8月22日，雾芯科技（RLX Technology Inc.）（纽交所：RLX）公布2025年第二季度未经审计财报。财 报显示，雾芯科技2025年第二季度净营收为人民币8.8亿元（1.2亿美元），环比增长8.9%，同比增长 40.3%。非美国通用会计准则下，第二季度经调整净利润为人民币2.9亿元（4065万美元）,环比增长 15.2%，同比增长35.6%。 今年一季度雾芯科技营收为8.08亿元，同比增长46.5%。去年营收为27.486亿元，同比增长73.26%。国 内电子烟市场变动较小，雾芯科技已占据绝大部分市场份额，正在通过海外扩张的方式增加营收，目前 海外营收主要来源依然是东南亚市场。 截至2025年6月30日，雾芯科技拥有现金和现金等价物、受限制现金、短期银行存款、短期投资、长期 银行存款及长期投资证券合计为人民币155.2亿元（21.7亿美元）。 雾芯科技宣布其董事会批准向截至2025年9月12日的普通股持有人及ADS持有人分别支付每股普通股 0.01美元或每股ADS0.01美元的现金股息，以美元支付。 汪莹表示，当前行业监管与消费趋势在快速变化，重塑格局的同时，也为行业增长与创新开辟了新机 遇。作 ...

Core Viewpoint - Futu Holdings is experiencing structural growth potential beyond traditional brokerage cycles, driven by clear advancements in its cryptocurrency business and strong performance in overseas markets [1][10]. Cryptocurrency Business Progress - Morgan Stanley highlights that Futu's cryptocurrency business, although in its early stages, is showing rapid progress with key data indicating significant growth [2][4]. - The company has introduced a long-term strategy named "RACE" to guide the future development of its cryptocurrency business, emphasizing user adoption and potential fee increases as market penetration grows [4][18]. - In Q2 2025, the value of customer-held cryptocurrency assets increased by 40% quarter-over-quarter, reaching HKD 4 billion, while daily trading volume doubled from approximately USD 20 million to USD 40 million [5]. Financial Forecasts and Valuation - Barclays has raised its financial forecasts for Futu, increasing the adjusted net income predictions for FY 2025 by 22% and for FY 2026 by 36.4%, maintaining a target valuation multiple of 15x EV/nominal EBITDA [14]. - Morgan Stanley has updated its valuation model, raising the target price for Futu from USD 160 to USD 210, reflecting a potential revaluation of the company based on its growth prospects [1][11]. Overseas Market Expansion - Futu's global strategy is yielding results, with significant contributions from overseas markets, particularly in Singapore and Japan, where client assets and trading volumes have seen substantial increases [8][10]. - In Q2 2025, client assets in Singapore grew by 26% quarter-over-quarter, while trading volumes in Japan surged by 50%, driven by localized products and AI tools [10]. Revenue and Profitability Projections - The removal of a previously applied 50% discount on revenue contributions from the cryptocurrency business has led to an 8% increase in revenue forecasts and an 11% increase in net profit projections for 2027 [18]. - The new target price of USD 210 corresponds to a P/E ratio of 25x based on expected earnings for 2026, reflecting a more optimistic outlook on future cash flow growth [18].

花旗发表研报指，老铺黄金海外扩张计划似乎正在加速，计划于2026年开拓更多新市场。管理层未否认 支持增长所需的资金需求，或引发投资者对潜在融资的担忧。花旗预计新店投资(主要为库存)将于两年 内回本，自由现金流将于2026年扭转。随着新店开设及营运杠杆效应，预期同店销售增长强劲。 该行将老铺黄金2025至2027财年净利润预估分别上调3%、2%及1%，目标价从1084港元上调至1119港 元，维持"买入"评级。 ...

Core Viewpoint - CNOOC Services (02883) is experiencing a stock price increase of over 4%, attributed to expectations of improved net profits driven by high utilization rates of its drilling platforms [1] Group 1: Company Performance - CNOOC Services plans to hold a board meeting on August 27 to consider and approve its interim results [1] - Citigroup has initiated a 90-day upward catalyst observation for CNOOC Services, anticipating improved net profits in Q2 and Q3 due to high utilization of drilling platforms [1] Group 2: Operational Expansion - Currently, four drilling platforms are operational in the North Sea and Europe, with an additional platform starting operations in Brazil in collaboration with Petrobras [1] - Increased overseas expansion is expected to lead to higher daily rates and better profit margins compared to the domestic market [1] Group 3: Revenue Expectations - With rising regional daily rates, Citigroup forecasts an improvement in the company's average daily revenue, which should drive higher profit growth [1]

Core Viewpoint - CNOOC Services (02883) is experiencing a stock price increase of over 4%, attributed to expectations of improved net profits driven by high utilization rates of its drilling platforms [1] Company Performance - CNOOC Services plans to hold a board meeting on August 27 to consider and approve its interim results [1] - The stock price rose by 4.19% to HKD 7.46, with a trading volume of HKD 62.01 million [1] Analyst Insights - Citigroup has initiated a 90-day upward catalyst observation for CNOOC Services, anticipating improved net profits in Q2 and Q3 due to high utilization of drilling platforms [1] - Currently, four drilling platforms are operational in the North Sea and Europe, with an additional platform starting operations in Brazil in collaboration with Petrobras [1] Market Expansion - Increased overseas expansion is expected to lead to higher day rates and better profit margins compared to the domestic market [1] - With rising regional day rates, Citigroup forecasts an improvement in the company's average daily revenue, which should drive higher profit growth [1]

Core Viewpoint - CNOOC Oilfield Services (02883) is experiencing a stock price increase of over 4%, attributed to expectations of improved net profits driven by high utilization rates of its drilling platforms [1] Group 1: Company Performance - CNOOC Oilfield Services plans to hold a board meeting on August 27 to consider and approve its interim results [1] - Citigroup has initiated a 90-day upward catalyst observation for the company, anticipating improved net profits in the second and third quarters due to high utilization of drilling platforms [1] Group 2: Operational Expansion - The company currently operates four drilling platforms in the North Sea and Europe, with an additional platform starting operations in Brazil in collaboration with Petrobras [1] - Increased overseas expansion is expected to lead to higher day rates and better profit margins compared to the domestic market [1] Group 3: Revenue Expectations - With rising regional day rates, Citigroup forecasts an improvement in the company's average daily revenue, which should drive higher profit growth [1]

花旗发表研报指，相信泡泡玛特在IP孵化和营运，以及海外扩张方面的强大能力，将继续支撑其在2025 年下半年及以后的稳健增长势头。随着本周迷你版LABUBU的首次亮相，预期公司将进一步推动全球IP 热潮。长期来看，花旗认为这一世界级IP的商业价值，有机会扩展到流行玩具以外的广泛领域。其他标 志性IP产品(CRYBABY、HIRONO、TWINKLE TWINKLE等)也凭借其整合的IP生态系统，成为新的增 长驱动力。 花旗根据泡泡玛特管理层最新的2025年预测(预计收入超过300亿元，净利润率35%）微调了盈利预测， 维持"买入"评级，目标价从384.5港元上调至398港元，较公司四年历史平均值溢价10%，反映公司改善 中的增长前景和执行力。 ...

Core Viewpoint - Pop Mart aims for a revenue target of 30 billion yuan for the year, focusing on IP sustainability, overseas expansion, and capacity to meet demand [1] Group 1: Financial Performance - LABUBU, a top IP under Pop Mart, achieved a revenue of 4.81 billion yuan, accounting for 34.7% of total revenue, with a year-on-year growth of approximately 668.4% [3] - The revenue from plush products reached 6.14 billion yuan in the first half of the year, a year-on-year increase of 1276.2%, surpassing the revenue from figurines for the first time [3] - Overall revenue for the first half of the year was 13.9 billion yuan, with a gross profit of 9.76 billion yuan, reflecting a year-on-year growth of 234.4% and a gross margin increase from 64% to 70.3% [9] Group 2: Production and Supply Chain - Pop Mart's production capacity for plush products increased tenfold, with an output of approximately 30 million units in August [3] - The company is currently focused on increasing production capacity to meet high market demand, with a goal to achieve a basic level of capacity before enhancing R&D investments [4] - Automation levels in production have been raised to 50%, significantly reducing labor requirements and improving supply chain stability [4] Group 3: Market Strategy - In the first half of the year, revenue from the Chinese market was 8.28 billion yuan, a year-on-year increase of 135.2%, with online sales growing by 212.2% [6] - Pop Mart emphasizes a unified ecosystem across all channels, balancing multiple product lines while ensuring a consistent consumer experience [6][7] - The company is expanding its international presence, with over 40 stores in the U.S. and plans to open more in various regions, including the Middle East and South America [10] Group 4: Regional Performance - The Americas saw a revenue increase of 1142.3% to 2.26 billion yuan, with 41 physical stores [11] - The Asia-Pacific region reported a revenue of 2.85 billion yuan, growing by 257.8%, focusing on travel retail [10][11] - European revenue reached 480 million yuan, a year-on-year increase of 729.2%, with a focus on iconic locations [10][11]

Core Viewpoint - Xinrong International reported a revenue increase in the first half of 2025, but faced pressure on profitability, raising concerns among investors [1][3]. Group 1: Financial Performance - The company achieved revenue of approximately 317 million RMB, a year-on-year increase of 6.2%, while net profit attributable to shareholders decreased from 18.9 million RMB to 17.69 million RMB, a decline of 6.3% [1][3]. - Gross margin fell from approximately 19% to 18.68%, indicating pressure on cost control [3]. - Basic earnings per share remained at 0.03 RMB, unchanged from the previous year, suggesting room for improvement in operational efficiency despite revenue growth [3]. - Current ratio improved from 2.57 to 2.92, and quick ratio increased from 2.22 to 2.51, reflecting strong short-term solvency [3]. - Return on equity dropped significantly from 9.08% to 3.49%, and return on total assets decreased from 6.71% to 2.49%, raising concerns about key profitability metrics [3]. Group 2: International Expansion Strategy - The company has established overseas subsidiaries in Ho Chi Minh City, Vietnam, and Bangkok, Thailand, aiming to leverage scale and introduce local flavors to the Chinese market [4]. - A planned Asia-Pacific Innovation Center with a total area of 40,816.13 square meters is expected to be operational by early 2026, emphasizing the company's focus on enhancing R&D capabilities [4]. - Fixed assets increased from 197 million RMB to 200 million RMB, and long-term debt rose from 63.38 million RMB to 66.80 million RMB, indicating additional cost pressures from overseas expansion [4]. Group 3: Industry Competition and Future Outlook - The food ingredients and additives industry is becoming increasingly competitive, presenting various challenges for the company [5]. - Accounts receivable conversion cycle remained at 51 days, while accounts payable conversion cycle was low at 16 days, indicating efficiency in supply chain management but limited bargaining power with suppliers [5]. - Inventory levels slightly increased from 50.76 million RMB to 51.22 million RMB, showing stable inventory management [5]. - Cash and cash equivalents rose from 203 million RMB to 217 million RMB, providing sufficient liquidity for operations and investments [5]. - The company plans to increase product sales through existing and new agency rights, particularly targeting the food service and health nutrition sectors [5]. - The company aims to strengthen its own brand and product mix through self-developed formulations and potential acquisitions of quality target businesses to create synergies [5]. - Despite confidence in future prospects, the company faces the critical challenge of improving profitability while maintaining revenue growth amid global economic uncertainties [5].

Group 1 - Lenovo Group plans to establish a regional headquarters in Riyadh, Saudi Arabia [1] - The company has appointed Yu Zhibo as the head of the regional headquarters [1] - In February, Lenovo and Alat Elnet began construction on a manufacturing facility on a 200,000 square meter site in the Riyadh Comprehensive Zone, expected to start trial production of laptops and mobile phones in 2026 [1]