Financial Performance - The company reported its annual performance for the year ending December 31, 2025, in accordance with the Hong Kong Stock Exchange's listing rules[3]. - The company's operating revenue for 2025 was ¥6,186,550,243.97, a decrease of 72.78% compared to ¥22,729,474,852.76 in 2024[18]. - The net profit attributable to shareholders for 2025 was -¥8,295,932,402.88, representing an 11.94% increase in losses from -¥7,410,784,491.65 in 2024[18]. - The net cash flow from operating activities for 2025 was ¥243,208,407.71, a decline of 90.73% from ¥2,623,191,664.60 in 2024[18]. - The total assets at the end of 2025 were ¥50,620,148,908.13, down 20.29% from ¥63,509,295,142.08 at the end of 2024[18]. - The net assets attributable to shareholders decreased by 90.13% to ¥903,835,592.13 at the end of 2025 from ¥9,156,104,358.91 at the end of 2024[18]. - The basic earnings per share for 2025 was -¥2.83, a decrease of 11.86% from -¥2.53 in 2024[18]. - The weighted average return on net assets for 2025 was -164.83%, a decrease of 107.58 percentage points from -57.25% in 2024[18]. - The company reported a significant decline in revenue from other business activities, with income from non-main business activities dropping to ¥68,753,596.86 in 2025 from ¥159,980,820.39 in 2024[19]. - The company experienced a quarterly loss in net profit, with the fourth quarter showing a loss of -¥2,288,115,849.71[23]. Dividend and Shareholder Information - The board of directors proposed not to distribute a final dividend for the fiscal year 2025, pending shareholder approval at the annual general meeting on May 15, 2026[6]. - The company has a history of unremitted losses at the parent company level, which may affect future dividend distributions[11]. - The annual report will be available for shareholders and can be accessed on the Hong Kong Stock Exchange and the company's website starting March 30, 2026[3]. - The available reserves for cash distribution as of December 31, 2025, are RMB 0.00, a decrease from RMB 1.086 billion in 2024[135]. Strategic Focus and Future Plans - The company plans to focus on market expansion and new product development as part of its future strategy[10]. - The company is focusing on cost reduction and efficiency improvement, with a significant decrease in financial expenses compared to the previous year, aided by negotiations with 90 out of 109 financial institutions for interest rate reductions or extensions[33]. - The company plans to implement a "one-two-five" development strategy in 2026, focusing on enhancing benefits through cadre team construction, improving the industrial ecosystem, and deepening reform and innovation[36]. - The company aims to enhance its production management system through digital transformation and automation, focusing on improving operational efficiency and risk control by upgrading key processes by 2026[101]. - The company will focus on brand and credibility enhancement as a core strategy, aiming to improve market recognition and customer loyalty through quality control and high-value product development by 2026[104]. Operational Challenges and Risks - The company faces risks related to macroeconomic fluctuations, national policies, and industry competition, which may impact future performance[10]. - The company has indicated uncertainty regarding its ability to continue as a going concern, as both net profits before and after deducting non-recurring gains and losses have been negative in recent years[19]. - The company has experienced operational challenges due to production halts at its Shouguang and Zhanjiang bases, impacting overall revenue and efficiency[96]. - The paper industry faces intensified competition, with structural oversupply in certain product categories leading to downward price pressure, particularly on white cardboard[111]. Governance and Management - The company has established a special investment fund, Chenming Huanggang Fund, for the construction of its subsidiary Huanggang Chenming Phase II project, with a 59.97% stake held by Zhanjiang Chenming as a limited partner[159]. - The company has adjusted its governance structure by eliminating the supervisory board, with the audit committee of the board taking over its responsibilities, ensuring compliance with the latest regulatory requirements[171]. - The board of directors consists of 11 members, including 5 executive directors (1 employee representative), 2 non-executive directors, and 4 independent directors, with a total of 8 board meetings held during the reporting period[174]. - The company maintains complete independence from its controlling shareholders in terms of business, personnel, assets, organization, and finance, with no interference in operational decisions[178]. - The company has implemented strict information disclosure practices, enhancing the quality of disclosures and ensuring compliance with insider information management regulations[176]. Research and Development - The company is developing several new technologies, including dual-coating technology for anti-stick base paper and specialized copperplate paper for packaging boxes, aiming for domestic leadership[70]. - The company plans to increase R&D investment and strengthen technological innovation capabilities as production operations stabilize[71]. - The company has received over 490 national patent authorizations, including 45 invention patents, and has been recognized with 16 provincial-level technology advancement awards[53]. Environmental and Sustainability Initiatives - The company has invested over RMB 8 billion in environmental protection measures, including advanced pollution control systems, and has implemented a leading wastewater reuse project in the industry[54]. - The company is committed to green production, increasing environmental investments and upgrading facilities to create a resource-saving and environmentally friendly enterprise[40]. - Environmental risks are acknowledged, with the company committed to integrating green development practices and achieving a water reuse rate of over 75% through advanced filtration technologies[109]. Financial Management and Capital Structure - The company has initiated a debt restructuring plan to negotiate extended repayment terms and lower interest rates, ensuring sufficient operational funds[120]. - The company is addressing financial risks by optimizing asset structure, increasing cash flow, and enhancing communication with financial institutions to alleviate debt pressure[113]. - The company has pledged fixed assets worth ¥39,673,397,581.16 as collateral for bank loans and long-term payables[85]. - The company plans to use the net proceeds from the divestment to repay its debts according to the payment schedule outlined in the agreement[167].

CONTENTS 目錄 | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Chairman's Statement | 5 | | 主席報告 | | | Management Discussion and Analysis | 8 | | 管理層討論及分析 | | | Directors and Senior Management | 21 | | 董事及高級管理層 | | | Corporate Governance Report | 27 | | 企業管治報告 | | | Report of Directors | 54 | | 董事會報告 | | | Independent Auditor's Report | 79 | | 獨立核數師報告 | | | Consolidated Statement of Profit or Loss and | 87 | | Other Comprehensive Income | | | 綜合損益及其他全面收益表 | | | Consolidated Statement of Financial Posi ...

Financial Information - The annual performance announcement pertains to the fiscal year ending December 31, 2025[3] - The company will suspend the transfer of shares registration on July 9 and July 10, 2026, to determine eligibility for the final dividend[4] - The record date for the final dividend eligibility is set for July 10, 2026[4] - The announcement clarifies that a special dividend mentioned earlier should be removed[4] Company Structure - The board of directors includes both executive and independent non-executive members[5] - The chairman of the company is Tsai Hoi Shan[5] - The company is incorporated in the Cayman Islands and trades under stock code 3933[2] Announcement Details - The company confirmed that there are no modifications to the other information in the annual performance announcement[5] - The announcement was made on March 31, 2026[5] - The company emphasizes the accuracy and completeness of the announcement's content[1]

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 382,288,000, a decrease of 38% compared to RMB 612,517,000 for the year ended December 31, 2024[4] - Operating profit decreased by 45% to RMB 67,745,000 from RMB 122,072,000 year-on-year[4] - Profit attributable to equity shareholders was RMB 80,043,000, down 25% from RMB 106,961,000 in the previous year[4] - Basic and diluted earnings per share were RMB 0.171, a decline of 26% from RMB 0.232[4] - Total comprehensive income for the year was RMB 79,845,000, significantly lower than RMB 341,731,000 from the previous year[7] - Total customer contract revenue for 2025 was RMB 356,936 thousand, a decrease of 38% from RMB 577,221 thousand in 2024[14] - The company reported a pre-tax profit of RMB 80,043 thousand for 2025, down from RMB 106,961 thousand in 2024, reflecting a decline of approximately 25%[22] Dividends - The company proposed a final dividend of HKD 0.11 per share, unchanged from the previous year, while a special dividend of HKD 0.24 was not applicable this year[4] - The proposed final dividend per ordinary share for 2025 is HKD 0.11, equivalent to approximately RMB 0.0974, with total dividends payable amounting to RMB 45,545 thousand[35] - The company approved and paid dividends of RMB 149,920 thousand to equity shareholders for the previous fiscal year, compared to RMB 68,308 thousand in the prior year[36] - The annual general meeting will be held on June 11, 2026, where shareholders will vote on the proposed dividend[66] - The company will suspend share registration from June 8 to June 11, 2026, to determine shareholder voting rights at the annual general meeting[68] - The company will also suspend share registration from June 16 to June 18, 2026, for shareholders to receive the proposed final dividend[68] Assets and Liabilities - Non-current assets increased to RMB 1,168,270,000 from RMB 1,046,635,000 year-on-year[8] - Current assets decreased to RMB 828,157,000 from RMB 1,063,703,000, primarily due to a reduction in bank deposits[8] - Total liabilities decreased to RMB 1,889,217,000 from RMB 1,944,993,000, reflecting a reduction in current liabilities[9] - As of December 31, 2025, the company's total assets amounted to RMB 948,322 thousand, an increase from RMB 942,543 thousand as of December 31, 2024[25] - The company reported a net asset value of RMB 654,409 thousand as of December 31, 2025, down from RMB 669,003 thousand as of December 31, 2024[25] Revenue Breakdown - Revenue from television media resources operation and integrated communication reached RMB 219,783 thousand in 2025, compared to RMB 392,976 thousand in 2024, representing a decline of approximately 44%[14] - Digital marketing, content management, and other services generated revenue of RMB 137,153 thousand in 2025, down from RMB 184,245 thousand in 2024, a decrease of about 26%[14] - Media resources operation and integrated communication revenue totaled RMB 219,783 thousand, a year-on-year decrease of approximately 44% from RMB 392,976 thousand[44] - Digital marketing, content operation, and other revenue amounted to RMB 137,153 thousand, down about 26% from RMB 184,245 thousand, with digital marketing revenue decreasing by 36% to RMB 83,709 thousand[44] - Rental income from investment properties was RMB 25,352 thousand, a decline of approximately 28% from RMB 35,296 thousand due to reduced rental prices[44] Expenses - Total operating expenses were RMB 73,201 thousand, a decrease of about 16% from RMB 86,787 thousand, representing approximately 19.1% of revenue[45] - Selling and marketing expenses were RMB 30,829 thousand, down from RMB 36,724 thousand, accounting for about 8.0% of total revenue[46] - General and administrative expenses decreased to RMB 42,372 thousand from RMB 50,063 thousand, representing approximately 11.1% of total revenue[46] Investments - The company invested RMB 45,478 thousand in Jihai Gold Group, acquiring 41,940,000 shares at HKD 1.18 per share[47] - The company also invested RMB 13,360 thousand in Beiwai 47 Green Organic Food Co., acquiring minority equity[47] Cash Flow - Cash and cash equivalents amounted to RMB 316,191 thousand, an increase from RMB 217,422 thousand in the previous year[49] - Net cash inflow from operating activities was RMB 39,424 thousand, down from RMB 66,512 thousand in the previous year[50] - The net cash inflow from investing activities was RMB 195,249 thousand, compared to a net cash outflow of RMB 196,140 thousand in 2024, primarily due to a reduction in term deposits and proceeds from equity investments[54] - The net cash outflow from financing activities was RMB 136,592 thousand, mainly due to the distribution of dividends amounting to RMB 149,920 thousand for the year 2024[54] Strategic Outlook - The company maintains a cautiously optimistic outlook for long-term development, focusing on innovation and stability while enhancing core competitiveness in creative communication and brand strategy[57] - The advertising industry is expected to continue its "value cultivation" development line, with AI technology becoming a fundamental infrastructure for marketing, deeply penetrating all aspects of creativity, strategy, delivery, and effectiveness[56] - The company plans to enhance its intelligent advertising business through technological iterations and deepen the application of AI technology across the entire value chain[57] Governance and Compliance - The audit committee, composed of three independent non-executive directors, reviewed the consolidated financial statements for the year ending December 31, 2025[64] - The external auditor, KPMG, confirmed that the preliminary announcement aligns with the consolidated financial statements for the year ending December 31, 2025[65] - The board of directors confirmed compliance with the trading standards for securities transactions as of December 31, 2025[63] - The company is committed to effective communication with shareholders, as demonstrated by the attendance of board members at the annual general meeting[62] - The board includes both executive and independent non-executive directors, ensuring diverse oversight[69] Share Repurchase - The company repurchased a total of 419,000 shares at a total cost of HKD 791,850 during the review year, with the shares subsequently canceled in January 2026[59]

Financial Performance - Revenue for the year ended December 31, 2025, was HKD 19,191,270, representing a 7.8% increase from HKD 17,794,465 in 2024[2] - Gross profit decreased by 5.4% to HKD 3,381,177 from HKD 3,573,192 in the previous year[2] - Net profit for the year was HKD 1,117,119, down 28.3% from HKD 1,558,118 in 2024[2] - Basic earnings per share fell by 28.0% to HKD 4.35 from HKD 6.04 in the prior year[2] - The group reported a net foreign exchange gain of HKD 39,212 in 2025, compared to a loss of HKD 15,714 in 2024, indicating a significant turnaround[27] - The group incurred a net loss of HKD 654,442 in 2025, compared to a loss of HKD 438,337 in 2024, indicating a deterioration in financial performance[27] - The company reported a total comprehensive profit of HKD 1,117,119 for the year ending December 31, 2025, compared to HKD 1,558,118 for the previous year[32] - The net profit attributable to equity holders for 2025 was approximately HKD 1,117,131,000, a decrease of 28.3% compared to HKD 1,558,132,000 in 2024, primarily due to lower average realized prices for crude oil and condensate[87] Production and Reserves - Average daily production in Pakistan decreased by 16.4% to 30,610 BOE/day from 36,627 BOE/day[2] - Average daily production in the Middle East and North Africa increased by 29.1% to 92,233 BOE/day from 71,452 BOE/day[2] - Proven reserves in Pakistan decreased by 9.3% to 44.6 million BOE from 49.2 million BOE[2] - Proven and probable reserves in the Middle East and North Africa increased by 3.9% to 599.3 million BOE from 576.7 million BOE[2] - Average daily production (excluding Apex assets) reached approximately 188,748 barrels of oil equivalent, a 4.5% increase from the previous year, with total production of about 68.89 million barrels of oil equivalent, up 4.3%[70] - The average daily production target for the group in 2026 is set between 179,000 to 213,000 barrels of oil equivalent, with capital expenditures estimated at $500 million to $650 million[106] - The average daily production target for Iraqi assets in 2026 is projected to be between 62,000 to 75,200 barrels of oil equivalent, while Egyptian assets are expected to achieve between 19,100 to 23,300 barrels[107][109] - In Pakistan, the average daily production target for 2026 is set between 24,300 to 26,800 barrels of oil equivalent[109] Assets and Liabilities - Total assets increased by 11.6% to HKD 29,138,820 from HKD 26,120,400[2] - Net assets decreased slightly by 0.8% to HKD 13,184,823 from HKD 13,295,380[2] - Total classified assets as of December 31, 2025, amount to HKD 23,867,231, with exploration and production assets at HKD 21,110,498[30] - Total classified liabilities as of December 31, 2025, are HKD 10,421,021, with exploration and production liabilities at HKD 8,458,937[30] - Total borrowings as of December 31, 2025, amount to approximately HKD 3.54 billion, with a weighted average interest rate of 9.81%[113] - The debt ratio is approximately 15.3% relative to total assets of about HKD 29.14 billion as of December 31, 2025[112] Revenue Breakdown - The group's revenue from oil, condensate, natural gas, and liquefied petroleum gas sales and production for 2025 is HKD 9,219,754, a decrease from HKD 9,858,537 in 2024, representing a decline of approximately 6.5%[24] - Revenue from energy product trading increased to HKD 9,588,129 in 2025 from HKD 7,664,387 in 2024, marking an increase of about 25.2%[24] - Total revenue from external customers for the year ending December 31, 2025, is HKD 19,191,270, with contributions from exploration and production at HKD 9,429,334, trading at HKD 9,588,129, and clean energy business at HKD 173,807[30] - The exploration and production segment reported a revenue of USD 2,436,913,000, a slight decrease of 1.6% from USD 2,477,102,000 in 2024[90] Expenses and Costs - The cost of inventory sold included employee costs, depreciation, and amortization amounting to approximately HKD 5,115,939,000 in 2025, down from HKD 5,585,540,000 in 2024[38] - Administrative expenses amounted to approximately HKD 851,599,000, representing 4.4% of revenue, up from 3.9% last year[95] - Financing costs decreased by 8.5% to approximately HKD 321,325,000, with a weighted average borrowing rate of 9.94%, down from 11.47% last year[96] - Income tax expenses were approximately HKD 179,695,000, with an effective tax rate of 13.9%, up from 10.0% last year[97] Strategic Initiatives - The company plans to continue expanding its market presence, particularly in regions such as Pakistan and Singapore, which contributed significantly to revenue[33] - The company is actively pursuing a "dual-drive" strategy to develop both traditional fossil fuel businesses and clean energy projects, including solar and wind energy initiatives[80] - The group aims to pursue sustainable and low-carbon energy development opportunities while optimizing existing operations[66] - The company is currently assessing the impact of the new accounting standards on its financial statements, particularly regarding the structure of the income statement and cash flow statement[19] Acquisitions and Investments - The acquisition of 52% of United Energy Group Beijing Investment Holdings Limited was completed for approximately HKD 148,200,000, expanding the company's clean energy business[54] - The acquisition of Apex International Energy Holdings I was completed for a total consideration of approximately HKD 1,170,000,000, with deferred consideration of HKD 54,600,000, aimed at expanding operations in Egypt[56] - The contribution to revenue from UEGBIH Group and AIEH I Group from their respective acquisition dates to the reporting date was approximately HKD 378,193,000, with a profit of about HKD 136,209,000[59] Market Conditions - The average price of Brent crude oil is projected to decline to approximately USD 69.14 per barrel in 2025, down about 14% from USD 80.52 per barrel in 2024[62] - The global economic growth is projected to remain at 3.3% in 2026 and 3.2% in 2027, with inflation expected to decrease from 4.1% in 2025 to 3.8% in 2026[106]

Financial Performance - For the fiscal year ending December 31, 2025, total revenue reached RMB 605,945 million, an increase from RMB 512,806 million in the previous year, representing a growth of approximately 18.2%[3] - Net profit attributable to equity holders of the company was RMB 7,683 million, down from RMB 9,799 million in the previous year, indicating a decline of about 21.6%[3] - The basic earnings per share decreased to RMB 0.06 from RMB 0.45, reflecting a significant drop of approximately 86.7%[3] - The company reported a net profit from its industrial operations of RMB 12,683 million, compared to RMB 11,570 million in the previous year, showing an increase of about 9.6%[3] - Revenue for the year reached over RMB 600 billion, marking an 18% year-on-year growth and setting a historical high[9] - The company reported a net profit of RMB 9,799 million, marking a 28% increase compared to the previous year[20] - The total profit for the year reached RMB 9,798,985, an increase from RMB 7,683,164 in the previous year, representing a growth of approximately 27.6%[121] Investment and Innovation - The company emphasized its commitment to technological innovation and high-quality development in response to the evolving global economic landscape[4] - The company aims to enhance its production capacity and focus on core economic sectors to drive future growth[4] - R&D expenses exceeded RMB 75 billion, a growth of over 60% compared to the 13th Five-Year Plan, marking a historical high[6] - The company launched the world's first AI PC, achieving a market share of over 25%, significantly ahead of the second competitor[6] - The company invested in over 100 Chinese tech companies annually, with a focus on AI, leading to 76 companies going public during the 14th Five-Year Plan[6] - The company is actively pursuing a strategy of innovation-driven development to strengthen its competitive position in the market[5] - The company has invested in over 300 AI companies, making it the longest and most comprehensive investor in the AI sector in China[6] Market and Competitive Position - The ongoing challenges in the PC and photovoltaic industries have led to significant volatility, impacting overall business performance[5] - The macroeconomic environment remains complex, with geopolitical risks and supply chain issues posing ongoing challenges to the company's operations[4] - The company aims to enhance its core competitiveness and expand its market presence through diversified business collaboration and innovation[12] - Lenovo Group achieved a strong performance in the personal computer business, with a market share of 25.3% in Q4, leading the industry by 5 percentage points over the second place[23] - AI-related revenue for Lenovo Group grew over 140% year-on-year, accounting for nearly 30% of total revenue[23] Financial Stability and Debt Management - The company’s debt ratio has shown a steady decline, reflecting improved financial stability[7] - The company has returned over RMB 45 billion through dividends and exits from various projects during the 14th Five-Year Plan[7] - The company’s total assets as of December 31, 2025, amounted to RMB 774,524 million, reflecting an 11% increase from the previous year[19] - The company’s total liabilities increased to RMB 665,713,277 thousand in 2025 from RMB 598,322,429 thousand in 2024, which is an increase of around 11.3%[126] - The company’s core Tier 1 capital adequacy ratio stood at 13.64% as of December 31, 2025, indicating a solid financial foundation[107] Research and Development - The company has initiated a series of commercial explorations in early-stage technologies, collaborating with over 60 enterprises and research institutions[6] - The company is focused on integrating AI with its business operations, enhancing growth momentum and driving innovation[10] - The company has developed over 40 energy-saving and environmentally friendly specialty surfactants, with more than 100 products in industrial production[43] - The company reported a significant increase in retained earnings, amounting to RMB 45,178,145 thousand, reflecting strong operational performance[133] Future Outlook and Strategic Plans - The company plans to continue investing in technology research and development to maintain its leadership in the industry[12] - The company anticipates continued growth in its debt levels due to increased bank loans and corporate bonds, aligning with its strategic expansion plans[102] - The company plans to expand its market presence, focusing on new product development and technological advancements[135] - Future guidance indicates a cautious outlook, with expectations of revenue growth in the upcoming quarters[135] - The company is exploring potential mergers and acquisitions to enhance its market position[135]

Financial Performance - The group's revenue was RMB 48.38 billion, with a gross profit margin of 17.0%. The profit attributable to shareholders was RMB 225.22 million, and the basic earnings per share were RMB 5.89[4]. - The net profit for the year was RMB 633.89 million, a significant increase from RMB 95.81 million in the previous year[5]. - The total comprehensive income for the year amounted to RMB 428.73 million, compared to RMB 312.17 million in the previous year[5]. - The company achieved a profit before tax of RMB 2,909,414, with a net profit of RMB 633,885 after tax expenses of RMB 2,275,529[17]. - The company reported a net profit of RMB 95,814,000 for the year ended December 31, 2024, after tax expenses of RMB 2,145,823,000[19][21]. - The company reported a significant increase in sales from the Kunming Poly City project, contributing RMB 1.446 billion to the turnover[72]. Revenue Breakdown - Total revenue for the year ending December 31, 2025, is reported at RMB 48,381,678, with a breakdown of RMB 46,252,130 from property development and RMB 1,926,291 from property investment and management[17]. - The revenue from contracts recognized at a point in time amounted to RMB 46,278,903, while revenue recognized over time was RMB 1,642,452[17]. - The property investment and management segment generated revenue of RMB 1,926,291, contributing significantly to the overall performance[17]. - Total revenue for the year ended December 31, 2024, was RMB 40,208,482,000, with a breakdown of RMB 38,094,598,000 from property development and RMB 1,892,620,000 from property investment[19]. Sales and Contracts - The total contract sales amount for the year reached RMB 50.2 billion, with a sales area of 1.624 million square meters and an average sales price of approximately RMB 30,917 per square meter[3]. - The company achieved a total contract sales amount of RMB 50.2 billion, ranking 15th in the industry sales list, with a sales recovery rate of 102%[39]. - The average contract sales price increased by 21% year-on-year, reaching RMB 30,000 per square meter[39]. - The company completed new construction of approximately 1.622 million square meters and achieved contract sales of approximately 1.624 million square meters during the year[44]. Assets and Liabilities - Non-current assets totaled RMB 20.63 billion, while current assets amounted to RMB 161.17 billion[6]. - Current liabilities decreased to RMB 79.06 billion from RMB 99.64 billion in the previous year[7]. - Total assets as of December 31, 2025, amounted to RMB 181,799,859,000, with a significant increase from RMB 198,702,777,000 in 2024[18][20]. - Total liabilities as of December 31, 2025, were RMB 134,064,835,000, compared to RMB 152,155,467,000 in 2024, indicating a reduction in liabilities[18][20]. - The group's debt-to-asset ratio improved to 73.7% in 2025 from 76.6% in 2024[79]. Equity and Dividends - The total equity attributable to shareholders was RMB 33.72 billion, a slight decrease from RMB 34.21 billion in the previous year[7]. - The company plans to distribute a final dividend of HKD 0.026 per share for the year ended December 31, 2025, an increase from HKD 0.021 per share in 2024[28]. - The total equity attributable to shareholders as of December 31, 2025, was RMB 33.7 billion, with a net asset value per share of RMB 8.82[43]. - As of December 31, 2025, the total equity attributable to shareholders was RMB 33.719 billion, with a net asset value per share of RMB 8.82, down from RMB 34.209 billion and RMB 8.95 in 2024 respectively[79]. Financing and Costs - The net cash inflow from operations was RMB 3.56 billion, with total cash accounting for 17.1% of total assets. The average financing cost decreased to 2.86%[3]. - The company reported a financing cost of RMB 1,067,705, impacting the overall profitability[17]. - The financing cost for the year ended December 31, 2025, was RMB 1,067,705,000, down from RMB 1,583,371,000 in 2024[20]. - 42% of the group's borrowings are at fixed interest rates, while 58% are at floating rates, indicating a strategy to manage interest rate risk through hedging tools[81]. Project Development - The group added new project planning with a total construction area of 1.701 million square meters, with a total land cost of approximately RMB 27 billion[3]. - The company acquired 15 real estate development projects with a total land cost of approximately RMB 27 billion, focusing 84% of resources on Guangzhou, Shanghai, and Hangzhou[40]. - The company has 58 ongoing and planned projects with a total construction area of approximately 11.875 million square meters as of December 31, 2025[44]. - The planned total construction area for projects awaiting construction is 707.5 million square meters (equity area of 566.5 million square meters)[64]. Market Presence and Strategy - The company plans to enhance product quality, deepen service offerings, and actively embrace digital and green modernization elements[42]. - The company aims to build core competitiveness that can withstand market cycles and focus on high-quality development[42]. - The company plans to expand its market presence in first-tier and second-tier cities through ongoing investments in new projects[75]. Employment and Compensation - The group employed 6,442 staff as of December 31, 2025, with total compensation of approximately RMB 1.203 billion, a decrease from RMB 1.264 billion in 2024[85].

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。 （於香港註冊成立之有限公司） （股份代號：688） 截至二零二五年十二月三十一日止年度 業績公告 2 1 本集團連同其聯營公司及合營公司（統稱「本集團系列公司」） 2 本公司股東應佔核心溢利為撇除匯兌淨損益和投資物業重估增值（扣除稅項及非控股股東權益）及加 回年內出售之投資物業已變現稅後重估增值等影響後的本公司股東應佔溢利 1 1. 本集團系列公司 1 合約物業銷售額為人民幣 2,512.3 億元，相應銷售面 積為 1,056 萬平方米。 2. 本集團收入為人民幣 1,680.9 億元。 3. 本集團商業物業收入為人民幣 72 億元。 4. 本集團經營性現金淨流入人民幣 167.3 億元。 5. 本公司股東應佔溢利為人民幣 126.9 億元。本公司股東應佔核心溢利 2 為人民幣 130.1 億元。 6. 每股基本盈利為人民幣 1.16 元。 7. 本集團在中國內地 15 個城市和香港新增 35 幅地塊， ...

Financial Performance - Profit attributable to equity holders was HKD 6.457 billion, a decrease of 18.5% year-on-year (2024: HKD 7.919 billion) [4] - Basic earnings per share were HKD 1.538, down 18.5% year-on-year (2024: HKD 1.886) [4] - The net profit for the year was HKD 7.688 billion, down from HKD 9.081 billion in 2024 [6] - The group reported a profit attributable to equity holders of HKD 6,457 million in 2025, down from HKD 7,919 million in 2024, resulting in basic earnings per share of HKD 1.54 [30] - The attributable profit to equity holders decreased by 18.5% year-on-year to HKD 6.457 billion, while recurring profit fell by 13.8% to HKD 6.511 billion [59] Revenue and Growth - Revenue for the year was HKD 13.354 billion, an increase from HKD 11.842 billion in 2024 [5] - The total revenue for 2025 reached HKD 13,354 million, a 13.0% increase from HKD 11,842 million in 2024 [13] - Revenue from port operations amounted to HKD 12,447 million in 2025, up 13.2% from HKD 10,992 million in 2024 [13] - The revenue from warehousing services increased to HKD 705 million in 2025, representing a growth of 10.3% compared to HKD 639 million in 2024 [13] - The group’s revenue for the year ended December 31, 2025, was HKD 13.354 billion, an increase of 12.8% year-on-year, driven by business volume growth [59] Container Throughput - The total container throughput reached 151.29 million TEUs, an increase of 3.8% year-on-year (2024: 145.75 million TEUs) [4] - The group’s container throughput reached 151.29 million TEU in 2025, representing a year-on-year growth of 3.8% [48] - The container throughput in mainland China, Hong Kong, and Taiwan was 112.35 million TEU, up 3.2% year-on-year, driven by growth in the Shenzhen Western Port Area and the Yangtze River Delta [48][47] - The overseas port projects achieved a container throughput of 38.94 million TEU, reflecting a year-on-year increase of 5.7%, with significant contributions from Brazil and Turkey [55][47] - The Shenzhen Western Port Area completed a container throughput of 15.17 million TEU, a 3.3% increase year-on-year, benefiting from increased cargo volume from emerging markets [49] Assets and Liabilities - Total assets increased to HKD 177.534 billion from HKD 169.474 billion in 2024 [7] - Total assets as of December 31, 2025, amounted to HKD 177,534 million, with significant contributions from the port business and bonded logistics [20] - Total liabilities were reported at HKD 50,496 million, with a notable portion attributed to tax liabilities and deferred tax liabilities [20] - The group’s total assets as of December 31, 2025, increased by 4.8% to HKD 177.534 billion, while total liabilities rose by 5.1% to HKD 50.496 billion [59] Capital Expenditure - Capital expenditure for the year was HKD 1,141 million, reflecting ongoing investment in operations [17] - Capital expenditures for the year were HKD 1,478 million, demonstrating the company's commitment to growth and infrastructure development [18] Dividends - The company proposed a final dividend of HKD 0.489 per share, down from HKD 0.636 per share in 2024 [4] - The proposed final dividend for 2025 is HKD 0.489 per share, totaling HKD 2,053 million, compared to HKD 2,670 million for HKD 0.636 per share in 2024 [29] Operational Efficiency - The company reported a net financing cost of HKD 1.171 billion, a decrease from HKD 1.319 billion in 2024 [5] - The operating profit before financing costs, taxes, and share of profits from associates and joint ventures was HKD 5,276 million for the year ended December 31, 2025 [17] - The operating profit before financing costs, taxes, and share of profits from associates and joint ventures was HKD 5,084 million, reflecting a strong performance across various segments [18] - The group has optimized its operational processes and cost control measures, laying a solid foundation for overall operational quality improvement [44] Employee and Talent Management - The group employed 8,683 full-time employees as of December 31, 2025, with a total salary expenditure of HKD 2.315 billion, accounting for 28.3% of total operating expenses [68] - The group is focused on high-quality development, implementing a performance-based compensation system that aligns with market standards and industry benchmarks [69] - The group has initiated the "International Elite Talent Recruitment Program" to attract overseas talent with international perspectives and professional advantages [68] ESG and Sustainability Initiatives - The group is focusing on ESG initiatives, integrating climate change and biodiversity into daily operations to maintain the highest international ESG ratings in the port industry [46] - The group has implemented new ESG initiatives, aiming for a 30% reduction in carbon emissions by 2026 [97] - The group has made significant progress in green energy services, completing LNG ship-to-ship refueling operations for the first time at the Shenzhen Western Port Area [45] - The group has developed a comprehensive "battery swap + charging" network to support green energy infrastructure [45] - The group has implemented a "Mangrove Restoration Plan" to mitigate environmental impacts from construction projects, committing to double the area of mangroves replanted [71] Market and Economic Outlook - In 2025, global economic growth is projected at 3.3%, with developed economies growing at 1.7% and emerging markets at 4.4% [35] - China's GDP is expected to grow by 5.0% in 2025, achieving major development goals despite complex internal and external conditions [36] - The global economy is projected to grow by 3.3% in 2026, maintaining the same rate as 2025, with global trade expected to increase by 2.6%, down 1.5 percentage points from 2025 [77] Corporate Governance - The audit committee, composed of four independent non-executive directors, reviewed the financial statements for the year ending December 31, 2025 [83] - The company has adhered to corporate governance codes and will continue to review and update its practices to reflect best standards [86]

Financial Performance - Total revenue for the year ended February 28, 2026, was HKD 1,825,357,000, representing an increase from HKD 1,759,316,000 in the previous year, a growth of approximately 3.74%[2] - Net interest income for the same period was HKD 1,417,302,000, up from HKD 1,347,582,000, reflecting a year-on-year increase of about 5.16%[2] - The annual profit attributable to the company's owners was HKD 468,199,000, compared to HKD 400,478,000 in the previous year, marking a growth of approximately 16.9%[4] - Earnings per share increased to HKD 111.80 from HKD 95.63, representing a rise of about 16.8% year-on-year[2] - Operating income for the year was HKD 1,726,534,000, compared to HKD 1,649,317,000 in the previous year, indicating an increase of approximately 4.69%[2] - The company reported a total comprehensive income of HKD 441,882,000 for the year, up from HKD 384,176,000, which is an increase of about 15%[4] Expenses and Taxation - The company incurred a tax expense of HKD 93,645,000, compared to HKD 76,338,000 in the previous year, reflecting an increase of approximately 22.7%[2] - The company’s operating expenses were HKD 768,845,000, slightly up from HKD 768,116,000, showing a marginal increase of about 0.1%[2] - The company recognized a depreciation expense of HKD 44,328,000 for property, plant, and equipment, compared to HKD 41,548,000 in the previous year, which is an increase of about 6.7%[8] - The company’s total employee costs, including directors' remuneration, were HKD 250,659,000, an increase from HKD 240,922,000 in the previous year, reflecting a growth of 4.3%[11] Assets and Liabilities - Total assets increased to HKD 1,944,674,000 in 2026 from HKD 1,935,813,000 in 2025, reflecting a growth of 0.6%[5] - Total liabilities increased to HKD 2,877,616,000 in 2026 compared to HKD 2,274,343,000 in 2025, marking a significant rise of 26.5%[6] - The company's equity totaled HKD 4,483,661,000 in 2026, up from HKD 4,251,161,000 in 2025, indicating a growth of 5.5%[6] - The company’s total liabilities to equity ratio improved to 0.64 in 2026 from 0.66 in 2025, indicating a slight reduction in financial leverage[6] Customer Loans and Receivables - Customer loans and receivables rose to HKD 6,087,111,000 in 2026, up from HKD 5,605,137,000 in 2025, representing an increase of 8.5%[5] - The total customer loans and receivables (excluding impairment provisions) amounted to HKD 7,912,709,000 as of February 28, 2026, representing a 7.9% increase from HKD 7,329,378,000 in the previous year[34] - The impairment provisions for customer loans were HKD 276,898,000 as of February 28, 2026, compared to HKD 264,939,000 in the previous year, indicating a slight increase in provisions[35] Dividends - The company declared a final dividend of HKD 100,504,000 for the fiscal year 2024/2025[7] - The company also declared an interim dividend of HKD 100,504,000 for the fiscal year 2024/2025[7] - The group maintained a stable dividend policy with a payout ratio of 51.9%, proposing a final dividend of HKD 0.33 per share, resulting in a total annual dividend of HKD 0.58 per share[46] Market and Economic Conditions - The local GDP grew by 3.5% in 2025, up from 2.6% in the previous year, indicating a moderate recovery in the Hong Kong economy[47] - The overall economic environment remains challenging, with consumer confidence still relatively weak due to global trade tensions and uncertainties in U.S. interest rate policies[47] Strategic Initiatives - The group launched the "AEON Green Personal Loan" to support customers in installing renewable energy systems or purchasing electric vehicles, marking a significant step in sustainable development initiatives[49] - The group plans to integrate artificial intelligence into customer experience to provide seamless, efficient, and personalized services, including automating credit card and personal loan approvals[84] - The group aims to enhance sales and quality of receivables growth through local and online consumption, with a major strategy being the launch of the "One AEON Point" platform[83] Governance and Compliance - The company has maintained high standards of corporate governance, balancing the interests of shareholders, customers, employees, and other stakeholders[89] - The board of directors has confirmed compliance with the securities trading rules throughout the year[90] - The financial statements for the year have been approved by the board of directors and audited by Deloitte[93]