Core Viewpoint - The company demonstrated strong operational resilience with a 8.7% growth in net profit attributable to shareholders in H1, and proactive adjustments are expected to stabilize and boost sales across various business segments [1]. Financial Performance - In H1 2025, the company achieved revenue of 8.04 billion yuan, a decrease of 10.45%, while net profit attributable to shareholders was 774 million yuan, an increase of 8.74%. The net profit excluding non-recurring items was 721 million yuan, up 2.28% [2]. - Quarterly performance showed revenue growth rates of -11.85% in Q1 and -8.81% in Q2, with net profit growth rates of 9.23% and 7.96% respectively. The gross profit margin for H1 was 28.4%, an increase of 1.78 percentage points [3]. - The net profit margin for H1 was 9.73%, up 1.77 percentage points, while the expense ratio was 20.1%, an increase of 1.09 percentage points [3]. Store Structure and Operations - The company optimized its store structure by adding 3 new stores (2 supermarkets and 1 automotive trade) and closing 1 supermarket, resulting in a total of 275 stores by the end of H1 [4]. - Revenue from different segments in the Chongqing region showed declines: department stores at 1.09 billion yuan (-9.92%), supermarkets at 3.47 billion yuan (-3.75%), electronics at 1.55 billion yuan (-6.67%), and automotive trade at 1.66 billion yuan (-25.3%) [4]. Strategic Initiatives - The company is actively promoting adjustments in department stores and supermarkets, exploring new convenience store formats. The department store strategy includes launching flagship stores and implementing a tailored approach based on regional consumer demand [5]. - The supermarket division has increased direct sourcing to 40.3%, with 27 stores undergoing adjustments that resulted in a 15% increase in customer traffic and a 14.7% increase in POS sales [5]. - The company has opened 19 convenience stores using a self-operated and light-asset model, aiming to create a second growth point [5]. - In the electronics segment, five renovated stores achieved sales of 82.75 million yuan, a growth of 119% [5]. - The automotive trade segment saw significant promotional success during an international auto show, achieving 2,465 orders, a 97% increase, with sales of new energy vehicles growing by 59.5% [5].

Core Viewpoint - Gree Electric Appliances reported a revenue of 97.325 billion yuan for the first half of 2025, representing a year-on-year decline of 2.46%, while net profit reached 14.412 billion yuan, showing a year-on-year increase of 1.95. The company announced plans not to distribute cash dividends, issue bonus shares, or convert reserves into share capital [1]. Financial Performance - Revenue for the first half of 2025 was 97.325 billion yuan, down 2.46% compared to the previous year [1] - Net profit for the same period was 14.412 billion yuan, an increase of 1.95% year-on-year [1] Dividend Policy - The company plans not to distribute cash dividends [1] - No bonus shares will be issued [1] - There will be no conversion of reserves into share capital [1]

Core Viewpoint - Despite strong export growth of 13% in the first seven months of the year, Thailand's export growth is expected to slow down due to the 19% tariffs imposed by the U.S. on imported goods [1] Export Performance - Thailand's export value reached $28.6 billion in July, with a year-on-year growth of 11% and a month-on-month increase of 0.2%, surpassing market expectations of 9.6% growth [1] - Excluding gold, oil-related products, and weapons, Thailand's exports grew by 16.6% year-on-year, accelerating from 15.6% in June [1] - The cumulative growth rate for the year to date stands at 14.4% [1] Sector Contributions - Industrial exports grew by 14% in July, with significant contributions from electronic components, particularly computers (61% growth) and integrated circuits (55% growth) [1] - Electrical products and rubber products also contributed to growth, with year-on-year increases of 9.9% and 9.7%, respectively [1] - Agricultural exports continued to support overall shipment volumes, with strong growth in frozen fruits, processed poultry, pet food, and sugar [1] Challenges and Future Outlook - Rice and rubber exports have contracted for the third consecutive month, with Thai rice facing intense competition after India lifts its export ban in September 2024, and the Philippines suspending imports to protect domestic prices [1] - The poultry sector is expected to be a highlight for Thai freight, supported by increased exports to China [1] - Analysts predict a slowdown in export growth for the remainder of the year due to the impact of U.S. tariffs and the announcement of global tariffs on specific products by Washington [1]

Core Viewpoint - Xiangjiang Electric (02619) experienced a significant decline of nearly 12%, reaching a new low of 2.02 HKD since its listing, primarily due to disappointing mid-term results for 2025 [1] Financial Performance - Revenue for the first half of 2025 was approximately 543 million HKD, representing a year-on-year decrease of 11.7% [1] - Net profit stood at 25.31 million HKD, down 58.2% compared to the previous year [1] - Earnings per share were reported at 0.12 HKD [1] Market Reaction - As of the report, the stock was down 11.91%, trading at 2.07 HKD with a transaction volume of 6.9629 million HKD [1] External Factors - The decline in revenue is attributed to uncertainties arising from U.S. tariff policies, which have negatively impacted sales [1]

Group 1 - AIGO Holding Limited has submitted an IPO application to the U.S. Securities and Exchange Commission, aiming to raise $10 million [1] - The company plans to issue 2 million shares at a price range of $4 to $6 per share, which would value the company at approximately $335 million based on the midpoint of the proposed price range [1] - The IPO will represent only 3.0% of the company's total outstanding shares [1] Group 2 - AIGO Holding, originally established in Spain, operates globally across Europe, Asia, North America, Latin America, and Africa [1] - The company generates revenue from approximately 40 countries and regions across four continents, with sales for the 12 months ending December 31, 2024, projected at $207 million [1] - AIGO Holding has three proprietary brands, with products primarily in the categories of lighting, electrical appliances, home appliances, and pet products [1] Group 3 - The company is headquartered in Fuzhou, China, and was founded in 2011 [1] - AIGO Holding plans to list on NASDAQ under the ticker symbol AIGO [1] - Eddid Securities and Futures is the sole bookrunner for this transaction [1]

Core Viewpoint - The article discusses the impact of tariffs on inflation in the U.S. and the Federal Reserve's potential response, highlighting that inflation pressures may not yet fully reflect the effects of recent tariff policies [1][3][6]. Inflation Data - In May, the Consumer Price Index (CPI) rose by 2.4% year-on-year, slightly above April's four-year low of 2.3%, and increased by 0.1% month-on-month, below the market expectation of 0.2% [3]. - Energy prices fell by 1% month-on-month and decreased by 3.5% year-on-year, while food prices rose by 0.3% month-on-month and 2.9% year-on-year, driven by strong increases in grain and baked goods [3]. - Core CPI, excluding food and energy, maintained a year-on-year growth rate of 2.8% for the third consecutive month, with a month-on-month increase of 0.1%, better than the expected 0.2% [3]. Tariff Impact - The impact of tariffs on inflation is considered slow to materialize, as many retailers had accumulated inventory before the tariffs took effect [4][5]. - The uncertainty in demand may lead some companies to hesitate in raising prices, despite the anticipated effects of tariffs [5]. - In May, commodity inflation remained flat month-on-month, contrary to expectations of tariff impacts, with declines in prices for used cars, new cars, and clothing [3][5]. Federal Reserve's Position - The May CPI report is the first compiled after the implementation of reciprocal tariffs, and while the risk of recession has decreased, uncertainty remains regarding the Federal Reserve's actions [7][8]. - President Trump has called for a 100 basis point rate cut from the Federal Reserve, citing the latest inflation data as favorable [7]. - Market expectations suggest that the Federal Reserve may hold off on rate cuts until there is greater certainty regarding the impact of trade policies on the economy and inflation [8].

Core Viewpoint - The company has announced a cash dividend distribution plan, proposing a cash dividend of 0.30 yuan per share, which was approved at the annual shareholders' meeting on May 15, 2025 [3][4]. Dividend Distribution Plan - The cash dividend will be distributed based on the total share capital of 188,508,399 shares, with 1,842,700 shares in the repurchase account and 560,448 shares of restricted stock deducted, resulting in 186,105,251 shares eligible for profit distribution [4]. - The total cash dividend to be distributed amounts to 55,831,575.30 yuan (including tax) [4]. - The ex-dividend date is set for June 5, 2025, with the record date being June 4, 2025 [3][4]. Tax Implications - For individual shareholders holding unrestricted shares for over one year, the cash dividend is exempt from personal income tax, resulting in a net distribution of 0.30 yuan per share [6]. - For shares held for one year or less, the company will not withhold personal income tax at the time of distribution, but tax will be calculated upon the sale of the shares [6]. - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, leading to a net distribution of 0.27 yuan per share [7]. Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the company's board office at 0574-58225758 or via email at bydmb@biyigroup.com [8].

Core Viewpoint - Thailand's economic recovery faces unexpected disruptions, with GDP growth forecasted to slow down to 1.8% in 2025, down from previous expectations of 2.5% for 2024, due to multiple adverse factors impacting the economic outlook [2][9]. Macroeconomic Overview - Thailand's real GDP is projected to grow by 2.5% in 2024, up from 2.0% in 2023, driven by a 5.4% increase in goods exports, a 26.3% rise in international tourist arrivals, and a 4.4% growth in private consumption [8][9]. - The IMF has revised Thailand's GDP growth forecast for 2025 down to 1.8%, highlighting the challenges posed by external factors such as U.S. tariffs and domestic political instability [9][10]. Policy Regulation - The Thai government has introduced an economic stimulus plan exceeding 500 billion THB (approximately 15 billion USD) to counteract slowing growth, focusing on consumption stimulation and investment [3][21]. - The Bank of Thailand has lowered the policy interest rate from 2.25% to 1.75% to enhance market liquidity, with additional measures including debt relief programs and digital wallet initiatives aimed at supporting indebted households [3][21]. Trade Dynamics - U.S. tariff policies present uncertainties for Thailand's exports, with a trade surplus of 35.4 billion USD expected in 2024, and a corresponding tariff rate of 36% [4][30]. - In Q1 2025, Thailand's exports grew by 15.2%, supported by strong demand from the U.S. and China, but ongoing trade negotiations with the U.S. remain stalled, posing risks to future trade performance [4][31]. Tourism Industry - The tourism sector is under scrutiny due to security incidents and the impact of the March earthquake, with international tourist arrivals increasing by only 1.9% in Q1 2025 [5][37]. - High-spending tourists from Western countries are partially offsetting the decline in Chinese visitors, but the overall recovery in tourism is expected to be slower than anticipated [5][38]. Capital Markets - The Thai stock market (SET Index) has fallen by 14.5% year-to-date, reaching a five-year low, driven by global market volatility and domestic economic challenges [6][46]. - Recommendations for investment strategies include diversifying into high-dividend blue-chip stocks, tourism-related sectors, and utilities, as well as taking advantage of potential stock buyback programs [6][47].