August 25, 2025 01:31 PM GMT Haidilao International Holding Ltd | Asia Pacific 1H25 Results: Mild Margin Miss on Tough Operating Environment Reaction to earnings Unchanged Modest shortfall Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Exhibit 1: Haidilao: 1H25 result at a glance | Income Statement | 1H24 | 2H24 | 1H25 | yoy | hoh | vs.MSe | | --- | --- | --- | --- | --- | --- | --- | | Revenue | 21,491 | 21,264 20,703 | | -4% | -3% | - ...

August 25, 2025 10:35 AM GMT NIO Inc. | Asia Pacific 90%+ stock rally in 60 days – too much, too soon? Our key thoughts Key Takeaways 1. Robust ES8 pre-orders: Our checks suggest ES8 pre-orders (with Rmb5k refundable deposit) may have surpassed 30k at the weekend and kept rising. While real demand still hinges on order conversion, constructive feedback underpin the market's belief that ES8 could go viral as L90 did last month, underpinning a monthly run rate of 40-50k units for NIO Group from Oct. 2. Benign ...

26 August 2025 | 7:30AM CST Greentown Service (2869.HK) 1H25 core profit beat; onto next stage for profitability improvement; Buy GTS reported an upbeat 1H with core operating profit at +25% yoy (vs. prior full-year 25E management guidance/GSe of +15%/+17% yoy). A multiple-year effort from management on portfolio/customer optimization, business restructuring and cost-saving endeavors started to yield positive impacts on its margins: GPM up +0.5pp yoy, with all sub-segments recording yoy GPM increase. In par ...

25 August 2025 | 11:01AM HKT Hua Hong (1347.HK): Capacity expansion and ASP recovery on strong UT rates; 28nm as potential next driver; Neutral We are positive on Hua Hong's long-term potential, driven by the increasing local-for-local demand in China, the strong UT rate along with growing capacities, and its planned future migration from 40nm to 28nm. We expect the near-term drivers, including its continuous capacity expansion plans and ASP recovery supported by strong UT rates, to support the company's sh ...

25 August 2025 | 10:37PM HKT Haidilao International Holding (6862.HK): First take: Margin miss pressured by lower GPM and operating deleverage; Neutral Haidilao reported 1H25 sales/net profit of Rmb20.7bn and Rmb1.76bn, implying 3.7%/13.7% yoy decline. Topline was in line with GSe with lower-than-expected Haidilao restaurant revenue offset by higher delivery, other restaurant and product/franchise store sales. Net profit missed GSe by 8%, due to lower-than-expected GPM with the company offering better value ...

26 August 2025 | 2:26AM HKT Bilibili Inc. (BILI) Buy 2Q25 review and NDR takeaways: stronger ads momentum, 2 banhao approvals improve game visibility; Buy | BILI | 12m Price Target: $26.30 | Price: $23.98 | Upside: 9.7% | | --- | --- | --- | --- | | 9626.HK | 12m Price Target: HK$205.00 | Price: HK$186.70 | Upside: 9.8% | We maintain Buy rating and refresh our estimates post Bili's 2Q25 result/NDR meeting with mgmt. We remain constructive on the name considering its ads growth profile is one of the fastest ...

25 August 2025 | 10:55PM HKT East Buy (1797.HK) Sell Earnings Review: 2HFY25 GMV miss, EPS beat on OPEX control; Divergent performance between 1P and 3P; Sell on rich valuation 1797.HK 12m Price Target: HK$9.00 Price: HK$31.62 Downside: 71.5% East Buy delivered mixed 2HFY25 results. GMV dropped -55% yoy to Rmb3.9bn (-15% below GSe), primarily dragged by below-expected 3P GMV (-63% yoy, 40% below GSe) likely due to higher-than-expected return rate, despite 5% higher 1P GMV vs. GSe. By platform, GMV on East B ...

By Robbie Whelan 由 Robbie Whelan Follow 关注 , Amrith Ramkumar Amrith Ramkumar Follow 关注 , Lauren Thomas Lauren Thomas Follow 关注 and Josh Dawsey 和 Josh Dawsey Following 紧随其后 Aug. 24, 2025 9:00 pm ET2025 年 8 月 24 日 晚上 9 点（美国东部时间） https://www.wsj.com/tech/inside-intels-tricky-dance-with-trump-c03f729c EXCLUSIVE Inside Intel's Tricky Dance With Trump英特尔与特朗普的复杂博弈 The Truth Social post,the White House meeting,the deal: How the struggling chip company managed a two-week roller-coaster ride在 Truth 社交平台的帖⼦、⽩宫的会⾯、这笔交易 ...

领跑汽车上调 2025 年销量指引至 58-65 万台，目标 2026 年冲击百万 台销量，并通过推出 B 级、A 系列（10 万元以内小型车）、D 系列（高 端 SUV，20 万元以内）等车型，实现产品线全覆盖。 2025 年一、二季度收入分别为 100 亿元和 142 亿元，单车均价分别为 11.4 万元和 10.6 万元。尽管二季度毛利率因价格调整略有下降（一季 度 14.9%，二季度 13.6%），但通过费用管控实现扭亏为盈，并预计 全年整车毛利率维持在 14-15%之间。 公司预计 2025 年实现收入 600 多亿元（对应 60 多万辆销量），归母 净利润 9.4 亿元。2026 年销量目标百万辆，预计收入达千亿级别，归 母净利润预计 44-50 亿元。 领跑汽车通过 2023 年推出 C11 SUV，成功将品牌定位从中低端市场提 升至 15 万元左右的中高端市场，并抓住小型电动车和增程式电动车的 市场机遇。 领跑汽车通过全域自研和平台化能力有效控制成本，例如，利用创始团 队在大华科技的技术积累，自主开发零部件，并采用多供应商比价策略。 Q&A 零跑汽车 20250825 摘要 领跑汽车在 202 ...

华润电力 20250825 摘要 华润电力上半年营业额同比下降 1.7%至 502.7 亿港币，股东应占利润 同比下降 15.9%至 78.7 亿港币，但剔除一次性损益后，核心利润同比 增长 0.1%至 82.78 亿港币。经营性现金流入同比增长 36.1%至 141.2 亿港币。 上半年风电售电量同比增长 15.5%至 259 亿千瓦时，光伏售电量同比 增长 31.3%至 41 亿千瓦时，可再生能源市场化交易电量占比达到 50.8%，同比上升 11.9 个百分点，而附属燃煤电厂售电量同比下降 1.3%至 704 亿千瓦时。 华润电力预计全年容量电价收入将达 40 亿至 45 亿元，目前大部分地区 执行每千瓦 100 元标准，明年将统一执行 165 元每千瓦，部分省份甚 至可能达到 330 元，这将显著提升明年的容量电费收入。 2025 年上半年，华润电力的弃风弃光率约为 6%，公司通过加强电力营 销、利用储能系统、提升调峰调频能力等措施来降低这一比例，同时政 府和电网也在积极配合。 Q&A 华润电力在 2025 年上半年的业绩表现如何？ 截至 2025 年 6 月底，华润电力的权益并网装机容量达到 78.1 ...