Core Viewpoint - The company reported significant growth in both revenue and net profit for the first half of 2025, indicating strong operational performance and financial health [1] Financial Performance - The company achieved operating revenue of 637 million yuan, representing a year-on-year increase of 374.85% [1] - The net profit attributable to shareholders reached 103 million yuan, showing a remarkable year-on-year growth of 1732.32% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 94.35 million yuan [1] - Basic earnings per share were reported at 0.1018 yuan [1]

Group 1 - The core viewpoint of the news is that Shenzhen Teli (Group) Co., Ltd. has shown a significant decrease in total revenue while maintaining a positive growth in net profit for the latest reporting period [1] - As of August 25, 2025, Teli A's stock price closed at 18.21 yuan, with a 2.07% increase and a trading volume of 190,000 hands, amounting to a transaction value of 343 million yuan [1] - The company's total revenue for the first half of 2025 was 878 million yuan, a year-on-year decrease of 44.41%, while the net profit attributable to shareholders was 84.01 million yuan, a year-on-year increase of 9.59% [1] Group 2 - The company has a current ratio of 1.294 and a quick ratio of 1.198, indicating a stable liquidity position [1] - The debt-to-asset ratio stands at 28.96%, reflecting a relatively low level of financial leverage [1] - Shenzhen Teli has made investments in 41 companies and participated in 647 bidding projects, showcasing its active engagement in business expansion [2]

Group 1 - Real estate stocks are performing strongly, with Vanke A reaching the daily limit, and Vanke Enterprises in Hong Kong rising over 11% [2] - Other notable gainers include Rongsheng Development, which also hit the daily limit, and Gindalbie Group, which increased by over 8% [2] - The overall market indices are up, with the Shanghai Composite Index rising nearly 1%, and the Shenzhen Component Index increasing by nearly 1.8% [7] Group 2 - Vanke reported a revenue of 105.32 billion yuan for the first half of the year, with sales amounting to 69.11 billion yuan and a sales collection rate exceeding 100% [6] - The company achieved a project turnover rate of over 90% for multiple projects launched in various regions [6] - Vanke's total income from its operational services reached 28.42 billion yuan in the first half of the year [6]

Group 1 - The company reported a revenue of 878 million yuan for the first half of 2025, representing a year-on-year decrease of 44.41% [1] - The net profit attributable to shareholders of the listed company was 84.01 million yuan, showing a year-on-year increase of 9.59% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 76.47 million yuan, reflecting a year-on-year growth of 8.54% [1] - The basic earnings per share were 0.1949 yuan [1]

Core Viewpoint - The China Securities Hong Kong 300 Infrastructure Index (H300 Infrastructure) has shown positive performance, with a 2.81% increase over the past month, a 5.08% increase over the past three months, and an 11.50% increase year-to-date [2] Group 1: Index Performance - The H300 Infrastructure Index is currently reported at 1935.88 points [1] - The index reflects the overall performance of listed companies in various sectors such as banking, transportation, resources, infrastructure, logistics, and leisure [2] Group 2: Index Composition - The top ten weighted companies in the H300 Infrastructure Index are: China Mobile (33.75%), Cheung Kong (8.46%), CLP Holdings (8.25%), China Telecom (5.48%), Hong Kong and China Gas (4.88%), Power Assets Holdings (4.68%), China Unicom (3.86%), ENN Energy (3.12%), China Resources Power (2.53%), and CK Infrastructure Holdings (2.48%) [2] - The index is composed entirely of companies listed on the Hong Kong Stock Exchange, with a sector breakdown of 53.10% in telecommunications services, 41.42% in utilities, 4.22% in construction and decoration, and 1.27% in transportation [2] Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]

如閣下希望收取公司通訊的印刷本，請填妥及簽署隨附的要求表格，並使用已預付郵費的郵寄標籤寄回至本公司股份過戶處， 或電郵至clp.ecom@computershare.com.hk。如閣下不採取任何行動，公司將以電郵通知閣下有關公司通訊的發布。如未能提 供電郵地址，則以郵寄方式通知。 中電控股有限公司 CLP Holdings Limited (股份代號 Stock Code: 00002) 香港九龍啟德承啟道43號中電總部 CLP Headquarters, 43 Shing Kai Road Kai Tak, Kowloon, Hong Kong 電話 Tel (852) 2678 8111 傳真 Fax (852) 2760 4448 2025年8月19日 網址 Website www.clpgroup.com 親愛的非登記股東1： 1. 2025中期報告 中電控股（中電）2025中期報告的中、英文版已載於（a）本公司網站（www.clpgroup.com）「投資者關係」欄目的「財務報告」；及 （b）香港聯合交易所有限公司（聯交所）網站（www.hkexnews.hk）。如閣下已選擇收取公司通訊2的印刷本 ...

中電控股有限公司 CLP Holdings Limited (股份代號 Stock Code: 00002) 香港九龍啟德承啟道43號中電總部 CLP Headquarters, 43 Shing Kai Road Kai Tak, Kowloon, Hong Kong 電話 Tel (852) 2678 8111 傳真 Fax (852) 2760 4448 網址 Website www.clpgroup.com 2025年8月19日 親愛的股東： 1. 2025中期報告 中電控股（中電）2025中期報告的中、英文版已載於（a）本公司網站（www.clpgroup.com）「投資者關係」欄目的「財務報告」；及 （b）香港聯合交易所有限公司（聯交所）網站（www.hkexnews.hk）。如閣下已選擇收取公司通訊1 的印刷本，隨函附上閣下所選擇 之語文版本的報告。 2. 公司通訊收取方式的安排 閣下可隨時免費（a）要求更改2收取公司通訊的語文版本及╱或收取方式，或（b）若以電子方式查閱公司通訊時出現任何困難， 可要求索取印刷本。 上述有關公司通訊的安排不包括可供採取行動的公司通訊3，可供採取行動的公司通訊之印 ...

中電控股有限公司 CLP Holdings Limited (股份代號 Stock Code: 00002) 香港九龍啟德承啟道43號中電總部 CLP Headquarters, 43 Shing Kai Road Kai Tak, Kowloon, Hong Kong 電話 Tel (852) 2678 8111 傳真 Fax (852) 2760 4448 網址 Website www.clpgroup.com 2025年8月19日 親愛的股東： 1. 2025中期報告 隨函附上中電控股（中電）2025中期報告的中、英文版，報告已載於（a）本公司網站（www.clpgroup.com）「投資者關係」欄目的 「財務報告」；及（b）香港聯合交易所有限公司（聯交所）網站（www.hkexnews.hk）。 2. 公司通訊1收取方式的安排 董事會於2025年8月4日宣布派發2025年第二期中期股息每股0.63港元，此股息將於2025年9月15日派發予於2025年9月4日已 登記在股東名冊上的股東。本公司將於2025年9月4日暫停辦理股份過戶登記手續。凡擬收取第二期中期股息的人士，務請於 2025年9月3日星期三下 ...

Group 1 - The core viewpoint of the news is that Shenzhen Teli (Group) Co., Ltd. has experienced a significant decline in revenue and profit in the first quarter of 2025, indicating potential challenges for the company moving forward [1][3] - As of August 15, 2025, Teli A's stock price closed at 17.5 yuan, with a slight increase of 0.17% and a trading volume of 107,500 hands, amounting to a transaction value of 188 million yuan [1] - The company's latest financial report shows total operating revenue of 328 million yuan, a year-on-year decrease of 56.68%, and a net profit attributable to shareholders of 34.23 million yuan, down 2.89% year-on-year [1] Group 2 - The company has a current ratio of 1.266, a quick ratio of 1.078, and a debt-to-asset ratio of 25.12%, indicating a relatively stable liquidity position [1] - Shenzhen Teli has made investments in 41 enterprises and participated in 646 bidding projects, showcasing its active engagement in business expansion [2] - The company holds 45 trademark registrations and has obtained 43 administrative licenses, reflecting its commitment to intellectual property and regulatory compliance [2]

Core Viewpoint - UBS downgraded China Electric Power Holdings (00002) from "Buy" to "Neutral" and reduced the target price from HKD 74 to HKD 70 due to short-term pressures on the company's fundamentals from unfavorable overseas factors [1] Summary by Relevant Categories Company Performance - China Electric's Hong Kong operations remain strong and predictable, but earnings pressure from Australia and mainland China is evident in the first half of 2025 [1] - The underperformance of non-local businesses may limit expected earnings growth for the fiscal year 2025, leading to a flat annual dividend per share, contrary to previous forecasts of a 3% increase [1] Dividend Forecast - UBS maintains a long-term forecast of a 3% average annual growth in dividends from 2026 to 2029, anticipating a gradual return to stable growth after the stabilization of non-local businesses [1] Market Comparison - The forward dividend yield of 4.8% for China Electric has narrowed to below the historical average by one standard deviation, compared to a 49 basis point yield on U.S. 10-year Treasury bonds, indicating reduced attractiveness relative to the industry average of 73 basis points [1] Earnings Projections - UBS has lowered its earnings forecasts for China Electric for 2025 to 2027 by 11%, 8%, and 7% respectively, reflecting last year's performance and the disappointing results of non-local businesses, particularly in mainland China and Australia [1]