Yancheng Port International Co., Limited released its audited results for the year ended 31 December 2025, showing a marked improvement in profitability despite continued bottom-line losses.

Revenue and Profitability • Group revenue rose 36.4% year-on-year to HK$1.07 billion, driven mainly by expanded trading activity in petrochemical, soybean and related products. • Gross profit jumped to HK$43.23 million (2024: HK$7.69 million), lifting gross margin to 4.1% from 1.0%, thanks to broader customer coverage, improved bargaining power and higher contribution from the petrochemical storage segment. • Loss attributable to shareholders narrowed 58.0% to HK$18.96 million (2024: HK$45.09 million). Basic loss per share fell to HK1.47 cents (2024: HK3.50 cents). • Finance costs were broadly stable at HK$21.06 million (2024: HK$21.73 million).

Segment Performance • Trading business revenue increased to HK$1.03 billion (2024: HK$769.03 million). Segment result swung to a profit of HK$8.42 million from a loss of HK$4.70 million. • Petrochemical products storage revenue surged 175.9% to HK$35.07 million (2024: HK$12.71 million), with segment profit of HK$6.51 million versus a HK$19.54 million loss in 2024.

Balance Sheet and Liquidity • Net current liabilities widened to HK$417.32 million (2024: HK$344.76 million); net liabilities stood at HK$520.03 million (2024: HK$494.15 million). • Cash and bank balances totaled HK$5.28 million (2024: HK$4.97 million). • Total borrowings amounted to HK$461.99 million, of which HK$201.61 million is due within 12 months. • The auditor drew attention to material uncertainty over going concern, citing significant net current liabilities. Management is negotiating refinancing, has secured a RMB1 billion (approximately HK$1.11 billion) written financial support from Jiangsu-listed connected party Dafeng Port Development Group, and expects operating cash flow to improve.

Capital Structure and Financing • No change in share capital during the year; total issued shares remain 1.288 billion. • In March 2024, the company placed US$31 million of 3-year credit-enhanced guaranteed bonds with a 5.45% coupon; proceeds were used to refinance a maturing bond. • No dividend declared for FY2025 (2024: Nil).

Asset Pledge • Storage facilities with a carrying amount of RMB28.36 million (HK$31.53 million) were pledged against a third-party loan of RMB10.80 million (HK$12.00 million) as at year-end.

Post-Year Events • Management reported no significant events between 31 December 2025 and the announcement date.

Outlook The company plans to consolidate its trading and storage operations, optimise import channels linked to Yancheng’s regional integration drive, and pursue cautious investment to improve quality and efficiency under a challenging macro environment.