Markets: Hong Kong
Indexable titles and thesis summaries. Interactive reading (charts, FX) lives in the reader app.
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603993.SH / 3993.HK CMOC: Cu-Co volume lifts profits
CMOC 2025 revenue ¥206.684B (−2.98%), parent NI ¥20.339B (+50.30%); Q1'26 revenue ¥66.403B (+44.34%), parent NI ~¥7.760B (+96.65%). A-share ~¥19.5 / mkt ~¥417.6B. Soft revenue vs rising NI reflects Cu/Co mix and cost edge. Sector: nonferrous metals deep-dive.
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600362.SH / 0358.HK Jiangxi Copper: smelting giant, Cu beta
Jiangxi Copper 2025 revenue ¥544.623B (+5.42%), parent NI ¥7.130B (+2.41%), adj. NI ¥9.148B (+11.30%). A-share ~¥43.3 / mkt ~¥149.9B. Huge revenue base; profits sensitive to Cu and TC/RCs. Adj. NI > parent NI points to one-offs. Sector: nonferrous metals deep-dive.
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601600.SH / 2600.HK Chalco: steady primary Al profits
Chalco 2025 revenue ¥241.125B (+1.69%), parent NI ¥12.674B (+2.25%), pretax profit ~¥25.84B. A-share ~¥9.6 / mkt ~¥164.2B. Al price and power cost drive profits; capacity caps favor steady cash over hypergrowth. Sector: nonferrous metals deep-dive.
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601088.SH / 1088.HK China Shenhua: coal-power, high dividend
China Shenhua 2025 revenue ¥294.916B (−13.2%), parent NI ¥52.849B (−5.3%). A-share ~¥45.7 / mkt ~¥991B. Soft top/bottom line from coal prices, but still high earnings and cash; thesis is integrated coal-power + high dividend defense.
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09880.HK UBTECH: humanoid ramp, still unprofitable
UBTECH (09880.HK) 2025 revenue ¥2.001B (+53.3%), gross margin 37.7% (+9ppt), net loss ~¥0.790B (narrowed from ¥1.160B). Full-size embodied humanoid revenue ~¥0.821B (+2204%), 1,079 units—now the largest segment. HK ~HK$81.6 / mkt ~HK$38.5B. Thesis is embodied-AI delivery, not near-term profits.
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601919.SH / 1919.HK COSCO Holdings: container downcycle + dividend
COSCO SHIPPING Holdings 2025 revenue ¥219.504B (−6.14%), parent NI ¥30.868B (−37.13%); ~¥15.4B cash dividend planned (~50% payout). A-share ~¥15.6 / mkt ~¥239B. Freight normalization cuts peak profits; thesis is container beta + shareholder returns.
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0883.HK / 600938.SH CNOOC: low-cost barrels, dividend resilience
CNOOC 2025 revenue ¥398.220B (−5.3%), parent NI ¥122.082B (−11.5%); all-in cost ~$27.9/boe; OCF ~¥209B. HK ~HK$23.8 (A-share ~¥32.3). Softer oil cuts NI, but low cost + dividend remain the moat.
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0700.HK Tencent: games + ads flywheel, AI medium-term
Tencent 2025 revenue ¥751.8B (+14%), IFRS owner earnings ¥224.8B (+16%); Non-IFRS owner earnings ¥259.6B (+17%). Games ~¥241.6B (China +18%, overseas +33%). HK ~HK$475 / mkt ~HK$4.37T. Near-term still ads + games; AI is a medium-term efficiency narrative.
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601899.SH / 2899.HK Zijin: earnings up, price down divergence
Zijin Mining 2025 revenue ¥349.079B, parent NI ¥51.777B (+61.55%), ROE 33%; H1'26 guide parent NI ~¥39.1B (+68%). A-share ~¥32.2 / mkt ~¥856B, ~40% off the ~¥44.94 year high—classic cyclical divergence of rising earnings vs falling price. Sector context: nonferrous metals deep-dive.