Tokenization & RWA - Ondo's newest product suite is discussed [1] - Institutions' needs in tokenization are explored [1] - The episode is relevant for understanding RWA/tokenization trends [1] People - CSO of Ondo was interviewed [1] - CSO's relationship with Eric Trump was mentioned [1]

三大指数小幅上涨，两市半日成交额超1.6万亿。金田股份5连板，济民健康4连板，一图看懂>> 申联牛物 3天3板 公司开展并购重组布局人用 域或设立并购基余投资收账 聚焦公司核心技术平台，包 核酸（mRNA）以及合成多 具有协同效应的生物医药标 福瑞股份 2天2板 国内肝病诊治领域龙头企业 精性脂肪性肝炎）治疗重大 期大到主要临床终点 博济医药 公司主要为国内外制药企业 品、医疗器械的研发与生产 式" CRO服务，CRO服务f 康缘药业 公司被国家及各省新冠防治 括：散寒化湿颗粒、金振C 粒、热毒宁注射液、藿香正 济民健康 4天4板 公司子公司博鳌国际医院拥 日本国厚生省认证的国际更 了包括细胞存储、国际标准 临床研究、干细胞与再生医 技术平台，医院自体脂肪干 量检定 立方制药 3天2板 公司此前收到国家药监局下 料药上市申请批准通知书》 体成分，有消炎止痒作用, 臭虫叮咬红肿等各种皮肤瘦 新天药业 3天3板 公司拟收购汇伦医药85.12 是小分子化学药，致力于有 心脑血管、妇科、男科等穷 益佰制药 主要涵盖抗肿瘤类、心血管 域,其中中药注射剂艾迪沼 品，与复方斑酱胶囊适用于 诚意药业 公司预计中报净利润同比增 ...

Key Insights - The report highlights the growth potential of the Chinese casual dining sector, with a market size projected to reach approximately 3.9 trillion yuan by 2025, growing at a CAGR of 8.9% from 2023 to 2028 [9] - The company "小菜园" (Little Garden) is identified as a leading player in the casual dining space, with a focus on cost-effectiveness and a successful expansion strategy across China [8][11] - In 2024, Little Garden achieved revenue of 5.21 billion yuan, representing a year-on-year increase of 14.5%, and a net profit of 580 million yuan, up 9.1% [8] - The company plans to continue its expansion, with projections to increase its store count significantly from 667 in 2024 to 1,809 by 2030 [10] Company Overview - Little Garden operates a direct sales model and emphasizes value for money, with an average dining price of 59.2 yuan in 2024 [8] - The company has a strong presence in the East China region, with over 80% of its stores located there, and aims to penetrate deeper into this market while exploring new regions [10] - The report anticipates that the company's net profit will grow to 770 million yuan, 940 million yuan, and 1.12 billion yuan in 2025, 2026, and 2027 respectively, reflecting growth rates of 32%, 22%, and 19% [11] Industry Analysis - The casual dining market is characterized by a fragmented landscape, with the top five companies holding less than 1% market share, indicating significant opportunities for brands that can capture the lower-tier markets and enhance online presence [9] - The report draws parallels with Japan's dining sector, noting that leading companies can thrive even during economic downturns, suggesting a resilient growth trajectory for Little Garden [9] - The report emphasizes the importance of supply chain efficiency and operational improvements as key drivers for profitability in the casual dining sector [10] Investment Recommendations - The report suggests a target stock price range for Little Garden of 13.4 to 14.3 HKD, indicating a potential upside of 32.3% from the current price [11] - The company is rated "outperform" based on its strong market position, effective expansion strategy, and improving operational efficiency [11]

New Market Launch - GMX-SOLANA 新增 RWA (Real World Assets) 市场 [1] - 新市场由 Chainlink 提供技术支持 [1]

Group 1 - CMB International Securities has launched a virtual asset trading service supporting BTC, ETH, and USDT, available 24/7 for qualified investors who have completed KYC and AML certification [1] - Renmin University of China Law School is offering an advanced training course on the legal practices related to virtual currency disposal, stablecoins, and RWA, focusing on the legal attributes, regulatory framework, disposal procedures, compliance processes, and investment opportunities of digital assets [1] Group 2 - Strategy purchased 430 BTC between August 11 and August 17 at an average price of $119,666, totaling $51.4 million, bringing its total holdings to 629,376 BTC with an average acquisition cost of $73,320, amounting to approximately $46.15 billion [2] Group 3 - LayerZero Foundation's proposal to acquire Stargate has begun voting, currently with a support rate of 97.09%, with the voting set to end on August 24. The proposal includes a $110 million acquisition of Stargate cross-chain bridge and its STG tokens, with plans to dissolve Stargate DAO and exchange STG for LayerZero's native token ZRO at a rate of 1 STG to 0.08634 ZRO [3] Group 4 - The UK-based crypto platform Lykke suffered a hack last year, resulting in the theft of approximately $22.8 million worth of Bitcoin and Ethereum, attributed to the North Korean hacker group Lazarus. The company has since been liquidated, and its founder is under criminal investigation in Switzerland [4]

之前 @plumenetwork 和 WLFI 合作的时候就觉得 $PLUME 上现货稳的，这回终于算是修成正果了目前 Plume 应该是 RWA 里比较做实事的项目方了，不过从山寨市场的角度来说现在行情并不好，上现货的最大优势是能让资产本币的持续性更长，更有机会跨周期如果要参与的话我觉得可以去他的链上看一下生态，因为 plume 生态上已经有了不少 RWA 资产，年化也有一定吸引力币安Binance华语 (@binancezh):🪂币安HODLer空投上线Plume ( $PLUME )使用BNB申购保本赚币产品，以获得PLUME回溯空投！📌2025年07月24日08:00至2025年07月28日07:59（东八区时间）期间，使用BNB申购保本赚币(定期和/或活期)或链上赚币产品的用户，将获得空投分配。谁懂！刚说完JUST HODL https://t.co/1yYGBYzaiS ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][30][40] Core Insights - The company is advancing towards AI security, with expectations for the industry to bottom out in 2025. The company's foundational products have accumulated capabilities in offense and defense, and the subsequent focus on situational awareness platforms has enabled a transition to big data security capabilities. AI further enhances traditional big data capabilities, allowing the company to upgrade its original platform capabilities and reshape security with AI [1][7][28] - Traditional business remains strong, with initial value seen in AI security. The company maintains a top-three market share in foundational products such as database auditing, WAF, and log auditing. The situational awareness platform leads the industry, with a 13.7% market share in data security platforms, ranking first. The company has also achieved significant efficiency improvements in AI security products [2][15][18] - The company has seen a notable decrease in expenses, leading to a gradual emergence of positive operating leverage. In 2024, the company is expected to incur a loss of 198 million yuan, a 45% reduction from the previous year, primarily due to enhanced expense control [3][30][33] Summary by Sections Financial Performance - The company is projected to generate revenues of 2,043 million yuan in 2024, a decrease of 5.9% from 2023, with a net profit forecast of -198 million yuan. The company anticipates a return to profitability in 2025 with a net profit of 42 million yuan [4][40] - The company’s revenue structure includes foundational products, security platforms, and security services, with expected revenue growth rates of approximately 5% to 12% from 2025 to 2027 [39][40] AI and RWA Opportunities - The company has made significant strides in AI security, with AI-related revenues exceeding 79 million yuan in 2024. The partnership with the Zhejiang Big Data Exchange Center since 2020 has positioned the company well for opportunities in the RWA (Real World Asset) era [2][28][29] Market Position - The company continues to hold a leading position in the market, with foundational products maintaining a market share of over 72% and a strong presence in managed security services (MSS) [15][21][28]

Core Viewpoint - Xinhua Medical (600587) is exploring potential synergies and capital efficiency improvements through its subsidiary Huajian Medical's initiatives in the medical innovation sector, particularly with the RWA exchange ecosystem and stablecoin system [1] Group 1 - Huajian Medical is advancing a medical innovation drug asset RWA exchange ecosystem, which is seen as a promising development avenue [1] - The company is considering the establishment of related funds and is actively pursuing operational licenses in the United States [1] - Xinhua Medical acknowledges the potential for these initiatives to enhance the overall capital efficiency and global presence of the group [1]

Cryptocurrency & DeFi - Bitcoin's untapped yield potential is being explored [1] - Yalaorg is participating in an AMA to discuss Bitcoin's role in DeFi and RWAs (Real World Assets) [1] - The AMA is scheduled for August 20th at 12 PM UTC [1]

Core Viewpoint - Huaxing Capital Holdings (01911) has experienced a significant stock price increase, rising over 9% to reach a new high of 7.38 HKD since March 2023, with a year-to-date increase of 150% [1] Financial Performance - The company anticipates a profit attributable to shareholders of approximately 64.98 million RMB for the six months ending June 30, 2025, marking a turnaround from previous losses [1] - The substantial increase in operating profit from the investment management segment has been a key driver of the company's financial performance [1] - Losses at Huaxing Securities Limited have significantly decreased, and the company has achieved notable results in reducing operating costs [1] Strategic Initiatives - In June 2023, the board approved a budget of 100 million USD to expand into the Web 3.0 and cryptocurrency asset sectors over the next two years [1] - The company plans to enhance its investments in stablecoins, Real World Assets (RWA), and the entire cryptocurrency ecosystem, while actively pursuing the application and upgrade of relevant business licenses [1] - Huaxing Capital has successfully invested in Circle Internet Group and provided listing and financing services for numerous leading cryptocurrency firms [1]