Core Viewpoint - Shanghai Industrial Holdings (00363) announced that its board has been informed by its direct controlling shareholder, Shanghai Industrial Group, about a proposed internal restructuring to change the registered owner to Jinzhong by October 13, 2025. The ultimate control of the company will remain with the Shanghai Municipal Government throughout this process [1]. Group 1 - The internal restructuring proposal is aimed at changing the registered owner of Shanghai Industrial Group to Jinzhong [1]. - The Shanghai Municipal Government fully owns Shanghai Industrial Group, Shanghai Industrial Holdings, and Jinzhong, ensuring that the ultimate control of the company remains unchanged [1]. - As of the date of the announcement, the internal restructuring proposal has not yet been completed [1].

Core Points - Shanghai Industrial Holdings (00363) announced that its board has been informed by its direct controlling shareholder, Shanghai Industrial Group, about a proposed internal restructuring to change the registered owner to Jinzhong on October 13, 2025 [1] - The ultimate control of the company will remain with the Shanghai Municipal Government, as Shanghai Industrial Group, Shanghai Shangshi, and Jinzhong are all wholly owned by the government [1] - As of the date of the announcement, the internal restructuring proposal has not yet been completed [1]

Core Viewpoint - Shanghai Industrial Holdings (00363.HK) announced that its board has been informed by its direct controlling shareholder, Shanghai Industrial Group, about a proposed internal restructuring to change the registered owner to Jinzhong by October 13, 2025. The ultimate control of the company will remain with the Shanghai Municipal Government after the restructuring is completed [1]. Group 1 - The Shanghai Municipal Government effectively owns all issued shares of Shanghai Industrial Group, which indirectly holds approximately 63.16% of the issued shares of the company as of the announcement date [1]. - Shanghai Industrial Group, Shanghai Industrial, and Jinzhong are all wholly owned by the Shanghai Municipal Government at all significant times, ensuring that the ultimate control of the company remains unchanged [1]. - The internal restructuring proposal has not yet been completed as of the announcement date [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之內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示不會就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之任何損失承擔 任何責任。 （於香港註冊成立之有限公司） （股份代號：363） 董事會已獲本公司直接控股股東上實集團告知，於二零二五年十月十三日，上海市政府建 議將上實集團的註冊擁有人變更為金鐘（即內部重組建議）。 由於上實集團、上海上實及金鐘，現在及在所有重要時刻均由上海市政府實益全資擁有， 本公司的最終控制權一直並將繼續由上海市政府擁有。因此，於內部重組建議完成後，本 公司的最終控制權將不會出現變動。 於本公告日期，內部重組建議尚未完成。 本公司股東及其他投資者於買賣本公司證券時務請審慎行事。 本公告乃由本公司自願作出。 内部重組建議 董事會已獲本公司直接控股股東上實集團告知，於二零二五年十月十三日，上海市政府建議 將上實集團的註冊擁有人變更為金鐘（即內部重組建議）。 於本公告日期，上海市政府實益擁有（i）上實集團全部已發行股份，而上實集團間接擁有 本公司的控股權益（於本公告日期持有本公司已發行股份約 63.16%）；及（ii） ...

Core Points - Shanghai Industrial Holdings (00363.HK) announced the decision to change its auditor due to the expiration of the term with Deloitte [1] - Deloitte has decided to resign as the company's auditor effective October 10, 2025, citing difficulties in maintaining a professional relationship following the board's decision to appoint a successor [1] - The board has resolved to appoint Ernst & Young as the new auditor to fill the vacancy left by Deloitte, with Ernst & Young's term lasting until the conclusion of the next annual general meeting [1]

Core Viewpoint - Shanghai Industrial Holdings (00363) has announced the resignation of its auditor, Deloitte, due to the expiration of the maximum term for the appointment of auditors, leading to a decision to appoint Ernst & Young as the new auditor [1] Group 1 - The company has notified Deloitte regarding the change of auditor as the term has reached the stipulated limit [1] - Deloitte has determined that the board's decision to appoint a successor auditor has made it difficult to maintain a professional relationship with the company [1] - Deloitte's resignation will take effect from October 10, 2025 [1] Group 2 - The board has resolved to appoint Ernst & Young as the new auditor based on the recommendation of the company's audit committee [1] - Ernst & Young will serve as the auditor until the conclusion of the next annual general meeting of the company [1]

Core Points - Shanghai Industrial Holdings (00363) announced the resignation of Deloitte as its auditor due to the expiration of the maximum term for the auditing firm [1] - Deloitte's decision to resign was influenced by the board's appointment of a successor auditor, which made it difficult to maintain a professional relationship [1] - The board has resolved to appoint Ernst & Young as the new auditor based on the recommendation of the company's audit committee, effective until the conclusion of the next annual general meeting [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對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示不會就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之任何損失承 擔任何責任。 董事會謹藉此機會對德勤於過去多年為本集團提供的專業服務及支持表示衷心感謝。 委任核數師 （於香港註冊成立之有限公司） （股份代號：363） 更換核數師 本公告乃由上海實業控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事 會（「董事會」）根據香港聯合交易所有限公司（「聯交所」）證券上市規則第 13.51(4)條 刊發。 核數師辭任 根據中華人民共和國財政部、國務院國有資產監督管理委員會及中國證券監督管理委員會的 相關規定，對審計服務的年期有限制，規定於審計服務達到規定年期後須強制更換核數師。 由於本公司連續委聘德勤•關黃陳方會計師行（「德勤」）的年期已經達到規定年限，本公 司已知會德勤更換核數師的規定。經審慎考慮後，德勤認為董事會決定委聘繼任核數師，已 導致德勤與本公司的專業關係難以維持。因此，德勤已決定提呈辭任本公司核數師，自二零 二五年十月十日起生效。 德勤已於其辭任函中確認並無與其辭任有 ...

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: | 上海實業控股有限公司 | | | 呈交日期: | 2025年10月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 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) | 00363 | 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 | | | 1,087,211,600 | | 0 | | 1,087,211,600 | | 增加 / 減少 (-) | | | 0 ...

Core Viewpoint - Shanghai Industrial Holdings (00363) is recognized as a stable growth stock in infrastructure and consumer sectors, attracting investor attention due to high dividends and low valuations [1] Financial Performance - For the first half of the year, the company reported revenue of HKD 9.476 billion and a net profit of HKD 1.042 billion, with infrastructure and consumer goods contributing significantly to the earnings [1] - The company announced an interim dividend of HKD 0.42 per share, with a payout ratio of 43.8% and a dividend yield of 6.4% [1] Business Segments - The infrastructure segment, which includes toll roads, water services, and clean energy, contributed 92% of the net profit, with toll roads being a major cash cow [2] - The consumer goods segment, including Nanyang Tobacco and Yongfa Printing, showed a revenue growth of 20.23% from 2023 to 2025, with a profit contribution of HKD 403 million, reflecting a 26% year-on-year increase [3][4] Strategic Moves - The company successfully exited from Yuefeng Environmental, recovering HKD 4 billion in cash, which was deemed the optimal choice for maximizing shareholder value [3] - The company is actively exploring new investment opportunities in the health sector and has a cash reserve of HKD 28.5 billion, indicating strong financial health [4][6] Financial Strength - The company has reduced its net debt ratio from 65.12% at the end of 2024 to 60.99%, with total interest-bearing debt decreasing to HKD 58.51 billion [6] - Operating cash flow for 2023 and 2024 is projected at HKD 4.355 billion and HKD 4.813 billion, respectively, allowing for a healthy investment cycle [6] Valuation Perspective - The company is considered undervalued, with a price-to-book (PB) ratio of 0.3 and a price-to-earnings (PE) ratio of 5.5, compared to higher averages in its sectors [7] - Despite a 98% increase in market value over the past three years, the company is still seen as having significant room for valuation recovery [8]