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，並明確表示概不就因本公告全部或 任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Link Holdings Limited 華 星 控 股 有 限 公 司* （於開曼群島註冊成立之有限公司） （股份代號：8237） 有關實施行動計劃以解決不發表意見之季度更新 茲提述(i)華星控股有限公司（「本公司」）於二零二五年四月七日刊發之截至二零二 四年十二月三十一日止財政年度之年報（「二零二四年年報」）；(ii)本公司日期為二 零二五年七月三十日及二零二五年十月三十一日的公告，內容有關（ 其中包括 ）實 施 行動 計劃 以 解決 不發 表意 見 之季 度更 新 ；及 (iii) 本 公司 日期 為 二零 二四 年 十二 月十二日、二零二五年八月五日、二零二五年九月五日及二零二五年十月三十一 日的公告，內容有關（ 其中包括 ）違反經修訂及重列融資協議以及Silverine 提交申 請委任其共同及各別清盤人（ 統稱「該等公告」）。除 ...

Group 1 - The core view of the report is that Swire Properties (01972) is expected to see a 21% year-on-year increase in shareholders' attributable and a 5% decrease in recurring underlying profit for 2025 [1] - The company is anticipated to show stable and improving operational performance in the second half of 2025 compared to the first half, with the execution speed of its capital recycling plan exceeding expectations [1] - The company is expected to maintain its dividend commitment, with a projected total annual dividend of HKD 1.15 per share, corresponding to a 5% dividend yield [1] Group 2 - The forecast for Swire Properties' recurring underlying profit for 2026 has been raised by 11% to HKD 7.99 billion, indicating a 30% year-on-year growth, reflecting the impact of sales settlements at 6 Deep Water Bay Road [1] - A new forecast for 2027 recurring underlying profit of HKD 7.12 billion has been introduced, representing an 11% year-on-year decline, primarily due to conservative estimates for property development settlements [1] - The property investment segment is expected to achieve growth through natural increases from existing projects and the opening of new projects [1]

Group 1 - The core viewpoint of the report is that CICC predicts Swire Properties (01972) will see a 21% year-on-year increase in shareholder attributable and a 5% decrease in recurring basic profit for 2025 [1] - CICC maintains a "outperform" rating for Swire Properties with a target price of HKD 26.5 [1] - The company is expected to fulfill its dividend commitment, with an estimated total annual dividend of HKD 1.15 per share, corresponding to a 5% dividend yield [1] Group 2 - CICC has raised its forecast for Swire Properties' recurring basic profit for 2026 by 11% to HKD 7.99 billion, indicating a 30% year-on-year growth, reflecting the impact of sales settlements at 6 Deep Water Bay Road [1] - For 2027, CICC introduces a recurring basic profit forecast of HKD 7.12 billion, representing an 11% year-on-year decline, primarily due to conservative estimates for property development settlements [1] - The property investment segment is expected to grow due to natural growth from existing projects and the opening of new projects [1]

Core Viewpoint - Baide International (02668) has experienced a significant stock price surge of over 250% in the past three weeks, with a current trading price of HKD 0.325 and a trading volume of HKD 4.4552 million [1] Group 1: Business Overview - Baide International's main business segments include supply chain operations, hotel management and catering services, property investment, and other activities [1] - The company's iron ore mining and processing operations faced downward pressure in the first half of 2025, impacted by increased steel inventory and strict emission reduction measures, negatively affecting iron ore demand [1] Group 2: Legal and Financial Issues - Recently, Baide International announced that a subsidiary lost a final judgment requiring repayment of nearly HKD 300 million, with the company bearing joint liability [1] - In light of the civil judgment, the group will continue to seek legal advice and explore feasible options, while management is negotiating with banks to reach amicable solutions regarding issues arising from the default, including repayment arrangements and other potential alternatives [1]

Core Viewpoint - The company reported a significant fair value loss on investment properties, which exceeded its operating profit for the period ending November 30, 2025 [1] Group 1: Financial Performance - The company recorded operating profit from property agency, lending, and property investment businesses, excluding fair value losses on investment properties [1] - The fair value loss on investment properties was approximately HKD 117 million, compared to a fair value loss of about HKD 54 million for the year ending December 31, 2024 [1] - As of November 30, 2025, the book value of the company's investment properties was approximately HKD 836 million [1] Group 2: Future Outlook - The company anticipates a deterioration in financial performance for the year ending December 30, 2025, compared to a net loss attributable to equity holders of approximately HKD 26 million for the year ending December 31, 2024 [1]

Core Viewpoint - UBS forecasts a 9% year-on-year decline in the distribution per fund unit for Champion REIT (02778) in 2025, primarily due to continued rental reductions at Three Garden Road and impacts from Langham Place office and retail properties, maintaining a neutral rating with a target price increase from HKD 1.74 to HKD 2.3 [1] Group 1: Financial Projections - The current stock price corresponds to a forecasted dividend yield of 5.7% for 2026, aligning with historical averages [1] - The forecasted dividend yield for 2026 shows a spread of only 1.7% over the US 10-year Treasury yield, returning to levels seen before 2019 [1] - UBS anticipates a 10% year-on-year decline in net property income (NPI) for Champion REIT in 2025, similar to the situation in the first half of 2025 [1] Group 2: Market Expectations - The market appears to have priced in expectations of a bottoming out in Central office spot rents and a recent rebound in leasing activity [1] - The anticipated savings in interest costs due to lower Hong Kong Interbank Offered Rate (HIBOR) in the second half of 2025 may partially offset the negative impacts [1]

Core Viewpoint - UBS forecasts a 9% year-on-year decline in the distribution per fund unit for Champion REIT (02778) in 2025, primarily due to continued rental reductions at Three Garden Road and impacts from Langham Place office and retail properties, maintaining a neutral rating and raising the target price from HKD 1.74 to HKD 2.3 [1] Group 1 - The current stock price corresponds to a forecasted dividend yield of 5.7% for 2026, aligning with historical averages [1] - The forecasted dividend yield for 2026 shows a spread of only 1.7% over the US 10-year Treasury yield, returning to levels seen before 2019 [1] - The market appears to have priced in expectations of a bottoming out of Central office spot rents and a recent rebound in leasing activity [1] Group 2 - UBS anticipates a 10% year-on-year decline in net property income (NPI) for Champion REIT in 2025, similar to the situation in the first half of 2025 [1] - However, savings from lower interest costs due to reduced Hong Kong Interbank Offered Rate (HIBOR) in the second half of 2025 are expected to partially offset these impacts [1]

Core Viewpoint - FUTURE BRIGHT (00703.HK) reported an increase in profit attributable to shareholders for the third quarter of 2025, reaching approximately HKD 8 million, compared to HKD 6.8 million in the same period of 2024, indicating a positive growth trend in profitability [1] Financial Performance - For the first three quarters of 2025, the profit attributable to shareholders was approximately HKD 16.6 million, a significant increase of about 127.4% compared to HKD 7.3 million in the same period of 2024 [1] - The revenue growth of approximately 1.1% in the first three quarters of 2025 was primarily driven by an increase in visitor numbers to Macau and Hong Kong [1] Business Segments - The profit contributions for the first three quarters of 2025 were as follows: - Food and beverage business generated a profit of approximately HKD 8 million - Food souvenir business contributed approximately HKD 10.1 million - Property investment business yielded a profit of approximately HKD 3.8 million [1] - The increase in profit attributable to shareholders was mainly due to the overall increase in revenue [1]

Core Viewpoint - New Ming China (02699) experienced a significant drop of over 84% in early trading, reaching a record low of 0.5 HKD per share, with a current price of 0.55 HKD and a trading volume of 45.25 million HKD [1] Group 1: Stock Performance - The stock fell by 84.2% as of the latest report [1] - The trading volume reached 45.25 million HKD during the decline [1] Group 2: Shareholder Activity - On September 29, shareholders transferred shares from Hongzhi Securities to HSBC Hong Kong, with a transfer value of 23.1 million HKD, accounting for 6.13% of the total [1] - On September 18, shares were transferred from Hongzhi Securities to Futu Securities International Hong Kong, with a transfer value of 17.19 million HKD, representing 5.79% [1] - On September 26, shareholders deposited shares into Hongzhi Securities, with a deposit value of 72.73 million HKD, making up 19.5% [1] Group 3: Company Overview - New Ming China Holdings Limited is primarily engaged in property development, investment, and leasing [1] - The company operates through three segments: property development, property leasing, and other investment holdings [1] - The business activities are primarily conducted in the domestic market [1]

Core Insights - The company reported a revenue of approximately HKD 875 million for the 18 months ending June 30, 2025, representing an increase of about 86% compared to HKD 472 million for the year ending December 31, 2023 [1] - The gross profit was approximately HKD 60.81 million, a slight decrease of about 1% from HKD 61.74 million for the year ending December 31, 2023 [1] - The company recorded a loss of approximately HKD 306 million, which is a 20% reduction from a loss of HKD 383 million for the year ending December 31, 2023 [1] - Basic loss per share improved from approximately HKD 0.07 to HKD 0.056 during the same periods [1] - As of June 30, 2025, the company had cash and cash equivalents of approximately HKD 2.97 million, down from HKD 4.24 million in 2023 [1] Revenue Sources - The revenue of approximately HKD 875 million was primarily derived from digital video business, new energy vehicle business, cloud ecosystem big data business, property investment, property development, and general trade [1]