GMT EIGHT - OPPORTUNITIES IN CHINA

KUAISHOU-W (01024) announced its performance for the year 2025, with shareholders' profit reaching 18.617 billion yuan, a year-on-year increase of 21.4%.

Kwai-W (01024) released its annual performance as of December 31, 2025. The company's revenue was 142.776 billion yuan, a year-on-year increase of 12.5%. The profit attributable to equity holders of the company was 18.617 billion yuan, a year-on-year increase of 21.4%. Earnings per share were 4.35 yuan, and a final dividend of HK$0.69 per share is proposed.

Guotai Junan International (01788) announces annual financial results, with a net profit attributable to shareholders of HK$1.345 billion, an increase of 286.84% year-on-year.

Guotai Junan International (01788) released its annual financial results for the period ending on December 31, 2025. The company achieved a revenue of HK$6.23 billion, an increase of 40.9% year-on-year; net profit attributable to ordinary shareholders was HK$1.345 billion, an increase of 286.84% year-on-year; earnings per share were 14.1 HK cents; proposed a final dividend of HK$0.02 per share.

The global petrodollar system: Born in 1974, will it collapse in 2026?

If the cracks further expose, the use of the US dollar in global trade and savings, as well as the US dollar's status as the global reserve currency, may be significantly affected by chain reactions!

Xu Zhengyu: The People's Bank of China and the Hong Kong Monetary Authority are exploring arrangements and feasibility for upgrading digital currency wallets.

The Central Bank and the Hong Kong Monetary Authority are discussing the arrangements and feasibility of upgrading digital currency wallets to increase their usage limits, expand their application scenarios, and enhance user experience. As the policy and technical details involved still need further discussion, specific plans and timelines are yet to be confirmed.

POP MART (09992) releases annual performance, revenue skyrockets to 37.12 billion, a 184.7% increase, net profit surges to 12.776 billion, a 308.8% increase, plush category becomes the main source of income.

Pupu Mart (09992) released its annual results for the year ended December 31, 2025. The group's revenue was 37.12 billion yuan, a year-on-year increase of 184.7%; net profit attributable to shareholders was 12.776 billion yuan, a year-on-year increase of 308.8%; basic earnings per share were 9.61 yuan; and a final dividend of 2.3817 yuan.

CSPC PHARMA (01093) releases annual results with a net profit attributable to shareholders of 3.882 billion yuan, a decrease of 10.3% compared to the previous year. 5 external authorizations demonstrate innovative strength.

Shiyao Group (01093) announced its annual performance for the year ending on December 31, 2025. The total revenue of the group was 26.006 billion yuan, a decrease of 10.4% year-on-year. Shareholders' net profit attributable to the reporting entity was 3.882 billion yuan, a decrease of 10.3% year-on-year. Basic earnings per share were 33.98 cents. Final dividend was 15 Hong Kong cents.

ANTA SPORTS (02020) released its annual performance, with revenue increasing by 13.3% year-on-year to 80.219 billion yuan, and its market share in China rising to 21.8%.

ANTA Sports (02020) announced its annual performance for the year ending December 31, 2025, with revenues increasing by 13.3% year-on-year to RMB 80.219 billion. Excluding gains from the listing of Amer Sports and the dilution of equity from Amer Sports' share placement in 2024, net profit attributable to shareholders increased by 13.9% to RMB 13.588 billion. During the fiscal year, the group recorded a net cash inflow from operating activities of RMB 20.996 billion and a free cash inflow of RMB 16.106 billion, maintaining a stable cash generation capability. The final dividend per share of common stock is HKD 1.08.

HK Stock Market Move | STARPLUS LEGEND (06683) falls more than 8% again, dropping over 35% from its monthly high point. Jay Chou's new album officially goes online.

Superstar Legend (06683) fell more than 8% again, a drop of over 35% from the monthly high of 11.15 Hong Kong dollars. As of the time of writing, it has dropped 7.82% to 7.19 Hong Kong dollars, with a trading volume of 3.09 billion Hong Kong dollars.

AI funding arms race escalates: OpenAI adds another $10 billion in ammunition, valuation reaches $850 billion.

According to sources familiar with the matter, OpenAI is close to completing a deal to raise about $10 billion from venture capitalists, bringing its total funding in the latest round to over $120 billion.

KEEP(03650) released its annual performance report, with adjusted net profit reaching 25.216 million RMB. The gross profit margin increased to 52.2%, as the company started its AI strategic transformation.

KEEP(03650) announced its annual performance for the year ending on December 31, 2025, with a total revenue of 1.637 billion yuan, gross profit of 854 million yuan, adjusted net profit for the year of 25.216 million yuan (measured under non-International Financial Reporting Standards), and an adjusted net profit margin of 1.5%.

Suggesting that interest rates will not be lowered for the time being! Federal Reserve Board member Bahr: Inflation exceeding target + oil price risk, interest rates need to remain unchanged "for a period of time"

Federal Reserve Governor Powell predicts that interest rates will remain stable for a period of time due to inflation being higher than target levels.

CHINAMINING (01258) announces annual performance with a profit attributable to shareholders of USD 404 million, an increase of 1.5% year-on-year. The final dividend is 4.1446 cents per share.

China Nonferrous Mining (01258) announced its annual results for the year ending December 31, 2025. In 2025, the Group achieved revenue of 3.42 billion US dollars, a decrease of 10.4% compared to 2024. In 2025, the Group achieved a net profit of 583 million US dollars, an increase of 4.6% compared to 2024. In 2025, the Group achieved a profit attributable to owners of the company of 404 million US dollars, an increase of 1.5% compared to 2024. In 2025, the earnings per share attributable to owners of the company is approximately 10.36 US cents (equivalent to about 0.81 Hong Kong dollars). The Board of Directors proposes a final dividend of 4.1446 US cents per share for the year ending 2025.

NOAH HOLDINGS (06686) announced its annual financial results, with a net profit attributable to shareholders of 559 million yuan, a year-on-year increase of 17.5%. Overseas business has become a new growth engine.

Noah Holdings (06686) released its annual performance for the year ending December 31, 2025. The net income for the fourth quarter of 2025 was 733 million yuan, an increase of 12.5% compared to the same period in 2024, and a sequential increase of 15.9%. This growth was mainly driven by an increase in performance fee income from overseas private equity products in the fourth quarter of 2025.

CHINARES PHARMA (03320) announces annual performance, with a net profit attributable to shareholders of 4.045 billion yuan, a year-on-year increase of 20.73%. Both revenue and profits have achieved double growth.

China Resources Pharmaceutical Group (03320) announced its annual performance for the year ending on December 31, 2025. The group's revenue reached 269.574 billion yuan, an increase of 4.62% year-on-year. The net profit attributable to shareholders was 4.045 billion yuan, an increase of 20.73% year-on-year. Earnings per share were 0.64 yuan, and the final dividend was 0.122 yuan.

Stablecoin profit mechanism faces regulatory constraints Circle (CRCL.US) and Coinbase (COIN.US) stock prices plummeted

Regulatory disputes surrounding stablecoin yield mechanisms trigger sharp market volatility.

The end of the war is still not useful? Industry insiders say that it may take several months for oil production to fully restart in the Middle East, and high oil prices may persist until next year.

Amid the ongoing conflicts in the Middle East that are continuing to impact the global energy system, expectations for the time of supply recovery in the market have been further extended.

Siri welcomes AI upgrade and is set to make an appearance at the Apple Worldwide Developers Conference on June 8th.

According to foreign media reports, Apple is currently testing a standalone app for its Siri voice assistant, as well as a new "Ask Siri" feature that will be integrated into all its software, as part of a larger-scale artificial intelligence transformation. Sources familiar with the matter revealed that Apple is also modernizing Siri by giving it a new look and a more chatbot-like experience. The new version of Siri is said to be set to debut on June 8 at Apple's Worldwide Developers Conference as part of the iOS 27 and macOS 27 operating systems.

The Dow Jones opened down 0.8%, the S&P 500 dropped 0.7%, and the Nasdaq fell 0.7%.

Jefferies rose 7.3%, with rumors that Sumitomo Mitsui Financial Group is interested in acquiring the investment bank. The largest pork processor in the United States, Smithfield Foods, rose 6.1%, with Q4 earnings exceeding expectations. Router and network switch manufacturer Netgear rose 12.2%, but the Federal Communications Commission prohibited the importation of all foreign-made civilian routers for national security reasons. Apollo Global Management fell 4.0% due to a sharp increase in redemptions, restricting the redemption of one of its private credit funds. Nio Inc. rose 2.7%, announcing a $1 billion stock buyback plan.

US stock index futures extended losses; S&P 500 mini futures fell 0.5%, Nasdaq 100 index futures and Dow Jones index futures both declined by 0.6%.

NONGFU SPRING (09633) announces its performance for 2025, with a net profit attributable to owners of the parent company of 15.868 billion yuan, an increase of 30.9% year-on-year.

Nongfu Spring (09633) announced its full year performance in 2025, with total revenue of 52.553 billion Chinese yuan, a year-on-year increase of 22.5%; gross profit was 31.808 billion yuan, a year-on-year increase of 27.7%; the net profit attributable to the owners of the parent company was 15.868 billion yuan, a year-on-year increase of 30.9%; basic earnings per share were 1.411 yuan, and it is recommended to distribute a final dividend of 0.99 yuan per share.

NEXTEER (01316) releases annual performance with a net profit attributable to shareholders of $102 million, a year-on-year increase of 65.27%.

NetEase (01316) released its annual performance ending December 31, 2025. The company achieved an income of $4.584 billion, an increase of 7.21% year-on-year; the net profit attributable to equity holders of the company was $102 million, an increase of 65.27% year-on-year; earnings per share was $0.041; proposed final dividend of $0.0183 per share.

PA GOODDOCTOR (01833) announces its performance for the year 2025, with the net profit attributable to the owners of the parent company at approximately 380 million yuan, representing a year-on-year growth of 3.66 times.

Ping An Good Doctor (01833) announced its performance in 2025, achieving a total revenue of RMB 54.68 billion, a year-on-year increase of 13.7%. The gross profit was approximately RMB 17.72 billion, a year-on-year increase of 16.3%; the net profit attributable to owners of the parent company was approximately RMB 3.8 billion, a year-on-year increase of 3.66 times; the adjusted net profit was RMB 4.14 billion, a year-on-year increase of 161.3%. During the period, the company had nearly 35 million paid users, a year-on-year increase of 11.4%.

Southbound funds net sold 27.361 billion Hong Kong dollars today.

Regarding the Stock Connect (Shanghai) program, Tencent Holdings and Changfei Optical Fiber Cable received net purchases of 585 million Hong Kong dollars and 182 million Hong Kong dollars respectively; Yingfu Fund was the top net seller with an amount of 8.525 billion Hong Kong dollars. In terms of the Stock Connect (Shenzhen) program, Pop Mart International and Changfei Optical Fiber Cable received net purchases of 648 million Hong Kong dollars and 304 million Hong Kong dollars respectively; Yingfu Fund was the top net seller with an amount of 4.546 billion Hong Kong dollars.

WH Group (00288) releases annual performance with a net profit attributable to shareholders of $1.567 billion, a decrease of 2.79% year-on-year. Meat product sales volume reached 3.054 million tons.

Yanzhou International (00288) announced its annual performance for the year ending December 31, 2025 (performance after biological fair value adjustments). The group achieved a total revenue of 28.026 billion US dollars, an increase of 8.04% year-on-year; shareholders' net profit was 1.567 billion US dollars, a decrease of 2.79% year-on-year; basic earnings per share were 12.21 cents. It plans to distribute a final dividend of 0.41 Hong Kong dollars per share.

China Telecom Corporation (00728) announced that the net profit attributable to shareholders for the year 2025 was 33.185 billion yuan, a year-on-year increase of 0.5%.

China Telecom (00728) announced its performance in 2025, with operating revenue of RMB 529.6 billion, of which service revenue was RMB 485.4 billion, representing a year-on-year growth of 0.7%. EBITDA was RMB 143.9 billion, a year-on-year growth of 2.1%. Net profit attributable to shareholders was RMB 33.185 billion, an increase of 0.5% from 2024. Basic earnings per share were RMB 0.36, and final dividend per share was RMB 0.0908 (tax included). Capital expenditure was RMB 80.4 billion. Free cash flow was RMB 44.7 billion.

CHINA OILFIELD (02883) announced its annual performance, with a net profit attributable to shareholders of 3.841 billion yuan, an increase of 22.47% year-on-year.

China Oilfield Services Limited (02883) released its annual performance as of December 31, 2025. The company achieved a revenue of RMB 50.282 billion, an increase of 4.1% year-on-year; the profit attributable to owners of the company was RMB 3.842 billion, an increase of 22.47% year-on-year; earnings per share were RMB 0.8051; proposed final dividend per share was RMB 0.2825.

H&H INTL HLDG(01112) announces annual performance, with a net profit attributable to shareholders of 1.96 billion yuan, turning losses into profits year-on-year. Swisse achieved a milestone of one billion U.S. dollars in revenue in 2025.

H&H International Holdings (01112) released its annual performance for the year ending on December 31, 2025. The group's revenue for the period amounted to 14.354 billion yuan, representing a year-on-year increase of 10%. The net profit attributable to the owners of the parent company was 196 million yuan, turning around from a loss to a profit compared to the previous year. Earnings per share were 0.31 yuan. The company plans to distribute a final dividend of 0.16 Hong Kong dollars per share.

HESAI-W(02525) released its annual performance results with a net profit of 436 million yuan, turning losses into profits year-on-year.

Hysan-W (02525) released its performance for the quarter ending December 31, 2025, and for the full year. In the fourth quarter of 2025, the group achieved a net income of RMB 1.001 billion, an increase of 39% year-on-year; net profit of RMB 153 million, an increase of 4.2% year-on-year; and basic earnings per share of RMB 0.98.

218 billion funds entered the market against the trend through stock ETFs, and broad-based stocks became the preferred "safe haven".

Broad-based ETF once again plays the role of a "safe haven", with funds flowing against the trend exceeding 10 billion yuan on Monday. According to data statistics, on March 23, a total of 1,361 tradable stock ETFs in the overall market accumulated a net inflow of 21.803 billion yuan in a single day. From the perspective of fund flows, broad-based ETFs representing core A-share assets once again play the role of a "safe haven", becoming the main direction for bottom-fishing funds to surge into; in contrast, themed ETFs such as non-ferrous metals and chemicals have encountered significant selling.

Three ministries issue documents to regulate the management of traditional Chinese medicine services in primary medical and health institutions.

The State Administration of Traditional Chinese Medicine, the National Health Commission, and the National Health Commission issued the "Notice on Further Standardizing the Management of Traditional Chinese Medicine Services in Primary Healthcare Institutions", requiring local traditional Chinese medicine authorities to work together with health and disease control authorities to strengthen supervision and management of traditional Chinese medicine services in primary healthcare institutions. The State Administration of Traditional Chinese Medicine, the National Health Commission, and the National Health Commission require local traditional Chinese medicine authorities to work together with health and disease control authorities to strengthen supervision and management of traditional Chinese medicine services in primary healthcare institutions, and to investigate and deal with illegal activities in accordance with the law, and to handle complaints and reports related to traditional Chinese medicine services in a timely manner.

CHINA FOODS (00506) released its annual performance: Shareholders' profit reached 862 million yuan, a year-on-year growth of 0.17%. The scale of smart retail business equipment remains the industry leader.

China Food (00506) announced its annual results for the year ending December 31, 2025. The group's revenue reached 22.07 billion yuan, an increase of 2.7% year-on-year. Shareholders' profit attributable to equity holders was 862 million yuan, an increase of 0.17% year-on-year. Earnings per share were 30.82 cents. Final dividend was 0.154 yuan.

MIXUE GROUP (02097) announces annual performance with a net profit of 5.927 billion yuan, a year-on-year increase of 33.1%, with approximately 60,000 global stores and continued deepening of overseas layout.

MEX Snow Group (02097) released its annual performance data for the year ending on December 31, 2025. The group's revenue was 33.56 billion yuan, a year-on-year growth of 35.2%; net profit was 5.927 billion yuan, a year-on-year growth of 33.1%; basic earnings per share were 15.65 yuan.

GIORDANO INT'L (00709) announces annual performance, with a net profit attributable to shareholders of HKD 217 million, a year-on-year increase of 0.46%. E-commerce revenue experienced double-digit growth.

Giordano International Limited (00709) announced its annual performance for the year ended December 31, 2025. The group's revenue was HK$3.854 billion, a decrease of 1.66% year-on-year. Shareholders' profit attributable to equity holders was HK$217 million, an increase of 0.46% year-on-year. Earnings per share were 13.4 Hong Kong cents. The final dividend was 6.4 Hong Kong cents per share.

361 DEGREES (01361) released its annual performance, with a net profit attributable to shareholders of 1.309 billion yuan, an increase of 13.95% year-on-year. The children's business and globalization strategy have achieved significant results.

361 Degrees (01361) released its annual performance in 2025, with the group's income reaching 11.146 billion RMB, a year-on-year increase of 10.64%; shareholders' net profit was 1.309 billion RMB, a year-on-year increase of 13.95%; earnings per share were 63.3 cents; and final dividend per share was 11.3 Hong Kong cents.

Growing concerns over escalating Middle East situation as Brent oil rebounds by 4% to nearly $104 after sharp drop

Middle East conflict escalates, causing crude oil prices to rise again.

The roller coaster turns again! Gold may suffer the longest consecutive decline in history, with the situation in Iran becoming a "liquidity magnet".

Investors continue to weigh conflicting statements from various parties in the Middle East, while the price of gold continues to fall. The delay by the United States in attacking Iran's energy infrastructure only brings a brief respite to the sharp decline of this precious metal in times of war.

Japan's unexpected decrease in inflation to its lowest level in nearly four years, but the easing of subsidies and soaring oil prices may make the 'cooling off' fleeting.

The key inflation indicator in Japan slowed more than expected, dropping to its lowest level in nearly four years, mainly due to the impact of public utility subsidies reducing energy costs. However, the recent surge in oil prices may push inflation back up in the coming months.

New stock first day | Keli Technology (02729) first listed for trading in the morning with a 92.08% opening gain. The company focuses on intelligent intra-logistics in the Siasun Robot & Automation field.

Kailos Technology (02729) made its debut on the stock market. The announcement shows that each share is priced at 16.66 Hong Kong dollars, with a total of 36.798 million shares issued, and each lot containing 200 shares, resulting in a net amount of approximately 617 million Hong Kong dollars. As of the time of writing, it has risen by 92.08%, trading at 32 Hong Kong dollars with a turnover of 180 million Hong Kong dollars.

Samsung: Galaxy S26 series will support AirDrop transmission, first available in South Korea.

Samsung announced on March 23 that the Galaxy S26 flagship series will support AirDrop transfer, allowing users to share content between devices through "Quick Share." This feature will be gradually rolled out starting from March 23, with the first batch available in South Korea, followed by expansion to Europe, Japan, North America, and other regions. Initially, only the Galaxy S26 flagship series will have the AirDrop transfer feature, and whether it will be extended to other devices in the future will be announced separately.

Commodity trading giant Vitol Group: The oil market is highly focused on the movements in the Strait of Hormuz, with volatility far exceeding the past.

Ben Marshall, CEO of the Vedro Group Americas, said that the oil market is currently pricing in the reopening of the Strait of Hormuz sooner rather than later. The market is currently "almost entirely focused" on when more crude oil will resume flowing through the Strait of Hormuz.

West China Cement (02233) announces its annual performance. The net profit attributable to shareholders increased by 40.5% to 880 million yuan. The final dividend is 0.048 yuan.

Western Cement (02233) released its annual performance for the year 2025, with a revenue of 9.621 billion RMB, a year-on-year increase of 15.3%; profit attributable to shareholders was 880 million RMB, a year-on-year increase of 40.5%; basic earnings per share were 16.1 cents; and a final dividend of 0.048 yuan per share.

KEYMED BIO-B(02162): The holding company Ouro Medicines has been acquired by Gilead, with expected maximum revenue of approximately $320 million.

Connora-B (02162) announced that the company, through its wholly-owned subsidiary One Bridge Hong Kong, holds approximately 15% minority interest in the share capital of Ouro Medicines. This interest is accounted for in the company's consolidated financial statements at fair value and any changes in value are recorded in the current period's profit and loss.

Spot gold lost the 4370 US dollars per ounce mark, falling 1.00% within the day.

Expectations for easing tensions between the U.S. and Iran are rising, with international oil prices plummeting by over 10% in a single day.

Affected by signs of easing tensions in the Middle East, international oil prices fell sharply on Monday.

WUXI XDC (02268) net profit doubles in 2025, shareholders' profit after adjustment is about 15.59 billion yuan, an increase of 69.9% year-on-year.

WuXi AppTec (02268) announced its performance in 2025, with revenue of approximately 5.944 billion yuan, an increase of 46.7% year-on-year; gross profit of approximately 2.139 billion yuan, an increase of 72.5% year-on-year; adjusted net profit attributable to owners of the company of approximately 1.559 billion yuan, an increase of 69.9% year-on-year; net profit increased by 38.4% year-on-year to 1.48 billion yuan. The total unfinished order volume of the group also increased by 50.3% from 991 million USD as of December 31, 2024 to 1.489 billion USD as of December 31, 2025.

COUNTRY GARDEN (02007) releases a profit warning, expecting annual profit to be around 1 billion to 2.2 billion yuan, turning from a loss to profit on a year-on-year basis.

Country Garden (02007) announced that the loss for the year ended December 31, 2024 was approximately RMB 35.145 billion. The Group expects a profit for the year ending December 31, 2025 to be between approximately RMB 1 billion and RMB 2.2 billion. Based on the information currently available, the main reason for the turnaround from loss to profit this year is due to non-cash gains recorded by the Group from completing debt restructuring. Excluding the impact of the aforementioned debt restructuring gains, the Group recorded losses mainly due to industry pressures affecting the gross profit level of its development business, as well as further provisions for impairment of certain assets and property projects.

US stock index futures increase; S&P 500 e-mini futures up 2.7%, Nasdaq 100 futures up 2.6%, Dow futures up 2.7%.

The UAE has restarted the Habshan natural gas plant, with most of its liquefied natural gas production capacity temporarily suspended.

National Development and Reform Commission: Starting from 24:00 on March 23, the domestic prices of gasoline and diesel will be increased by 1160 yuan and 1115 yuan per ton respectively.

According to the current price mechanism, the domestic prices of gasoline and diesel (standard quality) should be increased by 2205 yuan and 2120 yuan per ton on March 23, respectively. After adjustments, the actual increases are 1160 yuan and 1115 yuan.

AI computing power demand continues to surge! South Korea's "AI squid game" is in full swing, igniting the demand for ten thousand AMD AI chips.

AMD's AI computing power solution is gaining more positive market recognition, and is expected to continue to erode the market share of "AI chip superpower" NVIDIA, with a share of up to 90% in the trillion-dollar AI core computing cluster field.

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Kingsoft's fourth quarter revenue was 2.62 billion yuan.

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SHFE: Implementing regulatory measures to restrict open positions for certain clients.

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