Category: China

MIL-OSI Asia-Pac: DoIT MOEA AI-Enhanced Vaccines and Anti-Pulmonary Inflammatory Drugs Shine at BIO Asia-Taiwan 2025: Health Maintenance, Prevention, and Treatment-A Triple Strategy for a Resilient and Healthy Taiwan

Source: Republic of China Taiwan

The Department of Industrial Technology (DoIT) of the Ministry of Economic Affairs (MOEA) convened three research foundations-ITRI (Industrial Technology Research Institute), FIRDI (Food Industry Research and Development Institute), and the Development Center for Biotechnology (DCB)-to establish the DoIT pavilion, which held its opening ceremony at BIO Asia-Taiwan 2025. The pavilion showcases 12 innovative technological achievements in health maintenance, disease prevention, and treatment, highlighting Taiwan’s capabilities in biomedical research and development while injecting new momentum into the health industry. Key exhibit technologies include the “Smart Processing & Equipment Integration for Plant-Based Drinks,” designed for the elderly; the “Long-Lasting Immunity of CD40 Ligand Ribonucleic Acid Vaccine Adjuvant,” developed to extend vaccine effectiveness; and the “Novel Selective FPR1 Antagonist,” which reduces side effects while improving therapeutic outcomes.

Senior Technical Specialist of the Department of Industrial Technology (DoIT), Mr. Tai Chien-Cheng , indicated that in the face of global political and economic uncertainties, pharmaceuticals have become essential strategic commodities vital to public well-being and safety. Taiwan’s strengths in research and development (R&D), regulatory frameworks, and manufacturing processes position it as a reliable partner for international pharmaceutical companies. To enhance global integration and expand cooperation, Taiwan should improve collaboration across both upstream and downstream industries, thereby increasing technical density and strengthening global competitiveness. He advocated for DoIT to continue connecting foundational resources and implementing supportive policies for R&D funding and tools to facilitate industrial advancement. The pavilion symbolizes the long-term commitment of research institutions to the “Three-Stage, Five-Level Prevention” framework, linking applications from “precision medicine” to “palliative care,” and showcasing the government’s proactive efforts in realizing the “Healthy Taiwan” policy.

In addition, several breakthroughs driven by or related to artificial intelligence (AI) are highlighted among the 12 innovative technologies showcased in the pavilion.

ITRI presents “Tumor-Derived Exosomes Enrichment and Detection Platform”, and “One-Stop Exosome Isolation and Characterization Services”. FIRDI showcases “Intelligent Preparation of Nutritional Beverages” in AI-powered biomedicine research and development.

ITRI’s “In Vivo Delivery of mRNA Encoding CAR to Macrophages for Solid Tumor Therapy” and “An Eye Drop Product for Dry AMD Treatment”. DCB showcases “Rejuvenating CAR-T Cells Through the Secretion of Antibodies Targeting Immunosuppressive Axis” and “NTSR1-ADC: A Novel Therapeutics for Head and Neck Cancer” for cancer and ophthalmic conditions. These technologies highlight the progress in therapeutic drug development and the emergence of new treatment breakthroughs.

Additionally, FIRDI contributes its technical expertise through the development of “Plant-based animal fat alternative technology” and “Microorganisms in the Modification of Food Texture and Flavor”. These innovations aim to redefine the texture and quality of plant-based meats, infusing the plant-based industry with dynamic advancements.

Spokesperson: Ministry of Economic Affairs Department of Industrial Technology (Taiwan) Deputy Director General Chou Chung-Pin
Telephone:02-23212200 extension 8121
Email:cbjou@moea.gov.tw

Contact person:Ministry of Economic Affairs Department of Industrial Technology (Taiwan) Technical Specialist Tai Chien-Cheng
Telephone:02-23212200 extension 8180
Email:cctai@moea.gov.tw

Media contact:Ministry of Economic Affairs Department of Industrial Technology (Taiwan) Researcher
Telephone:02-23212200 extension 8155,0910-660322
Email:yschi@moea.gov.tw

MIL OSI Asia Pacific News –

July 30, 2025
MIL-OSI: SDHG’s Lead in Electricity-Computing Integration Helps Market Cap Hit HK$100 Billion
Source: GlobeNewswire (MIL-OSI)
- SDHG market cap hit HK$100 billion for the first time, as stock price surged 200+ percent in 2025
- From 2021 to 2024, SDHG’s total assets more than tripled, from RMB 21.43 billion to RMB 66.17 billion
- Dazzling success attributed to SDHG’s two-pronged strategy of smart investing in new energy and computing power
- Electricity-Computing Integration model places SDHG in unique position to lead industry
- SDHG’s outstanding ability to align key businesses with national policy priorities wins dedicated government support
HONG KONG, July 29, 2025 (GLOBE NEWSWIRE) — Shandong Hi-Speed Holdings Group Ltd. (00412.HK) shares rose to HK$17.26 at closing on Monday, July 28, sending the market cap of the strongly growing company to HK$103.9 billion. SDHG market cap exceeded HK$100 billion for the first time on July 11. The fact that it has since remained steadily above the HK$100 billion mark indicates the market’s unequivocal endorsement of SDHG as a leader in Electricity-Computing Integration and AI-ready infrastructure.

SDHG’s Lead in Electricity-Computing Integration Helps Market Cap Hit HK$100 Billion

As global competition in AI innovation intensifies to a breakneck pace, the demand for computing power has skyrocketed, which led renewable energy and computing power to become critical battlegrounds for serious contenders in the field. SDHG, a pioneer strategic investor in Electricity-Computing Integration, is widely believed to lead the race.

Pivot to AI infrastructure builder
The demand for both computing power and the electricity to run the data centers in China is forecast to see exponential growth in the coming years. In 2025, data center electricity consumption is expected to account for 5 percent of China’s total electricity usage. The country’s intelligent computing power is projected to reach 1,037.3 EFLOPS in 2025 and to surge to 2,781.9 EFLOPS in 2028. The highly centralized GPU clusters required for intelligent computing centers will have to consume more power.

On the eve of AI innovation booms, SDHG has made a strategic transition from primarily making financial investments toward becoming an investment holding platform focused on emerging industries. It has since emerged as China’s leading company owning premium assets in both renewable energy and computing power, creating a unique Electricity-Computing Integration model.

In 2022, SDHG acquired Shandong Hi-Speed New Energy Group Ltd. (SHNE, 01250.HK) and now owns 56.97 percent of the company’s stakes. In 2023, SDHG made a strategic investment worth US$299 million in VNET Group Inc. (NASDAQ: VNET). SHNE owns clean energy projects in more than 20 provinces in China and has been actively exploring international markets. VNET started focusing on selling data center services to retail clients in China and has grown to serve hyperscale customers including Alibaba Cloud, Tencent Cloud, and Huawei Cloud.

These and other smart investment moves have helped the company gain a strong foothold in traditional infrastructure as well as in new infrastructure.

Alignment with national policy priorities
SDHG has shown outstanding ability to align its key businesses with major national policy priorities, namely renewable energy and computing power. As a result, SDHG enjoys full policy dividends from such national projects as “East Data, West Computing” and secures dedicated government support in energy-rich provinces, especially support for its Electricity-Computing Integration model.

Partnering with local governments and companies, SDHG has been able to achieve great success in experimenting with innovative business models that hand the company a unique advantage in both Chinese and international markets. The Ulanqab Source-Grid-Load-Storage Integration Project in Inner Mongolia is one of SDHG’s flagship projects and epitomizes the innovativeness of Electricity-Computing Integration.

SDHG is building power generation and storage facilities (solar and wind) right next to AIDC and other computing power centers in grassland town Ulanqab. The model breaks down traditional power grid constraints by enabling direct electricity trading (“selling electricity across the wall”). It thus establishes an ecosystem of power generation, transmission, and consumption in the same physical space. This self-contained green ecosystem, with tremendous environmental and economic value, operates on the principles of:

– Instant Utilization (power consumed immediately upon generation)
– On-Demand Availability (guaranteed supply for computing facilities)
– Market-Based Pricing (dynamic cost optimization)
– Mutual Benefit (win-win for energy producers and computing operators)

Upon completion, the SDHG Ulanqab project will generate approximately 860 million kWh of electricity annually, supplying a significant part of the power to run VNET’s 150MW computing centers in Ulanqab. When the 1GW Ulanqab III is in full operation and powered by SDHG, an additional RMB 1.3 billion worth of economic benefits will be created for the company.

The SDHG Ulanqab project with its pioneering Electricity-Computing Integration model is set to play a major role in AI’s transformation of Chinese tech industry, the same way as Stargate and other mega projects contribute to the building of AI infrastructure in their respective countries.

Reliable financing toolkit
SDHG’s solid background in licensed financial transactions and ability to leverage Hong Kong’s status as an international financial center have also been crucial in its success in financing the new energy and computer power projects with a reliable world-class toolkit.

In May 2024, SDHG issued US$900 million worth of perpetual bonds — the largest USD senior perpetual bond issuing by any Chinese issuer since 2021, which were subscribed by 280 institutional accounts across Asia, Europe, the Middle East and Africa. In March 2025, SDHG’s portfolio company VNET Group Inc. completed a $430 million convertible preferred notes offering — the largest such issuance relative to market cap by a Chinese firm since early 2024 which secured foundational capital for its domestic expansion.

Endowed with the above-mentioned advantages, SDHG has established itself as a market leader with proven operational excellence, attracting more and more major companies to become customers and partners.

In May 2025, SDHG signed a strategic cooperation agreement with Chinese tech giant Huawei Technologies Co., Ltd. to build projects driven by “green computing power and clean energy”, develop “zero-carbon smart parks”, and collaborate in the field of intelligent transportation, including vehicle-road coordination and large-scale intelligent driving models.

The capital market has also reacted to SDHG’s new strategy and remarkable business performance enthusiastically. In June 2025, multiple brokerages issued initiating coverage reports with “Outperform” ratings for SDHG, including Soochow Securities (Hong Kong), Zhongtai Securities, Tebon Securities, and SXC Securities.

“Through smart strategic maneuvers, SDHG has managed to build a complete ecosystem in new energy and new infrastructure, greatly enhancing the company’s core competitiveness,” the Zhongtai Securities report states.

SDHG was incorporated as China New Financial Group Limited. The company was acquired by Shandong Hi-Speed Group in 2017 and adopted its current name in 2022. It was listed on the Hong Kong Stock Exchange in the same year and is now a constituent stock of the Hang Seng Composite Index. The company currently holds an Fitch “A-” Issuer Default Rating (IDR) with an ESG Entity Rating of “2” (Sustainable Fitch).

SHDG has been on a phenomenal growth trajectory in the last 4 years despite macroeconomic challenges in the world and in the region. From 2021 to 2024, its total assets more than tripled — expanding from RMB 21.43 billion to RMB 66.17 billion. Its stock price has soared over 200 percent in 2025, while annual revenues are forecast to grow to RMB 6.59 billion, RMB 6.77 billion, and RMB 7.37 billion for 2025, 2026, and 2027, respectively. Net profit attributable to parent company shareholders is expected to more than double in the period, from RMB 216 million in 2025 to RMB 555 million in 2027.

“We expect SDHG to keep its growth momentum in the coming years, benefiting from and contributing to national policy initiatives in new energy and computing power. In particular, SDHG’s Electricity-Computing Integration model powering AIDC will cement the company’s lead in the industry and help realize its full potential as a market innovator,” the Zhongtai Securities report concludes.

Media Contact
Company Name: Shandong Hi-Speed Holdings Group
Contact: Stanley Shi
Website: https://www.sdhg.com.hk/en/
Email: stanleyshi@sdhg.com.hk

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/19edaee3-12ec-4982-8ee3-ecf0bfa533d8

The MIL Network –
July 30, 2025
MIL-OSI Russia: Tbilisi celebrated the 98th anniversary of the founding of the People’s Liberation Army of China

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

Tbilisi, July 29 (Xinhua) — The Chinese Embassy in Georgia held a reception in Tbilisi to mark the 98th anniversary of the founding of the People’s Liberation Army (PLA).

The event was attended by employees of the Georgian Ministry of Defense, high-ranking government officials, members of parliament, foreign ambassadors, military attachés, as well as representatives of the media, Chinese and Georgian companies and public circles.

The ceremonial part began with the performance of the national anthems of China and Georgia. The first vice-speaker of the Georgian Parliament, Gia Volski, delivered a congratulatory message on behalf of the country’s legislative body. He noted that China was one of the first countries to recognize Georgia’s independence, stressed the importance of China’s support for Georgia’s sovereignty and territorial integrity within its internationally recognized borders, and reaffirmed Georgia’s unwavering commitment to the one-China principle.

G. Volsky also emphasized the strategic importance of Georgia as a bridge between Europe and Asia and noted the country’s role in the Belt and Road initiative, especially within the framework of the Trans-Caspian International Transport Route.

He recalled the results achieved in bilateral cooperation, including the free trade agreement of 2018, the establishment of a strategic partnership in 2023 and the introduction of a visa-free regime from 2024. According to him, in 2024, trade turnover between Georgia and China exceeded $1.9 billion. The Vice Speaker expressed confidence in the further strengthening of the Georgian-Chinese partnership and thanked the Ambassador of the People’s Republic of China to Georgia Zhou Qian for his contribution to the development of bilateral relations.

In his speech, Zhou Qian noted that the PLA, created and led by the Communist Party of China, has grown from nothing to become strong in its 98-year history. The army has made invaluable contributions to the liberation of the Chinese people, the construction of a socialist country, the protection of national sovereignty and security, and the maintenance of peace and stability throughout the world, he added.

The ambassador stressed that China deeply appreciates the contribution of the Georgian people to the victory in the world anti-fascist war. According to the diplomat, China and Georgia are countries with an ancient civilization and a rich historical heritage. China has always supported Georgia in protecting its sovereignty and territorial integrity, as well as in striving for sustainable development in accordance with national conditions, Zhou Qian said.

The Ambassador emphasized that China, as one of the first countries to sign the UN Charter and a permanent member of the Security Council, is ready to continue to actively cooperate with all countries of the world, including Georgia. He expressed readiness to jointly promote the correct view of history, defend the results of the victory in World War II and support the international system, the core of which is the UN. –0–

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 30, 2025
MIL-OSI Russia: Gugong and National Museum of China in Beijing closed to visitors due to heavy rains

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

BEIJING, July 29 (Xinhua) — The Forbidden City and the National Museum of China in Beijing were closed to visitors on Tuesday, reportedly for safety reasons after the capital’s authorities issued a flood alert over heavy rains.

Both institutions announced that all pre-booked tickets can be returned or exchanged for another date. -0-

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 30, 2025
MIL-OSI Russia: At least two people were shot in an attack at an office building in New York.

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

NEW YORK, July 28 (Xinhua) — At least two people, including a police officer, were injured in an attack at an office building in New York’s Manhattan on Monday, local media reported.

Police arrived at the scene and urged residents to stay away from the east side of 52nd Street between Park and Lexington Avenues.

“The situation on the scene is now under control and the lone shooter has been neutralized,” NYPD Commissioner Jessica Tisch said on social media. –0–

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 30, 2025
MIL-OSI Russia: B. Netanyahu to present Gaza annexation plan in case Hamas refuses deal – media

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

JERUSALEM, July 29 (Xinhua) — Israeli Prime Minister Benjamin Netanyahu is expected to present a plan to annex part of the Gaza Strip to the country’s security cabinet, the Israeli newspaper Haaretz reported on Monday evening.

According to her, B. Netanyahu told the ministers that Israel gave Hamas several days to agree on a ceasefire. If it refuses the agreement, Israel will begin to gradually annex parts of the Gaza Strip until the Palestinian movement surrenders, the prime minister added.

The article notes that B. Netanyahu has chosen this course of action in order to secure the support of the far-right Religious Zionism party, which opposes both the ceasefire and increased humanitarian aid to Gaza. Keeping this party in the coalition is crucial to preventing the collapse of the current government.

According to media reports, Religious Zionism leader and cabinet member Bezalel Smotrich told his associates that the party is pushing a “good strategic move” and it will soon become clear whether it will be successful.

Haaretz writes that during his conversations with ministers, B. Netanyahu stated that his plan was approved by the administration of US President Donald Trump.

Also on Monday, the Prime Minister’s Office said Israel would continue to work with international organizations, as well as the United States and European countries, to ensure that large amounts of humanitarian aid reach the Gaza Strip. “While the situation in Gaza remains difficult and Israel works to ensure that aid reaches the Strip, Hamas is benefiting from attempts to create the impression of a humanitarian crisis,” the office said. -0-

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 30, 2025
MIL-OSI Russia: Portugal questions fairness of EU-US trade deal

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

LISBON, July 29 (Xinhua) — Portugal has expressed concern over the recently concluded tariff deal between the EU and the United States, calling it a limited improvement that is not in line with genuine free trade principles and comes at a high cost to both sides.

The country’s Ministry of Economy and Territorial Integrity acknowledged that the agreement, which sets US tariffs on European goods at 15 percent, could provide some predictability. However, “nothing can replace free trade,” and Portugal will continue to actively advocate for the gradual elimination of tariffs and other trade barriers, the ministry stressed.

The Confederation of Portuguese Businesses (CPB) expressed only “relative relief” at the agreement, noting that the price to be paid was “high for both sides.”

“When you were expecting a hurricane, you are glad that it is just a normal storm,” said CBP Director General Rafael Alves Rocha. However, he warned that the agreed duties were significantly higher than the current average of around 2.5 percent, representing a setback for exporters and highlighting the asymmetry of the EU and US tariff structures.

The CPB said the agreement was unbalanced and put European producers at a disadvantage.

The Portuguese government responded to the potential negative consequences with financial support measures for businesses.

The Reforcar programme, aimed at protecting companies from adverse trade consequences, was launched in April. To date, 14,000 applications have been submitted for a total of €3.2 billion, of which €2.5 billion has been approved and €1.6 billion has already been spent.

In addition, a special credit line has been created to support export-oriented small and medium-sized enterprises. The Ministry of Economy received 2.6 thousand applications for 1.3 billion euros, of which 600 million euros were approved.

The new PT2030 incentive programme has launched a non-repayable grant pipeline to support internationalisation, targeting joint projects and cooperation strategies in foreign markets. The ministry announced that public applications for collective internationalisation initiatives will open on 31 July.

Despite these supportive measures, Lisbon’s cautious tone and criticism from the business community reflect significant doubts about the long-term benefits of the EU-US trade deal. –0–

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 30, 2025

MIL-OSI: Amundi: First half and second quarter 2025 results

Source: GlobeNewswire (MIL-OSI)

Amundi: First half and second quarter 2025 results

Record inflows of +€52bn in the first half of the year

Inflows already at full year 2024 level		Assets under management¹at an all-time high of €2.27tn at end-June 2025, +5% June/June despite the negative forex effect Net inflows +€52bn in H1, of which +€20bn in Q2 +€48bn in medium-to-long-term assets²(MLT) in H1 Record half-year net inflows for Institutionals: +€31bn

Growth in profit before tax		First half 2025: profit before tax³^,⁴€895m, up +4% H1/H1⁴: Driven by revenue growth (+5%) Cost control, with a cost-income ratio at 52.5%³

Continued success on strategic pillars		Partnership with Victory Capital finalised on 1 April Strong H1 inflows in strategic priorities: Third-party distribution +€13bn, of which 40% with digital players Asia +€22bn, of which +€13bn in JVs and +€8bn in direct distribution ETFs +€19bn, with success in European strategies and innovation Responsible investment: wins of key institutional mandates Amundi Technology: revenues up +48% H1/H1, strong organic growth and integration of aixigo Fund Channel: €613bn in assets under distribution, Ambitions 2025 target achieved

Paris, 29 July 2025

Amundi’s Board of Directors met on 28 July 2025 under the chairmanship of Olivier Gavalda, and approved the financial statements for the first half of 2025.

Valérie Baudson, Chief Executive Officer, said: “With net inflows of +€52bn, Amundi’s performance in the first half of the year was equivalent to the whole of 2024. The depth of our offering and our extensive expertise allow us to respond effectively to our clients’ needs, through our active strategies, passive management, responsible investment, employee savings schemes, technology services and fund distribution solutions.

Amundi has continued to grow both in terms of activity and results, with first half revenues³up +5% and profit before tax³up +4% year-on-year⁴.

Amundi has also leveraged its position as Europe’s leading asset manager, as our clients look for greater diversification in their allocations, with a renewed interest in Europe. With €2.3tn in assets under management, Amundi is the only European player among the top 10 global asset managers, and a preferred gateway for players wishing to invest on the continent. Our comprehensive range of solutions enables investors to finance European companies and economies, and we continue to expand, through ETFs and actively managed funds focused on European sovereignty.»

* * * * *

Highlights

Continued organic growth thanks to continued successes in the strategic pillars

2025 marks the final year of Ambitions 2025 plan, which set a number of strategic pillars aimed at accelerating the diversification of the Group’s growth drivers and exploiting development opportunities. Several objectives were achieved in 2024 and the first half of 2025 confirms Amundi’s growth momentum.

Amundi, the European expert: Amundi is the leading European asset manager, and the only European player among the world’s top 10⁵; this positioning allows the Group to manage ~€1.7tn in assets under management on behalf of European clients, who have entrusted it with an additional +€29bn€ in the first half to manage; Amundi invests, on behalf of its clients, more than half of its assets⁶ in euro-denominated securities; this European expertise is a key differentiator for Amundi’s comprehensive and innovative platform; the launch of new products, such as ETFs or actively managed funds to invest in the European defence sector, make it possible to nurture this distinctive element strongly quarter after quarter;
The Institutional division generated healthy net inflows of +€31bn in the fist half, thanks to several major wins, including the award of a Defined Contribution mandate with The People’s Pension in the UK(+€22bn), successes in Asia (+€5bn, particularly in China), record net inflows in Employee Savings and Retirement and the renewed interest in France in tradition life insurance “euro” contracts; in addition, Amundi secured several innovative mandates, for example with a German pension fund in private debt via the expertise of Amundi Alpha Associates, and a low-carbon mandate for Chile’s sovereign wealth fund thanks to the index and ESG expertise;
Third-Party Distribution continued to grow strongly, with assets under management up by more than +18% year-on-year excluding the contribution of US Distribution to Victory Capital (scope effect of -€62bn), thanks to 12-month net inflows of +€33bn, of which +€13bn⁷ was in the first half of 2025, mainly in MLT assets⁸, (+€12.1bn); net inflows were driven by ETFs and positive in active management, diversified by geographical areas and positive in almost all countries in terms of MLT assets⁸, particularly in Asia (+€3bn); the strong commercial momentum with digital platforms is confirmed, with this type of client accounting for around 40% of net inflows for the first half; it should be noted that a workshop dedicated to Third-Party Distribution was held on 19 June, in London to highlight the growth potential of this strategic focus of the MTP;

Asia: assets under management were up +2% year-on-year despite the decline in the US dollar and the Indian rupee, to reach €460bn; half-year net inflows reached +€22bn, of which +€14bn was in the second quarter; half-year net inflows were split +€14bn from JVs (including Amundi BOC WM) and +€8bn from direct distribution; it is also diversified by countries: India (+€7bn), China (+€5bn) with the two JVs, institutional clients and now the QDLP⁹ license in Third-Party Distribution¹⁰, Korea (+€5bn) thanks to the JV, Hong Kong (+€3bn) and Singapore (+€1bn) thanks to institutional investors and third-party distributors;
ETFs gathered +€19bn this half-year, placing Amundi in second place in the European ETF market in terms of net inflows as well as assets under management, which reached €288bn; this high level of activity was achieved thanks to the diversification of the business line by client types, geographies and asset classes covered: Asia and Latin America contributed +€4bn in net inflows over the half-year; the net inflows also reflect the success of the business line’s flagship products: the Stoxx Europe 600 ETF collected nearly +€3bn in the first half and assets now exceed €12bn; European strategies continued to benefit from investors’ renewed interest in the European markets, with +€4bn attracted in the second quarter alone; innovative products were launched, such as the low-duration euro zone sovereign green bonds ETF, capitalising on the success of the long-duration version, which reached €3bn in assets under management, and the launch in May of the European Defence ETF, in partnership with STOXX, on a platform and with partners only in Europe;
Amundi Technology continues to grow, with revenues up +48% H1/H1, thanks to strong organic growth amplified by the integration of aixigo; Amundi Technology has won new clients during this period, including AJ Bell in the UK.
Fund Channel, the fund distribution platform, has exceeded its target Ambitions 2025 target six months ahead of schedule, with €613bn in assets under distribution; the subsidiary has launched Fund Channel Liquidity, a multi-management platform for treasury products, in partnership with the Liquidity Solutions teams of Amundi and CACEIS; the platform has already been recognised with the innovation award of the AFTE (French association of corporate treasurers);
Following the success of Ambitions 2025, a new three-year strategic plan will be presented in the fourth quarter.

On 1 April, Amundi finalised its partnership with Victory Capital and received shares representing 26% of the share capital in return for contributing Amundi US to Victory. This stake is consolidated in the second quarter accounts under the equity method, with a one-quarter lag compared to Victory Capital’s publications because the company, listed on the Nasdaq, publishes its accounts after those of Amundi (on 8 August for its second quarter 2025 results). Assets under management are consolidated at 26% in a separate line (Victory Capital – US distribution” for the portion distributed to US clients, and at 100% in the relevant client segments and asset classes for the portion managed by Victory Capital but distributed by Amundi to clients outside the United States.

Activity

Record inflows in the first half of the year of +€52bn, already at the level of the whole of 2024

Assets under management¹as at 30 June 2025 rose by +5.2% year-on-year, to reach an all-time high at €2,267bn. They benefited over 12 months from a high level of net inflows, +€75bn, the positive effect of market appreciation for +€109bn, more than half reduced by the unfavourable impact of currency moves (-€60bn) linked to the fall in the US dollar and the Indian rupee.

These two currencies fell vs. the euro in average for the second quarter by -5% and -7% respectively year-on-year and by -7% and -6% quarter-on-quarter. In the first half of 2025 and also in average terms, the US dollar is down by -1% and the Indian rupee by -4% compared to the first half of 2024.

In the first half of 2025, the market effect and the forex effect amounted to +€58bn and -€73bn respectively,

Amundi recorded a scope effect of -€10bn related to the finalisation of the partnership with the American asset manager Victory Capital in the second quarter.

Net inflows were healthy at +€52bn in the first half of the year, almost reaching the level of the whole of 2024 (+€55bn), and far exceeding it in assets MLT⁸ excluding JVs and US distribution at +€48bn (compared to +€34bn for the whole of 2024).

These MLT net inflows⁸ (+€26bn) were driven by passive management (+€44bn), in particular ETFs (+€19bn) and active management (+€9bn), driven by fixed income strategies.

Treasury products excluding JVs and US distribution posted outflows of -€9bn over the half-year, entirely due to withdrawals from corporate clients, which were particularly strong over the first half (€15bn); on the contrary, all other client segments posted net inflows on this asset class, reflecting the wait-and-see attitude in the face of volatility in risky asset markets.

The three main client segments contributed to the net inflows of +€52bn:

the Retail segment, at +€7bn, thanks to Third-Party Distributors (+€13bn) and Amundi BOC WM (+€1.0bn), while risk aversion continues to affect net inflows from Partner networks;
the Institutional segment, at +€31bn, particularly in fixed income and equities thanks to the gain in the first quarter of The People’s Pension mandate (+€21bn, +22 in H1); all sub-segments contributed, to note the very high level of activity in Employee Savings & Retirement, at +€4bn, a record since the creation of Amundi, and the mandates of the insurers of Crédit Agricole and Société Générale, at +€9bn, which benefited from the renewed interest of French savers in life “euro” contracts;
and finally, JVs (+€13bn) posted a very positive performance over the half-year; despite market volatility in India, the SBI MF subsidiary gathered +€7bn thanks to a rebound in the second quarter, NH-Amundi (South Korea) +€5bn, and ABC-CA (China) +€2bn (excluding the discontinued Channel business), mainly driven by treasury products.
The net inflows from the US distribution of Victory Capital, recorded only over one quarter and only for the Group’s share of 26%, were at breakeven.

In the second quarter, net inflows reached +€20.4bn, divided between:

the MLT assets⁸ at +€11.1bn, driven by Third-Party Distributors (+€5bn) and the Institutional division (+€10.8bn); the activity was at a record level in Employee Savings & Retirement, even for a seasonally high quarter (+€4.1bn) and Crédit Agricole and Société Générale insurance mandates recorded a good performance (+4.6bn€), in the context already mentioned of the renewed interest in life “euro” contracts and the arbitrage of treasury products in favour of short-duration bonds; as regards asset classes, ETFs confirmed their success (+€8.2bn), but also positive net inflows in active management (+€2.9 billion), driven by fixed income;
JVs, for +€10.3bn, thanks in particular to the rebound in SBI MF’s activity in India (+€7.8bn) after two quarters of market volatility and withdrawals related to the end of the fiscal year in the first quarter; ABC-CA (China, +€1.2bn excluding Channel Business) also confirmed the recovery of its activity, particularly in fixed income, driven by a more favourable local market;
Treasury products posted outflows (-€1.0bn), with the continuation of seasonal withdrawals from Corporates (-€3.8bn), while all other segments posted net inflows or at least breakeven.

First half 2025 results

The income statement for the first half of 2025 includes, in the first quarter, Amundi US fully integrated in each line of the P&L and, in the second quarter, the equity-accounted contribution of Victory Capital (Group share, i.e. 26%). As Victory Capital has not yet published its earnings for this period, this contribution is estimated by taking Group share of the net profit for the first quarter of 2025.

The first half of 2024 has been restated in a comparable manner, i.e. as if Amundi US had been fully integrated in the first quarter and accounted for using the equity method in the second quarter (@100%)

Profit before tax³+4% H1/H1⁴

Adjusted data³

The Group’s results for the first half of 2025 include, in addition to the 26% equity contribution of Victory Capital, the contribution of aixigo, acquisition of which was finalised in early November 2024, as well as Alpha Associates, an acquisition finalised early April 2024, which were therefore not integrated or only partially integrated in the first half of 2024.

Victory Capital’s contribution is accounted for under the equity method for its 26% share with a one-quarter lag.

The profit before tax³reached €895m in up +4.2% compared to the first half of 2024 pro forma⁴. This growth comes mainly from revenue growth.

Adjusted net revenues³ reached €1,703m, +4.9% compared to the first half of 2024 (+4,0% excluding the integration of aixigo and an additional quarter of Alpha Associates). Contributing to this progression, at current scope:

Net Management Fees grew by +4.6% compared to the first half of 2024 pro forma⁴, at €1,542m, and reflect the increase in average assets under management² thanks to the good level of activity, despite the negative effect of the product mix on revenue margins;
Amundi Technology’s revenues, at €52m, grew strongly (+48.0% compared to the first half of 2024), amplified by the consolidation of aixigo (+€8m), organic growth was +25%;
Financial and other revenues³ amounted to €52m, +10.4% compared to the first half of 2024 on a pro forma basis⁴ thanks to capital gains on seed private equity investments and the portfolio’s positive mark-to-market in the first quarter, although the half-year remains characterised by the negative impact on voluntary investments of the fall in short-term rates in the euro zone, which halved in one year;
Performance fees (€58m), on the other hand, decreased by -13.2% compared to the first half of 2024 on a pro forma basis⁴, reflecting greater market volatility since the beginning of the year, particularly in the second quarter; however, the performance of Amundi′s management remains good, with more than 70% of assets under management ranked in the first or second quartiles according to Morningstar¹¹ over 1, 3 or 5 years, and 243 Amundi funds rated 4 or 5 stars by Morningstar as at 30 June.

The increase in adjusted operating expenses³, €894m, is +5,3% compared to the first half of 2024 pro forma⁴ and +3,4% excluding the integration of aixigo and an additional quarter of Alpha Associates. The jaws effect is therefore slightly positive on a like-for-like basis, reflecting the Group’s operational efficiency.

In addition to the scope effect, this increase is mainly due to investments in the development initiatives of the Ambitions 2025 plan, particularly in technology, third-party distribution and Asia.

The cost-income ratio at 52,5%, on an adjusted basis³, is stable compared to the first half of last year, and in line with the Ambitions 2025 target (<53%).

The adjusted gross operating income³reached €808m, up +4,5% compared to the first half of 2024 pro forma⁴, reflecting growth in revenues and cost control.

The contribution of equity-accounted JVs¹², at €66m, up +7.1% compared to the first half of 2024, reflects the strong momentum of the Indian JV SBI MF (+7.4%), which accounts for nearly 80% of the contribution of JVs. The commercial dynamism of the JV allowed the continued growth of its management fees and more than offset the effects of the depreciation of the Indian rupee (-€3m, or -6 percentage points of growth). The half-year contribution also benefited from the profitability of the Chinese JV ABC-CA.

The adjusted contribution³of the U.S. operations, accounted for under the equity method, which includes Victory Capital’s Group share (26%) contribution from the second quarter onward, amounts to €26m. As explained, this figure corresponds to Victory Capital’s first quarter adjusted net income, due to the lag in publication and therefore does not take into account the synergies that were announced as part of the combination with Amundi US ($110m at 100%, full year before tax) and of which $50m had already been achieved at the time of the finalisation of the partnership. The comparison with Amundi US contribution in the second quarter of 2024, at €32m, which also included positive non-recurring items, is therefore not relevant.

The adjusted corporate tax expense³ of the first half of 2025 reached -€259m, a very strong increase – +35.0% – compared to the first half of 2024 pro forma⁴.

In France, in accordance with the Finance Act for 2025, an exceptional tax contribution is recorded in the 2025 fiscal year. It is calculated on the average of the taxable profits made in France in 2024 and 2025. This exceptional contribution is estimated¹³ to -€72m for the year as a whole, and is not accounted for on a straight-line basis over the quarters. Thus, it amounted to -€54m in the first half of 2025. Excluding this exceptional contribution, the adjusted tax expense³ would have been -€205m and the adjusted effective tax rate³ would be equivalent to that of the first half of 2024.

Adjusted net income³ rose to €638m. Excluding the exceptional corporate income tax contribution, it would have reached €692m, up +4% compared to the first half of 2024 pro forma⁴.

Adjusted³earnings per share was €3.11 in the first half of 2025, including -€0.26 related to the exceptional tax contribution in France. Excluding this exceptional contribution, adjusted³ earnings per share would therefore have been €3.37, up +3.3% compared to the first half of 2024 pro forma⁴.

Accounting data in the first half of 2025

Accounting net income group share amounted to nearly one billion euros, at €998m. It includes a non-cash capital gain of €402m related to the finalisation of the partnership with Victory Capital.

As a reminder, this operation took the form of a share swap and did not give result in any cash payment. The accounting capital gain corresponds to the difference between the market value of what Amundi Group received at the transaction date, namely 26% of the share capital of the new entity Victory Capital, and the historical accounting price of Amundi US that the Group contributed to Victory Capital.

As in the other half-years, the reported net income includes various non-cash expenses as well as integration costs related to the partnership with Victory Capital, finalised on 1 April 2025. Finally, Victory Capital’s contribution also includes a number of expenses, including the amortisation of intangible assets. See the details of all these elements in p. 17).

Accounting earnings per share in the first half of 2025 was €4.86, including the capital gain and the exceptional tax contribution in France.

Second quarter 2025 results

The quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including the first quarter of 2025. In the second quarter, following the finalisation of the partnership with Victory Capital, the contribution of Amundi US was replaced by the consolidation under the equity method of the Group share (26%) in Victory Capital, with a one-quarter lag in publication (integration for the second quarter 2025 of the net income published by Victory Capital in the first quarter of 2025).

Q2/Q2 decline in profit before tax³due to performance fees and financial revenues

Adjusted data³

The results include aixigo, acquisition of which was finalised in early November 2024.

Adjusted net revenues³ totalled €790m, down -1.0% compared to the second quarter of 2024 pro forma⁴, but business-related revenues, management fees and technology revenues, were up:

Net Management Fees grew by +1.2% compared to the second quarter of 2024 pro forma⁴, at €717m, thanks to the increase in average assets under management² over the same period, despite the unfavourable effect of the product mix on margins and the negative impact of the depreciation of the US dollar, which is the currency of approximately 25% of invested assets²; compared to the first quarter of 2025 pro forma⁴, two-thirds of the decline in these fees are explained by the fall in the US dollar;
Amundi Technology’s revenues, at €26m, continued their sustained growth (+46.2% compared to the second quarter of 2024), amplified by the consolidation of aixigo (+€3m); excluding aixigo, these revenues were up +30% organically;
Performance fees were down due to market volatility (28.9% compared to the second quarter of 2024 pro forma⁴), but they are higher than in the first quarter on a pro forma basis⁴ (+53,5%);
Financial revenues (-47.2%) were down due to the fall in short-term rates in the euro zone over the period.

Adjusted operating expenses³ are under control at €417m, i.e. +1,6% compared to the second quarter of 2024 pro forma⁴ and were stable excluding aixigo, reflecting the Group’s operational efficiency. Investments in the development initiatives of the Ambitions 2025 plan continued, particularly in technology, third-party distribution and Asia.

The cost-income ratio at 52,7% on an adjusted data basis³ is in line with the Ambitions 2025 objective (<53%).

The optimisation plan, which was announced in the first quarter, has been launched and will finance the acceleration of investments by generating between €35 and €40m in savings from 2026. The first concrete announcements were made in the second quarter, including the merger between CPR and BFT to create a leader in asset management in France within the Group, with around €100bn in assets under management. The restructuring costs of this plan will be recorded for an amount of €70 to 80m¹⁴in the second half of the year.

The Adjusted gross operating income³(GOI) amounted to €374m, down -3,8% compared to the second quarter of 2024 pro forma⁴.

The contribution of JVs¹⁵, at €38m (+16.6%), increased strongly thanks to the growth in activity and management fees of the main contributing entity, the Indian JV SBI MF (+19%), as well as the good profitability of the JV in China ABC-CA.

The adjusted contribution³of the U.S. operations, accounted for like JVs under the equity method, reflects for the first time this quarter the contribution of Victory Capital to the group share (26%), at €26m. As explained, this figure corresponds to Victory Capital’s first quarter result due to the publication lag, and therefore does not yet take into account the synergies that were announced as part of the combination with Amundi US ($110m at 100%, full-year before tax) and of which $50m were realised at the time of the finalisation of the partnership on 1 April 2025. The comparison with Amundi US’s contribution to Group net income in the second quarter of 2024 (€32m), which also included positive non-recurring items, is therefore not relevant. In addition, the average US dollar fell by -5% year-on-year, also weighing on this contribution.

Adjusted income before tax³reached €437m, down -1.8% compared to the second quarter of 2024 pro forma⁴.

The adjusted corporate tax expense³ of the second quarter of 2025 reached -€104m, up +9% compared to the second quarter of 2024 pro forma⁴.

In France, in accordance with the Finance Act for 2025, an exceptional tax contribution is recorded in the 2025 fiscal year. It is calculated on the average of the profits made in France in 2024 and 2025. This exceptional contribution is estimated¹⁶ at -€72m for the full year, is not accounted for on a straight-line basis. It amounted to -€9m in the second quarter of 2025, compared to -€46m in the first quarter. Excluding this exceptional contribution, the adjusted tax expense³ would have been -€95m and the adjusted³ effective tax rate 25.4%, equivalent to that of the second quarter of 2024 pro forma⁴.

Adjusted net income³ was €334m. Excluding the exceptional tax contribution, it would have been €343m.

Adjusted³earnings per share in the second quarter of 2025 achieved €1.63, including -4 cents related to the exceptional tax contribution in France.

Accounting data in the second quarter of 2025

Accounting net income group share amounted to €715m. It includes the non-cash capital gain of €402m related to the completion of the partnership with Victory Capital.

As in the previous quarters, reported net income includes various non-cash expenses as well as integration costs related to the partnership with Victory Capital, finalised on 1 April 2025. Finally, Victory Capital’s contribution also includes a number of expenses, including the amortisation of intangible assets. See the details of all these elements in p. 17).

Accounting earnings per share in the second quarter of 2025 reached €3.48, including the capital gain on the Victory Capital transaction and the exceptional tax contribution in France.

A solid financial structure, €1.3bn in surplus capital

Tangible equity¹⁷ amounted to €4.3bn as at 30 June 2025, down slightly compared to the end of 2024 due to the payment of dividends (-€0.9bn) for the fiscal year 2024 and the impact of foreign exchange (-€0.2bn), most of which were offset by accounting net income for the first half of the year, including the capital gain related to this transaction (+€1.0bn), including the capital gain related to the partnership with Victory Capital (+€0.4bn).

As indicated at the time of signing in July 2024, the partnership with Victory Capital did not have a significant effect on the CET1 ratio.

The capital surplus at the end of the first quarter stood at €1.3bn.

In a press release dated 4 July, the rating agency FitchRatings confirmed Amundi’s A+ issuer rating¹⁸ with a stable outlook, the best in the sector.

* * * * *

APPENDICES

Adjusted income statement³of the first half of 2025

(M€)	H1 2025	H1 2024*	% ch. H1/H1*

Net revenue – adjusted	1,703	1,623,	+4.9%
Management fees	1,542	1,475	+4.6%
Performance fees	58	66	-13.2%
Technology	52	35	+48.0%
Financial income and other revenues	52	47	+10.4%
Operating expenses – adjusted	(894)	(849)	+5.3%
Cost/income ratio – adjusted (%)	52.5%	52.3%	+0.2pp
Gross operating income – adjusted	808,	773,	+4.5%
Cost of risk & others	(6)	(8)	-28.7%
Equity-accounted companies – JVs	66	61	+7.1%
Equity-accounted companies – Adjusted Victory Capital	26	32	-16.8%
Income before tax – adjusted	895	858,	+4.2%
Corporate tax – adjusted	(259)	(192)	+35.0%
Non-controlling interests	2	1	+88.1%
Net income group share – adjusted	638,	668,	-4.5%
Amortization of intangible assets after tax	(28)	(32)	-10.8%
Integration costs and amortisation of the PPA after tax	(7)	0	NS
Victory Capital adjustments (after tax, on a co-payment basis)	(7)	0	NS
Victory Capital Capital Capital Gain, after tax	402	0	NS
Net income group share	998	636	+56.9%
Earnings per share (€)	4.86	3.11	+56.3%
Earnings per share – adjusted (€)	3.11	3.26	-4.8%

* Quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; in H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024.

Adjusted income statement³of the second quarter

(M€)	Q2 2025	Q2 2024*	% var. T2/T2*	Q1 2025*	% ch. Q2/Q1*

Net revenue – adjusted	790	799	-1.0%	823	-3.9%
Management fees	717	709	+1.2%	737	-2.7%
Performance fees	35	49	-28.9%	23	+53.5%
Technology	26	17	+49.8%	26	+0.7%
Financial income & other revenues	12	23	-47.2%	37	-66.9%
Operating expenses – adjusted	(417)	(410)	+1.6%	(416)	+0.2%
Cost/income ratio – adjusted (%)	52,7%	51,4%	+1.4pp	50.6%	+2.2pp
gross operating income – adjusted	374	388	-3.8%	407	-8.1%
Cost of risk & others	(1)	(8)	-82.4%	(4)	-67.4%
Equity-accounted companies – JVs	38	33	+16.6%	28	+38.6%
Equity-accounted companies – Adjusted Victory Capital	26	32	-16.8%	22	+21.2%
Income before tax – adjusted	437	445	-1.8%	452	-3.3%
Corporate tax – adjusted	(104)	(95)	+9.0%	(149)	-30.6%
Non-controlling interests	1	0	NS	1	+32.6%
Net income group share – adjusted	334	350	-4.5%	303	+10.2%
Amortization of intangible assets after tax	(15)	(17)	-13.7%	(14)	+8.8%
Integration costs and amortisation of the PPA after tax	(1)	0	NS	(3)	-78.2%
Victory Capital adjustments (after tax, on a co-payment basis)	(7)	0	NS	(4)	+62.2%
Victory Capital Capital Capital Gain, after tax	402	0	NS	0	NS
Net income group share	715	333	NS	283	NS
Earnings per share (€)	3.48	1.63	NS	1.38	NS
Earnings per share – adjusted (€)	1.63	1.71	-4.8%	1.48	+10.2%

* Quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; In H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024.

Pro Forma Historical Series³Adjusted⁴– First semester

(m€)	H1 2025	H1 2024	-Contrib. Amundi US T2 2024	H1 2024 pro forma	% ch. 25/24	% ch. 25/24 pro forma

Net management fees	1,542	1,560	85	1,475	-1.2%	-1.4%
Performance fees	58	67	1	66	-14.1%	-13.6%
Net asset management revenues	1,599	1,627	86	1 541	-1.7%	-1.9%
Technology	52	35	0	35	+48.0%	+48.0%
financial income & other revenues	12	6	3	3	NS	NS
Financial income & other revenues – adjusted	52	50	3	47	+4.1%	+6.6%
Net revenue (a)	1,663	1 667	89	1,578	-0.3%	-0.3%
Net revenue – adjusted (b)	1,703	1 711	89	1,623	-0.5%	-0.6%
Operating expenses (c)	(905)	(900)	(51)	(849)	+0.6%	-1.4%
Operating expenses – adjusted (d)	(894)	(900)	(51)	(849)	-0.6%	-2.0%
Gross operating income (e)=(a)+(c)	758	767	38	729	-1.2%	+0.9%
Gross operating income – adjusted (f)=(b)+(d)	808	811	38	773	-0.4%	+0.9%
Cost/income ratio (%) -(c)/(a)	54.4%	54.0%	57.2%	53.8%	0.44pp	-0.56pp
Cost/income ratio – adjusted (%) -(d)/(b)	52.5%	52.6%	57.2%	52.3%	-0.06pp	-0.72pp
Cost of risk & others (g)	397	(5)	3	(8)	NS	NS
Cost of risk & others – adjusted (h)	(6)	(5)	3	(8)	+16.4%	-29.7%
Equity-accounted companies – JV (i)	66	61		61	+7.1%	+7.1%
Equity-accounted companies – US operations (j)	20	0	(32)	32	NS	+18.1%
Equity-accounted companies – U.S. operations – adjusted (k)	26	0	(32)	32	NS	+51.8%
Income before tax (l)=(e)+(g)+(i)+(j)	1,240	824	9	814	+50.6%	+51.8%
Income before tax – adjusted (m)=(f)+(h)+(i)+(k)	895	868	9	858	+3.1%	+3.5%
Corporate tax (n)	(245)	(189)	(9)	(179)	+29.6%	+33.8%
Corporate tax – adjusted (o)	(259)	(201)	(9)	(192)	+28.8%	+32.0%
Non-controlling interests (p)	2	1	0	1	+88.1%	+88.1%
Net income group share (q)=(l)+(n)+(p)	998	636	0	636	+56.9%	+56.9%
Net income group share – adjusted (r)=(m)+(o)+(p)	638	668	0	668	-4.5%	-4.5%

Earnings per share (€)	4.86	3.11		3.11	+56.3%	+56.3%
Earnings per share – adjusted (€)	3.11	3.26		3.26	-4.8%	-4.8%

Pro Forma Historical Series³Adjusted⁴– Quarters 2024-2025

(m€)	Q2 2025	Q2 2024	-Contrib. Amundi US Q2 2024	Q2 2024 pro forma	% ch. T2/T2	% var. Q2/Q2 pro forma	Q1 2025*	-Contrib. Amundi US T1 2025	Q1 2025 pro forma	% ch. T2/T1	% var. Q2/Q1 pro forma
Net management fees	717	794	85	709	-9.7%	+1.2%	824	88	737	-13.0%	-2.7%
Performance fees	35	50	1	49	-29.9%	-28.9%	23	0	23	+52.0%	+53.5%
Net asset management revenues	752	844	86	758	-10.9%	-0.8%	847	88	760	-11.2%	-1.0%
Technology	26	17	0	17	+49.8%	+49.8%	26	0	26	+0.7%	+0.7%
Financial income and other revenues	(7)	3	3	(0)	NS	NS	19	2	18	NS	NS
Financial income and other revenues – adjusted	12	26	3	22	-52.9%	-43.7%	39	2	37	-68.4%	-66.9%
Net income (a)	771	864	89	775	-10.8%	-0.6%	892	90	803	-13.7%	-4.0%
Net income – adjusted (b)	790	887	89	799	-10.9%	-1.0%	912	90	823	-13.4%	-3.9%
Operating expenses (c)	(418)	(461)	(51)	(410)	-9.2%	+2.0%	(486)	(67)	(419)	-14.0%	-0.2%
Operating expenses – adjusted (d)	(417)	(461)	(51)	(410)	-9.6%	+1.6%	(478)	(62)	(416)	-12.8%	+0.2%
Gross Operating Income (e)=(a)+(c)	352	403	38	365	-12.6%	-3.5%	406	22	384	-13.3%	-8.2%
Rross operating income – adjusted (f)=(b)+(d)	374	426	38	388	-12.4%	-3.8%	434	28	407	-14.0%	-8.1%
Cost/income ratio (%) -(c)/(a)	54.3%	53.4%	57.2%	52.9%	0.95pp	1.38pp	54.5%	75.0%	52.2%	-0.20pp	2.08pp
Cost/income ratio – adjusted (%) -(d)/(b)	52.7%	51.9%	57.2%	51.4%	0.79pp	1.37pp	52.4%	69.0%	50.6%	0.35pp	2.16pp
Cost of risk & others (g)	401	(5)	3	(8)	NS	NS	(4)	(0)	(4)	NS	NS
Cost of Risk & Other – adjusted (h)	(1)	(5)	3	(8)	-71.0%	-82.4%	(4)	(0)	(4)	-67.9%	-67.4%
Equity-accounted companies – JV (i)	38	33	0	33	+16.6%	+16.6%	28	0	28	+38.6%	+38.6%
Equity-accounted companies – US operations (j)	20	0	(32)	32	NS	-37.7%	0	(18)	18	NS	+11.7%
Equity-accounted companies – U.S. operations – adjusted (k)	26	0	(32)	32	NS	-16.8%	0	(22)	22	NS	+21.2%
Profit before tax (l)=(e)+(g)+(i)+(j)	811	431	9	421	+88.3%	+92.5%	429	5	425	+89.0%	+91.0%
Profit before tax – adjusted (m)=(f)+(h)+(i)+(k)	437	454	9	445	-3.8%	-1.8%	458	10	452	-4.5%	-3.3%
Corporate tax (n)	(97)	(98)	(9)	(89)	-0.5%	+10.1%	(147)	(5)	(143)	-33.7%	-31.6%
Corporate tax – adjusted (o)	(104)	(105)	(9)	(95)	-0.8%	+9.0%	(155)	(6)	(149)	-33.2%	-30.6%
Non-controlling interests (p)	1	0	0	0	NS	NS	1	0	1	+32.6%	+32.6%
Net income group share (q)=(l)+(n)+(p)	715	333	0	333	NS	NS	283	0	283	NS	NS
Net income group share – adjusted (r)=(m)+(o)+(p)	334	350	0	350	-4.5%	-4.5%	303	0	303	+10.2%	+10.2%

Earnings per share (€)	3.48	1.63		1.63	NS	NS	1.38		1.38	NS	NS
Earnings per share – adjusted (€)	1.63	1.71		1.71	-4.8%	-4.8%	1.48		1.48	+10.2%	+10.2%

Definition of assets under management

Assets under management and net inflows including assets under advisory and marketed and funds of funds, including 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, assets under management and net inflows are taken over by Amundi in the capital of the JV

Evolution of assets under management from the end of 2021 to the end of June 2025

(€bn)	*Assets under management*	*Collection* *Net*	*Market and exchange rate effect*	*Scope* *effect*			*Change in assets under management* *vs. prior quarter*
As of 31/12/2021	2,064					+14%¹⁹
Q1 2022		+3.2	-46.4		–
As of 31/03/2022	2,021					-2.1%
Q2 2022		+1.8	-97.7		–
As of 30/06/2022	1,925					-4.8%
Q3 2022		-12.9	-16.3		–
As of 30/09/2022	1,895					-1.6%
Q4 2022		+15.0	-6.2		–
As of 31/12/2022	1,904					+0.5%
Q1 2023		-11.1	+40.9		–
As of 31/03/2023	1,934					+1.6%
Q2 2023		+3.7	+23.8		–
As of 31/06/2023	1,961					+1.4%
Q3 2023		+13.7	-1.7		–
As of 30/09/2023	1,973					+0.6%
Q4 2023		+19.5	+63.8		-20
As of 31/12/2023	2,037					+3.2%
Q1 2024		+16.6	+62.9		–
As of 31/03/2024	2,116					+3.9%
Q2 2024		+15.5	+16.6		+7.9
30/06/2024	2,156					+1.9%
Q3 2024		+2.9	+32.5		–
30/09/2024	2,192					+1.6%
Q4 2024		+20.5	+28.1		–
31/12/2024	2,240					+2.2%
Q1 2025		+31.1	-24.0		–
31/03/2025	2,247					+0.3%
Q2 2025		+20.4	+10.1		-10.6
30/06/2025	2,267					+0.9%

Total over one year between 30 June 2024 and 30 June 2025: +5.2%

Net inflows +€74.9bn
Market effect +€108.8bn
Forex effect -€62.1bn
Scope effects -€10.6bn
(Q2 2025 effect of the exit of Amundi US assets under management from Amundi US and the acquisition of 26% of Victory Capital assets under management in the US, the acquisition of aixigo has no effect on assets under management)

Details of assets under management and net inflows by client segments²⁰

(€bn)	AuM 30.06.2025	AuM 30.06.24	% change /30.06.24	Q2 2025 inflows	Q2 2024 inflows	H1 2025 inflows	H1 2024 inflows
Networks France	139	133	+4.3%	-0.7	-2.4	-0.5	-0.9
International networks	161	165	-2.5%	-2.9	-0.8	-5.6	-2.8
Of which Amundi BOC WM	3	3	-15.0%	+0.7	+0.4	+1.0	+0.1
Third-Party Distributors	350	359	-2.5%	+5.0	+5.4	+13.3	+12.4
Retail	650	658	-1.1%	+1.4	+2.2	+7.2	+8.7
Institutional & Sovereigns (*)	548	520	+5.4%	+1.7	+1.1	+31.8	+10.7
Corporates	107	108	-1.4%	-3.7	-3.9	-14.0	-8.1
Company savings	101	90	+12.8%	+4.9	+3.8	+4.0	+2.9
CA & SG Insurers	445	424	+4.8%	+5.9	+0.8	+9.4	+1.7
Institutional	1,201	1,142	+5.1%	+8.7	+1.7	+31.2	+7.3
JVs	359	356	+0.6%	+10.3	+11.6	+13.2	+16.1
Victory- US distribution	58	0	NS	-0.0	0.0	-0.0	0.0
Total	2,267	2,156	+5.2%	+20.4	+15.5	+51.6	+32.1

(*) Including funds of funds

Details of assets under management and net inflows by asset classes²⁰

(€bn)	AuM 30.06.2025	AuM 30.06.2024	% change /30.06.2024	Q2 2025 inflows	Q2 2024 inflows	H1 2025 inflows	H1 2024 inflows
Actions	556	515	+8.0%	+6.9	+3.2	+33.3	+0.7
Diversified	270	282	-4.3%	+0.1	+0.7	-0.9	-6.9
Obligations	737	706	+4.3%	+6.6	+10.1	+20.9	+24.0
Real, alternative, and structured	108	112	-4.0%	-2.5	+1.0	-5.2	+0.7
TOTAL MLT ASSETS excl. JV & US Distribution	1,671	1,616	+3.4%	+11.1	+15.1	+48.0	+18.5
Treasury products excl. JVs & US Distribution	180	184	-2.1%	-1.0	-11.2	-9.6	-2.5
TOTAL ASSETS excl. JV & US Distribution	1,851	1,800	+2.8%	+10.2	+3.9	+38.4	+16.0
JVs	359	356	+0.6%	+10.3	+11.6	+13.2	+16.1
Victory-distribution US	58	0	NS	-0.0	0.0	-0.0	0.0
TOTAL	2,267	2,156	+5.2%	+20.4	+15.5	+51.6	+32.1
*Of which MLT assets*	*2,051*	*1,938*	*+5.8%*	*+16.5*	*+23.7*	*+56.3*	*+31.5*
*Of which treasury products*	*216*	*218*	*-0.9%*	*+3.9*	*-8.3*	*-4.7*	*+0.6*

Details of assets under management and net inflows by type of management and asset classes²⁰

(€bn)	AuM 30.06.2025	AuM 30.06.24	% change /30.06.24	Q2 2025 inflows	Q2 2024 inflows	H1 2025 inflows	H1 2024 inflows
Active management	1,118	1,122	-0.4%	+2.9	+8.0	+9.1	+9.3
Equities	196	207	-5.4%	-0.8	-0.4	-4.8	-3.1
Multi-assets	261	272	-3.8%	+0.0	+0.3	-0.9	-7.7
Bonds	661	643	+2.7%	+3.7	+8.1	+14.9	+20.2
Structured products	41	42	-0.3%	-1.4	+1.3	-3.5	+1.9
Passive management	446	382	+16.7%	+10.7	+6.0	+44.2	+8.5
ETFs & ETC	288	237	+21.2%	+8.2	+4.5	+18.6	+9.5
Index & Smart beta	158	144	+9.2%	+2.5	+1.5	+25.6	-1.0
Real & Alternative Assets	67	71	-6.2%	-1.0	-0.3	-1.8	-1.2
Real assets	63	67	-5.4%	-0.6	-0.1	-1.2	-0.3
Alternative	4	4	-18.4%	-0.4	-0.2	-0.5	-1.0
TOTAL MLT ASSETS excl. JV & US Distribution	1,671	1,616	+3.4%	+11.1	+15.1	+48.0	+18.5
Treasury products excl. JVs & US Distribution	180	184	-2.1%	-1.0	-11.2	-9.6	-2.5
TOTAL ASSETS excl. JV & US Distribution	1,851	1,800	+2.8%	+10.2	+3.9	+38.4	+16.0
JVs	359	356	+19.8%	+11.6	-0.9	+16.1	-1.7
Victory-US Distribution	58	0,	NS	-0.0	0.0,	-0.0	0.0,
TOTAL	2,267	2,156	+5.2%	+20.4	+15.5	+51.6	+32.1
*Of which MLT assets*	*2,051*	*1,938*	*+5.8%*	*+16.5*	*+23.7*	*+56.3*	*+31.5*
*Of which treasury products*	*216*	*218*	*-0.9%*	*+3.9*	*-8.3*	*-4.7*	*+0.6*

Details of assets under management and net inflows by geographic area²⁰

(€bn)	AuM 30.06.2025	AuM 30.06.2024	% change /30.06.2024	Q2 2025 inflows	Q2 2024 inflows	H1 2025 inflows	H1 2024 inflows
France	1,028	971	+5.9%	+8.7	+0.0	+9.3	+10.0
Italy	199	207	-3.9%	-1.4	-1.8	-3.4	-2.9
Europe excluding France & Italy	461	406	+13.6%	-1.0	+0.1	+22.8	+4.1
Asia	460	451	+2.0%	+13.8	+15.4	+21.6	+22.3
Rest of the world	119	121	-1.5%	+0.3	+1.7	+1.3	-1.3
TOTAL	2,267	2,156	+5.2%	+20.4	+15.5	+51.6	+32.1
*TOTAL outside France*	1,239	1,185	+4.6%	+11.7	+15.5	+42.3	+22.1

Methodological Annex – Alternative Performance Indicators (APIs)

Accounting and adjusted data

Accounting data – These include

the amortisation of intangible assets, recorded in other revenues, and from Q2 2024, other non-cash expenses spread according to the schedule of price adjustment payments until the end of 2029; these expenses are recognised as deductions from net revenues, in financial expenses.
integration costs related to the transaction with Victory Capital and PPA amortization related to the acquisition of aixigo are recognized in the fourth quarter of 2024 and in the first quarter of 2025 as operating expenses. No such costs were recorded in the first nine months of 2024.

The aggregate amounts of these items are as follows for the different periods under review:

Q1 2024: -€20m before tax and -€15m after tax
H1 2024: -€44m before tax and -€28m after tax
Q4 2024: -€38m before tax and -€28m after tax
Q1 2025: -€29m before tax and -€20m after tax
Q2 2025: -€28m before tax and -€22m after tax + €402m of capital gain (not taxable)
H1 2025: -€57m before tax and -€42m after tax + €402m of capital gain (not taxable)

Adjusted data – In order to present an income statement that is closer to economic reality, the following adjustments have been made: restatement of the amortization of distribution agreements with Bawag, UniCredit and Banco Sabadell, intangible assets representing the client contracts of Lyxor and, since the second quarter of 2024, Alpha Associates, as well as other non-cash expenses related to the acquisition of Alpha Associates; These depreciation and amortization and non-cash expenses are recognized as a deduction from net revenues; restatement of the amortization of a technology asset related to the acquisition of AIXIGO recognized in operating expenses. The integration costs for the transaction with Victory Capital are also restated.

Partnership with Victory Capital

Victory Capital adjusts its US GAAP accounts to better reflect the Group’s economic performance. These US GAAP to Non-GAAP adjustments include, with the figures for the first quarter of 2025 included in Amundi’s financial statements for the second quarter of 2025, the amortisation of intangible assets and other acquisition-related charges, certain business tax, stock-based compensation, acquisition, restructuring and exit costs, Debt issuance costs and the tax benefit of goodwill and acquired intangible assets.

Alternative Performance Indicators²¹

In order to present an income statement that is closer to economic reality, Amundi publishes adjusted data that are calculated in accordance with the methodological appendix presented above.

The adjusted data can be reconciled with the accounting data as follows:

= accounting data

= adjusted data

(M€)	H1 2025	H1 2024*	Q2 2025	Q2 2024	Q2 2024*	Q1 2025	Q1 2025*


Net revenue (a)	1,663	1,578	771	864	775	892	803
– Amortisation of intangible assets (bef. Tax)	(37)	(43)	(18)	(22)	(22)	(18)	(18)
– Other non-cash charges related to Alpha Associates	(3)	(1)	(1)	(1)	(1)	(1)	(1)
Net revenue – adjusted (b)	1,703	1, 623	790	887	799	912	823

Operating expenses (c)	(905)	(849)	(418)	(461)	(410)	(486)	(419)
– Integration costs (bef. tax)	(7)	0	0	0	0	(7)	(2)
– Amortisation related to aixigo PPA (bef. Tax)	(4)	0	(2)	0	0	(2)	(2)
Operating expenses – adjusted (d)	(894)	(849)	(417)	(461)	(410)	(478)	(416)

Gross operating income (e)=(a)+(c)	758	729	352	403	365	406	384
Gross operating income – adjusted (f)=(b)+(d)	808	773	374	426	388	434	407
Cost / Income ratio (%) -(c)/(a)	54.4%	53.8%	54.3%	53.4%	52.9%	54.5%	52.2%
Cost / Income ratio, adjusted (%) -(d)/(b)	52.5%	52.3%	52.7%	51.9%	51.4%	52.4%	50.6%
Cost of risk & others (g)	397	(8)	401	(5)	(8)	(4)	(4)
Cost of risk & others – Adjusted (h)	(6)	(8)	(1)	(5)	(8)	(4)	(4)
Share of net income from JVs (i)	66	61	38	33	33	28	28
Share of net income from Victory Capital (j)	20	32	20	0	32	0	18
Share of net income from Victory Capital – Adjusted (k)	26	32	26	0	32	0	22
Income before tax (l)=(e)+(g)+(i)+(j)	1,240	814	811	431	421	429	425
Income before tax – adjusted (m)=(f)+(h)+(i)+(k)	895	858	437	454	445	458	452
Corporate tax (m)	(245)	(179)	(97)	(98)	(89)	(147)	(143)
Corporate tax – adjusted (n)	(259)	(192)	(104)	(105)	(95)	(155)	(149)
Non-controlling interests (o)	2	1	1	0	0	1	1
Net income group share (q)=(l)+(n)+(p)	998	636	715	333	333	283	283
Net income group share – adjusted (r)=(m)+(o)+(p)	638	668	334	350	350	303	303

Earnings per share (€)	4.86	3.11	3.48	1.63	1.63	1.38	1.38
Earnings per share – adjusted (€)	3.11	3.26	1.63	1.71	1.71	1.48	1.48

Shareholding

	30 June 2025		31 March 2025		31 December 2024		30 June 2024
(units)	Number of shares	% of capital	Number of shares	% of capital	Number of shares	% of capital	Number of shares	% of capital
Crédit Agricole Group	141,057,399	68.67%	141,057,399	68.67%	141,057,399	68.67%	141,057,399	68.93%
Employees	4,398,054	2.14%	4,128,079	2.01%	4,272,132	2.08%	2,879,073	1.41%
Self	1,625,258	0.79%	1,961,141	0.95%	1,992,485	0.97%	963,625	0.47%
Floating	58,338,551	28.40%	58,272,643	28.37%	58,097,246	28.28%	59,747,537	29.20%

Number of equities at the end of the period	205,419,262	100.0%	205,419,262	100.0%	205,419,262	100.0%	204,647,634	100.0%
Average number of equities since the beginning of the year	205,419,262	–	205,419,262	–	204,776,239	–	204,647,634	–
Average number of equities quarter-to-date	205,419,262	–	205,419,262	–	205,159,257	–	204,647,634	–

Average number of shares prorata temporis.

The average number of shares was unchanged between Q1 2025 and Q2 2025 and increased by +0.4% between Q2 2024 and Q2 2025.
A capital increase reserved for employees was recorded on 31 October 2024. 771,628 shares were created (approximately 0.4% of the share capital before the transaction).
Amundi announced on 7 October 2024 a buyback program of up to 1 million shares (i.e. ~0.5% of the share capital before the transaction) to cover performance shares plans, which was finalised on 27 November 2024.

Financial communication calendar

Tuesday 28 October 2025: Q3 and 9-month 2025 results
Fourth quarter 2025: new medium-term strategic plan

About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players²², offers its 100 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages close to €2.3 trillion of assets²³.

With its six international investment hubs²⁴, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

Amundi clients benefit from the expertise and advice of 5,500 employees in 35 countries.

Amundi, a trusted partner, working every day in the interest of its clients and society

www.amundi.com

Press contacts:
Natacha Andermahr
Tel. +33 1 76 37 86 05
natacha.andermahr@amundi.com

Corentin Henry
Tel. +33 1 76 36 26 96
corentin.henry@amundi.com

Investor contacts:
Cyril Meilland, CFA
Tel. +33 1 76 32 62 67
cyril.meilland@amundi.com

Thomas Lapeyre
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.com

Annabelle Wiriath

Tel. + 33 1 76 32 43 92

annabelle.wiriath@amundi.com

DISCLAIMER

This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Amundi in the United States of America or in France. Securities may not be offered, subscribed or sold in the United States of America absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Amundi have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offer of its securities in the United States of America or in France.

This document may contain forward looking statements concerning Amundi’s financial position and results. The data provided do not constitute a profit “forecast” or “estimate” as defined in Commission Delegated Regulation (EU) 2019/980.

These forward looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their non-fulfilment. Consequently, no assurance can be given that these forward looking statement will come to fruition, and Amundi’s actual financial position and results may differ materially from those projected or implied in these forward looking statements.

Amundi undertakes no obligation to publicly revise or update any forward looking statements provided as at the date of this document. Risks that may affect Amundi’s financial position and results are further detailed in the “Risk Factors” section of our Universal Registration Document filed with the French Autorité des Marchés Financiers. The reader should take all these uncertainties and risks into consideration before forming their own opinion.

The figures presented have been subject to a limited review from the statutory auditors and have been prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date.

Unless otherwise specified, sources for rankings and market positions are internal. The information contained in this document, to the extent that it relates to parties other than Amundi or comes from external sources, has not been verified by a supervisory authority or, more generally, subject to independent verification, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision made, negligence or loss that may result from the use of this document or its contents, or anything related to them, or any document or information to which this document may refer.

The sum of values set out in the tables and analyses may differ slightly from the total reported due to rounding.

¹        See definition of assets under management p.14
²        Excluding JV and Victory Capital – US Distribution US, whose contributions are equity-accounted
³        Adjusted data: see p. 16
⁴        For explanations of pro forma variations, see p. 12 and 13
⁵        Source: IPE “Top 500 Asset Managers” published in June 2025
⁶        Including JV and Victory Capital – US Distribution
⁷        The inflows presented in this section are not cumulative, as they may overlap in part, for example an ETF sold to a third-party distributor in Asia.
⁸        Medium to Long-Term Assets, excluding JVs
⁹        Qualified Domestic Limited Partner, ie asset managers allowed to invest in overseas markets and raise Renminbi funds from domestic investors
¹⁰        See Third-Party Distribution Investor Workshop of 19 June 2025
¹¹        Source: Morningstar Direct, Broadridge FundFile – Open-ended funds and ETFs, global fund scope, March 2025; as a percentage of the assets under management of the funds in question; the number of Amundi open-ended funds rated by Morningstar was 1071 at the end of March 2025. © 2025 Morningstar, all rights reserved
¹²        Reflecting Amundi’s share of the net income of minority JVs in India (SBI FM), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion), accounted for by the equity method after tax
¹³        Under the assumption that the 2025 tax result in France will be equivalent to that of 2024 and before adjusting the average to take into account the final 2025 tax result
¹⁴        Currently being estimated
¹⁵        Reflecting Amundi’s share of the net income of minority JVs in India (SBI FM), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion), accounted for by the equity method after tax
¹⁶        Under the assumption that the 2025 tax result in France will be equivalent to that of 2024 and before adjusting the average to take into account the final 2025 tax result
¹⁷        Net equity minus goodwill and intangible assets
¹⁸        Long-Term Issuer Default Rating (IDR)
¹⁹        Lyxor, integrated as of 31/12/2021; sale of Lyxor Inc. in Q4 2023
²⁰        See definition of assets under management, p.14
²¹        See also the section 4.3 of the 2024 Universal Registration Document filed with the AMF on April 16, 2025 under number D25-0272
²²Source: IPE “Top 500 Asset Managers” published in June 2025, based on assets under management as at 31/12/2024
²³Amundi data as at 30/06/2025
²⁴Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)

Attachment

Amundi PR Results Q2 2025_EN

The MIL Network –

July 30, 2025

Trump says he is not seeking summit with Xi, but may visit China

Source: Government of India

Source: Government of India (4)

U.S. President Donald Trump said on Tuesday that he was not seeking a summit with Chinese President Xi Jinping, but added that he may visit China at Xi’s invitation, which Trump said had been extended.

“I may go to China, but it would only be at the invitation of President Xi, which has been extended. Otherwise, no interest!,” Trump said on Truth Social.

Aides to Trump and Xi have discussed a potential meeting between the leaders during a trip by the U.S. president to Asia later this year, sources previously told Reuters.

A trip would be the first face-to-face encounter between the men since Trump’s second term in office, at a time when trade and security tensions between the two superpower rivals remain elevated.

While plans for a meeting have not been finalized, discussions on both sides of the Pacific have included a possible Trump stopover around the time of the Asia-Pacific Economic Cooperation summit in South Korea or talks on the sidelines of the October 30-November 1 event, the people said.

The third round of U.S.-China trade talks taking place in Stockholm this week may lay the groundwork ahead of a leaders’ summit in the autumn, analysts say.

A new flare-up of tariffs and export controls would likely impact any plans for a meeting with Xi.

(Reuters)

July 30, 2025
MIL-OSI Russia: Leading Israeli Human Rights Groups Accuse Israel of Committing Genocide in Gaza

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

JERUSALEM, July 29 (Xinhua) — Two prominent Israeli human rights organizations, B’Tselem and Physicians for Human Rights in Israel (PHRI), on Monday released separate reports claiming for the first time that Israel is committing genocide in the Gaza Strip.

B’Tselem’s report says Israel’s military offensive on Gaza, which has lasted more than 21 months, has been accompanied by mass killings, both directly and by creating uninhabitable conditions.

This is compounded by mass arrests and abuse of Palestinians in Israeli prisons, which have effectively become torture camps, the report says, adding that Israel is also responsible for the destruction of Gaza’s social fabric, including the destruction of Palestinian educational and cultural institutions.

The report said it concluded that Israel was committing genocide against Palestinians in the Gaza Strip.

A second report by PHRI says there is a “deliberate and gradual dismantling of Gaza’s health system and with it the population’s ability to survive.” It says this amounts to genocide.

The document also says that since October 2023, Israel has attacked 33 of 36 hospitals and clinics in the Gaza Strip, depriving them of fuel and water.

Dozens of people are reported to be dying every day from malnutrition. At least 85 children have died from starvation, and 92 percent of infants aged six months to two years are not receiving adequate nutrition.

The report says Israel has displaced nine out of every 10 Gazans, destroyed or damaged 92 percent of homes and left more than half a million children without schools or stability.

Both organizations called on the international community to stop Israel’s offensive to prevent further loss of life in Gaza.

Israeli government spokesman David Menser on Monday rejected accusations of genocide as baseless, saying Israel had sent 1.9 million tons of humanitarian aid, mostly food, to Gaza.

According to him, the human rights activists’ reports are an attempt to deprive Israel of the right to self-defense against the Hamas movement. –0–

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

.

MIL OSI Russia News –

July 30, 2025
MIL-OSI Russia: Syria’s interim authorities must act in a disciplined manner – UN special envoy

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

UNITED NATIONS, July 28 (Xinhua) — The UN Secretary-General’s Special Envoy for Syria Geir Pedersen said on Monday that the interim authorities in Syria must act in a professional and disciplined manner.

“A sovereign Syria must ultimately have a monopoly on the legitimate use of force and operate within the rule of law,” he told the UN Security Council.

Mr. Pedersen expressed concern about credible reports of widespread violations in As-Suwayda, including summary executions and arbitrary killings, kidnappings, destruction of private property and looting of homes. He noted that the alleged perpetrators included members of the Syrian security forces and individuals associated with the interim authorities.

“Religious incitement and offensive behaviour, particularly during security operations, are simply unforgivable. The state has a responsibility to act professionally and with discipline, even when under attack. It must take control of its forces and ensure clear accountability – the key to rebuilding trust, strengthening security and promoting unity,” he said.

Syrians must feel that the state and its forces exist only to protect them, according to the stated policy of the interim president, Pedersen said, adding that “the gap between this policy and the reality on the ground must be closed.”

Loyalty to the state “must be earned through a genuine process that builds a representative state, protects the rights of all and accepts all sections of society as equals,” he added.

Speaking about the inclusiveness of the political transition, Pedersen said that “many Syrians express concerns about the centralization of power, limited transparency, weak checks and balances, and insufficient means for genuine public consultation, participation and oversight,” warning of the risk of “deepening feelings of alienation and undermining faith in the transition process.”

The UN envoy said the formation of the People’s Council was a crucial step in the political transition and was expected to take place in September.

“It is absolutely essential that all major Syrian groups and components are fully involved in the elections as voters and candidates,” Pedersen said, referring to the importance of women’s participation in the process.

The UN envoy said the world body “stands ready to do everything we can to help, working with the interim authorities and all Syrians,” adding that “the political transition in Syria simply cannot fail.” –0–

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

.

MIL OSI Russia News –

July 30, 2025
MIL-OSI China: Announcement on Open Market Operations No.144 [2025]

Source: Peoples Bank of China

Announcement on Open Market Operations No.144 [2025]

(Open Market Operations Office, July 29, 2025)

The People’s Bank of China conducted reverse repo operations in the amount of RMB449.2 billion through quantity bidding at a fixed interest rate on July 29, 2025.

Details of the Reverse Repo Operations

Maturity

Rate

Bidding Volume

Winning Bid Volume

7 days

1.40%

RMB449.2 billion

RMB449.2 billion

Date of last update Nov. 29 2018

2025年07月29日

MIL OSI China News –

July 30, 2025
MIL-OSI China: China launches commercial carrier rocket

Source: People’s Republic of China – State Council News

JIUQUAN, July 29 — China successfully launched the SQX-1 Y10 commercial carrier rocket into space from the Jiuquan Satellite Launch Center in northwest China on Tuesday.

The rocket blasted off at 12:11 p.m. (Beijing Time) from the launch site, sending a satellite into its planned orbit.

MIL OSI China News –

July 30, 2025
MIL-OSI China: China to send largest-ever delegation to 2025 Chengdu World Games

Source: People’s Republic of China – State Council News

BEIJING, July 29 — China on Tuesday unveiled a 489-member delegation, including 321 athletes, for the upcoming 2025 Chengdu World Games.

The team will compete in 152 events across 28 sports, marking China’s largest participation in the history of the Games. This year also marks the first inclusion of para-athletes in the delegation.

As the highest-level international multi-sport event outside the Olympic Games, the 12th edition of the World Games will be held in Chengdu from August 7 to 17. It will be the first time the event is hosted on the Chinese mainland.

The 2025 Games will feature 34 sports, 60 disciplines, and 256 events. China will make its debut in 12 sports, including floorball, cheerleading, flying disc, and powerboating.

At the delegation’s launch ceremony, officials emphasized the mission to “glorify the nation,” calling on athletes to deliver top performances while adhering to principles of “zero appearance of doping” and “zero controversy in sportsmanship.”

Zhong Qixin, head coach of China’s sport climbing team and a former gold medalist in men’s speed climbing at the eighth World Games, expressed high expectations for the home event.

“We hope to achieve good results at our home event. We aim to focus on ourselves and showcase our skills to the world. We also hope that international athletes and coaches will perform well and enjoy the food and the competition here,” he said.

Ai Xinliang, a para archer, called the World Games “a new challenge.”

“Every match feels like the Olympics to me,” said Ai. “This time, competing on the same arena as able-bodied athletes will allow me to experience different emotions. There will certainly be difficulties, but I am mentally prepared and have trained thoroughly before the event,” he added.

MIL OSI China News –

July 30, 2025
MIL-OSI China: 80 years on, story of Flying Tigers still unites two peoples

Source: People’s Republic of China – State Council News

Eighty years after the end of World War II, a county in central China still echoes with memories of international solidarity forged in wartime.

In Zhijiang Dong autonomous county in Huaihua, Hunan province, the Flying Tigers Memorial Museum stands to honor a remarkable chapter of shared history between China and the United States — the story of the American Volunteer Group, better known as the Flying Tigers, during the Chinese People’s War of Resistance Against Japanese Aggression.

In 1937, the year Japan launched its full-scale invasion of China, Claire Lee Chennault, a retired lieutenant from the U.S. Army Air Corps, was invited by the Chinese government to serve as chief advisor to the Chinese Air Force and help develop its aerial capabilities.

In 1941, the Flying Tigers was officially formed in Zhijiang, with Chennault as the commander. That December, after two squadrons successfully fended off Japanese aircraft over Kunming, capital of Yunnan province, the name Flying Tigers spread across China.

Inside the museum that honors the Flying Tigers, visitors are captivated by a wall that displays the squadron emblems, tracing the four stages of their development in China. Most of the emblems feature cartoon-style wartime designs.

Emblems of the Flying Tigers squadrons, displayed at the Flying Tigers Memorial Museum in Zhijiang Dong autonomous county, Huaihua city, Hunan province. [Photo by Wang Xinguang/China.org.cn]

Through a large collection of artifacts, including fighter aircraft, personal belongings, original documents, and photographs, the museum portrays the mutual assistance and deep friendship between the Flying Tigers and the Chinese people.

One notable exhibit is a flight jacket worn by a Flying Tigers member, donated by a veteran during his return to Zhijiang for a cultural festival after WWII.

Sewn onto the back of the jacket is a blood chit, carrying a message in Chinese that reads: “This foreigner (American) has come to China to help in the war. Soldiers and civilians, please offer him rescue and protection.”

A flight jacket of a Flying Tigers member, displayed at the Flying Tigers Memorial Museum. [Photo by Liu Jian/China SCIO]

The message was meant to identify Flying Tigers members who would parachute or crash-land in Japanese-occupied areas. By showing it to Chinese soldiers or civilians, they could quickly be recognized and receive help. It therefore became known as a life-saving chit.

The museum’s exhibits not only reflect the camaraderie between the Chinese and American people in their joint fight against fascism, but also underscore a broader message — one of mutual respect and enduring friendship between nations.

Today, the museum continues to receive support from the U.S., including numerous donated artifacts — a testament to the enduring commitment of both nations to honor the legacy of the Flying Tigers.

Wu Jianhong, director of the museum, said that families of Flying Tigers members still visit China to donate items, keeping alive the shared spirit of cherishing peace.

“It can be said that the Flying Tigers Memorial Museum is a commemorative site jointly built by the Chinese and American people,” Wu said.

Near the exit of the museum stands the Wall of Heroes, inscribed with the names of 882 Chinese Air Force soldiers and 2,197 Flying Tigers members who lost their lives during the war.

The Wall of Heroes inscribed with the names of Chinese Air Force soldiers and Flying Tigers members at the Flying Tigers Memorial Museum. [Photo by Wang Xinguang/China.org.cn]

“The names on the wall honor those heroes whose identities could be confirmed,” said Deng Yu, a guide at the museum. “But many others remain unnamed — their sacrifices are remembered just the same.”

MIL OSI China News –

July 30, 2025
MIL-OSI China: China to send largest-ever delegation to Chengdu World Games

Source: People’s Republic of China – State Council News

China on Tuesday unveiled a 489-member delegation, including 321 athletes, for the upcoming 2025 Chengdu World Games.

The team will compete in 152 events across 28 sports, marking China’s largest participation in the history of the Games. This year also marks the first inclusion of para-athletes in the delegation.

Photo taken on July 26, 2025 shows the World Games 2025 Torch Relay in Chengdu, southwest China’s Sichuan Province. (Xinhua/Ding Zengnida)

As the highest-level international multi-sport event outside the Olympic Games, the 12th edition of the World Games will be held in Chengdu from August 7 to 17. It will be the first time the event is hosted on the Chinese mainland.

The 2025 Games will feature 34 sports, 60 disciplines, and 256 events. China will make its debut in 12 sports, including floorball, cheerleading, flying disc, and powerboating.

At the delegation’s launch ceremony, officials emphasized the mission to “glorify the nation,” calling on athletes to deliver top performances while adhering to principles of “zero appearance of doping” and “zero controversy in sportsmanship.”

Zhong Qixin, head coach of China’s sport climbing team and a former gold medalist in men’s speed climbing at the eighth World Games, expressed high expectations for the home event.

“We hope to achieve good results at our home event. We aim to focus on ourselves and showcase our skills to the world. We also hope that international athletes and coaches will perform well and enjoy the food and the competition here,” he said.

Ai Xinliang, a para archer, called the World Games “a new challenge.”

“Every match feels like the Olympics to me,” said Ai. “This time, competing on the same arena as able-bodied athletes will allow me to experience different emotions. There will certainly be difficulties, but I am mentally prepared and have trained thoroughly before the event,” he added.

MIL OSI China News –

July 30, 2025
MIL-OSI China: Steaming ahead: China’s rural cafés embrace ‘coffee+’ model for deeper growth

Source: People’s Republic of China – State Council News

Customers enjoy coffee and their leisure time at a cafe in Baiyanggou Village in Urumqi County, northwest China’s Xinjiang Uygur Autonomous Region, March 15, 2025. (Xinhua/He Xiaotong)

In Daofu, a quaint county in southwest China’s Sichuan Province, traditional Tibetan homes have been beautifully transformed into cafés, seamlessly blending international favorites like coffee with local treats such as butter tea and highland barley.

“Sipping highland latte while listening to Tibetan folk songs and learning Thangka painting — what a perfect way to unwind!” exclaimed tourist Xu Xiaomei.

In this county, which is filled with Tibetan heritage, cafés don’t just serve drinks — they offer local culture. “Even our coffee cups are custom-made from Daofu’s black pottery,” said Gao Yaojun, a local hotel manager, at the hotel’s café.

Daofu now welcomes more than 1.5 million coffee-related tourist visits each year, reflecting the wider boom of café culture in China’s countryside. As of 2024, over 44,000 countryside coffee shops have sprung up nationwide.

To stand out in an increasingly crowded space, many rural cafés are turning to the “coffee+” model, which pairs coffee with experiences like hiking, handicrafts, or farm visits. It’s not just about sipping a latte — it’s about discovering what makes each place special.

In southwest China’s Guizhou Province, for example, a café perched on a 200-meter-high cliff has gone viral online. Adventurous visitors embark on a challenging trek through the forest and climb the cliffs to reach it, with the entire experience costing nearly 400 yuan (about 55.7 U.S. dollars) per person. Similar adrenaline-fueled cafés have also emerged in provinces like Zhejiang and Fujian.

In south China’s Yunnan Province, one of the country’s key habitats for wild Asian elephants, guests at a café in Pu’er can sip freshly brewed coffee while watching elephants roam and forage in the distant forests.

Some cafés have chosen to tap into their agricultural roots. As China’s primary coffee-producing region, Yunnan offers visitors the chance to sip locally grown brews while exploring plantations and roasteries.

In Wanning, China’s island province of Hainan, coffee farm cafés let visitors roast their own beans, blending agritourism with beverage culture. And the leftover coffee grounds are turned into eco-friendly crafts like sand paintings, murals, and scented accessories.

This rural café boom is largely fueled by urbanites seeking weekend escapes into nature. In the first quarter of 2025, rural tourism in China welcomed 707 million visitors, an 8.9 percent year-on-year increase. Revenue reached 412 billion yuan, up 5.6 percent.

The café boom is also energizing local economies. In Anji County, Zhejiang, a rural region with under 600,000 residents, more than 300 countryside cafés have opened in recent years. Cafés here often operate on a community co-op model: villagers and collectives invest land or resources, café managing teams handle operations, and profits are shared through rent, wages, and dividends.

Deep Blue, one of Anji’s most popular cafés, returns nearly half of its coffee sales revenue to local shareholders. “You’ve got to admire how brilliantly resourceful these young people are,” said one villager.

The rise of rural cafés is also reversing urban migration. Many young entrepreneurs are returning to their hometowns, drawn by the potential of rural development. Among them is Wang Han, 27, from Xinzhai Village in Yunnan. After working in Shenzhen and Kunming, Wang returned in 2020 to open a café and an online coffee business. “There’s something worth coming back for. Now visitors from across China come to tour our coffee fields and taste our brews,” he said.

At Deep Blue, its 127 staff members have an average age of 25 and backgrounds ranging from medicine to shipbuilding, according to founder Cheng Shuoqin, who grew up in Anji and launched his business in 2022, along with six partners.

Cheng believes concerns about market saturation are premature. More well-educated young talent is still on their way to the countryside, he said. “The more young people return, the brighter the future of the countryside.”

MIL OSI China News –

July 30, 2025
MIL-OSI Russia: Miyun District in Northeast Beijing Hit by Heavy Rains

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

BEIJING, July 28 (Xinhua) — Heavy rains that began in the afternoon of July 26 have caused negative consequences in Beijing’s Miyun District. More than 3,000 local residents were evacuated, and road, electricity and communication services were disrupted in several communities. No casualties were reported.

BEIJING, July 28 (Xinhua) — Heavy rains that began in the afternoon of July 26 have caused negative consequences in Beijing’s Miyun District. More than 3,000 local residents were evacuated, and road, electricity and communication services were disrupted in several communities. No casualties were reported.

BEIJING, July 28 (Xinhua) — Heavy rains that began in the afternoon of July 26 have caused negative consequences in Beijing’s Miyun District. More than 3,000 local residents were evacuated, and road, electricity and communication services were disrupted in several communities. No casualties were reported.

BEIJING, July 28 (Xinhua) — Heavy rains that began in the afternoon of July 26 have caused negative consequences in Beijing’s Miyun District. More than 3,000 local residents were evacuated, and road, electricity and communication services were disrupted in several communities. No casualties were reported.

BEIJING, July 28 (Xinhua) — Heavy rains that began in the afternoon of July 26 have caused negative consequences in Beijing’s Miyun District. More than 3,000 local residents were evacuated, and road, electricity and communication services were disrupted in several communities. No casualties were reported.

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 30, 2025
MIL-OSI Russia: Flood relief work underway in northern Tianjin

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

TIANJIN, July 29 (Xinhua) — Heavy rains on July 28 caused flooding of populated areas, damage to houses and bridges, and power outages in Jizhou District of Tianjin City, north China. Flood relief efforts have been launched and people are being evacuated.

TIANJIN, July 29 (Xinhua) — Heavy rains on July 28 caused flooding of populated areas, damage to houses and bridges, and power outages in Jizhou District of Tianjin City, north China. Flood relief efforts have been launched and people are being evacuated.

TIANJIN, July 29 (Xinhua) — Heavy rains on July 28 caused flooding of populated areas, damage to houses and bridges, and power outages in Jizhou District of Tianjin City, north China. Flood relief efforts have been launched and people are being evacuated.

TIANJIN, July 29 (Xinhua) — Heavy rains on July 28 caused flooding of populated areas, damage to houses and bridges, and power outages in Jizhou District of Tianjin City, north China. Flood relief efforts have been launched and people are being evacuated.

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 30, 2025
MIL-OSI Russia: Light plays in the night views of the “Pearl of Eastern Xizang”

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

Chamdo County is located in the eastern part of the Xizang Autonomous Region, in the western part of the Hengduanshan Mountains, and in the upper and middle reaches of the Jinsha River, Lancang River and Nu River. It is the hub between Xizang and the provinces of Sichuan, Yunnan and Qinghai, and an important gateway to the interior of China from Xizang. In addition, Chamdo serves as the “eastern gateway” of the Xizang Autonomous Region, a must-see place on the Sichuan-Xizang Highway and Yunnan-Xizang Highway, and a key point on the Ancient Tea Road. It is the old revolutionary area of Xizang and the place where the five-star red flag of the PRC was first raised in Xizang. See the playful night views of Chamdo and feel the charm of a highland city!

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 30, 2025
MIL-OSI Russia: Swedish Prime Minister and Chinese Vice Premier Agree to Deepen Cooperation

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

STOCKHOLM, July 29 (Xinhua) — Swedish Prime Minister Ulf Kristersson and Chinese Vice Premier He Lifeng met here on Monday, agreeing to deepen cooperation and support free trade.

He Lifeng noted that this year marks the 75th anniversary of the establishment of diplomatic relations between China and Sweden, on which occasion Chinese President Xi Jinping and Swedish King Carl XVI Gustaf exchanged congratulatory messages in May.

Under the strategic guidance of the two leaders, China-Swedish cooperation continues to expand in various fields, with increasingly closer economic and trade ties and broad prospects for future development, said the vice premier.

He Lifeng said China is willing to work with Sweden to strengthen communication and deepen cooperation on the basis of mutual respect, mutual trust, equality and mutual benefit. The two sides should jointly uphold multilateralism and free trade, and promote the healthy and sustainable development of bilateral relations, he added.

The Chinese official also, at the request of the Swedish side, informed it about the latest round of Chinese-American trade and economic negotiations.

U. Kristersson noted that Sweden attaches great importance to developing cooperation with China and firmly supports free trade and economic globalization. His country intends to use the 75th anniversary of the establishment of diplomatic relations as an opportunity to deepen practical cooperation in many areas in order to achieve more positive results in Swedish-Chinese relations. –0–

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 30, 2025
MIL-OSI Russia: Death toll from northern China landslide rises to 8, 4 more remain missing

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

SHIJIAZHUANG, July 29 (Xinhua) — The death toll from a landslide in north China’s Hebei Province has risen to eight, with four people still missing as of Tuesday afternoon.

Rescuers managed to find four of the eight people reported missing after the incident, but all four were found dead, and the search for the others is ongoing, the Chengde city government told Xinhua.

A landslide occurred on July 28 in Xigou Village, Luanping County, administratively subordinate to Chengde City. Heavy rains were reported to be the cause of the emergency.

Rain is expected on Tuesday as well, and the likelihood of new landslides and avalanches is estimated to be high, which is why local authorities intend to evacuate all residents of the village of Sigou. -0-

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 30, 2025
MIL-OSI Russia: UN sees only marginal improvement in humanitarian access in Gaza after restrictions eased

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

UNITED NATIONS, July 29 (Xinhua) — There has been only a slight increase in food aid reaching starving Gazans since Israel opened access routes, U.N. Secretary-General’s deputy spokesman Farhan Haq said Monday.

“It’s only been one day so far, so we need to see if the situation improves,” he said. “Compared to before, when several dozen trucks entered the sector in these days, there is a slight increase,” he added.

Only about 100 trucks carrying humanitarian aid entered the Gaza Strip on Sunday, he said, about a fifth of what was supposed to be delivered.

The UN Office for the Coordination of Humanitarian Affairs (OCHA) said that of 17 missions requiring coordination with Israeli authorities on Sunday, only eight had been carried out, including collecting fuel and supplies. Four missions, including food deliveries, were hampered but completed.

“Prolonged restrictions on the entry of humanitarian aid have created an unpredictable environment in which people are uncertain whether aid will reach them,” OCHA said.

UN Under-Secretary-General for Humanitarian Affairs Tom Fletcher on Sunday welcomed Israel’s easing of restrictions on humanitarian aid to Gaza, saying it would help ease the immense suffering of the starving population, adding that massive amounts of aid were needed to prevent famine and a catastrophic health crisis.

OCHA said UN agencies and their partners also welcomed the decision.

The World Food Programme said it had enough food in the region or on the way to feed the starving population for about three months, and the UN aid agency for Palestine refugees said 6,000 trucks in Jordan and Egypt were waiting to enter Gaza.

The World Health Organization said July was the worst month for malnutrition-related deaths on record, with more than 85 percent of malnutrition-related deaths recorded in 2025. Nearly one in five children under 5 in Gaza City suffers from acute malnutrition.

OCHA reiterated the need for an immediate, permanent ceasefire to ensure adequate aid and support. “The Israeli authorities must open all border crossings and corridors to ensure the delivery of aid in a fair and dignified manner,” the statement said.

OCHA also said that only small amounts of fuel had entered Gaza in the past week, adding that fuel must be allowed in to continue aid operations, including for trucks to collect and distribute supplies. –0–

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 30, 2025
MIL-OSI Russia: Situation on border with Thailand has improved: Cambodian PM

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

PHNOM PENH, July 29 (Xinhua) — The situation on the border between Cambodia and Thailand has improved after a ceasefire agreement came into effect, Cambodian Prime Minister Hun Manet said on social media early Tuesday.

“The situation on the frontline has eased with the ceasefire that came into effect at midnight on Monday in line with the spirit of the agreement between Cambodia and Thailand reached at a special meeting in Malaysia,” he wrote. “An early end to hostilities will also allow affected people, such as evacuees, to return to their homes sooner and resume normal life,” the prime minister said.

“This ceasefire and peace agreement is bringing positive and effective results,” Cambodian Senate President Hun Sen said on social media on Tuesday morning.

The leaders of Thailand and Cambodia agreed to a ceasefire from midnight Monday, Malaysian Prime Minister Anwar Ibrahim said following a meeting he hosted in Malaysia on Monday.

A shootout between Cambodian and Thai soldiers over disputed border territory began on July 24, with both sides accusing each other of violating international law. –0–

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MIL OSI Russia News –

July 30, 2025
MIL-OSI Russia: Three killed, three injured in shooting outside Nevada casino

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

LOS ANGELES, July 29 (Xinhua) — Three people were killed and three others were injured in a shooting outside a casino in the U.S. city of Reno, Nevada, on Monday morning, local authorities said.

The Reno Police Department and other agencies responded to a report of shots fired at 7:25 a.m. local time, police said in a news release. Officers arrived on scene within two and a half minutes.

An unidentified man with a gun walked from the north through the parking lot into the casino parking area, said Chris Crawford, police chief in Sparks, east of Reno.

The suspect’s gun initially misfired, but then the man was able to start shooting at a group of bystanders. Five people in the parking lot were injured. One died at the scene, and another died later in hospital. Two of the five victims are in critical condition, and one has already been released, Crawforth said.

The suspect was shot by police and taken to hospital in critical condition, officials said. –0–

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 30, 2025
MIL-OSI Russia: Kuwait to Deliver Humanitarian Aid to Gaza via ‘Airlift’

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

KUWAIT, July 29 (Xinhua) — Kuwait announced on Monday the launch of an “air bridge” to deliver humanitarian aid to the Gaza Strip following a three-day donation campaign launched by the government last week.

Assistant Foreign Minister for Development and International Cooperation Hamad Al-Meshan said the funds raised would be used to purchase humanitarian aid from the local market, including oil, flour and other essential items.

He added that the supplies would be delivered to the Egyptian city of El Arish by military aircraft and handed over to the Egyptian Red Crescent in coordination with its Kuwaiti counterparts.

H. Al-Meshan also noted the possibility of transferring part of the aid to Jordan, and then the Jordanian army would drop it from the air into Gaza.

Kuwait’s Foreign Ministry, in a statement last week, reiterated its condemnation of Israel’s blockade of the Gaza Strip, which has further worsened hunger and malnutrition in the besieged enclave. –0–

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 30, 2025
MIL-OSI China: Flood relief efforts stepped up in Beijing, Tianjin and Hebei

Source: People’s Republic of China – State Council News

The State Flood Control and Drought Relief Headquarters has sent three working groups to assist and guide flood control and disaster relief efforts in Beijing and Tianjin cities and Hebei province and has elevated the flood control emergency response for the areas to Level III — the third highest of the four-tier system — since Monday evening.

Severe rainstorms have swept North China since July 23, leading to high water levels in some reservoirs, breaches in river embankments and significant flooding. Beijing’s Miyun and Huairou districts, as well as Chengde and Zhangjiakou in Hebei province were hit hard.

On Monday, the National Commission for Disaster Reduction activated a Level IV national emergency response, the lowest one, for Beijing and Hebei, deploying teams to provide guidance for disaster relief efforts, including ensuring the basic needs of affected people.

The central government has increased the allocation of 43,000 items of disaster relief supplies, including folding beds, towels, blankets, emergency lighting, on the basis of the previously allocated disaster relief materials to the affected areas.

The Red Cross Society of China provided 2,000 sets of household emergency kits and assisted the affected areas with food, drinking water, maternal and infant supplies and hygiene kits.

On Tuesday, the Ministry of Finance and the Ministry of Emergency Management allocated 350 million yuan ($48.8 million) to support rescue efforts in nine provinces, regions and municipalities including Beijing, Tianjin, Hebei, Jilin and Shandong.

MIL OSI China News –

July 30, 2025
MIL-OSI China: Tax system reform helps drive investment

Source: People’s Republic of China – State Council News

During the 14th Five-Year Plan period (2021-25), China’s tax system has opened wider to the world, actively drawing in foreign investment while helping domestic enterprises expand their global footprint, official data showed.

According to data released by the State Taxation Administration on Monday, the number of foreign-invested business entities with tax obligations in China increased by 12.7 percent from 2020 to the end of June 2025, showing growing confidence among global investors in China’s business environment.

In terms of inbound investment, over 630 billion yuan ($87.8 billion) in profits from foreign-funded enterprises have benefited from tax incentives for reinvestment during the 14th Five-Year Plan period, coupled with new policy allowing foreign investors to offset their reinvestment amounts against tax liabilities, further strengthening the appeal of the China market for global investors, said Wang Daoshu, deputy commissioner of the State Taxation Administration, during a news conference on Monday.

Inbound consumption has also seen a significant boost, a result of nationwide efforts to streamline tax refund procedures for overseas tourists. In particular, the “refund-upon-purchase” model rolled out across the country this year has improved tax refund efficiency by over 40 percent, said the administration.

One recent case involved a Dutch tourist in Chengdu, who purchased a product worth over 17,000 yuan at a tax refund store.

“Within just five minutes of applying for a tax refund, he received more than 1,500 yuan — which he immediately used for additional purchases,” the senior official said.

According to the administration, from January to June, the number of tax refund shops nationwide more than doubled to over 7,200. The number of international visitors receiving tax refunds surged by 186 percent year-on-year, while both the sales volume of tax-refunded goods and the total refund amount rose by about 94 percent, indicating the growing popularity of “travel in China “among foreign tourists.

In addition, to support Chinese enterprises in expanding globally, tax authorities have also continued to provide tailored tax guidance for overseas operations, helping outbound companies better understand international tax environments and enhance compliance, Wang said, adding that to date, a total of 110 country and region-specific tax guides have been published.

STA data on export tax rebates also showed that from 2021-24, China’s tax authorities processed export tax refunds with an average annual growth rate of 6.6 percent, and the growth accelerated to 7.1 percent on a comparable basis in the first half of the year.

A comprehensive set of tax and fee reduction policies has also been deployed to provide tangible benefits to businesses and households operating in the market.

From 2021 to the end of the first half of this year, the country delivered a cumulative total of 9.9 trillion yuan in tax and fee cuts. The figure is expected to reach 10.5 trillion yuan by the end of this year, according to the STA.

MIL OSI China News –

July 30, 2025
MIL-OSI: Himax Subsidiary Liqxtal Proprietary Vision-Care Pro-Eye Monitor Named Finalist for Top Ten Age-Friendly Technology Product

Source: GlobeNewswire (MIL-OSI)

TAINAN, Taiwan, July 29, 2025 (GLOBE NEWSWIRE) — Liqxtal Technology Inc. (“Liqxtal”), a subsidiary of Himax Technologies, Inc. (Nasdaq: HIMX), and a pioneer in liquid crystal optical innovation, today announced that its flagship vision-care product, the Liqxtal^® Pro-Eye Monitor, has been selected as a finalist in the 2025 Top Ten Age-Friendly Technology Product Awards, presented by the Taiwan Healthy Ageing Tech Show Committee. This prestigious recognition honors outstanding innovations that promote health, comfort, and quality of life for Taiwan’s aging population.

Built on Liqxtal’s patented electrically tunable liquid crystal technology, the Pro-Eye monitor projects digital images to a virtual viewing distance of approximately 16 feet, dramatically farther than the typical 20 – 24 inches of conventional monitors. This design significantly eases ciliary muscle strain and reduces eye fatigue, offering a more natural and effortless viewing experience, especially for seniors experiencing dry eyes or blurred vision due to extended screen use.

With Taiwan’s senior population rapidly growing, technologies that support visual wellness are increasingly vital to long-term care and healthy aging. Since its debut, the Pro-Eye Monitor has garnered strong interest across healthcare, eldercare, and smart home industries for its potential to redefine visual comfort for older adults. Evaluated by a panel of experts from the Taiwan Ministry of Economic Affairs and academic institutions, its selection as a top ten finalist underscores Liqxtal’s leadership in age-friendly innovation.

Liqxtal Pro-Eye Monitor will be showcased at the 2025 Taiwan Healthy Ageing Tech Show, held August 8 – 10 at Taipei World Trade Center Hall 1. Purposefully engineered to address age-related visual challenges, the Pro-Eye represents Liqxtal’s commitment to improving elderly eye health through advanced optical technology. During the event, Liqxtal will also exhibit other smart optical solutions, including the Liqxtal^® Dim, which integrates Liqxtal’s proprietary pixelated liquid crystal light valve with Himax’s WiseEye™ ultralow power AI sensing technology, empowering an intelligent system that automatically adjusts light transmittance based on ambient conditions, enhancing both comfort and safety for seniors in varying lighting environments.

“Liqxtal has been dedicated to advancing liquid crystal optical technologies to deliver eye-care solutions that provide both comfort and functionality,” said Dr. Hung Shan Chen, President of Liqxtal. “Being named a finalist for the top 10 Age-Friendly Technology Awards is a significant milestone that reinforces our commitment to extending this transformative technology to a broader range of aging-related applications, bringing us closer to our vision of a smarter, healthier lifestyle.”

Liqxtal warmly invites media, healthcare professionals, and industry partners to visit Booth A805 at the Taiwan Healthy Ageing Tech Show during August 8 –10, to experience the Pro-Eye Monitor firsthand and explore how next-generation liquid crystal optics are shaping the future of visual wellness in senior care.

About Liqxtal Technology Inc.

Liqxtal Technology Inc. is a Taiwan based company that has been focused on exploring opportunities with liquid crystal (“LC”) beyond just displays since the company’s inception. With a distinguished track record in liquid crystal optics, Liqxtal has developed liquid crystal based optical components such as LC lens for ophthalmic application, LC diffuser for 3D sensing and LC retarder for light sensing. Additionally, Liqxtal designed and released LQ001, a high voltage & tunable frequency LC driver with a 1mm x 2mm footprint, which is particularly ideal for portable products. As a subsidiary of Himax Technologies, Liqxtal also integrates novel display solutions such as tunable backlight with local dimming capability powered by FPGA for niche applications. Lastly, Liqxtal is dedicated to novel vision eyewear technology and strives to innovate and advance useful optical solutions to the world.

About Himax Technologies, Inc.

Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEye™ Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,609 patents granted and 370 patents pending approval worldwide as of June 30, 2025.

http://www.himax.com.tw

Forward Looking Statements

Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2024 filed with the SEC, as may be amended.

Liqxtal Contact:

Henry Hung, Deputy Director of Market & Sales Division
Liqxtal Technology Inc.
Tel: +886-6-505-0880
Email: info@liqxtal.com

Himax Contacts:

Karen Tiao, Head of IR/PR
Himax Technologies, Inc.
Tel: +886-2-2370-3999
Fax: +886-2-2314-0877
Email: hx_ir@himax.com.tw
www.himax.com.tw

Mark Schwalenberg, Director
Investor Relations – US Representative
MZ North America
Tel: +1-312-261-6430
Email: HIMX@mzgroup.us
www.mzgroup.us

A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/30cd9f50-e221-43d4-a3cb-836122c81cf7

The MIL Network –

July 30, 2025
Three terrorists killed in Op Mahadev were involved in Pahalgam terror attack: HM Shah

Source: Government of India

Source: Government of India (4)

Union Home Minister Amit Shah on Tuesday said that the three terrorists killed during Operation Mahadev on Monday were directly involved in the April 22 Pahalgam terror attack, which claimed 26 lives.

Speaking in the Lok Sabha during the ongoing debate on Operation Sindoor, Shah said, “Yesterday, the Indian Army, CRPF, and Jammu & Kashmir Police neutralised three terrorists — Suleiman, Afghan, and Jibran. Suleiman was a top commander of Lashkar-e-Taiba, responsible for the Pahalgam and Gagangir terror attacks. Multiple pieces of evidence support his involvement.”

He added that Afghan and Jibran were also senior Lashkar-e-Taiba operatives.

“I want to inform the House that the terrorists who killed our citizens in Baisaran Valley have now been eliminated,” Shah said.

“The people who used to supply food to them were detained earlier. Once the bodies of these terrorists were brought to Srinagar, they were identified by those who were kept detained by our agencies,” Shah added

The anti-terror operation took place in the Lidwas area, as confirmed by the Chinar Corps of the Indian Army on Monday.

July 30, 2025

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