Group 1 - The core profit of Wanwuyun (02602) increased by 10% year-on-year to 1.3 billion RMB in the first half of the year [1] - Revenue grew by 3% year-on-year, slightly below expectations [1] - The company provided guidance for the full year, expecting revenue and core net profit growth to exceed the first half of 2025, indicating year-on-year growth rates of over 3.1% and 10.8%, respectively, which appears conservative compared to earlier guidance [1] Group 2 - Goldman Sachs adjusted the company's core earnings per share forecast for 2025 to 2027 by -1% to +1% [1] - The average gross margin forecast for 2025 to 2027 was lowered by 0.2 percentage points to 13.2% to 13.6% [1] - The target price was raised from 22 HKD to 24.8 HKD, while maintaining a "Neutral" rating [1]
高盛：升万物云(02602)目标价至24.8港元 评级“中性”