Core Points - HNA Technology's stock price has dropped by 5.15% on November 18, reaching 4.60 CNY per share, with a trading volume of 253 million CNY and a turnover rate of 2.10%, resulting in a total market capitalization of 13.337 billion CNY [1] - The stock has experienced a continuous decline over three days, with a cumulative drop of 4.34% during this period [1] Company Overview - HNA Technology Co., Ltd. is located at 143 Chongqing Road, Heping District, Tianjin, and was established on March 6, 1982, with its listing date on September 9, 1996 [1] - The company's main business includes IT product distribution, warehousing and logistics, internet finance, cloud marketplace, and cloud computing [1] - The revenue composition of the main business is as follows: 65.77% from merchandise trade, 33.27% from shipping, and 0.96% from other supplementary sources [1] Shareholder Information - Among the top ten circulating shareholders of HNA Technology, a fund under Southern Fund holds a position [2] - The Southern CSI 1000 ETF (512100) reduced its holdings by 512,500 shares in the third quarter, now holding 14.1184 million shares, which accounts for 0.49% of the circulating shares [2] - The estimated floating loss for today is approximately 3.5296 million CNY, with a total floating loss of 3.106 million CNY during the three-day decline [2] Fund Manager Details - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 7 years and 13 days [3] - The total asset size of the fund is 122.76 billion CNY, with the best fund return during the tenure being 181.49% and the worst being -15.93% [3]

Core Viewpoint - HNA Technology's stock dropped by 5.48% to 4.31 CNY per share, with a trading volume of 208 million CNY and a turnover rate of 1.84%, resulting in a total market capitalization of 12.496 billion CNY [1] Company Overview - HNA Technology Co., Ltd. is located at 143 Chongqing Road, Heping District, Tianjin, established on March 6, 1982, and listed on September 9, 1996. The company's main business includes IT product distribution, warehousing and logistics, internet finance, cloud marketplace, and cloud computing [1] - The revenue composition of HNA Technology is as follows: 65.77% from merchandise trade, 33.27% from shipping, and 0.96% from other supplementary sources [1] Shareholder Information - Among the top circulating shareholders of HNA Technology, a fund under Southern Fund holds a significant position. The Southern CSI 1000 ETF (512100) increased its holdings by 1.1435 million shares in the second quarter, totaling 14.6309 million shares, which represents 0.5% of the circulating shares. The estimated floating loss today is approximately 3.6577 million CNY [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a current scale of 76.63 billion CNY. Year-to-date returns are 28.54%, ranking 2138 out of 4216 in its category; the one-year return is 28.02%, ranking 1896 out of 3885; and since inception, the return is 13.75% [2] Fund Management - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 6 years and 359 days. The total asset scale under management is 122.76 billion CNY, with the best fund return during the tenure being 170.06% and the worst being -15.93% [3]

Group 1 - The company, Digital China (SZ 000034), announced on October 14 that it has repurchased approximately 5.46 million shares, accounting for 0.76% of its total share capital, with a total expenditure of about 203 million yuan [1][1][1] - The highest transaction price for the repurchased shares was 40.27 yuan per share, while the lowest was 32.15 yuan per share [1][1][1] - As of the report date, Digital China's market capitalization stands at 27.8 billion yuan [1][1][1] Group 2 - For the first half of 2025, Digital China's revenue composition is as follows: IT distribution accounts for 95.54%, proprietary brands 4.33%, cloud services 2.3%, and headquarters and others 0.19%, with inter-segment elimination at -2.35% [1][1][1]

Group 1 - HNA Technology's stock price dropped by 5.05% to 4.32 CNY per share, with a trading volume of 112 million CNY and a turnover rate of 0.98%, resulting in a total market capitalization of 12.525 billion CNY [1] - The company, established in March 1982 and listed in September 1996, operates in IT product distribution, warehousing and logistics, internet finance, and cloud computing, with revenue composition of 65.77% from merchandise trade, 33.27% from shipping, and 0.96% from other sources [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of HNA Technology, having increased its holdings by 1.1435 million shares to a total of 14.6309 million shares, representing 0.5% of circulating shares, with an estimated floating loss of approximately 3.3651 million CNY [2] - The Southern CSI 1000 ETF was established on September 29, 2016, with a current scale of 64.953 billion CNY, yielding 25.56% year-to-date and ranking 2090 out of 4220 in its category, while achieving a 53.35% return over the past year, ranking 1382 out of 3835 [2] Group 3 - The fund manager of Southern CSI 1000 ETF is Cui Lei, who has been in the position for 6 years and 328 days, managing a total asset scale of 94.976 billion CNY, with the best fund return during the tenure being 145.53% and the worst being -15.93% [3]

Group 1 - HNA Technology's stock price dropped by 5.07% to 4.68 CNY per share, with a trading volume of 390 million CNY and a turnover rate of 3.11%, resulting in a total market capitalization of 13.569 billion CNY [1] - The company, established on March 6, 1982, and listed on September 9, 1996, operates in IT product distribution, warehousing and logistics, internet finance, and cloud computing, with revenue composition of 65.77% from merchandise trade, 33.27% from shipping, and 0.96% from other sources [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of HNA Technology, having increased its holdings by 1.1435 million shares to a total of 14.6309 million shares, representing 0.5% of circulating shares, with an estimated floating loss of approximately 3.6577 million CNY [2] - The Southern CSI 1000 ETF was established on September 29, 2016, with a latest scale of 64.953 billion CNY, achieving a year-to-date return of 28.17% and a one-year return of 72.87%, ranking 1822 out of 4222 and 1263 out of 3804 respectively [2]

Investment Rating - The report maintains a "Buy" rating for VSTECS (00856 HK) with a target price of HK$14.00, revised from the previous target price of HK$8.18 [1]. Core Insights - The company has demonstrated strong performance in the first half of 2025, with earnings per share exceeding expectations by 3.7%. Revenue growth was particularly robust in the cloud computing segment, which saw a year-on-year increase of 67.9%, surpassing expectations by 8.2% [5]. - The forecast for net profit for 2025-2027 has been revised upwards to HK$14.03 billion (+16.0%), HK$16.28 billion (+19.2%), and HK$20.36 billion, respectively. The current target price corresponds to a price-to-book ratio of 2.0 times and a price-to-earnings ratio of 13.9 times for 2025 [5][6]. - The company has secured several significant projects in the cloud computing space and maintains strong relationships with domestic chip design companies, positioning it well for future growth [5]. Financial Performance Summary - For the fiscal year ending December 31, 2023, VSTECS reported total revenue of HK$73.891 billion and a net profit of HK$922 million, with an earnings per share (EPS) of HK$0.656 [4]. - The projected revenue for 2025 is HK$103.922 billion, with a net profit forecast of HK$1.403 billion and an EPS of HK$1.009, reflecting a growth of 33.3% in EPS compared to 2024 [4][7]. - The company’s cloud computing revenue for the first half of 2025 was HK$2.620 billion, marking a significant increase of 67.9% year-on-year [6]. Segment Performance - The cloud computing segment is expected to grow significantly, with projected revenues of HK$5.477 billion in 2025, representing a year-on-year growth of 39.2% [9]. - The Southeast Asia expansion has also been fruitful, with revenues reaching HK$16.735 billion, a year-on-year increase of 22.5%, driven by strong growth in markets like Thailand and the Philippines [5][6]. Valuation Metrics - The report indicates that VSTECS is currently trading at a price-to-earnings ratio of 15.2 for 2024 and is expected to decrease to 11.4 by 2025, suggesting an attractive valuation relative to its growth prospects [10]. - The company’s return on equity (ROE) is projected to improve from 11.6% in 2023 to 17.7% by 2027, indicating enhanced profitability [14].

Group 1: Company Overview - Company is a leading technology product solutions and IT service platform in the Asia-Pacific region, positioned as an IT distributor connecting upstream brand manufacturers with downstream channel partners [1] - The company has established deep partnerships with over 300 Fortune 500 brands and covers more than 50,000 sales channels, showcasing its significant competitive advantage [1] Group 2: Market Growth and Opportunities - The Southeast Asian market is experiencing explosive growth driven by increasing digital demand, cloud service expansion, and AI technologies, with the company actively expanding its distribution channels in eight Southeast Asian countries [2] - The company's revenue and profit from Southeast Asia have reached new highs over the past six years, with profits exceeding 500 million HKD and a continuous increase in revenue contribution from this region [2] Group 3: Financial Performance and Projections - The company is expected to achieve revenues of 99.65 billion HKD, 111.09 billion HKD, and 122.96 billion HKD in 2025, 2026, and 2027 respectively, with net profits projected to reach 1.16 billion HKD, 1.3 billion HKD, and 1.5 billion HKD in the same years [3] - The target price is set at 9.16 HKD, representing a potential upside of 46.6% from the current price, with corresponding price-to-earnings ratios of 11.4x and 10.1x for 2025 and 2026 [3] Group 4: Competitive Positioning - The company has established deep collaborations with leading cloud service providers such as Alibaba Cloud, Huawei Cloud, and AWS, positioning itself to benefit from the rapid growth of the cloud computing industry [2] - Despite being smaller in overall revenue compared to peers like Digital China, the company has surpassed them in net profit, indicating strong profitability [2]