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AsiaInfo

亚信科技

AsiaInfo Technologies Limited

亞信科技控股有限公司

(Incorporated in the British Virgin Islands with limited liability)

(Stock Code: 1675)

ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2025

The Board of the Company is pleased to announce the audited consolidated results of the Group for the Reporting Period.

ANNUAL RESULTS HIGHLIGHTS:

Due to reduced investment in the telecommunications industry, the Group took proactive measures to expand its market presence, maintain its scale, and improve efficiency. As a result, its business has stabilised and remained profitable, with significant improvement in cash flow and rapid growth in new businesses.
Revenue amounted to approximately RMB6,302 million, representing a year-on-year decrease of 5.2%, with the rate of decline narrowing significantly compared with last year.
Revenue from the telecom core system business amounted to approximately RMB4,782 million, representing a year-on-year decrease of 8.9%. Going forward, the focus will be on stabilising scale and improving efficiency, to transform from a traditional supporting partner to a value-co-creation partner.
Revenue from the smart digital operation business amounted to approximately RMB807 million, representing a year-on-year increase of 34.1%, and its proportion to revenue amounted to 12.8%, striving to create ecosystem synergy and moving towards a business model of compounding value of digital intelligence assets in the future.
Revenue from the smart connectivity product business amounted to approximately RMB125 million, representing a year-on-year increase of 6.2%. Looking ahead, the Group will expand into the satellite internet market, focusing on building dual growth engines in energy and aerospace intelligent & connectivity.
Adjusted net profit amounted to approximately RMB273 million, excluding the impact of one-off severance compensation arising from strategic workforce optimisation.
Operating cash flow improved significantly, from a net outflow of approximately RMB104 million in 2024 to a net inflow of approximately RMB407 million in 2025.
The Board has always attached great importance to Shareholder returns, and has decided to recommend a final dividend of HK$0.054 per Share for 2025, having taken into account the Group's future development, profitability and cash flow position.
In 2026, the Group has established "AI First" as its core strategy for the future, focusing on three core business segments: telecom core system, smart digital operation, and smart connectivity product business. At the same time, it deepened its strategic collaboration with AsiaInfo Security in terms of business-native security, in order to build an AI growth flywheel for the era of the Internet of Agents.

CHAIRMAN'S STATEMENT

FROM CONNECTIVITY TO INTELLIGENCE: USHERING IN ASIAINFO'S SECOND LEAP

INTRODUCTION

Dear Shareholders,

The year 2025 was marked by profound recalibrations in the industrial economy and the swift evolution of technological paradigms. Macroeconomic fluctuations prompted enterprise clients to become more prudent in their digitalisation investments, while the software industry found itself pressed from both sides grappling with a saturated market and rising costs. Telecommunication operators intensified their efforts to cut costs and enhance efficiency, triggering cyclical and structural adjustments in IT spending. The resulting contraction in investment posed formidable challenges to the Group's business growth and operational performance. Facing these pressures, the Group acted decisively to accelerate the expansion of emerging AI businesses and driving the deep integration of traditional operations with “AI+” technologies, thereby achieving strategic transformation and upgrading. At the same time, we fully leveraged AI tools to improve efficiency and refined management practices and optimised workforce structure to elevate efficiency, effectively improving the downward trend in performance. As a result, we achieved full-year profitability and realised a substantial improvement in operating cash flow, laying a solid financial foundation to propel our strategic transformation forward.

While assessing these challenges, we were acutely aware of the accelerating wave of technological and industrial transformation, epitomised by AI Initiatives such as Digital China, “AI+”, the construction of computing infrastructure, satellite internet, and 6G technology presented profound development opportunities, as the industry's approach to creating value was being reshaped, shifting from a tool-oriented framework to one defined by intelligence. Drawing on our thirty years of deep insight into complex systems and client pain points, we remained steadfast in delivering assured value to key clients amid the uncertainties of technological evolution.

Humanity is now standing at the threshold of a paradigm shift far more profound than the Industrial Revolution. We are irreversibly voyaging from the old continent of the "Internet of People" to the new continent of the "Internet of Agents". In 2026, the Group established "AI First" as its core strategy for the coming decade, articulating a mission to "Linking the Intelligent World, Safeguarding Digital Intelligence Interconnection" and a vision of "Making the Digital Intelligence Ecosystem Thrive", thereby charting a bold new blueprint for the "Internet of Agents". By redefining organisational boundaries and business systems to align with the productivity of the silicon-based era, the Group has built three major business segments: telecom core system, smart digital operation, and smart connectivity product business. At the same time, it deepened strategic collaboration with AsiaInfo Security, embedding internal security capabilities to reinforce the digital security foundation for the Era of the Internet of Agents.

The positions of our three core businesses and future development drivers are as follows:

Telecom Core System: As the premier partner of telecom operators in data asset management and business value delivery, this business forms the bedrock of the Group, continually stabilising scale, enhancing efficiency, and maintaining reasonable profitability and cash flow. Its future growth is primarily driven by three key forces. First, incremental capital expenditure/operational expenditure (CAPEX/OPEX) investments in computing power services unlock growth opportunities across computing power scheduling, multi-cloud management, computing power provenance, Internet of Agents, token-based billing for intelligent agents, transaction and settlement solutions, identity authentication services, and application operations. Second, Hong Kong serves as a strategic gateway to support the expansion of our international business for operators. Finally, cultivated relationships with China Tower, StarNet, Broadnet, and other next-generation operator clients open avenues to capture additional business growth.
Smart Digital Operation: Surrounding an “ecology” cooperation, we cultivate strong alliances with strategic partners such as Alibaba, Volcengine, Kimi, NVIDIA, and ABB. These collaborations establish us as the “go-to partner for the final stage of delivery” for foundational model providers. Our future growth is driven by three powerful forces. First, the explosive surge in token consumption, which accelerates our shift towards high-margin business models. By aligning with leading AI ecosystems and delivering vertical, scenario-driven intelligent agents, we seamlessly bridge the final stage of AI implementation. As token consumption of customers surges, we pivot towards high-margin growth, powered by token sharing and RaaS performance-based fees. Second, our deep integration with foundational model providers fosters synergies in key sectors like energy, retail, and manufacturing. Third, our collaboration with ABB in delivering Physical AI solutions for the industrial sector positions us to enhance our footprint in both the transformation and incremental deployment of industrial robotics.
Smart Connectivity Product: We are laying the groundwork for next-generation telecommunication and connectivity, with a sharp focus on the energy sector and satellite internet. By offering seamlessly integrated 5G/5G-A/6G products and solutions that combine hardware and software for private networks, we are unlocking new avenues of growth. Our path ahead is driven by four powerful forces. First, China’s surging deployment of low-orbit satellite is paving the way for explosive growth of the satellite internet industry over the next few years. With our successful First Call, we are primed to seize opportunities in satellite communication payloads (spaceborne base stations, spaceborne core networks). Second, the rapid growth of the low-altitude economy. Our integrated 5G/5G-A communication, sensing, and smart connectivity products (such as AI-RAN) have already established a commercial presence, with plans for large-scale deployment. Third, the surging demand within the new energy sector, driven by the expansion of nuclear, wind, and solar power installations, positions our private network solutions to maintain a
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competitive edge in these markets. Finally, the Group has made strategic head starts in 6G integrated communication, sensing, intelligence, and computing wireless networks, alongside our R&D of 6G core networks, are injecting momentum into our long-term growth.

PERFORMANCE REVIEW

During the Reporting Period, the Group achieved revenue of approximately RMB6,302 million. While this represents a year-on-year decline of 5.2%, the rate of decrease improved significantly. Specifically, revenue from the telecom core system business amounted to approximately RMB4,782 million, a year-on-year decrease of 8.9%, showing signs of stabilising. Revenue from the smart digital operation reached approximately RMB807 million, marking a year-on-year increase of 34.1%, and accounting for 12.8% of total revenue. Meanwhile, revenue from the smart connectivity product business stood at approximately RMB125 million, representing a year-on-year growth of 6.2%.

In response to pressures on revenue, the Group has strengthened its refined cost control through a series of initiatives. These encompass the improvement of operational efficiency through company-wide deployment of AI-enabled tools, the optimisation of workforce structure, the consolidation of centralised procurement, and the introduction of an integrated expense management platform. During the year, the Group recorded a net profit of approximately RMB104 million (2024: approximately RMB516 million). This figure includes a one-off severance compensation expense of approximately RMB169 million, incurred as part of the Group's proactive workforce optimisation initiative aimed at enhancing long-term operational efficiency and streamlining both its personnel and cost structure. Excluding the effect of this non-recurring item, the adjusted net profit for 2025 amounted to approximately RMB273 million.

Of particular significance, the Group's operating cash flow improved significantly, from a net outflow of approximately RMB104 million in 2024 to a net inflow of approximately RMB407 million in 2025. This reflects a marked improvement in the Group's cash collection performance and provides a robust foundation to support its ongoing strategic transformation.

The Board has consistently prioritised delivering returns to Shareholders. Taking into account the Group's future growth prospects, profitability, and cash flow position, the Board has resolved to recommend a final dividend of HK$0.054 per Share for 2025, representing a payout ratio of 40% of net profit.

BUSINESS DEVELOPMENT

Telecom core system business — business development stabilizing, while operational efficiency continues to improve

In 2025, the Group strengthened its engagement in the existing operator market while actively expanding into new regions and acquiring new customers, effectively mitigating the downward pressures on traditional business. By capitalising on incremental demand within the operator market and seizing opportunities in consolidation and technology localisation, we achieved full nationwide provincial coverage for an operator's CRM/ Billing projects. The Group also actively capitalised on demand for “AI+” innovation projects, secured over 100 AI innovation projects, including the Juzhi Agent Platform and Agent assistant, enabling localised data deployment across more than 10 provinces. The Group supported operator clients in advancing towards AN L4, achieving breakthroughs in network operations support systems across multiple provinces, including Zhejiang, Yunnan and Jiangsu. Strategic regional expansion remained a key focus, with order intake in the Hong Kong and Macau regions exceeding RMB180 million. Engagement with next-generation operator clients was further strengthened, with China Tower orders surpassing RMB20 million, breaking new ground in eight provinces, while orders from a leading satellite operator over RMB14 million, reflecting tangible progress in customer acquisition.

In 2025, despite the overall reduction in operator investment, revenue from our telecom core system business amounted to approximately RMB4,782 million, representing a year-on-year decline of 8.9%, with business development stabilizing and the rate of decrease slowing down significantly.

Looking ahead to 2026 and beyond, the Group will focus on three key growth drivers: new businesses, new regions and new customers, while simultaneously implementing initiatives to enhance operational efficiency. In new businesses, we will capitalise on incremental opportunities in innovation within the operator sector, as well as investment opportunities arising from computing power services. This includes areas such as computing power scheduling, multi-cloud management, computing power provenance, Internet of Agents, token-based billing for intelligent agents, transaction and settlement solutions, and identity authentication services. For new regions, Hong Kong will serve as a strategic gateway, enabling deeper engagement across the Hong Kong and Macau markets and supporting the expansion of our international business with operators. On the new customer front, we will further explore business opportunities with the next-generation operator clients, including China Tower, StarNet and Broadnet, in order to foster our business growth. In terms of efficiency enhancement, the Group will optimise resource allocation, proactively exit or scale down low-margin business and divest underperforming traditional ICT projects for government and enterprise businesses, as well as traditional operations that are highly labour intensive. By implementing an

"AI First" strategy and leveraging AI tools to optimise internal operational efficiency, we anticipate AI Coding will enhance productivity by 20–30%, delivering meaningful cost reductions and efficiency enhancement.

Smart digital operation business — ecosystem synergy for a business model generating compounding value from digital intelligent assets

In 2025, the Group achieved mutual value creation with its ecosystem partners and deepened its presence in key sectors such as energy and manufacturing with leading AI and vertical industry players, demonstrating capabilities in AI and large-model vertical scenario delivery. Over the year, we secured more than 70 external projects and accumulated over 100 industry benchmark cases. Our energy solutions reached top-tier enterprises, while our manufacturing offerings earned recognition from benchmark clients. By accumulating industry data, domain-specific model assets, and ontology-based digital intelligent assets enriched with data tags across energy, manufacturing, and other key industries, we built a comprehensive AI delivery system spanning "data governance-model optimisation-scenario adaptation", providing us with high barriers and a strong technical edge within the industry.

On the ecosystem front, the Group established strategic partnerships with leading enterprises, including Alibaba, Volcengine, Kimi, NVIDIA, and ABB, with collaborations spanning over three years. Notably, partnerships with Alibaba and Volcengine in the large-model ecosystem achieved explosive growth, with order volumes surging by more than 41 times.

In terms of intelligent manufacturing, AsiaInfo has actively seized the new opportunities in AI-driven intelligent manufacturing. The Group has reached a strategic cooperation with global industrial robot leader ABB to jointly establish an embodied AI joint laboratory, pushing forward the scaled application of Physical AI in the industrial sector. By integrating AsiaInfo's 5G-A telecommunication, network security, and AI applications with ABB's robotic automation technology, and optimising training based on Alibaba Cloud large model and NVIDIA's accelerated computing technology, we aim to create replicable and scalable scenario-based solutions through the laboratory's innovative chain of "technology R&D + achievement transformation + industrial implementation".

The revenue from the smart digital operation business for the year amounted to approximately RMB807 million, representing a year-on-year growth of 34.1%, and accounting for 12.8% of the total revenue, representing a year-on-year increase of 3.7 percentage points.

Looking ahead to 2026 and beyond, the Group will focus on three key growth drivers: intelligent agent services and operations, ecosystem synergy and Physical AI for manufacturing industry. We will closely follow the growing trend in token consumption, actively build an AI business ecosystem, and enhance its token sharing among ecosystem partners such as Alibaba and Volcengine. Around this ecosystem, we will establish a

business model that generates compounding value from digital intelligent assets. By collaborating with ecosystem partners including Alibaba, Volcengine and NVIDIA, the Group will focus on industries such as energy, retail and manufacturing, growing in tandem with the development of these partners. Additionally, we will partner with ABB to deploy intelligent manufacturing AI by building on the “AI brain + industrial robots” framework to accumulate digital intelligent assets in the industrial AI sector and seizing opportunities in both the market for retrofit of existing industrial robots with Physical AI and the incremental market for new Physical AI-enabled robotics to achieve growth. According to estimates, the cumulative market potential for ABB’s Physical AI products for single production lines from 2026 to 2030 could reach over RMB2.4 billion.

Smart connectivity product business — standardised products driving growth, expanding into satellite internet, and seizing strategic heights

In 2025, our energy intelligent connectivity business remained firmly at the forefront of the 5G private network sector, while commanding the largest market share in the nuclear power market. Following a breakthrough order from China Huaneng Group, we achieved full coverage across the nation’s major power generation groups. The Zhangzhou nuclear power unit successfully completed its expansion, while newly signed contracts with Inner Mongolia Energy Group marked a decisive advance with local power customers. In the operator market, the Group secured the largest share in China Broadcasting Network’s centralised procurement for To B 5G private networks and was appointed as a regular supplier for China Mobile’s customised core network. Together, these milestones underscore the key recognition the Group has earned within the 5G private network landscape.

The aerospace intelligent & connectivity business has achieved multiple decisive breakthroughs. We have forged deep strategic cooperation with Spacecom, advancing into satellite internet through the completion of proof of concept (PoC) and the First Call for spaceborne base stations, and establishing the TIA Lab to pursue joint innovation and participate in the development of Spacecom’s second-generation satellites. China Satellite Network has signed contracts exceeding RMB14 million, covering operating systems, satellite-based business platforms, etc., and is actively involved in the top-level planning of the satellite network.

At the same time, our product commercialisation has delivered remarkable results, with the launch of the nation’s first AI-RAN product, RANvolution V1.0, which was recognised in OMDIA’s global end-to-end 5G private network vendor radar quadrant and selected as a “Niche Player” in Gartner’s Global “Magic Quadrant for 4G and 5G Private Network Services”. Private network solutions for underground mines obtained industry certifications, and the Xudapu project successfully completed the “Synergized Deployment of Temporary and Permanent Private Networks” solution verification.

The smart connectivity product business achieved annual revenue of approximately RMB125 million, marking a year-on-year increase of 6.2%.

From 2026 onwards, the Group will focus on cultivating energy and aerospace intelligent & connectivity as dual growth engines, driven by three pivotal levers. First, we will deepen our engagement with the generation side of the energy market, steadily expanding our presence across nuclear power, new energy, and other power generation domains. Estimates indicate that from 2026 to 2030, the cumulative market potential for 5G-A/6G private network products in the nuclear and new energy sectors will exceed RMB 10 billion. Second, we will seize the promise of growth from emerging sectors such as satellite internet and the low-altitude economy, advancing the deployment of satellite payload-related products and broadening the applications of satellite internet and the low-altitude economy across transportation, maritime, emergency response, and security. Projections indicate that a leading satellite operator plans to launch over 7,000 satellites between 2026 and 2030, unlocking a market potential of up to RMB10 billion for spaceborne base station and core network solutions. Third, we will proactively pursue R&D of 6G wireless networks that integrate communication, sensing, intelligent, and computing, alongside 6G core networks, thereby securing enduring momentum for our long-term growth.

Technology R&D — further strengthening the leading technology advantage of cloud network and digital intelligence products

In 2025, AsiaInfo focused on the three core product systems of “Cloud Network”, “Digital Intelligence” and “IT”, promoting the evolution of products towards cutting-edge areas such as AI Native, Agent and Ontology. By increasing R&D investment and strengthening commercialisation of R&D achievements, we leveraged our leading technology advantage to provide robust products and technical support for the implementation of the “AI First” strategy, empowering industries to improve the quality and efficiency in their digital intelligence transformation.

In the field of cloud network, the Group’s international influence continued to grow, yielding fruitful results. The Group joined the AI-RAN Alliance, promoting the AI Native development of 5G private networks and OSS; it was included in the OMDIA report and won international awards such as the Glotel Awards and GTI Awards, and its joint achievements received the WCA and TM Forum Excellence Awards. Furthermore, multiple products received Science and Technology Awards from the Chinese Institute of Electronics and the China Institute of Communications; the Group’s 5G network intelligent product system has been included in the Gartner matrix for four consecutive years while 4G and 5G private network services were selected as a “Niche Player” in Gartner®’s global “Magic QuadrantTM for 4G and 5G Private Mobile Network Services”; and it jointly released the AI-RAN white paper and AI-native RAN base station with partners, contributing to network capability upgrades.

In the field of digital intelligence, the Group has achieved international leadership in telecommunications AI and domestic leadership in data and industry AI. The Group has built a vertical large model product suite comprising “2 large model platforms + 5 vertical large models + N vertical intelligent agent tools”, with 362 successful

implementation cases throughout the year. It has been selected for two consecutive years in the Gartner® “Magic QuadrantTM for AI in CSP Customer and Business Operations”, and ranked among the top six large model application delivery providers in China. The Group has added innovative products such as the Digital Intelligence Ontology Platform and spearheaded the “Ontology Open Source Project”. In the power industry, it partnered with Alibaba Cloud to develop China’s first multimodal vertical large model project at the hundred-billion-parameter scale, enabling intelligent diagnosis and health prediction of power equipment. It also collaborated with China Unicom Tianjin to create the China’s first “AI large model + intelligent agent” intelligent directory inquiry system, setting a benchmark for the intelligent transformation of the telecommunications industry.

In the IT field, the Group built new infrastructure for intelligent applications, promoting the deep integration and evolution of AI-native general IT technology product systems towards AI Native, providing core capabilities such as intelligent computing management and inference acceleration, upgrading DevOps capabilities, and building SDLC (Software Development Lifecycle) intelligent agent. The Group jointly launched the AI gateway security version with AsiaInfo Security and was named among China’s Top 100 AI Agent Enterprises, being the only Chinese company with its digital twin products included in the relevant Gartner report. The Turing intelligent development kit was among the first products in China to pass the “Trusted AI” Software Intelligence Capability Level 3 Assessment of the China Academy of Information and Communications Technology, demonstrating our leading position in the field of AI software intelligence.

At the same time, the Group has been deeply involved in the formulation of international and domestic standards, participating in a total of 384 standards, with 54 new standards added in 2025. We also secured 110 new software copyrights and 83 patents, and filed 85 patent applications, continuously enriching our portfolio of intellectual property rights and strengthening our core technological barriers with increasing industry influence.

CORPORATE RESPONSIBILITY

AsiaInfo has always taken innovation as its driving engine, advancing ESG practices and promoting high-quality, sustainable development through the dual approach of “industry empowerment” and “self-practice”. In terms of innovative empowerment, the Group relies on AI to accelerate the realisation of digital intelligence value. In 2025, AsiaInfo, together with Fuqing Nuclear Power Plant, China Mobile Integration, CNNC Engineering, China Mobile Fuqing, CNI Maintenance, and other partners, jointly built and successfully deployed a 5G private network at Fuqing Nuclear Power Plant, making it one of the world’s earliest nuclear units to apply a dedicated 5G network, supporting the Plant’s inclusion in the Ministry of Industry and Information Technology’s “5G Factory Directory” and establishing a benchmark for intelligent transformation in the energy sector.

In the realm of green operations, the Phase II expansion and renovation of AsiaInfo Plaza has delivered outstanding results. Through the intelligent upgrading of air conditioning and lighting systems, coupled with remote monitoring and smart controls, the building's energy efficiency has been significantly enhanced. At the same time, the Group extends its carbon reduction initiatives across the value chain. As one of the first pilot units in the State Administration for Market Regulation's "Zero-Carbon Park" research initiative, it is working with partners to establish a zero-carbon park demonstration project. It is also developing a smart energy system for the Fengjiawan service area in Hainan, pioneering a new paradigm of zero-carbon highways and driving the green transformation of the transportation sector.

In fulfilling its social responsibility, the Group deepened its engagement in rural revitalisation. In Sichuan, it explored the development of new energy stations and established the "Xingyuan Xinxuan" (興源心選) brand. Leveraging a smart supply chain, the initiative empowered local women to establish businesses producing handmade products, enabling these distinctive goods to reach beyond the mountainous region and fostering sustainable development in high-altitude areas.

On the strength of its outstanding ESG performance, AsiaInfo Technologies was honoured with multiple prestigious awards in 2025, including the 2025 IPC China ESG Benchmark Enterprise Award from the Global Electronics Association, the Xinhua Credit Jinlan Cup Award for Sustainable Development-Achievement in Technology Innovation Practice, and the 2025 Best ESG Report Award from the Hong Kong Management Association (HKMA). At the same time, the Group received an ESG rating of “A” from Wind and “BBB” from MSCI, a testament to the consistently high recognition it has garnered from both the capital markets and all corners of society.

Conclusion: Advancing to the New Continent of the Internet of Agents-AsiaInfo Technologies Embarks on a Bold Voyage

Today, we once again stand at the forefront of our era, ready to navigate the boundless expanse of the Internet of Agents. Whatever storms may arise, we meet them with composure and conviction-for AsiaInfo's very DNA is forged from connectivity and transformation. The networks of the future will evolve from connecting billions of people to enabling full-domain interconnection between tens of billions of silicon-based intelligent agents and carbon-based humans. On this new continent of the Internet of Agents, data is the vital fuel, computing power the driving engine, and connectivity and security the very air and water sustaining the lifeblood of the digital ecosystem.

Guided by our full-stack capabilities across data, intelligence, connectivity and security, we hold three pivotal "tickets" that will carry us swiftly forward towards this new continent of the Internet of Agents.

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The first "ticket" lies in our deep engagement with the telecommunications operator market. We aim to embrace an "AI First" approach in the operator market and upgrade the traditional models. Anchored in the communication services and computing power services, we will orchestrate full-system solutions spanning BSS/OSS/DSS/MSS, unlocking the latent value of computing power scheduling, multi-cloud management, computing power provenance, Internet of Agents, token-based billing for intelligent agents, transaction and settlement solutions, and identity authentication services. With security seamlessly woven throughout the entire system, we will transform productivity from being manpower-driven to being token-value-driven.

The second "ticket" lies in the active involvement in smart digital operation. We aspire to build a sustainable engine for operations and value amplification, tailored for the AI Native era, actively nurturing the AI large model and intelligent agent ecosystem and establishing ourselves as a leading delivery expert and ecosystem operator in the Internet of Agents era. At the core of this endeavour is the "Embodied AI Joint Laboratory", through which we will create standardised intelligent manufacturing products that seamlessly integrate software and hardware, forging a bold new paradigm of Physical AI.

The third "ticket" lies in the breakthrough of next-generation smart connectivity products. Guided by the strategy of "Building on Smart Connectivity Products to Drive Dual Growth in Energy and Aerospace", we will lay the groundwork for next-generation communication and connectivity. Focusing on the energy vertical and next-generation intelligent enterprises, we will forge an AI-native portfolio of next-generation products and solutions for intelligent telecommunication, connectivity, and sensing. By developing standardised product capabilities across key technologies, including P5G-A/6G, AI-RAN, O-RAN, space-air-ground integrated networks, and the convergence of communication, sensing, computing, and intelligence in satellite internet, we aim to become a pivotal enabler of novel connectivity infrastructures.

The Board and management remain resolutely confident in the Group's prospects. We will remain true to our original aspirations and, with the passion of a start-up, steadfastly advance the "AI First" strategy, setting in motion an AI-driven growth flywheel. In 2026, we aim to achieve a rebound in both revenue and profit, with our telecom core system business maintaining steady performance, while the smart digital operation business and smart connectivity product businesses will surge with robust double-digit growth. By 2027, the compounding power of our digital and intelligent assets will be fully realised, unlocking the dividends of efficiency. The telecom core system business will continue to grow in areas such as computing power services, security integration, and international operations, with the share of the relevant business of next-generation telecom operators increasing. The smart digital operation business and ecosystem partners will continue to expand in the delivery of large models and the operation of intelligent agents. The proportion of Physical AI will continue to rise, and standardised products of the smart connectivity products business will continue to expand their revenue share, with overall gross profit improvement in satellite communication products. In 2028, the Group is poised to reach its RMB10 billion revenue target, with new businesses contributing nearly

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half of total revenue. The telecom core system business will create value with customers, while the 6G business enters its preparatory stage. The smart digital operation business will cement its position as the “go-to partner for the final stage of delivery” for foundational large model providers and digital intelligence assets continue to accumulate, setting the growth flywheel in motion. Meanwhile, the smart connectivity products will scale in the satellite internet and low-altitude economy markets, driving substantial revenue growth.

We will integrate the products and technical capabilities of AsiaInfo Security, empowering our customers to embed business security at the very heart of their operations. In terms of embedded security for telecom core system business, we built an integrated “cloud-network-business-data-intelligence + security” capability, enabling full lifecycle security management of business data and the AI ecosystem to flourish.

With the steadfast resolve of long-term thinkers and the ambition of entrepreneurs, we shall guide AsiaInfo Technologies in its transformation from a customised, service-driven model into a leading provider of smart connectivity, digital and smart operations, and professional services for high-growth enterprise clients in the era of the Internet of Agents.

On behalf of the Board, I extend our deepest gratitude to all Shareholders, partners, customers, and employees whose trust and support have been our unwavering compass.

Together, let us set sail boldly towards the new continent of the Internet of Agents!

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RESULTS OF THE GROUP

Overview

The Group’s key operating performance indicators for the Reporting Period are as follows:

	Year ended 31 December
	2025	2024
	RMB’000	RMB’000
Revenue	6,302,140	6,645,689
Telecom core system business	4,781,653	5,250,261
Smart digital operation business	807,239	601,845
Smart connectivity product business	124,602	117,353
Others	588,646	676,230
Profit for the year	104,112	515,690
Adjusted net profit (excluding one-off severance compensation)	272,867	577,106
Cash generated from/(used in) operating activities	407,402	(103,545)

In 2025, the revenue from the Group amounted to approximately RMB6,302 million, representing a year-on-year decrease of 5.2%. The downward trend in revenue has been significantly improved. Among which, the revenue from smart digital operation business amounted to approximately RMB807 million, representing a year-on-year increase of 34.1%. The revenue from smart connectivity product business amounted to approximately RMB125 million, representing a year-on-year increase of 6.2%.

In 2025, the Group’s net profit amounted to approximately RMB104 million, and the adjusted net profit excluding the one-off severance compensation was approximately RMB273 million.

In 2025, the Group’s cash collection and its operating cash flow improved significantly, from a net cash used in operating activities of approximately RMB104 million in 2024 to a net cash generated from operating activities of approximately RMB407 million in 2025.

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
(Expressed in thousands of Renminbi)

	Note	2025 RMB'000	2024 RMB'000
Revenue	4	6,302,140	6,645,689
Cost of sales		(4,156,253)	(4,161,779)
Gross profit		2,145,887	2,483,910
Other income	5	43,286	67,162
Impairment losses under expected credit loss model, net of reversal		(206,488)	(172,768)
Other gains and losses		(47,153)	(32,903)
Selling and marketing expenses		(473,233)	(526,225)
Administrative expenses		(460,555)	(333,843)
Research and development ("R&D") expenses		(871,092)	(905,248)
Share of results of associates		2,528	19,834
Finance costs		(13,133)	(14,148)
Profit before tax		120,047	585,771
Income tax expenses	6	(15,935)	(70,081)
Profit for the year	7	104,112	515,690
Item that will not be reclassified to profit or loss: Changes in the fair value of financial assets measured at fair value through other comprehensive income ("FVOCI")		(5,029)	(13,023)
Item that may be reclassified subsequently to profit or loss: Exchange differences arising on translation of foreign operations		(270)	(526)
Other comprehensive income for the year		(5,299)	(13,549)
Total comprehensive income for the year		98,813	502,141

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME — CONTINUED

FOR THE YEAR ENDED 31 DECEMBER 2025

(Expressed in thousands of Renminbi, unless otherwise stated)

	Note	2025	2024
		RMB'000	RMB'000
Profit for the year attributable to:
Equity holders of the Company		113,738	544,917
Non-controlling interests		(9,626)	(29,227)
Total comprehensive income for the year attributable to:
Equity holders of the Company		108,439	531,368
Non-controlling interests		(9,626)	(29,227)
Earnings per share
— Basic (RMB)	9	0.13	0.60
— Diluted (RMB)	9	0.12	0.59

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
(Expressed in thousands of Renminbi)

	Note	2025	2024
		RMB'000	RMB'000
Non-current assets
Property, plant and equipment		284,481	290,290
Right-of-use assets		196,109	232,614
Intangible assets		74,348	78,035
Goodwill	10	1,932,246	1,932,246
Investments in associates		51,906	45,989
Financial assets measured at fair value through profit or loss (“FVTPL”)		58,957	70,751
Financial assets measured at FVOCI		30,556	41,577
Deferred tax assets		135,523	131,381
Restricted bank deposits		874	430
Other non-current assets		29,921	38,078
		2,794,921	2,861,391
Current assets
Inventories		160,995	274,752
Trade and notes receivables	11	1,811,242	2,065,075
Prepayments, deposits and other receivables		253,848	318,974
Contract assets	12	2,755,678	2,931,980
Financial assets measured at FVTPL		162,435	179,217
Amounts due from related parties		22,421	21,949
Restricted bank deposits		200,657	200,747
Term deposits		—	27,781
Cash and cash equivalents		1,445,887	1,618,100
		6,813,163	7,638,575

– 16 –

CONSOLIDATED STATEMENT OF FINANCIAL POSITION — CONTINUED
AS AT 31 DECEMBER 2025
(Expressed in thousands of Renminbi)

	Note	2025 RMB'000	2024 RMB'000
Current liabilities
Trade and notes payables	13	825,393	1,103,714
Contract liabilities	12	282,386	294,475
Deposits received, accrued expenses and other payables	14	1,397,118	1,640,373
Amounts due to related parties		17,135	11,935
Income tax payable		317,836	339,616
Lease liabilities		59,079	71,502
		2,898,947	3,461,615
Net current assets		3,914,216	4,176,960
Total assets less current liabilities		6,709,137	7,038,351
Non-current liabilities
Deferred tax liabilities		242,913	309,985
Lease liabilities		58,602	87,167
		301,515	397,152
NET ASSETS		6,407,622	6,641,199
Capital and reserves
Share capital		—	—
Reserves		6,458,474	6,682,425
Equity attributable to equity holders of the Company		6,458,474	6,682,425
Non-controlling interests		(50,852)	(41,226)
TOTAL EQUITY		6,407,622	6,641,199

17 -

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025

(Expressed in thousands of Renminbi)

Attributable to equity holders of the Company

	Share capital RMB'000	Share premium RMB'000	Merger reserve RMB'000	Translation reserve RMB'000	Statutory surplus reserve(1) RMB'000	Fair value reserve RMB'000	Other reserves RMB'000	Retained profits RMB'000	Sub-total RMB'000	Non-controlling interests RMB'000	Total equity RMB'000
At 1 January 2025	—	2,262,630	260,662	(26,883)	196,538	(9,559)	1,611,462	2,387,575	6,682,425	(41,226)	6,641,199
Profit for the year	—	—	—	—	—	—	—	113,738	113,738	(9,626)	104,112
Other comprehensive income	—	—	—	(270)	—	(5,029)	—	—	(5,299)	—	(5,299)
Total comprehensive income	—	—	—	(270)	—	(5,029)	—	113,738	108,439	(9,626)	98,813
Recognition of equity-settled share-based payments	—	—	—	—	—	—	89,023	—	89,023	—	89,023
Lapse of share options and restricted stock units	—	—	—	—	—	—	(97,570)	97,570	—	—	—
Dividends approved in respect of the previous year (Note 8)	—	—	—	—	—	—	—	(347,151)	(347,151)	—	(347,151)
Purchase of shares for share award scheme	—	(112,169)	—	—	—	—	—	—	(112,169)	—	(112,169)
Vesting of restricted stock units	—	42,386	—	—	—	—	(42,386)	—	—	—	—
Exercise of share options	—	90,784	—	—	—	—	(52,877)	—	37,907	—	37,907
Other changes in equity for the year	—	21,001	—	—	—	—	(103,810)	(249,581)	(332,390)	—	(332,390)
At 31 December 2025	—	2,283,631	260,662	(27,153)	196,538	(14,588)	1,507,652	2,251,732	6,458,474	(50,852)	6,407,622

18 -

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY — CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025

(Expressed in thousands of Renminbi)

Attributable to equity holders of the Company

	Share capital RMB'000	Share premium RMB'000	Merger reserve RMB'000	Translation reserve RMB'000	Statutory surplus reserve(i) RMB'000	Fair value reserve RMB'000	Other reserves RMB'000	Retained profits RMB'000	Sub-total RMB'000	Non-controlling interests RMB'000	Total equity RMB'000
At 1 January 2024	—	2,367,119	263,344	(26,357)	196,038	3,464	1,659,172	2,152,959	6,615,739	(15,340)	6,600,399
Profit for the year	—	—	—	—	—	—	—	544,917	544,917	(29,227)	515,690
Other comprehensive income	—	—	—	(526)	—	(13,023)	—	—	(13,549)	—	(13,549)
Total comprehensive income	—	—	—	(526)	—	(13,023)	—	544,917	531,368	(29,227)	502,141
Capital injections	—	—	—	—	—	—	—	—	—	659	659
Recognition of equity-settled share-based payments	—	—	—	—	—	—	92,677	—	92,677	—	92,677
Lapse of share options and restricted stock units	—	—	—	—	—	—	(51,381)	51,381	—	—	—
Dividends approved in respect of the previous year (Note 8)	—	—	—	—	—	—	—	(361,182)	(361,182)	—	(361,182)
Acquisition of additional equity interests in a subsidiary	—	—	(2,682)	—	—	—	—	—	(2,682)	2,682	—
Purchase of shares for share award scheme	—	(193,495)	—	—	—	—	—	—	(193,495)	—	(193,495)
Vesting of restricted stock units	—	89,006	—	—	—	—	(89,006)	—	—	—	—
Transfer to statutory surplus reserve	—	—	—	—	500	—	—	(500)	—	—	—
Other changes in equity for the year	—	(104,489)	(2,682)	—	500	—	(47,710)	(310,301)	(464,682)	3,341	(461,341)
At 31 December 2024	—	2,262,630	260,662	(26,883)	196,538	(9,559)	1,611,462	2,387,575	6,682,425	(41,226)	6,641,199

(i) In accordance with the articles of association of all subsidiaries established in the People's Republic of China ("PRC"), the PRC subsidiaries are required to set aside 10% of their profit after tax as per statutory financial statements determined under the PRC laws and regulations for the statutory surplus reserve fund until the reserve reaches 50% of their registered capital. Transfer to this reserve must be made before distributing dividends to equity owners of the subsidiaries. The statutory surplus reserve can be used to make up previous years' losses, expand the existing operations or convert into additional capital of the respective subsidiaries.

Note:

19 -

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
(Expressed in thousands of Renminbi)

| | 2025
RMB'000 | 2024
RMB'000 |
| --- | --- | --- |
| Operating activities | | |
| Profit before tax | 120,047 | 585,771 |
| Adjustments for: | | |
| Depreciation of property, plant and equipment | 41,340 | 40,583 |
| Depreciation of right-of-use assets | 81,077 | 90,073 |
| Amortisation of intangible assets | 21,245 | 9,554 |
| Impairment losses on an associate | 1,500 | — |
| Impairment losses on an intangible asset | 12,000 | 43,467 |
| Net (gains)/losses on disposal of property, plant and equipment and intangible assets | (310) | 527 |
| Finance costs | 13,133 | 14,148 |
| Net foreign exchange losses/(gains) | 4,743 | (1,728) |
| Interest income on cash and cash equivalents, restricted bank deposits and term deposits | (9,113) | (24,873) |
| Net gains on disposal of financial assets measured at FVTPL | (2,296) | (6,438) |
| Changes in fair value of financial assets measured at FVTPL | 10,934 | (2,042) |
| Share of results of associates | (2,528) | (19,834) |
| Write-down of inventories | 68,545 | 40,449 |
| Impairment losses under expected credit loss model, net of reversal | 206,488 | 172,768 |
| Share-based payment expenses | 89,023 | 92,677 |
| Changes in working capital: | | |
| Decrease/(increase) in inventories | 45,213 | (169,220) |
| Decrease/(increase) in trade and notes receivables | 75,312 | (607,293) |
| Decrease/(increase) in prepayments, deposits and other receivables | 83,091 | (99,364) |
| Decrease in contract assets | 153,671 | 114,687 |
| Increase in amounts due from related parties | (472) | (3,770) |
| Decrease in other non-current assets | 8,157 | 1,667 |
| Increase in amounts due to related parties | 5,200 | 8,290 |
| (Decrease)/increase in trade and notes payables | (286,884) | 109,931 |
| (Decrease)/increase in contract liabilities | (12,978) | 80,107 |
| Decrease/(increase) in restricted bank deposits | 2,646 | (24,803) |
| Decrease in deposits received, accrued expenses and other payables | (263,482) | (515,813) |
| Cash generated from/(used in) operating activities | 465,302 | (70,479) |
| Income taxes paid | (57,900) | (33,066) |
| Net cash generated from/(used in) operating activities | 407,402 | (103,545) |

20 -

CONSOLIDATED STATEMENT OF CASH FLOWS — CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2025
(Expressed in thousands of Renminbi)

| | 2025
RMB'000 | 2024
RMB'000 |
| --- | --- | --- |
| Investing activities | | |
| Purchases of property, plant and equipment and intangible assets | (57,420) | (100,482) |
| Acquisition and additional investment of associates | (6,870) | (245) |
| Purchases of financial assets measured at FVTPL | (704,038) | (996,394) |
| Proceeds on disposal of property, plant and equipment | 239 | 74 |
| Proceeds on disposal of financial assets measured at FVTPL | 723,281 | 1,186,901 |
| Placement of term deposits | — | (163,267) |
| Withdrawal of term deposits | 27,781 | 383,127 |
| Interest received on hold of bank balance and deposits | 2,743 | 5,574 |
| Other cash flows arising from investing activities | 3,232 | 495 |
| Net cash (used in)/generated from investing activities | (11,052) | 315,783 |
| Financing activities | | |
| Capital element of lease rentals paid | (84,476) | (84,738) |
| Interest element of lease rentals paid | (8,065) | (10,250) |
| Proceeds from issue of shares under share option schemes | 37,129 | — |
| Payment for discounted bills payable | — | (30,000) |
| Payment for repurchase of shares | (112,169) | (193,495) |
| Dividends and taxes paid | (406,685) | (874,723) |
| Acquisition of additional interests in a subsidiary | — | (24,538) |
| Other cash flows arising from financial activities | 8,150 | 10,046 |
| Net cash used in financing activities | (566,116) | (1,207,698) |
| Net decrease in cash and cash equivalents | (169,766) | (995,460) |
| Cash and cash equivalents at 1 January | 1,618,100 | 2,612,771 |
| Effect of exchange rate changes | (2,447) | 789 |
| Cash and cash equivalents at 31 December | 1,445,887 | 1,618,100 |

21 -

22 -

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. GENERAL INFORMATION

AsiaInfo Technologies was incorporated in the British Virgin Islands (“BVI”) as a company with limited liability and its shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). The address of the registered office of the Company is Craigmuir Chambers, Road Town, Tortola, VG1110, British Virgin Islands.

The Company is an investment holding company. The principal activities of the Group are provision of software products and related services in the PRC.

The consolidated financial statements are presented in Renminbi (“RMB”), which is also the functional currency of the Company.

2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS

The consolidated financial statements for the year ended 31 December 2025 comprise the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interest in associates. The measurement basis used in the preparation of the financial statements is the historical cost basis except that the following assets and liabilities are stated at their fair value as explained in the accounting policies set out below.

The preparation of financial statements in conformity with HKFRS Accounting Standards requires the management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3. CHANGES IN NEW ACCOUNTING POLICIES EFFECTIVE DURING THE YEAR

The Group has applied the amendments to Hong Kong Accounting Standard 21 issued by the Hong Kong Institute of Certified Public Accountants, The effects of changes in foreign exchange rates — Lack of exchangeability, to these financial statements for the current accounting period. As the Group has not entered into any foreign currency transactions where the currency cannot be converted into another currency, these amendments have no material impact on these financial statements.

The Group has not applied any new or amended standard that is not yet effective for the current accounting period.

23 -

4. REVENUE AND SEGMENT INFORMATION

The Group's revenue is primarily generated from project-based software development contracts, under which the Group develops software products and provides services at fixed prices and/or variable prices. Revenue is recognised net of sales related taxes.

The performance obligation of rendering software products and related services is mainly derived from the project-based software development contracts and is satisfied over time which usually range from six months to eighteen months.

The rendering of operation services is mainly derived from performing data analysis services to analyse customer behaviour and operational efficiency. The performance obligation of rendering of operation services is satisfied over time, mainly ranging from one month to six months or the contract service period.

The performance obligation of the sale of third-party hardware and software is satisfied at a point in time when the control of hardware and software is transferred to the customer.

Disaggregation of revenue

	Year ended 31 December
	2025	2024
	RMB'000	RMB'000
Timing of revenue recognition
At a point in time	294,638	279,234
Over time	6,007,502	6,366,455
	6,302,140	6,645,689
Types of goods and services
Provision of services	6,073,668	6,452,326
Software development, operation and related services(i)	5,887,270	6,264,696
Other services(ii)	186,398	187,630
Sales of goods	228,472	193,363
	6,302,140	6,645,689

24 -

4. REVENUE AND SEGMENT INFORMATION — CONTINUED

Disaggregation of revenue — Continued

Notes:

(i) The Group records contract liabilities when receiving consideration from customers prior to its provision of services or the amount is due. The transaction price allocated to performance obligations in relation to the non-refundable advance payments received that were unsatisfied amounted to RMB282,386,000 as at 31 December 2025 (31 December 2024: RMB294,475,000), representing the contract liabilities included in Note 12. As at 31 December 2025, the majority of transaction price allocated to the remaining performance obligations under the Group’s existing contracts are expected to be recognised as revenue in the next 12 months.

Contract liabilities would be recognised as revenue upon the rendering of services. Almost all of the contract liabilities at the beginning of the financial years 2025 and 2024 have been recognised as revenue during the respective years. The management expects substantially all of the amount allocated to the unsatisfied contracts as at 31 December 2025 will be recognised as revenue during the year ending 31 December 2026.

(ii) Other services represent revenue primarily generated from the provision of system integration services, etc.

Segment information

The Group makes resources allocation decisions based on internal management functions and assesses the Group’s business performance as one integrated business instead of by separate business lines or geographical regions. Accordingly, the Group has only one operating segment and therefore, no segment information is presented.

Geographical information

The Group’s operations are in the PRC. Substantially all revenue of the Group and non-current assets of the Group are generated from and located in the PRC.

Information about the Group’s revenue from external customers is presented based on the location of the signing parties of the sales or service contracts. During the years ended 31 December 2025 and 31 December 2024, substantially all the sales and service contracts were with signing parties located in the PRC.

25 -

4. REVENUE AND SEGMENT INFORMATION — CONTINUED

Information about major customers

Revenue from customers of the corresponding years contributing over 10% of the revenue of the Group during the year are as follows:

	Year ended 31 December
	2025 RMB'000	2024 RMB'000
Customer A	3,700,534	4,148,910
Customer B	846,898	897,056
Customer C	772,444	781,276

Note: The customers as shown above are at their group level which aggregates the customer's headquarters, provincial, municipal and specialised subsidiaries which enter into contracts with the Group individually.

5. OTHER INCOME

	Year ended 31 December
	2025 RMB'000	2024 RMB'000
Government grants(i)	33,233	23,491
Interest income on bank balances, restricted bank deposits and term deposits	9,113	24,873
Net gains on disposal of financial assets measured at FVTPL(ii)	2,296	6,438
Changes in fair value of financial assets measured at FVTPL(ii)	(10,934)	2,042
Others	9,578	10,318
	43,286	67,162

Notes:

(i) For the year ended 31 December 2025, government grants amounted to RMB25,210,000 (2024: RMB17,251,000) are related to high-tech industrial development. Government grants amounted to RMB8,023,000 (2024: RMB6,240,000) are mainly related to human resources related subsidies. The amounts have been recognised as other income, and there was no unfulfilled condition attached to these government grants in the year in which they were recognised.

(ii) The financial assets measured at FVTPL substantially represent investment funds, equity investments and wealth management products.

26 -

6. INCOME TAX EXPENSES

	Year ended 31 December
	2025	2024
	RMB'000	RMB'000
Tax for current year:
Current tax	86,157	12,171
Deferred tax	(70,222)	57,910
	15,935	70,081

Under the Law of the PRC on enterprise income tax (the "EIT Law") and implementation regulations of the EIT Law, the tax rate of the PRC subsidiaries is 25% during the year ended 31 December 2025 (2024: 25%). Certain subsidiaries of the Company are entitled to enjoy the preferential tax rate of 10% and 15% (2024: 10% and 15%).

The Group's subsidiaries operating in the PRC were eligible for certain tax credits of 200% deduction rates on certain R&D expenses for the year ended 31 December 2025 (2024: 200%).

Dividend distributed to foreign investors out of the profit generated shall be subject to withholding tax at 5% or 10% and withheld by the PRC entity, pursuant to EIT Law and its Detailed Rules for the Implementation of the Regulation and Arrangement between the Mainland of China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income.

Hong Kong SAR Government applies the minimum top-up tax from fiscal year commencing on 1 January 2025. The adoption of the above amended tax laws is not expected to have a material impact on the Group.

Pursuant to the rules and regulations of the BVI, the Company is not subject to any income tax in the BVI.

27 -

6. INCOME TAX EXPENSES — CONTINUED

The income tax expenses for the years ended 31 December 2025 and 31 December 2024 can be reconciled to the profit before tax per the consolidated statement of profit or loss and other comprehensive income as follows:

	Year ended 31 December
	2025
RMB'000	2024
RMB'000
Profit before tax	120,047	585,771
Notional tax at applicable income tax rate of 10%	12,005	58,577
Tax effect of different tax rates of subsidiaries not applicable of 10% (2024: 10%)	3,918	3,850
Tax effect of share of results of associates	(253)	(1,983)
Tax credits on eligible R&D expenses	(68,408)	(70,746)
Tax effect of expenses and losses not deductible for tax purpose	30,278	38,097
Tax effect of deductible temporary differences and deductible tax losses for which no deferred tax asset was recognised, net	27,567	10,572
Tax effect of income not taxable for tax purpose	(2,866)	(2,990)
Tax filing differences in prior years	1,764	704
Tax effect of deferred tax recognised, net(i)	11,930	34,000
Income tax expenses for the year	15,935	70,081

Note:

i. Deferred tax liabilities/assets are recognised or reversed based on the temporary differences arising from the subsidiaries' undistributed profits as per its profit distribution resolutions or the probability and availability of future taxable profits against the subsidiaries' deductible tax losses/temporary differences.

28 -

7. PROFIT FOR THE YEAR

	Year ended 31 December
	2025	2024
	RMB'000	RMB'000
Profit for the year has been arrived at after charging:
Staff costs, including Directors’ and chief executive’s remuneration
Directors’ remuneration	11,744	10,150
Employee benefit expenses
Other staff costs (salaries, wages, allowance, bonus and others)	3,250,871	3,047,532
Contribution to retirement benefits scheme	345,820	368,424
Share-based compensation expenses	82,024	87,900
Total staff costs	3,690,459	3,514,006
Cost of inventories recognised as expenses (transferred into cost of sales)	299,249	169,833
Depreciation of property, plant and equipment	41,340	40,583
Depreciation of right-of-use assets	81,077	90,073
Amortisation of intangible assets	21,245	9,554
Expense of short-term and low value lease	48,264	54,016
Auditor’s remuneration(i)	6,600	6,567

Note:

(i) The amount included audit service fee of RMB5,830,000 (2024: RMB5,830,000) and RMB770,000 (2024: RMB737,000) for the Company and the subsidiaries in the Group, respectively.

8. DIVIDENDS

(i) Dividends payable to equity holders of the Company attributable to the year

	2025	2024
	RMB'000	RMB'000
Final dividend proposed after the end of the Reporting Period of HK$0.054 (equivalent to RMB0.048) per share (2024: HK$0.252 (equivalent to RMB0.233) per share)	45,494	218,265

No special dividend will be proposed after the end of the Reporting Period (2024: special dividend proposed after the end of the reporting period amounted to RMB138,580,000 (HK$0.160 equivalent to RMB0.148) per share)).

The final dividend proposed after the end of the reporting period have not been recognised as a liability at the end of the reporting period. For the purpose of this note, the dividends payable was translated at the exchange rate at the end of the reporting period.

29 -

8. DIVIDENDS — CONTINUED

(ii) Dividends payable to equity holders of the Company attributable to the previous financial year and paid during the year

| | 2025
RMB'000 | 2024
RMB'000 |
| --- | --- | --- |
| Final dividend in respect of the previous financial year, approved and paid during the year, of HK$0.252 (equivalent to RMB0.233) per share (2024: HK$0.412 (equivalent to RMB0.373) per share) | 216,144 | 351,756 |
| Special dividend approved in previous financial year and paid during the year of HK$0.160 (equivalent to RMB0.148) per share (2024: HK$0.600 (equivalent to RMB0.545) per share) | 137,234 | 509,675 |

For the purpose of this note, dividends were translated at the exchange rates at the respective payment dates.

9. EARNINGS PER SHARE

The calculation of the basic and diluted earnings per share attributable to the ordinary equity holders of the Company is based on the following data:

	Year ended 31 December
	2025	2024
	RMB'000	RMB'000
Earnings:
Earnings for the purpose of calculating basic and diluted earnings per share	113,738	544,917
Number of shares:
Issued shares at 1 January	935,304,312	935,304,312
Effect of shares repurchased	(41,938,192)	(26,958,842)
Effect of restricted stock units (“RSUs”) vested and share options exercised	4,501,112	4,484,513
Weighted average number of shares for the purpose of calculating basic earnings per share	897,867,232	912,829,983
Effect of dilutive potential shares:
Share options and RSUs	17,997,996	12,439,302
Weighted average number of shares for the purpose of calculating diluted earnings per share	915,865,228	925,269,285

30 -

9. EARNINGS PER SHARE — CONTINUED

The calculations of basic earnings per share for the years ended 31 December 2025 and 31 December 2024 were based on the profit for the year attributable to the equity holders of the Company.

The calculation of the number of share for the purpose of basic earning per share had taken into account the share issued/transferred upon the exercise/vesting of share options/RSUs and purchase of share in respect of RSUs, where applicable.

The computation of diluted earnings per share for the year ended 31 December 2025 did not assume the exercise of the share options under 2014 stock incentive plan (“2014 Plan”), certain share options under the Pre-IPO share option scheme of the Company (“Pre-IPO Share Option Scheme”) and certain share options under the share option scheme adopted on 25 November 2019 (“2019 Share Option Scheme”) since such share options had an anti-dilutive effect.

The computation of diluted earnings per share for the year ended 31 December 2024 did not assume the exercise of the share options under 2014 Plan, the Pre-IPO Share Option Scheme and the 2019 Share Option Scheme since such share options had an anti-dilutive effect.

10. GOODWILL

	Year ended 31 December
	2025	2024
	RMB'000	RMB'000
Cost:
At 1 January and 31 December	2,146,787	2,146,787
Accumulated impairment losses:
At 1 January and 31 December	(214,541)	(214,541)
Carrying amount:
At 1 January and 31 December	1,932,246	1,932,246

The goodwill was primarily arisen from the acquisition of Linkage Technologies International Holdings Limited in July 2010 and the acquisition of iResearch Consulting in January 2022, respectively, and was allocated to the Group's cash-generating units (“CGU”) identified according to business operations as follows:

	2025	2024
	RMB'000	RMB'000
Software business	1,932,246	1,932,246
iResearch Consulting business	—	—

31 -

10. GOODWILL — CONTINUED

The recoverable amount is determined by the management based on the higher of the fair value less costs of disposal and value in use. The management engaged an external valuer to determine the recoverable amounts of the CGU.

Impairment testing on goodwill

The recoverable amount of the Group's CGU has been determined based on a value in use calculation and is assessed by the management with reference to valuations carried out by an independent professional valuer, which has appropriate qualifications and experience in valuation of similar testing.

Software business:

The calculation uses cash flow projections based on financial budgets approved by the management covering a five-year period, and at a pre-tax discount rate of 16.5% for the year ended 31 December 2025 (2024: 17.5%). Key assumptions for the value in use calculations relate to the estimation of cash inflows and/or outflows which include revenue growth rate and gross profit margin, with expected gross profit margin for five-year period floating up and down within 1% compared with that of the year. The cash flows of the CGU beyond the five-year period are extrapolated using a 2.0% growth rate considering the relevant industry growth rate forecast and the economic condition of the market and period which does not exceed the long-term average growth rate for the industry.

Such estimation is based on the past performance of the CGU, industry information and management's expectations for the market development, including the fluctuation in the software products and related services business in the current economic environment. The key assumptions used in estimating the recoverable amount are as follows:

	2025	2024
Average annual revenue growth rate during the forecast period	1.8%	3.1%
Average annual gross profit margin during the forecast period	34.9%	37.9%
Terminal revenue growth rate	2.0%	2.5%
Pre-tax discount rate	16.5%	17.5%

The recoverable amount of the CGU of software business was RMB7,160,000,000 as at 31 December 2025 (2024: RMB7,520,000,000), which was higher than the carrying amount of the CGU, including the goodwill. Therefore, for the year ended 31 December 2025, no impairment loss was recognised (2024: nil).

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10. GOODWILL — CONTINUED

Impairment testing on goodwill — Continued

Software business: — Continued

The table below sets forth a sensitivity analysis of the impact of variations in key assumptions, namely the discount rate and the terminal revenue growth rate, on the recoverable amount of the CGU of software business, where the headroom represents the excess of the recoverable amount over the carrying amount of the CGU of software business. The headroom amounts to RMB509,000,000 as at 31 December 2025 (2024: RMB742,000,000). The management believes that any reasonably possible change in assumptions would not cause the aggregate carrying amount of the CGU to exceed the recoverable amount.

| | Headroom
At 31 December | |
| --- | --- | --- |
| | 2025
RMB'000 | 2024
RMB'000 |
| Reasonably possible change in pre-tax discount rate | | |
| 0% | 509,000 | 742,000 |
| +0.5% | 329,000 | 552,000 |
| +1% | 159,000 | 372,000 |
| Reasonably possible change in terminal revenue growth rate | | |
| 0% | 509,000 | 742,000 |
| -0.5% | 429,000 | 662,000 |
| -1% | 359,000 | 592,000 |

11. TRADE AND NOTES RECEIVABLES

	Year ended 31 December
	2025
RMB'000	2024
RMB'000
Notes receivables	338,664	502,052
Trade receivables	1,797,535	1,737,433
Amounts due from third parties	970,419	810,515
Amounts due from related parties	827,116	926,918
Less: allowance for credit losses	(324,957)	(174,410)
	1,811,242	2,065,075

For the purpose of data comparison, the amounts above included the trade and notes receivables from China Mobile Group.

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11. TRADE AND NOTES RECEIVABLES — CONTINUED

The Group generally grants a credit period of 30 days from the dates of acceptance reports when the Group has the right to consideration becoming unconditional. The extension of credit period to the customers may be granted on a discretionary basis by considering customer type, the current creditworthiness and the customer's financial condition and payment history with the Group.

Trade receivables relate to a number of independent customers that have a good track record with the Group. The allowance for doubtful debts of the Group is based on the evaluation of collectability and ageing analysis of individual trade debts performed by the management. A considerable amount of judgement is required in assessing the ultimate realisation of these receivables, including the current creditworthiness and the past collection history of each customer.

Notes receivables are bank acceptance notes and commercial acceptance notes issued by large enterprise customers, which the management believes that all the counterparties are of high credit quality and the expected credit loss is not significant.

Ageing of trade and notes receivables, net of allowance for credit losses, based on the dates when the Group has the right to bill, at the end of the years ended 31 December 2025 and 31 December 2024 is as follows:

	At 31 December
	2025	2024
	RMB'000	RMB'000
1-30 days	860,077	1,202,637
31-90 days	467,838	384,894
91-180 days	173,784	216,801
181-365 days	219,457	162,773
Over 365 days	90,086	97,970
	1,811,242	2,065,075

Movements in lifetime ECL that had been recognised for trade receivables in accordance with HKFRS 9 for the years ended 31 December 2025 and 31 December 2024 are as follows:

	RMB'000
At 1 January 2024	88,266
Allowance for trade receivables, net of reversal	89,806
Written-off as uncollectible	(3,662)
At 31 December 2024	174,410
Allowance for trade receivables, net of reversal	182,639
Written-off as uncollectible	(32,092)
At 31 December 2025	324,957

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12. CONTRACT ASSETS AND CONTRACT LIABILITIES

The Group has rights to considerations from customers for the provision of software business. Contract assets arise when the Group has rights to considerations for completion of such services and not yet billed under the relevant contracts, and their rights are conditioned on factors other than passage of time. Any amount previously recognised as contract assets are transferred to trade receivables when the rights become unconditional. Remaining rights and performance obligations in a particular contract are accounted for and presented on a net basis, as either a contract asset or a contract liability.

	At 31 December
	2025	2024
	RMB'000	RMB'000
Analysed for reporting purposes as follows:
Contract assets	2,755,678	2,931,980
Contract liabilities	(282,386)	(294,475)

For the purpose of data comparison, the amounts included the contract assets and contract liabilities from China Mobile Group.

For the contract liabilities as at 31 December 2025 and 31 December 2024, almost all of the balances were expected to be recognised as revenue during the year ending 31 December 2026 and the year ended 31 December 2025, respectively.

Contract assets and contract liabilities are analysed and classified as current assets and current liabilities due to the contract assets and contract liabilities are expected to be recognised in normal operation cycle.

Movements in lifetime ECL that had been recognised for contract assets in accordance with HKFRS 9 for the year ended 31 December 2025 are as follows:

	RMB'000
At 1 January 2024	232,034
Allowance on contract assets, net of reversal	57,757
Written-off as uncollectible	(30,620)
At 31 December 2024	259,171
Allowance on contract assets, net of reversal	23,984
Written-off as uncollectible	(23)
At 31 December 2025	283,132

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13. TRADE AND NOTES PAYABLES

	At 31 December
	2025	2024
	RMB'000	RMB'000
Trade payables	759,689	865,626
Notes payables	65,704	238,088
	825,393	1,103,714

The table below sets forth, as at the end of the reporting period, the ageing analysis of the trade and notes payables presented based on the invoice date:

	At 31 December
	2025	2024
	RMB'000	RMB'000
1–90 days	489,263	601,728
91–180 days	49,644	77,546
181–365 days	57,021	244,346
Over 1 year	229,465	180,094
	825,393	1,103,714

The Group has financial risk management policies in place to ensure that sufficient working capital is maintained to meet its obligations when they fall due.

14. DEPOSITS RECEIVED, ACCRUED EXPENSES AND OTHER PAYABLES

	At 31 December
	2025	2024
	RMB'000	RMB'000
Accrued payroll and welfare	1,166,303	1,279,340
Accrued expenses	83,410	115,735
Employee reimbursement payables	37,448	140,808
Other tax payables	36,513	70,179
Performance bond received	6,625	10,373
Advance from customers	1,181	1,578
Accrued liabilities	42,225	12,122
Others	23,413	10,238
	1,397,118	1,640,373

MANAGEMENT DISCUSSION AND ANALYSIS

FINANCIAL OVERVIEW

Summary

In 2025, the Group addressed the challenge of continued investment cutbacks in the telecommunications sector by intensifying its expansion into emerging AI businesses, promoted the deep integration of traditional operations with “AI+” technologies, achieving transformation and upgrading in traditional operations. At the same time, the Group strengthened refined cost control through measures such as strategic workforce optimisation, enhancing efficiency across all staff through the use of AI tools, reinforcing centralised procurement, and implementing an integrated expense management platform. As a result, the Group achieved a full-year profit of approximately RMB104 million, and after excluding one-off severance compensation arising from strategic workforce optimisation, the adjusted net profit was approximately RMB273 million.

In 2025, the Group achieved operating revenue of approximately RMB6,302 million (2024: approximately RMB6,646 million), representing a year-on-year decrease of 5.2%, with the declining trend in revenue effectively improved. The revenue from the smart digital operation business amounted to approximately RMB807 million (2024: approximately RMB602 million), representing a year-on-year increase of 34.1%, and accounting for 12.8% of the total revenue, representing an increase of 3.7 percentage points as compared with last year. The smart connectivity product business generated revenue of approximately RMB125 million (2024: approximately RMB117 million), representing a year-on-year increase of 6.2% and accounting for 2.0% of total revenue.

In 2025, the Group realised gross profit of approximately RMB2,146 million (2024: approximately RMB2,484 million), representing a year-on-year decrease of 13.6%, and gross profit margin of 34.1% (2024: 37.4%), representing a year-on-year decrease of 3.3 percentage points. Profit for the year was at approximately RMB104 million (2024: profit for the year of approximately RMB516 million), and the adjusted net profit excluding one-off severance compensation due to strategic workforce optimisation was approximately RMB273 million.

In 2025, the Group’s cash collection and operating cash flow have improved significantly, from a net cash used in operating activities of approximately RMB104 million in 2024 to a net cash generated from operating activities of approximately RMB407 million in 2025.

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Revenue

In 2025, due to reduced investment in the telecommunications industry, the Group took proactive measures to expand its market presence, maintain its scale, and improve efficiency. As a result, its business has stabilised, and new business grew rapidly. The Group achieved operating revenue of approximately RMB6,302 million (2024: approximately RMB6,646 million), representing a year-on-year decrease of 5.2%, with the decline significantly narrower than in 2024.

The following table sets forth the breakdown of our revenue by business category, both in absolute amounts and as percentages of the total revenue, for the periods indicated:

	2025		2024
	RMB'000	%	RMB'000	%
Revenue
Telecom core system business	4,781,653	75.9%	5,250,261	79.0%
Smart digital operation business	807,239	12.8%	601,845	9.1%
Smart connectivity product business	124,602	2.0%	117,353	1.8%
Others	588,646	9.3%	676,230	10.1%
Total	6,302,140	100.0%	6,645,689	100.0%

The telecom core system business primarily provides core IT systems to operator customers, including business, network, and management and is the segment most affected by the overall cost reductions of operator customers. Revenue from the telecom core system business amounted to approximately RMB4,782 million in 2025 (2024: approximately RMB5,250 million), representing a year-on-year decrease of 8.9%, business development is stabilizing, with the decline significantly narrower than in 2024, and accounting for approximately 75.9% of the total revenue (2024: 79.0%).

The smart digital operation business primarily provides full-process services covering "data governance-model optimisation-scenario adaptation" through deep collaboration with leading AI and vertical players. Benefiting from the Group's continuously strengthened capabilities in AI large model applications, delivery, and data operations, the smart digital operation business achieved revenue of approximately RMB807 million in 2025 (2024: approximately RMB602 million), representing a year-on-year increase of 34.1% and accounting for approximately 12.8% of total revenue (2024: 9.1%).

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The smart connectivity product business primarily provides customers with seamlessly integrated 5G products and industry solutions that combine hardware and software for private networks, laying the groundwork for next-generation telecommunication and connectivity. In 2025, the smart connectivity product business generated revenue of approximately RMB125 million (2024: approximately RMB117 million), representing a year-on-year increase of 6.2% and accounting for 2.0% of total revenue.

Cost of sales

In 2025, the cost of sales was approximately RMB4,156 million (2024: approximately RMB4,162 million), representing a year-on-year decrease of 0.1%.

Gross profit and gross profit margin

In 2025, our gross profit was approximately RMB2,146 million (2024: approximately RMB2,484 million), representing a year-on-year decrease of 13.6%. Our gross profit margin was 34.1% (2024: 37.4%), representing a year-on-year decrease of 3.3 percentage points, primarily due to reduced investment measures by operator customers.

Selling and marketing expenses

In 2025, the Group actively applied AI tools and strengthened cost control while expanding the market. Selling and marketing expenses amounted to approximately RMB473 million (2024: approximately RMB526 million), representing a year-on-year decrease of 10.1% and accounting for 7.5% of the total revenue (2024: 7.9%).

Administrative expenses

In 2025, the Group actively applied AI tools to enhance daily operational efficiency, due to the increase in one-off compensation expenses arising from strategic workforce optimisation, the Group's administrative expenses amounted to approximately RMB461 million (2024: approximately RMB334 million), representing a year-on-year increase of 38.0% and accounting for 7.3% of total revenue (2024: 5.0%). Excluding the one-off severance compensation, administrative expenses were approximately RMB292 million.

R&D expenses

The Group maintained moderate R&D investment in line with its business situation to evolve its R&D product portfolio and support its strategic transformation. In 2025, R&D expenses amounted to approximately RMB871 million (2024: approximately RMB905 million), representing a year-on-year decrease of 3.8% and accounting for 13.8% of total revenue (2024: 13.6%). During the Reporting Period, the Group focused its R&D resources on core areas such as AI delivery and intelligent sensing computing, and actively applied technologies including AI large models to enhance R&D efficiency.

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Income tax expenses

In 2025, income tax expenses amounted to approximately RMB16 million (2024: approximately RMB70 million), representing a year-on-year decrease of 77.3%, which was mainly attributable to the decrease in taxable operating income for the corresponding period.

Profit for the year

In 2025, we achieved profit for the year of approximately RMB104 million (2024: approximately RMB516 million), representing a year-on-year decrease of 79.8%, and a net profit margin of 1.7% (2024: 7.8%), representing a year-on-year decrease of 6.1 percentage points, and the net profit excluding the one-off severance compensation was approximately RMB273 million, with a net profit margin of 4.3%.

Dividend

The Board has resolved to recommend a declaration of a final dividend of HK$0.054 (equivalent to RMB0.048) per Share (2024 final dividend: HK$0.252 (equivalent to RMB0.233) per Share and 2024 special dividend: HK$0.160 (equivalent to RMB0.148) per Share).

Financial position

The Group's overall financial position is sound. As at 31 December 2025, our total assets were approximately RMB9,608 million (31 December 2024: approximately RMB10,500 million), representing a year-on-year decrease of 8.5%. Total liabilities were approximately RMB3,200 million (31 December 2024: approximately RMB3,859 million), representing a year-on-year decrease of 17.1%. Net current assets were approximately RMB3,914 million (31 December 2024: approximately RMB4,177 million), representing a year-on-year decrease of 6.3%. Net assets were approximately RMB6,408 million (31 December 2024: approximately RMB6,641 million), representing a year-on-year decrease of 3.5%.

Goodwill

As at 31 December 2025, we had goodwill of approximately RMB1,932 million (31 December 2024: approximately RMB1,932 million), mainly arisen from the business combination and acquisition which was completed in 2010. The Group engaged a professional independent valuer to conduct an impairment assessment of the goodwill at the end of 2025. According to the assessment results, during the Reporting Period, we did not record goodwill impairment losses.

Restricted bank deposits

As at 31 December 2025, restricted bank deposits amounted to approximately RMB202 million (31 December 2024: approximately RMB201 million), representing a year-on-year increase of 0.2%, with no material changes.

Trade and notes receivables

Our trade and notes receivables represented the outstanding trade and notes receivables from our customers for the purchase of our products or services. As at 31 December 2025, trade and notes receivables amounted to approximately RMB1,811 million (31 December 2024: approximately RMB2,065 million), representing a year-on-year decrease of 12.3%. The turnover days of trade and notes receivables were approximately 126.7 days (2024: approximately 105.5 days). The above changes were mainly due to changes in business scale and a slight increase in annual average trade receivables. The above figures include trade and notes receivables with China Mobile Group.

Contract assets and contract liabilities

As at 31 December 2025, contract assets amounted to approximately RMB2,756 million (31 December 2024: approximately RMB2,932 million), representing a year-on-year decrease of 6.0%, mainly due to changes in business scale and accelerated acceptance. As at 31 December 2025, contract liabilities amounted to approximately RMB282 million (31 December 2024: approximately RMB294 million), representing a year-on-year decrease of 4.1%, with no material change. The above figures include trade contract assets and contract liabilities with China Mobile Group.

Financial assets measured at fair value through profit or loss — current

As at 31 December 2025, financial assets measured at FVTPL amounted to approximately RMB162 million (31 December 2024: approximately RMB179 million), representing a year-on-year decrease of 9.4%, which was mainly due to the redemption of wealth management products. During the Reporting Period, no single wealth management products investment accounted for more than 5% of the Group's total assets.

Inventories

As at 31 December 2025, inventories amounted to approximately RMB161 million (31 December 2024: approximately RMB275 million), representing a year-on-year decrease of 41.4%. The above changes were due to the decrease in the costs to fulfill a contract as a result of active pursuit of new contracts.

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Trade and notes payables

The trade and notes payables represented outstanding trade and notes payables to hardware, software and outsourcing service providers. As at 31 December 2025, the trade and notes payables amounted to approximately RMB825 million (31 December 2024: approximately RMB1,104 million), representing a year-on-year decrease of 25.2%. The turnover days of trade and notes payables were approximately 84.7 days (2024: approximately 92.0 days). The above figures were mainly subject to normal changes in line with business development during the credit period.

Borrowings

As at 31 December 2025, the Group had no bank borrowings (31 December 2024: nil). The gearing ratio was nil (31 December 2024: nil).

Note 1: Gearing ratio was calculated by dividing total bank borrowings by total equity and multiplied by 100%.

Contingencies

During the Reporting Period, the Group received an arbitration notice from the Beijing Arbitration Commission. The claimant, a supplier of the Group, has filed multiple arbitration claims related to disputes arising under a procurement contract, including claims for rescission of the contract. The aggregate amount claimed is approximately RMB101 million. The hearing for the case has not yet been conducted.

After considering the advice of professional legal counsel, the Group has assessed the matter and implemented appropriate legal measures to actively defend the Group in the arbitration proceedings. The arbitration process is expected to take time, and the impact on the Group's operating results remains uncertain. The Group has determined that the maximum potential risk exposure is not material and is unlikely to have a significant impact on the Group's business and operations.

For the Reporting Period, save as disclosed above and in this annual results announcement, we did not have any plan for material external debt financing, nor were there any material outstanding debt securities, charges, mortgages, or other material similar indebtedness, leasing commitments, guarantees or other material contingent liabilities.

Cash flow and financial resources

In 2025, net cash generated from operating activities amounted to approximately RMB407 million, representing a year-on-year increase of 493.5%, primarily due to significant improvement in cash collection and effective cost and expense control. In the same period of 2024, net cash used in operating activities was approximately RMB104 million.

In 2025, net cash used in investing activities was approximately RMB11 million, representing a year-on-year decrease of 103.5%, primarily due to differences in the redemption scale of wealth management products. In the same period of 2024, net cash generated from investing activities was approximately RMB316 million.

In 2025, net cash used in financing activities was approximately RMB566 million (2024: approximately RMB1,208 million), representing a year-on-year increase of 53.1%, primarily due to differences in dividends and dividend taxes paid during the corresponding period.

Cash and cash equivalents include cash at banks and other short-term deposits. The Group's bank balance are denominated in RMB, US$, HK$ and dirham.

Foreign exchange risk

Foreign exchange risk is the risk of loss resulting from changes in foreign currency exchange rates. Fluctuations in exchange rates between RMB and other currencies in which the Group conducts business may affect its financial position and results of operations. The foreign exchange risk facing the Group mainly comes from movements in the HKD/RMB and USD/RMB exchange rates.

As of 31 December 2025, the Group did not have any foreign currency hedging activity. However, the management of the Group monitors foreign exchange exposure regularly and will consider hedging significant foreign currency exposure should the need arise.

Funding and working capital management

Funding and liquidity are managed by the treasury department. The treasury department is responsible for the overall management and implementation of the Group's internal funding, including developing the funding management policy of the Group, preparing the annual funding plan, supervising and evaluating the execution and implementation of funding plan and taking charge of the daily funding management of the members of the Group. We also adopt an intensive funding management policy and issue the administration measures on various aspects for funding management such as account management, capital budget, fund payment as well as credit and facility grants so as to ensure fund safety and improve the performance and efficiency in funding management.

Significant investments held, acquisitions and disposals and future plans for material investments or capital assets

Save as disclosed in this annual results announcement, the Group had no significant investments held or material acquisitions and disposals of subsidiaries, associates and joint ventures in 2025, and did not approve any other material investments or capital asset purchases.

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BUSINESS REVIEW

Further details on the Group's business review are set out in the relevant sections of the Chairman's Statement in this annual results announcement.

EMPLOYEES AND REMUNERATION POLICY

During the Reporting Period, the Group had a total of 11,437 (31 December 2024: 12,868) active employees. The Group strives to align the remuneration level of its employees with the market, so as to maintain competitiveness. The remuneration of employees is subject to the remuneration and bonus policy of the Group, and is determined in accordance with the performance of each staff. The Group also provides comprehensive benefit packages and career development opportunities to its employees, including insurance benefits, etc. Internal and external training programs are provided according to changes in the industry, technological updates and the needs of employees.

According to the Group's remuneration policy, in evaluating the amount of remuneration payable to Directors and senior management, the factors to be considered by the Remuneration Committee include the salaries paid by similar companies, tenure, commitment, responsibilities and individual performance of Directors and senior management (as the case may be), etc.

The remuneration received by Directors and senior management includes salaries, bonuses, contributions to pension schemes, long-term rewards (including share-based incentives), housing and other allowances, and benefits in kind in compliance with applicable laws, rules and regulations.

CLOSURE OF THE REGISTER OF MEMBERS

The Company will hold its upcoming AGM at 10:00 a.m. on Thursday, 28 May 2026. The register of members of the Company will be closed from Friday, 22 May 2026 to Thursday, 28 May 2026, both days inclusive, in order to determine the eligibility of Shareholders to attend the AGM, during which period no share transfers will be registered. The record date for determining the eligibility to attend and vote at the above meeting will be Thursday, 28 May 2026. To be eligible to attend the AGM, all properly completed transfer forms accompanied by the relevant share certificates must be lodged for registration with the Hong Kong branch share registrar of the Company, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong not later than 4:30 p.m. on Thursday, 21 May 2026.

The record date for qualifying to receive the proposed final dividend is Monday, 8 June 2026. In order to determine the right of the Shareholders entitled to receive the proposed final dividend, which is subject to the approval of the Shareholders in the AGM, the register of members of the Company will be closed from Wednesday, 3 June 2026 to Monday, 8 June 2026, both days inclusive, during which period no share transfers will be

registered. To qualify for the final dividend, all properly completed transfer forms accompanied by the relevant share certificates must be lodged for registration with the Hong Kong share registrar of the Company, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong not later than 4:30 p.m. on Tuesday, 2 June 2026. The final dividend, if approved, will be paid on or around Monday, 22 June 2026.

CORPORATE GOVERNANCE

The Group is committed to maintaining high standards of corporate governance to safeguard the interests of the Shareholders and to enhance corporate value and accountability. The Group has adopted the CG Code as its own code of corporate governance. The Group has applied the principles of the CG Code on the Group's corporate governance structure and operation, and had complied with all applicable code provisions of the CG Code for the Reporting Period.

The Group will continue to review and monitor its corporate governance practices to ensure compliance with the CG Code.

MODEL CODE FOR SECURITIES TRANSACTIONS

The Group has adopted the Model Code as its own code of conduct regarding Directors' securities transactions. Having made specific enquiries of all Directors, each of the Directors has confirmed that he/she had complied with the required standards as set out in the Model Code during the Reporting Period.

PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES

During the Reporting Period, save for the purchase of a total of 12,426,015 Shares by the trustee on the Stock Exchange pursuant to the 2023 Share Award Scheme, neither the Group nor any of its subsidiaries had purchased, sold or redeemed any of the Group's listed securities.

EVENTS AFTER THE REPORTING PERIOD

There was no significant event happened after the Reporting Period.

AUDIT COMMITTEE

The Audit Committee had, together with the management and external auditor of the Group, reviewed the accounting standards and practices adopted by the Group and the audited financial results of the Group for the Reporting Period.

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PUBLICATION OF THE ANNUAL RESULTS ANNOUNCEMENT AND ANNUAL REPORT ON THE WEBSITES OF THE STOCK EXCHANGE AND THE GROUP

This annual results announcement is published on the websites of the Stock Exchange (www.hkexnews.hk) and the Group (www.asiainfo.com). The annual report (including the audited financial report) for the Reporting Period will be published on the respective websites of the Stock Exchange and the Group in due course.

DEFINITIONS

In this announcement, unless the context otherwise requires, the following expressions have the following meanings:

"AGM" the forthcoming annual general meeting of the Company to be held on Thursday, 28 May 2026

"AsiaInfo Security" AsiaInfo Security Technology Co., Ltd. (亞信安全科技股份有限公司) (whose shares are listed on the Shanghai Stock Exchange (stock code: 688225)), a substantial Shareholder and a limited liability company incorporated in the PRC on 25 November 2014

"Audit Committee" the audit committee of the Company

"Board" the board of Directors

"CG Code" the Corporate Governance Code as set out in Appendix C1 to the Listing Rules

"China Mobile Group", "China Mobile" China Mobile Limited and its subsidiaries

"China Unicom" China United Network Communications Group Co., Ltd.

"Company", "AsiaInfo" or "AsiaInfo Technologies" AsiaInfo Technologies Limited (亞信科技控股有限公司), an international business company incorporated in the British Virgin Islands on 15 July 2003, whose Shares are listed on the Stock Exchange (stock code: 1675)

"Director(s)" the director(s) of the Company

"ESG" environment, social and governance

"Group" the Company and its subsidiaries

"Hong Kong" the Hong Kong Special Administrative Region of the PRC

46 -

“HK$” or “HKD” Hong Kong dollars, the lawful currency of Hong Kong

“iResearch Consulting” Shanghai iResearch Marketing Consulting Co., Ltd., an indirect wholly-owned subsidiary of the Company

“Listing Rules” the Rules Governing the Listing of Securities on the Stock Exchange

“Model Code” the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules

“PRC” or “China” the People’s Republic of China

“Reporting Period” the financial year ended 31 December 2025

“R&D” research and development

“RMB” Renminbi, the lawful currency of the PRC

“Share(s)” ordinary share(s) of the Company

“Shareholder(s)” holder(s) of the Share(s)

“Stock Exchange” The Stock Exchange of Hong Kong Limited

“TM Forum” the International Telecommunication Management Forum

“US” the United States of America

“USD” or “US$” US dollars, the lawful currency of US

“%” per cent

GLOSSARY OF TECHNICAL TERMS

This glossary of technical terms contains terms used in this announcement that are related to business of the Group. As such, these terms and their meanings may not always correspond to standard industry meaning or usage of these terms.

“AI” artificial intelligence

“AI-RAN” Artificial Intelligence Radio Access Network

“AN L4” Autonomous Networks Level 4

“BSS” business support systems

“DSS” data support systems

“DevOps” development and operations system

“IT” information technology, the application of computers and communications equipment to store, retrieve, transmit and manipulate data

“MSS” management support systems

“O-RAN” open radio access network

“OSS” operations support systems

“RaaS” Robot as a Service

“RAN” radio access network

“3D” 3-dimension, referring to a spacing system in which a direction vector is added in the flat second dimension system

“4G” the fourth-generation of mobile communications technology, applied in amended mobile web access, IP telephony, gaming services, high-definition mobile TV, video conferencing, 3D television and cloud computing

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“5G” the fifth-generation of mobile communications technology which has higher speed and capacity and lower latency than 4G

“6G” the sixth-generation of mobile communications technology which has higher speed and capacity and lower latency than 5G

By order of the Board
AsiaInfo Technologies Limited
Dr. TIAN Suning
Chairman and Executive Director

Hong Kong, 23 March 2026

As at the date of this announcement, the Board comprises:

Executive Directors Dr. TIAN Suning and Mr. KWOK Bernard Chuen Wah

Non-executive Directors: Mr. HE Zheng, Mr. YANG Lin, Ms. LIU Hong and Mr. E Lixin

Independent non-executive Directors: Dr. ZHANG Ya-Qin, Mr. GE Ming, Ms. TAO Ping, Dr. WANG Lei and Dr. LIU Jun

AI assistant

AsiaInfo Technologies Limited — Earnings Release 2025

50083_rns_2026-03-23_a50b8dc8-5409-4068-9a5d-65619b74fb9f.pdf

AsiaInfo Technologies Limited

亞信科技控股有限公司

ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2025

ANNUAL RESULTS HIGHLIGHTS:

PERFORMANCE REVIEW

BUSINESS DEVELOPMENT

Smart digital operation business — ecosystem synergy for a business model generating compounding value from digital intelligent assets

Smart connectivity product business — standardised products driving growth, expanding into satellite internet, and seizing strategic heights

Technology R&D — further strengthening the leading technology advantage of cloud network and digital intelligence products

CORPORATE RESPONSIBILITY

Conclusion: Advancing to the New Continent of the Internet of Agents-AsiaInfo Technologies Embarks on a Bold Voyage

RESULTS OF THE GROUP

Overview

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY — CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. GENERAL INFORMATION

2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS

3. CHANGES IN NEW ACCOUNTING POLICIES EFFECTIVE DURING THE YEAR

4. REVENUE AND SEGMENT INFORMATION

Disaggregation of revenue

4. REVENUE AND SEGMENT INFORMATION — CONTINUED

Disaggregation of revenue — Continued

Notes:

Segment information

Geographical information

4. REVENUE AND SEGMENT INFORMATION — CONTINUED

Information about major customers

5. OTHER INCOME

Notes:

6. INCOME TAX EXPENSES

6. INCOME TAX EXPENSES — CONTINUED

7. PROFIT FOR THE YEAR

Note:

8. DIVIDENDS

8. DIVIDENDS — CONTINUED

9. EARNINGS PER SHARE

9. EARNINGS PER SHARE — CONTINUED

10. GOODWILL

10. GOODWILL — CONTINUED

Impairment testing on goodwill

Software business:

10. GOODWILL — CONTINUED

Software business: — Continued

11. TRADE AND NOTES RECEIVABLES

11. TRADE AND NOTES RECEIVABLES — CONTINUED

12. CONTRACT ASSETS AND CONTRACT LIABILITIES

13. TRADE AND NOTES PAYABLES

14. DEPOSITS RECEIVED, ACCRUED EXPENSES AND OTHER PAYABLES

Summary

Revenue

Cost of sales

Gross profit and gross profit margin

Selling and marketing expenses

Administrative expenses

R&D expenses

Income tax expenses

Profit for the year

Dividend

Financial position

Goodwill

Trade and notes receivables

Contract assets and contract liabilities

Financial assets measured at fair value through profit or loss — current

Inventories

Trade and notes payables

Borrowings

Contingencies

Cash flow and financial resources

Foreign exchange risk

Funding and working capital management

Significant investments held, acquisitions and disposals and future plans for material investments or capital assets

BUSINESS REVIEW

EMPLOYEES AND REMUNERATION POLICY

CLOSURE OF THE REGISTER OF MEMBERS

CORPORATE GOVERNANCE

MODEL CODE FOR SECURITIES TRANSACTIONS

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