Financial Performance - For the year ended December 31, 2025, the group's revenue was approximately RMB 18,055,551,000, an increase of about 56.32% compared to RMB 11,550,680,000 in 2024[2] - The net profit for the year ended December 31, 2025, was approximately RMB 4,439,749,000, representing a significant increase of about 139.81% from RMB 1,851,333,000 in 2024[2] - The basic and diluted earnings per share attributable to ordinary shareholders of the parent company were approximately RMB 0.96, up about 173.56% from RMB 0.35 in 2024[2] - The profit attributable to the owners of the parent company was approximately RMB 3,613,992,000, an increase of about 149.10% from RMB 1,450,799,000 in 2024[3] - The gross profit for the year was approximately RMB 7,570,289,000, compared to RMB 4,521,953,000 in 2024, indicating a strong growth in profitability[5] - Other income and gains for the year were approximately RMB 2,276,018,000, up from RMB 582,509,000 in 2024[5] - The company’s total comprehensive income for the year was approximately RMB 4,668,400,000, compared to RMB 1,728,531,000 in 2024[7] - Total revenue for the year ended December 31, 2025, reached RMB 18,055,551,000, a significant increase from RMB 11,550,680,000 in 2024, representing a growth of approximately 56.5%[26] - The mining segment generated revenue of RMB 15,772,501,000, while the copper segment reported a loss of RMB 1,513,801,000, leading to an overall segment profit of RMB 5,930,204,000[24] - Revenue from overseas customers increased to RMB 2,484,237,000 in 2025, up from RMB 1,388,682,000 in 2024, reflecting a growth of approximately 78.8%[26] - Gold sales contributed RMB 15,884,265,000 to total revenue in 2025, while copper sales generated RMB 565,022,000, indicating a strong performance in the gold segment[30] Dividends and Shareholder Returns - The board proposed a cash dividend of RMB 0.1 per share (before tax) for all shareholders, compared to RMB 0.05 per share (before tax) in 2024[3] - The proposed final dividend is RMB 0.1 per share, up from RMB 0.05 per share in the previous year, subject to shareholder approval[58] Assets and Liabilities - Total non-current assets as of December 31, 2025, amounted to approximately RMB 40,865,056,000, compared to RMB 39,676,995,000 in 2024[9] - Current assets totaled approximately RMB 16,419,614,000 as of December 31, 2025, compared to RMB 13,890,950,000 in 2024[9] - Current liabilities totaled RMB 14,398,106 thousand, slightly down from RMB 14,435,157 thousand in the previous year, indicating a decrease of 0.26%[11] - Net current liabilities improved to RMB 2,021,508 thousand from a negative RMB 544,207 thousand, showing a significant recovery[11] - Total assets minus current liabilities increased to RMB 42,886,564 thousand from RMB 39,132,788 thousand, reflecting a growth of 7.05%[11] - Non-current liabilities decreased to RMB 13,789,099 thousand from RMB 13,940,497 thousand, a reduction of 1.08%[11] - Net assets rose to RMB 29,097,465 thousand, up from RMB 25,192,291 thousand, representing an increase of 15.3%[11] - Equity attributable to owners of the parent company increased to RMB 24,696,188 thousand from RMB 21,183,602 thousand, a growth of 16.5%[11] Operational Highlights - The total gold production for the year was 27,225.68 kg (approximately 875,325.20 ounces), an increase of about 2.93% compared to the previous year[54] - The company achieved a gold production of 27,225.68 kg, with a pre-tax profit of approximately RMB 5.569 billion, marking a historical high[66] - The company added 71.33 tons of new gold resources, bringing the total gold resource to 1,504.68 tons, with a recoverable reserve of 521.24 tons[67] Expenses and Costs - Employee costs for 2025 amounted to RMB 1,414,730, up from RMB 1,266,500 in 2024, reflecting a year-over-year increase of about 11.7%[36] - The total financial costs for 2025 were RMB 502,048, a decrease from RMB 544,594 in 2024, indicating a reduction of approximately 7.8%[35] - The total other expenses for 2025 amounted to RMB 2,022,326, a significant increase from RMB 799,600 in 2024, reflecting a rise of approximately 153.5%[35] - Administrative and other operating expenses were approximately RMB 3,733,084,000, reflecting a 62.83% increase from last year (RMB 2,292,696,000), primarily due to increased impairment of properties, plants, and equipment[75] Taxation - The total income tax expense for 2025 was RMB 1,129,477, significantly higher than RMB 377,555 in 2024, marking an increase of approximately 199.5%[39] - The deferred tax expense for 2025 was RMB 127,665, compared to a deferred tax benefit of RMB (181,233) in 2024, indicating a significant shift in tax position[39] - The company’s effective tax rate for 2025 was approximately 20.3%, with a breakdown of 15.5% for Hong Kong and overseas and 22.8% for mainland China[40] Corporate Governance and Management - The board of directors and supervisory board were re-elected on February 26, 2025, for a term of three years[99] - The company appointed Mr. Jiang Guipeng as the Chairman of the Eighth Board of Directors and Mr. Duan Lei as the CEO effective February 26, 2025[101] - The company held its first extraordinary general meeting on February 26, 2025, approving the re-election of the Eighth Board of Directors for a term of three years[104] - The company decided to cancel the supervisory board, with its powers transferred to the audit committee of the board of directors[103] Future Plans and Investments - The group plans to maintain gold production at no less than 25.91 tons for the year 2026[94] - The group will invest RMB 2.018 billion in infrastructure and technological upgrades to enhance production capacity and ensure timely completion of key projects[95] - The group aims to increase geological exploration investment to RMB 221 million, targeting an increase of over 47 tons in new gold metal reserves[96] - The group plans to allocate RMB 40 million for research and technological innovation, focusing on smart mining and green metallurgy applications[97] - The group will invest RMB 299 million in safety and environmental protection measures to enhance ESG governance and sustainable development capabilities[97] Market and Sales Strategy - The company plans to continue expanding its operations in both domestic and international markets, focusing on enhancing its mining and financial services[24] - The company plans to expand its market presence through strategic acquisitions and partnerships[106] Compliance and Risk Management - The group is subject to Pillar Two tax regulations, with no expected top-up tax liability due to an effective tax rate exceeding 15% in all operating jurisdictions[43] - The group has implemented strict credit control measures to minimize credit risk, with regular reviews of accounts receivable aging by senior management[48] - The group faces foreign exchange risks due to fluctuations in the RMB to USD exchange rate, which may impact net assets and earnings[91] Shareholder Information - The annual general meeting for 2025 is scheduled to be held on June 1, 2026[146] - Shareholder registration will be temporarily suspended from May 26, 2026, to June 1, 2026, to determine eligibility for the annual general meeting[143] - To qualify for the final dividend, shareholders must submit transfer documents by June 4, 2026[145]

年度報告 2025 公司簡介 重要提示：中國石化董事會及其董事、高級管理人員保證本年度報告所載資料不存在任何虛假記載、誤導性陳述或重大 遺漏，並對其內容的真實性、準確性和完整性負個別及連帶責任。本公司不存在大股東非經營性資金佔用情況。中國石 化全體董事均參加了第九屆董事會第十一次會議。中國石化董事長侯啟軍先生，副董事長、總裁趙東先生，財務總監兼 會計機構負責人壽東華女士保證本年度報告中的財務報告真實、準確、完整。中國石化審計委員會已審閱中國石化截至 2025年12月31日止年度報告。 本公司分別按中國企業會計準則和國際財務報告會計準則編製的截至2025年12月31日止年度財務報告已經畢馬威華振 會計師事務所（特殊普通合夥）和畢馬威會計師事務所進行審計並出具標準無保留意見的審計報告。 中國石化第九屆董事會第十一次會議通過決議，建議派發末期現金股利每股人民幣0.112元（含稅），加上2025年半年度 已派發現金股利每股人民幣0.088元（含稅），2025年全年現金股利每股人民幣0.2元（含稅）。末期股利建議尚待股東於 2025年度股東會上批准。 公司簡介 中國石化H股於2000年10月18日在中國香港聯合交易所上 ...

截至2025年12月31日止年度，本集團實現利潤總額人民幣807.53億元，同比增長67.96%（上年同期： 人民幣480.78億元）。 截至2025年12月31日止年度，本集團歸屬於上市公司股東的淨利潤為人民幣517.77億元，同比增長 61.55%（上年同期：人民幣320.51億元）。 截至2025年12月31日止年度業績公佈 截至2025年12月31日止年度，本集團實現營業收入人民幣3,490.79億元，同比增長14.96%（上年同 期：人民幣3,036.40億元）。 於2025年12月31日，本集團總資產為人民幣5,120.05億元，較年初增長29.10%（年初：人民幣3,966.11 億元）。 於2025年12月31日，本集團歸屬於上市公司股東的淨資產為人民幣1,855.42億元，較年初增長 32.73%（年初：人民幣1,397.86億元）。 董事會建議公司2025年度股利分配預案為：每10股派發現金紅利人民幣3.8元（含稅）。2025年度 利潤分配方案尚需股東會審議批准。 1 紫金礦業集團股份有限公司董事會欣然公佈本公司及其附屬公司（統稱「本集團」）截至2025 年12月31日止年度已審核綜合年度 ...

Financial Performance - For the year ended December 31, 2025, the group's revenue was RMB 494.3 million, an increase of 2.1% compared to RMB 484.3 million in 2024[3]. - The group's gross profit for 2025 was RMB 346.6 million, up 6.4% from RMB 325.8 million in 2024, with a gross margin of 70.1%, an increase of 2.8 percentage points from 67.3% in 2024[3]. - Operating expenses totaled RMB 314.7 million in 2025, a decrease of 1.1% from RMB 318.2 million in 2024[3]. - The total comprehensive income for 2025 was RMB 20.4 million, compared to RMB 16.8 million in 2024[4]. - Basic and diluted earnings per share for 2025 were RMB 0.17, up from RMB 0.12 in 2024[4]. - The total assets as of December 31, 2025, were RMB 563.3 million, slightly up from RMB 560.7 million in 2024[8]. - Cash and cash equivalents increased to RMB 177.9 million in 2025 from RMB 134.2 million in 2024[8]. - The total equity attributable to the company's owners was RMB 468.3 million as of December 31, 2025, down from RMB 475.4 million in 2024[9]. Revenue Segmentation - The tea products segment generated revenue of RMB 297.21 million in 2025, down from RMB 326.18 million in 2024, with the largest decline in the 常潤茶 category, which fell from RMB 79.91 million to RMB 49.80 million[21]. - The weight loss and other pharmaceuticals segment saw revenue increase to RMB 197.12 million in 2025, up from RMB 158.12 million in 2024, primarily driven by the weight loss drug category which rose from RMB 148.00 million to RMB 184.87 million[21]. - Revenue from weight loss products in 2025 reached RMB 184.9 million, a growth of 24.9% from RMB 148.0 million in 2024, driven by a significant increase of 482.9% in sales from a key e-commerce platform[136]. - Revenue from the four health teas decreased by 3.5% to RMB 247.6 million in 2025, primarily due to a contraction in traditional sales channels and a structural decline in overall sales volume[136]. - Other health food revenue fell by 28.6% to RMB 49.6 million in 2025, impacted by market economic conditions and underperformance of newly launched similar products[137]. Investment and Assets - The company recognized a fair value loss of RMB 9,045,000 on financial assets measured at fair value through profit or loss[26]. - The fair value of financial assets measured at fair value through profit or loss increased to RMB 140,960,000 in 2025 from RMB 79,434,000 in 2024, reflecting a growth of approximately 77.4%[37]. - The company’s investment in a fund was valued at RMB 86.51 million as of December 31, 2025, but management reassessed and determined that control over the fund was lost, leading to a reclassification of the investment[49]. - The group has no significant contingent liabilities or guarantees as of December 31, 2025[161]. Operational Efficiency - The company has established a digital content production system based on AI workflows, significantly reducing production costs and improving operational efficiency[87]. - The company successfully established an automated electronic invoice processing system, significantly improving document processing efficiency and reducing labor costs in tax management[118]. - The company upgraded its BI system to handle increasing data volumes, providing precise real-time analysis for business decision-making[117]. - The company installed video monitoring equipment in production workshops, achieving intelligent supervision of production processes and enhancing regulatory compliance[115]. Research and Development - Research and development costs totaled RMB 29,359,000, indicating a focus on innovation and product development[24]. - The company has submitted 4 invention patent applications and received 2 authorizations, enhancing its R&D capabilities[57]. - The company is enhancing its R&D capabilities and accelerating the transformation of technological achievements to support product upgrades and market competitiveness[107]. - The company submitted 4 invention patent applications and 2 utility model patent applications in 2025, enhancing its core technology assets[108]. Market Strategy - The company is focusing on seven strategic initiatives, including deepening omni-channel integration and enhancing international market presence[56]. - The company aims to enhance brand influence and business momentum through a B2B2C model, integrating online traffic, offline experience, and global conversion[127]. - The company plans to strengthen partner autonomy and improve market operations by unifying product pricing across channels to eliminate unhealthy competition[128]. - The international business strategy will shift towards channel expansion and brand building in key regions such as the U.S., Middle East, and Southeast Asia[131]. Compliance and Governance - The independent auditor issued a qualified opinion on the consolidated financial statements due to limitations in the audit scope regarding the valuation of a fund investment[48]. - The company’s financial statements reflect compliance with International Financial Reporting Standards and the Hong Kong Companies Ordinance[48]. - The audit committee consists of three independent non-executive directors and has reviewed the consolidated financial statements for the year ending December 31, 2025[171]. Corporate Social Responsibility - The company has donated over RMB 3.5 million to environmental protection initiatives and established long-term partnerships with professional environmental organizations[121]. - The company plans to invest RMB 100,000 annually from 2023 to 2025 in rural support projects to improve local living conditions[123].

Financial Performance - Other income decreased by approximately RMB 13.3 million or 39.3% to about RMB 20.5 million for the year ending December 31, 2025[3]. - Other losses increased by approximately RMB 57.7 million or 488.7% to about RMB 69.5 million for the year ending December 31, 2025[3]. - Loss before tax increased by approximately RMB 44.5 million or 23.9% to about RMB 230.9 million for the year ending December 31, 2025[3]. - Total loss and comprehensive expenses increased by approximately RMB 43.6 million or 23.3% to about RMB 230.9 million for the year ending December 31, 2025[4]. - The company reported a net loss of RMB 230,907,000 for the year ended December 31, 2025, compared to a net loss of RMB 186,417,000 in 2024, representing a 23.8% increase in losses year-over-year[95]. - The company reported a pre-tax loss of RMB (230,907,000) in 2025, compared to RMB (186,417,000) in 2024[191]. - The company’s total equity attributable to owners was a negative RMB 13,927,000, compared to a negative RMB 13,296,000 in 2024, indicating a deterioration in equity position[100]. - The company incurred a loss per share based on the aforementioned data, reflecting ongoing financial challenges[197]. Research and Development - R&D expenses decreased by approximately RMB 21.4 million or 13.9% to about RMB 132.8 million for the year ending December 31, 2025[3]. - The company has established a comprehensive R&D structure from early development to commercialization, enabling rapid advancement of product development[15]. - The company has multiple TCR-T cell products in preclinical research targeting conditions such as renal clear cell carcinoma and viral infections like CMV and EBV[12]. - The core product EAL® has over ten years of clinical application experience and is focused on preventing postoperative recurrence of liver cancer, with plans to commercialize in China after achieving statistically significant clinical trial results[14]. - The company is advancing clinical research on CAR-T and TCR-T cell products, including ongoing Phase I and II clinical trials to achieve data compliance for market approval[32]. - The company has established a virus vector production system that meets GMP production quality standards, enabling large-scale production of viral vectors for CAR-T cell therapy[34]. - The company has completed the enrollment of 16 subjects in the Phase I clinical trial for Dinaroside injection[9]. - The company completed the enrollment of 430 subjects in the Phase II clinical trial for EAL®[5]. Clinical Trials - CAR-T-19 injection received breakthrough therapy designation for treating patients aged 25 and under with relapsed/refractory B-ALL[8]. - The company has completed the enrollment of six subjects in the Phase I clinical trial for 6B11-OCIK injection[6]. - The company completed the enrollment of 16 subjects in the Phase I clinical trial for Dinaroside injection[9]. - The 6B11-OCIK injection for ovarian cancer has completed the enrollment of six target subjects for its Phase I clinical trial, with plans to conduct Phase II trials based on business arrangements[19]. - The CAR-T-19 injection is designed for treating B-ALL in patients aged 25 and under, with the IND application accepted in August 2019 and Phase I trials initiated in December 2020[20]. - The aT19 injection, which aims to reactivate CAR-T cells and prevent recurrence of CD19 positive tumors, has received IND approval for its Phase I clinical trial, expected to commence in February 2024[23]. Financial Position and Liquidity - Bank balances and cash are projected to increase by RMB 7.5 million from RMB 47.0 million as of December 31, 2024, to RMB 54.5 million as of December 31, 2025, primarily due to the rights issue during the reporting period[50]. - As of December 31, 2025, lease liabilities are approximately RMB 103.4 million[51]. - The company has no outstanding debts, guarantees, or other significant contingent liabilities as of December 31, 2025[52]. - The company has bank balances and cash amounting to RMB 54,458,000 and structured bank deposits of RMB 100,109,000[109]. - The company is focused on improving liquidity and cash flow through various plans and measures[109]. - The current liquidity ratios show an increase, with the current ratio rising from 0.20 in 2024 to 0.35 in 2025, and the quick ratio increasing from 0.19 to 0.34 during the same period[62]. Cost Management - Administrative expenses decreased by approximately RMB 3.5 million or 7.9% to about RMB 41.0 million for the year ending December 31, 2025[3]. - The total employee compensation for the group was approximately RMB 56.9 million for the year, a decrease from RMB 70.1 million in 2024[74]. - The company’s total costs related to clinical trial subcontracting services included in R&D expenses were RMB 19,649 thousand, down from RMB 27,299 thousand, a decrease of approximately 28.2%[1]. - The company’s financial performance indicates a focus on cost reduction strategies amid ongoing losses[198]. Shareholder and Corporate Governance - The company has not declared or proposed any dividends during the reporting period[63]. - The company will hold its annual general meeting on May 22, 2026, with a record date for eligible shareholders set for the same day[66]. - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions during the reporting period[68]. - The company has suspended share transfer registration from May 19 to May 22, 2026, to determine eligible shareholders for voting at the annual general meeting[67]. Government Support and Funding - The company is actively applying for government subsidies and believes it meets the criteria for local government support for its core R&D projects[111]. - The company has successfully obtained financial support from shareholders as needed[112]. - The company plans to invest approximately RMB 1.2 billion in the Beijing production center, with an expected annual production capacity exceeding 200,000 batches upon completion[28]. - The company raised a total of RMB 300 million from the issuance of convertible bonds, with RMB 102.3 million allocated for EAL® clinical trials and RMB 197.7 million for the construction of a new R&D and production center[56]. Employee Management - The company has implemented a performance evaluation system to determine employee salary adjustments, bonuses, or promotions, ensuring competitive compensation in the market[75]. - The company emphasizes employee training to enhance technical and product knowledge, offering tailored training programs for different positions[76]. - As of December 31, 2025, the total number of employees is 183, with 82 in production and supply chain, 50 in quality, 19 in management, and 16 in clinical support and business development[75].

Financial Performance - The Group recorded a loss of approximately HK$741,000 for the year ended December 31, 2025, compared to a profit of approximately HK$7,198,000 in 2024[19]. - The consolidated loss attributable to the owners of the Company amounted to approximately HK$5,446,000 for the year, a decline from a profit of approximately HK$2,151,000 in 2024[19]. - The Group's revenue for the Year was approximately HK$88,957,000, representing a decrease of approximately 14.7% compared to HK$104,338,000 for 2024[62][67]. - Gross profit decreased by approximately 4.0% to approximately HK$68,360,000 from approximately HK$71,245,000 for 2024[63][68]. - The net loss attributable to owners of the Company was approximately HK$5,446,000 for the Year, compared to a net profit of approximately HK$2,151,000 for 2024[66][71]. - Finance costs increased to approximately HK$95,000 for the Year from approximately HK$45,000 for 2024[64][69]. - The Group's total assets amounted to approximately HK$263,853,000 as of December 31, 2025, compared to approximately HK$278,105,000 as of December 31, 2024[74][81]. - The gearing ratio increased to approximately 23.3% as of December 31, 2025, from approximately 20.5% as of December 31, 2024[74][81]. Dividend Policy - The Directors do not recommend the payment of a dividend for the year, contrasting with a total dividend of HK$0.030 per share in 2024[20]. - No dividend was recommended for the Year, contrasting with the previous year's total dividend of HK$0.030 per share[25]. - The Company will continue to review its dividend policy periodically and may amend it as deemed necessary[191]. - The Company’s dividend policy allows for dividends to be declared and paid in cash or other means, with decisions based on current and future operations, financial condition, and capital requirements[189]. Business Operations - The Group's operations are primarily focused on Software Business, Corporate Management Solutions, I.T. Contract Services, B2C Online Sales Platform, B2B Product Trading, and Securities Investment Business[21]. - The Software Business generated revenue of approximately HK$81,577,000, accounting for about 91.7% of the Group's total revenue for the Year[22][26][36]. - The Corporate Management Solutions and I.T. Contract Services Business contributed approximately 8.3% to the Group's total revenue[27][31]. - Revenue from the Corporate Management Solutions and I.T. Contract Services Business was approximately HK$7,380,000, representing a decrease of approximately 65.4% compared to HK$21,319,000 in 2024[48][51]. - The B2C Online Sales Platform and B2B Product Trading Business generated no revenue, with a segment loss of approximately HK$945,000 for the Year[50][52]. - The Securities Investment Business reported a segment profit of approximately HK$4,659,000, down from approximately HK$5,193,000 in 2024, mainly due to realized and unrealized gains on financial assets of approximately HK$4,575,000[55][59]. User Metrics - As of December 31, 2025, Boom Max Group had over 33 million new users, a decrease from over 36 million in 2024, including both new non-paying and active paying users[42][45]. Economic Environment - The global macro-economic environment has introduced growing uncertainties, adversely impacting the Group's business operations[21]. - The economic outlook for 2026 is expected to be clouded by geopolitical tensions and tightening financial conditions, impacting customer confidence[100]. - The company anticipates ongoing economic uncertainty through 2026, influenced by global geopolitical tensions and tightening financial conditions[105]. - Future market conditions for the Corporate Management Solutions and I.T. Contract Services Business are expected to remain challenging due to competition and macroeconomic uncertainties[49]. Corporate Governance - The Board of Directors consists of five members, including two executive directors and three independent non-executive directors, ensuring a balance of skills and experience[109]. - Independent non-executive directors represent more than half of the Board, providing independent opinions based on their expertise[110]. - The company has established high standards of corporate governance, focusing on integrity, transparency, and accountability to maximize shareholder returns[107]. - The positions of Chairman and Chief Executive Officer were held separately during the year, with the Chairman focusing on Board leadership and the CEO on business development and daily operations[133]. - The Board complied with GEM Listing Rules, maintaining at least three independent non-executive Directors, constituting more than one-third of the Board members[136]. - The Company has established formal procedures for the appointment and re-election of Directors, ensuring transparency and compliance with its Bye-laws[139]. Risk Management - The Group's risk assessment process includes identifying risks through discussions with management and directors, determining existing controls, and analyzing risks based on consequences and likelihood[173][174]. - The Group categorizes risks into low, medium, and high risk, and develops a risk register and internal control audit plan[179]. - The Audit Committee and the Board reviewed the risk management and internal control systems, covering financial, operational, and compliance controls, and found them effective for the Year[182]. - The Group's risk management systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[165]. Research and Development - The Group will continue to invest in research and development to keep up with the latest technology trends and improve customer satisfaction[38][40]. - Boom Max Group plans to enhance its software products and explore new technological applications while expanding distribution channels in emerging markets[43][45]. - The company aims to enhance its technological capabilities and upgrade software products to provide solutions against computer viruses, cyberattacks, and spyware, thereby expanding its business scope[105]. Internal Controls - The internal audit function is performed by management, with an external consultant engaged to enhance the quality of the internal audit[182]. - The Board is responsible for reviewing the effectiveness of the Group's risk management and internal control systems at least annually, which are deemed effective and adequate[165]. Ethical Practices - The Company has adopted a whistleblowing policy to allow employees to report ethical violations anonymously, which is subject to review for continued effectiveness[183]. - An anti-corruption policy has been implemented to ensure compliance with anti-bribery laws and to promote ethical business conduct[184]. - The Company’s commitment to ethical business practices is reflected in its ongoing updates to internal policies related to anti-corruption[187].

Revenue Performance - Revenue from the United States decreased by 1.3% due to import tariffs and additional tariffs imposed in 2025[11]. - Revenue from the European market, particularly Ireland, increased by 391% compared to the previous year[11]. - Revenue from the UK market decreased by 56.8% due to a softening consumer market[11]. - The company's revenue for the year ended December 31, 2025, was approximately HKD 161.7 million, a decrease of about 13.5% compared to HKD 186.9 million in 2024[16]. - Revenue from beauty products accounted for 90.8% of total revenue in 2025, while sales of cosmetic bags dropped to 9.2% from 17.8% in 2024[18]. Profitability and Financial Metrics - Profit margin improved from 31.8% to 35.5% due to strong cost control measures[11]. - Gross profit for the same period was approximately HKD 57.4 million, down 3.7% from HKD 59.6 million, with a gross margin increase from 31.8% to 35.5%[16][20]. - Net profit attributable to equity holders was approximately HKD 6.6 million, reflecting a 1.5% increase from HKD 6.5 million in the previous year[22]. - Cash and cash equivalents as of December 31, 2025, were approximately HKD 187.7 million, an increase from HKD 175.1 million in 2024[25]. - The current ratio improved to approximately 9.1 times in 2025, up from 7.4 times in 2024[25]. Strategic Focus and Market Positioning - The company is focusing on personal care and beauty businesses, targeting the changing preferences of Generation Z and Millennials[11]. - The company plans to focus on creating innovative products and expanding its business into new regions, particularly the European market[17]. - The company is exploring new growth and diversification paths to mitigate the impact of tariffs[11]. - The company has expanded its business by providing a "one-stop service" for packaging products, including seasonal and promotional beauty product gift sets[39]. - The company is focused on expanding its market presence and developing new strategies to enhance its competitive edge in the industry[52]. Risk Management and Compliance - Comprehensive risk management strategies have been adopted to enhance operational efficiency and business foundation[11]. - The board noted significant risks including the uncertainty of US-China trade relations, which could adversely affect sales demand and overall business performance[66]. - The company is committed to complying with applicable laws and regulations, with no known significant non-compliance issues during the year[60]. - The company has established a governance framework to enhance management of ESG matters, recognizing their importance for sustainable business growth[191]. - The group has implemented a whistleblowing policy to prevent corruption and bribery, allowing employees to report suspicious activities anonymously[158]. Corporate Governance and Management - The company has established a remuneration committee to develop compensation policies based on operational performance and market benchmarks[89]. - The board consists of six directors, including three executive directors and three independent non-executive directors, with no changes in composition during the year[118]. - The company has adopted a code of conduct for securities trading by directors and employees, ensuring compliance with GEM listing rules[116]. - Independent non-executive directors have confirmed their independence according to GEM Listing Rules, ensuring compliance with governance standards[83]. - The management team includes experienced professionals with backgrounds in finance, law, and corporate governance, enhancing the company's advisory capabilities[44]. Environmental, Social, and Governance (ESG) Initiatives - The company aims to integrate low-carbon and environmentally responsible practices into its operations, striving to become a benchmark for ESG practices in the beauty and cosmetics industry by 2025[178]. - The company will regularly review its ESG progress to ensure it meets and exceeds stakeholder expectations[182]. - The ESG report is prepared in accordance with the GEM Listing Rules and aims to enhance transparency regarding the company's sustainable development efforts[179]. - The company has established policies to manage and monitor operational risks related to environmental and social factors[181]. - The company prioritizes stakeholder communication through various channels, including annual reports and investor relations activities, to maintain transparency[192][194]. Shareholder Relations and Dividends - The company does not recommend a final dividend for the year, maintaining a focus on sustainable profit growth[70]. - The company has a communication policy aimed at enhancing engagement with shareholders and stakeholders, which is reviewed annually by the board[172]. - The company will hold its annual general meeting on May 8, 2026, where the board will address shareholder inquiries[177]. - The company has adopted a dividend policy since November 9, 2018, which considers financial performance, cash flow, and regulatory constraints before declaring dividends[175]. - The company has received a confirmation from controlling shareholders regarding adherence to non-competition commitments during the year[92].

Financial Performance - The company's revenue for the year ended December 31, 2025, was approximately RMB 1,506.3 million, a decrease of about 8.6% compared to RMB 1,648.3 million for the same period last year[2]. - Gross profit for the same period was approximately RMB 443.7 million, down about 3.4% from RMB 459.3 million year-on-year[2]. - Profit attributable to the owners of the company was approximately RMB 170.2 million, an increase of about 3.7% from RMB 164.2 million in the previous year[2]. - Total revenue for the year ended December 31, 2025, was approximately RMB 1,506.3 million, a decrease of 8.6% from RMB 1,648.3 million in 2024[24]. - Gross profit for the year was approximately RMB 443.7 million, down 3.4% from RMB 459.3 million in the previous year, with a gross margin of 29.5% compared to 27.9% in 2024[27]. - The company reported a net profit of RMB 240.9 million for the year, slightly up from RMB 237.4 million in 2024[21]. - The company's operating profit was RMB 304.1 million, compared to RMB 297.7 million in the previous year[21]. - The company's profit for the year was approximately RMB 240.9 million, an increase of about 1.5% from approximately RMB 237.4 million in the same period last year, driven by improved gross margins and optimized revenue structure[34]. Revenue Breakdown - Revenue from heating services amounted to approximately RMB 1,352.7 million, up from RMB 1,301.7 million year-on-year, driven by increased service area and government subsidies[10]. - Revenue from heating services was RMB 1,042.7 million, an increase from RMB 1,011.1 million in 2024, while engineering construction services revenue dropped to RMB 137.7 million from RMB 322.2 million[24]. - Revenue from heating-related engineering construction services was approximately RMB 137.7 million, a significant decline of 57.3% from RMB 322.2 million due to reduced construction projects[13]. - Other business revenue decreased by 38.8% to RMB 13.4 million from RMB 21.9 million in the previous year, primarily due to revised pricing standards for management and operation services[16][17]. Customer and Market Growth - The total actual heating service area increased to approximately 52.6 million square meters, a growth of about 5.2% from approximately 50.0 million square meters as of December 31, 2024[10]. - The number of heating service customers rose to 409,379, reflecting a 2.1% increase from approximately 400,797 customers in the previous year[11]. - Customer contract revenue from heating and thermal distribution services was RMB 1,235,087,000 in 2025, up from RMB 1,190,971,000 in 2024, an increase of approximately 3.7%[50]. Financial Position - Total assets increased to RMB 6,115,050,000 in 2025 from RMB 5,966,668,000 in 2024, representing a growth of approximately 2.5%[40]. - Cash and cash equivalents rose to RMB 856,483,000 in 2025, up from RMB 645,680,000 in 2024, marking an increase of about 32.5%[40]. - Total liabilities decreased to RMB 4,494,805,000 in 2025 from RMB 4,537,820,000 in 2024, a reduction of approximately 0.9%[41]. - The company's equity increased to RMB 1,620,245,000 in 2025, compared to RMB 1,428,848,000 in 2024, reflecting a growth of about 13.4%[41]. Expenses and Costs - Administrative expenses increased by 1.4% to approximately RMB 169.8 million from RMB 167.4 million in 2024, mainly due to higher depreciation costs[28]. - The total expenses for sales costs and administrative expenses were RMB 1,232,407 thousand in 2025, down from RMB 1,356,383 thousand in 2024, indicating a reduction of approximately 9.1%[60]. - The cost of purchased heat increased to RMB 443,496 thousand in 2025 from RMB 405,912 thousand in 2024, reflecting an increase of about 9.2%[60]. - Employee benefits expenses decreased to RMB 95,017 thousand in 2025 from RMB 105,228 thousand in 2024, a decline of about 9.7%[61]. Dividends and Shareholder Information - The company plans to distribute a final dividend of RMB 0.170 per share, totaling approximately RMB 51.27 million, subject to shareholder approval[2]. - The basic earnings per share for 2025 was RMB 0.56, an increase of 3.7% compared to RMB 0.54 in 2024[74]. - The annual general meeting is scheduled for May 15, 2026, where the proposed dividend will be discussed and approved[90]. - The company will suspend the transfer of shares from May 12, 2026, to May 15, 2026, to determine the rights of shareholders attending the annual general meeting[91]. - The company will also suspend the transfer of shares from May 22, 2026, to May 28, 2026, to determine the rights to receive the proposed final dividend, pending shareholder approval[92]. Corporate Governance and Compliance - The company has adopted a corporate governance code and believes it has complied with all principles and provisions as of December 31, 2025[93]. - The audit committee has reviewed the annual performance for the year ending December 31, 2025, and believes it complies with relevant accounting standards[96]. - The company did not purchase, sell, or redeem any listed securities during the year ending December 31, 2025[95]. - The company is governed by the corporate governance code as per the listing rules, which may be amended from time to time[106]. Future Plans and Projects - The company plans to focus on expanding new heating services and projects in key provinces of North China, particularly in the Bohai Economic Rim, Inner Mongolia, and Shanxi[36]. - The company aims to enhance operational quality and advance digitalization and artificial intelligence initiatives to improve management efficiency and operational performance[37]. - Market expansion will remain a key focus, with efforts to develop heating, steam, and related comprehensive energy service projects while ensuring investment risk control[38]. - The company plans to change its name to "SL Gemini Energy Co., Ltd" to align with its long-term business strategy, approved by shareholders on February 26, 2026[100]. - The company plans to hold its first extraordinary general meeting on February 26, 2026[106].

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 501,959,000, an increase from RMB 444,188,000 in the previous year, representing a growth of approximately 13%[5] - Gross profit for the same period was RMB 148,127,000, with a gross margin of 32.2%, up from RMB 142,974,000 and a gross margin of 29.5% in the prior year[5] - Net profit for the year was RMB 10,329,000, compared to RMB 4,623,000 in the previous year, indicating a significant increase of approximately 123%[5] - Adjusted net profit (non-HKFRS measure) for the year was RMB 25,238,000, reflecting the impact of listing expenses[8] - Basic and diluted earnings per share for the year were RMB 1.00, compared to RMB 2.38 in the previous year[5] - Total revenue for the year ended December 31, 2025, was CNY 501,959,000, compared to CNY 444,188,000 for the previous year, representing an increase of 12.9%[9] - Gross profit for the year was CNY 148,127,000, up from CNY 142,974,000, reflecting a growth of 3.0%[9] - Net profit for the year was CNY 4,623,000, a decrease of 55.3% from CNY 10,329,000 in the previous year[10] - Basic earnings per share for the year was CNY 1.00, compared to CNY 2.38 in the previous year, reflecting a decline of 58.8%[10] Expenses and Costs - Operating expenses increased to CNY 135,018,000 from CNY 109,367,000, marking a rise of 23.4%[9] - Research and development expenses were CNY 32,316,000, slightly up from CNY 31,561,000, indicating a 2.4% increase[9] - Other income decreased to CNY 6,637,000 from CNY 7,934,000, a decline of 16.3%[9] - The total comprehensive income of CNY 4,761,000, down from CNY 13,018,000, a decrease of 63.4%[10] - Total sales cost increased by 17.5% to RMB 353.8 million for the year ending December 31, 2025, from RMB 301.2 million for the year ending December 31, 2024, mainly due to growth in sales orders and accelerated overseas business expansion[79] - Selling expenses increased to RMB 35.7 million for the year ending December 31, 2025, from RMB 27.4 million for the year ending December 31, 2024, mainly due to an increase in sales personnel driven by business expansion[82] - Administrative expenses rose to RMB 67.0 million for the year ending December 31, 2025, from RMB 50.4 million for the year ending December 31, 2024, primarily due to talent acquisition for new regions and businesses[83] - Financial costs totaled RMB 6,187,000 in 2025, compared to RMB 5,579,000 in 2024, representing an increase of approximately 10.9%[29] Assets and Liabilities - The company’s total assets increased to CNY 1,200,000,000, up from CNY 1,100,000,000, representing a growth of 9.1%[9] - Total assets increased to RMB 709,224,000 from RMB 585,670,000, representing a growth of approximately 20.9% year-over-year[11] - Current assets rose to RMB 325,454,000, up from RMB 254,470,000, indicating a year-over-year increase of about 27.9%[11] - Non-current liabilities, primarily bank loans, amounted to RMB 104,200,000, a significant increase from zero in the previous year[12] - The total liabilities increased to RMB 383,770,000 from RMB 331,200,000, reflecting a growth of about 15.8% year-over-year[11] - Cash and cash equivalents decreased to RMB 116,831,000 from RMB 129,910,000, a decline of about 10% year-over-year[11] - The company's net asset value reached RMB 390,737,000, slightly up from RMB 388,346,000, reflecting a stable financial position[12] Market and Growth Strategy - Future outlook includes plans for market expansion and potential mergers and acquisitions to enhance growth opportunities[2] - The company is actively investing in new product development and technological advancements to stay competitive in the market[2] - The company plans to expand its market presence and invest in new product development to drive future growth[9] - The company aims to accelerate international market expansion, particularly in the Middle East and Southeast Asia, leveraging local operational advantages and enhancing brand promotion[63][62] - The company is committed to building a marketing service network covering key regions to improve market information acquisition and customer response capabilities[64] Corporate Governance - The company has adhered to all applicable corporate governance codes during the reporting period, with one exception regarding the separation of the roles of Chairman and CEO[105] - The company has established an audit committee to oversee financial reporting processes and internal controls, consisting of three independent non-executive directors[110] - The company confirmed compliance with the standards for securities trading by all directors during the reporting period[108] - The company will continue to review its corporate governance structure to assess the need for separating the roles of Chairman and CEO[107] Research and Development - The company is focusing on technology innovation to drive high-quality development and strengthen its core manufacturing capabilities[49] - R&D expenses increased slightly to RMB 32.3 million for the year ending December 31, 2025, from RMB 31.6 million for the year ending December 31, 2024[84] - The company aims to enhance the maturity and engineering delivery capabilities of green fuel technologies, including biomass gasification and sustainable aviation fuel[68] International Expansion - The company has developed over 20 new overseas clients, primarily in the oil and gas sector in the Middle East and North Africa[52] - The company has entered the ADNOC supplier list, marking its official entry into the high-end energy market supply chain in the Middle East[51] - The company has accelerated its international strategy, focusing on high-growth markets in the Middle East and North Africa[51] Environmental and Sustainability Initiatives - The company is focusing on developing ESG products, including low-nitrogen burners and high-efficiency heat exchangers, to align with national carbon reduction policies[69] - The company aims to create a standardized and replicable business model for phosphorus resource recycling to support sustainable resource management in China[55] - The company has established a phosphorus resource recycling project in Huangshan, which is the first of its kind in China, aimed at addressing phosphorus pollution and resource sustainability[53]

CHINA POWER INTERNATIONAL DEVELOPMENT LIMITED 中國電力國際發展有限公司 （在香港註冊成立的有限責任公司） （股份代號：2380） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全 部 或 任 何 部 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。 二 零 二 五 年 度 業 績 公 告 中 國 電 力 國 際 發 展 有 限 公 司（「本 公 司」）董 事 局（「董 事 局」）公 佈，本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」或「我 們」）截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 的 經 審 核 財 務 業 績。 | 財 | 務 | 摘 | 要 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | -- ...