Group 1 - The retail sales in Macau for Q2 2025 amounted to MOP 15.97 billion, reflecting a year-on-year decline of 1.4%, which is a significant improvement from the Q1 decline of 15.0% [1] - Key retail sectors showed recovery in Q2, with adult clothing and department stores recording year-on-year growth of 2.7% and 1.9% respectively, while declines in leather goods (-4.4%) and cosmetics and hygiene products (-3.6%) slowed compared to Q1 [1] - For the first half of the year, retail sales totaled MOP 33.55 billion, down 9.0% year-on-year, with leather goods and cosmetics experiencing declines of 15.8% and 14.3% respectively, while pharmacies and automobiles saw increases of 4.5% and 3.6% [1] Group 2 - According to retail merchants' opinions, 54.7% expect Q3 sales volume to be similar to the same period last year, while 40.0% anticipate a decrease, and 5.3% expect an increase [2] - A significant 76.0% of merchants predict that Q3 sales prices will remain at last year's levels, with 18.1% expecting a price drop and 5.9% anticipating a price increase [2]

Group 1 - The company, Crown City Watch and Jewelry (00256), anticipates a loss of approximately 40 million HKD for the six months ending June 30, 2025, compared to a profit of about 7.024 million HKD for the six months ending June 30, 2024 [1] - The board attributes the anticipated loss primarily to weak demand for non-essential goods during challenging economic conditions, with around 30 million HKD of the loss being attributed to fixed asset depreciation, which is a non-cash item [1]

Core Viewpoint - The company anticipates a significant loss of approximately 40 million HKD for the six months ending June 30, 2025, compared to a profit of about 7.024 million HKD for the same period ending June 30, 2024, indicating a challenging economic environment affecting demand for non-essential goods [1] Financial Performance - The expected loss of 40 million HKD for the upcoming period is primarily attributed to weak demand for non-essential items amid challenging economic conditions [1] - The previous period's profit of 7.024 million HKD highlights a stark contrast to the anticipated losses, emphasizing the downturn in performance [1] Depreciation Impact - Approximately 30 million HKD of the expected loss is attributed to fixed asset depreciation, which is a non-cash expense, indicating that the actual cash flow may not be as severely impacted as the reported loss suggests [1]

Core Viewpoint - The company expects to report a loss of approximately HKD 40 million for the six months ending June 30, 2025, compared to a profit of HKD 7.024 million in the same period last year, indicating a significant decline in financial performance due to challenging economic conditions and weak demand for non-essential goods [1] Financial Performance - The anticipated loss of HKD 40 million contrasts sharply with the previous year's profit of HKD 7.024 million, highlighting a deterioration in financial results [1] - Approximately HKD 30 million of the expected loss is attributed to fixed asset depreciation, which is a non-cash expense [1]

Group 1: China Petroleum & Chemical Corporation (Sinopec) - The company plans to repurchase shares worth between 500 million to 1 billion yuan using its own funds and special loans, with a maximum repurchase price of 8.72 yuan per share [1] - The estimated number of shares to be repurchased is between approximately 57.34 million to 114.68 million shares, representing 0.05% to 0.09% of the total share capital [1] - The repurchased shares will be fully canceled, reducing the registered capital, and the repurchase period will not exceed three months from the board's approval [1] Group 2: Zhenzhitong (True Vision) - The controlling shareholder plans to reduce its stake by 3%, selling 6.2928 million shares from September 15, 2025, to December 14, 2025 [3] - The company specializes in multimedia video system construction and data center system services [3] Group 3: Junya Technology - The company reported a net profit of 38.13 million yuan for the first half of 2025, recovering from a loss of 16.34 million yuan in the same period last year [4] - Revenue for the first half of 2025 reached 1.264 billion yuan, a year-on-year increase of 13.54% [4] - The basic earnings per share were 0.12 yuan [4] Group 4: Highling Information - The company reported a net loss of 33.07 million yuan for the first half of 2025, compared to a loss of 22.50 million yuan in the same period last year [5] - Revenue for the first half of 2025 was 95.20 million yuan, a year-on-year increase of 15.55% [5] - The basic loss per share was 0.26 yuan [5] Group 5: Laisentongling - The company achieved a net profit of 60.61 million yuan in the first half of 2025, turning around from a loss in the previous year [6] - Revenue increased by 37.00% year-on-year, reaching 870 million yuan [6] - The basic earnings per share were 0.18 yuan [6] Group 6: Kanglong Huacheng - The company reported a net profit of 701 million yuan for the first half of 2025, a decrease of 37% year-on-year [9] - Revenue was 6.441 billion yuan, reflecting a year-on-year growth of 14.93% [9] - The basic earnings per share were 0.3984 yuan [9] Group 7: Ganeng Co., Ltd. - The company reported a net profit of 438 million yuan for the first half of 2025, a year-on-year increase of 29.39% [10] - Revenue decreased by 1.53% to 3.031 billion yuan [10] - The basic earnings per share were 0.45 yuan [10] Group 8: Jidian Co., Ltd. - The company reported a net profit of 726 million yuan for the first half of 2025, a decrease of 33.72% year-on-year [11] - Revenue was 6.569 billion yuan, down 4.63% from the previous year [11] - The company plans to distribute a cash dividend of 0.20 yuan per 10 shares [11] Group 9: Yunmei Energy - The company reported a net loss of 163 million yuan for the first half of 2025, compared to a loss of 233 million yuan in the same period last year [13] - Revenue was 2.568 billion yuan, a year-on-year decrease of 28.14% [13] - The basic loss per share was 0.15 yuan [13] Group 10: Yiwang Co., Ltd. - The company reported a net profit of 104 million yuan for the first half of 2025, a decrease of 8.33% year-on-year [15] - Revenue was 2.972 billion yuan, down 0.87% from the previous year [15] - The company plans to distribute a cash dividend of 0.15 yuan per 10 shares [15] Group 11: Aerospace Power - The company reported a net loss of 731 million yuan for the first half of 2025, compared to a loss of 569 million yuan in the same period last year [17] - Revenue was 328 million yuan, a year-on-year decrease of 12.88% [17] - The basic loss per share was 0.12 yuan [17] Group 12: Dongbei Group - The company reported a net profit of 682 million yuan for the first half of 2025, a decrease of 31.60% year-on-year [18] - Revenue was 3.187 billion yuan, reflecting a year-on-year increase of 4.05% [18] - The basic earnings per share were 0.1102 yuan [18] Group 13: Artis - The company reported a net profit of 731 million yuan for the first half of 2025, a decrease of 41.01% year-on-year [19] - Revenue was 21.052 billion yuan, down 4.13% from the previous year [19] - The basic earnings per share were 0.20 yuan [19] Group 14: Taihe Intelligent - The company reported a net profit of 10.58 million yuan for the first half of 2025, a year-on-year increase of 61.24% [20] - Revenue was 249 million yuan, reflecting a year-on-year growth of 10.92% [20] - The basic earnings per share were 0.06 yuan [20] Group 15: Fusa Technology - The company reported a net profit of 63.30 million yuan for the first half of 2025, a year-on-year increase of 36.40% [21] - Revenue was 820 million yuan, reflecting a year-on-year growth of 35.41% [21] - The company plans to distribute a cash dividend of 1.20 yuan per 10 shares [21] Group 16: iFlytek - The company reported a net loss of 239 million yuan for the first half of 2025, compared to a loss of 401 million yuan in the same period last year [22] - Revenue was 10.911 billion yuan, a year-on-year increase of 17.01% [22] - The basic loss per share was 0.1034 yuan [22] Group 17: Guomai Technology - The company reported a net profit of 151 million yuan for the first half of 2025, a year-on-year increase of 94.39% [22] - Revenue was 250 million yuan, reflecting a year-on-year growth of 11.78% [22] - The company plans to distribute a cash dividend of 0.40 yuan per 10 shares [22] Group 18: EVE Energy - The company reported a net profit of 1.605 billion yuan for the first half of 2025, a year-on-year decrease of 24.90% [23] - Revenue was 28.169 billion yuan, reflecting a year-on-year growth of 30.06% [23] - The company plans to distribute a cash dividend of 2.45 yuan per 10 shares [23] Group 19: Guomai Technology (Share Buyback) - The company plans to sell all repurchased shares totaling 15.5367 million shares, representing 1.54% of the total share capital [23] - The purpose of the sale is to concentrate resources on developing the main business and promoting mergers and acquisitions [23] Group 20: EVE Energy (Equity Transfer) - The company plans to transfer 49% of its stake in Qinghai Chaidamu Xinghua Lithium Salt Co., Ltd. for 600 million yuan [23] - After the transfer, the company will no longer hold any equity in Xinghua Lithium Salt [23] Group 21: Yongtaiyun - The company has received acceptance from the Shenzhen Stock Exchange for its application to issue shares to specific objects [24] - The application is subject to review and approval by the China Securities Regulatory Commission [24]

Core Viewpoint - Emperor Watch and Jewelry (00887.HK) reported a total revenue of HKD 2.794 billion for the six months ending June 30, 2025, reflecting a year-on-year increase of 7.6% [1] Financial Performance - Gross profit reached HKD 840 million, marking a year-on-year increase of 7.7% [1] - Adjusted EBITDA was HKD 297 million, up 5.3% year-on-year [1] - Net profit amounted to HKD 194 million, representing a year-on-year increase of 4.9% [1] - Basic earnings per share were HKD 0.0273, with the board declaring a dividend of HKD 0.0055 per share for the period [1]

Core Viewpoint - Emperor Watch and Jewellery (00887) announced a mid-term dividend of HKD 0.0055 per share, to be distributed on September 17, 2025 [1] Company Summary - The company is set to distribute a mid-term dividend, indicating a commitment to returning value to shareholders [1]

Core Viewpoint - The company reported a positive growth in its mid-term performance for 2025, indicating a stable financial trajectory in the luxury goods sector [1] Financial Performance - Total revenue reached HKD 2.794 billion, representing a year-on-year increase of 7.6% [1] - Gross profit amounted to HKD 840 million, with a year-on-year growth of 7.7% [1] - Adjusted EBITDA was HKD 297 million, reflecting a year-on-year rise of 5.3% [1] - Profit attributable to shareholders was approximately HKD 196 million, showing a year-on-year increase of 6.37% [1] - Basic earnings per share were HKD 0.0273, with an interim dividend of HKD 0.0055 per share [1]

Core Viewpoint - The Swatch brand faced significant backlash after releasing an advertisement that featured a model making a gesture perceived as racially insensitive, leading to widespread criticism and a rapid apology from the company [1][8][10]. Group 1: Cultural Sensitivity and Brand Perception - The backlash against Swatch highlights the importance of understanding cultural context in advertising, as gestures or symbols can carry historical weight and be interpreted differently depending on the audience [4][7][12]. - The incident reflects a broader issue where brands often fail to grasp the cultural implications of their marketing strategies, leading to missteps that can damage consumer trust [19][20]. - The Swatch case is not isolated; it is part of a pattern where international brands repeatedly misinterpret cultural symbols, resulting in public outrage and calls for accountability [11][18]. Group 2: Financial Impact and Market Trends - Swatch reported a 23.7% decline in revenue in the Chinese market, significantly worse than the global average decline of 8.9%, with net profit plummeting by 88% [19][20]. - The luxury goods market in China is experiencing a downturn, with a projected overall decline of 20% to 22% in 2024, as consumers increasingly shift their luxury spending to overseas markets [20][21]. - In contrast, other luxury brands like LVMH are facing less severe financial impacts, indicating that Swatch's issues are more about lost consumer trust than broader market trends [23][24]. Group 3: Future Implications for Luxury Brands - The rise of Generation Z in China is changing the dynamics of the luxury market, with predictions that Chinese consumers will contribute nearly 40% of global luxury market growth in the coming years [24]. - There is a shift from a narrative where other markets passively accept representations to one where Chinese consumers demand authentic representation in advertising [24]. - Brands must adapt to this new reality by respecting cultural nuances and engaging with local contexts to avoid missteps that could lead to significant financial repercussions [24][25].

Core Viewpoint - Swatch has issued an apology regarding the recent attention on the model images in the Swatch ESSENTIALS series, emphasizing the company's commitment to addressing the issue and removing all related materials globally [1]. Group 1 - The company acknowledged the concerns raised about the model images in the Swatch ESSENTIALS series [1]. - Swatch has taken immediate action by deleting all related materials worldwide [1]. - The company expressed deep apologies for any offense and distress caused by the situation [1].