<p>[新加坡] 扬子江金融在 2025 财年下半年的净亏损为 1.429 亿新元，较去年同期的净利润 1.973 亿新元转为亏损。</p>
<p>亏损的主要原因是由于信用损失准备金达到 3.04 亿新元，这与市场条件的变化以及中国房地产和信贷市场的复苏预期有关。</p>
<p>2025 财年下半年的总收入下降了 16%，为 5210 万新元，主要是由于利息收入的下降——该集团的主要收入来源于债务投资，包括债务证券和小额融资贷款——而中国的债务投资平均余额降低。</p>
<p>2025 财年未宣派股息，而去年则有 0.0345 新元的末期股息。</p>
<p>全年来看，扬子江金融亏损 520 万新元，较 2024 财年的盈利 3.046 亿新元出现逆转。扣除准备金前的利润仍为 9220 万新元，反映出来自优质资产和相关投资的持续收入贡献。</p>
<p>与此同时，总收入下降了 19%，为 1.037 亿新元。</p>
<h2>未来计划</h2>
<p>该集团在周六（2 月 28 日）的一份声明中表示，其当前的重点是投资组合优化，加速现金回收和解决不良资产。</p>
<p>作为其再平衡战略的一部分，计划朝着一个长期配置框架发展，其中约 40% 为产生收入的债务投资，40% 为股权投资（包括私募股权和上市股票），20% 为现金及现金等价物，以保持流动性和灵活性。</p>
<p>在 40% 的股权配置中，约 20% 的管理资产将投入私募股权，目标是 “基本面强劲且具有重组或增值潜力的企业”，其余部分将投资于中国和东南亚的精选上市公共股票。</p>
<p>在 2026 年上半年，该集团计划逐步投入高达 10 亿元人民币（约合 1.844 亿新元）于精选的高收益（超过 4.5%）上市股票和增值投资机会。</p>
<p>扬子江金融的执行主席刘华指出：“2025 财年的准备金确认反映了当前的市场状况，并使我们的投资组合估值更加保守。</p>
<p>“在资产负债表得到加强且没有外部借款的情况下，我们专注于有纪律的资本再部署，并随着时间的推移建立一个更具韧性和多元化的收益基础。”</p>
<p>在业绩公布前，扬子江金融股价上涨 5.1%，或 0.015 新元，收于 0.31 新元。</p>
<p>该公司此前已对 2025 财年的业绩发出盈利警告，导致其股价在周四的重磅交易中跌至两年来的低点。</p>

<p>扬子江金融在 2025 财年下半年的净亏损为 1.429 亿新元，较去年同期的净利润 1.973 亿新元大幅下降，主要由于与中国房地产市场相关的 3.04 亿新元的信用损失准备。总收入下降 16%，至 5210 万新元，2025 财年未宣派股息。全年亏损为 520 万新元，较 2024 财年的 3.046 亿新元利润出现逆转。公司计划优化其投资组合，并投资于高收益股票，目标是实现债务和股权投资的平衡配置</p>

<p>[SINGAPORE] Yangzijiang Financial swung into the red in the second half of FY2025 with a net loss of S$142.9 million, from a net profit of S$197.3 million in the same period a year earlier.</p>
<div class="lb-trans"><p>[新加坡] 扬子江金融在 2025 财年下半年的净亏损为 1.429 亿新元，较去年同期的净利润 1.973 亿新元转为亏损。</p>
</div><p>The decline was driven largely by credit loss allowances of S$304 million, on the back of changes in market conditions and recovery expectations within China’s property and credit markets.</p>
<div class="lb-trans"><p>亏损的主要原因是由于信用损失准备金达到 3.04 亿新元，这与市场条件的变化以及中国房地产和信贷市场的复苏预期有关。</p>
</div><p>Total income for H2 FY2025 was down 16 per cent at S$52.1 million, primarily pulled down by a drop in interest income – the group’s primary source of revenue derived from debt investments, including debt securities and microfinancing loans – amid a lower average balance of debt investments in China.</p>
<div class="lb-trans"><p>2025 财年下半年的总收入下降了 16%，为 5210 万新元，主要是由于利息收入的下降——该集团的主要收入来源于债务投资，包括债务证券和小额融资贷款——而中国的债务投资平均余额降低。</p>
</div><p>No dividend was declared for FY2025, compared with a final dividend of S$0.0345 in the previous year.</p>
<div class="lb-trans"><p>2025 财年未宣派股息，而去年则有 0.0345 新元的末期股息。</p>
</div><p>For the full-year, Yangzijiang Financial had a loss of S$5.2 million, reversing from a profit of S$304.6 million in FY2024. Profit before allowances remained positive at S$92.2 million, reflecting continued income contributions from performing assets and associated investments.</p>
<div class="lb-trans"><p>全年来看，扬子江金融亏损 520 万新元，较 2024 财年的盈利 3.046 亿新元出现逆转。扣除准备金前的利润仍为 9220 万新元，反映出来自优质资产和相关投资的持续收入贡献。</p>
</div><p>Meanwhile, total income fell 19 per cent to S$103.7 million.</p>
<div class="lb-trans"><p>与此同时，总收入下降了 19%，为 1.037 亿新元。</p>
</div><h2>Future plans</h2>
<div class="lb-trans"><h2>未来计划</h2>
</div><p>In a statement on Saturday (Feb 28), the group said that its immediate focus is on portfolio optimisation, accelerating cash recovering and resolving non-performing exposures.</p>
<div class="lb-trans"><p>该集团在周六（2 月 28 日）的一份声明中表示，其当前的重点是投资组合优化，加速现金回收和解决不良资产。</p>
</div><p>As part of its rebalancing strategy, it plans to move towards a long-term allocation framework comprising about 40 per cent income-generating debt investments, 40 per cent equity investments (including private equity and listed equities), and 20 per cent cash and cash equivalents to preserve liquidity and flexibility.</p>
<div class="lb-trans"><p>作为其再平衡战略的一部分，计划朝着一个长期配置框架发展，其中约 40% 为产生收入的债务投资，40% 为股权投资（包括私募股权和上市股票），20% 为现金及现金等价物，以保持流动性和灵活性。</p>
</div><p>Within the 40 per cent equity allocation, about 20 per cent of assets under management will be deployed into private equity, targeting “fundamentally strong businesses with restructuring or value-enhancement potential”, while the remaining portion will be deployed to selected listed public equities across China and South-east Asia.</p>
<div class="lb-trans"><p>在 40% 的股权配置中，约 20% 的管理资产将投入私募股权，目标是 “基本面强劲且具有重组或增值潜力的企业”，其余部分将投资于中国和东南亚的精选上市公共股票。</p>
</div><p>For the first half of 2026, the group plans to progressively deploy up to one billion yuan (S$184.4 million) into selected high-yield (more than 4.5 per cent) listed equities and value-accretive investment opportunities.</p>
<div class="lb-trans"><p>在 2026 年上半年，该集团计划逐步投入高达 10 亿元人民币（约合 1.844 亿新元）于精选的高收益（超过 4.5%）上市股票和增值投资机会。</p>
</div><p>Liu Hua, executive chairman of Yangzijiang Financial, noted: “The recognition of FY2025 allowances reflects prevailing market conditions and aligns our portfolio valuations on a more conservative basis.</p>
<div class="lb-trans"><p>扬子江金融的执行主席刘华指出：“2025 财年的准备金确认反映了当前的市场状况，并使我们的投资组合估值更加保守。</p>
</div><p>“With a strengthened balance sheet and zero external borrowings, we are focused on disciplined capital redeployment and building a more resilient and diversified earnings base over time.”</p>
<div class="lb-trans"><p>“在资产负债表得到加强且没有外部借款的情况下，我们专注于有纪律的资本再部署，并随着时间的推移建立一个更具韧性和多元化的收益基础。”</p>
</div><p>Ahead of the results, Yangzijiang Financial climbed 5.1 per cent, or S$0.015, to end at S$0.31 on Friday.</p>
<div class="lb-trans"><p>在业绩公布前，扬子江金融股价上涨 5.1%，或 0.015 新元，收于 0.31 新元。</p>
</div><p>It had earlier issued a profit warning for its FY2025 results, which saw its shares falling to a two-year low on Thursday amid heavy trading.</p>
<div class="lb-trans"><p>该公司此前已对 2025 财年的业绩发出盈利警告，导致其股价在周四的重磅交易中跌至两年来的低点。</p>
</div>

扬子江金融在下半年出现亏损，并因中国房地产拨备在 2025 财年录得亏损