股东应占法定亏损为2.19亿港元(2024年：亏损2.39亿港元)，主要由于财务投资亏损净额2.42亿港元 (2024年：2.21亿港元)及投资物业重估亏损1.61亿港元(2024年：1.31亿港元)所致。 汇汉控股(00214)发布截至2025年9月30日止6个月中期业绩，该集团取得收入53.84亿港元，同比增加 230%;股东应占亏损2.19亿港元，同比减少8%;每股基本亏损0.26港元。 ...

Core Viewpoint - On November 21, shareholders of Lion Rock Holdings (02562) deposited shares worth HKD 428 million into Citibank, representing 15.16% of the total shares [1] Group 1: Company Actions - Lion Rock Holdings announced plans to issue convertible bonds with a principal amount of USD 35 million, with an initial conversion price set at HKD 11.96 per share [1] - The net proceeds from the bond issuance are expected to be approximately HKD 260 million, which will be allocated for investments in gold, gold-backed, and gold-related products [1]

Core Viewpoint - Sunshine Oil Sands (02012.HK) announced a conditional agreement to acquire 80% equity interest in Ideal Harbor Limited for HKD 8 million, indicating a strategic move to expand its investment portfolio in high-tech sectors [1] Group 1: Company Overview - Ideal Harbor Limited, established on October 24, 2012, in Hong Kong, primarily engages in investment holding and directly owns a 5.18% stake in Phononic Inc. [1] - Phononic Inc., founded in 2008 and headquartered in Durham, North Carolina, focuses on advanced solid-state thermal management technology [1] Group 2: Business Operations - Phononic develops and manufactures proprietary semiconductor devices and integrated chips, with applications across various industries including data center infrastructure, optical communications, cold chain logistics, and healthcare [1] - The company has delivered millions of thermoelectric devices globally and has entered the supply chain of major hyperscale data center operators [1] Group 3: Key Clients - Major clients of Phononic include NVIDIA and Sam's Club, highlighting its significant presence in the technology and retail sectors [1]

天眼查工商信息显示，11月20日，上海国茂控股有限公司成立，法定代表人为郑元湖，注册资本130亿 人民币，经营范围含港口经营、燃气经营、以自有资金从事投资活动、创业投资、投资管理、企业总部 管理、信息咨询服务、贸易经纪、货物进出口、技术进出口等。股东信息显示，该公司由上港集团 （600018）、上海国际信托有限公司、上海汽车工业（集团）有限公司、上海国际集团有限公司等共同 持股。 据媒体报道，近日，上港集团发布公告，宣布携手上海国际集团及其他多家上海市属国资企业，共同投 资设立上海国茂控股有限公司。此前，上海市政府印发《关于同意组建上海国茂控股有限公司的批 复》。 ...

Group 1 - The company IDT INT'L (00167.HK) has entered into a sale agreement with joint offerors Hongli and Horizon Heights to acquire 312,432,503 shares, representing approximately 72.10% of the company's total issued share capital, for a total consideration of HKD 185,616,150, equating to approximately HKD 0.5941 per share [1] - The completion of the transaction occurred on October 30, 2025, with the joint offerors and their concert parties having no prior ownership of the company's shares before the completion [1] - Following the completion, the joint offerors and their concert parties will own 312,432,503 shares, which is approximately 72.10% of the total issued share capital, and are required to make a mandatory unconditional cash offer for all issued shares [1] Group 2 - The offer price of HKD 0.5941 per share represents a discount of approximately 68.90% compared to the last trading price of HKD 1.91 per share on the stock exchange [2] - Hongli is a limited company registered in Hong Kong primarily engaged in investment holding, while Horizon Heights is a limited company registered in the Cayman Islands, also primarily engaged in investment holding [2] - The company has applied for the resumption of trading of its shares on the stock exchange starting from 9:00 AM on November 18, 2025 [2]

"正如英国人会说的，我将'安静退场'。算是吧。"95岁的沃伦·巴菲特在11月10日发布的致股东信中，为 自己长达六十年的投资传奇画上句号。在伯克希尔的现金储备飙升至3817亿美元、美股处于高位的背景 下，这位长期被尊为"奥马哈先知"的投资大师，将于今年年底退出伯克希尔-哈撒韦的日常管理，并卸 任首席执行官之职。在笔者看来，他的退休不仅是一个投资时代的结束，也是对其继任者和价值投资哲 学的一次重大考验。 六十年投资神话的终结 自1962年首次投资当时陷入困境的纺织公司伯克希尔以来，巴菲特已将其发展成为市值逾一万亿美元的 多元化投资控股公司。 同时，他创造了一个难以企及的投资神话：从1964年到2024年，伯克希尔的总收益率达到惊人的 5502284%，而同期标普500指数收益率仅为39054%。这一业绩的背后，是巴菲特长期坚持的价值投资 理念。 纵观巴菲特六十载投资生涯，他始终倡导长期价值投资，在加密货币等投机性资产兴起、交易时间缩短 至毫秒级的当下，这一理念显得尤为珍贵。 投资进化： 从"烟蒂"到"护城河"的三阶段演变 巴菲特的投资思想并非一成不变，而是呈现出清晰的进化轨迹。 早期阶段（1949—1971年） ...

Core Viewpoint - Minxin Group (00222) has shown significant growth in its financial performance for the 2025 interim results, with a notable increase in net profit and a strategic shareholder transfer of stock [1] Group 1: Shareholder Activity - On November 12, Minxin Group's shares were transferred from Citic Bank International to Luxshare Securities (Hong Kong), with a total market value of HKD 143 million, representing 7.39% of the company [1] Group 2: Financial Performance - For the 2025 interim results, Minxin Group reported operating revenue of HKD 124 million, reflecting a year-on-year increase of 1.98% [1] - The net profit for the same period reached HKD 64.868 million, marking a substantial year-on-year increase of 94.85% [1] - The basic earnings per share were reported at HKD 0.1086 [1]

Core Insights - Washington H. Soul Pattinson, known as "Australia's Berkshire Hathaway," is the only publicly listed family office in Australia, established in the late 19th century and has a history of consistent dividend payments and strong returns for shareholders [1][2][3] Company Overview - Soul Patts has been listed since 1903 and has never missed a dividend payment, increasing dividends for 26 consecutive years, delivering an annualized return of 13.7% over the past 25 years [1][2] - The company is characterized by a long-term investment philosophy, focusing on stability and low leverage, with a diversified portfolio across various sectors including coal, telecommunications, and pharmaceuticals [4][12] Investment Philosophy - Soul Patts operates with a "permanent capital" model, allowing it to hold assets patiently during market downturns without redemption pressure, similar to Berkshire Hathaway [5][26] - The company emphasizes long-term capital allocation and value discipline, avoiding rigid asset allocation and instead dynamically seeking opportunities based on valuation discrepancies [7][8] Governance and Management - The governance structure of Soul Patts is characterized by a family-led approach with a focus on trust and long-term relationships, ensuring continuity across generations [14][20] - The current leadership, including CEO Todd Barlow, promotes a culture of transparency and open communication, which helps maintain a stable and motivated team [23][25] Historical Context - Soul Patts has evolved from a pharmacy business to a diversified investment group, with significant holdings in companies like Brickworks and TPG Telecom, and has adapted its strategy over time to focus on high-dividend, low-leverage investments [12][13] - The company has undergone significant structural changes, including a recent merger with Brickworks, aimed at modernizing governance and enhancing capital flexibility [13] Financial Performance - As of September 2025, Soul Patts' physical assets are valued at approximately AUD 2.9 billion, with a focus on industrial real estate and agricultural investments [28] - The company has increased its allocation to credit and private equity, achieving internal rates of return of around 15% in credit and approximately 20% in private equity over the past three years [28][29]

Core Viewpoint - Warren Buffett, at 95 years old, announced his retirement from writing Berkshire Hathaway's annual reports and speaking at shareholder meetings, marking the end of an era for the company and value investing [1][3]. Group 1: Berkshire Hathaway's Performance - From 1964 to 2024, Berkshire Hathaway achieved a total return of 5,502,284%, significantly outperforming the S&P 500's return of 39,054% during the same period [1]. - The annualized compound return for Berkshire from 1965 to 2024 is 19.9%, compared to the S&P 500's 10.4% [1]. Group 2: Buffett and Munger's Partnership - Buffett credited Charlie Munger, his long-time partner, for their mutual success, highlighting Munger's influence on his investment strategies [3][5]. - Munger's approach emphasized quality over merely seeking cheap stocks, which revitalized the value investing philosophy [5]. Group 3: Transition and Future Challenges - Buffett announced his retirement as CEO, with Greg Abel set to take over, while Buffett will remain as chairman [7][9]. - Following the announcement, Berkshire's stock price fell over 10% from its historical high, despite strong quarterly earnings [7][8]. - Berkshire's cash reserves reached a record $381.7 billion, with no stock buybacks in 2025's first nine months [7][8]. Group 4: Investment Strategy Evolution - Buffett's investment strategy has evolved through three stages: 1. "Cigar butt" investing during the industrial era, focusing on undervalued companies [11]. 2. Transitioning to investing in companies with strong intangible assets, such as Coca-Cola [12]. 3. Capitalizing on network effects in the new economy, exemplified by his investment in Apple [13]. - Despite his retirement, Buffett plans to continue working at the office and may still contribute to the company [13].

Core Insights - Warren Buffett's recent letter marks his formal announcement of a "quiet exit" from Berkshire Hathaway, indicating he will no longer write annual reports or speak extensively at shareholder meetings [3] - The letter, approximately 8 pages long, focuses on personal reflections rather than company performance, highlighting his childhood experiences, friendship with Charlie Munger, and deep affection for Omaha [3] - Buffett praised his successor, Greg Abel, stating that Abel's understanding of the business exceeds his current level, and he predicts that Berkshire will only need "5-6 CEOs" to sustain itself for another century [3] Donations and Philanthropy - On November 10, Buffett converted 1,800 shares of Class A stock into 2.7 million shares of Class B stock to donate to four family charitable foundations, with a total value exceeding $1.3 billion (approximately 9.5 billion RMB) [4] - The donations include 1.5 million shares to the Susan Thompson Buffett Foundation and 400,000 shares each to the Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation [4] - Buffett emphasized the importance of allowing his children, aged 67 to 72, to manage the majority of his estate distribution, avoiding future reliance on alternate trustees [4] Company Background - Berkshire Hathaway, under Buffett's leadership, has transformed from a struggling textile company into one of the world's most influential investment holding companies, with a market value exceeding $1 trillion by November 2025 [6] - The company holds significant stakes in major corporations such as Apple, American Express, Coca-Cola, and Occidental Petroleum, alongside fully owning diverse businesses like GEICO insurance and BNSF railway [6] - Buffett's investment philosophy, which includes value investing, long-term holding, and the concept of economic moats, has influenced generations of investors globally [6]