Major Events - Silver诺医药-B (02591) is set to conduct an IPO from August 7 to August 12, with an expected listing date of August 15 [1] - Boan Biotech (06955) plans to place 48 million shares at a discount of approximately 8.78%, aiming to raise about HKD 780 million [1] - Derin Holdings (01709) intends to raise HKD 653.3 million, focusing on the development of blockchain, RWA, and virtual asset businesses [1] - Fuhong Hanlin (02696) received FDA approval to initiate a Phase 1 clinical trial for HLX43, a PD-L1 targeted antibody-drug conjugate for thymic cancer treatment [1] - China Biopharmaceutical (01177) obtained NMPA approval for the Phase II clinical trial application of LM-24C5, a dual antibody targeting CEACAM5/4-1BB [1] Financial Reports - China Mobile (00941) reported a shareholder profit of HKD 84.235 billion, a year-on-year increase of 5.03% [1] - Manulife Financial-S (00945) announced a core profit of CAD 1.7 billion for the second quarter [1] - Swire Properties (01972) reported a basic profit attributable to shareholders of HKD 4.42 billion, a year-on-year growth of 15% [1] - Hutchison Whampoa (00013) posted a net profit of USD 455 million, a significant year-on-year increase of 1663.32% [1] - MGM China (02282) disclosed a net profit of HKD 2.383 billion, a year-on-year decrease of 11.25% [1] - SMIC (00981) reported a shareholder profit of USD 132 million for the second quarter, with a revenue guidance for the third quarter indicating a sequential growth of 5% to 7% [1] - Zai Lab (09688) achieved a total revenue of approximately USD 216 million for the first half of the year, reflecting a year-on-year growth of 15.35% [1] - Innovent Biologics (01801) reported total product revenue exceeding RMB 5.2 billion for the first half of the year, maintaining a strong growth rate of over 35% [1] - Pacific Basin Shipping (02343) announced a profit attributable to shareholders of USD 25.6 million, a year-on-year decrease of 56% [1] - Lee & Man Paper Manufacturing (02314) reported a net profit of HKD 811 million, a year-on-year increase of 0.7%, with an interim dividend of HKD 0.066 per share [1] - Swire Group reported a profit attributable to shareholders of HKD 815 million for the first half of the year, a year-on-year decrease of 79% [1] - Lee & Man Chemical Company (00746) reported a profit increase of 36.0% to HKD 327 million, with an interim dividend of HKD 0.195 per share [1] - Hua Hong Semiconductor (01347) reported a profit attributable to parent company owners of USD 7.952 million for the second quarter, a year-on-year increase of 19.2% [1] - Wharf Real Estate Investment (01997) reported a loss attributable to shareholders of HKD 2.406 billion, a year-on-year increase of 128.71%, with the first interim dividend of HKD 0.066 per share [1] - Dekang Agriculture (02419) issued a profit warning, expecting a year-on-year increase in fair value adjustments of biological assets to approximately RMB 1.1 billion to 1.4 billion [1] - Mongol Mining (00975) issued a profit warning, anticipating a net loss of approximately USD 15 million to 25 million for the first half of the year, marking a shift from profit to loss [1] - Dongfeng Motor Group (00489) issued a profit warning, expecting a decline in net profit attributable to the parent company of 90% to 95% for the first half of the year [1]

Financial Data and Key Metrics Changes - The company's core EPS grew by 2% year-over-year, reflecting strong underlying business growth, although dampened by elevated U.S. mortality and expected credit loss provisions [12][13] - The balance sheet remains strong with a LICAT ratio of 136% and a leverage ratio well below the 25% target, while book value per share increased by 5% from the prior year [13][28] - Net income for the quarter was reported at $1.8 billion, an increase of $747 million compared to the prior year, driven by positive market experience [20] Business Line Data and Key Metrics Changes - The insurance segments generated over 30% growth in new business CSM, with AP sales increasing by 15% year-over-year, particularly strong in Asia and the U.S. [15][16] - Global Wealth and Asset Management (WAM) achieved nearly $1 billion in positive net flows, demonstrating the strength of its diversified platform [16][22] - Core earnings in Asia increased by 13% year-over-year, while the U.S. segment saw a 53% decrease in core earnings due to unfavorable mortality experience [21][26] Market Data and Key Metrics Changes - The Asia segment reported a 31% increase in APE, with significant contributions from Hong Kong, Mainland China, and Singapore [21] - In Canada, APE sales decreased by 34% year-over-year, primarily due to the non-recurrence of a large case sale in the Group Insurance business [24] - The U.S. segment experienced a 40% growth in AP sales, driven by demand for accumulation insurance products from affluent customers [26] Company Strategy and Development Direction - The company is focused on enhancing its digital capabilities and embedding AI across its businesses to drive growth and productivity [8][9] - The acquisition of Comvest Credit Partners is aimed at scaling the private markets business and enhancing existing private credit capabilities, expected to be immediately accretive to core EPS and ROE [10][31] - The leadership team is reviewing the company's strategy to assess potential refreshes to meet long-term ambitions [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver sustainable growth despite short-term headwinds impacting core earnings [29] - The company remains committed to investing in high-quality growth opportunities and maintaining strong capital deployment priorities [9][10] - Management acknowledged the challenges posed by elevated mortality claims in the U.S. but views them as short-term headwinds rather than a trend [26][27] Other Important Information - The company has returned over $6.4 billion in capital to shareholders through dividends and share buybacks over the past year [28] - The transition to the new eMPF platform in Hong Kong is expected to impact core earnings, with a projected quarterly drag of approximately $25 million starting in 2026 [24][84] Q&A Session Summary Question: What other areas may the company want to bulk up in operations? - The company is focused on organic growth opportunities but is also looking for inorganic opportunities that could accelerate growth, particularly in private markets and alternatives [40][41] Question: What is the expected impact of the MPS on margins? - The transition to eMPF is expected to impact margins by approximately 150 basis points, with a recovery anticipated thereafter [46][47] Question: Can you provide details on the amortization of intangibles from the Comvest acquisition? - The acquisition is expected to add approximately $30 million annually in amortization of intangibles, which will be excluded from core earnings [49][50] Question: How does the company justify the valuation paid for Comvest? - The valuation reflects the future value expected from the acquisition, with significant growth opportunities in private credit and alignment of interests between the two firms [70][72] Question: What is the outlook for the Japan market? - The company sees continued growth potential in Japan, despite a decline in sales due to strong prior year performance, and is diversifying its product offerings [80][81]

Financial Data and Key Metrics Changes - Core EPS grew by 2% year-over-year, reflecting strong underlying business growth, though dampened by elevated U.S. mortality and expected credit loss provisions [12][13] - Net income for the quarter was $1.8 billion, an increase of $747 million compared to the prior year, driven by positive market experience [19] - Book value per share increased by 7% year-over-year to $35.78, despite returning over $6.4 billion of capital to shareholders [26][28] Business Line Data and Key Metrics Changes - AP sales increased by 15% year-over-year, with over 30% growth in both Asia and the U.S. [15] - New business CSM grew by 37% and new business value increased by 20% [15] - Global WAM achieved nearly $1 billion in positive net flows, demonstrating strength in institutional and retirement inflows [15][21] Market Data and Key Metrics Changes - Asia segment saw APE increase by 31% year-over-year, with significant contributions from Hong Kong, Mainland China, and Singapore [20] - Canada reported a 34% decrease in APE sales, offset by strong growth in individual insurance [23] - U.S. segment delivered strong AP sales growth of 40%, but core earnings decreased by 53% due to unfavorable mortality experience [25] Company Strategy and Development Direction - The company remains committed to investing in businesses for sustainable growth, with a focus on digital transformation and AI capabilities [7][8] - The acquisition of Comvest Credit Partners aims to enhance private credit capabilities and scale the private markets business [9][10] - A review of the company's strategy is planned to assess potential refreshes for long-term ambitions [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver high-quality sustainable growth despite short-term headwinds [12][28] - The company anticipates continued strong performance in Asia and is optimistic about future growth opportunities [20][23] - Management noted that elevated credit loss provisions are expected to stabilize, with a continued focus on maintaining a strong balance sheet [17][28] Other Important Information - The LICAT ratio remains strong at 136%, providing financial flexibility [28] - The company plans to transition to a new eMPF platform in Hong Kong, which is expected to impact core earnings starting in 2026 [22][23] Q&A Session Summary Question: What other areas may the company want to bulk up in operations? - The company is focused on organic growth opportunities but is also looking for inorganic opportunities that can accelerate growth [37][40] Question: What is the expected impact of the eMPF transition on margins? - The transition is expected to impact margins by approximately 150 basis points, with a recovery anticipated thereafter [44][46] Question: Can you provide details on the Comvest acquisition's accretion? - The acquisition is expected to provide $0.02 to $0.03 of core EPS accretion annually from 2026 onwards [50][52] Question: How does the company view the valuation of the Comvest acquisition? - The company believes the future value created from the acquisition justifies the valuation, highlighting strong growth potential and synergies [67][70] Question: What is the outlook for the U.S. long-term care business? - A triennial review of the long-term care business is expected in Q3, with trends showing utilization losses offset by lower incidents and higher claims terminations [97][99] Question: What drove the recent spike in credit losses? - The spike was primarily due to a few below-investment-grade loans, with the overall portfolio remaining 96% investment grade [110][112]

Financial Performance - The company's APE sales increased by 15% from C$19 billion to C$22 billion[17, 52] - New business CSM grew significantly by 37% from C$628 million to C$882 million[17, 52] - New business value increased by 20% from C$691 million to C$846 million[17, 52] - Core EPS increased by 2% from C$091 to C$095, while EPS increased significantly by 88%[19, 28] - Adjusted book value per share increased by 7%[20, 43] Business Segment Performance - Asia's APE sales increased by 31% from US$920 million to US$1233 billion[31] - Asia's new business value increased by 28% from US$346 million to US$451 million[31] - Asia's new business CSM increased by 34% from US$349 million to US$480 million[31] - Global WAM net flows increased by C$08 billion from C$01 billion to C$09 billion[17, 25]

Report Summary Market Performance - Hong Kong stocks rose. The Hang Seng Index opened 38 points lower, dropped 96 points to 24,806 points in the morning, rebounded 100 points to 25,002 points before noon, and finally closed 8 points higher at 24,910 points. The H - share Index fell 18 points or 0.2% to 8,932 points, and the Hang Seng Tech Index rose 11 points or 0.2% to 5,532 points. The total turnover of the market was HK$215.235 billion [1]. - A - shares had a positive trend. The Shanghai Composite Index rose 16 points or 0.5% to 3,633 points with a turnover of RMB 707.2 billion. The Shenzhen Component Index rose 70 points or 0.6% to 11,177 points with a turnover of RMB 1.03 trillion. The ChiNext Index rose 15 points or 0.7% to 2,358 points with a turnover of RMB 521.8 billion [1]. - In the US stock market, the Nasdaq outperformed. It rose 252 points or 1.2% to 21,169 points. The S&P 500 Index rose 45 points or 0.7% to 6,345 points, and the Dow Jones Industrial Average rose 81 points or 0.2% to 44,193 points [2]. Macroeconomic News - The People's Bank of China conducted RMB 138.5 billion of seven - day reverse repurchase operations on the 6th, with an unchanged operating rate of 1.4%. There were RMB 309 billion of reverse repurchases maturing, resulting in a net withdrawal of RMB 170.5 billion. The central parity rate of the RMB against the US dollar was lowered by 43 pips to 7.1409 [1]. Company Earnings - Manulife Financial (00945.HK) reported its interim results for the six - month period ended June 30. Net income was CAD 2.274 billion, up 19.1% year - on - year and 16% at constant exchange rates. Core earnings were CAD 3.493 billion, up 1.3% year - on - year and down 2% at constant exchange rates. Earnings per share were CAD 1.23. An interim dividend of 44 cents was declared, compared with 40 cents in the same period last year [3]. - BeiGene (06160.HK) announced its Q2 results ended June 30. According to US GAAP, total revenue was USD 1.315 billion, a 42% year - on - year increase. Among them, the global revenue of Brukinsa was USD 950 million, a 49% increase. Benefiting from revenue growth and improved operating leverage, it recorded a net profit of USD 94.32 million, turning around from a loss of USD 120 million in the same period last year. Basic earnings per share were USD 0.07 [3]. Policy News - US President Trump said he might announce further tariffs on China, similar to the 25% tariff imposed on India for buying Russian oil. The specific situation would depend on future developments. Trump also announced plans to implement more secondary sanctions to force Russia to end the war in Ukraine. Last week, US Treasury Secretary Bessent warned China that it might face new tariffs if it continued to buy Russian oil [2]. - Trump said on Wednesday that the US would impose a 100% tariff on imported semiconductors and chips, but companies that moved production back to the US would be exempted [2].

宏利金融-S公告，2025年第二季度，核心盈利为17亿加元，按固定汇率基准计算，比2024年第二季度的 水平减少2%；撇除预期信用损失("ECL")变动的影响，核心盈利为18亿加元，比2024年第二季度的水平 增长2%；归属于股东的净收入为18亿加元，比2024年第二季度的水平增长7亿加元；核心EPS为0.95加 元，比2024年第二季度的水平上升2%；EPS为0.98加元，比2024年第二季度的水平增长88%；撇除ECL 变动的影响，核心EPS为0.99加元，比2024年第二季度的水平上升7%；核心ROE为15.0%，而ROE为 15.6%；"寿险资本充裕测试"(LICAT)比率为136%。 ...

宏利金融-S(00945.HK)发布公告，该公司将于2025年9月19日派发第二季度股息每股0.44加元。 本文源自：金融界AI电报 ...

宏利金融-S(00945.HK)发布截至2025年6月30日的第二季度业绩，集团核心盈利为17亿加元，按固定汇 率基准计算，比2024年第二季度的水平减少2%，撇除预期信用损失变动的影响，核心盈利为18亿加 元，比2024年第二季度的水平增长2%;归属于股东的净收入为18亿加元，比2024年第二季度的水平增长 7亿加元;核心EPS为0.95加元，比2024年第二季度的水平上升2%;EPS为0.98加元，比2024年第二季度的 水平增长88%，撇除ECL变动的影响，核心EPS为0.99加元，比2024年第二季度的水平上升7%;核心ROE 为15.0%，而ROE为15.6%;"寿险资本充裕测试"(LICAT)比率为136%;相对于2024年第二季度的水平， 2025年第二季度的APE销售额增长15%，新造业务CSM增长37%，新造业务价值增长20%;全球财富与资 产管理业务的净流入达9亿加元，高于2024年第二季度所录得的1亿加元净流入;今天宣布收购Comvest Credit Partners 75%股权的协议，为公司的全球财富与资产管理业务平台带来147亿美元。该交易预计将 于2025年第四季度完成。 以上内 ...

Core Viewpoint - Manulife Financial-S (00945) announced that it will distribute a second-quarter dividend of CAD 0.44 per share on September 19, 2025 [1] Group 1 - The company is set to pay a dividend of CAD 0.44 per share [1]

"能够领导宏利是我莫大的荣幸，整个团队所展现出的热枕与卓越绩效着实令人鼓舞。当下，我们已打 好坚实基础，并已准备就绪，以清晰理念和目标，应对多变的宏观经济形势。当我们携手开启宏利发展 的新篇章之际，我深信我们对客户、数码化与人工智能方案的坚定承诺，必将为我们全球业务的卓越营 运、高效运作以及可持续增长树立新的标准。 "以策略重点为导向，投资于高潜力业务至关重要;对于此次宣布收购Comvest Credit Partners，我感到非 常鼓舞。该交易将可提升私人信贷领域的互补优势与规模实力，我们深信这一资产策略将有助于我们全 球财富与资产管理业务的未来发展。" 宏利总裁兼首席执行官韦宁顿(Phil Witherington)表示："我们的第二季度业绩突显了我们全球业务的实 力与韧性，我们继续在多元化的业务组合中实现优质增长。公司所有三个保险业务部的新造业务CSM 同比增长均超过30%，清晰印证了我们的发展势头与未来盈利潜力。尤其是亚洲持续录得强劲的APE销 售额，其新造业务价值利润率亦录得环比增长。旗下全球财富与资产管理业务进一步扩大其核心 EBITDA利润率，核心盈利较去年同期录得双位数增长。 宏利金融-S( ...