Daily Investment Strategy
Daily focus：Uni-President Enterprises China（220）
The company reported strong performance in the 1H25, with net profit increasing by 33% YoY and sales rising by 10.6%. This growth was driven by both beverages and the rapidly expanding OEM business; the beverage operating profit margin reached a new high of 14.3%, while OEM sales surged by 160%. Despite intensified competition in the beverage market due to price wars among delivery platforms, management believes this situation is unsustainable and maintains a prudent expense policy. Leveraging its diversified product offerings, innovative strengths, and strong contract manufacturing relationships, the company maintains its full-year sales growth guidance of 6-8%, demonstrating a solid long-term outlook.
Trump announced 100% tariff for import semiconductor
Trump’s 100% semiconductor tariff policy announced on August 6 has become the most widely discussed topic, and this move will have far-reaching impacts on the global technology supply chain. Semiconductors, as the core components of modern electronic devices, are indispensable from smartphones to automobiles and artificial intelligence servers, while global semiconductor production is mainly concentrated in Asian regions, particularly Taiwan, South Korea, and China. Although this policy includes exemption clauses that allow companies committing to building production facilities in the United States to avoid tariffs, it may still push up consumer electronics prices and reshape global supply chain layouts. From a macroeconomic perspective, this policy reflects the acceleration of America’s ‘manufacturing reshoring’ strategy, aimed at reducing dependence on Asian supply chains while using tariff pressure to force multinational companies to increase investment in the United States.
On Wednesday, the Stock Connect program recorded a net inflow of HKD 9.48 billion, with Tencent Holdings (700) having the highest net inflow of HKD 1.52 billion, followed by Alibaba (9988). Xiaomi Group (1810) experienced the largest net outflow of HKD 230 million, followed by Pop Mart (9992).
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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