香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 UNIVERSAL TECHNOLOGIES HOLDINGS LIMITED 環球實業科技控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1026） 季度更新 茲提述：(1)環球實業科技控股有限公司（「本公司」，連同其附屬公司為「本集團」）日期為二零二五年 九月三十日有關截至二零二五年六月三十日止十八個月（「報告期間」）全年業績之公佈（「業績公佈」）； 及(2)載有本集團於報告期間的綜合財務報表（「二零二四╱二五年財務報表」）之本公司二零二四╱ 二五年年報（「年報」）。除非文義另有所指，否則本公佈內所用詞彙與業績公佈及年報所界定者具有 相同涵義。 本公佈乃由本公司董事（「董事」）會（「董事會」）作出，旨在提供有關本公司用於緩解本集團流動資金風 險及改善本集團財務狀況以及為解決本公司獨立核數師就本集團二零二四╱二五年財務報表所發表 之不發表意見（「不發表意見」）而實施的計劃及措施之季度更新： ...

Summary of Poly Real Estate Conference Call Company Overview - **Company**: Poly Real Estate - **Industry**: Real Estate Development Key Points and Arguments Financial Performance - Poly Real Estate has a historically low PB ratio of approximately 0.15, yet demonstrates stable operational performance during industry downturns, with sales ranking significantly improving from outside the top 60 to 17th by 2024, and expected to reach 15th by year-end 2025 [2][4] - The company maintains a stable contracted sales amount between 50 billion to 60 billion, contrasting with the overall industry decline [4][8] - As of the end of 2024, the company has an unsold inventory value of approximately 190 billion, with about 50% located in first-tier cities [10] Governance Improvements - Recent years have seen significant governance improvements through internal equity structure adjustments and the introduction of a new management team, which has stabilized management and accelerated long-term development [5][6][7] Investment Strategy - The company has maintained a certain level of investment intensity, with land acquisition strategies increasingly focused on core cities, particularly first-tier and strong second-tier cities [9] - The expected land investment for the full year 2025 is projected to account for about 50% of sales receipts, approximately 17 billion to 18 billion [9] Asset and Debt Management - The company has seen a steady improvement in financial conditions, with interest-bearing debt decreasing from nearly 80 billion in 2020-2022 to around 70 billion currently [3][13] - The overall financing cost for 2024 is reported at 3.38%, indicating a favorable debt structure [13][14] Impairment and Risk Factors - The company faces impairment pressure primarily from older projects in Wuhan and the Southwest region, with potential additional impairments estimated at around 4 billion if housing prices decline by 10% [12] - Cumulative impairment provisions since 2021 amount to 1.6 billion, representing 1.3% of the inventory book value, which is considered reasonable within the industry [11] Future Outlook - Revenue is expected to stabilize around 40 billion, with gross margins anticipated to stabilize in 2025, but profit margin improvements may not be realized until 2027 [16] - The company’s valuation is projected to have room for improvement, with a suggested PB range of 0.3 to 0.4 based on relative valuation methods [17][20] Investment Implications - The company is viewed as a high-risk, high-reward investment opportunity, particularly suitable for smaller or flexible funds, with a target price set at 0.24 times PB, potentially increasing to 0.3 times PB with favorable market conditions [20] Additional Important Insights - The company’s non-residential business contributes approximately 2 billion to 2.1 billion annually, which has a minimal long-term impact on overall valuation [15] - The company’s ranking in the industry is expected to continue improving, potentially reaching 13th by 2026, which could attract market attention and support valuation recovery [18][19]

Core Viewpoint - Nomura analysts report that NIO should focus on improving its financial condition after addressing demand challenges, with strong orders for its latest models expected to boost shipments for the remainder of the year [1] Financial Performance - NIO's latest pricing strategy may help increase its market share, although its balance sheet remains weak compared to peers, with shareholder equity just turning positive after a recent placement [1] Market Outlook - Analysts believe that NIO may require further investment, especially since the first half of the year is typically a slow season for automotive sales [1] Stock Rating - Nomura raised the target price for NIO from $5.00 to $8.40 while maintaining a neutral rating [1]