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 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Holly Futures （ 於中華人民共和國註冊成立的股份有限公司 ， 中文公司名稱蘇豪弘業期貨股 份有限公司 ， 在香港 以 Holly Futures 的名義開展業務 ） ( 「 本 公 司 」 ) （股 份 代 號：3678） 海外監管公告 蘇豪弘業期貨股份有限公司 2025年年度報告 本公告乃本公司根據香港聯合交易所有限公司證券上市規則第13.10B條而作 出。 茲 載 列 本 公 司 於 深 圳 證 券 交 易 所 網 站 刊 發 之《蘇 豪 弘 業 期 貨 股 份 有 限 公 司2025 年 年 度 報 告》，僅 供 參 閱。 承董事會命 董事長兼執行董事 儲開榮先生 中國南京 2026年3月31日 於 本 公 告 日 期，董 事 會 成 員 包 括 執 行 董 事 儲 開 榮 先 生 及 趙 偉 雄 先 生；非 執 行 董 事 薛 ...

Core Viewpoint - In 2025, Evergrande Property faces dual challenges of industry-wide pressures and specific historical issues, initiating a transformation centered on "breaking the deadlock" and "restructuring," focusing on quality and efficiency to improve operational fundamentals, cash flow, and asset structure, demonstrating strong operational resilience [1][12]. Financial Quality - Revenue for Evergrande Property reached 13.678 billion yuan in 2025, a year-on-year increase of 7.2%, maintaining a steady growth trend [2][13]. - Gross profit was 2.505 billion yuan, up 2.5%, with a gross margin of 18.3%, down 0.9 percentage points; net profit was 1.009 billion yuan, down 2.2%, with a net margin of 7.4%, down 0.7 percentage points, primarily due to increased investments in service quality and digital platform development [2][13]. - Cash and cash equivalents reached 4.190 billion yuan, a significant increase of 55.32% year-on-year, driven by increased net cash inflow from operating activities [3][14]. Business Structure and Revenue Composition - Property management service revenue was 11.498 billion yuan, up 7.6%, accounting for 84.1% of total revenue, with core property management service revenue at 11.470 billion yuan, up 8.3%, driven by an expanded managed area and improved collection rates [3][14]. - Community life service revenue was 1.009 billion yuan, up 10.7%, becoming a key growth driver, with significant contributions from convenience services, community retail, home services, and cultural tourism services [4][15]. - Asset management service revenue was 798 million yuan, up 2.7%, with a high gross margin of 48.7%, contributing significantly to profitability [5][16]. Market Expansion - By the end of 2025, Evergrande Property managed an area of 601 million square meters, providing a stable customer base and revenue source [7][18]. - Third-party revenue reached 13.645 billion yuan, up 7.7%, accounting for 99.8% of total revenue, indicating a steady increase in market independence and core capabilities [7][18]. - Non-residential projects accounted for 80% of new signed projects, with significant growth in sectors like rail transit and healthcare, enhancing the company's competitive edge [8][19]. Service Quality - Evergrande Property emphasizes a customer-centric service philosophy, focusing on improving service quality through various initiatives, including facility upgrades and standardized communication [9][20]. - The company has integrated AI and data-driven approaches to enhance operational efficiency and customer experience, covering over 90% of managed areas and reaching nearly 400,000 customers [10][21]. Overall Outlook - Evergrande Property is gradually reducing reliance on related parties, accelerating market development, and improving financial health and core competitiveness, positioning itself for resilient growth amid industry transformation [11][23].

Investment Rating - The report maintains a "Recommended" rating for HASHKEY HLDGS, with a target price of HKD 8.66, compared to the current price of HKD 4.50 [3][8]. Core Insights - HASHKEY HLDGS reported total revenue of HKD 723 million for 2025, a slight increase of 0.3% year-on-year, while the annual loss narrowed by 8.8% to HKD 1.084 billion, with an adjusted loss of HKD 737 million, which represents a year-on-year increase of 35.1% [1][7]. - The company is positioned as a leading compliant virtual asset exchange in Hong Kong, with a focus on expanding its digital asset ecosystem through RWA (Real World Assets) and AI initiatives [7]. - The trading facilitation services generated revenue of HKD 523 million, accounting for 72.3% of total revenue, with a significant increase in trading volume in Hong Kong, which reached HKD 5.3 trillion, up 72.3% year-on-year [7]. - The on-chain services faced revenue pressure, with a 33.3% decline to HKD 83 million, primarily due to digital currency price fluctuations [7]. - Asset management services saw a revenue increase of 49.8% to HKD 117 million, with assets under management reaching HKD 7.2 billion by the end of 2025 [7]. - The company is leveraging AI to enhance operational efficiency and innovate business models, including exploring AI agent payment solutions [7]. Financial Summary - For 2025, HASHKEY HLDGS reported total revenue of HKD 723 million, with a gross profit of HKD 408 million, resulting in a gross margin of 56.5%, down from 73.9% in 2024 [7]. - The company forecasts revenues of HKD 1.089 billion, HKD 1.678 billion, and HKD 2.610 billion for 2026, 2027, and 2028, respectively, with expected growth rates of 51%, 54%, and 56% [9]. - The projected EPS for 2026, 2027, and 2028 are -0.25, -0.10, and -0.03 HKD, respectively [9].

Investment Rating - The report maintains a "Recommended" rating for HASHKEY HLDGS, with a target price of HKD 8.66, compared to the current price of HKD 4.50 [3][8]. Core Insights - HASHKEY HLDGS reported total revenue of HKD 723 million for 2025, a slight increase of 0.3% year-on-year, while the annual loss narrowed by 8.8% to HKD 1.084 billion, with an adjusted loss of HKD 737 million, which represents a year-on-year increase of 35.1% [1][7]. - The company is positioned as a leading compliant virtual asset exchange in Hong Kong, with a focus on expanding its digital asset ecosystem through RWA (Real World Assets) and AI initiatives [7]. - The trading facilitation services generated HKD 523 million in revenue, accounting for 72.3% of total revenue, with a significant increase in trading volume in Hong Kong, reaching HKD 5.3 trillion, a year-on-year growth of 72.3% [7]. - The company has established itself as the largest regional onshore digital trading platform in Asia, with a notable increase in institutional trading volume, which rose to HKD 4.31 trillion, a year-on-year increase of 57.5% [7]. - The asset management services segment saw a revenue increase of 49.8% year-on-year, reaching HKD 117 million, with total assets under management growing to HKD 7.2 billion by the end of 2025 [7]. Financial Summary - For 2025, HASHKEY HLDGS reported a gross profit of HKD 408 million, with a gross margin of 56.5%, down from 73.9% in 2024, primarily due to a decline in the gross margin of trading facilitation services [7]. - The company anticipates revenue growth of 51% in 2026, reaching HKD 1.089 billion, and expects to narrow its net loss to HKD 681 million [9]. - The projected earnings per share (EPS) for 2026 is expected to be -0.25 HKD, with further improvements anticipated in subsequent years [9].

Group 1 - The company, CITIC Securities Co., Ltd., was established in 1995 and is recognized as the leading full-license brokerage firm in China, with a high degree of internationalization [1][2] - By 2025, the company's revenue is projected to reach 74.83 billion, with a net profit attributable to shareholders of 30.05 billion and total assets exceeding 2 trillion [1][2] - The company serves over 15.8 million retail clients and more than 100,000 corporate and institutional clients, with a strong presence among state-owned enterprises and leading listed companies [1][2] Group 2 - The core business areas of the company include investment banking, wealth management, asset management, and financial markets, consistently ranking first in domestic equity and bond underwriting [1][2] - In 2024, the bond underwriting scale is expected to exceed 2 trillion for the first time, while wealth management assets under custody surpass 12 trillion [1][2] - The company has acquired Huaxia Fund and fully acquired Lyon Securities, establishing a comprehensive service network covering both domestic and international markets, excelling in cross-border finance, mergers and acquisitions, and derivatives trading [1][2]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][3] Core Views - The company's performance in 2025 showed a revenue of 19.27 billion yuan, a year-on-year increase of 12.2%, while the net profit attributable to shareholders decreased by 22.1% to 650 million yuan, primarily due to a one-time impairment loss of 256 million yuan from the disposal of the Hengyang AVIC project. Excluding this factor, the net profit increased by 8.3% year-on-year [1][10] - The property management segment generated revenue of 18.6 billion yuan, up 12.8% year-on-year, while the asset management segment saw a slight decline of 0.7% to 670 million yuan. The core property management revenue was 14.28 billion yuan, growing by 6.6% [1][10] - The company achieved a new contract signing amount of 4.48 billion yuan in 2025, reflecting an 11.2% year-on-year growth, with significant contributions from both residential and non-residential sectors [2][13] Summary by Relevant Sections Financial Performance - In 2025, the company reported total revenue of 19.27 billion yuan, with a net profit of 650 million yuan, down 22.1% year-on-year. The decline was mainly due to a one-time impairment loss [1][10] - The property management business's gross margin was 10.0%, a slight decrease of 0.44 percentage points year-on-year, while the professional value-added services experienced a significant growth of 48.5% in revenue [1][10] Market Expansion - The company signed new contracts worth 4.48 billion yuan in 2025, with third-party projects accounting for 93% of this total. The residential market saw a remarkable growth of 59.6% in new contracts [2][13] - By the end of 2025, the company managed 2,473 projects across 166 cities, covering a total area of 377 million square meters [2][13] Profitability Forecast - The company has adjusted its profit forecasts for 2026 and 2027, expecting revenues of 20.8 billion yuan and 22.4 billion yuan, respectively, with net profits of 910 million yuan and 990 million yuan [3][18] - The expected earnings per share (EPS) for 2026 and 2027 are projected to be 0.87 yuan and 0.94 yuan, with corresponding price-to-earnings (PE) ratios of 11.2 and 10.3 [3][18]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][3] Core Views - The company's performance was impacted by a one-time impairment, but core business growth remains stable. In 2025, the company achieved operating revenue of 19.27 billion yuan, a year-on-year increase of 12.2%, while net profit attributable to shareholders decreased by 22.1% to 650 million yuan. Excluding the impact of the impairment, net profit increased by 8.3% year-on-year [1][10] - The property management segment generated revenue of 18.6 billion yuan, up 12.8% year-on-year, while the asset management segment saw a slight decline of 0.7% to 670 million yuan. The professional value-added services within property management experienced significant growth, with revenue increasing by 48.5% to 3.79 billion yuan [1][10] - The company has maintained a strong market presence, with new annual contract amounts reaching 4.48 billion yuan, a growth of 11.2% year-on-year, and a notable 59.6% increase in market-oriented residential contracts [2][13] Summary by Relevant Sections Financial Performance - In 2025, the company reported operating revenue of 19.27 billion yuan, a 12.2% increase from the previous year. The net profit attributable to shareholders was 650 million yuan, down 22.1% due to a one-time impairment of 256 million yuan from the disposal of a project [1][10] - The property management business's gross margin was 10.0%, a slight decrease of 0.44 percentage points year-on-year, while the professional value-added services gross margin fell to 8.2% due to lower industry margins [1][10] Market Expansion - The company signed new annual contracts worth 4.48 billion yuan in 2025, with third-party project contracts accounting for 93% of the total. The company has made significant strides in the non-residential sector, achieving benchmark project breakthroughs in various industries [2][13] - As of the end of 2025, the company managed 2,473 projects across 166 cities, covering a management area of 377 million square meters [2][17] Profit Forecast and Valuation - The company has adjusted its profit forecasts slightly downward due to market conditions, projecting operating revenues of 20.8 billion yuan and 22.4 billion yuan for 2026 and 2027, respectively. The net profit forecasts are 910 million yuan and 990 million yuan for the same years [3][18] - The expected earnings per share (EPS) for 2026 and 2027 are 0.87 yuan and 0.94 yuan, with corresponding price-to-earnings (PE) ratios of 11.2 and 10.3 [3][18]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a total revenue of 19.27 billion yuan for 2025, representing a year-on-year increase of 12.23%. However, the net profit attributable to shareholders decreased by 22.12% to 655 million yuan, primarily due to a one-time reduction in profit from the sale of a project [7] - Excluding the impact of the project sale, the net profit increased by 8.3%. The company is enhancing shareholder returns through dividends and share buybacks, proposing a cash dividend of 2.60 yuan per 10 shares, an increase of 0.2 yuan from the previous year [7] - The company is focused on reducing debt and improving cash flow management, with bank loans decreasing by 3.16 billion yuan to 517 million yuan and cash reserves increasing by 20.4% to 5.623 billion yuan by the end of 2025 [7] - The property management segment achieved strong growth, with revenue of 18.603 billion yuan, up 12.83% year-on-year. The gross margin for property management was 10.0%, a slight decrease of 0.4 percentage points [7] - The company’s asset management business generated revenue of 666 million yuan, down 0.7% year-on-year, with a gross margin of 41.2%, a decline of 6.9 percentage points [7] - The company is expected to achieve net profits of 9.12 billion yuan, 10.21 billion yuan, and 11.20 billion yuan for 2026, 2027, and 2028, respectively, with corresponding EPS of 0.87 yuan, 0.97 yuan, and 1.06 yuan [7] Financial Projections - Total revenue projections for the company are as follows: 17.172 billion yuan for 2024, 19.273 billion yuan for 2025, 21.014 billion yuan for 2026, 22.501 billion yuan for 2027, and 24.022 billion yuan for 2028 [1] - The projected net profit for 2024 is 840.50 million yuan, decreasing to 654.58 million yuan in 2025, then increasing to 912.28 million yuan in 2026, 1,020.85 million yuan in 2027, and 1,120.25 million yuan in 2028 [1] - The company’s P/E ratios are projected to be 13.49 for 2024, 17.32 for 2025, 12.43 for 2026, 11.11 for 2027, and 10.12 for 2028 [1]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a total revenue of 19.27 billion yuan for 2025, representing a year-on-year increase of 12.23%. However, the net profit attributable to shareholders decreased by 22.12% to 655 million yuan, primarily due to a one-time reduction in net profit from the sale of a project [7] - Excluding this one-time impact, the net profit showed a growth of 8.3%. The company is enhancing shareholder returns through dividends and share buybacks, proposing a cash dividend of 2.60 yuan per 10 shares, an increase of 0.20 yuan year-on-year [7] - The company is focusing on reducing debt and improving cash flow management, with bank loans decreasing by 3.16 billion yuan to 517 million yuan, and cash and cash equivalents increasing by 20.4% to 5.623 billion yuan [7] - The property management business continues to grow robustly, achieving revenue of 18.603 billion yuan, up 12.83% year-on-year, with improvements in profitability in residential property management [7] - The company is expected to see net profits of 9.12 billion yuan, 10.21 billion yuan, and 11.20 billion yuan for 2026, 2027, and 2028, respectively, with corresponding EPS of 0.87 yuan, 0.97 yuan, and 1.06 yuan [7] Financial Summary - Total revenue projections for the company are as follows: 17.172 billion yuan for 2024, 19.273 billion yuan for 2025, 21.014 billion yuan for 2026, 22.501 billion yuan for 2027, and 24.022 billion yuan for 2028 [1] - The projected net profit for 2025 is 654.58 million yuan, with a forecasted increase to 912.28 million yuan in 2026 and 1.02085 billion yuan in 2027 [1] - The company’s P/E ratios are projected to be 17.32 for 2025, 12.43 for 2026, and 11.11 for 2027 [1]

Investment Rating - The report assigns an "Accumulate" rating for HashKey HLDGS (03887) with a target price of HK$7.83 [2][5]. Core Insights - HashKey is positioned as a leading compliant digital asset exchange in Asia, capitalizing on the Web3 regulatory advantages and aiming to capture significant market share in the compliant digital asset space [4][14]. - The company has a strong market presence, holding over 75% of the market share among licensed platforms in Hong Kong, and is expanding into global markets such as Bermuda and Dubai [4][6]. - HashKey's business model is evolving from a retail-driven approach to focusing on institutional clients and Omnibus partners, enhancing revenue quality and sustainability [4][5]. - Financial forecasts indicate a significant revenue increase, with projected revenues of HK$7.21 billion in 2024, HK$7.0 billion in 2025, HK$11.5 billion in 2026, and HK$20.2 billion in 2027, despite ongoing net losses [2][5][47]. - The company is expected to benefit from upcoming regulatory developments in Hong Kong, including the issuance of stablecoin licenses, which could enhance its competitive position [6][4]. Financial Summary - Revenue projections for HashKey are as follows: - 2024: HK$721 million - 2025: HK$700 million - 2026: HK$1.149 billion - 2027: HK$2.020 billion - Corresponding net profits are projected to be negative, with estimates of -HK$1.19 billion in 2024, -HK$953 million in 2025, -HK$754 million in 2026, and -HK$150 million in 2027 [2][5]. - The company is expected to optimize its cost structure, leading to a gradual reduction in losses as operational leverage improves [4][5]. Business Model - HashKey operates through three main business segments: 1. **Transaction Facilitation Services**: This includes exchange services, OTC trading, and custody services, which are expected to contribute approximately 70% of total revenue [23][27]. 2. **On-chain Services**: This segment includes staking, tokenization, and blockchain infrastructure services [23][24]. 3. **Asset Management Services**: This involves managing digital asset investment funds, including venture capital and secondary market funds [24][27]. Market Position and Strategy - HashKey is strategically positioned as a compliant digital asset exchange, leveraging its licenses and regulatory framework to attract institutional and retail clients [4][14]. - The company has a concentrated ownership structure, with key stakeholders holding 75.19% of shares, ensuring strategic alignment and stability [15][16]. - The management team comprises experienced professionals from traditional finance and technology sectors, enhancing the company's operational capabilities [19][21].