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。 POSTAL SAVINGS BANK OF CHINA CO., LTD. 1658 截至2025年12月31日止年度業績公告 中國郵政儲蓄銀行股份有限公司（「本行」）董事會（「董事會」）謹此宣佈本行及 所屬子公司截至2025年12月31日止年度經審核年度業績以及建議派發2025年 現金股息。本行董事會審計委員會已審閱此經審核年度業績。本公告符合《香 港聯合交易所有限公司證券上市規則》中有關年度業績初步公告附載的資料 之要求。本行2025年年度報告將適時刊載於香港交易及結算所有限公司網站 www.hkexnews.hk 及本行網站，並按本行H股股東選擇收取公司通訊的方式寄發 予本行H股股東。 承董事會命 中國郵政儲蓄銀行股份有限公司 杜春野 聯席公司秘書 中國，北京 2026年3月27日 於本公告日期，本行董事會包括董事長及非執行董事鄭國雨先生；執行董事蘆葦先生、姚紅女 士；非執行董事劉新安先生、張宣 ...

Financial Performance - The company's revenue for the year ended December 31, 2025, decreased by approximately 3.9% to about 193.1 million MYR, compared to 200.9 million MYR for the year ended December 31, 2024[4] - The loss attributable to the owners of the company for the year was approximately 0.7 million MYR, with a basic loss per share of 0.11 sen MYR, down from a profit of 3.57 sen MYR per share in the previous year[4] - The total comprehensive income for the year was 3.147 million MYR, significantly lower than 23.014 million MYR in the previous year[5] - The group reported a net profit of RM 1,293,000 for the year ending December 31, 2025, compared to RM 24,240,000 for the year ending December 31, 2024, showing a significant decline in profitability[22] - The total pre-tax profit for 2025 was 9,717 thousand MYR, significantly lower than 32,653 thousand MYR in 2024, indicating a decrease of 70.3%[32] - The company reported a net loss attributable to shareholders of (707) thousand MYR for 2025, compared to a profit of 22,407 thousand MYR in 2024[33] - The gross profit for the same period saw a decline of about 1.2%, reflecting the challenging macroeconomic environment and cautious consumer sentiment[66] Assets and Liabilities - The company's non-current assets decreased to 74.590 million MYR from 91.924 million MYR in the previous year, primarily due to a reduction in investments in associates[6] - Current assets increased to 187.673 million MYR from 169.774 million MYR, driven by higher cash and bank balances[6] - The total liabilities decreased to 39.556 million MYR from 42.138 million MYR, indicating improved financial stability[6] - The total current assets decreased from MYR 32,943,000 in 2024 to MYR 27,638,000 in 2025, reflecting a reduction in liquidity[47] - The total liabilities decreased from MYR 57,153,000 in 2024 to MYR 42,051,000 in 2025, indicating improved financial stability[47] Revenue Segmentation - Total revenue for the wholesale and production segments reached RM 193,081,000 for the year ending December 31, 2025, with a gross profit of RM 61,850,000[21] - The wholesale segment generated RM 177,129,000 in revenue for 2025, while the production segment contributed RM 15,952,000, indicating a strong reliance on wholesale operations[21] - Revenue from Malaysia accounted for RM 164,110,000 and from Singapore RM 28,971,000 for the year ending December 31, 2025, highlighting the geographical distribution of earnings[25] - Customer contract revenue under IFRS 15 for wholesale printed apparel was 134,354 thousand MYR in 2025, down from 143,808 thousand MYR in 2024, representing a decrease of 6.4%[27] - The revenue from printable apparel, the core product category, decreased by approximately 6.2% to about 150.3 million MYR, primarily due to a 1.5% drop in sales volume and a 5% reduction in average selling price[69] Expenses and Costs - The company’s financing costs increased to 168,000 MYR from 74,000 MYR in the previous year, reflecting higher borrowing costs[5] - The cost of goods sold for 2025 was 131,231 thousand MYR, down from 138,327 thousand MYR in 2024, a decrease of 5.1%[29] - Employee costs, including directors' remuneration, rose to 32,736 thousand MYR in 2025 from 30,698 thousand MYR in 2024, an increase of 6.7%[29] - Selling and distribution expenses rose by approximately RM 0.8 million or 8.2% to about RM 10.5 million, as the company continues to invest in marketing and promotional activities[71] - Administrative and other operating expenses increased by approximately RM 0.7 million or 2.8% to about RM 26.0 million, mainly due to higher director remuneration and employee-related expenses[72] Investments and Acquisitions - The company has entered into a conditional share purchase agreement to acquire 40% of Lordan for a total consideration of 57,218,250 HKD (approximately 34,139,000 MYR), with an initial cash payment of 5,000,000 HKD (approximately 2,983,000 MYR) already made[58] - The company has completed the acquisition of Lordan, which has now become an associate company, following the fulfillment of all conditions of the share purchase agreement[61] - The company has entered into a conditional share purchase agreement to sell its 40% stake in the associate company for MYR 31,411,000 (approximately MYR 16,076,000) in 2026[48] - Investments in associates decreased to 16,076 thousand MYR in 2025 from 34,689 thousand MYR in 2024, a decline of 53.7%[35] Corporate Governance - The company has established an audit committee to oversee financial reporting and compliance, consisting of three independent non-executive directors[92] - The audit committee is responsible for reviewing the effectiveness of the company's risk management and internal control measures[94] - The company is committed to enhancing corporate governance policies and ensuring compliance with legal and regulatory requirements[96] - The company has adopted the corporate governance code as per the listing rules[104] - The board believes the company has complied with all provisions of the corporate governance code during the year[105] Future Outlook - The economic outlook for 2026 remains uncertain and challenging, prompting the company to maintain a cautious approach and ensure healthy cash flow[66] - The group anticipates a challenging business environment due to global economic fluctuations and geopolitical tensions, which may impact consumer confidence and demand[76] - The board will continue to assess and adjust existing plans based on market conditions to explore new business opportunities for sustainable growth[91]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 59,108,000, an increase from RMB 43,131,000 in 2024, representing a growth of approximately 37.1%[4] - Gross profit for the same period was RMB 11,793,000, slightly up from RMB 11,723,000 in 2024, indicating a marginal increase of 0.6%[4] - The net loss attributable to the company's owners for the year was RMB 452,251,000, compared to a loss of RMB 311,294,000 in 2024, reflecting an increase in losses of approximately 45.2%[5] - The company reported a pre-tax loss of RMB 486,056,000 for 2025, which is an increase from RMB 415,061,000 in 2024, marking a rise of about 17.1%[4] - The basic and diluted loss per share for the year was RMB 230.58, compared to RMB 158.72 in 2024, reflecting an increase in loss per share of approximately 45.2%[5] - The company reported a loss of approximately RMB 481 million for the year ending December 31, 2025, with a net cash outflow from operations of about RMB 14.3 million[12] Assets and Liabilities - Total assets decreased from RMB 2,995,424,000 in 2024 to RMB 2,721,428,000 in 2025, a decline of approximately 9.1%[6] - The company's cash and cash equivalents decreased significantly from RMB 31,220,000 in 2024 to RMB 10,870,000 in 2025, a drop of about 65.2%[6] - The total liabilities increased from RMB 1,965,865,000 in 2024 to RMB 2,162,125,000 in 2025, representing an increase of approximately 10%[6] - The total equity attributable to the owners of the company was RMB 840 million as of December 31, 2025, a decrease from RMB 1.32 billion in 2024[12] - As of December 31, 2025, the total loans and borrowings amounted to approximately RMB 993 million, with RMB 361 million classified as secured loans from a trust finance company[12] Operational Efficiency - The company’s operating expenses for the year were RMB 36,616,000, down from RMB 73,041,000 in 2024, indicating a reduction of about 49.9%[4] - The company reported a foreign exchange translation difference of RMB 1,382,000 for the year, compared to a loss of RMB 7,358,000 in 2024, showing an improvement[5] - The company has implemented measures to ensure sufficient operating funds to meet financial obligations during the forecast period[14] - The company is actively communicating with lenders to extend or defer repayment of loans and borrowings[14] Segment Performance - The property development segment generated revenue of RMB 59,108 thousand in 2025, up from RMB 43,131 thousand in 2024, representing a growth of 37.1%[19] - The equipment manufacturing segment reported a loss from operations of RMB (428,513) thousand in 2025, compared to a loss of RMB (370,345) thousand in 2024, indicating a decline in performance[19] - Total reported segment assets amounted to RMB 3,272,620 thousand in 2025, a decrease from RMB 3,698,149 thousand in 2024, reflecting a reduction of 11.5%[19] Tax and Financial Expenses - The net financial expenses for 2025 were RMB (61,993) thousand, compared to RMB (54,017) thousand in 2024, showing an increase of 14.5%[24] - The company reported a total tax credit of RMB (5,463) thousand in 2025, compared to RMB (1,676) thousand in 2024, indicating a significant increase in tax benefits[24] Receivables and Payables - Trade receivables as of the reporting date totaled RMB 7,966,000, slightly up from RMB 7,676,000 in 2024[38] - Other receivables and deposits amounted to RMB 1,581,887,000 in 2025, significantly increasing from RMB 548,877,000 in 2024[39] - The impairment loss on trade and other receivables for 2025 was RMB 220,788,000, a substantial increase from RMB 15,848,000 in 2024[27] - Trade payables as of the reporting date total RMB 286,798,000, with RMB 230,953,000 due immediately and RMB 52,308,000 overdue by more than 90 days[45] Employee and Administrative Costs - Employee benefits expenses totaled approximately RMB 10,100,000 for the year ended December 31, 2025, down from RMB 27,900,000 in 2024[84] - The group had 28 employees as of December 31, 2025, a decrease from 42 employees in 2024[84] - Administrative expenses for the year ending December 31, 2025, were approximately RMB 22,400,000, a decrease of about 42% compared to 2024, attributed to effective cost control measures[72] Future Plans and Strategic Initiatives - The group plans to focus on urban renewal, affordable housing construction, and revitalization of existing assets in 2026, enhancing its "industry+" synergy capabilities[82] - The group aims to expand its cooperation ecosystem in areas such as green building, smart parks, and healthcare industries in 2026, promoting deep integration of "capital + industry + operation"[82] - The company plans to implement adjustments to sales and pre-sales activities to support the property development department in achieving budgeted sales figures[98] Compliance and Reporting - The audit committee reviewed the annual performance for the year ended December 31, 2025, and confirmed compliance with applicable accounting standards[87] - The annual report for the year ending December 31, 2025, will be sent to shareholders and published on the Hong Kong Stock Exchange and the company's website[100] Risk Management - The company aims to enhance risk control and optimize its debt structure while strengthening cash flow management[83] - The group is committed to broadening financing channels and implementing comprehensive cost management strategies[83] - If the group fails to realize the aforementioned plans and measures, it may not be able to continue as a going concern and will need to adjust the carrying value of its assets[97]

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之內容概不負責，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産生或因倚賴 該等內容而引致之任何損失承擔任何責任。 於 2025 年 12 月 31 日 | （除特別註明外，所有金額以人民幣元列示） | | | | | --- | --- | --- | --- | | | 附註四 | 2025 年 | 2024 年 | | 資產 | | | | | 流動資產 | | | | | 貨幣資金 | | 1,298,621,710.02 | 1,087,494,485.36 | | 交易性金融資產 | | 180,133,750.68 | 140,423,986.11 | | 應收票據 | 1 | 296,994,501.37 | 298,713,176.51 | | 應收賬款 | 2 | 1,876,899,180.89 | 1,493,805,646.24 | | 應收款項融資 | | 190,455,252.30 | 146,984,229.37 | | 預付款項 | | 346,455,226.64 | 113,64 ...

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 92,226,000, an increase of 88.6% from RMB 48,889,000 in 2024[3] - The loss attributable to the owners of the company for the year was RMB 19,333,000, a significant improvement of RMB 65,968,000 compared to a loss of RMB 85,301,000 in 2024[3] - Basic loss per share improved to RMB (5.38) from RMB (36.73) in the previous year, reflecting a positive change of RMB 31.35[3] - Gross profit for the year was RMB 32,073,000, up from RMB 11,327,000 in 2024, indicating a strong growth in profitability[5] - The group reported total revenue of RMB 92,226,000 for the year ended December 31, 2025, a significant increase of 88.5% compared to RMB 48,889,000 in 2024[16] - The group recorded a pre-tax loss of RMB 18,783,000 for 2025, a substantial improvement from a loss of RMB 85,196,000 in 2024[23] - Basic loss per share for 2025 was RMB 0.0538, compared to RMB 0.3670 in 2024, indicating a reduction in losses per share[26] Financial Position - The company reported a net cash position of RMB 37,223,000 as of December 31, 2025, compared to RMB 8,551,000 in 2024, showing improved liquidity[6] - Total assets less current liabilities increased to RMB 105,709,000 from RMB 80,325,000 in the previous year, indicating a stronger financial position[6] - Non-current assets totaled RMB 95,406,000, slightly up from RMB 93,160,000 in 2024, reflecting stability in long-term investments[6] - The company’s total equity increased to RMB 98,835,000 from RMB 76,197,000, demonstrating growth in shareholder value[6] - Total borrowings decreased to approximately RMB 10,100,000 in 2025 from RMB 13,300,000 in 2024, with a debt-to-equity ratio of 0.10 compared to 0.17 in the previous year[51] Revenue Segmentation - The limestone segment generated revenue of RMB 69,684,000 in 2025, up 68.2% from RMB 41,402,000 in 2024, while the food brand segment increased revenue to RMB 22,542,000 from RMB 7,487,000, representing a growth of 201.5%[16] - Revenue from crushed limestone sales increased by 68.3% to RMB 69,684,000 in 2025, while food sales surged by 201.1% to RMB 22,542,000, resulting in total revenue of RMB 92,226,000, an increase of 88.6%[41] Operational Costs - Administrative expenses rose to RMB 42,791,000 from RMB 21,955,000, reflecting increased operational costs associated with growth initiatives[5] - The cost of goods sold for the year was RMB 13,832,000, compared to RMB 4,914,000 in 2024, indicating an increase in production costs[23] - Total mining expenses for FY 2025 were approximately RMB 46,500,000, up from RMB 32,600,000 in FY 2024, reflecting a unique cost structure due to internalization of key management functions[38] - Sales and distribution expenses increased from RMB 4,500,000 in 2024 to RMB 6,600,000 in 2025, primarily due to increased business taxes on crushed limestone sales[43] - Administrative expenses rose significantly from RMB 22,000,000 in 2024 to RMB 42,800,000 in 2025, driven by higher employee costs, legal and professional fees, and increased advertising and public relations expenses[44] Credit Quality and Impairment - The company recorded a significant reduction in expected credit loss impairment to RMB 4,626,000 from RMB 10,962,000 in 2024, indicating improved credit quality[5] - The expected credit loss under the impairment model decreased to RMB 4,600,000 in 2025 from RMB 11,000,000 in 2024, with a recovery of RMB 600,000 related to trade receivables[45][46] - Trade receivables from customer contracts decreased from RMB 121,387,000 in FY 2024 to RMB 106,281,000 in FY 2025, with a provision for credit losses of RMB 97,700,000[30] Corporate Governance - The audit committee, composed of three independent non-executive directors, reviewed the group's annual performance and consolidated financial statements for the fiscal year ending December 31, 2025[69] - The company has adopted the standard code of conduct for securities trading as per the listing rules, ensuring compliance throughout the fiscal year 2025[63] - The company has maintained high levels of corporate governance, adhering to the corporate governance code as per the listing rules, with some deviations noted[64] Future Outlook - The company expects continued positive momentum in business performance into FY 2026, supported by the recovery of the construction industry[35] - The company is actively exploring opportunities in the precious metals sector through a potential project in Chile, currently in the detailed due diligence phase[61] - The company is committed to creating long-term value for shareholders through steady growth and business diversification strategies[61] Strategic Changes - The company officially abandoned plans to resume marble block extraction at Zhangjiaba Mine, focusing instead on producing crushed limestone[34] - The marble business strategy has been refined, with the termination of the long-term marble block production plan due to lack of commercial and geological feasibility[59] - The company’s operational strategy has shifted significantly since 2016, focusing on the production of crushed limestone due to geological challenges and declining demand for marble[34] Employee and Resources - The total number of employees increased to 66 in 2025 from 45 in 2024, with total employee costs amounting to approximately RMB 12,900,000[58] - Cash and bank balances rose to approximately RMB 37,200,000 in 2025 from RMB 8,600,000 in 2024, indicating sufficient financial resources for future liquidity needs[50] - No significant capital expenditures were incurred in either 2025 or 2024, and no assets were pledged as collateral during the same period[52][53] Dividends - The company did not recommend any dividend payment for the fiscal year ending December 31, 2025, consistent with the previous year[32] Audit and Confirmation - The consolidated financial statements for the fiscal year ending December 31, 2025, have been audited and confirmed by Tianjian International CPA Limited[70] - The board of directors includes executive directors Mr. Chen Tianxing, Ms. Zhang Cuiwei, and Mr. Zhang Mian, as well as independent non-executive directors Mr. Andreas Varianos, Ms. Zu Rui, and Ms. Gu Yiran[72]

Strategic Transition and Business Development - The company reported a strategic transition into an intelligent infrastructure service provider, focusing on technology investment and tech-enabled operations[15]. - The company aims to deepen its full value chain footprint in robotics and advance the "asset circulation + digital and intelligent operations" model[15]. - The company is committed to promoting the cross-border integration of infrastructure assets and enhancing digital intelligence[12]. - The company has established a solid foundation for business development through business restructuring and enhanced capital reserves[14]. - The company has divested partial equity interest in Shougang Fushan Resources Group Limited to optimize its asset structure[14]. - The company has a strategic focus on becoming a leading service provider of China's Intelligent Infrastructure Assets[11]. - The company aims to become the leading service provider of China's intelligent infrastructure asset services, focusing on core assets and high-quality asset injection[24]. Financial Performance - For the year ended 31 December 2025, the company recorded revenue of HK$1,440 million, representing a year-on-year increase of 18%[34]. - The overall gross profit for the same period amounted to HK$570 million, reflecting an 11% year-on-year increase[34]. - The ratio of net cash flows from operating activities to total assets increased by 98% year-on-year, indicating improved operational efficiency[34]. - Total assets reached HK$15,570 million, while net assets attributable to owners of the company amounted to HK$11,140 million[34]. - The asset-liability ratio decreased to 28.4%, and the interest-bearing debt ratio was reduced to 6.2%[34]. - The board declared an aggregate annual dividend of HK$780 million, resulting in a dividend yield of approximately 5.6%[35]. - The company has distributed cumulative dividends of approximately HK$6,000 million since its strategic transformation in 2018[35]. Investment and Fund Management - The parallel business model of industrial funds and asset management is becoming increasingly refined, enhancing asset efficiency and risk management[39]. - The company aims to become the best fund management company in China, with a focus on high-quality investments in sectors like new materials and healthcare, achieving significant growth in fund size and overall returns[46]. - The Early-Stage Growth Fund III has a MOIC of 2.45 and an IRR of 15.82%, while the Regional Development Fund II boasts a MOIC of 4.92 and an impressive IRR of 134.54%[48]. - The Thematic Strategy Fund IV has a MOIC of 5.29 and an IRR of 56.62%, showcasing strong returns in thematic investments[48]. - The company is committed to increasing investment intensity in managed funds, anticipating that the Chinese REITs market will become one of the most valuable globally[58]. Robotics and Technology Integration - The company is advancing an integrated development strategy in the robotics sector, focusing on investment, operations, and ecosystem development[157]. - The establishment of Shoucheng Robotics Advanced Materials Industrial Co., Ltd. deepened the Group's strategic layout within the robotics industry chain, focusing on key upstream materials[161]. - The Group's robotics consumer experience brand, Taozhu New Manufacturing Bureau, has established five stores in Beijing, including locations at Shougang Park and Beijing Capital Airport, enhancing the integration of robotics into daily life[163]. - The Group is focusing on investments in upstream core materials and components for the robotics industry, including lightweight materials and high-temperature thermal management solutions[164]. - The Group is collaborating with local government funds to establish regional equity funds for investments in AI, robotics, and smart manufacturing, promoting technological and industrial innovation[164]. Operational Efficiency and Innovations - The company has achieved significant improvements in operational efficiency, leading to a substantial increase in profitability across its asset management operations[59]. - Revenue from innovative business reached 20% of total revenue, with a 17% increase in revenue yield per parking space[65]. - Parking space occupancy rate reached 55%, while the vacancy rate decreased by 8%[65]. - The company is actively promoting AI technology adoption, enhancing asset management capabilities for smart parking and transportation hubs[66]. - The Group is enhancing asset operation efficiency through the introduction of the Hobbs W1 Intelligent Robot at Beijing Capital Airport, optimizing passenger experience and operational efficiency[179]. 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[97]. - The company has a diverse board with members holding significant positions in various financial and investment firms, enhancing its strategic capabilities[114][116]. - The appointments of new directors reflect the company's commitment to enhancing its governance and operational effectiveness[114][116]. - The company is focused on expanding its leadership team with experienced professionals to drive future growth and strategic initiatives[107][108]. Market Engagement and Investor Relations - In the past year, the total financing amount for listed and roadshow companies exceeded 20 billion, indicating strong investor interest and market engagement[82]. - New investors, including top-tier international and domestic institutions, have shown confidence in the company's long-term development, ensuring shared growth dividends for all investors[87][89]. - The Group received a principal rating of AAA from two leading domestic rating agencies for the third consecutive year[131]. Future Strategies and Expansion Plans - The company plans to launch a strategic emerging and future industries fund exceeding 3 billion, aimed at supporting early-stage technology innovation companies[50]. - The company plans to open 20 new stores in top-tier commercial districts this year, leveraging its asset operation experience to support startups[76]. - Future strategies include acquiring and integrating high-quality service companies to strengthen service capabilities within the industry ecosystem[73]. - The company aims to contribute significant revenue and stable cash flow from commercial properties and long-term rental apartments in the coming years[72].

Financial Performance - The company's revenue for the year ending December 31, 2025, is reported at RMB 969,406,000, representing a 14.3% increase from RMB 848,198,000 in 2024[3] - Gross profit for the same period is RMB 634,598,000, up 20.8% from RMB 525,158,000 in 2024, with a gross margin of 65.5%, an increase of 5.8%[3] - Net profit reached RMB 130,224,000, reflecting a 23.9% growth compared to RMB 105,071,000 in 2024[3] - Total revenue reached RMB 969 million, representing a year-on-year growth of 14.3%[6] - The company's operating revenue increased from RMB 848.2 million in 2024 to RMB 969.4 million in 2025, representing a year-on-year growth of 14.3%[28] - Gross profit rose from RMB 525.2 million in 2024 to RMB 634.6 million in 2025, with a year-on-year increase of 20.8%[28] - Net profit grew from RMB 105.1 million in 2024 to RMB 130.2 million in 2025, reflecting a year-on-year increase of 23.9%[28] - The company reported a net profit of RMB 130,224 thousand for the year ended December 31, 2025, compared to RMB 105,071 thousand in 2024, reflecting a year-over-year increase of 24.0%[74] Customer and Market Growth - Total customer count increased to 1,797, a year-on-year growth of 3.4%[6] - Average revenue per customer increased to RMB 539,000, a year-on-year growth of 10.5%[6] - Revenue contribution from top-tier customers reached RMB 301 million, a year-on-year growth of 21.3%[7] - The number of high-value customers increased to 281, a year-on-year growth of 16.6%[7] - The number of high-value customers is anticipated to rise from 241 in 2024 to 281 in 2025, marking a 16.6% increase[32] Product and Service Development - The company has delivered over 500 projects under its "Course Intelligent Body" initiative, which integrates AI with educational content, creating a new revenue growth engine[4] - Revenue from digital teaching content services accounted for 85.8% of total revenue in 2025[9] - Revenue from digital teaching environment services accounted for 14.2% of total revenue in 2025[11] - The company plans to continue expanding its digital teaching services and products, focusing on enhancing user engagement and market penetration[75] - The company is committed to ongoing research and development of new technologies to improve its digital teaching environment services and products[75] Technological Advancements - The company successfully completed the filing for its self-developed "Damingbai" large model, enhancing its brand credibility and operational compliance in the education AI sector[4] - A total of 9 algorithm filings have been completed, strengthening the company's technical competitiveness and laying a solid foundation for business expansion[4] - The collaboration with Harbin Engineering University on the "Xinghai" large model fills a gap in the education AI application for marine engineering, opening new business growth points[5] - The company has established a comprehensive AI application system that integrates multi-dimensional and multi-modal capabilities, ensuring safety and accuracy in sensitive scenarios[15] - A full-chain AI solution has been developed, covering all teaching scenarios, which enhances the integration of AI technology with higher education[16] Financial Stability and Risks - The company faces risks from market competition and technological iteration, requiring continuous investment to maintain product relevance and adapt to evolving educational demands[18] - There are significant network security and data compliance risks due to reliance on IT systems, which could impact service continuity and user trust if breaches occur[19] - Regulatory risks related to AI technology development and compliance are present, which could affect business operations if standards are not met[20] - The company aims to optimize its capital structure in response to business development strategies and market conditions, focusing on cash flow management and external financing[48] Employee and Governance - The total number of employees as of December 31, 2025, is 2,728, with a focus on employee welfare and talent development[56] - The board has proposed not to declare a final dividend for the year ending December 31, 2025[61] - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules and has complied with all relevant provisions during the reporting period[62] - The board of directors includes a mix of executive and non-executive members, ensuring diverse governance[108] Financial Position and Assets - As of December 31, 2025, the company's current assets amount to RMB 414.7 million, an increase of RMB 179.8 million from RMB 234.9 million as of December 31, 2024[44] - Trade receivables increased by 54.8% to RMB 534.7 million as of December 31, 2025, compared to RMB 345.5 million as of December 31, 2024, driven by business growth[45] - The company's bank borrowings increased to RMB 92.9 million as of December 31, 2025, up from RMB 56.2 million as of December 31, 2024, primarily for operational funding[44] - The company's total assets as of December 31, 2025, amounted to RMB 1,353,126,000, significantly up from RMB 792,508,000 in 2024[71] - The company's total equity reached RMB 1,024,641,000, an increase from RMB 498,869,000 in the previous year[71] Future Outlook - The company aims to lead the AI technology application in higher education, focusing on self-developed large model technology as a foundational support[21] - The company plans to balance commercial and social value growth while empowering high-quality development in higher education[21] - The company aims to enhance its core business's gross profit margin through operational efficiency and effective management of accounts receivable[26] - The company will continue to invest in the iterative development of its self-researched large model "Damingbai" to optimize its capabilities in multi-modal interaction and industry adaptation[22] - The company aims to become a leading provider of digital solutions in higher education, leveraging AI technology for innovative applications in educational scenarios[27]

Financial Performance - The company plans to distribute a cash dividend of RMB 6.80 per 10 shares, amounting to a total of RMB 923,211,868.16 (including tax) for the fiscal year 2025, which represents approximately 37.12% of the net profit attributable to shareholders[13]. - Operating revenue for 2025 reached RMB 28,702,700,063, an increase of 15.23% compared to RMB 24,908,937,548 in 2024[25]. - Net profit attributable to shareholders of the parent company for 2025 was RMB 4,096,540,421, up 10.64% from RMB 3,702,585,914 in 2024[25]. - Total assets increased to RMB 72,084,237,098 in 2025, a growth of 11.24% from RMB 64,802,246,319 in 2024[27]. - The company’s total liabilities rose to RMB 26,159,454,776 in 2025, reflecting a 30.54% increase from RMB 20,039,828,511 in 2024[27]. - Basic earnings per share for 2025 were RMB 2.99, compared to RMB 2.62 in 2024, marking a growth of 14.12%[25]. - Total profit for 2025 was RMB 4.87 billion, reflecting a 12.90% growth compared to RMB 4.32 billion in 2024[44]. - The net cash flow from operating activities for 2025 was RMB 3.96 billion, an increase of 17.96% from RMB 3.36 billion in 2024[44]. - The company reported a gross profit margin of 33.43%, an increase of 0.95 percentage points compared to the previous year[189]. Research and Development - Research and development expenses for 2025 amounted to RMB 3,011,318,327, an increase of 13.33% from RMB 2,656,671,063 in 2024[25]. - The company has a R&D team of 4,560 people, accounting for 42.43% of the workforce, with nearly half (51.58%) holding a master's degree or higher[94]. - The company has established 6 national-level and 13 provincial-level technology innovation platforms, applying for 530 patents in 2025, with 404 patents granted, including 306 invention patents[88]. - The company achieved a total R&D investment of RMB 3,176,527,098, an increase of 11.77% compared to the previous year[128]. - The proportion of R&D investment to operating revenue is 11.07%, a decrease of 0.34 percentage points from the previous year[128]. - The company added 404 new patents, bringing the total number of authorized and valid patents to 3,858, with over 60% being invention patents[126]. Market Expansion and Strategy - The company is focused on expanding its market presence in the transportation and energy sectors, aiming to become a world-class enterprise[10]. - The company aims to enhance core competitiveness and functionality while focusing on high-quality development strategies for the "14th Five-Year Plan" period[32]. - The company is positioned to benefit from national policies supporting strategic emerging industries, digital economy, and green low-carbon initiatives, providing a solid policy barrier and broad development space[75]. - The company is leveraging the opportunities presented by the "Belt and Road" initiative and RCEP for international expansion in rail transportation and new energy sectors[74]. - The company is actively expanding into semiconductor, automotive, new energy, marine, and industrial sectors, leveraging its core technologies[67]. Governance and Compliance - The company has not reported any unremedied losses for the parent company, indicating a stable financial position[14]. - The company has received a standard unqualified audit opinion from KPMG, ensuring the accuracy and completeness of the financial report[15]. - The company has no significant non-operational fund occupation by controlling shareholders or related parties, indicating sound governance practices[18]. - The company’s financial data is prepared in accordance with Chinese accounting standards, ensuring compliance and transparency[19]. - The company has maintained a focus on R&D in traction and control systems, positioning itself as a leader in the electrification of railway equipment in China[61]. Technology and Innovation - Significant advancements in technology include the completion of a 400kW+ photovoltaic inverter application and breakthroughs in SiC MOSFET chip technology[33]. - The company has implemented 11 AI application scenarios, marking a new phase in business intelligence development[35]. - Key technologies include advanced electrical systems, control technologies, and power semiconductor technologies, which have significantly improved product performance, quality, and cost[99]. - The company has established a comprehensive R&D capability covering chip design, drive control, module packaging, and system testing for power semiconductor devices[101]. - The company has achieved significant improvements in power density and system efficiency through advanced control algorithms and multi-physical field simulation optimization[101]. Operational Performance - The company completed the acquisition of 100% equity in Hunan CRRC Commercial Vehicle Power Technology Co., Ltd. in December 2024, which was included in the consolidated financial statements[27]. - The company has established a unified procurement system and centralized procurement model to ensure quality and reduce costs[64]. - The company adopts a production model based on sales orders, ensuring production plans are aligned with market demand[64]. - The company has a global after-sales service network covering key customers and regions, ensuring timely customer support and feedback[65]. - The company has maintained a leading market share in domestic traction conversion systems for high-speed rail and urban rail for fourteen consecutive years[70]. Risks and Challenges - The company faces operational risks due to potential slowdowns in infrastructure investment and increased competition from low-price strategies adopted by domestic competitors[166]. - Financial risks are heightened due to international operations, including currency fluctuation losses and accounts receivable management challenges[167]. - The company is actively enhancing market risk warning mechanisms and optimizing supply chains to address industry competition challenges[168].

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。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6806） 截 至 2025 年 1 2 月 3 1 日止年度之業績公告 申萬宏源集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及其附屬公司 截至2025年12月31日止年度之經審計業績。本業績公告載列本公司2025年年度報告全 文 ，並符合《香港聯合交易所有限公司證券上市規則》中有關年度業績初步公告附載的資 料之要求。 董事長 劉健 中國，北京 2026年3月27日 於本公告日期，董事會成員包括執行董事劉健先生、黃昊先生及方榮義先生；非執行董 事朱志龍先生、張英女士、邵亞樓先生、徐一心先生及嚴金國先生；獨立非執行董事楊 小雯女士、武常岐先生、陳漢文先生及趙磊先生。 董事長致辭 董事會審計委員會已審閱本公司截至2025年12月31日止年度之年度業績。 本業績公告已分別在香港交易及結算所有限公 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 321,412,000, a decrease of 18.2% compared to RMB 392,963,000 in 2024[4] - Gross profit for the same period was RMB 152,533,000, down 29.8% from RMB 217,257,000 in 2024[4] - The net loss attributable to equity shareholders for the year was RMB 215,431,000, compared to a loss of RMB 523,312,000 in 2024, representing a 58.8% improvement[5] - The company reported a total comprehensive loss of RMB 346,328,000 for the year, down from RMB 643,944,000 in 2024, indicating a 46.2% reduction[5] - The basic and diluted loss per share for the year was RMB 1.44, compared to RMB 3.50 in 2024, showing an improvement of 58.9%[5] - For the fiscal year ending December 31, 2025, the company reported a net loss of approximately RMB 229,620,000[9] - Revenue from electricity sales was RMB 202,307,000 in 2025, down from RMB 239,455,000 in 2024, representing a decline of 15.5%[14] - The group reported a net loss attributable to equity shareholders of approximately RMB 215,431,000 for the year ended December 31, 2025, compared to a net loss of RMB 523,312,000 in 2024[22] Assets and Liabilities - Non-current assets decreased to RMB 2,244,159,000 in 2025 from RMB 2,565,118,000 in 2024, a decline of 12.5%[6] - Current assets also fell to RMB 2,061,053,000 in 2025, down from RMB 2,203,088,000 in 2024, a decrease of 6.4%[6] - Total liabilities increased to RMB 2,315,742,000 in 2025 from RMB 2,430,617,000 in 2024, reflecting a rise of 7.5%[7] - The company's net asset value decreased to RMB 1,989,470,000 in 2025 from RMB 2,337,589,000 in 2024, a decline of 14.9%[7] - The group’s accounts receivable decreased to RMB 1,413,900,000 in 2025 from RMB 1,526,388,000 in 2024, indicating improved collection efficiency[25] - Accounts receivable and other receivables decreased by approximately 6.2% from RMB 2,113,771,000 as of December 31, 2024, to RMB 1,983,775,000 as of December 31, 2025[52] - Accounts payable and other payables increased by approximately 28.3% from RMB 470,319,000 as of December 31, 2024, to RMB 603,515,000 as of December 31, 2025[54] Expenses and Income - The company reported a significant reduction in administrative expenses to RMB 79,077,000 in 2025 from RMB 131,090,000 in 2024, a decrease of 39.7%[4] - Interest income from joint ventures increased to RMB 11,422,000 in 2025 from RMB 10,698,000 in 2024, while interest income from bank deposits decreased to RMB 213,000 from RMB 1,177,000[18] - Total financial expenses for continuing operations slightly decreased to RMB 97,914,000 in 2025 from RMB 98,070,000 in 2024[19] - The group’s total revenue from continuing operations was RMB 31,359,000 in 2025, a significant recovery from a loss of RMB 14,441,000 in 2024[18] - The group incurred a significant loss in employee benefits expenses, which decreased to RMB 32,134,000 in 2025 from RMB 107,485,000 in 2024[20] - The group’s tax expenses decreased to RMB 14,557,000 in 2025 from RMB 25,782,000 in 2024, reflecting a reduction in taxable income[21] - Other income changed from a net loss of approximately RMB 14,441,000 for the year ended December 31, 2024, to a net income of approximately RMB 31,359,000 for the year ended December 31, 2025[39] Cash Flow and Financing - The company has secured a financing arrangement of RMB 167,000,000 for its solar power business, which is expected to support operations in the coming year[9] - The company anticipates sufficient operating funds for the next twelve months based on expected settlements from the State Grid Corporation and financing arrangements[9] - The total amount of loans due within one year was approximately RMB 962,114,000 as of December 31, 2025, compared to RMB 967,383,000 in 2024[58] - Total loans and borrowings decreased by approximately 9.6% to RMB 1,640,252,000 as of December 31, 2025, from RMB 1,814,044,000 in 2024[57] - Lease liabilities decreased to approximately RMB 53,200,000 as of December 31, 2025, down from RMB 121,067,000 in 2024[61] Corporate Governance and Compliance - The company has adopted corporate governance practices in compliance with the relevant rules and has confirmed adherence to these practices throughout the reporting period[75] - The company has established an audit committee to review and monitor financial reports and internal control principles[80] - The financial data has been reviewed by the audit committee and approved by the board of directors[84] - The auditor, Su Yawen Shun CPA Limited, confirmed that the figures in the preliminary performance announcement align with the audited consolidated financial statements[84] Future Outlook - The company anticipates that the installed capacity of solar power in China will reach approximately 318 million kilowatts in 2025, a year-on-year growth of 35%[73] - The total solar power generation in China is expected to reach 1.17 trillion kilowatt-hours in 2025, representing a 40% year-on-year increase[73] - The company plans to continue optimizing asset allocation efficiency and improving power plant equipment efficiency to enhance asset returns and shareholder value[74] Shareholder Information - The group has not declared or paid any dividends for the year ended December 31, 2025, consistent with the previous year[24] - The company has not proposed any dividend for the year ending December 31, 2025[76] - The company will hold its annual general meeting on June 5, 2026, to approve the audited consolidated financial statements for the year ending December 31, 2025[81]