Financial Data and Key Metrics Changes - The Adjusted Operating Profit (AOP) for FY 2025 increased by 7% year on year to $4.5 billion, and excluding the Free Duty and YQ businesses, AOP rose by 9% to $4.5 billion [10][18] - Adjusted EBITDA increased by 1% to $7.3 billion, while profit attributable to shareholders rose by 4% to $2.2 billion [18] - The total dividend for the year amounted to $0.95 per share, maintaining an attractive dividend yield of 8.3% based on the latest closing price [18][19] - Cash on hand was $20.2 billion, with total available liquidity close to $30 billion, indicating a healthy financial position [19][20] Business Segment Data and Key Metrics Changes - The financial services segment, rebranded from insurance, saw AOP increase by 29% to $1.24 billion [11][30] - The logistics business AOP rose by 3% to $740 million, while the construction segment reported AOP of $790 million, slightly decreasing by 7% when excluding YQ [11][12] - The facilities management segment reported AOP of $89 million, with a 16% increase when excluding Free Duty [11] - Strategic investments surged over 1,000% to $237 million, reflecting aggressive portfolio optimization [12] Market Data and Key Metrics Changes - The occupancy rate for logistics properties in Hong Kong decreased from 96% to 80%, attributed to the renewal of a major client's lease [35] - The occupancy rate for the seven logistics properties in China was maintained at 87%, while the occupancy rate for the Suzhou property dropped to 40% due to tenant termination [35][36] - The construction segment's backlog increased by 24% to $38 billion, with newly awarded contracts rising by 9% to $23.9 billion [39] Company Strategy and Development Direction - The company aims to enhance its diversified business portfolio through acquisitions and disposals, focusing on the fast-growing wealth management business [3][9] - The logistics segment will target undervalued assets in the Greater Bay Area and Yangtze River Delta, seeking properties with strong cash flow [8][13] - The construction segment will focus on government-related projects, which now account for 61% of the total projects in progress [16][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining stable results despite geopolitical tensions and economic challenges, highlighting operational excellence across diversified business lines [9][12] - The financial services segment is expected to leverage the Chow Tai Fook brand to enhance service delivery and expand its wealth management platform [9][30] - The company anticipates continued growth in AOP and cash flow, with strategic acquisitions planned to replenish profits lost from expiring toll road concessions [67][68] Other Important Information - The company has maintained a progressive dividend policy for 22 consecutive years, with a commitment to consistent dividend distribution [10][23] - The company has shifted a substantial portion of its debt to lower-cost renminbi borrowing, resulting in a decline in average borrowing costs from 4.7% to 4.1% [20][21] - The company has implemented an ESG strategy, achieving a 19% reduction in Scope 1 and 2 emissions compared to FY 2023 [47][49] Q&A Session Summary Question: Updates on the roads and potential disposals - Management indicated that while there have been inquiries about toll road assets, there are no immediate plans for disposal unless the price is right [56] Question: Impact of not investing further in toll roads - Management confirmed that without further investment, the concession period will decrease, but they are confident in replenishing profits through other business segments [67][68] Question: Logistics occupancy targets - Management expressed confidence in reaching an occupancy rate of 85% in Hong Kong, with a longer-term goal of exceeding 90% [60][62] Question: Strategic value of Sunshine Esther acquisition - Management highlighted that integrating Sunshine Esther into the construction group enhances competitive bidding capabilities, particularly for design and build contracts [63][65]

Dividend Declarations - Colgate-Palmolive declared a quarterly cash dividend of $0.52 per common share, payable on November 14, 2025, to shareholders of record on October 17, 2025, marking uninterrupted dividends since 1895 [1] - Meta Platforms announced a quarterly cash dividend of $0.525 per share for its Class A and Class B common stock, payable on September 29, 2025, to stockholders of record as of September 22, 2025 [2] - Applied Materials approved a quarterly cash dividend of $0.46 per share, payable on December 11, 2025, to shareholders of record as of November 20, 2025; this follows a 15-percent increase from $0.40, marking eight consecutive years of dividend increases [3] - Fifth Third Bancorp declared a cash dividend of $0.40 per share for the third quarter of 2025, payable on October 15, 2025, to shareholders of record as of September 30, 2025 [4] - Equity Residential announced a quarterly dividend of $0.6925 per share for the third quarter, payable on October 10, 2025, to shareholders of record on September 25, 2025 [4]

Company Overview - Genco Shipping & Trading is the largest U S based drybulk shipowner, operating 43 modern vessels[10] - The company transported 24 million tons (MT) of drybulk commodities in 2024[11] - Genco's fleet composition includes Capesize vessels and Ultramax/Supramax vessels, with a focus on iron ore (44%) and met/thermal coal (21%)[14] - The company has low leverage with a 7% net Loan-to-Value (LTV)[10, 39] Financial Performance & Strategy - Since April 2021, Genco has paid $257 million in dividends, paid down $349 million of debt, and invested $347 million in vessels[24, 25] - Genco's fleet is overweight in Capesize vessels, representing 58% of market value and 51% of net revenue[28, 29] - The company estimates Q3 2025 TCE (Time Charter Equivalent) at $16,200 based on 88% of owned available days fixed[50] - Genco has a $600 million revolving credit facility to pursue growth opportunities[43] Market Dynamics - China's steel exports increased, with 12% of production exported in 2024-2025 compared to 7% in 2021-2023[58] - Year-to-date 2025, Guinean bauxite exports have grown 35% year-over-year[67] - The USDA forecasts a 3% increase in world wheat exports for 2025/26p[70]

Core Insights - The company is taking decisive actions to reshape its future, focusing on cost containment, optimized capital spending, and strengthening its balance sheet, despite a complex global environment [1] - Free cash flow after tax, interest, and capital expenditure increased by 75% to R12.6 billion, indicating strong financial performance [1] - Turnover decreased by 9% to R249 billion due to a 15% decline in Rand oil prices and lower sales volumes [2] - Adjusted EBITDA declined by 14% to R51.8 billion, reflecting the challenging market conditions [2] - Total impairments significantly decreased to R20.7 billion from R74.9 billion in the prior year, with management actions improving recoverable amounts [3] - Basic earnings per share increased by over 100% to R10.60, while headline earnings per share improved by 93% to R35.13 [4] - The balance sheet was strengthened with net debt declining by 13% to R65.0 billion (US$3.7 billion) [5] - Liquidity was enhanced through the successful closure of a R5.3 billion floating rate bond [6] Financial Metrics - Turnover: R249 billion, down 9% from the previous year [7] - Adjusted EBITDA: R51.8 billion, down 14% [7] - Basic EPS: R10.60, up over 100% from a loss of R69.94 [7] - Headline EPS: R35.13, up 93% [7] - Capital Expenditure: R25.4 billion, down 16% [7] - Free Cash Flow: R12.6 billion, up 75% [7] - Net Debt: R65.0 billion, down 13% [7] Asset and Liability Overview - Total assets decreased slightly to R359.6 billion, down 1% [8] - Total liabilities increased by 7% to R201.9 billion [8] - Total equity increased by 7% to R157.6 billion [8] Dividend Policy - No dividend was declared as net debt was above the sustainable threshold of US$3 billion [9] Board Changes - Ms. Xikongomelo Maluleke appointed to the Audit Committee and Safety, Social and Ethics Committee [10]

Core Viewpoint - KANZHUN LIMITED has announced an annual dividend policy, intending to declare and distribute dividends each year based on the company's financial performance and other relevant factors [1][4]. Dividend Announcement - The Board has approved an annual cash dividend of US$0.084 per ordinary share, or US$0.168 per ADS, with a total payout of approximately US$80 million, funded by surplus cash [2]. - The record date for holders of ordinary shares and ADSs is October 8, 2025, with ex-dividend dates set for October 6, 2025, and October 8, 2025, respectively [2][3]. - Payment dates are expected to be around October 16, 2025, for ordinary shares and October 23, 2025, for ADS holders [3]. Company Background - KANZHUN LIMITED operates the BOSS Zhipin platform, a leading online recruitment service in China, facilitating efficient connections between job seekers and enterprises through a highly interactive mobile app [6]. - The platform leverages a large and diverse user base to create powerful network effects, enhancing recruitment efficiency and driving rapid expansion [6].

Core Viewpoint - Flex LNG Ltd. reported its unaudited financial results for the second quarter of 2025, highlighting stable revenues and a solid financial position despite a soft spot market for LNG shipping [1][3]. Financial Performance - Second quarter revenues were $86 million, or $84 million excluding EUAs, with a Time Charter Equivalent (TCE) of approximately $72,000 per day, nearly unchanged from $84.7 million in the same quarter last year [3][4]. - Net income for the second quarter was $17.7 million, resulting in an earnings per share (EPS) of $0.33, compared to $18.7 million and $0.35 EPS in the first quarter [4]. - Adjusted EBITDA for the second quarter was $62.6 million, down from $65.6 million in the first quarter [4]. Operational Highlights - The company completed drydocking for Flex Aurora and Flex Resolute ahead of schedule, demonstrating effective management of off-hire periods [4][5]. - Flex Courageous was sold for $175 million under a sale and leaseback agreement, with a 10-year bareboat charter back [4][6]. Financing Activities - A new $180 million term loan facility was signed for Flex Constellation, with a 15.5-year tenor and an interest rate of SOFR plus 165 basis points [4][6]. - The company has a minimum charter backlog of 56 years, potentially extending to 85 years, which provides access to attractive financing opportunities [6]. Shareholder Returns - The Board authorized a share repurchase program of up to $15 million, valid through November 27, 2025 [4][7]. - A quarterly dividend of $0.75 per share was declared, payable on or about September 18, 2025, bringing the trailing twelve-month dividend to $3.00 per share [4][8].

Core Viewpoint - Next Technology Holding Inc. has announced a new Dividend Policy that mandates annual distributions of at least 80% of profits attributable to owners, effective September 8, 2025, following a strong Q2 2025 net income of US$312 million [1][2]. Key Policy Highlights - Mandatory High Payout: The policy commits to distributing at least 80% of annual profits to shareholders, which based on Q2 2025 net income, implies an annual payout capacity exceeding US$250 million [2]. - Operational Safeguards: Dividend declarations will be contingent upon quarterly assessments by the Board [3]. - Final Dividend Approval: Any proposed final dividend will require shareholder approval at the Annual General Meeting [3]. Governance & Execution - The Policy was approved unanimously by the Board on August 8, 2025, in compliance with the Wyoming Revised Corporation Act [4]. - Directors confirmed adherence to Articles of Association and conflict disclosure requirements [4]. - Management has been authorized to take necessary actions for the implementation of the Policy [4]. Q2 Performance Context - The CEO highlighted that the US$312 million Q2 net income reflects the company's earnings power, and the new dividend policy aims to convert strong performance into predictable returns for shareholders [5].

Core Viewpoint - MAG Silver Corp. has declared a total dividend of $0.144 per share, consisting of a fixed dividend of $0.02 and a performance-linked dividend of $0.124, reflecting strong cash flow from the Juanicipio Mine [1][2] Group 1: Dividend Declaration - The total dividend of $0.144 per share will be payable on September 1, 2025, to shareholders on record as of August 18, 2025 [1] - The performance-linked dividend represents approximately 30% of the $40.9 million free cash flow generated by the Juanicipio Mine attributable to MAG [1][2] - The dividend qualifies as an "eligible dividend" under the Income Tax Act (Canada) [1] Group 2: Operational Performance - Exceptional operational execution and industry-leading cost performance at the Juanicipio Mine are driving robust cash flow [2] - The company aims to return capital to shareholders in a disciplined and transparent manner, linking returns directly to operational results [2] Group 3: Future Dividend Considerations - Future dividends will be subject to the discretion and approval of the Board of Directors and may be amended based on the company's financial position and other relevant factors [2] - There are no assurances that future dividends will be declared or paid beyond the current dividend [2] Group 4: Company Overview - MAG Silver Corp. is a growth-oriented Canadian mining and exploration company focused on high-grade precious metals projects in the Americas [3] - The company holds a 44% joint venture interest in the Juanicipio Mine, which has a design capacity of 4,000 tonnes per day [3] - MAG is also engaged in exploration programs at the Deer Trail Project in Utah and the Larder Project in Canada [3]

Group 1 - Caledonia Mining Corporation Plc has announced a quarterly dividend of 14 United States cents (US$0.14) per share [1] - The dividend payment will be made in Sterling for shareholders with a registered address in the UK [1] - The company adopted a quarterly dividend policy in 2014 to maximize shareholder value [2] Group 2 - Relevant dates for the dividend include the ex-dividend dates of August 20, 2025, for VFEX and August 22, 2025, for AIM and NYSE American [4] - The record date for the dividend is August 22, 2025, and the payment date is set for September 5, 2025 [4]

Financial Data and Key Metrics Changes - Top line revenue reached a record $811.9 million, reflecting solid operating performance and favorable price environment [3] - Net earnings were a record $189.6 million or $0.52 per share, driven by record mine operating earnings of $273.3 million [3] - Adjusted earnings were $155.4 million or $0.43 per share [3] - Cash flow from operations before non-cash working capital changes was a record $287.9 million [4] - Free cash flow was a record $233 million, increasing cash balance to a record high of $1.1 billion at the end of Q2 [4] Business Line Data and Key Metrics Changes - Silver production totaled 5.1 million ounces in Q2, within guidance range, with all-in sustaining costs of $19.69 per ounce [7] - Gold production was 178,700 ounces, slightly below guidance, with all-in sustaining costs of $16.11 per ounce [9] - La Colorada mine led silver segment performance, achieving throughput of 2,130 tonnes per day, exceeding the target of 2,000 tonnes per day [8] Market Data and Key Metrics Changes - The silver market is in its fifth consecutive year of structural deficit, expected to persist, supporting silver prices [12] - Global photovoltaic installations and electronic applications are driving industrial demand growth for silver [12] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet, sustaining and growing the business, and returning capital to shareholders [4] - Proposed acquisition of MagSilver is expected to enhance silver production and free cash flow generation while reducing consolidated silver segment costs [4][5] - Investment of $73.7 million in sustaining and project capital in Q2, with ongoing discussions for partnerships in the La Colorada Skarn project [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting production targets and maintaining strong cost control [13] - The company anticipates a supportive environment for gold and silver prices, with expectations of continued robust free cash flow [12][13] Other Important Information - A 20% dividend increase was announced, raising it from $0.10 to $0.12 per common share [6] - Total available liquidity at the end of Q2 was approximately $1.9 billion, allowing for flexibility in pursuing growth opportunities [7] Q&A Session Summary Question: Have the issues at Cerro Moro, El Penon, Timmins, and Florida been resolved going into Q3? - Management indicated that issues are being addressed aggressively, with some lingering into Q3, leading to a heavier gold production guidance for Q4 [17][20] Question: Should more non-core asset sales be expected in the second half? - Management confirmed they are working on smaller non-core asset sales, expecting a few to close by the end of the year [22][23] Question: What are the expectations for gold grades at Jacobina in the second half? - Management stated they are moving towards mining at reserve grades, with access to some higher grades expected [28][29] Question: Can you provide more details on the Escobal consultation process? - Management clarified that the consultation is led by the government, with Pan American participating as needed [30][31] Question: What is the timing for the Skarn project update? - Management indicated that updates will come in several months, with ongoing discussions about monetization and partnerships [36][40][45] Question: How will the MagSilver transaction be accounted for? - Management indicated it will likely be accounted for as an equity pickup, similar to previous transactions [63][64]