Core Viewpoint - Lingxiong Technology (02436.HK) expects to achieve a net profit of no more than 5 million yuan in the first half of 2025, a significant improvement compared to a net loss of approximately 40.6 million yuan in the same period of 2024 [1] Group 1: Financial Performance - The expected turnaround from loss to profit is primarily attributed to the continuous expansion of service scale, with revenue expected to increase by at least 150 million yuan compared to approximately 943 million yuan in the same period of 2024 [1] - The company aims to implement refined cost management measures and process optimization across various business segments, resulting in a reduction of total operating expenses by at least 20 million yuan compared to approximately 139 million yuan in the same period of 2024 [1]

格隆汇8月14日丨凌雄科技(02436.HK)发布公告，集团预计截至2025年6月30日止六个月将录得不超过人 民币5.0百万元的净利润，较2024年同期约人民币40.6百万元的净亏损显著改善。 本期间显著由亏转盈主要(i)得益于集团持续拓展服务规模，本期间收入较2024年同期的约人民币942.6 百万元相比增加不少于人民币150.0百万元；及(ii)在各业务板块推动精细化费用管理措施及流程优化， 并通过数字化提升运营效率，从而实现本期间合计运营费用较2024年同期约人民币138.9百万元相比减 少不少于人民币20.0百万元。董事会及公司管理层对集团的业务发展及长期前景保持信心，并将致力于 在这积极势头的基础上，实现可持续增长，为股东及公司其他持份者创造持久价值。 ...

7月份，国信证券发布公告称，自2025年8月1日起，正式关闭大庆龙政路、大同永泰南路等9家营业部。 日前，国信证券发布公告称，将于9月5日起正式关闭吉林市解放大路证券营业部、牡丹江太平路证券营业部、佛山三水证券营业部、长治解放西街证券营业 部、岳阳大道证券营业部、汉中北团结街证券营业部、瑞安罗阳大道证券营业部、乐山春华路证券营业部、佛山南海永胜西路证券营业部、厦门金钟路证券 营业部、青岛长江中路证券营业部、深圳罗湖宝安北路证券营业部等12家营业部。 在投资者调研会议上，国信证券表示，该公司经纪业务股基份额市场占比、代理买卖证券业务净收入市场占比均持续提升，2024年，经纪客户股基成交金额 占全市场2.75%。开户数量、质量逐年提升。该公司坚持新增、存量两手抓，尤其是发挥互联网方式，提升展业效率、推动线下网点转型，将继续加大数字 化运营与投入，以满足更多客户的需求。 此前，国信证券发布了2025年上半年的业绩预告，预计上半年实现归母净利润47.8亿元-55.3亿元，同比增长52%-76%。 对于上半年的业绩增长，国信证券表示，该公司各项主要业务发展良好，自营投资业务收入及经纪业务手续费净收入等主要业务收入相比上 ...

Investment Rating - The investment rating for Yum China (09987.HK) is "Buy" [5] Core Views - The company reported a revenue of $2.787 billion in Q2 2025, a year-on-year increase of 4%, and a net profit of $215 million, also up by 1%. The core operating profit reached $303 million, reflecting a 14% increase year-on-year [1] - The company has successfully expanded its store network, achieving a total of 16,978 stores by Q2 2025, with KFC and Pizza Hut stores numbering 12,238 and 3,864 respectively. The net addition of 336 stores in Q2 2025 included 295 KFC stores, of which 119 were franchised [1][2] - Same-store sales showed positive growth, with overall same-store sales increasing by 1%, KFC same-store sales up by 1%, and Pizza Hut same-store sales rising by 2% [2] Summary by Sections Financial Performance - In Q2 2025, the restaurant profit margin was 16.1%, an increase of 0.6 percentage points year-on-year. KFC's profit margin was 16.9%, up by 0.7 percentage points, while Pizza Hut's profit margin was 13.3%, up by 0.1 percentage points [2] - The operating profit margin reached a new high of 10.9%, reflecting a year-on-year increase of 1 percentage point, driven by improved restaurant profit margins and reduced management expenses [2] Sales and Growth - The company experienced a significant increase in delivery sales, which rose by 22% year-on-year, accounting for 45% of restaurant revenue. KFC and Pizza Hut's delivery sales increased by 25% and 15% respectively [3] - Digital orders contributed $2.4 billion, representing 94% of restaurant revenue, with a year-on-year increase of 4 percentage points [3] Store Expansion and Innovation - The company has innovated its store formats, with over 1,300 KFC Coffee locations opened, and the annual opening target for KFC Coffee increased from 1,500 to 1,700. Pizza Hut's new WOW store format has expanded to over 200 locations since its launch in May 2024 [4] - Capital expenditure targets have been adjusted downwards, with the 2025 target reduced from $700-800 million to $600-700 million due to lower investment costs per store [4] Shareholder Returns - In H1 2025, the company returned $536 million to shareholders, including $356 million in stock buybacks and $180 million in cash dividends. The total expected shareholder return for 2025 is at least $1.2 billion [4]

中国银行业协会日前发布的《中国银行卡产业发展蓝皮书（2022）》（以下简称《蓝皮书》）显 示，我国银行卡新增发卡量逐年放缓，但交易规模显著回升，整体风险趋于缓和。值得注意的是，在卡 量增速放缓的同时，各家银行纷纷发力，依托金融科技，多角度挖掘细分客群消费需求，为精细化经营 提供指导方向，提升数字化运营效能，改善客户体验。 存量市场挖掘成重中之重 《蓝皮书》显示，近年来我国银行卡新增发卡数量增速放缓。截至2021年末，我国银行卡（包括信 用卡和储蓄卡）累计发卡量92.5亿张，当年新增发卡量2.7亿张，同比增长3.0%，增速逐年放缓。 业内人士认为，数据表明，目前银行信用卡市场已经进入"存量"时代。信用卡资深专家董峥表示， 目前的新增发卡速度放缓是一种行业相对饱和的现象，表明行业已逐渐转变为买方市场。"不过，信用 卡的实质是个人消费信贷，对这种信贷的需求始终存在，只是目前的产品定制化程度存在不足，未来进 一步挖掘客户需求的空间仍存。" 万事达卡近日发布《银行业个性化用户经营专题思想领导力研究》报告指出，多重因素推动银行对 个性化用户经营日益重视。51%的银行受访者表示已在App、小程序等移动端私领域流量触点完全实 ...

Core Insights - The Hong Kong IPO market is seeing new entrants in the tea beverage sector, with companies like Mixue Ice City and Gu Ming Holdings filing for IPOs, joining Sichuan Baicha Baidao, which has also applied for listing [1] - As of Q3 2023, Mixue Ice City reported revenues of 15.393 billion yuan and profits of 2.453 billion yuan, while Gu Ming reported revenues of 5.571 billion yuan and profits of 1.002 billion yuan, indicating a competitive landscape in the tea beverage sector [1] - Both companies are focusing on enhancing their supply chain capabilities and digitalization as part of their fundraising plans [1] Supply Chain Focus - Mixue Ice City plans to use part of its fundraising to expand its end-to-end supply chain, including building new facilities for frozen fruits, coffee, syrups, and other products [2] - The company has established five production bases covering various food categories, with an annual production capacity of approximately 1.43 million tons as of September 30, 2023 [2] - Gu Ming aims to enhance its supply chain management and logistics capabilities, planning to invest in new refrigerated warehouses and smart storage facilities over the next 3-5 years [3] Store Expansion - The rapid expansion of store numbers is a key strategy for new tea beverage brands, with Mixue Ice City increasing its store count from 20,001 to 36,153 (including overseas) from the end of 2021 to September 30, 2023, a growth rate of over 80% [4] - Gu Ming's store count grew from 5,694 to 8,578 during the same period, achieving a growth rate of over 50% [4] Market Saturation and Competition - The new tea beverage market is becoming saturated as more brands adopt franchise models, with notable competitors like Heytea and Lele Tea also entering the franchise space [5] - The market size for new tea beverages is projected to reach 149.8 billion yuan in 2023, with growth rates expected to decline significantly compared to pre-pandemic levels [5] Consumer Trends and Health Concerns - The industry is facing challenges related to health perceptions, particularly concerning ingredients like "plant-based creamers," which have raised consumer concerns about health [9] - Both Mixue Ice City and Gu Ming are aware of these health concerns and are adapting their product offerings to meet consumer demands for healthier options [10] Diversification and International Expansion - Mixue Ice City is expanding into the coffee market, with its coffee brand "Lucky Coffee" already having around 2,900 stores as of Q3 2023 [10] - Gu Ming plans to diversify its product offerings to include more coffee options, capitalizing on the similarities in consumer demographics between tea and coffee drinkers [11] - Both companies are looking to expand internationally, with Mixue Ice City already operating approximately 4,000 stores in 11 countries and planning to establish a multifunctional supply chain center in Southeast Asia [12]

Group 1: Industry Overview - The company expects to achieve a net profit of 360-380 million yuan in the first half of 2025, representing a year-on-year growth of 28.57%-35.71% [1] - The growth in the catering sector's revenue is recovering from a low point in the second half of 2024, driven by macro policies and the issuance of consumption vouchers [1] - The overall growth rate of catering revenue is weaker than that of social retail, influenced by the "Eight Regulations," leading to a structural differentiation trend [1] Group 2: Company Performance - The main reasons for the net profit growth include optimizing operational efficiency, strict cost control, and refined management practices [2] - The company has established a standardized operational management system across various functions, enhancing operational capabilities through information technology and a self-built cold chain logistics supply chain [2] - Recent initiatives include the launch of a high-speed train branding campaign and the renovation of the first store in Hong Kong, marking significant steps in brand expansion [2] Group 3: Investment Outlook - The company is well-positioned to accelerate its layout around globalization, digitalization, and sustainability, with plans to deepen its presence in existing cities and enter new markets [3] - The company is expected to achieve net profits of 701 million, 845 million, and 1.021 billion yuan from 2025 to 2027, with corresponding PE ratios of 15.51, 12.86, and 10.65 [3] - The company's positioning aligns with current consumer trends in the catering industry, suggesting potential for growth amid industry recovery [3]

Core Viewpoint - China Life Insurance Company emphasizes high-quality development while navigating opportunities and challenges, focusing on its core mission of serving the public and enhancing value through reform and risk management [1][22]. Group 1: Financial Performance - In 2024, China Life achieved total premiums of 6714.57 billion yuan, a year-on-year increase of 4.7% [2]. - The company reported a net profit attributable to shareholders of 1069.35 billion yuan, marking a significant year-on-year growth of 108.9% [2]. - Total investment income reached 3082.51 billion yuan, reflecting a substantial increase of 150.4% year-on-year [16]. Group 2: Business Development - The first-year premium income was 1190.77 billion yuan, with a notable 14.3% increase in premiums for policies with a term of ten years or more [3]. - The company maintained a leading sales force of 666,000 agents, with significant improvements in productivity [3][6]. - The individual insurance channel generated total premiums of 5290.33 billion yuan, up 5.5% year-on-year [5]. Group 3: Asset Management - As of December 31, 2024, total assets and investment assets exceeded 60 trillion yuan, reaching 67.7 trillion yuan and 66.1 trillion yuan, respectively [4]. - The company's core solvency ratio stood at 153.34%, indicating strong financial stability [4]. Group 4: Marketing and Distribution - The company is actively transforming its marketing system, focusing on value creation and optimizing business structure [5][6]. - The bancassurance channel achieved total premiums of 762.01 billion yuan, with a significant contribution from renewal premiums [8]. Group 5: Innovation and Digital Transformation - China Life is advancing its digital financial practices, enhancing data management and operational efficiency [19][20]. - The company launched over 100 new or upgraded products in 2024 to meet evolving market demands [13]. Group 6: Social Responsibility and Customer Service - The company is committed to supporting a multi-tiered healthcare system and has actively developed various health insurance products [9][14]. - Customer service initiatives have been enhanced, with a focus on providing comprehensive and accessible services [21]. Group 7: Future Outlook - Looking ahead to 2025, China Life aims to maintain a focus on core functions and value creation while fostering transformation and solidifying its market position [22].

无独有偶，在今年3月，饿了么就宣布启动"优店腾跃计划"，在2025年，向商家投入超过10亿元，在费 率优惠、专项补贴、专属流量、数字化运营服务和硬件设施以及AI技术能力等多方面，助力餐饮商家 提升数字化经营能力、收获新渠道生意增量。6月16日，饿了么升级"优店腾跃计划"，再投入逾10亿 元，提供新店扶持，进一步吸引连锁品牌与中小餐饮商家入驻。 在今年5月、7月，市场监管总局等五部门约谈京东、美团、饿了么等平台，引导行业合法规范经营，公 平、理性竞争，构建多方共赢生态。8月1日，多个外卖行业平台接连在自己官方社交媒体发文表态，倡 导良性竞争。 近日，美团宣布，面对近期餐饮行业竞争加剧的情况，正式启动中小商户发展扶持计划，向中小商户发 放助力金，支持更多餐饮小店实现稳定增长。计划在此前助力金的基础上，进一步追加现金和补贴投 入，重点支持长期经营、复购高、口碑好的中小餐饮商户。预计到今年年底，美团助力金将新增覆盖超 10万家餐饮小店，单店助力金最高5万元。 现在，外卖平台则从单纯"抢用户"转向"谁能为商家创造更大价值"的良性的、深层次的竞争。在供给 端，通过补贴、技术驱动等方式，鼓励商家在产品、品牌、运营等方面，发 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7] Core Insights - The company achieved a revenue of 3.24 billion yuan in H1 2025, representing a year-on-year growth of 22% [2] - The significant growth in performance is driven by dual engines: the introduction of various combo products that match seasonal consumption scenarios and a substantial increase in sales to corporate clients, which grew by 125.1% year-on-year [2][4] - The company is committed to shareholder value, with a dividend payout ratio exceeding 80% for 2024 and approximately 100% for H1 2025, indicating a strong focus on shareholder interests [2] Revenue and Profitability - In H1 2025, the company reported a core operating net profit margin of 5.9%, an increase of 1.2 percentage points year-on-year, reflecting improved profitability through product structure optimization and organizational efficiency [3] - The gross profit margin for H1 2025 was 22.1%, with a slight year-on-year decline of 0.7 percentage points due to increased sales costs outpacing revenue growth [3] Business Structure and Growth - Revenue from franchise sales grew by 11.0% year-on-year, reaching 2.6 billion yuan, while non-franchise sales surged by 125.1% to 560 million yuan, enhancing the diversity of the overall revenue structure [4] - The company’s self-built supply chain and the release of capacity from seven owned factories have significantly contributed to the rapid growth in the B2B sales segment [4] Financial Forecast and Valuation - The company is expected to achieve revenues of 7.48 billion yuan, 8.34 billion yuan, and 9.30 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits projected at 414 million yuan, 474 million yuan, and 550 million yuan [5][11] - The company is transitioning from scale expansion to refined operations, with a strong supply chain barrier and the opening of a second growth curve in the B2B business [5]