Financial Performance - The company's total revenue for the year ended December 31, 2025, was RMB 11,358,910,887.75, representing an increase of 2.64% from RMB 11,066,690,041.36 in 2024[7] - Operating profit for the same period was RMB 2,171,564,864.72, up from RMB 1,800,716,988.20 in 2024, indicating a growth of 20.61%[7] - The net profit for the year ending December 31, 2025, is RMB 1,602,785,555.82, an increase of approximately 18.5% from RMB 1,352,024,684.19 for the year ending December 31, 2024[8] - The net profit attributable to shareholders of the parent company for 2025 is RMB 1,306,790,239.41, up from RMB 1,143,973,474.80 in 2024, reflecting a growth of about 14.2%[8] - The total comprehensive income for 2025 is RMB 1,583,866,388.98, compared to RMB 1,388,528,466.80 in 2024, indicating an increase of approximately 14.1%[8] - Basic and diluted earnings per share remain stable at RMB 0.05 for both 2025 and 2024[8] - The company's net profit margin improved to approximately 19.19% in 2025 compared to 16.21% in 2024[7] Assets and Liabilities - The total assets as of December 31, 2025, amounted to RMB 57,573,679,391.69, a decrease from RMB 59,786,931,555.09 in 2024, reflecting a decline of 3.69%[4] - Total liabilities decreased to RMB 13,542,064,396.54 from RMB 16,383,834,665.08, a reduction of 17.00%[5] - The total equity attributable to shareholders increased to RMB 40,342,887,497.81 from RMB 39,797,657,781.18, reflecting a growth of 1.37%[6] - The company's cash and cash equivalents increased to RMB 6,697,778,173.07 from RMB 5,280,231,133.78, marking a growth of 26.83%[4] Operational Highlights - The company operates in various port-related activities, including cargo handling, transportation, and logistics services, contributing to its revenue growth[14] - The company underwent a significant merger with Yingkou Port Group, increasing its total share capital and expanding its operational capacity[11] - The company plans to focus on market expansion and new product development in the upcoming fiscal year[3] Research and Development - Research and development expenses rose to RMB 24,691,685.51, up from RMB 20,226,217.47, an increase of 22.36%[7] - The company is eligible for a 100% pre-tax deduction on R&D expenses incurred from January 1, 2023, which do not form intangible assets[29] Share Repurchase and Dividends - The company has repurchased a total of 415,298,603 shares as of December 31, 2025, reducing the total share capital from 23,987,065,816 shares to 23,571,767,213 shares[13] - The company plans to continue its share repurchase program, with shares being repurchased for cancellation to reduce registered capital[12] - The proposed year-end dividend for 2025 is RMB 0.0286 per share, an increase from RMB 0.0239 per share in 2024, totaling RMB 674,152,542.29 for 2025[55] Legal and Compliance Issues - The terminal logistics company faced multiple appeals and re-trials regarding various cases, indicating ongoing legal challenges[76][77][78][79][80] - The company has been involved in multiple lawsuits, reflecting a challenging operational environment and potential impacts on financial performance[75][76][77][78][79][80] Segment Performance - In 2025, the total throughput of oil and liquid chemical products reached 61.57 million tons, a year-on-year increase of 1.3%[87] - The revenue from the oil segment in 2025 was approximately RMB 1.82 billion, representing a 62.8% increase compared to 2024[89] - The container throughput in 2025 was 11.26 million TEU, reflecting a 3.7% increase from the previous year[90] - The automotive terminal's throughput decreased by 4.2% to 701,174 vehicles, with foreign trade volume increasing by 16.2% to 75,755 vehicles, while domestic trade volume fell by 6.2%[93] Financial Ratios and Metrics - The debt-to-asset ratio decreased to 23.5%, down by 3.9 percentage points from the previous year, mainly due to the repayment of interest-bearing debts[70] - The group maintained a net debt-to-equity ratio of 8.0%, down from 17.9% the previous year, reflecting a reduction in debt levels[71] Future Outlook - The group plans to focus on core business, accelerate asset revitalization, and enhance service efficiency in 2026[110] - The group aims to strengthen international shipping routes, particularly in Europe, America, and Southeast Asia, to enhance market competitiveness[112]

Financial Performance - The total revenue for the year ended December 31, 2025, was HKD 599,381,000, a decrease of 36.8% compared to HKD 947,435,000 in 2024[2] - The company reported a net loss of HKD 295,387,000 for the year, compared to a loss of HKD 273,593,000 in the previous year, reflecting an increase in losses of 7.9%[2] - The fair value change of investment properties resulted in a loss of HKD 11,709,000, compared to a loss of HKD 775,000 in 2024[2] - The company's total assets decreased to HKD 1,156,522,000 from HKD 1,409,611,000, a decline of 17.9%[4] - The company's cash and bank balances decreased to HKD 141,081,000 from HKD 210,526,000, a decrease of 33.0%[4] - The basic and diluted loss per share increased to HKD 0.444 from HKD 0.415, reflecting a 7.0% increase in loss per share[3] - The company reported a loss before tax of HKD 300,314,000 for 2025, compared to a loss of HKD 279,410,000 in 2024, indicating a worsening of approximately 7.3%[18] - Basic loss per share for 2025 was HKD 44.4, compared to HKD 41.5 in 2024, reflecting an increase in loss per share of approximately 6.9%[23] - The loss attributable to shareholders for the same period was approximately HKD 299.6 million, compared to HKD 279.9 million in the previous year[38] Revenue Breakdown - Agency commission revenue was HKD 588,220,000 in fiscal year 2025, down from HKD 923,849,000 in fiscal year 2024, representing a decline of 36.4%[12] - The financial services income was reported as zero in fiscal year 2025, down from HKD 2,724,000 in fiscal year 2024[12] - The property agency business segment generated approximately HKD 588 million in revenue, accounting for 98% of the total revenue[38] - The financial services segment reported revenue of approximately HKD 11 million, representing 2% of the total revenue[38] - The property agency service revenue for the year was approximately HKD 588 million, a decrease from HKD 924 million in 2024[39] - The financial services business generated revenue of about HKD 11 million, down from HKD 23 million in 2024[39] Expenses and Costs - Administrative expenses decreased to HKD 259,867,000 from HKD 317,242,000, a reduction of 18.0%[2] - Employee costs totaled HKD 582,423,000 in 2025, a decrease from HKD 775,460,000 in 2024, representing a reduction of approximately 25.0%[21] - The financing costs decreased to HKD 5,993,000 in 2025 from HKD 13,592,000 in 2024, a reduction of about 56.0%[19] Assets and Liabilities - Non-current assets decreased to HKD 532,410,000 from HKD 646,531,000, a decline of 17.6%[4] - The company's equity attributable to owners decreased to HKD 1,035,694,000 from HKD 1,279,068,000, a reduction of 19.1%[4] - The average credit period granted to customers remained between 30 to 180 days, with accounts receivable totaling HKD 438,342,000 in 2025, down from HKD 564,005,000 in 2024, a decrease of approximately 22.3%[25] - Contract liabilities related to unfulfilled customer services amounted to HKD 29,836,000 in 2025, slightly down from HKD 30,649,000 in 2024[27] - The total borrowings amounted to approximately HKD 109 million, a decrease from HKD 123 million in 2024[44] Corporate Governance and Compliance - The company has complied with the corporate governance code, except for deviations noted in rules C.2.1 and C.6.1[54] - The company has appointed Mr. Lau Hang Wong as the company secretary, which is expected to enhance compliance with applicable laws and regulations[55] - The company has not established a CEO position since March 21, 2025, with Mr. Fu Wai Chung serving as the chairman[56] - The company has adopted the standard code of conduct as per the listing rules and confirmed full compliance by all directors[57] Future Outlook and Strategies - The company plans to implement flexible strategies to optimize cost structures and focus on core cities to seek growth opportunities in response to the changing market environment[37] - The group aims to enhance customer engagement and conversion efficiency through innovative online and offline marketing strategies[41] - The group plans to leverage AI technology to analyze market trends and customer data for better decision-making[42] Shareholder Information - The company did not recommend any dividend for the year ended December 31, 2025, consistent with the previous year[22] - The board does not recommend the payment of a final dividend for the year ending December 31, 2025, consistent with the previous year[50] - The company will suspend share transfer registration from June 2, 2026, to June 5, 2026, to confirm shareholder attendance at the annual general meeting[51] - As of December 31, 2025, the company has not repurchased any shares and has no treasury stock[53] - The company has issued a total of 674,149,989 shares with a par value of HKD 0.01 per share as of December 31, 2025[49] Reporting and Meetings - The annual report for the year ending December 31, 2025, will be published on the Hong Kong Stock Exchange website and the company's website[58] - The company has scheduled the annual general meeting for June 5, 2026, with further announcements to be made[59] - The board expresses gratitude to customers, shareholders, and employees for their support and contributions throughout the year[60] - The board consists of executive directors Mr. Fu Wai Chung and Mr. Lu Yifeng, along with non-executive and independent directors[62] Accounting Standards - The new Hong Kong Financial Reporting Standards (HKFRS) No. 18 will take effect from January 1, 2027, impacting the presentation and disclosure of income and expenses in future financial statements[10] - The company does not expect the new and revised accounting standards to have a significant impact on its financial performance and position[10] - The company anticipates that the adoption of HKFRS No. 18 will introduce new disclosure requirements related to performance metrics defined by management[10]

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。 華 電 國 際 電 力 股 份 有 限 公 司 Huadian Power International Corporation Limited* （在中華人民共和國（「中國」）註冊成立之中外合資股份有限公司） （股份代碼：1071） 截至二零二五年十二月三十一日止財政年度之業績公告 華電國際電力股份有限公司（「本公司」）董事會（「董事會」）欣然公布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財政年度的綜合業績，該綜合業績摘錄自按中國《企業會計準則》編 製並已經審計的本集團合併財務報表。 財務及業務摘要 1 • 二零二五年，本集團完成發電量為262.27百萬兆瓦時，較追溯調整後的上年同期數據下降約 7.15%；完成上網電量246.45百萬兆瓦時，較追溯調整後的上年同期數據下降約7.09%； • 二零二五年，本集團實現營業收入約為人民幣1,260.13億元，較追溯調整後的上年同期數據 下 ...

Financial Performance - The total premium income for the year ended December 31, 2025, was RMB 555.77 billion, representing a 3.3% increase from RMB 538.06 billion in 2024[11]. - The underwriting profit for 2025 surged to RMB 12.54 billion, a significant increase of 119.4% compared to RMB 5.71 billion in 2024[11]. - The net profit for 2025 reached RMB 40.38 billion, reflecting a 25.5% growth from RMB 32.16 billion in 2024[11]. - Total assets as of December 31, 2025, amounted to RMB 860.50 billion, a 10.6% increase from RMB 778.24 billion in 2024[12]. - The total liabilities increased by 10.5% to RMB 571.80 billion in 2025, up from RMB 517.62 billion in 2024[12]. - The company maintained a comprehensive solvency adequacy ratio of 232.4% in 2025, compared to 213.4% in 2024[16]. - The core solvency adequacy ratio was also robust, indicating strong financial health and stability[16]. - The company reported an underwriting profit of CNY 12.535 billion and a total investment income of CNY 38.639 billion, with a net profit of CNY 40.377 billion and a return on equity of 14.7%[21]. - Total investment income reached CNY 38.639 billion, a 12.8% increase from the previous year, with a total investment return rate of 5.8%, up 0.1 percentage points[56][57]. - The net cash flow from operating activities was CNY 43.05 billion, representing an 18.1% year-on-year increase[30]. Dividends and Shareholder Returns - The company plans to distribute a total dividend of RMB 0.68 per share for the year, including an interim dividend of RMB 0.24 per share[16]. - The company distributed an interim dividend of CNY 0.24 per share and proposed a final dividend of CNY 0.44 per share to shareholders[21]. - The proposed final dividend for the year ending December 31, 2025, is CNY 0.44 per share, totaling approximately CNY 9.787 billion[136]. - The interim dividend approved on October 30, 2025, is CNY 0.24 per share, amounting to approximately CNY 5.338 billion, which was paid on December 12, 2025[136]. - As of December 31, 2025, the company's distributable reserves amount to CNY 104.293 billion[143]. Market Position and Growth - The market share of the company in the insurance sector was reported at 31.6%[16]. - In 2025, the company achieved a total insurance premium income of CNY 555.77 billion, representing a year-on-year growth of 3.3% and maintaining the industry's leading market share[21]. - The company insured 15.56 million new energy vehicles, marking a year-on-year increase of 34.3%, and developed insurance products for cultural, tourism, and sports consumption, with premium income growing by 14.7%[22]. - The company participated in social security coverage for 863 million people, with a participation rate of 71.4% in the national long-term care insurance pilot cities[23]. - The company has been recognized for its innovative agricultural insurance digital risk protection system, winning multiple awards in 2024 and 2025[17]. Investment and Asset Management - Total investment assets amounted to RMB 760.366 billion, representing a 12.4% increase year-on-year[58]. - Fixed income investments totaled RMB 438.28 billion, up RMB 31.26 billion (or 7.7%), but the proportion decreased by 2.6 percentage points[62]. - Equity investments reached RMB 212.48 billion, increasing by RMB 42.45 billion (or 25.0%), with the proportion rising by 2.8 percentage points[62]. - The company is committed to deepening the integration of technology and business to improve operational efficiency and technological capabilities[95]. - The company is increasing its investment in high-dividend assets and aligning its investment strategies with national strategic directions[96]. Risk Management and Compliance - The company emphasizes risk management, particularly in credit risk, insurance risk, and operational risk, due to increasing complexity in the external environment by 2025[126]. - The company is reinforcing compliance and risk management frameworks to ensure financial security and industry integrity[95]. - The company has maintained a good overall compliance status in its management activities for 2025, with no significant systemic compliance risks reported[132]. - The company has not faced any administrative penalties related to environmental issues in 2025[129]. Strategic Initiatives and Future Outlook - The company aims to strengthen its digital transformation and enhance operational efficiency through the application of artificial intelligence[25]. - The company plans to focus on high-quality development and risk prevention while promoting the integration of traditional and emerging insurance businesses[27]. - The company is committed to contributing to China's modernization through sustainable and high-quality operational performance[27]. - The company is actively pursuing high-quality development in policy-related businesses and integrating into agricultural risk management systems[95]. - The company anticipates that the 14th Five-Year Plan will create a favorable environment for high-quality development in the insurance industry[91]. Corporate Social Responsibility - The company made charitable donations totaling CNY 420 million during the year, with CNY 390 million allocated for public welfare[147]. - The company is committed to green finance and sustainable development, implementing the "Green Finance Development Plan (2024-2027)" to promote green insurance and responsible investment[129]. - The company has set operational carbon peak and carbon neutrality goals, actively engaging in carbon neutrality pilot projects across branches[130]. - The company is focused on creating a comprehensive consumer protection ecosystem to enhance service quality and effectiveness[95]. Related Party Transactions - Significant transactions with the controlling shareholder and its subsidiaries include various asset management agreements and reinsurance cooperation frameworks[173]. - The company signed a reinsurance cooperation framework agreement with PICC Hong Kong for 2025, with a premium cession cap of RMB 1.1 billion and a fee cap of RMB 495 million[175]. - The company signed a supplementary asset management agreement with PICC Capital on October 11, 2023, adjusting the management fee rate for third-party financial products to 8 basis points[182]. - The company has complied with the relevant regulations of the Listing Rules regarding related party transactions for the year[200].

Financial Performance - Revenue for the year ended December 31, 2025, reached RMB 1,211,383 thousand, representing a 29.0% increase from RMB 939,017 thousand in 2024[4] - The cost of sales and services increased by 34.8% to RMB 774,341 thousand, compared to RMB 574,537 thousand in the previous year[4] - The adjusted annual net loss decreased by 24.9% to RMB 126,518 thousand from RMB 168,382 thousand in 2024[4] - Total revenue for the company reached RMB 1.211 billion for the year ending December 31, 2025, a year-on-year growth of 29.0%[14] - The smart healthcare segment generated RMB 244 million in revenue for the year ending December 31, 2025, reflecting a year-on-year growth of 22.3%[15] - The smart living segment achieved revenue of RMB 968 million for the year ending December 31, 2025, with a year-on-year growth of 30.8%[15] - Revenue from large model-related businesses reached RMB 610 million for the year ending December 31, 2025, representing over a 10-fold increase compared to RMB 51.87 million for the year ending December 31, 2024[14] - Gross profit increased by 19.9% from RMB 364.48 million to RMB 437.04 million, while gross margin decreased from 38.8% to 36.1% due to structural adjustments and increased costs from exploring integrated solutions[32] - The net loss for the year was RMB 329.46 million, a decrease from a net loss of RMB 454.21 million in 2024, showing an improvement of approximately 27.5%[70] Model Development and Innovation - The company is focusing on the development of large models and has launched the "Shanhai" model, which has achieved industry-leading capabilities in key metrics[7] - In 2025, the company expanded its multi-modal capabilities and enhanced reasoning abilities, significantly improving the model's performance in complex tasks[8] - The "Shanhai · Zhi Yi 5.0" model, released in 2025, won championships in three dimensions of medical language, medical imaging, and medical agents in the MedBench 4.0 evaluation[9] - The company plans to further iterate its model matrix in 2026, launching the "Shanhai · Zhi Yin 2.0" voice model with a new end-to-end architecture[10] - The new voice model achieved a latency reduction to under 90 milliseconds, enhancing the user experience in voice interaction[10] - The company emphasizes a strategy of "strong foundational models and deep applications" to ensure comprehensive capabilities from model training to industry application[13] Market Growth and Strategic Focus - The Chinese AI solutions market is expected to grow at a compound annual growth rate of over 36% from 2025 to 2030, reaching a trillion-level scale by 2030[6] - The company is committed to building a robust foundation for general artificial intelligence (AGI) through its core strategic focus on strong foundational models and deep applications[7] - The MaaS (Model as a Service) business is identified as a core growth engine, with plans to replicate successful experiences in the medical insurance sector across more provinces and industries[28] - The company plans to prioritize strategic investments in foundational models, aiming for advancements towards AGI and enhancing multi-modal capabilities for broader applications[27] Operational Efficiency and Investments - Research and development expenses increased by 2.9% from RMB 370.07 million to RMB 380.68 million, driven by investments in industry-specific large models and intelligent applications[37] - Cash and cash equivalents increased from RMB 156.48 million to RMB 341.22 million, indicating improved liquidity[44] - Operating cash flow used was RMB 212.78 million for the year ending December 31, 2025, compared to RMB 318.98 million for the previous year, reflecting ongoing investments in business development[45] - The company is exploring a second growth curve by advancing recurring revenue models and evaluating C-end product opportunities to reach a broader user base[29] Partnerships and Collaborations - The company has established partnerships with nearly 450 hospitals, covering approximately 35% of A++ ranked hospitals in China, with 85% of these being tertiary hospitals by 2025[21] - The successful bid for the Jiangsu Province medical insurance model project marks a significant recognition of the company's technology and application model by provincial regulatory authorities[25] - A strategic partnership with the Guangxi Zhuang Autonomous Region government aims to establish an AI application cooperation center, enhancing international market expansion[29] Corporate Governance and Compliance - The company has adhered to the corporate governance code and principles since its listing date, ensuring high standards of accountability and transparency for shareholders[99] - The audit committee, consisting of three members, has reviewed the audited financial information for the year ending December 31, 2025, confirming compliance with relevant accounting standards[101] - The company has established a standard code to regulate securities trading by directors, ensuring compliance with the relevant rules from the listing date until the end of the reporting period[100] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[109] Financial Position and Assets - Total assets increased to RMB 1,516,937 thousand in 2025, up from RMB 1,079,976 thousand in 2024, representing a growth of approximately 40.5%[72] - Total liabilities decreased to RMB 843,956 thousand in 2025 from RMB 3,832,884 thousand in 2024, reflecting a reduction of approximately 78%[73] - The company’s equity attributable to owners improved to RMB 694,437 thousand in 2025, compared to a deficit of RMB (2,733,788) thousand in 2024[72] - The company raised RMB 311,722 thousand from its initial public offering in 2025, contributing to its cash flow from financing activities[74] Employee and Compensation - The company employed 480 full-time employees as of December 31, 2025, with 68.8% in R&D, 17.7% in sales and marketing, and 13.5% in administration[61] - Total employee compensation and benefits expenses for the year ending December 31, 2025, amounted to RMB 190.62 million[63]

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，並明確表示概不就因本公告全部或 任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Pony AI Inc. 小馬智行* （於開曼群島註冊成立並以不同投票權方式控制的有限責任公司） （股份代號：2026） 截至2025年12月31日止年度之年度業績公告 Pony AI Inc.（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司截至2025年 12月31日止年度（「報告期間」）的未經審計年度綜合業績，連同2024年同期的比 較數字。該等年度業績乃根據美利堅合眾國公認會計原則（「美國公認會計原則」） 編製，並已經董事會審核委員會（「審核委員會」）審閱。 於本公告中，「我們」指本公司，而除文義另有所指外，則指本集團（定義見「未經 審計簡明綜合財務報表附註」一節「一般資料」標題下）。 經營及財務表現摘要 最新業務發展 截至2025年12月31日止年度摘要 • 截至2025年12月31日止年度自動駕駛出行服務收入為16.6百萬美元，較截 至2024年12月31日止年度的7.3百萬美元增加 ...

Financial Performance - Revenue for the year ended December 31, 2025, was HKD 8,571,375, representing a 26.8% increase from HKD 6,759,320 in 2024[2] - Gross profit surged to HKD 2,787,183, a remarkable increase of 257.2% compared to HKD 780,248 in the previous year[2] - Loss attributable to equity holders of the company decreased by 57.3% to HKD (590,249) from HKD (1,382,983) in 2024[2] - Basic loss per share improved to HKD (34.49) from HKD (80.80), reflecting a 57.3% reduction in losses[2] - The company recorded a pre-tax loss of HKD 13,087,000 for 2025, a significant improvement from a loss of HKD 1,146,078,000 in 2024[19] - The group reported a total tax expense of HKD 628,775,000 for 2025, compared to HKD 350,725,000 in 2024, with significant contributions from corporate income tax and land value tax in China[28] - The company reported a loss attributable to shareholders of HKD 5.90 billion for 2025, a decrease of 57.3% compared to a loss of HKD 13.83 billion in 2024[62] - The return on equity improved to -17.9% in 2025 from -32.2% in 2024, reflecting a positive change of 14.3 percentage points[62] Assets and Liabilities - Total assets decreased by 17.3% to HKD 33,553 million from HKD 40,560 million in 2024[2] - Total assets as of December 31, 2025, amounted to HKD 33,553,248,000, down from HKD 40,560,174,000 in 2024[21] - As of December 31, 2025, the company's net asset value was HKD 37.79 billion, down 13.0% from HKD 43.46 billion in 2024[62] - The company held completed unsold properties valued at approximately HKD 117.02 billion as of December 31, 2025, a decrease from HKD 128.49 billion in 2024[64] - The total amount of contract liabilities related to unsold properties was approximately HKD 59.72 billion as of December 31, 2025, down from HKD 93.86 billion in 2024[65] - The company’s total interest-bearing loans amounted to approximately HKD 182.69 billion as of December 31, 2025, down from HKD 204.51 billion in 2024[68] - The company has pledged assets worth approximately HKD 85.31 billion to secure bank loans as of December 31, 2025, down from HKD 112.18 billion in 2024[70] Operational Metrics - The number of employees reduced by 22.6% to 291 from 376 in 2024[2] - The group’s employee costs totaled HKD 28,583,000 in 2025, down from HKD 114,387,000 in 2024, reflecting a strategic focus on cost control[29] - The total employee compensation and provident fund contributions for 2025 amount to approximately HKD 41 million, a decrease from HKD 141 million in 2024, with 291 employees as of December 31, 2025, down from 376 in the previous year[77] Dividends and Shareholder Returns - The company did not declare a final dividend for the year, indicating a focus on financial recovery[2] - The group did not recommend a final dividend for the year ending December 31, 2025, consistent with the previous year[30] - The company did not recommend the declaration of a final dividend for the year ending December 31, 2025, consistent with the previous year[38] Market and Strategic Focus - The company is engaged in property development and investment activities, indicating a strategic focus on its core business[8] - The increase in revenue was primarily driven by the higher gross margin from the Guangzhou Yuehai Yun Port City project, which saw an increase in the floor area delivered compared to the previous year[45] - The company plans to implement precise inventory management strategies and innovative marketing tools to address the current market challenges of supply-demand imbalance and high inventory levels[39] - The company aims to establish itself as a comprehensive development expert in influential cities within the Greater Bay Area, achieving nearly HKD 86 billion in revenue for the year[40] - The company anticipates that the real estate market in the Greater Bay Area will continue to benefit from supportive policies and a stable economic foundation, with significant demand expected in 2026[43] - The company will focus on maximizing value through balanced rental and occupancy rates, enhancing customer satisfaction, and maintaining a dual-driven development model of "quality + service" in 2026[44] Project Developments - The total signed area for properties (including completed and development properties held for sale) was approximately 236,000 square meters, compared to 314,000 square meters in 2024[49] - The total delivered area for properties was approximately 302,000 square meters, slightly down from 310,000 square meters in 2024[49] - The Guangzhou Yuehai Cloud Port City project has a total saleable area of 491,197 square meters, with 33.8% of this area signed in the current review period[48] - The Shenzhen Yuehai City project (North plot) has achieved a 100% signing rate for its total saleable area of 84,246 square meters[48] - The total area available for sale in the Zhuhai Yuehai Pick Gui Fu project is 145,773 square meters, with 69.4% signed in the current review period[48] - The total area available for sale in the Foshan Yuehai Pick Gui Fu project is 146,382 square meters, with 79.8% signed in the current review period[48] - The total area available for sale in the Zhongshan Yuehai City project is 236,728 square meters, with 52.1% signed in the current review period[48] - The Guangzhou Yuehai Pick Gui Fu project has a total saleable area of 2,764 square meters, with 98.1% signed in the current review period[48] - The total area available for sale in the Jiangmen Yuehai City project (3rd land) is 29,895 square meters, with 39.5% signed in the current review period[48] - The total area available for sale in the Huizhou Yuehai Pick Gui Fu project is 89,239 square meters, with 48.6% signed in the current review period[48] Financial Management - Financial income decreased to HKD 17,879,000 in 2025 from HKD 41,000,000 in 2024[25] - Total financing costs for 2025 were HKD 667,728,000, down from HKD 940,743,000 in 2024[25] - The company’s operational cash inflow for the year was approximately HKD 30.70 billion, an increase from HKD 19.36 billion in 2024, primarily due to reduced interest payments[66] - The group holds approximately HKD 18.269 billion in outstanding interest-bearing loans as of December 31, 2025, down from HKD 20.451 billion on December 31, 2024[71] - The group aims to mitigate revenue and profit volatility by leasing properties such as Shenzhen Yuehai City and Guangzhou Shigui Mansion, which will provide stable rental income in the future[72] Compliance and Governance - The company has adhered to the Corporate Governance Code and believes it has complied with its principles for the year ending December 31, 2025[81] - The audit committee has reviewed the group's annual performance for the year ending December 31, 2025[84] - The preliminary announcement of the consolidated financial statements has been agreed upon by the company's auditors, aligning with the draft figures[85] - The board has proposed to replace the current auditor, KPMG, with Deloitte, effective after the 2026 annual general meeting, to enhance audit cost-effectiveness and align with the interests of the company and its shareholders[79] Environmental and Social Responsibility - The group is committed to complying with environmental protection and energy-saving requirements for new constructions, ensuring adherence to national and local regulations[75]

Financial Performance - Revenue for the year ended December 31, 2025, was $636,987 thousand, a decrease of 5.5% from $674,386 thousand in 2024[3] - Operating profit for 2025 was $11,845 thousand, compared to an operating loss of $14,184 thousand in 2024, indicating a significant turnaround[4] - Profit attributable to owners of the company was $4,515 thousand, recovering from a loss of $33,891 thousand in the previous year[4] - Basic earnings per share for 2025 was $0.4, a substantial improvement from a loss of $3.3 per share in 2024[4] - Gross profit increased to $93,995 thousand in 2025, up from $74,238 thousand in 2024, reflecting better cost management[4] - The company reported a segment profit of $9,805,000 for 2025, a significant recovery from a segment loss of $20,381,000 in 2024[17] - The company incurred total administrative expenses of $5,401,000 in 2025, down from $13,105,000 in 2024[17] - The current tax expense for 2025 was $2,160,000, down from $6,787,000 in 2024, indicating a decrease of about 68.1%[26] - The group reported a profit attributable to owners of the company of $4,515,000 in 2025, a significant recovery from a loss of $33,891,000 in 2024[32] - Basic earnings per share improved to $0.4 in 2025 from a loss of $3.3 in 2024[32] Assets and Liabilities - Total assets as of December 31, 2025, were $431,262 thousand, a decrease from $445,983 thousand in 2024[6] - Total liabilities decreased to $271,906 thousand in 2025 from $289,281 thousand in 2024, indicating improved financial health[7] - Non-current assets totaled $157,124 thousand in 2025, down from $165,811 thousand in 2024, primarily due to depreciation[6] - Cash and bank balances remained stable at $54,881 thousand in 2025, compared to $54,871 thousand in 2024[6] - Accounts receivable decreased slightly from $108,440,000 to $107,916,000, with net trade receivables at $103,809,000[36] - Accounts payable increased from $40,404,000 to $51,533,000, reflecting a rise in operational liabilities[37] - The total bank borrowings of the group as of December 31, 2025, were approximately $117,534,000, a decrease of about $25,967,000 from December 31, 2024[55] - The capital debt ratio of the group as of December 31, 2025, was approximately 39.5%, down from 56.8% in 2024[56] Revenue Breakdown - The revenue from the apparel segment was $384,458,000, while the accessories segment generated $252,529,000 for the fiscal year 2025[15] - Revenue from the United States was $273,075,000, accounting for approximately 42.8% of total revenue in 2025[19] - The company’s major markets contributed to total revenue as follows: 42.9% from the U.S., 18.7% from Europe, and 21.6% from Asia[45] - Apparel segment revenue decreased by approximately $14,917,000 to $384,458,000, a decline of about 3.7%[43] - Accessories segment revenue was approximately $252,529,000, down 8.2% year-over-year, impacted by procurement cycle volatility[44] Cost Management - The cost of goods sold for the apparel segment was $264,411,000, and for the accessories segment, it was $143,603,000, totaling $408,014,000[15] - Financial expenses decreased from $13,778,000 in 2024 to $10,035,000 in 2025, representing a reduction of approximately 27.5%[23] - The group’s employee benefit expenses decreased from $170,123,000 in 2024 to $149,612,000 in 2025, a reduction of approximately 12.1%[21] - The group’s depreciation of property, plant, and equipment decreased from $14,115,000 in 2024 to $11,041,000 in 2025, a decline of about 21.5%[21] - The company successfully reduced financial costs from approximately $13,119,000 to $9,037,000 due to lower interest rates[41] Market and Operational Strategy - The company operates manufacturing facilities in China, Cambodia, the Philippines, and Myanmar, focusing on garment and apparel accessories production[8] - The company operates primarily in markets including the United States, China, Europe, Canada, Japan, and South America[18] - The group is strategically optimizing operations and diversifying markets to reduce reliance on the U.S. market, focusing on expanding its presence in the EU[52] - The group continues to adopt a prudent policy to hedge against currency fluctuations, with no forward foreign exchange or hedging contracts established as of December 31, 2025[57] Governance and Compliance - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with the standards set by the Hong Kong Stock Exchange[59] - The company has maintained compliance with the corporate governance code, with a commitment to high standards of governance to enhance shareholder value[61] - The audit committee has reviewed the financial procedures and internal controls for the year ending December 31, 2025[62] - The company's public float has consistently met the minimum requirement of 25% as per the listing rules[68] - The annual results announcement and annual report will be published on the Hong Kong Stock Exchange website and the company's website[69] Dividends and Future Outlook - The group did not declare or propose any dividends for the years ended December 31, 2025, and 2024[34] - No final dividend is recommended for the year ending December 31, 2025[65] - The group has no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures as of December 31, 2025[46] - The group has no specific major investment or capital asset plans as of December 31, 2025[47] - The group’s contingent liabilities related to potential import duties and other taxes amounted to approximately $16,723,000 as of December 31, 2025, unchanged from the previous year[53] - The new policy implemented is expected to increase short-term price levels in the U.S. by 0.5% to 0.6%, leading to an additional expenditure of $600 to $800 for the average American household in 2026[50] - The unemployment rate in the U.S. is projected to rise by 0.3 percentage points by the end of the year, with long-term GDP expected to contract by 0.1%[50]

Financial Performance - In 2025, the company achieved a sales revenue of $9.327 billion, representing a year-on-year growth of 16.2%[23] - Total revenue for 2025 reached $9,326.8 million, a 16.2% increase from $8,029.9 million in 2024[40] - Net profit attributable to shareholders for 2025 was $685.1 million, reflecting a 39.0% increase compared to $492.7 million in 2024[40] - EBITDA for 2025 was $5,256.4 million, representing a 20.0% increase from $4,379.7 million in 2024[40] - The total revenue for the fourth quarter of 2025 reached $2,488,710, with a year-over-year increase of 12.5% compared to the fourth quarter of 2024[47] - Operating profit surged to $1.11 billion in 2025, up 134.5% from $473.9 million in 2024[55] - Net profit for the year was $988.9 million, a 35.4% increase compared to $730.0 million in 2024[55] - The company achieved a revenue of $9,326.8 million in the reporting period, representing a year-on-year increase of 16.2%[68] - The wafer foundry business revenue was $8,796.4 million, reflecting a year-on-year growth of 17.5%[68] Production and Capacity - The monthly production capacity exceeded 1 million 8-inch equivalent wafers, with a capacity utilization rate increasing to 93.5%, up by 8 percentage points year-on-year[23] - The company shipped 9.70 million wafers in 2025, a significant increase from 8.02 million in 2024[55] - The company produced 10,126,337 wafers in 2025, a 19.7% increase, while sales volume reached 9,696,824 wafers, a 20.9% increase[127] Research and Development - Research and development investment reached $774 million, accounting for 8.3% of sales revenue[24] - The company has invested a total of $773,634,000 in R&D for the year 2025, representing a 1.1% increase from $765,279,000 in 2024[79] - Research and development expenses accounted for 8.3% of revenue in 2025, a decrease of 1.2 percentage points from 9.5% in 2024[43] - The company has a total of 2,436 R&D personnel, with 500 holding doctoral degrees and 1,336 holding master's degrees[82] - The company is actively developing new technology platforms, including a 28nm ultra-low leakage platform and a 65nm RF SOI process platform, with significant advancements expected in 2025[80] Strategic Initiatives - The company is actively pursuing the acquisition of minority stakes in North China Semiconductor and capital expansion in South China Semiconductor, laying a solid foundation for future development[23] - The establishment of an advanced packaging research institute aims to enhance industry collaboration and support high-quality development[24] - The company plans to focus on ten key tasks in 2026, including enhancing safety, project management, and technology development[25] - The strategic focus for 2026 includes expanding global operations and overcoming competitive constraints[25] Market and Industry Trends - The semiconductor industry is entering a new growth cycle driven by diverse applications such as artificial intelligence and autonomous driving[24] - The global semiconductor industry is projected to continue growing, driven by demand in generative AI, data centers, and autonomous driving, with significant contributions from computing and storage chips[63] - The semiconductor industry is experiencing a trend towards localization, with countries actively expanding domestic wafer foundry capacities to mitigate geopolitical impacts[157] Financial Position and Assets - The total assets of the company as of December 31, 2025, were $52,271.3 million, a 6.3% increase from $49,161.2 million in 2024[40] - The total assets attributable to the company's owners increased to $21,439,670 in 2025, up from $20,613,809 in 2024, marking a growth of approximately 4%[46] - Cash and cash equivalents decreased to $5.87 billion in 2025 from $6.36 billion in 2024, reflecting investment activities[55] - The total interest-bearing debt as of December 31, 2025, is $12,596.2 million, consisting of secured bank loans of $6,662.2 million and unsecured bank loans of $5,925.7 million[134] Risk Management - The company faces risks related to high customer concentration, which could impact operational efficiency and profitability if major customers encounter significant issues[92] - Supply chain risks are highlighted, particularly concerning the availability and pricing of critical materials and components, which could adversely affect production and operations[93] - The company is exposed to financial risks, including potential fluctuations in sales revenue, gross margins, and profits due to macroeconomic cycles and industry conditions[94] - The company has implemented measures to manage currency and interest rate risks, but remains vulnerable to fluctuations in these areas due to external economic factors[97] Corporate Governance - The financial statements have been audited by Ernst & Young[179] - The company has adopted a corporate governance policy since January 25, 2005, and has complied with all applicable code provisions[180] - The company has established specialized committees including the Audit Committee, Remuneration Committee, Nomination Committee, and Strategy Committee to assist the board[180] - The company emphasizes the importance of timely information release to shareholders, including annual and interim reports[191] Shareholder Communication - The company has established various communication channels to maintain effective communication with shareholders and investors, including quarterly financial performance announcements and public conference calls[191] - Shareholders holding 10% or more of the company's shares have the right to request the board to convene an extraordinary general meeting[188] - The company will disclose the results of voting at the annual general meeting according to the Hong Kong Listing Rules and the Sci-Tech Innovation Board Listing Rules[192]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 610,367,000, representing an 11.9% increase from RMB 545,294,000 in 2024[4] - Gross profit for the same period was RMB 300,516,000, up 19.2% from RMB 252,062,000 in 2024[4] - Adjusted net loss for 2025 was RMB 74,310,000, a significant increase of 252.1% compared to RMB 21,102,000 in 2024[4] - Adjusted EBITDA for 2025 was RMB (60,791,000), reflecting a 163.5% increase in losses from RMB (23,070,000) in 2024[4] - The company reported a net loss of RMB 75.1 million for the year ended December 31, 2025, compared to a net loss of RMB 27.96 million in the previous year[24] - Adjusted net loss for the year was RMB 74.3 million, compared to RMB 21.1 million in the previous year[24] - The company reported a significant increase in contract liabilities from RMB 123,224,000 in 2024 to RMB 136,931,000 in 2025, an increase of approximately 11.0%[61] - The group reported a net loss before tax of RMB 67,368,000 for 2025, compared to a loss of RMB 26,189,000 in 2024[76] - The company reported a loss attributable to shareholders of RMB 75,054,000 for the year ended December 31, 2025, compared to a loss of RMB 28,030,000 for 2024, resulting in a basic loss per share of RMB (2.74) versus RMB (1.03) in 2024[86] Assets and Liabilities - Total assets decreased to RMB 1,758,502,000 in 2025 from RMB 1,875,051,000 in 2024[5] - Total liabilities as of December 31, 2025, were RMB 263.7 million, down from RMB 275.966 million as of December 31, 2024, with a debt-to-asset ratio of 15% for both years[44] - Total liabilities decreased from RMB 275,966,000 in 2024 to RMB 263,700,000 in 2025, a decline of approximately 4.5%[61] - Shareholders' equity decreased from RMB 1,591,745,000 in 2024 to RMB 1,487,523,000 in 2025, a decline of approximately 6.5%[60] - Cash and cash equivalents as of December 31, 2025, were RMB 490.3 million, a slight decrease from RMB 495.7 million as of December 31, 2024[45] - Trade receivables as of December 31, 2025, amounted to RMB 41,101,000, an increase from RMB 32,089,000 in 2024, with a provision for impairment of RMB 1,762,000[87] - The company has a concentration risk where trade receivables from Company A accounted for 49.9% of total trade receivables as of December 31, 2025, up from 41.2% in 2024[89] Revenue Breakdown - The online entertainment business revenue for the year ended December 31, 2025, was RMB 607.1 million, up 11.4% from RMB 545.1 million in the previous year, driven by strong performance of existing games and the launch of new themed versions[25] - Revenue from mainland China accounted for RMB 571,783,000, up from RMB 509,892,000 in 2024, marking a growth of 12.14%[70] - The online entertainment business contributed 77.2% of total revenue in 2025, compared to 71.5% in 2024, indicating a stronger reliance on this segment[71] - The top revenue-generating mobile games included "Aobi Island" at 26.2% and "Aoqi Legend" at 20.8% for 2025, with "Aoqi Legend" showing a year-on-year increase from 19.0% in 2024[72] Expenses - Sales and marketing expenses for the year ending December 31, 2025, amounted to RMB 77.5 million, an increase of 34.8% compared to RMB 57.5 million for the year ending December 31, 2024, primarily due to increased marketing promotion costs[30] - Administrative expenses for the year ending December 31, 2025, were RMB 59.1 million, a 2.2% increase from RMB 57.8 million for the year ending December 31, 2024, mainly due to increased office expenses from moving into a new office building[31] - Research and development expenses for the year ending December 31, 2025, were RMB 192.0 million, an increase of 8.5% from RMB 177.0 million for the year ending December 31, 2024, primarily due to increased content production costs[32] - Total sales cost for the year ended December 31, 2025, was RMB 309.9 million, an increase of 5.7% from RMB 293.2 million in the previous year[26] Compliance and Governance - The company is focusing on enhancing compliance systems, with strategic investments in intelligent review systems and professional compliance teams to mitigate operational risks[12] - The company has established a dual defense system for content governance, combining AI identification with professional manual review to ensure a healthy online environment for minors[10] - The company has received recognition as a "Pioneering Unit in Online Protection for Minors" from the Guangzhou Game Industry Ecological Governance Base, highlighting its compliance efforts[11] - The company has confirmed compliance with the corporate governance code, except for the separation of the roles of Chairman and CEO, which are held by the same individual[98] - The board emphasizes the importance of high corporate governance standards to protect shareholder interests and enhance corporate value[97] Future Plans and Innovations - The company is integrating AI technology into the entire game development process, improving efficiency by 40% in level testing and environment setup[6] - The company plans to launch two major self-developed products in 2026: the trendy card mobile game "Chaos Color World" and the content-based card mobile game "Under the Night," both in advanced stages of development[19] - The company aims to deepen its global market presence by evolving core IPs into a global content ecosystem, leveraging refined distribution strategies and brand collaborations[18] - The company is committed to integrating cutting-edge technologies like AIGC into high-quality content production, aiming to resonate with global users while promoting Chinese cultural charm[18] Employee and Operational Metrics - The average quarterly active accounts reached approximately 7.7 million for the year ended December 31, 2025, representing a 22.2% increase from 6.3 million in the previous year[22] - The average quarterly paying accounts increased to approximately 0.9 million, a rise of 12.5% from 0.8 million in the previous year[22] - The average revenue per quarterly paying account was approximately RMB 167.1, reflecting a 2.5% increase from RMB 163.0 in the previous year[22] - The company has 761 full-time employees as of December 31, 2025, with 56.9% in research and development roles[54] - Employee costs for the year ending December 31, 2025, were approximately RMB 280.1 million, accounting for 45.9% of total revenue, compared to RMB 281.0 million and 51.5% in 2024[54] Dividends and Shareholder Information - A special dividend of HKD 0.012 per share (approximately RMB 0.011) was approved for the year ending December 31, 2024, and is set to be paid on July 31, 2025[56] - The company declared dividends of RMB 29,973,000 for 2025, slightly up from RMB 29,775,000 in 2024, with a proposed special dividend of approximately RMB 30,170,000[91] - The annual general meeting is scheduled for June 26, 2026, with a suspension of share transfer registration from June 23 to June 26, 2026[100]