Core Viewpoint - HSBC Holdings reported a revenue of $68.3 billion for 2025, an increase of $2.4 billion or 4% compared to 2024 [1] Financial Performance - Net interest income reached $34.8 billion, up by $2.1 billion from 2024 [1] - Reported pre-tax profit decreased by $2.4 billion to $29.9 billion, primarily due to a negative impact of $4.9 billion from notable items year-on-year [1] - The common equity tier 1 capital ratio remained at 14.9% [1] Dividend Information - The board approved a fourth interim dividend of $0.45 per share, totaling $0.75 per share for the year 2025 [1] Future Outlook - For 2026, HSBC expects net interest income from banking operations to reach at least $45 billion based on current policy rate expectations [1] - The bank plans to maintain its medium-term target range for the common equity tier 1 capital ratio between 14% and 14.5% [1] - HSBC aims to restore its common equity tier 1 capital ratio to the target range through capital generation from its operations and will not initiate further share buybacks until the ratio returns to or exceeds the target range [1]

Core Insights - HSBC Holdings reported a decrease in reported pre-tax profit by $2.4 billion to $29.9 billion for the year ending December 31, 2025, primarily due to a negative impact of $4.9 billion from notable items [1] - The adjusted pre-tax profit, excluding notable items, increased by $2.4 billion to $36.6 billion, driven by strong performance in international wealth management, retail banking, and wholesale banking [1] Financial Performance - Revenue for 2025 increased by $2.4 billion to $68.3 billion, representing a growth of 4%, mainly due to growth in wealth management and wholesale banking [1] - The fourth quarter of 2025 saw a reported pre-tax profit increase of $4.5 billion to $6.8 billion, with revenue rising by $4.3 billion to $16.4 billion, a 42% increase [2] Capital and Dividend Strategy - The Common Equity Tier 1 capital ratio remained at 14.9%, reflecting an increase in risk-weighted assets offset by capital generation [2] - The board approved a fourth dividend of $0.45 per share, totaling $0.75 per share for 2025, with a target payout ratio of 50% for 2026 to 2028 [2] Future Goals - The company aims for an average tangible equity return of 17% or higher for 2026, 2027, and 2028, reflecting a positive growth trend in profitability [2] - HSBC targets a revenue growth of 5% for 2028 compared to 2027, excluding notable items and based on fixed exchange rates [2]

Core Viewpoint - HSBC Holdings reported a revenue increase of $2.4 billion to $68.3 billion for 2025, reflecting a growth rate of 4% compared to 2024 [1] Group Financial Performance - Net interest income rose by $2.1 billion to $34.8 billion, driven by structural hedging benefits, deposit growth, and increased net interest income from capital markets [2] - The reported pre-tax profit decreased by $2.4 billion to $29.9 billion, while post-tax profit fell by $1.9 billion to $23.1 billion [1] - Basic earnings per share were $1.21, with a proposed fourth dividend of $0.45 per share [1] Business Segment Performance - Revenue growth was primarily attributed to wealth management (from investment distribution and insurance) and wholesale banking, particularly in foreign exchange within corporate and institutional banking [1] - Fixed exchange rate income, excluding notable items, increased by $3.4 billion to $71 billion [1] Strategic Goals - The company aims for an average tangible equity return of 17% or higher for 2026 to 2028, reflecting a positive profit growth trend and effective strategy execution [3] - Revenue growth targets for 2026 to 2028 are set to achieve a 5% increase in 2028 compared to 2027, excluding notable items and based on fixed exchange rates [3] - The dividend payout ratio target remains at 50% for 2026, 2027, and 2028, calculated based on earnings per share excluding significant notable items [3]

Financial Performance - HSBC reported an annual pre-tax profit of $29.91 billion, exceeding estimates, despite a 7.4% decline in annual profit. Revenue increased by 4% year on year, reaching $68.27 billion compared to the estimated $67.36 billion [1][6]. Privatization of Hang Seng Bank - HSBC completed the privatization of Hang Seng Bank on January 26, with Hang Seng's shares subsequently delisted from the Hong Kong Stock Exchange. The bank anticipates that this deal will enhance earnings and is a more effective use of capital than share buybacks [2]. Strategic Outlook - HSBC's Group Chief Executive Georges Elhedery described the take-private offer as an opportunity to grow both Hang Seng and HSBC, emphasizing the preservation of Hang Seng's brand while investing in its capabilities [3]. Compensation and Performance Management - HSBC is moving towards a more performance-driven compensation model, similar to its Wall Street peers, with reports indicating minimal or no bonuses for some bankers. This shift aims to push out underperformers in investment banking and wealth management [4][5].

此乃要件 請即處理。倘閣下對本文件或應採取之行動有任何疑問，應諮詢股票經紀、律師、會計師或其他適當之獨立專業顧問。本通知適用於下文所列登記持 有人，不得轉讓。英國及英國以外地區之稅務影響一般概要載於滙豐控股有限公司現行《年報及賬目》的「股東參考資料」一節。股東應向其稅務顧問諮詢相 關稅務責任。滙豐控股有限公司派發之股息現時並無預扣任何稅項。 本股息貨幣選擇表格僅適用於持有以其自身名義發出之實物股票的滙豐控股有限公司香港海外股東分冊登記股東。 股份登記處可安排將港元現金股息直接存入閣下的銀行戶口，亦可安排寄發美元及 / 或英鎊支票以入賬至閣下的銀行戶口。閣下可在股份登記處之投 資者中心網頁（www.investorcentre.com/hk）登記或更改銀行指示。閣下需預先在該投資者中心網頁登記，方可使用這項設施。請即採取行動，以 便閣下有足夠時間完成登記手續並就後續股息發出指示（股息的最後選擇限期請參閱 www.hsbc.com）。 閣下如欲更改名下全數股息的貨幣，請填妥背頁的「單一貨幣選擇」部分。 英鎊 美元 港元 總和 *# 證券持有人姓名（請以英文大寫字母填寫） 股東參考編號 (SRN) /股票號碼 登記 ...

Financial Performance - In 2025, HSBC reported a pre-tax profit of $29.9 billion, a decrease of $2.4 billion compared to 2024, primarily due to adverse impacts from notable items totaling $4.9 billion[5]. - The average tangible equity return for 2025 was 13.3%, down from 14.6% in 2024, while the return excluding notable items increased to 17.2%, up 1.6 percentage points from the previous year[5]. - Total revenue for 2025 increased by $2.4 billion to $68.3 billion, reflecting a growth rate of 4%, driven mainly by wealth management and wholesale banking businesses[5]. - The adjusted pre-tax profit increased by $4.5 billion to $6.8 billion, reflecting a net positive impact of $3.3 billion from notable items year-on-year[8]. - Revenue rose by $4.8 billion to $16.4 billion, a 42% increase, including a $3.6 billion year-on-year impact from notable items[8]. - The pre-tax profit for 2025 was $29,907 million, a decrease of 7.3% from $32,309 million in 2024[54]. - The profit for the year ending December 31, 2025, was reported at $23.131 billion, compared to $24.999 billion for the year ending December 31, 2024, indicating a decrease of about 3.5%[49][50]. Revenue and Income - Net interest income rose to $34.8 billion, an increase of $2.1 billion, benefiting from higher reinvestment yields and growth in deposit balances[5]. - Total operating income before expected credit losses was $68,274 million in 2025, compared to $65,854 million in 2024, indicating an increase of approximately 2.1%[44]. - The total revenue for 2025 was reported at $68.27 billion, an increase from $65.85 billion in 2024[79]. Customer and Loan Growth - Customer loans increased by $57.7 billion, with a fixed exchange rate basis showing a rise of $17.6 billion, primarily from growth in UK mortgages and commercial loans[5]. - Customer accounts grew by $131.9 billion, with a fixed exchange rate basis reflecting an increase of $67.6 billion across all business segments, particularly in Hong Kong[5]. - Net customer loans amounted to $988,399 million, up from $930,658 million, representing a growth of 6.2%[10]. Operating Expenses - Operating expenses rose by $3.4 billion to $36.4 billion, a 10% increase, influenced by notable items and investments in technology[5]. - Operating expenses increased by $700 million to $9.3 billion, an 8% rise, influenced by restructuring costs related to organizational simplification[8]. - The total operating expenses for 2025 were $36,428 million, compared to $33,043 million in 2024, representing an increase of about 10.8%[44]. Dividends and Shareholder Returns - The board approved a fourth interim dividend of $0.45 per share, totaling $0.75 per share for 2025[5]. - The board approved a quarterly dividend of $0.45 per share, totaling $0.75 per share for 2025, alongside a $6 billion share buyback program[17]. - The total dividends paid to shareholders amount to $12.764 billion in 2025, compared to $16.410 billion in 2024, with a total dividend per share of $0.66 for 2025[72]. Credit Losses - Expected credit losses for 2025 were $3.9 billion, an increase of $0.4 billion from 2024, reflecting provisions related to the commercial real estate sector in Hong Kong and mainland China[5]. - Expected credit losses decreased by $500 million to $900 million, primarily due to a decline in expected credit losses in wholesale lending[8]. - Expected credit losses and other credit impairment charges totaled $3,850 million in 2025, up from $3,414 million in 2024, marking an increase of approximately 12.8%[44]. Capital and Ratios - The common equity tier 1 capital ratio remained stable at 14.9%, consistent with the previous year[11]. - The leverage ratio decreased to 5.3% from 5.6%, indicating a reduction in leverage[11]. - The cost-to-income ratio for 2025 is projected at 53.4%, up from 50.2% in 2024[9]. Strategic Goals and Future Outlook - HSBC has raised its targets for 2026 to 2028, aiming for an average tangible equity return of 17% or higher and a revenue growth target of 5% by 2028[5]. - The company aims to achieve an annualized cost saving of $1.5 billion through organizational restructuring, with a target completion date six months ahead of schedule by June 2026[17]. - The company plans to maintain a common equity tier 1 capital ratio target range of 14% to 14.5%[8]. Economic and Market Conditions - Global economic growth in 2025 exceeded expectations, with strong trends in AI capital spending and trade growth, positioning the company to capture significant opportunities[16]. - In China, economic growth is expected to be maintained, with a focus on enhancing domestic demand and consumption[22]. - The company anticipates global economic expansion in 2026, supported by new trade corridors and increased demand for AI hardware[22]. Legal and Regulatory Matters - HSBC is involved in multiple lawsuits related to alleged violations of antitrust laws concerning the determination of the London Interbank Offered Rate (LIBOR), with unspecified damages sought[93]. - HSBC has reached an agreement with the French financial prosecutor, paying €302 million to resolve tax fraud allegations, concluding the investigation against its UK operations[97]. - The company recognized a provision of $1.1 billion related to the Madoff securities fraud case, with ongoing litigation involving claims totaling $508 million plus interest[88]. Environmental and Social Governance - The company is committed to becoming a net-zero emissions bank by 2050, with a focus on supporting clients in their transition[19]. - Management emphasizes the importance of environmental, social, and governance (ESG) measures in achieving corporate goals and commitments[122].

代扣所得稅信息 股息所涉及的代扣所得稅 不適用 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 董事會於2026年2月25日批准就截至2025年12月31日止財政年度派發第四次股息每股普通股0.45美元（股息），預期分派金額約 為77.1億美元。是項股息將於2026年4月30日派付予2026年3月13日名列英國主要股東名冊、香港海外股東分冊或百慕達海外股東 分冊之股東。滙豐並無就2025年第四次股息於財務報表內記錄負債。 股息將以美元、英鎊或港元（按位於倫敦之英國滙豐銀行有限公司於2026年4月20日上午11時正或前後所報遠期匯率換算）派發。 在倫敦、香港及百慕達買賣的普通股將於2026年3月12日除息報價。在紐約買賣的美國預託股份則將於2026年3月13日除息報價。 對於英國主要股東名冊，股息之預設派發貨幣為英鎊，亦可以港元或美元，或此等貨幣之組合派發。國際股東可登記參與全球股息 服務(Global Dividend Service)，以當地貨幣收取股息。請於www.investorcentre.co.uk登記及查閱有關條款及細則。英國股東亦 可於www.in ...

Market Overview - The shipping sector has shown strong performance, with the real estate sector also experiencing notable gains [2][5] - Major indices opened higher, with the Shanghai Composite Index up by 0.5%, Shenzhen Component Index up by 0.49%, and the ChiNext Index up by 0.11% [2] Shipping Sector - The shipping sector has been robust, with companies like China Merchants Energy Shipping (601872) achieving a record high, and China Ocean Shipping (600026) and China Merchants South Oil (601975) hitting the daily limit [5] - The cost of chartering a Very Large Crude Carrier (VLCC) to transport oil from the Middle East to China has surged to over $170,000 per day, tripling since the beginning of the year, driven by geopolitical tensions and changes in global oil supply [7] Real Estate Sector - The real estate sector has seen significant upward movement, with companies like Huangting International (000056) and Chengdu Investment Holdings (600649) reaching their daily limits [8] - Promotions and discounts have been launched by over 140 real estate projects in Guangzhou, indicating a potential recovery in the housing market as demand from the holiday period is expected to be released [10] - Analysts predict a "small spring" recovery in core city real estate markets, with major institutions raising their forecasts for Hong Kong property prices significantly for 2026, with JPMorgan increasing its forecast from 5%-7% to 10%-15% [10]

Group 1 - The core viewpoint of the article indicates that two senior executives at HSBC, James Grafton and Steve Jobber, are expected to leave the company before the bonus season, which is a significant event for the bank [1] - HSBC is set to release its full-year financial report on Wednesday, after which it will disclose annual bonus details to employees [1] - A representative from HSBC stated that the bank does not comment on specific individuals but emphasizes its commitment to attracting and retaining talent as part of its high-performance culture [1]

Group 1 - Anta Sports-R (82020), JD Health-R (86618), and Geely Automobile-R (80175) have the highest short-selling ratios at 100.00%, 100.00%, and 95.46% respectively [1] - Tencent Holdings (00700), Alibaba-W (09988), and Meituan-W (03690) lead in short-selling amounts, with 2.193 billion, 1.867 billion, and 1.658 billion respectively [1] - Geely Automobile-R (80175), Tencent Holdings-R (80700), and Blue Moon Group (06993) have the highest deviation values at 56.09%, 35.57%, and 33.29% respectively [1] Group 2 - The top short-selling ratio rankings show Anta Sports-R (82020) at 100.00% with a short-selling amount of 29.79 thousand, followed by JD Health-R (86618) at 100.00% with 9.88 thousand, and Geely Automobile-R (80175) at 95.46% with 31.09 thousand [2] - The top short-selling amounts are led by Tencent Holdings (00700) at 2.193 billion, Alibaba-W (09988) at 1.867 billion, and Meituan-W (03690) at 1.658 billion [2] - The highest short-selling deviation values are led by Geely Automobile-R (80175) at 56.09%, followed by Tencent Holdings-R (80700) at 35.57%, and Blue Moon Group (06993) at 33.29% [2]