Group 1 - Ant Group's subsidiary, Ant Financial Technology, is expanding its capabilities in computing power and Real World Assets (RWA) [1] - The RWA business initially focused on new energy assets, but is now broadening its scope to include a wider range of financial assets [1] - Ant Group plans to launch its self-developed public blockchain by the end of September 2025, which will facilitate real transactions [1] Group 2 - RWA refers to the process of tokenizing real-world assets such as bonds and real estate using blockchain technology, enhancing asset liquidity and pricing in the Web 3.0 space [1] - As of July 26, 2025, the total scale of RWA on-chain reached $25.21 billion [1] - RWA is seen as an emerging financing method that can improve financing efficiency and shorten financing cycles, with significant potential for future applications [1][2] Group 3 - Hainan Huatie has been collaborating with Ant Chain since 2022 to explore the implementation of RWA business related to computing power assets and on-chain devices [2] - Hengsheng Electronics, a subsidiary of Ant Group, has been instrumental in helping financial institutions establish secure connections with virtual asset exchanges [2]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 42.18 CNY, which represents a dynamic price-to-earnings ratio of 70 times for 2025 [5][10]. Core Views - The company is expected to achieve a net profit of approximately 251 million CNY in the first half of 2025, an increase of about 221 million CNY or 740.95% year-on-year. The non-deducted net profit is projected to be around 183 million CNY, reflecting a year-on-year growth of 35.30%. However, the operating revenue is anticipated to decline by 14.59% year-on-year to 2.422 billion CNY [1][2]. - The company is actively optimizing its business structure and strategically reducing some non-core operations, which is expected to enhance its revenue elasticity once the industry recovers [2]. - The company is leveraging its overseas subsidiary, Hengyun Technology, to expand into international markets and is actively developing virtual asset trading systems [3][9]. Summary by Sections Financial Performance - The company forecasts a significant increase in net profit for the first half of 2025, primarily driven by non-recurring gains, which are expected to increase by approximately 170 million CNY compared to the previous year [2]. - The operating revenue for the first half of 2025 is projected to be 2.422 billion CNY, a decrease of 14.59% year-on-year [1]. Business Strategy - Hengyun Technology, the company's overseas subsidiary, is expanding its services to over 250 financial institutions in the Asia-Pacific region, providing diverse technology solutions including trading systems and offshore custody services [3]. - The company has successfully launched a new generation trading system for a Hong Kong brokerage, enhancing transaction efficiency and risk management capabilities [3][9]. - The company is also collaborating with HashKey to explore strategic opportunities in the virtual asset and financial services sectors [9]. Future Projections - The company is expected to achieve operating revenues of 6.929 billion CNY, 7.279 billion CNY, and 7.671 billion CNY for the years 2025, 2026, and 2027 respectively, with net profits projected at 1.140 billion CNY, 1.259 billion CNY, and 1.362 billion CNY for the same years [10][11].

Group 1 - The article highlights significant announcements in the stock market from Sunday to Thursday, including "suspensions and resumption of trading, shareholding changes, investment wins, acquisitions, performance reports, unlocks, and high transfers" [1] - Important announcements are marked in red to assist investors in identifying investment hotspots and preventing various black swan events, providing ample time for analysis and selection of suitable listed companies [1] Group 2 - A company is involved in the development of embodied robot motor rotors and has made small batch deliveries, while also focusing on the research of magnetic steel for low-altitude flying vehicles [1] - Another company is one of the first in Hong Kong to provide a virtual asset trading system, with a projected net profit increase of over 700% year-on-year in the first half of the year [1] - A military-related company has received approval for multiple complete equipment system export projects, focusing on drones, robotics, and chips [1]

Group 1 - The core viewpoint of the article highlights that Hengsheng Electronics' subsidiary, Hengyun Technology, is one of the first providers of virtual asset trading systems in Hong Kong [1] - Over the past two years, Hengyun Technology has assisted multiple financial institutions in launching and ensuring secure connections with virtual asset exchanges, which guarantees transaction smoothness and real-time data [1] - Currently, the related business does not significantly impact the company's current operating revenue [1]