HIPINE (02583) announced its financial results for the year ended December 31, 2025. Revenue reached RMB611 million, representing a year-on-year increase of 33.8%. Net profit attributable to owners was RMB102 million, a significant increase of 106.5% compared to the previous year. Basic earnings per share were RMB2.00. The Group's revenue growth was primarily driven by an increase in jewelry sales revenue, mainly from the growth in ODM business income generated from sales of gold products to Customer A. The mature cooperative relationship with Customer A, coupled with the continuous improvement in its platform's market penetration and consumer trust, led to a substantial rise in jewelry sales revenue from this customer. The Group's gross profit margin increased from 27.2% in 2024 to 31.5% in 2025, primarily driven by an improvement in the gross profit margin of watch products. Among the traditional precious metal-inlaid watches sold by the Group in 2025, the average weight of gold contained in the traditional watches sold decreased compared to 2024. This reduction led to a decrease in the average unit production cost of watches, thereby boosting the gross profit margin for the watch product segment.