招商局中国基金(00133) - 2025 - 中期业绩

Performance Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group achieved a pre-tax profit of $191 million in H1 2025, a 163.9% YoY increase, driven by significant gains from financial assets at fair value through profit or loss Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (USD) | 2024 (USD) | | :--- | :--- | :--- | | Net gains from financial assets at fair value through profit or loss | 188,753,524 | 75,152,945 | | Investment income | 1,693,182 | 1,931,659 | | Other net income | 1,486,274 | 719,136 | | Administrative expenses | (1,094,013) | (5,493,400) | | Profit before tax | 190,838,967 | 72,310,340 | | Tax | (50,386,281) | (12,806,848) | | Profit for the period | 140,452,686 | 59,503,492 | | Total comprehensive income for the period | 142,432,301 | 56,610,309 | | Profit attributable to shareholders of the Company for the period | 140,452,686 | 59,503,492 | | Total comprehensive income attributable to shareholders of the Company for the period | 142,432,301 | 56,610,309 | | Basic earnings per share | 0.922 | 0.391 | - Profit attributable to shareholders of the Company was $140,452,686, a 136.05% increase from $59,503,492 in the prior year[3] Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total net assets increased to $784 million, up 21.06% from end-2024, primarily due to a substantial increase in financial assets at fair value through profit or loss Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | Non-current assets | | | | Financial assets at fair value through profit or loss | 955,982,410 | 770,688,567 | | Current assets | | | | Financial assets at fair value through profit or loss | 9,000,618 | 4,964,102 | | Other receivables and prepayments | 1,078,767 | 194,801 | | Cash and cash equivalents | 26,609,215 | 30,946,711 | | Current liabilities | | | | Other payables | 25,566,680 | 26,541,098 | | Dividends payable | 6,093,321 | - | | Tax payable | 433,104 | 7,272,419 | | Non-current liabilities | | | | Financial liabilities designated at fair value through profit or loss | 1,828,740 | 1,153,126 | | Deferred tax | 175,032,280 | 124,449,633 | | Net assets | 783,716,885 | 647,377,905 | | Equity attributable to shareholders of the Company | 783,716,885 | 647,377,905 | | Net asset value per share | 5.145 | 4.250 | - As of June 30, 2025, net assets increased to $783,716,885, a 21.06% increase from $647,377,905 as of December 31, 2024[4] Notes to the Condensed Consolidated Financial Information 1. Basis of Preparation This condensed consolidated financial information is prepared in accordance with HKAS 34 and Appendix D2 of the HKEX Listing Rules, with 2024 financial data extracted and filed with an unqualified auditor's report - This condensed consolidated financial information is prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules[5] - The statutory consolidated financial statements for the year ended December 31, 2024, have been filed with the Companies Registry, and the auditor's report was unqualified[5] 2. Significant Accounting Policies This condensed consolidated financial information is prepared on a historical cost basis, with certain financial instruments measured at fair value, consistent with the 2024 annual consolidated financial statements - The condensed consolidated financial information is prepared on a historical cost basis, with certain financial instruments measured at fair value[6] - The accounting policies and methods of computation adopted are consistent with those followed in the consolidated financial statements for the year ended December 31, 2024[6] 3. Net Gains from Financial Assets at Fair Value Through Profit or Loss Net gains from financial assets at fair value through profit or loss significantly increased by 151.16% to $189 million this period, primarily driven by unrealized gains, with listed investments contributing the most Net Gains (Losses) from Financial Assets at Fair Value Through Profit or Loss (For the six months ended June 30) | Indicator | 2025 (USD) | 2024 (USD) | | :--- | :--- | :--- | | Listed investments | | | | Realized | 1,070,678 | - | | Unrealized | 150,049,516 | 45,574,217 | | Unlisted investments | | | | Realized | 6,170 | (51,829) | | Unrealized | 37,627,160 | 29,630,557 | | Total | 188,753,524 | 75,152,945 | - Net gains from financial assets at fair value through profit or loss significantly increased by 151.16% from $75,152,945 in 2024 to $188,753,524 in 2025[7] 4. Investment Income Investment income for the period was $1.69 million, a 12.44% YoY decrease, mainly due to reduced dividend income from financial assets at fair value through profit or loss Investment Income (For the six months ended June 30) | Indicator | 2025 (USD) | 2024 (USD) | | :--- | :--- | :--- | | Bank deposit interest income | 266,516 | 304,361 | | Dividend income from financial assets at fair value through profit or loss | 1,426,666 | 1,627,298 | | Total | 1,693,182 | 1,931,659 | - Total investment income decreased by 12.44% from $1,931,659 in 2024 to $1,693,182 in 2025[8] 5. Segment Information The Group primarily invests in financial services, culture, media & consumption, and information technology segments, with IT contributing the highest net gains from financial assets in H1 2025 5.1 Segment Performance for the Six Months Ended June 30, 2025 Analysis of Reported Segment Profit for H1 2025 | Reported Segment | Financial Services (USD) | Culture, Media & Consumption (USD) | Information Technology (USD) | Total (USD) | Others (USD) | Consolidated Total (USD) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net gains (losses) from financial assets at fair value through profit or loss | 78,694,748 | (2,126,400) | 112,003,648 | 188,571,996 | 181,528 | 188,753,524 | | Dividend income from financial assets at fair value through profit or loss | - | 1,426,666 | - | 1,426,666 | - | 1,426,666 | | Other income | - | 1,587,021 | - | 1,587,021 | - | 1,587,021 | | Segment profit | 78,694,748 | 887,287 | 112,003,648 | 191,585,683 | 181,528 | 191,767,211 | - In H1 2025, the Information Technology segment performed strongly in net gains from financial assets at fair value through profit or loss, contributing $112 million[13] 5.2 Segment Performance for the Six Months Ended June 30, 2024 Analysis of Reported Segment Profit for H1 2024 | Reported Segment | Financial Services (USD) | Culture, Media & Consumption (USD) | Information Technology (USD) | Total (USD) | Others (USD) | Consolidated Total (USD) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net gains (losses) from financial assets at fair value through profit or loss | 60,430,924 | 5,357,508 | 12,437,976 | 78,226,408 | (3,073,463) | 75,152,945 | | Dividend income from financial assets at fair value through profit or loss | - | 1,627,298 | - | 1,627,298 | - | 1,627,298 | | Other income | - | 1,290,176 | - | 1,290,176 | - | 1,290,176 | | Segment profit (loss) | 60,430,924 | 8,274,982 | 12,437,976 | 81,143,882 | (3,073,463) | 78,070,419 | - In H1 2024, the Financial Services segment was the main contributor to net gains from financial assets at fair value through profit or loss, contributing $60.43 million[15] 5.3 Analysis of Segment Assets and Liabilities Segment Assets and Liabilities (As of June 30) | Indicator | June 30, 2025 (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | Segment assets | | | | Financial Services | 549,645,729 | 473,715,575 | | Culture, Media & Consumption | 47,600,668 | 51,369,555 | | Information Technology | 356,316,030 | 239,344,269 | | Total reported segment assets | 953,562,427 | 764,429,399 | | Others | 11,420,601 | 11,223,270 | | Unallocated items | 27,687,982 | 31,141,512 | | Consolidated assets | 992,671,010 | 806,794,181 | | Segment liabilities | | | | Financial Services | 48,634 | 70,971 | | Culture, Media & Consumption | 21,716 | 60,916 | | Information Technology | 1,689,142 | 951,004 | | Total reported segment liabilities | 1,759,492 | 1,082,891 | | Others | 69,248 | 70,235 | | Unallocated items | 207,125,385 | 158,263,150 | | Consolidated liabilities | 208,954,125 | 159,416,276 | - As of June 30, 2025, the Financial Services segment's total assets were $550 million, accounting for 57.6% of total reported segment assets[16] - Information Technology segment assets increased to $356 million, and consolidated liabilities increased to $209 million[16] 5.4 Geographical Information The Group's principal business is investing in companies primarily operating in China, thus no geographical information related to investment activities is presented - The Group's principal business is investing in companies primarily operating in China, thus no geographical information related to investment activities is presented[17] 6. Profit Before Tax Profit before tax for H1 2025 was $191 million, after deducting investment manager management fees of $0.6377 million (a significant YoY decrease) and net exchange losses of $0.1007 million Deductions from Profit Before Tax (For the six months ended June 30) | Item | 2025 (USD) | 2024 (USD) | | :--- | :--- | :--- | | Investment manager management fees | 637,680 | 5,090,487 | | Net exchange losses | 100,747 | 571,066 | - Investment manager management fees significantly decreased from $5,090,487 in 2024 to $637,680 in 2025[18] 7. Tax Total tax for the period was $50.39 million, primarily comprising deferred tax of $50.10 million, with China corporate income tax being a negative $0.2867 million Tax Provision for the Period (For the six months ended June 30) | Item | 2025 (USD) | 2024 (USD) | | :--- | :--- | :--- | | Current tax: China corporate income tax | (286,653) | (774,230) | | Deferred tax: Current period | (50,099,628) | (12,032,618) | | Total | (50,386,281) | (12,806,848) | - The Company and its subsidiaries made no provision for Hong Kong tax for the period, as there was no assessable profit[18] - Deferred tax provision has been made in the condensed consolidated financial information for temporary differences arising from retained profits of domestic subsidiaries[19] 8. Basic Earnings Per Share Basic earnings per share for H1 2025 was $0.922, a substantial 135.8% increase from $0.391 in the prior year, with the number of ordinary shares outstanding remaining unchanged Basic Earnings Per Share Calculation (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit used for basic earnings per share calculation (USD) | 140,452,686 | 59,503,492 | | Number of ordinary shares used for basic earnings per share calculation | 152,333,013 | 152,333,013 | | Basic earnings per share (USD) | 0.922 | 0.391 | - Basic earnings per share increased by 135.8% from $0.391 in 2024 to $0.922 in 2025[20] 9. Net Asset Value Per Share As of June 30, 2025, net asset value per share was $5.145, a 21.06% increase from $4.250 as of December 31, 2024 Net Asset Value Per Share Calculation (As of June 30) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net assets (USD) | 783,716,885 | 647,377,905 | | Number of ordinary shares outstanding | 152,333,013 | 152,333,013 | | Net asset value per share (USD) | 5.145 | 4.250 | - Net asset value per share increased by 21.06% from $4.250 as of December 31, 2024, to $5.145 as of June 30, 2025[21] 10. Movements in Reserves and Retained Profits As of June 30, 2025, the Group's reserves and retained profits balance increased to $644 million, positively impacted by current period profit of $140 million and exchange differences of $1.98 million Movements in Reserves and Retained Profits (For the six months ended June 30) | Indicator | 2025 (USD) | 2024 (USD) | | :--- | :--- | :--- | | Balance at January 1 | 508,029,120 | 418,591,003 | | Movements in reserves | 1,979,615 | (2,893,183) | | Profit for the period | 140,452,686 | 59,503,492 | | Dividends declared for prior year | (6,093,321) | (12,186,641) | | Balance at June 30 | 644,368,100 | 463,014,671 | 10.1 Dividend Distribution Policy and Details - The Board resolved to declare an interim dividend of 4 US cents per share and a special interim dividend of 4 US cents per share for H1 2025, totaling 8 US cents per share (equivalent to HK$0.624)[23] - The total dividend amounted to $12,186,641, doubling from $6,093,321 in the same period of 2024[23] - The final dividend for 2024 of $6,093,321 (4 US cents per share) was paid on July 25, 2025[24] Suspension of Share Register Closure To determine eligibility for interim and special interim dividends, the Company will suspend share transfer registration from September 22 to September 25, 2025 - The Company will suspend share transfer registration from September 22, 2025, to September 25, 2025 (both dates inclusive)[25] - All share transfer documents must be lodged with the share registrar by 4:30 p.m. on September 19, 2025, to qualify for the interim and special interim dividends[25] Review and Outlook Overall Performance The Group's profit attributable to shareholders reached $140 million in H1 2025, a significant 136.05% YoY increase, primarily due to financial asset appreciation, especially from Insta360's listing - The Group's profit attributable to shareholders for the six months ended June 30, 2025, was $140 million, a 136.05% year-on-year increase[26] - The profit growth was mainly due to a significant increase in the overall appreciation rate of financial assets at fair value through profit or loss, particularly from the listing of Insta360[26] - Net gains from financial assets for the period were $189 million, a substantial 151.16% increase from the prior year[26] - Investment income for the period decreased by 12.44% year-on-year to $1.69 million, mainly due to reduced dividend income from investment projects[28] Project Investments and Exits In H1 2025, the Group invested in JBD, a MicroLED R&D and manufacturing company, and exited three projects, with CICC H-shares achieving a 101.69% pre-tax IRR - In H1 2025, the Group completed an investment in Shanghai Jade Bird Display Technology Co., Ltd. (JBD), subscribing for 0.449% equity for RMB 30 million (equivalent to $4.18 million)[29] - The Group sold all its A-shares in Oriental Pearl New Media Co., Ltd., realizing net proceeds of RMB 44.66 million (equivalent to $6.69 million), with a pre-tax internal rate of return of negative 14.33%[30] - The Group sold all its H-shares in China International Capital Corporation Limited, realizing net proceeds of HK$33.98 million (equivalent to $4.37 million), with a pre-tax internal rate of return of 101.69%[30] - The Group transferred its entire 20% equity interest in Yunnan Jinlanmei International Tourism Investment Development Co., Ltd., recovering RMB 2.79 million (equivalent to $0.39 million), with a pre-tax internal rate of return of negative 13.91%[30] Liquidity, Financial Resources, Liabilities, and Commitments As of June 30, 2025, the Group's cash and cash equivalents decreased by 14.02% to $26.61 million, primarily due to the JBD project investment payment, with no bank loans or commitments - The Group's cash and cash equivalents balance as of June 30, 2025, was $26.61 million, a 14.02% decrease from the end of the previous year, mainly due to the payment for the JBD project investment[32] - As of June 30, 2025, the Group had no bank loans[33] - As of June 30, 2025, the Group had no commitments[34] Exchange Rate Fluctuation Risk and Related Hedging The RMB appreciated slightly by 0.30% against the USD in H1 2025, benefiting the Group's RMB-denominated assets, with ongoing monitoring for potential hedging of significant foreign currency risks - In H1 2025, the RMB exchange rate against the USD recorded a slight increase of 0.30%, which had a favorable impact on the Group, which holds a significant amount of RMB-denominated assets[35] - The Group currently has no foreign currency hedging policy but will continue to monitor foreign currency exchange risks and consider hedging significant foreign currency risks when necessary[35] Employees The Group has no employees other than a qualified accountant whose remuneration is paid by the investment manager, with the investment portfolio and company affairs managed by the investment manager - The Group has no employees other than a qualified accountant whose remuneration is determined and paid by the investment manager[36] - The Group's investment portfolio and company affairs are managed by the investment manager[36] Investment Portfolio As of June 30, 2025, the Group's total investment value was $965 million, with financial services accounting for 55.38%, information technology for 35.90%, and culture, media & consumption for 4.80% - The Group's total investment value as of June 30, 2025, was $965 million[37] Investment Portfolio Category Distribution (As of June 30, 2025) | Category | Total Investment Value (USD) | Proportion of Total Group Assets | | :--- | :--- | :--- | | Financial Services | 549,645,729 | 55.38% | | Culture, Media & Consumption | 47,600,668 | 4.80% | | Information Technology | 356,316,030 | 35.90% | | Others (including manufacturing, energy & resources, and healthcare) | 11,420,601 | 1.15% | | Cash and cash equivalents | 26,610,000 | 2.68% | Business Outlook and Investment Strategy China's economy showed stable growth in H1 2025 with a 5.3% GDP increase, while the Group will focus on digital finance, AI, cultural tourism, and healthcare for investment and asset reallocation amidst global economic slowdown - China's Gross Domestic Product (GDP) for H1 2025 was RMB 66 trillion, a 5.3% year-on-year increase[38] - The World Bank projects global growth to slow to 2.3% in 2025, facing trade barriers and policy uncertainties[39] - Looking ahead to H2, the foundation for China's economic recovery and improvement still needs to be strengthened, with an expected full-year GDP growth target of around 5.0% for 2025[39] - The Group's investment direction will focus on the financial industry (primarily digital finance), emerging technology industries (primarily artificial intelligence), the cultural industry (primarily cultural tourism), and the healthcare industry (primarily medical health)[40] Other Significant Matters Purchase, Sale, or Redemption of the Company's Shares For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's shares - For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's shares[42] Material Events After the Financial Period End As of the date of this earnings announcement, no material events affecting the Group have occurred after the financial period end - As of the date of this earnings announcement, no material events affecting the Group have occurred after the financial period end[43] Corporate Governance and Directors' Securities Transactions The Company complied with all applicable Corporate Governance Code provisions, except for a remuneration committee exemption, and all directors confirmed compliance with the Model Code for securities transactions - The Company has complied with all applicable code provisions contained in Appendix C1, the Corporate Governance Code, of the Listing Rules[44] - The Company is exempted from establishing a remuneration committee as executive directors and senior management will not receive any directors' fees or remuneration from the Company[44] - All directors confirmed compliance with the required standards set out in the Model Code for Securities Transactions by Directors of Listed Issuers for the reporting period[45]