25H1 公司毛利率同比上升1.4pct 至36.4%（彭博一致预期中值35.4%），主因社交娱乐收入分成下降， 同时内容授权成本控制良好。25H1 公司销售费用同比减少55.8%，由3.69 亿元降至1.63 亿元（对应费 用率下降4.8pct），其中推广及广告费用同比由3.29 亿元下降至1.08 亿元，主因公司采取更为审慎的推 广策略。得益于良好的成本费用控制，25H1 经营利润同比增长40.8%至8.45 亿元，验证可持续盈利能 力。25H1 经调整净利润同比增长121%至19.46 亿元，其中确认全资子公司产生的递延所得税抵免8.49 亿元，去掉该一次性影响后，经调整净利润约11 亿元，yoy+25%。 维持"买入"评级 考虑到25H1 毛利率及销售费用率优化好于预期，经营杠杆有望持续兑现，并考虑到一次性递延税项的 影响，我们预计25/26/27E 调整后归母净利润为30.91/26.56/29.83（上调61%/29%/36%）。考虑到公司稳 定盈利，从DCF切换为PE 估值，基于26 年调整后归母净利润（避免一次性税项影响），给予公司 26.86x 26E PE（同可比公司彭博一致预期均值），目 ...

Core Insights - The company reported 1H25 performance with revenue of 3.827 billion yuan, a year-on-year decline of 6%, aligning closely with expectations [1] - Non-IFRS net profit reached 1.946 billion yuan, significantly increasing due to the recognition of deferred tax assets from accumulated tax losses [1] - The company maintained a strong control over sales expenses, leading to a tax pre-profit of 1.068 billion yuan, exceeding expectations [1] Revenue Breakdown - Online music revenue for 1H25 was 2.967 billion yuan, a year-on-year increase of 15.9%, driven by a growth in paid user numbers [1] - Subscription revenue grew by 15.2%, while non-subscription revenue increased by 19.7%, although some dilution occurred due to changes in membership structure [1] - Social entertainment and other revenues fell by 43.1% to 860 million yuan, attributed to a cautious operational strategy focusing on core music business [1] Profitability and Cost Management - The gross margin for 1H25 improved to 36.4%, up 1.4 percentage points year-on-year [2] - Sales expenses are expected to increase to 225 million yuan in 2H25, while management and R&D expenses remain stable [2] - The company anticipates a tax rate of 15% for 2H25 and 2026, impacting profit levels [2] Strategic Focus - The company is committed to enhancing its core music ecosystem and expanding long audio content offerings [2] - User engagement metrics such as DAU/MAU remained stable above 30%, with a focus on user experience and innovative features [2] - The company aims to solidify its differentiated position in the industry, supporting long-term growth in music revenue [2] Earnings Forecast and Valuation - The Non-IFRS net profit forecasts for 2025 and 2026 have been raised by 60% and 10% to 2.85 billion yuan and 2.13 billion yuan, respectively [2] - The target price has been increased by 39% to 324 HKD, indicating a 20% upside potential from the current price [2] - The current price corresponds to a 24 times P/E ratio for 2026 Non-IFRS earnings [2]

Core Viewpoint - The company reported 2Q25 revenue of $445 million, a 1.6% year-on-year increase, meeting expectations, while Non-GAAP net profit reached $143 million, exceeding both company and market forecasts [1] Revenue and Growth Trends - Advertising and marketing revenue in 2Q25 increased by 2% to $383 million, driven by demand from e-commerce advertisers [1] - Revenue from Alibaba's advertising and marketing grew by 10% due to increased marketing demand during the 618 shopping festival [1] - The e-commerce sector saw a year-on-year revenue increase in 2Q25, while the automotive sector maintained advertising spending on Weibo, covering over 60% of new energy vehicle launches in 1H25 [1] - Consumer goods advertisers showed significant interest in Weibo for new products, celebrity endorsements, and IP marketing, with both revenue and project numbers growing by double digits year-on-year [1] - Information flow bidding ads experienced year-on-year growth, particularly from performance-driven e-commerce clients, with plans to expand customer coverage in 3Q25 [2] Future Outlook - For 3Q25, the company anticipates challenges in the fast-moving consumer goods sector due to high base effects from last year's Olympic marketing events, but aims to capitalize on advertising opportunities in e-commerce, automotive, and healthcare sectors [2] - The monthly active users (MAU) of the AI search feature surpassed 50 million in June, with plans for commercialization testing in 4Q25 and beyond [2] - The company has integrated AI capabilities into its advertising products, with a focus on enhancing user experience and search result effectiveness [2] Cost Structure and Profitability - General and administrative expenses in 2Q25 decreased by 70% to $7.96 million, primarily due to the recovery of a previously written-off bad debt [3] - The sales expense ratio declined by 1 percentage point to 24.7%, continuing the trend of cost structure optimization [3] Profit Forecast and Valuation - The company has lowered its Non-GAAP net profit forecasts for 2025 and 2026 by 3% to $482 million and $491 million, respectively [3] - Current trading multiples are 5/5x for Hong Kong stocks and 6/6x for U.S. stocks based on 2025/2026 Non-GAAP P/E ratios, with target prices set at HKD 100.8 and USD 13, indicating potential upside of 14% for U.S. stocks and 23% for Hong Kong stocks [3]

机构：东方证券 研究员：赵旭翔/李雪君 2）2025 年福田COCO Park 成为区内首个离境退税"即买即退"试点，有望助力销售额继续攀升。不同于 传统离境退税，"即买即退"优化在于将退税环节前置到购物现场，直观地感受到退税带来的实惠有利于 二次消费。数据充分显示了"即买即退"政策对消费的强大拉动力。今年1-5 月，深圳市离境退税商品销 售额同比增长超2.1 倍，其中"即买即退"商品销售额同比增长超20 倍。根据公司公告，自2025年1 月1 日起，福田COCO Park 成为福田区首个离境退税"即买即退"试点，预计将吸引更多境外游客消费，拉动 商场销售额可观增长。 公司为湾区纯商管标杆，旗下 COCO 品牌美誉度高，定位年轻时尚，深受年轻人追捧，成功打造城市 级地标如福田COCO Park。近年来，公司抓住港客北上消费潮流机会，以及不断优化的扩大入境消费政 策利好，构筑商场客群优势，不断激发消费活力。根据公司24 年报及近期经营情况，我们调整了公司 营收增速及毛利率，同时调整了费用率，调整公司25-26 年EPS 预测为0.15/0.16 元（原预测为0.19/0.22 元）并引入27 年EPS 预测为0 ...

联想公布1QFY26 业绩：收入188.3 亿美元，+22.0% yoy，超彭博一致预期7.2%，Non-HKFRS 归母净利 润3.89 亿美元，+22.0% yoy，主要受益于全球混合式人工智能发展带来的强劲需求。1QFY26 公司毛利 率为14.7%，同比下滑-1.9pct，主要因为基础设施业务（ISG）国内H20 暂停出货，叠加产品组合变化的 影响。展望下半年，我们预计公司有望持续受益于AI 带来的产品需求增长，我们上调目标价至16.0 港 币（前值：15.3 港币，上调幅度4.4%），对应约15x FY2026E PE，维持"买入"评级。 IDG：全球PC 市场份额达24.6%创新高，AI PC 渗透率超30%1QFY26，IDG（智能设备业务）收入同比 增长+18.0% yoy，营业利润+15.0%yoy。据IDC，1QFY26 公司全球PC 市场份额达24.6%创新高，持续 扩大与竞争对手间的市场份额差距。公司在业绩会上提到，受全球混合式AI 的发展推动，公司主营的 PC 业务营收+20.0% yoy，其中AI PC 渗透率提升至超30%，并在Windows AI PC 领域稳居全球第一；公 司 ...

FY2026Q1 公司收入188.3 亿美元，同比增长21.9%，non-gaap 归母净利润3.89亿美元，同比增长 21.8%，净利率2.1%（同比持平），分业务看： 机构：开源证券 研究员：张可/杨哲 关税影响有望逐步弱化，下半年AI PC 加速渗透在即 受益于AI PC 加速渗透、AI 服务器需求旺盛、软硬协同强化，联想三大业务有望延续增长韧性，考虑 到ISG 亏损带来业绩不确定性，我们下调FY2026-2028财年non-gaap归母净利润至16.7/19.6/23.0亿美元 （前次为17.3/21.9/26.6亿美元），同比增长15.9%/17.2%/17.5%，考虑潜在可转债摊薄，当前股价对应 PE 估值为12.3/10.5/8.9 倍，维持"买入"评级。 FY2026Q1 AI 渗透率提升超预期，研发投入致使ISG 呈现亏损 （1）IDG：实现收入134.6 亿美元，2025Q2 联想/行业PC 出货量同比增长15.2%/6.5%（IDC 数据），联 想明显优于行业，系win11 换机潮背景下的国补+AIPC 渗透率提升，2Q25Q2 联想AI PC 在全球PC 出货 量占比已达到31%，超我 ...

机构：国证国际 基础设施方案业务：AI 服务器收入翻倍，双轨战略成效初显ISG 营收同比大增36%，呈现强劲增长动 能。其中AI 基础设施业务营收同比翻番，液冷技术方案收入增长近30%。云基础设施（CSP）与企业基 础设施（E/SMB）并行发展的双轨战略效果初显，中国市场收入及经营溢利率提升，尽管因扩大人工智 能能力等投资，录得8552 万美元经营亏损，但长期增长潜力巨大。 事件：联想集团发布2025/26 财年Q1 业绩，营收同比增长22%至188.3 亿美元，创历史同期新高，三大 业务集团均实现双位数增长，非PC 业务占比提升至47%，多元化增长结构持续优化。净利润为5.05 亿 美元，同比增长108%；非香港财务报告准则下净利润3.89 亿美元，同比增长22%，业绩表现超市场预 期。公司坚定执行混合式人工智能战略，研发投入同比增长10%，深化"由3S 迈向AI 双胞胎"，强化混 合式AI 与"一体多端""端-边-云"能力，预计盈利能力将逐步改善。 报告摘要 智能设备业务：PC 份额创新高，手机业务持续增长IDG 实现营收134.6 亿美元，同比增长17.8%。根据 公司引用IDC 的资料，期间公司PC ...

Core Viewpoint - Lenovo Group reported strong financial performance for 1QFY26, with revenue reaching $18.83 billion, a 22% year-on-year increase, marking a record high for the first quarter [1] Financial Performance - Revenue for 1QFY26 was $18.83 billion, up 22% year-on-year, with significant growth across regions: China (+36%), Asia Pacific (+39%), Americas (+14%), and EMEA (+9%) [1] - Non-HKFRS net profit was $389 million, a 22% increase year-on-year, while net profit attributable to shareholders was $505 million, up 108% [1] - The increase in net profit was partly due to a non-cash fair value gain of $152 million related to warrants and nominal interest of $27.82 million from convertible bonds [1] Business Trends - The PC business showed strong growth, with IDG revenue increasing by 17.8% to $13.46 billion, and personal PC revenue growing by 21.9%, the fastest growth in 15 quarters [1] - Lenovo's global PC shipment growth of 15.2% outpaced the industry average of 6.5%, leading to a market share of 24.6% [1] - AI PC shipments accounted for over 30% of total PC shipments in 2Q25, with a 27% share in the Chinese market, highlighting Lenovo's leadership in the AI PC sector [1] - The "Tianxi" personal super intelligent system has seen increased user engagement, with a weekly active user ratio averaging 40% by the end of 2Q25 [1] AI Infrastructure - ISG revenue reached $4.29 billion, a 36% year-on-year increase, despite an operating loss of $86 million due to lower margins from AI server sales and increased R&D investments [2] - AI infrastructure revenue grew by 155% year-on-year, driven by strong demand for AI computing power [2] - In China, ISG revenue increased by 76%, with improved profitability and a 3 percentage point rise in operating profit margin [2] Profit Forecast and Valuation - The company has cautiously raised FY2026/27 non-HKFRS net profit estimates by 2.3% and 2.8% to $1.687 billion and $1.968 billion, respectively [2] - Current stock price corresponds to a P/E ratio of 10.3x for FY2026 and 8.8x for FY2027, with a target price of HKD 13.40, indicating a 24% upside potential [2]

格隆汇8月15日丨金达控股(00528.HK)宣布，本公司将于2025年8月27日（星期三）举行董事会会议，藉 以（其中包括）(i)考虑及酌情通过本公司及其附属公司截至2025年6月30日止六个月的中期业绩及其刊 发；及(ii)考虑派发中期股息（如有）。 ...

格隆汇8月15日丨神话世界(00582.HK)公告，公司将于2025年8月28日(星期四)举行董事会会议，藉以(其 中包括)批准公司及其附属公司截至2025年6月30日止6个月中期业绩及其发布，并考虑派付中期股息(如 有)以及处理任何其他事项。 ...