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，概不就因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 SOUTH CHINA FINANCIAL HOLDINGS LIMITED 南 華 金 融 控 股 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：00619） 董事會謹此強調，截至本公告日期，尚未就建議成立合營公司訂立任何具法律約 束力之協議。因此，建議成立合營公司之事宜未必會落實。本公司股東及潛在投 資者於買賣本公司證券時務請審慎行事。 承董事會命 South China Financial Holdings Limited 南華金融控股有限公司 執行董事 張賽娥 自願公告 有關建議成立合營公司 之諒解備忘錄 本公告由南華金融控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）自 願 發 佈 ， 旨 在 通 知 本 公 司 的 股 東 及 潛 在 投 資 者 本 集 團 最 新 的 經 營 策 略 及 發 展 方 向 ...

Investment Rating - The report maintains a "Buy" rating for Robinhood Markets with a target price of $150.00, representing a 23% upside from the previous closing price [3][48]. Core Insights - Robinhood's financial performance in Q3 2025 showed significant growth, with total revenue reaching $1.274 billion, doubling year-over-year and increasing nearly 30% quarter-over-quarter. Net profit surged 271% to $556 million, with diluted earnings per share (EPS) of $0.61, up 259% year-over-year [2][10][11]. - The trading business emerged as the primary growth driver, with trading revenue of $730 million, including a more than 300% increase in cryptocurrency revenue to $268 million. Interest income also grew by 66% to $456 million [2][11][12]. - The company is expanding its market share in various sectors, including stocks, options, and cryptocurrencies, while also launching new products aimed at professional traders and international clients [3][18]. Financial Performance Summary - Total revenue for Q3 2025 was $1.274 billion, a 100% increase year-over-year and a 29% increase quarter-over-quarter, exceeding market expectations by 5% [10]. - Net profit reached $556 million, reflecting a 271% year-over-year increase and a 44% quarter-over-quarter increase [10]. - Adjusted EBITDA was $742 million, with a profit margin of 58%, marking a 177% year-over-year growth [10]. - The average revenue per user increased to $191, an 82% year-over-year growth, indicating improved user quality [17]. Business Segments and Growth Drivers - Trading revenue totaled $730 million, a 129% year-over-year increase, driven by significant growth in cryptocurrency, options, and stock trading [11][12]. - Cryptocurrency revenue alone reached $268 million, more than tripling year-over-year, supported by increased market activity and the acquisition of Bitstamp [11][12]. - Net interest income grew to $456 million, a 66% increase, primarily due to the expansion of interest-earning assets [11][12]. Strategic Developments - Robinhood is set to launch new products and services, including features for professional traders and banking services for Gold users, while also expanding its international presence [3][18]. - The company completed the acquisition of Bitstamp and plans to acquire WonderFi, enhancing its global footprint in the cryptocurrency sector [3][18]. - The prediction market business is rapidly growing, with an annualized revenue nearing $300 million as of October 2025 [3][7].

Core Viewpoint - JD.com reported a significant decline in profit margins despite a solid revenue growth, indicating pressure from increased operational costs and marketing expenses [3][4][6]. Financial Performance - JD.com achieved a net revenue of 299.06 billion RMB in Q3, a year-on-year increase of 15%, surpassing market expectations of 294.4 billion RMB [3][4]. - Adjusted EBITDA for Q3 was 2.5 billion RMB, down 83% year-on-year, significantly below the market forecast of 3.41 billion RMB [4][6]. - Adjusted operating profit margin fell to 0.1%, down from 5% in the same period last year, reflecting substantial cost pressures during business expansion [4][6]. Cost Structure - Total operating expenses rose to 22 billion RMB, a 35% increase year-on-year, outpacing revenue growth and contributing to the pressure on profit margins [4][7]. - Marketing expenses surged by 110.5% year-on-year, reaching 21.1 billion RMB in Q3, which accounted for 7.0% of total revenue, up from 3.8% in the previous year [8]. New Business Growth - New business revenue reached 15.592 billion RMB in Q3, marking a remarkable year-on-year growth of 213.9%, driven by JD's expansion into food delivery, product development, and overseas markets [10]. - The company expressed confidence in maintaining its leading market position in electronics and home appliances, while also exploring growth potential in daily necessities and advertising services [5][10]. Operational Efficiency - JD's food delivery service showed healthy growth with improved operational efficiency, leading to a reduction in overall investment and a gradual improvement in profit margins per order [11].

Group 1 - The company has conditionally agreed to acquire approximately 99.999995% and 0.000005% of the shares of a securities company for a consideration not exceeding 20 million HKD [1] - The securities company is a limited liability company registered in Hong Kong, primarily engaged in brokerage and trading of listed securities and is licensed by the Hong Kong Securities and Futures Commission [1] - As of June 30, 2025, the net assets of the securities company were approximately 5.3 million HKD [1] Group 2 - The company operates in Hong Kong and mainland China, engaging in machinery and spare parts trading, machinery leasing, transportation services, and lending [2] - The company's performance has been adversely affected by the slowdown in the real estate market in both Hong Kong and mainland China, prompting the board to seek business diversification [2] - The board believes that the acquisition of the securities company provides a low-cost entry point into the financial services sector, aligning with the overall interests of the company and its shareholders [2]

证券公司为香港注册成立的有限责任公司，主要从事香港上市证券的经纪及交易业务，并获香港证监会 发牌，可根据《证券及期货条例》从事第1类(证券交易)受规管活动。截至2025年6月30日，证券有限公 司的净资产约为530万港元。 智通财经APP讯，兆邦基生活(01660)发布公告，2025年11月13日，本公司(作为买方)与卖方签订了买卖 协议，本公司有条件地同意收购，而卖方1吴朱莲芬女士和卖方2杨家仪女士分别有条件地同意出售出售 股份1和出售股份2，分别占证券公司(东汇证券)已发行股本的约99.999995%和约0.000005%，对价金额 不得超过2000万港元。 本公司主要在中国香港从事机械及零配件交易、机械租赁及相关服务、运输服务及放贷业务;在中国内 地从事物业管理服务、机械租赁及物业租赁、转租、零售、放贷及其他业务。鉴于中国香港及中国内地 房地产市场过去几年放缓，本公司业绩受到不利影响，董事会正积极寻求业务多元化。董事会认为，在 政府政策的宏观支持下，香港金融服务业前景良好。董事会认为，收购该证券公司为本集团进入金融服 务业提供了一个低成本的切入点及把本集团发展为一家多元化金融平台。基于以上考虑，董事认为 ...

格隆汇11月13日丨七元投资(01660.HK)宣布，2025年11月13日，公司(作为买方)与卖方签订了买卖协 议，据此，公司有条件地同意收购，而卖方1吴朱莲芬和卖方2杨家仪分别有条件地同意出售出售股份 1(证券公司21,299,999股普通股)和出售股份2(证券公司1股普通股)，分别占证券公司已发行股本的约 99.999995%和约0.000005%。截至本公告发布之日，卖方1是(i)出售股份1的合法和实益所有人，以及出 售股份2的实益所有人；卖方2是出售股份2的合法所有人，并以卖方1的利益为信托持有出售股份2。 公司主要在香港从事机械及零配件交易、机械租赁及相关服务、运输服务及放贷业务；在中国内地从事 物业管理服务、机械租赁及物业租赁、转租、零售、放贷及其他业务。监于香港及中国内地房地产市场 过去几年放缓，公司业绩受到不利影响，董事会正积极寻求业务多元化。董事会认为，在政府政策的宏 观支持下，香港金融服务业前景良好。董事会认为，收购该证券公司为集团进入金融服务业提供了一个 低成本的切入点及把集团发展为一家多元化金融平台。基于以上考虑，董事认为拟议收购符合公司及其 股东的整体利益。 卖方1为获证监会许可， ...

执行费用220.0亿元人民币，同比+35%，预估196.8亿元人民币； 京东集团第三季度净营收达2990.6亿元人民币，同比增长15%，超出市场预期的2944亿元。尽管收入端表现稳健，但公司利润率出现大幅下 滑，反映出扩张投入加大对盈利能力的挤压。 京东首席财务官单苏表示，第三季度总收入同比增长14.9%，得益于各业务线的健康发展势头。公司在以旧换新政策的高基数背景下，仍对 巩固电子和家电领域的领先市场地位充满信心。 核心财务指标 净营收2990.6亿元人民币，同比+15%，预估2,944亿元人民币； 京东第三季度调整后息税折旧及摊销前利润（EBITDA）为25亿元人民币，同比下降83%，远低于市场预估的34.1亿元。 调整后运营利润率仅为0.1%，较上年同期的5%大幅收缩，显示公司在业务扩张过程中面临较大的成本压力。 执行费用同比增长35%至220亿元人民币，增速明显快于营收增速，成为利润率承压的主要原因。 三季度营销开支同比增加110.5% 京东集团财报显示，2025年三季度，营销开支由2024年第三季度的人民币100亿元增加110.5%至2025年第三季度的人民币211亿元（30亿美 元）。 调整后息税 ...

近日，A股上市公司三季度财报发布收官，四川179家A股上市公司的"成绩单"披露。记者依据 Wind数据初步统计，2025年前三季度，川股上市公司合计实现营业总收入8231亿元，归母净利润821.5 亿元。川股整体经营成色如何？不同行业的发展又呈现出怎样的差异？记者带着问题梳理了川股三季 报。 营收盈利分化显著 技术突破驱动业绩爆发 在部分传统行业承受经营压力的同时，以通信、军工为代表的新兴产业板块正成为川股增长的"新 引擎"。例如，新易盛的爆发式增长就很引人瞩目。 作为通信模块龙头企业，新易盛前三季度交出了一份亮眼的"成绩单"。财报数据显示，公司前三季 度营收165.05亿元，同比飙升221.70%；净利润63.27亿元，增幅达355.77%，凭借这一业绩表现，新易 盛直接跻身川股盈利榜第四位，成为川股新兴产业中的"领军者"。 华丰科技的业绩表现同样可圈可点。前三季度实现营收16.59亿元，较去年同期增长121.47%；实现 归母净利润2.23亿元，较去年同期实现扭亏为盈，盈利能力显著提升。记者了解到，在全球数字化进程 加速及能源结构转型的驱动下，华丰科技通过技术创新与市场拓展，实现了业绩的突破性增长。 31 ...

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA for Q3 2025 reached $115 million, with year-to-date EBITDA at $206 million [3][6] - Gross sales totaled $323 million in Q3, reflecting a 29% year-over-year decline due to lower volumes and prices [6] - Year-to-date sales stood at $1 billion, with adjusted EBITDA at $206 million, indicating lower consolidated results primarily due to lower global prices and higher costs in USD terms [6][11] Business Line Data and Key Metrics Changes - In the sugar, ethanol, and energy business, crushing volume was 4% lower year-over-year, but a new quarterly record of 4.9 million tons was achieved, representing a 20% year-over-year increase [7][8] - The farming business saw a 13% year-over-year increase in total production, attributed to higher planted area and record productivity in rice operations [7] - Adjusted EBITDA for the farming business totaled $1 million in Q3, with year-to-date EBITDA at $19 million, impacted by lower international prices and higher costs [12][13] Market Data and Key Metrics Changes - In Brazil, the company achieved a record quarterly crushing volume and produced 40% more ethanol than the previous year [3] - In Argentina and Uruguay, the price-cost scenario remains challenging, leading to adjustments in crop mix and leased area [3][4] Company Strategy and Development Direction - The company is focusing on efficiency and being the lowest-cost producer to navigate the challenging market environment [5] - A strategic shift towards maximizing ethanol production was made due to better margins compared to sugar, with an ethanol mix of 58% compared to 45% the previous year [8] - The acquisition of a 50% stake in ProFertil, the largest producer of granular urea in South America, is expected to diversify operations and reduce result volatility [4][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the tough year but emphasized the need to remain focused on efficiency [5] - The company expects crushing volumes to improve in 2025-2026, with a potential increase of 5%-6% due to better yields and conditions [24] - Cost reductions of 15%-20% are anticipated for the upcoming year, driven by higher yields and efficiencies [24] Other Important Information - Net debt increased by 35% year-over-year to $872 million, with a net leverage ratio of 2.8 times [16] - The shareholder distribution program for 2025 amounted to $45 million, including $10 million in share repurchases and $35 million in cash dividends [17] Q&A Session Summary Question: Future crushing volumes and CAPEX expectations - Management indicated that crushing volumes could see growth in 2025-2026, with CAPEX being revised downwards due to compressed EBITDA margins [20][22] Question: Actions to reduce leverage and crop area reduction rationale - Management explained that reducing leased area is aimed at lowering costs and focusing on high productivity farms, with expectations for improved EBITDA next year [27][29] Question: Financing details for ProFertil acquisition and dividend expectations - The acquisition is fully financed at competitive rates, and while it is too early to provide specific dividend guidance for 2026, management remains optimistic about future cash flows [38][40]

Core Viewpoint - Huajin Co., Ltd. is focusing on enhancing its competitive edge and addressing challenges in the petrochemical industry through innovation and strategic planning [1][2][3] Group 1: Business Overview - Huajin Co., Ltd. specializes in the production and sales of petrochemicals and chemical fertilizers, with key products including diesel, polypropylene resin, polyethylene resin, ABS resin, and various oils [1] - The company has strong production capabilities in both naphthenic and paraffinic base oils, supported by a robust technology innovation system that integrates research, production, and sales [1] Group 2: Challenges and Responses - The company's performance is influenced by multiple factors, including raw material prices, product sales prices, and production efficiency, with recent losses attributed to international oil price fluctuations and insufficient downstream demand in the petrochemical sector [2] - To mitigate risks from raw material price volatility, the company is optimizing procurement strategies, exploring new channels, and enhancing marketing operations [2] Group 3: Future Development Strategy - Huajin Co., Ltd. plans to focus on optimizing four key sectors, strengthening the industrial chain, and improving operational capabilities, while emphasizing high-end, green, and intelligent development [3] - The company aims to accelerate the development of high-value-added new products to enhance its competitive advantage and align with national policy directions [3]