Highlights:

• Service revenue reached RMB 347.7 billion. Net profit^[1] was RMB 20.8 billion. Free cash flow^[2] reached RMB 36.0 billion, representing a year-on-year increase of 28.5%.
• Investment efficiency was enhanced, with annual capital expenditure (CAPEX) amounting to RMB 54.2 billion. CAPEX to service revenue ratio fell to 16%. Looking ahead to 2026, CAPEX is expected to be approximately RMB 50 billion, of which investment in computing power will account for more than 35%.
• The Company has always attached great importance to shareholder returns. The Board of Directors proposed a final dividend^[3] of RMB 0.1329 per share (pre-tax). Together with the interim dividend already paid, the total dividend for the full year of 2025 reached RMB 0.417 per share (pre-tax), representing an increase of 3.1% year-on-year, with the dividend payout ratio increasing to 61.3%.

HONG KONG, March 19, 2026 /PRNewswire/ -- China Unicom (Hong Kong) Limited and its subsidiaries ("China Unicom" or the "Company") (HKEx: 0762) is pleased to announce today its 2025 annual results.

In 2025, China Unicom adhered to the keynote of "Preserve and Innovate, Steady and Far-Reaching", making solid strides in high-quality development. Service revenue reached RMB 347.7 billion. Net profit was RMB 20.8 billion. Return on equity^[4] (ROE) reached 5.7%. Free cash flow reached RMB 36.0 billion, representing a year-on-year increase of 28.5%. Corporate governance continued to improve, and the Company was named "Most Honoured Telecommunications Company" by Extel (formerly Institutional Investor) for ten consecutive years. While achieving growth in operating results, the Company attaches great importance to shareholder returns. The Board of Directors proposed a final dividend of RMB 0.1329 per share (pre-tax). Together with the interim dividend already paid, the total dividend for the full year of 2025 reached RMB 0.417 per share (pre-tax), representing an increase of 3.1% year-on-year, with the dividend payout ratio increasing to 61.3%.

Seizing opportunities from the new round of technological and industrial innovation, the Company implemented "AI+" initiatives. Revenue contribution from strategic emerging industries reached over 86%. The computing power business revenue ratio^[5] reached 15.4%, representing an increase of 1.1 percentage points over the previous year. International business revenue recorded a year-on-year increase of over 9%. By deepening co-build co-share and building an ultra-lean network, over RMB 1.3 billion in operating costs were saved annually. Investment efficiency was enhanced, with annual CAPEX amounting to RMB 54.2 billion. CAPEX to service revenue ratio fell to 16%. Looking ahead to 2026, CAPEX is expected to be approximately RMB 50 billion, of which investment in computing power will account for more than 35%.

Total connectivity subscriber scale exceeded 1.2 billion

The Company is committed to improving the breadth and depth of its network coverage. Thanks to the implementation of special initiatives such as "Signal Upgrade" and the deepening of co-build co-share, the Company's mobile network population coverage rate exceeded 99%, and 5G-A base stations were deployed in more than 330 cities. The Company promoted the capacity expansion of gigabit broadband and the upgrade of 10-gigabit broadband, and launched pre-commercial trial of 10-gigabit optical fibre networks in more than 100 cities. It made deployments in frontier fields such as 6G and quantum communications, and launched quantum-secure leased lines.

The Company actively expanded connectivity scenarios. Its total connectivity subscriber scale^[6] exceeded 1.2 billion, representing an increase of 110 million over the previous year. Among these, the net addition of mobile and broadband subscribers exceeded 20 million. The penetration rate of integrated subscribers exceeded 78% with their ARPU remaining at above RMB 100. The number of IoT connections exceeded 700 million, and the Company consolidated its leading advantage in the Internet of Vehicles (IoV) market. After obtaining the operating permit for satellite mobile communication services, the Company actively promoted the scale development of satellite direct-to-device applications.

AI revenue^[7] increased by 147% year-on-year

The Company is committed to providing faster and more precise computing power services, strengthening its resource buildout at the "Eastern Data, Western Computing" hub nodes and in green computing-power coordination demonstration provinces. The number of standard cabinets^[8] exceeded 1.10 million, seven 100MW-grade AIDC campuses have been built, and the scale of intelligent computing reached 45 EFLOPS. The Company accelerated the construction of the new "Eight Vertical and Eight Horizontal" backbone optical fibre cable network, adding more than 9,000 kilometres to achieve the interconnection of computing power hub nodes. Data centre revenue was RMB 28.1 billion, up by 8.5% year-on-year.

Unicom Cloud is accelerating its evolution towards AI Cloud. The Company deepened hyperscale intelligent cloud-native implementations, enhanced its centralised orchestration and allocation capabilities, and built a new computing power business model of "applications + models + resources". It supported the construction of government clouds for over 180 provinces and municipalities as well as the digital and intelligent transformation of nearly 400,000 corporate customers. Unicom Cloud revenue^[9] increased by 5.2% year-on-year. The Company established national pilot bases for AI application and launched the UniAI Wanxiang data engineering platform, the UniAI MaaS platform, and the UniAI Wanwu intelligent agent platform. With these platforms, it formed over 400 TB of high-quality datasets, offered over 140 mainstream models, and gathered more than 10,000 developers to help customers rapidly build intelligent agent applications. AI revenue increased by 147% year-on-year.

Cloud-AI products served more than 300 million users

The Company is committed to promoting the integrated innovation of digital technologies such as 5G and AI to create differentiated products. In the consumer market, by creating the smart home hub "UniBOX Tongtong", the Company continuously enhanced the new experience of digital smart living. Its Cloud-AI products served more than 300 million users, with revenue increasing by over 11% year-on-year. In the government and enterprise market, the Company deeply supported the construction of new industrialisation and digital government. It upgraded its "5G + Industrial Internet" product system, and its Gewu Industrial Internet Platform was consecutively named as a national Class-A cross-industry and cross-domain platform. It strengthened integrated IoV operation, serving more than 95 million vehicles. In the field of digital government, it iterated key products such as economic development platform, AI call centre (AICC), and "Labour Connect" smart governance platform to help enhance the government's economic regulation, administrative services, and labour governance.

The first and the only enterprise in China to pass the highest-level DSMM accreditation

The Company is committed to building a more robust and stronger security system. It promoted AI-powered security as well as the security of AI, achieving deep integration of artificial intelligence and data security. It was the first and the only enterprise to pass the highest-level accreditation of the national Data Security Maturity Model (DSMM). It built a network security product system around its "Mogong" security operation service platform, providing customised solutions and creating a growth driver for its security business. It also launched the Unicom Security Guardian product, serving 210 million users.

要點︰

• 服務收入達到人民幣3,477億元，純利^[1]為人民幣208億元，自由現金流^[2]達到人民幣360億元，按年增長28.5%。
• 提升投資效能，全年資本開支為人民幣542億元，佔服務收入比例降至16%。展望2026年，預計資本開支約在人民幣500億元左右，其中算力投資佔比將超過35%。
• 公司始終高度重視股東回報，董事會建議派發末期股息^[3]每股人民幣0.1329元（含稅），連同已派發的中期股息，2025年全年股息合計每股人民幣0.417元（含稅），按年提升3.1%，派息率提升至61.3%。

香港2026年3月19日 /美通社/ -- 中國聯合網絡通信（香港）股份有限公司及其子公司（「中國聯通」或「公司」）（香港聯交所編號：0762）今天欣然公佈2025年度業績。

2025年，中國聯通堅持「守正創新、行穩致遠」主基調，高質量發展邁出堅實步伐。服務收入達到人民幣3,477億元，純利為人民幣208億元，淨資產收益率^[4]達到5.7%，自由現金流達到人民幣360億元，按年增長28.5%。企業管治持續完善，公司獲Extel（原《機構投資者》(Institutional Investor)）連續十年評為「最受尊崇電信企業」。在實現經營業績增長的同時，公司高度重視股東回報，董事會建議派發末期股息每股人民幣0.1329元（含稅），連同已派發的中期股息，2025年全年股息合計每股人民幣0.417元（含稅），按年提升3.1%，派息率提升至61.3%。

搶抓新一輪科技和產業創新機遇，落實「人工智能+」行動，戰略性新興產業收入佔比超過86%，算力業務收入^[5]佔比達到15.4%，較上年提升1.1個百分點，國際業務收入按年增幅超過9%。透過深化共建共享、打造極簡網絡，年化節省營運成本超過人民幣13億元。提升投資效能，全年資本開支為人民幣542億元，佔服務收入比例降至16%。展望2026年，預計資本開支約在人民幣500億元左右，其中算力投資佔比將超過35%。

連接用戶總量突破12億

公司致力完善網絡覆蓋的廣度與深度。透過落實「信號升格」等專項行動及深化共建共享，移動網絡人口覆蓋率超過99%，5G-A基站部署超過330個城市。推進千兆寬帶擴容和萬兆寬帶升級，在100多個城市試點商用萬兆光網。佈局6G、量子通信等前沿領域，推出量子安全專線。

拓展連接場景，用戶總量^[6]突破12億，較上年增長1.1億，其中移動和寬帶用戶淨增超過 2,000 萬戶，融合業務滲透率超過78%、融合套餐ARPU保持人民幣百元以上。物聯網規模突破7億，並在車聯網市場鞏固領先優勢。在獲得衛星移動通信業務經營許可後，公司積極推動手機直連衛星應用規模化發展。

人工智能收入^[7]按年增長147%

公司致力提供更快更準的算力服務，於「東數西算」樞紐節點和綠色算電協同示範省加強資源佈局，標準機架^[8]規模超過110萬架，建成 7 個百兆瓦級 AIDC 園區，智算規模達到45 EFLOPS。加快建設新「八縱八橫」骨幹光纜網，新增超過9,000公里，以實現算力樞紐節點的互聯互通。數據中心收入人民幣281億元，收入按年增長8.5%。

聯通雲正加快向AI雲演進，深化超大規模智能雲原生實踐，提升統一編排調度能力，構建「應用+模型+資源」的算力經營新模式，服務180多個省市政務雲建設及近40萬企業客戶的數智轉型，聯通雲收入^[9]按年增長5.2%。建設國家人工智能應用中試基地，推出元景萬象數據工程平台、元景MaaS平台、元景萬悟智能體平台，積累超過400TB高質量數據集，提供140多種業界主流模型，匯聚萬餘名開發者，助力廣大客戶快速構建智能體應用。人工智能收入按年增長147%。

雲智產品服務3億多用戶

公司致力推進5G、AI等數字技術融合創新，打造差異化產品。在公眾市場，透過打造家庭智能中樞「智家通通」，持續提升數智生活新體驗，雲智產品服務3億多用戶，收入按年增長超過11%。在政企市場，深度服務新型工業化與數字政府建設。升級「5G+工業互聯網」產品體系，格物工業互聯網平台連續入選國家A級雙跨平台。加強車聯網一體化營運，服務超過9,500萬車輛。在數字政府領域，迭代經濟運行平台、智能熱線AICC、「基層通」智慧治理平台等重點產品，助力政府經濟調節、政務服務、基層治理水平提升。

成為全國首家且唯一通過DSMM最高級評價企業

公司致力構築更牢更強的安全防護體系。推進安全 AI 化和 AI 安全化，實現人工智能與數據安全的深度融合，成為首個且唯一通過國家數據安全能力成熟度模型（DSMM）最高等級認證的企業。構建以「墨攻」安全運營服務平台為核心的網絡安全產品體系，提供定製化解決方案，打造安全業務增長極。推出聯通安全管家產品，服務2.1億用戶。

本新聞稿中所包含的某些陳述可能被視為「預測性陳述」。這些預測性陳述涉及已知和未知的風險、不確定性及其他因素，可能導致本公司的實際表現、財務狀況和經營業績與預測性陳述中所暗示的將來表現、財務狀況和經營業績有重大出入。此外，公司將不會更新這些預測性陳述。本公司及其董事、僱員和代理均不會承擔倘因任何預測性陳述不能實現或變得不正確而引致的任何責任。

SHENZHEN, China, March 19, 2026 /PRNewswire/ -- Millions of music fans are eagerly awaiting another historic moment for Mandopop. After three years and eight months, iconic Mandopop artist Jay Chou is set to release his 16th studio album, "Children of the Sun." Pre-orders officially began at 13:00 on March 19 across Tencent Music Entertainment Group's three major platforms: QQ Music, Kugou Music, and Kuwo Music.

From youthful anthems to legendary status, Jay Chou now makes a monumental return under the title "Children of the Sun." While staying true to his signature style, he pushes musical boundaries with 13 meticulously crafted tracks that construct a complete narrative dimension. Each melody embodies warmth and power, further continuing the timeless legacy of Mandopop.

As the exclusive pre-order and collaboration platform for the album in mainland China, Tencent Music Entertainment Group is committed to delivering an unparalleled music experience for fans in return for their enduring support. QQ Music and Kugou Music have specially launched "Children of the Sun" SVIP Limited Bundles, offering two premium collectible editions: the "Commemorative Card Edition" includes two NFC collector's cards and physical lyric cards, seamlessly blending technology with ritual; the "Commemorative Medal Edition" features a physical medal marking the king's triumphant return, creating an exclusive music memorabilia piece with high collection value.

Pre-orders are now open across Tencent Music platforms–QQ Music, Kugou Music, and Kuwo Music, with the official release scheduled for March 25. Join us in celebrating this timeless musical journey and witness the return of the king of Mandopop.

China's Ministry of Industry and Information Technology (MIIT), National Development and Reform Commission, and State Administration for Market Regulation recently held a symposium with enterprises in the new energy vehicle (NEV) industry.

The meeting revolved around further regulation of competition in the NEV industry, innovation capability boosts, automobile consumption expansion, and industry management optimization.

Specific tasks include consolidating and deepening the effectiveness of regulating industry competition, strengthening price monitoring and cost investigation, ramping up efforts in addressing shortcomings in automotive chips and basic software and in expanding application scale, and optimizing pilot entry processes.
~



AAStocks Financial News
Web Site: www.aastocks.com

NVIDIA (NVDA.US) disclosed during an analyst meeting that its procurement orders and demand for Blackwell and Vera Rubin until 2027 surpass USD1 trillion, JP Morgan said in its research report.

However, this figure is only a lower bound, as it does not include Groq LPU racks, standalone Vera CPUs, storage systems, and Rubin Ultra, all of which represent additional revenue sources.

NVIDIA is targeting capital returns of about 50% of FCF via share buybacks and dividends, an expansion from about 42% in 2026, implying a combined total of over USD200 billion for 2026 and 2027.

The broker believed that several incremental revenue sources for NVIDIA, which were not considered a year ago, provide substantial upside to current market expectations, and the company's competitiveness is continuously expanding.

JP Morgan reiterated Overweight on NVIDIA, with a target price of USD265.
~



AASTOCKS Financial News
Website: www.aastocks.com

Since the beginning of this year, car companies such as Tesla (TSLA.US), Xiaomi Auto and LI AUTO-W (02015.HK) have intensively launched seven-year car loans, aiming to lower the threshold for car purchases with low interest rates and low monthly payments, sparking a financial promotion boom in the auto market, according to China Securities Journal.

However, the report added that banks are cautious in entering the market due to the risks of collateral depreciation and default. Experts advised consumers to carefully calculate total expenditures, understand the nature of contracts, and guard against the risks of ultra-long-term loans.
~

AASTOCKS Financial News
Website: www.aastocks.com

In 2025, a wide range of Chinese automobile dealers failed to meet their annual sales targets, faced a continued price inversion, and incurred deepened losses in new car businesses, according to a survey report by the China Automobile Dealers Association (CADA).

Specifically, the survey report shows that over half of the dealers didn't achieve their 2025 annual sales targets, while only 44.3% of them were able to do so, a performance worse than in 2024.

In addition, 81.9% of dealers experienced varying degrees of price inversion, while 51.5% of them had a price inversion margin of over 15%. Severe price inversion led to intensified losses in new car sales businesses, eventually eroding dealer profits.
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AAStocks Financial News
Web Site: www.aastocks.com

The Federal Reserve announced on Wednesday that it would keep its key interest rate unchanged. While the central bank forecasts inflation to ease this year, the progress is slower than expected, Chairman Jerome Powell conceded at a press conference, adding the Iran war has led to a surge in oil prices, which was expected to exacerbate inflation in the short term.

Subsequently, US stocks logged deeper downswing, with the DJIA slumping 768 points or 1.6% to 46,225, marking a new closing low for the year. The S&P 500 sank 91 points or 1.4% to 6,624. The Nasdaq slid 327 points or 1.5% to 22,152.

Amazon (AMZN.US) joined forces with OpenAI in a deal worth USD50 billion, and Microsoft (MSFT.US) reportedly considered legal action, claiming the deal may violate its exclusive cloud cooperation agreement with OpenAI. Amazon led the decline among the seven major tech stocks, losing 2.5% for the day, while Microsoft lost 2%.

NVIDIA (NVDA.US) reportedly received government approval to sell its H200 chips in China, with NVIDIA's stock price down 0.8%.
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AASTOCKS Financial News
Website: www.aastocks.com

核心業務在AI加持下健康增長
加大AI投入開拓新機遇

香港2026年3月18日 /美通社/ -- 世界領先的互聯網科技公司——騰訊控股有限公司(港交所代碼:00700(港幣櫃台)及80700(人民幣櫃台)，「騰訊」或「本公司」)今天公佈二零二五年度(「2025年」)經審核綜合業績及截至二零二五年十二月三十一日止第四季(「4Q2025」)未經審核綜合業績。

董事會主席兼首席執行官馬化騰表示:「2025年我們保持了健康的增長，得益於AI技術提升了我們的廣告定向能力及玩家在遊戲中的互動，以及雲業務收入加速增長並實現了規模化盈利。我們的核心業務富有韌性並產生充足的現金流，為我們加大AI投入提供支撐，包括招募頂尖AI人才及升級AI基礎設施。我們的混元3.0大語言模型智能水平持續提升，元寶、WorkBuddy及QClaw等AI產品產生實際效用，這些令人鼓舞的初期跡象表明AI投入將為我們開拓新的機遇。人們既享受消費與娛樂，也從創作與高效工作中獲得滿足感，騰訊深感榮幸，能夠提供AI服務全方位賦能用戶，助其在這些領域更上一層樓。」

2025年財務摘要

總收入:同比增長14%，毛利:同比增長21%，按非國際財務報告準則^[1]的經營盈利:同比增長18%

• 總收入為人民幣7,518億元，較二零二四年(「同比」)增長14%。
• 毛利為人民幣4,226億元，同比增長21%。
• 按非國際財務報告準則，撇除若干一次性及/或非現金項目的影響，以體現核心業務的業績:

• • 經營盈利為人民幣2,807億元，同比增長18%; 經營利潤率由去年的36%上升至37%。
  • 盈利為人民幣2,670億元，同比增長18%。
  • 本公司權益持有人應佔盈利為人民幣2,596億元，同比增長17%。 
  • 每股基本盈利為人民幣28.577元，每股攤薄盈利為人民幣27.877元。

• 按國際財務報告準則:

• • 經營盈利為人民幣2,416億元，同比增長16%; 經營利潤率為32%，同比穩定。
  • 盈利為人民幣2,298億元，同比增長17%。
  • 本公司權益持有人應佔盈利為人民幣2,248億元，同比增長16%。
  • 每股基本盈利為人民幣24.749元，每股攤薄盈利為人民幣24.153元。

• 資本開支為人民幣792億元，同比增長3%。
• 總現金為人民幣 4,949 億元，同比增長19%。自由現金流為人民幣1,826億元，同比增長18%。現金淨額為人民幣1,071億元，同比增長40%。
• 於2025年12月31日，我們於上市投資公司(不包括附屬公司)權益^[2]的公允價值為人民幣6,727億元，相較於2025年9月30日的公允價值為人民幣8,008億元。於2025年12月31日，我們於非上市投資公司(不包括附屬公司)權益的賬面價值為人民幣3,631億元，相較於2025年9月30日的賬面價值為人民幣3,452億元。
• 2025年，本公司於香港聯交所以約800億港元的總代價回購約1.534億股股份。

2025年管理層討論及分析

增值服務業務2025年的收入同比增長16%至人民幣3,693億元。本土市場遊戲收入為人民幣1,642億元，同比增長18%，得益於近期發佈的《三角洲行動》的強勁表現，以及《王者榮耀》、《和平精英》等長青遊戲^[3]及《無畏契約》系列(個人電腦端及移動端)的收入增長。國際市場遊戲收入為人民幣774億元，同比增長33%(按固定匯率計算為32%)，得益於Supercell旗下遊戲及《PUBG MOBILE》的收入增長，以及《鳴潮》的增量收入貢獻。社交網絡收入同比增長5%至人民幣1,277億元，乃由於視頻號直播服務收入、音樂付費會員收入及手機遊戲應用的虛擬道具銷售的增長。

營銷服務2025年的收入同比增長19%至人民幣1,450億元，主要得益於廣告價格及廣告曝光量增長。廣告價價受益於AI驅動的廣告定向、廣告主使用AI創作更多廣告，以及閉環廣告的佔比持續提升(用戶點擊後可直達小程序、微信小店或小遊戲等原生交易場景)。曝光量增長主要得益於用戶對包括視頻號及微信搜一搜在內的產品參與度增加，以及廣告加載率的小幅提升。年內大多數主要行業的廣告主投放均有所增長。

金融科技及企業服務2025年的收入同比增長8%至人民幣2,294億元。金融科技服務收入同比以高個位數百分比增長，得益於理財服務、消費貸款服務及商業支付活動的收入增加。企業服務收入同比增長接近20%，得益於國內及海外對包括AI在內的雲服務的需求增加，以及由於微信小店交易額上升而帶動的商家技術服務費收入的增長。

經營數據

2025年業務回顧及展望

• 我們通過《三角洲行動》的突破性成功擴充了長青遊戲組合，並強化了《王者榮耀》與《和平精英》等現有長青遊戲。       
• 受益於長青遊戲的持續增長及內容驅動遊戲的快速擴張，我們的國際市場遊戲年收入突破100億美元。
• 我們通過在遊戲中部署AI，加速了內容製作，改善了用戶體驗並提升了我們的營銷效益。
• 我們升級了廣告技術的基礎模型，並推出了智能投放產品矩陣騰訊廣告AIM+，令我們保持廣告加載率遠低於同業的同時，營銷服務亦取得高於行業的收入增長。
• 視頻號受益於升級的內容推薦算法及更豐富的內容生態，總用戶使用時長同比增長超過20%。
• 我們提升微信的交易體驗和內容生態，推動微信小店、小遊戲及其他內容小程序的用戶參與度同比快速增長。
• 騰訊視頻會員數同比上升，保持了其在中國長視頻市場的領先地位。騰訊音樂ARPU和會員數同比提升，鞏固了其在中國音樂流媒體市場的領先地位。
• 騰訊雲實現規模化盈利，受益於企業AI需求的上升，領先市場的PaaS及SaaS產品貢獻的增長，以及供應鏈的優化。
• 通過深化與持牌金融機構的合作及審慎的風險管理，我們金融科技業務的收入保持了健康增長。
• 受益於專有的數據及豐富的使用場景，我們的混元基礎模型在3D生成、文生圖和世界建模等多模態能力方面成為了行業領導者。
• 我們通過引進頂尖AI人才升級了團隊，建立了系統化提升基礎模型智能水平的流程，並在元寶及微信等服務中部署了新的AI能力。

2025年可持續發展的重點表現

• 久久公益節提倡把公益融入到日常生活中，通過社交網絡、數字工具及線下的合作夥伴，吸引用戶參與了超過5.3億次的慈善活動。
• 通過科學探索獎和新基石研究員項目，我們至今已資助了超過430名傑出科學家，助力他們追尋基礎科研的原創突破。
• 通過改善能源效率，推進轉用綠色電力及減少供應鏈碳排放的舉措，我們正如期邁向於2030年前達到碳中和的目標。
• 我們在可持續發展的成效獲得廣泛認可，被納入主要的ESG(環境、社會及管治)指數，提升了我們的ESG評級，例如我們的MSCI評級由BBB級提升到A級，以及獲得多個ESG獎項。

4Q2025財務摘要

總收入:同比增長13%，毛利:同比增長19%，按非國際財務報告準則的經營盈利:同比增長17%

• 總收入為人民幣1,944億元，同比增長13%。
• 毛利為人民幣1,083億元，同比增長19%。
• 按非國際財務報告準則，撇除若干一次性及/或非現金項目的影響，以體現核心業務的業績:

• • 經營盈利為人民幣695億元，同比增長17%; 經營利潤率由去年的34%上升至36%。
  • 盈利為人民幣667億元，同比增長18%。
  • 本公司權益持有人應佔盈利為人民幣647億元，同比增長17%。
  • 每股基本盈利為人民幣7.144元，每股攤薄盈利為人民幣6.966元。

• 按國際財務報告準則:

• • 經營盈利為人民幣603億元，同比增長17%; 經營利潤率由去年的30%提升至31%。
  • 盈利為人民幣591億元，同比增長15%。
  • 本公司權益持有人應佔盈利為人民幣583億元，同比增長14%。
  • 每股基本盈利為人民幣6.433元，每股攤薄盈利為人民幣6.276元。

• 資本開支為人民幣196億元，同比減少46%。

4Q2025管理層討論及分析

增值服務業務4Q2025的收入同比增長14%至人民幣899億元。本土市場遊戲收入為人民幣382億元，同比增長15%，得益於《三角洲行動》與《無畏契約》系列(個人電腦端及移動端) 的收入增長，以及《鳴潮》的增量收入貢獻。國際市場遊戲收入為人民幣211億元，同比增長32%(按固定匯率計算為31%），主要得益於Supercell旗下遊戲及《PUBG MOBILE》的收入增長，以及《鳴潮》的增量收入貢獻。社交網絡收入同比增長3%至人民幣306億元，反映視頻號直播服務收入及音樂付費會員收入的增長。

營銷服務業務4Q2025的收入為人民幣411億元，同比增長17%。我們對AI驅動的廣告定向能力的優化，以及對微信生態系統內閉環營銷能力的擴展，推動了廣告表現改善和廣告單價提升，構成收入增長的主要驅動力。由於用戶參與度提高及廣告加載率的小幅提升，廣告曝光也略有增長。

金融科技及企業服務業務4Q2025的收入同比增長8%至人民幣608億元。金融科技服務收入增長主要由於理財服務及商業支付活動的收入增加。企業服務收入同比增速提升至22%，得益於國內及海外市場雲服務的收入增加(包括AI相關服務的收入)，以及主要由於微信小店交易額擴大而帶動的商家技術服務費收入增長。

有關更詳細的披露，請瀏覽https://www.tencent.com/zh-hk/investors.html或通過微信公眾號(微信號:TencentGlobal)關注我們。

關於騰訊

騰訊以技術豐富互聯網用戶的生活。

通過通信及社交服務微信和QQ，促進用戶互相連接，並助其連接數字內容、網上及線下服務。通過定向營銷服務，助力廣告主觸達數以億計的中國消費者。通過金融科技及企業服務，促進合作夥伴業務增長，助力實現數字化升級。

騰訊大力投資於人才隊伍和推動科技創新，積極參與互聯網行業協同發展。騰訊於1998年在中國深圳成立，騰訊2004年於香港聯合交易所上市。

投資者查詢:[email protected]
媒體查詢:[email protected]

非國際財務報告準則財務計量

為補充根據國際財務報告準則編制的本集團(「本公司及其附屬公司」)綜合業績，若干額外的非國際財務報告準則財務計量(經營盈利、經營利潤率、期內盈利、本公司權益持有人應佔盈利、每股基本盈利及每股攤薄盈利)已於本公佈內呈列。此等未經審核非國際財務報告準則財務計量應被視為根據國際財務報告準則編制的本集團財務業績的補充而非替代計量。此外，此等非國際財務報告準則財務計量的定義可能與其他公司所用的類似詞彙有所不同。

本公司的管理層相信，非國際財務報告準則財務計量藉排除若干非現金項目及投資相關交易的若干影響為投資者評估本集團核心業務的業績提供有用的補充資料。此外，非國際財務報告準則調整包括本集團主要聯營公司的相關非國際財務報告準則調整，此乃基於相關主要聯營公司可獲得的已公佈財務資料或本公司管理層根據所獲得的資料、若干預測、假設及前提所作出的估計。

重要注意事項

本新聞稿載有前瞻性陳述，涉及本集團的業務展望、財務表現估計、預測業務計劃及增長策略。該等前瞻性陳述是根據本集團現有的資料，亦按本新聞稿刊發之時的展望為基準，在本新聞稿內載列。該等前瞻性陳述是根據若干預測、假設及前提，當中有些涉及主觀因素或不受我們控制。該等前瞻性陳述或會證明為不正確及可能不會在將來實現。該等前瞻性陳述涉及許多風險及不明朗因素。鑑於風險及不明朗因素，本新聞稿內所載列的前瞻性陳述不應視為董事會或本公司聲明該等計劃及目標將會實現，故投資者不應過於倚賴該等陳述。

Connecting Points to Build Networks
Reaching New Horizons through Digital Intelligence

HONG KONG, March 18, 2026 /PRNewswire/ -- COSCO SHIPPING Ports Limited ("COSCO SHIPPING Ports" or "CSP" or the "Company", SEHK: 1199), the world's leading ports logistics service provider, today announced the annual results of the Company and its subsidiaries (the "Group") ended 31 December 2025.

2025 FY Results Highlights

• Total throughput increased by 6.2% YoY to 152,994,965 TEU
• Total equity throughput increased by 3.4% YoY to 46,850,076 TEU
• Total throughput from terminals in which the Group has controlling stakes increased by 1.8% YoY to 33,246,933 TEU
• Total throughput from the Group's non-controlling terminals increased by 7.5% YoY to 119,748,032 TEU
• Revenue of the Company increased by 11.0% YoY to US$1,669,017,000
• Profit attributable to equity holders of the Company increased by 1.1% YoY to US$312,141,000
• Declared a second interim dividend of US1.328 cents per share

FINANCIAL REVIEW

In 2025, the port and shipping market faced pressure amid slowing global trade growth, tariff adjustments, trade protectionism, and geopolitical uncertainties. Leveraging lean operations management and resource process optimization, COSCO SHIPPING Ports maintained its operational resilience and core competitiveness. Annual revenue of the Company amounted to US$1,669.0 million, increased by 11.0% YoY, cost of sales was US$1,253.5 million, increased by 15.4% YoY. Gross profit was US$415.5 million, decreased by 0.3% YoY. Share of profits from joint ventures and associates amounted to US$343.4 million, increased by 7.3% YoY. During the year, profit attributable to equity holders of the Company was US$312.1 million, increased by 1.1% YoY.

OPERATIONAL REVIEW

Market Review

In 2025, despite a complex and severe external environment, China's economy advanced under pressure, achieving relatively rapid growth in its merchandise trade and demonstrating strong resilience and vitality. According to statistics from the General Administration of Customs of China, in 2025, the total of China's import and export reached RMB45.47 trillion in 2025, marking a year-on-year increase of 3.8%, maintaining its position as the world's largest merchandise trader. Specifically, exports amounted to RMB26.99 trillion, posting a YoY increase of 6.1%, while the amount of imports grew by 0.5% YoY to RMB18.48 trillion. Notably, robust growth was recorded in trade with emerging markets such as ASEAN, Latin America, and Africa, with respective year-on-year increases of 8.0%, 6.5%, and 18.4%.

Overall Performance

In 2025, the Group's total throughput increased by 6.2% YoY to 152,994,965 TEU (2024: 144,032,722 TEU). Specifically, total throughput from terminals in which the Group has controlling stake increased by 1.8% YoY to 33,246,933 TEU (2024: 32,655,388 TEU), accounting for 21.7% of the Group's total, and the total throughput from non-controlling terminals increased by 7.5% YoY to 119,748,032 TEU (2024: 111,377,334 TEU), accounting for 78.3% of the Group's total.

During the year, the Group's total equity throughput increased by 3.4% YoY to 46,850,076 TEU (2024: 45,318,318 TEU).  The equity throughput from terminals in which the Group has controlling stake decreased by 2.0% YoY to 19,566,743 TEU (2024: 19,958,253 TEU), accounting for 41.8% of the Group's total, and the equity throughput from non-controlling terminals increased by 7.6% YoY to 27,283,333 TEU (2024: 25,360,065 TEU), accounting for 58.2% of the Group's total.

China

Total throughput of the terminals in China increased by 4.6% YoY to 114,836,474 TEU in 2025 (2024: 109,808,199 TEU) and accounted for 75.1% of the Group's total throughput.  Total equity throughput of terminals in China increased by 1.6% YoY to 32,786,033 TEU (2024: 32,279,961 TEU), accounting for 70.0% of the Group's total equity throughput.

Bohai Rim

Total throughput of the Bohai Rim region increased by 5.1% YoY to 52,060,240 TEU in 2025 (2024: 49,550,213 TEU) and accounted for 34.0% of the Group's total. Total equity throughput of the Bohai Rim region decreased by 0.2% YoY to 13,261,079 TEU (2024: 13,282,472 TEU) and accounted for 28.3% of the Group's total equity throughput. The total throughput of Dalian Container Terminal Co., Ltd. maintains steady growth, with total throughput increased by 2.2% YoY to 5,393,205 TEU (2024: 5,277,625 TEU).

Yangtze River Delta

Total throughput of the Yangtze River Delta region increased by 2.2% YoY to 16,848,434 TEU in 2025 (2024: 16,484,202 TEU) and accounted for 11.0% of the Group's total. Total equity throughput of the Yangtze River Delta region increased by 2.1% YoY to 4,868,227 TEU (2024: 4,766,173 TEU) and accounted for 10.4% of the Group's total equity throughput. Wuhan CSP Terminal Co., Ltd. has advanced simultaneously on land and sea, deepening collaboration with shipping companies, enhancing the density of its Yangtze River shipping routes, expanding intermodal water-rail channels, promoting the development of an international train assembly and distribution centre, and increasing rail freight volume, achieving a 31.8% YoY increase in total throughput to 323,624 TEU (2024: 245,627 TEU).

Southeast Coast and Others

Total throughput in the Southeast Coast and Others region decreased by 6.3% YoY to 5,621,527 TEU in 2025 (2024: 6,002,237 TEU) and accounted for 3.7% of the Group's total throughput. Total equity throughput of Southeast Coast and Others region decreased by 0.6% YoY to 4,285,921 TEU (2024: 4,311,464 TEU) and accounted for 9.2% of the Group's total equity throughput. Xiamen Ocean Gate Container Terminal Co., Ltd. strengthened its commercial marketing efforts and facilitated the addition of new shipping routes, leading a 4.1% YoY increase in total throughput to 2,679,812 TEU (2024: 2,574,593 TEU).

Pearl River Delta

Total throughput of the Pearl River Delta region increased by 5.2% YoY to 30,243,273 TEU in 2025 (2024: 28,756,347 TEU) and accounted for 19.8% of the Group's total throughput.  Total equity throughput of the Pearl River Delta region increased by 3.9% YoY to 8,256,568 TEU (2024: 7,945,689 TEU) and accounted for 17.6% of the Group's total equity throughput.  Guangzhou South China Oceangate Container Terminal Company Limited actively responded to the restructuring of shipping alliances and route adjustments, seizing growth opportunities in emerging Southeast Asian markets. Driven a significant YoY increase in container volume on Asian regional routes, driving a 7.9% YoY increase in total throughput to 6,025,563 TEU (2024: 5,582,825 TEU).

Southwest Coast

Total throughput of the Southwest Coast region increased by 11.6% YoY to 10,063,000 TEU in 2025 (2024: 9,015,200 TEU), accounting for 6.6% of the Group's total throughput. Total equity throughput of the Southwest Coast region increased by 7.1% YoY to 2,114,238 TEU (2024: 1,974,163 TEU) and accounted for 4.5% of the Group's total equity throughput. The increase in total throughput and equity throughput can be attributed, on one hand, to the ongoing release of trade benefits from the Regional Comprehensive Economic Partnership (RCEP). On the other hand, Beibu Gulf Port Co., Ltd. has accelerated the development of the Beibu Gulf International Gateway Port and the international hub seaport. It has continuously optimized its container shipping network, intensified cargo sourcing efforts, and driven year-on-year growth in container volume.

Overseas

Total throughput in overseas terminals increased by 11.5% YoY to 38,158,491 TEU in 2025 (2024: 34,224,523 TEU) and accounted for 24.9% of the Group's total. Total equity throughput of overseas terminals increased by 7.9% YoY to 14,064,043 TEU (2024: 13,038,357 TEU) and accounted for 30.0% of the Group's total equity throughput. The total throughput of Piraeus Container Terminal Single Member S.A. decreased by 6.0% YoY to 3,976,713 TEU (2024: 4,228,474 TEU), primarily due to a slowdown in market demand within the Mediterranean region. CSP Zeebrugge Terminal NV strengthened its commercial marketing efforts and added multiple mainline and feeder services, driving a 33.1% YoY increase in total throughput to 894,227 TEU (2024: 671,989 TEU).

PROSPECTS

The global geopolitical landscape in 2026 remains complex and challenging, with persistent uncertainties in trade patterns. The International Monetary Fund (IMF) forecasts in its latest World Economic Outlook report that the global economy is projected to grow by 3.3% in 2026, maintaining a steady growth trajectory. According to London-based shipping consultancy Drewry, global container throughput growth is projected to slow to 1.8% in 2026. Against this backdrop, the Company will adhere to a high-quality development philosophy, closely aligning with the goal of becoming a world-class port logistics service provider. The Company will focus on our core business, improve operational efficiency, and strive to enhance global competitiveness and sustainable development capabilities.

First, the Company will prioritize strategic guidance to optimize our global port layout. Guided by the principle of "expanding globally while deepening efficiency domestically", the Company will accelerate the construction of a global terminal network that synergistically integrates developed and emerging markets, greenfield and brownfield terminals, and hub and gateway ports. The Company will strengthen corridor development, elevate service levels at key hub ports such as COSCO SHIPPING Ports Chancay PERU S.A., Piraeus Container Terminal Single Member S.A., and CSP Abu Dhabi Terminal L.L.C., and systematically advance hardware and software investments aligned with business growth and smart, low-carbon initiatives. Concurrently, the Company will increase the size of feeder networks, enhance route aggregation effects, and achieve a strategic framework where all terminals connect to form a network and develop synergistically.

Second, deepen operational synergy to comprehensively enhance quality and efficiency. The Company will adhere to lean operations while strengthening marketing and internal coordination, as well as closely monitor shifts in the international shipping landscape to increase coverage of the parent company's dual-brand routes at subsidiary terminals. The Company will also deepen business integration with the fleet of China COSCO SHIPPING Corporation Limited (the Company's ultimate controlling shareholder) to accelerate diversified business development. The Company will expedite the construction of a digital marketing and business platform to transition from experience-driven to data-driven operations.  Key initiatives include advancing the intelligent route planning project to enhance operational efficiency and strengthening standardized management of equipment throughout its lifecycle to sustain operational capacity.

Third, strengthen network aggregation and enhance comprehensive service capabilities. The Company will focus on upgrading from "single-point development" to "network synergy." Continuously reinforce trunk and feeder networks and corridor development at key hubs to enhance transshipment and network capabilities.  Vigorously develop integrated "port + logistics" services and promote standardized supply chain products. Leveraging key logistics nodes, provide customized end-to-end solutions for emerging cargo types such as photovoltaic and energy storage. By coordinating global network resources, the Company will establish a tiered, synergistic operational system to comprehensively enhance supply chain resilience and service value-added.

Fourth, accelerate innovation-driven development to cultivate and expand new productive forces. The Company will actively embrace digital and green industrial trends, integrating technological innovation with core business operations. The Company will deepen the integration of innovative applications like artificial intelligence with terminal operations, expanding the scaled application of digital twins and AI technologies in intelligent scheduling, equipment maintenance, and safety control. In green and low-carbon initiatives, the Company will intensify the promotion and application of new energy equipment, advance port microgrid construction and refined energy management, continuously reduce energy consumption per unit of output, and explore new pathways for green development.

In 2026, the Company's management will proactively address external challenges and seize development opportunities with a strong sense of mission and responsibility. Regarding the situation in the Middle East which has drawn significant attention, the Company will continue to closely monitor the situation and carefully assess any potential impact, and take any necessary measures to ensure operations continue uninterrupted.  By implementing the aforementioned measures, we will substantially enhance the Company's core competitiveness and core functions, striving to deliver sustained and stable value returns for all shareholders.

About COSCO SHIPPING Ports (https://ports.coscoshipping.com)

COSCO SHIPPING Ports Limited (Stock Code: 1199) is a leading ports logistics service provider in the world and its terminals portfolio covers the five main port regions and the middle and lower reaches of the Yangtze River in China, Europe, the Mediterranean, the Middle East, Southeast Asia, South America and Africa, etc. As at 31 December 2025, COSCO SHIPPING Ports operated and managed 387 berths at 40 ports globally, of which 238 were for containers, with an annual handling capacity of approximately 133 million TEU.

Building on the brand philosophy of "The Ports for ALL", COSCO SHIPPING Ports has established its corporate mission of "Connecting Different Worlds" and is committed to maintaining a customer-centric approach to continuously improve the service and capacity of its global network and enhance the strategic positioning of key node ports and optimise logistics resource distribution. Leveraging ports as a conduit to connect global shipping services and serve global trade, the Company is dedicated to establishing a platform for mutual benefits and shared successes for all stakeholders involved with a vision of becoming "the leading global port logistics service provider with a customer-oriented focus".

Please visit the Company's website (https://ports.coscoshipping.com) and the designated website of Hong Kong Exchanges and Clearing Limited (https://www.hkexnews.hk) for 2025 Annual Results Announcement.