智通财经APP获悉，第一上海发布研报称，予中国宏桥(01378)"买入"评级，预测公司2025-2027年的收 入分别为1560亿元/1611亿元/1674亿元人民币;归母净利润分别为245亿元、250亿元和258亿元。该行给 予公司2026年10倍PE估值，目标价为29.0港元，较现价有24%的上涨空间。 上半年利润大幅增长 公司高度重视股东回报，上半年斥资26.1亿港元回购1.87亿股并注销，直接增厚每股收益;承诺2025年派 息率维持2024年水平;并宣布启动新一轮不低于30亿港元的回购计划，形成"持续分红+主动市值管理"组 合拳，充分彰显管理层对公司未来发展的坚定信心。 2025年上半年，全球电解铝市场供需表现为紧平衡。中国原铝产量约占全球产量的59.7%，原铝消费量 约占全球消费量的62.6%，同比较2024年上半年分别上浮0.2%和1.1%。电网、光伏、新能源汽车等领域 呈现不同程度的增长，对拉动国内需求贡献较大。预计下半年电解铝价格维持在20600-21300元/吨，氧 化铝维持在3200-3300元/区间，供需关系决定铝价整体易涨难跌趋势。 第一上海主要观点如下： 超30亿元回购 2025年上 ...

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分 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） | | 截至六月三十日止六個月 | | | --- | --- | --- | | | 二零二五年 | 二零二四年 | | | 港幣千元 | 港幣千元 | | 期內溢利 | 3,674 | 66,108 | | 其他全面收益╱（虧損） | | | | 已重新分類或其後可能重新分類至損益之項目 | | | | －出售附屬公司而確認之匯兌儲備 | – | (20,589) | | －匯兌差異 | 45,024 | (14,218) | | 將不會重新分類至損益之項目 | | | | －按公平值作其他全面收益處理之財務資產之 | | | | 公平值收益╱（虧損） | 8,331 | (2,717) | | －匯兌差異 | 923 | (490) | | 期內其他全面收益╱（虧損），扣除稅 ...

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 五年八月二十二日 (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) 本公司截至二零二五年六月三十日止六個月之中期業績及考慮派發中期股息 (如有)。 承董事會命 第一上海投資有限公司 主席 勞元一 日期：香港，二零二五年八月八日 於本公佈刋發日期，本公司董事會現有之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；非執行董事為郭琳廣先生銀紫荊星章，太平紳士；而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。 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) ...

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7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: | 2025年8月4日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 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) | 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 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示: ● 活动召开时间：2025年5月12日（周一）下午15:40-17:40 ● 活动召开地点："全景路演"（网址： http://rs.p5w.net） 参加本次说明会的人员包括公司董事长兼总经理丁林洪先生、独立董事范其勇先生、董事兼常务副总经 理高敏红女士、董事会秘书兼副总经理先正红女士、财务总监叶勇先生。 三、投资者参加方式 ● 活动召开方式：网络远程方式。投资者可在上述召开时间，通过"全景路演"（网址： http://rs.p5w.net），在线参与本次活动，公司将及时回答投资者的提问。 ● 投资者可于本公告发出之日起至2025年5月8日，通过微信关注"贵州资本市场"公众号，发送关键 词"提问"，即可进入专区提问。公司将在本次说明会上对投资者普遍关注的问题进行回答。 贵州赤天化股份有限公司（以下简称：公司）已于2025年4月29日在上海证券交易所网站 （http://www.sse.com.cn）上披露了《2024年年度报告》及其摘要。为加强公司与投资者的交流 ...

Core Viewpoint - First Shanghai (00227) reported a total revenue of HKD 390 million for the fiscal year 2024, representing a year-on-year growth of 24.77%, and a net profit attributable to shareholders of HKD 77.974 million, marking a turnaround from losses [3] Financial Performance - Total revenue for 2024 was HKD 390 million, up 24.77% year-on-year [3] - Net profit attributable to shareholders was HKD 77.974 million, a significant recovery from previous losses [3] - Basic earnings per share stood at HKD 0.0356, with a weighted average return on equity of 3.21%, an increase of 3.66 percentage points from the previous year [3][24] - The net cash flow from operating activities was -HKD 83.352 million, a decrease of HKD 89.364 million compared to the previous year [28] Valuation Metrics - As of April 17, the price-to-earnings (P/E) ratio (TTM) was approximately 6.88 times, the price-to-book (P/B) ratio (TTM) was about 0.22 times, and the price-to-sales (P/S) ratio (TTM) was around 1.37 times [3] Revenue Composition - The revenue composition for 2024 included: - Financial Services: HKD 168.6 million - Property Development: HKD 67.6 million - Property Investment and Hotels: HKD 151.4 million - Other Businesses: HKD 2.8 million [19] Cash Flow and Financial Position - Cash flow from financing activities was -HKD 111 million, down HKD 85.861 million year-on-year [28] - Cash flow from investing activities was HKD 140 million, compared to HKD 115 million in the previous year [28] - As of the end of 2024, the company’s liquidity ratios were: - Current ratio: 1.57 - Quick ratio: 1.43 [42] Asset and Liability Changes - Significant changes in assets included: - Cash and cash equivalents decreased by 25.21% - Investment properties decreased by 3.58% - Accounts receivable decreased by 1.53% [36] - Major changes in liabilities included: - Accounts payable decreased by 20.62% - Short-term borrowings decreased by 43.03% - Long-term borrowings decreased by 37.9% [39]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a net profit attributable to shareholders of approximately HKD 78 million, with basic earnings per share of HKD 3.56, a significant recovery from a net loss of HKD 11 million and a basic loss per share of HKD 0.65 in 2023[11]. - The company achieved a net profit attributable to shareholders of approximately HKD 78 million for the year ended December 31, 2024, compared to a net loss of approximately HKD 11 million in 2023, marking a turnaround from loss to profit[20]. - Total revenue for the company was approximately HKD 390 million, representing a 25% increase compared to 2023, driven by growth in financial services and property and hotel operations[20]. - The financial services segment recorded an operating profit that increased nearly threefold compared to 2023, attributed to growth in brokerage commission income and margin loan interest income[21]. - The property and hotel segment reported an operating loss of HKD 29 million in 2024, slightly worsening from a loss of HKD 28 million in 2023, despite increased sales from the Huangshan project and hotel operations in Paris[22]. - The company’s brokerage commission income and margin loan interest income increased by 9% and 7% respectively compared to 2023, reflecting a recovery in the Hong Kong IPO market[21]. - The company reported a distributable reserve of HKD 269,049,000 as of December 31, 2024, compared to HKD 91,449,000 in 2023, reflecting a significant increase of 194%[48]. - The company reported a comprehensive financial performance reflecting its financial position as of December 31, 2024, in accordance with Hong Kong Financial Reporting Standards[111]. Market Conditions - The Hang Seng Index reached a high of 23,000 points in October 2024, with a single-day trading volume exceeding HKD 620 billion, marking a historical record[13]. - The Hong Kong IPO market remained strong, ranking fourth globally in fundraising despite a slight decrease of 3% compared to 2023[13]. - The real estate market in mainland China continued to face significant pressure, with major cities experiencing a general decline in property prices due to oversupply and weak buyer confidence[14]. - The company anticipates a cautiously optimistic outlook for the Hong Kong stock market in 2025, driven by supportive monetary policies and a potential recovery in the mainland economy[15]. - The global financial markets in 2025 are expected to face both opportunities and challenges, with geopolitical risks and trade tensions remaining major uncertainties[15]. - The overall investment environment remains cautious, with ongoing challenges in the commercial property market due to weak demand and financing constraints[22]. Company Strategy and Operations - The company is focusing on developing its financial services and property and hotel businesses, continuing to invest human resources and capital in these areas[11]. - The company plans to continue focusing on completing existing development projects in Wuxi and Huangshan, as well as property sales in the coming year[24]. - The company has not engaged in any significant acquisitions or major investments during the year[29]. - The company has complied with all capital regulations applicable to its licensed subsidiaries in 2024[27]. - The company has established internal controls to monitor and recover margin loans, ensuring compliance with commercial interest rates and collateral requirements[117]. Financial Position and Assets - Total assets as of December 31, 2024, were HKD 5,048,502,000, down from HKD 5,616,782,000 in 2023[70]. - The company's total liabilities decreased to HKD 2,492,474,000 in 2024 from HKD 3,185,096,000 in 2023, indicating improved financial health[70]. - The company’s net asset value increased by 5%, rising from approximately HKD 2,432 million in 2023 to approximately HKD 2,556 million in 2024[20]. - The company’s investment properties recorded a fair value loss of approximately HKD 4 million in 2024, compared to a fair value gain of approximately HKD 21 million in 2023[24]. - The total net asset value of the company's mortgaged properties was approximately HKD 558,000,000, down from HKD 570,000,000 in 2023[30]. Governance and Compliance - The board of directors includes independent non-executive directors, ensuring governance and oversight[54]. - The company has adopted a board diversity policy, with the current board composition being one female and eight male directors, achieving a gender diversity ratio of approximately 46% female to 54% male among employees[81]. - The company has established three committees: the Nomination Committee, the Remuneration Committee, and the Audit Committee, to assist the board in fulfilling its responsibilities effectively[87]. - The company has received annual confirmations of independence from its independent non-executive directors, ensuring compliance with specific independence standards[80]. - The company has established a communication policy to ensure timely and transparent communication with shareholders[101]. Employee and Operational Metrics - The total employee cost for the year ending December 31, 2024, was approximately HKD 208,000,000, compared to HKD 203,000,000 in 2023[33]. - The company employed a total of 569 staff members as of December 31, 2024, with 343 located in mainland China[33]. - The company has consistently maintained sufficient public float as required by the listing rules throughout the year[68]. Cash Flow and Financing - The company reported a net cash position of HKD 284,650,000 as of December 31, 2024, down from HKD 340,622,000 in 2023[134]. - The company generated HKD 139,840,000 in net cash from investing activities in 2024, up from HKD 114,893,000 in 2023, reflecting an increase of about 21.7%[138]. - The company paid HKD 22,221,000 in interest in 2024, down from HKD 30,282,000 in 2023, indicating a reduction in financing costs[138]. - The company’s cash flow from financing activities showed a net outflow of HKD 110,803,000 in 2024, compared to a net outflow of HKD 24,942,000 in 2023, indicating increased financing activity[138]. Risk Management - The company acknowledges risks related to ongoing geopolitical tensions and the market's heavy reliance on mainland China's economic policies[15]. - The Risk Committee was established in 2016 and regularly monitors the effectiveness of the risk management framework, reporting at least annually to the Audit Committee[96]. - The company engaged external consultants to review the effectiveness of its internal control system, which was deemed effective and adequately resourced[98].

智通财经APP获悉，第一上海发布研报称，予中国宏桥(01378)"买入"评级，预测公司2025-2027年的收 入分别为1509亿元/1541亿元/1576亿元人民币；归母净利润分别为213亿元、231亿元和250亿元。该行 给予公司2025年8倍PE估值，目标价为20.5港元，较现价有31%的上涨空间。 电解铝行业存在产能天花板，公司受益于全产业链优势，上游铝土矿公司持续通过合资公司拓展几内亚 铝土矿开发项目，确保集团拥有稳定的铝土矿原材料供应。公司位于山东、印尼氧化铝产能达到约1950 万吨，位于山东、云南的电解铝产能达到约646万吨，一体化优势使公司在周期上行阶段的利润增厚， 有效控制采购和生产流程成本。 电解铝供需两旺持续，氧化铝接近成本价 国内电解铝产能上限政策预计将持续执行，全球电解铝产能增长缓慢，随着国内经济恢复，新能源、新 型制造业铝需求将成为重要增长变量，总需求进一步增长，支撑电解铝价格保持高位。氧化铝由于年初 降价接近行业成本价，如价格过低将带来行业出清，因此下跌空间有限，综合考量公司利润率得到保 障。 分红回购多措并举 公司积极回报股东，2024年公司全年派息每股161港仙，派息率高达6 ...

智通财经APP获悉，第一上海证券发布研报称，维持网龙(00777)"买入"评级，目标价 15 港元。该行强 调，网龙游戏业务稳健，且教育业务具备市场空间潜力。公司游戏 IP 的稳健发展和海外市场的持续拓 宽，加上平板产品的顺利推广，有望给公司带来新的业绩增长。该行表示对网龙未来保持信心。 第一上海证券主要观点如下： 2024年业绩 网龙 2024年全年实现营收60.5亿元，归母净利润3.1亿元。业绩压力主要源于两大核心业务调整： 1)游戏业务主动降低付费门槛导致收入短期收缩; 2)Mynd.ai 业务处于海外市场转型周期，需求阶段性放缓。 在游戏储备方面，公司于今年推出《魔域再起》，并计划于下半年继续推出MMORPG 手游《代号- 龙》等一系列新游丰富游戏产品矩阵;叠加上AI+游戏战略下的降本增效初现，该行预计游戏业务有望企 稳回升。 教育业务短期承压 公司教育业务实现营收21.1亿元，同比有所下滑，主要因海外教育信息化市场处于周期性调整阶段， IFPD(交互平板)终端需求暂显疲软。得益于材料及运输成本优化推动毛利率提升1个百分点至 26%。短 期海外教育预算波动仍存压力，但长期看全球教育数字化渗透率还有提升 ...

Financial Performance - The total revenue for the fiscal year 2024 reached HKD 3,390,386,000, an increase from HKD 312,875,000 in 2023, representing a significant growth[4] - Gross profit for the year was HKD 219,880,000, compared to HKD 207,434,000 in the previous year, indicating a growth of approximately 6.6%[4] - The operating profit for the year was HKD 25,955,000, a substantial recovery from an operating loss of HKD 62,301,000 in 2023[4] - Net profit attributable to shareholders was HKD 77,974,000, a turnaround from a loss of HKD 10,629,000 in the previous year[4] - The company reported a basic earnings per share of HKD 3.56, compared to a loss per share of HKD 0.65 in 2023[4] - Total comprehensive income for the year was HKD 120,475,000, recovering from a loss of HKD 13,884,000 in the previous year[5] - The company’s financial income for the year was HKD 88,533,000, down from HKD 104,741,000 in 2023[4] - The company recorded other income of HKD 58,616,000 in 2024, a significant increase from a loss of HKD 555,000 in 2023[18] - Tax expenses for 2024 amounted to HKD 8,016,000, down from HKD 15,837,000 in 2023, reflecting a reduction of approximately 49%[20] Assets and Liabilities - Non-current assets totaled HKD 1,289,382,000, slightly increasing from HKD 1,276,562,000 in 2023[6] - Current assets decreased to HKD 3,759,120,000 from HKD 4,340,220,000 in the previous year, reflecting a reduction in cash and bank balances[6] - Current liabilities decreased from HKD 3,051,415,000 in 2023 to HKD 2,391,328,000 in 2024, representing a reduction of approximately 21.6%[7] - Non-current liabilities decreased from HKD 133,681,000 in 2023 to HKD 101,146,000 in 2024, a decline of about 24.3%[7] - Total assets minus current liabilities increased from HKD 2,565,367,000 in 2023 to HKD 2,657,174,000 in 2024, reflecting a growth of approximately 3.6%[7] - Net asset value rose from HKD 2,431,686,000 in 2023 to HKD 2,556,028,000 in 2024, an increase of around 5.1%[7] - Total equity increased from HKD 2,431,686,000 in 2023 to HKD 2,556,028,000 in 2024, marking a growth of approximately 5.1%[7] - The company reported a significant increase in reserves from HKD 1,100,566,000 in 2023 to HKD 1,222,294,000 in 2024, which is an increase of about 11.1%[7] - The company’s total assets in 2024 were valued at HKD 5,048,502,000, a decrease from HKD 5,616,782,000 in 2023, representing a decline of about 10.1%[16] Business Operations - The company plans to focus on market expansion and new product development in the upcoming fiscal year[4] - The company operates primarily in Hong Kong, China, and France, focusing on securities investment, corporate finance, and property development[8] - The company continues to invest in its strategic business model, focusing on the development of financial services and property and hotel businesses[31] - The financial services segment recorded operating profit that increased approximately threefold compared to 2023, attributed to growth in brokerage commission income and margin loan interest income[36] - The property and hotel division reported an operating loss of HKD 29 million in 2024, slightly worsening from a loss of HKD 28 million in 2023[38] - The group benefited from the completion of the Huangshan project, which led to increased property sales, and the Paris hotel resumed operations after renovations[34][38] - In 2024, the revenue from property sales increased approximately four times compared to 2023, primarily driven by the completion of the Huangshan project[39] - The group's hotel and golf course business revenue rose by 17% in 2024 compared to 2023, mainly due to the temporary closure of a hotel in Paris for urgent roof renovations in the first half of 2023[39] - Other business operations recorded an operating income of HKD 66 million in 2024, a significant increase from an operating loss of HKD 1 million in 2023, mainly due to gains from the sale of a subsidiary[40] Market Conditions - The global economic environment in 2024 was influenced by strong household consumption and government spending, particularly in the US, which remained a key driver of global economic growth[28] - The Hong Kong stock market experienced volatility in 2024 but ended positively, with a notable recovery in trading volume and investor sentiment in the second half of the year[30] - The Hong Kong IPO market showed significant recovery in the second half of 2024, despite a slight 3% decrease in total fundraising compared to 2023, maintaining the fourth position globally[32] - The outlook for the Hong Kong stock market in 2025 is cautiously optimistic, with expected growth driven by supportive monetary policies and the recovery of the Chinese economy[41] - The real estate market in mainland China is expected to continue facing pressure, with recovery dependent on further government support and broader economic stability[42] Governance and Compliance - The company has not adopted any new accounting standards that would significantly impact its financial performance for the current or prior periods[11] - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[9] - The company’s auditor has issued an unqualified opinion on the financial statements for both years, indicating no significant issues were found[10] - The group has adhered to the corporate governance code as of December 31, 2024, with one exception noted[49] - The company believes that having Mr. Lau serve as both Chairman and CEO provides strong and consistent leadership, which is beneficial for long-term business strategy planning and implementation[50] - The board has confirmed that all members have adhered to the standards set forth in the Listing Rules Appendix C3 regarding securities trading by directors for the fiscal year ending December 31, 2024[51] - The auditors, PwC, have confirmed that the preliminary performance announcement aligns with the audited consolidated financial statements for the year ending December 31, 2024[52] - The annual performance announcement will be published on the Hong Kong Stock Exchange website and the company's website, ensuring compliance with all necessary listing rule requirements[53] - The current board consists of four executive directors, one non-executive director, and four independent non-executive directors, ensuring a balanced governance structure[54] Dividends and Shareholder Returns - The board of directors recommended not to declare a final dividend for the year ending December 31, 2024, consistent with the previous year where no dividend was declared[22] - The company does not plan to declare a final dividend for the year ending December 31, 2024, compared to zero dividends in 2023[45]