对本集团财务状况的相关财务影响将在截至2026年3月31日止年度的全年业绩中反映，该业绩将于2026 年6月公布及须经本公司审计师审核和最终审计。 本集团至少在2027年7月31日前享有更大的财务灵活性以配合其未来业务发展，这标志着本集团财务管 理的一个重要里程碑。凭藉本集团雄厚的物业组合及稳健的财务状况，以及过去一直与银行的稳固关 系，该函件体现了银行合作伙伴对本集团的前景及信贷能力充满坚实的信心。 智通财经APP讯，英皇国际(00163)发布公告，本公司与所有相关的银行已达成共识，本集团的现有银行 贷款安排将根据于2025年11月26日已同意的商业条款函件(该函件)复常。 ...

本期间取得亏损主要由于本集团出售若干资产(包括持作出售物业及合营企业权益)的策略性决定，以加 强流动性，让本公司在当前充满挑战的市场环境中得以实现可持续增长。鉴于房地产市场持续低迷，尽 管上述资产出售导致本期间产生会计亏损，但为本集团带来即时现金流入并大幅减低净负债。董事会认 为此举对于支持本集团资本结构及维持财务灵活性至关重要，有助把握未来投资机会及推动业务持续发 展。自2024年4月1日至2025年9月30日期间，因资产出售，本集团净债务较2024年3月31日减少约12.02 亿港元，降低约30.1%。此举旨在确保本集团于当前市场不明朗的情况下具备韧性与适应力。 尽管取得中期亏损，本集团于本期间创下历史新高的订约销售总额，达到约16.37亿港元，较2024年同 期的12.47亿港元大幅增加约31.3%。截至2025年9月30日，已订约但未确认的销售额约为26.74亿港元， 预期将于相关物业项目完成及交付后在各附属公司及合营企业的损益账内确认为收入。 公告称，预期亏损主要由于以下因素所致：(1)出售酒店项目的合营企业公司20%权益而产生的出售亏损 约2.08亿港元。(2)毛利由截至2024年9月30日止6个 ...

周大福创建(00659)公布截至2025年6月30日止年度全年业绩，收入约242.85亿港元，同比减少8.09%;公 司股东应占溢利同比上升3.73%至21.62亿港元，每股基本及摊薄盈利0.54港元，建议派发末期普通股息 每股0.35港元。 于 2025财政年度，香港业务占集团应占经营溢利58%(2024财政年度：59%)，而内地则贡献40%(2024财 政年度：39%)。经调整EBITDA(一项非香港财务报告准则计量的指标，反映集团的经营盈利能力)按年 增加1%至73.158亿港元。2025财政年度每股基本盈利为0.54港元，按年轻微下跌3%，主要由于在2024 财政年度因赎回2019年永续资本证券而于权益内取得1.027亿港元一次性收益。若不包括此一次性收 益，每股基本盈利按年增长约2%，反映集团的基本业绩表现稳定。 此外，为感谢股东的鼎力支持及为股东创造长远价值，建议按每十股获发一股红股的基準发行红股。 于 2025年6月30日，该集团的债务净额维持于健康水平，约为147亿港元(2024年6月30日：约151亿港 元)，按年略为减少3%。集团的净负债比率(按债务净额除以总权益计算)维持于37%的理想水 ...

Core Viewpoint - Reinsurance serves as a critical risk management tool for insurance companies, allowing them to transfer risk and manage capital requirements effectively, thereby enhancing their overall stability and capacity to pay claims [2][33]. Group 1: Overview of Reinsurance - Reinsurance is an agreement between insurance underwriters and reinsurance companies, allowing insurers to transfer part or all of their risk to reinsurance firms [2]. - The primary functions of reinsurance include increasing underwriting capacity, stabilizing loss experience, limiting liability from single events, and protecting both insurers and policyholders from catastrophic events [2][3]. - Modern technology has simplified risk assessment processes, making reinsurance more efficient [2]. Group 2: Risks Associated with Reinsurance - Key risks in reinsurance include reinsurance recoverables risk, which occurs when a reinsurer defaults, causing the risk to revert to the original insurer [6]. - Counterparty risk is another significant concern, as insurers face credit risk when selecting reinsurers [6]. - Strategies such as collateral accounts can be employed to mitigate these risks by ensuring funds are available to cover claims in case of reinsurer default [6]. Group 3: Cost-Benefit Analysis of Reinsurance - While reinsurance provides benefits such as capital relief and risk diversification, it also incurs high costs, often exceeding the actuarial value of the risks transferred [7]. - The strategic value of reinsurance remains significant, as it enhances insurers' risk tolerance and provides financial buffers during extreme events [7]. Group 4: Catastrophe Risk and Reinsurance - Catastrophe risks, including natural disasters and man-made events, significantly influence the demand for reinsurance [9]. - Following catastrophic losses, insurers often increase their reinsurance purchases to enhance risk resilience, although post-disaster reinsurance can be costly and difficult to obtain [9][10]. - The structure of reinsurance contracts, including proportional and non-proportional contracts, plays a crucial role in managing catastrophe risks [11]. Group 5: Life and Non-Life Insurance - Reinsurance plays a vital role in both life and non-life insurance sectors, helping insurers manage capital guarantees and reserves effectively [14][16]. - The use of reinsurance can prevent the decline of capital guarantees in life insurance products, thereby maintaining their value [15]. - In non-life insurance, reinsurance is used to provide overall protection for risk portfolios, with different factors influencing reserve formation [16]. Group 6: Compensation Mechanisms in Reinsurance - Compensation mechanisms in reinsurance contracts are essential for risk transfer and can be optimized using various approaches [18][20]. - Structured reinsurance contracts can be designed to provide higher compensation during financial distress, benefiting both insurers and reinsurers [20]. Group 7: Financial Performance Indicators and Reinsurance - Financial performance metrics such as liquidity creation and financial flexibility are critical in assessing the impact of reinsurance on insurance companies [22]. - There exists a structural bidirectional causality between liquidity and reinsurance demand, indicating that insurers with higher risk exposure are more likely to seek reinsurance [23]. - The relationship between reinsurance and debt capacity varies based on a company's financial flexibility, affecting how insurers manage their capital structures [24]. Group 8: Mathematical Modeling in Reinsurance - Mathematical models are increasingly used to analyze reinsurance processes, aiding in decision-making and risk assessment [30][31]. - These models help predict claims payments and optimize investment-reinsurance strategies, enhancing overall financial performance [30][31]. Conclusion - Reinsurance is a fundamental tool for insurance companies to manage risks and capital requirements, ensuring they can meet claims even in the face of significant losses [33]. - The collective research highlights the importance of understanding reinsurance's core concepts, its strategic value, and the associated risks, providing a comprehensive view of the reinsurance landscape [34].