**Today's Headlines**

MIIT: Innovate "No SIM Card or Number Change" Model for Mobile Terminals, Support Direct Satellite Phone Applications

The Ministry of Industry and Information Technology recently issued the "Guiding Opinions on Optimizing Business Access to Promote Satellite Communication Industry Development." The opinion proposes continuously tracking satellite communication industry development trends, scientifically planning dedicated satellite communication number segments for specialized terminals, and supporting high-quality development of new business formats such as satellite internet and satellite IoT. For mobile terminals, innovate the "no SIM card or number change" model, deeply explore the potential of existing number usage, support direct satellite phone applications, and promote deep integration of satellite communication with terrestrial mobile communication. Support enterprises in applying for international satellite communication codes and actively expand international markets. The goal is set that by 2030, satellite communication management systems and policy regulations will be further improved, the industrial development environment will be continuously optimized, innovation vitality of various business entities will be fully unleashed, and comprehensive development levels in infrastructure, industrial supply, technical standards, and international cooperation will be significantly enhanced. New models and business formats such as direct satellite phone connections will be applied at scale, developing over 10 million satellite communication users, promoting full integration of satellite communication into the new development pattern, and effectively serving high-quality economic and social development. This involves the three major telecom operators and satellite communication equipment suppliers listed in Hong Kong.

**Market Outlook**

Nasdaq Golden Dragon China Index Falls 2.58%

Overnight US stocks closed with the Dow up 147.16 points or 0.32% to 45,565.23 points; Nasdaq up 45.87 points or 0.21% to 21,590.14 points; S&P 500 up 15.46 points or 0.24% to 6,481.40 points. NVIDIA (NVDA.US) slightly declined, Robinhood (HOOD.US) fell 5.4%. The Nasdaq Golden Dragon China Index dropped 2.58%, with new energy vehicle stocks NIO, XPeng, and Li Auto all declining, falling 5.6%, 6.7%, and 8.3% respectively. Hang Seng Index ADR declined, proportionally calculated at 25,011.29 points, down 190.47 points or 0.76% from Hong Kong's close.

**Hot Prospects**

Mao Geping (01318) Released Interim Results: Shareholders' Profit RMB 670 Million, Up 36.11% YoY

Mao Geping (01318) announced interim results for the six months ended June 30, 2025, with revenue of RMB 2.588 billion, up 31.28% YoY; shareholders' profit of RMB 670 million, up 36.11% YoY; basic earnings per share of RMB 1.37.

Aluminum Corporation of China (02600) Announced Interim Results: Net Profit Attributable to Parent RMB 7.071 Billion, Up 0.81% YoY

Aluminum Corporation of China (02600) announced 2025 interim results with operating revenue of RMB 116.392 billion, up 5.12% YoY; net profit attributable to listed company shareholders of RMB 7.071 billion, up 0.81% YoY; basic earnings per share of RMB 0.413, interim dividend of RMB 0.123 per share. Operating cash flow of RMB 14.188 billion, up 5.24% YoY, creating the best performance for the same period since the company's establishment.

Chow Sang Sang (00116) Released Interim Results: Shareholders' Profit HK$902 Million, Up 71.44% YoY

Chow Sang Sang (00116) announced interim results for the six months ended June 30, 2025, with continuing operations turnover of HK$11.036 billion, down 2.45% YoY; shareholders' profit of HK$902 million, up 71.44% YoY; basic earnings per share of HK134.2 cents; proposed interim dividend of HK21 cents per share.

Zhongwei Finance (00245) Released Interim Results: Shareholders' Profit HK$743 Million, Turnaround to Profit

Zhongwei Finance (00245) announced interim results for the 6 months ended June 30, 2025, with total revenue of HK$78.846 million, up 54.44% YoY; profit attributable to company owners of HK$743 million, compared to a loss of HK$20.781 million in the same period last year; earnings per share of HK39.96 cents.

China Cinda (01359) Released Interim Results: Shareholders' Profit RMB 2.281 Billion, Up 5.8% YoY

China Cinda (01359.HK) announced 2025 interim results with total revenue of RMB 34.362 billion, down 2.0% YoY; profit attributable to company shareholders of RMB 2.281 billion, up 5.8% YoY; basic earnings per share of RMB 0.05.

Xinhua Winshare (00811) Released Interim Results: Net Profit Attributable to Parent RMB 857 Million, Up 19.66% YoY

Xinhua Winshare (00811) announced 2025 interim results with operating revenue of RMB 5.527 billion, down 4.5% YoY; net profit attributable to parent of RMB 857 million, up 19.66% YoY; basic earnings per share of RMB 0.69; proposed interim dividend of RMB 0.19 per share.

Trip.com Group-S (09961) Released Q2 Results: Net Profit Attributable to Parent RMB 4.846 Billion, Up 26.43% YoY

Trip.com Group-S (09961) announced Q2 results for the quarter ended June 30, 2025, with net revenue of RMB 14.843 billion, up 16.22% YoY; net profit attributable to Trip.com Group Limited of RMB 4.846 billion, up 26.43% YoY; basic earnings per share of RMB 7.34.

Giant Biogene (02367) Announced Interim Results: Net Profit Attributable to Parent Approximately RMB 1.182 Billion, Up 20.2% YoY

Giant Biogene (02367) announced 2025 interim results with revenue of approximately RMB 3.113 billion, up 22.5% YoY; gross profit of approximately RMB 2.542 billion, up 21.5% YoY; profit attributable to parent company holders of approximately RMB 1.182 billion, up 20.2% YoY; basic earnings per share of RMB 1.14.

United Group (00373) Released Interim Results: Shareholders' Profit HK$1.691 Billion, Turnaround to Profit

United Group (00373) announced interim results for the 6 months ended June 30, 2025, with total revenue of HK$12.08 billion, up 197.32% YoY; profit attributable to company shareholders of HK$1.691 billion, compared to a loss of HK$214 million in the same period last year; earnings per share of HK$0.48.

AK Medical (01789) Released Interim Results: Shareholders' Profit RMB 161 Million, Up 15.34% YoY

AK Medical (01789) announced interim results for the six months ended June 30, 2025, with revenue of RMB 694 million, up 5.65% YoY; shareholders' profit of RMB 161 million, up 15.34% YoY; basic earnings per share of RMB 0.14.

AUNTEA JENNY (02589) Released Interim Results: Shareholders' Profit RMB 203 Million, Up 20.9% YoY

AUNTEA JENNY (02589) announced results for the 6 months ended June 30, 2025, with revenue of RMB 1.818 billion, up 9.7% YoY; profit attributable to parent company owners of RMB 203 million, up 20.9% YoY; basic earnings per share of RMB 1.97.

XtalPi Holdings (02228) Released Interim Results: Shareholders' Profit RMB 82.795 Million, Turnaround to Profit

XtalPi Holdings (02228) announced interim results for the six months ended June 30, 2025, with revenue of RMB 517 million, up 403.83% YoY; shareholders' profit of RMB 82.795 million, compared to shareholders' loss of RMB 1.237 billion in the same period last year, achieving turnaround to profit; basic earnings per share of RMB 1.51 cents.

CHINA LIFE (02628) Announced Interim Results: Net Profit Attributable to Parent RMB 40.931 Billion, Up 6.9% YoY, Dividend of RMB 2.38 per 10 Shares

CHINA LIFE (02628) announced 2025 interim results with total revenue of RMB 239.488 billion, up 2.2% YoY; net profit attributable to company shareholders of RMB 40.931 billion, up 6.9% YoY; earnings per share of RMB 1.45, interim cash dividend of RMB 2.38 per 10 shares (before tax).

PICC Property and Casualty (02328) Released Interim Results: Net Profit RMB 24.455 Billion, Up 32.3% YoY

PICC Property and Casualty (02328) announced interim results for the 6 months ended June 30, 2025, with gross written premiums of RMB 323.282 billion, up 3.6% YoY; insurance service revenue of RMB 249.04 billion, up 5.6% YoY; underwriting profit of RMB 13.015 billion, up 44.6% YoY; net profit of RMB 24.455 billion, up 32.3% YoY.

People's Insurance Company (Group) of China (01339) Announced Interim Results: Net Profit Attributable to Parent RMB 26.671 Billion, Up 13.98% YoY

People's Insurance Company (Group) of China (01339) announced 2025 interim results with total operating revenue of RMB 324.122 billion, up 10.87% YoY; net profit attributable to parent of RMB 26.671 billion, up 13.98% YoY; basic earnings per share of RMB 0.6, interim cash dividend of RMB 0.75 per 10 shares.

INNOVENT BIO (01801) Released Interim Results: Period Profit RMB 834 Million, Turnaround to Profit

INNOVENT BIO (01801) announced results for the 6 months ended June 30, 2025, with revenue from customer contracts of RMB 5.953 billion, up 50.6% YoY; period profit of RMB 834 million, achieving turnaround to profit; basic earnings per share of RMB 0.51.

Zhihu-W (02390) Released Q2 Results: Shareholders' Net Profit RMB 72.482 Million, Turnaround to Profit

Zhihu-W (02390) announced Q2 results for the 3 months ended June 30, 2025, with total revenue of RMB 717 million; net profit attributable to Zhihu shareholders of RMB 72.482 million, compared to a loss of RMB 82.739 million in the same period last year; basic earnings per share of RMB 0.3.

ENN ENERGY (02688) Released Interim Results: Shareholders' Profit RMB 2.429 Billion, Down 5.6% YoY

ENN ENERGY (02688) announced interim results for the six months ended June 30, 2025, with turnover of RMB 55.673 billion, up 1.99% YoY; shareholders' profit of RMB 2.429 billion, down 5.6% YoY; basic earnings per share of RMB 2.19; proposed interim dividend of HK$0.65 per share.

MEITUAN-W (03690) Released Interim Results: Revenue Up 14.7% YoY to RMB 178.398 Billion, Instant Delivery Business Consolidated Market Position in Q2

MEITUAN-W (03690) announced interim results for the 6 months ended June 30, 2025, with revenue of RMB 178.398 billion, up 14.7% YoY; adjusted net profit of RMB 12.442 billion; profit attributable to equity holders of RMB 10.422 billion; basic earnings per share of RMB 1.72.

CNOOC (00883) Announced Interim Results: Net Profit Attributable to Parent Approximately RMB 69.5 Billion, Down 13% YoY

CNOOC (00883) announced 2025 interim results with oil and gas sales revenue of approximately RMB 171.7 billion, down 7% YoY; total revenue of approximately RMB 207.608 billion, down 8.45% YoY; net profit attributable to parent of approximately RMB 69.5 billion, down 13% YoY; basic earnings per share of RMB 1.46, interim dividend of HK$0.73 per share.

**Individual Stock Spotlight**

REMEGEN (09995): Telitacicept (Brand Name: Telitacicept®) for IgA Nephropathy Treatment Achieves Primary Endpoint in Phase A of China Phase III Clinical Study

REMEGEN (09995) announced that its self-developed globally first-in-class BLyS/APRIL dual-target fusion protein innovative drug Telitacicept (Brand Name: Telitacicept®) for treating IgA nephropathy (IgAN) achieved the primary study endpoint in Phase A of the China Phase III clinical study. The Group will submit a Biologics License Application (BLA) to the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) of China as soon as possible.