Core Viewpoint - In the context of a stable overall beer industry in China, Qingdao Beer has achieved growth in sales, revenue, and net profit in the first half of the year, reaching a historical high in net profit [2] Group 1: Financial Performance - In the first half of the year, Qingdao Beer achieved a product sales volume of 4.732 million kiloliters, a year-on-year increase of 2.3% [2] - The company's operating revenue reached 20.49 billion yuan, up 2.1% year-on-year [2] - The net profit attributable to shareholders was approximately 3.9 billion yuan, reflecting a year-on-year growth of 7.2% [2] Group 2: Product and Brand Strategy - Qingdao Beer accelerated the cultivation of major products and innovative categories, enhancing brand optimization and product structure [3] - The main brand achieved a product sales volume of 2.713 million kiloliters, with a year-on-year increase of 3.9%, while mid-to-high-end products saw a sales volume of 1.992 million kiloliters, up 5.1% [3] - The company is leveraging its advanced innovation platform to enhance new product development and quality improvement [3] Group 3: Innovation and Market Expansion - Qingdao Beer is focusing on dual innovation in product and experience, enhancing quality and expanding product categories through technological advancements [4] - The company is utilizing digital empowerment to expand consumption scenarios such as instant retail and fresh delivery [4] - The company is committed to a digital transformation strategy and aims to innovate in green and low-carbon development models [5] Group 4: Industry Trends and Future Outlook - The Chinese beer industry is entering a new development cycle characterized by stable overall volume and structural upgrades [5] - Future growth drivers for the industry are expected to come from continuous product structure upgrades and improved operational efficiency through digital transformation [6]

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。 （於中華人民共和國註冊成立之股份有限公司， 中文公司名稱為華泰證券股份有限公司，在香港以HTSC名義開展業務） （股份代號：6886） 海外監管公告 本公告乃根據上市規則第13.10B條規則作出。 茲載列本公司在上海證券交易所網站刊登之《華泰證券股份有限公司2025年半年 度報告》，僅供參閱。 釋義 於本公告，除文義另有所指外，下列詞彙具有以下涵義。 「本公司」 指 於中華人民共和國以華泰證券股份有限公司的公司名稱註冊 成立的股份有限公司，於2007年12月7日由前身華泰證券有 限責任公司改制而成，在香港以「HTSC」名義開展業務，根 據公司條例第16部以中文獲准名稱「華泰六八八六股份有限 公司」及英文公司名稱「Huatai Securities Co., Ltd.」註冊為註 冊非香港公司，其H股於2015年6月1日在香港聯合交易所 有限公司主板上市（股票代碼：6886），其A股於2010年2月 26日在 ...

Core Insights - The core focus of the meeting was on the strategic deployment of key initiatives for the second half of 2025, emphasizing the importance of enhancing financial services and supporting technological innovation [1] Group 1: Financial Policy and Services - The company aims to implement financial policies effectively and improve capital utilization efficiency to provide comprehensive financial services for technology innovation enterprises throughout their lifecycle [1] - In the realm of inclusive finance, the company plans to leverage digital tools to expand support for small and medium-sized enterprises [1] Group 2: Regional Development Strategy - The company will strengthen its competitive advantage in Shanghai, actively supporting the construction of the "Five Centers" in the city and contributing to the development of new productivity [1] - By enhancing technological financial capabilities and innovating product services, the company seeks to consolidate and expand its leading position in the financial market [1] Group 3: Digital Transformation - Digital transformation is identified as a core strategy, with plans to integrate digital services across all financial processes and reform operational models to enhance data capabilities [1] - The company aims to drive service efficiency improvements through data elements and artificial intelligence [1] Group 4: Customer Service Enhancement - The company will advance customer base enhancement initiatives, improve customer management systems, and deepen the integration of online and offline services [1] - There will be a focus on increasing customer acquisition through channels such as payroll, social security, and pension services, with an emphasis on consumption and payment [1] Group 5: Risk Management - The company will adhere to a bottom-line thinking approach, strengthening integrated management and improving comprehensive risk management mechanisms [1] - Emphasis will be placed on the "four early" requirements: early identification, early warning, early exposure, and early disposal, to effectively manage external shocks and risks [1]

Core Viewpoint - The performance meeting of Bank of Communications highlighted the bank's commitment to high-quality development and its strategic focus on five key areas in response to the stable economic growth in China, with a GDP growth of 5.3% in the first half of the year [1][2]. Group 1: Economic Context - The Chinese economy is showing a "steady progress" trend, with a GDP growth of 5.3% in the first half of the year, which is better than expected [1]. - The banking sector is characterized by strong capital adequacy, stable operations, and robust risk management capabilities [1]. Group 2: Strategic Focus Areas - The bank will focus on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [2]. - In technology finance, the bank aims to address key issues and enhance its service capabilities [2]. - Green finance will leverage the bank's advantages in Shanghai to support the construction of five key centers [2]. Group 3: Digital Transformation and Customer Base - The bank plans to deepen its digital operating model reform and create a system that integrates digital empowerment, direct operations, and centralized management [2]. - A strategy to enhance the customer base will be implemented, focusing on optimizing customer segmentation and expanding financial coverage [2]. Group 4: Risk Management - The bank emphasizes that risk management is a perpetual theme in banking operations, reinforcing integrated management and compliance to adapt to external uncertainties [2]. - The bank aims to align risk management with its operational capabilities to ensure stability [2].

Core Viewpoint - The bank emphasizes its commitment to deepening customer engagement, serving the real economy, and maintaining strategic focus without engaging in excessive competition [1] Group 1: Customer Engagement - The bank aims to enhance customer acquisition quality and deepen the strategic customer marketing system, focusing on becoming the primary bank for small and medium enterprises [1] - There is a commitment to improving the core competitiveness of small and medium business services [1] Group 2: Asset Management - The bank plans to maintain reasonable growth in asset scale and optimize coverage structure to enhance the quality and efficiency of financial services to the real economy [1] - Efforts will be made to optimize asset structure and increase quality credit issuance, particularly towards new production formats [1] Group 3: Digital Transformation - The bank is accelerating digital transformation and the application of artificial intelligence to improve operational efficiency, risk management, and customer service [1] - There is a focus on optimizing business processes and enhancing customer experience through technology [1] Group 4: Risk Management - The bank is committed to strengthening risk control and compliance as core competitive advantages [1] - Continuous improvement of the risk internal control management system and proactive asset quality management will be prioritized [1] - The bank aims to enforce risk cost control and solidify responsibility for risk prevention across business lines [1]

【核心要点】 •财务表现：2025年上半年营业收入3,290.03亿元，同比增长3.76%；归属母公司净利润1,175.91亿元，同 比微降0.85%；资产总计36.79万亿元，较年初增长4.93% •盈利能力：净资产收益率9.11%，较去年同期 下降0.47个百分点；净息差1.26%，成本收入比25.11%；基本每股收益0.36元 •业务发展：境内人民币贷 款增加1.41万亿元，增长7.72%；科技贷款余额4.59万亿元；绿色贷款余额增长16.95%；普惠贷款余额 突破2.65万亿元 •资产质量：不良贷款率1.24%，较年初下降0.01个百分点；拨备覆蓋率197.39%；资本 充足率18.67% •股息分派：建议派发2025年中期股息每10股1.094元，较去年同期的1.208元有所下调 •未 来关注：数字化转型进展、"五篇大文章"业务增长、国际业务竞争力提升、资产质量变化趋势 增长乏力的"宇宙行"：中国银行半年报透露的隐忧 中国银行刚刚发布的2025年半年报，虽然表面数据看起来还算稳健，但细看之下却暴露出这家"宇宙 行"面临的诸多挑战。营收增长3.76%的背后，净利润却出现了0.85%的同比下滑，这个反差 ...

Core Viewpoint - Postal Savings Bank of China (PSBC) is committed to high-quality development and sustainable growth, focusing on serving the real economy and enhancing its core capabilities to become a leading large retail bank [1][2]. Financial Performance - As of June 30, 2025, PSBC's total assets reached 18.19 trillion yuan, a 6.47% increase from the previous year, while total liabilities grew by 6.21% to 17.05 trillion yuan [2][4]. - The bank reported operating income of 179.446 billion yuan, up 1.50% year-on-year, and a net profit of 49.415 billion yuan, reflecting a growth of 1.08% [2][4]. Loan and Deposit Growth - Customer loans totaled 9.54 trillion yuan, increasing by 6.99%, with corporate loans rising by 14.83% [4][5]. - Customer deposits reached 16.11 trillion yuan, a growth of 5.37%, with corporate deposits increasing by 13.86% [5]. Capital Management and Risk Control - PSBC successfully completed a 130 billion yuan A-share placement, enhancing its capital adequacy ratios, with a capital adequacy ratio of 14.57% and a core tier-1 capital ratio of 10.52% as of June 30, 2025 [6]. - The bank maintained a non-performing loan ratio of 0.92% and a provision coverage ratio of 260.35%, indicating strong risk management capabilities [6]. Digital Transformation and Innovation - The bank is advancing its digital transformation, processing over 5 billion data entries daily, and has seen a 41.17% increase in approved customers [7][8]. - PSBC is focusing on technology-driven financial services, with a technology loan balance exceeding 930 billion yuan, serving over 100,000 technology enterprises [8]. Strategic Initiatives - PSBC is enhancing its service offerings in rural finance, small and medium enterprises, and personal banking, with a focus on high-efficiency and low-cost operations [10][11]. - The bank is implementing five major actions and seven reforms to optimize its business layout and strengthen its operational resilience [10][11]. Green and Inclusive Finance - PSBC has established 45 green financial institutions, with a green loan balance of 959.639 billion yuan, growing by 11.59% [9]. - The bank is committed to inclusive finance, with agricultural loans totaling 2.44 trillion yuan and small micro-enterprise loans at 1.72 trillion yuan, leading among state-owned banks [8][9].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 3.154 billion yuan in H1 2025, representing a year-over-year increase of 8.16%, with a net profit of 265 million yuan, up 19.10% year-over-year [1]. - The company is experiencing significant growth in overseas markets, with overseas revenue increasing by 11.27% in H1 2025, and domestic orders growing by over 30% year-over-year [2]. - The company is focusing on the AIDC sector, with a projected compound annual growth rate (CAGR) of 79.22% in the data center segment from 2022 to 2024, and a notable increase in sales revenue in this area [3]. Summary by Sections Financial Performance - In H1 2025, the company reported a gross profit margin of 25.87%, an increase of 2.80 percentage points year-over-year, and a net profit margin of 8.34%, up 0.79 percentage points year-over-year [1]. - The company’s sales in the data center sector reached over 500 million yuan in H1 2025, marking a 460.51% increase year-over-year [3]. Order Backlog - The company has a substantial order backlog of 7.540 billion yuan (excluding tax), with domestic orders at 4.738 billion yuan and foreign orders at 2.802 billion yuan, reflecting a year-over-year growth of 14.89% [2]. Growth Projections - Revenue projections for 2025 to 2027 are 9.184 billion yuan, 11.001 billion yuan, and 13.445 billion yuan, with corresponding growth rates of 33.1%, 19.8%, and 22.2% respectively [4][5]. - The expected net profits for the same period are 732 million yuan, 1.046 billion yuan, and 1.549 billion yuan, with growth rates of 27.3%, 43.0%, and 48.1% respectively [4][5].

Core Viewpoint - Xinjiang Rongxing Yigou Trading Co., Ltd. has established a comprehensive food safety management system that emphasizes responsibility, technology, and social collaboration, significantly enhancing food quality and consumer trust [1][2]. Company Overview - Xinjiang Rongxing Yigou Trading Co., Ltd. is a state-owned enterprise established in September 2017 with a registered capital of 1 million yuan, serving over 10,000 individuals by providing food delivery services to 21 schools and various government agencies in Urumqi [1]. Key Practices Innovative Food Safety Management Mechanism - The company has optimized its organizational structure by implementing a "dual director" system, ensuring direct communication with the board and assigning specific responsibilities to dedicated food safety personnel [2]. - A "Food Safety Responsibility White Paper" has been created, detailing responsibilities from the chairman to frontline delivery staff, ensuring accountability at all levels [2]. - The introduction of the HACCP system allows for dynamic risk assessments across 12 stages of the supply chain, identifying 23 critical control points [2]. Full-Process Information Monitoring - The company has developed a digital system for tracking raw material procurement, integrating data from 17 suppliers to ensure traceability [3]. - Smart monitoring systems have been implemented in storage areas to maintain optimal conditions for different food types, with real-time data transmission to management platforms [3]. - An intelligent logistics tracking system has been established, featuring 360° cameras and temperature sensors in delivery vehicles to monitor food conditions during transport [3]. Standardized Vehicle Management - The company has standardized vehicle management by implementing uniform branding, disinfection processes, and vehicle configurations to enhance food safety during transportation [4]. - A rapid testing laboratory has been established to detect pesticide residues and heavy metals, ensuring the safety of food products delivered to schools and other institutions [4]. Open Social Supervision - Monthly "Food Safety Open Days" are organized to invite community members to observe the food delivery process, fostering transparency and trust [5]. Lessons Learned Responsibility Closure - The company has created a clear and actionable framework for implementing corporate responsibility through structured organization, defined roles, and standardized processes [6]. Ecological Collaboration - The company leverages its state-owned enterprise status to collaborate with government bodies, suppliers, and consumers, creating a cooperative governance model for food safety [6]. Regional Adaptation - The company addresses unique challenges in the Xinjiang region, such as livestock inspection and extreme weather logistics, ensuring compliance with national standards while adapting to local conditions [7].

Core Viewpoint - The company reported a stable performance in the first half of 2025, with a focus on enhancing consumer engagement and adapting to market changes amid challenges in the high-end apparel sector [1][2][3][4][5] Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.067 billion yuan and a net profit attributable to shareholders of 170 million yuan [1] - The second quarter saw operating revenue of 588 million yuan, a quarter-on-quarter increase of 22.76%, and a net profit of 87.53 million yuan, up 5.97% from the first quarter [1] - The net cash flow from operating activities reached 201 million yuan, reflecting a year-on-year growth of 31.02% [1] Market and Consumer Insights - The global luxury goods industry is facing significant challenges due to economic uncertainty and cultural changes, impacting high-end apparel consumption [1] - The company is focusing on core brands and product structures while enhancing consumer experience through flagship stores and brand image redefinition [1][2] Brand Strategy and Retail Experience - The launch of the Maison DAZZLE flagship store aims to create an immersive retail experience, significantly boosting the attractiveness of offline direct sales channels, which saw a year-on-year sales increase of 7.88% to 490 million yuan [2] - The brand d'zzit has undergone a repositioning to appeal to younger consumers, with a new spokesperson and upgraded visual design [3] Digital Transformation and Membership Strategy - The company is advancing its digital transformation by integrating data for improved product planning and inventory management, resulting in a 22.53% increase in online channel revenue [4] - A new membership program has been introduced to enhance consumer interaction and increase repurchase rates, creating a positive cycle of consumption [4] Organizational Efficiency and Future Outlook - The company is enhancing operational efficiency through refined marketing structures and resource integration across direct sales, distribution, and e-commerce [5] - The company aims to leverage the new flagship store to deepen its market presence and respond to national consumption stimulation initiatives [5]