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。 長 城 汽 車 股 份 有 限 公 司 GREAT WALL MOTOR COMPANY LIMITED* （於中華人民共和國註冊成立的股份有限公司） 股份代號：02333（港幣櫃台）及82333（人民幣櫃台） 截至 2025 年 12 月 31 日止年度業績公告 長城汽車股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其子公司截至 2025 年 12 月 31 日止年度经审计業績。本公告載有本公司 2025 年年度報告全文，乃按香港聯合交易 所有限公司證券上市規則中有關年度業績初步公佈的相關規定而編制。本公司 2025 年年度報告 可于香港聯合交易所有限公司(www.hkexnews.hk)及本公司官方網(www.gwm.com.cn)閱覽。 承董事會命 長城汽車股份有限公司 公司秘書 李紅栓 重要提示 經 德 勤 華 永 會 計 師 事 務 所（ 特 殊 普 通 合 夥 ）審 計 ， 公 ...

Financial Performance - For the year ending December 31, 2025, the revenue was HKD 25,241 million, a decrease from HKD 39,166 million in 2024, representing a decline of approximately 35.5%[4] - The gross profit for the year was HKD 900 million, down from HKD 1,517 million in 2024, indicating a decrease of about 40.6%[4] - The net profit for the year was HKD 315 million, significantly lower than HKD 984 million in 2024, reflecting a decline of approximately 67.9%[4] - The earnings per share for the year were HKD 0.120, compared to HKD 0.346 in 2024, marking a decrease of about 65.3%[5] - The operating profit for the year was HKD 322 million, down from HKD 1,007 million in 2024, a decrease of about 68.0%[5] - The company reported a total comprehensive income of HKD 460 million for the year, compared to HKD 728 million in 2024, a decline of approximately 36.8%[7] - Total revenue for the year 2025 was HKD 25,241,324,000, a decrease of 35.5% from HKD 39,166,191,000 in 2024[17] - The company achieved a revenue of HKD 25,241 million and a net profit of HKD 315 million, impacted by significant fluctuations in the coking coal market and a compressed profit margin in the supply chain[55] Assets and Liabilities - The total equity as of December 31, 2025, was HKD 9,456 million, an increase from HKD 9,101 million in 2024, representing a growth of approximately 3.9%[9] - The total non-current assets amounted to HKD 7,185 million, up from HKD 7,038 million in 2024, indicating an increase of about 2.1%[8] - The total current assets were HKD 10,969 million, compared to HKD 10,396 million in 2024, reflecting an increase of approximately 5.5%[9] - Total assets as of December 31, 2025, were HKD 18,153,704, an increase of 4% from HKD 17,434,738 in 2024[24] - Total liabilities as of December 31, 2025, were HKD 8,697,268, up 4% from HKD 8,333,765 in 2024[24] Revenue Breakdown - Revenue from coal sales was HKD 19,461,514,000 in 2025, down 42.8% from HKD 33,848,161,000 in 2024[17] - Supply chain services generated revenue of HKD 3,406,574,000, a decrease of 13.8% compared to HKD 3,951,002,000 in 2024[17] - The company had a significant customer contributing over 10% of total revenue, generating HKD 2,626,577,000 in 2025, down from HKD 4,618,683,000 in 2024[18] - Reported segment revenue for 2025 was HKD 25,740,048, a decrease of 36% from HKD 40,135,346 in 2024[24] - The company's supply chain trading business generated revenue of HKD 21,834 million, accounting for 86.50% of total revenue, despite the overall market pressure[75] Costs and Expenses - The total cost of inventory for 2025 was HKD 21,237,378, a significant decrease from HKD 34,354,448 in 2024[29] - The sales cost for 2025 was approximately HKD 24,341 million, a reduction of 35.35% from HKD 37,649 million in 2024, mainly due to decreased coal trading volume and falling coking coal prices[80] - Administrative expenses in 2025 were 640 million HKD, down 14.09% from 745 million HKD in 2024, primarily due to an 11.89% reduction in employee costs[84] Cash Flow and Financing - The net cash inflow from operating activities for 2025 was HKD 305 million, a decrease from HKD 640 million in 2024, primarily due to cash profits from operating activities[99] - The net cash outflow from investing activities in 2025 was HKD 437 million, down from HKD 910 million in 2024, with significant expenditures related to mining equipment and logistics facilities[99] - The net cash inflow from financing activities in 2025 was HKD 181 million, compared to a cash outflow of HKD 652 million in 2024, mainly due to net cash inflow from bank loans and finance leases of approximately HKD 562 million[99] - The company recorded a total bank loan of 3,041 million HKD at the end of 2025, with interest rates ranging from 1.05% to 5.49%[92] Dividends - The company declared a cash dividend of HKD 0.030 per share, totaling approximately HKD 79 million for the year[4] - The group proposed a final dividend of HKD 0.030 per share for 2025, compared to HKD 0.013 per share in 2024, amounting to approximately HKD 78.920 million[48] - The group declared a final cash dividend of HKD 0.030 per share, totaling approximately HKD 79 million, an increase from HKD 0.013 per share in the previous year[117] Risk Management - The company has established a risk warning mechanism to optimize procurement and inventory management strategies, enhancing proactive price risk management capabilities[103] - The company actively monitors liquidity needs and compliance with loan covenants to maintain sufficient cash reserves and financing commitments[105] - The group has implemented a robust risk management framework to mitigate foreign exchange risks, utilizing forward foreign exchange contracts[107] Employee and Training - The group has 2,601 full-time employees as of December 31, 2025, with 88% in frontline production and transportation roles, reflecting a strong operational workforce[110] - The group conducted 5,706 hours of training in the fiscal year, with over 48,225 participants, showing a commitment to employee development[112] Strategic Initiatives - The company is committed to enhancing its service capabilities by obtaining coking coal delivery warehouse qualifications and advancing smart logistics initiatives[57] - Future strategies include optimizing resource allocation and strengthening risk management to adapt to the evolving market landscape[58] - The company aims to build a balanced cross-border supply chain system to reduce reliance on a single port and enhance long-term profitability stability[56] - The company plans to implement a "dual-wheel drive" strategy in 2026, focusing on customer-centric services and enhanced risk management[79] - The company aims to expand its upstream mining services in strategic areas of Mongolia and enhance its supply chain ecosystem through technological upgrades[79]

Financial Performance - The company's revenue for the year ended December 31, 2025, was HKD 941,112,000, representing a 15.4% increase from HKD 815,181,000 in 2024[3] - Gross profit for the same period was HKD 151,373,000, a decrease of 4.9% compared to HKD 158,150,000 in 2024[3] - The net profit for the year was HKD 87,274,000, up from HKD 85,787,000 in 2024, indicating a growth of 1.7%[3] - Basic earnings per share increased to 18.19 HKD cents from 17.73 HKD cents, reflecting a growth of 2.6%[3] - Profit before tax for the year 2025 was HKD 87,274,000, compared to HKD 86,171,000 in 2024, reflecting a slight increase of 1.28%[33] - The net profit attributable to shareholders for the same period was approximately HKD 87,274,000, resulting in a net profit margin decrease from about 10.6% to approximately 9.3%[44] Assets and Liabilities - Total assets as of December 31, 2025, were HKD 329,772,000, compared to HKD 275,746,000 in 2024, marking an increase of 19.5%[4] - The company's net asset value rose to HKD 209,493,000 from HKD 171,508,000, representing a significant increase of 22.1%[5] - The company’s cash and cash equivalents decreased to HKD 18,393,000 from HKD 26,410,000, a decline of 30.5%[4] - The total amount of available bank financing (excluding tax loans) as of December 31, 2025, was approximately HKD 66,000,000, down from HKD 84,000,000 in 2024[69] - Lease liabilities as of December 31, 2025, were approximately HKD 6,402,000, a decrease from approximately HKD 8,612,000 in 2024[70] - The capital debt ratio as of December 31, 2025, was approximately 33%, compared to 18% as of December 31, 2024[70] Revenue Sources - Revenue from public utility construction services and other projects was HKD 737,457,000 in 2025, significantly up from HKD 250,171,000 in 2024, indicating a growth of 194.5%[25] - The group reported total revenue of HKD 941,112,000 for 2025, an increase from HKD 815,181,000 in 2024, representing a growth of approximately 15.4%[25] - The total amount of transaction price allocated to remaining performance obligations under existing contracts was approximately HKD 975,956,000 as of December 31, 2025, up from HKD 890,067,000 in 2024[27] Expenses - The company reported a decrease in administrative expenses to HKD 47,017,000 from HKD 40,961,000, which is an increase of 14.9%[3] - The service costs rose from approximately HKD 657,031,000 for the year ended December 31, 2024, to approximately HKD 789,739,000 for the year ended December 31, 2025, an increase of about HKD 132,708,000 or 20.2%[56] - The company’s total employee benefits expense for 2025 was HKD 323,425,000, compared to HKD 306,462,000 in 2024, indicating a rise of approximately 5.3%[30] Shareholder Information - The company declared an interim dividend of HKD 0.05 per share for 2025, up from HKD 0.04 per share in 2024, totaling HKD 24,018,000 compared to HKD 19,421,000 in the previous year[32] - The proposed final dividend for the year ending December 31, 2025, is HKD 0.04 per share, based on basic earnings per share of approximately HKD 0.1819, compared to HKD 0.1773 in 2024[65] - The total number of shares repurchased in 2025 was 8,028,000, with a total cost of approximately HKD 6,896,900[39] Corporate Governance - The company has complied with the corporate governance code since its listing on February 22, 2017[82] - The company will continue to review and enhance its corporate governance practices to meet legal requirements[83] - The audit committee has reviewed the annual results for the year ending December 31, 2025[93] Future Outlook - The company is optimistic about its outlook for 2026 despite challenges in the macroeconomic environment and the construction market[45] - The group is focusing on developing its tunnel construction services, which are expected to be a major growth driver and a sustainable source of revenue[52] - The Hong Kong government announced several infrastructure projects in the Northern Metropolis area, which are expected to drive demand for tunnel and underground construction services until 2026[51] Employee Information - The group employed 1,276 staff in Hong Kong as of December 31, 2025, up from 588 in 2024, including 9 management, 51 technical and construction personnel, and 1,192 skilled construction workers[79] - The average number of skilled workers increased during the reporting period due to the hiring of additional technical personnel[80] Accounting Standards - The company plans to adopt new accounting standards that are expected to have no significant impact on the financial statements[10] - The group is currently assessing the impact of new accounting standards on its financial statements, particularly regarding the structure of the comprehensive income statement and cash flow statement[12] - The group anticipates that the revised accounting standards will not have a significant impact on its consolidated financial statements[16]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 234,258,000, a decrease of 21.9% compared to HKD 300,101,000 in 2024[3] - EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for 2025 was HKD 135,565,000, down 22.1% from HKD 174,027,000 in 2024[3] - Profit attributable to owners of the company for 2025 was HKD 25,874,000, a decline of 5.4% from HKD 27,344,000 in 2024[3] - Basic and diluted earnings per share for 2025 were both HKD 8.42, down 16.14% from HKD 10.04 in 2024[3] - Profit before tax for 2025 was HKD 32,279,000, down from HKD 56,399,000 in 2024[4] - The net profit margin decreased by 5.01% to 13.78% for the year ending December 31, 2025, attributed to the revenue drop[46] Revenue and Costs - Direct costs for 2025 were HKD 47,679,000, compared to HKD 51,631,000 in 2024[4] - Other income increased to HKD 11,071,000 in 2025 from HKD 4,237,000 in 2024[4] - Financing costs decreased significantly to HKD 19,738,000 in 2025 from HKD 36,059,000 in 2024[4] - Interest income fell significantly from HKD 239,000 in 2024 to HKD 25,000 in 2025, a decline of about 90%[22] - Other operating expenses decreased by approximately HKD 8,094,000 or 39.3% to about HKD 12,513,000 due to cost control measures implemented during the year[46] Assets and Liabilities - Non-current assets increased to HKD 2,161,032 thousand in 2025 from HKD 2,089,660 thousand in 2024, representing a growth of 3.4%[6] - Current assets rose significantly to HKD 442,853 thousand in 2025, up from HKD 180,875 thousand in 2024, marking an increase of 144.5%[6] - Total liabilities decreased from HKD 404,871 thousand in 2024 to HKD 350,028 thousand in 2025, a reduction of 13.5%[6] - Net assets grew to HKD 2,135,939 thousand in 2025, compared to HKD 1,790,383 thousand in 2024, reflecting an increase of 19.3%[7] - Non-current liabilities rose to HKD 117,918 thousand in 2025 from HKD 75,281 thousand in 2024, an increase of 56.5%[7] Cash and Equity - The company reported a significant increase in cash and bank balances, reaching HKD 295,158 thousand in 2025, compared to HKD 34,346 thousand in 2024, an increase of 760.5%[6] - The company’s equity attributable to owners increased to HKD 2,129,835 thousand in 2025 from HKD 1,781,351 thousand in 2024, a growth of 19.5%[7] - The company’s total assets minus current liabilities amounted to HKD 2,253,857 thousand in 2025, up from HKD 1,865,664 thousand in 2024, an increase of 20.8%[6] Business Operations - The main business operations focus on natural gas exploration, production, and distribution, with a single operating segment identified for strategic decision-making[16] - The company plans to focus on market expansion and new product development in the upcoming fiscal year[5] - The company plans to continue its operations primarily in natural gas exploration, production, and distribution in China[42] Shareholder Information - The company did not declare any dividends for the years ending December 31, 2024, and December 31, 2025[26] - The company issued 152,066,800 rights shares, raising a net amount of HKD 236,697,000[40] - A mandatory unconditional cash offer was made to acquire all issued shares of the company, with effective acceptances of 28,226,590 shares, representing approximately 6.19% of the issued share capital[82] - After the offer, the offeror and its concert parties hold a total of 269,861,529 shares, equivalent to approximately 59.15% of the issued share capital[82] Compliance and Governance - The company has adhered to all corporate governance codes and applicable listing rules during the reporting period, with minor exceptions noted[83] - The company has adopted the securities trading standards as per the listing rules, confirming compliance throughout the review period[84] - The audit committee consists of five members, including three independent non-executive directors, ensuring compliance with corporate governance standards[87] - The company has no internal audit function due to operational nature and size, but will review the effectiveness of its risk management and internal control systems[88] Future Projections - The company emphasizes the importance of sustainable business opportunities to enhance shareholder returns in the future[91] - The company plans to fund the construction of three production wells in the Akmomu gas field with an estimated cost of HKD 87.9 million by May 2026[78]

Financial Performance - For the year ending December 31, 2025, the total revenue was HKD 273,136,000, a decrease of 45.3% compared to HKD 499,332,000 in 2024[4] - The pre-tax loss for 2025 was HKD 140,782,000, which is a 43.8% improvement from a loss of HKD 250,514,000 in 2024[4] - The net loss attributable to shareholders for 2025 was HKD 110,982,000, representing a 56.0% reduction from HKD 252,158,000 in 2024[4] - Basic and diluted loss per share for 2025 was HKD 28.15, compared to HKD 61.57 in 2024[4] - Gross profit for 2025 was HKD 58,820,000, down from HKD 72,319,000 in 2024[5] - Total comprehensive loss for the year was HKD 18,889,000, a substantial improvement from HKD 301,304,000 in 2024[6] - The total loss before tax for the year ending December 31, 2025, was HKD 140,782,000, compared to a loss of HKD 250,514,000 in 2024[28] - The group recorded a pre-tax loss of approximately HKD 140.78 million for the current year, compared to a loss of approximately HKD 250.51 million for the year ended December 31, 2024[66] Revenue Breakdown - For the fiscal year ending December 31, 2025, total revenue reached HKD 368,262,000, a decrease from HKD 551,180,000 in 2024, representing a decline of approximately 33.2%[28] - The mobile phone segment generated revenue of HKD 143,372,000 in 2025, down from HKD 311,803,000 in 2024, indicating a decrease of about 54%[29] - The cryptocurrency business reported revenue of HKD 67,224,000 in 2025, compared to HKD 97,684,000 in 2024, reflecting a decline of approximately 31.2%[29] - The property investment segment earned HKD 62,540,000 in 2025, down from HKD 89,845,000 in 2024, a decrease of around 30.5%[29] - Revenue from mobile phone sales and related accessories was HKD 135.99 million, accounting for 49.79% of total revenue, down from HKD 275.14 million and 55.10% in the previous year[59] - Revenue from cryptocurrency business was HKD 67.23 million, representing 24.61% of total revenue, an increase from HKD 97.68 million and 19.56% in the previous year[59] - Rental income from investment properties was HKD 62.54 million, accounting for 22.90% of total revenue, compared to HKD 89.85 million and 18.00% in the previous year[59] Asset and Liability Management - The total non-current assets decreased from HKD 3,969,875,000 in 2024 to HKD 3,889,795,000 in 2025, a decline of approximately 2.0%[7] - The total current assets decreased from HKD 445,871,000 in 2024 to HKD 346,196,000 in 2025, a decline of approximately 22.4%[7] - The company's total assets less current liabilities stood at HKD 3,199,595,000 in 2025, down from HKD 3,312,379,000 in 2024, a decrease of approximately 3.4%[7] - The total liabilities increased slightly from HKD 1,103,367,000 in 2024 to HKD 1,036,396,000 in 2025, indicating a decrease of about 6.1%[8] - The total equity decreased from HKD 1,799,933,000 in 2024 to HKD 1,686,010,000 in 2025, a decline of about 6.3%[8] - Total debt amounted to approximately HKD 1,225.33 million as of December 31, 2025, with loans due between 2026 and 2039[68] Cash Flow and Liquidity - Cash and cash equivalents as of December 31, 2025, were HKD 244,392,000, down from HKD 65,145,000 in 2024[11] - Cash and cash equivalents increased from HKD 65,145,000 in 2024 to HKD 244,392,000 in 2025, showing a strong liquidity position[51] - The company had a cash balance of approximately HKD 115,925,000 in Renminbi as of December 31, 2025, compared to HKD 60,271,000 in 2024[51] Operational Strategies - The company plans to focus on new product development and market expansion strategies in the upcoming fiscal year[3] - The company is facing significant uncertainty regarding its ability to achieve business growth and restore market position due to increasing competition in the mobile phone industry[14] - The group is reassessing its business strategy in light of potential opportunities from the 5G market and plans to expand partnerships with various channel business partners[16] - Measures will be taken to strengthen control over production costs and expenses, aiming for profitability and positive cash flow, including downsizing operations and optimizing human resources[16] - The company strategically adjusted its domestic market operations in the first half of 2025, terminating unprofitable products to focus on high-potential smart ecosystem businesses[77] Shareholder Actions - The company did not recommend any final dividend for the year ending December 31, 2025, consistent with the previous year[41] - The company approved a buyback authorization at the annual general meeting, allowing the repurchase of up to 10% of issued shares, equating to 40,952,519 shares[95] - The company repurchased a total of 77,595,000 shares at a total cost of approximately HKD 99,250,000, with various repurchase prices ranging from HKD 0.74 to HKD 1.52 per share[96] Governance and Compliance - The audit committee, composed of three independent non-executive directors, reviewed the company's accounting principles and discussed financial reporting matters for the year[99] - The independent auditor confirmed that the consolidated financial statements accurately reflect the group's financial position as of December 31, 2025[101] - The company emphasizes that the chairman and CEO roles should be distinct and not held by the same individual, which is currently not the case[107] - The company has disclosed that there are no known circumstances that would reasonably indicate non-compliance with governance codes for the year[108] Market and Industry Trends - In 2025, global smartphone market shipments increased by approximately 1.9% year-on-year, with emerging markets driving growth at 6.8%[76] - The company focused on high-growth emerging markets in the Middle East, Eastern Europe, South Asia, and Latin America, emphasizing mid-range models with high cost-performance[81] Future Outlook - The group will focus on the deployment of high-performance electronic computing services in North America, with an effective computing power of 1,504,800 TH/s by December 31, 2025[85] - The group aims to maintain a core strategy of "light assets, strong cash flow, and robust technology" while advancing its global presence and managing non-core assets for sustainable development[86] - The group plans to deepen the application of "AI + 5G" technology in smart terminals, enhancing product competitiveness and user lifetime value through strategic partnerships with major telecom operators in China[86]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 382.4 million, a decrease of 26% from HKD 515.9 million in 2024[4] - Gross loss for the year was HKD 30.3 million, compared to a gross profit of HKD 12.8 million in the previous year[4] - The net loss attributable to the owners of the company was HKD 92.8 million, an increase from HKD 73.0 million in 2024, representing a 27% increase in losses[5] - The company reported a pre-tax loss of HKD 94,341,000 for 2025, compared to a loss of HKD 69,437,000 in 2024[20] - The net loss for fiscal year 2025 was HKD 93.7 million, compared to a net loss of HKD 73.8 million in fiscal year 2024, with the increase mainly due to the impact of U.S. tariffs[41] Assets and Liabilities - Total assets decreased to HKD 240.8 million from HKD 255.5 million in 2024, reflecting a decline of approximately 6%[6] - Current liabilities increased to HKD 537.5 million from HKD 475.7 million in 2024, indicating a rise of about 13%[6] - The company reported a net current liability of HKD 296.7 million, worsening from HKD 220.3 million in the previous year[7] - The total liabilities increased from HKD 217,089,000 in 2024 to HKD 255,192,000 in 2025, an increase of approximately 17.6%[32] - The company's total loans increased from HKD 217,089,000 in 2024 to HKD 255,192,000 in 2025, an increase of approximately 17.6%[32] Cash Flow and Financing - The company raised approximately HKD 176.7 million through a rights issue completed in January 2026, issuing 1,299,962,832 shares at HKD 0.14 each[10] - The company repaid outstanding loans totaling HKD 117.5 million after the rights issue[10] - The company is considering other financing arrangements to enhance equity and liquidity if necessary[14] - The company reported a net cash balance of HKD 47.85 million against loans of HKD 255.19 million due within the next twelve months, raising concerns about its ability to continue as a going concern[38] Revenue Breakdown - Revenue from toy product sales for the year 2025 was HKD 382,395,000, a decrease from HKD 514,023,000 in 2024, while revenue from agricultural products was HKD 0 in 2025 compared to HKD 1,885,000 in 2024[16] - The toy division's revenue from overseas customers was HKD 336.7 million, down from HKD 495.5 million in fiscal year 2024, while domestic sales increased to HKD 45.7 million from HKD 18.5 million[43] Cost Management - The company is implementing cost-saving measures to improve operating cash flow to meet working capital needs[14] - Total employee benefits expenses, including salaries and wages, decreased from HKD 109,779,000 in 2024 to HKD 102,620,000 in 2025, a decline of about 6.5%[26] - The cost of inventory recognized as an expense (included in cost of sales) decreased from HKD 495,518,000 in 2024 to HKD 392,554,000 in 2025, representing a reduction of approximately 20.8%[26] - Administrative expenses decreased from HKD 44.5 million to HKD 38.3 million, attributed to strict cost control measures[41] Future Outlook - The company anticipates significant challenges in 2026 due to geopolitical instability and inflationary pressures, which may impact profit margins and sales in the toy sector[61] - The company is optimistic about future growth in the toy sector and is exploring new business opportunities to increase market share[61] Corporate Governance - The company has deviated from the corporate governance code by having the same individual serve as both Chairman and CEO since October 14, 2025[65] - The board believes that having the same person in both roles provides strong and consistent leadership, enhancing decision-making and strategy implementation[65] Audit and Compliance - The annual performance for the year ending December 31, 2025, has been reviewed by the audit committee and formally approved by the board[66] - The financial figures in the preliminary announcement for the year ending December 31, 2025, are consistent with the audited financial statements[67] Shareholder Actions - No dividends were declared or proposed for the year ending December 31, 2025, consistent with 2024[27] - The company did not recommend the payment of any final dividend for the fiscal year ending December 31, 2025[38]

Financial Performance - Revenue for the year ended December 31, 2025, increased to $323.846 million, up from $282.136 million in 2024, representing a growth of approximately 14.8%[5] - Gross profit decreased to $54.461 million in 2025 from $64.376 million in 2024, reflecting a decline of about 15.3%[5] - Operating profit for the year was $64.213 million, down from $90.103 million in the previous year, a decrease of approximately 28.8%[5] - Net profit attributable to shareholders was $35.980 million, compared to $70.340 million in 2024, indicating a decline of about 48.8%[5] - Basic and diluted earnings per share for the year were both $0.072, down from $0.141 in 2024, a decrease of approximately 48.2%[5] - The company reported a total comprehensive income of $41.443 million for the year, down from $74.613 million in 2024, a decrease of approximately 44.5%[6] - Adjusted net profit decreased by 44.7% year-on-year, from approximately $74.8 million in 2024 to approximately $41.4 million in 2025[43] - EBITDA decreased by 19.6% year-on-year, from $125.8 million in 2024 to $101.2 million in 2025[43] - The company reported a net other income of $31,913,000 for the year ended December 31, 2025, compared to $42,941,000 in 2024[33] - Net profit decreased by approximately $33.4 million or 44.7% to about $41.4 million, with profit attributable to shareholders dropping by approximately $34.3 million or 48.8% to about $36.0 million[90] Assets and Liabilities - Total assets as of December 31, 2025, amounted to $971.253 million, an increase from $598.896 million in 2024, representing a growth of approximately 62.2%[7] - Non-current assets increased significantly to $722.968 million in 2025 from $487.895 million in 2024, reflecting a growth of about 48.1%[7] - Total liabilities rose to $700.880 million in 2025, compared to $367.516 million in 2024, an increase of approximately 90.5%[8] - The company's equity attributable to shareholders increased to $261.666 million in 2025 from $225.600 million in 2024, a growth of about 16.0%[8] - Total borrowings rose by 88.7% to approximately $507.1 million, up from $268.8 million in 2024[68] - The debt-to-asset ratio increased to approximately 72.2% from about 61.4% in 2024, reflecting the company's strategy to leverage financing for fleet expansion[68] - The net debt-to-equity ratio increased from approximately 110.8% as of December 31, 2024, to approximately 187.5% as of December 31, 2025, due to rising vessel financing borrowings[96] - Cash and cash equivalents decreased from approximately $65.8 million as of December 31, 2024, to approximately $51.0 million as of December 31, 2025[98] - The current ratio decreased from 1.3 as of December 31, 2024, to 1.0 as of December 31, 2025[98] Revenue Segmentation - Total revenue from the shipping segment was $199,060,000, while the management segment generated $142,695,000, leading to a combined total revenue of $341,755,000 from external customers[23] - The shipping business revenue for the year ended December 31, 2025, increased to $199,060,000 from $205,340,000 in 2024, while ship management revenue rose to $124,786,000 from $76,796,000[27] - Revenue from shipping services decreased by 3.1% year-on-year to $199.1 million, with controlled vessel revenue increasing by 4.6% to $125.5 million and chartered vessel revenue decreasing by 13.8% to $73.6 million[72] - The ship management services segment saw a revenue increase of 62.5% year-on-year to $124.8 million, driven by an increase in managed vessels[76] Fleet and Operations - The fleet expansion included 11 newbuilds and 7 second-hand vessels, adding a total capacity of 806,852 deadweight tons (dwt) in 2025[47] - The company plans to operate 20 vessels in 2026, including 3 new bulk carriers and 9 new chemical tankers, adding approximately 558,100 dwt of capacity[48] - The company has 44 vessels under construction, which will add approximately 1,224,500 dwt and 80,000 cbm of capacity[48] - The fleet consists of 36 controlled vessels and 12 invested vessels, with a total capacity of 1.70 million dwt, representing a 38.21% increase from 1.23 million dwt as of December 31, 2024[54] - The average age of the fleet has been reduced from 6.0 years in 2024 to 3.6 years in 2025, optimizing the fleet structure in response to environmental policies[54] - The average utilization rate for controlled vessels was 98.54%, while the average utilization rate for chartered vessels was 100%[71] Corporate Governance and Management - The board is committed to maintaining high corporate governance standards, which are crucial for protecting shareholder interests[112] - The company has complied with all applicable corporate governance code provisions, except for the separation of the roles of chairman and CEO[113] - Two executive directors will retire after the 2026 annual general meeting, with no disagreements reported[121] - The company will issue a circular to shareholders regarding the proposed appointments of Mr. Chen and Ms. Si, along with the notice of the 2026 annual general meeting[128] Future Outlook and Strategy - The company aims to enhance capital returns through a "light-heavy asset combination" strategy, leveraging financial leasing and joint ventures[71] - The company plans to enhance its fleet's compliance and environmental standards while expanding its LNG bunkering operations to create shareholder value[78] - The group aims to reduce carbon intensity by 40% by 2030 compared to 2008 levels and achieve net-zero emissions by 2050, aligning with international maritime regulations[59]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 SHANGHAI GENCH EDUCATION GROUP LIMITED 年度業績 本公司董事會欣然宣佈，本集團截至2025年12月31日止年度的經審核綜合財務業績，連 同截至2024年12月31日止年度的比較數字。 財務摘要 截至12月31日止年度 | | 2025年 | 2024年 | 百分比變化 | | --- | --- | --- | --- | | | 人民幣千元 | 人民幣千元 | | | 收益 | 1,004,586 | 969,854 | 3.6% | | 毛利 | 544,651 | 539,894 | 0.9% | | 除稅前溢利 | 318,601 | 298,331 | 6.8% | | 年內溢利 | 242,548 | 223,618 | 8.5% | - 1 - 綜合損益表 上 海 建 橋 教 育 集 團 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 ...

Financial Performance - For the fiscal year ending December 31, 2025, the company's operating revenue increased by 8% to RMB 708,581,000 compared to RMB 658,798,000 in 2024[2]. - The company's net profit attributable to equity holders rose by 4% to RMB 52,582,000 from RMB 50,485,000 in the previous year[4]. - Basic earnings per share increased by 4% to RMB 0.048, up from RMB 0.046 in 2024[4]. - The company reported a profit of RMB 52,582 thousand for the year, contributing to total comprehensive income of RMB 70,816 thousand[8]. - The company's total comprehensive income for the year was RMB 70,816,000, slightly down from RMB 71,026,000 in 2024[4]. - Profit before tax for 2025 was RMB 99,074 million, slightly higher than RMB 96,013 million in 2024, reflecting an increase of about 2.2%[41]. - The effective tax rate for 2025 was approximately 28.5%, compared to 26.0% in 2024, indicating an increase in the tax burden[41]. - The company's profit attributable to equity holders for 2025 is RMB 52,582 million, compared to RMB 50,485 million for 2024, reflecting an increase of approximately 4.2%[47]. - The proposed dividend for the fiscal year ending December 31, 2025, is HKD 0.03 per share, totaling approximately HKD 32.7 million (equivalent to RMB 29.5 million)[50]. Assets and Liabilities - Total assets decreased by 5% to RMB 3,344,733,000 from RMB 3,504,127,000 in 2024[5]. - Total liabilities decreased by 14% to RMB 1,124,112,000 from RMB 1,301,438,000 in the previous year[6]. - Total equity as of December 31, 2025, was RMB 2,220,621 thousand, up from RMB 2,202,689 thousand at the beginning of the year[8]. - The company's total liabilities decreased to RMB 1,936,303 thousand from RMB 1,913,619 thousand, indicating a reduction in financial leverage[8]. - The company's cash and cash equivalents at the end of the year stood at RMB 159,949 thousand, up from RMB 136,071 thousand at the beginning of the year[9]. - The company’s cash and cash equivalents reached 216,671 in 2025, compared to 147,893 in 2024, showing an increase of approximately 46.5%[76]. Cash Flow - The company's net cash flow from operating activities for the year ended December 31, 2025, was RMB 356,259 thousand, a significant increase from RMB 12,906 thousand in 2024[9]. - The net increase in cash and cash equivalents for the year was RMB 27,124 thousand, reversing a decrease of RMB 775 thousand in the previous year[9]. - The company experienced a net cash outflow from investing activities of RMB 13,689,000, a decrease compared to RMB 59,049,000 in 2024[174]. - Net cash outflow from financing activities was RMB 231,460,000, an increase from RMB 136,048,000 in the previous year[175]. Investment and Financing - The company reported a net investment loss of RMB 16,941,000, compared to a loss of RMB 7,954,000 in the previous year[3]. - The company’s interest income decreased to RMB 303,860,000 from RMB 327,334,000 in 2024[3]. - The company incurred interest expenses of RMB 47,163 thousand, a decrease from RMB 56,734 thousand in 2024, reflecting better debt management[9]. - The company has a non-current bank loan secured by land use rights amounting to RMB 169.5 million as of December 31, 2025[55]. - The company’s non-current bank borrowings decreased to RMB 189.00 million in 2025 from RMB 334.00 million in 2024, a decline of 43.3%[85]. Segment Performance - The company operates through two main business segments: Inclusive Finance Division, providing loan services primarily in mainland China, and Ecological Finance Division, focusing on supply chain technology and related services[31][32]. - The inclusive finance division reported operating revenue of RMB 237,480,000, a decrease from RMB 240,951,000 in 2024, mainly due to a challenging credit market environment[141]. - The ecological finance division achieved operating revenue of RMB 458,881,000, up from RMB 404,820,000 in 2024, attributed to increased sales from supply chain management[143]. Risk Management and Compliance - The company has implemented comprehensive internal control measures for risk management, including pre-loan separation and post-loan monitoring systems[126]. - The company has not adopted any new accounting standards that would significantly impact future financial periods[10]. - The company is currently evaluating the impact of the new Hong Kong Financial Reporting Standards (HKFRS) 18 on the presentation and disclosure of consolidated financial statements[21]. - The company expects that the application of the revised HKFRS 9 and HKFRS 7 will not have a significant impact on its financial position and performance[19]. Future Outlook and Strategy - The company plans to strengthen external collaborations and explore opportunities in medical and educational sectors for future growth in the insurance agency business[138]. - The company aims to continue refining management practices to enhance efficiency and reduce costs in the future[144]. - The company plans to focus on providing liquidity support for large, stable assets and enhance capital utilization in the technology micro-loan business[112]. - The company aims to establish long-term, large-scale supply chain partnerships to enhance revenue contributions in the supply chain management business[130]. - The company’s strategy focuses on "optimizing existing stock, preventing changes, expanding new stock, and strengthening management" to navigate market challenges[95].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 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。 JIANDE INTERNATIONAL HOLDINGS LIMITED 建德國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：865） 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 業 績 公 佈 建 德 國 際 控 股 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）欣 然 呈 報 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 的 業 績，連 同 去 年 的 比 較 數 字 載 列 如 下： 綜 合 損 益 及 其 他 全 面 收 益 表 截 至 二 零 二 五 年 十 二 月 ...