Core Viewpoint - Far East Horizon's 2025 performance met expectations, with a revenue of 35.79 billion yuan, a year-on-year decrease of 5.2%, and a net profit attributable to shareholders of 3.89 billion yuan, a year-on-year increase of 0.67% [1] Revenue & Performance Breakdown - Financing leasing business showed strong performance with revenue of 22.7 billion yuan, a year-on-year increase of 4.5%, accounting for 63% of total revenue; industrial operation revenue was 9.36 billion yuan, a year-on-year decrease of 19%, accounting for 26% [2] - Net profit from industrial operation was 0.147 billion yuan, a year-on-year decrease of 84%, contributing 3.8% to total net profit; net profit from health segment was 0.083 billion yuan, a year-on-year decrease of 64%, contributing 2.1% [2] Financing Leasing - The financing leasing segment experienced growth in both volume and price, with net interest margin expanding to 4.39% compared to 4.0% in 2024; the yield on interest-earning assets was 8.18% [3] - The company reported a decrease in non-performing loan ratio to 1.03%, indicating improved asset quality [3] Hongxin Jianda - Domestic market faced challenges with rental rates declining, leading to a revenue drop of 19.2% to 9.36 billion yuan; net profit fell by 83.6% to 0.15 billion yuan [4] - The company is optimizing its financing structure, with the new borrowing rate decreasing to 2.68% [4] - Hongxin Jianda is expanding its international business, with expectations of a 50% increase in overseas revenue and a 30% increase in net profit in 2026 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company reported a revenue of 35.79 billion yuan in 2025, a year-on-year decrease of 5.2%, while the net profit attributable to shareholders was 3.89 billion yuan, reflecting a slight increase of 0.67% year-on-year [2][3] - The financing leasing business showed strong performance, contributing significantly to revenue, while the industrial operations segment faced challenges, leading to a decline in revenue [7] - The company plans to optimize its financing structure and expand its international business, with expectations of significant growth in overseas revenue and net profit in the coming years [7] Financial Data and Profit Forecast - Revenue and profit forecasts for the years 2024 to 2028 are as follows: - 2024: Revenue 37.75 billion yuan, Net Profit 3.86 billion yuan - 2025: Revenue 35.79 billion yuan, Net Profit 3.89 billion yuan - 2026E: Revenue 37.58 billion yuan, Net Profit 4.21 billion yuan - 2027E: Revenue 40.10 billion yuan, Net Profit 4.73 billion yuan - 2028E: Revenue 43.10 billion yuan, Net Profit 5.22 billion yuan [3][8] - The company expects a net profit growth of 8% in 2026, 13% in 2027, and 10% in 2028 [7] Revenue Breakdown - The revenue breakdown for 2025 shows: - Financing leasing revenue: 22.7 billion yuan, up 4.5% year-on-year, accounting for 63% of total revenue - Industrial operations revenue: 9.36 billion yuan, down 19% year-on-year, accounting for 26% - Health revenue: 3.57 billion yuan, down 13% year-on-year, accounting for 10% [7]

Investment Rating - The report maintains a "Buy" rating for the company [3][7] Core Views - The company's 2025 performance aligns with expectations, with a revenue of 35.79 billion and a net profit of 3.89 billion, reflecting a year-over-year change of -5.2% and +0.67% respectively [2][3] - The financing leasing business shows growth, while the industrial operations revenue is stabilizing [7] - The company has a high dividend yield of 7.4%, with a total dividend of 0.56 HKD per share for the year [2][3] Financial Data and Profit Forecast - Revenue and net profit projections for 2024 to 2028 indicate a recovery trend, with expected net profits of 4.21 billion in 2026, 4.73 billion in 2027, and 5.22 billion in 2028, reflecting year-over-year growth rates of +8%, +13%, and +10% respectively [3][8] - The company’s return on equity (ROE) is projected to improve from 7.7% in 2025 to 9.2% by 2028 [3][8] - The dividend payout ratio is expected to remain stable, with a projected dividend per share (DPS) increase [7][8] Revenue and Profit Breakdown - The financing leasing segment generated 22.7 billion in revenue, a year-over-year increase of 4.5%, accounting for 63% of total revenue [7] - The industrial operations revenue decreased to 9.36 billion, down 19% year-over-year, contributing 26% to total revenue [7] - The health segment reported a revenue of 3.57 billion, down 13% year-over-year, making up 10% of total revenue [7] Investment Analysis - The report suggests a cautious adjustment of profit forecasts for 2026-2027 due to the contraction in domestic business, while maintaining a positive outlook on the international business growth [7] - The company is expected to see significant growth in overseas revenue, projected to increase by 50% in 2026 [7]

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的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Baiying Holdings Group Limited 百應控股集團有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：8525） (1)復 牌 進 度 之 季 度 更 新； 及 (2)繼續暫停買賣 本公告乃百應控股集團有限公司（「本公司」）根據香港聯合交易所有限公司（「聯 交 所」）GEM證券上市規則（「GEM上市規則」）第17.10條及第17.26A條以及香港法 例 第571章證券及期貨條例第XIVA部 內 幕 消 息 條 文 作 出。 茲提述(i)本公司日期為2025年6月9日 的 公 告，內 容 有 關 聯 交 所GEM上市委員會 暫停股份買賣的決定（「停 牌」）；(ii)本公司日期為2025年6月18日 的 公 告，內 容 有 關聯交所發出的復牌指引（「復牌指引」）；及(iii)本公司日期為202 ...

Core Viewpoint - The company, Guoyin Jinzu (01606), has entered into a financing lease arrangement with Yutian County Nantai Wind Power Generation Co., Ltd. and Tangshan Haitai Power Engineering Co., Ltd., involving a total transaction value of RMB 1.75 billion for wind power station equipment and facilities in Hebei Province, China [1] Group 1 - The financing lease agreement includes a purchase contract where the company agrees to buy the assets for RMB 1.75 billion and lease them back to the lessee for a period of 216 months [1] - The total lease interest over the lease term is approximately RMB 630 million, with the principal and interest to be paid quarterly by the lessee [1] - The arrangement is part of the company's general business operations and is expected to enhance its financing lease income, aligning with its business development strategy [1]

Core Viewpoint - The company announced a financing lease agreement involving a total consideration of RMB 40 million for the acquisition of assets by the lessee, which will be leased back for use over a five-year term [1] Group 1: Financing Lease Agreement - The financing lease was established between the company's subsidiary, Green Gold Leasing, and the lessee, Liaoning Sanjiang Heating Co., Ltd [1] - The total value of the lease agreement is RMB 40 million [1] - The lease term is set for five years, during which the assets will be used and occupied by the lessee [1] Group 2: Assets Involved - The assets involved in the lease include specific heating equipment and facilities located in Benxi City, Liaoning Province, China [1]

Core Viewpoint - The company announced a financing lease agreement with a lessee for the acquisition of assets worth RMB 40 million, which will be leased back to the lessee for a period of five years [1] Group 1 - The subsidiary of the company, Green Gold Leasing, entered into a financing lease with Liaoning Sanjiang Heating Co., Ltd. [1] - The total value of the assets involved in the lease agreement is RMB 40 million [1] - The assets include specific heating equipment and facilities located in Benxi City, Liaoning Province [1]

Group 1 - The core point of the article is that *ST Yushun has made significant progress in its major asset restructuring following the approval of a financing lease agreement with a total financing amount of 1.622 billion yuan [1][2] - The financing lease agreement was approved with 99.9474% of the voting rights at the shareholders' meeting, allowing the management to proceed with all necessary actions for the lease business [1] - The financing lease will help *ST Yushun's subsidiary, Zhong'en Cloud Technology, to resolve existing debts and facilitate the transfer of equity, thereby improving its capital structure and financing channels [2] Group 2 - The sale and leaseback model allows Zhong'en Cloud Technology to sell its data center equipment to Zhuhai Financial Leasing and continue using it, thus avoiding significant increases in interest-bearing liabilities [2] - The 1.622 billion yuan financing will cover long-term loans owed to CITIC Bank's Beijing branch, enabling the cancellation of equity pledges and clearing obstacles for equity transfer [2] - The market anticipates that resolving the equity pledge issue will enable *ST Yushun to quickly complete the acquisition of the data center project, leading to a fundamental improvement in its financial position [2]

Group 1 - The "Financing Leasing Industry Forum" series, initiated in 2025, aims to address business challenges in the financing leasing sector and promote high-quality development through deep communication between leasing companies and industry players [1] - The first forum focuses on the risks and opportunities in the shipping industry under geopolitical changes, featuring insights from Lloyd's List Intelligence and practical experiences from industry professionals [3] - The forum will continue in 2026, exploring cutting-edge industry topics and practical operations, inviting participation from interested financing leasing companies and related service institutions [5] Group 2 - The schedule for upcoming forums includes topics such as strategies for shipping companies under international turmoil, financing leasing empowerment for listed companies, and risk management in automotive leasing [6]

Core Viewpoint - Zhongguancun Technology Leasing (01601.HK) has entered into a financing lease agreement with Xinyang County Xinda New Materials Co., Ltd., involving a total lease payment of approximately RMB 53.74 million over a 36-month period [1] Group 1: Financing Lease Agreement - The company will purchase leasing assets from the lessee for a transfer price of RMB 49 million [1] - The total lease payment includes financing lease principal of RMB 49 million and financing lease interest income (including VAT) of approximately RMB 4.74 million [1] Group 2: Market Performance - As of February 11, 2026, the stock closed at HKD 0.86, remaining unchanged from the previous trading day, with a trading volume of 30,000 shares and a turnover of HKD 25,800 [1] - The company's market capitalization is HKD 424 million, ranking 59th in the diversified financial industry [1] Group 3: Analyst Attention - There has been low analyst attention on the stock, with no ratings provided by investment banks in the past 90 days [1]