Financial Performance - For the fiscal year ending December 31, 2025, the company reported total revenue of HKD 237,506,000, an increase of 5.8% from HKD 225,114,000 in the previous fiscal year[2]. - Gross profit for the same period was HKD 131,015,000, a decrease of 3.4% compared to HKD 135,310,000 in the prior year[2]. - The net profit from continuing operations was HKD 6,800,000, up 15.6% from HKD 5,880,000 in the previous year[2]. - The company recorded a total comprehensive income of HKD 10,721,000, a significant recovery from a loss of HKD 115,376,000 in the previous year[3]. - Basic and diluted earnings per share from continuing operations increased to HKD 0.64 from HKD 0.55, reflecting a growth of 16.4%[3]. - The company reported a net profit of HKD 6,800,000 for the year, after accounting for unallocated corporate expenses[24]. - The company reported a profit attributable to shareholders of HKD 6,800,000 for the year ending December 31, 2025, compared to a loss of HKD 112,516,000 in 2024[45]. - The company reported a net loss of HKD 112,516,000 for the year, which is a decrease from the previous year's loss, indicating improved financial performance[28]. Revenue Breakdown - The total revenue from the construction equipment business for the year ended December 31, 2025, was HKD 237,506,000, with contributions from Hong Kong, Singapore, and China being HKD 103,280,000, HKD 107,611,000, and HKD 26,615,000 respectively[24]. - The construction equipment business generated revenue of HKD 79,232,000 in 2025, up from HKD 69,304,000 in 2024, reflecting an increase of about 14%[35]. - Rental income from owned properties and machinery was HKD 158,274,000 in 2025, slightly up from HKD 155,810,000 in 2024, indicating a growth of around 1.5%[35]. - The company’s revenue from external customers in the construction equipment business was HKD 237,506,000, with no inter-segment revenue after eliminations[24]. - Revenue from machinery sales increased by approximately 64.3% to HKD 4,400,000, driven by higher demand for new cranes in Hong Kong and Singapore[59]. - The Singapore division's revenue increased by approximately 18.5% to HKD 107,600,000, attributed to an increase in crane quantity and utilization[61]. Assets and Liabilities - Total assets as of December 31, 2025, amounted to HKD 484,858,000, up from HKD 474,739,000 in the previous year[4]. - The company's total liabilities increased to HKD 446,345,000 from HKD 446,947,000, indicating a slight decrease in overall liabilities[5]. - The net asset value rose to HKD 38,513,000, compared to HKD 27,792,000 in the previous year, marking a growth of 38.7%[5]. - The total debt decreased to HKD 182,396,000 in 2025 from HKD 211,190,000 in 2024, while total equity increased to HKD 38,513,000 from HKD 27,792,000[57]. - The debt-to-equity ratio improved to 4.7 in 2025 from 7.6 in 2024, reflecting a reduction in total debt and an increase in total equity[71]. Capital Expenditures and Investments - The company incurred a total of HKD 67,265,000 in capital expenditures for non-current segment assets during the year, with HKD 30,736,000 in Hong Kong, HKD 35,766,000 in Singapore, and HKD 763,000 in China[25]. - The company invested approximately HKD 67,300,000 in the acquisition of property, plant, and equipment during the year, down from HKD 104,700,000 in the previous fiscal year[68]. Financial Expenses - The company reported an interest expense of HKD 7,296,000, with contributions of HKD 3,560,000 from Hong Kong, HKD 3,326,000 from Singapore, and HKD 410,000 from China[24]. - Interest income for the year was HKD 1,000, while interest expenses totaled HKD 7,151,000, leading to a net interest expense of HKD 7,150,000[28]. - The financial expenses for 2025 amounted to HKD 11,446,000, slightly up from HKD 11,301,000 in 2024[8]. Employee and Operational Metrics - The group employs a total of 106 employees across Hong Kong, Singapore, and mainland China, a slight decrease from 109 employees as of December 31, 2024[77]. - The company reported employee costs of HKD 48,642,000 for 2025, down from HKD 57,844,000 in 2024[38]. Market Outlook and Strategy - The construction industry in Singapore is expected to maintain an average annual demand of 39 billion to 46 billion SGD from 2026 to 2029, driven by major infrastructure projects[78]. - The Hong Kong construction market is projected to have an average annual budget expenditure of approximately 120 billion HKD in the coming years, focusing on public infrastructure[79]. - The group plans to enhance its market competitiveness through internal optimization, external expansion, and value enhancement strategies[79]. - The group has established a strategic partnership with a leading domestic company to expand its business in developed regions including Hong Kong, Singapore, and the Middle East[79]. Compliance and Reporting - The company expects that the application of new and revised Hong Kong Financial Reporting Standards will not have a significant impact on its financial position and performance in the foreseeable future[18]. - The company has not early adopted the newly issued and revised Hong Kong Financial Reporting Standards that are yet to take effect, including HKFRS 9 and HKFRS 7 revisions[12]. - The company’s financial statements will be presented in accordance with the new HKFRS 18, which introduces new requirements for the presentation and disclosure of financial statements[20]. - The annual performance announcement for the year 2025 will be published on the Hong Kong Stock Exchange and the company's website[89]. - The 2025 annual report will include all information required by the listing rules and will be sent to shareholders in due course[89]. Dividends and Shareholder Returns - The company did not declare any dividends for the year ending December 31, 2025, consistent with the previous year[41]. - The company did not declare any final dividends for the year, consistent with the previous fiscal year[63].

Financial Performance - The group's revenue for the year ending December 31, 2025, was approximately RMB 877.7 million, a decrease of about 22.5% compared to RMB 1,132.6 million for the year ending December 31, 2024[2]. - The group's gross profit for the year ending December 31, 2025, was approximately RMB 106.5 million, down about 5.1% from RMB 112.3 million for the year ending December 31, 2024[2]. - Profit attributable to equity holders of the parent company for the year ending December 31, 2025, was approximately RMB 10.4 million, an increase of about 29.7% from RMB 8.0 million for the year ending December 31, 2024[2]. - The group's profit before tax for the year ending December 31, 2025, was approximately RMB 9.5 million, an increase of about 22.7% from RMB 7.7 million for the year ending December 31, 2024[2]. - Basic and diluted earnings per share for the year ending December 31, 2025, were approximately RMB 0.51, an increase of about 29.7% from RMB 0.39 for the year ending December 31, 2024[2]. - The group does not recommend the payment of a final dividend for the year ending December 31, 2025, compared to a dividend of HKD 0.18 per share for the year ending December 31, 2024[2]. Assets and Liabilities - Non-current assets increased to RMB 27,317 million in 2025 from RMB 21,430 million in 2024, representing a growth of 27.5%[6]. - Current assets decreased to RMB 360,990 million in 2025 from RMB 416,216 million in 2024, a decline of 13.2%[6]. - Total liabilities decreased to RMB 181,330 million in 2025 from RMB 235,553 million in 2024, a reduction of 23%[6]. - The company's net asset value increased to RMB 206,977 million in 2025 from RMB 200,793 million in 2024, reflecting a growth of 3.5%[8]. - The company reported cash and cash equivalents of RMB 100,692 million in 2025, up from RMB 84,239 million in 2024, an increase of 19.6%[6]. - Trade receivables rose to RMB 189,331 million in 2025 from RMB 182,161 million in 2024, an increase of 3.2%[6]. - The company’s goodwill remained stable at RMB 6,217 million in both 2025 and 2024[6]. - The total equity attributable to the owners of the parent company was RMB 206,977 million in 2025, unchanged from 2024[8]. - The company’s lease liabilities increased to RMB 3,416 million in 2025 from RMB 1,984 million in 2024, a rise of 72.2%[6]. Revenue Breakdown - The revenue breakdown for 2025 shows IT Infrastructure Services at RMB 294,001,000, IT Implementation and Support Services at RMB 149,695,000, and Cloud and AI Services at RMB 434,052,000[24]. - Revenue from mainland China for 2025 is RMB 809,350,000, down from RMB 1,063,124,000 in 2024, reflecting a decline of approximately 23.9%[25]. - A significant portion of revenue, approximately RMB 138,046,000, is derived from a single major customer, down from RMB 259,334,000 in 2024, indicating a decrease of about 46.7%[27]. - The company reported a total of RMB 23,496,000 in recognized revenue from contract liabilities for the fiscal year ending December 31, 2025, compared to RMB 33,596,000 in 2024, a decrease of approximately 30.1%[30]. - The revenue from software and/or hardware products and related services for 2025 is RMB 294,001,000, while for 2024 it was RMB 507,888,000, showing a decline of about 42.1%[29]. - The revenue from cloud platform design services for 2025 is RMB 277,186,000, which is a significant component of the Cloud and AI Services segment[29]. Research and Development - Research and development expenses for 2025 are RMB 32,461,000, a decrease from RMB 39,987,000 in 2024, indicating a reduction of approximately 18.8%[39]. - The group's research and development expenses decreased from approximately RMB 40.0 million for the year ended December 31, 2024, to approximately RMB 32.5 million for the year ended December 31, 2025, a reduction of about 18.8%[84]. Strategic Initiatives - The group has established a mature product matrix centered around the "Yideng Easy AI Enterprise Intelligent Assistant" platform and eCopilot, with significant partnerships with global tech giants like Microsoft and Amazon[63]. - The group successfully launched the eCopilot product on May 28, 2025, and it has already served leading enterprises in finance, retail, and new energy sectors[66]. - The group achieved a significant milestone by obtaining the Azure AI+DATA certification for Analytics on Microsoft Azure, validating its professional capabilities in delivering analytical solutions[64]. - The group’s self-developed "Easy AI Multi-Modal Content Generation" algorithm passed the national cybersecurity office's filing, clearing core obstacles for large-scale promotion in the enterprise market[65]. - The group’s revenue from overseas business expansion has become a key strategic focus, driven by the acceleration of Chinese clients going global[62]. - The group was recognized with the "2025 Outstanding AI Innovation Application Award" for its eCopilot product at the CFS2025 Finance Summit, highlighting its industry recognition[66]. - The group has entered into a strategic cooperation agreement with Huawei Cloud to collaborate on cloud desktop, CRM implementation, and AI application development[67]. - The group signed a cooperation agreement with Lichan Technology to focus on vertical industry AI solutions, promoting the launch of eCopilot software on Lichan Cloud[68]. - The group participated in the AWS Summit showcasing eCopilot and AWS solutions, highlighting its role as an Amazon Cloud Services partner[68]. - The group was awarded the "Best Service Partner" by Huawei for its outstanding product and technical service capabilities[70]. - The group achieved profitability in AI applications, becoming one of the few companies to realize AI application profitability in 2025[72]. - The group plans to deepen collaboration with DeepSeek and NVIDIA to explore "plug-and-play" AI hardware solutions for localized deployment[72]. - The group announced a strategic acquisition of 100% of Hongjun Technology for HKD 3 million to enhance its competitive "product + service + training" solution[77]. - The group aims to accelerate AI ecosystem integration through strategic investments and acquisitions to optimize business structure and achieve sustained growth[77]. - The group will focus on developing industry-specific AI solutions in finance, retail, and high-tech manufacturing, transitioning from project delivery to standardized products and industry templates[76]. Corporate Governance - The company has complied with the corporate governance code, except for a deviation regarding the separation of roles between the chairman and the CEO[113]. - The new corporate governance code amendments took effect on July 1, 2025, and will apply to the corporate governance report and annual report for the financial year starting on or after that date[115]. - The company has adopted the standard code for securities transactions by directors, confirming compliance by all directors during the year[116]. - The audit committee, consisting of three independent non-executive directors, has reviewed the financial performance for the year ending December 31, 2025, and found it compliant with applicable accounting standards[119]. - Ernst & Young has confirmed that the financial figures in the preliminary announcement for the year ending December 31, 2025, are consistent with the group's consolidated financial statements[120]. - The annual results announcement will be published on the Hong Kong Stock Exchange and the company's website, including all information required by listing rules[121].

青島啤酒股份有限公司（「本公司」或「公司」）董事會（「董事會」）謹此公告本公司及其附屬公 司（「本集團」）截至2025年12月31日止年度（「報告期」）的初步綜合業績，該綜合業績摘錄自 按照中國企業會計準則編製並已經審計的本集團合併財務報表。 一、財務資料 （除特別註明外，金額單位為人民幣元） 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。 青島啤酒股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 中 外 合 資 股 份 有 限 公 司 （股份編號：168） 2025年度業績公告 合併資產負債表 | 資產 | | 2025年 | 2024年 | | --- | --- | --- | --- | | | 附註 | 12月31日 | 12月31日 | | 流動資產 | | | | | 貨幣資金 | | 12,859,566,861 | 17,978,772,896 | | 交易性金融資產 | | 6,228,400,545 | 2, ...

Financial Performance - For the fiscal year ending December 31, 2025, the total revenue of Gala Technology Holding Limited reached RMB 922 million, representing an 18.9% year-on-year increase[11]. - The gross profit for the same period was RMB 480 million, up 15.4% from RMB 416 million in the previous year[11]. - Net profit increased to approximately RMB 95.85 million, a 13.9% rise compared to approximately RMB 84.15 million for the fiscal year ending December 31, 2024[11]. - The company reported total revenue of RMB 922,292 thousand for the year 2025, representing a 18.8% increase from RMB 775,918 thousand in 2024[26]. - Gross profit for 2025 was RMB 480,066 thousand, with a gross margin of 52.1%, down from 53.6% in 2024[26][27]. - The net profit for 2025 was RMB 95,847 thousand, resulting in a net profit margin of 10.4%, slightly lower than 10.8% in 2024[26][27]. - Revenue increased from approximately RMB 775.9 million in 2024 to approximately RMB 922.3 million in 2025, representing an increase of about RMB 146.4 million or 18.9%[28]. Research and Development - Research and development expenses rose to RMB 1.559 billion, reflecting a 16.5% increase from approximately RMB 1.337 billion in the previous fiscal year[11]. - AI technology has been integrated into various aspects of game development, with R&D spending increasing to RMB 155.9 million, focusing on AIGC technology applications[20]. - Research and development expenses increased from approximately RMB 133.7 million in 2024 to approximately RMB 155.9 million in 2025, an increase of about RMB 22.1 million or 16.5%[36]. Game Performance - The game "Best Basketball Showdown" achieved cumulative revenue of over RMB 380 million in mainland China, with registered users exceeding 8 million by December 31, 2025[10]. - The core game "Best Club" maintained its leading position in the segment, achieving record revenue through innovative gameplay iterations and strategic partnerships with over ten international stars and clubs[17]. - The new product "Peak Showdown" in the basketball category launched in Hong Kong, Macau, and Taiwan in October 2025, achieving over RMB 380 million in cumulative revenue and exceeding 8 million registered users by December 31, 2025[18]. - "Baseball Master" achieved a top 2 market share in the North American MLB mobile game category, driven by continuous product iteration and user engagement strategies[18]. - The "Best 11 - Champion Club" game remains a top performer in mainland China, with adjustments made to meet the core demands of both new and existing players[17]. Market Strategy - The company plans to leverage the opportunities presented by the 2026 World Cup to expand its product offerings and enhance its market presence through multi-platform commercialization[13]. - The company will continue to expand its overseas markets, particularly in Latin America, to tap into new user bases and enhance regional market activation[13]. - The company aims to leverage the upcoming World Cup in 2026 to enhance growth in sports-related game content, with plans to launch more game versions and a client version of "Best Club" to expand market influence[23]. Financial Management - The interest coverage ratio improved to 23.2 times in 2025, compared to 21.2 times in 2024, indicating stronger financial stability[27]. - The company has adopted a prudent financial management policy, closely monitoring liquidity to meet funding needs without facing significant foreign exchange risks[52]. - The total employee cost for the year ended December 31, 2025, was approximately RMB 239.9 million, compared to RMB 199.4 million in 2024, with a total of 591 full-time employees[53]. - The company has established a robust financial management system and is focused on optimizing business processes and internal controls[62]. Corporate Governance - The company has adopted high standards of corporate governance and complies with applicable environmental protection laws and regulations[75]. - The company has a diverse board of directors with expertise in finance, management, and technology, ensuring independent oversight and strategic guidance[60][61][63]. - All independent non-executive directors have confirmed their independence in accordance with the listing rules[142]. Share Incentive Plans - The stock option plan allows the company to grant options to eligible participants to subscribe for shares, with a maximum of 13,800,000 shares available, representing 10% of the total issued shares as of January 16, 2023[97]. - The 2023 Share Award Plan allows for the issuance of a maximum of 6,900,000 shares, representing 5% of the total issued shares as of the adoption date[108]. - The executive share incentive plan allows for a maximum of 6,900,000 shares to be granted, which represents 5% of the issued share capital as of the adoption date[124]. - The plan aims to attract and retain suitable talent by rewarding selected participants for their contributions to the group's growth and development[106]. Risk Management - The company is actively managing risks related to regulatory uncertainties in the gaming industry and is committed to adapting its product strategies accordingly[22]. - The risk associated with the contractual arrangements includes potential enforcement issues with arbitration clauses under Chinese law, which may limit the company's ability to obtain timely remedies[175]. Legal and Compliance - There were no significant violations of applicable laws and regulations during the year ended December 31, 2025[76]. - The company has received a waiver from the Stock Exchange regarding certain compliance requirements for connected transactions, provided specific conditions are met[179]. - The independent auditor has confirmed that the disclosed ongoing connected transactions constitute related party transactions under Hong Kong Financial Reporting Standards[182]. Operational Highlights - The company has established global strategic partnerships with over ten international football stars and clubs, enhancing user loyalty and satisfaction[10]. - The gaming market continues to show robust growth, with an increasing user base and spending capacity, indicating a healthy market structure[9]. - The company is focusing on high-quality development and long-term operations, leveraging AI and IP to drive growth[9].

Financial Performance - The company's total revenue for the year ended December 31, 2025, was HKD 190,595,000, representing an increase of 12.3% compared to HKD 169,653,000 in 2024[4] - Gross profit for the same period was HKD 28,582,000, a decrease of 4.9% from HKD 30,049,000 in 2024[4] - The net loss for the year was HKD 37,004,000, compared to a net loss of HKD 35,295,000 in 2024, indicating a deterioration in performance[4] - Total revenue from customer contracts increased to HKD 190,595,000 in 2025 from HKD 169,653,000 in 2024, representing a growth of approximately 12.0%[20] - Revenue from the provision of air membrane construction services rose to HKD 188,726,000 in 2025, up from HKD 169,205,000 in 2024, marking an increase of about 11.6%[20] - The group achieved a total revenue of HKD 190.6 million this year, an improvement from HKD 169.7 million in the previous year, with a gross profit margin of 15.0%, down from 17.7%[56] Assets and Liabilities - Total assets decreased to HKD 406,646,000 in 2025 from HKD 421,689,000 in 2024, reflecting a decline of 3.6%[6] - Current liabilities increased to HKD 274,913,000 in 2025 from HKD 263,490,000 in 2024, an increase of 4.4%[7] - The company's cash and bank balances decreased to HKD 59,028,000 in 2025 from HKD 75,450,000 in 2024, a decline of 21.8%[6] - The total equity attributable to the owners of the company decreased to HKD 87,644,000 in 2025 from HKD 111,285,000 in 2024, a decrease of 21.3%[7] - Non-current assets totaled HKD 106,306,000 in 2025, down from HKD 109,874,000 in 2024, a decrease of 3.3%[6] - Contract assets decreased to HKD 79.244 million in 2025 from HKD 91.125 million in 2024, a reduction of approximately 13.0%[32] - The total liabilities, including payables and notes payable, amounted to HKD 128.753 million in 2025, slightly up from HKD 126.306 million in 2024[40] Income and Expenses - The company recognized other income and gains of HKD 9,909,000 in 2025, down from HKD 15,859,000 in 2024, a decrease of 37.5%[4] - Other income decreased slightly to HKD 9,961,000 in 2025 from HKD 10,025,000 in 2024, a decline of about 0.6%[22] - Financing costs rose to HKD 2,258,000 in 2025 from HKD 1,668,000 in 2024, an increase of approximately 35.3%[24] - The group’s financing costs amounted to HKD 2.3 million this year, an increase from HKD 1.7 million last year[63] - The group incurred a tax expense of HKD 3,888,000 in 2025, compared to a tax credit of HKD 828,000 in 2024[29] - The group recorded other income of HKD 10.0 million, unchanged from the previous year, while other losses were less than HKD 0.1 million compared to other income of HKD 5.8 million last year[57] Shareholder Information - The group’s primary shareholder is Beijing Health (Holdings) Limited, which is also registered in the Cayman Islands[1] - The board of directors does not recommend any final dividend for the current year, with future dividends to be determined based on business performance, capital needs, cash flow, and other factors[84] - The company has established an audit committee to review and supervise the financial reporting process, risk management, and internal controls, consisting of three independent non-executive directors[88] - All independent non-executive directors have served for over nine years, and the company is currently seeking suitable candidates to appoint a new independent non-executive director[87] - The company has adopted a share option scheme as an incentive for directors and eligible persons[83] Operational Insights - The group primarily operates in the sports and entertainment sector, focusing on air dome construction, operation, and management, with no significant other business segments reported[16] - Major customer revenue includes HKD 66,021,000 from air dome construction services, with Customer B contributing HKD 31,545,000 in 2025[19] - The group’s non-current assets are entirely located in mainland China, which is also the source of all its revenue[18] - The company continues to lead in the construction, operation, and management of membrane structures in China, with applications across five major sectors[44] - The company has established a leading membrane structure manufacturing center in Huzhou, Zhejiang Province, with an annual processing capacity exceeding 5 million square meters[45] Future Outlook - The company aims to expand its market share by leveraging its technological advantages and professional capabilities, actively participating in competitive negotiations and tenders[45] - The company is exploring opportunities to expand its business into other Asian countries, enhancing its market presence through various professional exhibitions and partnerships[45] - The membrane structure industry is expected to experience significant growth opportunities under the influence of national "dual carbon" strategies and policies promoting sports development[46] - The company is committed to innovation and sustainable development, focusing on creating green, low-carbon environments through advanced membrane structures[49] - The company is positioned to benefit from the government's push for green low-carbon development in manufacturing, which emphasizes the application of advanced green technologies[48] Risk Management - The group is committed to maintaining a prudent risk management policy and balancing its liquidity needs while seeking potential investment opportunities[55] - The group has a diversified credit risk due to a large number of trading counterparties and customers[79] - The group faces minimal liquidity risk as most financial assets and liabilities are due within one year[81] - The group does not face significant foreign exchange risk, primarily dealing in RMB and USD[82] Employment and Corporate Governance - As of December 31, 2025, the group employed 124 full-time employees in Hong Kong and China, a decrease from 128 in 2024[83] - The chairman and CEO roles are currently held by the same individual, Liu Xueheng, which the board believes is appropriate given his expertise in the relevant business[86] - The consolidated financial statements for the year ended December 31, 2025, have been reviewed and approved by the audit committee[88] - The annual report for 2025 will be sent to shareholders at an appropriate time and will be published on the company's website[91]

Financial Performance - Total operating revenue for 2025 reached RMB 46.07 billion, an increase of 19.1% from RMB 38.72 billion in 2024[9] - Net profit for 2025 was RMB 2.65 billion, up 54.1% from RMB 1.72 billion in 2024[10] - The total comprehensive income for the year reached CNY 2,808,975,740.55, compared to CNY 1,746,640,132.81 in the previous year, representing an increase of approximately 60.7%[11] - Basic and diluted earnings per share increased to CNY 1.1921 from CNY 0.7540, reflecting a growth of 58.2%[11] - The company reported a significant increase in investment income, totaling RMB 537.11 million in 2025, compared to RMB 62.22 million in 2024[10] Assets and Liabilities - As of December 31, 2025, the total current assets amounted to RMB 64,950,484,482.02, an increase of 7.5% from RMB 60,208,795,230.03 in 2024[3] - The total liabilities increased to RMB 57,549,816,404.90, compared to RMB 53,192,396,798.99 in 2024, reflecting an increase of 8.4%[5] - The total assets reached RMB 78,662,795,470.89, marking an increase of 9.5% from RMB 71,946,155,154.17 in the previous year[4] - The company's total non-current assets amounted to RMB 13,712,310,988.87, an increase of 16.8% from RMB 11,737,359,924.14 in 2024[4] - Total liabilities increased to RMB 60.19 billion in 2025, compared to RMB 55.76 billion in 2024, reflecting a growth of 7.7%[8] Cash Flow - Cash inflows from operating activities totaled CNY 60,820,391,386.36, up from CNY 48,395,410,838.30, marking an increase of 25.5%[12] - The net cash flow from operating activities was CNY 4,628,758,901.35, a significant recovery from a negative cash flow of CNY -241,968,875.15 in the previous year[12] - Cash outflows for investment activities amounted to CNY 12,208,559,429.58, compared to CNY 2,374,715,139.72 in the previous year, indicating a substantial increase in investment spending[14] - The net cash flow from investment activities was CNY -4,306,518,498.40, worsening from CNY -1,071,987,236.35 in the previous year[14] - The company's cash and cash equivalents at the end of the period decreased to CNY 14,193,537,323.25 from CNY 15,173,753,371.19, a decline of approximately 6.5%[15] Equity and Dividends - Total equity attributable to shareholders reached RMB 17.80 billion, a rise of 14.9% from RMB 15.48 billion in 2024[8] - The company plans to distribute a final dividend of RMB 0.358 per share, totaling RMB 800,586,808.00[59] - The total amount of dividends to be distributed is RMB 800,586,808.00[87] - H-share shareholders will receive a dividend of HKD 0.406688 per share, calculated at an exchange rate of 1 RMB to 1.136 HKD[87] - The dividend will be paid on July 23, 2026, with the share register closing from May 29 to June 3, 2026[89] Research and Development - Research and development expenses for 2025 were RMB 1.19 billion, slightly up from RMB 1.15 billion in 2024, indicating a focus on innovation[9] - The company’s R&D investment for 2025 was 2,376 million RMB, with an R&D intensity of 5.16%[67] - The company completed 290 patent grants in 2025, including 144 invention patents[67] Business Operations - The company operates through three main business segments: New Power Systems, Clean and Efficient Industrial Systems, and Green Low-Carbon Drive Systems, each requiring distinct technologies and market strategies[37] - The company is engaged in the production and sales of power generation equipment and is involved in the general contracting of power station projects[22] - The company reported a total of CNY 6,823,254,033.56 in undistributed profits, highlighting retained earnings for future growth[17] Corporate Governance - The company confirms that all independent non-executive directors remain independent as per the Hong Kong Stock Exchange listing rules[94] - The company has established an audit committee consisting of four independent non-executive directors to oversee financial reporting and risk management[111] - The company has adhered to corporate governance codes and has actively promoted sustainable development principles[109] Future Outlook - The company aims to enhance core competitiveness and management efficiency while focusing on high-quality development and innovation in the 2026 fiscal year[114] - According to the forecast report, it is expected that by the end of 2026, the national power generation capacity will reach approximately 4.3 billion kilowatts, with non-fossil energy generation capacity accounting for about 63%[113]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 659,849,000, a significant increase from HKD 55,897,000 in 2024[3] - The net profit for the year was HKD 120,936,000, a turnaround from a loss of HKD 160,726,000 in 2024[4] - Basic earnings per share improved to HKD 0.0775 from a loss of HKD 0.1030 in the previous year[3] - The pre-tax profit for the year ended December 31, 2025, was HKD 139,218,000, compared to a loss of HKD 133,570,000 in 2024[13] - The company reported a total comprehensive income of HKD 121,787,000 for the year, compared to a loss of HKD 160,831,000 in 2024[4] - Shareholder profit turned around to HKD 121 million in 2025 from a loss of HKD 161 million in 2024[35] Revenue Sources - Customer contract revenue under HKFRS 15 rose to HKD 326,542,000, up from HKD 232,254,000 in the previous year, indicating a growth of approximately 40.5%[3] - The income from commission and fees for 2025 was HKD 326,542,000, up from HKD 232,254,000 in 2024, representing an increase of approximately 40.5%[15] - The group’s income from external customers in the corporate finance segment was HKD 124,075,000 for 2025, compared to HKD 89,921,000 in 2024, reflecting a growth of approximately 38%[13] - Commission and fee income rose by 41% to HKD 326.54 million, driven by rapid growth in brokerage, sponsorship, and underwriting services[36] - Wealth management business revenue grew by 9% to HKD 290.35 million, with commission and fee income reaching HKD 115.03 million, a 64% increase from 2024[39] - Corporate finance business commission and fee income increased by 38% to HKD 124.08 million[42] Assets and Liabilities - Total assets increased to HKD 12,968,327,000, compared to HKD 8,708,755,000 in 2024, reflecting a growth of approximately 48.5%[5] - Current liabilities rose to HKD 10,307,112,000 from HKD 6,152,199,000, indicating an increase of about 67.7%[5] - The total equity attributable to ordinary shareholders increased to HKD 2,751,134,000 from HKD 2,629,347,000, showing a growth of approximately 4.6%[6] - Total accounts receivable increased to HKD 781,244,000 in 2025 from HKD 598,086,000 in 2024, reflecting a growth of approximately 30.5%[23] - The company's cash client receivables rose to HKD 176,731,000 in 2025, up from HKD 61,082,000 in 2024, indicating a substantial increase of 189.5%[23] - The company's accounts payable increased to HKD 4,035,822,000 in 2025 from HKD 3,438,149,000 in 2024, reflecting an increase of approximately 17.4%[27] Market and Economic Context - The Chinese economy grew by 5.0% in 2025, with GDP surpassing 140 trillion RMB for the first time, achieving its annual target[30] - The domestic high-tech product export value increased by 13.2% year-on-year, despite uncertainties in exports[30] - The A-share market saw significant growth, with the Shanghai Composite Index rising by 18.41% and the ChiNext Index increasing by 49.57% in 2025[31] Business Operations and Strategy - The company plans to enhance its financial technology applications and improve its electronic service platform to provide better wealth management solutions[40] - The group aims to enhance its investment research capabilities and explore cross-border asset management opportunities, focusing on the "Belt and Road" initiative[51] - The group plans to focus on technology finance and green finance, expanding business opportunities along the Belt and Road Initiative and in emerging markets[54] - The group emphasizes compliance and risk management, with a review of credit limits and monitoring of credit risks in place[61] - The group aims to enhance operational efficiency and customer experience through financial technology empowerment and digital transformation[54] Employee and Corporate Governance - The total number of full-time employees was 244 as of December 31, 2025, with total employee costs amounting to approximately HKD 251 million, an increase from HKD 233 million in 2024[66] - The board of directors consists of eight members, including three executive directors and three independent non-executive directors[77] Future Outlook - The global economy is expected to maintain moderate recovery in 2026, with growth projected around 5%[52] - Hong Kong's stock market is anticipated to shift from valuation recovery in 2025 to profit growth and liquidity improvement in 2026[53]

Financial Performance - For the fiscal year 2025, the company reported a revenue of approximately RMB 2,294.1 million, representing a 50.6% increase from RMB 1,523.0 million in 2024[5] - The company's profit before tax for 2025 was approximately RMB 78.2 million, a slight decrease of 0.6% compared to RMB 78.7 million in 2024[5] - The net profit for 2025 was approximately RMB 65.8 million, down 7.0% from RMB 70.8 million in 2024[5] - The gross profit margin for 2025 was approximately 10.0%, compared to 12.5% in 2024, indicating a decline in profitability[6] - The earnings per share attributable to the owners of the company for 2025 was RMB 0.68, down from RMB 0.78 in 2024[7] - The total tax expense for 2025 was RMB 12,380 thousand, an increase from RMB 7,917 thousand in 2024[30] - Other income decreased by approximately 20.7% from about RMB 10.6 million for the year ending December 31, 2024, to about RMB 8.4 million for the year ending December 31, 2025, primarily due to the expiration of leases without renewal[54] - Profit decreased by approximately 7.0% from about RMB 70.8 million for the year ending December 31, 2024, to about RMB 65.8 million for the year ending December 31, 2025[64] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 1,927.8 million, compared to RMB 1,401.8 million in 2024, showing growth in asset base[9] - Current liabilities increased to RMB 1,265.6 million in 2025 from RMB 926.3 million in 2024, indicating a rise in short-term obligations[10] - The company's net assets reached RMB 661.9 million in 2025, up from RMB 471.7 million in 2024, demonstrating improved financial stability[10] - Accounts receivable decreased to RMB 327.1 million in 2025 from RMB 522.0 million in 2024, reflecting a reduction of approximately 37.4%[37] - Contract assets increased significantly to RMB 740.6 million in 2025 from RMB 352.5 million in 2024, representing a growth of approximately 110%[37] - Trade payables and notes payable rose to RMB 692.4 million in 2025, up from RMB 500.6 million in 2024, an increase of approximately 38.3%[39] - Inventory decreased by approximately 25.8% from about RMB 96.6 million for the year ending December 31, 2024, to about RMB 71.7 million for the year ending December 31, 2025, primarily due to a 50.5% decline in inventory that has been issued but not yet confirmed as received[68] - Accounts payable increased by approximately 38.3% from RMB 500.6 million as of December 31, 2024, to about RMB 692.4 million as of December 31, 2025, driven by a 50.6% growth in overall business volume[70] Research and Development - Research and development expenses increased to RMB 25.1 million in 2025 from RMB 20.5 million in 2024, reflecting a focus on innovation[6] - R&D expenses increased by approximately 22.8% from about RMB 20.5 million for the year ending December 31, 2024, to about RMB 25.1 million for the year ending December 31, 2025, due to higher investments in R&D materials and equipment[57] - Research and development expenses are eligible for a 175% tax deduction under a policy effective since September 2019[31] Market and Expansion - The company plans to continue expanding its prefabricated steel structure construction services both domestically and internationally, focusing on integrated service offerings[12] - The company aims to expand its international market presence, particularly in Southeast Asia, to meet specific customer needs[43] - The company plans to establish overseas production facilities for prefabricated steel structure components to meet the growing demand in Southeast Asia[48] - The prefabricated construction market in China is projected to grow from RMB 448.5 billion in 2020 to RMB 589.3 billion by 2024, with a compound annual growth rate (CAGR) of 7.1%[44] - The prefabricated steel structure construction market is expected to increase from RMB 335.2 billion in 2020 to RMB 441.3 billion by 2024, achieving a CAGR of 7.1%[46] - Industrial buildings are projected to account for 50.7% of the prefabricated steel structure market by 2024, with a market size of RMB 223.9 billion and a CAGR of 13.0% from 2020 to 2024[46] Corporate Governance and Meetings - The company has adopted the Corporate Governance Code and has complied with applicable provisions from the listing date to the announcement date[84] - The annual general meeting is scheduled for May 15, 2026, with further announcements to be made in due course[89] - The company will suspend the transfer of shares from May 11, 2026, to May 15, 2026, to determine eligible shareholders for the annual general meeting[90] - Annual reports will be provided to shareholders upon request and will be published on the Hong Kong Stock Exchange website and the company's website[91] - The board of directors includes executive directors Mr. Chen Boyan and Ms. Chen Jiaqi, non-executive directors Mr. Ma Jiang and Mr. Wajdi Maalouf, and independent non-executive directors Mr. Liu Xuming, Mr. He Zhichong, and Mr. Zhuang Hanhong[93] Financial Management - The company has no significant contingent liabilities as of the reporting period and has not engaged in any major investments or acquisitions during the period[72][77] - The company plans to utilize the net proceeds for capital investments, prepayments related to new projects, and enhancing sales and marketing development, with specific timelines for each allocation[81] - The net proceeds from the company's listing, after deducting underwriting commissions and expenses, amounted to approximately HKD 139.9 million, with planned uses disclosed in the prospectus[80] - As of December 31, 2025, the company's leverage ratio improved to 62.0% from 66.4% as of December 31, 2024, reflecting a transition to net cash of RMB 8.9 million[76] - Pledged bank deposits increased to RMB 37.5 million as of December 31, 2025, compared to RMB 24.8 million as of December 31, 2024, with interest rates ranging from 0.05% to 1.00%[75]

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，並明確表示概不會就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之任何損失承擔任何責任。 Haier Smart Home Co., Ltd.* 海爾智家股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 股份代號：6690 截至2025年12月31日止年度之全年業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | | 2025年 | 2024年 | 變動 | | | 人民幣百萬元 | 人民幣百萬元 | % | | | | （經重列） | | | 收入 | 302,329 | 286,005 | 5.7 | | 毛利 | 78,955 | 77,907 | 1.3 | | 經調整經營利潤（定義見下文） | 20,504 | 20,410 | 0.5 | | 年內溢利 | 20,163 | 19,566 | 3.1 | | 應佔： | | | | | 本公司擁有人 | 19,553 | 18,731 | 4.39 | | 非控股權益 | 610 | ...

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 7,223.8 million, an increase of 15.3% year-on-year[3] - Gross profit for the same period was RMB 3,466.4 million, reflecting a year-on-year increase of 14.9%[3] - Net profit for the year reached RMB 1,427.3 million, representing a significant year-on-year growth of 33.6%[3] - Basic earnings per share increased to RMB 0.60, up 30.4% compared to the previous year[3] - Operating profit for the year was RMB 1,853.3 million, compared to RMB 1,401.0 million in the previous year[5] - The company reported a gross margin of 48.0%, a slight decrease of 0.1 percentage points year-on-year[3] - The total cost of goods sold for the year ended December 31, 2025, was RMB 3,757,398 thousand, compared to RMB 3,250,194 thousand in 2024, representing an increase of approximately 15.6%[21] - The income tax expense for 2025 was RMB 602,873 thousand, compared to RMB 493,146 thousand in 2024, indicating an increase of approximately 22.3%[32] - Net profit increased by 33.6% to RMB 1,427.3 million, with net profit margin improving from 17.0% to 19.8%[66] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.17 per ordinary share, in addition to an interim dividend of RMB 0.18 already distributed in October 2025[3] - The total declared interim dividend for the year ending December 31, 2025, is RMB 437,606,000, with a per share dividend of RMB 0.18[46] - The board has proposed a final dividend of RMB 0.17 per share for the year ending December 31, 2025, totaling approximately RMB 413.3 million[134] - The company has a dividend policy to distribute at least 25% of distributable profits to shareholders for any specific year after listing[137] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 11,352.8 million, up from RMB 8,182.4 million in 2024[8] - Current assets increased to RMB 7,117.3 million, compared to RMB 3,519.7 million in the previous year[8] - Total liabilities increased from RMB 6,006,430 thousand in 2024 to RMB 8,182,413 thousand in 2025, representing a growth of approximately 36.3%[10] - Net assets rose from RMB 7,310,525 thousand in 2024 to RMB 10,939 thousand in 2025, indicating a significant increase in equity[10] Revenue Sources and Market Performance - Revenue from the Chinese market was RMB 7,106,331 thousand in 2025, up from RMB 6,187,110 thousand in 2024, indicating a growth of approximately 14.8%[22] - Revenue from vegetable products grew by 33.7% to RMB 4,505.9 million, increasing its share of total revenue from 53.8% to 62.4%[71] - Revenue from seasoning noodle products decreased by 4.3% to RMB 2,553.5 million, reducing its share of total revenue from 42.6% to 35.3%[69] - The company reported sales to two major third-party customers amounting to RMB 838.2 million and RMB 781.2 million, accounting for approximately 12% and 11% of total revenue, respectively[23] Operational Efficiency and Production - The company continues to enhance its supply chain and production automation, significantly improving efficiency and quality control[56] - The designed production capacity for seasoning noodle products decreased to 172,658.4 tons in 2025 from 202,065.0 tons in 2024, while actual production increased to 135,987.2 tons, resulting in a utilization rate of 78.8%[82] - Vegetable products saw an increase in designed production capacity to 225,774.0 tons in 2025 from 129,986.0 tons in 2024, with actual production at 174,526.8 tons and a utilization rate of 77.3%[82] - Overall production capacity utilization improved slightly to 77.9% in 2025 from 77.7% in 2024, primarily due to increased sales volume[83] Strategic Initiatives and Market Positioning - The company introduced new products including high-fiber konjac snacks and spicy beef-flavored snacks, enhancing its product matrix[53] - The company is focusing on enhancing consumer experience and expanding its online and offline sales channels, integrating traditional e-commerce with social commerce[53] - The group is committed to product innovation and enhancing core competitiveness, focusing on consumer experience and brand operation[62] - The group is actively optimizing its talent system and team building to support high-quality development[56] Corporate Governance and Compliance - The company adheres to applicable laws and regulations in its operations, with no significant violations reported during the year[123] - The company has adopted the corporate governance code and has complied with all applicable provisions as of December 31, 2025[145] - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated annual results for the year ended December 31, 2025[143] Future Outlook and Investments - The group plans to invest in a leisure food production base in Nanning, Guangxi, using self-raised funds or various financing methods[113] - The group has allocated approximately HKD 514.9 million for production facilities and supply chain systems, with a timeline of 3-5 years for utilization[115] - The company has sufficient financial resources to continue operations in the foreseeable future based on current financial forecasts and available financing[122]