HORIZON CD (09930) announced that, compared to the group's revenue of RMB 11.581 billion in 2024, the total revenue for the year ending December 31, 2025, is expected to decrease by close to 20%.

Furthermore, compared to the profit attributable to shareholders of approximately RMB 896 million in 2024, the group's profit attributable to shareholders for 2025 is projected to decrease by 70% to 90%.

The board of directors attributes the anticipated decline in the group's revenue and profit attributable to shareholders for 2025 primarily to the following factors: (i) impacted by the market conditions of the equipment operation industry in Mainland China, domestic equipment rental prices have continued to fall; consequently, although the utilization rate of the group's domestic aerial work platforms remained stable compared to 2024, revenue from domestic operating lease services and the gross profit margin have decreased year-on-year.

(ii) The group has continued to implement an active contraction strategy for its materials-related business in Mainland China, leading to a year-on-year decline in revenue and gross profit margin for its engineering technical services.

(iii) The group carried out large-scale sales and disposal of inefficient materials-related assets in 2024, whereas the scale of materials disposal slowed down in 2025. Simultaneously, the gross profit margin on sales of materials-related assets decreased due to the downturn in the steel market prices, resulting in a significant year-on-year decline in the group's trading revenue and gross profit margin for the year.