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佈的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公佈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。 業績摘要： 1 • 儘管本集團之投資物業及酒店業務表現穩健，本公司擁有人應佔淨虧損由上個財 政年度之 267,700,000港元增加至回顧年度之419,400,000港元。虧損增加之主要 原因為：(i)該等物業項目已將近全數售罄，令其銷售減少；及(ii)於回顧年度內投 資物業錄得公平值虧損，而上個財政年度則錄得投資物業公平值收益。該等增加 之虧損部分被行政費用、其他經營費用及融資成本改善所抵銷。 • 扣除投資物業公平值變動以及其他非現金及非經常性項目之影響，經調整除利 息、稅項、折舊及攤銷前盈利（「經調整EBITDA」）為416,300,000港元，較上個財 政年度減少46.8%，原因是現有項目銷售將近結束且符合預期。 • 租賃組合保持穩健，產生租金收入721,800,000港元，在充滿挑戰之市場環境下， 仍然維持相對穩定的出租率，較上個財政年度上升0.9%，此乃得益於較新落成的 物業的租金增長。 • ...

Financial Performance - For the fiscal year ending July 31, 2025, the company reported a revenue of HKD 779,608,000, a decrease of 33.3% compared to HKD 1,167,538,000 in the previous year[4] - The gross profit for the same period was HKD 377,754,000, down 16.3% from HKD 451,124,000 year-over-year[4] - The company recorded an operating profit of HKD 35,981,000, a significant recovery from an operating loss of HKD 434,787,000 in the prior year[4] - The net loss for the year was HKD 14,510,000, a substantial improvement compared to a net loss of HKD 525,729,000 in the previous year[4] - Total revenue for 2025 is projected to be HKD 808,930,000, a decrease from HKD 1,203,450,000 in 2024, representing a decline of approximately 32.8%[13] - The group reported a net loss of HKD 14,510,000 for 2025, compared to a net loss of HKD 525,729,000 in 2024, indicating an improvement in financial performance[13] - The total financing costs decreased to HKD 42,651,000 in 2025 from HKD 45,035,000 in 2024, representing a reduction of 5.3%[18] - The pre-tax loss before tax for 2025 was HKD 401,854,000, significantly lower than HKD 716,414,000 in 2024, indicating a 44% reduction in costs[19] Assets and Liabilities - Total current liabilities increased to HKD 1,151,437,000 from HKD 922,895,000, indicating a rise in financial obligations[6] - Cash and cash equivalents stood at HKD 482,525,000, up from HKD 354,272,000, reflecting improved liquidity[6] - The company's total non-current assets decreased to HKD 535,826,000 from HKD 746,911,000, indicating a reduction in long-term investments[6] - The total equity attributable to the owners of the company was HKD 67,401,000, down from HKD 118,473,000, showing a decline in shareholder value[7] - Total assets decreased from HKD 1,836,303,000 in 2024 to HKD 1,631,619,000 in 2025, a reduction of approximately 11.1%[14] - Total liabilities also decreased from HKD 1,788,225,000 in 2024 to HKD 1,596,522,000 in 2025, reflecting a decline of about 10.7%[14] - The net receivables from trade accounts decreased to HKD 97,207,000 in 2025 from HKD 191,195,000 in 2024, a decline of 49.3%[23] - The total contract liabilities increased to HKD 179,926,000 in 2025 from HKD 142,506,000 in 2024, reflecting a growth of 26.3%[27] Operational Strategies - The company has implemented plans to manage working capital and improve financial conditions, including obtaining legal opinions regarding loan repayments[9] - The group plans to continue implementing cost-saving measures and negotiate rent reductions or lease restructuring with landlords[12] - The group intends to sell several non-core assets to streamline operations and reduce operational costs[12] - The group is actively implementing cost optimization measures in cinema operations to enhance overall operational efficiency amid challenging market conditions[31] Revenue Breakdown - The media and entertainment segment generated revenue of HKD 287,897,000 in 2025, down from HKD 387,082,000 in 2024, a decrease of about 25.6%[13] - Revenue from external customers in Hong Kong for 2025 was HKD 593,900,000, down from HKD 769,348,000 in 2024, a decrease of approximately 22.8%[16] - The revenue from entertainment activities was HKD 182,259,000 in 2025, down 28.6% from HKD 255,119,000 in 2024[18] - Revenue from film and television programs dropped significantly by about 86.3%, primarily due to a lack of television program releases during the fiscal year[35] - The group's cinema operations saw a slight revenue increase of approximately 1.3%, attributed to the success of blockbuster films such as "破•地獄" and "哪吒之魔童鬧海"[36] - The film and television production and distribution segment reported revenue of HKD 46.6 million, a significant decrease from HKD 341 million in the previous year, with losses increasing to HKD 52 million from HKD 21.9 million[45] Shareholder Information - The company did not recommend any dividend for the year ending July 31, 2025, consistent with the previous year[28] - The annual general meeting will be held on December 19, 2025[55] - The annual report for the year ending July 31, 2025, will be published in mid-November 2025[55] - Shareholders must submit transfer documents by December 15, 2025, to attend and vote at the meeting[56] - The record date for attending and voting at the annual general meeting is December 15, 2025[56] Staffing and Management - The group employed approximately 390 staff members, a decrease from 470 in the previous year, while maintaining competitive salary levels and performance-based promotions[51] - The board of directors includes three executive directors and five independent non-executive directors[56] - The group actively engaged with investors through various communication channels to provide updates on operations and financial performance[52]

Financial Performance - For the first three quarters of 2025, the company's operating revenue was RMB 397 billion, representing a year-on-year increase of 0.6%[7] - The profit attributable to shareholders was RMB 30.8 billion, reflecting a year-on-year growth of 5.0%[7] - The EBITDA for the period was RMB 115.6 billion, with a year-on-year increase of 4.2%, resulting in an EBITDA margin of 31.6%[7][8] - Total operating revenue for the nine months ended September 30, 2025, was RMB 396,998 million, a slight increase from RMB 394,718 million in the same period of 2024, representing a growth of approximately 0.3%[16] - Net profit for the nine months ended September 30, 2025, reached RMB 30,771 million, compared to RMB 29,340 million in 2024, indicating an increase of about 4.9%[17] - The company reported a total of RMB 37,739 million in operating profit for the nine months ended September 30, 2025, compared to RMB 36,384 million in 2024, representing an increase of approximately 3.7%[16] - The pre-tax profit for the nine months ended September 30, 2025, was RMB 39,450 million, up 5% from RMB 37,712 million in 2024[19] User Growth and Traffic - The total number of mobile users reached 43.72 million, with a net increase of 1.27 million users during the period[6] - The number of 5G network users reached 29.24 million, with a net increase of 4.17 million users[6] - The total mobile internet traffic was 7,733.26 million TB, showing a year-on-year growth of 16.9%[9] Revenue Streams - The company's IDC revenue was RMB 27.5 billion, up 9.1% year-on-year, while intelligent revenue grew by 62.3%[10] Assets and Liabilities - Total assets as of September 30, 2025, were RMB 876.05 billion, an increase of 1.1% compared to the previous year[5] - Total assets as of September 30, 2025, amounted to RMB 876,049 million, up from RMB 866,625 million at the end of 2024, reflecting a growth of approximately 1.6%[15] - The company's total liabilities stood at RMB 410,815 million as of September 30, 2025, slightly up from RMB 410,073 million in 2024, showing a marginal increase of 0.2%[15] - The net current liabilities improved to RMB (106,612) million in 2025 from RMB (137,252) million in 2024, indicating a positive change in liquidity[15] - The total equity attributable to shareholders increased to RMB 458,123 million in 2025 from RMB 452,390 million in 2024, showing a growth of about 1.3%[15] Cash Flow and Expenditures - The company's cash and cash equivalents decreased to RMB 44,594 million in 2025 from RMB 82,207 million in 2024, a decline of approximately 45.4%[14] - The net cash generated from operating activities for the nine months ended September 30, 2025, was RMB 87,421 million, a decrease of 10% compared to RMB 97,316 million for the same period in 2024[18] - The company's capital expenditures for the nine months ended September 30, 2025, were RMB (44,810) million, down 23% from RMB (58,238) million in 2024[18] - The net cash used in investing activities was RMB (84,958) million, an increase of 23% compared to RMB (68,913) million in 2024[18] - The company reported a net cash outflow from financing activities of RMB (40,033) million, compared to RMB (36,080) million in 2024, indicating a 11% increase in cash outflow[18] - Cash and cash equivalents decreased by RMB 37,570 million during the nine months ended September 30, 2025, compared to a decrease of RMB 7,677 million in 2024[18] Dividends and Interest - The company paid dividends amounting to RMB (25,064) million, which is an increase of 17% from RMB (21,300) million in 2024[18] - The company experienced a net interest expense of RMB 1,563 million for the nine months ended September 30, 2025, compared to RMB 1,794 million in 2024[19] Strategic Initiatives - The company plans to fully implement a cloud transformation strategy, enhancing core capabilities and competitiveness[12]

Business Operations - The Group operates 120 retail pharmacies primarily located in Northeast China, with approximately 1,027 active distributors and 842 full-time staff[8]. - The Group has established 3 large-scale distribution logistics centers in Shijiazhuang, Harbin, and Jiamusi, enhancing its national distribution system[8]. - The main product categories include prescribed drugs, non-prescribed drugs, traditional Chinese medicine, and health care products, among others[9]. - The Group aims to expand its product mix by introducing more health care products based on its expertise in pharmaceutical retail and distribution[11]. - The Group is actively exploring online pharmacies, cross-border e-commerce, and influencer marketing as part of its "Internet+" strategy[12]. - The Group emphasizes the concept of "Specialization+" and "Platform+" to enhance its business model and cope with the "New Norm" in the real economy[12]. - The Group is focused on upgrading and digital transformation within the industry to maintain its competitive edge[12]. - The Group's strategy includes leveraging core advantages of branded products and expanding cooperation in this area[11]. - The Group is committed to developing the upstream ecological chain, including the construction of Chinese herbal medicine bases[11]. - The Group's vision is to become a leading international brand operator in the universal health industry[7]. Financial Performance - Revenue for the year ended June 30, 2025, was RMB 711.5 million, a decrease of 34.7% from RMB 1,089.0 million in 2024[20]. - Gross profit decreased by 37.0% to RMB 113.4 million from RMB 179.9 million[20]. - The company reported an operating loss of RMB 25.5 million, compared to a profit of RMB 0.1 million in the previous year[20]. - Basic loss per share was RMB (32.46) cents, down from RMB 0.62 cents in 2024, representing a decline of 33.08 cents[20]. - The current ratio improved to 1.3 times from 1.0 times, indicating better short-term financial health[20]. - Trade receivables turnover days increased to 33.4 days from 27.8 days, reflecting slower collection of receivables[20]. - The total number of stores as of June 30, 2025, was 120, with 83 stores closed during the year due to lower profitability[32]. - The company is focusing on optimizing its business model and improving operational efficiency in response to market changes[31]. - The Group's retail business revenue was RMB 197.9 million for the Year, representing a year-on-year decrease of 40.4%[60]. - The nationwide distribution business revenue was RMB 513.6 million, a year-on-year decrease of 32.1%[64]. - The Group operated a total of 223 branded products at the end of the Year, following a net reduction of 315 branded products[67]. - The Group had a total of 120 chain stores at the end of the Year, down from 203 in 2024[60]. - The distribution segment revenue decreased by 32.1% to RMB 513.6 million, while retail segment revenue fell by 40.4% to RMB 197.9 million[90]. Market Trends and Strategies - Future industry development is expected to focus on precision medicine, digital health, and the elderly care economy[29]. - The global GDP growth is predicted to slow down to about 2.3% in 2025, impacting operational strategies[29]. - The market size of China's healthcare industry is expected to reach RMB 29.1 trillion by 2030[44]. - The Group aims to enhance its strength and improve the product line-up through the development of integrated outpatient services[37]. - The Chinese government has prioritized the development of the traditional Chinese medicine (TCM) industry, introducing supportive policies to promote high-quality development[45]. - The application of artificial intelligence in disease diagnosis and health management has improved efficiency and accuracy in the healthcare sector[48]. - The PRC has accelerated the construction of the elderly care service system, enhancing service quality and management levels in 2024[50]. - Investment in preventive medicine has increased, focusing on vaccine research and health education to reduce disease occurrence[51]. - The demand for healthcare and elderly care services is continuously growing due to an aging population and increased health awareness[48]. Corporate Responsibility and Sustainability - The Group is committed to corporate responsibility, focusing on environmental, social, and governance aspects to enhance long-term competitiveness[38]. - The company is committed to enhancing sustainability practices and addressing climate impact through ambitious environmental goals[151]. - The company aims to create value for stakeholders through responsible operations, focusing on environmental, operational, and community factors[152]. - The company engages with various stakeholders, including government regulators and investors, to ensure compliance and transparency[156]. - The company actively participates in community welfare projects and addresses social responsibilities[156]. - The Group's emission indicators for the year ended June 30, 2024, include 301.6 kg of nitrogen oxides (NOx) and 90,188.9 kg of carbon dioxide (CO2) with respective emission/revenue ratios of 0.424 and 126.8[163]. - The Group's resource usage for the year ended June 30, 2024, includes 342,208 degrees of electricity, 38,216 liters of petrol, and 1,745 m³ of water, with usage/revenue ratios of 481.0, 53.7, and 2.5 respectively[177]. - The Group actively promotes energy-saving and emission reduction measures among its manufacturers, ensuring compliance with national environmental protection regulations[165]. - The Group has reduced business trips to lower energy consumption and greenhouse gas emissions, utilizing teleconferencing as an alternative[164]. - The Group's commitment to environmental protection includes a "green office" initiative aimed at saving electricity and water through employee awareness and behavior changes[170]. - The Group's policies for energy and water conservation provide specific guidance to employees on reducing environmental impact[179]. - The Group's transportation strategy prioritizes local suppliers to minimize energy consumption during the transportation process[158]. - The Group's environmental initiatives include promoting electronic documentation to reduce paper usage and implementing a paperless office policy[171]. Employee Management and Training - As of June 30, 2025, the Group had 842 employees, with 99.0% located in mainland China[185]. - The employee turnover rate for general staff aged 50 and above was 38.5%, while for those aged 40-49 it was 40.2%[196]. - The Group's management has implemented strict compliance with local employment laws, ensuring fair treatment regardless of nationality, race, gender, or age[186]. - The Group provides environmental protection training for new employees and actively promotes green purchasing practices[181]. - The Group's compensation structure links a portion of employee pay to individual and overall performance, incentivizing high performance[189]. - The Group has a zero-tolerance policy for child labor and forced labor, conducting strict recruitment examinations to prevent such practices[188]. - The Group has established management policies and procedures for human resources to ensure an ideal and safe working environment for employees[198]. - The Group implements national regulations on occupational safety and provides necessary labor protection resources, including white gowns for sales personnel[199]. - Regular monitoring of compliance status is conducted, including checks on fire-fighting equipment and air quality maintenance[199]. - The Group provides social insurance for employees, including employment injury insurance, and liability insurance for directors and senior management[199]. Strategic Initiatives and Future Plans - The Group plans to divest non-primary businesses and optimize store layout to adapt to the competitive pharmaceutical market[37]. - The "Specialization+" strategy will be implemented to improve service professionalism and operational quality, leveraging licensed pharmacists and business institute advantages[134][136]. - The "Platform+" strategy aims to expand value-added services in stores to meet increasing consumer health demands, adapting to new market conditions[137]. - The "Internet+" strategy will strengthen the integration of online and offline services, utilizing mobile internet technologies and e-commerce partnerships[139][140]. - A subscription agreement was entered into on May 13, 2025, for 30,440,263 new shares at HK$0.80 per share, raising approximately HK$24.35 million[141][142]. - The company plans to enhance the integration of online and offline operations through its "Internet+" strategy, leveraging mobile internet applications and new marketing ecosystems[143]. - A total of 30,440,263 new shares were issued at a subscription price of HK$0.80 per share, raising approximately HK$24.35 million[144]. - The authorized share capital will increase from US$10 million to US$50 million, allowing for greater flexibility in future fundraising efforts[146]. - The increase in authorized share capital was approved by shareholders on August 19, 2025, and became effective the same day[147].

Investment Strategy - The Group has adopted a cautious investment strategy, with no new significant external investment plans as of the 2024 annual report date[5]. - The Group has implemented effective risk control measures for existing investments and is actively seeking exit or refinancing opportunities to realize investment returns[5]. - The investment in Boya Zhongke is a strategic investment aimed at generating business synergies within the industry chain[6]. - The Group maintains a prudent financial management strategy, opting for low-risk, high-liquidity financial products[5]. Financial Performance - As of December 31, 2024, the Group's investment in Boya Zhongke accounted for 5% of the total assets, with an investment cost of RMB 66.7 million and a fair value of RMB 71.6 million[4]. - The investment in structured deposits amounted to RMB 100.0 million, with a fair value of RMB 100.7 million, yielding a return of RMB 8.28 million during the reporting period[6]. - The Group's total assets remained stable with no significant changes reported during the period[4]. Acquisitions and Disposals - The Group has not made any significant acquisitions or disposals of subsidiaries or associated companies during the reporting period[7]. - The Group's investment in Boya Zhongke was accounted for using the equity method during the reporting period[6]. Miscellaneous - All other information in the 2024 annual report remains unchanged[8].

Financial Performance - The company's operating revenue for the third quarter reached ¥1,865,909,777.54, representing a year-on-year increase of 12.91%[10] - Net profit attributable to shareholders was ¥210,505,861.11, a significant increase of 172.65% compared to the same period last year[10] - The basic earnings per share for the quarter was ¥0.15, reflecting a growth of 150.00% year-on-year[10] - The company's operating revenue reached 5.373 billion yuan, a year-on-year increase of 7.16%, with core business revenue at 4.899 billion yuan, up 12.59%[32] - Gross profit margin improved to 19.49%, an increase of 9.46 percentage points compared to the same period last year[32] - Net profit attributable to shareholders was 515 million yuan, a significant year-on-year growth of 161.81%, while net profit excluding non-recurring gains and losses surged by 381.94% to 430 million yuan[32] - Operating profit significantly increased to ¥571,753,894.77, up from ¥220,314,294.24, marking a growth of 159.5%[41] - Net profit for the current period was ¥524,281,832.36, compared to ¥200,571,833.10 in the previous period, representing a growth of 161.5%[41] - Total comprehensive income for the current period reached approximately ¥533 million, a significant increase from ¥173 million in the previous period, representing a growth of 207%[43] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥14,719,678,270.37, marking a 19.70% increase from the previous year[10] - The company's equity attributable to shareholders increased to ¥7,222,950,788.55, up by 2.95% compared to the end of the previous year[10] - Total liabilities increased to ¥7,385,932,565.59 from ¥5,179,863,454.31, a rise of 42.7%[38] - Current liabilities due within one year increased significantly by 6,719.88% to approximately $685.16 million, primarily due to the increase in large certificates of deposit maturing within the reporting period[16] - Total current assets increased to approximately 10.288 billion yuan from 7.692 billion yuan at the beginning of the period[35] Cash Flow - The company reported a cash flow from operating activities of -¥199,007,204.06, indicating a significant decline of 196.10%[10] - Operating cash flow net amount decreased by 196.10% to approximately -$199.01 million, mainly due to increased procurement of raw materials[19] - Cash inflow from investment activities totaled approximately ¥872 million, while cash outflow was around ¥1.52 billion, resulting in a net cash outflow of approximately ¥648 million[47] - Cash inflow from financing activities was approximately ¥2.35 billion, with a net cash inflow of about ¥1.69 billion after accounting for cash outflows[48] Shareholder Information - The total number of common shareholders at the end of the reporting period was 134,044[20] - The largest shareholder, Jiangxi Ruide Venture Capital Co., Ltd., holds 28.29% of the shares, amounting to 387,100,160 shares[21] - HKSCC Nominees Limited holds 227,640,800 shares, indicating strong foreign investment interest in the company[24] - The company reported a 0.93% shareholding by Industrial and Commercial Bank of China, reflecting diverse institutional investment[24] - The company has a total of 2,550,720 shares under lock-up conditions due to executive resignation, which may impact future share liquidity[28] Operational Developments - The company has established a new business unit focused on rubber soft magnetic materials, investing in a fully automated production line to enhance its product offerings[31] - The company aims to provide a full range of magnetic material solutions, integrating existing products with new developments to create greater value for customers[30] - The company has delivered small batches of products in the fields of embodied robotics and low-altitude drones, indicating progress in new technology applications[31] - The management team is committed to stable and compliant operational strategies, focusing on market expansion through technological innovation and organizational optimization[29] - The company has established long-term stable partnerships with leading enterprises in various fields, enhancing its market position[29] Research and Development - Research and development expenses grew by 37.31% to approximately $315.88 million, attributed to increased raw material costs for R&D[18] - Research and development expenses increased to ¥315,878,525.67, up from ¥230,044,877.75, reflecting a growth of 37.2%[40] Market Performance - Sales revenue from the new energy vehicle and auto parts sector reached 2.615 billion yuan, with a corresponding sales volume increase of 23.46%[32] - The energy-saving variable frequency air conditioning sector generated sales revenue of 1.446 billion yuan, reflecting an 18.48% year-on-year growth in sales volume[32] - Overseas sales revenue amounted to 942 million yuan, accounting for 17.54% of total operating revenue, remaining stable compared to the previous year[32] - Sales revenue from exports to the United States was 354 million yuan, representing a year-on-year increase of 43.92%[32] - The company has sufficient orders on hand for the fourth quarter, indicating strong demand and operational stability[32] - The company has actively adjusted its raw material inventory strategy to mitigate risks associated with fluctuations in rare earth material prices, ensuring delivery capabilities[32] Government Support - The company received government subsidies amounting to ¥21,346,341.01, contributing positively to its financial performance[12]

Financial Performance - The group's revenue increased from approximately RMB 218.6 million in the previous year to about RMB 231.7 million, representing a growth of 6.0%[9] - The total revenue growth was primarily driven by the completion of high-value contracts and increased product deliveries in the NSC segment[9] - The company recorded revenue of approximately RMB 231.7 million for the year, an increase of about RMB 13.1 million or 6.0% compared to RMB 218.6 million for the previous year[48] - Revenue from the NSC segment was approximately RMB 78.1 million, accounting for about 33.7% of total revenue, representing a 17.7% increase from RMB 66.4 million in the previous year[49] - The EC segment generated revenue of approximately RMB 153.6 million, accounting for 66.3% of total revenue, with a slight increase of 0.9% from RMB 152.2 million[52] E-commerce Operations - The e-commerce operations faced challenges due to decreased consumer spending in China and intensified competition, prompting the company to adjust its operational focus and enhance efficiency[10] - The company aims to optimize its e-commerce operations by focusing on profitability and enhancing operational efficiency and customer value[12] - The company plans to deepen its e-commerce operations in Malaysia and evaluate opportunities in other Southeast Asian countries[12] - The company has established a complete operational team for e-commerce operations, managing brands such as Philips, Ecovacs, and Haier, and is shifting focus from distribution to operational services to enhance efficiency[39] - The e-commerce division is expanding operations in Southeast Asia, having established a service team in Malaysia[110] Market Trends and Opportunities - The Chinese brand e-commerce service market is projected to reach RMB 446.85 billion in 2024, representing a year-on-year growth of 9.6%[32] - The online retail sales in China are expected to reach RMB 16.96 trillion in 2024, with a year-on-year increase of 10.0%[33] - The brand e-commerce operation service industry is growing rapidly alongside the expansion of China's e-commerce sector, with significant market opportunities[32] - The total online retail sales of physical goods are expected to reach RMB 14.32 trillion in 2024, reflecting a year-on-year growth of 9.0%[33] - The live e-commerce market in China is projected to reach RMB 4.9 trillion in 2023, reflecting a year-on-year growth of 35.2%[38] Management and Governance - The company appointed Mr. Cao Chunmeng as the executive director and chairman on March 4, 2022, bringing over 20 years of experience in the financial information technology industry[15] - The company has a diverse board with members holding degrees from prestigious institutions, enhancing its governance and strategic direction[20][21][22] - The board includes independent directors with significant experience in finance and management, contributing to robust oversight and strategic guidance[21][22] - The company is focused on expanding its market presence and enhancing its product offerings through strategic initiatives and potential acquisitions[20] Environmental, Social, and Governance (ESG) - The board is responsible for overseeing the implementation of environmental, social, and governance initiatives and ensuring accountability related to these matters[100] - The group is prioritizing stakeholder engagement, employee development, and operational efficiency to ensure responsible and inclusive growth[112] - The environmental, social, and governance (ESG) working group is responsible for coordinating ESG initiatives and monitoring related risks[116] - The group conducts annual materiality assessments to align identified ESG topics with operational priorities and stakeholder expectations[118] - The company aims to reduce greenhouse gas emissions density by 3% per RMB 1 million of annual revenue over the next five years[129] Financial Management - Cash and cash equivalents increased to approximately RMB 55.977 million from RMB 44.053 million, with significant increases in bank balances in various currencies[67] - Current ratio increased to 1.9 from 1.8, and quick ratio rose to 1.5 from 1.1, reflecting improved inventory turnover and better working capital management[90] - The debt-to-equity ratio decreased to 66.3% from 100.4%, attributed to the planned partial redemption of unsecured bank borrowings in the EC division[91] - The company completed a placement of 142,628,000 new shares, raising approximately RMB 26.669 million, with plans to allocate funds for expanding integrated services, developing new markets in Asia, repaying debts, and general working capital[71] Employee and Workplace Safety - The company achieved BizSafe Level 3 certification, highlighting its commitment to workplace safety[178] - The company reported zero work-related fatalities and incidents leading to lost workdays over the past three fiscal years[182] - The percentage of employees receiving training increased from 75% in 2023/2024 to 84% in 2024/2025[184] - The company emphasizes talent development as a strategic priority, focusing on providing equal training and career advancement opportunities for all employees[183] Supplier and Quality Management - The company maintains a robust quality management system certified to ISO 9001:2015 standards, ensuring the ability to consistently meet customer expectations[194] - The company has established a strict supplier selection, evaluation, and monitoring framework, ensuring compliance with performance standards and regulatory expectations[191] - No incidents of product recalls due to safety or health issues occurred in the e-commerce business during the year, reflecting the effectiveness of the company's quality control measures[196] - The company strictly prohibits the employment of child labor and forced labor, with no known violations impacting the company during the year[189]

Financial Performance - Total revenue for the nine months ended September 30, 2025, reached CNY 104,185,734, representing a year-on-year increase of 12.90%[7] - Net profit attributable to shareholders for the same period was CNY 18,548,970, up 41.21% compared to the previous year[7] - The net profit excluding non-recurring gains and losses was CNY 16,421,757, reflecting a growth of 35.47% year-on-year[7] - Operating cash flow for the period was CNY 80,660,430, an increase of 19.60% compared to the previous year[7] - Total revenue for the period reached 283,071,987 thousand, an increase of 9.3% compared to 259,044,749 thousand in the previous period[30] - Net profit attributable to shareholders reached 49,034,109 thousand, compared to 36,001,074 thousand in the previous period, marking a 36.2% increase[31] - Total comprehensive income amounted to 59,752,104 thousand, up from 38,165,248 thousand, reflecting a growth of 56.6% year-over-year[32] - Basic earnings per share rose to 11.02, compared to 8.19 in the previous period, indicating a 34.8% increase[32] Assets and Liabilities - Total assets as of September 30, 2025, amounted to CNY 896,082,131, marking a 13.91% increase from the end of the previous year[7] - Total current assets increased to 574,228,137 from 510,142,089, reflecting a growth of 12.5%[23] - Long-term equity investments rose to 59,831,799 from 54,791,525, an increase of 9.0%[24] - Total non-current assets reached 321,853,995, up from 276,516,035, indicating a growth of 16.4%[24] - Total liabilities increased to 549,070,060 from 513,201,949, reflecting a rise of 7.0%[28] - Total owner's equity grew to 347,012,071 from 273,456,174, marking an increase of 27.0%[28] Cash Flow - Cash flow from operating activities generated a net amount of 80,660,430 thousand, compared to 67,443,601 thousand, an increase of 19.6%[34] - Cash flow from investing activities resulted in a net outflow of 57,291,490 thousand, worsening from a net outflow of 47,894,482 thousand in the previous period[36] - Cash flow from financing activities generated a net inflow of 4,276,539 thousand, a significant improvement from a net outflow of 20,495,683 thousand previously[36] - The total cash and cash equivalents at the end of the period reached 297,183,959 thousand, up from 234,953,904 thousand, an increase of 26.5%[36] Shareholder Information - The largest shareholder, Xiamen Ruiting Investment Co., Ltd., holds 22.46% of the shares, totaling 1,024,704,949 shares[16] - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 14.48% of the shares, totaling 660,844,057 shares[16] - Huang Shilin, a significant shareholder, holds 10.21% of the shares, totaling 466,021,310 shares[16] - The company has a total of 500,910,125 restricted shares, with 349,641,808 shares under lock-up and 151,311,099 shares remaining locked[19] - The company plans to release 25% of locked shares annually for certain executives, with the remaining 75% automatically locked[19] - The company has completed the implementation of the restricted stock incentive plan, with 71,547 shares already repurchased and canceled[19] - The company reported a total of 189,888 shares locked for other executives, with a similar release plan as for the main executives[19] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[17] Expenses and Investments - The company reported a significant increase in financial expenses, which rose by 142.41% to CNY -7,015,786, primarily due to foreign exchange rate fluctuations[14] - Investment income for the nine months was CNY 5,236,818, a 67.46% increase compared to the same period last year[14] - Research and development expenses increased to 15,067,826 thousand, compared to 13,073,136 thousand, marking a rise of 15.3%[30] - The company reported a net investment income of 5,236,818 thousand, compared to 3,127,167 thousand, representing a growth of 67.3%[30] Board of Directors - The board of directors includes Chairman and Executive Director Mr. Zeng Yuqun, Executive Directors Mr. Pan Jian, Mr. Li Ping, Mr. Zhou Jia, Dr. Ouyang Chuying, and Mr. Zhao Fenggang, as well as Independent Non-Executive Directors Dr. Wu Yuhui, Mr. Lin Xiaoxiong, and Dr. Zhao Bei[39]

Financial Performance - Operating revenue for the first three quarters of 2025 reached RMB 794.7 billion, a year-on-year increase of 0.4%[3] - Communication service revenue amounted to RMB 683.1 billion, reflecting a year-on-year growth of 0.8%[3] - EBITDA for the period was RMB 265.4 billion, with a year-on-year increase of 0.9%[3] - The company reported a net profit attributable to shareholders of RMB 115.4 billion, representing a year-on-year growth of 4.0%[4] - The EBITDA margin improved to 33.4%, compared to 33.2% in the previous year[4] - Communication service revenue reached RMB 683.1 billion, growing by 0.8% year-on-year, while sales of products and other revenues decreased by 1.7% to RMB 111.5 billion[14] - The group's net profit attributable to shareholders was RMB 115.4 billion, reflecting a year-on-year growth of 4.0%, with a profit margin of 14.5%[11] - EBITDA for the same period was RMB 265.4 billion, an increase of 0.9%, representing 38.8% of communication service revenue[11] Customer Metrics - The number of mobile customers reached 1.009 billion, with 5G network customers totaling 622 million[3] - The total number of fixed broadband customers reached 329 million, with a net increase of 14.2 million in the first three quarters[8] - The household broadband customer base reached 288 million, with a net increase of 9.76 million during the same period[8] - The average revenue per user (ARPU) for mobile services was RMB 48.0, down from RMB 49.5[5] Operational Efficiency - The group aims to position itself as a "world-class information service technology innovation company," focusing on deepening reforms and enhancing operational efficiency[11] - Network operation and support costs were RMB 205.1 billion, slightly down from RMB 206.3 billion in the previous year[14] - Employee compensation and related costs increased to RMB 117.2 billion from RMB 114.0 billion year-on-year[14] Assets and Liabilities - Total assets as of September 30, 2025, increased to RMB 2,109,124 million, compared to RMB 2,108,127 million as of December 31, 2024, reflecting a slight growth of 0.05%[18] - Non-current assets decreased from RMB 1,539,568 million in 2024 to RMB 1,601,345 million in 2025, with fixed assets specifically declining from RMB 714,494 million to RMB 672,651 million, a decrease of approximately 5.85%[18] - Current assets totaled RMB 507,779 million, down from RMB 568,559 million in the previous year, indicating a decrease of about 10.68%[18] - The company's total liabilities decreased from RMB 711,588 million in 2024 to RMB 704,171 million in 2025, a reduction of approximately 1.8%[21] - The equity attributable to shareholders increased to RMB 1,401,788 million, up from RMB 1,392,032 million, representing a growth of about 0.11%[21] Cash Flow and Investments - Operating cash flow for the nine months ended September 30, 2025, was RMB 161,047 million, compared to RMB 224,075 million for the same period in 2024, a decline of approximately 28.14%[23] - The company reported a net cash inflow from operating activities of RMB 197,727 million for the nine months ended September 30, 2025, down from RMB 258,591 million in the previous year, a decrease of approximately 23.50%[23] - Net cash outflow from investment activities was RMB 141,841 million for the nine months ended September 30, 2025, compared to RMB 127,014 million in the same period of 2024, representing an increase of 11.4%[26] - The company reported a decrease in cash and cash equivalents at the end of the period to RMB 97,619 million as of September 30, 2025, down from RMB 121,279 million at the end of September 30, 2024[28] Dividends and Financing - The company paid dividends to shareholders amounting to RMB 103,410 million for the nine months ended September 30, 2025, compared to RMB 97,458 million in the same period of 2024, reflecting a year-over-year increase of 6.5%[28] - The company reported a net cash outflow from financing activities of RMB 88,661 million for the nine months ended September 30, 2025, compared to RMB 117,323 million in the same period of 2024, indicating a decrease of 24.5%[28] Other Financial Metrics - Basic earnings per share rose to RMB 5.34 from RMB 5.18 year-on-year[16] - The total comprehensive income for the period was RMB 114.6 billion, compared to RMB 111.9 billion in the previous year[16] - Interest income from financial investments was RMB 7,851 million for the nine months ended September 30, 2025, compared to RMB 5,700 million in the same period of 2024, marking an increase of 37.7%[26] - The company disposed of financial assets measured at fair value, resulting in a gain of RMB 32,838 million for the nine months ended September 30, 2025, compared to RMB 41,597 million in the same period of 2024[26] - The cash received from the exercise of stock options was RMB 5,304 million for the nine months ended September 30, 2025, compared to RMB 4,051 million in the same period of 2024, showing an increase of 30.8%[28] - The company recorded a decrease in the statutory deposit reserve of RMB 1,034 million for the nine months ended September 30, 2025, compared to RMB 49 million in the same period of 2024[26]

Dividend and Shareholder Returns - The company reported a proposed final dividend of HKD 2.90 per share, pending approval at the annual general meeting[8]. - Proposed final dividend for 2025 is HKD 2.90, up from HKD 2.70 in 2024, leading to a total dividend of HKD 3.50, a 9% increase[38]. - The board proposed a final dividend of HKD 2.90 per share, up from HKD 2.70 per share in the previous fiscal year, resulting in a total annual dividend of HKD 3.50 per share, compared to HKD 3.20 per share last year[48]. - The interim dividend declared on March 25, 2025, was HKD 0.60 per share, totaling HKD 197,431,000, an increase from HKD 0.50 per share and HKD 162,289,000 in 2024[200]. Financial Performance - Revenue for 2025 reached HKD 27,001 million, a 5% increase from HKD 25,786 million in 2024[38]. - Profit attributable to shareholders for 2025 was HKD 4,031 million, reflecting a 13% growth compared to HKD 3,581 million in 2024[38]. - Earnings per share for 2025 increased to HKD 12.39, up 13% from HKD 11.01 in 2024[38]. - Total equity for 2025 was HKD 86,736 million, a 12% increase from HKD 77,509 million in 2024[40]. - The company reported a total asset value of HKD 146,559,729 million for 2025, an increase from HKD 135,487,981 million in 2024[45]. - The company’s total liabilities for 2025 were HKD 59,824,099 million, up from HKD 56,434,539 million in 2024[45]. - The group recorded a profit attributable to shareholders of HKD 4.0307 billion, an increase of 13% compared to HKD 3.5809 billion last year[47]. - The group's revenue increased by 9% to 24.4 billion HKD, driven by a 1.2 billion HKD increase in the hotel and leisure segment and an 800 million HKD increase from property development and investment due to strong sales performance in Singapore residential projects[106]. Investment and Development - The company aims to achieve sustainable long-term returns for shareholders through its investment holding and management strategies[12]. - The group operates in key markets including Hong Kong, mainland China, Singapore, Malaysia, the UK, continental Europe, and Australasia[12]. - The company’s real estate investments include notable properties such as Guoco Tower and Guoco Midtown in Singapore, and Damansara City in Malaysia[15]. - The group’s self-operated investments focus on attractive risk-adjusted returns through global capital market investments[13]. - The group is involved in property development and investment through its subsidiaries, with a significant presence in Malaysia, Singapore, and China[23]. - The group anticipates a challenging global economic environment due to geopolitical tensions and trade restrictions, but remains prepared to seize new investment opportunities[62]. - The group has established a climate risk and opportunity assessment for its subsidiaries to enhance climate information disclosure[60]. - The group's property development revenue increased by 3% to SGD 1.563 billion (approximately HKD 9.286 billion) due to the majority of sales from Singapore residential projects[76]. - The group's overall revenue from property investment rose by 22% to SGD 281.1 million (approximately HKD 1.670 billion), primarily driven by increased rental income from Guoco Tower and Guoco Midtown[77]. Risk Management and Governance - The company has a strong risk management and monitoring system to support its investment operations[13]. - The group emphasizes the importance of maintaining a robust governance structure with experienced board members overseeing its operations[26][30]. - The board is committed to high standards of corporate governance and has adopted a governance code effective until June 30, 2025[118]. - The board is responsible for overseeing environmental, social, and governance (ESG) matters and ensuring appropriate risk management systems are in place[126]. - The company has established a risk management framework to continuously identify and assess risks, including environmental, social, and governance risks[179]. - The audit committee reviewed the effectiveness of risk management and internal control systems, including significant environmental, social, and governance risks[172]. Employee and Board Diversity - The company has approximately 10,900 employees as of June 30, 2025, with a gender ratio of approximately 56% male and 44% female, indicating a balanced gender diversity[166]. - The company adopted a board diversity policy, considering various factors such as gender, age, and professional experience when selecting board candidates[162]. - The board has achieved a gender diversity goal with the appointment of at least one female director, resulting in a female representation of 16.7% as of June 30, 2025[163]. - The employee diversity policy will take effect from July 1, 2025, emphasizing the commitment to diversity and inclusion across all employee levels[166]. Technology and Innovation - The group is committed to leveraging technology and innovation to improve service delivery and operational efficiency[19]. - The company integrates digital technology into its business strategy to drive development and enhance competitiveness[124]. - The group emphasizes the importance of innovation and continuous improvement in its operations to adapt to changing environments[123]. Communication and Transparency - The company encourages two-way communication with institutional and private investors, providing comprehensive information through interim and annual reports[183]. - The company has a shareholder communication policy that ensures timely access to important information for shareholders[185]. - The company has implemented procedures for handling and disclosing inside information, ensuring confidentiality before public disclosure[181].