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佈之內容概不負責，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佈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。 WAI KEE HOLDINGS LIMITED 惠記集團有限公司 （於百慕達註冊成立之有限公司） （股份代號：610） 截至二零二五年十二月三十一日止年度 全年業績公佈 | 財務表現摘要 | | | | | --- | --- | --- | --- | | 收入 | 13,941 百萬港元 | | | | 本公司擁有人應佔虧損 | 2,433 | | 百萬港元 | | 每股基本虧損 | 3.07 | 港元 | | | 本公司擁有人應佔每股權益 | 3.07 港元 | | | 1 業績 惠記集團有限公司（「本公司」）之董事會（「董事會」）宣佈本公司及其附屬公司（「本集團」）截 至二零二五年十二月三十一日止年度之經審核業績如下： 綜合損益表 截至二零二五年十二月三十一日止年度 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港 ...

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。 CHANHIGH HOLDINGS LIMITED 滄海控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2017） 截至二零二五年十二月三十一日止年度 全年業績公告 財務摘要 | | 二零二五年 | 二零二四年 | | --- | --- | --- | | | 人民幣千元 | 人民幣千元 | | 收入 | 1,073,405 | 1,748,321 | | 毛利 | 70,381 | 131,341 | | 年內溢利及全面收益總額 | 13,043 | 27,372 | | 以下人士應佔年內溢利及全面收益總額： | | | | 本公司擁有人 | 13,014 | 27,313 | | 非控股權益 | 29 | 59 | – 1 – 滄海控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此呈報本公司及其附屬公司 （統稱「本集團」）截至二零二五年十二月三十一日止年度（「本年度」）之綜 ...

截至二零二五年十二月三十一日止年度 業績公佈 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佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任 何部份內容而產生或因倚賴該等內容而引致之任何損失擔任何責任。 * （於百慕達註冊成立之有限公司） （股份代號：385） 建聯集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）之董事會（「董事會」） 宣佈本集團截至二零二五年十二月三十一日止年度之綜合年度業績。 年度業績 | | 截至十二月三十一日止年度 | | | --- | --- | --- | | | 二零二五年 | 二零二四年 | | | 千港元 | 千港元 | | 收入 | 6,497,744 | 7,692,498 | | 本年度溢利 | 30,957 | 82,500 | | 本公司擁有人應佔溢利╱（虧損） | (2,991) | 50,745 | | 每股盈利╱（虧損） | (0.5)港仙 | 8.5港仙 | | 每股股息 | | | | 擬派末期股息 | 1.0港仙 | 2.5港仙 | 1 主席報告 二零二五年是充滿挑戰之一年－不僅對本集團而言，對 ...

Financial Performance - For the year ending December 31, 2025, the company's revenue was RMB 20,877.0 million, an increase of 1.53% compared to the previous year[5]. - The operating profit for the same period was RMB 4,829.1 million, a decrease of 8.21% year-on-year[5]. - The basic and diluted earnings per share for the year were RMB 35.75 cents[5]. - The net profit for the year was RMB 3,086.8 million, down from RMB 3,420.9 million in the previous year[8]. - The total comprehensive income for the year was RMB 3,121.98 million, compared to RMB 3,367.87 million in the previous year[8]. - The company reported a decrease in other income to RMB 349.8 million from RMB 509.0 million year-on-year[6]. - The company’s financial expenses increased to RMB 1,249.4 million, up 9% from RMB 1,152.7 million[6]. - The reportable segment profit for gas power and heating was RMB 1,147,257,000 for 2025, down from RMB 1,312,809,000 in 2024, indicating a decrease of about 12.57%[22][24]. - The company reported a total of RMB 1,263,857,000 in other expenses for 2025, compared to RMB 1,159,472,000 in 2024, reflecting an increase of about 9%[38]. - The company's basic earnings per share for the year ended December 31, 2025, was RMB 358.00, down from RMB 393.00 in 2024, reflecting a decrease of about 8.9%[51]. Dividends - The board proposed a final ordinary dividend of RMB 0.1377 per share, totaling approximately RMB 1,135.3 million, and a special cash dividend of RMB 0.0423 per share, totaling approximately RMB 348.7 million, resulting in a total dividend of RMB 0.18 per share, a year-on-year increase of 25.87%[3]. - The company declared a final ordinary dividend of RMB 0.143 per share for the year ended December 31, 2025, totaling RMB 1,484,011,000, subject to shareholder approval[54]. - The total proposed dividends amount to RMB 0.18 per share, aggregating approximately RMB 1,484.0 million[123]. - The dividends will be paid in RMB for domestic shares and in HKD for H-shares, pending approval at the annual general meeting[123]. - The company will withhold a corporate income tax of 10% for non-resident corporate shareholders receiving the proposed dividends[124]. - Individual H-share shareholders will not be subject to Chinese personal income tax on the dividends due to the company's status as a foreign-invested enterprise[124]. - The company will suspend H-share transfer registration from June 22 to June 25, 2026, to determine eligibility for voting and dividend receipt[125]. Assets and Liabilities - Non-current assets increased to RMB 79,904.8 million from RMB 76,988.2 million year-on-year[9]. - Cash and cash equivalents rose to RMB 8,164.9 million, up from RMB 7,401.6 million in the previous year[9]. - The net current liabilities as of December 31, 2025, were RMB (5,485,056,000), compared to RMB (4,049,535,000) in 2024, reflecting an increase in liabilities[14]. - The total assets minus current liabilities amounted to RMB 74,419,776,000 as of December 31, 2025, up from RMB 72,938,670,000 in 2024[14]. - Non-current liabilities totaled RMB 35,097,112,000 in 2025, slightly down from RMB 35,455,895,000 in 2024[14]. - The company's net asset value increased to RMB 39,322,664,000 in 2025 from RMB 37,482,775,000 in 2024, showing a growth of approximately 4.91%[14]. - Trade receivables increased to RMB 12,415,173,000 in 2025 from RMB 14,059,596,000 in 2024, indicating a decrease of approximately 11.7%[56]. - The provision for credit losses on trade receivables rose to RMB 123,673,000 in 2025 from RMB 42,690,000 in 2024, representing a significant increase of approximately 189.5%[56]. - The total liabilities for the reportable segments as of December 31, 2025, were RMB 100,880,802,000, compared to RMB 94,318,551,000 in 2024, indicating an increase of about 6.98%[22][24]. - The total liabilities are expected to rise by 1.83% from RMB 63,570.7 million in 2024 to RMB 64,731.3 million in 2025[108]. Revenue Breakdown - Revenue from customer contracts in 2025 was RMB 20,841,736,000, compared to RMB 20,512,847,000 in 2024, indicating a year-over-year increase of about 1.60%[16]. - The breakdown of revenue from customer contracts includes RMB 18,677,233,000 from electricity sales, RMB 2,160,568,000 from heat sales, and RMB 3,935,000 from maintenance services in 2025[16]. - Revenue from a major external customer, State Grid Corporation of China, was approximately RMB 16,329,557,000 in 2025, accounting for 78% of total revenue, down from 83% in 2024[33]. - The revenue from the gas power and heating segment is projected to increase by 1.38% from RMB 12,410.3 million in 2024 to RMB 12,581.4 million in 2025, driven by an increase in installed capacity and sales volume[86]. - The wind power segment's revenue is expected to rise by 7.85% from RMB 4,709.3 million in 2024 to RMB 5,079.2 million in 2025, due to increased grid-connected capacity[87]. - The photovoltaic power segment's revenue is forecasted to decrease by 3.18% from RMB 3,086.4 million in 2024 to RMB 2,988.4 million in 2025, attributed to a decline in average electricity prices[88]. - The hydropower segment's revenue is anticipated to drop by 35.80% from RMB 294.1 million in 2024 to RMB 188.8 million in 2025, due to the shutdown of certain power stations[89]. Operational Highlights - The total operating revenue rose by RMB 3.87 billion, marking a 45.8% increase year-on-year[66]. - The total power generation for 2025 reached 42.45 billion kWh, reflecting a 6.1% increase compared to the previous year[69]. - Wind power generation increased to 15.97 billion kWh, a growth of 16.7% year-on-year, with equipment utilization hours at 2,276 hours, exceeding the national average by 297 hours[69]. - The installed capacity of renewable energy reached 38.9 million kW by the end of 2025, a 16.1% increase year-on-year[63]. - The total renewable energy generation was 4.0 trillion kWh, with a year-on-year growth of 15.0%[62]. - The cumulative electricity market transaction volume reached 6,639.4 billion kWh, a 7.4% increase year-on-year, accounting for 64.0% of total electricity consumption[64]. - The total installed capacity of the group reached 18.365 million kW by December 31, 2025, with an increase of 0.928 million kW during the year[70]. - The group completed a heating volume of 27.18 million GJ in 2025, successfully fulfilling energy supply tasks for winter heating in the capital[71]. - The group has developed 436,000 kW of photovoltaic projects, becoming the largest centralized photovoltaic project in Beijing[72]. - The group recovered approximately CNY 4.404 billion in renewable energy generation subsidies in 2025, which is 2.96 times that of 2024[73]. Strategic Initiatives - The company is focused on expanding its clean energy business, including wind, solar, and gas power generation, as part of its strategic growth initiatives[11]. - The company will focus on enhancing the operational stability and efficiency of gas power generation and heating segments, aiming to maximize revenue from electricity market transactions[78]. - The company plans to strengthen investment in green energy projects around the capital, with a focus on small and medium-sized green electricity projects[79]. - The company aims to improve management efficiency through digital tools and smart regulatory systems, enhancing data integration across various management systems[80]. - The company will implement a comprehensive risk prevention system to enhance operational risk management and ensure compliance with safety standards[81]. - The company is committed to optimizing its financing structure by leveraging green financing channels to support its clean energy projects[83]. - The company will enhance investor relations and improve information disclosure quality to boost market liquidity and shareholder returns[83]. - The company will focus on cost control throughout the project lifecycle to ensure project profitability and cash flow[79]. - The company aims to integrate production and operation management to enhance overall efficiency and reduce costs[80]. Future Outlook - The group aims to balance existing and new growth, focusing on service to the capital, green upgrades, digital empowerment, and lean management in its 2026 performance outlook[77]. - The comprehensive financing cost for the year was approximately 2.31%, down 0.36 percentage points from 2.67% in 2024[75]. - The estimated taxable profit for the group companies established in China is subject to a corporate income tax rate of 25% for both 2024 and 2025[46]. - The group benefits from a preferential tax rate of 15% for certain encouraged industries in the western region of China, effective until December 31, 2030[47]. - The audit committee has reviewed the annual performance and financial statements prepared in accordance with international financial reporting standards for the year ending December 31, 2025[130]. - The annual results announcement will be published on the Hong Kong Stock Exchange's "Disclosure Easy" website and the company's website[131]. - The board of directors includes executive directors Chen Dayu, Li Minghui, and Zhang Wei[132]. - Non-executive directors include Zhou Jianyu, Guo Yao, and Zhang Yi[133]. - Independent non-executive directors are Zhao Jie, Wang Hongxin, Qin Haiyan, and Hu Zhiying[133].

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佈之內容概不負責， 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佈全部或任何 部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 綜合損益表 | | | 截至十二月三十一日止年度 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | 收入 | 4 | 2,272,937 | 2,485,662 | | 建造成本 | | (1,785,208) | (2,119,996) | | 毛利 | | 487,729 | 365,666 | | 其他收入及收益 | 4 | 30,616 | 27,739 | | 行政支出 | | (350,378) | (237,296) | | 應收貿易賬款之減值 | | (4,468) | (3,313) | | 合約資產之減值 | | – | (115) | | 融資成本 | 5 | (155) | (97) | | 除稅前溢利 | 6 | 163,344 | 152,584 | | 所得稅支出 | 7 | ...

Financial Performance - Jiangxi Copper Company Limited reported a revenue of RMB 544.62 billion for the year ending December 31, 2025, representing a 5.42% increase compared to RMB 516.61 billion in 2024[10]. - The total profit for the same period was RMB 10.16 billion, an increase of 11.48% from RMB 9.11 billion in 2024[10]. - Net profit attributable to shareholders was RMB 7.13 billion, reflecting a 2.41% increase from RMB 6.96 billion in 2024[10]. - Basic earnings per share for 2025 were RMB 2.07, a 2.99% increase from RMB 2.01 in 2024[12]. - The company's consolidated operating revenue for the fiscal year 2025 was RMB 544.62 billion, an increase of RMB 28.01 billion or 5.42% compared to RMB 516.61 billion in 2024[62]. - The net profit attributable to shareholders for the same period was RMB 7.13 billion, up by RMB 0.17 billion or 2.41% from RMB 6.96 billion in 2024[62]. - The gross profit for 2025 was RMB 22,200,678, compared to RMB 15,965,493 in 2024, indicating a significant improvement in profitability[172]. Cash Flow and Assets - The net cash flow from operating activities showed a significant decline, reporting a negative RMB 6.91 billion compared to a positive RMB 2.43 billion in 2024, marking a 384.78% decrease[10]. - The total assets of the company reached RMB 218.69 billion, a 13.24% increase from RMB 193.13 billion in 2024[10]. - The total liabilities increased by 18.25% to CNY 124,550,441 in 2025 from CNY 105,325,779 in 2024[21]. - The company's cash and cash equivalents amounted to RMB 16,808,636,132, with restrictions due to bank guarantees and collateral for loans[95]. - The net cash flow from operating activities decreased to -6,914,101,315 RMB, a decline of 384.78% compared to the previous year[89]. Production and Operations - In 2025, copper production is projected to reach 238.04 thousand tons, a year-on-year increase of 3.86% from 229.19 thousand tons in 2024[33]. - Silver production is expected to increase by 13.92% to 1,383.18 tons in 2025, compared to 1,214.18 tons in 2024[33]. - The company has achieved a 35.15% increase in self-produced copper concentrate output, reaching 26.99 thousand tons in 2025[33]. - The production volume of copper cathodes was 238.04 million tons, with a sales volume of 237.13 million tons, showing a year-on-year increase of 3.86% in production[72]. Research and Development - Research and development expenses rose significantly by 26.56% to RMB 1.42 billion, indicating a strong commitment to innovation[64]. - The company has launched 117 new research projects in 2025, with a 200% year-on-year increase in national and provincial-level projects[38]. - The company employed 2,491 R&D personnel, representing 9.32% of the total workforce[83]. Market and Industry Trends - The demand for copper in 2025 is anticipated to grow by 2%, primarily driven by photovoltaic and new energy vehicles, while traditional industries face pressure[44]. - The demand for copper is expected to be supported by increased investments in smart grids and high-voltage networks, projected to grow at 9% during the 14th Five-Year Plan[46]. - Copper prices are expected to fluctuate between RMB 75,000-90,000 per ton and USD 8,500-12,500 per ton in 2025, with supply-side disruptions intensifying[116]. Corporate Governance and Shareholder Information - The total remuneration for directors and senior management during the reporting period amounted to RMB 751.92 million[130]. - The company has maintained high standards of corporate governance and adhered to the relevant rules during the reporting period[132]. - The largest shareholder, Jiangxi Copper Group Co., Ltd., holds 1,583,162,110 shares, representing 45.72% of the total shares[152]. - The company will announce further details regarding the dividend distribution after approval at the upcoming annual general meeting[139]. Risk Management - The company faces safety production risks due to potential hazards in the mining and smelting processes, which could lead to significant financial losses if not addressed[122]. - The company is exposed to foreign exchange risk as its imports and overseas investments are predominantly settled in USD, which could impact profitability if not managed effectively[123]. - The company is committed to strengthening risk management capabilities, including establishing a comprehensive risk control mechanism and advancing digital risk management platforms[121].

Financial Performance - Total revenue for the fiscal year ended December 31, 2025, was approximately RMB 8,765.8 million, a decrease of about 0.6% compared to the previous year[5] - Net profit attributable to shareholders of the parent company was approximately RMB 2,341.6 million, an increase of about 12.9% year-over-year[5] - Earnings per share for the fiscal year was RMB 0.80[8] - The company reported a total comprehensive income of RMB 2,442.6 million, compared to RMB 2,280.8 million in the previous year[8] - The company's pre-tax profit for fiscal year 2025 was approximately RMB 2,684.7 million, an increase of about 12.1% from the previous fiscal year[50] - The company's operating profit increased from approximately RMB 2,402.5 million in fiscal year 2024 to about RMB 2,706.4 million in fiscal year 2025, an increase of approximately RMB 303.9 million or 12.7%[53] - The net profit attributable to the parent company's shareholders increased from approximately RMB 2,074.3 million in 2024 to approximately RMB 2,341.6 million in 2025, representing a growth of approximately 12.9%[58] Dividends and Shareholder Returns - The board proposed a final cash dividend of RMB 0.276 per share for the fiscal year 2025[5] - The company plans to distribute a final cash dividend of RMB 807.6 million for the fiscal year 2025, which equates to RMB 0.276 per share[62] Operating Costs and Expenses - Total operating costs for the year were RMB 6,333.1 million, down from RMB 6,453.5 million in the previous year[6] - Research and development expenses decreased to RMB 615.6 million from RMB 824.6 million year-over-year[6] - The total operating costs for fiscal year 2025 were RMB 6,333.1 million, a decrease of RMB 120.4 million or 1.9% from RMB 6,453.5 million in fiscal year 2024[53] Assets and Liabilities - Total liabilities reached RMB 8,565,368 million, up from RMB 6,797,660 million, indicating a year-over-year increase of about 26.3%[12] - Current liabilities totaled RMB 7,835,038 million, compared to RMB 6,724,716 million last year, reflecting an increase of approximately 16.5%[12] - Owner's equity increased to RMB 24,625,228 million from RMB 22,896,986 million, showing a growth of about 7.5%[13] - The total assets of the company reached RMB 33,190,595 million, up from RMB 29,694,646 million, indicating an increase of about 11.8% year-over-year[13] - The asset-liability ratio as of December 31, 2025, is 25.8%, an increase from 22.9% as of December 31, 2024[79] Cash Flow and Financial Position - Cash and cash equivalents at the end of the fiscal year were RMB 10,059.0 million, down from RMB 10,548.9 million[9] - The net cash flow from operating activities for 2025 was RMB 2,923.5 million, compared to RMB 2,525.9 million in 2024[64] - The company’s cash and cash equivalents amounted to RMB 10,017.9 million as of December 31, 2025, with 97.0% in RMB, 2.2% in USD, and 0.6% in HKD[64] Investments and Growth - The company’s investment income from associates and joint ventures increased to RMB 50.8 million from RMB 43.7 million year-over-year[6] - Long-term equity investments rose to RMB 927,966 million from RMB 899,875 million, marking an increase of about 3.9%[10] - Investment properties increased significantly to RMB 169,819 million from RMB 84,971 million, representing a growth of approximately 99.5%[10] - The company has invested RMB 861.7 million in the China Mobile Equity Fund, focusing on 5G applications and related industries[76] Revenue Streams - Revenue from the aviation information platform services accounted for 52.7% of total revenue in fiscal year 2025, up from 51.3% in fiscal year 2024, with an increase in revenue from RMB 4,526.9 million to RMB 4,616.0 million, a growth of 2.0%[52] - Revenue from settlement and clearing services increased by 8.4% from RMB 807.5 million in fiscal year 2024 to RMB 875.5 million in fiscal year 2025, representing 10.0% of total revenue[52] - Revenue from airport digital services decreased by 20.8% from RMB 1,887.7 million in fiscal year 2024 to RMB 1,495.4 million in fiscal year 2025, accounting for 17.1% of total revenue[52] - Revenue from intelligent travel products and services grew by 18.8% from RMB 936.8 million in fiscal year 2024 to RMB 1,112.7 million in fiscal year 2025, representing 12.7% of total revenue[55] Corporate Governance and Compliance - The company has fully complied with corporate governance codes, with a new chairman appointed as of December 18, 2025[85] - The company has appointed Deloitte Touche Tohmatsu as the auditor for the financial reports according to Chinese accounting standards, with a term lasting until the end of the 2025 annual general meeting[88] Future Outlook and Strategy - The company aims to focus on six key areas in 2026, including core technology breakthroughs, business expansion, safety management, lean management, organizational restructuring, and digital transformation[90] - The company plans to enhance its core competitiveness by accelerating the construction of civil aviation passenger service systems and promoting digital transformation in aviation and airport businesses[90] - The company is committed to strengthening safety governance by transitioning to a proactive warning and real-time response model, enhancing the self-control capabilities of key technologies and infrastructure[90] - The company aims to improve overall efficiency by benchmarking against world-class management standards and enhancing cost control across the entire value chain[90] - The company will implement a new organizational structure to enhance responsiveness to business needs and stimulate internal motivation[90] - The company is set to complete its digital transformation planning and enhance digital operations to support the smart transformation of the civil aviation industry[90]

目錄 2 公司資料 3 主席報告 4 管理層討論及分析 9 董事及高級管理人員 12 企業管治報告 30 董事會報告 39 獨立核數師報告 44 綜合損益及其他全面收益表 45 綜合財務狀況表 46 綜合權益變動表 47 綜合現金流量表 48 綜合財務報表附註 108 財務概要 公 司 資 料 董 事 會 執 行 董 事 范 嘉 茵 女 士 非 執 行 董 事 劉 文 德 先 生 （ 主席 ） 高 偉 倫 先 生 授 權 代 表 范 嘉 茵 女 士 劉 文 德 先 生 審 核 委 員 會 梁 志 雄 先 生 （ 主席 ） 李 翰 文 先 生 黃 灌 球 先 生 薪 酬 委 員 會 李 翰 文 先 生 （ 主席 梁 志 雄 先 生 黃 灌 球 先 生 提 名 委 員 會 黃 灌 球 先 生 （ 主席 李 翰 文 先 生 梁 志 雄 先 生 獨 立 非 執 行 董 事 李 翰 文 先 生 梁 志 雄 先 生 黃 灌 球 先 生 公 司 秘 書 總 辦 事 處 及 香 港 主 要 營 業 地 點 香 港 中 環 皇 后 大 道 中 9 9 號 中 環 中 心 5 9 樓 5 9 0 6 – 5 9 1 2 室 股 ...

Financial Performance - For the fiscal year 2025, total revenue reached approximately RMB 152.9 million, an increase of about 7.4% compared to RMB 142.4 million in fiscal year 2024[7]. - Gross profit for fiscal year 2025 was approximately RMB 44.9 million, up 8.1% from RMB 41.6 million in fiscal year 2024, with a gross margin improvement from 29.2% to 29.4%[7]. - The company reported a net profit of approximately RMB 4.9 million for fiscal year 2025, a turnaround from a net loss of RMB 12.5 million in fiscal year 2024[7]. - The total revenue for the year ended December 31, 2025, was approximately RMB 152.9 million, an increase of 7.4% year-on-year, primarily driven by the growth in sales of unprocessed marble[16]. - The gross profit for the year was approximately RMB 44.9 million, an increase of 8.1% year-on-year, with a gross margin of 29.4%, up 0.2 percentage points from the previous year[16]. - The company recorded a net profit of approximately RMB 4.9 million, compared to a net loss of approximately RMB 12.5 million in the previous year[16]. - The revenue from unprocessed marble sales in fiscal year 2025 was approximately RMB 15.0 million, significantly up from RMB 4.0 million in fiscal year 2024 due to expanded mining activities[42]. - The company reported a total of 4,009,000 tons of materials mined in FY2025, including approximately 3,510,000 tons of unprocessed marble and waste rock, and 499,000 tons of unprocessed graphite ore[35]. - The sales cost increased to approximately RMB 108.0 million in fiscal year 2025, up about 7.1% from RMB 100.8 million in fiscal year 2024[43]. - The gross profit margin improved to 29.4% in FY2025 from 29.2% in FY2024, while the net profit margin shifted to 3.2% from a loss of 8.8%[59]. Revenue Breakdown - Sales of spherical graphite and its by-products generated revenue of approximately RMB 28.7 million, a decrease of about 2.7% from RMB 29.4 million in the previous fiscal year[7]. - Sales of flake graphite concentrate amounted to approximately RMB 109.3 million, reflecting a slight increase of 0.3% from RMB 109.0 million in fiscal year 2024[7]. - Revenue from the sale of spherical graphite and its by-products in FY2025 was RMB 28.652 million, accounting for 18.7% of total revenue, compared to RMB 29.436 million and 20.7% in FY2024[37]. - Revenue from the sale of flake graphite concentrate in FY2025 was RMB 109.306 million, representing 71.5% of total revenue, slightly increasing from RMB 108.966 million and 76.5% in FY2024[37]. - Revenue from the sale of unprocessed marble in FY2025 was RMB 14.958 million, significantly increasing from RMB 3.969 million in FY2024, representing 9.8% of total revenue[37]. Market Conditions - The natural graphite market remained stable at a cyclical low, with no significant changes in demand or pricing compared to fiscal year 2024[7]. - The competition in the new energy vehicle industry has intensified, impacting the demand for natural graphite products, which face challenges in maintaining prices[15]. - The natural graphite anode industry is currently in a deep adjustment period, but the company remains optimistic about the future, adapting its development pace according to market changes[20]. Operational Developments - The company is focused on expanding its operations and enhancing its product offerings in the graphite sector[7]. - The company plans to significantly increase the permitted annual graphite extraction from the Beishan mine, currently at 500,000 tons, to ensure future development[19]. - An additional investment of RMB 26.5 million was made in 2025 to convert forest land into construction land for the development of the Beishan mine and the establishment of a new selection and processing plant[19]. - The total production of graphite products increased from 55,200 tons in the fiscal year 2024 to approximately 59,900 tons in the fiscal year 2025[18]. Corporate Governance - The board of directors consists of two executive directors and four independent non-executive directors, ensuring a strong independent element in governance[102]. - The company is committed to maintaining high corporate governance standards to protect shareholder interests and enhance shareholder value[94]. - The board is responsible for overseeing the company's overall strategy, financial performance, and risk management systems[95]. - The company has complied with all applicable corporate governance code provisions during the reporting period, except for a specific provision regarding the separation of roles of chairman and CEO[102]. - The audit committee, consisting of four members, is tasked with reviewing financial statements and overseeing internal controls and risk management systems[114]. Employee and Workplace Policies - The company is committed to creating a safe and healthy work environment, advocating for diversity and equality in the workplace[23]. - The total number of employees decreased from 189 in fiscal year 2024 to 161 in fiscal year 2025, with full-time employees dropping from 139 to 114[63]. - Employee benefits expenses for the fiscal year 2025 were approximately RMB 19.5 million, compared to RMB 21.4 million in fiscal year 2024, reflecting a reduction in workforce due to competitive conditions in the graphite industry and cost control measures[63]. - The company aims to create favorable conditions to attract more women into the workforce, addressing challenges in the labor market[127]. Risk Management - The board is responsible for establishing and maintaining effective risk management and internal control systems[135]. - The company has adopted a whistleblowing policy allowing employees and stakeholders to report potential misconduct confidentially[138]. - The board has conducted an annual review of the risk management and internal control systems, finding no significant areas of concern[137]. - The risk management system includes a self-assessment method that regularly evaluates and manages risk status[136]. Future Outlook - The company aims to enhance operational efficiency and explore strategic opportunities in the mining business and overall graphite market to drive profitability and maximize long-term shareholder returns[165]. - The company aims to enhance its corporate culture to achieve long-term sustainable growth and success, positioning itself as a representative in the graphite industry in China[93]. - In 2025, the company will focus on business expansion, customer satisfaction, operational safety and efficiency, and environmentally friendly production to fulfill its corporate mission and values[93].

Revenue and Sales Performance - Revenue increased by 9.8% to approximately RMB 20,700.5 million (2024: RMB 18,854.6 million) [2] - Sales volume rose by 11.2% to 900,100 tons (2024: 809,312 tons) [2] - The total revenue for the group in 2025 was RMB 20,700,535,000, compared to RMB 18,854,641,000 in 2024, indicating a growth of about 9.8% [19] - The group's revenue from aluminum profile sales reached RMB 20,355,283,000 in 2025, up from RMB 18,535,655,000 in 2024, representing an increase of approximately 9.8% [19] - The total revenue and sales volume for the year increased by 9.8% and 11.2% to approximately RMB 20,700.5 million and 900,100 tons, respectively, compared to RMB 18,854.6 million and 809,312 tons in 2024 [54] Profitability - Gross profit decreased by 26.2% to approximately RMB 1,301.2 million (2024: RMB 1,763.7 million) [2] - Profit attributable to shareholders decreased by 23.5% to approximately RMB 632.2 million (2024: RMB 826.0 million) [2] - The gross profit for the group in 2025 was RMB 1,301,152,000, a decrease from RMB 1,763,698,000 in 2024, reflecting a decline of approximately 26.1% [24] - The group reported a pre-tax profit of RMB 742,272,000 in 2025, down from RMB 965,354,000 in 2024, which is a decrease of about 23.2% [24] - Net profit attributable to shareholders was RMB 632.2 million, a decrease of 23.5% from RMB 826.0 million in 2024 [46] Dividends - Proposed final dividend per ordinary share is HKD 0.50 (2024: HKD 0.64) [2] - The company proposed a final dividend of HKD 0.50 per share for 2025, down from HKD 0.64 per share in 2024, which is a reduction of approximately 21.88% [30] Assets and Liabilities - Total assets less current liabilities increased to RMB 8,970.9 million (2024: RMB 8,296.4 million) [7] - Non-current liabilities increased to RMB 2,683.7 million (2024: RMB 2,388.9 million) [7] - Total equity increased to RMB 6,287.2 million (2024: RMB 5,907.5 million) [7] - The total amount of trade receivables and notes receivable (net of impairment) was RMB 4,806,320,000 in 2025, down from RMB 4,939,460,000 in 2024, a decrease of about 2.69% [36] - The total liabilities related to trade and other payables decreased to RMB 5,010,737,000 in 2025 from RMB 5,230,340,000 in 2024, a decline of about 4.20% [40] Cash Flow and Investments - Cash and cash equivalents decreased to RMB 1,647.9 million (2024: RMB 2,726.1 million) [6] - The net cash generated from operating activities was RMB 980,400,000, down 30.7% from RMB 1,415,490,000 in the previous year [8] - The total cash outflow from investing activities was RMB 1,802,989,000, significantly higher than RMB 884,649,000 in 2024 [9] - The company received interest and dividend income of RMB 88,848,000, an increase of 92.9% compared to RMB 46,070,000 in 2024 [9] - The cash and cash equivalents at the end of the year were RMB 1,647,878,000, down from RMB 2,726,060,000 at the beginning of the year [9] Operational Efficiency - The company has established seven production bases in China, with a total capacity exceeding 1 million tons per year, enhancing production efficiency [52] - The company is focusing on digital and automated upgrades in production processes, with a new digital production base in Zhejiang fully operational, improving efficiency and reducing costs [52] - The inventory turnover period slightly increased, indicating improved production planning and stable inventory turnover [77] - The accounts receivable turnover period for the year ending December 31, 2025, remains stable at 86 days, consistent with 2024, due to effective credit control measures [80] - The accounts payable turnover period is also stable at 80 days for both 2025 and 2024, reflecting consistent payment arrangements with suppliers [82] Market and Strategic Outlook - The company is actively expanding into the home decoration market, which is expected to provide stable demand and enhance brand influence [48] - The overall economic environment in China showed a GDP growth of 5.0% in 2025, with the real estate market gradually stabilizing under supportive policies [43] - The outlook for 2026 indicates a cautious optimism for industry growth, driven by the demand for lightweight and energy-saving solutions in emerging sectors like new energy vehicles and photovoltaics [57] - The company is making significant progress in overseas markets, with a 20,000-ton aluminum extrusion project in Australia officially launched in 2025 and an 180,000-ton aluminum alloy project in Vietnam under construction [53] Financial Management and Governance - The company maintained a cautious business strategy, focusing on partnerships with reputable and financially stable real estate developers, which helped mitigate financial risks [47] - The company's financial risk management policies are in place to monitor settlement situations effectively [41] - The audit committee consists of three independent non-executive directors and one non-executive director, with a majority being independent [101] - Deloitte has verified the financial data disclosed in the preliminary announcement for the year ending December 31, 2025, but did not provide an assurance conclusion [102] - The company's annual report for 2025 will be published on the Hong Kong Stock Exchange and the company's website at an appropriate time [103]