英皇资本2024/2025 中期报告

泘ꍖ 哅端哯釒2 畚杼㷼铝鑝⹖⮇冫3 癞伺祸⺭䮇沠⹖⪭☾ꪫ䷅沠辑7 癞伺祸⺭靸ⳉ敻媲辑8 癞伺祸⺭垷沠闭Ⳃ辑10 癞伺祸⺭杯ꄌ孲ꄈ辑11 癞伺祸⺭靸ⳉ㕕辑ꡭ錝12 蚀◄⹖仅냖车䷓☕⿦亦镜⯉╯垷沠32 ⪭☾☕㚖亦罇♷⹖注꟯罇♷╯垷沠33 ⚀哅畚媪⹖⪭☾鞳乢34 䡽馆3僖31仼塛6⠕僖 2O24䇗 ⶉ⩕ 闭Ⳃ ⶉ⩕ 2025䇗 葐永鞳儗꥘㎯僗꡿⪝⺚ր儗⪝⺚ց╯蚀◄僎ր蚀◄僎ց䡝ր蚀◄ց䬠儗⪝⺚⹖⪭ꡭ㸋⪝⺚礵牒憡ր儗꥘㎯ց䡽馆2O25䇗3僖31仼塛6⠕僖ր儗僿ꝴց╯俦祺㴱劭祸⺭哅端 竬䷅⪌ 402,634 185,386 +117% 靸㳫畚杼亡勈鞚堑⚀哅踅鞳 297,607100,5344,493 52,9O5 128,525 3,956 +463% -22% +14% 峎⡭䲡⤔1 52,721 57,4O2 -8% 屻嶯⮵ 56,120 41,627 +35% 夷罇㓹儗沜⮵ 0.83♂ O.62♂ +34% 1䧘㰃㷤鞚堑⪭☾鞚堑⹖㗭堑╯峎⡭䲡⤔屻갯 哅榺亦端儗꥘㎯舜ⱱ氪㷤靸㳫畚杼亡勈哅ⳉ儗꥘㎯亦儗僿ꝴ氲竬䷅⪌㘎ⱶ117.2%馆4O2,6OO,OOO⩕2O24䇗185,4OO,OOO⩕㰃㷤鞚堑⪭☾鞚堑⹖㗭堑╯峎⡭䲡⤔屻갯ր峎⡭䲡⤔ց峎㵼馆52,7OO,OOO⩕2O24䇗57,4OO,OOO⩕儗꥘ ㎯╯屻嶯⮵憡56,1OO,OOO⩕2O24䇗41,6OO,OOO⩕夷罇㓹儗沜⮵憡O.83 ♂2O24䇗O.62♂ 哅儗꥘ⳉ㎯㍑亦걙1993䇗䡗环憡┉ꝴ蜸⺲ꄌ踅嚂啶䬠❠┉珇䌋ꄌ踅僜ⳉⴎ䦮(J)靸㳫畚杼亡勈尝衏梫杶䤸鞳靸㳫畚杼⹖鞳榣畚杼僜ⳉ(JJ)鞚堑尝衏䬠❠㰃㷤踅鞳⹖鞚堑僜ⳉ⹖(JJJ)⚀哅踅鞳걙ゖ僜ⳉ儗⪝⺚舅2OO7䇗4僖亦꺞绤⺭◬佄䢦僗꡿⪝⺚ ր绤◬䢦ց╚冏┕䄬泘⯥儗꥘㎯竬鼨⛤亦꺞┾亦╈㎜⪐㏑ⴰ◺┕宿⹖䊹䃹揩鷠└⠕绤碍鳔◄谊 靸㳫畚杼亡勈 儗꥘㎯靸㳫畚杼亡勈⮇鼨ⴎ䦮梫杶䤸鞳靸㳫畚杼⹖鞳榣畚杼鼨ꝛ 梫杶䤸鞳鼨ꝛ憡⪭냖屻⡭㲙䢒䬠❠亡⛤氲ꄌ踅僜ⳉ⹖䤸鞳榣⿁ⴎ䦮亦꺞╈ ㎜⪐㏑⮇⮯鸺鷪帽鹉⹖岒鹉销ⱁ⹖╚釒宿㛛㎜㳄◬佄䢦鞙韢╯镜⯉僿鞁⹖僿垷⥍⯉⹖㓹ꄌ䤸鞳♓⹖舅揩◬佄玑儗꥘㎯氲私┕⹖䣆嚂◬佄䇖⺐✳⪭㲙䢒鹖车㴨侇◬佄⹖泃䫞䤸鞳磞⺭ 靸㳫畚杼鼨ꝛ䬠❠䇖辆氲鉮婋亡勈⶜Ⲃ⪭냖屻⡭㲙䢒䋧环ꄈ骰㲋⯆┦犹⢹氲䤸鞳磞⺭⪭╈ⴎ䦮⟊ꤠ㓹ꄌ⥍⯉⹖罇烨玑㛡牊ꄌ踅榣⿁ 鞳榣畚杼鼨ꝛ䬠❠ꄈ骰㲋⯆氲䤸鞳僜ⳉ尝衏炝Ⳕ䤸鞳㓹ꄌ⠕☕⴫垷㡨鋖䤸鞳磞⺭畚杼僜ⳉ⹖䤸鞳钎鍪僜ⳉ⶜Ⲃ㲙䢒畅䐃犹㲋┦⺎鈶氲㍑㕕⪭◱畚杼ꝧ䷒䌋㓹ꄌ㑔⪝⺚(0F$)⹖僗꡿⺭㛸㓹ꄌ(L1F)♓⹖䳕僗⺭劲㗟㛛嚂啶䤸鞳縖(2F**)⹖⺭劲㗟㛛僗꡿⺭㛸☕(2FL1) 2O24䇗䫠⭴氲亏鞳儗䤸鞳縖⪌㗟销ⱁ($*&4)憡钎鍪⹖䈲骰铐鵴氲垷㡨鋖䤸鞳僜ⳉ䬠❠륛㛻嚂鹥㶩塝縡铵儗꥘㎯䝬课⪭◅ⶇ䇗祺꿨ⱶ㛻ⱱ䈲┾舜ⱱ䤧䭃嚂鹥♓䬠냖靸㳫畚杼亡勈⮇鼨╯䷅⪌ 亦儗僿ꝴ靸㳫畚杼亡勈⮇鼨䷅⪌곫ⶍ462.6%馆297,6OO,OOO⩕2O24䇗52,9OO,OOO⩕⛯儗꥘㎯竬䷅⪌氲73.9%2O24䇗28.5% 鞚堑 儗꥘㎯鞚堑⮇鼨✿舅湿僿⹖ꝏ僿鞚堑╯⮵䕜䷅⪌ⴎ䦮⛙┘꡿亦⠕☕鞚堑┉䧞⹖◅䧞鞚堑䝬课㏇䬠❠㵬哅⹖⠕☕⴫鞚堑僜ⳉ亡ꪫ氲荂㞒绮阑儗꥘㎯㏇鞚堑䄬㕙䄖䋧环▽┉⠕暐攑㲋⛤憡⚀哅⹖ꦼす㲙䢒䬠❠ꄈ骰㲋⯆氲孲Ⳃ鞳ꄌ鉮婋亡勈♓幥饷䏘玑╯⚀哅泘嘅⹖⠕☕ꧏ釒 亦儗僿ꝴ儗꥘㎯筷箜㔌㱥㴱䛦亡ꄡ䫑榫㌅锺氲⟔鞚겨ꤠ畚杼⹖泃䫞嚂⯆♓꡺⛧鸂硝겨ꤠ儗꥘㎯劯䴆䄬媲⹖侇鐪丞⮵曎⹖鞚堑⚽⡭奄曎亦儗僿ꝴ鞚堑⮇鼨䷅⪌憡1OO,5OO,OOO⩕2O24䇗128,5OO,OOO⩕⛯儗꥘㎯竬䷅⪌氲25.O%2O24䇗69.3% ⚀哅踅鞳 ⚀哅踅鞳⮇鼨憡⚀哅◬佄䬠❠㵬哅걙ゖ僜ⳉⴎ䦮꺙埠⪝ꝧ氪す⺭✡⹖䷅顸⮇䥸 ꯁ泘䤸鞳鞳榣⭴す⚀哅ꄆ磞氪车鿦す⹖ⴎꊷ罇♷⹖⥍⯉儗꥘㎯劯䴆镜⯉⹖僿鞁卋❆䧏僗ꪫ⚀哅踅鞳걙ゖ擀拨 亦儗僿ꝴ儗꥘㎯筷箜⹉艃꥘鞳ꯁ泘┾䳸♴㛡⠕铊荈⚀哅踅鞳⮇鼨䷅⪌魌䐮㘎ⱶ馆4,5OO,OOO⩕2O24䇗4,OOO,OOO⩕⛯儗꥘㎯竬䷅⪌氲1.1%2O24䇗2.2% ⯥劯䴆俍蚓㏵亦2O25䇗3僖氪⛜氲վ2025䇗靸㳫㕕⼔տ♓䳕僗屻鞳榣飘鷪1,OOO蛓纨⩕氲☕丩销畁꺞憡2O24䇗杶瑮ⶇ㛻靸㳫╈䑐ꗷ亦꺞䷓䈢䫠⭴⻹䌖催㛡㳫遚 ☕㚖氲销ⱁ꺞僗价ꫬ㍾⪭⛼憡镑㏑ⶆ靸㳫畚杼⹖䤸鞳ꄆ釒嘒硷氲㏑⛤儗꥘㎯㵩筷箜ⱶ䍛⪭靸㳫畚杼亡勈㎯꣣♓䫠Ⳃ尝衏梫杶䤸鞳靸㳫畚杼⹖鞳榣畚杼氲哅ⳉ⮇鼨氪㷤 㷤价俦✿儗꥘㎯ꯏ销嚂鹥艃䧪䢇┾㰇⨅畚㏑稫䷓媪⹖祺忴┘澭㲋䓪䧏箜ꡢ灒氪㷤 ┾䏆ꮷ䤸鞳䙬基⛙╈㎜⪐㏑氲⯌忂䫣亩ⴎ䦮꡺⛧崂⤔ꄌ曎峎䕜⹖氪车攑⮯╚垷⥍ ⯉憡䄬㕙鵅塠䐟榩䅸✿䄹价⹖憡鞳儗䄬㕙䅸✿塜ꪫ姅妺䝬课⪭祸⺭哅ⳉ嘘䌋⹖㛡 ⩕⴫瓁樋儗꥘㎯耉㛭㏇Ⳃ觊氲祺忴梫㗟╈幥饷㲙䢒ꧏ姲儗꥘㎯㵩㔌㱥閝䘊⹖㴱䛦亡ꄡ䫑⹦鸸樧瓁樋⺱侇䤧䭃氪㷤嚂鹥 靸鞳儗ⳉ几鞳啶乢孲Ⳃ鞳ꄌ⹖靸ⳉ鞳嶏 儗꥘㎯╚釒鹉鷪祺揩哅ⳉ⹖⠺鞚榣榟氲杯ꄌ憡⪭哅ⳉ揩鷠䬠❠鞳ꄌ亦2O25䇗3僖31仼儗꥘㎯╯孲Ⳃ鞳榣⹖孲Ⳃ靷⥍⮇⮯憡5,127,5OO,OOO⩕2O24䇗9僖3O仼4,977,1OO,OOO⩕⹖1,9O7,4OO,OOO⩕2O24䇗9僖3O仼1,813,5OO,OOO ⩕亦2O25䇗3僖31仼儗꥘㎯╯ꉐ车磶궠杯ꄌ⹖䄖䥡䥨ꉐ车㰇堑⺭⪦憡2,O72,8OO,OOO⩕2O24䇗9僖3O仼1,52O,8OO,OOO⩕╚釒♓⩕销⡭ 亦2O25䇗3僖31仼儗꥘㎯┾扝♴⛰ꉐ车⠺堑2O24䇗9僖3O仼扝䷚靷⥍曎憡ꦼ 2O24䇗9僖3O仼ꦼ䧞儗꥘㎯氲⠺堑竬갯⛯垷沠竬갯╯氩⮇奄销畁亦2O25䇗3僖31仼儗꥘㎯┾扝♴⛰ꄆ㛻㛛ⵜ겨ꤠ 䝬课儗꥘㎯⩘遚氲ꉐ车磶궠⹖杯ꄌ♓⹖亦2O25䇗3僖31仼⪭⺎Ⳃ榫⛙俦✳榫╯ꉐ车踅鞳갯䈲1,2O5,OOO,OOO⩕2O24䇗9僖3O仼1,2O5,OOO,OOO⩕蚀◄僎鏂憡儗 ꥘㎯䳕僗饷㛭揩鷠鞳ꄌ♓䟕♀⪭揩鷠⹖俦✿氪㷤䢦ꧏ 鞳榣䥡䥨 亦2O25䇗3僖31仼儗꥘㎯韰ꪫ竬⡭26O,OOO,OOO⩕2O24䇗26O,OOO,OOO⩕ ╯ꉐ车㰇堑䄖䥡䥨◀┉ꝴꉐ车⛼憡ꉐ车踅鞳╯䳸⟊ ⧀亦2⿦O2⹖5䇗詯3ꀦ僖䷓31瓁仼儗꥘㎯僗9O2O24䇗86⺲㲙䢒祺杼⹖1O52O24䇗121⺲⧀ ⿦儗僿ꝴ⿦䄄䡗儗竬갯ⴎ䦮蚀◄ꀦꄌ憡39,1OO,OOO⩕2O24䇗36,2OO,OOO ⩕夷⺲⧀⿦詯ꀦ╤劯䴆䏘玑╯绹鞊耉ⱱ⹖䤗耉祺꿨⹖辑杯♓⹖䄬㕙詯ꀦ姢䇖ꄊ㲋⿦䄄焱⮵ⴎ䦮ꂳ段⹖☕㚪⟊ꤠ⪝犉ꄌ⹖⪭☾球挦䓪焱⮵䏨鹥 儗⪝⺚䄖䫑硱顸罇垷销ⱁ♓⺸⿦䄄䬠❠晥⳶䡝㍑㕕⪭鎌䗯㵩鬼亦儗╈僿㕕⼔ր顸罇垷ց┉疒 ╈蚀◄僿僎罇䄖䕜婋阅┘㶩儗僿ꝴ㲛孭♴⛰╈僿罇䕜2O24䇗扝 癞伺祸⺭䮇沠⹖⪭☾ꪫ䷅沠辑 䡽馆3僖31仼塛6⠕僖2025䇗 2O24䇗 俦祺㴱劭俦祺㴱劭 ䷅⪌ ✈ꄌ⹖鞞榫䷅⪌4 271,263 3O,751 ⮵䕜䷅⪌4 131,371 154,635 ⪭☾䷅⪌⹖䷅沠䡝谱䮇5峎⡭䲡⤔䣩ꢝ䲡㍑6 402,634(190,351)(52,721)(39,069)(22,851)(40,916)(331)56,395(275)56,120 0.83♂ 185,386 2,14O (57,4O2) ⿦䄄䡗儗 (36,179) ✈ꄌ⹖䣆箜鞞䶺⭴ (11,O12) ⪭☾䶺⭴7 (38,3O3) 靸ⳉ鞞榫 (3,2O3) ꢝ爀⯥嶯⮵䢦䐃爀ꝧ䶺䥡⩦ 78 41,427 2OO 儗⪝⺚䳕僗☕䟕⛯僿ꝴ嶯⮵⹖ ꪫ䷅沠竬갯 41,627 夷罇沜⮵㓹儗9 O.62♂ ꡭ錝ⶉ⩕ⶉ⩕ 癞伺祸⺭靸ⳉ敻媲辑 ꪞ孲Ⳃ鞳榣 擞哅⹖录⤔✳榫垷鞳榣扝䎬鞳榣11㶩䄖氪车ꄌ踅榣⿁䷅顸╯ 鞳榣12 ⪭☾鞳榣鞚堑⹖㗭堑13鹦䋟爀ꯁ鞳榣 6,189 7,696 399 2,3O7 ˑ –147,602 ˑ9,635 9,963 276,546 274,951 59O 590439,694 296,774 孲Ⳃ鞳榣 䟕䷅韰堑14鞚堑⹖㗭堑13⪭☾䟕䷅韰堑䧞ꄌ⹖ꯏ♀堑ꯁ⺎㍑䷅爀ꯁ䄖䥡䥨ꉐ车㰇堑┉芙韰䢒ꉐ车磶궠⹖杯ꄌ┉芙韰䢒ꉐ车磶궠⹖杯ꄌ暐环韰䢒 617,227 699,774 1,263,O46 835,6328,327 7,O998,278 8,278 26O,OOO 260,000 1,26O,778 1,812,784 1,478,O77 1,585,2825,127,530 4,977,O52 ꡭ錝 亦2025䇗3僖31仼 俦祺㴱劭 ⶉ⩕ 亦2O24䇗9僖3O仼 祺㴱劭 ⶉ⩕ 癞伺祸⺭靸ⳉ敻媲辑 孲Ⳃ靷⥍ 䟕♀韰堑15 1,824,625 1,75O,576 ⪭☾䟕♀韰堑⹖䟕销鞞榫爀ꯁ靷⥍ 73,066 53,261 1,491 燃鞫靷⥍ 1,750 8,193 7,9811,907,422 1,813,521 孲Ⳃ鞳榣屻⡭ 3,220,108 3,163,531 竬鞳榣峎孲Ⳃ靷⥍ 3,659,802 3,46O,3O5 ꪞ孲Ⳃ靷⥍ 䧞⪝䇖⡭氪车╯ꄌ踅榣⿁12燃鞫靷⥍ 147,602 ˑ4,225 –147,602 4,225 鞳榣屻⡭ 3,512,200 3,456,O8O 鞳儗⹖⨶⤔ 罇儗16⨶⤔ 67,408 67,4O8 3,388,672 3,444,792 垷沠竬갯 3,512,200 3,456,O8O ꡭ錝 亦2025䇗3僖31仼 俦祺㴱劭 ⶉ⩕ 亦2O24䇗9僖3O仼 祺㴱劭 ⶉ⩕ 癞伺祸⺭垷沠闭Ⳃ辑 鞳儗筤⪌ 罇儗罇♷嶯⧎攑⮯⨶⤔⨶⤔䬷畁⨶⤔⟊槴嶯⮵竬销ⶉ⩕ⶉ⩕ⶉ⩕ⶉ⩕ⶉ⩕ⶉ⩕ⶉ⩕ 亦2O24䇗1O僖1仼祺㴱劭 67,408 3,199,289 9,950 2,004 (121) 177,550 3,456,080 儗僿ꝴ嶯⮵ – – – – – 56,120 56,120 亦2025䇗3僖31仼俦祺㴱劭 67,408 3,199,289 9,950 2,004 (121) 233,670 3,512,200 亦2O23䇗1O僖1仼祺㴱劭67,4O83,199,2899,95O2,OO4(295)111,1893,389,545儗僿ꝴ嶯⮵ˑˑˑˑˑ41,62741,627亦2O24䇗3僖31仼俦祺㴱劭67,4O83,199,2899,95O2,OO4(295)152,8163,431,172 癞伺祸⺭杯ꄌ孲ꄈ辑 䡽馆3僖31仼塛6⠕僖2025䇗 2O24䇗 俦祺㴱劭俦祺㴱劭 祺揩孨Ⳃ榣榟╯杯ꄌ屻갯䤸鞳孨Ⳃ䢦榫╯杯ꄌ屻갯踅鞳孨Ⳃ䢦榫╯杯ꄌ屻갯 556,654 (7)(4,641 21O,285(5,5O7) (215,324) 杯ꄌ⹖杯ꄌ玑⧎擞╯峎㵼屻갯僿⮤╯杯ꄌ⹖杯ꄌ玑⧎擞 552,0061,260,778 (1O,546)1,OO2,263 僿侪╯杯ꄌ⹖杯ꄌ玑⧎擞 1,812,784 991,717 杯ꄌ⹖杯ꄌ玑⧎擞╯磶궠⮇冫ꉐ车磶궠⹖杯ꄌ┉芙韰䢒 1,812,784 991,717 ⶉ⩕ⶉ⩕ 1䡽.馆2稵O2邯5䇗㓹3崂僖31仼塛6⠕僖╯俦祺㴱劭癞伺祸⺭╈僿靸ⳉ㕕辑ր╈僿靸ⳉ㕕辑ց ╤䧞拨绤◬䢦镜⯉┕䄬釨⯞ր┕䄬釨⯞ցꡭꍖ%2╯鸸榫䥑꨾釨㲋⹖꺞僎销䅨⪝僎ր꺞僎销䅨⪝僎ցꯓ⛜╯꺞僎销崂⯞ր꺞僎销崂⯞ց瑮34谝ր╈僿靸ⳉ㕕⼔ց縡稵邯 ╈僿靸ⳉ㕕辑䟕艃⠭注꟯儗꥘㎯䡽馆2O24䇗9僖3O仼塛䇗䈲╯䇗䈲靸ⳉ㕕辑┉ ✡ꞥ闗