Core Viewpoint - The company has actively adjusted its fundraising, investment, and exit strategies to capitalize on industry recovery and a vibrant capital market, focusing on its core strengths and enhancing value potential [2][3][4] Fundraising and Investment Strategies - The company established two new funds with a total scale of RMB 2.5 billion, focusing on growth-stage projects in new energy, new materials, and intelligent manufacturing [2] - The company completed exits totaling HKD 2.018 billion, achieving a MOIC of approximately 2.78 times, which significantly boosted the performance of multiple funds [3] Performance and Financial Results - The company reported a revenue of HKD 2.801 billion, a decrease of 7.51% year-on-year, but achieved a profit attributable to shareholders of HKD 399 million, recovering from a loss of HKD 1.282 billion in the previous year [5] Strategic Focus on Technology Innovation - The company accelerated its investment pace in strategic emerging industries such as artificial intelligence, semiconductor chips, and biomedicine, investing approximately HKD 264 million [4] - It supported several leading technology enterprises, enhancing the strength of Chinese innovation [4] Operational Efficiency and Cost Management - The company optimized its financing structure, issuing RMB 3 billion in medium-term notes at a record low interest rate of 2.09%, resulting in a 133 basis point reduction in overall financing costs [4] Consumer Services and Community Engagement - The company enhanced product service quality to meet rising consumer demands, managing 18 shopping centers across nine cities and serving nearly 121 million consumers [6] - It provided over 30,000 elderly care beds in 49 cities, focusing on integrated healthcare and financial services for the elderly [6] ESG Initiatives and Sustainable Development - The company strengthened its ESG framework, maintaining an A-grade MSCI ESG rating and receiving the "BEST ESG(S)" award from HKIRA [7] - It implemented green initiatives in its operations and community projects, positively impacting local communities and promoting sustainable practices [7]

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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 中國光大控股有限公司 CHINA EVERBRIGHT LIMITED （於香港註冊成立之有限公司） （股份代號：165） 須予披露交易 有關提供新貸款 提供新貸款 董事會謹此宣布，於 2025 年 8 月 29 日，(a) 上海安瑰（本公司之全資附屬公司） （作為貸款人）與光大嘉寶（作為借款人）訂立新貸款協議，按年利率 6.5%提供貸 款金額不超過人民幣 990,000,000 元；(b) 由 (i) 光大嘉寶（作為質押人）、(ii) 上 海安瑰（作為承押人）及 (iii) 上海安依（作為上海安依質押項下所涉及的公司）訂 立上海安依應收賬款質押協議；(c) 由 (i) 光大安石（北京）（作為質押人）、(ii) 上海安瑰（作為承押人）及 (iii) 重慶發展（作為重慶發展質押項下所涉及的公司） 訂立重慶發展應收賬款質押協議； (d) 由 (i) 光大嘉寶（作為質押人）、 (ii) 上海 安瑰（作為承押人 ...

| 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的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國光大控股有限公司 | | 股份代號 | 00165 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至2025年6月30日止六個月之中期股息 (更新) | | | 公告日期 | 2025年8月28日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 更新除淨日 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.05 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.05 HKD | ...

Core Viewpoint - China Everbright Holdings (0165.HK) reported a mid-term performance indicating a revenue decrease but a significant turnaround in net profit [1] Financial Performance - Revenue for the period was HKD 2.801 billion, representing a year-on-year decrease of 7.51% [1] - Net profit reached HKD 399 million, a notable recovery from a loss of HKD 1.282 billion in the same period last year, indicating a successful turnaround [1]

Group 1 - The core point of the article is that China Everbright Holdings (00165.HK) reported a revenue of HKD 2.801 billion for the six months ending June 30, 2025, representing a year-on-year decrease of 7.5% [1] - The company achieved a net profit attributable to shareholders of HKD 399 million, successfully turning around from a net loss of HKD 1.282 billion in the same period last year [1] - The basic earnings per share for the reporting period was HKD 0.237 [1]

Core Viewpoint - China Everbright Holdings reported a significant recovery in profitability, achieving a net profit of HKD 399 million for the six months ending June 30, 2025, compared to a loss of HKD 1.282 billion in the same period last year, despite a 7.51% decline in revenue to HKD 2.801 billion [1] Group 1: Financial Performance - The company achieved a revenue of HKD 2.801 billion, a decrease of 7.51% year-on-year [1] - The net profit attributable to shareholders was HKD 399 million, a turnaround from a loss of HKD 1.282 billion in the previous year [1] - Earnings per share were HKD 0.237, with an interim dividend proposed at HKD 0.05 per share [1] Group 2: Strategic Initiatives - The company established two new funds with a total scale of RMB 2.5 billion, focusing on sectors like new energy and marine technology [1] - A total exit amount of HKD 2.018 billion was achieved, with a MOIC of approximately 2.78 times, enhancing the performance of multiple funds [2] - Investments in strategic emerging industries totaled approximately HKD 264 million, focusing on AI, semiconductor, and biomedicine sectors [3] Group 3: Operational Efficiency - The company issued RMB 3 billion in medium-term notes at a record low interest rate of 2.09%, reducing overall financing costs by 133 basis points to 3.14% [3] - Business and management expenses decreased by 10%, contributing to significant cost reduction and efficiency improvements [3] Group 4: Social Responsibility and ESG - The company enhanced its ESG framework, maintaining an MSCI ESG rating of A and receiving the "BEST ESG(S)" award from HKIRA [6] - The company actively engaged in community service, supporting various initiatives that benefited over 10,000 individuals [5] - The company’s commercial projects created approximately 37,700 jobs and served nearly 121 million consumers in the first half of 2025 [4]

EF001 免責聲明 EF001 | 其他信息 | | | --- | --- | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公告日期，本公司之執行董事為林春先生（總裁）、潘劍云先生、安雪松先生及尹岩武先生；本公司之非執行董事為于法昌先 | | | 生（主席）及秦洪元博士；及本公司之獨立非執行董事為林志軍博士、羅卓堅先生、黃俊碩先生及楊許丹青博士。 | | 第 2 頁 共 2 頁 v 1.1.1 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 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的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國光大控股有限公司 | | 股份代號 | 00165 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月之中期股息 | | 公告日期 | 2025年8月28日 | | 公告狀態 | 新公告 | | 股息信息 | | ...

[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, reflecting the company's financial performance and position [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company achieved a profit of HKD 650 million, a significant turnaround from a loss of HKD 1.243 billion in the prior period | Metric | H1 2025 (HKD in thousands) | H1 2024 (HKD in thousands) | YoY Change (HKD in thousands) | | :--- | :--- | :--- | :--- | | Turnover | 2,800,794 | 3,028,249 | (227,455) | | Net Investment Income/(Loss) | 1,694,254 | (389,551) | 2,083,805 | | Profit/(Loss) from Operations | 1,260,921 | (907,719) | 2,168,640 | | Profit/(Loss) Before Tax | 955,743 | (1,520,061) | 2,475,804 | | Profit/(Loss) for the Period | 650,000 | (1,242,981) | 1,892,981 | | Attributable to Company's Shareholders | 399,304 | (1,282,100) | 1,681,404 | | Basic and Diluted Earnings/(Loss) Per Share | HKD 0.237 | HKD (0.761) | HKD 1.00 | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for the six months ended June 30, 2025, was HKD 1.246 billion, a significant improvement from a loss of HKD 971 million in the prior period | Metric | H1 2025 (HKD in thousands) | H1 2024 (HKD in thousands) | YoY Change (HKD in thousands) | | :--- | :--- | :--- | :--- | | Profit/(Loss) for the Period | 650,000 | (1,242,981) | 1,892,981 | | Net Change in Revaluation Reserve of Equity Investments Designated at FVOCI | 584,406 | 429,644 | 154,762 | | Total Comprehensive Income for the Period | 1,246,204 | (970,930) | 2,217,134 | | Attributable to Company's Shareholders | 949,148 | (996,747) | 1,945,895 | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets and net assets increased to HKD 76.885 billion and HKD 33.743 billion respectively, driven by growth in financial assets at fair value | Metric | June 30, 2025 (HKD in thousands) | Dec 31, 2024 (HKD in thousands) | Change (HKD in thousands) | | :--- | :--- | :--- | :--- | | Non-current Assets | 52,261,344 | 52,137,635 | 123,709 | | Current Assets | 24,623,201 | 22,548,370 | 2,074,831 | | Current Liabilities | (12,754,591) | (16,623,000) | 3,868,409 | | Net Current Assets | 11,868,610 | 5,925,370 | 5,943,240 | | Net Assets | 33,743,344 | 32,650,071 | 1,093,273 | | Attributable to Company's Shareholders | 30,580,993 | 29,726,664 | 854,329 | [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Total equity attributable to shareholders increased to HKD 30.581 billion for the six months ended June 30, 2025, driven by profit for the period and investment revaluation gains | Metric | June 30, 2025 (HKD in thousands) | Jan 1, 2024 (HKD in thousands) | Change (HKD in thousands) | | :--- | :--- | :--- | :--- | | Total Attributable to Company's Shareholders | 30,580,993 | 29,726,664 | 854,329 | | Profit for the Period | 399,304 | (1,282,100) | 1,681,404 | | Net Change in Investment Revaluation Reserve | 584,406 | 429,644 | 154,762 | | Dividends Paid | (84,263) | (168,525) | 84,262 | [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, a net cash decrease of HKD 299.76 million was recorded, resulting from financing outflows offsetting operating and investing inflows | Metric | H1 2025 (HKD in thousands) | H1 2024 (HKD in thousands) | YoY Change (HKD in thousands) | | :--- | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 170,740 | 606,472 | (435,732) | | Net Cash Inflow from Investing Activities | 211,001 | 55,538 | 155,463 | | Net Cash Outflow from Financing Activities | (681,504) | (367,275) | (314,229) | | Net (Decrease)/Increase in Cash & Cash Equivalents | (299,763) | 294,735 | (594,498) | | Closing Balance of Cash & Cash Equivalents | 8,057,766 | 9,671,204 | (1,613,438) | [Notes to the Unaudited Interim Financial Statements](index=8&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements) This section details the basis of preparation, accounting policy changes, revenue composition, operating profit, tax, dividends, EPS, and various financial asset and liability details [Basis of Preparation and Accounting Policies](index=8&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The interim financial report is prepared in accordance with HKAS 34 and the Listing Rules of the Hong Kong Stock Exchange, with no material impact from newly adopted HKFRS amendments - The interim financial report complies with the Hong Kong Listing Rules and HKAS 34 requirements[11](index=11&type=chunk) - Amended HKFRS had **no material impact** on the Group's financial statements as the Group had no transactions involving currencies with a lack of exchangeability[13](index=13&type=chunk) [Revenue and Investment Income](index=9&type=section&id=Revenue%20and%20Investment%20Income) Net investment income turned positive, primarily driven by a significant improvement in unrealized investment gains | Revenue Type | H1 2025 (HKD in thousands) | H1 2024 (HKD in thousands) | YoY Change (HKD in thousands) | | :--- | :--- | :--- | :--- | | Revenue from Contracts with Customers | 181,413 | 213,127 | (31,714) | | - Management Fee Income | 52,937 | 80,523 | (27,586) | | - Rental Income from Investment Properties | 100,766 | 107,855 | (7,089) | | Net Investment Income/(Loss) | 1,694,254 | (389,551) | 2,083,805 | | - Interest Income | 235,409 | 283,073 | (47,664) | | - Dividend Income | 678,046 | 544,210 | 133,836 | | - Unrealized Investment Gains/(Losses) | 980,341 | (1,213,094) | 2,193,435 | [Operating Profit, Taxation and Dividends](index=10&type=section&id=Operating%20Profit%2C%20Taxation%20and%20Dividends) Operating profit improved significantly, while tax expenses shifted from a credit to an expense, and the Board declared an interim dividend of HKD 0.05 per share | Metric | H1 2025 (HKD in thousands) | H1 2024 (HKD in thousands) | YoY Change (HKD in thousands) | | :--- | :--- | :--- | :--- | | Depreciation and Amortization | 24,763 | 25,404 | (641) | | Staff Costs | 98,895 | 106,564 | (7,669) | | Tax Expense/(Credit) | 305,743 | (277,080) | 582,823 | | - Deferred Tax | 212,177 | (399,462) | 611,639 | | Interim Dividend (Per Share) | HKD 0.05 | HKD 0.05 | Unchanged | - Effective January 1, 2025, the Group is subject to **Pillar Two income tax** on its profits in Hong Kong and other jurisdictions[20](index=20&type=chunk) [Earnings Per Share](index=11&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted earnings per share was HKD 0.237, a turnaround from a loss per share of HKD 0.761 in the prior period | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Basic and Diluted Earnings/(Loss) Per Share | HKD 0.237 | HKD (0.761) | | Profit/(Loss) Attributable to Company's Shareholders | HKD 399,304,000 | HKD (1,282,100,000) | | Weighted Average Number of Issued Shares | 1,685,253,712 | 1,685,253,712 | [Investment Assets](index=12&type=section&id=Investment%20Assets) The Group's investment assets include properties, associates, joint ventures, and financial assets at fair value, with no additional impairment loss recognized for Everbright Jiabao | Investment Type | June 30, 2025 (HKD in thousands) | Dec 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Investment Properties | 5,410,511 | 5,329,287 | | Investments in Associates | 17,091,562 | 17,017,451 | | Investments in Joint Ventures | 742,854 | 729,803 | | Equity Investments Designated at FVTOCI | 7,157,022 | 6,572,616 | | Financial Assets at FVTPL (Non-current) | 21,371,008 | 22,032,489 | - The recoverable amount of Everbright Jiabao was reassessed, and **no additional or reversed impairment loss** was recognized during the period[27](index=27&type=chunk) - The Group designated its investment in China Everbright Bank as a financial asset at FVTOCI for **long-term strategic holding**[35](index=35&type=chunk) [Current Assets](index=15&type=section&id=Current%20Assets) Current assets primarily consist of financial assets at FVTPL, loans to customers, inventories, and trade receivables, with increased impairment provisions for customer loans | Current Asset Type | June 30, 2025 (HKD in thousands) | Dec 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Financial Assets at FVTPL | 6,998,844 | 5,218,394 | | Loans to Customers (Net) | 3,019,937 | 3,059,342 | | Inventories | 1,432,930 | 1,472,807 | | Trade Receivables, Deposits, Prepayments & Others (Net) | 1,579,099 | 1,545,596 | | Trading Securities (Assets) | 3,502,012 | 2,830,106 | | Cash and Cash Equivalents | 8,090,379 | 8,422,125 | | Impairment Provision for Loans to Customers | June 30, 2025 (HKD in thousands) | Dec 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Total Impairment Provision | 1,425,041 | 1,102,700 | | Impairment Provision for Trade Receivables | June 30, 2025 (HKD in thousands) | Dec 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Total Impairment Provision | 738,262 | 677,724 | [Liabilities](index=19&type=section&id=Liabilities) Liabilities mainly comprise trade payables, bank loans, and bonds payable, with current bonds payable cleared and non-current borrowings increased | Liability Type | June 30, 2025 (HKD in thousands) | Dec 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Trading Securities (Liabilities) | (507,505) | (378,368) | | Trade Payables, Deposits Received & Accruals | (2,896,602) | (2,574,238) | | Bank Loans (Current) | (8,268,806) | (9,300,158) | | Bonds Payable (Current) | – | (3,239,610) | | Other Financial Liabilities (Current) | (508,558) | (437,378) | | Bank Loans (Non-current) | (5,251,254) | (4,084,395) | | Bonds Payable (Non-current) | (16,996,525) | (13,498,375) | | Other Financial Liabilities (Non-current) | (6,524,690) | (6,441,964) | - As of June 30, 2025, investment properties of approximately **HKD 2.324 billion** were pledged for bank loans[44](index=44&type=chunk) - Financial liabilities to third-party investors arise from fund management business, for which the Group **does not guarantee principal or returns**[46](index=46&type=chunk) [Equity](index=22&type=section&id=Equity) Share capital remained unchanged, while the total amount of perpetual capital securities increased slightly due to profit attribution | Metric | June 30, 2025 (HKD in thousands) | Dec 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Share Capital | 9,618,097 | 9,618,097 | | Perpetual Capital Securities | 2,248,321 | 2,209,630 | - The perpetual medium-term notes have **no maturity date**, with a distribution rate reset every 3 years and distributions deferrable at the company's discretion[49](index=49&type=chunk) [Financial Instrument Disclosures](index=24&type=section&id=Financial%20Instrument%20Disclosures) This section details the maturity analysis, related party transactions, risk management framework, and fair value measurement of financial instruments | Liability Type (June 30, 2025) | Within 3 Months (HKD in thousands) | 3 to 12 Months (HKD in thousands) | 1 to 5 Years (HKD in thousands) | Over 5 Years (HKD in thousands) | Total (HKD in thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bank Loans | (3,164,986) | (5,103,820) | (4,915,710) | (335,544) | (13,520,060) | | Bonds Payable | – | – | (16,996,525) | – | (16,996,525) | - The Group's risk management objective is to **maximize shareholder value** and reduce earnings volatility while maintaining risk at an acceptable level[61](index=61&type=chunk) - The credit risk management framework includes comprehensive policies and limits, independently managed by the **Risk Management and Legal Compliance Department**[63](index=63&type=chunk)[64](index=64&type=chunk) - Fair value is measured using a three-level hierarchy: **Level 1** (quoted prices), **Level 2** (observable inputs), and **Level 3** (significant unobservable inputs)[79](index=79&type=chunk) [Commitments and Contingencies](index=26&type=section&id=Commitments%20and%20Contingencies) The Group has capital and operating lease commitments, outstanding derivative contracts, and is involved in a legal proceeding deemed not to have a material adverse impact | Capital Commitment Type | June 30, 2025 (HKD in thousands) | Dec 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Contracted but not provided for | 3,744,750 | 3,004,696 | | Derivative Contracts | June 30, 2025 (HKD in thousands) | Dec 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Fair Value of Asset Derivative Contracts | 15,856 | 10,735 | | Fair Value of Liability Derivative Contracts | (35,900) | (28,147) | | Notional Amount of Asset Derivative Contracts | 343,510 | 212,793 | | Notional Amount of Liability Derivative Contracts | 2,172,322 | 1,989,702 | - The company is facing a lawsuit over an equity transfer dispute but believes the allegations are **without legal basis** and will not materially impact operations or solvency[101](index=101&type=chunk)[103](index=103&type=chunk) [Management Discussion and Analysis](index=37&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the company's business, macroeconomic environment, operational highlights, financial performance, and future outlook [Business Overview](index=37&type=section&id=Business%20Overview) Everbright is a leading cross-border asset management and private equity firm in China, with private equity investment and management as its core business - Everbright is a cross-border asset management firm focusing on **private equity investment and management**[104](index=104&type=chunk) | Metric | June 30, 2025 | | :--- | :--- | | Total Assets Under Management (AUM) | Approx. HKD 119.4 billion | | Number of Funds | 72 | | Book Value of Proprietary Investment Business | Approx. HKD 34.2 billion | | Seed Capital Committed by Everbright | Approx. 28.6% (Approx. HKD 34.1 billion) | [Macroeconomic and Industry Review](index=44&type=section&id=Macroeconomic%20and%20Industry%20Review) In H1 2025, the global economy faced tariff challenges while China's economy remained stable, and the private equity industry showed signs of recovery - The World Bank lowered its 2025 global economic growth forecast to **2.3%**, the lowest non-recession rate since the 2008 financial crisis[109](index=109&type=chunk) - China's GDP grew by **5.3% year-on-year** in H1 2025, demonstrating strong resilience[109](index=109&type=chunk) - Hong Kong's Hang Seng Index rose **21%**, while A-share daily turnover increased by **55%** to RMB 1.35 trillion[111](index=111&type=chunk) - China's private equity industry saw a recovery in fundraising and investment, with capital flowing into **hard-tech sectors**[112](index=112&type=chunk) [Key Business Highlights (H1 2025)](index=46&type=section&id=Key%20Business%20Highlights%20(H1%202025)) The company achieved a strong performance recovery through synergistic fundraising, strategic focus on technology, and optimized operational management - Established two new funds with a total size of **RMB 2.5 billion**[114](index=114&type=chunk) - Achieved total exit proceeds of **HKD 2.018 billion** at the fund and proprietary levels, with an MOIC of approximately **2.78x**[115](index=115&type=chunk) - Invested approximately **HKD 264 million** at the fund level, focusing on strategic emerging industries like AI and biotech[116](index=116&type=chunk) - Issued **RMB 3 billion** in medium-term notes at a record-low interest rate of **2.09%**, reducing overall financing costs by **133 bps**[117](index=117&type=chunk) - Strengthened its ESG framework, appointed a female independent non-executive director, and maintained an **A rating from MSCI ESG**[119](index=119&type=chunk) [Financial Performance Analysis](index=50&type=section&id=Financial%20Performance%20Analysis) The company's total revenue grew substantially, achieving a turnaround to profitability driven by a shift from investment losses to gains [Revenue Analysis](index=50&type=section&id=Revenue%20Analysis) Total revenue reached HKD 2.068 billion, a significant increase driven by a turnaround in investment income from a loss of HKD 390 million to a gain of HKD 1.694 billion | Revenue Type | H1 2025 (HKD hundred million) | H1 2024 (HKD hundred million) | Change | | :--- | :--- | :--- | :--- | | Revenue from Contracts with Customers | 1.81 | 2.13 | (15%) | | Investment Income/(Loss) | 16.94 | (3.90) | N/A | | Dividend Income | 6.79 | 5.44 | 25% | | Unrealized Investment Income/(Loss) | 9.81 | (12.13) | N/A | | Total Revenue | 20.68 | (1.14) | N/A | - Unrealized investment income was **HKD 981 million**, a significant improvement of HKD 2.194 billion from the prior period's loss, due to valuation recovery[124](index=124&type=chunk) - The proprietary investment business generated revenue of **HKD 2.09 billion**, a **757% increase** from HKD 244 million in the prior year[129](index=129&type=chunk) [Profit Analysis](index=53&type=section&id=Profit%20Analysis) Net profit attributable to shareholders was HKD 399 million, marking a successful turnaround to profitability, with the proprietary investment business recording a profit of HKD 1.803 billion | Business Segment | H1 2025 (HKD hundred million) | H1 2024 (HKD hundred million) | Change | | :--- | :--- | :--- | :--- | | Loss from Fund Management Business | (4.62) | (6.39) | 28% | | Profit/(Loss) from Proprietary Investment Business | 18.03 | (0.17) | N/A | | Net Profit/(Loss) Attributable to Company's Shareholders | 3.99 | (12.82) | N/A | - Profit from financial investments turned from a loss of HKD 409 million to a **profit of HKD 1.16 billion**[130](index=130&type=chunk) [Dividends](index=54&type=section&id=Dividends) The Board declared an interim dividend of HKD 0.05 per share for 2025, consistent with the prior year, to share operating results with shareholders | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Earnings/(Loss) Per Share | HKD 0.24 | HKD (0.76) | | Interim Dividend Per Share | HKD 0.05 | HKD 0.05 | [Key Financial Ratios](index=54&type=section&id=Key%20Financial%20Ratios) As of June 2025, the interest-bearing debt ratio and gearing ratio decreased, while the current ratio improved significantly, reflecting successful deleveraging and ample liquidity | Key Financial Data | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Interest-bearing Debt Ratio | 90% | 92% | -2 p.p. | | Net Interest-bearing Debt Ratio | 86.3% | 86.8% | -0.5 p.p. | | Gearing Ratio | 56.1% | 56.3% | -0.2 p.p. | | Current Ratio | 193.1% | 135.6% | +57.5 p.p. | - Operating costs in H1 2025 were **HKD 367 million**, a **10.3% year-on-year decrease**, reflecting effective cost control[134](index=134&type=chunk) - As of June 2025, available cash reserves stood at **HKD 1.382 billion**, maintaining sufficient liquidity[135](index=135&type=chunk) [Operating Performance Analysis](index=56&type=section&id=Operating%20Performance%20Analysis) This section analyzes the performance of the fund management and proprietary investment businesses, highlighting AUM growth, new funds, successful exits, and diversified returns [Fund Management Business](index=56&type=section&id=Fund%20Management%20Business) As of June 30, 2025, the fund management business had an AUM of approximately HKD 119.4 billion, with two new funds established and new capital raised | Metric | June 30, 2025 | | :--- | :--- | | Total Assets Under Management | Approx. HKD 119.4 billion | | Number of New Funds | 2 | | New Capital Raised | Approx. HKD 2.741 billion | | External Investor Share | 74% | | RMB Funds Share | 82% | | Number of Primary Market Funds | 43 | | Number of Secondary Market Funds & Accounts | 20 | | Number of Fund of Funds Products | 9 | - The fund management segment invested approximately **HKD 264 million** and realized cash returns of about **HKD 1.777 billion** from 46 exits[138](index=138&type=chunk) - The Everbright Convertible Bond Opportunity Fund won multiple awards, including **"Second Place in 2024 Fixed Income Convertible Bond Fund Performance"** by BarclayHedge[143](index=143&type=chunk) - The Fund of Funds team manages 9 funds with a total AUM of approximately **HKD 26.6 billion**, with 175 portfolio companies having completed IPOs[144](index=144&type=chunk)[145](index=145&type=chunk) - Everbright Jiabao, through the EBA Investments platform, manages 49 projects with an AUM of approximately **HKD 51.5 billion**[146](index=146&type=chunk) [Proprietary Investment Business](index=60&type=section&id=Proprietary%20Investment%20Business) The proprietary investment business, with a total book value of approximately HKD 34.2 billion, includes strategic investments, financial investments, and cornerstone investments | Proprietary Capital Scale | June 30, 2025 (HKD hundred million) | Dec 31, 2024 (HKD hundred million) | | :--- | :--- | :--- | | Strategic Investments | 48 | 50 | | Financial Investments | 87 | 71 | | Cornerstone Investments | 207 | 198 | | Total | 342 | 319 | - CALC maintains a fleet of **181 aircraft** leased to 41 airlines across 22 countries, showing stable core business development[150](index=150&type=chunk) - Everbright Senior Healthcare manages **29,300 beds** with an increased occupancy rate, focusing on a smart elderly care strategy[151](index=151&type=chunk) - Terminus Group continues to integrate AI technology with various industries, launching its Space Intelligence All-in-One Machine[152](index=152&type=chunk) - Cornerstone investments in Everbright Securities and Everbright Bank account for **61.4% of the Group's net assets**[154](index=154&type=chunk) - The Group's share of profit from its associate, Everbright Securities, increased by **27.2%** year-on-year to HKD 290 million[155](index=155&type=chunk) - Everbright Bank's income contribution to the Group rose by **8.0%** year-on-year to HKD 323 million[156](index=156&type=chunk) [Outlook](index=64&type=section&id=Outlook) Looking ahead, the company will seize opportunities from China's economic resilience to optimize its strategy across fundraising, investment, management, and exits - China's economy is expected to maintain its resilience in the second half of the year, with the private equity industry poised for high-quality development[157](index=157&type=chunk)[158](index=158&type=chunk) - The company will steadily launch new funds and actively participate in government-guided fund selections to raise **long-term patient capital**[159](index=159&type=chunk) - It will increase exploration of venture capital funds, focusing on early and growth-stage technology companies with **disruptive technologies**[159](index=159&type=chunk) - The company will enhance exits through diverse channels like **IPO, M&A, and S-transactions** while maintaining strategic patience[159](index=159&type=chunk) [Financial Position and Resources](index=65&type=section&id=Financial%20Position%20and%20Resources) As of June 30, 2025, the Group's total assets and net assets increased, along with equity attributable to shareholders, while maintaining sufficient cash reserves | Metric | June 30, 2025 (HKD hundred million) | Dec 31, 2024 (HKD hundred million) | | :--- | :--- | :--- | | Total Assets | 768.85 | 746.86 | | Net Assets | 337.43 | 326.50 | | Equity Attributable to Company's Shareholders | 305.81 | 297.27 | | Equity Per Share Attributable to Company's Shareholders | 18.15 | 17.64 | | Cash and Bank Balances | 80.90 | 84.22 | [Indebtedness and Asset Pledges](index=66&type=section&id=Indebtedness%20and%20Asset%20Pledges) The Group's interest-bearing debt increased slightly, with a debt structure dominated by RMB and HKD and a high proportion of fixed-rate borrowings | Debt Metric | June 30, 2025 (HKD hundred million) | Dec 31, 2024 (HKD hundred million) | | :--- | :--- | :--- | | Interest-bearing Debt | 305.17 | 301.23 | | Bank Facilities | 184.44 | 214.15 | | Unutilized Bank Facilities | 49.24 | 80.30 | | Total Outstanding Bank Loans | 135.20 | 133.85 | | Outstanding Corporate Bonds Issued | 169.97 | 167.38 | - Of the interest-bearing debt, **69% is in RMB** and 31% is in HKD; approximately **67% is fixed-rate**[163](index=163&type=chunk) - Investment properties of approximately **HKD 2.324 billion** and trading securities of **HKD 1.665 billion** were pledged as collateral[164](index=164&type=chunk) [Employees and Anshi Yida](index=67&type=section&id=Employees%20and%20Anshi%20Yida) The Group employs 242 full-time staff with a competitive remuneration system, while its Anshi Yida platform focuses on urban renewal real estate investments in key Chinese cities - As of June 30, 2025, the Group had **242 full-time employees** at its headquarters and wholly-owned subsidiaries[165](index=165&type=chunk) - Anshi Yida's key investment projects include the **Beijing Zhongguancun Project** and the **Chongqing Chaotianmen Project**[166](index=166&type=chunk) [Principal Risks and Uncertainties](index=67&type=section&id=Principal%20Risks%20and%20Uncertainties) The Group continues to implement its risk management system to effectively control credit, liquidity, interest rate, currency, and price risks - The Group's principal risks, including **credit, liquidity, interest rate, currency, and price risks**, are effectively managed[167](index=167&type=chunk) [Corporate Governance and Other Information](index=67&type=section&id=Corporate%20Governance%20and%20Other%20Information) The Board declared an interim dividend and confirmed compliance with corporate governance and securities trading codes, with the interim report reviewed by the audit committee - The Board declared an interim dividend of **HKD 0.05 per share** for the six months ended June 30, 2025[168](index=168&type=chunk) - The company has complied with all code provisions of the **Corporate Governance Code** in Appendix C1 of the HKEX Listing Rules during the reporting period[171](index=171&type=chunk) - The **Audit and Risk Management Committee** has reviewed the Group's unaudited interim financial report for the six months ended June 30, 2025[173](index=173&type=chunk)

Group 1 - The core viewpoint of the article highlights the financial performance of ST Tianrui, indicating a significant decline in revenue and a negative net profit for the first half of 2025 [1] - The total operating revenue for the reporting period was 295 million, a year-on-year decrease of 22.36%, while the net profit attributable to shareholders was -9.58 million, an increase of 35.63% year-on-year [1] - In Q2, the operating revenue was 166 million, down 31.63% year-on-year, and the net profit attributable to shareholders was -12.75 million, a decline of 98.85% year-on-year [1] Group 2 - The company reported a gross margin of 44.76%, which is an increase of 10.44% year-on-year, while the net margin was -6.55%, a decrease of 83.28% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 85.69 million, accounting for 29.07% of revenue, which is an increase of 13.52% year-on-year [1] - The earnings per share was -0.02, an increase of 35.67% year-on-year, while the operating cash flow per share was 0.14, an increase of 232.41% year-on-year [1] Group 3 - The company has a significant amount of accounts receivable, with accounts receivable accounting for 53.46% of the latest annual revenue [1] - Historical data shows that the company's median ROIC over the past 10 years is 0.98%, indicating weak investment returns, with the worst year being 2024 at -5.33% [3] - The company relies heavily on marketing-driven performance, necessitating a thorough examination of the underlying factors driving this performance [3]

Core Viewpoint - China Everbright Holdings (00165) announced a proposal to issue debt financing instruments totaling up to RMB 20 billion, with the acceptance registration notice from the trading association received on August 27, 2025 [1] Summary by Relevant Sections - **Debt Financing Instruments** - The registered principal amount for the debt financing instruments is RMB 20 billion, valid for two years from the date of the notice (August 25, 2025) [1] - The company may issue the debt financing instruments in multiple batches within the validity period [1]