Core Viewpoint - ST Ningke (600165.SH) has been accepted for reorganization by the Intermediate People's Court of Shizuishan City, Ningxia Hui Autonomous Region, and a temporary administrator has been appointed to manage the company [1] Group 1 - The company received the civil ruling and decision documents on September 17, 2025, regarding its reorganization [1] - The company's stock will be subject to delisting risk warning [1] - The company's stock will be suspended for one day starting from September 18, 2025, and will resume trading on September 19, 2025 [1]

CHINA EVERBRIGHT LIMITED 中國光大控股有限公司 (Incorporated in Hong Kong with limited liability) （於香港註冊成立之有限公司） (Stock Code 股份代號: 165) Letter to non-registered holders – Notification of publication of corporate communications 致 非 登 記 持 有 人 之 通 知 函 件 – 有 關 公 司 通 訊 之 發 佈 通 知 15 September 2025 中國光大控股有限公司（「本公司」）之 2025 中期報告（中文及英文版本）（「本次公司通訊」）已上載於本公司之網站 www.everbright.com 及香港聯合交易所有限公司之網站 www.hkexnews.hk。 閣下請於本公司網站點選「投資者關係」一欄下的「業績發佈」或瀏覽香港聯合交易所有限公司之網站，以接收本次公司通 訊。 為 支 持 環保 及 促進 與 閣 下之有 效 溝 通， 本 公司 鄭重 推 薦 閣 下 透 過上 述 網站 以電 子 方式 ...

CHINA EVERBRIGHT LIMITED 中國光大控股有限公司 Note: Corporate Communications include but are not limited to (a) the directors' report, its annual accounts together with a copy of the auditors' report and, where applicable, its summary financial report; (b) the interim report and, where applicable, its summary interim report; (c) a notice of meeting; (d) a listing document; (e) a circular; and (f) a proxy form. 各位登記持有人： 15 September 2025 Dear registered holder(s), The Interim Report 2025 (in both English and Chinese v ...

公司資料 董事會成員 公司秘書 温劍瑩 註冊地址 香港 夏慤道16號 遠東金融中心 46樓 主要往來銀行 中國光大銀行股份有限公司 中國建設銀行股份有限公司 中國農業銀行股份有限公司 中國工商銀行（亞洲）有限公司 平安銀行股份有限公司 中國銀行（香港）有限公司 上海浦東發展銀行股份有限公司香港分行 股票登記及過戶處 卓佳證券登記有限公司 香港夏慤道16號 遠東金融中心17樓 核數師 畢馬威會計師事務所 執業會計師 根據會計及財務匯報局條例註冊的 公眾利益實體核數師 網址 www.everbright.com 投資者關係聯絡 ir@everbright.com 股份代號 165 1 于法昌（主席）# 林 春（總裁） 潘劍云 安雪松 尹岩武 秦洪元# 林志軍* 羅卓堅* 黃俊碩* 楊許丹青* # 非執行董事 * 獨立非執行董事 中國光大控股有限公司 2025中期報告 中期業績 中國光大控股有限公司（「本公司」或「光大控股」）董事會（「董事會」或「董事」）宣佈本公司 及其附屬公司（統稱「本集團」）截至二零二五年六月三十日止六個月未經審核的業績。此中 期財務報表是未經審核的，但畢馬威會計師事務所（本公司核數師）已按照 ...

Core Viewpoint - China Everbright Holdings reported a net profit attributable to shareholders of HKD 399 million for the first half of the year, a significant turnaround from a loss of HKD 1.28 billion in the same period last year, achieving profitability [1] Financial Performance - The earnings per share (EPS) stood at HKD 0.24, which is in line with expectations [1] - The increase in investment income was driven by favorable market conditions, although high tax rates exerted pressure on costs [1] Future Outlook - The profit forecast for 2025 remains largely unchanged, while a new profit forecast for 2026 has been introduced at HKD 2.49 billion [1] - Given the positive market sentiment and steady recovery of the company's business, the rating is maintained at "outperform" relative to the industry [1] - The target price has been raised from HKD 4.7 to HKD 10 [1]

Group 1 - The core viewpoint is that the company is positioned to benefit from improvements in both investment and liability sides, leading to a significant performance boost in the future [1][2] - The company is a leader in the private equity industry, with a target market value of HKD 23.9 billion and a target price of HKD 14.18, reflecting a price-to-book ratio of 0.73x [1] - Expected net profits for 2025-2027 are projected to be HKD 2.044 billion, HKD 2.419 billion, and HKD 2.791 billion, representing year-on-year growth of 207.09%, 18.34%, and 15.36% respectively [1] Group 2 - The company has two main business segments: private asset management and proprietary investment, with a focus on technology innovation [2] - The private asset management business includes primary market investments, secondary market investments, and fund-of-funds investments, while proprietary investments cover cornerstone, financial, and significant enterprise investments [2] - The company has accumulated a rich portfolio of technology projects during market downturns, which has significantly enhanced asset valuations [2][3] Group 3 - The company has a strong capability in fundraising, investment management, and exit strategies, achieving good exit multiples even during market downturns [3] - Key investments in technology companies are expected to yield substantial returns, with cornerstone investments serving as a stable income source [3] - The company is well-positioned to capitalize on the rapid development of AI and other technology sectors, with several of its investments becoming industry leaders [3]

Core Viewpoint - The company reported a significant turnaround in its financial performance for 1H25, achieving a net profit of 400 million HKD compared to a loss of 1.28 billion HKD in the same period last year, driven by a recovery in the capital markets and improved investment income [1] Financial Performance - The company's net revenue for 1H25 was 1.89 billion HKD, with earnings per share of 0.24 HKD, aligning with expectations [1] - Investment income surged to 1.69 billion HKD in 1H25, a substantial improvement from a loss of 390 million HKD in the previous year [1] - Unrealized investment income reached 980 million HKD, recovering from a loss of 1.21 billion HKD year-on-year [1] Investment Business - The recovery in the capital market led to a significant increase in investment income, with self-owned capital investments benefiting from improved project fundamentals [1] - The company recorded 1.1 billion HKD in unrealized income from self-owned investments, while financial investments contributed 1.16 billion HKD, with losses from key investment enterprises narrowing to 60 million HKD [1] - Fund management business saw unrealized investment losses significantly reduced to 120 million HKD from 740 million HKD in the previous year, indicating effective active management of the investment portfolio [1] Asset Management - The company's assets under management (AUM) increased by 2% to 119.4 billion HKD as of mid-2025, reflecting a strategic adjustment in fundraising [2] - New fundraising efforts generated 2.74 billion HKD, showcasing the company's robust fundraising capabilities despite a 15% year-on-year decline in client contract revenue [2] - Management fees decreased by 35% to 50 million HKD, attributed to fund entry/exit and extension phases [2] Cash Flow and Liquidity - The company achieved a cash return of 2.02 billion HKD through project exits, with a multiple on invested capital (MOIC) of approximately 2.8 times [3] - As of year-end, the company maintained a cash balance of 8.1 billion HKD and had access to 4.9 billion HKD in unused bank credit, ensuring ample liquidity [3] Profit Forecast and Valuation - The profit forecast for 2025 remains unchanged, with an introduction of a profit estimate of 2.49 billion HKD for 2026 [3] - The company is currently trading at 0.5x/0.4x P/B for 2025/2026 estimates, with a target price adjustment from 4.7 HKD to 10.0 HKD, indicating a potential upside of 17% [3]

Core Viewpoint - The report from CICC maintains the earnings forecast for China Everbright Holdings (00165) for 2025 largely unchanged, while introducing a new profit forecast of 2.49 billion HKD for 2026, reflecting a positive market sentiment and steady operational recovery [1] Group 1: Financial Performance - The company's net revenue for the first half of 2025 was 1.89 billion HKD, with a net profit attributable to shareholders of 400 million HKD, marking a turnaround from a loss of 1.28 billion HKD in the same period last year [2] - Earnings per share for the first half of 2025 stood at 0.24 HKD, aligning with CICC's expectations [2] Group 2: Investment Business Recovery - Investment income for the first half of 2025 reached 1.69 billion HKD, a significant recovery from a loss of 390 million HKD in the previous year, with unrealized investment income contributing 980 million HKD [3] - The improvement in investment income was driven by better project fundamentals and a recovering capital market, with self-owned fund investments generating 1.1 billion HKD in unrealized income [3] - The company’s fund management business saw a notable reduction in unrealized investment losses, down to 120 million HKD from 740 million HKD year-on-year, indicating effective active management of the investment portfolio [3] Group 3: Asset Management Growth - The company's assets under management (AUM) increased by 2% to 119.4 billion HKD by the end of the first half of 2025, attributed to strategic fundraising adjustments [4] - New funds established during the first half of 2025 raised 2.74 billion HKD, showcasing the company's robust fundraising capabilities despite a 15% year-on-year decline in client contract revenue [4] Group 4: Cash Flow and Liquidity - The company achieved a cash return of 2.02 billion HKD through project exits in the first half of 2025, with complete exits from companies like Xiaopeng Motors and Taboola [5] - As of the end of the period, the company maintained a cash balance of 8.1 billion HKD and had approximately 4.9 billion HKD in unused bank credit, ensuring strong liquidity [5]

Investment Rating - The report assigns a rating of "Buy" for China Everbright Holdings (0165.HK) [7] Core Views - The report highlights that the company is entering a harvest period as it strategically invests in the technology innovation sector while experiencing a decline in funding costs [2] - The company is expected to see significant performance improvements due to the recovery of its fund management scale and the acceleration of IPOs in the capital market [11] Financial Summary - Total revenue is projected to increase from 1,660.87 million HKD in 2023 to 5,850.62 million HKD by 2027, reflecting a growth rate of 1411.61% in 2025 [5] - Net profit is expected to turn positive in 2025, reaching 2,044.37 million HKD, with a year-on-year growth of 207.09% [5] - The company's price-to-earnings (P/E) ratio is forecasted to improve from -4.65 in 2023 to 5.17 in 2027 [5] Investment Highlights - The company is a leader in the private equity industry, with a total estimated market value of 239 billion HKD and a target price of 14.18 HKD per share [11] - The firm has a diversified investment platform that includes private equity, venture capital, and fixed income funds, focusing on strategic emerging industries and technology innovation [16][24] - The management team has extensive experience in the financial industry, which supports the company's operational capabilities [25] Performance Improvement - The company has transitioned from losses to profitability, with a projected net profit of 3.99 million HKD in the first half of 2025, driven by successful investments in technology companies [26][31] - The fund management scale has rebounded, with a significant increase in seed fund ratios, indicating a strong recovery in investment performance [32][34] Strategic Focus - The company is focusing on technology innovation, with all new funds established since 2021 directed towards high-tech sectors [11][12] - The firm is expected to benefit from the increasing number of IPOs and improved market conditions, enhancing its exit channels for investments [50]

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) | 00165 | 說明 | | | | | | | | | | 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 | | | | 1,685,253,712 | | 0 | | 1,685,253,712 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 1,685,253,712 | | 0 | | 1,685,253,712 | 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: | 中國光大控股有限公司 ( ...