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。 （於開曼群島註冊成立的有限公司） (股份代號: 01109.HK) 截至2025年11月30日止一個月未經審核營運數據 華潤置地有限公司(「本公司」)董事會(「董事會」)謹此公佈，截至2025年11月30日止一個月，本 公司及其附屬公司(「本集團」)實現總合同銷售金額約人民幣230.0億元，總合同銷售建築面積約 113.5萬平方米，分別按年減少10.8%及5.6%。2025年前11月累計合同銷售金額約人民幣1,926.0 億元，總合同銷售建築面積約754.5萬平方米，分別按年減少15.9%及24.8%。 於本公告日期，本公司執行董事為李欣先生、張大為先生、徐榮先生、郝忠明先生、趙偉先生及陳偉先生； 本公司非執行董事為黃挺先生、魏成林先生及王宇航先生；以及本公司獨立非執行董事為鐘偉先生、孫哲先 生、陳帆先生、梁國權先生及秦虹女士。 2025年11月，本集團經常性收入約人民幣43.8億元，按年增長7.1%， ...

Financial Data and Key Metrics Changes - Q3 fiscal 2025 saw a record overall transaction volume of $16.2 million, an increase of 8% year-over-year, contributing to a sequential revenue increase of $1.2 million, primarily driven by ACH, which grew 30% year-over-year [3][4] - Adjusted EBITDA for the quarter was $368,000, down from $500,000 in the previous quarter and also down from the previous year [5] - Operating cash flow was $1.4 million, with cash increasing by over $200,000 to over $7.8 million at quarter end [5][6] Business Line Data and Key Metrics Changes - ACH revenues increased by 30% year-over-year, marking the eighth consecutive quarter of growth in electronic check transaction volume [16] - Card Issuing generated sequential volume growth with total dollars loaded exceeding $75 million, and profitability continues to improve [17][18] - Output Solutions saw sequential revenue growth, with electronic-only documents delivered increasing to 20 million pieces, up about 500,000 from a year ago [19][20] Market Data and Key Metrics Changes - The credit card segment processed dollars up 12% and transactions up 75% year-over-year, with PayFac revenues increasing by 32% [8][9] - The mortgage servicing and fintech industries significantly drove growth in the PINless debit offering, which saw transaction growth of 96% and dollar growth of 87% year-over-year [16] Company Strategy and Development Direction - The company is focusing on implementing new clients faster to capitalize on a strong sales pipeline, with a commitment to recurring revenue growth [25][26] - Usio One initiative aims to capture a greater share of electronic payment and printing volume, with a unified platform for customer onboarding [11][12] - The company is exploring new product offerings, including wearables and customized solutions, to enhance its competitive edge [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong processing metrics and recurring revenue, indicating a potential inflection point for growth [22][23] - The company anticipates improved performance in Card Issuing moving forward, with expectations of benefiting from financial assistance programs related to government shutdowns [18][30] - Management emphasized the importance of maintaining pricing discipline while growing transaction volumes [15] Other Important Information - The company has repurchased approximately $750,000 worth of shares year-to-date, with over $3 million remaining on the current repurchase authorization [22][34] - The balance sheet remains strong, allowing for continued investment in organic growth and potential strategic acquisitions [22] Q&A Session Summary Question: Is there a change in sales cycles affecting future opportunities? - Management noted a strong pipeline and is focusing on faster implementations of sold clients, which represent significant volume [25][26] Question: What criteria does the company have for potential M&A transactions? - The company looks for synergy, the right acquisition price, and no existing issues that could distract from organic growth [33] Question: How has the federal government shutdown impacted state or local governments? - The company received inquiries from cities and counties looking to bridge payments during the shutdown, indicating a potential for new business [30][32] Question: Can you clarify the recurring revenue in the ACH business? - Management explained that the current revenue is largely recurring, contrasting with the previous year that included one-time events [43][45] Question: Why did credit card transaction volumes increase significantly while revenues only rose slightly? - Management clarified that transaction metrics include PINless debit, which affects revenue reporting, emphasizing that revenue is primarily driven by dollars processed [50]

Financial Data and Key Metrics Changes - Q3 fiscal 2025 saw a record overall transaction volume of $16.2 million, up 8% year over year, leading to a sequential revenue increase of $1.2 million [3] - Adjusted EBITDA for the quarter was $368,000, down from $500,000 in the second quarter and also down from the previous year [5] - Operating cash flow for the quarter was $1.4 million, with cash increasing by over $200,000 to over $7.8 million at quarter end [5] Business Line Data and Key Metrics Changes - ACH revenues increased by 30% year over year, marking the eighth consecutive quarter of growth in electronic check transaction volume [16] - Card issuing generated sequential volume growth with total dollars loaded exceeding $75 million, and profitability continues to improve [17] - Output Solutions saw sequential revenue growth, with electronic-only documents delivered increasing to 20 million pieces in the quarter [19] Market Data and Key Metrics Changes - The credit card segment processed dollars up 12% and transactions processed up 75% from a year ago, with key payback revenues up 32% [8] - The PINLESS Debit offering set all-time records for both transactions and dollars processed, with growth of 96% for transactions and 87% for dollars processed year over year [16] Company Strategy and Development Direction - The company is focusing on accelerating implementations of new clients to drive volume and recurring revenue [25] - UCO One initiative aims to capture a greater share of customers' electronic payment and printing volume, with a unified platform for customer onboarding [11] - The company is exploring new product offerings, including wearables and customized solutions, to enhance market competitiveness [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong pipeline of future opportunities and the potential for a rebound in card issuing performance [4][19] - The company anticipates continued cash growth and is positioned to invest in organic expansion and strategic acquisitions [5][21] - Management noted that the recurring nature of revenue is becoming more pronounced, which is expected to support future growth [14] Other Important Information - The company completed share repurchases totaling $750,000 year-to-date, with over $3 million remaining on the current repurchase authorization [21][33] - The company is experiencing a positive momentum with record processing volumes and sustained profitability [5][22] Q&A Session Summary Question: Changes in sales cycles and future opportunities - Management indicated a strong pipeline and focus on faster implementations of sold services, with a rich sales pipeline across divisions [25][26] Question: Impact of federal government shutdown on business - Management noted increased inquiries from local governments seeking assistance during the shutdown, indicating potential business opportunities [29][31] Question: Criteria for potential M&A transactions - The company outlined strict criteria for acquisitions, focusing on synergy, favorable pricing, and avoiding problematic acquisitions [32] Question: Recurring revenue in ACH business - Management clarified that the current revenue is largely recurring, contrasting with the previous year which included one-time events [42][44] Question: Confusion regarding credit card processing volumes and revenues - Management explained that while transaction volumes were up significantly, revenue growth was more modest due to the nature of the transactions processed [49]

Financial Data and Key Metrics Changes - The company reported revenues of $53.1 million for Q3 2025, reflecting a 5% year-over-year growth [4] - EBITDA margin was approximately 2%, indicating progress towards full-year profitability [4] - Annual recurring revenue (ARR) from the all-inclusive click (AIC) model reached $21.5 million, up $2.6 million sequentially [8][18] - Non-GAAP gross margin for Q3 was 45.8%, down from 50.3% year-over-year, primarily due to inventory-related adjustments and U.S. tariff costs [16] Business Line Data and Key Metrics Changes - Product revenues grew year-over-year, driven by increased consumable sales and growth from the AIC model [15] - Service revenue also increased year-over-year, mainly due to greater upgrade activity [15] - Approximately 80% of Apollo systems now operate under the AIC model, enhancing recurring revenue streams [8] Market Data and Key Metrics Changes - The global screen printing market for blank apparel represents around 14 billion annual impressions, with Kornit targeting to capture approximately 5% of this market by 2030 [5] - In Asia, Kornit customers produced approximately 232 million impressions over the past 12 months, reflecting a 5% growth [9] - The company showcased its digital footwear solution at ITMA Asia, marking a significant step in expanding into adjacent markets [11] Company Strategy and Development Direction - Kornit is transitioning from one-time equipment sales to a recurring usage-based model through the AIC, which is expected to strengthen long-term profitability and customer lifetime value [13][14] - The company aims to expand its addressable market by focusing on footwear and other adjacent categories, with a total addressable market of approximately 1 billion pairs annually in footwear [12] - The strategy includes a deliberate shift towards building a more predictable and sustainable business model, with a focus on recurring revenue [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sequential growth in revenue, gross margin, and EBITDA in Q4 2025 [14] - For 2026, the company anticipates modest top-line growth in the low single digits, with significant expansion in EBITDA driven by higher utilization and scaling recurring revenues [14][26] - The management highlighted a strong pipeline for both AIC and CapEx deals, indicating better visibility for future growth [44] Other Important Information - The company is focused on managing operating expenses closely, with total non-GAAP operating expenses decreasing by 3.7% year-over-year [16][42] - Kornit is experiencing strong customer adoption of its Apollo systems, with over 40% of impressions produced for Barker Peril [6] - The company is expanding its operations in Asia, having recently introduced the AIC model in the region [9][30] Q&A Session Summary Question: Broader demand environment and inventory levels - Management noted that product and service revenues grew year-over-year, with a focus on expanding the AIC model for future growth [21][22] Question: Gross margin impacts - Management acknowledged headwinds from inventory adjustments and tariffs, with plans for price increases to offset these impacts [23] Question: 2026 growth outlook - Management indicated a conservative view on CapEx but expects low single-digit growth with stronger expansion in EBITDA [24][26] Question: Geographic revenue mix - North America is expected to remain the largest region, but Asia is anticipated to contribute more significantly moving forward [30] Question: Overall business environment in 2026 - Management expressed optimism about the pipeline and visibility for growth, expecting modest top-line growth and significant EBITDA expansion [44]

Core Insights - Xiaopeng Motors reported a total revenue of 34.09 billion yuan in the first half of 2025, representing a year-on-year increase of 132.5%, while the net loss narrowed to 1.14 billion yuan compared to 2.65 billion yuan in the same period of 2024 [2] - The improvement in gross margin, which reached 17.3% in Q2 2025, contributed to the reduction in losses, compared to 14.0% in Q2 2024 and 15.6% in Q1 2025 [2] - Cumulative losses since inception reached 42.74 billion yuan as of June 30, 2025 [2] Financial Performance - Xiaopeng Motors expects vehicle deliveries in Q3 2025 to range between 113,000 and 118,000 units, reflecting a year-on-year growth of approximately 142.8% to 153.6% [4] - Projected total revenue for Q3 2025 is estimated to be between 19.6 billion and 21 billion yuan, indicating a year-on-year increase of about 94.0% to 107.9% [4] Strategic Partnerships - In 2023, Volkswagen invested approximately 700 million USD to acquire a 4.99% stake in Xiaopeng Motors, and in July 2024, both companies signed a joint development agreement for electronic and electrical architecture technology [3] - Xiaopeng Motors has begun recognizing revenue from intellectual property licensing related to the Xiaopeng G9 platform and electronic architecture cooperation since Q1 2024 [3] - The collaboration with Volkswagen is expected to generate additional recurring revenue streams, particularly as new fuel and hybrid models begin mass production [3] Product Development - Xiaopeng Motors aims to increase the sales proportion of mid-to-high-end models, with upcoming releases such as the P7 priced at 300,000 yuan and the X9 super electric version at 400,000 yuan [4] - The company plans to launch multiple new models priced above 300,000 yuan in 2026 and 2027, marking significant product development years [4] Sales Performance - In the first half of 2025, Xiaopeng Motors delivered a total of 197,100 new vehicles, a year-on-year increase of 279%, surpassing the total delivery volume for the entire year of 2024 [3]

Financial Data and Key Metrics Changes - In fiscal 2025, the company reported underlying revenue from customers of $2,566.8 million, reflecting a 0.7% increase on a constant currency basis compared to fiscal 2024 [2] - Underlying cash EBITDA was $43.8 million, resulting in a cash EBITDA margin of 17%, showing improvement over the previous year [2] - The company ended the year with $58.7 million in cash and no debt, allowing for a final dividend of $13.1 million and a special dividend of $8 million [2] Business Line Data and Key Metrics Changes - Maintenance, support, and hosting revenue grew by 5.6%, while professional services revenue increased by 2.1% [3] - Recurring revenue for fiscal 2025 was $154.3 million, approximately flat compared to $149.6 million in 2024, impacted by customer loss and shrinkage [5] - Operating costs decreased by $17 million in fiscal 2025 compared to fiscal 2024, remaining stable throughout the year [6] Market Data and Key Metrics Changes - The company expects revenues in fiscal 2026 to be in line with fiscal 2025, with cash EBITDA projected to exceed $50 million [8] - One customer generating $10 million in revenue is expected to complete migration away from the company by January 1, 2026 [10] Company Strategy and Development Direction - The company is focusing on protecting and growing recurring revenue, advancing platforms, exploring partnerships, and increasing accountability at the business unit level [8] - A decentralized business model is emphasized to improve customer intimacy and decision-making [4] Management's Comments on Operating Environment and Future Outlook - Management acknowledged attrition in fiscal 2025 and expects a further impact of $6.5 million on fiscal 2026 recurring revenue due to customer loss [6][16] - Growth is anticipated from existing customers, driven by volume increases, client expansions, and new business opportunities [17] Other Important Information - The company has a dividend policy of returning at least 50% of underlying NPAT to shareholders [7] - The definition of recurring revenue has been refined, focusing on contracted recurring revenue without including professional services [33] Q&A Session Summary Question: Clarification on revenue guidance for FY 2026 - Management expects revenues to be in line with fiscal 2025, with growth driven by existing customers and new business opportunities [16][18] Question: Cost savings and FTE changes - Management indicated that cost savings are driven by efficiency improvements across various departments, not limited to one area [19][20] Question: FX assumptions and market opportunities - Current FX rates are assumed to hold, and while there is activity in the market, specific details on new logos were not disclosed [23][26] Question: Revenue growth drivers - Revenue growth was attributed to favorable FX rates, strong professional services revenue, and R&D incentives from the UK government [38][39] Question: Partnerships with administration providers - Management is in early stages of partnership discussions to enhance administration capabilities in conjunction with their platforms [42]

Core Insights - China Resources Land reported a total revenue of 278.8 billion yuan for 2024, an increase of 11% year-on-year, but core net profit decreased by 8.5% to approximately 25.4 billion yuan, with a comprehensive gross margin of 21.6%, marking a five-year low [1][2] Group 1: Business Performance - The development and sales segment generated revenue of 237.15 billion yuan, up 11.8% year-on-year, while recurring business revenue totaled 41.65 billion yuan, a 6.6% increase, accounting for 14.9% of total revenue [1] - Recurring business core net profit grew by 8.2% to 10.3 billion yuan, surpassing the 10 billion yuan mark for the first time, with its contribution to total core net profit rising by 6.3 percentage points to 40.7% [2] - The gross margin for the development and sales business fell to 16.8%, a decline of nearly 4 percentage points year-on-year, despite a 24.3% increase in average settlement price to 22,000 yuan per square meter [2] Group 2: Market Position and Strategy - The company achieved a contracted sales amount of 261.1 billion yuan in 2024, a decrease of 15% year-on-year, but improved its industry ranking to third [3] - China Resources Land maintained strong investment activity, acquiring 29 new projects with a total land reserve area of approximately 3.93 million square meters and an equity investment of 52.6 billion yuan [3] - The company focuses on investment in first and second-tier cities, with 94% of new investments in these areas, and 72% in core cities like Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou [3] Group 3: Future Outlook - The company plans to adhere to a principle of financial prudence, ensuring cash flow safety while optimizing land reserve structure through a "three adjustments" strategy [3] - The real estate market is showing signs of recovery, with increased visitor numbers and supportive policies expected to stabilize the market [4]