Boer Power Announces 2025 Annual Results

Part.01Results Highlights

◆ Operational efficiency and capital effectiveness enhanced, refined management promotes steady business growth. The Group continued to strengthen refined management, optimise resource allocation, and comprehensively enhance operational efficiency and capital utilisation efficiency to ensure steady business development.

◆ Gross margin remained stable, with operating quality steadily improving. During the Year, the Group recorded revenue of RMB647.7 million (2024: RMB680.3 million), representing a year-on-year decrease of 4.8%. Gross profit margin remained stable at 28.8% (2024: 29.0%), and gross profit for the year amounted to RMB186.7 million.

◆ Projects at home and abroad advance side by side, with global expansion driving steady business growth. During the Year, the Group’s core products and solutions enabled to achieve parallel progress in overseas and mainland markets, successfully facilitating the implementation of multiple large-scale computing infrastructure projects and further establishing its global development footprint.

◆ Technological strength gains strategic favor from international partners, with core solutions leading the formulation of industry standards. Boer Power formally signed a strategic cooperation agreement with Schneider Electric, a global leader in energy management and automation, to deepen collaboration in digital and intelligent applications of power systems. The Group was invited to participate in the compilation of the Green Intelligent Computing Centre Low-carbon and Energy-saving Technology Application Handbook, as a professional representative in computing centre electrical solutions.

◆ The asset and liability portfolio remained robust, with net cash inflows recorded for ten consecutive years. The Group strictly implemented internal control standards, prudently managed the scale of liabilities and continuously optimised its debt structure, resulting in a continued decline in finance costs. Operating cash flow has maintained a net inflow position for ten consecutive years.

(Hong Kong, March 2026) Boer Power Holdings Limited (“Boer Power”, the “Company”, together with its subsidiaries the “Group”; Stock Code: 1685.HK), a leading solutions provider for intelligent electrical distribution systems and energy efficiency management in China, is pleased to announce its audited annual results for the year ended 31 December, 2025 (the “Year”or “2025”).

Part.02 Unlocked Potential to Expand its Business Footprint

In 2025, the global economy advanced amid a complex and volatile environment. Although global inflationary pressures eased, escalating global tariff frictions, intensifying geopolitical tensions and uncertainties in trade policies continued to exert pressure on the global economy. During the Year, the Group closely monitored market developments and responded flexibly to the complex and changing business environment. While proactively expanding into overseas markets and broadening its overseas customer base, the Group ensured timely capture of domestic development opportunities and effective control of potential risks. Meanwhile, the Group continued to strengthen refined management, optimise resource allocation, and comprehensively enhance operational efficiency and capital utilisation efficiency to ensure steady business development.

Focusing on sectors and industry customers such as telecommunications and computing power centres, expansion of the power international market, municipal infrastructure and large long-term customers, the Group continued to deepen its presence in intelligent power management, intelligent power supply and energy storage businesses during the Year by leveraging its profound technological expertise and in-depth industry insight. Despite the complex and volatile business environment, the Group maintained steady business development. During the Year, the Group recorded revenue of RMB647.7 million (2024: RMB680.3 million), representing a year-on-year decrease of 4.8%. Gross profit margin remained stable at 28.8% (2024: 29.0%), and gross profit for the year amounted to RMB186.7 million. In view of the growing demand for intelligent power management systems in industries such as overseas computing power centres, the Group strategically increased its investment in overseas market promotion and development after prudent assessment of the situation. As a result, selling and distribution expenses recorded a relatively significant year-on-year increase, leading to a phased decline in the Group’s profit for the year. During the Year, the Group’s profit from operations, profit before taxation and profit for the year amounted to RMB39.7 million (2024: RMB61.8 million), RMB21.7 million (2024: RMB38.9 million) and RMB18.6 million (2024: RMB31.1 million), representing year-on-year decreases of 35.8%, 44.2% and 40.3%, respectively.

In the face of the current complex and volatile macroeconomic environment, the Group has consistently adhered to a strategy of prudent operation. Through scientific financial planning and refined management, the Group ensured that all business segments maintained healthy development under challenging conditions. During the Year, the Group attached great importance to maintaining healthy cash flow and continuously enhanced capital utilisation efficiency. By precisely managing the turnover cycle of working capital, the Group effectively maintained trade receivables, trade payables and inventories at reasonable levels, ensuring that key financial indicators remained within healthy ranges. In addition, the Group strictly implemented internal control standards, prudently managed the scale of liabilities and continuously optimised its debt structure, resulting in a continued decline in finance costs. Operating cash flow has maintained a net inflow position for ten consecutive years.

Based on the Group’s solid financial performance and confidence in its long-term development, the Board is pleased to recommend the payment of a final dividend of HK0.7 cents per ordinary share and a special final dividend of HK0.35 cents per ordinary share as a token of appreciation for the long-standing trust and support of our shareholders. Looking ahead, the Group will continue to strengthen its financial foundation and further advance strategic optimisation, adhering to a dual strategy of “R&D-driven development” and “scale expansion”. Meanwhile, through refined cost control and diversified revenue streams, the Group will establish a more resilient profit model, striving to balance growth and returns while safeguarding shareholders’ interests alongside corporate development.

Part.03 Four Decades of Industry Expertise Delivers One-stop Customised IEM Solutions, and The “Cloud Smart” Platform Sets a Benchmark in Energy Management.

The Group’s proprietary power big data platform, “Cloud Smart”, utilises modern communication and internet technologies to collect and monitor data on users’ energy consumption and equipment operating conditions. Through deep integration with digital distribution technologies, it empowers precise control and intelligent decision-making in energy management. On this basis, the Group has developed a one-stop IEM Solution covering integrated hardware systems, customised operating systems and software, as well as online and offline operation and maintenance management services, which has gained wide recognition from the market and the industry.

With over forty years of industry experience and continuously leading technological capabilities, the Group is able to provide customers with nearly industryunique one-stop IEM Solutions, while continuously exploring innovative applications of its solutions across diversified scenarios to meet customers’ increasingly complex energy management needs, striving to establish a new paradigm of intelligent, efficient and reliable energy management.

Digital technology is reshaping the global economic landscape with unprecedented breadth and depth. As the core carrier of digital transformation, computing infrastructure continues to rise in strategic importance. Globally, the commercialisation of artificial intelligence technologies and the iterative upgrading of consumer applications are driving computing demand into a new growth cycle and placing higher requirements on the carrying capacity and operational efficiency of power infrastructure. The Group focuses on technological innovation and practical application in digital infrastructure power management systems. Leveraging its solid R&D foundation and profound understanding of industry needs, the Group has developed a “One-Stop Computing Centre Solution” which has been highly recognised by customers.

During the Year, as a professional representative in computing centre electrical solutions, the Group was invited to participate in the compilation of the Green Intelligent Computing Centre Low-carbon and Energy-saving Technology Application Handbook, collaborating with experts from leading institutions such as China Architecture Design & Research Group, Tsinghua University Architectural Design & Research Institute and East China Architectural Design & Research Institute. This invitation demonstrates the industry’s recognition of the Group’s technical strength and reflects the Group’s determination to promote green transformation in the industry. In response to the stringent requirements of computing centres on power supply system stability, energy efficiency and intelligence level, the Group innovatively developed its “Integrated Power Supply Cabinet”, which integrates modular design, a self-developed monitoring and management system and busbar connection design to achieve intelligent monitoring and energy efficiency optimisation, fully meeting the reliability and energy-saving requirements of digital infrastructure. These core products and solutions enabled the Group to achieve parallel progress in overseas and mainland markets during the Year, successfully facilitating the implementation of multiple large-scale computing infrastructure projects and further establishing its global development footprint. With continued leveraging of its technological advantages and ongoing market expansion, the Group’s related businesses maintained sound growth momentum, driving steady improvement in overall business performance and further consolidating its strategic foundation within the industry.

As the global energy structure transition continues to deepen, power systems are facing increasingly severe challenges in ensuring supply stability, enhancing operational flexibility and optimising energy efficiency. As a core support for enhancing grid regulation capability and promoting efficient consumption of renewable energy, energy storage systems urgently require deep integration with advanced intelligent distribution technologies to achieve efficient coordination and precise control of energy flow and information flow. The Group’s “One-Stop Intelligent Power Supply Solution” focuses on userside new energy and energy storage modules. By integrating data collection, condition monitoring and real-time analysis functions, and combining intelligent allocation, distributed energy consumption and off-peak energy storage, it achieves precise allocation, dynamic dispatch and intelligent decision-making of power resources. During the Year, leveraging its profound technological accumulation in intelligent distribution and energy management, the Group’s “One-Stop Intelligent Power Supply Solution” effectively met the diversified needs of industrial, telecommunications and computing centre customers in energy management and operational efficiency enhancement, receiving wide market recognition and acclaim.

During the Year, the Group continued to focus on core urban infrastructure sectors such as urban rail transit and wastewater treatment, providing intelligent power distribution management systems and integrated energy management solutions for relevant projects and ancillary facilities to enhance power supply safety and operational efficiency. By integrating distribution equipment, data acquisition and energy efficiency analysis platforms, the Group assisted project operators in establishing visualised electricity management frameworks, enhancing system stability and emergency response capabilities, in line with the digitalisation and low-carbon transformation of urban infrastructure. As urban expansion and public service standards continue to improve, rail transit operations are placing increasingly stringent requirements on power supply continuity and load dispatch accuracy, while wastewater treatment facilities must ensure long-term stable operation of high energy-consuming equipment, creating opportunities for technological iteration and structural optimisation of existing power distribution systems. In response to technological evolution and rising regulatory standards, the Group continuously optimised system architecture and functional modules to enhance solution compatibility and scalability, unlocking longer-term application value for relevant projects.

In addition, the Group further strengthened its cooperation with large enterprises and multinational institutions. Leveraging its mature project experience and technological accumulation, it deepened collaboration with multiple industry leaders and expanded its high-end customer network. During the Year, at the 8th China International Import Expo in Shanghai, Boer Power formally signed a strategic cooperation agreement with Schneider Electric, a global leader in energy management and automation, to deepen collaboration in digital and intelligent applications of power systems. This cooperation not only demonstrates international recognition of the Group’s technical strength and project management capabilities, but also facilitates the integration of cutting-edge digital technologies with the Group’s industry expertise, broadening service scope and deepening solution capabilities, thereby further enhancing market reputation and brand influence. Adhering to a customer-centric service philosophy, the Group will leverage this cooperation opportunity to continuously optimise its full-process support system covering planning and design, system deployment and subsequent maintenance. The Group is committed to assisting customers in achieving optimal returns in operational efficiency and cost control on the basis of ensuring the safe and stable operation of intelligent power distribution management systems.

Reviewing overseas markets, benefitting from the gradual stabilisation of high interest rate environments and the easing of inflationary pressures compared with earlier periods, the global economy maintained a positive momentum during the Year. However, persistent geopolitical tensions, unresolved regional conflicts and frequent fluctuations in energy prices have added uncertainties to the international business environment. Against this backdrop, countries have increased investment in power infrastructure and grid modernisation to ensure energy security and promote decarbonisation, creating structural growth opportunities for intelligent distribution and new energy-related industries. The Group has established a foothold in mature European markets while proactively positioning in high-growth Asian economies, driving a sustainable development blueprint through a dual-engine cross-regional strategy. By leveraging its technological strengths in intelligent distribution management and system integration, the Group prudently optimised its overseas business layout and resource allocation and pragmatically advanced international market expansion, providing strong support to overall revenue. In the European market, demand for upgrading power infrastructure continued to rise, further expanding market opportunities for intelligent distribution systems and integrated solutions. The Group actively seized strategic hub opportunities at the crossroads of Europe and Asia. During the Year, it attended the Azerbaijan International Investment Forum with a Chinese investment delegation and conducted on-site inspections of the Alat Free Economic Zone. Azerbaijan is committed to building an investment and logistics centre in the Caucasus and Central Asia region, with increasingly active economic activities and rising electricity demand. In response to the country’s energy transition and regional development plans, the Group proactively deployed in the local power and new energy markets. Leveraging in-depth understanding of policy incentives in the free economic zone gained from this visit, the Group expects to strengthen local partnerships and accelerate project implementation to capture growth potential arising from Azerbaijan’s green economic transformation.

Meanwhile, infrastructure investment and industrialisation in emerging Southeast Asian markets are accelerating, with increasing demand for stable power supply and intelligent distribution systems. Benefitting from the continued advancement of the Belt and Road Initiative and the deepening trend of “Power Going Global”, the Group actively seized such market opportunities, strengthened local technical support and service capabilities in response to varying grid standards and electricity consumption characteristics, enhanced solution adaptability and delivery efficiency, consolidated existing customer relationships and continuously optimised the resilience and growth momentum of its business portfolio. Looking ahead, the Group will continue to strengthen its local operational capabilities in the European market while increasing efforts to expand along the Belt and Road regions and Southeast Asia, pragmatically advancing its global strategic layout. Driven by rigid demand for power infrastructure construction, the Group will consolidate the stability of its international business through technological innovation and market expansion, accumulating momentum for long-term growth.

Part.5 Mr. Qian Yixiang, Chairman and CEO of Boer Power said

“In 2025, although global inflation declined, persistent geopolitical tensions, intensifying protectionist measures and uncertainties in macroeconomic policies across various countries continued to affect the pace of global economic recovery. During the Year, the Group adhered to a prudent and efficient business strategy, steadily advanced its operations across various sectors, and maintained a strong overall operating performance. Entering 2026, the Group will remain committed to its core philosophy of “Learning, Innovation, Action and Persistence”, closely follow the pulse of the times and deeply integrate into national development strategies. It will further consolidate and expand its strategic presence in intelligent power management across key industries and markets, including intelligent grid distribution networks, telecommunications and computing centres, municipal infrastructure and overseas power markets. The Group will fully implement its innovation-driven development strategy, focusing on cutting-edge technologies and continuously increasing investment in research and development to promote the iterative upgrading and scenario expansion of intelligent power management solutions. At the same time, the Group will implement refined management mechanisms, optimise resource allocation and enhance process management to achieve cost reduction and efficiency improvement, while strictly monitoring capital liquidity and prudently evaluating project receivables to safeguard financial stability. Meanwhile, the Group will closely understand diversified customer needs and continuously enhance customer experience through technological innovation and service system upgrades, further consolidating long-term strategic partnerships with customers. The Group will also fully seize opportunities arising from the “Belt and Road Initiative” and the “Power Going Global” strategy, accelerate its global market expansion and continue to increase global business coverage and market share, striving to create sustainable long-term value for shareholders, customers and partners.”