Daily focus：Bosideng (3998)
Bosideng announced its interim results for the period ending September 30, 2025. Revenue increased slightly by 1.4% year-on-year to RMB 8.93 billion, while net profit attributable to shareholders increased by 5.3% to RMB 1.19 billion. Gross profit margin improved slightly by 0.1 percentage points to 50.0%, and operating profit margin improved to 17.0%. The Board declared an interim dividend of HKD 0.063 per share, demonstrating the Group's continued strong profitability and shareholder returns despite the complex macroeconomic environment. Looking ahead, the Group will adhere to its "dual-focus" strategy, focusing on down jackets as its core business and fashionable functional technology apparel. Despite weather uncertainties, the Group anticipates accelerated growth in the second half of the fiscal year, thanks to its rapid supply chain response capabilities and channel optimization.
The US ISM Manufacturing Index unexpectedly declined in November
The US ISM Manufacturing Index unexpectedly fell to 48.2 in November, not only missing market expectations but also marking the ninth consecutive month of contraction. This data reveals that in a high-interest-rate environment, the real economy, especially the manufacturing sector, is facing severe pressure from inventory reduction and declining orders. More alarmingly, despite the weak data, bond yields have risen abnormally. If future service sector data weakens simultaneously, it will further compress the valuation recovery space for risky assets, forcing funds to reassess corporate earnings expectations for 2026.
Hong Kong Stock Connect saw a net inflow of HK$2.15 billion on Monday, with Alibaba (9988) experiencing the largest net inflow at HK$1.32 billion, followed by ZTE (763). On the other hand, SMIC (981) recorded the largest net outflow at HK$300 million, followed by CNOOC (883).
Hong Kong stocks traded volatilely in the morning session, influenced by fluctuations in technology stocks. The Hang Seng Index closed at 26,061 points, up 28 points or 0.1%; the Hang Seng China Enterprises Index fell 2 points to 9,170 points; and the Hang Seng Tech Index dropped 29 points or 0.5% to 5,614 points. Total turnover for the morning session was HK$98.997 billion. Kuaishou (1024) saw its share price rise nearly 1% after the release of its new AI product, "Kling O1". Chip stocks SMIC (981) and Hua Hong (1347) fell 1.4% and 2% respectively.
Source: KGI Investment Products and Solutions Department
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