8月14日午间，吉利汽车在港交所发布了截至2025年6月30日止六个月的中期业绩公告，上半年实现营收1502.8亿元人民 币，同比增长27%，创历史新高。但上半年净利润同比下降14%，至92.9亿元人民币。 | | 截至六月三十日止六個月 | | 變動 | | --- | --- | --- | --- | | | 二零二五年 | 二零二四年 | | | | | (未經審核 | | | | (未經審核) | 及經車列) | 90 | | 收益(人民幣千元) | 150.284.734 | 118.792.689 | 27 | | 視為出售附屬公司之收益及分類為持作出售 | | | | | 的資產之減值虧損(人民幣千元) | | 7.726.187 | (100) | | 歸屬本公司股權持有人溢利 | | | | | (人民幣千元) | 9.289.807 | 10.789.540 | (14) | | 每股盈利 | | | | | 基本(人民幣分) | 92.18 | 106.50 | (13) | | 攤薄(人民幣分) | 90.31 | 105.77 | (15) | | 總銷量(部) | 1.409.1 ...

Core Viewpoint - Cao Cao Mobility, after ten years of operation, went public on the Hong Kong Stock Exchange, raising approximately HKD 1.718 billion, but faced skepticism regarding its sustainable profitability despite a strong market narrative in the new energy and mobility sector [1][3]. Company Overview - Founded in 2015, Cao Cao Mobility is a strategic business of Geely Holding Group focused on the "new energy vehicle sharing ecosystem" [3]. - The company has differentiated itself by emphasizing high-quality, low-carbon ride experiences with its own fleet of new energy vehicles and contracted drivers, rather than engaging in subsidy wars like competitors [3]. - By 2024, the company had expanded its operations to 136 cities, with revenue growth from CNY 7.631 billion in 2022 to CNY 14.657 billion in 2024, while reducing net losses from CNY 20.07 billion to CNY 12.46 billion over the same period [3]. Market Position - Cao Cao Mobility ranked among the top three ride-hailing platforms in China by gross transaction value (GTV) since 2021 and is projected to become the second-largest player by 2024 [3]. - The ride-hailing market in China has become highly concentrated, with the top five platforms holding over 90% market share by the end of 2024 [4]. Financial Performance - The company’s GTV from third-party aggregation platforms increased significantly, from 49.9% in 2022 to 85.4% in 2024, indicating a heavy reliance on external platforms for order volume [5]. - Cao Cao's sales and marketing expenses have seen a rise in commission payments to aggregation platforms, from 50.3% to 85.6% of total expenses, highlighting vulnerability to changes in platform commission structures [5]. - The company has incurred over CNY 5.2 billion in net losses over the past three years, with a high asset-liability ratio of 149% as of 2024 [5]. Regulatory and Compliance Issues - As of October 2024, a significant portion of Cao Cao's active vehicles and drivers lacked the necessary operating licenses, with 8.6% of vehicles and 11.1% of drivers not compliant [7]. - The company ranked eighth in compliance rates among major platforms, reflecting broader industry challenges in meeting regulatory requirements [7]. User Experience Challenges - Complaints against Cao Cao Mobility have been prevalent, with issues related to pricing transparency and service quality, indicating systemic problems within the industry [7][8]. - Driver dissatisfaction has been noted due to low earnings and the imposition of low-paying "special orders," which has led to high turnover rates among drivers [8]. Future Outlook - The company is investing in autonomous driving technology, with plans to launch a Robotaxi service by 2026, although this is not expected to provide immediate financial support [10]. - Addressing cash flow issues, reducing dependency on aggregation platforms, and improving compliance and user experience are critical for gaining investor confidence in the near term [10].

Core Viewpoint - Morgan Stanley maintains its revenue forecast for Nexperia for the next two years at approximately $4.6 billion and $4.8 billion respectively, while adjusting its gross margin and operating expense predictions for 2025-2026 [1] Group 1: Revenue and Profitability - The revenue forecast for Nexperia remains unchanged at $4.6 billion for this year and $4.8 billion for next year [1] - The profit margin recovery in the EMEASA region and operational leverage improvements in the Asia-Pacific region due to new project ramp-ups by Chinese automotive companies are key factors influencing the outlook [1] Group 2: Earnings and Target Price - The earnings per share forecast for Nexperia has been raised by 8% to 11% for the next two years [1] - The target price for Nexperia has been increased from HKD 5.5 to HKD 6.3, with a rating of "in line with the market" [1]

Core Viewpoint - The report from DBS highlights that the mid-term performance of Q Technology reinforces confidence in its product portfolio upgrade and focus on developing non-mobile lens modules strategy [1] Group 1: Performance Outlook - The company is expected to see improved performance in the second half of the year compared to the first half, benefiting from a richer smartphone portfolio and a recovery in the utilization rate of fingerprint recognition module production [1] - Continuous expansion of non-mobile lens modules is anticipated, driven by more automotive and IoT projects entering the production phase [1] Group 2: Growth Drivers - The automotive sector is identified as the clearest mid-term growth driver for the company, with collaborations with seven leading tier-one suppliers and certifications from 37 automotive or new energy vehicle brands [1] - Currently, only about 30% of vehicles globally are equipped with more than eight cameras for L2+ level autonomous driving capabilities, indicating significant growth potential for urban/mapless navigation autonomous driving [1] - Early participation in LiDAR technology and expansion into optical fields for robotics and drones provide additional growth opportunities [1] Group 3: Financial Projections - The company has raised its earnings forecasts for the next two years by 12% and 20% respectively, with the target price increased from HKD 12.5 to HKD 15, while maintaining a "buy" rating [1]

Core Viewpoint - DBS has released a report stating that Li Ning (02331) is a leading domestic sportswear brand in China, with a market share of 10.3% as of 2024 [1] Group 1: Company Performance - Li Ning has developed the Li Ning YOUNG and Li Ning China brands to align with youth culture trends [1] - The company has improved retail discount rates in both offline and e-commerce channels [1] Group 2: Market Outlook - Despite intense market competition, growth is recovering, prompting DBS to raise the target price from HKD 17.4 to HKD 19.5 per share, based on a rolling 12-month P/E ratio of 16 times [1] - Sales for Li Ning are expected to grow modestly by 1% and 6% in the fiscal years 2025 and 2026, driven by stable growth in running and outdoor apparel categories, as well as investments related to the 2026 Winter Olympics in Milan [1] - The growth in the sports lifestyle segment is stabilizing [1] Group 3: Comparative Valuation - The revised target P/E ratio of Li Ning is compared to global peers, which are forecasted to have P/E ratios of 24 times and 19.9 times for the fiscal years 2025 and 2026, respectively [1] - The rating for Li Ning is set at "Buy" [1]

今日早盘，港股整体延续回暖态势，在线教育、金融IC、本地券商、集成电路、白酒等概念表现强势。 兼具一定规模和流动性优势的恒生科技ETF（513130）在指数带动下成交活跃，Wind数据显示，近3个 交易日（2025/8/11-2025/8/13）累计获4.99亿元资金加仓，为同期所有跟踪恒生科技指数中仅有的累计 资金净流入超3.5亿元的产品。 消息面上，恒生科技ETF（513130）的重要成份股某互联网龙头公司在8月13日盘后发布2025年中期业 绩报告。报告显示，该龙头公司今年二季度营收、盈利均保持高增长态势，双双超出市场预期，细分业 务亮点颇多。在核心业务增长的同时，该龙头公司坚定加码Al战略投入，当季资本支出总额同比涨幅超 100%。 亮丽的业绩表现提振了以恒生科技指数为代表的港股科技板块的交投情绪提振。此次财报一定程度验证 了Al赋能业务驱动盈利增长的发展逻辑，AI技术带来的效益正在加速显现，从而激励行业研发投入的 扩张，并有望最终形成"加大资本开支-Al商业化落地加速-驱动盈利增长"的正向循环。 当前港股科技板块正处中报业绩验证的窗口期，恒生科技ETF（513130）部分成份股业绩表现亮眼增强 了市 ...

Core Viewpoint - DWS has upgraded its rating for Nexperia from "Hold" to "Buy" following a significant increase in the company's net profit, which exceeded expectations, reaching approximately $63 million, representing a year-on-year growth of 305% and a half-year growth of 40% [1] Financial Performance - Nexperia's net profit for the first half of the year was approximately $63 million, which is a year-on-year increase of 305% and a half-year increase of 40% [1] - The gross margin increased by 1.5 percentage points year-on-year and by 0.6 percentage points half-yearly to 11.5%, driven by cost optimization measures, improved manufacturing efficiency, and restructuring efforts [1] Profit Forecast - DWS has revised its net profit forecasts for Nexperia for the years 2025 to 2027, increasing the estimates from $107 million, $125 million, and $146 million to $141 million, $164 million, and $193 million respectively [1] Target Price Adjustment - The target price for Nexperia has been raised from HKD 5 to HKD 10 following the positive financial results and outlook [1]

Group 1 - The core viewpoint of the report is that Li Ning's sales are expected to grow modestly by 1% in fiscal year 2025 and by 6% in fiscal year 2026, driven by stable growth in the running and outdoor apparel categories, as well as investments related to the 2026 Winter Olympics in Milan [1] - The growth in the sports lifestyle segment is stabilizing, indicating a positive trend for the company's overall performance [1] - The target price for Li Ning has been raised from HKD 17.4 to HKD 19.5, with a "Buy" rating assigned by the bank [1]

里昂发布研报称，腾讯控股(00700)次季业绩胜预期，收入及经调整经营利润同比增长15%及19%，较预 期高出4%及8%，三大核心业务线上游戏、广告及云服务收入均实现约20%增速。里昂看好《Valorant》 手游将于月内推出，以及AI技术持续赋能各项业务，将2025及2026年经调整净利润预测上调2%及3%， 目标价由710港元升至740港元，维持"高度确信跑赢大市"评级。 ...

Core Viewpoint - Li Ning's stock has risen over 5%, currently leading the blue-chip stocks, indicating positive market sentiment and confidence in the company's future growth [1] Group 1: Stock Performance - As of the report, Li Ning's stock price increased by 5.06%, reaching HKD 17.86, with a trading volume of HKD 656 million [1] Group 2: Shareholding and Investment Insights - Guotai Junan Securities recently reported that Li Ning has cumulatively increased its shareholding by 51.79 million shares by 2025, amounting to approximately HKD 809 million, raising its ownership stake from 10.57% to 13.08% [1] - This increase represents the largest shareholding boost since 2006, reflecting Chairman Li Ning's commitment to the company's development and confidence in its future [1] Group 3: Company Strategy and Outlook - The company is actively enhancing its products, channels, and marketing strategies [1] - The report suggests that Li Ning currently offers a high valuation-to-price ratio, and the improvement in operational trends is expected to lead to a "Davis Double" effect [1] - The recommendation to maintain a "Buy" rating indicates a positive outlook for the company's performance [1]