解決不發表意見一事的計劃及措施的落實進展 中國文旅農業集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）謹此提供有關本集團為減緩本集團的流動性壓力及解決本公司 核 數 師 就 持 續 經 營 不 發 表 意 見 一 事 落 實 的 計 劃 及 措 施（「計 劃 及 措 施」， 具 體 內 容 載於本公司截至二零二 四年十二月三十一日止年度的年報（「年報」）第37頁 ）的進 展。除另有界定者外，本公告所用詞彙與年報所界定者具有相同涵義。 直至本公告日期計劃及措施的落實情況概述如下： 本公司將適時根據上市規則及╱或聯交所之要求就計劃及措施的進展刊發公告。 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 Cultural Tourism and Agriculture Group Limited 中 國 文 旅 農 業 集 團 有 限 公 ...

Core Viewpoint - The sale of Li Ka-shing's global port assets to a US consortium, with the involvement of Chinese mainland investors, represents a strategic move to ensure profitability for all parties involved in the transaction [3][7]. Group 1: Transaction Details - On July 28, Cheung Kong Holdings announced plans to invite major strategic investors from mainland China to join the sale of its port assets, emphasizing that no transactions would occur without regulatory approvals [3]. - The deal involves the sale of 80% of Cheung Kong's port assets and 90% of its Panama port company, expected to generate $19 billion in cash for the company [5]. - The consortium led by BlackRock and Italian shipping magnate Gianluigi Aponte's "Port Investment Company" is involved in the transaction, which includes 43 ports across 23 countries [5][6]. Group 2: Strategic Implications - The entry of China Ocean Shipping Group (COSCO) into the deal is seen as a stabilizing factor, providing a satisfactory price reference and potentially enhancing the transaction's viability [7][8]. - The transaction is viewed as a win-win situation, with COSCO's involvement allowing for strategic asset acquisition while BlackRock seeks quality assets and stable returns [7][8]. Group 3: Historical Context - Li Ka-shing has been considering the sale of port assets since at least 2015, with previous valuations suggesting a price of 150 billion HKD for 40% of the port business, which aligns closely with the current deal's valuation [8]. - The port business has been a core asset for Li Ka-shing, with a global presence that includes 295 berths across 53 ports in 24 countries, excluding mainland and Hong Kong ports [16][18]. Group 4: Financial Overview - As of the 2024 financial report, Cheung Kong Holdings has total assets of $83.137 billion, with the port assets being valued at $14.212 billion, representing 17.1% of the company's net assets [18][19]. - The port business contributes only 9% to the overall revenue of Cheung Kong, indicating a mismatch between asset value and revenue contribution, which may have influenced the decision to sell [19].

Group 1 - The core viewpoint of the news is the announcement of a share purchase agreement between Regal International (00078), Century City International (00355), and Paliburg Holdings (00078) with MNX Properties Limited for a total purchase price of £19.5 million, with the seller agreeing to sell and the buyer agreeing to purchase the shares under certain conditions [1] - The target company, fully owned by the seller, is registered in the UK and primarily engaged in property holding, specifically a freehold building located at 41 Kingsway, London, with a book value of approximately HKD 226 million and shareholder loans owed to the seller of about HKD 233 million as of December 31, 2024 [2] - Regal Group initially intended to develop the property into a hotel but decided to reassess its overseas investment prospects due to the impact of the COVID-19 pandemic and geopolitical tensions, focusing instead on its core hotel and property business in Hong Kong [3] Group 2 - The transaction is seen as a good opportunity to realize the property's value at a reasonable price, with Regal Group estimating total proceeds from the sale to be approximately HKD 209 million before expenses, which will be used for general working capital and to reduce the group's debt [3]

Core Viewpoint - The company is in discussions regarding the sale of its port assets, which include over 40 significant ports, and is considering inviting major strategic investors from mainland China to join the consortium [1][3]. Group 1: Transaction Updates - The exclusive negotiation period with a consortium has expired, but discussions are ongoing to modify the consortium's membership and transaction structure to secure necessary regulatory approvals [1]. - The company has reiterated that no transaction will occur until all relevant regulatory approvals are obtained [1]. Group 2: Regulatory Context - The Chinese Ministry of Foreign Affairs has commented on the potential sale, indicating that if a Chinese shipping company does not participate, the sale could be blocked, emphasizing the protection of market competition and public interest [5]. Group 3: Investment Outlook - Morgan Stanley has resumed coverage of the company with an "Overweight" rating and a target price of HKD 65, citing three investment highlights: unlisted asset value not fully reflected, potential strategic transaction opportunities, and attractive valuation with a solid balance sheet [7]. - Short-term forecasts predict earnings per share of HKD 2.81 for the first half of 2025, a 6% year-on-year increase, with dividends also expected to grow by 6% [8]. - Long-term value release is anticipated through the eventual spin-off or listing of three core unlisted assets (ports, retail, telecommunications), although investors may need to be patient for the right timing [8].

Group 1 - The stock price of Yiqiu Resources (601388) closed at 2.74 yuan on July 25, 2025, representing a 3.4% increase from the previous week's price of 2.65 yuan [1] - The company's total market capitalization is currently 6.031 billion yuan, ranking 45th out of 60 in the industrial metals sector and 2662nd out of 5148 in the A-share market [1] - The highest intraday price reached 2.85 yuan on July 25, while the lowest was 2.67 yuan on July 21 [1] Group 2 - Yiqiu Resources' board approved the sale of assets from its wholly-owned subsidiary YCPG, including land and facilities in Johor, Malaysia, for a total of 23.15 million Malaysian Ringgit [1][3] - The asset sales aim to optimize the company's asset structure and enhance overall efficiency [1] - The company has provided a guarantee for a credit loan of 50 million yuan to its subsidiary YCTL, with total external guarantees amounting to approximately 5.2449 billion yuan, which is 119.69% of the company's audited net assets attributable to shareholders for 2024 [2][3]

Core Viewpoint - Dingxin Communications is facing significant financial difficulties, leading to the decision to sell its newly established subsidiary, Qingdao Haina Smart Media Technology Co., Ltd., for 240 million yuan to improve its financial situation and operational efficiency [1][4][7]. Financial Performance - The company expects a loss of 190 million to 227 million yuan in the first half of the year, which represents an increase of nearly four times compared to the same period last year [1][4]. - The sale of the subsidiary is intended to temporarily cover the losses incurred during this period [7]. Business Challenges - Dingxin's core businesses in electricity and fire safety have been severely impacted. The electricity segment has suffered due to being blacklisted by the State Grid Corporation for two years and facing a 15-month market ban from Southern Power Grid [4]. - The fire safety business has also seen a significant decline in revenue due to ongoing adjustments in the real estate sector [4]. Asset Sale Details - The subsidiary, Haina Smart, was established only five months prior to the sale, with a registered capital of 10 million yuan and a property valued at 240.29 million yuan being injected into it shortly after its formation [4][5]. - The transaction will be paid in three installments: 24 million yuan by July 31, 2025, 144 million yuan after business registration changes, and 72 million yuan by September 20 [5]. Strategic Implications - The decision to sell the subsidiary is described as a strategic move to enhance asset operation efficiency, reduce management costs, and support the company's sustainable development [5][7]. - However, the underlying issues affecting Dingxin's core businesses remain unresolved, raising concerns about the company's ability to regain competitive strength in the future [7].

Aeris Resources (1ZN) Update Summary Company Overview - **Company**: Aeris Resources (1ZN) - **Focus**: Mining operations, specifically copper, gold, and silver production - **Key Assets**: Triton, Krakow, Turton, Jack, Stockman Industry Insights - **Mining Industry**: Focus on resource extension and exploration, with a significant emphasis on operational delivery and cost management Key Financial Highlights - **Production**: - Copper: Nearly 25,000 tonnes produced, slightly below guidance [2] - Gold: 55,000 ounces produced, a strong result [2] - Silver: 125,000 ounces produced [2] - **Market Capitalization**: Approximately $190 million [5] - **Liquidity Position**: $59 million at the end of FY '25 [5] - **Cash and Receivables**: $49.5 million [6] Operational Performance - **Triton**: - Produced 6,200 tonnes of copper at $422 per tonne [4] - Anticipated production increase to 24,000 - 29,000 tonnes in FY '26, a 37% uplift from FY '25 [18][21] - **Krakow**: - Consistent performance with 11,000 ounces of gold produced [4] - Focus on resource extensions and exploration [9][10] - **Turton**: - Achieved 11,000 tonnes of copper production in Q4 FY '25 [2] - Plans for increased drilling from 25,000 meters to over 80,000 meters [23] Strategic Focus Areas - **Resource Extensions**: - Doubling exploration budget year-on-year [9] - Specific focus on greenfield exploration and resource extensions at Krakow and other assets [9][15] - **Asset Sales**: - Ongoing process to sell North Queensland assets, expected to complete in 2-3 months [11][26] - **Jack Mine**: - Care and maintenance costs reduced to $600,000 per quarter; exploration for base metal targets planned [12][13] - **Stockman**: - Feasibility study nearing completion, exploring potential for sulfuric acid production [14] Future Guidance - **FY '26 Production Guidance**: - Copper equivalent production expected to be between 40,000 - 49,000 tonnes [29] - Growth capital expenditure of $50 million for Moraput cutback [20] - **Exploration Budget**: - Increased to $18 - 23 million, focusing on resource extensions and new discoveries [30] Potential Risks and Considerations - **Operational Risks**: - Need for successful execution of exploration and resource extension plans to ensure long-term viability [15] - **Market Conditions**: - Gold price currently at $5,250 per ounce; potential hedging strategies being considered [16] Additional Insights - **Golden Plateau Opportunity**: - Potential for significant resource increase through cutback mining strategy [49][50] - **Collaboration Opportunities**: - Seeking partners for Stockman with both financial and technical expertise [63][64] Conclusion - **Overall Outlook**: Aeris Resources is positioned for growth in FY '26 with a strong focus on operational efficiency, resource extension, and strategic asset management. The company is actively pursuing exploration opportunities while managing costs effectively to enhance shareholder value.

Core Viewpoint - Qingdao Dingxin Communication Co., Ltd. plans to sell its wholly-owned subsidiary, Qingdao Haina Shuzhi Media Technology Co., Ltd., for 240 million yuan, citing the need to improve asset operation efficiency and reduce management costs [2][3]. Group 1: Company Performance - The company expects a significant loss of 190 million to 227 million yuan in the first half of 2025, nearly quadrupling the loss of 48.648 million yuan from the same period last year [3]. - The decline in performance is attributed to the core business facing "dual blows," with the power business being blacklisted by major state-owned power companies, leading to a sharp decrease in orders [3][6]. - The fire protection business is also suffering due to the ongoing adjustment in the real estate sector, resulting in a significant drop in revenue [3][6]. Group 2: Asset Sale Details - The sale of Haina Shuzhi, which has only been operational for five months, is seen as a way to alleviate liquidity pressure for the company [3][5]. - The transaction will involve a payment of 240 million yuan in three installments, with the first installment of 24 million yuan due by July 31, 2025 [5]. - The buyer, Qingdao Tongchuang Huitai Industrial Investment Co., Ltd., is backed by the Qingdao Municipal Finance Bureau and has strong financial capabilities, with total assets of 6.693 billion yuan and net assets of 3.777 billion yuan as of the end of 2024 [4]. Group 3: Long-term Concerns - There are concerns that the asset sale will not fundamentally reverse the company's performance decline, as restrictions on the power business and weak recovery in the fire protection sector are expected to persist [6]. - The rapid establishment, capital increase, and sale of the same asset within five months raise questions about the company's strategic planning [6]. - Investors are cautioned about the ongoing performance decline and potential further asset disposals, as the company has not provided detailed plans for improving its performance [6].

（一） 审议《关于出售全资子公司股权并转让相关资产的议案》 公司出售中山科瑞及转让相关专用设备符合公司发展战略，本次交易的审批 程序合法合规，不存在损害公司及股东利益的情形。本次资产出售事项的交易标 的价格经专业评估机构进行评估，评估方法合法、合理。本次交易各方遵循自愿、 公平、公正等原则，不存在损害公司和全体股东利益的情形。公司董事会审议该 事项的决策程序符合有关法律、法规、规范性文件以及《公司章程》等规定。综 上，公司监事会同意《关于出售全资子公司股权并转让相关资产的议案》。 本议案仍需提交公司股东大会审议。 本议案已经公司独立董事专门会议审议通过。《关于出售全资子公司股权并 转让相关资产的公告》详见公司刊登于巨潮资讯网（www.cninfo.com.cn）和指 定信息披露媒体上的相关公告。 证券代码：002957 证券简称：科瑞技术 公告编号：2025-046 深圳科瑞技术股份有限公司 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、监事会会议召开情况 深圳科瑞技术股份有限公司（以下简称"公司"）第四届监事会第十六次会 议于2025年7月21日以现场 ...

Core Viewpoint - Dalian Wanda Commercial Management Group Co., Ltd. is facing financial difficulties, including being restricted from high consumption due to failure to fulfill legal obligations, and is actively selling assets to alleviate its financial pressure [1][2]. Group 1: Legal and Financial Issues - Dalian Wanda Commercial Management has been designated as a "dishonest executor" by the Tianjin Jizhou District People's Court for failing to fulfill a legal obligation, with a total of over 1.57 million yuan executed against it this year [1]. - As of September 2024, Dalian Wanda Commercial Management has cash holdings of 15.116 billion yuan, short-term loans of 3.89 billion yuan, and non-current liabilities due within one year amounting to 40.08 billion yuan, alongside long-term loans and bonds totaling 112.65 billion yuan [1]. Group 2: Asset Sales and Acquisitions - To ease its financial burden, Dalian Wanda has sold nearly 40 Wanda Plazas in 2023 [2]. - A consortium led by Taiping is set to acquire equity in 48 companies under Dalian Wanda Commercial Management, with the transaction potentially reaching 50 billion yuan, covering core assets in major cities [2].