Financial Performance - For the nine months ended September 30, 2025, the group's unaudited revenue was approximately RMB 77.70 billion, compared to RMB 81.52 billion for the same period in 2024, representing a decrease of about 4.5%[4] - The group's unaudited operating profit for the nine months ended September 30, 2025, was approximately RMB 11.92 billion, slightly up from RMB 11.90 billion in the same period of 2024, indicating a growth of about 0.2%[4] Contracts and Backlog - The total new contracts signed by the group for the nine months ended September 30, 2025, amounted to approximately RMB 128.01 billion[5] - As of September 30, 2025, the group's uncompleted contract amount was approximately RMB 393.61 billion[5] Corporate Structure and Governance - The group is a subsidiary of China State Construction Engineering Corporation, which holds a 61.81% stake in the company[3] - The board of directors includes various executive and non-executive members, ensuring a diverse governance structure[6] Financial Reporting and Caution - The financial data provided is unaudited and intended for reference only, with potential discrepancies compared to audited financial statements[6] - The company plans to release its audited financial results for the nine months ending September 30, 2025, by the end of October 2025[3] - The announcement is made in compliance with the Securities and Futures Ordinance and the Listing Rules of the Hong Kong Stock Exchange[3] - The company emphasizes the importance of caution for shareholders and potential investors when trading its securities based on the unaudited figures provided[6]

Financial Performance - For the fiscal year 2025, the company recorded revenue of approximately HKD 689.4 million, a decrease of about 21.7% compared to HKD 881.0 million for the fiscal year 2024[19] - The gross profit margin slightly declined from 72.8% in fiscal year 2024 to 69.3% in fiscal year 2025, a decrease of 3.5 percentage points[19] - The company reported a loss attributable to shareholders of approximately HKD 17.5 million for fiscal year 2025, compared to a profit of HKD 33.6 million in fiscal year 2024[19] - Basic loss per share for fiscal year 2025 was HKD 0.9 cents, down from a basic profit of HKD 1.6 cents in fiscal year 2024[19] - The group's revenue decreased from approximately HKD 881.0 million in the 2024 fiscal year to approximately HKD 689.4 million in the 2025 fiscal year, a decline of about 21.7%[26] - Gross profit decreased from approximately HKD 641.2 million in the 2024 fiscal year to approximately HKD 477.8 million in the 2025 fiscal year, a decline of about 25.5%[30] - The group recorded a loss attributable to owners of approximately HKD 17.5 million in the 2025 fiscal year, compared to a profit of HKD 33.6 million in the 2024 fiscal year[35] - The company's distributable reserves for the fiscal year 2025 amount to approximately HKD 1,563.8 million, a decrease from HKD 1,703.4 million in fiscal year 2024[164] Revenue Sources - The Tian Wang brand contributed approximately 84.2% of total revenue, amounting to about HKD 580.8 million in fiscal year 2025[19] - Revenue from the Tian Wang watch business decreased by approximately HKD 188.7 million or about 24.5%, from approximately HKD 769.4 million in the 2024 fiscal year to approximately HKD 580.8 million in the 2025 fiscal year[27] - Revenue from other brands (China) increased by approximately HKD 0.8 million or about 3.1%, from approximately HKD 25.6 million in the 2024 fiscal year to approximately HKD 26.4 million in the 2025 fiscal year[28] - The revenue from the core watch movement trading business accounted for about 11.9% of total revenue in fiscal year 2025, up from 9.8% in fiscal year 2024[40] E-commerce and Sales Channels - E-commerce business remained stable, contributing approximately 26.7% to total revenue, serving as an important channel for product promotion and new watch launches[19] - The e-commerce business accounted for approximately 26.7% of total revenue in fiscal year 2025, compared to 27.4% in fiscal year 2024[41] Retail Network and Sales Points - As of June 30, 2025, the company had 1,487 sales points for Tian Wang watches, down from 1,695 in fiscal year 2024, indicating a strategic optimization of the retail network[20] - The number of retail points for Tian Wang watches was reduced from 1,695 as of June 30, 2024, to 1,487 as of June 30, 2025, a net decrease of 208 points[27] Assets and Liabilities - The total assets of the company as of June 30, 2025, were HKD 2,471.1 million, a decrease from HKD 2,540.9 million in fiscal year 2024[10] - The total equity as of June 30, 2025, was approximately HKD 2,261.8 million, a decrease of about HKD 54.4 million from HKD 2,316.2 million as of June 30, 2024[46] - The debt-to-equity ratio increased to approximately 1.7% as of June 30, 2025, compared to 1.2% as of June 30, 2024[47] Investment Activities - The company has committed to invest USD 10 million in KKR Asia Tactical Credit (Overseas) Fund SCSp, known as KKR Fund II[54] - KKR Fund II aims to maintain a flexible investment strategy focusing on attractive opportunities in the credit market, targeting a portfolio with approximately 75-80% core investments and 20-25% event-driven investments[55] - The company has adopted an internal investment policy aimed at improving the efficiency of idle funds and generating stable returns while expanding income sources[58] - The investment strategy emphasizes maintaining appropriate investment sizes and optimizing portfolio structure to effectively allocate company resources[59] Corporate Governance - The company has maintained compliance with the corporate governance code, ensuring high standards of governance practices[103] - The company has adopted a code of conduct for directors' securities transactions, confirming full compliance for the fiscal year 2025[106] - The company established a corporate governance committee to oversee adherence to governance codes and practices[103] - The company has three independent non-executive directors, ensuring a balanced power structure within the board[104] - The company’s independent non-executive directors have extensive experience in auditing, accounting, and corporate finance, enhancing board effectiveness[98][99] Social Responsibility and Community Engagement - Tian Wang Watch has donated nearly 5 million RMB to support rural education since 2017, aligning with its educational charity philosophy[86] - The company emphasizes long-term sustainable development and aims to create its own legacy in the watch industry[87] - The company is actively involved in community events, such as being the official timing partner for the Shenzhen Nanshan Half Marathon[87] - The company has a strong commitment to its brand values, promoting the message "Every person is a Tian Wang" during public events[87] Employee and Management - The employee cost for the fiscal year 2025 is approximately HKD 252.1 million, a decrease from HKD 270.5 million in the fiscal year 2024[70] - The company emphasizes the importance of employee value and provides training and career development opportunities[159] - The management team has extensive experience, with the founder having over 30 years in the watch manufacturing and trading business[91] Future Outlook - The company anticipates that the economic outlook and retail industry in China will face uncertainties and challenges, which will inevitably impact its performance and financial condition in the coming years[82]

Financial Performance - The company's revenue for the fiscal year ending June 30, 2025, reached approximately SGD 77.7 million, an increase of about 11.7% compared to SGD 69.5 million for the previous year[12] - Gross profit decreased by approximately 12.6% to about SGD 5.1 million, down from SGD 5.9 million, resulting in a gross margin decline from 8.5% to 6.6%[12] - The net loss after tax for the fiscal year was approximately SGD 2.1 million, compared to a net loss of about SGD 9,000 in the previous year[12] - Total revenue increased from approximately SGD 69.5 million for the year ended June 30, 2024, to approximately SGD 77.7 million for the year ended June 30, 2025, representing an increase of about SGD 8.2 million or approximately 11.7%[17] - The group reported a loss of approximately SGD 2.1 million for the year ended June 30, 2025, compared to a loss of approximately SGD 0.9 million for the year ended June 30, 2024[26] Project and Market Outlook - The company has 28 ongoing projects with a nominal or estimated contract value of approximately SGD 235.5 million, of which SGD 61.1 million was recognized as revenue for the fiscal year[14] - The Singapore Construction Authority forecasts construction demand in 2025 to be between SGD 47 billion and SGD 53 billion, indicating a strong market outlook[14] - The company anticipates that public projects will continue to be a significant part of the Singapore construction industry[7] - The board believes the company is well-positioned to capitalize on the rising construction demand in the coming years due to its expertise in public sector projects[14] Cost and Profitability - The increase in service costs was a significant factor contributing to the decline in gross profit and gross margin[12] - Service costs rose from approximately SGD 63.6 million for the year ended June 30, 2024, to approximately SGD 72.5 million for the year ended June 30, 2025, an increase of about SGD 8.9 million or approximately 14.0%[18] - Gross profit decreased from approximately SGD 5.9 million for the year ended June 30, 2024, to approximately SGD 5.1 million for the year ended June 30, 2025, a decline of about 12.6%[19] - Gross margin fell from approximately 8.5% for the year ended June 30, 2024, to approximately 6.6% for the year ended June 30, 2025, a decrease of 1.9 percentage points[19] Employee and Workforce - As of June 30, 2025, the group employed a total of 208 employees, an increase from 197 employees in 2024, with total employee costs amounting to approximately SGD 10.0 million, up from SGD 8.7 million in 2024[40] - The total number of employees increased from 197 in 2024 to 208 in 2025, reflecting a growth of approximately 5.6%[186] - Employee turnover rate improved to approximately 19.7% in 2025 from 23.4% in 2024, indicating a reduction of about 15.8%[187] - The number of male employees rose from 173 in 2024 to 182 in 2025, while female employees increased from 24 to 26, showing a slight growth in gender diversity[187] Corporate Governance - The company is committed to high standards of corporate governance to protect shareholder rights and enhance corporate value, adopting the corporate governance code effective until June 30, 2025[61] - The company has complied with the corporate governance code throughout the fiscal year ending June 30, 2025[62] - The board consists of two executive directors and three independent non-executive directors, ensuring a balance of power and independence[66] - The company has appointed independent non-executive directors with appropriate professional qualifications to ensure compliance with financial reporting standards[69] Environmental and Sustainability Efforts - The company has established an ESG working group led by senior management to oversee sustainability policies and practices[161] - The company reported a decrease in nitrogen oxides emissions from 262,182.41 grams in 2024 to 105,448.93 grams in 2025, representing a reduction of approximately 59.7%[171] - Water consumption decreased from 59.0 cubic meters in 2024 to 42.2 cubic meters in 2025, representing a reduction of approximately 28.8%[177] - The company has established an environmental management system compliant with ISO 14001:2015 standards to enhance environmental compliance and awareness[180] Risk Management - The company has adopted a risk management policy to identify, assess, and manage key business risks, with quarterly evaluations and mitigation plans in place[93] - The board has reviewed the effectiveness of the risk management and internal control systems and found them to be effective and adequate as of June 30, 2025[96] - External consultants have been engaged to review the effectiveness of the risk management and internal control systems for the fiscal year ending June 30, 2025[97] Customer Relations - The group has established customer communication channels, including office hotlines and site representatives, to handle inquiries and complaints, ensuring customer satisfaction[198] - No complaints or claims related to service quality issues have been received during the reporting period, indicating strong customer trust[198] Compliance and Legal Matters - The company faced no serious or systemic violations of relevant laws and regulations as of June 30, 2025[108] - The company has maintained sufficient public float as per listing rules up to the date of the report[150] - The company has not entered into any management contracts for overall business or any significant business during the year ended June 30, 2025[119]

2025 年 報 目錄 | 公司資料 | 2 | | --- | --- | | 董事報告 | 3 | | 管理層討論及分析 | 5 | | 現任董事及公司秘書履歷 | 11 | | 董事會報告 | 13 | | 企業管治報告 | 22 | | 獨立核數師報告 | 36 | | 綜合損益及其他全面收益表 | 44 | | 綜合財務狀況表 | 45 | | 綜合權益變動表 | 47 | | 綜合現金流量表 | 48 | | 綜合財務報表附註 | 49 | | 集團財務概要 | 118 | 二零二五年年報 2 公司資料 （於本報告日期） 執行董事 賴愛忠先生 黃嘉盛先生 楊宏偉先生 （於二零二五年一月六日獲委任） 獨立非執行董事 鄭海鵬先生 王瀟嘉先生 孫群英女士 審核委員會 王瀟嘉先生 （主席） 鄭海鵬先生 孫群英女士 提名委員會 馬惠君女士 （主席） 王瀟嘉先生 孫群英女士 薪酬委員會 鄭海鵬先生 （主席） 王瀟嘉先生 孫群英女士 公司秘書 鄺振忠先生 （於二零二五年三月一日獲委任） 授權代表 黃嘉盛先生 鄺振忠先生 （於二零二五年三月一日獲委任） 獨立核數師 致寶信勤會計師事務所有限公司 執業會計師 香港北 ...

Financial Proceeds - The net proceeds from the share placement in November 2023 amounted to HKD 17.8 million[5] - The actual use of the net proceeds includes HKD 3.7 million for sales and service costs, HKD 6.5 million for employee costs, and HKD 0.2 million for marketing expenses[5] - The company allocated HKD 3.1 million for office expansion costs and HKD 4.1 million for general operational expenses[5] Reporting and Governance - The annual report for the fiscal year ending December 31, 2024, will be published on March 31, 2025[3] - The board of directors includes two executive directors and three independent non-executive directors[6] - The company confirms that the information provided in the announcement is accurate and complete, with no misleading or fraudulent elements[7] - The announcement will be available on the Hong Kong Stock Exchange website for at least seven days from the publication date[7]

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份內容 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。 （於中華人民共和國註冊成立之股份有限公司， 在香港以國控股份有限公司之名稱經營業務） （股份代號：01099） 公告 截至 2025 年 9 月 30 日止九個月之季度財務資料 根據中國銀行間市場交易商協會及上海證券交易所之規則，國藥控股股份有限公司（「本 公司」）須刊發本公司及其附屬公司（「本集團」）之季度財務資料（包括本集團之合併資 產負債表、合併利潤表及合併現金流量表），並刊發本公司之季度財務資料（包括本公司 之資產負債表、利潤表及現金流量表）。 本公告乃根據證券及期貨條例（香港法例第 571 章）第 XIVA 部及香港聯合交易所有限公 司證券上市規則第 13.09 條作出。 本公司董事會欣然宣佈本集團及本公司根據中國公認會計原則所編製的截至 2025 年 9 月 30 日止九個月之未經審計財務資料。 * 本公司以其中文名稱及英文名稱「 Sinopharm Group Co. Ltd. 」根據 ...

Financial Performance - Total revenue for the third quarter of 2025 reached RMB 12,057,434,626.40, representing a year-on-year increase of 15.26%[12] - The total profit for the period was RMB 5,129,651,792.47, showing a significant increase of 82.89% compared to the same quarter last year[12] - Net profit attributable to shareholders was RMB 3,514,630,329.36, reflecting a growth of 53.27% year-on-year[12] - The basic earnings per share for the quarter was RMB 1.24, an increase of 55.00% compared to the same period last year[12] - The company reported a net profit attributable to shareholders of RMB 3.25 billion, a 53.27% increase compared to the previous period[17] - The total profit increased by 82.89% year-on-year, driven by a focus on enhancing CRDMO business operations[17] - Net profit for Q3 2025 was RMB 3,547,837 thousand, a 39.2% increase from RMB 2,549,030 thousand in Q3 2024[52] - The net profit attributable to the parent company for the first three quarters of 2025 was RMB 11,801.9 million, a significant increase of 81% from RMB 6,532.9 million in the same period of 2024[63] Revenue Growth - The company achieved operating revenue of RMB 32.86 billion for the first three quarters of 2025, representing an 18.6% year-on-year growth[23] - Continuous operating business revenue grew by 22.5% year-on-year, with chemical business revenue reaching RMB 25.98 billion, up 29.3%[23] - Revenue for Q3 2025 reached RMB 12,044,962 thousand, a 19.7% increase from RMB 10,063,435 thousand in Q3 2024[51] - Total revenue for the first three quarters of 2025 was RMB 32,450,065 thousand, a 22.4% increase from RMB 26,487,694 thousand in the same period of 2024[54] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 94,606,135,416.07, up 17.78% from the previous year[13] - Total liabilities as of September 30, 2025, were RMB 23,133.6 million, compared to RMB 21,240.2 million at the end of 2024, showing an increase of 9%[58] - Current assets totaled ¥53.81 billion as of September 30, 2025, compared to ¥38.69 billion at the end of 2024, representing a 39.0% growth[37] - The total current assets increased to RMB 53,812.3 million as of September 30, 2025, compared to RMB 38,690.2 million at the end of 2024, reflecting a growth of 39%[58] Cash Flow - The company reported a net cash flow from operating activities of RMB 11,412,834,667.47, which increased by 36.21% compared to the previous year[12] - Cash flow from operating activities generated ¥11.41 billion, compared to ¥8.38 billion in the same period last year, marking a 36.3% increase[46] - The company’s investment activities generated a net cash inflow of RMB 946.4 million in the first three quarters of 2025, a turnaround from a net outflow of RMB 2,866.6 million in the same period of 2024[61] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥825.65 million, down from ¥954.04 million in the same period of 2024, indicating a 13.5% decrease[40] - Research and development expenses for Q3 2025 were RMB 311,732 thousand, slightly down from RMB 302,434 thousand in Q3 2024[51] Business Operations - The company continues to enhance its CRDMO business model to improve research and development efficiency for clients[10] - The company has enabled 75 products to be approved for market in the SMO business, with a cumulative total of 331 products over the past decade[24] - The company has developed a one-stop compound identification software that improves identification efficiency by 83% for nucleic acid and peptide metabolites[24] Market Position and Future Outlook - The company expects 2025 operating revenue to return to double-digit growth, with an adjusted growth rate of 17-18% and total revenue forecasted between RMB 43.5 billion and RMB 44 billion[25] - The company maintains a leading position in the Asia-Pacific industry for drug safety evaluation and continues to support clients in global licensing cooperation[24]

Stock Options - REF Holdings Limited's total number of stock options available for grant as of January 1, 2024, is 25,600,000[3] - The closing price of the shares on September 5, 2024, prior to the grant of stock options on September 6, 2024, was HKD 0.23 per share[2]

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。 HUAXIN CEMENT CO., LTD.* (於中華人民共和國註冊成立的股份有限公司) (股份代號： 6655) 本公告乃根據《香港聯合交易所有限公司證券上市規則》(「《上市規則》」)第13.09條和第13.10B 條及《證券及期貨條例》(香港法例第571章)第XIVA部刊發。 根據中華人民共和國(「 」)上海證券交易所的適用規則，華新水泥股份有限公司(「 」或「 」) 及其附屬公司(與本公司合稱為「 」) 由二零二五年七月一日至 二零二五年九月三十日 (「 」) 第三季度報告(「 」) 將於二零二五年十月二 十五日刊登於中國報章，其所載財務報告乃根據中國會計準則編製，且未經審計。 (一)主要會計資料和財務指標 單位： 元 幣種：人民幣 項目 本報告期 本報告期比 上年同期增 減變動幅度 (%) 年初至報告期末 年初至報告期 末比上年同期 增減變動幅度 (%) 營業收入 8,986,249,972 ...

Financial Performance - Total revenue for Q3 2025 was RMB 50.71 billion, a decrease of 2.36% year-on-year[9] - Net profit attributable to shareholders for Q3 2025 reached RMB 5.61 billion, an increase of 96.40% year-on-year[9] - Total profit for Q3 2025 was RMB 9.17 billion, reflecting a significant increase of 64.37% year-on-year, driven by higher product prices and increased sales volume[12] - Basic earnings per share for Q3 2025 were RMB 0.26, up 85.71% compared to the same period last year[9] - The company reported a net profit of RMB 14.28 billion for the year-to-date period, an increase of 72.61% year-on-year[9] - Net profit for the first three quarters of 2025 reached ¥16.49 billion, a significant increase of 73.5% compared to ¥9.52 billion in the same period of 2024[32] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.67, up from ¥0.39 in 2024, representing a 71.8% increase[32] - The company reported a net profit of approximately RMB 24.07 billion for the first three quarters of 2025, compared to RMB 16.73 billion in the same period of 2024, reflecting a significant increase[31] Assets and Liabilities - Total assets as of the end of Q3 2025 amounted to RMB 184.19 billion, an increase of 8.20% from the previous year[9] - As of September 30, 2025, total current assets reached approximately RMB 92.81 billion, an increase from RMB 79.17 billion as of December 31, 2024[27] - The company's total liabilities as of September 30, 2025, amounted to approximately RMB 89.46 billion, compared to RMB 84.29 billion at the end of 2024[29] Cash Flow - Cash flow from operating activities for the year-to-date period decreased by 8.20% compared to the previous year[12] - Cash flow from operating activities generated ¥15.86 billion in the first three quarters of 2025, down 8.2% from ¥17.28 billion in 2024[34] - Total cash inflow from financing activities was ¥49.89 billion in 2025, compared to ¥55.96 billion in 2024, reflecting a decrease of 10.9%[35] - Cash and cash equivalents at the end of the third quarter of 2025 amounted to ¥30.67 billion, an increase from ¥27.12 billion at the end of the same period in 2024[35] - Cash outflow from investing activities totaled ¥9.47 billion in 2025, a decrease of 45.0% compared to ¥17.25 billion in 2024[35] - The company reported a net cash flow from investing activities of -¥2.81 billion in 2025, an improvement from -¥8.60 billion in 2024[35] - The company received ¥48.50 billion in borrowings during the first three quarters of 2025, down from ¥55.40 billion in 2024, indicating a decrease of 12.5%[35] Production and Sales - The company reported a copper revenue of RMB 38.62 billion, with a gross margin of 54.07%, an increase of 1.73 percentage points year-over-year[24] - Cobalt sales reached RMB 6.18 billion, with a gross margin of 63.46%, despite a year-over-year revenue decline of 7.79%[24] - The total production of copper was 543,376 tons, reflecting a year-over-year increase of 14.14% in production volume[18] - The company produced 87,974 tons of cobalt, but sales decreased by 36.08% year-over-year to 51,027 tons[18] - The company’s refined metal products generated RMB 72.17 billion in revenue, with a gross margin of only 0.34%, down 21.54% year-over-year[24] - The total sales volume of phosphate fertilizer was 825,714 tons, with a year-over-year decrease of 3.79%[18] - The company’s total sales of refined metal products decreased by 54.43% year-over-year, indicating significant challenges in this segment[18] - The gross margin for tungsten was reported at 63.55%, with a revenue of RMB 1.59 billion, reflecting a year-over-year increase of 21.11%[24] - The company’s total procurement of phosphate fertilizer was 912,769 tons, with a slight increase of 1.92% year-over-year[18] Investments and Projects - The company approved an investment of $1.084 billion for the KFM Phase II project in Congo, which is expected to add a processing capacity of 7.26 million tons per year and an average annual output of 100,000 tons of copper metal upon completion in 2027[25] - In Q3 2025, the company achieved its production targets for major products, laying a solid foundation for the completion of annual tasks[25] - The TFM copper-cobalt mine in the Democratic Republic of Congo successfully passed the re-certification audit for The Copper Mark, becoming the first mine in Africa to achieve this certification with a "fully met" rating across all assessment areas[25] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 304,226[13] - The largest shareholder, Hongshang Industrial Holdings Group, holds 24.93% of the shares, with a total of 533,322 shares pledged[16] Ratings and Recognition - The company received its first "AAA" rating from Wind ESG and entered the top 100 list of large-cap companies[25] Other Financial Metrics - Operating revenue for the first three quarters of 2025 was approximately RMB 145.49 billion, a decrease of 5.8% from RMB 154.75 billion in the same period of 2024[31] - The total operating costs for the first three quarters of 2025 were approximately RMB 119.41 billion, down 11.6% from RMB 135.16 billion in the previous year[31] - Total comprehensive income for the first three quarters of 2025 was ¥14.92 billion, up 68.1% from ¥8.88 billion in 2024[32]