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2025 annual results show that its operations remained stable, achieving operating revenue of RMB 337.532 billion, a slight increase of 0.01% year-on-year; net profit attributable to shareholders reached RMB 150.181 billion, a year-on-year increase of 1.21%. Basic earnings per share were RMB 5.70, and the weighted average return on equity (ROE) was 13.44%. Although the ROE slightly declined compared to the previous year, overall profitability remained at a high level, demonstrating the company's resilience in a complex market environment.
Signals of Easing in the US-China Tech War
A potential easing of the US-China tech war has emerged, with reports that Alibaba and Tencent have been granted permission to purchase Nvidia's specially designed H200 chips. This news significantly boosted sentiment in tech stocks and offset pressure on the semiconductor sector from Intel's weak earnings guidance. From a macro perspective, this not only directly alleviates investors' long-term anxiety about the AI computing power bottleneck of Chinese tech companies but also suggests that, under the normalization of US-China geopolitical competition, both sides still maintain a pragmatic cooperation window on core commercial interests.
Hong Kong Stock Connect recorded a net outflow of HK$1.6 billion on Friday. Pop Mart (9992) recorded the largest net inflow at HK$750 million, followed by Xiaomi Group (1810); Alibaba (9988) recorded the largest net outflow at HK$1.49 billion, followed by China Mobile (941).
The Hang Seng Index closed at 26,749 points, up 119 points or 0.4%. The Hang Seng Tech Index closed at 5,798 points, up 35 points or 0.6%. The Hang Seng China Enterprises Index rose 46 points or 0.5% to 9,160 points. Total market turnover was HK$240.8 billion. Xinyi Solar (968) rose 11.1%; Pop Mart (9992) rose another 6.6%. Local companies performed well, with MTR Corporation (66) rising 3% and CK Hutchison Holdings (1) rising 1.4%, both reaching new highs.
Source: KGI Investment Products and Solutions Department
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