Core Viewpoint - Ruoyuchen Technology Co., Ltd. has submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming to enhance its capital strength and international brand image while expanding its overseas financing capabilities [2][3]. Group 1: Company Overview - Ruoyuchen started as an e-commerce operation service provider and successfully listed on the Shenzhen Stock Exchange in 2020, becoming the first e-commerce operation company on the main board [2]. - The company has transitioned from e-commerce operations to developing its own brands, with its brand "Zhanjia" contributing significantly to revenue growth [2]. Group 2: Financial Performance - In the first half of 2025, revenue from Ruoyuchen's own brands reached 603 million RMB, representing a year-on-year increase of 242.42%, with revenue contribution rising to 45.75%, surpassing brand management and operation services for the first time [2]. Group 3: Strategic Insights - The company attributes its strategic shift to a deep understanding of changing consumer demands in China, where consumers are increasingly focused on aesthetics, value recognition, and experiential consumption [2]. - Ruoyuchen plans to build a multi-brand matrix centered on "quality," "self-pleasure," and "health," covering various consumer goods categories [3]. Group 4: Future Plans - The company aims to leverage the advantages of the Hong Kong capital market to deepen its globalization strategy, focusing on expanding its own brands overseas, particularly in Southeast Asia [3]. - Ruoyuchen intends to seek acquisitions of high-quality overseas brands that have differentiated positioning and long-term growth potential [3].

Core Viewpoint - TCL Smart Home Appliances Co., Ltd. held a performance briefing on September 19, 2025, revealing significant business information and performance metrics [1] Business Data and Development Highlights - In the first half of 2025, the company's refrigerator and freezer business generated revenue of 8.047 billion yuan, a year-on-year increase of 5.71%, while the washing machine business revenue reached 1.361 billion yuan, up 5.98% [1] - The company focuses on home refrigerators and washing machines, increasing R&D investment to enhance the proportion of mid-to-high-end products, resulting in a 0.6 percentage point increase in overall gross margin [1] - The company's production capacity is primarily located in Zhongshan and Hefei, with a high utilization rate. The "annual production of 2.8 million high-end frost-free refrigerators intelligent manufacturing project" was fully operational in the first half of 2025 [1] - A new production base in Thailand is planned, expected to add 1.4 million refrigerator units and 300,000 freezer units, optimizing production layout [1] Performance Growth and ROE Changes - The company achieved revenue of 9.476 billion yuan in the first half of 2025, a year-on-year growth of 5.74%, with net profit attributable to shareholders of 638 million yuan, up 14.15%, marking 16 consecutive quarters of positive year-on-year growth in net profit [1] - The return on equity (ROE) for the first half of 2025 was 23.29% (non-annualized), a decrease compared to the previous year, mainly due to an increase of 1.1 billion yuan in net assets attributable to shareholders [1] R&D Investment and Business Expansion - R&D investment reached 311 million yuan in the first half of 2025, accounting for 3.28% of revenue, a year-on-year increase of 9.16% [1] - As of June 2025, the company had over 1,000 R&D personnel and more than 2,000 authorized patents, focusing on home appliances without involvement in air conditioning or robotics [1] Market Value Management and Dividend Planning - The company emphasizes market value management, although stock prices are influenced by various factors. Future plans include accelerating globalization strategies and increasing investment in key technologies for high-quality development [1] - Regarding dividends, the company will consider strategic, profit, and cash flow conditions to return value to investors when conditions are met [1] Litigation Progress - The company’s lawsuit with Aoma has been accepted by the court, and further developments will be disclosed in a timely manner [1]

Group 1: Financial Performance - In the first half of 2025, the company's revenue reached 9.476 billion yuan, a year-on-year increase of 5.74% [3] - The net profit attributable to shareholders was 638 million yuan, reflecting a year-on-year growth of 14.15% [3] - The net asset return rate (ROE) for the first half of 2025 was 23.29%, although it showed a decline compared to the previous year due to an increase in net assets by 1.1 billion yuan [3] Group 2: Product Sales and Market Strategy - Sales revenue from refrigerators and freezers was 8.047 billion yuan, up 5.71% year-on-year; washing machines generated 1.361 billion yuan, with a growth of 5.98% [2] - The company is focusing on high-end product sales and increasing R&D investment to enhance the proportion of high-end products [2] - The company plans to expand production capacity, including a new manufacturing base in Thailand, which will add 140,000 refrigerator units and 30,000 freezer units [2] Group 3: R&D and Innovation - R&D investment in the first half of 2025 reached 311 million yuan, accounting for 3.28% of total revenue, with a year-on-year increase of 9.16% [4] - The company has over 1,000 R&D personnel and more than 2,000 authorized patents [4] - Future plans include maintaining focus on core home appliance products while enhancing technological advantages in key industry segments [4] Group 4: Market Position and Value Management - The company acknowledges that its stock price is undervalued and is actively managing its market value amidst various external factors [5] - Continuous positive growth in net profit over 16 consecutive quarters indicates strong operational performance [5] - The company is committed to returning value to investors while considering future profit distribution based on financial health and market conditions [5]

Core Viewpoint - Chery Automobile is set to go public on the Hong Kong Stock Exchange on September 25, 2023, with an IPO price range of HKD 27.75 to HKD 30.75 per share, aiming to raise approximately HKD 84.41 billion in net proceeds [2][4]. Group 1: IPO Details - Chery plans to issue approximately 297 million shares, with a median price of HKD 29.25 per share, potentially raising a net amount of HKD 84.41 billion if the over-allotment option is not exercised [2]. - The public offering application will close on September 22, 2023, with the final offer price and subscription details to be announced on September 24, 2023 [2]. Group 2: Cornerstone Investors - Chery has secured cornerstone investment agreements with 13 investors, totaling approximately USD 587 million (around HKD 45.73 billion) [3]. - Notable cornerstone investors include JSC International Investment Fund SPC and HHLRA, among others [3]. Group 3: Financial Performance - Chery's revenue is projected to grow significantly, with expected revenues of CNY 926.18 billion, CNY 1,632.05 billion, and CNY 2,698.97 billion for the years 2022, 2023, and 2024, respectively [4]. - The net profit for the same years is expected to be CNY 58.06 billion, CNY 104.44 billion, and CNY 143.34 billion [4]. - In Q1 2023, Chery reported a revenue of CNY 682.23 billion, a year-on-year increase of 24.25%, and a profit of CNY 47.26 billion, up approximately 90.87% [4]. Group 4: Overseas Market Performance - Chery's overseas revenue is expected to reach CNY 303.87 billion, CNY 770.6 billion, and CNY 1,008.97 billion from 2022 to 2024, accounting for 32.8%, 47.2%, and 37.4% of total revenue, respectively [5]. - In Q1 2023, overseas revenue was CNY 262.89 billion, a year-on-year increase of 29.02%, with its share of total revenue rising from 37.1% to 38.5% [5]. Group 5: R&D Investment - Chery's R&D investment is projected to be CNY 41.28 billion, CNY 68.49 billion, and CNY 105.44 billion from 2022 to 2024, with Q1 2023 investment at CNY 27.61 billion [6]. - The company employs over 14,500 R&D staff, making up 25.8% of its workforce, second only to production staff [6]. Group 6: Use of IPO Proceeds - Chery plans to allocate 35% (HKD 29.54 billion) of the IPO proceeds for passenger vehicle R&D, including 20% (HKD 16.88 billion) for new energy vehicle development [7]. - 25% (HKD 21.10 billion) will be used for next-generation vehicle and advanced technology R&D, with 10% (HKD 8.44 billion) for electric technology upgrades [7]. - 20% (HKD 16.88 billion) will be directed towards expanding overseas markets and global strategies, including establishing production bases in countries like Vietnam and Malaysia [7]. - 10% (HKD 8.44 billion) will enhance production facilities at the Wuhu base, focusing on automation and digital integration [8]. - The remaining 10% (HKD 8.44 billion) will be allocated for working capital and general corporate purposes [8]. Group 7: Future Outlook - Chery aims to become a trusted global participant in the smart mobility ecosystem, focusing on product diversification, brand enhancement, and significant investment in new technology R&D [10]. - The upcoming IPO marks a new development phase for Chery, highlighting its technological foundation, rapid sales growth, and strong financial performance [10].

Core Insights - Xiaopeng Motors reported a significant increase in overseas deliveries, with 24,702 vehicles delivered from January to August, representing a year-on-year growth of over 137% [2] - The company has established itself as a leader in the new energy vehicle market, ranking first in pure electric vehicle sales in 12 countries and regions, and achieving the highest total sales among new energy brands in 32 markets [2] - Xiaopeng Motors showcased five new models at the 2025 Munich International Motor Show, highlighting its commitment to innovation and global expansion [2] Delivery and Sales Performance - From January to August, Xiaopeng Motors delivered 24,702 new cars overseas, marking a year-on-year increase of over 137% [2] - The number of overseas stores has doubled to 275 [2] - In Europe, Xiaopeng Motors achieved the highest sales among new energy brands during the same period [2] Global Expansion and Strategy - Xiaopeng Motors announced the opening of its first R&D center in Europe, which will serve as the ninth global R&D center and collaborate with existing centers in Silicon Valley and San Diego [2] - Since entering the European market in 2021, starting from Norway, Xiaopeng has continued to expand its global footprint [2] - In the first half of the year, Xiaopeng registered over 8,000 vehicles in Europe, with the Xiaopeng G6 contributing 67% of the sales [2] Product Innovation - The company presented its latest models, including the new Xiaopeng P7, 2025 Xiaopeng G6, 2025 Xiaopeng G9, Xiaopeng X9, and Xiaopeng P7+ at the Munich Motor Show [2] - The Xiaopeng P7+ is set to be the first AI car to launch in Europe, showcasing the company's advancements in intelligent vehicle technology [2]

Core Insights - The company, Yangjie Electronics Technology Co., Ltd., has become a national manufacturing champion in the semiconductor industry after 19 years of development, with projected revenues exceeding 6 billion yuan and net profits over 1 billion yuan in 2024 [1] - The company is a key supplier for major clients such as Huawei, BYD, CATL, LONGi Green Energy, and Philips, and is recognized as a leading player in the domestic semiconductor rectifier chip and device market [1] - The company aims to achieve 10 billion yuan in sales by 2027 and 15 billion yuan by 2030, with a target of entering the global top ten and increasing overseas revenue to 50% [1] Company Development - The company is actively expanding its global footprint by establishing its first overseas packaging manufacturing base in Vietnam, which will commence mass production in December 2024 [2] - The company plans to invest in wafer production lines in Vietnam and Malaysia, enhancing its global strategy and increasing investment in overseas R&D centers [2] Regional Economic Performance - Yangzhou city has shown strong performance in foreign investment, with actual foreign capital utilization reaching 780 million USD from January to August 2023, a year-on-year increase of 23% [2] - The city achieved an import and export volume of 86.42 billion yuan from January to August 2023, reflecting a year-on-year growth of 7.4%, ranking fourth in Jiangsu province [3]

Group 1: H-Share Issuance and Listing - Company is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance global strategy and international brand image [1] - The issuance requires approval from the shareholders' meeting and must comply with regulatory procedures from the China Securities Regulatory Commission and the Hong Kong Stock Exchange [1] - Specific details regarding the issuance are still under discussion with relevant intermediaries, and the success of the issuance remains uncertain [1] Group 2: Financial Performance - In the first half of 2025, the company reported revenue of 4.184 billion, a year-on-year increase of 40.04%, and a net profit attributable to shareholders of 31 million, up 19.00% [2] - For 2024, the company achieved revenue of 7.035 billion, a growth of 3.94%, with a net profit of 40 million, reflecting a significant increase of 65.28% [2] - The net profit excluding non-recurring gains and losses for 2024 was -6.8 million, an improvement from -13.5 million in 2023 [2] - The net cash flow from operating activities for 2024 was 525 million, compared to -239 million in 2023, indicating a substantial improvement [2] Group 3: Leadership Changes - In 2024, the company appointed Yin Qi as the new chairman, replacing Zhou Zongcheng [3] - Yin Qi has a strong educational background in computer science and previously founded a prominent AI company [3] - The company officially changed its name from "Lifan Technology (Group) Co., Ltd." to "Chongqing Qianli Technology Co., Ltd." in February 2025, with the stock name changing to "Qianli Technology" [3]

Group 1 - Anta Sports (02020) saw a nearly 5% increase in intraday trading, currently up 3.02% at HKD 97.15, with a trading volume of HKD 1.018 billion [1] - Anta's Vice President and President of Southeast Asia, Wang Huayou, expressed confidence in achieving 1,000 Anta brand stores in Southeast Asia over the next three years as part of their expansion strategy [1] - The company is focusing on a global strategy, establishing its Southeast Asia headquarters in Singapore to strengthen market advantages and gradually expand into South Asia, Australia, and New Zealand [1] Group 2 - Credit Lyonnais stated that Anta is confident in achieving double-digit sales growth for the full year of 2025, with signs of improvement observed in late August and September [1] - Anta plans to expand its store count in ASEAN countries to 1,000 within three years, with over 200 stores expected by the first half of 2025 [1] - The management is optimistic about enhancing operational superiority through a multi-brand strategy, and Credit Lyonnais remains positive about Anta's strong execution capabilities [1]

Core Viewpoint - Xiaopeng Motors (09868) has shown significant growth in overseas deliveries and market presence, with a strong performance in the electric vehicle sector, particularly in Europe [1] Group 1: Delivery and Sales Performance - From January to August, Xiaopeng Motors delivered over 24,702 vehicles in 46 countries and regions, representing a year-on-year increase of over 137% [1] - The company achieved the top position in pure electric vehicle sales among new forces in 12 countries and regions, and ranked first in total sales among new force brands in 32 countries/regions [1] - In Europe, Xiaopeng Motors secured the championship in pure electric vehicle sales among new forces during the same period [1] Group 2: Expansion and Strategic Developments - The number of overseas stores has doubled to 275 [1] - At the 2025 Munich International Motor Show, Xiaopeng showcased five new models, including the Xiaopeng P7 and 2025 versions of the G6, G9, and X9, along with advanced exhibits like humanoid robots and flying cars [1] - The company announced a significant milestone in its globalization strategy with the upcoming launch of its first R&D center in Europe [1]

Core Viewpoint - Xiaopeng Motors (09868) has shown significant growth in overseas deliveries and expansion of its global presence, with a notable increase in sales and the establishment of a new R&D center in Europe [1] Group 1: Delivery and Sales Performance - From January to August, Xiaopeng Motors delivered over 24,702 vehicles in 46 countries and regions, representing a year-on-year growth of over 137% [1] - The company achieved the top position in pure electric vehicle sales among new forces in 12 countries and regions, and ranked first in total sales among new force brands in 32 countries/regions [1] - In Europe, Xiaopeng Motors secured the championship in pure electric vehicle sales among new forces during the same period [1] Group 2: Expansion and Strategic Developments - The number of overseas stores has doubled to 275 [1] - At the 2025 Munich International Motor Show, Xiaopeng showcased five new models, including the new Xiaopeng P7, 2025 Xiaopeng G6, 2025 Xiaopeng G9, Xiaopeng X9, and Xiaopeng P7+ [1] - The company announced a significant milestone in its globalization strategy with the official opening of its first R&D center in Europe [1]