Financial Data and Key Metrics Changes - Adjusted revenue increased by 3.8% to HKD 110 billion, with adjusted cash profit at HKD 266 million, primarily driven by property development [4][8] - Adjusted revenue from property development grew by 5.3% to approximately HKD 7.2 billion compared to HKD 6.8 billion last year [4][28] - Total bank loans and notes decreased by HKD 2.2 billion, and the net adjusted gearing ratio dropped by 1.2 points to 67.6% [9][19] Business Line Data and Key Metrics Changes - Hotel revenue was HKD 2 billion, reflecting a growth of 2.3% year-on-year [6][51] - Gaming revenue increased by 1.6% to approximately HKD 400 million, indicating stability in recurring income [8][51] - Revenue from car parks decreased by 2.6%, attributed to the phasing out of underperforming contracts [55][56] Market Data and Key Metrics Changes - The total accumulated attributable pre-sale value and unbooked contracted sales reached approximately HKD 8.9 billion [4][17] - The gross margin improved to 31.8% from 31% last year, particularly in the car park business [18][19] - The average selling price in Manchester increased by 35%, reflecting a strong market demand [40] Company Strategy and Development Direction - The company aims to accelerate project completion to enable early revenue recognition and optimize cash flow [26][47] - A robust development pipeline of around HKD 61 billion is expected to support sustainable growth over the next six to eight years [26][47] - The company is focusing on inventory monetization and asset disposal to reduce debt levels [65][66] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the property market, indicating that they believe it has bottomed out [76] - The company plans to maintain a conservative approach to lower the gearing ratio while exploring new project opportunities [71][76] - Future cash flow visibility is supported by both property development projects and recurring income businesses [66] Other Important Information - The company has completed several significant property projects, including Aspen in Canary Wharf and Huon Hole in Singapore, contributing to revenue [4][30] - The company has entered into contracts for the sale of non-core assets, including a car park in Manchester and a hotel asset in North London [14][15] Q&A Session Summary Question: When will the dividend be restored? - Management indicated that due to market uncertainties and impairments, they are being conservative and have not yet decided on dividend payments [75][76] Question: How much of the HKD 8.9 billion pre-sale will be recognized in FY 2026 and FY 2027? - Approximately HKD 11 billion is expected to be recognized in FY 2026, with the remaining to be recognized in FY 2027 [79][80] Question: What is the company's stance on perpetual bonds given recent market events? - Management stated that they have not yet had internal discussions regarding the high coupon of perpetual bonds and will provide updates in due course [82][83] Question: What challenges does the company face in expanding its hotel portfolio? - Management acknowledged competition from global hotel groups and emphasized the importance of consistency in service and brand quality [84][88]

Group 1: Investment Opportunities in Heilongjiang - Heilongjiang Province has seen a significant increase in foreign investment, with actual utilization of foreign capital growing at a rate 30.6 percentage points higher than the national average in 2024 [1] - Over 10,000 foreign enterprises from 116 countries and regions are currently operating in Heilongjiang, indicating a robust investment environment [1] - The province is focusing on developing a comprehensive ice and snow economy, integrating sports, tourism, equipment, and culture to enhance economic effects [1] Group 2: Agricultural Development - Heilongjiang is a major agricultural hub, contributing to one out of every nine bowls of rice consumed in China, with the highest total grain output and organic food certification area in the country [2] - Nestlé aims to collaborate with local agricultural enterprises and farmers in Heilongjiang to promote regenerative agriculture, focusing on sustainable practices [2] - Companies like CNH Industrial are increasing investments in Heilongjiang, particularly in high-end agricultural machinery, aligning with the province's goals for advanced agricultural development [2] Group 3: Industrial and Technological Advancements - The province has a comprehensive industrial system, including equipment, energy, petrochemicals, food, pharmaceuticals, metallurgy, and building materials, with a strong emphasis on technological collaboration [2] - Volvo's Daqing plant is recognized as one of the most advanced manufacturing bases globally, contributing to the growth of the high-end automotive industry cluster in Daqing [3] - The government is actively improving the business environment to attract foreign investment, implementing policies to streamline project approvals and enhance operational efficiency for enterprises [3] Group 4: Government Support and Collaboration - The Heilongjiang government prioritizes support for foreign enterprises, aiming to create a favorable investment climate and promote the "Investment in Heilongjiang" brand [3] - The province encourages collaboration in tourism resource development, hotel construction, and smart tourism, as well as in organizing ice and snow events and athlete training [1][3] - The government’s commitment to cross-departmental and cross-regional service initiatives is seen as crucial for fostering a supportive environment for businesses [3]

Group 1 - The core issue in the real estate market is the imbalance between supply and demand, with excessive land and housing supply leading to declining prices [1][2] - The government is initiating large-scale land and housing purchases to stabilize the market, with a total planned land acquisition scale reaching 391.8 billion yuan and involving 171 cities [2][3] - The land acquisition process has accelerated significantly, with a 48-fold increase in planned land acquisition scale over the past four months [2][3] Group 2 - The majority of land acquisitions are focused on third and fourth-tier cities, which account for 84% of the total planned acquisition area [2][3] - The acquisition strategy includes both unsold housing and idle land, aiming to reduce inventory effectively [2][3] - The data indicates that the planned land acquisition for January to April 2023 is expected to accelerate the inventory reduction in the real estate market by 54% by 2025 [3][4] Group 3 - The largest planned land acquisition is in Zhengzhou, with 273 hectares, while Xi'an has the highest acquisition amount at 12.56 billion yuan [3] - The land acquisition is seen as a direct method to eliminate inventory, with the potential to restore supply-demand balance in the housing market [4] - The government's approach is viewed as a significant and sincere effort to stabilize the market, contrasting with previous measures that only provided temporary relief [4]

Financial Data and Key Metrics Changes - The company reported a nearly $250 million increase in cash flow year-on-year, reaching almost $300 million for IAC's businesses [19] - ANGI's EBITDA was significantly reduced from approximately $260 million to $35 million, while capital expenditures increased to $115 million [9] - Dotdash Meredith's digital revenue growth was reported at 10%, exceeding previous forecasts [44] Business Line Data and Key Metrics Changes - ANGI has seen improvements in product quality and cash flow, with expectations for real revenue growth in the upcoming year [12][20] - Dotdash Meredith experienced a traffic increase of about 8%, with performance marketing growing by 22% [13][44] - Care.com has two main business lines: consumer and enterprise, with the enterprise segment expected to continue growing due to increasing employer support for care needs [88] Market Data and Key Metrics Changes - The advertising market showed signs of recovery, with many advertisers returning to premium and programmatic markets in mid-November [44] - The company expects mid-single-digit traffic growth for the year and mid-single-digit monetization growth in digital advertising [46] Company Strategy and Development Direction - The company is focused on spinning off ANGI to allow it to operate independently, with confidence in its management team [54][56] - There is a strategic emphasis on improving customer experience and operational efficiency, particularly in ANGI and Dotdash Meredith [20][70] - The company plans to invest in its core businesses while also exploring new opportunities for growth [79] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to growth in 2026, despite short-term disruptions due to regulatory changes [35][39] - The company is optimistic about the competitive positioning of ANGI and Dotdash, with expectations for improved customer experiences and operational efficiencies [36][70] Other Important Information - The company is not planning to issue dividends from ANGI at the time of the spin-off, maintaining a cash balance of $416 million and $500 million in bonds [30] - Corporate costs are expected to be elevated in 2025 due to non-recurring expenses related to the ANGI spin-off and other legacy matters [92] Q&A Session Summary Question: Could you talk about your motivations for moving to ANGI with the spin? - Joey Levin mentioned both personal and professional motivations, highlighting the asymmetrical upside potential of ANGI [26] Question: What gives you confidence in trends improving through the year despite the Q1 guide coming in below expectations? - Jeff Kip discussed the implementation of Consumer Choice and positive customer feedback, indicating a strong long-term competitive position [32][35] Question: Can you talk through the next steps in the spin process and if IAC is planning to take any cash from ANGI? - Christopher Halpin outlined the registration statement filed and the focus on a seamless transition, confirming no dividends will be issued [30] Question: What are the drivers of Dotdash Meredith's 4Q revenue and EBITDA? - Christopher Halpin explained sluggish consumer traffic and advertiser spend prior to the U.S. election, with a recovery noted in November [42] Question: How should we think about capital allocation post-ANGI spin? - Barry Diller emphasized a balance between investing in current businesses and returning capital to shareholders, indicating a clean slate for new opportunities [79] Question: What are your plans to transition to focus on top of funnel and drive more engagement at Meredith? - Christopher Halpin discussed strategies for enhancing direct consumer relationships and leveraging premium content to drive traffic and revenue [80]