Bank of China Securities·2025-08-22 06:23Investment Ratings - Kuaishou Technology: HOLD, Target Price (TP) raised to HK$76.00 [5][7] - Bilibili Inc: BUY, TP set at US$28.00 / HK$219.00 [9][10] - ZTO Express: BUY, TP set at US$21.00 [13][14] - AAC Technologies: BUY, TP raised to HK$62.90 [16][17] - China Communications Services: BUY, TP raised to HK$5.15 [19][20] - BOC Aviation: BUY, TP raised to HK$83.90 [22][23] - MINISO Group: BUY, TP set at US$24.80 / HK$48.40 [24][25] Core Insights - Kuaishou Technology reported a 13% YoY topline growth and a historical high adjusted net profit of RMB5.6 billion, exceeding consensus estimates [5][6] - Bilibili Inc achieved a 20% YoY topline growth in 2Q25, with adjusted operating profit surpassing consensus by 16% [9][12] - ZTO Express experienced an 11% YoY growth in core express delivery revenue, although it missed consensus by 1% [13][15] - AAC Technologies reported an 18% YoY revenue increase, with a significant 62% surge in net income, despite some misses on expectations [16][18] - China Communications Services saw a 3.4% YoY revenue increase, with non-telco and international sales growing by 12.6% YoY [19][21] - BOC Aviation's total revenue increased by 5.8% YoY, with a 20% YoY rise in core net profit [22][23] - MINISO Group's revenue grew by 23% YoY, reflecting positive developments in various markets [24][26] Summary by Company Kuaishou Technology - 2Q25 topline growth of 13% YoY and adjusted net profit of RMB5.6 billion, beating consensus by 2% and 11% respectively [5][6] - AI strategies are enhancing monetization and efficiency, despite potential challenges in 2H25 [6][7] Bilibili Inc - 2Q25 revenue growth of 20% YoY met consensus, with adjusted operating profit exceeding expectations [9][12] - Anticipated sustainable profitability growth driven by diversified revenue streams [9][10] ZTO Express - Core express delivery revenue grew 11% YoY, but missed consensus by 1% [13][15] - Adjusted FY2025 parcel volume guidance reflects industry challenges [14] AAC Technologies - Revenue increased 18% YoY to RMB13 billion, with net income surging 62% [16][18] - Management's optimistic outlook for 2H25 suggests potential margin recovery [17] China Communications Services - 1H25 net profit increased by 0.2% YoY, with total revenue up 3.4% YoY [19][21] - Growth in non-telco and international sales indicates strong demand for digital infrastructure [20] BOC Aviation - Total revenue and other income rose 5.8% YoY, with core net profit increasing by 20% [22][23] - Attractive dividend yield and solid business model support investment thesis [22] MINISO Group - 2Q25 revenue growth of 23% YoY, exceeding guidance [24][26] - Positive developments in IP strategy and customer engagement [25]