Capinfo Company Limited 2025 Annual Report: Record Revenue, Return to Profitability, and Governance Overhaul

Key Financial Highlights

• Record Revenue: Capinfo achieved operating revenue of RMB 1,669.81 million in 2025, a historical high and a year-on-year increase of 13.41%.
• Profit Recovery: The company posted a profit attributable to owners of RMB 123.85 million (EPS: RMB 0.43 per share), a significant turnaround from the 2024 loss of RMB 13.78 million.
• Dividend Resumption: The Board has recommended a final dividend of RMB 7 cents per share (RMB 20.29 million in total), after no interim dividend and no 2023 final dividend. The dividend policy emphasizes stability and shareholder returns.
• Asset and Capital Structure: Total assets reached RMB 2.76 billion, with net assets at RMB 1.30 billion. The company maintains a net gearing ratio of 0% and a current ratio of 1.32, reflecting a strong balance sheet.

Strategic and Operational Developments

• Business Focus: Capinfo is accelerating expansion in artificial intelligence (AI) and data technology, enhancing product orientation and national market coverage.
• Market Dynamics: The digital economy’s deepening integration with the real economy and the systematic rollout of national data circulation policies have provided strong tailwinds for the company’s high-quality growth.
• Industry Recognition: The company remains in the “Top 100 in Comprehensive Strength of Beijing’s Software and Information Services Industry” for consecutive years.

Corporate Governance and Shareholder Events

• Significant Shareholding Change: On 4 September 2025, controlling shareholder Beijing State-owned Assets Management Co., Ltd. (BSAM) transferred 48.3% of Capinfo’s shares to its wholly-owned subsidiary, Beijing Data Group, at nil consideration. Both remain controlling shareholders, and the long-standing non-competition agreement remains in effect. This restructuring may impact future strategic direction and share value.
• Board and Committee Overhaul: The company now has nine of eleven directors as external members, with four independent non-executive directors (INEDs) possessing strong professional backgrounds. The board operates five committees: Audit, Remuneration & Appraisal, Nomination, Strategy, and Rule of Law & Compliance.
• Auditor Change: ShineWing Certified Public Accountants was appointed as auditor in 2025, succeeding Grant Thornton after the latter’s term expired.
• Governance Code Exceedance: The company exceeds many of the Hong Kong Listing Rules’ requirements for board independence, audit committee composition, and internal control.
• Share Structure and Public Float: As of year-end, Capinfo’s issued share capital is 289,808,609 ordinary shares, with 73.28% domestic and 26.72% H shares. The public float is compliant.

Connected Transactions and Related Party Dealings

• Continuing Connected Transactions: Substantial transactions continue with major state-owned shareholders. For example, RMB 59.5 million of network system income and RMB 25.13 million of network security expenditure were conducted with Beijing State-owned Assets Management Co., Ltd. and its subsidiaries.
• Regulatory Compliance: All connected transactions were reviewed and disclosed in line with Listing Rules, with related directors abstaining from voting.

Risk Management and Internal Controls

• Risk Management: The group reports no significant events affecting shareholders and maintains effective internal controls and risk management. The Audit Committee oversaw five meetings in 2025, and internal audit coverage was expanded.
• Financial Management: The group’s gearing ratio remains conservative at 52.76%. Liquidity and capital management are highlighted as priorities.

Shareholder Communication and Investor Relations

• Transparency: 78 corporate communications were published in 2025, including all price-sensitive announcements, dividend proposals, connected transaction disclosures, and governance changes.
• Investor Calendar:
  • 31 March 2026: Announcement of annual results
  • 29 May 2026: Annual General Meeting
  • 24 July 2026: Payment of 2025 final dividend
• Communication Policy: Shareholders may interact via email and post, and the company reviews the effectiveness of its communication policy annually.

Outlook and Price-Sensitive Matters

• Return to Profit and Dividend Resumption: The swing into profit and the resumption of dividends after a loss year is likely to be positively received by investors and may impact the share price.
• Strategic Shareholding Restructuring: The internal transfer of controlling shares and the maintenance of state-owned influence may affect investor perceptions regarding corporate strategy, state backing, and long-term stability.
• Ongoing AI and Digital Business Expansion: The company’s continued focus on high-growth sectors like AI and data technology could provide catalysts for future valuation uplift.

Disclaimer

This summary is provided for informational purposes only and reflects the contents of Capinfo Company Limited’s 2025 Annual Report. It does not constitute investment advice. Investors should conduct their own research or consult with a professional advisor before making investment decisions. The company’s future performance may differ from past results due to dynamic market and regulatory conditions.

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