第 1 頁 共 12 頁 v 1.2.1 | 3. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 外資股 | | | | 2. 股份分類 | 普通股 | 股份類別 | | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | 否 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 2,500,000 RMB | | | | | | | 增加 / 減少 (-) | | | | 0 | | | | | | | | | | | | | 0.1 RMB RMB | | | | | | | | | | | | | | 250,000 | | ...

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 556,925,000, a decrease of 4.3% from RMB 584,794,000 in 2024[3] - The annual loss attributable to shareholders was RMB 66,763,000, slightly improved from a loss of RMB 68,243,000 in 2024[3] - Gross profit increased to RMB 17,833,000, up from RMB 16,777,000 in the previous year, reflecting a gross margin improvement[4] - Total sales revenue for 2025 was RMB 556,925,000, a decrease of 4.8% from RMB 584,794,000 in 2024[21] - Revenue from China in 2025 was RMB 434,457,000, down 5.5% from RMB 459,869,000 in 2024[21] - The net loss for the year attributable to shareholders was RMB 66,763,000, compared to RMB 68,243,000 in 2024[29] - The company recorded a net loss attributable to shareholders of approximately RMB 66,763,000 for the year ending December 31, 2025, a slight improvement from RMB 68,243,000 in 2024[57] - The company reported a net loss of RMB 67,170,000 for the year ending December 31, 2025[81] Assets and Liabilities - Total assets decreased to RMB 1,179,725,000 from RMB 1,249,758,000, indicating a reduction of 5.6%[6] - Current liabilities exceeded current assets by RMB 276,435,000, raising concerns about liquidity[9] - Non-current liabilities increased significantly to RMB 116,067,000 from RMB 61,868,000, primarily due to an increase in loans[6] - The actual interest rate for secured bank loans was 3.6%, down from 4.4% in the previous year, while the rate for unsecured loans was 3.0%, slightly down from 3.1%[39] - The total amount of bank and other loans was RMB 527,464,000, of which RMB 477,643,000 were current bank loans, while cash and cash equivalents amounted to RMB 68,152,000[76] - The debt-to-asset ratio increased to 56.2% as of December 31, 2025, compared to 53.3% in 2024, primarily due to depreciation reducing fixed assets and improved turnover reducing inventory[62] Cash Flow and Financing - Cash and bank balances stood at RMB 68,152,000, compared to RMB 57,963,000 in 2024, showing an increase of 17.6%[5] - The operating cash flow for the year was negative, leading to a reclassification of non-current bank loans of RMB 128,961,000 to current liabilities[42] - Financing costs increased to RMB 16,593,000 in 2025 from RMB 10,514,000 in 2024, primarily due to a decrease in capitalized interest on qualifying assets[55] - The group has an uncommitted revolving bank financing amounting to RMB 409,000,000, of which approximately RMB 139,104,000 remains undrawn[12] - The board believes that the group will have sufficient financial resources to meet its financial obligations for the next twelve months based on cash flow forecasts and planned measures[77] Dividends and Shareholder Information - The company did not recommend a final dividend for the year ended December 31, 2025[3] - The company did not declare any interim dividends for the year, consistent with 2024[30] - The company’s directors and executives hold significant shares, including 135,000,000 foreign shares (39.30%) and 12,236,000 H shares (6.66%)[82] - Major shareholders include Hong Kong Newborn Venture Capital Limited with 39.30% of foreign shares (135 million shares) and Hong Kong Biochemical High-Tech Investment Limited with 19.65% (67.5 million shares)[87] Operational Highlights - The group has integrated production lines of its subsidiaries to streamline processes and reduce costs, and will continue to implement cost-reduction measures[12] - The group is actively monitoring and controlling administrative expenses and future capital expenditures to minimize cash outflows[12] - The group launched 11 R&D projects in 2025, applying for 11 new patents, including 8 invention patents and 3 utility model patents, focusing on green process improvements and pharmaceutical excipient development[47] - The Dalian factory's second-phase production line for special anhydride products has been operating well, with product quality recognized by customers and steady capacity increases[48] - The group aims to enhance technological innovation and product upgrades, focusing on green processes, pharmaceuticals, electronic chemicals, and new materials in future R&D efforts[49] Compliance and Governance - The company maintains compliance with the corporate governance code as per the Hong Kong Stock Exchange regulations[94] - The audit committee has been established and includes three independent non-executive directors as of December 31, 2025[98] - The board consists of both executive and non-executive directors, ensuring a diverse governance structure[100] - Independent non-executive directors have confirmed their independence in accordance with the listing rules[96] Future Outlook - The group plans to improve overall performance in 2026 as the second-phase capacity of the Dalian factory is gradually released and synergies in the supply chain become evident[43] - Future strategies include accelerating the launch of new products and expanding into new market areas and applications, leveraging R&D and manufacturing advantages[53] - The group believes it can continue to operate based on its ability to generate sufficient financing and operating cash flows, despite significant uncertainties[13]

常茂生物化學工程股份有限公司（「本公司」）之董事會（「董事會」） 謹此宣佈， 董事會會議將於二零二六年三月三十日（星期一）下午三時舉行，以商討下列事 項： 承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司（「港交所」）對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 常茂生物化學工程股份有限公司 Changmao Biochemical Engineering Company Limited* （於中華人民共和國註冊成立之股份有限公司） （股份代號：954） 董事會召開日期 1 1. 考慮及批准本集團（包括本公司及其附屬公司）截至二零二五年十二月三十 一日止年度經審核之財務報表及董事會報告，以及批准於港交所網站刊載本 公司截至二零二五年十二月三十一日止年度全年業績之公佈草稿； 2. 考慮派發末期股息（如有）； 3. 考慮暫停辦理股份過戶登記手續（倘有需要）； 4. 考慮本公司二零二五年度年報內容； 5. 考慮召開本公司股東週年大會；及 6. 其他事項。 於本公告日期，芮新生先生（主席）、潘 ...

第 1 頁 共 12 頁 v 1.2.0 | 3. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 外資股 | | | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000 | RMB | | 0.1 RMB | | 250,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 2,500,000 | RMB | | 0.1 RMB | | 250,000 | | 1. 股 ...

Group 1 - The core viewpoint of the article highlights the active stock performance of Changmao Biochemical Engineering Company Limited (00954.HK) during the period from February 5 to February 11, 2026, with a price fluctuation of 6.45% and a trading range of 0.31 to 0.33 HKD [1] - On February 10, the stock reached a peak price of 0.33 HKD, while the lowest price recorded was 0.31 HKD on February 5, closing at 0.33 HKD on February 11 [1] - The trading volume was notably significant on February 10, with a transaction amount of 45,320 HKD and a turnover rate of 0.08% [1] Group 2 - Technical indicators suggest that the stock price has broken through the upper Bollinger Band, and the MACD histogram has turned positive, indicating an increase in short-term momentum [1] - The food additives sector experienced a decline of 0.72% during the same period, while Changmao Biochemical's performance significantly outperformed both the sector and the Hang Seng Index, which rose by 0.52% [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 常茂生物化學工程股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00954 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 183,700,000 | RMB | | 0.1 RMB | | | 18,370,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | | 本月底結存 | | | 183,700,000 | RMB | | 0.1 RMB | | | 18,370,000 | | 2. 股份分類 | ...

第 1 頁 共 11 頁 v 1.1.1 | 3. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 外資股 | | | | 2. 股份分類 | 普通股 | 股份類別 | | 其他類別 (請註明) | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000 | RMB | | 0.1 RMB | | 250,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,500,000 | RMB | | 0.1 RMB | | 250,000 | | 證券 ...

第 1 頁 共 11 頁 v 1.1.1 呈交日期: 2025年12月1日 公司名稱: 常茂生物化學工程股份有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 3. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 外資股 | | | | 2. 股份分類 | 普通股 | 股份類別 | | 其他類別 (請註明) | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000 | RMB | | 0.1 RMB | | 250,000 | | 增加 / 減少 (-) | | | 0 ...

第 1 頁 共 11 頁 v 1.1.1 | 3. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 外資股 | | | | 2. 股份分類 | 普通股 | 股份類別 | | 其他類別 (請註明) | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000 | RMB | | 0.1 RMB | | 250,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,500,000 | RMB | | 0.1 RMB | | 250,000 | | 證券 ...

第 1 頁 共 11 頁 v 1.1.1 | 3. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 外資股 | | | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000 | RMB | | 0.1 RMB | | 250,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,500,000 | RMB | | 0.1 RMB | | 250,000 | | 1. ...