Changes in Hong Kong stocks | Xiying-W (00625) fell by more than 3% to suppress performance performance, Jefferies lowered its target price to HK$23

The Zhitong Finance App learned that following a sharp drop of more than 10% yesterday, Xiying-W (00625) fell by more than 3% this morning. As of press release, it was down 3.11% to HK$30.52, with a turnover of HK$11.2867 million.

According to the news, recently, Xiying announced its first interim results since listing. Net revenue for the first half of the year was US$20.034 billion, up only 1% year on year; adjusted net profit was 499 million US dollars, down 55.6% year on year. Looking at the second quarter alone, net revenue was US$11.082 billion, up 0.9% year on year. Adjusted net profit was US$228 million, down 66.6% year on year. In terms of period expenses, the company's second-quarter fulfillment expenses were US$5.587 billion, an increase of 18% over the previous year, and the performance fee rate rose to 50.4%. The rapid increase was mainly due to rising oil prices, increased freight costs, and an increase in the share of the mall model.

In addition, Europe's net revenue in the second quarter fell 13.9% year on year to 3.77 billion US dollars; US net revenue fell 6% to US$2.474 billion, which was significantly narrower than in the first quarter. Jefferies Research pointed out that although Xiying's revenue for the first half of the year was in line with expectations, the regional mix was poor and profit margins were the main focus. It believes that the consistent market expectations for 2026-2027 still have room to decline, and the target price was lowered from HK$26 to HK$23, maintaining the “outperforming market” rating.