中期報告 2025 股份代號 : 0086 關於我們 新鴻基有限公司（香港聯交所股份代號：86）（「新鴻基公司」或 「本公司」，連同其附屬公司「本集團」）是一家領先的香港金融機 構，在另類投資和財富管理領域備受肯定。新鴻基公司成立於 1969年，其多元化的投資組合，涵蓋公開市場、信貸和另類投資 策略（其中包括房地產和私募股權），締造長期經風險調整回報。 憑藉其紮根亞洲的傳承，新鴻基公司支持和培育該地區優秀且具 專業能力的新晉資產管理公司，賦能他們實現卓越表現。新鴻基 公司亦利用其長久以來建立的投資業務專長和豐富資源，透過其 家族辦公室解決方案，為理念一致的合作伙伴和超高淨值投資者 提供量身定製的投資解決方案。截至2025年6月30日，本集團的 資產總值約為377億港元。 目錄 2 管理層討論及分析 18 董事之權益 21 主要股東及其他人士之權益 22 企業管治 23 其他資料 25 簡明綜合財務報表之審閱報告 26 簡明綜合財務報表 30 簡明綜合財務報表附註 51 公司資料 管理層討論及分析 財務摘要1 | | 截至下列日期 | | | 截至 | | --- | --- | --- | --- | --- ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 新鴻基有限公司 | | | 呈交日期: | 2025年9月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00086 | 說明 | | 普通股 | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,964,958,493 ...

Core Viewpoint - The company has demonstrated strong financial performance in the first half of 2025, achieving significant growth in revenue and profit despite a challenging global capital market environment [1][3][9]. Financial Performance - Total revenue for the first half of 2025 reached HKD 18.03 billion, with total income at HKD 28 billion, marking a year-on-year increase of 43.47% [1]. - Shareholder profit surged to HKD 887 million, a remarkable increase of 1076% compared to the previous year [1]. - Basic earnings per share were HKD 0.453, with an interim dividend proposed at HKD 0.12 per share [1]. Investment Management Growth - The investment management segment generated HKD 10.35 billion in revenue, a staggering increase of 897% year-on-year, becoming the largest revenue driver for the company [3][5]. - Investment management profits before tax reversed from a loss of HKD 1.475 billion to a profit of HKD 7.856 billion, contributing over 70% of the company's total profit [3][5]. Market Performance - Since the positive earnings announcement in early August, the company's stock price has risen over 20%, and year-to-date, it has increased by 60% [2]. - The company's price-to-earnings ratio (TTM) has expanded to approximately 7 times, with a net price-to-earnings ratio exceeding 21.88 times, reflecting a revaluation by institutional investors [2]. Business Strategy and Ecosystem - The company has built a robust alternative investment ecosystem that has shown resilience across economic cycles, effectively transforming market volatility into excess returns [3][9]. - The synergy between credit and fund management has provided a stable cash flow of HKD 17.26 billion, acting as a stabilizing force amid market fluctuations [10][11]. Fund Management and Capital Flow - The total assets under management for the fund management business reached USD 2.6 billion, driven by strong net cash inflows and market performance [12][13]. - The company has shifted from a self-capital-driven model to a third-party capital-driven approach, increasing external investor capital from 79.9% to 85% [15][16]. Valuation and Market Position - The company's valuation is undergoing a significant transformation, reflecting its transition from a traditional credit institution to an ecological asset management platform [17][18]. - The core valuation premium is attributed to the restructuring of revenue models, the establishment of ecological barriers, and the ability to generate excess returns in volatile markets [17].

Core Viewpoint - The company has demonstrated strong financial performance in the first half of 2025, achieving significant growth in revenue and profit despite a challenging global capital market environment [1][3][17]. Financial Performance - Total revenue for the first half of 2025 reached HKD 18.03 billion, with total income at HKD 28 billion, marking a year-on-year increase of 43.47% [1]. - Shareholder profit surged to HKD 887 million, a staggering increase of 1076% compared to the previous year [1]. - Basic earnings per share were HKD 0.453, with an interim dividend proposed at HKD 0.12 per share [1]. Investment Management Growth - The investment management segment generated HKD 10.35 billion in revenue, a remarkable increase of 897%, becoming the largest revenue driver for the company [3][5]. - Investment management profits before tax reversed from a loss of HKD 1.475 billion to a profit of HKD 7.856 billion, contributing over 70% of the company's total profit [3][5]. Market Performance - Since the announcement of positive earnings in early August, the company's stock price has risen over 20%, and year-to-date, it has increased by 60% [2]. - The company's price-to-earnings ratio (TTM) has expanded to around 7 times, with a net price-to-earnings ratio exceeding 21.88 times, reflecting a revaluation by institutional investors [2]. Business Structure and Strategy - The company has established a robust alternative investment ecosystem, showcasing resilience across economic cycles [3][9]. - The credit and fund business contributed HKD 17.26 billion in revenue, providing essential stability amid market volatility [10][11]. - The company has shifted from a self-capital-driven model to a third-party capital-driven strategy, increasing external investor capital from 79.9% to 85% [15][16]. Ecosystem and Collaboration - The company emphasizes collaboration with external private equity general partners and third-party funding to enhance resource support and strategic guidance [7][15]. - The private equity segment has become a key area for value realization, contributing HKD 5.82 billion in revenue, driven by successful exit projects [8][9]. Future Outlook - The company's valuation restructuring is seen as the beginning of a value discovery process, reflecting its transition from a traditional credit institution to an ecological asset management platform [17][18]. - The integrated model of stable cash flow from credit, excess returns from investment management, and future growth from fund management positions the company as a leading choice for global capital allocation in Asian alternative assets [18].

【财华社讯】新鸿基公司(00086.HK)公布，截至2025年6月30日止六个月，总收入约18.03亿港元，同比 减少3.96%；公司股东应占溢利8.87亿港元，同比增加1076.39%；基本每股盈利45.3港仙。拟派中期股 息每股12港仙。 期內，公司股东应占溢利同比增加10倍以上，主要由投资管理业务所带动，得益于项目的退出增加以及 市场对中国相关资产的情绪转趋乐观，该业务实现可观收益。 本文源自：财华网 ...

Group 1: Hong Kong Stock Exchange Developments - Hong Kong Stock Exchange (HKEX) CEO Charles Li stated that HKEX will research a 24-hour trading mechanism, taking into account international experiences and local market conditions [1] - HKEX plans to enhance its competitiveness through strategic investments in data platform optimization and trading settlement system upgrades [1] - The exchange is also exploring shortening the settlement cycle for the cash market, with a potential T+1 settlement system supported by its technology by the end of this year [1] Group 2: Market Overview - The S&P 500 index fell for four consecutive days, with the index closing down 0.24% at 6395.78 points [2] - Major technology stocks mostly declined, with Intel dropping approximately 7% [2] - The Nasdaq China Golden Dragon Index rose by 0.33%, with notable gains from Tiger Brokers and JinkoSolar [2] Group 3: Financial Regulatory Updates - The National Financial Regulatory Administration is seeking public opinion on the draft of the "Commercial Bank M&A Loan Management Measures," which includes provisions for equity acquisition loans [3] Group 4: Federal Reserve Insights - The Federal Reserve's July meeting minutes indicated a moderate GDP growth in the first half of the year, with a focus on inflation risks over labor market concerns [4] - There was a notable dissent among Fed officials regarding interest rate decisions, marking a significant moment since 1993 [4] Group 5: Corporate Earnings Reports - Alibaba Group announced plans to spin off its subsidiary, Zhaima, for an independent listing on the Hong Kong Stock Exchange [5] - Baidu Group reported a total revenue of RMB 327.13 billion for Q2 2025, a year-on-year decrease of 4%, while net profit increased by 33% to RMB 73.22 billion [8] - Huazhu Group's total revenue for Q2 2025 was RMB 64.26 billion, with a net profit of RMB 15.44 billion, reflecting a 44.7% year-on-year increase [9] - China Oriental Group expects a net profit increase of no less than 70% for the first half of 2025, projecting at least RMB 2.20 billion [10] - Lijun Pharmaceutical reported a net profit of RMB 12.81 billion for the first half of 2025, a 9.4% increase year-on-year [11] - BOSS Zhipin reported a net profit of RMB 7.16 billion for Q2 2025, a 69.87% increase year-on-year [12] - New World Development reported a significant increase in net profit to HKD 887 million, a 1076% rise year-on-year [13] - Yimuyou Group expects a net profit of no less than RMB 2.6 billion for the first half of 2025, representing a growth of over 90% [14] - Yongsheng Medical reported a net profit of HKD 51.63 million, a 55.1% increase year-on-year [15] - Lepu Biopharma achieved a revenue increase of 249.59% for the first half of 2025, marking its first profit [16] - Huya Technology expects a net profit of USD 30 million to 38 million for the first half of 2025, a significant increase from the previous year [17] - Kingsoft reported a net profit of RMB 816 million for the first half of 2025, a 20.41% increase year-on-year [18] - Zhong An Online reported a net profit of RMB 668 million, a 1103.54% increase year-on-year [19] - Yaoshi Bang reported a net profit of RMB 78.12 million, a 258% increase year-on-year [20] - Crystal International reported a net profit of USD 98.27 million, a 17% increase year-on-year [21] - Ocean Group expects a turnaround with a projected net profit of RMB 9.5 billion to 11 billion for the first half of 2025 [22] - Kingsoft Cloud reported an adjusted EBITDA of approximately RMB 725 million, a 672.62% increase year-on-year [23] Group 6: Pharmaceutical Developments - Heyou Pharmaceutical's IND application for a combination therapy for NSCLC has been approved by the CDE [24] - Shengbela reported a net profit of RMB 327 million, marking a turnaround from a previous loss, with significant growth in various business segments [25]

Core Insights - The company reported a total revenue of HKD 1.803 billion for the first half of 2025, a decrease of 3.96% year-on-year [1] - Total income increased to HKD 2.8 billion, reflecting a growth of 43.47% year-on-year [1] - Shareholders' profit attributable to the company reached HKD 0.887 billion, a significant increase of 1076% year-on-year [2] - Basic earnings per share were HKD 0.453, with an interim dividend proposed at HKD 0.12 per share [1] Financial Performance - The strong recovery in shareholders' profit was primarily driven by the investment management business, which benefited from an increase in project exits and improved market sentiment towards Chinese-related assets [2] - The investment management segment recorded a pre-tax profit of HKD 0.786 billion, compared to a loss of HKD 0.1475 billion in the same period of 2024 [2] - Performance improvements were noted across nearly all asset classes, including private equity, corporate holdings, hedge funds, special opportunity investments, and structured credit [2] Market Environment - Despite global market challenges due to tariff fluctuations and geopolitical tensions, the investment team achieved strong risk-adjusted returns [1] - The AI breakthroughs from DeepSeek in Hong Kong have rekindled global investor confidence, leading to a resurgence of capital inflow [1] - The Greater China region continues to face economic growth challenges due to weak domestic demand and ongoing structural reforms [1] Strategic Focus - The company emphasizes maintaining a robust balance sheet and ample liquidity as key priorities to capitalize on investment opportunities during market volatility [1] - Following a strategic transformation, the diversified complementary platform is increasingly generating synergies, driving recurring income growth and enhancing long-term shareholder value [1]

智通财经APP讯，新鸿基公司(00086)公布，将于2025年9月19日派发中期股息每股0.12港元。 ...

格隆汇8月20日丨新鸿基公司(00086.HK)公告，集团于2025年上半年的总收益为2,799.9百万港元（2024 年上半年：1,951.5百万港元）。公司股东应占溢利为887.0百万港元，同比增加10倍以上（2024年上半 年：75.4百万港元）。此强劲复苏主要由投资管理业务所带动，得益于项目的退出增加以及市场对中国 相关资产的情绪转趋乐观，该业务实现可观收益。每股基本盈利为45.3港仙（2024年上半年：3.9港 仙）。董事会宣布派发截至2025年6月30日止六个月的中期股息每股12港仙，与2024年上半年维持不 变。 ...

Core Viewpoint - The company reported a strong recovery in its financial performance for the mid-2025 period, driven by its investment management business, despite facing challenges from global market conditions and geopolitical tensions [1][2]. Financial Performance - Total revenue for the company was HKD 1.803 billion, a decrease of 3.96% year-on-year [1]. - Total income increased to HKD 2.8 billion, reflecting a significant rise of 43.47% year-on-year [1]. - Shareholders' profit attributable to the company was HKD 0.887 billion, showing an impressive increase of over 1076% compared to HKD 0.0754 billion in the first half of 2024 [2]. - Basic earnings per share were HKD 0.453, with a proposed interim dividend of HKD 0.12 per share [1]. Investment Management Business - The investment management segment recorded a pre-tax profit of HKD 0.786 billion, a turnaround from a loss of HKD 0.1475 billion in the same period of 2024 [2]. - The strong performance in this segment was attributed to an increase in project exits and improved market sentiment towards Chinese-related assets [2]. - Almost all asset classes, including private equity, corporate holdings, hedge funds, and special opportunity investments, showed improved performance [2]. Market Conditions and Strategic Focus - The company acknowledged the impact of weak domestic demand and ongoing structural reforms in the Greater China region on economic growth [1]. - Despite these challenges, the company maintained a robust balance sheet and ample liquidity, prioritizing investment opportunities during market volatility [1]. - The completion of the strategic transformation has led to a diversified and complementary platform, enhancing recurring revenue growth and long-term shareholder value [1].