Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **express delivery and logistics industry** in China, with a focus on the impact of recent regulatory changes and market dynamics on various companies within the sector [1][2][3]. Core Insights and Arguments - **Price Increases in Express Delivery**: The express delivery industry is witnessing initial success in reversing the trend of price undercutting, with multiple regions experiencing price hikes due to severe losses among franchisees and regulatory pressure for market stability. This price increase is expected to be more sustainable compared to the isolated price hikes in Yiwu in 2021, benefiting from the upcoming peak demand season [1][6][7]. - **Recommendations for E-commerce Delivery Companies**: Companies with strong service quality and cash flow, such as **ZTO Express** and **YTO Express**, are recommended. Additionally, **J&T Express** is highlighted for its competitive position in Southeast Asia, while **SF Express** is noted for its stable high-end service business [1][8]. - **Cross-border E-commerce Logistics**: The volume of air cargo to the U.S. has recovered to 70% of pre-tariff levels, which is better than expected. Eastern Airlines Logistics is performing well with high load factors, and despite a decrease in freight rates, the situation remains favorable. A dividend yield of 4.7% suggests a potential investment opportunity if tariffs improve or volumes increase [1][9]. - **Airline Sector Performance**: The airline sector is experiencing weak ticket prices but good passenger volumes. The fundamentals are well-reflected, and factors like oil prices and exchange rates may provide benefits. **Huaxia Airlines** is recommended due to its leading position in regional aviation and improved subsidy standards, which enhance profit certainty [1][23]. - **Rail Freight Outlook**: **Tielong Logistics** is favored due to its special container business benefiting from equipment upgrades and strong synergy with upstream steel companies. The potential for profit elasticity exists due to the ongoing reversal of price undercutting [1][21][22]. Additional Important Insights - **July Performance of the Transportation Sector**: The overall transportation sector saw a decline of 0.2%, underperforming the CSI 800 index by 4.2 percentage points. Sub-sectors like airports, shipping, and logistics performed relatively well, with increases of 4.3%, 2.4%, and 1.2%, respectively [2]. - **Market Sentiment and Future Recommendations**: The call suggests a continued focus on companies benefiting from the reversal of price undercutting in express delivery, core assets in aviation and express sectors, and stocks in cross-border logistics with potential catalysts from mid-year earnings reports [3]. - **Logistics Sector Performance**: The logistics sector saw a 1.2% increase, with road freight leading at 5.9%. Cross-border logistics rose by 3.3%, while express delivery only increased by 0.6%, reflecting market skepticism about the sustainability of the recovery [5]. - **Future Trends in Container Shipping**: Container shipping rates have shown a downward trend in July, with expectations of continued pressure in August due to high base effects and tariff impacts. The overall volume is expected to stabilize, but rates may continue to decline [12]. - **Air Cargo Market Dynamics**: The air cargo market is expected to maintain low supply levels, particularly for long-haul routes, while domestic airlines are enhancing their logistics capabilities. Positive outcomes from U.S.-China negotiations could serve as a catalyst for growth [30]. - **Investment Recommendations for Airport Stocks**: The airport sector is advised to focus on companies with stable earnings and high dividend yields, especially in light of recent performance and potential geopolitical events that could impact market conditions [15][31]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the express delivery and logistics industry.

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聯合公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本聯合公 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。 本聯合公告僅供參考，並不構成收購、購買或認購本公司證券之邀請或要約，亦 非在任何司法管轄區招攬任何投票或批准。 本聯合公告不會在構成違反任何司法管轄區相關法律的情況下於或向有關司法管 轄區發佈、刊發或派發。 廣東東陽光藥業股份有限公司 SUNSHINE LAKE PHARMA CO ., LTD . (2) 就零碎股安排委聘代理人 要約人的財務顧問 （ 一間於中華人民共和國註冊成立的有限公司 ） 宜昌東陽光長江藥業股份有限公司 YICHANG HEC CHANGJIANG PHARMACEUTICAL CO ., LTD . （ 在中華人民共和國註冊成立之股份有限公司 ） （股份代號：6887） （股份代號：1558） 聯合公告 以吸收合併宜昌東陽光長江藥業股份有限公司之方式 由廣東東陽光藥業股份有限公司 對宜昌東陽光長江藥業股 ...

【财华社讯】东阳光长江药业(01558.HK)公布，联交所已经批准撤销H股在联交所的上市地位，于2025 年8月5日下午四时正起生效。 本文源自：财华网 ...

东阳光长江药业（01558）发布公告，宣布香港交易所已批准撤销公司H股在联交所的上市地位，撤销将于2025年8月5日下午4时生效。公告中指出，H股股东应在联交所网站查看由要约人发布 根据公告，换股比率为1股H股可换取0.263614股要约人H股。换股股东所获得的要约人H股数量将为整数，若计算后未能达到整数，则会按小数点后尾数排序，依次给予额外股份，直至实际换股 ...

换股比率为1股H股可换取0.263614股要约人H股，即要约人将发行0.263614股要约人H股以换取1股H 股。 东阳光（600673）长江药业(01558)及要约人广东东阳光药业股份有限公司联合公布，联交所已经批准 撤销H股在联交所的上市地位，于2025年8月5日下午4时正起生效。 ...

Core Viewpoint - Dongyangguang Changjiang Pharmaceutical (01558) and the offeror Guangdong Dongyangguang Pharmaceutical Co., Ltd. jointly announced the approval of the delisting of H-shares from the Stock Exchange, effective from August 5, 2025, at 4:00 PM [1] Summary by Relevant Sections - Delisting Approval - The Stock Exchange has approved the delisting of H-shares for Dongyangguang Changjiang Pharmaceutical, which will take effect on August 5, 2025 [1] - Exchange Ratio - The exchange ratio is set at 1 H-share for 0.263614 shares of the offeror's H-shares, meaning the offeror will issue 0.263614 shares for each H-share exchanged [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聯合公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本聯合公 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。 本聯合公告僅供參考，並不構成收購、購買或認購本公司證券之邀請或要約，亦 非在任何司法管轄區招攬任何投票或批准。 本聯合公告不會在構成違反任何司法管轄區相關法律的情況下於或向有關司法管 轄區發佈、刊發或派發。 SUNSHINE LAKE PHARMA CO ., LTD . 聯合公告 撤銷H股上市地位及 撤銷上市地位的預期時間表及 實行換股 要約人的財務顧問 本公司的財務顧問 緒言 茲提述(i)宜昌東陽光長江藥業股份有限公司（「本公司」）於二零二四年三月八日根 據收購守則規則3.7刊發的公告；(ii)廣東東陽光藥業股份有限公司（「要約人」）與 本 公 司就 合 併 於二 零 二 四 年五 月 十 日 聯合 刊 發 的公 告（「聯 合 公 告」）； (iii) 要 約 人 與 本 公 司 就 合 併 聯 合 刊 發 的 日 期 為 ...

Core Viewpoint - Dongyang Sunshine Pharmaceutical (06887) is set to list on the Hong Kong Stock Exchange on August 7, aiming to integrate its R&D capabilities with Dongyang Sunshine Changjiang Pharmaceutical's national sales network, creating a closed loop of R&D, production, and sales to accelerate global operations and drive value reconstruction [1][2]. Group 1: Market Expectations and Valuation - The market anticipates that Dongyang Sunshine Pharmaceutical's valuation post-listing could exceed HKD 50 billion, driven by the integration of its innovative drug assets and the overall revaluation of the innovative drug sector this year [1][2]. - The innovative drug sector has seen a significant revaluation and value release, reflecting heightened market confidence and attention, with Dongyang Sunshine Pharmaceutical's integrated model forming a crucial basis for its core value reassessment [1][2]. Group 2: Product Pipeline and Commercial Potential - Dongyang Sunshine Pharmaceutical boasts a robust pipeline of high-potential innovative drugs, with three original innovative drugs already launched and 49 in development, including one nearing market entry and ten in clinical phases II and III [2]. - Key products include Ifenprodil, the first domestic drug in III clinical trials for IPF, and insulin products with significant market potential in the U.S., where the insulin market exceeds USD 10 billion [2]. - The company has several projects with potential authorization values exceeding USD 1 billion, indicating substantial commercial value release from its expanding product pipeline [2].

东阳光（600673）长江药业(01558)发布公告，该公司将于2025年10月31日派发特别股息每股1.5港元。 ...

Group 1 - The company Dongyangguang Changjiang Pharmaceutical (01558) announced a special dividend of HKD 1.5 per share to be distributed on October 31, 2025 [1]