Financial Data and Key Metrics Changes - The company's EBITDA under management for Q2 2025 was approximately BRL 6 billion, slightly below the previous year [4] - A negative net income of about BRL 1 billion was reported for the quarter [5] - Net debt remained stable compared to 2025, with a stable debt service coverage ratio [5][10] - The average cost of debt decreased slightly from CDI plus 90 basis points to CDI plus 88 basis points, with an average duration of 6.2 years [10] Business Line Data and Key Metrics Changes - In Humu, higher transported volumes led to increased EBITDA, along with a rise in market share at the Port of Santos due to lower tariffs [6] - Compass experienced growth in its portfolio, with higher sales in the residential segment contributing to better margins and increased volume traded by Edge [7] - Move saw a reduction in volumes sold due to a fire incident in February, but recovery efforts are ongoing [8] - Hadar maintained stable EBITDA compared to 2024, despite divesting from its lending portfolio [9] - Raising reported positive results in fuel distribution with improved margins, although faced delays in sugarcane crushing due to adverse weather conditions [9] Market Data and Key Metrics Changes - The company noted an increase in market share for Move, recovering significantly after the fire incident [25] - Compass is expected to continue generating cash and potentially pay good dividends in the future [48] Company Strategy and Development Direction - The company is focused on recovery and ensuring regulatory processes are followed, particularly for Move [17] - There is an emphasis on maintaining a high-quality portfolio while managing debt levels [26][28] - The company is exploring options for divestitures and reducing debt, with ongoing discussions about monetizing certain assets [28][30] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of customer base preservation for future competitiveness [25] - The company is optimistic about the recovery trajectory and is working on operational efficiencies [19] - There is a sense of urgency to find strategic partners and address capital structure issues, particularly for Raizen [36][37] Other Important Information - The company is not disclosing specific guidance on dividends but acknowledges Compass's strong cash generation potential [48] - The insurance claims process is ongoing, and the company is optimistic about future monetization [54] Q&A Session Summary Question: Impact of insurance on Move's results - Management confirmed that over BRL 400 million was accounted for in the regulation process, with ongoing recovery efforts [17][18] Question: Debt service coverage ratio dynamics - Management acknowledged that some debt has a bullet structure, affecting cash payments in the quarter, and indicated a potential reduction in the debt service coverage ratio moving forward [20][21] Question: Volume dynamics post-fire at Move - Management emphasized the focus on preserving the distributor network and noted a considerable recovery in market share [25] Question: Priorities for divestitures and debt reduction - Management reiterated that priorities have not changed, and they are focused on maintaining a balanced portfolio while addressing debt levels [26][28] Question: Strategic partner for Raizen - Management expressed interest in bringing in a strategic partner aligned with their and Shell's strategy, emphasizing the need for capital [36][37] Question: Future dividend expectations for Compass and Move - Management stated that while Compass is expected to generate good dividends, it is too early to discuss Move's dividend potential [48]

Financial Data and Key Metrics Changes - Revenues increased by over $8 billion, with $1.3 billion attributed to favorable foreign exchange movements [4] - Underlying net earnings showed strong growth, although not as high as double-digit growth might suggest due to complex non-cash write-downs [5] - EBITDA rose by approximately $700 million, with about 13% of that growth due to favorable foreign exchange [7] - Operating free cash flow increased by $2.1 billion, reflecting an 11% growth compared to the first half of last year [8] - Net debt ratio improved from 17% to 14.7% year-on-year, indicating a solid financial position [9][30] Business Line Data and Key Metrics Changes - Ports division throughput increased by 4% to 44 million TEU, with EBITDA rising by 10% in reported currency [33][34] - Retail division EBITDA increased by 12% to HKD 8 billion, driven by strong performance in Europe despite challenges in Health and Beauty China [37][38] - Infrastructure showed a 6% increase in EBITDA in local currencies, maintaining a strong dividend tradition [48] - CKH Group Telecom reported a 4% growth in underlying EBITDA, with significant merger-related expenses impacting results [50] Market Data and Key Metrics Changes - The ports division saw a 7% increase in HPH Trust and stable performance in Europe, while Asia and Australia experienced a 5% increase [33] - Retail operations in Asia and Europe showed varied performance, with Health and Beauty China under pressure but overall retail EBITDA increasing [38][41] - The telecom market in Europe faced challenges, particularly in Austria, but overall performance remained steady [52] Company Strategy and Development Direction - The company aims to focus on organic growth and cost efficiencies in the ports division despite global trade volatility [36] - Retail strategy includes expanding the store network and enhancing online fulfillment capabilities through dark stores [75] - Infrastructure investments are expected to continue, particularly in aging water infrastructure, which presents attractive returns [81] - The company remains cautious about new investments, preferring to focus on value-accretive opportunities within existing businesses [80] Management Comments on Operating Environment and Future Outlook - Management expressed a conservative outlook for the second half of the year due to global uncertainties, despite strong first-half performance [8][12] - The ports division is expected to maintain good earnings growth through organic growth and expanded facilities [36] - Retail management is optimistic about improving Health and Beauty China performance through strategic initiatives [75] - The telecom sector is undergoing a comprehensive review to identify cost reduction opportunities and improve profitability [50] Other Important Information - The company reported a significant foreign exchange impact on working capital, which may not recur in the second half [26] - Sustainability efforts are progressing, with emissions reductions and improved ratings in various sustainability indices [71] Q&A Session Summary Question: Will future dividends be based on reported or recurring earnings? - Dividends are determined by the board, considering underlying performance and financial fundamentals, generally excluding non-cash accounting losses [74] Question: What are the strategic actions on store planning and product portfolio in Health and Beauty China? - The company is transforming the business with dark stores for online fulfillment, which may temporarily impact margins but aligns with customer expectations [75][76] Question: Why is the nature of the one-time loss different from previous disclosures? - The difference is due to the transition from Hong Kong FRS to International Financial Reporting Standards, affecting the exchange reserve and final valuation [78][79] Question: What is the group's investment strategy if net debt decreases significantly? - The company will focus on growth and value-accretive transactions, primarily within existing businesses, while maintaining a cautious approach to capital expenditures [80][83] Question: Is regulatory approval from China required for the proposed ports transaction? - Yes, the transaction requires approval from multiple regulators, including those in China, the US, and the EU, and discussions with a strategic Chinese investor are ongoing [84][86]

◎ 文 / 房玲、洪宇桁 8月7日，龙湖集团启动针对今年12月到期的92亿港元海外银团贷款分批提前偿还计划，目前已完成首笔11亿港 元偿付。在房企，尤其是民营房企，纷纷陷入流动性困局的当下，龙湖的表现让人眼前一亮，龙湖这么做的底 气又在哪里呢？ 01 2025年至今已累计兑付超百亿公开债券 债务到期结构优化 事实上，龙湖集团除了本次宣布的92亿港元海外银团贷款分批提前偿还计划之外，2025年至今已累计兑付公开 债券超百亿元，还多次采取提前兑付策略，展现出了强大的债务管理能力。如1月份提前兑付"22龙湖01"和"20 龙湖02"合计39.77亿元，8月份提前兑付"20龙湖06"9.5亿元， 这种主动的债务管理方式可以显著增强投资者信 心，在当前的市场环境下较为少见。 在积极主动兑付债券的同时，龙湖的债务结构也在持续优化。 2027年之前集团已无境外债到期，境内债券到 期分布合理。2025年龙湖还有两笔共35亿元的中期票据到期，其中企业已经在7月底开始计划提前兑付11月到 期的20亿元中期票据，2026年和2027年每年到期债券均约为24亿元左右，这种长期、均衡的债务结构为集团提 供了更大的财务灵活性。 龙湖在2 ...

穿越债务周期之后，龙湖将择机拿地，为后续发展做储备。 近日，据智通财经报道， 龙湖已将约9.5亿元人民币拨入债券兑付专户，用于兑付8月7日到期的"20龙湖 06"。 根据议案概要， 龙湖将提前兑付日定于2025年8月28日。 债务管理是龙湖2025年的核心任务 据悉，今年6月龙湖周年股东大会上，龙湖集团首席财务官赵轶在股东大会上表示， 2025年将是龙湖在 债务方面穿越周期的最后一年。对于2025年到期的债务，公司已做好清晰有序的偿债铺排。 此外，股东会上， 安全这2个字是被管理层反复提及的高频词。更为关键的是，龙湖管理层给出了硬核 财务数字。 首先，龙湖财务和债务安不安全？龙湖财务总赵轶给出了 三大安全说法。 其一，龙湖这2年财务优化成绩单还是"有成效"的。 在此之外， 龙湖年内累计兑付公开债90多亿元，如果再加上这9.5亿，年内偿债将超百亿。完成"20龙湖 06"兑付后，其年内到期信用债已全部偿还完毕。 今年内龙湖集团已如期兑付多笔境内公开债券。多笔是下半年偿还的，包括7月3日兑付的"22龙湖04"， 本息合计17.66亿元；7月15日到期的"20龙湖拓展MTN001B"，偿还金额为5.225亿元。 值得 ...

美国总统特朗普和财政部长贝森特正一唱一和，宣称要等待利率下降后再考虑增发长期国债。 据《华尔街日报》最新报道，特朗普政府正在偏离财政部数十年来奉行的"常规、可预测"的债务发行原 则，转而采取一种更具投机性的"择时"策略。 "我要做的就是发行非常短期的债券，等到这家伙（鲍威尔）下台，利率大幅下降，然后再转向长 期。"特朗普此前已公开表示，他倾向于在美联储主席鲍威尔明年离任、利率大幅下降之前，仅发行期 限在六到九个月的短期债券。 这一次，连自称"美国首席债券推销员"的财长贝森特也亲自下场谈论称，将等待利率下降后再考虑增发 长期国债。他此前就曾暗示，在就任特朗普政府之前，增加长期债券发行量是必要的。 分析认为，几十年来，美国财政部的债务管理以"枯燥"著称，这是一种刻意的设计。其官方一贯强调， 其目标不是通过预测市场来获取最佳利率，因为担心这种尝试会引发不确定性和投机行为，最终反而推 高借贷成本。然而，特朗普政府的新言论，正在打破这一常规。公开讨论"择时发行"，这可能会让政府 的借贷决策面临更高风险。如果市场认为政府的发行计划不再可预测，可能会要求更高的风险溢价，从 而适得其反地抬高利率。 这一潜在的战略转变，正值美 ...

Core Viewpoint - A CNBC survey indicates that 78% of respondents believe that Trump's tariffs will complicate debt management [1] Group 1 - The survey highlights a significant concern among the public regarding the impact of tariffs on financial management [1] - The overwhelming majority of respondents (78%) express that tariffs will create challenges in managing debt [1]

Core Viewpoint - U.S. Treasury Secretary Scott Bessent dismisses concerns about the potential depreciation of the dollar undermining its status as the global reserve currency, emphasizing that the strength of the dollar is not directly linked to its price [1][2] Group 1: Dollar's Status and Policy - The dollar index has dropped nearly 11% in the first half of the year, marking the worst performance since 1973, amid concerns over Trump's policies, including tariffs and diplomatic stances [1] - Bessent asserts that the Trump administration is taking long-term measures to maintain the dollar's status as the world's reserve currency [1] - He questions the notion that the current environment presents an opportunity for reduced reliance on the dollar, emphasizing that a reserve currency must allow for free trading [1] Group 2: Interest Rates and Federal Reserve - Bessent expresses skepticism about the Federal Reserve's interest rate decisions, indicating that the two-year U.S. Treasury yield suggests the benchmark rate is too high [2] - The current target for the Federal Reserve's federal funds rate is between 4.25% and 4.5%, while the two-year Treasury yield is approximately 3.76% [2] - He notes that if the Fed does not lower rates, the potential cut in September could be more significant [2] Group 3: Debt Strategy and Management - Bessent discusses the debt management strategy, indicating that the Treasury will consider the high two-year yield when making decisions about debt repayment [4] - He refrains from commenting on predictions regarding the reduction of the federal deficit by up to $11 trillion over the next decade due to Trump's policies, stating that long-term forecasts are difficult [4] - The next quarterly refinancing meeting is scheduled for July 30, where any changes in debt strategy will be announced [4]

Core Viewpoint - The U.S. Treasury Secretary, Janet Yellen, stated that the debt management process is "orderly" [1] Group 1 - The Treasury is managing the debt in a systematic manner, ensuring stability in the financial markets [1] - Yellen emphasized the importance of maintaining investor confidence during the debt management process [1] - The current approach aims to balance the need for funding with the implications for interest rates and market liquidity [1]

Financial Data and Key Metrics Changes - Adjusted revenue increased by 3.8% to HKD 110 billion, with adjusted cash profit at HKD 266 million, primarily driven by property development [4][8] - Adjusted revenue from property development grew by 5.3% to approximately HKD 7.2 billion compared to HKD 6.8 billion last year [4][28] - Total bank loans and notes decreased by HKD 2.2 billion, and the net adjusted gearing ratio dropped by 1.2 points to 67.6% [9][19] Business Line Data and Key Metrics Changes - Hotel revenue was HKD 2 billion, reflecting a growth of 2.3% year-on-year [6][51] - Gaming revenue increased by 1.6% to approximately HKD 400 million, indicating stability in recurring income [8][51] - Revenue from car parks decreased by 2.6%, attributed to the phasing out of underperforming contracts [55][56] Market Data and Key Metrics Changes - The total accumulated attributable pre-sale value and unbooked contracted sales reached approximately HKD 8.9 billion [4][17] - The gross margin improved to 31.8% from 31% last year, particularly in the car park business [18][19] - The average selling price in Manchester increased by 35%, reflecting a strong market demand [40] Company Strategy and Development Direction - The company aims to accelerate project completion to enable early revenue recognition and optimize cash flow [26][47] - A robust development pipeline of around HKD 61 billion is expected to support sustainable growth over the next six to eight years [26][47] - The company is focusing on inventory monetization and asset disposal to reduce debt levels [65][66] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the property market, indicating that they believe it has bottomed out [76] - The company plans to maintain a conservative approach to lower the gearing ratio while exploring new project opportunities [71][76] - Future cash flow visibility is supported by both property development projects and recurring income businesses [66] Other Important Information - The company has completed several significant property projects, including Aspen in Canary Wharf and Huon Hole in Singapore, contributing to revenue [4][30] - The company has entered into contracts for the sale of non-core assets, including a car park in Manchester and a hotel asset in North London [14][15] Q&A Session Summary Question: When will the dividend be restored? - Management indicated that due to market uncertainties and impairments, they are being conservative and have not yet decided on dividend payments [75][76] Question: How much of the HKD 8.9 billion pre-sale will be recognized in FY 2026 and FY 2027? - Approximately HKD 11 billion is expected to be recognized in FY 2026, with the remaining to be recognized in FY 2027 [79][80] Question: What is the company's stance on perpetual bonds given recent market events? - Management stated that they have not yet had internal discussions regarding the high coupon of perpetual bonds and will provide updates in due course [82][83] Question: What challenges does the company face in expanding its hotel portfolio? - Management acknowledged competition from global hotel groups and emphasized the importance of consistency in service and brand quality [84][88]

Group 1 - The Japanese Finance Minister, Kato Katsunobu, emphasized the importance of monitoring the Japanese government bond market conditions [1] - The government will implement appropriate debt management measures in response to market developments [1]