Financial Performance - The company's revenue for the year ended December 31, 2025, was RMB 18,477,000, an increase of 7.8% from RMB 17,143,000 in 2024[6] - Gross profit for the same period was RMB 6,379,000, slightly down by 0.8% from RMB 6,428,000 in 2024[6] - The net loss for the year was RMB 24,851,000, an improvement of 26.1% compared to a net loss of RMB 33,620,000 in 2024[6] - The total revenue from fiber optic products for the year 2025 was RMB 18,477,000, representing a 7.8% increase from RMB 17,143,000 in 2024[23] - The sales of fiber optic image converters accounted for 55% of total revenue in 2025, up from 41% in 2024[23] - The group generated 35% of its revenue from microchannel plates in 2025, down from 45% in 2024[23] - Revenue from external customers in China increased to RMB 17,606,000 in 2025 from RMB 15,402,000 in 2024, representing a growth of 14.3%[25] - Revenue from major customer A rose to RMB 15,491,000 in 2025, up from RMB 11,204,000 in 2024, indicating an increase of 38.5%[25] - Total other income decreased significantly to RMB 2,554,000 in 2025 from RMB 9,883,000 in 2024, a decline of 74.1%[27] - The company reported a net loss attributable to owners of RMB 24,991,000 for the year ended December 31, 2025, compared to a loss of RMB 33,534,000 in 2024, showing an improvement of 25.3%[31] Assets and Liabilities - The company's total assets as of December 31, 2025, were RMB 314,310,000, up from RMB 216,189,000 in 2024[7] - Current liabilities increased significantly to RMB 314,310,000 from RMB 216,189,000 in 2024, indicating liquidity challenges[7] - The company reported a net current liability of RMB 288,046,000 as of December 31, 2025, compared to RMB 191,978,000 in 2024[7] - The company’s total liabilities as of December 31, 2025, amounted to approximately RMB 288,046,000, raising concerns about its ability to continue as a going concern[39] - The total liabilities of the group increased by approximately RMB 22,158,000 to about RMB 326,953,000, an increase of about 7.3% compared to the previous fiscal period[52] - The total equity deficit of the group increased by approximately RMB 24,851,000 to about RMB 166,772,000, compared to RMB 141,921,000 at the end of the previous fiscal period[52] - The group has a net current liability of approximately RMB 288,046,000 and a net liability of approximately RMB 167,772,000 as of December 31, 2025, indicating significant uncertainty regarding the group's ability to continue as a going concern[44] Cash Flow and Liquidity - Cash and cash equivalents at the end of the reporting period were RMB 383,000, a slight increase from RMB 292,000 in 2024[7] - Cash and cash equivalents were reported at approximately RMB 383,000, indicating potential liquidity issues[39] - The group plans to implement several measures to address liquidity pressures, including a proposed rights issue and negotiations with lenders to reduce interest rates[11] - The group plans to complete a rights issue and negotiate with existing lenders to lower borrowing rates and extend repayment terms[12] - The group is negotiating debt restructuring plans with creditors to alleviate short-term cash flow pressure, with potential interest reductions of approximately RMB 8 million[63] Financial Management and Governance - The management is assessing the impact of new accounting standards on the consolidated financial statements, expected to be applied from January 1, 2027[20] - The management is continuously reviewing estimates and assumptions that affect the reporting amounts of assets, liabilities, income, and expenses[15] - The group has adopted revisions to accounting standards that did not have a significant impact on its performance or financial position[16] - The company has not declared any dividends for the years ended December 31, 2025, and 2024[33] - The company’s financial expenses increased to RMB 11,205,000 in 2025 from RMB 9,967,000 in 2024, an increase of 12.4%[27] - The company’s effective corporate income tax rate is expected to rise to 25% in 2025, as the preferential tax rate of 15% expired on December 6, 2024[29] Operational Focus - The group’s non-current assets are entirely located in Shanxi, China, indicating a concentrated operational focus[24] - The group has pledged certain properties valued at approximately RMB 38,684,000 as collateral for bank borrowings[56] - The group received a government subsidy of RMB 20,000,000 to support its industrial transformation and technology upgrade projects, although refinancing efforts have not proceeded as planned[43] - The group had outstanding other borrowings of approximately RMB 72,696,000 as of December 31, 2025, compared to RMB 64,006,000 in 2024, with a significant increase in current liabilities[51] - The group has approximately 276 full-time employees as of December 31, 2025[61] Corporate Communication - The annual report for 2025 will be timely sent to shareholders and published on the company's website[68] - The announcement will be available on the Hong Kong Stock Exchange website for at least seven days from the date of publication[68] - The company is committed to transparency by publishing financial results on both the stock exchange and its own website[68] - The chairman of the board is Wu Bo, based in Taiyuan, Shanxi Province, China[68] - The company emphasizes the importance of timely communication with shareholders regarding financial performance[68] - The board includes two non-executive directors, ensuring a diverse governance structure[68] - The announcement reflects the company's adherence to regulatory requirements for public disclosures[68] - The company aims to maintain investor confidence through regular updates and disclosures[68] - The announcement is part of the company's ongoing commitment to corporate governance and accountability[68]

Financial Viability and Concerns - The company faces ongoing concerns regarding its ability to continue as a going concern due to net current liabilities and cash shortages, with auditors unable to express an opinion on the financial statements for the year ending December 31, 2024 [3]. - The auditor expressed concerns over high current liabilities, which is the main reason for the inability to issue an opinion; the company is confident in restoring normal operations through various measures [20]. - The board and audit committee support management's judgment and are optimistic about measures such as placement, debt restructuring, and asset disposal to eliminate the audit disclaimer [20]. - The auditors will reconsider the going concern assumption if the company can provide sufficient evidence of successful fundraising and cash flow forecasts meeting projections for the year ending December 31, 2026 [5]. Debt Management and Restructuring - As of December 31, 2024, the company has outstanding loans totaling RMB 14.6 million and RMB 6.955 million, with accrued interest of approximately RMB 6.23 million and RMB 4.6 million respectively [6][7]. - The company is negotiating debt restructuring with major creditors to alleviate short-term cash flow pressures, with preliminary agreements to reduce interest payments by approximately RMB 8 million [9]. - The company is in discussions with banks to extend loan terms and increase credit limits, which is expected to significantly enhance liquidity upon approval in Q4 2023 [10]. - A loan agreement for RMB 20 million was signed with a major shareholder, with an additional RMB 8 million provided for daily operational needs since the beginning of 2023 [11][12]. - The company will expedite negotiations with creditors due to significant uncertainties and will adhere to legal and regulatory disclosure obligations [21]. Financial Improvement Strategies - The company plans to expedite the implementation of share placements and asset sales to improve its financial condition and reduce net liabilities [5]. - The company is revising its internal regulations to align with external regulatory requirements before proceeding with share placement financing, with a focus on compliance and maximizing shareholder interests [13]. - The company plans to initiate a placement financing process to introduce strategic investors and optimize its capital structure after completing the necessary internal rule revisions [14]. - The asset disposal plan aims to complete the real estate rights certificate by the end of this year, with the sale expected to be finalized in Q3 to Q4 of 2026 to improve liquidity [15][17]. Customer Diversification and Collaboration - The company is actively diversifying its customer base to reduce reliance on a single client, with three new clients entering substantive cooperation, including R&D contracts and high-end product development [18]. - Three new clients have begun receiving supplies and have made partial payments, indicating stable progress in customer collaboration [19].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，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 內容而引致的任何損失承擔任何責任。 CC E 山 西 長 城 微 光 器 材 股 份 有 限 公 司 SHANXI CHANGCHENG MICROLIGHT EQUIPMENT CO. LTD.* （於中華人民共和國註冊成立之股份有限公司） （股份代號：8286） 澄清公告 董事會會議召開日期 茲提述本公司於二零二六年三月十三日刊發的有關召開本公司董事會會議之公告（「該公告」）。除另有 界定者外，本公告所用詞彙與該公告所界定者具有相同含義。 本公司謹此澄清，該公告中英文版本出現了兩處無意的笔误，將中文版董事會會議星期誤載為「星期日」 ，謹此澄清應為「星期一」，英文版董事會會議星期誤載為「星期四」，謹此澄清應為「星期一」。 除上文所述者外，該公告中英文版本的所有其他資料均維持不變。 承董事會命 山西長城微光器材股份有限公司 主席 吳波 中國山西省太原市，二零二六年三月十七日 本公告包括之資料乃遵照香港聯合交易所有限公司的 GEM 證券上市規 ...

第 1 頁 共 10 頁 v 1.2.0 本月底法定/註冊股本總額： RMB 30,886,000 | 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 | | | 198,860,000 RMB | | 0.1 | RMB | | 19,886,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 198,860,000 RMB | | 0.1 | RMB | | 19,886,000 | | 證券代號 (如上市) | 08286 | 說明 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份 ...

Group 1 - As of February 27, 96 stocks reached a 52-week high, with notable performers including Great Wall Microelectronics (08286), Feida Holdings (01100), and Ruichang International Holdings (01334) achieving high rates of 109.21%, 40.13%, and 28.80% respectively [1] - The top three stocks by closing price and their respective highest prices are: Great Wall Microelectronics at 0.395 with a peak of 0.500, Feida Holdings at 1.540 with a peak of 2.200, and Ruichang International Holdings at 1.330 with a peak of 1.610 [1] - Other significant stocks that reached new highs include Yuanli Holdings (01933) at 0.224 (25.26%), Hongyu International (08291) at 0.500 (16.67%), and Far East Hotels (00037) at 0.670 (15.25%) [1] Group 2 - The report also lists stocks that reached new lows, with notable declines including Haotian International Construction Investment (01341) at 0.057 (-10.94%), Ronghui Holdings (08213) at 0.170 (-10.53%), and Yihe Holdings (01662) at 1.130 (-9.09%) [3] - Other stocks that experienced significant drops include Zhongqing Shares (01855) at 1.030 (-8.85%) and Guancheng Watch Jewelry (00256) at 0.132 (-7.86%) [3] - The report highlights a total of 52-week low rankings, indicating a broader trend of declining stock prices among certain companies [3]

Core Viewpoint - Changcheng Micro Light (08286.HK) has reached a settlement with creditors regarding its liquidation application and has requested to withdraw it, with a related hearing scheduled for December 10, 2025. The company is facing a critical shareholder loan extension agreement due in 2026, raising ongoing concerns about its cash flow situation [1][2]. Recent Events - On February 11, 2026, it was reported that Changcheng Micro Light has settled with creditors and applied for the withdrawal of its liquidation application, with a hearing set for December 10, 2025. The company is also dealing with a key shareholder loan extension agreement that is due in 2026, which continues to attract market attention regarding its cash flow status [1][2]. Stock Performance - Over the past 7 days (as of February 13, 2026), Changcheng Micro Light's stock price has shown significant volatility, with a single-day increase of 15.70% to HKD 0.14 on February 12, 2026, and a trading volume of HKD 32,200. The cumulative increase over 5 days reached 21.74%, while the 20-day increase was 57.30%. Technical indicators suggest that the stock price has touched the upper Bollinger Band (HKD 0.143), with the MACD histogram turning positive at 0.008 and the KDJ indicator's J line rising to 56.85, indicating potential short-term overbought conditions [3]. Financial Analysis - The company is under significant financial pressure, with a 4.2% year-on-year decrease in revenue for the first half of 2025, amounting to HKD 8.662 million, and a widening loss attributable to shareholders of HKD 4.111 million. As of the end of 2024, the debt-to-asset ratio reached 187%, with only HKD 2.92 million in cash on hand, indicating a tight cash flow situation that poses challenges to operational stability [4].

根据分析，公司在2022年与主要股东达成的一笔1460万元贷款展期协议，将利息支付延迟至2026年。这 一财务安排在今年面临节点，其进展对公司资金链至关重要。公司业绩长期承压，2025年上半年收益同 比减少4.2%至866.2万元，拥有人应占亏损扩大至411.1万元。同时，截至2024年末，公司资产负债率高 达187%，账上现金仅292万元，资金紧张状况仍是核心挑战。 以上内容基于公开资料整理，不构成投资建议。 2025年12月3日，公司公告已与债权人施韦箂有限公司就一笔58.59万港元的服务费债务签署和解协议， 并共同向香港高等法院申请撤销清盘呈请。相关聆讯时间最初定于2025年12月10日。 财务状况 经济观察网长城微光(08286.HK)近期清盘呈请已与债权人达成和解并申请撤销，聆讯定于12月10日。同 时，一笔关键股东贷款展期协议面临节点，公司资金链状况备受关注。 近期事件 ...

第 1 頁 共 10 頁 v 1.2.0 | | | | 上月底結存 | | | 110,000,000 RMB | | 0.1 RMB | | 11,000,000 | | --- | --- | --- | --- | --- | --- | --- | --- | | 增加 / 減少 (-) | | | | | RMB | | | | 本月底結存 | | | 110,000,000 RMB | 0.1 | RMB | | 11,000,000 | | 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 | | | | | | 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) | 08286 | 說明 | | | | | | | | | | | | 法定/註 ...

Compensation - The total compensation for Mr. Shen, the acting CEO for the year ended December 31, 2016, was RMB 141,000, which includes a salary of RMB 117,000 and retirement plan contributions of RMB 24,000[3] Governance Structure - The board of directors consists of eight members, including three executive directors and three independent non-executive directors, ensuring a diverse governance structure[4] Disclosure Accuracy - The company confirms that all information disclosed in the announcement is accurate and complete, with no misleading or fraudulent elements[4]

第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 山西長城微光器材股份有限公司 本月底法定/註冊股本總額： RMB 30,886,000 | 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 | | | 198,860,000 | RMB | | 0.1 RMB | | 19,886,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 198,860,000 | RMB | | 0.1 RMB | | 19,886,000 | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | | 是 | | | --- | ...