Shanghai Industrial Holdings Limited (“SIHL”, HKSE Stock Code: 363) was incorporated in Hong Kong in January 1996, and on 30 May of the same year was listed on the Stock Exchange of Hong Kong. SIHL is a constituent stock of the MSCI China Index and Hang Seng Composite Index, and an eligible stock of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Connect. At the end of 2025, the company’s total assets reached HK$165.0 billion.
Shanghai Industrial Holdings Limited, is the largest overseas conglomerate enterprise of Shanghai Industrial Investment (Holdings) Company Limited (“SIIC”). As the flagship in the SIIC group of companies, SIHL has been well-positioned to seize domestic investment opportunities and demonstrate the advantages of being rooted in Shanghai and Hong Kong while connecting with the global market.
After 30 years’ development, SIHL has became a conglomerate company with three core businesses: infrastructure and environmental protection (including toll roads, and environmental protection related business such as sewage treatment and solid waste treatment business), real estate and consumer products (including Nanyang Tobacco and Wing Fat Printing). SIHL will continue to raise its governance standard in order to create favourable returns and value for shareholders.
During the year ended 31 December 2025, the overall revenue and traffic volume of the three toll roads under the Group recorded a year-on-year increase. Throughout the year, the project companies of each toll road steadily advanced various key projects.
To prepare for the national trunk highway maintenance and management evaluation, relevant companies have formulated and implemented special inspection preparation plans, focusing on carrying out targeted rectification work and making comprehensive and adequate preparations. Meanwhile, the company has actively carried out flood and typhoon prevention work to ensure safe passage through the flood season. To cope with traffic pressure during holidays and major events such as the CIIE, the company has improved its support system, optimized response plans, and effectively safeguarded the operation of expressways during holidays and major events.
During the year, the Shanghai section of the Shanghai-Chongqing Expressway piloted a media-free toll collection mode at two toll stations. Through the application of license plate recognition, pre-transaction gantries and other equipment, seamless connection between vehicles and the toll collection system was achieved, which effectively shortened vehicle waiting time and significantly alleviated congestion during peak hours. The Xicen East Interchange project on this section was successfully completed, with its toll station put into operation in February, and the mainline widening and reconstruction project is also progressing steadily. In addition, the planning for the reconstruction and expansion of the Shanghai sections of the Beijing-Shanghai Expressway and the Shanghai-Kunming Expressway is currently under active communication and coordination with relevant government authorities.
The water and solid waste businesses under the Group have experienced rapid growth, with their scale gradually expanding. We will continue to actively look for high-quality investment projects in the environmental protection area.SIHL's water services business consists of two operating platforms namely SIIC Environment (BHK SGX; 807 HKSE) dual listed in Singapore and Hong Kong and General Water of China, a domestic water services company in China.
SIIC Environment will continue to optimize its business layout, deepen its presence in core markets, expand its external development scope, steadily increase its market share, further consolidate and enhance its leading position in the industry, and inject strong impetus into the high-quality development of the sector.
China’s real estate market entered a crucial phase of profound adjustment these years, our enterprises achieved overall stability in their operational fundamentals through further business restructuring adjustment, enhancing asset revitalization, and optimizing management efficiency. Meanwhile, our enterprises were actively seeking a new model of operational development by expanding asset-light services (such as property management, elderly care, and leasing), aiming to improve its revenue structure and enhance competitiveness. Real Estate assets mainly include the Hong Kong-listed SI Urban Development (“SIUD”, 563 HKSE) and the Shanghai-listed SI Development (“SID”, 600748 SSE) located in Shanghai. Adhere to the strategic layout of taking Shanghai as the core and deeply cultivating the Yangtze River Delta, and actively explore and advance the steady transformation of the real estate business toward a new development model. As at the end of 2025, total attributable land bank of SIHL is 4.18million square meters.
Business comprises two premier companies -- Nanyang Tobacco and Wing Fat Printing -- both well established with long history, and excellent reputation and prominent position in the tobacco and printing/packaging market respectively. Nanyang Tobacco's manufacturing facilities located in Hong Kong, adopting a proactive market strategy, prioritizing digital transformation and intelligent upgrading as essential pathways for development. The company focused on promoting new product research and development while optimizing processes on the basis of ensuring the stable operation of traditional products, and continued to tighten cost-and-expense controls. These ongoing efforts yielded positive results, driving steady growth in overall annual operating performance. Wing Fat Printing is one of the largest printing companies in Hong Kong featuring paper-based printing and packaging, paper packaging materials supply and related ancillary services and design services. Headquartered in Hong Kong, Wing Fat's business operations cover Hong Kong and a number of provinces in the mainland. Wing Fat Printing adopted a prudent business philosophy, centered on “focusing on core businesses development and implementing precision management”, and achieved improvements in cost control, capacity utilization, and management efficiency, ensuring stable progress in overall business operations. The consumer products sector continued to provide steady earnings and cash flow for SIHL.
