Core Viewpoint - The Bank of Communications (BoCom) reported a steady performance in the first half of 2025, achieving a net profit of 46.016 billion yuan, a year-on-year increase of 1.61%, and demonstrating strong operational capabilities and strategic execution [1] Financial Performance - BoCom's net operating income for the first half of the year was 133.498 billion yuan, reflecting a year-on-year growth of 0.72% [2] - The net interest income reached 85.247 billion yuan, up 1.20% year-on-year, indicating improvements in the asset-liability structure [2] Asset Quality and Risk Management - The non-performing loan (NPL) ratio stood at 1.28%, a decrease of 0.03 percentage points from the end of the previous year, with a provision coverage ratio of 209.56%, an increase of 7.62 percentage points [3] - The bank disposed of 37.83 billion yuan in non-performing loans, a year-on-year increase of 27.9%, with substantial recoveries of 20.37 billion yuan, up 54.3% [3] Strategic Initiatives - BoCom is actively implementing the "Five Major Articles" strategy, achieving significant progress in technology finance, green finance, inclusive finance, pension finance, and digital finance [4] - The bank's loan growth in Shanghai was 10.88%, with an increase in market share by 0.24 percentage points, showcasing its competitive advantage in cross-border finance and offshore business [4] Digital Transformation - The bank has made notable advancements in digital transformation, with technology investments increasing as a proportion of revenue [5] - The establishment of the "Digital Operation Center" is a key initiative for enhancing retail transformation, leading to a 153% year-on-year growth in consumer loan balances [5] Outlook - The bank aims to stabilize net interest margins through customer expansion, structural optimization, and refined pricing management [6] - BoCom plans to continue focusing on the "Five Major Articles," Shanghai's strategic development, and digital transformation to enhance customer base and optimize business structure [6] Capital Strength - In June, BoCom completed a targeted issuance of 120 billion yuan, further strengthening its capital position [7] - The bank intends to maintain a dividend payout ratio of no less than 30%, actively returning value to shareholders [7]

上半年，汉口北持续加强与源头产业链、终端消费链的深度对接，对多条现代化供应链进行优化升级。 其中，渔人码头成功将加拿大龙虾、挪威三文鱼、新西兰岩龙虾等优质食材引入国内，并依托智能仓储 系统与高效配送网络将商品快速送达武汉核心商圈；华纺链正式推动河南台前羽绒交易中心落地，并以 直播为辅助加速传统企业数字化转型，持续提升产业价值；"辣交所"构建起覆盖华中四省的服务网络， 成为立足武汉、辐射中部辣椒产业规模化、数字化发展的新载体。咖啡街将商贸物流与沉浸式体验深度 结合，已汇聚30多家大型咖啡供应链企业，50多个国家和地区的咖啡豆。 （原标题：营收利润韧性双增，卓尔智联(2098.HK)2025上半年交出亮眼成绩单） 8月29日，卓尔智联(2098.HK)发布2025年上半年业绩公告。报告显示，在内外部环境承压且不确定性加 剧的背景下，公司坚守垂直产业深耕与数字化精细运营策略，持续推动服务向专业化、定制化升级，助 力供应链实现向价值链的转变，最终实现营收与利润的双重增长。报告期内，卓尔智联实现营收909.21 亿元，同比增长33.16%；净利润6997.20万元，同比增长71.67%。 农产品与海外大宗拉动增长 加速 ...

Core Viewpoint - Hailiang Co., Ltd. demonstrated strong strategic resilience and operational strength in the face of international political and economic challenges, achieving solid financial performance and significant growth in emerging sectors during the first half of 2025 [1][2]. Financial Performance - The company reported a revenue of 44.476 billion yuan, a year-on-year increase of 1.17%, with copper processing business revenue reaching 34.070 billion yuan, up 13.59% [2]. - Profitability improved significantly, with total profit reaching 0.815 billion yuan, a 24.53% increase year-on-year; net profit attributable to shareholders was 0.711 billion yuan, up 15.03% [2]. - Operating cash flow saw a substantial increase of 72.13% year-on-year, indicating improved financial health [2]. Sales and Product Development - Hailiang sold 526,200 tons of copper and copper alloy products, a 3.79% increase year-on-year, with high-value products like copper foil and copper bars seeing significant sales growth of 72.33% and 33.44%, respectively [2]. - The company is shifting its growth focus from quantity to quality and structural optimization [2]. Global Expansion - The company’s strategic global capacity layout began to yield results, particularly in the U.S. market, where revenue from copper processing reached 2.469 billion yuan, a 50.77% increase year-on-year [3]. - Hailiang's Texas facility is expected to reach an annual capacity of 90,000 tons by the end of 2025, contributing to a projected 30% growth in U.S. market sales [3]. - The company is expanding its global footprint with operations in Vietnam, Thailand, and Indonesia, and is making progress in Morocco [3]. Emerging Markets and Technology - Hailiang is focusing on the new energy sector and high-end thermal management materials, achieving significant sales growth in copper foil products [5]. - The company has established partnerships with major global battery and electronics manufacturers, ensuring long-term supply agreements [5]. - Hailiang is innovating in advanced materials for solid-state batteries and has developed over 14 new products, enhancing its technological barriers [6]. Market Trends - The demand for copper-based materials in cooling solutions is increasing, driven by the growth of AI and data centers, with the liquid cooling server market in China projected to reach $3.39 billion in 2025 [7]. - Hailiang's copper materials are critical components in these cooling systems, with a significant increase in orders for thermal copper materials [8]. Management and Innovation - The company has initiated 88 cost-reduction and efficiency-enhancing projects and has filed numerous patents, indicating a strong commitment to innovation [9]. - A new management team has been established, characterized by youth, international experience, and a focus on technology, positioning the company for sustainable growth [9]. Future Outlook - Hailiang plans to continue expanding its global presence and enhancing its production capabilities in the U.S., Indonesia, and Morocco while advancing its digital transformation efforts [10].

在数字经济浪潮下，B2B电商正经历从信息展示向深度交易服务的转型。据艾瑞咨询数据显示，2023年中国B2B电子商务市场规模达20.5万亿 元，年复合增长率超15%，但企业自建电商平台的成功率不足30%。数商云作为深耕企业服务领域的技术服务商，结合服务300+中大型企业的 实战经验，系统性梳理B2B电商网站开发的核心逻辑与技术路径，为企业提供可落地的数字化解决方案。 一、B2B电商网站开发的核心价值重构 传统B2B交易存在三大痛点：信息不对称导致的决策周期长、线下流程繁琐引发的效率低下、缺乏数据沉淀造成的供应链协同困难。现代B2B 电商平台需突破单纯的信息撮合模式，构建"交易+服务+数据"的三维价值体系。 1. 交易闭环构建 通过集成在线询价、电子合同、供应链金融、物流跟踪等功能，将传统7-15天的交易周期压缩至48小时内。某化工企业通过数商云平台 实现采购订单电子化后，年节约纸质单据成本超200万元，订单处理效率提升65%。 平台需具备开放API架构，支持与ERP、CRM、WMS等系统无缝对接。数商云开发的PaaS中间件可实现与用友U9、金蝶K3等主流系统 的数据互通，降低企业系统集成成本40%以上。 2. ...

二是要推进重大科技项目联合攻关，加强新产品研发力度，创新营销渠道和服务模式；同时，加快数字化转型，构建新一代数字基础设施体系；落实"加快 推动科技创新与产业创新深度融合，努力开启增长的'第二曲线'"要求，强化联合创新，全面激发新质生产力动能。 三是要积极践行企业使命，以绿色科技锻造品质产品，将企业文化融入改革发展和经营管理实践。 管理表示，一是要提高价值创造能力，发挥头部企业引领作用，坚持"内生""外延"双轮驱动，稳固"一体"根基，筑牢质量根基，坚持内在价值和长期价值导 向，提升企业经营业绩"含金量"。 北新建材党委书记、董事长、总经理管理8月28日在北新建材46周年8·28文化节暨2025企业文化&创新表彰大会上透露了公司下一步的发展规划。 上证报中国证券网讯（记者刘暄）北新建材党委书记、董事长、总经理管理8月28日在北新建材46周年8·28文化节暨2025企业文化&创新表彰大会上透露了 公司下一步的发展规划。 ...

华泰证券积极顺应市场和客户需求，提升跨境服务能力，助力中国企业全球化。2 0 2 5年上半 年，新加坡子公司新获得新加坡交易所主板保荐人资质；美国子公司获得非美国主权债经纪 经销商资格（包括欧洲、英国、加拿大、拉美、日本、东南亚国债），积极推进跨境互动业 务，致力于为全球投资者提供一体化服务。2 0 2 5年7月，新加坡子公司获得印度证券交易委员 会颁发的外国投资组合投资者注册证书（FPI），正式取得投资印度资本市场的资格。 上半年，公司在香港市场落地多单标杆项目，助力多家优质企业完成跨境上市、股债发行和 跨 境 并 购 重 组 ， 港 股 IPO 保 荐 项 目 9 单 ， 单 数 位 列 市 场 第 二 ， 综 合 实 力 稳 居 香 港 第 一 梯 队 前 列。研究业务积极拓展全球视野，海外研究标的覆盖量同比增长1 2 5%，海外研报数量同比增 长9 6%。销售交易通过深化境内外一体化协同，精准服务不同市场、不同类型客户差异性需 求，头部战略客户服务排名持续提升，专业服务能力获得市场认可。 华泰证券8月29日公告，2025年上半年公司营业收入162.19亿元，同比增长31%；归属于母公司 股东的净利润为 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00670） 海外監管公告 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第13.10B條作出。 茲載列中國東方航空股份有限公司在上海證券交易所網站刊登的以下資料中文全文，僅供參 閱： 承董事會命 中國東方航空股份有限公司 李干斌 聯席公司秘書 中華人民共和國，上海 2025年8月29日 於本公告日期，本公司董事包括王志清（董事長）、成國偉（董事）、孫錚（獨立非執行董事）、陸雄文（獨立非執行董 事）、羅群（獨立非執行董事）、馮詠儀（獨立非執行董事）、鄭洪峰（獨立非執行董事）及揭小清（職工董事）。 中国东方航空股份有限公司 2025 年半年度报告摘要 公司代码：600115 公司简称：中国东航 中国东方航空股份有限公司 2025 年半年度报告摘要 中国东方航空股份有限公司 2025 年半年度报告摘要 第一节 重要提示 1.1 本半年度报告摘要 ...

Core Viewpoint - Shanghai Bank is positioned at the "starting point of a positive cycle" with improvements in asset quality, capital levels, and management practices, indicating a transition into a new management cycle and potential for valuation alignment with leading city commercial banks [1]. Financial Performance - As of June 30, 2025, Shanghai Bank's total assets reached CNY 32,937.14 billion, a 2.08% increase from the previous year [2]. - The bank's customer loans and advances totaled CNY 14,369.84 billion, up 2.22% year-on-year [2]. - Total deposits increased by 4.17% to CNY 17,813.66 billion [2]. - For the first half of 2025, operating income was CNY 273.44 billion, a 4.18% increase, while total profit reached CNY 159.65 billion, up 4.20% [2]. - Net profit attributable to shareholders was CNY 132.31 billion, reflecting a 2.02% growth [2]. Asset Quality and Capital Levels - The non-performing loan (NPL) ratio remained stable at 1.18%, unchanged from the previous year [3]. - Core Tier 1 capital adequacy ratio improved by 0.43 percentage points to 10.78%, while the total capital adequacy ratio reached 14.62%, also up by 0.41 percentage points [3]. Investor Returns - The mid-term dividend payout ratio for 2025 was increased to 32.22%, marking a 1.00 percentage point rise [5][26]. - The bank has consistently raised its cash dividend ratios over the past three years, indicating a commitment to returning value to shareholders [5][27]. Business Development - Shanghai Bank is focusing on technology finance, with a 13.67% year-on-year increase in technology loan disbursements, totaling CNY 927.81 billion [30]. - Inclusive finance initiatives saw a 7.59% increase in loan disbursements, amounting to CNY 909.77 billion [32]. - Green finance loans increased by 3.88% year-on-year, reaching CNY 440.77 billion [35]. Strategic Initiatives - The bank is actively supporting the "Five Major Articles" of finance, enhancing its service capabilities in technology finance, inclusive finance, green finance, and elderly finance [23][44]. - Shanghai Bank is also involved in the integration of the Yangtze River Delta region, with a focus on major projects and infrastructure investments [17]. Market Position - Shanghai Bank ranked 66th in the "2025 Global Bank 1000" list by The Banker magazine, reflecting its growing stature in the banking sector [4]. - The bank's asset management for pension clients reached CNY 5,128.16 billion, with a market share leading in the Shanghai region [39].

全面构建零售业务与客户服务闭环 助力高质量可持续发展 零售金融业务加速数字化转型。零售金融业务定位于集团战略转型的重点，2025年上半年，集团加强数 字化客户关系管理，加速"线上+线下"全渠道协同与营销数字化转型，有力支撑大零售业务从单一化向 综合化转变。全面构建零售金融业务与客户服务闭环，深化有温度的零售服务品牌内涵，推动零售金融 业务可持续、高质量发展。截至2025年6月30日，集团零售存款本外币合计总额为人民币5099.701亿 元，较上年末增加人民币99.931亿元，增幅为2.0%；零售存款本外币合计平均结余为人民币5085.372亿 元，较上年增加人民币470.006亿元，增幅为10.2%。根据中国人民银行黑龙江省分行统计，报告期末集 团哈尔滨分行零售存款余额在当地市场份额为19.58%，零售存款余额位列当地市场第一位。 构建"金融+非金融"综合服务模式。集团始终践行以客户为中心的经营理念，构建"金融+非金融"综合服 务模式，持续提升团队实战能力及养老金融服务专业能力，满足老年客户、儿童客户、代发客户等多客 群非金融综合需求，提高零售金融服务质效。截至2025年6月30日，集团拥有零售客户1508. ...

Financial Data and Key Metrics Changes - The company recorded a consolidated pro forma turnover of approximately $1,570 million, representing a 20% increase compared to the same period in 2024 [5] - Pro forma EBITDA increased by 21%, reaching around $234 million, with a margin of 16.1% [11] - Gross sales increased by 20.3%, reaching around $1,670 million, while operating expenses rose by 10.9% to approximately $1,360 million [11] - The pro forma net loss was reported at $4.2 million, influenced by a foreign exchange loss of around $83 million [11][21] Business Line Data and Key Metrics Changes - Clinics accounted for 37% of total sales, with a 20% growth driven by a 13% rise in the number of visits and a 6% increase in average fees [13] - Hospitals represented about 28% of total sales, growing by 38% due to increased patient numbers and investments in technology [15] - Laboratories accounted for 11% of total sales, posting an 18% year-on-year growth driven by a 21% increase in lab tests performed [16] - Corporate accounts remained flat, with a 1.2% decline in subscriptions offset by a 0.9% increase in average fees [17] Market Data and Key Metrics Changes - The dental services market contracted, with a 5.5% decline in sales, attributed to increased competition and market dynamics [14] - The company noted that the market for elective medical services may be affected by changes in purchasing power due to recent fiscal measures [9] Company Strategy and Development Direction - The company is focusing on strategic investments in technology and innovation, particularly in robotic surgery and AI integration [7][10] - There is a commitment to expanding genetic testing capabilities, with an initial investment of €3 million for advanced sequencing technology [9] - The company plans to maintain a stable trajectory while adapting to the evolving macroeconomic environment, with a cautious approach to capital expenditures [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the performance of new hospital units, expecting them to reach breakeven by the end of the year [25][26] - The company is closely monitoring the impact of rising energy costs and potential government measures on purchasing power [37][39] - Management aims to fulfill the budget presented to investors and is optimistic about operational improvements despite foreign exchange losses [40][52] Other Important Information - The company completed several acquisitions to strengthen its market position, including RoutineMed Group and All Clinic [6] - Capital expenditures for the second half of the year are expected to remain low, with no significant investments planned [23][32] Q&A Session Summary Question: What is the negative EBITDA from new hospital units and their breakeven timeline? - Management indicated that two large hospitals are close to breakeven, with expectations for positive results by mid-year [25][26] Question: What is the estimated impact of VAT increases on costs? - The estimated impact of a 2% to 3% VAT increase is around €2 million per year, which is not considered significant [29][30] Question: What are the expectations for capital expenditures? - Management confirmed that capital expenditures will be low, with no large investments planned for the third or fourth quarters [31][32] Question: How will rising energy costs affect the company? - Management stated that the impact of rising energy costs is minimal, estimating a potential annual impact of €1 to €2 million [37][38] Question: What is the outlook for the full year results? - Management aims to fulfill the budget presented earlier and is optimistic about operational performance despite challenges [40][41]