Financial Performance - The company's operating revenue for the year ended December 31, 2025, was approximately RMB 121.26 billion, a decrease of about 1.80% compared to the previous year[4] - The pre-tax profit increased to approximately RMB 12.99 billion, representing a growth of 49.85% year-on-year[4] - Net profit attributable to equity holders of the company was approximately RMB 7.54 billion, up 66.13% from RMB 4.54 billion in the previous year[4] - Basic earnings per share reached RMB 0.3237, a significant increase of 96.66% compared to RMB 0.1646 in the previous year[4] - The group's total profit for the year was approximately RMB 12.986 billion, representing a year-on-year growth of about 49.85%[12] - The net profit attributable to the company's equity holders was approximately RMB 7.539 billion, an increase of about RMB 3.001 billion compared to the previous year[13] - Operating revenue for the year ended December 31, 2025, was RMB 121,255,419 thousand, a decrease of 1.0% from RMB 123,473,629 thousand in 2024[33] - Operating profit increased to RMB 15,597,768 thousand, up 40.0% from RMB 11,150,991 thousand in 2024[33] - Net profit for the year was RMB 10,157,264 thousand, representing a 47.0% increase compared to RMB 6,898,952 thousand in 2024[34] - Total comprehensive income for the year amounted to RMB 10,199,859 thousand, up 48.0% from RMB 6,869,129 thousand in 2024[34] Dividends - The company plans to distribute a total cash dividend of approximately RMB 2.739 billion, including an interim dividend of RMB 0.055 per share and a final dividend of RMB 0.0930 per share[2] - The board of directors proposed a final cash dividend of RMB 0.0930 per share, totaling approximately RMB 1.721 billion, subject to shareholder approval[20] - The proposed final dividend for the year ending December 31, 2025, is RMB 0.0930 per share, totaling RMB 1,721,124,000 (including tax) [64] - For the year ending December 31, 2024, the final dividend is RMB 0.0621 per share, amounting to RMB 1,149,267,000 (including tax) [64] Operating Costs - The total operating cost for the year was approximately RMB 105.66 billion, a reduction of about 5.93% year-on-year due to lower fuel costs[9] - The total operating costs decreased to RMB 105,657,651 thousand, down 5.9% from RMB 112,322,638 thousand in 2024[33] - The company reported a significant reduction in fuel costs, which fell to RMB 59,835,966 thousand from RMB 69,735,244 thousand, a decrease of 14.2%[33] - The total operating costs for 2025 were RMB 14,370,589 thousand, compared to RMB 14,195,452 thousand in 2024, reflecting a modest increase of approximately 1.2%[63] Assets and Liabilities - As of December 31, 2025, the total assets of the group were approximately RMB 333.636 billion, an increase of about RMB 11.013 billion from the end of 2024[13] - The total liabilities of the group were approximately RMB 234.030 billion, an increase of about RMB 4.840 billion from the end of 2024[13] - The group's debt ratio was approximately 70.15% as of December 31, 2025[14] - The group had cash and cash equivalents of approximately RMB 9.267 billion, including about RMB 0.128 billion in foreign currency deposits[14] - Non-current assets increased to RMB 290,344,749 thousand in 2025 from RMB 279,192,432 thousand in 2024, representing a growth of approximately 4.1%[35] - Current assets slightly decreased to RMB 43,291,744 thousand in 2025 from RMB 43,431,502 thousand in 2024, a decline of about 0.3%[35] - Total equity rose to RMB 99,606,722 thousand in 2025, up from RMB 93,434,384 thousand in 2024, marking an increase of approximately 6.5%[36] - Non-current liabilities decreased to RMB 130,284,187 thousand in 2025 from RMB 128,306,459 thousand in 2024, a reduction of about 1.5%[36] - The company's cash and cash equivalents increased to RMB 9,267,252 thousand in 2025 from RMB 7,734,434 thousand in 2024, reflecting a growth of approximately 19.8%[35] - The total assets less current liabilities amounted to RMB 229,890,909 thousand in 2025, compared to RMB 221,740,843 thousand in 2024, an increase of about 3.5%[35] Financial Expenses - Financial expenses decreased to approximately RMB 4.43 billion, down 16.54% from the previous year, primarily due to lower borrowing rates[11] - The company's financial expenses decreased to RMB 4,427,106 thousand from RMB 5,304,392 thousand, a reduction of 16.5%[33] - The profit tax expense for 2025 was RMB 2,828,337 thousand, up from RMB 1,767,531 thousand in 2024, reflecting an increase of about 60%[61] Employee and Operational Efficiency - The group employed 27,149 people, implementing a performance-based compensation system to enhance employee motivation and productivity[16] - The total employee costs increased to RMB 10,879,695 thousand in 2025 from RMB 9,933,175 thousand in 2024, representing a rise of about 9.5%[62] Future Outlook and Strategic Initiatives - The company aims to enhance safety management and operational efficiency as part of its 2026 outlook, focusing on high-quality development[17] - The company plans to optimize its operational mechanisms and enhance value creation through market research and cost control strategies[18] - The company is committed to advancing green transformation and improving corporate governance to enhance risk management and investor communication[18] Financial Reporting Standards - The company has not adopted any new international financial reporting standards that would significantly impact its financial performance and position[39] - The company has implemented changes in financial reporting standards, including IFRS 18, which will take effect on January 1, 2027, allowing for early adoption[48] - The application of the new IFRS 18 will not have a significant impact on the group's financial performance and position, but it will affect the structure and presentation of the consolidated income statement[48] - The amendments to IFRS 9 and IFRS 7 regarding financial instruments classification and measurement are expected to be effective from January 1, 2026, with early adoption permitted[45] - The group’s financial disclosures will include qualitative and quantitative information regarding contract terms that may affect cash flows, as required by the revised IFRS 7[44] - The group’s financial performance indicators will be disclosed in the notes to the consolidated financial statements, as per the new IFRS 18 requirements[47] Segment Performance - The profit for the power generation and heating segment was RMB 11,531,731,000, while the total profit across all segments was RMB 12,846,887,000 for the same period[53] - Major customer A1 contributed RMB 17,587,676,000 in revenue for 2025, while customer B1 was not applicable for 2025 but contributed RMB 14,830,421,000 in 2024[58] - The company reported a pre-tax profit of RMB 12,985,601,000 under International Financial Reporting Standards for 2025[55] - The total impairment of non-current assets was RMB 861,853,000, with goodwill impairment accounting for RMB 798,205,000 in 2025[56] - The company has not reported geographical segment information as over 90% of revenue and customers are located in China[57]

Financial Performance - Revenue decreased to approximately RMB 394.54 million, a decline of about 23.4% compared to RMB 515.15 million in 2024[3] - Gross margin fell from approximately 13.0% in 2024 to about 10.1% in 2025[3] - Annual loss and total comprehensive expenses amounted to approximately RMB 93.94 million[3] - Basic loss per share for the year was approximately RMB 11.73[3] - No final dividend is recommended for this fiscal year[3] - The company incurred a total pre-tax loss of RMB 93.92 million in 2025, slightly improved from a loss of RMB 100.22 million in 2024[13] - The company's annual loss attributable to shareholders for 2025 was RMB 93,935,000, a reduction of 22.1% compared to RMB 120,528,000 in 2024[30] - The annual loss recorded in 2025 was approximately RMB 93.94 million, with a net margin of about -23.8%[55] Revenue Breakdown - Total revenue for 2025 was RMB 394.54 million, a decrease of 23.4% from RMB 515.15 million in 2024[13] - Revenue from the Antenna Systems segment was RMB 113.79 million in 2025, down 30.0% from RMB 162.53 million in 2024[13] - The Base Station RF Subsystem segment generated revenue of RMB 224.23 million in 2025, a decline of 20.0% compared to RMB 279.80 million in 2024[13] - The Coverage Extension Solutions segment reported revenue of RMB 56.51 million in 2025, down 22.4% from RMB 72.82 million in 2024[13] - Revenue from China was RMB 179.62 million in 2025, a decrease of 23.7% from RMB 235.53 million in 2024[19] - In 2025, the sales revenue from domestic operators decreased by approximately 48.9% to about RMB 46.15 million, accounting for about 11.7% of total revenue[43] - Sales revenue from domestic equipment manufacturers increased by approximately 5.5% to about RMB 99.54 million, representing about 25.2% of total revenue[43] - Sales to international operators decreased by approximately 16.0% to about RMB 40.51 million, making up about 10.3% of total revenue[44] - Sales to international equipment manufacturers fell by approximately 29.0% to about RMB 179.79 million, accounting for about 45.6% of total revenue[45] Expenses and Costs - Research and development expenses were RMB 51.97 million, down from RMB 65.04 million in 2024[4] - Research and development expenses totaled RMB 51.97 million in 2025, a decrease of 20.2% from RMB 65.04 million in 2024[14] - Other income decreased by approximately 26.3% to about RMB 23.14 million, primarily due to a reduction in government subsidies[47] - The company's financial costs decreased to RMB 3,786,000 in 2025 from RMB 4,593,000 in 2024, a reduction of 17.6%[21] - Interest income from bank deposits fell to RMB 3,996,000 in 2025, down 31.1% from RMB 5,813,000 in 2024[20] - Government grants related to expenses decreased to RMB 8,435,000 in 2025 from RMB 11,973,000 in 2024, a decline of 29.1%[20] Assets and Liabilities - Total assets decreased from RMB 738.46 million in 2024 to RMB 565.25 million in 2025[5] - Current liabilities decreased from RMB 662.48 million in 2024 to RMB 537.48 million in 2025[5] - Net assets decreased from RMB 383.37 million in 2024 to RMB 288.93 million in 2025[5] - Trade receivables (net of credit loss provisions) decreased to RMB 150,972,000 in 2025 from RMB 226,767,000 in 2024, a decline of 33.4%[31] - The accounts payable decreased from RMB 538.33 million in 2024 to RMB 408.55 million in 2025, reflecting a reduction in trade payables[11] - The aging analysis of trade payables shows that the amount overdue for more than 180 days decreased from RMB 107.37 million in 2024 to RMB 73.38 million in 2025[11] Strategic Focus and Development - The company continues to focus on the production and sale of antennas and wireless radio frequency subsystems[7] - The company is focusing on strategic transformation to mitigate the impact of cyclical fluctuations in the industry and enhance its market position[37] - The company aims to deepen strategic cooperation with major operators and equipment manufacturers to optimize customer structure and expand market share[42] - The company is focusing on diversifying its product structure and expanding into new materials and satellite communication sectors to mitigate cyclical fluctuations in traditional business[45] - The company aims to strengthen its core traditional businesses in antenna systems and RF subsystems while accelerating its strategic transformation towards new materials and satellite communication sectors[63] - The company has successfully entered the shortlists of several multinational operators and achieved framework orders, indicating progress in its internationalization strategy[66] - The company is committed to becoming a leading supplier of RF technology solutions for global system equipment manufacturers and telecom operators[65] Product Development and Innovation - The company successfully launched new products such as WIFI medium filters and ceramic antennas, which are expected to generate significant sales in 2026[37] - The company has developed prototypes for Wi-Fi dielectric filters, ceramic antennas, positioning modules, and satellite communication-related modules, which have significant sales potential[67] - The company has invested in the development of ceramic dielectric products, which are expected to see widespread application across various sectors, with scale sales anticipated to begin in 2026[71] Corporate Governance and Compliance - The company aims to maintain high corporate governance standards to protect shareholder interests and enhance corporate value[81] - The company has not violated any environmental regulations and has not faced any penalties, ensuring compliance with relevant laws and regulations[61] - The audit committee, composed of three independent non-executive directors, reviewed the group's annual performance for the fiscal year ending December 31, 2025[83] Employee and Operational Management - As of December 31, 2025, the group had approximately 1,084 employees, with total employee costs amounting to approximately RMB 126.06 million for the fiscal year[76] - The company has appointed a new executive president effective April 11, 2025, to enhance operational management[82] Future Outlook - By 2026, international operators' capital expenditures are expected to gradually recover, leading to substantial acceleration in network construction, particularly in developed markets focusing on 5G SA and 5G-A technologies[64] - The company anticipates a new growth cycle in network construction demand driven by the transition from 5G to 5G-A and favorable policy releases[66] - The company emphasizes the importance of timely response to market demands and technological advancements to maintain customer interest in its products[59] - The company anticipates significant growth in demand for high-end products like Massive MIMO RF modules as the global communication technology evolves towards 5G-A and 6G[70] - By the end of 2025, the company expects to achieve mass delivery of AI intelligent tracking antennas and green antennas, with multiple orders in hand and ongoing projects[69] Financial Position - The company's leverage ratio as of December 31, 2025, was approximately 16.4%, an increase from 10.7% in 2024, reflecting a stable financial condition[74] - As of December 31, 2025, the company reported net current assets of approximately RMB 27.78 million, a decrease from RMB 75.98 million in 2024, with inventory at RMB 77.63 million[73] - The average turnover days for inventory, accounts receivable, and accounts payable were approximately 93 days, 226 days, and 433 days, respectively, indicating effective management of operating capital[73] - The group's bank balance as of December 31, 2025, was approximately RMB 65.39 million, which was pledged against bank loans and notes payable[77] Shareholder Actions - The company repurchased a total of 4,328,000 shares at prices ranging from HKD 0.109 to HKD 0.195 per share during 2025, subsequently canceling all repurchased shares[79] - The board does not recommend the payment of any final dividend for the fiscal year ending December 31, 2025[84] - The board proposed amendments to the company's articles of association to allow for virtual shareholder meetings and electronic voting[87]

Corporate Governance - The board of directors consists of two executive directors and three independent non-executive directors, ensuring a diverse governance structure[3] Shareholder Information - BaWang International (Group) Holding Limited clarified the date for submitting share transfer documents for the annual general meeting is May 20, 2026, at 4:30 PM, not May 26, 2026, as previously stated[2]

Financial Performance - Revenue for the year ended December 31, 2025, increased by RMB 85.6 million or 1.2% compared to the previous year[4] - Gross profit decreased by RMB 214.7 million or 6.9%, resulting in a gross margin of 38.6%, down from 42.0%[3][4] - EBITDA declined by RMB 89.7 million or 14.8%, indicating a decrease in operational efficiency[4] - Profit attributable to equity holders decreased by RMB 58.5 million or 24.8%, with earnings per share dropping to RMB 9.98 from RMB 13.26[4][5] - The company reported a total comprehensive income of RMB 419.0 million for the year, significantly higher than RMB 132.5 million in the previous year[6] - For the fiscal year ending December 31, 2025, total revenue from external customers reached RMB 7,487,957,000, an increase from RMB 7,402,439,000 in 2024, representing a growth of approximately 1.15%[30] - The company reported a pre-tax profit of RMB 169,553,000 for the fiscal year ending December 31, 2025, compared to RMB 312,515,000 in 2024[26] - The company reported a basic earnings per share of RMB 9.98 for the fiscal year ending December 31, 2025, down from RMB 13.26 in 2024, reflecting a decrease of approximately 24.5%[43] - The profit attributable to equity holders for the fiscal year 2025 is RMB 177.5 million, a decrease of RMB 58.5 million or 24.8% compared to 2024, primarily due to intense competition in the Chinese formula milk powder market and temporary impacts from product updates[92] Assets and Liabilities - Total assets increased to RMB 10,255.7 million, up from RMB 9,662.1 million, indicating growth in the company's asset base[8][9] - Total liabilities rose to RMB 4,169.3 million from RMB 3,878.7 million, reflecting an increase in financial obligations[9] - Non-current assets increased to RMB 6,340.9 million, up from RMB 5,264.2 million, driven by investments in property and equipment[8] - Cash and cash equivalents decreased to RMB 907.6 million from RMB 1,214.7 million, indicating a reduction in liquidity[8] - The company’s total liabilities increased slightly to RMB 537,711,000 in 2025 from RMB 533,945,000 in 2024, indicating a marginal increase of about 0.5%[46] - As of December 31, 2025, the total assets and net assets of the group are RMB 10,255.7 million and RMB 6,086.4 million, respectively, compared to RMB 9,662.1 million and RMB 5,783.5 million in 2024[93] Cash Flow - Net cash flow from operating activities for the year ended December 31, 2025, was RMB 372,436,000, an increase of 24.4% compared to RMB 299,374,000 in 2024[10] - Cash used in investing activities for the year ended December 31, 2025, was RMB 721,453,000, a decrease of 19.8% from RMB 899,165,000 in 2024[10] - The company reported a net decrease in cash and cash equivalents of RMB 325,544,000 for 2025, compared to a net decrease of RMB 873,379,000 in 2024[10] - The company’s cash flow from operating activities showed a positive trend, reflecting improved operational efficiency and revenue generation[10] Dividends - The board proposed a final dividend of HKD 0.05 per share, down from HKD 0.06 in the previous year, reflecting a 16.7% reduction[3] - The total dividend proposed for the fiscal year 2025 is RMB 78,559,000, which corresponds to a dividend of HKD 0.05 per share, compared to RMB 97,152,000 for the previous year[41] Market and Segment Performance - The Dairy Products and Related Products segment generated revenue of RMB 7,167,544,000, while the Nutrition segment contributed RMB 320,413,000 for the year ending December 31, 2025[26] - The total segment profit for the Dairy Products and Related Products was RMB 234,823,000, whereas the Nutrition segment reported a loss of RMB 35,145,000, leading to an overall segment profit of RMB 199,678,000[26] - The overall nutrition business segment recorded revenue of RMB 320.4 million in 2025, an increase of RMB 15.8 million or 5.2% from RMB 304.6 million in 2024, driven by market breakthroughs and effective channel strategies[69] - The company’s cheese segment saw a remarkable growth of 448.1% to RMB 1,006.4 million, contributing 13.4% to total revenue[76] Strategic Initiatives - The company aims to deepen its mother-baby channel strategy in the infant formula sector, focusing on consumer engagement to drive business recovery[51] - A five-year strategic plan emphasizes enhancing organizational capabilities and operational efficiency, with a focus on cost control and systematic operations to build industry competitiveness[52] - The company is committed to consumer-centric innovation, leveraging global R&D resources to develop functional products that meet diverse nutritional needs[53] - The company plans to enhance operational efficiency and reduce costs through digital member management systems and production optimization[57] - The company aims to increase R&D investment and strengthen intellectual property protection to enhance overall competitiveness in the industry[57] Challenges and Risks - In 2025, the domestic infant formula market faced intensified competition, with newborn numbers dropping below 8 million, leading to a focus on high-quality products and a shift towards a more structured competitive advantage[50] - The company experienced a net foreign exchange loss of RMB 17,986 thousand in 2025, compared to a loss of RMB 5,993 thousand in 2024, indicating increased volatility in currency exchange rates[34] - The company has recognized an income tax expense of approximately RMB 6,309,000 due to the implementation of the OECD Pillar Two legislation, which will take effect in various jurisdictions starting January 1, 2024[39] Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange Listing Rules, ensuring compliance and enhancing shareholder value[123] - The audit committee consists of three independent non-executive directors, who reviewed the audited financial statements for the fiscal year 2025[126] - The audit firm PwC confirmed that the financial figures in the announcement align with the audited financial statements for the fiscal year 2025[125] Operational Efficiency - The group’s inventory turnover days decreased from 171 days in 2024 to 155 days in 2025, attributed to faster clearance of outdated inventory and improved global supply chain logistics[97] - System updates and integration have been completed to reduce manual workload and improve overall efficiency, with successful automation of reconciliation processes[131] Innovation and Product Development - The company launched 14 new upgraded products throughout the year, focusing on diverse market needs in infant and children's formula categories[67] - The company established a strategic partnership with Jiangnan University to create the "Jiangnan University - Jinqi Biological Probiotic Collaborative Innovation Center," enhancing its research capabilities[70] - The company filed 20 patent applications and registered 31 new effective patents during the year, enhancing its intellectual property portfolio[75]

Financial Performance - Revenue for the year was RMB 3,121.2 million, a decrease of 8.74% compared to the previous year[4] - Profit attributable to owners of the company was RMB 150.7 million, down 19.67% year-on-year[4] - Gross profit for the year was RMB 207.1 million, compared to RMB 354.9 million in the previous year[5] - The company reported a total comprehensive income of RMB 165.3 million for the year, compared to RMB 201.7 million in the previous year[7] - The group's revenue for 2025 is reported at RMB 3,121,230,000, a decrease from RMB 3,420,317,000 in 2024, indicating a decline of approximately 8.8%[23] - The group’s attributable profit for the year was RMB 150.7 million, a decrease of 19.67% from RMB 187.6 million in the previous year[57] Sales and Revenue Breakdown - Total natural gas sales volume reached 878 million cubic meters, a decline of 3.09% from the previous year[4] - Revenue from the sale of pipeline natural gas in 2025 is RMB 1,706,841,000, with liquefied natural gas sales at RMB 1,007,152,000, and liquefied petroleum gas sales at RMB 64,717,000[23] - Total gas sales volume reached 878 million cubic meters, a decrease of 0.28% compared to the same period in 2024[47] - Pipeline natural gas sales volume was 538 million cubic meters, showing a moderate growth of 0.75%[47] - Liquefied natural gas sales volume was 339 million cubic meters, down 8.87% year-on-year, primarily due to a loosening supply-demand situation in the natural gas market[47] Dividends and Shareholder Information - The board proposed a final dividend of RMB 0.25 per share (tax included) for the year ended December 31, 2025[4] - The interim dividend for 2025 was set at RMB 0.15 per share, reduced from RMB 0.20 per share in 2024, a decrease of 25%[33] - The company will withhold a 10% corporate income tax on dividends paid to non-resident H-share shareholders[76] - The record date for determining H-share shareholders entitled to attend the annual general meeting is June 2, 2026[79] - The last deadline for submitting share transfer documents for the final dividend is June 16, 2026[79] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 2,435.3 million, an increase from RMB 1,788.0 million in 2024[9] - Non-current liabilities totaled RMB 1,145.9 million, up from RMB 602.4 million in the previous year[9] - The net asset value was RMB 1,289.4 million, compared to RMB 1,185.6 million in the previous year[9] - The current ratio as of December 31, 2025, was 1.22, up from 0.92 on December 31, 2024, while the debt-to-asset ratio increased to 63.39% from 60.27%[59] - The total trade payables and notes payable increased to RMB 849,007,000 in 2025, up 16.4% from RMB 729,375,000 in 2024[40] Financial Management and Costs - The total financing costs for 2025 amounted to RMB 21,987,000, down from RMB 23,673,000 in 2024, reflecting a reduction of about 7.1%[30] - The income tax expense for 2025 was RMB 32,295,000, significantly lower than RMB 60,679,000 in 2024, representing a decrease of approximately 46.8%[32] - Financing costs decreased by 17.18% to RMB 13.5 million, attributed to reduced short-term borrowings[55] Investments and Acquisitions - The group completed an investment of approximately RMB 357.0 million in the joint venture Hangjiaxin, with a book value of RMB 485.5 million, representing 13.78% of total assets[65] - The group acquired a 13.5% stake in Yancheng Xingzhou for RMB 89.0 million and invested approximately RMB 232.72 million, with a book value of RMB 266.91 million, accounting for 7.58% of total assets[66] - The investment in Hangjiaxin generated an investment income of approximately RMB 24.6 million during the reporting period[65] - The investment in Yancheng Xingzhou confirmed a profit of RMB 34.3 million, with no dividends received[66] Employee and Governance - As of December 31, 2025, the group employed a total of 402 employees, with total employee costs amounting to approximately RMB 76.0 million for the year[71] - The company has adopted the corporate governance code as the basis for its governance practices, ensuring compliance with all applicable rules during the reporting period[83] - The audit committee, composed of three independent non-executive directors, has reviewed the accounting principles and policies adopted by the group for the fiscal year[87] Market and Future Outlook - The company anticipates a more regulated and transparent market environment due to ongoing reforms in the oil and gas sector, which may facilitate resource allocation and trade expansion[46] - The management is committed to exploring the integration of natural gas and new energy to ensure sustainable development and create long-term value for shareholders[50] - There are no major future investment or capital asset plans currently reported by the group[67] Compliance and Reporting - Financial statements are prepared in accordance with International Financial Reporting Standards and presented in Renminbi[14] - The consolidated financial statements include the financial results of the company and its subsidiaries for the year ending December 31, 2025[15] - The company will publish its annual report and performance results on its website and the stock exchange in accordance with listing rules[88]

2025 比亞迪可持續發展報告 0 目錄 CONTENTS 開篇 關於本報告 董事長致辭 首席可持續發展官致辭 關於我們 專題 可持續發展管理 02 04 05 06 12 18 145 180 附錄 鑒證聲明 引領行業發展 堅守產品責任 65 71 專注客戶體驗 79 保障員工權益 打造平等職場 89 97 增進員工福祉 103 規範管理體系 踐行責任採購 112 113 推動協同發展 117 綠色低碳 創新變革 平等機會 協同合作 誠信守正 價值共享 為股東創造價值 為客戶創造價值 為社會創造價值 132 133 135 恪守商業道德 126 保障信息安全 129 2025 比亞迪可持續發展報告 1 堅持人才投資 健全治理架構 強化風險管控 深化合規管理 100 120 122 125 應對氣候變化 28 踐行綠色運營 51 開篇 D綠色低碳 R創新變革 E平等機會 A協同合作 M誠信守正 S價值共享 附録 鑒證聲明 本報告實質性議題管理策略、經濟範疇關鍵績效指標、社會範疇關鍵績效指標報告範圍與《比亞迪股份有限公 司2025年年報》一致，覆蓋全集團所有實體，但不包括本公司聯營公司和合營公司；涵蓋汽車、汽車 ...

Financial Performance - The company's revenue for the year ended December 31, 2025, was HKD 73,503,000, representing an increase of 4.2% from HKD 70,509,000 in 2024[4] - Gross profit for the year was HKD 7,726,000, compared to a gross loss of HKD 4,940,000 in the previous year, indicating a significant turnaround[4] - The net loss for the year was HKD 80,841,000, a reduction of 67.9% from a net loss of HKD 251,854,000 in 2024[5] - Revenue from medical laboratory testing and health check services was HKD 35,782,000 in 2025, a decrease of 3.5% from HKD 39,158,000 in 2024[23] - Insurance brokerage service revenue increased to HKD 37,570,000 in 2025, up 22.5% from HKD 30,600,000 in 2024[23] - The company reported a total loss of approximately HKD 80,841,000 for the year ending December 31, 2025[15] - The total loss before tax for the year ended December 31, 2025, was HKD 81,697,000, with a net loss of HKD 80,841,000 after tax credits[27] - The company’s annual loss for 2025 was HKD 68,778,000, a reduction from a loss of HKD 198,146,000 in 2024, indicating an improvement of approximately 65.3%[37] Assets and Liabilities - Total assets increased to HKD 702,575,000 in 2025, up from HKD 529,955,000 in 2024, reflecting a growth of 32.6%[6] - The total liabilities increased to HKD 546,830,000, up from HKD 287,567,000, representing an increase of 90%[7] - The equity attributable to the owners of the company decreased to HKD 191,410,000 from HKD 264,942,000, a decline of 27.7%[7] - As of December 31, 2025, the company's current liabilities exceeded its current assets by approximately HKD 266,069,000[15] - The total borrowings and lease liabilities were approximately HKD 338,012,000 and HKD 12,620,000, respectively, with cash and bank balances of about HKD 12,083,000[15] - The total assets as of December 31, 2025, amounted to HKD 702,575,000, with significant contributions from non-current assets in mainland China at HKD 571,984,000[31] - The total liabilities as of December 31, 2025, were HKD 546,830,000, with significant liabilities in the boron neutron capture therapy segment at HKD 227,889,000[27] Cash Flow and Financing - The company's cash and cash equivalents decreased to HKD 12,083,000 from HKD 18,913,000, a decline of 36.4%[6] - The company believes it will have sufficient working capital to meet its operational needs and financial obligations for the foreseeable future[16] - The company raised $35,000,000 (equivalent to HKD 272,440,000) through the issuance of convertible bonds to a subscriber, with the bonds maturing in four years[19] - The company secured a loan of up to RMB 180,000,000 from Hainan Rural Commercial Bank for operational purposes, guaranteed by the company and its chairman[75] - The company obtained bank loans of approximately HKD 141,087,000 as of December 31, 2025, significantly increased from HKD 13,259,000 in 2024[95] Operational Highlights - The company is engaged in providing medical laboratory testing services and health check services in Hong Kong, and cancer immunotherapy and health management services in China[13] - The company is also involved in the sale and distribution of health-related and pharmaceutical products in China and Hong Kong[13] - The company has committed to constructing and operating a cancer treatment center utilizing the NeuCure® boron neutron capture therapy system, with construction entering its final stages and expected to be ready for trial operations in Q1 2026[62] - The company plans to initiate the second phase of clinical trials for its LY007 cell injection product by the end of 2026, which is the first CAR-T therapy approved for clinical trials in China targeting CD20[60] - The company has strategically decided to reallocate resources from the sales and distribution of healthcare-related and pharmaceutical products to higher-margin and higher-growth segments, such as boron neutron capture therapy[61] Research and Development - Research and development costs were reduced to HKD 17,201,000 from HKD 33,309,000, a decrease of 48.3%[4] - The company recorded a net foreign exchange gain of HKD 7,700,000 in 2025, a recovery from a loss of HKD 11,152,000 in 2024[24] - The company confirmed impairment losses of approximately HKD 52,713,000 related to boron neutron capture therapy equipment damaged in a storm, with insurance claims recognized as compensation income[24] - The group recorded an impairment loss of approximately HKD 6,731,000 for right-of-use assets in fiscal year 2025 due to new lease agreements for the operations of DVF Group[70] Corporate Governance - The company is listed on the GEM of the Hong Kong Stock Exchange[14] - The financial statements are prepared in accordance with applicable Hong Kong Financial Reporting Standards[15] - The audit committee has reviewed the consolidated financial statements for the fiscal year 2025[106] - The company and its subsidiaries did not purchase, sell, or redeem any listed securities during the fiscal year ending December 31, 2025[109] - The board of directors has undergone changes, with Dr. Yin Ye appointed as an executive director and Dr. Zhang Xiao appointed as an independent non-executive director[105] Market Position and Future Outlook - The year 2025 is identified as a critical year for the company, with significant breakthroughs in its core businesses of boron neutron capture therapy and CAR-T, laying a solid foundation for future growth[81] - The boron neutron capture therapy center in Hainan is set to begin trial operations in February 2026, serving as a demonstration center and a cornerstone for a national network of treatment centers[81] - The CAR-T division has launched China's first clinically approved CD20-targeted CAR-T therapy, marking a significant step towards commercialization, with positive clinical data supporting its efficacy and safety[82]

Financial Performance - Total operating income for the year ended December 31, 2025, was HKD 13,030,000, a decrease of 44.8% from HKD 23,652,000 in 2024[2] - The net loss before tax for 2025 was HKD 6,892,000, significantly improved from a loss of HKD 21,598,000 in 2024, representing a reduction of 68.1%[3] - Basic and diluted loss per share for 2025 was HKD 3.56, compared to HKD 13.73 in 2024, indicating a 74.0% improvement[3] - The company reported a total comprehensive loss of HKD 6,892,000 for 2025, compared to HKD 21,598,000 in 2024, reflecting a 68.1% improvement[3] - The group incurred an operating loss of approximately HKD 6,900,000 in 2025, compared to a loss of HKD 21,600,000 in 2024, indicating a significant improvement[32] Assets and Equity - Total assets decreased to HKD 29,822,000 in 2025 from HKD 33,098,000 in 2024, a decline of 10.0%[4] - Total equity attributable to owners decreased to HKD 28,611,000 in 2025 from HKD 31,862,000 in 2024, a decrease of 10.5%[4] - Cash and cash equivalents dropped to HKD 962,000 in 2025 from HKD 4,268,000 in 2024, a decline of 77.5%[4] - The net asset value as of December 31, 2025, was approximately HKD 28,600,000, a decrease of about HKD 3,300,000 from HKD 31,862,000 in 2024[32] - Non-current assets decreased to HKD 18,133,000 in 2025 from HKD 16,108,000 in 2024, an increase of 12.6%[4] Income and Expenses - The total other income for 2025 was HKD 3,000, compared to HKD 213,000 in 2024, reflecting a significant decline[18] - Administrative expenses increased from approximately HKD 10.6 million to about HKD 11.4 million, primarily due to higher employee benefits expenses[41] Shareholder Actions - The company did not declare or recommend any dividends for the year ended December 31, 2025, consistent with 2024[31] - The company entered into a placement agreement to issue up to 33,936,000 new ordinary shares at a placement price of HKD 0.112 per share, aimed at strengthening the financial position and broadening the shareholder base[48] - The net proceeds from the placement are approximately HKD 3,610,000, with a net placement price of about HKD 0.106 per share[49] - Approximately 55.4% (or about HKD 2,000,000) of the net proceeds will be used for potential investments, while 44.6% (or about HKD 1,610,000) will be allocated for general working capital[49] - The anticipated net proceeds from the rights issue are approximately HKD 49,240,000, assuming full subscription and no change in the number of shares issued[54] - The company plans to allocate about 70% (or approximately HKD 34,470,000) of the net proceeds from the rights issue to investments in listed and unlisted securities, including sectors like AI and renewable energy[54] Market and Economic Context - The S&P 500, Dow Jones, and Nasdaq indices increased by approximately 16.4%, 13%, and 20.4% respectively, benefiting from a successful "soft landing" of the economy and a decisive shift to a loose monetary policy by the Federal Reserve, which reduced interest rates by 75 to 100 basis points[34] - The Hang Seng Index and Hang Seng Tech Index rose by 27.8% and 23.5% respectively, marking the largest annual increase since 2017, driven by the robust development of global artificial intelligence and improved investor sentiment from US-China trade agreements[35] - The trading volume in the Hong Kong stock market doubled in 2025, supported by policy backing and international capital inflow, although total proceeds from investment sales decreased to approximately HKD 12.7 million from HKD 23.4 million in 2024[36] - The outlook for global stock markets remains cautiously optimistic, with expectations of continued recovery driven by strong corporate earnings, particularly in the AI and technology sectors, despite potential risks from geopolitical tensions and inflation pressures[43] Governance and Compliance - The company has adhered to the corporate governance code and has established a governance framework to ensure accountability, fairness, honesty, and transparency[64] - The audit committee consists of three independent non-executive directors, with Mr. Tam as the chairman, and has reviewed the annual performance for the year ending December 31, 2025[66] - The remuneration committee is also composed of three independent non-executive directors, with Mr. Tam serving as the chairman[67] - The nomination committee includes one executive director and three independent non-executive directors, with Dr. Ng as the chairman[68] - The company confirmed that all directors complied with the standard code for securities trading during the year ending December 31, 2025[69] Employment and Workforce - As of December 31, 2025, the company has 15 employees and directors, with compensation aligned with current market practices[63] Other Information - The company has not engaged in any significant acquisitions or disposals of subsidiaries during the year[55] - There were no purchases, sales, or redemptions of the company's shares during the year ending December 31, 2025[70] - The annual results announcement and annual report for the year ending December 31, 2025, will be published on the Hong Kong Stock Exchange and the company's website[74] - The company will hold its annual general meeting on June 12, 2026, with a record date for shareholder voting set for June 12, 2026[72][73] - The company expresses gratitude to all directors, management, and employees for their support and contributions[75] - The chairman of the board is Dr. Lam, and the executive director is Mr. Lee[76][77]

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。 中國中車股份有限公司 CRRC CORPORATION LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代碼：1766） 2025年年度業績公告 中國中車股份有限公司（「本公司」）董事會欣然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。本公告列載本公司2025年年度報告的主要部分，並 符合香港聯合交易所有限公司（「聯交所」）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。本公司2025年年度報告全文將於2026年4月30日或之前刊載於聯交所 網站 http://www.hkex.com.hk 及本公司網站 http://www.crrcgc.cc 。 承董事會命 中國中車股份有限公司 董事長 孫永才 中國•北京 2026年3月27日 於本公告日期，本公司的執行董事為孫永才先生及王銨先生；獨立非執行董事為 王西峰先生、魏明德先生、楊家義先生及張振戎先生；非執 ...

Financial Performance - Total revenue for the fiscal year 2025 was RMB 1,992,648,000, a decrease of 33.2% compared to RMB 2,982,719,000 in 2024[3] - Gross profit for 2025 was RMB 154,311,000, down 28.2% from RMB 214,803,000 in 2024[3] - Net profit for the year was RMB 3,026,000, a significant decline of 95.6% from RMB 69,211,000 in 2024[3] - Basic and diluted earnings per share for 2025 were RMB 0.65, compared to RMB 8.88 in 2024, reflecting a decrease of 92.7%[3] - The company reported a goodwill impairment loss of RMB 18,099,000 in 2025, with no such loss reported in 2024[3] - The company reported a net loss of RMB 6,821,000 for 2025, improving from a net loss of RMB 9,767,000 in 2024[21] - The group's gross profit for the fiscal year 2025 was approximately RMB 154.3 million, a decrease of about 28.2% compared to RMB 214.8 million in fiscal year 2024[40] - The group recorded a net profit of approximately RMB 3.0 million for fiscal year 2025, a decrease of about 95.6% from RMB 69.2 million in fiscal year 2024[46] Revenue Breakdown - Revenue from end-to-end cross-border delivery services decreased to RMB 982,970,000 in 2025 from RMB 1,374,191,000 in 2024, representing a decline of 28.5%[12] - Revenue from freight forwarding services fell to RMB 404,568,000 in 2025, down 32.5% from RMB 599,766,000 in 2024[12] - Revenue from other logistics services decreased to RMB 605,110,000 in 2025, a decline of 39.9% compared to RMB 1,008,762,000 in 2024[12] - Revenue from mainland China accounted for RMB 1,596,489,000 in 2025, down 45.0% from RMB 2,903,620,000 in 2024[17] - The end-to-end cross-border delivery service revenue for 2025 was approximately RMB 983.0 million, accounting for about 49.33% of total revenue[35] - The freight forwarding service revenue for 2025 was approximately RMB 404.6 million, representing about 20.30% of total revenue[35] - Other logistics services revenue for 2025 reached approximately RMB 605.1 million, making up about 30.37% of total revenue[35] Assets and Liabilities - Total assets decreased to RMB 1,312,425,000 in 2025 from RMB 1,531,560,000 in 2024, a decline of 14.3%[4] - Non-current assets decreased to RMB 251,828,000 in 2025 from RMB 190,771,000 in 2024, an increase of 32.1%[4] - Trade receivables decreased to RMB 608,647,000 in 2025 from RMB 696,121,000 in 2024, reflecting a decline of 12.6%[27] - As of December 31, 2025, the group's trade receivables and bills receivable amounted to RMB 557.2 million, a decrease of 15.6% from RMB 660.4 million as of December 31, 2024[47] - The group's capital-to-debt ratio as of December 31, 2025, was approximately 81.3%, down from 120.0% as of December 31, 2024, primarily due to a reduction in bank borrowings[50] Cash Flow and Financing - The company's cash and cash equivalents increased to RMB 551,157,000 in 2025 from RMB 448,633,000 in 2024, an increase of 22.9%[4] - The company incurred financing costs of RMB 18,383,000 in 2025, a decrease from RMB 19,354,000 in 2024[22] - The company expects sufficient operating funds to meet future operational capital, capital expenditures, and other cash needs[49] Strategic Plans and Market Outlook - The company plans to continue focusing on end-to-end cross-border delivery services and logistics solutions to drive future growth[6] - The company plans to acquire 51% stakes in COPE Services Incorporated and Hyperlining LLC to enhance logistics infrastructure in North America[36] - The company has implemented strategies to optimize logistics routes and expand into emerging markets to mitigate the impact of U.S. tariff policy changes[34] - The market outlook indicates that advancements in logistics technologies such as automation, data analytics, and artificial intelligence are expected to enhance supply chain efficiency, despite a forecasted slowdown in overall growth[54] - The market size of China's cross-border e-commerce logistics is projected to grow from RMB 1.9 trillion in 2019 to RMB 4.0 trillion by 2024, with a compound annual growth rate (CAGR) of 16.1%[55] Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance and has complied with most of the recommended best practices[70] - The audit committee reviewed the consolidated financial statements for the fiscal year 2025, confirming compliance with applicable accounting standards[72] - The company maintained sufficient public float as of December 31, 2025, in accordance with listing rules[76] - The environmental, social, and governance report for the fiscal year 2025 will be published by April 30, 2026[78] Employee and Shareholder Information - As of December 31, 2025, the total number of employees was 453, down from 477 the previous year[67] - The company did not declare any dividends for the fiscal year ending December 31, 2025, consistent with 2024[24] - No final dividend is recommended for the fiscal year 2025, consistent with the previous fiscal year[68] - The company adopted a share incentive plan on April 9, 2025, allowing for the issuance of up to 78,000,000 shares, representing approximately 10% of the issued share capital at the adoption date[69]