Core Viewpoint - Postal Savings Bank of China (PSBC) is focusing on maintaining a balanced approach to credit issuance while enhancing its profitability and risk management strategies, alongside a commitment to stable dividend policies and innovative financial services [1][2][3][4][5][6]. Group 1: Financial Performance - In the first half of the year, PSBC's deposits exceeded 16 trillion yuan, reaching 16.11 trillion yuan, a growth of 5.37%, with corporate deposits increasing by 229.62 billion yuan, or 13.86% [3]. - The bank's net interest margin stood at 1.70%, maintaining a leading position in the industry [3]. - PSBC's credit growth rate was 10.1%, outperforming the industry average of 7.1%, attributed to enhanced service capabilities and targeted marketing strategies [3]. Group 2: Risk Management and Credit Strategy - The bank emphasizes a balanced approach to credit issuance, focusing on both quantity and quality, while addressing challenges in retail loans through improved risk control standards [4]. - PSBC has halted high-interest auto loan products, prioritizing risk-adjusted returns on capital (RAROC) for various loan types [4]. - The bank is leveraging its strengths in county markets to support local industries and agricultural enterprises [3]. Group 3: Dividend Policy - PSBC has maintained a stable dividend payout ratio of 30% since 2018, with total dividends exceeding 170 billion yuan since its H-share listing [5]. - For the current year, the bank plans to distribute a mid-year dividend of 14.772 billion yuan (including tax), with a commitment to a sustainable dividend policy [5]. Group 4: Consumer Loan Services - The introduction of a fiscal subsidy policy for personal consumption loans is expected to positively impact the bank's consumer loan business, reducing credit costs for residents [6]. - PSBC is enhancing its operational capabilities to provide rapid loan approvals, aiming to meet real housing loan demands and expand its consumer loan offerings [7]. - The bank plans to focus on high-potential urban areas and quality channels for housing loans while improving customer acquisition for non-housing consumer loans [7].

Core Points - The company plans to distribute a cash dividend of 0.15 yuan per share to all shareholders, with no stock dividends or capital reserve transfers [1] - Total assets at the end of the reporting period reached approximately 45.21 billion yuan, an increase of 12.22% compared to the previous year [1] - Operating revenue for the reporting period was approximately 17.59 billion yuan, reflecting a year-on-year increase of 16.05% [1] - Total profit for the period was approximately 2.15 billion yuan, showing a decrease of 12.26% compared to the previous year [1] - Net profit attributable to shareholders was approximately 1.83 billion yuan, down 11.06% from the previous year [1] - The weighted average return on net assets was not specified in the provided data [1] Company Overview - The company is listed on the Shanghai Stock Exchange under the stock code 601058, previously known as Sailun Jinyu [1] - The company’s office is located at No. 43 Zhengzhou Road, Qingdao [1] - The total number of shareholders at the end of the reporting period was 66,087 [1] Shareholder Information - Major shareholders include: - Ruiyuan Dingshi Investment Co., Ltd. holding 15.65% of shares, with 198.6 million shares pledged [2] - Yuan Zhongxue holding 6.83% of shares, with 76.69 million shares pledged [2] - Other significant shareholders include Hong Kong Central Clearing Limited and Xinhua Lian Holdings [2]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - In the first half of 2025, the company achieved a revenue of 2.18 billion yuan, a year-on-year increase of 3.6%, and a net profit attributable to shareholders of 190 million yuan, a year-on-year increase of 17% [5]. - The domestic home textile business showed steady recovery, with a revenue increase of 7% and profit growth of 19%, while the U.S. furniture business experienced an 8% decline in revenue and an expanded loss [6][10]. - The company plans to distribute a cash dividend of 0.2 yuan per share, corresponding to a payout ratio of 90% for the first half of the year [5]. Revenue Performance - The company's revenue from the home textile business accounted for 82% of total revenue, with a year-on-year increase of 6.5%, while the U.S. furniture business accounted for 18% with a decline of 7.8% [6]. - Online sales grew by 18.3%, while franchise and other channels saw mixed results [6]. Profitability and Margins - The gross margin for the first half of 2025 improved by 1.1 percentage points to 47.8%, with the domestic home textile business gross margin at 51.4% [8]. - The operating cash flow improved significantly, reaching 380 million yuan, a year-on-year increase of 28.9% [9]. Store Network - As of June 2025, the company had a total of 2,523 stores, a net decrease of 115 stores from the beginning of the year [7]. Future Outlook - The report anticipates a gradual improvement in the domestic retail environment, which could enhance the company's performance, particularly in the franchise business [10]. - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 510 million, 610 million, and 700 million yuan, respectively [10].

Major Events - Chip Microelectronics plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [4] - Yongji Co. is planning to acquire control of Nanjing Tena Fei Electronic Technology Co., with stock suspension effective from August 14, 2025 [5] - Ningde Times announced a mid-term cash dividend of 10.07 yuan per 10 shares, totaling 4.411 billion yuan, with the record date on August 19, 2025 [6][7] - Huakang Clean announced that its actual controller and chairman, Tan Pingtao, is under investigation and has been placed under detention [8] - Zhenlei Technology's controlling shareholder plans to transfer 8.3052 million shares, accounting for 3.88% of the total share capital [9] - *ST Tianmao intends to voluntarily terminate its listing on the Shenzhen Stock Exchange due to significant uncertainties [10] - *ST Baoshi's controlling shareholder plans to transfer shares to Ningxia Electric Power Investment Group [11] - Changcheng Military Industry may apply for stock suspension if its stock price continues to rise significantly [12] - Liangpinpuzi's controlling shareholder is involved in a lawsuit with a claim amounting to 1.023 billion yuan [13][14] - Zhengfan Technology plans to acquire 62.23% of Hanjing Semiconductor for 1.12 billion yuan [15] - Yitang Co. is suing Applied Materials for 99.99 million yuan over alleged infringement of core technology secrets [16] - ST Jinggu's subsidiary reported a loss of approximately 19 million yuan in inventory due to alleged misconduct by a former actual controller [17] Performance Overview - Tencent Holdings reported Q2 revenue of 184.504 billion yuan, a 15% year-on-year increase, with operating profit up 18% [18] - Hatou Co. achieved a net profit of 380 million yuan in the first half of 2025, a 233.08% increase year-on-year [19] Shareholding Changes - Anlu Technology announced that the National Integrated Circuit Industry Investment Fund and others plan to reduce their holdings by up to 3.25% [20] - Yandong Micro's shareholding by the National Integrated Circuit Fund decreased from 7.07% to 6.99% [21] - Baiwei Storage plans to reduce its holdings by up to 2% [22] - Lijun Co. announced plans for shareholders to reduce their holdings by up to 3% [23] - Delong Laser's controlling shareholder plans to reduce holdings by up to 2% [24] - Saiwei Microelectronics announced plans for shareholders to reduce their holdings by up to 1% [25]

Core Viewpoint - Lexin will distribute a dividend of $0.194 per ADS for the first half of 2025, representing 25% of its net profit for the period, with a significant increase compared to the previous dividend of $0.11 per ADS for the second half of 2024, which is an increase of approximately 76% [1] Summary by Category - **Dividend Announcement** - Lexin will conduct its dividend distribution on September 15, 2025, with a payout of $0.194 per ADS [1] - The upcoming dividend represents 25% of the company's net profit for the first half of 2025 [1] - **Comparison with Previous Dividends** - The current dividend amount shows a 76% increase from the $0.11 per ADS distributed in the second half of 2024 [1] - **Future Dividend Policy** - Starting from the second half of 2025, the company plans to increase its dividend payout ratio from 25% to 30% of its semi-annual net profit [1]

Group 1 - The article provides a list of companies listed on the Hong Kong stock market along with their dividend distribution dates and shareholder meeting dates [1][4][5] - Notable companies mentioned include China Railway, Green Town China, and Budweiser APAC, which are scheduled for dividend payments [4][5] - The document outlines various companies' actions regarding capital increases and dividend distributions, indicating ongoing corporate activities in the market [4][5]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6]. Core Views - The company has shown steady growth in new contracts signed in the first half of 2025, which will strongly support future performance [5]. - The total new contracts signed in the first half of 2025 amounted to 2.5 trillion yuan, a year-on-year increase of 0.9%. The construction business contributed 2.32 trillion yuan, up 1.7% year-on-year [5]. - The real estate business remains industry-leading despite a decline in contract sales, with a total of 174.5 billion yuan in sales, down 8.9% year-on-year [5]. - The company has a robust land reserve of 76.27 million square meters, with 5.2 million square meters acquired in the first half of 2025 [5]. - The company reported a revenue of 2.18715 trillion yuan in 2024, a decrease of 3.5%, and a net profit of 461.9 billion yuan, down 14.9% [5]. - The company has a high dividend yield of approximately 4.5%, with a dividend payout ratio of 24.3% in 2024, the highest since its listing [5]. - The company is expected to achieve earnings per share (EPS) of 1.16 yuan and 1.20 yuan for 2025 and 2026, respectively, corresponding to price-to-earnings (PE) ratios of 5.08 and 4.9 times [5]. Summary by Sections Company Overview - The company is a leading player in the global construction industry, demonstrating resilience during recent cyclical downturns in the real estate and construction sectors [5]. Financial Performance - The company’s first quarter of 2025 showed a revenue of 555.34 billion yuan, a year-on-year increase of 1.1%, and a net profit of 150.13 billion yuan, up 0.6% [5]. Market Position - The company’s real estate sales scale is industry-leading, and it is expected to further increase market share amid cyclical challenges [5].

Core Viewpoint - Hangzhou Bank reported its first half-year performance for 2025, achieving a revenue of 20.093 billion yuan and a net profit of 11.662 billion yuan, marking significant growth in both metrics compared to the previous year [1][2] Financial Performance - For the first half of 2025, Hangzhou Bank's revenue increased by 3.89% year-on-year, while net profit grew by 16.67% [1][2] - The bank's revenue for Q1 2025 was 9.978 billion yuan, up 2.22% year-on-year, and net profit was 6.021 billion yuan, up 17.3% [2] - In Q2 2025, the bank's revenue reached 10.115 billion yuan, marking the first time quarterly revenue exceeded 10 billion yuan [2] Loan and Asset Growth - As of June 2025, Hangzhou Bank's total loans reached 1,009.418 billion yuan, a 7.67% increase from the end of the previous year, marking the first time loans surpassed the 1 trillion yuan mark [1][6] - The bank's total assets grew to 2,235.595 billion yuan, a 5.83% increase year-on-year [6] - The bank's deposit total was 1,338.282 billion yuan, reflecting a 5.17% increase from the previous year [6] Asset Quality and Risk Management - Hangzhou Bank maintained a low non-performing loan (NPL) ratio of 0.76% as of June 2025, consistent with previous quarters [5][6] - The bank's core Tier 1 capital adequacy ratio and total capital adequacy ratio improved to 9.74% and 14.64%, respectively, up 0.89 and 0.84 percentage points from the end of the previous year [7] Shareholder Activity - Following a significant increase in stock price, China Life Insurance announced plans to reduce its stake in Hangzhou Bank, having already sold a portion of its shares [3][4] - In contrast, New China Life Insurance increased its holdings in Hangzhou Bank, acquiring over 329 million shares [4] Dividend Policy - Hangzhou Bank's dividend payout ratio reached a four-year high of 25.02% for 2024, with total cash dividends amounting to 4.229 billion yuan [8]

Core Viewpoint - Weichai Power Co., Ltd. has announced its 2024 dividend distribution plan, which includes a cash dividend of RMB 3.47 per 10 shares (tax included) for shareholders, while shares held in the company's repurchase account will not participate in the dividend distribution [1][4][5]. Dividend Distribution Plan - The total share capital of the company is 8,715,671,296 shares, from which 9,041,375 shares held in the repurchase account are excluded, resulting in 8,706,629,921 shares eligible for dividend distribution [1][4]. - The actual cash dividend amount for A shares is calculated as RMB 2,346,965,702.58, based on the formula: (6,772,631,296 shares - 9,041,375 shares) × 0.347 RMB/share [2][9]. - The cash dividend per share, after considering the total share capital, is RMB 0.3465367 (tax included) [2][9]. Tax Implications - For A-share shareholders who are QFII and RQFII, the actual cash dividend after tax is RMB 3.123 per 10 shares [5][7]. - Individual A-share shareholders holding shares for more than one year are exempt from personal income tax, while those holding for one year or less will have taxes calculated upon transfer of shares [6][7]. Record and Ex-Dividend Dates - The record date for dividend distribution is set for July 24, 2025, after the close of trading on the Shenzhen Stock Exchange [8]. Consultation Information - For inquiries regarding the dividend distribution, shareholders can contact the Capital Operations Department of Weichai Power Co., Ltd. at the provided address and phone numbers [10].

Group 1: Dividend Policy - The company actively returns value to shareholders through cash dividends and share buybacks, with a dividend payout ratio of 55% for the year 2024 [1] - Cumulative dividends since listing have reached nearly 35 billion [1] - A share buyback plan of 500 million to 1 billion will be launched in 2025 to enhance investor value [1][2] Group 2: Heavy Truck Industry Development - In the first half of the year, China's heavy truck market saw cumulative sales of approximately 530,000 units, a year-on-year increase of about 6% [3] - The company remains optimistic about the heavy truck industry's growth and will focus on enhancing product competitiveness and market expansion [3] Group 3: Electric Vehicle Trends - The penetration rate of new energy in heavy trucks, light trucks, and construction machinery is gradually increasing due to policy support and cost reductions [4] - The company plans to launch a full range of new energy power battery products by the end of 2024 and is leveraging its full industry chain advantages to meet market demands [4] Group 4: Large Bore Engine and Data Center Business - The company has benefited from strong industry demand, leading to robust sales of the M series large bore engines, particularly for data center applications [5] - The company aims to enhance its market share and profitability by focusing on technical performance, production capacity, and delivery efficiency [5]