长江基建发布半年报，1H25 实现营收22.09 亿港元（yoy -10.9%），归母净利43.48 亿港元（yoy +0.9%）。公司分派中期股息18.39 亿港元，占归母净利的42.3%；对应DPS 0.73 港元（1H24 0.72 港 元）。考虑公司业务模式具有强抗风险能力，多个资产有望于2025/26 年迎来回报率上调窗口期，我们 认为未来公司利润或稳中有增，维持"买入"评级。 1H25 英国/电能实业溢利贡献同比+19/+1%，澳洲/加拿大同比-8/9%受益于受规管资产与2024 年收购的 可再生能源组合的稳健运营及英镑汇率走强，1H25 英国业务贡献溢利22.23 亿港元（yoy +19.2%），考 虑到RIIO-2约定超支费用回收周期自2 年调整为1 年内，UK Power Networks（UKPN）于2H24 迎来超支 费用回收高峰期（RIIO-ED2 自2023/4/1 开始），2H25溢利贡献或同比承压。1H25 电能实业稳健运营， 贡献溢利10.95 亿港元（yoy+1.2%）。1H25 澳洲业务贡献溢利7.93 亿港元（yoy -8.2%），主要系 EnergyDevelopmen ...

格隆汇8月15日丨澳狮环球(01540.HK)宣布，本公司将于2025年8月27日(星期三)下午三时于香港九龙观 塘海滨道123号绿景大厦东翼11楼举行董事会会议，董事会将于会上通过议案，其中包括批准本公司及 其附属公司截至2025年6月30日止六个月期间的中期业绩，以及考虑建议派付中期股息(如适用)。 ...

机构：天风证券 研究员：刘奕町 归母净利润大幅增长，资产负债表持续改善 公司25 年上半年实现归母净利润3.4 亿美金，同比大增1511%。主驱动来自于Las Bambas、Khoemacau 和Kinsevere 铜矿产量的强劲增长，同时铜、金、银和锌等金属价格攀升携来充裕现金流。资产负债表 持续改善，自LasBambas 收购以来，净债务和杠杆率创下历史新低。 铜产销大幅增长，Las Bambas 增量明显 25H1，铜/锌产量分别为25.9 万吨和10.8 万吨，同比+64%和-1%，副产黄金5.7 万盎司/白银532 万盎 司，同比+36%/13%。全年生产指引维持不变，按照生产指引上限来计算，铜/锌已经分别完成 49.6%/45%。 分项目看，三大铜矿增幅显著：Las Bambas、Khoemacau、Kinsevere 铜产量分别为21.1 万吨、2.2 万吨 和2.5 万吨，yoy+67%、120%和19%，其中Las BambasH1 已实现全年生产指引上限的52.7%进度， Khoemacau 年产13万吨扩建项目进度基本符合预期，力争年底前完成可行性研究，Kinsevere年产8 万吨 阴 ...

机构：开源证券 研究员：方光照 公司持续增强以音乐为核心的变现能力，2025H1 公司在线音乐收入29.7 亿元（同比+15.9%），其中会 员订阅服务收入24.7 亿元（同比+15.2%），主要系公司不断提升用户体验、升级会员权益及丰富音乐 社区内容，月活用户数、月付费用户数稳定增长，日活用户/月活用户比例稳居30%以上，用户听歌时 长增加。社交娱乐服务及其他收入8.6 亿元（同比-43.1%），主要系公司审慎经营社交娱乐业务，聚焦 核心在线音乐业务、持续优化业务结构。 不断丰富音乐版权，提升用户体验，叠加AI 赋能，拓展变现空间 公司持续扩充音乐储备，与RBW 和StarShip 娱乐等流行K-Pop 厂牌达成版权协议，发力说唱、日本 ACG 及欧美音乐等受欢迎音乐品类，并持续强化独立音乐人生态，截至2025 年6 月，平台注册独立音 乐人81.9 万名（同比+11.9%），上传曲目约480 万首（同比+33.3%），自制工作室致力于打造精品内 容，产出《两难》、《莫愁乡》等多首热门歌曲，近期在平台上线AI 音乐人身份赋能音乐创作，丰富 平台内容。此外，公司精简网易云音乐App 界面，推出"神光播放器"等 ...

Group 1 - The company expects adjusted net profits for 2025-2027 to be 27.58/22.22/24.58 billion CNY, reflecting a year-on-year growth of +62.3%/-19.5%/+10.6% [1] - The company maintains a target price of 312 HKD for 2026, with a PE ratio of 28X, and continues to hold an "overweight" rating [1] - The company reported a revenue of 3.83 billion CNY for the first half of 2025, a decrease of 6.0% year-on-year, with a gross margin of 36.4%, an increase of 1.4 percentage points [1] Group 2 - Online music revenue for the first half of 2025 reached 2.97 billion CNY, an increase of 15.9% year-on-year, with subscription revenue growing by 15.2% to 2.47 billion CNY [2] - The company has over 819,000 registered independent musicians and approximately 4.8 million music tracks uploaded as of June 2025 [2] - The company has implemented a more cautious promotional strategy, resulting in a 55.8% reduction in sales and marketing expenses for the first half of 2025 [1]

Core Viewpoint - The company reported a significant increase in net profit for the first half of 2025, driven by growth in online music services despite a decline in overall revenue [1] Financial Performance - In H1 2025, the company achieved revenue of 3.827 billion yuan, a year-on-year decrease of 6.0% [1] - The net profit attributable to shareholders reached 1.885 billion yuan, marking a year-on-year increase of 132.8% [1] - Online music service revenue was 2.967 billion yuan, reflecting a year-on-year growth of 15.9% [1] - Membership subscription revenue accounted for over 80% of online music service revenue, totaling 2.470 billion yuan [1] - Operating profit for H1 2025 was 845 million yuan, showing significant growth due to reduced promotional and advertising expenses [1] - The gross profit margin improved to 36.4%, an increase of 1.4% year-on-year [1] Cost Management - Sales and marketing expenses decreased by 55.8% to 163 million yuan [1] - General and administrative expenses increased by 3.6% to 93 million yuan, primarily due to higher legal and professional fees [1] - R&D expenses decreased by 4.2% to 379 million yuan, attributed to improved operational efficiency [1] Strategic Initiatives - The company is focused on enhancing its content ecosystem and optimizing user experience in music consumption [1] - It has strengthened partnerships with copyright holders, adding content from popular K-Pop labels and expanding into diverse music genres [1] - The platform has over 819,000 independent musicians and approximately 4.8 million music tracks uploaded [1] - The company aims to develop high-quality, original music content and improve user music discovery and listening experiences [1]

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 ...