Dear Valued Shareholders,
On behalf of the board of directors of Success Universe Group Limited (the “Company”, together with its subsidiaries, the “Group”), I would like to present the annual report of the Company for the year ended 31 December 2025.
The year 2025 marked a period of recovery framed by complexity. While the global economy demonstrated resilience and international travel resumed at scale, the operating environment remained characterised by uneven growth, shifting trade policies and episodic geopolitical tensions. Against this backdrop, the Group adhered to a prudent and disciplined strategy focused on preserving long-term corporate value and sustaining liquidity. This approach enabled the Group to navigate the headwinds with agility while positioning its businesses to capitalise on the structural normalisation of global markets.
Global economic activity regained momentum in 2025, although certain structural fragilities persisted. China, being the world’s second largest economy, recorded a gross domestic product (“GDP”) growth of 5.0%, continuing to act as a powerful growth engine for the region. Facilitated by policies promoting Greater Bay Area integration, Hong Kong and Macau posted solid GDP expansions of 3.5% and 4.7% respectively, with Macau achieving the milestone as visitor arrivals surpassed pre-pandemic levels. However, evolving global trade dynamics and elevated policy uncertainty continued to introduce volatility into the global business environment, requiring ongoing vigilance and operational agility.
REPOSITIONED TO CAPTURE STRUCTURAL GROWTH
Throughout 2025, Macau hosted an impressive array of world-class performances and international events that reinforced its status as a “City of Performing Arts”, drawing domestic and overseas visitors. The tourism sector recorded a robust expansion, with total visitor arrivals reaching a record high of approximately 40.07 million, representing a year-on-year (“YOY”) increase of 14.7%. Equally encouraging, non-gaming visitor spending rose 6.3% YOY to MOP80.12 billion, providing clear evidence that a strategic shift toward more diversified, higher-value consumption is taking firm hold.
Aligned with these developments, Ponte 16 enhanced its offerings, including cultural programming and premium hospitality, to deliver a differentiated experience, reinforcing its position as a cultural and tourism landmark in the Inner Harbour area. Following the cessation of Casino Ponte 16’s operation in November 2025 as disclosed in the Voluntary Announcement issued by the Company dated 20 November 2025. The Group remains steadfast in its investment in the Ponte 16 project as Ponte 16 continues to explore new hospitality, leisure-entertainment initiatives that will drive sustainable long-term value.
POISED TO CAPITALISE ON MARKET RECOVERY
The global travel sector demonstrated a sustained recovery in 2025. According to UN Tourism, international tourist arrivals in 2025 grew by 4% YOY to approximately 1.52 billion. Concurrently, the International Air Transport Association (IATA) reported a 5.3% YOY rise in global air travel demand, driven by a 7.1% surge in international traffic. The restoration of connectivity has fuelled demands across business, leisure and educational travel segments.
The Group, through Jade Travel Ltd., a wholly-owned subsidiary of the Company and one of the leading travel agencies in Canada, has been strengthening its presence in North America and expanded its distribution capability with the strategic addition of a Hong Kong travel agent licence in 2025. The resurgence in international tourism and improved air connectivity have driven a meaningful recovery in passenger demand and bookings. The Group continues to enhance its digital platforms and product suite, ensuring it is well-placed to capture cross border travel flows and deliver superior service to both wholesale and retail clients.
In Hong Kong, the commercial property market exhibited early signs of stabilisation, supported by renewed financial market activities, including a rebound in initial public offerings (IPOs), and the easing interest rates. Adopting a disciplined and long term perspective, the Group proactively manages its property portfolio, closely monitoring market signals, optimising tenancy mix and executing timely strategic adjustments to ensure sustainable long-term value.
APPRECIATION
I would like to extend my sincere gratitude to our esteemed shareholders, customers and business partners for their unwavering support and trust, and to my fellow board members and our dedicated staff for their dedication and professionalism throughout the year. With a prudent yet agile operational strategy, the Group will remain vigilant in assessing market conditions and further strengthen its portfolio to pursue sustainable development across the travel, leisure and entertainment as well as investment sectors. The Group is firmly positioned to navigate any near-term uncertainties, seize emerging opportunities and create enduring long-term value for shareholders in the years to come.
Yeung Hoi Sing, Sonny
Chairman
Hong Kong
30 March 2026
