宏信建发：截至二零二五年十二月三十一日止年度全年业绩公告

XU Min XU Min P.O. Box 31119 Grand PavilionHibiscus Way802 West Bay RoadGrand CaymanKY1-1205Cayman Islands XU Min XU Min 1831717121716 200256-610 • www.hongxinjianfa.com 33191901 9930 + 3360 200.718848540 1,40090%776,40014.021.35 ++ (GDP)1405.0% ++ ++7562 93.5912.3%51.9255.5%21.9441.5%23.4%38.5%19.7421.1%1.47260.3%14.0215.0%++ 363.680.2%68.9%16.10 50(ACCESS50)(IRN100)112025(CSA)585% (1)=(2)=(3)EBITDA=EBITDAEBITDA=+++(4)=(5)= MANAGEMENT DISCUSSION AND ANALYSIS 1.INDUSTRY ENVIRONMENT AND THE COMPANY’S SOLUTIONS 1.1National and Regional Environment Mainland China: 2025 was the concluding year of the “14th Five-Year Plan”, during which the Chinese government implementedproactive macroeconomic policies. China’s GDP reached RMB140 trillion, representing a year-on-year increase of 5.0%.Meanwhile, the economic structure was adjusted and optimized with new quality productive forces developing steadily andmore positive progress made in key risk areas. The involution-style competition was also curbed to some extent. In 2025, China’s manufacturing sector climbedto new heights and further elevated its position andcompetence as the world’s factory, which served as thefoundation for stabilizing China’s economy. The totalvalue of China’s goods imports and exports for the yearreached RMB45,468.7 billion, up 3.8% as compared tothat of the previous year. In particular, exports reachedRMB26,989.2 billion, which grew by 6.1% with high-techproduct exports surging by 13.2%. The value-addedoutput of industrial enterprises above the designatedsize nationwide increased by 5.9% as compared to theprevious year. In particular, the value-added output ofindustrial enterprises above the designated size from theequipment manufacturing industry and the high-techmanufacturing industry accounted for 36.8% and 17.1%of the total value-added output of industrial enterprisesabove the designated size, respectively. Although thetotal fixed asset investment nationwide dropped by 3.8%year on year, manufacturing investment still sustained agrowth rate of 0.6% on a high base. China is expected tomaintain its position as the world’s largest manufacturingleader for sixteen consecutive years, clearly benefitingfrom its strength in being the country with a completerange of industrial sectors. In 2025, total infrastructure investment decreasedby 1.5% year on year, while infrastructure investment(excluding electricity sector) fell by 2.2% year on year.By sector, investment in transportation, warehousingand postal services declined by 1.2% year on year,investment in water conservancy, environment andpublic facilities management dropped by 8.4% year onyear, and investment in electricity, heat, gas and water 9.1%20.4%18.1% 202586,425.12.7% 202523.511.917.9%11.716.1% 20251,743.87.1%12,772.98.1%20,658.78.5% 2025 20254.9%2024202512.4% 20255.1%3.8%20252029620 20258.0%9.0% 2025(NESDC)20252.0%20255.6% 202520242.0%4.5%2030NEOM10%203020342030 20254.8%203120312022 20253.5%202530.9%202444.4%202513.9% 1.2 2025 IPAF Rental Market Report 2025202466.912% 20242,7004.7%202550% 202512,772.98.1%20,658.78.5% 1.3 ++ ++ 562485229777 2 2.1 208,8661,200,15982.6%EBITDA4,116,1804,628,65411.1% EBITDA 2.2 9,359,19211,581,06219.2%1,401,565 232,000325,0001,700401,0006,400 2.2.1 (i)(ii)(iii) 2.2.1.1 5,191,6714,620,98612.3% 56.1%24.9%5.7%3.8%9.5% 2.2.1.2 2,193,5273,751,36441.5% 2.2.1.3 1,973,9943,208,71238.5% 200,70045,979 1,926117,027 2.2.2 191.118.9 1,22246029171 2.3 2,466,4363,774,59634.7%26.4%32.6%6.2% 2.3.1 2.3.1.1 1,667,1241,762,7585.4%32.1%38.1%6.0% 2.3.1.2 357,827990,24663.9%16.3%26.4%10.1% 2.3.1.3 441,4851,021,59256.8%22.4%31.8%9.4% 311,420497,50337.4%25.7%28.8%3.1% 86,138514,89583.3%12.0%35.0%23.0% 2.3.2 2.4 6,892,7567,806,46611.7%1,672,4491,866,20510.4%8,565,2059,672,67111.4% (1)15-20102010%30%3,105,8272,637,43017.8%20242025(2)1,852,97221.1%(3)1,353,53831.0%720,90428.1%632,63433.9%(4)635,0359.7%(5)667,93834.7%7.2%(6)272,2471,97028.6%(7)222,27625.2%(8)112,65117.0%(9)73,0948.8%(10) 2.5 192,742238,66719.2% 2.6 2.7 (i)(ii) 30,97420,24153.0% 2.8 (i)(ii) 805,303805,8270.1%4,2222.8.13.11 2.8.1 (1)=+2 (2)= 3.75%4.06%0.31% 2.9 61,890303,83779.6%29.6%25.3%4.3% 2.10 146,976896,32283.6% 128,652 2.11 0.0470.2820.23583.3% (1)×12 3 3.1 36,368,34765,8340.2% 3.2 21,583,432661,9713%(i)(ii)2,723,623 12,178,13511,739,8494,019,1094,850,9423,227,9673,187,393 3.3 3.3.1 8,661,210843,26910.8% 3.3.2 1,164,84728,3202.4% 70HSE 3.3.3 248172 3.4 1,061,829189,90921.8% 3.5 (i)(ii) 2,739,355638,16018.9% 3.6 1,610,210183,12610.2% 3.7 12904,4177220.1%TH Tong Heng Machinery Sdn. Bhd. 3.8 173,979TH TongHeng Machinery Sdn. Bhd. 3.9 798,762(i)386,667(ii)405,931 3.10 25,043,50267,6710.3% 3.11 20,328,205574,6902.7%3.75% 71.3%61.6% 3.12 2,924,244528,98722.1% 3.13 (i)(ii)(iii)(iv)(v) 995,027108,34112.2% 3.14 3.7 607,85225,730 3.15 3.16 TH Tong Heng Machinery Sdn. Bhd.EBITDATH