H25, the meat products segment generated revenue of RMB 11.21 billion, down 9.4% year-on-year, with an operating profit of RMB 2.98 billion, a decrease of 10.4% year-on-year [9][10]. - The slaughtering segment achieved revenue of RMB 13.77 billion, up 3.3% year-on-year, with a sales volume of approximately 689,000 tonnes, an increase of 11.2% year-on-year [10][9]. - The overall profitability improvement in 2Q25 was driven by enhanced profit per tonne in the meat products segment and effective loss reduction in the poultry farming business [11][12]. Dividend Policy - The company plans to distribute a cash dividend of RMB 6.5 per 10 shares, totaling RMB 2.25 billion, with a payout ratio exceeding 100% [5][13]. - Cumulative cash dividends from 2020 to 2024 amounted to RMB 27.987 billion, with an average payout ratio of 104.49% [5][13]. Earnings Forecast and Valuation - The report estimates forward P/E ratios of 16.6x for 2025, 16.0x for 2026, and 15.2x for 2027 [14]. - The target price is set at RMB 29.91, based on a 20x P/E for 2025 [14].

中国电子 China (Overseas) Technology 全球科技业绩快报: 鸿腾精密 1H25 Global Tech Earnings Snapshots: FIT 1H25 姚书桥 Barney Yao 纪雨岑 Grace Chi [Table_Title] Research Report 13 Aug 2025 barney.sq.yao@htisec.com grace.yt.chi@htisec.com [Table_yemei1] Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 会议要点 1.2025 年第二季度及中期财务业绩 Q2 业绩概览：尽管面临行业不确定性，公司凭借下一代产品组合保持韧性，2025 年第二季度实现营收 12 亿美元， 同比增长 9%。受季节性因素、不利汇率及产品组合变化影响，季度毛利润同比微降 5%至 2.14 亿美元，毛利率收 窄至 17.8%。但通过提升运营效率和持续成本节约措施，净收入逆势反弹 4%，达 2400 万美元。 2025 年上半年业绩：上半年营收 ...

wo[Table_Title] Research Report 13 Aug 2025 中国电子 China (Overseas) Technology 全球科技业绩快报：CoreWeave 2Q25 CoreWeave Q2: AI Demand Fuels Hypergrowth, Profitability Path Hinges on Execution 姚书桥 Barney Yao 吕小潼 Xiaotong Lyu barney.sq.yao@htisec.com xt.lyu@htisec.com [Table_yemei1] Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 CoreWeave FY25Q2 业绩表现：二季度实现营业收入 12.13 亿美元，同比大幅增长 206.7%，超出市场预期的 10.8 亿 美元，但增速较一季度 420%有所放缓；稀释后每股收益（EPS）为 -0.60 美元，同比亏损减少约 63%，逊于分析师 预期的-0.52 美元（一季度 EPS 为-1.49 美元 ...

Global Macro - The report emphasizes the need for a defensive yet growth-oriented global asset allocation strategy over the next three to five years, considering the increasing global economic uncertainty due to U.S. trade policy changes and geopolitical complexities [1][2][3] Economic Outlook - The global economic recovery in the first half of 2025 is primarily supported by export and investment activities, particularly in China, while private consumption remains subdued [2][21] - The IMF forecasts China's real GDP growth at 4.8% for 2025, with continued recovery expected from 2026 to 2030 [21] - The U.S. GDP growth is projected at 1.9% for 2025, with an average annual compound growth rate of 2.02% from 2026 to 2030 [27] - The Eurozone is expected to see GDP growth gradually increase from 0.9% in 2025 to 1.3% by 2027, benefiting from wage and employment growth [2][29] Asset Allocation Trends - Over the past five years, there has been a trend of reducing traditional asset allocations while increasing fixed income and alternative assets [3][40] - The report highlights a shift in investor preferences towards high-quality bonds and growth sectors such as technology and healthcare, while also considering private market investments [45][49] - The report notes that international sovereign funds are increasingly focusing on Chinese assets, particularly in sectors like digital technology and clean energy [40][41] Future Asset Allocation Recommendations - For the period 2025-2027, the report suggests a gradual shift towards a more aggressive asset allocation, emphasizing increased exposure to China and other emerging markets [3][33] - In 2028-2029, it recommends reducing exposure to overvalued assets and reallocating towards value and defensive sectors due to rising recession risks [3][33] Market Participants Analysis - The report indicates that global investors are increasingly diversifying their portfolios, with a notable preference for alternative assets such as private equity and real estate [39][40] - Family offices are shifting their asset allocations towards equities and alternative investments, reflecting a trend towards more aggressive investment strategies [50][51]

Investment Rating - The report maintains an "Outperform" rating for Kweichow Moutai with a target price of Rmb1,972, indicating a potential upside from the current price of Rmb1,420 [2][6]. Core Insights - Kweichow Moutai demonstrated resilience amid industry volatility, with mid-term performance showing steady growth driven by an optimized core product structure. In H1 2025, the company achieved revenue of Rmb89.39 billion, a year-on-year increase of 9.1%, and a net profit of Rmb45.40 billion, up 8.9% [3][12]. - The company is focusing on international expansion and direct sales, with Q2 direct sales revenue reaching Rmb16.79 billion, a 16.5% increase, and international revenue growing by 27.6% to Rmb1.77 billion [4][13]. - Profitability remains strong, with a gross margin of 90.4% and a net profit margin of 47.8%, despite slight declines due to changes in product mix [5][14]. Financial Performance Summary - Revenue and profit forecasts for Kweichow Moutai are optimistic, with projected revenues of Rmb189.91 billion, Rmb207.21 billion, and Rmb226.90 billion for 2025, 2026, and 2027 respectively, alongside net profits of Rmb93.82 billion, Rmb103.82 billion, and Rmb115.45 billion for the same years [2][11]. - The diluted EPS is expected to grow from Rmb75 in 2025 to Rmb92 in 2027, reflecting a strong earnings growth trajectory [2][11]. - The company maintains a commitment to a dividend payout ratio of at least 75% over the next three years, translating to a dividend yield of approximately 4% [6][15].

Investment Rating - The report maintains an "Outperform" rating for BP, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark [2][13][19]. Core Insights - BP's Q2 2025 performance is expected to be viewed positively by the market, with adjusted net income slightly exceeding consensus estimates at $1.629 billion, driven by strong performance across all business segments [2][3]. - The company has achieved a dividend per share of 8.320 cents, marking a 4% year-over-year increase, aligning with its annual dividend growth target of at least 4% [2][3]. - BP has reiterated its capital expenditure guidance for FY 2025 at approximately $15 billion, with asset divestitures progressing steadily, having completed $1.7 billion in asset sales in Q2 2025 [2][3]. Financial Performance Summary - BP's total revenue for Q2 2025 is projected at $46.627 billion, reflecting a 1% decrease year-over-year [5]. - Adjusted net income for Q2 2025 is forecasted at $1.629 billion, representing an 18% increase from the previous quarter but a 41% decline year-over-year [5]. - The adjusted diluted earnings per share for Q2 2025 is expected to be $0.90, a 70% increase quarter-over-quarter but a 10% decrease year-over-year [5]. - The natural gas and low-carbon energy segment reported adjusted operating income of $1.462 billion, exceeding expectations, while the oil production and operations segment also outperformed with adjusted operating income of $2.262 billion [3][5].

Investment Rating - The report maintains a positive outlook on Saudi Aramco, indicating a favorable performance in Q2 2025 with a net income of $24.5 billion, slightly above consensus expectations [1][2]. Core Insights - Saudi Aramco's Q2 2025 performance exceeded expectations, driven by higher revenues and lower-than-expected costs, with a reaffirmation of its dividend guidance for FY 2025 [1][2]. - The company reported revenues of $108.5 billion, reflecting a slight increase from previous quarters, despite a decrease in upstream segment revenues due to production challenges [2][4]. - Free cash flow for Q2 2025 was reported at $15.2 billion, down from $19.2 billion in Q1 2025, indicating a robust cash generation capability [2][4]. Financial Performance Summary - Net revenue for Q2 2025 was $108.57 billion, a decrease of 5% quarter-on-quarter and 4% year-on-year, but above the consensus estimate of $101.19 billion [4]. - Operating costs were reported at $64.01 billion, showing a 1% increase from the previous quarter [4]. - The upstream segment generated $39.63 billion in revenue, down 16% quarter-on-quarter and 21% year-on-year, while the downstream segment saw a slight increase to $61.23 billion [4]. Project Progress - The company reiterated its capital expenditure guidance for FY 2025, ranging from $52 billion to $58 billion, with key projects like Jafurah and Tanajib on track for completion in Q4 2025 [2][3].