人民财讯8月27日电，8月27日，欢聚集团发布财报显示，2025年第二季度欢聚集团共实现营收5.08亿美 元，其中直播业务收入3.754亿美元，非直播业务延续高增速，同比增长25.6%，占总营收比例增至 26.1%，主要因广告业务同比增长29%，第二季度，欢聚集团调整后净利润达7700万美元，同比增长 3.9%，经营性现金流达5760万美元，保持稳健。2025年1月1日至6月30日，欢聚集团累计回购及派息 1.35亿美元。 ...

北京时间2025年8月27日，欢聚集团（NASDAQ：JOYY）发布2025年第二季度财报。第二季度，欢聚 收入达5.08亿美元，环比增长2.7%，其中直播业务收入3.754亿美元，环比增长1.1%；在广告收入的强 劲拉动下，非直播业务延续高增速，收入同比增长25.6%，占集团总营收比例增至26.1%，同比提升7.4 个百分点。财务指标方面，第二季度，欢聚调整后EBITDA（息税折旧摊销前利润）达4820万美元，同 比增长25.7%，环比增长19.3%；调整后净利润达7700万美元，同比增长3.9%；经营性现金流达5760万 美元。此外，欢聚持续回馈股东，2025年1月1日至6月30日，累计回购及派息1.35亿美元。 来源：环球市场播报 ...

上 市 公 司 传媒 2025 年 08 月 25 日 哔哩哔哩-W (09626) 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 22,528 | 26,832 | 29,969 | 32,900 | 35,459 | | 同比增长率（%） | 2.9 | 19 | 12 | 10 | 8 | | 归母净利润（百万元） | -3,425 | -22 | 2,452 | 3,283 | 4,192 | | 同比增长率（%） | 48.8 | 99 | 11,192 | 34 | 28 | | 每股收益（元/股） | -8.29 | -0.05 | 5.83 | 7.80 | 9.96 | | 净资产收益率（%） | -23.78 | -0.16 | 12.16 | 12.14 | 12.06 | | 市盈率 | - | - | 29 | 22 | 17 | | 市净率 | 4.9 | 5.0 | 3.5 | 2.6 | 2.0 | | 注："每股收益 ...

Group 1: Xiaomi Group - The company reported a revenue of approximately 116 billion yuan in Q2 2025, representing a year-on-year growth of 30.5% and a quarter-on-quarter growth of 4.2% [3][4] - Adjusted net profit for Q2 2025 was approximately 10.8 billion yuan, a year-on-year increase of 75.4% and a quarter-on-quarter increase of 1.5% [3][4] - The gross margin for Q2 2025 was approximately 22.5% [3] - The revenue from IoT and lifestyle products reached approximately 38.7 billion yuan, a year-on-year increase of 44.7% [5] - The smart electric vehicle revenue was approximately 20.6 billion yuan, showing a year-on-year growth of 230.3% [6] - Internet service revenue reached 9.1 billion yuan, a year-on-year increase of 10% [6] Group 2: Gigabit Technology - The company achieved a revenue of 2.518 billion yuan in H1 2025, with a year-on-year growth of 28.49% [9][10] - In Q2 2025, the revenue was 1.382 billion yuan, representing a year-on-year increase of 33.89% and a quarter-on-quarter increase of 21.71% [9][11] - The net profit for Q2 2025 was 361 million yuan, a year-on-year increase of 36.64% [9][11] Group 3: Highlan Co., Ltd. - The company established a wholly-owned subsidiary in Singapore to expand its global industrial layout [16] - In 2024, high-power density thermal management products accounted for 47.47% of total revenue [17] - The company signed a procurement contract for the Saudi flexible direct current project worth 361 million yuan [17] Group 4: Xinli Tai Pharmaceutical - The company reported a revenue of 2.131 billion yuan in H1 2025, with a year-on-year growth of 4.32% [23][25] - The net profit for Q2 2025 was 165 million yuan, a year-on-year increase of 14.55% [25] - The gross margin for Q2 2025 was 75.31%, an increase of 4.55 percentage points year-on-year [25] Group 5: Express Delivery Industry - In July 2025, the express delivery industry experienced a business volume growth of 15.1% year-on-year [28][29] - The average revenue per package in July 2025 was 7.36 yuan, a year-on-year decrease of 5.33% [28] - Major companies like YTO Express and SF Express saw varying growth rates in business volume, with SF Express experiencing a significant decline in revenue per package [30] Group 6: Jiangyin Bank - The bank reported a revenue growth of 10.45% year-on-year in H1 2025 [31][32] - Non-interest income increased by 30.26%, primarily driven by investment income [32] - The non-performing loan ratio was stable at 0.86% [33] Group 7: AI Demand and Semiconductor Industry - Demand for AI continues to grow, while consumer electronics orders are becoming more conservative [34] - In July 2025, Taiwan's IC design companies reported a revenue decline, with MediaTek's revenue down 23.4% month-on-month [34][35] - The semiconductor industry is experiencing mixed performance, with some companies reporting significant year-on-year growth [35] Group 8: Used Car Industry - The used car business remains highly prosperous, with significant growth in financial technology services [44] - The company reported a revenue of 5.452 billion yuan in H1 2025, a year-on-year increase of 22% [44]

2025 年 08 月 21 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 陈重伊 S0350525010002 chency@ghzq.com.cn [Table_Title] 持续"稳健进取"的核心经营策略，盈利再创历 史新高 ——小米集团-W（1810.HK）2025Q2 财报点评 最近一年走势 | 相对恒生指数表现 | | 2025/08/21 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 小米集团-W | -7.8% | -4.1% | 197.2% | | 恒生指数 | 1.4% | 6.3% | 43.7% | | 市场数据 | 2025/08/21 | | --- | --- | | 当前价格（港元） | 51.35 | | 52 周价格区间（港元） | 18.18-61.45 | | 总市值（百万港元） | 1,367,589.18 | | 流通市值（百万港元） | 1,367,589.18 | | 总股本（万股） | 2,60 ...

传媒/广告营销 微盟集团（02013.HK） 2025 年 08 月 21 日 投资评级：买入（维持） | 日期 | 2025/8/21 | | --- | --- | | 当前股价(港元) | 2.380 | | 一年最高最低(港元) | 3.690/1.100 | | 总市值(亿港元) | 86.06 | | 流通市值(亿港元) | 86.06 | | 总股本(亿股) | 36.16 | | 流通港股(亿股) | 36.16 | | 近 3 个月换手率(%) | 242.35 | 股价走势图 数据来源：聚源 -50% 0% 50% 100% 150% 200% 2024-08 2024-12 2025-04 微盟集团 恒生指数 相关研究报告 《微信电商生态积极推进，服务商有 望率先受益 —港股公司信息更新报 告》-2024.12.24 《SaaS 业务调整及广告平台返点规则 影响增长承压 —港股公司信息更新 报告》-2024.8.23 SaaS 业务深化电商与零售布局，广告业务持续受益微信生态及多渠道拓展 短期 SaaS 业务持续聚焦电商及零售核心场景，积极推动 AI Agent 应用落地，公 司主动收缩 ...

Group 1 - The core viewpoint of the article indicates that Baidu's revenue may be negatively impacted by its advertising business for the remainder of the year [1] - Citigroup forecasts a 23% year-over-year decline in Baidu's core advertising revenue for the third quarter, as AI-generated content increased to 64% in July [1] - Despite the challenges in advertising, Citigroup maintains a buy rating on Baidu's stock due to the strong growth momentum in its cloud and autonomous taxi businesses [1] Group 2 - Citigroup has raised the target price for Baidu's American Depositary Receipts from $140.00 to $143.00 [1]

Group 1: Key Insights on Xtep International - The main brand performance is stable, with significant growth in the professional sports segment, achieving a total revenue of 6.84 billion yuan in H1 2025, a year-on-year increase of 7.1% [3][4] - The professional sports revenue increased by 32.5% to 785 million yuan, contributing to a notable improvement in operating profit margin, which rose by 6.1 percentage points to 10% [4][5] - The company maintains a strong cash position, with net cash increasing by 94.3% to 1.913 billion yuan, indicating stable overall operations [5][6] Group 2: Key Insights on Meitu Inc. - Meitu Inc. reported a revenue of 1.82 billion yuan in H1 2025, reflecting a year-on-year growth of 12.3%, with a gross profit of 1.34 billion yuan and a gross margin of 73.6% [8][9] - The revenue from AI-driven imaging and design products grew by 45.2% to 1.35 billion yuan, driven by an increase in active user base and payment penetration [10] - The company is successfully advancing its globalization strategy, with a 15% year-on-year increase in monthly active users outside mainland China [10] Group 3: Key Insights on Wavelength Optoelectronics - Wavelength Optoelectronics achieved a revenue of 220 million yuan in H1 2025, a year-on-year increase of 17.8%, although net profit decreased by 50.6% to 14 million yuan [12][13] - The company is focusing on the semiconductor and optoelectronic markets, with a significant revenue increase of 99% in semiconductor-related products [14] - The company is expanding its consumer optical products, with AR/VR optical product revenue increasing by 470% [14] Group 4: Key Insights on Dongfang Wealth - Dongfang Wealth reported a total revenue of 6.856 billion yuan in H1 2025, a year-on-year increase of 38.65%, with net profit growing by 35.38% [16][17] - The brokerage and margin financing businesses are the main growth drivers, benefiting from a significant market recovery with a daily average trading volume increase of 61% [17][18] - The company has a solid traffic foundation, with its brokerage, margin financing, and fund distribution businesses showing strong resilience [18] Group 5: Key Insights on Zhongke Feicai - Zhongke Feicai achieved a revenue of 700 million yuan in H1 2025, reflecting a year-on-year growth of 51.4%, with a gross margin of 54.3% [22][23] - The company is expanding its order scale, with inventory and contract liabilities increasing, indicating a positive future performance trend [23][24] - The company is focusing on the development of seven series of equipment, with steady growth in market share for its detection devices [25] Group 6: Key Insights on Tongcheng Travel - Tongcheng Travel reported a revenue of 4.7 billion yuan in Q2 2025, a year-on-year increase of 10%, with adjusted net profit rising by 18% [26][27] - The core online travel platform showed robust growth, with a revenue increase of 14% in transportation ticketing and 15% in accommodation bookings [27][28] - The company is focusing on expanding its user base in lower-tier cities, with a significant portion of new paid users coming from these regions [28] Group 7: Key Insights on Limin Co. - Limin Co. achieved a revenue of 2.452 billion yuan in H1 2025, with a remarkable net profit increase of 747.13% [30][31] - The company is consolidating its position as a leading pesticide manufacturer, with significant price and sales increases for its main products [32][34] - The company is advancing its research and development capabilities, with ongoing collaborations for innovative product development [34][35]

Financial Performance - Total revenue for Q2 2025 was 6.628 billion yuan (925 million USD), a year-on-year decline of 11% [1][2] - Net loss amounted to 134 million yuan, compared to a profit of 68.7 million yuan in the same period last year [1][2] - Non-GAAP net profit significantly decreased to 14.7 million yuan, down from 246.9 million yuan year-on-year [1] Revenue Breakdown - Membership service revenue fell by 9% to 4.09 billion yuan, reflecting insufficient content output during the quarter [2][3] - Advertising revenue decreased by 13% to 1.27 billion yuan, attributed to adjustments in advertising strategies by some advertisers due to macroeconomic pressures [3] - Content distribution revenue plummeted by 37% to 437 million yuan, primarily due to reduced barter transactions and lower cash transactions [3] Operating Conditions - Operating loss was 46.2 million yuan, contrasting with an operating profit of 342 million yuan in the same quarter last year [1][3] - Operating loss margin was 1%, down from an operating profit margin of 5% year-on-year [1] Cash Flow and Financial Health - Operating cash flow turned into a net outflow of 12.7 million yuan, compared to an inflow of 411 million yuan in the previous year [4] - Free cash flow shifted from a positive 382 million yuan to a negative 341 million yuan [4] - As of the end of June, the company held approximately 5.06 billion yuan in cash and cash equivalents [4] Cost Management - Content costs decreased by 8% to 3.78 billion yuan, aligning with the company's lighter content schedule [4] - Sales, management, and R&D expenses also saw a decline, but the overall reduction was limited [4] Strategic Focus - The company is focusing on innovation and investing in key growth areas such as AI applications, micro-dramas, experiential businesses, and global expansion to drive long-term sustainable success [5] - The CFO emphasized effective resource management and ongoing optimization of the capital structure, with net interest expenses decreasing for seven consecutive quarters [6] Future Outlook - The future performance of the company hinges on the recovery of content output, especially given its leading market share in viewership during the summer [7] - Changes in advertisers' spending willingness due to macroeconomic pressures will continue to impact the company's advertising business [7]

Market Overview - A-shares experienced a slight decline, with the Shanghai Composite Index down 0.02% to 3,727 points, while the Shenzhen Component fell 0.12% and the ChiNext Index dropped 0.17%[18] - Hong Kong stocks also saw a downturn, with the Hang Seng Index decreasing by 0.21%, the Hang Seng China Enterprises Index down 0.3%, and the Hang Seng Tech Index falling 0.67%[13] IPO Market - The Hong Kong IPO market showed signs of recovery, with total fundraising reaching HKD 129.2 billion, a 147% increase compared to the entire year of 2024, marking the highest average fundraising size since 2022 at HKD 2.4 billion[6] - The first-day loss rate for IPOs was at its lowest since 2018, at 28%, with average and median first-day returns of 15.1% and 3.4%, respectively[6] Global Market Trends - European markets generally rose due to improved prospects for a peace agreement between Russia and Ukraine, with the Stoxx 600 index up 0.69%[11] - U.S. markets showed mixed results, with the Dow Jones slightly up by 0.02% to 44,922 points, while the S&P 500 fell by 0.59% to 6,411 points and the Nasdaq dropped 1.46% to 21,314 points[11] Commodity Prices - International oil prices fell over 1%, with NYMEX crude down 1.69% to USD 62.35 per barrel and Brent crude down 1.22% to USD 65.79 per barrel[30] - Gold prices and London copper also experienced declines amid market volatility[30] Fixed Income Market - U.S. Treasury yields halted a three-day decline, with the 2-year yield at 3.75% and the 10-year yield at 4.31%[33] - Market participants are anticipating potential interest rate cuts from the Federal Reserve, influenced by comments from President Trump regarding the impact of current rates on the real estate sector[33] Sector Performance - In the U.S., the real estate sector led gains with a 1.80% increase, while the technology sector faced the largest decline at 1.88%[11] - In Hong Kong, the healthcare sector saw significant losses, with major pharmaceutical stocks like 恒瑞医药 (Hengrui Medicine) dropping over 5%[13] Notable Stocks - Cisco (CSCO US) reported a slight earnings beat and strong AI order growth, with total orders exceeding USD 2 billion for FY2025[9] - Xiaomi (1810 HK) reported a 30.5% increase in revenue and a 75.1% increase in adjusted net profit for Q2 2025, driven by strong performance in its AIoT and electric vehicle segments[16]