至源控股(00990)发布公告，于2025年12月1日，公司与借款人Gold Valley Pilbara Pty Ltd订立贷款协议， 公司同意向借款人提供本金额为600万美元(约4680万港元)的贷款，自首次动用日期起计为期12个月。 公司了解到目标公司BBI Group Pty Ltd(拥有Balla Balla Vanadium项目全部资产的公司)股东急于出售目 标公司，而向外国买家出售任何有关权益须(其中包括)获得澳大利亚外国投资审查委员会的批准。鉴于 完成相关出售存在时间限制，借款人(作为一间澳大利亚实体)同意承接贷款以为其收购目标公司筹措资 金。交易完成后，目标公司其后可寻求获得澳大利亚外国投资审查委员会的批准，以使公司可收购目标 公司40%权益。因此，公司同意以目前结构化的方式向借款人提供贷款且不计息，原因是借款人完成收 购目标公司后，公司将有权收购目标公司40%权益。 收购Bella Bella Vanadium项目的权益，是集团对澳大利亚自然资源市场长期战略愿景的一部分。此举可 让集团实现业务多元化，支持全球业务发展，并促进未来在澳大利亚的投资。澳大利亚约占全球钛铁矿 资源的24%。该金属 ...

Group 1 - The company has entered into a loan agreement with Gold Valley Pilbara Pty Ltd to provide a loan of USD 6 million (approximately HKD 46.8 million) for a period of 12 months starting from the first drawdown date [1] - The acquisition of the Bella Bella Vanadium project is part of the company's long-term strategic vision for the Australian natural resources market, aiming to diversify its business and support global development [1] - Australia accounts for approximately 24% of the world's titanium iron ore resources, with increasing applications in large power grids and vanadium redox flow batteries [1] Group 2 - The target company, BBI Group Pty Ltd, is eager to sell its assets related to the Balla Balla Vanadium project, and any sale to foreign buyers requires approval from the Australian Foreign Investment Review Board [2] - The borrower, as an Australian entity, has agreed to take on the loan to raise funds for the acquisition of the target company, which will allow the company to seek approval to acquire a 40% stake in the target company post-transaction [2] - The company has structured the loan to be interest-free, as it will gain the right to acquire a 40% stake in the target company after the completion of the acquisition [2]

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之內容概不負責，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。 DEEP SOURCE HOLDINGS LIMITED 至源控股有限公司 * （於百慕達註冊成立之有限公司） （股份代號：990） 自願公告 貸款協議 本公告乃由至源控股有限公司（「本公司」，連同其附屬公司，「本集團」）根據上市 規則第13.09條及證券及期貨條例第XIVA部內幕消息條文作出。 貸款協議 貸款協議之主要條款概述如下： 借款人（作為借款人）。據本公司經作出一切合理查詢後所 知，借款人及其最終實益擁有人為獨立第三方。 利息： 貸款不計息 貸款協議 於二零二五年十二月一日，本公司（作為貸款人）與借款人（作為借款人）訂立貸款 協議，據此，本公司同意向借款人提供本金額為 6,000,000美元（約46,800,000港 元）之貸款，自首次動用日期起計為期12個月。 上市規則涵義 由於香港聯合交易所有限公司證券上市規則（「上市規則」）第14.07條項下有關貸 款的所有適用百分比率均低於5%，故根據 ...

Absa Group (OTCPK:AGRP.Y) Update Summary Company Overview - **Company**: Absa Group - **Date of Call**: December 08, 2025 - **Context**: Pre-close call for 2025 financial guidance and medium-term targets Key Points Industry and Market Context - **Geographical Focus**: Over-concentration in South Africa, Ghana, and Kenya, with plans to diversify into other African markets [3][4] - **Economic Conditions**: Slightly improved GDP growth in South Africa, with lower inflation and interest rates than previously forecasted [10] - **Loan Growth**: Mid-to-high single-digit growth expected, driven by wholesale lending, with retail activity remaining subdued [10][36] Financial Guidance and Performance - **Revenue Growth**: Expected mid-single-digit revenue growth for 2025, with stronger growth in non-interest income than net interest income [11][12] - **Credit Loss Ratio**: Anticipated improvement to the upper half of the target range of 75-100 basis points, down from 103 basis points in 2024 [12] - **Cost-to-Income Ratio**: Targeting a reduction to closer to 50% as quickly as possible, with a current ratio of 53.2% [4][12] - **Return on Equity (ROE)**: Expected ROE of around 15% for 2025, with a target of 16%-19% for 2027-2030 [13][16] Strategic Pillars 1. **Customer-Led Growth**: Shift from product-led to customer-focused strategies, emphasizing customer experience and understanding client needs [2][5] 2. **Diversification**: Geographical and business line diversification to reduce dependency on South Africa, Ghana, and Kenya [3][4] 3. **Efficiency Improvement**: Focus on cost efficiency and capital allocation, targeting wasteful expenditures and reducing outsourcing [5][12] 4. **New Growth Opportunities**: Investment in digitization, wealth offerings, and value-added services, including insurance [5][6] Management and Cultural Shift - **Leadership Changes**: New appointments in senior management, including the Chief Executive of Corporate and Investment Banking (CIB) and Personal and Private Banking [8][72] - **Cultural Transformation**: Emphasis on shifting from an inward-focused culture to a customer-centric approach, with support from staff [7][8] Challenges and Risks - **Market Competition**: Increased competition in fee income and challenges in maintaining growth in personal and private banking [24][59] - **Economic Headwinds**: Potential impacts from currency fluctuations and economic conditions in various African markets [13][49] Future Outlook - **2026 Projections**: Anticipated stronger GDP growth across key markets, with a focus on improving loan growth and non-interest income [14][15] - **Long-Term Goals**: Commitment to achieving a cost-to-income ratio of approximately 50% by 2028 and improving ROE through strategic execution [16][18] Additional Insights - **Client Coverage**: Need for improved client coverage and understanding of client segments to enhance market share and revenue growth [29][59] - **Investment in Technology**: Plans to reduce technology costs while focusing on impactful investments in digital capabilities [42][43] This summary encapsulates the key insights and strategic directions discussed during the Absa Group's pre-close call, highlighting the company's focus on customer-centric growth, diversification, and efficiency improvements while navigating market challenges.

Indivior Conference Call Summary Company Overview - **Company**: Indivior - **Event**: 37th Annual Piper Sandler Healthcare Conference - **Key Speakers**: Joe Ciaffoni (CEO), Ryan Preblick (CFO) Core Industry and Company Insights Vision and Strategy - Indivior is focused on becoming a leading diversified specialty pharmaceutical company, particularly in the treatment of opioid use disorder through the commercialization of differentiated medicines [2][3] - The company has introduced the "Indivior Action Agenda," a three-phased multi-year operational roadmap aimed at maximizing business value and improving lives affected by opioid use disorder [2] Organizational Changes and Cost Structure - Significant organizational changes have been made to simplify operations and reduce costs, resulting in the removal of $150 million in operating expenses (OPEX) [6] - Future OPEX is projected to not exceed $450 million by 2026 [6] - The company has streamlined its global presence, reducing operations from 41 countries to four key markets: Canada, Australia, France, and Germany, which represent 77% of forecasted net revenue and 94% of forecasted EBITDA [7][12] Research and Development (R&D) - Indivior is committed to advancing its R&D programs, including Indivior 6001 and Indivior 2000, with data readouts expected in early Q2 2026 [9] - The company will focus on commercial stage acquisitions to diversify and enhance growth [10] Product Focus: Sublocade Market Position and Access - Sublocade has achieved approximately 88% payer access in both Medicaid and commercial sectors, with a significant opportunity for growth in commercially covered patients [18] - Currently, Medicaid accounts for 30% of covered lives but over 65% of Sublocade prescriptions, while commercial accounts for 60% of covered lives but only 25% of prescriptions [19] Growth Opportunities - There are 9 million people misusing opioids in the U.S., with only 2 million receiving treatment with buprenorphine, indicating a substantial market opportunity for Sublocade [23] - The criminal justice system is identified as a potential growth area, with efforts to re-establish presence in federal prisons [24] Competitive Landscape - Sublocade maintains a market share stabilizing in the mid-70% range, with new patient share recently surpassing total patient share, indicating strong brand health [26] - The company plans to invest significantly in consumer education and marketing to drive long-acting injectable penetration [27][30] Financial Outlook Operating Margins - Significant margin improvement is anticipated as the company focuses on essential investments and streamlining operations [16] - Specific margin targets were not disclosed, but guidance will be provided before the J.P. Morgan conference [16] Suboxone Dynamics - Suboxone's performance is influenced by generic pricing, with expectations of stable pricing through 2025 and potential share erosion in 2026 due to generic competition [34][35] Business Development and M&A Strategy - Indivior is open to pursuing commercial stage assets that align with its existing infrastructure, focusing on those with peak sales potential of $200 million or more [37][38] - The company aims to ensure that any new acquisitions do not create an overhang from loss of exclusivity (LOE) [38] Conclusion - Indivior is actively working to simplify its operations, enhance its product offerings, particularly Sublocade, and strategically position itself for future growth in the opioid treatment market while maintaining a focus on cost efficiency and profitability [5][6][10][12]

Group 1 - The company reported a significant revenue increase of approximately HKD 158 million, a 62% growth compared to the same period last year, but continued to incur a loss attributable to shareholders of HKD 38.39 million [2] - The gross profit for the reporting period was about HKD 5.84 million, a notable decline from approximately HKD 10.86 million in the previous year, indicating issues with profitability despite revenue growth [3] - The company faced a substantial operating loss (after tax) of approximately HKD 42.34 million, a significant increase from the previously restated loss of HKD 13.03 million, suggesting challenges in cost control and operational efficiency [3] Group 2 - The company disclosed several business developments, including the acquisition of a 51% stake in Hunan Tianyu Ecological Agriculture Development Co., Ltd., and the signing of agreements for leisure food supply and processing, indicating a strategy for diversification and expansion [4] - The financial situation shows a net current liability of HKD 703 million against a net asset value of HKD 267 million, although the board believes there are sufficient operating funds for continued operations [4] - The company is facing additional burdens from ongoing litigation and compliance issues, which may impact its reputation and daily operations [4] Group 3 - The agricultural sector is characterized by seasonal fluctuations, market price changes, and natural disasters, which pose challenges for companies like China Beidahuang [5] - A comparison with Heilongjiang Beidahuang Agricultural Co., Ltd. reveals stark differences in performance, with the latter achieving a revenue of HKD 5.339 billion and a net profit of HKD 1.086 billion in 2024, highlighting the operational challenges faced by China Beidahuang [5] - The company needs to find a better balance between business expansion and profitability, as investments in new business areas may offer long-term growth potential, but translating this into financial returns remains to be seen [5]

Core Viewpoint - Juewei Foods is actively expanding its business model by launching new restaurant concepts to alleviate performance pressure, as evidenced by a significant decline in revenue and net profit in the third quarter [1][4][5]. Business Expansion - Juewei Foods has opened a new restaurant brand called "Juewei Baobao" in Shenzhen, which focuses on "fast food + snacks" and aims to diversify beyond its traditional duck neck offerings [2][4]. - The new restaurant features a different branding style, with a green theme, and offers a variety of dishes including "Juewei Spicy Duck Pot" and other local specialties [2][4]. - The average spending per customer at the new location is reported to be 26 yuan, with the signature dish priced at 29.9 yuan [2]. Financial Performance - In the third quarter, Juewei Foods reported a revenue of 1.441 billion yuan, a year-on-year decline of 13.98%, and a net profit of 105 million yuan, down 26.46% [4][5]. - For the first three quarters, the total revenue was 4.26 billion yuan, a decrease of 15.04%, and net profit was 280 million yuan, down 36.07% [4][5]. Market Challenges - The restaurant industry is highly competitive, particularly in the fast food and snack segments, which are crowded with numerous brands [1][4]. - Juewei Foods faces regulatory scrutiny, having received a warning and a fine of 4 million yuan from the China Securities Regulatory Commission for information disclosure violations, leading to its designation as "ST Juewei" [5]. Strategic Recommendations - Experts suggest that Juewei Foods should focus on consolidating its core business in the marinated food sector while cautiously exploring new ventures to avoid conflicts with existing operations [1][8]. - Emphasis on product innovation, quality control, and operational efficiency is crucial for the company to enhance its competitiveness and ensure the success of new business models [8].

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of approximately HKD 8.8 million to HKD 9.6 million for the six months ending September 30, 2025, marking a significant turnaround from a net loss of approximately HKD 13.8 million for the same period ending September 30, 2024 [1] Group 1: Financial Performance - The anticipated profit is primarily attributed to the strong performance of the company's trading business [1] - The eyewear segment has experienced substantial growth following a strategic transformation to a procurement and purchasing service provider model [1] - The newly established liquor trading business has made a significant contribution to earnings during this period [1] Group 2: Business Diversification - The successful diversification and growth of these segments have collectively driven improvements in the company's overall revenue and profitability [1]

Core Viewpoint - The company is expected to report a net profit attributable to shareholders of approximately HKD 8.8 million to HKD 9.6 million for the six months ending September 30, 2025, marking a significant turnaround from a net loss of approximately HKD 13.8 million for the same period ending September 30, 2024 [1] Financial Performance - The anticipated profit is primarily attributed to the strong performance of the company's trading business [1] - The eyewear segment has experienced substantial growth following a strategic transformation to a procurement and purchasing service provider model [1] - The newly established liquor trading business has made a significant contribution to revenue during this period [1] Business Strategy - The successful diversification and growth of these segments have collectively driven improvements in the company's overall revenue and profitability [1]

Group 1 - The company Dragon King Group (08493.HK) has entered into an agreement to acquire 55% equity of Focus Aim Investments for a total cash consideration of HKD 4.5678 million [1] - The Hong Kong restaurant industry is facing multiple challenges, including changing consumer spending patterns, rising ingredient and labor costs, and a weak local economy, which are impacting recovery [1] - The only operating Chinese restaurant of the group has ceased operations, and management is evaluating feasible business strategies to drive future development, particularly focusing on cost optimization [1] Group 2 - The target company has reported a strong gross margin but is still showing a net loss, indicating a need for precise cost optimization to enhance profitability [2] - The company believes that with the solid foundation of the target company and the experienced management team, "SushiKuu" will become a core growth engine for the group [2]