Zhitong Hong Kong Stock Early Knowledge | Ministry of Commerce: Create a batch of "Artificial Intelligence + Consumption" scenarios. POP MART expects over 100% growth in overseas business by 2025

【Today's Headlines】

Ministry of Commerce: Promote the in-depth application of technologies such as artificial intelligence, virtual reality, and big data in the consumer sector to create a number of "artificial intelligence + consumption" scenarios

The General Office of the State Council forwarded the Ministry of Commerce's "Several Measures to Support the Cultivation and Construction of International Consumer Center Cities," organizing the China International Consumer Center City Boutique Consumption Month and increasing the supply of high-quality goods and services. Promote the in-depth application of technologies such as artificial intelligence, virtual reality, and big data in the consumer sector, creating a number of "artificial intelligence + consumption" scenarios. Continue to carry out the replacement of old consumer goods with new ones, and accelerate the promotion of smart home products, smart appliances, and smart connected new energy vehicles. Deeply implement the "Three Products" (increase varieties, improve quality, create brands) strategy for consumer goods, carry out the "Three Products" national tour with high quality, and build a tiered array of Chinese consumer brands.

【Market Outlook】

U.S. President Trump: Auto tariffs will take effect on April 2

Overnight, the Dow Jones Industrial Average fell 132.71 points, a decrease of 0.31%, closing at 42,454.79 points; the Nasdaq fell 372.84 points, a decrease of 2.04%, closing at 17,899.01 points; the S&P 500 index fell 64.45 points, a decrease of 1.12%, closing at 5,712.20 points. Tesla (TSLA.US) fell 5.5%, NVIDIA (NVDA.US) fell 5.7%, Apple (AAPL.US) fell nearly 1%, and Trump Media & Technology Group (DJT.US) fell over 8%.

The Nasdaq Golden Dragon China Index closed up 0.7%, Alibaba (BABA.US) fell 0.4%, while Baidu (BIDU.US) and Li Auto (LI.US) both rose over 2%. The Hang Seng Index ADR fell, closing at 23,482.46, down 0.86 points compared to the Hong Kong closing.

U.S. President Trump: Auto tariffs will take effect on April 2, with taxes starting on April 3.

【Hot Topics Ahead】

Hong Kong's securities industry net profit for 2024 is expected to grow by 56% year-on-year to HKD 44.4 billion

The Hong Kong Securities and Futures Commission announced that the net profit of Hong Kong's securities industry for 2024 is expected to grow by 56% year-on-year to HKD 44.4 billion. The profit growth is attributed to a total revenue increase of 11% to HKD 222.6 billion, which is a larger increase compared to the 4% rise in expenses. The total trading volume of all securities dealers and securities guarantee financiers in Hong Kong is expected to jump 34% to HKD 144.1 trillion in 2024.

The National Automobile Dealers Association and others jointly issued the "Initiative for Bank Financial Institutions to Support the High-Quality Development of the Automobile Dealership Industry"

Today, reporters learned from the National Federation of Automobile Dealers that the National Automobile Dealers Association and 17 provincial and municipal business associations jointly issued the "Initiative for Bank Financial Institutions to Support the High-Quality Development of the Automobile Dealership Industry." Under the influence of many external factors such as "price wars," the industry is facing phased pressure, and the demand for financing has become more important and urgent for enterprises. The National Automobile Dealers Association and others represent a wide range of automobile dealership enterprises in advocating to bank financial institutions as follows: 1. Actively respond to the banking industry's initiative to support the high-quality development of the private economy, and sincerely address the current financing difficulties faced by the automobile dealership industry; 2. Adhere to precise matching and "one enterprise, one policy," and do not categorize the entire industry as unsupported 3. Exercise caution regarding the suspension, pressure, withdrawal, and termination of loans to automobile dealership enterprises. Under the premise of due diligence and exemption from liability, reasonably increase the tolerance for non-performing loans of automobile dealership enterprises and provide more flexible loan extensions and renewal services; 4. Optimize loan policies in conjunction with the characteristics of the automobile dealership industry, relax the scope and rate of collateral, and provide more flexible financing solutions for enterprises. This involves Hong Kong-listed Yixin Group (02858).

Ministry of Commerce: Gradually expand the scope of countries with unilateral visa exemptions, enhance the effectiveness of visa exemption policies for foreign personnel in transit, and promote regional linkage for transit visa exemption policies in relevant cities

The General Office of the State Council forwarded the Ministry of Commerce's notice on "Several Measures to Support the Cultivation and Construction of International Consumer Center Cities." It mentioned the gradual expansion of the scope of countries with unilateral visa exemptions, enhancing the effectiveness of visa exemption policies for foreign personnel in transit, and promoting regional linkage for transit visa exemption policies in relevant cities. Optimize entry and exit procedures for foreign personnel, providing a package of services such as entry service guides, communication services, foreign currency exchange, and mobile payment in entry areas. Support relevant cities in adding direct international flight routes. Focus on improving a multi-level and diversified payment service system, promoting more merchants to enable acceptance of foreign bank cards, and supporting more foreign electronic wallets for use within the country. Create a number of international consumer aggregation areas and inbound consumer-friendly business districts. Improve multilingual signage and guidance facilities in public places, and establish a foreign personnel hotline. This involves Hong Kong-listed Trip.com Group-S (09961), Tongcheng Travel (00780), and other travel platforms.

GAC Group (02238): Has never engaged in any form of contact regarding the acquisition of the Nansha factory with Evergrande Auto or other parties

GAC Group issued a statement on March 26, stating that it has noticed false rumors online regarding "Huawang Auto acquiring Evergrande Auto's Nansha factory." To avoid misleading the public and investors and to maintain market order, GAC Group clarifies as follows: GAC Group and its subsidiary Huawang Auto have never engaged in any form of contact regarding the acquisition of the Nansha factory with Evergrande Auto or other parties.

Livzon Pharmaceutical Group (01513) announces 2024 performance: Net profit attributable to the parent company is approximately 2.061 billion yuan, a year-on-year increase of 5.5%, proposing a cash dividend of 11 yuan for every 10 shares

According to Zhitong Finance APP, Livzon Pharmaceutical Group (01513) announced its 2024 performance, with operating income of approximately 11.812 billion yuan, a year-on-year decrease of 4.97%; net profit attributable to shareholders of the company is approximately 2.061 billion yuan, a year-on-year increase of 5.5%. Basic earnings per share are 2.24 yuan, proposing a cash dividend of 11.00 yuan for every 10 shares.

NetDragon (00777) releases annual performance: Pre-tax profit increased by 19.1% year-on-year to 756 million yuan

According to Zhitong Finance APP, NetDragon (00777) released its annual performance for the year ending December 31, 2024, with revenue of 6.047 billion yuan (in units ordered), a year-on-year decrease of 14.84%; profit attributable to the company’s owners is 311 million yuan, a year-on-year decrease of 43.46%; earnings per share are 58.6 cents.

CITIC Bank (00998) announces 2024 performance: Net profit attributable to the parent company is approximately 68.576 billion yuan, a year-on-year increase of 2.33%, proposing a cash dividend of 1.722 yuan for every 10 shares Zhitong Finance APP news, China CITIC Bank (00998) announced its 2024 performance, with operating income of RMB 213.223 billion, a year-on-year increase of 3.72%; net interest income was RMB 146.679 billion, an increase of 2.19% compared to the previous year, and non-interest net income was RMB 66.544 billion, an increase of 7.28% year-on-year. The net profit attributable to the bank's shareholders was approximately RMB 68.576 billion, a year-on-year increase of 2.33%. Basic earnings per share were RMB 1.22, and a cash dividend of RMB 1.722 per 10 shares is proposed.

BOE Technology Group (00710) released its 2024 annual performance: profit attributable to shareholders of HKD 391 million, a year-on-year decrease of 17.67%

Zhitong Finance APP news, BOE Technology Group (00710) released its 2024 annual performance, with revenue of HKD 13.449 billion, a year-on-year increase of 24.98%; profit attributable to shareholders was HKD 391 million, a year-on-year decrease of 17.67%; basic earnings per share were HKD 0.496; a final dividend of HKD 0.17 per share is proposed.

China Longgong (03339) released its annual performance: profit attributable to shareholders of RMB 1.018 billion, a year-on-year increase of 57.78%

Zhitong Finance APP news, China Longgong (03339) released its annual performance for the year ended December 31, 2024, with revenue of RMB 10.214 billion, a year-on-year decrease of 2.94%; profit attributable to the parent company was RMB 1.018 billion, a year-on-year increase of 57.78%; earnings per share were RMB 0.24, and a final dividend of HKD 0.13 per share is proposed.

China Life Insurance (02628) released its 2024 annual performance: net profit attributable to the parent company exceeds RMB 100 billion, reaching RMB 106.935 billion, a substantial year-on-year increase of 131.6%

Zhitong Finance APP news, China Life Insurance (02628) released its annual performance for the year ended December 31, 2024, with total premiums reaching RMB 671.457 billion, climbing to new heights with a year-on-year increase of 4.7%, maintaining a solid leading advantage. In 2024, the company strengthened cost control and underwriting management; continuously solidified fixed income allocation, effectively grasped the rhythm of the equity market, achieving total investment income of RMB 308.251 billion, a substantial year-on-year increase of 150.4%; both asset and liability sides worked in tandem, achieving net profit attributable to the company's shareholders exceeding RMB 100 billion, reaching a historical best of RMB 106.935 billion, a substantial year-on-year increase of 131.6%. Total revenue was RMB 528.627 billion, a year-on-year increase of 53.3%. Basic earnings per share were RMB 3.78, and a final dividend of RMB 0.45 per share (tax included) is proposed.

Bank of China Hong Kong (02388) released its annual performance: profit attributable to shareholders and other equity instrument holders of HKD 38.233 billion, a year-on-year increase of 12.07%

Zhitong Finance APP news, Bank of China Hong Kong (02388) released its annual performance for the year ended December 31, 2024, with net operating income before impairment provisions of HKD 71.253 billion, a year-on-year increase of 8.79%; profit attributable to shareholders and other equity instrument holders was HKD 38.233 billion, a year-on-year increase of 12.07%; Basic earnings per share of HKD 3.6162; proposed final dividend of HKD 1.419 per share.

Sunshine Insurance (06963) releases annual results: Net profit attributable to parent company of RMB 5.45 billion, a year-on-year increase of 45.8%, with multiple developments in customer operations, core capability building, and technological transformation

According to Zhitong Finance APP, Sunshine Insurance (06963) released its annual results for the year ended December 31, 2024. The group's total premium income for the year was RMB 128.38 billion, a year-on-year increase of 8.0%, achieving insurance service income of RMB 64.0 billion, a year-on-year increase of 6.9%. The net profit attributable to shareholders of the parent company was RMB 5.45 billion, a year-on-year increase of 45.8%. The group's embedded value was RMB 115.76 billion, an increase of 11.2% compared to the end of the previous year. The total investment return rate was 4.3%, and the comprehensive investment return rate was 6.5%. Sunshine Life's new single premium income was RMB 20.37 billion, a year-on-year increase of 12.6%; new business value was RMB 5.15 billion, a year-on-year increase of 43.3%. Sunshine Property & Casualty's original insurance premium income was RMB 47.82 billion, a year-on-year increase of 8.1%, with an underwriting comprehensive cost ratio of 99.7%. Sunshine Asset Management managed assets of RMB 744.61 billion, with equity asset comprehensive return rates significantly outperforming the market, and the comprehensive investment return rate of entrusted assets at an industry-leading level. Proposed final dividend of RMB 0.19 per share.

Innovent Biologics (01801) announces 2024 results: Net loss of RMB 94.631 million, a year-on-year narrowing of 90.8%

According to Zhitong Finance APP, Innovent Biologics (01801.HK) announced its 2024 results, with revenue of approximately RMB 9.422 billion, a year-on-year increase of 51.8%. Gross profit was approximately RMB 7.912 billion, a year-on-year increase of 56.1%. The loss for the year was RMB 94.631 million, a year-on-year narrowing of 90.8%.

Wuhan Organic (02881) releases 2024 annual results: Net profit of RMB 123 million, a year-on-year increase of 68.8%

According to Zhitong Finance APP, Wuhan Organic (02881) released its annual results for the year ended December 31, 2024. The group achieved revenue of RMB 3.284 billion, a year-on-year increase of 22.7%; net profit was RMB 123 million, a year-on-year increase of 68.8%; basic earnings per share were RMB 1.45; proposed final dividend of RMB 0.4823 per share. Wuhan Organic is the second-largest producer of benzoic acid and sodium benzoate in the world and the third-largest producer of benzyl alcohol.

COSCO Shipping Energy (600026) releases 2024 annual results: Net profit attributable to parent company of RMB 4.037 billion, a year-on-year increase of 19.37%

According to Zhitong Finance APP, COSCO Shipping Energy (600026.SH) released its annual report for 2024. During the reporting period, the company achieved operating revenue of RMB 23.244 billion, a year-on-year increase of 2.25%. The net profit attributable to shareholders of the listed company was RMB 4.037 billion, a year-on-year increase of 19.37%. The net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was RMB 3.979 billion, a year-on-year decrease of 3.77%. Basic earnings per share were RMB 0.8461 SENYI International (00732) Releases Annual Results: Shareholders' Profit of HKD 302 Million, Up 14.9% Year-on-Year

According to Zhitong Finance APP, SENYI International (00732) released its annual results for the year ending December 31, 2024. The group achieved revenue of HKD 17.84 billion, an increase of 14.4% year-on-year; the profit attributable to shareholders for the year was HKD 302 million, an increase of 14.9% year-on-year; earnings per share were HKD 0.0956, and a final dividend of HKD 0.05 per share is proposed.

Aluminum Corporation of China (02600) Releases 2024 Annual Results: Net Profit Attributable to Parent Company of RMB 12.4 Billion, Up 85.38%

According to Zhitong Finance APP, Aluminum Corporation of China released its 2024 annual report, with operating revenue of RMB 237.066 billion, a year-on-year increase of 5.21%. The net profit attributable to shareholders of the listed company was RMB 12.4 billion, an increase of 85.38% year-on-year. The net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was RMB 11.979 billion, an increase of 81.12% year-on-year. Basic earnings per share were RMB 0.723. The company plans to distribute a cash dividend of RMB 0.135 per share (including tax) to all shareholders for the 2024 final dividend.

Weigao Group (01066) Releases 2024 Annual Results: Shareholders' Profit of RMB 2.067 Billion, Up 3.2% Year-on-Year

According to Zhitong Finance APP, Weigao Group (01066.HK) released its annual results for the year ending December 31, 2024, with revenue of RMB 13.087 billion, a year-on-year decrease of 1.1%; the profit attributable to shareholders was RMB 2.067 billion, an increase of 3.2% year-on-year; basic earnings per share were RMB 0.46, and a final dividend of RMB 0.1235 per share is proposed.

Fuhong Hanlin (02696): HLX22 Combined with XELOX Compared to XELOX Combined or Not Combined with Pembrolizumab in First-Line Treatment of HER2 Positive Locally Advanced or Metastatic Gastroesophageal Junction and Gastric Cancer International Multicenter Phase III Clinical Study Completes First Patient Dosing in Japan

According to Zhitong Finance APP, Fuhong Hanlin (02696) announced that a clinical study comparing HLX22 (recombinant humanized anti-HER2 monoclonal antibody injection) combined with trastuzumab and chemotherapy (XELOX) to XELOX combined or not combined with pembrolizumab in first-line treatment of HER2 positive locally advanced or metastatic gastroesophageal junction and gastric cancer has completed the first patient dosing in Japan. This Phase III clinical study is also being conducted in mainland China (excluding Hong Kong, Macau, and Taiwan).

POP MART (09992) Wang Ning: Expects Over 100% Growth in Overseas Business by 2025

On March 26, Wang Ning, Chairman and CEO of POP MART, stated at the 2024 financial report performance exchange meeting that he expects over 50% growth in 2025 compared to 2024, with overseas and Hong Kong, Macau, and Taiwan businesses expected to grow by over 100%. It is anticipated that POP MART Group will achieve sales exceeding RMB 20 billion in 2025, with overseas and Hong Kong, Macau, and Taiwan sales exceeding RMB 10 billion. Meanwhile, Wang Ning indicated that the North American market is expected to reach the group's sales level of 2020 by 2025 Past financial reports show that POP MART's revenue in 2020 was 2.513 billion yuan.

Mixue Group (02097) Releases Annual Results: Shareholders' Profit of 4.437 billion yuan, an Increase of 41.41% Year-on-Year

According to Zhitong Finance APP, Mixue Group (02097) released its annual results for the year ended December 31, 2024. The group achieved revenue of 24.829 billion yuan (same unit below), an increase of 22.3% year-on-year; profit attributable to equity holders of the parent was 4.437 billion yuan, an increase of 41.41% year-on-year; earnings per share were 12.32 yuan. The announcement stated that the increase in revenue was mainly due to the increase in revenue from the sale of goods and equipment, followed by an increase in revenue from franchising and related services. The number of franchise stores increased from 37,516 as of December 31, 2023, to 46,462 as of December 31, 2024.

【Stock Highlights】

Xinao Energy (02688) Receives a Premium of Approximately 34.57% from Controlling Shareholder Xinao Co., Ltd. (600803.SH) for Privatization, Resumes Trading on March 27

According to Zhitong Finance APP, Xinao Energy (02688) and the offeror Xinao (Hong Kong) Energy Investment Co., Ltd. jointly announced that on March 18, 2025, the offeror (a wholly-owned subsidiary of Xinao Co., Ltd. (600803.SH)) requested the board of directors of Xinao Energy to present a proposal to the planned shareholders for privatization under a scheme of arrangement in accordance with Article 86 of the Companies Ordinance, subject to the fulfillment of conditions precedent.

The purpose of this transaction is to achieve the delisting of Xinao Energy. After the scheme becomes effective, Xinao Energy will become a wholly-owned subsidiary of Xinao Hong Kong and will be delisted from the Stock Exchange; Xinao Co., Ltd. will be listed on the main board of the Stock Exchange through an introduction; the planned shareholders will become shareholders of Xinao Co., Ltd. H shares.

According to the "H Share Valuation Report" issued by New Baili, the transaction plan, and the status of the planned shares and stock options of Xinao Energy as of the signing date of this proposal, assuming that all stock options are not exercised on the planned registration date and all stock option offers are validly accepted, the theoretical total value of the H shares of Xinao Co., Ltd. and cash payments required for this transaction is approximately HKD 59.519 billion; assuming that all stock options are exercised on the planned registration date, the theoretical total value of the H shares of Xinao Co., Ltd. and cash payments required for this transaction is approximately HKD 59.924 billion. The company's stock will resume trading on March 27, 2025.

Xinao Energy (02688) released its annual results announcement for the year ended December 31, 2024. The 2024 turnover was 109.853 billion yuan, a decrease of 3.5% year-on-year. The net profit attributable to the parent was 5.987 billion yuan, a decrease of 12.2% compared to 2023.

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