Core Viewpoint - Far East Horizon's 1H25 performance met expectations with a revenue decline of 4% year-on-year to 17.34 billion yuan and a net profit increase of 4% year-on-year to 2.16 billion yuan, resulting in an annualized ROE increase of 17 percentage points to 8.66% [1] Financial Performance - The company's financial business revenue increased by 2% year-on-year to 11.09 billion yuan, accounting for 64% of total revenue, with interest income slightly down by 0.4% to 10.66 billion yuan and consulting fee income up by 167% to 430 million yuan [1] - The net interest margin expanded with net interest spread and net interest margin increasing by 11 basis points and 4 basis points to 4.06% and 4.51% respectively, while asset quality remained stable with a non-performing loan ratio of 1.05% [1] Dividend Policy - The company increased its interim dividend payout ratio by 4 percentage points year-on-year to 50%, maintaining a dividend per share (DPS) of 0.25 HKD, indicating a strong dividend yield despite slower growth in DPS compared to profit growth due to dilution from convertible bonds [1] Industry Operations - The company's industrial operations revenue decreased by 13% year-on-year to 6.33 billion yuan, with a decline in domestic business offset by rapid growth in overseas operations [1] - The healthcare segment saw a revenue decline of 15% year-on-year to 1.8 billion yuan, with net profit down by 28% to 110 million yuan, as the company focused on optimizing cost efficiency and expanding non-insurance business [1] Valuation and Forecast - The company maintains its earnings forecast for 25/26e, currently trading at 0.67x/0.63x P/B for 25/26e, with a target price adjustment of 10% to 8.8 HKD, reflecting a significant discount in valuation and attractive dividend expectations [2]

据证券之星公开数据整理，近期陆家嘴（600663）发布2025年中报。根据财报显示，陆家嘴增收不增 利。截至本报告期末，公司营业总收入65.98亿元，同比上升33.91%，归母净利润8.15亿元，同比下降 7.87%。按单季度数据看，第二季度营业总收入23.8亿元，同比上升23.37%，第二季度归母净利润1.85 亿元，同比下降30.1%。 本次财报公布的各项数据指标表现一般。其中，毛利率50.8%，同比减15.94%，净利率17.76%，同比减 15.81%，销售费用、管理费用、财务费用总计10.7亿元，三费占营收比16.22%，同比减20.07%，每股净 资产4.95元，同比增0.59%，每股经营性现金流0.94元，同比增96.98%，每股收益0.16元，同比减11.96% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 49.27 乙 | 65.98 Z | 33.91% | | 归母净利润(元) | 8.85 Z | 8.15 Z | -7.87% | | 扣非净利润(元) | 8.87亿 | 8.28 ...

Group 1 - The core viewpoint is that China’s fiscal and tax digitalization sector is experiencing unprecedented growth, with Baiwang Co., Ltd. emerging as a focal point for investors due to its robust data accumulation and forward-looking AI strategic transformation [1] - Baiwang Co., Ltd. is positioned as a leader in China's fiscal and tax digitalization industry, leveraging its Baiwang Cloud platform to provide digital solutions and data-driven analytical services, with core capabilities in managing the entire lifecycle of transaction vouchers and conducting big data analysis [1][2] - As of the end of 2023, the company has processed approximately 14.3 billion vouchers covering 102 million enterprises, establishing a rich data asset that forms a core barrier and solid foundation for AI development [1] Group 2 - In 2025, the company will focus on AI strategic transformation, launching a product matrix of three intelligent agents in financial services, transaction management, and business decision-making, addressing the challenge of implementing AI in practical scenarios [2] - The first batch of intelligent agent SKUs was launched on May 12, including three sub-product lines, eight SPUs, and 36 SKUs, showcasing the company's differentiated competitive barrier formed by the scarcity of data combined with practical scenarios [2] - The digitalization market for fiscal and tax-related transactions is projected to grow significantly, with an expected increase from 5.1 billion yuan in 2019 to 34.3 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 36.5% from 2023 to 2028 [3] Group 3 - The implementation of the fourth phase of the Golden Tax Project is anticipated to drive approximately 300,000 medium and large enterprises to connect directly with tax authorities, further expanding the industry scale [3] - The cloud market share is expected to rise from 27.5% in 2019 to 64.0% by 2028, indicating a significant shift towards cloud-based solutions [3] - Baiwang Co., Ltd. is expected to release its product foresight in the AI transformation, positioning itself ahead of the industry in strategic layout, which is likely to enhance its market share [3]

营业部联合津苑社区开展"浓浓端午情 银社一家亲"联谊活动，邀请社区居民一起包粽子，共同感受传统习俗，活动中积极宣传金融知识，讲解各项业务， 巩固情感联结。付窝支行开展"粽情端午 温情农商"厅堂主题活动，邀约客户前来网点参加"包粽子"活动，通过介绍健康知识、讲解金融业务、开展互动游 戏等方式，增进情感交流，不断丰富厅堂内涵。和惠分理处举办"浓情端午 粽享欢乐"主题活动，设置包粽子、抓鸡蛋等互动环节，传递传统节日的温馨关 怀。陈庄支行组织"粽情端午 农商相伴"主题活动，准备精美粽子礼包等节日关怀，积极邀约网点新老客户参与，共度温馨节日。汀罗支行组织"浓情端午 农 商相伴"厅堂内外活动，为办理业务的客户送上温馨祝福，走进乡镇政务大厅与工作人员交流互动，一起感受传统文化。凤仪分理处邀请周边社区居民、物 业工作人员参加端午节厅堂主题活动，传递美好祝福，送上节日关怀，以丰富的厅堂互动，共度传统佳节。汀河支行组织端午节乐享厅堂主题活动，积极宣 传普及金融知识、介绍便民业务，共同感受传统文化，提升厅堂服务体验。城区支行在凤凰广场组织"浓情端午 跃动一夏"主题活动，向广场健身老人们宣 传反诈知识，介绍金融服务，拉开广场金融宣讲 ...