AEON信贷财务（亚洲）有限公司（"AEON信贷财务"或"集团"；股份代号：00900）今日公布截至二零 二五年十一月三十日止九个月之业绩（"二零二五/二六年度首九个月"或"报告期间"）。 于报告期间，尽管经济环境复杂，集团展现了强大的营运韧性。集团收入录得稳健增长，较二零二四/ 二五年度首九个月（"去年同期"）增加4.1%至1,358,100,000港元。随着营运效率提升，支出对收入比率 由去年同期的46.8%下降至44.3%。扣除减值亏损及减值准备前之营运溢利上升9.9%至712,900,000港 元。在减值亏损及减值准备减少10.2%的支持下，报告期内的税后溢利跃升28.1%至352,700,000港元 （去年同期：275,300,000港元），每股盈余增加至84.22港仙（去年同期：65.74港仙）。 与此同时，营运效率及信用卡安全性将透过人工智能的加速集成以实现后台日常任务自动化、提高准确 性及加强授权和诈骗检测机制而持续提升。此外，集团致力于透过实施完全无纸化贷款流程、采用节能 数码支付解决方案及其他节能措施来减少碳足迹，从而最大限度地减少对环境的影响。 AEON 信贷财务董事总经理魏爱国先生表示 ...

在USM的制度下，已于香港交易所上市或将上市的订明证券将淘汰纸本文件，并减少人手操作，全面 以数码化的模式运作，令香港金融市场基础设施更具效率。 为支持USM的推行，香港交易所将推出新的证券存管程序及令收费结构更切合所需，并与证券及期货 事务监察委员会(香港证监会)、证券登记公司总会有限公司及其他持份者紧密合作，遵循全球通用的标 准，让投资者和企业之间的互动更迅速高效。 智通财经APP获悉，香港交易所发文指，香港最快将于2026年起过渡至无纸证券市场(USM)，标志着香 港市场提升准入度、韧性及竞争力的重要里程碑。USM不仅能够减少交易及交易后流程的复杂程度， 同时通过更清晰的资讯建立投资者信心，提升香港市场对广大参与者的吸引力。 对于投资者而言，更简化的流程和更清晰的信息意味着更低的成本、更少的延误及更高的确定性，突显 香港作为连接资本与机遇的角色。 香港交易所会致力继续进行各项市场优化措施，为全世界的投资者、企业和参与者带来更佳的服务和体 验，巩固香港作为领先国际金融中心的地位。 USM推动市场现代化 USM推出后，将推动市场营运流程的现代化，让投资者能通过数码化的方式以个人名义更有效率地持 有及管理证券 ...

Core Viewpoint - The company has entered into a strategic shareholder agreement with Mile Green and EVOLVE Holdings Limited, focusing on investment and management matters related to the target company [1]. Group 1: Investment Details - Mile Green will invest $1,500,000 (approximately HKD 11.7 million) for 6,000 shares, while Pangaea Investment will invest $1,000,000 (approximately HKD 7.8 million) for 8,000 shares in the target company [1]. - Following the completion of the subscription, Mile Green and Pangaea Investment will hold 60% and 40% equity, respectively, in the target company's issued share capital [1]. Group 2: Strategic Collaboration - The collaboration with Mile Green will enable the company to leverage Mile Green's extensive business network and expertise in the physical asset ecosystem, particularly in Southeast Asia [2]. - The partnership aims to provide the company with valuable insights to maintain competitiveness and explore future synergies between physical asset applications and proprietary technologies in AI, IoT, and digitalization [2]. - The company plans to utilize Mile Green's network to expand its IoT business in Southeast Asia, especially in Thailand [2]. Group 3: Market Positioning - This collaboration positions the company at the forefront of the rapidly emerging Real-World Asset (RWA) market, where third-party asset owners and technology partners may require the company's core connectivity, HPC, and AIoT solutions [2]. - Although the company will not directly operate RWA-related businesses, the investment in the target company may yield potential returns and enhance its overall competitiveness in the industry [2].

Core Viewpoint - Modern Dental (03600) anticipates revenue growth for the first half of 2025, driven by natural growth and the acquisition of Hexa Ceram, with significant increases in EBITDA and net profit expected [1][2] Group 1: Financial Projections - The expected revenue for the first half of 2025 is projected to be between HKD 1.775 billion and HKD 1.85 billion, representing an increase of approximately 4.3% to 8.7% compared to HKD 1.702 billion in the first half of 2024 [1] - The anticipated EBITDA for the first half of 2025 is expected to range from HKD 430 million to HKD 470 million, which is an increase of approximately 14.5% to 25.1% from HKD 376 million in the first half of 2024 [1] - The projected net profit for the first half of 2025 is expected to be between HKD 279 million and HKD 295 million, marking an increase of approximately 30.1% to 37.6% from HKD 214 million in the first half of 2024 [1] Group 2: Growth Drivers - Revenue growth is primarily attributed to the company's ongoing natural growth, particularly in Europe and Australia [1] - The increase in EBITDA and net profit is also due to the higher proportion of digital solution cases leading to improved operational efficiency [2] - Favorable exchange rate movements, including the appreciation of the Euro and Australian Dollar against the Renminbi and Hong Kong Dollar during the period from January to June 2025, have contributed positively [2] - The acquisition of Hexa Ceram, Thailand's largest dental laboratory, has accelerated growth [1][2]

Core Viewpoint - Modern Dental Group (03600.HK) anticipates revenue growth for the first half of 2025, driven by natural growth and the acquisition of Hexa Ceram, with significant increases in EBITDA and net profit expected [1][2] Group 1: Financial Projections - The expected revenue for the first half of 2025 is between HKD 17.75 billion and HKD 18.5 billion, representing an increase of approximately 4.3% to 8.7% compared to the first half of 2024 [1] - The projected EBITDA for the first half of 2025 is between HKD 4.3 billion and HKD 4.7 billion, indicating an increase of approximately 14.5% to 25.1% from the first half of 2024 [1] - The anticipated net profit for the first half of 2025 is between HKD 2.79 billion and HKD 2.95 billion, reflecting an increase of approximately 30.1% to 37.6% compared to the first half of 2024 [1] Group 2: Growth Drivers - Revenue growth is primarily attributed to the company's ongoing natural growth, particularly in Europe and Australia, and is accelerated by the acquisition of Hexa Ceram, Thailand's largest dental laboratory [2] - The increase in EBITDA and net profit is driven by several factors, including a higher proportion of digital solution cases leading to improved operational efficiency [2] - Favorable currency fluctuations, particularly the appreciation of the Euro and Australian Dollar against the Renminbi and Hong Kong Dollar, have also contributed to the financial improvements [2]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is launching a new communication platform called "Hong Kong Stock Exchange Connect" (Connect) to enhance interaction between listed issuers and HKEX, and to modernize the market infrastructure in Hong Kong [1][2]. Group 1: Platform Features - "Connect" is a secure web-based electronic platform that allows listed issuers to make public disclosures, submit case materials, and communicate with HKEX, replacing current email exchanges and electronic form submissions [3]. - The platform will feature a user-friendly interface with information alerts, workflow tracking, guidance, and automated reminders to assist issuers in meeting their compliance and reporting requirements [4]. - The platform is expected to be free of charge for issuers, as HKEX has indicated it will not impose fees for using the issuer platform [3]. Group 2: Implementation Timeline - The platform is scheduled to officially launch in 2026, with a trial version available in the second half of 2025 for users to familiarize themselves with its functionalities [4]. - Guidelines for account opening and user registration will be released by the end of 2025, with phased implementation for document submission starting in the second quarter of 2026 [4]. Group 3: Regulatory Changes - The introduction of "Connect" is part of HKEX's initiative to enforce mandatory electronic submission of documents, contributing to the establishment of a paperless securities market [5][7]. - Currently, while most documents can be submitted electronically, some still require physical copies, particularly for new listings or certain approval processes [6]. - HKEX plans to mandate that all documents be submitted electronically through "Connect," eliminating the requirement for multiple copies of the same document [7].

Group 1 - Singapore and France have upgraded their relationship to a comprehensive strategic partnership [1] - The two countries will deepen cooperation in emerging fields such as decarbonization, digitalization, and artificial intelligence [1]

Summary of Conference Call Records Company Overview - The company discussed is Modern Dental, a leader in the dental industry, particularly in the field of dental prosthetics, which are primarily customized products [1][3][4]. Key Points and Arguments Industry Position and Business Model - Modern Dental operates in a fast-paced dental industry, serving dental professionals such as dentists and dental clinics [1]. - The company has established a strong relationship with dental professionals, facilitating daily communication and service delivery [2]. - Modern Dental's competitive advantage lies in its ability to produce customized products at scale, making it a unique leader in the industry [3]. Digital Transformation - The dental industry is undergoing a significant transformation due to digitalization, which raises service standards and operational efficiency [4]. - Modern Dental is transitioning from a product-focused company to a comprehensive service provider, enhancing dentists' capabilities through digital solutions [4][10]. Financial Performance - The company reported a revenue growth of approximately 6% for the year 2024, reaching HKD 33.1 billion, with a gross margin of around 53.5% [7][22]. - Adjusted EBITDA for the year was HKD 7.4 billion, with a return on equity of 15.3% [8][22]. - Core business profits increased by about 8%, with basic earnings per share reaching HKD 4.32 [8]. Market Expansion and Acquisitions - The company has expanded its market presence in Southeast Asia, including a recent acquisition in Thailand, which is expected to contribute an additional 6-7% to revenue by 2025 [2][21][23]. - The acquisition of a leading Thai company was completed at a PE ratio of approximately 10x, indicating a strategic investment for future growth [23]. Regional Performance - Australia showed the highest growth at 16% in local currency, attributed to strong digital capabilities and market leadership [10][11]. - The Greater China region experienced a modest growth of 3%, while Hong Kong faced a significant decline of 19.7% due to price competition with mainland China [18][19]. Response to Economic Conditions - Modern Dental's business is relatively insulated from economic fluctuations, with stable demand for dental services regardless of broader economic conditions [5]. - The company has a robust cash conversion capability, with over HKD 800 million in cash reserves, allowing it to navigate various market conditions effectively [7][33]. Challenges and Strategic Responses - The company is addressing challenges posed by tariffs and trade tensions, particularly in North America, where 75% of sales come from locally produced services [13][14][38]. - Modern Dental has a flexible business model that allows it to adapt to changing market conditions and manage costs effectively [15][16]. Future Outlook - The company is optimistic about maintaining high single-digit revenue growth in the coming years, supported by ongoing digitalization and market expansion efforts [21][30]. - Modern Dental aims to enhance its cash generation and shareholder returns through share buybacks and strategic investments [33][34]. Additional Important Information - The digitalization trend in the dental industry is expected to increase penetration rates significantly, with projections of reaching 50-70% in the next few years [29][30]. - The company emphasizes the importance of its distribution and sales networks, which are critical assets in maintaining competitive advantages in the market [9][10]. This summary encapsulates the key insights from the conference call, highlighting Modern Dental's strategic positioning, financial performance, market dynamics, and future growth prospects.