Investment Rating - The investment rating for Shanghai Industrial Holdings (00363.HK) is "Outperform the Market" [4][6][23]. Core Views - The real estate segment has negatively impacted both revenue and profit, with a 8.6% year-on-year decline in revenue to HKD 9.476 billion and a 13.2% drop in net profit to HKD 1.042 billion for the first half of 2025. This decline is attributed to reduced sales from property handovers and significant provisions for inventory impairment and fair value losses on investment properties [1][7]. - The infrastructure and environmental segment reported a revenue of HKD 4.433 billion, down 3% year-on-year, with net profit decreasing by 11.6% to HKD 933 million, primarily due to the impact of the Hangzhou Bay Bridge's exclusion from the financials and a loss from the sale of Yuefeng [2][12]. - The consumer and health segment showed positive growth, with revenue increasing by 11% to HKD 1.9 billion and net profit rising by 26% to HKD 433 million, driven by strong performance in the tobacco business and a one-time gain in the health sector [3][13]. Summary by Sections Real Estate - Revenue for the real estate segment was HKD 3.143 billion, a decrease of 23.2% year-on-year, with net losses expanding to HKD 465 million due to impairment provisions. The losses from Shanghai Industrial Development and Shanghai Urban Development were HKD 754 million and HKD 492 million, respectively [2][12]. Infrastructure and Environmental - The infrastructure segment's revenue was HKD 4.433 billion, down 3%, with net profit at HKD 933 million, a decline of 11.6%. The highway segment performed better, with a revenue increase of 5.1% to HKD 1.019 billion and a slight net profit increase of 0.5% to HKD 548 million [2][12]. Consumer and Health - The consumer segment achieved revenue of HKD 1.9 billion, up 11%, and net profit of HKD 433 million, up 26%. The tobacco business saw a revenue increase of 16.4% to HKD 1.273 billion, with a net profit of HKD 337 million, reflecting a 20% increase [3][13]. Financial Metrics - The company’s financial metrics show a decrease in debt, with interest-bearing liabilities dropping from HKD 59.492 billion to HKD 58.513 billion, and the debt-to-asset ratio decreasing from 53.5% to 51.5%. Financial expenses also fell by 15% to HKD 875 million [20][25]. Dividend Policy - The company maintained its dividend at HKD 0.42 per share, totaling HKD 457 million, with the payout ratio increasing from 38% to 43.8% [20][25]. Profit Forecast - The profit forecast for the company remains unchanged, with expected net profits of HKD 2.934 billion, HKD 3.084 billion, and HKD 3.197 billion for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 4.8%, 4.8%, and 3.7% [4][23].
上海实业控股（00363）：房地产板块拖累业绩，中期派息率提升5.8pct