智通财经APP获悉，摩根士丹利发布研报称，据报长和(00001)计划最早于明年上半年分拆旗下零售业务 屈臣氏集团，于中国香港及英国双重上市，料集资约20亿美元。目前长和零售业务在全球31个市场有 1.7万间门店，今年上半年所产生的EBITDA约10亿美元，同比增长12.5%。该行指，目前市场对长和未 上市的业务，包括港口、零售及电信业务的隐含估值为零，上市或出售资产有望释放价值;预期集团股 价未来60日升幅将跑赢大市，现予目标价61港元及"增持"评级。 ...

Core Viewpoint - The company reported a mixed performance for the first half of 2025, with a basic profit of HKD 11.32 billion, up 11% year-on-year, but a 9% decline in EBITDA, indicating increased cost pressures and external challenges [2][3]. Financial Performance - Total revenue reached HKD 240.66 billion, reflecting a 3% year-on-year increase [2]. - Retail business (primarily Watsons) grew by 8%, port business by 9%, while infrastructure and telecommunications grew by 6% and 5%, respectively [3]. - The financial and investment segment saw a 10% decline, negatively impacting overall performance [3]. - A significant one-time loss related to the UK telecommunications merger led to a substantial drop in EBITDA [3][6]. Strategic Developments - The merger with Vodafone, completed on May 31, is expected to generate significant long-term benefits, including a commitment to invest GBP 11 billion in a 5G network over the next decade [3][4]. - The merger is projected to yield GBP 700 million in annual cost and capital expenditure synergies by the fifth year post-merger [4]. Port Business Update - The company is in discussions regarding the sale of its overseas port business, which has attracted attention from multiple countries [8][9]. - The transaction involves regulatory scrutiny from China, the US, the UK, and Europe, necessitating changes in the consortium structure to facilitate approval [9][11]. - The port business generated revenue of HKD 23.60 billion, a 9% increase, driven by growth in throughput at key ports [12]. Operational Insights - The company’s throughput increased by 4% to 44 million TEUs, with local and transshipment cargo remaining stable at 65% and 35%, respectively [12]. - Despite challenges in global trade and geopolitical risks, the port business is expected to maintain profitability growth in the second half of the year [12].