本报讯 （记者马宇薇）8月26日，物产中大集团股份有限公司（以下简称"物产中大"）发布2025年半年 报。上半年，公司共实现营业收入2885.37亿元，同比微降1.92%；利润总额37.37亿元，同比增长 16.03%；归属于上市公司股东的净利润20.4亿元，同比增长29.65%。 公开资料显示，物产中大是中国供应链集成服务引领者，是首批国家级供应链创新与应用示范企业，是 中国具有影响力的大宗商品供应链集成服务商之一。物产中大已连续15年位列世界500强，根据《财 富》2025年7月29日公布的最新结果，2025年排名位列149位。 今年上半年，物产中大根据"一体两翼"发展战略，围绕智慧供应链集成服务开展更加积极、更加聚焦、 更加有效的系列经营管理和投资活动，按照"以供应链思维、做产业链整合、构建物产中大生态圈"的实 施路径，塑造战略协同、周期对冲、产融互动的产业格局。 从业绩表现来看，物产中大的供应链集成服务主业实现稳健发展，核心优势不断凸显。报告期内，其共 实现营业收入2656.1亿元，占公司营业收入92.06%。金属、能源、化工、汽车服务等核心业务规模均列 全国前列。其中，销售钢材3797.2万吨，同比 ...

公告称，收益增加主要来自环保分类。环保分类收益增加的数得集团四个业务分类的收益减少而局部抵 销，分别为物业分类、金融服务分类、汽车零件分类及拉美及加勒比分类。 环保分类的收益由2024年上半年的1.367亿港元增加7510万港元至2025年上半年的2.118亿港元，乃由于 集团扩大在中国内地的客户网络所致。 伟禄集团(01196)发布2025年中期业绩，收益总额2.77亿港元，同比增加6.35%;毛利6484.7万港元。 ...

Core Viewpoint - Zhongsheng High-Tech (002778.SZ) is undergoing a change in control, with Fuzhou Qianjing Investment Co., Ltd. set to acquire a 22.35% stake from Tian Kai Huida, marking a significant shift in ownership and management [1][2][3]. Group 1: Ownership Change - The controlling shareholder of Zhongsheng High-Tech will change from Suzhou Wuzhong Financial Holding Group to Fuzhou Qianjing, with the actual controllers shifting to Weng Shengjin and He Congfu [1][3]. - The share transfer agreement was signed on July 22, with a transaction price of approximately 559 million yuan, translating to 20.04 yuan per share [3][2]. Group 2: Historical Context - This marks the second change in control for Zhongsheng High-Tech in five years, having previously been acquired by Suzhou state-owned assets in 2020 [4]. - The company was originally known as Gaoke Petrochemical and went public in 2016, undergoing a name change after the acquisition by Wuzhong Financial [4]. Group 3: Financial Performance - Zhongsheng High-Tech has faced declining performance, with a projected net profit of 46.96 million yuan for the first half of 2025, but a loss of 3.0058 million yuan in non-recurring profit [1][11]. - The company has reported continuous losses in non-recurring net profit from 2022 to the first half of 2025, totaling approximately 368 million yuan [11]. - Revenue has decreased significantly, with 2024 revenues for its petrochemical and environmental segments dropping by 3.52% and 21.8%, respectively [10]. Group 4: Strategic Shift - Following the divestiture of its lubricating oil business, Zhongsheng High-Tech aims to focus on its environmental business and expand into new areas, particularly in renewable energy and energy storage [10][11]. - The company plans to establish a new energy division to drive growth and reduce reliance on traditional energy sources [11].

Core Viewpoint - The potential change in control of Zhongsheng Gaoke (002778) is highlighted, with the "King of Membrane" Weng Shengjin possibly becoming the new actual controller through the transfer of 22.35% shares by Tian Kai Huida, a subsidiary of the current major shareholder [1][3]. Group 1: Share Transfer and Control Change - Tian Kai Huida is planning to transfer its 22.35% stake in Zhongsheng Gaoke, which may lead to a change in the company's control [1]. - The transfer is valued at 2.5 billion yuan, corresponding to a share price of 20.04 yuan, which is a slight premium over the closing price of 19.14 yuan on July 15 [1]. - The transaction's total price is approximately 560 million yuan [1]. Group 2: Company Background and Financial Performance - Zhongsheng Gaoke, formerly known as Gaoke Petrochemical, went public on January 6, 2016, and underwent a change of control in 2020 [2]. - The company has experienced declining financial performance, with revenues of 722 million yuan, 617 million yuan, and 493 million yuan from 2022 to 2024, representing year-on-year declines of 30.05%, 14.5%, and 20.1% respectively [3]. - The net profit attributable to shareholders has also been negative for three consecutive years, with losses of 35.39 million yuan, 155 million yuan, and 170 million yuan during the same period [3]. Group 3: Business Focus and Future Expectations - Zhongsheng Gaoke's main business areas are "lubricants + environmental protection," and it has divested its less profitable lubricants segment to focus on environmental protection [3]. - The company reported a significant revenue drop of 72.93% in the first quarter of this year, with revenues of 29.72 million yuan [3]. - There is anticipation regarding potential asset injections following Weng Shengjin's entry, given his background as the founder of major companies in the packaging and petrochemical sectors [4].

Core Viewpoint - China Water Affairs (00855) is currently valued at a significant discount compared to its peers, with a target price of HKD 7.80 and a "Buy" rating from CITIC Securities, reflecting a 20% valuation discount based on a target PE of 10x for FY2025 [1] Group 1: Financial Performance - The company's overall gross margin improved by 0.7 percentage points to 37.8% in FY2025, with notable increases in profitability across all business segments, including urban water supply, pipeline drinking water, and environmental protection [2] - The company’s sales, management, and financial expense ratios showed mixed changes, with financial expenses increasing due to a high proportion of US dollar debt, but there is potential for reduction through debt restructuring and a declining interest rate environment [2] Group 2: Growth Drivers - In FY2025, the company commissioned 81.7 million tons per day of new water production capacity, leading to a 7.0% increase in water sales volume to 1.5 billion tons, with further growth expected as additional capacity comes online in FY2026 [3] - The company has implemented water price adjustments in several projects, with expectations that total adjustments could exceed 1 million tons per day, benefiting from ongoing reforms in water pricing across major cities [3] Group 3: Cash Flow and Dividends - For the first time since 2020, the company achieved positive free cash flow of HKD 1.58 billion in FY2025, supported by a reduction in capital expenditures [4] - The company maintained its dividend at HKD 0.28 per share, with a 12 percentage point increase in the payout ratio to 42%, indicating a commitment to returning value to shareholders [4]

Investment Rating - The investment rating for China Water Affairs (00855.HK) is "Buy" (maintained) [1] Core Views - The report highlights that the core operational profit is steadily growing, with a cash flow turning point already evident. The decline in FY2025 performance is primarily due to one-time impairment impacts, while the core operational business remains robust [1][7] Financial Performance Summary - For FY2025, the total revenue is projected at HKD 12,200 million, a decrease of 5.12% year-on-year. The net profit attributable to shareholders is expected to be HKD 1,075 million, down 29.92% year-on-year [1][7] - The main business revenue is HKD 11,656 million, reflecting a 9.4% decline year-on-year, mainly due to reduced income from water supply and direct drinking water installation, maintenance, and construction services [1][7] - The report details segment performance: - Urban water supply revenue is HKD 7,498 million, down 9.4% year-on-year, with segment profit slightly up by 0.1% [1] - Direct drinking water revenue is HKD 657 million, down 61.9%, with segment profit down 58.9% [1] - Environmental segment revenue is HKD 1,523 million, up 42.2%, with segment profit increasing by 56.9% [1] - Total construction revenue is HKD 664 million, down 19.7%, with segment profit down 9.3% [1] - Property revenue is HKD 361 million, with segment profit up 16.5% [1] Future Projections - The report forecasts a net profit of HKD 1,372 million for FY2026, HKD 1,387 million for FY2027, and HKD 1,415 million for FY2028, with corresponding P/E ratios of 7.2, 7.1, and 6.9 times [1][7] - Capital expenditures are expected to decrease from HKD 53.3 billion in FY2024 to HKD 34 billion in FY2025, with a target of under HKD 20 billion for FY2026 [1][7] - The dividend per share for FY2025 is projected to remain stable at HKD 0.28, with a payout ratio of 42.5% and a dividend yield of 4.65% [1][7]

Core Viewpoint - Huanxin Cement continues to implement employee stock ownership plans to attract and retain talent while achieving positive business performance despite industry challenges [1][5] Group 1: Employee Stock Ownership Plans - The third phase of Huanxin Cement's employee stock ownership plan for 2023-2025 was announced, with a total of 750 core employees participating [3] - The first two phases of the plan involved the purchase of 620.78 million shares, with a total transaction amount of approximately 58.17 million yuan [2][3] - The current plan aims to deepen the long-term incentive mechanism for core employees, enhancing the company's core competitiveness and ensuring the achievement of strategic goals [3] Group 2: Financial Performance and Dividends - Huanxin Cement announced a cash dividend of 9.56 billion yuan for the 2024 fiscal year, marking the 28th dividend distribution since its listing in 1994 [1][6] - The company reported a revenue of 342.17 billion yuan for 2024, a year-on-year increase of 1.36%, while net profit decreased by 12.52% to 24.16 billion yuan [5][6] - The dividend payout ratio is 40% of the net profit attributable to shareholders, placing Huanxin Cement among the top 4% of listed companies in terms of dividend distribution [6] Group 3: Industry Position and Growth Strategy - Despite overall pressure in the cement industry, Huanxin Cement has achieved growth through a strategy focused on overseas expansion, integrated operations, and innovation [1][5] - The company has diversified its operations beyond cement, with significant contributions from aggregate and concrete sales, as well as environmental services [5] - Huanxin Cement's overseas revenue reached 79.84 billion yuan in 2024, a 47% increase year-on-year, with overseas cement sales growing by 37% [5]