Group 1 - The company reported stable overall operations with positive growth in net profit attributable to shareholders for the first three quarters of 2025 [1] - Financial and consulting business maintained steady performance, with inclusive finance business showing significant growth, achieving over 100% year-on-year revenue growth and over 60% growth in interest-earning asset scale [1] - Asset quality remained stable, with prudent write-off policies for inclusive finance-related non-performing assets, indicating controllable overall risk [1] Group 2 - Macroxin Jianfa's overall revenue declined by over 10% due to unchanged domestic supply and demand conditions, although equipment rental rates remained high, with a utilization rate of approximately 80% for aerial work platforms by the end of Q3 2025 [2] - By the end of Q3 2025, overseas revenue accounted for over 15% of Macroxin Jianfa's total revenue, with overseas gross profit contributing over 25% [2] - The company expects total operating revenue for 2025-2027 to be 38.299 billion, 39.555 billion, and 40.752 billion yuan, with respective year-on-year growth rates of -3.74%, 3.28%, and 3.03% [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported stable overall operations with a positive growth in net profit attributable to shareholders for the first three quarters of 2025. The financial and consulting business revenues showed positive growth, with interest margins improving both year-on-year and quarter-on-quarter. The inclusive finance business maintained high growth, with revenue increasing over 100% year-on-year and interest-earning asset scale growing over 60% [5][11][12]. Summary by Sections Financial and Consulting Business - The overall financial and consulting business revenue maintained positive growth, with net interest income for the first half of 2025 reaching 5.946 billion yuan, a year-on-year increase of 0.77%. The scale of interest-earning assets was 260.273 billion yuan, up 2.35% from the beginning of the period, with a net interest margin of 4.06%. The inclusive finance business generated interest income of 1.451 billion yuan, a year-on-year increase of 124.10%, and the net amount of interest-earning assets was 21.831 billion yuan, up 56.39% year-on-year [12]. Industrial Operations - The industrial operations segment, particularly the equipment leasing business, saw a revenue decline of over 10% due to ongoing domestic supply and demand issues. However, the utilization rate for high-altitude work platforms remained high at approximately 80% as of Q3 2025. The overseas revenue proportion exceeded 15%, with overseas gross profit accounting for over 25%. For the first half of 2025, the industrial operations segment reported revenue of 4.350 billion yuan, down 10.72% year-on-year, and a net profit attributable to shareholders of 35 million yuan, down 86.77% year-on-year [13]. Investment Recommendations - The report maintains a "Buy" rating, projecting total operating revenue for 2025-2027 to be 38.299 billion, 39.555 billion, and 40.752 billion yuan, with year-on-year growth rates of -3.74%, 3.28%, and 3.03%, respectively. The net profit attributable to shareholders is expected to be 3.924 billion, 4.036 billion, and 4.139 billion yuan for the same period, with corresponding growth rates of 1.59%, 2.86%, and 2.55%. The current dividend yield is 7.30%, indicating a high overall investment value [14].

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].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 9.00 [6][10]. Core Insights - The company's net profit attributable to shareholders increased year-on-year in the first three quarters of 2025, driven by stable financial operations and a significant growth in inclusive finance business, which saw a more than 60% increase in interest-earning asset scale [1][2]. - Despite challenges in the industrial operations segment, particularly in the equipment operation sector, the company emphasizes its commitment to enhancing shareholder returns, with an expected dividend yield of 8.0% for 2025 [1][4]. Financial Business Summary - The company's interest-earning asset net amount for the first half of 2025 was CNY 266.6 billion, reflecting a 2.3% increase compared to the end of 2024 [2]. - Inclusive finance business contributed significantly to revenue growth, with a doubling of income in the first three quarters [2]. - The net interest margin improved to 4.06% in the first half of 2025, up from 3.95% in the same period last year, indicating a positive trend in financial operations [2]. Industrial Operations Summary - The equipment operation segment, primarily under Hongxin Construction, experienced a revenue decline of over 10% year-on-year in the first three quarters, attributed to a competitive domestic market [3]. - The healthcare operation segment remained stable, with a slight revenue decline but continued to maintain profitability [3]. Dividend Characteristics - The company aims to enhance shareholder returns, with a dividend per share (DPS) of HKD 0.25 for the first half of 2025, translating to a payout ratio of approximately 50% [4]. - The projected dividend yield for 2025 is around 8.0%, despite the challenges faced in the industrial operations segment [4].

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]

Group 1: Financial Performance - Far East Horizon (03360) reported a year-on-year increase in profit attributable to ordinary shareholders for the first three quarters ending September 30, 2025 [1] - Financial business revenue showed steady growth, with interest-earning assets remaining stable compared to the end of 2024, and both interest margins and funding costs improved [1] - The asset quality remained solid, with non-performing asset balances stable and prudent provision coverage maintained [1] Group 2: Business Development - The inclusive finance business model has matured, with a focus on steady advancement under controllable risk conditions, and a cautious write-off strategy [1] - The inclusive finance business's interest-earning asset scale grew by over 60% year-on-year, with revenue doubling for the first three quarters ending September 30, 2025 [1] - Investment-related business fair value continued to recover positively [1] Group 3: Health Sector Performance - Hongxin Health maintained its strategic direction with overall stable operations, although revenue experienced a year-on-year decline while remaining profitable [2]

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]

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9月30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10月8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 | 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 | | | 4,779,052,421 | | 0 | | 4,779,052,421 | | 增加 / 減少 (-) | | | 1,45 ...