Core Viewpoint - The company has demonstrated strong financial performance in the first half of 2025, achieving significant growth in revenue and profit despite a challenging global capital market environment [1][3][17]. Financial Performance - Total revenue for the first half of 2025 reached HKD 18.03 billion, with total income at HKD 28 billion, marking a year-on-year increase of 43.47% [1]. - Shareholder profit surged to HKD 887 million, a staggering increase of 1076% compared to the previous year [1]. - Basic earnings per share were HKD 0.453, with an interim dividend proposed at HKD 0.12 per share [1]. Investment Management Growth - The investment management segment generated HKD 10.35 billion in revenue, a remarkable increase of 897%, becoming the largest revenue driver for the company [3][5]. - Investment management profits before tax reversed from a loss of HKD 1.475 billion to a profit of HKD 7.856 billion, contributing over 70% of the company's total profit [3][5]. Market Performance - Since the announcement of positive earnings in early August, the company's stock price has risen over 20%, and year-to-date, it has increased by 60% [2]. - The company's price-to-earnings ratio (TTM) has expanded to around 7 times, with a net price-to-earnings ratio exceeding 21.88 times, reflecting a revaluation by institutional investors [2]. Business Structure and Strategy - The company has established a robust alternative investment ecosystem, showcasing resilience across economic cycles [3][9]. - The credit and fund business contributed HKD 17.26 billion in revenue, providing essential stability amid market volatility [10][11]. - The company has shifted from a self-capital-driven model to a third-party capital-driven strategy, increasing external investor capital from 79.9% to 85% [15][16]. Ecosystem and Collaboration - The company emphasizes collaboration with external private equity general partners and third-party funding to enhance resource support and strategic guidance [7][15]. - The private equity segment has become a key area for value realization, contributing HKD 5.82 billion in revenue, driven by successful exit projects [8][9]. Future Outlook - The company's valuation restructuring is seen as the beginning of a value discovery process, reflecting its transition from a traditional credit institution to an ecological asset management platform [17][18]. - The integrated model of stable cash flow from credit, excess returns from investment management, and future growth from fund management positions the company as a leading choice for global capital allocation in Asian alternative assets [18].

Group 1 - The first batch of pilot reforms for long-term investment of insurance funds is set at 50 billion, the second batch at 112 billion, and a third batch of 60 billion is pending approval, totaling 222 billion [1] - The total scale of insurance funds is projected to reach 34.93 trillion by the end of 2024, with an average annual growth rate of 16% [1] - The unique operational logic of insurance funds, characterized by long-term and stable attributes, significantly influences asset allocation strategies and has a profound impact on the development of the stock market [1] Group 2 - The primary issue in the Chinese stock market is the short-term nature of funding, which leads to volatility, while the long-term nature of insurance funds effectively addresses this problem [2] - The combination of insurance funds and other long-term capital is expected to transform the short-term funding characteristics of the Chinese stock market, potentially leading to a new phase of stable and healthy development [2]