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Far East Horizon Limited 2024 Annual Results March 2025
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2 This material is prepared by Far East Horizon Limited (the “Company”) and has not been independently audited. This document contains confidential and proprietary information, and its contents have not been verified by an independent third party. The Company does not guarantee the accuracy, fairness and completeness of the information contained herein and does not have any obligation to update or revise the forward looking statements contained herein in the future, nor does it make any explicit or implicit representation or guarantee as to the fairness, accuracy, completeness or correctness of the information or views contained herein. Therefore, people should not rely on the fairness, accuracy, completeness or correctness thereof. The information contained in this document is subject to change without notice, and will not be updated in connection with significant progress made after the marketing. In addition to descriptions of historical facts, this material contains certain forward looking statements. Such statements often involve some known or unknown assumptions, risks and uncertainties, most of which are beyond the control of the Company. You are kindly reminded not to unreasonably rely on these forward looking statements as they may differ significantly from reality. Disclaimer Note: Unless otherwise specified, all monetary amounts stated herein are denominated in RMB and the data herein is as of 31 Dec 2024
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3 Contents 1 Results Overview 2 Business Analysis
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4 Revenue (RMB'00 million) Total assets (RMB'00 million) Interest-earning asset (RMB'00 million) Pre-provision operating profit (RMB'00 million) Operated in a prudent manner and maintained steady performance • In 2024, facing the complex environment, the Company adhered to a prudent strategy, gave full play to its advantages of marketization, internationalization and professionalism, continuously strengthened business foundation, and achieved revenue of RMB37.7 billion and pre-provision operating profit of RMB9.3 billion. • Among them: (1) For the financial business, the Company strengthened risk control and management, accelerated asset turnover, and the scale of interest-earning assets remained stable. The asset quality continued to be solid, and the interest margin remained stable. (2) For the equipment operation business, Horizon Construction Development (HCD) took the initiative to optimize the domestic asset structure and layout and expanded new product categories and new scenarios. It also actively explored overseas businesses and achieved profitability. Overall revenue of HCD continued to grow. (3) For the hospital operation business, Horizon Healthcare (HH) continuously improved its operational efficiency, and the profitability steadily increased. 380 377 2023 2024 3,515 3,604 2023 2024 106 93 2023 2024 2,691 2,606 2023 2024
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5 Analysis of Profit Changes (RMB'00 million) The main business was stable and controllable, and multiple factors have been superimposed to disrupt the financial performance • Gross profit: The net interest income of the financial business decreased by approximately RMB700 million, and the consulting service fees decreased by approximately RMB370 million. Meanwhile, the gross profit of industrial operation remained basically flat. The above are the main factors contributing to the decrease in gross profit. • Expenses: HCD has been continuously expanding overseas markets and investing in digital R&D, resulting in an increase of approximately RMB200 million in sales and administrative expenses. The reclassification of interest expenses in infrastructure investment business led to an increase of approximately RMB200 million in financial costs. The above are the main factors contributing to the decrease in pre-provision profit compared to gross profit. • Provision: Based on a prudent strategy, the Company increased the provision amount for interest-earning assets by RMB200 million yoy, while the collection after write-off decreased by RMB200 million. In addition, the reversal of provisions of approximately RMB500 million after the disposal of fixed assets in 2023 led to a relatively low base. The above factors led to an increase of approximately RMB1 billion in asset provisions in 2024 compared to the same period of the previous year. 2023 Gross profit Expenses Provision 2024 -10.7 -4 -10 62 39
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6 Value shareholder returns and continuously increase dividends • Considering the impact of fluctuations of the environment, the Company has been continuously enhancing shareholder returns. The Board has approved a final dividend of HK$0.30 per share. Together with the interim dividend of HK$0.25 per share, the cumulative cash dividend for the whole year amounts to HK$0.55 per share, representing an increase of 10% yoy, with the cash dividend payout ratio exceeding 55%. • The Company distributed special dividends in the form of shares of HCD in 2023 and 2024, which were equivalent to HK$0.17 per share and HK$0.33 per share respectively. The corresponding dividend payout ratios for 2023 and 2024 were 42% and 88% respectively. Note: The physical distribution is converted based on the closing price of HCD's shares on the trading day prior to the ex-rights date. 0.36 0.42 0.49 0.50 0.55 2020 2021 2022 2023 2024 Payout ratio has been significantly increased 25% 26% 30% 31% / 56% / 42% 88% 2020 2021 2022 2023 2024 Payout ratio(including distribution in specie) Payout ratio(only cash) DPS (HKD per share)
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7 Revenue structure has been optimized, and the industries’ contribution has climbed • The dual - wheel drive strategy of "finance + industry" has become increasingly prominent. HCD has continued to grow, and HH has steadily improved its performance. The revenue proportion of the industrial operation business has increased to 43% and its profit contribution has been continuously enhanced. 70% 10% 2% 18% Financial HCD HH Others 57%31% 11% 1% Financial HCD HH Others 72% 22% 5% 1% Financial HCD HH Others Gross profit structureRevenue structureAsset structure
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8 Financial services: Strengthened risk control and accelerated asset turnover • In terms of financial business, the business volume remained stable and asset duration has been shortened. On the basis of ensuring operational safety, the net interest-earning assets slightly decreased to RMB260.6 billion, and the revenue from financial business reached *RMB21.7 billion. • The asset investment prioritized safety, and the main measures include: (1) Continuously delving into familiar industries and customers, strengthening the identification of customer risks, and ensuring the safety of asset introduction; (2) Adjusting the rent repayment pace, accelerating the effective turnover of assets, and further shortening asset duration. 2,691 2,606 2023 2024 Net interest-earning assets (RMB'00 million) 234 217 2023 2024 Revenue of financial services (RMB'00 million) *Note: This is the revenue amount before taxes and surcharges.
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9 NPL and Overdue interest-earning assets (over 30 days) ratio NPL provision coverage ratio Non-performing assets (RMB'00 million) Financial services: Maintain stable asset quality and prudent provision policy • The balance of non-performing assets remained stable. Due to the change in the net amount of interest-earning assets, the non-performing asset ratio was at the level of 1.07%. The proportion of interest-earning assets overdue for more than 30 days ("30+ ratio") further decreased to 0.90%, and the asset quality was continuously solid. The NPL provision coverage ratio remained stable, and the accounting policies remained consistently prudent. • This is mainly attributed to: (1) Strengthening the review at the asset introduction stage and continuously delving into familiar industries and customers; (2) Optimizing the organizational structure at the asset management end, strengthening the monitoring of asset safety, and increasing the intensity of asset disposal and write-off. 228% 228% 2023 2024 27.9 27.9 2023 2024 1.04% 1.07% 0.91% 0.90% 2023 2024 NPL 30+ ratio
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10 Yield and Cost NIS and NIM Financial services: The overall return on assets remained stable, and the advantages of diversified financing became evident • The Net Interest Spread (NIS) was 4.00%, representing an increase of 0.02 percentage points compared with the same period last year. the Net Interest Margin (NIM) was 4.48%, representing a decrease of 0.10 percentage points compared with the same period last year. • Among them: (1) On the revenue side: By implementing a customized product and service strategy, the overall revenue has been maintained stable. However, due to the impact of the overall interest rate cut environment, the average rate of return has slightly decreased; (2) On the cost side: Taking advantage of the diversification of financing, the cost of new financing has continued to decline; (3) NIS remained stable, but NIM has slightly narrowed due to the change in the net amount of interest-earning assets 8.24% 8.06% 4.26% 4.06% 2023 2024 Yield Cost 3.98% 4.00%4.58% 4.48% 2023 2024 NIS NIM
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11 Gearing ratio Matching of financial asset and financial liabilities (RMB'00 million) Financial services: Keep stable leverage and match the duration of assets and liabilities • Due to the impact of the interim dividend distribution, the asset-liability ratio was 84.05%, maintaining a reasonable level. • The Company adhered to a stable and prudent liquidity management strategy, with strict matching of cash flows to ensure liquidity security. 232 534 1,290 1,281 33 29 28 520 1,035 1,393 69 On demand Less than 3 months 3 to 12 months 1 to 5 years Over 5 years Undated Financial assets Financial liabilities 83.62% 84.05% 2023 2024
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12 HCD: The domestic business has been integrated and optimized, and the overseas business has achieved profitability • The industry position has been further consolidated, and the revenues from both domestic and overseas markets have continued to increase. The overall revenue reached RMB11.58 billion and the net profit amounted to RMB0.9 billion. • Among them: (1) In the domestic market, HCD have continuously optimized the layout of outlets and assets, and expanded into new equipment categories and new customer scenarios; (2) In the overseas market, HCD have accelerated the expansion of business in Southeast Asia, actively explored the potential market in the Middle East. The asset scale has been continuously rising. 9.6 9.0 2023 2024 44.8 46.3 2023 2024 96.1 115.8 2023 2024 Revenue (RMB'00 million) EBITDA (RMB'00 million) Net profit (RMB'00 million)
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13 HCD: The overseas layout is expanding rapidly, providing a strong driving force for growth • Since 2024, the overseas assets of HCD have gradually increased, and the operating income has risen rapidly, driving the overseas business to realize the single-month profit since the second half of the year. The annual revenue reached RMB0.39 billion and the profit was RMB0.08 billion for overseas business. • By the end of 2024, 53 outlets had been set up in the markets of Indonesia, Malaysia, Vietnam, Thailand, Saudi Arabia, the United Arab Emirates and Turkey, with nearly 1,700 cumulative customers, including over 550 local customers. Oversea layout Team Asset Scale Approx. 680 Employees 53 Outlets Over RMB3.1 billion Asset under management The layout of overseas business outlets and assets Overseas business revenue and profit (RMB'00 million) 0.1 3.9 (0.1) 0.8 2023 2024 Revenue Profit
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14 Revenue (RMB'00 million) Net profit (RMB'00 million) *Note: The revenue and net profit for 2023 are data excluding hospitals that have withdrawn Horizon Healthcare: Continuously improved operating efficiency and profitability • Gave full play to the advantages of group-based medical operation, HH improved the efficiency of operation and management, continuously optimized the operation cost, and achieved a revenue of RMB4.09 billion and a net profit of RMB0.23 billion. 1.7 2.3 2023 2024 42.4 40.9 2023 2024
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15 RMB'00 million 31 December 2024 31 December 2023 Change Total assets 3,603.90 3,514.83 2.53% Interest-earning assets 2,606.41 2,690.85 -3.14% Total liabilities 3,029.13 2,939.14 3.06% Interest-bearing liabilities 2,649.18 2,556.36 3.63% Total equity 574.77 575.70 -0.16% Equity attributable to ordinary shareholders 489.90 500.99 -2.21% Net assets per share (RMB/share) 11.34 11.61 -2.33% Appendix: Condensed Balance Sheet
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16 RMB'00 million 2024 2023 Change Total revenue 377.49 379.60 -0.55% Pre-provision profit 92.76 106.15 -12.62% Profit before tax 80.21 104.25 -23.06% Net profit attributable to ordinary shareholders 38.62 61.93 -37.63% EPS (RMB/share) 0.92 1.47 -37.90% ROA 1.27% 1.98% -0.71pct ROE 7.80% 12.99% -5.19pct Appendix: Condensed Income Statement
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17 1 Results Overview 2 Business Analysis Contents
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18 Highlights Business Analysis 3. Steady operational results continue to create value for all parties 1. Unique business model that transcends economic cycles 2. Prudent business strategy to achieve safe development
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1. Unique business model that transcends economic cycles
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20 The "finance + industry" business model has been validated over economic cycles • Financial leasing business: Leading in the industry with net interest-earning assets of RMB260.6 billion • Equipment operation business (HCD): China's leading equipment operation service provider, ranking among the top in the world, with assets of RMB36.4 billion • Hospital operation business (HH): A large-scale private medical group based in third-, fourth- and fifth-tier cities, with 26 holding hospitals Business Overview *Note: The above ranking is collected and organized by the Company based on information from listed and other publicly disclosed financial leasing companies Equipment operation （HCD） Hospital operation （HH） Financial leasing and customized financial services Industry status Business model Operation scale • A social capital-funded medical group in the first tier in China • Cumulative customers: 30,000+ • Cumulative investment: RMB1+ trillion • Beds: approximately 10,000 • Annual outpatient visits： 4,000,000+ • Layout: 581 operation outlets • HCD customers：325,000+ • The largest independent financial leasing company in China* • A leading comprehensive equipment operation service provider in China and among the top in the world • Provide comprehensive financial services for corporate clients. • Serve industrial upgrading and urban upgrading • Provide comprehensive equipment operation services such as operating lease, engineering technology, and platform services • Expand into third-, fourth- and fifth-tier cities • An effective complement to the public medical system
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21 The scale of interest-earning assets has grown steadily across economic cycles and the industry has entered a mature and stable stage The scale of interest-earning assets remains stable in the long term (RMB'00 million) 418 576 807 1,008 1,220 1,398 1,940 2,240 2,031 2,354 2,584 2,706 2,691 2,606 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
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22 Excellent asset-liability management capabilities, with interest margin levels consistently maintained over the long term Net interest margin (NIM)Net interest spread (NIS) 2.85% 3.21% 3.94% 3.98% 4.00% 2020 2021 2022 2023 2024 3.83% 4.06% 4.67% 4.58% 4.48% 2020 2021 2022 2023 2024
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23 Prudent promotion of inclusive finance and gradual maturity of business model • The net scale of interest-earning assets in inclusive finance reached RMB17.25 billion, representing an increase of 38% compared with the end of 2023. The judgment of asset quality is more prudent, and 100% of the non- performing assets have been written-off at the end of the period. The interest income reached RMB1.57 billion, representing an increase of 51% yoy. • By the end of 2024, more than 40 inclusive finance business outlets have been set up in more than 20 provinces across the country, forming a complete customer service network system to provide efficient and convenient capital solutions and related services for small, medium and micro enterprise customers. 124.8 172.5 2023 2024 Interest income (RMB'00 million) 10.4 15.7 2023 2024 Net interest-earning assets (RMB'00 million) • Accumulated serve to over 20,000 SME customers. • Continuously deepen the market in economically developed areas along the rivers and coasts. • Establish a leading operational system, including online intelligent import, remote due diligence, model decision -making, electronic signing, and bank enterprise direct connection . Business model
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24 3% 10% 30% 34% 36% 39% 43% Historical segment revenue* and industry operation business revenue ratio (RMB'00 million) *Note: The above data is the income amount before taxes and surcharges. In 2011, the industry operation mainly focused on brokerage business and hospital engineering and operation related income 19 107 204 223 235 234 217 0.6 12 88 114 132 147 162 1H2011 (Listing) 2015 2020 2021 2022 2023 2024 Financial Industrial The industrial operation business continued to develop and the overall business stability has been further strengthened • With the growth of HCD and the improvement of operation of HH, the proportion of revenue from industrial operation business increased from 3% in 2011 to 43%, effectively helped the Company to hedge against cyclical and environmental impacts and to achieve a healthy and stable financial structure
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25 Equipment rental 581 branches 36.43 billion of total asset Engineering service 50+ key patents 60+ R&D talents Second-hand sale Domestic & overseas sales channel HCD: The leading comprehensive equipment operation service provider in China Upstream manufactures External equipment resources Financial leasing companies Peers in rental industry 216 thousand units Aerial work platform (No.1 in Asia, No.2 globally) 1,449 thousand tons Neo-excavation system （Leading in China） 693 thousand tons Neo-formwork system （Leading in China） 10+ New product lines （incl. forklift, mining equipment) • Cumulatively served 325,000 clients, covering multi- scenario demands Downstream clients1 Sales & lease demand Diverse services Multi-category one-stop comprehensive operational services provider Factory & logistics Green energy • Across China and 7 overseas countries Transportation construction Marine & shipyards Municipal sanitation Mining program *Note: The above ranking is based on the "2024 Global Top 50 Aerial Work Platform Rental Companies Ranking" released by KHL Group, an international industry evaluation institution, and the report of Frost & Sullivan. • Ranked the 14th in IRN World’sTop 100 Rental Companies • Ranking No.2 in ACCESS Global Top 50 Ariel Machinery Leasing • The first domestic AAA enterprise credit rating in the industry • Total assets: RMB36.4 billion • Customers served: 325,000 • Outlets: 528 domestic + 53 overseas
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26 HCD: Continuously integrated and optimized the allocation of resources, and the contribution of overseas business has been growing rapidly 6.6 9.6 9.0 (0.1) 0.8 2022 2023 2024 Domestic Overseas 302.9 312.4 364.3 0.6 35.5 2022 2023 2024 Domestic Overseas 78.8 96.1 115.8 0.1 3.9 2022 2023 2024 Domestic Overseas Revenue of HCD (RMB'00 million) Asset of HCD (RMB'00 million) Profit of HCD (RMB'00 million)
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27 Southwest North China Northeast South China East China • 26 holding hospitals • About 10,000 beds available • Annual outpatient visits exceed 4,000,000 • Effective supplementation of the public healthcare system • Layout in third, fourth, and fifth tier cities and counties • Adhering to the operation mode of “one system, one network, one hospital” Horizon Healthcare The ecosystem of the health industry Medical services Health services Other services Elderly care Business overview of Horizon Healthcare Horizon Healthcare: China’s first tier social capital medical service organization
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28 Horizon Healthcare: Steady growth in operating performance and continuous improvement in operational efficiency Revenue of HH (RMB'00 million) 36.7 42.4 40.9 2022 2023 2024 Profit of HH (RMB'00 million) 0.5 1.7 2.3 2022 2023 2024
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2. Prudent business strategy to achieve safe development
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30 Deeply cultivate and flexibly allocate in nine major industries Changes in the proportion of net interest-earning assets in nine major industries in recent years Healthcare Culture & tourism Urban public utility Chemical & medicineMachinery Electronic information Transportation & logistics Engineering construction Public consuming 43.6%45.6%51.0% 39.8%33.8% 2020 2021 2022 2023 2024 11.1% 10.5% 8.9% 13.6% 14.4% 2020 2021 2022 2023 2024 10.9% 9.9% 8.0% 9.4% 11.9% 2020 2021 2022 2023 2024 5.0% 5.8% 6.1% 8.5% 10.0% 2020 2021 2022 2023 2024 12.1%10.4% 9.1% 8.2% 6.6% 2020 2021 2022 2023 2024 5.9% 5.6% 5.4% 7.4% 7.6% 2020 2021 2022 2023 2024 4.9% 5.8% 5.3% 5.5% 6.3% 2020 2021 2022 2023 2024 2.4% 2.8% 3.1% 4.3% 5.7% 2020 2021 2022 2023 2024 4.2% 3.7% 3.0% 3.3% 3.8% 2020 2021 2022 2023 2024
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31 Nationwide layout with a focus on selecting and prioritizing economically developed regions Regional distribution of interest-earning asset balances IncreaseDecrease *Note: The data is sourced from internal statistics 5.70% 10.31% 6.83% 8.38% 9.82% 11.12% 14.39% 33.45% 2.34% 4.72% 6.29% 5.81% 8.24% 10.78% 15.77% 46.05% Northeast Southwest (Excluding Sichuan and Chongqing) Northwest South China Sichuan and Chongqing North China Central China East China 2020 2021 2022 2023 2024
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32 0.08% 0.45% 1.08% 0.72% 1.29% 0.94% 0.91% 0.90% 218% 219% 201% 220% 246% 242% 228% 228% Over 30 days ratio NPL provision coverage ratio A prudent asset deployment strategy with asset safety proven through cyclical tests Over 30 days ratio and NPL provision coverage ratio remained stable 0.60% 0.80% 0.97% 0.91% 1.11% 1.06% 1.07% 1.00% 1.00% 1.67% 1.74% 1.86% 1.73% 1.56% The Company Commercial Banks NPL has maintained stable for a long time since listing *Note: The source of NPL data for commercial banks is the website of the State Administration of Financial Supervision and Administration and data for 2024 is the third quarter data
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33 Reasonable matching of financial asset and financial liability maturity and balance liquidity safety and efficiency Matching of financial asset and financial liabilities (RMB'00 million) 232 534 1,290 1,281 33 29 28 520 1,035 1,393 69 On demand Less than 3 months 3 to 12 months 1 to 5 years Over 5 years Undated Financial assets Financial liabilities
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34 Regulatory Control Line (8x) 6.63 6.33 6.62 6.11 6.27 6.15 5.81 5.21 4.58 4.08 4.32 4.43 4.45 3.49 3.43 3.40 2.49 1.09 1.57 1.61 4.34 4.69 2020 2021 2022 2023 2024 the Company Far East Leasing Tianjin Leasing Horizon Leasing Guangdong Leasing *Note: The Company‘s main financial leasing business entities include International Far Eastern Financial Leasing Co., Ltd.(Far East Leasing), Far Eastern Horizon (Tianjin) Financial Leasing Co., Ltd.(Tianjin Leasing) , Far Eastern Horizon Financial Leasing Co., Ltd.(Horizon Leasing) and Far East Horizon Financial Leasing (Guangdong) Co., Ltd. (Guangdong Leasing). The leverage ratio of the company=total assets/net assets, and the leverage ratio of domestic operating entities=risk assets/net assets Leverage has been maintained at a reasonable level in long term and risks have been well controlled, balancing risk control and future growth potential The leverage level of the Company and main financial leasing business entities
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35 Credit rating maintain stable and S&P confirmed BBB- long-term issuer rating with a stable outlook BBB- By S&P Global Rating AAA By CCXI, Brilliance and United Credit Ratings Domestic Rating BBB- credit rating confirmed by S&P and ESG rating maintained industry-leading Maintained A since 2022, ranked in the forefront of financial institutions in China Raised to B -grade in 2023, above the industry average ESG rating are all in the forefront of the domestic financial industry CSA rating score was 54 in 2024, ranks among the top in the global financial and capital market service industry The ABS of SME equipment leasing has obtained the S&P AAA rating, setting a record as the first domestic international AAA rating
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3. Steady operational results continue to create value for all parties
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37 The core management team has joined the Company for more than 20 years Managed the Company to achieve long-term outstanding performance Since listed in 2011, key metrics keep growing at high CAGR Asset 17% Revenue 19% As for now Position in industry Net Asset No.1 Revenue No.1 Long-term and stable management achieved excellent performance *Note: The above ranking is collected and organized by the Company based on information from listed and other publicly disclosed financial leasing companies Stable Results Leading Position KONG Fanxing Chairman of the board, executive director and CEO, joined in 2001 WANG Mingzhe Executive director and CFO, joined in 1995 CAO Jian Executive director and Senior Vice President joined in 2002
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38 Operating with long-term safety and stability and continuously creating value for all stakeholders Best Listed Leasing Company at the China Financial Leasing Soaring Award Leading Enterprise in Financial Leasing Industry - Golden Tripod Award Best Business Mode Innovation Award in China’s Financial Leasing Industry Top 10 Enterprises in China’s Financial Leasing Industry Top 10 Influential Brands in China’s Financial Leasing Industry Awards • Corporate clients served cumulatively30,000+ • Funds issued to real economy cumulatively 1 trillion+ • Total number of global employees nearly 20,000 ➢ Ranking among the Top 100 corporate taxpayers and overseas investment attracting enterprises in Shanghai ➢ Remaining at the forefront among corporate taxpayers in Tianjin Cumulative taxes paid 36 Billion+ Continuously creating value for shareholders, customers, creditors, government and employees Forbes Global 2000 Fortune China 500
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39 Considering special dividend, payout ratios for 2023 and 2024 were 42% and 88% *Note: converted based on the closing share price of HCD on the trading day before the ex-right date • Since its listing, the total cash dividend paid has reached HKD16.54 billion, exceeding the amount of public equity financing after the Company's IPO and listing. • Cash dividend: The cumulative cash dividend per share for the whole year is HK$0.55, and the cash dividend payout ratio exceeds 55%. There is a solid foundation for maintaining a stable dividend payout ratio in the future, with room for further improvement. • Special dividend: 2 special dividend distributions have been completed, with a total of 30% of HCD shares, equivalent to approximately HKD 0.50 per share*. Continuously improving shareholder returns through multiple initiatives 0.10 0.23 0.23 0.23 0.23 0.23 0.30 0.30 0.33 0.36 0.42 0.49 0.50 0.55 0.17 0.33 20% 39% 31% 26% 28% 27% 30% 26% 26% 25% 26% 30% 31% 47% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Cash dividend per share (HKD) Special dividend per share (HKD) Cash payout ratio
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40 Q & A
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41 Company Website： www.fehorizon.com Contact of Investor Relations： ir@fehorizon.com Far East Horizon Horizon Construction Development Horizon Healthcare Contact us