Core Viewpoint - Guosen Securities maintains an "outperform" rating for Shanghai Industrial Holdings (00363), highlighting the stability of its infrastructure and environmental protection sectors, strong growth in consumer and health segments, increased dividend rate, and reduced financial costs as key supports for future investment value [1] Infrastructure and Environmental Protection Sector - The infrastructure and environmental protection sector generated revenue of HKD 44.33 billion and net profit of HKD 9.33 billion in the first half of the year, indicating stable core business performance [1] - The expressway segment reported revenue of HKD 10.19 billion, a year-on-year increase of 5.1%, with traffic volume rising by 2.1% [1] - Shanghai Industrial Environment achieved a net profit of RMB 3.44 billion, up 7.1% year-on-year, demonstrating strong resilience in solid waste and water treatment [1] Consumer and Health Sector Highlights - The consumer segment saw revenue and net profit growth of 11% and 26%, reaching HKD 19 billion and HKD 4.33 billion, respectively [2] - Nanyang Tobacco performed strongly with revenue of HKD 12.73 billion, a 16.4% increase, and net profit of HKD 3.37 billion, up 20%, with sales volume surging by 31% and successful overseas market expansion [2] - The health segment reported a net profit of HKD 1.41 billion, a significant year-on-year increase of 118.4%, primarily due to a one-time gain recognized by Shanghai Pharmaceuticals [2] Financial Improvement and Dividend Policy - The company improved its financial situation by selling Yuefeng Environmental, using part of the proceeds to repay bank loans, resulting in interest-bearing liabilities decreasing to HKD 585.13 billion and the debt-to-asset ratio falling to 51.5% [3] - Financial costs decreased by 15% year-on-year, and the company announced an interim dividend of HKD 0.42 per share for 2025, totaling HKD 4.57 billion, maintaining the same level as the previous year, while the payout ratio increased from 38% to 43.8% [3]

Group 1 - The core business of the company's infrastructure and environmental sector remains stable, with revenue of HKD 44.33 billion and net profit of HKD 9.33 billion in the first half of the year. The highway segment generated revenue of HKD 10.19 billion, a year-on-year increase of 5.1%, with traffic volume up by 2.1% [1] - The consumer and health sectors showed significant growth, with the consumer segment achieving revenue and net profit growth of 11% and 26%, respectively, reaching HKD 19 billion and HKD 4.33 billion. The Nanyang Tobacco business performed strongly, with revenue of HKD 12.73 billion, a 16.4% increase, and net profit of HKD 3.37 billion, a 20% increase, alongside a 31% rise in sales volume [2] - The company's financial situation has improved, with interest-bearing liabilities reduced to HKD 585.13 billion and the debt-to-asset ratio down to 51.5%. Financial expenses decreased by 15%. The dividend policy is positive, with an interim dividend of HKD 0.42 per share for 2025, totaling HKD 4.57 billion, maintaining the same level as the previous year, while the payout ratio increased from 38% to 43.8% [3] Group 2 - The company is expected to achieve net profits of HKD 29.34 billion, HKD 30.84 billion, and HKD 31.97 billion for the years 2025-2027, with year-on-year growth rates of 4.8%, 4.8%, and 3.7% respectively [1]

Group 1 - The event "Big Consumption Investment Summit and 2025 Zhitong Xingyao Autumn Joint Strategy Meeting" was held in Hangzhou, focusing on the theme "New Consumption Species: The Evolution of Hong Kong Stocks" [1] - In 2025, China's consumption market is witnessing a blend of tradition and innovation, with electric vehicle penetration exceeding 47%, smart home sales growing in double digits, and rural consumption growth outpacing urban by 0.8 percentage points [1] - The Hong Kong stock market is becoming a witness to consumer power, with a 100-fold subscription for consumer IPOs in the first half of the year and 71% of new stocks closing higher on their first day [1] Group 2 - The main venue will feature keynote speeches and roundtable discussions on trends, while the sub-venue will showcase opportunities from 30 top companies [2] - Keynote speakers include executives from Tencent, GF Securities, and various leading companies, sharing insights and practical experiences [4] - The sub-venue will host presentations from 30 leading companies, including China Duty Free Group, Maogeping, and others, focusing on their business opportunities [5]

（於香港註冊成立之有限公司） （股份代號：363） 有關委任獨立非執行董事及 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之內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或倚賴該等內容而引致之任何損失承擔任 何責任。 董事會委員會委員變更 的補充公告 茲提述上海實業控股有限公司（「本公司」）日期為二零二五年八月二十九日的公告（「該 公告」），內容有關（i）本公司委任兩名獨立非執行董事；及（ii）本公司董事會委員會委 員變更。 除文義另有所指外，本公告所用詞彙與該公告所定義者具有相同涵義。 本公司根據《上市規則》第 3.13 條就張教授及唐先生各自之獨立性確認補充以下資料。 張教授已確認： 唐先生已確認： 1 (1) 其符合《上市規則》第3.13(1)至(8)條所述的各項因素有關的獨立性； (2) 其過去或現在於本公司或其附屬公司業務中無任何財務或其他權益，以及與本公司的任 何核心關連人士（定義見《上市規則》）無任何關連；及 (3) 其於獲委任之時並無其他可能會影響其獨立性的因素。 承董事會命 上海實業控股有限公司 公司秘書 余富熙 香港，二零二 ...

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: | 上海實業控股有限公司 | | | 呈交日期: | 2025年9月1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 FF301 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 頁 共 10 頁 v 1.1.1 (B). 承諾發行發行人股份的權證 不適用 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) | 00363 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 ...

Core Viewpoint - Shanghai Industrial Holdings (00363.HK) reported a decline in revenue and profit for the first half of 2025, primarily due to reduced sales in the real estate sector and significant provisions for inventory impairment and fair value losses on investment properties [1] Group 1: Financial Performance - The company achieved a revenue of HKD 9.476 billion, a decrease of 8.6% year-on-year [1] - Profit attributable to shareholders was HKD 1.042 billion, down 13.2% compared to the previous year [1] - The board declared an interim dividend of HKD 0.42 per share, with a payout ratio of 43.8% [1] Group 2: Business Segments - The infrastructure and environmental protection business saw a profit decline of 11.6% to HKD 933 million, accounting for approximately 92.2% of the company's net profit [1] - The real estate segment reported a loss attributable to shareholders of HKD 492 million, mainly due to reduced gross profit from property sales [2] - The health sector recorded a profit of HKD 141 million, an increase of 118.4%, representing about 14.0% of the company's net profit [2] - The consumer goods segment, specifically Nanyang Tobacco, achieved revenue of HKD 1.273 billion, a year-on-year increase of 16.4%, with a net profit of HKD 337 million, up 20.0% [2] Group 3: Strategic Initiatives - The company is focusing on reform and innovation, accelerating the upgrade and transformation of its main businesses, and optimizing asset and business layout [1] - The company is responding to national policy directions by concentrating on water treatment and resource utilization, aiming to expand market share in the water and environmental industry [1] - The chairman emphasized the commitment to innovation-driven development and enhancing risk management to improve profitability [3]

Investment Rating - The investment rating for Shanghai Industrial Holdings (00363.HK) is "Outperform the Market" [4][6][23]. Core Views - The real estate segment has negatively impacted both revenue and profit, with a 8.6% year-on-year decline in revenue to HKD 9.476 billion and a 13.2% drop in net profit to HKD 1.042 billion for the first half of 2025. This decline is attributed to reduced sales from property handovers and significant provisions for inventory impairment and fair value losses on investment properties [1][7]. - The infrastructure and environmental segment reported a revenue of HKD 4.433 billion, down 3% year-on-year, with net profit decreasing by 11.6% to HKD 933 million, primarily due to the impact of the Hangzhou Bay Bridge's exclusion from the financials and a loss from the sale of Yuefeng [2][12]. - The consumer and health segment showed positive growth, with revenue increasing by 11% to HKD 1.9 billion and net profit rising by 26% to HKD 433 million, driven by strong performance in the tobacco business and a one-time gain in the health sector [3][13]. Summary by Sections Real Estate - Revenue for the real estate segment was HKD 3.143 billion, a decrease of 23.2% year-on-year, with net losses expanding to HKD 465 million due to impairment provisions. The losses from Shanghai Industrial Development and Shanghai Urban Development were HKD 754 million and HKD 492 million, respectively [2][12]. Infrastructure and Environmental - The infrastructure segment's revenue was HKD 4.433 billion, down 3%, with net profit at HKD 933 million, a decline of 11.6%. The highway segment performed better, with a revenue increase of 5.1% to HKD 1.019 billion and a slight net profit increase of 0.5% to HKD 548 million [2][12]. Consumer and Health - The consumer segment achieved revenue of HKD 1.9 billion, up 11%, and net profit of HKD 433 million, up 26%. The tobacco business saw a revenue increase of 16.4% to HKD 1.273 billion, with a net profit of HKD 337 million, reflecting a 20% increase [3][13]. Financial Metrics - The company’s financial metrics show a decrease in debt, with interest-bearing liabilities dropping from HKD 59.492 billion to HKD 58.513 billion, and the debt-to-asset ratio decreasing from 53.5% to 51.5%. Financial expenses also fell by 15% to HKD 875 million [20][25]. Dividend Policy - The company maintained its dividend at HKD 0.42 per share, totaling HKD 457 million, with the payout ratio increasing from 38% to 43.8% [20][25]. Profit Forecast - The profit forecast for the company remains unchanged, with expected net profits of HKD 2.934 billion, HKD 3.084 billion, and HKD 3.197 billion for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 4.8%, 4.8%, and 3.7% [4][23].

格隆汇8月29日丨上海实业控股(00363.HK)公告，自2025年8月29日起：(i)张黔获委任为公司独立非执行 董事，以及审核委员会、薪酬委员会及提名委员会委员；(ii)唐嘉盛获委任为公司独立非执行董事，以 及审核委员会、薪酬委员会及提名委员会委员；及(iii)袁天凡获委任为公司薪酬委员会及提名委员会主 席。 ...

Group 1 - The company announced the appointment of Professor Zhang Qian as an independent non-executive director, as well as a member of the audit committee, remuneration committee, and nomination committee, effective from August 29, 2025 [1] - Mr. Tang Jiasheng has been appointed as an independent non-executive director and a member of the audit committee and remuneration committee, effective from August 29, 2025 [1] - Mr. Yuan Tianfan has been appointed as the chairman of the remuneration committee and nomination committee, effective from August 29, 2025 [1]

Group 1 - Shanghai Industrial Holdings (00363) announced the appointment of Professor Zhang Qian as an independent non-executive director, effective from August 29, 2025 [1] - Mr. Tang Jiasheng has also been appointed as an independent non-executive director, along with serving on the audit committee, remuneration committee, and nomination committee [1] - Mr. Yuan Tianfan has been appointed as the chairman of the remuneration committee and nomination committee [1]