China Everbright Holdings (00165) announced its financial results for the year ended December 31, 2025. The group recorded revenue of HK$8.286 billion, an increase of 26.54% compared to the previous year. However, the loss attributable to shareholders was HK$2.008 billion, widening by 5.17% year-on-year. Basic and diluted loss per share was HK$1.191. The board proposed a final dividend of HK$0.05 per share.
During the reporting period, the group's total income amounted to HK$1.643 billion, a significant rise from HK$344 million in the prior year, representing an increase of HK$1.299 billion. Revenue from customer contracts decreased by HK$85 million compared to the same period last year. This was primarily due to certain funds entering their exit or extension phases, and management fees from newly established funds being offset upon consolidation, thus not recognized as management fee income.
In terms of investment income, the group benefited from a recovery in the valuation of investment projects. Investment income shifted from a loss of HK$54 million last year to a gain of HK$998 million. Nevertheless, investment performance in the primary market funds remained under pressure due to valuation write-downs on specific real estate projects.
The main reasons for the year-on-year change in income are as follows: (1) Customer contract revenue for 2025 was HK$322 million, a decrease of HK$85 million from the previous year. During the reporting period, management fee income was HK$72 million, down by HK$77 million year-on-year. Performance fee and advisory fee income was HK$28 million, a decrease of HK$7 million compared to the same period last year. (2) The group's investment income was HK$998 million, a turnaround from an investment loss of HK$54 million in the prior year. Specifically, primary market fund investments recorded a loss of HK$102 million, which was a reduction of HK$84 million from the loss of HK$186 million in the same period last year. This improvement was mainly attributed to a market recovery boosting project valuations, although the primary market funds did not return to profitability for the full year due to valuation adjustments in real estate fund-related projects. Secondary market funds achieved investment income of HK$407 million, a 35% increase year-on-year. Fund of funds realized investment income of HK$190 million, turning around from a loss in the previous year. Proprietary investments benefited from valuation recoveries on certain projects, generating investment income of HK$503 million during the reporting period, also a turnaround from a loss in the prior year. (3) The group's share of profits less losses of associates was HK$429 million, an increase of HK$425 million compared to the previous year. This included an increase of HK$147 million in the share of profit from Everbright Securities, an increase of HK$30 million in the share of profit from China Aircraft Leasing Group, and a reduction of HK$130 million in the share of loss from Everbright Senior Living compared to the same period last year.
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