Group 1: Key Insights on Small Nucleic Acid Drugs - Small nucleic acids are chemically synthesized short nucleic acid sequences used to regulate gene expression levels, providing a direct method for disease treatment through mRNA transcription regulation [3] - Small nucleic acid drugs include small interfering RNA (siRNA), antisense oligonucleotides (ASO), and aptamers, which operate through different mechanisms to modulate gene expression and protein levels [3] - Compared to small molecules and antibody drugs, small nucleic acid drugs have advantages such as longer dosing cycles and improved safety profiles [3] Group 2: Investment Strategy in New Quality Production Forces - The current market is experiencing a structural divergence between short-term macro disturbances and long-term industrial trends, with geopolitical conflicts and delayed interest rate cuts suppressing market risk appetite [4] - The "new quality productivity" industrial trend, driven by aerospace, artificial intelligence, and high-end equipment, is accelerating under strong policy support and technological breakthroughs, indicating solid long-term growth logic for related hard technology assets [4] - Investment recommendations focus on three main lines: the entire commercial aerospace industry chain, artificial intelligence and robotics, and high-end equipment and material localization [5] Group 3: Anta Sports Performance - Anta Sports is projected to achieve a revenue growth of 13.3% to 80.219 billion yuan in 2025, with a net profit growth of 13.9% after excluding one-time gains [6] - The company reported a gross margin of 62.0%, a slight decrease of 0.2 percentage points year-on-year, and an operating profit increase of 15.0% to 19.091 billion yuan [6] - The expected net profit for 2026 is 14.053 billion yuan, corresponding to a PE ratio of 13 times, with further growth anticipated in 2027 and 2028 [6] Group 4: Coal Industry Insights from Power Development - Power Development reported a revenue of 5.293 billion yuan in 2025, a decrease of 6.4% year-on-year, with a net profit of 896 million yuan, down 57.5% [7] - The company is expanding its overseas business, particularly in South Africa, with significant coal resources and projects expected to contribute to future profitability [8] - The projected annual profit from the Ningxia coal mine is estimated at 7 to 8 billion yuan, while the Makhado project in South Africa is expected to generate at least 100 million USD annually [9] Group 5: China National Materials' Business Optimization - China National Materials achieved a revenue of 49.6 billion yuan in 2025, a year-on-year increase of 7.5%, with a significant growth in overseas business [14] - The company’s net profit was 2.86 billion yuan, a decrease of 4% primarily due to increased impairment provisions [14] - Future net profit projections for 2026-2028 are 3.2 billion, 3.5 billion, and 3.7 billion yuan, respectively, indicating a stable growth trajectory [14]

Investment Rating - The report maintains a "Buy" rating for the company [4] 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 attributable to shareholders of 896 million RMB, down 57.5% year-on-year. A final dividend of 0.06 HKD per share is recommended [1] - The company is expected to benefit from rising overseas coal prices, with significant production increases anticipated from its operations in Ningxia and South Africa [1][7] - The company has a high dividend yield of 6.04%, with total cash dividends reaching 1.103 billion RMB, representing a cash dividend payout ratio of 123.2% [3][7] Financial Performance - The company's projected revenues for 2026, 2027, and 2028 are 6.885 billion RMB, 7.295 billion RMB, and 7.489 billion RMB, respectively, with corresponding net profits of 1.947 billion RMB, 2.596 billion RMB, and 3.571 billion RMB [8] - The average selling price of 5000 kcal low-sulfur thermal coal decreased by approximately 19.9% year-on-year to 602.8 RMB per ton, while sales volume slightly increased by 0.7% to about 7.36 million tons [7] - The company’s earnings per share (EPS) for 2025 is projected at 0.11 RMB, with a price-to-earnings (P/E) ratio of 19.9 [8] Business Segments - The coal business is expected to see production from the Sierra Leone heavy mineral sand project, with an annual output of approximately 280,000 tons starting in the second half of 2026 [3] - The real estate and property management segment is projected to generate approximately 693 million RMB in revenue for 2025, despite facing non-cash impairment losses of about 287 million RMB [3]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 5.293 billion RMB for 2025, a decrease of 6.4% year-on-year, with a net profit attributable to shareholders of 896 million RMB, down 57.5% year-on-year. A final dividend of 0.06 HKD per share is recommended [1] - The company is expected to benefit from the upcoming production in Ningxia and South Africa, directly benefiting from the rise in overseas coal prices. The high dividend yield reflects its investment value [1][3] - The company has made significant investments in real estate and property management, with projected revenue of approximately 693 million RMB from these segments in 2025, despite facing non-cash impairment losses of about 287 million RMB [3] Financial Performance - The company’s revenue for 2026 is projected to be 6.885 billion RMB, with a net profit of 1.947 billion RMB, reflecting a year-on-year growth of 117.3% [7] - The earnings per share (EPS) for 2025 is expected to be 0.11 RMB, with a projected increase to 0.23 RMB in 2026 and 0.31 RMB in 2027 [8] - The company’s cash dividend for 2025 is projected to reach 1.103 billion RMB, with a cash dividend ratio of 123.2% [3] Business Segments - The coal business is expected to see a slight increase in sales volume, with 7.36 million tons of low-sulfur thermal coal sold in 2025, and an average selling price of 602.8 RMB per ton, down 19.9% year-on-year [7] - The real estate and property management segment has incurred losses of approximately 407 million RMB, with the real estate segment alone facing a pre-tax loss of about 264.8 million RMB [3][8] - The company is expanding its overseas operations, particularly in South Africa and Sierra Leone, with significant coal resources and production expected to commence in 2026 [7]

EF001 免責聲明 | 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，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 力量發展集團有限公司 | | 股份代號 | 01277 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止之末期股息 - 第四期 | | 公告日期 | 2026年3月24日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.02 HKD | | 股東批准日期 | 2026年5月20日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.02 HKD | | 匯率 | 1 HKD : ...

| 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，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 力量發展集團有限公司 | | 股份代號 | 01277 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止之末期股息 - 第三期 | | 公告日期 | 2026年3月24日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.02 HKD | | 股東批准日期 | 2026年5月20日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.02 HKD | | 匯率 | 1 HKD : 1 HKD | | ...

EF001 | 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，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 力量發展集團有限公司 | | 股份代號 | 01277 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止之末期股息 - 第二期 | | 公告日期 | 2026年3月24日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.01 HKD | | 股東批准日期 | 2026年5月20日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.01 HKD | | 匯率 | 1 HKD : 1 HK ...

EF001 免責聲明 | 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，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 力量發展集團有限公司 | | 股份代號 | 01277 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止之末期股息 - 第一期 | | 公告日期 | 2026年3月24日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.01 HKD | | 股東批准日期 | 2026年5月20日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.01 HKD | | 匯率 | 1 HKD : ...

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 5,293.3 million, a decrease of 6.4% compared to RMB 5,655.8 million in 2024[2] - Coal segment revenue decreased by 15.9% to RMB 4,514.1 million from RMB 5,368.5 million[2] - Gross profit fell by 35.0% to RMB 2,030.3 million, with a gross margin of 38.4%, down 16.8 percentage points from 55.2%[2] - Net profit for the year was RMB 889.4 million, a decline of 57.3% from RMB 2,080.7 million in 2024[2] - Basic earnings per share decreased to RMB 0.1066 from RMB 0.2506[4] - Reported segment revenue for 2025 was RMB 5,301,988, a decrease of 6.8% from RMB 5,686,836 in 2024[20] - Reported segment profit before tax for 2025 was RMB 1,340,434, down 52.8% from RMB 2,838,774 in 2024[22] - The pre-tax profit for 2025 is reported at RMB 1,234,677,000, a decrease of 54.8% compared to RMB 2,736,755,000 in 2024[37] - The group's consolidated profit after tax decreased from approximately RMB 2,080.7 million for the year ending December 31, 2024, to approximately RMB 899.4 million for the year ending December 31, 2025, with a net profit margin dropping from 36.8% to 16.8%[93] Dividends - Proposed final dividend per share increased to HKD 0.060 from HKD 0.045 in 2024[2] - The proposed interim dividend for 2025 is set at HKD 0.05 per share, an increase from HKD 0.04 per share in 2024, representing a 25% increase[39] - The proposed special dividend for 2025 is HKD 0.035 per share, down from HKD 0.07 per share in 2024, indicating a decrease of 50%[39] - The proposed final dividend is set at HKD 0.06 per share, with a total payout amounting to HKD 505.8 million, subject to shareholder approval[121][122] Assets and Liabilities - Non-current assets increased to RMB 10,091.8 million from RMB 9,722.0 million[5] - Current liabilities rose to RMB 3,745.8 million from RMB 3,425.9 million, resulting in a net current liability of RMB (229.3) million[5] - Total assets less current liabilities increased to RMB 9,862.5 million from RMB 9,564.9 million[6] - Total assets increased to RMB 13,608,339 in 2025 from RMB 12,990,726 in 2024, representing a growth of 4.8%[22] - Total liabilities rose to RMB 5,395,828 in 2025, up from RMB 4,715,979 in 2024, indicating an increase of 14.4%[24] - As of December 31, 2025, the group's net current liabilities amounted to RMB 229,298,000, with several acquisitions completed and advance payments made[10] Acquisitions and Investments - The group is actively seeking potential mining project targets and diversifying into new business areas beyond coal mining[10] - The group acquired 100% equity of Seedlife for a total consideration of RMB 423,000,000, contributing RMB 219,114,000 in revenue and RMB 16,975,000 in net profit from the acquisition date to December 31, 2025[53] - The identifiable net asset value of Seedlife at acquisition was RMB 234,625,000, resulting in goodwill of RMB 188,375,000[54] - The group entered into an agreement to acquire 100% equity of Qinhuangdao Jifu for RMB 564,625,000, with the identifiable net asset value also at RMB 564,625,000[58] - The total consideration for the acquisition of Maoming Shengda and Maoming Shengcheng was RMB 70,000,000, with identifiable net assets valued at RMB 70,000,000[63] - The proposed acquisition of Taiyuan Shidi is valued at RMB 384 million, with a remaining payment of RMB 130,266,000 to be paid by the group[112] Operational Performance - The company is actively implementing cost control measures and refined operations to mitigate the impact of coal price adjustments on profitability[75] - The company’s coal market faced overall oversupply in 2025, leading to a decline in coal prices compared to the previous year[69] - The average selling price of the company's 5,000 kcal low-sulfur environmental power coal was approximately RMB 602.8 per ton, a decrease of about 19.9% compared to the previous year[71] - The group plans to continue developing its coal mining operations while expanding its diversified subsidiary businesses to enhance overall operational efficiency[81] Market Conditions - In 2025, China's GDP was approximately RMB 140.2 trillion, growing by 5.0% year-on-year[67] - The total coal production in China for 2025 was approximately 4.83 billion tons, a year-on-year increase of 1.2%[68] - The total profit of industrial enterprises above designated size in China was approximately RMB 739.82 billion, a year-on-year increase of 0.6%[67] - The total revenue of the national coal mining and washing industry was approximately RMB 260.886 billion, a year-on-year decline of 17.8%, with total profit down 41.8% to approximately RMB 35.2 billion[69] Financial Management - The ability to finance acquisitions and future capital expenditures largely depends on future operating cash inflows and external borrowing capabilities, which may be affected by government macro-control policies and coal market price fluctuations[10] - The group is committed to maintaining liquidity and will seek external financing as needed to cover potential cash shortfalls[11] - The group’s ability to generate sufficient cash inflows from future operations is critical for meeting its liabilities due within at least the next twelve months[11] - The company utilizes cash flow forecasting to monitor liquidity needs and ensure sufficient cash to support its operations[119] Employee and Operational Costs - The total employee cost for the year ending December 31, 2025, was approximately RMB 561.5 million, covering 3,351 full-time employees across various regions[120] - Administrative expenses rose from approximately RMB 344.1 million for the year ending December 31, 2024, to approximately RMB 486.3 million for the year ending December 31, 2025, an increase of 41.3%[89] - Sales expenses decreased from approximately RMB 39.7 million for the year ending December 31, 2024, to approximately RMB 31.0 million for the year ending December 31, 2025, a reduction of 21.9%[88] Audit and Compliance - The audit committee consists of two independent non-executive directors and one non-executive director, having met with the independent auditor to review the annual results for the year ending December 31, 2025[129] - The independent auditor, KPMG, has agreed that the financial statements for the year ending December 31, 2025, reflect the group's financial position accurately[132] - There is significant uncertainty regarding the group's ability to continue as a going concern due to reliance on future cash flows and potential impacts from government policies and coal market price fluctuations[133]

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。 (於開曼群島註冊成立的有限公司) （股份代號：1277） Kinetic Development Group Limited 力量發展集團有限公司 盈利預警 本公告乃力量發展集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香 港聯合交易所有限公司證券上市規則第13.09(2)(a)條以及香港法例第571章證券及期 貨條例第XIVA部項下內幕消息條文而作出。 股東及有意投資者於買賣本公司證券時務請審慎行事。 承董事會命 力量發展集團有限公司 主席兼執行董事 具文忠 香港，二零二六年三月十九日 本公司董事（「董事」）會（「董事會」）謹此知會本公司股東（「股東」）及有意投資者，根 據本集團截至二零二五年十二月三十一日止年度的未經審核綜合管理賬目的初步 審閱，預期本集團截至二零二五年十二月三十一日止年度的除稅後淨利潤將較截至 二零二四年十二月三十一日止年度減少50%至60%，主要由於以下因素： (i) ...

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，概不對因本公告全部或任何 部分內容而產生或因倚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) Kinetic Development Group Limited 力量發展集團有限公司 （股份代號：1277） 自願性公告 有關永安煤礦及韋一煤礦的最新情況 茲提述力量發展集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）日期為二 零二四年十一月十一日有關永安煤礦聯合試運轉的公告（「該公告」）。除另有界定者 外，本公告所用詞匯與該公告所界定者具有相同涵義。 永安煤礦的最新情況 永安煤礦位於寧夏回族自治區，南北跨度約為6.5公里，東西跨度約為3.6公里，礦區 面積約為21.7平方公里。於本公告日期，永安煤礦煤炭資源總量約2.24億噸，其中包 括控制煤炭資源量約6,322萬噸及推斷煤炭資源量約1.61億噸。主要煤種為肥煤、1/3 焦煤、主焦煤，洗選後的精煤為優質煉焦煤，具有低灰分、高粘結等特點，可作為焦 化用煤、煉焦配煤、動力用煤、液化用煤等。 永安煤礦為井工煤礦， ...