Core Viewpoint - The Venezuelan delegation at the UN Industrial Development Organization's 21st conference in Riyadh emphasized opposition to unilateral coercive measures, asserting that such actions violate the principles of the UN Charter and hinder economic and social development in affected countries [1] Group 1: Unilateral Coercive Measures - The Venezuelan ambassador to Saudi Arabia, David Velasquez Caraballo, stated that US unilateral coercive measures obstruct the economic and social development of affected nations and damage international cooperation [1] - Velasquez called on member states to firmly oppose unilateral coercive measures, not to recognize or implement them, and to mitigate their cross-border impacts [1] Group 2: International Cooperation and Development - During the conference, multiple countries jointly issued a statement reaffirming the right of nations to choose their own economic and industrial development paths without external coercion or interference [1] - The statement highlighted the need to establish a fairer and more just international industrial environment to promote sustainable development in developing countries [1]

Financial Performance - Adjusted revenue was approximately HK$4940 million[15], a decrease of 59% compared to the HK$5248 million in 1H FY2025[21] - Adjusted cash profit was approximately HK$203 million[15], a significant increase from HK$33 million in 1H FY2025[21] - Net loss attributable to shareholders was approximately HK$988 million[15], an increase of 284% compared to the HK$770 million in 1H FY2025[21] - Hotel revenue increased by 96% to approximately HK$1070 million in 1H FY2026, compared to HK$977 million in 1H FY2025[15] - Car park revenue decreased by 97% to approximately HK$343 million, compared to HK$380 million in 1H FY2025[15] - Gaming revenue increased by 114% to approximately HK$218 million, compared to HK$196 million in 1H FY2025[15] Balance Sheet and Debt Management - Net debts decreased by 58% to HK$20247 million as at 30092025, compared to HK$21493 million as at 31032025[16] - Adjusted net gearing ratio decreased to 649% as at 30092025, compared to 676% as at 31032025[16] Property Development - Total cumulative attributable presales and unbooked contracted sales amounted to approximately HK$93 billion[15]

Core Viewpoint - The company is focusing on its core gaming business and aims to build a diversified ecosystem centered around gaming, with a market capitalization of 46.9 billion yuan as of November 27, 2025 [1] Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 4.075 billion yuan, a year-on-year increase of 3.75%, and a net profit attributable to shareholders of 1.583 billion yuan, up 23.70% year-on-year [2] - The gross margin remained stable at over 83%, while the net profit margin increased to 38.86% [2] Corporate Governance - The company has enhanced its governance capabilities through structural optimization, stock incentives, and cash dividends, receiving an A-level disclosure rating from the Shenzhen Stock Exchange for two consecutive years [2] - The largest shareholder and actual controller holds a 20% stake, ensuring stability in the shareholding structure [2] Business Strategy - The company is restructuring its strategic framework for 2024, adding a user platform core business to its existing three business systems: R&D, publishing, and investment + IP [1][4] - The company plans to enhance its R&D through standardized and automated processes, focusing on both nostalgic and innovative game development [4] International Expansion - The overseas business has seen rapid growth, with revenue reaching 202 million yuan in the first half of 2025, a year-on-year increase of 59.57% [3] - Several games have performed well in international markets, including Korea, Europe, and the United States [3] AI and Technology Innovation - The company has integrated self-developed AI models into its R&D pipeline, significantly improving industrial efficiency [3] - The SOON platform, developed by a subsidiary, is recognized as the first commercial AI model in the gaming industry, enhancing game production capabilities [13] Community Engagement - The company is developing the "Legend Box" as a vertical community platform for players, focusing on enhancing user experience and community interaction [5][6] - The platform aims to create a comprehensive service ecosystem for players, integrating various gaming-related services [6] Sustainable Development - The company has completed its first three-year sustainable development plan, achieving carbon neutrality in operations and exceeding its public welfare investment goals [9][11] - The new sustainable development framework for 2026-2030 will expand its strategic pillars to include "Enjoyment, Coexistence, Benefit, and Advancement" [12] Cultural Promotion - The company promotes Chinese culture through its games and has developed educational content in collaboration with universities [10] - The "Year of the Seasons" IP has achieved a full ecological layout, with significant overseas engagement [10]

Core Viewpoint - Bosideng (03998) reported a mid-term performance for the fiscal year 2025/26, achieving a revenue of approximately RMB 8.928 billion, a year-on-year increase of 1.4%, and a net profit of approximately RMB 1.201 billion, reflecting a year-on-year growth of 5.2%, marking the highest mid-term performance in eight consecutive years [1] Group 1: Financial Performance - The company's revenue for the down jacket business under the Bosideng brand increased by 8.3% to approximately RMB 5.719 billion, reinforcing its market leadership [1] - The operating profit margin for the first half of the fiscal year 2025/26 improved to 17.0%, an increase of 0.3 percentage points compared to the same period last year, indicating strong development resilience [1] Group 2: Product Innovation - Bosideng launched a series of significant product releases and participated in international fashion events in the fall of 2025, including the "Master Puff" series at Paris Fashion Week and collaborations with top luxury brand creative director Kim Jones for the Bosideng AREAL high-end product line [1] - The company also partnered with "functional godfather" Errolson Hugh to introduce the VERTEX three-in-one down series, enhancing brand value and internationalization [1] Group 3: Channel and Supply Chain Management - The company expanded its flagship stores and brand image stores, creating unique Bosideng stores while continuously developing top stores and refining single-store operations to enhance profitability and operational efficiency [2] - Bosideng implemented a pull replenishment mechanism during peak sales periods, effectively managing channel inventory and product structure, which significantly improved channel efficiency and product management flexibility during peak seasons [2] - As of September 30, 2025, the inventory turnover days for Bosideng were 178 days, a significant decrease of 11 days compared to the same period in 2024, reflecting improved operational efficiency [2] Group 4: Sustainability and ESG Rating - Bosideng actively explores sustainable development and received an upgrade in its MSCI ESG rating from AA to AAA on October 22, 2025, becoming the first and only Asian textile and apparel brand to achieve this highest rating [2] - The company has consistently improved its ESG rating for three consecutive years [2]

Core Viewpoint - Bosideng reported a mid-term performance for the fiscal year 2025/26, achieving revenue of approximately RMB 8.928 billion, a year-on-year increase of 1.4%, and a net profit of about RMB 1.201 billion, up 5.2%, marking the highest mid-term performance in eight consecutive years [1] Group 1: Financial Performance - The revenue from the Bosideng brand under the down jacket business increased by 8.3% to approximately RMB 5.719 billion, reinforcing its market leadership [1] - The operating profit margin for the first half of the fiscal year 2025/26 improved to 17.0%, an increase of 0.3 percentage points compared to the same period last year, demonstrating strong resilience in development [1] Group 2: Product Innovation - Bosideng launched a series of significant product releases and participated in international fashion events in the fall of 2025, including the "Master Puff" series at Paris Fashion Week and a high-end product line in collaboration with Kim Jones [1] - The company also partnered with Errolson Hugh to introduce the VERTEX three-in-one down jacket series, enhancing brand value and internationalization [1] Group 3: Channel Development - The company expanded its flagship stores and brand image stores, creating unique Bosideng stores while continuing to develop top stores and refine single-store operations, thereby improving profitability and operational efficiency [2] Group 4: Supply Chain Management - Bosideng maintained a low initial order ratio while implementing a rapid replenishment mechanism during peak sales periods, effectively managing channel inventory and product structure [2] - As of September 30, 2025, the inventory turnover days were 178 days, a significant decrease of 11 days compared to the same period in 2024, reflecting improved operational efficiency [2] Group 5: Sustainability and ESG Rating - Bosideng actively explores sustainable development and received an upgrade in its MSCI ESG rating from AA to AAA, becoming the first and only Asian textile and apparel brand to achieve this highest rating [2] - The company has seen a steady improvement in its ESG rating for three consecutive years [2]

Core Viewpoint - The company expresses appreciation for the supportive development environment created by local governments and regulatory bodies, acknowledging their efforts in promoting enterprise growth and market vitality [1] Company Strategy - The company plans to actively integrate into local industrial layouts and development plans, aligning with relevant policy directions and regulatory guidelines [1] - The company emphasizes its commitment to sustainable development through continuous implementation of green, low-carbon practices in all operational aspects [1] Environmental Commitment - The company aims to enhance its green manufacturing foundation by increasing environmental protection investments, optimizing energy structure, and promoting resource recycling [1] - The focus on sustainable practices is intended to contribute to high-quality regional economic development and industry standard improvement [1] Corporate Social Responsibility - The company is dedicated to fulfilling its corporate social responsibility by adopting measures that support environmental sustainability and community development [1]

此次勘查项目名称：湖南省新邵县潭溪银金钨多金属矿勘探;勘查矿种：钨矿，面积：8.5734平方公 里。本次新邵四维取得采矿许可证有利于公司可持续、高质量发展。 湖南黄金（002155）(002155.SZ)发布公告，公司控股子公司新邵四维矿产有限公司(简称新邵四维)通过 探转采方式取得一宗采矿许可证。 ...

Core Insights - Yabao Chemical has been recognized as a "2025 Excellent Practice Case for Sustainable Development" by the China Association of Listed Companies, highlighting its achievements in sustainable development and innovation transformation [1] - The company's deep engagement in innovative pharmaceuticals and its green low-carbon transition are becoming key drivers for enhancing its competitiveness [1] Group 1: Sustainable Development Initiatives - Yabao Chemical was one of the first companies in China to implement the DuPont Sustainable Development Program in 2019, investing over 10 million yuan and training more than 100 management personnel [3] - In November 2023, the company committed to the Science Based Targets initiative (SBTi) as one of the first participants in its industry, with a long-term carbon reduction plan set to be officially reviewed by SBTi by June 2025 [3] Group 2: Strategic Focus on Green Technology - The chairman of Yabao Chemical emphasized that sustainable development is at the core of the company's strategy, and it aims to enhance competitiveness through green transformation [5] - The company is advancing green technology research and application in the innovative pharmaceutical sector, focusing on biosynthesis technology to replace traditional chemical synthesis processes, significantly improving the atomic economy of drug synthesis [5] Group 3: Emission Reduction Goals - To meet its SBTi commitment, Yabao Chemical aims to reduce Scope 1 and Scope 2 emissions by 54.9% and Scope 3 emission intensity by 61.1% by 2033, using 2022 as the baseline [6] - The company has implemented systematic emission reduction measures, achieving a 7.6% reduction in total Scope 1 and Scope 2 emissions compared to its target value for 2024 [6] Group 4: Competitive Advantage through Innovation - By integrating scientific carbon goals with innovative pharmaceutical development, Yabao Chemical is building a unique market competitive advantage [6] - Continuous investment in green technology is transforming costs into competitiveness, aligning with global low-carbon development trends and providing new momentum for long-term growth in the innovative pharmaceutical sector [6]

Core Insights - Havila Kystruten (HKY) demonstrated strong operational performance in Q3 2025, with a significant increase in earnings and a positive EBITDA of MNOK 283, up from MNOK 128 in Q3 2024 and MNOK 79 in Q2 2025 [1] Revenue Growth and Operational Performance - Operational revenues reached MNOK 416, reflecting a 13% year-over-year increase, and approximately 20% when adjusted for accounting effects [2] - The growth was driven by a 5% increase in passenger nights and a 17% rise in the average cabin rate (ACR) [2] - Fleet occupancy improved to 80%, up from 78%, with the cabin factor increasing from 1.86 to 1.89 [3] Government Contract Revenue - Government contract revenue increased due to a compensation adjustment of MNOK 146, with MNOK 103 related to prior years and MNOK 43 for the first three quarters of 2025 [4] - Projected contract revenue for 2026 has been revised to MNOK 426, reflecting a positive adjustment of MNOK 60 compared to earlier expectations [4] Cost Structure and Expense Drivers - Total operating expenses rose by 9% compared to Q3 2024, with the largest increase in Cost of Goods Sold (COGS) at 20% due to higher passenger numbers [5] - Payroll and personnel expenses increased by 5%, while other operating expenses also rose by 9% due to advisory fees and higher maintenance costs [6] Financing and Capital Structure - The Company amended its secured bond in July 2025, resulting in a new principal amount of MEUR 326, leading to a reported book equity of negative MNOK 1,232 [7] - The value-adjusted equity, considering the market value of vessels, is estimated at positive MNOK 2,783 [7] Sustainability and Efficiency - HKY reduced CO₂ emissions by 38% compared to the 2017 Coastal Route baseline and achieved a food waste reduction to 60 grams per guest per day [8] Employee Overview - As of September 30, 2025, HKY employed a total of 575 permanent employees, including 518 seafarers [9] Subsequent Events and Trading Outlook - A reverse stock split was completed on November 7, 2025, consolidating 50 shares into one share with a nominal value of NOK 50.00 [11] - The Company entered a comprehensive refinancing of its outstanding debt totaling MEUR 456, providing a 15-year financing structure [12] - As of now, 72% of the capacity for 2025 is booked, with 44% of capacity for 2026 already booked, indicating strong demand [13] Market Position and Strategy - The market for travel to Norway is growing, with HKY's modern fleet receiving multiple international awards, enhancing its competitive advantage [14] - The Company aims to increase direct bookings and optimize margins through targeted pricing strategies and product promotions [15][16] - Sales of shorter voyages increased by over 40% during the summer season, indicating strong market interest and potential for attracting a broader customer base [17]

Core Points - The third International Food and Agriculture Exhibition organized by the Pakistan Trade Development Authority opened on November 25 in Karachi, with the theme "Harvest Innovation, Cultivating Sustainability" [1] - The exhibition attracted over 500 participating companies and 800 buyers from more than 80 countries and regions, with a significant representation from Chinese food and agriculture enterprises [1] - The exhibition features a wide range of products including grains, dairy, meat, nuts, seafood, and beverages, as well as the latest food preservation, processing equipment, and agricultural planting technologies [1] - An international seminar on processed food value addition and food safety standards was held on the opening day of the exhibition [1] - The annual exhibition aims to position Pakistan as a regional hub for food and agriculture trade and to promote the export of Pakistani agricultural products, running until November 27 this year [1]