Annual Report 2025 年報 (Stock Code: 00513) (股份代號: 00513) | ANN | | U | A | L | R | E | P | O | R | T | 2 | 0 | 2 | 5 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 二 | 零 | | | 二 | 五 | | 年 | | | 度 | 年 | | | 報 | Contents ■ 目錄 | 2 | Corporate Information | | --- | --- | | | 公司資料 | | 5 | Corporate Profile | | | 公司簡介 | | 7 | Chairman's Statement | | | 主席報告 | | 27 | Biographical Details of Directors and Senior Management | | | 董事及高級管理人員之履歷概要 | | 35 | Corporate Gover ...

Financial Performance - The Group's total revenue from continuing operations for FY2025 was approximately HK$68.9 million, representing a decrease of approximately 2.7% compared to FY2024's revenue of approximately HK$70.8 million[12]. - Revenue from the renewable energy segment was approximately HK$59.9 million in FY2025, down from approximately HK$62.2 million in FY2024, primarily due to increased international freight rates and geopolitical factors affecting orders from European customers[14]. - The waste construction materials and processing service segment generated revenue of approximately HK$4.5 million in FY2025, an increase from approximately HK$3.9 million in FY2024, attributed to a slight recovery in the property and construction markets[21]. - The plastic recycling/metal scrap business recorded revenue of approximately HK$2.8 million in FY2025, down from HK$2.9 million in FY2024, impacted by a weak macroeconomic environment and significant drops in demand[24]. - The money lending business generated approximately HK$0.1 million in revenue during FY2025, a decrease from HK$0.2 million in FY2024, following the disposal of its wholly-owned subsidiary that held a money lenders license[25]. - The net loss attributable to the owners of the Company for FY2025 was approximately HK$16.0 million, representing an 11.9% year-on-year increase from FY2024's loss of approximately HK$14.3 million[96]. - Total expenditures for continuing operations, excluding finance costs, amounted to approximately HK$52.8 million in FY2025, an increase from approximately HK$46.9 million in FY2024[108]. - The Group's staff costs rose to approximately HK$16.1 million in FY2025, an increase of approximately HK$1.3 million compared to FY2024[108]. Market Challenges - Global used cooking oil prices were highly volatile throughout 2024, impacting the Group's operations, with prices trending upward in 2025 due to higher demand and increased biofuel production obligations[19]. - The Group faced challenges in international trade due to fluctuating U.S.-China trade policies, leading to unpredictable costs and higher freight expenses, prompting a strategic shift towards exploring the Southeast Asian market[20]. - The return of U.S. President Donald Trump has increased political and economic uncertainties, with expectations of slower global growth during the remainder of FY2025[26]. - International container shipping rates have surged due to U.S.-China tariff changes, with ocean freight rates on Asia–Europe lanes doubling from pre-crisis levels by the end of 2024[31]. Business Strategy - The Group's strategy in FY2025 included adapting to the surge in international shipping rates and exploring new markets to mitigate the impact on revenue from European customers[20]. - The Group plans to restructure its business segments to build resilience against financial burdens from loss-making operations, including the termination of its German plastic recycling operation[32]. - The Group's renewable energy business focuses on trading recyclable oil/biodiesel, with operations accredited by the International Sustainability and Carbon Certificate (ISCC) under the Renewable Energy Directive 2018/2001/EU (RED II)[61]. - The Group has developed a local supplier network to support its renewable energy operations, enhancing its logistics capabilities[61]. - The Group's renewable energy operations involve inspecting raw material quality in accordance with ISCC requirements[62]. - The Group's operations in the renewable energy sector align with global sustainability standards, enhancing its market position[62]. Operational Changes - The Group discontinued its money lending business in November 2024 following the disposal of its equity interest in the subsidiary that operated this segment[11]. - The Group has ceased its money lending business as of November 18, 2024, reallocating resources to more profitable segments and projects with higher growth potential[88]. - The Group's workforce decreased from 37 employees as of June 30, 2024, to 35 employees as of June 30, 2025[133]. Governance and Management - Mr. Lo Kam Wing has been appointed as the executive director and chairman of the Board since December 1, 2022, bringing extensive experience in manufacturing and international trade[38]. - Mr. Luo Xian Ping has over 17 years of experience in asset restructuring and corporate finance, previously serving as CEO of China Regenerative Medicine International Limited[43]. - Mr. Ho Wai Hung has experience in accounting and finance, having worked with various money lending companies in Hong Kong[47]. - Mr. Tam Chun Wa has over 30 years of experience in auditing, accounting, tax, investment banking, and company secretarial work, currently serving as CFO of China Asia Valley Group Limited[49]. - Mr. Man Kwok Leung is a member of multiple professional accounting organizations and has been appointed as an independent non-executive Director since July 13, 2023[50]. Compliance and Risks - Compliance with local environment-related regulations is critical, as failure to adhere may result in fines or operational suspensions[154]. - Financial risks are present, with details outlined in the consolidated financial statements[155]. - The Group's financial risk management objectives and policies are detailed in the Management Discussion and Analysis section of the annual report[143]. - The Company is subject to compliance risks related to local environmental regulations, which could lead to fines or operational suspensions if not adhered to[159]. Share Option Scheme - The Share Option Scheme adopted on June 1, 2016, had 94,692,817 share options available for grant as of July 1, 2024, and June 30, 2025, with no options granted or exercised during FY2025[186][187]. - The purpose of the Share Option Scheme is to attract and retain high-caliber employees and valuable human resources for the Group[191]. - Eligible participants include employees, non-executive directors, suppliers, customers, and other contributors to the Group's development[192]. - The total number of shares available for issue under the Share Option Scheme is 94,692,817, representing approximately 6.98% of the issued shares (excluding treasury shares) of the Company[196].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 明 確 表 示 ， 概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任 。 ( 在中華人民共和國註冊成立之股份有限公司 ) (股份代號:2328) 截至2025年9月30日止九個月之未經審計業績公告 本公告乃中國人民財產保險股份有限公司（「本公司」）根據證券及期貨條例（香港法 例第571章）第XIVA部之內幕消息條文（定義見上市規則）及香港聯合交易所有限公司 證券上市規則（「上市規則」）第13.09條而發出。 本公司董事會公佈本公司（不包括子公司）截至2025年9月30日止九個月之未經審計業績 公告。本公告所載財務資料根據中國企業會計準則1編製，且未經審計。 一、主要業務經營分析 2025年前三季度，我國經濟運行總體平穩向好，本公司堅持穩中求進工作總基調，聚焦 服務中國式現代化，做好 ...

Financial Performance - For the year ended June 30, 2025, the Group recorded revenue of approximately HK$68.04 million, a decrease of approximately 44.38% compared to HK$122.32 million in 2024[12] - Loss attributable to owners of the Company for the Year amounted to approximately HK$51.65 million, compared to a loss of approximately HK$27.56 million in 2024[12] - Revenue from private educational services was approximately HK$29.86 million, slightly down from approximately HK$30.52 million in 2024[15] - Revenue from directly-owned education centres and non-profit making organisations was approximately HK$24.82 million, representing an increase of approximately 4.37% compared to HK$23.78 million in 2024[17] - Revenue contributed from franchised centres was approximately HK$4.28 million, an increase of approximately 9.74% compared to approximately HK$3.90 million in 2024[17] - Revenue from STEAM education services decreased by approximately 69.68% to about HK$0.57 million, down from approximately HK$1.88 million in the last financial year[20] - Revenue from VR product sales and related services was approximately HK$0.49 million, while gaming product sales generated approximately HK$34.16 million, compared to about HK$2.26 million and HK$87.10 million in 2024, respectively[21] - Revenue from secondary tutoring services decreased to approximately HK$0.18 million, a decline of approximately 81.25% from approximately HK$0.96 million in the previous year[66] - Revenue from primary tutoring services, skill courses, and test preparation courses increased to approximately HK$29.11 million, an increase of approximately 5.17% from approximately HK$27.68 million in the last financial year[66] Impairment and Losses - Impairment loss on trade receivables and contract assets was approximately HK$22.52 million, compared to a reversal of approximately HK$4.82 million in 2024[12] - The impairment loss on goodwill was approximately HK$13.15 million, compared to HK$Nil in 2024[12] - Impairment losses recognized for the year amounted to approximately HK$9.71 million, a significant increase from HK$998,000 in 2024, reflecting a deterioration in asset quality[43] - The Group's other income, gains, and losses recorded a net loss of approximately HK$39.61 million, primarily due to impairment losses totaling approximately HK$43.75 million[69] - Loss attributable to owners of the Company amounted to approximately HK$51.65 million, primarily due to fair value losses on financial assets and impairment losses on trade receivables and goodwill[84] Operational Changes and Strategies - The Group launched online classes and other online learning modes to adapt to changing educational needs[15] - The "Modern Education" Learning Centre was relocated and underwent refinement initiatives to enhance operational efficiency[16] - The Group is strategically repositioning for growth by integrating technologies into its products and expanding into new business divisions, reflecting a shift beyond traditional education services[85] - The Group's strategic realignment will enhance resource allocation towards STEAM education to meet significant demand in this field[20] Employee and Cost Management - Staff costs decreased by approximately HK$2.65 million or 8.67% to approximately HK$27.93 million, attributed to improved cost efficiency[70] - Tutor contractor fees increased by approximately HK$1.06 million or 42.74% to approximately HK$3.54 million, due to changes in workforce structure[71] - Employee costs decreased by approximately HK$2.65 million or 8.67% to approximately HK$27.93 million, attributed to improved cost efficiency from business optimization[75] - Marketing expenses decreased significantly by approximately HK$1.53 million or 56.46% to approximately HK$1.18 million, due to a shift to more cost-efficient advertising media[77] - Other operating expenses decreased by approximately HK$0.83 million or 9.76% to approximately HK$7.67 million, as a result of ongoing cost control measures[81] Financial Position and Ratios - The Group's total cash and cash equivalents as of June 30, 2025, amounted to approximately HK$1.54 million, a decrease from approximately HK$8.65 million in 2024[94] - The current ratio as of June 30, 2025, was approximately 1.61 times, down from approximately 6.04 times in 2024[94] - The gearing ratio increased to approximately 45.71% as of June 30, 2025, compared to approximately 24.16% in 2024[97] - Total interest-bearing borrowings as of June 30, 2025, were approximately HK$18,870,000, compared to HK$17,000,000 as of June 30, 2024[98] - The capital debt ratio as of June 30, 2025, was approximately 45.71%, an increase from 24.16% as of June 30, 2024[99] Risk Management and Compliance - The Group faces sourcing risk due to reliance on tutors for quality tutoring services, which may impact revenue if contracts are not renewed[145] - Business interruption risk is present as the Group rents education centers, and failure to renew leases could adversely affect operations[150] - The private tutoring industry is highly competitive, with a decrease in student numbers and an increase in small tutoring centers intensifying market competition[151] - Compliance with regulatory requirements is prioritized, with measures in place to minimize non-compliance risks[160] - The Group has adhered to the Listing Rules of The Stock Exchange of Hong Kong, ensuring proper disclosure and corporate governance[161] Corporate Governance and Social Responsibility - The Group is committed to environmental sustainability, promoting energy conservation and recycling practices in its operations[158] - The Group has complied with all relevant laws and regulations that have a significant impact on its business and operations during the Year[167] - The Group is committed to providing competitive remuneration packages and training for employees to enhance their career paths[171] - The Group regularly reviews its teaching materials to meet student demand and market trends, aiming for corporate sustainability[172] - The Group has established long-standing relationships with suppliers to ensure business sustainability and shared commitment to quality[173] Shareholder and Investment Information - The Board does not recommend the payment of a final dividend for the Year (2024: nil)[175] - The Group did not purchase, sell, or redeem any of its listed securities during the year[125] - As of June 30, 2025, the Group did not hold any treasury shares[125] - Significant investments under FVOCI included assets valued at 5% or more of the group's audited total assets, indicating a focus on maintaining substantial equity positions[55] - The Group's investment strategy for Convoy focuses on long-term holding to manage market fluctuations and potential volatility[60]

Financial Performance - The total revenue for the group was approximately HKD 140,350,000, an increase of 26.2% compared to HKD 111,160,000 in the previous year[7]. - The group recorded a profit of approximately HKD 39,027,000, a significant turnaround from a loss of HKD 270,792,000 in the previous year[7]. - The group recorded total revenue of approximately HKD 140,350,000 for the year ended June 30, 2025, representing a 26.2% increase from HKD 111,160,000 in 2024[29]. - The group achieved a profit of approximately HKD 39,027,000 for the year ended June 30, 2025, compared to a loss of HKD 270,792,000 in 2024[29]. - Other income and losses amounted to approximately HKD 100,765,000 for the year ending June 30, 2025, an increase from HKD 54,951,000 in 2024, driven by one-time transaction gains[45]. - The group generated a profit of approximately HKD 39,027,000 for the year ending June 30, 2025, compared to a loss of HKD 270,792,000 in 2024, resulting in a profit margin of approximately 48.0%[44]. - The termination of the air cargo charter business resulted in annual revenue of approximately HKD 59,110,000 and a loss of HKD 5,973,000[43]. Property Management and Operations - The group has expanded its property management business through full ownership of subsidiaries providing property services, enhancing revenue potential[12]. - The group is focusing on property operations to become a light asset and service-oriented operator, exploring related market opportunities[8]. - The group aims to enhance customer traffic and tenant quality through effective management of its shopping centers and industrial parks[12]. - The group plans to adjust rental levels to improve occupancy rates and enhance property operation revenue[41]. - The group is awaiting a court decision regarding objections raised by the owners of Jiachao Shopping Center and Shopping Center C, which may impact future operations[32]. - The group has entered into a sublease agreement for the remaining area of Jiachao Shopping Center, ensuring fixed rental income without operational and maintenance costs[31]. - The group has expanded its property management business through Zhengzhou Yingrui Property Services, promoting and subleasing to approximately 83 tenants in Zhiyun City[36]. - The group plans to continue investing in property operations, including hiring experienced personnel and potentially acquiring light-asset property operations in China to expand its management portfolio[62]. Leasing and Occupancy - As of June 30, 2025, approximately 89.6% of the leasable area in Shopping Center C, totaling around 80,118 square meters, was leased out to about 95 tenants[9]. - The rental area of the Jiachao Shopping Center decreased from 74,655.84 square meters to 27,749.09 square meters due to ongoing litigation, impacting revenue generation[10]. - In the Zhiyun City industrial park, approximately 69.7% of the leasable area of 130,873 square meters was leased out to 83 tenants for production and sales purposes[13]. - The group has leased 42 units in Zhiyun City, with a total floor area of approximately 130,873 square meters, achieving about 69.7% occupancy as of June 30, 2025[36]. - Zhengzhou Yinghao has leased 9 units with a total area of approximately 40,142 square meters, achieving about 53.0% occupancy as of June 30, 2025[37]. - Zhengzhou Yinghan has leased 7 units with a total area of approximately 41,385 square meters, achieving about 48.2% occupancy as of June 30, 2025[37]. Financial Management and Strategy - The company aims to enhance profit margins through strict cost control policies and financial planning, expecting to achieve more robust performance in the future[16]. - The company continues to implement prudent cost management policies to enhance operational efficiency and maintain a reasonable financial condition[23]. - The company expects stable future business development while seeking suitable property operation projects to broaden revenue sources and improve profitability[24]. - The company has been generating stable and continuous cash flow from its managed rental properties, benefiting both the company and its shareholders[22]. - The company is adjusting its future operational plans to provide leasing for more popular brands and expand tenant types to meet diverse customer needs[22]. Corporate Governance - The company has committed to best corporate governance practices, adhering to the principles outlined in the corporate governance code[144]. - The independent non-executive directors have confirmed their independence from the company, ensuring compliance with governance standards[149]. - The company has established a risk management and internal control system to safeguard shareholder investments and assets[158]. - The company has a policy to review the effectiveness of its risk management and internal control systems annually[158]. - The board consists of 4 executive directors and 3 independent non-executive directors, with a gender distribution of 5 males and 2 females[166]. Shareholder Information - No final dividend is recommended for the year ending June 30, 2025, consistent with the previous year[57]. - The company has established a dividend policy aimed at maximizing shareholder value, with decisions on dividends being at the board's discretion[199]. - Factors considered in the dividend decision include operating performance, cash flow, business conditions, and shareholder interests[200]. - As of June 30, 2025, the company has issued a total of 2,688,000,000 shares, with the largest shareholder, Mr. Chen Jin Yan, holding 597,280,000 shares, representing 22.21% of the issued share capital[97]. Risk Management - The company has identified several key risks that may impact its strategic objectives due to changes in business and external environments[160]. - The audit committee is satisfied with the adequacy of resources, qualifications, and training budgets for the accounting and financial reporting department[162]. - The company has a whistleblowing policy encouraging employees to report concerns regarding financial reporting and misconduct confidentially[161]. - The company has implemented strict guidelines for employees regarding securities trading to prevent violations of insider trading rules[145]. Employee and Management Changes - The company appointed Mr. Su Peixin as Executive Director and Chairman in August 2024, bringing over 15 years of experience in property development[78]. - Dr. Huang Haoxian was appointed as Executive Director and CEO in November 2024, with over 14 years of experience in investment and capital markets[78]. - Mr. Yao Linying joined as Executive Director in June 2024, focusing on external investment project selection and management, with over 11 years of experience in the investment field[79]. - The group employs a total of 104 employees in China and Hong Kong, providing competitive compensation and benefits[73].

Financial Performance - For the fiscal year ending June 30, 2025, the company reported a loss attributable to shareholders of approximately HKD 98.8 million, equating to a loss per share of HKD 0.051[18]. - The company's revenue for the fiscal year ending June 30, 2025, was HKD 128.32 million, showing an increase from HKD 126.75 million in the previous year[11]. - The company recorded a comprehensive loss attributable to shareholders of approximately HKD 90.6 million for the fiscal year ending June 30, 2025[18]. - The group reported a loss of HKD 53.3 million for the year ending June 30, 2025, an increase from the previous year's loss, primarily due to impairment losses on properties increasing by approximately HKD 44.7 million[19]. - Interest income for the year ending June 30, 2025, was approximately HKD 77.8 million, an increase of about HKD 7.4 million from HKD 70.4 million for the previous year, supported by a larger customer base[22]. Operational Efficiency - The average occupancy rate for the hotel operations remained stable above 90%, contributing significantly to the company's cash flow[15]. - The company has successfully maintained a healthy cash flow level through enhanced cost control and operational efficiency[14]. - The company plans to continue optimizing its hotel operations and property leasing business for sustainable growth[15]. - The hotel operations recorded an average occupancy rate of 95.4% for the year ending June 30, 2025, with room revenue of approximately HKD 18.5 million, a slight decrease of about HKD 1.8 million from HKD 20.3 million in the previous year[24]. - The property leasing business reported a pre-tax loss of approximately HKD 18.9 million for the year ending June 30, 2025, compared to a loss of about HKD 8.8 million in the previous year, mainly due to an increase in fair value losses of approximately HKD 9.8 million[27]. Assets and Liabilities - The total assets minus total liabilities for the company as of June 30, 2025, was HKD 1,075.54 million[12]. - As of June 30, 2025, the total equity attributable to owners was approximately HKD 971.2 million, a decrease from HKD 1,061.8 million as of June 30, 2024, primarily due to the loss incurred during the year[28]. - The total receivables as of June 30, 2025, amounted to approximately HKD 316.2 million, a decrease of about HKD 86.1 million compared to HKD 402.3 million as of June 30, 2024, mainly due to the sale of a subsidiary with receivables of approximately HKD 48.4 million[22]. - Total borrowings as of June 30, 2025, were approximately HKD 134.0 million, a decrease from HKD 209.6 million as of June 30, 2024, including secured bank loans of approximately HKD 89.6 million[31]. - The debt-to-equity ratio as of June 30, 2025, was approximately 13.8%, a decrease from 19.7% as of June 30, 2024[32]. Corporate Governance - The company has adhered to the corporate governance code as per the listing rules and has complied with all relevant provisions and best practices[52]. - The board of directors consists of two executive directors and three independent non-executive directors, ensuring a balance of skills and independence[58]. - The company has established a nomination policy to ensure a balanced mix of skills, experience, and diverse perspectives among board members[65]. - The independent non-executive directors have served the company for over nine years, providing valuable insights and maintaining independence[61]. - The audit committee, consisting of three independent non-executive directors, reviewed the group's annual performance and financial statements for the fiscal year ending June 30, 2025[73]. Risk Management - The company has established a credit risk assessment policy, which includes detailed evaluations for mortgage loans based on various factors such as credit history and property valuation[93]. - The board is responsible for ensuring the establishment and maintenance of effective risk management procedures, including risk identification and assessment[89]. - The company has engaged an external professional service firm to review its risk management and internal control systems annually[88]. - The company has implemented internal monitoring measures to ensure compliance with all necessary registrations and licenses[91]. - The company is facing significant physical risks related to climate change, including increased operational and maintenance costs due to extreme weather events, which may lead to higher operational costs[163]. Environmental, Social, and Governance (ESG) Initiatives - The group adheres to the "Environmental, Social, and Governance Reporting Code" as per the listing rules, ensuring compliance with applicable regulations[121]. - The company aims to reduce air pollutant emissions by 5% over the next five years, calculated based on greenhouse gas emission density[133]. - The company has set comprehensive reduction targets for greenhouse gas emissions, aiming for a 5% reduction over five years based on the density per HKD 1,000 revenue[137]. - The company emphasizes resource conservation and environmental awareness among employees to minimize negative environmental impacts[132]. - The company is committed to achieving net-zero emissions through comprehensive energy-saving policies and the introduction of renewable energy[158]. Employee and Workforce Management - The total number of employees as of June 30, 2025, was 78, with compensation policies reviewed by the remuneration committee[44]. - Employee composition as of the end of the reporting period: 56% male and 44% female, with a notable increase in female representation from 42% in the previous year[176]. - The company adheres to local labor laws, including the Employment Ordinance and Minimum Wage Ordinance in Hong Kong, ensuring fair compensation and benefits for employees[173]. - The company emphasizes employee training and development, offering on-the-job training and funding for external seminars to enhance professional skills[183]. - The employee turnover rate decreased to 40% from 60% in the previous year, with significant reductions in turnover for both male (41% from 48%) and female employees (39% from 77%)[176]. Community Engagement - The company actively supports community welfare and environmental protection through various initiatives[120]. - The company received the "Caring Company" award from the Hong Kong Council of Social Service in March 2021[200]. - Donations of HKD 10,000 and HKD 21,000 were made to the Hong Kong Southern District Women's Association in 2022 and 2023 respectively[200]. - The company was awarded the "Earth Hour 2024 Certificate" by WWF Hong Kong in March 2024 for its environmental commitment[200]. - The company has a continuous community investment program, ensuring effective collaboration through careful selection and management of partner organizations[200].

Financial Performance - For the third quarter of 2025, the operating income was RMB 201,886 million, an increase of 2.42% year-on-year[8] - The net profit attributable to shareholders of the parent company reached RMB 101,805 million, reflecting a growth of 3.29% compared to the same period last year[8] - The basic earnings per share for the third quarter was RMB 0.27, up by 8.00% year-on-year[8] - For the first three quarters of 2025, the company achieved a net profit of CNY 271.88 billion, a year-on-year increase of 0.52%[21] - Total operating income reached CNY 610.97 billion, reflecting a year-on-year growth of 1.98%[21] - The bank's net profit for the nine months ending September 30, 2025, was RMB 271.882 billion, an increase of 0.5% from RMB 270.475 billion in the same period of 2024[32] - The bank's total operating income for the nine months ending September 30, 2025, was RMB 610.968 billion, up from RMB 599.107 billion in the same period of 2024[31] Assets and Liabilities - Total assets as of September 30, 2025, amounted to RMB 52,813,421 million, representing an increase of 8.18% from the end of 2024[8] - Total liabilities increased by CNY 378.52 billion to CNY 48,619.64 billion, representing a growth of 8.44%[22] - Customer loans and advances totaled CNY 30,451.93 billion, up CNY 207.97 billion or 7.33%[22] - Customer deposits rose by CNY 247.09 billion to CNY 37,307.82 billion, a growth of 7.09%[22] - The bank's total liabilities rose to RMB 48,619,638 million, an increase of 8.3% from RMB 44,834,480 million in 2024[35] - Total assets increased to RMB 52,813,421 million as of September 30, 2025, up from RMB 48,821,746 million at the end of 2024, representing a growth of approximately 6.1%[34] Cash Flow - The net cash flow from operating activities for the first nine months of 2025 was RMB 1,549,207 million, showing a significant increase of 43.81% year-on-year[9] - The net cash flow from operating activities increased due to a year-on-year rise in net customer deposits[9] - Net cash flow from operating activities for the nine months ended September 30, 2025, was RMB 1,549,207 million, compared to RMB 1,077,248 million for the same period in 2024, reflecting a growth of 43.8%[38] - The net cash outflow for the quarter is recorded at 8,300,742, reflecting the company's cash management strategy[62] Shareholder Information - The total number of ordinary shareholders as of the report date was 759,583, with 101,676 holding H shares and 657,907 holding A shares[11] - The top shareholder, Central Huijin Investment Ltd., held 34.79% of the shares, totaling 124,004,660,940 shares[13] - The bank declared a cash dividend of RMB 1.646 per 10 shares for the 2024 fiscal year, totaling approximately RMB 58.664 billion, and a total cash dividend of RMB 3.080 per 10 shares for the entire year, amounting to about RMB 109.773 billion[29] Capital and Ratios - The equity attributable to shareholders of the parent company was RMB 4,168,427 million, which is a 5.00% increase compared to the end of 2024[8] - The total capital adequacy ratio was 18.85%, down from 19.25% in the same period last year[44] - The core tier 1 capital ratio was reported at 13.57%, a decrease from 13.95% in the same period last year[44] - The leverage ratio was reported at 7.50%, a slight increase from 7.47% in the previous quarter[45] - The net stable funding ratio was 128.11%, reflecting a stable funding position compared to 129.66% a year ago[45] Investment Activities - The bank issued CNY 50 billion of Tier 2 capital bonds in July 2025 to supplement its Tier 2 capital[24] - In October 2025, the company issued CNY 10 billion of total loss-absorbing capacity non-capital bonds to enhance its loss-absorbing capacity[27] - The bank issued debt securities amounting to RMB 2,245,725 million during the nine months, compared to RMB 1,502,253 million in the previous year, reflecting a significant increase in funding activities[38] Risk Management - The non-performing loan balance was CNY 404.84 billion, with a non-performing loan ratio of 1.33%, a decrease of 0.01 percentage points[23] - The total risk-weighted assets reached RMB 28,022,090 million, up from RMB 25,546,153 million year-over-year, indicating a growth of 5.77%[44] - The bank's risk-weighted assets for credit risk were RMB 25,715,806 million, up from RMB 24,508,477 million year-over-year, reflecting a growth of 4.91%[50]

Business Transformation and Strategy - The company has transitioned from traditional real estate and investment to intelligent robotics technology, marking a strategic rebranding in February 2025[7]. - The AI RaaS (Artificial Intelligence Robotics as a Service) platform has been launched, leading to significant user growth and multiple benchmark projects in the Hong Kong market[7]. - The company is focusing on integrating real estate and technology, enhancing operational efficiency through smart commercial projects in Wuxi[8]. - The investment segment has established a closed loop of "technology empowerment - scenario application - ecological collaboration," driving the company's transformation into a technology service-oriented enterprise[10]. - The company aims to optimize its asset structure towards "lightweight and high-value" operations, enhancing organizational efficiency[11]. - The company plans to accelerate global market expansion with the AI RaaS solution, targeting key Southeast Asian countries by 2026[11]. - The establishment of the NovaTech Intelligent Driving Company represents a strategic leap into the AI and smart driving sectors[10]. - The company has set a goal to deepen technology and product ecosystem integration, building a digital marketing platform with advanced intelligent technologies[11]. - The robotics business is expected to be a key growth driver for the company in the future, reflecting the urgent demand for intelligent technology globally[6]. Financial Performance - The group’s revenue decreased by approximately 18% from HKD 41,057,000 in FY2024 to HKD 33,795,000 in FY2025, primarily due to a reduction in property deliveries[27]. - The property development segment generated revenue of HKD 19,794,000 in FY2025, down from HKD 27,885,000 in FY2024, with a gross margin of approximately 25% compared to 33% in the previous year[27]. - Other income in FY2025 included a reversal of provisions amounting to HKD 14,569,000 related to a court ruling, adjusting the total provision to approximately HKD 28,759,000[28]. - The net gain from the sale of financial assets at fair value through profit or loss was HKD 15,093,000 in FY2025, significantly up from HKD 738,000 in FY2024, primarily from exiting a ByteDance-related fund[29]. - The fair value loss on financial assets at fair value through profit or loss increased by approximately 36% to HKD 19,920,000 in FY2025, mainly due to changes in the value of holdings in Zhaolizhilian[30]. - The net increase in the fair value of investment properties was HKD 74,522,000 in FY2025, compared to HKD 26,243,000 in FY2024, with significant contributions from the transformation of properties in Wuxi[32]. - The fair value of investment properties in Wuxi increased by HKD 136,222,000 due to the conversion of properties held for sale into investment properties[32]. - The company turned a profit of HKD 7,125,000 in FY2025, recovering from a loss of HKD 54,434,000 in FY2024, driven by an increase in fair value gains from investment properties[46]. Investment and Asset Management - The fair value of the investment properties in Hong Kong decreased by HKD 61,700,000 to HKD 204,700,000 due to economic pressures[15]. - Rental and management income from investment properties increased to HKD 11,813,000, up from HKD 6,616,000 in the previous fiscal year[16]. - The company has signed contracts with unrecognized revenue totaling HKD 4,730,000 in the AI robotics segment, indicating strong future potential[23]. - The company plans to convert approximately 54,000 square meters of remaining commercial units in Wuxi into rental properties for an AI technology industrial park[15]. - The fair value of the parking lot and commercial properties in Wuxi is HKD 42,874,000 and HKD 691,041,000, respectively[15]. Research and Development - The company has increased its R&D investment in AI algorithms and hardware design, achieving progress in multi-modal model applications[23]. - The group plans to enhance its core competitiveness in AI robotics through increased R&D investment, focusing on AI applications and robot cluster scheduling over the next three years[26]. - The group will continue to develop new types of robots for home services and healthcare, enhancing user experience through software and hardware upgrades[26]. Corporate Governance and Management - The company has maintained compliance with relevant laws and regulations, with no significant violations reported during the fiscal year[63]. - The company is expanding its board with diverse expertise in finance, law, and healthcare to enhance governance and strategic direction[74]. - Future strategies include potential market expansion and new product development, leveraging the expertise of newly appointed directors[76]. - The board's composition reflects a commitment to diverse perspectives and expertise, which is expected to drive future growth[75]. - The company has adopted a board independence assessment mechanism to ensure strong independent elements within the board for effective independent judgment[144]. Employee and Shareholder Relations - The company expresses gratitude to shareholders and employees for their support, emphasizing the importance of collaboration for future growth[12]. - The total employee cost, including directors' remuneration, for the fiscal year 2025 was HKD 19,528,000, up from HKD 12,917,000 in 2024, reflecting an increase of approximately 51.5%[62]. - The company employed a total of 56 full-time employees and executive directors as of June 30, 2025, an increase from 32 in 2024[62]. - The company has committed to ensuring a balanced gender diversity among its employees, with no identified barriers to achieving this goal[157]. Risk Management - The company faces significant risks related to the property market performance in Hong Kong and China, which could adversely affect its financial condition and operational performance[48]. - The company has not identified any significant uncertainties that may cast doubt on its ability to continue as a going concern[168]. - The audit committee assists the board in monitoring the risk management and internal control systems, including environmental, social, and governance risks[171]. Financial Position and Capital Management - As of June 30, 2025, current assets were HKD 355,810,000, down from HKD 799,621,000 in FY2024, while current liabilities decreased to HKD 341,929,000 from HKD 403,047,000, resulting in a current ratio of approximately 1.04[47]. - The total equity increased to HKD 787,376,000 in FY2025 from HKD 772,532,000 in FY2024, while total borrowings decreased to HKD 178,186,000 from HKD 199,987,000, leading to a debt-to-equity ratio of approximately 23%[47]. - The company has no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures planned for the fiscal year 2025[56]. - The company has no major future plans for investments or capital assets in the fiscal year 2025[57]. Audit and Compliance - The audit committee reviewed the consolidated financial statements and annual results for the fiscal year 2025, confirming compliance with applicable accounting principles[129]. - The external auditor's responsibility statement for the fiscal year 2025 is included in the independent auditor's report within the annual report[161]. - The audit fees for the fiscal year 2025 amounted to HKD 920,000, with HKD 138,000 paid for non-audit services[163]. Environmental, Social, and Governance (ESG) - The environmental, social, and governance (ESG) report covers the group's performance from July 1, 2024, to June 30, 2025, focusing on sustainability initiatives[194]. - The ESG report emphasizes the importance of stakeholder engagement and includes measurable key performance indicators[198]. - Stakeholder feedback is crucial for the company's business and sustainable development strategies[199].

Financial Performance - For the fiscal year ended June 30, 2025, the Group recorded revenue of approximately HK$95.2 million, representing an increase of approximately 35.9% compared to the previous year[19]. - The gross profit margin for FY2025 was approximately 38.2%, which is approximately 8.7% higher than that for FY2024[19]. - The Group achieved a profit and total comprehensive income of approximately HK$2.3 million for FY2025, in contrast to a loss of approximately HK$2.3 million for FY2024[19]. - Revenue growth in the printing segment was approximately 16.0%, reaching approximately HK$56.0 million despite geopolitical tensions and sluggish global economic growth[20]. - The Group recorded revenue of approximately HK$95.2 million for FY2025, representing an increase of approximately 35.9% compared to FY2024[37]. - The gross profit margin increased to approximately 38.2% for FY2025, up from 29.5% in FY2024, reflecting effective cost control[37]. - Profit and total comprehensive income for FY2025 was approximately HK$2.3 million, a turnaround from a loss of approximately HK$2.3 million in FY2024[37]. - Revenue from the manufacturing and sale of apparel labels and packaging printing products increased by approximately 16.0% to approximately HK$56.0 million, with gross profit margin rising by approximately 16.5 percentage points to 49.9%[38]. - Revenue from the sales and distribution of food and daily necessities increased by approximately 36.6% to approximately HK$21.7 million, although gross profit margin dropped by approximately 0.9 percentage points to 24.4%[39]. - The restaurant operation, acquired in February 2024, contributed approximately HK$16.4 million in revenue for FY2025, with a gross profit margin of around 24.4%[25]. - The E-cigarette business generated approximately HK$1.0 million in revenue after sales commenced in February 2025[55]. - The overall cost of sales as a percentage of total revenue decreased from approximately 70.5% in FY2024 to approximately 61.8% in FY2025, a reduction of approximately 8.7 percentage points[56]. Strategic Focus and Market Conditions - The Group's strategic focus remains on expanding its product offerings and market presence despite external challenges[20]. - The overall market has been affected by escalated trade conflicts and uncertainties in demand for apparel labels and packaging printing products[20]. - The Group acknowledges the impact of geopolitical tensions and sluggish consumer demand on its business segments, particularly in the catering and consumer-led industries[24]. - The Group plans to allocate additional resources to grow international sales of its existing vaping device business, which is expected to see a compound growth rate of approximately 9.3% from US$12,444.9 million in 2024 to US$19,435.0 million in 2029[27][29]. - The Group is committed to optimizing its strategy and exploring business diversification and collaboration opportunities to ensure sustained growth[32]. Corporate Governance and Board Changes - Wade Investment SPC Limited became the controlling shareholder of the Company following the close of the Offer on June 16, 2025[17]. - Significant changes in the Board of Directors occurred in connection with the close of the Offer[17]. - Following the resignation of Mr. Fung Man Wai Samson, Mr. Lu Xiaoma was appointed as chairman and Ms. Xin Yue Jasmine Geffner as CEO effective June 16, 2025[102]. - The company has complied with the Corporate Governance Code provisions, except for the deviations disclosed, and has appointed new independent non-executive directors to meet listing requirements[108]. - The company has committed to enhancing corporate governance standards to safeguard shareholder interests and improve group performance[101]. - The company does not recommend the payment of a final dividend for FY2025[116]. - The company has adopted the Model Code for Securities Transactions by Directors and confirmed compliance by all directors during FY2025[110]. - The company will continue to review and improve its corporate governance practices and standards[109]. - The Board has complied with the Corporate Governance Code throughout the year ended June 30, 2025, with some deviations noted[161]. - The Board consists of two executive Directors and three independent non-executive Directors, ensuring a balanced governance structure[163]. Financial Position and Cash Flow - As of June 30, 2025, the total cash and cash equivalents amounted to approximately HK$15.0 million, a decrease of approximately HK$18.5 million compared to June 30, 2024, mainly due to a special dividend payment of approximately HK$19.9 million during the year[70]. - The current ratio as of June 30, 2025, was 1.66 times, down from 2.36 times as of June 30, 2024; the quick ratio was 1.52 times, down from 2.23 times as of June 30, 2024[71]. - The Group has guaranteed a total accumulated net profit after taxation of no less than HK$9,200,000 for Sky Honor Holdings Limited for the period from March 1, 2024, to September 30, 2027[80]. - The net profit after taxation for the 2024 and 2025 profit guarantee periods exceeded HK$1,300,000 and HK$2,600,000, respectively, fulfilling the guaranteed profit for those periods[81]. - As of June 30, 2025, the Group had not pledged any assets, consistent with the previous fiscal year[89]. - The Group does not hedge its foreign currency risks as the exchange rate between HK$ and USD is controlled within a tight range, minimizing significant currency risk exposure[90]. Human Resources - The Group had 71 full-time staff as of June 30, 2025, an increase from 67 as of June 30, 2024, with no significant changes in emolument policies[94]. - The company employed 71 full-time management, administrative, and operational staff in Hong Kong as of June 30, 2025, an increase from 67 staff as of June 30, 2024[100]. Director Profiles and Experience - Ms. Xin Yue Jasmine Geffner has over 20 years of experience in management, financing, fundraising, and mergers and acquisitions[125]. - Ms. Geffner served as CFO for Dorsett Hospitality International Services Limited from February 2019 to March 2025, and GreenTree Hospitality Group Limited from October 2017 to December 2018[126]. - Ms. Geffner is currently an independent director of Aureus Greenway Holdings Inc. and Helport AI Limited, both listed on Nasdaq[128]. - Mr. Ye Changqing has over 30 years of experience in professional accounting, financial advisory, and investment[132]. - Mr. Ye has been an independent non-executive director of Baozun Inc. since May 2016 and Jinxin Fertility Group Limited since June 2019[132]. - Ms. Pickett Heidi Verrill has over 30 years of experience in business strategy, global development, and financial management[139]. - Ms. Pickett is currently the Chief Business Officer at The Tie, a leading provider of information services for digital assets[139]. - Mr. Huang has more than 20 years of experience in private equity and investment banking, currently serving as CEO of Vcanbio Capital Management LLC since October 2017[147]. - Mr. Li, the CFO, has over 19 years of experience in accounting and corporate finance, overseeing financial and budget control for the Group since joining in August 2015[156]. Board Responsibilities and Meetings - The Board is responsible for enhancing shareholder value and presenting a clear assessment of the Company's performance[168]. - The Board has fiduciary duty and statutory responsibility towards the Company and the Group[169]. - The Company has arranged appropriate liability insurance cover for Directors against legal actions arising from corporate activities[175]. - The Board delegates day-to-day management to the management of principal subsidiaries[170]. - The Board held 4 regular meetings during the year ended June 30, 2025[180]. - All Directors are regularly updated on governance and regulatory matters[182]. - The Company Secretary provides updates on developments regarding the Listing Rules and other applicable regulatory requirements[177]. - Independent Non-executive Directors (INEDs) ensure effective corporate governance and monitor the Group's performance[178]. - The attendance of Directors at meetings is documented, ensuring accountability and engagement[185].

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依賴該等內容而引致的任何損失承擔任何責 任。 CNOOC Limited （中國海洋石油有限公司） （根據公司條例在香港註冊成立的有限責任公司） （股票代號：00883（港幣櫃台）及80883（人民幣櫃台）） 公告 2025年第三季度報告 本公告由中國海洋石油有限公司根據《證券及期貨條例》（香港法例第571章）第XIVA部項下的 內幕消息條文及《香港聯合交易所有限公司證券上市規則》第13.09條及13.10B條作出。 本公司2025年第三季度報告所載財務資料根據中國企業會計準則編製，且未經審計。 重要內容提示 中國海洋石油有限公司（以下簡稱「本公司」或「公司」）董事會及董事、高級管理人員保證季度報 告內容的真實、準確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的 法律責任。 公司董事長張傳江先生、首席財務官穆秀平女士、財務部總經理王宇凡女士聲明：保證季度報 告中財務信息的真實、準確、完整。 第三季度財務報表是否經審計 □是 ✓否 ...