As a key growth driver for the Group, the oil and gas trading business within the import and export segment expanded steadily during the Year, achieving a significant milestone with a trading volume exceeding 20.0 million barrels and revenue reaching approximately HK$11.34 billion. Meanwhile, the Group broke the long-standing monopoly of the sales channel of crude oil, enhancing the market value of its oil and gas properties. In the non-oil-and-gas business, the Group consistently prioritises refined and proactive management of its equity investments as a core task and actively conveyed its philosophy of improving quality and enhancing efficiency to the operators. Notably, the value of shares held in Aloca Corporation (“Aloca”) increased by approximately 46.3% during the Year. On the oil and gas front, focusing on refined reservoir management and continuous scientific research breakthroughs, the Group achieved stable production and increased reserves. It comprehensively deepened lean management throughout the production process, coupled with the implementation of cost-reduction and efficiency-enhancement measures, propelled continuous improvements in management standards and operational efficiency across all phases of oil and gas projects from exploration, development to production.

During the Year, the Group achieved revenue of approximately HK$14.96 billion (2024: approximately HK$9.50 billion), representing a year-on-year increase of approximately 57.6%. Impacted by factors such as a decline in the average selling price of crude oil and coal, and higher raw material costs, profit attributable to ordinary shareholders of the Company amounted to approximately HK$0.17 billion (2024: HK$0.57 billion). Despite that, all of the Group’s segments recorded profits for the Year and the Group continued to maintain a strong financial position with cash and deposits of approximately HK$3.52 billion as at 31 December 2025 (31 December 2024: HK$2.03 billion). As at 31 December 2025, the Group had total assets of approximately HK$14.61 billion, and net assets attributable to ordinary shareholders of the Company of approximately HK$8.79 billion. The gearing ratio and interest-bearing debt ratio were approximately 38.8% and 23.5% respectively, with a return on equity (annualised) of approximately 2.0%.

As part of its efforts to optimise its asset structure, the Group disposed of shares in Alcoa in January and March 2026, totalling approximately 2.17% of Alcoa’s total issued shares[1]. By seizing the opportunity to monetise its investment at a high valuation, the Group continues to create greater value for its shareholders.

Mr. Hao Weibao, Executive Director, Chairman and Chief Executive Officer of CITIC Resources, said: “Looking ahead to 2026, the Group will focus on key areas such as the development, production and trading of oil and gas, as well as investments in the aluminum industry chain, deepen synergies among trading, investment and production management, and continue to implement the business strategy of consolidating the existing core business and pursuing dual-engine expansion through ‘investment + trading’.

To consolidate our existing principal business, the Group will continue to enhance lean production and operational management to increase reserves and output, while steadily expanding production and sales scale. The Group will also intensify the introduction and application of new processes and technologies, leveraging technological innovation to empower high-quality development of our core businesses and reinforce our core growth foundation.

On the dual-engine driver of ‘investment + trading’ expansion front, the Group will continue to track and position in high-quality oil and gas assets and the aluminium-centric key metals industry chain. Trading operations and investment projects will be deeply integrated: the investment arm will secure equity resources, while the trading arm will achieve market-oriented sales. This approach will also enhance our market sensitivity, enabling us to identify and acquire high-quality upstream resources and assets, thereby creating a virtuous cycle in which ‘investment acquires resources and trading converts value’. The Group is committed to implementing these development strategies and will continue to deliver long-term and stable returns to our shareholders.”

[1]Details regarding the disposal were disclosed in the announcements and circular dated 16 January, 6 February, and 5 March.

For details of CITIC Resources’ 2025 annual results, please refer to the Group’s annual results announcement on the Hong Kong Stock Exchange and the Group’s website.

About CITIC Resources Holdings Limited (Stock Code: 1205.HK)

CITIC Resources Holdings Limited has been listed on the Hong Kong Stock Exchange since 1997. Principal activities of CITIC Resources include the exploration, development and production of oil and coal, investments in bauxite mining, alumina refinery, aluminium smelting and oil and gas trading. CITIC Limited is the largest shareholder with about 59.5% interest in CITIC Resources.