**Today's Headlines**

Guotai Junan International (01788) Officially Launches Cryptocurrency Trading Services in Hong Kong

Guotai Junan International announced on August 28 that Guotai Junan International Holdings Limited, a subsidiary of Guotai Haitong Group, has officially launched cryptocurrency trading services for Hong Kong investors to meet the growing demand for cryptocurrency markets among Hong Kong investors. According to the announcement, after successfully opening cryptocurrency accounts, clients can immediately trade various cryptocurrencies including Bitcoin and Ethereum.

**Market Outlook**

Nasdaq Golden Dragon China Index Closed Up 0.14%

Overnight US markets closed with the Dow Jones up 71.67 points or 0.16% to 45,636.9 points; Nasdaq up 115.02 points or 0.53% to 21,705.16 points; S&P 500 up 20.46 points or 0.32% to 6,501.86 points. NVIDIA (NVDA.US) fell 0.79%, Google (GOOG.US) rose 2%. The Nasdaq Golden Dragon China Index closed up 0.14%, with XPeng (XPEV.US) down over 3%, Alibaba (BABA.US) down 2%, and Trip.com (TCOM.US) up 14.9% post-earnings. Hang Seng Index ADR rose, calculated proportionally to close at 25,119.75 points, up 120.93 points or 0.48% from Hong Kong's close.

**Hot Spot Preview**

Central Huijin's New Moves Disclosed

According to the latest disclosed public fund interim reports for 2025, Central Huijin increased positions in liquor and chemical ETFs through single asset management plans in the first half of this year. Based on previously released public fund quarterly reports, Central Huijin made substantial purchases of broad-based ETFs in Q2 2025, buying approximately 150 billion yuan worth of just 4 CSI 300 ETFs and China AMC SSE 50 ETF, becoming a stabilizing force in the market.

CPC Central Committee and State Council Issue Opinion on Promoting High-Quality Urban Development

The CPC Central Committee and State Council issued an opinion on promoting high-quality urban development. Main objectives include: by 2030, achieving significant progress in modern people-centered city construction, continuously improving policies and systems adapted to high-quality urban development, accelerating the transformation of old and new growth drivers, significantly improving living quality, advancing green transformation, solidifying safety foundations, fully demonstrating cultural charm, and substantially improving governance levels; by 2035, basically completing modern people-centered city construction.

SMIC (00981) Announces Interim Results with Net Profit Attributable to Shareholders of Approximately $320 Million, Up 35.6% YoY

SMIC (00981) announced interim results for 2025, with revenue of approximately $4.456 billion, up 22% YoY; foundry business revenue was $4.2286 billion, up 24.6% YoY. Net profit attributable to company owners was approximately $320 million, up 35.6% YoY; basic earnings per share was $0.04.

New China Life Insurance (01336) Released Interim Results with Net Profit Attributable to Shareholders of 14.799 billion yuan, Up 33.5% YoY

New China Life Insurance (01336) released results for the six months ended June 30, 2025, with total revenue of 69.429 billion yuan (RMB, same below), up 25.5% YoY; net profit attributable to shareholders of 14.799 billion yuan, up 33.5% YoY; basic earnings per share of 4.74 yuan; proposed interim cash dividend of 0.67 yuan per share.

China Taiping (00966) H1 2025 Shareholders' Profit Up 12.2% YoY, Life Insurance New Business Value Up 22.9% YoY

China Taiping (00966) announced interim results for 2025 showing insurance service revenue of HK$55.964 billion for the period ended June 30, 2025, up 0.2% YoY; insurance service result of HK$12.316 billion, up 9.5% YoY; net profit attributable to shareholders (after-tax net profit attributable to parent company) reached HK$6.764 billion, up 12.2% YoY; basic earnings per share of HK$1.744, up HK$0.206 YoY.

China Merchants China Investment Management (00133) Released Interim Results with Shareholders' Profit of $140 Million, Up 136.04% YoY

China Merchants China Investment Management (00133) released interim results for 2025, with net gains on financial assets at fair value through profit or loss of $189 million, up 151.16% YoY; shareholders' profit of $140 million, up 136.04% YoY; basic earnings per share of $0.922.

China Galaxy Securities (06881) Released Interim Results with Net Profit Attributable to Shareholders of 6.488 billion yuan, Up 47.86% YoY

CGS (06881) released interim results for the six months ended June 30, 2025, with total revenue, gains and other income of RMB 18.798 billion (same unit below), up 18.92% YoY; profit attributable to company shareholders of 6.488 billion yuan, up 47.86% YoY; basic earnings per share of 0.54 yuan.

CITIC Securities (06030) Released Interim Results with Net Profit Attributable to Shareholders of 13.719 billion yuan, Up 29.79% YoY

CITIC Securities (06030) released interim results for the six months ended June 30, 2025, with total revenue and other income of RMB 46.552 billion (same unit below), up 16.28% YoY; net profit attributable to parent company shareholders of 13.719 billion yuan, up 29.79% YoY; dividend per share of 0.29 yuan, basic earnings per share of 0.89 yuan.

CSC Financial: H1 2025 Net Profit 4.509 billion yuan, Up 57.77% YoY

CSC Financial announced H1 2025 operating revenue of 10.74 billion yuan, up 19.93% YoY. Net profit of 4.509 billion yuan, up 57.77% YoY. The company plans to distribute cash dividends, based on total share capital of 7.757 billion shares as of June 30, 2025, paying cash dividends of RMB 1.65 per 10 shares to all shareholders.

Everbright Securities (06178) Released Interim Results with Net Profit Attributable to Shareholders of 1.683 billion yuan, Up 21.03% YoY

Everbright Securities (06178) released interim results for the six months ended June 30, 2025, with revenue and other gains of 7.481 billion yuan (RMB, same below), up 17.67% YoY; net profit attributable to shareholders of 1.683 billion yuan, up 21.03% YoY; basic earnings per share of 0.32 yuan.

SF Intra-city (09699) Announced Interim Results with Adjusted Net Profit of Approximately 160 million yuan, Up 139.0% YoY

SF Intra-city (09699) announced interim results for 2025, with revenue of approximately 10.236 billion yuan, up 48.8% YoY. Gross profit of approximately 681 million yuan, up 43.8% YoY. Adjusted net profit of approximately 160 million yuan, up 139.0% YoY. Net profit of approximately 137 million yuan, up 120.43% YoY; basic and diluted earnings per share of 0.15 yuan. As of June 30, 2025, the group held cash and cash equivalents and short-term wealth management investments of 1.134 billion yuan and 1.26 billion yuan respectively, with good cash flow and sufficient capital reserves.

Techtronic Industries (02285) Released Interim Results with Shareholders' Profit of $95.217 Million, Up 54.76% YoY

Techtronic Industries (02285) released interim results for the six months ended June 30, 2025, with revenue of $912 million, up 11.85% YoY; shareholders' profit of $95.217 million, up 54.76% YoY; basic earnings per share of $0.19.

China Isotope & Radiation (01763): Atomic Hi-Tech Achieved H1 Net Profit of 148 million yuan, Up 4.55% YoY

China Isotope & Radiation (01763) announced Atomic Hi-Tech's interim results for 2025, achieving operating revenue of 831 million yuan, up 4.24% YoY. Total profit of 171 million yuan, down 1.93% YoY, and net profit of 148 million yuan, up 4.55% YoY.

October Rice (09676) Released Interim Results with Adjusted Net Profit of 294 million yuan, Up 97.7% YoY

October Rice (09676) released interim results for the six months ended June 30, 2025, with group revenue of RMB 3.064 billion (same unit below), up 16.9% YoY; adjusted net profit of 294 million yuan, up 97.7% YoY; profit for the period of 116 million yuan, down 7.6% YoY; earnings per share of 0.11 yuan.

CSSC Offshore & Marine Engineering (00317) Announced Interim Results with Net Profit Attributable to Shareholders of Approximately 526 million yuan, Up 258.46% YoY

CSSC Offshore & Marine Engineering (00317) announced interim results for 2025, with operating revenue of approximately 10.173 billion yuan, up 16.54% YoY; net profit attributable to listed company shareholders of approximately 526 million yuan, up 258.46% YoY; basic earnings per share of 0.3724 yuan, cash dividend of 0.80 yuan per 10 shares.

Sany Heavy Equipment International (00631) Released Interim Results with Shareholders' Profit of 1.294 billion yuan, Up 25.33% YoY

Sany Heavy Equipment International (00631) released interim results for the six months ended June 30, 2025, with group revenue of RMB 12.237 billion (same unit below), up 13.76% YoY; gross profit of 2.899 billion yuan, up 10.4% YoY; profit attributable to parent company owners of 1.294 billion yuan, up 25.33% YoY; basic earnings per share of 0.39 yuan.

Guangshen Railway (00525) Released Interim Results with Net Profit Attributable to Shareholders of 1.109 billion yuan, Up 21.55% YoY

Guangshen Railway (00525) released semi-annual results for 2025, with group operating revenue of 13.969 billion yuan (RMB, same unit below) for the period, up 8.08% YoY; net profit attributable to listed company shareholders of 1.109 billion yuan, up 21.55% YoY; basic earnings per share of 0.1565 yuan.

Haitian Flavouring & Food (03288) Released Interim Results with Net Profit Attributable to Shareholders of 3.91 billion yuan, Up 13.3% YoY

Haitian Flavouring & Food (03288) released interim results for the six months ended June 30, 2025, with group operating revenue of 15.23 billion yuan, up 7.6% YoY, seasoning business revenue of 14.56 billion yuan, up 10.4% YoY, net profit attributable to listed company shareholders of 3.91 billion yuan, up 13.3% YoY, earnings per share of 0.7 yuan.

Qingdao Port (06198) Released Interim Results with Net Profit Attributable to Shareholders of 2.842 billion yuan, Up 7.58% YoY

Qingdao Port (06198) released interim results for the six months ended June 30, 2025, with group operating revenue of RMB 9.434 billion (same unit below), up 4.04% YoY; net profit attributable to parent company shareholders of 2.842 billion yuan, up 7.58% YoY; basic earnings per share of 0.44 yuan.

Beijing Enterprises Holdings (00392) Released Interim Results with Shareholders' Profit of 3.404 billion yuan, Up 8.07% YoY

Beijing Enterprises Holdings (00392) released interim results for the six months ended June 30, 2025, with operating revenue of 44.529 billion yuan (RMB, same below), up 5.21% YoY; shareholders' profit of 3.404 billion yuan, up 8.07% YoY; basic earnings per share of 2.71 yuan; proposed interim dividend of 85 HK cents per share.

COSCO SHIPPING Ports (01199) Announced Interim Results with Equity Holders' Profit Up 30.6% YoY to Approximately $182 Million, Dividend of 15.1 HK Cents per Share

COSCO SHIPPING Ports (01199) announced interim results for 2025, with revenue up 13.6% YoY to $806 million, gross profit up 10.3% YoY to $219 million, profit attributable to company equity holders up 30.6% YoY to approximately $182 million, basic earnings per share of 4.82 US cents, interim dividend of 15.1 HK cents per share.

BeiGene (06160) Released Interim Results with Net Profit of $95.59 Million, Turning from Loss to Profit YoY

BeiGene (06160) released interim results for the six months ended June 30, 2025, with total revenue of 2.433 billion yuan (RMB, same below), up 44.73% YoY; gross profit of $2.103 billion, up 48.33% YoY; net profit of $95.59 million, compared to net loss of $372 million in the same period last year, turning from loss to profit YoY; basic earnings per share of $0.07.

Huadian Power International (01071) Released Interim Results with Net Profit Attributable to Shareholders of 3.904 billion yuan, Up 13.15% YoY

HUADIAN POWER (01071) released interim results for the six months ended June 30, 2025, with group total operating revenue of RMB 59.953 billion (same unit below), down 8.98% YoY; net profit attributable to parent company owners of 3.904 billion yuan, up 13.15% YoY; basic earnings per share of 0.33 yuan, proposed interim dividend of 0.09 yuan per share (including tax).

Sichuan Expressway (00107) Released Interim Results with Shareholders' Profit of 838 million yuan, Up 20.1% YoY

SICHUAN EXPRESS (00107) released interim results for 2025, with revenue of 4.08 billion yuan (RMB, same below), down 23.3% YoY; profit attributable to company owners of 838 million yuan, up 20.1% YoY; basic earnings per share of 0.260 yuan.

Shanghai Pharmaceuticals (02607) Announced Interim Results with Net Profit Attributable to Shareholders of Approximately 4.459 billion yuan, Up 51.56% YoY

Shanghai Pharmaceuticals (02607) announced interim results for 2025, with operating revenue of approximately 141.593 billion yuan, up 1.56% YoY; net profit attributable to listed company shareholders of approximately 4.459 billion yuan, up 51.56% YoY; basic earnings per share of 1.2 yuan.

100Credit-W (06608) Released Interim Results with Shareholders' Profit of 190 million yuan, Up 35.95% YoY

100Credit-W (06608.HK) released interim results for the six months ended June 30, 2025, with revenue of 1.612 billion yuan (RMB, same below), up 21.98% YoY; shareholders' profit of 190 million yuan, up 35.95% YoY; basic earnings per share of 0.43 yuan.

Zhou Hei Ya (01458) Released Interim Results with Shareholders' Profit of 108 million yuan, Up 228% YoY

ZHOU HEI YA (01458) released interim results for the six months ended June 30, 2025, with group revenue of RMB 1.223 billion (same unit below), down 2.9% YoY; profit attributable to parent company owners of 108 million yuan, up 228% YoY; earnings per share of 0.05 yuan.

Li Auto-W (02015) Released Q2 Results with Net Profit Attributable to Shareholders of 1.093 billion yuan, Down 0.91% YoY

LI AUTO-W (02015) released unaudited financial results for the quarter ended June 30, 2025, with vehicle sales revenue of 28.885 billion yuan (RMB, same below), down 4.7% YoY; total revenue of 30.246 billion yuan, down 4.5% YoY; net profit attributable to shareholders of 1.093 billion yuan, down 0.91% YoY; basic net earnings per share of 0.54 yuan.

**Individual Stock Spotlight**

Vobile Group (03738): H1 2025 Net Profit Exceeds 100 Million, AI-Driven Growth Explosion

VOBILE GROUP (03738) released interim results for the six months ended June 30, 2025, with group revenue of HK$1.456 billion, up 23.35% YoY; net profit of HK$101 million, up 119% YoY; gross profit of HK$643 million, up 27.5% YoY. Profit attributable to company owners of HK$102 million, up 146.77% YoY; basic earnings per share of HK$0.0442.