点评： 机构：东北证券 研究员：李森蔓/杜磊 报告摘要： 事件： 复星国际发布2025 年中期业绩，2025H1 公司实现营收872.83 亿元/-10.8%，归母净利润6.61 亿 元/-8.2%。 集团业绩暂时承压，快乐板块有待回暖。2025H1 公司实现营收872.83亿元/-10.8%，归母净利润6.61 亿 元/-8.2%。分板块看：1）健康板块营收225.65 亿元/ 占比25.6%/-3.0% ， 净利润7.56 亿元/ 占比 107.6%/+48.3%；受药品集中带量采购续标及部分地方药品集中带量采购开展等因素影响，子公司复星 医药收入有所下降，但其创新药表现稳健，上半年创新药收入增长14.26%；复星医药持续推进非战略 非核心资产的退出和整合，上半年出售和睦家剩余权益及其他非核心资产，投资收益明显增加，现金加 速回流。2）快乐板块营收337.21 亿元/占比38.3%/-21.9%，净利润-4.35 亿元/-364.5%；受黄金珠宝消费 结构性分化影响，子公司豫园股份上半年收入下降30.68%，归母净利润下滑94.50%，伴随其珠宝业务 逐步向高毛利产品转型，二季度业绩已明显回暖。3）富足板 ...

复星国际近期在资本市场有新动作，该公司宣布于9月3日成功发行了一笔总额为4亿美元的高级无抵押 债券。这批债券遵循RegS规则，专门面向境外投资者，展现了复星国际在国际市场上的融资能力。 值得注意的是，虽然此次债券发行获得了市场的积极响应，但投资者在做出投资决策时仍需谨慎。本文 所提供的信息和数据均基于公开资料整理，不构成任何投资建议。在使用前，请务必核实相关信息，以 确保投资决策的准确性和合理性。 据悉，这批债券的期限为4NC2.5，息票率设定为6.8%，对于投资者而言，这样的利率具有一定的吸引 力。复星国际此次直接作为发行主体，显示了其在债券市场上的信誉和实力。国际评级机构标普对复星 国际给予了BB-的主体评级，且展望稳定，这无疑为此次债券发行增添了信心。 关于资金用途，复星国际表示，此次募集的资金将主要用于现有的部分离岸债务再融资，包括支付与购 买要约相关的任何款项。部分资金还将用于公司的营运资金和一般公司用途，以满足复星国际持续发展 的需求。 来源：https://www.cnu.com.cn/net/202509/108343.html ...

Core Viewpoint - Morgan Stanley has made slight adjustments to its earnings forecasts for Cheung Kong (Holdings) based on performance expectations for the first half of 2025, reflecting changes in interest rate assumptions, business segment performance, and leverage predictions [1] Summary by Category Earnings Forecast Adjustments - The basic earnings per share (EPS) forecast for the fiscal year 2025 has been increased by 0.3%, while forecasts for the following two years have been decreased by 1.3% and 5.7% respectively [1] Dividend Projections - Based on a stable dividend payout ratio of 41%, the projected dividends per share for the fiscal years 2025 to 2027 are expected to grow by 3%, 4%, and 4% respectively [1] Business Viability and Valuation - Morgan Stanley believes that Cheung Kong's port transactions remain viable, although they may take longer to realize [1] - The target price for Cheung Kong has been lowered from HKD 65 to HKD 61, while maintaining an "Overweight" rating due to reasonable valuation and asset monetization potential [1]

Core Viewpoint - The company reported a significant increase in revenue but faced a substantial loss attributable to shareholders, indicating challenges in profitability despite revenue growth [1] Financial Performance - The company achieved a revenue of HKD 203 million for the six months ending June 30, 2025, representing a year-on-year increase of 41.71% [1] - The loss attributable to shareholders was HKD 6.013 million, a decline from a profit of HKD 17.613 million in the same period last year [1] - Earnings per share were reported at a loss of HKD 0.76 [1] Contributing Factors - The decrease in profit attributable to shareholders was primarily due to losses from investments in associated companies [1] - The company did not record any gains from the elimination of financial liabilities through share issuance in 2025 [1] - There was a reduction in classified profits from traditional Chinese medicine [1]

Group 1 - The core announcement involves a settlement agreement between Stater Investment Holdings Limited (a wholly-owned subsidiary of Fosun International) and Cainiao Smart Logistics Network Co., Ltd. regarding the cancellation price of Cainiao shares [1] - The cancellation price is set at USD 0.62 per share, with a total consideration of USD 350 million for all Cainiao shares held by SIHL [1] - Following the settlement, all parties will release and waive any claims related to the cancellation price and will not initiate further legal proceedings regarding the cancellation price [1] Group 2 - The settlement will not result in any profit or loss for the group in the fiscal year 2025 [1]

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，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 自願公告 關於菜鳥智慧物流網絡有限公司之 爭議解決 本公告乃復星國際有限公司（「 本公司 」，連同其附屬公司統稱「本集團 」） 自願刊發。 本公司股東及潛在投資者於買賣本公司之證券時務請審慎行事。 茲提述本公司 分別於 2025 年 3 月 28 日及 2025 年 3 月 30 日刊發之盈利警告 公告（「盈利警告公告 」）及截至 2024 年 12 月 31 日止年度 之 業績公告， 以 及 於 2025 年 4 月 25 日刊發之 本公司 年報。除文義另有所指外，本公告所使用 之詞彙與盈利警告公告所界定者具有相同涵義。 本公司 董事 會 （「董事會 」）謹 此 通知 本 公司 之 股東 及 潛在 投資 者 ，於 2025 年 8 月 29 日 ，Stater Investment Holdings Limited（「SIHL」）（ 本公 司 之全 資 附屬 公 司 ） 與 菜 鳥 智 慧 物 流 網 ...

Core Viewpoint - The company reported a significant decline in revenue for the first half of 2025, with a total revenue of HKD 1.346 billion, representing a year-on-year decrease of 37.8% [1] Financial Performance - The loss attributable to the company's owners was HKD 120 million, which shows a substantial narrowing of 71.9% compared to the previous period [1] - The basic loss per share was reported at HKD 0.04 [1]

Core Insights - CITIC Limited reported a revenue of 368.8 billion RMB for the first half of 2025, representing a year-on-year decline of 1.6% [1] - The net profit attributable to shareholders was 31.2 billion RMB, down 2.8% year-on-year [1] - The board of directors proposed an interim dividend of 0.2 RMB per share, totaling a dividend payout of 5.818 billion RMB [1]

Group 1 - The core viewpoint of the article is that Xianfeng Service Group (00500.HK) reported a decline in revenue for the first half of 2025, attributed to the termination of underperforming businesses and a reduction in existing security services, alongside geopolitical instability in several countries [1] - The group's revenue decreased from HKD 384 million in 2024 to HKD 319 million in 2025 [1] - The healthcare segment continued to perform poorly, leading to its voluntary liquidation in April 2025 and cessation of operations [1] Group 2 - The company reported a loss attributable to equity holders of HKD 8.241 million for the first half of 2025, compared to a profit of HKD 0.034 million in the same period of the previous year [1] - Overall operational performance slightly worsened compared to the same period in 2024 [1]

Core Viewpoint - First Pacific Company Limited (00142.HK) reported a strong performance in the first half of 2025, with significant growth in profit and revenue, indicating continued operational strength and resilience in its business segments [1] Financial Performance - The group's revenue for the first half of 2025 was $5.0278 billion, reflecting a year-on-year increase of 0.7% [1] - Profit attributable to equity holders of the parent company was $391.2 million, representing a year-on-year growth of 40.8% [1] - Basic earnings per share were 9.19 cents, with a proposed interim dividend of 13.00 Hong Kong cents per ordinary share [1] Operational Highlights - Operating profit contribution increased by 8% to $423.2 million, while recurring profit rose by 11% to a record high of $375.4 million [1] - The revenue growth was driven by increased toll revenues and traffic volumes from MPTC in the Philippines, as well as higher average water charges from Maynilad [1] - Indofood's revenue benefited from higher sales of pasta and palm oil prices, although partially offset by reduced income from PLP due to lower average electricity prices resulting from decreased fuel costs [1]