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Group 1: Financial Performance - The company's gross profit margin for the first three quarters of the year is 69.72%, up from 68.16% in the same period last year [3] - The net profit of the subsidiary companies, Dongneng and Kangyi Chuang, for the first three quarters is -18.67 million, with a year-on-year loss reduction of approximately 15% [2] - The company's monetary funds have decreased by 28.17% year-on-year due to a reduction in borrowing scale [3] Group 2: Investment and Expansion Plans - The company is currently working on the expansion project of the Dongshen Expressway, with the goal of extending the toll collection period beyond June 30, 2027 [2] - The company has acquired a 27.1% stake in Dongguan Securities, with investment income expected to be recognized from July 2025 [3] - The capital structure for the Dongshen Expressway expansion project is planned to be 25% from company funds and 75% from bank loans [3] Group 3: Stakeholder Engagement - As of November 20, 2025, the number of shareholders is 25,336 [2] - The company held an online performance briefing on November 21, 2025, to engage with investors [2]

Disclaimer Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, identified by words such as "may", "might", "should", "could ...

Company Overview - The company primarily engages in financial services and real estate development and investment, operating through five segments: financial services, property development, property investment and hotel operations, healthcare, and direct investments [11]. Financial Performance - In the first half of 2025, the company's average return on equity was 0.13%, a decrease of 2.65 percentage points compared to the same period last year [20]. - The net cash flow from operating activities for the first half of 2025 was HKD 167 million, while cash flow from financing activities was negative HKD 25.615 million, and cash flow from investing activities was negative HKD 3.389 million [24]. - The company's revenue and net profit growth rates showed fluctuations over the years, with significant changes noted in 2023 and 2024 [14][15]. Revenue Composition - In the first half of 2025, the revenue composition was as follows: financial services contributed HKD 1.101 billion, property investment and hotel operations contributed HKD 1.514 billion, and property development contributed HKD 0.117 billion [15][17]. Asset and Liability Changes - As of the first half of 2025, the company's cash and cash equivalents increased by 43.52%, accounting for a 9.92 percentage point rise in total assets [32]. - The company's accounts payable and notes payable increased by 31.26%, representing a 6.36 percentage point rise in total assets [35]. - The company's liquidity ratios were reported as follows: current ratio at 1.48 and quick ratio at 1.38 [38]. Historical Trends - The company's historical asset turnover ratio and fixed asset turnover ratio showed a downward trend, with the asset turnover ratio at 0.08 times in the first half of 2025 [28][29]. - The historical debt-to-asset ratio has been fluctuating, with the latest figure indicating a decrease in comparison to previous years [37].

Core Viewpoint - The securities industry experienced significant growth in the first half of 2025, with a 23.47% year-on-year increase in revenue and a 40.37% increase in net profit, indicating a strong recovery and profitability across the sector [1]. Industry Summary - A total of 150 securities firms reported their performance, with 128 firms achieving profitability [2]. - The average daily trading volume of stock-based funds increased by 63% year-on-year, driving growth in proprietary and brokerage businesses [2]. - The net income from securities trading (including trading unit seat leasing) reached 68.84 billion yuan, a 48.22% increase year-on-year, while securities investment income (including fair value changes) was 100.24 billion yuan, up 21.33% [2]. - The underwriting and sponsorship business faced ongoing pressure, with net income of 14.32 billion yuan, and financial advisory services remained flat at 2.20 billion yuan [2]. Company Summary: Hongta Securities - Hongta Securities reported a revenue increase of 15.69% and a net profit increase of 49.25% in the first half of 2025, reaching 1.189 billion yuan and 679 million yuan, respectively [2]. - The company has been recovering from a significant downturn in 2022, when it faced challenges due to geopolitical tensions and economic uncertainties, leading to a sharp decline in market performance [3]. - In 2021, Hongta Securities achieved its highest historical performance with revenue of 6.734 billion yuan and net profit of 1.576 billion yuan, significantly higher than its 2025 performance [3]. - The company adjusted its business structure post-2022, increasing the proportion of trading financial assets and reducing reliance on other debt investments, which now account for nearly 50% of its financial investments [4]. - The investment yield has shown a gradual recovery, with rates of 0.25%, 1.16%, and 2.80% from 2022 to 2024, indicating a more stable investment strategy [4][5]. - The revenue from the futures risk management subsidiary has drastically decreased, contributing less than 0.1% to total revenue in the first half of 2025, as the subsidiary is in the liquidation phase [5]. - The financial performance from 2023 to the first half of 2025 shows significant growth, with revenue growth rates of 43.63%, 68.36%, and 15.69%, and net profit growth rates of 710.57%, 144.66%, and 49.25% respectively [5]. - As of the first half of 2025, Hongta Securities' net profit is nearing its previous peak, raising expectations for future performance [6].

Core Viewpoint - The document outlines the management system for securities investment, futures, and derivatives trading of LEO Group Co., Ltd., emphasizing risk control, compliance with regulations, and protection of investor rights [1][2]. Group 1: General Principles - The system aims to standardize the company's securities investment and trading activities, ensuring adherence to national laws and regulations [1][3]. - Securities investment includes various activities such as new stock subscriptions, stock repurchases, and bond investments [1][2]. - The company must assess the feasibility and necessity of investments, establish strict decision-making procedures, and select qualified financial institutions for entrusted financial management [3][4]. Group 2: Decision-Making Authority - Securities investment exceeding 5% of the latest audited net assets and over 10 million RMB requires board approval [4]. - Investments over 30% of the latest audited net assets and exceeding 50 million RMB must be submitted for shareholder approval [4]. - The company can estimate future investment ranges and limits for up to 12 months to streamline decision-making processes [4][5]. Group 3: Management and Oversight - The chairman of the board is responsible for signing relevant agreements and contracts related to investments and trading [6]. - The finance department manages the funds required for trading and ensures the legality and authenticity of transactions [6][7]. - The audit department conducts annual audits of trading activities and reports to the board [7][8]. Group 4: Information Disclosure - The company must disclose information regarding securities investment and trading in accordance with regulations from the China Securities Regulatory Commission and the Shenzhen Stock Exchange [8][9]. - Significant losses, defined as 10% of the latest audited net profit and exceeding 10 million RMB, must be disclosed promptly [8][9]. Group 5: Accountability - Violations of laws, regulations, or the established investment plan resulting in losses will hold responsible personnel accountable [7][9]. - The document will be revised in accordance with national laws and regulations if any conflicts arise [9].

Core Viewpoint - The securities industry experienced significant growth in the first half of 2025, with a 23.47% increase in revenue and a 40.37% increase in net profit, while Guodu Securities reported a decline in both revenue and profit, highlighting a stark contrast with industry trends [1][4]. Industry Summary - The overall revenue for the securities industry reached 251.036 billion yuan, with net profit at 112.280 billion yuan [1]. - Among 150 securities firms, 128 reported profits, driven by a 63% year-on-year increase in average daily stock trading volume [2]. - Key revenue sources included net income from securities trading at 68.842 billion yuan (up 48.22%) and investment income at 100.242 billion yuan (up 21.33%) [2]. Company Summary - Guodu Securities reported a revenue of 749 million yuan, a decrease of 4.42%, and a net profit of 358 million yuan, down 8.10% [4]. - The brokerage business generated a net income of 125 million yuan, growing only 6.73%, significantly lower than the industry average [4]. - Investment income for Guodu Securities fell to 50,400 yuan, a decline of 18.58%, primarily due to a drop in fair value changes [4][5]. - The company faced multiple legal disputes, including a significant case involving a 475 million yuan claim related to bond defaults, which may indicate internal control and compliance issues [7][8]. Shareholder Changes - In May 2025, Guodu Securities underwent a board restructuring, with Zheshang Securities becoming the controlling shareholder [3][4]. - The new management faces the challenge of improving internal controls and restoring market confidence [7][9]. Financial Performance Comparison - Guodu Securities' investment yield decreased to 2.70% in the first half of 2025, still above the industry median of 1.81% [6]. - Zheshang Securities has also experienced a decline in revenue, with a 10.33% drop in 2024 and a 23.66% drop in the first half of 2025, despite an increase in net profit [9].

Core Viewpoint - The company is a Hong Kong investment holding firm primarily engaged in investment activities, operating through four main segments: securities and other investments, fund platform investments, property investment and development, and fund investments [5] Revenue and Profit Growth - Historical revenue and net profit growth rates show fluctuations, with significant changes observed in recent years [7][10] - In the first half of 2025, the company reported a revenue composition of 0.002 billion HKD from securities and other investments, 0.084 billion HKD from Hong Kong property investments, and 2.959 billion HKD from property development managed by GR Realty [9][12] Financial Performance - For the first half of 2025, the average return on equity was -2.75%, a decrease of 2.07 percentage points compared to the same period last year [16] - The net cash flow from operating activities was 94.21 million HKD, while financing activities showed a net outflow of 170 million HKD [20] Asset and Liability Changes - As of the first half of 2025, investment properties decreased by 0.78%, while inventory dropped by 28.7% [27] - Long-term borrowings decreased by 27.67%, while short-term borrowings increased by 74.89% [30] Liquidity Ratios - The current ratio was reported at 0.79 and the quick ratio at 0.43 for the first half of 2025 [34]

Core Insights - The overall performance of the securities industry in China has been strong in the first half of 2025, with significant revenue and profit growth reported by major brokerage firms [1][2]. Financial Performance - In the first half of 2025, 150 securities firms achieved a total operating income of 251.036 billion yuan and a net profit of 112.280 billion yuan [1]. - Among 50 listed brokerages, 44 reported year-on-year revenue growth, with 10 firms exceeding 10 billion yuan in revenue [2]. - Notable firms such as CITIC Securities and Guotai Junan reported revenues of 33.039 billion yuan and 23.872 billion yuan, respectively [2]. - The net profit of 50 listed brokerages all turned positive, with eight firms exceeding 5 billion yuan in profit [2]. Profit Growth - Thirteen brokerages reported a net profit growth of over 100% year-on-year, with Guolian Minsheng achieving a staggering 1185.19% increase [2][3]. - Huaxi Securities also saw a significant profit increase of 1195.02% [2][3]. Business Segments - Proprietary trading and brokerage services are the main drivers of profit growth for brokerages [4]. - In the first half of 2025, securities investment income reached 100.242 billion yuan, while brokerage business net income was 68.842 billion yuan [4]. - CITIC Securities reported proprietary trading income exceeding 10 billion yuan, with a year-on-year growth of 62.42% [4]. Investment Banking Recovery - The investment banking sector is showing signs of recovery, with CITIC Securities' investment banking revenue growing by 20.91% [5]. - The Hong Kong IPO market has been active, providing new opportunities for leading brokerages [6]. Future Outlook - The performance of listed brokerages is expected to remain strong, driven by market activity and regulatory support [6].

Core Viewpoint - The increasing focus on investment returns by listed companies is highlighted, particularly in the context of their activities in the secondary market, with notable examples including Jiangsu Guotai, Seven Wolves, and Huasheng Tiancheng [1][20]. Group 1: Jiangsu Guotai - Jiangsu Guotai plans to use up to 12 billion yuan of idle funds for entrusted wealth management and up to 1.83 billion yuan for securities investment, which is significant given its market capitalization of approximately 13-14 billion yuan and revenue of 18.6 billion yuan in the first half of the year [1]. - The amount allocated for wealth management is nearly equal to the company's market value, while the securities investment is close to one-tenth of its revenue, indicating a substantial proportion [1]. - The company's securities investment results have been underwhelming, with a cumulative fair value change of -71.96 million yuan, leading to a perception of poor investment capability [1]. Group 2: Seven Wolves - Seven Wolves reported a revenue of 1.375 billion yuan in the first half of 2025, a year-on-year decline of 5.93%, and a net profit of 160 million yuan, down 13.93% [4]. - The total number of stores decreased, with 847 direct (including joint venture) stores and 875 franchise stores, totaling 1,722, indicating a downward trend [5]. - The company's online and offline sales both declined, with franchise sales revenue dropping by 28.77% to 270 million yuan and online sales revenue decreasing by 5.27% to 489 million yuan [7]. - Seven Wolves' trading financial assets increased slightly from approximately 1.9 billion yuan to 1.956 billion yuan, with total financial assets reaching 2.397 billion yuan, an increase of about 54 million yuan [8]. - The total amount of securities investment reached 1.85 billion yuan, with fair value changes contributing over half of the company's total profit [9][10]. Group 3: Huasheng Tiancheng - Huasheng Tiancheng achieved a revenue of 2.262 billion yuan in the first half of 2025, a year-on-year increase of 5.11%, and a net profit of 140 million yuan, marking a turnaround from losses [15]. - The company’s investment income of 238 million yuan significantly exceeded its net profit, with the largest contribution coming from the stock of Tailin Micro, which saw a price increase of approximately 45% [18]. - Huasheng Tiancheng's investment strategy emphasizes collaboration with invested companies, aiming for synergy rather than purely financial returns [20].