Core Viewpoint - The ongoing US-China tariff dispute has led to increased share buyback activities among Hong Kong-listed companies, particularly in the testing industry, with Lihong Testing (01586.HK) being a notable example [1] Group 1: Share Buyback Activities - Lihong Testing has conducted frequent share buybacks, totaling 118 times from December 13 of last year to October 15 this year, acquiring 17.72 million shares, which is 3% of its total share capital, with a total expenditure of 40.48 million HKD [1] - The company's market value has increased by 32.56% during the buyback period [1] Group 2: Strategic Focus on AI - Lihong Testing is actively investing in artificial intelligence (AI) as a core strategic direction, aiming to enhance its competitiveness through an "AI + Robotics" dual-driven intelligent transformation [1] - The company has achieved significant breakthroughs in key business areas with its self-developed "Lihong AI System," integrating AI models with core energy testing operations [2] Group 3: AI Applications and Innovations - The AI technology has been applied in various business scenarios, including automated analysis and risk prediction in complex energy testing data, significantly improving testing efficiency and accuracy [2] - The company plans to advance the global deployment of its AI system in the second half of the year, focusing on developing a "carbon emission AI accounting module" and an "energy commodity quality prediction model" [2] Group 4: Global Expansion and ESG Initiatives - Since launching its globalization strategy in 2017, Lihong Testing has expanded its service network to 19 countries, with 80 branches and professional laboratories [3] - The company has become a designated quality inspection agency for 13 core futures products across five major domestic futures exchanges, covering key commodities like new energy metals and non-ferrous metals [3] - Lihong Testing has established core service capabilities in clean energy, environmental protection, and climate change, and has received the "2024 Best Trading Award" from the Beijing Green Exchange [3]

今年港股赚钱效应很高，局部牛市下出现了多只大牛股，作为TIC行业龙头，力鸿检验（01586）今年市值涨幅也达到了28.9%，但相比于其他标的，该公司 走长牛路线，近三年升幅超过100%，近六年升幅超300%。 力鸿检验能够走出长牛，这主要得益于该公司强劲的基本面+回购及分红等提升股东回报措施，持续吸引价值投资者加注。 该公司主要有三大业务，包括检测服务、鉴定服务和见证及辅助服务，通过"AI+机器人"布局双轮驱动技术突破，加速全业务场景的智能化改造。2025年上 半年，该公司通过自主研发的"力鸿AI系统"，率先实现AI大模型与能源检验核心业务的深度融合，标志着传统检验业务正式迈入"智能化驱动"新阶段。 而根据数据，TIC行业龙头力鸿检验（01586）于去年12月13日至今年9月29日合计回购116次，累计回购1764万股，占比总股本3%，回购金额4025.4万港 元。在这回购期间，该公司市值升幅达48.7%。截止2025年6月，该公司拥有现金等价物2.16亿港元，相比于去年同期高出13.1%。 回购具有高度灵活性，依托于账上的现金资源，不仅可以维稳投资者信心及股价，同时注销回购股份后也可以提升权益股东的内在回报 ...

Core Viewpoint - The company is optimistic about the future development prospects of Lihong Testing (01586) due to the dual support of AI and overseas business, maintaining a target price of HKD 3.18 per share, with corresponding PE ratios of 19.8x, 17.4x, and 15.2x for 2025, 2026, and 2027 respectively, and a "Buy" rating [1] Group 1: Financial Performance - The company's performance met expectations, with revenue growth of 12.9% to HKD 1.263 billion [2] - The company achieved a net profit attributable to shareholders of HKD 82.725 million, a year-on-year increase of 3.4% [2] - The company is actively expanding its overseas network to build a global service network while maintaining steady growth in traditional energy bulk business [2] Group 2: Overseas Business Development - Revenue from the Greater China region reached HKD 696 million, a 7% year-on-year increase, driven by stable domestic demand for consumer product testing [3] - Overseas revenue amounted to HKD 568 million, up 21.3% year-on-year, benefiting from improved overseas network and growth in Singapore's oil testing business [3] - The overseas business team performed excellently, with overseas revenue accounting for 45% of total revenue [3] Group 3: AI Investment and Efficiency - The company has deployed its self-developed "Lihong AI System," achieving deep integration of AI models with core energy testing business [4] - Plans are in place to complete global deployment of the AI system by 2025, with continuous breakthroughs in cross-border inspection AI recognition systems and carbon emission accounting modules [4] - AI empowerment is expected to enhance testing efficiency and provide more customized services, increasing product competitiveness and customer loyalty [4] Group 4: Shareholder Returns - The company has initiated a share buyback plan based on market conditions and strategic considerations, starting from December 13 [5] - The buyback initiative is expected to provide continuous returns to shareholders [5]