优矩控股预计截至2025年6月30日的半年度公司拥有人应占溢利将较2024年同期增长超过50%。 集团持续聚焦服务交付，满足广告主客户营销效果需求，扩大收入规模并建立持久的客户关系。利用 AI技术显著提升了武汉、重庆创意基地的广告素材产能。通过加强应收账款监控和营运资金管理，预 计信贷亏损将有所下降。公司实现了降本增效，并且没有出现上一期间的一次性亏损。 ...

预期公司截至2025年6月30日止半年度的公司拥有人应占溢利增加，主要由于下列原因所致：(a)集团持 续聚焦在服务的交付环节，满足广告主客户对行销效果的需求，从而与广告主客户建立持久的伙伴关 系，收入规模持续扩大;(b)借助AI技术，集团位于武汉、重庆的创意基地广告素材产能大幅提升;(c)持续 增强的集团应收账款监控体系及营运资金管理能力，使得截至2025年6月30日止半年度的预期信贷亏损 下降;(d)降本增效，以及并无再次出现前一期间取得的一次性亏损。 优矩控股(01948)发布公告，公司预期将取得截至2025年6月30日止半年度的公司拥有人应占溢利较2024 年同期增长超过50%。 ...

智通财经APP讯，优矩控股(01948)发布公告，公司预期将取得截至2025年6月30日止半年度的公司拥有 人应占溢利较2024年同期增长超过50%。 预期公司截至2025年6月30日止半年度的公司拥有人应占溢利增加，主要由于下列原因所致：(a)集团持 续聚焦在服务的交付环节，满足广告主客户对行销效果的需求，从而与广告主客户建立持久的伙伴关 系，收入规模持续扩大;(b)借助AI技术，集团位于武汉、重庆的创意基地广告素材产能大幅提升;(c)持续 增强的集团应收账款监控体系及营运资金管理能力，使得截至2025年6月30日止半年度的预期信贷亏损 下降;(d)降本增效，以及并无再次出现前一期间取得的一次性亏损。 ...

21世纪经济报道记者 贺泓源 作为对比，同期，爱奇艺营收同比下滑11%至66.3亿元；净亏损为1.337亿元，去年同期净利润为6870万元。 这代表着，B站正与爱奇艺拉开差距。 | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | | | 2024年 | 2025年 | 變動(%) | | | 人民幣 | 人民幣 | | | | (除百分比外,以千元計) | | | | 淨營業額 | 11.791.744 | 14,340,938 | 21.6% | | 毛利潤 | 3.438.561 | 5,214,944 | 51.7% | | 除所得税前(虧損)／利潤 | (1,377,372) | 245,551 | (117.8%) | | 浄(虧損)／利潤 | (1,372,780) | 207,606 | (115.1%) | | 歸屬於嗶呻嘩哩股份有限公司 | | | | | 股東淨(虧損)/利潤 | (1.357.245) | 209.900 | (115.5%) | | 年公認會計準則財務指標: | | | | | 經調整淨(虧損)／利潤 | (726.872) ...

8月22日下午，中国广告协会与北京市海淀区人民政府在中关村国际创新中心圆满举行了签约仪式，将 2025—2029年的中国国际广告节落地北京海淀。尤为值得关注的是，今年，亚洲广告大会将与中国国际 广告节首次同期同地举办，这一双会联动的创新模式，让科技、文化与广告产业的深度耦合有了更国际 化的表达，成为北京推进国际科技创新中心城市建设和加强国际交往能力的一项务实举措。 政策引领："科技+文化+广告"融合生态的国际化升级 2025年中央城市工作会议提出"推动城市高质量发展，建设富有活力的创新城市（300778），促进城市 文脉赓续与内涵提升"。海淀区作为北京国际科技创新中心核心区，依托中关村前沿科技集群和"三山五 园"历史文化遗产，为广告产业升级提供了坚实的技术基础和丰富的内容资源。该区域集聚了抖音、快 手、小米、百度等多家科技巨头，持续以创新科技赋能广告业发展。"十四五"期间，全市广告业务年收 入连续突破4000亿元。2025年上半年，规模以上广告企业营收同比增长10.5%，海淀区在其中发挥了重 要作用。 依托这一 "科技 + 文化" 双优势，北京正打造全新广告融合生态，推动中国广告产业国际化转型升级。 据主办单 ...

Core Viewpoint - Baiyun Airport's performance shows a stable recovery, with significant growth in both revenue and net profit in the first half of 2025, reflecting the overall recovery of the aviation market in China [1][2]. Financial Performance - In the first half of 2025, Baiyun Airport achieved operating revenue of 3.726 billion yuan, a year-on-year increase of 7.68%, and a net profit of 750 million yuan, up 71.32% [1][2]. - The non-recurring net profit reached 562 million yuan, growing by 32.17% year-on-year [1]. - The airport's aviation revenue, including aircraft takeoffs and passenger transit, was 1.575 billion yuan, up 9.38%, while non-aviation revenue was 2.151 billion yuan, increasing by 6.47% [2]. Passenger and Cargo Volume - Baiyun Airport's passenger throughput reached 40.036 million in the first half of 2025, and cargo throughput was 1.1689 million tons, both showing year-on-year growth [1][4]. - International passenger throughput surged to 7.8592 million, marking a 23.86% increase [1][4]. Future Outlook - Baiyun Airport anticipates passenger throughput to exceed 80 million in 2025, with the third-phase project expected to accommodate annual passenger capacity of 120 million and terminal capacity of 140 million [1][5]. - The airport has successfully opened or enhanced 19 international and regional passenger routes, expanding its network to cover 93 international and regional destinations [1][4]. Profitability Metrics - The net profit margin improved from 13.50% in the first half of 2024 to 20.66% in 2025, while the gross profit margin increased from 27.56% to 28.85% [3]. - The return on equity reached 4.02%, reflecting a year-on-year growth of 1.56 percentage points [3].

Financial Data and Key Metrics Changes - Total net revenues for Q2 2025 grew by 20% year over year to RMB 7.3 billion, driven by strong performance in core games and advertising businesses [4][23] - Games revenues increased by 60% year over year to RMB 1.6 billion, while advertising revenues rose by 20% year over year to RMB 2.4 billion [4][14] - Gross profit increased by 46% year over year to RMB 2.7 billion, with gross margin expanding to 36.5% from 29.9% in the same period last year [4][24] - GAAP net profit was RMB 218 million and adjusted net profit was RMB 561 million, reflecting a significant turnaround from losses in the prior year [5][26] Business Line Data and Key Metrics Changes - The VAS segment contributed approximately 39% of total revenues, advertising 33%, games 22%, and IP derivatives and other businesses 6% [23] - Monthly paying users increased by 9% year over year to 31 million, with the number of official members up by 11% year over year to 270 million [10][20] - The average daily time spent on the platform rose to 105 minutes, up six minutes compared to the same period last year [6][9] Market Data and Key Metrics Changes - DAUs reached a new high of 109 million, up 7% year over year, and MAUs grew by 8% to 363 million [5][10] - Watch time for Chinese anime content increased by 34% year over year, while AI-related content saw a 61% growth in watch time [11][12] - The number of advertisers increased by over 20% year over year, reflecting growing appeal to brands [17] Company Strategy and Development Direction - The company aims to sharpen its focus on delivering the best PUGV community experience while investing in monetization initiatives for sustainable profitability [8][21] - Bilibili is committed to enhancing high-quality content and fostering a welcoming community environment to attract and retain users [33][39] - The company is actively embracing AI to enhance operational efficiency, user experience, and monetization capabilities [21][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to create long-term value for stakeholders through high-quality content and community engagement [8][21] - The company anticipates continued growth in advertising and gaming sectors, with expectations of reaching around 37% gross margin by Q4 2025 [63] - Management highlighted the importance of adapting to evolving user preferences and expanding into new content categories [36][49] Other Important Information - The company repurchased approximately 5.6 million Class Z ordinary shares for a total of HKD 783 million as part of its ongoing share repurchase program [27][28] - Bilibili World and Bilibili MacroLink events attracted over 400,000 participants, reflecting the brand's vitality and community power [6][39] Q&A Session Summary Question: What are the main drivers of user ecosystem growth and future outlook? - Management attributed DAU and MAU growth to a focus on high-quality content and a welcoming community environment, with plans to expand into new content areas [30][33] Question: What are the drivers behind the strong advertising business growth? - The advertising business grew 20% year over year, driven by enhanced ad infrastructure and improved delivery efficiency [42][44] Question: Can management share insights on the game business and upcoming titles? - Management highlighted the success of Sanmo's first anniversary and the introduction of new monetization tools, with plans for new game releases in the pipeline [54][56] Question: What are the expectations for profit margins and cost efficiency? - Management expects continued improvement in gross profit margins, targeting around 37% by Q4 2025, with a focus on operational efficiency [61][63] Question: Can you discuss the role of AI in the company's operations? - AI is being leveraged to enhance ad revenue, improve content delivery, and assist in content creation, with ongoing developments in AI tools for creators [68][70]

Core Insights - Tencent Music Entertainment Group reported a strong financial performance for Q2 2025, with total revenue reaching RMB 84.4 billion (USD 11.8 billion), representing a year-on-year growth of 17.9% [1] - The net profit attributable to equity holders was RMB 24.1 billion (USD 3.36 billion), marking a significant increase of 43.2% year-on-year [1] - The company’s cash and cash equivalents, along with short-term investments, totaled RMB 349.2 billion (USD 48.7 billion) as of June 30, 2025 [1] Revenue Breakdown - Online music service revenue grew by 26.4% year-on-year, reaching RMB 68.5 billion (USD 9.57 billion), driven by strong growth in online music subscription revenue and advertising services [2] - Online music subscription revenue was RMB 43.8 billion (USD 6.11 billion), up 17.1% from RMB 37.4 billion in the same period last year, primarily due to an increase in average revenue per paying user [2] - The average revenue per paying user rose from RMB 10.7 to RMB 11.7, attributed to enhanced super member benefits [2] Management Commentary - The Executive Chairman highlighted the achievement of high-quality growth, with both revenue and profit showing robust year-on-year increases, emphasizing the core role of the music subscription business [3] - The CEO noted that product innovation and immersive experiences have led to steady growth in the online music business, with a recent milestone of over 15 million super members, reflecting high user trust and engagement [3] - For the first half of 2025, the company achieved revenue of RMB 157.98 billion, a year-on-year increase of 13.43%, and net profit attributable to equity holders of RMB 67 billion, up 115.85% [3]

Group 1 - Chengdu Zhuozhi Yunsheng Automotive Parts Co., Ltd. has been established with a registered capital of 50,000 RMB [1] - The legal representative of the company is Liu Yang [1] - The business scope includes wholesale of automotive parts, network technology services, technical services, and various consulting and marketing activities [1] Group 2 - The company is also involved in advertising design, production, and publishing, as well as cultural and artistic exchange activities [1] - Additional services offered include software development, information technology consulting, and domestic trade agency [1] - The company is permitted to operate independently within the scope of its business license, excluding projects that require approval [1]

编者按：高盛全球投资研究部宏观分析师最新表示，尽管市场出现各种波动，但这几点仍然成立：做多美国股票（偏向 科技股）；做多价值储存资产（黄金 / 白银 / 比特币）； 做空美元（规模适中）； 收益率曲线陡峭化交易（全球适 用）。 一、美股市场叙事 上周一走进办公室时，我原以为市场的主导话题会是美国劳动力市场新出现的疲软迹象。 但到周末时，情况已很明显，市场并未受到明显影响，非农就业报告也没有改变风险偏好。 我并不是说市场走势平稳，实际上，这更像是一场拉锯战，每天都有各自的故事 —— 但数据说明了一切。 也就是说：标普 500 指数收复了上周的全部失地，纳斯达克 100 指数再创历史新高。 事后看来，对于这种韧性，我提出三个假设： i. 本周（指截至8月10日这周，下同）又有新的人工智能刺激因素（例如，Palantir 全程走高，再涨 21%）。 ii. 尽管投机性需求在减弱，但更广泛的资本流动仍然健康…… 实际经济和企业的买盘活动都很活跃。 iii. 本周再次提醒我们一个永恒的真理：经济周期固然重要，但股市并非经济本身。 二、市场框架 从技术面来看，整体仍呈积极态势，但在交易界大幅增持风险资产之后，接下来的操作 ...