Guangdong–Hong Kong Greater Bay Area Holdings Limited (GHKGBA Holdings) reported a decisive turnaround for the year ended 31 December 2025, booking a net profit attributable to shareholders of RMB73.05 million versus a RMB1.83 billion loss in FY2024. The swing was driven mainly by the October 2025 acquisition of Shenzhen Tiandun Data Technology, which marked the Group’s entry into high-margin AI computing power services and contributed to a substantial non-cash gain from US-dollar debt restructuring.

Revenue and Segment Mix • FY2025 revenue fell 61.50% year on year to RMB1.00 billion (FY2024: RMB2.60 billion), reflecting the deep contraction in the traditional infrastructure/property arm. • Infrastructure revenue slid 85.20% to RMB385.79 million amid continued real-estate weakness. • Newly-consolidated AI operations delivered RMB616.75 million—comprising RMB528.35 million from AI computing power services and RMB88.40 million from high-performance server integration—accounting for 61.5% of Group revenue during the post-acquisition period.

Profitability • Group gross profit rose to RMB138.23 million, a 576.80% jump from FY2024’s RMB20.42 million. • AI computing power services achieved a 39.6% gross margin, lifting overall profitability; the infrastructure business posted a negative gross profit of RMB39.10 million. • Net other gains of RMB1.41 billion—largely from the redemption of senior notes via mandatory convertible bonds—offset sizeable provisions, inventory write-downs (RMB667.76 million) and impairment losses (RMB292.72 million). • Basic EPS reached RMB8.4 cents; diluted EPS was RMB6.7 cents. No final dividend was declared.

Balance Sheet and Liquidity • Total assets rose to RMB12.63 billion; net assets jumped to RMB3.98 billion (FY2024: RMB0.10 billion) after debt restructuring and equity issuance. • Cash and cash equivalents climbed to RMB170.41 million from RMB13.06 million a year earlier. • Interest-bearing liabilities fell to RMB3.56 billion (FY2024: RMB5.73 billion) following the full redemption of USD439.10 million New Notes via issuance of mandatory convertible bonds in June 2025; gearing ratio declined to 28.2% (FY2024: 45.3%). • Lease liabilities increased to RMB2.21 billion, supporting AI data-center expansion. • Contingent liabilities from property-buyer mortgage guarantees decreased to RMB421.70 million (FY2024: RMB1.90 billion).

Strategic Progress • Acquisition of Tiandun Data (HK$976.50 million, settled in 310 million new shares) positions GHKGBA Holdings as an “AI Computing Power Infrastructure Operator”. • Tiandun Data’s 2025 standalone revenue reached RMB2.03 billion with RMB207.10 million net profit; delivered FP16 computing capacity exceeded 42,000 PFLOPS and order backlog topped RMB15 billion. • Post-year-end, Futian state-owned capital injected RMB800 million for a 40% stake in a key subsidiary, and GHKGBA received over RMB30 billion in indicative credit lines to fund expansion. • Inclusion in the MSCI China Small Cap Index (February 2026) and proposed renaming to “Greater Bay Area AI Computing Tech Co., Ltd.” underscore the strategic shift.

Outlook Management will focus on scaling 100,000-GPU superclusters, expanding domestic “East Data, West Computing” projects, and accelerating overseas AIDC deployment. The Board reiterates commitment to maintaining prudent leverage and enhancing cash flow to support growth in the high-margin AI computing segment.