PALADIN周年报告2025

: 495 2025週 年 報 告 2 20 31 42 47 48 50 18317 151212100 Victoria Place, 5th Floor31 Victoria StreetHamilton HM10Bermuda David Norman & Co. Estera ManagementBermuda LimitedVictoria Place, 5th Floor31 Victoria StreetHamilton HM10Bermuda 145,000,000133,000,00011116 9,000,0009,000,000 Pexray OyX (EOD)(IED) 32,000,000 X Pexray Oy SW PexrayX Navigs OyNavigs OyGNSSIPESSA TinyIPESSA Base Station IPESSA Nano IPESSAYaw BarIPESSA RTK-VINS –IPESSA Tiny –IPESSA Base StationIPESSA TinyRTKRTKIPESSA Base StationUHF –IPESSA NanoAGV(IMU)TinyNanoIPESSA Nano –IPESSA Yaw Bar(FOG)GNSSTinyNanoYaw BarGNSSIMORTKSOLASMEMSIPESSA Yaw Bar –IPESSA RTK-VINSTinyNano(VINS)GNSSUGVAGVRTK-VINSDynim Oy Dynim OyNavigs OyCrearoPixonTechvicoRTK VINSDynim RTK VINS 1)RTK VINS AI NVIDIA •+RGB•IMURTK •NvidiaSTM 2)RTK VINS Lite QualcommIoT •+RGB•IMUQuectel LG69T RTK •Quectel5GUbuntuAndroid 3)RTK VINS Dual Core STM ••IMURTK •STMKindhelmDynim VN RTK VINSDynimDynim •RTK• Dynim 109,000,0000.2219,000,000 158,000,000(i)19,000,000(ii)13,000,000(iii)101,000,00025,000,000 162,000,000164,000,000 28% 43 35 C1 C3 B.1.5 3.103.13 4/41/14/41/1 3/40/13/41/13/40/1 C.1.5 C.2.1 3.13 (1)(2)(3)(4) 3.21 ✓✓✓ 3.29 (I) 74(i)(ii) 21 (II) C2 A. A1 A1.1 A1.2 ––– A1.3 A1.4 A1.6 A1.5 A2 A1.6 A2 A2.1 A2.2 A2.3A2.4 A2.5 A3 A4 B. B1 43 358 394 3011305023509 28141 16%0% 302%305013%500% 9%7%0% B2 509 ––– B3 – 31%4% 20%16% – 1.530.20 0.840.89 B4 B5 222107 B6 B7 B8 42 – – 56 47 3336 19 20 20%64%33%70% 5% XV352 XV352 336 (a)Basurto Holdings Limited(67%)(33%)(b)Cityguard Holdings LimitedFive Star Investments Limited(c)Five Star Investments LimitedBasurto Holdings Limited67%33%(a)(d)Gold Seal Holdings Limited50%50%(e)Next Level Corporate Limited25%25%25%Basurto Holdings LimitedNext Level Corporate Limited25%Next Level Corporate Limited 336 36 397,721,900397,721,90024.18% (1)0.334(2)0.299(3)0.173(4)Zee AlfredKing, Camille V 41 41 3136 243,661,670 13.92 16 13.24 13.246.01(3) 6.01A13.24 PALADIN LIMITED 47118Paladin Limited 2145,279,000108,746,0002 ––––– 4(f)5(d)719 306,261,000111,439,000 90 • • • •• P05893 843,80522,733(20,434)(9,142) 910 630314(122,506)(96,558)(40,563)(44,800) 12(6,139)(5,577) (145,207)(133,030)13(72)(379) 14(145,279)(133,409) (3,093)(2,458) (145,144)(130,130)(135)(3,279) (145,279)(133,409) (147,681)(132,419)(691)(3,448) (148,372)(135,867) 2337,39337,255 1. Paladin LimitedVictoria Place, 5th Floor, 31 Victoria Street, Hamilton HM10, Bermuda151212100 42 Cityguard Holdings LimitedBasurto Holdings Limited 2. 622 3 145,279,000108,746,000 2. (i)100,784,0006(c)(ii)Gold Seal Holdings Limited11,687,000(iii)3065,000,000(iv) 3. (a) 115577 3. (b) 2119711181951028 18 181181818(i)(ii)(iii) 18 4. 5 (a) (i)(ii) 4. (a) (b) 4. (c) (d) (i) (ii) 4. (d) (iii) ––– 4. (e) 15%10%–33%15% 4. (f) 4(s) (g) (i) (ii) 4. (h) (i) 4(y) (j) 4. (j) (k) –– 4. (l) (m) (n) (o) 4. (p) (q) (r) (i) 4. (r) (ii) 94.3.5 (s) 4. (s) (t) (i) (ii) (iii) (u) 4. (v) (w) 4. (w) (x) 4. (y) 12 1212 – – 4. (y) –––– 30 (i)(ii)(iii) 4. (y) –– 90 ––––– 4. (y) 12 (z) 4. (aa) 5. 4 2 5. (a) (1)(2)(3) 183,037,000204,037,000 (b) 224,344,000208,982,000 (c) 5. (d) 306,261,000417,000,000 6. (a) (b) 6. (b) 3090 30%37%89%87% 12 6. (c) 1 6. (c) (d) (f) 7. 1213 (a) ––10,46010,460–26,93326,933–26,93310,46037,393 7. 7. (c) 33 7. (c) 8. 9. 43,000 10. 11. ––X 4 11. 8,6818,68132,22013,1472,904905 43,80522,733 a 12. 13. 2,000,0008.25%8.25%16.5%16.5%16.5%16.5% 25%25% (145,207)(133,030) 13. 224,344,000208,982,00083,931,00084,332,000 135,610,000150,113,000 14. 15. 16 231–1–43 1,000,0001,000,0011,500,0001,500,0012,000,000 16. (a) 16. (a) (b) (c) (d) (e) 41 17. 18. 145,144,000130,130,0001,546,826,9851,401,371,757 19. 111,439,000100,300,000 161,800,000225,900,000 164,153,000173,681,000 15,841,0006,398,000 21. Imagica Technology IncorporationImagica TechnologyIncorporation2,179,000 22. 2,957(103) 2,85421 2,957(103) 2,85421 2,875 (a)(b) (a) 624,000 (b) 10,000,00078,000,0002,806,00021,887,000168,0001,310,0002,806,00011814.6522 24. 3090 9082,183–286–1499082,618 25. –72394–8141,8959082,618 26. 11,000199,000 27. 090 1,343598 28. 21385 21385 213,00085,000 29. Gold Seal Holdings Limited11,68712,960Cityguard Holdings Limited4364375368312,65913,480 30. (i)77,680,00079,635,0002512631.751.75 (ii)30.750.5 65,000,00065,000,000 31. (a) 0.250.25181,313,56925,774,29812,894,97051,731,337194,208,53977,505,63548,552,00019,376,000 0.25 (i) (ii) 31. (a) (iii) (i)(ii) (iv) (i)(ii) 31. (a) (v) (i)(ii) 0.25 (iii) –0.038–191,557,498 3,448,0003,831,000 3,831,000191,557,498191,557,498 31. (b) 0.250.25275,934,67341,236,56033,051,228117,839,783308,985,901159,076,343 0.24 9,722,00052,104,17