Core Viewpoint - 惠理集团 reported a total revenue of HKD 221 million for the six months ending June 30, 2025, representing a year-on-year decline of 6.3%, while profit attributable to shareholders surged to HKD 252 million, a significant increase of 572.7% [1] Financial Performance - Total revenue for the period was HKD 221 million, down 6.3% year-on-year [1] - Profit attributable to shareholders reached HKD 252 million, up 572.7% year-on-year [1] - Basic earnings per share were HKD 0.138 [1] Investment Performance - Strong performance was primarily driven by investment income from proprietary funds, which offset a slight decline in management fees [1] - The total subscription amount for fundraising in the first half of 2025 was USD 733 million [1] - Notably, the mainland China-focused funds experienced strong inflows, and there was significant demand for the 惠理美元货币基金 [1] Asset Management - As of June 30, 2025, the group maintained a robust balance sheet with a net asset value of HKD 3.8 billion [1] - This includes cash and cash equivalents of HKD 1.5 billion and investments totaling HKD 2.3 billion [1] - The group continues to adhere to prudent financial management, ensuring strategic flexibility and resilience for long-term growth [1]

格隆汇8月13日丨惠理集团(00806.HK)公布，截至2025年6月底中期，公司收入总额2.21亿港元，同比减 少6.3%。集团录得2.52亿港元净利润，较去年同期的3,700万港元大幅提升。强劲业绩主要得益于自有 资金投资的投资收益，该收益抵销了管理费的轻微下滑。 ...

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 布 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 會 就 因 本 公 布 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。 VALUE PARTNERS GROUP LIMITED 惠理集團有限公 司 （於開曼群島註冊之有限責任公司） （股份代號：806） 截至二零二五年六月三十日止期間的 中期業績公布 財務摘要 下 列 為 報 告 期 間 的 主 要 財 務 摘 要： | | | 截至六月三十日止期間 | | | --- | --- | --- | --- | | （百 萬 港 元） | 二零二五年 | 二零二四年 | 變 動 % | | 收入總額 | 220.8 | 235.7 | -6.3% | | 管理費總額 | 185.6 | 200.8 | -7.6% | | 表現費總額 | 5.8 | 9.7 | -40.2% | | 經營（ ...

Group 1 - Recent data indicates a surge in international capital reallocating towards Chinese assets, with nearly 60% of sovereign wealth funds prioritizing China as an investment market [1][2] - Korean investors have shown increasing enthusiasm for Chinese stocks, with a cumulative trading volume of $5.764 billion in 2023, making China the second-largest overseas investment destination for Korean investors [2] - UBS's survey reveals that 19% of global family offices plan to increase their allocation to Chinese assets, marking a 3 percentage point increase from 2024 [2] Group 2 - In July, five major overseas Chinese stock ETFs attracted over $2 billion in investments, with significant growth in assets under management for several ETFs [3] - Sovereign wealth funds are driven to allocate to Chinese assets due to attractive local returns, diversification benefits, and expanded market access for foreign investors [3] Group 3 - The Chinese economy's recovery has exceeded market expectations, bolstered by rapid policy responses to stabilize expectations and stimulate growth, enhancing international investor confidence [4] - China has made significant advancements in technology and innovation, leading to a re-evaluation of asset valuations by international investors [4] Group 4 - As of August 1, four A-share stocks have over 24% foreign ownership, indicating strong foreign interest in companies with global competitiveness [5] - Foreign investors are selectively investing in growth stocks, focusing on companies with sustainable performance and expanding market shares [6] Group 5 - Foreign capital is favoring high-dividend stocks and growth stocks, reflecting a dual strategy of defense and offense in investment [7] - High-dividend stocks are recognized for their stable cash flows and strong governance, while growth stocks represent long-term bets on China's economic transformation [8]

致：香港交易及結算所有限公司 公司名稱: 惠理集團有限公司 (於開曼群島註冊成立之有限責任公司) 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 FF301 截至月份: 2025年7月31日 狀態: 新提交 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 | 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) | 00806 | 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 | | | 1,826,709,831 | | 0 | | 1,826,709,831 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,826,709,831 | | 0 | | 1,826,709,831 | 第 2 頁 共 10 頁 v 1.1.1 | 1. 股份 ...

格隆汇7月30日丨惠理集团(00806.HK)公布，董事会会议谨订于2025年8月13日（星期三）举行，藉以 （其中包括）考虑及批准公司及其附属公司截至2025年6月30日止六个月的未经审核中期业绩及其发 布，以及考虑派付中期股息（如有）。 ...

（股份代號：806） 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 布 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 會 就 因 本 公 布 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。 VALUE PARTNERS GROUP LIMITED 惠理集團有限公 司 （於開曼群島註冊之有限責任公司） 香 港，二 零 二 五 年 七 月 三 十 日 於 本 公 布 日 期，本 公 司 董 事 會 成 員 包 括 執 行 董 事 林 向 紅 女 士、李 謙 先 生 及 吳 祝 花 女 士；非 執 行 董 事 拿 督 斯 里 謝 清 海；及 獨 立 非 執 行 董 事 陳 世 達 博 士、黃 寶 榮 先 生 及 李 惟 宏 先 生。 董事會會議通告 惠 理 集 團 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）謹 此 公 布，董 事 會 會 議 謹 訂 於 二 零 二 五 年 ...

Group 1: Market Developments - Hong Kong Stock Exchange will lower the minimum price fluctuation for stocks starting August 4, 2025, following successful market rehearsals and regulatory approvals [1] - The Hang Seng Index's ADR closed at 24,987.99 points, down 6.15 points or 0.02% [3] Group 2: Index Adjustments - The Hang Seng Index announced changes to the calculation method of the Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index, effective from the index review on June 30, 2025 [2] Group 3: Company Earnings - Cathay Pacific reported a 23.3% year-on-year increase in passenger numbers, carrying approximately 2.9 million passengers in June 2025 [8] - China Longgong expects a significant increase in net profit for the first half of 2025, estimated between RMB 590 million and RMB 665 million, representing a year-on-year increase of 29% to 45% [11] - Meitu Company anticipates a 65% to 72% year-on-year growth in adjusted net profit for the first half of 2025 [10] - Hengtou Securities expects a net profit of approximately RMB 239 million for the first half of 2025, a significant increase from RMB 53.87 million in the same period last year [14] - Huiri Group forecasts a consolidated profit of approximately HKD 250 million for the first half of 2025, up from HKD 37 million in the previous year [15] - Harbin Electric anticipates a net profit of approximately RMB 1.02 billion for the first half of 2025, a substantial increase from RMB 523 million in the same period last year [21] Group 4: Strategic Initiatives - Multiple departments released implementation details for cross-border asset management pilot business in Hainan Free Trade Port, allowing foreign investors to invest in various financial products [6] - Dongyangguang Jiangsu Pharmaceutical and Dongyangguang Pharmaceutical's merger agreement was approved by shareholders, with the new entity expected to be listed on August 7, 2025 [13] - Global New Materials International's acquisition of Merck's surface solutions business was approved by a special shareholder meeting, with a transaction value of EUR 665 million [17] Group 5: Industry Trends - GGII reported that China's power battery installation capacity reached approximately 288.1 GWh in the first half of 2025, a year-on-year increase of 44% [5] - The key product DB-1310 from InnoCare Pharma has received fast track designation from the FDA for treating advanced non-small cell lung cancer [20]

Financial Performance - Revenue for the year ended December 31, 2023, was HKD 466.8 million, a decrease of 9.3% compared to HKD 514.9 million in 2022[9]. - The net investment income for 2023 was HKD 179.3 million, representing a significant increase of 194.9% from a loss of HKD 336.8 million in 2022[9]. - The profit attributable to the company's owners for 2023 was HKD 31.2 million, a 35.1% increase from HKD 23.1 million in 2022[9]. - Total assets as of December 31, 2023, were HKD 3,775.2 million, down 19.3% from HKD 4,678.1 million in 2022[9]. - The total liabilities decreased by 81.0% to HKD 215.4 million in 2023 from HKD 1,135.4 million in 2022[9]. - The total net asset value increased slightly by 0.5% to HKD 3,559.8 million in 2023 compared to HKD 3,542.7 million in 2022[9]. - Management fee income for 2024 totaled HKD 397 million, a year-on-year decline of 15%[59]. - Despite market challenges, net profit increased by 35%, rising from HKD 23 million in 2023 to HKD 31 million in 2024[59]. - Total expenses for 2024 were HKD 361 million, a reduction of 7% compared to HKD 390 million in 2023[59]. - The company recorded a net loss of HKD 46.4 million in operating loss, an increase of 31.4% compared to the previous year[77]. Asset Management and Investments - Management assets decreased by 8.3% to USD 5,110 million in 2023 from USD 5,570 million in 2022[9]. - The company’s gold ETF recorded a 25.3% investment return in 2024, with expectations for gold prices to reach USD 3,000 per ounce in 2024/2025[16]. - The flagship fund demonstrated resilience amid market volatility, reinforcing the company's leading position in Hong Kong's asset management industry[52]. - The flagship high-yield equity fund benefited significantly from the MRF program, recording substantial inflows in Q4 2024[62]. - The flagship product, the Value Partners Greater China High Yield Bond Fund, achieved a return of 15.3%, while the Value Partners China A Shares High Dividend Fund recorded a return of 13.0%[71]. - The Value Partners Gold ETF reached a record size of $334 million in 2024, driven by rising gold prices and successful marketing efforts[64]. - The company launched a healthcare-themed private equity fund in 2024, attracting significant capital commitments from new investors[65]. - The company's brand funds accounted for 90% of total AUM in 2024, up from 84% in 2023[74]. - The absolute return long-only funds represented 56% of AUM, down from 72% in the previous year, while fixed income funds increased to 23% from 14%[74]. Strategic Initiatives and Partnerships - A strategic partnership was established with Daiwa Securities Group on November 7, 2024, to enhance innovative investment solutions[10]. - A distribution cooperation agreement was signed with Bank of China (Hong Kong) on September 23, 2024, to launch a Japan real estate investment trust fund[12]. - The company plans to enhance its investment research capabilities and product offerings by leveraging AI technology and focusing on core business segments[54]. - The company is committed to expanding and strengthening partnerships with banks, brokers, and leading digital financial institutions in mainland China and Asia[53]. - The company is strategically expanding into Southeast Asian markets, focusing on Singapore, Malaysia, Thailand, and Indonesia to capture regional growth potential[62]. Corporate Governance and Management - The board proposed a final dividend of HKD 0.01 per share for 2024[89]. - The company has received over 280 outstanding awards in the past 31 years, establishing a strong and trusted brand in the asset management industry[47]. - The company has been recognized with multiple awards, including the "Outstanding Fund" and "Top Investment Company" accolades[38][40]. - The board of directors emphasizes a commitment to sustainable investing, aiming for a G% allocation of the portfolio towards ESG-compliant assets by 2025[96]. - The company has adopted a standard code of conduct for securities trading by directors, with no violations reported during the year[170]. - The company is committed to high standards of corporate governance and compliance with applicable laws and regulations[169]. - The board consists of eight directors, with three independent non-executive directors, accounting for over one-third of the board[188]. - The company has established a risk management framework and internal control system to manage significant risks affecting performance[194]. Future Outlook and Growth Plans - The global GDP growth is projected at 3.3% for 2025, with the company aiming to capitalize on opportunities arising from China's economic transformation and capital market opening[55]. - The company plans to enhance its product offerings in fixed income, with a focus on investment-grade and high-yield characteristics to meet diverse client needs[63]. - The company aims to explore new areas such as Web 3.0 and RWA to provide investors with richer investment opportunities[54]. - The company plans to continue exploring new initiatives and expanding its product offerings, particularly in the ETF space, to meet evolving investor demands[65]. - The company plans to expand its market presence in Asia, targeting a growth rate of A% in the next fiscal year through strategic partnerships and new product offerings[98]. Employee and Operational Efficiency - The company will implement improved incentive mechanisms to enhance team cohesion and lay a solid foundation for sustainable development[55]. - The management team emphasized a commitment to enhancing operational efficiency, with a goal to reduce costs by 8% over the next year[114]. - The company plans to increase its workforce by 15% to support growth initiatives and improve service delivery[115]. - The company provides competitive compensation and benefits to employees, promoting diversity and offering career development opportunities[163]. Risk Management - The risk management committee coordinates the company's risk management activities and reports significant risks and mitigation measures to the audit committee during regular meetings[197]. - The internal audit conducts regular independent assessments of the adequacy and effectiveness of risk management and control processes, reporting findings to the audit committee[197]. - Effective risk management includes six key components: risk identification, measurement, mitigation, reporting, monitoring, and governance[200].

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 466.8 million, a decrease of 9.3% compared to HKD 514.9 million in 2023[2] - Total management fees decreased by 15.0% to HKD 397.4 million from HKD 467.4 million[2] - Net investment income surged by 194.9% to HKD 179.3 million, up from HKD 60.8 million[2] - Profit attributable to owners of the company increased by 35.1% to HKD 31.2 million, compared to HKD 23.1 million in the previous year[2] - Basic and diluted earnings per share rose by 30.8% to HKD 1.7 from HKD 1.3[2] - Total comprehensive income for the year was HKD 30.8 million, up from HKD 23.1 million in 2023[5] - The company reported a net income of HKD 315.0 million, down from HKD 355.0 million in the previous year[5] Dividends - The company declared a final dividend of HKD 1.0 per share, compared to no dividend in the previous year[2] - The board proposed a final dividend of HKD 1.0 per share, totaling approximately HKD 18,267,000, compared to no dividend in 2023[20] - A special dividend of HKD 0.50 per share was approved, amounting to HKD 913,355,000, to be paid on January 23, 2024[21] - The proposed final dividend per share for 2024 is 1.0 HK cents, compared to no dividend in 2023[77] Operational Performance - Operating loss before other income/expenses was HKD 46.4 million, compared to a loss of HKD 35.3 million in 2023, indicating a worsening operational performance[2] - Total expenses for 2024 were HKD 361 million, a reduction of 7% compared to HKD 390 million in 2023[49] - The company recorded a loss of HKD 46.7 million from joint ventures, including a property revaluation loss of HKD 63.4 million, compared to a profit of HKD 25.0 million in 2023[85] Assets and Liabilities - The company's non-current assets decreased to HKD 2,538,300,000 from HKD 2,769,843,000, a reduction of 8.3%[6] - Cash and cash equivalents were reported at HKD 1,077,437,000, down from HKD 1,558,885,000, reflecting a decrease of 30.8%[6] - The total equity attributable to owners of the company increased slightly to HKD 3,552,063,000 from HKD 3,542,698,000, an increase of 0.3%[6] - The company has a short-term bank loan of HKD 65,941 thousand in 2024, compared to HKD 1,170 thousand in 2023, indicating a significant increase in borrowing[36] Market Strategy - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming year[3] - The company aims to strengthen partnerships with banks and financial institutions in mainland China and Asia to provide diverse investment options[39] - The company plans to enhance its investment research capabilities and product offerings, focusing on technology applications including AI to improve operational efficiency[40] - The company is actively expanding into Southeast Asian markets, focusing on Singapore, Malaysia, Thailand, and Indonesia, to capture regional growth potential[54] Investment Performance - The company reported a net investment income of HKD 62.5 million from the gold ETF, down from HKD 65.6 million in 2023[87] - The flagship product, the Greater China High Yield Bond Fund, received recognition at the 8th Overseas Fund Golden Bull Awards for its performance[63] - The Japanese Real Estate Investment Trust launched in April 2024 achieved annualized returns of 9.5% and 4.0% for USD-hedged and non-hedged classes, respectively[57] Corporate Governance - The company is committed to maintaining high standards of corporate governance, ensuring compliance with the corporate governance code as of December 31, 2024[110] - The audit committee has reviewed the accounting principles and practices adopted by the group and discussed matters related to audit, internal control, and financial reporting[109] - All directors have confirmed adherence to the standards set forth in the securities trading code as of December 31, 2024[113] Employee and Operational Efficiency - The company has 121 employees in Hong Kong, down from 130 in 2023, and 20 employees in Shanghai, down from 31 in 2023[102] - The group continues to implement cost control measures and resource adjustments to address future business challenges[94] - Information processing and communication expenses increased to HKD 54.6 million in 2024, up from HKD 45.9 million in 2023[93]