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。 格式要跟足上年 格式要跟足上年 China Telecom Corporation Limited 中國電信股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份編號：728） 截 至2025年12月31日止之年度業績公告 要 點 – 1 – — 公司經營收入為人民幣5,296億元，其中服務收入為人民幣4,854億元，同比 增 長0.7%。EBITDA為人民幣1,439億元，同比增長2.1%。淨利潤為人民幣332 億元，同比增長0.5%，每股基本淨利潤為人民幣0.36元 — 公司持續推動創新引領的基礎和產數業務雙輪驅動融合發展 — 基礎業務收入達到人民幣3,305億元，同比增長0.7% — 產業數字化業務收入達到人民幣1,473億 元，同 比 增 長0.5%，其中資源型收 入達到人民幣630億元，同比增長1.1%。戰新業務繼續保持較快增長，天翼 雲收入達到人民幣1,207億元，公有雲IaaS市場 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 50,210.8 million, an increase from RMB 48,218.1 million in 2024, representing a growth of approximately 4.1%[5] - Operating profit for 2025 was RMB 5,917.7 million, compared to RMB 5,047.6 million in 2024, reflecting an increase of about 17.2%[5] - Annual profit reached RMB 4,059.9 million, up from RMB 3,399.1 million in 2024, marking a growth of approximately 19.5%[5] - Basic earnings per share increased to RMB 0.8051 from RMB 0.6574, representing a rise of about 22.5%[5] - The company reported a net profit margin of approximately 8.1% for 2025, compared to 7.0% in 2024[5] - Pre-tax profit for the year ending December 31, 2025, was RMB 5,113,768 thousand, compared to RMB 4,667,339 thousand in 2024, reflecting an increase of approximately 9.5%[25] - The company’s annual profit for 2025 was RMB 4,059.9 million, an increase of RMB 660.8 million compared to RMB 3,399.1 million in the previous year[135] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 84,462.8 million, compared to RMB 82,947.7 million in 2024[4] - Total liabilities as of December 31, 2025, were RMB 37,311,783 thousand, an increase from RMB 38,523,127 thousand in 2024, indicating a decrease of about 3.1%[25] - Total equity increased to RMB 47,151.1 million from RMB 44,424.5 million in 2024, indicating a growth of approximately 6.1%[4] - Non-current assets totaled RMB 51,936,968 thousand as of December 31, 2025, down from RMB 53,058,893 thousand in 2024, reflecting a decline of approximately 2.1%[27] - Cash and cash equivalents rose to RMB 7,462.99 million, up from RMB 5,423.77 million in 2024, an increase of about 37.6%[7] Revenue Segmentation - The company generated 78% of its total revenue from a major customer, China National Offshore Oil Corporation (CNOOC) and its subsidiaries, consistent with 77% in 2024[28] - Revenue from external customers, after deducting sales tax, was RMB 50,210,835 thousand for 2025, compared to RMB 48,218,097 thousand in 2024, indicating a year-over-year increase of about 4.1%[27] - The drilling services segment generated revenue of RMB 14,879.0 million, a 12.9% increase from RMB 13,182.3 million in 2024[85] - The company’s vessel service business generated revenue of RMB 5,190.8 million in 2025, reflecting a 9.0% increase from RMB 4,760.9 million in 2024[94] - The company’s revenue from geophysical exploration and engineering services for 2025 was RMB 2,688.0 million, a 0.9% increase from RMB 2,664.6 million in 2024[97] Expenses and Costs - Total operating expenses amounted to RMB 44,513.0 million, an increase of RMB 1,015.4 million or 2.3% compared to the previous year[123] - Employee compensation costs for 2025 amounted to RMB 8,746,379,000, an increase of 4.2% from RMB 8,391,877,000 in 2024[41] - Financial expenses, net, amounted to RMB 996.2 million, reflecting a significant increase of 59.6% year-on-year, primarily due to foreign exchange losses[130] - The effective tax rate for 2025 was 20.6%, down from 27.2% in 2024[45] Capital Expenditures - Capital expenditures for the year were RMB 5,593,664 thousand, compared to RMB 7,320,408 thousand in 2024, indicating a decrease of approximately 23.6%[25] - The drilling services segment saw a significant capital expenditure reduction of 58.8%, down to RMB 1,614.7 million from RMB 3,923.5 million[149] - In 2025, the company's capital expenditure reached RMB 5.594 billion, completing 78% of the annual budget[152] Dividends and Shareholder Returns - The board of directors proposed a final dividend of RMB 0.2825 per share for the year ending December 31, 2025, totaling RMB 1,347,974,740[49] - For the year 2024, the company plans to distribute a dividend of RMB 0.2306 per share, amounting to RMB 1,100,329,115.20[49] Market and Operational Insights - The global oil and gas industry showed signs of stable growth, with a focus on cost optimization and operational efficiency amid fluctuating oil prices[83] - The company plans to continue expanding its market presence and enhancing its service offerings in the oil and gas sector[30] - The company is actively expanding into overseas high-end markets and focusing on low-carbon transformation initiatives[154] Tax and Regulatory Compliance - The company is required to withhold a 10% corporate income tax on dividends distributed to non-resident corporate shareholders[51] - The company is continuously assessing potential tax liabilities related to a tax dispute with an overseas subsidiary[157] Research and Development - The company’s research and development expenses for 2025 totaled RMB 1,501,378,000, an increase of 8.4% from RMB 1,384,944,000 in 2024[41] - The company has made significant advancements in technology, with key innovations receiving national recognition, including the "Geological Rotary Steering Drilling System" awarded the National Science and Technology Progress Award[93]

Financial Performance - Revenue for 2025 reached $3,411,647 thousand, an increase of 11.6% compared to $3,058,059 thousand in 2024[11] - Profit attributable to shareholders was $1,222,887 thousand, reflecting an 18.9% growth from $1,028,325 thousand in the previous year[11] - Basic earnings per share increased to $0.46, up 17.9% from $0.39 in 2024[11] - Operating cash flow net amount was $1,401,037 thousand, a 21.0% increase from $1,158,334 thousand in 2024[11] - Gross profit amounted to approximately $1,310.5 million, reflecting a year-on-year increase of about 14.7%[36] - The pre-tax profit was approximately $1,251.3 million, representing an increase of about 18.8% compared to the previous year[36] - Net profit for the year increased by approximately 19.0%, from $1,034.3 million in 2024 to $1,230.4 million in 2025[59] - Total assets grew by approximately 8.7% from $3,198.1 million in 2024 to $3,477.6 million in 2025[60] - Total revenue increased by approximately 11.6% from $3,058.1 million in 2024 to $3,411.6 million in 2025, driven by a 7.8% increase in container volume and a 4.5% rise in average freight rates[47] Operational Highlights - The number of container vessels operated at year-end was 119, up from 114 in 2024[11] - Container throughput for container shipping and extended logistics reached 3,847,539 TEUs, an increase of 277,355 TEUs from 3,570,184 TEUs in 2024[11] - The company plans to continue expanding its fleet, having received two new container ships in 2025, bringing the total fleet capacity to 184,961 TEUs[37] - As of December 31, 2025, the company operated 76 trade routes, including 11 routes through joint services and 25 routes through container swap arrangements[43] - The company has a total of 119 vessels in its fleet, including 99 owned vessels and 20 leased vessels, with an average vessel age of 9.4 years[43] Strategic Initiatives - The company successfully launched the "SITC COWIN" eighth-generation roll steel box, achieving breakthroughs in safety performance and operational costs, providing more reliable and economical logistics solutions[25] - The company signed a strategic cooperation framework agreement with Tianjin Port Group and the Tianjin government, enhancing its operational capabilities[25] - The company initiated the world's first dual-layer intelligent storage and yard project in collaboration with Singapore's ALLIED company, marking a significant advancement in container logistics[24] - The company expanded its service network and increased route density, focusing on low-carbon and high-quality supply chain services[33] Awards and Recognition - The company was recognized as a "User-Satisfied Container Shipping Company" and received multiple awards for customer satisfaction in various logistics categories[24] - The company was selected for the S&P 2025 Sustainability Yearbook, receiving recognition as an "Industry Pioneer" for its ESG efforts[20] Financial Management - The company reduced interest-bearing bank borrowings significantly to $18,939 thousand, down 88.6% from $166,857 thousand in 2024[11] - Current assets net value increased to $498,343 thousand, a 4.1% rise from $478,763 thousand in 2024[11] - Sales costs rose by about 9.7% from $1,915.2 million in 2024 to $2,101.1 million in 2025, primarily due to a $120.0 million increase in equipment and cargo transportation costs[48] - Administrative expenses increased by approximately 6.7% from $144.0 million in 2024 to $153.6 million in 2025, mainly due to rising employee bonus costs[52] Corporate Governance - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors[185] - The company emphasizes the importance of good corporate governance standards to protect shareholder interests and enhance transparency and accountability[181] - The audit committee, consisting of three independent non-executive directors, has reviewed the company's annual performance for the fiscal year ending December 31, 2025[178] - The company has established a written guideline for employees regarding securities trading to prevent violations of undisclosed price-sensitive information[183] Risk Management - The company has established a comprehensive risk management organization covering various branches of the board, clearly defining risk control responsibilities and personnel[160] - The company has implemented a unique high-frequency, high-density integrated logistics service model to mitigate risks from market fluctuations[163] - The company actively monitors fuel price fluctuations and has implemented fuel surcharges to minimize the impact of volatile fuel prices on performance[164] Environmental and Social Responsibility - The company has committed to environmental protection by adhering to local environmental laws and regulations, implementing effective environmental technologies, and promoting energy-saving practices[169] - The company plans to publish its Environmental, Social, and Governance (ESG) report for the fiscal year ending December 31, 2025, alongside its annual report[170] - The group made charitable donations and other contributions totaling approximately USD 1.0 million during the year[93] Shareholder Information - The proposed final dividend is HKD 1.00 per ordinary share, equivalent to USD 0.13, subject to shareholder approval at the annual general meeting on April 20, 2026[83] - The company's distributable reserves amount to approximately USD 902 million as of December 31, 2025[89] - Major shareholder Yang Shaopeng holds 1,097,794,544 shares, representing 40.66% of the company's equity[138]

Financial Performance - Revenue for the year ended December 31, 2025, reached RMB 14,353.6 million, a 10.0% increase from RMB 13,051.7 million in 2024[2] - Gross profit increased by 13.2% to RMB 8,963.7 million, compared to RMB 7,915.5 million in the previous year[2] - EBITDA rose by 26.1% to RMB 1,772.6 million, up from RMB 1,405.8 million in 2024[2] - Adjusted comparable net profit increased by 22.7% to RMB 664.1 million, compared to RMB 541.2 million in 2024[2] - The adjusted comparable net profit margin improved to 4.6%, up from 4.1% in the previous year[2] - The company reported a net profit of RMB 196.1 million, a significant turnaround from a net loss of RMB 53.7 million in 2024, representing a 465.2% improvement[2] Costs and Expenses - Total sales and distribution costs increased to RMB 6,229.1 million from RMB 5,569.6 million, indicating a rise in operational expenses[3] - The company incurred financing costs of RMB 909.9 million, slightly down from RMB 920.6 million in the previous year[3] - The total expenses for the year were RMB 366,958,000, an increase from RMB 250,514,000 in 2024, reflecting a growth of approximately 46%[35] - Administrative expenses increased by 7.4% to RMB 837.3 million, while the percentage of these expenses relative to group revenue slightly decreased from 6.0% in 2024 to 5.8% in 2025[97] Assets and Liabilities - Total assets decreased from RMB 14,970,053 thousand in 2024 to RMB 14,788,086 thousand in 2025, a decline of approximately 1.22%[7] - The total liabilities decreased from RMB 12,088,051 thousand in 2024 to RMB 11,407,662 thousand in 2025, a reduction of approximately 5.63%[7] - Non-current assets totaled RMB 14,107,169 thousand in 2025, slightly down from RMB 14,219,781 thousand in 2024, a decrease of approximately 0.79%[6] - Current assets rose to RMB 5,296,355 thousand in 2025, compared to RMB 4,622,641 thousand in 2024, an increase of around 14.59%[6] Cash Flow - Cash flow from operating activities increased to RMB 1,536,810 thousand in 2025, up from RMB 1,346,423 thousand in 2024, representing a growth of about 14.14%[8] - The company’s net cash generated from operating activities was RMB 1,805,120 thousand in 2025, compared to RMB 1,675,902 thousand in 2024, indicating a year-over-year increase of about 7.71%[8] - The company reported a net increase in cash and cash equivalents of RMB 57,096 thousand in 2025, compared to an increase of RMB 276,319 thousand in 2024[10] Market Performance - Revenue from mainland China accounted for RMB 10,201,467 thousand, showing a substantial increase from RMB 8,685,410 thousand in the previous year[25] - The North American market generated RMB 1,747,740 thousand in revenue, up from RMB 1,621,676 thousand in 2024[25] - The company reported a total of RMB 295,745 thousand in inventory write-downs to net realizable value across various segments[22] - The company did not have any single external customer contributing more than 10% of total revenue for the years ended December 31, 2025, and 2024[27] Segment Performance - The infant formula segment generated RMB 4,215,817 thousand in sales, while the probiotics and children's nutrition segment contributed RMB 837,337 thousand[22] - Revenue from the adult nutrition and care products segment reached RMB 6,946.4 million, a year-on-year increase of 3.7%, accounting for 48.4% of total revenue[75] - The infant nutrition and care products segment saw a significant revenue increase of 20.0% to RMB 5,257.3 million, contributing 36.6% to total revenue[75] - Revenue from the pet nutrition and care products segment grew by 9.0% to RMB 2,149.9 million, representing 15.0% of total revenue[75] Dividends - The company declared an interim dividend of HKD 0.19 per share for 2025, down from HKD 0.30 in 2024, totaling RMB 111,181,000[43] - The proposed final dividend for 2025 is HKD 0.16 per share, compared to HKD 0.05 in 2024, amounting to RMB 90,812,000[43] Taxation - The company incurred tax provisions at a rate of 25% for its mainland China operations, with certain subsidiaries qualifying for a reduced rate of 15% due to high-tech enterprise status[36] - The estimated taxable profits in Australia are subject to a corporate tax rate of 30%, consistent with the previous year[38] - Income tax expenses increased by 46.5% to RMB 367.0 million for the year ended December 31, 2025, compared to RMB 250.5 million in 2024[106] Governance and Compliance - The audit committee has reviewed the interim results for the six months ended June 30, 2025, and the annual performance for the year ending December 31, 2025[131] - The independent auditor has confirmed that the financial data for the year ending December 31, 2025, is consistent with the consolidated financial statements[132] - The company has established written guidelines for employees regarding securities trading to prevent insider trading[129] Strategic Initiatives - The company aims to continue developing its strategic and financial priorities, achieving significant progress across various aspects of its operations[50] - The company plans to increase the sales proportion of high-margin products in the pet nutrition segment to above 37.0%[73] - The company aims to optimize its supply chain, resulting in reduced inventory turnover days for various product categories[122]

(Incorporated in the Cayman Islands and its members'liability is limited) Stock Code: 2314 （於開曼群島註冊成立及其成員責任為有限）股份代號: 2314 2025 ANNUAL REPORT 年 報 CONTENT 目錄 | 2 | About Lee & Man Paper | 關於理文造紙 | | --- | --- | --- | | 4 | Corporate Information | 公司資料 | | 6 | Financial Highlights | 財務摘要 | | 7 | Financial Summary | 財務概要 | | 8 | Chairman's Statement | 主席報告 | | 12 | Management Discussion and Analysis | 管理層討論及分析 | | 16 | Corporate Governance Report | 企業管治報告 | | 38 | Environmental, Social and Governance Report | 環 ...

Financial Performance - For the year ended December 31, 2025, the Group recorded total revenue of HK$3,755 million, down 5.0% year-on-year, while profit for the year totaled HK$558 million, up 15.8% year-on-year[10]. - The Group's gross profit margin increased by 5.0 percentage points to 34.5%, and the net profit margin rose by 2.7 percentage points to 14.9%[10]. - Revenue for the year ended December 31, 2025, was HK$3,755 million, a decrease of 5.0% from HK$3,951 million in the previous year, while net profit attributable to equity holders increased by 15.8% to HK$558 million[23][29]. - Gross profit increased by HK$131 million to HK$1,295 million, attributed to a decline in raw material prices and energy costs[34][41]. - Selling and distribution costs decreased by approximately HK$18 million to HK$185 million, representing 4.9% of total revenue compared to 5.1% in the previous year[35][42]. - Research and development costs amounted to approximately HK$169 million, representing 4.5% of total revenue, with a focus on developing new products in the fluorine chemical sector[37][44]. Financial Position - The Group's net gearing ratio was 5.6% for the year ended December 31, 2025, indicating a robust financial position[12]. - The Group's total shareholders' equity increased to HK$6,331 million as of December 31, 2025, up from HK$5,936 million in 2024[50]. - The current ratio improved to 1.24 as of December 31, 2025, compared to 1.21 at the end of 2024[50]. - The Group's net debt was approximately HKD 0.351 billion, slightly down from HKD 0.358 billion in 2024, resulting in a net debt to equity ratio of 5.55%[56]. - The current assets of the Group were approximately HKD 1.261 billion, down from HKD 1.387 billion in 2024, while current liabilities decreased to approximately HKD 1.015 billion from HKD 1.146 billion[56]. Production and Operations - Leasing revenue from property operations amounted to approximately HK$3.3 million[11]. - The vinylene carbonate production line at the Jiangsu Changshu plant has started operation, contributing to profit growth during the year[15]. - A high-end fluoropolymer production line is under construction at a new site in Jiangxi, which will support future sales growth[15]. - The actual production volume for Chloromethane products was approximately 400,000 tons, with caustic soda at 610,000 tons, polytetrafluoroethylene at 8,000 tons, and hydrogen peroxide at 390,000 tons[26][32]. Sustainability and Environmental Initiatives - The Group aims to optimize energy efficiency, conserve water, and reduce carbon emissions as part of its sustainable development plans[18]. - The Group is committed to intelligent transformation, optimizing production processes to enhance efficiency and reduce energy consumption and pollutant emissions[184]. - The Company integrates green technology into R&D and production, striving for innovation and quality improvement[183]. - The Group has set clear, quantifiable objectives for environmental stewardship and workplace health & safety as part of its sustainability agenda[182]. - The Group aims to minimize carbon emissions through comprehensive carbon emissions inventories and a focus on prevention at the source[187]. Corporate Governance - The Company has complied with the Corporate Governance Code as set out in Appendix 14 of the Listing Rules on The Stock Exchange of Hong Kong Limited[89]. - The Board consists of seven Directors, including three Executive Directors, one Non-executive Director, and three Independent Non-executive Directors[96]. - Independent non-executive Directors represent more than one-third of the Board and possess appropriate legal, professional accounting qualifications, and financial management expertise[92]. - The Company is committed to maintaining high standards of corporate governance to safeguard and maximize shareholders' interests[88]. - The Company provides ongoing professional development for directors, ensuring they are updated on business and regulatory changes[105]. Risk Management - The Group has established a risk management framework involving the Board of Directors, the Audit Committee, and the Risk Management Taskforce to manage risks effectively[136]. - The Risk Management Taskforce identifies and prioritizes significant risks annually, establishing risk mitigation plans and assigning risk owners[137]. - An independent professional advisor has been engaged to provide internal control review services, assisting the Board and Audit Committee in monitoring risk management and internal control systems[141]. - The Group's risk management systems are designed to provide reasonable assurance against material misstatement or loss, rather than absolute assurance[143]. Shareholder Engagement - The Company encourages shareholder participation in AGMs, providing at least 21 days' notice for meetings[168]. - The Board considers various factors, including financial results and cash flow, when declaring or recommending dividends[177].

Financial Performance - The net revenue for 2025 was RMB 3,027.6 million (USD 432.9 million), representing a 45.8% increase from RMB 2,077.2 million in the previous year[8]. - The company achieved a net profit of RMB 435.9 million (USD 62.3 million) in 2025, compared to a net loss of RMB 102.4 million in 2024[8]. - The gross margin for 2025 was 41.8%, slightly down from 42.6% in the previous year[8]. - Product revenue for 2025 was RMB 2,982.9 million (USD 426.6 million), up 51.7% from RMB 1,966.3 million, driven by strong demand for ADAS and robotic lidar products[15]. - The company expects net revenue for Q1 2026 to be between RMB 650 million (USD 93 million) and RMB 700 million (USD 100 million), representing a year-over-year growth of approximately 24% to 33%[19]. - The company reported a net loss of RMB 102,376 in 2024, which is expected to turn into a net profit of RMB 435,880 in 2025[53]. - The company reported a basic and diluted loss per share of RMB (0.79) for 2024, which is expected to improve to RMB 3.13 for 2025[76]. Production and Shipment - In 2025, the total shipment of LiDAR units reached 1,620,406, a 222.9% increase from 501,889 units in 2024[8]. - The company plans to increase its annual production capacity to over 4 million units by 2026 to meet the rising demand in the ADAS and robotics sectors[6]. - The shipment guidance for 2026 has been raised to 3 million to 3.5 million units, reflecting strong market demand[9]. - The company has secured orders for over 10 million lidar units for robotic applications, indicating strong future demand and potential for additional orders as customer deployment scales[14]. Research and Development - Research and development expenses for 2025 were RMB 796.9 million (USD 114.0 million), down 6.9% from RMB 855.6 million, attributed to reduced salary and material costs[16]. - The company has accumulated 2,071 LiDAR patents, ranking first globally in the field of LiDAR innovation according to Yole Group[12]. - The company aims to enhance its market position through new product development and strategic partnerships in the ADAS and robotics sectors[53]. Partnerships and Collaborations - The company has secured partnerships with all top ten OEMs in China and has expanded into the mass market for vehicles priced below RMB 100,000[6]. - The company has established a strategic partnership with NVIDIA for the DRIVE Hyperion 10 platform, enhancing its position in the autonomous driving market[12]. Financial Position and Cash Flow - Cash reserves as of December 31, 2025, were RMB 7,511.0 million (USD 1,074.1 million), an increase from RMB 3,204.8 million at the end of 2024[20]. - The company's debt-to-asset ratio as of December 31, 2025, is 20.4%, a decrease from 34.4% on December 31, 2024[26]. - The company reported a net cash inflow from financing activities of RMB 4,345,871 thousand in 2025, compared to RMB 250,675 thousand in 2024[57]. - The total cash, cash equivalents, and restricted cash at the end of 2025 amounted to RMB 1,667,506 thousand[59]. Legal and Regulatory Matters - The company remains under legal proceedings related to the U.S. Department of Defense, with no predictable outcome as of the announcement date[44]. - The company has not encountered any other significant events affecting the group from December 31, 2025, to the date of this announcement[36]. - The company has no significant litigation or arbitration other than those disclosed as of December 31, 2025[45]. Corporate Governance - The audit committee, composed of three independent non-executive directors, has reviewed the company's unaudited annual results for the year ended December 31, 2025[38]. - The company has established three board committees: the audit committee, the remuneration committee, and the nomination and corporate governance committee[37]. - The board has proposed not to declare any annual dividend for the year ending December 31, 2025[46]. Accounting and Financial Reporting - The financial data presented is unaudited and subject to change pending the final audited financial statements[39]. - The company emphasizes the use of non-GAAP financial measures to provide additional insights into its performance and liquidity[48]. - The company believes that non-GAAP measures are helpful for management and investors in assessing performance and planning for future periods[49]. - The company’s historical financial data is prepared in accordance with US GAAP, reflecting significant accounting estimates and assumptions[63].

Financial Performance - The company recorded revenue of approximately RMB 6.2935 billion for the year ending December 31, 2025, an increase of about 4.4% compared to RMB 6.0277 billion for the year ending December 31, 2024[2]. - The profit attributable to shareholders for the year ending December 31, 2025, was approximately RMB 221.1 million, a significant increase of approximately 760.6% from RMB 25.7 million for the year ending December 31, 2024[2]. - The gross profit for the year ending December 31, 2025, was RMB 1.2173 billion, compared to RMB 1.1488 billion for the previous year, reflecting an increase in operational efficiency[3]. - The company reported a basic earnings per share of RMB 6.22 for the year ending December 31, 2025, compared to RMB 0.72 for the previous year[3]. - The net profit attributable to the company's owners for 2025 was RMB 300,212,000, compared to RMB 357,668,000 in 2024, showing a decrease of about 15.9%[12]. - The company reported a pre-tax profit of RMB 446,242,000 for 2025, up from RMB 195,263,000 in 2024, representing a substantial increase of about 128.5%[20]. - The company’s interest income decreased to RMB 4,063,000 in 2025 from RMB 9,686,000 in 2024, a decline of approximately 58%[18]. - The company’s depreciation and amortization expenses for 2025 were RMB 511,536,000, down from RMB 605,011,000 in 2024, reflecting a decrease of about 15.4%[12]. - The company confirmed a liquidation gain of approximately RMB 54.8 million from a subsidiary due to the termination of operations at the Xianju project[36]. - Other income and net gains increased to RMB 98.9 million in 2025 from RMB 52.9 million in the previous year, primarily due to liquidation gains from a subsidiary[55]. Revenue Segments - The urban services segment generated revenue of RMB 5,495,087,000 in 2025, up from RMB 5,310,493,000 in 2024, reflecting a growth of about 3.5%[12]. - The hazardous waste treatment segment reported revenue of RMB 478,308,000 in 2025, down from RMB 536,459,000 in 2024, indicating a decline of approximately 10.8%[12]. - The group recorded total revenue of approximately RMB 5.430 billion from urban environmental governance services for the year ended December 31, 2025, compared to RMB 5.253 billion for the previous year, an increase of 3.4%[48]. - The revenue from the waste electrical and electronic products treatment business was approximately RMB 320.1 million for the year ended December 31, 2025, compared to RMB 180.7 million for the previous year, accounting for about 5.1% of the total revenue[46]. - The total revenue from hazardous waste treatment services for the year ended December 31, 2025, was RMB 478.3 million, a decrease of 10.8% from RMB 536.5 million in 2024[53]. Operational Efficiency - The gross profit margin for the urban services segment improved to 21.8% in 2025 from 20.8% in 2024, reflecting enhanced operational efficiency[34]. - The gross profit margin improved from 19.1% for the year ended December 31, 2024, to 19.3% for the year ended December 31, 2025, primarily due to an increase in the gross profit margin of urban services[47]. - The gross profit for the group increased to RMB 1,217,316,000 in 2025, compared to RMB 1,148,835,000 in 2024, marking a growth of around 6%[12]. - The company recorded a profit of approximately RMB 471.7 million from urban services, up 21.5% from RMB 388.2 million in the previous year[35]. Capital Expenditures and Financial Position - Capital expenditures for 2025 totaled RMB 244,519,000, significantly lower than RMB 627,703,000 in 2024, a reduction of approximately 61%[12]. - The total assets as of December 31, 2025, amounted to RMB 8.5359 billion, slightly down from RMB 8.5806 billion in 2024[6]. - The net asset value increased to RMB 3.9105 billion from RMB 3.8137 billion in the previous year, indicating a strengthening of the company's financial position[6]. - The total bank borrowings decreased to RMB 2,523,449,000 in 2025 from RMB 2,632,026,000 in 2024, a reduction of 4.1%[33]. - The net debt ratio decreased to 30.8% as of December 31, 2025, from 44.4% in 2024, primarily due to strong cash inflows and repayment of bank borrowings[75]. Dividends and Shareholder Returns - The proposed final dividend is HKD 0.02 per share, with a total annual dividend of HKD 0.038 per share[2]. - The company proposed a final dividend of HKD 0.02 per share for 2025, up from HKD 0.013 per share in 2024, totaling HKD 71,133,000 (approximately RMB 64,020,000) compared to HKD 46,237,000 (approximately RMB 42,076,000) in the previous year[26]. - The board expressed gratitude to shareholders, business partners, and employees for their support and contributions throughout the year[96]. Strategic Initiatives and Market Conditions - The company initiated a special action plan to address losses in the hazardous waste treatment business, focusing on efficiency improvements and cost reductions[35]. - The hazardous waste treatment industry remains in a cyclical low, with market oversupply leading to continued pressure on disposal prices[78]. - The group will focus on "low risk, good profitability, and stable growth" as strategic pillars for future development[77]. - The group strategically decided to terminate the operation of the Xianju project due to market competition and a significant decline in sales prices, focusing resources on more growth-potential business areas[44]. Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the financial performance for the year ending December 31, 2025, and confirmed adherence to appropriate accounting policies and compliance with listing rules[93]. - Deloitte has verified the consistency of the consolidated financial statements for the year ending December 31, 2025, with the figures in the preliminary announcement, although this does not constitute an audit opinion[94]. - The group emphasizes high levels of corporate governance to enhance performance and ensure transparency and accountability[90].

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，概不對任何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的任何損失承擔責任。 China Jinmao Holdings Group Limited 中國金茂控股集團有限公 司 （於香港註冊成立的有限公司） （股票代號：00817） 截至二零二五年十二月三十一日止年度業績公告 中國金茂控股集團有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司 及其附屬公司截至2025年12月31日止年度的經審核業績。本公告列載本公司 2025年報全文，並符合香港聯合交易所有限公司證券上市規則（「上市規則」） 中有關年度業績初步公告附載的資料的要求。本公司2025年報的印刷版本將 於2026年4月30日或以前寄發予本公司的股東，並可於其時在香港交易所披 露易網站www.hkexnews.hk 及本公司的網站www.chinajinmao.cn 上閱覽。 2 中國金茂控股集團有限公司 關於中國金茂 中國金茂控股集團有限公司（「中國金茂」、「公司」、「本公司」）是中國中化控股有限責任公司（「中 ...

Financial Performance - Q4 net revenue reached RMB 1,000.5 million (USD 143.1 million), with a total of 631,095 lidar units shipped[8] - Full-year net revenue for 2025 was RMB 3,027.6 million (USD 432.9 million), representing a 46% year-over-year growth[10] - Full-year net profit for 2025 was RMB 435.9 million (USD 62.3 million), marking the first annual profit under GAAP in the lidar industry[10] - The net revenue for the fiscal year 2025 was RMB 3,027.6 million (USD 432.9 million), an increase of 45.8% compared to RMB 2,077.2 million in 2024[19] - The product revenue for 2025 was RMB 2,982.9 million (USD 426.6 million), up 51.7% from RMB 1,966.3 million in the previous year, driven by strong demand for ADAS and robotic lidar products[19] - The operating profit for 2025 was RMB 168.8 million (USD 24.1 million), recovering from an operating loss of RMB 204.9 million in 2024[21] - The cash reserves as of December 31, 2025, were RMB 7,511.0 million (USD 1,074.1 million), up from RMB 7,368.8 million as of September 30, 2025[20] - The gross margin for 2025 was 41.8%, slightly down from 42.6% in the previous year, attributed to a decrease in high-margin non-recurring engineering service revenue[21] Shipment and Market Position - The company achieved a total shipment of 1,620,406 lidar units for the year 2025, tripling the previous year's volume[10] - The company holds over 40% market share in the automotive lidar market, ranking first in 2025[9] - The company plans to increase annual production capacity to over 4 million units in 2026 to meet rising demand in the ADAS and robotics sectors[9] - The company will adjust its lidar shipment guidance for 2026 to between 3 million and 3.5 million units[10] - The total shipment of LiDAR units in Q4 2025 was 631,095, representing a 184.2% increase compared to 222,054 units in Q4 2024[17] - The shipment of ADAS LiDAR units in Q4 2025 was 550,723, up 185.0% from 193,238 units in Q4 2024[17] Research and Development - Research and development expenses for 2025 were RMB 796.9 million (USD 114.0 million), a decrease of 6.9% from RMB 855.6 million in 2024, primarily due to reduced wage and material costs[21] - The company has accumulated 2,071 LiDAR patents as of 2025, solidifying its leadership position in LiDAR innovation globally[12] - The company plans to launch a new LiDAR-specific main control chip, the Fermi C500, in November 2025, with mass production expected to start in April 2026[13] - Future outlook includes continued investment in R&D for new products and technologies to enhance market competitiveness[29] Partnerships and Market Expansion - The company has established partnerships with all top ten OEMs in China and is expanding into the mass market for vehicles priced below RMB 100,000[9] - The company has partnered with Grab as its exclusive distributor in Southeast Asia to expand sales channels for high-quality LiDAR products[12] - The company has signed orders for over 10 million robotic lawnmowers, indicating strong demand and potential for future orders[13] Profitability and Cash Flow - The non-GAAP net profit for 2025 was RMB 550.5 million (USD 78.7 million), a staggering increase of 3,922.0% from RMB 13.7 million in the previous year[21] - The operating profit for Q4 2025 was RMB 102.0 million (USD 14.6 million), a decrease of 4.3% from RMB 106.6 million in Q4 2024[18] - Non-GAAP net profit for Q4 2025 was RMB 180,887,000, compared to RMB 170,370,000 in Q4 2024, showing a growth of about 6.9%[38] Asset and Liability Management - Hesai Technology reported a total asset increase from RMB 5,989,611 thousand in 2024 to RMB 11,261,278 thousand in 2025, representing an 88.1% growth[31] - Total liabilities increased from RMB 2,057,880,000 in 2024 to RMB 2,302,524,000 in 2025, a rise of approximately 11.8%[32] - Total equity rose from RMB 3,931,731,000 in 2024 to RMB 8,958,754,000 in 2025, marking an increase of about 128.5%[32] - Cash and cash equivalents decreased from RMB 2,838,966 thousand to RMB 1,663,492 thousand, a decline of 41.2%[31] - Short-term investments surged from RMB 362,195 thousand to RMB 3,091,856 thousand, marking a significant increase of 754.5%[31] - The net accounts receivable rose from RMB 765,027 thousand to RMB 1,262,220 thousand, reflecting a growth of 65.1%[31] - Total current assets increased from RMB 4,682,656 thousand to RMB 7,069,163 thousand, an increase of 50.9%[31] - Non-current assets grew from RMB 1,306,955 thousand to RMB 4,192,115 thousand, indicating a substantial increase of 221.5%[31] Currency and Shareholder Information - The company emphasizes the importance of non-GAAP financial measures to provide a clearer view of operational performance, excluding stock-based compensation expenses[27] - The weighted average number of basic shares increased from 130,414,178 in 2024 to 156,083,596 in 2025, reflecting a growth of approximately 19.6%[34] - The company reported a foreign currency translation adjustment of RMB 21,404,000 in 2024, which turned into a loss of RMB 63,895,000 in 2025[34]