Core Insights - The company is a new type of "industrial-city ecological service provider" focusing on the Guangdong-Hong Kong-Macao Greater Bay Area, aiming to transform from a traditional real estate developer to a digital ecological operator through strategic acquisitions and business model upgrades [1] Summary by Sections Company Overview - Guangdong-Hong Kong-Macao Holdings Limited is recognized as a top 100 real estate company in China, with a strategic focus on the Greater Bay Area [1] Strategic Transformation - The company is undergoing a strategic transformation to become an "industrial-city ecological service provider," moving away from traditional real estate development [1] Major Acquisition - On October 23, 2025, the company completed a significant acquisition of Wisdom Knight Holdings Limited for HKD 977 million, which controls Shenzhen Tiandun Data Technology Co., a leading operator in intelligent computing and green energy services in China [1] Financial Restructuring - The company successfully completed a debt-to-equity swap of USD 440 million on May 7, 2025, reducing its interest-bearing debt ratio from 45% to 7%, allowing traditional business operations to become a growth driver rather than a burden [1] Business Model and Growth Potential - The dual business model of Tiandun Data, focusing on multi-source computing power services and AIDC construction operations, has been commercially validated, enhancing operational efficiency and profitability [1] New Growth Opportunities - The integration of the "green energy computing" model with the company's existing capabilities is expected to create new growth avenues by transforming idle factory and land resources into high-performance computing centers [1] Revenue Diversification - The company aims to diversify its revenue streams through AI computing services, energy management, and intelligent computing space operations, significantly enhancing its risk resilience and profitability [1] Profit Forecast - The projected net profit for the company from 2025 to 2027 is expected to be CNY 718 million, CNY 579 million, and CNY 789 million, reflecting year-on-year growth rates of +139.13%, -19.41%, and +36.41% respectively, with corresponding PE ratios of 9x, 11x, and 8x [1]

Core Viewpoint - Northeast Securities initiates coverage of Guangdong-Hong Kong Bay Holdings (01396.HK) with a "Buy" rating, highlighting the company's strategic shift towards becoming a digital ecosystem operator through the acquisition of TianDun Data, a leading computing power enterprise [1] Group 1: Company Overview - Guangdong-Hong Kong Bay Holdings was listed on the Hong Kong Stock Exchange on October 31, 2013, and emphasizes long-termism while strengthening its industrial foundation and enhancing technological empowerment [1] - The company plans to implement a dual-driven business development strategy focusing on infrastructure and AI following the acquisition of TianDun Data on October 23, 2025 [1] Group 2: Strategic Acquisition - The acquisition of TianDun Data aligns with the company's capabilities in urban development, transforming idle factories and land resources into high-performance intelligent computing centers and AI computing infrastructure [1] - This strategic move is expected to fundamentally change the profitability logic of traditional industry operations [1] Group 3: Growth Potential - The integration of high-value B-end resources from major cloud service providers and leading AI companies into TianDun Data's client base opens new growth avenues for Guangdong-Hong Kong Bay Holdings [1] - The acquisition is anticipated to reconstruct capital logic, creating a dual-driven model of "industrial operation asset securitization + computing power operation revenue," which will reshape the company's valuation [1]

Core Viewpoint - Northeast Securities initiates a "Buy" rating for Guangdong-Hong Kong Bay Holdings (01396), highlighting its successful entry into the AI computing sector through acquisitions, marking a strategic upgrade from a traditional real estate developer to a "digital ecosystem operator" [1] Group 1: Strategic Transformation - The company is positioned as a new type of "urban-rural ecological service provider" deeply rooted in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on residential and urban renewal projects [1] - The strategic transformation from a traditional real estate developer to an "urban-rural ecological service provider" has been ongoing, with a significant acquisition planned for October 23, 2025, to convert idle factory and land resources into high-performance computing centers [1] Group 2: Major Asset Acquisition - On October 23, the company announced the completion of the acquisition of Wisdom Knight Holdings Limited for a total price of HKD 977 million, which controls Shenzhen Tiandun Data Technology Co., Ltd., a leading operator in AI computing and green energy computing services in China [2] Group 3: Business Model and Financial Health - The traditional business has become a driver for growth, with the company completing a USD 440 million debt-to-equity swap on May 7, 2025, significantly reducing its interest-bearing debt ratio from 45% to 7% [3] - The dual business model of Tiandun Data, focusing on "multi-source computing power services + AIDC construction operations," has been commercially validated, enhancing operational efficiency and profitability [3] Group 4: New Growth Opportunities - The "green energy computing" model developed by Tiandun Data aligns perfectly with the company's urban development capabilities, transforming idle resources into high-performance computing centers and fundamentally changing the profitability logic of traditional industries [4] - The influx of high-value B-end resources from major cloud service providers and leading AI companies opens up new growth avenues for the company [4] - The company aims to establish a diversified income structure through AI computing services, energy management revenues, and computing space operation income, significantly enhancing its risk resistance and profitability resilience [4] Group 5: Profit Forecast and Investment Recommendation - The company is projected to achieve net profits attributable to shareholders of RMB 718 million, RMB 579 million, and RMB 789 million for 2025-2027, reflecting year-on-year growth rates of +139.13%, -19.41%, and +36.41%, respectively [5] - Corresponding price-to-earnings ratios are expected to be 9x, 11x, and 8x, with a first-time coverage and a "Buy" rating recommended [5]

公司是深耕粤港澳大湾区的新型"产城生态服务商" 粤港湾控股有限公司是全国地产百强之星，重点聚焦粤港澳大湾区，以大湾区为战略价值高地，发展住 宅及城市更新项目。近年来，公司持续推动从传统地产开发商向"产城生态服务商"的战略转型。2025年 10月23日，公司通过一宗重大并购，将闲置厂房、土地资源转化为高性能智算中心，实现从"物理空间 建造者"向"数字生态运营商"的战略升级。 完成重大资产收购，战略性切入AI与绿能智算赛道 10月23日，粤港湾控股发布公告称已完成对Wisdom Knight Holdings Limited的收购，总价为9.77亿港 元。Wisdom Knight Holdings Limited控制的国内主体(深圳天顿数据科技有限公司)是中国第一梯队智算 建设运营商，国内最早布局国标A级第三方数据中心的企业之一，是"绿能智算"全生命周期服务的供应 商，提供AI智算全生命周期服务。 传统业务成为助推，新业务有望持续放量 智通财经APP获悉，东北证券发布研报称，首予粤港湾控股(01396)"买入"评级，其通过收购成功切入AI 智算赛道，实现从传统地产商向"数字生态运营商"的战略升级。公司借助新业务 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Insights - The company is transforming into a "digital ecosystem operator" by leveraging its resources in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on residential and urban renewal projects [1][2]. - A significant acquisition of Wisdom Knight Holdings Limited for HKD 977 million positions the company strategically in the AI and green energy computing sectors [2]. - The traditional business model is now a growth driver, with a successful debt-to-equity conversion plan reducing the interest-bearing debt ratio from 45% to 7% [2]. - The integration of AI computing services and energy management is expected to enhance operational efficiency and profitability [3]. Financial Summary - The company forecasts net profits for 2025, 2026, and 2027 to be CNY 718 million, CNY 579 million, and CNY 789 million, respectively, with growth rates of +139.13%, -19.41%, and +36.41% [3][4]. - Revenue projections show a significant increase from CNY 801.54 million in 2025 to CNY 6,432.54 million in 2027, reflecting a growth rate of 470.13% [4]. - The company’s earnings per share (EPS) is expected to improve from -CNY 3.32 in 2024 to CNY 0.70 in 2027 [4]. Strategic Development - The company’s "urban ecosystem" strategy aims to convert idle factories and land into high-performance computing centers, aligning with its capabilities in urban development [3]. - The acquisition of high-value B-end resources from major cloud service providers and leading AI companies is anticipated to open new growth avenues [3]. - The dual business model of AI computing services and lifecycle management is validated commercially, enhancing the company's resilience and profitability [3].

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10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: 粵港灣控股有限公司 呈交日期: 2025年11月7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) | 01396 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | 本月底法定/註冊股 ...

Core Viewpoint - Yue Gang Wan Holdings (01396) announced a change in the trading unit of its shares on the Hong Kong Stock Exchange, reducing the minimum trading lot from 8,000 shares to 2,000 shares, effective from November 24, 2025 [1] Summary by Category - **Company Announcement** - The company has officially announced the adjustment of its trading unit on the main board of the Hong Kong Stock Exchange [1] - The new trading unit will be 2,000 shares, down from the previous 8,000 shares [1] - This change will take effect starting at 9:00 AM on November 24, 2025 [1]

Core Viewpoint - The company, Guangdong-Hong Kong Holdings (01396), announced a change in the trading unit of its shares on the Hong Kong Stock Exchange, reducing the minimum trading unit from 8,000 shares to 2,000 shares, effective from November 24, 2025 [1] Summary by Category - **Company Announcement** - Guangdong-Hong Kong Holdings will change the trading unit of its shares from 8,000 shares to 2,000 shares on the Hong Kong Stock Exchange [1]

Core Viewpoint - Yue Gang Wan Holdings (01396.HK) announced a change in the trading unit of its shares on the Hong Kong Stock Exchange, reducing the minimum trading unit from 8,000 shares to 2,000 shares, effective from November 24, 2025 [1] Group 1 - The company’s share par value is HKD 0.10 per share [1] - The change in trading unit aims to enhance liquidity and accessibility for investors [1]

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之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 GUANGDONG – HONG KONG GREATER BAY AREA HOLDINGS LIMITED 粵港灣控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1396） 更改每手買賣單位 粵港灣控股有限公司董事（「董事」）會（「董事會」）謹此宣佈，本公司股本中每股 面值0.10港元之股份（「股份」）於香港聯合交易所有限公司（「聯交所」）主板買賣之 每手買賣單位將由8,000股股份更改為2,000股股份，自2025年11月24日（星期一） 上午九時正起生效（「更改每手買賣單位」）。 根據股份緊接本公告日期前在聯交所所報收市價每股5.96港元計算，現有每手買 賣單位8,000股股份之市值為47,680港元。於更改每手買賣單位生效後，股份將以 每手買賣單位2,000股股份進行買賣，而每手買賣單位2,000股股份之相應市值將 為11,920港元（根據股份緊接本公告日期前在聯交所所報收市價每股5 ...