I am a stock analyst with over 20 years of experience in quantitative research, financial modeling, and risk management. My focus is on equity valuation, market trends, and portfolio optimization to uncover high-growth investment opportunities. As a former Vice President at Barclays, I led teams in model validation, stress testing, and regulatory finance, developing a deep expertise in both fundamental and technical analysis. Alongside my research partner (also my wife), I co-author investment research, com ...

Group 1 - The article emphasizes the importance of quantitative research, financial modeling, and risk management in equity valuation and market trends [1] - It highlights the experience of the analyst, including leadership roles in model validation and regulatory finance, which contributes to a deep understanding of both fundamental and technical analysis [1] - The collaboration between the analyst and their research partner aims to deliver high-quality, data-driven insights, focusing on macroeconomic trends and corporate earnings [1] Group 2 - The article does not provide any specific company or industry analysis, focusing instead on the analyst's background and approach to investment research [2][3]

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 就 因 本 公 告 全 部或任何部份內容而產生或因依賴該等內容而引起的任何損失承擔任何責任。 濰柴動力股份有限公司 WEICHAI POWER CO., LTD. （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2338） 海外監管公告 本公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則第13.10B條 而 作 出。 茲載列濰柴動力股份有限公司（「本公司」）在深圳證券交易所網站刊登日期為 二 零 二 五 年 八 月 二 十 九 日 的 公 告，僅 供 參 閱。中 文 公 告 的 全 文 刊 登 於 聯 交 所 及 本 公 司 網 站。 承董事會命 董事長 馬常海 中國山東濰坊 二零二五年八月二十九日 於本公告刊發之日，本公司執行董事為馬常海先生、王德成先生、黃維彪先生、 孫 少 軍 先 生、袁 宏 明 先 生 及 馬 旭 耀 先 生；本 公 司 非 執 行 董 事 為 張 良 富 ...

Core Viewpoint - The financial performance of Fulede (301297) for the first half of 2025 shows significant growth in revenue and net profit, indicating a positive trend in the company's operations and financial health [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 441 million yuan, a year-on-year increase of 23.95% compared to 356 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was 58.27 million yuan, up 9.22% from 53.35 million yuan in the previous year [1]. - In Q2 2025, total revenue was 227 million yuan, reflecting a 20.08% increase year-on-year, while net profit for the quarter was 29.38 million yuan, an 8.64% increase [1]. - The gross margin improved to 42.8%, up 6.56% from the previous year, while the net margin decreased to 13.21%, down 11.88% [1]. - The total of selling, administrative, and financial expenses amounted to 85.67 million yuan, representing 19.42% of revenue, an increase of 27.12% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) increased to 0.17 yuan, a 9.19% rise from 0.16 yuan [1]. - The net asset value per share rose to 4.65 yuan, an 8.23% increase from 4.29 yuan [1]. - Operating cash flow per share improved to 0.36 yuan, a significant increase of 35.38% from 0.27 yuan [1]. Changes in Financial Items - Sales expenses increased by 34.87% due to higher employee compensation and stock incentives [3]. - Management expenses surged by 67.39%, also attributed to stock incentives and employee compensation [3]. - Financial expenses rose by 68.48% due to changes in investment structures [3]. - The net cash flow from operating activities increased by 36.55%, driven by higher sales collections [3]. - The net increase in cash and cash equivalents saw a dramatic rise of 634.51%, reflecting improved cash flow from operations and investments [3]. Investment Return Metrics - The company's return on invested capital (ROIC) was 7.09%, indicating average capital returns [3]. - The historical median ROIC since the company's listing is 13.75%, suggesting a generally favorable investment return profile [3]. - The company's financial health has been relatively stable, with the worst ROIC recorded in 2023 at 5.63% [3].

Core Viewpoint - *ST Ai Ai (603580) reported a significant increase in revenue and net profit for the first half of 2025, indicating positive financial performance despite some declines in certain metrics [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 102 million yuan, a year-on-year increase of 17.52% compared to 86.9 million yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 9.165 million yuan, up 174.57% from 3.338 million yuan in the previous year [1]. - The second quarter alone saw total revenue of 54.4837 million yuan, an 8.31% increase year-on-year, with net profit of 3.7547 million yuan, up 78.33% [1]. Key Financial Metrics - Gross margin was 35.07%, a slight decrease of 1.65% year-on-year, while net margin improved significantly to 7.81%, an increase of 178.27% [1]. - Total expenses (selling, administrative, and financial) amounted to 19.9937 million yuan, accounting for 19.58% of revenue, down 27.89% from the previous year [1]. - Earnings per share rose to 0.07 yuan, a 174.9% increase from 0.03 yuan [1]. Balance Sheet Changes - Inventory increased significantly by 34.7% year-on-year [1]. - Cash and cash equivalents rose by 46.86% to 48.9392 million yuan [1]. - Accounts receivable surged by 82.97% to 104 million yuan, attributed to the consolidation of Tai Zhou Zhong Shi Xin starting June 2025 [3][4][5][10][12]. Cash Flow Analysis - Operating cash flow per share decreased by 62.51% to 0.03 yuan, indicating a decline in cash received from sales compared to the previous year [1]. - Net cash flow from investing activities dropped by 343.81%, primarily due to increased cash outflows related to the acquisition of Tai Zhou Zhong Shi Xin [13]. - Net cash flow from financing activities increased dramatically by 2152.54%, reflecting higher bank borrowings [13]. Operational Insights - The company’s net profit margin improved significantly from -6.17% in the previous year, indicating better operational efficiency [13]. - Historical data shows a median Return on Invested Capital (ROIC) of 8.82%, with the worst year being 2024 at -2.07%, suggesting a volatile business model [13].

Core Viewpoint - Bohai Leasing reported a significant increase in total revenue but a drastic decline in net profit for the first half of 2025, indicating financial distress despite higher sales figures [1] Financial Performance - Total revenue for the first half of 2025 reached 28.46 billion yuan, a year-on-year increase of 75.91% [1] - Net profit attributable to shareholders was -2.019 billion yuan, a year-on-year decrease of 381.8% [1] - In Q2 2025, total revenue was 11.343 billion yuan, up 49.0% year-on-year, while net profit was -2.688 billion yuan, down 920.33% [1] Key Financial Ratios - Gross margin decreased to 28.23%, down 38.68% year-on-year [1] - Net margin was -4.59%, a decline of 161.1% year-on-year [1] - The ratio of selling, administrative, and financial expenses to revenue was 20.52%, down 39.19% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased by 54.68% to 7.775 billion yuan [1] - Interest-bearing liabilities rose by 7.80% to 215.512 billion yuan [1] - Current ratio stood at 0.54, indicating short-term liquidity issues [1][4] Changes in Assets and Liabilities - Accounts receivable increased by 0.68% to 1.871 billion yuan due to the consolidation of CAL [2] - Investment properties rose by 20.37% as a result of a court ruling allowing debt settlement with properties [2] - Contract liabilities decreased by 81.04% due to revenue recognition from aircraft sales [2] Cash Flow Analysis - Net cash flow from operating activities decreased by 4.6% [3] - Net cash flow from investing activities increased by 82.26% due to higher cash inflows from aircraft disposals [3] - Net cash flow from financing activities saw a significant decline of 1653.41% due to increased debt repayments [3] Investment Insights - The company's return on invested capital (ROIC) was 4.74%, indicating weak capital returns [3] - Analysts expect a net profit of 352 million yuan for 2025, with an average earnings per share of 0.06 yuan [4] Fund Holdings - The largest fund holding Bohai Leasing is the Jiashi Strategy Vision Three-Year Holding Mixed Fund, with 1.0863 million shares [5]

Core Viewpoint - The financial performance of Continental Oil and Gas (stock code: 600759) for the first half of 2025 shows significant declines in revenue and profit, attributed mainly to falling international oil prices and increased operational costs [1][8]. Financial Performance Summary - Total revenue for the first half of 2025 was 1.056 billion yuan, a decrease of 20.6% compared to 1.33 billion yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 49.76 million yuan, down 54.38% from 109 million yuan in the previous year [1]. - The gross margin was 56.96%, a decline of 2.36% year-on-year, while the net margin fell to 6.94%, down 24.97% [1]. - The total of selling, administrative, and financial expenses reached 204 million yuan, accounting for 19.31% of total revenue, an increase of 31.84% year-on-year [1]. - Earnings per share dropped to 0.01 yuan, a decrease of 58.14% from 0.03 yuan [1]. Cash Flow and Investment Summary - Operating cash flow per share was 0.02 yuan, down 67.93% from 0.05 yuan [1]. - The company experienced a significant increase in investment activities, particularly in the Iraq project, leading to a 608.52% decline in cash flow from investing activities [8]. - The company’s cash and cash equivalents decreased by 46.92% to 468 million yuan due to increased investments in the Iraq project [1]. Changes in Assets and Liabilities - Accounts receivable increased by 52.13% due to higher oil receivables [2]. - Prepayments surged by 252.59% due to increased advance payments for equity acquisitions [2]. - Other receivables rose by 74.98% related to trade business guarantees [3]. - Short-term borrowings increased as the company took on more debt [4]. - The company’s long-term borrowings were reclassified due to the postponement of loans from a subsidiary [7]. Fund Holdings - The largest fund holding shares in Continental Oil and Gas is the Huatai-PineBridge CSI Oil and Gas Resources ETF, with a scale of 121 million yuan and a recent net value of 1.0024 [8].

Core Viewpoint - Guoxuan High-Tech (002074) reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue reached 19.394 billion yuan, a year-on-year increase of 15.48% - Net profit attributable to shareholders was 367 million yuan, up 35.22% year-on-year - In Q2 alone, revenue was 10.338 billion yuan, reflecting an 11.33% increase year-on-year, while net profit for the quarter was 266 million yuan, up 31.68% year-on-year [1] - Gross margin stood at 16.42%, a slight decrease of 0.09% year-on-year, while net margin decreased by 7.95% to 1.71% [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 1.707 billion yuan, accounting for 8.8% of revenue, an increase of 15.68% year-on-year [1] Key Financial Ratios - Current ratio reached 0.88, indicating increased short-term debt pressure - Earnings per share (EPS) increased by 33.33% to 0.20 yuan, while operating cash flow per share rose significantly by 78.97% to 0.18 yuan [1] - The company's return on invested capital (ROIC) was reported at 2.98%, indicating weak capital returns historically [3] Cash Flow and Debt Analysis - The net cash flow from operating activities increased by 80.35%, attributed to higher collections [3] - The net increase in cash and cash equivalents decreased significantly by 158.83%, due to reduced cash flow from investment activities [3] - The company’s cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 42.18% [4] Fund Holdings - The largest fund holding Guoxuan High-Tech is the Qianhai Kaiyuan Public Utilities Stock Fund, which has reduced its holdings [5] - Several funds have newly entered the top ten holdings of Guoxuan High-Tech, indicating growing interest in the company [5]

Core Viewpoint - ST Xintong (600289) reported significant declines in revenue and net profit for the first half of 2025, indicating severe financial distress and operational challenges [1] Financial Performance Summary - Total revenue for the first half of 2025 was 65.5273 million yuan, a decrease of 47.61% year-on-year [1] - Net profit attributable to shareholders was -95.1607 million yuan, a decline of 1269.5% compared to the previous year [1] - In Q2 2025, total revenue was 23.9843 million yuan, down 68.45% year-on-year, with a net profit of -66.553 million yuan, a drop of 394.35% [1] - Gross margin decreased to 50.06%, down 14.7% year-on-year, while net margin plummeted to -145.22%, a decrease of 2358.53% [1] - The ratio of operating expenses (selling, administrative, and financial expenses) to total revenue increased significantly to 108.29%, up 129.27% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) was -0.15 yuan, a decrease of 1268.99% year-on-year [1] - Cash flow from operations per share was 0.66 yuan, an increase of 39.49% year-on-year [1] - The company's net asset value per share rose to 1.84 yuan, up 65.65% year-on-year [1] Changes in Financial Items - Cash and cash equivalents increased by 38.15% due to repayment of funds occupied by the controlling shareholder [2] - Prepayments surged by 459.51% due to contract prepayments, while inventory rose by 277.4% due to stock purchases [3] - Contract assets decreased by 34.61% due to impairment provisions [3] - Total operating expenses increased significantly, with selling expenses rising by 140.58% and financial expenses by 69.79% [4] Cash Flow and Debt Analysis - The net cash flow from operating activities increased by 39.49% due to additional cash received related to operating activities [4] - The company has a healthy cash asset position, but the average cash flow from operations over the past three years has been negative [5] - The company’s historical return on invested capital (ROIC) has been poor, with a median ROIC of -20.89% over the past decade [4]

Core Viewpoint - 京能热力 (002893) reported a year-on-year increase in total revenue and net profit for the first half of 2025, but faced challenges in the second quarter with a significant drop in net profit [1] Financial Performance - Total revenue for the first half of 2025 reached 774 million yuan, up 16.71% from 663 million yuan in the same period of 2024 [1] - Net profit attributable to shareholders was 121 million yuan, a 5.78% increase from 115 million yuan in 2024 [1] - The gross profit margin improved to 30.99%, an increase of 9.32% year-on-year, while the net profit margin decreased to 16.3%, down 6.59% [1] - The company reported a significant increase in accounts receivable, which reached 475 million yuan, a 20.04% rise from 395 million yuan [1][2] Cost and Expense Analysis - Total sales, management, and financial expenses amounted to 38.84 million yuan, accounting for 5.02% of revenue, a decrease of 2.67% year-on-year [1] - Sales expenses increased by 43.04% due to a rise in personnel and salary costs [3] - Management expenses rose by 15.96% attributed to the acquisition of 京能华清 subsidiary [3] - Financial expenses decreased by 10.17% due to improved financing management [4] Cash Flow and Investment - Operating cash flow per share was -1.47 yuan, a decrease of 10.19% year-on-year [1] - The net cash flow from investing activities saw a drastic decline of 1529.52%, primarily due to increased capital expenditures and cash payments for subsidiary acquisitions [6] - Financing activities generated a net cash flow increase of 88.27%, driven by new investments and increased bank loans [6] Company Valuation and Return Metrics - The company's return on invested capital (ROIC) was 4.84%, indicating weak capital returns, with a historical median ROIC of 6.53% since its listing [7] - The net profit margin for the previous year was 6.31%, suggesting average value addition from products or services [7] Debt and Receivables Management - The ratio of accounts receivable to net profit reached 711.03%, indicating a high level of receivables relative to profit [8] - The company's cash assets are considered healthy, although the cash to current liabilities ratio stands at 88.01% [8]