Core Insights - The overall performance exceeded expectations, with a 7% year-on-year increase in attributable operating profit (AOP) to HKD 4.466 billion, surpassing the previous forecast of HKD 4.36 billion [1] - The company proposed a final dividend of HKD 0.35 per share, maintaining the previous year's level, resulting in a total dividend of HKD 0.95 per share for the fiscal year 2025 [1] - The financial services segment remains a key growth driver, with AOP increasing by 29% to HKD 1.242 billion, despite a 27% decline in annualized premium equivalent (APE) [1] Financial Services - The marginal balance of contract services for Chow Tai Fook Life Insurance grew by 13% to HKD 9.2 billion, establishing a foundation for future profit sources [1] - The company actively expanded its financial services platform, acquiring 43.93% of technology-driven brokerage firm uSMART and 65% of external asset management company Blackhorn [1] Other Business Segments - The road business segment faced challenges, with AOP declining by 8% to HKD 1.439 billion due to reduced long-distance traffic [2] - The logistics segment saw a 3% increase in AOP, with China Railway International Container Transport Co., Ltd. (CUIRC) contributing to 23% of the strong growth [2] - The construction business stabilized after acquiring New Chang Yashide, with contract orders reaching HKD 58.5 billion, and the proportion of government-related contracts increasing to 61% [2] Investment Outlook - The company maintains a buy rating, with an attractive dividend yield exceeding 8% [3] - The anticipated rebound in logistics occupancy rates and the construction business benefiting from the 2025 policy report on northern metropolitan area development are expected to offset uncertainties in other segments [3] - The company is projected to see a decrease in financing costs, aiding profitability, with estimated dividend yields of 8.4% and 8.8% for fiscal years 2026-27 [3]

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份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。 本公告僅作參考用途，並不構成要約出售或招攬要約購買任何證券，而本公告或其所載內容亦不構成任何合 約或承諾之基準。本公告或其任何副本不得攜入美國或於該地分發。 本公告所載資料不會於美國或其境內直接或間接分發。本公告並不構成或組成於美國購買或認購證券之任何 要約或招攬之一部分。本公告所述之新股份及債券並未亦將不會根據證券法登記，且除非已根據證券法之登 記規定登記或獲豁免登記，否則將不得於美國提呈發售或出售。新股份或債券將不會於美國公開發售。 1 認購及發行債券須待認購協議所載先決條件獲達成及╱或豁免後，方可作實。此外，認購協議可能 在若干情況下終止。有關進一步資料，請參閱該公告中「認購協議」一節。 由於發行事項未必會完成，故股東及潛在投資者在買賣本公司證券時務請審慎行事。 承董事會命 周大福創建有限公司 公司秘書 （ 於百慕達註冊成立之有限公司 ） （股份代號：00659） 海外監管公告 本海外監管公告乃由 ...

Core Viewpoint - The report from CMB International indicates that Chow Tai Fook's adjusted operating profit (AOP) for the fiscal year ending June 2025 is expected to grow by 7% year-on-year to HKD 4.466 billion, surpassing the bank's expectations [1] Financial Performance - Shareholder profit is projected to see a slight year-on-year increase of 4% to HKD 2.162 billion [1] - Adjusted EBITDA is anticipated to rise by 1% year-on-year to HKD 7.316 billion [1] Growth Drivers - Financial services are highlighted as a key growth area for the future [1] - The company is actively expanding its financial services platform, including the acquisition of a 43.93% stake in technology-driven brokerage firm uSMART and a 65% stake in external asset management company Blackhorn [1] - The aim is to create a comprehensive wealth management ecosystem [1] Investment Outlook - CMB International maintains a "Buy" rating for Chow Tai Fook, believing that the company's various business segments will remain stable [1] - Anticipated rebound in logistics rental rates and benefits from the 2025 Policy Address regarding the accelerated development of the Northern Metropolis are expected to support the construction business [1] - Rapid growth in financial services is also expected to contribute positively [1] - The company is projected to see a further decline in financing costs, aiding profitability [1] - The current valuation is considered attractive, with a forecasted dividend yield of 8.4% and 8.8% for the fiscal years 2026 and 2027, respectively [1] - The target price is set at HKD 9.42 [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份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。 （於百慕達註冊成立之有限公司） （股份代號：00659） 修訂新世界主服務協議項下 若干持續關連交易的 現有2026財政年度年度出售上限 茲提述(i)本公司日期為2023年4月28日的公告及(ii)本公司日期為2023年6月5日的通函，內容有關 （其中包括）訂立新世界主服務協議、其項下擬進行的交易及現有2026財政年度年度出售上限。 修訂若干交易的現有2026財政年度年度出售上限 經董事會審閱若干交易後，董事會預期(i)截至2026年6月30日止財政年度，有關本集團旗下成員 公司向新世界集團旗下成員公司提供營運服務的持續關連交易（就數量及交易價值而言）將有所增 加；及(ii)因此，上述期間內若干交易的現有2026財政年度年度出售上限將不足以應付需求。鑑於 上述情況，董事會認為，將該期間內本集團旗下成員公司向新世界集團旗下成員公司提供營運服 務的最高年度總值修訂及提高為經修訂2026財政年度年度出售上限屬 ...

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份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。 （於百慕達註冊成立之有限公司） （股份代號：00659） (1)建議修訂2021年購股權計劃 及 (2) 建議更新2021年購股權計劃項下的計劃授權限額 茲提述(i)本公司日期為2021年11月23日的公告，內容有關採納2021年購股權計劃；及(ii)本公司日期 為2025年1月24日的公告，內容有關修訂2021年購股權計劃，以反映本公司名稱變更以及控股公司的 變更。 2021年購股權計劃於2021年11月23日獲本公司採納，旨在(i)作為對合資格參與者表現的回報，並向 其提供激勵、獎勵或回報，以優化其表現或為本集團作出貢獻；(ii)吸引及挽留具備所需經驗為本集 團效力或作出貢獻的高質素人員；及(iii)增強對公司的認同感，並使合資格參與者共享本公司透過其 關係、努力及╱或貢獻而取得的成果。 2021年購股權計劃自採納日期起計10年內有效，惟可根據2021年購股權計劃提前終止。除2021年購 股權計劃外 ...

Investment Rating - The report maintains a "Buy" rating for Chow Tai Fook Enterprises (659 HK) with a target price of HKD 9.42, indicating an expected upside of 11.7% from the current price of HKD 8.43 [1][4]. Core Insights - The overall performance of Chow Tai Fook Enterprises exceeded expectations, with a year-on-year increase in attributable operating profit (AOP) of 7% to HKD 4.466 billion, surpassing the previous forecast of HKD 4.36 billion [1]. - The financial services segment remains a key growth driver, with AOP increasing by 29% to HKD 1.242 billion, supported by a 13% growth in the marginal balance of Chow Tai Fook Life Insurance contracts [1][2]. - The company plans to distribute a final dividend of HKD 0.35 per share, maintaining the total dividend for the fiscal year at HKD 0.95 per share, alongside a stock dividend to enhance liquidity [1]. Summary by Sections Financial Performance - Total revenue for FY2025 decreased by 8.1% to HKD 24.285 billion, with notable declines in logistics and construction segments [2]. - The insurance segment saw a revenue increase of 18.2% to HKD 4.081 billion, while the logistics segment's revenue fell by 11.7% to HKD 142.1 million [2]. - Adjusted EBITDA for FY2025 rose by 1% to HKD 7.316 billion, reflecting stable operational performance despite revenue declines in certain segments [2]. Segment Analysis - The financial services segment is highlighted as a future growth area, with significant investments in technology-driven brokerage and asset management firms to create a comprehensive wealth management ecosystem [1]. - The logistics segment experienced a 3% increase in AOP, driven by strong growth from China Railway International Container Transport Co., which contributed 23% to the segment's performance [1]. - The construction segment's performance stabilized post-acquisition, with a contract order book reaching HKD 58.5 billion, focusing on government projects [1]. Dividend Policy - Chow Tai Fook Enterprises aims to maintain a progressive dividend policy, ensuring long-term returns for shareholders, with a projected dividend yield of 8.4% to 8.8% for FY2026-27 [1].

Core Viewpoint - The report from CMB International maintains a target price of HKD 9.42 for Chow Tai Fook Enterprises (00659) and a "Buy" rating, indicating confidence in the company's stable business segments and growth potential in logistics, construction, and financial services [1] Group 1: Financial Performance - The company’s operating profit (AOP) for the fiscal year 2025 is expected to increase by 7% year-on-year to HKD 4.466 billion, surpassing previous forecasts [1] - Shareholder profit is projected to rise by 4% year-on-year to HKD 2.162 billion [1] - The financial services segment's AOP grew by 29% to HKD 1.242 billion, indicating strong performance [2] Group 2: Business Segments - The logistics segment's AOP increased by 3%, with China Railway International Container Transport Co., Ltd. (CUIRC) contributing 23% to this growth [2] - The construction business is expected to benefit from the 2025 policy report aimed at accelerating the development of the Northern Metropolis [1] - The road business segment faced challenges, with AOP declining by 8% to HKD 1.439 billion due to reduced long-distance traffic [2] Group 3: Dividend Policy - The company proposed a final dividend of HKD 0.35 per share, maintaining the previous year's level, leading to a total dividend of HKD 0.95 per share for the fiscal year 2025 [1] - The company plans to maintain a long-term progressive dividend policy to ensure sustained returns for shareholders [1]

Core Viewpoint - The report from CMB International maintains a target price of HKD 9.42 for Chow Tai Fook Enterprises (00659) and a "Buy" rating, indicating confidence in the stability of the company's various business segments and potential for growth in financial services [1] Group 1: Business Performance - The company expects a rebound in logistics rental rates and benefits from the 2025 policy report on accelerating the development of the Northern Metropolis, which will offset uncertainties in other business segments [1] - The financial services segment's Adjusted Operating Profit (AOP) increased by 29% to HKD 1.242 billion, indicating strong growth potential [2] - The overall performance for the fiscal year 2025 is projected to show a 7% year-on-year increase in AOP to HKD 4.466 billion, surpassing previous forecasts [1][2] Group 2: Dividend Policy - The company proposed a final dividend of HKD 0.35 per share, maintaining last year's level, leading to a total dividend of HKD 0.95 per share for fiscal year 2025 [1] - The company plans to maintain a long-term progressive dividend policy to ensure growth in shareholder returns [1] Group 3: Financial Outlook - The company anticipates a decrease in financing costs, projected at 4.7% for the fiscal year 2024 and 4.1% for 2025, which will support profit growth [1] - The estimated dividend yield for fiscal years 2026-2027 is expected to reach 8.4% and 8.8%, respectively, highlighting the attractiveness of the stock [1]

Core Viewpoint - Chow Tai Fook Enterprises (00659) has seen its stock rise over 4% following the release of its annual performance report, which exceeded profit expectations due to strategic investments [1] Financial Performance - The company's profit attributable to shareholders increased by 4% to HKD 2.162 billion [1] - For the second half of the fiscal year, recurring profit grew by 18% to HKD 1.4 billion, surpassing expectations by 19% [1] Dividend and Share Structure - The final dividend declared is HKD 0.35, remaining unchanged year-on-year and aligning with market expectations [1] - The company has proposed a stock split of ten shares for one [1] Strategic Investment and Debt Issuance - Chow Tai Fook plans to issue HKD 22.18 billion in 0.75% exchangeable bonds maturing in 2028, with the underlying asset being approximately 10% of the issued share capital of its investment in First Holdings [1] - Following the completion of this transaction, Chow Tai Fook will exit its investment in First Holdings, which is expected to significantly improve liquidity for First Holdings [1]

另外，里昂研报指，周大福创建下半财年经常性利润同比增长18%至14亿港元，由于公司的战略投资带动更高贡献，其表现较预期高出19%。末期息派 0.35港元，同比持平，基本符合预期，公司亦建议进行十送一红股。该行认为，由于可转换债券的持续转换，周大福创建的股价表现滞后于估值，予 其"跑赢大市"评级，目标价8.2港元，料2026财年股息率达8.6%。 延续昨日涨势，周大福创建(0659.HK)今日逆势走强，盘中涨近5%，报8.5港元，股价创2019年4月以来新高。 消息面上，周大福创建为回馈股东，宣称"十送一"红股，集团联席行政总裁郑志明指，派红股主要目的是长远扩大股本基础，提高股份流通量，集团的 成交量较少，股本扩大可令投资者更易参与，因此是一个持续性安排。 ...