Group 1 - The company reported a revenue of HKD 9.476 billion for the six months ending June 30, 2025, representing a year-on-year decrease of 8.61% [1] - The profit attributable to shareholders was HKD 1.042 billion, down 13.25% compared to the previous year [1] - Earnings per share were HKD 0.958, with an interim dividend proposed at HKD 0.42 per share [1] Group 2 - The decline in revenue and profit was primarily due to reduced sales from the real estate business and significant provisions for inventory impairment and fair value decreases of investment properties [1] - The company is actively responding to challenges by seizing national policy opportunities and optimizing its industrial layout to enhance operational efficiency [1] - The toll road business continues to provide stable cash flow for the company [1] Group 3 - Looking ahead to the second half of 2025, the company acknowledges the uncertain economic outlook due to international geopolitical tensions and rising trade unilateralism [2] - The company plans to adhere to a prudent management philosophy and an innovation-driven development strategy, focusing on transforming and upgrading its main businesses [2] - There will be an emphasis on strengthening the comprehensive risk management system to enhance profitability and optimizing asset structure to improve core competitiveness [2]

格隆汇8月28日丨上海实业控股(00363.HK)发布公告，截至2025年6月30日止六个月，集团的未经审核营 业额为94.76亿港元，同比下跌8.6%；股东应占溢利录得10.42亿港元，同比下跌13.2%，收入和盈利下 跌主要分别由于房地产业务交楼结转销售较去年同期减少，以及房地产存货跌价计提大额拨备及投资物 业公允值减少。董事会决议派发2025年中期股息每股42港仙。 ...

EF001 免責聲明 | 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 | | | --- | --- | | 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承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 上海實業控股有限公司 | | 股份代號 | 00363 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截止二零二五年六月三十日止六個月期間的中期股息 | | 公告日期 | 2025年8月28日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.42 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.42 HKD | | 匯率 | 1 HKD ...

Business Review [Overall Performance Overview](index=1&type=section&id=Overall%20Performance%20Overview) The Group's revenue for the first half of 2025 decreased by 8.6% year-on-year to HKD 9.476 billion, and profit attributable to owners of the Company decreased by 13.2% year-on-year to HKD 1.042 billion, primarily due to reduced property deliveries, inventory impairment provisions, and fair value losses on investment properties Key Financial Indicators for H1 2025 | Indicator | H1 2025 (HKD) | Year-on-year change | | :--- | :--- | :--- | | Revenue | HKD 9.476 billion | -8.6% | | Profit Attributable to Owners of the Company | HKD 1.042 billion | -13.2% | - The decline in revenue and profit was primarily due to reduced sales recognition from property deliveries, significant impairment provisions for real estate inventories, and fair value losses on investment properties[3](index=3&type=chunk) - The Board resolved to declare an interim dividend of **42 HK cents per share** for 2025, consistent with 2024, payable on or about October 15, 2025[4](index=4&type=chunk) [Infrastructure and Environmental Protection](index=1&type=section&id=Infrastructure%20and%20Environmental%20Protection) The Infrastructure and Environmental Protection segment reported a profit of HKD 933 million for the first half, a year-on-year decrease of 11.6%, accounting for approximately 92.2% of the Group's net profit, with stable cash flow from toll roads and active market expansion in water and environmental businesses Profit Contribution from Infrastructure and Environmental Protection Segment | Indicator | H1 2025 (HKD) | Year-on-year change | | :--- | :--- | :--- | | Profit | HKD 933 million | -11.6% | | Percentage of Group's Net Profit | 92.2% | - | - The decline in profit was mainly due to no longer sharing profits from the sale of Hangzhou Bay Bridge equity at the end of last year and losses from the sale of Canvest Environmental Protection Group equity, partially offset by compensation from early redemption of Canvest's exchangeable bonds[59](index=59&type=chunk) - Toll road business saw stable growth in traffic volume and toll revenue, primarily benefiting from increased travel during holidays[6](index=6&type=chunk) [Toll Roads](index=1&type=section&id=Toll%20Roads) The Group's three toll roads achieved growth in total traffic volume and toll revenue in H1 2025, with specific highways showing increases, while the Group actively addresses inspections and plans for operational enhancements and digital transformation Toll Road Operating Data for H1 2025 | Toll Road | Net Profit (HKD) | YoY Change in Net Profit | Toll Revenue (HKD) | YoY Change in Toll Revenue | Traffic Volume (Vehicles) | YoY Change in Traffic Volume | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai-Beijing Expressway (Shanghai Section) | HKD 186 million | -2.6% | HKD 305 million | +8.4% | 21.85 million | +6.0% | | Shanghai-Kunming Expressway (Shanghai Section) | HKD 287 million | +2.8% | HKD 458 million | +2.9% | 36.52 million | -1.9% | | Shanghai-Chongqing Expressway (Shanghai Section) | HKD 75 million | -0.6% | HKD 256 million | +5.4% | 18.95 million | +6.2% | | **Total** | **HKD 548 million** | **+0.5%** | **HKD 1.019 billion** | **+5.1%** | **77.32 million** | **+2.1%** | - In the second half, the company will strengthen holiday traffic management, advance maintenance projects, implement flood and typhoon prevention measures, and promote intelligent transportation and digital transformation[6](index=6&type=chunk) [Water/Clean Energy](index=2&type=section&id=Water%2FClean%20Energy) The Group continues to expand its water and solid waste businesses, with SIIC Environment achieving 7.1% net profit growth through optimized financing, CEWC growing revenue by 2.5% and adding projects, Canvest Environmental completing privatization, and Everbright Greentech's waste-to-energy projects showing increased processing and power generation Performance of Key Water/Environmental Subsidiaries | Company | Revenue (RMB/HKD) | YoY Change in Revenue | Net Profit (RMB/HKD) | YoY Change in Net Profit | | :--- | :--- | :--- | :--- | :--- | | SIIC Environment | RMB 3.177 billion | -4.4% | RMB 344 million | +7.1% | | CEWC | HKD 980 million | +2.5% | HKD 120 million | -8.0% | | Canvest Environmental (Waste Input Volume) | 8.6175 million tons | +4.3% | On-grid Power Generation 3.093 billion kWh | +9.1% | - SIIC Environment's net profit growth was mainly due to optimized financing structure, leading to a **12.5% year-on-year decrease** in finance costs[9](index=9&type=chunk) - Canvest Environmental Protection Group delisted from the Stock Exchange on June 2, 2025, with the Company recovering approximately **HKD 2.329 billion** from share proceeds and approximately **HKD 1.7 billion** from exchangeable bonds through privatization[12](index=12&type=chunk) [Healthcare](index=4&type=section&id=Healthcare) The Healthcare segment reported a profit of HKD 141 million for the first half, a significant year-on-year increase of 118.4%, accounting for approximately 14.0% of the Group's net profit, primarily driven by a one-off gain recognized by Shanghai Pharmaceuticals Holding Co., Ltd Profit Contribution from Healthcare Segment | Indicator | H1 2025 (HKD) | Year-on-year change | | :--- | :--- | :--- | | Profit | HKD 141 million | +118.4% | | Percentage of Group's Net Profit | 14.0% | - | - Shanghai Pharmaceuticals Holding Co., Ltd. reported a **1.61% increase** in revenue to **RMB 141.901 billion** and a **39.5% increase** in net profit to **RMB 834 million**, mainly due to a one-off gain recognized by Shanghai Pharmaceuticals[14](index=14&type=chunk) [New Frontier Business](index=4&type=section&id=New%20Frontier%20Business) The New Frontier Business, primarily photovoltaic power plants, had a capacity of 740 MW as of June 2025, with on-grid power generation decreasing by 8.9% year-on-year due to increased curtailment, prompting the team to focus on power trading and project acquisitions Photovoltaic Power Plant Business Data | Indicator | H1 2025 | | :--- | :--- | | Photovoltaic Power Plant Asset Scale | 740 MW | | On-grid Power Generation | 472,489,600 kWh | | YoY Change in On-grid Power Generation | -8.9% | - The decrease in on-grid power generation was primarily due to increased power curtailment[15](index=15&type=chunk) [Real Estate](index=4&type=section&id=Real%20Estate) The Real Estate segment incurred a loss of HKD 465 million in the first half, a 2.56-fold increase in loss year-on-year, representing negative 46.0% of the Group's net profit, mainly due to reduced property deliveries, inventory impairment provisions, and investment property valuation write-downs Loss Contribution from Real Estate Segment | Indicator | H1 2025 (HKD) | Year-on-year change | | :--- | :--- | :--- | | Loss | HKD 465 million | Increased by approximately 2.56 times | | Percentage of Group's Net Profit | -46.0% | - | - The increased loss was primarily due to reduced sales recognition from property deliveries, significant impairment of inventories for some projects, and fair value losses on investment properties[3](index=3&type=chunk)[16](index=16&type=chunk)[59](index=59&type=chunk) [Shanghai Industrial Development](index=4&type=section&id=Shanghai%20Industrial%20Development) Shanghai Industrial Development's H1 revenue increased by 19.7% to RMB 1.232 billion, but reported a loss attributable to owners of RMB 754 million, mainly due to significant inventory impairment from the real estate downturn, with signed sales of RMB 290 million and rental income of RMB 200 million Shanghai Industrial Development Operating Data for H1 2025 | Indicator | Amount (RMB) | YoY Change | | :--- | :--- | :--- | | Revenue | RMB 1.232 billion | +19.7% | | Loss Attributable to Owners | RMB 754 million | - | | Contracted Sales | RMB 290 million | - | | Property Delivery and Sales Recognition | RMB 284 million | - | | Rental Income | RMB 200 million | - | - The loss was mainly due to the real estate industry still being in a stabilization phase, with significant impairment indicators for inventories of some company projects[17](index=17&type=chunk) [SIIC Urban Development](index=4&type=section&id=SIIC%20Urban%20Development) SIIC Urban Development's H1 revenue decreased by 38.7% to HKD 1.828 billion, resulting in a loss attributable to owners of HKD 492 million, primarily due to reduced gross profit from property sales and lower delivery sales across multiple projects, with contracted sales of RMB 689 million and rental income of HKD 365 million SIIC Urban Development Operating Data for H1 2025 | Indicator | Amount (HKD/RMB) | YoY Change | | :--- | :--- | :--- | | Revenue | HKD 1.828 billion | -38.7% | | Loss Attributable to Owners | HKD 492 million | - | | Contracted Sales | RMB 689 million | -69.8% | | Property Delivery Amount | HKD 1.349 billion | - | | Rental Income | HKD 365 million | - | - The decline in revenue was mainly due to reduced delivery sales across multiple projects compared to the same period last year, and the loss was primarily due to lower gross profit from property sales revenue[18](index=18&type=chunk) [Consumer Goods](index=5&type=section&id=Consumer%20Goods) The Consumer Goods segment reported a profit of HKD 403 million for the first half, a year-on-year increase of 26.0%, accounting for approximately 39.8% of the Group's net profit, with Nanyang Tobacco and Wing Fat Printing achieving steady growth, the latter benefiting significantly from business structure optimization and cost reduction Profit Contribution from Consumer Goods Segment | Indicator | H1 2025 (HKD) | Year-on-year change | | :--- | :--- | :--- | | Profit | HKD 403 million | +26.0% | | Percentage of Group's Net Profit | 39.8% | - | - Nanyang Tobacco actively responded to market changes, achieving steady improvement in operating performance; Wing Fat Printing, despite a decline in alcohol packaging sales, saw overall stable growth driven by tobacco, pharmaceutical, and e-cigarette packaging businesses[20](index=20&type=chunk) [Tobacco](index=5&type=section&id=Tobacco) Nanyang Tobacco's H1 revenue increased by 16.4% to HKD 1.273 billion, with net profit up 20.0% to HKD 337 million and sales volume growing by 31.1% to over 746,000 cases, despite a decline in Hong Kong and Macau duty-paid markets due to tax hikes, offset by strong overseas sales Nanyang Tobacco Operating Data for H1 2025 | Indicator | Amount (HKD) | YoY Change | | :--- | :--- | :--- | | Revenue | HKD 1.273 billion | +16.4% | | Net Profit | HKD 337 million | +20.0% | | Sales Volume | 746,000 cases | +31.1% | - Sales in the Hong Kong and Macau duty-paid markets decreased year-on-year, primarily due to significant tobacco tax increases in Hong Kong for two consecutive years[21](index=21&type=chunk) - The company will continue to deepen its market orientation, systematically launch new products, enhance product structure and brand influence, and accelerate the implementation of intelligent technologies[22](index=22&type=chunk) [Printing](index=5&type=section&id=Printing) Wing Fat Printing's H1 revenue increased by 1.1% to HKD 759 million, with net profit surging by 46.7% to HKD 69.94 million, primarily driven by stable growth in tobacco and pharmaceutical packaging and molded pulp businesses, alongside optimized business structure and cost reduction at core factories Wing Fat Printing Operating Data for H1 2025 | Indicator | Amount (HKD) | YoY Change | | :--- | :--- | :--- | | Revenue | HKD 759 million | +1.1% | | Net Profit | HKD 69.94 million | +46.7% | - The significant increase in net profit was primarily due to optimized business structure and cost reduction and efficiency improvements at core factories, substantially enhancing overall profitability[23](index=23&type=chunk) - In the second half, the company will continue to implement the strategy of "expanding markets through external collaboration and improving efficiency through internal cost reduction" to ensure the achievement of full-year performance targets[24](index=24&type=chunk) Outlook [Outlook](index=6&type=section&id=Outlook) For H2 2025, the Group anticipates uncertainties from geopolitical tensions and trade unilateralism, alongside opportunities from China's economic stabilization and policy support, committing to prudent operations, innovation-driven development, business transformation, integrated finance and industry, comprehensive risk management, and asset structure optimization to enhance competitiveness and shareholder value - The Infrastructure and Environmental Protection segment will continue to optimize its business layout, expand market share, and consolidate its leading position; toll roads will further enhance operational efficiency[26](index=26&type=chunk) - The Real Estate segment will closely monitor policy developments, optimize operating strategies, revitalize existing assets, accelerate destocking and cash collection, and anticipates marginal improvement in the industry[26](index=26&type=chunk) - Nanyang Tobacco will implement a high-quality development strategy, improve operational efficiency, and accelerate the application of intelligent technologies; Wing Fat Printing will continue its strategy of "expanding markets through external collaboration and improving efficiency through internal cost reduction"[27](index=27&type=chunk) Interim Dividend [Interim Dividend](index=7&type=section&id=Interim%20Dividend) The Board resolved to declare an interim dividend of 42 HK cents per share for 2025, consistent with 2024, payable on or about October 15, 2025, to shareholders registered on September 26, 2025 Interim Dividend Information | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Interim Dividend (per share) | 42 HK cents | 42 HK cents | | Record Date | September 26, 2025 | - | | Payment Date | On or about October 15, 2025 | - | Other Corporate Governance and Reporting Information [Closure of Register of Members](index=7&type=section&id=Closure%20of%20Register%20of%20Members) To determine eligibility for the interim dividend, the company will close its register of members on September 26, 2025, requiring all transfer documents to be submitted by 4:30 p.m. on September 25, 2025 - The register of members will be closed on **September 26, 2025**, with the deadline for submitting transfer documents being **4:30 p.m. on September 25, 2025**[30](index=30&type=chunk) [Review of Interim Results](index=7&type=section&id=Review%20of%20Interim%20Results) The Company's Audit Committee has reviewed the unaudited condensed consolidated interim results for the six months ended June 30, 2025 - The interim results have been reviewed by the Audit Committee[31](index=31&type=chunk) [Corporate Governance](index=7&type=section&id=Corporate%20Governance) For the six months ended June 30, 2025, the Company has complied with all applicable code provisions of Part 2 of the Corporate Governance Code in Appendix C1 to the Listing Rules of the Stock Exchange - The Company has complied with all applicable provisions of the Stock Exchange's Corporate Governance Code[32](index=32&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=7&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed their respective listed securities - Neither the Company nor its subsidiaries engaged in the purchase, sale, or redemption of listed securities during this period[33](index=33&type=chunk) [Publication of Interim Report](index=7&type=section&id=Publication%20of%20Interim%20Report) The 2025 Interim Report will be dispatched to shareholders in mid-September 2025 and published on the Stock Exchange's "Disclosure of Interests" website and the Company's website - The interim report will be published in mid-September 2025[34](index=34&type=chunk) [Board of Directors](index=7&type=section&id=Board%20of%20Directors) As of the announcement date, the Board of Directors comprises four Executive Directors (Ms. Leng Weiqing, Mr. Zhang Qian, Mr. Yao Jiayong, and Mr. Xu Youli) and two Independent Non-executive Directors (Mr. Leung Pak To, Peter and Mr. Yuan Tianfan) - The Board of Directors consists of **four Executive Directors** and **two Independent Non-executive Directors**[35](index=35&type=chunk) Interim Results [Condensed Consolidated Statement of Profit or Loss](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group's revenue decreased by 8.6% to HKD 9.476 billion, gross profit decreased by 24.1% to HKD 2.512 billion, profit for the period decreased by 44.0% to HKD 788.169 million, and profit attributable to owners of the Company decreased by 13.2% to HKD 1.042 billion, with basic and diluted earnings per share at HKD 0.958 Key Data from Condensed Consolidated Statement of Profit or Loss | Indicator | H1 2025 (HKD '000) | H1 2024 (HKD '000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 9,476,025 | 10,369,131 | -8.6% | | Gross Profit | 2,511,966 | 3,307,543 | -24.1% | | Profit Before Tax | 1,164,894 | 2,059,388 | -43.4% | | Profit for the Period | 788,169 | 1,408,494 | -44.0% | | Profit Attributable to Owners of the Company | 1,041,797 | 1,200,896 | -13.2% | | Basic Earnings Per Share | HKD 0.958 | HKD 1.105 | -13.2% | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, total comprehensive income for the period was HKD 2.728 billion, a significant improvement from a loss of HKD 319.074 million in the prior year, with total comprehensive income attributable to owners of the Company reaching HKD 2.150 billion, primarily due to positive foreign exchange differences from overseas operations Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | H1 2025 (HKD '000) | H1 2024 (HKD '000) | | :--- | :--- | :--- | | Profit for the Period | 788,169 | 1,408,494 | | Other Comprehensive Income (Expense) for the Period | 1,940,159 | (1,727,568) | | Total Comprehensive Income (Expense) for the Period | 2,728,328 | (319,074) | | Total Comprehensive Income Attributable to Owners of the Company | 2,149,733 | 243,740 | - Other comprehensive income shifted from an expense in the prior period to income in the current period, primarily due to a positive change in foreign exchange differences on translation of overseas operations[38](index=38&type=chunk) [Condensed Consolidated Statement of Financial Position](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities increased to HKD 131.37 billion from HKD 128.344 billion at year-end 2024, with total equity growing to HKD 80.331 billion, reflecting a slight decrease in non-current assets and a significant increase in net current assets Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Non-current Assets | 99,737,201 | 102,522,625 | | Current Assets | 65,831,814 | 65,990,068 | | Current Liabilities | 34,199,030 | 40,168,739 | | Net Current Assets | 31,632,784 | 25,821,329 | | Total Assets Less Current Liabilities | 131,369,985 | 128,343,954 | | Total Equity | 80,330,557 | 78,293,330 | - Net current assets increased from **HKD 25.821 billion** to **HKD 31.633 billion**, indicating improved liquidity[40](index=40&type=chunk) - Equity attributable to owners of the Company increased from **HKD 47.571 billion** to **HKD 49.155 billion**[40](index=40&type=chunk) [Notes](index=12&type=section&id=Notes) This section provides detailed explanations for the interim financial statements, covering review status, basis of preparation, significant accounting policies, segment information, taxation, items deducted/included in profit for the period, dividends, earnings per share, and aging analysis of trade receivables/payables - The condensed consolidated financial statements have been reviewed by Deloitte Touche Tohmatsu[41](index=41&type=chunk) - The amendments to HKFRS "Lack of Exchangeability" were applied for the first time in this period, but had no material impact on the financial position and performance[44](index=44&type=chunk) [Segment Information](index=13&type=section&id=Segment%20Information) Segment information reveals that Infrastructure and Environmental Protection remains the primary source of revenue and profit, despite a profit decline; Real Estate shifted from profit to an expanded loss; Consumer Goods and Healthcare segments showed significant profit growth, while asset and liability structures across segments remained relatively stable H1 2025 Segment Revenue and Segment Profit (Loss) Attributable to Owners of the Company After Tax | Segment | Revenue (HKD '000) | Segment Profit (Loss) Attributable to Owners of the Company After Tax (HKD '000) | | :--- | :--- | :--- | | Infrastructure and Environmental Protection | 4,432,900 | 933,312 | | Real Estate | 3,142,524 | (465,432) | | Consumer Goods | 1,900,601 | 403,315 | | Healthcare | - | 141,477 | | Consolidated Total | 9,476,025 | 1,041,797 | - The Real Estate segment shifted from a profit in the prior period to a loss in the current period, with a significant increase in the loss amount[45](index=45&type=chunk)[46](index=46&type=chunk) - Consumer Goods and Healthcare segments showed significant growth in their contribution to profit attributable to owners of the Company[45](index=45&type=chunk)[46](index=46&type=chunk) [Taxation](index=15&type=section&id=Taxation) Total taxation for the period was HKD 377 million, down from HKD 651 million in the prior year, primarily comprising Hong Kong profits tax, China land appreciation tax, and China corporate income tax, which included HKD 99.132 million in withholding tax Taxation Components | Tax Type | H1 2025 (HKD '000) | H1 2024 (HKD '000) | | :--- | :--- | :--- | | Hong Kong Profits Tax | 52,164 | 52,259 | | China Land Appreciation Tax | 50,039 | 67,743 | | China Corporate Income Tax | 511,363 | 561,739 | | Under (Over) Provision in Prior Periods | (31,433) | (35,999) | | Deferred Tax for the Period | (205,408) | 5,152 | | **Total** | **376,725** | **650,894** | - China corporate income tax included **HKD 99.132 million** in China withholding tax, an increase from the prior period[49](index=49&type=chunk) - Some PRC subsidiaries enjoy a **preferential tax rate of 15%** or corporate income tax exemptions/reductions[50](index=50&type=chunk) [Profit for the Period Deducted (Included) the Following Items](index=16&type=section&id=Profit%20for%20the%20Period%20Deducted%20(Included)%20the%20Following%20Items) Profit for the period was adjusted by deducting various expenses, including amortization of intangible assets, toll road operating rights, depreciation of property, plant and equipment, right-of-use assets, impairment losses on trade receivables, and net fair value losses on investment properties, while including dividend income, government compensation, fair value gains on financial assets, and net exchange gains Key Items Deducted (Included) in Profit for the Period | Item | H1 2025 (HKD '000) | H1 2024 (HKD '000) | | :--- | :--- | :--- | | Amortisation of other intangible assets | 412,663 | 259,869 | | Amortisation of toll road operating rights | 377,815 | 339,570 | | Net fair value loss on investment properties | 454,542 | 36,804 | | Impairment loss on trade receivables | 122,567 | 8,159 | | Dividend income from investments | (51,690) | (3,762) | | Government compensation for toll road operating rights | (212,244) | (190,740) | | Net exchange (gain) loss | (54,340) | 26,869 | - Net fair value loss on investment properties significantly increased from **HKD 36.804 million** to **HKD 454.542 million**[51](index=51&type=chunk) - Impairment loss on trade receivables significantly increased from **HKD 8.159 million** to **HKD 122.567 million**[51](index=51&type=chunk) [Earnings Per Share](index=17&type=section&id=Earnings%20Per%20Share) Basic and diluted earnings per share attributable to owners of the Company decreased to HKD 0.958 from HKD 1.105 in the prior year, with the weighted average number of ordinary shares used in the calculation remaining unchanged Earnings Per Share Data | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company (HKD '000) | 1,041,797 | 1,200,896 | | Basic and Diluted Earnings Per Share (HKD) | 0.958 | 1.105 | | Weighted Average Number of Ordinary Shares | 1,087,211,600 | 1,087,211,600 | [Trade and Other Receivables](index=17&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade receivables increased to HKD 7.342 billion from HKD 6.763 billion at year-end 2024, with a notable increase in receivables outstanding for more than 365 days Aging Analysis of Trade Receivables | Aging | June 30, 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Within 30 days | 1,385,407 | 1,192,689 | | 31-60 days | 508,161 | 548,503 | | 61-90 days | 497,875 | 504,205 | | 91-180 days | 1,095,094 | 1,180,031 | | 181-365 days | 1,625,943 | 1,601,723 | | Over 365 days | 2,229,101 | 1,735,593 | | **Total** | **7,341,581** | **6,762,744** | - Trade receivables outstanding for more than 365 days increased from **HKD 1.736 billion** to **HKD 2.229 billion**, a growth of approximately **28.4%**[55](index=55&type=chunk) [Trade and Other Payables](index=17&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade payables decreased to HKD 4.791 billion from HKD 5.729 billion at year-end 2024, with a significant reduction in payables due within 30 days Aging Analysis of Trade Payables | Aging | June 30, 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Within 30 days | 1,216,434 | 3,071,754 | | 31-60 days | 180,706 | 272,984 | | 61-90 days | 159,068 | 125,802 | | 91-180 days | 279,244 | 340,136 | | 181-365 days | 1,096,814 | 447,631 | | Over 365 days | 1,858,966 | 1,470,550 | | **Total** | **4,791,232** | **5,728,857** | - Trade payables due within 30 days significantly decreased from **HKD 3.072 billion** to **HKD 1.216 billion**, a reduction of approximately **60.4%**[57](index=57&type=chunk) Financial Review [Financial Performance Analysis](index=18&type=section&id=Financial%20Performance%20Analysis) Revenue decreased by 8.6% year-on-year, primarily due to reduced property deliveries and lower construction revenue from SIIC Environment, partially offset by increased cigarette sales from consumer goods, while the Group's gross margin declined by 5.4 percentage points due to real estate inventory impairment provisions, and segment profit contributions diverged - The decline in revenue was mainly due to reduced sales recognition from real estate property deliveries and a year-on-year decrease in SIIC Environment's construction revenue, though partially offset by increased cigarette sales from the consumer goods segment[58](index=58&type=chunk) - The overall gross profit margin decreased by **5.4 percentage points** year-on-year, primarily due to impairment provisions for real estate inventories[61](index=61&type=chunk) - Other income, profits, and losses decreased, mainly due to increased losses recorded from fair value changes of investment properties[61](index=61&type=chunk) - The disposal of interests in associates/a subsidiary shifted from a profit in the prior period to a loss in the current period, primarily due to losses incurred from the disposal of Canvest Environmental Protection Group[63](index=63&type=chunk) [Group Financial Position](index=19&type=section&id=Group%20Financial%20Position) As of June 30, 2025, equity attributable to owners of the Company increased to HKD 49.155 billion from year-end 2024, with total loans at approximately HKD 58.513 billion, 65.3% of which are unsecured, and the Group maintains robust liquidity with ample bank balances and short-term investments, committed to optimizing its capital structure Key Data on Group Financial Position | Indicator | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | HKD 49.155 billion | HKD 47.571 billion | | Total Loans | HKD 58.513 billion | HKD 59.492 billion | | Percentage of Unsecured Loans | 65.3% | 65.6% | | Bank Balances and Short-term Investments | HKD 28.534 billion | HKD 28.514 billion | | Contracted Capital Commitments | HKD 2.968 billion | HKD 3.338 billion | - Total loans slightly decreased, with loan proportions in USD and other currencies, RMB, and HKD being **0.1%**, **96.1%**, and **3.8%**, respectively[66](index=66&type=chunk) - The Group provided bank credit facility guarantees for property buyers, associates, and joint ventures, totaling approximately **HKD 2.831 billion**[68](index=68&type=chunk) - The Group maintains ample liquidity and a robust interest coverage ratio, and will periodically review market conditions to optimize its capital structure[69](index=69&type=chunk)

格隆汇8月13日丨上海实业控股(00363.HK)宣布，本公司将于2025年8月28日（星期四）召开董事会会 议，藉以（其中包括）批准本公司及其附属公司截至2025年6月30日止六个月的中期业绩公布，以及考 虑派发中期股息。 ...

香港，二零二五年八月十三日 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) 董事會會議召開日期 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.43 條刊發。 上海實業控股有限公司（「本公司」）謹此宣佈，本公司將於二零二五年八月二十八日（星期 四）召開董事會會議，藉以（其中包括）批准本公司及其附屬公司截至二零二五年六月三十 日止六個月之中期業績公佈，以及考慮派發中期股息。 承董事會命 上海實業控股有限公司 公司秘書 余富熙 於本公告日期，本公司的董事會成員包括： 執行董事 冷偉青女士、張芊先生、姚嘉勇先生及徐有利先生 獨立非執行董事 梁伯韜先生及袁天凡先生 ...

Key Points - The top three stocks with net inflows from southbound funds are Yingfu Fund (02800) with 1.184 billion, Alibaba-W (09988) with 730 million, and Hang Seng China Enterprises (02828) with 556 million [1] - The top three stocks with net outflows are WuXi Biologics (02269) with -539 million, Hua Hong Semiconductor (01347) with -509 million, and SMIC (00981) with -432 million [1] - In terms of net inflow ratio, Shanghai Industrial Holdings (00363) leads with 63.56%, followed by Bank of China Aviation Leasing (02588) with 60.26%, and Sunshine Insurance (06963) with 55.37% [1] - The top three stocks with the highest net outflow ratios are GX China (03040) at -100.00%, Southern Hang Seng Index ETF (03037) at -65.52%, and Sichuan Chengyu Expressway (00107) at -49.23% [1] Top 10 Net Inflows - Yingfu Fund (02800) had a net inflow of 1.184 billion, representing a 16.79% increase, closing at 25.380 [2] - Alibaba-W (09988) saw a net inflow of 730 million, with a 10.34% increase, closing at 116.300 [2] - Hang Seng China Enterprises (02828) had a net inflow of 556 million, with an 8.70% increase, closing at 91.160 [2] - Xiaomi Group-W (01810) had a net inflow of 473 million, with a 6.69% increase, closing at 51.250 [2] - Zai Ding Pharmaceutical (09688) had a net inflow of 429 million, with a 26.73% increase, closing at 27.200 [2] Top 10 Net Outflows - WuXi Biologics (02269) experienced a net outflow of -539 million, with a -33.02% decrease, closing at 29.360 [2] - Hua Hong Semiconductor (01347) had a net outflow of -509 million, with a -21.78% decrease, closing at 44.000 [2] - SMIC (00981) saw a net outflow of -432 million, with a -3.98% decrease, closing at 48.660 [2] - Kuaishou-W (01024) had a net outflow of -292 million, with a -14.76% decrease, closing at 79.150 [2] - Juzi Biotechnology (02367) experienced a net outflow of -220 million, with a -24.75% decrease, closing at 59.000 [2] Net Inflow Ratios - Shanghai Industrial Holdings (00363) had a net inflow ratio of 63.56%, with a net inflow of 11.36 million, closing at 14.870 [3] - Bank of China Aviation Leasing (02588) had a net inflow ratio of 60.26%, with a net inflow of 3.56 million, closing at 73.500 [3] - Sunshine Insurance (06963) had a net inflow ratio of 55.37%, with a net inflow of 2.48 million, closing at 3.790 [3] - Poly Property (06049) had a net inflow ratio of 52.60%, with a net inflow of 1.14 million, closing at 34.880 [3] Net Outflow Ratios - GX China (03040) had a net outflow ratio of -100.00%, with a net outflow of -7100.00, closing at 35.460 [3] - Southern Hang Seng Index ETF (03037) had a net outflow ratio of -65.52%, with a net outflow of -724,900, closing at 25.400 [3] - Sichuan Chengyu Expressway (00107) had a net outflow ratio of -49.23%, with a net outflow of -380,740, closing at 4.920 [3]

Group 1: Company Overview - Shanghai Industrial Holdings (00363.HK) is a comprehensive enterprise with four core businesses: infrastructure and environmental protection, healthcare, real estate, and consumer products [8][9] - The company has stable revenue and cash flow from its toll road operations, which include key highways connecting Shanghai to various regions [8] - The water business has a daily processing capacity exceeding 20 million tons, ranking among the top in the country [8] Group 2: Real Estate Performance - The real estate segment reported a loss of HKD 236 million in 2024 due to impairment losses on property projects [9] - The company holds a total land reserve of 4.2 million square meters, primarily in Shanghai and the Yangtze River Delta [9] Group 3: Consumer Products - The consumer products segment, including Nanyang Tobacco and Yongfa Printing, has seen a significant recovery, with Nanyang Tobacco's net profit increasing by 86% year-on-year to HKD 560 million in 2024 [9] Group 4: Financial Performance and Valuation - The forecasted net profit for the company from 2025 to 2027 is expected to be HKD 2.943 billion, HKD 3.084 billion, and HKD 3.197 billion, representing year-on-year growth of 4.8%, 4.8%, and 3.7% respectively [10] - The stock is valued between HKD 17.62 and HKD 18.35 per share, indicating a potential premium of 22.5% to 27.6% over the current price [10] Group 5: Industry Insights - The chemical industry, particularly the agricultural chemicals sector, is experiencing rising prices for potassium fertilizers and glyphosate, with domestic potassium chloride prices increasing from CNY 3,239 per ton to CNY 3,399 per ton in July [13][14] - The phosphoric acid market is expected to maintain high price levels due to tight supply and increasing demand from new applications [14][15] Group 6: Investment Recommendations - Recommended stocks in the potassium fertilizer sector include YK International, with expected production of 2.8 million tons and 4 million tons in 2025 and 2026 respectively [16] - In the phosphoric chemical sector, companies like Yuntianhua and Xingfa Group are highlighted for their rich phosphate reserves [16]

Core Viewpoint - Shanghai Industrial Holdings is a comprehensive enterprise with four core businesses: infrastructure and environmental protection, healthcare, real estate, and consumer goods, having evolved since its establishment in 1996 as a red-chip company listed in Hong Kong [1][2]. Infrastructure and Environmental Protection - The company holds concession rights for three major expressways in Shanghai, providing stable revenue and cash flow due to consistent traffic and toll growth [1]. - The water business has a combined daily processing capacity exceeding 20 million tons, ranking among the top in the country, with platforms in Singapore and Hong Kong [1]. Real Estate - The real estate segment reported a loss of HKD 236 million in 2024, primarily due to impairment losses on property projects, despite holding a total land reserve of 4.2 million square meters [1]. Consumer Goods - The consumer goods segment, including Nanyang Tobacco and Yongfa Printing, has seen a recovery, with Nanyang Tobacco's net profit expected to grow by 86% to HKD 560 million in 2024, aided by increased overseas revenue following the commissioning of a factory in Malaysia [2]. Investment Outlook - The company is expected to benefit from the sale of a 19.5% stake in Yuefeng Environmental, which will generate HKD 2.33 billion in cash, potentially enhancing dividends [2]. - The stock is considered undervalued with a high dividend yield, showing a price-to-earnings ratio of 5.0x for 2025, and is projected to have a stock value between HKD 17.62 and HKD 18.35, indicating a premium of 22.5% to 27.6% over the current price [2].

Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a target valuation range of HKD 17.62 to HKD 18.35 per share, indicating a potential upside of 22.5% to 27.6% from the current price of HKD 14.67 [5][3]. Core Insights - The company has a stable foundation in its infrastructure and environmental sectors, particularly in toll roads and water services, while awaiting marginal improvements in real estate and tobacco sectors [1][2]. - The real estate segment reported a loss of HKD 236 million in 2024 due to impairment losses on property projects, despite holding quality land resources totaling 4.2 million square meters [2]. - The consumer segment, which includes leading companies in tobacco and printing, has shown signs of recovery, with net profit for Nanyang Tobacco increasing by 86% year-on-year to HKD 560 million in 2024 [2]. - The company has successfully generated significant cash flow through the sale of a 19.5% stake in Yuefeng Environmental, amounting to HKD 2.33 billion, which may lead to increased dividends [2]. - The company is considered undervalued with a high dividend yield compared to peers in the Hong Kong market [2]. Financial Projections and Valuation - The company is projected to achieve net profits of HKD 2.943 billion, HKD 3.084 billion, and HKD 3.197 billion for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 4.8%, 4.8%, and 3.7% [3][4]. - The estimated price-to-earnings (PE) ratios for the same years are 5.0, 4.7, and 4.6 times, indicating a favorable valuation compared to industry standards [3][4]. - The report highlights a stable revenue forecast, with expected revenues of HKD 29.711 billion in 2025, showing a slight increase from 2024 [4]. Business Segments Overview - The infrastructure and environmental segment remains robust, with the company holding 100% stakes in three major toll roads in Shanghai, which have shown stable traffic and revenue growth [1][40]. - The water services segment, comprising two platforms, has a combined daily treatment capacity exceeding 20 million tons, ranking among the top in the country [1][49]. - The real estate segment has faced challenges, with a significant decline in revenue and profitability due to market conditions and impairment losses [2][21]. - The consumer segment is recovering, with improved sales and profitability driven by international expansion and operational optimizations [2][21].