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。 China New City Group Limited 中國新城市集團有限公 司 （於開曼群島註冊成立之有限公司） （股份代號：1321） 自願性公告 與HASHKEY EXCHANGE訂立戰略合作備忘錄 合作備忘錄 本公司董事會（「董事會」）欣然宣佈，於2025年8月4日，本公司與Hash Blockchain Limited （「HashKey Exchange」）訂立戰略合作備忘錄（「備忘錄」），旨在共同探索合規虛擬資產配置及託 管等業務合作機會，提升資產管理效率與安全性。 合作核心內容 1. 機構資產管理與運營優化 雙方將以提升本集團機構資產的數字化管理效率為目標，探索合規框架下的資產安全託管 及配置路徑，並建立定期技術及業務交流機制。 2. 技術服務與合規探索 HashKey Exchange將為本集團提供虛擬資產配置相關的技術研究及合規流程建議，包括託管 機制、操作流程及風險管理等，支持本 ...

Financial Performance - VEON reported a revenue growth of 5.9% year-on-year to USD 1,087 million in the second quarter of 2025, with local currency growth at 11.2% YoY, surpassing the average inflation rate of 8.6% in its operating countries [2][9] - Direct digital revenues increased by 56.6% YoY in reported currency and 62.4% YoY in local currency, accounting for 16.5% of total revenues, up from 5.4% a year ago [3][9] - EBITDA reached USD 520 million, reflecting a 13.2% YoY increase in reported currency and a 19.6% increase in local currency terms [3][9] Capital Expenditure and Financial Position - Capital expenditures (Capex) for 2Q25 were USD 231 million, resulting in a capex intensity of 21.3% for the quarter [4] - Total cash and cash equivalents as of June 30, 2025, amounted to USD 1,283 million, with net debt to EBITDA at 1.32x [4][9] Outlook - The company revised its 2025 outlook, expecting local currency revenue growth of 13% to 15% and local currency EBITDA growth of 14% to 16% [5][10] - Capex intensity for 2025 is anticipated to remain within the range of 17% to 19% [5][10] Strategic Initiatives - VEON completed the third phase of its share buyback program, acquiring 722,588 ADSs for a total of USD 35 million, completing a previously announced USD 100 million buyback program [6] - The acquisition of Uklon in April 2025 marks a strategic milestone in expanding VEON's digital services footprint [8]

Economic & Banking Industry Overview - Chile's GDP growth is driven by strengthening domestic demand[3], with a recent growth of 2.3% in March 2025[4] - The unemployment rate shows a significant decrease from 10.9% to around 8%[5] - Lower inflation supports a more expansionary monetary policy, with CPI ex volatile at 3.8%[9] and the overnight rate at 4.75% in August 2025[10] - Banco de Chile forecasts a GDP growth of 2.3% for 2025[14] Financial Performance - The banking industry's quarterly net income reached 1.43 Trillion CLP in 2Q25, with a ROAE of 16.3%[17] - Banco de Chile's quarterly net income was 304.867 Billion CLP in 2Q25[102] - Banco de Chile's net income market share is 22.1% as of June 2025[43] - Total operating revenues reached 762.564 Billion CLP in 2Q25, a decrease of 1.1% year-over-year[99] Balance Sheet and Capital - Total assets are 53.32 Trillion CLP as of June 2025[93] - The CET1 ratio is 14.0% as of June 2025, exceeding regulatory standards[71] - Demand deposits constitute 28.7% of total assets[62] Strategic Priorities and Advances - The bank is focused on boosting technological evolution, increasing efficiency and productivity, and accelerating digital solutions[27] - Key business advances include new digital functionalities, placement of ESG bonds, and integration of debt collections[29, 30, 32] - Mid-term targets include achieving a top 1 ROAC, a cost-to-income ratio of ≤42%, and a top 1 market share in demand deposits, commercial loans, and consumer loans[28]

Financial Data and Key Metrics Changes - Reported sales increased by 5% year over year, with organic sales up over 4% [9][22] - Adjusted EPS was $2.82, exceeding expectations due to higher volume and strong execution on cost reduction [14][23] - Free cash flow reached $489 million, up $251 million from the prior year, with a conversion rate of 153% [24] Business Segment Data and Key Metrics Changes - Intelligent Devices organic sales rose by 1%, with double-digit growth in products offsetting declines in longer cycle configured to order business [10] - Software and Control organic sales grew by 22% year over year, driven by strong hardware sales [11] - Lifecycle Services organic sales declined by 6% year over year, aligning with expectations due to difficult comparisons [13] Market Data and Key Metrics Changes - The Americas, EMEA, and Asia all experienced year-over-year orders growth, with a total company book to bill ratio of approximately 1.0 [8] - Discrete sales grew by 10%, driven by automotive and e-commerce sectors, while hybrid industries saw high single-digit growth [14][16] - Process Industries sales decreased by low single digits due to weak global demand and volatile commodity prices [17] Company Strategy and Development Direction - The company plans to invest over $2 billion in plants, digital infrastructure, and talent over the next five years to enhance competitiveness and expand margins [6][38] - Focus on operationalizing cost reduction and margin expansion initiatives as part of the core business strategy [37] - Emphasis on automation and digital transformation to drive future growth and efficiency [39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to year-over-year growth and improving outlook in key verticals [44] - The company anticipates continued challenges from trade policy uncertainties and geopolitical risks [20][22] - Adjusted sales growth guidance for the year is now in the range of positive 1% to negative 2% [22] Other Important Information - The company achieved its full-year productivity goal of $250 million a quarter earlier than expected [5][36] - The adjusted effective tax rate for the third quarter was 15.2%, up from 13.3% the previous year [23] - Share buybacks in Q3 totaled approximately 500,000 shares at a cost of $123 million [33] Q&A Session Summary Question: Discussion on CapEx investments - Management clarified that the $2 billion investment is a strategic move to expand margins and enhance operational efficiency, not merely a catch-up on past investments [50][56] Question: Outlook on growth and operating leverage - Management indicated that they are optimistic about growth despite potential tax headwinds and are committed to margin expansion [63][66] Question: Insights on project delays and bookings - Management noted that while there are delays in projects, there are no cancellations, and they expect an increase in orders related to new capacity in the upcoming fiscal year [80][84] Question: Margin potential in Intelligent Devices segment - Management expressed commitment to improving margins in the Intelligent Devices segment through cost reductions and operational excellence [86][89]

Financial Data and Key Metrics Changes - Syncora reported consolidated revenue of $80.7 billion, an increase of 9% year-over-year, driven by growth in both reporting segments [18] - Adjusted operating income grew by 21%, while adjusted diluted EPS increased by 20% [7][17] - Consolidated gross profit was $2.9 billion, up 21%, with a gross profit margin of 3.55%, reflecting a 36 basis point increase [19] - Net interest expense rose to $82 million, an increase of $50 million compared to the prior year, primarily due to debt raised for the RCA acquisition [21] - The effective income tax rate was 20.7%, slightly down from 21% in the prior year [21] Business Line Data and Key Metrics Changes - U.S. Healthcare Solutions segment revenue was $72.9 billion, up 9%, benefiting from strong pharmaceutical utilization trends, including a 19% increase in GLP-1 sales [23] - Operating income for the U.S. Healthcare Solutions segment increased by 29% to $9.2 billion, driven by growth across distribution businesses and contributions from RCA [24] - International Healthcare Solutions segment revenue was $7.8 billion, up approximately 11% on an as-reported basis, but operating income declined by 13% due to softness in higher-margin global specialty logistics [25] Market Data and Key Metrics Changes - The U.S. segment is expected to see revenue growth in the range of 9% to 10%, while the International segment is projected to grow by 6% to 7% on an as-reported basis [28][29] - On a constant currency basis, International Healthcare Solutions segment revenue growth is expected to be 7% to 8% [30] Company Strategy and Development Direction - Syncora's strategy focuses on enhancing patient care, strengthening specialty leadership, and leading with market leaders [8][14] - The company is committed to digital transformation, talent development, and prioritizing growth-oriented investments [14][15] - Investments in technology and capabilities, including the acquisition of RCA, are aimed at enhancing service offerings and market position [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued strong performance of the U.S. Healthcare Solutions segment, despite a loss of an oncology customer due to acquisition activity [31] - The company anticipates sequential improvement in operating income for the International Healthcare Solutions segment, expecting a return to growth in the fourth quarter [32] - Management remains engaged with policymakers to ensure access to community providers is maintained amid evolving healthcare policies [49] Other Important Information - The company raised its fiscal 2025 EPS guidance to a range of $15.85 to $16, reflecting continued strong performance [27] - Adjusted free cash flow guidance remains unchanged at $2 billion to $3 billion for the full year [22] Q&A Session Summary Question: Can you discuss the U.S. Healthcare segment's revenue growth moderation? - Management noted that revenue growth moderation was due to factors such as biosimilars impact, moderated GLP-1 growth, and the loss of a high-revenue but low-margin customer [36][38] Question: What is the outlook for the international business and clinical trial activity? - Management indicated that clinical trial activity has been subdued, impacting the international segment, but recent improvements in trial start statistics are encouraging for future demand [42] Question: How is the RCA acquisition tracking against expectations? - Management expressed satisfaction with the RCA acquisition, highlighting strong cultural fit and positive early customer feedback [46] Question: What are the potential impacts of the proposed hospital outpatient perspective rule? - Management acknowledged the ongoing political discussions but emphasized that it is too early to determine the full impact on the competitive environment [48] Question: How does the company view the competitive landscape in specialty distribution? - Management stated that they remain focused on their strengths in specialty areas like retina and oncology, and are continuously evaluating future opportunities [82] Question: What are the moving pieces for fiscal year 2026 guidance? - Management highlighted that while they expect continued strong performance, they do not anticipate the same level of rapid growth as seen in recent years [79]

Financial Data and Key Metrics Changes - Total revenues for Q2 2025 were $364 million, up 10% year over year on a reported basis and 9% on a constant currency basis [26] - Subscription revenues now represent 92% of total revenues, up two percentage points from the same period last year, with subscription revenues growing 12% year over year [27] - The company ended Q2 with an Annual Recurring Revenue (ARR) of $1.379 billion, with a year-over-year growth rate of 11.5% on a constant currency basis [29] - Free cash flow was $57 million for the quarter and $273 million year to date, with an increased full-year free cash flow outlook raised to a range of $430 to $470 million [33] Business Line Data and Key Metrics Changes - The company added 300 basis points of ARR growth from new logos, primarily within the SMB segment, and added more than 600 new SMB logos for the fourteenth consecutive quarter [18] - Subscription revenues grew 12% year over year, while perpetual license revenues decreased to $10 million, down $1 million year over year [27][28] - Professional services revenues declined 7% for the quarter, now representing 6% of total revenues [28] Market Data and Key Metrics Changes - The Americas region showed solid growth, particularly in Latin America, while the US accounts remained confident despite uncertainties related to tariffs and policy shifts [20] - EMEA delivered solid growth, with the Middle East leading the region, and investment remains strong across transportation, energy, and water infrastructure [21] - In Asia Pacific, India showed positive sentiment across strategic national programs, while Australia experienced a slowdown in transportation spending [23] Company Strategy and Development Direction - The company is focused on going digital as a long-term growth driver, emphasizing the need for enhanced software utilization and AI in infrastructure engineering [4] - The acquisition of Cesium is aimed at expanding capabilities in 3D geospatial technology and integrating it with existing platforms [24][62] - The company is prioritizing AI and asset analytics in its R&D efforts, indicating a strategic shift towards leveraging AI to enhance productivity in engineering tasks [61][92] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting the full-year outlook based on low double-digit ARR growth and continued margin expansion [16] - The demand for resilient infrastructure continues to outpace available engineering resources, positioning the company's software as crucial for productivity [16] - There is optimism regarding legislative changes that could enhance infrastructure investment, particularly in the US [20] Other Important Information - The company is well-positioned to benefit from upcoming infrastructure funding initiatives in the UK and Europe, with significant long-term funding earmarked for infrastructure projects [22] - The company’s net debt leverage was reduced to 2.4 times adjusted EBITDA, down from 2.9 times in 2024, indicating improved financial health [34] Q&A Session Summary Question: Did you notice an improvement sequentially now that we're past some of the initial tariff uncertainty? - Management indicated a consistent environment with positive outlooks from accounts, highlighting a demand problem rather than a capacity issue [40] Question: Do you have the right product set to reach engineers spending below a thousand? - The company confirmed that its traditional product, MicroStation, serves as an entry point for engineers and remains a growth driver in the SMB segment [43] Question: Can you elaborate on the data center opportunity? - Management noted that data centers represent a significant infrastructure opportunity, with software designed for both the data center and its surrounding infrastructure [49] Question: What drove the slight downtick in net retention rate (NRR)? - The NRR is fluctuating between 109% and 110%, with historical pressures from China affecting the overall figure [82] Question: How is the company leveraging AI in its products? - AI is seen as a key area for enhancing productivity in engineering tasks, with ongoing efforts to integrate AI capabilities into the company's software offerings [92]

Financial Data and Key Metrics Changes - Aflac Incorporated reported net earnings per diluted share of $1.11 and adjusted earnings per diluted share of $1.78 for Q2 2025, with adjusted earnings per diluted share decreasing by 2.7% year over year [5][16] - Adjusted book value per share excluding foreign currency remeasurement increased by 5.2% [16] - The adjusted return on equity (ROE) was 13.7% to 16.4%, indicating an acceptable spread to the cost of capital [16] Business Line Data and Key Metrics Changes - Aflac Japan experienced a 23.2% year-over-year sales increase, with a notable 53% increase in cancer insurance sales driven by the new product MiRyto [6][8] - Aflac US generated $340 million in new sales during Q2, reflecting a 2.7% year-over-year increase, with strong premium persistency of 79.2% and a 3.4% increase in net earned premium [9][10] - The total benefit ratio for Aflac US was 47.3%, which is 60 basis points higher than Q2 2024, driven by business mix [21] Market Data and Key Metrics Changes - Aflac Japan's net earned premiums declined by 4.8%, while underlying earned premiums, excluding certain impacts, declined by 1.1% [17] - Persistency in Japan remained solid at 93.7%, up approximately 40 basis points year over year [19] - In the US, the expense ratio improved to 36.3%, down 60 basis points year over year, driven by improved scale and expense efficiency [22] Company Strategy and Development Direction - The company is focused on maintaining strong premium persistency and expanding its product offerings to meet customer needs throughout different life stages [8][10] - Aflac is leveraging its broad distribution channels in Japan to optimize opportunities for financial protection [9] - The company aims to continue driving profitable growth with a stronger underwriting discipline and prudent expense management [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing need for Aflac's products, emphasizing the importance of being a partner in health for policyholders [11][15] - The company anticipates a stronger second half of 2025, driven by fourth-quarter bookings and a robust pipeline [66] - Management acknowledged the competitive landscape in the medical insurance market and plans to launch a new medical product within a year [84] Other Important Information - Aflac repurchased $829 million of its own stock and paid dividends of $312 million in Q2 2025, returning a total of $1.1 billion to shareholders [12][27] - The company celebrated several milestones, including the 30th anniversary of the Aflac Cancer and Blood Disorders Center [13] Q&A Session Summary Question: Impact of new cancer product on sales - Management indicated that the new cancer product, MiRyto, has gained traction and is expected to continue performing well, with strong sales across all channels [40] Question: Japan investment income trajectory - Management noted that variable net investment income (NII) improved due to better portfolio marks and strategic trades, with optimism for a solid second half of the year [44] Question: Approach to capital deployment and M&A - Management stated that capital deployment is based on operating capital generation, with a focus on organic growth and returning capital to shareholders through dividends and buybacks [61][75] Question: U.S. sales performance and expectations - Management acknowledged sluggish sales growth in the U.S. but expects stronger performance in the second half, driven by improved recruitment and pipeline strength [66] Question: Expense ratio trends in Japan - Management expects the expense ratio in Japan to remain within the guidance range of 20% to 23%, with some technology projects driving expenses higher [73]

Company Overview & Strategy - Townsquare is a community-focused digital and broadcast media and digital marketing solutions company, primarily focusing on underserved small and mid-sized local markets outside the Top 50 markets in the U S[12] - The company has transformed into a Digital First Local Media Company, with over 55% of profit and revenue in the first half of 2025 sourced from digital advertising divisions and subscription digital marketing solutions[12] - The company's digital audience is approximately 5 times the size of its terrestrial radio audience[12] Financial Performance & Metrics - As of June 30, 2025, the Last Twelve Months (LTM) net revenue was $447 million and adjusted EBITDA was $101 million[16] - LTM digital net revenue reached $239 million, contributing to 53% of total net revenue and 52% of segment profit[18] - Digital subscription solutions (Townsquare Interactive) accounted for 18% of LTM total revenue and 26% of adjusted EBITDA as of June 30, 2025[18] - The company announced a quarterly dividend of $0 20 per share, representing an approximate 12% dividend yield as of August 5, 2025[17] Digital Segment Details - Digital Advertising segment's LTM net revenue was $162 million with a segment profit of $41 million, representing a 26% profit margin[24,63] - Subscription Digital Marketing Solutions segment's LTM net revenue was $76 million with a segment profit of $23 million[24,69] Broadcast Segment Details - Broadcast Advertising segment's LTM net revenue was $189 million with a segment profit of $49 million, representing a 26% profit margin[27] - The company's AM/FM terrestrial broadcast reaches 50% of adults in its local markets[42]

Financial Data and Key Metrics Changes - The company reported revenue of €10.3 billion for H1 2025, an increase of 2.5% compared to the previous year [23] - Comparable volumes were marginally ahead, up 0.3%, despite challenges in Indonesia [23] - Operating profit increased by 7.2% to €1.4 billion, with an operating margin expansion of 60 basis points to 13.5% [25] - Comparable diluted earnings per share rose by 3.1% to €2, reflecting a higher effective tax rate of 26% [25] Business Line Data and Key Metrics Changes - The core NARTD category grew by more than 5% in the last twelve months, with significant contributions from Monster and other brands [7] - Operating profit growth of 7.2% was driven by strong top-line performance and efficiency programs [13] - The energy category, particularly Monster, saw volumes increase nearly 15%, with retail value share growing by around 140 basis points [16] Market Data and Key Metrics Changes - European markets returned to volume growth in Q2, supported by favorable weather and the Easter holiday [11] - The Philippines market performed well despite strong comparables from the previous year, with overall value share growing by 10 basis points [12] - Indonesia's weaker consumer backdrop impacted total first half volumes, contributing to a 1% decline in group volumes [11] Company Strategy and Development Direction - The company is focused on driving profitable revenue growth while maintaining affordability and relevance for consumers [13] - A multiyear view on promotional and pricing strategies is emphasized to create sustainable value [12] - The company is investing in technology and digital capabilities to enhance productivity and drive future growth [10] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed full-year profit and cash guidance, indicating a revenue growth range of 3% to 4% for the year [8] - The company remains optimistic about long-term opportunities in Indonesia despite current challenges [37] - Management highlighted the importance of digital transformation and technology investments to unlock value [39] Other Important Information - The company completed around €460 million in share buybacks and maintained a dividend payout policy of approximately 50% [6] - The return of the "Share a Coke" campaign was well received, contributing positively to brand performance [15] - The company is recognized for its sustainability efforts, retaining inclusion on CDP's A List for Climate for nine consecutive years [21] Q&A Session Summary Question: Guidance on top line and bottom line growth - Management indicated that despite a slight change in revenue guidance, they expect acceleration in the second half driven by volume growth and pricing strategies [45][46] Question: Performance in Europe and away from home growth - Management noted strong performance in Europe due to favorable weather and increased consumer engagement, with a focus on cooler placements and promotional activities [52][55] Question: Competitiveness in the market - Management acknowledged ongoing competition but emphasized a commitment to sustainable value creation and effective pricing strategies [68][71] Question: Metrics for the "Share a Coke" campaign - Management tracks metrics such as shelf distribution and consumption rates to evaluate the success of the campaign, which has positively impacted volume and price mix [75][76] Question: Acceleration in away from home growth - Management highlighted the return of consumers to public spaces and the impact of weather on away from home sales, indicating a positive trend for the remainder of the year [80][86] Question: Medium-term growth outlook considering Indonesia - Management reiterated that while Indonesia presents challenges, it is not critical to achieving midterm growth objectives, as other markets can offset weaknesses [90][93] Question: Update on COGS and hedging - Management reported being over 90% hedged for 2025 and around 60% for 2026, with expectations of flat commodity prices [96][97] Question: Update on Australian margin turnaround - Management expressed optimism about the Australian business's margin recovery, supported by structural changes and efficiency improvements [101][102]

Financial Performance - Revenue reached €10.3 billion, a 2.5% increase[29] - Operating profit increased by 7.2% to €1.4 billion[12, 29] - Comparable free cash flow was €0.4 billion[12, 29] - Interim dividend per share is €0.79[12, 29] Strategic Initiatives and Growth - The company is targeting €350-400 million in efficiencies by 2028 through a productivity mindset[7, 32] - The company reaffirms FY25 profit and cash guidance[10] - The company expects revenue growth of 3% to 4% for FY25[33] - The company expects operating profit growth of approximately 7% for FY25[33] Market and Portfolio - Non-Alcoholic Ready-To-Drink (NARTD) represents a €170 billion market in 2024[9] - Hot Coffee represents a €9 billion market in 2024[9] - Hot Tea represents a €5 billion market in 2024[9] Shareholder Value - The company has returned approximately €7.8 billion in cash since 2016[7] - The company is executing a new share buyback program of approximately €460 million[13, 29, 33]