Core Viewpoint - Shanghai Industrial Holdings (00363) has announced the resignation of its auditor, Deloitte, due to the expiration of the maximum term for the appointment of auditors, leading to a decision to appoint Ernst & Young as the new auditor [1] Group 1 - The company has notified Deloitte regarding the change of auditor as the term has reached the stipulated limit [1] - Deloitte has determined that the board's decision to appoint a successor auditor has made it difficult to maintain a professional relationship with the company [1] - Deloitte's resignation will take effect from October 10, 2025 [1] Group 2 - The board has resolved to appoint Ernst & Young as the new auditor based on the recommendation of the company's audit committee [1] - Ernst & Young will serve as the auditor until the conclusion of the next annual general meeting of the company [1]

Core Points - Shanghai Industrial Holdings (00363) announced the resignation of Deloitte as its auditor due to the expiration of the maximum term for the auditing firm [1] - Deloitte's decision to resign was influenced by the board's appointment of a successor auditor, which made it difficult to maintain a professional relationship [1] - The board has resolved to appoint Ernst & Young as the new auditor based on the recommendation of the company's audit committee, effective until the conclusion of the next annual general meeting [1]

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，並明確表示不會就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之任何損失承 擔任何責任。 董事會謹藉此機會對德勤於過去多年為本集團提供的專業服務及支持表示衷心感謝。 委任核數師 （於香港註冊成立之有限公司） （股份代號：363） 更換核數師 本公告乃由上海實業控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事 會（「董事會」）根據香港聯合交易所有限公司（「聯交所」）證券上市規則第 13.51(4)條 刊發。 核數師辭任 根據中華人民共和國財政部、國務院國有資產監督管理委員會及中國證券監督管理委員會的 相關規定，對審計服務的年期有限制，規定於審計服務達到規定年期後須強制更換核數師。 由於本公司連續委聘德勤•關黃陳方會計師行（「德勤」）的年期已經達到規定年限，本公 司已知會德勤更換核數師的規定。經審慎考慮後，德勤認為董事會決定委聘繼任核數師，已 導致德勤與本公司的專業關係難以維持。因此，德勤已決定提呈辭任本公司核數師，自二零 二五年十月十日起生效。 德勤已於其辭任函中確認並無與其辭任有 ...

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9月30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10月2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) | 00363 | 說明 | | | | | | | | | 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 | | | 1,087,211,600 | | 0 | | 1,087,211,600 | | 增加 / 減少 (-) | | | 0 ...

Core Viewpoint - Shanghai Industrial Holdings (00363) is recognized as a stable growth stock in infrastructure and consumer sectors, attracting investor attention due to high dividends and low valuations [1] Financial Performance - For the first half of the year, the company reported revenue of HKD 9.476 billion and a net profit of HKD 1.042 billion, with infrastructure and consumer goods contributing significantly to the earnings [1] - The company announced an interim dividend of HKD 0.42 per share, with a payout ratio of 43.8% and a dividend yield of 6.4% [1] Business Segments - The infrastructure segment, which includes toll roads, water services, and clean energy, contributed 92% of the net profit, with toll roads being a major cash cow [2] - The consumer goods segment, including Nanyang Tobacco and Yongfa Printing, showed a revenue growth of 20.23% from 2023 to 2025, with a profit contribution of HKD 403 million, reflecting a 26% year-on-year increase [3][4] Strategic Moves - The company successfully exited from Yuefeng Environmental, recovering HKD 4 billion in cash, which was deemed the optimal choice for maximizing shareholder value [3] - The company is actively exploring new investment opportunities in the health sector and has a cash reserve of HKD 28.5 billion, indicating strong financial health [4][6] Financial Strength - The company has reduced its net debt ratio from 65.12% at the end of 2024 to 60.99%, with total interest-bearing debt decreasing to HKD 58.51 billion [6] - Operating cash flow for 2023 and 2024 is projected at HKD 4.355 billion and HKD 4.813 billion, respectively, allowing for a healthy investment cycle [6] Valuation Perspective - The company is considered undervalued, with a price-to-book (PB) ratio of 0.3 and a price-to-earnings (PE) ratio of 5.5, compared to higher averages in its sectors [7] - Despite a 98% increase in market value over the past three years, the company is still seen as having significant room for valuation recovery [8]

Core Viewpoint - Shanghai Industrial Holdings (00363) is recognized as a stable growth stock in infrastructure and consumer sectors, attracting investor attention due to its high dividends and low valuation [1] Financial Performance - The company reported a revenue of HKD 9.476 billion and a net profit of HKD 1.042 billion for the first half of the year, with infrastructure and consumer goods contributing significantly to the earnings [1] - The infrastructure and environmental protection sectors contributed a net profit of HKD 933 million and HKD 403 million, respectively [1] - The company announced an interim dividend of HKD 0.42 per share, with a payout ratio of 43.8% and a dividend yield of 6.4% [1] Business Segments - The infrastructure segment, which includes toll roads, water services, and clean energy, contributed 92% of the net profit, with toll roads being a major cash cow [2] - The toll road segment generated a net profit of HKD 548 million in the first half, while water services contributed HKD 344 million and HKD 120 million from two wastewater treatment businesses [2] - The consumer goods segment, including Nanyang Tobacco and Yongfa Printing, showed a revenue of HKD 1.9 billion, accounting for 20.05% of total revenue, with a profit contribution of HKD 403 million, reflecting a 26% year-on-year increase [3][4] Strategic Developments - The company exited its investment in Yuefeng Environmental, recovering HKD 4 billion in cash, which was deemed the optimal choice for maximizing shareholder value [3] - The company is focusing on expanding its presence in overseas markets for Nanyang Tobacco, with over 60% of revenue coming from international sales [4] - The company is exploring new growth opportunities in the health sector, with a significant cash reserve of HKD 28.5 billion available for investments [4][5] Financial Health - The company has improved its net debt ratio from 65.12% at the end of 2024 to 60.99%, with interest-bearing debt decreasing to HKD 58.51 billion [6] - The company reported operating cash flows of HKD 4.355 billion and HKD 4.813 billion for 2023 and 2024, respectively, resulting in a net inflow of HKD 9.168 billion [6] Valuation Insights - The company is considered undervalued, with a price-to-book (PB) ratio of 0.3, compared to 0.9 for the railway and road sectors [7] - The price-to-earnings (PE) ratio stands at 5.5, significantly lower than the industry averages, indicating potential for valuation recovery [7][8] - The company has consistently paid dividends, with a total of HKD 21.838 billion distributed since 2000, maintaining a high payout ratio even during challenging periods [7]

Group 1 - The core point of the article is the establishment of the Shanghai-Hong Kong Strategic Industry Cornerstone Investment Fund by Shanghai Shenda Group and Guotai Junan, aimed at providing financing support for the "last mile" of enterprise listings and enhancing the service for Shanghai's strategic industry development [1] - The fund's launch expands the fund matrix of Shanghai Shenda Capital, positioning it as one of the few domestic institutions covering all stages of equity investment [1] - The recent investor conference highlighted five strategic cooperation agreements, including partnerships with Azzurra Capital and the launch of the second phase of the Shanghai Biomedicine Fund, focusing on biomedicine and green technology [1] Group 2 - Shanghai Shenda Group emphasizes the construction of a cross-border collaborative investment network through these strategic partnerships, adhering to the "technology + finance + industry" collaborative development concept [2] - The company aims to deepen Shanghai-Hong Kong collaboration and build a cross-border ecosystem, linking global resources with partners to support the deep integration of technology and industry [2]

Core Insights - The establishment of a cornerstone investment fund by Shanghai Shibei Capital and Guotai Junan is aimed at providing financing support for the "last mile" of companies going public [1] - This initiative represents a significant step in the collaboration between Shanghai and Hong Kong to support the development of strategic industries in Shanghai [1] - The launch of this cornerstone fund expands the fund matrix of Shanghai Shibei Capital, positioning it as one of the few domestic institutions covering all stages of equity investment [1]

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。 ( 於香港註冊成立之有限公司 ) (股份代號：363) 1 現有貸款二 須予披露的交易 向合營企業續展貸款 由於現有貸款協議二項下現有貸款二的最後到期還款日為二零二五年十月十三日，SIHL Finance（本公司之全資附屬公司）與合營企業（一間由上實基建（本公司之全資附屬公 司）擁有其 50%已發行股本之合營企業）於二零二五年九月十八日訂立二零二五年貸款協 議二，將現有貸款二的最後到期還款日延期至二零二六年九月十四日。 由於現有貸款協議四項下現有貸款四的最後到期還款日為二零二五年九月二十九日，SIHL Finance 與合營企業於二零二五年九月十八日訂立二零二五年貸款協議四，將現有貸款四 的最後到期還款日延期至二零二六年九月十四日。 由於現有貸款協議五項下現有貸款五的最後到期還款日為二零二五年九月十八日 ，SIHL Finance 與合營企業於於二零二五年九月十八日訂立二零二五年貸款協議五，將現有貸款 五的 ...

(Incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） (Stock Code 股份代號: 363) NOTIFICATION LETTER 通知信函 本公司的本次公司通訊之中、英文版本已分別登載於本公司網站 www.sihl.com.hk 及香港聯合交易所有限公司之網站 www.hkexnews.hk （「網站版本」）。本公司衷心建 議 閣下閱覽本次公司通訊的網站版本。 Dear Non-registered Holder(s) (Note 1) , Shanghai Industrial Holdings Limited (the "Company") – Notice of Publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication is available on the Com ...