恒基资本2026年第二季度财报及电话会议纪要

发布时间：2026-08-20 一、AI总结内容 一、核心要点 1. 2026年上半年，集团实现总收入25亿港元，同比降10.9%； attributable利润6.88亿港元，同比降22.4%，主要受上年同期大额流动性事件影响，利润下降得到消费金融、抵押信贷业务改善的部分抵消；EBIT利润率保持50%，成本收入比31%，同比降90个基点，资产负债表稳健，净负债62亿港元，同比降5.1%，净资本负债率27.1%。 2. 董事会宣布2026年中期股息每股13港仙，同比增8.3%，上半年回购280万股；自1997年起累计向股东分红及回购总额达162亿港元。 3. SHK Capital Partners（另类解决方案业务）上半年AUM增17.7%至 37亿美元， fee收入增24.7%至2100万港元，税前亏损收窄82%至100万港元；该业务依托战略合作伙伴搭建飞轮效应，包括注资Quillis、与Janus Henderson、Aquilis等达成合作，为机构及家族办公室客户提供专属投资方案。 4. 消费金融业务UAF上半年税前利润5.65亿港元，同比增50.7%；总贷款余额增4.6%至123亿港元，贷款回报率28.1%，坏账率6.6%，同比降30个基点；香港区贷款增3.4%至101亿港元，SIM信用卡业务实现盈利；中国区聚焦担保贷款，总贷款增9.7%；消费金融总收入17亿港元，同比增6%。 5. 抵押信贷业务Sunontai Credit上半年税前利润2600万港元，同比增147%，净减值损失率同比降160个基点，贷款回报率10.4%，同比升50个基点；抵押服务贷款余额增40.7%至15亿港元，服务收入增81.3%至300万港元。二、投资与战略 1. 投资管理业务上半年税前利润4.03亿港元，涵盖私募股权、特殊机会、结构化信贷及对冲基金，ROA3.8%；总投资资产169亿港元，同比增7.4%；私募股权部分税前利润1.28亿港元，IRR15.8%，DPI0.87倍，完成17亿港元私募股权组合上市，流动性充裕。 2. 战略上依托飞轮效应，强化GP合作，筛选优质GP及基金，侧重低价、估值，避开高估值AI主题基金，关注欧洲信贷等领域机会；聚焦平台变现，增加 recurring收入占比，优化收入结构，降低对一次性流动性事件的依赖。三、风险与关注 1. 市场波动、地缘政治、利率趋势及AI领域投资风险，需警惕AI主题基金未来退出难度；跨境资本流动对信贷业务暂未产生大影响，当前借贷标准严格，将保持审慎授信。 2. 需平衡净息差与贷款规模，通过产品创新维持净息差，贷款增速将匹配资产负债表承受能力；投资管理业务坚持研究驱动、选择性投资及下行保护策略，将持续执行该策略。四、未来展望 1. 以资本纪律、跨板块协同、战略伙伴关系、敏捷执行四大支柱支撑发展，提升飞轮效应与网络效应，推动可持续盈利增长及长期股东价值；宏观环境仍具不确定性，将维持韧性布局。 二、音频原文（转写） it returns, which further transforms into soluti ons for our clients and GP partners. With the completion of our investment in the Quillis in thesecond quarter and with most other alliances only commencing last year or this year, this collaborative model will continue to generate a flywheel effect that unlocks proprietary deal flow, expands the network effects and enables Suenkai Capital Partners to build long-term recurring revenue. Importantly, these expanding partnershipsbenefit not only asset capital partners but alsothe wider group, driving investment returns andcreating compelling co-investment opportunitiesfor our investment management segment. This next slide shows you how we activate our strategicpartnerships to unlock the Flywheel effects. Atits heart, strategic partnerships and disciplined origination compound into investment returns and recurring income growth a self-reinforcing flywheel that powers everything we do. on the supply side. We backed the best GPS and funds with capital. better governance. and distribution helping. Thank you. Strong managers build and scale.while we institutionalise and amplify what theydo, These GPS and funds in turn produce differentiated Privileged risk with us in returns. which we transform into solutions for our clients. On the demand side. sit at the family offices andinstitutional investors. who gain access to investment opportunities they could not reach on their own. with better access feder alignment withssk capital and better outcomes. as capital inflows that as capital flows through We grow our LPS. ah um and franchise value And the whole wheel turns again. Deep rotation strengthening the next. ultimately. This compounding cycle drives platform monetization and relationship development in two forms. investment returns captured in the investment management set segment of which approximately $681 million of gains have been associated with AUM from our partners within the Alternative Solutions platform since 2021. and recu rring income. Captured in SHK Capital Palace. The more partnerships we add. the more powerful these flywheel effects become. And it is exactly what we are seeing in our AUM. fee income growthand investment returns. Now I'll hand it back toBrendan. to walk you through the credit business model. はい、吉野さんね。 Our consumer finance business. conducted by UAEFinance. We delivered a strong performance. recording a pretax profit of 565 million Hong Kong dollars in the first half of 2026. 好。 fifty point seven percent year over year. excluding the exchange loss of 42 million Hong Kong dollars relating to the liquidation of certain Chinese mainland subsidiaries The adjusted pretax contribution was Hong Kong dollars six hundred and seven million on a forty three point eight percent year on year increase. The total gross loanbalance of UAF increased by four point six percent from the end of twenty twenty five to twelvepoint three billion Hong Kong dollars. Supported by disciplined underwriting and portfolio management, the return on loan of UAF reached twentyeight point one percent in the first half of twenty twenty six, while the loan charge off ratioimproved to six. point six percent going thirtybasis points from the end of 2025. In the firsthalf of 2026, UEF Hong Kong delivered satisfactory growth in growth, profitability and transaction volume, maintaining a disciplined credit underwriting policy and robust credit scoring system, while bringing down the loan charge off rate.Total gross loans of UEF Hong Kong increased 3.4% from the end of 2025 to 10.1 billion Hong Kong dollars. Our SIM credit card business has begun generating profit. with growth in card receivables, interest and fee-based income. with risingrev