Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of HKD 29.90 [1][5][32] Core Views - The company reported a revenue of HKD 27.4 billion for the first half of 2025, a decrease of 6.5% year-on-year, while the net profit attributable to shareholders was HKD 7.709 billion, an increase of 27.5% year-on-year. However, the recurring profit was below expectations at HKD 3.391 billion, down 15.7% year-on-year [1][5] - The property development segment is experiencing a harvest period, with profits from property development reaching HKD 5.542 billion, up 218.5% year-on-year, driven by the recovery of the Hong Kong property market [1][4] - The report highlights the challenges faced by the Hong Kong rail operations due to rising operational costs, with EBIT down 76% year-on-year despite a revenue increase of 3.3% [2][3] Summary by Sections Financial Performance - The company’s revenue for 1H25 was HKD 27.4 billion, a decrease of 6.5% year-on-year, while net profit attributable to shareholders was HKD 7.709 billion, an increase of 27.5% year-on-year. The recurring profit was HKD 3.391 billion, which was 9% lower than expectations [1][5] - The company plans to distribute an interim dividend of HKD 0.42 per share, unchanged from the previous year [1] Operational Insights - The Hong Kong rail operations generated revenue of HKD 11.5 billion in 1H25, up 3.3% year-on-year, but EBIT fell to HKD 0.98 billion, down 76% year-on-year due to increased employee costs and inflation [2] - The report notes that the new rental rates for shops in the Hong Kong stations continued to decline, with a drop of 7.0% year-on-year [3] Property Development - The property development segment recorded a net profit of HKD 5.542 billion, primarily from projects in the Whampoa area, with a significant increase attributed to a low base from the previous year [4] - The report indicates that the Hong Kong property market is showing signs of recovery, with a 0.6% increase in the private residential price index over three consecutive months [4] Profit Forecast and Valuation - The report adjusts the net profit forecasts for 2025-2027 downwards by 11%, 3%, and 17% to HKD 18.1 billion, HKD 21 billion, and HKD 11 billion respectively [5][31] - The valuation is based on a discounted cash flow (DCF) method with a WACC of 7.0% and a perpetual growth rate of 3%, leading to a target price of HKD 29.90 per share [5][32]

花旗发表研究报告指出，对港铁公司能以非常合理的利率发债和发行永久证券集资不会感到怀疑，以此 资助新铁路项目不断增加的资本支出。上述工具的发行可能意味着港铁公司的每股盈利与每股股息之间 的差距(花旗预计未来几年每股股息零增长)将继续扩大。 该行续指出，香港消费者支出行为的变化，已影响港铁公司的本地铁路营运、车站商业和物业租赁业 务，预计短期内不会有显著复苏。该行维持对港铁公司的"沽售"评级，在将估值基础延展至2026财年 后，目标价从23港元上调至24.5港元；将2025财年盈利预测下调14%，但将2026至2027财年盈测上调3% 至4%。 ...

Group 1: Core Insights - Rongchang Biologics (09995.HK) announced that its innovative drug Taitasip (brand name: Tai Ai®) for treating primary Sjögren's syndrome has met the primary endpoint in a Phase III clinical trial in China [1] - Taitasip is the first BLyS/APRIL dual-target fusion protein drug to complete Phase III research in the field of Sjögren's syndrome globally [1] - The clinical trial was a multi-center, randomized, double-blind, placebo-controlled study aimed at evaluating the efficacy and safety of Taitasip, with the primary endpoint being the change in ESSDAI score at week 24 compared to baseline [1] Group 2: Disease Background and Drug Mechanism - Sjögren's syndrome is a chronic inflammatory autoimmune disease characterized by lymphocytic infiltration and damage to exocrine glands, leading to persistent dry mouth and dry eyes, and can affect multiple organ systems [2] - The prevalence of Sjögren's syndrome in China is estimated to be between 0.3% and 0.7%, with an increasing trend indicating a significant unmet clinical need [2] - Taitasip is a novel dual-target fusion protein developed by the company that simultaneously inhibits the overexpression of BLyS and APRIL, effectively preventing abnormal differentiation and maturation of B cells [2] Group 3: Regulatory and Clinical Recognition - Taitasip has received multiple authoritative guideline recommendations in China, including the "Clinical Practice Guidelines for Sjögren's Syndrome" and the "Expert Consensus on B-cell Targeted Therapy for Rheumatic and Immune Diseases" [2] - Internationally, Taitasip has been granted Fast Track designation by the U.S. FDA for its indication in Sjögren's syndrome and has been approved to conduct global multi-center Phase III clinical trials [2]

第 1 頁 共 2 頁 v 1.1.1 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 董事局: 歐陽伯權博士(主席)**、金澤培博士(行政總裁)、包立賢*、陳振彬博士*、鄭恩基*、許少偉*、劉麥嘉軒*、李惠光*、吳永 嘉*、孫淑貞* 、唐家成博士*、黃幸怡*、黃冠文*、黃慧群教授*、許正宇(財經事務及庫務局局長)**、運輸及物流局局長(陳美 寶)**、發展局常任秘書長(工務)(劉俊傑)**及運輸署署長(李頌恩)** 執行總監會: 金澤培博士、楊美珍 、鄭惠貞、蔡少綿、鄧輝豪、樊米高、馬琳、鄧智輝及黃琨暐 * 獨立非執行董事 ** 非執行董事 EF001 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對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 香港鐵路有限公司 | | 股份代號 | 00066 | | 多櫃檯股份代 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 MTR CORPORATION LIMITED 香港鐵路有限公司 ( 「本公司」 ) （於香港成立之有限公司） （股份代號：66） 截至 2025 年 6 月 30 日止六個月 未經審核業績公告 | 業績 | | | | | --- | --- | --- | --- | | | 截至 6 月 30 | 日止六個月 | 利好 /（不利） | | 百萬港元 | 2025 年 | 2024 年 | 變動 | | 總收入 | 27,360 | 29,271 | (6.5)% | | 經常性業務利潤 | 3,391 | 4,024 | (15.7)% | | 物業發展利潤 | 5,542 | 1,740 | 218.5% | | 投資物業公允價值計量 | | | | | （虧損）/ 收益 | (1,224) | 280 | n/m | | 本公司股東應佔淨利潤 | 7,709 | 6,044 | 27.5% | ...

由长江实业集团有限公司（「长江实业」）及港铁公司合作发展的港岛南区地标住宅发展项目「Blue Coast」及「Blue Coast II」(以下概称「Blue Coast」)，其住客尊属升降机Bluestar正式启用，意味着发 展商准备开放现楼的工作已进入最后阶段。长江实业副首席经理（营业）杨桂玲表示，有机会最快于24 小时内，公布「Blue Coast II」以现楼形式推售的首张价单及参观现楼相若单位的详情。 •客厅饭厅共长约18呎11吋、最阔处约10呎。 •客厅设玻璃幕墙转角窗户，可两面开窗，除增加天然采光，亦增强空气流通。 •厨房采用德国品牌Leicht厨柜，并采用电动铰门设计，配合L型工作枱面，提供寛敞的备餐空间。 •厨房更配备一系列德国品牌Gaggenau厨房家电，包括冰箱、抽油烟机、单头煤气煮食炉、双头电磁 炉、蒸焗炉及洗衣/干衣机，另配备法国品牌Vinvautz酒柜。 •主人睡房最长处约11呎9吋，阔约8呎，可三边落床。玻璃幕墙窗户可引入更多自然光线，提升房间室 内采亮度，营造明亮舒适感觉。房间预留倘大空间，可设计成衣帽间。 长江实业副首席经理（营业）杨桂玲 「Blue Coast」乃港岛南岸中 ...

FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 香港鐵路有限公司 | | | 呈交日期: | 2025年8月5日 | | | I. 法定/註冊股本變動 | 不適用 | | II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00066 | 說明 | 不適用 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 6,224,823,171 | | 0 | | 6,224,823,171 | | 增加 / 減少 (-) | | | 0 ...

Core Viewpoint - The Hong Kong government has approved the financial arrangements for the first part of the Northern Link project, which aims to enhance transportation efficiency and connectivity in the region, with a target completion date of 2034 or earlier [1][2]. Group 1: Project Overview - The Northern Link main line will connect the existing Tuen Ma Line and East Rail Line, with new stations planned along the route [1]. - The project includes a branch line that will connect to the newly established Huanggang Port station in Shenzhen [1]. Group 2: Financial Aspects - The budget for the first part of the Northern Link project is approximately HKD 31.4 billion, based on prices from July 2025 [2]. - The project aims to significantly reduce travel time from 60-80 minutes to about 12 minutes between Kam Sheung Road and Kwu Tung [2]. Group 3: Strategic Importance - The Hong Kong government emphasizes the strategic value of the Northern Link project, aiming to accelerate its development through innovative planning and the adoption of mainland construction standards [1]. - The project is expected to promote the development of the northern metropolitan area of Hong Kong [2].

Core Viewpoint - The Railway Technology Innovation Alliance is focused on enhancing technological self-reliance and high-quality development in the railway sector through collaborative innovation and the establishment of an international standardization committee [1][2]. Group 1: Achievements and Innovations - The alliance has successfully implemented an innovation-driven development strategy, resulting in significant achievements such as the "Fuxing" high-speed train project winning the National Science and Technology Progress Award [1]. - Key technological advancements include the design and successful release of the CR450 train prototype, the regular operation of 30,000-ton heavy-duty trains, and the deepening of technological innovations in various fields such as mobile equipment and communication signals [1][2]. Group 2: Future Plans and Strategic Focus - The alliance plans to integrate research resources and enhance the synergy between technological and industrial innovation to elevate the overall effectiveness of the railway innovation system [2]. - Future initiatives will focus on major technological breakthroughs, promoting the transformation of scientific achievements into practical applications, and improving the railway technology innovation system [2][3]. Group 3: International Collaboration and Standardization - The establishment of the International Standardization Working Committee aims to convert alliance innovations into national and industry standards, enhancing China's railway standards on an international level [2][3]. - A joint funding agreement was signed to expand the scale of the railway basic research fund, promoting deeper collaboration between Hong Kong and mainland railway technology sectors [3].

Core Viewpoint - Hong Kong MTR Corporation has officially launched a trial "Pet Travel" program on the Light Rail, allowing pet owners to take their cats and dogs on board during weekends and public holidays starting from the 1st of the month [1] Group 1 - The program permits pet owners to carry their pets on the Light Rail, provided they purchase a "Pet Travel Permit" in addition to their own fare [1] - The trial is applicable to cats and dogs, while service animals such as guide dogs and police dogs are exempt from this requirement [1] - MTR has issued specific terms and conditions regarding the use of the "Pet Travel Permit," detailing the areas where pets can travel, designated boarding and alighting locations, and specifications for carrying bags [1]