Financial Performance - Contract sales decreased by 58.7% to approximately RMB 42.2 million for the year ended December 31, 2025[2] - Revenue increased by 24.6% to approximately RMB 300.3 million for the year ended December 31, 2025[2] - Gross profit was approximately RMB 52.3 million, with a gross margin of about 10% from property development[2] - Net loss amounted to approximately RMB 1,695.0 million, with a loss attributable to equity holders of the parent of approximately RMB 1,714.6 million[2] - Total comprehensive loss for the year was RMB 1,629.505 million, compared to RMB 861.973 million in the previous year[5] - The group reported a loss before tax of RMB 1,714,640,000 for the year ending December 31, 2025, compared to a loss of RMB 799,479,000 for the year ending December 31, 2024[29] - The company reported a net loss attributable to shareholders of RMB 1,714,640,000 for the year 2025, compared to a loss of RMB 799,479,000 in 2024[30] - The net loss for the year ending December 31, 2025, is expected to be approximately RMB 1,695.0 million, compared to a net loss of approximately RMB 801.3 million for the year ending December 31, 2024, reflecting an increase of approximately RMB 893.7 million[67] Assets and Liabilities - Total non-current assets decreased from CNY 3,645,378,000 in 2024 to CNY 2,826,978,000 in 2025, a decline of approximately 22.5%[6] - Current assets decreased from CNY 6,505,013,000 in 2024 to CNY 4,811,477,000 in 2025, representing a reduction of about 26%[6] - Total liabilities increased from CNY 10,424,641,000 in 2024 to CNY 9,621,200,000 in 2025, a decrease of approximately 7.7%[7] - The total equity attributable to the parent company decreased from CNY 895,882,000 in 2024 to CNY (2,569,098,000) in 2025, indicating a shift to negative equity[7] - The group has a net debt of RMB 2,051,465,000 and total overdue liabilities of RMB 5,893,045,000 as of December 31, 2025[34] - The group's asset-liability ratio is approximately 119.4%, an increase of about 27.3% from 93.8% on December 31, 2024, primarily due to a significant decrease in total assets by approximately 24.7%[75] Cash Flow and Liquidity - Cash and bank balances were approximately RMB 27.4 million as of December 31, 2025[2] - The company's cash and bank balances decreased from CNY 37,179,000 in 2024 to CNY 27,423,000 in 2025, a decline of about 26.2%[6] - The group has developed plans and measures to alleviate liquidity pressure and improve financial conditions, including cash flow forecasts for at least 18 months[11] - The group is actively seeking to renegotiate existing loans and explore refinancing options with potential financial institutions[13] - The group has adopted several measures to improve its liquidity and financial condition, but uncertainties remain regarding the effectiveness of these measures[35] Revenue Sources - Revenue from property sales in China amounted to RMB 270,546,000, representing a significant increase from RMB 201,187,000 in the previous year[23] - Other income and gains totaled RMB 21,965,000 in 2025, up from RMB 15,521,000 in 2024, marking an increase of 41.5%[23] - The company has not reported any significant changes in revenue sources from external customers, maintaining a stable income structure[22] Expenses and Costs - Administrative expenses decreased to RMB 76.304 million from RMB 89.220 million[3] - Financial costs for 2025 were RMB 415,822,000, a decrease from RMB 441,332,000 in 2024, reflecting a reduction of 5.8%[23] - The group incurred a cost of sales amounting to RMB 173,114,000 for the year ending December 31, 2025, compared to RMB 244,638,000 for the year ending December 31, 2024[24] - The group’s operating expenses included RMB 24,361,000 for employee benefits and RMB 2,083,000 for retirement plan contributions for the year ending December 31, 2025[25] - Other expenses are projected to increase from approximately RMB 113.4 million for the year ending December 31, 2024, to approximately RMB 506.9 million for the year ending December 31, 2025, primarily due to increased investment losses[63] Trade Receivables and Payables - Trade receivables amounted to RMB 266,007,000 within one year as of the end of the year 2025, significantly increasing from RMB 13,377,000 in 2024[32] - Total trade payables were RMB 900,994,000 in 2025, down from RMB 1,288,552,000 in 2024[32] - The company has maintained strict control over its trade receivables and overdue balances, with no significant credit risk concentration[31] - The aging analysis of trade payables shows a significant reduction in amounts due beyond two years, from RMB 373,655,000 in 2024 to RMB 674,566,000 in 2025[32] Future Outlook and Strategy - The group aims to enhance its core competitiveness and sustainable development capabilities while focusing on residential development and urban renewal[39] - The company is actively pursuing market expansion and development strategies, focusing on both residential and commercial sectors[88] - The group anticipates continued pressure in the real estate sector, with expectations for macroeconomic and real estate market stimulus policies to be implemented, potentially improving consumer confidence and market sentiment[68] Corporate Governance and Compliance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, with amounts presented in RMB[15] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2025, ensuring compliance with accounting principles and internal controls[88] - The company has fully complied with all applicable provisions of the Corporate Governance Code as of the fiscal year ending December 31, 2025[91] Employee Information - As of December 31, 2025, the group has 111 employees, a decrease from 153 employees as of December 31, 2024[85] - Total employee compensation and benefits expenses for the group are approximately RMB 26.6 million for the year ending December 31, 2025, compared to RMB 34.7 million in 2024[85]

Financial Performance - For the year ending December 31, 2025, the company's revenue was RMB 1,704.75 million, a decrease of 5.59% compared to the same period in 2024[4] - The company's profit before tax for the year ending December 31, 2025, was RMB 114.97 million, down 16.88% year-over-year[4] - Net profit attributable to equity holders for the year ending December 31, 2025, was RMB 81.71 million, representing an 18.21% decrease compared to 2024[4] - Earnings per share for the year ending December 31, 2025, was RMB 0.18, a decrease of RMB 0.03 from the previous year[4] - The company's operating profit for the year was RMB 114.87 million, down from RMB 138.14 million in 2024, reflecting a decrease of 16.8%[9] - The total profit for 2025 was RMB 114.97 million, down from RMB 138.32 million in 2024, indicating a decrease of about 16.83%[39] - The company's net profit for 2025 was RMB 81.71 million, an 18.21% decrease from RMB 99.90 million in 2024, attributed to rising maintenance costs and increased consumption of heating materials[65] - The company's other income and gains for 2025 were RMB 15.53 million, down 27.57% from RMB 21.44 million in 2024, primarily due to a significant decrease in interest income[55] Assets and Liabilities - The total assets as of December 31, 2025, amounted to RMB 3,493.92 million, down from RMB 3,745.84 million as of December 31, 2024[8] - Current liabilities totaled RMB 1,993.74 million as of December 31, 2025, compared to RMB 2,578.97 million in 2024, indicating a decrease of 22.6%[7] - The company's total liabilities as of December 31, 2025, were RMB 2,397.40 million, a decrease of 11.3% from RMB 2,702.68 million in 2024[7] - The total assets of the company as of December 31, 2025, amounted to RMB 3,493.92 million, with equity attributable to shareholders at RMB 1,096.53 million[39] Revenue Breakdown - Revenue from the heating segment for 2025 is CNY 1,677,346,266.70, an increase from CNY 1,621,633,563.59 in 2024, representing a growth of 3.9%[21] - Revenue from construction, maintenance, and design services for 2025 is CNY 163,437,378.65, a significant decrease from CNY 288,068,570.10 in 2024, showing a decline of 43.3%[21] - The company's total revenue for 2025 is CNY 1,840,783,645.35, compared to CNY 1,909,702,133.69 in 2024, reflecting a decrease of 3.6%[21] - Revenue from heating services for 2025 was RMB 1,664.75 million, up by RMB 49.44 million or 3.06% compared to RMB 1,615.31 million in 2024[40] Customer and Market Metrics - The total number of customers reached 598,085 in 2025, an increase of 4.55% from 572,058 in 2024[40] - As of December 31, 2025, the total number of customers reached 598,085, with residential users accounting for 88.36% and non-residential users 11.64%[42] Dividends and Shareholder Information - The company proposed a final dividend of RMB 0.030 per share for the year ending December 31, 2025[4] - The proposed final dividend for 2025 is RMB 0.030 per share, down from RMB 0.065 per share in 2024, totaling RMB 14,001,000[33] - The annual general meeting is scheduled for May 15, 2026, where the proposed final dividend will be subject to shareholder approval[102] - The final dividend will be paid on July 24, 2026, pending approval at the annual general meeting[97] - The company will withhold a 10% corporate income tax for non-resident H-share shareholders when distributing the final dividend[97] Operational and Strategic Initiatives - The group aims to enhance the precision and stability of its heating system and improve its online service platform to meet rising user expectations[72] - The company plans to actively respond to national energy conservation and emission reduction initiatives, focusing on intelligent, green, and sustainable innovation[83] - The company aims to enhance its market share in the urban heating core business through operational optimization and diversified market strategies[84] - The company will accelerate its digital transformation by utilizing big data and artificial intelligence to optimize management efficiency[85] Risks and Challenges - The group faces significant strategic risks due to increasingly stringent policies on clean heating and carbon reduction, requiring substantial capital investment and long payback periods[70] - Operational risks include aging heating networks and equipment, which increase the likelihood of safety incidents under extreme conditions[71] Employee and Management Information - As of December 31, 2025, the company has a total of 1,569 employees, with a salary cost of RMB 238.86 million, an increase from RMB 225.78 million in 2024[81] - The company has implemented a strict employee relationship management system in compliance with national laws and regulations[82] Capital Expenditures and Investments - The group's capital expenditure for the fiscal year 2025 is RMB 238.38 million, representing a 91.55% increase from RMB 124.45 million in 2024[68] - The company has not engaged in any major investments as of December 31, 2025[74] Miscellaneous - The company is a wholly-owned subsidiary of Jilin Spring City Biomass Energy Co., Ltd. and is registered in China as Jilin Spring City Heating Co., Ltd. (stock code: 1853) since October 23, 2017[107] - The report period covers from January 1, 2025, to December 31, 2025[110] - The company operates in the heating service sector, covering a significant heating service area[107] - The company is listed on the Hong Kong Stock Exchange, with its shares having a par value of RMB 1.00 each[110] - The company has multiple wholly-owned subsidiaries, including Jilin Xixing Energy Co., Ltd. and Changchun Yatai Heating Co., Ltd.[110] - The company has not issued any bonds as of December 31, 2025[94] - The company has not engaged in the purchase, sale, or redemption of any listed securities during the reporting period[92]

Financial Performance - For the fiscal year ending December 31, 2025, the company's revenue was SGD 29,362,000, a slight decrease of 0.34% from SGD 29,461,000 in 2024[4] - The gross profit for 2025 was SGD 6,956,000, down 6.15% from SGD 7,412,000 in 2024[4] - The net loss attributable to owners for the year was SGD 1,624,000, compared to a loss of SGD 4,161,000 in 2024, indicating an improvement of 60.96%[5] - Revenue from customer contracts for the fiscal year ending December 31, 2025, is reported at SGD 29,362,000, a slight decrease from SGD 29,461,000 in 2024[15] - The group generated revenue of SGD 27,955,000 from external customers in Singapore for the fiscal year ending December 31, 2025, down from SGD 29,287,000 in 2024[24] - The group reported a net loss of SGD 1,624,000 for the fiscal year ending December 31, 2025, compared to a net loss of SGD 4,161,000 in 2024[22] - The company recorded total revenue of approximately SGD 29.4 million for the year ending December 31, 2025, maintaining a similar level compared to the previous fiscal year[41] - The company reported a loss of approximately SGD 1.6 million for the year ending December 31, 2025, a decrease of SGD 2.6 million from a loss of approximately SGD 4.2 million in the previous year[50] Assets and Liabilities - The company's total assets decreased to SGD 27,180,000 in 2025 from SGD 30,246,000 in 2024, reflecting a decline of 10.89%[6] - Current liabilities increased to SGD 9,454,000 in 2025 from SGD 6,681,000 in 2024, representing an increase of 41.91%[6] - Non-current liabilities decreased to SGD 6,153,000 in 2025 from SGD 6,854,000 in 2024, a reduction of 10.19%[7] - The company's equity total was SGD 21,027,000 in 2025, down from SGD 23,392,000 in 2024, a decrease of 10.12%[7] - Total assets as of December 31, 2025, amounted to SGD 36,634,000, with significant contributions from Singapore (SGD 23,548,000) and Hong Kong (SGD 2,543,000) segments[26] - The total liabilities reached SGD 15,607,000, with the Singapore segment accounting for SGD 10,989,000 and Hong Kong for SGD 11,000[26] Costs and Expenses - The cost of sales increased by approximately SGD 0.4 million or 1.8% to about SGD 22.4 million for the year ending December 31, 2025, primarily due to rising inventory costs[44] - The overall gross profit decreased by approximately SGD 0.4 million or 5.4% to about SGD 7.0 million, with the gross profit margin declining from 25.2% to 23.7%[45] - Administrative and other operating expenses decreased by approximately SGD 0.9 million or 11.8% to about SGD 6.7 million, mainly due to reduced employee costs[47] - Employee benefits expenses, including salaries and benefits, decreased to SGD 4,086,000 in 2025 from SGD 4,767,000 in 2024[31] Financing and Investments - The company reported a financing cost of SGD 383,000 in 2025, down from SGD 496,000 in 2024, indicating a reduction of 22.78%[4] - Financing costs decreased to SGD 383,000 in 2025 from SGD 496,000 in 2024, primarily due to lower bank borrowing interest[28] - The company successfully raised approximately SGD 17.5 million through a rights issue, with nearly 100% of the rights shares being issued[38] - The net proceeds from the rights issue were allocated as follows: SGD 38.9 million for working capital, SGD 18 million for repayment of notes, and SGD 30 million for potential acquisitions[63] Shareholder Information - Mr. Guo holds 26,865,000 shares, representing 6.74% of the company's total issued share capital, and has a 70% stake in Zumegnsi Technology Group Limited, which owns 59,670,000 shares, totaling 21.71% of the company's issued share capital[65] - The major shareholder, Metaverse (International) Securities, holds 36,445,000 shares, accounting for 9.14% of the company's total issued shares[66] - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the year ending December 31, 2025[67] Corporate Governance - The company has adhered to the corporate governance code as per GEM listing rules for the fiscal year ending December 31, 2025[82] - The audit committee has reviewed and discussed the group's interim and annual financial statements, confirming compliance with applicable accounting standards and GEM listing rules[84] - The company's auditor, Baker Tilly, has agreed that the financial figures in the announcement align with the consolidated financial statements for the fiscal year ending December 31, 2025[85] - The annual report for the fiscal year ending December 31, 2025, will be sent to shareholders and published on the company's website at an appropriate time[86] Business Strategy - The company aims to continue promoting its brand and providing quality products while exploring diverse opportunities to broaden revenue sources and enhance market share[42] - The company plans to adopt a diversified strategy to seize valuable business opportunities and optimize its business model for growth in the coming years[42] - The company has initiated a new footwear trading business in China as of December 31, 2025[19] Other Information - The company did not declare or propose any dividends for the year ended December 31, 2025, consistent with the previous year[32] - The company faced contingent liabilities of SGD 1,274,000 related to performance guarantees issued to suppliers as of December 31, 2025, an increase from SGD 1,033,000 in 2024[61] - The company has no significant capital commitments as of December 31, 2025[57] - There were no major investments, acquisitions, or disposals of subsidiaries during the year ending December 31, 2025[59] - The company has not made any currency hedging arrangements, actively monitoring foreign exchange risks to minimize exposure[55]

大成玉米集團有限公司 * （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：03889） 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，概不對因本公告全部或任何 部分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。 GLOBAL CORN GROUP LIMITED 截至2025年12月31日止年度的 全年業績公告 大成玉米集團有限公司（前稱大成糖業控股有限公司，「本公司」）董事（「董事」）會 （「董事會」）公告本公司及其附屬公司（統稱「本集團」）截至2025年12月31日止年 度（「本年度」）的綜合業績連同去年的比較數字如下： 綜合損益及其他全面收益表 截至2025年12月31日止年度 | | | 2025年 | 2024年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | 收益 | 4 | 491,023 | 623,460 | | 銷售成本 | | (445,614) | (592,157) | | 毛利 | | 45,409 | 31,303 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 66,858,000, compared to RMB 107,813,000 for the year ended December 31, 2024, representing a decrease of approximately 38%[4] - The cost of revenue for the same period was RMB 56,123,000, up from RMB 22,744,000, indicating a significant increase in costs[4] - Gross profit for the year ended December 31, 2025, was RMB 10,735,000, down from RMB 85,069,000, reflecting a decline of about 87%[4] - The company reported a net loss of RMB 84,732,000 for the year ended December 31, 2025, compared to a loss of RMB 97,599,000 in the previous year, indicating an improvement in financial performance[4] - The basic loss per share was RMB 0.44, compared to RMB 0.50 in the previous year, reflecting a slight improvement in per-share performance despite ongoing losses[88] - The total loss and comprehensive expenses for the reporting period amounted to RMB 84.7 million, a decrease of RMB 12.9 million compared to RMB 97.6 million in the same period last year, primarily due to a revenue decrease of RMB 41.0 million[48] - The company has not declared or paid any dividends for the years ended December 31, 2025, and 2024[134] Research and Development - Research and development expenses were RMB 78,198,000 for the year ended December 31, 2025, compared to RMB 164,986,000 in the previous year, showing a reduction of approximately 53%[4] - The company has made significant progress in its product pipeline, with three out of four clinical-stage candidates focused on tumor treatment or related complications[6] - The core product M701 is aimed at treating malignant ascites and malignant pleural effusion, with a partnership established for its development and commercialization[12] - The company plans to submit a Biologics License Application (BLA) for M701 in 2026, indicating a strategic move towards market entry[8] - M701 treatment for MA has completed enrollment of 312 patients in the Phase III clinical trial as of July 2025[17] - M701 treatment for MPE has completed enrollment of 92 patients in the Phase II clinical trial as of September 2025[17] - Y101D, a core product for treating solid tumors, completed Phase I clinical trials in September 2024[20] - Y332, targeting multiple solid tumors, completed Phase I clinical trials with 18 patients enrolled in February 2025[21] - Y400, an innovative biopharmaceutical for retinal neovascular diseases, has progressed to Phase II clinical trials in China, with 23 patients enrolled[23] - Y225, a biosimilar to Emicizumab for hemophilia treatment, has completed various development stages including GMP batch production[24] - M701, Y101D, Y332, Y225, and Y400 are under development with no guarantee of successful commercialization[27] Financial Position - The total non-current assets were RMB 43,107,000, while current assets were RMB 131,900,000 as of December 31, 2025[4] - Total assets as of December 31, 2025, amounted to RMB 131,900,000, while total liabilities were RMB 200,536,000, resulting in a net asset value of RMB (68,636,000)[89] - The company's total equity showed a decrease from RMB 30,535,000 in 2024 to RMB (53,029,000) in 2025, representing a negative shift in equity position[90] - As of December 31, 2025, cash and cash equivalents are expected to decrease from RMB 126.3 million as of December 31, 2024, to RMB 100.1 million, mainly due to ongoing operating losses during the reporting period[49] - Current assets as of December 31, 2025, total RMB 131.9 million, including cash and cash equivalents of RMB 100.1 million and trade and other receivables of RMB 25.6 million[50] Operational Highlights - The company maintains a production facility of approximately 1,400 square meters, capable of producing 20-24 batches annually to meet early-stage clinical trial needs[28] - The company is focused on developing bispecific antibodies for targeted therapy and tumor immunotherapy, addressing significant unmet medical needs in oncology and age-related ophthalmic diseases[92] - The company is preparing to conduct international multi-center clinical trials for M701, targeting rapid realization of overseas value[31] - The company has agreed to transfer land use rights and buildings for approximately RMB 36,880,000 on January 23, 2026[66] Governance and Compliance - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2025, and confirmed compliance with relevant accounting standards and legal regulations[84] - The company has established an audit committee to oversee financial reporting processes and internal control systems, enhancing corporate governance[83] - The board of directors includes both executive and non-executive members, ensuring diverse governance[156] Employee and Corporate Structure - As of December 31, 2025, the company has a total of 106 employees, including 83 R&D personnel and 23 general and administrative staff[73] - The company emphasizes a competitive compensation package and compliance with various government-mandated employee welfare plans, including social insurance and housing funds[74] - The company has implemented employee incentive plans to recognize contributions and promote development, including the Wuhan Talent Employee Incentive Plan[76] - The company has undergone a restructuring to become a joint-stock company, with shares listed on the Hong Kong Stock Exchange since September 25, 2023[91] Future Outlook - The company plans to accelerate the clinical development and market application of M701, with a focus on domestic and international clinical trials[31] - The company aims to deepen its R&D capabilities and explore global collaboration opportunities for early-stage projects[32] - The company is actively negotiating with banks to extend bank financing, demonstrating proactive financial management strategies[105] - The group anticipates having sufficient operating funds to meet its financial obligations over the next 15 months, based on cash flow forecasts[106]

Financial Performance - The company recorded revenue of approximately HKD 339.1 million for the year ending December 31, 2025, a decrease of about 2.0% compared to HKD 345.9 million in 2024[4] - Profit attributable to equity holders was approximately HKD 22.8 million, down approximately 53.6% from HKD 49.1 million in 2024[4] - Basic and diluted earnings per share were approximately HKD 0.0719, compared to HKD 0.1166 in 2024[4] - Total comprehensive income for the year was HKD 37.2 million, compared to HKD 32.2 million in 2024[7] - The company reported a pre-tax profit of HKD 23,914,000 for 2025, down 55% from HKD 53,046,000 in 2024[24] - The profit for the year was approximately HKD 21.5 million, down about 55.9% from HKD 48.9 million in the previous year[43] - The company reported a net income attributable to equity holders of HKD 18,574,000 for 2025, down from HKD 30,132,000 in 2024, a decrease of 38%[32] Revenue Breakdown - Property management services generated revenue of HKD 173,884,000 in 2025, down from HKD 181,650,000 in 2024, indicating a decrease of about 4.2%[19] - Environmental hygiene services revenue increased to HKD 131,748,000 in 2025 from HKD 129,643,000 in 2024, reflecting a growth of approximately 1.6%[19] - Rental income for the year was HKD 29,008,000, slightly up from HKD 28,697,000 in the previous year, marking an increase of about 1.1%[19] - Revenue from property management services, including leasing income, for the year is approximately HKD 202.9 million, a decrease of about 3.5% compared to HKD 210.3 million in 2024[63] - Environmental hygiene services revenue increased to approximately HKD 131.7 million, up about 1.6% from HKD 129.6 million in the previous year[64] - Comprehensive development business revenue from tourism-related activities decreased to approximately HKD 4.5 million, down about 24.6% from HKD 5.9 million in the previous year[65] Asset and Liability Management - Non-current assets decreased from HKD 243.6 million in 2024 to HKD 216.5 million in 2025[8] - Current assets increased from HKD 387.0 million in 2024 to HKD 433.0 million in 2025[8] - The company's net assets increased to HKD 465.7 million in 2025 from HKD 433.6 million in 2024[9] - Total assets increased to HKD 649,534,000 in 2025 from HKD 630,643,000 in 2024, reflecting a growth of 3%[24] - Total liabilities decreased to HKD 183,800,000 in 2025 from HKD 197,092,000 in 2024, a reduction of 7%[24] - The group's trade payables decreased to HKD 28.9 million in 2025 from HKD 32.6 million in 2024[37] Dividend and Shareholder Information - The company did not recommend the payment of a final dividend for the year[3] - The group has no plans to declare a final dividend for the year, consistent with the previous year[39] - The average number of ordinary shares for calculating basic earnings per share remained at 258,442 thousand shares for both 2025 and 2024[34] Operational Challenges and Strategies - The group faced challenges in the operating environment, particularly in the real estate market, which is still in a phase of adjustment and recovery[41] - The group emphasized cash flow safety, collection efficiency, cost control, service quality, and compliance management in its operations[41] - The group continues to face operational pressures due to local financial constraints, competitive bidding, and stricter payment assessments, impacting profit margins and cash recovery cycles[50] - The group aims to enhance service quality and operational efficiency while promoting digital transformation and community economic upgrades in the property management sector[46] Investment and Capital Management - The group issued a total of HKD 170 million in perpetual convertible securities in March 2016, with a remaining principal of HKD 70 million as of December 31, 2025[80] - The group has delayed the payment of HKD 2.1 million in distributions due on September 29, 2025, which was previously scheduled for distribution[82] - The company issued perpetual convertible bonds totaling HKD 264,867,000, with net proceeds of HKD 240,606,000 recognized as equity[83] Corporate Governance - The company has complied with all applicable corporate governance codes, with a noted exception regarding the separation of roles between the chairman and CEO[96] - The company has established an Audit Committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[100] - The auditor has agreed that the figures in the preliminary performance announcement align with the audited consolidated financial statements[101] Employee and Operational Metrics - The total number of employees as of December 31, 2025, was approximately 1,878, with employee costs amounting to approximately HKD 93.1 million[91] - Employee costs, including director remuneration, decreased to HKD 93,118,000 in 2025 from HKD 98,770,000 in 2024, a decline of 6%[31]

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分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （股份代號：588） 二零二五年年度業績公告 及 委任董事會委員會成員 北京北辰實業股份有限公司（「公司」或「本公司」）董事會（「董事會」）欣然宣佈本 公司及其附屬公司（統稱「集團」或「本集團」）截至二零二五年十二月三十一日止 年度（「報告期」）之綜合業績： 1 合併利潤表 | | | 截至十二月三十一日止年度 | | | --- | --- | --- | --- | | | 附註 | 二零二五年 | 二零二四年 | | | | 人民幣千元 | 人民幣千元 | | 收入 | 2 | 6,060,486 | 7,152,407 | | 銷售成本 | 3 | (6,281,456) | (7,850,456) | | 毛損 | | (220,970) | (698,049) | | 銷售及推廣費用 | 3 | (393,997) | (401,011) | | 管理費用 | 3 | (885,981) | ...

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 全部或任何部分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。 Swang Chai Chuan Limited 雙財莊有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2321） 截 至2025年12月31日止年度的 全年業績公告 財務摘要 截 至2025年12月31日止年度（「報告期間」）： 雙財莊有限公司（「本公司」）董 事（「董 事」）會（「董事會」）欣然公佈本公司及其附 屬公司（統 稱「本集團」）於 報 告 期 間 的 經 審 核 綜 合 財 務 報 表，連 同 上 一 年 度 的 比 較 數 字 如 下。 – 1 – • 報告期間收益同比增加約2.2%至 約932.9百 萬 令 吉，而 截 至2024年12月31 日止年度（「上一年度」）的收益約為913.0百 萬 令 吉。 • 本公司擁有人應佔報告期間溢利約為33.2百萬令吉（2024年：本 公 司 擁 有 人 ...

Financial Performance - Revenue for the year ended December 31, 2025, was HKD 2,968,139,000, an increase of 7% from HKD 2,774,721,000 in 2024[4] - Gross profit decreased to HKD 337,886,000 from HKD 458,257,000, representing a decline of 26.2%[4] - The net loss for the year was HKD 41,908,000, compared to a net loss of HKD 127,972,000 in the previous year, indicating an improvement of 67.3%[4] - Basic and diluted loss per share improved to HKD 4.86 from HKD 20.57, a reduction of 76.4%[4] - Total other income for 2025 was HKD 32,294,000, a decrease of 15.5% from HKD 38,243,000 in 2024[24] - The pre-tax loss for the group in 2025 was HKD 2,630,253,000, an increase of 13.6% from HKD 2,316,464,000 in 2024[25] - The total income tax expense for 2025 was HKD 9,784,000, a decrease of 4.2% from HKD 10,214,000 in 2024[27] - The loss attributable to the owners of the company for the fiscal year ending December 31, 2025, was HKD 41.9 million, a significant improvement from a loss of HKD 128.0 million for the fiscal year ending December 31, 2024[50] Revenue Breakdown - Revenue from industrial products and other sales for 2025 reached HKD 2,808,003, an increase of 6.2% from HKD 2,644,777 in 2024[18][23] - Technical service revenue for 2025 was HKD 160,136, up 23.2% from HKD 129,944 in 2024[18][23] - Revenue from Germany was HKD 884,920 in 2025, an increase of 7.4% from HKD 823,637 in 2024[19] - Revenue from the UK increased by 9.4% to HKD 639,305 in 2025 from HKD 584,547 in 2024[19] - Revenue from the US decreased by 21.5% to HKD 482,031 in 2025 from HKD 614,669 in 2024[19] Expenses and Costs - Research and development expenses significantly reduced to HKD 169,243,000 from HKD 392,888,000, a decrease of 56.9%[4] - Selling and distribution expenses increased to HKD 25.7 million from HKD 17.6 million, primarily due to expanded sales activities[44] - Administrative expenses rose to HKD 193.1 million from HKD 184.6 million, mainly due to increased redundancy costs[45] - The impairment loss on property, plant, and equipment was HKD 7,347,000 in 2025, with no such loss recorded in 2024[25] Assets and Liabilities - Total assets decreased to HKD 1,145,164,000 from HKD 1,128,948,000, a slight increase of 1.4%[7] - Current liabilities decreased to HKD 769,100,000 from HKD 903,687,000, a reduction of 14.9%[7] - Non-current liabilities slightly decreased to HKD 375,510,000 from HKD 379,126,000, a decrease of 0.2%[8] - The company's equity attributable to owners increased to HKD 769,654,000 from HKD 749,822,000, an increase of 2.4%[8] Operational Changes - The company plans to gradually close its Czech factory starting in Q3 2025 to enhance overall operational efficiency, which is expected to incur one-time costs and impairment losses totaling approximately HKD 58,348,000[11][12] - The closure of the Czech plant is expected to be completed by the end of Q2 next year, which is anticipated to improve resource integration and reduce manufacturing costs[43] - The group plans to close its manufacturing facility in the Czech Republic, with most production lines expected to be transferred to the Poland Krosno facility by the end of this year, completing the transition in Q1 of next year[63] Cash Flow and Financing - The group recorded a net cash inflow from operating activities of HKD 168.0 million for the fiscal year ending December 31, 2025, compared to HKD 99.6 million for the fiscal year ending December 31, 2024[51] - As of December 31, 2025, the group maintained cash and cash equivalents of HKD 142.7 million, an increase from HKD 134.1 million as of December 31, 2024[51] - The group's debt-to-asset ratio as of December 31, 2025, was 0%, consistent with the ratio as of December 31, 2024[52] - The net proceeds from the rights issue completed on October 21, 2024, amounted to approximately HKD 46.4 million after expenses, with 287,169,534 shares issued at HKD 0.168 per share[57] - The intended use of the rights issue proceeds included HKD 25.5 million for operational funding in Poland and the Czech Republic, and HKD 11.6 million for operational funding at the company's headquarters in Hong Kong[58] Employee and Governance - As of December 31, 2025, the group has approximately 1,863 employees, with total employee costs amounting to HKD 557.5 million, a decrease from HKD 572.2 million in the previous year[65] - The company has complied with all applicable corporate governance codes as per the Hong Kong Stock Exchange's listing rules throughout the year[67] Market and Economic Outlook - The group anticipates a GDP growth of 1.3% in the Eurozone by 2026, indicating stable economic development in Europe, which will support the group's business stability[62] - The geopolitical situation remains tense, with uncertainties affecting global political and economic landscapes, particularly due to the ongoing Russia-Ukraine conflict[62] - The group aims to maintain a healthy growth trajectory despite pricing pressures from customers and rising commodity prices, while still achieving a certain level of gross margin[64] Commitment to Sustainability - The group is committed to environmental protection and has implemented harmful substance control plans and chemical substance assessment procedures[59] - The group is committed to optimizing its business structure to improve long-term profitability and enhance shareholder value[64] - The group emphasizes the importance of continuous investment in R&D and engineering activities to maintain and enhance its competitive position in the industry[64] - The group has accumulated rich technical knowledge over the years and believes that its expertise and long-term relationships with various automakers will enable it to seize more market opportunities[63]

Financial Performance - For the year ended December 31, 2025, revenue was HKD 205,194,000, a decrease of HKD 51,191,000 compared to HKD 256,385,000 in the previous year, representing a decline of approximately 19.94%[2] - Gross profit for the year was HKD 20,957,000, down HKD 22,875,000 from HKD 43,832,000 year-on-year, indicating a decrease of about 52.2%[2] - The loss attributable to owners of the company was HKD 40,208,000, reduced by HKD 15,914,000 from HKD 56,122,000 in the previous year, a decrease of approximately 28.36%[2] - Basic and diluted loss per share was HKD 16.57, down HKD 14.14 from HKD 30.71 in the previous year, reflecting a reduction of about 45.98%[2] - Total comprehensive loss for the year amounted to HKD 49,277,000, compared to HKD 91,070,000 in the previous year, a decrease of approximately 45.9%[4] - The company reported a total loss attributable to shareholders of HKD 40,208,000 for 2025, compared to a loss of HKD 56,122,000 in 2024, indicating an improvement in financial performance[30] Assets and Liabilities - Non-current assets decreased to HKD 105,571,000 from HKD 123,389,000, a decline of about 14.46%[5] - Current liabilities totaled HKD 182,806,000, down from HKD 191,591,000, indicating a decrease of approximately 4.1%[5] - The company's net assets decreased to HKD 30,167,000 from HKD 78,742,000, a decline of about 61.7%[6] - The group maintained cash and cash equivalents at HKD 5,468,000 as of December 31, 2025, while interest-bearing borrowings amounted to HKD 10,358,000[41] - The debt-to-equity ratio as of December 31, 2025, was approximately 622%[42] - Trade receivables from customer contracts amounted to HKD 189,641,000 in 2025, with a credit loss provision of HKD 113,320,000, resulting in net trade receivables of HKD 76,321,000[31] Dividends and Share Issuance - The company did not recommend the payment of a final dividend for the year ended December 31, 2025, consistent with the previous year[2] - The company did not declare or recommend any final dividends for the year ended December 31, 2025, consistent with the previous year[29] - The company issued 35,920,000 ordinary shares at a price of HKD 0.1 per share, representing a premium of approximately 96.08% over the closing price of HKD 0.051 on September 5, 2024[45] - The net proceeds from the share subscription and issuance of convertible bonds are expected to be approximately HKD 10,300,000, which will be used for general working capital purposes[46] Operational Measures - The group is implementing measures to improve cash flow, including stricter selection of reputable customers to reduce bad debts and focusing on profitable products to enhance profitability[13] - The group has taken proactive measures to recover trade receivables to improve operational cash flow and financial condition[13] - The group will continue to implement rigorous cost control measures to enhance operational efficiency and improve future cash flow from operations[13] - The company has committed to exploring new business opportunities to expand its operations and drive new growth[57] Going Concern and Financial Uncertainty - The company reported a significant uncertainty regarding its ability to continue as a going concern due to current liabilities exceeding current assets by approximately HKD 70,711,000[11] - The board believes that preparing consolidated financial statements on a going concern basis is appropriate[12] - The company has recorded a net loss of approximately HKD 56,622,000 for the year ending December 31, 2025, with current liabilities exceeding current assets by about HKD 70,711,000, raising substantial doubt about the company's ability to continue as a going concern[66] Governance and Compliance - The company has adopted the corporate governance code as per the listing rules, with some deviations regarding the separation of roles between the chairman and the CEO[60] - The company is actively seeking suitable candidates for the positions of chairman and CEO to comply with governance codes[61] - The audit committee has reviewed the annual performance of the group for the year ending December 31, 2025[62] Legal Matters - The company is involved in significant legal litigation, including a claim against defendants for breach of a sales agreement, seeking the cancellation of the agreement and disputing HKD 15,000,000 in convertible bonds issued in 2014[53] Other Financial Information - The application of the revised Hong Kong Financial Reporting Standards has no significant impact on the group's financial performance for the current and prior years[14] - The group has not adopted new accounting standards that have been issued but are not yet effective, as they are not expected to have a significant impact on the consolidated financial statements[18] - There were no significant investments, acquisitions, or disposals during the year[43] - The company recognized government grants of HKD 1,000 in 2025, down from HKD 4,000 in 2024, with no conditions or contingencies related to these grants[23] - Interest expenses on lease liabilities increased to HKD 733,000 in 2025 from HKD 649,000 in 2024, while interest on borrowings decreased to HKD 1,305,000 from HKD 1,497,000[25] - The cost of materials used was HKD 118,307,000 in 2025, down from HKD 139,144,000 in 2024, reflecting a reduction in production costs[26] - Administrative expenses for fiscal year 2025 amounted to HKD 22,930,000, representing an increase of approximately 4% from HKD 22,105,000 in fiscal year 2024, primarily due to severance compensation[40] - The depreciation of property, plant, and equipment increased to HKD 15,767,000 in 2025 from HKD 13,217,000 in 2024, indicating ongoing investment in fixed assets[26] - The other income and loss for the fiscal year 2025 was a loss of HKD 973,000, a decrease of HKD 6,064,000 compared to the loss of HKD 7,037,000 in fiscal year 2024[39] - The average credit period granted by suppliers was one month, with trade payables totaling HKD 85,341,000 in 2025, compared to HKD 91,836,000 in 2024[34] - The company incurred a loss of HKD 2,033,000 from the sale of properties, plants, and equipment in 2025, an improvement from a loss of HKD 9,003,000 in 2024[24] - As of December 31, 2025, the equity attributable to the owners of the company was HKD 27,436,000, a decrease of approximately 56% compared to the same period last year[41] - The group employed approximately 207 full-time staff across management, administration, technical, and production departments[49] - The group has not made any significant commitments as of December 31, 2025[51] - The company has not purchased, sold, or redeemed any of its listed securities during the year[59] - The company plans to publish its annual report for the year ending December 31, 2025, on its website and the stock exchange's website[68]