Investment Rating - The report assigns a "Buy-A/Buy-H" rating for the company [4] Core Views - The report indicates that the company is experiencing marginal improvement and a clear operational turning point [1] - The company achieved a revenue of RMB 16.19 billion in 2025, reflecting a year-on-year growth of 7.0%, while the net profit attributable to shareholders was RMB 1.36 billion, down 8.5% year-on-year [8] - The fourth quarter of 2025 showed significant operational improvement, with revenue reaching RMB 4.82 billion, a year-on-year increase of 19.1% [8] Financial Forecast - Revenue projections for the company are as follows: - 2024A: RMB 15.13 billion - 2025A: RMB 16.19 billion - 2026E: RMB 18.28 billion - 2027E: RMB 20.32 billion - 2028E: RMB 22.38 billion - The expected growth rates are 7.7% for 2024, 7.0% for 2025, 12.9% for 2026, 11.1% for 2027, and 10.2% for 2028 [2] - EBITDA is forecasted to grow from RMB 2.36 billion in 2024 to RMB 3.68 billion in 2028 [2] - The report anticipates net profit attributable to shareholders to increase from RMB 1.49 billion in 2024 to RMB 2.22 billion in 2028, with growth rates of 0.5% in 2024, -8.5% in 2025, 25.5% in 2026, 15.5% in 2027, and 12.5% in 2028 [2] Revenue Breakdown - In Q4 2025, the company reported revenue from various product categories: - Frozen prepared products: RMB 8.45 billion, up 7.8% year-on-year - Dishes: RMB 4.82 billion, up 10.8% year-on-year - Noodles and rice products: RMB 2.40 billion, down 2.6% year-on-year [8] - The company also generated RMB 0.07 billion in revenue from newly acquired bakery products [8] Channel Performance - Revenue growth by channel in 2025: - Distribution: +4.5% - Specialty stores: +18.6% - Supermarkets: +6.4% - New retail and e-commerce: +31.8% [8] - In Q4 2025, the revenue growth rates for these channels were 19.2%, 1.2%, 5.3%, and 50.1% respectively, indicating a significant improvement driven by the distributor base [8] Profitability Metrics - The report notes a decrease in gross margin to 21.6% in 2025, down 1.7 percentage points year-on-year, primarily due to rising raw material costs [8] - The company has begun to implement cost control measures, resulting in a reduction of sales and management expense ratios [8] Valuation - The report suggests a target price of RMB 112.59 per share for A-shares and HKD 93.54 per share for H-shares, based on a 22x PE valuation for 2026 [8]

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，概不會就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。 北 京 金 隅 集 團 股 份 有 限 公 司 BBMG Corporation* （於中華人民共和國註冊成立的股份有限公司） （股份代號：2009） 海外監管公告 本公告乃北京金隅集團股份有限公司（「本公司」)按香港聯合交易所有限公司證券上市規則 第13.10B條發出。 茲載列本公司於二零二六年三月三十日在中華人民共和國上海證券交易所網站刊登之2025 年度經審計的財務報告，僅供參閱。 承董事會命 北京金隅集團股份有限公司 主席 姜英武 中國北京，二零二六年三月三十日 於本公告日期，本公司執行董事為姜英武、顧昱及鄭寶金；非執行董事為孔慶輝、顧鐵民及 趙新軍；以及獨立非執行董事為劉太剛、洪永淼、譚建方及尹援平。 * 僅供識別 北京金隅集团股份有限公司 财务报表及审计报告 二零二五年十二月三十一日止年度 北京金隅集团股份有限公司 财务报表及审计报告 | 内容 | 页码 | | | --- | --- | ...

Core Insights - The company aims for stable growth while preparing for long-term development, achieving a total revenue of approximately 48.35 billion yuan in 2025, a year-on-year increase of 9.9% [1] - The company faced significant profit pressure, with a shareholder profit of about 601 million yuan in 2025, a substantial decline of 66.7% due to historical acquisitions leading to impairment costs [2] - The management is optimistic about reversing the declining trend in core net profit in 2026 after addressing risk issues and believes the risk of further goodwill impairment is controllable [2] Financial Performance - Total revenue for 2025 was approximately 48.35 billion yuan, with a gross profit of about 8.46 billion yuan, reflecting a slight increase of 0.7% [1] - The gross margin decreased from 19.1% to 17.5%, while net cash inflow from operating activities was 2.51 billion yuan, matching core net profit [1] - Core business revenue from property management and related services was 33.11 billion yuan, a 6.2% increase, contributing around 70% of total revenue [1] Profitability Challenges - The core net profit, excluding non-operating factors, was approximately 2.52 billion yuan, down 17.1% year-on-year, primarily due to proactive risk clean-up actions [2] - The company recorded a full impairment of approximately 969 million yuan for goodwill related to its subsidiary, impacting overall profitability [2] Strategic Initiatives - The company is enhancing service quality through refined management, digital operations, and leveraging scale advantages, while also addressing low property fees in older communities by launching proprietary brands [3] - The proportion of revenue from related parties has significantly decreased from 20.3% in 2018 to 1.1% in 2025, indicating reduced risk exposure [3]

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 就 因 本 公 告 全 部或任何部份內容而產生或因依賴該等內容而引起的任何損失承擔任何責任。 濰柴動力股份有限公司 WEICHAI POWER CO., LTD. （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2338） 海外監管公告 本公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則第13.10B條 而 作 出。 於本公告刊發之日，本公司執行董事為馬常海先生、王德成先生、袁宏明先生及 馬 旭 耀 先 生；本 公 司 職 工 代 表 董 事 為 黃 維 彪 先 生；本 公 司 非 執 行 董 事 為 王 延 磊 先生、張良富先生、Richard Robinson Smith先生及Michael Martin Macht先生；本公司 獨 立 非 執 行 董 事 為 蔣 彥 女 士、遲 德 強 先 生、徐 兵 先 生、陶 化 安 先 生 及 張 偉 麗 女 士。 潍柴动力股份有限公司 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）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。 中國國際海運集裝箱（集團）股份有限公司 CHINA INTERNATIONAL MARINE CONTAINERS (GROUP) CO., LTD. （於中華人民共和國註冊成立之股份有限公司） (股份代號：02039) 海外監管公告 本公告乃中國國際海運集裝箱（集團）股份有限公司（「公司」）根據香港聯合交易所有 限公司證券上市規則第 13.10B 條作出。 茲載列公司在公司網站（www.cimc.com）以及巨潮資訊網（www.cninfo.com.cn）刊登 的《2025 年年度審計報告》，僅供參閱。 特此公告。 承董事會命 中國國際海運集裝箱（集團）股份有限公司 吳三強 公司秘書 香港，2026 年 3 月 26 日 於本公告日期，本公司董事會成員包括：執行董事麥伯良先生（董事長），非執行董事 朱志強先生（副董事長）、梅先志先生（副董事長）、徐臘平先生、趙金濤先生及趙峰女 士，及 ...

Core Viewpoint - Goldman Sachs indicates that China Duty Free's preliminary financial results for 2025 show a 16% year-on-year decline in net profit to 3.6 billion RMB, slightly below expectations, primarily due to a 200 million RMB goodwill impairment. Excluding this factor, net profit meets expectations at 3.7 billion RMB, with fourth-quarter net profit at 700 million RMB, reflecting revenue recovery driven by Hainan sales [1][3][4]. Business Segments - Hainan DFS Store Sales: Last year's sales reached 38 billion RMB, with a 19% year-on-year growth in the fourth quarter, mainly driven by government consumption vouchers, increased sales of high-value goods, and reduced overseas tourism due to geopolitical tensions between China and Japan [2][6]. - Stable Gross Margin: The gross margin for the third quarter was 32.7%, consistent with the previous two quarters, indicating that sales growth was primarily driven by government consumption vouchers rather than company promotions [2][6]. - Shanghai Airport New Contract: The new contract has led to a reduction in revenue and profit for China Duty Free, losing half of its operational area at Pudong Airport, with an expected impact on earnings of -5% to -4% [2][6]. - Beijing Capital Airport New Contract: Starting February 2026, China Duty Free will pay a fixed annual fee of 480 million RMB plus sales commissions, with an expected revenue sharing ratio of 23%, down from 40% pre-pandemic [2][6].

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。 China Telecom Corporation Limited 中国电信股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份編號：728） 海外監管公告 中國電信股份有限公司 2025 年度財務報表和審計報告 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 條而作出。 兹載列中國電信股份有限公司（「本公司」）在上海證券交易所網站刊登的《中國電信股份有 限公司 2025 年度財務報表和審計報告》，僅供參考。 承董事會命 中國電信股份有限公司 董事長兼首席執行官 柯瑞文 䓵 2025 㛋 1 䊣 1 㦶 䐢 2025 㛋 12 䊣 31 㦶䐚㛋Ⱙ⤧㹒⡉⢎ KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (1 ...

Core Viewpoint - China Resources Beer has demonstrated resilience in a challenging market environment, with an expected annual profit of RMB 2.92 billion to RMB 3.35 billion, despite recognizing goodwill impairment of RMB 2.79 billion to RMB 2.97 billion related to its acquisition of Guizhou Jinsha Distillery [1][3][4]. Financial Performance - The company reported a goodwill impairment of approximately RMB 2.79 billion to RMB 2.97 billion, primarily due to weak demand in the liquor market and reduced consumption scenarios [1][3]. - The expected profit for 2025 is projected to be between RMB 5.9 billion and RMB 6.1 billion, exceeding market expectations when excluding the goodwill impairment [5][6]. Market Reaction - Following the announcement, the stock price of China Resources Beer experienced minimal fluctuation, closing down only 0.08%, indicating market stability and confidence in the company's core business [2][4]. - Major investment banks, including Bank of America and Citigroup, provided positive evaluations of the goodwill impairment, viewing it as a signal of the company's strong core beer business [2][4]. Industry Context - The liquor industry is currently undergoing a significant adjustment phase characterized by policy changes, shifts in consumer structure, and intense competition, leading to a "volume shrinkage and profit reduction" trend [6][8]. - The company is expected to benefit from a more favorable development phase following the goodwill impairment, as it allows for a clearer financial outlook and potential growth in the liquor segment [8][9]. Strategic Outlook - The company is focusing on enhancing the quality of its products and optimizing its market strategy, particularly in the liquor segment, to achieve high-quality growth [8][9]. - Under the leadership of Chairman Zhao Chunwu, the company is adopting a pragmatic approach to market demands and operational adjustments, aiming for sustainable development and increased shareholder value [9].

Core Viewpoint - The company is expected to face a significant decline in net profit for 2025, primarily due to goodwill impairment related to its acquisition of a stake in Jinsha Distillery, but underlying beer sales remain strong and may lead to a recovery in future valuations [1][2][3][4] Group 1: Financial Performance - The company forecasts a net profit of 2.92 to 3.35 billion yuan for 2025, representing a year-on-year decline of 29.6% to 38.6% [1] - For the second half of 2025, the company anticipates a net loss of 2.41 to 2.84 billion yuan, compared to a profit of 30 million yuan in the same period of 2024 [1] - After adjusting for goodwill impairment, the expected net profit for 2025 would be 5.71 to 6.32 billion yuan, indicating a growth of 20.0% to 32.8% [1] Group 2: Goodwill Impairment - The company will recognize a goodwill impairment of 2.79 to 2.97 billion yuan related to its 55.19% stake in Jinsha Distillery, which was acquired for 12.3 billion yuan [2] - The impairment is a response to the poor performance of Jinsha Distillery, which saw a 34.0% decline in revenue to 781 million yuan and a 47.2% drop in EBITDA to 220 million yuan in the first half of 2023 [2] Group 3: Market Outlook - Despite the short-term impact of the impairment on financial statements, the decision is viewed as a strategic move to relieve the company of burdens and position it for future growth [3] - The company is expected to benefit from a recovery in the restaurant sector, which will support stable growth in beer sales, particularly with the high-end product line [3] - The ongoing implementation of cost optimization strategies is anticipated to enhance profitability, even amidst fluctuations in raw material costs [3][4] Group 4: Investment Recommendation - The company maintains a "strong buy" rating, with expectations of valuation recovery following the goodwill impairment and continued growth in beer sales driven by high-end products [4] - Profit forecasts for 2025-2027 have been adjusted to 3.33 billion, 6.39 billion, and 6.46 billion yuan, respectively, with a target price set at 40 HKD, corresponding to a PE ratio of approximately 18X for 2026 [4]

Investment Rating - The report maintains a "Strong Buy" rating for China Resources Beer, with a target price of HKD 40 [2][7]. Core Views - The company is expected to achieve a net profit of HKD 29.2 to 33.5 billion for 2025, reflecting a decline of 29.6% to 38.6%. However, after adjusting for goodwill impairment related to the acquisition of 55.19% of Jinsha Liquor, the net profit is projected to be HKD 57.1 to 63.2 billion, representing a growth of 20.0% to 32.8% [2][7]. - The report highlights that the beer segment remains robust, with Heineken's sales expected to grow by approximately 20%. Key growth contributions are anticipated from Guangdong, Zhejiang, and Northeast regions, while the overall beer sales are expected to show low single-digit growth [7][8]. - The goodwill impairment of HKD 27.9 to 29.7 billion related to Jinsha Liquor is seen as a necessary step to relieve the financial burden on the company's balance sheet, allowing for a more focused operational strategy moving forward [7][8]. Financial Summary - Total revenue for 2024 is projected at HKD 38.635 billion, with a slight increase to HKD 39.640 billion in 2025, reflecting a year-on-year growth rate of 2.6% [3][13]. - The net profit for 2024 is estimated at HKD 4.739 billion, with a significant drop to HKD 3.332 billion in 2025, before rebounding to HKD 6.388 billion in 2026 [3][13]. - The earnings per share (EPS) is expected to decrease from HKD 1.46 in 2024 to HKD 1.03 in 2025, before increasing to HKD 1.97 in 2026 [3][13]. Market Position and Strategy - The report emphasizes that China Resources Beer is well-positioned in the market, with a focus on high-end product offerings and operational efficiency improvements through the "Three Precision" strategy [7][8]. - The company is expected to benefit from the recovery in the dining sector, which will support its core business and sales growth in the coming years [7][8]. - The report suggests that the valuation of China Resources Beer is currently attractive compared to its peers, indicating a potential for valuation recovery post-goodwill impairment [7][8].