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: | 2026年1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: | 香港鐵路有限公司 | | | 呈交日期: | 2026年2月4日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 第 2 頁 共 10 頁 v 1.2.0 FF301 FF301 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 | 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) | 00066 | 說明 | 不適用 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | ...

公司本期业绩扭亏为盈的主要原因为：去年同期计提大额存货跌价准备及投资性房地产减值准备；本期 销售的部分房产为子公司北京荣丰房地产开发有限公司早期开发项目，销售毛利较高；长春国际金融中 心项目销售单价下滑，导致土地增值税税率下降，冲回前期多计提的土地增值税。公司本期收入大幅增 长的主要原因为加大力度促进房产项目销售。 格隆汇1月30日丨*ST荣控(000668.SZ)发布2025年度业绩预告，报告期内，归属于上市公司股东的净利 润2,500万元–3,500万元，上年同期亏损3.68亿元；扣除非经常性损益后的净利润2,500万元–3,500万元， 上年同期亏损3.77亿元；基本每股收益0.17元/股–0.24元/股。 ...

| | 委員會 | 委員會 | 委員會 | 委員會 | 委員會 | 委員會 | 委員會 | 顧問小組 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 執行 | 審核及 風險 | 提名 | 薪酬 | 工程 | 環境及 社會責任 | 財務及 投資 | 科技 | | 董事局成員 | | | | | | | | | | 非執行董事 | | | | | | | | | | 金澤培 博 士 | | | M | M | | C | | | | (主 席 ) | | | | | | | | | | 許正宇 (財經事務及庫務局局長 ) | | | | M | | | M | | | 運輸及 物 流 局局長 | | | M | M | | | | | | (陳美寶) | | | | | | | | | | 發展局常任秘書長 (工 務 ) | | | | | M | | | M | | (劉俊傑 ) | | | | | | | | | | 運輸署署長 (李頌恩 ) | | M | | | | M | | | | 獨立非執行董事 | | | | | | | ...

MTR CORPORATION LIMITED 香港鐵路有限公司 ( 於香港成立之有限公司 ) ( 股份代號 : 66) 董事局及執行總監會成員名單、 角 色和職能 | | | 審核及 | | | | 環境及 | 財務及 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 執行 委員會 | 風險 委員會 | 提名 委員會 | 薪酬 委員會 | 工程 委員會 | 社會責任 委員會 | 投資 委員會 | 科技 顧問小組 | | 董事局成員 | | | | | | | | | | 非執行董事 | | | | | | | | | | 金澤培 博 士 (主 席 ) | | | M | M | | C | | | | 許正宇 (財經事務及庫務局局長 ) | | | | M | | | M | | | 運輸及 物 流 局局長 | | | M | M | | | | | | (陳美寶) | | | | | | | | | | 發展局常任秘書長 (工 務 ) | | | | | M | | | M | | (劉俊傑 ) | | | | | | | | ...

Core Viewpoint - The company plans to issue 5-year and 12-year senior unsecured green bonds denominated in Australian dollars, with the proceeds aimed at financing eligible green investment projects under its sustainable development framework [1][2] Group 1: Bond Issuance Details - The bond issuance is part of a 5 billion AUD debt issuance program, with the company appointing ANZ, Deutsche Bank, MUFG, and UBS as joint bookrunners and joint lead managers [1][2] - The expected ratings for the bonds are Aa3 from Moody's and AA from S&P, reflecting the company's strong creditworthiness and strategic importance to the Hong Kong government [1][2] Group 2: Credit Ratings and Support - Moody's rating of Aa3 is based on the company's baseline credit assessment (BCA) of a2, which considers the high likelihood of extraordinary support from the Hong Kong government [1] - S&P's assessment indicates that the company's priority debt ratio will remain below 10% as of June 30, 2025, suggesting manageable subordination risk [2] Group 3: Financial and Operational Outlook - Moody's stable outlook indicates that the company's operational and financial performance is expected to remain stable over the next 12 to 18 months, maintaining its strategic importance to the Hong Kong government [1]

Core Viewpoint - The Hong Kong MTR Corporation has established itself as a key player in Hong Kong's rail transport since its inception in 1975, with a significant focus on a "rail + property" development model to fund railway projects through land development rights [1] Group 1: Company Overview - The MTR Corporation was listed on the Hong Kong Stock Exchange in 2000 and merged with Kowloon-Canton Railway Corporation in 2007, officially becoming Hong Kong Railway Limited [1] - The Hong Kong Special Administrative Region Government, represented by the Financial Secretary, holds a controlling stake of 74.45% in the company [1] Group 2: Business Model and Market Outlook - The "rail + property" development model allows the company to leverage land development rights along railway lines to finance the high costs associated with railway construction and maintenance [1] - The recovery of the Hong Kong real estate market is expected to contribute to the company's long-term property development growth, with significant revenue recognition anticipated in 2025 and 2026 [1] Group 3: Financial Performance and Dividend Policy - The company has adopted a progressive dividend policy, with dividends per share increasing from HKD 1.06 in 2015 to HKD 1.31 in 2024, maintaining dividends even during losses in 2020 [2] - Projected net profits for the company from 2025 to 2027 are estimated at HKD 162.03 billion, HKD 201.66 billion, and HKD 101.38 billion, with corresponding price-to-earnings ratios of 12x, 9x, and 19x [2] - The overall enterprise value of the company is estimated at HKD 276.6 billion, with a 20% discount applied for diversification, leading to a target equity value of HKD 221.3 billion and a target share price of HKD 35.55, indicating a 19% upside from the current market value [2]

FF301 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12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: | 香港鐵路有限公司 | | | 呈交日期: | 2026年1月6日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 00066 | 說明 | 不適用 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 6,224,823,171 | | 0 | | 6,224,823,171 | | 增加 / 減少 (-) ...

Investment Rating - The report initiates coverage with a rating of "Buy" for MTR Corporation [2][6] Core Insights - MTR Corporation has established itself as the core operator of Hong Kong's rail transit since its inception in 1975, with a significant focus on local line construction and expansion into international markets [5][16] - The "Rail + Property" development model allows MTR to finance railway projects through land development rights granted by the government, which is expected to drive long-term growth as the Hong Kong real estate market recovers [5][47] - The company has a progressive dividend policy, with expected dividends per share increasing from HKD 1.06 in 2015 to HKD 1.31 in 2024, maintaining dividends even during losses [5][43] Financial Data and Profit Forecast - Revenue projections for MTR Corporation are as follows: - 2023: HKD 56,982 million - 2024: HKD 60,011 million - 2025E: HKD 57,117 million - 2026E: HKD 55,584 million - 2027E: HKD 58,152 million - Net profit attributable to shareholders is forecasted as: - 2023: HKD 7,784 million - 2024: HKD 15,772 million - 2025E: HKD 16,203 million - 2026E: HKD 20,166 million - 2027E: HKD 10,138 million - The company is expected to maintain a dividend yield of approximately 4.4% from 2025 to 2027 [4][6] Business Model and Operations - MTR Corporation operates under a "Rail + Property" model, which integrates railway operations with property development to fund infrastructure projects [5][47] - The company is actively involved in multiple new railway and station projects to enhance connectivity in densely populated areas of Hong Kong [51][52] - The Hong Kong rail operations are expected to see a recovery in passenger numbers, with total passenger volume projected to reach 1.953 billion in 2024, recovering towards pre-pandemic levels [79] Valuation and Target Price - The estimated enterprise value of MTR Corporation is HKD 2,766 billion, with a 20% discount applied due to diversified operations, leading to a target equity value of HKD 2,213 billion [6] - The target price is set at HKD 35.55 per share, indicating a potential upside of 19% from the current market value [6]

杨美珍表示，对担任新岗位感到荣幸和兴奋，明白新岗位责任重大，未来会带领团队，为香港市民服 务，强调港铁会与时并进，提供具质量和韧性的铁路服务。 杨美珍指出，公司在过去一年推出不同措施，应付现金流需要，并已有一定效果。她续指，在目前的大 环境下面对很多挑战，要用新方法办事，港铁会利用人工智能科技协助。她强调，员工是公司的重要资 源，上任后会做好沟通协作，尽力让大家发挥所长。 智通财经APP获悉，1月2日，港铁(00066)新任行政总裁(CEO)杨美珍指出，港铁未来另一重点是做好大 屿山、屯门及北都等地区的6个已落实新铁路项目，而未计及北环线第二部分，相关工程投资额已达 1400亿港元，工程和财务管理将是她的工作重点，期待这些项目逐一落成，由2027至2034年间将会有超 过20个新车站。 ...

董事局及執行總監會成員名單、 角 色和職能 | | | 審核及 | | | | 環境及 | 財務及 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 執行 委員會 | 風險 委員會 | 提名 委員會 | 薪酬 委員會 | 工程 委員會 | 社會責任 委員會 | 投資 委員會 | 科技 顧問小組 | | 董事局成員 | | | | | | | | | | 非執行董事 | | | | | | | | | | 金澤培博士 | | | M | M | | C | | | | (主 席 ) | | | | | | | | | | 許正宇 (財經事務及庫務局局長 ) | | | | M | | | M | | | 運輸及 物 流 局局長 | | | M | M | | | | | | (陳美寶) | | | | | | | | | | 發展局常任秘書長 (工 務 ) | | | | | M | | | M | | (劉俊傑 ) | | | | | | | | | | 運輸署署長 (李頌恩 ) | | M | | | | M | | | | 獨立 ...