A股上市公司减持浪潮下，均胜电子选择大规模回购并注销，用真金白银向市场传递明确的价值信号。 近日，均胜电子发公告称，提前完成股份回购计划并正式启动注销程序。截至2025年7月29日，公司斥 资2.22亿元，累计回购股份1303.098万股，占总股本0.925%。 连续回购背后的预期差修复机会 此次回购并非孤立事件，而是均胜电子连续几次实施"回购+注销"组合操作。 不同于A股公司回购规模普遍较小且多用于股权激励，均胜电子此次选择注销式回购并形成连续性操 作，更加凸显公司长期投资价值。 回购+增持组合拳，提升股东价值 均胜电子此次回购计划展现了超强的执行力。 公司原计划在2024年12月23日至2025年12月22日的期限内完成回购，但实际从2025年1月22日首次实施 回购开始，短短半年内便完成了全额回购。 在回购期间，控股股东均胜集团及公司董事、高管同时宣布增持计划：均胜集团拟增持5000万元至1亿 元；董事及高管团队计划合计增持1000万元。此次回购资金结来源于农业银行宁波鄞州分行提供的专项 贷款及公司自有资金，与国家"股票回购增持再贷款"政策导向形成呼应。 与市场上多数公司保留回购股份用于股权激励不同，均 ...

长江商报消息 ●长江商报记者 黄聪 中国海油（600938.SH、00883.HK）持续大举在海外拓展，践行"以投资者为本"理念。 8月8日，中国海油宣布，圭亚那Yellowtail项目已提前投产。 据介绍，Yellowtail项目位于圭亚那Stabroek区块，该项目投产后，Stabroek区块总产能将提升至90万桶/ 天。 数据显示，截至2024年底，中国海油海外油气资产占油气总资产44.2%，海外净证实储量和净产量占比 分别为36.9%和32.2%。 近年来，中国海油还积极与股东共享发展成果。三年，公司累计现金分红约1777亿元。 中国海油表示，公司将未来三年的股息支付率下限提高5个百分点，坚持每年两次分红，原则上均使用 现金分红方式，为股东提供具有竞争力的分红回报。 海外净证实储量占36.9% 我国海上首个高温高压低渗天然气开发项目投产，我国自主研发3000米级超深水海管应急回收装置投 用…… 连日来，中国海油不断传来喜讯，在国外拓展也获得好消息。8月8日，公司宣布，圭亚那Yellowtail项 目已提前投产。 据介绍，Yellowtail项目位于圭亚那Stabroek区块，水深1600米至2100米 ...

Core Viewpoint - The performance of Swire Properties in 1H25 met market expectations, with a revenue increase of 20% year-on-year to HKD 8.72 billion, while the recurring net profit attributable to shareholders decreased by 4% to HKD 3.42 billion, but increased by 15% to HKD 4.42 billion when considering asset disposal gains [1][2] Financial Performance - Revenue for 1H25 rose by 20% to HKD 8.72 billion - Recurring net profit attributable to shareholders decreased by 4% to HKD 3.42 billion - Basic profit attributable to shareholders increased by 15% to HKD 4.42 billion, aligning with market expectations - Interim dividend declared at HKD 0.35 per share, a 3% increase year-on-year, corresponding to a current dividend yield of 1.66% [1] Operational Highlights - Retail sales in mainland shopping centers improved, with a 1% year-on-year increase in 1H25, compared to a decline of 7% in 1H24 - Notable retail sales growth in Shanghai Taikoo Hui (+14%) and Beijing Sanlitun Taikoo Li (+7%) - Rental income from mainland shopping centers increased by 2% to HKD 2.27 billion in 1H25 - Hong Kong office rental income decreased by 5% to HKD 2.46 billion, with an occupancy rate of 88% [1][2] Asset Disposal and Financial Strategy - The company recorded asset disposal gains of HKD 1 billion in 1H25, primarily from the Miami shopping center and adjacent land, with a total consideration of up to USD 760 million - The net debt ratio remained stable at 15.7% compared to the end of 2024 [2] Investment Plans - The company has a HKD 100 billion investment plan, with HKD 50 billion allocated to the mainland market, of which HKD 46 billion is already earmarked - Upcoming projects include the phased opening of Guangzhou Julong Bay Taikoo Li by the end of 2025, the opening of Sanya Taikoo Li in 2026, and the completion of Xi'an Taikoo Li in 2027 [2] Shareholder Returns and Financial Safety - The company reiterated its guidance for a mid-single-digit annual growth in dividends, supported by asset disposals and residential sales - The company has confirmed or planned asset disposals for the second half of the year, including the Miami site and the sale of the 43rd floor of the Eastern Island Center [2] Earnings Forecast and Valuation - Earnings forecasts remain largely unchanged, with expected recurring net profit for 2025 and 2026 projected to decrease by 5% and increase by 17% to HKD 6.17 billion and HKD 7.20 billion, respectively [2] Rating and Target Price - The company maintains an outperform rating with a target price of HKD 23.8 per share, implying a 30% target NAV discount and a 4.8% target dividend yield for 2025, indicating a 13% upside potential [3]

Core Viewpoint - Lexin will distribute a dividend of $0.194 per ADS on September 15, 2025, representing 25% of its net profit for the first half of the year, with a significant increase of approximately 76% compared to the previous dividend of $0.11 per ADS in the second half of 2024, driven by improved quarterly performance [1] Financial Performance - In Q2 2025, Lexin reported revenue of 3.59 billion yuan, a quarter-on-quarter increase of 15.6%, and a net profit of 511 million yuan, reflecting a quarter-on-quarter growth of 19% and a year-on-year increase of 126%, marking the highest performance in 14 quarters [1] Shareholder Returns - Starting from the second half of 2025, the company's dividend payout ratio will increase from 25% to 30% of net profit [1] - Lexin announced a $50 million stock repurchase plan and CEO Xiao Wenjie’s personal investment of $10 million, indicating a commitment to enhancing shareholder returns [1] - The management emphasized the importance of shareholder returns and plans to explore various ways to create value for shareholders as profits continue to grow [1]

Core Viewpoint - Lexin is set to distribute a dividend of $0.194 per ADS for the first half of 2025, reflecting a 76% increase from the previous dividend of $0.11 per ADS for the second half of 2024, driven by improved quarterly performance [1] Financial Performance - In Q2 2025, Lexin reported revenue of 3.59 billion yuan, a quarter-on-quarter increase of 15.6% [1] - The net profit for Q2 2025 was 511 million yuan, showing a quarter-on-quarter growth of 19% and a year-on-year increase of 126%, marking a new high in 14 quarters [1] Shareholder Returns - Starting from the second half of 2025, the dividend payout ratio will increase from 25% to 30% of the semi-annual net profit [1] - The company announced a $50 million stock repurchase plan and CEO Xiao Wenjie’s personal investment of $10 million, indicating a commitment to enhancing shareholder returns [1] - Lexin's management emphasized the importance of shareholder returns and plans to explore various ways to create value for shareholders as profits continue to grow [1]

Core Viewpoint - Lexin will distribute a dividend of $0.194 per ADS on September 15, 2025, representing 25% of its net profit for the first half of the year, with a significant increase of approximately 76% compared to the previous dividend of $0.11 per ADS [1] Financial Performance - In Q2 2025, Lexin reported revenue of 3.59 billion yuan, a quarter-on-quarter increase of 15.6% [1] - The net profit for Q2 2025 was 511 million yuan, reflecting a quarter-on-quarter growth of 19% and a year-on-year increase of 126%, marking the highest profit in 14 quarters [1] Shareholder Returns - Starting from the second half of 2025, the dividend payout ratio will increase from 25% to 30% of the semi-annual net profit [1] - The company announced a $50 million stock repurchase plan and CEO Xiao Wenjie’s personal investment of $10 million, indicating a commitment to enhancing shareholder returns [1] - Lexin's management emphasized the importance of shareholder returns and plans to explore various methods to create value for shareholders as profits continue to grow [1]

Core Viewpoint - Yum China has reported its financial results for the period ending June 30, 2025, highlighting its operational strategies and outcomes in a competitive market environment. The CEO emphasized that the company will not pursue market share through excessive spending on sales [1]. Financial Performance - For the first half of 2025, Yum China's revenue reached $5.768 billion, reflecting a 2% year-over-year increase. The second quarter revenue was $2.787 billion, up 4% from the previous year [5]. - The operating profit for the first half of 2025 was $703 million, a 10% increase compared to $640 million in the same period of 2024 [5]. - Net profit for the first half of 2025 was $546 million, a 2% increase from $535 million in the same period of 2024 [5]. Business Expansion - Yum China plans to add approximately 1,600 to 1,800 new stores by 2025, with KFC and Pizza Hut franchise stores expected to account for 40%-50% and 20%-30% of the new openings, respectively [3]. - The company has adjusted its capital expenditure forecast for fiscal year 2025 to between $600 million and $700 million, benefiting from reduced single-store investment costs [3]. Shareholder Returns - Yum China is expected to return $30 billion to shareholders between 2025 and 2026, following an initial $15 billion return in 2024 [3]. - Citibank's analysis suggests that Yum China's management may significantly reduce cash returns to shareholders, with free cash flow expected to drop from twice the shareholder return ratio in 2024-2026 to equal by 2027 [1]. Brand Performance - KFC, as a core brand, reported a revenue of $4.342 billion for the first half of 2025, a 2% increase year-over-year, with 12,238 stores as of June 30, 2025 [5]. - Pizza Hut generated $1.149 billion in revenue for the first half of 2025, marking a 1% increase, with operating profit rising by 22% to $106 million [6]. Management Changes - Yum China appointed Weizhe Wei, founder and chairman of Jia Yu Capital, to its board, bringing extensive management experience from Alibaba and other sectors [3].

Core Viewpoint - China Tower reported a stable performance in 1H25 with slight revenue growth and improved net profit, while maintaining a healthy dividend payout to enhance shareholder returns [1][3]. Financial Performance - 1H25 revenue increased by 2.8% YoY to RMB49.6 billion, slightly below BBG consensus of RMB49.7 billion [1] - Net profit rose by 8.0% YoY to RMB5.8 billion, exceeding BBG consensus of RMB5.7 billion [1] - EBITDA for 1H25 grew by 3.6% YoY to RMB34.2 billion, with an EBITDA margin of 69.0% [1] - Free cash flow declined by 14.7% YoY to RMB16.3 billion, but cash flow from operations grew by 172% HoH [1] Business Segments - Tower revenue, accounting for 76% of 1H25 revenue, remained stable at RMB37.8 billion [2] - DAS and Two Wings businesses achieved double-digit growth, with revenues of RMB4.7 billion (+12% YoY) and RMB13.4 billion (+15% YoY) respectively [2] - Anticipated overall revenue for 2025 is projected at RMB100 billion, reflecting a 3% YoY increase [2] Shareholder Returns - The Company declared a mid-term dividend of RMB0.13 per share for 1H25, marking a 21.6% increase YoY [3] - The full-year dividend per share for 2024 was RMB0.42, representing an 11.5% increase YoY and a payout ratio of 76% [3] Outlook and Valuation - The Company maintains a HOLD rating with a target price adjusted to HK$13.1, based on a 4.0x FY25E EV/EBITDA [4][5] - Limited topline and EBITDA upside is expected, with estimates of 2.7% and 3.1% YoY growth in 2025E [4]

Core Viewpoint - Yantai Jereh Petroleum Service Group Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, despite facing challenges in the oil and gas industry due to fluctuating oil prices [1][2] Group 1: Financial Performance - The company achieved operating revenue of 6.901 billion yuan, a year-on-year increase of 39.21% [1] - Net profit attributable to shareholders reached 1.241 billion yuan, reflecting a year-on-year growth of 14.04% [1] - Revenue from natural gas-related businesses surged by 112.69%, with new orders increasing by 43.28% [1] Group 2: Business Segments - The high-end equipment manufacturing segment saw a revenue increase of 22.42% [1] - The oil and gas engineering and technical services segment experienced a remarkable revenue growth of 88.14% [1] - The synergy between the oil and gas engineering services and high-end equipment manufacturing has strengthened the company's growth momentum [1] Group 3: International Expansion and Market Strategy - The company accelerated overseas capacity construction, achieving overseas market revenue of 3.295 billion yuan, a year-on-year increase of 38.38% [2] - New orders from overseas markets grew by 24.16%, indicating strong growth momentum [2] Group 4: Shareholder Returns - The company has initiated a share repurchase plan for 2025 and is progressing steadily [2] - The total cash dividend for the 2024 fiscal year reached 829 million yuan, with a dividend payout ratio of 31.57% [2] - A proposed cash dividend of 1.5 yuan per 10 shares (including tax) is expected to distribute 153 million yuan (including tax) to shareholders [2]

Core Viewpoint - Midea Group is demonstrating strong commitment to shareholder returns through significant share buybacks and high dividend payouts, reflecting management's confidence in the company's long-term intrinsic value [1][2][3]. Share Buyback and Capital Management - On July 31, Midea Group announced a share buyback of approximately 300 million yuan, acquiring 4.27 million A-shares, contributing to a total buyback expenditure of over 3.6 billion yuan for 50 million shares this year, ranking among the top three A-share companies in terms of buyback volume [1][3]. - The company plans to use over 70% of the buyback funds for share cancellation, which is expected to enhance earnings per share and is a common method of market capitalization management [1][3]. Dividend Policy and Shareholder Returns - Midea Group has a strong history of shareholder returns, having distributed a total of 1,342 billion yuan in cash dividends since its listing in 2013, with a notable dividend of 35 yuan per 10 shares for the 2024 fiscal year, representing 69.31% of the net profit [3][4]. - The company has committed to a dividend payout ratio of no less than 60% for the years 2025-2027, with a current dividend yield close to 5%, indicating a comprehensive return rate that could exceed 7% when combined with potential buyback returns [4]. Financial Performance and Growth Potential - Midea Group reported a 20.5% year-on-year increase in revenue for Q1, reaching 127.84 billion yuan, and a 38% increase in net profit attributable to shareholders, amounting to 12.42 billion yuan, surpassing market expectations [5][6]. - The company is successfully transitioning towards B2B solutions, with significant revenue growth in sectors such as new energy and industrial technology, which saw a 45% increase, and smart buildings, which grew by 20% [5][6]. International Expansion - Midea Group is enhancing its international presence, having recently launched its first overseas automotive parts factory in Mexico and completed the acquisition of Spain's Teka Group, further solidifying its global footprint [6]. - The company operates 23 overseas production bases in countries like Brazil and Egypt, which are expected to provide continuous growth momentum for its global expansion strategy [6]. Market Outlook - With the upcoming mid-year report expected to reflect strong performance, Midea Group's combination of growth and dividend attributes positions it as a unique investment opportunity in the current market environment [7].