格隆汇12月5日丨*ST交投(002200.SZ)公布，截至2025年12月4日，管理人账户已收到全体重整投资人支 付的全部重整投资款，合计人民币922,812,000.00元（大写：人民币玖亿贰仟贰佰捌拾壹万贰仟元 整）。全体重整投资人已支付完毕全部的重整投资款。 ...

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: 統一企業中國控股有限公司 FF301 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 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) | 00220 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,00 ...

格隆汇11月28日丨*ST交投(002200.SZ)公布，公司收到昆明中院送达的（2025）云01破3号《民事裁定 书》和（2025）云01破3号之二《公告》，昆明中院裁定批准公司《重整计划》并终止公司重整程序。 ...

Group 1 - Southbound funds increased their holdings in Uni-President China (00220.HK) by 2.063 million shares on November 18, 2025, representing a 0.54% increase [1][2] - Over the past five trading days, southbound funds have increased their holdings for five days, with a total net increase of 14.6887 million shares [1] - In the last 20 trading days, there have been 19 days of net increases, totaling 46.085 million shares [1] Group 2 - As of now, southbound funds hold 387 million shares of Uni-President China, accounting for 8.95% of the company's total issued ordinary shares [1] - The company operates primarily in the domestic market and is engaged in the production and sale of beverages and food products [2] - Uni-President China has four main divisions: food, beverages, other products, and an undistributed division, with the food division focusing on instant noodles and frozen rice products, while the beverage division includes tea, juice, and bottled water [2]

Core Viewpoint - *ST Jiaotou (002200.SZ) has been selected for two construction projects by Yunnan Jiaotou Group Highway Construction Co., aiming to enhance business order growth and improve ongoing operational capabilities [1] Group 1: Project Details - The company will sign a specialized subcontract for two projects: "Construction Facilities Engineering along the First General Contracting Section of Mu Yuan Expressway" and "Temporary Land Reclamation and Greening Engineering for the First General Contracting Section of Mu Yuan Expressway" [1] - The total contract amounts for the projects are 24.85 million yuan and 5.679 million yuan, respectively, totaling 30.529 million yuan [1] Group 2: Related Party Transactions - The signing of the construction contracts constitutes a related party transaction, as the contracting company is a subsidiary of the company's controlling shareholder, Yunnan Provincial Transportation Investment Construction Group Co., Ltd [1] - The total amount of the related party transaction is 30.529 million yuan [1]

Core Viewpoint - Goldman Sachs reports that Uni-President China (00220) experienced stable revenue in Q3, with food business growth in the low to mid-single digits, beverage business declining in the mid-single digits, and contract manufacturing business continuing to grow at a triple-digit percentage year-on-year. The firm maintains a cautious outlook for the company's future due to ongoing intense competition, projecting a sales growth of 6% and lowering the target price from HKD 9.3 to HKD 9, while keeping a "Neutral" rating [1] Group 1 - The food business growth is reported to be in the low to mid-single digits [1] - The beverage business has declined to the mid-single digits [1] - The contract manufacturing business continues to grow at a triple-digit percentage year-on-year [1] Group 2 - The management indicated that inventory reduction for beverage products is ongoing as of October, while noodle performance remains on track [1] - Despite weak consumption and intense competition, the company maintains a cautiously optimistic outlook for Q4, aiming for a full-year sales growth target of 6% to 8% [1] - The firm believes that the continued expansion of gross margins and visibility of expenditure ratios in Q4 are promising [1] Group 3 - Due to the weak performance of the beverage business, the sales forecast has been adjusted down by 1% [1] - The net profit forecast has been lowered by 3% to 4% due to operational deleveraging [1]

Core Viewpoint - Goldman Sachs reports that Uni-President China (00220) experienced stable revenue in Q3, with food business growth in the low single digits, beverage business declining in the low single digits, and contract manufacturing business continuing to grow at a triple-digit percentage year-on-year. The firm maintains a cautious outlook for the company's future due to ongoing intense competition, projecting a sales growth of 6% and lowering the target price from HKD 9.3 to HKD 9, while keeping a "Neutral" rating [1] Group 1 - The company's management indicated that inventory reduction for beverage products is ongoing as of October, while noodle performance remains on track [1] - Despite weak consumption and fierce competition, the company holds a cautiously optimistic view for Q4, maintaining its full-year sales growth target of 6% to 8% [1] - The firm adjusted the sales forecast down by 1% due to weak beverage performance slightly offsetting improvements in noodle business and growth in contract manufacturing [1] Group 2 - The net profit forecast has been lowered by 3% to 4% due to operational deleveraging [1] - The company believes that the continued expansion of gross margins and visibility of expenditure ratios in Q4 are promising [1]

Core Viewpoint - Goldman Sachs reports that Uni-President China’s third-quarter revenue remained relatively stable, with food business growth in the low to mid-single digits, beverage business declining in the mid-single digits, and contract manufacturing business continuing to grow at a triple-digit percentage year-on-year [1] Group 1: Business Performance - The management indicated that the company is still working on inventory reduction for beverage products as of October, while the performance of noodles remains on track [1] - Despite weak consumption and intense competition, the company maintains a cautiously optimistic outlook for the fourth quarter, aiming for a full-year sales growth target of 6% to 8% [1] Group 2: Financial Outlook - The company expects continued gross margin expansion and greater visibility in expense ratios for the fourth quarter [1] - Due to ongoing intense competition, Goldman Sachs remains cautious about the company's prospects for next year, projecting a sales growth of 6% and lowering the target price from HKD 9.3 to HKD 9, while maintaining a "Neutral" rating [1]

Core Viewpoint - The company's Q3 2025 performance met market expectations, with a net profit of 726 million yuan, reflecting an 8.4% year-on-year increase [1]. Revenue Trends - Q3 revenue remained flat year-on-year, with food business showing mid-single-digit growth while beverage business faced slight declines due to intensified competition in a saturated market [1]. - Within product categories, Assam milk tea remained stable, while juice and Hai Zhi Yan faced slight pressure; however, Double Brew and Huan Shen experienced double-digit growth [1]. - The company is proactively managing inventory and enhancing product freshness by investing in manpower and freezer resources to expand into high-output locations such as sports venues and transportation hubs [1]. - New products launched in Q3 included 100% NFC blueberry juice and lemon ginger apple, enriching the product portfolio [1]. - The contract manufacturing business is estimated to achieve triple-digit year-on-year growth in Q3 [1]. Profitability and Cost Management - Q3 gross margin continued to improve, with a slight year-on-year increase attributed to lower raw material prices and improved capacity utilization [2]. - The beverage and noodle gross margins improved in Q3, with beverages benefiting more from declining raw material prices, although the improvement was somewhat limited by rising prices of certain materials and competition [2]. - The company’s expense ratio decreased year-on-year due to optimized spending and a focus on brand building [2]. Future Growth Outlook - The company maintains a stable strategy, expecting revenue growth to continue next year despite an anticipated increase in beverage decline due to external factors [2]. - With healthy inventory levels and a stable pricing strategy, the company aims to explore high-potential outlets to drive incremental growth for the coming year [2]. - Profit margins are expected to maintain an upward trend in Q4 and next year, supported by favorable cost conditions and a rational competitive strategy [2]. Earnings Forecast and Valuation - The earnings forecasts for 2025 and 2026 have been revised down by 3% and 6% to 2.23 billion yuan and 2.47 billion yuan, respectively, due to increased competition [2]. - The current trading multiples are 16x and 14x for 2025 and 2026 P/E, with a target price of 11.5 HKD, implying a 28.5% upside potential based on 20x and 18x P/E for 2025 and 2026 [2].

Core Viewpoint - *ST JiaoTuo (002200.SZ) has received approval from the Kunming Intermediate People's Court to continue operations under the supervision of the management during the reorganization period [1] Group 1 - The Kunming Intermediate People's Court issued a reply and decision allowing the company to operate under management supervision [1] - The company is permitted to manage its assets and business affairs independently during the reorganization [1]