A：In 2025, Cathay River International achieved operating income of HK $6.23 billion, an increase of 41% year-on-year, creating a record high since the establishment of the company. Net profit after tax reached HK $13.4 0.5 billion, up 287 per cent year-on-year, and the scale of earnings increased by leaps and bounds. The full-year revenue growth was mainly due to the overall high-quality development of the core business, with total assets of HK $153.5 billion at the end of the period, up 18% from the previous year.

A：In 2025, the company's revenue diversification, all sectors are up. Among them, commission and fee income, underwriting commission income, economic business commission, asset management and performance fee income, interest income, trading investment income all increased significantly. Wealth management business successfully landed on the 2.0 strategy, to achieve product platform integrated upgrade, OTC product scale explosive growth, become one of the main commission income. In addition, the institutional business developed steadily, with the cumulative turnover of OTC derivatives ranking first among Chinese brokerage firms, the scale of asset management business rising 49% at the end of the year, revenue rising 1.2 times year-on-year, and outstanding achievements in green finance, with Chinese offshore ESG bond underwriting ranking first.

A：In 2025, the company will fully implement the wealth management 2.0 strategy, customer demand-oriented, through digital capabilities and customized products to complete the platform plus product integrated wealth management upgrade. ODC product trading volume, revenue contribution and the number of participating customers increased by more than 50% year-on-year. Commission income has grown rapidly and has become one of the main sources of commission income. Commissions on structured notes and over-the-counter options have doubled, and personalized investment advice and ODC products have become core profit growth points.

A：The steady expansion of the balance sheet was mainly due to the Group's strong promotion of financial products business, with the balance of financial products on behalf of customers increasing by 18% compared with the end of last year, accounting for 31% of the company's total assets. At the same time, the company continues to optimize the asset and liability structure, improve asset quality, liquidity resources are abundant, can support the rapid development of the business.

A：The Company adheres to an investor-oriented approach and maintains a stable and sustainable profit distribution policy. The Board recommends a final dividend of two Hong Kong cents in 2025, which, together with the interim dividend already paid, will total a full-year dividend of seven Hong Kong cents per share, with a payout ratio of 50 per cent and a dividend per share increase of 119 per cent. Since its listing in 2010, the company has achieved an average dividend payout ratio of 58% and a cumulative dividend payout amount of HK $6.746 billion.

A：In 2025, DCM completed 294 issuance projects, up 27%, and the issuance scale reached HK $522.1 billion, up 34%. The number of main underwriting projects reached 140, accounting for 52% of the scale. According to the DMI ranking, the company ranks second in terms of amount and quantity among Chinese brokerages, and third in terms of full caliber. DCM participated in all local bond issuance in China, assisted Chinese Land in issuing US $0.3 billion and RMB 4.3 billion green bonds, and exclusively coordinated the issuance of US $0.2 billion billion bonds by the National Bank of Mongolia, successfully completing the first single bond issuance project in non-Greater China.

A：In 2025, the scale of financial products held by DCM valet increased to HK $47.4 billion, up 18% year-on-year. The total size of financial products served by institutional investors increased by 15%. In the field of derivatives, as an important issuer and partner, the cumulative turnover reached HK $342.4 billion, ranking first among Chinese securities firms. In addition, the SSC approved the DCM to use the standard initial margin model and to align risk management with international standards.

A：In 2025, the revenue of Vietnamese companies increased by 43%, the profit increased by 73%, the total assets increased by 70%, the revenue structure was continuously optimized, the profitability of core business was enhanced, and the scale of international customers rose rapidly, up 46% year on year. Singapore company revenue rose 24 percent and profits surged 52 percent. The Macau company was founded in 2023, with revenue growth of 66 per cent and profit growth of 227 per cent, serving high net worth clients in Southeast Asia through asset management and wealth management, and actively participating in the drafting of Macau's securities law and modern financial development proposals.

A：In 2025, DCM completed 86 ESD bond projects with a total issue size of HK $204.4 billion, up 25%. In the DMIEN esg bond lead underwriting ranking, DCM completed 14 projects as the first Chinese brokerage firm to act as an EIC advisor.

A：DCM was recently upgraded to the highest level of 3A by MCI, marking the high recognition of the company's efforts and performance in the field of sustainable development by international authorities. The company has achieved carbon neutrality at the operational level for three consecutive years, maintaining a leading position in green finance, EIG governance and carbon neutrality.

A：In 2025, the company's final dividend is two lines per share, plus the interim dividend, the annual dividend per share dividend increased by 119 year-on-year, the absolute amount of dividends increased significantly. The relatively high dividend payout ratio is due to the impact of the epidemic in previous years, the capital market downturn, the company increased the dividend ratio to repay investors long-term support and enhance confidence. With the market repair and business growth, the company in order to take into account the long-term interests of shareholders and high-quality development needs, this year's dividend payout rate of 50%, back to the pre-epidemic normal level. In the future, the company will continue to adhere to the investor-oriented, maintain a stable and sustainable profit distribution policy, and share the results of the company's business development.

A：In recent years, with the development of the company's business, the total assets have increased year by year, and the profit level has increased significantly, reaching a record high last year. In terms of financial leverage, the balance sheet has expanded steadily, with an actual leverage of 8.74 times (5.77 times after deducting valet technology products), which is relatively reasonable or low for international peers. At present, the company has abundant liquidity resources and has the basic conditions for continuous expansion of the table. At the same time, it has a good risk control mechanism and a strict risk management system. It will flexibly adjust policies according to the market environment, business development needs and overall strategic planning to ensure the company's sustainable development.

A：The company is well aware of the understanding and demand of professional investors for products, so the growth of our product business in the first half of this year benefited from clear product risk management and timely grasp of the individual needs of customers. Focus on the development of product-led, customized services as a means of financial management business, which enables us to form a unique advantage in the market.

A：In terms of investment banking business, the company began to make efforts in the second half of 2025. At present, IPO projects have increased significantly. In the first two months of this year, a number of projects have been promoted. It is expected that the number of IPO this year will increase significantly compared with last year. The reasons for the rapid growth of the investment banking business include: integrated management, the headquarters has a strong investment banking team to provide support; it has abundant human resources in Hong Kong and continues to strengthen team building; at the same time, the company has a sound risk management and compliance management system, To ensure the quality and stability of the investment banking business. On the whole, it is expected that the ranking of investment banking business in Hong Kong will be further improved this year.

A：Despite the ups and downs in the Fed's rate cut process, the overall impact on the company is still manageable. More than 80% of the company's balance sheet structure is invested in high-quality, high-grade U.S. dollar bonds, most of which are set as OCI projects, which are long-term allocations aimed at generating stable returns, so the impact of bond market price fluctuations on the company's current profit and loss is small. In addition, the company's scientific financial products sector has grown rapidly, and the overall asset size has accounted for 31%, providing the company with sufficient buffer and stable development momentum.

A：Our competitive advantage in OTC products business is mainly reflected in several aspects: first, we continue to optimize the commission structure, OTC products commission volume growth significantly, has become the company's second largest source of revenue in addition to Hong Kong stock commission. We are committed to increasing trading volume, enriching trading varieties, expanding market reach, and providing diversified educational programs to our clients. At the same time, we actively expand high-quality customer groups, such as banks, insurance and public funds, and strengthen the cooperation between domestic and foreign headquarters, which constitute the company's core competitiveness. At present, the market generally attaches great importance to the development of overseas business, because of the fierce domestic competition, overseas development has become the primary task of many brokerages. As the overseas flagship of Cathay Pacific Group, we play an important role in overseas business. Compared with our peers, our overall leverage ratio is relatively low, so we do not need a large capital injection to maintain the balance sheet capacity in the development of our business. Especially in the current high interest rate stage, many funds choose Hong Kong as a safe haven investment place, which brings us many opportunities. In order to pursue higher returns and support the further development of the company, we have set a dividend ratio of 50%. With years of accumulated risk management and compliance capabilities, coupled with financial strength, we expect to achieve rapid growth in the vigorous development of overseas business by Chinese securities firms this year, and are expected to make major breakthroughs in overseas markets.

A：In recent years, the scale of our financial products has continued to grow, especially by 48% in 2025. In the first two months of this year, this trend continued and maintained steady growth.

A：Whether it is the country's strategic planning or the company's own industry strategy, it is of great significance to the company's future overseas development. As a company established in Hong Kong for 33 years, we have experienced many challenges and kept moving forward. Last year, our revenue reached the highest level in history, and our profit was the second highest in history. It is believed that with the support of the state, the development plan of the industry and the company's efforts in overseas development, this year will create higher returns for investors and is expected to seize more opportunities in the Hong Kong market. At the same time, in the face of doubts about the allocation of US dollar assets, we will make use of our own advantages to ensure the allocation of US dollar assets, increase the recommendation of RMB assets overseas, promote the process of RMB internationalization, make use of the 7-by -24-hour trading capacity, actively participate in the development of digital currency and digital assets, and strive to create higher returns this year based on the support of the state, industries and companies.