TG SMART ENERGY (01083) announced its full-year results for 2025. The group achieved revenue of HK$20.912 billion, with a profit attributable to shareholders of HK$1.585 billion. Basic earnings per share were 44.5 HK cents, and a final dividend of 14 HK cents per share is proposed. The company stated that despite challenges from the domestic and international macroeconomic environment and industry policy adjustments in 2025, the group continued to expand its market coverage and business scale. Through ongoing efforts to improve quality and efficiency, and by advancing its asset-light transformation, the group enhanced operational effectiveness and maintained stable operations. In the city gas business segment, the group actively promoted the use of natural gas in industrial and commercial markets and the conversion of old communities to pipeline natural gas. Gas sales volume increased by 1% to 17.371 billion cubic meters. During the year, the group steadily implemented price adjustments, leading to an increase in the comprehensive city gas price spread by RMB 0.02 to RMB 0.58 per cubic meter. In the renewable energy sector, by the end of 2025, the newly grid-connected capacity of distributed photovoltaic projects during the year reached 500 megawatts. The cumulative grid-connected installed capacity reached 2.8 gigawatts. Electricity generated from photovoltaic sources grew by 36% to 2.48 billion kilowatt-hours, while the volume of electricity trading reached 8.4 billion kilowatt-hours. Within the year, the group successfully issued its second and third series of REIT-like products. The cumulative financing under Assets under Management reached RMB 3.5 billion, continuously broadening capital channels and optimizing the cash flow structure. This further deepens the asset-light strategy and lays a solid foundation for future development. As the national 15th Five-Year Plan unfolds, accelerating the construction of a new energy system and aiming to build 100 national-level zero-carbon parks, policy benefits are expected to be continuously released. The group will seize the opportunities presented by green and low-carbon development, commit to participating in the formulation of park standards, and continue to deeply integrate artificial intelligence, big data, and automation technologies into its business to enhance competitiveness and corporate value.