Financial Performance - Revenue for the fiscal year 2025 reached $501.544 million, a 45% increase from $345.782 million in 2024[17]. - Net profit for 2025 was $23.14 million, compared to $19.042 million in 2024, reflecting a growth of 21%[17]. - Total assets increased to $163.757 million in 2025, up from $120.569 million in 2024, marking a 36% growth[17]. - Total liabilities rose to $83.701 million in 2025, compared to $67.579 million in 2024, indicating a 24% increase[17]. - Net assets reached $80.056 million in 2025, a significant increase from $52.990 million in 2024, representing a 51% growth[17]. - Gross profit was $148,503,000, up 40.9% from $105,386,000, with a gross margin of 29.6%, down 0.9 percentage points from 30.5%[18]. - Operating profit increased by 28.2% to $31,904,000 from $24,893,000, while net profit rose 21.5% to $23,140,000 from $19,042,000[18]. - Total revenue for the year ended December 31, 2025, reached $501,544,000, a 45.0% increase from $345,782,000 in 2024[18]. - Non-core markets contributed approximately 63.6% of total revenue in 2025, showing a year-on-year growth of about 83.9%, significantly outpacing core markets' growth of 5.9%[35]. - Revenue from beauty products increased by 51.1% to $481,648,000, accounting for approximately 97.0% of total revenue[33]. Market Expansion and Strategy - The company is focused on expanding its online and offline beauty product wholesale business through platforms like www.asianbeautywholesale.com[8]. - The firm is exploring new strategies for market expansion and product development in the beauty industry[8]. - The company plans to expand its core markets, which include the US, UK, Australia, and Canada, to enhance revenue streams[10]. - The company plans to continue expanding its presence in Europe, the Middle East, and Latin America, where K-Beauty is still in the early stages of becoming mainstream[34]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its offerings[10]. - Future guidance indicates a continued upward trend in revenue and profitability, with expectations of further market expansion[10]. - YesStyle's B2B business is expected to grow through partnerships with major retail chains across North America, Europe, Latin America, the Middle East, and Asia[50]. Corporate Governance - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[6]. - The company is committed to corporate governance as per the guidelines set out in the corporate governance code[8]. - The board consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors[140]. - The company has established audit, remuneration, and nomination committees, with a majority of members being independent non-executive directors[148]. - The board has conducted an annual review of its governance mechanisms, confirming their proper implementation and effectiveness[148]. - The company has adopted a board diversity policy, considering various factors such as gender, age, cultural background, and professional experience in selecting board candidates[152]. - The company has established procedures to protect assets and ensure compliance with applicable laws and regulations[136]. - The company has implemented appropriate internal controls and risk management measures related to sanctions, ensuring no transactions with sanctioned countries or individuals[113]. Operational Efficiency - The company is leveraging AI solutions to enhance customer service, automate routine inquiries, and improve operational efficiency[51]. - The two AMR warehouses achieved an estimated annual labor cost saving of approximately $9,708,000 in 2025, with shipping volume increasing by 2.3 times while maintaining a fulfillment accuracy rate of over 99.99%[41]. - The percentage of shipping costs relative to revenue decreased from approximately 21.1% in 2024 to about 18.7% in 2025[41]. - The company is focusing on optimizing its cost structure and enhancing automation in fulfillment through its dual AMR warehouse infrastructure[51]. - The implementation of AMR systems resulted in impressive shipment growth while maintaining a fulfillment accuracy rate of over 99.99%[83]. Employee and Management - The company had 619 employees as of December 31, 2025, an increase from 520 employees in 2024[109]. - The company is committed to providing competitive compensation packages to attract and retain qualified personnel, including basic salary, bonuses, and performance-based benefits[109]. - The executive directors have extensive experience in e-commerce and digital marketing, with over 20 years in the industry[115][116]. - The company has a strategy to enhance operational efficiency and employee loyalty through training and talent development programs[109]. Financial Management - The company proposed a final dividend of 10.0 HK cents, a 33.3% increase from 7.5 HK cents in the previous year[18]. - The company will review its dividend policy based on future investment opportunities and development plans[188]. - The company’s financial data summary for the past five fiscal years is available on page 8[195]. - The company has not made any amendments to its articles of association since adopting them on March 13, 2021[192]. - The company’s main business is investment holding, with details of major subsidiaries provided in the financial statements[200]. Risk Management - The company has established a Risk and Compliance Committee to oversee environmental, social, and governance (ESG) performance and strategies[176]. - The board has completed a review of the risk management and internal control systems and found them to be effective and adequate[179]. - The company has implemented a whistleblowing policy to allow employees and stakeholders to confidentially report concerns regarding financial reporting and internal controls[180]. - The company has ensured compliance with insider information disclosure responsibilities under applicable laws and regulations[182]. Marketing and Customer Engagement - YesStyle launched Yesful Land in Seoul, a physical space for community engagement and brand experience, enhancing customer interaction and loyalty[45]. - The company has established new distribution channels with 56 leading retailers across 26 markets, enhancing K-Beauty brand exposure to millions of consumers[38]. - The number of influencers for YesStyle increased from approximately 403,000 in 2024 to about 502,000 in 2025, a growth of about 24.6%[42]. - Revenue generated from influencer referrals was $104,796,000, up 43.0% from $73,287,000[20].

Financial Performance - For the year ending December 31, 2025, the company reported total revenue of MOP 637,124,000, a decrease of 5.64% from MOP 675,230,000 in 2024[3] - The gross profit for the same period was MOP 10,223,000, up from MOP 7,034,000 in 2024, indicating a significant improvement in profitability[3] - The net loss attributable to the company's owners for the year was MOP 19,777,000, compared to a loss of MOP 17,691,000 in 2024, reflecting a worsening financial position[3] - The total comprehensive loss for the year ending December 31, 2025, was approximately 19.8 million MOP, compared to about 17.7 million MOP in the previous year[46] - Basic loss per share for the year ending December 31, 2025, was approximately 1.80 MOP, compared to about 1.61 MOP in the previous year[47] Assets and Liabilities - Total assets decreased to MOP 436,760,000 in 2025 from MOP 443,006,000 in 2024, showing a decline in the company's asset base[4] - Total liabilities increased to MOP 295,758,000 in 2025 from MOP 282,227,000 in 2024, indicating a rise in the company's financial obligations[5] - The company has a total equity of MOP 141,002,000, down from MOP 160,779,000 in 2024, reflecting a decrease in shareholder value[4] - The debt-to-equity ratio increased from 66.2% as of December 31, 2024, to 73.5% as of December 31, 2025, primarily due to a significant decrease in total equity[52] Cash Flow and Liquidity - The company's cash and cash equivalents were reported at MOP 19,099,000, down from MOP 28,701,000 in 2024, highlighting liquidity challenges[4] - The group’s total employee cost, including directors' remuneration, was approximately 121.5 million Macanese Patacas for the year ended December 31, 2025, compared to approximately 151.9 million Macanese Patacas in 2024[60] - The group is implementing cost control measures and accelerating the collection of trade receivables to generate adequate operating cash flow[14] Financial Covenants and Compliance - The company violated financial covenants related to bank borrowings amounting to approximately MOP 6,180,000, leading to cross-defaults on other borrowings totaling MOP 34,841,000[9] - The group was unable to maintain the required net asset value under financing agreements, resulting in a breach related to bank borrowings amounting to approximately 6,180,000 Macanese Patacas[32] Revenue and Project Status - The total revenue for the year ended December 31, 2025, decreased by approximately 38.1 million Macanese Patacas or 5.6% compared to the year ended December 31, 2024, primarily due to a reduction in the number of construction projects undertaken[39] - As of December 31, 2025, the group had a total of 19 construction and fitting service projects awarded, with a total contract value of 220.5 million Macanese Patacas[38] - The group completed 25 construction and fitting service projects by December 31, 2025, with a backlog of 15 projects valued at 499.9 million Macanese Patacas[38] Cost Management and Operational Strategy - The company’s administrative expenses were MOP 30,617,000, slightly down from MOP 30,985,000 in 2024, indicating cost control efforts[3] - The group emphasizes strict cost management and efficient procurement to ensure profitability and financial stability in a challenging environment[63] - The group continues to maintain a balanced and prudent perspective in the regional construction industry, carefully evaluating selective opportunities and ongoing challenges[61] Future Outlook and Financial Support - The board believes that the group will have sufficient operating funds to meet its financial obligations over the next 12 months starting from December 31, 2025[11] - The ultimate controlling party has agreed to provide financial support to the group until March 31, 2027, ensuring sufficient operating funds to meet liabilities[14] - The group anticipates that the overall activity will slow down compared to previous years due to various market adjustments and inflationary pressures[62] Compliance and Governance - The company has adhered to the corporate governance code and has no significant matters to disclose after December 31, 2025[69] - The audit committee, consisting of three independent non-executive directors, has reviewed the financial data for the year ending December 31, 2025[73] - The group's auditor confirmed that the financial statements align with the audited consolidated financial statements for the year ending December 31, 2025[74] Dividends and Shareholder Information - The group has not declared or paid any dividends for the year ending December 31, 2025[24] - The board does not recommend the payment of a final dividend for the year ending December 31, 2024[65] - The company plans to hold its annual general meeting on June 8, 2026, with a share transfer registration suspension from June 3 to June 8, 2026[66]

Financial Performance - The company's revenue for the year ended December 31, 2025, was RMB 5,232.993 million, a decrease of 13.8% compared to RMB 6,073.644 million for the year ended December 31, 2024[5]. - The annual profit increased by 14.3% to RMB 51.246 million for the year ended December 31, 2025, up from RMB 44.800 million for the previous year[8]. - Same-store sales for the year were RMB 2,914.245 million, down from RMB 3,387.925 million in the previous year[6]. - The core operating profit for the year was RMB 137.714 million, a significant decrease from RMB 252.272 million in 2024[5]. - Total revenue decreased by 13.8% from RMB 6,073.6 million in 2024 to RMB 5,233.0 million in 2025[19]. - Revenue from the brand Tai Er fell by 15.7% from RMB 4,412.8 million in 2024 to RMB 3,720.0 million in 2025, accounting for 71.1% of total revenue[20]. - Revenue from Song Hotpot decreased by 12.6% from RMB 895.0 million in 2024 to RMB 782.1 million in 2025, maintaining a stable revenue share of 14.9%[21]. - Revenue from Jiu Mao Jiu is expected to decrease by 21.9% from RMB 546.2 million in 2024 to RMB 426.6 million in 2025, primarily due to a reduction in the number of self-operated restaurants from 70 to 61[22]. - Revenue from other sources is projected to increase by 38.5% from RMB 219.7 million in 2024 to RMB 304.3 million in 2025, mainly due to increased sales to third parties[22]. - Restaurant operation revenue decreased by 18.5% from RMB 4,880.4 million in 2024 to RMB 3,975.7 million in 2025, with its share of total revenue dropping from 80.4% to 76.0%[23]. - Takeaway business revenue decreased by 4.0% from RMB 1,043.4 million in 2024 to RMB 1,002.0 million in 2025, while its share of total revenue increased from 17.2% to 19.1%[24]. - Goods sales revenue increased by 74.7% from RMB 139.4 million in 2024 to RMB 243.6 million in 2025, with its share of total revenue rising from 2.3% to 4.7%[24]. Dividend and Shareholder Returns - The company proposed a final dividend of HKD 0.02 per share, totaling approximately HKD 27.8 million, with a payout ratio of 42.1% of the profit attributable to equity shareholders[8]. - The board plans to maintain a dividend payout ratio of no less than 40% of the profit attributable to equity shareholders in the future[8]. - Proposed final dividend for 2025 is RMB 24,477,000 (0.02 HKD per share), compared to RMB 25,813,000 for 2024[132]. - The company paid a final dividend of RMB 51,626,000 for the previous fiscal year, with a dividend of 0.02 HKD per share, down from 0.15 HKD per share in 2024[133]. Restaurant Operations and Network - The company opened 26 new restaurants in 2025, including 12 Tai Er restaurants and 7 Song Hotpot restaurants, while 189 restaurants were closed during the year[9]. - The total number of restaurants decreased from 807 in 2024 to 644 in 2025, with significant reductions in the number of Tai Er and Song Hotpot locations[10]. - The company continues to optimize its restaurant network and focus on brands with higher growth potential[7]. - The company plans to focus on optimizing restaurant layouts and enhancing supply chain capabilities to improve operational efficiency[18]. - The company is transitioning towards AI-driven operations, launching the industry's first AI smart dining restaurant in 2025[18]. - The Guangzhou Nansha supply chain center began trial operations in 2025, aimed at stabilizing ingredient supply and reducing food safety risks[18]. Employee and Operational Costs - Employee costs decreased by 11.7% from RMB 1,747.0 million in 2024 to RMB 1,542.5 million in 2025, while the proportion of employee costs to revenue increased from 28.8% to 29.5%[27]. - The total number of employees as of December 31, 2025, was 16,517, with employee costs amounting to RMB 1,542.5 million, a decrease from RMB 1,747.0 million for the previous year[68]. - The company reported a net loss from joint ventures of RMB 7,225 for the year ended December 31, 2025, compared to a loss of RMB 3,924 in 2024[76]. Financial Position and Assets - Total assets decreased from RMB 6,488.6 million in 2024 to RMB 5,823.0 million in 2025, while total liabilities decreased from RMB 3,337.5 million to RMB 2,606.0 million[53]. - The asset-liability ratio improved from 51.4% in 2024 to 44.8% in 2025, indicating a stronger financial position[53]. - Non-current assets decreased to RMB 3,615,233 as of December 31, 2025, from RMB 4,179,369 in 2024[78]. - Current assets decreased slightly to RMB 2,207,732 from RMB 2,309,254 in 2024[78]. - The group’s total non-current financial assets amount to RMB 508,310,000 as of December 31, 2025, compared to RMB 400,502,000 in 2024, indicating a growth of approximately 27%[110]. Investments and Acquisitions - The company has entered into a share subscription agreement to purchase shares from Big Way Group Inc. for a total consideration of USD 28 million[60]. - The company plans to allocate 70% of the net proceeds from the subscription to invest in major raw material suppliers and other companies in the food and beverage industry, amounting to HKD 581 million, with HKD 232.5 million already utilized[69]. - The remaining 30% of the proceeds, totaling HKD 249 million, is designated for general working capital, with no amount utilized as of the reporting date[69]. - The company acquired an additional 40% stake in Too Two Canada Holdings Inc. for CAD 40, resulting in 100% ownership, with net liabilities of RMB 11,887,000 at the acquisition date[131]. - The company also acquired an additional 20.1% stake in Guangzhou Xiqin Catering Co., Ltd. for RMB 10,000, achieving 100% ownership, with net assets of RMB 5,954,000 at the acquisition date[131]. Compliance and Governance - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules, confirming compliance for the year ending December 31, 2025[147]. - The audit committee, consisting of three independent non-executive directors, has reviewed the audited consolidated financial statements for the year ending December 31, 2025, ensuring accuracy and fairness[148]. - The auditor, KPMG, verified that the financial data disclosed in the preliminary announcement aligns with the audited consolidated financial statements for the year ending December 31, 2025[149]. - The annual performance announcement and annual report will be published on the Hong Kong Stock Exchange website and the company's website, containing all required information as per listing rules[150]. - The board expresses gratitude to shareholders, suppliers, and customers for their continued support and trust, as well as to employees and management for their professionalism and dedication[151].

Financial Performance - For the year ending December 31, 2025, the company reported a revenue of RMB 19,946,668 thousand, compared to RMB 22,338,716 thousand in 2024, indicating a decrease of approximately 10.67%[5] - The gross profit for 2025 was RMB 1,480,055 thousand, down from RMB 1,741,682 thousand in 2024, reflecting a decline of about 15.03%[5] - The operating profit for 2025 was RMB 673,188 thousand, compared to RMB 960,704 thousand in 2024, representing a decrease of approximately 30.00%[5] - The net profit attributable to the owners of the company for 2025 was RMB 289,644 thousand, down from RMB 501,243 thousand in 2024, a decline of about 42.14%[5] - The earnings per share for 2025 was RMB 0.56, compared to RMB 0.79 in 2024, indicating a decrease of approximately 29.11%[5] - Total comprehensive income for 2025 was RMB 201,147 thousand, compared to RMB 498,322 thousand in 2024, a decrease of about 59.69%[7] Assets and Liabilities - Non-current assets as of December 31, 2025, totaled RMB 2,984,549 thousand, compared to RMB 3,041,440 thousand in 2024, reflecting a decrease of approximately 1.83%[8] - Total assets amounted to RMB 42,227,621 thousand, a decrease from RMB 45,202,576 thousand[10] - Total liabilities were RMB 28,589,878 thousand, down from RMB 31,655,053 thousand[10] - Equity attributable to owners of the company was RMB 13,637,743 thousand, slightly up from RMB 13,547,523 thousand[10] - The company reported retained earnings of RMB 11,603,976 thousand, an increase from RMB 11,463,935 thousand[10] Cash Flow and Financial Position - Cash and cash equivalents reached RMB 6,468,851 thousand, significantly up from RMB 832,376 thousand[9] - The company has a net cash ratio of 43.3%, with cash and cash equivalents amounting to approximately RMB 6.47 billion[81] - The company's debt ratio is approximately 2.1 as of December 31, 2025, down from 2.3 in 2024, indicating improved financial stability[79] - By December 31, 2025, the company has approximately RMB 7.9 billion in unused bank credit facilities, providing ample financial resources for business expansion[79] Revenue Sources and Projections - The group's total revenue for the year ending December 31, 2025, is projected to be RMB 22,769,366, with a significant contribution from construction services at RMB 11,852,095[16] - The construction segment contributed RMB 11,852,095,000, accounting for 59% of total revenue, while property development contributed RMB 5,411,561,000, representing 27%[52] - The company anticipates recognizing revenue of RMB 14,135,006 from construction services for the year ending December 31, 2024[19] - The group expects to recognize RMB 14,893,177 in revenue from unfulfilled contracts within one year for 2025[24] Investment and Expenditures - The company made a new equity investment of RMB 71,731,000 to acquire a 9% stake in Zhejiang Provincial Construction Science and Design Research Institute[51] - The company recognized an impairment loss of RMB 157,588,000 for construction materials due to a decline in market demand, compared to RMB 38,432,000 in the previous year[73] - The group did not have any significant capital expenditure plans due to the complex economic environment[93] Employee and Operational Metrics - As of December 31, 2025, the group employed 5,823 employees, a decrease from 6,172 employees as of December 31, 2024[99] - The group incurred employee welfare expenses amounting to RMB 3,802,738,000 in 2025, which includes salaries, benefits, and other expenses[99] - The gender ratio of employees as of December 31, 2025, was approximately 69.44% male and 30.56% female, with ongoing efforts to improve the female employee ratio[100] Market Conditions and Strategic Focus - The construction industry is facing challenges due to macroeconomic slowdown and increased local financial pressures, leading to a significant reduction in market demand[54] - The company is strategically assessing project risks to ensure financial safety when undertaking new projects[55] - The real estate market remains in a correction phase, with the company focusing on reducing inventory under challenging market conditions[58] - The company plans to optimize its market layout, focusing on economically developed regions such as Jiangsu, Zhejiang, and Shanghai, while exploring opportunities in Southeast Asia and the Middle East[74] Corporate Governance and Reporting - The consolidated financial statements for the year ended December 31, 2025, were audited by PwC and received an unqualified opinion[108] - The annual report for the year ended December 31, 2025, will be sent to shareholders and published on the stock exchange and the company's website[109] - The board expresses heartfelt gratitude to shareholders, customers, suppliers, banks, intermediaries, and all employees for their continued support and trust in the group[110] - The announcement is made by the chairman, Pang Baogen, along with six executive directors and four independent non-executive directors[111] - The meeting is held on March 27, 2026, in Zhejiang, China[112]

Financial Performance - The group's revenue increased by approximately 46.6% from RMB 274.7 million in FY2024 to RMB 402.8 million in FY2025[3] - Gross profit decreased by approximately 1.3% from RMB 68.6 million in FY2024 to RMB 67.7 million in FY2025, with a gross margin decline of about 8.2 percentage points to 16.8%[3] - Net profit for the year surged by approximately 5,300% from RMB 0.1 million in FY2024 to RMB 5.4 million in FY2025, resulting in a net profit margin increase of about 1.3 percentage points to 1.3%[3] - Basic earnings per share rose by approximately 1,166.7% from RMB 0.09 in FY2024 to RMB 1.14 in FY2025[3] - The group reported operating profit of RMB 24.5 million in FY2025, compared to RMB 11.7 million in FY2024[4] - The total comprehensive income for the year was a loss of RMB 644,000, compared to a gain of RMB 489,000 in FY2024[5] - The pre-tax profit for 2025 was RMB 6.35 million, a recovery from a loss of RMB 1.76 million in 2024[22] - The company reported a tax expense of RMB 4.38 million for 2025, compared to RMB 1.59 million in 2024, reflecting an increase of 175.5%[22] Revenue Breakdown - Revenue from integrated IT solutions services amounted to RMB 297.51 million in 2025, up 59.1% from RMB 187.06 million in 2024[12] - Hardware and software sales generated revenue of RMB 94.61 million in 2025, an increase of 28.2% from RMB 73.75 million in 2024[12] - Revenue for the fiscal year 2025 increased by approximately RMB 128.1 million or 46.6% to about RMB 402.8 million compared to RMB 274.7 million in fiscal year 2024, primarily driven by increased customer demand for integrated IT solutions[36] Expenses and Costs - Research and development expenses decreased significantly from RMB 6.2 million in FY2024 to RMB 1.9 million in FY2025[4] - Administrative expenses increased by approximately RMB 1.9 million or 7.4% to about RMB 27.5 million in fiscal year 2025, driven by higher employee and travel costs[40] - The total cost of sales for 2025 was RMB 335.13 million, up from RMB 206.15 million in 2024, indicating a rise of 62.5%[21] - Financial costs increased by approximately RMB 4.1 million or 33.9% to about RMB 16.2 million in fiscal year 2025, mainly due to rising financing rates[44] Assets and Liabilities - Cash and cash equivalents as of December 31, 2025, amounted to approximately RMB 59.0 million, up from RMB 40.5 million as of December 31, 2024[3] - Total assets less current liabilities increased to RMB 342.97 million in FY2025 from RMB 320.78 million in FY2024[6] - Trade receivables from third parties increased to RMB 607,972,000 in 2025 from RMB 470,967,000 in 2024, after accounting for a loss provision of RMB 62,495,000[26] - Trade payables to third parties rose to RMB 164,898,000 in 2025 from RMB 75,387,000 in 2024[28] Corporate Governance and Compliance - The company has not declared any dividends for the fiscal year ending December 31, 2025, consistent with the previous year[30] - The group did not adopt any new accounting standards or interpretations that would significantly impact the financial statements for the current accounting period[11] - The audit committee has reviewed and confirmed the accounting principles and policies adopted by the group for the fiscal year 2025[60] - The company has adopted the standard code for securities trading by directors and confirmed compliance for the fiscal year 2025[58] - The board of directors has not purchased, redeemed, or sold any of the company's listed securities during the fiscal year 2025[59] Strategic Initiatives - The establishment of the Chuangpeng Cloud computing production base supports strategic growth in AI, with the first domestically designed and manufactured computers successfully launched[32] - The company has developed a high-quality bilingual corpus for AI translation, leading to the launch of AI translation products aimed at addressing multilingual communication barriers in Southeast Asia[32] - The company has implemented a supervisory management platform covering nearly 50,000 primary and secondary schools in Guangxi, enhancing educational management through AI[33] - The company is actively exploring AI technologies for various industries, including smart agriculture and industrial manufacturing, focusing on immersive intelligent service solutions[47] - The company has expanded its market presence in Vietnam, Malaysia, Cambodia, and Thailand, signing agreements for cloud computing infrastructure and AI capabilities[34] Employee and Operational Insights - The group employed approximately 170 employees as of December 31, 2025, providing competitive compensation and benefits[51] - The company has signed over ten R&D cooperation agreements with institutions such as Guangxi Academy of Sciences and Guangxi University during the year[34] - The company has no foreign currency hedging policy currently in place and will consider appropriate hedging measures if necessary in the future[50] - There have been no significant events after the reporting period that would require adjustments to the financial statements[64]

截至2025年12月31日止年度 年度業績公告 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，概不對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。 RemeGen Co., Ltd.* 榮 昌 生 物 製 藥（ 煙 台 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9995） 董事會欣然宣佈本公司截至2025年12月31日止年度的綜合業績，連同截至2024年 12月31日止年度的比較數字。 業務摘要 過去一年，本公司於推進商業化、產品管線及業務運營方面取得重大進展： 商業化 － 本集團截至2025年12月31日止年度的產品銷售收益約為人民幣2,307.4百萬 元，較去年同期的人民幣1,699.1百萬元增長35.8%，主要由本公司自身免 疫類商業化產品泰它西普（RC18，商品名：泰愛®）及抗腫瘤類商業化產品 維迪西妥單抗（RC48，商品名：愛地希®）的強勁銷售增長帶動。 1 產品管線 泰它西普（RC18，商品名：泰愛®） 2 － 2025年4月，泰它西普用於治療全身型 ...

Financial Performance - Revenue for the year ended December 31, 2025, decreased by approximately HKD 508.5 million, or 2.9%, to approximately HKD 493.7 million compared to the same period in 2024[3] - Gross profit increased by approximately 12.8% to approximately HKD 147.3 million compared to the same period in 2024[4] - Gross margin improved by approximately 4.1% to approximately 29.8% compared to the same period in 2024[5] - Loss attributable to equity holders for the year was approximately HKD 73.2 million, compared to a loss of approximately HKD 53.7 million in 2024[5] - Basic loss per share was approximately HKD 3.32, compared to HKD 2.42 in 2024[7] - Total comprehensive income for the year was approximately HKD 585.6 million, compared to HKD 96.2 million in 2024[7] - Total revenue for the year ending December 31, 2025, was HKD 493.725 million, with external customer revenue from the food segment at HKD 373.110 million, financial services at HKD 119.250 million, and property holdings at HKD 1.365 million[31] - The company reported a segment loss of HKD 48.045 million, with the food segment generating a profit of HKD 5.909 million, while the financial services and property holdings segments incurred losses of HKD 41.466 million and HKD 12.488 million, respectively[31] - The company reported a pre-tax loss of HKD 64.377 million, which includes unallocated expenses and financing costs[31] - The company’s loss before tax for 2025 was HKD 73,209,000, compared to a loss of HKD 53,728,000 in 2024, indicating an increase in losses of approximately 36.4% year-over-year[49] Assets and Liabilities - Non-current assets totaled approximately HKD 984.4 million, an increase from HKD 339.3 million in 2024[8] - Current liabilities decreased to approximately HKD 1,631.2 million from HKD 385.0 million in 2024[9] - Total equity increased to approximately HKD 1,280.4 million from HKD 696.9 million in 2024[9] - Total assets as of December 31, 2025, amounted to HKD 2,912.232 million, with segment assets of HKD 118.393 million in food, HKD 2,717.811 million in financial services, and HKD 31.420 million in property holdings[31] - Total liabilities were reported at HKD 1,631.789 million, with segment liabilities of HKD 8.036 million in food, HKD 1,621.028 million in financial services, and HKD 259 thousand in property holdings[31] - The asset-liability ratio as of December 31, 2025, was approximately 56.0%, an increase from 35.8% as of December 31, 2024[94] Accounting Standards and Compliance - The group has adopted the revised International Financial Reporting Standards (IFRS) accounting standards effective from January 1, 2025, with no significant impact on the financial position or performance for the current and prior years[12] - The group has not early adopted any newly issued or revised IFRS accounting standards that are not yet effective, including IFRS 9 and IFRS 7 revisions, which will take effect from January 1, 2026, or later[13] - The application of IFRS 18 and other amendments is expected to have no significant impact on the group's financial performance and position, but may affect the structure and reporting of the consolidated statement of comprehensive income[20] - The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), ensuring compliance with relevant disclosure requirements[21] - The audit committee has reviewed the consolidated financial statements and found no disagreements regarding accounting principles and practices[108] Operational Highlights - The company’s main business includes investment holding, providing catering services, and financial services[10] - The financial services segment includes professional services such as fund establishment and management, consulting, and asset management, indicating a diversified service offering[29] - The group plans to continue focusing on its core segments while exploring opportunities for market expansion and new product development[32] - The group aims to develop a diversified business portfolio that includes both the restaurant and financial services sectors to enhance long-term shareholder value[101] - The group plans to continue enriching its product portfolio and pursue the development of sustainable quality products that meet evolving market trends and customer preferences[102] Employee and Operational Costs - Total employee costs for 2025 amounted to HKD 100,134,000, up from HKD 81,007,000 in 2024, reflecting a rise of about 23.6%[9] - The company employed 159 employees as of December 31, 2025, a decrease from 164 employees on December 31, 2024[105] - Administrative expenses increased to approximately HKD 164.8 million, up about 22.3% from HKD 134.8 million for the year ended December 31, 2024[79] - The company reported a net exchange loss of HKD 4,027,000 in 2025, compared to HKD 1,355,000 in 2024, which is an increase of approximately 196.5%[9] Revenue and Segment Performance - The group reported revenue from its food and beverage services of approximately HKD 373.1 million, a decrease of about 8.0% compared to HKD 405.4 million in the previous year[57] - The gross profit from food and beverage services was approximately HKD 42.1 million, down from HKD 50.2 million, resulting in a gross margin of about 11.3%, a decrease of approximately 1.1% year-on-year[57] - The financial services segment contributed approximately HKD 119.3 million to total revenue, representing an increase of about 17.3% from HKD 101.7 million in the previous year[59] - The financial services segment recorded a loss of approximately HKD 41.5 million, slightly improved from a loss of HKD 41.8 million in the previous year[60] Future Outlook and Strategy - The group anticipates ongoing macroeconomic challenges, including policy uncertainties in the U.S. and a prolonged downturn in China's real estate sector, which may pressure overall market sentiment[102] - The company is committed to investing in innovation and strategic growth to create long-term value for shareholders[103] - The company is focused on capturing emerging opportunities in the Asian markets, driven by structural trends and technological advancements[103] - The company will continue to adopt a cautious and rigorous approach in response to the volatile market environment[104] Dividends and Shareholder Information - The company did not recommend the payment of dividends for the year ended December 31, 2025, consistent with the previous year[48] - The company maintains sufficient public float, with at least 25% of its issued shares held by the public as of the announcement date[110] - The company has not engaged in any buybacks or sales of its listed securities during the reporting period[109] Miscellaneous - There are no significant events after December 31, 2025, that have materially impacted the group's operational and financial performance as of the announcement date[115] - The financial figures in the preliminary announcement for the year ending December 31, 2025, have been verified to be consistent with the audited financial statements[116] - The annual performance announcement and annual report will be available on the company's website and the Hong Kong Stock Exchange's website at the appropriate time[117]

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 1,624.6 million, an increase of 139.8% compared to 2024[4] - Gross profit for the same period was RMB 327.5 million, up 9.9% from 2024, with a gross margin of 20.2%, a decrease of 23.8%[4] - Profit for the year was RMB 141.6 million, down 12.3% from 2024, with basic earnings per share of RMB 0.6983, a decrease of 13.0%[4] - Adjusted net profit was approximately RMB 139.3 million, a decrease of 10.5% compared to RMB 155.6 million for the year ended December 31, 2024[4] - Total comprehensive income for the year was RMB 140.4 million, down from RMB 164.3 million in 2024[6] - The pre-tax profit for 2025 was RMB 173,250 thousand, down from RMB 192,943 thousand in 2024, indicating a decline in overall profitability[28] - Net profit attributable to ordinary shareholders for 2025 is RMB 141.2 million, compared to RMB 160.3 million in 2024[32] - Net profit decreased by RMB 19.8 million or 12.3% to RMB 141.6 million, with a net profit margin dropping from 23.8% to 8.7%[75] Revenue Breakdown - Revenue from vehicle monitoring services was RMB 591,416 thousand in 2025, down from RMB 612,471 thousand in 2024, indicating a decline of about 3%[13] - New vehicle circulation services generated RMB 978,177 thousand in 2025, with no revenue reported in 2024, marking a new revenue stream for the company[13] - Revenue from new vehicle circulation services amounted to RMB 978.2 million, accounting for 60.2% of the total revenue during the reporting period[59] - Revenue from vehicle monitoring services was RMB 591.4 million, representing 36.4% of total revenue, with a decrease attributed to a reduction in the number of service agreements[59] - Revenue from automotive dealer management services was RMB 55.0 million, making up 3.4% of total revenue, with a decline due to a decrease in the number of managed automotive dealers and reduced profitability per dealer[60] Expenses and Costs - Research and development expenses for the year were RMB 24.8 million, compared to RMB 17.4 million in 2024[5] - Selling and marketing expenses increased by 172.6% to RMB 16.9 million from RMB 6.2 million for the year ended December 31, 2024, mainly due to increased employee costs related to the new automotive circulation service[69] - General and administrative expenses increased by RMB 2.6 million or 2.4% to RMB 112.9 million from RMB 110.3 million for the year ended December 31, 2024, mainly due to slight increases in employee costs from refined management[71] - Financial expenses netted RMB 3.2 million in the reporting period, compared to a net financial income of RMB 10.1 million for the year ended December 31, 2024, primarily due to decreased interest income from bank deposits and increased interest expenses on loans[72] - Employee costs increased to RMB 133,495 thousand in 2025 from RMB 118,984 thousand in 2024, driven by higher salaries and benefits[24] Assets and Liabilities - Cash and cash equivalents stood at RMB 320,883 thousand in 2025, compared to RMB 372,268 thousand in 2024, showing a decrease of about 14%[7] - Total assets less current liabilities amounted to RMB 495,563 thousand in 2025, up from RMB 512,716 thousand in 2024, indicating a slight decrease of about 3%[7] - The total equity attributable to shareholders increased to RMB 512,716 thousand in 2025 from RMB 495,563 thousand in 2024, representing a growth of approximately 3.5%[8] - Trade receivables net amount for 2025 is RMB 263.97 million, an increase from RMB 198.58 million in 2024[34] - Trade payables increased to RMB 48,683 thousand in 2025 from RMB 29,673 thousand in 2024, representing a growth of 64%[42] - Total bank loans and other borrowings for 2025 amount to RMB 259.44 million, with no borrowings reported in 2024[38] Dividends and Shareholder Information - The board does not recommend the payment of a final dividend for the reporting period, compared to a dividend of RMB 0.69 per share in 2024[4] - The company declared a final dividend of HKD 0.69 per share for 2025, to be paid on June 30, 2025[44] - The company has maintained a minimum public float of 25% of the total issued share capital as required by listing rules[104] Future Outlook and Strategic Initiatives - The new vehicle circulation service platform "Jiu Che GO" was officially launched in 2025, focusing on becoming China's largest automotive trading platform[49] - The company is enhancing its digital capabilities through AI and large language model technologies to drive business innovation[50] - Future focus for 2026 includes strengthening platform construction and enhancing digitalization and AI applications[52] - The group plans to enhance customer satisfaction and loyalty by providing customized services through deep communication and collaboration with key clients[53] - The group intends to build a dynamic risk assessment model to monitor market and business data in real-time, allowing for timely identification of potential risks[53] Compliance and Governance - The audit committee, consisting of three members, has reviewed the annual performance and the accounting principles adopted by the group[108] - The consolidated financial statements for the year ending December 31, 2025, have been audited and found to be consistent with the reported figures[109] - The annual results announcement and annual report will be published on the Hong Kong Stock Exchange and the company's website, containing all information required by listing rules[110]

Financial Performance - Revenue from continuing operations was HKD 11.688 billion, an increase from HKD 10.928 billion in the previous year, representing a growth of approximately 7%[5] - Profit attributable to equity holders was HKD 666 million, down from HKD 690 million, reflecting a decrease of about 3.5%[5] - Basic earnings per share were HKD 0.108, a slight decrease from HKD 0.112 in the previous year[5] - Total comprehensive income for the year was HKD 2.603 billion, significantly up from HKD 1.137 billion in the previous year, indicating a growth of over 129%[6] - The gross profit increased to HKD 4.045 billion, reflecting a 2.4% growth compared to HKD 3.949 billion in the previous year[35] - The profit before tax for continuing operations was HKD 2,324,054, contributing to a total profit before tax of HKD 2,327,952[15] - The profit from discontinued operations for 2025 was HKD 2,965,000, compared to HKD 226,000 in 2024, showing a significant increase[30] Dividends - Proposed final dividend is HKD 0.0433 per share, with a payout ratio of approximately 40%[4] - Proposed final dividend per ordinary share is HKD 0.0433 for 2025, compared to HKD 0.0448 for 2024, indicating a reduction of about 3.4%[20] - The board proposed a final dividend of HKD 0.0433 per share, maintaining a payout ratio of approximately 40%[36] - The board proposed a final dividend of HKD 0.0433 per share for the year ended December 31, 2025, subject to shareholder approval on June 16, 2026[73] Assets and Liabilities - Total assets increased to HKD 41.170 billion from HKD 40.674 billion, marking a growth of about 1.2%[8] - Total liabilities decreased to HKD 9.532 billion from HKD 10.016 billion, a reduction of approximately 4.8%[8] - Non-current assets amounted to HKD 32.292 billion, up from HKD 31.354 billion, reflecting an increase of about 3%[7] - Cash and cash equivalents were HKD 6.643 billion, down from HKD 6.869 billion, a decrease of approximately 3.3%[7] - The group's cash and deposits balance was HKD 6.651 billion as of December 31, 2025, down from HKD 6.884 billion as of December 31, 2024[62] - The total borrowings were HKD 4.426 billion as of December 31, 2025, a decrease from HKD 4.861 billion as of December 31, 2024, with a debt ratio of 14.0%[63] Operational Performance - Total cargo throughput reached 457 million tons, with container throughput at 20.81 million TEUs[4] - The total revenue from the cargo handling segment reached HKD 8,521,134, while the total revenue from port services was HKD 4,118,747, resulting in a subtotal of HKD 12,639,881 for continuing operations[15] - The total revenue from external customers amounted to HKD 14,474,791, with HKD 11,688,794 from continuing operations and HKD 2,785,997 from discontinued operations[15] - The total segment performance for cargo handling was HKD 2,898,268, while the performance for port services was HKD 1,154,310, leading to a total segment performance of HKD 4,052,578[15] - The total throughput for bulk cargo handling reached 25.745 million tons, a 1.0% increase from the previous year[43] - The total throughput for container handling was 2.081 million TEUs, reflecting a 1.7% increase year-on-year[45] Expenses - The total administrative expenses for the year were HKD 2,056,800, reflecting an increase compared to the previous year's expenses[15] - The group's total sales cost for continuing operations was HKD 7.636 billion, an increase of 9.6% compared to the previous year[41] - Financial expenses decreased by 32.2% to HKD 168 million, primarily due to reduced borrowings and lower average interest rates[54] - Administrative expenses decreased by 1.6% to HKD 2.048 billion, reflecting the company's efforts to maintain cost control[52] Future Outlook - The company expects the new Hong Kong Financial Reporting Standards to impact future financial statements, particularly in the presentation and disclosure of the consolidated income statement[12] - The company is currently evaluating the specific impact of the new Hong Kong Financial Reporting Standard No. 18 on its consolidated financial statements[12] - The global economic growth forecast for 2026 is projected at 3.3%, with uncertainties due to trade tensions and geopolitical instability[37] - The company plans to enhance market collaboration and expand logistics value-added services to improve customer experience[38] - The company aims to focus on core business areas, enhancing operational efficiency and risk management[37] Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code during the year ended December 31, 2025[75] - The audit committee, consisting of three independent non-executive directors, reviewed the annual performance for the year ended December 31, 2025[77] - The board includes both executive and independent non-executive directors, ensuring a diverse governance structure[81] Employee Information - The company had approximately 5,237 employees as of December 31, 2025, with compensation determined based on position, performance, and market conditions[71]

Financial Performance - The group's revenue from continuing operations for the year ended December 31, 2025, was approximately HKD 414.1 million, a decrease of about HKD 23.5 million or 5.4% compared to HKD 437.6 million for the year ended December 31, 2024[6]. - The loss for the year was approximately HKD 39.7 million, an increase of about HKD 21.9 million or 123% compared to a loss of HKD 17.8 million in the previous year[6]. - The basic and diluted loss per share from continuing and discontinued operations for the year was HKD 7.15, compared to HKD 3.01 in 2024[6]. - Gross profit for the year was HKD 34.3 million, down from HKD 43.8 million in the previous year[7]. - The company reported a loss from continuing operations before tax of HKD 39.9 million, compared to a loss of HKD 20.9 million in the previous year[7]. - The group reported a loss before tax of HKD 39,905,000 for the year ended December 31, 2025, with a net loss of HKD 39,677,000[23]. - The group recorded a net loss from continuing operations of HKD 39.7 million for the year, an increase of approximately 123.0% compared to the previous year's loss of HKD 17.8 million[63]. - The group recorded a pre-tax loss from continuing operations of approximately HKD 39.9 million, an increase of about 90.9% from the previous year's loss of HKD 20.9 million[62]. Revenue Breakdown - Total revenue for the year ended December 31, 2025, was HKD 414,144,000, with system integration contributing HKD 219,922,000, maintenance services HKD 188,692,000, and other services HKD 5,530,000[23]. - For the year ended December 31, 2024, total revenue was HKD 438,252,000, with system integration at HKD 275,373,000 and maintenance services at HKD 151,169,000[25]. - Revenue from system integration contracts is expected to be HKD 219,922,000 in 2025, down from HKD 275,373,000 in 2024, indicating a decrease of about 20.1%[31]. - Revenue from maintenance services is projected to increase to HKD 188,692,000 in 2025, up from HKD 151,169,000 in 2024, reflecting a growth of approximately 24.8%[31]. - The contribution from the Korean business was approximately HKD 408.6 million, a decrease of about HKD 17.9 million or 4.2% from the previous year's HKD 426.5 million[57]. - The public sector contributed approximately HKD 331.5 million in revenue, an increase of about HKD 34.0 million or 11.4% compared to the previous year[58]. Expenses and Costs - The total administrative expenses for the year were HKD 59.3 million, slightly down from HKD 59.6 million in the previous year[7]. - Employee costs for the year ending December 31, 2025, amounted to HKD 52,846,000, an increase from HKD 45,345,000 in 2024[47]. - Total employee costs, including directors' remuneration, amounted to approximately HKD 93.4 million in the current year, up from HKD 82.5 million in 2024, representing an increase of 10.9%[79]. - Research and development costs for the year ending December 31, 2025, were HKD 3,087,000, down from HKD 6,460,000 in 2024[39]. - The total financial costs for the year are projected to be HKD 701,000 in 2025, up from HKD 460,000 in 2024, indicating an increase of about 52.4%[36]. Assets and Liabilities - Non-current assets decreased from HKD 52,016,000 in 2024 to HKD 45,209,000 in 2025, a reduction of approximately 13.1%[9]. - Current assets increased from HKD 168,813,000 in 2024 to HKD 204,239,000 in 2025, representing a growth of about 21.0%[9]. - The company's net asset value decreased from HKD 151,372,000 in 2024 to HKD 117,877,000 in 2025, a decline of approximately 22.1%[10]. - The total liabilities increased from HKD 62,446,000 in 2024 to HKD 124,774,000 in 2025, indicating a significant rise of approximately 100.0%[10]. - The company’s equity attributable to owners decreased from HKD 151,429,000 in 2024 to HKD 117,320,000 in 2025, a drop of about 22.5%[10]. - The impairment provision for trade receivables increased to HKD 22,047,000 in 2025 from HKD 13,611,000 in 2024[47]. Cash Flow and Liquidity - The company’s cash and cash equivalents decreased from HKD 81,807,000 in 2024 to HKD 77,136,000 in 2025, a decrease of about 5.0%[9]. - As of December 31, 2025, the group's net current assets amounted to approximately HKD 79.5 million, indicating stable liquidity[64]. - The current ratio as of December 31, 2025, was 1.6 times, down from 2.7 times in 2024, reflecting sufficient financial resources[64]. - The debt-to-equity ratio as of December 31, 2025, was 20.9%, an increase from 7.9% in 2024[64]. - The group aims to maintain healthy liquidity through increased bank deposits and will continue to implement strict cost control measures to address uncertainties[52]. Corporate Governance and Future Outlook - The board of directors does not recommend the payment of any dividend for the year, consistent with the previous year[6]. - The group did not recommend the payment of a final dividend for the years ending December 31, 2025, and 2024[40]. - The group anticipates that the application of new accounting standards will not have a significant impact on its financial performance and position[19]. - The new Hong Kong Financial Reporting Standards will come into effect starting from January 1, 2027, allowing for early adoption[19]. - The group has not applied any new accounting standards that have been issued but are not yet effective, indicating a cautious approach to financial reporting[17]. - The group plans to further leverage its technological advantages to expand into high-growth areas such as IoT, big data, and AI, while exploring cross-border payment services as a new growth driver[56]. - The group will continue to optimize its cost structure and enhance operational efficiency to create long-term value for shareholders[56]. Employee and Management Changes - The group had a total of 228 employees as of December 31, 2025, compared to 206 employees in 2024[79]. - Changes in the board of directors were announced, including the resignation of the vice chairman and the appointment of a new executive director[78]. - The average number of ordinary shares used for calculating diluted loss per share was 548,313,000 for 2025, compared to 546,680,000 for 2024[44].