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。 Qingci Games Inc. 青瓷游戲有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6633） 有 關 與迪士尼訂立遊戲授權轉讓協議之 自願公告 1 華 特 迪 士 尼 公 司 連 同 其 附 屬 公 司 和 聯 營 公 司，是 領 先 的 多 元 化 國 際 家 庭 娛 樂 和 媒 體 企 業， 其 業 務 主 要 涉 及 三 個 範 疇：Disney Entertainment、ESPN及Disney Experiences。多 年 來，華 特 迪 士 尼 公 司 創 造 了 多 個 家 喻 戶 曉 的 經 典 角 色，在 全 球 各 地深受愛戴。 本 集 團 管 理 層 認 為，訂 立 遊 戲 授 權 轉 讓 協 議 不 僅 彰 顯 了 本 集 團 在 遊 戲 行 業 的 雄 厚 實 力，亦 體 現 了 本 集 團 強 大 的 發 行 能 力。此 次 獲 得 遊 戲 授 權 將 為 ...

Group 1 - The core viewpoint emphasizes the unprecedented opportunities for technology innovation companies to expand internationally against the backdrop of globalization and the deep integration of the Greater Bay Area [1] - The roundtable discussion focuses on Hong Kong's unique role as a "global hub" in this process, aiming to facilitate the globalization journey of mainland enterprises [1] - The event gathers top investors, technology leaders, and senior scholars to collaboratively explore ways to leverage Hong Kong for capital and technological advancement [1]

Core Viewpoint - The valuation logic of Seres is a result of multiple forces, including market trust, mature product profitability, and growth expectations from globalization and intelligence layout [1][5]. Capital Confidence - Seres' IPO on the Hong Kong Stock Exchange raised significant capital, with 49% of the total amount coming from cornerstone investors, indicating strong market confidence [8]. - The company attracted 22 cornerstone investors, with a total subscription amount of approximately $826 million (about 5.88 billion RMB), surpassing the average market level for Hong Kong IPOs [8]. - The funds raised will primarily be allocated to R&D (70%), new marketing channels and overseas market expansion (20%), and general corporate purposes (10%) [11]. Product Resilience - Seres has become the fourth global electric vehicle company to achieve profitability, with a net profit of 5.312 billion RMB in the first three quarters of 2025, a year-on-year increase of 31.56% [7]. - The company has a high gross margin of 29.9% in the high-end market, surpassing traditional luxury brands [7]. - The "big single product strategy" has proven effective, with the AITO brand contributing over 90% of Seres' revenue in 2024 [15][19]. Globalization Strategy - Seres is actively expanding its global presence, with nearly 30% of the IPO funds allocated for overseas markets [24]. - The company has established a dealer network in ASEAN and set up a subsidiary in the UAE, with plans to expand into Qatar and Saudi Arabia [25][26]. - The overseas revenue of Seres increased by 145% year-on-year in the first half of 2025, with overseas sales accounting for 11% of total revenue [26]. AI and Intelligent Technology - Seres is focusing on AI and embodied intelligence as key growth areas, collaborating with ByteDance's Volcano Engine to develop intelligent technologies [28][30]. - The company aims to build an independent intelligent platform technology capability, enhancing its competitive edge in the market [30].

Core Viewpoint - China is actively promoting its openness to the world through initiatives like the upcoming China International Import Expo (CIIE) and the recent signing of the China-ASEAN Free Trade Area 3.0 upgrade protocol, aiming to instill confidence and stability in an uncertain global environment [1]. Group 1: Importance of CIIE - The CIIE is recognized as a significant event in global trade, being the only national-level expo focused on imports, symbolizing China's commitment to expanding its openness and supporting global trade [6]. - International observers increasingly view the CIIE as playing a crucial role in promoting globalization and free trade, especially in light of rising unilateralism and protectionism [5][6]. Group 2: New Trends in International Trade - The evolution of international trade has led to the emergence of new models and business formats, shifting focus from traditional border measures to institutional openness that includes rules, regulations, and management standards [9]. - The CIIE will showcase trends such as digital economy and green economy initiatives, reflecting the growing importance of institutional openness in trade [9]. Group 3: Regional Cooperation and Future Opportunities - The development of international trade necessitates the inclusion of new fields and business formats in negotiations, moving from traditional goods trade to services, digital, and green trade [12]. - China and ASEAN, as key components of the Asian manufacturing landscape, have high complementarity in trade, with 60% of their trade being intermediate goods, indicating strong potential for future collaboration in both trade and industry [15].

Financial Data and Key Metrics Changes - Ashland's Q4 sales were $478 million, down 8% year over year, primarily due to portfolio optimization initiatives, with adjusted EBITDA at $119 million, down 4% year over year [4][10] - Adjusted EBITDA margin expanded to 24.9%, up 110 basis points from last year, marking the most profitable quarter of the year [10] - Adjusted earnings per share was $1.08, down 14% from the prior year, impacted by a higher effective tax rate [10] Business Line Data and Key Metrics Changes - Life Sciences sales were $173 million, down 10% year over year, primarily due to the divestiture of the nutraceuticals business, but adjusted EBITDA was $55 million, representing a 32% margin [12][14] - Personal Care sales were $151 million, down 7% year-over-year, but on a comparable basis, delivered 5% sales growth with strong volume gains [17] - Specialty Additives sales were $131 million, down 9% year-over-year, but adjusted EBITDA was $29 million, consistent with the prior year, achieving the strongest margin of the year at 22.1% [18][20] - Intermediates faced pricing and volume pressure, with sales at $33 million, down 8% year over year, and adjusted EBITDA of $5 million, representing a 15.2% margin [15][16] Market Data and Key Metrics Changes - Life Sciences showed resilience in pharma demand, achieving low single-digit sales growth year over year, while nutrition end markets were softer [12][13] - Personal Care experienced broad-based gains across end markets and regions, particularly in biofunctional actives and microbial protection [17] - Specialty Additives faced challenges in coatings, particularly in China, India, and the Middle East, but other markets improved [6][20] Company Strategy and Development Direction - Ashland's strategic focus includes portfolio optimization and restructuring, with approximately 85% of its portfolio serving consumer-facing end markets [7][8] - The company aims to deliver resilient long-term value through disciplined execution and clear focus on priorities, with a $60 million manufacturing optimization program underway [9][22] - Future growth is expected to come from globalized sales and innovation-driven growth, targeting $20 million and $15 million respectively for fiscal 2026 [25][29] Management's Comments on Operating Environment and Future Outlook - Management highlighted ongoing macroeconomic challenges but noted strong margins and consistent performance in Q4 [4][9] - The company expects full-year sales for fiscal 2026 to be between $1,835 million and $1,905 million, representing organic growth of 1%-5% [27][28] - Management remains cautious about macro factors like interest rates and housing turnover but believes in the potential for share gains and innovation to drive growth [28][29] Other Important Information - The company completed a $30 million restructuring program, realizing $20 million in savings this year, with another $12 million expected in fiscal 2026 [21] - Total liquidity stood at just over $800 million, with net leverage at 2.9 times, improving to mid-twos after a $103 million tax refund [11] Q&A Session Summary Question: What were volumes in Q4, and what are your volume assumptions for next year? - Management noted a nice pickup in volumes in Life Sciences and Personal Care, with mixed results in coatings, particularly in China [32] Question: Can you elaborate on the weakness in the nutrition side of Life Sciences? - The weakness was primarily in North America and Europe, but recent share gains are expected to support a return to growth [36] Question: How much of the $100 million CapEx is growth CapEx? - Approximately $55 million is for stay-in-business, with the remainder allocated to growth projects supporting globalized initiatives [36][38] Question: How is the competitive intensity from Chinese competitors affecting the business? - Competitive intensity remains a key factor, particularly in the coatings segment, with variations depending on the region [57] Question: What is the expected contribution from the innovation pipeline in 2026? - The company targets $15 million in innovation-driven growth for 2026, with a focus on core technologies [52][53]

Core Insights - The article highlights the successful IPO of Seres Group, raising a net amount of 14.016 billion HKD, marking it as the largest IPO for a Chinese car company to date and the largest globally since 2025 [1][2] - Seres aims to establish itself as a leader in the luxury electric vehicle market, emphasizing its brand positioning of "redefining luxury through intelligence" [1] - The company has delivered over 800,000 units of its AITO brand, with the M9 model being the best-selling vehicle in its price segment in China for 19 consecutive months [1] Funding Allocation - Approximately 70% of the funds raised from the IPO will be allocated to research and development, while 20% will be used for diversifying new marketing channels, overseas sales, and charging network services [2] - The focus on "high-end" and "globalization" includes global product development, marketing services, and necessary production capacity [2] Global Expansion - Seres has expanded its global footprint to cover multiple countries across Europe, the Middle East, the Americas, and Africa, with significant presence in key European markets such as Norway, Germany, the UK, and Switzerland [2] - The company is exploring the integration of artificial intelligence in its products, aiming to transform into a technology-driven enterprise [2] Investor Support - The IPO saw overwhelming interest, with a subscription rate exceeding 133 times and total financing subscriptions surpassing 170 billion HKD, attracting 22 cornerstone investors [2] - The company expresses gratitude for investor support and aims to leverage Hong Kong's financial hub advantages to enhance its global competitiveness [3]

Core Insights - The 8th China International Import Expo (CIIE) opened in Shanghai on November 5, 2025, showcasing the professional service capabilities of Lixin Accounting Firm in the fields of digital intelligence and internationalization [1] - Lixin's Chairman, Zhu Jiandi, emphasized the firm's commitment to national strategies and global integration, highlighting the maturity of their overseas service and cross-border collaboration capabilities [1] - A strategic cooperation framework agreement was signed between Frank Technology and Lixin Accounting Firm during the expo, aiming to support Frank's overseas business expansion [1] Group 1 - Lixin Accounting Firm participated in the CIIE with the theme "Bravely Standing at the Forefront of Digital Intelligence, Connecting Global Opportunities" [1] - The firm aims to leverage its experience in the Chinese market to assist enterprises in developing and optimizing strategies in diverse markets [1] - Lixin plans to enhance its professional services globally by upgrading technology, talent, standards, and resources through the BDO global integrated network [1] Group 2 - Frank Technology, a specialized company in metalworking fluids, has established overseas manufacturing and local sales [1] - The partnership with Lixin is intended to provide systematic support for Frank's globalization process [1] - Frank plans to further expand its manufacturing capacity and sales share in overseas markets [1]

Core Insights - The UAE International Investment Summit (AIM) is hosting its first international branch in Shanghai, marking a significant step in its global expansion [1] - The summit's theme focuses on how industries and economies can achieve transformation and upgrading through technological integration, sustainable development, and investment-driven initiatives [1] - The event is expected to attract over 1,000 participants from more than 150 countries, including investors, entrepreneurs, and industry leaders, to discuss global investment trends, sustainable finance, and digital transformation [1] Group 1 - AIM Summit Chairman Dawood Al Shezawi emphasized that the Shanghai branch signifies an important milestone in connecting cross-continental markets and exchanging innovative ideas [2] - The two-day conference will feature prominent speakers, including UAE's Minister of Foreign Trade and a Nobel Prize laureate, highlighting the event's high-profile nature [2] - The summit will also include strategic cooperation and signing ceremonies with various organizations, reinforcing AIM's role as a promoter of international business collaboration [3] Group 2 - The AIM Summit in Shanghai aims to redefine the globalization landscape by fostering a more resilient, inclusive, and future-oriented economic system [2] - The event serves as a crucial platform for exchanging ideas, building partnerships, and shaping a globally interconnected investment ecosystem driven by innovation [3]

Group 1 - The root of tariff issues lies in domestic politics of relevant countries, reflecting internal contradictions rather than being a true global issue. Globalization may evolve but will not disappear as human trade history has never been interrupted [1] - The current global economic landscape is not moving towards "de-globalization" but rather entering a phase of "re-globalization," leading to the formation of two distinct economic groups and a potential "third group" of countries [1] - Optimism about the future of the global economy suggests that fragmentation will improve over the next decade, leading to a more interconnected global economy driven by innovation, technology, and consumers [1] Group 2 - U.S. consumers are primarily concerned about inflation, which has created two distinct groups: those with assets who have seen purchasing power increase, and those facing economic pressure. Understanding this trend is key to grasping consumer behavior [2] - Investment strategies should focus on maintaining high diversification and a certain level of cash position, as the market is closer to a correction than to a further 10%-20% increase [2] - The core investment advice includes diversifying from current market leaders, with a focus on the shift in the dollar cycle, accelerated asset diversification, the entrepreneurial wave in Asia (especially China), and undervalued energy stocks compared to AI stocks [3]

Group 1: Zhongtong Cloud Warehouse Technology - Zhongtong Cloud Warehouse Technology has completed nearly 200 million yuan in Series A financing, with the funds primarily allocated for the construction of a nationwide intelligent warehousing and distribution network, expansion of overseas warehouse operations, and continuous R&D upgrades of the full-link technology system [1] - The financing round was led by CICC Capital's CICC Huirong Fund, with participation from Guotai Junan Innovation Investment [1] - The company has established over 80 subsidiaries across the country, employing nearly 5,000 people and operating more than 200 warehouses with a total storage area exceeding 2 million square meters [1] Group 2: Alibaba Health - During the first week of the "Double 11" shopping festival, Alibaba's health sector experienced double-digit growth in overseas transactions, with significant increases in categories such as dietary supplements, home medical devices, and traditional health products [2] - Alibaba Health's pharmacy has officially entered the overseas market, adding nearly 150,000 products to the supply chain [2] - The growth reflects the global demand for health consumption and the opportunities for traditional Chinese health products in international markets [2] Group 3: Didi Autonomous Driving - Didi Autonomous Driving has been granted the qualification to provide autonomous driving services during the 15th National Games, marking a practical application of its Level 4 technology in a large-scale event [3] - The service will cater to spectators, guests, media personnel, volunteers, and citizens, enhancing public awareness of autonomous driving [3] - The competitive landscape in the autonomous driving sector is intense, with other players like Pony.ai and WeRide also investing in operational capacity, necessitating Didi to demonstrate its advantages in passenger flow management and complex traffic conditions [3]