Financial Performance - For the year ending December 31, 2025, GHW International reported revenue of approximately RMB 4,113.2 million, an increase of about RMB 251.2 million or 6.5% compared to the same period in 2024[5] - The gross profit for the same period was approximately RMB 360.9 million, a decrease of about RMB 30.2 million or 7.7% compared to 2024[5] - The net profit for the year was approximately RMB 13.4 million, an increase of about RMB 0.5 million or 3.9% compared to 2024[5] - Basic earnings per share for the year were approximately RMB 0.013, a decrease of about RMB 0.001 or 7.1% compared to 2024[5] - The company recorded revenue of approximately RMB 4,113.2 million for the year ended December 31, 2025, representing a 6.5% increase from RMB 3,862.0 million in 2024[53] - Net profit increased from approximately RMB 12.9 million in 2024 to approximately RMB 13.4 million in 2025[53] - Total revenue for the year ending December 31, 2025, reached RMB 4,113.2 million, up from RMB 3,861.9 million in 2024, representing a growth of approximately 6.5%[56] Revenue Breakdown - Revenue from the methylamine product series was RMB 1,306,777,000 in 2025, a decrease of 3.8% from RMB 1,359,067,000 in 2024[19] - Revenue from iodine derivatives and related products increased significantly to RMB 1,262,877,000 in 2025, up 27.3% from RMB 991,926,000 in 2024[19] - Revenue from the Jin Hai Wei New Materials segment grew by 3.4% to RMB 922.6 million, driven by the sales of ethylene oxide and monomer polyether starting in 2025[53] - The Green Products segment saw revenue increase by 40.5% to RMB 281.5 million, primarily due to increased sales of cashew phenol and rising raw material costs[53] - Revenue from the iodine derivatives segment increased by 27.3% from RMB 991.9 million to RMB 1,262.9 million, driven by increased market share and penetration[61] - Revenue from green products, particularly cashew phenol, grew by 40.5% due to recovery in the European market and increased export demand[65] Expenses and Costs - Sales costs rose from approximately RMB 3,470.9 million in 2024 to RMB 3,752.3 million in 2025, primarily due to increased production costs of iodine and related products[72] - Gross profit decreased from approximately RMB 391.0 million in 2024 to RMB 360.9 million in 2025, with the overall gross margin declining from 10.1% to 8.8%[73] - Research and development expenses for the year were RMB 57.1 million, an increase from RMB 48.9 million in 2024[6] - Research and development expenses increased from approximately RMB 48.9 million in 2024 to RMB 57.1 million in 2025, driven by R&D activities for new products[81] - Sales and distribution expenses decreased from approximately RMB 172.6 million in 2024 to RMB 147.3 million in 2025, attributed to lower logistics costs[78] - Administrative expenses slightly decreased from approximately RMB 137.8 million in 2024 to RMB 136.5 million in 2025, due to reduced consulting fees[80] Assets and Liabilities - Total assets less current liabilities amounted to RMB 864.7 million, an increase from RMB 797.4 million in 2024[11] - Non-current assets increased to RMB 947.5 million from RMB 925.2 million in 2024[8] - Current liabilities decreased to RMB 1,203.5 million from RMB 1,249.1 million in 2024[11] - The company’s total equity increased to RMB 635.7 million from RMB 621.6 million in 2024[11] - Borrowings, including loans from related parties, were approximately RMB 810.4 million as of December 31, 2025, down from RMB 852.2 million in 2024, with a debt-to-equity ratio of 127.5%[90] Taxation - The company's income tax provision for the Cayman Islands is exempt, with no tax provisions made for subsidiaries in the US, Seychelles, Russia, Hong Kong, and Canada due to no estimated taxable profits in the two years[30] - The effective tax rate for the Ukrainian subsidiary is 18% for the year, while the applicable tax rate for mainland China subsidiaries is 25%, with a reduced rate of 15% for high-tech enterprises[31] - The current tax expense for 2025 is RMB 7,637,000, an increase from RMB 3,578,000 in 2024, while the total tax expense for 2025 is RMB 4,361,000 compared to a negative RMB 339,000 in 2024[33] - Income tax expenses increased from a tax credit of approximately RMB 3 million for the year ending December 31, 2024, to a tax expense of about RMB 44 million for the year ending December 31, 2025, primarily due to increased profits from subsidiaries in Vietnam[84] Shareholder Information - The board of directors has resolved not to recommend the payment of any final dividend for the year ending December 31, 2025[5] - The company has not declared or paid any dividends during the two years and has no plans to do so since the reporting period[34] - The group did not recommend any final dividend for the year ending December 31, 2025, consistent with 2024[106] - The annual general meeting is scheduled for May 12, 2026, with a notice to be sent to shareholders according to the company's articles of association and applicable laws[121] - Shareholder registration will be suspended from May 7 to May 12, 2026, to determine eligibility for attending and voting at the annual general meeting[122] Strategic Initiatives - The company is pursuing global expansion through strategic investments and partnerships, optimizing its supply chain to improve operational efficiency[52] - The company plans to enhance supply chain resilience and expand into diverse regional markets through smart manufacturing facilities and customized products, despite market uncertainties[87] - The group plans to enhance brand influence and develop self-owned brand products through collaborations with third-party clients and KOLs for live-streaming sales[68] Market Conditions - The chemical industry in China faces challenges such as weak demand and supply-demand imbalances, impacting profitability across the sector[51] - The company faces significant market volatility in 2026 due to escalating upstream energy-related costs and cautious downstream demand, impacting the chemical market[86] Risk Management - The company’s credit risk is primarily associated with trade receivables, with management implementing measures to minimize this risk through credit limits and monitoring[96] - The group maintained a prudent treasury policy, ensuring good liquidity throughout the year[100] - The group faced foreign exchange risks due to transactions primarily denominated in RMB and USD, with no financial instruments used to hedge these risks[101] - The audit committee has reviewed the financial reporting procedures and risk management systems, ensuring compliance with relevant regulations[113]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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。 承董事會命 GHW International 主席兼行政總裁 尹燕濱 香港，2026年3月18日 於本公告日期，董事會包括執行董事尹燕濱先生、莊朝暉先生、陳朝暉先生、周春年先生、陳華先 生及刁騁先生；及獨立非執行董事孫宏斌先生、王廣基先生及鄭青女士。 GHW International （於開曼群島註冊成立的有限公司） （股份代號：9933） 董事會會議日期 GHW International（「本公司」）之董事（「董事」）會（「董事會」）宣佈，董事會會議將於 2026年3月30日（星期一）舉行，藉以（其中包括）考慮及批准發佈本公司及其附屬公 司截至2025年12月31日止年度之年度業績，以及考慮派付末期股息（如有）之建議。 ...

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: | GHW International | | | | | | 呈交日期: | 2026年3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) | 09933 | 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 | 10,000,00 ...

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: | GHW International | | | | | | | 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) | 09933 | 說明 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | 第 1 頁 共 10 頁 v 1.2.0 FF301 本月底法定/註冊股本總額： HKD 100,000,000 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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 ...

Group 1 - The core point of the article highlights that GHW INTL (09933) has transferred shares from Oriental Securities (Hong Kong) to CMB International Securities, with a transfer market value of HKD 108 million, representing 6.47% of the total shares [1] - For the six months ending June 30, 2025, GHW INTL reported revenue of RMB 1.857 billion, an increase of 3.72% year-on-year [1] - The profit attributable to the company's owners was RMB 7.036 million, reflecting a significant year-on-year increase of 58.22% [1] - The basic earnings per share for GHW INTL stood at RMB 0.007 [1]

Group 1 - The core viewpoint of the article highlights the recent stock transfer of GHW INTL (09933) from Dongfang Securities (Hong Kong) to CMB International Securities, with a market value of HKD 108 million, representing 6.47% of the total shares [1] - GHW INTL reported a revenue of RMB 1.857 billion for the six months ending June 30, 2025, reflecting a year-on-year increase of 3.72% [1] - The profit attributable to the company's owners reached RMB 7.036 million, marking a significant year-on-year increase of 58.22% [1] - The basic earnings per share for GHW INTL stood at RMB 0.007 [1]

致：香港交易及結算所有限公司 公司名稱: GHW International 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) | 09933 | 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/註冊股本總額： HKD 100,000,000 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 ...

本月底法定/註冊股本總額： HKD 100,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年11月30日 狀態: 新提交 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 | 致：香港交易及結算所有限公司 | | | --- | --- | | 公司名稱: | GHW International | | 呈交日期: | 2025年12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) | 09933 | 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 | | | ...

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10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: | GHW International | | | | 呈交日期: | 2025年11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) | 09933 | 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 | | ...

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9月30日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | GHW International | | | | | | 呈交日期: | 2025年10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) | 09933 | 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 | ...