上海实业控股（00363.HK）2025年度业绩发布会

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会议摘要

In 2025, listed holdings in the economic challenges, turnover and shareholder-attributable profit fell by 28% and 28.1, respectively, but through the sale of assets to optimize the layout, focus on environmental health track, to achieve steady development. The meeting pointed out that infrastructure, environmental protection, consumer goods sector growth significantly, new energy and water sector depth layout, the real estate industry transformation. The company raised its dividend payout ratio to 60.3 per cent and focused on shareholder returns. In the future, we will continue to focus on the green and healthy track, deepen capital operation, enhance core competitiveness, and create stable cash returns for shareholders.

会议速览

2025 listed holding results released: sound financial and capital operation strategy.

Listed Holdings 2025 turnover of HK $20.832 billion and profit attributable to shareholders of HK $2.02 billion, down YoY. By focusing on its main business and revitalizing its assets to improve efficiency, the Group achieved a capital return of HK $9.2 billion, with cash and cash equivalents of HK $31.5 billion and a net debt ratio of 48%. The full-year dividend payout ratio was raised to 60.3 per cent, giving back to shareholder trust.

Group Annual Results Report: Environmental Health Track Two-wheel Drive, Consumer Goods Sector Bright Eye.

The Group has achieved remarkable results in the environmental health track, with a profit of HK $1.8 billion in the infrastructure and environmental protection sector and double-digit growth in the consumer goods sector. Central Water's revenue rose 4.6 percent and net profit rose 5.5 percent. Nanyang Tobacco and Yongfa Printing both achieved good results, with a full-year profit of HK $0.756 billion billion, up 17.5 percent year-on-year, becoming an important support for the group's profit growth.

2026 planning start: the group focuses on environmental health and new energy, and promotes the overall upgrading of business

In 2026, as the first year of the plan, the group will base itself on Shanghai and Hong Kong, focus on the fields of environmental health and new energy, consolidate its leading position in the water and environmental protection industry by promoting the transformation of existing projects and excavating new projects, at the same time increase investment in new energy, expand real estate light asset services, promote the transformation of consumer goods business to high-end, green and intelligent, and comprehensively build a development pattern of product excellence, brand excellence, innovation and modern governance.

Dividend payout ratio increased to 60.3 per cent in 2025: based on shareholder return commitments and future cash flow considerations

The dialogue revolved around the decision to increase the dividend payout ratio to 60.3 per cent by 2025, emphasizing management's commitment to shareholder returns and consideration of the needs of the business. Management said that based on the company's sound financial position and abundant cash, it will create stable and continuous cash returns for shareholders, and considered a special dividend for the 30th anniversary. For the dividend policy for the next three years, the management did not specify specific guidelines, but hinted that it would adjust according to performance fluctuations, and expressed its willingness to maintain a high dividend ratio.

Group Asset Optimization and Green and Healthy Track Layout

The Group recovers a large amount of cash through asset disposal and plans to invest in water treatment, solid waste treatment, new energy (wind power, photovoltaics, energy storage), hydrogen energy and other green health fields, aiming to build a main platform for life health and environmental health, enhance market position and stable income.

Big health business adjustment and listed holding income relationship detailed.

The dialogue discussed the issue of whether the Hutong Pharmaceutical Baoxen Pill business in the Big Health category is included in the listed holding income. It was explained that the Big Health business had been optimized in accordance with the strategic adjustment, and the sale of the relevant assets had resulted in more than 5 billion cash gains and Hong Kong dollar gains, which had been realized and were not directly related to listed holdings.

New energy field layout and strategic planning

The dialogue discussed in depth the specific layout of the new energy field, including research and planning in the directions of photovoltaic, wind power, hydrogen energy and virtual power plants. At the same time, it mentioned the technological upgrading and scale expansion in the field of water affairs. The overall strategy is gradually advancing according to the requirements of the rules.

Changes in revenue and profit of expressway business and future reconstruction and expansion planning

Discussed the reasons for the increase in toll revenue but the decline in profits of the expressway business this year, as well as the future reconstruction and expansion plans for the Shanghai-Chongqing G50, G2 and G60 Shanghai sections, including communication and planning adjustments with relevant departments of the Shanghai Municipal Government to meet the needs of market development.

Nanyang Tobacco Layout E-Cigarette: Overseas as the Main Domestic Supplemented Development Strategy

The layout strategy of Nanyang Tobacco to the electronic cigarette market is discussed, emphasizing the coexistence of traditional and new tobacco, and the slowdown of traditional tobacco sales affected by new tobacco. Hong Kong market due to the strict tobacco control policy does not accept e-cigarettes, the future direction of development is positioned in the overseas market, the domestic market is supplemented.

Analysis of the reasons for the decline in infrastructure business profits in 2025: the impact of the sale of Hangzhou Bay Bridge.

The questioner was concerned about the decline in infrastructure business earnings in 2025 and asked if it was due to the sale of the Hangzhou Bay Bridge in 2024 and requested a detailed dismantling analysis.

Discuss the company's dividend policy and future dividend outlook.

The dialogue revolved around the company's dividend policy, referring to the changes in special and conventional factions after the 2025 results, as well as the medium-term expectations of the company's dividend payout under the green and healthy development plan in the future, expressing concerns and expectations for the continued dividend strategy.

Corporate Performance Analysis and Strategic Planning for Future Development

The dialogue focused on changes in the company's performance, pointing out that profit fluctuations were mainly due to the accounting treatment adjustments of the Hangzhou Bay Bridge, while emphasizing the market response of stable dividend policies and high dividend yields. Management revealed that the company has achieved zero debt status, holding a large amount of cash, for the follow-up development reserves sufficient funds. Future plans include strategic deployments such as urban renewal, water mergers and acquisitions, and the listing of subsidiaries, and relevant information will be announced in due course in accordance with the rules of listed companies.

要点回答

Q：From this year's dividend policy, what are the company's main considerations?

A：This year's dividend policy is mainly based on the special node of the 30th anniversary of the company's establishment, and in order to share the joy of shareholders, and take into account the company's business adjustment and future development needs. Given the company's strong financial position and cash reserves, management has decided to give back to shareholders who have long supported the company.

Q：What is the specific use and investment plan of the funds after the Group has sold some of its assets and cashed in a large amount of cash?

A：The funds are mainly used to support the development of listed holdings in the first year of the 15 plan implemented in the next two years (2025-2026). Listed Holdings will be built as the main platform for the life health and environmental health track, focusing on environmental health-related businesses, such as the expansion of water treatment, merger and acquisition opportunities for solid waste treatment, and investment in new energy.

Q：What are the specific layout strategies of listed holdings on the environmental health track? How do listed holdings view the development of hydrogen energy business, and what are the layout plans?

A：Listed Holdings will focus on the strategic layout of water and solid waste treatment in environmental health, expand the scale of water treatment through capital operation, mergers and acquisitions, and use intelligent and digital means to improve operational efficiency. At the same time, in the solid waste treatment to find a suitable acquisition target. In addition, it will expand the field of green new energy, especially the investment and construction of wind power photovoltaic projects, and explore new energy storage technologies and virtual power plants to improve the efficiency of power grid operations. Listed Holdings is actively studying the layout of hydrogen energy business, especially in the Hong Kong market, given that its policy environment is suitable for hydrogen energy development. Hydrogen energy industry has the cost competitiveness with traditional fuel competition, with the maturity of technology, the future will be combined with the company in the water, wind power photovoltaic and other fields of the layout, and gradually promote the hydrogen energy industry chain in-depth research and program landing.

Q：Is the M & A situation mentioned by Mr. Liang related to listed holdings? What is the result of the current strategic positioning and asset adjustment?

A：Yes, listed holdings are currently focusing on the green track, has been in accordance with the overall strategic deployment, the big health business has been optimized and adjusted and sold related assets. This asset sale resulted in a cash inflow of approximately more than 5 billion and an annual financial statement gain of HK $550,000,000, which was realized and generated interest income of more than 0.3 billion 2 for shareholders.

Q：Does Galaxy Digital have a specific strategic plan for new energy?

A：Xinghe Digital has a layout in the field of new energy, in addition to 15 photovoltaic projects in the northwest region, there is also a layout in the eastern wind power, and is carrying out hydrogen energy research and virtual power plant and power trading layout. The relevant progress will be announced in due course in accordance with the requirements of the rules.

Q：For the high-speed business, what are the reasons for the increase in toll revenue but the decline in profits this year? How to arrange the future reconstruction and expansion plan? The first question, what is the reason for the decline in the profitability of the infrastructure business in 2025? The second question, on the issue of dividends, can you give a clearer guide for the next few years?

A：This year, the overall performance of the expressway is stable, and the toll revenue has increased slightly, but the slight decline in profit is mainly affected by one-off factors, that is, the reconstruction task of the east entrance and exit of the west city. Specifically, the reconstruction and expansion project of the Shanghai-Chongqing G50 main line will be officially launched this year, while the reconstruction and expansion plans of the G2 and G60 Shanghai sections will be due in November 28 and November 30 respectively. Currently, they are actively communicating with relevant departments of the Shanghai Municipal Government to formulate corresponding reconstruction and expansion plans. The main reason for the decline in profits from the infrastructure environmental protection business was the 812 one-time profit from the sale of the Hangzhou Bay Bridge in 2024. From a dividend perspective, this year's net profit per share is more than 60%, and the dividend payout ratio reflects management's response to market concerns. Taking into account the market feedback in the process of Yuefeng Environmental Protection and Yangtze River Delta asset adjustment and the company's 30th anniversary, it is expected that the future dividend level will remain stable and high. At present, the company has zero debt and holds more than 4 billion cash, which provides sufficient capital reserves for subsequent development and supports the layout and development of its subsidiaries. In the future, there will be new information releases, including urban renewal business, water mergers and acquisitions and layout, etc., and relevant information will be announced in due course.

Q：Will Nanyang Tobacco lay out e-cigarettes and how is the channel permeability?

A：As a new type of tobacco, e-cigarette is an organic part of the tobacco industry, and its competitiveness is increasing day by day. The growth rate of traditional tobacco sales is slowed down or even declined due to the influence of e-cigarette. As a century-old enterprise, Nanyang Tobacco should not only inherit tradition but also innovate. Electronic cigarette is the direction it hopes to make a breakthrough. However, due to the strict tobacco control in Hong Kong, electronic cigarette has not been accepted and opened up. The future development direction will be mainly overseas and supplemented by domestic.

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