Financial Performance - The company achieved total revenue of RMB 5.468 billion in 2025, representing a year-on-year growth of 13.7%[10] - Adjusted net profit reached RMB 414 million, a significant increase of 161.3% compared to the previous year[10] - The gross profit reached RMB 1,772.3 million, an increase of 16.3% compared to the previous year, indicating improved revenue quality[22] - The company's commercial insurance collaborative business generated revenue of RMB 3,295.6 million, up 11.0% year-on-year[30] - The total expenses as a percentage of revenue decreased to 30.6%, down 4.6 percentage points year-on-year, indicating improved operational efficiency[22] - The adjusted net profit for 2025 was RMB 414.0 million, compared to RMB 158.5 million in 2024, reflecting significant operational improvements[64] - The company's debt-to-asset ratio as of December 31, 2025, is 25.13%[111] - The total loss of the group's operating entities for the year ending December 31, 2025, is approximately RMB 6,347.0 million, while the total assets of these entities are approximately RMB 7,620.7 million[178] User Engagement and Services - The number of users utilizing AI medical services reached nearly 12 million, solidifying the foundation for the ecosystem's traffic and digital service base[12] - The conversion rate of M3 policies for users of the company's health services exceeded 15%, indicating strong engagement with the insurance products[11] - The number of paid corporate clients for health management services exceeded 6,700, representing an 83.1% increase compared to 2024[13] - The number of paying users increased to nearly 35 million, reflecting a year-on-year growth of 11.4%[24] - The monthly active rate for home elderly care services reached 84%, with a 100% response rate for the "smart guardian" alarm system[42] - The core service Net Promoter Score (NPS) increased by 4.7 percentage points compared to 2024[34] - The company provided personalized health management services for chronic disease patients, with 16.9 million service users and a customer satisfaction rate of 99%[35] Business Expansion and Partnerships - The company expanded its offline service network to over 5,100 partner hospitals, more than 240,000 pharmacies, and over 4,400 health checkup suppliers[12] - The collaboration with Ping An Group in financial services has deepened, enhancing customer acquisition and retention through integrated health management solutions[10] - The company aims to provide a one-stop medical and elderly care service platform, leveraging its extensive payment resources and service network[21] - The company is focused on expanding its elderly care services, covering 100 cities nationwide and continuously growing[42] - The company aims to deepen collaboration with Ping An Group to enhance its managed healthcare model and expand its market presence in corporate health management[54] Technology and Innovation - The company aims to leverage AI technology to provide comprehensive health management services, ensuring proactive care for users[9] - AI technology contributed approximately 4.5% to gross profit, enhancing service efficiency and creating new health demand[16] - The implementation of AI in healthcare is entering a new phase of large-scale application, supported by national policies[20] - The company launched a medical AI product system, enhancing user coverage and operational efficiency through AI integration[24] - The company processed nearly 1.5 billion consultation and diagnosis data points, leveraging this data for AI medical model training, enhancing service efficiency[51] Corporate Governance and Employee Relations - The company has a total of 1,668 employees as of December 31, 2025, primarily located in various cities in China[75] - The company has established a compensation system based on "cash salary + benefits + long-term incentives," with competitive remuneration to retain employees[75] - The company has a stable relationship with employees, supported by various internal and external training programs[75] - The board of directors includes experienced executives with backgrounds in finance, internet, and healthcare sectors, enhancing strategic decision-making[77][78][79][81][82] Regulatory and Compliance - The company is committed to integrating ESG practices into its operations, maintaining an MSCI ESG rating of AA[17] - The board believes that the contractual arrangements and related transactions are crucial for the group's legal structure and business, and they are conducted on fair commercial terms[193] - There are several risks associated with the contractual arrangements, including potential non-compliance with applicable Chinese laws, which could lead to severe consequences such as the invalidation of the arrangements[195] - The board has implemented measures to ensure effective operation and compliance with the contractual arrangements, including annual reviews and the hiring of external legal advisors if necessary[199] Financial Agreements and Investments - The company completed a placement of 80,000,000 new shares at a price of HKD 98.20 per share, raising a net amount of approximately HKD 7,828.0 million after commissions and fees[97] - The company plans to allocate HKD 544.9 million for potential investments and acquisitions in domestic companies and overseas expansion, with expected usage by December 31, 2025[98] - The company has a total of HKD 8,276.1 million allocated for working capital and general corporate purposes, which has been fully utilized[98] - The maximum daily balance of deposits held by the group at Ping An Bank for the year ending December 31, 2025, is set at RMB 10,000.0 million, with an actual maximum daily balance of approximately RMB 3,133.6 million[174] Strategic Initiatives - The strategic focus remains on the "Healthy China" initiative, addressing the growing health demands of an aging population[9] - The company is focused on creating a management-style medical model that aligns with the "Healthy China 2030" strategy[18] - The company has been involved in various strategic initiatives to enhance its market position and operational efficiency[89] - The agreements are part of the company's strategy to enhance service offerings and operational efficiency through partnerships with Ping An[162]

Global Expansion and Market Position - By the end of 2025, Bank of China had established institutions in 64 countries and regions, covering 45 countries involved in the Belt and Road Initiative[4]. - Bank of China ranked 4th in the Global 1000 Banks list by The Banker and 38th in the Fortune Global 500[6]. - The bank aims to enhance its global layout capabilities and strengthen its competitive advantages in the financial sector[5]. - The bank serves over 840 million corporate clients and more than 550 million individual clients, providing comprehensive financial solutions[4]. - The bank has established 533 overseas branches covering 64 countries and regions, including 45 Belt and Road countries[148]. Financial Performance - The company reported a total operating income of RMB 632.77 billion for 2023, an increase from RMB 586.46 billion in 2022, representing an increase of approximately 7.9%[15]. - Basic earnings per share for 2023 were RMB 0.75, compared to RMB 0.70 in 2022, reflecting a growth of 7.1%[15]. - The net interest margin for 2023 was 1.40%, up from 1.33% in 2022, indicating an improvement of 5.3%[15]. - The cost-to-income ratio improved to 28.77% in 2023 from 29.05% in 2022, showing a decrease of 0.96 percentage points[15]. - The net profit after tax for the group was CNY 257.94 billion, up CNY 5.22 billion, or 2.06% year-on-year[42]. Risk Management and Asset Quality - The bank emphasizes risk prevention and control as a core theme of its operations[4]. - The non-performing loan ratio for 2023 was reported at 1.26%, a decrease from 1.33% in 2022, indicating a reduction of 5.3%[15]. - The company has maintained a non-performing loan coverage ratio of 187.05% for 2023, consistent with the previous year, indicating strong risk management[15]. - The group maintained a stable loan quality with non-performing loans totaling RMB 120.55 billion, representing 0.52% of total loans, an increase of 0.06 percentage points year-on-year[64]. Dividend and Shareholder Returns - The company plans to distribute a final dividend of RMB 1.169 per share for 2025, pending shareholder approval, which adds to the interim dividend of RMB 1.094 per share, totaling RMB 2.263 per share for the year[12]. - The group achieved a net profit after tax of CNY 257.94 billion in 2025, with the bank's shareholders entitled to a net profit of CNY 243.02 billion[83]. Technological and Green Finance Initiatives - The bank is committed to developing five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance[4]. - Bank of China has been recognized as the best green bond bank in China and the Asia-Pacific region by Global Finance[6]. - The balance of green loans amounted to RMB 49,614.55 billion, representing a year-on-year growth of 27.83%[102]. - The issuance of green financial bonds totaled RMB 300 billion, including RMB 100 billion in floating rate bonds, the largest single issuance by a commercial bank in China[102]. Customer Engagement and Digital Transformation - The number of active mobile banking users reached 105 million, a year-on-year increase of 7.11%[34]. - The bank's mobile banking wealth management product shelf optimization improved customer convenience significantly[130]. - The electronic channel transaction amount reached 389.27 trillion yuan in 2025, reflecting rapid growth in online business[200]. - The company has expanded its online service capabilities, optimizing over 140 service functions for corporate clients[200]. Corporate Social Responsibility and Community Support - The bank has received multiple awards for its corporate social responsibility initiatives and financial innovation[6]. - The group actively supported employment stability with loans for job retention increasing by over 63%[24]. - The company provided support for 17.18 million enterprises with CNY 4.82 trillion in technology loans, and issued CNY 20 billion in technology bonds[34]. International Cooperation and Cross-Border Services - The total international settlement volume for domestic institutions reached $4.45 trillion, while cross-border RMB settlement volume exceeded ¥17.7 trillion, maintaining market leadership[122]. - The bank serves as a RMB clearing bank in 16 countries and regions, with 46 direct participants in the CIPS system[168]. - The company has signed agreements with foreign institutional investors for "Bond Connect" and "Swap Connect," maintaining a trading volume exceeding 1 trillion yuan over the past three years[143]. Infrastructure and Project Financing - The company supported major infrastructure projects in the Beijing-Tianjin-Hebei region, including the Beijing-Tangshan Intercity Railway and the Xiong'an to Daxing Airport Express Line[117]. - CNY 439 billion in credit support was provided for over 1,400 projects in countries along the Belt and Road Initiative[35]. - The Ximandu iron ore project in Guinea officially commenced production in November 2025, marking it as the largest undeveloped iron ore project globally, enhancing strategic cooperation between China and Africa in mineral resources and infrastructure[171].

Company Overview - S.F. Holding Co., Ltd. is recognized as the largest integrated logistics service provider in Asia and the fourth largest globally, serving over 2.35 million corporate clients and more than 800 million individual consumers[15]. - The company is recognized as the largest comprehensive logistics service provider in China and Asia, and the fourth largest globally[68]. - The company ranked 393rd in the Fortune Global 500 list and maintained its position as the top logistics brand in China according to Brand Finance[45]. - The company ranked 377th in the Brand Finance's 2025 Global Most Valuable Brands and 6th in the Global Most Valuable Logistics Brands, maintaining its position as the top logistics brand in China[68]. Financial Performance - The company reported a total cash dividend of approximately RMB 4.46 billion for the fiscal year 2025, which accounts for about 40% of the profit attributable to the owners of the company[11]. - Total revenue for 2025 reached RMB 308.23 billion, an increase of 8.37% compared to 2024[40]. - Net profit attributable to the owners of the company for 2025 was RMB 11.12 billion, reflecting a growth of 9.31% year-over-year[40]. - The anticipated final cash dividend for the fiscal year 2025 is RMB 2.14 billion, in addition to the mid-year cash dividend of approximately RMB 2.32 billion[11]. - The company's equity attributable to owners increased by 7.95% to RMB 99.31 billion in 2025[41]. - The gross profit for 2025 was RMB 40.28 billion, with a gross margin of 13.06%[40]. - The gross profit margin for 2025 is expected to be 13.1%, slightly down from 13.7% in 2024[31]. - The company’s gross profit margin decreased to 13.07% in 2025, down 0.61 percentage points from 2024[42]. - Operating cash flow for 2025 was RMB 27.56 billion, a decrease of 14.39% from 2024[41]. - The weighted average return on equity increased to 11.51% in 2025, up 0.35 percentage points from the previous year[42]. - Supply chain and international business revenue amounted to 72.94 billion yuan in 2025, reflecting a year-on-year growth of 3.5%[105]. Market Position and Strategy - S.F. Holding aims to expand its global market presence and enhance sustainable growth, leveraging its recognized brand and extensive logistics network[16]. - The company has maintained its leading position in domestic express delivery, freight, cold chain, same-city instant delivery, and supply chain services, as well as in international express and freight services across Asia[17]. - The company aims to maintain its market leadership in the standard product business by balancing scale and efficiency, focusing on both small and large parcel services to enhance service quality and cost competitiveness[51]. - The company is focusing on expanding its smart warehousing and integrated logistics services across various sectors, including high-tech and life sciences[22]. - The company is committed to developing a smart supply chain system powered by advanced technology, aiming to provide efficient and secure logistics solutions[15]. - The company is focusing on the Asia-Pacific market in its international business, aiming to build a leading cross-border comprehensive service capability while enhancing its international network and resource allocation[53]. - The company is positioned to support Chinese enterprises in their international expansion, becoming a key player in linking global manufacturing and consumption[67]. Operational Efficiency and Technology - The company is leveraging new technologies such as AI and automation to improve operational efficiency and reduce labor costs[61]. - The company has integrated AI technology into its logistics operations, achieving a daily token consumption of over 10 billion by the end of 2025, with more than 5,000 AI agents deployed across various business scenarios[188]. - The AI-driven logistics network optimization has enabled the generation of over 2,000 transportation route plans within minutes, significantly reducing transportation costs while improving efficiency[189]. - The company has implemented AI monitoring systems in over 200 transfer stations, improving operational quality and efficiency by automating the identification of anomalies and optimization points[191]. - The company has developed a highly automated sorting network with 196 small and 144 large item transfer hubs in China, enhancing operational efficiency[182]. - The deployment of over 1,000 AGVs (Automated Guided Vehicles) has enabled the handling of nearly 10 million packages daily, improving operational efficiency[200]. Logistics Network and Infrastructure - The company operates the largest air cargo fleet in Asia, with an expected air cargo volume of nearly 2.8 million tons by 2025[70]. - The company has established 63 international cargo routes with nearly 14,000 international flights, enhancing its international supply chain capabilities[72]. - The logistics network covers all domestic cities and extends international express, freight, and supply chain services to 95 countries and regions[175]. - The company has established over 6,000 direct delivery routes between cities, maximizing delivery efficiency[135]. - The company has established over 18,000 maritime routes, with expected shipping volume of nearly 1.15 million TEUs by 2025[181]. - The total area of the company's properties is approximately 12.57 million square meters, with global warehousing resources exceeding 14 million square meters[167]. Sustainability and Corporate Responsibility - The company has signed a commitment to achieve net-zero greenhouse gas emissions across its entire value chain by 2050[79]. - The company’s MSCI ESG rating improved to AA in March 2026, ranking first among global integrated logistics service providers[79]. - The company has developed a digital carbon management system, providing customized green supply chain solutions to over 300 leading brand clients[80]. Customer Experience and Service Quality - The company improved customer complaint rates by over 20% through enhanced service quality in its express delivery business[91]. - The overall efficiency of same-city instant delivery reached approximately 95% in 2025, with an average delivery time of 22 minutes for orders within 3 kilometers[104]. - The company has established a high-standard delivery system in urban business circles, facilitating immediate fulfillment of online orders for brand clients[116]. - The company has achieved a 100% quality inspection completion rate within 48 hours and a 95% repair success rate in its reverse logistics service, enhancing inventory health for high-end consumer brands[115]. Growth and Expansion - The company aims for over 27.8% rapid growth in international express and cross-border e-commerce logistics product revenue by 2025[125]. - The company has successfully implemented cross-border supply chain projects in multiple sectors, including consumer electronics and industrial manufacturing, by 2025[128]. - The company has established a dedicated supply chain business group in Q4 2025 to accelerate the implementation of its digital supply chain strategy, covering various industries[106]. - The company has successfully supported the overseas expansion of multiple leading Chinese tea brands, facilitating the opening and operation of hundreds of stores in countries like Singapore, Malaysia, and Canada[97].

Financial Performance - Revenue increased from RMB 15,746.1 million for the year ended December 31, 2024, to RMB 22,898.6 million for the year ended December 31, 2025, representing a growth of 45.4%[4] - Gross profit for the year ended December 31, 2025, was RMB 1,444.5 million with a gross margin of 6.3%, compared to a gross profit of RMB 1,071.5 million and a gross margin of 6.8% for the previous year[4] - Net profit attributable to the owners of the company for the year ended December 31, 2025, was RMB 277.7 million, reflecting a net profit margin of 1.2%, up from RMB 132.5 million and a margin of 0.8% in 2024, marking a year-on-year increase of 109.7%[4] - Adjusted net profit for the year ended December 31, 2025, was RMB 414.7 million with an adjusted net profit margin of 1.8%, compared to RMB 145.9 million and 0.9% in 2024, indicating a growth of 184.3%[4] - Operating cash flow for the year ended December 31, 2025, was RMB 394.8 million, up from RMB 271.9 million in 2024, maintaining positive cash flow from operations[4] Assets and Liabilities - Total assets increased to RMB 5,471.1 million as of December 31, 2025, compared to RMB 4,669.7 million as of December 31, 2024[8] - Total equity attributable to the owners of the company rose to RMB 3,281.8 million as of December 31, 2025, from RMB 2,960.5 million in 2024[8] - Current liabilities increased to RMB 2,173.2 million as of December 31, 2025, compared to RMB 1,700.1 million in 2024[10] Earnings Per Share - The company reported a basic earnings per share of RMB 0.31 for the year ended December 31, 2025, compared to RMB 0.15 for the previous year[7] - Basic earnings per share increased to RMB 0.31 in 2025 from RMB 0.15 in 2024, reflecting a growth of 106.7%[34] Revenue Sources - The revenue from same-city instant delivery services reached RMB 22,898,637 thousand for the year ending December 31, 2025, an increase of 45.2% compared to RMB 15,746,083 thousand in 2024[24] - Revenue from merchant-facing same-city delivery services is projected to reach RMB 10,700.8 million in 2025, reflecting a 60.0% year-on-year growth[53] - Revenue from consumer-facing same-city delivery services is projected to be RMB 2,766.0 million in 2025, marking a 13.7% increase year-on-year[59] - The last-mile delivery service revenue grew by 42.4% from RMB 6,624.9 million in 2024 to RMB 9,431.8 million in 2025[49] Customer and Market Growth - Major customers contributing over 10% of total revenue include SF Holding's subsidiary with RMB 10,028,747 thousand in 2025, up from RMB 6,735,562 thousand in 2024, and Customer A with RMB 3,661,593 thousand in 2025, up from RMB 1,498,864 thousand in 2024[27] - The number of active merchants on the platform reached 1.12 million, a 72% increase year-on-year, with over 7,900 new cooperative stores added during the reporting period[55] - Active consumers reached over 26.06 million during the reporting period, indicating a strong user base growth[61] - The number of active couriers expanded to approximately 1.46 million, a year-on-year increase of 46%[64] Operational Efficiency - The technology platform, including the City Logistics System (CLS), improved operational efficiency through AI-driven decision-making and data analysis[68] - The company has successfully scaled its AI applications across various business scenarios, enhancing operational efficiency and service upgrades[70] - The average delivery time for orders within 3 kilometers is 22 minutes, with a service level achievement rate of approximately 95%[58] Expenses and Costs - Operating costs for the year ended December 31, 2025, rose by 46.2% to RMB 21,454.1 million, up from RMB 14,674.6 million in 2024, primarily due to increased delivery costs associated with the expansion of business scale and order volume[80] - Sales and marketing expenses increased by 14.1% to RMB 267.2 million for the year ending December 31, 2025, up from RMB 234.2 million for the year ending December 31, 2024, primarily due to increased personnel costs[82] - Research and development expenses rose by 6.0% to RMB 114.6 million for the year ending December 31, 2025, compared to RMB 108.1 million for the year ending December 31, 2024, mainly due to increased R&D investments[83] - Administrative expenses increased by 30.3% to RMB 829.7 million for the year ending December 31, 2025, up from RMB 636.6 million for the year ending December 31, 2024, primarily due to higher employee benefits costs[84] Corporate Governance - The board of directors proposed not to declare a final dividend for the year ended December 31, 2025, consistent with the previous year[4] - The audit committee, consisting of three directors, reviewed the annual performance and consolidated financial statements for the year ending December 31, 2025[123] - The financial figures for the year ending December 31, 2025, have been verified by the auditors, but no assurance or conclusion was issued[124] Future Outlook - The company aims for "high-quality healthy growth" and is leveraging insights from the local service industry to enhance operational efficiency and cost optimization[48] - The company plans to continue deepening its presence in the local life service industry and capitalize on market opportunities in instant retail, aiming for high-quality and healthy growth[72]

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 賴該等內容而引致之任何損失承擔任何責任。 中國銀行股份有限公司 BANK OF CHINA LIMITED （於中華人民共和國註冊成立的股份有限公司） （「本行」） （股份代號：3988） 2025 年年度業績公告 本行董事會欣然宣佈本行及其附屬公司截至2025年12月31日止之經審計業績。 本公告列載本行2025年年度報告全文，並符合香港上市規則中有關年度業績 初步公告附載的資料之要求。本行2025年年度報告的印刷版本將於2026年4月 下旬寄發予本行H股股東，並可於其時在香港交易及結算所有限公司的網站 www.hkexnews.hk 及本行的網站www.boc.cn 閱覽。 中國銀行簡介 中國銀行是中國持續經營時間最久的銀行。1912年2月正式成立，先後行使中央銀 行、國際匯兌銀行和國際貿易專業銀行職能。1949年以後，長期作為國家外匯外 貿專業銀行，統一經營管理國家外匯，開展國際貿易結算、僑匯和其他非貿易外匯 業務。1994年改組為國有獨 ...

Revenue and Profitability - The company recorded revenue of approximately HKD 352.2 million for the six months ended December 31, 2025, representing an increase of 118.7% compared to HKD 161.1 million for the same period in 2024[8]. - Gross profit for the same period was approximately HKD 35.7 million, with a gross margin of 10.1%, compared to a gross profit of HKD 21.1 million and a gross margin of 13.1% in the previous year, indicating a decrease in gross margin by 3.0%[8]. - The company reported a loss attributable to owners of approximately HKD 5.9 million, a reduction from a loss of HKD 13.7 million in the previous year, mainly due to increased revenue and decreased financial costs[10]. - Revenue for the six months ended December 31, 2025, was HKD 352,150,000, a significant increase from HKD 161,056,000 in the same period of 2024, representing a growth of 118%[41]. - Gross profit for the same period was HKD 35,656,000, up from HKD 21,130,000, indicating a growth of 68.7%[41]. - The net loss for the six months ended December 31, 2025, was HKD 5,746,000, an improvement compared to a net loss of HKD 13,054,000 in the prior year, reflecting a reduction of 56%[41]. - Basic and diluted loss per share improved to HKD 3.33 from HKD 7.97, showing a decrease in loss per share by 58%[41]. - The total comprehensive loss for the period was HKD 4,773,000, an improvement from HKD 13,564,000 in the same period last year[43]. - The total comprehensive loss for the six months ending December 31, 2025, was HKD 5,746,000, an improvement compared to a loss of HKD 13,054,000 for the same period in 2024, reflecting a reduction in losses by approximately 56%[62][68]. Expenses and Financial Management - Administrative expenses increased by 22.8% to approximately HKD 14.9 million, primarily due to rising employee costs, while sales expenses surged by 181.9% to approximately HKD 15.3 million due to significant revenue growth[9]. - The company has implemented measures to improve its financial condition, including financing from the ultimate holding company and ongoing discussions with potential investors to raise sufficient funds[14]. - The company is implementing cost control measures to improve operational cash flow and closely monitoring administrative expenses and operating costs[55]. - The total interest expense on loans to related parties for the six months ended December 31, 2025, was HKD 413,000, up from HKD 139,000 in the same period of 2024[76]. - The total remuneration for directors and key management personnel increased to HKD 1,098,000 for the six months ended December 31, 2025, compared to HKD 618,000 in the previous year, reflecting a growth of approximately 77.5%[77]. Debt and Financial Stability - Total debt as of December 31, 2025, was approximately HKD 14.9 million, a significant decrease from HKD 178 million as of June 30, 2025, reflecting improved financial stability[12]. - The company has received commitments from its major shareholders to provide sufficient funds to meet its financial obligations over the next twelve months[55]. - The group's current liabilities net amount was approximately HKD 61,187,000, indicating significant uncertainty regarding the ability to continue as a going concern[52]. - The company has a cash and cash equivalents balance of HKD 5,614,000 at the end of the reporting period, down from HKD 6,558,000 at the beginning[48]. - The company reported a net cash inflow from operating activities of HKD 22,411,000 for the six months ended December 31, 2025[48]. - The company reported a net cash outflow from financing activities of HKD 22,021,000 during the same period[48]. Shareholder Information and Corporate Governance - The company has decided not to declare an interim dividend for the six months ended December 31, 2025, consistent with the previous year[16]. - As of December 31, 2025, the company has a total of 1,331,024,780 shares held by Mr. Lin Qingqu, representing approximately 745.77% of the issued shares[20]. - The company has a stock option plan that allows for the issuance of up to 15,954,685 shares, equivalent to about 8.94% of the total issued shares as of the mid-term report date[24]. - The company has not reported any significant changes in major shareholders or their holdings as of December 31, 2025[19]. - The company has adopted corporate governance practices in accordance with the listing rules, although it did not separate the roles of Chairman and CEO, which is a deviation from the governance code[34]. - The audit committee, composed of three independent non-executive directors, reviewed the group's unaudited interim financial results for the six months ended December 31, 2025[39]. Market and Operational Insights - The company continues to engage in strategic acquisitions to capture new opportunities in the Chinese market and strengthen its revenue and profit base[13]. - The company is actively seeking acquisition opportunities to gain new business in the Chinese market and strengthen its revenue and profit base[54]. - The company continues to focus on the manufacturing and sales of modified starch and other biochemical products as its primary reporting segment[60]. - For the six months ending December 31, 2025, the revenue from the manufacturing and sales of modified starch and other biochemical products was approximately HKD 352,150,000, compared to HKD 161,056,000 for the same period in 2024, representing a year-over-year increase of 118%[57][58]. - The segment profit for modified starch and other biochemical products was HKD 4,074,000 for the six months ending December 31, 2025, down from HKD 4,522,000 in the same period of 2024, indicating a decrease of 10%[61][62]. Trade and Receivables - Trade receivables increased to HKD 49,555,000 from HKD 28,787,000, a rise of 72%[44]. - Trade receivables increased to HKD 54,386,000 as of December 31, 2025, from HKD 31,908,000 as of June 30, 2025, representing a growth of approximately 70.4%[70]. - The aging analysis of trade receivables shows that HKD 34,230,000 (62.8%) is within 30 days, while HKD 3,080,000 (6.2%) is overdue by more than 180 days as of December 31, 2025[71]. - The company has not experienced any overdue trade receivables as of December 31, 2025, indicating effective credit risk management[71]. Other Financial Metrics - The company has not reported any taxable profits in Hong Kong for both periods, thus no provision for Hong Kong profits tax has been made[65]. - The income tax expense for the six months ending December 31, 2025, was HKD 2,425,000, compared to HKD 1,852,000 for the same period in 2024, reflecting an increase of 31%[64]. - The company has not engaged in any purchase, sale, or redemption of its listed securities during the six months ending December 31, 2025[32]. - The company has not participated in any arrangements to benefit directors through the purchase of its shares or debt securities during the reporting period[31]. - The company has not disclosed any new strategies or market expansions in the provided documents[23]. - There are no new products or technologies mentioned in the financial documents reviewed[23].

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。 HANGZHOU TIGERMED CONSULTING CO., LTD. 杭州泰格醫藥科技股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：3347） 截 至2025年12月31日止年度之 年度業績公告 財務摘要 | | | 截 至12月31日止年度 | | | --- | --- | --- | --- | | | 2025年 | 2024年 | 變 動(2) | | | 人民幣百萬元 | 人民幣百萬元 | | | 經營業績 | | | | | 收 入 | 6,832.8 | 6,603.1 | 3.5% | | 毛 利 | 1,873.2 | 2,242.0 | (16.4)% | | 本公司擁有人應佔淨利潤 | 887.9 | 405.1 | 119.2% | | ...

Financial Performance - The total revenue for the year ended December 31, 2025, was RMB 11,806.8 million, representing a 7.6% year-over-year increase[9]. - The net profit for the same period was RMB 1,087.6 million, reflecting a decrease of 17.1% year-over-year[16]. - The gross profit margin decreased to 18.1%, down 3.1 percentage points from the previous year[12]. - The company reported a basic earnings per share of RMB 1.71, which is a 17.0% decline compared to the previous year[16]. - EBITDA was RMB 1.77 billion, a decrease of 11.1% compared to the previous year[30]. - The company's gross profit for the year was approximately RMB 2,137.8 million, a decrease of about 8.2% from RMB 2,329.7 million in the previous year, with a gross margin of 18.1%, down 3.1 percentage points year-on-year[107]. - Operating profit decreased by RMB 224.3 million to approximately RMB 1,087.6 million for the year ended December 31, 2025, down from approximately RMB 1,311.9 million for the year ended December 31, 2024, primarily due to increased sales costs[117]. - Total comprehensive income for the year ended December 31, 2025, was approximately RMB 994.7 million, a decrease of RMB 368.8 million from approximately RMB 1,363.6 million for the year ended December 31, 2024, mainly due to a decline in net profit[120]. Assets and Liabilities - Total assets increased to RMB 11,744.7 million, up from RMB 11,024.7 million in 2024[10]. - The company's total liabilities decreased slightly to RMB 4,555.3 million from RMB 4,481.2 million in 2024[10]. - The company has maintained a healthy debt-to-asset ratio of 38.8%, indicating strong financial resilience[30]. - Cash and cash equivalents increased by approximately RMB 401.9 million to about RMB 1,099.8 million as of December 31, 2025, compared to approximately RMB 697.9 million as of December 31, 2024[121]. - Trade receivables increased by approximately RMB 421.0 million to RMB 2,441.6 million as of December 31, 2025, from RMB 2,020.6 million as of December 31, 2024, due to revenue growth and increased sales to automotive manufacturers[125]. - The capital-to-debt ratio improved to -5.7% as of December 31, 2025, from 1.7% as of December 31, 2024, indicating enhanced debt repayment capacity and a more stable financial structure[131]. Production and Sales - The company sold 29.3 million tires in 2025, representing a year-on-year growth of 4.7%[30]. - The production of all-steel radial tires reached approximately 149 million units, with a utilization rate of about 69.23%, up 4.72 percentage points year-on-year[41]. - Sales of all-steel radial tires generated revenue of RMB 6,664.2 million, accounting for 56.5% of total revenue, with a year-on-year growth of 6.3% driven by a 5.3% increase in sales volume and a slight rise in average selling price[101][103]. - Sales of semi-steel radial tires reached RMB 4,936.1 million, representing 41.8% of total revenue, with a year-on-year increase of 9.8% due to a 4.9% rise in sales volume and a 4.7% increase in average selling price[101][103]. - The company achieved a year-on-year increase in overall sales and revenue through product matrix optimization and global marketing channel expansion[55]. Research and Development - The company developed nearly 600 new products in 2025, focusing on core areas such as new energy tires and high-performance tires[32]. - The company has increased R&D investment, focusing on innovative technologies and digital platforms, integrating PLM, LIMS, and TDSS to create a world-class digital R&D platform[79]. - The company has developed new types of tires, including all-season, winter, and studded tires, achieving industrial-scale production and surpassing A-grade standards in durability tests[81]. - The company launched a new energy all-season tire to address range anxiety for electric vehicle owners in northern regions, receiving high customer recognition for its North American all-season and AT2 off-road tires[82]. - The company holds a total of 520 intellectual property rights, including 29 invention patents, 317 utility model patents, and 174 design patents[83]. Market Strategy and Expansion - The company is expanding its production capabilities with the construction of a third production base in Malaysia[18]. - The company maintains a global operational strategy with production bases in China and Thailand, and R&D centers in Qingdao and Rongcheng[18]. - The company aims to enhance its competitive edge through cost leadership and efficiency-driven strategies[19]. - The company has established a comprehensive global sales network, leveraging four well-known tire brands: Prinx, Chengshan, Austone, and Fortune[26]. - The company developed 56 new overseas distributors and successfully entered five new markets: Zimbabwe, Marshall Islands, Tonga, Turkmenistan, and Tajikistan[62]. Sustainability and Compliance - The company received the "Eco-Champion" environmental certification from the Thai Ministry of Industry, reflecting its commitment to compliance and sustainability[33]. - The company is promoting the EcoVadis sustainability assessment system among suppliers starting in 2025 to enhance supply chain resilience[54]. - The company is committed to building a strong international team to ensure smooth production and supply transitions at its overseas tire manufacturing bases while expanding its brand influence in international markets[102]. - The company is enhancing its strategic layout in Thailand and Malaysia to optimize production capacity and improve supply chain resilience amid increasing competition from global tire manufacturers[148]. Human Resources and Management - The group had a total of 6,834 employees as of December 31, 2025, compared to 6,818 employees on December 31, 2024, with employee benefit expenses around RMB 808.1 million for the year, up from approximately RMB 746.7 million in 2024[160]. - The company has a strong focus on human resource management and talent cultivation to support sustainable high-quality development[160]. - The company has established partnerships with several universities for talent development, including Qingdao University of Science and Technology and Shandong University of Science and Technology[160]. - The company has implemented a comprehensive performance management system linked to its employee grading system, focusing on the actual value created by employees for the organization[160]. Governance and Leadership - The company has a strong legal advisory framework, with Mr. Jin Qingjun serving as an independent non-executive director, bringing extensive legal experience in securities and finance[175]. - The company has established a robust governance structure with independent directors overseeing key committees, ensuring strategic oversight[182]. - The company is expanding its management team with new appointments, including Ms. Wang Ning as a non-executive director, enhancing its governance structure[174]. - The leadership team includes members with significant experience in finance and operations, which is expected to drive future growth[183][184].

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。 （除特別註明外，金額單位為人民幣元） 經審核的合併資產負債表 | 項目 | 附註 | 2025年12月31日 | 2025年1月1日 | | --- | --- | --- | --- | | 資產 | | | | | 流動資產 | | | | | 貨幣資金 | | 3,496,408,124.80 | 4,397,693,443.73 | | 其中：存放財務公司款項 | | 1,435,580,585.10 | 1,549,900,310.18 | | 交易性金融資產 | | 19,155,470,449.17 | 16,209,276,762.85 | | 衍生金融資產 | | | | | 應收票據 | | 133,966,706.98 | 459,013,499.65 | | 應收賬款 | 5 | 9,389,095,596.70 | 10,480,609,898.16 | | 應收款項融資 | ...

Financial Performance - The net operating income before impairment provisions for 2025 was HKD 77,019 million, an increase of 8.9% from HKD 71,253 million in 2024[8]. - Operating profit for 2025 reached HKD 50,532 million, up from HKD 48,677 million in 2024, reflecting a growth of 3.5%[8]. - The annual profit attributable to shareholders for 2025 was HKD 40,121 million, compared to HKD 38,233 million in 2024, marking a 4.9% increase[10]. - The total assets as of year-end 2025 amounted to HKD 4,489,809 million, up from HKD 4,194,408 million in 2024, representing a growth of 7.1%[10]. - The cost-to-income ratio improved to 23.62% in 2025 from 24.55% in 2024, indicating enhanced operational efficiency[10]. - The loan-to-deposit ratio decreased to 58.35% in 2025 from 61.55% in 2024, suggesting a more conservative lending approach[10]. - The average return on total assets remained stable at 0.95% for both 2025 and 2024[10]. - The average return on equity for 2025 was 11.51%, slightly down from 11.61% in 2024[8]. - The company achieved a net profit of HKD 41.189 billion for the year, representing a year-on-year increase of 5.3%[18]. - Total assets reached HKD 4.49 trillion, growing by 7.0% compared to the end of the previous year[18]. Customer Deposits and Loans - Customer deposits and loans increased by 7.9% and 2.3% to HKD 2.94 trillion and HKD 1.72 trillion, respectively[18]. - Customer deposits grew by 7.9% to HKD 294.05 billion, while customer loans increased by 2.3% to HKD 171.58 billion[30]. - Customer loans reached HKD 1,715.79 billion as of December 31, 2025, an increase of HKD 38.90 billion or 2.3% from the previous year[82]. - Demand and current deposits rose by 26.7%, while savings deposits increased by 23.7%[88]. - Southeast Asia-related deposits and loans grew by 20.2% and 9.6% respectively year-on-year, excluding exchange rate changes[117]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 1.255 per share, leading to a total annual dividend of HKD 2.125 per share, an increase of 6.8% year-on-year[18]. - The basic earnings per share were HKD 3.7947, with a dividend per share of HKD 2.1250[49]. Market Position and Strategy - The company maintained its leading position in the new residential mortgage market for seven consecutive years and in the syndicated loan market for 21 years[19]. - The company plans to continue expanding its regional business in Southeast Asia, leveraging its extensive branch network[5]. - The company plans to continue leveraging its unique advantages to become a leader in the Hong Kong market and actively participate in the Greater Bay Area and Belt and Road initiatives[25]. - The company is focused on enhancing its governance and sustainability practices through the expertise of its independent directors[194][197][200]. Digital Transformation and Innovation - The company successfully verified a project under the Hong Kong Monetary Authority's GenAI sandbox, advancing its digital transformation efforts[20]. - The company established an AI committee to enhance AI application planning and implementation, participating in the Hong Kong Monetary Authority's GenA.I. sandbox program[33]. - The introduction of the "Agentic AI-driven intelligent frontline GPT assistant" has won a silver award at the 2025 Hong Kong ICT Awards, showcasing the company's commitment to enhancing customer experience through AI[121]. - The company launched a series of digital financial services targeting young clients, resulting in a nearly 90% increase in new accounts for young customers[96]. Risk Management - The company emphasizes a balanced approach to risk management, focusing on credit, market, liquidity, operational, and strategic risks[127]. - The group follows a robust liquidity risk management strategy to ensure stable and sufficient cash sources under normal and stressed conditions[134]. - The group has implemented a "three lines of defense" framework for operational risk management, involving self-assessment and monitoring by various departments[136]. Awards and Recognition - The company received multiple awards, including being named "Best Bank in Hong Kong" for three consecutive years by The Banker and "Most Resilient Bank in Hong Kong" for six consecutive years by The Asian Banker[30]. - The group has been recognized as the "Best Cash Management Bank in Hong Kong" by The Asian Banker for 11 consecutive years[103]. - The company has been recognized with multiple awards, including the "Best Custodian Bank in Hong Kong" and "Outstanding Custodian Bank" for its services[105]. Economic Outlook - The Hong Kong economy is projected to grow by 3.5% in 2025, with strong export performance and rising private consumption[55]. - The company expects stable economic growth in Hong Kong in 2026, supported by central government policies and various market diversification measures[124].