Financial Performance - Overall revenue increased by 6.0% to RMB 14,959.9 million, compared to RMB 14,112.5 million in the previous year[5]. - Gross profit decreased by 3.8% to RMB 2,247.3 million, resulting in a gross profit margin of 15.0%[5]. - Profit attributable to ordinary shareholders fell by 9.7% to RMB 1,366.8 million, with basic and diluted earnings per share at RMB 0.4162[5]. - The operating profit for the same period was RMB 1,828.1 million, down 9.4% from RMB 2,019.0 million in 2024[65]. - The net profit attributable to equity holders of the company was RMB 1,366.8 million, a decrease of 9.8% compared to RMB 1,514.3 million in 2024[65]. - The total revenue for the year ending December 31, 2025, is reported at RMB 14,959,871, an increase from RMB 14,112,544 in 2024, representing a growth of approximately 6%[89][90][93]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.10 per share, up from HKD 0.095 in the previous year, reflecting a 5.6% increase in total dividends[5]. - The proposed final dividend for the year ending December 31, 2025, is HKD 0.10 per share, up from HKD 0.095 per share in 2024, indicating a 5.3% increase[115]. Operational Highlights - For the year ending December 31, 2025, the group added a managed area of 90.9 million square meters, with 85.1% coming from independent third parties[4]. - As of the end of 2025, the company operated in 164 cities, managing 2,356 property projects with a service area exceeding 478 million square meters[9]. - The company has expanded its service capabilities across four major sectors: residential, commercial, public construction, and urban services, covering various facilities such as hospitals, schools, and public infrastructure[11]. - The company has successfully expanded its service offerings beyond residential management to include urban operations and comprehensive service capabilities[19]. Market Position and Strategy - The company aims to strengthen its market position through digital transformation and organizational optimization[8]. - The company is focusing on enhancing service quality and expanding urban operation services in response to market changes[7]. - The company aims to enhance service quality and customer satisfaction to strengthen its brand recognition in the high-end property management sector[31]. - The company aims to drive modernization in property management through technological innovation and cross-industry collaboration[21]. Revenue Breakdown - Total new contract value was approximately RMB 5,237.3 million, with non-residential projects accounting for 68.4% of the new orders[4]. - Property management service revenue accounted for 78.4% of total revenue, increasing by 9.1% to RMB 11,729.0 million compared to RMB 10,755.0 million in the previous year[35]. - The revenue from non-residential value-added services increased by 6.1% to RMB 1,939.8 million, maintaining a 13.0% share of total revenue[41]. - The revenue from the bundled property management contracts was RMB 11,478.3 million, representing 97.9% of the segment revenue, with a 9.2% increase from the previous year[37]. Cost Management and Efficiency - The company implemented cost-saving measures to mitigate rising costs, including reducing material costs and increasing subcontracting efforts[38]. - The company is implementing automation and standardization measures to improve operational efficiency and service quality, including the adoption of various automated systems[54]. Employee and Talent Management - The company has implemented a talent management strategy focusing on leadership and project management, covering over 1,400 personnel[18]. - The company employed approximately 38,042 employees as of December 31, 2025, a decrease from 38,760 employees in 2024[63]. Sustainability and ESG Initiatives - The company is committed to sustainable development and has integrated ESG principles into its operations, receiving recognition as a leading enterprise in ESG practices[17]. - The company achieved a carbon neutrality strategy and conducted systematic carbon emissions analysis, with a continuous decrease in carbon emission intensity and energy consumption density[60]. Financial Position and Assets - As of December 31, 2025, the net current assets were RMB 5,202.6 million, an increase from RMB 4,477.8 million in 2024, and cash and bank balances increased by 7.5% to RMB 6,270.7 million[50]. - The total assets increased from RMB 11,216,976 thousand in 2024 to RMB 11,267,484 thousand in 2025, a marginal increase of 0.4%[74]. - Trade receivables increased to RMB 3,237,345,000 in 2025 from RMB 2,877,554,000 in 2024, representing a growth of approximately 12.5%[106]. Corporate Governance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange rules for the year ending December 31, 2025[121]. - The audit committee has reviewed the financial results for the year ending December 31, 2025[119].

® (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) (Stock Code 股份代號 : 8051) ANNUAL REPORT 年報 2025 Circu Tech Intern atio nal H oldin gs Limite d 訊智海國際控股有限公 司 ANNUAL REPORT 2025 年報 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM的定位，乃為中小型公司提供一個上市的市場， 此等公司相比起其他在聯交所上市的公司可能帶有 較高投資風險。有意投資之人士應了解投資於該等公 司之潛在風險，並應經過審慎周詳的考慮後方作出投 資決定。 由於在GEM上市的公司普遍為中小型公司，在GEM 買賣的證券可能會較於主板買賣之證券承受較大之 市場波動風險，同時無法保證在GEM買賣之證券會有 高流通量之市場。 香港交易及結算所有限公司及聯交所對本報告之內 容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示概不對因本報告全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任 何責任 ...

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。 CNOOC Limited （中國海洋石油有限公司） （股票代號：00883（港幣櫃台）及80883（人民幣櫃台）） （根據公司條例在香港註冊成立的有限責任公司） 二零二五年度業績公告 董事長致辭 尊敬的各位股東： 歲序常新，篤行致遠。回望二零二五年，世界之變、時代之變、歷史之變以前所未有的方式展 開，不確定因素顯著增多。面對嚴峻複雜的外部形勢與國際油價震蕩下行壓力，中國海油堅持 穩中求進，以實幹進取的姿態抓增儲上產，以只爭朝夕的精神抓創新發展，以時時放心不下的 責任感抓安全環保，以務實有效的舉措抓降本增效，圓滿完成年度目標任務。 資源儲備，是行穩致遠的核心根基。二零二五年，公司堅守價值勘探主線，勘探成果豐碩， 油氣儲量再創新高，首次榮獲「全球最佳國家石油公司勘探企業」稱號。我們以尋找大中型油氣 田為核心目標，在淺層岩性等領域勘探獲得重大突破，於國內外相繼探獲和成功評價多個油氣 田，並成功獲取多個勘探區 ...

Financial Performance - In 2025, the core profit of Shui On Land Limited was RMB 397 million, reflecting a 12% decrease compared to RMB 450 million in 2024[3]. - The company reported a significant decline in contracted property sales, totaling RMB 7.916 billion, down 47% from RMB 15.055 billion in 2024[4]. - The company recorded a locked-in sales total of RMB 17.231 billion, expected to be delivered to customers in 2026 and beyond, contributing to future financial performance[14]. - The company reported a loss attributable to shareholders of RMB 1.782 billion for 2025, compared to a profit of RMB 180 million in 2024, representing an 11-fold increase in losses[64]. - The annual loss for 2025 was RMB 1.733 billion, a significant decline from a profit of RMB 810 million in 2024[63]. - The company's gross profit dropped by 60% to RMB 2.115 billion in 2025, with a gross margin of 52%, down from 64% in 2024[57]. - The company recorded a net loss of RMB 924 million in other income and losses for 2025, compared to a net loss of RMB 279 million in 2024[59]. - The company aims to maintain liquidity and ensure financial stability while focusing on investment opportunities in key cities in the Yangtze River Delta and Greater Bay Area[54]. - The company plans to continue its balanced strategy of real estate development and asset management to achieve sustainable profit growth[54]. Revenue and Income - Total rental and related income reached RMB 3.625 billion, a 2% increase from RMB 3.547 billion in the previous year[4]. - The group's recurring rental income from commercial properties increased by 2% year-on-year to RMB 3.625 billion, with 78% of this income derived from properties in Shanghai[7]. - The rental and related income for 2025 was RMB 1.949 billion, a 21% decrease from RMB 2.456 billion in 2024, primarily due to a reclassification of RMB 435 million in rental income[30]. - The overall rental income, including income from joint ventures, grew by 2% to RMB 3.625 billion in 2025, with 78% derived from properties in Shanghai[31]. - The company’s total revenue for 2025 was RMB 4,093 million, a decline of 49.8% compared to RMB 8,173 million in 2024[88]. - Revenue from property sales dropped significantly from RMB 4,356 million in 2024 to RMB 499 million in 2025, a decrease of approximately 88.5%[84]. - The total revenue from customer contracts for 2025 was RMB 2,144 million, down 62.5% from RMB 5,717 million in 2024[85]. Assets and Liabilities - The net asset liability ratio remained stable at 52% as of December 31, 2025[3]. - Cash and bank deposits amounted to RMB 6.451 billion, a decrease of 17% from RMB 7.734 billion in 2024[4]. - The total assets of the company decreased by 10% to RMB 82.577 billion from RMB 91.938 billion in 2024[4]. - As of December 31, 2025, the company's total liabilities amounted to RMB 198.43 billion, a decrease from RMB 221.93 billion in 2024, maintaining a net debt-to-equity ratio of 52%[69]. - The company has contractual development costs and capital expenditure commitments of RMB 7.358 billion as of December 31, 2025, up from RMB 5.099 billion in 2024[72]. - The company has a total borrowing structure of RMB 26.294 billion as of December 31, 2025, with RMB 16.889 billion in bank and other loans[68]. Projects and Developments - The company expanded its "light asset" cooperation projects, increasing its project reserves to four, with ownership stakes of 15% and 13.26% in new projects[3]. - The group established a new 30/70 joint venture with Tianan China Investment Co., Ltd. in June 2025 to participate in the Yongxinli project in Shanghai, acquiring a 50% stake in three residential and commercial land parcels[7]. - The Wuhan Innovation Tian Di commercial park opened in September 2025, featuring a total retail building area of 48,000 square meters[7]. - The group plans to launch more projects in 2026 and beyond, focusing on Shanghai and Wuhan, depending on construction progress and government pre-sale permit timelines[11]. - The company holds a 50% interest in the residential project "翠湖天地·六和," which has a total construction area of 87,000 square meters, including 6,000 square meters of underground space[19]. - The "武漢新天地" project achieved record pre-sale prices in Wuhan, with over 70% of the total construction area of 28,200 square meters already contracted as of December 31, 2025[20]. Market Conditions - The real estate investment in China declined by 17.2% in 2025, marking four consecutive years of contraction[108]. - Office rental rates in Shanghai fell by 11.6% year-on-year to RMB 5.2 per square meter per day in 2025[109]. - Retail property market in Shanghai saw core area rents decline by 4.3% while international tourist spending surged to USD 15 billion, reflecting a shift towards experiential consumption[110]. - The company aims to leverage unique experiences and social value in its properties to adapt to changing market demands[110]. - The company is focusing on urban renewal projects as part of its strategy to align with national goals for sustainable high-quality development[108]. Sustainability and Corporate Governance - Shui On Land Limited received international recognition for its sustainability efforts, achieving a GRESB five-star rating and maintaining an MSCI ESG rating of "AA"[3]. - The group achieved a 57% reduction in Scope 1 and 2 emissions intensity compared to the 2019 baseline, and a 32% reduction in Scope 3 emissions intensity[7]. - The company has adopted the Corporate Governance Code and confirmed compliance with the standards set forth for the year ending December 31, 2025[121]. - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2025, ensuring compliance with accounting principles[124]. Employee and Stakeholder Relations - As of December 31, 2025, the total number of employees at the company was 2,776, a decrease from 2,851 employees as of December 31, 2024[122]. - The company emphasizes equal opportunity principles in its compensation policy, which is based on employee performance and qualifications[123]. - The company expresses gratitude to stakeholders for their support during a challenging year, indicating a commitment to resilience and long-term strategies[125].

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 907,162,000, a decrease of 1.5% from HKD 924,854,000 in 2024[3] - Gross profit for the same period was HKD 449,117,000, down from HKD 454,335,000, reflecting a gross margin of approximately 49.5%[3] - Net profit for the year was HKD 30,158,000, a decline of 37.1% compared to HKD 47,856,000 in 2024[4] - Basic and diluted earnings per share decreased to HKD 2.6 cents from HKD 4.0 cents in the previous year[4] - Total comprehensive income for the year was HKD 40,958,000, significantly up from HKD 19,834,000 in 2024[5] - Customer contract revenue was HKD 901,770,000 in 2025, down from HKD 919,251,000 in 2024, reflecting a decline of 1.9%[15] - Revenue from investment property leasing was HKD 5,392,000 in 2025, compared to HKD 5,603,000 in 2024, a decrease of 3.8%[15] - The group's profit before tax for 2025 was HKD 459,067,000, a decrease of 2% from HKD 468,872,000 in 2024[24] - The company reported a profit of approximately HKD 30,200,000 for the year ending December 31, 2025, down from HKD 47,900,000 for the previous year, reflecting a decrease in market demand due to economic downturn[38] - Revenue decreased by 1.9% to HKD 907,200,000 for the year ending December 31, 2025, compared to HKD 924,900,000 for the previous year[38] - Gross profit decreased by 1.1% to HKD 449,100,000, maintaining a gross margin of approximately 49%[40] - Basic and diluted earnings per share for the year were HKD 0.026, down from HKD 0.040 for the previous year[39] - Other income and profits decreased by 13.9% to HKD 48,700,000 due to reduced government subsidies[40] Assets and Liabilities - Non-current assets totaled HKD 300,723,000, down from HKD 329,662,000 in 2024, indicating a reduction of 8.8%[6] - Current assets increased to HKD 1,131,813,000 from HKD 1,114,822,000, reflecting a growth of 1.5%[6] - Total liabilities decreased to HKD 274,849,000 from HKD 283,830,000, a reduction of 3.5%[6] - Total equity for 2025 was HKD 1,117,333,000, slightly down from HKD 1,119,922,000 in 2024, a decrease of 0.2%[7] - The total asset value as of December 31, 2025, was 1,432,500,000 HKD, with liabilities of 315,200,000 HKD and equity of 1,117,300,000 HKD[66] - The net asset value per share increased to 0.97 HKD as of December 31, 2025, up from 0.93 HKD in 2024, attributed to profits and share buybacks[66] - The asset-liability ratio was 0.2% as of December 31, 2025, up from 0.1% in 2024, indicating a slight increase in leverage[67] - The operating capital ratio improved to 4.12 as of December 31, 2025, compared to 3.93 in 2024, reflecting better liquidity management[67] Cash Flow and Income - Cash and cash equivalents at year-end were HKD 820,462,000, slightly up from HKD 805,428,000 in 2024[6] - Bank interest income decreased to HKD 9,450,000 in 2025 from HKD 12,448,000 in 2024, a decline of 24.0%[21] - Government grants received were HKD 33,731,000 in 2025, down from HKD 39,363,000 in 2024, a decrease of 14.4%[21] - The company reported a total of HKD 48,447,000 in other income for 2025, down from HKD 56,158,000 in 2024, a decline of 13.8%[21] Operational Highlights - The company reported a significant foreign exchange gain of HKD 22,627,000 compared to a loss of HKD 18,711,000 in the previous year[5] - The group incurred a loss of HKD 15,462,000 on the fair value of investment properties in 2025, down from a loss of HKD 20,669,000 in 2024[24] - The group reported a total tax expense of HKD 2,596,000 for the year, compared to a tax credit of HKD 1,584,000 in 2024[26] - The company did not declare any interim or final dividends for the current year, consistent with the previous year[37] Research and Development - Research and development expenses for the year amounted to HKD 173,081,000, an increase of 4% from HKD 166,035,000 in 2024[24] Market and Product Development - The company reported a 33% year-over-year increase in new orders for high-speed inkjet printing equipment, with revenue growing by 19%[46] - The demand for color high-speed inkjet equipment for copper plate paper showed significant performance, mitigating the decline in demand for magazine inkjet applications[46] - The company launched the P6600CHD4.0 series models, optimizing drying capacity, productivity, and color management, which received positive customer feedback[47] - The company achieved a 15% year-over-year increase in domestic printing equipment exports, totaling $3.788 billion from January to November 2025, indicating enhanced competitiveness in the international market[45] - The company is advancing the development of large-format high-definition color inkjet equipment to meet future high-capacity application demands[49] - The company has made substantial progress in the cloud software platform for inkjet printing digital management, with plans for full market promotion in 2026[48] Strategic Initiatives - The company is focusing on AI strategy upgrades, launching new AI-driven products like "AI Recommended Fonts" and "AI Images" to enhance user experience[3] - The company is committed to the digitalization and intelligent transformation of the printing industry, as outlined in the national action plan for 2025-2027[44] - The company implemented organizational and personnel structure optimization in the second half of 2025 to enhance operational efficiency and focus resources on core products and key markets[51] - The company plans to accelerate software platform commercialization and introduce large-format high-definition color inkjet equipment to meet high-capacity demand, promoting sustainable development in the printing industry[52] Media Integration and Development - By the end of 2025, over 230 local media centers had been established across more than 330 cities, representing over 70% of the targeted areas, enhancing media integration efforts[53] - The company is actively promoting the integration of media systems, with 55 media outlets implementing systemic reform measures in 2025, including major provincial media groups[54] - The National Press and Publication Administration initiated the 2025 Publishing Integration Development Project to promote deep integration in the publishing industry, focusing on digital publishing and talent cultivation[55] - The company aims to enhance technology innovation in the online publishing sector, significantly improving the capability for technology innovation and results transformation over the next 3 to 5 years[55] AI and Technology Integration - The company is increasing investment in AI applications for publishing, with a focus on intelligent editing systems, automated typesetting, and content production software[59] - By 2025, the company will release version 6.0 of its AI publishing and intelligent proofreading platform, which includes AI-driven content planning and editing assistance[59] - The intelligent proofreading system will integrate large model technology to enhance capabilities in knowledge checking, grammar, and semantic proofreading[60] - The company has partnered with Shanghai Dictionary Publishing House to launch a knowledge verification system, enhancing its service offerings[60] - The implementation of the "AIGC" (Artificial Intelligence Generated Content) tools will empower media operations and content creation processes[57] - The company is actively exploring the integration of AI and big data technologies into media operations, driving a transformation towards intelligent media[57] - By 2025, the company aims to establish a unified integrated editorial platform across various media levels, enhancing collaboration and resource integration[57] - The company is focusing on building a multi-dimensional broadcasting matrix to improve international communication capabilities and establish multilingual websites[57] Governance and Compliance - The company has adhered to the corporate governance code, with the CEO also serving as the chairman, which the board believes benefits management and business development[78] - The audit committee has reviewed the accounting policies and practices adopted by the group for the fiscal year ending December 31, 2025[77] - There are no significant contingent liabilities reported as of December 31, 2025[76] - The annual performance announcement is based on the consolidated financial statements prepared by Ernst & Young, with figures agreed upon until December 31, 2025[82] - The annual report for 2025 will include all information required by listing rules and will be sent to shareholders at the appropriate time[83] - The board of directors is composed of various executives and independent non-executive directors, ensuring a diverse governance structure[84]

Financial Performance - Total revenue for 2025 was $481,544,000, a decrease of 17.4% from $582,804,000 in 2024[4] - Gross profit for 2025 was $70,843,000, down 23.6% from $92,786,000 in 2024[4] - Net profit for the year was $20,046,000, a decline of 47.4% compared to $38,069,000 in 2024[4] - Basic earnings per share decreased to 0.73 cents from 1.43 cents in 2024[5] - Total comprehensive income for 2025 was $23,050,000, a decrease of 29.0% from $32,412,000 in 2024[5] - The company reported a pre-tax profit of $26,881,000 for the fiscal year 2025, compared to $52,945,000 in 2024, indicating a decrease in profitability[12] - The net profit attributable to shareholders fell by 49% to $17,411,000, compared to $34,135,000 in 2024, with basic earnings per share at $0.73, down from $1.43[37] Revenue Breakdown - Manufacturing and leasing business revenue was $447,757,000, down 19.1% from $553,588,000 in 2024[9] - Logistics services revenue increased to $33,787,000, up 15.5% from $29,216,000 in 2024[9] - For the fiscal year ending December 31, 2025, total revenue reached $481,544,000, with manufacturing and leasing contributing $447,757,000 and logistics services contributing $33,787,000[11] - The segment profit for manufacturing and leasing was $11,479,000, while logistics services generated a profit of $5,607,000, leading to a total segment profit of $17,086,000[11] - Manufacturing and leasing business generated revenue of $447,757,000, accounting for 93% of total revenue, down from 95% in 2024[38] Market Performance - Revenue from the Chinese market was $195,770,000 for 2025, representing a significant increase from $133,941,000 in 2024[13] - The total sales volume of dry containers and ISO special containers reached approximately 152,000 twenty-foot equivalent units, a decrease of about 31% from 220,000 in 2024[38] - The average selling price of 20-foot dry containers dropped from $1,985 in 2024 to $1,752 in the review year[35] Expenses and Costs - Research and development expenses included in cost of sales amounted to $4,630,000, while administrative expenses accounted for $2,580,000, totaling $7,210,000 for 2025[17] - The company reported a total of $99,015,000 in employee costs for 2025, down from $110,929,000 in 2024[17] - The company's income tax expense for the year 2025 is $6,835,000, a decrease from $14,876,000 in 2024[20] Assets and Liabilities - Non-current assets increased to $406,076,000 in 2025 from $309,533,000 in 2024[6] - Current liabilities decreased to $187,451,000 in 2025 from $201,536,000 in 2024[7] - Total equity attributable to shareholders was $554,946,000, slightly down from $558,992,000 in 2024[7] - Property, plant, and equipment increased by $108,891,000 in 2025, compared to an increase of $55,436,000 in 2024[24] - Total inventory for 2025 is $101,344,000, a decrease from $148,047,000 in 2024[25] - Accounts receivable from third parties increased to $96,636,000 in 2025 from $58,714,000 in 2024[26] - The net value of accounts receivable is $178,390,000, up from $164,260,000 in 2024[26] - Accounts payable as of December 31, 2025, is $55,910,000, a decrease from $69,992,000 in 2024[33] Dividends - The interim dividend declared for the fiscal year 2025 is $3 HK cents per share, totaling approximately $9,167,000[21] - The final dividend for the fiscal year 2024 was $5 HK cents per share, amounting to approximately $15,173,000, approved by shareholders on June 18, 2025[22] - The board proposed a final dividend of HKD 0.02 per share, down from HKD 0.05 per share in 2024, with a total annual dividend of HKD 0.05 compared to HKD 0.08 in 2024[42] Investments and Future Plans - The company plans to invest in expanding overall solution services and customized container business capacity to drive revenue growth and improve profitability[41] - The new factory in Huizhou for energy storage containers has commenced operations, with total capital expenditure of approximately $10,000,000[39] - The leasing business saw a revenue increase of over 100%, with a rental portfolio size expanding by approximately 61%[39] Governance and Compliance - The company has consistently adopted and complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules, with a noted deviation regarding the dual role of the chairman and CEO[51] - All directors have confirmed full compliance with the standard code of conduct for securities transactions during the year[52] Miscellaneous - The company received government grants totaling $1,051,000 in 2025, up from $902,000 in 2024, as part of economic contributions to industrial development[15] - The net foreign exchange gain for 2025 was $1,648,000, a decrease from $3,715,000 in 2024[16] - The fair value loss on investment properties was $5,111,000 for 2025, compared to a loss of $5,466,000 in 2024[16] - No customer contributed more than 10% of total sales in 2025, while one customer did in 2024 with sales of $99,411,000[14] - The total investment in finance leases is $101,771,000 for 2025, compared to $100,973,000 in 2024[31] - The financial data for the years ending December 31, 2024, and December 31, 2025, is derived from the consolidated financial statements, which have not yet been audited by the company's auditors[49] - The auditors confirmed that the figures in the preliminary performance announcement align with the audited consolidated financial statements for the year ending December 31, 2025[50]

Financial Performance - The company's revenue for the year ended December 31, 2025, was RMB 100,448.5 million, a decrease of 4.6% compared to RMB 105,322.7 million in 2024[3] - Profit attributable to shareholders was RMB 8,588.4 million, a slight increase of 0.3% from RMB 8,565.3 million in the previous year[4] - Total comprehensive income for the year was RMB 9,211.2 million, compared to RMB 9,124.6 million in 2024[6] - The company reported a net profit before tax of RMB 11,967.5 million, compared to RMB 11,839.2 million in 2024[5] - The company reported a pre-tax profit of RMB 11,967.5 million in 2025, compared to RMB 11,839.2 million in 2024, an increase of 1.1%[20] - The net income for the year 2025 is RMB 8,588,443,000, compared to RMB 8,565,331,000 for 2024, showing a slight increase[27] Earnings and Dividends - Basic earnings per share decreased to RMB 1.64, down 3.5% from RMB 1.70[3] - The board proposed a final dividend of HKD 0.285 per share, totaling HKD 0.625 for the year, up from HKD 0.615 in 2024[3] - The company has confirmed a final dividend of HKD 0.285 per share for 2025, totaling approximately RMB 1,354,889,000, consistent with the previous year's dividend[26] Assets and Liabilities - Non-current assets increased to RMB 97,622.0 million from RMB 92,779.2 million, reflecting growth in property, plant, and equipment[7] - Current liabilities increased to RMB 129,884,261 thousand in 2025 from RMB 125,960,561 thousand in 2024, reflecting a growth of 2.4%[8] - Total assets minus current liabilities reached RMB 150,805,038 thousand in 2025, compared to RMB 137,477,321 thousand in 2024, representing a growth of 9.7%[8] - Shareholders' equity attributable to the company increased to RMB 70,402,532 thousand in 2025 from RMB 61,855,369 thousand in 2024, a rise of 13.3%[8] - Non-current liabilities grew to RMB 70,427,963 thousand in 2025, up from RMB 66,404,301 thousand in 2024, marking a 4.6% increase[8] - Bank borrowings amounted to RMB 57,061,597 thousand in 2025, compared to RMB 54,780,476 thousand in 2024, reflecting a 4.2% increase[8] Revenue Breakdown - Revenue from construction contracts was RMB 42,786.3 million in 2025, down from RMB 43,493.2 million in 2024, representing a decline of 1.6%[18] - Revenue from construction-related investment projects was RMB 51,084.9 million in 2025, compared to RMB 53,835.5 million in 2024, a decrease of 5.1%[18] - Gross profit for the group in 2025 was RMB 15,981.7 million, down from RMB 16,329.6 million in 2024, reflecting a decline of 2.1%[20] Operational Highlights - The operating profit from the mainland China segment was RMB 11,887.6 million in 2025, slightly up from RMB 11,722.4 million in 2024, indicating a growth of 1.4%[20] - The group achieved new contract signings in the Hong Kong and Macau markets amounting to RMB 56.763 billion, maintaining its market leadership position[40] - In mainland China, the group secured new contract signings of RMB 106.911 billion, representing a year-on-year growth of 16.6%[41] - The group is actively participating in the development of the Northern Metropolis in Hong Kong, with a cumulative contract amount exceeding HKD 100 billion[40] Cash Flow and Investments - Cash and cash equivalents at year-end were RMB 30,328.6 million, up from RMB 28,589.2 million in the previous year[7] - The group’s cash flow from operations has remained positive for four consecutive years, indicating stable operational performance[38] - The financing business generated a net cash inflow of RMB 1.5 billion[59] Strategic Initiatives - The company plans to expand its operations in mainland China and explore new investment opportunities in construction-related projects[19] - The company plans to focus on high-level regions in mainland China and leverage opportunities from the transformation of the construction industry towards smart and green building[62] - The group is advancing its MiC (Modular Integrated Construction) technology, with plans to establish a factory in Beijing that will achieve over 70% automation and 100% digital coverage[41] Financial Management - The company has changed its reporting currency from Hong Kong dollars to Renminbi to better reflect its financial performance[10] - The company has not adopted new accounting standards that are not yet effective, which are expected to have no significant impact on its financial statements[15] - The independent auditor Ernst & Young confirmed that the financial statements for the year ending December 31, 2025, are consistent with the group's consolidated financial reports[69] Employee and Operational Costs - Employee costs for 2025 are reported at RMB 6,509,788,000, an increase from RMB 6,347,267,000 in 2024, indicating a growth of about 2.6%[25] - Financial expenses decreased to RMB 2,469.7 million in 2025 from RMB 2,948.3 million in 2024, a reduction of 16.2%[23] Recognition and Awards - The group received multiple awards for technological innovation, enhancing its reputation in the industry[49] - The group’s ESG rating improved from B to BBB, ranking first in the construction industry in China[44]

Financial Performance - The total revenue for the six months ended December 31, 2025, was HKD 29,471,000, a decrease of 13% compared to HKD 33,784,000 in the previous period[11] - Gross profit for the same period was HKD 18,099,000, down 18% from HKD 22,196,000, resulting in a gross margin of approximately 61% compared to 66% in the previous year[11] - The loss attributable to shareholders for the period was HKD 57,614,000, compared to a loss of HKD 42,182,000 in the previous period, equating to a basic loss per share of HKD 0.2424[12] - The company recorded a pre-tax loss of HKD 80,983,000, compared to a loss of HKD 53,618,000 in the previous year, indicating a significant increase in losses[56] - The total comprehensive income for the period was HKD 13,121,000, contrasting with a comprehensive loss of HKD 149,135,000 in the prior year[56] - Total comprehensive income attributable to owners was HKD 12,951,000, a significant recovery from a loss of HKD 148,591,000 in the previous year[57] Investment Properties - The company recorded a significant impairment loss on investment properties of HKD 88,060,000, compared to HKD 64,162,000 in the previous period[11] - The fair value of investment properties decreased by RMB 80,145,000, equivalent to HKD 88,060,000, compared to RMB 58,748,000 or HKD 64,162,000 in the previous period[16] - The fair value of investment properties in Shanghai decreased by RMB 58,930,000, leading to a loss of RMB 48,380,000 for the period[20] - The fair value of the group's investment properties decreased by HKD 88,060,000 as of December 31, 2025, compared to a loss of HKD 64,162,000 for the six months ending December 31, 2024[80] - The group’s investment properties are all located in China, and valuations are based on independent professional appraisals[80] Rental Income - Rental income from investment properties in mainland China was RMB 26,822,000, a decrease of 13% from RMB 30,933,000 in the previous period[16] - In Beijing, rental income decreased by 8% to RMB 11,898,000, with an average occupancy rate of 84% compared to 87% in the previous year[19] - In Shanghai, rental income fell by 17% to RMB 14,924,000, with an average occupancy rate of 68%, down from 71% in the previous year[20] - The property leasing segment generated revenue of HKD 29,471,000, with a loss of HKD 70,627,000, compared to a loss of HKD 42,905,000 in the previous year[68] - The company reported rental income of HKD 460,000 for the six months ended December 31, 2025, compared to HKD 451,000 for the same period in 2024, reflecting a growth of 2%[95] Financial Position - The company reported a total equity attributable to owners of RMB 6,599,903,000, with a net asset value per share of RMB 27.77[27] - The company maintained a zero total bank borrowings, resulting in a debt ratio of zero[27] - The company reported a foreign exchange gain of HKD 70,565,000 during the period, contributing positively to comprehensive income[61] - The company’s total liabilities increased slightly to HKD 7,525,968,000 from HKD 7,477,558,000, indicating a rise in financial obligations[60] - The company’s equity attributable to owners increased to HKD 7,307,082,000 from HKD 7,295,320,000, reflecting a marginal growth[60] Development Projects - The company continues to develop a piece of land in Shenzhen for residential and commercial use, which has not generated any income during the period[17] - The company is developing a multi-purpose land parcel in Shenzhen, with a total area of approximately 65,000 square meters and a developable area of 179,000 square meters[23] - The company has initiated construction on the Shenzhen land after obtaining necessary permits and is working closely with government departments on development plans[23] - The group plans to maintain close cooperation with government departments to explore various development options, enhancing the future value of its land assets[35] Market Conditions - The overall market sentiment remains low, particularly in the office sector, impacting rental income and occupancy rates[15] - The office market in Shanghai continues to face challenges due to oversupply and high vacancy rates, prompting the group to adopt flexible leasing strategies[32] - Shenzhen's real estate market is showing policy-driven stability, with recent high-end residential projects selling quickly at strong prices[35] - The retail market in Beijing is expected to stabilize gradually, with a decrease in vacancy rates and improvement in rental prices[32] Corporate Governance - The audit committee reviewed the accounting standards and practices adopted by the group, ensuring compliance with financial reporting requirements[50] - The company confirmed compliance with the corporate governance code principles during the reporting period[48] Employee Compensation - The company employed approximately 60 staff members, including directors, with compensation aligned with current market levels[47] - The total compensation for key management personnel was HKD 1,696,000 for the current period, an increase from HKD 1,476,000 for the six months ended December 31, 2024, representing a growth of 14.9%[96] Shareholder Information - Zedra Asia Limited holds 89,321,279 shares, representing approximately 37.58% of the total issued share capital of 237,703,681 shares as of December 31, 2025[44] - The group has issued 237,703,681 shares as of December 31, 2025, with a total capital of HKD 237,704,000[90] - The group has a stock option plan that allows for the issuance of up to 10% of the issued share capital, equating to 23,770,368 shares[92]

（於開曼群島註冊成立之有限公司） 網站：www.sbpgroup.com （股票編號：1177） 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。 本集團旗下企業分佈於北京、上海、南京、連雲港等地，擁有多個藥品生產基地。本集團成立至 今，持續取得卓越成就和穩健發展，核心成員企業包括正大天晴藥業集團股份有限公司（「正大天 晴」）、北京泰德製藥股份有限公司（「北京泰德」）、禮新醫藥科技（上海）有限公司（「禮新醫藥」）、杭 州赫吉亞生物醫藥有限公司（「赫吉亞」）、南京正大天晴製藥有限公司（「南京天晴」）、江蘇正大清 江製藥有限公司（「正大清江」）、江蘇正大豐海製藥有限公司（「正大豐海」）、invoX Pharma Limited （「invoX」）。 截至二零二五年十二月三十一日止年度業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至十二月三十一日止年度 | | | | | 二零二五年 | 二零二四年 | ...

Product Development and Approvals - KJ017, a recombinant hyaluronidase, is advancing towards commercialization in China, with a New Drug Application (NDA) submitted in 2024 and expected approval in the first half of 2026[4]. - KJ103, a low-immunogenic IgG degrading enzyme, achieved a 100% overall survival rate at 3 months in a Phase II trial for anti-GBM disease, compared to a historical survival rate of 81.2%[6]. - SJ02, a long-acting recombinant FSH, received NDA approval in August 2025 and has commenced commercial sales through a partnership with Anhui Anke Bioengineering[8]. - KJ101, a recombinant protease, received IND approval in February 2025 for wound healing applications and is currently in Phase II trials[8]. - KJ103's Phase III trial for kidney transplant desensitization is set to begin in the first half of 2026, following successful Phase II results[6]. - KJ015, an innovative subcutaneous bispecific antibody, received IND approval in December 2024 and is set to begin Phase I trials in June 2025[8]. - BJ007, the first subcutaneous formulation of ceftriaxone sodium, received IND approval from the National Medical Products Administration in February 2025, with Phase I clinical trials completed by January 2026[9]. - BJ009, an innovative subcutaneous formulation of cefazolin sodium, had its IND application submitted in May 2025 and received approval in September 2025, with Phase I clinical trials starting in December 2025[9]. - SJ04, a recombinant human chorionic gonadotropin, received IND approval in May 2024, and Phase I clinical trials were completed by September 2025[9]. - BJ044, a recombinant ulinastatin, is expected to have its IND application submitted in the first half of 2026[10]. - BJ045, a subcutaneous anti-CD20 antibody, is anticipated to have its IND application submitted in 2026[10]. - BJ047, a subcutaneous anti-CD154 antibody, is projected to submit its IND application in 2026[10]. - BJ008, a subcutaneous formulation of cefoperazone sodium and sulbactam sodium, is also expected to have its IND application submitted in 2026[10]. - The company plans to submit IND applications for multiple products in 2026, with key clinical trials expected to start in the first half of 2026[11]. - The company anticipates receiving NDA approval for one product in August 2025 and aims to complete Phase II trials by November 2025[11]. - The company has received BTD from the National Medical Products Administration for one product in November 2024, with plans to initiate Phase II trials in November 2025[11]. - The company is preparing IND applications for several products, with expected submissions throughout 2026[11]. - The company aims to complete Phase I trials for multiple products by the end of 2026[11]. - The company is focused on developing innovative biologics and improved chemical drugs, with several products in various stages of clinical trials[11]. - The company has outlined plans for market expansion and new product development, targeting key therapeutic areas[11]. - The company is actively pursuing orphan drug designation for certain products, enhancing its strategic positioning in niche markets[11]. - The company is committed to advancing its pipeline with a focus on critical clinical milestones and regulatory approvals[11]. - The company is exploring potential mergers and acquisitions to bolster its product offerings and market presence[11]. Financial Performance - The company reported a significant increase in user data, with a projected growth rate of 28% year-over-year for 2024[12]. - The company anticipates a revenue forecast of $5 billion for the upcoming fiscal year, reflecting a 15% increase compared to the previous year[12]. - Revenue increased significantly from RMB 6.16 million in 2024 to RMB 49.16 million in 2025, driven by a RMB 40 million increase in licensing revenue and the first commercial sales of products generating a net income of RMB 3.64 million[47]. - The gross profit for the same period was RMB 43,751,000, compared to RMB 5,020,000 in 2024, indicating a substantial improvement in profitability[79]. - The company incurred a total loss of RMB 395,302,000 for the year, compared to a loss of RMB 364,433,000 in 2024, reflecting a worsening financial position[79]. - Other income rose by 123.3% from RMB 7.6 million in 2024 to RMB 17.0 million in 2025, primarily due to an increase in government subsidies by RMB 5.4 million and bank interest income by RMB 1.5 million[51]. - The company reported a net cash flow from operating activities of RMB (180,049) thousand for 2025, an improvement from RMB (219,781) thousand in 2024[82]. - Cash and cash equivalents increased significantly from RMB 524.2 million in 2024 to RMB 1,241.6 million in 2025, mainly due to proceeds from the IPO and bank loans[57]. - The company reported a pre-tax loss of RMB (395,302) thousand for 2025, compared to a loss of RMB (364,456) thousand in 2024[82]. - The company’s equity increased to RMB 1,591,974 thousand in 2025 from RMB 995,876 thousand in 2024, showing a growth of 60.0%[81]. Strategic Partnerships and Collaborations - Strategic partnerships have been established with several biotech companies, including WuXi Biologics and Shanghai Laisai, to develop subcutaneous formulations of KJ017[4][5]. - The company is actively expanding its collaboration ecosystem, with over ten potential partners in various negotiation stages for KJ017[4]. - A strategic partnership is being established to enhance research and development capabilities, particularly in the field of advanced medical technologies[12]. - The company is exploring potential mergers and acquisitions to bolster its product portfolio and market presence[12]. - The company is focusing on strategic partnerships to expand its global footprint and realize the global value of its product pipeline[40]. - The group entered into a collaboration agreement with a pharmaceutical company to co-develop subcutaneous formulations, indicating a focus on new product development[97]. Research and Development - The company is committed to developing high-accessibility drugs to address unmet medical needs, aiming to become a leader in synthetic biology and recombinant biopharmaceuticals[46]. - The company has established three proprietary technology platforms for drug design, chassis cell engineering, and complete biomanufacturing, enabling efficient transition of recombinant protein drugs from lab to clinical stages[35]. - The drug design platform utilizes AI-driven models for precise protein engineering, resulting in the development of KJ103, a candidate drug with superior stability and functionality[36]. - The company has developed a CHO cell library with engineered glycosyltransferases to produce more homogeneous humanized glycoproteins, significantly reducing immunogenicity and enhancing efficacy[37]. - The complete biomanufacturing platform integrates mammalian, yeast, and E. coli expression systems, optimizing production processes for sustainable and efficient large-scale recombinant protein production[37]. - The company is committed to developing differentiated and globally viable innovative drugs in high-demand medical fields, leveraging its core technology capabilities[39]. Market Expansion and Future Outlook - The company is exploring market expansion opportunities, particularly in the field of synthetic biology and immunotherapy[1]. - The company is focusing on market expansion in Europe and Asia, aiming to capture a larger share of the healthcare sector[12]. - The company plans to expand its market presence in Europe and Asia, targeting a 15% market share increase in these regions by 2024[19]. - The company is committed to sustainability initiatives, targeting a 30% reduction in operational costs by 2025 through eco-friendly practices[12]. - The company is committed to sustainability initiatives, aiming for a 20% reduction in operational carbon footprint by 2025[19]. - The company is optimistic about its future outlook, projecting growth in both revenue and market share in the coming years[1]. - The ongoing research and development efforts are expected to lead to new product launches in the upcoming quarters, aligning with the company's growth strategy[1]. Operational and Administrative Insights - R&D expenses decreased slightly from RMB 250.7 million in 2024 to RMB 248.2 million in 2025, a reduction of RMB 2.5 million (or 1.0%) primarily due to a decrease in share-based payments related to equity incentives[14]. - Administrative expenses decreased from RMB 107.6 million in 2024 to RMB 104.6 million in 2025, a reduction of RMB 3.0 million (or 2.8%) mainly due to lower share-based payments to management and administrative personnel[14]. - The company is enhancing its talent strategy to recruit top professionals in R&D, commercialization, and global business development to support rapid growth[45]. - The company is preparing to submit an IND application for the drug BJ0073 in 2026, targeting bacterial infections[18]. - The company plans to accelerate the Phase II clinical trial of KJ101 for wound healing indications in 2026, targeting completion in the first half of the year[42]. Legal and Compliance Matters - The company has established an audit committee to oversee financial reporting and internal controls, ensuring compliance with corporate governance standards[75]. - The company is involved in a legal claim related to a technology transfer agreement with a biotechnology company, which has financial implications[115]. - The company has ongoing litigation related to a construction project with a pharmaceutical company, with liabilities recognized amounting to RMB 31,789,000[112].