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3月31日 狀態: 新提交 致：香港交易及結算所有限公司 呈交日期: 2026年4月1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) | 01277 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 500,000,000,000 | USD | | 0.001 USD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | USD | | 0 | | 本月底結存 | | 500,000,000,000 | USD | | 0.001 USD | | 500,000,000 | 本月底法定/註冊股本總額： USD 500,000,000 第 1 頁 共 10 頁 v 1.2.1 ...

Kinetic Development Group Limited (於開曼群島註冊成立的有限公司) （股份代號：1277） 力量發展集團有限公司 將於二零二六年五月二十日（星期三） 假座香港灣仔告士打道80號18樓的 股東週年大會適用的受委代表委任表格 本人╱吾等 （附註1） 地址為 為力量發展集團有限公司（「本公司」）股本中每股面值0.001美元普通股共 （附註2） 股的登記持有人，茲委任大會主席或 （附註3及4） 附註： 收集個人資料聲明 閣下是自願提供 閣下及 閣下委任代表的姓名及地址，以用於處理就本公司大會有關 閣下委任代表的任命及投票指示（「該 等用途」）。我們可能向為本公司提供行政、電腦及其他服務以用於該等用途的代理人、承辦商或第三方服務提供者，以及其他 獲法例授權而要求取得有關資料的人士或其他與上述所列出的該等用途有關以及需要接收有關資料的人士提供 閣下及 閣 下委任代表的姓名及地址。 閣下所提供 閣下及 閣下委任代表的姓名及地址將就履行上述該等用途所需的時間保留。有關 存取及╱或更正相關個人資料的要求可按照《個人資料（私隱）條例》提出，而任何有關要求均須以書面發送至香港中央證券登 記有限公司 ...

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告的內容概不負責， 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告全部或任何部 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。 1. 省覽及考慮截至二零二五年十二月三十一日止年度經審核財務報表、董事 會報告及獨立核數師報告。 2. 宣派截至二零二五年十二月三十一日止年度的末期股息每股6.0港仙。 3. 重選李波先生為執行董事。 4. 重選劉佩蓮女士為獨立非執行董事。 5. 重選陳量暖先生為獨立非執行董事。 6. 授權董事會釐定董事的薪酬。 7. 重新委任畢馬威會計師事務所為獨立核數師，並授權董事釐定核數師酬 金。 及作為額外普通事項，以普通決議案方式考慮並酌情通過下列決議案（不論有 否修改）： 8. 「動議： Kinetic Development Group Limited (於開曼群島註冊成立的有限公司) 力量發展集團有限公司 （股份代號：1277） 股東週年大會通告 茲通告力量發展集團有限公司（「本公司」）謹訂於二零二六年五月二十日（星期三）下 午2時假座香港灣仔告士打道80號18樓舉行股東週年大會，以考慮並酌情通過下列 決 ...

閣下如對本通函的任何內容或應採取的任何行動有任何疑問，應諮詢股票經紀或其他註冊 證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓所有名下的力量發展集團有限公司的股份，應立即將本通函及隨附的 受委代表委任表格送交買主或承讓人，或經手買賣或轉讓的銀行或股票經紀或其他代理，以 便轉交買主或承讓人。 Kinetic Development Group Limited 力量發展集團有限公司 此乃要件 請即處理 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通函的內容概不負責，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通函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。 (於開曼群島註冊成立的有限公司) （股份代號：1277） 建議 (1)宣派及派付末期股息 (2)重選董事 (3)發行新股份及購回股份的一般授權 及 (4)股東週年大會通告 力量發展集團有限公司謹訂於二零二六年五月二十日（星期三）下午2時假座香港灣仔告士 打道80號18樓舉行股東週年大會，大會通告載於本通函第16至20頁。隨函附奉股東週年大 會適用的受委代表委任表格。該受委代表委任表格 ...

目錄 | 公司資料 | 2 | 獨立核數師報告 | 110 | | --- | --- | --- | --- | | 主席報告 | 4 | 綜合損益及其他全面收益表 | 116 | | 管理層討論與分析 | 6 | 綜合財務狀況表 | 118 | | 環境、社會及管治報告 | 29 | 綜合權益變動表 | 120 | | 董事及高級管理層 | 68 | 綜合現金流量表 | 121 | | 董事會報告 | 72 | 綜合財務報表附註 | 123 | | 企業管治報告 | 97 | 財務概要 | 196 | 力量發展集團有限公司 年報2025 2 公司資料 董事會 執行董事 具文忠先生 （主席） 李波先生 （行政總裁） 紀坤朋先生 非執行董事 張琳女士 獨立非執行董事 劉佩蓮女士 陳量暖先生 薛慧女士 審核委員會 劉佩蓮女士 （主席） 陳量暖先生 張琳女士 薪酬委員會 薛慧女士 （主席） 劉佩蓮女士 張琳女士 提名委員會 具文忠先生 （主席） 陳量暖先生 薛慧女士 授權代表 具文忠先生 莊旭輝先生（於二零二五年二月六日獲委任） 曾若詩女士（於二零二五年二月六日辭任） 聯席公司秘書 王蘭蘭女士（於二零二五年四月十 ...

Group 1 - The report highlights that Chaoyun Group has maintained high dividends for six consecutive years, with revenue and profit both showing year-on-year growth, indicating a sustainable growth outlook for its product matrix [4][5] - In 2025, Chaoyun Group achieved a revenue of 1.988 billion RMB, a year-on-year increase of 9.24%, and a net profit of 224 million RMB, up 9.98% year-on-year, with a comprehensive gross margin of 52.61% [4][5] - The company’s home care products performed well, with revenue from this segment reaching 1.715 billion RMB, a year-on-year increase of 5.0%, while the pet business saw a significant growth of 74.3% [5][6] Group 2 - Jianmin Group's revenue for 2025 was 3.370 billion RMB, a decrease of 3.85% year-on-year, but the fourth quarter showed a strong recovery with an 82.69% increase in net profit [10][11] - The pharmaceutical industrial segment of Jianmin Group reported a revenue of 2.025 billion RMB, a year-on-year increase of 15.91%, driven by strong sales of prescription and OTC products [11][12] - The company is focusing on brand development and innovation, with key products showing significant sales growth, indicating a strong recovery in its core business [11][12] Group 3 - The report on Yimeng Biotech indicates that the B7H3 ADC drug has shown excellent efficacy in treating metastatic castration-resistant prostate cancer (mCRPC), with promising clinical trial results [13][14] - The drug has received fast track designation from the FDA, highlighting its potential in the market [14][15] - The clinical study included 146 patients, showing a median radiographic progression-free survival of 11.3 months, indicating strong therapeutic potential [15][16] Group 4 - Pop Mart reported a revenue of 37.12 billion RMB in 2025, a year-on-year increase of 184.7%, with adjusted net profit rising by 284.5% [18][19] - The company has seen a significant increase in online sales, which accounted for 44.3% of total revenue, reflecting a shift in consumer purchasing behavior [21][22] - The number of IPs generating over 2 billion RMB in revenue has increased, with the "Star People" IP showing a remarkable growth of 1602% [25][26] Group 5 - CIMC Vehicles reported a revenue of 20.18 billion RMB in 2025, a decrease of 3.9% year-on-year, but with a strong performance in the Chinese market, where semi-trailer sales increased by 15% [28][29] - The company anticipates a recovery in the North American market in 2026, with significant order rebounds indicating a potential turnaround [29][30] - The report emphasizes the company's strategic positioning in the global market, particularly in the southern regions, which are expected to drive future growth [28][29] Group 6 - Power Development reported a revenue of 5.293 billion RMB in 2025, a decrease of 6.4% year-on-year, but maintained a high profit margin despite market challenges [32][33] - The company achieved a high dividend payout ratio of 123%, reflecting its commitment to returning value to shareholders [33][34] - The report outlines ongoing projects that are expected to enhance production capacity significantly in the coming years, indicating strong growth potential [34][35] Group 7 - Bluestar Technology is recognized as a leader in adsorption separation materials, with significant growth driven by innovation and market demand in various sectors [37][38] - The company is positioned to benefit from the growing market for small nucleic acid drugs, with projections indicating substantial growth in this area [38][39] - The report forecasts revenues of 2.733 billion RMB for 2025, with a strong growth trajectory expected in subsequent years [39]

Investment Rating - The report provides a "Buy" rating for several key stocks in the coal mining sector, including China Qinfa, Yanzhou Coal, and China Shenhua, indicating a positive outlook for these companies [12][14]. Core Insights - The global coal market is expected to see a slight increase in production in 2025, with total coal production projected to reach 9.2 billion tons, a year-on-year growth of approximately 0.5% [19][25]. - Global coal demand is anticipated to grow by about 0.45% in 2025, reaching 884.5 million tons, with regional disparities becoming more pronounced [2][19]. - The international sea trade volume of coal is expected to decline by approximately 5.1% in 2025, totaling 1.468 billion tons [26][34]. Summary by Sections 1. Production and Demand - In 2025, global coal production is projected to slightly increase, with major contributors being China, the U.S., and Kazakhstan, while countries like Indonesia and Germany are expected to see declines [19][23]. - The report highlights that Indonesia's coal production will decrease to 790 million tons in 2025, a drop of 5.5% year-on-year, while Kazakhstan's production is expected to rise by 6.7% [23][28]. 2. Export and Import Trends - Major coal exporting countries include Indonesia, Australia, and Russia, which collectively account for 70-75% of global coal exports [28][32]. - In 2025, Indonesia's coal exports are projected to decline by 6.1% to 524 million tons, while Mongolia's exports are expected to grow by 7.5% to 90 million tons [34][35]. 3. Market Dynamics - The report discusses the impact of geopolitical tensions, such as the ongoing conflict in the Middle East, which is expected to drive up coal prices due to increased demand for coal as a substitute for LNG [11][15]. - The report emphasizes that the tightening of coal supply in Indonesia through policy changes is aimed at stabilizing coal prices and increasing fiscal revenue [10][11]. 4. Investment Recommendations - The report recommends focusing on companies with strong performance in the coal sector, particularly those involved in coal chemical production and those with significant coal reserves [12][15]. - Specific stocks highlighted for investment include Yanzhou Coal, China Shenhua, and companies with a strong presence in the coal chemical sector [12][14].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][8]. Core Insights - The company reported a revenue of 5.29 billion HKD in 2025, a decrease of 6.4%, and a net profit of 896 million HKD, down 57.5%, primarily due to falling coal prices and increased operational costs during the trial operation of the Yong'an coal mine [1]. - The core coal business revenue was 4.51 billion HKD, a decline of 15.9%, accounting for 85.3% of total revenue, with the average selling price of 5000 kcal low-sulfur environmental protection thermal coal at approximately 602.8 HKD/ton, down 19.9% year-on-year [1]. - The company plans to distribute a final dividend of 0.06 HKD per share, with a total of 0.145 HKD per share for the year, resulting in a dividend payout ratio of 123% and a dividend yield of 6.6% based on the closing price on March 26 [3]. Summary by Sections Financial Performance - In 2025, the company’s total revenue was 5.29 billion HKD, with a year-on-year decrease of 6.4%. The net profit was 896 million HKD, reflecting a significant decline of 57.5% [5]. - The coal business's pre-tax profit was approximately 1.75 billion HKD, down 42.6% year-on-year, influenced by lower coal prices and operational losses from the Yong'an coal mine [1][5]. Future Projects - The Yong'an coal mine, with an annual production capacity of 1.2 million tons, is expected to enter trial operation in November 2024 and commence formal production in the second half of 2026. The production cost is anticipated to be around 380 HKD/ton at full capacity [2]. - The Wei Yi coal mine, with a capacity of 900,000 tons, is projected to enter trial operation in the second half of 2026 and reach full production by 2028, with expected production costs of approximately 400 HKD/ton [2]. Subsidiary Contributions - The subsidiary businesses contributed approximately 780 million HKD in total revenue, with the real estate and property management services generating about 690 million HKD. However, these segments reported a pre-tax comprehensive loss of around 410 million HKD due to market fluctuations [3]. Profit Forecast - The profit forecast for 2026-2028 has been adjusted upwards, with expected net profits of 1.82 billion HKD, 2.25 billion HKD, and 2.48 billion HKD respectively, reflecting a recovery in coal prices due to production cuts in Indonesia and geopolitical conflicts [3][5].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][8]. Core Insights - The company reported a revenue of 5.29 billion HKD in 2025, a decrease of 6.4%, and a net profit of 896 million HKD, down 57.5%, primarily due to falling coal prices and increased operational costs during the trial operation of the Yong'an coal mine [1]. - The core coal business revenue was 4.51 billion HKD, a decline of 15.9%, accounting for 85.3% of total revenue, with the average selling price of the main product, low-sulfur environmental power coal, at approximately 602.8 HKD/ton, down 19.9% year-on-year [1]. - The company plans to distribute a final dividend of 0.06 HKD per share, with a total of 0.145 HKD per share for the year, resulting in a dividend payout ratio of 123% and a dividend yield of 6.6% based on the closing price on March 26 [3]. Summary by Sections Financial Performance - In 2025, the company experienced a significant drop in net profit due to lower coal prices and increased costs, with a pre-tax profit of approximately 1.75 billion HKD, down 42.6% [1]. - The company expects to see improved profitability in the future, with projected net profits of 1.82 billion HKD, 2.25 billion HKD, and 2.48 billion HKD for 2026, 2027, and 2028 respectively [3][5]. Project Development - The Yong'an coal mine, with an annual production capacity of 1.2 million tons, is expected to enter trial operation in November 2024 and commence formal production in the second half of 2026 [2]. - The company is also developing the Weiyi coal mine, projected to reach full production by 2028, with associated production costs expected to be around 400 HKD/ton [2]. Subsidiary Contributions - The subsidiary businesses contributed approximately 780 million HKD in total revenue, with real estate and property management services generating about 690 million HKD, although they faced a pre-tax comprehensive loss of around 410 million HKD due to market fluctuations [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 5.293 billion RMB for 2025, a decrease of 6.4% year-on-year, and a net profit of 896 million RMB, down 57.5% year-on-year. The net profit margin was 16.8%, a decline of 20.0 percentage points [4] - Despite the decline in revenue and profit, the company maintained a high gross profit margin of 38.4% and a net profit margin of 16.8% in 2025, indicating resilience in profitability [6] - The company has a high dividend payout ratio of 123% for 2025, resulting in a dividend yield of 6.7%, highlighting its strong dividend characteristics [6] - The company is progressing with domestic and international mining projects, with significant expected increases in production capacity by 2028 [6][8] Financial Performance - For 2025, the company achieved a revenue of 5,293 million RMB and a net profit of 896 million RMB. The projected revenues for 2026, 2027, and 2028 are 6,464 million RMB, 7,455 million RMB, and 8,228 million RMB respectively, with corresponding net profits of 1,814 million RMB, 2,394 million RMB, and 3,203 million RMB [7][8] - The company’s earnings per share (EPS) are projected to increase from 0.11 RMB in 2025 to 0.38 RMB by 2028, reflecting strong growth potential [8] - The company’s return on equity (ROE) is expected to rise from 11% in 2025 to 27% in 2028, indicating improving profitability [8] Market Performance - The company's stock has outperformed the Hang Seng Index, with a 12-month return of 91.2% compared to the index's 5.8% [6] - The current stock price is 2.21 HKD, with a 52-week price range of 1.08 to 2.70 HKD [6] Future Outlook - The company is expected to benefit from high profitability, significant production capacity growth, and a strong dividend policy, making it an attractive investment opportunity [8]