惠理基金管理有限公司基本资料

惠理基金管理有限公司基本资料 惠理基金管理有限公司基本资料 企业全称: 惠理基金管理公司 英文名称: Value Partners Group Limited 企业简称: 惠理集团 成立时间: 1993-01-01 一、 基金公司概括介绍: 证券代码:00806.hk 集团主席:谢清海 发行股本(股):1,755M 面值币种:港元 股票面值:0.1 上市日期:2007/11/22 法定股本(股):5,000,000,000 已发行股本(股):1,755,202,800 买卖单位:1,000 每股净资产值:1.3799 每股盈利:0.4010(2011年中期) 市盈率(倍):10.02 每股派息:0.1600 行业分类:投资及资产管理 公司业务: 公司为投资控股公司。惠理集团有限公司是一家独立的价值型资产管理集团，业务覆盖亚太地区，尤其集中大中华区域的投资。惠理集团透过旗下的惠理品牌及盛宝品牌，管理对回报偏持长仓基金、长短仓对冲基金、私人股本基金、交易所买卖基金及量化基金。集团遵循成熟的价值投资理念并奉行主动、由下而上、以研究推动及基于团队合作的投资方针，配合严谨的基金管理，惠理在，机构投资者，杂志《Institutional Investor》的，2010年对冲基金100，名单中，获评为亚洲最大之对冲基金公司。 全年业绩: 于2010年，惠理录得纯利6.532亿港元(每股基本盈利:40.1港仙)，与二零零九年3.188亿港元比较升超过两倍。 业务回顾: 于2010年，这是非凡的一年，公司不单财务业绩理想，其它重点发展亦相当卓越，当中值得注意的包括: ? 超卓的基金现。一如既往，这是公司业务模式的关键，于2010年公司再一次取得佳绩。以公司的旗舰惠理价值基金为例，基金的资产净值于2010年录得20.2%#升幅后创下历史新高，远超越囱生指数及摩根士丹利中国指数同期分别录得8.6%及4.6%的升幅。 ? 基金销售创新高。于2010年，公司的基金吸引净资金流入(认购金额减赎回金额)为13亿美元，是公司成立17年以来录得最高的资金流入纪录。管理资产达79亿美元，超越公司在二零零七年爆发全球金融危机前，管理73亿美元资产的纪录。惠理是亚洲区最大的基金管理公司之一，公司的市场占有率正在不断上升。 ? 股价攀升。公司显著的增长从惠理的股价上升96.5%中可见一斑。惠理的股价于2010年anti-Japanese patriotism. Under the influence of the party, Zhu, Wang, acting in strict discipline, political, military quality and combat effectiveness has improved. As well as youth service corps, women's service and young pioneers, countryside-Japanese performance, posting anti-Japanese slogans, operate private schools, literacy classes, founder of the iron, and the tongue and the sound, sparks and other anti-Japanese mimeographed tabloid, actively promote anti-Japanese. Hanchang recovery after the party, that is, "Jiangnan anti-Japanese guerrilla people save," Shen Yingjie, Xu Azhen to participate in development of the Chinese Communist Party, in October and set up a water party group in Hong Kong, Han chang long party group. Meanwhile, Xu on cleaning two wannan, demanding new army deployed cadres, and have sent many new progressive youth to receive training. On November 9, sheng, Wu Xing, Nanxun, jiaxing, Tongxiang, Zonta, Hangzhou, wukang strongholds such as Elves, nearly all men, together with the aircraft, boats, Zhu Xi Lu, pouncing on troop locations. 10th, the enemies have invaded yan Tomb, Xin Cheng, Wuzhen. 11th, Zhu Xi army pier at Bell House was surrounded by the enemy, break, casualties will be great, CPC party member Xu, Xu Quansheng, really so magnificent and head of three Wang Yulin, also died in the battle. Zhu Xi withdrew the remnants of more than 400 people back to Xiao Feng integration. Jie Xu with the new cadres, Communist party Mr CHOW (Zhou kangyu) came from southern Anhui. Zhu Xi Wei CHOY for staff officers. The end of unified leadership 最后的收市价为7.80港元，去年为3.97港元。 ? 资本基础获得增强。惠理于2010年十月按每股5.68港元发行140,000,000股新股份(占本公司的8.7%)，筹得7.753亿港元新资金。 ? 稳健的新业务发展步伐。公司推出了另一项创新的交易所买卖基金(「ETF」) — 价值黄金ETF，它是全球首只将黄金储存在香港的黄金基金。惠理现有两只ETF — 分别为于二零零九年十二月推出的价值中国ETF(3046 HK)及于2010年十一月推出的价值黄金ETF(3081 HK)。这两项基金均在香港联交所成功上市，而且都是透过与公司的策略伙伴中国平安各占一半股权的合资公司管理。(在本年度结束后，惠理宣布签订了一项协议，于中国云南省组建一家合资股权基金管理公司。该公司将为与云南省政府有联系的伙伴组建，由公司占60%股权的合资公司，并计划于二零一一年成立以人民币为基础的股权投资基金，投资中国内地项目。) ? 成就获认可。香港作为一个广为人知的大型跨国品牌基地，以地产商及零售品牌闻名，能够在商界和资产管理界取得骄人成绩的香港品牌并不多 。在此背景下，惠理的发展历史殊不简单。早于一九九四年(即公司成立后一年)惠理便已屡获殊荣，表现一直备受业界认同。 介绍两项殊荣: ? 惠理的主席兼联席首席投资总监谢清海于2010年Graham & Dodd早餐年会上担任主讲嘉宾。Graham & Dodd早餐年会是由纽约哥伦比亚大学商学院的Heilbrunn Center forGraham & Dodd Investing中心举办的年度盛事。本年为第二十届Graham & Dodd早餐年会，亦是首次邀请亚洲讲者担任主讲嘉宾。谢先生的演讲题目为「价值投资法:如何套用在中国及亚洲地区(Value investing: Making it work in China and Asia)」。 ? 备受尊崇的Thomson Reuters 2010年Extel 亚太区调查最近公布调查结果，当中惠理获选为亚洲区首三名基金管理公司之一。根据该项调查，惠理的员工位列亚洲区领先买方个人基金经理。惠理的基金经理杨晓帆、周翊祥及刘晓仪在该项调查的一般股票/策略组别中，从廿五名「买方个人基金经理」候选群中脱颖而出，排名第一、第二及第三名。 业务展望: 二零一一年是中国踏入第十二个五年规划的伊始，政府将采取强力的措施为中国的经济模式转型，由出口为主导的经济模式改变为推动国内消费，以及致力改善中国的环境和生活水平。北京政府依旧重视增长与营商，但对于任何可影响社会稳定的事件相当敏感。就此而言，官方已将通胀列为其最首要的「忧虑事项」，并将密切留意全球的政治及经济发展，以防影响中国。 公司认为二零一一年中国的投资环境充满挑战。对于审慎和长线的投资者而言，未来仍有可观的投资机会，惟必需要以由下而上的研究从中发掘。整体来说，「中国故事」仍属稳健，二零一一年的经济增长前景仍然亮丽，预计将达到9%，较2010年估计的10%稍微下降。 公司的整体企业目标为将惠理发展成为亚洲「价值投资殿堂」，公司在这方面已取得理想的进展，并将实施更多改进。公司锐意成为世界级的资产管理机构，不单就投资队伍历经验证的本领和资源，以致公司的整体品牌、企业配套及支持系统亦需达致一级水平。公司已建立的成就需要经过岁月，始能经得起考验。 anti-Japanese patriotism. Under the influence of the party, Zhu, Wang, acting in strict discipline, political, military quality and combat effectiveness has improved. As well as youth service corps, women's service and young pioneers, countryside-Japanese performance, posting anti-Japanese slogans, operate private schools, literacy classes, founder of the iron, and the tongue and the sound, sparks and other anti-Japanese mimeographed tabloid, actively promote anti-Japanese. Hanchang recovery after the party, that is, "Jiangnan anti-Japanese guerrilla people save," Shen Yingjie, Xu Azhen to participate in development of the Chinese Communist Party, in October and set up a water party group in Hong Kong, Han chang long party group. Meanwhile, Xu on cleaning two wannan, demanding new army deployed cadres, and have sent many new progressive youth to receive training. On November 9, sheng, Wu Xing, Nanxun, jiaxing, Tongxiang, Zonta, Hangzhou, wukang strongholds such as Elves, nearly all men, together with the aircraft, boats, Zhu Xi Lu, pouncing on troop locations. 10th, the enemies have invaded yan Tomb, Xin Cheng, Wuzhen. 11th, Zhu Xi army pier at Bell House was surrounded by the enemy, break, casualties will be great, CPC party member Xu, Xu Quansheng, really so magnificent and head of three Wang Yulin, also died in the battle. Zhu Xi withdrew the remnants of more than 400 people back to Xiao Feng integration. Jie Xu with the new cadres, Communist party Mr CHOW (Zhou kangyu) came from southern Anhui. Zhu Xi Wei CHOY for staff officers. The end of unified leadership 二、基金公司资料: 主要股东: Cheah Capital Management Limited (28.52%) 叶维义 (17.04%) 中国平安保险(集团)股份有限公司 (8.93%) Legg Mason Inc. (5.01%) 公司董事: 谢清海(主席兼执行董事) 陈尚礼(联席行政总裁兼执行董事) 谢伟明(副行政总裁兼执行董事) 洪若甄(执行董事) 苏俊祺(执行董事) 陈世达(独立非执行董事) Lee Siang Chin(独立非执行董事) 大山宜男(独立非执行董事) 公司秘:谢伟明 往来银行:香港上海汇丰银行有限公司 律师:礼德律师行联营行 核数师:罗兵咸永道会计师事务所 注册办事处:香港中环干诺道中四十一号盈置大厦九楼 股份过户登记处:卓佳证券登记有限公司 股份过户登记处电话:(852) 2980-1888 公司网址: 电邮地址:VPG@vp.com.hk 电话号码:(852) 2880-9263 传真号码:(852) 2565-7975 三、财务比率: 财务比率-全年业 绩 Dec-10 Dec-09 Dec-08 Dec-07 Dec-06 变现能力 流动比率(倍) 5.49 4.86 22.73 1.65 2.49 速动比率(倍) 5.49 4.86 22.73 1.65 2.49 偿债能力分析 长期债项/股东权 益(%) 0 0 0 0 0 总债项/股东权益 (%) 0 0 0 0 0 总债项/资本运用 (%) 0 0 0 0 0 anti-Japanese patriotism. Under the influence of the party, Zhu, Wang, acting in strict discipline, political, military quality and combat effectiveness has improved. As well as youth service corps, women's service and young pioneers, countryside-Japanese performance, posting anti-Japanese slogans, operate private schools, literacy classes, founder of the iron, and the tongue and the sound, sparks and other anti-Japanese mimeographed tabloid, actively promote anti-Japanese. Hanchang recovery after the party, that is, "Jiangnan anti-Japanese guerrilla people save," Shen Yingjie, Xu Azhen to participate in development of the Chinese Communist Party, in October and set up a water party group in Hong Kong, Han chang long party group. Meanwhile, Xu on cleaning two wannan, demanding new army deployed cadres, and have sent many new progressive youth to receive training. On November 9, sheng, Wu Xing, Nanxun, jiaxing, Tongxiang, Zonta, Hangzhou, wukang strongholds such as Elves, nearly all men, together with the aircraft, boats, Zhu Xi Lu, pouncing on troop locations. 10th, the enemies have invaded yan Tomb, Xin Cheng, Wuzhen. 11th, Zhu Xi army pier at Bell House was surrounded by the enemy, break, casualties will be great, CPC party member Xu, Xu Quansheng, really so magnificent and head of three Wang Yulin, also died in the battle. Zhu Xi withdrew the remnants of more than 400 people back to Xiao Feng integration. Jie Xu with the new cadres, Communist party Mr CHOW (Zhou kangyu) came from southern Anhui. Zhu Xi Wei CHOY for staff officers. The end of unified leadership 投资回报分析 股东权益回报率 (%) 27.01 29.81 8.97 116.95 87.53 资本运用回报率 (%) 27.01 29.81 8.97 116.94 87.52 总资产回报率 (%) 23.39 26.11 8.66 52.43 55.49 盈利能力分析 经营利润率(%) 70.64 75.68 21.93 65.15 69.48 税前利润率(%) 70.4 75.11 21.93 65.14 69.57 边际利润率(%) 60.75 69.26 15.79 55.87 57.48 营运能力分析 存货周转率(倍) 0 0 0 0 0 投资收益分析 派息比率(%) 39.9 40.2 130.95 40.02 0 相关统计 财政年度周最高 价 8.32 4.2 8 8.75 0 财政年度周最低 价 3.95 1.85 1.38 6.51 0 财政年度最高市 盈率(倍) 20.75 21.11 190.48 9.86 N/A 财政年度最低市 盈率(倍) 9.85 9.3 32.86 7.34 N/A 财政年度最高周 息率(%) 4.05 4.32 3.99 5.45 0 财政年度最低周 息率(%) 1.92 1.9 0.69 4.06 0 四、损益表: 综合损益表-全年业 绩 Dec-10 Dec-09 Dec-08 Dec-07 Dec-06 营业额 1,075,209 460,274 421,860 2,540,757 1,489,618 经营溢利 759,481 348,348 92,506 1,655,349 1,034,944 anti-Japanese patriotism. Under the influence of the party, Zhu, Wang, acting in strict discipline, political, military quality and combat effectiveness has improved. As well as youth service corps, women's service and young pioneers, countryside-Japanese performance, posting anti-Japanese slogans, operate private schools, literacy classes, founder of the iron, and the tongue and the sound, sparks and other anti-Japanese mimeographed tabloid, actively promote anti-Japanese. Hanchang recovery after the party, that is, "Jiangnan anti-Japanese guerrilla people save," Shen Yingjie, Xu Azhen to participate in development of the Chinese Communist Party, in October and set up a water party group in Hong Kong, Han chang long party group. Meanwhile, Xu on cleaning two wannan, demanding new army deployed cadres, and have sent many new progressive youth to receive training. On November 9, sheng, Wu Xing, Nanxun, jiaxing, Tongxiang, Zonta, Hangzhou, wukang strongholds such as Elves, nearly all men, together with the aircraft, boats, Zhu Xi Lu, pouncing on troop locations. 10th, the enemies have invaded yan Tomb, Xin Cheng, Wuzhen. 11th, Zhu Xi army pier at Bell House was surrounded by the enemy, break, casualties will be great, CPC party member Xu, Xu Quansheng, really so magnificent and head of three Wang Yulin, also died in the battle. Zhu Xi withdrew the remnants of more than 400 people back to Xiao Feng integration. Jie Xu with the new cadres, Communist party Mr CHOW (Zhou kangyu) came from southern Anhui. Zhu Xi Wei CHOY for staff officers. The end of unified leadership 非经营/ 特殊项目 0 0 0 0 0 联营公司 -2,586 -2,641 0 -203 1,376 除税前经营溢利 756,895 345,707 92,506 1,655,146 1,036,320 税项 103,723 26,903 25,908 235,618 180,135 少数股东权益 0 0 0 0 -81 股东应占溢利 653,172 318,804 66,598 1,419,528 856,266 货币 港元 港元 港元 港元 港元 单位 '000 '000 '000 '000 '000 主要项目 Dec-10 Dec-09 Dec-08 Dec-07 Dec-06 折旧 3,465 4,280 4,844 4,063 2,637 利息 0 0 0 0 0 利息拨作发展资本 0 0 0 0 0 处置/重估固定资产 0 0 0 0 0 税率(%) 13.7 7.78 28.01 14.24 17.38 营业额增长(%) 133.6 0.19 -83.85 67.36 201.94 股东应占溢利增长 (%) 104.88 378.7 -95.31 65.78 261.22 核数师意见 1 1 1 1 五、现金流量表: 合现金流量表-全年 Dec-10 Dec-09 Dec-08 Dec-07 Dec-06 经营活动之现金流量 330,007 157,870 1,213,887 1,278,378 398,630 投资回报及融资费用之 现金流量 -121,131 11,448 -1,221,412 -479,813 -354,439 已收利息 1,469 3,277 18,816 28,660 10,944 已付利息 0 0 0 0 0 已收股息 5,540 8,171 21,172 40,017 22,117 已付股息 -128,140 0 -1,316,000 -548,490 -387,500 其他 0 0 54,600 0 0 退回/(已缴)税项 -49,721 -7,785 -124,485 -277,909 -69,229 投资活动之现金流量 -270,615 -206,627 -50,913 -47,812 104,279 增添固定资产 -8,123 -8,661 -2,271 -2,309 -8,801 出售固定资产 0 0 32 0 82 投资增加 -387,305 -204,730 -53,362 -121,233 -27,799 投资减少 124,813 6,764 5,851 75,842 144,605 与关联人士之现金流 量 0 0 -1,163 -112 -4,170 其他 0 0 0 0 362 融资活动前之现金流量 -111,460 -45,094 -182,923 472,844 79,241 anti-Japanese patriotism. Under the influence of the party, Zhu, Wang, acting in strict discipline, political, military quality and combat effectiveness has improved. As well as youth service corps, women's service and young pioneers, countryside-Japanese performance, posting anti-Japanese slogans, operate private schools, literacy classes, founder of the iron, and the tongue and the sound, sparks and other anti-Japanese mimeographed tabloid, actively promote anti-Japanese. Hanchang recovery after the party, that is, "Jiangnan anti-Japanese guerrilla people save," Shen Yingjie, Xu Azhen to participate in development of the Chinese Communist Party, in October and set up a water party group in Hong Kong, Han chang long party group. Meanwhile, Xu on cleaning two wannan, demanding new army deployed cadres, and have sent many new progressive youth to receive training. On November 9, sheng, Wu Xing, Nanxun, jiaxing, Tongxiang, Zonta, Hangzhou, wukang strongholds such as Elves, nearly all men, together with the aircraft, boats, Zhu Xi Lu, pouncing on troop locations. 10th, the enemies have invaded yan Tomb, Xin Cheng, Wuzhen. 11th, Zhu Xi army pier at Bell House was surrounded by the enemy, break, casualties will be great, CPC party member Xu, Xu Quansheng, really so magnificent and head of three Wang Yulin, also died in the battle. Zhu Xi withdrew the remnants of more than 400 people back to Xiao Feng integration. Jie Xu with the new cadres, Communist party Mr CHOW (Zhou kangyu) came from southern Anhui. Zhu Xi Wei CHOY for staff officers. The end of unified leadership 融资活动之现金流量 812,950 0 0 0 0 新增贷款 0 0 0 0 0 偿还贷款 0 0 0 0 0 定息/债项工具融资 0 0 0 0 0 偿还定息/债项工具 0 0 0 0 0 股本融资 812,950 0 0 0 0 与关联人士之现金流 量 0 0 0 0 0 其他 0 0 0 0 0 现金及等同现金之增加 /(减少) 701,490 -45,094 -182,923 472,844 79,241 年初之现金及现金等同 项目 517,071 562,165 745,088 272,244 193,003 外汇兑换率变动之影响 /(其他) 0 0 0 0 0 年终之现金及现金等同 项目 1,218,561 517,071 562,165 745,088 272,244 货币 港元 港元 港元 港元 港元 单位 '000 '000 '000 '000 '000 核数师意见 1 1 1 六、资产负债表: 综合资产负债表- 全年 Dec-10 Dec-09 Dec-08 Dec-07 Dec-06 固定资产 66,694 8,944 4,165 6,372 9,767 投资 667,307 471,866 146,757 228,064 124,215 流动资产 2,054,661 736,148 614,559 2,469,092 1,406,959 其他资产 3,430 4,075 3,640 3,780 2,139 总资产 2,792,092 1,221,033 769,121 2,707,308 1,543,080 长期债项 0 0 0 0 0 其他长期负债 32 0 0 126 126 流动负债 374,126 151,619 27,034 1,493,368 564,740 股本 866,717 53,767 11,855 11,855 11,855 储备 1,551,217 1,015,647 730,232 1,201,959 966,359 股东权益 2,417,934 1,069,414 742,087 1,213,814 978,214 货币 港元 港元 港元 港元 港元 单位 '000 '000 '000 '000 '000 主要项目 Dec-10 Dec-09 Dec-08 Dec-07 Dec-06 存货 0 0 0 0 0 现金及银行结存 1,218,561 517,071 562,165 745,088 272,244 anti-Japanese patriotism. Under the influence of the party, Zhu, Wang, acting in strict discipline, political, military quality and combat effectiveness has improved. As well as youth service corps, women's service and young pioneers, countryside-Japanese performance, posting anti-Japanese slogans, operate private schools, literacy classes, founder of the iron, and the tongue and the sound, sparks and other anti-Japanese mimeographed tabloid, actively promote anti-Japanese. Hanchang recovery after the party, that is, "Jiangnan anti-Japanese guerrilla people save," Shen Yingjie, Xu Azhen to participate in development of the Chinese Communist Party, in October and set up a water party group in Hong Kong, Han chang long party group. Meanwhile, Xu on cleaning two wannan, demanding new army deployed cadres, and have sent many new progressive youth to receive training. On November 9, sheng, Wu Xing, Nanxun, jiaxing, Tongxiang, Zonta, Hangzhou, wukang strongholds such as Elves, nearly all men, together with the aircraft, boats, Zhu Xi Lu, pouncing on troop locations. 10th, the enemies have invaded yan Tomb, Xin Cheng, Wuzhen. 11th, Zhu Xi army pier at Bell House was surrounded by the enemy, break, casualties will be great, CPC party member Xu, Xu Quansheng, really so magnificent and head of three Wang Yulin, also died in the battle. Zhu Xi withdrew the remnants of more than 400 people back to Xiao Feng integration. Jie Xu with the new cadres, Communist party Mr CHOW (Zhou kangyu) came from southern Anhui. Zhu Xi Wei CHOY for staff officers. The end of unified leadership 短期债项 0 0 0 0 0 总债项 0 0 0 0 0 核数师意见 1 1 1 1 七、盈利摘要: 盈利摘要-全年业绩 Dec-10 Dec-09 Dec-08 Dec-07 Dec-06 盈利(百万) 653 319 67 1,420 856 盈利增长(%) 104.88 378.7 -95.31 65.78 261.22 每股盈利 0.401 0.199 0.042 0.887 0.54 每股盈利增长(%) 101.51 373.81 -95.26 64.26 N/A 每股派息 0.16 0.08 0.055 0.355 0 市盈率(倍) 10.02 35.73 169.29 8.02 13.17 周息率(%) 3.98 1.13 0.77 4.99 0 派息比率(%) 39.9 40.2 130.95 40.02 0 每股账面资产净值 1.3799 0.6684 0.4638 0.7586 N/A 报告货币 港元 港元 港元 港元 港元 基准货币 港元 港元 港元 港元 港元 兑换比率 1 1 1 1 1 anti-Japanese patriotism. Under the influence of the party, Zhu, Wang, acting in strict discipline, political, military quality and combat effectiveness has improved. As well as youth service corps, women's service and young pioneers, countryside-Japanese performance, posting anti-Japanese slogans, operate private schools, literacy classes, founder of the iron, and the tongue and the sound, sparks and other anti-Japanese mimeographed tabloid, actively promote anti-Japanese. Hanchang recovery after the party, that is, "Jiangnan anti-Japanese guerrilla people save," Shen Yingjie, Xu Azhen to participate in development of the Chinese Communist Party, in October and set up a water party group in Hong Kong, Han chang long party group. Meanwhile, Xu on cleaning two wannan, demanding new army deployed cadres, and have sent many new progressive youth to receive training. On November 9, sheng, Wu Xing, Nanxun, jiaxing, Tongxiang, Zonta, Hangzhou, wukang strongholds such as Elves, nearly all men, together with the aircraft, boats, Zhu Xi Lu, pouncing on troop locations. 10th, the enemies have invaded yan Tomb, Xin Cheng, Wuzhen. 11th, Zhu Xi army pier at Bell House was surrounded by the enemy, break, casualties will be great, CPC party member Xu, Xu Quansheng, really so magnificent and head of three Wang Yulin, also died in the battle. Zhu Xi withdrew the remnants of more than 400 people back to Xiao Feng integration. Jie Xu with the new cadres, Communist party Mr CHOW (Zhou kangyu) came from southern Anhui. Zhu Xi Wei CHOY for staff officers. The end of unified leadership