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 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 ...

Core Viewpoint - ST Jinhong (000669.SZ) announced a debt restructuring involving the transfer of loan claims from Hengfeng Bank's Beijing branch to Shandong Financial Asset Management Co., Ltd. (Shandong Jinzi) [1] Group 1: Debt Restructuring Details - Shandong Jinzi acquired the loan claims against Zhongyou Jinhong North Investment Management Co., Ltd. (the debtor) from the original creditor, Hengfeng Bank [1] - Jinhong Holdings voluntarily undertook the guarantee responsibility for the debt and committed to repay RMB 36 million to Shandong Jinzi on behalf of the debtor [1] - Upon timely repayment of the first installment, Shandong Jinzi will waive part of the guarantee responsibility of Jinhong Holdings [1]

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11月30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: | 2025年12月3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 (-) | | | ...

M: 委員會／顧問小組成員 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 | | | | | | | | | | 歐陽伯權 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 Points - 港铁公司 announced the appointment of Mr. Li Rizheng as the replacement director for non-executive director Mr. Xu Zhengyu, effective from November 20, 2025 [1] Company Summary - 港铁公司 is undergoing a leadership change with the appointment of Mr. Li Rizheng, who currently serves as the Deputy Secretary for Financial Affairs and Treasury (Treasury) [1] - The replacement is part of the company's governance structure, ensuring continuity in its board composition [1] Industry Context - The appointment reflects ongoing changes within the governance of major companies in the transportation sector, highlighting the importance of experienced leadership in maintaining operational stability [1]