Group 1 - The company expects to incur a loss attributable to equity shareholders of not more than HKD 120 million in the first half of 2025, compared to a loss of approximately HKD 21.347 million in the first half of 2024 [1] - The anticipated increase in loss is primarily due to the financial impact of acquiring 54.44% of the issued shares of Huida Transportation Holdings Limited, which includes an increase in depreciation and amortization expenses by approximately HKD 89 million and an increase in financial costs by about HKD 50 million compared to the same period in 2024 [1] Group 2 - Despite the overall increase in loss, the company expects to achieve a strong EBITDA of not less than HKD 380 million in the first half of 2025, compared to approximately HKD 21 million in the same period of 2024, mainly due to the core business's performance since the completion of the acquisition [2] - The board believes that the company is generating sufficient operating cash flow to support its ongoing activities and future growth [2]

Group 1 - The company expects to incur a loss attributable to equity shareholders of not more than HKD 120 million in the first half of 2025, compared to a loss of approximately HKD 21.347 million in the first half of 2024 [1] - The anticipated increase in loss is primarily due to the financial impact of acquiring 54.44% of the issued shares of Huida Transportation Holdings Limited, which includes an increase in depreciation and amortization expenses by approximately HKD 89 million and an increase in financial costs by about HKD 50 million [1] Group 2 - Despite the overall increase in losses, the company expects a strong EBITDA of not less than HKD 380 million for the first half of 2025, compared to approximately HKD 21 million in the same period of 2024, driven by core business profitability since the completion of the acquisition [2] - The board believes that the company is generating sufficient operating cash flow to support its ongoing activities and future growth [2]

Core Insights - Vale, one of the world's largest iron ore producers, reported a 24% year-on-year decline in net profit to $2.12 billion for Q2, which was still better than analyst expectations [1] - Revenue for the period from April to June fell 11% year-on-year to $8.8 billion, aligning with market forecasts [1] - The average price of iron ore fines for the quarter was $85.1 per ton, reflecting a more than 13% decline compared to the previous year [1] Financial Performance - The adjusted EBITDA decreased by 15% to $3.39 billion due to weak iron ore prices [1] - The company managed to reduce costs across all categories: iron ore costs down by 10%, copper by 60%, and nickel by 30% [1] - Capital expenditures were reduced by $200 million year-on-year, with a budget target of $5.9 billion for 2025 likely to be achieved [1] Operational Developments - Vale has received preliminary approval for the Bacaba copper mine, which will extend the service life of the Sossego mining area [1] - The second furnace at the Osapama mine began trial operations this month, with nickel product production expected to commence in Q4 [1]