事件： 2025 年 8 月 22 日，公司发布半年报。25H1 公司实现营业收入 547.8 亿港 元，同比+20.4%；实现毛利 83.7 亿港元，同比+16.0%；实现经调整的归母 净利润 10.6 亿港元，同比+62%。此前公司预告经调整归母净利润约在 9.5-10.8 亿元，财报贴近预告上限。 点评： 显示业务大屏化+结构升级持续。分业务看，显示业务：公司 25H1 显示业 务整体收入 334.2 亿港元，同比+10.9%，其中大尺寸显示/中小尺寸显示/ 智慧商显收入分别 283.5/45.6/5.0 亿港元，yoy 分别+9.4%/+21.3%/+9.4%。 区域拆分，上半年 TCL TV 国内/海外市场出货量 yoy 分别+3.5%/+8.7%，收 入分别同比+4.4%/+11.8%至 87.2/196.3 亿港元，TCL+雷鸟双品牌战略推进、 产品结构升级、欧洲+新兴市场出货亮眼带动全球整体收入实现稳健增长。 行业端，据 Omdia 数据，2025 年上半年全球 TV 出货 9457 万台，同比+0.1%； TCL 出货量 1346 万台，同比+7.6%，全球市占率同比+0.9pct 至 14 ...

8月25日，截至港股收盘，恒生指数上涨1.94%，报25829.91点。易纬集团（03893.HK）收报0.45港元/ 股，上涨38.46%，成交量465万股，成交额179.76万港元，振幅36.92%。 行业估值方面，家庭电器及用品行业市盈率（TTM）平均值为7.16倍，行业中值1.93倍。易纬集团市盈 率-1.85倍，行业排名第75位；其他丽年国际（09918.HK）为1.59倍、凯富善集团控股（08512.HK）为 2.26倍、旷世芳香（01925.HK）为3.61倍、华讯（00833.HK）为3.64倍、IDT INT'L-NEW（00167.HK） 为3.78倍。 资料显示，易纬集团控股有限公司(3893.HK)是室内设计解决方案的一站式供应商,公司的大多数客户是 全球奢侈品和高端时尚品牌,在世界各地设有零售店。根据Frost & Sullivan的数据,就2015年的收入而言, 公司是香港最大的奢侈品零售室内设计师。公司服务于全球客户群,足迹遍布世界各地,包括香港、中 国、美国、欧洲、中东和其他亚洲国家。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 作者：行 ...

港股公司报告 | 公司点评 思摩尔国际（06969） 证券研究报告 25H1 雾化电子烟业务复苏，HNB+雾化医疗商业化落地可期！ HNB：2025H1 成功支持战略客户推出高端 HNB 产品 Hilo 系列，公司与客户合 作开发该产品，在还原烟草口味和缩短预热时间方面表现出色，将于 2025 年 9 月在日本全国范围内推出该 HNB 产品，并在 25 年下半年拓展至更多关键市 场。公司已开发多个旨在解决各种用户痛点的技术平台，将继续致力于 HNB 产品的持续研发。 雾化医疗：公司旗下的雾化医疗附属公司传思生物致力于开发在美国和欧洲使 用的领先哮喘和 COPD 产品的仿制药，未来将进一步与更多国际制药公司合作， 有望为公司带来更大的收入贡献。 雾化美容：截至 2025 上半年，"岚至"家用美容仪的用户数量已突破一万人， "岚至"专业设备已获得二类医疗器械认证，已被超过 100 家私营机构采购。 事件：公司发布 2025 年中期业绩，2025 年上半年公司实现营收 60.13 亿元， 同比增长 18.3%；实现毛利 22.44 亿元，同比增长 16.6%，毛利率为 37.3%，同 比-0.5pct；实现净利 4 ...

港股公司报告 | 公司点评 泡泡玛特（09992） 证券研究报告 25H1 点评：盈利及利润率超此前预期，会员大幅增长 事件：北京时间 2025 年 8 月 19 日，泡泡玛特（09992.HK）发布 2025 年中期 业绩报告。公司 2025 年上半年实现营收 138.8 亿元，同比增长 204.4%，超市 场预期；分地区来看，2025 年上半年公司中国（含港澳台地区）实现营收 82.8 亿元，同比增长 135.2%；海外（含亚太、美洲、欧洲及其他地区）实现营收 55.9 亿元，同比增长 440%，其中美洲实现十倍增长。公司毛利率同比上升 6.3pct 至 70.3%，主要系海外销售占比提升、产品设计优化及外采产品占比下降；净盈利 46.8 亿元，调整后净盈利（剔除以股份为基础的薪酬）达到 47.1 亿元，较去年同 期的 10.2 亿元同比提升 362.8%。 海外方面，欧美市场快速增长，全球化架构成效凸显。2025 年上半年，海外（含 亚太、美洲、欧洲及其他地区）实现营收 55.9 亿元，同比增长 440%，海外市场 保持高速增长。分地区来看，亚太/ 美洲/ 欧洲及其他收入分别达 28.5/ 22.6/ ...

Group 1 - The core viewpoint of the news highlights the recent performance of SMOORE International, noting a significant increase in its stock price and a comparison of its financial metrics against industry averages [1] - As of August 20, the Hang Seng Index rose by 0.17%, while SMOORE International's stock price increased by 8.45%, with a trading volume of 42.14 million shares and a turnover of 894 million HKD [1] - Over the past month, SMOORE International has experienced a cumulative decline of 7.87%, but it has achieved a year-to-date increase of 53.48%, outperforming the Hang Seng Index by 25.24% [1] Group 2 - Financial data for SMOORE International shows total revenue of 11.799 billion CNY for the year ending December 31, 2024, representing a year-on-year growth of 5.31%, while net profit attributable to shareholders decreased by 20.78% to 1.303 billion CNY [1] - The company's gross profit margin stands at 37.39%, and its debt-to-asset ratio is 20.79% [1] - Currently, there are no investment rating recommendations from institutions for SMOORE International [1] Group 3 - The household appliances and goods industry has an average price-to-earnings (P/E) ratio of 13.31 times, with a median of 2.97 times, while SMOORE International's P/E ratio is significantly higher at 89.56 times, ranking 43rd in the industry [1] - Comparatively, other companies in the industry have much lower P/E ratios, such as Lian International at 1.58 times and Kai Fu Shan Group at 2.3 times [1] Group 4 - SMOORE International, established in 2009, is a global leader in providing atomization technology solutions, with its own brand VAPORESSO and three technology brands: FEELM, CCELL, and METEX [2] - The company is headquartered in Bao'an District, Shenzhen, and employs nearly 20,000 people [2] - SMOORE places a strong emphasis on technological innovation and research and development, with nine research institutes globally and a research team comprising over 1,000 personnel [2]

资料显示，濠亮环球有限公司于2014年成立,旗下分别全资拥有峻丰,濠亮国际,濠亮集团。上述公司分别 于2010年,2008年及2011年成立。濠亮集团于2013年收购濠亮实业。濠亮国际成立初时从事LED圣诞灯 饰产品贸易。在此其间,已与濠亮实业(现为濠亮环球其中之子公司)进行业务合作,以销售产品给海外客 户。经过时间变迁,濠亮环球现已是贸易及生产集于一身。濠亮环球及其子公司共拥有两个注册商标及 十一个注册专利。自开业以来濠亮国际主要负责向海外公司销售LED装饰灯系列及照明灯。而濠亮实业 则负责生产与研发LED装饰及照明灯,并向国内外销售。除此之外,濠亮环球亦推出节日主题及其他种类 的装饰灯,以提供更多元化的产品。经其研发团队的共同努力,濠亮环球研发出更多符合客户需求的产 品。并取得约干专利及成就。濠亮环球自成立以来,为了更好的制定及执行公司未来发展计划,清楚指示 旗下各公司的业务范畴,以便各司其职,为濠亮环球带来最大效益。濠亮国际主要销售各种不同类型的 LED灯饰产品,过去年间,不论是单一产品销售或节日项目,濠亮国际也积极参与及配合其客户需求,成功为 集团建立良好形象。濠亮国际初时主要以向海外客户营销及销售装 ...

Group 1 - The core viewpoint of the news highlights the significant stock performance of Lianian International, with a recent increase of 25% and a cumulative increase of 138.71% year-to-date, outperforming the Hang Seng Index by 26.56% [1][2] - As of December 31, 2024, Lianian International reported total revenue of 1.168 billion yuan, a year-on-year increase of 2.74%, and a net profit attributable to shareholders of 66.8916 million yuan, reflecting a substantial year-on-year increase of 5701.93% [2] - The company has a gross profit margin of 19.66% and a debt-to-asset ratio of 76.31%, indicating its financial health and operational efficiency [2] Group 2 - Currently, there are no institutional investment ratings for Lianian International, suggesting a lack of analyst coverage [3] - In terms of industry valuation, the average price-to-earnings (P/E) ratio for the household appliances and supplies sector is 14.33 times, while Lianian International's P/E ratio stands at 2.05 times, ranking second in the industry [3] - Lianian International is a well-known Hong Kong-listed company with over ten years of experience in electronic product design and manufacturing, providing comprehensive solutions for international enterprises [3]

Group 1 - The core viewpoint of the news highlights the significant stock performance of Volcano International Holdings, with a notable increase in share price and strong year-to-date growth compared to the Hang Seng Index [1] - As of July 23, the Hang Seng Index rose by 1.62% to 25,538.07 points, while Volcano International Holdings' stock price increased by 12.5% to HKD 0.36 per share, with a trading volume of 3.66 million shares and a turnover of HKD 1.24 million [1] - Over the past month, Volcano International Holdings has seen a cumulative increase of 6.67%, and a year-to-date increase of 71.37%, outperforming the Hang Seng Index by 25.27% [1] Group 2 - Financial data shows that as of December 31, 2024, Volcano International Holdings achieved total revenue of HKD 91.885 million, representing a year-on-year growth of 8.91% [1] - The company reported a net profit attributable to shareholders of -HKD 35.85 million, with a year-on-year increase of 27.31%, and a gross margin of 7.06% [1] - The company's debt-to-asset ratio stands at 69.16%, indicating a relatively high level of leverage [1] Group 3 - Currently, there are no institutional investment ratings for Volcano International Holdings [2] - In terms of industry valuation, the average price-to-earnings (P/E) ratio for the household appliances and goods sector is 13.18 times, with a median of 1.62 times [2] - Volcano International Holdings has a P/E ratio of -2.98 times, ranking 70th in the industry, while other companies in the sector have P/E ratios ranging from 1.61 to 3.87 times [2] Group 4 - Volcano International Holdings is a modern large-scale enterprise platform focused on the health industry, primarily engaged in the research, production, sales, and service of health products [2] - The company is listed on the Hong Kong Stock Exchange under the stock code 1715.HK and implements a scientific health strategy, relying on modern technology to establish a comprehensive health product system [2] - Volcano International collaborates with research institutions to continuously conduct health research, aiming to create scientifically-backed health products [2]

Company Overview - NVC International Holdings Limited is a leading player in the global LED lighting industry, headquartered in a prime business area in Hong Kong [3] - The company was successfully listed on the Hong Kong Stock Exchange in 2010, demonstrating its commitment to quality and corporate governance [3] - Since its establishment in 1998, NVC has focused on "people-oriented innovation" as the core of its product development strategy [3] - NVC provides tailored LED lighting solutions for commercial, industrial, and residential sectors, covering outdoor landscape and decorative lighting projects [3] Financial Performance - As of December 31, 2024, NVC reported total revenue of 1.701 billion yuan, a year-on-year increase of 0.26% [1] - The company experienced a net loss attributable to shareholders of 125 million yuan, a significant decrease of 148.86% compared to the previous year [1] - NVC's gross profit margin stood at 31.55%, with a debt-to-asset ratio of 16.65% [1] Market Position and Valuation - Currently, there are no institutional investment ratings for NVC [2] - The average price-to-earnings (P/E) ratio for the household appliances and goods industry is 12.05 times, while NVC's P/E ratio is -2.7 times, ranking 71st in the industry [2] - Other companies in the industry have P/E ratios ranging from 1.61 to 3.95 times [2] Global Presence and Innovation - NVC operates in over 30 countries and regions, with regional sales offices in cities such as Birmingham, Chicago, Stockholm, Tokyo, Singapore, and Zhuhai [3] - The company has established 22 lighting operation entities globally, showcasing its influence and commitment to meeting diverse lighting needs [3] - NVC invests continuously in innovative technologies and lighting solutions, supported by five wholly-owned advanced factories and three cutting-edge R&D centers in the Asia-Pacific region [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5][14]. Core Viewpoints - The company is expected to benefit from the tightening global regulations on vaping products, particularly in the e-cigarette sector, and anticipates significant growth in its Heat-Not-Burn (HNB) business [2][4]. - The company reported a revenue of 6.013 billion yuan for the first half of 2025, representing an 18% year-on-year increase, driven by growth in its proprietary brand and enterprise client businesses [2][4]. - The decline in net profit, projected between 443 million to 541 million yuan, is attributed to increased non-cash expenses related to stock options and a rise in marketing and legal costs [1][4]. Summary by Sections Financial Performance - For the first half of 2025, the company expects revenue of 60.13 billion yuan, up 18% year-on-year, while net profit is projected to decline by 21% to 35% [1][2]. - Adjusted net profit, excluding non-cash stock-based payments, is estimated to be between 688 million to 787 million yuan, reflecting a year-on-year change of -9% to +4% [1]. Market Dynamics - The UK market is undergoing significant changes due to a ban on disposable e-cigarettes, which is expected to shift consumer demand towards reusable products [2]. - In the US, regulatory actions against illegal e-cigarettes have intensified, with over 135 million USD worth of illegal products seized since 2023, indicating a tightening market environment [2]. Growth Opportunities - The HNB business is anticipated to become a significant growth driver starting in 2026, contributing notably to revenue and profit [4]. - The company is enhancing its market presence, particularly in overseas markets, which is expected to sustain growth in its proprietary brand and enterprise client segments [2][4].