Core Viewpoint - Goldman Sachs has raised the target price for Angelalign Technology (06699) from HKD 78.8 to HKD 81.3, maintaining a "Buy" rating based on the Sum of the Parts (SOTP) valuation method [1] Financial Performance - Angelalign's revenue for the first half reached USD 161 million, representing a year-on-year increase of 33%, exceeding Goldman Sachs' expectations, primarily driven by rapid expansion in overseas markets [1] - The gross margin remained stable at 62.4%, unchanged from the same period last year, despite strategic price adjustments in domestic operations [1] - The overseas gross margin improved from 58.3% in the same period last year to 61.2% [1] Guidance and Projections - Management has raised the annual case volume guidance to between 490,000 and 500,000, indicating a year-on-year growth of 36% to 39% [1]

Core Viewpoint - Goldman Sachs reports that Angelalign's revenue for the first half of the year reached $161 million, representing a 33% year-on-year increase, exceeding the bank's expectations, primarily driven by rapid expansion in overseas markets [1] Financial Performance - Revenue for the first half of the year was $161 million, up 33% year-on-year [1] - Gross margin remained stable at 62.4%, unchanged from the same period last year [1] - Domestic business maintained good profitability despite strategic price adjustments [1] - Overseas gross margin increased from 58.3% in the same period last year to 61.2% [1] Guidance and Valuation - Management raised the full-year case volume guidance to between 490,000 and 500,000, indicating a year-on-year growth of approximately 36% to 39% [1] - Using the Sum of the Parts (SOTP) valuation method, Goldman Sachs raised its target price from HKD 78.8 to HKD 81.3, maintaining a "Buy" rating [1]

Core Viewpoint - The report from China Merchants Securities International indicates a downward revision of revenue forecasts for NetEase Cloud Music (09899) for the fiscal years 2025 and 2026 by 4% to 5% due to expected weakness in the social entertainment business, while core operating profit forecasts are raised by 25% and 23% respectively [1] Revenue and Profit Forecasts - Online music service revenue for the first half of the year reached 2.97 billion RMB, a year-on-year increase of 16%, accounting for 78% of total revenue [1] - Core operating profit increased by 35% to 905 million RMB, exceeding market expectations by 40% [1] - For fiscal years 2025 and 2026, core operating profits are expected to be 1.7 billion and 2.1 billion RMB, representing year-on-year growth of 33% and 21% respectively [1] Valuation and Target Price - The target price for NetEase Cloud Music has been significantly raised from 208 HKD to 330 HKD based on the sum-of-the-parts valuation method [1] - The music business is assigned a 30x price-to-earnings ratio for the next 12 months, while the social entertainment business is assigned a 10x price-to-earnings ratio, leading to expected price-to-earnings ratios of 21x and 26x for fiscal years 2025 and 2026 respectively [1] Cash Reserves - As of the end of the reporting period, NetEase Cloud Music had net cash reserves of 12.4 billion RMB [1]

招商证券国际发布研报称，鉴于社交娱乐业务预期走弱，将网易云音乐(09899)2025、2026财年的营收 预测下调4%至5%，但受益于成本管控带来的利润率改善，核心营业利润预测分别上调25%、23%。基 于分类加总估值法(SOTP)，目标价从208港元大幅上调至330港元。其中，音乐业务给予未来12个月30 倍市盈率，社交娱乐业务采用10倍市盈率，整体分别对应2025、2026财年21倍、26倍预期市盈率，评级 增持。 招商证券国际表示，网易云音乐上半年业绩超预期，在线音乐服务收入达29.7亿元人民币，同比增长 16%(符合预期)，占总收入的78%。毛利率同比提升1.4个百分点至36.4%，超出市场预期的34.1%。核心 营业利润同比增长35%至9.05亿元人民币，较市场预期高出40%，期末净现金储备为124亿元人民币。 展望未来，招商证券国际预计，2025年下半年在线音乐业务以17%的同比增速，推动集团总收入实现同 比正增长。招商证券国际预期网易云音乐2025、2026财年核心营业利润分别为17亿、21亿元人民币，同 比增长33%、21%。 ...