ACTIVATION GP (09919) announced its 2025 financial results, with revenue reaching approximately RMB 707 million and net profit around RMB 81.1 million. The net profit margin was about 11.5%, an increase of 1.2 percentage points compared to the 10.3% margin recorded in the 2024 fiscal year. Basic earnings per share were 10.22 cents. The company proposed a final dividend of 3.2 HK cents per share and a special final dividend of 3.3 HK cents per share, resulting in a total distribution of 6.5 HK cents per share, maintaining a high dividend payout ratio.

Within the traditional luxury sector, the group continued to demonstrate strong resilience. In 2025, it once again executed numerous highly influential benchmark projects across Greater China. These included the BMW "2025 New Generation Driving Pleasure Concept Car Performance Challenge," the CARTIER festive lighting ceremony series, the CHOW TAI FOOK Beijing High Jewelry Gala, the DIOR Beijing Maison Dior opening ceremony, the LOUIS VUITTON Shanghai "Voyage Extraordinaire" exhibition, the LOUIS VUITTON Cruise 2026 Early Spring Collection Macau fashion show, the MIU MIU Shanghai Literary Club, the VACHERON CONSTANTIN Zhangyuan 270th Anniversary "A Journey Through Time" exhibition, and the VAN CLEEF & ARPELS "Spring Splendor" event on Nanjing West Road, setting new standards for experiential marketing in the luxury and high-end beauty sectors.

While consolidating its traditional strengths, the group adeptly identified growth drivers in beauty, sportswear, and Chinese mid-to-high-end brands, rapidly expanding its business into these new areas. In the beauty category, the group precisely captured its counter-cyclical growth. According to Bain data, beauty and personal care was the only luxury segment to achieve positive growth in 2025, with growth rebounding to a range of 4% to 7%. The group created immersive experiential activities for several renowned beauty brands, including the LANCÔME 90th Anniversary Happiness Express Tour celebration, the Lancôme Advanced Repair Laboratory, and the LA PRAIRIE · Caviar Skyline Journey. These projects established new benchmarks for experiential marketing in the high-end beauty arena.

In the sportswear sector, the group expanded its partnerships with global leading brands, launching promotional campaigns that resonate with younger consumers and strengthening its influence in this dynamic market. Notable projects included: i) the ADIDAS Originals Women's Celebration; ii) the UNDER ARMOUR 2025 Curry Brand Asia Tour Chongqing stop; and the PUMA x ROSÉ Shanghai pop-up space. These collaborative initiatives broadened the group's client portfolio, contributed to its revenue streams, and solidified its position as a key partner for international sportswear brands entering the Chinese market.

Regarding Chinese mid-to-high-end brands, the group actively responded to the rise of local brands, playing an in-depth role in BOSIDENG's brand rejuvenation and premiumization strategy. It assisted with the global launch of BOSIDENG's new high-end series "AREAL," hosting the AREAL Autumn/Winter 2025 Collection global launch event and dinner at the Shanghai North Bund, showcasing the beauty of Eastern craftsmanship on an international stage. In collaboration with CHOW TAI FOOK, the group presented the "Circle and Square" high jewelry cultural exhibition at the Mandarin Oriental Qianmen, Beijing, featuring the "Harmonious Oriental" high jewelry series, which interpreted the fusion of jewelry and Chinese aesthetics with a courtyard theme and Eastern philosophy at its core. For URBAN REVIVO, the group produced the Tmall Super Brand Day fashion gala at the Shanghai 1862 Fashion Art Center, featuring a fashion show themed "City of Reflections" and a groundbreaking crossover performance combining a singer with a runway show, redefining the multifaceted possibilities of fashion through a "music + show" model.