万顺集团控股(01746)发布截至2025年6月30日止6个月中期业绩，该集团取得收入4401.7万港元，同比减 少36.56%;净亏损144.6万港元，同比减少21.41%;每股基本亏损0.14港仙。 公告称，亏损由于2025年上半年房地产业不景气，香港建造业增长缓慢，影响发展商建楼速度并减少可 供招标的新项目。于报告期间，集团若干项目面临开工及╱或建设进度放缓或暂停。 ...

智通财经APP讯，万顺集团控股(01746)发布截至2025年6月30日止6个月中期业绩，该集团取得收入 4401.7万港元，同比减少36.56%;净亏损144.6万港元，同比减少21.41%;每股基本亏损0.14港仙。 公告称，亏损由于2025年上半年房地产业不景气，香港建造业增长缓慢，影响发展商建楼速度并减少可 供招标的新项目。于报告期间，集团若干项目面临开工及╱或建设进度放缓或暂停。 ...

Group 1 - The "Standard Chartered Hong Kong SME Leading Business Index" for Q3 2025 has dropped 3.3 points to 40.5, marking the lowest level since Q2 2022, indicating a decline in local SMEs' confidence in business revenue for the season [1] - All five sub-indices have decreased, with the most significant drops in business conditions and profit performance [1] - The global economy sub-index has fallen for three consecutive quarters, with a cumulative decline of 15.6 since Q4 2024, reflecting the impact of US monetary policy shifts, high tariff policies, and ineffective economic stimulus measures on consumer spending and global trade [1] Group 2 - Despite global economic uncertainties, Hong Kong SMEs demonstrate resilience, with several key industries maintaining stable growth, particularly construction and accommodation and food services, benefiting from large infrastructure projects and international events [2] - Over 90% of surveyed SMEs plan to maintain or increase investments this season, with 5% intending to boost investment, focusing on digital transformation projects such as IT systems, online marketing, e-commerce, and employee training [2] - The Hong Kong government has successfully attracted tourists through international events, which has positively impacted economic development, although the index indicates a waning effect from pre-export boosts and rising interest rates may expose SMEs to new economic slowdowns [2]

Group 1 - The core viewpoint indicates that the significant downward revision of June non-farm data reflects substantial disruptions to the U.S. economy due to tariffs, suggesting that the resilience of the U.S. economy should not be overestimated, and the direction of interest rate cuts remains highly certain [2][4][17] - In July, non-farm employment increased by 73,000, which is below the expected 110,000, and the previous value was revised down from 147,000 to 14,000, indicating pressure on the U.S. job market [6][11][22] - The unemployment rate in July rose to 4.2%, up from 4.1% in the previous month, while the average hourly wage increased by 3.9% year-on-year, exceeding the expected 3.8% [1][6][31] Group 2 - In July, the financial activities, healthcare, and retail sectors added 15,000, 79,000, and 16,000 jobs respectively, showing a stable demand in the service sector [3][22] - The manufacturing sector has seen negative job growth for three consecutive months, indicating insufficient production willingness among enterprises [3][22] - The labor force participation rate decreased to 62.2% in July, down from 62.3% in the previous month, with a notable decline in employment willingness among younger demographics [26][31] Group 3 - The downward revision of June non-farm data was primarily due to significant adjustments in government, leisure, and hotel employment, which collectively accounted for a 90,000 downward revision, representing nearly 70% of the total revision [12][17] - The cumulative downward revision for May and June non-farm data reached 258,000, while the July employment figure of 73,000 is a significant drop compared to the average monthly increase of over 100,000 in the first quarter [4][17] - The market anticipates that the Federal Reserve will cut interest rates three times in 2025, with an 80% probability for the first cut in September [4][21][37] Group 4 - The average hourly wage growth has shown an upward trend, with a month-on-month increase of 0.3% in July, higher than the previous 0.2% [37][39] - The service sector's job growth in July rebounded to 96,000, compared to a previous value of 16,000, indicating a relatively stable demand in the service industry [22][31] - The overall economic environment remains challenging, with second-quarter GDP growth at 3.0%, driven by a "import rush" effect, while core GDP growth has declined [18][22]

Group 1 - The unemployment rate in Hong Kong for the period from April to June 2025 is 3.5%, unchanged from the previous period [1] - The underemployment rate remains stable at 1.4% during the same timeframe [1] - Total employment decreased from 3,664,700 to 3,657,300, a reduction of approximately 7,400 individuals [1] Group 2 - The total labor force also declined from 3,800,500 to 3,793,500, a decrease of about 7,000 individuals [1] - The number of unemployed individuals (not seasonally adjusted) is reported at 136,200, which is similar to the previous figure of 135,800 [1] - The number of underemployed individuals decreased from 53,600 to 52,600, a reduction of about 1,000 [1] Group 3 - The unemployment rates across different industries showed varied changes, with declines noted in the arts, entertainment, and recreation sectors, as well as in professional and business services [1] - Conversely, increases were observed in the construction and food service sectors [1] - The Secretary for Labour and Welfare indicated that the trends in unemployment rates will differ across industries due to ongoing transformations [2]

Group 1 - The Hong Kong private sector is experiencing a further contraction, with the S&P Global Hong Kong Purchasing Managers' Index (PMI) dropping from 49 in May to 47.8, marking the largest decline since April 2022 [1] - New orders for businesses have decreased for five consecutive months, attributed to tight customer budgets and uncertainty in U.S. trade policies, leading to a significant reduction in business activity [1] - The production output has seen its most notable decline in a year, as both domestic and overseas business volumes have sharply reduced compared to May [1] Group 2 - Companies are cautiously managing employee recruitment due to concerns about business prospects, with pessimism among businesses reaching its highest level since September 2020 [1] - Input costs have risen, but the increase is the smallest since February 2021, with wage inflation slowing down helping to suppress cost increases [1] - The overall business confidence has dropped to its lowest level in nearly five years, raising concerns about the future performance of the sector [2]

Group 1 - The Hong Kong Purchasing Managers' Index (PMI) rose from 48.3 in April to 49 in May, indicating the smallest contraction in the business environment in three months, but it has remained in the contraction zone for four consecutive months [1] - Businesses in Hong Kong continued to reduce operating activities for the second consecutive month in May, with the reduction level remaining consistent with April [1] - The manufacturing sector experienced the most significant decline among the four major industry sectors, while the drop in new orders showed a slight monthly improvement [1] Group 2 - Employers in Hong Kong's private sector increased hiring in May, marking the first employment growth in four months and the most significant increase since May of the previous year, primarily driven by the manufacturing and construction sectors [1] - Companies further reduced their purchases of inputs in May, with a moderate decline in procurement quantities and a significant drop in inventory levels, reflecting a more cautious inventory strategy among businesses [1] - Despite a slight easing of pessimism regarding future business prospects in May compared to April, sentiment remains historically high, influenced by uncertainties in U.S. trade policies and weak domestic demand [2]

Core Insights - The overall business confidence among Hong Kong SMEs remains cautious despite a slight increase in the Composite Business Index to 43.8, reflecting the uncertain global economic outlook [1] - Three out of five sub-indices showed growth, specifically in "Business Conditions," "Profit Performance," and "Investment Intentions," while "Global Economy" and "Recruitment Intentions" declined [1] - The "Global Economy" sub-index fell to 24.9, nearing levels seen in Q2 2022, indicating increased challenges for Hong Kong SMEs due to global trade uncertainties [1] Investment Trends - Over 94% of surveyed Hong Kong SMEs plan to maintain or increase investments, with a focus on online marketing, e-commerce training, IT systems, R&D projects, and overall employee training [2] - The "Financial and Insurance" sector experienced the highest increase in the business index, while "Information and Communication," "Real Estate," and "Accommodation and Food Services" saw significant declines [2] Cost Expectations - The anticipated rise in material costs has slowed, with 54% of SMEs expecting increases, down three percentage points from the previous quarter [2] - The percentage of SMEs planning to raise employee salaries decreased by seven percentage points to 20%, and only 17% intend to increase product or service prices, down three percentage points [2] Future Business Strategies - Approximately 78% of SMEs have plans to adapt to current risks, primarily by increasing local customer bases and enhancing operational processes with AI/digital applications [4] - Nearly 29% of SMEs are considering expanding into other markets within the next three years, with a notable interest in mainland China and ASEAN regions [4][5] Support Initiatives - The Hong Kong Productivity Council has established "The Cradle Outbound Service Center" to provide comprehensive support for SMEs looking to expand overseas, addressing challenges in product, technology, and management exports [5]