机构：国联民生证券 研究员：刘雨辰/陈昌涛 事件 公司发布2025 年三季度营运概要，公司整体运营保持平稳，前三季度归母净利润保持正增。 金融及咨询业务：整体经营平稳，普惠业务维持高增从前三季度来看，整体金融及咨询业务收入保持正 增，息差同比、环比均有所改善。其中普惠业务保持高增，收入同比增速超100%，生息资产规模增速 超60%。 产业运营：宏信建发设备出海持续推进，利润降幅边际收窄设备方面，从前三季度来看，宏信建发整体 收入降幅依旧超10%，主要系国内供需状况尚未明显改善，设备出租率整体维持在较高水平，其中高空 作业平台2025Q3末利用率约为80%。建发出海持续推进，截至2025Q3 末，宏信建发海外收入占比超 15%，海外毛利占比超25%。从2025H1 来看，宏信建发实现收入43.50 亿元，同比-10.72%，归母净利 润0.35 亿元，同比-86.77%。截至2025H1 末，宏信建发海外收入、海外毛利占比分别为13.73%、 28.85%。整体来看，宏信建发前三季度经营状况较2025H1 略有改善，归母净利润降幅超70%，但较 2025H1 降幅有所收窄。宏信健康方面整体经营保持平稳，收入同比 ...

证券研究报告 港股公司|公司点评|远东宏信（03360） 利差环比继续走扩，设备出海稳步推进 请务必阅读报告末页的重要声明 glzqdatemark1 2025年10月24日 证券研究报告 |报告要点 公司发布 2025 年三季度营运概要，公司整体运营保持平稳，前三季度归母净利润保持正增。 从前三季度来看，整体金融及咨询业务收入保持正增，息差同比、环比均有所改善。其中普惠 业务保持高增，收入同比增速超 100%，生息资产规模增速超 60%。资产质量方面整体保持平 稳，普惠相关不良资产核销政策审慎，整体风险可控。 |分析师及联系人 远东宏信(03360) 利差环比继续走扩，设备出海稳步推进 | 行 业： | 非银金融/多元金融 | | --- | --- | | 投资评级： | 买入（维持） | | 当前价格： | 7.13 港元 | 基本数据 | 总股本/流通股本(百万股) | 4,781/4,781 | | --- | --- | | 流通市值(百万港元) | 34,085.02 | | 每股净资产(元) | 11.74 | | 资产负债率(%) | 83.65 | | 一年内最高/最低(港元) | 8.4 ...

Core Viewpoint - Far East Horizon reported a year-on-year increase in net profit attributable to shareholders for the first three quarters of 2025, indicating stable growth in its financial business despite challenges in its industrial operations [1][2]. Financial Business: Stable Growth - The company's interest margin continues to expand, with a net interest margin of 4.06% and a net interest yield of 4.51% for the first half of 2025, compared to 3.95% and 4.47% in the first half of 2024 [2]. - The scale of interest-earning assets reached 266.6 billion RMB in the first half of 2025, showing a slight increase of 2.30% compared to the end of 2024 [1]. - Inclusive finance business has shown significant growth, with interest-earning assets increasing by over 60% year-on-year, contributing to a doubling of revenue in the first three quarters [2][3]. Industrial Operations: Facing Challenges - The equipment operation segment, primarily represented by Hongxin Jianda, experienced a revenue decline of over 10% year-on-year in the first three quarters, attributed to a competitive domestic market and a strategic reduction in domestic business scale [1][2]. - The net profit for the equipment operation segment fell by over 70% year-on-year, although the decline has slightly narrowed compared to the first half of 2025 [2]. - The hospital operation segment remained stable, with a slight revenue decline but continued to maintain profitability [2]. Dividend Characteristics - The company emphasizes enhancing shareholder returns, with a projected dividend per share (DPS) of 0.25 HKD for the first half of 2025 and a payout ratio of approximately 50% [3]. - The estimated dividend yield for 2025 is around 8.0%, despite challenges in the industrial operations segment [3].

证券研究报告 远东宏信 (3360 HK) 港股通 1-3Q25：盈利增长，金融业务稳健 2025 年 10 月 23 日│中国香港 其他多元金融 远东宏信公告 3Q25 运营概要，1-3Q25 的归母净利润同比提升。整体看公 司金融业务稳中向好，息差继续走扩，资产质量相对稳固。普惠金融业务保 持了良好的发展势头，生息资产规模同比增长超 60%，前三季度收入同比 翻倍增长。但产业运营仍然面临挑战。其中以宏信建发为主体的设备运营板 块收入在前三季度同比降幅超过 10%，主要由公司在国内竞争激烈的大背 景下收缩国内业务规模所致，设备运营板块前三季度的盈利同比下滑超过 70%。医院运营板块相对平稳，收入同比下降，整体保持盈利。公司红利属 性凸出，运营概要中再次强调要尽力提升股东回报，我们预计公司 2025 年 股息率为 8.0%。尽管产业运营板块有压力，但鉴于公司金融业务稳健向好， 并且回馈股东意愿较强，我们维持"买入"评级。 金融业务：规模持平微增，息差扩张 1）资产规模持平微增：25 年中期公司扭转了此前资产规模持续收缩的趋势， 1H25 生息资产净额为 2,666 亿元，较 24 年末增长 2.30%。3Q2 ...

Major Events - Guanghe Tong (00638) has set the offer price at HKD 21.5 per share, with the public offering receiving a subscription rate of 550.99 times [1] - China Biologic Products (01177) announced the Phase III study data of Kymriah combined with Fluvestrant for the first-line treatment of advanced breast cancer will be presented at ESMO 2025 [1] - Derun Holdings (01709) plans to conduct a placement of new shares at a discount of approximately 11.34%, aiming to raise about HKD 761 million [1] - New World Development (00017) clarified media reports, stating that it has not undertaken any debt management projects regarding perpetual and other debt securities [1] - China Shenhua (01088) reported that Unit 4 of the Jiujiang Phase II project has successfully completed a 168-hour trial run [1] - Jingwei TianDi (02477) has acquired a TCSP licensed company and launched a new feature called FOPAY [1] - Rongzun International Holdings (01780) announced that its controlling shareholder intends to place up to 60% of the company's shares, reducing their stake to 15% [1] Financial Performance - Pop Mart (09992) reported a year-on-year revenue growth of 245%-250% for the third quarter [2] - China Telecom (00728) recorded a profit attributable to shareholders of RMB 30.8 billion for the first three quarters, reflecting a year-on-year increase of 5.0% [2] - Luk Fook Holdings (00590) reported that its overall retail value, retail income, and same-store sales for the second quarter exceeded the first quarter, increasing by 18%, 15%, and 10% respectively [2] - Minmetals Resources (01208) produced a total of 127,000 tons of copper in the third quarter, marking an 11% year-on-year increase [2] - Datang Power (00991) achieved a total electricity generation of approximately 2,062.41 billion kilowatt-hours in the first three quarters, up about 2.02% year-on-year [2] - Far East Horizon (03360) reported an increase in profit attributable to ordinary shareholders for the first three quarters [2] - China General Nuclear Power Corporation (01164) produced a total of 644.3 tons of natural uranium in the third quarter [2]

Core Viewpoint - Far East Horizon (03360) has adopted a prudent operational strategy since 2025, leading to a year-on-year increase in profit attributable to ordinary shareholders for the first three quarters ending September 30, 2025 [1] Financial Business - The financial business has shown steady growth, with revenue increasing year-on-year, leveraging the company's deep industry expertise [1] - The total amount of interest-earning assets at the end of the review period remained stable compared to the end of 2024, with improvements in both interest margins year-on-year and quarter-on-quarter [1] - Funding costs have decreased further, and asset quality remains solid, with non-performing asset balances largely stable and a prudent provision coverage maintained [1] - The inclusive finance business model has matured, progressing steadily under controllable risk conditions, with a cautious write-off strategy [1] - The scale of interest-earning assets in the inclusive finance business has grown by over 60% year-on-year, with revenue doubling year-on-year for the first three quarters ending September 30, 2025 [1] - The fair value of investment-related businesses has continued to recover positively [1] Hongxin Health - During the review period, Hongxin Health has adhered to its established strategic direction, maintaining overall stable operations, although revenue has decreased year-on-year while remaining profitable [1]

宏信健康：本回顾期内，坚持既定战略方向，经营总体平稳，收入同比有所下降，整体保持盈利状态。 金融业务：持续发挥深耕产业的优势，金融业务收入同比稳中有增。本回顾期末的生息资产总额较2024 年末持平微增，息差同比、环比均有提升，资金成本进一步下降。资产质量依旧稳固，不良资产余额基 本保持稳定，拨备覆盖维持审慎。其中，普惠金融业务模式趋于成熟，在风险可控的前提下稳步推进， 核销策略持续审慎。本回顾期末，普惠金融业务生息资产规模同比增长超六成，截至2025年9月30日止 前三季度的收入同比实现翻倍增长。投资相关业务公允价值持续正向修復。 远东宏信(03360)公布，2025年以来，该集团秉承稳健审慎的经营策略，平稳推进各项业务，截至2025 年9月30日止前三季度的归属普通股股东应占溢利同比提升。 ...

Group 1 - The core viewpoint of the articles highlights that Far East Horizon (03360.HK) has maintained a prudent operational strategy since 2025, resulting in a year-on-year increase in profit attributable to ordinary shareholders for the first three quarters ending September 30, 2025 [1] - The financial business has shown steady growth, with income increasing year-on-year, and the total interest-earning assets remaining stable compared to the end of 2024. The interest margin has improved both year-on-year and quarter-on-quarter, while funding costs have decreased [1] - The asset quality remains solid, with non-performing asset balances stable and a prudent provision coverage maintained. The inclusive finance business model has matured, with a year-on-year growth of over 60% in interest-earning assets and a doubling of income for the first three quarters ending September 30, 2025 [1] Group 2 - The company continues to adhere to a prudent risk management strategy, with effective foreign exchange rate hedging measures and consistently strong liquidity [1] - Looking ahead, the company will persist in its "finance + industry" development strategy, aiming to safely advance its business and enhance shareholder returns while continuously creating value for shareholders [2]

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依 賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立的有限公司） （股份代號：3360） 未經審核二零二五年第三季度營運概要 截至二零二五年九月三十日止 本公告載列遠東宏信有限公司(Far East Horizon Limited)（「本公司」）及其附屬公 司（「本集團」）截至二零二五年九月三十日止第三季度（「本回顧期」）未經審核之 營運概要。 本公告為根據香港聯合交易所有限公司（「聯交所」）證券上市規則第13.09(2)(a)條 及香港法例第571章證券及期貨條例XIVA部之要求而作出。 二零二五年以來，本集團秉承穩健審慎的經營策略，平穩推進各項業務，截至二 零二五年九月三十日止前三季度的歸屬普通股股東應佔溢利同比提升。 金融業務：持續發揮深耕產業的優勢，金融業務收入同比穩中有增。本回顧期末 的生息資產總額較二零二四年末持平微增，息差同比、環比均有提升，資金成本 進一步下降。資產質量依舊穩固，不良資產餘額基本保持穩定，撥備覆蓋維持審 慎 ...

Core Insights - Tianeng Holding Group's Chairman Zhang Tianren led a management team visit to Far East Horizon on October 10, where they engaged in in-depth discussions on green finance, global layout, and industrial innovation, culminating in the signing of a strategic cooperation framework agreement [1] Group 1 - The visit aimed to enhance collaboration in the field of green finance [1] - Discussions included strategies for global expansion and innovation within the industry [1] - A strategic cooperation framework agreement was signed to formalize the partnership [1]