Core Points - The company held a temporary shareholders' meeting on September 10, 2025, to discuss key proposals including the election of a new independent director and a related party transaction [1] - The company proposed to elect Mr. Miao Runsheng as an independent director to replace Mr. Zhu Baoxiang, who has served for the maximum term of six years [1][2] - The company plans to transfer its 5% stake in Steel Research Dahui Private Fund Management Co., Ltd. to Steel Investment Co., Ltd. to focus on core business development and improve asset allocation efficiency [3] Proposal Summaries - **Proposal 1: Election of Independent Director** - Mr. Miao Runsheng, an accounting professional with a PhD in economics, has been nominated to fill the independent director position [2] - His qualifications have been approved by the Shanghai Stock Exchange [2] - **Proposal 2: Transfer of Equity Stake** - The company intends to transfer its entire 5% stake in Steel Research Dahui Private Fund Management Co., Ltd. to enhance its business focus and utilize funds for technology research and development [3] - The transaction is classified as a related party transaction due to the common control by China Steel Research Group Corporation [3]

Group 1 - The core viewpoint of the article is that Haide Co., Ltd. (000567.SZ) has reported an increase in institutional ownership, with a total of 8 institutional investors holding 1.51 billion shares, representing 77.26% of the total share capital as of August 26, 2025 [1] - The institutional ownership has increased by 0.40 percentage points compared to the previous quarter [1] - Among public funds, there was an increase in holdings from one public fund, namely the Southern CSI 1000 ETF, which saw a slight increase in its shareholding [1] Group 2 - In terms of foreign investment, there was an increase in holdings from one foreign fund, the Hong Kong Central Clearing Limited, with an increase of 0.19% in its shareholding [1]

Core Viewpoint - Greenland Holdings Group Co., Ltd. reported significant declines in revenue and profit for the first half of 2025, reflecting challenges in the real estate market and broader economic conditions [1][2]. Financial Performance - The company achieved operating revenue of approximately 94.5 billion RMB, a decrease of 18.06% compared to the same period last year [2]. - Total profit for the period was a loss of approximately 3.59 billion RMB, a decline of 466.14% year-on-year [2]. - The net profit attributable to shareholders was approximately -3.51 billion RMB, down 1,772.40% from the previous year [2]. - The net cash flow from operating activities was approximately -2.48 billion RMB, an improvement of 52.48% compared to the previous year [2]. - As of June 30, 2025, the net assets attributable to shareholders were approximately 60.68 billion RMB, a decrease of 5.23% from the end of the previous year [2]. Industry Overview - The company operates primarily in real estate and infrastructure, with a strong presence in both domestic and international markets [3][4]. - In the real estate sector, the company reported a contract sales amount of 33.9 billion RMB, a year-on-year increase of 6.6% [4]. - The real estate market is experiencing a gradual recovery, supported by government policies aimed at stabilizing expectations and activating demand [4][5]. - The infrastructure sector is benefiting from national initiatives to strengthen infrastructure construction, with the company involved in various projects across over 20 countries [6][7]. Business Segments - The real estate segment remains the core business, with a diverse portfolio including residential and commercial properties [4]. - The infrastructure segment has a total project value of approximately 628.2 billion RMB, with a focus on both housing construction and infrastructure projects [6]. - The financial segment is evolving with a focus on supply chain finance, digital finance, and special opportunity investments [9][10]. Market Conditions - The overall real estate market is showing signs of recovery, but the pace is uneven across different regions, with lower-tier cities lagging behind [5][8]. - Infrastructure investment is maintaining steady growth, with a year-on-year increase of 4.6% in the first half of 2025 [8]. - The energy sector is also a key focus, with the company positioned as a coal supply platform in Shanghai, ensuring stable supply and cost control [12][13]. Strategic Initiatives - The company is actively pursuing new business opportunities in consumption, including trade, tourism, and automotive sectors, to diversify its revenue streams [15][19]. - The establishment of the Greenland Global Commodity Trade Port aims to enhance international trade and logistics capabilities [15]. - The company is leveraging its strengths in technology and design within the infrastructure sector to maintain a competitive edge [7].

| 五矿资本股份有限公司 | | | | --- | --- | --- | | 章 | 程 | | | （修订稿） | | | | 二○二五年 | | | | | 目 录 | | | 第一章 | 总则 | | | 第二章 | 经营宗旨和范围 | | | 第三章 | 股份 | | | 第一节 | 股份发行 | | | 第二节 | 股份增减和回购 | | | 第三节 | 股份转让 | | | 第四章 | 股东和股东会 | | | 第一节 | 股东的一般规定 | | | 第二节 | 控股股东和实际控制人 | | | 第三节 | 股东会的一般规定 | | | 第四节 | 股东会的召集 | | | 第五节 | 股东会的提案与通知 | | | 第六节 | 股东会的召开 | | | 第七节 | 股东会的表决和决议 | | | 第五章 | 董事和董事会 | | | 第一节 | 董事的一般规定 | | | 第二节 | 董事会 | | | 第三节 | 独立董事 | | | 第四节 | 董事会专门委员会 | | | 第六章 | 高级管理人员 | | | 第七章 | 公司党委 | | | 第八章 | 职工民主管理与劳动人事制度 | ...

Core Viewpoint - The document outlines the risk investment management system of Hengbao Co., Ltd., emphasizing the need for regulatory compliance, risk control, and protection of investor interests while detailing the procedures and principles governing risk investments [1][2]. Group 1: General Principles - The risk investment is defined as investments in securities, real estate, trust products, and other recognized investment behaviors, aimed at enhancing capital efficiency and generating returns [1]. - The company must adhere to national laws and regulations, prevent investment risks, and ensure that investments do not disrupt normal business operations [2]. - The funding for risk investments must come from the company's own funds, including capital, retained earnings, and operational liquidity, and cannot involve raised funds for securities trading [2][3]. Group 2: Decision-Making Authority - Risk investment decisions must follow legal approval processes as per stock listing rules and company regulations [3]. - The securities department is responsible for drafting investment proposals, which must include investment objectives, amounts, methods, and potential impacts on the company [3][4]. - The board of directors must ensure that internal control systems are in place and that investment risks are manageable [4]. Group 3: Management Control Procedures - The chairman of the board is the primary responsible person for risk investment management, overseeing agreements and contracts [5]. - The finance department manages the funds for risk investments, while the internal audit department conducts audits and reports on investment projects [5][6]. - The audit committee reviews investment risks and compliance with internal controls, reporting on projects that do not meet expected benefits [6][7]. Group 4: Securities Investment Guidelines - Securities investments must be conducted according to approved plans, ensuring risk prevention and secure fund operations [6]. - New stock subscriptions require designated personnel to manage the process and report outcomes to the chairman [6][7]. - Investments should focus on blue-chip stocks and avoid those with significant risks or governance issues [7]. Group 5: Information Disclosure - The company must fulfill its obligation to disclose risk investment activities in accordance with regulatory requirements [8]. - Regular reports should include details on the investment portfolio, including types, amounts, and performance [8][9]. - Financial departments are responsible for daily accounting of securities investments and ensuring compliance with accounting standards [9]. Group 6: Accountability and Compliance - The company will hold individuals accountable for unauthorized risk investment activities or violations of regulations [10]. - Accountability measures will be enforced for those who provide false information or fail to report significant losses [10]. - The company will adhere to relevant laws and regulations for any matters not covered in the investment management system [12].

集团的盈利主要归因于一项需透过损益按公允价值冲量之金融资产由上年同期约为1,310万港元的减值 转为约2,416万港元的增值。 格隆汇8月26日丨闽港控股(00181.HK)公布中期业绩，2025年上半年，公司收益为996.58万港元，同比 减少22.37%；公司股东应占期内盈利为1866.56万港元，上年同期亏损2125.26万港元；基本每股盈利为 1.63港仙。 ...

Group 1 - The private equity fund "Suzhou Kuanyu Equity Investment Fund Partnership" has been established with a total investment of approximately 22.43 billion yuan (224.29 billion) from 13 companies, including Tencent, which contributed about 9.96 billion yuan (99.59 million) [1][4][10] - Tencent holds a significant stake in the fund, accounting for approximately 44.4% of the total contributions, while other major contributors include Pando Commercial Management with about 4.78 billion yuan (47.80 million) and Sunshine Life Insurance with approximately 4.45 billion yuan (44.54 million) [1][10] - This fund is specifically set up for the acquisition of 48 Wanda Plaza properties, which was previously approved by the State Administration for Market Regulation [4][5][10] Group 2 - The establishment of the fund marks the preliminary completion of a major transaction valued at over 20 billion yuan (200 billion) [2][4] - The fund's total investment amount is significantly lower than the previously speculated 50 billion yuan (500 billion), which was expected to be composed of various financing sources including loans from major banks [11] - The core asset of Wanda is its Wanda Plaza, with a total of 513 plazas across the country, generating substantial rental income [14][13] Group 3 - In the first half of 2023, Wanda Commercial Management reported total rental income of approximately 26.32 billion yuan (263.2 million), with an average rental rate of about 100 yuan per square meter per month [14][17] - The average occupancy rate of Wanda Plazas has remained high, with rates of 97.76% to 98.67% over the past few years [14] - The company has been actively restructuring its assets, having sold nearly 100 Wanda Plazas and other assets in recent years, which has reduced the available assets for monetization [14][13]

报告期内，集团其他收入及其他收益及亏损约为950万港元，较2024年上半年增加约1330万港元。增加 主要由于本期间产生的汇兑收益所致。 格隆汇8月26日丨佳兆业资本(00936.HK)公布中期业绩，2025年上半年，公司收益为1.18亿港元，同比 增长5.88%；公司股东应占期内盈利为446.0万港元，同比增长5.09%；基本每股盈利为0.421港仙。 ...

智通财经APP讯，佳兆业资本(00936)发布截至2025年6月30日止六个月的中期业绩，持续经营业务收益 1.18亿港元，同比增加5.88%;期内溢利446万港元，同比增加5.09%;每股基本盈利0.421港仙。 ...

Core Viewpoint - Huaxi Holdings (01689) expects a significant reduction in losses for the six months ending June 30, 2025, projecting a loss of approximately HKD 2 million to 3 million, compared to a loss of about HKD 21 million for the same period last year [1] Financial Performance - The company anticipates a turnaround in financial performance due to the recovery of the Hong Kong and China securities markets, resulting in a shift from a fair value loss of HKD 10.97 million in the previous period to a fair value gain in the current period [1] - The environmental governance business has also improved, moving from a gross loss of HKD 7.48 million in the previous period to a gross profit in the current period, attributed to completed construction projects entering the settlement phase, eliminating additional maintenance costs [1]