Financial Data and Key Metrics Changes - Adjusted revenue increased by 3.8% to HKD 110 billion, with adjusted cash profit at HKD 266 million, primarily driven by property development [4][8] - Adjusted revenue from property development grew by 5.3% to approximately HKD 7.2 billion compared to HKD 6.8 billion last year [4][28] - Total bank loans and notes decreased by HKD 2.2 billion, and the net adjusted gearing ratio dropped by 1.2 points to 67.6% [9][19] Business Line Data and Key Metrics Changes - Hotel revenue was HKD 2 billion, reflecting a growth of 2.3% year-on-year [6][51] - Gaming revenue increased by 1.6% to approximately HKD 400 million, indicating stability in recurring income [8][51] - Revenue from car parks decreased by 2.6%, attributed to the phasing out of underperforming contracts [55][56] Market Data and Key Metrics Changes - The total accumulated attributable pre-sale value and unbooked contracted sales reached approximately HKD 8.9 billion [4][17] - The gross margin improved to 31.8% from 31% last year, particularly in the car park business [18][19] - The average selling price in Manchester increased by 35%, reflecting a strong market demand [40] Company Strategy and Development Direction - The company aims to accelerate project completion to enable early revenue recognition and optimize cash flow [26][47] - A robust development pipeline of around HKD 61 billion is expected to support sustainable growth over the next six to eight years [26][47] - The company is focusing on inventory monetization and asset disposal to reduce debt levels [65][66] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the property market, indicating that they believe it has bottomed out [76] - The company plans to maintain a conservative approach to lower the gearing ratio while exploring new project opportunities [71][76] - Future cash flow visibility is supported by both property development projects and recurring income businesses [66] Other Important Information - The company has completed several significant property projects, including Aspen in Canary Wharf and Huon Hole in Singapore, contributing to revenue [4][30] - The company has entered into contracts for the sale of non-core assets, including a car park in Manchester and a hotel asset in North London [14][15] Q&A Session Summary Question: When will the dividend be restored? - Management indicated that due to market uncertainties and impairments, they are being conservative and have not yet decided on dividend payments [75][76] Question: How much of the HKD 8.9 billion pre-sale will be recognized in FY 2026 and FY 2027? - Approximately HKD 11 billion is expected to be recognized in FY 2026, with the remaining to be recognized in FY 2027 [79][80] Question: What is the company's stance on perpetual bonds given recent market events? - Management stated that they have not yet had internal discussions regarding the high coupon of perpetual bonds and will provide updates in due course [82][83] Question: What challenges does the company face in expanding its hotel portfolio? - Management acknowledged competition from global hotel groups and emphasized the importance of consistency in service and brand quality [84][88]

Group 1 - The Japanese Finance Minister, Kato Katsunobu, emphasized the importance of monitoring the Japanese government bond market conditions [1] - The government will implement appropriate debt management measures in response to market developments [1]

日本财务省官员：政府将采取必要措施进行适当债务管理的立场不变。 ...

Core Viewpoint - Zhongliang Holdings (02772.HK) has successfully obtained the necessary majority support from bondholders for the amendment of terms related to its 5.0% senior notes and 3.0% convertible bonds due in 2027, marking a significant step in its debt management strategy [1][3] Group 1: Debt Management Progress - The company initiated a consent solicitation for two bonds totaling approximately $1.319 billion on May 28, aiming to improve its overall financial condition and extend debt maturity [3] - Over 80% of noteholders and over 90% of convertible bondholders agreed to the revised terms, reflecting a willingness among creditors to provide the company with breathing room amid a challenging industry environment [4][6] - The successful debt management measures signal a positive market response and enhance the company's financial health, allowing it to navigate through the current industry adjustment period [4][11] Group 2: Market and Policy Environment - The recent supportive policies from the government, including measures to stabilize expectations and activate demand in the real estate market, align with Zhongliang's debt management efforts [5] - The company’s proactive approach in debt management is seen as a way to ensure mutual benefits for all stakeholders, especially as the industry environment improves [5][11] Group 3: Investment Opportunities - The debt management success is expected to enhance the company's financial stability, thereby boosting market confidence [7][8] - As one of the early private real estate firms to complete debt restructuring, Zhongliang is positioned to benefit from the recovery of market confidence, with potential for higher sales and stock price elasticity [9] - The company is focusing on optimizing its land reserve structure and enhancing product competitiveness, which aligns with the market shift towards quality development over mere scale expansion [10]

Core Viewpoint - FORVIA has improved its debt profile by issuing €250 million in additional senior notes due 2030 and using proceeds along with available cash to repurchase existing 2027 Sustainability-Linked Notes [1][7]. Group 1: Debt Issuance - FORVIA successfully closed an offering of €250 million in additional senior notes due 2030, which will be consolidated with existing €750 million senior notes due 2030 [1]. - The new notes will form a single series with the previously issued notes after a 40-day distribution compliance period [1]. Group 2: Tender Offer - The tender offer for repurchasing FORVIA's existing 2027 Sustainability-Linked Notes was also settled, with the maximum amount accepted increased to €300 million [2]. - The repurchase of the 2027 Sustainability-Linked Notes has resulted in their cancellation, reducing the outstanding amount from €1.2 billion to €900 million [3].

Financial Data and Key Metrics Changes - Total revenues for the first quarter were $386.9 million, a 4% increase year over year [7] - Adjusted EBITDAre was $75.1 million, up 17% year over year [7] - Normalized FFO was $14.3 million or $0.06 per share, exceeding analyst consensus estimates [7] - Same property cash basis NOI was $71.5 million, representing a 20.7% increase year over year [16] Business Line Data and Key Metrics Changes - In the SHOP sector, same property NOI was $38.4 million, a 33.6% sequential increase and a 42.1% year over year increase [8] - Average monthly rate in the SHOP segment increased by 4.8% year over year, with occupancy rising by 130 basis points to 80.2% [9] - Medical office and life science portfolio saw same property occupancy at 90.1%, down 10 basis points from the previous quarter [10] Market Data and Key Metrics Changes - The company completed approximately 145,000 square feet of new and renewal leasing activity in the medical office and life science portfolio, with weighted average rents 18.4% higher than prior rents [10] - Known vacates in the medical office building and life science portfolio for 2025 are modest at 115,000 square feet [11] Company Strategy and Development Direction - The company completed $332 million in asset sales to address upcoming debt maturities and deleverage the balance sheet [7] - The active disposition pipeline includes 65 properties, with expected proceeds between $350 million and $400 million [13] - The company aims to enhance portfolio performance by focusing on well-positioned SHOP assets and best-in-class triple net MOB and life science properties [14] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting 2025 and 2026 debt maturities, with no debt maturities until 2028 thereafter [22] - The company reaffirmed its 2025 SHOP NOI guidance range of $120 million to $135 million, with potential for increase based on trends [23] Other Important Information - The company invested approximately $32 million in capital during the quarter, with $27 million in SHOP communities and $5 million in the medical office and life science portfolio [17] - The company highlighted the publication of the RMR Group's annual sustainability report, showcasing its commitment to sustainability across its portfolio [14] Q&A Session Summary Question: Can you provide some color on the occupancy gains for the first quarter? - Management noted that occupancy improved due to capital investments in communities and operational initiatives [25][26] Question: Is the Aleris Life dividend a one-time payment? - Management indicated that it was more of a one-time dividend, but future dividends could be possible depending on Aleris's performance [27] Question: Why is the SHOP guidance not increased despite strong NOI performance? - Management explained that business interruption proceeds impacted the current quarter's NOI and that they are awaiting clarity on disposition timing [29][31] Question: Any specific reasons for flat operating expenses in SHOP? - Management stated that operating expenses were flat sequentially, with a year-over-year increase of about 3%, and noted savings in insurance premiums [36][37] Question: What are the expectations for pricing on upcoming financings? - Management expects a weighted average interest rate of about 6.5% for upcoming financings, which is favorable compared to existing debt [41]

Financial Data and Key Metrics Changes - Consolidated net revenues for Q1 2025 totaled $627 million, an 8% increase year over year but a 15% decrease compared to Q4 2024, primarily due to lower smelting sales volumes and decreased zinc and lead prices [21][22] - Adjusted EBITDA for Q1 2025 reached $125 million, representing a 3% decrease year over year and a 36% decrease compared to Q4 2024, driven by lower sales volumes and higher costs [22][23] - Adjusted EBITDA margin was 20%, down 2 percentage points from the same period last year [23] Business Line Data and Key Metrics Changes - Zinc production in Q1 2025 was 67,000 tons, down 23% year over year and 8% quarter over quarter, impacted by operational challenges and heavy rainfall [10] - Smelting segment sales reached 130,000 tons, a decrease of 6% year over year and 14% quarter over quarter, primarily due to lower production at certain facilities [11][12] - Cash costs for mining dropped to $0.11 per pound from $0.26 per pound year over year, while smelting cash costs increased to $1.17 per pound from $0.98 per pound in the same period last year [10][12] Market Data and Key Metrics Changes - The average LME zinc price in Q1 2025 was $2,838 per ton, reflecting a 16% increase year over year but a 7% decrease quarter over quarter [30] - The average LME copper price was $9,340 per ton, up 11% year over year and 2% quarter over quarter [32] - The average LME silver price was $32 per ounce, up 37% year over year and 2% quarter over quarter [33] Company Strategy and Development Direction - The company is focused on improving margins through disciplined operational performance and cost control, while navigating a challenging macro environment [7] - The Cerro Del Pasco integration project is progressing well, aimed at extending operational capacity and sustainability [17][18] - The company is committed to enhancing the life of its assets, particularly through exploration and development activities at Aripuana and Cerro Lindo [35][36] Management Comments on Operating Environment and Future Outlook - Management acknowledged the current macro environment's volatility, including concerns over global economic slowdown and supply chain disruptions, but remains optimistic about medium to long-term fundamentals for key metals [6][7] - The company expects to normalize production variations over the coming quarters and is taking measures to recover production levels impacted by heavy rainfall [48] - Management emphasized a disciplined approach to financial and operational strategies, prioritizing cash generation and smart capital allocation [37][38] Other Important Information - The company invested $50 million in CapEx during Q1 2025, primarily for sustaining activities, with a total CapEx guidance for 2025 remaining at $347 million [24] - The liquidity position at the end of Q1 2025 was approximately $721 million, with a net debt to adjusted EBITDA ratio increasing to 2.1 times [27][28] Q&A Session Summary Question: Can you provide more details on geotechnical issues at Vasante and production levels at Cerro Lindo? - Management explained that geotechnical issues at Vasante were due to a collapse in a supporting pillar, affecting high-grade mineral extraction, but they expect to recover production throughout the year [44][45] - Heavy rainfall impacted production at Cerro Lindo, but management projected recovery in production levels as weather conditions improve [46] Question: What are your views on the impact of recent trends on TCRCs? - Management noted that while they have fixed contracts for the year, the recent TCRCs at $80 could impact smelter profitability, but they expect zinc prices to rise in response to market conditions [50][55] Question: How do you see leverage evolving in the next quarters? - Management indicated that they expect leverage to decrease throughout the year, aiming to return to levels similar to the end of 2024 [59] Question: Will you fully reverse the negative working capital by the end of the year? - Management stated that they typically expect working capital to be flat annually and highlighted a one-off tax payment that impacted Q1 working capital [64][66] Question: How is the company managing tariff risks? - Management confirmed that they are not currently exposed to tariffs on zinc and are monitoring the situation closely, emphasizing that demand for zinc in the U.S. remains stable [76][78]

Core Viewpoint - Zhangyuan Tungsten Industry (002378) reported a strong performance in its 2024 annual report, showing growth in revenue and net profit, although there are concerns regarding cash flow and debt management [2][10]. Business Overview - The total operating revenue for 2024 was 3.673 billion yuan, an increase of 8.02% year-on-year; the net profit attributable to shareholders was 172 million yuan, up 19.50%; and the net profit after deducting non-recurring items was 180 million yuan, reflecting a growth of 32.82% [2]. Profitability Analysis - The gross profit margin for 2024 was 16.07%, an increase of 6.93% year-on-year; the net profit margin was 4.66%, up 10.96%, indicating effective cost control and enhanced product value [3]. Main Revenue Composition - Main revenue sources included tungsten carbide powder (1.249 billion yuan, 34.01%), tungsten powder (1.036 billion yuan, 28.21%), and hard alloys (924 million yuan, 25.16%); hard alloys had the highest gross margin at 19.13%, while other supplementary products achieved a gross margin of 60.60% [4]. Cash Flow and Debt Situation - The operating cash flow per share was 0.42 yuan, a significant increase of 169.82% year-on-year, primarily due to increased use of acceptance bills for raw material payments [5]. - Cash and cash equivalents totaled 494 million yuan, a decrease of 25.19% year-on-year, attributed to reduced discounting of acceptance bills and increased investment in technological upgrades; interest-bearing liabilities stood at 1.846 billion yuan, down 8.06% year-on-year, but the interest-bearing asset-liability ratio remained high at 36.74% [6]. Cost and Expenses - Management expenses increased by 21.94% due to the addition of personnel in subsidiaries, adjustments in social security payment bases, and costs related to tailings pond closure; R&D expenses rose by 31.52% as the company intensified investment in new product development [7]. Subsidiary Performance - The wholly-owned subsidiary Ganzhou Aoketai reported operating revenue of 666 million yuan, a year-on-year increase of 21.93%, but incurred a net loss of 6.82 million yuan, a reduction in loss of 41.93 million yuan compared to the previous year; the subsidiary made positive progress in high-end tool products and overseas market expansion [8].