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7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 遠東宏信有限公司 | | | 呈交日期: | 2025年8月6日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 11 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 第 3 頁 共 11 頁 v 1.1.1 | 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) | 03360 | 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 | | | 4,761,515,040 | | 0 | | 4,761,515,040 | | 增加 ...

Group 1 - The core viewpoint of the news is the performance and characteristics of the Hong Kong Dividend Low Volatility ETF (520890), which has seen a significant decrease in both shares and scale in 2024 [1][2] - As of August 4, 2024, the fund's latest shares were 56.508 million, with a scale of 80.0775 million yuan, reflecting a 54.06% decrease in shares and a 45.28% decrease in scale compared to December 31, 2024 [1] - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually, with a performance benchmark based on the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index [1] Group 2 - The current fund manager, Li Qian, has managed the fund since its inception on September 4, 2024, achieving a return of 41.71% during her tenure [1] - The ETF's recent trading activity shows a cumulative transaction amount of 140 million yuan over the last 20 trading days, with an average daily transaction amount of 7.0048 million yuan [1] - The top holdings of the ETF include Shougang Resources (3.83%), Far East Horizon (3.69%), and Chongqing Rural Commercial Bank (3.27%), among others, with detailed holdings and market values provided [2]

点评：金融及咨询业务收入增长，依旧是中流砥柱，毛利率上行。1H25公司金融及咨询业务、设备运 营、产业运营分别实现收入110.90 亿元（yoy+2.1%）、43.50 亿元（yoy-10.7%）、17.97 亿元（yoy- 15.5%），占营业收入比例分别为64.0%、25.1%、10.4%，分别同比+3.7、-1.9、-1.4 个百分点。从毛利 率来看，1H25 三项业务毛利率分别为57.5%、21.6%、18.0%，分别同比+1.7、-10.4、-3.9 个百分点。 生息资产规模持平，行业分布有所调整，净收益率小幅上行。1H25 公司生息资产规模为2666.26 亿元， 环比上年末增长2.3%。分行业来看，城市公用行业规模为818.81 亿元，环比下降7.0%，占比环比下降 3.1 个百分点至30.7%，但仍是占比最大的行业；机械制造行业规模为196.98 亿元，环比增长20.7%，是 规模增长最快的行业。从收益率来看，1H25 公司生息资产平均收益率环比上年末增长0.02 个百分点至 8.08%，计息负债成本率则环比下降0.04 个百分点至4.02%，带动净利息收益率环比上升0.03 个百分点 至4. ...

Core Viewpoint - UBS has downgraded the earnings per share forecast for Far East Horizon (03360) by 12% to 15% for the years 2025 to 2027 due to equity expansion and weakened profit contributions from its subsidiary HCD, while raising the target price from HKD 7.4 to HKD 8.8, maintaining a "Buy" rating [1] Financial Performance - Far East Horizon's net profit for the first half reached RMB 2.164 billion, a year-on-year increase of 4%, aligning with management's previous guidance for stable earnings in 2025 [1] - Operating profit decreased by 13% year-on-year, significantly impacted by the industrial business, although the core financing leasing business showed signs of recovery [1] Dividend Policy - The company announced an interim dividend of HKD 0.25 per share, unchanged from the same period last year [1] - Management has committed to a progressive dividend policy, expecting the total dividend for the fiscal year 2025 to remain at HKD 0.55 per share, consistent with the fiscal year 2024 [1]

报告指，远东宏信上半年盈利符预期，净利润达到21.64亿元人民币，同比增长4%，与管理层此前2025 年盈利大致稳定的指引相符。 尽管受到工业业务的显著拖累，营运利润同比下降13%，但核心融资租 赁业务表现出复苏迹象。 在股息政策方面，公司宣布中期每股股息为0.25港元，与去年同期持平。管理层承诺维持渐进式股息政 策，预计2025财年全年每股股息将保持在0.55港元，与2024财年一致。 智通财经APP获悉，瑞银发布研报称，由于远东宏信(03360)股本扩张及子公司HCD盈利贡献减弱的影 响，将2025至2027年的每股盈利预测下调12%至15%。 然而，受惠于市场环境的改善，目标价从7.4港 元上调至8.8港元，评级"买入"。 ...

尽管工业业务拖累导致营运利润下降13%，但核心融资租赁业务出现复苏迹象。公司宣布中期每股股息 为0.25港元，与去年同期持平，并承诺维持渐进式股息政策，预计2025财年全年每股股息为0.55港元。 由于股本扩张和子公司HCD盈利贡献减弱，瑞银下调了2025至2027年的每股盈利预测12%至15%。然 而，受惠于市场环境改善，瑞银将其目标价从7.4港元上调至8.8港元，并维持"买入"评级。 瑞银发布报告，指出远东宏信上半年盈利符合预期，净利润为21.64亿元，同比增长4%，符合管理层 2025年盈利大致稳定的指引。 ...

在股息政策方面，公司宣布中期每股股息为0.25港元，与去年同期持平。管理层承诺维持渐进式股息政 策，预计2025财年全年每股股息将保持在0.55港元，与2024财年一致。另外，由于股本扩张及子公司 HCD盈利贡献减弱的影响，该行将2025至2027年的每股盈利预测下调12%至15%。 然而，受惠于市场环境的改善，该行将其目标价从7.4港元上调至8.8港元，评级"买入"。 瑞银发表报告指，远东宏信上半年盈利符合预期，净利润达到21.64亿元，按年增长4%，与管理层此前 2025年盈利大致稳定的指引相符。尽管受到工业业务的显著拖累，营运利润按年下降13%，但核心融资 租赁业务表现出复苏迹象。 ...

Core Viewpoint - The report from CICC indicates that Far East Horizon's performance in the first half of the year meets expectations, with a revenue decline of 4% year-on-year to 17.34 billion yuan and a net profit attributable to shareholders increasing by 4% year-on-year to 2.16 billion yuan [1] Financial Performance - Revenue decreased by 4% year-on-year to 17.34 billion yuan [1] - Net profit attributable to shareholders increased by 4% year-on-year to 2.16 billion yuan [1] - Annualized return on equity (ROE) increased by 17 percentage points year-on-year to 8.66% [1] Dividend Policy - The interim dividend payout ratio increased by 4 percentage points year-on-year to 50% [1] - The dividend per share remains at 0.25 HKD, which is growing slower than the profit growth due to the dilution effect from convertible bonds [1] Market Outlook - The company's performance and dividends are considered stable in an uncertain environment, with the current dividend yield still being attractive [1] - CICC maintains an "outperform" rating for the company and raises the target price by 10% to 8.8 HKD, considering market funding preferences [1]

Core Viewpoint - CICC maintains the earnings forecast for Far East Horizon (03360) for 2025/2026 largely unchanged, with a target price increase of 10% to HKD 8.8 due to significant valuation discount and attractive dividend yield [1] Financial Performance - For 1H25, Far East Horizon reported a revenue decrease of 4% year-on-year to CNY 17.34 billion, while net profit attributable to shareholders increased by 4% to CNY 2.16 billion, achieving an annualized ROE of 8.66%, up 17 percentage points year-on-year, in line with expectations [2] - The company’s interim dividend payout ratio increased by 4 percentage points year-on-year to 50%, with a stable DPS of HKD 0.25, reflecting a slower growth in DPS compared to profit due to the dilution effect from convertible bonds [2] Financial Business - The financial business revenue for 1H25 increased by 2% year-on-year to CNY 11.09 billion, accounting for 64% of total revenue, with interest income slightly down by 0.4% to CNY 10.66 billion, while consulting fee income surged by 167% to CNY 430 million [3] - The net interest margin expanded, with net interest spread and net interest margin increasing by 11 basis points and 4 basis points year-on-year to 4.06% and 4.51%, respectively [3] - Asset quality remained stable, with non-performing loan ratio slightly decreasing by 0.02 percentage points to 1.05% and the provision coverage ratio remaining stable at 227% [3] Industrial Operations - The industrial operations segment saw a revenue decline of 13% year-on-year to CNY 6.33 billion, accounting for 37% of total revenue, with domestic business under pressure while overseas business experienced rapid growth [4] - The revenue from Hongxin Jianda decreased by 11% year-on-year to CNY 4.35 billion, with net profit down by 87% to CNY 35 million, affected by a decline in domestic market performance [4] - The healthcare segment, Hongxin Health, reported a 15% year-on-year decrease in hospital revenue to CNY 1.8 billion, with net profit down by 28% to CNY 110 million, as the company focuses on optimizing cost efficiency and expanding non-insurance business [4]

Core Viewpoint - Company maintains earnings forecasts for FY25/26 largely unchanged, with current trading at 0.67x/0.63x P/B for FY25/26, and a target price increase of 10% to HKD 8.8, reflecting a significant discount in valuation and attractive dividend yield [1] Financial Performance - For 1H25, company reported a revenue decline of 4% year-on-year to CNY 17.34 billion, while net profit attributable to shareholders increased by 4% to CNY 2.16 billion, achieving an annualized ROE of 8.66%, up 17 percentage points [2] - The dividend payout ratio increased by 4 percentage points year-on-year to 50%, with a stable DPS of HKD 0.25, indicating a slower growth in DPS compared to profit growth due to the dilution effect from convertible bonds [2] Financial Business - Financial business revenue grew by 2% year-on-year to CNY 11.09 billion, accounting for 64% of total revenue, with interest income down by 0.4% to CNY 10.66 billion and consulting fee income up by 167% to CNY 430 million [3] - The net interest margin expanded, with net interest spread and net interest margin increasing by 11 basis points and 4 basis points to 4.06% and 4.51%, respectively [3] - Asset quality remained stable, with non-performing loan ratio slightly decreasing by 0.02 percentage points to 1.05% and the provision coverage ratio remaining stable at 227% [3] Industrial Operations - Industrial operations revenue decreased by 13% year-on-year to CNY 6.33 billion, with a revenue share decline of 4 percentage points to 37% [4] - The overseas business of Hongxin Jianda experienced rapid growth, while domestic market downturn affected overall performance, with Jianda's revenue down 11% to CNY 4.35 billion and net profit down 87% to CNY 35 million [4] - The healthcare segment focused on optimizing management capabilities and cost efficiency, with hospital revenue down 15% to CNY 1.8 billion and net profit down 28% to CNY 110 million, while operational costs decreased by 11% to CNY 1.47 billion [4]