董事会认为于2025年度集团收入及股东应占溢利的预期下跌主要归因于：(i)受中国大陆设备运营行业的 市场环境所影响，国内设备租金价格持续下滑，因此尽管集团的国内高空作业平台利用率较2024年度维 持稳定，但国内经营性租赁服务收入及毛利率同比呈现下降;(ii)集团对中国大陆的材料类业务持续採取 主动收缩策略，因此工程技术服务的收入及毛利率同比呈现下降;(iii)集团于2024年度进行较大规模的低 效材料类资产的销售处置，而2025年度的材料处置规模有所放缓。同时，材料类资产的销售毛利率受钢 材市场价格下行的影响有所下降，因此集团年内贸易收入及毛利率同比显著下降。 宏信建发(09930)发布公告，集团预期2024年度的收入人民币115.81亿元相比，集团在截至2025年12月31 日止年度取得收入总额降低幅度接近20%;及与2024年度股东应占溢利约人民币8.96亿元相比，集团在 2025年度取得股东应占年内溢利降低幅度为70%-90%。 ...

智通财经APP讯，宏信建发(09930)发布公告，集团预期2024年度的收入人民币115.81亿元相比，集团在 截至2025年12月31日止年度取得收入总额降低幅度接近20%;及与2024年度股东应占溢利约人民币8.96亿 元相比，集团在2025年度取得股东应占年内溢利降低幅度为70%-90%。 董事会认为于2025年度集团收入及股东应占溢利的预期下跌主要归因于：(i)受中国大陆设备运营行业的 市场环境所影响，国内设备租金价格持续下滑，因此尽管集团的国内高空作业平台利用率较2024年度维 持稳定，但国内经营性租赁服务收入及毛利率同比呈现下降;(ii)集团对中国大陆的材料类业务持续採取 主动收缩策略，因此工程技术服务的收入及毛利率同比呈现下降;(iii)集团于2024年度进行较大规模的低 效材料类资产的销售处置，而2025年度的材料处置规模有所放缓。同时，材料类资产的销售毛利率受钢 材市场价格下行的影响有所下降，因此集团年内贸易收入及毛利率同比显著下降。 ...

董事会认为于2025年度集团收入及股东应占溢利的预期下跌主要归因于：(i)受中国大陆设备运营行业的 市场环境所影响，国内设备租金价格持续下滑，因此尽管集团的国内高空作业平台利用率较2024年度维 持稳定，但国内经营性租赁服务收入及毛利率同比呈现下降；(ii)集团对中国大陆的材料类业务持续采 取主动收缩策略，因此工程技术服务的收入及毛利率同比呈现下降；及(iii)集团于2024年度进行较大规 模的低效材料类资产的销售处置，而2025年度的材料处置规模有所放缓。同时，材料类资产的销售毛利 率受钢材市场价格下行的影响有所下降，因此集团年内贸易收入及毛利率同比显著下降。 格隆汇1月29日丨宏信建发(09930.HK)发布公告，集团预期与2024年度的收入人民币115.81亿元相比， 集团在2025年度录得收入总额降低幅度接近20%；及与2024年度股东应占溢利约人民币8.96亿元相比， 集团在2025年度录得股东应占年内溢利降低幅度为70%-90%。 ...

Investment Rating - The report initiates coverage on Far East Horizon with an "Accumulate" rating [1][6][19] Core Views - Far East Horizon has evolved from being the first listed financing leasing company in China to a comprehensive group with financial services as its "shield" and industrial operations as its "spear" [1][23] - The company is expected to benefit from stable leasing investment and a decrease in funding costs, alongside profit expansion in its industrial operations due to its overseas strategy [1][19] Summary by Sections Company Overview - Established in 2011, Far East Horizon is the first listed financing leasing company in China, now a comprehensive group integrating financial and industrial services [1][23] - The company has undergone several phases of development, transitioning from a traditional leasing company to a comprehensive service provider [24][25] Financial Performance - The revenue structure is shifting towards industrial operations, which are projected to account for 42.71% of total revenue by 2024, reflecting a 4.03 percentage point increase year-on-year [2] - The company has maintained stable growth in its financial services, with a focus on compliance and risk control, while also expanding its inclusive finance business [2][54] Business Segments - The financial services segment remains the core, with leasing as the primary focus, while the industrial operations segment includes equipment and healthcare services [40] - The equipment operation segment has shown significant growth, with revenue increasing from 1.8 billion in 2018 to 11.6 billion in 2024, reflecting a CAGR of 36.54% [46] Asset Quality - Far East Horizon has improved its asset quality significantly, with non-performing asset formation rates projected to be 0.50%, 0.43%, and 0.23% for 2023, 2024, and 2025H respectively [3][32] - The company has implemented a prudent project investment strategy to control the quality of new business and reduce the scale of urban public projects [3] Profit Forecast and Valuation - The forecasted total revenue for 2025-2027 is 376.10 billion, 375.77 billion, and 384.89 billion respectively, with a slight decline in growth rates expected [15] - The report anticipates a rebound in net profit margins, with projected net profits of 40.51 billion, 42.32 billion, and 44.30 billion for the same period [15][19]

Core Viewpoint - Far East Horizon reported a year-on-year increase in net profit attributable to shareholders for the first three quarters of 2025, indicating stable growth in its financial business despite challenges in its industrial operations [1][2]. Financial Business: Stable Growth - The company's interest margin continues to expand, with a net interest margin of 4.06% and a net interest yield of 4.51% for the first half of 2025, compared to 3.95% and 4.47% in the first half of 2024 [2]. - The scale of interest-earning assets reached 266.6 billion RMB in the first half of 2025, showing a slight increase of 2.30% compared to the end of 2024 [1]. - Inclusive finance business has shown significant growth, with interest-earning assets increasing by over 60% year-on-year, contributing to a doubling of revenue in the first three quarters [2][3]. Industrial Operations: Facing Challenges - The equipment operation segment, primarily represented by Hongxin Jianda, experienced a revenue decline of over 10% year-on-year in the first three quarters, attributed to a competitive domestic market and a strategic reduction in domestic business scale [1][2]. - The net profit for the equipment operation segment fell by over 70% year-on-year, although the decline has slightly narrowed compared to the first half of 2025 [2]. - The hospital operation segment remained stable, with a slight revenue decline but continued to maintain profitability [2]. Dividend Characteristics - The company emphasizes enhancing shareholder returns, with a projected dividend per share (DPS) of 0.25 HKD for the first half of 2025 and a payout ratio of approximately 50% [3]. - The estimated dividend yield for 2025 is around 8.0%, despite challenges in the industrial operations segment [3].

Core Viewpoint - The company, Macro Holdings (09930.HK), anticipates a significant decline in revenue and shareholder profit for the first half of 2025 compared to the same period in 2024, with expected revenue dropping by approximately 10% and shareholder profit decreasing by 80%-90% [1][2]. Group 1: Revenue and Profit Forecast - The company expects total revenue for the first half of 2025 to decrease to approximately RMB 4,385,179 thousand from RMB 4,872,421 thousand in the first half of 2024, indicating a decline of about 10% [1]. - Shareholder profit for the first half of 2025 is projected to fall to between RMB 26,823 thousand and RMB 53,646 thousand, down from RMB 268,228 thousand in the first half of 2024, representing a decrease of 80%-90% [1]. Group 2: Reasons for Decline - The decline in revenue and profit is primarily attributed to the adverse market conditions in the equipment rental industry in mainland China, where rental prices have continuously decreased, impacting operational leasing income and gross profit despite stable utilization rates of aerial work platforms [2]. - The company has adopted a proactive contraction strategy for its materials business in mainland China, leading to a reduction in engineering technical service income and a delayed impact on gross profit margins due to the clearance of labor and site costs [2]. - The ongoing decline in steel prices has also contributed to a decrease in trade income and gross profit from the sale of material assets [2]. - Although the overseas business segment has experienced rapid revenue growth and achieved profitability, its smaller scale compared to domestic operations means it cannot fully offset the downturn in the domestic market [2].