Group 1: Electricity Consumption Growth - In July, China's total electricity consumption exceeded 1 trillion kilowatt-hours for the first time, reflecting strong economic activity, with a year-on-year growth of 8.6% [1] - The highest electricity load reached 1.508 billion kilowatts, an increase of 57 million kilowatts compared to last year's peak [1] - Urban and rural residential electricity consumption in July reached 203.9 billion kilowatt-hours, a significant year-on-year increase of 18% [1] Group 2: Economic Drivers of Electricity Demand - The third industry showed robust growth in electricity consumption, with a total of 1.13 trillion kilowatt-hours from January to July, marking a year-on-year increase of 7.8% [2] - The internet and related services sector saw a remarkable year-on-year growth of 28.2% in electricity consumption during the same period [2] - Hangzhou's digital economy led the charge with a 15.7% increase in electricity consumption in the information transmission, software, and IT services sector [2] Group 3: Electric Vehicle Impact - The charging and swapping service industry for electric vehicles experienced a significant year-on-year growth of 42.6% in electricity consumption from January to July [3] - The number of electric vehicle charging infrastructure units increased by 93.2% year-on-year, reaching 16.696 million by the end of July [3] - The penetration rate of new energy vehicles in China's passenger car market is expected to reach 56.7% in August, which is anticipated to further boost electricity consumption in the charging service sector [3]

Core Viewpoint - Oriental Selection (01797.HK) reported a significant decline in total revenue for the fiscal year 2025, with a total revenue of 4.4 billion yuan, down 32.7% from the previous year's 6.5 billion yuan, indicating challenges in the wake of key personnel changes [2][6] Financial Performance - The net profit for the continuing operations turned from a loss of 96.5 million yuan in the first half of the fiscal year to a profit of 6.2 million yuan [2] - Adjusted net profit increased by 30% year-on-year to 135.4 million yuan, although this still represents a 46% decline compared to the previous fiscal year's net profit of 250 million yuan [2] - The total GMV for fiscal year 2025 was 8.7 billion yuan, a 39.2% decrease from 14.3 billion yuan in the previous fiscal year [6] Business Strategy and Product Development - Self-operated products accounted for 43.8% of total GMV, becoming the main growth driver for the company [3][4] - The company launched 732 self-operated products, up from 488 in the previous fiscal year, expanding its product range to include health foods, pet foods, and clothing [3] - The company is focusing on enhancing its supply chain and product quality as a core competitive strategy [5][4] Market Position and Challenges - The company is facing challenges in maintaining user engagement and traffic, particularly after the departure of key figure Dong Yuhui, which has impacted GMV and order numbers significantly [6][9] - The company is investing in its own app and membership system, with paid membership subscriptions reaching 264,300 and user satisfaction at 98.7% [7] - Despite the challenges, the company aims to strengthen its core business model by connecting upstream suppliers with downstream consumers [8] Stock Performance and Market Sentiment - The stock price has shown volatility, reflecting a reassessment of the company's value in the market [11] - Recent rumors regarding management changes have contributed to fluctuations in stock performance, indicating ongoing uncertainty within the company [10]

Group 1: Electricity Consumption Growth - In July, China's total electricity consumption exceeded 1 trillion kilowatt-hours for the first time, reflecting strong economic activity, with a year-on-year growth of 8.6% [1] - The highest electricity load reached 1.508 billion kilowatts, an increase of 57 million kilowatts compared to last year's peak [1] - Urban and rural residential electricity consumption in July reached 203.9 billion kilowatt-hours, a significant increase of 18% year-on-year, with some provinces seeing over 30% growth [1] Group 2: Economic Drivers of Electricity Demand - The third industry showed robust growth in electricity consumption, with a total of 1.13 trillion kilowatt-hours from January to July, marking a year-on-year increase of 7.8% [2] - The internet and related services sector saw a remarkable electricity consumption growth of 28.2% year-on-year from January to July [2] - Hangzhou's digital economy led the charge with a 15.7% increase in electricity consumption in the information transmission, software, and IT services sector [2] Group 3: Electric Vehicle Impact - The charging and swapping service industry for electric vehicles experienced a significant growth in electricity consumption, with a year-on-year increase of 42.6% from January to July [3] - The number of electric vehicle charging infrastructure units increased by 93.2% year-on-year, reaching a total of 16.696 million by the end of July [3] - The penetration rate of new energy vehicles in China is expected to reach 56.7% in August, which is anticipated to further boost electricity consumption in the charging service sector [3]

"冷柜"从来不只是个"柜子"。 它既是守护风味的堡垒，又是品牌印象的"第一张脸"；既要懂温度，也得看得懂空间美学；既关乎 食物的鲜活，也映照出一家门店经营的效率。 而金城制冷，就是那个几十年来默默站在幕后、替无数烘焙人"读空气、控温度、抓视觉"的人。 近期，我们采访到了 金城制冷的总经理易明梅女士。 1975 年，金城制冷诞生在中国台湾省，至今正好半个世纪。 "最开始金城的主业主要是安装、修理冷柜，烤漆。之 后将业务重心转移至大陆，凭借扎实工艺在 制冷领域立足，专注高质量生产，严格把控流程与原材料，满足市场基础需求。但 这时候的金城的 品牌定位只是'制造商'。 随着市场变化，金城意识到单纯制造难以竞争，遂开启 "创造" 之路。加大研发投入，组建专业团 队，结合行业趋势与客户需求， 创新设计出多款功能独特、外观新颖的产品，提升品牌竞争力。 and g proper D 18 78 VICE 12122 0 0 0 O . . . . . . . . . es 1. 7 : 1 1 (10) 11 風邪 17 3 B FAX - Fe u U 17 ria 8 5 AFUL YOLA E P TI T th i ...

Core Insights - The National Electric Power Consumption Index (CNECI) for July 2025 indicates a significant increase in electricity consumption across various sectors, with an overall index of 139.9, reflecting a 39.9% growth compared to the 2020 baseline [1] Group 1: Overall Electricity Consumption - The national electricity consumption index for all industries reached 139.9, representing a 39.9% increase from the 2020 baseline, with an average annual growth rate of 6.9% and a year-on-year growth of 6.5%, which is 1.9 percentage points higher than the previous month [1] Group 2: Sector-Specific Electricity Consumption - The agriculture, forestry, animal husbandry, and fishery sector's electricity consumption index was 188.8, showing an 88.8% increase from the 2020 baseline, with an average annual growth of 13.6% and a year-on-year growth of 20.2% [2] - The manufacturing sector's electricity consumption index was 134.4, indicating a 34.4% increase from the 2020 baseline, with an average annual growth of 6.1% and a year-on-year growth of 3.1%, which is 1.0 percentage points higher than the previous month [2] - The service sector's electricity consumption index was 166.1, reflecting a 66.1% increase from the 2020 baseline, with an average annual growth of 10.7% and a year-on-year growth of 10.7%, which is 1.7 percentage points higher than the previous month [2] Group 3: High-Energy and High-Tech Industries - The four major high-energy-consuming industries had an electricity consumption index of 124.6, representing a 24.6% increase from the 2020 baseline, with an average annual growth of 4.5% and a year-on-year growth of 0.5%, which is 1.2 percentage points higher than the previous month [2] - The high-tech and equipment manufacturing sector's electricity consumption index was 154.5, showing a 54.5% increase from the 2020 baseline, with an average annual growth of 9.1% and a year-on-year growth of 7.3%, which is 1.4 percentage points higher than the previous month [2] - The information transmission, software, and IT services sector's electricity consumption index was 173.9, indicating a 73.9% increase from the 2020 baseline, with an average annual growth of 11.7% and a year-on-year growth of 18.9% [3] Group 4: Emerging Sectors - The charging and swapping service sector's electricity consumption index was 1039.1, reflecting a remarkable 939.1% increase from the 2020 baseline, with an average annual growth of 59.7% and a year-on-year growth of 43.6%, driven by the rapid development of electric vehicles [3]

Core Insights - In 2024, Shanghai aims to establish four distinct live commerce clusters and create a total of 20 influential live e-commerce bases, leading the nation in live retail sales with an estimated revenue of approximately 493.7 billion yuan, reflecting a year-on-year growth of 12.9% [1][5] Group 1: Industry Development - The Shanghai government has launched a three-year action plan (2024-2026) to promote high-quality development in the live commerce sector, focusing on accelerating the cultivation of key players and supporting the innovation and expansion of live platforms [5][6] - The Changning District has introduced its own three-year action plan emphasizing platform economy, fashion consumption, and live talent, with the goal of maintaining Shanghai's international leadership in live commerce by 2026 [6] Group 2: Company Initiatives - Rongmomo Live Center, located in Changning District, operates 150 standard live streaming rooms for over 120 international mid-to-high-end brands, providing comprehensive live operation services [3] - Rongmomo Digital Technology Co., Ltd. has developed a full-service ecosystem covering live e-commerce, content creation, short video production, and integrated marketing, focusing on enhancing brand sales performance [3][5] - The company has trained over 300 full-time hosts through a scientific system, achieving significant sales results, such as helping a luxury bag brand reach the top of the luxury sales list during the Double Eleven shopping festival with over 100% year-on-year growth in GMV [3] Group 3: Technological Integration - Rongmomo has developed a live operation management system that utilizes big data and AI algorithms to generate key metrics for host performance and audience analysis, achieving a monthly sales conversion rate of 10% to 15% in their live rooms [5]

Core Viewpoint - The "Media+" initiative aims to empower the high-quality development of Guangdong's livestock industry from 2025 to 2027, leveraging digital technologies and media integration to enhance production, consumption, and overall industry efficiency [6][23]. Overall Goals - The plan is guided by Xi Jinping's thoughts and aims to implement the spirit of the 20th National Congress of the Communist Party of China, focusing on high-quality development in the livestock sector and fostering a media-integrated innovation approach [7][23]. - The initiative seeks to enhance the core competitiveness and sustainable development capabilities of Guangdong's livestock industry, contributing to the digital transformation of the national livestock sector [6][7]. Key Tasks Brand Building and Trust Engineering - Establish the "Yue Mu You Pin" brand system and certification mechanism, promoting Guangdong's quality livestock products through various events and expos [9][25]. - Develop a "Transparent Farm" initiative to ensure traceability and quality assurance across the supply chain, including live broadcasts of key processes [10][25]. - Promote livestock culture by documenting recipes and stories, and integrating them into tourism and culinary experiences [11][25]. Market Development and Sales Integration - Create a "Cloud Farm" public service platform to facilitate e-commerce and digital transformation in the livestock sector [12][25]. - Launch nationwide marketing campaigns for "Yue Mu You Pin" products, targeting key consumer markets and establishing long-term partnerships with restaurants and schools [13][25]. - Organize international expos to promote Guangdong's livestock products globally and enhance brand recognition [14][25]. Technological Empowerment and Industry Upgrade - Promote smart livestock technologies and establish benchmark enterprises to lead the industry in digital transformation [15][25]. - Create a "Green Ecology" initiative to highlight sustainable practices and promote successful case studies in livestock farming [16][25]. - Develop cultural and creative products based on "Yue Mu You Pin" to attract younger consumers and enhance the cultural value of traditional agricultural products [18][25]. Mechanism Assurance - Establish a coordination committee to oversee the implementation of the "Media+" initiative, ensuring resource integration and effective communication with relevant government departments [20][25]. - Set up a development fund to support key projects and training initiatives, encouraging participation from social capital [20][25]. - Develop a performance evaluation system to assess the effectiveness of the initiative and recognize outstanding contributions from enterprises and individuals [21][25]. Implementation Steps - The action plan will be launched in phases, starting with deployment in late 2025, followed by focused breakthroughs in 2026, and deepening promotion in 2027 [22][25].

Financial Performance - The company's total revenue for the first half of 2025 was 415 million yuan, a decrease of 10.63% year-on-year [1] - The net profit attributable to shareholders was -9.40 million yuan, an increase of 2.62% year-on-year [1] - The gross margin improved to 34.68%, up 19.8% year-on-year, while the net margin was -4.68%, an increase of 9.87% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 88.04 million yuan, accounting for 21.2% of revenue, a rise of 25.05% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents decreased by 55.84% due to year-end bonuses, supplier payments, and dividend distributions [2] - Accounts receivable increased by 8.4% due to longer collection cycles in big data and smart transportation projects [2] - Interest-bearing debt rose significantly by 162.91% to 137 million yuan, attributed to new short-term credit borrowings [2] Cash Flow and Investment - The net cash flow from investment activities decreased by 346.58%, indicating a reduction in cash recovered from investments compared to the previous year [4] - The net cash flow from financing activities increased by 399.17%, reflecting new borrowings received during the reporting period [4] - The net increase in cash and cash equivalents fell by 62.83%, primarily due to reduced cash flow from investment activities [4] Business Model and Market Position - The company's performance is heavily reliant on research and development, necessitating a thorough examination of the underlying drivers [5] - The average operating cash flow over the past three years is only 18.06% of current liabilities, indicating potential liquidity concerns [5] - Accounts receivable have reached 1199.5% of profit, suggesting challenges in cash collection [5] Market Expectations - Analysts project the company's revenue for 2025 to be 178 million yuan, with an average earnings per share of 0.38 yuan [5] - The company's historical return on invested capital (ROIC) was 4.32%, indicating weak capital returns compared to a median ROIC of 18.36% since its listing [4]

股价刚经历了"过山车"行情的东方甄选交出新财年成绩单。8月22日晚，东方甄选发布截至2025年5月31日的年度 财报。2025财年总营收为43.9亿元，同比下降32.7%。若剔除出售与辉同行直播间产生的营收，东方甄选持续经营 业务的总营收由2024财年的61亿元减少30.9%至2025财年的42亿元。 2025财年持续经营业务的净利润为620万元，全年扭亏为盈，2025上半财年净亏损9650万元。不过2025财年相比 2024财年2.49亿元的净利润，同比大降97.5%。 若剔除出售与辉同行的财务影响，2025财年持续经营业务净利润为1.354亿元，同比增加30%。持续经营业务的综 合毛利率由2024财年的25.9%提升至2025财年的32%，主要由于自营产品及直播电商业务健康发展。 2024财年已终止经营业务指的是教育业务，已于去年3月1日出售给新东方集团，出售教育业务的除所得税开支后 收益为13亿元。 | | 2025財年 | | 2024財年 | | | | --- | --- | --- | --- | --- | --- | | | 持續經營 已終止 | | 持續經營 已終止(1) | | | | ...

Group 1 - The stock price of Kingsoft Cloud (KC) increased by 10.02% on August 22, reaching $14.93 per share, with a trading volume of $23.45 million and a total market capitalization of $4.08 billion [1] - As of March 31, 2025, Kingsoft Cloud reported total revenue of 1.97 billion RMB, representing a year-on-year growth of 10.94%, while the net profit attributable to shareholders was -314 million RMB, showing a year-on-year increase of 12.66% [1] Group 2 - Kingsoft Cloud is a well-known independent cloud service provider in China, founded in 2012, with operations extending across multiple countries and regions [2] - The company went public on NASDAQ in May 2020 (stock code: KC.NASDAQ) and completed a dual primary listing on the Hong Kong Stock Exchange in December 2022 (stock code: 3896.HK) [2] - Leveraging 36 years of enterprise service experience from Kingsoft Group, Kingsoft Cloud has developed a comprehensive cloud computing infrastructure and operational system, offering over 150 solutions tailored for various sectors including internet, public services, digital health, and finance, serving more than 500 high-quality clients [2]