消息面上，九毛九近日发布2025年中期业绩，收入27.53亿元(人民币，下同)，同比下降10.1%；公司权 益股东应占溢利6069.1万元，同比下降16%。从同店销售数据来看，太二、怂火锅、九毛九三大主力品 牌的同店销售增长率分别为-19.0%、-20.1%和-19.8%。值得注意的是，今年上半年，公司净关闭了88家 门店，主要由于相关租赁协议于届满后终止，及部分餐厅的表现未如理想。 摩根士丹利将九毛九2025至27年每股盈利预测分别下调9%、6%及10%，主要反映年初至今需求弱于预 期。基于盈利预测下调，该行将目标价由2.3港元下调至2.1港元，续予"减持"评级。该行又预料公司股 价将于在未来30天内下跌，因恒指公司日前公布将于9月8日起把九毛九从恒生综合指数中剔除，意味着 该股将被移出港股通范围。截至8月22日，南下资金持有3.117亿股，占总股本22.3%及自由流通量 44.4%，预期调整将于短期内引发显著的沽售压力。 九毛九(09922)再跌超3%，截至发稿，跌3.33%，报2.61港元，成交额5715.87万港元。 ...

摩根士丹利将九毛九2025至27年每股盈利预测分别下调9%、6%及10%，主要反映年初至今需求弱于预 期。基于盈利预测下调，该行将目标价由2.3港元下调至2.1港元，续予"减持"评级。该行又预料公司股 价将于在未来30天内下跌，因恒指公司日前公布将于9月8日起把九毛九从恒生综合指数中剔除，意味着 该股将被移出港股通范围。截至8月22日，南下资金持有3.117亿股，占总股本22.3%及自由流通量 44.4%，预期调整将于短期内引发显著的沽售压力。 消息面上，九毛九近日发布2025年中期业绩，收入27.53亿元(人民币，下同)，同比下降10.1%；公司权 益股东应占溢利6069.1万元，同比下降16%。从同店销售数据来看，太二、怂火锅、九毛九三大主力品 牌的同店销售增长率分别为-19.0%、-20.1%和-19.8%。值得注意的是，今年上半年，公司净关闭了88家 门店，主要由于相关租赁协议于届满后终止，及部分餐厅的表现未如理想。 智通财经APP获悉，九毛九(09922)再跌超3%，截至发稿，跌3.33%，报2.61港元，成交额5715.87万港 元。 ...

Core Viewpoint - AIA Group's net profit for the first half of the year decreased by 24% to $2.5 billion, while the new business value increased by 14% to $2.8 billion, slightly below expectations [1] Financial Performance - AIA's new business value margin improved from 53.9% in the first half of last year to 57.7% this year [1] - The embedded value rose by 4% year-on-year to $70.9 billion after the company repurchased approximately $1.9 billion [1] Forecast Adjustments - The earnings forecast for 2025 to 2027 has been lowered by 8% to 11% due to increased net financial expenses related to insurance contracts [1] - The target price has been adjusted from HKD 92.2 to HKD 90, while maintaining a "Buy" rating [1]

Core Insights - Bank of America Securities reported that Hang Seng Bank's revenue for the first half of the year increased by 2.7% year-on-year to HKD 21 billion, with pre-provision profit rising by 3.9% to HKD 13.4 billion, exceeding market expectations by 2% and 6% respectively [1][1][1] - However, net profit fell by 34.6% year-on-year to HKD 6.3 billion, missing market expectations by 22%, primarily due to a doubling of provisions [1][1][1] - The return on equity (ROE) decreased by 4.5 percentage points year-on-year to 7.9% [1][1][1] Financial Ratios and Capital - The Common Equity Tier 1 (CET1) ratio increased by 3.6 percentage points to 21.3% due in part to the implementation of Basel III regulations [1][1][1] - The interim dividend rose by 8.3% year-on-year to HKD 2.6 per share, with the payout ratio increasing by 30 percentage points to 78% [1][1][1] Share Buyback and Earnings Forecast - Hang Seng Bank announced a share buyback plan of up to HKD 3 billion, expected to be completed within six months [1][1][1] - Bank of America Securities lowered its earnings forecasts for Hang Seng Bank for 2025 to 2027 by 10% to 18%, mainly due to rising credit costs, projected at 110 basis points, 85 basis points, and 75 basis points for the respective years [1][1][1] - The cost of equity was reduced by 50 basis points to 8.5% due to a decline in HIBOR, which led to a decrease in the risk-free rate [1][1][1] Target Price Adjustment - The target price for Hang Seng Bank was lowered by 8% from HKD 102 to HKD 93.6, reflecting headwinds in earnings and a low non-performing loan coverage ratio, with a reiterated "underperform" rating [1][1][1]

麦格理降拼多多今明两年盈测 目标价下调至126美元 金十数据5月28日讯，麦格理发表研究报告指，拼多多(PDD.O)首季业绩表现疲软，收入较该行及市场 预期低14%及8%，经调整净利润率则低2.3及9个百分点，相信源于Temu表现不及预期的拖累。麦格理 预期，收入增速较GMV落后及变现率挑战等，可能导致拼多多短期前景吸引力下降，但相信现价估值 水平已反映大部分下行风险，因此维持跑赢大市评级。拼多多承诺对平台生态投资，麦格理相信将为盈 利前景带来负面影响，因此将2025及2026年盈利预测分别下调17%及6%，目标价从153美元下调至126 美元。 ...