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]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a 3.9% year-on-year decline in revenue for the first half of 2025, totaling 17.336 billion yuan, while net profit attributable to shareholders increased by 3.8% to 2.164 billion yuan [1]. - The financial and consulting business remains a key revenue driver, with a revenue increase of 2.1% year-on-year, while equipment and industrial operations saw declines of 10.7% and 15.5%, respectively [1][17]. - The company has focused on the development of inclusive finance, achieving a 28.7% growth in the asset scale of this business, with revenue soaring by 124.1% year-on-year [3][38]. Summary by Sections Financial Performance - In the first half of 2025, the average return on equity was 8.66%, an increase of 0.17 percentage points year-on-year [1]. - The company’s interest-earning assets stood at 266.626 billion yuan, reflecting a 2.3% increase from the end of the previous year [2]. - The average yield on interest-earning assets rose to 8.08%, while the cost of interest-bearing liabilities decreased to 4.02%, leading to a net interest margin of 4.51% [2][25]. Business Segments - The financial and consulting segment generated 110.90 billion yuan in revenue, accounting for 64.0% of total revenue, with a gross margin of 57.5% [1][19]. - The inclusive finance business achieved a revenue of 14.51 billion yuan, significantly contributing to overall growth [3][38]. Asset Quality - The company reported a non-performing loan ratio of 1.05% and a watchlist ratio of 5.51%, both showing a decline from the previous year [3][36]. - The provision coverage ratio remained stable at 227.33%, indicating solid asset quality [3]. Future Outlook - The company is expected to maintain a high cash dividend payout ratio, with projections for net profit attributable to shareholders of 4.01 billion yuan, 4.23 billion yuan, and 4.48 billion yuan for 2025, 2026, and 2027, respectively [4][5].

Core Viewpoint - Far East Horizon's 1H25 performance met expectations with a revenue decline of 4% year-on-year to 17.34 billion yuan and a net profit increase of 4% year-on-year to 2.16 billion yuan, resulting in an annualized ROE increase of 17 percentage points to 8.66% [1] Financial Performance - The company's financial business revenue increased by 2% year-on-year to 11.09 billion yuan, accounting for 64% of total revenue, with interest income slightly down by 0.4% to 10.66 billion yuan and consulting fee income up by 167% to 430 million yuan [1] - 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, while asset quality remained stable with a non-performing loan ratio of 1.05% [1] Dividend Policy - The company increased its interim dividend payout ratio by 4 percentage points year-on-year to 50%, maintaining a dividend per share (DPS) of 0.25 HKD, indicating a strong dividend yield despite slower growth in DPS compared to profit growth due to dilution from convertible bonds [1] Industry Operations - The company's industrial operations revenue decreased by 13% year-on-year to 6.33 billion yuan, with a decline in domestic business offset by rapid growth in overseas operations [1] - The healthcare segment saw a revenue decline of 15% year-on-year to 1.8 billion yuan, with net profit down by 28% to 110 million yuan, as the company focused on optimizing cost efficiency and expanding non-insurance business [1] Valuation and Forecast - The company maintains its earnings forecast for 25/26e, currently trading at 0.67x/0.63x P/B for 25/26e, with a target price adjustment of 10% to 8.8 HKD, reflecting a significant discount in valuation and attractive dividend expectations [2]

Core Viewpoint - Far East Horizon (03360.HK) announced that it will distribute an interim dividend of HKD 0.25 per share on September 24, 2025 [1] Group 1 - The company will pay an interim dividend of HKD 0.25 per share [1]

Group 1 - The company Far East Horizon (03360) announced a mid-term dividend of HKD 0.25 per share, which will be distributed on September 24, 2025 [1]

EF001 免責聲明 | 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。 | 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 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 遠東宏信有限公司 | | 股份代號 03360 | | | 多櫃檯股份代號及貨幣 不適用 | | | 04571 相關股份代號及名稱 | FE HORI N2704 | | 05185 | FE HORI N2803 | | 05491 | FE HORI N2810 | | 40722 | UNI TREK B2606 | | 40887 | FE HORI N2610 | | 85008 | FE HORI N2802-R | | 公告標題 | 截至2025年6月30日止六個月之中期股息及暫停辦理股份過戶登記 | | 公告日期 | 2025年8月1日 | | 公告狀態 新公告 | | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 ...