Financial Performance - Revenue for the year ended December 31, 2025, was RMB 783.1 million, an increase of 9.4% compared to RMB 715.9 million for the previous year[2] - Gross profit for the same period was RMB 50.6 million, representing a 4.3% increase from RMB 48.5 million in the prior year[2] - The company recorded a net loss of RMB 30.6 million for the year, an improvement from a net loss of RMB 54.8 million in the previous year[2] - The company reported a loss before tax of RMB 30.1 million, compared to a loss of RMB 54.5 million in the previous year[4] - The company reported a total comprehensive loss of RMB 37,909,000 in 2025, compared to a loss of RMB 32,394,000 in 2024, indicating a year-over-year increase in losses of approximately 16%[5] - The company's basic loss per share was RMB 4.40 in 2025, an improvement from RMB 5.05 in 2024, reflecting a reduction in losses per share[5] - The group reported a net loss of approximately RMB 30,552,000 for the year ending December 31, 2025[12] - The group reported a net loss of RMB 30.6 million this year, despite total revenue rising to RMB 783.1 million from RMB 715.9 million last year[44] Revenue Breakdown - Total revenue for the group in 2025 was RMB 783,092,000, compared to RMB 715,740,000 in 2024, reflecting an overall growth of about 9.4%[24] - Revenue from travel-related products and services, including total revenue from free travel product sales, travel group sales, and travel package sales, amounted to RMB 780.9 million, accounting for 99.7% of total revenue[49] - Revenue from travel group sales was RMB 382,520,000 in 2025, up from RMB 289,075,000 in 2024, marking an increase of approximately 32.3%[25] - Revenue from self-service products sales totaled RMB 386,205,000 in 2025, down from RMB 397,529,000 in 2024, indicating a decrease of about 2.7%[25] - Revenue from external customers in mainland China reached RMB 781,735,000 in 2025, an increase from RMB 698,113,000 in 2024, representing a growth of approximately 11.9%[21] - Revenue from external customers in Hong Kong was RMB 1,357,000 in 2025, a significant decrease from RMB 17,755,000 in 2024, indicating a decline of approximately 92.3%[21] Expenses and Costs - Selling and distribution expenses increased to RMB 32.1 million from RMB 28.3 million in the previous year[4] - Administrative expenses decreased to RMB 27.0 million from RMB 39.8 million year-on-year[4] - The cost of sales rose by 9.8% to RMB 732.5 million from RMB 667.4 million, attributed to the recovery of the travel industry[60] - The group's gross profit for the current year was RMB 50.6 million, compared to RMB 48.5 million last year, with a gross profit margin of 6.5%[61] - Financial costs for 2025 include bank loans and other interest expenses totaling RMB 8,421,000, while 2024 was RMB 9,143,000, indicating a decrease of approximately 7.9%[26] - Total interest expenses for 2025 amounted to RMB 8,769,000, compared to RMB 9,949,000 in 2024, showing a decline of approximately 11.8%[26] Assets and Liabilities - Total assets decreased from RMB 408,006,000 in 2024 to RMB 337,437,000 in 2025, representing a decline of about 17.3%[6] - The company's total liabilities increased from RMB 350,525,000 in 2024 to RMB 408,709,000 in 2025, marking an increase of approximately 16.6%[6] - The company’s total equity attributable to shareholders decreased from RMB 58,636,000 in 2024 to RMB 44,469,000 in 2025, a decrease of about 24.1%[7] - The company reported a net current liability of RMB (703,000) in 2025, an improvement from RMB (13,088,000) in 2024, indicating a reduction in net liabilities[6] - The group’s current liabilities reached approximately RMB 703,000 as of December 31, 2025[116] Market Outlook and Strategy - The company plans to continue focusing on expanding its travel-related services in response to market recovery[2] - Future outlook remains cautious but optimistic, with expectations of further revenue growth as tourism continues to rebound[2] - The management team believes the group is well-positioned to capitalize on opportunities and enhance competitive advantages in the coming years[48] - The company aims to leverage the recovery in the tourism sector to enhance its market position and expand its service offerings[50] - The group anticipates benefiting from the increasing flow of cross-border tourism and the growing global demand for Chinese cultural tourism experiences[47] Governance and Compliance - The company has maintained compliance with corporate governance standards, with the board of directors committed to enhancing governance practices[107] - The audit committee consists of three independent non-executive directors, ensuring a wealth of business experience in financial and legal matters[110] - The independent auditor's report confirmed that the consolidated financial statements reflect the group's financial position as of December 31, 2025[115] Employee and Operational Insights - Employee costs for the year amounted to RMB 34.2 million, slightly down from RMB 34.8 million in the previous year[88] - The total number of employees increased to 283 as of December 31, 2025, from 274 in 2024[88] - The group recorded a significant increase in employee benefits expenses, totaling RMB 32,723,000 compared to RMB 33,598,000 in the previous year[28] Investment and Future Projects - The company has made a capital commitment of RMB 44.6 million for investment projects as of December 31, 2025, compared to RMB 45.7 million in 2024[104] - The company has entered into a strategic cooperation agreement with Beijing Zhongqing Online Information Technology Co., Ltd. to execute the "Mountain River Universe Project," which aims to integrate cultural transmission and digital innovation[102] - The company is in the negotiation stage for a potential collaboration with Conflux Hong Kong Management Limited to develop a digital platform for cultural tourism assets[101]

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倚賴該等內容而引致的任何損失承擔任何責任。 飛 揚 國 際 控 股（ 集 團 ）有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 為「 本 集 團」）董 事 會 （「董事會」）謹此宣佈，董事會會議將於2026年3月30日（ 星期一 ）舉行，以審議及 批准本集團截至2025年12月31日止年度之經審核年度業績及處理任何其他事項。 承董事會命 飛揚國際控股（集團）有限公司 董事長、執行董事兼行政總裁 何斌鋒 中國寧波，2026年3月18日 於 本 公 告 日 期 ， 董 事 會 包 括 本 公 司 執 行 董 事 何 斌 鋒 先 生 、 李 杰 明 先 生 、 熊 笛 先 生 、 黃 宇 先 生 、 嚴 海 國 先 生 及 陳 惠 玲 女 士 ； 及 本 公 司 獨 立 非 執 行 董 事 李 華 敏 先 生、趙彩紅女士及袁少穎女士。 Feiyang Internatio ...

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) | 01901 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | 0 | | 本月底結存 | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | FF301 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: 飛揚國際控股(集團)有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2026年3月3日 | 根據《主板上市規則 ...

Group 1 - The core point of the article is that Gao Li has reduced its stake in Feiyang Group (01901) by selling 22.516 million shares at a price of HKD 0.39 per share, totaling approximately HKD 8.7812 million [1] - After the reduction, Gao Li's remaining shareholding is 81.41 million shares, which represents a holding percentage of 8.15% [1]

Group 1 - The core point of the article is that High Li has reduced its stake in Flying Group (01901) by selling 22.516 million shares at a price of HKD 0.39 per share, totaling approximately HKD 8.7812 million [1] - After the reduction, High Li's latest shareholding is 81.41 million shares, representing a new ownership percentage of 8.15% [1]

FF301 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: 飛揚國際控股(集團)有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2026年2月4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) | 01901 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | 0 | | 本月底結存 | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | 本月底法定/註冊股本總 ...

Core Viewpoint - The deep integration of culture and tourism is driving industry upgrades, with a significant demand for quality content and immersive experiences. Zhejiang Feiyang International Tourism Group and the China National Film and Television Art Development Promotion Association have launched the "Travel with Cultural Tourism Card" initiative to transform the popularity of film content into tangible travel experiences [1][3]. Group 1: Strategic Partnership - The collaboration between Feiyang Group and the China National Film and Television Art Development Promotion Association represents a strategic match of cultural tourism resources and top-tier film content [1][3]. - Feiyang Group, as the first tourism company listed on the Hong Kong Stock Exchange, has built a nationwide network of scenic spots, hotels, and travel routes, achieving an annual transaction volume exceeding 5 billion yuan [3]. - The partnership aims to leverage the strengths of both organizations, with Feiyang focusing on the "Cultural Tourism + Technology + IP" ecosystem and the Association providing unparalleled content planning and resource coordination capabilities [3][4]. Group 2: Innovative Consumption Model - The "Travel with Cultural Tourism Card" initiative creates an immersive consumption loop by using physical cards that connect viewing experiences to travel bookings [6][7]. - Each themed micro-short film will have a corresponding cultural tourism card, designed to integrate the storyline, characters, and filming locations, thus maintaining audience engagement even after the film's release [7]. - The cards will incorporate NFC technology and compliant blockchain to ensure authenticity and traceability, facilitating a seamless transition from online interest to offline action [8]. Group 3: Strategic Depth - The partnership is set for three years, indicating a long-term strategic vision to create a replicable "film + tourism" integration ecosystem [10]. - The project will be executed in four phases: preparation, pilot, promotion, and deepening, with the goal of producing 100 themed micro-short films and associated cards within a year [10]. - A data-driven approach will be employed to analyze card sales and user preferences, providing insights for future content creation and product optimization [10]. Group 4: Industry Insights - The collaboration exemplifies a trend where quality content is becoming a significant entry point for high-end consumer traffic and a value amplifier for the physical industry [11][12]. - The integration of "culture + policy" and "IP + resources" is crucial for aligning cultural tourism IP with national digital strategies, enhancing both commercial and social value [12]. - The initiative aims to effectively convert online traffic into offline consumption, addressing long-standing challenges in the tourism industry [12]. Group 5: Conclusion - The "Mountain River Universe Plan" signifies a shift from mere tourism business expansion to a broader practice of revitalizing cultural resources through modern commerce and technology [13][14]. - The initiative aims to create a new travel revolution, transforming fleeting online emotions into tangible offline journeys, thereby enriching cultural experiences and enhancing the quality of life [14].

Core Viewpoint - The collaboration between Feiyang Group and the "Learning Power New Era Theme Post Office" represents a significant intersection of traditional postal services and modern cultural innovation, aiming to enhance the dissemination of Chinese culture through a new platform that integrates postal services, cultural tourism, and digital engagement [2][4]. Group 1: Strategic Collaboration - The partnership is a resource complementarity between two representative enterprises in the postal and cultural tourism sectors, aligning with national cultural strategies and market innovation [2]. - The "Learning Power New Era Theme Post Office" serves as a cultural dissemination window, leveraging unique cultural carriers like stamps and postmarks to enhance public trust and engagement [4]. Group 2: Feiyang Group's Role - Feiyang Group, as the first Hong Kong-listed tourism company in mainland China, has established a comprehensive industry chain in the cultural tourism sector, with an annual GMV exceeding 5 billion yuan and serving over 20 million people [3]. - The group has committed 100 million yuan to support the "Mountain River Universe Plan," with its core platform, Feiyou Travel Card, responsible for the operational aspects [3]. Group 3: Cultural Innovation and Market Potential - The collaboration aims to create a new cultural dissemination medium by combining "rights-based cultural cards" with postal services, targeting young audiences and international outreach [6]. - The Chinese card market is projected to exceed 35 billion yuan by 2026, with significant growth potential as current per capita spending is substantially lower than in developed countries [10]. - The "Mountain River Universe Plan" has already seen success with its first card series, achieving over 50 million yuan in subscriptions and demonstrating market acceptance of the "culture + rights + trendy play" model [10]. Group 4: Future Outlook - The strategic signing is viewed as a crucial step for the long-term development of the "Mountain River Universe Plan," with plans for continued collaboration to build a sustainable cultural dissemination ecosystem [12]. - Future product expansions will include diverse themes and formats, aiming to create a multi-dimensional cultural consumption system that integrates collection, experience, and dissemination [13]. - The initiative emphasizes an open mechanism for public participation, aiming to revitalize traditional Chinese culture through intergenerational transmission and continuous innovation [14].

FF301 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: 2025年12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: 飛揚國際控股(集團)有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2026年1月5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) | 01901 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | 0 | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,00 ...

Core Insights - The "Mountain River Universe Plan" is an open IP ecosystem initiative launched by Feiyang International Holdings Group and China Youth Daily, focusing on cultural tourism integration [1][2] - The plan aims to connect history with personal experiences, fostering a long-term cultural project that transforms cultural values into tangible benefits for the community [2][4] Group 1: Cultural and Youth Engagement - The initiative emphasizes the importance of cultural heritage and the engagement of youth, with 86.9% of surveyed young people expressing interest in visiting culturally rich destinations [4] - The plan aims to convert cultural tourism resources into participatory and collectible cultural assets, encouraging youth to become active participants and disseminators of culture [4][6] Group 2: Industry Insights and Innovations - The plan is seen as a practical case for upgrading the cultural tourism industry, highlighting three core insights: deep integration of technology and culture, innovation based on co-creation and youth involvement, and using cultural connections to promote mutual understanding [4][6] - The Chinese card game market is projected to reach 35 billion yuan by 2026, providing a favorable backdrop for the launch of the core card products linked to actual tourism rights [6][9] Group 3: Collaborative Efforts and Content Expansion - The event featured various activities, including charity auctions and creative performances, with proceeds aimed at traditional cultural preservation [6][7] - Partnerships have been established with multiple cultural institutions to enrich the content foundation of the plan, including collaborations with Wutai Mountain Cultural Creation and the Palace Museum [7][9] Group 4: Product Launch and Future Directions - The first product of the ecosystem, the "Mountain Youth" series of cards, has successfully completed sales with a total subscription of 500 million yuan [9] - Future expansions will include lightweight card games, AR interactions in scenic areas, and multimedia adaptations, aiming to create a comprehensive cultural consumption ecosystem [9]