Zhao Yin Guo Ji·2025-08-25 03:37Macro Commentary - The speech by Powell at the Jackson Hole central bank conference was more dovish than expected, interpreted by the market as a signal for a potential rate cut in September. However, two regional Fed presidents later tempered this optimism, indicating that the decision would depend on economic data [2][4]. - Inflation in the U.S. is expected to rebound in August, with a potential impact on the unemployment rate due to a decrease in immigrant labor. If inflation rises less than the unemployment rate, a rate cut in September is likely; otherwise, it may be postponed to October [2][4]. - The Fed is anticipated to cut rates again in December and potentially two more times in the following year [2][4]. Company Analysis Bilibili (BILI US) - Bilibili reported Q2 2025 earnings with total revenue of RMB 7.34 billion, a 20% year-on-year increase, meeting expectations. Adjusted net profit reached RMB 562 million, exceeding consensus estimates by 8% due to better-than-expected control of sales expenses [5]. - For Q3 2025, revenue growth is expected to slow to 4% year-on-year, primarily due to high base pressure from mobile gaming. However, advertising and value-added services are projected to remain resilient [5]. Weishijia (856 HK) - Weishijia's H1 2025 revenue grew by 14% to HKD 45.5 billion, driven by strong demand for AI computing, with cloud revenue increasing by 68% year-on-year. Net profit rose by 36% to HKD 649 million [5]. - The target price has been raised to HKD 14.2, reflecting the increased contribution from AI-related business [5]. CSPC Pharmaceutical Group (1093 HK) - CSPC reported H1 2025 total revenue of RMB 13.3 billion, with core revenue declining by 25% year-on-year. The management expects a rebound in product sales in H2 2025, with at least 5% quarter-on-quarter growth anticipated [6][7]. - The company has completed six external licensing deals since late 2024 and expects to finalize two more significant deals in H2 2025, each exceeding USD 5 billion [7][9]. Li Ning (2331 HK) - Li Ning's revenue for H1 2025 was RMB 14.8 billion, a 3% year-on-year increase, slightly above expectations. However, net profit fell by 11% to RMB 1.74 billion, reflecting challenges in retail sales and increased discounts [11][13]. - The company maintains its FY 2025 guidance, expecting stable sales growth and high single-digit net profit margins, despite pressures from inventory and promotional costs [10][11]. Binjiang Service (3316 HK) - Binjiang Service reported a 12.2% increase in net profit for H1 2025, with total revenue up 22.7%. The basic property management segment showed strong growth, benefiting from improved collection rates and property fee increases [14][16]. - The company aims to achieve a 70% dividend payout ratio and plans to pursue inclusion in the Hong Kong Stock Connect by FY 2026 [16]. Zhaosheng Microelectronics (300782 CH) - Zhaosheng Microelectronics reported Q2 2025 revenue of RMB 948 million, a 25% quarter-on-quarter increase but a 13% year-on-year decline, indicating ongoing weak demand and competitive pressures [17]. - The company has adjusted its revenue forecasts downwards for 2025 and 2026 due to persistent pricing pressures and lower-than-expected demand [17].