Financial Performance - The total revenue for the year ended December 31, 2025, was HKD 407,603,000, representing an increase of 4% from HKD 390,386,000 in 2024[4] - The gross profit for 2025 was HKD 234,155,000, up from HKD 219,880,000 in 2024, indicating a gross margin improvement[4] - The operating loss for 2025 was HKD 142,534,000, compared to an operating profit of HKD 25,955,000 in 2024, reflecting a significant decline in operational performance[4] - The net loss attributable to shareholders for 2025 was HKD 93,994,000, a stark contrast to the profit of HKD 77,974,000 in 2024[4] - Basic and diluted loss per share for 2025 was HKD 4.29, compared to earnings of HKD 3.56 per share in 2024[4] - Total comprehensive loss for the year was HKD 31,662,000, compared to a comprehensive income of HKD 120,475,000 in 2024[5] - The group reported a net loss of HKD 93,994,000 for the year 2025, compared to a profit of HKD 77,974,000 in 2024, indicating a significant decline in profitability[21] - The company reported a net loss attributable to shareholders of approximately HKD 94 million and a basic loss per share of HKD 0.0429 for the year ending December 31, 2025, compared to a net profit of HKD 78 million and a basic earnings per share of HKD 0.0356 in 2024[30] Assets and Liabilities - Non-current assets decreased to HKD 1,131,347,000 in 2025 from HKD 1,289,382,000 in 2024, indicating a reduction in long-term asset value[6] - Current assets increased to HKD 4,896,072,000 in 2025 from HKD 3,759,120,000 in 2024, showing improved liquidity[6] - Total liabilities increased to HKD 3,418,337,000 in 2025 from HKD 2,391,328,000 in 2024, indicating a rise in financial obligations[6] - The equity attributable to shareholders decreased to HKD 2,453,148,000 in 2025 from HKD 2,487,885,000 in 2024, reflecting a decline in shareholder value[7] Segment Performance - Total revenue for the financial services segment reached HKD 251,752,000, while the real estate development segment generated HKD 18,349,000, and property investment and hotel operations contributed HKD 137,502,000, leading to an overall revenue of HKD 407,603,000 for the year 2025[15] - The operating loss for the group was HKD 142,534,000, with a pre-tax loss of HKD 87,170,000, reflecting significant challenges in the real estate and property investment segments[15] - The financial services segment achieved a profit of HKD 63,955,000, while the real estate development and property investment segments reported losses of HKD 34,852,000 and HKD 96,948,000 respectively[15] - The operating loss in the property and hotel segment expanded significantly to HKD 132 million in 2025, a 355% increase from the HKD 29 million loss in 2024, primarily due to significant impairment provisions related to hotel investments[36] Market Activity - Revenue from Hong Kong was HKD 252,416,000, while China and France contributed HKD 87,089,000 and HKD 68,098,000 respectively, totaling HKD 407,603,000 for the year 2025[17] - The average daily market turnover in Hong Kong's securities market surged to approximately HKD 250 billion in 2025, a 90% increase year-on-year[31] - The Hang Seng Index rose by 28% in 2025, reflecting a strong recovery in market activity[31] - The number of IPOs in Hong Kong reached 119 in 2025, raising approximately HKD 286 billion, three times the amount raised in 2024[31] Expenses and Tax - The total depreciation and amortization expenses for the year were HKD 35,975,000, with significant costs attributed to employee expenses totaling HKD 229,899,000[19] - The tax expense for the year was HKD 5,839,000, which included HKD 7,699,000 for Hong Kong profits tax and HKD 8,280,000 for overseas taxes[20] Corporate Governance and Future Outlook - The company did not declare a final dividend for the year ending December 31, 2025, maintaining the same as in 2024[8] - The board recommended not to declare a final dividend for the year ended December 31, 2025, consistent with the previous year[42] - The company remains cautiously optimistic about 2026, anticipating active IPO activities in the securities market while facing geopolitical tensions and reliance on Chinese economic policies[39] - The strategy will focus on advancing digital transformation and expanding product lines to meet changing market demands, enhancing risk monitoring and operational efficiency[40] - The company will hold its Annual General Meeting on May 29, 2026[43] - Share transfer registration will be suspended from May 26, 2026, to May 29, 2026, to determine eligible shareholders for voting[44] Compliance and Audit - The company has complied with the corporate governance code, except for a deviation regarding the roles of the Chairman and CEO[46] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2025[47] - All board members confirmed compliance with the standard code regarding securities trading for the year ending December 31, 2025[48] - The auditor, PwC, confirmed that the preliminary performance announcement aligns with the audited financial statements for the year ending December 31, 2025[49] - Detailed annual performance announcements will be published on the HKEX website and the company's website[50] - The current board consists of four executive directors and five independent non-executive directors[51]

Core Insights - AIA Group's 2025 performance exceeded expectations with significant growth in key metrics, including VONB, OPAT, UFSG, and embedded value, all reaching historical highs. The company reported a robust rebound in Hong Kong and strong expansion in mainland China, with a clear three-pronged growth strategy involving ASEAN and India [1][17]. Financial Performance - New Business Value (VONB) for 2025 is projected at $5.516 billion, a 15% increase year-on-year, with a VONB margin of 58.5%, marking a 3.6 percentage point improvement [2][3]. - Operating Profit After Tax (OPAT) is expected to reach $7.136 billion, reflecting a 12% increase per share [2]. - Basic Free Surplus (UFSG) is anticipated to be $6.765 billion, an 11% year-on-year growth [2]. - Embedded Value (EV) is projected at $79.7 billion, a 14% increase per share [2]. Regional Performance - Hong Kong's VONB is expected to be approximately $2.3 billion, with a 28% year-on-year growth, contributing significantly to the group's overall performance [4][5]. - Mainland China's VONB is projected at around $1.2 billion, with a 14% growth rate, and a target of over 20% growth in early 2026 [6]. - The ASEAN region, including Thailand and Singapore, shows steady double-digit growth, with India’s Tata AIA reporting a remarkable 33% increase in VONB [7][8]. Distribution Channels - The agency channel remains a core competitive advantage, contributing 73% of the group's VONB, with significant improvements in productivity and recruitment [8]. - The bancassurance channel has seen a 2.4 times increase in VONB since 2022, with a notable improvement in profit margins [10]. Capital Management and Shareholder Returns - Total shareholder returns for 2025 are projected at $4.3 billion, a 13% increase, including a new $1.7 billion share buyback program [15]. - The company maintains a strong capital base with a shareholder capital ratio of 221%, well above regulatory requirements [14]. Growth Strategy and Future Outlook - Management is confident in achieving or exceeding the OPAT per share CAGR target of 9-11% from 2023 to 2026, with a mid-term goal of 40% CAGR for new regions in mainland China from 2025 to 2030 [17].

董事會會議通知 第一上海投資有限公司 (「本公司」) 董事會謹此宣佈，本公司董事會會議將於二零二 六年三月二十七日 (星期五) 在本公司註冊辦事處舉行，藉以審議及批准 (其中包括) 本公司及其附屬公司截至二零二五年十二月三十一日止年度之全年業績及考慮派發末 期股息 (如有) 。 承董事會命 第一上海投資有限公司 主席 勞元一 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文件的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本文件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。 第一上海投資有限公司 (於香港註冊成立之有限公司) (股份代號: 227) 香港，二零二六年三月十三日 於本公佈刋發日期，董事會現有之四位執行董事為勞元一先生、辛樹林先生、楊偉堅 先生及勞苑苑女士；一位非執行董事為郭琳廣先生銀紫荊星章，太平紳士；而四位獨 立非執行董事為劉吉先生、俞啟鎬先生、周小鶴先生及李之耘先生。 ...

盈利警告 本公告乃由第一上海投資有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據 香港聯合交易所有限公司證券上市規則第 13.09(2)條和香港法例第 571 章證券及期貨條 例第 XIVA 部項下的內幕消息條文而作出 。 本公司之董事會（「董事會」）謹此知會本公司各位股東及潛在投資者，根據目前所得資 料，於截至二零二五年十二月三十一日止年度，本集團預期將錄得本公司股東應佔虧損 淨額不少於約港幣 9 千萬元，而截至二零二四年十二月三十一日止年度的本公司股東應 佔溢利則約港幣 7 千 8 萬元。此由盈轉虧主要歸因 (i) 於截至二零二五年十二月三十一日 止年度並無出售附屬公司的一次性淨收益，相比於二零二四年十二月三十一日止年度本 集團錄得出售附屬公司淨收益約港幣 6 千 5 百萬元，(ii) 於物業投資及酒店分部的部分非 流動資產之減值及公平值調整及(iii) 按公平值作損益處理之財務資產的未實現公平值虧 損。 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 ...

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: | 2026年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 第一上海投資有限公司 | | | 呈交日期: | 2026年3月4日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 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) | 00227 | 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 | | | 2,190,679,905 | | 0 | | 2,190,679,905 | | 增加 / 減少 (-) ...

Group 1 - The Hong Kong Stock Exchange reported that on February 26, shareholders of New Ji'ao Motorhome (00805) deposited stocks into First Shanghai Securities, with a market value of HKD 96.2251 million, accounting for 8.79% [1] - New Ji'ao Motorhome recently announced the appointment of Mr. Zhu Jihao as the Chief Financial Officer, effective from February 3, 2026 [1]

Group 1 - The core point of the article is that New Ji'ao Motorhome (00805) has deposited shares worth HKD 96.2251 million into First Shanghai Securities, representing 8.79% of the total shareholding [1] - New Ji'ao Motorhome has announced the appointment of Mr. Zhu Jihao as the Chief Financial Officer, effective from February 3, 2026 [1]

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: | 2026年1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: | 第一上海投資有限公司 | | | 呈交日期: | 2026年2月5日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 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) | 00227 | 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 | | | 2,190,679,905 | | 0 | | 2,190,679,905 | | 增加 / 減少 (-) ...

Core Viewpoint - The recent stock transfer of 加幂科技 (08198) indicates a significant movement in shareholder interests, with a total market value of HKD 128 million being transferred, representing 8.01% of the company [1] Group 1: Shareholder Activity - On January 26, 加幂科技's shareholders transferred shares from 力高证券 to 第一上海证券公司, with a total market value of HKD 128 million [1] - This transfer represents 8.01% of the company's total shares [1] Group 2: Placement Agreement - 加幂科技 announced that all conditions precedent for the placement agreement have been fulfilled as of November 11, 2025 [1] - A total of 32 million shares were placed, accounting for approximately 4.5% of the company's enlarged issued share capital of 718 million shares post-placement [1] - The total gross proceeds from the placement amounted to approximately HKD 99.5 million, with net proceeds of about HKD 99.2 million after deducting commissions and related costs [1]

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12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: | 第一上海投資有限公司 | | | 呈交日期: | 2026年1月5日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 | 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) | 00227 | | 說明 | | | | | | | | | | 股份期權計劃詳情 | 上月底結存的股份期權數 | | 本月內變動 | | 本月底結存的股份期權數 | | 本月內因此發行的新股數 | 本月内因此自庫存轉讓的 | 本月底因此可能發行或自 | 本月底可於所有根據計劃 | 授 ...