Core Viewpoint - The article discusses the significant market volatility following the mid-year earnings disclosures of Hong Kong-listed companies, highlighting the mixed performance and reactions of various firms in the market [1][13]. Group 1: Company Earnings Reports - On August 6, companies such as BeiGene, Cathay Pacific, and Uni-President China released their mid-year earnings, while others like Mifeng and Lepu Biopharma provided earnings forecasts [2]. - Cathay Pacific reported a revenue of HKD 54.309 billion for the first half of 2025, a year-on-year increase of 9.5%, and a net profit attributable to shareholders of HKD 3.651 billion, up 1.1% [4]. - BeiGene achieved total revenue of RMB 17.518 billion in the first half of 2025, marking a 46.0% year-on-year growth, and reported a net profit of RMB 450 million, indicating its first half-year profit [7]. Group 2: Market Reactions - Following the earnings announcements, Cathay Pacific's stock fell sharply, dropping 9.66% on August 6 and continuing to decline by 2.58% on August 7 [6]. - BeiGene's stock experienced a slight opening increase but fluctuated, with a drop exceeding 3% during the trading session [9]. - Lepu Biopharma's stock fell over 8% after announcing a projected net profit of at least RMB 24 million for the six months ending June 30, 2025, compared to a net loss of approximately RMB 197 million in the same period last year [9]. Group 3: Market Outlook - The article notes that the peak period for earnings disclosures in Hong Kong is approaching, with companies that report below expectations likely to face selling pressure [14]. - According to CITIC Securities, the overall revenue growth of the Hang Seng Index is expected to rise significantly year-on-year, although profit growth may moderate [14]. - China Galaxy Securities anticipates that the Hong Kong stock market may experience a volatile upward trend in the second half of 2025, supported by various policies and a relatively low valuation compared to global equity markets [15].
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