Company and Industry Summary Company Overview - **Company**:赛力斯 (Sailis) - **Industry**: High-end smart electric vehicles Key Financial Metrics - **2025 Revenue**: 165.05 billion CNY, a 13.7% increase year-on-year [2][3] - **Main Business Revenue**: 155.49 billion CNY from the问界 (Wenjie) brand, a 13.2% increase [3] - **Net Profit**: 6.25 billion CNY, a 24.7% increase [2][3] - **Gross Margin**: 29.2%, leading the industry [2][19] - **Debt-to-Asset Ratio**: Decreased by over 10 percentage points [2] Research and Development - **R&D Investment**: 12.51 billion CNY in 2025, a 77.4% increase [2][3] - **R&D Personnel**: Over 9,019 employees, accounting for 41.1% of total staff [3] - **Focus Areas**:问界大单品 (Wenjie flagship products), 魔方平台 (Magic Cube platform), and intelligent robotics [2] Product and Market Strategy - **Sales Volume**: Total sales of 517,000 vehicles in 2025, with问界 brand sales of 430,000 vehicles, a 10.5% increase [3] - **Product Matrix**: Expansion from SUVs to sports and crossover vehicles, aiming for a second 1 million sales within two years [2][3] - **Market Share**: Over 20% in the high-end new energy SUV market in 2025 [3] - **Global Expansion**: Multiple models to be launched overseas in the second half of 2026, targeting Middle East and Central Asia markets [2][13] Innovation and Technology - **New Product Launch**:问界 M6 pre-sale started on March 23, 2026, with over 60,000 orders in 24 hours [2][5] - **Technological Collaboration**: Close relationship with Huawei, leveraging vast driving data (6.13 billion kilometers) for competitive advantage [2][8] - **AI and Robotics**: Focus on embodied intelligence, including humanoid and hybrid robots, expected to debut in 2026 [2][14] Sales and Marketing - **Sales Network**: Over 100 new quality stores added, with 380 user centers covering 218 cities [4] - **User Services**: 312,000 proactive services provided, saving users 495,000 hours of repair time [4] - **Brand Recognition**:问界 ranked first in multiple categories in J.D. Power's 2025 study [3] Financial Health and Risk Management - **Profit Fluctuations**: Q4 2025 net profit decreased due to increased talent acquisition costs and R&D investments [9][10] - **Cost Management**: Plans to mitigate rising raw material costs through supply chain security and operational efficiency [11][12] Future Outlook - **2026 Sales Target**: Focus on maintaining high-end market leadership while pursuing scale growth [11] - **Global Market Strategy**: Aim for overseas sales to account for 30% of total sales in the long term [13] - **Innovation Business**: Plans to integrate AI and robotics into the automotive sector, with a focus on commercializing new technologies [22] Shareholder Engagement - **Shareholder Returns**: Commitment to stock buybacks and dividends, with cumulative dividends nearing 4 billion CNY [17][23] - **Long-term Value Creation**: Focus on sustainable growth and enhancing shareholder value through effective governance [23]

Financial Performance - Revenue for the year ended December 31, 2025, increased to RMB 203,882,000, representing a growth of 11.8% compared to RMB 182,200,000 in 2024[4] - Gross profit for the same period rose to RMB 46,127,000, up 11.5% from RMB 41,254,000 in the previous year[4] - Operating profit increased to RMB 19,733,000, reflecting a growth of 12.9% from RMB 17,471,000 in 2024[4] - Net profit for the year was RMB 15,694,000, a rise of 12.2% compared to RMB 13,982,000 in 2024[4] - Basic and diluted earnings per share improved to RMB 3.27, up from RMB 2.91 in the previous year[4] - Total revenue for the year ended December 31, 2025, was RMB 203,882,000, an increase of 11.9% from RMB 182,200,000 in 2024[12] - The total net profit for 2025 is approximately RMB 15.7 million, reflecting a year-on-year increase of about 12.2%[51] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 242,026,000, compared to RMB 235,107,000 in 2024, indicating a growth of 3.9%[6] - Cash and cash equivalents increased significantly to RMB 114,566,000 from RMB 85,251,000, marking a growth of 34.4%[6] - Trade and other receivables decreased to RMB 75,783,000 from RMB 104,626,000, a decline of 27.6%[6] - The company's total trade and other payables decreased to RMB 31,911,000 in 2025 from RMB 37,356,000 in 2024, a reduction of about 14.5%[34] - Current assets rose from RMB 2,351.07 million to RMB 2,420.26 million, primarily due to an increase in cash and cash equivalents[75] - Current liabilities decreased from RMB 409.01 million to RMB 354.41 million, mainly due to a reduction in trade and other payables[75] Customer and Market Insights - Sales of refining additives contributed RMB 117,832,000, while sales of oil additives increased to RMB 66,466,000 from RMB 58,881,000 in the previous year[12] - The group had three major customers contributing over 10% of total revenue, with sales to these customers amounting to approximately RMB 67,955,000, RMB 49,503,000, and RMB 25,109,000 respectively[13] - Revenue from mainland China was RMB 202,685,000, representing a growth of 12.1% from RMB 180,827,000 in 2024[15] - The company has diversified its customer base, with increased sales to private clients and improved rankings in public tenders for state-owned clients in 2024 and 2025[50] Regulatory and Environmental Factors - The company is focused on developing and marketing refining additives that comply with evolving regulatory requirements, particularly in light of stricter emission standards in China[41] - The implementation of China's National VI emission standards has led to increased regulatory scrutiny, with significant implications for the company's product offerings and market strategies[42] - The company anticipates that stricter National VII emission standards will be introduced by 2027, which will further impact the refining industry and necessitate additional investments in emission control technologies[42] - The company plans to enhance its investment in emission control technologies in response to the revised pollutant discharge standards effective from July 1, 2024[43] Operational Challenges - The company continues to face challenges in export sales due to ongoing conflicts in Sudan, resulting in stagnant overseas sales compared to the previous year[50] - The rapid growth of China's new energy vehicle market, which accounted for over 50% of new car sales in 2025, is expected to negatively impact the demand for the company's main products, refining additives and oil additives[99] - International geopolitical instability, including the ongoing Russia-Ukraine war and tensions in the Middle East, has impacted the stability of the company's overseas operations[101] Research and Development - The company has obtained 3 national invention patents in 2025, with 2 additional patents submitted for approval, enhancing its competitive edge in product and production technology[51] - The company aims to develop new refining agents and additives through ongoing R&D efforts and partnerships with research institutions[57] Dividend and Shareholder Information - The company reported a mid-term dividend of zero per share for 2025, compared to RMB 0.01 per share in 2024, reflecting a significant change in dividend policy[36] - The company does not recommend the payment of a final dividend for the year ending December 31, 2025, due to the current volatile international political and economic situation[112] Corporate Governance - The audit committee has reviewed and confirmed the annual performance, with no objections to the accounting treatment adopted by the company[115] - There are no significant post-reporting period events up to the date of this announcement[111] - The annual performance announcement and report will be published on the Hong Kong Stock Exchange website and the company's website[117]

Jiangsu Innovative Ecological New Materials Limited 江蘇創新環保新材料有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2116） 董事會會議通告 江蘇創新環保新材料有限公司（「本公司」及其附屬公司，統稱「本集團」）董事會（「董事 會」）謹此宣佈，董事會會議將於二零二六年三月二十三日（星期一）舉行，藉以（其中包 括）考慮及批准本集團截至二零二五年十二月三十一日止年度業績及其發佈，並考慮建議 派發末期股息（如有）。 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。 江蘇創新環保新材料有限公司 葛曉軍 主席及行政總裁 中國，江蘇省，二零二六年三月十一日 於本公告日期，本公司執行董事為葛曉軍先生、顧菊芳女士、黃磊先生、蔣才君先生及 范亞強先生；本公司非執行董事為顧耀先生；以及本公司獨立非執行董事為樊鵬先生、 管東濤先生及吳燕女士。 承董事會命 ...

香港交易所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不負責任，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。 Jiangsu Innovative Ecological New Materials Limited 江蘇創新環保新材料有限公司 （於開曼群島註冊成立的有限公司） (1) 上市所得款項淨額中的約42.8百萬港元，計畫用於升級宜興工廠，透過採購新的機 器、設備及分析儀器擴大產能及符合更加嚴格的強制性排放規定。升級後的宜興工 廠預計於二零一九年第一季度展開商業化生產。 (2) 上市所得款項淨額中的約53.9百萬港元，計劃用作興建生產設施，製造我們需要從 國外進口，生產柴油抗磨劑所需成本較低的妥爾油脂肪酸替代品高純度油酸。高純 度油酸生產設施預計於二零一九年第四季度展開商業化生產。 (3) 上市所得款項淨額中的約8.8百萬港元，計劃用作一般業務經營及營運資金。該8.8 百萬港元上市所得款項淨額於二零一八年用完。 (4) 上市所得款項淨額中的約5.2百萬港元，計畫用於償還我們到期日為二零一八年八月 二十三日 ...

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 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 公司名稱: 江蘇創新環保新材料有限公司 呈交日期: 2026年3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) | 02116 | 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 | | 0.01 HKD | | 15,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,500,000,000 | HKD | | 0.01 HKD | | 15,000,000 | 本月底法定/註冊股本總額： HKD 15, ...

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: 江蘇創新環保新材料有限公司 呈交日期: 2026年2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) | 02116 | 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 | | 0.01 HKD | | 15,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,500,000,000 | HKD | | 0.01 HKD | | 15,000,000 | 本月底法定/註冊股本總額： HKD 15, ...

Group 1 - The core viewpoint of the articles highlights the declining production and sales figures of Jiangsu Innovation Motorcycle Manufacturing Co., indicating a challenging market environment for the motorcycle industry in China [1][2] Group 2 - In December 2025, Jiangsu Innovation Motorcycle Manufacturing Co. produced 4,000 motorcycles, representing a year-on-year decrease of 6.98%, with sales of 3,960 units, down 18.16% year-on-year, resulting in a production-sales ratio of 99% and an inventory of 40 units [1] - For the entire year of 2025, the total production of motorcycles by Jiangsu Innovation was 28,850 units, reflecting a cumulative year-on-year decline of 15.27%, while total sales reached 28,231 units, down 9.63% year-on-year [1]

Core Insights - The trade cooperation between China and Central Asia is reaching new heights, with the total import and export volume expected to reach $106.3 billion by 2025, reflecting a year-on-year growth of 12% and an increase of 6 percentage points from the previous year [1] Group 1: Trade Platform Development - The "China-Central Asia Trade Facilitation Cooperation Platform" was established in Nanjing in June 2025, attracting over 20 Central Asian institutions, serving as a one-stop hub for trade connections [1] - The platform has facilitated trade intentions worth several hundred million dollars in agricultural and mineral products between China and Kazakhstan [2] - The platform's online component, "Suhao Cloud," has onboarded over 550 domestic companies, enabling Jiangsu-made products to reach Central Asian consumers [2][3] Group 2: Trade Growth and Economic Impact - Jiangsu's import and export volume with the five Central Asian countries is projected to reach 35.32 billion yuan in 2025, marking a year-on-year increase of 12.6% [3] - Companies like Changshu Longte Wear-resistant Ball Co., Ltd. have significantly increased exports to Central Asia, with a reported value exceeding 478 million yuan [4] - The logistics channels and platform services have enhanced trade efficiency, leading to a notable rise in export activities from Jiangsu to Central Asia [3][4] Group 3: Cultural and Educational Exchange - The platform has evolved into a multi-faceted bridge, hosting events like the Jiangsu-Central Asia Youth Friendship Association, which attracted nearly 120 students from 10 countries [5] - A Central Asia Publishing Center was established to facilitate cultural exchanges through book translations, enhancing cooperation in cultural publishing [5] Group 4: Innovative Trade Practices - The 2025 Jiangsu (Astana) Import and Export Commodity Exhibition saw over 60 Jiangsu enterprises sign contracts worth 800 million yuan, showcasing the effectiveness of trade networking [6] - The number of Jiangsu-Central Asia freight trains has increased to 1,420 in 2025, reflecting a year-on-year growth of 9.3% [6] Group 5: Future Development Plans - The platform aims to deepen regional economic cooperation and establish the "Central Asia Jiangsu Center" in Astana, promoting trade exhibitions and educational collaborations [7] - Plans are in place to create a national digital trade demonstration zone and enhance cross-border payment systems to facilitate trade [7]

Core Viewpoint - As of January 15, a total of 105 stocks reached their 52-week highs, with notable performers including 德莱建业 (01546), 东曜药业－Ｂ (01875), and 大森控股 (01580) achieving high rates of 78.00%, 51.36%, and 37.61% respectively [1]. Summary by Category 52-Week Highs - 德莱建业 (01546) closed at 0.355, with a peak of 0.445, marking a high rate of 78.00% [1]. - 东曜药业－Ｂ (01875) closed at 4.190, reaching a high of 4.450, with a high rate of 51.36% [1]. - 大森控股 (01580) closed at 0.275, with a peak of 0.300, achieving a high rate of 37.61% [1]. - 顺兴集团控股 (01637) and 怡园酒业 (08146) also showed significant increases, with high rates of 36.36% and 24.74% respectively [1]. Additional Notable Stocks - JBB BUILDERS (01903) reached a high rate of 24.12% with a closing price of 2.830 [1]. - 天臣控股 (01201) and 江苏创新 (02116) had high rates of 15.38% and 15.00% respectively [1]. - 万国黄金集团 (03939) and 竣球控股 (01481) also performed well, with high rates of 12.95% and 12.44% respectively [1]. 52-Week Lows - The report also noted stocks reaching 52-week lows, with 天彩控股 (03882) showing a low rate of -14.42% [3]. - 中国智慧能源 (01004) and 基石控股 (01592) followed with low rates of -13.64% and -12.86% respectively [3]. - 弘毅文化集团－旧 (02990) and 中原建业 (09982) also reported significant declines of -9.09% and -6.06% respectively [3].

Group 1 - The core viewpoint of the article highlights the declining production and sales figures in the motorcycle industry, specifically focusing on Jiangsu Innovation Motorcycle Manufacturing Co., which experienced a significant drop in both production and sales in November 2025 [1] - Jiangsu Innovation Motorcycle Manufacturing Co. produced 2,700 motorcycles in November 2025, representing a year-on-year decrease of 43.16%, while sales were 2,371 units, down 40.08% year-on-year [1] - The production-sales ratio for Jiangsu Innovation Motorcycle Manufacturing Co. stood at 87.81%, with an inventory backlog of 329 units [1] Group 2 - The article references a report by Zhiyan Consulting titled "2026-2032 China Motorcycle Industry Market Panorama Assessment and Development Strategy Analysis Report," indicating ongoing research and analysis in the motorcycle sector [1] - The data presented is sourced from the China Automotive Industry (Motorcycle) Production and Sales Quick Report, which provides insights into the current state of the motorcycle market [1] - Zhiyan Consulting is described as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [1]