EF001 EF001 | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 長江和記實業有限公司之董事為: | | | 執行董事: | | | 李澤鉅先生 (主席) | | | 霍建寧先生 (副主席) | | | 陸法蘭先生 (集團聯席董事總經理兼集團財務董事) | | | 黎啟明先生 (集團聯席董事總經理) | | | 葉德銓先生 (副董事總經理) | | | 甘慶林先生 (副董事總經理) | | | 施熙德女士 | | | 甄達安先生 | | | 非執行董事: | | | 周近智先生 | | | 周胡慕芳女士 | | | 李業廣先生 | | | 獨立非執行董事: | | | 周靜宜女士 | | | 蓆紀倫先生 | | | 斐歷嘉道理先生 | | | 梁劉柔芬女士 | | | 戴保羅先生 | | | 詹婧翎女士 | | | 黃桂林先生 | | 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司 ...

[Performance Highlights and Chairman's Report](index=1&type=section&id=I.%20Performance%20Highlights%20and%20Chairman's%20Report) [Performance Highlights](index=1&type=section&id=1.1%20Performance%20Highlights) This section outlines the unaudited results for the six months ended June 30, 2025, including revenue, EBITDA, EBIT, reported profit, underlying profit, and interim dividend per share, compared to the same period last year, providing data under both IFRS 16 post-adoption and pre-adoption accounting standards 2025 H1 Key Financial Data (Post-IFRS 16) | Metric | 2025 (HKD million) | 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | 240,663 | 232,644 | - | | Total EBITDA | 56,983 | 63,422 | - | | Total EBIT | 23,161 | 30,955 | - | | Reported Profit (Underlying) | 11,321 | 10,205 | +11% | | Reported Profit (One-off Items) | (10,469) | - | - | | Reported Profit (Total) | 852 | 10,205 | -92% | | Reported Earnings Per Share | 0.22 | 2.66 | -92% | | Interim Dividend Per Share | 0.710 | 0.688 | +3% | 2025 H1 Key Financial Data (Pre-IFRS 16) | Metric | 2025 (HKD million) | 2024 (HKD million) | Change (Reported Currency) | Change (Local Currency) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 240,663 | 232,644 | +3% | +3% | | Total EBITDA | 44,998 | 52,201 | -14% | -15% | | Total EBIT | 20,487 | 28,843 | -29% | -30% | | Reported Profit | 440 | 10,192 | -96% | -98% | - The Group has adopted International Financial Reporting Standard 16 'Leases' ('IFRS 16') for its statutory reporting, while its management reporting continues to adopt the previous leasing accounting standard, International Accounting Standard 17 'Leases' ('IAS 17')[2](index=2&type=chunk) [Chairman's Report](index=2&type=section&id=1.2%20Chairman's%20Report) The Chairman's Report highlights a challenging economic environment in the first half of 2025, yet the Group achieved robust underlying profit growth, primarily driven by the merger of its UK telecom business with Vodafone, and strong performance in the Ports, Retail, and Infrastructure divisions, also noting a one-off non-cash loss and interim dividend distribution [Macroeconomic Environment and Group Performance](index=2&type=section&id=1.2.1%20Macroeconomic%20Environment%20and%20Group%20Performance) The economic environment in the first half of 2025 was challenging due to escalating geopolitical and trade tensions and weak consumer sentiment, with the Group's performance favorably impacted by exchange rate fluctuations but unfavorably by commodity prices, achieving a robust 11% growth in underlying profit net on a pre-IFRS 16 basis - The economic situation in the first half of **2025** was challenging, with escalating geopolitical and trade tensions, coupled with weak consumer sentiment[3](index=3&type=chunk) - Overall, exchange rate fluctuations had a favorable impact on performance, while commodity price movements did not[3](index=3&type=chunk) 2025 H1 Underlying Profit Growth (Pre-IFRS 16) | Metric | 2025 H1 (HKD million) | 2024 H1 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Underlying Net Profit | 11,362 | 10,192 | +11% | | Underlying EBITDA | 55,920 | 52,201 | +7% | | Underlying EBIT | 31,409 | 28,843 | +9% | - Growth was driven by enhanced performance in the Ports division, improvements in the Retail division, increased contributions from the Infrastructure division, and strong performance from CK Hutchison Group Telecom and treasury operations[3](index=3&type=chunk) [UK Telecom Business Merger](index=2&type=section&id=1.2.2%20UK%20Telecom%20Business%20Merger) The Group completed the merger of its UK telecom business with Vodafone UK in May 2025, recognizing a one-off non-cash loss but receiving approximately GBP 1.3 billion in net cash proceeds - The Group completed a major strategic transaction in May **2025**, the merger of its UK telecom business with Vodafone UK ('UK Merger')[3](index=3&type=chunk) - On a pre-IFRS **16** basis, the Group recognized a one-off non-cash loss and related impact of **HKD 10.922 billion** from the UK Merger[4](index=4&type=chunk) - The Group also received net cash proceeds of approximately **GBP 1.3 billion** from the merger[4](index=4&type=chunk) Impact of UK Merger on Reported Profit | Metric | 2025 H1 (HKD million) | 2024 H1 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Reported Profit (Pre-IFRS 16) | 440 | 10,192 | -96% | | Reported Profit (Post-IFRS 16) | 852 | 10,205 | -92% | | Reported Earnings Per Share (Post-IFRS 16) | 0.22 | 2.66 | -92% | [Dividend Policy](index=2&type=section&id=1.2.3%20Dividend%20Policy) The Board recommended an interim dividend of HKD 0.71 per share, representing an increase from the same period last year Interim Dividend Per Share | Metric | 2025 H1 (HKD) | 2024 H1 (HKD) | Change | | :--- | :--- | :--- | :--- | | Interim Dividend Per Share | 0.710 | 0.688 | +3% | - The Board recommended an interim dividend to be paid on Thursday, September **25**, **2025**, to shareholders whose names appear on the Company's register of members on Tuesday, September **16**, **2025**[5](index=5&type=chunk) [Business Segment Performance](index=3&type=section&id=II.%20Business%20Segment%20Performance) [Ports and Related Services](index=3&type=section&id=2.1%20Ports%20and%20Related%20Services) The Ports and Related Services division reported a 9% year-on-year increase in revenue, with EBITDA and EBIT growing by 10% and 12% respectively in the first half of 2025, driven by higher throughput, increased storage income, and effective cost management, with significant full-year profit growth expected Ports and Related Services Division 2025 H1 Performance | Metric | 2025 H1 (HKD million) | 2024 H1 (HKD million) | Change | Change (Local Currency) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 23,597 | 21,594 | +9% | +10% | | EBITDA | 8,719 | 7,938 | +10% | +8% | | EBIT | 6,508 | 5,785 | +12% | +11% | | Throughput (million TEUs) | 44.0 | 42.3 | +4% | - | - The increase in throughput was mainly driven by Yantian Port, Shanghai Port, and container terminals in Asia and the Middle East[7](index=7&type=chunk) - Storage income from Mexico and European ports surged by **27%**[7](index=7&type=chunk) - The Ports division made significant progress in reducing its environmental footprint, with Scope **1** and **2** emissions per TEU decreasing by nearly **4%** year-on-year, and diesel consumption reducing by **5%** year-on-year[37](index=37&type=chunk) [Retail](index=4&type=section&id=2.2%20Retail) The Retail division's total revenue grew by 8%, with EBITDA and EBIT increasing by 12% and 14% respectively in the first half of 2025, primarily driven by significant growth in health and beauty businesses in the UK, Poland, and the Philippines, though China's business was affected by weak consumer demand, with future growth strategies focusing on optimizing store locations, expanding online presence, and enhancing customer experience Retail Division 2025 H1 Performance | Metric | 2025 H1 (HKD million) | 2024 H1 (HKD million) | Change | Change (Local Currency) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 98,840 | 91,469 | +8% | +6% | | EBITDA | 7,974 | 7,089 | +12% | +8% | | EBIT | 6,180 | 5,433 | +14% | +9% | | Number of Stores | 16,935 | 16,548 | +2% | - | - Significant growth was observed in the health and beauty businesses in the UK, Poland, and the Philippines[9](index=9&type=chunk) - The China health and beauty business continued to underperform due to weak consumer demand, resulting in a **4%** reduction in store count[9](index=9&type=chunk)[39](index=39&type=chunk) - The number of dark stores for the China health and beauty business increased from **131** as of December **31**, **2024**, to **394** as of June **30**, **2025**, further enhancing online business capabilities[39](index=39&type=chunk) - The

Core Points - The 2025 Shanghai Cooperation Organization (SCO) Finance Ministers and Central Bank Governors meeting was held on June 3 in Beijing, focusing on deepening regional financial cooperation [1][3] - The meeting discussed global and regional economic and financial challenges, sharing policy practices related to fiscal and monetary issues, green transformation, and financial development [3] Group 1 - The meeting supported actions to enhance regional financial cooperation, including the establishment of the SCO Development Bank and the creation of an SCO financial think tank network [3] - Discussions included improving local currency settlement arrangements and deepening digital inclusive finance cooperation [3] - The meeting emphasized the need for member countries to uphold multilateralism and strengthen macroeconomic policy coordination [3] Group 2 - The current global landscape is characterized by rapid changes, including a new round of technological revolution and industrial transformation, presenting new cooperation opportunities for SCO member countries [3] - Challenges such as trade protectionism, globalization backlash, geopolitical conflicts, and climate change pose significant threats to global and regional economic stability [3] - The meeting aimed to foster a closer SCO community and contribute to a new phase of financial cooperation among member states [3]

Core Points - Chen Yong, the chairman of Shahe Co., Ltd., has resigned due to work adjustments, effective immediately, and will no longer hold any position within the company [2][4] - The company will promptly complete the election of a new director and chairman [2] - Shahe Co., Ltd. has faced significant business contraction, with Q1 revenue of only 7.94 million, a 96.23% year-on-year decline, and a net loss of 9.538 million, a 120.56% year-on-year decrease [5] Company Background - Shahe Co., Ltd. was established in July 1987, primarily engaged in real estate development and property management, with actual control by the Shenzhen State-owned Assets Supervision and Administration Commission [5] - Chen Yong has a strong background in real estate management, having held various positions within the industry before becoming chairman in July 2023 [4] Performance Challenges - The company is expected to report a net loss of 18 to 20 million for the first half of the year, compared to a profit of 54.11 million in the same period last year [5] - The decline in performance is attributed to a decrease in the area and revenue from real estate project handovers [5] - Market analysts indicate that Chen Yong's departure comes at a critical time for the company, which is under pressure from both performance issues and industry adjustments [5]

Group 1 - The core viewpoint of the article highlights the recent performance and financial metrics of Deep Konka A, showing a significant increase in stock price and strong net profit growth [1] - As of August 11, 2025, Deep Konka A's stock closed at 5.42 yuan, up 9.94%, with a trading volume of 2.4188 million hands and a transaction amount of 1.284 billion yuan [1] - The company reported total operating revenue of 2.544 billion yuan for Q1 2025, a year-on-year increase of 3.32%, and a net profit attributable to shareholders of 94.81 million yuan, up 118.59% year-on-year [1] Group 2 - The company has a current liquidity ratio of 0.622 and a quick ratio of 0.474, indicating its short-term financial health [1] - The asset-liability ratio stands at 92.49%, suggesting a high level of debt relative to its assets [1] - Konka Group has made investments in 107 companies and participated in 1,279 bidding projects, showcasing its active engagement in the market [2]

Group 1 - China Merchants Group is reportedly seeking to acquire a 20% to 30% stake in the global port assets being sold by CK Hutchison Holdings [1] - Negotiations regarding the deal are still ongoing, with one option being for China Merchants to participate in transactions outside of the two ports at the Panama Canal [1] - The Chinese government emphasizes its commitment to regulating the sale of overseas port assets to safeguard national sovereignty, security, and development interests, while also ensuring market fairness [1]

Group 1 - The core viewpoint of the article is that the Chinese government will regulate the sale of overseas port assets by Cheung Kong Holdings to ensure national sovereignty, security, and development interests are maintained, while also upholding market fairness and justice [1] Group 2 - China Merchants Group is reportedly seeking to acquire a 20% to 30% stake in the global port transaction involving Cheung Kong Holdings [1] - Negotiation details regarding the transaction are not finalized, with one option being to allow China Merchants to participate in ports outside of the Panama Canal [1]

Group 1 - The President of Ghana, John Dramani Mahama, has appointed Dr. Cassiel Ato Forson as the Minister of Defense and Emmanuel Amankwah Kofi Buah as the Minister of Environment, Science, and Technology [1] - These appointments follow the tragic deaths of the former Minister of Defense, Dr. Edward Kofi Omane Boamah, and the former Minister of Environment, Science, and Technology, Hajia Ibrahim Murtala Mohammed, in a helicopter crash [1]

Group 1 - China COSCO Shipping Group is reportedly seeking to acquire a 20% to 30% stake in the global port assets being sold by CK Hutchison Holdings [1] - Negotiation details are not finalized, with one option being COSCO's participation in transactions involving ports outside of the Panama Canal [1] - The Chinese government will regulate the sale of overseas port assets to safeguard national sovereignty, security, and development interests, while ensuring market fairness [1]

Group 1 - The core point of the article is that China Merchants Group is seeking to acquire 20% to 30% stake in the global port assets being sold by CK Hutchison Holdings [1] - Negotiations regarding the deal are still ongoing, with one option being for China Merchants to participate in transactions related to ports outside of the Panama Canal [1] - The Chinese government will regulate the sale of overseas port assets to ensure the protection of national sovereignty, security, and development interests, as well as to maintain market fairness and justice [1]