Group 1 - The company, Cheung Kong (00001), announced a mid-term dividend of HKD 0.71 per share to be distributed on September 25, 2025 [1]

Core Viewpoint - China Telecom reported a net profit of 23.02 billion yuan for the first half of 2025, reflecting a year-on-year growth of 5.5% [1] Financial Performance - The company achieved an operating revenue of 269.42 billion yuan, representing a year-on-year increase of 1.3% [1] - The net profit attributable to shareholders was 23.02 billion yuan, with a growth rate of 5.5% compared to the previous year [1] Dividend Distribution - China Telecom plans to distribute a mid-term dividend amounting to 16.58 billion yuan, which is 72% of the net profit attributable to shareholders [1] - The proposed dividend per share is 0.1812 yuan (including tax) [1]

Core Viewpoint - The company, Yongjie New Materials Co., Ltd., has announced its 2025 semi-annual profit distribution plan, proposing a cash dividend of 1.80 RMB per 10 shares, totaling approximately 35.41 million RMB, which represents 19.06% of the net profit attributable to shareholders for the first half of 2025 [7][22][21]. Company Overview - Yongjie New Materials Co., Ltd. held its fifth board meeting on August 11, 2025, to discuss and approve the semi-annual report and dividend distribution plan [4][5]. - The company has a total share capital of 196,720,000 shares as of June 30, 2025 [7][22]. Financial Data - The company reported a net profit attributable to shareholders of 185.82 million RMB for the first half of 2025 [22]. - The proposed cash dividend distribution amounts to 35,409,600 RMB (including tax) [7][22]. Important Matters - The board and supervisory committee confirmed that the semi-annual report and its summary accurately reflect the company's financial status and operational results without any false statements or omissions [5][13]. - The company has not experienced any significant changes in its operational situation during the reporting period [3]. Dividend Distribution Plan - The cash dividend of 1.80 RMB per 10 shares will be distributed based on the total share capital as of the equity distribution registration date, with no bonus shares or capital reserve fund transfers [7][21]. - The distribution plan will be adjusted if there are changes in the total share capital before the registration date [2][21]. Fund Management - The company raised a total of 1.01352 billion RMB from its initial public offering, with a net amount of 931.92 million RMB after deducting issuance costs [31]. - As of June 30, 2025, the company has utilized 520.33 million RMB of the raised funds, leaving a balance of 153.57 million RMB in the special account [32][34].

Group 1 - The Supervisory Board of Yongjie New Materials Co., Ltd. held its 10th meeting of the 5th session on August 11, 2025, with all three supervisors present, confirming compliance with relevant laws and regulations [1] - The Supervisory Board approved the 2025 semi-annual report and its summary, stating that the report accurately reflects the company's operational and financial status without any false or misleading statements [1][2] - The company proposed a cash dividend distribution plan for the 2025 semi-annual period, recommending a distribution of 1.80 yuan per 10 shares, totaling 35,409,600 yuan, which accounts for 19.06% of the net profit attributable to shareholders [2][3] Group 2 - The Supervisory Board approved the special report on the management and actual use of raised funds, confirming that the use of funds complies with relevant regulations and does not harm shareholder interests [4]

Group 1 - The core viewpoint of the news is that Kowloon Warehouse Group reported a 3% increase in underlying net profit to HKD 2.035 billion for the first half of 2025, primarily due to reduced interest expenses and taxes [1] - The group declared an interim dividend of HKD 0.20 per share, totaling HKD 611 million, to be paid on September 16, 2025 [1] Group 2 - The group's revenue decreased by 19% to HKD 5.669 billion, and operating profit fell by 14% to HKD 2.657 billion [2] - Investment property revenue declined by 4% to HKD 2.281 billion, with operating profit down 6% to HKD 1.484 billion, attributed to soft rental rates for malls and offices [2] - Development property revenue plummeted by 64% to HKD 739 million, with operating profit dropping 82% to HKD 71 million, with only one sale recognized in Hong Kong during the period [2] - Hotel revenue increased by 7% to HKD 312 million, but the segment recorded an operating loss of HKD 11 million due to the initial operations of hotels in Changsha [2] - Logistics revenue slightly increased to HKD 1.076 billion, with operating profit rising 11% to HKD 137 million, driven by increased throughput in mainland China [2] - The group reported an unrealized revaluation loss of HKD 1.18 billion as of June 30, 2025, compared to HKD 481 million in 2024 [2]

Group 1 - The company Swire Properties Limited (00087.HK) announced an interim dividend of HKD 0.26 per share to be distributed on October 10, 2025 [1]

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q2 2025, the net production of primary aluminum reached 402,900 tons, a quarter-on-quarter increase of 1.5% and year-on-year stability [2] - The sales volume of primary aluminum in Q2 2025 was 411,000 tons, reflecting a year-on-year increase of 3.4% and a quarter-on-quarter increase of 9.7% [2] - Value-added products (VAP) accounted for an average of 76% of total shipments, with a year-on-year increase of 9% [2] - The company achieved a profit of 2,460 million Bahraini Dinars (approximately 65.3 million USD) in Q2 2025, a year-on-year decrease of 64% but a quarter-on-quarter increase of 36% [3] - Total revenue from contracts with customers was 434 million Bahraini Dinars (approximately 1.155 billion USD), showing a year-on-year growth of 7% and a quarter-on-quarter growth of 6% [3] Financial Performance Summary - The comprehensive total income for Q2 2025 was 2,190 million Bahraini Dinars (approximately 58.1 million USD), a year-on-year decrease of 67% and a quarter-on-quarter increase of 30% [3] - Gross profit for Q2 2025 was 470 million Bahraini Dinars (approximately 125.1 million USD), reflecting a year-on-year decrease of 54% and a quarter-on-quarter decrease of 7% [3] - As of June 30, 2025, total assets were 2,657.9 million Bahraini Dinars (approximately 706.9 million USD), a decrease of 0.6% compared to December 31, 2024 [4]

Core Viewpoint - Hang Seng Bank's mid-year results for 2025 show a significant decline in net interest income and shareholder profit, leading to a drop in stock price [1] Financial Performance - The bank reported net interest income of HKD 14.339 billion, a year-on-year decrease of 7.39% [1] - Shareholder profit was HKD 6.88 billion, down 30.46% compared to the previous year [1] - Basic earnings per share were HKD 3.34 [1] Factors Affecting Performance - The decrease in net interest income by HKD 1.144 billion, or 7%, was primarily due to a 3% reduction in average total customer loans and a decline in market interest rates, particularly the Hong Kong Interbank Offered Rate remaining low since May 2025 [1] - The bank's non-performing loan ratio stands at 6.69%, attributed to ongoing credit pressure from the real estate sector [1] Dividend and Share Buyback - The board declared a second interim dividend of HKD 1.30 per share, bringing the total interim dividend for the first half of 2025 to HKD 2.60, an increase of 8% from the same period last year [1] - The bank plans to initiate a share buyback program of up to HKD 3 billion [1]

Core Viewpoint - PepsiCo (PEP.O) is expected to return a total of $8.6 billion in cash to shareholders, which includes $7.6 billion in dividends and $1 billion in stock buybacks [1] Group 1 - The total cash return to shareholders is projected at $8.6 billion [1] - The breakdown of the cash return includes $7.6 billion allocated for dividends [1] - An additional $1 billion is planned for stock buybacks [1]

Core Viewpoint - The stock price of China Feihe (6186.HK) has significantly dropped due to the expected decline in performance for the first half of 2025, with projected revenues of approximately 9.1 billion to 9.3 billion yuan, down from about 10.1 billion yuan in the same period of 2024 [1][2][6]. Financial Performance - China Feihe anticipates revenues of approximately 91 billion to 93 billion yuan for the first half of 2025, representing a decrease from 101 billion yuan in the same period of 2024 [2][6]. - The company expects a net profit of around 1 billion to 1.2 billion yuan, down from approximately 1.9 billion yuan in 2024 [6]. - In 2024, China Feihe reported total revenue of 20.749 billion yuan and a net profit of 3.570 billion yuan [7]. Market Context - The infant formula industry in China has faced challenges due to declining birth rates, with a 5% and 10% decrease in market size in 2022 and 2023, respectively [7]. - The market is expected to stabilize in 2025, driven by a rebound in birth rates and government incentives for childbirth [7]. Strategic Initiatives - China Feihe plans to utilize at least 1 billion yuan for share buybacks, reflecting confidence in its long-term business prospects [9][10]. - The company will distribute dividends of no less than 2 billion yuan in 2025, despite short-term financial challenges [10][11]. - The company has increased its focus on high-end products and aims to enhance its market position through differentiated offerings [7][10]. Investor Relations - China Feihe has a strong commitment to returning value to investors, with a dividend payout of 0.3264 yuan per share in 2024, totaling 2.96 billion yuan, and a dividend rate of approximately 76% [11]. - The company is expected to maintain a stable sales expense ratio while increasing marketing efforts for its functional nutrition business [11].