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- 2025 www.firstpacific.com www.hkexnews.hk 2 1 2024 1 26 183 17M firstpacific.ecom@computershare.com.hk : 00142 : www.firstpacific.com 1 2 4 4. 1. 3 4 2. www.firstpacific.com www.hkexnews.hk 5 3. firstpacific.ecom@computershare.com.hk / 183 17M www.firstpacific.com www.hkexnews.hk firstpacific.ecom@computershare.com.hk (1) (i) (ii) www.firstpacific.com www.firstpacific.com 如 閣下對本函有任何疑問・請於辦公時間星期一至五（香港公眾假期除外）上午 9 時正至下午 6 時正（香港時間 ）期間改電股份過戶登記處 香港分處(852) 2862 8688 查詢。 附註: 代表 第一太平有限公司 總法律顧問兼公司秘書 趙詠雯 謹啟 2025 年 9 ...

2025年中期報告 2025 年中期報告 企業簡介 第一太平為一家建基於香港的投資控股公司，各項投資位於 亞太區。本公司的主要投資範疇為消費性食品、電訊、基建 及天然資源。 使命： 投資準則： 策略： Club 第一太平 2025年中期報告 ■ 為股東帶來股息╱分派回報 ■ 提升第一太平的股價╱價值 ■ 考慮所有相關準則，包括環境、社會及管治因素，更有效管理風險及建立可持續的長期回報，於有增值 效益的業務作進一步投資 ■ 投資項目必須位於增長迅速的亞洲新興經濟體或與之有貿易往來 ■ 它們須切合我們的四個行業（消費性食品、電訊、基建及天然資源） ■ 所投資之公司須於其各自所在行業內具穩健或主導市場地位 ■ 它們須有龐大現金流的潛力 ■ 物色具有強大增長潛力及可能兼有協同效益，但價值偏低或尚未發揮表現的資產 ■ 幫助我們的各項投資訂立策略方向、發展業務計劃，及界定目標 ■ 將第一太平及其各項投資的匯報及環境、社會及管治水平提升至國際級別標準 第一太平的投資組合聚焦於我們的核心行業及PT Indofood Sukses Makmur Tbk（「Indofood」）、PLDT Inc. （「PLDT」）及Metro ...

Core Insights - The Hong Kong office leasing market is showing signs of demand recovery despite structural challenges such as interest rate pressure, weak demand, and oversupply [1][2] - The financial sector's recovery, active property acquisitions by end-users, and government policies driving relocation demand are injecting new momentum into the market, particularly in the prime areas of Central [1][2] Group 1: Market Trends - The report from Savills indicates that medium-sized hedge funds and quantitative funds are actively entering the core areas of Central, leasing spaces of 1,500 to 5,000 square feet, which is driving demand for landmark properties like the International Finance Centre and AIA Financial Centre, maintaining rents at HKD 110-130 per square foot [1] - Secondary locations in Central are seeing rents generally between HKD 40-60 per square foot, creating direct competition with high-quality Grade A properties in Causeway Bay and West Kowloon [1] Group 2: Future Projections - For the fiscal year 2025, several large self-use transactions are expected, with entities like the Hong Kong University of Science and Technology and the Hong Kong Bar Association absorbing over 430,000 square feet, which will help mitigate the ongoing market decline [1] - A new policy allowing commercial buildings to be converted into student dormitories is projected to generate a relocation demand of 845,000 square feet annually, with about half expected to be absorbed by Grade A offices in the area, serving as a new driver for market recovery [1] - Hong Kong regained its position as the global IPO fundraising leader in the first half of the year, raising over HKD 107.1 billion, which is anticipated to create significant opportunities for investment banks and professional service firms, further supporting demand for core area office spaces [2] - If the financial sector continues to recover, the annual absorption of office space in Hong Kong is expected to return to pre-pandemic levels of 1.3 million square feet, with an additional 400,000 square feet from user acquisitions and another 400,000 square feet from relocation demand, leading to a total annual absorption of 2.1 million square feet [2] - Under optimistic scenarios, the vacancy rate is projected to peak at 16% by 2026, gradually declining to 6% by 2030, which may trigger a rebound in office rents [2]

近日，第一太平戴维斯举办"全球布局·空间致胜——全球科技领军企业的不动产策略与空间规划设计分 享会"。 会上，第一太平戴维斯深圳商业楼宇部负责人、高级董事罗志文基于对多家万亿元级市值科技巨头的深 度研究，系统解构其全球不动产策略的底层逻辑与架构，揭秘顶尖科技企业如何通过全球资产布局优化 运营效率、增强企业韧性。 他表示，万亿美元科技巨头的成功并非偶然，其不动产策略核心在于通过"区域核心+弹性网络"的不动 产布局，平衡集中化管理与本地化敏捷需求，不动产已成为支持其业务连续性和规模效应的关键基础设 施。他表示："这些企业通常在全球核心科创枢纽设立总部基地或研发中心，承担研发、品牌展示和战 略定力的功能。同时，围绕这些锚点，通过灵活的租赁、联合办公或项目合作等方式，构建一个广泛且 富有弹性的网络化办公点，以快速响应区域市场增长、特定项目需求或吸纳当地最优质的人才资源。" （文章来源：证券日报） 第一太平戴维斯深圳董事总经理吴睿，第一太平戴维斯深圳商业楼宇部负责人、高级董事罗志文，福斯 特与合伙人事务所合伙人钱震，穆氏建筑设计总监陆政宜等出席活动，围绕科技企业全球化进程中面临 的不动产挑战与机遇展开了深入交流，共探深 ...

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 | | | 致：香港交易及結算所有限公司 公司名稱: 第一太平有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 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) | 00142 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,000,000,000 | USD | | 0.01 USD | | 60,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 6,000,000,000 | USD | | 0.01 USD | | 60,000,000 | 本月底法定/註冊股本總額： USD 60,000,000 第 1 頁 共 10 頁 v 1 ...

Core Viewpoint - The company focuses on the Asian market with a diversified investment strategy, primarily in consumer food, telecommunications, infrastructure, and natural resources, showing strong profitability and growth potential [1][2]. Group 1: Company Performance - The company has experienced continuous revenue growth from 2021 to 2023, with a projected revenue of $5.03 billion in H1 2025, reflecting a year-on-year increase of 0.6% [1]. - The net profit attributable to the parent company for H1 2025 is expected to reach $390 million, marking a significant year-on-year growth of 40.8% [1]. - The net profit margin for H1 2025 is projected at 7.8%, an increase of 2.2 percentage points compared to the previous year, indicating robust earning capacity [1]. Group 2: Market Dynamics - Southeast Asia's macroeconomic growth is driving the expansion of the packaging food market, with the food processing market expected to reach $364 billion by 2024 [2]. - Indofood, a key subsidiary, dominates the Indonesian instant noodle market with over 70% market share and holds more than 50% of the flour market in Indonesia [2]. Group 3: Governance and Investment Strategy - The company actively participates in the governance of its subsidiaries, holding 50.1% of Indofood, 44.6% of MPIC, and 25.6% of PLDT, ensuring strategic alignment and operational efficiency [2]. - The investment strategy balances mature and growth investments, with subsidiaries and joint ventures contributing significantly to cash flow through dividend income [2]. Group 4: Future Projections - Revenue projections for 2025-2027 are $10.51 billion, $11.22 billion, and $11.88 billion, with expected year-on-year growth rates of 4.5%, 6.8%, and 5.8% respectively [3]. - The company anticipates net profits of $790 million, $930 million, and $1.05 billion for the same period, with growth rates of 31.2%, 17.7%, and 13.5% respectively [3]. - The estimated price-to-earnings ratio (PE) for 2025 is projected to be between 4.8 and 5.2, suggesting a fair valuation range of HKD 8.13 to 8.81, representing a premium of 25%-35% over the current price [3].

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [6]. Core Views - The company focuses on the Southeast Asian market, with core businesses driving growth and maintaining strong profitability [1][4]. - The macroeconomic growth in Southeast Asia, particularly in Indonesia and the Philippines, is expected to expand the packaging food market significantly [2][32]. - The company actively participates in the governance of its subsidiaries, ensuring strategic alignment and operational efficiency [3][42]. Revenue and Profitability - The company has seen continuous revenue growth from 2021 to 2023, with a projected revenue of $10.5 billion in 2025, reflecting a 4.5% growth [5][54]. - The net profit attributable to the parent company is expected to reach $788 million in 2025, a 31.2% increase year-on-year [5][54]. - The company's net profit margin improved to 7.8% in the first half of 2025, up 2.2 percentage points year-on-year, indicating robust profitability [1][29]. Business Segments - The company operates in four main sectors: consumer food, telecommunications, infrastructure, and natural resources, with a diversified investment strategy [1][9]. - Indofood, the consumer food segment, is a market leader in Indonesia, holding over 70% of the instant noodle market share [2][41]. - The infrastructure segment, represented by MPIC, is expected to benefit from increased government investment in the Philippines [51]. Financial Projections - The company anticipates total revenues of $105.1 billion, $112.2 billion, and $118.8 billion for 2025, 2026, and 2027, respectively, with corresponding net profits of $7.9 billion, $9.3 billion, and $10.5 billion [54][55]. - The gross margin is projected to improve gradually, reaching 36.7% in 2025 and 37.1% by 2027 [54][52]. Valuation - The report estimates a reasonable valuation range for the company between HKD 8.13 and HKD 8.81, indicating a potential premium of 25%-35% compared to the current price [4][62]. - The company is valued at a price-to-earnings ratio of 4.8-5.2 times for 2025 [4][62].

第一太平(00142)绩后涨超5%，截至发稿，涨5.68%，报6.88港元，成交额2983.02万港元。 消息面上，8月28日，第一太平发布截至2025年6月30日止6个月中期业绩，该集团取得营业额50.28亿美 元，同比增加0.65%；母公司拥有人应占溢利3.91亿美元，同比增加40.82%；每股盈利9.19美仙，拟派 发中期股息每股13港仙。 第一太平强劲的增长势头于2025年上半年持续，来自营运业务的溢利贡献增长8%至4.232亿美元及经常 性溢利上升11%至3.754亿美元—创下新高。这是继连续四年全年溢利创新高之后的又一佳绩。 ...

第一太平强劲的增长势头于2025年上半年持续，来自营运业务的溢利贡献增长8%至4.232亿美元及经常 性溢利上升11%至3.754亿美元—创下新高。这是继连续四年全年溢利创新高之后的又一佳绩。 第一太平(00142)绩后涨超5%，截至发稿，涨5.68%，报6.88港元，成交额2983.02万港元。 消息面上，8月28日，第一太平发布截至2025年6月30日止6个月中期业绩，该集团取得营业额50.28亿美 元，同比增加0.65%；母公司拥有人应占溢利3.91亿美元，同比增加40.82%；每股盈利9.19美仙，拟派 发中期股息每股13港仙。 ...