Marine Transportation

HKC INT'L RTS

Xin Neng Engineering Signs Framework Agreement with Partner Company for Guinea PV Project

Xinneng Low Carbon Successfully Places 964,581,000 Shares

96.06% of Xinneng Low Carbon's Shares Not Subscribed in Rights Issue

LC LOGISTICS released FY2025 Q1 earnings on August 22 (BJT), actual revenue HKD 484.61 M, actual EPS HKD 0.104

LC LOGISTICS released FY2025 Q2 earnings on August 22 After-Market (BJT), actual revenue HKD 495.26 M, actual EPS HKD 0.1063

LC LOGISTICS released FY2025 Semi-Annual Earnings on August 22 After-Market (BJT), actual revenue HKD 979.87 M, actual EPS HKD 0.2104

LC LOGISTICS to Release FY2025 Semi-Annual Earnings on August 22, 2025 (BJT)

Logistics Hub Limited Expected Significant Profit Increase in Half-Yearly Report

Xin Neng Low Carbon Plans to Place Up to 40,689,300 Shares

LC LOGISTICS released FY2023 Q3 earnings on April 22 (BJT), actual revenue HKD 312.43 M, actual EPS HKD 0.0145

LC LOGISTICS released FY2023 9 Months Earnings on April 22, 2025 (BJT) with actual revenue of HKD 1.04 B and actual EPS of HKD 0.2407

LC LOGISTICS released FY2024 Q3 earnings on April 22 (BJT), actual revenue HKD 660.72 M, actual EPS HKD 0.374

LC LOGISTICS released FY2023 Q4 earnings on April 22, 2025 (BJT) with actual revenue of HKD 320.48 M and EPS of HKD 0.0149

LC LOGISTICS released FY2024 9 Months Earnings on April 22, 2025 (BJT) with actual revenue of HKD 1.475 B and EPS of HKD 0.3917

LC LOGISTICS released FY2023 Annual Earnings on April 22 (BJT), actual revenue HKD 1.36 B, actual EPS HKD 0.2476

LC LOGISTICS released FY2024 Q4 earnings on April 22 During-Market (BJT), actual revenue HKD 634.14 M, actual EPS HKD 0.3589

LC LOGISTICS released FY2024 annual earnings on April 22 During-Market (BJT), actual revenue HKD 2.107 B, actual EPS HKD 0.7483

GANGYU SERVICES released FY2023 H1 earnings on September 26 (BJT) with revenue of 169.7M HKD and EPS of 0.0507

GANGYU SERVICES released FY2023 Q1 earnings on September 26 (BJT), with actual revenue of 84.85M HKD and EPS of 0.0253

GANGYU SERVICES released FY2023 Q2 earnings on September 26 (BJT), with actual revenue of 84.85M HKD and EPS of 0.0253

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≥ 10B

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HANG YICK RTS

TIANBAO ENERGY

NEWTON RES

KO YO GROUP

KONG SUN HOLD

XIMEI RESOURCES

ULFERTS

CREATIVE CHINA

MANY IDEA CLOUD

SITC

LC LOGISTICS

OOIL

PACIFIC BASIN

JINHUI HOLDINGS

EVER HARVEST GP

YUN LEE MARINE

COSCO SHIP HOLD

SEACON

CHU KONG SHIP

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Goldman Sachs' latest report points out that as the replicability of AI products increases, the market is beginning to reassess the value of hard-to-replicate physical assets such as power grids and pipelines. The report suggests that the pricing logic in the stock market is shifting from light assets to heavy assets, emphasizing the repricing of scarcity. Goldman Sachs refers to these types of assets as HALO, which is a combination of heavy assets and low elimination rates, characterized by high replication barriers and lasting economic relevance. Typical examples include transmission grids and oil and gas pipelines, which are difficult to replace in technological innovation

- Goldman Sachs reports that as AI products become easier to replicate, markets are reconsidering the value of hard-to-replicate tangible assets like infrastructure.  
- This shift is characterized by a focus on "heavy assets" that are more resistant to obsolescence, as companies pivot back to investing in physical capital amidst rising interest rates and geopolitical challenges.  
- The report highlights a significant increase in capital expenditures among tech giants, signaling a long-term trend favoring tangible assets over light asset business models, which are facing re-evaluation in profitability and growth expectations.

Wallstreetcn

Tortoise N Americ Pipe

GLOBAL X MLP & Energy Infra

Alerian MLP

ISHRS S&P Glb Utilities

Global X MLP

Select Sect Spdr Util

First Trust North American Energy Infra Fd

VG Utilities

Us Natural Gas

ProShares Ultra Energy

"Scarce Assets" in the AI Era? Goldman Sachs: HALO - Heavy Assets, Not Outdated

The Cape Town Agreement (CTA) by the International Maritime Organization aims to enhance safety at sea and combat illegal fishing, safeguarding both marine ecosystems and livelihoods dependent on them. In London on February 24, 2026, The Pew Charitable Trusts expressed its support for the agreement, which is set to have a significant impact in improving maritime security. This agreement is crucial for promoting sustainable practices and protecting vulnerable marine resources.

Unusual Whales

Pew Charitable Trusts applaud ratification of Cape Town Agreement to improve safety at sea, fight illegal fishing.

00145

02917

02490

LC Logistics, Inc. (HK:2490) has announced a change in the payment date for its 2024 Final Dividend, moving it from September 30, 2025, to October 17, 2025. This adjustment aims to facilitate funding arrangements for the dividend payment in Hong Kong, with no change to the record date for shareholder entitlements. The latest analyst rating for the stock is a Buy, with a price target of HK$9.50. The company operates in the logistics industry and has a market cap of HK$4.27B.

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CCIAM FUTURE EN

LC Logistics Adjusts 2024 Final Dividend Payment Date

According to the Zhitong Finance APP, LC LOGISTICS announced that the company will distribute a final dividend of HKD 0.44 per share on October 17, 2025

Zhitong

LC LOGISTICS will distribute a final dividend of HKD 0.44 per share on October 17th

LC Logistics Inc. has declared a final dividend of HKD 0.44 per share for the fiscal year ending December 31, 2024. This decision was approved by shareholders and aligns with the company's distribution schedule.

Reuters

LC Logistics Inc. Announces Final Dividend of HKD 0.44 Per Share for FY2024

CCIAM FUTURE's wholly-owned subsidiary, CCIAM Engineering, has signed a memorandum of agreement with Key Action Limited to establish a business partnership to support the establishment of electric bicycle assembly lines in Asia. According to the agreement, Key Action will obtain exclusive rights to market and distribute electric bicycles and related components in Asia. CCIAM Engineering will provide capital expenditure and technical support, and all major decisions must be approved by CCIAM Engineering in advance. This collaboration is expected to promote the sales of electric bicycles and the application of charging technology, as well as expand the market to other Asian countries

CCIAM FUTURE EN's subsidiary CCIAM Engineering has signed a memorandum of understanding with Key Action

According to the latest information from the Hong Kong Stock Exchange, on September 3rd, shareholders of CCIAM FUTURE EN transferred their shares from Yingli Securities to Yue Shang International Securities, with a transfer market value of HKD 2.4699 million, accounting for 5.03%. On August 28th, CCIAM FUTURE EN announced its performance for the six months ending June 30, 2025, reporting revenue of HKD 8.72 million, a year-on-year decrease of 15.03%; the loss attributable to shareholders was HKD 8.761 million, a year-on-year narrowing of 1.65%; basic loss per share was HKD 0.043

CCIAM FUTURE EN shareholders will transfer their stocks from Yingli Securities to YueShang International Securities, with a transfer market value of HKD 2.4699 million

LC LOGISTICS expects that profit will increase by 759% to 993% within the six months ending June 30, 2025, reaching approximately RMB 110 million to 140 million. This is mainly due to the continuous growth of its main business, cost control, and the expansion of its customer base, which has significantly improved the profitability of its overseas warehouse business. The company has achieved non-recurring income of approximately RMB 61 million by optimizing its asset structure, and interest income has increased by approximately RMB 10 million year-on-year, enhancing its profitability

LC LOGISTICS issues a profit warning, expecting a 759% increase in interim profit to 993%

According to the Zhitong Finance APP, CCIAM FUTURE EN announced that due to the upcoming expiration of the term of independent non-executive director Ms. Yuan Huimin, Ms. Yuan Huimin has been reappointed as an independent non-executive director

CCIAM FUTURE EN: Yuan Huimin has been reappointed as an independent non-executive director

CCIAM FUTURE EN plans to place a maximum of 40.6893 million shares on June 17, 2025, at a discount of approximately 17.78%, with a placement price of HKD 0.148 per share. If the placement is successful, the maximum proceeds will be approximately HKD 6.02 million, with a net amount of approximately HKD 5.79 million, primarily for the company's daily operating funds, including salaries, rent, and other basic expenses

CCIAM FUTURE EN plans to issue shares at a discount of approximately 17.78%, with a maximum net fundraising of about HKD 5.79 million

According to the Zhitong Finance APP, CCIAM FUTURE EN announced that Su Dawan has been appointed as the company's executive director, effective from May 1, 2025

CCIAM FUTURE EN: Su Dawan appointed as Executive Director

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GANGYU SERVICES announced its 2024 performance, with revenue of approximately HKD 346 million, an increase of about 1.0% year-on-year. Profit attributable to equity holders was approximately HKD 49.1 million, an increase of about 46.6% year-on-year. Basic and diluted earnings per share were approximately HKD 0.1166. The increase in profit was mainly due to the increase in gross profit from environmental sanitation business, compensation received, and effective cost control measures. Despite not receiving proceeds from the sale of subsidiaries as in 2023, a profit was still recorded

GANGYU SERVICES

GANGYU SERVICES announced its 2024 performance, with profit attributable to equity holders expected to be approximately HKD 49.1 million, an increase of about 46.6% year-on-year

GANGYU SERVICES expects that the profit attributable to shareholders in 2024 will increase year-on-year to approximately HKD 47 million to 52 million, up from about HKD 33.5 million in 2023. The board of directors pointed out that the profit growth is mainly due to the increase in gross profit from environmental sanitation business, compensation received, and effective cost control measures

GANGYU SERVICES issues a profit warning, expecting the profit attributable to shareholders in 2024 to increase year-on-year to approximately HKD 47 million to approximately HKD 52 million

According to the announcement from CCIAM FUTURE EN, due to the upcoming expiration of the term of Executive Director Zheng Yutian, Mr. Zheng has been reappointed as Executive Director

CCIAM FUTURE EN: Zheng Yutian has been reappointed as Executive Director

Ownership	%Owned	Share Chg	Report Date
Chung Yee Chan	54.74%	-2.00	10/02/2026
Chung Yin Chan	7.53%	-1.00	10/02/2026
Ming Him Chan	0.21%	No Change	10/02/2026
Man Hon Ip	0.12%	No Change	10/02/2026
Man Hau Lam	0.05%	No Change	10/02/2026
Man Lai Wan	0.01%	No Change	10/02/2026
Kwok Lam Wu	0%	No Change	10/02/2026

HKC INT'L RTS(02917.HK)

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Valuation analysis

Institutional View & Shareholder

Analyst Ratings

"Scarce Assets" in the AI Era? Goldman Sachs: HALO - Heavy Assets, Not Outdated

Pew Charitable Trusts applaud ratification of Cape Town Agreement to improve safety at sea, fight illegal fishing.

LC Logistics Adjusts 2024 Final Dividend Payment Date

LC LOGISTICS will distribute a final dividend of HKD 0.44 per share on October 17th

LC Logistics Inc. Announces Final Dividend of HKD 0.44 Per Share for FY2024