截至8月24日，已有包括嘉银科技、奇富科技(原360数科)、信也科技、小赢科技、乐信等在内的多家金 融科技公司公布了2025年第二季度业绩情况。其中，奇富科技已在美股、港股双重上市；乐信、信也科 技、嘉银科技、小赢科技为美股上市金融科技公司。 上述金融科技公司积极布局国际业务，并已取得较好的增长。例如，信也科技第二季度国际业务交易额 突破32亿元，同比增长39%；营收近8.0亿元，同比增长41.5%，占总营收的22.3%，业务布局持续多元 化拓展。 嘉银科技在印尼的合作伙伴业务发展态势良好，第二季度该地区放款金额同比增长超200%，注册用户 数同比增长约170%；墨西哥业务方面，第二季度内放款金额和注册用户数环比增长近40%。 在胡精华看来，上市金融科技公司发力国际业务的原因，一是市场红利仍在，国际市场尤其是新兴经济 体中，金融科技服务尚未完全渗透，存在巨大的市场空间和发展机会；二是分散风险，通过国际化战略 布局，可以有效分散单一市场的运营风险，提高企业的全球竞争力。 "整体来看，上市金融科技公司在第二季度的营收、净利润等财务指标方面仍呈现出分化趋势，同时也 具有一定的共性。"中国邮政储蓄银行研究员娄飞鹏向《 ...

证券研究报告 | 2025年08月21日 BOSS 直聘（BZ.O） 优于大市 经营利润率创季度新高，下一季度收入展望提速 2025Q2 收入同增 9.7%超出管理层指引，预计下一季度现金收款有望提速。 2025Q2，公司实现收入 21.02 亿元/+9.7%，超出管理层指引（6.9-8.5%）； Non-GAAP 经营利润 8.81 亿元/+33.5%；Non-GAAP 归母净利润 9.46 亿元 /+18.2%。2025 年第二季度，公司实现现金收款 20.62 亿元/+5.7%，延 续年初以来稳步复苏态势，考虑到 2024 年三季度基数较低以及渐进复 苏的招聘大环境，我们预计下一季度公司现金收款增速有望提速。 分业务看，企业线上招聘业务（B 端）收入 20.78 亿元/+9.8%，截至 2025 年 6 月底，过去 12 个月付费企业客户数为 650 万，同比+10.2%，付费 企业数续创历史新高；过去 12 个月平均 ARPU 值为 1180 元，同比+3.4%， 各类型客户支付意愿稳步上行；其他业务（主要系为求职者提供付费增 值服务）实现收入 2483 万元/+3.4%，二季度月活求职者数为 636 ...

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net buying from Northbound funds, with a total net inflow of HKD 13.86 billion on August 18, 2023, indicating strong investor interest in certain stocks while others faced net selling pressure [1]. Group 1: Net Buying and Selling Activities - Northbound funds recorded a net buying of HKD 19.42 billion through the Shanghai Stock Connect and a net selling of HKD 5.55 billion through the Shenzhen Stock Connect [1]. - The stocks with the highest net buying included China Life (02628), Alibaba-W (09988), and Huahong Semiconductor (01347) [1]. - The stocks with the highest net selling included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Southbound Hang Seng Technology (03033) [1]. Group 2: Individual Stock Performance - China Life (02628) saw a net buying of HKD 6.72 billion, supported by recent increases in holdings by China Ping An in both China Life and China Pacific Insurance [4]. - Huahong Semiconductor (01347) received a net buying of HKD 3.89 billion, as the company announced plans to acquire controlling stakes in Shanghai Huahong Microelectronics to resolve competition issues [5]. - Tencent (00700) experienced a net buying of HKD 2.99 billion, with its Q2 revenue growing by 15% year-on-year to HKD 184.5 billion, and net profit increasing by 17% [6]. - Alibaba-W (09988) and SMIC (00981) had net buying of HKD 6.17 billion and HKD 1.62 billion, respectively [8]. Group 3: Market Trends and Insights - The Tracker Fund of Hong Kong (02800) faced a significant net selling of HKD 6.41 billion, reflecting a broader trend of Northbound funds adjusting their positions amid market volatility [7]. - Analysts noted that the current market environment is characterized by increased volatility and a lack of clear trading themes, suggesting a cautious approach to investment [7].

Core Viewpoint - Mingyuan Cloud (00909) has announced a positive earnings forecast, expecting a net profit attributable to shareholders between RMB 12.09 million and RMB 15.41 million for the six months ending June 30, 2025, compared to a net loss of approximately RMB 115 million in the same period last year [1] Group 1: Financial Performance - The company anticipates a turnaround from loss to profit, primarily due to the optimization of its existing product line and customer structure [1] - The expected profit range indicates a significant improvement in financial health, showcasing a strategic shift in operations [1] Group 2: Operational Efficiency - The focus on core products and key customers has led to a reduction in development, sales, and operational costs [1] - The implementation of AI technology has significantly enhanced operational efficiency, resulting in a substantial year-on-year increase in output per employee [1] Group 3: Currency Impact - The report period experienced an increase in foreign exchange gains due to the appreciation of the US dollar against the Hong Kong dollar [1]

Core Insights - HighWin Securities' Vice President and Quantitative Fund Manager Han Chao has been invited to two high-end industry forums organized by domestic financial regulatory agencies and the Shenzhen Stock Exchange, showcasing the company's expertise in financial technology and its influence in the industry [2][4][6] Group 1: Industry Engagement - HighWin Securities was the only invited institution in the quantitative field at a closed-door expert seminar hosted by domestic financial regulators in May, where Han Chao discussed "quantitative trading innovation and risk management," gaining significant attention from regulatory leaders and other financial institutions [4][6] - In June, HighWin Securities participated in a quantitative special report meeting focused on "global quantitative industry development comparisons and AI technology empowerment," where Han Chao was the sole keynote speaker, providing a detailed comparison of quantitative investment development and regulatory policies across the US, Japan, and Hong Kong [4][6] Group 2: Technological Empowerment - The discussions at both forums emphasized "technology empowerment" and "compliance development," outlining the global development trajectory of quantitative institutions and offering insights for local quantitative trading innovation [6] - HighWin Securities has consistently adhered to a development philosophy of "technology-driven and compliance-based," focusing on strategy development, intelligent risk control, and compliance operations, while actively participating in regulatory discussions and standard-setting [6] Group 3: Company Recognition and Future Plans - Han Chao noted that the invitations to participate in regulatory forums reflect recognition of the company's quantitative expertise and encouragement for its ongoing commitment to financial technology [6] - HighWin Securities aims to leverage its technological advantages and industry experience to contribute to the high-quality development of the domestic quantitative field and enhance investor protection [6] Group 4: Company Overview - Established in 2016, HighWin Securities is a licensed corporation recognized by the Hong Kong Securities and Futures Commission, holding multiple regulatory licenses and offering a diverse range of financial services [7] - The company has received numerous awards, including the 2024 Hong Kong Capital Magazine's Capital Excellence Financial Securities Firm Award and the "Outstanding Overseas Quantitative Strategy Manager" award, establishing itself as a widely recognized comprehensive financial service provider [7]

Group 1 - Zoom has become one of Wall Street's top ten tech stocks, but there is a significant divergence in institutional ratings [1] - KeyBanc initiated a "reduce" rating for Zoom with a target price of $73, highlighting growth bottlenecks in its core video conferencing business post-COVID [1] - In contrast, Wells Fargo raised Zoom's target price from $75 to $80 while maintaining a "hold" rating [1] Group 2 - KeyBanc noted that Microsoft Teams poses significant competitive pressure on Zoom due to continuous feature iterations and user experience improvements [1] - Zoom is actively expanding beyond video collaboration, but KeyBanc believes its diversification efforts have not yet achieved breakthrough progress [1] - Zoom's product matrix includes AI-driven video conferencing, instant messaging, and cloud phone systems, along with productivity tools like interactive whiteboards and workflow automation [1] Group 3 - The institutional debate reflects a deeper market consideration of the collaboration office sector in the post-pandemic era, shifting focus from single-function advantages to ecosystem integration and continuous innovation [2] - The ability of Zoom to maintain its core business competitiveness while leveraging AI technology for scene-breaking will be crucial for its valuation restructuring [2]

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. (referred to as "Jihong Co., Ltd." 002803.SZ) has officially listed on the Hong Kong Stock Exchange, marking a significant milestone as the first A+H listed company in Xiamen and the fifth A-share company to list on the Hong Kong Stock Exchange this year [1][4]. Company Overview - Jihong Co., Ltd. was established on December 24, 2003, and was listed on the Shenzhen Stock Exchange on July 12, 2016. The company specializes in providing integrated services including marketing strategy, product design, process design, technical planning, transportation, and logistics [5]. - The company operates 10 large packaging production bases across China and has established close partnerships with clients such as Yili and Luckin Coffee. In 2022, it was ranked 5th among the "Top 100 Printing and Packaging Enterprises in China" by Printing Manager magazine [5]. IPO Details - The IPO involved a global offering of H-shares with a base issuance of 67.91 million shares, raising approximately HKD 519 million (around RMB 478 million). The funds will be used for overseas market expansion, technology development, and brand portfolio enhancement [4]. - Upon opening, Jihong Co., Ltd.'s shares surged to HKD 11 per share, a 43.23% increase from the issue price of HKD 7.68, and reached a peak increase of 52.34% at HKD 11.70 [1]. Business Performance - For the years 2022 to 2024, Jihong Co., Ltd. projected revenues of RMB 5.376 billion, RMB 6.695 billion, and RMB 5.529 billion, respectively. The cross-border e-commerce business is expected to contribute RMB 3.107 billion, RMB 4.257 billion, and RMB 3.366 billion, accounting for 57.8%, 63.6%, and 60.9% of total revenue [10]. - The company ranks second among B2C export e-commerce companies in China with a market share of 1.3% and holds the first position in the domestic paper packaging market for fast-moving consumer goods with a market share of 1.2% [10]. Future Plans - Jihong Co., Ltd. aims to expand its business footprint in Asia, particularly in Indonesia and Vietnam, while also planning to steadily enter the European market and explore high-growth potential regions in Latin America [11].

Core Viewpoint - The company, Xiamen Jihong Technology Co., Ltd. (吉宏股份), has successfully leveraged a social e-commerce model to expand its cross-border business, becoming a significant growth driver for the company [1][4]. Group 1: Company Overview - Xiamen Jihong Technology Co., Ltd. was officially listed on the Hong Kong Stock Exchange on May 27, with an opening price of HKD 11 per share, representing a 43.23% increase from the issue price, and a market capitalization exceeding HKD 5 billion [3][4]. - Established in 2003, the company initially focused on fast-moving consumer goods (FMCG) packaging, collaborating closely with well-known brands such as Yili and Luckin Coffee [4]. - The company has developed a one-stop packaging solution capability, providing comprehensive production processes in the paper-based FMCG packaging sector [4]. Group 2: Business Model and Growth Strategy - In 2017, the company identified the rapid increase in e-commerce penetration in Southeast Asia and innovatively adopted a social e-commerce model to expand its cross-border business [4]. - The company operates with a "data-driven, technology-enabled" approach, focusing on independent site models to offer diverse products and services, significantly reducing customer sourcing time and enhancing shopping experiences [4]. - The company has developed the Giikin system, powered by AI algorithms, to optimize the entire supply chain from product selection to logistics, successfully innovating its "goods find people" business model [4]. Group 3: Market Position and Industry Growth - As of now, the company has six brands, including SENADA BIKES, Veimia, Konciwa, and PETTENA, with products sold on e-commerce platforms and brand websites covering electric bicycles, underwear, sunshades, and pet supplies [5]. - The company ranks second among B2C export e-commerce companies in China with a market share of 1.3%, and first in the paper-based FMCG sales packaging sector with a market share of 1.2% [6]. - The paper-based FMCG sales packaging market in China is experiencing rapid growth, with the market size projected to increase from RMB 145.6 billion in 2020 to RMB 170.3 billion by 2024 [6]. - The Southeast Asian e-commerce market is recognized as the fastest-growing and most promising segment globally, positioning the company to benefit from ongoing market growth [6].

Core Viewpoint - Alibaba's entertainment division has rebranded itself as Whale Entertainment Group, with Alibaba Pictures set to become Damai Entertainment, marking a significant shift in its identity and strategy as it aims for growth and innovation in the entertainment sector [3][4]. Group 1: Rebranding and Strategic Direction - The rebranding from Alibaba Big Entertainment to Whale Entertainment signifies a fresh start and aligns with Alibaba Group's call for "restarting entrepreneurship" [3]. - Whale Entertainment will continue to operate as a content and technology-driven cultural entertainment group, focusing on both online and offline entertainment services [4]. - The company aims to enhance its strategic focus on top-tier content and technological innovation over the next three years [4]. Group 2: Financial Performance - For the first quarter ending March 31, 2025, Alibaba Big Entertainment reported revenues exceeding 5.5 billion yuan, with an adjusted EBITA profit of 36 million yuan, a significant turnaround from a loss of 884 million yuan in the same period last year [3]. - The financial results indicate a historic breakthrough for the company, marking its first quarterly profit [3]. Group 3: Content and Technological Advancements - Whale Entertainment has distributed over 2,700 programs internationally, covering more than 200 countries and regions, and provides ticket distribution for six major categories of events [4]. - The company has attracted 5 billion audience visits through over 300 films and has produced 400 hours of premium dramas [4]. - Technological innovations include a digital production solution that enhances filming efficiency by at least 60% and a system that improves cinema operational efficiency by 80% [4]. Group 4: AI Integration - The integration of AI technology is a key focus for Whale Entertainment, with plans to open up its internal innovations and technologies to industry partners [5]. - The emphasis on AI applications reflects Alibaba's broader strategy to explore AI across various industries [5].

Core Viewpoint - The era of easy profits in the liquor sector is fading for investors in the consumer space, prompting public funds to actively expand their investment boundaries and reconstruct their investment methodologies in response to changing consumer habits and channels [1][2]. Investment Strategy Adjustments - The FuGuo Consumption Upgrade Mixed Fund announced adjustments to its investment scope to better meet investor needs and enhance market competitiveness, incorporating the beauty and personal care sector into its consumption upgrade theme [1][2]. - The fund manager emphasized a focus on emerging consumer sectors, particularly companies with global competitive potential, as evidenced by the fund's increased holdings in stocks like Pop Mart and Lao Pu Gold [2]. Performance of Emerging Consumer Stocks - Emerging consumer stocks have shown significant growth, with companies like Pop Mart and Lao Pu Gold experiencing stock price increases of over 100% this year [3]. - Several funds heavily invested in emerging consumer sectors have seen substantial net asset value increases, with some funds reporting returns exceeding 42% year-to-date [3]. Market Trends and Consumer Behavior - Traditional consumer stocks, particularly in the liquor sector, are underperforming, while new sectors such as pet economy, beauty care, and gold jewelry are thriving [3][4]. - Fund managers are adapting their strategies to align with market changes, focusing on mid-to-high-end domestic brands that are competing with foreign brands in various sectors [4]. Focus on New Consumption Channels - Industry experts highlight the importance of adapting to new consumer behaviors and channels, such as the shift from traditional media to platforms like Douyin and Xiaohongshu, which are reshaping brand engagement [5][6]. - The rise of new product categories, including pet food and functional beverages, is noted as a significant opportunity for growth in the consumer market [5][6]. Technological Innovations and Market Opportunities - The integration of AI technology is driving the emergence of innovative products like AI glasses and smart home devices, creating new growth opportunities in traditional industries [6]. - The rapid growth of "self-care" consumption categories, such as medical aesthetics and pet economy, is also highlighted as a key trend in the consumer market [6].