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摘要的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本摘要全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立之股份有限公司） 一、重要提示 經大信會計師事務所（特殊普通合夥）審計確認：2025年度本集團實現歸屬於本公司股 東的合併淨利潤為人民幣2,983,113,594.80元，以本公司2025年度實現淨利潤人民幣 1,155,028,771.93元為基數，提取10%法定盈餘公積金人民幣115,502,877.19元，加上年初 結轉未分配利潤人民幣7,524,341,276.23元，扣減2024年度及2025年中期的現金紅利合共 人民幣1,300,632,759.20元後，公司母公司報表期末未分配利潤為人民幣7,263,234,411.77 元。 1 1.1 本摘要摘自本公司截至2025年12月31日止的2025年年度報告全文，為全面了解本公 司的經營成果、財務狀況及未來發展規劃，投資者應當仔細閱讀將刊載於上交所網站 (http://www.sse.com.cn)和港交所網站(htt ...

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。 V & V TECHNOLOGY HOLDINGS LIMITED 時騰科技控股有限公司 （於開曼群島註冊成立的有限公司 ） （股份代號：8113） 截至2025年12月31日止年度 全年業績 2 時騰科技控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈，本公司及其附屬公司（統稱「本 集團」）截至2025年12月31日止年度的經審核綜合業績連同上一年的比較數字如下： 綜合損益及其他全面收益表 截至2025年12月31日止年度 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司 帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳考慮 後方作出投資決定。 由於GEM上市的公司普遍為中小型公司，在GEM買賣的證券可能較於聯交所主板買賣的證券承 受較大的市場波動風險，同時亦無法保證在GEM買賣 ...

Financial Performance - The company's revenue for the year ended December 31, 2025, reached RMB 1,862,467 thousand, representing a year-on-year increase of 27.2% compared to RMB 1,464,084 thousand in 2024[4] - Gross profit for the same period was RMB 479,091 thousand, up 9.3% from RMB 438,351 thousand in 2024[4] - The annual profit increased to RMB 45,805 thousand, reflecting a growth of 15.3% from RMB 39,729 thousand in the previous year[4] - The adjusted net profit, calculated using non-IFRS measures, was RMB 49,690 thousand, a 3.5% increase from RMB 48,002 thousand in 2024[4] - The company achieved operating revenue of RMB 1,862.5 million, a 27.2% increase from RMB 1,464.1 million in the same period last year[12] - Profit increased to RMB 45.8 million, reflecting a 15.3% growth compared to RMB 39.7 million in the previous year[12] - The annual profit attributable to the owners of the company was RMB 45,855 thousand, compared to RMB 39,970 thousand in the previous year, marking a growth of 15.5%[94] - Basic earnings per share rose to RMB 2.96 from RMB 2.58, an increase of 14.7%[94] Market Overview - In 2025, China's GDP reached RMB 1,401,879 billion, growing by 5.0% year-on-year, indicating a stable economic environment[6] - The total production and sales of passenger vehicles in China reached 30.27 million and 30.10 million units, respectively, with year-on-year growth of 10.2% and 9.2%[7] - The sales of new energy vehicles in China reached 16.63 million units, marking a strong year-on-year growth of 29%[7] - The total export of passenger vehicles from China was 6.038 million units, a year-on-year increase of 21.9%, with new energy vehicle exports doubling to 2.615 million units[8] - The domestic car rental market transaction value reached RMB 186 billion in the first half of 2025, reflecting a 27% year-on-year growth, with new energy vehicle orders surpassing 50%[8] - The Chinese government has implemented policies to stimulate the automotive market, including a focus on upgrading consumption and promoting green transformation[9][10] Business Operations - The number of self-operated sales outlets increased from 89 to 112, with 23 new locations added, enhancing regional market coverage[12] - The automotive retail and financing business sold 16,603 units, marking a 12.5% year-on-year growth[13] - Direct automotive retail business generated sales revenue of RMB 411.3 million, a significant increase of 417.6% compared to the previous year[15] - The automotive export revenue reached RMB 276.3 million, showing a remarkable growth of 571.5% year-on-year[16] - The group established a subsidiary for smart mobility business in October 2025, aiming to leverage strategic partnerships in autonomous delivery solutions and logistics[20] - The group plans to deepen market penetration in lower-tier cities, enhancing customer service capabilities and experience[21] - The group aims to accelerate overseas business development, focusing on local operations and service network construction in regions like Horgos and Tashkent[22] - The group is exploring innovative business areas such as smart mobility and autonomous vehicle services to strengthen its competitive advantage[22] Financial Position - As of December 31, 2025, the company's net debt increased to RMB 2,428,030 thousand from RMB 1,952,155 thousand in 2024, resulting in a debt-to-equity ratio of 73.4%, up from 70.2%[64] - The total current assets rose to RMB 1,982,813 thousand in 2025, compared to RMB 1,664,937 thousand in 2024, primarily due to increases in inventory and trade receivables[65] - The company's total borrowings increased to RMB 2,787,412 thousand in 2025 from RMB 2,281,558 thousand in 2024[64] - The company's total liabilities reached RMB 2,948,891 thousand in 2025, an increase of 18.9% from RMB 2,481,886 thousand in 2024[97] - Cash and cash equivalents amounted to RMB 371,839 thousand in 2025, compared to RMB 340,598 thousand in 2024, indicating a growth of 9.2%[95] - The total equity attributable to owners of the company increased to RMB 872,275 thousand in 2025, up from RMB 822,130 thousand in 2024, representing a growth of 6.1%[97] Operational Efficiency - The deployment of nearly 200 "digital employees" doubled the number from the previous year, significantly improving operational efficiency[18] - The weighted average financing cost for the group decreased by over 1 percentage point, enhancing the financial foundation for business expansion[19] - The company is committed to enhancing operational efficiency through technology empowerment, shifting focus from system construction to value operation and data insights[22] Risk Management - The company actively monitors historical collection overdue rates and has implemented measures to improve data analysis capabilities, maintaining relatively low overdue rates[56] - The risk management system is designed to handle risks associated with the automotive finance leasing business, with policies tailored to pre-lease and post-lease credit risk management[57] - The company utilizes a proprietary database and third-party data for credit assessments, enhancing the efficiency of credit evaluations and approvals[59] Corporate Governance - The company has maintained compliance with all applicable corporate governance codes during the reporting period[80] - The audit committee has reviewed the financial statements and confirmed compliance with applicable accounting standards and regulations[83] - The company has no significant post-reporting period events as of the announcement date[87] - The annual general meeting is scheduled for June 18, 2026, to discuss shareholder matters[88] Shareholder Matters - The company did not recommend the payment of a final dividend for the year ended December 31, 2025[76] - The company did not declare any dividends for the years ended December 31, 2025, and 2024[113]

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 5,606,422 thousand, a decrease of 3% from RMB 5,804,697 thousand in 2024[3] - Gross profit decreased by 11% to RMB 519,533 thousand, down from RMB 585,695 thousand in the previous year[3] - Net profit for the year increased by 10% to RMB 211,968 thousand, compared to RMB 193,564 thousand in 2024[3] - Earnings per share (basic and diluted) rose by 11% to RMB 15.0 from RMB 13.5 in 2024[3] - Total revenue from external customers reached RMB 5,606,422,000 for the year ending December 31, 2025, showing an increase from RMB 5,804,697,000 in 2024[19] - Segment performance for the engineering construction and pipeline segment reported a profit of RMB 519,533,000 in 2025, up from RMB 585,695,000 in 2024[19] - The company reported a pre-tax profit of RMB 301,847,000 for 2025, slightly down from RMB 287,080,000 in 2024[19] - The total cost of sales and administrative expenses amounted to RMB 5,371,831,000 in 2025, a decrease from RMB 5,522,340,000 in 2024, indicating improved cost management[24] - The company reported a gross profit of approximately RMB 5.2 billion, with a gross profit margin of about 9%, down from 10% in the previous year, mainly due to reduced gross profit from engineering and installation services[55] Assets and Liabilities - Current assets decreased by 16% to RMB 882,152 thousand from RMB 1,054,816 thousand in 2024[4] - Total assets increased by 1% to RMB 7,395,422 thousand from RMB 7,290,224 thousand in the previous year[4] - Total equity rose by 3% to RMB 2,241,258 thousand compared to RMB 2,167,508 thousand in 2024[4] - Current liabilities increased by 12% to RMB 3,194,032 thousand from RMB 2,843,427 thousand in 2024[4] - As of December 31, 2025, the group's current liabilities exceed current assets by approximately RMB 2.312 billion[11] - The group's current liabilities include accounts payable and other payables of approximately RMB 1.26 billion, contract liabilities of RMB 729 million, and current borrowings of RMB 1.128 billion[11] - Total accounts receivable and other receivables decreased to RMB 223,912,000 in 2025 from RMB 286,539,000 in 2024, a reduction of 21.8%[35] - The aging analysis of accounts receivable showed that amounts overdue for more than 365 days decreased to RMB 137,048,000 in 2025 from RMB 184,653,000 in 2024, a decrease of 25.7%[36] - In 2025, the total accounts payable and other payables amounted to RMB 1,260,145 thousand, an increase of 11.2% from RMB 1,132,990 thousand in 2024[37] - The total borrowings decreased to RMB 2,926,800 thousand in 2025 from RMB 3,132,083 thousand in 2024, reflecting a reduction of 6.6%[38] - The company's current ratio is approximately 0.28, with current assets totaling RMB 882,152,000[59] - The debt-to-capital ratio is approximately 55%, calculated as net debt divided by total capital[59] Financing and Costs - Average financing cost decreased to 4.4% from 5.3% in the previous year, a reduction of 0.9 percentage points[4] - Net financing costs improved to RMB (72,391,000) in 2025 from RMB (111,645,000) in 2024, reflecting a reduction of 35%[25] - Current income tax expense decreased to RMB 81,149,000 in 2025 from RMB 88,663,000 in 2024, a decline of 8.5%[27] - The capitalized interest rate for determining the amount of interest capitalized in 2025 was 4.94%, down from 5.32% in 2024[26] - The company has arranged or obtained approximately RMB 1.747 billion in additional loan financing from various banks and financial institutions, available for use as of the approval date of the consolidated financial statements[11] Strategic Initiatives - The group has enhanced its sales of gas appliances, small installation services, maintenance services, and insurance agency services, which have been consolidated into a new segment called value-added services[17] - The operating segments now include pipeline natural gas sales, engineering construction and gas pipeline installation services, gas transmission services, and value-added services[17] - The company established strategic cooperation with multiple partners to accelerate its transformation into a comprehensive energy supplier[45] - The group aims to focus on three main directions: consolidating the urban gas business, developing value-added services, and accelerating the transition to a comprehensive energy supplier[68] - The group intends to transform into a comprehensive energy service provider by leveraging industrial customer resources and existing pipeline networks to offer customized energy management solutions[69] Research and Development - Research and development expenses increased to RMB 84,064,000 in 2025 from RMB 104,107,000 in 2024, indicating a focus on innovation despite rising costs[19] - The company was recognized as a high-tech enterprise, allowing it to enjoy a preferential tax rate of 15% for three years starting from 2025[28] Employee and Governance - As of December 31, 2025, the group had 1,786 employees, with total employee compensation amounting to RMB 203 million, of which RMB 40 million was allocated to R&D expenses[71] - The group emphasizes a competitive compensation policy and a safe working environment to enhance employee contributions and overall performance[72] - The audit committee, composed of four independent non-executive directors, reviewed the group's consolidated financial performance for the fiscal year ending December 31, 2025[78] - The group fully complied with the corporate governance code as per the listing rules during the fiscal year ending December 31, 2025[77] Shareholder and Dividend Information - The proposed dividend for the year ending December 31, 2025, is HKD 0.0836 per share, up from HKD 0.076 per share in 2024, indicating a 7.9% increase[31] - The company plans to distribute a final dividend of HKD 0.0836 per ordinary share for the fiscal year ending December 31, 2025, compared to HKD 0.076 for the previous year[82] - The company aims to increase its net asset value per share and/or earnings per share through the share repurchase program[80] - The company repurchased a total of 4,798,000 shares at a total cost of approximately HKD 5,296,100 during the fiscal year ending December 31, 2025[80] Market and Economic Outlook - The OECD forecasts a GDP growth rate of 4.4% for mainland China in 2026, which may positively impact the company's business[67] - The company is strategically reducing USD-denominated borrowings to mitigate foreign exchange risk[63] - The company anticipates a net foreign exchange gain of approximately RMB 25 million during the reporting period[62] Sustainability and Corporate Responsibility - The group is committed to green development and sustainable practices, focusing on energy efficiency and waste management to enhance its operational efficiency[70]

Financial Performance - For the year ending December 31, 2025, the company's revenue was approximately $1,284.8 million, a decrease of about 4.2% compared to the previous year[3] - The gross profit for the year ending December 31, 2025, was approximately $253.7 million, down approximately 19.5% from the previous year[3] - The profit attributable to equity shareholders for the year ending December 31, 2025, was approximately $328.9 million, a decrease of about 10.1%[3] - The basic earnings per share for the year ending December 31, 2025, was $0.198, compared to $0.254 in the previous year[4] - The total comprehensive income for the year ending December 31, 2025, was $329.1 million, down from $366.4 million in the previous year[5] - Total revenue for 2025 was $1,284,763,000, a decline of 4.1% compared to $1,340,398,000 in 2024[17] - Basic earnings per share decreased to $328,901,000 in 2025 from $365,913,000 in 2024, reflecting a decline of 10.1%[24] - The net profit attributable to equity shareholders decreased by approximately 10.1% from about $365.9 million in 2024 to about $328.9 million in 2025[47] - The return on equity decreased from approximately 19.5% in 2024 to approximately 16.1% in 2025, reflecting the decline in net profit[49] - Total assets return decreased from approximately 16.3% in 2024 to approximately 13.8% in 2025, primarily due to the increase in total assets outpacing the increase in net profit[50] Revenue Breakdown - Revenue from container shipping services for the year ending December 31, 2025, was $1,187.2 million, down from $1,270.8 million in the previous year[12] - Revenue from Hong Kong decreased by 39.8% to $51,865,000 in 2025 from $86,011,000 in 2024[17] - Revenue from mainland China decreased by 8.8% to $561,758,000 in 2025 from $616,134,000 in 2024[17] - Container shipping service revenue fell by approximately 6.6% from about $1,270.8 million in 2024 to about $1,187.2 million in 2025, consistent with the drop in average freight rates from approximately $769 per TEU in 2024 to approximately $718 per TEU in 2025[41] - The shipping volume for the Asia-India subcontinent market increased by approximately 6.9% to 216,718 TEU, while revenue decreased by about 12.5%[36] - The shipping volume for the Middle East market reached 76,921 TEU, contributing approximately $69.4 million to total revenue, accounting for about 14.7% of total shipping revenue[37] Assets and Liabilities - The company's non-current assets as of December 31, 2025, totaled approximately $1,803.9 million, an increase from $1,737.5 million in the previous year[6] - The company's cash and cash equivalents as of December 31, 2025, were approximately $485.7 million, up from $422.1 million in the previous year[6] - The company reported a total equity attributable to equity shareholders of approximately $2,120.7 million as of December 31, 2025, compared to $1,974.7 million in the previous year[6] - Trade receivables decreased to $100,603,000 in 2025 from $106,391,000 in 2024, a reduction of 5.2%[26] - Trade payables increased to $148,170,000 in 2025 from $140,269,000 in 2024, an increase of 5.4%[28] - Contract liabilities decreased to $2,555,000 in 2025 from $4,113,000 in 2024, a decline of 37.7%[28] - As of December 31, 2025, the group's net current assets were approximately $420.2 million, up from $353.1 million in 2024, with cash and cash equivalents at approximately $485.7 million[52] Capital Expenditures and Investments - Capital expenditures for the year totaled approximately $200.7 million, primarily for the acquisition of 13 new vessels, adding a total capacity of about 93,600 TEU[38] - Capital expenditures for the year ending December 31, 2025, totaled approximately $200.7 million, mainly related to the purchase of vessels and containers[58] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year ended December 31, 2025[62] Dividends and Shareholder Information - Proposed final dividend per share decreased to $0.100 in 2025 from $0.110 in 2024, a reduction of 9.1%[21] - The proposed final dividend is $0.10 per share, totaling $166.5 million, subject to shareholder approval at the annual general meeting on May 21, 2026[72] - The company plans to pay the proposed final dividend on July 7, 2026, to shareholders listed on June 4, 2026[72] Operational Highlights - The company operated 46 routes by the end of 2025, covering approximately 58 ports across 22 countries and regions[34] - As of December 31, 2025, the total shipping volume reached 1,654,197 TEU, representing a slight increase of approximately 0.1% compared to the same period in 2024[35] - The Asia-Pacific region accounted for approximately 90.6% of total shipping volume, with a total shipping volume of 1,498,459 TEU, down about 1.6% from 2024[35] - The company exited the trans-Pacific West Coast route and optimized its Asian route structure to enhance capacity utilization[33] Governance and Compliance - The company has adopted the corporate governance code and has complied with all applicable provisions during the year ended December 31, 2025, with some exceptions noted[69] - The audit committee reviewed the consolidated financial statements for the year ended December 31, 2025, and found them compliant with relevant accounting standards[70] - No financial instruments were used for hedging purposes as of December 31, 2025[63] Future Outlook - The company plans to continue monitoring geopolitical developments and adjust route deployments and risk management strategies accordingly[31] - The outlook for 2026 indicates continued uncertainty in the global shipping market, with potential impacts from geopolitical tensions and changes in trade policies[40] Employee Information - As of December 31, 2025, the total employee count is 905, a slight decrease from 908 in 2024[64] - Total salary costs for the year ended December 31, 2025, amounted to approximately $74.3 million, up from $70.1 million in 2024[64] Other Income - Other income, including charter hire income, increased by 42.8% to $96,813,000 in 2025 from $67,797,000 in 2024[18] - Other income increased by approximately 23.5% from about $92.7 million in 2024 to about $114.5 million in 2025, primarily due to an increase in charter income from about $67.8 million to about $96.8 million[44] Significant Events - There were no significant events affecting the group after the reporting period, except for the sale of a vessel for $41.25 million[67] - The group had no significant contingent liabilities as of December 31, 2025[60]

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 3,484,655,000, an increase of 3.3% from RMB 3,373,265,000 in 2024[3] - Gross profit decreased to RMB 1,423,146,000, with a gross margin of 40.8%, down from 42.7% in the previous year[3] - Operating loss improved to RMB 360,879,000, compared to a loss of RMB 401,946,000 in 2024, resulting in an operating margin of -10.4%[3] - Net loss attributable to equity holders was RMB 388,803,000, slightly higher than RMB 385,509,000 in 2024[3] - EBITDA for the year was RMB (8,411,000), an improvement from RMB (69,690,000) in 2024, with an EBITDA margin of -0.2%[3] - Cash generated from operating activities increased to RMB 825,947,000, up from RMB 679,702,000 in the previous year[3] - The company reported a total loss for the year of RMB 405.49 million, with a pre-tax loss of RMB 286.85 million[20] - The company reported a net financial income of RMB 76,969,000, compared to RMB 55,784,000 in 2024[6] - The company’s fragrance raw materials segment reported revenue of approximately RMB 807 million, and the seasoning segment achieved revenue of approximately RMB 831 million, both showing progress in internationalization[44] Assets and Equity - Total assets decreased to RMB 14,390,291,000 from RMB 15,002,076,000 in 2024[10] - Total equity decreased to RMB 13,036,309,000 from RMB 13,720,356,000 in 2024[10] - Trade receivables as of December 31, 2025, were RMB 831,699, compared to RMB 769,875 in 2024, reflecting a rise of approximately 8%[32] - The total amount of unused raised funds is RMB 1,354.57 million, excluding interest and cash management income[1] - The group’s cash and bank deposits amounted to RMB 3,601,295,000 as of December 31, 2025, down from RMB 5,562,231,000 in the previous year[94] Dividends and Shareholder Returns - The company declared a special dividend of HKD 0.055 per share, up from HKD 0.050 per share in 2024[3] - The company proposed a special dividend of approximately RMB 160,453,000 for the year ending December 31, 2025, which is a new initiative compared to the previous year's dividend[31] - The board recommends a special dividend of HKD 0.055 per share, totaling approximately RMB 160.453 million, compared to RMB 147.998 million in 2024[128] Expenses and Costs - Total sales costs, marketing, and administrative expenses for the year ended December 31, 2025, amounted to RMB 3,485,285, an increase from RMB 3,232,865 in 2024, representing a growth of approximately 7.8%[22] - Selling and marketing expenses increased by 23.3% to RMB 456,468,000, representing approximately 13.1% of total revenue, up from 11.0% in the previous year[88] - Administrative expenses rose by 3.9% to RMB 967,308,000, maintaining a stable ratio of about 27.8% of total revenue[89] - Research and development expenses for the year ended December 31, 2025, were RMB 287,001, up from RMB 245,242 in 2024, indicating an increase of about 17%[22] Strategic Initiatives and Acquisitions - The company is focusing on new tobacco products, particularly HNB (Heat-not-burn) and smoke-free products, with a strategy for global patent layout and overseas production capacity[38] - The company completed the acquisition of Hunan Jiapin Jiwei Technology Development Group Co., Ltd. in June 2025, enhancing its capabilities in natural meat extraction and flavor innovation[39] - In August 2025, the company acquired 51% of Jiangsu Jiafu Food Co., Ltd. for approximately RMB 159 million, expanding its product offerings in the seasoning sector and improving operational efficiency[40] - The company increased its stake in Xiamen Amber, which specializes in daily fragrance R&D and production, solidifying its leadership in the domestic market for incense and disinfection products[41] Market Trends and Projections - The global tobacco industry is projected to reach approximately $520 billion in sales by 2025, with a year-on-year growth of about 3.4%[46] - The market for heated-not-burn (HNB) tobacco products is expected to reach RMB 95.867 billion by 2025, with a compound annual growth rate (CAGR) of 16.29% from 2025 to 2032[46] - The compound seasoning market is projected to reach RMB 138 billion by 2025, with a CAGR of 7% from 2024 to 2029[51] - The health and wellness market is estimated to reach RMB 769.53 billion globally by 2025, with a CAGR of 7.34% until 2032[53] Governance and Compliance - The audit committee, composed of all independent non-executive directors, has reviewed the group's audited annual performance for the year[133] - The company has adopted the standard code for securities transactions by directors, ensuring compliance throughout the year[127] - The CEO position has been separated from the chairman role, with Mr. Xia Liqun appointed as CEO effective January 7, 2026[126] - The company has complied with corporate governance codes to support long-term business development[126] Digital Transformation and AI Integration - The company invested in digital transformation, with AI applications enhancing operational efficiency, including a 95% effectiveness rate in AI optical sorting projects[45] - The establishment of the AI+ task force and the deployment of high-performance local models are expected to drive future AI applications and digital management improvements[45] - The company plans to enhance AI applications across all operations to improve efficiency and drive business growth[81] Legal and Arbitration Matters - The arbitration ruling requires QIAN RONG and Huang Jinrong to pay a total of RMB 432.02 million in performance compensation to Huabao Co., along with additional fees totaling RMB 15.39 million[121][122] - The Group has taken all feasible legal actions regarding the arbitration case, ensuring that the outcomes align with the best interests of the company and its shareholders[123]

Financial Performance - Revenue for the year was HKD 1,434,418, a decrease of 34.8% from HKD 2,196,240 in the previous year[13] - The company reported a profit before tax of HKD 2,012,312, a significant recovery from a loss of HKD 12,273,262 in the previous year[13] - The company reported a profit attributable to equity holders of approximately HKD 2,030,000 for the year ending December 31, 2025, a significant turnaround from a loss of HKD 12,010,000 in 2024[24] - The company anticipates a gradual recovery in the Hong Kong economy and stock market in 2026, driven by the financial services sector and increased cross-border capital flows[26] - The group recorded a profit attributable to equity holders of approximately HKD 2,030,000 during the reporting period, compared to a loss of approximately HKD 12,010,000 for the year ending 2024, mainly driven by fair value gains of approximately HKD 8,870,000 from financial assets[31] Earnings and Share Performance - Basic and diluted earnings per share improved to HKD 0.0007 from a loss of HKD 0.0044 in the previous year[13] - Earnings per share for 2025 was HKD 0.0007, compared to a loss of approximately HKD 0.0044 per share in 2024[24] Fair Value and Financial Assets - The fair value gain on financial assets recognized in profit or loss was HKD 8,870,267, compared to a loss of HKD 6,168,646 in the previous year[13] - Fair value gains on financial assets recognized in profit or loss amounted to approximately HKD 8,870,000 in 2025, compared to a loss of HKD 6,170,000 in 2024[24] - The fair value change of financial assets at fair value through profit or loss shifted from a loss of approximately HKD 6,170,000 for the year ending 2024 to a gain of approximately HKD 8,870,000 during the reporting period, primarily due to unrealized gains from Hong Kong listed shares of approximately HKD 10,260,000[29] Equity and Liabilities - The total equity attributable to the company's equity holders increased to HKD 64,202,569 from HKD 62,176,632, reflecting a growth of 3.3%[3] - As of December 31, 2025, total equity of the group was approximately HKD 64,200,000, an increase from approximately HKD 62,180,000 as of December 31, 2024[33] - The total liabilities of the group as of December 31, 2025, were approximately HKD 740,000, an increase from approximately HKD 580,000 as of December 31, 2024[34] - The capital-to-debt ratio as of December 31, 2025, was approximately 1.15%, compared to approximately 0.94% as of December 31, 2024[34] Cash and Bank Balances - Cash and bank balances increased to HKD 741,782 from HKD 287,680, representing a growth of 158.5%[3] - Cash and bank balances as of December 31, 2025, were approximately HKD 740,000, up from approximately HKD 290,000 as of December 31, 2024[33] Dividends - The company did not declare any dividends for the year, consistent with the previous year[13] - The company did not declare a final dividend for the year ending December 31, 2025, consistent with 2024[19] - The group did not recommend any final dividend for the year ending December 31, 2025, consistent with the previous year[42] Operating Expenses - Administrative and other operating expenses rose to HKD 8,292,382, up from HKD 7,828,353, indicating an increase of 5.9%[13] - The total employee costs during the reporting period were approximately HKD 2,300,000, compared to approximately HKD 2,110,000 for the year ending 2024[41] Market Operations - The group operates solely in the Hong Kong market, with all income and performance derived from this region[13] - The company plans to continue exploring opportunities across different industries and regions to identify undervalued investments that can generate sustainable income streams[28] - The company expects selective opportunities in the stock market in 2026, rather than a broad market rally, influenced by valuation recovery and structural themes[27] Investments and Securities - The company recorded a loss of approximately HKD 1,390,000 from realized losses on listed securities in 2025, a slight improvement from a loss of approximately HKD 1,790,000 in 2024[24] - The group's financial assets at fair value through profit or loss amounted to approximately HKD 61,330,000 as of December 31, 2025, compared to approximately HKD 52,880,000 as of December 31, 2024[33] - There were no significant acquisitions or disposals involving subsidiaries, associates, or joint ventures during the reporting period[39]

Financial Performance - The total revenue for Chongqing Machinery & Electric Co., Ltd. reached approximately RMB 10,044.4 million, an increase of about 11.9% compared to the previous year[3]. - Gross profit amounted to approximately RMB 1,619.2 million, reflecting a growth of about 3.6% year-on-year[3]. - Profit attributable to shareholders was approximately RMB 763.9 million, representing a significant increase of about 76.9%[3]. - Earnings per share were approximately RMB 0.21, up by 75.0% from the previous year[3]. - The company reported a net profit of RMB 785.7 million, up from RMB 460.5 million in the previous year[6]. - The total comprehensive income for the year was RMB 921.7 million, compared to RMB 476.8 million in the previous year[6]. - The company reported a significant increase in sales revenue from goods and services, reaching RMB 9,220,217,064.11, up 14.3% from RMB 8,065,528,066.36 in 2024[17]. - The company reported a net profit of approximately $460 million, compared to $434 million in the previous year, indicating a year-over-year increase of 6%[36]. - The overall revenue for the group reached approximately RMB 10,044.4 million in 2025, an increase of approximately RMB 1,066.1 million or 11.9% compared to 2024[103]. - Gross profit for 2025 was approximately RMB 1,619.2 million, up by approximately RMB 56.7 million or 3.6% from 2024, with a gross margin of 16.1%[104]. Assets and Liabilities - Total assets as of December 31, 2025, were RMB 19,952.3 million, compared to RMB 17,686.8 million at the end of 2024[7]. - Total liabilities increased from CNY 9,068,374,825.01 in 2024 to CNY 10,645,457,973.37 in 2025, representing an increase of approximately 17.4%[8]. - Current liabilities rose significantly from CNY 7,422,677,256.86 in 2024 to CNY 9,766,192,086.02 in 2025, marking an increase of about 31.5%[8]. - Total equity increased from CNY 8,618,382,437.52 in 2024 to CNY 9,306,832,036.79 in 2025, reflecting a growth of about 8.0%[8]. - The total accounts receivable and other receivables amounted to approximately RMB 4,009.3 million as of December 31, 2025, an increase of about RMB 217.5 million from RMB 3,719.8 million as of December 31, 2024, mainly due to the overall increase in clean energy equipment business[121]. - The total liabilities of the group were approximately RMB 10,645.5 million as of December 31, 2025, an increase of about RMB 1,577.1 million from RMB 9,068.4 million as of December 31, 2024[123]. Cash Flow - In 2025, the cash inflow from operating activities reached RMB 10,939,972,197.67, an increase of 25.4% compared to RMB 8,731,018,807.26 in 2024[17]. - The net cash flow from operating activities was RMB 459,456,823.49, a decrease of 36.0% from RMB 717,655,336.89 in the previous year[17]. - Cash inflow from investment activities totaled RMB 2,405,937,343.89, up 15.0% from RMB 2,090,673,316.22 in 2024[18]. - The total cash and cash equivalents at the end of 2025 amounted to RMB 2,456,881,930.35, an increase from RMB 2,101,118,496.96 at the end of 2024[18]. - The net interest expense decreased to approximately RMB 60.4 million in 2025, down by approximately RMB 20.4 million or 25.2% from 2024[109]. Research and Development - Research and development expenses totaled RMB 521.6 million, an increase from RMB 455.4 million in the previous year[5]. - R&D expenses reached RMB 521.60 million, accounting for 5.19% of total revenue, with 106 new patents granted during the year[76]. - The company is advancing digital transformation across R&D, production, product, and management, including upgrades to PLM, MES, and ERP systems to enhance efficiency and data management[63]. Strategic Initiatives - The company plans to enhance its market expansion efforts, focusing on new product development and technological advancements[16]. - The company aims to improve its operational efficiency through targeted investments in technology and innovation[16]. - The company plans to focus on expanding its market presence and enhancing product development in the coming quarters[31]. - The company aims to achieve historical highs in operating revenue, total profit, and new orders, establishing a solid foundation for the "14th Five-Year Plan"[59]. - The company is innovating its investment strategies, focusing on high-quality acquisitions and partnerships to enhance industry resource integration and collaboration[67]. Governance and Compliance - The company has adhered to the Corporate Governance Code, enhancing governance standards to protect shareholder interests and increase corporate value[172]. - The audit committee consists of three independent non-executive directors, ensuring oversight of the external auditor's independence and the effectiveness of audit procedures[173]. - The company has complied with the disclosure requirements of the Hong Kong Listing Rules regarding continuing connected transactions, with transactions conducted at fair and reasonable terms[170]. Market and Competitive Position - The company is positioned to benefit from national policies promoting clean energy and the transition to a new energy system, particularly in hydrogen energy[74]. - The company anticipates a stable market demand for high-end CNC machine tools and smart detection equipment, driven by national strategies for high-end, intelligent, and green development, with an average annual growth rate of 3.5% expected in the industry[78]. - The company has successfully launched hydrogen storage and refueling equipment, with continuous growth in revenue from wind turbine blades and breakthroughs in nuclear pumps and centrifugal chillers[84].

Financial Performance - The company's revenue for the year ending December 31, 2025, was RMB 502.4 million, a decrease of 36.3% compared to RMB 787.2 million for the year ending December 31, 2024[6]. - Gross profit for the year ending December 31, 2025, was RMB 332.9 million, down 41.2% from RMB 567.0 million in the previous year[6]. - Net profit for the year ending December 31, 2025, was RMB 129.8 million, a significant decline of 87.1% compared to RMB 1,004.3 million for the year ending December 31, 2024[6]. - Adjusted net profit (non-IFRS measure) for the year ending December 31, 2025, was RMB 137.9 million, down 34.7% from RMB 211.4 million in 2024[6]. - Total revenue for the year ended December 31, 2025, was RMB 502,441 thousand, a decrease of 36.2% from RMB 787,218 thousand in 2024[17]. - Revenue from ride-hailing services was RMB 487,749 thousand, down 35.7% from RMB 759,667 thousand in 2024[26]. - Revenue from advertising and other services was RMB 14,692 thousand, a decline of 46.3% from RMB 27,551 thousand in 2024[26]. - The group reported a gross profit of RMB 332,932 thousand for 2025, down 41.3% from RMB 566,994 thousand in 2024[26]. - The pre-tax profit for 2025 was RMB 128,184 thousand, significantly lower than RMB 1,018,434 thousand in 2024, reflecting a decrease of approximately 87.4%[28]. - Net profit decreased by 87.1% from RMB 1,004.3 million for the year ending December 31, 2024, to RMB 129.8 million for the year ending December 31, 2025, with a net profit margin of 25.8%[117]. Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 1,897.4 million, an increase from RMB 1,752.9 million in 2024[8]. - Current liabilities as of December 31, 2025, were RMB 548.6 million, compared to RMB 613.4 million in the previous year, indicating a reduction of 10.6%[8]. - The company's cash and cash equivalents as of December 31, 2025, were RMB 966.99 million, down from RMB 1,057.25 million in 2024[8]. - The total cash and cash equivalents at the end of 2025 were RMB 1,057,253 thousand, up from RMB 966,994 thousand at the end of 2024[11]. - The company reported a decrease in trade receivables by RMB 6,422 thousand in 2025, while other non-current assets decreased by RMB 990 thousand[10]. - The accounts payable to users decreased to RMB 472,420,000 in 2025 from RMB 532,566,000 in 2024, representing a decline of 11.3%[43]. - The accounts payable for wages decreased to RMB 27,016,000 in 2025 from RMB 33,531,000 in 2024, a reduction of 19.5%[43]. - The total liabilities to assets ratio as of December 31, 2025, was 27.9%, down from 32.0% as of December 31, 2024[137]. Cash Flow - Operating cash flow for the year ended December 31, 2025, was RMB 128,184 thousand, a decrease from RMB 1,018,434 thousand in 2024[10]. - Net cash from operating activities for the year ended December 31, 2025, was RMB 78,392 thousand, compared to RMB 109,037 thousand in 2024[10]. - Cash flow from investing activities showed a net inflow of RMB 58,737 thousand in 2025, contrasting with a net outflow of RMB 169,250 thousand in 2024[11]. - Cash flow from financing activities resulted in a net inflow of RMB 5,695 thousand in 2025, compared to RMB 202,091 thousand in 2024[11]. - For the year ended December 31, 2025, the net cash generated from operating activities was RMB 78,392 thousand, a decrease from RMB 109,037 thousand for the year ended December 31, 2024[126]. Expenses - Research and development expenses for the year ending December 31, 2025, were RMB 104.6 million, a decrease of 24.8% from RMB 139.1 million in 2024[7]. - The total employee costs for 2025 were RMB 211,799 thousand, compared to RMB 233,978 thousand in 2024, reflecting a decrease of approximately 9.5%[33]. - Sales and marketing expenses decreased by 28.8% from RMB 171.0 million for the year ending December 31, 2024, to RMB 121.7 million for the year ending December 31, 2025[109]. - Administrative expenses increased by 94.6% from RMB 37.9 million for the year ending December 31, 2024, to RMB 73.7 million for the year ending December 31, 2025[110]. - Share-based payment expenses decreased from RMB 40.0 million for the year ending December 31, 2024, to RMB 8.1 million for the year ending December 31, 2025[113]. Strategic Initiatives - The company has plans for market expansion and new product development, although specific details were not disclosed in the earnings report[6]. - The company launched a new ride-hailing service in 2025 to enhance user choice and complement existing services[88]. - The company plans to continue innovating and expanding its service offerings in response to market demands and competition[90]. - The company’s strategic shift in 2025 aims to transition from a single ride-sharing platform to a comprehensive mobility and vehicle service platform[90]. Shareholder Information - The company did not declare any dividends for the fiscal year ending December 31, 2025, consistent with 2024[35]. - The board has decided not to recommend any final dividend for the year ending December 31, 2025[162]. - The annual general meeting is scheduled for June 18, 2026[161]. - Share transfer registration will be suspended from June 15, 2026, to June 18, 2026, to determine shareholder eligibility for the annual general meeting[163]. Corporate Governance - The financial statements are prepared in accordance with International Financial Reporting Standards and comply with applicable disclosure requirements[14]. - The audit committee, consisting of three independent non-executive directors, has reviewed and confirmed the accounting principles and policies adopted by the group[158]. - The company has complied with the corporate governance code as of December 31, 2025, with no known deviations[155]. Employee Compensation - The company’s management compensation for 2025 totaled RMB 23.368 million, an increase of 56.1% from RMB 14.956 million in 2024[85]. - The company has granted a total of 27,928,022 time-based stock options to eligible employees from September 1, 2014, to December 31, 2023, with an annual vesting over four years[65]. - The company has a total of 7,227,996 exercisable stock options as of December 31, 2025, with a weighted average exercise price of USD 0.0052[68]. Investments - The fair value of the equity held in Youxin Limited is approximately RMB 121,897,000, representing 6.0% of the total assets of the group[151]. - The investment in Youxin Limited generated a fair value change gain of RMB 72,860,000 for the year ending December 31, 2025[152]. - The group holds a total of 1,543,845,204 shares of Class A common stock in Youxin Limited as of December 31, 2025[151]. Future Outlook - The company plans to maintain a minimum public float of 25% of its total issued share capital to comply with listing requirements[62]. - There are no significant future plans for major investments or capital assets as of December 31, 2025[153].

Mineral Resources and Mining Operations - The estimated total mineral resources of the Shuli Kaolin Mine as of December 31, 2025, is approximately 18,415 thousand tons, with indicated resources of 2,133 thousand tons, controlled resources of 8,990 thousand tons, and inferred resources of 7,292 thousand tons[3]. - The estimated total ore reserves of the Shuli Kaolin Mine as of December 31, 2025, is approximately 5,858 thousand tons, with proven reserves of 889 thousand tons and probable reserves of 4,969 thousand tons[7]. - The average Al2O3 content in the indicated mineral resources is 40.35%, while the average SiO2 content is 42.83%[4]. - The remaining mining life of the Shuli Kaolin Mine is estimated to be about 15 years based on an annual production capacity of 400,000 tons[3]. - The mining license for the Shuli Kaolin Mine allows for an annual production scale of 500,000 tons and has been extended until November 20, 2039[9]. - The new Mineral Resources Law of the People's Republic of China will take effect on July 1, 2025, introducing new regulations for mining rights and exploration permits[9]. - The company has confirmed that there have been no significant changes in the mineral resources and ore reserves estimates since the date of listing[7]. - The estimated total mineral resources include ore reserves, and the data has been verified by the company's internal experts[5]. - The company’s mining activities are subject to the relevant Chinese mining laws and regulations, requiring permits for exploration and mining[8]. - The estimated total mineral resources are valid until December 31, 2025[6]. Production and Revenue - The company plans to extract approximately 295.8 thousand tons, 343.3 thousand tons, and 359.6 thousand tons of kaolin ore for the years ending December 31, 2023, 2024, and 2025, respectively, due to increased demand for its products[13]. - The total expenditure for extracting kaolin ore is estimated to be approximately RMB 38,325.81 thousand by the year ending December 31, 2025[13]. - Revenue increased from approximately RMB 267.1 million for the year ended December 31, 2024, to approximately RMB 272.1 million for the year ended December 31, 2025, representing a growth of about 1.9%[28]. - Sales revenue of precision casting materials decreased by approximately 7.8% from approximately RMB 185.5 million in 2024 to approximately RMB 171.1 million in 2025, attributed to strategic price adjustments[29]. - Sales revenue of refractory materials increased by 14.4% from approximately RMB 52.0 million in 2024 to approximately RMB 59.5 million in 2025, driven by increased sales volume in the refractory materials market[30]. - Sales revenue of raw coke powder increased significantly by 41.4% from approximately RMB 26.6 million in 2024 to approximately RMB 37.6 million in 2025, due to rising customer demand and new customer acquisition[31]. - Sales revenue from ceramic fibers was approximately RMB 3.9 million for the year ended December 31, 2025, marking the first full operational year for this business segment[32]. Financial Performance - Gross profit decreased from approximately RMB 98.2 million for the year ending December 31, 2024, to approximately RMB 91.9 million for the year ending December 31, 2025, resulting in a gross margin decline from 36.7% to 33.8%[34]. - Net profit decreased by 26.2% from approximately RMB 52.6 million for the year ending December 31, 2024, to approximately RMB 38.8 million for the year ending December 31, 2025[46]. - The company's equity increased to RMB 608,219,000 as of December 31, 2025, up from RMB 460,292,000 in 2024, reflecting growth in shareholder value[73]. - The gross profit for the year ending December 31, 2025, was RMB 91,920,000, compared to RMB 98,170,000 in 2024, indicating a decrease in gross profit margin[71]. - The effective tax rate for the company was approximately 12.6% in 2025, benefiting from a reduced tax rate of 15% as a high-tech enterprise[87]. Assets and Liabilities - Total assets increased by 14.8% from approximately RMB 926.7 million as of December 31, 2024, to approximately RMB 1,064.1 million as of December 31, 2025[47]. - Cash and cash equivalents increased by approximately 186.8% from approximately RMB 71.7 million to approximately RMB 205.6 million, primarily driven by net cash flow from operating activities[48]. - Net current assets increased from approximately RMB 53.1 million to approximately RMB 182.8 million, attributed to increases in trade receivables and cash equivalents[49]. - Non-current liabilities decreased to RMB 299,377,000 as of December 31, 2025, from RMB 303,296,000 in 2024, showing a reduction in long-term financial obligations[73]. - The company's asset-liability ratio is projected to be 23.8%[58]. Corporate Governance and Compliance - The company is committed to high standards of corporate governance, having adhered to applicable corporate governance codes since its listing[97]. - The audit and risk committee, consisting of three non-executive directors, has reviewed the company's annual performance for the year ending December 31, 2025[100]. - The company is focused on expanding its market presence and enhancing its corporate governance practices[108]. - The company plans to publish its annual report for the year ending December 31, 2025, on its website and the Hong Kong Stock Exchange at an appropriate time[101]. Future Plans and Investments - The company plans to construct a new production line with an annual design capacity of 40,000 tons to capture the growing refractory material market[20]. - The company aims to enhance the consistency and specification control of refractory material granules through the new production line, which is expected to improve competitiveness and support profit margin growth[20]. - A new fine powder processing workshop is planned with an annual production capacity of 60,000 tons of kaolin fine powder, aimed at diversifying revenue sources[22]. - The company plans to enhance automation and product purity through equipment upgrades and process optimization, including the procurement of advanced sorting machines[21]. - The company aims to strengthen its core competitiveness through R&D efforts focused on product innovation and production technology[22]. Market Position and Shareholder Information - The company holds a 19.1% market share in the precision casting material market in China, making it the largest producer in this sector as of 2024[17]. - The market size for precision casting materials in China is projected to grow from RMB 971.9 million in 2024 to RMB 1,362.0 million by 2029, with a compound annual growth rate (CAGR) of 7.0%[19]. - The company is controlled by Huai Bei Mining Group, which is one of its major shareholders[104]. - The company has undergone significant changes in its shareholder structure, with the previous shareholder, Shuli Mining, being deregistered on January 26, 2024[104].