---
title: "Zhitong Hong Kong Stock Early Knowledge | Goldman Sachs warns that high oil prices reduce the possibility of U.S. interest rate cuts, Xiaomi Group-W's adjusted net profit hits a record high"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/280384658.md"
description: "Philippine President Marcos announced a national energy emergency on March 24 to address energy issues arising from the conflict in the Middle East. The government will take measures to ensure stable energy supply and protect key sectors and the public from the impact of oil supply disruptions. Goldman Sachs warned that rising oil prices could exacerbate inflation in the United States, predicting that Brent crude oil prices will reach $105 to $115 per barrel. A 10% increase in oil prices could raise the overall inflation rate by 0.2 percentage points. Goldman Sachs expects the inflation rate to be 3.1% by the end of 2026, with a 30% risk of recession"
datetime: "2026-03-25T00:06:03.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/280384658.md)
  - [en](https://longbridge.com/en/news/280384658.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/280384658.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/280384658.md) | [繁體中文](https://longbridge.com/zh-HK/news/280384658.md)


# Zhitong Hong Kong Stock Early Knowledge | Goldman Sachs warns that high oil prices reduce the possibility of U.S. interest rate cuts, Xiaomi Group-W's adjusted net profit hits a record high

**【Headline Today】**

**The Philippines Declares a National Energy Emergency**

On March 24, Philippine President Marcos announced a national energy emergency to address energy issues caused by conflicts in the Middle East. Marcos announced the launch of a "whole-of-government collaborative" response to ensure stable energy supply, support key sectors such as transportation, agriculture, and small and medium-sized enterprises, and protect the public from the impacts of oil supply disruptions.

Macquarie: Even if tensions may ease after President Trump's announcement, we expect oil prices to bottom out between $85 and $90 and naturally rebound to the $110 range until normal passage through the Strait of Hormuz is restored.

Goldman Sachs warns that the Iran conflict could trigger U.S. inflation again by pushing up oil prices. If supply disruptions occur, Brent crude oil prices are expected to reach $105 per barrel in March and $115 per barrel in April, with worst-case prices approaching historical highs. A 10% increase in oil prices could raise the overall inflation rate by 0.2 percentage points. Rising costs of fertilizers and metals could also lead to food prices increasing by about 1.5%. Goldman Sachs currently expects an inflation rate of 3.1% by the end of 2026 and assesses the risk of economic recession at 30%. The possibility of U.S. interest rate cuts remains, but if oil prices surge further, the likelihood of rate cuts will decrease.

**【Market Outlook】**

**WTI Crude Oil Futures Closed at $88.39 per Barrel, Up 0.30%**

Overnight, U.S. stocks closed with the Dow Jones Industrial Average down 84.41 points from the previous trading day, closing at 46,124.06 points, a decrease of 0.18%; the S&P 500 index fell 24.63 points, closing at 6,556.37 points, a decrease of 0.37%; the Nasdaq Composite Index dropped 184.87 points, closing at 21,761.89 points, a decrease of 0.84%.

Large tech stocks fell broadly, with Oracle down over 4%, Google down over 3%, while optical communication stocks rose overall, with Applied Optoelectronics up nearly 19%, Lumentum up over 10%, and Corning up over 8%.

Popular Chinese concept stocks closed mixed, with the Nasdaq Golden Dragon China Index down 0.43%. The Hang Seng Index ADR rose, closing at 25,092.04 points, up 28.33 points or 0.11% compared to the Hong Kong close.

WTI crude oil futures for the current month on the New York Mercantile Exchange rose by $0.26, closing at $88.39 per barrel, an increase of 0.30%. COMEX gold futures for the current month rose by $67.60, an increase of 1.53%, closing at $4,474.9 per ounce.

**【Hot Topics Ahead】**

**China Telecom (00728) Provisions Various Impairments of 6.234 Billion Yuan for 2025**

China Telecom (00728) announced its 2025 performance, with operating revenue of 529.6 billion yuan, of which service revenue was 485.4 billion yuan, a year-on-year increase of 0.7%. EBITDA was 143.9 billion yuan, a year-on-year increase of 2.1%. Profit attributable to shareholders was 33.185 billion yuan, an increase of 0.5% compared to 2024. Basic earnings per share were 0.36 yuan, with a final dividend of 0.0908 yuan per share (tax included) Capital expenditure was RMB 80.4 billion. Free cash flow was RMB 44.7 billion. China Telecom (00728) announced that to objectively and fairly reflect the company's financial position and operating results as of December 31, 2025, the company will make various impairment provisions of RMB 6.234 billion for the fiscal year 2025.

**Nongfu Spring (09633) announced 2025 results, profit attributable to equity holders of the parent company was RMB 15.868 billion, an increase of 30.9% year-on-year**

Nongfu Spring (09633) announced its full-year results for 2025, with total revenue of RMB 52.553 billion, an increase of 22.5% year-on-year; gross profit was RMB 31.808 billion, an increase of 27.7% year-on-year; profit attributable to equity holders of the parent company was RMB 15.868 billion, an increase of 30.9% year-on-year; basic earnings per share were RMB 1.411, and a final dividend of HKD 0.99 per share is proposed.

**Xuan Zhu Biological-B (02575): Final analysis results of the phase III clinical study of palbociclib combined with fulvestrant for HR+/HER2- advanced breast cancer published in the international top journal "JAMA Oncology"**

The BRIGHT-2 study is a randomized, double-blind, placebo-controlled, multi-center phase III clinical trial conducted in China, aimed at evaluating the efficacy and safety of palbociclib combined with fulvestrant in patients with hormone receptor-positive (HR+), human epidermal growth factor receptor 2-negative (HER2-) advanced breast cancer who have progressed after previous endocrine therapy. This study was led by Academician Xu Binghe from the Cancer Hospital of the Chinese Academy of Medical Sciences and conducted in 64 hospitals nationwide. The final analysis results of the BRIGHT-2 study showed that palbociclib combined with fulvestrant provided clinically meaningful and durable benefits to patients.

**Haidilao (06862) released annual results, revenue was RMB 43.225 billion, a year-on-year increase of 1.1%, final dividend of HKD 0.384 per share**

Haidilao (06862) announced its annual results for the year ended December 31, 2025, with revenue of RMB 43.225 billion (same unit), an increase of 1.1% year-on-year; restaurant operating revenue was RMB 39.064 billion, a decrease of 4.45% year-on-year; profit attributable to equity holders of the company was RMB 4.05 billion, a decrease of 13.98% year-on-year; basic earnings per share were RMB 0.75, and a final cash dividend of HKD 0.384 per share is proposed.

**Yihai International (01579) released annual results, net profit attributable to shareholders was RMB 854 million, an increase of 15.5% year-on-year**

Yihai International (01579) announced its annual results for the year ended December 31, 2025, with revenue of RMB 6.613 billion (same unit), an increase of 1.1% year-on-year; net profit attributable to shareholders was RMB 854 million, an increase of 15.5% year-on-year; earnings per share were RMB 0.88, and a final dividend of HKD 0.5968 per share is proposed.

**CNOOC Oilfield Services (02883) released annual results, profit attributable to shareholders was RMB 3.841 billion, an increase of 22.47% year-on-year** CNOOC Limited (02883) announced its annual results for the year ending December 31, 2025, reporting revenue of RMB 50.282 billion, an increase of 4.1% year-on-year; 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; a final dividend of RMB 0.2825 per share is proposed.

**China Resources Pharmaceutical Group Limited (03320) announced annual results with a profit attributable to shareholders of RMB 4.045 billion, a year-on-year increase of 20.73%, achieving growth in both revenue and profit.**

China Resources Pharmaceutical Group Limited (03320) announced its annual results for the year ending December 31, 2025, with group revenue of RMB 269.574 billion, a year-on-year increase of 4.62%; profit attributable to shareholders was RMB 4.045 billion, a year-on-year increase of 20.73%; earnings per share were RMB 0.64; final dividend of RMB 0.122 per share.

**WH Group Limited (00288) announced annual results with a profit attributable to shareholders of USD 1.567 billion, a year-on-year decrease of 2.79%, and meat product sales of 3.054 million tons.**

WH Group Limited (00288) announced its annual results for the year ending December 31, 2025 (results adjusted for biological fair value), reporting total revenue of USD 28.026 billion, a year-on-year increase of 8.04%; profit attributable to shareholders was USD 1.567 billion, a year-on-year decrease of 2.79%; basic earnings per share were USD 0.1221. A final dividend of HKD 0.41 per share is proposed.

**Hesai Technology-W (02525) announced annual results with a net profit of RMB 436 million, turning a profit year-on-year.**

Hesai Technology-W (02525) announced its quarterly and annual results for the three months ending December 31, 2025. In the fourth quarter of 2025, the group reported net revenue of RMB 1.001 billion, a year-on-year increase of 39%; net profit was RMB 153 million, a year-on-year increase of 4.2%; basic earnings per share were RMB 0.98.

**H&H International Holdings Limited (01112) announced annual results with a profit attributable to shareholders of RMB 196 million, turning a profit year-on-year.**

H&H International Holdings Limited (01112) announced its annual results for the year ending December 31, 2025, reporting revenue of RMB 14.354 billion, a year-on-year increase of 10%; profit attributable to owners of the parent company was RMB 196 million, turning a profit year-on-year; basic earnings per share were RMB 0.31; a final dividend of HKD 0.16 per share is proposed.

**Xiaomi Group-W (01810) announced annual results with an adjusted net profit of RMB 39.166 billion, a year-on-year increase of 43.8%, reaching a record high.**

Xiaomi Group-W (01810) announced its annual results for the year ending December 31, 2025, reporting revenue of RMB 457.287 billion, a year-on-year increase of 25%; gross profit was RMB 101.806 billion, a year-on-year increase of 33%; adjusted net profit was RMB 39.166 billion, a year-on-year increase of 43.8%; profit attributable to owners of the company was RMB 41.643 billion, a year-on-year increase of 76.02%; basic earnings per share were RMB 1.62 **Ping An Good Doctor (01833) Announces 2025 Results, Profit Attributable to Parent Company Owners Approximately RMB 380 Million, Year-on-Year Growth of 3.66 Times**

Ping An Good Doctor (01833) announced its 2025 results, achieving total revenue of RMB 5.468 billion, a year-on-year increase of 13.7%. Gross profit was approximately RMB 1.772 billion, a year-on-year increase of 16.3%; profit attributable to parent company owners was approximately RMB 380 million, a year-on-year increase of 3.66 times; adjusted net profit was RMB 414 million, a year-on-year increase of 161.3%. During the reporting period, the company had nearly 35 million paying users, a year-on-year increase of 11.4%.

**China International Marine Containers (03899) Announces 2025 Results, Profit Attributable to Equity Holders Approximately RMB 1.135 Billion, Year-on-Year Growth of 3.7%**

China International Marine Containers (03899) announced its 2025 results, with revenue of approximately RMB 26.326 billion, a year-on-year increase of 6.3%; profit attributable to equity holders was approximately RMB 1.135 billion, a year-on-year increase of 3.7%; basic earnings per share were RMB 0.561, and a final dividend of HKD 0.31 per share was proposed.

**Nexteer Automotive (01316) Releases Annual Results, Profit Attributable to Shareholders USD 102 Million, Year-on-Year Increase of 65.27%**

Nexteer Automotive (01316) released its annual results for the year ended December 31, 2025, reporting revenue of USD 4.584 billion, a year-on-year increase of 7.21%; profit attributable to equity holders was USD 102 million, a year-on-year increase of 65.27%; earnings per share were USD 0.041; a final dividend of USD 0.0183 per share was proposed.

**Kaisa Group (01638): Expects Profit Attributable to Company Owners for 2025 to be No Less Than RMB 50 Billion**

Kaisa Group announced that it expects to record a profit attributable to company owners of no less than RMB 50 billion for the fiscal year 2025, while in 2024, the group recorded a net loss attributable to company owners of RMB 28.5 billion. The turnaround from loss to profit this year is mainly due to the recognition of gains from overseas debt restructuring. Excluding the impact of gains from overseas debt restructuring, the group expects to record a loss attributable to company owners this year, primarily due to revenue decline and increased provisions for impairment of property projects affected by market conditions.

**\[Stock Highlights\]**

**WuXi Biologics (02269): 2025 Revenue and Net Profit Reach Historical Highs, Net Profit Attributable to Parent Company RMB 4.9 Billion**

WuXi Biologics (02269) announced its 2025 results, with both revenue and net profit significantly increasing year-on-year, reaching historical highs. Revenue was RMB 21.8 billion, a year-on-year increase of 16.7%; net profit attributable to parent company was RMB 4.9 billion, a year-on-year increase of 46.3%. Gross profit was RMB 10 billion, a year-on-year increase of 30.9%; gross margin was 46%, a year-on-year increase of 5 percentage points.

In 2025, three major high-growth molecule types drove new project signings to a historical high. A total of 209 new projects were signed, of which two-thirds were bispecific antibodies and antibody-drug conjugates (ADC). The total number of projects reached 945, with complex molecule projects accounting for over 50%. Bispecific/multispecific projects have become the company's core growth engine, with revenue contribution increasing by 120% year-on-year In the company's CRDMO services, the research business: the amount of upfront payments and total payments has reached a new historical high, enhancing profitability, with potential milestone payments for research collaboration projects totaling over $4 billion. Development business: the company supported 156 IND applications this year, with new development projects reaching a new high, and both dual/multi-antibody and ADC projects growing by approximately 30%. Production business: served 74 clinical phase III projects and 25 commercial production projects, completed 28 process performance qualification (PPQ) projects, a year-on-year increase of 75%, with 34 PPQ projects scheduled for 2026, and commercial production business is expected to accelerate growth

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