**Today's Headlines**

China Coking Industry Association Market Committee Holds Special Market Analysis Meeting

On the afternoon of August 25, the China Coking Industry Association Market Committee held a special market analysis meeting, attended by representatives from key coking enterprises in Shanxi, Hebei, Inner Mongolia, Henan, Jiangsu, Shandong, Shaanxi, Ningxia, Jiangxi, Yunnan-Guizhou and other regions. The attending representatives unanimously agreed that the current coke market should raise prices again as soon as possible. The participating enterprises reached the following resolution: Starting from 00:00 on August 26, prices for steel mill customers will be increased by 50 yuan/ton for tamped wet-quenched coke, 55 yuan/ton for tamped dry-quenched coke, and 75 yuan/ton for top-loading coke.

**Market Outlook**

Nasdaq Golden Dragon China Index Rose 0.11%

Overnight U.S. stocks closed with the Dow Jones falling 349.27 points or 0.77% to 45,282.47 points; the Nasdaq fell 47.24 points or 0.22% to 21,449.29 points; the S&P 500 fell 27.59 points or 0.43% to 6,439.32 points. Bitcoin concept stocks declined broadly, with Coinbase (COIN.US) falling over 4% and Circle (CRCL.US) falling over 7%. NVIDIA (NVDA.US) rose 1%, Tesla (TSLA.US) rose nearly 2%. The Nasdaq Golden Dragon China Index rose 0.11%, with PDD (PDD.US) closing up 0.87%. Hang Seng Index ADR fell, calculated proportionally, closing at 25,638.43 points, down 191.48 points or 0.74% from Hong Kong's close.

**Hot Topics Preview**

Central Office and State Council: Coordinate National Carbon Emission Trading Market with Local Pilot Carbon Markets

The Central Office and State Council issued opinions on promoting green and low-carbon transition and strengthening national carbon market construction. Strengthen guidance and supervision of carbon emission trading pilot markets. Coordinate the national carbon emission trading market with relevant local pilot carbon markets. Existing carbon emission trading pilot markets should standardize construction and operation according to requirements, assisting regional green and low-carbon transformation. Encourage carbon emission trading pilot markets to pioneer in expanding coverage, improving market adjustment mechanisms, innovating regulatory methods, and developing carbon finance in a healthy and orderly manner, exploring experience for national carbon emission trading market construction. Establish regular evaluation and exit mechanisms, and no longer build new local or regional carbon emission trading markets.

August Domestic Game Licenses Released! 166 Games Approved, Including NTES-S (09999) and Zhongqingbao (300052.SZ)

According to Zhitong Finance APP, the National Press and Publication Administration released approval information for domestic online games in August 2025 on August 25, with 166 games approved, including three games under Zhongqingbao (300052.SZ): "Go Kuru!", "Cat Island Party", and "Cute Beast Strike Force". Additionally, NTES-S's (09999) "World: Vientiane" and Sanqi Interactive Entertainment's (002555.SZ) "Super Bull Hero" were also included.

Recruiting NVIDIA Talent, XPeng-W (09868) Robot Production Line Has Deployed Hundreds of Units

During XPeng's earnings call on August 19, He Xiaopeng revealed that XPeng's fifth-generation humanoid robot will debut at the "XPeng Technology Day" on October 24, 2025, and achieve mass production in the second half of 2026. XPeng's humanoid robot team began preparation around 2020, currently led by Mi Liangchuan. According to reports, Mi Liangchuan joined NVIDIA in 2005 and later served as Senior Manager of Android Software at NVIDIA's Santa Clara, California office, while also leading the Android platform department in China. During his time at NVIDIA, Mi Liangchuan reported to NVIDIA Global Vice President Wu Xinzhou and had experience managing teams of over 100 people.

Yihai International (01579) Releases Interim Results: Shareholders' Attributable Profit 309 Million Yuan, Up 0.39% YoY

According to Zhitong Finance APP, Yihai International (01579) released interim results for the six months ended June 30, 2025. The group achieved revenue of 2.927 billion yuan (RMB, same below) during the period, up 0.02% YoY; profit attributable to company owners was 309 million yuan, up 0.39% YoY; basic earnings per share were 31.9 cents.

China Overseas Property (02669) Announces Interim Results: Ordinary Shareholders' Attributable Profit 769 Million Yuan, Up 4.3% YoY

According to Zhitong Finance APP, China Overseas Property (02669) announced 2025 interim results with overall revenue up 3.7% YoY to RMB 7.0895 billion, gross profit up 4.7% YoY to 1.2024 billion yuan, and profit attributable to ordinary shareholders up 4.3% YoY to 769 million yuan. Basic and diluted earnings per share were RMB 23.42 cents, with interim dividend of HK$9.0 cents per share and special dividend of HK$1.0 cent per share.

Maoyan Entertainment (01896) Announces Interim Results: Adjusted Net Profit Approximately 235 Million Yuan, Down 33.2% YoY

According to Zhitong Finance APP, Maoyan Entertainment (01896) announced 2025 interim results with revenue of approximately 2.472 billion yuan, up 13.9% YoY; gross profit of approximately 936.5 million yuan, down 19% YoY; profit for the period of 178.5 million yuan, down 37.3% YoY; adjusted net profit of approximately 235 million yuan, down 33.2% YoY.

Haidilao (06862) Releases Interim Results: Shareholders' Attributable Profit 1.759 Billion Yuan, Delivery Business Revenue Up Nearly 60% YoY

According to Zhitong Finance APP, Haidilao (06862) released interim results for the six months ended June 30, 2025, with revenue of 20.703 billion yuan (RMB, same below); shareholders' attributable profit of 1.759 billion yuan; basic earnings per share of 0.32 yuan; proposed interim dividend of HK$0.338 per share.

Henlius (02696) Releases Interim Results: Shareholders' Attributable Profit 390 Million Yuan, Up 0.99% YoY, Overseas Product Profit Achieves Over 200% Breakthrough Growth YoY

According to Zhitong Finance APP, Henlius (02696) released interim results for the six months ended June 30, 2025, with revenue of 2.82 billion yuan (RMB, same below), up 2.67% YoY; gross profit of 2.199 billion yuan, up 10.47% YoY; shareholders' attributable profit of 390 million yuan, up 0.99% YoY; basic earnings per share of 0.72 yuan.

New Energy Coulture (01986): Coulture Technology's H1 Net Profit Attributable to Parent Company 86.435 Million Yuan, Up 60.35% YoY

According to Zhitong Finance APP, New Energy Coulture (01986) announced subsidiary Coulture Technology's 2025 first-half results with operating revenue of approximately 283 million yuan (RMB, same below), up 28.34% YoY; net profit attributable to Coulture Technology shareholders of 86.435 million yuan, up 60.35% YoY.

Green Tea (06831) Announces Interim Results: Adjusted Net Profit Approximately 251 Million Yuan, Up 40.4% YoY

According to Zhitong Finance APP, Green Tea (06831) announced 2025 interim results with revenue of approximately 2.29 billion yuan, up 23.1% YoY; profit attributable to equity shareholders for the period of approximately 234 million yuan, up 34% YoY; adjusted net profit of approximately 251 million yuan, up 40.4% YoY; basic earnings per share of 0.42 yuan.

NagaCorp (03918) Releases Interim Results: Shareholders' Attributable Profit $149 Million, Turnaround to Profit YoY

According to Zhitong Finance APP, NagaCorp (03918.HK) released results for the six months ended June 30, 2025, with the group achieving revenue of $342 million during the period, up 16.76% YoY; profit attributable to company owners of $149 million, turning around from loss to profit YoY; basic earnings per share of 3.36 US cents.

BOE Varitronix (00710) Announces Interim Results: Shareholders' Attributable Profit Approximately HK$180 Million, Up About 5% YoY

According to Zhitong Finance APP, BOE Varitronix (00710) announced 2025 interim results with revenue of HK$6.671 billion, up about 8% YoY. Shareholders' attributable profit of approximately HK$180 million, up about 5% YoY. Basic earnings per share of HK$22.9 cents.

Chinasoft Int'l (00354) Releases Interim Results: Shareholders' Attributable Profit 316 Million Yuan, Up 10.4% YoY

According to Zhitong Finance APP, Chinasoft Int'l (00354) released interim results for the six months ended June 30, 2025, with group revenue of RMB 8.507 billion, up 7.3% YoY; shareholders' attributable profit of 316 million yuan, up 10.4% YoY; basic earnings per share of 12.64 cents.

Medlive (02192) Releases Interim Results: Shareholders' Attributable Profit 155 Million Yuan, Up 5.9% YoY

According to Zhitong Finance APP, Medlive (02192) released results for the six months ended June 30, 2025, with the group achieving revenue of 312 million yuan RMB during the period, up 28.2% YoY; profit attributable to parent company owners of 155 million yuan, up 5.9% YoY; basic earnings per share of 21.2 cents.

BeiGene (06160) Sells Imdelltra Royalty Rights to Royalty Pharma, Receives $885 Million Upfront Payment

According to Zhitong Finance APP, BeiGene (06160) announced that on August 25, 2025, the company and its subsidiary BeOne Medicines I GmbH (the seller) signed a royalty purchase agreement with Royalty Pharma Investments 2023 ICAV (Royalty Pharma) (an independent third party). Additionally, from the closing date until August 25, 2026, BeiGene Switzerland has the right to sell additional royalty collection rights to Royalty Pharma plc at its discretion (referred to as "put option"), with exercising the put option enabling BeiGene Switzerland to receive up to an additional $65 million in payments. For the portion of annual Imdelltra net revenue outside China exceeding $1.5 billion, the seller will share part of the royalties. Besides retaining the royalty collection rights described above, BeiGene Switzerland also retains other economic benefits under the Amgen Cooperation Agreement.

**Individual Stock Spotlight**

China Ruyi (00136) H1 Revenue and Profit Double Growth: Adjusted Net Profit Approximately 1.303 Billion Yuan, Up 139.62% YoY

According to Zhitong Finance APP, China Ruyi (00136) announced 2025 interim results with revenue of approximately 2.206 billion yuan, up 19.93% YoY; net profit of approximately 1.228 billion yuan, turning around from loss to profit YoY; adjusted net profit of approximately 1.303 billion yuan, up 139.62% YoY; basic earnings per share of 0.0814 yuan. The company adheres to a development path centered on quality content, with the number of films it participates in producing and distributing and their box office performance ranking among the industry's top tier, with multiple works entering the leading lineup of various release periods. Pumpkin Movies, as the group's online streaming long-video platform, consistently upholds the concept of "empowering content distribution with technology." The platform provides highly personalized content services to members through deep analysis of user behavior data and intelligent recommendation algorithms. AI technology empowers content production innovation, expanding creative boundaries. The group's core gaming business brand "JINGXIU" achieved revenue of RMB 1.21 billion in the first half of 2025, a 40% YoY increase, maintaining high-level growth. During the reporting period, classic works continued to contribute stable revenue: "Ragnarok: Love at First Sight," "World Apocalypse," "Haikyuu!!: A New Beginning" and others maintained stable popularity, with user activity and revenue ranking at the forefront of their respective segments; "Red Alert OL" has accumulated over RMB 6 billion in revenue since its launch, fully demonstrating the effectiveness of the evergreen product strategy. To deepen IP value chains, the group has made forward-looking investments in high-growth derivative markets such as trendy toys and figurines.