Core Viewpoint - Atny Group (00789) reported a revenue of HKD 67.359 million for the six months ending September 30, 2025, representing a year-on-year increase of 24.4%. However, the company experienced a net loss of HKD 1.707 million, contrasting with a profit of HKD 1.071 million in the same period last year, resulting in a basic loss per share of HKD 0.001 [1] Revenue Performance - The increase in revenue was primarily driven by a significant rise in sales from the beauty and health products sales platform, which grew from approximately HKD 11.365 million for the six months ending September 30, 2024, to about HKD 56.96 million for the same period in 2025 [1] - This revenue growth was offset by a decline in sales from the fashion accessories platform, which decreased from approximately HKD 42.799 million for the six months ending September 30, 2024, to around HKD 10.399 million for the same period in 2025 [1]

Core Viewpoint - Aitani Group (00789) reported a revenue of HKD 67.359 million for the six months ending September 30, 2025, representing a year-on-year increase of 24.4%. However, the company experienced a net loss of HKD 1.707 million, compared to a profit of HKD 10.71 million in the same period last year, resulting in a basic loss per share of HKD 0.001 [1] Revenue Breakdown - The increase in revenue was primarily driven by a significant rise in sales from the beauty and health products sales platform, which grew from approximately HKD 11.365 million for the six months ending September 30, 2024, to about HKD 56.96 million for the same period in 2025 [1] - This revenue growth was offset by a decline in sales from the fashion accessories platform, which decreased from approximately HKD 42.799 million for the six months ending September 30, 2024, to around HKD 10.399 million for the same period in 2025 [1]

Group 1: Hong Kong Stock Exchange (388) - Hong Kong Stock Exchange reported revenue of HKD 14.1 billion in H1 2025, a year-on-year increase of 33%[6] - Net profit for H1 2025 reached HKD 8.5 billion, up 39% year-on-year[6] - Daily average trading amount in the cash market reached HKD 222.8 billion, a 122% increase year-on-year[7] - The exchange's EBITDA for H1 2025 was HKD 10.9 billion, with an EBITDA margin of 79%, up 6 percentage points year-on-year[6][10] Group 2: Yili Group (600887) - Yili Group achieved total revenue of RMB 61.93 billion in H1 2025, a year-on-year increase of 3.4%[15] - Net profit for H1 2025 was RMB 7.2 billion, down 4.4% year-on-year, but showed a significant recovery in Q2 with a 44.6% increase[15] - The company’s liquid milk revenue was RMB 36.13 billion, a slight decline of 2.1% year-on-year, while milk powder revenue grew by 14.3%[16] Group 3: Futu Holdings (FUTU) - Futu Holdings reported total revenue of HKD 5.311 billion in Q2 2025, a 69.7% increase year-on-year[23] - The company achieved a net profit of HKD 2.57 billion in Q2 2025, reflecting a 112.7% year-on-year growth[24] - Customer assets reached HKD 973.9 billion, a 68.1% increase year-on-year[26] Group 4: BYD Electronics (0285) - BYD Electronics reported revenue of RMB 80.6 billion in H1 2025, a year-on-year increase of 2.58%[35] - Net profit for H1 2025 was RMB 1.73 billion, up 14% year-on-year[35] - The company’s revenue from the new energy vehicle business grew by 60%, accounting for over 15% of total revenue[35] Group 5: Meili Tianyuan (2373.HK) - Meili Tianyuan achieved revenue of HKD 1.46 billion in H1 2025, a year-on-year increase of 28.2%[42] - The company’s net profit rose by 35.5% to HKD 170 million in H1 2025[42] - Active membership increased significantly, with a 47.8% rise in foot traffic to 920,000 visits in the first half of 2025[43]

Core Viewpoint - The surge in IPOs within the healthcare sector is driven by policy incentives and the urgent need for innovation and capital breakthroughs, with survival being the ultimate goal rather than just financing [1][18]. Group 1: Market Overview - In 2025, the Hong Kong IPO market is experiencing a strong recovery, with the healthcare sector emerging as the most active fundraising avenue due to its attributes of "innovative research + consumer upgrades + technological integration" [1][3]. - Over 60 healthcare companies have applied for or listed in Hong Kong and A-shares, marking a historical high with 67 companies in total within just six months [2][3]. Group 2: Policy Incentives - The 18A and 18C regulations allow unprofitable biotech and specialized technology companies to list, providing a fast-track for innovative firms [4][19]. - The reactivation of the fifth set of standards on the Sci-Tech Innovation Board has significant implications for future healthcare IPOs, with the first successful company being He Yuan Biotechnology [4]. Group 3: Sector-Specific Insights - **Innovative Drugs**: This sector is the primary beneficiary of the 18A policy, with companies like Heng Rui Medicine leading the market. The listing of companies such as Ying En Biotechnology and Yao Jie An Kang has seen significant first-day gains [5][6]. - **Traditional Chinese Medicine**: Companies like Tong Ren Tang and Xin He Hua are leveraging the modernization trend in traditional medicine to expand their capital channels [7][8]. - **Internet Healthcare**: Companies like Wei Yi and Wei Mai are positioned to become leaders in the digital healthcare space, although they face challenges in monetizing their services [9][10]. - **Insurance Technology**: Firms like Shou Hui Technology and Yuan Bao Technology are capitalizing on innovative insurance models, with a focus on sustainable profitability [11][12]. - **Medical Devices**: High-end medical devices are categorized under 18A, while smart devices fall under 18C, with companies like Wei Gao Blood Purification leading the market [13][14]. - **New Consumer Healthcare**: Companies in this sector, such as Sheng Bei La and Lin Qing Xuan, are expanding their market presence through capital financing [15]. - **Frontier Technology**: Companies like Bai Ao Sai Tu are focusing on gene editing and innovative supply chains, with a strong emphasis on technology commercialization [16][17]. Group 4: Long-term Outlook - The healthcare sector's IPO landscape is characterized by a collision of policy incentives and innovation ambitions, with a focus on identifying companies with genuine technological barriers and profitability logic [18][19].