Summary of Conference Call Company and Industry - **Company**: dsm-firmenich - **Industry**: Nutrition, Health, and Beauty Key Points and Arguments Divestment Announcement - dsm-firmenich announced the divestment of Animal Nutrition & Health (ANH) to CVC Capital Partners for a total enterprise value of **$2.2 billion**. The proceeds at closing are expected to be **$1.2 billion**, with a **20% retained stake** in the company and an earn-out possibility of **$0.5 billion** [2][3] Transaction Structure - The transaction will split ANH into two standalone entities: one focused on solutions and the other on essential products, primarily vitamins. The target completion date for this separation is around the end of **2026** [3][4] Financial Metrics - The valuation of **$2.2 billion** represents approximately **7x EV over Adjusted EBITDA** multiple. The earlier announced feed enzyme sale last year had a **10x multiple**, bringing the total to **$3.7 billion** [3][12] Capital Allocation - dsm-firmenich will maintain a stable dividend of **€2.50** and initiate a share buyback program of **$500 million** in addition to a previously announced **€1 billion** buyback by **2025** [4][13] Future Financial Reporting - The company plans to launch restated financials reflecting the consumer part of the business post-ANH divestment. Full-year results are expected on **February 12, 2026** [5][10] Impairment and Financial Adjustments - The transaction resulted in a non-cash impairment of approximately **€1.9 billion**, primarily linked to goodwill and intangibles from the merger. This impairment will be processed in the **2025** full-year results [11][12] Earnings and Dividend Policy - The dividend policy has been adjusted to a stable to preferably rising approach, moving away from the previous distribution range of **40%-60%** of earnings. The company aims to return to a comfortable coverage range for dividends within a relatively short period [31][32] Supply Agreement - A long-term vitamin supply agreement has been secured under favorable conditions, which will help mitigate volatility in the vitamin market. The pricing structure is more aligned with a cost-plus model [40][41] Separation Costs and Financial Health - Expected separation costs are around **€150 million**, which will not be included in the net cash proceeds of **€600 million**. The company has plans to mitigate stranded costs associated with the separation [79][80] Strategic Focus - The divestment allows dsm-firmenich to focus on its core consumer business, entering what is termed the "accelerate phase." The company aims to grow its existing business and deliver on midterm targets of **5%-7%** growth [95][96] Future Outlook - The company is committed to its midterm strategic targets and will provide further insights during the investor event scheduled for **March 12, 2026** [91][92] Additional Important Information - CVC Capital Partners will contribute a few hundred million euros to ensure sufficient liquidity for both entities post-transaction [43] - The separation of the two companies will allow for independent growth paths, with no requirement to exit the retained stake in a combined manner [25][39]

来源：市场资讯 （来源：中国化工信息周刊） 面对2026年仍旧充满挑战的经济环境，赢创预计本财年调整后EBITDA将在17亿至20亿欧元之间。中期 来看，公司将继续专注于实现11%的资本回报率（ROCE）目标。 赢创将按计划于2026年3月4日发布完整的2025年全年财报。 2025年全年销售额为141亿欧元，同比下降约7%。自由现金流为6.95亿欧元，现金转化率达到37%，位 于目标区间（30%至40%）的上限。 赢创代理首席财务官雷铁喜（Claus Rettig）表示："赢创具备强劲的现金生成能力，这意味着我们能够 从容满足计划内的股东分配，同时保持稳固的市场竞争地位。" 自2025年9月起空缺的首席财务官一职预计将在2026年的年度股东大会前得到填补。 赢创2025年净利润达2.65亿欧元（2024年为2.22亿欧元）。 2025年，"赢创定制"（Evonik Tailor Made）增效计划减少了管理层级，加快了决策流程，并通过减少约 2000个岗位等举措降低成本。今年，该计划将继续进行。此外，负责运营德国马尔及韦瑟灵化工园区的 SYNEQT公司已于今年年初开始作为独立公司运营。 关键词 | 赢创达成 ...

该回购计划有效期至2028年12月31日，董事会将定期审查并可调整计划条款及规模。回购将通过公开市 场交易以现行市价或其他法律允许的方式进行，将以严谨及透明的方式定期执行。 凤凰网科技讯 2月5日，百度集团在港交所公告称，预计于2026年首次派发股息。公司授权实施一项新 的股票回购计划，最高回购金额为50亿美元。 百度同时首次采纳股息政策，预计于2026年宣布首次发放股息。未来股息分派将由可持续的资金来源支 持，主要来自经营利润，并可能由出售非核心资产所得款项及其他投资回报补充。 ...

据提交给香港交易所的文件显示，百度表示已批准一项新的股票回购计划，规模不超过50亿美元，有效 期至2028年12月31日。董事会已批准就公司的普通股首次采纳股息政策，而该股息政策可能包括股息的 定期及/或特别分派。董事会预计于2026年宣布首次派发股息。 据提交给香港交易所的文件显示，百度表示已批准一项新的股票回购计划，规模不超过50亿美元，有效 期至2028年12月31日。董事会已批准就公司的普通股首次采纳股息政策，而该股息政策可能包括股息的 定期及/或特别分派。董事会预计于2026年宣布首次派发股息。 责任编辑：王永生 责任编辑：王永生 ...

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 百度：为达到进一步提升股东回报的目的，董事会已批准就本公司的普通股首次采纳股息政策，而该股 息政策可能包括股息的定期及/或特别分派。 ...

20.846gu data.com IWPB国际财富管理及卓越理财 延续近期涨势，入选了2026年格隆汇"全球视野"十大核心资产的汇丰控股(0005.HK)今日盘中再度涨近 3%至138.4港元，再创历史新高，市值达2.38万亿港元。汇丰控股(0005.HK)月内累涨近13%。 恒生银行周二(1月27日)收市后正式退市，撤销其53年上市地位。汇丰行政总裁艾桥智在报章发表公开 信，指虽然恒生不再是上市公司，但将继续秉承传统，开展新篇章。艾桥智表示，恒生与汇丰自创立以 来与香港携手并进。"永恒生长"是共同承诺，代表对香港的未来充满信心，也体现了恒生银行在香港的 独特地位。恒生银行将维持独立运作，拥有自身的管治架构、品牌、分行网络，以及客户定位。透过结 合两家银行的传统、恒生扎根本地的优势，以及汇丰通达全球的网络，会继续为家庭、中小企、创业 者、投资者及企业开拓更多新机遇。 CIB企业及机构理财 getonghui.gom 亚洲财富管理业务扩张是2026年最主要的收入与利润增长点,IWPB 业务16%的资 本回报率显著高于集团平均水平 2026年将恢复股份回购计划并维持稳定的股息政策，回购总额预计50-100亿美元 ...

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。 （股份代號︰1836） （於開曼群島註冊成立之有限公司） 二零二五年第四季度集團業務之最新資料 九興控股有限公司（「本公司」）董事（「董事」）會（「董事會」）自願提供本公司股東（「股東」） 及潛在投資者關於本公司及其附屬公司（統稱「本集團」）於二零二五年第四季度之業務 發展最新情況。 總綜合收入 於截至二零二五年十二月三十一日止三個月，本集團未經審核綜合收入1 上升0.8%至 3.886億美元（二零二四年：3.854億美元）；於截至二零二五年十二月三十一日止十二個 月，本集團未經審核綜合收入上升1.5%至15.678億美元（二零二四年：15.451億美元）。 1 包括本集團製造業務、品牌業務及其他業務（其內容未載於此），以及分部間銷售沖銷。 製造業務 下表載列本集團鞋履製造業務於截至二零二五年十二月三十一日止三個月及十二個月 之收入、出貨量及平均銷售價格（「平均售價」）之分析： | | | 截至十二月 ...

Core Viewpoint - Berkshire Hathaway's stock price experienced a significant drop on the first trading day after Warren Buffett's retirement, reflecting investor concerns about the transition to new CEO Greg Abel and the company's future performance [1][2]. Group 1: Stock Performance - On January 2, 2026, Berkshire's stock fell over 2% during trading, closing down 1.41% at $744,100 per share, resulting in a market value loss of over $15 billion [1][2]. - In 2025, Berkshire's stock rose 10.9%, lagging behind the S&P 500's 16.4% increase, marking the tenth consecutive year of positive returns [2]. Group 2: Leadership Transition - Greg Abel officially took over as CEO on January 2, 2026, marking the end of Buffett's 60-year tenure, with investors evaluating Abel's ability to manage the company's vast operations and investment portfolio [2][5]. - Abel is expected to maintain Berkshire's decentralized structure, allowing subsidiary executives significant decision-making power, while also potentially implementing more traditional management practices [3][5]. Group 3: Cash Reserves and Investment Strategy - As of September 2025, Berkshire's cash reserves reached a record $381.6 billion, following a prolonged period of net stock sales [2][5]. - Abel will have the final say on capital allocation decisions, with Buffett expressing confidence in Abel's capabilities [2][5]. Group 4: Future Outlook - Investors are closely watching for changes in Berkshire's trajectory under Abel's leadership, although no drastic shifts are anticipated [5][6]. - Abel faces pressure to effectively utilize Berkshire's substantial cash reserves, which could lead to discussions about initiating dividends or stock buybacks if performance does not meet expectations [5][6].

Core Viewpoint - Bank of America Securities has a positive outlook on Everbright Environment's plan to issue RMB shares for listing on the Shenzhen Stock Exchange, with an issuance scale not exceeding 800 million shares, aimed at developing its main business and supplementing working capital [1] Group 1: Share Issuance and Use of Proceeds - Everbright Environment plans to issue up to 800 million RMB shares on the Shenzhen Stock Exchange [1] - The funds raised are expected to be used for the development of its main business and to supplement working capital [1] Group 2: Market Impact and Investor Sentiment - The issuance is anticipated to provide shareholders with a clearer dividend policy and trigger a potential re-rating of the company's valuation [1] - Approximately 31% of Everbright Environment's shares are currently held by investors through the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs [1] - The expected issuance of RMB shares is likely to attract a broader base of domestic investors, including insurance funds and mutual funds, which traditionally prefer utility stocks and dividends [1] Group 3: Analyst Rating and Target Price - Bank of America Securities reaffirms a "Buy" rating for Everbright Environment, with a target price set at HKD 5.3 [1]

Group 1 - Goldman Sachs has adjusted Galaxy Entertainment's EBITDA forecast for 2025 to 2027 by 1-2%, raising the target price from HKD 53.2 to HKD 53.7, while maintaining a "Buy" rating, indicating potential upside in Q4 EBITDA [1] - Galaxy Entertainment's Q3 EBITDA decreased by 6% quarter-on-quarter to HKD 3.3 billion, aligning with market expectations, impacted by various factors including reduced contributions from construction business and high VIP win rates [1] - The adjusted EBITDA increased by 7% year-on-year and 5% quarter-on-quarter, with a stable profit margin of 27.4%, as accelerated gaming volume offset additional costs [1] Group 2 - The group's gaming revenue market share in Q3 was stable at 20.3%, slightly down from 20.4% in the previous quarter, with management noting strong gaming revenue momentum continuing into November [1] - Capital expenditures for the period were only HKD 600 million, with a cumulative total of HKD 2.6 billion for the first three quarters, leading to a downward revision of the annual guidance from HKD 7 billion to HKD 3.5 billion [2] - The group hosted approximately 260 events in the first three quarters, resulting in a 41% year-on-year increase in visitor traffic to Galaxy Macau, and plans to assist in hosting the National Games and collaborate with UFC and Tencent Music for various events [2]