Core Viewpoint - China Financial Investment Management (00605.HK) anticipates a significant increase in losses for the six months ending June 30, 2025, projecting a loss attributable to equity holders of approximately HKD 28 million to HKD 31 million, compared to a loss of about HKD 18.3 million in the same period last year [1] Financial Performance - The company reported a loss attributable to equity holders of approximately HKD 18.3 million for the previous year [1] - The projected loss for the upcoming period is expected to be between HKD 28 million and HKD 31 million, indicating a deterioration in financial performance [1] Reasons for Increased Losses - The primary reasons for the increase in losses include: - A decrease in revenue from financing operations in China and Hong Kong due to economic uncertainty [1] - The company is conducting its lending business under stricter credit controls, which has impacted revenue [1]

Group 1: Smart Investment Products - Hong Kong Stock Exchange has launched smart investment products that combine stocks, bonds, and gold in dynamic allocations [1] - High-growth combinations led by technology stocks, such as Tencent and Meituan, are configured at a 4:6 ratio, providing an average compound return of 12.3% for investors by mid-2025 [1] - The bond market is highlighted for its risk-averse attributes, with a national and corporate bond combination yielding an annualized return of 5.8% despite high interest rates [2] Group 2: Digital Innovations in Gold and Bonds - The introduction of tokenized gold products combines physical gold storage with blockchain technology, allowing investors to benefit from gold price fluctuations while redeeming physical gold [2] - Green bond combinations allocate 30% to infrastructure project bonds in the Greater Bay Area, aligning with ESG investment trends and benefiting from local government subsidies [2] Group 3: Dynamic Asset Allocation - Smart algorithms are reshaping asset allocation, with dynamic balance combinations adjusting stock, bond, and gold ratios in real-time [3] - A core-satellite strategy is recommended, using a stable combination as a base while pursuing excess returns through industry rotation combinations [3] - Alternative asset combinations allocate 15% to rare earth ETFs, complementing digital currency hedges for risk-tolerant investors [3] Group 4: Market Conditions and Strategies - Duration hedging combinations effectively mitigate interest rate volatility impacts on bond holdings by shorting long-term U.S. Treasury futures [4] - Inflation protection combinations maintain positive real returns in an environment where CPI has risen by 4.2% [4] - The Greater Bay Area exclusive combination has successfully executed seven event-driven arbitrage opportunities within the year [4]

Core Viewpoint - The company, Xinkong International Capital (00993.HK), is expected to report a net loss of approximately HKD 290 million to HKD 310 million for the six months ending June 30, 2025, compared to a net profit of about HKD 143 million in the previous period [1] Financial Performance - The anticipated net loss is primarily attributed to significant impairment losses recognized during the period, mainly due to a substantial decrease in the expected recoverable amount of a loan [1] - The company also recorded a net loss on financial assets measured at fair value through profit or loss during the current period [1] - In the previous period, the net profit was largely due to a significant reversal of impairment provisions related to the aforementioned loan, driven by an increase in the fair value of collateral [1] - Financial assets measured at fair value through profit or loss generated a net gain in the prior period [1]

Core Viewpoint - The company expects a net loss of HKD 290 million to HKD 310 million for the six months ending June 30, 2025, compared to a net profit of approximately HKD 143 million for the six months ending June 30, 2024 [1] Financial Performance - The anticipated net loss is primarily due to significant impairment losses recognized during the period, mainly attributed to a substantial decrease in the expected recoverable amount of a loan [1] - The company also reported a net loss from financial assets measured at fair value through profit or loss during the current period [1] - In the previous period, the net profit was largely due to a significant reversal of impairment provisions on the aforementioned loan, driven by an increase in the fair value of collateral [1]

Core Viewpoint - Baida International (02668) experienced a decline of 5.63% in stock price, trading at HKD 0.335 per share with a transaction volume of HKD 7.0655 million as of 10:48 AM on August 19 [1] Group 1: Company Overview - Baida International Limited (2668.HK) is primarily engaged in supply chain management, hotel and catering services, property investment, and diversified businesses including leasing, lending, and securities investment [1] - Since its listing on the Hong Kong Stock Exchange in 2001, the company has expanded its revenue sources and enhanced its overall competitiveness through a diversified business model [1] Group 2: Financial Performance - As of the 2024 annual report, Baida International reported total revenue of HKD 625 million and a net loss of HKD 212 million [2]

Core Insights - The main business segments of the company include pharmaceuticals and healthcare, financial investment, supply chain services, and energy development, with steel products being the core revenue driver, accounting for 40.89% of total revenue [2] - The company has shown a significant increase in net profit over the years, achieving a net profit of 2.10 billion yuan in 2024, representing a cumulative growth of 378.84% since its listing in 1996 [2] - Despite the long-term growth in net profit, the company has experienced a decline in revenue, with a drop from 16.945 billion yuan in 2020 to 11.289 billion yuan in 2024 [2] - The company's market capitalization has increased 23.01 times since its listing, indicating long-term investment value, although it has seen a significant decrease from its peak market value of 59.305 billion yuan in 2007 to 19.351 billion yuan as of August 18, resulting in a market value loss of 67.37% [4] Financial Performance - The company has not reported any annual losses since its listing, with 13 years of net profit growth, representing 48.15% of the years since 1996 [2] - The net profit has seen a drastic decline from 2.771 billion yuan in 2020 to 210 million yuan in 2024, indicating a significant drop in profitability [2] - The revenue has shown a fluctuating downward trend in recent years, with the latest figures indicating a decrease in overall sales [2] Market Capitalization - The company’s market value peaked at 59.305 billion yuan in October 2007, with a corresponding stock price of 66.1 yuan [4] - As of August 18, the stock price was recorded at 12.65 yuan, reflecting a substantial decrease in market capitalization compared to its peak [4] - The overall market capitalization has decreased by 399.55 billion yuan from its peak, highlighting the volatility and challenges faced by the company in the market [4]

Group 1 - Gold prices are currently fluctuating around $3333 per ounce, with market focus on geopolitical tensions and upcoming events such as the Jackson Hole central bank conference [1] - Recent U.S. economic data, including stronger-than-expected July PPI and retail sales, has reduced expectations for a 50 basis point rate cut in September, impacting gold prices [1] - Gold prices fell 1.8% last week, marking the largest weekly decline since late June, closing at $3335.90 per ounce [1] Group 2 - Ukrainian President Zelensky is under pressure to reach a peace agreement during his meeting with U.S. President Trump, with support from European leaders [3] - The meeting aims to avoid past conflicts and ensure Ukraine's interests are maintained, as Zelensky refuses to accept harsh conditions from Putin [3] - The European leaders' meeting prior to the talks is intended to strengthen Ukraine's negotiating position and push for robust security guarantees [3] Group 3 - Current gold prices are consolidating within the $3250-$3400 range, with $3330 acting as a solid support level [4] - ETF demand for gold has risen to a two-year high of 2878 tons, indicating sustained long-term bullish sentiment in the market [4] - A failure to reach new highs in gold prices by October-November may lead to a decline towards the 200-day moving average, approximately $2964 [4]

（股份代號：139） 有關可能投資一間公司之諒解備忘錄 小魚盈通控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」） 會（「董事會」）宣佈，於二零二五年八月十八日，本公司與浙江出海數字技術有限 公司（「目標公司」）訂立諒解備忘錄（「諒解備忘錄」）。諒解備忘錄之主要條款載 列如下。 諒解備忘錄 日期： 二零二五年八月十八日 訂約方： 本公司 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告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （前稱 Central Wealth Group Holdings Limited 中達集團控股有限公司） （於百慕達註冊成立之有限公司） 目標公司 目標公司為一間於中華人民共和國（「中國」）註冊成立之有限責任公司。經董事會 作出一切合理查詢後所深知、盡悉及確信，目標公司及其最終實益擁有人均為獨 立第三方。 諒解備忘錄之主要條款 待簽訂正式協議後，本公司（或其指定實體）擬對目標公司進行投資（包括但不限 於收購目標公司股權）。 於簽訂諒解備忘錄後，本 ...

公告称，预期净亏损减少主要是由于以下各项的综合影响(i)2025年中期集团的的毛利相较2024年中期的 约1090万港元有所增加;(ii)2024年中期确认的按公平价值计入损益的金融资产的公平价值净亏损约340万 港元转为2025年中期的按公平价值计入损益的金融资产的公平价值净收益;(iii)由于集团于2025年中期实 施成本控制及提效措施，集团于2025年中期产生的行政开支金额较2024年中期的约1830万港元有所减 少;及(iv)2024年中期确认应收贷款及利息减值亏损拨备拨回约80万港元转为2025年中期的应收贷款及利 息减值亏损拨备。前述集团于2025年中期取得按公平价值计入损益的金融资产的公平价值净收益及应收 贷款及利息减值亏损拨备为非现金项目及对集团现金流量及经营业务并无即时影响。 汇财金融投资(08018)公布，该集团预期2025年上半年净亏损减少不少于20%，2024年净亏损约990万港 元。 ...

Core Viewpoint - Baida International (02668) experienced a 6.25% increase in stock price, reaching HKD 0.34 per share with a trading volume of HKD 10.0477 million as of 13:33 on August 18 [1] Group 1: Company Overview - Baida International Limited (2668.HK) is primarily engaged in supply chain management, hotel and catering services, property investment, and diversified businesses including leasing, lending, and securities investment [1] - The company has expanded its revenue sources and enhanced its overall competitiveness through a diversified business model since its listing on the Hong Kong Stock Exchange in 2001 [1] Group 2: Financial Performance - As of the 2024 annual report, Baida International reported total revenue of HKD 625 million and a net loss of HKD 212 million [2]