新华社北京9月10日电 英美资源集团和加拿大特克资源公司9日宣布将合并。若获得监管机构批准，这 将成为十余年来全球矿业最大规模合并案。 据路透社报道，根据合并协议，合并后的企业拟命名为盎格鲁特克公司，总部设在加拿大，主要上市地 点在伦敦。这两家企业的市值合计超过530亿美元。新公司62.4%的股份将由英美资源集团原股东持 有，其余37.6%由特克资源公司原股东持有。英美资源集团现任首席执行官邓肯·文布拉德将担任新公司 掌门。 按照路透社的说法，这一合并意味着英美资源集团在铜矿领域下了"大赌注"。在全球电动汽车产业发展 和建设数据中心的需求驱动下，业内预期对铜的需求将迅速增长。 英美资源和特克资源在智利经营的铜矿区紧邻彼此。近年来，不时有大买家"看中"这两家矿企的消息传 出。澳大利亚必和必拓公司对英美资源、瑞士嘉能可公司对特克资源都曾提出收购要约。特克资源公司 首席执行官乔纳森·普赖斯说，监管机构审批流程通常需要12到18个月。有财经分析人士认为，这期间 可能会出现其他竞争买家。 文布拉德9日在温哥华告诉媒体记者，通过合并，"我们将拥有一个更强大、更有韧性的财务平台，具备 规模优势"，在资本配置上更具"灵活性" ...

Core Viewpoint - China Shipbuilding Industry Co., Ltd. (referred to as "China Shipbuilding") plans to absorb and merge China Shipbuilding Industry Co., Ltd. (referred to as "China Heavy Industry") through a share exchange, with the approval from the China Securities Regulatory Commission [1][6] Summary by Sections Transaction Overview - The share exchange ratio is set at 1:0.1339, meaning each share of China Heavy Industry will be converted into 0.1339 shares of China Shipbuilding [2][9] - The transaction has received regulatory approval, and China Heavy Industry's stock will be delisted on September 5, 2025 [1][6] Implementation Details - The share exchange implementation date is September 4, 2025, after which shareholders of China Heavy Industry will receive shares of China Shipbuilding [2][9] - Any fractional shares resulting from the exchange will be rounded and allocated to shareholders accordingly [3][9] Asset and Liability Transfer - Upon completion of the merger, all assets, liabilities, and rights of China Heavy Industry will be transferred to China Shipbuilding [13] - China Shipbuilding will inherit all debts and contracts of China Heavy Industry post-merger [13] Shareholder Considerations - Shareholders of China Heavy Industry will not see their stock reflected in their accounts after the delisting until the new shares of China Shipbuilding are issued [10][15] - Any restrictions on share sales from China Heavy Industry will carry over to the new shares of China Shipbuilding [3][15] Future Announcements - China Shipbuilding will issue further announcements regarding the results of the share exchange and the listing of new shares after the merger is completed [11][16]

中国重工换股股东取得的中国船舶股票应当为整数，如其所持有的中国重工股票数量乘以换股比例后的 数额不是整数，则按照其小数点后尾数大小排序，向每一位股东依次发放一股，直至实际换股数与计划 发行股数一致。如遇尾数相同者多于剩余股数时则采取计算机系统随机发放的方式，直至实际换股数与 计划发行股数一致。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 1、中国船舶工业股份有限公司（以下简称"中国船舶"、"本公司"或"公司"）拟以向中国船舶重工股份 有限公司（以下简称"中国重工"）全体换股股东发行A股股票的方式换股吸收合并中国重工（以下简 称"本次交易"、"本次合并"），中国船舶为吸收合并方，中国重工为被吸收合并方。本次交易已获得中 国证券监督管理委员会《关于同意中国船舶工业股份有限公司吸收合并中国船舶重工股份有限公司注册 的批复》（证监许可〔2025〕1501号）的注册批复。 2、中国重工已收到上海证券交易所（以下简称"上交所"）于2025年8月29日出具的《关于中国船舶重工 股份有限公司股票终止上市的决定》（〔2025 ...

Financial Overview - The total assets of the company as of June 30, 2025, amounted to approximately RMB 815.84 billion, an increase from RMB 758.75 billion at the end of 2024, representing a growth of about 7.1% [1][2] - The total liabilities increased to approximately RMB 659.26 billion from RMB 605.66 billion, reflecting a growth of about 8.8% [1][2] - The total equity attributable to shareholders of the parent company reached approximately RMB 150.95 billion, up from RMB 147.60 billion, indicating an increase of about 1.6% [2] Income Statement Highlights - The total operating revenue for the first half of 2025 was approximately RMB 15.40 billion, compared to RMB 11.46 billion in the same period of 2024, marking a significant increase of about 34.3% [2] - Net profit attributable to shareholders of the parent company was approximately RMB 6.47 billion, up from RMB 4.36 billion, which is an increase of about 48.4% [2] - The basic earnings per share rose to RMB 0.79 from RMB 0.52, reflecting a growth of approximately 51.9% [2] Cash Flow Analysis - The net cash flow from operating activities for the first half of 2025 was approximately RMB 65.08 billion, compared to RMB 46.35 billion in the same period of 2024, indicating an increase of about 40.2% [3] - Cash inflows from interest, fees, and commissions amounted to approximately RMB 13.35 billion, up from RMB 11.66 billion, representing a growth of about 14.5% [3] - The net cash flow from financing activities showed a significant decrease, resulting in a net outflow of approximately RMB 12.14 billion, compared to an inflow of RMB 3.92 billion in the previous period [3]

Core Viewpoint - China Shipbuilding Industry is undergoing a significant merger, with China Shipbuilding (600150.SH) absorbing China Heavy Industry (601989.SH), leading to the latter's delisting from the stock market by September 5, 2025 [1][2]. Group 1: Merger Details - The merger is a result of China Shipbuilding issuing A-shares to all shareholders of China Heavy Industry, which was approved by the State-owned Assets Supervision and Administration Commission [2]. - This merger is noted as the largest absorption merger in A-share history, consolidating resources from both companies into a single entity [2]. - Post-merger, the new company will have total assets exceeding 400 billion yuan [2]. Group 2: Financial Performance - For the first half of 2025, China Heavy Industry reported a revenue of 32.621 billion yuan, a year-on-year increase of 47.56%, and a net profit of 1.745 billion yuan, up 227.07% [2]. - China Shipbuilding's revenue for the same period was 40.325 billion yuan, reflecting an 11.96% increase, with a net profit of 2.946 billion yuan, up 108.59% [3]. - As of August 29, 2025, China Shipbuilding's total assets were reported at 181.977 billion yuan, while China Heavy Industry's total assets were 221.5 billion yuan [3]. Group 3: Market Reaction - On August 29, 2025, China Shipbuilding's stock price increased by 1.52%, closing at 37.38 yuan per share, with a market capitalization of 167.179 billion yuan [3]. - China Heavy Industry's stock has been suspended since August 13, 2025, with a market capitalization of 116.290 billion yuan [3].

Financial Overview - The company reported total revenue of CNY 152,074,731.41 for the first half of 2025, a decrease from CNY 221,933,271.08 in the same period of 2024, representing a decline of approximately 31.4% [4][5] - Total operating costs for the first half of 2025 were CNY 197,899,171.63, down from CNY 228,077,115.52 in the previous year, indicating a decrease of about 13.3% [4][5] - The net profit for the first half of 2025 was CNY 105,176,469.82, compared to a net profit of CNY 5,475,173.86 in the first half of 2024, showing a significant increase [5][6] Assets and Liabilities - Total assets at the end of the first half of 2025 amounted to CNY 1,504,030,958.30, down from CNY 1,757,857,969.48 at the beginning of the period, reflecting a decrease of approximately 14.4% [3][4] - Total liabilities decreased to CNY 318,614,658.60 from CNY 647,661,753.51, a reduction of about 50.8% [3][4] - The total equity attributable to shareholders increased to CNY 1,185,416,299.70 from CNY 1,110,196,215.97, marking an increase of approximately 6.7% [4][5] Cash Flow - The net cash flow from operating activities for the first half of 2025 was CNY 27,896,651.19, compared to CNY 32,398,357.90 in the same period of 2024, indicating a decrease [6][7] - Cash flow from investing activities showed a net inflow of CNY 175,946,706.63, a significant improvement from a net outflow of CNY 4,386,493.11 in the previous year [6][7] - Cash flow from financing activities resulted in a net outflow of CNY 314,596,678.34, compared to a net outflow of CNY 61,901,761.80 in the same period of 2024 [6][7] Earnings Per Share - Basic and diluted earnings per share for the first half of 2025 were both CNY 0.14, compared to CNY 0.01 in the same period of 2024, indicating a substantial increase in profitability per share [5][6]

Core Insights - The company reported a total revenue of 830 million yuan for the first half of 2025, representing a year-on-year increase of 30.1%, while the net profit attributable to shareholders was a loss of 7.09 million yuan, a decline of 116.08% compared to the previous year [1] - The gross profit margin decreased to 17.59%, down 21.79% year-on-year, and the net profit margin fell to 0.6%, a drop of 92.83% [1] - Accounts receivable increased significantly by 47.97%, indicating potential liquidity issues [1] Financial Performance - Total revenue for 2025 was 830 million yuan, up from 638 million yuan in 2024, marking a 30.1% increase [1] - Net profit attributable to shareholders was -7.09 million yuan, compared to a profit of 44.13 million yuan in 2024, reflecting a decline of 116.08% [1] - The company’s operating costs rose by 38.33%, attributed to increased revenue and changes in the scope of consolidation [4] - The total of selling, administrative, and financial expenses reached 82.05 million yuan, accounting for 9.88% of revenue, an increase of 14.68% year-on-year [1] Balance Sheet Changes - Accounts receivable rose to 966 million yuan, a 47.97% increase from the previous year [1] - Interest-bearing liabilities increased by 58.84% to 320 million yuan [1] - Cash and cash equivalents increased by 16.01% to 218 million yuan [1] Operational Insights - The company’s main business involves the research, production, and sales of automotive parts, as well as providing comprehensive logistics services for the automotive industry [7] - The significant increase in sales expenses by 112.85% is linked to the consolidation of new subsidiaries [4] - The company’s return on invested capital (ROIC) was 3.36%, indicating weak capital returns compared to historical averages [8] Cash Flow Analysis - Net cash flow from investing activities increased by 60.95%, primarily due to lower cash outflows from acquisitions in the previous year [8] - Financing activities saw a net cash flow decrease of 132.47%, attributed to reduced bank borrowings and increased repayments [8]

Core Viewpoint - China Automotive Engineering Research Institute Co., Ltd. reported a decrease in operating income and a slight increase in net profit for the reporting period, indicating challenges in revenue generation while maintaining profitability [1][2]. Financial Summary - Total assets increased by 23.29% from the previous year, reaching approximately CNY 12.46 billion [1]. - Net assets attributable to shareholders rose by 2.15% to approximately CNY 7.23 billion [1]. - Operating income decreased by 6.36% compared to the previous year, amounting to approximately CNY 1.91 billion [1]. - Total profit slightly decreased by 0.96%, totaling approximately CNY 529.54 million [1]. - Net profit attributable to shareholders increased by 1.77% to approximately CNY 408.60 million [1]. - Net profit after deducting non-recurring gains and losses increased by 3.31% to approximately CNY 389.53 million [1]. - Cash flow from operating activities showed a negative net amount of approximately CNY -40.70 million [1]. - The weighted average return on net assets decreased by 0.38 percentage points to 5.69% [1]. Shareholder Information - The largest shareholder, China Certification & Inspection Group Co., Ltd., holds 53.31% of the shares [3]. - The top ten shareholders include state-owned entities and investment funds, indicating a diverse ownership structure [3].

Core Viewpoint - The merger between Hudson Global, Inc. and Star Equity Holdings, Inc. has been successfully completed, creating a larger and diversified holding company that aims to leverage its increased size, diversified revenue streams, and improved profitability to deliver compelling returns to shareholders [5][8]. Company Structure and Operations - Hudson Global now operates with four reporting segments: Building Solutions, Business Services, Energy Services, and Investments [6][10]. - The Building Solutions division includes modular building manufacturing, structural wall panel and wood foundation manufacturing, and glue-laminated timber manufacturing [11]. - The Business Services division provides flexible recruitment solutions to a global client base, focusing on mid-market and enterprise-level organizations [12]. - The Energy Services division is involved in the rental, sale, and repair of downhole tools for various industries [13]. - The Investments division manages the company's real estate assets and investment positions in both private and public companies [14]. Financial and Market Impact - The merger results in pro-forma annualized revenues of $210 million, enhancing revenue diversity and positioning the company for potential inclusion in the Russell 2000 index [5]. - The merger allows for the utilization of Hudson Global's $240 million U.S. federal net operating losses (NOLs) [5]. Stock and Trading Information - Hudson Global's common stock will continue trading under the symbol "HSON," while its 10% Series A Cumulative Perpetual Preferred Stock will begin trading under "HSONP" [2]. - Star's common and preferred stock has been suspended from trading on Nasdaq as of August 22, 2025 [2]. Management and Governance - The board of directors of Hudson Global consists of seven members, with six being independent, and is led by CEO Jeff Eberwein and COO Rick Coleman [7].

Core Viewpoint - The company reported a solid performance for the first half of 2025, with a net profit of HKD 11.32 billion, reflecting an 11% year-on-year increase, despite a decline in EBITDA [1][5][6]. Financial Performance - The total revenue for the first half of 2025 was HKD 240.66 billion, a 3% increase compared to the same period in 2024 [1][10]. - EBITDA amounted to HKD 56.98 billion, showing a 9% decrease year-on-year [1][5]. - The EBIT for the same period was HKD 23.16 billion, down from HKD 30.96 billion in 2024 [2][5]. Business Segments - The port and related business generated revenue of HKD 23.60 billion, a 9% increase year-on-year, driven by growth in throughput at key ports [9][10]. - The company’s cash reserves exceeded HKD 120 billion, indicating strong liquidity [4][11]. Strategic Developments - The company completed a significant merger with Vodafone UK in May 2025, which is expected to enhance operational efficiency and market presence [5][7]. - The merged entity plans to invest GBP 13 billion in capital expenditures to accelerate network deployment and aims for GBP 700 million in annual cost synergies by the fifth year post-merger [7][11]. Market Outlook - The company anticipates continued volatility in global trade and consumer demand due to geopolitical risks and trade disputes, but expects to achieve substantial profit growth in the port sector [11][12]. - The stock price has risen over 30% year-to-date, closing at HKD 52 on August 14, 2025, with a market capitalization nearing HKD 199.2 billion [12]. Regulatory Considerations - The company is currently in discussions regarding the sale of its global port assets, which requires approval from various regulatory bodies, and the completion of this transaction is expected to take longer than initially planned [3][15][18].