Investment Rating - The report initiates coverage on Far East Horizon with an "Accumulate" rating [1][6][19] Core Views - Far East Horizon has evolved from being the first listed financing leasing company in China to a comprehensive group with financial services as its "shield" and industrial operations as its "spear" [1][23] - The company is expected to benefit from stable leasing investment and a decrease in funding costs, alongside profit expansion in its industrial operations due to its overseas strategy [1][19] Summary by Sections Company Overview - Established in 2011, Far East Horizon is the first listed financing leasing company in China, now a comprehensive group integrating financial and industrial services [1][23] - The company has undergone several phases of development, transitioning from a traditional leasing company to a comprehensive service provider [24][25] Financial Performance - The revenue structure is shifting towards industrial operations, which are projected to account for 42.71% of total revenue by 2024, reflecting a 4.03 percentage point increase year-on-year [2] - The company has maintained stable growth in its financial services, with a focus on compliance and risk control, while also expanding its inclusive finance business [2][54] Business Segments - The financial services segment remains the core, with leasing as the primary focus, while the industrial operations segment includes equipment and healthcare services [40] - The equipment operation segment has shown significant growth, with revenue increasing from 1.8 billion in 2018 to 11.6 billion in 2024, reflecting a CAGR of 36.54% [46] Asset Quality - Far East Horizon has improved its asset quality significantly, with non-performing asset formation rates projected to be 0.50%, 0.43%, and 0.23% for 2023, 2024, and 2025H respectively [3][32] - The company has implemented a prudent project investment strategy to control the quality of new business and reduce the scale of urban public projects [3] Profit Forecast and Valuation - The forecasted total revenue for 2025-2027 is 376.10 billion, 375.77 billion, and 384.89 billion respectively, with a slight decline in growth rates expected [15] - The report anticipates a rebound in net profit margins, with projected net profits of 40.51 billion, 42.32 billion, and 44.30 billion for the same period [15][19]

| 截至月份: | 2025年10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11月5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 | | | 4,780,507,938 | | 0 | | 4,780,507,938 | | 增加 / 減少 (-) | | | 637,888 | | | | | | 本月底結存 | | | 4,781,145,8 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）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。 本公告及上市文件僅供參考之用，並不構成收購、購買或認購證券的邀請或要約，或訂立任何 協議以作出任何該等事宜的邀請，亦不被視作收購、購買或認購任何證券的要約邀請。 遠東宏信有限公司 （「本公司」） （於香港註冊成立的有限公司） （股份代號：3360） 根據4,000,000,000美元的中期票據及永續證券計劃 （「該計劃」）發行 於二零二八年到期的8,000,000,000日元2.05%可持續性票據（「票據」） （股份代號：5998） 1 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第37.39A條而 作出。 本公告及本文所述上市文件乃按上市規則（定義見下文）規定的僅作資料用途而刊發，並不構成 提呈出售任何證券的要約或招攬購買任何證券的要約。本公告及其任何內容（包括上市文件）並 非任何合約或承諾的依據。為免生疑，刊發本公告及本文所述的上市文件不應被視為就香港法 例第32 ...

Core Viewpoint - Far East Horizon (03360) announced the issuance of private placement notes totaling 8 billion Japanese yen, which are exempt from registration requirements under securities laws [1] Group 1 - The company plans to utilize the net proceeds from the issuance of the notes for financing and/or refinancing green projects and social projects in accordance with its sustainable financing framework [1]

Core Viewpoint - Far East Horizon (03360) announced the issuance of private placement notes totaling 8 billion Japanese yen, which are exempt from registration requirements under securities laws [1] Group 1: Financial Details - The total face value of the notes issued is 8 billion Japanese yen [1] - The notes are denominated in Japanese yen [1] Group 2: Use of Proceeds - The company plans to use all or part of the net proceeds from the issuance specifically for financing and/or refinancing green projects and social projects in accordance with its sustainable financing framework [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（「香港聯交所」）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。 本公告僅供參考之用，並不構成收購、購買或認購證券的邀請或要約，或訂立任何協議以作出 任何該等事宜的邀請，亦不被視作收購、購買或認購任何證券的要約邀請。 本公告並不構成亦不屬在或向美國或在任何其他司法管轄權區購買或認購證券的任何要約或招 攬其中一部分。本公告所指的證券概無及將不會根據經修訂的一九三三年美國證券法（「證券 法」）或美國任何州或其他司法管轄權區的證券法登記，除根據證券法及適用州或地方證券法獲 豁免或屬不受該等登記規定所規限的交易外，概不可在美國境內發售或出售。本公告及其中所 載資料不得直接或間接在或向美國或在任何其他司法管轄權區派發。證券將僅依賴證券法S規 例在美國境外發售。概不會在或向美國或向香港公眾或在有關發售受限制或被禁止的任何其他 司法管轄權區作出證券公開發售。 在香港聯合交易所有限公司上市通知 遠東宏信有限公司 （「本公司」） （於香港註冊成立的有限公司） （股份代 ...

Core Viewpoint - Far East Horizon (03360.HK) announced the issuance of private placement notes totaling 8 billion Japanese yen, which are exempt from registration requirements under securities laws, aimed at financing green and social projects [1] Group 1 - The company has extracted funds according to its sustainable financing framework [1] - The total face value of the notes issued is 8 billion Japanese yen [1] - The proceeds will be used specifically for financing and/or refinancing green and social projects [1]

（於香港註冊成立的有限公司） （股份代號：3360） 自願公告 遠東宏信有限公司根據4,000,000,000美元的 中期票據及永續證券計劃提取中期票據 茲提述本公司日期為二零二五年六月二十日有關該計劃更新的公告，其中，本 公司根據該計劃有發售及發行中期票據及╱或永續證券的選擇權。 董事局欣然宣佈，於二零二五年十月二十八日，本公司已根據該計劃進行提 取，以通過私募交易提呈發售及發行提取票據，面值總額為8,000,000,000日 元，提取票據獲豁免遵守證券法項下的登記規定。提取票據以日元計值。 本公司擬根據本公司的可持續融資框架，將全部或部分所得款項淨額或其等值 金額專門用於綠色項目及社會項目的融資及╱或再融資。 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。 本公告僅供參考之用，並不構成收購、購買或認購證券的邀請或要約，或訂立任何協議以作出 任何該等事宜的邀請，亦不被視作收購、購買或認購任何證券的要約邀請。 本公告並不構成亦不屬在或向美國或在任何其 ...

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].