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]

Financial Performance - For the first three quarters of 2025, the company's operating revenue reached RMB 17,962,803,000, an increase of approximately 3.1% compared to RMB 17,419,724,000 in the same period last year[5] - Net profit for the same period was RMB 1,008,393,000, a significant decrease of about 50.4% from RMB 2,031,307,000 year-on-year[5] - The total sales revenue reached RMB 17,962,803,000 with a gross profit of RMB 2,899,732,000, resulting in an overall gross margin of 16%[16] Production and Sales - The production volume of key products such as urea, liquid ammonia, and DMF decreased by approximately 269,000 tons, representing a year-on-year decline of about 19% due to maintenance activities[4] - Urea sales volume decreased by 14% year-on-year due to maintenance at key production bases, while compound fertilizer sales volume increased by 12% year-on-year[22] - Methanol production reached 1,180,000 tons, a 37% increase year-on-year, despite a 6% overall decline in production due to maintenance[23] Asset Management - The total assets of the group increased by 20% to approximately RMB 37,060,187,000 compared to RMB 32,518,244,000 at the beginning of the period[7] - The net asset attributable to the parent company rose to RMB 9,753,067,000, up from RMB 8,961,166,000 at the beginning of the period[7] - The company's asset-liability ratio increased to 64.8%, up from 61.5% at the beginning of the period, primarily due to an increase in loan scale[7] Cost Control and Efficiency - The company focused on internal cost control, with the ratio of three expenses to revenue decreasing by 1 percentage point year-on-year, despite an increase in sales expenses due to higher product sales[6] - The average loan interest rate decreased by 0.6 percentage points to 3.2%, optimizing the financing cost and borrowing structure[8] - The construction of the chemical new materials project in Xinxiang is progressing as planned, with a projected completion of the ammonia production line by the end of 2025, which is expected to lower production costs by about 12%[32] Market Strategy and Competitiveness - The successful commissioning of the Jiujiang Phase II project is expected to enhance the company's market competitiveness and support long-term profit growth[4] - The company aims to enhance its market competitiveness and profitability through the gradual release of low-cost production capacity and the introduction of differentiated high-efficiency fertilizer products[35] - The company is focusing on a "low cost + differentiation" strategy to enhance brand value and industry scale, leveraging technological innovation and efficient operations[37] Pricing and Margins - The average selling price of urea decreased by 16% year-on-year, influenced by increased market supply and weak downstream demand[17] - The gross margin for the chemical segment increased by nearly 45% year-on-year, driven by low-cost ammonia and methanol as raw materials[15] - The gross margin for melamine improved to 34%, up 3 percentage points, supported by cost reductions and favorable export pricing[30] - The average selling price of DMF decreased by 6% year-on-year due to oversupply and weak demand in the downstream market[20] - DMF gross profit margin increased due to a 14% year-on-year decline in comprehensive costs, with production costs reduced by approximately 4% and raw material coal prices down nearly 10%[31] Future Outlook - The company anticipates a stable fertilizer market in Q4 2023, despite traditional seasonal demand weakness, due to the accelerated elimination of backward production capacity and environmental policy controls[36] - The Jiujiang Phase II project is expected to reduce comprehensive production costs by approximately 10% while maintaining full-load production of urea[34] - The company plans to enhance the promotion of high-margin products like compound fertilizers to improve profitability amid a weak pricing environment[17]

Financial Performance - The company reported a net loss attributable to shareholders of HKD 1,675,600,000, an improvement from the previous year's loss of HKD 2,167,800,000, primarily due to reduced impairment losses on properties and lower financing costs[3]. - The company reported a net loss of HKD 3,238,000,000 for the year ended July 31, 2025[10]. - The group reported an annual loss of HKD 3,237,857 thousand in 2025, compared to a loss of HKD 4,255,979 thousand in 2024, showing an improvement in loss by approximately 23.9%[16]. - The net loss attributable to the company's owners was approximately HKD 1,675.6 million, an improvement from HKD 2,167.8 million in the previous year, marking a reduction of 22.7%[64]. - The loss per share improved to HKD 1.897 from HKD 2.454 in 2024, indicating a decrease of 22.6%[60]. Revenue and Income - Total revenue for the group decreased from HKD 6,341,234 thousand in 2024 to HKD 5,356,284 thousand in 2025, representing a decline of approximately 15.5%[16]. - Total revenue for 2025 is projected to be HKD 5,356,284,000, a decrease of 15.5% from HKD 6,341,234,000 in 2024[19]. - The property development and sales segment reported revenue of HKD 958,261 thousand in 2025, down from HKD 1,559,577 thousand in 2024, a decrease of about 38.5%[16]. - The hotel business segment reported a revenue increase of 4.4%, rising from HKD 1,191.4 million in 2024 to HKD 1,243.8 million in 2025[59]. - The restaurant and catering business generated revenue of HKD 479.1 million for the year ended July 31, 2025, a decrease of approximately 12.0% from HKD 544.6 million in the previous fiscal year due to weak local consumption and changing travel habits among residents[138]. Assets and Liabilities - Total capital resources as of July 31, 2025, were approximately HKD 8,641,200,000, including cash and bank balances of about HKD 4,424,800,000[3]. - Non-current assets decreased from HKD 55,400,066 thousand in 2024 to HKD 53,035,061 thousand in 2025, a decline of approximately 4.3%[6]. - Current assets decreased from HKD 14,941,501 thousand in 2024 to HKD 13,991,585 thousand in 2025, a decline of about 6.4%[6]. - Total liabilities increased significantly from HKD 6,588,781 thousand in 2024 to HKD 19,411,610 thousand in 2025, representing an increase of approximately 194.5%[7]. - Current liabilities exceeded current assets by HKD 5,420,025,000 as of July 31, 2025, indicating liquidity challenges[10]. Financing and Debt - Financing costs decreased by 17.0% to HKD 1,164,800,000, due to lower Hong Kong interbank offered rates and successful refinancing at lower rates[3]. - The company successfully refinanced a bank loan of HKD 3,457,000,000, extending the repayment schedule from 2025 to 2030, with only HKD 45,000,000 due within the fiscal year ending July 31, 2026[11]. - The company's bank loans surged from HKD 2,523,016 thousand in 2024 to HKD 10,886,034 thousand in 2025, an increase of approximately 331.5%[7]. - The capital debt ratio, calculated as the total net debt against the net asset value attributable to the company's owners, is approximately 152%[150]. Property Sales and Development - Confirmed property sales amounted to HKD 885,000,000, down 42.1% year-on-year, attributed to the near sell-out of property projects by the Lee Fung Group[3]. - Revenue from property sales decreased significantly from HKD 1,529,479,000 in 2024 to HKD 885,015,000 in 2025, a decline of 42%[21]. - The company plans to realize asset sales totaling HKD 8,000,000,000 over the next two years, with potential proceeds of approximately HKD 4,500,000,000 if all transactions are successful[3]. - The company plans to accelerate the pre-sale and sale of its developed and under-development properties despite challenging economic conditions[11]. Market Conditions and Outlook - The management anticipates a global economic growth rate of 3.0% for 2025, influenced by ongoing geopolitical tensions and inflationary pressures[38]. - The Hong Kong property market faces challenges, with retail sector performance impacted by changing consumer behavior and increased competition from mainland China[39]. - The company maintains a cautious outlook on the long-term business prospects in mainland China but is confident in the future of cities within the Greater Bay Area[45]. Operational Efficiency and Cost Control - The company is committed to implementing cost control strategies and resource optimization plans to lower operating and administrative costs[11]. - The company is implementing cost optimization measures in its cinema operations to improve overall operational efficiency amid challenging market conditions[52]. Dividends and Shareholder Returns - The group did not declare any final dividends for the years ended July 31, 2025, and July 31, 2024[28]. - The board does not recommend a final dividend for the year ending July 31, 2025, consistent with the previous year[36]. Employee and Corporate Governance - The group employed approximately 3,600 employees as of July 31, 2025, with competitive salary levels and performance-based promotions[157]. - The group has adhered to corporate governance codes, with the audit committee comprising three independent non-executive directors[155].

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依 賴該等內容而引致的任何損失承擔任何責任。 承董事會命 上海昊海生物科技股份有限公司 主席 Shanghai Haohai Biological Technology Co., Ltd.* 上海昊海生物科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6826） 2025年第三季度報告 本公告乃上海昊海生物科技股份有限公司（「本公司」，連同其附屬公司統稱「本集 團」）根據香港聯合交易所有限公司證券上市規則第13.09(2)及13.10B條以及香港 法例第571章證券及期貨條例第XIVA部刊發，旨在向本公司股東及公眾人士提供 本公司最新的財務資料。 茲載列本公司同時在上海證券交易所網站發佈的、截至2025年9月30日止三個月 及九個月之本集團未經審計業績（「第三季度報告」）。第三季度報告所載財務數據 乃根據中國企業會計準則編製，且未經審計。以下所載第三季度報告以中英文版 本編製。有任何歧義，概以第三季度報告中文版本為準。 本 ...