(於開曼群島註冊成立之有限公司) 股份代號: 1 2025 長江和記實業有限公司 2025年中期報告 公司資料 董事會 執行董事 李澤鉅 BSc, MSc, LLD (Hon) Grande Ufficiale dell'Ordine della Stella d'Italia 主 席 霍建寧 BA, DFM, FCA (ANZ) 副主席 陸法蘭 MA, LLL 集團聯席董事總經理兼集團財務董事 黎啟明 BSc, MBA 集團聯席董事總經理 葉德銓 BA, MSc 副董事總經理 甘慶林 BSc, MBA 副董事總經理 施熙德 BSE, MA, MA, EdM, Solicitor, FCG, HKFCG 甄達安 MA, MBA, CA, CPA 非執行董事 周近智 LLM 李業廣 GBM, GBS, OBE, JP 胡慕芳 BSc （別 名 周 胡 慕 芳） 獨立非執行董事 周靜宜 BA, MBA 蓆紀倫 BCom, CA(ANZ), FCPA 斐歷嘉道理 BSc 劉柔芬 GBS, SBS, OBE, JP （別 名 梁 劉 柔 芬） 戴保羅 BSc 詹婧翎 MBA, CPA, CGA, FCA, FCCA, ...

重要新闻提示 国务院常务会议研究释放体育消费潜力进一步推进体育产业高质量发展的意见 证监会修订发布《证券公司分类评价规定》 平安银行（000001）：发布2025年中期利润分配方案，拟10派2.36元（含税），预计派现金额合计为 45.8亿元 财经新闻 1. 新华社消息，国务院总理李强8月22日主持召开国务院常务会议，听取实施大规模设备更新和消费品 以旧换新政策情况汇报，研究释放体育消费潜力进一步推进体育产业高质量发展的意见，审议通过 《"三北"工程总体规划》，部署开展海洋渔船安全生产专项整治工作。 2. 8月22日，证监会修订发布《证券公司分类评价规定》。新规突出促进证券公司功能发挥；引导证券 公司聚焦高质量发展，支持中小机构差异化发展、特色化经营；突出"打大打恶"导向，强化综合惩戒， 切实加强中小投资者保护。 3. 8月22日，中国光伏行业协会发布《关于进一步加强行业自律，共同维护公平竞争、优胜劣汰的光伏 市场秩序的倡议》。中国光伏行业协会倡议，企业严格遵守《中华人民共和国价格法》《中华人民共和 国反垄断法》《中华人民共和国招标投标法》《中华人民共和国反不正当竞争法》等法律法规，坚决抵 制以低于成本的价格 ...

Core Viewpoint - The North Exchange 50 index reached a historical high of 1637.50 points on August 19, 2025, marking the first time it surpassed the 1600-point threshold, with a cumulative increase of approximately 12.21% in August 2025 [1][2]. Company Summaries HaiNeng Technology - HaiNeng Technology reported a total revenue of approximately 1.36 million yuan for the first half of 2025, representing a year-on-year growth of 34.87%, and a net profit of approximately 547.15 thousand yuan, marking a year-on-year increase of 139.03% [3][6]. - The company specializes in the manufacturing of scientific instruments, with a gross margin of 75.45%. The organic element analysis series contributed over 30% of its revenue, amounting to approximately 0.46 billion yuan [3][5]. - HaiNeng Technology is developing an instrument control system based on the domestic "Hongmeng" operating system, with initial tests conducted in June 2025 and plans for broader implementation within the year [6][7]. GeBiJia - GeBiJia, a national-level specialized "little giant" enterprise, focuses on the research, manufacturing, and sales of optical glass and special functional glass, with a total revenue of approximately 5.66 billion yuan in 2024 [10][11]. - The company's optical glass products accounted for about 66% of its revenue, while revenue from special functional glass products saw a significant decline of 67.63% [10][11]. - GeBiJia's products are widely used in various applications, including security monitoring, consumer electronics, and automotive lenses, with a focus on the consumer electronics sector for future development [10][12]. Market Performance - Both HaiNeng Technology and GeBiJia experienced significant stock price increases in August 2025, with HaiNeng Technology's stock reaching a historical high of 46.98 yuan and a trading volume of 11.22 billion yuan [7][9]. - GeBiJia's stock also saw a notable increase, with a cumulative price deviation of 44.54% from August 15 to August 18, 2025 [13].

简朴新生活(08360)发布公告，于2025年8月21日，公司于公开市场出售合共25万股出售长和股份(占于本 公告日期长和已发行股本总额约0.007%)，总代价约1300万港元(不包括交易成本)(相当于平均价格为每 股出售长和股份约51.8港元)。 ...

智通财经APP讯，简朴新生活(08360)发布公告，于2025年8月21日，公司于公开市场出售合共25万股出 售长和股份(占于本公告日期长和已发行股本总额约0.007%)，总代价约1300万港元(不包括交易成本)(相 当于平均价格为每股出售长和股份约51.8港元)。 ...

Summary of ZhongAn Online P & C Insurance Co Ltd Conference Call Company Overview - **Company**: ZhongAn Online P & C Insurance Co Ltd - **Ticker**: 6060.HK - **Industry**: Insurance - **Region**: Hong Kong/China Key Financial Highlights - **1H25 Earnings**: Net earnings reached Rmb668 million, a significant increase of 1103.5% year-over-year, surpassing Morgan Stanley's estimate of Rmb523 million [2][8] - **Return on Equity (ROE)**: Annualized ROE improved to 6.3% in 1H25 [2] - **Book Value per Share (BVPS)**: Increased by 3% to Rmb14.7 [2] - **Comprehensive Solvency Ratio**: Remained healthy at 226% [2] Growth Metrics - **Gross Written Premiums (GWP)**: Increased by 9.3% year-over-year to Rmb16.7 billion, driven by: - Health: +38% - Auto: +34% - Consumer Finance: +24% - Digital Lifestyle: -16% due to product mix optimization [3][8] Cost and Efficiency Metrics - **Combined Ratio (CoR)**: Improved by 2.3 percentage points to 95.6%, slightly better than the expected 96.0% [3][8] - **Loss Ratio**: Decreased by 6.0 percentage points to 54.7% [3][10] - **Expense Ratio**: Increased by 3.7 percentage points to 40.9% [3][10] Segment Performance - **Consumer Finance**: Notable improvement with a loss ratio decrease of 13.9 percentage points [3] - **Digital Lifestyle**: Experienced a deterioration in expense ratio, contributing to the overall expense ratio increase [3] Banking and Technology Performance - **ZA Bank**: Achieved profitability earlier than expected with a profit of HK$49 million [8] - **Tech Segment**: Continued to narrow losses by 32% to Rmb56 million, on track for profitability in FY25 [8] Market Outlook and Valuation - **Price Target**: Set at HK$24.60, indicating a potential upside of 31% from the current price of HK$18.77 [6] - **Market Capitalization**: Approximately US$3.525 billion [6] - **P/E Ratio**: Expected to decrease from 27.0 in 2025 to 18.1 by 2027 [6] Risks and Considerations - **Upside Risks**: - Revaluation of Insurtech and stablecoins business - Improved CoR trend and investment yield - Rapid expansion and profitability of tech unit - Increased ROE and shareholder returns [13] - **Downside Risks**: - Slower than expected development of stablecoin business - Rising claims and expenses in P&C insurance - Continued losses in the Tech segment - Potential selling pressure from major shareholders [13] Conclusion ZhongAn Online P & C Insurance Co Ltd has demonstrated strong earnings growth and improved operational efficiency in 1H25, positioning itself favorably in the insurance market. However, ongoing challenges in certain segments and external market conditions warrant careful monitoring.

2021年，孩子王在深交所上市，中国母婴品牌诞生A股市值"新王"，与乐友融合后，成为母婴童行 业首家交易额破百亿的企业。公司自2016年首次将母婴行业带进连锁百强排行榜以来，连续3年成为连 锁百强企业中增速前十的企业，并连续8年成为母婴童行业唯一入选企业，在母婴零售行业具有较为明 显的领先优势。成立以来，先后被商务部、江苏省商务厅评选为"电子商务示范企业"；被商务部、工信 部等八部委评为"全国供应链创新与应用试点企业"。 昨天，记者从市发展改革委获悉，国家发展改革委近日发布《2024年度全国消费新场景典型案 例》，共收录91个消费新场景典型案例，我市"孩子王母婴童全渠道体验式消费"作为全省3例之一成功 入选。 据了解，孩子王品牌成立于2009年，是一家数据驱动的以用户为中心、基于用户关系经营的创新 型亲子家庭全渠道服务商。在我国零售商业内首创大店模式、首创行业育儿顾问式服务、首创"商品+服 务+社交"运营模式、首创重度会员制下的单客经济模式，为准妈妈及0—14岁儿童提供了基于商品的"一 站式"育儿、成长和社交互动服务，获得了业界与消费者良好口碑。 目前，公司在21个省份、200多座城市拥有孩子王&乐友全国门店 ...

Group 1 - The core point of the article is that Konka has officially become a business unit under the China Resources Group's technology and emerging industries sector following a professional integration announcement on August 15 [2][11] - Konka, established in 1980, is the first Sino-foreign joint venture electronics company in China and has faced continuous losses for three consecutive years, with net losses of 1.471 billion yuan, 2.164 billion yuan, and 3.296 billion yuan from 2022 to 2024 [3][11] - The company is undergoing a change in its controlling shareholder, transitioning from Overseas Chinese Town Group to a wholly-owned subsidiary of China Resources, Panshi Run Chuang, as part of a broader effort to optimize resource allocation among state-owned enterprises [5][6] Group 2 - Following the change in controlling shareholders, Konka has made organizational adjustments to align with China Resources Group's strategic integration [8] - The board of directors has completed a restructuring, appointing new senior management with strong backgrounds in China Resources, including the new non-independent director and CFO Yu Huiliang and Vice President Shi Hongchao [10][11] - As of August 15, Konka's stock price was reported at 5.33 yuan, with a market capitalization of nearly 9.5 billion yuan [13]

Core Viewpoint - The financial report of CK Hutchison Holdings revealed a dramatic 92% drop in net profit, attributed to a one-time non-cash loss from the merger of its UK telecom business, which obscured the underlying growth in core operations [1][3]. Financial Performance - The company's net profit attributable to ordinary shareholders for the first half of 2025 was only HKD 852 million, down from HKD 10.205 billion in the previous year [2]. - Excluding the one-time non-cash loss of HKD 10.469 billion, the actual profit would have been HKD 11.321 billion, reflecting an 11% year-on-year increase [1][2]. - Total revenue for the first half of 2025 was HKD 240.663 billion, compared to HKD 232.644 billion in 2024 [2]. Strategic Moves - The company has remained silent on a significant transaction involving the sale of 43 ports valued at USD 22.8 billion to a BlackRock consortium, indicating a strategic adjustment in response to regulatory pressures [5]. - The management hinted that the transaction would be postponed until after 2025 and is seeking to involve major mainland investors [5]. Business Segments - The port division reported revenue of HKD 235.97 billion, a 9% increase, with significant growth in storage revenue from Mexico and Europe [7]. - Retail business revenue grew by 8%, driven by strong sales of health and beauty products in the UK and Poland [7]. Challenges - The retail business in mainland China showed weak performance due to sluggish consumer spending, and the real estate sector faced significant challenges, with a 92% drop in sales revenue in Hong Kong [7]. - The vacancy rate in Hong Kong's office market reached a historical high of 17%, reflecting the struggles of the real estate segment [7]. Cash Management Strategy - The company emphasized a cautious approach to capital expenditure and new investments, maintaining strict cash flow management [8]. - As of June 30, the total cash and liquid investments amounted to HKD 1,372.68 billion, with a net debt to total capital ratio of 14.7% [10]. - The merger with the UK telecom business generated approximately HKD 13 billion in cash, contributing to a substantial "cash moat" for the company [10].

Core Viewpoint - The company reported a mixed performance for the first half of 2025, with a basic profit of HKD 11.32 billion, up 11% year-on-year, but a 9% decline in EBITDA, indicating increased cost pressures and external challenges [2][3]. Financial Performance - Total revenue reached HKD 240.66 billion, reflecting a 3% year-on-year increase [2]. - Retail business (primarily Watsons) grew by 8%, port business by 9%, while infrastructure and telecommunications grew by 6% and 5%, respectively [3]. - The financial and investment segment saw a 10% decline, negatively impacting overall performance [3]. - A significant one-time loss related to the UK telecommunications merger led to a substantial drop in EBITDA [3][6]. Strategic Developments - The merger with Vodafone, completed on May 31, is expected to generate significant long-term benefits, including a commitment to invest GBP 11 billion in a 5G network over the next decade [3][4]. - The merger is projected to yield GBP 700 million in annual cost and capital expenditure synergies by the fifth year post-merger [4]. Port Business Update - The company is in discussions regarding the sale of its overseas port business, which has attracted attention from multiple countries [8][9]. - The transaction involves regulatory scrutiny from China, the US, the UK, and Europe, necessitating changes in the consortium structure to facilitate approval [9][11]. - The port business generated revenue of HKD 23.60 billion, a 9% increase, driven by growth in throughput at key ports [12]. Operational Insights - The company’s throughput increased by 4% to 44 million TEUs, with local and transshipment cargo remaining stable at 65% and 35%, respectively [12]. - Despite challenges in global trade and geopolitical risks, the port business is expected to maintain profitability growth in the second half of the year [12].