（於香港註冊成立之有限公司) （股份代號：271） （「本公司」） 委員會應按需要時舉行會議。 3 出席會議 4 委員會決議案 提名委員會職權範圍 1 成員 2 會議次數 一項經委員會全體成員簽署的書面決議案，應視為有效及有作用，猶如該決議案是 在一次妥為召開及舉行的委員會會議上通過一樣，而有關決議案可由一式多份，每 份由一名或多於一名委員會成員簽署的文件組成。 - 1 - 委員會將在董事會授權下賦予以下職責及授權： 6 提名政策及程序 董事會應根據本公司業務而具備適當所需技巧、經驗及多樣的觀點與角度，並應確 保各董事能按其角色及董事會職責向本公司投入足夠時間並作出貢獻。董事會中執 行董事與非執行董事（包括獨立非執行董事）的組合應該保持均衡，以使董事會上 有強大的獨立元素，能夠有效地作出獨立判斷。為確保董事會組成人員的變動不會 帶來不適當的干擾，本公司應設有正式、經審慎考慮並具透明度的董事甄選、委任 及重新委任程序，並設定有秩序的董事繼任計劃（如認為有需要），包括定期檢討 此類計劃。委任新董事（作為新增董事或填補所出現的臨時空缺）或重新委任任何 董事乃經委員會推薦候選人後由董事會作出決定。 - 2 - (a) ...

Core Viewpoint - The company, Muyuan Foods, reported significant growth in its financial performance for the first half of 2025, with substantial increases in revenue and net profit, indicating strong operational efficiency and market demand for its products [1][2]. Financial Performance - The company achieved operating revenue of 764.63 billion yuan, a year-on-year increase of 34.46% [2]. - Net profit attributable to shareholders reached 105.3 billion yuan, reflecting a remarkable growth of 1169.77% compared to the previous year [1][2]. - Basic earnings per share were 1.96 yuan, up 1206.67% year-on-year [1][2]. - The net cash flow from operating activities was 17.35 billion yuan, an increase of 12.13% [2]. - The weighted average return on equity rose to 13.79%, up 12.49 percentage points from the previous year [2]. Production and Sales - In the first half of 2025, the company sold 46.91 million pigs, including 38.39 million market pigs [2]. - The company slaughtered 11.41 million pigs, a year-on-year increase of 110.87% [2]. - The total sales of fresh and frozen pork products reached 127.36 thousand tons [2]. Cost Management and Future Plans - The company reported a decrease in pig farming costs, with the complete cost in June 2025 being below 12.1 yuan/kg [3]. - The company aims to achieve an average cost target of 12 yuan/kg for the year through technological innovation and refined management [3]. - Muyuan Foods is expanding its international presence, having established a subsidiary in Vietnam and submitted an application for H-share listing in Hong Kong [3]. Dividend and Share Buyback - The company announced a mid-term dividend plan, proposing a cash dividend of 9.32 yuan per 10 shares, totaling approximately 5 billion yuan, which represents 47.50% of the net profit attributable to shareholders [3][4]. - In the first half of 2025, the company repurchased shares amounting to 1.11 billion yuan, with total cash dividends and share buybacks reaching 6.11 billion yuan, accounting for 58.04% of the net profit [4]. Market Capitalization - As of August 20, 2025, the company's stock price was 47.5 yuan per share, resulting in a total market capitalization of 259.5 billion yuan [4].

Group 1: Financial Performance Highlights - Muyuan Foods reported a revenue of 76.463 billion yuan for the first half of 2025, a year-on-year increase of 34.46%, and a net profit of 10.53 billion yuan, up 1169.77% [1] - Suotong Development achieved a revenue of approximately 8.31 billion yuan, a 28.28% increase year-on-year, with a net profit of approximately 523 million yuan, reflecting a growth of 1568.52% [1] - Hanma Technology reported a revenue of approximately 2.85 billion yuan, a 50.03% increase year-on-year, and a net profit of approximately 27.73 million yuan, turning from loss to profit [5] - Weicai Technology's revenue reached approximately 634 million yuan, up 47.53% year-on-year, with a net profit of approximately 101 million yuan, an increase of 831.03% [5] - Baiyun Airport reported a revenue of approximately 3.73 billion yuan, a 7.68% increase year-on-year, and a net profit of approximately 750 million yuan, up 71.32% [6] Group 2: Corporate Actions - Heng Rui Pharmaceutical plans to repurchase shares with a total investment of between 1 billion to 2 billion yuan, with a maximum repurchase price of 90.85 yuan per share [2] - Tianwei Foods is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy and optimize its capital structure [3] - Juran Smart Home elected Wang Ning as the chairman of the board and appointed him as CEO, effective immediately [11]

Core Viewpoint - The company Muyuan Foods (牧原股份) reported significant growth in its financial performance for the first half of 2025, with substantial increases in revenue and net profit, indicating strong operational efficiency and market demand for its products [2][4]. Financial Performance - The company achieved operating revenue of 764.63 billion yuan, a year-on-year increase of 34.46% [3]. - Net profit attributable to shareholders reached 10.53 billion yuan, reflecting a remarkable growth of 1169.77% compared to the same period last year [3]. - Basic earnings per share were 1.96 yuan, up 1206.67% year-on-year [3]. - The net cash flow from operating activities was 17.35 billion yuan, an increase of 12.13% [3]. - The weighted average return on equity rose to 13.79%, up 12.49 percentage points from the previous year [3]. Production and Sales - In the first half of 2025, the company sold 46.91 million pigs, including 38.39 million market pigs and 8.29 million piglets [2][4]. - The company slaughtered 11.41 million pigs, a year-on-year increase of 110.87% [2]. - The total sales of fresh and frozen pork products reached 127.36 thousand tons [2]. Cost Management and Future Plans - The company reported a decrease in pig farming costs, with the complete cost in June 2025 being below 12.1 yuan/kg [4]. - Plans to achieve an average cost target of 12 yuan/kg for the year through technological innovation and refined management practices were outlined [4]. - Muyuan Foods is expanding its international presence, having established a subsidiary in Vietnam and submitted an application for H-share listing in Hong Kong [4]. Dividend and Share Buyback - The company announced a mid-term dividend plan, proposing a cash dividend of 9.32 yuan per 10 shares, totaling approximately 5 billion yuan, which represents 47.50% of the net profit attributable to shareholders for the first half of 2025 [4][5]. - The total amount for cash dividends and share buybacks in the first half of 2025 was 6.11 billion yuan, accounting for 58.04% of the net profit [5]. Market Position - As of August 20, 2025, the company's stock price was 47.5 yuan per share, with a total market capitalization of 259.5 billion yuan [6].

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue growing by 34.46% and net profit increasing by 1169.77% [2][3] Financial Performance - The company achieved a revenue of 764.63 billion yuan and a net profit attributable to the parent company of 105.3 billion yuan in the first half of 2025 [3] - Operating cash flow reached 173.51 billion yuan, reflecting a year-on-year growth of 12.13% [3] - Basic earnings per share were reported at 1.96 yuan, marking a 1206.67% increase year-on-year [3] Operational Highlights - The company sold 46.91 million pigs in the first half of 2025, including 38.39 million commodity pigs and 8.29 million piglets [3] - The slaughtering of pigs reached 11.41 million, with a year-on-year growth of 110.87% and a capacity utilization rate of 78.72% [3] - Revenue from the meat processing business was 19.345 billion yuan, showing a year-on-year increase of 93.83% [3] Cost Management - The company's pig farming cost was reduced to below 12.1 yuan/kg by June 2025, with a target of achieving an average cost of 12 yuan/kg for the year [4] - This cost level provides a competitive advantage in the industry, supporting stable profitability amid market fluctuations [4] Strategic Initiatives - The significant growth in piglet sales reflects the successful implementation of the company's "industry interconnection and support for farmers" strategy [4] - The meat processing business has expanded, with over 70 service stations established across 20 provincial-level regions in the country [4] - The company employs a "self-raising and self-slaughtering" business model, ensuring full coverage of the supply chain from feed processing to end sales, enhancing food safety and maximizing the value creation of each pig [4]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue growing by 34.46% and net profit increasing by 1169.77% [1][2] Financial Performance - The company achieved a total revenue of 764.63 billion yuan and a net profit attributable to the parent company of 105.3 billion yuan in the first half of 2025 [2] - Operating cash flow reached 173.51 billion yuan, reflecting a year-on-year growth of 12.13% [2] - Basic earnings per share rose to 1.96 yuan, marking a 1206.67% increase compared to the previous year [2] Operational Highlights - The company sold 46.91 million pigs in the first half of 2025, including 38.39 million commodity pigs and 8.29 million piglets [2] - The slaughtering of pigs reached 11.41 million, representing a year-on-year growth of 110.87%, with a capacity utilization rate of 78.72% [2] - Revenue from the meat processing business was 19.345 billion yuan, showing a year-on-year increase of 93.83% [2] Cost Management - As of June 2025, the company's pig farming cost was reduced to below 12.1 yuan/kg, with a target of achieving an average cost of 12 yuan/kg for the entire year [3] - This cost level provides a competitive advantage in the industry, ensuring stable profitability amid market fluctuations [3] Strategic Initiatives - The significant growth in piglet sales reflects the successful implementation of the company's "industry interconnection and support for farmers" strategy [3] - The meat processing business has expanded, with over 70 service stations established across 20 provincial-level administrative regions in the country [3] - The company has adopted a "self-raising and self-slaughtering" business model, covering the entire industry chain from feed processing to end sales, ensuring food safety and maximizing the value creation of each pig [3]

Core Viewpoint - The restructuring process of *ST Dongyi is progressing with a strategic optimization of financial investors, aiming to enhance debt resolution, capital structure improvement, and business recovery [1][2]. Group 1: Financial Investor Changes - The financial investor structure has been optimized, transitioning from individual investors to institutional investors, with four institutions fully taking over the restructuring investment shares previously held by four natural persons [1][2]. - The selection process attracted up to 40 potential restructuring investors, including 25 financial investors, leading to a core group of institutional investors [2]. - The shareholding ratios of the new institutional investors have increased, with Yunnan International Trust Co., Ltd. rising from 4.94% to 4.99%, and other institutions also showing significant increases in their holdings [2]. Group 2: Operational and Financial Improvements - The collaboration between industrial and financial investors is enhancing operational efficiency, with a total of 11.46 billion yuan allocated for debt repayment and working capital [3]. - The company expects a significant reduction in losses for the first half of 2025, with a projected net loss of 46 million to 69 million yuan, compared to a loss of 540 million yuan in the same period last year, indicating an improvement of over 87% [3]. - The narrowing of losses is attributed to stable operations of subsidiaries and the absence of large losses from store closures, creating conditions for net asset normalization [3]. Group 3: Strategic Direction and Future Outlook - The transition to professional institutional investors provides stronger certainty for the restructuring plan, while the synergy between industrial and financial investments is driving the company towards a dual business model of "AI home decoration + computing power" [4]. - The ongoing collaboration is expected to lead to a decisive breakthrough in the restructuring process within the year [4].

Group 1 - The core point of the article highlights the financial performance and stock activity of ST Lingnan, indicating a significant drop in revenue while showing growth in net profit [1] - As of August 14, 2025, ST Lingnan's stock closed at 1.65 yuan, down 2.37%, with a turnover rate of 4.53% and a trading volume of 724,900 hands, amounting to 121 million yuan [1] - The latest quarterly report shows total revenue of 67.6 million yuan, a year-on-year decrease of 77.85%, while net profit attributable to shareholders reached 66.4 million yuan, a year-on-year increase of 26.36% [1] Group 2 - The company has a current ratio of 0.695, a quick ratio of 0.671, and a debt-to-asset ratio of 91.69%, indicating potential liquidity issues [1] - ST Lingnan has made investments in 82 companies and participated in 1,704 bidding projects, showcasing its active engagement in the market [2] - The company holds 40 trademark registrations and 341 patents, along with 42 administrative licenses, reflecting its commitment to intellectual property and regulatory compliance [2]

亚证地产(00271)发布公告，集团预期于截至2025年6月30日止6个月录得之集团净亏损约6000万港元至 6500万港元，相比截至2024年6月30日止6个月之集团净亏损约1700万港元。集团财务业绩下降之主要原 因为本报告期间，集团之投资物业公允价值净减少相比去年同期之金额较高。 ...

智通财经APP讯，亚证地产(00271)发布公告，集团预期于截至2025年6月30日止6个月录得之集团净亏损 约6000万港元至6500万港元，相比截至2024年6月30日止6个月之集团净亏损约1700万港元。集团财务业 绩下降之主要原因为本报告期间，集团之投资物业公允价值净减少相比去年同期之金额较高。 ...