1H25海外中资股财报分析：总量企稳，内部分化，亮点突出

Group 1 - Revenue is stabilizing with a slight decline, while profit is improving, particularly in new consumption and technology hardware sectors. In 1H25, non-financial overseas Chinese stocks saw revenue decline by 1% year-on-year, while profit increased by 9% [1][10][11] - Low inflation continues to drag on revenue, but cost reduction is driving profit improvement. The revenue growth rate remains low, but is expected to recover to around 7% in 2025-2026 as the price cycle stabilizes [2][20][21] - Net profit margin improvement is leading to a slight increase in ROE. In 1H25, ROE for non-financial overseas Chinese stocks rose to 9%, driven by improved net profit margins and reduced costs [3][29][36] Group 2 - Signs of improvement in the internal competition of certain cyclical products are emerging. Some sectors, such as chemicals and white goods, show signs of reduced internal competition, while others like coal and logistics are experiencing increased competition [4][41][43] - Capex growth is rebounding, with a significant increase of 12% year-on-year in 1H25. The automotive, new consumption, and internet sectors are leading this growth, while real estate and technology hardware are seeing declines [5][45][46] - Cash flow is improving, and dividend payouts are expanding. In 1H25, cash holdings for non-financial overseas Chinese stocks reached a new high of 7.4 trillion RMB, with dividend payments totaling 876.1 billion RMB, a 3% increase year-on-year [6][56][60] Group 3 - Industry comparisons indicate varying trends in revenue and profit expectations. Key sectors such as technology hardware and new consumption are expected to see upward revisions in revenue and profit forecasts, while others like real estate are under pressure [7][63][64] - Specific focus areas for investment include internet and technology hardware sectors, particularly in overseas computing hardware and e-commerce leaders, as well as new consumption sectors like jewelry and cosmetics [7][63][65]