港股公司报告 | 公司点评 珍酒李渡（06979） 证券研究报告 自有产能释放贡献毛利率提升。25H1 公司毛利率提升 0.28pcts 至 59.04%， 归母净利率提升 4.83pcts 至 23.02%，销售费用率、管理费用率分别 +1.15/+3.34pcts 至 22.24%/9.76%。毛利率提升预计主要系：1、毛利率更高 的李渡占比提升；2、自有产能释放取代外购降低单位成本。 25 年保持战略定力，多措并举促增长。25 年公司顺应需求变化，产品侧 重次高端&中端价位，渠道加大宴席场景拓展，多措并举有望推动公司稳 健增长。考虑当前白酒行业整体仍处于调整期，我们调低 2025-2027 年盈 利预测，预计 2025-2027 年，公司实现营业收入 59.78、65.90、71.41 亿元 （前值 73.28、81.00、87.86 亿元），实现归母净利润 10.73、12.94、17.00 亿元（前值 15.25、18.20、23.05 亿元），对应 PE（2025-09-29 收盘）为 26.58、 22.03、16.77X，维持"买入"评级。 风险提示：1、珍酒全国化扩张不及预期；2、酱酒行业竞 ...

从个股来看，腾讯控股、汇丰控股及中国宏桥8月回购金额居于前列。此外，恒生银行、信义玻璃、美高梅中国等公司于8月首度进行年内回购或明显加大回 购力度。 | | | | 2025年8月港股市场回购金额靠前的上市公司 | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 期间回购数量(万股) | 期间回购金额(万港元) | 期间回购最高价 (港元/股) | 期间回购最低价(港 | | 0700.HK | 腾讯控股 | 919.10 | 550607.91 | 620.00 | 583.00 | | 0005.HK | 汇丰控股 | 3252.08 | 322596.34 | 102.20 | 95.05 | | 1378.HK | 中国宏桥 | 5347.90 | 129916.32 | 25.44 | 22.10 | | 0011.HK | 恒生银行 | 423.00 | 47922.13 | 116.20 | 111.10 | | 0386.HK | 中国石油化工股份 | 6762.40 | 29772.14 | 4.43 | 4.34 | | ...

Group 1 - The core viewpoint of the articles highlights the significant contribution of domestic demand to GDP growth, with a contribution rate of 68.8% in the first half of the year, where final consumption expenditure accounted for 52% [1] - The Chinese consumption market is experiencing a trend of "consumption upgrading," emphasizing "value for money" and "emotional value," leading to the emergence of new consumption hotspots and driving the performance of the Hong Kong stock market's new consumption concept sector, which has seen a nearly 45% increase over the past year [2][3] - The rise of new consumption is driven by the Z generation's demand for self-satisfaction and the emergence of domestic IP, with a shift from Japanese-led industries to domestic competition, creating a differentiated competitive landscape [3][10] Group 2 - The Hang Seng Consumption Index, which tracks the top 50 consumer stocks in the Hong Kong market, focuses on both essential and non-essential consumption, with a significant portion (about 70%) in non-essential consumption [6][8] - The index's top three sectors are home appliances and supplies (33%), food and beverages (29%), and textiles and clothing (21%), aligning with current trends in self-satisfaction consumption and the rise of domestic products [6][8] - The index's valuation is currently at a low level, with the price-to-earnings ratio (TTM) at 19.31 times, below the median of the past five years, indicating potential for growth in the new consumption sector [10][12]

Summary of Key Points Core Viewpoint - In July 2025, Hong Kong stock market saw a significant decline in share buybacks, with 73 companies repurchasing a total of 8.08 billion shares for a total amount of 100.35 billion HKD, representing a 67.13% decrease compared to 305.29 billion HKD in the same period last year [1][3]. Company-Specific Insights - Notable companies that initiated or increased their buyback efforts in July include China Aluminum Can, Midea Group, Vitasoy International, and Shoucheng Holdings [1][3]. - Tencent Holdings, AIA Group, and HSBC Holdings were among the top companies in terms of buyback amounts during July [3]. - Vitasoy International significantly increased its buyback activity in July, repurchasing shares worth 113 million HKD, totaling 12.28 million shares [5]. - Shoucheng Holdings also ramped up its buyback efforts, with a total of 72.36 million HKD spent on repurchasing 39.75 million shares in July [5]. - China Aluminum Can conducted its first buyback of the year in July, spending 29.89 million HKD to repurchase 3.76 million shares [6]. Industry Trends - The companies initiating buybacks in July were primarily concentrated in the software services and food & beverage sectors [2][7]. - The software services industry led in both the total buyback amount and the number of companies participating, with a total buyback amount of 36.16 billion HKD and 10 companies involved [7]. - The food & beverage sector also had a significant number of companies engaging in buybacks, with notable participants including Yanzhiyu and China Feihe [11].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4][13]. Core Viewpoints - The company reported a revenue of HKD 10.316 billion for the first half of 2025, representing a year-on-year increase of 18.5%, and a net profit of HKD 706 million, up 9.8% year-on-year. The interim dividend per share was HKD 0.19, an increase of 26.7% year-on-year [1][3]. - The tobacco leaf import and export business benefited from rising tobacco leaf prices, while the self-operated proportion of the cigarette business continued to increase. The company is positioned as the exclusive operator for international business expansion and related trade for China National Tobacco Corporation, which is expected to continue driving high-quality growth [1][2]. - The company has a unique operating model with strong cash flow and bargaining power, backed by China National Tobacco Group. It is anticipated to benefit from overseas expansion and potential acquisitions in the future [2][3]. Summary by Relevant Sections Financial Performance - For the first half of 2025, the tobacco leaf export business generated revenue of HKD 1.156 billion, up 25.9% year-on-year, accounting for 11.2% of total revenue. The gross margin was 5.5%, an increase of 2.4 percentage points [8]. - The tobacco leaf import business achieved revenue of HKD 8.399 billion, a 23.5% increase year-on-year, making up 81.4% of total revenue, with a gross margin of 8.2%, down 2.8 percentage points [8]. - The cigarette export business reported revenue of HKD 552 million, a slight increase of 0.8% year-on-year, with a gross margin of 25.7%, up 3.5 percentage points [8]. - The new tobacco products export business saw a significant decline in revenue, down 66.5% year-on-year to HKD 15 million, accounting for 0.1% of total revenue [8]. - The Brazilian operations generated revenue of HKD 195 million, down 50.3% year-on-year, with a gross margin of 27.4%, up 10.2 percentage points [8]. Business Model and Competitive Advantage - The company holds a rare exclusive operating right for international tobacco business, which is expected to provide continued benefits from overseas expansion and mergers and acquisitions [2][3]. - The business model is characterized by strong cash flow and high bargaining power, supported by a stable revenue growth trend due to existing pricing policies [2][3].

Company Overview - Zhengqian Financial Holdings (正乾金融控股) reported a significant stock price increase of 31.58%, closing at HKD 0.25 per share, with a trading volume of 15.89 million shares and a turnover of HKD 3.914 million, reflecting a volatility of 50.0% [1] - Over the past month, Zhengqian Financial Holdings has experienced a cumulative increase of 160.27%, and a year-to-date increase of 153.33%, outperforming the Hang Seng Index by 24.48% [1] - The company achieved total revenue of HKD 584 million for the year ending December 31, 2024, representing a year-on-year decrease of 17.28%, and a net profit attributable to shareholders of -HKD 20.69 million, a decline of 209.83% [1] - The gross profit margin stood at 4.9%, with a debt-to-asset ratio of 78.73% [1] Industry Analysis - The food and beverage industry has an average price-to-earnings (P/E) ratio of 20.49 times, with a median of 9.23 times, while Zhengqian Financial Holdings has a P/E ratio of -8.35 times, ranking 72nd in the industry [2] - The company was established in 1995 and listed on the Hong Kong Stock Exchange in 2011, initially focusing on textile and garment businesses before transitioning to financing leasing in 2014 to capitalize on market potential [2] - Zhengqian Financial Holdings aims to become a leading professional financing leasing company in China, leveraging its international financing platform and expanding its network through subsidiaries [3] - The Chinese online retail market is projected to grow significantly, with expectations of reaching a compound annual growth rate in double digits, driven by an increase in product variety and improved delivery infrastructure [4] - The company plans to explore opportunities in the online retail sector, particularly related to its trading business, and enhance its e-commerce platform capabilities as a key development direction [4]

Company Overview - Wiyang International Holdings Limited (stock code: 8509) is a leading player in the Hong Kong wine industry, aiming to bridge the gap between the Asia-Pacific region and wine-producing areas [2] - The company was established in 2008, seizing the opportunity when the Hong Kong government lifted customs and administrative controls on wine [2] Business Segments - The company's operations are primarily focused on the wholesale and retail of various alcoholic beverages, with a specific emphasis on wine [4] - Wiyang's wine business is currently the sole business segment and is divided into three main areas [3] Financial Performance - As of March 31, 2025, Wiyang reported total revenue of 345 million yuan, representing a year-on-year growth of 72.7% [1] - The net profit attributable to shareholders was approximately 36.69 million yuan, with a year-on-year increase of 27.43% [1] - The gross profit margin stood at 22.97%, and the debt-to-asset ratio was 30.81% [1] Market Position - Wiyang's price-to-earnings (P/E) ratio is 6.84, ranking fourth in the food and beverage industry, which has an average P/E ratio of 24.47 [1] - Other companies in the same sector have P/E ratios ranging from 5.2 to 7.32, indicating Wiyang's competitive valuation [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.24 billion yuan for H1 2025, representing a year-on-year increase of 21.6%, and a net profit attributable to shareholders of 183 million yuan, up 113.2% year-on-year [8] - The improvement in single-store revenue continues, with a net increase of 270 rural stores and a slight decrease in urban stores [8] - The company's gross margin for H1 2025 was 22.1%, showing a year-on-year decrease of 1.7 percentage points, but an improvement from the previous half [8] - The company is expected to benefit from scale effects and an increase in self-produced products, which will help stabilize gross margins [8] - The revenue forecast for 2025-2027 has been adjusted to 72.9 billion, 83.9 billion, and 95.5 billion yuan respectively, with net profits expected to be 4.2 billion, 5.0 billion, and 5.8 billion yuan [8] Financial Summary - Total revenue for 2023 is projected at 6.1 billion yuan, with a year-on-year decrease of 15.07% [1] - The net profit attributable to shareholders for 2023 is estimated at 239.64 million yuan, reflecting a year-on-year increase of 4.23% [1] - The earnings per share (EPS) for 2025 is expected to be 0.15 yuan, with a price-to-earnings (P/E) ratio of 21.39 [1] - The company’s total assets are projected to reach 5.16 billion yuan by 2025, with a debt-to-asset ratio of 32.30% [9]

Company Overview - Gaodi Holdings Co., Ltd. is headquartered in Xiamen, Fujian Province, China, and operates under the brand "Wofeng," selling dried seafood, algae, mushrooms, seafood snacks, and frozen seafood products to major chain supermarkets and convenience stores across nine provinces and three municipalities in China [3][4] - The company was founded in 2005 and aims to be a "logistics provider from ocean to table," focusing on the green development of ecological dried seafood products [3][4] Financial Performance - As of December 31, 2024, Gaodi Holdings reported total revenue of 180 million yuan, a year-on-year decrease of 8.21%, and a net profit attributable to shareholders of -40.31 million yuan, a decrease of 5.73% [2] - The company's gross profit margin stands at 5.75%, with a debt-to-asset ratio of 35.23% [2] Stock Performance - Over the past month, Gaodi Holdings has seen a cumulative increase of 25%, and since the beginning of the year, the stock has risen by 28.21%, outperforming the Hang Seng Index, which has increased by 25.51% [2] - On July 31, the stock closed at 0.64 HKD per share, marking a 28.0% increase with a trading volume of 6.676 million shares and a turnover of 3.4736 million HKD [1][2] Industry Context - The food and beverage industry has a TTM average price-to-earnings (P/E) ratio of 25.11, with a median of 9.57. Gaodi Holdings has a P/E ratio of -1.06, ranking 84th in the industry [2][3] - Other companies in the same sector have P/E ratios ranging from 4.9 to 6.99, indicating that Gaodi Holdings is significantly undervalued compared to its peers [2][3] Product and Market Strategy - The company has optimized its talent, supply chain, and channels, leading to an upgraded product structure with a portfolio of 203 products across four main categories: dried seafood, algae and mushroom products, seafood snacks, and frozen seafood [4] - Gaodi Holdings has established a stable supply of raw materials through partnerships with fishing fleets and operates a 13-hectare seaweed farming base [4] - The company has also expanded its target customer base to include young consumers with strong purchasing power, aiming for balanced business risk by diversifying into daily necessities and cosmetics through its subsidiary [4]

Group 1 - The core point of the news is the significant stock price surge of Giant Legend, driven by strategic partnerships and celebrity influence, particularly involving Jay Chou [1][2][5] - Giant Legend's stock price increased over 36% in a single trading session, with a total increase of nearly 200% since July [1][3] - The company announced a strategic partnership with Hangzhou Yushu Technology to develop consumer-grade robots, enhancing its IP and marketing capabilities [2][4] Group 2 - Giant Legend's revenue for 2024 reached 584 million yuan, a year-on-year increase of 35.75%, with a net profit of 56.05 million yuan, up 62.4% [4] - The company focuses on IP creation and operation, with its IP business contributing over 50% of total revenue [4] - The collaboration with Yushu Technology and the existing partnership with Pop Mart highlight the company's strategy of leveraging celebrity IP for market growth [5][6]