Financial Performance - Revenue for the year ended December 31, 2025, was RMB 308,729,000, an increase of 10.7% from RMB 278,822,000 in 2024[4] - Gross profit for 2025 was RMB 43,431,000, up from RMB 38,869,000 in 2024, representing a gross margin of 14.1%[4] - The company reported a pre-tax loss of RMB 188,267,000 for 2025, compared to a loss of RMB 96,068,000 in 2024, indicating a significant increase in losses[4] - The net loss attributable to the owners of the company was RMB 187,937,000 in 2025, compared to RMB 92,463,000 in 2024, showing a 103.5% increase in losses[4] - Basic and diluted loss per share for 2025 was RMB 20.04, compared to RMB 10.44 in 2024, indicating a worsening financial position[7] - The company reported a pre-tax loss of RMB 265,298 thousand for 2025, compared to a loss of RMB 239,953 thousand in 2024, indicating a deterioration in performance[27] - The company recorded an annual loss of RMB 188.3 million in 2025, an increase of 102.5% compared to the annual loss of RMB 93.0 million in 2024, primarily due to increased expected credit loss provisions and impairment losses on assets[78] Assets and Liabilities - Total assets decreased to RMB 748,278,000 in 2025 from RMB 882,822,000 in 2024, reflecting a decline of 15.2%[6] - Total liabilities increased to RMB 206,483,000 in 2025 from RMB 143,384,000 in 2024, marking an increase of 44%[6] - The company’s total equity decreased to RMB 541,795,000 in 2025 from RMB 739,438,000 in 2024, a decline of 26.7%[10] - Accounts receivable increased to RMB 292,006,000 in 2025 from RMB 203,965,000 in 2024, with an expected credit loss provision of RMB 101,601,000[37] - Contract assets decreased to RMB 90,867,000 in 2025 from RMB 109,155,000 in 2024, with revenue recognition of RMB 78,274,000 for the year[40] - The company reported a total of RMB 121,445,000 in accounts payable as of December 31, 2025, up from RMB 60,856,000 in 2024[42] - The company recorded a return on equity (ROE) decline from -12.5% in 2024 to -34.7% in 2025 due to increased losses during the reporting period[100] - The debt-to-equity ratio increased from 2.7% as of December 31, 2024, to 5.5% as of December 31, 2025, primarily due to increased bank borrowings[100] Cash Flow and Financing - Cash and cash equivalents decreased to RMB 283,711,000 in 2025 from RMB 346,805,000 in 2024, a decline of 18.1%[9] - The total financing costs for 2025 were RMB 1,543 thousand, down from RMB 1,969 thousand in 2024, reflecting a reduction of 21.6%[26] - The company’s financing costs remained stable at RMB 1.5 million in 2025, down from RMB 2.0 million in 2024[74] - The total bank borrowings amounted to RMB 30.0 million, with all borrowings due for repayment between March 7, 2026, and July 26, 2026, at an interest rate of 3.20% to 3.60%[79] Research and Development - Research and development expenses for 2025 were RMB 61,153,000, down from RMB 71,524,000 in 2024, reflecting a reduction in investment in innovation[7] - Research and development expenses for the year amounted to RMB 61,153 thousand, slightly down from RMB 71,524 thousand in 2024[27] - Research and development expenses decreased by 14.4% to RMB 61.2 million in 2025, down from RMB 71.5 million in 2024, due to a reduction in the number of R&D personnel[72] Revenue Breakdown - Revenue from software development services was RMB 274,484 thousand in 2025, up from RMB 243,195 thousand in 2024, reflecting a growth of 12.9%[24] - Revenue from technical and maintenance services increased to RMB 29,939 thousand in 2025, compared to RMB 26,982 thousand in 2024, marking an increase of 7.2%[24] - In 2025, the company achieved revenue of RMB 308.7 million, an increase of 10.7% compared to 2024, with software development services contributing 88.9% of total revenue at RMB 274.5 million, growing 12.9% year-on-year[47] - Software development services accounted for 88.9% of total revenue in 2025, generating RMB 274.5 million, with innovative solutions contributing RMB 164.8 million, or 60.0% of this segment[59] - The revenue from artificial intelligence solutions in 2025 reached RMB 150.9 million, marking a year-on-year growth of 36.8%[46] Corporate Governance and Compliance - The company emphasizes high standards of corporate governance to protect shareholder interests and enhance corporate value[114] - The company has adopted the corporate governance code and has complied with its principles and provisions for the year ending December 31, 2025[115] - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements for the year ending December 31, 2025[117] Future Plans and Strategies - The company plans to optimize customer structure and improve accounts receivable turnover efficiency to ensure stable and healthy operations[50] - The company plans to enhance its flagship product differentiation and implement a dual-path expansion strategy focusing on core area penetration and emerging market cultivation[55] - The company has a strategy to improve cash collection by focusing on clients with shorter payment cycles and reducing sales to clients with longer payment cycles[99] Shareholder Information - The company had no dividends declared for the years ending December 31, 2025, and 2024[33] - The company has not proposed any final dividends for the year ending December 31, 2025[112] - The company maintains compliance with public float requirements as per listing rules[113] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[111]

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 265,611,000, representing a 4.0% increase from RMB 255,488,000 in 2024[2] - Gross profit decreased by 1.9% to RMB 123,416,000 from RMB 125,750,000 year-on-year[3] - Profit attributable to equity holders decreased by 27.4% to RMB 33,520,000 compared to RMB 46,192,000 in the previous year[3] - EBITDA for 2025 was RMB 91,777,000, down 5.1% from RMB 96,728,000 in 2024[2] - Basic and diluted earnings per share attributable to equity holders decreased by 25.6% to RMB 7.34 from RMB 9.86[3] - The company reported a significant decrease in other income, which fell to RMB 11,075,000 from RMB 20,365,000 year-on-year[3] - The group's net profit for the year ending December 31, 2025, was RMB 33.9 million, down from RMB 46.7 million for the year ending December 31, 2024[30] - Other income for the year ending December 31, 2025, was approximately RMB 11.1 million, a decrease of RMB 9.3 million from RMB 20.4 million for the year ending December 31, 2024, primarily due to a reduction in government subsidies[28] Assets and Liabilities - Total assets increased to RMB 857,808,000 in 2025 from RMB 863,349,000 in 2024, while total liabilities decreased to RMB 221,554,000 from RMB 265,300,000[4] - The company’s non-current assets increased to RMB 554,835,000 in 2025 from RMB 527,228,000 in 2024, reflecting investment in long-term assets[4] - Trade receivables from third parties decreased to RMB 168,135,000 in 2025 from RMB 172,388,000 in 2024, a decline of 2.0%[17] - The company’s trade payables to third parties increased to RMB 40,278,000 in 2025 from RMB 39,004,000 in 2024, an increase of 3.3%[19] - As of December 31, 2025, the company's debt-to-equity ratio is approximately 81.1%, down from 92.2% on December 31, 2024, primarily due to a reduction in short-term loans[39] - The total value of mortgaged assets as of December 31, 2025, is approximately RMB 154.5 million, which secures the company's bank financing and other borrowings[40] Operational Metrics - Inventory increased to RMB 38,563,000 in 2025 from RMB 29,907,000 in 2024, indicating a rise in stock levels[4] - The group's inventory turnover period for the year ending December 31, 2025, was 87.9 days, compared to 69.0 days for the year ending December 31, 2024[35] - The total employee cost as of December 31, 2025, is approximately RMB 50.2 million, an increase from RMB 49.1 million in 2024, with 431 employees compared to 401 in the previous year[45] Taxation and Dividends - The total income tax expense for 2025 was RMB 7,507,000, compared to RMB 5,827,000 in 2024, representing an increase of 28.8%[4] - The company proposed a final dividend of 2 HK cents per share for 2025, amounting to RMB 8,701,000, compared to a final dividend of 3 HK cents per share for 2024, which was RMB 13,639,000[14] - The board proposed a final dividend of HKD 0.02 per share for the year ended December 31, 2025, down from HKD 0.03 in 2024, pending shareholder approval[59] Strategic Initiatives - The company successfully launched key projects in high-performance TPU paper-making blankets, recognized as "internationally advanced" technology, contributing to the green upgrade of the paper industry[22] - The group plans to enhance its global strategic layout and transition from "product export" to "brand export" by 2026[24] - The group aims to solidify its technological leadership and optimize operational benchmarks over the next three years[27] Financial Management - The company’s deferred tax expense for 2025 was RMB 2,351,000, slightly up from RMB 2,210,000 in 2024, indicating a growth of 6.4%[4] - The company's treasury policy focuses on prudent financial management, ensuring liquidity to meet operational needs throughout the period[41] - The company does not have any foreign exchange hedging policies in place, despite exposure to foreign currency risks from certain bank balances and trade receivables denominated in USD and HKD[42] Shareholder Information - The company adopted a share incentive plan on May 9, 2024, allowing for the issuance of up to 30,000,000 shares, increasing the total issued share capital from approximately 6.21% to 9.72%[51] - As of December 31, 2025, 26,816,000 shares are held by an independent trustee under the share incentive plan, with no shares granted to any eligible participants[52] - The company has not granted, exercised, canceled, or expired any share options under the share option plan since its adoption on December 9, 2021, with 48 million options available for grant as of December 31, 2025[50] Compliance and Governance - The audit committee reviewed the consolidated financial statements for the year ended December 31, 2025, confirming compliance with applicable accounting standards and regulations[62] - The company has maintained sufficient public float as required by listing rules as of December 31, 2025[63] - The annual general meeting is scheduled for June 26, 2026, to discuss the proposed final dividend and other matters[58] - The company will suspend share transfer registration from June 23 to June 26, 2026, to determine eligibility for attending the annual general meeting[60] - The company will also suspend share transfer registration from July 3 to July 7, 2026, to determine eligibility for the proposed final dividend[61] - The annual report for the year ended December 31, 2025, will be published on the Hong Kong Stock Exchange and the company's website[64] Other Information - The company has not engaged in any significant post-balance sheet events from December 31, 2025, to the announcement date[53] - As of December 31, 2025, the company has not incurred any significant contingent liabilities[43] - The company has revised the use of the remaining unutilized net proceeds of HKD 9.7 million from strategic acquisitions to upgrading machinery and enhancing R&D capabilities[47]

Financial Performance - Contract sales amount for the year was RMB 12.07 billion, a year-on-year decrease of approximately 32.7%[3] - Total revenue for the year was RMB 12.3 billion, a year-on-year decrease of approximately 69.1%[3] - Net loss attributable to owners was RMB 4.1 billion, compared to a net loss of RMB 2.4 billion in the previous year[5] - The total comprehensive loss for the year amounted to RMB 6.09 billion, compared to RMB 2.89 billion in the previous year[6] - The group recorded a net loss of RMB 5,931,861,000 for the year ending December 31, 2025[16] - The loss attributable to equity holders of the parent company for the year was approximately RMB 4.08 billion, compared to a loss of RMB 2.43 billion in the previous year[38] - The group recorded a pre-tax loss of approximately RMB 5,023.5 million for the year ending December 31, 2025, compared to a pre-tax loss of approximately RMB 1,388.0 million for the year ending December 31, 2024[64] - The group recorded a total other net loss of approximately RMB 617.2 million for the year ending December 31, 2025, compared to a total other net loss of approximately RMB 309.5 million for the previous year[60] Debt and Liquidity - Total interest-bearing debt was reduced to RMB 17.7 billion as of December 31, 2025[3] - Total interest-bearing bank and other borrowings amounted to RMB 17,699,120,000, with RMB 8,113,839,000 due within the next 12 months[16] - The group is facing significant challenges regarding liquidity and financial stability, prompting the board to implement several plans and measures[17] - The group is actively seeking alternative financing and loans to fulfill its financial responsibilities and future operational and capital expenditures[17] - The group has engaged in negotiations with existing debt holders for the extension or postponement of bank and other borrowings[17] - The board believes that, considering the implemented plans, the group will have sufficient working capital to meet its financial obligations over the next twelve months[18] - The group is maintaining a cautious approach to short-term liquidity due to limited financing channels and has implemented measures to alleviate debt pressure[44] Revenue and Sales - Total revenue for 2025 was RMB 12,272,365, a significant decrease from RMB 39,681,871 in 2024, representing a decline of approximately 69.0%[21] - Revenue from customer contracts for 2025 was RMB 12,254,445, down from RMB 39,665,003 in 2024, indicating a decrease of about 69.0%[21] - The group achieved a contract sales amount of approximately RMB 12.07 billion for the year ending December 31, 2025, representing a year-on-year decrease of about 32.7%[47] - The average selling price for contract sales was approximately RMB 10,400 per square meter, with a total confirmed building area of 1,361,854 square meters, down approximately 63.7% year-on-year[53] Assets and Liabilities - Non-current assets totaled RMB 14.74 billion, down from RMB 16.24 billion in the previous year[7] - Current liabilities decreased to RMB 90.04 billion from RMB 102.02 billion in the previous year[8] - The company's cash and bank balances were RMB 3.33 billion, down from RMB 5.74 billion in the previous year[7] - Cash and cash equivalents stood at RMB 1,324,262,000 as of December 31, 2025[16] - The group's net current assets were approximately RMB 7,300.1 million as of December 31, 2025, down from approximately RMB 14,918.4 million as of December 31, 2024[68] Operational Strategy - The company is primarily engaged in property development, leasing, and management consulting services[10] - The group aims to accelerate property sales as part of its business strategy to improve cash flow[17] - The company has not made new project investments in 2025, focusing instead on ensuring property delivery and maintaining operational stability[42] - The company aims to improve overall liquidity and settle outstanding debts through various strategies, including timely communication with banks and accelerating property sales[76] Cost Management - The cost of sales decreased by approximately 62.9% to about RMB 14.40 billion for the year ending December 31, 2025, from approximately RMB 38.77 billion in 2024[54] - Sales and distribution expenses decreased by approximately 21.2% to about RMB 308.0 million for the year ending December 31, 2025, mainly due to a slowdown in marketing activities and reduced promotional budgets influenced by a weak real estate market[57] - Administrative expenses decreased by approximately 29.3% to about RMB 552.4 million for the year ending December 31, 2025, primarily due to savings in employee costs and management consulting fees[58] - Employee costs recognized as expenses for the year amount to approximately RMB 439.9 million, a decrease from RMB 597.4 million in 2024, reflecting a reduction in workforce from 2,150 to 1,515 employees[83] Future Outlook - The outlook for 2026 indicates a stable economic growth in China, with government policies expected to support the real estate market[45] - The company anticipates a revenue growth of 10% for the upcoming fiscal year, driven by new product launches and market expansion strategies[102] - Plans for market expansion include entering two new provinces in China, projected to contribute an additional HKD 1 billion in sales over the next year[105] - Future guidance suggests maintaining a focus on high-margin projects, with an expected increase in average selling price by 8% in the next quarter[104] Corporate Governance - The independent auditor's report did not express an opinion due to significant uncertainties regarding the group's ability to continue as a going concern[90] - The board of directors has not recommended the payment of a final dividend for the year ending December 31, 2025[97] - The company has not disclosed any significant acquisitions or disposals of major investments or capital assets as of December 31, 2025[82] - The annual report for 2025 will be published on the company's website and the Hong Kong Stock Exchange website[100]

Financial Performance - Revenue for the year ended December 31, 2025, reached RMB 4,350,253 thousand, a significant increase from RMB 2,917,434 thousand in 2024, representing a growth of approximately 49.2%[2] - Gross profit for the same period was RMB 361,825 thousand, compared to RMB 257,769 thousand in 2024, resulting in a gross margin of 8.3%, down from 8.8%[3] - Net profit for the year was RMB 41,705 thousand, a substantial increase from RMB 15,609 thousand in 2024, reflecting a growth of approximately 167.5%[3] - Basic and diluted earnings per share for 2025 were RMB 3.18, compared to RMB 1.28 in 2024, indicating a significant improvement in profitability[3] - The company reported a total comprehensive income of RMB 42,068 thousand for 2025, compared to RMB 15,320 thousand in 2024, marking a significant increase[3] - For the fiscal year ending December 31, 2025, the company reported a revenue increase of 49.1% from RMB 2,917.4 million in 2024 to RMB 4,350.3 million in 2025[50] - Net profit surged by 167.3%, rising from RMB 15.6 million in 2024 to RMB 41.7 million in 2025[50] Revenue Breakdown - Revenue from mobile phones amounted to RMB 2,430,600,000 in 2025, up from RMB 1,894,440,000 in 2024, indicating a growth of about 28%[16] - Revenue from Internet of Things (IoT) related products increased to RMB 1,775,844,000 in 2025, compared to RMB 822,713,000 in 2024, reflecting a growth of approximately 116%[16] - Revenue from confirmed income related to contract liabilities was approximately RMB 21,887,000 for the year ending December 31, 2025[46] - Revenue from China increased by 78.4% from RMB 1,702.4 million in 2024 to RMB 3,036.4 million in 2025, attributed to higher sales of smartphones and IoT products[62] - Revenue from India grew by 5.4% from RMB 991.2 million in 2024 to RMB 1,045 million in 2025, driven by increased demand for smartphones[62] - Revenue from Pakistan decreased by 67.3% from RMB 65.2 million in 2024 to RMB 21.3 million in 2025, due to strategic decisions to reserve production capacity for orders from other regions[62] - Revenue from Bangladesh decreased by 33.3% to RMB 35.6 million for the year ending December 31, 2025, primarily due to a reduction in smartphone sales orders from major customers[63] - Revenue from the United States increased by 13.3% to RMB 83.6 million for the year ending December 31, 2025, driven by increased sales orders for smartphones and IoT-related products[63] - Revenue from Algeria surged by 427.1% to RMB 31.1 million for the year ending December 31, 2025, mainly due to increased demand for smartphones[63] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 3,951,655 thousand, up from RMB 3,254,420 thousand in 2024, showing a growth of approximately 21.4%[4] - Current liabilities increased to RMB 3,503,895 thousand in 2025 from RMB 2,967,829 thousand in 2024, representing a rise of about 18%[4] - The company's net asset value improved to RMB 535,269 thousand in 2025, compared to RMB 366,534 thousand in 2024, reflecting a growth of approximately 46%[5] - The group's non-current assets, excluding deferred tax assets, amounted to RMB 133,488,000,000 in 2025, a slight decrease from RMB 137,741,000,000 in 2024[20] - Trade payables increased to RMB 755,712,000 in 2025 from RMB 555,359,000 in 2024, an increase of 36.1%[39] - The total amount of trade payables and notes payable reached RMB 3,217,911,000 in 2025, up from RMB 2,708,516,000 in 2024, indicating a growth of 18.7%[39] Research and Development - Research and development expenses for the year were RMB 181,790 thousand, up from RMB 141,885 thousand in 2024, indicating a commitment to innovation and product development[3] - The company is focusing on enhancing R&D capabilities and expanding its product portfolio to capture market opportunities driven by AI and 5G technology[53] - R&D expenses increased by 28.1% to RMB 184.8 million for the year ending December 31, 2025, influenced by rising labor costs and tooling expenses related to R&D activities[69] Operational Highlights - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[2] - The company established nine memorandums of understanding with reputable telecommunications and mobile distribution companies in regions including the UAE, Bangladesh, India, and Turkey, marking a significant milestone in its internationalization strategy[55] - The company received orders for 2.3 million mobile phones valued at approximately USD 160 million from its business partners, which is expected to enhance its global influence and financial performance[56] Corporate Governance - The company has adopted a set of corporate governance practices in line with the listing rules since November 13, 2019, and has adhered to the majority of the governance code provisions[104] - The roles of the Chairman and the CEO are clearly defined, with the same individual currently holding both positions to ensure cohesive leadership[105] - The audit committee has reviewed the accounting principles and financial reporting systems for the year ending December 31, 2025, and believes the consolidated financial statements are prepared in accordance with applicable standards and regulations[107] Shareholder Information - The company’s ultimate controlling shareholders are Mr. Li Chengjun and Mr. Xiong Bin, who also serve as executive directors[1] - The company has adopted a share option plan to incentivize eligible participants, aiming to enhance future contributions and retain key personnel[99] - The maximum number of shares that can be issued under the share option plan is capped at 10% of the issued shares as of November 13, 2019, which equates to 100,000,000 shares[100]

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。 EMBRY HOLDINGS LIMITED 安莉芳控股有限公司 (於開曼群島註冊成立的有限公司) (股份代號：1388) 公佈截至二零二五年十二月三十一日止全年度業績 安莉芳控股有限公司﹙「本公司」﹚董事會﹙「董事會」或「董事」﹚提呈本公司及 其附屬公司﹙統稱「本集團」﹚截至二零二五年十二月三十一日止全年度的綜合業績 ﹙根據香港聯合交易所有限公司﹙「聯交所」﹚證券上市規則﹙「上市規則」﹚之相 關規定編製﹚'連同二零二四年之比較數字及有關說明附註。 承董事會命 安莉芳控股有限公司 岳明珠 主席 香港，二零二六年三月二十七日 於此本公告日期，董事會成員包括四名執行董事岳明珠女士（主席）、鄭碧浩女士（行政總 裁）、鄭傳全先生及鹿群女士；以及四名獨立非執行董事陳志安先生、劉紹基先生、李均雄 先生及李天生教授。 1 綜合收益表 截至二零二五年十二月三十一日止年度 | | 附註 | 二零二五年 | | 二零二四年 ...

Financial Performance - The group's operating revenue for the year ended December 31, 2025, was RMB 4,384.63 million, a decrease of 1.15% compared to RMB 4,435.46 million in 2024[4] - The net profit for the group was RMB 46.27 million, down 13.16% from RMB 53.28 million in 2024[4] - Basic and diluted earnings per share were RMB 0.4285, compared to RMB 0.4934 in 2024[4] - The total operating revenue for the year ended December 31, 2025, was RMB 4,384,632,090.08, a slight decrease of 1.15% compared to RMB 4,435,460,674.85 in the previous year[13] - The main business income for the same period was RMB 4,329,327,974.14, compared to RMB 4,385,119,653.22 in the previous year, reflecting a decrease of 1.27%[13] - The group reported a total profit of RMB 64.31 million for the year, compared to RMB 71.19 million in 2024[5] - The company's net profit for the year was RMB 64,309,395.22, down from RMB 71,192,252.28 in the previous year, indicating a decline of 9.4%[19] - The company's net profit decreased by 13.16% from RMB 53.28 million in 2024 to RMB 46.27 million in 2025, primarily due to an increase in credit impairment losses[79] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 3,960.01 million, an increase from RMB 3,456.64 million in 2024[7] - Total liabilities increased to RMB 3,343,644,478.28 as of December 31, 2025, up from RMB 2,837,952,734.34 a year earlier, representing an increase of 17.8%[8] - Current liabilities totaled RMB 3,281,151,870.89, which is an increase of 17.7% from RMB 2,788,603,021.09 in the previous year[8] - The total equity attributable to shareholders was RMB 616,363,855.04 as of December 31, 2025, slightly down from RMB 618,690,947.99 the previous year[8] - The capital debt ratio as of December 31, 2025, is 60.40%, an increase from 51.37%[88] Cash Flow and Working Capital - Cash and cash equivalents increased to RMB 753.60 million from RMB 563.15 million in 2024[7] - Cash and bank deposits increased to RMB 221.54 million in 2025 from RMB 171.79 million in 2024[80] - Current assets net value rose to RMB 279.79 million in 2025 from RMB 241.39 million in 2024, maintaining a current ratio of 1.09[81] - Accounts payable increased by 15.72% to RMB 1,405.28 million in 2025 from RMB 1,214.33 million in 2024, optimizing cash flow management[83] - The company maintained a prudent treasury policy, ensuring a healthy liquidity position throughout the reporting period[84] Dividend and Shareholder Returns - The board proposed a final dividend of RMB 0.30 per share (before tax) for the year ended December 31, 2025[4] - The board of directors proposed a final dividend of RMB 0.30 per share (tax included) for the year ending December 31, 2025, compared to RMB 0.45 per share for 2024[21] - The board recommends a final dividend of RMB 0.30 per share (before tax) for the year ending December 31, 2025, subject to shareholder approval[97] Accounts Receivable and Credit Management - Accounts receivable rose to RMB 1,243.09 million, up from RMB 1,163.24 million in 2024[7] - The total accounts receivable amount is RMB 1,277,436,154.14, with a total bad debt provision of RMB 34,348,759.44, resulting in a provision ratio of 2.69%[27] - The aging analysis shows that accounts receivable within one year amount to RMB 1,157,329,775.69, with a bad debt provision of RMB 4,216,473.13, reflecting a provision ratio of 0.36%[30] - The company has implemented internal credit assessment policies to evaluate potential customers' credit quality before accepting new clients[30] - The company plans to continue reviewing overdue receivables regularly to manage credit risk effectively[30] - The total bad debt provision increased to RMB 34,348,759.44, with a current period provision of RMB 15,428,246.79[31] - The top five accounts receivable amounted to RMB 531,837,758.78, representing 41.63% of the total accounts receivable[34] - The actual write-off of accounts receivable during the period was RMB 421,887.39, with no significant write-offs reported[33] - The company has no actual write-offs of accounts receivable during the reporting period[26] Market and Industry Trends - The pharmaceutical circulation industry in China is projected to reach RMB 2.99 trillion in market size by 2025, with a year-on-year growth of 1.5%[44] - Retail pharmacy sales are expected to reach RMB 587.8 billion in 2025, reflecting a growth of 2.4% year-on-year[43] - The online pharmacy sales are anticipated to grow over 30% year-on-year in the first three quarters of 2025[43] - The concentration of the pharmaceutical wholesale market is high, with the top 100 companies accounting for 75.7% of total sales[44] - The external market size is expected to reach RMB 1.6 trillion by 2029, potentially surpassing the internal market[46] - The outpatient market is expected to see a significant increase, with a potential RMB trillion-level growth space due to reforms like "separation of medicine and treatment" and "prescription outflow" policies[63] Strategic Initiatives and Innovations - The company has established strategic partnerships with leading brands such as "China Resources Sanjiu" and "Hualan Biological" to enhance its marketing ecosystem and improve supply chain efficiency[55] - The company has integrated AI technology into key business areas, achieving over 50% improvement in development efficiency and enhancing operational compliance management[59] - The company aims to expand its third-party pharmaceutical logistics business, providing professional warehousing, logistics, and transportation services to upstream suppliers and downstream customers[69] - The company is focused on enhancing its digital competitiveness through the integration of AI technology, aiming for a comprehensive intelligent supply chain ecosystem[65] - The company plans to enhance its digital transformation by integrating IoT, big data, AI, and automation into the entire pharmaceutical logistics process, aiming to shift from labor-intensive to technology-intensive operations[62] Compliance and Governance - The audit committee has reviewed the financial statements for the year ending December 31, 2025, in conjunction with the management and external auditors[103] - The company has maintained compliance with all applicable corporate governance codes as of December 31, 2025[100] - There are no significant contingent liabilities as of December 31, 2025[95] - There are no significant events requiring disclosure after the reporting period[96]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 153,937,000, representing a 28% increase from HKD 120,234,000 in 2024[2] - Gross profit for the same period was HKD 18,916,000, up from HKD 16,361,000, indicating a gross margin improvement[3] - The profit attributable to owners from continuing operations was HKD 603,735,000, a significant recovery from a loss of HKD 241,236,000 in 2024[3] - The company reported a total profit for the year of HKD 603,735,000 compared to HKD 1,561,226,000 in the previous year, reflecting the impact of discontinued operations[5] - Earnings per share from continuing operations increased to HKD 115 from a loss of HKD 46 in 2024[4] - The group reported a total profit before tax of HKD 606,466,000 for the year ended December 31, 2025, compared to a loss of HKD 237,514,000 in 2024[28] - The company reported a profit attributable to owners of approximately HKD 603,735,000 for the year, compared to a loss of approximately HKD 241,236,000 in the previous year[82] Assets and Liabilities - Total assets decreased to HKD 57,747,000 from HKD 143,713,000, indicating a reduction in current assets[6] - Current liabilities decreased to HKD 1,906,419,000 from HKD 2,183,915,000, showing improved liquidity management[6] - The group had total liabilities of approximately HKD 2,010,787,000 as of December 31, 2025, compared to approximately HKD 2,629,857,000 in the previous year[83] - The group has a significant liquidity issue, with current liabilities exceeding current assets by approximately HKD 1,848,672,000[15] - The company has a significant liquidity concern, with current liabilities exceeding current assets by approximately 1,848,672 thousand HKD as of December 31, 2025[51] Cash Flow and Financing - Cash and cash equivalents increased to HKD 5,449,000 from HKD 2,016,000, reflecting improved cash flow management[6] - The group reported a cash and bank balance of approximately HKD 5,449,000 and total borrowings of about HKD 1,988,017,000 as of December 31, 2025[15] - The group issued convertible bonds with a principal amount of USD 40,000,000 (approximately HKD 312,000,000) that are overdue as of December 31, 2025[15] - The group is negotiating with creditors to extend the repayment dates of overdue debts, indicating ongoing financial distress[16] - The group is actively seeking external financing and fundraising opportunities to improve its financial situation and meet existing obligations[55] Operational Changes and Strategy - The group decided to terminate coal trading operations under Shanxi Changtong to focus on coal processing and sales, aiming to improve profit margins[10] - The group is focusing on enhancing the profitability of its coal business to improve operational cash flow and financial condition[17] - The company is exploring opportunities in system integration services and software solutions[73] - The company is seeking agricultural and deep processing business opportunities related to cassava in Cambodia[72] Corporate Governance and Compliance - The company has adopted the Corporate Governance Code as per the listing rules and believes it has complied with its provisions during the year, with one exception regarding the roles of the Chairman and CEO[111] - The audit committee consists of three independent non-executive directors, ensuring proper oversight of financial reporting and risk management[108] - There were no significant events during the year that resulted in non-compliance with relevant laws and regulations[105] Future Outlook and Risks - The group has taken measures to improve its financial situation and alleviate liquidity pressure, although significant uncertainties remain regarding its ability to continue as a going concern[17] - There is significant uncertainty regarding the group's ability to continue as a going concern, dependent on generating sufficient financial and operational cash flows[56] - Management believes that the group will have sufficient operating funds to meet its financial responsibilities due within the next 12 months, despite uncertainties[54] Employee and Operational Metrics - Total employee costs, including director remuneration, amounted to approximately HKD 7,450,000 for the review year, compared to HKD 6,512,000 for the previous year[103] - The group employed approximately 45 full-time employees in Hong Kong and China as of December 31, 2025[102] Shareholder Information - The board does not recommend the payment of a final dividend for the year, consistent with the previous year[89] - The annual general meeting is scheduled for May 29, 2026, with a notice to be sent to shareholders at least 21 full days prior[113]

Company Overview - Zhejiang RuiYuan Intelligent Control Technology Company Limited is listed on the GEM of the Hong Kong Stock Exchange, which is designed for small and mid-sized companies, indicating a higher investment risk compared to other companies on the Main Board[6]. - The company’s registered office is located in Yuyao City, Zhejiang Province, China, with a principal place of business in Hong Kong at the Dah Sing Financial Centre[15]. - The Board currently consists of 7 Directors, including 4 executive Directors and 3 independent non-executive Directors[80]. Management Changes - The company has appointed Mr. Yao Yongtao as an executive director effective March 5, 2025, while Ms. Wu Shanhong resigned on the same date[13]. - The Directors and Supervisors have service contracts with a term of three years, subject to termination with one month's notice[149]. - There were no changes in Directors' and Supervisors' information required to be disclosed during the Reporting Period[144]. Financial Performance - For the year ended December 31, 2025, the Group recorded revenue of approximately RMB20,189,000, a decrease of approximately RMB2,090,000 compared to RMB22,279,000 in 2024, reflecting a decline due to the overall economic downturn and insufficient market promotion[20][35]. - The gross profit margin for the year ended December 31, 2025, was 7.28%, down from 7.94% in 2024, attributed to increased product costs and decreased selling prices[40]. - Loss attributable to shareholders for the year ended December 31, 2025, was approximately RMB1,312,000, an increase of RMB14,000 compared to RMB1,298,000 in 2024, indicating ongoing financial challenges[43]. - Administrative expenses for the year ended December 31, 2025, amounted to RMB2,317,000, a decrease of approximately RMB346,000 from RMB2,663,000 in 2024, reflecting cost control measures[41]. - Other income and gains for the year ended December 31, 2025, were approximately RMB41,000, significantly higher than RMB6,000 in 2024, indicating improved financial performance in this area[41]. Economic Environment - The overall economic environment in China remains challenging, with trends indicating a slowdown in economic growth and increasing competition and production costs[24][28]. - Investors are advised to consider the potential risks associated with investing in GEM-listed companies due to their susceptibility to market volatility[7]. Governance and Compliance - The directors of the company confirm that the information in the report is accurate and complete in all material respects, with no misleading or deceptive elements[9]. - The Group was in compliance with all applicable laws and regulations during the year ended December 31, 2025[72]. - The Company has arranged for appropriate insurance cover for Directors' and officers' liabilities arising from corporate activities[181]. Corporate Governance - The company has a comprehensive governance structure, including a remuneration committee and a nomination committee, to enhance corporate governance practices[14]. - The corporate governance report is detailed on pages 31 to 48 of the annual report[182]. Market and Product Development - The Group is actively developing industrial electronic intelligent control equipment and has purchased multi-axis drilling machines and other equipment to enhance production capabilities[36]. - The Group plans to launch a variety of high-end CNC machine tool and optical machine products to improve product innovation and market expansion[36]. - The marketing team is focused on expanding business in cities such as Hangzhou, Jiaxing, and Shanghai, aiming to increase new sales customers and explore additional markets[37]. Financial Position - Current assets decreased significantly to approximately RMB 257,000 in 2025 from RMB 12,041,000 in 2024, primarily due to a reduction in bank balances and cash by approximately RMB 11,759,000[45]. - Current liabilities also decreased to approximately RMB 55,117,000 in 2025 from RMB 65,607,000 in 2024, a reduction of approximately RMB 10,490,000[46]. - The Group's net current liabilities were approximately RMB 54,860,000 as of December 31, 2025, indicating liquidity risk due to financial assets being less than financial liabilities due within one year[120]. Shareholder Information - The Company did not have any substantial shareholders with interests of 5% or more in the shares or underlying shares as of December 31, 2025, apart from the disclosed interests[168][171]. - As of December 31, 2025, Mr. He Keng holds 370,000,000 domestic shares, which is approximately 74% of the entire issued share capital of the Company[165]. - The Board does not recommend the payment of a final dividend for the year ended December 31, 2025, consistent with the previous year[74]. Customer and Supplier Relations - The largest customer accounted for 69% of the Group's sales, while the five largest customers combined represented 98% of total sales[190]. - The largest supplier contributed to 65% of the Group's purchases, with the five largest suppliers combined also accounting for 98% of total purchases[190]. - The Group maintains a good relationship with its customers, ensuring immediate remedial action for any complaints received[198]. - No complaints were received from suppliers during 2025, and all debts were settled on or before due dates[199]. Employee Relations - The Group is committed to providing a safe and healthy workplace for its employees and encourages work-life balance[195]. - A former employee filed a claim for approximately HK$2,600,000, with the Group believing it has strong grounds to defend the claim[196]. - An amount of RMB86,000 was made in the consolidated financial statements for the year ended 31 December 2025 regarding the claim[196]. Environmental and Social Responsibility - There are no specific environmental standards or requirements for conducting the Group's business according to relevant laws[191]. - The Group's Environmental, Social, and Governance Report for 2025 will provide further details on these matters[191].

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 50,893,000, a decrease of 1.96% from HKD 51,900,000 in 2024[2]. - The net loss for the year was HKD 21,034,000, compared to a loss of HKD 16,111,000 in 2024, representing a 30.1% increase in losses[2]. - The company reported a pre-tax loss of HKD 21,034,000 for 2025, compared to a loss of HKD 16,111,000 in 2024, indicating a worsening financial position[38]. - The total segment loss before tax for the fiscal year ending December 31, 2025, was HKD 21,022, compared to a loss of HKD 16,111 for the previous year[22]. - The company did not recommend any dividend for the year ending December 31, 2025, consistent with the previous year[37]. Revenue Breakdown - For the fiscal year ending December 31, 2025, the total segment revenue was HKD 50,893, with energy business contributing HKD 49,770 and loan financing business contributing HKD 1,123[22]. - Revenue from energy-saving solutions for 2025 is HKD 48,545,000, down from HKD 50,741,000 in 2024, representing a decline of approximately 4.4%[32]. - The segment revenue for the energy business decreased by approximately 2.1% from HKD 51,033 in the previous year to HKD 49,770[22]. Assets and Liabilities - Total assets as of December 31, 2025, were HKD 66,823,000, an increase from HKD 56,629,000 in 2024, marking a growth of 18.0%[4]. - The company’s total liabilities as of December 31, 2025, were HKD 21,270, with HKD 19,512 attributed to the energy business[24]. - Current liabilities increased to HKD 20,926,000 in 2025 from HKD 16,017,000 in 2024, reflecting a rise of 30.0%[4]. - The company’s equity increased to HKD 52,021,000 in 2025 from HKD 48,220,000 in 2024, a growth of 5.9%[5]. Accounts Receivable and Credit Losses - The company reported a significant increase in accounts receivable, which rose to HKD 27,679,000 in 2025 from HKD 5,131,000 in 2024, a substantial increase of 441.5%[4]. - The expected credit loss provision for accounts receivable was HKD 1,043,000 in 2025, compared to a reversal of HKD 655,000 in 2024[33]. - The provision for expected credit losses on accounts receivable increased to HKD 49,739,000 in 2025 from HKD 46,296,000 in 2024, a rise of 5.3%[46]. Employee Costs - The company incurred employee costs of HKD 10,779,000 in 2025, an increase from HKD 8,992,000 in 2024[33]. - Employee costs totaled approximately HKD 10,779,000 for the year, an increase from HKD 8,992,000 in 2024, with a total of 26 employees as of December 31, 2025[66]. Capital Expenditures - The company’s capital expenditure for the fiscal year ending December 31, 2025, was HKD 1,410[24]. - The group has committed capital expenditures of approximately HKD 5,871,000 as of December 31, 2025, compared to HKD 4,107,000 in 2024[64]. Corporate Governance - The company has applied the principles of the Corporate Governance Code throughout the year, with deviations noted regarding the attendance of independent non-executive directors at shareholder meetings and the roles of the chairman and CEO being held by four executive directors collectively[68][70]. - The audit committee, consisting of three independent non-executive directors, has reviewed the annual performance and financial statements for the year ending December 31, 2025[70][71]. - The independent auditor's report on the financial statements has been issued without any reservations or matters requiring attention[74]. Market Strategy - The group aims to expand its energy solutions business in mainland China, aligning with national policies and the government's commitment to achieving carbon neutrality[59]. - The group is actively exploring opportunities in the green solutions market, particularly in electric vehicle charging services, with a recent trial operation of a high-speed charging station[59]. - The company continues to monitor market trends and adjust strategies accordingly to enhance its competitive position and capitalize on business opportunities[60].

Financial Performance - The total revenue for the year ending December 31, 2025, was HKD 113,887,000, an increase from HKD 109,392,000 in the previous year, representing a growth of approximately 4.56%[2] - The net profit for the year was HKD 123,823,000, compared to HKD 223,196,000 in the previous year, showing a decrease of 44.55%[3] - Basic earnings per share were HKD 6.68, down from HKD 12.85, representing a decline of 48.06%[3] - Total comprehensive income for the year ended December 31, 2025, was HKD 123,661,000, compared to HKD 183,141,000 in 2024, representing a decrease of approximately 32.5%[4] - The company's profit attributable to shareholders was HKD 124,016,000 for the year, down from HKD 183,424,000 in the previous year, indicating a decline of about 32.4%[4] - The company reported a total profit before tax of HKD 104,232,000, with the securities segment showing a loss of HKD 31,350,000[19] - The group recorded a profit of approximately HKD 123,823,000 for the year ending December 31, 2025, down from HKD 223,196,000 in 2024, mainly due to a substantial decrease in net investment income[67] Revenue Sources - Interest income reached HKD 62,400,000, up from HKD 51,001,000, marking a significant increase of 22.73%[2] - Commission income and fees rose to HKD 21,036,000 from HKD 17,270,000, reflecting a growth of 21.56%[2] - Investment income decreased to HKD 25,956,000 from HKD 45,616,000, indicating a decline of 43.14%[2] - The company experienced a significant increase in investment income, reaching HKD 45,616,000 for the fiscal year ending December 31, 2025[18] - Investment income from dividends surged to HKD 45,616,000 in 2025, up from HKD 25,956,000 in 2024, an increase of 75.9%[21] Expenses and Costs - Total operating expenses increased to HKD 57,375,000 from HKD 157,864,000, a reduction of 63.70%[3] - Employee costs and related expenses totaled HKD 57,375,000 for the fiscal year ending December 31, 2025, reflecting the company's investment in human resources[18] - Total operating expenses were approximately HKD 95,255,000 for the year ending December 31, 2025, a reduction of about 56.0% from HKD 217,822,000 in the previous year, primarily due to decreased employee costs and effective cost control measures[73] Assets and Liabilities - Total assets increased to HKD 4,833,421,000 in 2025 from HKD 4,729,696,000 in 2024, representing a growth of approximately 2.2%[5] - Non-current assets decreased to HKD 2,396,162,000 in 2025 from HKD 3,339,639,000 in 2024, a decline of about 28.3%[5] - Current assets rose significantly to HKD 2,437,259,000 in 2025, up from HKD 1,390,057,000 in 2024, marking an increase of approximately 75.5%[5] - Total liabilities decreased to HKD 324,722,000 in 2025 from HKD 344,658,000 in 2024, a reduction of approximately 5.8%[6] - The company reported a net cash position of HKD 302,123,000 in 2025, down from HKD 419,733,000 in 2024, indicating a decrease of about 28.0%[5] Credit Loss Provisions - The company recognized a provision for expected credit losses of HKD 9,369,000, compared to a loss of HKD 39,179,000 in the previous year, indicating an improvement[3] - The expected credit loss provision was approximately HKD 9,369,000 for the year ending December 31, 2025, significantly reduced from HKD 39,179,000 in the previous year, indicating improved credit quality[76] Strategic Plans and Outlook - The company plans to focus on market expansion and new product development to drive future growth[2] - The company is exploring potential mergers and acquisitions to enhance its market position and drive growth[4] - Future guidance indicates a cautious outlook, with expectations of gradual recovery in revenue and profitability[4] - The company plans to enhance its market expansion strategies and invest in new product development to drive future growth[21] Governance and Compliance - The company has adhered to the corporate governance principles and rules as per the listing rules until December 31, 2025[93] - All directors confirmed compliance with the standards for securities trading as outlined in the listing rules for the year ending December 31, 2025[94] - The Audit Committee consists of four independent non-executive directors and meets twice a year with external auditors[95] Market Conditions - The global economic growth rate for 2025 is projected to be around 3.3%, with developed economies maintaining a low growth range of 1.7%[51] - The GDP growth rate for Hong Kong in 2025 is estimated to be approximately 3.5%, reflecting a resilient economy amid complex internal and external environments[52] - The Hong Kong capital market saw an increase in IPO fundraising compared to the previous year, with the Hang Seng Index rising approximately 27.8%, marking the best performance since 2017[53] Investment Strategy - The investment strategy focuses on sectors with long-term growth potential, including healthcare, technology innovation, and new energy[56] - The group aims to expand its asset allocation scale while optimizing liquidity and income stability, focusing on competitive investment performance and brand image[62] - The group will continue to explore strategic opportunities in healthcare, technology innovation, and new energy sectors, leveraging its position in Hong Kong as an international financial center[63]