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産生或 因倚賴該等內容而引致的任何損失承擔任何責任。 2025 年第三季度報告 海信家電集團股份有限公司（「公司」）董事會（「董事會」）謹此公佈公司及附屬公司截至2025 年9月30日止三個月未經審計的業績（「2025年第三季度報告」）。本公告乃根據《證券及期貨 條例》（第571章）第XIVA部及香港聯合交易所有限公司證券上市規則第13.09條和第13.10B 條之規定作出。 一、重要提示 1. 公司董事會及董事、高級管理人員保證本報告所載資料不存在虛假記載、誤導性陳述或者 重大遺漏，並對其內容的真實、準確和完整承擔個別及連帶法律責任。 2. 公司負責人高玉玲女士、主管會計工作負責人孫長春先生及會計機構負責人（會計主管人 員）周珊女士聲明：保證季度報告中財務信息的真實、準確、完整。 3. 全體董事均出席了審議批准 2025 年第三季度報告的董事會會議。 4. 公司 2025 年第三季度財務報表未經會計師事務所審計。 5. 公司的資産負債表、利潤表、現金流量 ...

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文件的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本文件全部或任何部分內容而產生或因倚賴該等內容而引致 之任何損失承擔任何責任。 中國銀行股份有限公司 BANK OF CHINA LIMITED （於中華人民共和國註冊成立的股份有限公司） （「本行」） （股份代號：3988） 2025年第三季度報告 本行董事會宣佈本行及其附屬公司（「本集團」或「集團」）截至2025年9月30日止第 三季度的未經審計業績。本公告乃根據《證券及期貨條例》（香港法例第571章）第 XIVA部及香港聯合交易所有限公司證券上市規則第13.09條而作出。 1 一、 主要財務數據 1.1 基於國際財務報告會計準則編製的主要會計數據和財務指標 | | | 本報告期 | | 年初至 | | --- | --- | --- | --- | --- | | | 2025年 | 比上年 | 2025年 | 報告期末 | | 項目 | 7-9月 | 同期增減 | 1-9月 | 比上年 同期增減 | | | | (%) | | | | | | | | (%) | | 營業收 ...

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依 賴該等內容而引致的任何損失承擔任何責任。 （債券證券代號：5131） 截至2025年9月30日止九個月的未經審計業績公告 中國平安保險（集團）股份有限公司（「平安」或「本公司」）董事會（「董事會」）謹此 宣佈本公司及其附屬公司（「本集團」）截至2025年9月30日止九個月期間（「報告 期」）的未經審計業績（「第三季度業績」）。本公司董事會及其轄下的審計與風險管 理委員會已審閱此第三季度業績。 （於中華人民共和國註冊成立之股份有限公司） 股份代號：2318（港幣櫃台）及82318（人民幣櫃台） 一、主要經營業績 （一）經營業績亮點 2025年前三季度，中國經濟穩中求進，內需潛力釋放、發展韌性增加。面對 複雜的外部環境，中國以高質量發展的確定性應對各種不確定性。公司堅守 金融主業，推動高質量發展，實現整體業績穩健增長。 1 • 集團整體經營顯著向好。2025年前三季度，集團實現歸屬於母公司股東 的營運利潤1,162.64億元，同比增長7.2%。歸屬 ...

Financial Performance - The Group recorded a revenue of approximately HK$5,361.66 million for the year ended June 30, 2025, representing a decrease of approximately 8.31% compared to HK$5,847.76 million in 2024[20] - The loss from continuing and discontinued operations attributable to owners of the Company for the Year amounted to approximately HK$13.14 million, a decrease from HK$18.46 million in 2024[20] - The Group's gross profit margin increased from 0.56% in 2024 to 0.59% for the Year, despite a decrease in overall gross profit from approximately HK$32.52 million to HK$31.86 million[30] - Revenue from the trading of fresh produce and agricultural products was approximately HK$4,593.07 million, accounting for about 85.67% of the Group's total revenue, with a gross profit margin of 0.39%[39] - The gross profit from the fresh and agricultural product trading segment was approximately HK$17,800,000, with a gross profit margin of 0.39%, down from 0.46% the previous year[42] - The meat processing segment recorded a significant revenue increase of approximately HK$632,810,000 to HK$765,140,000, representing about 14.27% of total revenue[44] Cash and Bank Balances - The Group's bank and cash balances at the end of the Year were approximately HK$55.92 million, down from HK$81.76 million in 2024[21] - The Group's cash and cash equivalents as of June 30, 2025, were approximately HK$55.92 million, down from HK$81.76 million in 2024, while net current assets decreased to approximately HK$310.07 million from HK$323.75 million[86] Cost Control and Expenses - The Group implemented stringent cost control measures, resulting in a decrease of approximately HK$3.10 million in administrative and other operating expenses[20] - Administrative and other operating expenses decreased by approximately 11.51% to HK$23.82 million from HK$26.92 million in 2024[33] - The decrease in local government subsidy for the Year was approximately HK$1.92 million compared to the previous year[20] - Other income decreased to approximately HK$1.18 million from HK$4.06 million in 2024, primarily due to the absence of government grants this year[31] Impairment and Credit Losses - An increase in impairment losses under the expected credit loss model of approximately HK$5.87 million was noted compared to last year[20] - Impairment losses under the expected credit loss model for trade and other receivables amounted to approximately HK$9.98 million, an increase from HK$6.50 million in 2024[34] - The Group's expected credit loss (ECL) impairment totaled approximately HK$33.82 million, an increase from HK$22.60 million in 2024, resulting in an ECL impairment loss of approximately HK$10.45 million for the year[73] Business Diversification and Growth - The meat processing business, which started operations in April 2024, is expected to be the major driver of growth for the Group in the future[21] - The Group plans to diversify its business to create greater value for shareholders[22] - The Directors are optimistic about the growth prospects in trading fresh produce and agricultural products, viewing these as key drivers for the Group's growth and profitability[81] - The Group aims to diversify its business by enriching its product portfolio, including importing high-quality fresh produce from Southeast Asia and South America[81] Risk Management and Governance - The Group's management is confident that the gross profit margin of the meat processing segment will improve with increased economic scale and customer recognition in the near future[45] - The Group has implemented credit control measures and conducts due diligence to assess customers' financial strength before loan approval[117] - The Board is responsible for maintaining effective risk management and internal control systems to safeguard assets and shareholders' interests[183] - A risk management policy has been established to ensure the Group operates in a safe environment and achieves its operational strategy[184] Corporate Governance - The company has complied with all applicable code provisions of the Corporate Governance Code throughout the year[130] - The Company has established three board committees: Audit Committee, Nomination Committee, and Remuneration Committee, each with defined written terms of reference[150] - The Company has provided training materials to all Directors to ensure compliance with the latest GEM Listing Rules and enhance corporate governance awareness[144] - The Company has a formal and transparent procedure for developing remuneration policies for Directors and senior management[167] Workforce and Employment - The Group maintained a workforce of 82 employees as of June 30, 2025, unchanged from the previous year[100] - The Group's workforce comprises 62% male and 38% female employees, indicating gender diversity within the organization[199]

Revenue Performance - The group's revenue decreased by approximately 66.2% from RM 288.1 million in the fiscal year ending June 30, 2024, to RM 97.4 million in the current fiscal year[8]. - Revenue from civil and structural engineering in Malaysia increased from RM 56.0 million to RM 81.2 million, with a gross profit rising from RM 3.6 million to RM 5.9 million, maintaining a gross margin of approximately 7.3%[10]. - Revenue from civil and structural engineering in China dropped significantly from RM 52.5 million to RM 15.8 million, with a gross profit decline from RM 0.8 million to RM 0.1 million, resulting in a gross margin of approximately 0.4%[13]. - Revenue from oil and related products trade in China decreased significantly by 99.8% from approximately RM 179.6 million in the fiscal year ending June 30, 2024, to about RM 0.4 million in the current fiscal year[14]. - The revenue from civil engineering projects rose by approximately 54.0% from RM 51.5 million in the fiscal year ending June 30, 2024, to RM 79.3 million in the current fiscal year[24]. - The revenue from civil and structural engineering in China decreased by approximately 69.9% to about MYR 15.8 million for the fiscal year, down from approximately MYR 52.5 million[28]. - Revenue from oil and related product trading in China dropped significantly by 99.8% to approximately MYR 0.4 million for the fiscal year, down from approximately MYR 179.6 million[32]. - In Malaysia, revenue from civil and structural engineering increased by approximately 45.0% to about MYR 81.2 million for the fiscal year, up from approximately MYR 56.0 million[34]. Financial Performance - The company recorded a loss attributable to shareholders of approximately RM 28.3 million in the current fiscal year, an improvement from a loss of RM 32.7 million in the previous fiscal year[15]. - The net impairment loss on trade receivables, contract assets, and other receivables decreased significantly from approximately RM 22.1 million in the fiscal year ending June 30, 2024, to RM 17.4 million in the current fiscal year[15]. - The group reported a net impairment loss of expected credit losses of approximately RM 17.4 million for the fiscal year, compared to RM 22.1 million in 2024[49]. - The income tax expense for the fiscal year was approximately RM 447,000, an increase from RM 77,000 in 2024, primarily due to increased revenue and profits from civil and structural engineering in Malaysia[52]. - The current ratio as of June 30, 2025, was 1.9, down from 2.3 in 2024, indicating a decrease in liquidity[54]. - The group’s total equity attributable to owners was approximately RM 80.7 million, down from RM 110.9 million in 2024[62]. - The group did not recommend a final dividend for the fiscal year, consistent with the previous year[58]. Strategic Focus and Challenges - The economic environment remains challenging due to geopolitical uncertainties, inflation pressures, and a weak property market in China, impacting the group's overall performance[7]. - The group is focusing on completing ongoing projects in China and prioritizing the recovery of trade receivables to enhance liquidity and financial stability[12]. - The group is adopting strategic pricing measures to maintain customer relationships and market share amid increasing competition in the bidding environment[10]. - The group plans to adjust its business strategies in response to changing economic trends to improve performance[7]. - The group is shifting focus towards smaller construction and renovation projects in China to reduce payment delays and expedite project completion[12]. - The outlook for the fiscal year 2025/2026 anticipates similar challenges as the previous year, including trade tensions and geopolitical uncertainties[17]. - The company aims to maintain a prudent and risk-aware approach while seeking opportunities in Malaysia and neighboring countries[17]. Operational Developments - The company completed 56 civil engineering projects in the current fiscal year, contributing to the revenue increase[24]. - The group completed 9 projects in the fiscal year, contributing approximately MYR 5.1 million to revenue, while ongoing projects from the previous fiscal year contributed approximately MYR 22.5 million[29]. - The group has 10 ongoing projects in China, with completion dates extending from March 2025 to March 2026[31]. - As of June 30, 2025, the group has 7 ongoing projects in Malaysia, down from 10 in 2024, with completion dates ranging from September 2025 to December 2025[26]. - The group has strategically shifted focus to smaller construction and renovation projects in China to reduce payment delays and improve cash flow[28]. Human Resources and Management - The group has 461 employees as of June 30, 2025, down from 513 in 2024, with employee costs approximately 26.7 million MYR compared to 30.0 million MYR in the previous year[76]. - The total employee costs include basic salaries, discretionary bonuses, and allowances, reflecting the company's commitment to managing human capital effectively[76]. - The management team includes executives with extensive backgrounds in resource trading and project management, enhancing operational capabilities[89]. - The management team is committed to continuous professional development, with members pursuing advanced degrees and certifications in relevant fields[95][100]. - The company is actively recruiting for various positions to expand its workforce, including project directors and quality assurance engineers[78]. Corporate Governance - The board is committed to good corporate governance to enhance shareholder value and ensure effective accountability[103]. - The company has established three board committees: Audit Committee, Remuneration Committee, and Nomination Committee, to oversee various aspects of governance[106]. - The board emphasizes the importance of risk management and compliance with legal and regulatory requirements[107]. - The company has complied with all applicable corporate governance codes during the fiscal year[103]. - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, ensuring over one-third independence as per listing rules[120]. Risk Management - The company has implemented risk management policies to address various identified risks, including operational and regulatory risks[146]. - The management is monitoring foreign currency risks and considering hedging activities to mitigate the impact of currency fluctuations on operational performance[75]. - The company acknowledges the importance of ongoing compliance training for responsible personnel to prevent future non-compliance incidents[196]. Shareholder Relations - The group recognizes the importance of shareholder privacy and will not disclose shareholder information without consent, except as required by law[161]. - The group has a communication policy aimed at promoting effective communication with shareholders and stakeholders, which is regularly reviewed for effectiveness[160]. - The group will hold its annual general meeting on December 20, 2024, providing shareholders the opportunity to communicate directly with the board[161].

| | | | 目錄 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 頁次 | | | | | | 司 | 料 | | 2 | 公 | | | 資 | | 席 | 告 | 書 | 3 | 主 | | | 報 | | 理 | 討 | 論 | 及 分 析 5 | 管 | | | 層 | | 事 | 高 | 層 | 管 理 人 員 15 | 董 | | | 及 | | 事 | 告 | 書 | 17 | 董 | | | 報 | | 業 | 治 | 報 | 告 22 | 企 | | | 管 | | 立 | 數 | 師 | 報 告 29 | 獨 | | | 核 | | 合 | 益 | 表 | 34 | 綜 | | | 損 | | 合 | 益 | 及 | 其 他 全 面 收 益 表 35 | 綜 | | | 損 | | 合 | 務 | 狀 | 況 表 36 | 綜 | | | 財 | | 合 | 益 | 變 | 動 表 38 | 綜 | | | 權 | | 合 | 金 | 流 | 量 表 39 | 綜 | | | 現 | | 合 | 務 ...

2025 ANNUAL REPORT 年報 Universe Entertainment And Culture Group Company Limited 寰宇娛樂文化集團有限公司 Annual Report 2025 年報 目錄 CONTENT 2 Corporate Information 公司資料 4 Chairman's Statement 主席報告 6 Management Discussion and Analysis 管理層討論及分析 14 Directors and Senior Management Profile 董事及高級管理人員簡介 17 Corporate Governance Report 企業管治報告 36 Environmental, Social & Governance Report 環境、社會及管治報告 68 Report of the Directors 董事會報告書 90 Independent Auditor's Report 獨立核數師報告書 95 Consolidated Statement of Financial Position 綜合財務狀況表 97 C ...

Financial Performance - The company's revenue for Q3 2025 reached ¥1,775,423,981.12, representing a year-on-year increase of 3.86%[11] - Net profit attributable to shareholders for the same period was ¥637,097,023.97, a significant increase of 98.73% compared to the previous year[11] - The basic earnings per share for Q3 2025 was ¥0.74, marking a 100% increase year-on-year[11] - Total operating revenue for the current period was CNY 5,025,868,260.75, a slight decrease of 0.83% compared to CNY 5,067,615,359.89 in the previous period[42] - Net profit for the current period reached CNY 1,091,681,166.46, representing a 20.92% increase from CNY 903,135,476.96 in the previous period[43] - Total comprehensive income for the period reached CNY 1,101,327,590.25, an increase from CNY 852,425,592.60 in the previous period, representing a growth of approximately 29.2%[44] - Basic and diluted earnings per share increased to CNY 1.19, up from CNY 0.94, reflecting a growth of 26.6%[44] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥28,784,251,786.89, reflecting a slight increase of 0.39% from the previous year[13] - The equity attributable to shareholders at the end of the reporting period was ¥21,176,338,660.50, an increase of 2.45% from the previous year[13] - The company's total liabilities decreased to CNY 4,076,658,483.57 from CNY 4,606,536,600.57, a reduction of 11.48%[40] - Non-current liabilities totaled CNY 1,138,805,470.53, an increase of 20.56% from CNY 944,684,135.45[40] - The company's total equity increased to CNY 24,707,593,303.32, up from CNY 24,064,479,186.59, reflecting a growth of 2.67%[40] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥739,557,629.57, which is an increase of 27.78% compared to the same period last year[11] - Cash flow from operating activities generated a net amount of CNY 739,557,629.57, compared to CNY 578,769,609.95 in the previous period, indicating an increase of 27.8%[47] - Cash inflow from investment activities totaled CNY 1,962,639,120.81, significantly higher than CNY 667,411,884.05 in the prior period, marking a growth of 194.1%[48] - Net cash flow from financing activities was negative at CNY -1,684,788,363.95, worsening from CNY -272,001,685.95 in the previous period[48] Investments and Income - Investment income grew by 303.29% to ¥440,220,795.12 driven by higher returns from joint ventures and subsidiaries[21] - The company reported an investment income of CNY 440,220,795.12, significantly higher than CNY 109,158,171.38 in the previous period[42] - The company reported a fair value change income of ¥323,191,353.26, a significant recovery from a loss of ¥34,411,947.15 in the previous year[21] - Cash received from investment income was CNY 165,736,772.10, up from CNY 33,510,950.69, reflecting a growth of 394.5%[48] Receivables and Payables - Accounts receivable increased by 61.04% to ¥9,679,509.20 due to the receipt of bank acceptance bills from customers during the reporting period[19] - Prepayments rose by 39.48% to ¥142,175,462.53 primarily due to increased advance payments to suppliers[19] - Other receivables surged by 111.21% to ¥188,040,915.78 mainly from the sale of financial assets not yet collected[19] - The total amount of accounts receivable increased from CNY 1,359,758,181.20 to CNY 1,427,166,648.66, reflecting a growth of approximately 4.9%[37] Expenses - Total operating costs increased to CNY 4,559,527,495.20, up 13.23% from CNY 4,026,550,519.06 in the previous period[42] - Research and development expenses rose to CNY 191,239,953.92, an increase of 11.56% compared to CNY 172,098,760.28[42] - Financial expenses increased by 142.77% to ¥76,159,524.04 due to reduced interest income and increased foreign exchange losses[21] Shareholder Information - The number of shares held by the top ten unrestricted shareholders includes HKSCC NOMINEES LIMITED with 123,119,129 shares, representing a significant portion of the total[30] - The company has a total of 171,687,044 restricted shares, which are subject to annual release conditions[34]

Financial Performance - For the first nine months of 2025, the group's net operating income before impairment provisions increased by 6.3% year-on-year to HKD 57.179 billion, while the third quarter saw a quarter-on-quarter decline of 13.9%[4] - The net interest income after accounting for foreign exchange swap contracts decreased by 0.7% year-on-year to HKD 43.3 billion, with the net interest margin narrowing by 8 basis points to 1.54% due to lower market interest rates compared to the previous year[5] - Net service fees and commission income rose by 22.1% year-on-year to HKD 9.051 billion, driven by increased demand for wealth management services and improved market conditions[5] - Customer deposits grew by 10.2% compared to the end of 2024, totaling HKD 3,001.306 billion, with savings deposits increasing and time, short-term, and notice deposits declining[9] - The impairment loan ratio stood at 0.96%, continuing to outperform the market average[9] - Total assets reached HKD 4,465.713 billion as of September 30, 2025, reflecting a 6.5% increase from the end of 2024[9] - Operating expenses increased by 1.9% year-on-year, with a cost-to-income ratio of 22.05%, maintaining a strong position within the local banking sector[6] - The liquidity coverage ratio, stable funding ratio, and capital ratio remained robust, ensuring financial stability[9] Business Strategy and Development - The group is actively pursuing business opportunities in the Greater Bay Area and Southeast Asia, enhancing cross-border business advantages and promoting integrated development strategies[10] - The company is focusing on digital transformation through artificial intelligence and strengthening comprehensive risk management foundations to effectively address risk challenges[10] - The company is actively promoting digital transformation to enhance online services, trading capabilities, and risk management levels[13] - The company has expanded its cross-border services in the Greater Bay Area, with new RMB mortgage and property loan solutions launched for customers[11] - The company is deepening its regional management model in Southeast Asia, expanding its financial product service system to capture opportunities from the Belt and Road Initiative[14] Market Position and Services - The stock trading volume in the first nine months of 2025 significantly increased compared to the same period last year, driven by a recovery in the Hong Kong stock market and new IPOs[11] - The company launched a new guaranteed fund to meet investor demand for stable returns and to capture the potential upside in the US stock market, providing guaranteed dividends and value[11] - The company maintained its market leadership in the primary market for IPO fundraising, with a leading position in syndicate loan arrangements in the Hong Kong and Macau regions[12] - The company has been recognized as an international securities custodian service provider, enhancing its multi-currency account overdraft services and automated foreign exchange transaction settlement[12] - The company is focusing on high-end customers' needs for inheritance-related life insurance products, enriching its product series and enhancing promotional efforts[11] - The company is supporting carbon reduction and sustainable development for enterprises in Hong Kong, the Greater Bay Area, and Southeast Asia through green and sustainable loans and bonds[12] Dividends - The third interim dividend for the fiscal year 2025 is set at HKD 0.29 per share, with the record date for shareholders on November 20, 2025[15]

Financial Performance - The pre-tax profit on a reported basis for Q3 2025 was $7.3 billion, a decrease of $1.2 billion compared to Q3 2024, primarily due to increased operating expenses including a legal provision of $1.4 billion[5]. - Total revenue for Q3 2025 increased by $0.8 billion to $17.8 billion, a growth of 5% supported by increased customer activity in wealth management[5]. - Operating expenses for Q3 2025 were $10.1 billion, an increase of $1.9 billion or 24% compared to Q3 2024, driven by notable items including a legal provision of $1.4 billion[5]. - The company reported a net profit of $17,944 million for the nine months ended September 30, 2025, a decrease of 26.2% from $24,414 million in the same period of 2024[31]. - The company reported a pre-tax profit of $30,032 million for the nine months ended September 30, 2025, an increase from $28,000 million in the same period of 2024[173]. Net Interest Income - The net interest income for Q3 2025 was $8.8 billion, an increase of $1.1 billion or 15% compared to Q3 2024, reflecting growth in deposits and structural hedging benefits[5]. - Net interest income was $25.6 billion, an increase of $1.1 billion, despite a $1.5 billion adverse impact from the sale of Argentine and Canadian businesses[8]. - The bank's net interest income for the first nine months of 2025 was $32.362 billion, a decrease of $0.4 billion or 1% compared to the same period in 2024, primarily due to the sale of operations in Argentina and Canada, which accounted for a $1.6 billion reduction[61]. - The net interest margin remained stable at 1.57% for both the nine months ended September 30, 2025, and 2024[17]. Operating Expenses - Operating expenses rose by $2.7 billion to $27.1 billion, an increase of 11%, primarily due to significant items including legal provisions and restructuring costs[8]. - Operating expenses for Q3 2025 increased by 24% to $10,076 million from $8,143 million in Q3 2024[33]. - The company’s operating expenses included a $1,400 million legal provision, which significantly impacted the overall expense increase[43]. Expected Credit Losses - Expected credit losses for Q3 2025 were $1 billion, unchanged from Q3 2024, with provisions related to wholesale business risks[5]. - Expected credit losses increased by $900 million to $2.9 billion, with a significant portion attributed to increased provisions related to Hong Kong commercial real estate[8]. - Expected credit losses for the first nine months of 2025 were $2.95 billion, up from $1.99 billion in the same period of 2024, indicating a significant increase of about 48%[132]. Capital Ratios - The common equity tier 1 capital ratio was 14.5%, a decrease of 0.1 percentage points from Q2 2025, primarily due to a reduction in common equity tier 1 capital[5]. - The common equity tier 1 capital ratio mid-term target range is maintained at 14% to 14.5%, with anticipated capital impacts from the proposed privatization of Hang Seng Bank[8]. Dividends and Share Buybacks - The board approved a dividend of $0.10 per share for Q3 2025, and a $3 billion share buyback was completed on October 24, 2025[5]. - The dividend payout ratio target for 2025 is maintained at 50%, excluding significant items and related impacts[8]. Wealth Management - Wealth management assets under management reached $15 trillion as of September 30, 2025, representing a 13% increase year-over-year, with net new investment assets of $73 billion in the first nine months of 2025[16]. - Wealth management revenue increased by $1.44 billion or 25%, reflecting strong performance in the segment[46]. Strategic Transactions - HSBC announced a conditional proposal to privatize Hang Seng Bank, which is expected to result in a capital impact of approximately 125 basis points upon completion[12]. - The group plans to reallocate approximately $1.5 billion from non-strategic business activities to areas with significant competitive advantages and value-added returns[13]. - The company recognized a $1 billion impairment loss on its investment in the joint venture after conducting a value impairment test[134]. Market Conditions and Outlook - The Federal Reserve's target interest rate is currently set between 4% and 4.25%, with expectations for further rate cuts by the end of the year[182]. - The company anticipates moderate growth in its main markets in 2026, influenced by trade and tariff policies[181].