Core Viewpoint - MTR Corporation (00066) announced the appointment of Mr. Li Rizheng as a replacement director by Mr. Xu Zhengyu, the Secretary for Financial Services and the Treasury, effective from November 20, 2025 [1] Group 1 - MTR Corporation is undergoing a change in its board of directors with the appointment of a new non-executive director [1] - The new director, Mr. Li Rizheng, is currently the Deputy Secretary for Financial Services and the Treasury (Treasury) [1] - The appointment reflects the ongoing collaboration between the government and MTR Corporation in governance [1]

Core Viewpoint - The Hong Kong MTR Corporation announced the appointment of a new alternate director, effective November 20, 2025 [1] Group 1 - The new alternate director, Leung Yat-chung, is appointed by the non-executive director, Mr. Xu Zhengyu, who is also the Secretary for Financial Services and the Treasury [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，概不對因本公告全部或任何部分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。 MTR CORPORATION LIMITED 香港鐵路有限公司 (｢本公司｣) ( 於香港成立之有限公司 ) (股份代號﹕66) 替任董事之委任 本公司宣布黎日正先生（財經事務及庫務局副秘書長（庫務）2）自2025年11月20日起獲 本公司非執行董事許正宇先生（財經事務及庫務局局長）委任為其替任董事。 本公司宣布黎日正先生（財經事務及庫務局副秘書長（庫務）2）自2025年11月20日起獲本 公司非執行董事許正宇先生（財經事務及庫務局局長）委任為其替任董事。 黎日正先生（50歲）於1998年加入香港特別行政區（「香港特區」）政府任職政務主任。 他曾在多個決策局及部門服務，包括前房屋局、前經濟發展及勞工局、香港駐悉尼經濟貿易 辦事處、房屋署、行政長官辦公室、香港駐日內瓦經濟貿易辦事處及旅遊事務署。黎先生於 出任財經事務及庫務局副秘書長（庫務）2前，曾出任工業貿易署副署長（雙邊貿易、管制 及工商業支援）。 ...

Core Viewpoint - UBS has set a target price of HKD 24 for MTR Corporation (00066) and assigned a "Sell" rating, reflecting concerns over the company's long-term prospects despite a positive short-term reaction to recent bidding results [1] Group 1: Project Details - MTR Corporation announced that the contract for the first phase of the Tuen Mun District 16 station property development project has been awarded to Sun Hung Kai Properties (00016) [1] - The total gross floor area of the project is 601,000 square feet, expected to provide approximately 1,280 residential units [1] - The total investment for the project is HKD 6 billion, translating to a land price of about HKD 9,983 per square foot [1] Group 2: Financial Projections - Assuming the average selling price reaches the current level of similar projects in the area, specifically the Lung Mun project at HKD 12,750 per square foot, the overall development gross margin is estimated to be around 22% [1] - After profit sharing with MTR, the actual development profit margin for Sun Hung Kai Properties is approximately 15% [1] Group 3: Market Comparisons - The estimated overall land cost is about HKD 4,300 per square foot, which is 12% higher than the price paid by Sino Land (00083) for a similar project in August, but still 23% lower than initial estimates [1] - This indicates that the commercial returns from the Tuen Mun South Extension project are lower than initially expected [1] Group 4: Long-term Outlook - UBS anticipates a positive market reaction to the bidding results, but remains cautious about MTR's long-term outlook due to significant capital expenditure requirements and rising interest expenses associated with new railway projects [1] - Additionally, the attractiveness of land reserves outside the Tuen Mun South Line, such as Tung Chung East, Siu O Wan, and North District, is considered low [1]

Core Viewpoint - UBS has set a target price of HKD 24 for MTR Corporation (00066) and assigned a "Sell" rating, reflecting concerns over the company's long-term prospects despite a positive short-term reaction to a recent tender result [1] Group 1: Project Details - MTR Corporation announced that the contract for the first phase of the Tuen Mun Area 16 property development project has been awarded to Sun Hung Kai Properties (00016) [1] - The total gross floor area of the project is 601,000 square feet, expected to provide approximately 1,280 residential units [1] - The total investment for the project is estimated at HKD 6 billion, translating to a land price of about HKD 9,983 per square foot [1] Group 2: Financial Projections - Assuming the average selling price reaches the current level of similar projects in the area, specifically HKD 12,750 per square foot, the overall development gross margin is projected to be around 22% [1] - After profit sharing with MTR, the actual development profit margin for Sun Hung Kai is estimated to be about 15% [1] - The overall land cost is estimated at HKD 4,300 per square foot, which is 12% higher than the price paid by Sino Land (00083) for a similar project in August, but 23% lower than previous estimates [1] Group 3: Market Reaction and Long-term Outlook - UBS anticipates a positive market reaction to the tender results for MTR Corporation's stock [1] - However, the firm remains cautious about the company's long-term outlook due to significant capital expenditure requirements from new railway projects and rising interest expenses [1] - The attractiveness of MTR's land reserves outside the Tuen Mun South Line, such as Tung Chung East, Siu Ho Wan, and North District, is considered low [1]

Core Viewpoint - UBS reports that MTR Corporation's Tuen Mun District 16 Station Phase 1 property development contract has been awarded to Sun Hung Kai Properties, with a total floor area of 601,000 square feet, expected to provide approximately 1,280 residential units [1] Summary by Category Project Details - The total investment for the project is HKD 6 billion, translating to a land price of approximately HKD 9,983 per square foot [1] - If the average selling price reaches the current level of similar projects in the area, specifically at HKD 12,750 per square foot, the overall development gross margin is estimated to be around 22% [1] Financial Implications - After profit sharing with MTR, Sun Hung Kai's actual development profit margin is approximately 15% [1] - UBS anticipates a positive market reaction to MTR's tender results, but maintains a cautious outlook on the company's long-term prospects due to significant capital expenditure requirements from new railway projects and rising interest expenses [1] Target Price and Rating - UBS sets a target price of HKD 24 for MTR Corporation and assigns a "Sell" rating [1]

Group 1 - The announcement states that Mr. Lu Jia-jian will no longer serve as the alternate director for Mr. Xu Zhengyu, the non-executive director of the company, effective from November 6, 2025 [1]

Core Points - 港铁公司 announced that Mr. Lu Jia-jian will no longer serve as a non-executive director starting from November 6, 2025 [1] - Mr. Xu Zheng-yu, the Secretary for Financial Services and the Treasury, will take over as the replacement director [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，概不對因本公告全部或任何部分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。 MTR CORPORATION LIMITED 香港鐵路有限公司 （「本公司」 ） （ 於香港成立之有限公司 ） (股份代號﹕ 66) 替任董事之辭任 董事局成員 ：歐陽伯權博士 （主席） **、金澤培博士 （行政總裁） 、包立賢*、陳振 彬博士*、鄭恩基*、許少偉*、劉麥嘉軒*、李惠光*、吳永嘉*、孫淑貞*、唐家成 博士*、黃幸怡*、黃冠文*、黃慧群教授*、許正宇（財經事務及庫務局局長）**、 運輸及物流局局長（陳美寶）**、發展局常任秘書長（工務）（劉俊傑）**及運輸署 署長（李頌恩）** 執行總監會成員 ﹕ 金澤培博士、楊美珍、鄭惠貞、蔡少綿、鄧輝豪、樊米高、馬琳、 鄧智輝及黃琨暐 本公告以英文及中文發出。中、英文版如有任何歧義，概以英文版為準。 * 獨立非執行董事 ** 非執行董事 本公司宣 布 陸嘉健先生 自 2 0 2 5 年1 1 月6 日 起 不 再擔任 本公司非執行董事許正宇 先生（財 ...

| 截至月份: | 2025年10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: | 2025年11月5日 | | | I. 法定/註冊股本變動 | 不適用 | | 第 1 頁 共 10 頁 v 1.1.1 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 FF301 FF301 III.已發行股份及/或庫存股份變動詳情 II. 已發行股份及/或庫存股份變動 (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 | | 已發行股份總數 | | | 上月底結存 | | | 6,22 ...