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 ...

Core Viewpoint - Lenovo reported strong financial performance in Q1 FY26, with revenue of $18.83 billion, a year-on-year increase of 22.0%, exceeding Bloomberg consensus expectations by 7.2% [1] - The growth was primarily driven by robust demand for hybrid artificial intelligence solutions, although gross margin declined to 14.7%, down 1.9 percentage points year-on-year due to the suspension of H20 shipments in the domestic infrastructure business [1] Group 1: IDG (Intelligent Device Group) - IDG revenue grew by 18.0% year-on-year, with operating profit increasing by 15.0% year-on-year in Q1 FY26 [2] - The global PC market share reached a record high of 24.6%, with AI PC penetration exceeding 30% [2] - The PC business revenue rose by 20.0% year-on-year, maintaining a leading position in the Windows AI PC sector [2] Group 2: ISG (Infrastructure Solutions Group) - ISG revenue increased by 36.0% year-on-year, driven by capital expenditures from global CSP customers in AI and traditional servers [3] - Despite the revenue growth, ISG recorded an operating loss of $85.52 million due to the suspension of H20 shipments and increased R&D investments in AI products [3] - Future improvements in revenue and profitability are expected with the launch of new products and the resumption of H20 sales [3] Group 3: SSG (Solutions and Services Group) - SSG revenue grew by 20.0% year-on-year, with an operating profit margin increase of 1.2 percentage points [4] - The business achieved its 17th consecutive quarter of revenue growth, with strong performance in support services and AI solutions [4] - AI solutions are showing strong momentum, particularly in manufacturing and supply chain sectors, with expectations for double-digit revenue growth in FY26 [4] Price Target and Rating - The target price has been raised to HKD 16.0, reflecting a 4.4% increase from the previous target of HKD 15.3, corresponding to approximately 15 times FY2026E PE [1][4] - The company maintains a "Buy" rating based on the acceleration of AI product deployment and growth in global PC market share [4]

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。 ...

Core Viewpoint - The liquor industry is undergoing a deep adjustment, with the company expecting a revenue decline of 38.3%-41.9% and an adjusted net profit decline of 39%-40% for the first half of 2025 [1] Group 1: Financial Performance - The company forecasts a revenue of 24.0-25.5 billion yuan for the first half of 2025, reflecting a significant year-on-year decline [1] - Adjusted EPS estimates for 2025-2027 have been revised down to 0.36 yuan, 0.37 yuan, and 0.38 yuan respectively, compared to previous estimates of 0.51 yuan, 0.56 yuan, and 0.62 yuan [1] Group 2: Product Development and Marketing - The company is actively launching new products, including "Da Zhen" and "Niu Shi Beer," to enhance revenue streams [2] - "Da Zhen" is positioned in the 500-600 yuan price range, aiming to fill the gap between existing products and is currently in the distribution phase [2] - "Niu Shi Beer," priced at 88 yuan for 375ml, has generated over 2 million yuan in revenue from approximately 3000 boxes sold, indicating strong market interest [2] Group 3: Market Conditions and Future Outlook - The mid-range liquor segment has been significantly impacted by the current market cycle, with early adjustments leading to lower expectations [3] - The company anticipates potential improvement in performance for the second half of 2025 due to low base effects and contributions from new products [3]

格隆汇8月15日丨登辉控股(01692.HK)宣布，本公司将于2025年8月28日（星期四）举行董事会会议，其 中议程包括考虑及批准本集团截至2025年6月30日止六个月的未经审核中期业绩以及在香港联合交易所 有限公司及本公司网站刊发中期业绩公告，以及考虑派发中期股息（如有）。 ...