Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $486 million for the full year, with approximately $445 million of that being non-cash losses [12][13] - Total assets as of December 31, 2025, were approximately $1.4 billion, with property, plant, and equipment totaling $935 million, primarily in construction in progress [12] - Cash and cash equivalents were $409 million at year-end, while total stockholders' equity stood at $1.1 billion [12] Business Line Data and Key Metrics Changes - The company is in full-scale construction with nearly $570 million of investor capital deployed into physical infrastructure at Project Matador [11][14] - The majority of capital was allocated to natural gas power generation, including turbine procurement and balance of plant equipment [15] Market Data and Key Metrics Changes - The company has received a 6 GW air permit and filed for an additional 5 GW, indicating strong market interest and potential for future growth [9][88] - Engagement with prospective tenants has increased significantly since the air permit was finalized, with many companies now eager to secure power [88] Company Strategy and Development Direction - The company aims to create a private community powered by a private grid, focusing on building trust with investment-grade counterparties [7][10] - The strategy includes securing multiple tenants to maximize the efficiency of the power generation sets and ensuring diverse demand [9][10] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of executing definitive tenant agreements and securing project financing before committing significant capital to the next phase of construction [17][19] - The company is actively negotiating with multiple potential tenants, with expectations for tenant revenues to commence in 2027 [18] Other Important Information - The company intends to elect REIT status for U.S. federal income tax purposes, aligning with its long-duration, infrastructure-oriented assets [20] - The lock-up agreement for pre-IPO investors expired on the day of the call, which may impact stock liquidity [20] Q&A Session Summary Question: What are the key discussion points with prospective tenants? - The primary concern for tenants is securing all available power for the long term, with a focus on investment-grade wraps [24][27] Question: What is the timeline for energization milestones? - The company has received SGT-800 frames and is preparing for deployment, with foundations ready for installation [24][26] Question: Are there sticking points in negotiations with tenants? - Tenants are focused on locking in power at current prices, while the company aims for multiple tenants to ensure efficiency [35][36] Question: What is the expected cash burn for FY 2026? - The company is managing cash burn carefully and expects to have sufficient liquidity until tenant agreements are signed [95][96] Question: What is the status of the equipment financing facility? - The financing is currently non-recourse and will not come onto the balance sheet until project financing is secured [94][96] Question: How has the tenant list evolved since the air permit was finalized? - The engagement with potential tenants has increased significantly, with many now eager to secure power [88]

Montage Technology Co., Ltd. 瀾 起 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：6809） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列瀾起科技股份有限公司在上海證券交易所網站（www.sse.com.cn）刊登的 《2025年年度報告》《2025年年度報告摘要》，僅供參閱。 承董事會命 瀾起科技股份有限公司 董事長 楊崇和博士 香港，2026年3月30日 於本公告日期，本公司董事為： (i) 執行董事楊崇和博士及 Stephen Kuong-Io Tai 先 生； (ii) 非執行董事 Wang Rui 博士及方周婕女士；及 (iii) 獨立非執行董事李若山博 士、高秉強教授、 Yuhua Cheng 博士及單海玲博士。 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 或完整性亦不作任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 澜起科技股份有限公司 2025 年年度报告 1 / 247 ...

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $486 million for the full year, with approximately $445 million of that being non-cash losses [10][11] - Total assets as of December 31, 2025, were approximately $1.4 billion, with property, plant, and equipment totaling $935 million, primarily in construction in progress [10] - Cash and cash equivalents were $409 million at year-end, with total stockholders' equity at $1.1 billion [10] Business Line Data and Key Metrics Changes - The company is in full-scale construction and has deployed nearly $570 million of investor capital into physical infrastructure at Project Matador [9][12] - The focus is on natural gas power generation, with significant investments in turbine procurement and related infrastructure [12] Market Data and Key Metrics Changes - The company has received a 6-gigawatt air permit and has filed for an additional 5 gigawatts, indicating strong market interest and potential for future growth [7][8] - Engagement with potential tenants has increased significantly since the air permit was finalized, with prospective tenants now more serious about securing power [86] Company Strategy and Development Direction - The company aims to create a private community powered by a private grid, focusing on earning the trust of investment-grade counterparties [5][6] - The strategy includes securing multiple tenants to maximize the efficiency of the power generation sets and ensuring diversity of demand [7][8] - The company plans to elect REIT status for U.S. federal income tax purposes, aligning with its long-duration, infrastructure-oriented assets [18] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of executing tenant agreements and securing project financing as critical milestones for future capital deployment [14][15] - The company is actively negotiating with multiple potential tenants, with expectations for tenant revenues to commence in 2027 [16] - Management acknowledged the risks associated with capital availability and the potential need to delay investments if financing does not materialize as planned [17] Other Important Information - The company has a strong liquidity position, with cash provided by financing activities totaling approximately $1 billion, including proceeds from the IPO [13] - The company is focused on capital discipline, with operating cash use for the year reported at $34 million [12] Q&A Session Summary Question: Key discussion points with prospective tenants - The main issues are tenants wanting all available power for extended periods, necessitating multiple tenants for operational efficiency [22] Question: Near-term energization milestones - The company has received SGT-800 frames and is preparing for their deployment, with foundations ready for installation [24] Question: Sticking points in tenant negotiations - Tenants are focused on locking in power at current prices due to anticipated increases, which is a primary negotiation point [33] Question: Cash burn expectations for FY 2026 - The company is managing cash burn carefully, with a focus on aligning development with tenant agreements and project financing [93] Question: Asset relinquishment to preserve cash flow - There are no current plans to relinquish assets, as demand remains strong, but it is a potential lever if necessary [100] Question: Evolution of the tenant list since the air permit - The tenant list has not changed, but engagement has increased significantly, with prospective tenants becoming more serious buyers [86]

Group 1: Company Performance and Outlook - The company expects stable order growth in 2026, following a positive performance in 2025 [2] - The gross profit margin for the first half of 2025 is reported at 42%, influenced by product prices and costs [2][3] - The company aims to enhance gross margin through R&D innovation, improving product quality, and reducing inventory [3] Group 2: Project Developments - The Jiangsu Gaoxin chip project is progressing, with new product lines and facilities under installation, aiming for production commencement soon [4] - The company is increasing customer reserves for its 6-8 inch polished wafer project, focusing on power devices and integrated circuits [6] Group 3: Production and Market Strategy - Production plans are dynamically adjusted based on sales orders and market forecasts, ensuring capacity meets customer demands [7] - The company is responding to fluctuating market demands by optimizing product quality and expanding customer relationships [8][9] - Current production pace is tight, with plans to recruit and train staff to ensure timely delivery of products [9] Group 4: Raw Material Management - The company monitors raw material price fluctuations and collaborates with suppliers to mitigate impacts on operations [5] Group 5: Pricing Strategy - Product pricing is influenced by market supply and demand, with current prices for standard products remaining stable [9]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部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。 Midea Group Co., Ltd. 美的集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：0300） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列美的集團股份有限公司於深圳證券交易所網站(www.szse.cn)刊登的公告如 下，僅供參閱。 承董事會命 美的集團股份有限公司 董事長、執行董事兼總裁 方洪波先生 香港，2026年3月30日 於本公告日期，董事會成員包括(i)執行董事方洪波先生、王建國先生、顧炎民博 士、管金偉先生及張添博士，(ii)非執行董事趙軍先生，及(iii)獨立非執行董事許 定波博士、肖耿博士、劉俏博士及邱鋰力博士。 美的集团股份有限公司 2025 年年度报告全文 2025 年年度报告 美的集团股份有限公司 2026 年 3 月 美的集团股份有限公司 2025 年年度报告全文 致股东 2025 年初，我们 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中國中鐵股份有限公司於2026年3月30日在上海證券交易所網站刊登的「中國中鐵 股份有限公司2025年年度報告」，僅供參閱。 承董事會命 中國中鐵股份有限公司 陳文健 董事長 2026年3月30日 於本公告日期，本公司的執行董事為陳文健先生（董事長）及趙佃龍先生；本公司的非執 行董事為文利民先生及房小兵先生；本公司的獨立非執行董事為修龍先生、孫力實女士 及屠海鳴先生。 中国中铁股份有限公司 2025 年年度报告 1 / 151 中国中铁股份有限公司 2025 年年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 德勤华永会计师事务所(特殊普通合伙)为本公司出具了标准无保 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3] Core Insights - The company has shown robust revenue and ARR growth, with a significant turnaround in profitability, achieving a revenue of 7.006 billion yuan in 2025, up 12.0% year-on-year, and a net profit of 92.91 million yuan [1][8] - The company is focusing on AI products, with a goal to transform itself by 2030, aiming for AI and SaaS revenues to each contribute 50% [2] - The company has a strong subscription revenue growth across various segments, with a notable increase in net dollar retention rates [1][2] Revenue and Profitability - The company achieved a cloud service revenue of 5.782 billion yuan in 2025, accounting for approximately 82.5% of total revenue, with subscription services generating 3.556 billion yuan, a 20.9% increase year-on-year [1][8] - The adjusted operating profit margin is expected to improve from 3.3% to around 7% by 2026, with a forecasted revenue growth of double digits [2][3] Financial Projections - Revenue projections for 2026, 2027, and 2028 are estimated at 7.881 billion yuan, 8.906 billion yuan, and 10.109 billion yuan respectively, with net profits expected to reach 358 million yuan, 715 million yuan, and 1.188 billion yuan [3][10] - The company anticipates maintaining a subscription revenue growth rate of 20% and generating over 20% growth in net cash from operating activities [2][3]

本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條刊發。 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 就因本公告全部或 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 。 Lens Technology Co., Ltd. 藍 思 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：6613） 海外監管公告 茲載列藍思科技股份有限公司（「本公司」）於深圳證券交易所網站(www.szse.cn)及巨潮資訊網 (www.cninfo.com.cn)刊登的公告如下，僅供參閱。 承董事會命 藍思科技股份有限公司 董事長 周群飛 香港，2026 年 3 月 30 日 於本公告日期 ， 本公司董 事 會成員包括 執 行董 事 周群飛女士 、 鄭俊龍先 生 及饒橋兵 先 生； 及獨立非 執 行董 事 萬煒女士 、 劉岳 先生 、 田宏先生及汤湘希先生 。 蓝思科技股份有限公司 2025 年度董事会工作报告 一 ...

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [49]. Core Insights - Claude has undergone multiple functional updates focusing on remote control and autonomous task execution, marking the evolution from a chatbot to an agent capable of executing tasks across devices [5][3]. - OpenAI's decision to shut down Sora is attributed to the lack of a supportive video ecosystem, making it difficult to sustain a content community and compete effectively with platforms like Google and Douyin [4][5]. - The future looks promising for companies that possess video model technology and commercial scenarios, leveraging user feedback for model iteration and monetization [5]. Summary by Sections Industry Performance - The Shanghai Composite Index, Media Index, Shenzhen Component Index, and ChiNext Index experienced declines of -1.10%, -1.06%, -0.76%, and -1.68% respectively [10]. - The top ten stocks in the media and internet sector saw significant gains, with ST Mingcheng leading at 21.39% [12][13]. Game Sector - The Chinese gaming market generated actual sales revenue of 332.31 billion yuan in February 2025, reflecting a year-on-year growth of 18.96% [16]. - The top three mobile games in the iOS revenue rankings as of March 29, 2026, are "Peace Elite," "Love and Deep Space," and "Lock Kingdom: World" [16]. AI Sector - Global AI product applications ranked by MAU in February 2026 show ChatGPT leading with 956 million users, followed by Doubao and Qianwen [20]. - Domestic AI product applications also highlight Doubao and Qianwen as the top two, with MAUs of 315 million and 203 million respectively [21]. Film Sector - The total box office for domestic films in 2026 reached 11.8 billion yuan, with the top three films on March 28 being "Rescue Plan," "Beaver Transformation Plan," and "Racing Life 3" [23][24]. Television Sector - The CSM data for March 26, 2026, shows "Good Time" leading in viewership ratings, followed by "Zhu Yu" and "Tai Ping Nian" [25][26]. Advertising Sector - The national outdoor advertising expenditure in 2025 was 258.7 billion yuan, marking a year-on-year increase of 7% [34].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ， 中 文 公 司 名 稱 為華 泰 證 券 股 份 有 限 公 司 ， 在 香 港 以HTSC名 義 開 展 業 務 ） （股份代號：6886） 海外監管公告 本公告乃根據上市規則第13.10B條規則作出。 茲載列本公司在上海證券交易所網站刊登之《华泰证券股份有限公司2025年年度報告》《华 泰证券股份有限公司2025年年度報告摘要》《华泰证券股份有限公司2025年度可持續發展 報告摘要》，僅供參閱。 釋義 於本公告，除文義另有所指外，下列詞彙具有以下涵義。 「本公司」 指 於中華人民共和國以華泰證券股份有限公司的公司名稱註冊成立 的股份有限公司，於2007年12月7日由前身華泰證券有限責任公 司改制而成，在香港以「HTSC」名義開展業務，根據公司條例第 16部以中文獲准名稱「華泰六八八六股份有限公司」及英文公司名 稱「Hu ...