Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 44,193,176, a decrease of 4.9% compared to RMB 46,453,309 in 2024[2] - Gross profit increased by 54.7% to RMB 1,060,606 from RMB 685,686 in the previous year[2] - The annual profit and total comprehensive income amounted to RMB 12,236, a significant improvement of 103.2% from a loss of RMB 385,139 in 2024[3] - Total revenue for the year ended December 31, 2025, was RMB 44,193,176,000, down from RMB 46,453,309,000 in 2024, representing a decline of approximately 4.9%[19] - The company reported a segment loss of RMB 205,491 thousand for 2025, compared to a loss of RMB 258,406 thousand in 2024, indicating an improvement of approximately 20.5%[22] - The company recorded a net loss attributable to shareholders of RMB 35,559 thousand for 2025, an improvement from a net loss of RMB 414,579 thousand in 2024, representing a reduction of about 91.4%[31] - The company recorded a net profit of approximately RMB 12.2 million for the year ending December 31, 2025, a significant increase of about 103.2% compared to a net loss of approximately RMB 385.1 million for the year ending December 31, 2024[47] Sales and Production - Stainless steel sales volume rose by 2.3% to 2,103,748 tons, while carbon steel sales volume increased by 0.8% to 5,101,149 tons[2] - Sales revenue from the mainland China market was RMB 42,919,086,000 in 2025, compared to RMB 44,970,767,000 in 2024, indicating a decrease of about 4.5%[19] - The manufacturing segment's revenue from high-end equipment manufacturing was RMB 1,184,480,000 in 2025, down from RMB 1,455,604,000 in 2024, a decline of approximately 18.6%[20] - Stainless steel processing sales volume increased by approximately 2.3% to about 2,104,000 tons for the year ending December 31, 2025, while carbon steel processing sales volume increased by approximately 0.8% to about 5,101,000 tons[47] Cash Flow and Assets - Operating cash flow for the year was RMB 526,805, up from RMB 439,462 in 2024[7] - Cash and cash equivalents at year-end were RMB 109,181, down from RMB 153,891 at the beginning of the year[7] - Total assets decreased to RMB 12,429,275 from RMB 12,970,475 in the previous year[4] - Total liabilities reduced to RMB 9,588,747 from RMB 10,105,677 in 2024[5] - Cash and cash equivalents decreased from RMB 153,891,000 as of December 31, 2024, to RMB 109,181,000 as of December 31, 2025[9] - As of December 31, 2025, total trade receivables and contract assets amounted to RMB 601,993,000, an increase from RMB 460,906,000 as of December 31, 2024, representing a growth of approximately 30.6%[35] - Total accounts payable as of December 31, 2025, was RMB 1,130,891,000, an increase from RMB 1,082,057,000 in 2024, reflecting a growth of approximately 4.5%[36] Expenses and Costs - The cost of raw materials consumed was RMB 41,801,836 thousand in 2025, down from RMB 44,411,966 thousand in 2024, reflecting a decrease of about 5.9%[23] - Distribution costs decreased from approximately RMB 506.4 million in 2024 to about RMB 493.6 million in 2025, mainly due to reduced transportation costs[61] - Administrative expenses were reduced from approximately RMB 421 million in 2024 to about RMB 358 million in 2025, primarily due to decreased employee welfare expenses[62] - Financing costs for 2025 were RMB 212,216 thousand, a reduction from RMB 241,841 thousand in 2024, showing a decrease of approximately 12.3%[25] Strategic Initiatives - The group plans to improve operational performance and cash flow by increasing sales volume and enhancing inventory management[10] - The group aims to maintain relationships with banks and financial institutions to secure sufficient credit facilities and manage refinancing of existing bank loans[10] - The company aims to improve profitability through enhanced customer service, operational efficiency, and technological innovation[40] - The company plans to enhance its service network and invest in advanced automation equipment to improve processing capabilities and production efficiency in the coming year[48] - Strategic cooperation agreements were signed with various partners, including a comprehensive partnership with European Sumitomo Corporation to deepen supply chain collaboration and expand into the European market[45] Accounting and Compliance - The adoption of new accounting standards is expected to impact the presentation and disclosure of financial performance, particularly in how operating profit is calculated and reported[15] - The group anticipates that the information currently disclosed will not undergo significant changes, although the manner of aggregation or disaggregation may vary due to new principles[17] - The group will apply the new accounting standards starting from January 1, 2027, requiring retrospective application for comparative information[17] - The audit committee has reviewed the consolidated annual performance for the year ending December 31, 2025, and confirmed compliance with applicable accounting standards and regulations[82] - The financial figures for the year ending December 31, 2025, have been preliminarily announced, and the auditor has compared them with the audited consolidated financial statements[83] - The annual report for the year ending December 31, 2025, will be sent to shareholders and is available on the company's and Hong Kong Stock Exchange's websites[84] Risks and Challenges - The company faces foreign exchange risks due to transactions in currencies other than RMB, primarily USD, EUR, HKD, and JPY[67] - The company relies on major suppliers for high-quality metal processing, and any disruption could adversely affect operations[72] - The metal processing industry is cyclical, and economic downturns may negatively impact product demand and pricing[73] - The company aims to expand its processing service network both in China and globally, but new market entries may not meet budgeted sales and profit margins[75] Workforce and Dividends - The company employed 6,641 staff as of December 31, 2025, a decrease of approximately 1.4% from 6,738 in the previous year[76] - No interim or final dividends are recommended for the year ending December 31, 2025, consistent with 2024[33] - No interim dividend was declared for the year, and the board does not recommend a final dividend for the year ending December 31, 2025, to maintain sufficient capital for business development[77]

I. 憲章 於二零一零年十一月九日，大明國際控股有限公司(「本公司」)董事會(「董事 會」)議決在董事會下成立一個名為提名委員會之委員會(「委員會」)，其職權 範圍載於下文。 II. 委員會組成 大明國際控股有限公司 提名委員會 職權範圍 III. 委員會主席 IV. 委員會秘書 本公司之公司秘書或他／她的代名人須擔任委員會秘書(「委員會秘書」)。 V. 議事程序 除本職權範圍另有列明者外，委員會的會議及議事程序受本公司組織章程細 則中規管董事會會議及本公司議事程序的條文所規管。 VI. 法定人數 委員會作出決定所需的法定人數為任何兩名獨立非執行董事。正式召開及出席 人數達法定人數的委員會會議有權行使委員會獲授權或可行使的所有或任何權 力、權限或酌情權。 1 A. 委員會由董事會委任，至少由三名成員組成，其中至少一名成員為不同性 別。委員會的大多數成員須為獨立非執行董事。 B. 委員會成員的委任期最長為三年，並可獲董事會續期。 A. 董事會須委任董事會主席或一名獨立非執行董事為委員會主席(「委員會主 席」)及釐定其委任的年期。如委員會主席及／或其獲委任的副主席未能出 席會議，其餘出席成員應自行選舉一名成員主持 ...

大明國際控股有限公司董事會(「董事會」)成員載列如下: 執行董事 DA MING INTERNATIONAL HOLDINGS LIMITED 大明國際控股有限公司 周克明先生 (主席) 徐霞女士 (副主席) 鄒曉平先生 (副主席) 梁宗仁先生 非執行董事 盧健先生 路剛先生 獨立非執行董事 （於開曼群島註冊成立的有限公司） （股份代號：1090） 董事名單與其角色和職能 卓華鵬先生 胡學發先生 陳欣教授 汪六七先生 各董事會成員在董事會轄下委員會中所擔任的職位如下： | 董事會轄下 委員會 | 審核委員會 | 提名委員會 | 薪酬委員會 | | --- | --- | --- | --- | | 董事 | | | | | 鄒曉平先生 | | M | M | | 徐霞女士 | | M | | | 卓華鵬先生 | C | C | C | | 胡學發先生 | M | M | M | | 陳欣教授 | M | M | M | | 汪六七先生 | M | M | M | 附註： C: 有關委員會的主席 M: 有關委員會的成員 香港, 二零二六年三月二十六日 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部分 內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 大明國際控股有限 公 司 DA MING INTERNATIONAL HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：1090） 周克明 執行董事辭任 香港，二零二六年三月二十六日 於本公佈日期，執行董事為周克明先生（主席）、徐霞女士、鄒曉平先生及梁宗仁先生； 非執行董事為盧健先生及路剛先生；而獨立非執行董事為卓華鵬先生、胡學發先生、陳 欣教授及汪六七先生。 大明國際控股有限公司（「本公司」，連同其附屬公司「本集團」）之董事會 （「董 事會」）謹此宣佈，張鋒先生（「張先生」）及陳寧先生（「陳先生」）有意專注於彼 等之其他事業發展，因而已提呈辭任本公司執行董事，自二零二六年三月二十六日起生 效。 張先生及陳先生已確認，彼等與董事會並無意見分歧，亦無任何有關彼等退任董事會的 事項須提呈本公司股東或香港聯合交易所有限公司垂注。 董事會謹藉此機會衷心感謝張先生及陳先生在任期間對本 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部 或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 DA MING INTERNATIONAL HOLDINGS LIMITED 大明國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1090） 承董事會命 大明國際控股有限公司 主席 周克明 香港，二零二六年三月九日 於本公佈日期，執行董事為周克明先生（主席）、徐霞女士、鄒曉平先生、張 鋒先生、梁宗仁先生及陳寧先生；非執行董事為盧健先生及路剛先生；而獨立 非執行董事為卓華鵬先生、胡學發先生、陳欣教授及汪六七先生。 董事會會議召開日期 大明國際控股有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於二 零二六年三月二十六日（星期四）舉行董事會會議，董事會將於會上通過議 案，其中包括批准本公司及其附屬公司截至二零二五年十二月三十一日止年度 的全年業績公告，以及考慮派發末期股息（如有者）。 ...

I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 大明國際控股有限公司 呈交日期: 2026年3月2日 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01090 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,500,000,000 | HKD | | 0.1 | HKD | | 150,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,500,000,000 | HKD | | 0.1 | HKD | | 150,000,000 | 本月底法定/註冊股本 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 大明國際控股有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01090 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,500,000,000 | HKD | | 0.1 | HKD | | 150,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,500,000,000 | HKD | | 0.1 | HKD | | 150,000,000 | 本月底法定/註冊股本 ...

致：香港交易及結算所有限公司 公司名稱: 大明國際控股有限公司 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01090 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,500,000,000 | HKD | | 0.1 HKD | | 150,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,500,000,000 | HKD | | 0.1 HKD | | 150,000,000 | 本月底法定/註冊股本總額： HKD 150,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動 ...

Core Insights - The company has turned a profit in H1 2025, achieving a net profit of 7.58 million yuan, compared to a loss in the previous period [1] - The company generated revenue of 21.198 billion yuan, a year-on-year decrease of 7.0%, while gross profit increased by 7.6% to 554 million yuan [1] Financial Performance - In H1 2025, the company reported revenue of 21.198 billion yuan, with 20.473 billion yuan from processing business and 0.725 billion yuan from manufacturing business [1] - The group recorded a net profit of approximately 22.8 million yuan, a year-on-year increase of about 141.6% [1] - The sales volume for stainless steel processing was approximately 996,000 tons, an increase of about 3.1%, while carbon steel processing sales volume was approximately 2.391 million tons, with a growth of 0.4% [1] Company Overview - The company is a leading player in metal processing in China, providing high-end manufacturing services, including steel material processing, component production, and finished product manufacturing [2] - It has established 11 processing service centers and a manufacturing base along the Yangtze River, with an overseas presence in Europe [2] - The company serves numerous leading enterprises across various industries, including automotive, home appliances, and petrochemicals [2] Strategic Outlook - The company is projected to achieve net profits of 40 million yuan, 127 million yuan, and 212 million yuan for the years 2025 to 2027, respectively [2] - A target price of 1.86 HKD is set for 2026, based on a 17x PE ratio, with an initial "buy" rating assigned [2]

Investment Rating - The report assigns a "Buy" rating for Da Ming International Holdings, with a target price of HKD 1.86 based on a 17x PE for 2026 [3]. Core Insights - Da Ming International Holdings has turned losses into profits in the first half of 2025, achieving a net profit attributable to shareholders of RMB 7.58 million, compared to a loss in the previous period [1]. - The company is recognized as a leading player in China's metal processing industry, providing comprehensive manufacturing services and holding a significant market share in large tank prefabrication services [4]. - Revenue for the first half of 2025 was RMB 21.198 billion, a decrease of 7.0% year-on-year, while gross profit increased by 7.6% to RMB 554 million [1]. Financial Performance and Forecast - The company is projected to achieve net profits of RMB 0.40 billion, RMB 1.27 billion, and RMB 2.12 billion for the years 2025, 2026, and 2027 respectively, indicating a strong recovery trajectory [3]. - The financial data indicates a forecasted revenue decline in 2026 and 2027, with expected revenues of RMB 43.566 billion and RMB 40.576 billion, respectively [4]. - The earnings per share (EPS) is expected to improve from RMB 0.03 in 2025 to RMB 0.17 in 2027, reflecting the company's recovery and growth potential [4]. Industry Position - Da Ming International is positioned as a leader in high-end manufacturing services in China, with a strong presence in various sectors including automotive, home appliances, and energy equipment [4]. - The company has established 11 processing service centers across China and has expanded its operations internationally, including a presence in Europe [4]. - The large tank prefabrication service segment holds approximately 50% of the market share for coastal LNG receiving stations in China, showcasing the company's competitive advantage [4].