Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 79,068,022 thousand, a decrease of 2.0% compared to RMB 80,650,914 thousand in 2024[2] - Net profit for the year was RMB 5,175,852 thousand, representing a 19.8% increase from RMB 4,322,135 thousand in 2024[2] - Adjusted net profit attributable to shareholders was RMB 4,245,156 thousand, up 14.1% from RMB 3,720,427 thousand in 2024[2] - EBITDA for the year was RMB 10,606,522 thousand, reflecting a growth of 10.2% compared to RMB 9,627,802 thousand in 2024[2] - Total revenue for 2025 reached RMB 78,987,713 thousand, a slight decrease from RMB 80,582,017 thousand in 2024, representing a decline of approximately 1.97%[20] - The company's net profit for 2025 was RMB 5,175,852 thousand, an increase from RMB 4,322,135 thousand in 2024, marking a growth of approximately 19.7%[21] - The company reported a pre-tax profit of RMB 6,965,916 thousand for 2025, compared to RMB 6,059,654 thousand in 2024, an increase of about 14.9%[21] Revenue Breakdown - Revenue from instant noodles was RMB 28,278,066 thousand in 2025, compared to RMB 28,306,049 thousand in 2024, indicating a marginal decrease of 0.1%[20] - Beverage segment revenue was RMB 50,098,397 thousand in 2025, down from RMB 51,615,930 thousand in 2024, reflecting a decrease of about 2.93%[20] - The instant noodle business generated revenue of RMB 28,421.36 million in 2025, accounting for 35.9% of total revenue, with a gross margin increase to 29.7%[38] - The beverage segment's total revenue for 2025 is projected to be RMB 50.123 billion, accounting for 63.4% of the group's total revenue[42] Profitability Metrics - Gross profit margin increased to 34.8%, up by 1.7 percentage points from 33.1% in 2024[2] - The gross profit margin improved by 1.7 percentage points to 34.8% in 2025, driven by favorable raw material prices and product mix optimization[37] - The gross profit margin for the beverage segment increased by 2.2 percentage points year-on-year to 37.5% due to favorable raw material prices and product mix optimization[42] Cash and Liquidity - Cash and cash equivalents, including long-term deposits, amounted to RMB 19,486,056 thousand, an increase of RMB 3,483,388 thousand from the previous year[2] - The net debt to equity ratio stood at -29.8%, indicating a strong liquidity position[2] - The group's cash inflow from operating activities for the year is RMB 8.202 billion, while cash outflow from investing activities is RMB 5.309 billion[48] - As of December 31, 2025, the group's cash and bank deposits increased by RMB 3.483 billion to RMB 19.486 billion compared to the previous year[49] Assets and Liabilities - Total assets minus current liabilities for 2025 amounted to RMB 25,582,191 thousand, up from RMB 20,725,630 thousand in 2024, showing an increase of about 23.5%[11] - Total assets for 2025 reached RMB 54,939,771 thousand, an increase from RMB 53,148,855 thousand in 2024, reflecting a growth of approximately 3.4%[22][23] - Total liabilities for 2025 were RMB 36,440,563 thousand, compared to RMB 35,533,504 thousand in 2024, indicating a rise of about 2.55%[11] - The company's total equity increased to RMB 18,499,208 thousand in 2025 from RMB 17,615,351 thousand in 2024, reflecting a growth of approximately 5.01%[11] Capital Expenditures and Investments - Capital expenditures for 2025 were RMB 3,088,096 thousand, a decrease from RMB 3,626,035 thousand in 2024, indicating a reduction of approximately 14.8%[23][24] - Capital expenditure commitments for property, machinery, and equipment amounted to RMB 743.629 million, down from RMB 1,044.846 million in 2024[34] Corporate Governance and Leadership - A significant organizational change occurred with a smooth transition of the CEO position, ensuring continuity in leadership[5] - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange rules, with a commitment to enhancing accountability and transparency to increase long-term shareholder returns[61] - The audit committee, consisting of three independent non-executive directors, recently reviewed the group's performance for the fiscal year 2025[66] Employee and Talent Management - The group has a total of 60,720 employees as of December 31, 2025[51] - The "活水计划" has supported multiple employees in internal transitions, enhancing talent retention and satisfaction[51] - The integration of AI in the recruitment system has improved talent selection and process efficiency[53] Sustainability and Innovation - The group has implemented energy-saving and emission-reduction measures in core factories, expanding photovoltaic deployment and green electricity procurement[55] - The digital transformation initiatives have led to real-time monitoring and management of equipment status and energy data[57] - The group has received multiple awards for its sustainable development practices, including recognition from the United Nations Global Compact and Forbes China ESG Top 50[59] Future Outlook - The company anticipates a moderately loose policy environment in 2026, focusing on high-quality development in the food and beverage industry, with products that combine functionality, emotional value, and green concepts leading industry growth[60] - The company aims to strengthen its core business and advance to a new stage of higher quality development, focusing on product innovation to meet national health needs[60] Dividends and Shareholder Information - The company plans to distribute a final dividend of RMB 0.3992 per share for 2025, an increase from RMB 0.3314 per share in 2024, totaling RMB 4,500.698 million for both ordinary and special dividends[31] - The proposed dividends are subject to approval at the annual general meeting scheduled for June 8, 2026[76] - The company will suspend the registration of share transfers from June 3 to June 8, 2026, to determine the list of shareholders entitled to attend the annual general meeting[77]

Financial Performance - The group's contract sales amounted to RMB 32.185 billion, a year-on-year decrease of 19.8%, covering a total area of 2,937,900 square meters[3]. - The group's revenue was RMB 36.874 billion, down 19.7% year-on-year, with a gross profit of RMB 3.201 billion and a gross margin of 8.7%[3]. - Profit attributable to the company's owners was RMB 305 million, a decline of 68.1% year-on-year, with basic earnings per share of RMB 0.086[3]. - The overall gross profit for the year was RMB 3.201 billion, a decline of 16.8% from RMB 3.846 billion in 2024, with a gross profit margin of approximately 8.7%[27]. - Operating profit for the year was RMB 1.529 billion, down 30.8% from RMB 2.210 billion in 2024, reflecting the challenging market conditions[28]. - The group’s attributable profit for the year was RMB 305 million, a decrease of 68.1% from RMB 954 million in 2024, with basic earnings per share of RMB 0.086[29]. - The company reported a basic earnings per share of RMB 0.085 for the fiscal year 2025, down from RMB 0.268 in 2024, with a total profit attributable to shareholders of RMB 304,658,000 compared to RMB 954,050,000 in the previous year[98]. Cash Flow and Liquidity - The group's operating cash flow recorded a net inflow of RMB 2.187 billion, with total cash and bank balances of RMB 26.865 billion, representing 22.6% of total assets[3]. - The company's cash and bank balances totaled RMB 26.865 billion as of December 31, 2025, representing 22.6% of total assets, compared to 21.1% in 2024[56]. - The company's net working capital was RMB 58.879 billion as of December 31, 2025, with a current ratio of 2.2, up from 2.0 in 2024[56]. - The group maintained a cash-to-short-term debt ratio of 1.8 times as of December 31, 2025, compared to 1.7 times in 2024, indicating strong liquidity management[57]. - The group identified debt repayment risk as a major concern, emphasizing the importance of cash flow management in the capital-intensive real estate sector[64]. Debt and Financing - The group successfully organized a club loan totaling RMB 3.1 billion with 9 banks, marking the highest amount of offshore bank loans in its history[15]. - The group issued two tranches of corporate bonds totaling RMB 2.8 billion, achieving the lowest interest rates in its history at 2.4% for three-year bonds and 2.7% for five-year bonds[15]. - The company's total loans, including guaranteed notes and corporate bonds, decreased to RMB 38.907 billion as of December 31, 2025, down RMB 0.795 billion from RMB 39.702 billion in 2024[53]. - The weighted average cost of financing for the company was 3.4% for the year, down from 4.1% in 2024, primarily due to lower interest rates in mainland China[55]. - The company issued bonds totaling RMB 1,500,000,000 in May 2025, with a portion maturing in May 2028 at an interest rate of 2.4% and the remainder maturing in May 2030 at 2.7%[111]. Market Position and Strategy - The group maintained a strong market position, ranking among the top three in sales in 21 cities, with five cities having a market share exceeding 20%[12]. - The group is positioned to leverage structural opportunities in the market, particularly in second and third-tier cities, amidst reduced competition[20]. - The group plans to leverage its financial strength to seize structural opportunities and respond to market challenges with a prudent strategy[23]. - The group continues to focus on developing in second and third-tier cities in mainland China, adapting products to meet local housing demands[36]. - The group aims to enhance its financial resilience and maintain steady operations while implementing the "new for old" strategy to improve asset turnover[19]. Project Development and Sales - The group acquired 22 new projects in 13 cities, with a total floor area of approximately 2,928,800 square meters and a total cost of RMB 11.708 billion[3]. - The group delivered approximately 25,800 units in the year, achieving a customer satisfaction rate of 97%, exceeding the industry benchmark of 95[14]. - The group achieved a total contracted sales of RMB 32.185 billion in 2025, a decrease of 19.8% compared to RMB 40.110 billion in 2024[27]. - The total area of completed properties ready for occupancy was approximately 4,733,700 square meters, with about 77% sold by year-end[39]. - The total area of unsold properties awaiting completion was 2,254,200 square meters, down from 3,085,200 square meters in 2024[44]. Administrative and Operational Efficiency - The group’s administrative expenses decreased to RMB 621 million, down RMB 142 million from RMB 763 million in 2024, maintaining a ratio below 2% of revenue[28]. - The group employed 2,218 staff as of December 31, 2025, a decrease from 2,429 in 2024, due to organizational restructuring[63]. - The company has established a quality assessment system to mitigate construction quality risks in real estate development[68]. - The company plans to enhance product development and increase the proportion of finished products to meet changing customer demands[65]. Future Outlook and Compliance - The company plans to adopt new accounting standards effective January 1, 2027, which are expected to have a significant impact on presentation and disclosure but not on the financial performance or position[83]. - The group is currently assessing the detailed impact of the new standards on its consolidated financial statements[83]. - The company has implemented a policy to manage currency risk arising from net investments in mainland China and will adjust hedging strategies as necessary[77].

Financial Performance - The company's operating revenue for the year ended December 31, 2025, was RMB 18.58 billion, representing a year-on-year increase of 13.8%[4] - The net loss attributable to the company's owners for the year was RMB 291.92 million, compared to a profit of RMB 259.20 million in 2024[2] - Basic loss per share was RMB (0.0637), compared to earnings of RMB 0.0566 per share in the previous year[2] - The company reported a total inter-segment sales of RMB 4,405,268,000, indicating substantial internal transactions[24] - The overall performance of the segments showed a profit of RMB 497,530,000, with notable contributions from the feed and meat product segments[24] - The company experienced a pre-tax profit of RMB 609,757,000, reflecting effective cost management and operational efficiency[24] - The company reported a loss attributable to shareholders of RMB 745,879 thousand for the year ended December 31, 2025, compared to a profit of RMB 538,216 thousand for the year ended December 31, 2024[39] Revenue Breakdown - Fresh pork sales volume increased by 30.3% to 341,000 tons compared to 262,000 tons in 2024[2] - The sales volume of branded packaged pork rose by 46.2% to 61,876 boxes from 42,317 boxes in 2024[2] - The revenue from fresh pork sales was RMB 5,208,353,000, highlighting strong demand in this segment[16] - The pig farming and sales segment generated revenue of RMB 3,231,292,000, while feed sales contributed RMB 5,758,906,000, and fresh pork sales accounted for RMB 4,795,181,000[20] - The meat products business achieved total revenue of RMB 790 million in 2025, a year-on-year increase of 5.9%, with total sales volume reaching 22,000 tons, up 4.7% year-on-year[68] Cost and Expenses - The total cost of goods sold for 2025 was RMB 17,696,214 thousand, compared to RMB 15,158,911 thousand in 2024, reflecting a rise of approximately 16.9%[33] - Sales and distribution expenses, along with administrative and other operating expenses, totaled RMB 1.258 billion in 2025, an increase of 12.5% from RMB 1.118 billion in the previous year, driven by increased brand investment and R&D efforts[73] - The financing costs for 2025 totaled RMB 175,411 thousand, compared to RMB 130,706 thousand in 2024, representing an increase of approximately 34.0%[32] Assets and Liabilities - The company reported a net asset value of RMB 8,844,177,000 as of December 31, 2025, a decrease from RMB 9,593,304,000 in the previous year[9] - Current liabilities exceeded current assets by RMB 4,182,425,000, compared to RMB 2,128,591,000 in the previous year, indicating increased financial pressure[14] - The company’s total liabilities reached RMB 10,457,701,000, up from RMB 8,441,618,000, indicating a growing debt burden[9] - The company's net debt as of December 31, 2025, was approximately RMB 9.099 billion, up from RMB 5.066 billion in 2024, resulting in a net debt-to-equity ratio of 102.9%[88] Operational Highlights - The company continues to enhance brand building and channel expansion, with significant breakthroughs in fresh brand business driven by technology[4] - The company has modern pig farming bases in several provinces, focusing on breeding, feeding, and slaughtering operations[45] - The company acquired a high-quality meat processing plant in Pinghu, Zhejiang, with an annual capacity of 9,000 tons in July 2025, enhancing its response to market demand in East China[48] - The company is focusing on cost reduction and efficiency improvement in pig farming, with measures including accelerated herd rotation and optimized production structure[56] Market and Industry Trends - In 2025, the total industrial feed production in China reached 342 million tons, a year-on-year increase of 8.6%, driven by the recovery in pig farming demand and stable development in poultry and aquaculture[50] - The national pig output in 2025 was 720 million heads, up 2.4% year-on-year, with pork production at 5.938 million tons, an increase of 4.1%[51] - The average price of live pigs in 2025 was RMB 13.71 per kilogram, a decrease of 17.9% compared to the previous year, with a peak price of RMB 16.4 per kilogram at the beginning of the year[51] Sustainability and Innovation - The company is implementing a full-chain ecological recycling model to promote sustainable agricultural practices, including the large-scale application of biogas slurry for soil improvement[58] - The establishment of the Jiajiakang Research Institute aims to enhance breeding technology and accelerate the application of new production capabilities[57] - The company is committed to rapid growth in its brand business, particularly in the fresh meat sector, with a focus on the "Jiajia Kang" and "Wanweike" brands[97] Governance and Compliance - The company has adopted corporate governance codes and has fully complied with all principles and provisions for the year ending December 31, 2025[99] - The company did not buy, sell, or redeem any of its listed securities during the year ending December 31, 2025[101] - The board has resolved not to declare a final dividend for the year ending December 31, 2025[103]

Financial Performance - Net interest income for 2025 reached RMB 4,073,606 thousand, a 15.77% increase from RMB 3,518,668 thousand in 2024[12] - Total operating income decreased by 6.69% to RMB 4,860,685 thousand in 2025 from RMB 5,209,013 thousand in 2024[12] - Net profit for 2025 was RMB 1,542,388 thousand, reflecting a 20.91% increase compared to RMB 1,275,665 thousand in 2024[12] - Total assets grew by 18.40% to RMB 202,461,917 thousand in 2025 from RMB 170,999,572 thousand in 2024[12] - Customer loans increased by 20.49% to RMB 118,783,713 thousand in 2025 from RMB 98,585,035 thousand in 2024[12] - The non-performing loan ratio improved to 1.18% in 2025, down from 1.19% in 2024[12] - Basic earnings per share increased to RMB 0.53 in 2025, up from RMB 0.43 in 2024[12] - The capital adequacy ratio for 2025 was 13.08%, slightly down from 13.12% in 2024[14] - The liquidity ratio decreased to 72.16% in 2025 from 84.10% in 2024, indicating tighter liquidity conditions[14] Asset and Liability Management - The total assets of Luzhou Bank amounted to RMB 202.462 billion, with total customer loans at RMB 124.830 billion and total customer deposits at RMB 156.556 billion[7] - Total liabilities reached RMB 188.73 billion, an increase of RMB 30.17 billion or 19.03% year-on-year, primarily due to steady growth in customer deposits[81] - Customer deposits totaled RMB 156.56 billion, an increase of RMB 21.24 billion or 15.70% from the previous year, accounting for 82.96% of total liabilities[83] - The average balance of customer deposits increased to RMB 157.43 billion, with interest expenses of RMB 33.79 billion, a slight decrease of 0.44% from the previous year[51] - The proportion of corporate demand deposits in total customer deposits was 29.91%, an increase of 0.13 percentage points year-on-year[84] Risk Management - The bank has implemented proactive compliance and strict risk control principles to enhance credit risk management, focusing on optimizing credit structure and strengthening approval processes[116] - The group implemented risk control measures, with guarantee and mortgage loans accounting for 59.07% of total loans, enhancing risk mitigation strategies[101] - The company actively optimized risk asset allocation and increased credit support for small and micro enterprises, agriculture-related sectors, and livelihood areas[94] - The bank's operational risk management framework has been continuously improved, focusing on internal control, compliance culture, and technology risk management[119] - The bank's market risk management aims to keep market risks, including interest rate and exchange rate risks, within acceptable limits for sustainable business development[120] Corporate Governance - The bank's governance includes independent non-executive directors, enhancing oversight and compliance[184] - The bank's major shareholders are defined as those holding more than 5% of shares or having significant influence over the bank's management[181] - The bank's financial reporting adheres to the Securities and Futures Ordinance, ensuring transparency in shareholder interests[182] - The company has made changes to its board and management structure, including the appointment of new independent directors pending regulatory approval[187][188] - The company is in compliance with the listing rules regarding the responsibilities of directors and has confirmed understanding of these responsibilities[187][188] Strategic Initiatives - The bank plans to maintain strategic focus and resilience in response to ongoing market challenges, aiming for sustainable growth in 2026[27] - The company aims to deepen integration within the Chengdu-Chongqing economic circle and actively support local economic development initiatives[31] - The company is committed to fostering a strong corporate culture to improve employee engagement and service delivery[32] - The company has initiated climate stress testing to assess asset quality under various climate scenarios, enhancing its climate risk management capabilities[135] - The company aims to integrate green low-carbon development responsibilities into its operational practices, promoting green procurement and enhancing supplier environmental responsibility assessments[135] Shareholder Information - The total number of shares outstanding was 2,717,752,062, with no changes during the reporting period[168] - The top shareholder, Luzhou Laojiao Group, holds 390,528,000 shares, representing 14.37% of the total shares[172] - The proportion of H-shares in the total share structure is 27.71%[168] - The company has seen a stable shareholder structure with no significant changes reported as of December 31, 2025[178] - The overall market strategy includes maintaining strong relationships with major shareholders to support future growth initiatives[178]

Financial Performance - The group's consolidated revenue for the year ended December 31, 2025, was RMB 37,985,000,000, an increase of RMB 6,537,000,000 during the "14th Five-Year Plan" period[2] - The group's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for 2025 was RMB 9,879,000,000, representing a 9.9% increase year-on-year[2] - The total revenue for the year ended December 31, 2025, was RMB 37,985 million, a decrease of 1.68% from RMB 38,635 million in 2024[21] - The gross profit for 2025 was RMB 16,360 million, down from RMB 16,475 million in 2024, reflecting a slight decline in profitability[21] - The net profit for the year was RMB 3,174 million, a decrease of 33.24% compared to RMB 4,759 million in 2024[21] - Basic earnings per share for 2025 were RMB 1.04, down from RMB 1.46 in 2024, indicating a decline in shareholder returns[21] - The total comprehensive income for 2025 was RMB 3,143 million, compared to RMB 4,767 million in 2024, showing a significant drop[22] Business Segments - The beer business achieved sales volume of approximately 11,030,000 kiloliters in 2025, a year-on-year growth of 1.4%[2] - The white wine business reported revenue of RMB 1,496,000,000 in 2025, with a significant impairment charge of RMB 2,877,000,000 recognized for goodwill[2] - The beer business revenue remained stable at approximately RMB 36,489,000,000, with a gross margin increase of 1.4 percentage points to 42.5%[10] - The sales volume of premium and above beer products accounted for nearly 25% of total sales, with a year-on-year growth of nearly 10 percentage points[10] - The revenue from the liquor business was RMB 1,496,000,000 in 2025, with a goodwill impairment of RMB 2,877,000,000 recognized due to market conditions[61] Cash Flow and Financial Position - The group's net cash position improved to RMB 4,234,000,000, up from RMB 2,011,000,000 in the previous year[3] - The group's net cash flow from operating activities increased by 2.9 percentage points to RMB 7,127,000,000 during the reporting period[6] - Current assets increased to RMB 21,211 million in 2025 from RMB 15,628 million in 2024, reflecting improved liquidity[23] - The company's total equity increased to RMB 35,964,000,000, compared to RMB 35,585,000,000 in the previous year[3] - The company maintained a current ratio of 0.82, improving from 0.60 in the previous year[3] Dividends and Shareholder Returns - The board proposed a final dividend of RMB 0.557 per share, a 43.8% increase from RMB 0.387 per share in 2024, resulting in a total dividend of RMB 1.021 per share for 2025, up 34.3% year-on-year[7] - The company declared an interim dividend of RMB 0.464 per share for 2025, up from RMB 0.373 per share in 2024, representing an increase of approximately 24.4%[37] Corporate Governance - The company has maintained a public float of over 25% of its issued shares as of the announcement date[80] - The company has adhered to the corporate governance code principles and rules applicable for the year ending December 31, 2025, with the latest revision of the corporate governance manual dated July 4, 2025[74] - The company has made eleven amendments to its corporate governance manual from 2009 to 2025, reflecting compliance with the latest listing rules[74] - The company has confirmed that all directors have complied with the standards set forth in the code of ethics and securities trading during the year ending December 31, 2025[77] Strategic Focus and Future Plans - The company plans to focus on high-end and high-quality development during the 14th Five-Year Plan, with beer business revenue increasing by over RMB 5,000,000,000 during this period[11] - The company aims to enhance brand building and develop a strong product matrix through a dual-driven strategy of "Chinese brands + international brands"[15] - The company plans to continue enhancing product quality and services to create sustainable long-term value for shareholders[19] - The company plans to continue its high-end strategy and expand into emerging businesses and the Greater Bay Area during the "15th Five-Year Plan" period[60] Environmental, Social, and Governance (ESG) Performance - As of the end of 2025, three factories have achieved carbon neutrality certification, and 24 factories have been recognized as national green factories[9] - The company maintains a strong commitment to ESG performance, achieving an MSCI ESG rating of "A," close to international standards[9] Market Conditions and Industry Trends - The company anticipates ongoing cyclical adjustments in the white wine industry, focusing on value reconstruction and new growth opportunities in the medium to long term[16] - The industry is expected to shift from "quantity-driven" to "value-focused," paving the way for high-quality development in the medium to long term[62]

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。 截至二零二五年十二月三十一日止年度全年業績 董事會欣然公布本集團截至二零二五年十二月三十一日止年度之綜合全年業績。本公司審核 與 企 業 管 治 委 員 會 在 向 董 事 會 作 出 建 議 以 待 批 准 前 ， 已 召 開 會 議 審 閱 本 集 團 截 至 二零二五年十二月三十一日止年度之經審核綜合業績及綜合財務報表。 | | 二零二五年 | 二零二四年 | 百分比變動 | | --- | --- | --- | --- | | | 百萬港元 | 百萬港元 | | | 合併收入 (1) | 25,015 | 21,361 | 17% | | 物業銷售 | 17,674 | 13,830 | 28% | | 物業租賃及其他 | 5,193 | 5,355 | -3% | | 酒店營運 | 2,148 | 2,176 | -1% | | 收入 (2) | 19,568 | 19,499 | 0.4% ...

Financial Performance - In 2025, Budweiser APAC reported revenue of $5.764 billion and normalized EBITDA of $1.588 billion, with beer sales volume reaching 79.658 million hectoliters [17]. - The company achieved over 20% revenue growth from its premium and super-premium product portfolio, which accounts for more than two-thirds of total revenue [7]. - Budweiser's normalized EBITDA margin stood at 27.6%, demonstrating robust profitability despite industry challenges [107]. - Revenue declined by 6.1% to $5,764 million in fiscal year 2025 from $6,246 million in 2024 [188]. - Normalized EBITDA decreased by 9.8% to $1,588 million in fiscal year 2025, with a normalized EBITDA margin of 27.6%, down 113 basis points from 28.9% in 2024 [188][190]. - The normalized profit attributable to equity holders was $666 million in fiscal year 2025, down from $778 million in 2024 [188]. - Net cash position decreased by $39 million to $2.8 billion at the end of fiscal year 2025 compared to the end of fiscal year 2024 [191]. - The board proposed a dividend of $750 million or $0.0566 per share for fiscal year 2025, consistent with fiscal year 2024 [191]. Market Performance - In China, sales and revenue decreased by 8.6% and 11.3%, respectively, reflecting increased investment in expanding non-immediate consumption business [192]. - In India, total market share recorded growth in both the fourth quarter of 2025 and the fiscal year 2025, driven by sustained industry momentum [192]. - In South Korea, sales showed a low single-digit decline, but revenue per hundred liters recorded low single-digit growth due to effective revenue management initiatives [192]. - In Q4 2025, sales in China decreased by 3.9%, with revenue and revenue per hectoliter down by 11.4% and 7.7% respectively, due to weak business layout and ready-to-drink channel performance [194]. - The contribution of non-ready-to-drink and O2O channels to sales and revenue improved in fiscal year 2025, reflecting progress in channel expansion strategies [194]. - In the Asia-Pacific region, sales and revenue decreased by 3.7% and 0.6% respectively in Q4 2025, while revenue per hectoliter increased by 3.2% [198]. - In Korea, sales experienced a low single-digit decline in Q4 2025, but revenue per hectoliter recorded low single-digit growth, keeping overall revenue stable [199]. Strategic Initiatives - The company is focusing on reigniting growth in China by enhancing its product mix and expanding its non-RTD (ready-to-drink) marketing channels [9]. - Budweiser APAC plans to accelerate its digital initiatives to improve execution and consumer engagement, supporting growth momentum in China [9]. - Budweiser APAC's strategy includes channel expansion and increasing penetration in O2O (online-to-offline) channels, which have shown improved contributions to sales and revenue [7]. - The company is investing in product innovation, including low-carb, sugar-free, gluten-free, and non-alcoholic options to meet diverse consumer demands [41]. - The company continues to invest in flagship brands, with a focus on Olympic-themed activities and collaborations with popular cultural phenomena to enhance brand engagement [200]. - Budweiser has established strategic partnerships with major platforms like the Olympics, FIFA, and NBA to enhance brand visibility and consumer engagement [47]. - The BEES platform expanded its coverage to over 320 cities in China by December 2025, enhancing sales rates at each distribution point [194]. Community and Sustainability Efforts - Budweiser APAC is committed to responsible drinking and promoting a balanced portfolio of beer choices to meet diverse consumer needs [12]. - The company is actively engaging in community contributions related to sustainability, responsible drinking, and road safety [36]. - The company has provided over 3.7 million cans and bottles of emergency drinking water to communities in 67 cities across the Asia-Pacific region since 2015, ensuring timely support during disasters [135]. - The company has achieved a water efficiency ratio of 1.77 in the Asia-Pacific region, improving by 40.8% since 2017 [146]. - The company has reduced Scope 1 and Scope 2 absolute emissions by 73.1% compared to the 2017 baseline, with a 71.4% increase in the percentage of renewable electricity used [145]. - By 2025, 61.0% of the company's packaging is recyclable or primarily made from recycled materials [149]. - The company aims to achieve 100% renewable energy for its purchased electricity and has set a target to reduce carbon emissions by 25% across its value chain [145]. - The company has partnered with over 1,900 direct farmers in Asia to promote sustainable agricultural practices by 2025 [157]. - The company has collaborated with local governments and industry organizations to improve planting techniques and fruit quality, enhancing farmer incomes [127]. - The company has launched a responsible drinking campaign in China, promoting its non-alcoholic product range during the Tomorrowland music festival [120]. Product Development - Budweiser is expanding its consumer reach with new packaging formats, such as the one-liter can of Budweiser Black Gold, to enhance market penetration [69]. - Harbin Beer is launching a new zero-sugar product to connect with health-conscious young adults, leveraging cultural influences from the NBA and hip-hop [75]. - The introduction of non-alcoholic products like Corona Cero and Budweiser 0.0 expands consumer choices and promotes responsible drinking [116]. - Cass beer family introduced new products: Cass Lemon Squeeze 7.0, Cass Light, and Cass All Zero, catering to diverse consumer preferences [78]. - Budweiser's digital flagship brand, BEES, is addressing consumer pain points and creating new revenue streams through digital transformation [41]. Capital Management - The company is committed to prudent capital allocation, aiming to reduce leverage and enhance shareholder returns while driving organic growth [41]. - Budweiser's capital expenditure as a percentage of revenue decreased by over 200 basis points over the past three years, indicating improved resource allocation [108]. - Budweiser's free cash flow ratio reached 11.2% of revenue, reflecting strong cash generation capabilities and efficient capital management [108].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不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。 SINOPHARM GROUP CO. LTD. * （於中華人民共和國註冊成立之股份有限公司， 在香港以國控股份有限公司之名稱經營業務） （股份代號：01099） 截至2025年12月31日止年度業績公告 國藥控股股份有限公司（「本公司」或「國藥控股」）董事會（「董事會」）欣然公佈本公司及其 附屬公司（「本集團」）截至2025年12月31日止年度（「報告期」）之按香港財務報告準則會計 準則編製的綜合業績。 董事長致辭 尊敬的各位股東、各位投資者： 值此國藥控股2025年度業績發佈之際，我謹代表公司董事會，向長期以來信任並支持 本集團發展的各位股東、廣大投資者及業務夥伴致以最誠摯的感謝！向奮戰在各業務條 線、勤勉履職的全體員工致以最崇高的敬意！ 2025年，醫藥流通行業進入深度調整、轉型攻堅的關鍵階段。面對複雜多變的宏觀環 境、深刻重構的行業格局及市場下行壓力，公司董事會堅持戰略引領、統籌全局部署， 管 ...

Financial Performance - For the fiscal year ending December 31, 2025, the company achieved a revenue of RMB 12.639 billion, representing a year-on-year growth of 40.03% compared to RMB 9.026 billion in the previous year[2]. - The net profit attributable to shareholders for the same period was RMB 3.082 billion, an increase of 74.70% from RMB 1.764 billion in the prior year[2]. - Operating revenue for 2025 reached RMB 12,638,506,229.12, a 40.5% increase from RMB 9,025,821,822.22 in 2024[8]. - Net profit for 2025 was RMB 3,447,387,967.50, up 73.5% from RMB 1,985,964,589.08 in 2024[9]. - The total profit for 2025 was RMB 4,925,871,489.49, compared to RMB 2,819,402,093.38 in 2024, indicating an increase of about 74.7%[17]. - The company reported a significant increase in operating cash flow, indicating a more robust financial position[44]. - The net cash flow from operating activities was 5.556 billion yuan, up 69.97% year-on-year[55]. - The company achieved stable production supply through continuous exploration and mining technology upgrades, maintaining costs within industry advantages[57]. Assets and Liabilities - As of December 31, 2025, total assets amounted to RMB 24.981 billion, reflecting a growth of 22.89% from RMB 20.329 billion at the beginning of the year[2]. - The company's total liabilities decreased to RMB 8.470 billion from RMB 9.605 billion, indicating a reduction of 11.80%[6]. - The asset-liability ratio decreased to 33.91% in 2025 from 47.25% in 2024, showing a reduction of 13.34 percentage points[111]. - The bank interest-bearing liabilities decreased to RMB 878 million in 2025 from RMB 2.697 billion in 2024, indicating a significant reduction in debt[114]. Shareholder Returns - The company proposed a cash dividend of RMB 0.32 per share for the fiscal year 2025, subject to approval at the annual general meeting[2]. - The company distributed a cash dividend of RMB 0.16 per share in 2025, totaling RMB 304,065,788.48, compared to RMB 0.05 per share and RMB 82,436,438.90 in 2024[39]. - The total cash dividend amount (including tax) was RMB 608,131,576.96, representing 19.73% of the net profit attributable to ordinary shareholders[174]. - Over the last three fiscal years, the cumulative cash dividend amount (including tax) was RMB 994,633,804.34, with an average annual net profit of RMB 1,883,547,026.42, resulting in a cash dividend ratio of 52.81%[176]. Operational Highlights - The company focused solely on gold mining, avoiding short-term diversified investments, which is believed to be a long-term correct strategy[43]. - The company aims to adapt to challenges in 2026, including increased global competition for gold resources and the need for cost control[47]. - The company plans to continue expanding its mining capacity and exploration projects using the capital raised from the IPO[56]. - The company achieved a net loss from long-term equity investments of RMB 281,499.71 in 2025, compared to a gain of RMB 7,194,112.43 in 2024[21]. Market and Industry Context - Global gold demand exceeded 5,000 tons for the first time in 2025, with a total value of $555 billion, a 45% year-on-year increase[66]. - The global gold supply faced structural constraints, with a production increase of only 0.61% year-on-year, totaling approximately 3,300 tons in 2025[67]. - The ongoing geopolitical changes and concerns over the US dollar system are expected to support a continued rise in gold prices[136]. Corporate Governance and Compliance - The company has adopted all applicable provisions of the Corporate Governance Code and has confirmed compliance with its recommendations[190]. - The board of directors consists of four independent non-executive directors, meeting the requirement of at least one director with appropriate financial expertise[191]. - The audit committee has reviewed the annual performance and financial statements for the year ending December 31, 2025, confirming compliance with applicable accounting standards[193]. Strategic Initiatives - The company plans to enhance recovery rates by approximately 3.5% through the resin leaching project, which has a completion rate of 42%[130]. - The company will deepen exploration in Ghana and advance the Brown Father project to provide reliable support for capacity expansion[163]. - The company emphasizes a dual approach of internal growth and external expansion to achieve its goal of becoming a world-class gold mining company[160]. Human Resources and Employee Engagement - The company employed a total of 6,738 employees across China, Ghana, and Laos as of December 31, 2025[167]. - The company emphasizes competitive compensation packages to attract and retain skilled employees, exceeding market averages[166]. - The company has established a comprehensive human resources system to manage recruitment, employee development, and compensation in its overseas operations[167].

Financial Performance - For the fiscal year ending December 31, 2025, Zijin Gold International Company Limited produced 46.9 tons of gold, a 20% increase compared to 2024, with a compound annual growth rate (CAGR) of approximately 15% from 2023 to 2025[3]. - The company's revenue reached approximately $5.38 billion, an 80% increase from 2024, with a CAGR of about 54% from 2023 to 2025[3]. - Net profit was approximately $1.87 billion, representing a 202% increase from 2024, with a CAGR of around 141% from 2023 to 2025[3]. - The net cash inflow from operating activities was about $2.4 billion, up 174% from 2024, with a CAGR of approximately 61% from 2023 to 2025[3]. - In 2025, the company's revenue reached approximately $5.38 billion, a 80.5% increase from $2.99 billion in 2024[107]. - Gross profit for 2025 was approximately $2.84 billion, with a gross margin of 52.7%, compared to $1.13 billion and 37.9% in 2024[107]. - The company's earnings per share for 2025 was $0.82, compared to $0.88 in 2024[107]. - The profit attributable to equity holders of the parent company rose to $1,601,556 thousand in 2025 from $481,371 thousand in 2024, an increase of approximately 233%[126]. Production and Operations - The company reported a total resource amount of 1,972 tons of gold, with proven reserves of 917 tons, maintaining a stable resource base[5]. - The overall All-In Sustaining Cost (AISC) was $1,501 per ounce, a 3% increase from $1,458 per ounce in 2024[3]. - The successful acquisition of the Akim gold mine in Ghana and the Ruygord polymetallic mine in Kazakhstan contributed to increased production and profitability[3]. - The Jilau-Taror mine produced approximately 6.1 tons of gold, a 13% increase year-on-year, with a lower AISC of $1,380 per ounce[37]. - The Rosebel mine produced 8.3 tons of gold, showing a year-on-year increase, with an AISC of $1,573 per ounce[42]. - The Aurora mine achieved a production of 4.5 tons of gold, with an AISC of $1,432 per ounce, benefiting from increased processing volume and cost optimization measures[41]. - Akim Gold Mine achieved approximately 5.1 tons of gold production in 2025, exceeding annual plans, with an AISC of $1,719 per ounce[43]. - Ruigold Mine produced about 1.2 tons of gold in 2025, with an AISC of $1,249 per ounce, and plans to increase annual processing capacity from 6 million tons to 16 million tons[44]. Exploration and Resources - Total exploration investment by subsidiaries Ross Beil, Norton Goldfields, and Aurora reached approximately $20 million, completing over 128,000 meters of drilling, resulting in an additional inferred resource of 56.7 tons of gold, with a net increase of 45.6 tons attributable to the company[15]. - The average grade of gold at the Norton Goldfield is 0.91 grams per ton, while the average grade for the Jilao-Talou mine is 1.95 grams per ton[10]. - The average recovery rate for the Norton Goldfield is between 72% and 93% for open-pit mining[14]. - The company aims to enhance exploration efforts in key projects located in major mineral belts, aiming for significant resource growth[64]. - The Norton mine is focusing on brownfield exploration to extend its operational lifespan, with promising results from recent exploration activities[69]. Financial Position and Capital Management - Cash and cash equivalents as of December 31, 2025, were approximately $3.62 billion, providing sufficient funding for future mine expansions and resource acquisitions[33]. - The company's total assets increased by 47% to approximately $3.74 billion due to acquisitions in Ghana and Kazakhstan[98]. - The debt-to-asset ratio improved to 29% from 46% year-on-year, indicating a stronger financial position[97]. - The company’s intangible assets rose by 111% to approximately $3.03 billion, primarily due to the valuation of mining rights from recent acquisitions[100]. - The company’s financing activities generated a net cash inflow of approximately $5.82 billion, a 1,566% increase from 2024, mainly due to shareholder investments and public offerings[94]. Strategic Initiatives and Future Outlook - Zijin Gold International plans to expand its global gold business, leveraging the capital platform provided by its listing on the Hong Kong Stock Exchange[3]. - The company aims for a production guidance of 2026-2028, anticipating continued high performance in the global gold market amid geopolitical and economic uncertainties[54]. - The total gold production guidance for 2026 is approximately 59.2 tons, with an expected increase to 70-75 tons by 2028[56]. - The company is focusing on optimizing its global gold asset portfolio through strategic acquisitions and divestitures to enhance resource allocation efficiency[45]. - The company plans to propose a final dividend for the year ending December 31, 2025, pending approval at the upcoming annual general meeting[127]. Environmental and Governance - All mines achieved a target of zero major environmental impact events in 2025, with compliance rates for wastewater and solid waste management reaching 100%[53]. - The company aims to strengthen its ESG performance by aligning with international best practices and improving environmental and safety management by 2026[75]. - The company confirmed compliance with all applicable code provisions of the Corporate Governance Code from the listing date to December 31, 2025[140].