KINETIC DEV (01277) released its annual performance, with a net profit attributable to shareholders of 896 million yuan, a decrease of 57.54% year-on-year.

KINETIC DEV (01277) released its annual performance report for the year ending December 31, 2025, with a total group revenue of RMB 5.293 billion, a 6.4% decrease year-on-year; attributable profit to shareholders was RMB 896 million, a 57.54% decrease year-on-year; earnings per share were 10.66 cents; proposed final dividend of 6.0 Hong Kong cents per share. In 2025, international geopolitical conflicts are prone to arise, with a complex and turbulent international situation, a rise in trade protectionism, and global economic growth momentum weakening. Faced with a shrinking external demand and increased uncertainty, the Chinese government continues to promote high-quality development, strengthen macroeconomic regulation, implement proactive fiscal policies, and prudent monetary policies, allowing the national economy to maintain stable and progressive development despite multiple pressures. According to data from the National Bureau of Statistics of China, China's gross domestic product in 2025 is approximately RMB 140.2 trillion, a 5.0% year-on-year growth; national industrial enterprises above a certain scale achieved operating income of approximately RMB 13.92 trillion, a 1.1% year-on-year growth; profits of national industrial enterprises above a certain scale reached approximately RMB 7.3982 trillion, a 0.6% year-on-year growth. In 2025, the domestic coal market is generally oversupplied. In terms of supply, the annual coal production in China showed a slight increase overall despite fluctuating growth rates. According to data from the National Bureau of Statistics of China, the total output of raw coal in China's industrial enterprises above a certain scale in 2025 was approximately 4.83 billion tons, a 1.2% year-on-year increase. At the same time, due to weakened import price advantages, coal imports significantly decreased. Data from the General Administration of Customs of China shows that the annual coal import volume was approximately 490 million tons, a 9.6% year-on-year decrease. On the demand side, overall downstream demand is weak, with decreased demand in sectors such as thermal power generation and major coal-consuming industries, limiting the growth of coal consumption. According to data from the National Bureau of Statistics of China, the total thermal power generation above a certain scale in China in 2025 was approxima...