香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並表明概不就因本公告之全部或任何部 份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 第一太平有限公司 （根據百慕達法例註冊成立之有限公司） （股份代號：00142） 網址：www.firstpacific.com PT INDOFOOD SUKSES MAKMUR TBK 就其截至2025年6月30日止6個月之 未經審核綜合財務業績發表公告 根據香港聯合交易所有限公司（「香港聯交所」）證券上市規則第13.09(2)(a)條及香 港法例第571章證券及期貨條例第XIVA部之內幕消息條文之規定，第一太平有限 公司（「第一太平」或「本公司」）發表本公告，以向第一太平之股東及公眾提供有關 本公司之附屬公司PT Indofood Sukses Makmur Tbk（「Indofood」）截至2025年6月 30日止6個月之未經審核綜合財務業績之相關資料。 概要 Indofood之董事會批准刊發其截至2025年6月30日止6個月之未經審核綜合財務業 績，該未經審核綜合財務業績已於2025年7月31日向 ...

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 | | | 致：香港交易及結算所有限公司 公司名稱: 第一太平有限公司 呈交日期: 2025年7月31日 I. 法定/註冊股本變動 | 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) | 00142 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,000,000,000 | USD | | 0.01 USD | | 60,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 6,000,000,000 | USD | | 0.01 USD | | 60,000,000 | 本月底法定/註冊股本總額： USD 60,000,000 FF301 II. 已發行股份 ...

Group 1 - The core viewpoint of the articles indicates that Shenzhen's Grade A office market is experiencing increased vacancy rates and a shift towards aggressive pricing strategies by landlords to attract tenants amid market pressures [1][2] - In the first half of the year, Shenzhen's Grade A office market saw a supply of 352,000 square meters, bringing the total stock to 11.729 million square meters, with an average vacancy rate rising to 30.6% [1] - The leasing activities from sectors such as artificial intelligence, semiconductors, and software services remain relatively positive, while financial and trade sectors show stable demand [1] Group 2 - The office market in key areas like Nanshan, Futian, and Luohu exhibits distinct characteristics, with a focus on intelligent, green, and flexible office space designs gaining traction [2] - The demand for quality office projects in the Houhai area has been driven by the technology, finance, and professional services industries, indicating a growth in leasing activity [2] - Alibaba's real estate management in the Houhai area aims to leverage Shenzhen's strengths in technology innovation and digital economy to foster a cluster of industries centered around digital technology and artificial intelligence [2]

Group 1 - The core index of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index reported at 5488.14 points, showing a decline of 1.54% over the past month, an increase of 2.05% over the past three months, and a year-to-date increase of 3.77% [1] - The CSI Hong Kong-Shanghai-Shenzhen industry index series categorizes the CSI 500, CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Composite, and CSI Hong Kong-Shanghai-Shenzhen Connect Composite Index into 11 industries to reflect the overall performance of different industry companies [1] - The top ten holdings of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index include Meihua Biological (2.53%), Zhengbang Technology (2.43%), Yanjing Beer (2.2%), Anjii Food (1.83%), Maogeping (1.79%), Hengan International (1.76%), Dabeinong (1.66%), Dekang Animal Husbandry (1.64%), First Pacific (1.57%), and Bairun Co. (1.55%) [1] Group 2 - The market share of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index holdings is 41.28% from Shanghai Stock Exchange, 41.17% from Shenzhen Stock Exchange, and 17.55% from Hong Kong Stock Exchange [2] - The industry composition of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index holdings shows that food accounts for 32.70%, breeding for 20.94%, liquor for 17.06%, planting for 8.99%, beauty care for 6.79%, soft drinks for 6.78%, and household goods for 6.75% [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2]

Group 1: Market Overview - The Guangzhou real estate market is showing signs of recovery, driven by high-quality development goals and the "12218" modern industrial system, which injects new momentum into the market [2][4] - The market is experiencing a structural adjustment with limited new demand for office spaces, leading to an increase in vacancy rates [4][8] - The retail sector is seeing a slowdown in brand expansion, with property owners diversifying promotional strategies to attract customers [5][8] Group 2: Office Market Insights - In the first half of 2025, eight new office projects were delivered, adding a total of 323,000 square meters to the market, with total Grade A office stock reaching 7.506 million square meters, a year-on-year increase of 6.1% [4] - The net absorption of office space recorded 37,000 square meters, a decline of 21.2% compared to the same period last year, resulting in an average vacancy rate of 22.6% [4][8] - Emerging business districts like the International Financial City and Pazhou are leading the market in absorption, contributing significantly to the overall demand [4] Group 3: Retail Market Trends - The retail market's total stock increased by 1.0% to 7.632 million square meters, with a new shopping center opening in the second quarter [8] - The average vacancy rate in retail spaces showed slight fluctuations, ending the second quarter at 12.7% [8] - The rental index for retail spaces remained stable compared to the first quarter, with an average rent of RMB 619.1 per square meter per month [8] Group 4: Residential Market Dynamics - The supply of new residential projects decreased by 0.5% year-on-year, with a total of 2.087 million square meters supplied in the first half of 2025 [6][8] - The second quarter saw a significant rebound in transaction volume, with a 35.8% increase in sales area, totaling 1.623 million square meters [8] - The average price for new residential properties reached RMB 44,494 per square meter, reflecting an 18.4% increase from the previous quarter [8] Group 5: Future Outlook and Opportunities - The Guangzhou real estate market is expected to see an influx of 398,000 square meters of new supply in the second half of 2025, pushing total stock to over 8 million square meters by year-end [8] - The trend of consumer preferences is shifting towards experiential and value-driven purchases, indicating potential growth in sectors like leisure and cultural brands [8] - The report on Chinese enterprises going global highlights the significant role of manufacturing in shaping global industrial patterns, with Southeast Asia emerging as a key investment destination [9]

Summary of Key Points Core Viewpoint - The LME (London Metal Exchange) reports a decrease in the inventory levels of various non-ferrous metals, indicating potential supply tightening in the market [1]. Inventory Changes - Copper inventory stands at 152,375 tons, down by 1,925 tons [1] - Aluminum inventory is at 375,075 tons, reduced by 2,250 tons [1] - Nickel inventory totals 200,142 tons, decreasing by 720 tons [1] - Zinc inventory is recorded at 141,375 tons, down by 2,075 tons [1] - Lead inventory is at 288,550 tons, with a reduction of 2,500 tons [1] - Tin inventory remains unchanged at 2,680 tons [1]

Summary of First Pacific Company Limited Investor Conference Company Overview - **Company Name**: First Pacific Company Limited - **Stock Symbols**: 142 (Hong Kong Stock Exchange), FPAFY (OTC Markets) [2] Key Industry Focus - **Geographical Focus**: Emerging Asia, identified as the fastest-growing region globally according to the IMF [5] - **Core Business Segments**: - Consumer food products - Infrastructure - Telecommunications - Natural resources [6] Financial Performance Highlights - **Gross Asset Value**: Approximately $5.3 billion as of March [10] - **Record Profits**: 2024 marked the fourth consecutive year of record high profits, leading to the highest dividends distributed to shareholders [12] - **Dividend Policy**: Commitment to a progressive dividend policy, expecting annual increases in dividends [12] - **Cash Position**: Opening cash of $71 million at the beginning of the year, with expectations for dividend income to exceed $300 million in the future [13][14] Business Segment Performance Indofood - **Revenue Growth**: Revenues rose 4% to over 100 trillion rupiah, with core profit increasing by 16% [17] - **Key Product**: Instant noodles, contributing 46% of total sales [21] - **Cash Reserves**: $2.4 billion in cash at the end of 2024, potential for strategic acquisitions [22] Metro Pacific Investments Corporation (MPIC) - **Ownership**: Approximately 50% stake in MPIC, contributing 25% to gross asset value [24] - **Earnings Growth**: Consistent record highs in earnings, with contributions from power, toll roads, and water sectors [25][26] - **Upcoming IPO**: Mainalad, the largest water company in the Philippines, is set for an IPO in July [32] PLDT (Telecommunications) - **Market Position**: Over a quarter ownership in PLDT, the largest phone company in the Philippines [8] - **Revenue Drivers**: Growth in mobile and fixed-line data services [33] - **Digital Banking**: Maya, PLDT's fintech unit, has achieved profitability and is positioned to capture the unbanked population [35] Pacific Light Power (Power Generation) - **Performance**: Achieved record high earnings in 2023 due to favorable supply-demand dynamics [37] - **Future Projects**: Plans to build a 600 MW hydrogen-ready power plant by 2029 [37] Felix Mining Corporation - **Upcoming Production**: New mine expected to begin production in 2026, with significantly higher ore grades compared to current operations [40][41] Market Valuation and Analyst Coverage - **Share Price Performance**: Share price increased from $2.33 at the end of 2022 to approximately $5.40, reflecting growing confidence in earnings and dividends [42][44] - **Analyst Valuations**: Citi estimates gross asset value at $8.8 billion, with price targets significantly higher than current valuations [45][46] Conclusion - **Investment Outlook**: First Pacific Company Limited is positioned for continued growth across its diverse portfolio, with strong fundamentals and a commitment to shareholder returns. The company remains resilient against global trade challenges, particularly in the context of tariff fluctuations [12][13]

Core Viewpoint - First Pacific Company Limited is focused on defensive businesses in Southeast Asia and is set to present at the dbVIC - Deutsche Bank ADR Virtual Investor Conference on May 15, 2025, to engage with investors [1][2]. Company Overview - First Pacific is a Hong Kong-based investment holding company with operations in consumer food products, telecommunications, infrastructure, and mining [6]. - The company is listed on the Hong Kong Stock Exchange and offers shares in the U.S. through American Depositary Receipts (ADR) [6]. Financial Performance - The company has experienced six consecutive years of profit growth, with the last four years achieving record highs [3]. - First Pacific's share price increased by 25% in 2023 and 45% in 2024, with a recurring price-to-earnings (P/E) ratio of 3.6x for FY 2024 [5]. Strategic Focus - First Pacific's strategy emphasizes maximizing shareholder returns through investments in defensive industries that are not significantly affected by changes in foreign trade tariffs [3]. - The company maintains a focus on emerging economies in Southeast Asia and holds majority stakes in its investments to ensure control over cash flows [8]. Key Assets - First Pacific's portfolio includes major companies such as Indofood (largest maker of instant noodles), MPTC (largest privately owned toll road operator), Meralco (largest power company), PLDT (largest telecommunications company), and Maynilad (largest water company) in the Philippines [4]. - The company is also the largest shareholder in Philex Mining, which plans to open a second gold and copper mine in 2026 [4]. Financial Health - First Pacific has low borrowings with an interest coverage ratio of 4x and has maintained investment-grade credit ratings from Moody's and S&P Global for three years [5].

Financial Performance - Revenue for 2024 was $10,057.2 million, a decrease of 4.3% from $10,510.7 million in 2023[11] - Net profit for the year increased to $1,603.3 million, up 19.5% from $1,341.4 million in 2023[11] - Profit attributable to equity holders of the parent rose to $600.3 million, representing a 19.7% increase from $501.2 million in 2023[11] - Operating contribution from core operations was $776.5 million, an increase of 10.7% compared to $701.5 million in 2023[11] - Basic earnings per share increased to 14.15 cents, up from 11.82 cents in 2023, reflecting a growth of 19.7%[11] - The total revenue for the group decreased by 4% to $10.1 billion, primarily due to a decline in PLP's revenue, offset by increased water service charges from Maynilad and traffic volume from MPTC[41] - Regular profit increased by 11% to $672.5 million, driven by profit contributions from Indofood, MPIC, and PLDT[41] Assets and Liabilities - The total assets reached $673.95 million, an increase of 4.9% from $644.87 million in 2023[11] - Total assets increased to $28,677.9 million in 2024, up from $27,357.5 million in 2023, representing a growth of 4.8%[12] - Net debt rose to $9,098.5 million in 2024, compared to $8,450.3 million in 2023, indicating an increase of 7.7%[12] - The company's equity attributable to owners increased by 6% to $3,926.2 million in 2024 from $3,688.0 million in 2023[15] - The company's total debt as of December 31, 2024, is approximately USD 1.5 billion, with a net debt of about USD 1.3 billion and an average maturity of 3.5 years[47] Profitability Metrics - The gross profit margin improved to 36.34%, up from 32.11% in 2023[11] - The return on average equity was 17.66%, compared to 17.29% in 2023, indicating a slight improvement[11] - The adjusted net asset value per share rose to HKD 7.30 in 2024, compared to HKD 6.98 in 2023, marking a growth of 4.6%[12] - The average exchange rate for the Indonesian Rupiah against the USD decreased by 4.2% year-on-year, impacting the company's financial results[43] Dividends - The dividend payout ratio was 20.65%, consistent with the previous year, maintaining shareholder returns[11] - The dividend payout for the year is projected to reach $138.9 million, reflecting a commitment to returning value to shareholders[24] - The final dividend announced by the company is HKD 0.135 per share (USD 0.0173), an increase of 11% from HKD 0.230 per share (USD 0.0295) in 2023 to HKD 0.255 per share (USD 0.0327) in 2024[45] - The company plans to continue its progressive dividend policy to provide higher cash returns to shareholders[51] Market Outlook and Strategy - The company anticipates continued positive growth in its key markets, with Indonesia and the Philippines expected to exceed 5% growth in 2024[27] - The company plans to enhance productivity and strategically invest in new projects to capitalize on emerging opportunities[27] - The company's core business markets are expected to grow by over 5% in 2024, driven by investments in consumer goods, infrastructure, telecommunications, and natural resources[33] - The company's management is optimistic about sustainable profit growth despite potential challenges, with strategic planning in place to ensure continued profitability[34] Operational Highlights - Indofood contributed $333.3 million to the group's profit in 2024, reflecting a double-digit growth, while PLDT's profit contribution was $148.5 million, up from $143.2 million in 2023[38] - PLDT's fintech investment, Maya, recorded profitability in the last month of the year, significantly increasing its banking customer base and loan disbursements[33] - The company plans to build a 670 MW hydrogen-fueled combined cycle gas turbine facility, expected to start operations in January 2029, which will be the largest of its kind in Singapore[34] - Philex Mining's Silangan project is set to commence production by the end of Q1 2026, while the Padcal mine's operational period has been extended to 2028[34] Capital Expenditures - Capital expenditures reached $1,358.4 million in 2024, an increase of 12.9% from $1,203.5 million in 2023[12] - Capital expenditures for 2024 are projected to decrease by 8% to 78.2 billion pesos ($1.4 billion), with a target to achieve positive free cash flow[88] - Capital expenditures for Meralco rose by 52% to PHP 44.7 billion (USD 779 million), reflecting network upgrades and new solar power plant developments[128] - Capital expenditures for MPTC increased by 19% to PHP 18.2 billion (USD 31.65 million), primarily for the construction of C5 South Link and Candaba[131] Corporate Governance - The board includes independent non-executive directors with diverse backgrounds in finance and management, enhancing corporate governance[192][193][194][196] - The governance structure is designed to ensure accountability and transparency, which is crucial for investor confidence[192] - The board's experience in mergers and acquisitions can facilitate future growth opportunities for the company[194][200] - The company emphasizes the importance of financial oversight and strategic planning through its experienced board members[195] Challenges and Risks - The company recorded a net foreign exchange and derivative loss of $40.2 million in 2024, compared to a gain of $19.5 million in 2023[43] - PLP's profit contribution decreased by 18% to USD 9.69 million in 2024, reflecting a decline in core profit[144] - PLP's total revenue decreased by 27% to SGD 2 billion (USD 1.5 billion) due to a drop in average selling prices[149] - The exploration activities for Service Contracts 72 and 75 have been largely suspended since 2014 and 2015, respectively, due to force majeure declarations by the Philippine Department of Energy[176]

Core Insights - The 2024 Greater Bay Area office market is experiencing adjustments amid challenges, with new productivity trends emerging to drive development [1][6][38] Economic Growth and New Productivity - The Greater Bay Area's economy is projected to grow by 5.1% in 2024, surpassing the national average, although the growth rate has slowed by 1.1 percentage points compared to the previous year [1][6][11] - New productivity is becoming a significant driver of economic growth, with Shenzhen's strategic emerging industries seeing a value-added growth of 10.5% [1][6][11] Office Market Supply and Vacancy Rates - The office leasing market is in an adjustment phase, with new supply dropping to a near ten-year low of 1.203 million square meters, a year-on-year decrease of 46.5% [1][13][12] - The net absorption rate is at 530,000 square meters, with a vacancy rate rising to 28.0%, although the increase in vacancy rates has narrowed due to the development of emerging industries [1][17][18] Rental Market Strategies and Demand Trends - Cost reduction and efficiency enhancement are the dominant strategies in the leasing market, with emerging business districts attracting companies due to their cost-effectiveness [1][21][22] - Policy support is driving growth in new office demand, with state-owned buildings showing significant industry cluster effects [1][22] Rental and Price Trends - The rental index has decreased by 7.0% year-on-year, with a cumulative decline of 28.6% since the peak at the end of 2018 [2][29][30] - The price index has dropped by 9.4% year-on-year, with a cumulative decline of 28.0% since the end of 2018, indicating a more significant decrease in prices compared to rents [2][33][34] Future Market Outlook - The 2025 office market in the Greater Bay Area is expected to face both challenges and opportunities, with a projected supply peak of 4.237 million square meters [2][38] - Despite a challenging external environment, policy support is anticipated to stimulate endogenous demand, aiding market development [2][38]