本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向上海錦江國際酒店股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）、本公司 的獨家保薦人、整體協調人、顧問及包銷團成員表示同意： 本申請版本不會向於美國的人士刊發或分發，當中所述證券並無亦不會根據1933年美國證券法登記，且 在根據1933年美國證券法辦理登記手續或取得豁免前不得於美國發售或出售。不會於美國公開發售證券。 香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，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申請版本全部或任何部分內容而產生或依賴該等內容而引致 的任何損失承擔任何責任。 Shanghai Jin Jiang International Hotels Co., Ltd. 上海錦江國際酒店股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本及當中所載資料均不構成於美國 ...

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的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 海外市場公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而發表。 附件為中國國際航空股份有限公司於上海證券交易所刊發之 中國國際航空股份有限公司 2025年度報告 承董事會命 中國國際航空股份有限公司 公司秘書 肖烽 中國北京，二零二六年三月二十六日 於本公告日期，本公司的董事為劉鐵祥先生、曲光吉先生、崔曉峰先生、Patrick Healy （賀以禮）先生、肖鵬先生、徐念沙先生*、禾雲先生*、譚允芝女士*及高春雷先生*。 * 本公司獨立非執行董事 1 中国国际航空股份有限公司简称中国国航，英文名称为 Air China Limited，简称 Air China， 是中国唯一载国旗飞行的航空公司。 "凤凰者，仁鸟也""见则天下宁"。中国国航的企业标识由一只艺术化的凤凰和中国改 革开放的总设计师邓小平同志书写的"中 ...

Revenue Performance - The company achieved a revenue of 302.35 billion yuan in 2025, marking a year-on-year growth of 5.71%, and it is the first time the revenue has surpassed the 300 billion yuan mark [1] - All business segments experienced growth, with the equipment parts and channel comprehensive service business showing the fastest growth at 19.93%, reaching 38.89 billion yuan [1] - The water appliance business generated 17.47 billion yuan, up 10.94%, while the air conditioning business contributed 53.74 billion yuan, reflecting a 9.55% increase, serving as a key driver for revenue growth [1] Profitability Analysis - The net profit attributable to shareholders was 19.55 billion yuan, a year-on-year increase of 4.39%, which is lower than the revenue growth rate [2] - The net profit after deducting non-recurring gains and losses was 18.60 billion yuan, with a growth of 4.49%, indicating stable profit quality with minimal impact from non-recurring items [2] Earnings Per Share - Basic earnings per share were 2.12 yuan, reflecting a year-on-year growth of 4.95%, while the diluted earnings per share were 2.02 yuan, up 4.66% [3] - The growth in earnings per share aligns closely with the net profit growth, indicating effective transmission of profit growth to shareholder returns [3] Expense Analysis - Sales expenses increased slightly by 0.80% to 33.88 billion yuan, significantly lower than the revenue growth rate, with a sales expense ratio of 11.2%, optimized by 0.6 percentage points compared to the previous year [4] - Management expenses rose by 13.41% to 13.76 billion yuan, with a management expense ratio of 4.6%, up 0.3 percentage points, primarily due to one-time costs in overseas market efficiency initiatives [5] - Financial expenses saw a significant decrease of 105.24%, resulting in a financial expense of -0.05 billion yuan, largely due to increased exchange gains from currency appreciation [6] Research and Development - R&D expenses decreased by 6.26% to 10.10 billion yuan, but total R&D investment remained high at 10.72 billion yuan, accounting for 3.54% of revenue [7] - The company continues to invest in AI technology and green low-carbon technologies, laying a solid foundation for future development [7] - The number of R&D personnel stands at 25,913, representing 19.2% of the total workforce, with over 74% holding advanced degrees, supporting technological innovation [8] Cash Flow Analysis - The net cash flow from operating activities was 26.00 billion yuan, showing a slight decline of 1.20%, but still 1.33 times the net profit, indicating high cash quality [10] - The net cash flow from investing activities improved, with outflows narrowing to -17.08 billion yuan from -20.08 billion yuan in the previous year, reflecting optimized investment pacing [11] - The net cash flow from financing activities expanded to -17.67 billion yuan, up from -7.70 billion yuan, primarily due to increased repayments and dividend distributions [12] Executive Compensation - The chairman and CEO received a pre-tax compensation of 3.55 million yuan, while several vice presidents earned between 1 to 3 million yuan, aligning overall compensation with company performance [13]

FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD. 佛山市海天調味食品股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 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的內容概不負責，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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （股份代號：3288） 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列佛山市海天調味食品股份有限公司（「本公司」）在上海證券交易所網站 ( www.sse.com.cn )刊登的本公司2025年年度報告（A股），僅供參閱。 佛山市海天調味食品股份有限公司 董事會 香港，2026年3月26日 於本公告日期，本公司董事會成員包括：(i)執行董事程雪女士、管江華先生、黃 文彪先生、文志州先生、廖長輝先生及代文先生；及(ii)獨立非執行董事張科春先 生、屈文洲先生及丁邦清先生。 佛山市海天调味食品股份有限公司2025年年度报告 公司代码：603288 公司简称：海天味业 佛山市海天调味食品股份有限公司 证券 ...

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的內容概不負責，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 因依賴該等內容而引致的任何損失承擔任何責任。 青島啤酒股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 中 外 合 資 股 份 有 限 公 司 ） （股份編號：168） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲 載 列 青 島 啤 酒 股 份 有 限 公 司 於 中 華 人 民 共 和 國（「 中 國 」）上 海 證 券 交 易 所 網 站 （www.sse.com.cn）刊載之《青島啤酒股份有限公司2025年年度報告》，僅供參閱。 承董事會命 青島啤酒股份有限公司 侯秋燕 職工董事： 孫靜女士 獨立非執行董事： 肖耿先生、盛雷鳴先生、張然女士、趙昌文先生及趙紅女士 青岛啤酒股份有限公司 2025 年年度报告 公司代码：600600 公司简称：青岛啤酒 執行董事及聯席公司秘書 中國 • 青島 2026年3月26日 青島啤酒股份有限公司於本公告日期的董事： 執行董事： 姜宗祥先生（董 ...

Summary of Key Points from the Conference Call Company Overview - **Company**: China Life Insurance - **Industry**: Life Insurance Core Insights and Arguments 1. **2025 Performance Highlights**: - Achieved record high performance since 2018 with total investment return rate of 6.09%, up 25.8% year-on-year - Proposed dividend of 24.2 billion yuan, an increase of 32% year-on-year [2][13] - Individual insurance channel contributed 85% of new business value, with growth capability up 40% year-on-year [2] 2. **Investment Strategy**: - Increased equity investment ratio by nearly 5 percentage points, exceeding 1.2 trillion yuan, focusing on technology and high-dividend stocks [2] - Alternative investment scale exceeded 1 trillion yuan, with a strategic shift towards equity rather than value decline [2][6] - Focused on sectors like AI, semiconductors, health, and green energy through private equity funds, nurturing 22 listed companies with a total market value exceeding 1 trillion yuan [2][8] 3. **Reform Initiatives for 2026**: - Five key reform areas: digital transformation, management model upgrade, multi-channel development, customer management, and investment capability enhancement [4][5] - Emphasis on digital integration in product design, sales, and risk management to drive high-quality growth [5] 4. **Long-term Care Insurance and Health Insurance**: - Actively participating in long-term care insurance projects since 2016, with over 70 pilot projects [12] - Health insurance premium income exceeded 120 billion yuan in 2025, with plans for diversified product offerings and improved service integration [12] 5. **Market Position and Future Outlook**: - Aiming to become a world-class life insurance company by enhancing value creation capabilities and digital transformation [19] - Anticipating continued strong growth in 2026, with a focus on optimizing business structure and enhancing value creation [3][20] Additional Important Content 1. **Geopolitical Risks**: - Minimal impact from geopolitical risks due to low exposure in overseas investments (<0.89% of total assets) [10][11] - Monitoring global geopolitical developments and their potential effects on energy prices and inflation expectations [10] 2. **Investment Performance Drivers**: - Strong investment performance attributed to China's high-quality economic development and a stable capital market [8] - Strategic asset allocation adjustments to capture market opportunities, including increased allocation to high-dividend stocks [8] 3. **Dividend Policy**: - Committed to stable and improving dividend levels, with a total market value exceeding 1.1 trillion yuan, up 16% from the beginning of the year [14] 4. **Challenges in Individual Insurance Channel**: - Individual insurance channel showed slower growth in new single premiums, but remains a core channel contributing significantly to new business value [20] 5. **Real Estate Investment Trends**: - Investment in real estate remains below 2% of total investment assets, with a focus on core assets in major cities [17][18] This summary encapsulates the key points discussed in the conference call, highlighting the company's performance, strategic initiatives, and outlook for the future.

Summary of the Conference Call for Xiaoming Co., Ltd. Industry Overview - The egg-laying chicken industry in 2025 is characterized by overproduction due to excessive replenishment in the first half of the year, with over 600 million chickens added, leading to a supply surplus that is expected to last until July-August 2026 [2][3][4]. - The second half of 2026 is anticipated to shift towards a tight balance in supply and demand, primarily due to insufficient replenishment in the latter half of 2025 and the first half of 2026, alongside expectations of a rebound in pork prices [2][5]. - The average laying hen stock in 2025 remained high, exceeding 1.3 billion, indicating a significant overcapacity [3][4]. Key Points on Xiaoming Co., Ltd. - Xiaoming Co., Ltd. aims for a chick sales target of 350 million in 2026, capturing a 30% market share, with orders extending to late May 2026 [2][9]. - The company’s core growth driver is the young chicken business, targeting sales of 10 million in 2026, doubling from the previous year, with plans to reach 50 million in 3-4 years [2][14]. - The company has implemented a strategy to convert low-cost chicks into branded eggs when chick prices fall below production costs, allowing for a price premium of 20%-30% [2][16]. - Digitalization and ESG initiatives are accelerating, with plans to establish a "Future Farm" by July 2026, incorporating AI and robotics for farm management [2][6]. Financial Performance and Market Dynamics - The average cost per chick is expected to stabilize around 3.2 yuan, with the company managing to keep costs in check despite rising feed prices [2][10][21]. - The company experienced a loss in January and February 2026 but anticipates profitability starting in March, with orders already booked through May [9][10]. - The young chicken business has shown resilience, with prices recovering in March 2026 after a slight loss in the previous months [13][14]. Market Trends and Consumer Behavior - The egg market is expected to see two small peaks in 2026, with prices fluctuating around the cost line in the first half and potentially rising in the second half due to reduced supply and increased demand for high-quality and branded eggs [5][8]. - There is a growing trend towards quality and brand differentiation in egg consumption, with a shift from traditional markets to supermarkets [5][18]. - The non-caged egg segment is anticipated to grow, although current supply is significantly below demand, indicating a potential market opportunity [18][19]. Strategic Initiatives and Future Outlook - The company plans to expand its "concentrated breeding, decentralized hatching" model, which has proven effective in ensuring biosecurity and operational efficiency [16][17]. - Future growth in the non-caged egg market will depend on legislative progress, increased food safety recognition, and transparency in procurement information [19]. - Xiaoming Co., Ltd. is exploring overseas investment opportunities, with potential developments expected in 2026 [20]. Conclusion - Xiaoming Co., Ltd. is positioned to navigate the challenges of the egg-laying chicken industry through strategic growth in young chicken sales, digital transformation, and a focus on high-quality products. The company is also preparing for potential international expansion while managing costs effectively amidst rising feed prices.

Summary of the Conference Call for China Traditional Chinese Medicine (CTCM) Company Overview - **Company**: China Traditional Chinese Medicine (CTCM) - **Fiscal Year**: 2025 - **Key Financials**: - Net loss attributable to shareholders: CNY 342 million - Net profit margin: -3.1% - Revenue: CNY 14.745 billion (down 10.7% YoY) - Total assets: CNY 32.347 billion (down 7.7% YoY) - Total liabilities: CNY 9.32 billion (down 16.3% YoY) [2][3][10] Industry Insights - **Market Dynamics**: - The Chinese herbal medicine industry is facing increased competition and pressure from centralized procurement policies. - The market for traditional Chinese medicine (TCM) is undergoing significant changes, with a focus on quality and integration across the supply chain [15][21]. Key Business Segments Performance 1. **Chinese Herbal Medicine Granules**: - Revenue: CNY 6.098 billion (down 12.5% YoY) - Gross margin: 53.8% (down 3.1 percentage points) - Impacted by increased competition and a higher proportion of centralized procurement [2][8]. 2. **Chinese Herbal Pieces**: - Revenue: CNY 3.334 billion (up 0.6% YoY) - Gross margin: 25.1% (up 1.9 percentage points) - Growth attributed to optimized sales structure and reduced procurement costs [2][8]. 3. **Traditional Chinese Medicine (TCM)**: - Revenue: CNY 4.248 billion (down 6.7% YoY) - Gross margin: 66.7% (up 3.1 percentage points) - Growth in prescription drugs and the launch of an e-commerce strategy for OTC products [2][9]. 4. **Health and Wellness Sector**: - Revenue: CNY 235 million (down 17.2% YoY) - Gross margin: 31.9% (up 7.5 percentage points) - Decline due to strategic withdrawal from low-efficiency product lines [9]. Strategic Initiatives - **2026 Strategy**: Focus on "stability, integration, and efficiency" to manage costs and enhance supply chain management [11][12]. - **Supply Chain Management**: Emphasis on strategic reserves of bulk medicinal materials and graded processing to control costs [13]. - **Digital Transformation**: Development of a data platform for full-chain management of TCM production, aiming for enhanced traceability and quality control [14][19]. Research and Development - **Innovation**: - 207 patents granted in 2025, including 126 invention patents. - Participation in drafting 57% of the national standards for herbal granules [6][7]. - **Clinical Research**: Focus on evidence-based medicine to enhance product lifecycle and efficacy [16][17]. Financial Health - **Debt Management**: Debt ratio reduced to 11.8% (down 6.7 percentage points) with cash reserves of CNY 4.045 billion [10]. - **Accounts Receivable**: Increased by 4.6% due to tight healthcare funding, with 50.4% of receivables aged under 90 days [10]. Future Outlook - **Market Conditions**: Anticipated continued pressure on the herbal granules segment due to ongoing centralized procurement policies [21]. - **Growth Expectations**: The company aims for stable revenue and profit in 2026, with a focus on transforming the herbal granules business and strengthening core segments [18][21]. Conclusion CTCM is navigating a challenging environment marked by regulatory changes and competitive pressures. The company is strategically positioned to leverage its R&D capabilities and supply chain management to enhance its market position while focusing on digital transformation and quality improvement initiatives.

Core Viewpoint - CITIC Securities reported strong financial performance for 2025, with significant increases in both revenue and net profit, alongside a proposed cash dividend for shareholders [2][5]. Financial Performance - In 2025, CITIC Securities achieved operating revenue of 748.54 billion yuan, representing a year-on-year growth of 28.79% [2][3]. - The net profit attributable to shareholders reached 300.76 billion yuan, marking a year-on-year increase of 38.58% [2][3]. - The total profit amounted to 398.23 billion yuan, up from 284.18 billion yuan in 2024 [3]. Key Financial Indicators - Basic earnings per share were reported at 1.9 yuan, with diluted earnings per share at 1.6 yuan [5]. - The weighted average return on equity was 10.5%, while the return excluding non-recurring gains and losses was 10.6% [5]. Asset and Liability Overview - As of the end of 2025, total assets stood at 2,081.90 billion yuan, an increase from 1,710.71 billion yuan in 2024 [4]. - Total liabilities reached 1,756.08 billion yuan, up from 1,411.94 billion yuan in the previous year [4]. - Shareholders' equity attributable to the parent company was 319.93 billion yuan, compared to 293.11 billion yuan in 2024 [4]. Business Strategy and Innovations - The company emphasized its commitment to financial services, focusing on optimizing business structure and innovating product tools [5][6]. - CITIC Securities ranked first in the market for underwriting technology innovation bonds and completed significant mergers and acquisitions, leading in both domestic and global transaction scales [5][6]. - The firm is actively involved in green finance, achieving the highest ranking in green bond underwriting and launching innovative green financial products [6]. Social Responsibility and Community Engagement - CITIC Securities contributed over 67 million yuan to charitable activities and consumer assistance, demonstrating its commitment to social responsibility [6]. - The company is engaged in building a multi-tiered pension system, with investment management scale exceeding 1 trillion yuan [6].

Core Viewpoint - Cathay Pacific has successfully navigated through significant challenges, including the COVID-19 pandemic, and is now experiencing a strong recovery, achieving record profits and setting a solid foundation for future growth [1][3][9]. Financial Performance - In 2025, Cathay Pacific reported revenues of HKD 116.77 billion, a year-on-year increase of 11.9%, and a net profit attributable to shareholders of HKD 10.83 billion, up 9.5%, marking the first time profits exceeded HKD 10 billion since the pandemic [1][3]. - Over the past three years, the company has achieved a cumulative profit exceeding HKD 30 billion, surpassing the losses incurred during the pandemic [3]. Market Position and Strategy - Cathay Pacific aims to strengthen its position as a high-end airline based in Hong Kong, focusing on enhancing customer experience and maintaining team morale amidst external uncertainties [4][9]. - The airline is actively expanding its presence in the Greater Bay Area and leveraging its unique position to connect global markets with a focus on the Chinese mainland [19][20]. Operational Challenges - The airline faces ongoing challenges from geopolitical instability, fluctuating fuel prices, and supply chain disruptions, which impact both passenger and cargo operations [7][8]. - Despite these challenges, Cathay Pacific is adapting by reallocating capacity to other routes, particularly in Europe, and implementing fuel hedging strategies to mitigate cost volatility [8][9]. Product and Service Innovations - Cathay Pacific has invested significantly in upgrading its fleet and enhancing customer service, including the introduction of new cabin products and improved in-flight dining experiences [11][15]. - The airline plans to launch new cabin classes and enhance its entertainment offerings, aiming to provide a unique travel experience that goes beyond mere transportation [13][15]. Expansion Plans - The airline is set to receive new aircraft, including the Boeing 777-9 and A330-900, as part of a broader investment plan exceeding HKD 100 billion, aimed at reinforcing its hub status and expanding its route network [26][28]. - Cathay Pacific has opened new routes to cities in mainland China, including Urumqi and Changsha, and continues to explore opportunities in second and third-tier cities to capture additional market share [24][22]. Recognition and Future Goals - Cathay Pacific has received accolades in various airline rankings, including being named one of the top airlines globally, and aims to become the best airline in the world within the next five years [18][28]. - The company is committed to continuous improvement in operations, efficiency, and customer service to navigate future challenges effectively [28].