China Qidian Guofeng Holdings Limited (“Qidian Guofeng”, the “Company” or the “Group”; Stock Code: 1280) announced its annual results for 2025. The Company recorded total revenue of approximately RMB 357 million for the year, representing a year-on-year decrease of 19.3% compared with RMB 442 million in 2024, mainly due to a decline in revenue from home appliance sales and baijiu business; during the period, the gross profit margin reached 23.5%.

The year 2025 was a key implementation year for the Group’s strategic transformation. At the end of the year, the Company completed the acquisition of Huiliu (Hong Kong) Limited (including its subsidiary Shanghai Huiliu Network Technology), officially entering the AI computing power and intelligent services track. At the same time, revenue from AI online business services amounted to RMB 3.08 million, and in March 2026, the Company signed a major order of RMB 270 million, verifying the forward-looking nature of its transformation strategy. Multiple business segments worked synergistically to jointly build a stable development structure, marking the Group’s successful transformation from a traditional consumer enterprise into a technology-empowered group driven by the dual engines of “AI + consumption.”

Resilience in the Macroeconomy Becomes Evident, Industrial Upgrading Nurtures Transformation Opportunities

In 2025, China’s economy demonstrated strong resilience amid a complex external environment. The domestic consumer market gradually recovered, with total retail sales of consumer goods for the year exceeding RMB 50.1 trillion, and consumption contributing 52% to economic growth. The digital economy and industrial upgrading have become core growth engines. The “East Data, West Computing” strategy has been further advanced, and demand for AI computing power has experienced explosive growth, providing broad market space for technology enterprises. At the same time, the consumer market is transforming toward intelligence and greenness, laying a solid foundation for the integration and application of core consumer categories such as sauce-aroma baijiu with AI technologies.

Facing industry trends, the Group has seized the opportunities brought by industrial upgrading: the AI industry is accelerating its implementation, and demand for computing power continues to surge; the sauce-aroma baijiu industry has entered a period of deep adjustment, with core production area resources and brand advantages becoming further concentrated; the education and training industry has seen an optimized operating environment under policy regulation; and the home appliance industry has achieved structural growth under the “trade-in replacement” policy. The Group closely follows industry dynamics, promotes strategic focus and business optimization, and lays a solid foundation for long-term high-quality development.

AI Breakthrough + Multi-Business Synergy, Comprehensive Upgrade of Core Capabilities

AI Artificial Intelligence Business: Acquisition of Huiliu Completed, Dual Breakthrough in Technology Empowerment and Commercialization

The year 2025 was a key year for the industrialization and implementation of artificial intelligence technology. The Group seized industry dividends, completed major asset restructuring and track positioning, achieved a breakthrough in AI business from 0 to 1, and established a dual-track development model of (AI computing power + AI technology application). During the year, the Group completed the acquisition of Huiliu (Hong Kong) and established Qidian Intelligent Computing, formally entering the AI computing power track, positioning itself as an integrated infrastructure service provider and computing power operator in the AI industry. Relying on the technological accumulation of Huiliu (Hong Kong), the Group built a full-chain service system covering AI servers, high-performance graphics cards, and AI chip distribution. Qidian Intelligent Computing launched full liquid-cooled servers and energy-efficient storage equipment that comply with national green computing power standards, and provides full lifecycle services including computing power leasing, operation and maintenance hosting, and energy consumption optimization. At present, the Group has established deep strategic cooperation with leading domestic technology enterprises, with a stable supply chain and outstanding technical adaptation capabilities. Its customers cover leading domestic internet enterprises. At the same time, the Group has initially integrated AI technology into areas such as sauce-aroma baijiu brewing and user operations, promoting the coordinated development of technology and consumer businesses.

Sauce-Aroma Baijiu Business: Brand Upgrade Builds Core Competitiveness

In 2025, facing a period of deep adjustment in the sauce-aroma baijiu industry, the Group adhered to the core production area of sauce-aroma baijiu along the Chishui River in Maotai Town, positioning sauce-aroma baijiu as a core segment of new consumption, focusing on the high-end sauce-aroma baijiu track, and promoting comprehensive upgrades in channels, products, and brand. The Group innovatively established the Shengyouhui three-dimensional distribution network, with more than 200 Shengyouhui outlets and offline experience centers implemented nationwide. The related model was awarded the “Most Growth Potential Project of 2025” at the Boao Forum. At the same time, the Group integrated online malls, live streaming, community operations, and private domain operations systems, and combined them with offline experiential activities to build an all-channel integrated ecosystem, precisely reaching high-net-worth customer groups. In terms of products, the Group relies on a dual-track model of “self-owned production capacity + state-owned cooperation” to build a full product matrix of Shengjiu, adhering to the traditional “12987” process, with quality controlled by a top-tier expert team in the industry, establishing the positioning of “a high-quality and value-for-money benchmark of Chinese sauce-aroma baijiu.” In terms of branding, the Group completed large-scale media coverage across core scenarios such as airports and high-speed rail stations nationwide, and invited industry authorities to serve as brand consultants, continuously enhancing brand value and influence. Although revenue faced pressure in the short term due to channel optimization, core competitiveness has been fully established. In 2025, the Group’s liquor sales business achieved revenue of RMB 60.011 million. Although revenue was under short-term pressure due to channel optimization, core competitiveness has been fully established, providing a high-quality carrier for AI technology to empower consumption scenarios.

Education and Training Business: Optimizing Layout and Focusing on Core Resources

In response to changes in the industry environment, the Group has carried out strategic restructuring and resource optimization of its education and training business, focusing on core customers and scenario-based services, and achieved revenue of RMB 57.394 million in 2025.

The Group has conducted a comprehensive strategic evaluation and resource review of its training business. Going forward, it will combine industry trends and the Group’s overall strategy to carry out structural optimization of its business layout, achieve efficient allocation of resources, and ensure the implementation of the Group’s long-term development strategy.

Mr. Yuan Li, Chairman of the Board of Qidian Guofeng, stated: “In the complex market environment of 2025, the Group focused on opportunities arising from industrial upgrading, optimized the layout of non-core businesses, completed major asset restructuring and positioning in core tracks, and achieved a core transformation toward the integration of technology and consumption. In response to industry development trends, the Group coordinated resource allocation across areas such as the education and training business and home appliance retail business, and optimized resource layout. Ultimately, this formed a dual-driven structure of ‘AI + sauce-aroma baijiu’, opening a new stage of ecosystem development of ‘technology empowering consumption, and consumption feeding back into technology’, creating sustainable long-term value for shareholders and providing a solid foundation for the Group’s further future development.”

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About China Qidian Guofeng Holdings Limited

China Qidian Guofeng Holdings Limited (01280.HK) is a company listed on the Main Board of the Hong Kong Stock Exchange, with its headquarters located in Qianhai, Shenzhen. The Company focuses on a dual-driven development model of “AI technology platform + sauce-aroma baijiu industry,” and is committed to becoming a leader in AI empowering the upgrading of the consumer industry. On the one hand, the Company takes artificial intelligence as its core engine, building an AI-driven OMO new consumption platform, comprehensively enhancing supply chain efficiency, user insight, and digital marketing capabilities. It has established a presence in the sauce-aroma baijiu industry in Maotai Town, Guizhou, and set up a wholly owned subsidiary, Guofeng Liquor Industry, launching the “Shengjiu” brand and building a high-quality and value-for-money sauce-aroma baijiu product system. Through the deep integration of “AI + baijiu,” the Company is accelerating the reshaping of the value chain of the traditional consumer industry and promoting the industry toward a new stage of digitalization, branding, and high-quality development.