The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Lianchi Hospital Group Co., Ltd. 蓮池醫院集團股份有限公司 (the "Company") (A joint stock company incorporated in the People's R ...

Core Viewpoint - UnitedHealth Group's stock has experienced significant volatility, with a steep decline in 2025 followed by a partial recovery, raising questions about its investment potential amidst ongoing challenges in the healthcare sector [1][3][5]. Company Overview - UnitedHealth Group, founded in 1974 and headquartered in Minnesota, has a market value of approximately $309.5 billion and operates through two main segments: UnitedHealthcare and Optum [3]. - UnitedHealthcare provides health insurance coverage to millions, while Optum enhances growth through healthcare services, data analytics, technology, and pharmacy solutions [2]. Recent Performance - The company reported third-quarter 2025 revenue of $113.2 billion, reflecting a 12% year-over-year increase, with growth across both segments [10]. - UnitedHealthcare's revenue rose about 16% to $87.1 billion, driven by membership growth and pricing actions, while Optum's revenue increased approximately 8% to $69.2 billion [11]. Profitability Challenges - Adjusted EPS fell sharply to $2.92 from $7.15 a year earlier, although it exceeded market expectations, with earnings from operations declining nearly 50% to $4.3 billion due to elevated medical utilization and reimbursement pressures [12]. - The consolidated medical care ratio was reported at 89.9%, consistent with prior guidance, indicating ongoing cost pressures [13]. Future Outlook - Analysts predict a decline in EPS for Q4 2025 to $2.09, down 69.3% year-over-year, but expect an 8% annual profit increase in fiscal 2026 to $17.60 [14]. - Evercore ISI initiated coverage with an "Outperform" rating and a price target of $400, suggesting a potential upside of approximately 17.1% from current levels, citing UnitedHealth's scale and diversification as key strengths [15]. Analyst Sentiment - The consensus rating for UNH is "Moderate Buy," with 16 out of 26 analysts recommending a "Strong Buy" [18]. - The mean price target of $395.32 implies a potential rise of 15.7%, while the highest target of $444 indicates a possible upside of 29.9% from the last closing price [19].

Core Insights - Loblaw Companies Limited raised and donated over $6.8 million to President's Choice Children's Charity in 2025, enabling the charity to feed 1 million children annually [1][4] Fundraising Campaign - The majority of the funds were raised during the 'Get to Give Days' campaign from October 16 to November 2, where Loblaw matched customer donations at checkout up to $2 million, resulting in a $2.6 million contribution to the charity [2] Charity Impact - The funds allowed the PC Children's Charity to achieve its goal of feeding 1 million kids annually through the Power Full Kids Eat Well program, which operates in approximately 2,200 schools across Canada [3] Charity Background - President's Choice Children's Charity has been active for 36 years, helping over 10 million children and focusing on combating childhood hunger since 2018 [4]

Market Overview - Stocks are climbing, primarily driven by a rebound in the tech sector and a jump in oil prices, with the Dow up about 170 points and the S&P 500 up approximately 0.7% [1][3] - The NASDAQ composite is up 1%, and small-cap stocks, represented by the Russell 2000, are up 1.5% [3][4] Sector Performance - Energy is leading the market today, with tech following closely behind, both sectors outperforming the S&P 500 [6][59] - Notable tech stocks include Nvidia, which is up 1.3%, and Tesla, which is up 2% [7][60] - The volatility index (VIX) has decreased, indicating reduced market fear [4] Oil Market Dynamics - Oil prices surged over 5% due to sanctions imposed on two Russian energy companies, with WTI settling above $61 per barrel and Brent above $65 per barrel [9][11] - Despite the recent increase, year-to-date, WTI is down 15% and Brent is down 13% [11] Earnings Reports - Intel reported third-quarter revenue of $13.7 billion, exceeding expectations, but provided a lower fourth-quarter guidance of $13.3 billion [64][65] - Ford's third-quarter results topped estimates, but the company adjusted its full-year guidance lower due to an aluminum plant fire impacting F-150 production, projecting a $1.5 to $2 billion EBIT headwind [83][84] Company Insights - Intel's CEO highlighted that AI is accelerating demand for compute, creating opportunities across their portfolio [66] - Ford plans to increase F-150 production by over 50,000 trucks in 2026 to meet demand despite production disruptions [86] Consumer Trends - Tractor Supply reported a 7% increase in comparable sales for Q3 but noted a decline in discretionary big-ticket items, reflecting current consumer spending challenges [36][39] - Windham Hotels slashed its full-year outlook and missed revenue estimates, indicating a pullback in travel demand [41][42] Geopolitical Considerations - The upcoming meeting between U.S. and Chinese leaders is being closely monitored, particularly regarding the Taiwan situation and its potential impact on the semiconductor ecosystem [30][31]

Summary of Key Points from the Conference Call on China's Inbound Tourism Industry Overview - The focus is on China's tourism industry, particularly the growth potential of inbound tourism, which is currently dominated by domestic and outbound demand but is expected to become a significant earnings driver in the next three years [1][4][63]. Core Insights and Arguments - **Inbound Tourism Growth**: Inbound tourism is projected to increase from 11% of China's tourism revenue to 18% within five years, with hotels expected to see the highest revenue exposure, reaching over 20% on average by 2030 [4][77]. - **Service Exports Performance**: China's service exports grew by 14% in the first eight months of 2025, with tourism service exports surging by 56% year-on-year, recovering to 150% of pre-COVID levels [3][39]. - **Infrastructure and Policy Support**: Investments in infrastructure, clean energy, and cultural experiences are enhancing the attractiveness of China as a leisure travel destination. The introduction of the K1 visa aims to attract young talent, further boosting business travel [2][19]. - **Market Dynamics**: The report highlights that low-tier cities are becoming increasingly attractive for inbound tourists, with cities like Hangzhou showing robust growth in inbound tourist numbers [3][4]. Financial Projections - **Revenue Exposure**: Hotels are expected to have the highest revenue exposure to inbound tourism, while OTAs, airlines, and duty-free sectors are projected to see 5-10% revenue exposure in five years [4][78]. - **Earnings Growth**: The report anticipates a 19% compound annual growth rate (CAGR) in inbound tourism spending in USD terms over the next decade, driven by increased visitation and longer stays [39][84]. Key Beneficiaries - **Top Stock Picks**: The report identifies ten stocks that could benefit from the growth in inbound tourism, with Trip.com (TCOM.O) ranked as the most attractive, followed by Air China (0753.HK), Shanghai Airport (600009.SS), and CTG Duty-Free (1880.HK) [5][11][70]. - **Segment Analysis**: OTAs are seen as key enablers for inbound tourism, with Trip.com positioned to benefit significantly due to its international operations [57][90]. Additional Insights - **Healthcare and Shopping**: The inbound healthcare sector is expanding, with significant demand for premium medical services. The retail sector is also experiencing growth, driven by rising consumer demand for premium goods and duty-free shopping [61][60]. - **Government Initiatives**: Recent government measures aim to support service consumption, with inbound travel identified as a key growth driver for the economy [12][25]. - **Challenges and Opportunities**: Despite trade frictions, China's economic ties with emerging markets are strengthening, presenting growth opportunities for inbound travel [25][30]. Conclusion - The outlook for China's inbound tourism is positive, with significant growth expected in the coming years. Key sectors such as hotels, OTAs, and airlines are poised to benefit from this trend, supported by government initiatives and changing consumer preferences.

CTF Services Limited (659.HK) FY2025 Annual Results Presentation Section 1 CTFS at a Glance Section 2 Financial Update Section 3 Business Operation Update Section 4 Environment, Social & Governance (ESG) 3 FY25 Highlights Continued efforts to refine and strengthen the Group's business portfolio to enhance long-term value creation Renamed the Insurance Segment to the Financial Services Segment and executed strategic acquisitions to drive one of the Group's focuses on the fast-growing wealth management busine ...

Core Viewpoint - Chewy, Inc. is expected to report growth in both revenue and earnings for the second quarter of fiscal 2025, with sales estimated at $3.1 billion, reflecting a 7.8% increase year-over-year, and earnings per share projected at 33 cents, indicating a 37.5% growth from the previous year [1][3]. Group 1: Financial Performance - The Zacks Consensus Estimate for Chewy's quarterly sales is $3.1 billion, representing a 7.8% increase from the same quarter last year [1]. - The consensus estimate for earnings per share has remained stable at 33 cents, reflecting a year-over-year growth of 37.5% [1]. - Chewy has delivered an average earnings surprise of 8.1% over the last four quarters, with a recent surprise of 2.9% [2]. Group 2: Factors Influencing Performance - Chewy's performance is likely bolstered by its digital capabilities, product assortments, and expansion efforts, including technology upgrades to its online platforms [3]. - Increased product demand, strong consumer engagement, and growth in active customers have positively impacted results, alongside the expansion of Autoship subscriptions and healthcare services [4]. - The estimated net sales per active customer is $589, which is a 4.2% increase from the previous year [5][9]. Group 3: Challenges - The company faces challenges from a tough macroeconomic environment, including inflationary pressures and tariffs, which may have negatively impacted performance [6].

Financial Data and Key Metrics Changes - The company reported a 24% increase in diluted earnings per share, adjusted to $6.84, reflecting strong financial results for the second quarter [6] - Revenue growth was 6.4%, driven by increased demand for services, improved payer mix, and stable patient acuity levels [6][13] - Adjusted EBITDA margin improved by 30 basis points compared to the prior year quarter, with adjusted EBITDA growing 8.4% year-over-year [13][14] Business Line Data and Key Metrics Changes - Equivalent admissions increased by 1.7% for the quarter and 2.3% year-to-date, with managed care equivalent admissions growing by 4% [12] - Medicare admissions grew by 3%, slightly below expectations, while Medicaid saw a slight decline and self-pay increased slightly [12][13] - The company experienced a $100 million increase in net benefit from Medicaid supplemental payment programs compared to the prior year quarter [14] Market Data and Key Metrics Changes - Approximately 60% of the company's Medicaid volumes and revenue are in non-expansion states, which mitigates the expected impact of recent federal policy changes [9] - The company anticipates some individuals will lose insurance coverage due to changes in federal policies, but believes its financial resiliency program will offset these effects [10][11] Company Strategy and Development Direction - The company aims to combine high-quality local health networks with national capabilities to reinforce its competitive position and respond to market dynamics [8] - A balanced capital allocation strategy is in place, with $1.2 billion in capital expenditures, $2.5 billion in share repurchases, and $171 million in dividends planned for 2025 [15][19] - The company is optimistic about future growth, with a diversified portfolio of markets and ongoing investments in outpatient facilities and inpatient capacity [20][57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage the impacts of federal policy changes and maintain a strong balance sheet [11] - The company has seen a recovery in facilities affected by Hurricane Saline and Milton, with better-than-expected performance in some markets [21] - Management noted that 14 out of 15 divisions grew their admissions, indicating strong underlying business performance despite some volume metrics being lower than expected [33][34] Other Important Information - The company is actively developing resiliency programs to mitigate potential adverse impacts from federal policy changes and is focused on operational improvements [40] - The company has approximately $5.5 billion in capital projects underway, which are expected to enhance its network and service capacity [57][108] Q&A Session Summary Question: Guidance update and impact of Tennessee DPP program - Management confirmed that the updated guidance reflects the approval of the Tennessee DPP program and better visibility on other programs [27][28] Question: Resiliency programs and potential headwinds - Management indicated that their financial resiliency program should offset adverse impacts from federal policy changes, with further details to be provided in the fourth quarter earnings call [39][40] Question: Commercial volume trends and consumer confidence - Management noted that managed care equivalent admissions are up 4% year-to-date, with health care exchanges performing better than expected [45][46] Question: Market share dynamics and local market performance - Management reported sustained market share gains, with a focus on improving network integrity and patient retention [56][57] Question: Changes in Medicare Advantage behavior and revenue cycle investments - Management stated that there have been no significant impacts from denial activities, reflecting improvements in revenue cycle management [67][68] Question: Update on commercial contracting and capital expenditures - Management confirmed that they are largely contracted for 2025 and about 80% contracted for 2026, with ongoing capital investments to enhance service capacity [106][108]

Investment Rating - The report maintains a "Buy" rating for JD Health International (6618.HK) [1][21]. Core Insights - JD Health's share price has increased by 60% year-to-date, outperforming the Hang Seng Index and peers [1]. - The company is focusing on on-demand initiatives, market share growth, and disciplined capital allocation as key areas of interest [1][20]. - JD Health is expected to achieve 18% year-on-year topline growth for 2Q25, with a stable profit margin despite increased investments [20][24]. Summary by Sections On-Demand Initiatives - JD Health is rapidly expanding its preposition warehouses in tier-1 cities, targeting around 200 warehouses by the end of FY25 [2]. - The competition in the on-demand space remains disciplined, with JD Health focusing on quality and variety rather than aggressive sales volume increases [2][19]. - Higher investments and promotions are anticipated in the second half of FY25 to drive online-to-offline (O2O) growth [2][28]. Market Share and Growth - JD Health is gaining market share in the online drug category, with strong user engagement expected to drive traffic and transactions [3][19]. - The competitive landscape is evolving, with ongoing debates about B2C versus O2O competition in the pharmaceutical sector [3][19]. - The company is projected to outperform peers, with a diverging sales growth trend compared to competitors [21][27]. Financial Projections - Revenue forecasts for JD Health are set at RMB 58,159.9 million for FY24, increasing to RMB 88,638.8 million by FY27 [6][17]. - EBITDA is expected to grow significantly, with projections of RMB 1,684.2 million for FY24 and RMB 3,601.3 million for FY27 [6][17]. - The report anticipates a net profit of RMB 4,161.8 million for FY24, increasing to RMB 6,608.1 million by FY27 [17][39]. Capital Allocation - JD Health has over RMB 50 billion in net cash, representing approximately 50% of its market capitalization, which will be a focus in upcoming results [20][21]. - The company is expected to maintain a disciplined spending pattern while exploring opportunities for investments and shareholder returns [21][39].

Financial Data and Key Metrics Changes - In Q1 2025, same store admissions increased by 4%, same store adjusted admissions rose by 2.6%, and net operating revenues on a same store basis grew by 3.1% [5][16] - Adjusted EBITDA for Q1 2025 was $376 million, compared to $378 million in the prior year, with a margin of 11.9% versus 12% in the previous year [16] - Cash flows from operations were $120 million for Q1 2025, up from $96 million in Q1 2024, while free cash flow remained slightly negative but improved over the prior year [19] Business Line Data and Key Metrics Changes - The growth in Q1 was driven by a heavier flu season compared to the previous year, alongside targeted capital investments and operational initiatives [6][10] - Same store surgeries decreased by 3%, while emergency department visits increased by 2.4% [16] - Medical specialist fees increased by approximately 9% year over year, representing 5.1% of net revenues compared to 4.8% in the prior year [18] Market Data and Key Metrics Changes - The company reported strong demand for healthcare services across its core portfolio markets, with notable growth in EMS volumes and cardiac service lines [27] - The payer mix showed a decline in commercial business, particularly in elective procedures, attributed to higher deductible plans and economic uncertainties [75] Company Strategy and Development Direction - The company is focused on delivering high-quality care, operational expertise, and financial discipline as foundational areas for growth in 2025 [8][9] - Strategic initiatives include the acquisition of urgent care centers and investments in ambulatory services, as well as leveraging AI and emerging technologies [10] - The company plans to use divestiture proceeds to reduce debt and improve leverage, with a target of over $1 billion in divestiture proceeds [6][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged uncertainties in the healthcare environment, particularly regarding potential changes from Washington, but remains committed to advocating for policies that strengthen healthcare delivery systems [11] - The company maintains its financial guidance for 2025, despite headwinds from claims denials and medical specialist fees [20][60] Other Important Information - The company completed divestitures of ShorePoint Health System and Lake Norman Regional Medical Center, with total gross proceeds of $544 million recorded in Q1 [12][13] - The company announced a debt refinancing and buyback transaction to further reduce leverage and improve its maturity profile [15] Q&A Session Summary Question: Volume performance and cost structure management - Management noted strong signs of success across the portfolio, with robust EMS volumes and growth in cardiac services, despite some softness in lower acuity surgeries due to the flu [25][27] Question: Balance sheet and cash flow guidance - Management indicated that proceeds from recent divestitures would be used for debt reduction and that cash flow guidance remains on track despite additional divestitures [32][34] Question: Updates on DPP programs - Management reported no significant updates on Tennessee and New Mexico DPP programs but noted positive developments in other states [39][41] Question: Public exchanges volume growth - Management stated that net revenue from public exchanges is less than 6% of total net revenue, with growth observed but still a small portion of overall revenue [42] Question: Payer behavior and denials - Management indicated that denials and downgrades are being observed across all regions and service lines, with no specific trends tied to particular payers [55] Question: Medical specialist fees pressure - Management confirmed that anesthesiology accounts for over 50% of the increase in medical specialist fees, with ongoing efforts to insource services to mitigate costs [64][66]