小鱼盈通(00139)发布公告，于2025年9月19日，董事会议决建议向于记录日期名列本公司股东名册的股 东，按彼等当时各自于本公司的持股比例，宣派及派付特别现金股息每100股现有股份约1.14港仙(相当 于股本重组生效后每100股新股份约22.8港仙)。 ...

Summary of CRA International Conference Call - September 17, 2025 Company Overview - CRA International (NasdaqGS: CRAI) is celebrating its 60th anniversary in 2025, founded in 1965 by professors from Harvard and MIT to provide academic quality research to the business world [1][2] - The company operates primarily in two segments: legal and regulatory (approximately 80% of revenue) and management consulting (approximately 20% of revenue) [2][5] - CRA has over 20 offices in 10 countries, with 80% of revenue coming from North America and 20% from international markets [3] Financial Performance - CRA has experienced consistent revenue growth of approximately 8% to 10% annually over the last 15 years [6] - Profitability has grown at an even faster rate, with no debt and operations fully financed through internal cash flow [7] - The company has returned nearly $200 million to shareholders over the past five years, reducing share count by 13% [13][14] - The average price of share repurchases over the last five years was $88, with current trading over $200, indicating strong intrinsic value [8] Shareholder Returns - CRA initiated a dividend in 2016, which has since tripled to $0.49 per share, contributing to an attractive shareholder yield of approximately 6% [15][16] - The company aims to maximize long-term value per share and has a history of effective capital redistribution [8][12] Market Position and Strategy - CRA has worked with 85 of the Fortune 100 companies and 98 of the top 100 law firms in the past two years, indicating strong client retention and repeat business [5][6] - The firm focuses on high-value services and has not expanded into subscription-based revenue models, believing that quality service provides resilience against economic shocks [21][22] - CRA differentiates itself from larger global firms and specialized boutiques by maintaining a focus on its core competencies at the intersection of economics and regulation [27][29] Industry Dynamics - The regulatory environment remains complex, creating opportunities for CRA to assist clients in navigating these challenges [19] - The company anticipates a potential increase in M&A activity as capital becomes cheaper, although there are other complicating factors in executing large deals [30][31] Key Challenges and Opportunities - CRA is adapting to changing client needs and expanding service depth while maintaining its core focus [19][21] - The firm has not experienced direct impacts from regulatory inquiries but is aware of potential budget reductions from regulatory bodies [24] - Pricing power remains strong, with annual price increases of 2% to 4% without significant pushback from clients [25][26] Conclusion - CRA International is well-positioned for continued growth, with a strong focus on quality service, effective capital management, and a commitment to shareholder returns, despite the complexities of the current regulatory and economic environment [17][31]

Core Viewpoint - Lufax Holdings, a subsidiary of Ping An Group, reported strong financial performance for 2021, with significant growth in revenue and net profit, alongside plans for dividends and share buybacks [1][4]. Group 1: Financial Performance - Lufax Holdings achieved total revenue of 61.835 billion yuan in 2021, representing an 18.8% year-on-year increase [1] - The net profit for the year was 16.709 billion yuan, a 36.1% increase compared to the previous year [1] - Adjusted net profit, according to Non-IFRS standards, grew by 29.1% to 17.561 billion yuan [1] Group 2: Business Growth - The number of borrowers increased by 16.4% year-on-year, reaching nearly 16.8 million by December 31, 2021 [2] - The managed loan balance reached 661 billion yuan, up 21.3% year-on-year [2] - Wealth management assets totaled 432.7 billion yuan, with registered users growing by 11.7% to 51.6 million [2] Group 3: Revenue Structure - Revenue from the technology platform decreased by 10.4% to 8.836 billion yuan, primarily due to a decline in credit service fees [3] - Guarantee income surged by 538.7% to 1.635 billion yuan, attributed to an increase in self-guarantee ratios [3] - Net interest income rose by 81.5% to 4.234 billion yuan [3] Group 4: Shareholder Returns - Lufax Holdings announced a cash dividend of $0.34 per ADS, amounting to approximately 30% of the 2021 net profit [4] - The company plans to add an additional $500 million to its existing $1 billion share buyback program [4] - By the end of 2021, Lufax had repurchased nearly 107 million ADS, costing approximately $864 million [4] Group 5: Future Outlook - The company aims to balance business growth and quality improvements in 2022 [5] - Lufax Holdings projects total revenue for 2022 to be between 68 billion and 69.3 billion yuan, with net profit expected to rise to between 18.6 billion and 18.9 billion yuan [5]

Core Viewpoint - The company is expected to report strong growth in EBITDA and total gaming revenue for 1H25, driven by an increase in visitor numbers and foreign direct investment [1][2]. Group 1: Financial Performance - The company anticipates a 240% year-on-year increase in EBITDA for 1H25, reaching $188 million, with a 28% quarter-on-quarter growth [1]. - Total gaming revenue is projected to grow by 20% year-on-year and 31% quarter-on-quarter in 1H25 [1]. - EBITDA forecasts for 2025 and 2026 have been raised by 16% to $382 million and $455 million, respectively [2]. Group 2: Visitor Trends and Investment - The number of Chinese visitors to Cambodia increased by 51% year-on-year and 28% quarter-on-quarter in 1H25, with business travelers up by 46% year-on-year and 31% quarter-on-quarter [1]. - Cambodia attracted $6.9 billion in foreign direct investment in 2024, a 40% increase from the previous year, with over 50% of this investment coming from China [1]. Group 3: Operational Developments - The number of direct flights from China to Cambodia has increased to 170 per week, a 55% rise compared to the previous year [2]. - The company is expected to resume cash dividend payments in 1H25 after achieving a net cash position post-debt repayment [2]. Group 4: Valuation and Market Position - The company is currently trading at 6 times the 2025 EV/EBITDA, with a target price raised by 32% to HKD 5.80, indicating a 33% upside potential from the current stock price [2].