Core Viewpoint - Shenzhen International (00152) reported a slight increase in revenue for the first half of 2025, but a significant decline in net profit attributable to shareholders, primarily due to the absence of one-time gains from previous logistics projects [1][2]. Financial Performance - Revenue for the first half of 2025 reached HKD 6.67 billion, a year-on-year increase of 0.9% [1]. - Net profit attributable to shareholders was HKD 490 million, a decrease of 24.9% compared to the previous year [1]. - Basic earnings per share were HKD 0.2 [1]. Logistics Business - The logistics segment generated revenue of approximately HKD 987 million, reflecting a 12% increase year-on-year due to the operational contributions from several logistics port projects [1]. - The absence of income from the "investment, construction, and management" model led to a 98% drop in net profit attributable to shareholders in this segment, amounting to approximately HKD 7.93 million [1][2]. Project Development - The company has been focusing on strengthening its logistics core business with a prudent investment strategy, emphasizing high operational efficiency and strong risk resilience [2]. - As of June 30, 2025, the company managed and operated 53 logistics port projects across 41 cities, with a total operational area of approximately 6.71 million square meters and an occupancy rate of about 87% for mature logistics parks [2]. Port and Related Services - Revenue from port and related services decreased by 13% year-on-year to approximately HKD 1.39 billion, attributed to reduced income from the port supply chain due to falling coal prices and overall market demand slowdown [3]. - Net profit attributable to shareholders in this segment fell by 72% to approximately HKD 12.04 million, impacted by increased depreciation and amortization costs from new project launches and intensified competition in the domestic port industry [3]. Toll Road and Environmental Business - The toll road and environmental business, managed by Shenzhen Expressway Group, reported total revenue of approximately HKD 4.22 billion, a 4% increase year-on-year [3]. - Net profit for Shenzhen Expressway increased by 21% year-on-year to approximately HKD 1.11 billion, benefiting from changes in the fair value of financial assets and significantly reduced financial costs [3]. - The company's share of profits from Shenzhen Expressway rose by 12% year-on-year to approximately HKD 484 million [3].

Financial Performance - Revenue for the six months ended June 30, 2025, was HKD 6,669,585, an increase of 0.9% compared to HKD 6,610,182 in 2024[3] - Operating profit decreased to HKD 1,208,879 from HKD 1,685,730, representing a decline of 28.3% year-over-year[3] - Net profit for the period was HKD 1,111,086, down 4.7% from HKD 1,166,093 in the previous year[4] - Basic and diluted earnings per share decreased to HKD 0.20 from HKD 0.27, a decline of 25.9%[4] - Total revenue for the six months ended June 30, 2025, was HKD 6,982,876, a slight increase from HKD 5,913,115 in the same period of 2024, representing a growth of approximately 11.4%[20] - Operating profit for the period was HKD 1,685,730, compared to a loss of HKD 111,695 in the previous year, indicating a significant turnaround[20] - Net profit attributable to equity holders was HKD 490,179, down from HKD 652,695 in the prior year, reflecting a decrease of about 25%[27] - Basic earnings per share for the six months ended June 30, 2025, was HKD 0.20, compared to HKD 0.27 in the same period of 2024, a decline of approximately 25.9%[27] - The profit attributable to ordinary shareholders for the six months ended June 30, 2025, was HKD 490,179,000, a decrease of 25% compared to HKD 652,695,000 for the same period in 2024[29] - The diluted earnings per share for the six months ended June 30, 2025, was HKD 0.20, down from HKD 0.27 in 2024, reflecting a decline of approximately 26%[29] Assets and Liabilities - Total assets increased to HKD 144,273,429 as of June 30, 2025, compared to HKD 135,997,560 at the end of 2024, reflecting a growth of 6.4%[6] - Non-current assets rose to HKD 117,974,306 from HKD 112,251,443, an increase of 5.8%[6] - Total liabilities increased to HKD 84,574,854 from HKD 81,474,402, marking a rise of 3.6%[7] - The company’s equity attributable to ordinary shareholders increased to HKD 33,175,440 from HKD 32,499,739, a rise of 2.1%[7] - As of June 30, 2025, the company reported a current liability exceeding current assets by HKD 7,595,658,000[10] - Total liabilities increased by 4% to HKD 84.58 billion from HKD 81.48 billion[120] - Shareholders' equity rose by 9% to HKD 59.70 billion, up from HKD 54.52 billion[120] - The debt-to-asset ratio decreased by 1 percentage point to 59% compared to the end of 2024[121] - The net debt-to-equity ratio increased by 2 percentage points to 95%, attributed to increased borrowing for investment activities[121] Business Segments - The company is primarily engaged in toll road and environmental protection businesses, as well as logistics operations in China[8] - The company’s major business segments include toll roads and environmental services, and logistics services[16] - Revenue from logistics business was HKD 1,763,023, a decrease from HKD 1,849,801 in the previous year, representing a decline of approximately 4.7%[20] - Revenue from toll roads and environmental services was HKD 4,219,853, an increase from HKD 4,063,314, reflecting a growth of about 3.9%[20] Capital Expenditures - Capital expenditures for the period amounted to HKD 3,453,516,000, indicating ongoing investment in infrastructure and assets[17] - Total capital expenditure for the period was HKD 3,230,131, which includes investments in property, plant, and equipment[20] - The group plans to invest approximately RMB 7.7 billion (equivalent to HKD 8.4 billion) in capital expenditures in the second half of 2025, focusing on logistics park and Shenzhen expressway projects[124] Cash Flow and Financing - The net cash inflow from operating activities was approximately HKD 1.431 billion, while net cash outflow from investing activities was about HKD 7.670 billion, and net cash inflow from financing activities was around HKD 4.855 billion[122] - As of June 30, 2025, the group held cash of approximately HKD 8.687 billion, a decrease of 10% compared to HKD 9.670 billion at the end of 2024, primarily due to payments for investment projects[123] - The total borrowings as of June 30, 2025, amounted to approximately HKD 65.413 billion, an increase of 8% from the end of the previous year, with 30% due within one year, 55% due between two to five years, and 15% due after five years[130] - The group maintained a cash and unused bank credit line of approximately HKD 133.3 billion, ensuring sufficient liquidity to support ongoing operations and business expansion[132] Strategic Initiatives - The company is focusing on high-quality projects in core cities like Shenzhen and Beijing, while advancing digital transformation and sustainable development initiatives[43] - The company is actively exploring the establishment of Pre-REITs private funds to cultivate quality logistics port projects for future asset expansion[61] - The company is implementing a "investment-construction-financing-management" closed-loop business model to optimize capital structure and reduce debt ratios[59] - The company is focusing on technological upgrades in logistics, integrating AI and big data to enhance operational efficiency and service offerings in the logistics sector[67] Environmental and Social Governance - The company is committed to integrating ESG practices into its operations, focusing on green and low-carbon development[119] - The group is committed to deepening strategic cooperation with China International Cargo Airlines to develop a comprehensive logistics system integrating air logistics, high-standard warehousing, and cold chain logistics[111] Market Conditions and Challenges - The company reported a fair value loss of HKD 9,330 on investment properties, compared to a loss of HKD 209,423 in the previous year, indicating an improvement[21] - The revenue from port and related services decreased by 13% year-on-year to approximately HKD 1.394 billion, primarily due to reduced coal prices and overall market demand slowdown[94] - The company is facing significant challenges due to industry competition and price wars, particularly at the Nanjing Xiba Port, which handled approximately 10.86 million tons of throughput in the first half of 2025[86] Logistics and Infrastructure Development - The company has established logistics ports in 35 cities outside Guangdong, with a total operational area of approximately 5.17 million square meters and an occupancy rate of about 86%[53] - The company is advancing the construction of the Shenzhen International Comprehensive Logistics Hub, ensuring high-quality completion as per schedule[116] - The company has established railway freight channels connecting major economic regions, achieving a domestic train dispatch volume of 64,000 standard containers in the first half of 2025[64]

Core Insights - The 22nd Shenzhen International Electronics Expo and Embedded Expo (elexcon2025) opened on August 26, attracting over 10,000 professional visitors on its first day [1] - The expo focuses on "All for AI, All for Green," emphasizing embedded AI, edge computing, power semiconductors, and advanced packaging technologies to support industry development in the AI era [1] - The event featured the 7th China Embedded Technology Conference, with industry experts from Qualcomm, Renesas, ARM, and others discussing trends in embedded AI and its role in industry transformation [1] Industry Participation - Over 400 global embedded and electronic technology suppliers participated in the expo, including companies like Advantech, SEGGER, and National Technology [2] - Multiple forums during the expo addressed hot topics such as AI computing power, smart cockpit technology, and advanced packaging [2] - The "Kaifa Gala" event attracted over 10,000 engineers for learning and interaction, showcasing new technologies and products, which were well-received by attendees [2]

其中，高通技术公司产品市场总监李大龙，在演讲中探讨了物联网行业演进趋势下，AI、计算与连接技术在推动产业变革中的核心作用，并分享了高通如 何通过技术、产品与生态布局满足行业需求。 第 22 届深圳国际电子展暨嵌入式展（ elexcon2025 ）在深圳（福田）会展中心开幕（主办方供图） 展会开幕当天同步举办了2025第七届中国嵌入式技术大会。本届大会邀请了高通、瑞萨、arm、NXP、雷赛智能、火山引擎等众多嵌入式领域专家，围绕嵌 入式AI、边缘AI、端测AI、具身智能等热门议题作主题演讲。 本届展会以"All for AI, All for Green"为主题 8月26日，第22届深圳国际电子展暨嵌入式展（elexcon2025）在深圳（福田）会展中心开幕。展会首日，超过万名专业观众入场参观交流。 作为中国电子与嵌入式技术领域的专业大展，本届展会以"All for AI, All for Green"为主题，聚焦嵌入式AI与边缘计算、存储、功率半导体、电源、元器件以 及SiP/先进封装等方向，旨在为AI时代相关行业的发展提供全栈技术与供应链支持，也为工程师和技术决策者提供交流机会。 本次展会吸引了全球400多 ...

Core Insights - The 22nd Shenzhen International Electronics Expo and Embedded Expo (elexcon2025) opened on August 26, focusing on "All for AI, All for Green" and highlighting embedded AI, edge computing, and power semiconductors [1] - Over 400 global embedded and electronic technology suppliers participated, including notable companies like Guomin Technology, Lingdong Micro, and Zhiduo Crystal [1] - Qualcomm's product marketing director delivered a keynote on the role of AI, computing, and connectivity technologies in driving industry transformation [1] Group 1 - The expo aims to provide technical and supply chain support for industries related to AI, featuring over ten forums on topics such as AI computing power and advanced packaging [1] - Qualcomm introduced its "Qualcomm Leap" brand, which supports industrial IoT and cellular infrastructure with a product line achieving up to 100 TOPS of dense computing power [2] - The Qualcomm Leap brand encompasses a wide range of products and supports various operating systems, catering to the intelligent needs of multiple industries [2] Group 2 - Qualcomm has collaborated with over 70 partners to create an IoT application case collection, showcasing more than 150 cases across ten industries [2] - The focus on edge computing and connectivity is crucial for integrating AI technologies into industrial applications [2] - Qualcomm's solutions are designed to support long lifecycle product development and operations, enhancing the adaptability of IoT applications [2]

Core Insights - The "Pacific World" cruise ship from Peace Boat docked at Shenzhen International Cruise Homeport, bringing 1,600 international tourists from countries including Japan, South Korea, and the United States to Shenzhen [1] - The cruise marks Shenzhen as the first stop in its global voyage, showcasing the area's appeal as a "world-class coastal tourism destination" through various activities [1] Group 1: Tourist Experience - Nearly 500 international tourists visited popular attractions such as Qianhai Stone Park, Happy Harbor, Song Shao Emperor's Tomb, and Chiwan Tianhou Museum [1] - Tourists experienced enhanced entry services, including dedicated customs and border inspection channels, currency exchange services, and multilingual support [1] Group 2: Local Development and Future Plans - The rapid development of Qianhai, particularly in the cultural and tourism sectors, has impressed visitors and stakeholders alike [1] - Future plans include more aerial sightseeing products to further showcase Qianhai's charm to international tourists [1]

（於百慕達註冊成立之有限公司） （股份代號：00152） 海外監管公告 隨附之文件乃深圳國際控股有限公司（「本公司 」）的附屬公司深圳 高速公路集團股份有限公司所發佈的《2025 年半年度業績初步公告》。 2025 年 8 月 22 日 於本公告日期，本公司董事會的成員包括執行董事李海濤先生、劉征宇先生及王沛航先 生；非執行董事蔡曉平先生；以及獨立非執行董事潘朝金先生、曾志博士、王國文博士 及丁春艷教授。 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。 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。 ( 於中華人民共和國註冊成立的股份有限公司 ) (股份代號：00548) 2025 年半年度業績初步公告 一、 重要提示 1.1 重要提示 本公司 2025 年半年度業績初步公告摘自本公司 20 ...

Core Insights - The article highlights the participation of HIFIMAN, a leading Chinese high-end audio brand, at the 19th Shenzhen International Audio Exhibition, showcasing its flagship electrostatic headphones, Shangri-La, and several new products featuring advanced technologies [1][5]. Company Overview - HIFIMAN was founded in 2005 by Dr. Fang Bian and established HIFIMAN Technology Group Co., Ltd. in Kunshan, Jiangsu in 2011, becoming a top brand in China's high-end audio equipment market [5]. - The company focuses on the research, production, sales, and service of key acoustic components, differentiating itself from mass-market audio products by emphasizing "high-fidelity sound quality" and "ultimate user experience" [5]. Technological Advancements - HIFIMAN has developed an "enhanced magnetic technology" that utilizes non-rare earth magnetic materials to achieve sensitivity levels close to those using rare earth magnets, improving sound quality and compatibility with audio equipment [5]. - The company has built an innovative system comprising eight core technology matrices and holds over a hundred international patents [5]. Financial Performance - In 2023, HIFIMAN reported a revenue of 226 million yuan, a year-on-year increase of 11.18%, and a net profit of 68.97 million yuan, up 24.27%, indicating improved operational quality [6]. - The growth in revenue is attributed to the increasing market recognition of high-end product lines and enhanced supply chain management efficiency [6]. Market Position and Strategy - HIFIMAN's flagship products, such as the "HE1000" and "SUSVARA" headphone series, have solidified the company's position in the high-end HiFi headphone market [6]. - The company has successfully penetrated the North American and European markets, with overseas revenue accounting for over 60% of total revenue [7]. - HIFIMAN employs a "technology + culture + operation" strategy to enter challenging high-end markets in Europe, the U.S., and Japan, utilizing both online platforms like Amazon and eBay and offline events to enhance brand influence [7]. Future Developments - HIFIMAN's application for listing on the Beijing Stock Exchange has been accepted, with Shenyang Securities as the sponsor [8].

Group 1 - Shenzhen International (00152.HK) will hold a board meeting on August 27, 2025, to consider and approve the unaudited interim results for the six months ending June 30, 2025 [1] - The company emphasizes its quality resources and the transformation and upgrading of logistics parks, which are expected to bring performance elasticity [2]

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: 深圳國際控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 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) | 00152 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 1 | HKD | | 3,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,000,000,000 | HKD | | 1 | HKD | | 3,000,000,000 | 本月底法定/註冊股本 ...