FY 2025/26 INTERIM RESULTS Analysts' Briefing 27 February 2026 Disclaimer This document and the information contained therein are intended to be distributed only to named or designated recipients, and it is not or should not be regarded as any advertisement or propaganda materials aimed to the non-specific public. It should not be reproduced quoted or transmitted in any form or manner or by any means, electronic or otherwise, in whole or in part, by the recipient or any other person, nor should it be redist ...

FY2026 INTERIM PRESENTATION ANALYST BRIEFING 27 February 2026 SECTION ONE FINANCIAL HIGHLIGHTS RESULT HIGHLIGHTS SUSTAINED BUSINESS IMPROVEMENT PRIORITIZE ON REDUCING INDEBTEDNESS ENHANCED SHAREHOLDERS' FUNDS ON BACK OF DEBT EXCHANGE NARROWED LOSS WITH LOWER FINANCING COST 3 FINANCIAL HIGHLIGHTS PRIORITIZING CASH FLOW IN AN UNCERTAIN MARKET | Core Operating Profit | Segment Results | | Loss Attributable To Shareholders | | | | --- | --- | --- | --- | --- | --- | | HK$3.6B | HK$3.2B -24% YoY | | HK$3.7B One- ...

Financial Data and Key Metrics Changes - The group's underlying profit for the six months ended December 2025 was HKD 12.2 billion, a year-on-year increase of 16.7% driven by higher profits from trading and investment properties and lower finance costs [2][3] - Reported profit increased to HKD 10.2 billion, reflecting a 36.2% year-on-year growth [3] - The underlying earnings per share was HKD 4.21, while reported earnings per share was HKD 3.54 [3] - An interim dividend of HKD 0.98 per share was declared, marking a 3.2% increase from HKD 0.95 last year [3] - Net debt stood at HKD 83.6 billion with an improved gearing ratio of 13.5% compared to 15.1% in June 2025 [4][5] Business Segment Data and Key Metrics Changes - In property development, profit reached approximately HKD 4.9 billion, a substantial increase of 94.9% primarily due to higher profit recognition from Mainland projects [3] - The hotel business recorded an operating profit of HKD 428 million, up from HKD 377 million in the same period last year [4] - Profit from other business segments was about HKD 2.3 billion, reflecting an 11.7% year-on-year decrease [4] - The group's total operating profit for the first half of fiscal year 2026 was HKD 16.5 billion, representing a 14.3% increase year-on-year [4] Market Data and Key Metrics Changes - The Hong Kong primary residential market saw higher transaction volumes and a modest price recovery, with contracted sales of about HKD 17.4 billion during the period [8][9] - The Mainland property development business recognized property sales of approximately HKD 5.9 billion, driven by higher residential sales volume [12] - The Mainland rental portfolio's gross rental income held steady at about RMB 3.1 billion, with a slight decrease of 0.8% in RMB terms [13] Company Strategy and Development Direction - The company aims to maintain a strong financial position to seize land opportunities in Hong Kong while upholding prudent financial management [5][17] - The strategy includes leveraging a reputable brand to drive premium sales and ongoing portfolio reviews to enhance returns [5][6] - The company plans to continue replenishing its land bank through various channels at reasonable costs to support future growth [6][7] - New projects such as IGC and Artist Square Towers are expected to generate additional rental income gradually [17][25] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the long-term prospects of both Hong Kong and the Mainland, citing steady economic growth and supportive policies [16][26] - The company anticipates that the strong momentum in the residential market will continue, supported by improving supply-demand dynamics and favorable mortgage conditions [35][36] - The management highlighted the importance of adapting to new circumstances and leveraging technology to enhance property quality and services [18][27] Other Important Information - The group celebrated the completion of the International Gateway Centre (IGC), a world-class commercial landmark with high connectivity [23][24] - The company is committed to sustainability and has received high ratings for its green building initiatives [16][24] Q&A Session All Questions and Answers Question: What is the outlook for Hong Kong property home prices? - Management indicated that the Hong Kong residential market is entering a new phase of recovery, with positive rental carry attracting investors and end-users [34] Question: What is the company's pricing strategy for residential projects? - The company maintains a flexible pricing strategy, adjusting prices based on market conditions to achieve a balance between volume and margin [54] Question: What is the leasing progress for IGC and Artist Square Towers? - Management reported strong interest in IGC, with leasing progress on track, and noted that Artist Square Towers is expected to attract tenants due to its unique location [41][42]

Financial Data and Key Metrics Changes - The group's underlying profit for the six months ended December 2025 was HKD 12.2 billion, a year-on-year increase of 16.7% driven by higher profits from trading and investment properties and lower finance costs [2][3] - Reported profit increased to HKD 10.2 billion, reflecting a 36.2% year-on-year growth [3] - The underlying earnings per share was HKD 4.21, while reported earnings per share was HKD 3.54 [3] - An interim dividend of HKD 0.98 per share was declared, marking a 3.2% increase from HKD 0.95 last year [3] - Net debt stood at HKD 83.6 billion with an improved gearing ratio of 13.5% compared to 15.1% in June 2025 [4][5] Business Segment Data and Key Metrics Changes - In property development, profit reached approximately HKD 4.9 billion, a substantial increase of 94.9% primarily due to higher profit recognition from Mainland projects [3] - The hotel business recorded an operating profit of HKD 428 million, up from HKD 377 million in the same period last year [4] - Profit from other business segments decreased by 11.7% year-on-year to about HKD 2.3 billion [4] - The group's total operating profit for the first half of fiscal year 2026 was HKD 16.5 billion, representing a 14.3% increase year-on-year [4] Market Data and Key Metrics Changes - The Hong Kong primary residential market saw higher transaction volumes and a modest price recovery, with contracted sales of about HKD 17.4 billion during the period [8][9] - The group's gross rental income in Hong Kong remained stable at around HKD 8.8 billion, with an overall average occupancy of approximately 92% [10] - The Mainland rental portfolio's gross rental income held steady at about RMB 3.1 billion, with a slight decrease of 0.8% in RMB terms [13] Company Strategy and Development Direction - The company aims to maintain a strong financial position to seize land opportunities in Hong Kong while focusing on prudent financial management [5][17] - The strategy includes leveraging a reputable brand to drive premium sales and ongoing portfolio reviews to enhance returns [5][17] - The company plans to continue launching new residential projects and unsold units while enhancing the competitiveness of its property investment portfolio [17][18] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the Hong Kong market's recovery, supported by robust IPO activities and favorable mortgage conditions [16][17] - The company anticipates continued strong demand for residential properties, driven by low mortgage rates and improving supply-demand dynamics [35][36] - The management highlighted the importance of adapting to new circumstances and leveraging technology to enhance property quality and services [18] Other Important Information - The group has a total land bank in Hong Kong of about 57.3 million sq ft and in Mainland China of 64.6 million sq ft [6][12] - The International Gateway Centre (IGC) is positioned as a key commercial landmark with high connectivity and sustainability credentials [23][24] - The company is committed to sustainability initiatives and enhancing the quality of living through its developments [16] Q&A Session All Questions and Answers Question: What is your view and outlook for the Hong Kong property home price? - Management noted that the Hong Kong residential market is entering a new phase of recovery, with positive rental carry attracting investors and end users [34] Question: Can we have an update on the leasing progress for the IGC and Artist Square Towers? - Management indicated strong interest in IGC, with leasing progressing well, particularly from the financial services sector [41][42] Question: What is your latest pricing strategy for residential projects in Hong Kong? - The company adheres to current market conditions, with moderate price increases to achieve sales targets while balancing volume and margin [54] Question: Any plans for asset disposal or changes in dividend policy? - Management stated there are no current plans for further asset disposals beyond Dynasty Court, and the dividend policy remains at 40%-50% of profits [57][93]

Financial Data and Key Metrics Changes - The group's underlying profit for H1 2026 was HKD 12.2 billion, a year-on-year increase of 16.7% driven by higher profits from sales of trading and investment properties and lower finance costs [1] - Reported profit increased to HKD 10.2 billion, up 36.2% year-on-year, with underlying earnings per share at HKD 4.21 and reported earnings per share at HKD 3.54 [2] - The interim dividend declared was HKD 0.98 per share, a 3.2% increase from HKD 0.95 last year [2] - Total operating profit for H1 2026 reached HKD 16.5 billion, representing a 14.3% increase year-on-year [3] Business Segment Data and Key Metrics Changes - In property development, profit was approximately HKD 4.9 billion, a substantial increase of 94.9%, primarily due to higher profit recognition from Mainland projects [2] - The hotel business recorded an operating profit of HKD 428 million, up from HKD 377 million in the same period last year [3] - Profit from other business segments decreased by 11.7% year-on-year to about HKD 2.3 billion [3] Market Data and Key Metrics Changes - The Hong Kong residential market saw a 65% increase in property sales, totaling HKD 26.5 billion [5] - The group's gross rental income in Hong Kong remained stable at about HKD 8.8 billion, with an overall average occupancy of around 92% [9] - The Mainland rental portfolio's gross rental income held steady at about RMB 3.1 billion, with a slight decrease of 0.8% in RMB terms [12] Company Strategy and Development Direction - The company aims to maintain a strong financial position to seize land opportunities in Hong Kong while focusing on prudent financial management [4] - The strategy includes leveraging a reputable brand for premium sales, ongoing portfolio reviews to enhance returns, and expanding the recurrent income base through new investment properties [4][11] - The company plans to launch various new residential projects over the next 10 months, including significant developments in Kowloon and Yuen Long [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Hong Kong residential market's recovery, citing strong demand from end users and investors, and an improving supply-demand situation [33] - The company anticipates continued strong momentum in property sales and a favorable mortgage environment supporting market stability [16] - Management highlighted the importance of adapting to new circumstances and leveraging technology to enhance property quality and services [17] Other Important Information - The group's total land bank in Hong Kong was about 57.3 million sq ft, with ongoing efforts to replenish it through various channels [5] - The International Gateway Centre (IGC) is positioned as a key commercial landmark with excellent transport connectivity, expected to support the transformation of West Kowloon [10][24] - The company remains committed to sustainability and has received high ratings for its new projects [23] Q&A Session Summary Question: Outlook for Hong Kong property home prices - Management noted that the residential market is in a recovery phase, with transaction volumes reaching record highs and positive rental trends expected to continue [32] Question: Update on residential sales targets - The company plans to maintain its sales target for FY 2026 at HKD 30 billion, with several new projects set to launch [34][35] Question: Leasing progress for IGC and Artist Square Towers - Management reported strong interest in IGC, with leasing progressing well, and expressed confidence in the leasing situation for Artist Square Towers [39][42]

Summary of the Conference Call Transcript Company Overview - **Company**: Knowledge Atlas Technology JSC Ltd (智谱) - **Ticker**: 2513.HK - **Industry**: AI Foundation Models - **Market Position**: A global leader in AI foundation models with a strong academic foundation from Tsinghua University [1][2][11] Key Insights Revenue Growth Projections - Expected revenue growth from **RMB 769 million** in 2025 to **RMB 4.2 billion** in 2027, representing a **5-6x increase** [2][9] - Anticipated revenue of **RMB 30 billion** by 2030 [2][9] Business Model and Market Dynamics - The company has a **high local deployment revenue** ratio of **85%** in the first half of 2025, with a shift towards cloud deployment expected to increase its share to **66% by 2027** and over **80% by 2030** [2][9] - The latest model, **GLM 5**, shows improvements in programming and agent capabilities, with a **60% increase in pricing** compared to previous models [2][9] Competitive Landscape - The AI foundation model market is highly competitive, with major players like OpenAI and Google dominating [12] - The company faces geopolitical risks and supply chain vulnerabilities, particularly due to reliance on high-performance GPUs [12] Financial Metrics and Valuation - Target price set at **HKD 560**, corresponding to a **53x price-to-sales ratio** for 2027 [3][19] - Cash flow discount model assumptions include a **15% weighted average cost of capital** and a **3% perpetual growth rate** [3][19] Risks and Challenges - **Geopolitical Risks**: Limited expansion in the U.S. market due to being on the Entity List [2][12] - **Supply Chain Risks**: High dependency on a few suppliers for GPUs, with over **50% of procurement** from the top five suppliers [12] - **Market Competition**: Intense competition may erode pricing power if the company fails to maintain performance improvements [12] - **Financial Visibility**: Ongoing net losses and high cash burn raise concerns about profitability and revenue predictability [12] Additional Insights - The company is positioned at the beginning of a long-term expansion cycle in the AI foundation model economy, projected to grow at a **63.5% CAGR** from 2024 to 2030, exceeding **RMB 101 billion** [12] - The company has established a strong research collaboration with Tsinghua University, ensuring a continuous influx of top AI research talent [12] Conclusion Knowledge Atlas Technology JSC Ltd is poised for significant growth in the AI foundation model sector, driven by innovative product offerings and a favorable market environment. However, it must navigate geopolitical challenges and intense competition to realize its growth potential.

Trip.com Group Ltd (TCOM) Conference Call Summary Company Overview - **Company**: Trip.com Group Ltd (TCOM.O) - **Industry**: Online Travel Agency (OTA) - **Market Cap**: US$36,956 million - **Current Stock Price**: US$53.66 - **Price Target**: US$75.00, revised from US$87.00 Key Points Financial Performance - **Revenue Growth**: TCOM reported strong revenue growth with a 4Q25 revenue beat and guidance for 1Q26 revenue growth of 12-17% [2][5] - **Booking Trends**: CNY domestic hotel bookings are growing at double-digit rates, with outbound travel also posting double-digit growth. QTD bookings are up 60% [2][3] - **Segment Performance**: - Hotel and packaged tours are growing in the high teens YoY - Corporate travel is expanding with a focus on customer base expansion - Transportation growth is in the 8-13% range [2] Operational Insights - **International Business**: International business accounted for ~40% of total revenue in 2025, up from 35% in 2024, indicating a strong trajectory towards a mid-term target of 50% [3] - **AI Development**: Management views AI as a catalyst for OTA businesses, emphasizing that TCOM's proprietary data and service capabilities mitigate potential threats from AI booking routing [4] Regulatory Environment - **Regulatory Uncertainty**: No updates on the regulatory front, but management expects business operations to remain intact despite ongoing investigations [5] - **WACC Increase**: The weighted average cost of capital (WACC) assumption was increased from 10.5% to 11.2% due to higher equity risk premiums related to regulatory concerns [5][11] Earnings Estimates - **EPS Adjustments**: 2026/27 EPS estimates were cut by 3-4% due to higher operating expenses, while revenue forecasts were raised by 1% [5][10] - **Operating Profit Margin**: Guidance for operating profit margin (OPM) is set at 28% for 1Q26, slightly lower due to a mix shift towards trip.com [2] Market Positioning - **Growth Engines**: TCOM is positioned to benefit from multiple growth engines, including domestic travel, outbound travel, and international expansion [22] - **Share Repurchase Program**: A US$5 billion share repurchase program was announced, representing over 10% of the market cap at the time of announcement [22] Risks and Considerations - **Market Competition**: Rising competition from other domestic players like Tongcheng Travel and Meituan poses a risk to market share [34] - **Macroeconomic Factors**: Potential macroeconomic slowdown and FX headwinds could impact travel demand [34] Valuation Metrics - **P/E Ratios**: The new price target implies a P/E of 18x for 2026 and 16x for 2027 [5][28] - **DCF Valuation**: Key assumptions include a WACC of 11.2% and terminal growth of 3% [16] Conclusion - TCOM is navigating a complex regulatory environment while capitalizing on strong travel demand and international expansion. The company remains focused on leveraging AI technology and enhancing operational efficiencies to maintain its competitive edge in the OTA market.

Summary of China Cosmetics Conference Call Industry Overview - The focus is on the **anti-aging beauty market** in China, which includes traditional anti-aging skincare, medical aesthetics (MA), and dermocosmetics. - The market is expected to grow at a **high single-digit CAGR** over the period from 2025 to 2030, with medical aesthetics and dermocosmetics leading at **9%** and anti-aging skincare at **6%** [1][22]. Key Insights Market Penetration and Demographics - The current penetration of the MA market in China is low, estimated at **5%** for the core consumer group aged **20-60**, compared to **10%-20%** in developed markets. It is expected to rise to **8%** by **2030E**, supporting a **10% CAGR** for MA users [2][22]. - Anti-aging skincare is seeing earlier adoption among younger consumers, with approximately **40%** of this demographic engaging with the category, which is expected to drive further expansion [2][22]. Pricing Dynamics - More resilient pricing is anticipated from **2026E** due to stricter regulations and healthier competition, with limited supply tailwinds favoring recombinant collagen. The MA market has experienced sharp price reductions due to intense competition, but future pricing is expected to stabilize [3][22]. - Factors contributing to this stabilization include more accessible pricing in China and a narrower price gap with Korea following recent policy changes [3][22]. Company Recommendations - **Forest Cabin** is initiated with a **Buy** rating, expected to benefit from growth in oil-based anti-aging skincare, with a projected **48% sales CAGR** from **2022-2025E** and **32%/29% sales/NP CAGR** from **2025-2028E** [4][22]. - **Giant Biogene** is also rated **Buy** due to its integrated value chain from MA to dermocosmetics, enhancing R&D and brand recognition [4][22]. - **Proya** is viewed as a domestic leader in the anti-aging sector but is rated **Neutral** pending further evidence of the new management's execution track record [4][22]. Market Growth Projections - The overall anti-aging market in China is projected to grow from **RMB 214 billion** in **2024E** to **RMB 398 billion** by **2030E**, reflecting a **CAGR of 8%** [20][22]. - Medical aesthetics is expected to contribute significantly to this growth, with a **10.3% volume CAGR** over the same period, despite ongoing pricing pressures in certain categories [17][22]. Additional Insights - The report emphasizes the importance of companies with larger sales exposure to growth segments, stronger market positions, and better operational execution, including R&D capabilities [10][22]. - The anti-aging skincare segment is projected to see a shift towards functionalities beyond basic moisturizing, with penetration expected to increase from **25.6% to 29.0%** from **2025 to 2030E** [19][22]. Conclusion - The anti-aging beauty market in China presents significant growth opportunities driven by demographic shifts, evolving consumer perceptions, and technological advancements. Companies like Forest Cabin and Giant Biogene are well-positioned to capitalize on these trends, while pricing dynamics and market penetration will play crucial roles in shaping the competitive landscape.

迅策 20260226 摘要 公司以 AI、Data、Agent 为核心，提供全流程数据服务，并对交付结 果负责，早期聚焦东南亚金融市场，现已拓展至零售、城市运营、医药 健康等 7-8 个行业，客户包括私募基金、公募基金及中国移动等大型企 业。 收入模式以按模块收年费为主，交易模式为辅，客户粘性较高。2025 年上半年收入约 2 亿元，受客户验收延迟等因素影响，该数据参考意义 有限。公司优势在于将异构数据转化为高质量数据，并在数据与大模型 间提供适配能力。 公司不直接拥有客户数据，客户可自主选择前端工具与大模型，公司优 势在于将客户内外部异构、脏数据转化为可用的高质量数据，并在数据 与大模型之间提供适配与调优能力，形成深度绑定关系，金融等高要求 行业的长期积累带来稳定性。 公司采取自上而下拓展策略，每年进入 1-2 个新行业，从头部客户切入， 定制化交付，逐步提升标准化程度。对于 3-5 年或 5-7 年难以收敛的行 业，会暂缓进入。2026 年计划重点投入机器人训练数据平台与商业航 天。 Q&A 公司成立背景、上市与入通进展，以及当前业务定位与能力边界是什么？ 公司成立于 2016 年，2025 年 12 ...

连连数字 20260226 香港稳定币监管与牌照发放、内地针对虚拟资产及 RWA 代币化的监管文件， 近期有哪些关键更新，整体监管取向如何？ 香港首批稳定币牌照预计在 2026 年 3 月发出，该牌照源自 2025 年 8 月稳定 币条例，属于面向稳定币发行方的合规牌照；牌照酝酿半年多，时间节点由香 港金融管理局总裁在 2 月初提出，香港行政长官在 2 月中旬再次提及，落地时 间已较为临近。内地方面，2 月 6 日晚央行联合 8 个部门发布《关于进一步防 范和处置虚拟货币等相关风险的通知》，延续对包括稳定币在内的虚拟货币严 厉监管与严管态度，同时对 RWA 代币化的监管原则作出定调：境内严禁，境 内主体不得在境内开展相关发行与交易；境外在严格监管条件下可开展，境内 连连数字营收保持增长，但利润端受联通公司前期投入影响出现亏损， 该亏损处于收窄状态，预计未来两三年联通公司可实现盈利。若仅看主 业经营，公司在 2022 年、2023 年左右已实现盈亏平衡，并预期未来 2 —3 年出现利润拐点。 预计 2025 年连连数字将确认联通公司部分股权转让带来的约 15 亿投 资收益，但不具备持续性。剔除该收益，2025 ...