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，概不對因本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。 交銀國際控股有限公司 （於香港註冊成立的有限公司） （股份代號：3329） BOCOM INTERNATIONAL HOLDINGS COMPANY LIMITED 有關收購票據之 須予披露交易 收購 於2026年3月25日，Preferred Investment於場外市場以購買價約89.316美元收購第二批 SINOCH票據，代價約為1,607,695.00美元（相當於約12,620,405.75港元）。 上市規則之涵義 由於先前收購及收購乃於十二個月期間內作出，故根據上市規則第14.22條，該等事項 應合併為本公司的一系列交易。由於有關該等收購的一項或多項適用百分比率合併計 算後低於25%但高於5%，該等收購構成本公司須予披露交易，因此須遵守上市規則第 十四章項下的通知及公告規定。 收購 於2026年3月25日，Preferred Investment於場外市場以購買價約89.316美元收購第二批 ...

Financial Performance - The company's total revenue for the year ended December 31, 2025, was HKD 1,071,424,000, a significant increase from HKD 387,514,000 in 2024, representing a growth of 176.7%[3] - Commission and fee income rose to HKD 263,224,000 in 2025, up from HKD 179,446,000 in 2024, marking an increase of 46.7%[3] - The company reported a net loss attributable to shareholders of HKD 265,803,000 for 2025, a substantial improvement compared to a loss of HKD 1,231,356,000 in 2024, reflecting a reduction of 78.4%[4] - The operating loss decreased to HKD 274,805,000 in 2025 from HKD 1,235,239,000 in 2024, indicating a 77.8% improvement[4] - Total revenue for the year ending December 31, 2025, is reported at HKD 1,071,424,000, a significant increase from HKD 387,514,000 for the year ending December 31, 2024[16] - The company reported a pre-tax loss of HKD 264,664,000 for the year ending December 31, 2025, compared to a pre-tax loss of HKD 1,233,368,000 for the previous year[16][17] - Total expenses for the year ending December 31, 2025, amounted to HKD 1,346,229,000, an increase from HKD 1,622,753,000 in the previous year[16][17] - The company reported a loss of HKD 265.8 million for 2025, an improvement from a loss of HKD 1,231.4 million in 2024, indicating a significant reduction in losses[32] Assets and Liabilities - Total assets as of December 31, 2025, were HKD 14,988,164,000, compared to HKD 14,515,167,000 in 2024, showing a growth of 3.3%[6] - The company's cash and bank balances increased to HKD 2,025,046,000 in 2025 from HKD 1,577,935,000 in 2024, representing a rise of 28.3%[6] - Non-current liabilities decreased significantly to HKD 2,820,859,000 in 2025 from HKD 7,206,328,000 in 2024, a reduction of 60.8%[7] - The company’s total equity increased to HKD 938,276,000 in 2025 from HKD 882,748,000 in 2024, reflecting a growth of 6.3%[6] - The total amount of loans and advances decreased to 480,302 thousand HKD in 2025 from 1,210,764 thousand HKD in 2024, a decline of 60.3%[28] - The cumulative impairment provision decreased by 54.1% to HKD 720.9 million as of December 31, 2025, down from HKD 1,127.4 million in 2024[52] Revenue Sources - The brokerage segment generated external commission and fee income of HKD 172,408,000, while the corporate finance and underwriting segment contributed HKD 49,216,000[16] - Interest income from external sources reached HKD 295,352,000, with HKD 250,797,000 coming from the investment and loan segment[16] - The asset management and advisory segment reported external income of HKD 78,824,000, while the margin financing segment had no external income reported[16] - The company has not recognized any customer contributing more than 10% to total revenue, indicating a diversified revenue base[14] - The revenue from asset management and advisory services increased by HKD 4.8 million or 13% to HKD 41.6 million for the year ended December 31, 2025[44] - Commission and fee income from the securities brokerage business reached HKD 172.4 million in 2025, an increase of HKD 81.2 million or 89.1% compared to 2024[34] Operational Efficiency - The company has made strategic improvements in its operational efficiency, leading to a significant reduction in overall expenses from HKD 1,622,753,000 in 2024 to HKD 1,346,229,000 in 2025, a decrease of 17.0%[3] - The group's operating expenses and financing costs for the year ending December 31, 2025, amounted to HKD 1,346.2 million, a decrease of 17.0% from HKD 1,622.8 million in 2024[51] - Financing costs decreased by 23.2% to HKD 424.5 million, primarily due to a decline in interest rates[51] Future Outlook and Strategy - The company plans to continue focusing on securities brokerage, margin financing, and asset management services to drive future growth[8] - The company plans to adopt new accounting standards effective for the fiscal year ending December 31, 2025, but expects no significant impact on its financial statements[12] - The company plans to actively support national policies and enhance its financial services in areas such as technology finance and green finance[73] - The outlook for 2026 indicates a focus on leveraging China's market advantages and promoting high-quality economic development[72] Governance and Compliance - The company has adopted the Corporate Governance Code and has complied with all relevant provisions as of December 31, 2025[76] - The company does not recommend the distribution of a final dividend for the year[74] - The company has no significant capital commitments or contingent liabilities as of December 31, 2025[69][71] Employee and Operational Metrics - The total employee cost for the year ended December 31, 2025, reached approximately HKD 408.8 million, with a total of 509 employees[70] - Employee costs slightly decreased to 408,849 thousand HKD in 2025 from 410,853 thousand HKD in 2024, showing a marginal decline of 0.5%[22] Market and Investment Activities - The total amount raised from IPOs in 2025 was HKD 286.5 billion, a 226% increase compared to 2024, with 119 new stocks listed on the exchange, up by 68%[40] - The company completed 74 bond issuance projects in 2025, including 24 ESG bond projects, successfully assisting companies in raising a total of USD 239.46 billion[40] - The company holds a significant investment in Amber Leading Fund, L.P., amounting to HKD 233 million, which represents 4.92% of the total commitment to AMBER[67] - The initial cost of the investment in AMBER was HKD 231 million, with a current fair value assessment of HKD 786 million, accounting for 5.2% of the company's total assets[67] - The company reported an unrealized loss of HKD 5.1 million from the AMBER investment during the year[67]

Group 1 - Alibaba (BABA.N) maintains a buy rating with a target price of $203.7, driven by a 36% year-on-year revenue growth in Alibaba Cloud for Q3 FY26, strong AI-driven MaaS demand, and signs of recovery in consumer business [1][9] - Futu Holdings (FUTU.O) maintains a buy rating with a target price of $173.60, reporting a 68.1% year-on-year revenue growth and a 101.9% increase in net profit for 2025, with significant improvements in gross and net margins [2][9] - Tiger Brokers (TIGR.O) maintains a buy rating, with a projected 56% year-on-year revenue growth and a 181% increase in net profit for 2025, benefiting from market activity and historical highs in client asset scale [3][10] Group 2 - Novo Nordisk (NVO.N) receives an outperform rating with a target price of $43.29, facing short-term challenges but expected to rebound with a 17% profit growth starting in 2027 due to new product launches [4][11] - Atour (ATAT.O) maintains an outperform rating, with projected revenue and net profit growth of 35.1% and 34.2% respectively for 2025, supported by expansion in mid-to-high-end stores and improved gross margins [5][12] - NVIDIA (NVDA.O) maintains a buy rating with a target price of $260, with management raising revenue guidance to over $1 trillion for 2025-2027, and Non-GAAP EPS forecasts of $8.06 and $10.52 [6][13]

Core Viewpoint - The report from CMB International downgrades the rating of Baoshan International (03813) to "Neutral" and reduces the target price by 33.8% from HKD 0.74 to HKD 0.49 due to uncertainties in the company's recovery [1] Financial Performance - The revenue and net profit forecasts for 2026-2027 have been lowered by 6-8% and 24% respectively, reflecting updated store assumptions and reduced same-store sales expectations [1] - For 2025, the company is projected to achieve revenue and net profit of RMB 17.13 billion and RMB 210 million, representing year-on-year declines of 7.2% and 57.1% respectively, primarily due to the drag from offline channels, deeper discounts, and negative impacts from operational deleveraging [1] Profitability Metrics - The gross margin is expected to decrease by 0.7 percentage points to 33.5% due to deeper discounts, while the total expense ratio slightly increases [1] - Operating profit margin and net profit margin are projected to decline by 1.7 and 1.5 percentage points to 2.1% and 1.2%, respectively, which is below previous expectations [1] Market Conditions - The company is still in an adjustment phase, with online channels not yet compensating for the weakness in offline channels [1] - Although there is a mild recovery trend in overall sales at the beginning of 2026, uncertainties in the external environment and industry competition remain [1]

Core Viewpoint - The report from CMB International downgrades the rating of Baoshan International (03813) to "Neutral" and reduces the target price by 33.8% from HKD 0.74 to HKD 0.49 due to uncertainties in the company's recovery [1] Group 1: Financial Projections - The revenue and net profit forecasts for 2026-2027 have been lowered by 6-8% and 24% respectively, reflecting updated store assumptions and same-store sales expectations [1] - For 2025, the company is projected to achieve revenue and net profit of RMB 17.13 billion and RMB 210 million, representing year-on-year declines of 7.2% and 57.1% respectively, primarily due to offline channel drag, deeper discounts, and negative impacts from operational deleveraging [1] Group 2: Profitability Metrics - The overall discounting has deepened in low single digits, leading to a year-on-year decrease in gross margin by 0.7 percentage points to 33.5% [1] - The total expense ratio has slightly increased, resulting in operating profit margin and net profit margin declining by 1.7 and 1.5 percentage points to 2.1% and 1.2%, which is below previous expectations [1] Group 3: Market Conditions - The company is still in an adjustment phase, with online channels not yet compensating for the weakness in offline channels [1] - Although there is a mild recovery trend in overall sales at the beginning of 2026, uncertainties in the external environment and industry competition remain [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，概不對因本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。 BOCOM INTERNATIONAL HOLDINGS COMPANY LIMITED 交銀國際控股有限公司 （於香港註冊成立的有限公司） （股份代號：3329） 有關收購票據之 收購 於2026年3月11日，Preferred Investment於場外市場以購買價約92.005美元收購 本金額為8,820,000美元的GTWALL票據II，代價約為8,114,834.88美元（相當於約 63,701,453.81港元）。 上市規則之涵義 由於先前收購及收購乃於十二個月期間內作出，故根據上市規則第14.22條，該等事項 應合併為本公司的一系列交易。由於有關該等收購的一項或多項適用百分比率合併計 算後低於25%但高於5%，該等收購構成本公司須予披露交易，因此須遵守上市規則第 十四章項下的通知及公告規定。 收購 於2026年3月11日，Preferred Investment於場外市場以購買價約92.0 ...

交銀國際控股有限公司（「本公司」）之董事會（「董事會」）宣佈，董事會會議將於2026年3 月25日（星期三）舉行，藉以（其中包括）批准本公司及其附屬公司截至2025年12月31日 止年度之全年業績及其刊發，以及考慮派發末期股息之建議（如有）。 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，概不對因本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。 BOCOM INTERNATIONAL HOLDINGS COMPANY LIMITED 交銀國際控股有限公司 （於香港註冊成立的有限公司） （股份代號：3329) 董事會會議召開日期 承董事會命 交銀國際控股有限公司 公司秘書 曾佳荔 香港，2026年3月13日 於本公告日期，董事會包括非執行董事肖霆先生及朱忱女士；執行董事謝潔先生；及獨立 非執行董事馬宁先生、林志軍先生及浦永灝先生。 ...

非執行董事 肖霆先生 （董事長） 朱忱女士 BOCOM INTERNATIONAL HOLDINGS COMPANY LIMITED 交銀國際控股有限公司 （於香港註冊成立的有限公司） （股份代號：3329） 董事名單及其角色與職能 交銀國際控股有限公司董事會成員載列如下，自2026年3月6日起生效： | 董事 | 戰略及風險 管理委員會 | 審計委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | --- | | 肖霆先生 | C | | | | | 朱忱女士 | M | | M | M | | 謝潔先生 | M | | | | | 馬宁先生 | | M | M | C | | 林志軍先生 | | C | M | M | | 浦永灝先生 | | M | C | M | 附註： C 委員會主席 M 委員會成員 執行董事 謝潔先生 （首席執行官） 獨立非執行董事 馬宁先生 林志軍先生 浦永灝先生 相關董事會附屬委員會成員載列如下： 香港，2026年3月5日 ...

交銀國際控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）宣佈，王賢家先生 （「王先生」）因工作調動原因辭任本公司執行董事、副行政總裁兼首席風險官，自2026 年3月6日起生效。於其辭任後，王先生將自動終止擔任董事會戰略及風險管理委員會委 員，且不再擔任《香港聯合交易所有限公司證券上市規則》第3.05條所規定的本公司授權 代表（「授權代表」）。本公司執行董事兼首席執行官謝潔先生將自2026年3月6日起接替 王先生擔任授權代表。 王先生已確認，彼與董事會並無意見分歧，亦無有關其辭任的事宜須提請本公司股東垂 注。 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。 BOCOM INTERNATIONAL HOLDINGS COMPANY LIMITED 交銀國際控股有限公司 （於香港註冊成立的有限公司） （股份代號：3329） 執行董事辭任及 授權代表變更 交銀國際控股有限公司 公司秘書 曾佳荔 香港，2026年3月5日 於本公告日期，董事會包括非 ...

交銀國際控股有限公司 （於香港註冊成立的有限公司） 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，概不對因本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。 BOCOM INTERNATIONAL HOLDINGS COMPANY LIMITED （股份代號：3329） 有關收購票據之 上市規則之涵義 由於有關收購的一項或多項適用百分比率低於25%但高於5%，收購構成本公司一項須 予披露交易，因此須遵守上市規則第十四章項下的通知及公告規定。 收購 於2026年3月4日，Preferred Investment於場外市場以購買價100美元收購本金額為 8,000,000美元的國泰君安票據，代價約為8,000,000美元（相當於約62,800,000港元）。本 集團將動用內部資源為收購提供資金。 國泰君安票據將由發行人發行並於聯交所上市。 須予披露交易 收購 於2026年3月4日，Preferred Investment於場外市場以購買價100美元收購本金額為 8,000,000美元的國泰君安票據，代價約為8, ...