期内，保持宽频市场的领导地位，光纤入屋连接总数增加百分之四至108.6万条；逐步升级至最新光纤 服务，推动2500M客户基础扩大百分之九十三；5G客户基础增长百分之二十至209.6万；连同较高的漫 游收益，带动流动通讯服务收益增长百分之五；企业业务进一步扩展，于2025年实现百分之八的收益增 长；并获得总额逾港币50亿元的新项目订单，支持未来业务增长。 2025年度，股份合订单位持有人应占溢利增加百分之四至港币52.86亿元；每个股份合订单位基本盈利 为港币69.76分；及每个股份合订单位的末期分派为港币47.97分，因此全年总分派为港币81.77分，相当 于全数分派本年度的经调整资金流。 格隆汇2月9日丨香港电讯-SS(06823.HK)公布，截至2025年12月31日止年度，集团于多项关键财务指标 均录得增长，总收益增长百分之五至港币365.53亿元，EBITDA上升百分之四至港币142.34亿元，而最 重要的是，经调整资金流亦增加百分之四至港币61.99亿元。此出色表现有赖集团核心业务的持续增长 动力、严格的成本效益，以及审慎的资本管理。 ...

Core Viewpoint - Guosheng Securities has initiated coverage of First Pacific (0142.HK) with a "Buy" rating, highlighting the company's strong growth resilience and synergy through diversified operations in the Asia-Pacific region [1][2]. Business Overview - First Pacific operates in four main sectors: consumer food, telecommunications, infrastructure, and natural resources, maintaining a solid competitive position in Southeast Asian markets such as Indonesia and the Philippines [1]. - The consumer food segment is the core business, with Indofood Group leading in instant noodles and flour markets in Indonesia [1]. - The infrastructure business, led by MPIC, covers various sectors including power, toll roads, water, and healthcare, showing positive growth trends in recent years [1]. - The telecommunications segment is supported by PLDT, a leading operator in the Philippines, with steady development in mobile communication, broadband services, data centers, and digital finance [1]. - The natural resources segment currently contributes less but has growth potential with the upcoming production from the new Silangan mine [1]. Financial Performance - For 2024, First Pacific is projected to achieve a revenue of $10.057 billion and a net profit attributable to shareholders of $600 million, representing a year-on-year growth of 19.77% [1]. - Guosheng Securities forecasts net profits for 2025, 2026, and 2027 to reach $649 million, $708 million, and $767 million respectively, with an average annual growth rate of over 8% [1]. Investment Outlook - The combination of a robust business structure, sustainable profit growth, and attractive valuation has led Guosheng Securities to issue a "Buy" rating, indicating confidence in First Pacific's long-term development value in the Asia-Pacific livelihood sector [2].

Group 1 - China Mobile (00941) plans to acquire approximately 14.44% stake in Hong Kong Broadband (01310) for about HKD 1.08 billion, increasing its total holding to 29.9% [1] - This acquisition is expected to enhance China Mobile's competitiveness in the high-profit broadband market, alongside the expansion of its enterprise and residential services [1] - The expansion of the fiber backbone network will support China Mobile's cross-border cloud services and AI initiatives, positioning Hong Kong as a future international computing hub [1] Group 2 - CICC maintains a "Buy" rating on China Mobile with a target price of HKD 88.3 [1]

Core Insights - Hong Kong Telecommunications-SS (06823.HK) has expanded its leading position in the broadband market, with fiber-to-home connections increasing by 3% to 1.055 million [1] - The user base for 2.5G services has grown by 141%, while 5G customer base increased by 21% to 1.894 million [1] - Mobile communication service revenue rose by 5% due to higher roaming income, and enterprise business revenue grew by 11%, securing over HKD 2.2 billion in new project orders in the first half of 2025 [1] Financial Performance - Total revenue increased by 4% to HKD 17.322 billion, while total revenue excluding mobile communication product sales also rose by 4% to HKD 16.311 billion [1] - EBITDA grew by over 3% to HKD 6.380 billion, driven by the application of artificial intelligence to enhance workflow efficiency and optimize costs [1] - Adjusted cash flow increased by 3% to HKD 2.562 billion, and profit attributable to shareholders rose by 4% to HKD 2.070 billion [1] - Basic earnings per share were HKD 0.2732, with an interim dividend of HKD 0.3380 per share [1]