Daily Investment Strategy
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).
Leung Kai Tong is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to: https://apps.sfc.https://apps.sfc.hk/publicregWeb/indi/ADU276/details). He and/or his associate do not have any financial interest in the recommended issuer or new listing applicant.
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