快手Q2总收入350.5亿元，同比增长13.1%，经调整净利润56.2亿元，同比增长20.1%，宣派首次特别股息每股0.46港元，总额约20亿港元。电商GMV 同比增长17.6%至3,589亿元，日活跃用户同比增长3.4%至4.09亿，均创历史新高。可灵2025年全年收入预计比今年初目标翻倍。 财务表现 Q2总收入350.5亿元，同比增长13.1%，环比增长7.5%，高于市场预估的344.5亿元 经调整净利润56.2亿元，同比增长20.1%，净利润率16.0%创单季新高，预估50.6亿元 调整后息税折旧及摊销前利润77.2亿元，预估72亿元 毛利率55.7%，同比微升0.4个百分点 研发支出34.0亿元，预估34.5亿元 截至Q2末，可利用资金总额达1,019亿元 宣派首次特别股息每股0.46港元，总额约20亿港元 | | 不, 註 雷 仪 | | | | | | --- | --- | --- | --- | --- | --- | | | 截至6月30日止三個月 | | | | | | | 2025年 | | 2024年 | | | | | 佔收入 | | | 佔收入 | | | | 金額 | 百分比 | ...

Group 1 - The stock price of Gongxiao Daji reached 2.39 yuan as of August 19, 2025, with an increase of 0.07 yuan, representing a rise of 3.02% [1] - The trading volume on that day was 8.0452 million hands, with a transaction amount of 1.931 billion yuan [1] - Gongxiao Daji operates primarily in the retail sector, covering areas such as department store retail, agricultural product trade, e-commerce, and property management [1] Group 2 - The company is actively exploring cooperation with local enterprises in Hainan, leveraging the advantages of the free trade port policy [1] - As of August 8, 2025, the total number of shareholders for the company was 326,600 [1] - In Hainan, the company's business mainly includes department store retail and agricultural product trade [1] Group 3 - On August 19, 2025, the net inflow of main funds was 69.7671 million yuan, accounting for 0.2% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 79.0118 million yuan, representing 0.22% of the circulating market value [1] - The company clarified that its business does not involve consumer loans [1]

Group 1 - The company has established a Hainan region to actively participate in the construction of the Hainan Free Trade Port [1] - Current business activities in Hainan include department store retail, agricultural product trade, e-commerce, and property management [1] - The company is exploring business collaborations with local processing and commercial enterprises in Hainan, leveraging the advantages of the Free Trade Port policy [1]

Group 1: Employment Data Impact - The U.S. non-farm payroll report showed a significant drop in employment, with only 73,000 jobs added in July, far below the expected 104,000, and revisions in June and May data resulted in a total loss of 258,000 jobs over two months [3][4][5] - The report has raised the probability of a Federal Reserve rate cut in September to 75%, influencing asset allocation strategies, including the outlook for the Chinese yuan and gold [2][5] - The downward revision of employment data is the largest in two months since 1968, indicating a concerning trend in the labor market [4] Group 2: Market Reactions - Despite the poor employment data, the stock market only experienced a one-day pullback, as strong earnings reports from major tech companies boosted investor sentiment [6][7] - Goldman Sachs predicts that the Federal Reserve will implement three rate cuts of 25 basis points each by the end of the year, with a potential 50 basis point cut if August employment data worsens [6] - Morgan Stanley expresses increased confidence in the stock market for the next 12 months, citing strong earnings from large tech firms and a potential end to the rolling earnings recession that began in early 2022 [6][7] Group 3: Currency and Gold Outlook - The U.S. dollar index fell back to the 98 range following the non-farm report, with expectations of a weaker dollar benefiting U.S. corporate earnings, particularly for companies with significant overseas revenue [8] - Predictions for the Chinese yuan remain mixed, with potential downward pressure due to tariffs and a shift in policy focus towards inflation [9][10] - Gold prices have seen a boost, rising to around $3,400 per ounce, driven by expectations of rate cuts and ongoing central bank demand, despite a slight slowdown in purchases in the second quarter [11][12]

Core Viewpoint - The recent U.S. non-farm payroll data showed a significant decline, with only 73,000 jobs added in July, far below the expected 104,000, leading to increased expectations for a Federal Reserve rate cut in September [4][5][6]. Group 1: Employment Data Impact - The downward revision of employment data for May and June resulted in a total loss of 258,000 jobs, marking the largest two-month downward adjustment since 1968 outside of recession periods [5][6]. - The weak employment figures have led to a consensus among institutions that the U.S. economy is currently growing below its potential trend [6][7]. Group 2: Market Reactions - Despite the poor employment report, the stock market only experienced a one-day pullback due to strong earnings reports from major tech companies, which boosted confidence in future market performance [7][8]. - Goldman Sachs predicts that the Federal Reserve will implement three rate cuts of 25 basis points each from September to the end of the year, with a possibility of a 50 basis point cut if August employment data worsens [7][8]. Group 3: Currency and Gold Trends - The U.S. dollar index fell back to the 98 range following the non-farm report, with expectations of continued weakness due to anticipated rate cuts by the Federal Reserve [11][12]. - Gold prices have been positively influenced by the weak employment data, rising to around $3,400 per ounce, with expectations for further increases as central banks continue to buy gold [14][15].

Group 1 - ByteDance officially launched its 2026 campus recruitment, offering over 5000 job opportunities across eight major job categories including R&D, product, and operations [1] - Compared to the 2025 campus recruitment scale of over 4000 positions, this year's recruitment shows a significant expansion, with R&D positions increasing by 23% year-on-year [1] - Non-R&D positions are also seeing a notable increase, with plans to recruit over 1500 individuals, particularly in teams such as Douyin, e-commerce, Volcano Engine, Feishu, and Jianying [1] Group 2 - The recruitment process has been updated to allow "year-round open applications," giving candidates more time to apply and increasing the chances for outstanding talent to emerge [2] - Candidates can submit their resumes through the ByteDance campus recruitment website, with each individual having two application opportunities, which will refresh in spring next year [2] - ByteDance emphasizes a talent philosophy of "focusing on essence and potential rather than qualifications," providing ample growth space and resource support for new hires [2]

证券研究报告 | 2025年07月31日 新东方-S（09901.HK） 优于大市 教育业务当季增势良好，下季收入增速指引谨慎 FY2025Q4 非甄选业务同增 18.7%，优于管理层指引。FY2025Q4，公司收入 12.43 亿美元/+9.4%，其中非甄选收入 10.89 亿美元/+18.7%，优于前期指引 （10-13%）；经营利润亏损 867 万美元，由盈转亏主因幼儿园业务确认 6030 万美元一次性商誉减值，若剔除该影响非甄选业务 Non-GAAP 经营利润率 6.5%/+4.1pct；归母净利润 710 万美元/-73.7%，若剔除一次性因素影响 Non-GAAP 归母净利润为 9808 万美元/+59.4%。截止期末，递延收入 19.54 亿 美元/+9.8%，消费力下行致季度环比增速（FY25Q1/Q2~19%/15%）继续走低。 第四季度各业务增速均良好。K9 教育新业务同增 32.5%，依旧维持较为快 速增长；高中培训收入同增 24%，得益于供需格局增长韧性也较强 （FY25Q1/Q2 增速分别为 20%/19%）；留学考培/咨询期内收入分别同增 14.6%/8.2%，本季增速尚可但消费力 ...

证券研究报告 | 2025年07月31日 新东方-S（09901.HK） 优于大市 教育业务当季增势良好，下季收入增速指引谨慎 FY2025Q4 非甄选业务同增 18.7%，优于管理层指引。FY2025Q4，公司收入 12.43 亿美元/+9.4%，其中非甄选收入 10.89 亿美元/+18.7%，优于前期指引 （10-13%）；经营利润亏损 867 万美元，由盈转亏主因幼儿园业务确认 6030 万美元一次性商誉减值，若剔除该影响非甄选业务 Non-GAAP 经营利润率 6.5%/+4.1pct；归母净利润 710 万美元/-73.7%，若剔除一次性因素影响 Non-GAAP 归母净利润为 9808 万美元/+59.4%。截止期末，递延收入 19.54 亿 美元/+9.8%，消费力下行致季度环比增速（FY25Q1/Q2~19%/15%）继续走低。 第四季度各业务增速均良好。K9 教育新业务同增 32.5%，依旧维持较为快 速增长；高中培训收入同增 24%，得益于供需格局增长韧性也较强 （FY25Q1/Q2 增速分别为 20%/19%）；留学考培/咨询期内收入分别同增 14.6%/8.2%，本季增速尚可但消费力 ...

Group 1: Market Outlook - External negative factors are improving faster than expected, suggesting the market may reach new heights in the second half of the year[2] - The Hang Seng Index has the potential to break resistance levels with only a risk sentiment adjustment needed[3] - The third round of the Hong Kong stock market rally may start earlier than previously anticipated, driven by the Hang Seng Technology Index[12] Group 2: Investment Strategy - Focus on sectors with improving sentiment and low valuations, such as e-commerce and local services, which are showing signs of stabilization[3] - The technology sector is at the intersection of recovery and low valuation, making it suitable for institutional investors to "buy low"[3] - The coal, cement, and cyclical goods sectors may accelerate their recovery due to the "anti-involution" policy[3] Group 3: Capital Flow and Valuation - Southbound trading accounts for 40% of the turnover, indicating a shift in the importance of foreign capital in the Hong Kong market[5] - The AH premium is expected to decrease to around 26% or lower, driven by a weaker dollar and market dynamics[6] - Corporate earnings are improving, with the MSCI China Index's EPS expected to rise for the third consecutive year in 2025[7] Group 4: Long-term Investment Themes - Two long-term investment themes are highlighted: large financials and technology, which are seen as core assets for differentiated allocation in the Hong Kong market[7] - The Hong Kong capital market is undergoing profound changes, with policies supporting its status as an international financial center[7]

Group 1 - Major players in the e-commerce and food delivery sectors are re-engaging in fierce competition, with JD.com entering the food delivery market and Alibaba restructuring its business units to integrate Ele.me and Fliggy into a larger consumer group [1][4][6] - The competitive landscape has evolved from initial skirmishes to full-scale battles, with companies like Meituan and Pinduoduo also emerging as significant players, indicating a shift from traditional B2C and C2C models to new forms of e-commerce [2][4][5] - The concept of instant retail is being introduced, with JD.com aiming to redefine food delivery by integrating it with e-commerce logistics, potentially transforming the delivery model [6][22][24] Group 2 - The logistics and delivery systems of e-commerce and food delivery are fundamentally different, with e-commerce relying on a point-to-point model while food delivery requires a more flexible and immediate approach [10][20][21] - JD.com has established a robust logistics network that supports its e-commerce operations, which may provide a competitive advantage in the food delivery sector [11][15] - The integration of food delivery with e-commerce logistics could lead to a more efficient delivery system, allowing for better resource allocation and potentially lower costs [22][24][26] Group 3 - The market is witnessing a trend towards consolidation and collaboration among major players, as they seek to leverage each other's strengths to enhance service offerings and customer experience [23][34] - Instant retail is gaining traction, with consumers increasingly seeking convenience and speed in their purchasing decisions, which could reshape the future of retail [34][49] - The competitive dynamics are shifting, with companies needing to adapt to changing consumer preferences and the evolving landscape of e-commerce and food delivery [36][60]