I. 法定/註冊股本變動 | 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) | 01828 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,700,000,000 | USD | | 0.03 | USD | | 51,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 1,700,000,000 | USD | | 0.03 | USD | | 51,000,000 | 本月底法定/註冊股本總額： USD 51,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 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10月31日 | | - ...

Core Viewpoint - Morgan Stanley reports that FWD Group (01828) maintains strong growth in new business sales for the third quarter, with an improvement in leverage ratio and a successful refinancing that reduces annual debt costs by approximately $72 million [1] Financial Performance - FWD Group's annualized premium equivalent (APE) grew by 37% in the first three quarters, while new business value increased by 17% [1] - The new business CSM (Contractual Service Margin) profit grew by 27%, showing a slowdown compared to the first half's growth rates of 38%, 21%, and 34% [1] Market Performance - The Hong Kong and Macau markets showed the strongest performance, with annualized premium equivalent growth of 85%, although this is a decrease from the first half's growth of 103% [1] Analyst Rating - Morgan Stanley currently gives FWD Group an "Overweight" rating with a target price of HKD 46.5 [1]

Major Events - Xiaoma Zhixing-W (02026) has set the share price for its offering at HKD 139 [1] - Boleton (01333) has entered into a strategic cooperation with Fujian Rixin, focusing on autonomous driving for mining transportation [1] - Zhaojin Mining (01818) has signed a strategic cooperation memorandum with Ant Group [1] - Yimai Sunshine (02522) subsidiary has signed a data co-construction cooperation agreement with Beijing Xianxing District and Beijing Computing Power [1] - Yaojie Ankang-B (02617) has reached a project cooperation agreement with Neurocrine [1] - Heng Rui Pharmaceutical (01276) plans to include HRS-5965 capsules in the priority review process [1] Financial Data - XPeng Motors-W (09868) delivered 42,013 smart electric vehicles in October, a year-on-year increase of 76%, setting a new monthly delivery record [1] - Fuwai Group (01828) reported a sales revenue of USD 1.935 billion for the first three quarters, a year-on-year increase of 37% [1] - Shenzhen Holdings (00604) recorded total contract sales of approximately CNY 9.838 billion for the first three quarters, a year-on-year increase of 24% [1] - Weigao Group (01066) reported third-quarter revenue of approximately CNY 3.26 billion, a year-on-year growth of about 2.6% [1]

Core Insights - The company reported a 37% year-on-year increase in new business sales, reaching $1.935 billion for the nine months ending September 30, 2025 [1] - The new business contract service margin grew by 27% to $1.158 billion, indicating strong value creation for shareholders [1] - The company successfully refinanced $1.15 billion in debt, utilizing $500 million from its recent IPO proceeds, reducing leverage to 21.8% and annual financing costs by approximately $72 million [1] Business Performance - New business sales increased significantly, driven by organic growth across most of the 10 Asian markets where the company operates [1] - The growth in new business contract service margin is highlighted as a key indicator of value creation for shareholders, reinforcing the company's long-term profitability [1] Strategic Initiatives - The company plans to launch over 40 new products in 2025 to address rapidly changing customer demands in protection, health, and savings [1] - The CEO emphasized the importance of leveraging refinancing opportunities to lower overall debt and financing costs, which supports the company's customer-centric growth strategy and risk management focus [1]

Core Insights - FWD Group (01828) reported a 9-month performance ending September 30, 2025, with new business sales reaching $1.935 billion, a year-on-year increase of 37% [1] - The new business contract service margin was $1.158 billion, reflecting a 27% year-on-year growth [1] - The growth rates for new business contract service margin and new business value were 27% and 17%, respectively, indicating strong potential for enhancing shareholder value [1] Business Performance - The company demonstrated strong momentum through its balanced and diversified distribution channels, particularly in the high-net-worth client market in Hong Kong and Singapore, where new business sales achieved a high double-digit growth and now account for 37% of the overall business [1] - Strong demand from local and visiting clients continued to drive robust growth in new business in the Hong Kong SAR and Macau SAR [1] - The emerging markets segment saw strong double-digit growth in new business sales, driven by performance in Singapore, Malaysia, the Philippines, and the joint venture BRI Life in Indonesia [1] Regional Insights - In Japan, the growth in new business sales was attributed to the solid performance of personal protection business and FWD's recent entry into the retirement and savings market [1] - The low interest rate environment continued to impact new business performance in Thailand and Cambodia [1]

Core Insights - FWD Group (01828) reported a 9-month performance ending September 30, 2025, with new business sales reaching USD 1.935 billion, a year-on-year increase of 37% [1] - The new business contract service margin was USD 1.158 billion, reflecting a 27% year-on-year growth [1] - The growth rates for new business contract service margin and new business value were 27% and 17%, respectively, indicating strong potential for shareholder value enhancement [1] Distribution Channels - The company demonstrated strong momentum from its balanced and diversified distribution channels, particularly in the high-net-worth client market in Hong Kong and Singapore [1] - New business sales in these regions achieved a high double-digit year-on-year growth, now accounting for 37% of the group's overall business [1] Regional Performance - Strong demand from local and visiting clients continued to drive robust new business growth in the Hong Kong Special Administrative Region and Macau [1] - The emerging markets segment saw strong double-digit growth in new business sales, reflecting growth momentum in Singapore, Malaysia, the Philippines, and the joint venture BRI Life in Indonesia [1] - In Japan, the increase in new business sales was attributed to the solid performance of personal protection business and FWD's recent entry into the retirement and savings market [1] - The low interest rate environment continued to impact new business performance in Thailand and Cambodia [1]

股份代號 ：1828 截至 2025 年 9 月 30 日止九個月的新業務摘要 富衛集團新業務表現強勁 本公告僅供參考，並不構成任何人士收購、購買或認購證券的邀請或要約。本公告並非亦無意作為在美國發售本公司證券供 出售的要約。本公司證券並無亦不會根據 1933 年美國證券法（經修訂）（「美國證券法」）登記，且不得未根據美國證券 法登記或適用豁免登記規定而在美國發售或出售。本公司證券並無亦無計劃在美國公開發售。 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的任何損失承擔任何責任。 FWD Group Holdings Limited 富衛集團有限公司 (於開曼群島註冊成立的有限公司) 多項策略性資本管理舉措提升財務實力，降低槓桿與融資成本 香港，2025 年 11 月 3 日 - 富衛集團有限公司（「富衛集團」或「富衛」）今天公布截至 2025 年 9 月 30 日首九個月的強勁新業務表現 1 。 富衛集團行政總裁兼執行董事黃清風表示：「我們欣然公布強勁的新業務表現，主要受惠 ...

Core Viewpoint - The stock price of FWD Group has experienced significant volatility since its IPO, reflecting market sentiment and performance pressures, with a recent decline bringing it close to its initial offering price [1][3]. Group 1: Stock Performance - FWD Group's stock was listed at an initial price of 38 HKD per share on July 7, 2023, but opened below this price on its first day, indicating weak market reception [1]. - After fluctuating around 38 HKD for over a month, the stock saw a nearly 30% increase starting August 27, reaching a peak of over 50 HKD, before falling back to around 40 HKD by mid-September [3]. - The stock's recent decline is attributed to pressures from the industry and market sentiment, particularly due to increased volatility in the bond market and uncertainty in equity market contributions to profits [3]. Group 2: Financial Performance - FWD Group reported a net profit of 47 million USD in its first interim results post-IPO, which initially boosted investor confidence [3]. - However, Goldman Sachs forecasts a full-year net profit of only 36 million USD, indicating a pessimistic outlook for the company's second half of the fiscal year [3]. - The company has faced substantial losses in previous years, with a reported loss of 716 million USD in 2023, primarily due to adverse capital market conditions [5][6]. Group 3: Business Strategy and Debt - FWD Group has historically relied on debt for operations and acquisitions, with a debt ratio reaching 87.31% in 2024, which may impact future profitability [6]. - As of April 30, 2025, the company had 2.786 billion USD in borrowings, including significant amounts from bank loans and issued notes [6]. - The company acknowledges the need for ongoing investment to meet reporting requirements and improve governance, but this may lead to continued financial losses if new revenues do not cover expenses [5][6]. Group 4: Market Expansion and Customer Base - FWD Group has expanded its operations from three markets to ten, including Hong Kong, Thailand, Japan, and emerging markets in Southeast Asia [7]. - The company has not yet entered the mainland China market but has benefited from sales to mainland visitors, with significant new business value generated from this segment [7]. - The new business sales from mainland visitors grew 6.3 times from 2022 to 2024, highlighting the potential for future growth in this area [7].

I. 法定/註冊股本變動 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 | | | 致：香港交易及結算所有限公司 公司名稱: 富衛集團有限公司 呈交日期: 2025年10月8日 | 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) | 01828 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,700,000,000 | USD | | 0.03 | USD | | 51,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 1,700,000,000 | USD | | 0.03 | USD | | 51,000,000 | 本月底法定/註冊股本總額： USD 51,000,000 ...

Group 1 - Zijin Mining International (02259) has been included in the Hang Seng Composite Index, effective from October 16, 2025, following the rapid inclusion rules [1] - The rapid inclusion mechanism allows new stocks to be added to the index if their market capitalization ranks in the top 10% of existing constituents on their first trading day [1] - Other companies such as Aux Group (02580), Chery Automobile (09973), and FWD Group (01828) are also expected to be included in the Hang Seng Composite Index based on similar criteria [1] Group 2 - Companies like Sino Biopharmaceutical-B (02591), Zhonghui Biotechnology-B (02627), and others have shown good performance and may warrant attention for future market performance [2] - The company Zhi Zhi Jia-W (02590), listed on July 9, 2023, must meet additional standards for dual-class shares to qualify for the Hong Kong Stock Connect, which requires ongoing observation [2]