Daily focus：IFBH（6603）
In the first half of 2025, IFBH Limited recorded revenue of US$94.5 million, a year-on-year increase of 31.5%. Gross profit reached US$31.8 million, a 15.3% increase, and a gross profit margin of 33.7% (compared to 38.4% in the same period last year). Adjusted net profit (excluding listing-related expenses) was US$18.9 million, a 13.9% increase. Management plans to launch a new electrolyte beverage in September, targeting young consumers in second- and third-tier cities and below. Pricing will be lower than the existing "if" series products, and the product will be promoted through online and offline marketing campaigns with a new brand ambassador.
China's M1/M2 spread narrows further
China's M2 grew by 8.8% in August, while M1 expanded to 6%. The M1/M2 spread narrowed further from -3.2 to -2.8%, a trend that has continued to improve since September last year. This suggests that funds previously concentrated in time deposits are shifting toward demand deposits and liquidity instruments, improving capital circulation efficiency and benefiting consumption and short-term investment. Meanwhile, the RMB 2.57 trillion increase in social financing exceeded market expectations, but was lower than the same period last year, primarily due to lower-than-expected RMB loans. Both personal and corporate loans saw lower year-on-year growth. Overall social financing remains supported by government bond issuance.
The Hong Kong Stock Connect recorded a net inflow of HK$7.3 billion on Friday, with Alibaba (9988) receiving the largest net inflow of HK$4.38 billion, followed by Tencent (700). Meanwhile, Meituan (3690) recorded the largest net outflow of HK$1.68 billion, followed by 3SBio (1530).
Hong Kong stocks opened higher in the morning session and continued to rise. The Hang Seng Index closed at 26,388 points, up 302 points, or 1.16%. The Hang Seng Tech Index rose 100 points, or 1.7%, to 5,989 points; the China Enterprises Index rose 104 points, or 1.1%, to 9,365 points. Total market turnover was approximately HK$ 320.7 billion. Alibaba and Baidu benefited from rumors that the two companies are using their own artificial intelligence chips to train AI models. Alibaba (9988) rose 5.4% to HK$ 151.1, and Baidu (9888) rose 8.1% to HK$ 115.1.
Source: KGI Investment Products and Solutions Department
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