专业旅运(01235)发布公告，预期集团于截至2025年9月30日止六个月(本期间)将取得公司拥有人应占亏 损不超逾50万港元，而2024年同期取得公司拥有人应占持续经营业务溢利约300万港元。 董事会认为上述转盈为亏状况主要由于业务扩展，销售点数量增加，导致本期间销售及分销成本产生的 租金和员工成本增加;随着营运规模不断扩大，后勤支援系统开发项目数量增加，导致本期间行政及其 他经营开支产生的系统开发咨询费用和员工成本增加;及2025年上半年日本地震传言负面消息影响，导 致本期间销售旅游相关产品业务收益及毛利取得下跌。集团将继续专注采取有效措施扩展业务渠道，加 强品牌形象，提升集团的竞争优势。 ...

Report Summary 1. Report Information - Research Variety: Industrial silicon [1] - Report Cycle: Daily report [1] - Date: October 9, 2025 [1] 2. Investment Rating - Not provided 3. Core View - The industry is in a pattern of increasing supply and demand, but inventory depletion has significantly slowed down, and there are signs of inventory accumulation, indicating that the fundamentals have turned loose. Considering the different supply changes in the two major production areas and the uncertainty of the demand for polysilicon in the core consumption direction, there is no obvious unilateral driver in the market, and the futures price may fluctuate around the cost line [10]. 4. Section Summaries 4.1 Futures Market - **Contract Market**: On October 9, 2025, the industrial silicon si2511 contract rose and then fell, closing with a negative line. The trading volume decreased significantly, with a full - day trading volume of 210,531 lots and an open interest of 176,563 lots [2]. - **Variety Price**: The total open interest of 12 industrial silicon futures contracts was 407,790 lots, an increase of 8,057 lots compared with the previous trading day. Among them, the open interest of the active contract si2511 increased by 2,165 lots [4]. 4.2 Influencing Factors - **Industry News**: In the southwest production area, as the wet season is coming to an end, the smelting electricity price is facing an increase, leading to higher production costs. In the north production area, the electricity price is relatively stable throughout the year due to the use of coal - fired power. After the anti - involution, the profit is acceptable. Against the background of the planned production cut in the southwest, large factories in Xinjiang may have the expectation of further increasing production, which makes the market worried that the supply is unlikely to decline significantly [6]. - **Technical Analysis**: The industrial silicon futures rose and then fell today. The main 2511 contract formed a doji pattern with long upper and lower shadows. The trading volume decreased significantly, and the open interest increased slightly. Both the long and short sides continued to wait and see. From the daily chart, the futures price formed a doji pattern with long upper and lower shadows below the 50 - day moving average. It is expected that the market will fluctuate weakly in the future [7]. 4.3 Market Outlook - The industry is in a situation of increasing supply and demand, but inventory depletion has slowed down, and there are signs of inventory accumulation. The fundamentals have become looser. Given the different supply changes in the two major production areas and the uncertain demand for polysilicon, there is no clear one - way driving force in the market, and the futures price may fluctuate around the cost line [10].

Core Viewpoint - The company, Ying Sheng Science (00209), is expected to report a loss of approximately HKD 38 million for the six-month period ending June 30, 2025, which is an increase from a loss of about HKD 27 million in the same period last year [1] Group 1: Financial Performance - The company's stock was deposited into Hope Securities with a market value of HKD 45.451 million, representing 41.37% of the total [1] - The anticipated loss for the current reporting period is attributed to two main factors: (i) the impact of increased tariffs from the U.S. on China, leading to a decrease in average product orders and gross profit compared to the previous year, and (ii) rising minimum wage and social insurance costs in mainland China [1]

Group 1 - The core point of the article highlights that Ying Sheng Science (00209) is facing an expected loss of approximately HKD 38 million for the reporting period ending June 30, 2025, which is an increase from a loss of about HKD 27 million in the same period last year [1] - The increase in losses is attributed to two main factors: (i) the impact of increased tariffs imposed by the U.S. on China, leading to a decrease in average product orders and gross profit compared to the previous year, resulting in reduced sales and gross profit contributions [1] - Additionally, the rise in minimum wage and social insurance costs in mainland China has further contributed to the company's financial challenges [1] Group 2 - On August 22, shareholders of Ying Sheng Science deposited shares into Hope Securities, with a market value of HKD 10.318 million, representing 9.95% of the total [1]

Core Viewpoint - The company, Ying Sheng Science, is facing an increased loss in the upcoming reporting period due to external economic pressures and rising operational costs [1] Financial Performance - Ying Sheng Science anticipates a loss of approximately HKD 38 million for the six months ending June 30, 2025, compared to a loss of about HKD 27 million in the same period last year [1] - The expected loss represents a significant increase in financial distress for the company [1] Factors Contributing to Loss - The widening loss is primarily attributed to two factors: 1. Increased tariffs imposed by the U.S. on Chinese goods, leading to a decrease in average product orders and gross margins compared to the previous year [1] 2. Rising minimum wage and social insurance costs in mainland China, which have further impacted profitability [1]

Core Viewpoint - Baide International (02668) is expected to report a significant increase in losses for the first half of the year, projecting a loss attributable to shareholders of approximately HKD 110 million to HKD 130 million, compared to a loss of HKD 36.8 million in the same period last year [1] Financial Performance - The company anticipates a loss of HKD 110 million to HKD 130 million for the first half of the year, a substantial increase from the previous year's loss of HKD 36.8 million [1] - The increase in losses is attributed to several factors, including significant operational cost increases following the acquisition of iron ore mining and processing operations [1] Operational Challenges - The operational costs have risen due to direct costs, operational expenses, and administrative expenses associated with the new mining business [1] - The mining operations are maintaining approximately HKD 405 million in bank loans, which has led to increased financial costs for the group [1] - There has also been an increase in the fair value loss of investment properties [1] Business Segments - Baide International primarily engages in the trading of non-ferrous metals and construction materials, with five main business segments: 1. Supply chain services for non-ferrous metals and construction materials 2. Hotel management and catering services 3. Equipment leasing 4. Property investment, focusing on retail shop leasing 5. Securities investment in equity [1]