与2024年同期相比，本报告期间由盈转亏主要是由于： (a)预期集团的投资物业于2025年6月30日取得重估公平值亏损约8700万港元至9100万港元，而集团于 2024年6月30日则取得投资物业公平值收益约7900万港元; 由于受香港房地产市场持续低迷影响，导致集团及其联营公司的投资物业(主要由商业物业所组成)的评 估价值下跌。尽管存在上述情况，由于重估公平值收益╱亏损属非现金性质，而且集团持有的投资物业 及于联营公司的投资乃长期投资项目以获取稳定及经常性租金收入及投资回报，故此将不会对集团的营 运现金流产生重大影响，集团整体财务及业务状况维持稳健。 长城环亚控股(00583)发布公告，集团预期截至2025年6月30日止六个月将取得未经审核股东应占综合亏 损约2.66亿港元至2.94亿港元连同未经审核基本每股亏损介于约16.97港仙至18.76港仙，而截至2024年6 月30日止六个月的未经审核股东应占综合盈利为452万港元及未经审核基本每股盈利0.29港仙。 (b)预期集团于本报告期间分占一家联营公司亏损约6900万港元至7200万港元，而集团于截至2024年6月 30日止六个月期间取得分占一家联营公司盈 ...

1st HALF OF 2025 AGEN A FINAL REMARKS 01 BUSINESS ENVIRONMENT 03 LIQUIDITY MANAGEMENT 04 DIVIDENDS 02 1H25 EARNINGS 05 06 Q&A SESSION 01 BUSINESS ENVIRONMENT MACROECONOMIC SCENARIO 01 2024 2025e² Brazilian GDP¹ 3.4% (▲ 0.2 p.p. vs. 2023) Selic¹ 12.25% p.y. (▲0.5 p.p. vs. 2023) 2.2% 15.00% p.y. 5.2% (▲0.4 p.p. vs. 2024) (▲2.75 p.p. vs. 2024) (▼1.2 p.p. vs. 2024) 2026e² 1.5% 12.75% p.y. 4.4% (▼0.8 p.p. vs. 2025e) (▼2.25 p.p. vs. 2025e) (▼0.6 p.p. vs. 2025e) (1) IBGE. (2) Itaú BBA's projections (Jul/2025). IPC ...

"世界上最著名的投资者"正在放下指挥棒。今年5月，巴菲特宣布将在年底正式卸任CEO，由副董事长格雷格·阿贝尔（Greg Abel）接任，巴菲特转任董事会 主席。尽管有了"股神"亲自选定的接班人，但"没有巴菲特的伯克希尔"仍在重新被定价。自宣布卸任以来，该公司股价从80.93万美元跌至70万美元左右， 累计下跌达到16%。更令投资者"扎心"的是，同期标普500指数持续上涨达11%。 "巴菲特溢价"消退 当地时间周三，伯克希尔哈撒韦公司股价收于703115美元，相较于5月巴菲特宣布卸任时跌约16%。有分析指出，伯克希尔股价疲软反映了投资者对"巴菲特 溢价"消退等多重因素的担忧。 今年5月，在2025年伯克希尔哈撒韦股东大会临近尾声时，巴菲特宣布了一项重要决定——他计划在年底退休，将提请董事会批准格雷格·阿贝尔正式接任 CEO职位。届时，巴菲特将结束其在伯克希尔长达60年的领导生涯。 在其投资生涯中，经典案例众多。例如，在1999年互联网泡沫巅峰时，他坚守 "不赚自己能力范围以外的钱" 的原则，拒绝投资不熟悉的科技股，成功逃 顶。2008年全球金融危机期间，他在市场一片悲观时抄底，大量买入星座能源、高盛等公司股份， ...

Core Viewpoint - The acquisition involves the Fujian Longyan Municipal Government's State-owned Assets Supervision and Administration Commission transferring its stakes in three companies to the Longyan Investment Development Group, enabling the group to indirectly control 49.55% of Longyan Kaolin Co., Ltd. [1][21] Group 1: Acquisition Details - The acquirer will obtain 51.04% of the Longyan Investment Development Group, 39% of the Longyan Cultural Tourism Huijin Development Group, and 20% of the Longyan Transportation Development Group [1][24] - The acquisition will not involve cash transactions or securities payments, focusing instead on equity transfers [12][24] - The acquisition will not change the direct controlling shareholder or the actual controller of Longyan Kaolin Co., Ltd., which will remain the Longyan Investment Development Group and the Longyan Municipal Government's State-owned Assets Supervision and Administration Commission, respectively [21][24] Group 2: Financial Advisor's Role - The financial advisor, Industrial Securities Co., Ltd., has conducted due diligence and confirmed that the acquisition complies with relevant laws and regulations [5][6] - The financial advisor has verified that the acquirer has provided all necessary documentation and that the information is accurate and complete [2][7] - The financial advisor will continue to oversee the acquirer's compliance with legal obligations and corporate governance standards post-acquisition [13][25] Group 3: Future Plans and Stability - The acquirer has no immediate plans to change the main business operations of Longyan Kaolin Co., Ltd. after the acquisition [26] - There are no plans for significant asset disposals, mergers, or restructuring within the next 12 months [26] - The acquirer will not propose changes to the board of directors or senior management of Longyan Kaolin Co., Ltd. unless necessary, and will adhere to legal procedures for any future changes [27]

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，並表明不會就因本公告全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 綠科科技國際有限公司 GREENTECH TECHNOLOGY INTERNATIONAL LIMITED （於開曼群島註冊成立之有限公司） （股份代號：00195） 復牌進展之季度最新資料 本公告乃由綠科科技國際有限公司（「本公司」，連同其附屬公司，統稱「本集 團」）根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第 13.09(2)(a)條及第13.49(6)條以及香港法例第571章證券及期貨條例第XIVA部 項下之內幕消息條文（定義見上市規則）作出。 1 茲提述本公司日期為二零二四年八月三十日、二零二四年九月三十日、二零 二四年十月十日、二零二四年十一月二十一日、二零二四年十二月二日、二零 二五年二月二十八日、二零二五年三月三十一日及二零二五年四月二十四日 的公告（統稱為「該等公告」），內容有關（其中包括）延遲刊發本集團截至二零 二四年六月三十日止六個月的中期業績（「中期業績」）、暫 ...

Core Viewpoint - The article discusses the phenomenon of companies using compelling narratives to mask underlying weaknesses in their business models, particularly in the context of capital markets. It highlights the risks of investing based on attractive stories rather than solid data, emphasizing the need for critical evaluation of such narratives [1][4]. Group 1: Identifying Narrative Traps - Companies with significant market value anxiety and sluggish core growth are more likely to use storytelling to compensate for their realities, which can be seen as either a strategic offensive or a desperate self-rescue [4]. - A common tactic is to repackage outdated projects as new strategic initiatives, misleading investors into believing in a genuine transformation when it is merely a rebranding of old assets [5]. - The article warns against projects that prioritize narrative over actual funding and resource allocation, as these often lead to unmet expectations and project delays [6]. Group 2: Evaluating Strategic Intent - The lack of genuine resource synergy in asset acquisitions can indicate a "拼盘式重组" (拼盘式整合), where companies combine unrelated assets without a coherent strategy, leading to high failure rates in integration [7]. - Some projects that appear to be strategic expansions may actually be efforts by controlling shareholders to revitalize resources and reduce financial risks, rather than building core competencies [8]. - The article suggests that effective narratives should be grounded in realistic execution capabilities and industry trends, rather than superficial market buzzwords [8][9]. Group 3: Critical Questions for Investors - Investors are encouraged to ask three critical questions when evaluating new announcements from companies: Is the core business logic clear? Are resources adequately aligned? Is the funding arrangement comprehensive? [9]

Group 1 - The core idea of the article emphasizes that mergers and acquisitions (M&A) are not impulsive transactions but rather strategic moves that can reshape a company's fate and valuation logic [1][4] - Companies across various sectors, including renewable energy, internet, and traditional manufacturing, are increasingly focusing on M&A as a means to gain competitive advantage and reshape industry dynamics [1][4] - The article highlights that successful M&A requires a clear strategic vision, as unclear strategies can hinder the ability to engage with target companies [5][6] Group 2 - The negotiation phase of M&A is characterized by psychological dynamics and power plays, where the focus is not solely on price but on control and influence [6][7] - Due diligence is a critical phase that assesses the true value of a transaction, identifying financial, tax, and compliance risks that could impact the deal [8][9] - The signing of an M&A agreement is just the beginning, as various conditions must be met for the deal to be valid, including board approvals and regulatory compliance [10][11] Group 3 - The integration phase post-acquisition is often where many deals fail, as cultural clashes and operational challenges can arise quickly [11][12] - A case study illustrates that even successful negotiations can lead to complications during integration, emphasizing the importance of aligning corporate cultures and operational processes [13][14] - The article concludes that M&A is a complex process that requires careful management of each phase to ensure long-term success and value creation [14][17]

Core Insights - The article emphasizes the importance of storytelling in capital markets, suggesting that a compelling narrative can be more valuable than a good product when traditional metrics like PE ratios fail [1][12] - The concept of "Market Dream Rate" (市梦率) emerges as a new dimension for evaluating investments, driven by capital expectations and the ability to tell a convincing story [1][12] Group 1: Market Dream Rate - "Market Dream Rate" reflects the pricing logic driven by future expectations, where the ability to narrate a story effectively can lead to market favor [1][4] - The phenomenon is illustrated through a case of a solar inverter company that, despite stagnant performance, saw its stock price surge after announcing ambitious plans in satellite internet and energy IoT, showcasing the power of "dream premium" [4][12] Group 2: Key Variables of Market Dream Rate - Three core variables underpinning "Market Dream Rate" are identified: completeness of the story, verifiability of the path, and capital participation [4][5] - Completeness involves presenting a comprehensive narrative that answers why the company can succeed and how it stands out from competitors [5] - Verifiability emphasizes the need for credible stories, as unsupported claims can lead to failed investments and regulatory scrutiny [5][10] - Capital participation highlights the necessity of having a clear path for capital entry and exit, ensuring that the story is not just theoretical [5] Group 3: Storytelling Techniques - Common techniques for crafting compelling narratives include borrowing concepts from trending topics, creating unique labels through certifications, and establishing credible team backgrounds [6][7] - Clear pathways for future financing and growth milestones are essential to assure investors of potential returns [8] - Leaving hints or open-ended information can stimulate investor imagination and interest [9] Group 4: Regulatory Considerations - The article notes that regulatory bodies are increasingly vigilant about the storytelling phenomenon in capital markets, emphasizing that narratives must align with fundamental realities and avoid deceptive packaging [10] - Compliance in storytelling is portrayed as both an art and a technical skill, essential for maintaining credibility [10] Group 5: Future Outlook - The article raises questions about the sustainability of "Market Dream Rate" in a future characterized by stricter regulations and more discerning investors, suggesting that the ability to tell a credible story will become a competitive advantage [13]

Core Insights - The rise of AI models and industry chain restructuring is triggering a new wave of mergers and acquisitions (M&A) in the capital market, with over 120 major asset restructuring announcements in the A-share market in the first three quarters of 2024, 40% of which emphasize "short-term synergy" expectations [1][6] - Synergy effects are increasingly recognized as a critical variable in capital operations, moving beyond mere numbers on a presentation to become a key factor in determining market value [1][6] Group 1: Synergy Definition and Importance - Synergy is described as the expectation that the combined value of two companies will be greater than the sum of their individual values, exemplified by improved procurement negotiations and market coverage through strategic acquisitions [6] - Successful realization of synergy can lead to significant improvements in financial reports and higher market valuations, but achieving this is often challenging in practice [6][7] Group 2: Challenges in Achieving Synergy - Three main challenges are identified: time lag between synergy realization and investor expectations, cultural mismatches between merging companies, and incentive misalignments among existing teams [7] - A case study illustrates that a well-structured "lightning synergy" mechanism can lead to significant cost savings and stock price increases shortly after an acquisition [7][8] Group 3: Trends in M&A Strategy - There is a growing trend for acquirers to leverage "synergy IP" to create value anchors, such as using "channel integration" as a market theme and establishing "quarterly synergy KPIs" for investor tracking [8][9] - The concept of "AI synergy" is emerging, where AI models can quickly analyze user behavior data to design effective marketing strategies, significantly enhancing synergy realization [9][10] Group 4: The Role of Brand Assets - Brand asset synergy is highlighted as a crucial area, particularly in consumer-facing industries, where brand perception can drive significant value beyond financial integration [10][12] - The importance of storytelling in M&A is emphasized, as effective communication of synergy can enhance market perception and investor confidence [9][10] Group 5: Final Thoughts on M&A and Synergy - The ultimate measure of successful synergy lies in its impact on profit margins and stock price responses, prompting a reevaluation of the true purpose of M&A—whether for short-term gains or long-term industry advancement [12]

Core Insights - The ability to tell a compelling story has become a crucial factor in determining a company's valuation in the capital market, shifting from traditional financial roles to brand directors who can effectively communicate value [1][4][10] - Companies with similar technologies and financial performances can have vastly different price-to-earnings ratios, highlighting the importance of "communication power" in valuation [4][10] - The narrative around a company's future potential is now a key driver of investor interest and valuation, necessitating a shift in how companies present their stories to the market [10][11] Group 1: The Role of Storytelling - Storytelling is not merely about embellishing facts; it involves structuring complex future values in a way that is understandable to the public [5][15] - Brand directors are evolving from traditional roles into "valuation strategists," responsible for crafting narratives that resonate with investors and the market [6][8] - Effective storytelling requires collaboration across various departments, ensuring that narratives are backed by strategic clarity, financial data, and market validation [12][13] Group 2: Market Dynamics and Trends - The shift in valuation methods from static financial models to expectation-driven approaches reflects the changing landscape of capital markets [10] - The democratization of information through various platforms means companies must adopt multi-faceted storytelling strategies to engage investors [10][11] - Companies that successfully articulate their narratives are more likely to influence policy and gain competitive advantages in sectors like AI, biotechnology, and renewable energy [10][11] Group 3: Future Implications - The emergence of a "Chief Storytelling Officer" role in corporate governance may become essential as storytelling is recognized as a core competency in capital markets [16][17] - The ability to effectively communicate a company's value proposition can significantly impact its market perception and valuation, especially in uncertain economic times [16][17] - Companies that fail to articulate their stories risk being undervalued, emphasizing the need for strategic communication in capital operations [17]