Group 1 - The company reported total revenue of HKD 240.663 billion for the first half of 2025, representing a year-on-year increase of 3.45% [1] - The reported profit attributable to ordinary shareholders was HKD 0.852 billion, a significant decrease of 91.65% year-on-year, while the basic profit attributable to ordinary shareholders increased by 10.94% to HKD 11.321 billion [1] - The interim dividend proposed is HKD 0.71 per share [1] Group 2 - The company's basic net profit, calculated under IFRS 16 before adjustments, grew by 11% year-on-year to HKD 11.362 billion [1] - The growth was driven by a 7% increase in basic EBITDA and a 9% increase in EBIT compared to the first half of 2024, primarily due to strong performance in the port sector, improvements in retail, increased contributions from infrastructure, and favorable results from CK Hutchison Group Telecom and treasury operations [1] - The company faced adverse impacts on growth due to falling commodity prices and significant maintenance activities that reduced contributions from Cenovus Energy [1] Group 3 - The company recognized a one-time non-cash loss of HKD 10.922 billion related to the UK merger under IFRS 16 before adjustments [2] - After accounting for this loss, the reported profit attributable to ordinary shareholders for the six months ended June 30, 2025, was HKD 0.44 billion [2] - The net cash received from the merger was approximately GBP 1.3 billion [2]

Core Insights - The company reported total revenue of HKD 240.663 billion for the six months ending June 30, 2025, representing a year-on-year growth of 3% [1] - EBIT totaled HKD 23.161 billion, down from HKD 30.955 billion in the same period last year [1] - Basic earnings increased to HKD 11.321 billion, reflecting an 11% year-on-year growth [1] - The board proposed an interim dividend of HKD 0.71 per share, compared to HKD 0.688 per share for the period ending June 30, 2024 [1]

EF001 EF001 | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 長江和記實業有限公司之董事為: | | | 執行董事: | | | 李澤鉅先生 (主席) | | | 霍建寧先生 (副主席) | | | 陸法蘭先生 (集團聯席董事總經理兼集團財務董事) | | | 黎啟明先生 (集團聯席董事總經理) | | | 葉德銓先生 (副董事總經理) | | | 甘慶林先生 (副董事總經理) | | | 施熙德女士 | | | 甄達安先生 | | | 非執行董事: | | | 周近智先生 | | | 周胡慕芳女士 | | | 李業廣先生 | | | 獨立非執行董事: | | | 周靜宜女士 | | | 蓆紀倫先生 | | | 斐歷嘉道理先生 | | | 梁劉柔芬女士 | | | 戴保羅先生 | | | 詹婧翎女士 | | | 黃桂林先生 | | 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司 ...

[Performance Highlights and Chairman's Report](index=1&type=section&id=I.%20Performance%20Highlights%20and%20Chairman's%20Report) [Performance Highlights](index=1&type=section&id=1.1%20Performance%20Highlights) This section outlines the unaudited results for the six months ended June 30, 2025, including revenue, EBITDA, EBIT, reported profit, underlying profit, and interim dividend per share, compared to the same period last year, providing data under both IFRS 16 post-adoption and pre-adoption accounting standards 2025 H1 Key Financial Data (Post-IFRS 16) | Metric | 2025 (HKD million) | 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | 240,663 | 232,644 | - | | Total EBITDA | 56,983 | 63,422 | - | | Total EBIT | 23,161 | 30,955 | - | | Reported Profit (Underlying) | 11,321 | 10,205 | +11% | | Reported Profit (One-off Items) | (10,469) | - | - | | Reported Profit (Total) | 852 | 10,205 | -92% | | Reported Earnings Per Share | 0.22 | 2.66 | -92% | | Interim Dividend Per Share | 0.710 | 0.688 | +3% | 2025 H1 Key Financial Data (Pre-IFRS 16) | Metric | 2025 (HKD million) | 2024 (HKD million) | Change (Reported Currency) | Change (Local Currency) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 240,663 | 232,644 | +3% | +3% | | Total EBITDA | 44,998 | 52,201 | -14% | -15% | | Total EBIT | 20,487 | 28,843 | -29% | -30% | | Reported Profit | 440 | 10,192 | -96% | -98% | - The Group has adopted International Financial Reporting Standard 16 'Leases' ('IFRS 16') for its statutory reporting, while its management reporting continues to adopt the previous leasing accounting standard, International Accounting Standard 17 'Leases' ('IAS 17')[2](index=2&type=chunk) [Chairman's Report](index=2&type=section&id=1.2%20Chairman's%20Report) The Chairman's Report highlights a challenging economic environment in the first half of 2025, yet the Group achieved robust underlying profit growth, primarily driven by the merger of its UK telecom business with Vodafone, and strong performance in the Ports, Retail, and Infrastructure divisions, also noting a one-off non-cash loss and interim dividend distribution [Macroeconomic Environment and Group Performance](index=2&type=section&id=1.2.1%20Macroeconomic%20Environment%20and%20Group%20Performance) The economic environment in the first half of 2025 was challenging due to escalating geopolitical and trade tensions and weak consumer sentiment, with the Group's performance favorably impacted by exchange rate fluctuations but unfavorably by commodity prices, achieving a robust 11% growth in underlying profit net on a pre-IFRS 16 basis - The economic situation in the first half of **2025** was challenging, with escalating geopolitical and trade tensions, coupled with weak consumer sentiment[3](index=3&type=chunk) - Overall, exchange rate fluctuations had a favorable impact on performance, while commodity price movements did not[3](index=3&type=chunk) 2025 H1 Underlying Profit Growth (Pre-IFRS 16) | Metric | 2025 H1 (HKD million) | 2024 H1 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Underlying Net Profit | 11,362 | 10,192 | +11% | | Underlying EBITDA | 55,920 | 52,201 | +7% | | Underlying EBIT | 31,409 | 28,843 | +9% | - Growth was driven by enhanced performance in the Ports division, improvements in the Retail division, increased contributions from the Infrastructure division, and strong performance from CK Hutchison Group Telecom and treasury operations[3](index=3&type=chunk) [UK Telecom Business Merger](index=2&type=section&id=1.2.2%20UK%20Telecom%20Business%20Merger) The Group completed the merger of its UK telecom business with Vodafone UK in May 2025, recognizing a one-off non-cash loss but receiving approximately GBP 1.3 billion in net cash proceeds - The Group completed a major strategic transaction in May **2025**, the merger of its UK telecom business with Vodafone UK ('UK Merger')[3](index=3&type=chunk) - On a pre-IFRS **16** basis, the Group recognized a one-off non-cash loss and related impact of **HKD 10.922 billion** from the UK Merger[4](index=4&type=chunk) - The Group also received net cash proceeds of approximately **GBP 1.3 billion** from the merger[4](index=4&type=chunk) Impact of UK Merger on Reported Profit | Metric | 2025 H1 (HKD million) | 2024 H1 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Reported Profit (Pre-IFRS 16) | 440 | 10,192 | -96% | | Reported Profit (Post-IFRS 16) | 852 | 10,205 | -92% | | Reported Earnings Per Share (Post-IFRS 16) | 0.22 | 2.66 | -92% | [Dividend Policy](index=2&type=section&id=1.2.3%20Dividend%20Policy) The Board recommended an interim dividend of HKD 0.71 per share, representing an increase from the same period last year Interim Dividend Per Share | Metric | 2025 H1 (HKD) | 2024 H1 (HKD) | Change | | :--- | :--- | :--- | :--- | | Interim Dividend Per Share | 0.710 | 0.688 | +3% | - The Board recommended an interim dividend to be paid on Thursday, September **25**, **2025**, to shareholders whose names appear on the Company's register of members on Tuesday, September **16**, **2025**[5](index=5&type=chunk) [Business Segment Performance](index=3&type=section&id=II.%20Business%20Segment%20Performance) [Ports and Related Services](index=3&type=section&id=2.1%20Ports%20and%20Related%20Services) The Ports and Related Services division reported a 9% year-on-year increase in revenue, with EBITDA and EBIT growing by 10% and 12% respectively in the first half of 2025, driven by higher throughput, increased storage income, and effective cost management, with significant full-year profit growth expected Ports and Related Services Division 2025 H1 Performance | Metric | 2025 H1 (HKD million) | 2024 H1 (HKD million) | Change | Change (Local Currency) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 23,597 | 21,594 | +9% | +10% | | EBITDA | 8,719 | 7,938 | +10% | +8% | | EBIT | 6,508 | 5,785 | +12% | +11% | | Throughput (million TEUs) | 44.0 | 42.3 | +4% | - | - The increase in throughput was mainly driven by Yantian Port, Shanghai Port, and container terminals in Asia and the Middle East[7](index=7&type=chunk) - Storage income from Mexico and European ports surged by **27%**[7](index=7&type=chunk) - The Ports division made significant progress in reducing its environmental footprint, with Scope **1** and **2** emissions per TEU decreasing by nearly **4%** year-on-year, and diesel consumption reducing by **5%** year-on-year[37](index=37&type=chunk) [Retail](index=4&type=section&id=2.2%20Retail) The Retail division's total revenue grew by 8%, with EBITDA and EBIT increasing by 12% and 14% respectively in the first half of 2025, primarily driven by significant growth in health and beauty businesses in the UK, Poland, and the Philippines, though China's business was affected by weak consumer demand, with future growth strategies focusing on optimizing store locations, expanding online presence, and enhancing customer experience Retail Division 2025 H1 Performance | Metric | 2025 H1 (HKD million) | 2024 H1 (HKD million) | Change | Change (Local Currency) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 98,840 | 91,469 | +8% | +6% | | EBITDA | 7,974 | 7,089 | +12% | +8% | | EBIT | 6,180 | 5,433 | +14% | +9% | | Number of Stores | 16,935 | 16,548 | +2% | - | - Significant growth was observed in the health and beauty businesses in the UK, Poland, and the Philippines[9](index=9&type=chunk) - The China health and beauty business continued to underperform due to weak consumer demand, resulting in a **4%** reduction in store count[9](index=9&type=chunk)[39](index=39&type=chunk) - The number of dark stores for the China health and beauty business increased from **131** as of December **31**, **2024**, to **394** as of June **30**, **2025**, further enhancing online business capabilities[39](index=39&type=chunk) - The

Core Viewpoint - The China Securities Hong Kong 300 Communication Services Index has shown significant growth, with a 35.47% increase year-to-date, indicating a strong performance in the communication services sector in Hong Kong [1][2]. Group 1: Index Performance - The China Securities Hong Kong 300 Communication Services Index reported a value of 1613.72 points, with a monthly increase of 8.87% and a quarterly increase of 19.14% [1]. - The index is designed to reflect the overall performance of different industries in the Hong Kong market, based on the China Securities industry classification standards [1]. Group 2: Index Composition - The top ten holdings of the index include Tencent Holdings (15.4%), NetEase-S (14.3%), China Mobile (13.8%), Baidu Group-SW (13.04%), Kuaishou-W (11.78%), Cheung Kong (7.32%), China Telecom (4.52%), China Unicom (3.28%), Bilibili-W (2.89%), and China Tower (2.88%) [1]. - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [1]. Group 3: Industry Breakdown - The industry composition of the index shows that digital media accounts for 46.81%, telecommunications services for 30.27%, cultural entertainment for 16.22%, communication technology services for 2.88%, data centers for 1.97%, communication equipment for 1.06%, and marketing and advertising for 0.79% [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].

Core Viewpoint - The ongoing port transaction involving Li Ka-shing's CK Hutchison Holdings and China COSCO Shipping Group has raised significant concerns, particularly regarding the sale of key Panama Canal ports to a U.S. consortium led by BlackRock, amidst geopolitical tensions and regulatory scrutiny [1][3][5]. Group 1: Transaction Details - CK Hutchison Holdings announced plans to sell global port assets, including two critical ports in Panama, for $22.8 billion [1]. - The transaction has faced scrutiny from Chinese regulatory authorities, with the State Administration for Market Regulation indicating it would conduct a legal review of the deal [3][5]. - On April 22, CK Hutchison confirmed the sale of Balboa and Cristobal ports to the U.S. consortium, which are strategically located at the Panama Canal [3][5]. Group 2: Regulatory and Geopolitical Implications - The Chinese market regulator halted the transaction on April 23, citing concerns under the Anti-Monopoly Law, coinciding with U.S. military exercises in the canal area [5][9]. - The involvement of the Chinese government in reviewing the deal suggests heightened sensitivity to foreign control over critical infrastructure [5][9]. - The U.S. military's actions during this period indicate a potential geopolitical dimension to the transaction, raising questions about the implications for U.S.-China relations [9]. Group 3: Strategic Moves by Companies - China COSCO Shipping Group is seeking at least a 20% stake in the port transaction, but it appears that it will not acquire shares in the two Panama Canal ports [5][7]. - CK Hutchison's reluctance to allow a state-owned enterprise to hold stakes in the two key ports suggests a strategic maneuver to maintain control over valuable assets [7]. - The situation reflects a broader trend of Chinese companies navigating complex international transactions amid regulatory and geopolitical challenges [7].

Group 1 - The core index of the CSI Hong Kong-Shenzhen 500 Communication Services Index reported a value of 2130.47 points, with a monthly increase of 12.14%, a three-month increase of 18.91%, and a year-to-date increase of 24.37% [1] - The CSI Hong Kong-Shenzhen 500 Communication Services Index is categorized into 11 industries, reflecting the overall performance of different industry companies' securities [1] - The top ten weighted stocks in the index include Tencent Holdings (14.04%), China Mobile (13.1%), and Xinyi Technology (8.37%) among others [1] Group 2 - The industry composition of the CSI Hong Kong-Shenzhen 500 Communication Services Index shows that telecommunications services account for 36.87%, communication equipment for 27.08%, and digital media for 26.09% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Special circumstances may lead to temporary adjustments of the index samples, such as delisting or corporate actions like mergers and acquisitions [2]

Core Viewpoint - Li Ka-shing, a prominent Chinese businessman, is rapidly divesting his assets in China, leading to a shift in public perception and speculation about his motivations [2][6]. Group 1: Asset Divestment - In July, Li Ka-shing's Cheung Kong Group sold 400 residential units across four projects, marking a significant asset liquidation [3]. - The lowest entry-level property was priced at approximately 400,000 yuan, which is about one-third of the down payment for similar-sized residences in Hong Kong [4]. - By early August, many Cantonese-speaking Hong Kong buyers were reportedly rushing to purchase remaining units, indicating a strong demand despite the market conditions [6]. Group 2: Market Strategy and Historical Context - Historically, Li Ka-shing has been adept at acquiring land during market downturns and selling at peaks, but his current actions during a market low raise questions about his strategy [6][8]. - The case of the South City Hub project in Chengdu exemplifies his strategy of land hoarding and delayed development, where he purchased land in 2004 for over 2.1 billion yuan and later profited significantly from its eventual sale [10][11]. - By 2020, the average residential price for the land he acquired had soared to 24,000 yuan per square meter, yielding substantial profits from his long-term holding strategy [15]. Group 3: Regulatory Environment and Future Implications - The tightening of real estate regulations in China post-2015 has impacted Li Ka-shing's land hoarding tactics, leading to increased scrutiny and penalties for such practices [26]. - The shift in policy indicates a move towards promoting a healthier real estate market, which may challenge the viability of Li's previous investment strategies [27][28]. - The changing landscape suggests that the era of "time for space" strategies may be coming to an end, necessitating a reevaluation of capital operations in the real estate sector [27][28].

新华社北京6月4日电（记者申铖）2025年上海合作组织成员国财长和央行行长会议3日在北京举行。会议各方支持采取行动深化区域财金合 作，包括推进成立上合组织开发银行、建立上合组织财金智库网络等。 蓝佛安在会上表示，当前百年变局加速演进，新一轮科技革命和产业变革深入发展，数字化、绿色化、智能化趋势为上合组织成员国提供了 新的合作机遇。同时，贸易保护主义、全球化逆流、地缘冲突、气候变化等多重挑战交织叠加，给全球和地区经济金融稳定带来严峻考验。 蓝佛安称，各成员国应坚定维护多边主义，加强宏观经济政策协调，持续深化财金务实合作，弘扬"上海精神"，不断开创上合组织财金合作 新局面，为构建更加紧密的上合组织命运共同体作出新的更大贡献。 【纠错】 【责任编辑:赵文涵】 会议采取线上线下相结合的方式，由财政部部长蓝佛安和中国人民银行行长潘功胜共同主持。 会议深入讨论了全球和区域经济金融形势和挑战，分享了各国在财政货币、绿色转型、金融发展等方面的政策实践。各方支持采取行动深化 区域财金合作，在推进成立上合组织开发银行方面取得实质性进展，同意建立上合组织财金智库网络，并探讨了完善本币结算安排和深化数字普 惠金融合作等议题。 202 ...

Market Overview - The Hang Seng Index (HSI) closed at 24,793.53, down by 113.28 points or 0.45% on August 11 [1] - The index reached a high of 24,931.26 and a low of 24,760.85 during the trading session [1] Major Blue-Chip Stocks - HSBC Holdings closed at HKD 100.791, up by 0.84% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 558.587, down by 0.43% compared to the Hong Kong close [2] ADR Performance - Tencent Holdings (ADR) decreased by 2.413 HKD, or 0.43%, with an ADR price of USD 71.160 [3] - Alibaba Group (ADR) fell by 2.088 HKD, or 1.76%, with an ADR price of USD 118.640 [3] - HSBC Holdings (ADR) increased by 0.841 HKD, or 0.84%, with an ADR price of USD 64.200 [3] - Other notable movements include: - Xiaomi Group (ADR) down by 0.483 HKD, or 0.95% [3] - AIA Group down by 0.185 HKD, or 0.25% [3] - Meituan down by 0.983 HKD, or 0.82% [3] - BYD Company down by 0.740 HKD, or 0.66% [3]