Financial Performance - For the year ending December 31, 2025, the company's revenue increased by 8.1% to RMB 364.85 billion from RMB 337.59 billion in 2024[15]. - The company reported a loss of RMB 23.4 billion in 2025, compared to a profit of RMB 35.8 billion in 2024[15]. - The total operating loss for the company decreased from a profit of RMB 45.1 billion to a loss of RMB 17 billion year-on-year[15]. - Adjusted EBITDA and adjusted net profit both decreased to negative RMB 13.8 billion and negative RMB 18.6 billion respectively in 2025[15]. - The company recorded a net loss of RMB 23,354,194 for the year ended December 31, 2025, compared to a profit of RMB 35,808,322 for the previous year, representing a significant decline in profitability[79]. - The adjusted EBITDA for the year was a loss of RMB 13,783,205, compared to a profit of RMB 49,119,400 in 2024, reflecting operational challenges[79]. - The company reported a net loss of RMB 23,354,194 thousand for the year ended December 31, 2025, compared to a profit of RMB 35,808,322 thousand in 2024, indicating a significant decline in performance[88]. - The total comprehensive loss for the year amounted to RMB 26,921,249 thousand, a stark contrast to the total comprehensive income of RMB 37,668,130 thousand in the previous year[88]. Revenue and Expenses - Total revenue for the three months ending December 31, 2025, was RMB 92.1 billion, a 4.1% increase from RMB 88.5 billion in the same period of 2024[5]. - Sales cost rose by 23.5% from RMB 55.0 billion in Q4 2024 to RMB 68.0 billion in Q4 2025, with the percentage of revenue increasing from 62.2% to 73.8%[28]. - Sales and marketing expenses surged by 83.4% from RMB 17.3 billion in Q4 2024 to RMB 31.7 billion in Q4 2025, accounting for 34.4% of revenue[29]. - R&D expenses increased by 29.7% from RMB 5.4 billion in Q4 2024 to RMB 7.0 billion in Q4 2025, representing 7.6% of revenue[30]. - General and administrative expenses grew by 24.3% from RMB 2.9 billion in Q4 2024 to RMB 3.7 billion in Q4 2025, making up 4.0% of revenue[31]. - New business revenue increased by 18.9% from RMB 22.9 billion in Q4 2024 to RMB 27.3 billion in Q4 2025[27]. - The core local business segment reported an operating loss of RMB 10 billion in Q4 2025, compared to an operating profit of RMB 12.9 billion in Q4 2024, with an operating loss margin of 15.5% versus a profit margin of 19.7% in the previous year[36]. Cash Flow and Liquidity - As of December 31, 2025, the company held cash and cash equivalents of RMB 106.8 billion and short-term financial investments of RMB 60.1 billion[15]. - The net cash flow from operating activities for 2025 was a negative RMB 13,815,001 thousand, a significant decline from a positive RMB 57,146,784 thousand in 2024[96]. - The net cash flow from investing activities increased to RMB 29,772,868 thousand in 2025, up from RMB 10,205,252 thousand in 2024[96]. - The net cash flow from financing activities improved to RMB 21,242,677 thousand in 2025, compared to a negative RMB 30,414,660 thousand in 2024[96]. - The total cash and cash equivalents at the end of 2025 were RMB 106,771,366 thousand, an increase from RMB 70,834,097 thousand at the end of 2024[96]. Business Segments and Initiatives - The core local business segment experienced a significant decline, turning from an operating profit to a loss of RMB 6.9 billion in 2025[15]. - The new business segment's operating loss widened to RMB 10.1 billion in 2025 due to increased investments in overseas operations[15]. - The company has established partnerships with over 1,000 brands through its "Brand Satellite Store" initiative, becoming a core growth engine for efficient expansion[16]. - The "Little Elephant Supermarket" has accelerated urban expansion, covering over 500 brands and stores, enhancing fresh produce quality and operational capabilities[16]. - The company has helped over 500,000 restaurant merchants alleviate operational pressures through its support fund project, promoting sustainable development in the food service industry[19]. - The AI business assistant has benefited over 3.4 million merchants, effectively reducing operational costs[19]. - Keeta has achieved significant order growth in Saudi Arabia and has expanded into Qatar, Kuwait, UAE, and Brazil, showing strong growth momentum in these new markets[20]. Research and Development - The company incurred research and development expenses of RMB 25,998,265, up from RMB 21,053,601 in the previous year, highlighting a continued investment in innovation[86]. - R&D expenses increased from RMB 21.1 billion in 2024 to RMB 26 billion in 2025, representing 7.1% of total revenue[62]. - Research and development expenses are expected to rise by 23.5% from RMB 21.1 billion in 2024 to RMB 26 billion in 2025, accounting for 7.1% of revenue, an increase of 0.9 percentage points year-on-year[64]. Corporate Governance and Compliance - The company has maintained strict corporate governance standards and has adopted the principles and code provisions of the corporate governance code[119][120]. - The company’s audit committee reviewed the financial statements for the year ended December 31, 2025, ensuring compliance with accounting principles and practices[115]. - There were no significant events affecting the company from December 31, 2025, to the date of the announcement[118]. - The company will publish all financial and related information as required by listing rules on the Hong Kong Stock Exchange and its website at the appropriate time[123]. - Forward-looking statements regarding business outlook, financial performance forecasts, and development strategies are based on existing information and may not be realized due to various risks and uncertainties[123]. - The company emphasizes that investors should not overly rely on forward-looking statements due to inherent risks and uncertainties[123].

Financial Performance - Revenue decreased by 3.1% to approximately HKD 2,238.7 million compared to HKD 2,311.3 million for the previous year[2] - Gross profit declined by 16.4% to approximately HKD 484.7 million, with a gross margin decrease of 3.5 percentage points to 21.6%[2] - Operating profit was approximately HKD 120.7 million, down from HKD 173.7 million in the previous year[2] - Profit attributable to owners of the company was approximately HKD 100.7 million, compared to HKD 143.2 million for the previous year[2] - Basic and diluted earnings per share decreased to HKD 13.9 from HKD 19.8 in the previous year[3] - Total revenue for the year ended December 31 reached HKD 2,241,046, with a breakdown of HKD 278,115 from travel supplies, HKD 297,756 from operational supplies and equipment, and HKD 472,373 from healthcare and hygiene products[15] - The company reported a net profit of HKD 98,621 for the year, with a significant contribution from travel supplies business accounting for 83% of distribution costs[15] - Total revenue for the year ended December 31, 2025, decreased by 3.1% to approximately HKD 2,238.7 million, compared to HKD 2,311.3 million for the year ended December 31, 2024[39] - Gross profit for the year ended December 31, 2025, was approximately HKD 484.7 million, a decrease of 16.4% from HKD 579.9 million for the previous year, with a gross margin of 21.6%, down 3.5 percentage points from 25.1%[40] - Profit attributable to owners of the company for the year ended December 31, 2025, was approximately HKD 100.7 million, a decline of 29.7% from HKD 143.2 million in the previous year[41] - Basic and diluted earnings per share for the year ended December 31, 2025, were both 13.9 HK cents, down 29.8% from 19.8 HK cents for the year ended December 31, 2024[42] Dividends - Proposed final dividend for the year is HKD 0.04 per share, totaling HKD 0.07 per share including interim dividends, down from HKD 0.10 per share in the previous year[2] - The board proposed a final dividend of 4.0 HK cents per share for the year ended December 31, 2025, compared to 7.0 HK cents for the previous year, with total expected dividends of 7.0 HK cents for the year[43] - The company plans to propose a final dividend of HKD 0.04 per share for the year ending December 31, 2025, totaling approximately HKD 29,371,000, pending shareholder approval[36] Assets and Liabilities - Total assets increased to HKD 2,004.0 million from HKD 1,995.3 million in the previous year[4] - Total liabilities decreased to HKD 690.1 million from HKD 732.0 million in the previous year[5] - Cash and cash equivalents increased to HKD 418.4 million from HKD 328.6 million in the previous year[4] - Non-current liabilities increased to HKD 24.5 million from HKD 17.9 million in the previous year[5] - Total assets as of December 31, 2025, amounted to HKD 2,004,007, with non-current asset additions of HKD 46,019 excluding deferred tax assets[15] - The total liabilities were recorded at HKD (775,639), indicating a substantial leverage position[15] - Cash and cash equivalents as of December 31, 2025, were approximately HKD 418.4 million, an increase from HKD 328.6 million as of December 31, 2024[45] - Net assets as of December 31, 2025, were approximately HKD 1,313.9 million, up from HKD 1,263.3 million as of December 31, 2024[46] Segment Performance - The company operates in three reporting segments: travel supplies business, operational supplies and equipment business, and health care and hygiene products business[13] - The travel supply business accounted for 84.0% of total revenue, while operational supplies and healthcare products contributed 10.2% and 5.8%, respectively[39] - The travel supply business revenue decreased by 2.5% to approximately HKD 1,881.5 million for the year ending December 31, 2025, compared to HKD 1,930.1 million for the previous year, accounting for 84.0% of total revenue[57] - Revenue from the operations supplies and equipment business increased by 8.6% to approximately HKD 228.5 million, representing 10.2% of total revenue[59] - Revenue from the healthcare and hygiene products business was approximately HKD 128.7 million, down from HKD 170.8 million, accounting for 5.8% of total revenue[62] Strategic Initiatives - The company aims to enhance its market expansion efforts, particularly in the Asia-Pacific region, to drive future growth[15] - The company plans to continue its market expansion efforts in the Asia-Pacific region, focusing on key markets such as China and Australia[19] - The company aims to enhance its operational strategies and product offerings in response to changing market demands and to establish sustainable growth momentum in the healthcare sector[61] - The company is focusing on expanding its operational base in Cambodia to leverage growth opportunities in the Southeast Asian market[65] - The company plans to optimize resource allocation and improve product and service quality to strengthen its core competitive advantages in a challenging market environment[64] - The company is committed to deepening strategic partnerships with existing customers while actively expanding into emerging markets and potential clients[67] Governance and Compliance - The company has adhered to all provisions of the Corporate Governance Code as per the Hong Kong Stock Exchange, except for the appointment of a CEO, which is currently managed by all executive directors collectively[70] - The audit committee, composed of three independent non-executive directors, has reviewed the group's annual performance for the year ending December 31, 2025[72] - The company has not purchased, sold, or redeemed any of its listed securities during the year ending December 31, 2025[71] - The board recommends amendments to the second revised and restated articles of association to comply with the latest regulatory requirements, including provisions related to treasury shares and electronic voting[79] - The third revised and restated articles of association will integrate all proposed amendments and replace the second revised and restated articles[79] - The proposed amendments and adoption of the third revised articles will take effect upon approval by shareholders at the annual general meeting[79] Economic Environment - The group faced significant challenges in the business environment due to ongoing inflationary pressures in the travel services industry and geopolitical tensions, impacting overall performance[56] - The global travel industry is expected to continue its growth trajectory in 2026, driven by strong consumer demand and enhanced airline networks[64] Accounting Standards - The adoption of Hong Kong Financial Reporting Standard No. 18 is expected to impact the presentation and disclosure of financial performance, particularly in how operating profit is calculated and reported[11] - Interest paid will be presented as financing cash flow, while interest received will continue to be presented as investing cash flow starting from January 1, 2027, aligning with the new standards[12] - The company is assessing the impact of adopting other new accounting standards and interpretations on current and future reporting periods[12] - The company will separate goodwill from other intangible assets on the consolidated balance sheet as per the new standards[11] - The new standards will not affect the net profit of the company but will change how income and expenses are grouped in the comprehensive income statement[11] - Significant disclosures will include management-defined performance metrics and detailed nature of expenses presented by function in the comprehensive income statement[11] - Comparative information for the financial year ending December 31, 2026, will be restated according to Hong Kong Financial Reporting Standard No. 18 due to retrospective application[12]

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。 （於中華人民共和國註冊成立之股份有限公司） 股份代號：2318（港幣櫃台）及82318（人民幣櫃台） （債券證券代號：5131） 截至2025年12月31日止年度的經審計業績公告 中國平安保險（集團）股份有限公司（「平安」或「本公司」）董事會（「董事會」）謹此 宣佈本公司及附屬公司截至2025年12月31日止年度的經審計業績公告。本公告刊 載本公司2025年度報告全文，並符合香港聯合交易所有限公司證券上市規則中有 關年度業績初步公告附載的資料之要求。 本業績公告的中英文版本可在本公司網站( www.pingan.cn )和香港交易及結算所有 限公司（「香港交易所」）網站( www.hkexnews.hk )查閱，本業績公告乃根據國際財 務報告準則編製。本公司2025年度報告預計將於2026年4月下旬前發出予本公司 H股股東，並可於其時在香港交易所的網站( www.hkexnews.hk )及本公司的網站 ...

Financial Performance - For the fiscal year ending December 31, 2025, the consolidated revenue was $2,234.1 million, an increase of 2.2% from $2,185.4 million in 2024[4]. - The actual attributable revenue from the company, subsidiaries, and associates was $2,712.1 million, up 2.2% from $2,653.6 million in 2024, driven by an increase in hotel operations revenue[8]. - The EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) attributable to the company was $520.9 million, reflecting a 3.4% increase from $503.9 million in 2024[4]. - The net profit attributable to the owners of the company from operations was $122.8 million, a 6.0% increase from $115.9 million in 2024[8]. - The total comprehensive profit attributable to the owners of the company was $112.3 million, a decrease of 30.4% from $161.4 million in 2024, primarily due to a decline in non-operating items[8]. - Operating profit rose significantly by 42.6% to $334.9 million in 2025, compared to $234.9 million in 2024[14]. - The net profit attributable to the company's owners decreased by 30.4% to $112.3 million in 2025 from $161.4 million in 2024[14]. - The company reported a revenue of USD 2,234,072 thousand for 2025, an increase from USD 2,185,356 thousand in 2024, representing a growth of approximately 2.2%[90]. - The net profit attributable to shareholders for 2025 was USD 112,293 thousand, down from USD 161,387 thousand in 2024, representing a decrease of approximately 30.4%[90]. Revenue Breakdown - Hotel operations revenue for the year ended December 31, 2025, was $2,071.2 million, up 1.4% (or $29 million) from $2,042.2 million for the year ended December 31, 2024[21]. - Investment property revenue increased to $139.5 million for the year ended December 31, 2025, a 10.9% increase (or $13.7 million) from $125.8 million for the year ended December 31, 2024[21]. - Revenue from food and beverage sales was $766.7 million, a slight decrease of 0.2% from $767.9 million in the previous year[21]. - Revenue from ancillary services was $99.9 million, down 6.3% from $106.6 million in the previous year[21]. - The group’s total revenue from properties held for sale increased significantly by 304.3% to $9.3 million from $2.3 million in the previous year[21]. Hotel Operations - The company currently operates 106 hotels with a total of 42,500 rooms, including 87 owned/leased hotels and 19 managed hotels[12]. - The group opened the Hangzhou Shangri-La Hotel in May 2025 and two wholly-owned leased hotels in Shanghai in October 2025, expanding its portfolio[22]. - The group managed a total of 106 hotels and resorts as of December 31, 2025, including 19 third-party owned hotels with 6,465 available rooms[41]. - The total revenue for hotel properties increased by 1.5% to $1,974.1 million for the year ending December 31, 2025, compared to $1,944.0 million for 2024[27]. - The weighted average occupancy rate for the group's hotels was 65% for the year ending December 31, 2025, up from 63% in 2024, representing a 2 percentage point increase[28]. Investment Properties - The total floor area of investment properties operated by the company as of December 31, 2025, was 1,273.6 thousand square meters, with significant contributions from mainland China and Malaysia[11]. - The actual attributable value of all hotel properties was $11,958.7 million, with $4,906.2 million from external valuations and $7,052.5 million from internal valuations[16]. - The adjusted net asset value based on hotel property valuations increased from $5,324.4 million to $11,066.9 million after accounting for deferred tax[16]. - The actual profit from investment properties was $281.2 million for the year ended December 31, 2025, a decrease of 1.8% from $286.3 million, impacted by weak market conditions in mainland China[49]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.10 per share for 2025, maintaining the same level as 2024, resulting in a total dividend of HKD 0.15 per share for the year[5]. - Shangri-La announced a final dividend of HKD 0.10 per share, totaling an annual dividend of HKD 0.15 per share[85]. - The proposed final dividend for the year ending December 31, 2025, is 45,936,000 USD, based on 3,585,525,056 shares issued[126]. Financial Position and Liabilities - The total assets of the company as of December 31, 2025, were USD 14,426,534 thousand, up from USD 13,498,459 thousand in 2024, indicating a growth of approximately 6.9%[88]. - The company's total liabilities increased to $14,426.5 million in 2025 from $13,498.5 million in 2024, an increase of about 6.9%[108]. - The group’s net borrowings decreased to $4.3259 billion from $4.4213 billion, a reduction of $95.4 million, attributed to strong cash flow from property operations[53]. - The leverage ratio decreased from 81.3% to 77.2%, reflecting the reduction in net borrowings and strong operating cash flow[53]. Employee and Talent Development - The company conducted 384 face-to-face workshops for 6,640 managers to enhance leadership capabilities in 2025[77]. - In 2025, over 190,000 employees participated in more than 90 global digital learning courses, averaging 28 hours of training per employee, reflecting the company's commitment to continuous development[79]. - The company launched a new global human resources system in 2025, marking a significant milestone in providing a unified and reliable foundation for talent data[80]. - Employee benefits expenditure (excluding director remuneration) amounted to $812.4 million in 2025, up from $802.2 million in 2024[82]. Strategic Initiatives and Future Plans - The company plans to continue expanding its hotel properties and related services, focusing on strategic acquisitions and market growth[94]. - The group plans to expand its business by opening new properties in mainland China, including the Shangri-La Hotel at Shanghai Hongqiao Airport in October 2025[69]. - The group is developing a hotel in Zhengzhou with 314 rooms, expected to open in 2027, and a hotel in Kyoto with 77 rooms, expected to open in 2026[70]. Market Conditions and Challenges - The group’s hotel property revenue growth was primarily driven by recovery in Hong Kong, Malaysia, the Philippines, Japan, France, and Australia, despite a decline in revenue from properties in mainland China and Singapore[26]. - The company continues to explore business expansion opportunities in the Middle East, despite ongoing regional conflicts affecting market conditions[86].

本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.09條及香港法例第 571章《證券及期貨條例》第XIVA部刊發。 Pony AI Inc.（「本公司」）欣然公佈本公司及其附屬公司（「本集團」）截至2025年 12月31日止三個月及全年的未經審計簡明綜合業績。 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） 內幕消息 截至2025年12月31日止季度及全年的 未經審計財務業績 本公司欣然公佈本集團根據美國證券交易委員會（「證交會」）適用規則刊發的截至 2025年12月31日止三個月及全年的未經審計簡明綜合業績（「第四季度及全年業 績」）。 第四季度及全年業績乃根據有別於國際財務報告準則的美國公認會計原則（「美國 公認會計原則」）編製。 本公告附表一為本公司於2026年3月26日（美國東部時間）就第四季度及全年業績 刊發的新聞 ...

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 或完備性亦不發表任何聲明，並表明不會就因本公告全部或任何部份內容而產生或因倚賴該等 內容而引致之任何損失承擔任何責任。 JU TENG INTERNATIONAL HOLDINGS LIMITED （於開曼群島註冊成立之有限公司） （股份代號：3336） 截至二零二五年十二月三十一日止年度 全年業績 財務摘要 - 1 - ⚫ 截至二零二五年十二月三十一日止年度的收入約為 5,731,000,000 港元，同比下跌約 4.9%。 ⚫ 截至二零二五年十二月三十一日止年度的毛利約為 268,000,000 港元，同比上升約 54.8%。 ⚫ 截至二零二五年十二月三十一日止年度的毛利率由截至二零二四年十二月三十一日止年度 的約 2.9%上升至約 4.7%。 ⚫ 截至二零二五年十二月三十一日止年度的本公司股權持有人應佔虧損約為 493,000,000 港 元，同比下跌約 6.9%。 ⚫ 截至二零二五年十二月三十一日止年度的本公司股權持有人應佔每股基本虧損約為 58.3 港 仙，同比下跌約 6.9%。 ⚫ 於二零二五年十二月三十一日，本公 ...

Financial Performance - Revenue for the year ended December 31, 2025, reached RMB 642,155,000, representing a 15.0% increase from RMB 558,455,000 in 2024[2] - Gross profit for the same period was RMB 385,440,000, up 17.8% from RMB 327,222,000 in 2024[2] - The adjusted net profit for the year was RMB 342,114,000, reflecting a 5.7% increase from RMB 323,600,000 in 2024[2] - Net profit rose from RMB 330.3 million for the year ending December 31, 2024, to RMB 347.9 million for 2025, maintaining a net profit margin of 54.2%[10] - The group's revenue increased by approximately 15.0% from RMB 558.5 million for the year ending December 31, 2024, to approximately RMB 642.2 million for the year ending December 31, 2025, primarily driven by growth in precision marketing and enterprise solutions[27] - The group's operating profit before tax increased by approximately 5.8% from RMB 340.5 million for the year ending December 31, 2024, to approximately RMB 360.3 million for the year ending December 31, 2025[38] - The group reported a total comprehensive income of RMB 259.730 million for the year, down from RMB 387.933 million in 2024[59] Client Engagement and User Growth - The number of medical clients for precision marketing and enterprise solutions increased to 269, compared to 228 in 2024, reflecting a growth in client engagement[4] - Average monthly active users reached 3.02 million, an increase from 2.65 million in 2024, indicating enhanced user engagement on the platform[4] - The number of clients for the precision marketing and enterprise solutions increased by 18.0% to 269 in 2025, compared to 228 in 2024[12] - Paid click-throughs increased from 13.3 million in 2024 to 15.7 million in 2025, reflecting enhanced engagement[12] - The patient management platform accumulated approximately 634,000 users and 178,000 participating physicians by the end of 2025[21] Product and Service Development - The company has developed a medical large model focusing on clinical decision-making, which has been recognized for its algorithm safety and compliance by national authorities[7] - The company launched AI-driven products such as MedSeeker, MedPaper, and MedAssister to enhance clinical decision-making and academic research efficiency[8] - The company is expanding its clinical research service capabilities, focusing on areas such as oncology, hematology, neurology, pediatrics, and cardiovascular diseases[15] - The case library launched in April 2025 has published over 5,700 cases, enhancing clinical decision-making for physicians[17] - The clinical guidelines on the platform have increased to 35,000 articles, with over 4,000 new guidelines added, improving search functionality through AI integration[17] Revenue Breakdown - Revenue from precision marketing and enterprise solutions accounted for 92.6% of total revenue, amounting to RMB 594,485,000, a 16.0% increase from the previous year[3] - Revenue from the precision marketing and enterprise solutions reached RMB 594.5 million in 2025, a 16.0% increase from RMB 512.5 million in 2024[12] - Revenue from medical knowledge solutions grew by 6.0% to RMB 19.0 million in 2025, up from RMB 17.9 million in 2024[16] - Revenue from intelligent patient management solutions was RMB 28,707 thousand in 2025, slightly up from RMB 28,040 thousand in 2024[73] Financial Position and Investments - As of December 31, 2025, the group had cash and cash equivalents of approximately RMB 2,567.1 million, down from RMB 3,844.7 million as of December 31, 2024[47] - The group held debt investments totaling RMB 1,807.0 million as of December 31, 2025, with expected annual returns ranging from 3.20% to 5.50%[48] - Capital expenditures for the year ended December 31, 2025, were approximately RMB 24.5 million, compared to RMB 19.0 million for the year ended December 31, 2024[53] - The company plans to continue strategic investments and acquisitions that align with its existing solutions to expand its customer base and enhance technical capabilities[55] - The company plans to utilize approximately RMB 280.7 million for improving medical knowledge solutions by December 2027[103] Governance and Compliance - The company has established an audit committee consisting of three independent non-executive directors to ensure compliance with applicable accounting principles and regulations[109] - The company has adhered to the corporate governance code, with a noted deviation regarding the roles of the Chairman and CEO being held by the same individual[106] - The company has confirmed that all directors complied with the standard code of conduct for securities trading during the reporting year[107] Employee and Operational Costs - The total employee cost for the year was approximately RMB 209.0 million, up from RMB 190.8 million in 2024, primarily due to an increase in sales and AI research personnel[56] - The company's employee benefits expenses totaled RMB 201,234,000 in 2025, up from RMB 181,581,000 in 2024, representing an increase of about 10.8%[82] - Research and development expenses increased to RMB 76,530,000 in 2025 from RMB 64,581,000 in 2024, reflecting a growth of about 18.5%[82] Shareholder Information - The company proposed a final dividend of RMB 14.35 per share for 2025, up from RMB 13.66 per share in 2024, which is an increase of approximately 5.0%[86] - The company has issued 737,030,875 shares as of December 31, 2025, up from 732,876,000 shares in 2024[95] - The proposed final dividend is RMB 0.1435 per share, equivalent to HKD 0.1629 per share, pending shareholder approval[100]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 976,676,000, an increase of 7.3% from HKD 910,170,000 in 2024[4] - Gross profit decreased to HKD 223,318,000, down 30.7% from HKD 322,461,000 in the previous year[4] - Net profit for the year was HKD 83,808,000, representing a 13.8% increase compared to HKD 73,651,000 in 2024[4] - Basic and diluted earnings per share rose to HKD 5.01, up from HKD 4.06 in the prior year, reflecting a 23.4% increase[4] - Total comprehensive income for the year was HKD 401,492,000, down 24.5% from HKD 531,711,000 in 2024[5] - Profit attributable to equity holders increased by 22.48% to HKD 75,176,000 in 2025, compared to HKD 61,380,000 in 2024[30] - Basic earnings per share rose by 23.40% to HKD 5.01 in 2025, up from HKD 4.06 in 2024[30] Assets and Liabilities - Non-current assets increased to HKD 2,078,463,000, up from HKD 1,746,044,000 in 2024, marking a growth of 19.1%[6] - Current assets decreased to HKD 1,667,861,000, down 8.2% from HKD 1,817,394,000 in the previous year[6] - Total liabilities decreased to HKD 733,156,000, down from HKD 799,014,000 in 2024, indicating a reduction of 8.2%[6] - The company's equity increased to HKD 3,013,168,000, up from HKD 2,763,424,000 in 2024, reflecting a growth of 9.0%[6] Revenue Breakdown - Total revenue for the year ending December 31, 2025, is reported at HKD 996,217,000, a decrease from HKD 935,228,000 for the year ending December 31, 2024, representing a decline of approximately 6.1%[12] - The segment performance shows a significant increase in the financial investment segment, with a profit of HKD 36,038,000 for 2025 compared to a loss of HKD 1,005,000 in 2024[12] - Revenue from interior design and renovation projects surged by 50.93% to HKD 570,368,000 in 2025, compared to HKD 377,891,000 in 2024[30] - The financial investment segment's revenue decreased by 43.69% to HKD 109,460,000 in 2025, down from HKD 194,385,000 in 2024[30][31] - Export revenue decreased to HKD 253,958,000, down 9.74% from HKD 281,355,000 in the previous year[33] - Sales from the Hong Kong retail and overseas franchise business totaled HKD 39,903,000, a decrease of 29.12% from HKD 56,296,000 in 2024[34] Cash and Financing - The company held net cash and cash equivalents of HKD 3,264,117,000 as of December 31, 2025, representing a 9.95% increase from HKD 2,968,709,000 in 2024[35] - The total financing costs decreased to HKD 1,227,000 in 2025 from HKD 2,309,000 in 2024, a reduction of about 46.8%[14] - The total tax expense for the year 2025 is reported at HKD 20,717,000, down from HKD 28,125,000 in 2024, indicating a reduction of approximately 26.4%[17] Dividends and Share Repurchase - The proposed final dividend for 2025 is HKD 5.80 per share, consistent with the previous year, totaling HKD 87,000,000[18] - The company maintained a final dividend of HKD 5.80 per share for both 2025 and 2024, with a total estimated payout of HKD 87,000,000[26] - The company repurchased a total of 4,340,000 shares during the fiscal year ending December 31, 2025, with a total expenditure of HKD 5,404,000[47] - All repurchased shares have been cancelled as of December 31, 2025, which aims to enhance the company's net asset value per share and earnings per share for the benefit of shareholders[48] Strategic Focus and Governance - The company plans to focus on high-quality development and core business areas while reducing ineffective operations[29] - The company plans to focus on "high-quality development" as a strategy for 2026, emphasizing resource allocation to the most promising and effective businesses[40] - The company will continue to maintain a certain level of cash to make timely decisions for higher returns, leveraging its investments in domestic bank stocks for dividend income[41] - The company has complied with the corporate governance code as per the Stock Exchange's listing rules throughout the year[44] - The company has no significant capital commitments or contingent liabilities as of December 31, 2025[36] Market Context - The global stock index rose by 20.6% in 2025, while the global bond index recorded a 7.5% return[27] - China's economic growth for 2025 was 5.0%, with Hong Kong's economy growing by 3.5% during the same period[28] Workforce - The total number of employees decreased to 398 from 413 in the previous year, indicating a reduction in workforce[38]

Financial Performance - Total revenue for 2025 reached HKD 9,950 million, a decrease of 11.5% from HKD 11,242 million in 2024[20] - Rental income from properties was HKD 9,389 million, down from HKD 9,515 million in 2024, reflecting a decline of 1.3%[20] - The operating profit for 2025 was HKD 6,527 million, compared to HKD 6,455 million in 2024, indicating an increase of 1.1%[20] - Shareholders' basic earnings per share for 2025 was HKD 0.65, a slight decrease from HKD 0.67 in 2024[21] - The net asset value per share for shareholders was HKD 26.6 as of December 31, 2025, down from HKD 27.5 in 2024[20] - The company reported a net loss attributable to shareholders of HKD 1,396 million due to a decrease in the fair value of properties[20] - The total dividend payout ratio based on shareholders' net profit increased to 145% in 2025 from 115% in 2024[22] - The net debt-to-equity ratio improved to 32.7% in 2025 compared to 33.4% in 2024[22] Sustainability Initiatives - The company aims to achieve net-zero greenhouse gas emissions by 2050 as part of its sustainability goals[6] - The company has set 20 data-driven sustainability targets for 2030 to guide its future development[6] - The company achieved a significant milestone with 80% of its mainland properties powered by renewable energy, surpassing the 25% target for 2025[41] - The "25 x 25 sustainability targets" have been achieved, with the company receiving its best-ever sustainability ratings from external evaluators[71] - The company is exploring the feasibility of achieving net-zero greenhouse gas emissions, with a white paper published on the subject[71] - The company is committed to sustainability through initiatives like the "Changemakers Tenant Sustainability Partnership Program," which promotes community engagement and sustainable development[141] Property Development and Expansion - The company operates a diversified property portfolio across 10 cities, including Hong Kong and nine cities in mainland China[5] - The Shanghai Hang Lung Plaza expansion project added approximately 3,080 square meters of leasable area, increasing retail space by 13%[43] - The Hangzhou Hang Lung Plaza expansion will add approximately 42,000 square meters of retail space, a 40% increase[56] - The Wuxi Hang Lung Plaza expansion will increase total retail area by 38% to approximately 169,000 square meters[57] - The company acquired operational rights for the commercial project at 1038 Nanjing West Road, increasing total area by 44% to approximately 312,335 square meters[60] - The company plans to open Hangzhou Henglong Plaza in Q2 2026, followed by the opening of the Mandarin Oriental Hotel in 2027[72] - Shanghai Hang Lung Plaza expansion project will increase retail space by 13%, set to open in the second half of 2026[86] Market Performance and Consumer Trends - Retail sales in mainland China showed strong growth, with a positive year-on-year increase recorded in the second half of 2025, marking five consecutive quarters of improvement[68] - The company maintains a cautious outlook on rental income growth despite rising retail sales, prioritizing sustainable recurring income and cost control[69] - Consumer sentiment and spending patterns have been affected by economic instability, leading to a sensitivity to prices among the middle class and a reduction in high-end product purchases[137] - The retail market is showing signs of recovery, with government stimulus measures and stable domestic travel contributing to renewed consumer confidence in the second half of the year[137] Operational Strategies - The company has implemented the "Henglong V.3" plan, which includes strategic light-asset projects in Shanghai and Wuxi, aimed at enhancing business layout in core cities[69] - The company aims to reduce leverage ratios and improve operational efficiency as part of its long-term strategy[69] - The company has strategically adjusted its operations to enhance the retail experience and diversify brand offerings in response to market changes anticipated by 2025[144] Tenant and Brand Management - The "Heng Lung Club" membership program has effectively driven sales growth and enhanced customer loyalty, with tailored rewards and multi-channel marketing strategies significantly increasing member spending[140] - The introduction of over 20 new brands, including flagship stores, has made the tenant mix more attractive, contributing to significant revenue and tenant sales growth at Shanghai Grand Gateway 66[148] - The retail mix in Wuxi Hang Lung Plaza was strengthened with over 50 new brands, maintaining an ideal occupancy rate[160] - Dalian Hang Lung Plaza introduced approximately 40 new brands, including Klättermusen and self-portrait, enhancing brand selection and driving sales growth[167] Awards and Recognition - The company has received multiple awards for investor relations and sustainability efforts in 2025, reflecting its commitment to excellence[61][62] Challenges and Risks - Significant business risks identified include geopolitical and macroeconomic factors, as well as regulatory challenges, which could impact operations[69] - The office rental market in major cities like Shanghai is facing challenges, with rising vacancy rates and declining rents, yet the premium office space remains a preferred location for multinational corporations[141] - Despite general rental declines due to oversupply, the company's initiatives have effectively maintained cash flow and occupancy rates[198]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 2,920,215, a slight decrease of 0.31% compared to RMB 2,929,267 in 2024[4] - Gross profit for the year was RMB 2,101,862, down 2% from RMB 2,141,712 in 2024, resulting in a gross margin of 72%[4] - Operating profit decreased significantly by 79% to RMB 60,383 from RMB 285,234 in the previous year, leading to an operating profit margin of 2%[4] - Net profit for the year was RMB 73,873, a decrease of 72% compared to RMB 266,029 in 2024, with a net profit margin of 3%[4] - Total revenue for the year ended December 31, 2025, was RMB 2,920.22 million, a slight decrease of 0.3% from RMB 2,929.27 million in 2024[28] - Gross profit for the same period was RMB 2,101.86 million, down from RMB 2,141.71 million, reflecting a gross margin of approximately 72%[63] - The company reported a net profit of RMB 73.87 million for the year, a significant decline of 72% compared to RMB 266.03 million in 2024[64] - Basic earnings per share decreased to RMB 0.151 from RMB 0.578 in the previous year, representing a decline of approximately 74%[63] Revenue Breakdown - Revenue from Model as a Service (MaaS) increased by 9% to RMB 1,019,061 from RMB 932,473 in the previous year[4] - Revenue from Business as a Service (BaaS) decreased by 5% to RMB 1,901,154 from RMB 1,996,794 in 2024[4] - The company's MaaS business recorded a revenue increase of 9% year-on-year to RMB 1,019.06 million for the twelve months ending December 31, 2025[17] - The BaaS financial industry cloud revenue decreased by 3% year-on-year to RMB 1,370.76 million[20] - The BaaS insurance industry cloud revenue fell by 10% year-on-year to RMB 530.40 million, while first-year premium income increased by 25% to RMB 4,558.53 million[22] - MaaS revenue increased to RMB 1,019,061 thousand in 2025, up 9.3% from RMB 932,473 thousand in 2024[71] - BaaS revenue from the financial industry cloud decreased to RMB 1,370,756 thousand, down 2.8% from RMB 1,410,695 thousand in 2024[71] Research and Development - The company plans to enhance its R&D capabilities by recruiting top AI talent and increasing investment in data algorithms[8] - R&D expenses increased by 25% to RMB 636.78 million in 2025, up from RMB 509.29 million in 2024, representing 22% of total revenue[32] - The company has upgraded its self-developed ASR and TTS models, achieving a decision latency reduction from hours to seconds, with a speech recognition accuracy exceeding 99% and an emotional recognition accuracy over 95%[10] - The introduction of the MoE architecture and DPO post-training technology has led to the deployment of multiple industry-specific large models, achieving over 90% recognition accuracy in end-to-end voice models[10] Client and Market Insights - The company served over 8,000 institutional clients, achieving a core customer retention rate of 98%[5] - The number of core customers reached 223, with an average revenue per core customer of RMB 3.59 million, reflecting a 6% increase[18] - The core customer retention rate improved to 98%, up by 1 percentage point from the previous year[18] - The AI Agent market is projected to grow from RMB 57.4 billion in 2023 to RMB 330.09 billion by 2028, indicating significant market potential[7] Strategic Initiatives - The company aims to become a leading enterprise-level silicon-based employee partner, focusing on the Result as a Service (RaaS) model[6] - The company aims to transition its AI strategy from a "capability building phase" to a "value realization phase" in 2026, focusing on scaling profitable mature scenarios and innovative forward-looking layouts[24] - Future growth will focus on expanding into high-potential consumer-facing contact center scenarios, including customer service and marketing confirmation[26] - The company intends to develop a shared expert Agent platform by integrating resources across law, business, finance, and taxation[26] Operational Efficiency - The company has successfully implemented a three-layer architecture for Results Cloud, optimizing model inference capabilities with a 30% increase in computing utilization and a 3x improvement in mixed scheduling throughput[11] - The engineering infrastructure has been upgraded to support low-code visual orchestration and enterprise knowledge base integration, enhancing operational efficiency[10] - The company has achieved a 1/3 reduction in latency and a 50% saving in resource usage on mainstream graphics cards through the optimization of its training and inference platform[10] Financial Position - As of December 31, 2025, the company recorded cash and cash equivalents of RMB 725.96 million and cash reserves of RMB 2,650.84 million, compared to RMB 739.23 million and RMB 2,917.94 million as of December 31, 2024[39] - The company's total compensation cost for the year ended December 31, 2025, was RMB 1,010.66 million, an increase from RMB 875.30 million for the year ended December 31, 2024[48] - The company's debt-to-asset ratio as of December 31, 2025, was 0.14, down from 0.21 as of December 31, 2024[44] - The company had no significant investments or acquisitions during the year ended December 31, 2025[40][41] - The company had no contingent liabilities as of December 31, 2025[46] - The company employed a total of 1,777 employees as of December 31, 2025, with 64% in R&D, 17% in sales and marketing, and 8% in customer service[48] Shareholder Actions - The company repurchased a total of 9,597,500 Class B shares during the reporting period, at a total cost of approximately HKD 89.65 million[56] - The company held 6,323,000 Class B shares as treasury stock as of December 31, 2025[56] - The company did not recommend a final dividend for the year ended December 31, 2025[60] - The company did not declare any dividends for the years ended 2025 and 2024[80]