Newlink Technology Inc. — Annual Report 2025

Mar 27, 2026

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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**NEWLINK TECHNOLOGY INC. 新 紐 科 技 有 限 公 司 ***

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 9600)

ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2025

FINANCIAL HIGHLIGHTS OF ANNUAL RESULTS

Revenue Gross profit Loss before tax Income tax (expenses) credit Loss for the year Loss for the year attributable to: Owners of the Company Non-controlling interests	For the year ended 31 December 2025 2024 RMB’000 RMB’000 308,729 278,822 43,431 38,869 (188,267) (96,068) (46) 3,049 (188,313) (93,019) (187,937) (92,463) (376) (556) (188,313) (93,019)

• For identification purposes only

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Total assets Total liabilities Equity attributable to the owners of the Company Non-controlling interests Total equity	At 31 December 2025 2024 RMB’000 RMB’000 748,278 882,822 206,483 143,384 542,001 739,268 (206) 170 541,795 739,438	At 31 December 2025 2024 RMB’000 RMB’000 748,278 882,822 206,483 143,384 542,001 739,268 (206) 170 541,795 739,438
		739,438

In this announcement, “we”, “us”, “our” and “Newlink Technology” refer to the Company (as defined below) and where the context otherwise requires, the Group (as defined below).

The board (the “ Board ”) of directors (the “ Director(s) ”) of Newlink Technology Inc. (the “ Company ”, together with its subsidiaries, the “ Group ”) hereby announces that the consolidated annual results of the Group for the year ended 31 December 2025 (the “ Reporting Period ”), together with the comparative figures for the year ended 31 December 2024 are as follows.

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS

For the year ended 31 December 2025

Notes REVENUE 5 Cost of sales and services rendered 8 GROSS PROFIT Other income and gains 6 Changes in fair value of investment properties Changes in fair value of equity investments at fair value through profit or loss Changes in fair value of contingent consideration Allowance for expected credit losses on trade receivables, contract assets and other receivables, net 8 Impairment losses on property and equipment, right-of-use assets and intangible assets 8 Reversal of impairment losses on investment in an associate Selling and distribution expenses Administrative expenses Research and development expenses 8 Other expenses Finance costs 7 Share of results of an associate LOSS BEFORE TAX 8 Income tax (expenses) credit 9 LOSS FOR THE YEAR LOSS FOR THE YEAR ATTRIBUTABLE TO: Owners of the Company Non-controlling interests LOSS FOR THE YEAR LOSS PER SHARE Basic and diluted 11	For the year ended 31 December 2025 2024 RMB’000 RMB’000 308,729 278,822 (265,298) (239,953) 43,431 38,869 8,405 12,054 (1,572) – (25,508) (11,326) 1,576 – (56,504) (1,595) (17,800) – – 1,838 (20,642) (16,166) (52,508) (45,790) (61,153) (71,524) (1,976) (691) (1,543) (1,969) (2,473) 232 (188,267) (96,068) (46) 3,049 (188,313) (93,019) (187,937) (92,463) (376) (556) (188,313) (93,019) RMB cents RMB cents (20.04) (10.44)	For the year ended 31 December 2025 2024 RMB’000 RMB’000 308,729 278,822 (265,298) (239,953) 43,431 38,869 8,405 12,054 (1,572) – (25,508) (11,326) 1,576 – (56,504) (1,595) (17,800) – – 1,838 (20,642) (16,166) (52,508) (45,790) (61,153) (71,524) (1,976) (691) (1,543) (1,969) (2,473) 232 (188,267) (96,068) (46) 3,049 (188,313) (93,019) (187,937) (92,463) (376) (556) (188,313) (93,019) RMB cents RMB cents (20.04) (10.44)
		(93,019)
		RMB cents (10.44)

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 December 2025

LOSS FOR THE YEAR OTHER COMPREHENSIVE (LOSS) INCOME: Item that will not be reclassified to profit or loss: Revaluation surplus on transfer of owned properties to investment properties Exchange difference arising on translation from functional currency to presentation currency of the Company Item that may be reclassified subsequently to profit or loss: Exchange differences arising from translation of foreign operations OTHER COMPREHENSIVE (LOSS) INCOME FOR THE YEAR, NET OF TAX TOTAL COMPREHENSIVE LOSS FOR THE YEAR TOTAL COMPREHENSIVE LOSS FOR THE YEAR ATTRIBUTABLE TO: Owners of the Company Non-controlling interests	2025 RMB’000 (188,313) – (8,539) (8,539) (791) (9,330) (197,643) (197,267) (376) (197,643)	2024 RMB’000 (93,019) 9 6,790 6,799 610 7,409 (85,610) (85,054) (556) (85,610)

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 31 December 2025

Notes NON-CURRENT ASSETS Investment properties Property and equipment Right-of-use assets Intangible assets 12 Goodwill Investment in an associate Equity investments at fair value through profit or loss Contract assets Long-term deposits and prepayments Deferred tax assets CURRENT ASSETS Inventories Trade receivables 13 Contract assets 14 Equity investments at fair value through profit or loss Prepayments, deposits and other receivables Amount due from a related party Pledged deposits Restricted bank balances Bank balances and cash CURRENT LIABILITIES Trade payables 15 Contract liabilities 16 Other payables and accruals Dividends payable Interest-bearing bank borrowings Lease liabilities Contingent consideration Tax payable	2025 RMB’000 9,692 10,724 8,590 63,697 36,724 3,896 13,300 – 8,555 381 155,559 1,414 190,405 90,867 11,873 8,119 2,228 829 3,273 283,711 592,719 121,445 17,711 26,081 6 30,000 5,112 – 490 200,845	2024 RMB’000 (restated) 11,264 15,280 12,160 100,169 36,724 6,369 23,438 676 7,849 505
		214,434
		1,831 159,087 108,479 28,157 12,435 6,842 3,317 1,435 346,805
		668,388
		60,856 15,656 12,835 7 20,000 3,505 21,000 2
		133,861

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

At 31 December 2025

NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NON-CURRENT LIABILITIES Lease liabilities Deferred tax liabilities NET ASSETS CAPITAL AND RESERVES Share capital Reserves Equity attributable to owners of the Company Non-controlling interests TOTAL EQUITY	391,874 547,433 5,638 – 5,638 541,795 7 541,994 542,001 (206) 541,795 2025 RMB’000	534,527 2024 RMB’000
		748,961
		9,033 490
		9,523
		739,438
		7 739,261
		739,268 170
		739,438

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the year ended 31 December 2025

1. GENERAL INFORMATION

Newlink Technology Inc. (the “ Company ”) was incorporated and registered as an exempted company with limited liability in the Cayman Islands under the Companies Law of the Cayman Islands on 8 November 2019 with its shares listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”) on 6 January 2021. The address of the Company’s registered office is PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The address of the Company’s principal place of business in Hong Kong was changed from room 2910, Bank of America Tower, 12 Harcourt Road, Central, Hong Kong to Unit 06 on 20th Floor of Harbour Centre, No.25 Harbour Road, Wan Chai, Hong Kong with effect from 31 March 2025, and the headquarters and principal place of business in the People’s Republic of China (hereafter, the “ PRC ”) is 5/F., Tower A, Xueqing Jiachuang Building, Xueqing Road, Haidian District, Beijing, the PRC.

The Company is an investment holding company. The Company and its subsidiaries (collectively referred to as the “ Group ”) are principally engaged in the business of software development and maintenance in the PRC.

In the opinion of the directors of the Company, the immediate holding company and the ultimate holding company of the Company is Nebula SC Holdings Limited, a company incorporated in British Virgin Islands, while the ultimate beneficial owner of the Company is Mr. Zhai Shuchun, an executive director of the Company.

2. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

These consolidated financial statements have been prepared in accordance with HKFRS Accounting Standards, which collective term includes all applicable Hong Kong Financial Reporting Standards (“ HKFRSs ”), Hong Kong Accounting Standards (“ HKASs ”) and Interpretations issued by the Hong Kong Institute of Certified Public Accountants (the “ HKICPA ”), accounting principles generally accepted in Hong Kong and the applicable disclosure requirements of the Companies Ordinance. These consolidated financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “ Listing Rules ”).

All amounts have been rounded to the nearest thousand, unless otherwise indicated.

3. APPLICATION OF NEW AND AMENDMENTS TO HKFRS ACCOUNTING STANDARDS

These consolidated financial statements have been prepared on a basis consistent with the accounting policies adopted in the 2024 consolidated financial statements except for the adoption of the revised HKFRS Accounting Standards that are relevant to the Group and effective from the current year.

Adoption of revised HKFRS Accounting Standard

Amendments to HKAS 21 Lack of Exchangeability

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3. APPLICATION OF NEW AND AMENDMENTS TO HKFRS ACCOUNTING STANDARDS (CONTINUED)

Adoption of revised HKFRS Accounting Standard (Continued)

Amendments to HKAS 21: Lack of Exchangeability

The amendments require an entity to apply a consistent approach to assessing whether a currency is exchangeable into another currency and, when it is not, to determining the exchange rate to use and the disclosures to provide.

The adoption of the amendments does not have any significant impact on the consolidated financial statements.

Future changes in HKFRS Accounting Standards

At the date of authorisation of these consolidated financial statements, the HKICPA has issued the following new/revised HKFRS Accounting Standards that are not yet effective for the current year, which the Group has not early adopted.

Amendments to HKFRS 9 and HKFRS 7	Amendments to the Classification and Measurement of
	Financial Instruments1
Annual Improvements to HKFRS	Volume 111
Accounting Standards
Amendments to HKFRS 9 and HKFRS 7	Contracts Referencing Nature-dependent Electricity1
HKFRS 18	Presentation and Disclosure in Financial Statements2
HKFRS 19	Subsidiaries without Public Accountability: Disclosures2
Amendments to HKAS 21	Translation to Hyperinflationary Presentation Currency2
Amendments to HKFRS 10 and HKAS 28	Sale or Contribution of Assets between an Investor and its
	Associate or Joint Venture3

• 1 Effective for annual periods beginning on or after 1 January 2026

• 2 Effective for annual periods beginning on or after 1 January 2027

• 3 The effective date to be determined

The directors do not anticipate that the adoption of the new/revised HKFRS Accounting Standards in future periods will have any material impact on the Group’s financial position and performance.

4. OPERATING SEGMENT INFORMATION

The Group’s operating activities are attributable to a single operating and reporting segment focusing primarily on the provision of IT solution services in the PRC. This operating segment has been identified on the basis of internal management reports reviewed by the chief operating decision-makers (the “ CODM ”), being the executive directors of the Company. The CODM mainly reviews revenue derived from the provision of software development services, technical and maintenance services and sale of standard software, which are measured in accordance with the Group’s accounting policies. The financial information reported to the CODM is reflected through the overall operating performance of the Group for resource allocation and performance evaluation. Accordingly, no segment information is presented.

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4. OPERATING SEGMENT INFORMATION (CONTINUED)

Geographical information

During the year, the Group operated within one geographical segment because all of its revenue was generated in the PRC and all of its long-term assets/capital expenditure were located/incurred in the PRC. Accordingly, no geographical segment information is presented.

Information about major customers

Revenue from customers individually contributing 10% or more of the total revenue of the Group during the years ended 31 December 2025 and 2024 is as follows:

		2025	2024
		RMB’000	RMB’000
Customer	1	*	55,589
Customer	2	*	33,266
Customer	3	35,837	30,671
Customer	4	37,649	*

• The corresponding revenue of the customer is not disclosed as the revenue individually did not account for 10% or more of the Group’s revenue for the respective year.

5. REVENUE

Revenue from contracts with customers within HKFRS 15 Software development services Technical and maintenance services Sale of standard software Timing of revenue recognition Goods transferred at a point in time Services transferred over time	2025 RMB’000 274,484 29,939 4,306 308,729 4,306 304,423 308,729	2024 RMB’000 243,195 26,982 8,645
		278,822
		8,645 270,177
		278,822

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5. REVENUE (CONTINUED)

The following table shows the amounts of revenue recognised in the current reporting period that were included in the contract liabilities at the beginning of the reporting period:

Revenue recognised that was included in contract liabilities at the beginning of the reporting period: Software development services Technical and maintenance services	2025 RMB’000 7,981 1,578 9,559	2024 RMB’000 5,861 2,844
		8,705

6. OTHER INCOME AND GAINS

Bank interest income Rental income Value Added Tax (“VAT”) refunds and other tax subsidies (Note) Others	2025 RMB’000 5,452 619 1,991 343 8,405	2024 RMB’000 9,077 795 1,558 624
		12,054

Note: Refunds of VAT on software products represent the refund upon payment of VAT with respect to the portion of any effective VAT rate in excess of 3% in respect of software product sales of the Group pursuant to the principles of the State Council document entitled “Certain Policies to Encourage the Development of Software Enterprise and the IC Industry” and the approval of the state taxation authorities.

7. FINANCE COSTS

Interest expense on interest-bearing bank borrowings Interest on lease liabilities	2025 RMB’000 894 649 1,543	2024 RMB’000 722 1,247
		1,969

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8. LOSS BEFORE TAX

This is arrived at after charging (crediting):

Cost of inventories sold Cost of sales and services rendered Research and development expenses: Amortisation of deferred development costs (Note (i)) Amortisation of software licenses (Note (i)) Current year expenditure Employee benefit expense (including directors’ and chief executives’ remuneration): Wages and salaries Pension scheme contributions (defined contribution scheme) Termination benefits Auditors’ remuneration: Audit fee Non-audit fee Gross rental income from investment properties Less: direct operating expenses for investment properties that generated rental income during the year Net rental income Depreciation of property and equipment Depreciation of right-of-use assets Amortisation of intangible assets (Note (i)) Impairment losses on property and equipment Impairment losses on right-of-use assets Impairment losses on intangible assets Allowance for expected credit loss (“ECL”) on trade receivables Reversal of allowance for ECL on other receivables (Reversal of) allowance for ECL on contract assets Reversal of impairment losses on investment in an associate Foreign exchange differences, net	2025 RMB’000 3,778 261,520 265,298 37,941 9,244 13,968 61,153 146,741 26,226 3,017 175,984 2,175 450 (619) 165 (454) 2,409 5,145 54,179 3,000 1,600 13,200 56,723 (50) (169) – 55	2024 RMB’000 7,246 232,707 239,953 37,211 10,523 23,790 71,524 126,670 23,232 2,649 152,551 1,492 450 (795) 132 (663) 2,198 6,868 51,651 – – – 1,561 – 34 (1,838) (252)

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Note:

• (i) The total amortisation of intangible assets of RMB54,179,000 (2024: RMB51,651,000) for the year is included in cost of sales, selling and distribution expenses, administrative expenses and research and development expenses amounting to RMB3,206,000, RMB1,230,000, RMB2,558,000 and RMB47,185,000 (2024: RMB1,003,000, RMB888,000, RMB2,026,000 and RMB47,734,000) respectively. The amortisation of deferred development costs and software licenses classified under research and development expenses is included in the amortisation of intangible assets.

9. INCOME TAX EXPENSES (CREDIT)

The amount of taxation in the consolidated statement of profit or loss and other comprehensive income represents:

Current income tax Hong Kong PRC Enterprise Income Tax (“EIT”) Deferred tax	2025 RMB’000 – 412 412 (366) 46	2024 RMB’000 – 17 17 (3,066) (3,049)

The Group is subject to income tax on an entity basis on profits arising in or derived from the jurisdictions in which members of the Group are domiciled and operated.

(i) Cayman Islands

The Company was incorporated in the Cayman Islands as an exempted company with limited liability under the Companies Law of the Cayman Islands and accordingly is not subject to income tax.

(ii) Hong Kong

Hong Kong Profits Tax has been provided at the rate of 16.5% (2024: 16.5%) on the Group’s estimated assessable profits arising from Hong Kong during the year. The Group incurred a loss for taxation purposes for the years ended 31 December 2025 and 2024.

(iii) The PRC

Pursuant to the PRC on EIT Law and the respective regulations, the subsidiaries in the PRC are subject to income tax at a statutory rate of 25% during the year, except for certain subsidiaries which obtained the “ High and New Technology Enterprise ” qualification with preferential tax rate of 15% (2024: 15%).

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10. DIVIDENDS

No dividends in respect of the years ended 31 December 2025 and 2024 have been paid or declared by the Group during the years ended 31 December 2025 and 2024.

11. LOSS PER SHARE

The calculation of the basic loss per share attributable to owners of the Company is based on the following data:

Loss Loss for the year attributable to owners of the Company for the purpose of calculation of basic and diluted loss per share Number of shares Weighted average number of ordinary shares for the purpose of calculation of basic and diluted loss per share	2025 RMB’000 (187,937) 2025 937,864,480	2024 RMB’000 (92,463) 2024 885,706,579

No diluted loss per share has been presented for both years as there were no potential dilutive ordinary shares in issue.

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12. INTANGIBLE ASSETS

Reconciliation of carrying amount – year ended 31 December 2024 At beginning of the year Additions – acquired Additions – internal development Amortisation At the end of reporting period Reconciliation of carrying amount – year ended 31 December 2025 At beginning of the year Additions – acquired Additions – internal development Impairment losses Amortisation At the end of reporting period At 31 December 2024 Cost Accumulated amortisation Net carrying amount At 31 December 2025 Cost Accumulated amortisation and impairment losses Net carrying amount	Software licenses RMB’000 38,327 10,548 – (14,440) 34,435 34,435 11,817 – (6,935) (15,156) 24,161 85,602 (51,167) 34,435 97,419 (73,258) 24,161	Deferred development costs RMB’000 84,034 – 18,911 (37,211) 65,734 65,734 – 19,090 (6,265) (39,023) 39,536 143,595 (77,861) 65,734 162,685 (123,149) 39,536	Total RMB’000 122,361 10,548 18,911 (51,651) 100,169 100,169 11,817 19,090 (13,200) (54,179) 63,697 229,197 (129,028) 100,169 260,104 (196,407) 63,697

Software licenses represent rights to extract software for the production of IT software solution in the PRC, which are amortised on a straight-line basis over 5 years.

Deferred development costs represent costs incurred at the development phase of internal projects on software development, which mainly consists of hardware and software tools, staff cost and depreciation of property and equipment etc., which are capitalised and, if available for use, amortised under the straightline basis over 3 years. This asset is tested for impairment where an indicator of impairment appears and, if not yet available for use, tested annually.

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13. TRADE RECEIVABLES

Trade receivables Less: allowance for ECLs	2025 RMB’000 292,006 (101,601) 190,405	2024 RMB’000 203,965 (44,878)
		159,087

Trade receivables represented the outstanding invoiced values for software development services, technical and maintenance services and sale of standard software receivable from the customers.

The Group’s trading terms with its customers are mainly on credit. For software development services, the credit period granted to the customers is normally 30 to 180 days upon issuance of invoice and receipt of acceptance from customers during the course of contracts. The forms of acceptance evidenced the satisfaction from the customers of the progress of completion. For technical and maintenance services, the credit period granted to the customers is normally due upon completion of the service or 30 to 180 days from the date of billing. For the sale of standard software, the credit period granted to the customers is normally 30 to 180 days after the goods were accepted by the customers, except for new customers, where payment in advance is normally required.

The Group seeks to maintain strict control over its outstanding receivables and has a credit control department to minimise the credit risk. Overdue balances are reviewed regularly by senior management. In view of the aforementioned and the fact that the Group’s trade receivables relate to a number of the largest state-owned financial institutions, hospitals, state-owned companies and large listed companies in the PRC, there is certain concentration of credit risk. The Group does not hold any collateral or other credit enhancements over its trade receivable balances. Trade receivables are non-interest-bearing.

The following is an ageing analysis of the trade receivables as at the end of the reporting periods, based on the recognition date of gross trade receivables and net of allowance for ECLs:

Within 90 days 91 to 180 days 181 days to 365 days 1 year to 2 years 2 years to 3 years Over 3 years	2025 RMB’000 70,270 8,958 36,790 45,423 18,313 10,651 190,405	2024 RMB’000 28,412 9,475 38,490 39,232 31,737 11,741
		159,087

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14. CONTRACT ASSETS

The movements (excluding those arising from increases and decreases both occurred within the same year) of contract assets from contracts with customers within HKFRS 15 during the year are as follows:

At 1 January Transferred to trade receivables Recognition of revenue Reversal of (Allowance) for ECL At 31 December Classified as: Current assets Non-current assets	2025 RMB’000 109,155 (96,731) 78,274 169 90,867 90,867 – 90,867	2024 RMB’000 119,863 (118,851) 108,177 (34)
		109,155
		108,479 676
		109,155

Contract assets are initially recognised for revenue earned from software development services as the receipt of consideration is conditional on the successful acceptance by the customers. Upon completion of the contracts and acceptance by the customer, the amounts recognised as contract assets are reclassified to trade receivables.

At 31 December 2025, none of the contract assets are expected to be recovered after 12 months (2024: RMB676,000).

15. TRADE PAYABLES

The aging analysis of trade payables at the end of the reporting periods, based on the invoice date is as follows:

Within 3 months 3 to 6 months 6 months to 1 year Over 1 year	2025 RMB’000 57,278 213 30,076 33,878 121,445	2024 RMB’000 18,959 286 16,396 25,215
		60,856

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16. CONTRACT LIABILITIES

The movements (excluding those arising from increases and decreases both occurred within the same year) of contract liabilities from contracts with customers within HKFRS 15 during the year are as follows:

At 1 January Recognised as revenue Receipt of advances or recognition of receivables At 31 December	2025 RMB’000 15,656 (9,559) 11,614 17,711	2024 RMB’000 14,412 (8,705) 9,949
		15,656

At 31 December 2025, none of the contract liabilities are expected to be recognised as revenue after more than 12 months (2024: Nil).

Unsatisfied or partially unsatisfied performance obligations

Some of the performance obligations that are unsatisfied (or partially unsatisfied) at 31 December 2025 (2024: some) are part of contracts that have an original expected duration of one year or less.

The amount of transaction price allocated to the remaining performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period is as follows:

Expected timing of revenue recognition: Within 1 year More than 1 year but within 2 years	2025 RMB’000 123,023 58,809 181,832	2024 RMB’000 100,705 33,174
		133,879

The amounts disclosed above do not include variable consideration that is constrained.

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CHAIRMAN’S STATEMENT

Dear Shareholders,

In 2025, the global industrial landscape underwent profound adjustments, and the wave of the digital economy surged forward. Newlink Technology carved a path through breakthroughs in innovation and stood firm on the foundation of technology. Focusing on core sectors such as artificial intelligence and big data analytics, the Group has deeply developed key industries including finance, healthcare, and transportation. It has continuously refined full-scenario solutions and has built a multidimensional value network encompassing “products, scenarios and ecosystem development”. In 2025, the Group’s revenue from artificial intelligence solutions increased by 36.8% year-on-year, reaching RMB150.9 million.

In 2025, the Group achieved growth in both revenue and gross profit. It recorded revenue of RMB308.7 million, an increase of 10.7% from 2024, and a gross profit of RMB43.4 million, an increase of 11.6% from 2024. In addition, as of the end of 2025, the value of the Group’s contracts signed but unrecognized revenue increased by 29.7% year-on-year to RMB99.6 million, laying the foundation for sustained revenue growth in 2026. The Group’s major customer base remained stable in 2025, covering many well-known brand customers in industries such as finance, healthcare, transportation, electric power, and communications, including 12 Fortune Global 500 customers and 17 Top 500 Chinese customers. While revenue from principal business continued to grow, the gross trade receivables of the Group as at the end of 2025 (before deduction of expected credit losses) increased by RMB88.0 million from the end of 2024 to RMB292.0 million. The allowance for expected credit losses on trade receivables increased by RMB56.7 million to RMB101.6 million, which was the primary factor contributing to a further increase in the loss recorded.

In 2025, the Company and subsidiaries under the Group each received numerous honors in the application of innovative technology, among which the Company received awards including “Hainuo Award – 2025 Service Innovation Model Enterprise（海諾獎－2025服務創新典範企業）”; and the “2025 Tech Innovation Leadership Award（2025科技創新引領獎）” at the 14th Financial Summit and 2025 New Quality Productive Forces Entrepreneurs Conference（第十四屆財經峰會暨2025新質生產力企業 家大會）; the main operating entity under the Group, Beijing Newlink, received awards including: the “Golden Ding Product Award（金鼎產品獎）” in the financial category of the 3rd “Dingxin Cup（鼎信 杯）” Competition, hosted by the China Software Testing and Evaluation Centre (Ministry of Industry and Information Technology, Software and Integrated Circuit Promotion Centre), for its independently developed IT solution “IFR Financial Intelligent Process Robot Based on Newlink RPA V4.0（基於 Newlink RPA V4.0的IFR財務智能流程機器人）”; the “Xiamen International Bank Cup（廈門國際銀 行杯）” Outstanding Innovation Project award at the “2025 Digital Finance Exchange Seminar and ‘Xiamen International Bank Cup’ Digital Finance Innovation and Entrepreneurship Competition（2025數 字金融交流研討會暨‘廈門國際銀行杯’數字金融創新創業大賽）” for its independently developed “Digital and Intelligent Energy Supply Chain Financial Service Platform（數智化能源供應鏈金融服務 平台）”; the “5th Excellent Case Award for Digital Financial Service Innovation and Scenario Application in 2025（ 2025第5屆數字金融服務創新與場景應用案例優秀案例獎）” for its independently developed “Digital and Intelligent Energy Supply Chain Financial Service Platform（數智

— 18 —

化能源供應鏈金融服務平台）”; and was selected for the 2025 List of Beijing Enterprise Innovation Credit Leading Units（2025年度北京市企業創新信用領跑單位名單）in the 2025 Beijing Enterprise Innovation Credit Leading Action（2025年度北京市企業創新信用領跑行動）.

In 2025, we deeply embedded the ESG philosophy into the entire process of our corporate operations and management, putting social responsibility into practice through concrete actions and demonstrating our brand’s compassion through our commitment to our responsibilities. From perfecting our governance system to implementing social responsibility practices, and from promoting green development to empowering industrial upgrading, our fulfillment of responsibilities has garnered extensive acclaim. We were awarded the “Most Socially Responsible Listed Company Award（最具社會責任上市公司獎）” at the 13th Capital Power Annual Brand Event（第十三屆資本力量年度品牌活動）, and received two honors, the “Ona Award – 2025 Annual Responsible Technology Company（奧納獎－2025年度責任科 技公司）” and the “Ona Award – 2025 Annual Outstanding Responsible Enterprise（奧納獎－2025年度 責任優秀企業）” at the 2025 (8th) Social Responsibility Conference（2025（第八屆）社會責任大會）. Establishing the enterprise with responsibility and operating with integrity, while achieving our own development, we strive to create greater social value and interpret the mission and responsibility of a technology enterprise in the new era.

2026 marks the sixth anniversary of the Newlink Technology’s listing on the Main Board of the Hong Kong Stock Exchange, and it is also a pivotal year for building a solid foundation to scale new heights, and forging ahead with collective resolve. Leveraging the favorable momentum of the capital markets, we completed a new share placing in February 2026. The net proceeds from the placing, after deduction of the placing commission and other related expenses, amounted to HK$17.9 million, which laid a sound foundation for strengthening our high-quality development and ensuring a steady operational layout. The support from the capital markets has bolstered our confidence to march forward with courage and resilience, providing the concrete support for technology research and development, market expansion, and talent recruitment and development. This has enabled the Group to move forward steadily and achieve long-term success on the digital transformation.

In 2026, the Group will uphold long-term, stable, and high-quality development as its values and continuously optimize its customer structure. By accumulating extensive experience in serving leading institutions and industry-leading enterprise customers, the Group will gradually improve the turnover efficiency of its trade receivables and ensure its steady, healthy and sustainable operation. By continuously enhancing operating performance, optimizing asset allocation, and strengthening cash flow management, the Group will enhance its operational resilience and risk resistance, thereby steadily achieving a dual improvement in operating quality and development efficiency.

Mr. ZHAI Shuchun

Chairman and Chief Executive Officer

27 March 2026

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BUSINESS REVIEW AND OUTLOOK

Overview

As a leading technology-driven IT solution service provider in China with the development of proprietary software products as its core, Newlink Technology has long been focusing on the research and development and scenario-based implementation of cutting-edge technologies such as artificial intelligence and big data analytics, and is committed to providing high-value-added IT solutions and professional services for customers in key industries, including finance, healthcare, transportation and logistics, as well as general industry customers.

The Group has always been committed to independent innovation and technological research and development, continuously promoting investment in the research and development and application innovation of new products and new technologies, and facilitating the deep integration of products and services. Leveraging core solutions such as Robotic Process Automation (RPA), smart park, and medical and health care big data intelligent management, the Company comprehensively utilizes key technologies including data mining and analysis, cloud-based computing, distributed database, intelligent control, knowledge graph and deep learning to provide customers with integrated information technology solutions tailored to business scenarios that enhance their core competitiveness, thereby continuously solidifying and improving its market position and comprehensive competitiveness in advantageous industries such as finance, healthcare and transportation.

Business Review

In 2025, the Group achieved revenue of RMB308.7 million, representing a 10.7% year-on-year increase compared to 2024. Among them, revenue from software development services business accounted for 88.9% of the Group’s total revenue, reaching RMB274.5 million, representing a year-on-year increase of 12.9%; revenue from technical and maintenance support services amounted to RMB29.9 million, representing a year-on-year increase of 10.7%; revenue from standard software sales business amounted to RMB4.3 million, representing a significant year-on-year decrease. However, as this segment accounted for a very small proportion of the Group’s total revenue, it did not affect the overall year-onyear revenue growth trend in 2025. In 2025, the Group’s gross profit increased by 11.6% to RMB43.4 million as compared to 2024.

In 2025, although the Group achieved a year-on-year increase in revenue and gross profit, primarily due to the effect of a significant year-on-year increase of RMB54.9 million in the provision for expected credit losses on trade receivables, contract assets and other receivables, newly recognized impairment losses of RMB17.8 million on property and equipment, right-of-use assets and intangible assets, and a significant year-on-year increase of RMB14.2 million in losses arising from the fair value change on equity investments at fair value through profit or loss, the Group recorded a loss that increased by RMB95.3 million compared to 2024.

— 20 —

In 2025, the Group deepened its strategy of diversified and synergistic development by integrating internal resources and expanding into external markets, moving forward with determination and a longterm vision. In 2025, the Group’s revenue from regions outside Chinese Mainland increased by 4.6 times year-on-year to RMB5.6 million, of which artificial intelligence solutions accounted for 92.9%. Internally, the Company eliminated silos between subsidiaries, leveraged complementary resources, and promoted the differentiated implementation of its flagship products. Our major subsidiaries successfully obtained TMMi Level 3 certification and Information System Construction and Service Capability (CS2) certification, fortifying the solid foundation of our technical services. Externally, the Company anchored its core foothold in the Greater Bay Area, radiating outward to expand into regional markets nationwide and intensifying its market penetration. Furthermore, the Company was invited to attend the Sixth Public Hospital High-Quality Innovative Development Exchange Conference and deliver a keynote speech, promoting the in-depth implementation of its digital healthcare solutions. With synergistic effects fully unleashed and the business footprint continuously expanding, a multi-faceted development pattern has emerged, injecting inexhaustible momentum into our high-quality development.

Outlook

In 2026, the Group will adhere to the core development objective of being driven by both technological R&D innovation and business model innovation. It will achieve this by deepening subsidiary coordination mechanisms and establishing a cross-system resource exchange platform, integrating internal and external technology supply chains to create a hub for innovation elements, and constructing a customer experience monitoring matrix to achieve dynamic real-time feedback on the demand side, thus building a long-term growth engine through a systematic implementation path.

Meanwhile, we will continue to strengthen the differentiated competitive advantage of flagship products and establish customer segmentation models, extend the technology innovation-related product spectrum and build a multi-scenario solution library, implement a dual-track expansion strategy combining “core market penetration with emerging market development”, and holistically strengthen core competitiveness across three key dimensions: product, ecosystem and market.

In addition, the Group will further explore the value potential of regional strategic layout by advancing the establishment of localized operation centers to improve the regional market response network; formulating differentiated promotion plans to facilitate cross-regional replication and distinctive upgrades of products and solutions; and building a channel partner capability empowerment system to enhance end-market coverage density.

FINANCIAL REVIEW

The Group’s financial performance in 2025 reflects a disciplined yet forward-looking approach to resource management. The Group achieved solid revenue growth while maintaining gross profit at a stable level. Enhanced liquidity, controlled leverage, and strategic investments in market expansion and innovation continue to position the Group favourably for sustained long-term growth.

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Revenue

During the Reporting Period, the majority of the Group’s revenue continued to be derived from its IT solutions services business. This business involves the provision of integrated IT solutions to customers, encompassing software development, technical support and maintenance services, sales of standard software products, and other related services, all customised to address their specific requirements.

The Group’s IT solutions are categorised into traditional solutions and innovative solutions. Innovative solutions are powered by advanced technologies such as artificial intelligence and big data analytics, and are delivered to customers in key sectors including finance, healthcare and transportation in both customised and standardised formats. Traditional solutions, meanwhile, are primarily utilised in the finance and transportation sectors.

In 2025, the Group recorded a revenue of RMB308.7 million, representing an increase of 10.7% from RMB278.8 million in 2024. The increase in the Group’s revenue in 2025 was mainly due to the increase in the revenue of software development services.

The following analysis sets forth a breakdown of our revenue for the year of 2025 and 2024, respectively.

Software development services

In 2025, our revenue from software development services amounted to RMB274.5 million, accounting for 88.9% of the total revenue of the Group and representing a year-on-year increase of 12.9% as compared with 2024. Among the revenue from software development services, revenue from innovative solutions amounted to RMB164.8 million, accounting for 60.0% of our revenue from software development services. The innovative software development service is a critical component of business revenue of the Group, encompassing a portfolio of advanced products, mainly including robotic process automation (RPA) solutions, medical and healthcare big data intelligent management solutions and others. These innovative products are developed through the application of a range of advanced technologies, including data mining and analysis, cloud-based computing, distributed database management, knowledge graphs, and deep learning, which have successfully served customers in industries such as financial institutions, medical establishments, and large-scale state-owned and privately-owned enterprises in the transportation and logistics industries.

Technical and maintenance services

Our revenue from technical and maintenance services in 2025 amounted to RMB29.9 million, representing an increase of 10.7% from RMB27.0 million in 2024. In 2025, the revenue from technology and maintenance services accounted for a relatively low proportion of the Group’s total revenue, at only 9.7%.

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Sales of standard software

In 2025, our revenue from sales of standard software amounted to RMB4.3 million, only accounting for 1.4% of the total revenue of the Group. Revenue from the innovative solutions amounted to RMB3.6 million, accounting for 83.7% of our revenue from sale of standard software. In 2025, the Group’s innovative solutions that generate revenue through the sales of standard software mainly include products such as the medical quality control and the intelligent healthcare platform.

Cost of sales and services rendered

Our cost of sales and services rendered increased by 10.5% from RMB240.0 million in 2024 to RMB265.3 million in 2025, mainly due to greater implementation cost associated with the increased revenue of software development services business.

Gross profit and gross profit margin

Our gross profit increased by 11.6% from RMB38.9 million in 2024 to RMB43.4 million in 2025. Our gross profit margin increased from 14.0% in 2024 to 14.1% in 2025. The increase in gross profit and increase in gross profit margin were mainly due to that increase in cost of sales from the software development services business which was less than the increase in revenue therefrom.

Other income and gains

In 2025, the Group’s other income and gains were RMB8.4 million, representing a decrease of 30.6% as compared with 2024, primarily due to the decrease in bank interest income.

Changes in fair value of investment properties

In 2025, the Group recorded a loss on change in fair value of investment properties of a total of RMB1.6 million.

Change in fair value of equity investments at fair value through profit or loss

In 2025, the Group recorded loss arising from change in fair value of equity investments at fair value through profit or loss of a total of RMB25.5 million, which was mainly attributable to unrealised losses arising from changes in the fair value of listed equity securities acquired in the secondary market.

Change in fair value of contingent consideration

During the Reporting Period, the Group recorded a gain on change in fair value of contingent consideration of a total of RMB1.6 million in relation to the acquisition of the subsidiary, Beijing Neusoft Yuetong Software Technology Co., Ltd. (北京東軟越通軟件技術有限公司, “ Neusoft Yuetong ”).

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Allowance for expected credit losses on trade receivables, contract assets and other receivables, net

The Group recorded allowance for expected credit losses on trade receivables, contract assets and other receivables, net of RMB56.5 million in 2025, which was mainly due to the increase in expected credit losses on trade receivables balances for more than three years.

Impairment losses on non-current assets

Our impairment losses on non-current assets was totalled at RMB17.8 million for the year ended 31 December 2025. We recorded impairment losses of RMB3.0 million on property and equipment, RMB1.6 million on right-of-use assets and RMB13.2 million on intangible assets.

Selling and distribution expenses

Our selling and distribution expenses increased by 27.2% from RMB16.2 million in 2024 to RMB20.6 million in 2025. The increase in selling and distribution expenses was mainly due to the rise in personnel-related costs during the Reporting Period.

Administrative expenses

Our administrative expenses increased by 14.6% from RMB45.8 million in 2024 to RMB52.5 million in 2025. The increase in administrative expenses was mainly due to higher service fees incurred for the Company’s daily operations and management activities and increase in employee compensation, including salaries and allowances.

Research and development expenses

In 2025, our research and development expenses amounted to RMB61.2 million, representing a decrease of 14.4% as compared with RMB71.5 million in 2024, primarily due to decrease in the number of research and development personnel resulting in a corresponding decrease in salaries and related costs.

Since its listing, the Group has continuously invested heavily in research and development. On the one hand, it has invested in the research and development of corresponding solutions according to the utilization plan of the raised funds; and on the other hand, it has also accelerated in terms of investing heavily in the research and development of technologies related to artificial intelligence and big data analysis. As of 31 December 2025, the Group had a total of 261 items of software copyrights, including 24 items of software copyrights newly formed by developing or upgrading innovative solutions in the year 2025, accounting for 88.9% of the total 27 items of software copyrights newly developed in the year 2025.

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Other expenses

In 2025, our other expenses amounted to RMB2.0 million, representing an increase as compared with RMB0.7 million in 2024, primarily comprised of donation expense and write-down on inventories.

Finance costs

In 2025, our finance costs decreased from RMB2.0 million in 2024 to RMB1.5 million, which remained relatively stable, primarily comprised of interest expenses on interest-bearing bank borrowings and interest on lease liabilities.

Share of results of an associate

During the Reporting Period, the Company recorded share of investment loss of an associate of RMB2.5 million, which was due to the associate, Beijing Heshun Huikang Technology Co., Ltd.（北京和順慧康 科技有限公司）, which is invested in by the Group’s acquired subsidiary, Neusoft Yuetong, incurring losses in the year of 2025.

Loss before tax

As a result of the foregoing, we recorded a loss before tax of RMB188.3 million in 2025, representing a year-on-year increase of RMB92.2 million.

Income tax expense

We recorded income tax expense of RMB0.05 million in 2025 as compared to income tax credit of RMB3.0 million in 2024, mainly due to the decrease in deferred income tax credit.

Loss for the year

Due to the above reasons, we recorded a loss for the year of RMB188.3 million in 2025, representing an increase of 102.5% as compared to a loss for the year of RMB93.0 million in 2024, mainly due to the increase in allowance for expected credit losses on trade receivables and contract assets, net, impairment losses on property and equipment, right-of-use assets and intangible assets and the loss on change in fair value of equity investments at fair value through profit or loss, as well as other factors.

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Liquidity, financial and capital resources

In 2025, we financed our capital expenditure and working capital requirements mainly through cash generated from operations, bank borrowings and net proceeds from the Global Offering and the 2024 Placing. As of 31 December 2025, the Group’s total available cash and cash equivalents, including bank balances and time deposits with maturity less than three months, amounted to RMB283.7 million. This represents a decline of 18.2% from RMB346.8 million recorded on 31 December 2024.

The Group’s total bank borrowings as of 31 December 2025 amounted to RMB30.0 million. All borrowings are due for repayment between 7 March 2026 and 26 July 2026 and bear an interest rate of between 3.20% and 3.60% per annum. The Group’s bank borrowings were strategically deployed to support operational requirements and facilitate business expansion.

Net current assets as of 31 December 2025 were RMB391.9 million, compared to RMB534.5 million as at 31 December 2024, reflecting a decrease of 26.7%. This demonstrates the Group’s prudent strategy of balancing liquidity needs with short-term debts while preserving sufficient resources for strategic growth initiatives.

Exposure to exchange rate fluctuation

During the year ended 31 December 2025, the functional currency of companies operating in the PRC is Renminbi. Most of the Group’s monetary assets were mainly denominated in US dollars and Renminbi. We manage foreign exchange risk by performing periodic reviews of our net foreign exchange exposures and try to minimise these exposures through natural hedges. We operate mainly in the PRC with most of the transactions settled in Renminbi. The management considers that the business is not exposed to any significant foreign exchange risk as there are no significant financial assets or liabilities denominated in the currencies other than the respective functional currencies of our entities. In 2025, the Group did not enter into any hedging transaction against foreign currency risks.

Commitments

The Group has various contracted, but not provided short-term lease commitments as of 31 December 2025. The future lease payments for these non-cancellable lease contracts are RMB1.1 million (2024: future lease payments of RMB0.5 million for such non-cancellable lease contracts) and due within one year.

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Contingent liabilities

As of 31 December 2025, we did not have any material contingent liability, guarantee or any litigation or claim of material importance, pending or threatened against any member of our Group.

Future plans for material investments and capital assets

Save as disclosed in this announcement, as of 31 December 2025, we did not have other substantial future plans for material investments and purchase of capital assets.

Material acquisitions and disposals of subsidiaries and affiliated companies

In 2025, the Group did not have any material acquisitions or disposals of subsidiaries and affiliated companies.

Performance Guarantee

Reference is made to the announcement (the “ Announcement ”) of the Company dated 20 June 2022 in respect of the acquisition of 100% equity interest in Neusoft Yuetong (the “ Target Company ”). Unless otherwise stated, capitalised terms used in this section shall have the same meanings as those defined in the Announcement.

As disclosed in the Announcement, on 20 June 2022, Newlink Technology (Beijing) Co., Ltd.（紐領科 技（北京）有限公司）(a wholly-owned subsidiary of the Company, “ Newlink Technology Beijing ”), entered into an equity transfer and capital increase agreement with the shareholders of Neusoft Yuetong (together with its subsidiaries, the “ Target Group ”) (the “ Sellers ”) and the Target Company (the “ Neusoft Yuetong Acquisition ”), pursuant to which Newlink Technology Beijing has conditionally agreed to purchase, and the Sellers have conditionally agreed to sell, 100% equity interest in the Target Company, and Newlink Technology Beijing has conditionally agreed to make a capital increase to the Target Company, and in this regard, Newlink Technology Beijing agreed: (1) to pay the Sellers the equity transfer consideration of RMB80,000,000 in total (subject to the performance compensation arrangement); (2) to succeed the capital contribution obligations of RMB7,430,769 for the unpaid registered capital in the equity interest transferred by Dai Linlin, being one of the Sellers; and (3) to make a capital increase of RMB18,000,000 to the Target Company. The performance guarantee sellers (being the Sellers other than Dai Linlin) undertook to Newlink Technology Beijing that the Target Group’s revenue from principal business and net profit for financial years of 2022, 2023 and 2024 (“ Guaranteed Years ”) shall not be less than the performance targets in the table below.

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(In RMB0’000)

Financial Year	2022	2023	2024	Total
Guaranteed revenue from principal business	6,000	7,200	8,640	21,840
Guaranteed net profit	300	450	675	1,425

The actual net profit of the Target Group shall be the lower of the net profit after tax attributable to shareholders of the parent company before or after deduction of non-recurring gains and losses in the consolidated financial statements of the Target Group audited and confirmed by a qualified accounting firm with securities industry qualifications.

The Performance Guarantee Sellers will be deemed to have completed the performance guarantee if (1) the actual net profit of the Target Group in each Performance Guarantee Year reaches or exceeds the guaranteed net profit for the year; or (2) the actual net profit of the Target Group in a certain Performance Guarantee Year is lower than the guaranteed net profit for the year, but (i) the actual revenue from the principal business for the year reaches or exceeds the guaranteed revenue from the principal business for the year, (ii) the actual net profit for the year is greater than 0, and (iii) the total actual net profit during the Performance Guarantee Period reaches or exceeds the total guaranteed net profit for the Performance Guarantee Period (the “ Performance Guarantee Arrangement ”).

Where the Target Company fails to complete the guaranteed performance, upon expiry of the Performance Guarantee Period, the parties will calculate the performance compensation amount pursuant to the calculation formula therefor, and each of the Performance Guarantee Sellers shall make compensation to Newlink Technology Beijing.

Performance compensation amount = (Total guaranteed net profit for the Performance Guarantee Period – Total actual net profit for the Performance Guarantee Period) ÷ Total guaranteed net profit for the Performance Guarantee Period × (Equity Transfer Consideration of RMB80 million – Audited net assets of the Target Group at the end of the Performance Guarantee Period) (the “ Calculation Formula ”).

If the performance compensation amount is less than 0 upon calculation, no performance compensation will be required. If the audited net assets of the Target Group at the end of the Performance Guarantee Period are greater than RMB80 million and the total actual net profit for the Performance Guarantee Period is greater than the total guaranteed net profit for the Performance Guarantee Period, no performance compensation will be required.

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Based on the audited consolidated financial statements (the “ Audited Financial Statements of the Target Group ”) of the Target Group prepared specifically for assessing the performance guarantee for the years ended 31 December 2022, 2023 and 2024, the Target Group recorded a net loss in the year 2022, and the Performance Guarantee Sellers failed to fulfill the Performance Guarantee Arrangement. Consequently, a total performance compensation of RMB12,090,767.80 (the “ Final Performance Compensation Amount ”) is calculated pursuant to the Calculation Formula mentioned above, and the Performance Guarantee Sellers (except for Liu Cui, who transferred her 0.5363% equity interest in the Target Company and related Performance Guarantee obligations to Tian Weihai, as disclosed in the announcement of the Company dated 12 December 2024) shall pay such Performance Compensation Amount to Newlink Technology Beijing.

For details of the above, please refer to the announcement of the Company dated 11 June 2025.

The above Final Performance Compensation Amount has been settled on 18 August 2025.

Significant investments

As of 31 December 2025, we did not hold any significant investments representing 5% or more of the total assets of the Company as of 31 December 2025.

Charge on Group’s assets

As of 31 December 2025, the Group had no charges on our assets.

Customer credit risk

Our business operations are subject to the risk of payment deferrals and/or defaults by our customers. For our software development services, most of our contracts provide for periodic installments from our customers based on project milestones, such as delivery, installation and testing of our solutions. However, we incur costs associated with a project, primarily including staff costs relating to project execution and software development, electronic equipment and certain project implementation expenses, on an ongoing basis from the beginning. As a result, we are required to make prepayments for certain project costs and expenses before receiving sufficient payments from our customers.

During the year, we typically granted our customers a credit period depending on contract terms and our evaluation of customer’s creditworthiness. In determining the actual length of credit terms granted to a specific customer, we consider various factors such as reputation, length of business relationship and past payment records. As of 31 December 2025, our trade receivables amounted to RMB292.0 million and we recorded impairment loss on trade receivables of RMB101.6 million. We are thus exposed to the risk that customers may delay or even be unable to pay when milestones are reached or upon completion of contracts. These may put our cash flow and working capital under pressure.

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1. The subsequent settlement is set out below in relation to the trade receivables as of 31 December 2025:

Within 180 days 181 days to 1 year 1 to 2 years 2 to 3 years Over 3 years Total	Gross amount (RMB’000) 79,836 37,416 46,197 23,341 105,216 292,006	Subsequent settlement (RMB’000) 15,846 4,105 316 24 2,563 22,854

2. Recoverability of long-aged receivables and reasons why the loss allowances were adequate

• (1) Customers with strong creditworthiness

The trade receivable balance of the Group as of 31 December 2025 was mainly from large customers with good reputation and strong creditworthiness, the majority of which were Chinese state-owned enterprises and listed public companies, including top-tier banks, trust companies, asset management companies, Class III Grade A hospitals, railway bureaus, locomotive depots, railway information technology companies, railway bureau groups, airlines, aviation food companies, aviation materials companies, etc. Such customers are in good standing and have strong creditworthiness and bargaining power, and have stringent and extensive internal payment and settlement processes, which often require time-consuming internal approval processes before payments were made, resulting in further extension of their payment cycles. As of 31 December 2025, 73.0% of the trade receivable balance was recorded from Chinese state-owned enterprises and listed public companies.

In addition, the balance of trade receivables over 180 days as of 31 December 2025 was mainly recorded from Chinese state-owned enterprises and listed public companies with which the Group had longstanding cooperation, and there has been no recoverability issue in relation to trade receivables in previous years and both parties have maintained a good cooperation relationship.

• (2) The balance of trade receivables over 180 days remains in a trend of continuous collection of receivables

As of 31 December 2025, the balance of trade receivables over 1 year amounted to RMB174.8 million, recorded from a total of 121 customers, among which 116 customers are still performing contracts with the Group so far, and the Group has continued to collect receivables since 31 December 2025.

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(3) The business model and customer base of the Group remain unchanged as disclosed before

In relation to trade receivables, as disclosed in the prospectus of the Company dated 21 December 2020, the previous, current and future business model and the customer base of the Group have remained and are expected to remain substantially unchanged.

The Company considers that it has entered into normal business arrangements with these customers. To date, the Group has not identified any material issues requiring adjustments to the current level of provision for impairment of trade receivables. Management is of the view that the existing provision for impairment is adequate and sufficient to cover the expected credit losses based on the Group’s assessment under the applicable accounting standards.

3. Actions taken or to be taken to recover such long-outstanding receivables

The Group has continued to (1) increase sales revenue from customers with short payment cycle and gradually reduce sales to customers with long payment cycle to achieve substantial improvements against the long payment cycle of trade receivables; (2) maintain strict control over its outstanding trade receivables and have a credit control department to minimise the credit risk. The Group has strictly followed its credit management policy and will continue to follow the steps and measures stipulated in the credit management policy to manage the trade receivables and maintain the working capital. As required by the credit management policy of the Group, the Group has instructed designated sales personnel to follow up directly with their responsible customers, and the sales and marketing staff of the Group make collection calls to customers whose bills have been overdue for less than 90 days; for customers whose bills have been overdue within 90 to 360 days, the sales and marketing staff escalate the matter to the business department and both the sales and marketing staff and the business department make collection calls to the customers; and for customers whose bills have been overdue for more than 360 days, the Group assigns the sales and marketing staff to visit the customers for face-to-face communication, and the sales and marketing staff and business departments continuously to follow up and make collection calls to customers. For customers with extended payment cycles or non-compliant repayment practices, the Company will initiate legal proceedings or arbitration procedures on a case-by-case basis. To manage the trade receivables, the Group has also strengthened the cooperation between the technical team and the sales and marketing team to conduct more efficient collection, and taken into account the collection speed in the performance assessment of the employees. In addition, the Group will continue to issue periodic written payment reminders to the customers. Overdue balances are also regularly reviewed by the senior management; and (3) regularly make enquiries on customers’ ratings and make an analysis of the background, reputation, market position and the operating conditions of customers based on publicly available information.

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Key Financial and Business Performance Indicators

The key financial and business performance indicator comprises return on equity.

Our return on equity decreased from -12.5% for 2024 to -34.7% for 2025, primarily due to increasing amount of loss recorded for the Reporting Period.

Our gearing ratio increased from 2.7% as of 31 December 2024 to 5.5% as of 31 December 2025, primarily due to increase in bank borrowings. The calculation of gearing ratio is based on total borrowings divided by total equity as of the end of the year and multiplied by 100.0%.

Employees, Training and Remuneration Policies

As of 31 December 2025, the Group had 651 employees, increased by 29 employees compared to 2024. The staff costs including Directors’ emoluments were approximately RMB176.0 million in 2025.

Remuneration of the Group’s employees includes basic salary, bonuses and cash subsidies. We determine our employees’ compensation based on each employee’s performance, qualifications, position and seniority.

We adopted the Post-IPO Share Option Scheme on 5 December 2020, which falls within the ambit of, and is subject to, the regulations under Chapter 17 of the the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “ Listing Rules ”). The purpose of the Post-IPO Share Option Scheme is to provide incentives and rewards to eligible persons for their contribution to, and continuing efforts to promote the interest of the Group.

We recognize the importance of keeping the Directors updated with the latest information of duties and obligations of a director of a company whose shares are listed on the Stock Exchange and the general regulatory and environmental requirements for such listed company. To meet this goal, we are committed to our employees’ continuing education and development. We provide preemployment and regular continuing trainings to our employees, which we believe are effective in equipping them with the skill set and work ethics that we require. Also, we continuously provide comprehensive trainings to our technical staff, equipping them with knowledge and skills to perform a variety of functions on different projects and allowing us to quickly find qualified and suitable replacement internally in the event of employee’s demission.

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OTHER INFORMATION

Use of Proceeds from the Global Offering

The Shares in issue of the Company were listed on the Main Board of the Stock Exchange on 6 January 2021, whereby 200,000,000 new Shares were issued at the offer price of HK$4.36 per share by the Company. After deduction of the underwriting fees, commissions and other related costs and expenses, the net proceeds from the Global Offering of the Company amounted to approximately HK$790.4 million (representing net proceeds of HK$3.952 per new Share) (the “ IPO Proceeds ”).

In order to better utilize the financial resources of the Group and to capture favourable investment opportunities, the Board has reviewed the utilization of the IPO Proceeds and resolved to reallocate not more than HK$71.0 million of the surplus to pay the equity transfer consideration, to make the capital increase payment and to fulfill or pay capital contribution obligations for the acquisition of Neusoft Yuetong (the “ Re-allocation ”). For further details, please refer to the announcement of the Company dated 20 June 2022.

On 23 September 2024, after due and careful consideration on the prevailing business environment and development needs of the Group, the Board resolved to change the use of the unutilized IPO Proceeds to (i) reallocate the unutilized surplus of approximately HK$49.2 million for working capital and other general corporate purposes; and (ii) build on the Group’s long-standing accumulated capabilities in independent research and development, capabilities in technological innovation, industry insights and customer needs, the Company will further enhance the original plan for developing new solutions and upgrading existing solutions by increasing the related investment plans for the development of innovative universal products and the development of innovative financial products, and will further reallocate the original plan of IPO Proceeds for developing new solutions and upgrading existing solutions: (a) approximately HK$38.9 million will be utilized to develop innovative universal products; and (b) approximately HK$20.0 million will be utilized to develop innovative financial products (the “ Further Re-allocation ”). For details, please refer to the announcement of the Company dated 23 September 2024.

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The following table sets forth the details of the use of the IPO Proceeds after Further Re-allocation:

For developing new solutions and upgrading existing solutions －to develop and upgrade the Group’s medical quality control and safety warning system －to develop the Group’s clinical pathway management system －to develop the Group’s telemedicine system －to develop a new solution of intelligent healthcare platform －to upgrade the Group’s RPA solution －to develop innovative universal products －to develop innovative financial products For enhancing the Group’s sales and marketing efforts For working capital and other general corporate purposes Funds proposed to be used for the Neusoft Yuetong Acquisition Total	Original allocation of the IPO Proceeds (approximate) Percentage Amount HK$ million 80.0% 632.3 20.0% 158.1 20.0% 158.1 10.0% 79.0 10.0% 79.0 20.0% 158.1 – – – – 10% 79.1 10% 79.0 – – 100% 790.4	Allocation of IPO Proceeds after the Fist Re-allocation (approximate) Further Re-allocation of the Unutilized IPO Proceeds (approximate) Unutilized amount as of 1 January 2025 Utilized amount during the Reporting Period Unutilized amount as of 31 December 2025 Expected timeline for the use of unutilized proceeds(1) Percentage Amount Percentage Amount HK$ million HK$ million HK$ million HK$ million HK$ million 72.8% 575.5 69.4% 144.8 117.6 80.8 36.8 By December 2026 18.2% 143.9 11.7% 24.4 16.5 5.0 11.5 18.2% 143.9 11.6% 24.2 24.0 15.2 8.8 9.1% 71.9 3.5% 7.3 4.3 0.4 3.9 9.1% 71.9 6.1% 12.7 10.7 3.9 6.8 18.2% 143.9 8.3% 17.3 12.6 12.6 – – – 18.6% 38.9 34.8 34.8 – – – 9.6% 20.0 14.7 8.9 5.8 9.1% 72.0 7.0% 14.7 9.5 9.5 – By December 2026 9.1% 71.9 23.6% 49.2 0.6 0.6 – By December 2027 9.0% 71.0 – – – – – 100% 790.4 100% 208.7 127.7 90.9 36.8

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Notes:

• (1) Due to the Further Re-allocation and the adjustment of arrangements based on the Group’s R&D progress, the Company expects the Unutilized IPO Proceeds will be fully utilized by December 2026 except for the Unutilized IPO Proceeds re-allocated for working capital and other general corporate purposes, which are expected to be fully utilized by December 2027. The expected timeline for utilizing the unutilized funds is based on the best estimation of the future market condition made by the Group. It may be subject to change based on the current and future development of market conditions.

• (2) Any discrepancy arising in the decimal figures in the table above is due to the effect of rounded figures.

• (3) The utilization of IPO Proceeds for developing new solutions and upgrading existing solutions after the Further Re-allocation still includes the balance of the relevant unutilized IPO Proceeds of approximately HK$63.2 million originally planned for office lease, purchase and renovation for IT solutions as disclosed in the Prospectus.

The Company has utilized, and will continue to utilize the IPO Proceeds in accordance with the intended purposes as set out in the Prospectus and the announcements of the Company dated 20 June 2022 and 23 September 2024.

Use of Proceeds From the 2024 Placing

On 7 May 2024 (after trading hours), the Company entered into the placing agreement with the placing agent, pursuant to which the Company has agreed to place through the placing agent a maximum of 157,302,880 ordinary share(s) of par value of US$0.000001 each of the Company at the placing price of HK$0.28 per placing share (the “ 2024 Placing ”) to not less than six placees who and whose beneficial owners shall be independent third parties. On 7 May 2024, the closing price of the shares of the Company was HK$0.34 per share. On 14 May 2024, the Company completed the placement of 157,302,880 shares. The total proceeds and the net proceeds from the 2024 Placing, after deduction of the placing commission and other related expenses, amounted to approximately HK$44.04 million and HK$43.60 million, respectively, and the net price per Share was approximately HK$0.277. The net proceeds from the 2024 Placing will be applied to replenish general working capital of the Group.

Use of the net proceeds from the 2024 Placing during the Reporting Period is set out in the table below:

	The net proceeds	Unutilized	Utilized amount	Unutilized	Expected timeline
	from the	amount as of	during the	amount as of	for the use of
	2024 Placing	1 January 2025	Reporting Period	31 December 2025	unutilized proceeds
	HK$ million	HK$ million	HK$ million	HK$ million	HK$ million
Replenish general working
capital of the Group	43.60	33.06	33.06	–	–

The Company has utilized the net proceeds from the 2024 Placing in accordance with the intended purposes as set out in the announcement of the Company dated 7 May 2024.

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Pre-Emptive Rights

There are no provisions for pre-emptive rights under the articles of association of the Company or the laws of Cayman Islands, which would oblige the Company to offer new shares on a pro-rata basis to its existing shareholders.

Purchase, Sale or Redemption of the Company’s Listed Securities

Neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company’s listed securities (including sale of treasury shares) during the Reporting Period.

As of 31 December 2025, the Company had 5,952,800 treasury shares (as defined under the Listing Rules) which are intended to be used for purposes such as employee incentives, sale or transfer to obtain liquid funds, etc. subject to the actual decision(s) making by the Board.

Final Dividend

The Board has resolved not to recommend the payment of a final dividend for the year ended 31 December 2025.

Sufficiency of Public Float

According to the information that is publicly available to the Company and within the knowledge of the Board, as at the date of this announcement, the Company has maintained the public float as required under the Listing Rules.

Compliance with Corporate Governance Code

The Group is committed to maintaining high standards of corporate governance. The Board believes that good corporate governance standards are essential in providing a framework for the Company to safeguard the interests of its shareholders and corporate value, formulate its business strategies and policies, and enhance its transparency and accountability.

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Pursuant to code provision C.2.1 of Part 2 of the Corporate Governance Code (the “ CG Code ”) as set out in Appendix C1 to the Listing Rules, companies listed on the Stock Exchange are expected to comply with, but may choose to deviate from the requirement that the responsibilities between the chairman and the chief executive officer should be segregated and should not be performed by the same individual. The roles of the Chairman and the Chief Executive Officer are held by Mr. Zhai Shuchun (“ Mr. Zhai ”). With extensive experience in the information technology industry, Mr. Zhai is responsible for the overall strategic planning and general management of the Group and is instrumental to our growth and business expansion. The Board considers that vesting the roles of chairman and chief executive officer in the same person is beneficial to the management of the Group and ensures consistent leadership within the Group and enables more effective and efficient overall strategic planning for the Group. The Board considers that the balance of power and authority will not be impaired and this structure will enable the Company to make and implement decisions promptly and effectively. In light of the above, the Board considers that the deviation from code provision C.2.1 of the CG Code is appropriate in the circumstances of the Company.

The Company has adopted all the applicable principles and code provisions set out in the CG Code as the basis of the Group’s corporate governance practices. Save as disclosed in this announcement, the Group has complied with the CG Code throughout the year ended 31 December 2025. The Company will periodically review its corporate governance policies and will propose any amendment, if necessary, to ensure compliance with the CG Code effective from time to time.

Compliance with the Model Code for Securities Transactions

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “ Model Code ”) as set out in Appendix C3 to the Listing Rules as a code of conduct of the Company regarding Directors’ securities transactions. Having made specific enquiries of all the Directors, each of the Directors has confirmed that he/she has complied with the requirements of the Model Code for the year ended 31 December 2025.

Audit Committee and Review of Financial Information

The audit committee of the Board (the “ Audit Committee ”) (comprising three independent nonexecutive Directors, namely, Mr. You Linfeng (the chairman of the Audit Committee), Mr. Tang Baoqi and Ms. Yang Juan) has reviewed with the management of the Company the consolidated financial statements of the Company for the year ended 31 December 2025.

The Audit Committee has also reviewed the accounting policies and practices adopted by the Company and discussed matters in relation to, among others, risk management, internal control and financial reporting of the Group with the management and the auditor of the Company. Based on this review and discussions with the management, the Audit Committee was satisfied that the Group’s consolidated financial statements were prepared in accordance with applicable accounting standards and fairly present the Group’s financial position and results for the year ended 31 December 2025.

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Scope of Work of Forvis Mazars CPA Limited

The figures in respect of the Group’s consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income and the related notes thereto for the year ended 31 December 2025 as set out in this announcement have been agreed by the Group’s auditor, Forvis Mazars CPA Limited, to the amounts set out in the Group’s audited consolidated financial statements for the year. The work performed by Forvis Mazars CPA Limited in this respect did not constitute an assurance engagement in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements or Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants and consequently no assurance has been expressed by Forvis Mazars CPA Limited on this announcement.

Events after the Reporting Period

On 4 February 2026 (after trading hours), the Company entered into a placing agreement with Dongxing Securities (Hong Kong) Company Limited (the “ Placing Agent ”), pursuant to which the Company has conditionally agreed to place (the “ Placing ”) through the Placing Agent, on a best effort basis, a maximum of 60,000,000 shares at the placing price of HK$0.30 per placing share. The Placing has been completed on 11 February 2026, and a total of 60,000,000 shares of the Company has been placed to the placee. The net proceeds from the Placing are HK$17,909,270, which will be used to replenish general working capital of the Group. For details, please refer to the announcements of the Company dated 4 February 2026 and 11 February 2026.

Save as disclosed above, no significant event of the Group has occurred subsequent to 31 December 2025 and up to the date of this announcement.

PUBLICATION OF ANNUAL RESULTS ANNOUNCEMENT AND ANNUAL REPORT

This announcement is published on the website of the Stock Exchange (www.hkexnews.hk) and the Company’s website (www.newlinktech.com.cn). The annual report of the Company for the year ended 31 December 2025 will be published on the aforesaid websites in due course.

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APPRECIATION

On behalf of the Board, I would like to thank all our colleagues for their diligence, dedication, loyalty and integrity. I would also like to thank all our shareholders, customers, bankers and other business associates for their trust and support.

By order of the Board Newlink Technology Inc. Zhai Shuchun

Chairman of the Board and Chief Executive Officer

Beijing, the PRC, 27 March 2026

As at the date of this announcement, the executive Directors are Mr. ZHAI Shuchun, Ms. QIN Yi and Mr. LI Xiaodong; and the independent non-executive Directors are Mr. TANG Baoqi, Ms. YANG Juan and Mr. YOU Linfeng.

• For identification purposes only

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