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 部 份 內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 DONGJIANG ENVIRONMENTAL COMPANY LIMITED* 東 江 環 保 股 份 有 限 公 司（「本公司」或「公 司」）董 事（「董 事」）會（「董事會」）宣 佈 本 公 司 及 其 附 屬 公 司（合 稱「本集團」）於 截 至2025年12月31日 止 年 度（「報告期」）經 審 核 綜 合 業績連同截至2024年12月31日止年度之比較數字如下： 東江環保股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份代號：00895） 截 至2025年12月31日止年度業績公告 全年業績 （除 特 別 註 明 外，於 本 公 告 中，本 集 團 的 財 務 資 料 均 以 人 民 幣（「人民幣」）元 列 示。） – 1 – 合併利潤表 截 至2025年12月31日止年度 單位：人民幣元 | 項 目 | | 附 註 ...

Financial Performance - The company's operating revenue for the year ended December 31, 2025, was RMB 14,252.1 million, representing an increase of approximately 16.8% compared to RMB 12,197.4 million in 2024[4] - Gross profit was RMB 4,380.3 million with a gross margin of 30.7%, up from RMB 3,330.1 million and 27.3% in the previous year[4] - Net profit attributable to shareholders was RMB 813.7 million, reflecting a growth of about 20.4% from RMB 675.9 million in 2024[4] - The company's total revenue for 2025 reached RMB 14,252,103,033, a 16.9% increase from RMB 12,197,409,931 in 2024[14] - The gross profit margin for 2025 was approximately 30.5%, compared to 27.5% in 2024, indicating improved profitability[14] - The company reported a total comprehensive income of RMB 838.2 million for the year, compared to RMB 536.2 million in 2024[6] - Basic and diluted earnings per share were both RMB 1.07, an increase from RMB 0.89 in the previous year[6] - The company reported a basic earnings per share (EPS) of RMB 1.07 for 2025, an increase from RMB 0.89 in 2024, reflecting a growth of approximately 20.22%[27] - The diluted EPS for 2025 also stood at RMB 1.07, compared to RMB 0.89 in 2024, indicating consistent performance across both metrics[29] Revenue Breakdown - Domestic business revenue grew by approximately 1.0%, while overseas business revenue surged by 47.8% compared to the previous year[4] - The company's revenue from optical transmission products was RMB 8,346,356,236 in 2025, a 6.1% increase from RMB 7,867,135,458 in 2024[14] - The company reported a significant increase in revenue from optical interconnect components, which rose by 48.6% to RMB 3,143.9 million, accounting for 22.1% of total revenue[61] - Revenue from overseas customers grew by 47.8% to RMB 6,091.8 million, representing 42.7% of total revenue[62] Assets and Liabilities - Total assets increased to RMB 36,362.9 million as of December 31, 2025, from RMB 31,726.7 million in 2024[7] - The company's total liabilities increased to RMB 18,589,862,241 in 2025, up from RMB 16,145,428,036 in 2024, reflecting a 15.1% growth[8] - Shareholders' equity rose to RMB 17,772,992,446 in 2025, compared to RMB 15,581,291,889 in 2024, marking a 14.1% increase[8] - The company's total liabilities, including short-term and long-term borrowings, were RMB 8,418.3 million, a decrease from RMB 9,300.5 million in the previous year[58] Cash Flow and Expenditures - Cash and cash equivalents rose significantly to RMB 5,763.7 million from RMB 3,292.6 million in the previous year[7] - The company achieved a cash flow from operating activities of approximately RMB 3,652.9 million in 2025, an increase of about 104.8% compared to RMB 1,783.4 million in 2024[95] - Capital expenditures for the year totaled approximately RMB 1,543.8 million, an increase from RMB 1,350.0 million in 2024, primarily related to overseas localization capacity expansion and domestic production optimization[72] Research and Development - Research and development expenses amounted to RMB 894.3 million, up from RMB 787.2 million in 2024[5] - The company's research and development expenses for the year ended December 31, 2024, were RMB 787,189,282, compared to RMB 894,327,738 in 2023, showing a reduction of approximately 12%[36] Taxation - Income tax expense rose significantly from $11.65 million in 2024 to $263.18 million in 2025, reflecting a substantial increase in pre-tax profit[16] - The expected income tax based on a 25% tax rate for 2025 was $286.29 million, compared to $148.23 million in 2024[17] - The company holds high-tech enterprise certificates that allow for a reduced tax rate of 15% until 2026 for several subsidiaries, enhancing tax efficiency[18][19][20][21][22] Dividends - The board proposed a final dividend of RMB 0.295 per share for the year ended December 31, 2025, compared to RMB 0.268 per share in 2024[4] - The expected payment date for the proposed dividend is on or before August 21, 2026, pending shareholder approval[110] Employee and Operational Metrics - As of December 31, 2025, the company had approximately 10,596 full-time employees, an increase from 9,616 employees in 2024, with total employee costs amounting to RMB 2,046.0 million, up from RMB 1,562.0 million in 2024[85] - The weighted average number of ordinary shares outstanding for 2025 was 756,821,775, a slight decrease from 757,905,108 in 2024[28] Market and Industry Trends - The demand for optical fiber and cable products related to artificial intelligence is expected to grow from less than 5% of global demand in 2024 to 35% by 2027, driven by the rapid development of AI and data centers[96] - By the end of 2025, China had built 4.838 million 5G base stations, a year-on-year increase of approximately 13.8%, accounting for 37.6% of all mobile base stations[90] - The global computing power scale reached 4,495 EFlops by June 2025, a significant year-on-year increase of 117%, with intelligent computing power accounting for 85% of the total[92] Corporate Governance - The company has adopted all provisions of the corporate governance code and complied with it throughout the year ending December 31, 2025[119] - The audit committee reviewed and discussed the consolidated financial statements for the year ending December 31, 2025, ensuring compliance with accounting policies and internal controls[117]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue of HKD 14,927.6 million, a significant increase of 37.0% compared to HKD 10,868.3 million in the previous year[2]. - The company recorded a loss from continuing operations before tax of HKD (147.3) million, worsening from a loss of HKD (54.9) million in the prior year[2]. - Adjusted EBITDA for the fiscal year was HKD (69.9) million, compared to HKD (15.0) million in the previous year, indicating a decline in operational performance[2]. - The total loss for the year was HKD 786.9 million, significantly higher than the loss of HKD 87.4 million in the previous year[66]. - The group reported a pre-tax loss of HKD 799.7 million for 2025, compared to a pre-tax loss of HKD 86.2 million in 2024, reflecting a worsening financial situation[91]. - The company reported a net loss from discontinued operations of HKD 646.0 million for 2025, compared to HKD 17.2 million in 2024[97]. - The basic and diluted loss per share for the year was HKD 0.0889, compared to HKD 0.0100 in 2024[65]. Revenue Breakdown - The precious metals trading segment reported revenue of approximately HKD 14,726.9 million, a 39% increase year-over-year, driven by high gold prices[9]. - Total revenue for NTEC in fiscal year 2025 decreased by 17% to HKD 200.7 million, while the average realized price was approximately CAD 15.94 per barrel of oil equivalent, an increase of 5.7% year-on-year[19]. - Revenue from external customers for the precious metals refining and trading segment in Hong Kong increased to HKD 14,726.9 million in 2025 from HKD 10,627.0 million in 2024, representing a growth of 38.5%[85]. - The revenue from precious metals refining and trading increased by HKD 4,099.9 million, driven by a surge in local gold prices, although oil and gas product revenue decreased by HKD 40.6 million due to lower Canadian natural gas production and sales[44]. Asset Management - The group’s total assets decreased to HKD 1,301.3 million in 2025 from HKD 1,427.1 million in 2024, a decline of 8.8%[82]. - The total liabilities decreased to HKD 316.3 million in 2025 from HKD 364.7 million in 2024, a reduction of 13.2%[82]. - The group’s net working capital as of December 31, 2025, was HKD 167.0 million, down from HKD 202.0 million in 2024, primarily due to an increase in trade payables[47]. - The total equity of the group as of December 31, 2025, was HKD 985.0 million, down from HKD 1,062.4 million in 2024[50]. Strategic Initiatives - Discovery Park is expected to be a core part of the company's long-term strategy, with potential developments in AI data centers and advanced aquaculture facilities[8]. - The company aims to focus resources on more stable operational environments following the sale of its Argentine assets, marking a strategic shift[6]. - The company plans to advance the development of Discovery Park in a prudent and orderly manner, with key focus areas for 2026 including infrastructure preparation, enhancing power supply certainty, and ongoing discussions with potential tenants and strategic partners[36]. - The company has invested significantly in Discovery Park, focusing on site preparation, environmental assessments, and initial business negotiations, employing over 10 direct and up to 30 indirect employees[30]. Environmental and Sustainability Efforts - The company aims to reduce its environmental footprint and carbon tax burden, having submitted 3 and received 41 first-part reclamation certificates, with 6 sites fully reclaimed in Alberta[26]. - The company continues to view sustainable aquaculture and related manufacturing activities as a potential key component of the long-term development vision for Discovery Park, especially in light of Canada's policy to phase out open-net cage farming by 2029[35]. - The company is committed to sustainable development and will continue constructive communication with relevant government departments and stakeholders regarding land use and zoning matters[36]. Corporate Governance - The board of directors emphasizes the importance of high corporate governance standards to enhance group performance and protect shareholder interests[110]. - The company has complied with all corporate governance code provisions as of December 31, 2025, and continues to review and improve its governance practices[111]. - The independent auditor, Ernst & Young, has reviewed the preliminary performance announcement, confirming that the figures align with the draft consolidated financial statements for the year ending December 31, 2025[114]. Market Conditions and Risks - The group has faced various risks, including price risk in precious metals and operational risks in oil and gas exploration, and is implementing measures to mitigate these risks[56]. - The group is actively monitoring foreign exchange risks, particularly related to operations in Canada and Argentina, and may consider hedging tools if significant risks arise[58]. - Management anticipates that the Canadian oil and gas business will benefit from higher price certainty and improved commodity price environment compared to most of fiscal year 2025, contingent on the success of the HRB pilot project[27].

Financial Performance - For the year ended December 31, 2025, the revenue increased to HKD 2,530,121 thousand, representing a growth of 6.66% compared to HKD 2,372,277 thousand in 2024[3] - Gross profit for the same period rose to HKD 387,503 thousand, with a gross margin of 15.3%, up from 14.6% in 2024[3] - Profit attributable to owners of the company increased to HKD 50,290 thousand, a rise of 6.88% from HKD 46,679 thousand in 2024[4] - Basic and diluted earnings per share improved to HKD 0.229, reflecting a 14% increase from HKD 0.212 in the previous year[4] - Total comprehensive income for the year amounted to HKD 54,049 thousand, significantly higher than HKD 24,785 thousand in 2024[5] - The company recorded a pre-tax profit of HKD 53,056,000 for the fiscal year ending December 31, 2025, compared to HKD 54,534,000 in 2024, showing a slight decrease of 2.71%[23] - The annual profit for 2025 reached HKD 50,290,000, an increase from HKD 46,679,000 in 2024, representing a growth of approximately 3.5%[35] Revenue Breakdown - Revenue from LED backlighting was HKD 2,418,479,000 in 2025, up from HKD 1,958,443,000 in 2024, indicating a significant increase of about 23.5%[18] - The LED backlight segment generated revenue of HKD 2,418,479,000 in 2025, up from HKD 1,958,443,000 in 2024, marking a significant increase of about 23.49%[24] - The automotive display segment generated revenue of approximately HKD 2,285,734,000, contributing to a sales growth of 25.1% and accounting for about 94.5% of total LED backlighting product sales[44] - The revenue from the indoor lighting segment decreased to HKD 55,181,000 in 2025 from HKD 123,699,000 in 2024, reflecting a decline of approximately 55.32%[24] - The group’s total revenue from the LED lighting segment was HKD 56,803,000 in 2025, down from HKD 125,757,000 in 2024, indicating a decline of about 54.83%[24] Assets and Liabilities - Non-current assets increased to HKD 577,520 thousand from HKD 402,662 thousand in 2024, indicating a strong investment in long-term assets[6] - Current assets decreased to HKD 2,361,424 thousand from HKD 2,353,829 thousand, with cash and cash equivalents at HKD 261,722 thousand[6] - Total liabilities rose to HKD 1,956,588 thousand, compared to HKD 1,828,378 thousand in 2024, reflecting increased operational costs[7] - The company's net asset value increased to HKD 950,610 thousand from HKD 896,561 thousand, indicating improved financial health[7] Income and Expenses - The company reported a decrease in other income to HKD 65,840 thousand from HKD 77,313 thousand in 2024, highlighting a potential area for strategic improvement[4] - Bank interest income increased to HKD 47,782,000 in 2025 from HKD 43,967,000 in 2024, showing a growth of about 8.3%[20] - Government grants received decreased to HKD 14,227,000 in 2025 from HKD 24,960,000 in 2024, representing a decline of approximately 43%[20] - The group’s bank balance and cash decreased by 20.4% to approximately HKD 261,722,000 from HKD 328,878,000 in 2024[64] - Administrative and R&D expenses amounted to approximately HKD 250,160,000, up 15.8% from HKD 216,030,000 in 2024[62] - The group’s sales and distribution expenses increased by 27.2% to approximately HKD 54,447,000 from HKD 42,805,000 in 2024[61] Strategic Focus and Operations - The company’s main business involves the manufacturing and trading of LED backlighting and lighting products, as well as high-tech electronic components[9] - The company plans to integrate artificial intelligence into production processes to enhance product quality and design, maintaining its competitive edge in the market[38] - The company is focusing on expanding production capacity and simplifying operations, particularly in high-resolution Mini-LED displays[41] - The group plans to exit the semiconductor storage chip business to focus on core capabilities and optimize resource allocation[58] - Continuous investment in research and development is aimed at enhancing product quality and integrating advanced technologies to meet evolving customer expectations[50] Market and Industry Trends - The global automotive LED backlight industry experienced stable growth driven by the demand for electric vehicles, with a shipment volume of approximately 120 million units in the first half of 2025, reflecting a year-on-year growth of 5.6%[39] - The tariffs on the Chinese electric vehicle industry have sharply increased since 2024, with the US exceeding the levels during the Trump administration and the EU maintaining a high tariff of 45.3%, affecting global trade dynamics[52] - Despite tariff pressures, the group continues to enhance global market penetration with competitively priced and technologically advanced electric vehicles, meeting consumer demand for safer and more convenient driving experiences[53] Corporate Governance and Reporting - The company emphasizes good corporate governance, focusing on transparency, accountability, and independence to enhance shareholder value[72] - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2025, discussing audit, internal controls, and financial reporting matters[73] - The company plans to hold its annual general meeting on May 27, 2026, with notifications to be published on its website and sent to shareholders[74] - The annual report for 2025, containing all required information, will be sent to shareholders and published on the company's website and the Hong Kong Stock Exchange's disclosure platform[75] - The board expresses gratitude to shareholders for their trust in the management team and to all business partners and banks for their support[76]

年報 ANNUAL REPORT 2025 ANNUAL REPORT 2025 年報 BYD COMPANY LIMITED 比亞迪股份有限公司 Company Profile 公司簡介 BYD Company Limited ("BYD" or the "Company" together with its subsidiaries, the "Group"; stock code: H shares: 01211 (HKD counter); 81211 (RMB counter); A shares: 002594) is principally engaged in new energy vehicles ("NEVs"), handset components and assembly service, rechargeable batteries and photovoltaics business. Meanwhile, with its technological advantage, the Group actively develops urban rail transportation ...

Financial Performance - For the year ended December 31, 2025, revenue increased to HK$1,437 million, up from HK$1,215 million in 2024, representing a growth of approximately 18.3%[26] - Operating profit for the same period rose to HK$622 million, compared to HK$612 million in 2024, indicating a slight increase of about 1.6%[26] - Basic and diluted earnings per share decreased to HK$4.09 in 2025 from HK$5.76 in 2024, reflecting a decline of approximately 29.1%[28] - Overall gross profit amounted to HK$570 million, reflecting a year-on-year increase of 11%[32] - The profit attributable to owners of the Company amounted to approximately HK$310 million[129] - Adjusted EBITDA for the year was approximately HK$904 million, reflecting an increase of approximately 6% from approximately HK$854 million in the previous year[129] - Revenue from asset operation was approximately HK$1,035 million, an increase of approximately 12% year-on-year, driven by efficient operations of new projects[145] - Revenue from industrial funds reached approximately HK$402 million, reflecting a significant increase of approximately 37% compared to the previous year[145] - Profit before income tax decreased to HK$ 390 million in 2025 from HK$ 474 million in 2024, representing a decline of approximately 17.7%[153] Strategic Initiatives - The company aims to achieve a strategic transition into an intelligent infrastructure service provider by 2025, focusing on technology investment and tech-enabled operations[13] - Shoucheng Holdings is actively deploying public offering REITs in Mainland China, aiming to cover all categories of public offering REITs and enhance management efficiency[12] - The company is deepening its footprint in the robotics industry and advancing the "asset circulation + digital and intelligent operations" model[20] - The company is committed to integrating industry and finance in infrastructure operation and asset securitization, particularly in the carpark sector[19] - The company is focusing on industrial funds and asset management to enhance asset efficiency and control risks more effectively[37] - The company aims to make the Beijing Robotics Industry Development Fund one of the most impactful funds in terms of industrial development and investment returns[47] - The company is launching two core funds: a strategic emerging and future industries fund exceeding 3 billion and a larger-scale asset restructuring fund to enhance its product portfolio[48][50] Asset Management and Financial Health - Total assets reached HK$15,570 million, while net assets amounted to HK$11,140 million, with an asset-liability ratio of 28.4%[32] - The interest-bearing debt ratio has been reduced to 6.2%, indicating a strong financial position[32] - The Group continues to maintain a healthy asset structure and stable financial leverage[129] - The Asset – Liability ratio improved to 28.4% in 2025 from 31.2% in 2024, indicating a stronger financial position[144] - The Debt – Equity ratio decreased to 8.8% in 2025 from 15.9% in 2024, reflecting a reduction in leverage[144] Innovation and Technology - The company is promoting the application of AI technology in smart parking management, enhancing asset management capabilities and preparing for future unmanned vehicle integration[64][66] - The company is diversifying its revenue streams beyond traditional parking fees, including unmanned vehicle dispatch service fees, robot charging and swapping fees, and intelligent business docking fees[67] - The company has increased space utilization by over 30% through customized designs for unmanned vehicles and robots, supporting 24-hour automatic docking[69] - The Group's investment portfolio includes leading companies across the robotics industry chain, covering areas such as embodied intelligence, humanoid robots, and medical robots[156] Governance and Leadership - The company has convened 83 Board meetings and 99 board professional committee meetings over the past eight years, indicating a diligent governance structure[95] - The average age of the company's core team is 42, with over ten years of collaboration, enhancing their understanding of portfolio companies and asset operational efficiency[90] - The chairman of the board, Zhao Tianyang, has extensive experience in company operation and management, which is beneficial for strategic decision-making[102] - The company has a strong emphasis on modern corporate governance to empower its internal entrepreneurs and ensure that efforts are rewarded appropriately[96] Market Expansion and Collaboration - The company is focusing on regional development by setting up subsidiaries in various industrial zones in Beijing and offices in Shanghai, Shenzhen, and Chengdu, allowing for better market penetration[98] - The company is promoting industry chain exchange and cooperation through ecosystem camps and study tours, facilitating over 10 business collaborations between companies[80] - The Group aims to deepen ecosystem collaboration and support companies in overcoming core technological challenges to promote high-quality development in China's robotics industry[167] Performance Recognition - The company’s portfolio companies won a total of 37 medals at the World First Humanoid Robot Games, showcasing their competitive strength in robotics[80] - The company achieved a remarkable performance at the first World Humanoid Robot Games, winning 12 gold, 14 silver, and 11 bronze medals, totaling 37 medals[82] - In the 2025 Beijing Yizhuang Humanoid Robot Half Marathon, the company's invested enterprises secured the top two positions, finishing in 2 hours and 41 minutes, setting a world record for full-size humanoid robots[82]

Financial Performance - Revenue for the year ended December 31, 2025, increased to HKD 5,974,359 thousand, up from HKD 5,449,987 thousand in 2024, representing a growth of approximately 9.5%[2] - Gross profit for 2025 was HKD 1,205,857 thousand, a decrease from HKD 1,253,869 thousand in 2024, reflecting a decline of about 3.8%[2] - Operating profit for the year was HKD 875,034 thousand, down from HKD 932,272 thousand in the previous year, indicating a decrease of approximately 6.1%[2] - Net profit for 2025 was HKD 692,904 thousand, compared to HKD 738,497 thousand in 2024, a decline of about 6.2%[2] - Basic and diluted earnings per share for 2025 were HKD 102.37, down from HKD 109.11 in 2024, a decrease of approximately 6.8%[2] - The company reported a total comprehensive income of HKD 681,975 thousand for 2025, compared to HKD 654,450 thousand in 2024, an increase of about 4.2%[4] - Reported segment profit (adjusted EBITDA) for 2025 was HKD 1,049,082,000, a decrease of 5.4% from HKD 1,109,164,000 in 2024[18] - Profit attributable to shareholders was HKD 692,900,000, a decrease from HKD 738,500,000 in 2024, with a net profit margin of 11.6%, down from 13.6%[36] Revenue Breakdown - Total revenue from external customers for 2025 reached HKD 5,974,359,000, an increase of 9.5% from HKD 5,449,987,000 in 2024[18] - Revenue from plush toys segment for 2025 was HKD 3,263,552,000, an increase of 18.0% from HKD 2,765,513,000 in 2024[17] - Revenue from plastic model segment for 2025 was HKD 2,352,320,000, slightly up from HKD 2,311,164,000 in 2024[17] - The revenue from plush toys increased by 18.0% year-on-year to HKD 3,263,600,000, accounting for 54.6% of total revenue, driven by demand from theme parks in Asia[38] - The revenue from the adult-oriented segment reached HKD 2,352,300,000, representing 39.4% of total revenue, benefiting from the "adult childlike" trend and stable order inflow from new entertainment activities[39] - The revenue from waterproof covers was HKD 358,500,000, accounting for 6.0% of total revenue, affected by fluctuations in U.S. orders due to tariff negotiations and weakened demand in Europe and Japan[40] Assets and Liabilities - Inventory increased to HKD 922,008 thousand in 2025 from HKD 833,900 thousand in 2024, reflecting a rise of approximately 10.6%[5] - Cash and cash equivalents rose to HKD 1,658,350 thousand in 2025, up from HKD 1,407,921 thousand in 2024, an increase of about 17.7%[5] - The company’s total assets less current liabilities increased to HKD 4,295,277 thousand in 2025 from HKD 3,992,191 thousand in 2024, a growth of approximately 7.6%[5] - Total assets increased to HKD 5,545,141,000 in 2025 from HKD 4,959,341,000 in 2024, reflecting a growth of 11.8%[19] - Total liabilities rose to HKD 1,342,210,000 in 2025, compared to HKD 998,423,000 in 2024, marking a 34.4% increase[19] - Accounts receivable, net of loss provisions, totaled HKD 1,064,857,000, an increase from HKD 919,039,000 in 2024[29] - Total accounts payable increased to HKD 753,631,000 in 2025, up from HKD 423,868,000 in 2024[32] Employee and Operational Metrics - The company’s employee costs for 2025 totaled HKD 1,718,843,000, an increase from HKD 1,491,087,000 in 2024[20] - Employee count increased to 30,466, with total employee costs amounting to HKD 1,718,800,000, reflecting the company's commitment to attracting and retaining talent[46] - The group operates 30 factories with an average utilization rate of approximately 85.9%, focusing on production automation and capacity expansion to meet growing demand[42] Dividends and Corporate Governance - The proposed final dividend is HKD 0.35 per share for 2025, down from HKD 0.40 per share in 2024[37] - The proposed final dividend for the year ending December 31, 2025, is HKD 0.35 per share, totaling HKD 236,903,000, down from HKD 270,746,000 in 2024[55] - The company has complied with the corporate governance code, except for deviation from code provision C.2.1, where the roles of Chairman and CEO are held by the same individual[52] - The board includes three independent non-executive directors to ensure a balance of power and responsibilities[52] Future Outlook and Strategy - The group expects a new wave of entertainment activities to drive demand for licensed toys in 2026, despite uncertainties from trade barriers and geopolitical conflicts affecting the global economic outlook[43] - The "China Plus One" strategy continues to be crucial for long-term development, with new factories in China and Vietnam expected to enhance overall capacity significantly[44] Compliance and Audit - The audit committee has reviewed the accounting policies and discussed risk management and internal control systems for the year ending December 31, 2025[57] - The financial figures have been acknowledged by KPMG as consistent with the consolidated financial statements for the year ending December 31, 2025[54] - The company has adopted the standard code for securities transactions by directors, confirming compliance for the year ending December 31, 2025[53] - The company has not engaged in the purchase, sale, or redemption of any listed securities during the year ending December 31, 2025[51] - There will be a suspension of share transfer registration from April 30, 2026, to May 6, 2026, during which no share transfers will be registered[56]

Financial Performance - The group's revenue reached $222,898 thousand, a decrease of 5.8% compared to the previous year[4] - The group's gross profit was $76,437 thousand, an increase of 2.4% year-on-year[4] - The profit for the year was $12,378 thousand, compared to a loss of $15,355 thousand in the previous year[4] - Profit attributable to the company's owners was $11,917 thousand, recovering from a loss of $17,450 thousand in the previous year[4] - Basic earnings per share attributable to the company's owners was 2.35 cents, compared to a loss of 3.44 cents in the previous year[4] - The group reported a profit before tax of $16,597 thousand for 2025, compared to a loss of $12,307 thousand in 2024[34] - The income tax expense for 2025 was $4,219 thousand, an increase from $3,048 thousand in 2024[34] - The group’s income tax expense increased to $4,219 thousand during the reporting year, primarily due to increased current tax provisions in countries including Vietnam[92] Revenue Projections - Total revenue for the year ending December 31, 2025, is projected to be $222.898 million, with contributions from international brands ($30.471 million), domestic non-Raishi brands ($8.716 million), and international non-Raishi brands ($183.711 million) [16] - For the year ending December 31, 2024, total revenue is expected to increase to $236.603 million, with international brands at $31.986 million, domestic non-Raishi brands at $11.458 million, and international non-Raishi brands at $193.159 million [16] Segment Performance - The group reported a total segment performance of $76.437 million for the year ending December 31, 2025, with segment profits from international Raishi brands at $12.401 million, domestic non-Raishi brands at $1.152 million, and international non-Raishi brands at $62.884 million [21] - The cost of sales for the year ending December 31, 2025, totaled $146.461 million, with costs attributed to international Raishi brands at $18.070 million, domestic non-Raishi brands at $7.564 million, and international non-Raishi brands at $120.827 million [21] Assets and Liabilities - Total assets less current liabilities amounted to $496,395 thousand, an increase from $478,879 thousand in the previous year[8] - Cash and cash equivalents increased to $124,449 thousand from $93,928 thousand in the previous year[7] - The group's net assets increased to $476,273 thousand from $467,930 thousand in the previous year[8] - Current assets as of December 31, 2025, total $279,884 thousand, compared to $249,238 thousand in 2024, with a current ratio of 2.87[97] - The company’s total borrowings increased to $13,542 thousand in 2025 from $2,603 thousand in 2024, with $12,955 thousand being unsecured loans[50] Operational Efficiency - The group plans to enhance product competitiveness through improved procurement strategies and cost management, including shifting production to Vietnam[82] - The group will continue to focus on digitalization and information technology improvements, including the implementation of ERP systems across subsidiaries[76] - The company aims to enhance R&D efficiency through strict implementation of the "Four Modernizations" (platformization, serialization, modularization, standardization), which is expected to significantly reduce costs and accelerate development cycles[65] Market Conditions - The global economic growth forecast for 2025 is stable at 3.2%, according to the IMF[56] - In North America, the home renovation market is facing unprecedented challenges, with a low housing turnover rate since 2023[58] - Japan's real GDP growth for 2025 is projected between 1.1% and 1.2%, impacting consumer spending negatively[59] - The Southeast Asian market is experiencing intense price competition, particularly in Singapore and Vietnam, affecting project timelines[62] - The Middle East and North Africa region is seeing sustained demand for lighting products driven by large-scale infrastructure developments[63] Strategic Initiatives - The company plans to continue brand upgrades for its lighting sub-brands in 2025, focusing on the three key elements of "light," "air," and "water" to enhance brand recognition and market share[64] - The company will implement a new brand positioning and visual identity for the "AURA" product line, with an official launch expected in 2026[65] - The company has applied for 6 new patents to establish a competitive advantage for premium pricing strategies[65] Employee and Governance - The total number of employees as of December 31, 2025, was approximately 1,752, a decrease from 2,163 employees as of December 31, 2024[115] - The audit committee, consisting of three independent non-executive directors, has reviewed and discussed the full-year performance for the reporting year[122] - The company has established a remuneration committee to review the compensation of individual executive directors and senior management, ensuring transparency in the remuneration policy[123] Dividend Policy - The board recommended not to declare a final dividend for the year 2025, consistent with 2024[4] - The company has no declared dividends for the years ending December 31, 2025, and 2024[38] Compliance and Reporting - The financial statements for the year ending December 31, 2025, have been reviewed by the audit committee and approved by the board[132] - The preliminary announcement of the consolidated financial position and results for the year ending December 31, 2025, has been agreed upon by the auditor, Deloitte[133] - The annual report containing audited financial results will be published on the Hong Kong Stock Exchange website and the company's website[131]

Financial Reporting - FS.COM Limited reported preliminary financial data for the year ending December 31, 2025[2] - The financial information is available on the Hong Kong Stock Exchange website and the company's website[3] - The announcement was made by the Chairman and General Manager, Xiang Wei, on March 27, 2026[3] Company Information - The company is listed under stock code 3355 on the Hong Kong Stock Exchange[2] - The board of directors includes both executive and non-executive members, ensuring diverse governance[3]

Financial Performance - Weihai Bank reported a registered capital of RMB 5,980,058,344 as of December 31, 2025[10]. - Net interest income for 2025 reached RMB 7,716.8 million, an increase of 10.24% compared to RMB 6,999.9 million in 2024[14]. - Net fee and commission income rose to RMB 743.4 million, reflecting a significant growth of 29.42% from RMB 574.4 million in the previous year[14]. - Total operating income for 2025 was RMB 9,917.6 million, up 6.46% from RMB 9,315.6 million in 2024[14]. - The net profit for 2025 was RMB 2,503.7 million, representing a 13.90% increase from RMB 2,198.1 million in 2024[14]. - The bank's total assets increased to RMB 504,520.5 million, marking a 14.28% rise from RMB 441,463.8 million in 2024[14]. - Total loans amounted to RMB 226,998.6 million, a growth of 7.92% compared to RMB 210,331.2 million in 2024[14]. - Total deposits reached RMB 342,332.6 million, showing a 16.64% increase from RMB 293,489.5 million in the previous year[14]. - The non-performing loan ratio remained stable at 1.41%, unchanged from the previous year[15]. - The bank's capital adequacy ratio stood at 13.49%, slightly down from 13.76% in 2024[15]. - The liquidity ratio improved to 135.0%, an increase of 19.73% compared to 115.27% in 2024[15]. Risk Management - The bank has not identified any significant risks that could adversely affect its future development strategy and operational goals during the reporting period[7]. - The bank's chairman and senior management are responsible for the authenticity and accuracy of the financial report[7]. - The company has implemented a comprehensive internal capital adequacy assessment process, ensuring alignment with regulatory requirements and risk management levels[165]. - The company focuses on enhancing credit risk management effectiveness, revising credit risk policies, and ensuring compliance with regulatory and internal management requirements[182]. - The company has established a comprehensive credit risk management policy system, including credit approval, limit management, and post-loan management, to ensure risk management activities are well-regulated[182]. - The company aims to control market risk within acceptable limits, with specific policies for interest rate and exchange rate risk management, ensuring a balance between risk and return[184]. - The bank has implemented a comprehensive operational risk management system, conducting quarterly assessments and self-evaluations to identify and mitigate potential risks[187]. - The bank has strengthened liquidity risk management by closely monitoring macroeconomic policies and adjusting asset-liability structures to enhance liquidity reserves[189]. Corporate Governance - The board of directors confirmed that the financial report for the year ended December 31, 2025, was audited and received a standard unqualified opinion from KPMG[7]. - The board of directors held its 10th meeting on March 27, 2026, where the annual report was unanimously approved[7]. - The bank's management has assured the accuracy and completeness of the financial data presented in the report[7]. - The report includes forward-looking statements regarding future plans, which do not constitute a substantive commitment to investors[7]. Product and Service Development - The bank launched several new products, including "Green Agriculture Loan" and "Carbon Footprint Certification Loan," contributing to its service offerings[24]. - The company launched innovative green financial products, including "Green Agricultural Loans" and "Low Carbon Park Loans," contributing to the growth of its green finance portfolio[31]. - The bank's "Research Loan" and "Smart Factory Loan" were introduced to meet diverse financing needs of technology enterprises[127]. - The bank's elderly service network includes eight designated "Elderly Financial Demonstration Banks" recognized by the People's Bank of China[129]. - The company launched a series of innovative financial products, including shared e-loans and white-collar loans 2.0, to meet diverse customer needs[130]. Market Position and Reputation - The bank's reputation improved significantly, being recognized as the first city commercial bank in Shandong to sign the UN Principles for Responsible Banking[25]. - The company aims to focus on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance to enhance its competitive advantage[125]. - The company received multiple industry awards, including the "Best Supply Chain Financial Growth Bank Award" at the 10th China Supply Chain Finance Annual Conference[130]. Digital Transformation - The company is focusing on digital transformation projects to enhance digital marketing capabilities and intelligent risk control levels[31]. - The bank has a total of 489 self-service banking facilities, including 245 smart devices equipped with facial recognition technology[152]. - The online banking platform has 759,900 customers, processing a total transaction amount of CNY 1.367684 trillion during the reporting period[154]. - The mobile banking app has 4.0593 million users, representing a 6.60% increase from the end of 2024, with total transactions amounting to CNY 198.895 billion[155]. - The bank's mobile banking platform has undergone a comprehensive upgrade, enhancing user experience and operational efficiency for corporate clients[155]. Financial Investments - Financial investments increased to RMB 187.71 billion, up RMB 20.58 billion or 12.31% from the end of 2024[69]. - The company increased its investments in government bonds, with the book value of financial investments measured at amortized cost rising to RMB 89,623.0 million, a 16.79% increase from RMB 76,739.4 million in 2024[89]. - The company’s bond investments increased to RMB 83.16 billion, up from RMB 75.61 billion, reflecting a strategic shift in asset allocation[94]. Customer Base and Engagement - The company served a total of 85,541 corporate clients, with a net increase of 14,795 clients compared to the end of 2024[132]. - Retail customers reached 5.1484 million, with assets under management (AUM) totaling CNY 224.33 billion, a growth of 23.52% compared to the end of 2024[137]. - Personal deposits amounted to CNY 180.23 billion, an increase of CNY 38.13 billion, representing a growth of 26.84% compared to the end of 2024[138]. Strategic Initiatives - The company is implementing a "four modernization" transformation strategy, focusing on market-oriented, professional, refined, and digital approaches to improve operational efficiency[31]. - The company actively explores cutting-edge technologies such as artificial intelligence and large models, enhancing operational efficiency through automation platforms[162]. - The company has developed specific credit policies aligned with national industrial financial policies to ensure precise allocation of credit resources[182].