东方雨虹8月11日发布公告称，公司近日收到中国证券监督管理委员会北京监管局出具的警示函。 同日，深交所下发监管函（公司部监管函〔2025〕第137号），指出公司违反《股票上市规则》及《规范运作指引》。 警示函指出公司存在两项违规行为：一是2023年2月至2024年5月期间，公司通过销售人员借款、财务人员转账等形式向实际控制人李卫国提供资金6950万 元，构成关联方非经营性资金占用且未及时披露；二是公司财务核算不规范，涉及营业收入核算不准确、工程项目收入确认时点不准确、居间费核算不准 确等问题。 公司及相关责任人李卫国、张志萍、张蓓、徐玮被采取出具警示函的行政监管措施，并记入资本市场诚信档案数据库。 公司表示，将积极整改，加强财务核算和信息披露质量，规范资金管理，杜绝此类事项再次发生。 中央财经大学法学院副教授徐建刚对上证报记者表示，此次"双函齐发"体现出监管部门穿透式执法思路，同时也暴露出该上市公司存在收入确认、资金往 来等财务信息失真的问题，违反了《中华人民共和国证券法》有关信息披露的规定以及《中华人民共和国公司法》有关公司高管履职不当的规定。 公开信息显示，东方雨虹成立于1998年，注册资本243631. ...

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 ...

Core Viewpoint - First Shanghai Securities maintains a "Buy" rating for NetDragon (00777) with a target price of HKD 15, highlighting the stability of its gaming business and the potential market space for its education business [1] Group 1: 2024 Performance - NetDragon is expected to achieve a total revenue of CNY 6.05 billion and a net profit of CNY 310 million in 2024, with performance pressure stemming from adjustments in its two core businesses [2] - The gaming business revenue is projected at CNY 3.94 billion, with a decline in income due to the company's proactive reduction of payment thresholds to expand its user base [2] - Despite revenue challenges, net profit is expected to increase by 17.4% year-on-year, reflecting effective cost control, and the gross margin is anticipated to rise by 3.3 percentage points to 65.2% [2] Group 2: Gaming Business Adjustments - The main IP, "Magic Domain," experienced a revenue decline, but the overall Monthly Active Users (MAU) grew by 10.1%, with the "Magic Domain Interconnected Version" MAU significantly increasing by 37.5%, indicating effective user engagement strategies [2] - The company launched "Magic Domain Rebirth" this year and plans to release a series of new games, including the MMORPG mobile game "Code-Dragon," to enrich its product matrix [2] - The AI + gaming strategy is beginning to show cost reduction and efficiency improvements, suggesting a potential stabilization and recovery in the gaming business [2] Group 3: Education Business Challenges - The education business generated revenue of CNY 2.11 billion, showing a year-on-year decline due to a cyclical adjustment in the overseas education information market [3] - The demand for Interactive Flat Panel Displays (IFPD) has shown temporary weakness, although gross margin improved by 1 percentage point to 26% due to optimized material and transportation costs [3] - While there are short-term pressures from fluctuations in overseas education budgets, the long-term logic of increasing global digital penetration in education remains unchanged, with potential for profitability improvement post-market adjustment [3]

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]

证券时报网讯，第一上海证券研报指出，1）理想汽车三季度业绩符合预期：公司2024年三季度实现车 辆销售收入413.2亿元，同比增长22.9%，环比增长36.3%。 2024年三季度汽车总交付量为15.3万辆，同比增长45.4%。 三季度车辆毛利率提升至20.9%。 新产品L6抬升整体销量，平均月销量达到25000台，进一步扩大20万元及以上的国内新能源汽车市场份 额。 2）新智驾方案全量推送：公司7月底发布了基于端到端和视觉语言模型的全新自动驾驶技术架构，9月 进行万人规模测试。 10月公司向理想MEGA和理想L系列车型推送OTA6.4更新。 目前公司交付30万以上车型中，选择ADmax版本用户达到70%，L6高配版本用户率达到30%。 3）积极备战纯电车型：公司于145个城市拥有479家零售中心，于221个城市运营436家售后维修中心及 理想汽车授权钣喷中心，投入使用894座理想超充站，配备4286个充电桩，为纯电车型发布打好基础。 纯电车型将成为明年主要增量，公司20万以上市占率有望进一步提升。 使用自由现金流折现对公司进行估值，求得永续增长率为3%，维持买入评级。 校对：刘星莹 ...