Financial Performance - For Q3 2025, Agricultural Bank of China reported operating income of RMB 180,981 million, an increase of 4.30% year-on-year[7]. - The net profit attributable to shareholders for the same period was RMB 81,349 million, reflecting a growth of 3.66% compared to the previous year[7]. - The total operating income for the same period was RMB 550.77 billion, an increase of 1.87% year-on-year, while net interest income decreased by 2.40% to RMB 427.31 billion[17]. - For the nine months ended September 30, 2025, the group achieved a net profit of RMB 222.32 billion, representing a year-on-year growth of 3.28%[17]. - The bank reported a net profit of RMB 82.380 billion for the three months ending September 30, 2025, compared to RMB 78.768 billion in the same period of 2024, reflecting a growth of 3.9%[31]. - The bank's operating profit for the nine months ending September 30, 2025, was RMB 248.685 billion, up from RMB 241.308 billion in the same period of 2024[30]. - The bank's total comprehensive income for the nine months ending September 30, 2025, was RMB 206.532 billion, down from RMB 232.020 billion in the same period of 2024[31]. Assets and Liabilities - The total assets of the bank reached RMB 48,135,429 million, marking an increase of 11.33% from the end of the previous year[7]. - As of September 30, 2025, total assets reached RMB 48,135.43 billion, an increase of 11.33% compared to the end of the previous year[18]. - Total liabilities increased by 12.01% to RMB 44,960.22 billion compared to the end of the previous year[19]. - Total liabilities increased to RMB 44,960,218 million, up from RMB 40,140,862 million, reflecting a growth of approximately 12.5%[33]. - Customer loans and advances totaled RMB 26,987.57 billion, reflecting an increase of 8.36% from the end of the previous year[18]. - Customer loans and advances rose to RMB 26,019,737 million, compared to RMB 23,977,013 million in the previous year, marking an increase of about 8.7%[32]. - Customer deposits reached RMB 32,067.82 billion, an increase of 5.82% from the end of the previous year[19]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 539,787, with 520,726 being A-share shareholders[9]. - The top two shareholders, Central Huijin Investment Ltd. and the Ministry of Finance of the People's Republic of China, held 40.14% and 35.29% of shares respectively[9]. - The bank's equity attributable to shareholders was RMB 3,168,502 million, an increase of 2.51% from the previous year[7]. - The bank's total equity increased to RMB 3,175,211 million as of September 30, 2025, from RMB 3,097,273 million, representing an increase of approximately 2.5%[33]. - The bank has no restricted shares among its top shareholders, indicating a fully tradable share structure[10]. Dividends - The bank declared a final cash dividend of RMB 0.1255 per share for the fiscal year 2024, totaling RMB 43.923 billion[26]. - The board proposed an interim cash dividend of RMB 1.195 per 10 shares for the fiscal year 2025, amounting to RMB 41.823 billion, pending shareholder approval[26]. - The bank plans to distribute a cash dividend of RMB 4.12 per preferred share, totaling RMB 1.648 billion, for the fiscal year 2024-2025[26]. Capital and Financing - The capital adequacy ratio as of September 30, 2025, was 17.78%, with a Tier 1 capital adequacy ratio of 12.92%[23]. - The group issued RMB 600 billion in Tier 2 capital bonds in both July and September 2025[24]. - The group also issued RMB 500 billion in total loss-absorbing capacity non-capital bonds in August 2025[24]. - The bank issued debt securities amounting to RMB 3,450,107 million during the nine months ended September 30, 2025, compared to RMB 2,920,323 million in the same period of 2024, an increase of about 18.2%[36]. Cash Flow - The net cash flow from operating activities for the year-to-date period was RMB 2,034,128 million, showing an increase of 8.49%[7]. - Net cash from operating activities for the nine months ended September 30, 2025, was RMB 2,034,128 million, compared to RMB 1,874,980 million for the same period in 2024, an increase of about 8.5%[35]. - Cash and cash equivalents at the end of the period reached RMB 2,933,380 million, up from RMB 2,780,032 million, indicating an increase of approximately 5.5%[36]. - The bank's net cash used in investing activities for the nine months ended September 30, 2025, was RMB (1,208,002) million, an improvement from RMB (1,771,297) million in 2024[36]. - The bank's interest income from investment securities for the nine months ended September 30, 2025, was RMB (275,590) million, compared to RMB (267,368) million in 2024, indicating a slight increase of about 3.4%[35]. Non-Performing Loans - The non-performing loan balance was RMB 341.40 billion, with a non-performing loan ratio of 1.27%, a decrease of 0.03 percentage points from the end of the previous year[20].

Financial Performance - Revenue for the year ended June 30, 2025, was HK$55,409,000, a decrease of 24.9% compared to HK$73,811,000 in 2024[17] - Gross profit for the same period was HK$9,501,000, down 35.6% from HK$14,764,000 in 2024[17] - The company reported a loss for the year of HK$28,211,000, which is an increase of 116.3% from a loss of HK$13,044,000 in 2024[17] - For the year ended June 30, 2025, the Group's revenue was approximately HK$55.4 million, a decrease of approximately 24.9% from HK$73.8 million in 2024[29] - The Group's gross profit for the same period was approximately HK$9.5 million, down 35.6% from HK$14.8 million in 2024[29] - The net loss for the year increased to approximately HK$28.2 million, representing a 116.3% increase compared to a net loss of approximately HK$13.0 million in 2024[29] - The increase in consolidated net loss is primarily attributed to the decline in revenue and gross profit[31] - Gross profit for the Year was approximately HK$9.5 million, with a gross profit margin of approximately 17.1%, down from approximately HK$14.8 million and a margin of 20.0% in 2024[48] Assets and Liabilities - Total assets increased by 5.6% to HK$67,193,000 from HK$63,613,000 in 2024[17] - Capital deficiency rose by 47.8% to HK$65,678,000 compared to HK$44,427,000 in 2024[17] - The current ratio declined to 0.47 from 0.74 in 2024[17] - The quick ratio also fell to 0.47 from 0.74 in 2024[17] - The gearing ratio improved to (1.29) from (1.88) in 2024[17] - As of June 30, 2025, cash and bank balances amounted to approximately HK$9.7 million, down from approximately HK$16.8 million in 2024[59] - The Group had borrowings of approximately HK$55.0 million and a shareholder's loan of HK$30.0 million as of June 30, 2025, with negative gearing ratios due to equity deficit[67] Business Strategy and Development - The management has focused resources on developing local business in the PRC and Hong Kong, as well as exploring opportunities in Australia[30] - New business relationships have been established with internationally recognized brands and property owners for sizeable projects[30] - The Group's strategic focus includes enhancing competitiveness in the market through local business development[32] - The Group is actively seeking potential acquisition targets that may synergize with its existing business for ongoing strategic growth[39] - The management is confident in building long-term business relationships and expects more projects to commence in the near future[37] - The Group has established numerous business relationships with internationally recognized brands and property owners in the PRC, Hong Kong, and Australia, indicating positive business prospects[36] Corporate Governance - The Board has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Risk Management Committee to oversee specific aspects of the Company's affairs[91] - The Company has adopted the Corporate Governance Code as its own code of corporate governance, ensuring high standards of corporate governance[89] - The Company will continue to review and enhance its corporate governance practices to ensure compliance with the Corporate Governance Code[100] - The Company has provisions for independent professional advice for both the Audit and Remuneration Committees[115][122] - The Company has adopted a Board Diversity Policy to ensure a diverse composition of the Board[132] Risk Management - The Company has established an enterprise risk register to monitor significant risk factors affecting its operations[182] - Management evaluates risks in the register and prioritizes them based on potential impact and occurrence opportunity[183] - The internal control system is designed to minimize risks and is reviewed annually to ensure its effectiveness[187] - The Company has implemented procedures for identifying, assessing, monitoring, and reporting significant risks[186] - The Risk Management Committee monitored the Company's exposure to sanctions legal risks during its meetings[144] Shareholder Rights - Shareholders holding at least one-tenth of the paid-up capital have the right to requisition an extraordinary general meeting[198] - If the Board fails to convene a requisitioned extraordinary general meeting within 21 days, the concerned Shareholders may convene it themselves[199] - There are no provisions for Shareholders to propose items at general meetings, but they can requisition extraordinary meetings for specified business[200]

（於開曼群島註冊成立之有限公司） Summi (Group) Holdings Limited 森美（集團）控股有限公司 股份代號：00756 健康 由森美開始 公司秘書 年度報告 2025 目錄 2 公司資料 3 財務摘要 4 主席報告 5 管理層討論及分析 10 董事會及高級管理層 12 董事會報告書 21 企業管治報告 35 獨立核數師報告 38 綜合損益及其他全面收益表 39 綜合財務狀況表 41 綜合權益變動表 43 綜合現金流量表 45 綜合財務報表附註 130 五年財務摘要 公司資料 董事 執行董事 吳紹豪先生 吳聯韜先生 （主席） 獨立非執行董事 鍾頴怡女士 楊許萍女士 彭韋豪先生（於二零二四年十月二十二日獲委任） 錢盈盈女士，CPA 授權代表 吳聯韜先生 錢盈盈女士，CPA 審核委員會 彭韋豪先生 （主席） （於二零二四年十月二十二日 獲委任） 鍾頴怡女士 楊許萍女士 薪酬委員會 彭韋豪先生 （主席） （於二零二四年十月二十二日 獲委任） 吳紹豪先生 鍾頴怡女士 楊許萍女士 提名委員會 楊許萍女士 （主席） 吳紹豪先生 鍾頴怡女士 投資及合規委員會 吳紹豪先生 （主席） 吳聯韜先生 楊許萍女 ...

Digital Transformation and E-commerce Strategy - Bonjour is transforming from a beauty retailer to a digital integrated ecosystem combining "Cross-border E-commerce + Smart Logistics + AI Marketing" with the establishment of the HKMALL platform[11]. - The company plans to build a complete SBBC (Supplier-Business-Business-Consumer) ecosystem by the second half of 2025, enabling end-to-end digital collaboration from global sourcing to personalized retail[17]. - The "HKMALL" platform integrates global supply chains, smart payments, cross-border logistics, and data-driven marketing to provide end-to-end solutions for partners[14]. - The Group is focused on digital transformation and technological innovation elements in traditional industries, promoting new business models and services[25]. - The Group aims to showcase a Hong Kong legend for the digital age, aligning with the global digital economy trends[21]. - The Group has successfully expanded its product range from pure cosmetics to include "Beauty, Health & Lifestyle" products, enhancing consumer experience and aligning with market demand changes[188]. - HKMALL operates as a comprehensive marketplace, providing a diverse range of beauty, skincare, health, and lifestyle products through both outright ownership and consignment models[200]. - The Group has terminated traditional physical retail operations to focus resources on enhancing HKMALL eCommerce and developing a new B2B business model via O2O operations in Mainland China[186]. - The Group has established bonded warehouse operations in Hainan and Guangzhou to strengthen cross-border sales capabilities and multichannel strategies[192]. Operational Efficiency and Innovation - The company is leveraging AI to enhance operational efficiency and user experience through smart supply chains and intelligent customer service systems[12]. - The innovative "Tripartite Synergy System" allows for "One-Click Store Setup, One-Click Sales, One-Click Reward Sharing," enhancing business collaboration and profit growth potential[15]. - Bonjour Technology integrates multiple systems to help enterprises improve operational efficiency and marketing capabilities[121]. - Bonjour Technology, which supports HongKong Mall, is developing a comprehensive catering management system that includes various operational systems[115]. - The Group's commitment to technological innovation has facilitated the transition from traditional retail to a new business ecosystem benefiting all stakeholders[191]. Financial Performance and Challenges - The Group is navigating a critical transitional phase, focusing on the high-growth potential "HKMALL" cross-border e-commerce platform despite short-term profitability impacts[20]. - The company reported a turnover of HK$91,000,000 for the eighteen months ending June 30, 2025, a decrease of 90% compared to HK$950,300,000 in 2023[166]. - The net loss for the period was HK$278,400,000, compared to a profit of HK$54,000,000 in 2023, resulting in a loss per share of HK$0.861[166]. - Non-operating expenses and non-cash accounting provisions had a combined impact of approximately HK$202,700,000 on the company's financial results[166]. - Excluding these exceptional items, the core business generated a loss of approximately HK$75,700,000[166]. - The gross profit margin for 2023 was reported at 6.64%, with a significant drop from previous years[154]. - The total number of retail stores in Hong Kong decreased to 5 in 2023, down from 8 in 2022[154]. - The company faced a HK$153.8 million loss from an investment in CR Business Innovation Investment Fund L.P. due to a decline in property market values[171]. Market Trends and Consumer Behavior - E-commerce penetration in Hong Kong surged to over 25% of total retail revenue in 2024/2025, up from 20% in 2023 and 15% in 2022, indicating a significant shift towards digital retail strategies[175]. - Rising living costs and inflationary pressures have suppressed local consumer confidence, leading to more cautious spending patterns in the retail sector[174]. - The Greater Bay Area's affluent middle class, with a collective disposable income exceeding RMB2.3 trillion, represents a key demand source for premium goods, enhancing cross-border e-commerce opportunities[179]. - The accelerated digital transformation in retail is reshaping customer expectations and business strategies, with innovations like AI-driven marketing becoming essential[175]. - Sustainability practices are increasingly prioritized by retailers in response to global eco-conscious consumption trends, impacting operational strategies[181]. Corporate Social Responsibility and Community Engagement - Since the outbreak of the pandemic, the Group has supplied over 20 million face masks at affordable prices, gaining coverage from over 17 media outlets and recognized as one of the listed companies fulfilling CSR in Hong Kong[51]. - The company actively participates in charitable, environmental, and corporate social responsibility activities, contributing to society and supporting SMEs[151]. - The company donated 100,000 rapid test kits in collaboration with Futu Securities International to support educational initiatives[152]. - The Group established a strategic partnership in the social welfare sector with China Resources Capital Management Limited and Loving Home Foundation Limited[66]. Awards and Recognition - Bonjour was listed on the Main Board of The Stock Exchange of Hong Kong (Stock Code: 653), receiving 17 times oversubscription for its initial public offering, establishing its leading status in the beauty and cosmetics industry in Hong Kong[49]. - The Group has received multiple local and international awards, solidifying its position as a leading eCommerce platform and beauty retail group in Hong Kong[147]. - The Group received the "IFAPC Outstanding Listed Companies Award" for the fourth consecutive year[92]. - The Group's KOL live streaming studio supports simulcast at 9 different platforms, enhancing its online marketing capabilities[55]. - HongKong Mall Limited won the "Outstanding ECommerce Platform of the Year" award from BUSINESS INNOVATOR[71]. - The Group was designated as the online sales livestreaming platform for the "International Beauty, Education, Wellness Expo 2022" and received the "Awesome Entrepreneur" award[76]. - The Group's initiatives aim to leverage the "industry + technology + capital" model to facilitate the digital transformation of traditional businesses[137]. Leadership and Governance - The Chairman has over 20 years of experience in innovating digitalized management systems for traditional enterprises, enhancing the Group's strategic planning and operational management capabilities[24][26]. - The Group's leadership includes experienced professionals with extensive backgrounds in accounting, business management, and operations, ensuring robust governance and strategic execution[30][41]. - The company has a comprehensive governance report, ensuring transparency and accountability in its operations[153].

Financial Performance - Total revenue for the fiscal year ending June 30, 2025, decreased by 11.1% to approximately HKD 142,900,000 from HKD 160,700,000 in the previous fiscal year[15]. - Solar power business revenue was approximately HKD 52,600,000, down 15.0% from HKD 61,900,000 in the previous year[16]. - Revenue from the distribution system business was approximately HKD 88,700,000, a decrease of 10.3% from HKD 98,900,000 in the previous year[17]. - The beauty and wellness business generated revenue of approximately HKD 1,600,000, marking its first contribution to total revenue[13]. - The net income tax credit for the fiscal year ending June 30, 2025, was approximately HKD 1,300,000, compared to a net income tax expense of approximately HKD 1,500,000 for the fiscal year ending June 30, 2024[25]. - Total employee costs, including directors' remuneration, were approximately HKD 13,600,000 for the fiscal year ending June 30, 2025, down from HKD 17,900,000 in 2024[26]. - Total assets as of June 30, 2025, were approximately HKD 220,900,000, a decrease of 2.8% from HKD 227,300,000 in 2024[28]. - Total liabilities as of June 30, 2025, were approximately HKD 75,900,000, an increase of 0.5% from HKD 75,500,000 in 2024[28]. - Total equity decreased by 4.4% to approximately HKD 145,000,000 as of June 30, 2025, down from HKD 151,700,000 in 2024[29]. - The capital debt ratio was 0.49 as of June 30, 2025, compared to 0.27 in 2024[30]. - The group recorded a net cash outflow from operating activities of approximately HKD 15,100,000 for the fiscal year, an increase from HKD 1,200,000 in the previous year[49]. Cost Management - Gross profit margin improved to 6.8%, an increase of 83.8% from 3.7% in the previous fiscal year, primarily due to general price increases[19]. - Operating loss decreased to approximately HKD 18,100,000 from HKD 44,100,000 in the previous year, driven by increased gross profit and reduced administrative expenses[19]. - Administrative expenses decreased by 18.9% to approximately HKD 21,700,000 from HKD 26,700,000 in the previous year[22]. - Other operating expenses decreased to approximately HKD 700,000 for the fiscal year ending June 30, 2025, down from HKD 1,400,000 in 2024[24]. - Capital expenditure for the fiscal year ending June 30, 2025, was approximately HKD 3,600,000, a decrease from HKD 6,700,000 in the previous year[45]. Market and Business Strategy - The company is exploring opportunities in the third-generation photovoltaic products and semiconductor developments[9]. - The company remains confident in the Chinese market and will continue to focus on solar power and distribution systems while seeking new developments[14]. - The company aims to enhance shareholder value by pursuing projects with stable returns and high growth potential[9]. - The group faces credit risk primarily from trade receivables, with major customers accounting for approximately 61% and 65.1% of total trade receivables as of June 30, 2025, and June 30, 2024, respectively[55]. - The group has a project duration ranging from 6 to 48 months, and any delays may adversely affect revenue and financial performance due to increased costs[55]. - The group is exposed to risks from changes in government policies regarding renewable energy, which could limit revenue and profitability if subsidies are reduced[58]. Corporate Governance - The company has a commitment to high corporate governance standards, adhering to the principles of the Corporate Governance Code as per the Hong Kong Stock Exchange[117]. - The company has not entered into any management or administrative contracts for significant portions of its business for the fiscal year ending June 30, 2025[72]. - The company has complied with the disclosure requirements under Chapter 14A of the Listing Rules for the fiscal year ending June 30, 2025[78]. - The company has established procedures for directors to seek independent professional advice at the company's expense when necessary[128]. - The board consists of three executive directors and four independent non-executive directors as of June 30, 2025[124]. - The company has established a system for shareholders to submit inquiries and suggestions to the board through the company secretary[158]. Environmental and Social Responsibility - The company aims to reduce greenhouse gas emissions and other pollutants through various initiatives, including energy-saving lighting and encouraging public transport[168]. - The company reported emissions of sulfur oxides (SOx) at 0.03 kg, nitrogen oxides (NOx) at 1.2 kg, and particulate matter (PM) at 0.1 kg for the fiscal year ending June 30, 2025[171]. - The company generated 10.4 tons of CO2 emissions for the year ending June 30, 2025, compared to 23.1 tons in 2024, indicating a significant reduction[172]. - The company consumed 7,203 kWh of electricity in 2025, down from 31,277 kWh in 2024, resulting in a decrease in energy-related CO2 emissions from 12.8 tons to 3.0 tons[174]. - The company has not recorded any workplace injuries or fatalities in the past three years, ensuring a safe working environment[195]. - The company encourages employees to reuse paper and implement double-sided printing to reduce paper consumption, with total paper usage decreasing from 123 kg in 2024 to 111 kg in 2025[174]. Employee and Training Initiatives - 90% of general employees and 21% of management participated in training programs, with an increase to 96% and 27% expected in 2024[196]. - Average training hours for general employees increased from 11 hours in 2024 to over 15 hours in 2025, with male employees averaging 15 hours[196]. - The company has maintained a stable workforce of 35 full-time employees since 2024, with a gender ratio of approximately 1.3:1 in 2025[180][191]. - The company promotes a diverse workforce, with approximately 37% of employees being 35 years old or younger in 2025, up from 34% in 2024[193].

Financial Performance - The company achieved a profit attributable to shareholders growth of approximately 8.9% compared to the fiscal year 2024, reflecting prudent strategies and operational rigor[10]. - The company recorded a revenue of approximately HKD 644.4 million for the fiscal year 2025, representing an increase of about 9.1% compared to HKD 590.8 million in fiscal year 2024[19]. - The net profit attributable to the company’s owners for fiscal year 2025 was approximately HKD 26.3 million, an increase of about HKD 2.1 million or 8.9% compared to fiscal year 2024[33]. - The effective tax rate increased from approximately 8.9% in fiscal year 2024 to about 11.1% in fiscal year 2025, due to an increase in taxable income[30]. - The group achieved a profit attributable to shareholders growth of approximately 8.9% year-on-year for the fiscal year 2025[34]. Revenue Growth by Division - Revenue from primary care services increased by approximately HKD 12.4 million or 3.1% to about HKD 410.8 million in fiscal year 2025, driven by an increase in patient visits and average spending per visit[19]. - Revenue from specialist medical services rose by approximately HKD 31.9 million or 23.8% to about HKD 165.8 million in fiscal year 2025, attributed to higher patient visits and average spending[20]. - Revenue from dental services increased by approximately HKD 9.3 million or 15.9% to about HKD 67.8 million in fiscal year 2025, mainly due to increased patient visits following the acquisition of a dental practice[20]. - The primary care division's revenue increased by about 3.1% compared to fiscal year 2024, maintaining stable performance[37]. - The specialty medical division generated revenue of approximately HKD 165.8 million in fiscal year 2025, representing a year-on-year growth of about 23.8%[39]. - The dental division's revenue, including the acquisition of Youde Dental, reached approximately HKD 67.8 million, reflecting a year-on-year increase of about 15.9%[41]. Strategic Initiatives and Expansion - The company plans to expand its primary care network by opening new medical centers and investing in digital platforms to enhance data management and customer engagement[16]. - The group has strategically opened new medical centers in Tsuen Wan, Tsim Sha Tsui, and Causeway Bay to improve accessibility and strengthen its presence in key areas[37]. - The group plans to enhance its specialized medical services, particularly in ophthalmology under the POLYEYE brand, by introducing new surgical techniques and hiring more professionals[66]. - Following the acquisition of Youde Dental, the group aims to strengthen its position in the dental services market and expand its service offerings[66]. - The group continues to maintain partnerships with the Hong Kong government, actively participating in various public health initiatives and community wellness programs[69]. Digital Transformation and Technology Integration - Digital transformation was a core focus, with the implementation of an integrated clinic operation system and a full-service marketing platform across most medical centers[14]. - The group achieved significant progress in digital transformation, implementing a comprehensive clinic operation system and a full-channel marketing platform to enhance customer engagement and satisfaction[46]. - The group integrates technology into operations to enhance care quality and efficiency, reflecting its commitment to improving healthcare services[46]. - The group will implement a comprehensive clinic operation system and a full-access marketing platform across most medical centers in fiscal year 2025, significantly improving clinical workflow coordination and appointment handling[67]. Community Health and Preventive Care - The company maintained close collaboration with the Hong Kong government on community health programs, highlighting its role in supporting healthcare infrastructure[15]. - The company emphasized preventive care and health education, promoting comprehensive health check-up packages through its health management center and online channels[13]. - The group continues to emphasize preventive care through advanced diagnostic health check packages and vaccination services[45]. - The flagship health center, H2, continues to enhance community health awareness through health seminars and workshops[43]. Human Resources and Talent Management - The professional team consists of 431 members, including general practitioners, specialists, and various healthcare professionals, ensuring comprehensive and patient-centered care[62]. - The company emphasizes the importance of attracting and nurturing professional talent to meet the growing patient demand and enhance its cross-departmental collaboration[68]. - The shortage of qualified healthcare professionals is a key issue impacting the healthcare industry, complicating recruitment and retention efforts[186]. - The group's financial performance may be affected if it fails to recruit or retain qualified professionals, as its business model relies on these teams[187]. Corporate Governance and Board Structure - The company has adopted the corporate governance code as its governance framework and has complied with all applicable code provisions for the fiscal year 2025, except for a deviation regarding the separation of the roles of Chairman and CEO[113][114]. - The board consists of six members, including three executive directors and three independent non-executive directors[120]. - The company has established procedures for directors to seek independent advice at reasonable requests, with costs borne by the company[119]. - The company has a policy for directors to retire and seek re-election at least every three years[130]. - The board has mechanisms to address conflicts of interest during decision-making processes[129]. Financial Position and Assets - The group’s net current assets as of June 30, 2025, are approximately HKD 383.9 million, a decrease from HKD 397.8 million as of June 30, 2024[73]. - The group’s interest-bearing bank borrowings as of June 30, 2025, amount to approximately HKD 16.8 million, with a mortgage loan of HKD 8.2 million due in 2036[73]. - The capital debt ratio as of June 30, 2025, is approximately 2.1%, down from 4.0% as of June 30, 2024[74]. - The company’s distributable reserves amounted to approximately HKD 206.7 million, with about HKD 11.4 million recommended for the final dividend[181]. Shareholder Communication and Dividends - The company proposed a final dividend of HKD 0.03 per share for the fiscal year 2025, an increase from HKD 0.028 in fiscal year 2024[176]. - The company maintains effective communication with shareholders through various channels, including interim and annual reports[169]. - The board is committed to ensuring that shareholders can access timely information to exercise their rights and participate in company affairs[168]. - The company has adopted a dividend policy that will be reviewed annually by the board, aiming to provide stable and sustainable returns to shareholders[171]. Industry Challenges and Risks - The group faces strategic risks due to rapidly changing community demands and ongoing global economic uncertainties post-pandemic[186]. - The group emphasizes the importance of maintaining a good reputation in the healthcare sector, as negative news could adversely affect its brand image[188]. - The group has not purchased, sold, or redeemed any of its listed securities in the fiscal year 2025[194].

Financial Performance - For the third quarter of 2025, the company's operating revenue was CNY 372,845,505.84, representing a decrease of 5.06% compared to the same period last year[7]. - The total profit for the same period was CNY 82,561,450.38, an increase of 29.00% year-on-year[7]. - The net profit attributable to shareholders was CNY 82,561,450.38, reflecting a year-on-year increase of 29.00%[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 78,440,453.29, up 29.54% compared to the previous year[7]. - Basic earnings per share for the third quarter were CNY 0.24, an increase of 33.33% compared to the same period last year[7]. - Total revenue for the first three quarters of 2025 reached CNY 1,320,921,582.56, an increase of 29.0% compared to CNY 1,024,913,635.73 in the same period of 2024[20]. - Operating profit for the first three quarters of 2025 reached ¥283.77 million, a significant increase of 43.3% compared to ¥198.03 million in the same period of 2024[22]. - Net profit for the first three quarters of 2025 was ¥283.66 million, up 43.3% from ¥197.83 million in 2024[22]. - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.82, compared to ¥0.57 in 2024, reflecting a 43.9% increase[22]. Cash Flow and Investments - The cash flow from operating activities for the year-to-date period reached CNY 841,260,445.04, a significant increase of 211.27%[7]. - Cash flow from operating activities for the first three quarters of 2025 was ¥841.26 million, a substantial increase from ¥270.27 million in 2024[25]. - Total cash inflow from investment activities in the first three quarters of 2025 was ¥1.76 billion, down from ¥2.71 billion in 2024, resulting in a net cash outflow of ¥221.02 million[25]. - Cash flow from financing activities showed a net outflow of ¥171.78 million in 2025, compared to a net outflow of ¥115.52 million in 2024[27]. - The total cash and cash equivalents at the end of the first three quarters of 2025 amounted to ¥683.25 million, slightly down from ¥691.87 million at the end of 2024[27]. - The company's cash and cash equivalents increased significantly to CNY 683,253,709.05 as of September 30, 2025, compared to CNY 236,454,035.09 at the end of 2024, representing a growth of 189.5%[15]. Assets and Liabilities - Total assets as of September 30, 2025, were CNY 2,915,155,592.96, up 4.88% from the end of the previous year[7]. - The total assets of the company as of September 30, 2025, amounted to CNY 2,915,155,592.96, an increase from CNY 2,779,525,659.87 at the end of 2024, reflecting a growth of 4.9%[16]. - The total liabilities increased to CNY 182,049,336.32 from CNY 133,760,117.56, marking a rise of 36.0%[17]. - The equity attributable to shareholders increased to CNY 2,733,106,256.64, a rise of 3.30% from December 31, 2024[7]. - The total equity attributable to the owners of the parent company increased to CNY 2,733,106,256.64 from CNY 2,645,765,542.31, reflecting a growth of 3.3%[17]. - The company's retained earnings reached CNY 2,423,089,444.54, up from CNY 2,224,726,971.12, indicating an increase of 8.9%[17]. Operational Highlights - The significant increase in profit was primarily driven by a substantial rise in the sales volume of concentrated juice due to increased customer orders[10]. - The company reported a year-to-date net profit increase of 43.38% attributed to the same factors of increased sales volume[10]. - Total operating costs for the first three quarters of 2025 were CNY 1,046,081,300.91, up 29.6% from CNY 806,932,062.01 in the previous year[20]. - Research and development expenses for the first three quarters of 2025 were CNY 9,012,557.08, compared to CNY 6,693,387.16 in the same period of 2024, showing a growth of 34.8%[20]. - The company reported a net investment income of CNY 6,061,674.33 for the first three quarters of 2025, down from CNY 7,639,053.26 in the previous year[20]. Tax and Expenses - The company reported a tax expense of ¥88.89 million for the first three quarters of 2025, a decrease from ¥184.84 million in 2024[22]. - The company paid ¥586.25 million for purchases of goods and services in the first three quarters of 2025, a decrease from ¥603.03 million in 2024[25].

Sales Performance - Total sales volume decreased by 7.0% to 66,140 million liters for the nine months ended September 30, 2025, primarily due to challenges in the Chinese market, partially offset by performance in India[5] - In Q3 2025, sales in China decreased by 11.4%, with revenue down 15.1% and revenue per hectoliter down 4.1% due to increased investment in innovative products and brand promotion[17] - The company’s total sales for Q3 2025 decreased by 8.6%, impacted by business layout and channel performance in China, partially offset by strong performance in India[24] - Total sales volume for the first nine months of 2025 decreased to 6,614 million liters, representing a decline of 7.0% compared to 2024[46] - In the third quarter of 2025, total sales volume was 2,251 million liters, down 8.6% year-over-year[46] Revenue and Profitability - Revenue for the nine months ended September 30, 2025, decreased by 6.6% to $4,691 million, with revenue per hectoliter increasing by 0.4% driven by positive regional mix in India and revenue management measures in Eastern Asia[8] - In the third quarter of 2025, total sales and revenue decreased by 8.6% and 8.4%, respectively, with continued challenges in the Chinese market, partially offset by performance in India[14] - For the first nine months of 2025, total sales decreased by 7.0% to 66,140 thousand hectoliters, while revenue fell by 6.6% to $4,691 million[22] - Normalized net profit attributable to equity holders decreased from $777 million in the first nine months of 2024 to $678 million in 2025[10] - The company reported a net profit of $622 million for the first nine months of 2025, down from $763 million in 2024[50] Earnings and Margins - Normalized EBITDA for the nine months ended September 30, 2025, decreased by 7.7% to $1,421 million, with a normalized EBITDA margin declining by 37 basis points to 30.3%[9] - The company’s normalized EBITDA for the first nine months of 2025 decreased by 8.6% to $965 million, reflecting weak revenue performance and operational deleveraging[22] - Normalized earnings per share decreased from 5.89 cents in the first nine months of 2024 to 5.13 cents in 2025[7] - Basic earnings per share for the nine months ended September 30, 2025, was 4.49 cents, down from 5.62 cents in 2024, reflecting a decline of 20.1%[34] - Diluted earnings per share for the nine months ended September 30, 2025, was 4.46 cents, compared to 5.58 cents in 2024, representing a decrease of 20.0%[34] Cost Management and Expenses - Sales and administrative expenses decreased by 4.2% in the first nine months of 2025, attributed to flexible cost management in response to weak sales[27] - Other operating income decreased by 11.0% in the first nine months of 2025, primarily due to the write-off of non-core assets[28] - The company recorded non-core expenses related to a customs audit claim amounting to $84 million, which includes $66 million recognized in 2023 and an additional $18 million expected by September 30, 2025[31] - The company is undergoing internal restructuring to enhance capital efficiency, resulting in non-core tax expenses recognized as part of income tax expenses[32] Market Strategy and Product Development - The company plans to continue focusing on strengthening its core product portfolio and expanding non-immediate consumption marketing efforts to capture future growth opportunities[5] - The company launched new products, including a one-liter can of Budweiser Black Gold and a zero-alcohol beer, Cass ALL Zero, to enhance market presence[21] - The company is committed to driving premiumization of its products in India, contributing to strong revenue growth in that market[12] - In South Korea, the company achieved margin expansion, outperforming the market across both immediate and non-immediate channels[12] Regional Performance - In India, the company achieved double-digit revenue growth in Q3 2025, benefiting from a favorable base effect due to prior year project costs related to digital integration[19] - In the Eastern Asia Pacific region, Q3 2025 sales decreased by 0.6%, while revenue increased by 3.9% and revenue per hectoliter increased by 4.5%[20] - In South Korea, sales remained stable, with mid-single-digit growth in revenue and revenue per hectoliter, supported by strong business performance and favorable commodity prices[21] Financial Outlook and Risks - Forward-looking statements reflect management's current expectations and are subject to uncertainties and risks that could lead to actual results differing materially[41] - The company anticipates that potential fines related to customs evasion allegations will not have a significant impact on overall operations[31] - Non-core items are defined as irregular income or expenses that are not part of the company's normal business activities, and their impact is significant for understanding sustainable performance[38] - The company emphasizes that normalized measures are additional metrics and should not replace IFRS-defined measures for assessing performance[39]

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產生或因倚賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 截 至2025年9月30日止九個月 截至九月三十日止九個月 未經審計之合併業績 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條及香港 法例第571章《證 券 及 期 貨 條 例》第XIVA部 項 下 內 幕 消 息 條 文 作 出。 龍 源 電 力 集 團 股 份 有 限 公 司（「本公司」）及 其 附 屬 公 司（「本集團」）截 至 2025年9月30日 止 九 個 月 未 經 審 計 之 合 併 業 績 如 下。 截 至2025年9月30日 止 九 個 月，本 集 團 收 入 人 民 幣222.21億 元，比 去 年 同 期 持續經營收入增加3.70%，其 中，風 電 分 部 收 入 人 民 幣191.44億 元，比 去年同期 減 少1.82%；光 伏 分 部 收 入 人 民 幣28.06億 元，比 去 年 同 期 增 ...

Financial Performance - The company's operating revenue for the third quarter reached approximately RMB 15.50 billion, representing a year-on-year increase of 10.25%[7]. - The net profit attributable to shareholders for the third quarter was approximately RMB 412.61 million, showing a significant year-on-year growth of 35.40%[7]. - The total profit for the third quarter was approximately RMB 597.38 million, a decrease of 6.05% year-on-year[7]. - Total operating revenue for the first three quarters of 2025 reached ¥45.84 billion, a 11.5% increase from ¥41.13 billion in the same period of 2024[29]. - Net profit for the first three quarters of 2025 was ¥1.36 billion, up 7.9% from ¥1.26 billion in the first three quarters of 2024[30]. - The total comprehensive income for the first three quarters of 2025 was ¥2.12 billion, significantly higher than ¥569.99 million in 2024[31]. Profitability Metrics - The gross profit margin for the first three quarters of 2025 improved by about 2.7 percentage points to 18.3%, with the third quarter margin reaching approximately 18.6%[12]. - The basic earnings per share for the third quarter was RMB 0.30, reflecting a growth of 36.36% year-on-year[7]. - Basic earnings per share for the first three quarters of 2025 were ¥0.81, up from ¥0.67 in the same period of 2024, representing a 20.9% increase[31]. - The weighted average return on equity at the end of the reporting period was 7.91%, an increase of 1.14 percentage points compared to the previous year[7]. Cash Flow and Investments - The net cash flow from operating activities for the year-to-date period was approximately RMB 3.64 billion, an increase of 19.32%[7]. - Cash flow from operating activities for the first three quarters of 2025 was ¥3.64 billion, compared to ¥3.05 billion in the same period of 2024, marking an increase of 19.2%[33]. - Investment activities generated a net cash flow of -3,339,130,915.60 in the first three quarters of 2025, compared to -1,478,313,712.74 in the same period of 2024, indicating a significant increase in cash outflow[34]. - Cash outflow from investment activities totaled 6,933,595,112.80 in the first three quarters of 2025, compared to 2,742,051,431.95 in the same period of 2024, indicating a substantial increase in investment spending[34]. Assets and Liabilities - The total assets at the end of the reporting period were approximately RMB 68.68 billion, an increase of 7.03% compared to the end of the previous year[8]. - The total liabilities as of September 30, 2025, amounted to ¥47.54 billion, an increase of 7.5% from ¥44.32 billion at the end of 2024[26]. - Total current liabilities reached RMB 29.64 billion, up from RMB 25.74 billion, marking an increase of around 15%[25]. - Long-term borrowings decreased slightly to RMB 14.29 billion from RMB 15.19 billion, a decline of about 6%[25]. Shareholder Information - The company reported a total of 12,664,015 shares repurchased, accounting for 0.91% of the circulating shares[21]. - The top shareholder, Joyson Group Co., Ltd., holds a 37.31% stake in the company, with no shares under pledge or freeze[21]. Research and Development - Research and development expenses increased to ¥2.56 billion in 2025, representing a 44.3% rise compared to ¥1.77 billion in 2024[29]. Future Outlook - The company plans to continue enhancing its core competitiveness and expanding new business orders, particularly in the fields of smart driving and technology innovation[12].