机构：信达国际 研究员：Hayman Chiu AAC handed in a set of in-line 1H25 result, with revenue and net profit attributable to shareholders arrived at RMB13,318mn/RMB876mn respectively (+18.4%/+63.1% Yoy), and each accounted for 43%/36% of FY25E consensus estimates, (vs. 44%/30% on average in FY22-24). As expected, AAC did not declare interim dividends, we still believe a 15% payout ratio can be maintained in FY25E/26E Though AAC's 1H25 blended GM stood at above 20%, it slipped 0.8ppts Yoy /1.9ppts HoH to 20.7%, falling b ...