香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 ZMJ Group Company Limited 中創智領（鄭州）工業技術集團股份有限公司 （在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 碼：00564） 2025年第三季度報告 本公告乃由中創智領（鄭 州）工業技術集團股份有限公司（「本公司」）根 據《證 券 及 期 貨 條 例》（香 港 法 例 第571章）第XIVA部 及《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》第13.09條和第13.10B條 作 出。 下文載列截至2025年9月30日止九個月本公司之2025年第三季度報告（「本季度 報 告」）。本 季 度 報 告 所 載 的 財 務 報 告 乃 根 據 中 國 企 業 會 計 準 則 編 製，且 未 經 審 核。本 季 度 報 告 以 中 文 編 製，並 翻 譯 ...

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 或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 CanSino Biologics Inc. 康希諾生物股份公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6185） 截 至2025年9月30日止九個月的第三季度報告 本 公 告 由 康 希 諾 生 物 股 份 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）第13.09(2)及13.10B條以及 香港法例第571章證券及期貨條例第XIVA部內幕消息條文（定義見上市規則）發佈。 茲載列本集團截至2025年9月30日 止 九 個 月（「報告期」）未 經 審 計 業 績 報 告（「第 三 季度報告」）。第 三 季 度 報 告 中 所 載 財 務 資 料 乃 根 據 中 國 企 業 會 計 準 則 編 製，且 未 經 本 集 團 核 數 師 審 計。本 公 司 潛 在 投 資 者 及 股 ...

Financial Performance - Revenue for the six months ended August 31, 2025, was RMB 95.8 million, a decrease of 36.0% compared to RMB 149.6 million for the same period in 2024[4] - Gross profit for the same period was RMB 55.6 million, down 30.0% from RMB 79.4 million year-on-year[4] - The company reported a loss attributable to equity holders of RMB 31.4 million, compared to a loss of RMB 38.0 million in the previous year[4] - Basic loss per share was RMB 4.44, an improvement from RMB 5.39 in the prior period[4] - The reported loss for the six months ending August 31, 2025, was RMB 31,356,000, compared to a loss of RMB 39,618,000 for the same period in 2024, indicating an improvement of about 21%[16][17] - The consolidated gross profit fell by 30.0% to RMB 55.6 million, down from RMB 79.4 million in the previous year, while the overall gross margin increased by 4.9 percentage points to 58.0%[40] - The company recorded a comprehensive loss attributable to equity holders of RMB 31,400,000, an improvement from a comprehensive loss of RMB 38,000,000 in the previous year[43] Assets and Liabilities - Total assets as of August 31, 2025, were RMB 526.2 million, down from RMB 574.2 million as of February 28, 2025[8] - Total liabilities decreased to RMB 81.4 million from RMB 90.8 million in the previous reporting period[9] - Total assets as of August 31, 2025, amounted to RMB 526,154,000, with RMB 252,579,000 from mainland China and RMB 237,625,000 from other regions[20] - The total liabilities as of August 31, 2025, were RMB 81,380,000, with RMB 62,490,000 from mainland China and RMB 4,845,000 from other regions[20] - Total assets as of February 28, 2025, amounted to RMB 574,245,000, with liabilities totaling RMB 90,838,000[21] Cash Flow and Financial Position - The company’s cash and bank balances were RMB 308.99 million, a decrease from RMB 327.91 million[8] - Cash and bank balances stood at RMB 309,000,000, down from RMB 327,900,000 earlier in the year, maintaining a healthy liquidity position with a quick ratio of 4.8 times[47] - The company has not utilized any revolving loans or trade financing during the review period, indicating a stable financial situation[47] - The company has provided a bank guarantee for a maximum credit limit of RMB 92,000,000 as of August 31, 2025, with no utilization reported[65] Operational Highlights - The company is primarily engaged in the trade and sale of footwear and accessories, mainly operating in mainland China[10] - The company continues to evaluate its store network, closing underperforming stores to reduce fixed sales and distribution costs[41] - The group closed 134 self-operated stores and opened 1 franchised store, resulting in a net reduction of 133 stores in mainland China[51] - The retail network in mainland China now consists of 91 physical stores, a net decrease of 133 stores compared to the previous year[51] Market Conditions - The overall economic environment remains weak, with consumer confidence low, contributing to uncertainty in future growth potential[49] - Despite challenges, China's GDP grew by 5.3%, reflecting stable economic operations and steady production demand[49] - The overall retail sales in mainland China grew by 4.6% year-on-year, with clothing and footwear sales only increasing by 2.9%[52] E-commerce and Sales Strategy - E-commerce revenue decreased by 5.4% during the review period, reflecting a decline in consumer spending sentiment[55] - The group maintains investment in online resources and implements effective online brand management strategies, enhancing cooperation with major e-commerce platforms[57] - To reduce customer acquisition costs, the group utilizes mini-programs and private domain systems, which are independent of traditional e-commerce platforms, helping to lower overall e-commerce operating expenses[58] Employee and Governance - As of August 31, 2025, the group has a total of 379 employees, a decrease from 595 employees as of February 28, 2025[67] - Employee benefits expenses for the six months ending August 31, 2025, totaled RMB 40,200,000, down from RMB 59,300,000 in the previous year[67] - The audit committee consists of four independent non-executive directors, ensuring compliance with the relevant listing rules[69] - The company is committed to maintaining high standards of corporate governance and transparency to protect shareholder interests[71] Future Outlook - The group is cautiously optimistic about the medium to long-term outlook for the Chinese retail market, despite current consumer confidence needing recovery, believing that market growth potential will continue to expand[59] - The group plans to collaborate with influential celebrities and social media influencers to amplify brand presence and attract a younger customer demographic[61]

Financial Performance - The company achieved revenue of AUD 34.3 million for the fiscal year 2025, an increase of 18% driven by a 28.7% growth in student enrollment[13]. - Gross profit grew by 21.7% to AUD 15.5 million, with a gross margin improvement to 45.3%[13]. - Revenue increased by approximately 18.0% from about AUD 29.0 million for the year ending June 30, 2024, to about AUD 34.3 million for the year ending June 30, 2025[46]. - Gross profit rose by 21.7% from AUD 12.8 million for the year ending June 30, 2024, to AUD 15.5 million for the year ending June 30, 2025, with gross margin increasing from approximately 43.9% to 45.3%[49]. - Net profit increased by approximately 74.3% from about AUD 1.9 million for the year ending June 30, 2024, to about AUD 3.3 million for the year ending June 30, 2025[55]. - Interest income grew by 37.0% from about AUD 2.0 million for the year ending June 30, 2024, to about AUD 2.7 million for the year ending June 30, 2025, primarily due to an increase in term deposit amounts[50]. - Operating costs increased by approximately 15.0% from AUD 16.3 million for the year ending June 30, 2024, to AUD 18.7 million for the year ending June 30, 2025, in line with the increase in student enrollment[48]. - Administrative expenses rose by about 12.2% from AUD 8.3 million for the year ending June 30, 2024, to AUD 9.4 million for the year ending June 30, 2025[52]. - Marketing expenses increased by approximately 8.8% from about AUD 3.1 million for the year ending June 30, 2024, to about AUD 3.4 million for the year ending June 30, 2025[53]. Student Enrollment and Academic Programs - Student enrollment numbers reached a record high, with Perth becoming the largest campus, accounting for over half of the postgraduate population[13]. - The total number of students at the Australian National Institute of Management and Commerce (IMC) increased by 17% to 1,558 in the first semester of 2025 compared to the first semester of 2024[34]. - The full-time equivalent student load (EFTSL) for higher education services increased by approximately 28.7% for the fiscal year ending June 30, 2025[37]. - The Perth campus accounted for 54% of total enrollment in the first semester of 2025, with 93% of students being postgraduates[34]. - The company is actively pursuing new professional-oriented courses to ensure alignment with workplace demands and attract both local and international students[17]. - The group is focusing on developing new courses in response to market demand, which are pending accreditation from the higher education quality and standards agency[24]. - The law degree program received a five-year re-accreditation without conditions, maintaining the company's status as the only private, non-university institution offering a professionally recognized law degree[15]. - The group has submitted a proposal for a Doctoral program to the higher education quality and standards agency, with the Master of Business Research serving as the standard pathway to the Doctorate[33]. Strategic Initiatives and Partnerships - The company is expanding its global footprint with its first overseas partnership in Singapore, launching an MBA program through a local college[18]. - A new AI-supported micro-credential course focused on ESG will be launched in 2026, highlighting the company's commitment to digital transformation and sustainable education[18]. - The company aims to achieve university college status within the next five years, supported by a robust financial foundation and diverse academic offerings[19]. - The group has signed a memorandum of understanding with a private college in Singapore to offer its MBA programs, marking its first authorization of MBA courses to a third party[28]. - The group is exploring international partnerships, particularly in the Asia-Pacific region, to ensure sustainable growth and reduce reliance on students studying in Australia[41]. Governance and Compliance - The establishment of a Risk and Compliance Committee enhances the company's risk oversight capabilities and transparency[18]. - The group has established a risk and compliance committee to oversee risk management and compliance frameworks, meeting quarterly or more frequently as needed[32]. - The company faces risks related to brand reputation, regulatory compliance for student enrollment, and dependency on tuition fee levels[90]. - Independent non-executive directors have confirmed their independence in accordance with listing rules, and the company believes they maintain this independence[103]. Financial Position and Shareholder Information - The company has no debt and maintains a strong balance sheet with ample cash reserves, providing flexibility to pursue new initiatives[13]. - As of June 30, 2025, the group has cash on hand of approximately AUD 49.1 million, an increase from AUD 44.1 million as of June 30, 2024, with no bank borrowings reported[57]. - The debt-to-equity ratio as of June 30, 2025, is 0%, consistent with the previous year[58]. - The company proposed a final dividend of HKD 0.6 per share for the year ending June 30, 2025, compared to HKD 0.2 in 2024, pending shareholder approval[91]. - As of June 30, 2025, the company's distributable reserves amounted to AUD 17.9 million[97]. - The company has a diverse board with members possessing significant experience in finance, education, and corporate governance[84]. Employee and Share Incentive Plans - The company has established service contracts with executive directors for an initial term of three years, terminable with three months' written notice[100]. - The company has adopted a pre-IPO performance rights plan, stock option plan, and share incentive plan to motivate eligible participants for future contributions[112]. - The employee share incentive plan allows for a maximum of 1.5% of the total shares issued as rewards, equating to 38,828,220 shares[170]. - The maximum number of shares any selected employee can receive under the plan is capped at 0.5% of the total shares issued, which is 12,942,740 shares[170]. - The stock option plan must comply with the listing rules, and any discrepancies will be resolved in favor of the listing rules[158]. Future Outlook and Investments - The company plans to expand its academic offerings to meet the evolving needs of students and the industry, with new programs currently undergoing accreditation[41]. - The company allocated 41.0% of the total funds, amounting to HKD 70.4 million, for acquisitions or investments in education groups/institutions in China and Australia, with an expected completion by the end of 2025[200]. - 27.8% of the total funds, equivalent to HKD 47.8 million, is dedicated to developing "smart education" through digital education solutions in curriculum content and campus infrastructure[200]. - The company will expand TOP's marketing activities with 4.4% of the total funds, amounting to HKD 7.6 million, fully utilized[200].

於開曼群島註冊成立並遷冊往百慕達之有限公司 | 公司資料 | 2 | | --- | --- | | 主席報告 | 3 | | 管理層討論及分析 | 7 | | 董事及高層管理人員簡歷 | 14 | | 董事會報告 | 17 | | 企業管治報告 | 27 | | 環境、社會及管治報告 | 40 | | 獨立核數師報告 | 56 | | 綜合損益及其他全面收益表 | 61 | | 綜合財務狀況表 | 62 | | 綜合權益變動表 | 63 | | 綜合現金流量表 | 64 | | 綜合財務報表附註 | 65 | | 五年財務概要 | 134 | 股份代號: 721 2025 年 報 公司資料 董事會 目錄 執行董事 杜林東先生 （行政總裁） 非執行董事 風險管理委員會 杜林東先生 （主席） 雷志衞先生 （於二零二五年六月三十日辭任） 劉小紅先生 （於二零二五年六月三十日獲委任） 授權代表 劉曉東先生 （主席） （於二零二五年六月三十日獲重新委任） 李弘希女士 （於二零二五年三月二十七日獲委任） 獨立非執行董事 雷志衞先生 （於二零二五年六月三十日辭任） 劉曉東先生 （於二零二五年六月三十日 獲重新委任為非執行 ...

Financial Performance - The group's unaudited revenue from continuing operations for the nine months ended September 30, 2025, was HKD 14,280.95 million, an increase of 1.3% compared to HKD 14,098.89 million in 2024[4] - The group's unaudited profit before tax from continuing operations increased by 9.5% to HKD 6,241.14 million, up from HKD 5,697.17 million in 2024[7] - The unaudited profit attributable to owners of the company from continuing operations was HKD 4,083.69 million, a 12.4% increase from HKD 3,632.77 million in 2024[7] - The unaudited equity attributable to owners of the company was HKD 41,762.33 million, a slight increase of 0.3% from HKD 41,658.02 million as of December 31, 2024[4] - The group distributed a special dividend of HKD 2,335 million in the form of shares of Yuehai Land Holdings Limited[8] Water Supply Operations - The group achieved a total water supply of 1.67 billion tons for the period, generating revenue of HKD 5,242 million, which is a 1.6% increase from HKD 5,159 million in 2024[10] - The pre-tax profit from the Dongshen Water Supply Project was HKD 3,596 million, reflecting a 3.9% increase from HKD 3,461 million in 2024[10] - The total water supply capacity of the group's subsidiaries and joint ventures is 8,886,800 tons per day, with wastewater treatment capacity at 2,297,900 tons per day as of September 30, 2025[14] - The total water supply capacity of ongoing water resource projects is 1,187,000 tons per day as of September 30, 2025[15] - Revenue from other water resource projects increased by 5.8% to HKD 5,611,484,000 for the period, compared to HKD 5,305,151,000 in 2024[15] - The pre-tax profit from other water resource projects decreased by 2.6% to HKD 1,601,407,000, down from HKD 1,644,176,000 in 2024[15] - The construction service revenue for other water resource projects was HKD 304,103,000, up from HKD 211,304,000 in 2024[15] Property Investment - Property investment income from Guangdong Tianhe City increased by 4.8% to HKD 1,261,736,000, compared to HKD 1,204,167,000 in 2024[16] - The pre-tax profit from property investment activities rose by 11.3% to HKD 767,178,000, up from HKD 689,281,000 in 2024[16] - The average rental rate for Tianhe City shopping centers showed a mixed performance, with some centers experiencing increases while others saw declines[17] - The total revenue from the Hong Kong investment building increased by 2.6% to HKD 35,984,000, compared to HKD 35,057,000 in 2024[18] Hotel and Management Services - The average room rate for the Sheraton Hotel was HKD 1,174, a decrease from HKD 1,217 in 2024, while the average occupancy rate increased to 93.5% from 92.7% in 2024[21] - The hotel management business revenue increased by 7.3% to HKD 504,805,000, compared to HKD 470,543,000 in 2024, but the pre-tax profit decreased by 20.3% to HKD 68,930,000[22] Energy and Transportation - The electricity sales volume of the Guangdong Energy Project increased by 24.0% to 2.594 billion kWh, but the revenue decreased by 3.5% to HKD 1,173,074,000 due to lower electricity prices[23] - The revenue from Guangdong Electric Power decreased by 21.4% to HKD 4,161,390,000, with a pre-tax profit of HKD 189,347,000, down from HKD 426,959,000 in 2024[24] - The average daily toll traffic for the Xingliu Expressway decreased by 7.1% to 24,472 vehicles, resulting in a toll revenue of HKD 445,555,000, down 7.0%[25] Economic Outlook and Strategic Plans - The global economic downturn risk is increasing, with major international organizations lowering global growth forecasts by an average of 0.4 percentage points[30] - The company aims to maintain steady improvement in core business operations while optimizing governance and risk management mechanisms[30] - The company plans to extend its water resource segment into high value-added areas, promoting business structure transformation and upgrading[30] - The company is focusing on the potential development opportunities brought by the "Guangdong-Hong Kong-Macao Greater Bay Area Development Plan" and is actively seeking market investment and acquisition opportunities[30] - The company aims to achieve new breakthroughs in profit growth and enhance overall operational performance and value[30] Audit and Financial Reporting - The unaudited financial data for the nine months ending September 30, 2025, has been reviewed by the company's audit committee[31] - Shareholders and potential investors are advised that the information provided is unaudited and should not be considered as an indicator of the company's financial performance[32]

Financial Performance - Total operating revenue for Q3 2025 reached RMB 7,426,888,299.87, representing a year-on-year increase of 12.72%[9] - Net profit attributable to shareholders for the same period was RMB 1,301,063,153.19, reflecting a growth of 9.53% compared to the previous year[9] - The company reported a net profit excluding non-recurring gains and losses of RMB 1,316,501,209.75, which is a 16.89% increase year-on-year[9] - Operating profit for the first three quarters of 2025 reached ¥6.62 billion, a 24.3% increase from ¥5.35 billion in the same period of 2024[29] - Net profit for the first three quarters of 2025 was ¥5.76 billion, up 24.7% compared to ¥4.62 billion in 2024[29] - The company reported a total comprehensive income of ¥5.78 billion for the first three quarters of 2025, compared to ¥4.60 billion in 2024, reflecting a 25.6% increase[30] Cash Flow - The net cash flow from operating activities surged to RMB 4,809,977,038.87, marking a significant increase of 209.78% year-to-date[10] - Cash flow from operating activities for the first three quarters of 2025 was ¥9.11 billion, significantly higher than ¥4.59 billion in 2024, representing a 98.5% increase[34] - The company’s operating cash inflow totaled ¥26.97 billion in the first three quarters of 2025, up from ¥20.55 billion in 2024, marking a 31.5% increase[34] - Cash and cash equivalents as of September 30, 2025, were CNY 40.36 billion, significantly higher than CNY 24.82 billion at the end of 2024, representing a growth of 62.5%[24] - Total cash and cash equivalents at the end of the first three quarters of 2025 amounted to ¥39.77 billion, compared to ¥21.46 billion at the end of 2024, indicating a 85.5% increase[35] - Cash inflow from financing activities in the first three quarters of 2025 was ¥10.78 billion, compared to ¥799 million in 2024, showing a substantial increase[35] Assets and Liabilities - Total assets as of the end of the reporting period amounted to RMB 68,327,540,485.78, up 36.29% from the previous year[13] - Total assets as of September 30, 2025, were CNY 68.33 billion, up from CNY 50.14 billion at the end of 2024, marking an increase of 36.2%[25] - Total liabilities as of September 30, 2025, were CNY 8.30 billion, compared to CNY 4.05 billion at the end of 2024, reflecting a growth of 105.5%[25] - The company's equity attributable to shareholders increased to CNY 59.50 billion as of September 30, 2025, from CNY 45.52 billion at the end of 2024, an increase of 30.7%[25] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 397,258, with no preferred shareholders reported[19] - The number of shareholders holding ordinary shares totaled 397,258, with 397,246 being A-share holders as of the report date[21] - The company has no related party relationships or concerted actions among the top ten shareholders[21] Expenses - Total operating costs for the first three quarters of 2025 were CNY 16.92 billion, up from CNY 15.09 billion in 2024, reflecting a growth of 12.1%[28] - Research and development expenses for the first three quarters of 2025 amounted to CNY 4.95 billion, compared to CNY 4.55 billion in 2024, indicating an increase of 8.9%[28] Investment Activities - The company reported a net investment loss of CNY 40.82 million for the first three quarters of 2025, compared to a loss of CNY 31.42 million in the same period of 2024[28] - The company received cash from investment activities totaling ¥188 million in the first three quarters of 2025, down from ¥251 million in 2024[34] Earnings Per Share - Basic earnings per share for the reporting period were RMB 0.20, up 5.26% year-on-year[10] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.89, an increase from ¥0.73 in 2024[30] Return on Equity - The weighted average return on equity decreased by 0.24 percentage points to 2.51% for the reporting period[10]

Financial Performance - The company's operating revenue for Q3 2025 was RMB 24,515,087,883.37, a decrease of 16.91% compared to the same period last year[8]. - The total profit for the period was RMB 993,893,581.80, reflecting a decline of 13.19% year-on-year[8]. - Net profit attributable to shareholders was RMB 732,347,717.52, down 16.79% from the previous year[8]. - The net profit after deducting non-recurring gains and losses was RMB 685,536,530.09, a decrease of 13.46% compared to the same period last year[8]. - The basic earnings per share for Q3 2025 was RMB 0.1007, down 16.90% year-on-year[8]. - Total operating revenue for the first three quarters of 2025 was CNY 75.04 billion, a decrease of 12.6% compared to CNY 85.87 billion in the same period of 2024[26]. - Net profit for the first three quarters of 2025 was CNY 2.91 billion, down 4.1% from CNY 3.04 billion in 2024[27]. - Basic earnings per share for 2025 was CNY 0.3684, compared to CNY 0.3891 in 2024, indicating a decline of 5.5%[27]. - Net profit for the first three quarters of 2025 reached CNY 2,112,563,579.87, compared to CNY 2,518,502,828.00 in the first three quarters of 2024, reflecting a decline of 16.06%[34]. Cash Flow - The cash flow from operating activities for the year-to-date was RMB 582,310,190.23, showing a significant increase of 40.24%[8]. - Cash flow from operating activities generated a net amount of CNY 582.31 million in 2025, an increase of 40.2% from CNY 415.24 million in 2024[30]. - Cash inflow from operating activities for the first three quarters of 2025 was approximately $3.60 billion, compared to $4.06 billion in the same period of 2024, representing a decrease of about 11.4%[36]. - Net cash flow from operating activities was negative at approximately -$375.67 million for the first three quarters of 2025, compared to -$255.96 million in 2024, indicating a worsening cash flow situation[36]. - Cash inflow from investment activities increased to approximately $3.68 billion in 2025 from $4.66 billion in 2024, showing a decline of about 21.1%[36]. - Net cash flow from investment activities was approximately $1.05 billion in 2025, contrasting sharply with a negative cash flow of about -$1.52 billion in 2024[36]. - Cash inflow from financing activities was approximately $2.36 billion in 2025, down from $5.98 billion in 2024, reflecting a decrease of about 60.6%[37]. - Net cash flow from financing activities was negative at approximately -$1.71 billion in 2025, compared to -$473.63 million in 2024, indicating increased financial strain[37]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 81,765,947,044.82, an increase of 5.92% from the end of the previous year[8]. - The company's current assets totaled RMB 40,202,593,834.29, up from RMB 35,634,997,641.75, indicating an increase of about 14.5% year-over-year[22]. - The total liabilities reached RMB 39,262,803,232.26, compared to RMB 35,154,821,919.36 in the previous period, reflecting an increase of approximately 11.9%[23]. - The total equity attributable to shareholders increased to RMB 39,778,730,271.54 from RMB 39,567,594,762.30, a growth of about 0.5%[23]. - The total assets as of September 30, 2025, amounted to CNY 46,500,230,337.20, an increase from CNY 45,890,225,038.10 at the end of 2024[32]. - Total liabilities increased to CNY 19,435,181,859.80 as of September 30, 2025, compared to CNY 18,494,574,084.54 at the end of 2024[32]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 43,483[19]. - The largest shareholder, China Foreign Trade Group Corporation, holds 2,525,339,831 shares, accounting for 34.73% of total shares[19]. - The top ten shareholders collectively hold a significant portion of the company’s shares, with the largest three shareholders accounting for over 83% of total shares[19]. Operational Metrics - Contract logistics volume reached 38.24 million tons, up from 37.47 million tons year-on-year, representing a growth of 2.06%[15]. - Sea freight agency volume increased to 11.79 million TEUs, compared to 10.96 million TEUs in the same period last year, reflecting a growth of 7.52%[16]. - Cross-border e-commerce logistics volume decreased to 0.46 billion parcels, down from 1.60 billion parcels year-on-year, a decline of 71.25%[17]. - The company’s air freight channel business volume was 664,000 tons, down from 753,000 tons year-on-year, a decrease of 11.83%[16]. - The logistics e-commerce platform handled 2.917 million TEUs, an increase from 1.877 million TEUs year-on-year, representing a growth of 55.38%[17]. - The railway agency volume was 392,000 TEUs, down from 448,000 TEUs year-on-year, a decline of 12.50%[16]. - The company’s warehouse service volume reached 21.55 million tons, up from 20.16 million tons year-on-year, an increase of 6.89%[16]. Government Subsidies - The company received government subsidies totaling RMB 1.259 billion for the period from January to September 2025, primarily related to its logistics operations[12]. Research and Development - Research and development expenses decreased to CNY 78.26 million in 2025 from CNY 124.34 million in 2024, a reduction of 37.0%[26]. - Research and development expenses for the first three quarters of 2025 were CNY 21,834,683.52, down from CNY 28,206,435.04 in the same period of 2024, a decrease of 22.67%[34]. Investment Income - The company reported an increase in investment income to CNY 1.63 billion in 2025, up from CNY 1.47 billion in 2024, representing an increase of 11.2%[26]. - The company reported investment income of CNY 2,336,630,253.82 for the first three quarters of 2025, compared to CNY 2,828,177,264.63 in the same period of 2024, a decrease of 17.43%[34]. Financial Position - The company's cash and cash equivalents decreased to RMB 12,932,251,478.54 from RMB 13,467,664,505.98, a decline of about 4.0%[22]. - The company's inventory stood at RMB 54,771,976.07, slightly down from RMB 56,259,409.64, a decrease of approximately 2.6%[22]. - The total non-current assets remained stable at RMB 41,563,353,210.53, showing a marginal increase from RMB 41,560,502,496.10[22]. - The company reported a decrease in short-term borrowings to RMB 1,424,248,561.73 from RMB 3,294,191,564.22, a reduction of approximately 56.7%[23]. - The long-term borrowings decreased to RMB 2,576,652,353.70 from RMB 3,268,291,437.12, indicating a decline of about 21.2%[23]. - The company’s short-term borrowings decreased to CNY 350,615,864.26 from CNY 1,981,557,305.56 at the end of 2024, a decline of 82.32%[32]. - The company did not apply new accounting standards or interpretations for the year 2025, indicating continuity in financial reporting practices[38].

ZO FUTURE GROUP 大象未來集團 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) (Stock Code 股份代號 : 2309) ANNUAL REPORT 年報 2024/2025 CONTENTS 目錄 | CORPORATE INFORMATION | 公司資料 | 2 | | --- | --- | --- | | ABBREVIATIONS | 簡稱 | 4 | | CHAIRMAN'S STATEMENT | 主席報告 | 6 | | MANAGEMENT DISCUSSION AND ANALYSIS | 管理層討論及分析 | 9 | | BIOGRAPHICAL DETAILS OF DIRECTORS | 董事履歷 | 22 | | REPORT OF THE DIRECTORS | 董事會報告 | 25 | | CORPORATE GOVERNANCE REPORT | 企業管治報告 | 47 | | INDEPENDENT AUDITOR'S REPORT | 獨立核數 ...

△ 按2021年12月供股而作出調整 CONTENTS 目錄 | 2 | Financial Highlights | | --- | --- | | | 財務撮要 | | 3 | Corporate Information | | | 企業資料 | | 5 | Chairperson's Statement | | | 主席報告 | | 8 | Management Discussion and Analysis | | | 管理層討論及分析 | | 40 | Directors and Senior Management Profile | | | 董事及高層管理人員 | | 44 | Directors' Report | | | 董事會報告 | | 57 | Corporate Governance Report | | | 企業管治報告 | | 83 | Independent Auditor's Report | | | 獨立核數師報告 | | 90 | Consolidated Statement of Profit or Loss and Other Comprehensive Income ...