Group 1 - The company Swire Properties Limited (00087.HK) announced an interim dividend of HKD 0.26 per share to be distributed on October 10, 2025 [1]

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q2 2025, the net production of primary aluminum reached 402,900 tons, a quarter-on-quarter increase of 1.5% and year-on-year stability [2] - The sales volume of primary aluminum in Q2 2025 was 411,000 tons, reflecting a year-on-year increase of 3.4% and a quarter-on-quarter increase of 9.7% [2] - Value-added products (VAP) accounted for an average of 76% of total shipments, with a year-on-year increase of 9% [2] - The company achieved a profit of 2,460 million Bahraini Dinars (approximately 65.3 million USD) in Q2 2025, a year-on-year decrease of 64% but a quarter-on-quarter increase of 36% [3] - Total revenue from contracts with customers was 434 million Bahraini Dinars (approximately 1.155 billion USD), showing a year-on-year growth of 7% and a quarter-on-quarter growth of 6% [3] Financial Performance Summary - The comprehensive total income for Q2 2025 was 2,190 million Bahraini Dinars (approximately 58.1 million USD), a year-on-year decrease of 67% and a quarter-on-quarter increase of 30% [3] - Gross profit for Q2 2025 was 470 million Bahraini Dinars (approximately 125.1 million USD), reflecting a year-on-year decrease of 54% and a quarter-on-quarter decrease of 7% [3] - As of June 30, 2025, total assets were 2,657.9 million Bahraini Dinars (approximately 706.9 million USD), a decrease of 0.6% compared to December 31, 2024 [4]

Core Viewpoint - Hang Seng Bank's mid-year results for 2025 show a significant decline in net interest income and shareholder profit, leading to a drop in stock price [1] Financial Performance - The bank reported net interest income of HKD 14.339 billion, a year-on-year decrease of 7.39% [1] - Shareholder profit was HKD 6.88 billion, down 30.46% compared to the previous year [1] - Basic earnings per share were HKD 3.34 [1] Factors Affecting Performance - The decrease in net interest income by HKD 1.144 billion, or 7%, was primarily due to a 3% reduction in average total customer loans and a decline in market interest rates, particularly the Hong Kong Interbank Offered Rate remaining low since May 2025 [1] - The bank's non-performing loan ratio stands at 6.69%, attributed to ongoing credit pressure from the real estate sector [1] Dividend and Share Buyback - The board declared a second interim dividend of HKD 1.30 per share, bringing the total interim dividend for the first half of 2025 to HKD 2.60, an increase of 8% from the same period last year [1] - The bank plans to initiate a share buyback program of up to HKD 3 billion [1]

Core Viewpoint - PepsiCo (PEP.O) is expected to return a total of $8.6 billion in cash to shareholders, which includes $7.6 billion in dividends and $1 billion in stock buybacks [1] Group 1 - The total cash return to shareholders is projected at $8.6 billion [1] - The breakdown of the cash return includes $7.6 billion allocated for dividends [1] - An additional $1 billion is planned for stock buybacks [1]

Core Viewpoint - The stock price of China Feihe (6186.HK) has significantly dropped due to the expected decline in performance for the first half of 2025, with projected revenues of approximately 9.1 billion to 9.3 billion yuan, down from about 10.1 billion yuan in the same period of 2024 [1][2][6]. Financial Performance - China Feihe anticipates revenues of approximately 91 billion to 93 billion yuan for the first half of 2025, representing a decrease from 101 billion yuan in the same period of 2024 [2][6]. - The company expects a net profit of around 1 billion to 1.2 billion yuan, down from approximately 1.9 billion yuan in 2024 [6]. - In 2024, China Feihe reported total revenue of 20.749 billion yuan and a net profit of 3.570 billion yuan [7]. Market Context - The infant formula industry in China has faced challenges due to declining birth rates, with a 5% and 10% decrease in market size in 2022 and 2023, respectively [7]. - The market is expected to stabilize in 2025, driven by a rebound in birth rates and government incentives for childbirth [7]. Strategic Initiatives - China Feihe plans to utilize at least 1 billion yuan for share buybacks, reflecting confidence in its long-term business prospects [9][10]. - The company will distribute dividends of no less than 2 billion yuan in 2025, despite short-term financial challenges [10][11]. - The company has increased its focus on high-end products and aims to enhance its market position through differentiated offerings [7][10]. Investor Relations - China Feihe has a strong commitment to returning value to investors, with a dividend payout of 0.3264 yuan per share in 2024, totaling 2.96 billion yuan, and a dividend rate of approximately 76% [11]. - The company is expected to maintain a stable sales expense ratio while increasing marketing efforts for its functional nutrition business [11].

Group 1 - The stock price of China Petroleum (601857) closed at 8.29 yuan on May 30, 2025, up 1.34% from the previous week [1] - The company reached a total market capitalization of 1,517.244 billion yuan, ranking 1st in the refining and trading sector and 7th among all A-shares [1] - The company will hold its annual general meeting and class shareholder meetings in June 2025, discussing various reports and proposals [1] Group 2 - In 2024, the company achieved a pre-tax profit of 241.51 billion yuan and a net profit of 183.76 billion yuan, both at historical highs [2] - The company reported an oil and gas equivalent production of 1.797 billion barrels in 2024, a year-on-year increase of 2.2% [2] - The total revenue for 2024 was 2,937.98 billion yuan, a decrease of 2.5% year-on-year, primarily due to falling oil prices and reduced demand for refined oil [2] Group 3 - The company plans to distribute a final dividend of 0.25 yuan per share, totaling 86.02 billion yuan in dividends for the year, with a payout ratio of 52.23% [2][3] - The company reported a basic and diluted earnings per share of 0.9 yuan for 2024, an increase of 0.02 yuan year-on-year [2]

Core Viewpoint - Zhejiang Shibao Company Limited announced the distribution of its final H-share dividend and the change in the payment date for the dividend, which is subject to approval at the upcoming annual general meeting on May 15, 2025 [1]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.60 per 10 shares (including tax) based on a total share capital of 822,632,384 shares as of December 31, 2024 [1]. - The final dividend for H-share holders will be paid in HKD, with the exchange rate set at RMB 1.00 to HKD 1.08007, resulting in a final dividend of HKD 0.0648 per H-share (including tax) [2]. Taxation on Dividends - The company is obligated to withhold a 10% corporate income tax for non-resident H-share holders when distributing the final dividend [2]. - For individual H-share holders from Hong Kong or Macau, or those from countries with a 10% tax treaty with China, the withholding tax will also be 10% [3]. - If individual H-share holders are from countries with lower or higher tax treaty rates, the company will withhold taxes according to the respective agreements, with a maximum rate of 20% applicable in certain cases [3]. Shareholder Identification and Tax Refunds - The company will determine the residency status of individual H-share holders based on their registered addresses. Holders must notify the company by May 20, 2025, if they wish to apply for a tax refund for over-withheld taxes [4]. - For investors through the Shenzhen-Hong Kong Stock Connect, dividends will be distributed in RMB, with a 10% withholding tax applied [5]. Suspension of Share Transfer - To determine eligibility for profit distribution, the company will suspend the handling of H-share transfers from May 21, 2025, to May 26, 2025, with the last transfer request accepted by May 20, 2025, at 4:30 PM [6].

Core Insights - NetEase reported a total net revenue of 28.83 billion RMB (approximately 4 billion USD) for Q1 2025, reflecting a year-over-year growth of 7.4% and a quarter-over-quarter increase of 7.8% [1] - The company's net profit reached 10.3 billion RMB (approximately 1.4 billion USD), marking a significant year-over-year increase of 35% [1] - Operating profit for the quarter was 10.44 billion RMB (approximately 1.44 billion USD), with a year-over-year growth of 36.9% [1] Revenue Breakdown - The gaming and related value-added services segment generated net revenue of 24.05 billion RMB (approximately 3.3 billion USD), showing a year-over-year increase of 12.1% and a quarter-over-quarter increase of 13.2%, accounting for 83.4% of total revenue [3] - Non-core businesses such as Youdao and NetEase Cloud Music experienced slight declines, with Youdao's net revenue at 1.3 billion RMB (approximately 180 million USD), down 6.7% year-over-year, and NetEase Cloud Music's net revenue at 1.86 billion RMB (approximately 260 million USD), down 8.4% year-over-year [3] - Revenue from innovation and other businesses decreased by 17.6% year-over-year, totaling 1.62 billion RMB (approximately 220 million USD) [3] Investment and Shareholder Returns - The board announced a cash dividend of 0.1350 USD per ordinary share (0.6750 USD per ADS), to be distributed on June 10, 2025, enhancing investor confidence [4] - As part of its share repurchase program, the company has repurchased approximately 21.6 million ADS at a total cost of about 1.9 billion USD, with the program initiated on January 10, 2023, and set to last for up to 36 months [4] - Research and development expenses for the quarter reached 4.4 billion RMB, representing 15% of net revenue, indicating a strong commitment to technological innovation [3]

Core Viewpoint - Tencent has announced significant shareholder returns through share buybacks and increased dividends, aiming to enhance long-term shareholder value [2][4]. Share Buyback Summary - Tencent repurchased a total of 307,238,500 shares at a total cost of approximately HKD 112 billion (excluding expenses) during the fiscal year ending December 31, 2024 [2][3]. - The buyback was executed at various prices, with the highest price reaching HKD 482.20 and the lowest at HKD 271.20 [3]. - The monthly breakdown of shares repurchased shows a consistent strategy to return capital to shareholders throughout the year [3]. Dividend Summary - For the fiscal year 2024, Tencent distributed a cash dividend of HKD 3.40 per share, totaling around HKD 32 billion [3]. - In 2025, Tencent plans to increase the annual dividend by 32% to HKD 4.50 per share, amounting to approximately HKD 41 billion, and intends to repurchase shares worth at least HKD 80 billion [4]. Shareholder Structure - As of December 31, 2024, Tencent's major shareholder, Prosus, through MIH Internet Holdings, holds 2,214,863,800 shares, representing a 24.01% stake [4]. - Advance Data Services, fully owned by Tencent's CEO Ma Huateng, holds 804,859,700 shares, accounting for 8.72% of the total [4][5]. Employee and Compensation Overview - Tencent employed 110,558 individuals as of December 31, 2024, an increase of 5,141 employees from the previous year [5]. - The total compensation cost for the fiscal year reached RMB 112.8 billion, up from RMB 107.7 billion in 2023, resulting in an average annual compensation of RMB 1.02 million per employee [5].

Investment Rating - The report maintains a HOLD rating for Sinotruk (Hong Kong) with a target price of HK$20.50, down from the previous target price of HK$21.40, indicating an 8.5% downside from the current price of HK$22.40 [1][3]. Core Views - Sinotruk's 2024 net profit is projected at RMB5.86 billion, reflecting a 10% year-over-year increase, which is slightly above the report's estimate but below Bloomberg's consensus [1]. - The management anticipates a decline in export sales for 2025, aligning with the report's view that exports will face pressure due to a high base in the Russian market [1]. - The report revises down the earnings forecast for 2025 and 2026 by 2% and 3% respectively, primarily due to lower export volume assumptions and low engine margins [1]. Financial Summary - Revenue is expected to grow from RMB85.04 billion in FY23 to RMB95.06 billion in FY24, with a projected growth rate of 11.8% [2]. - Net profit is forecasted to increase from RMB5.32 billion in FY23 to RMB5.86 billion in FY24, representing a 10.2% growth [2]. - The earnings per share (EPS) is projected to be RMB2.14 for FY24, with a year-over-year growth of 10.9% [2]. - The price-to-earnings (P/E) ratio is expected to decrease from 10.9 in FY23 to 9.8 in FY24, indicating a more attractive valuation [2]. Segment Performance - Heavy-duty truck (HDT) sales are projected to grow by 3% in 2025, driven by a 12% increase in China, but offset by a 5% decline in exports [8]. - Light-duty truck (LDT) sales are expected to grow by 5% in 2025, with the segment potentially turning profitable [8]. - Engine sales volume is anticipated to grow by 5% in 2025, with stable segment margins around 14% [8]. Shareholding Structure - The major shareholders of Sinotruk include CNHTC with a 51% stake and MAN SE with a 25% stake [4]. Market Performance - The stock has shown a 1-month absolute performance of 8.5% and a 3-month relative performance of -1.1% [5].