Financial Performance - For the year ending December 31, 2025, the company's revenue increased from RMB 158.8 million in 2024 to RMB 807.0 million, primarily driven by licensing income related to QX030N and QX031N, which rose by RMB 622.5 million[4]. - The company's gross profit for the year was RMB 714.4 million, compared to RMB 92.2 million in 2024, reflecting a significant improvement in operational efficiency[3]. - The company reported a net profit of RMB 307.4 million for the year, a turnaround from a loss of RMB 349.7 million in 2024, indicating a substantial recovery in financial performance[9]. - The total equity increased from RMB 221.1 million in 2024 to RMB 679.1 million in 2025, reflecting strong growth in the company's financial position[3]. - The total assets of the company rose to RMB 1,600.3 million in 2025, up from RMB 983.9 million in 2024, marking a growth of 62.5%[51]. - The company achieved a net cash inflow from financing activities of RMB 93,727,000 in 2025, down from RMB 351,811,000 in 2024[107]. - The company reported a profit before tax of RMB 307,371,000 in 2025, a turnaround from a loss of RMB 349,760,000 in 2024[124]. - The company reported a significant increase in revenue, reaching $12.0464 million from the global offering of H shares[146]. Research and Development - Research and development expenses decreased from RMB 334.3 million in 2024 to RMB 253.2 million in 2025, mainly due to reduced third-party contract costs after the completion of QX002N's Phase III clinical trial[6]. - The company has established an integrated antibody drug R&D platform, capable of supporting over 10 antibody projects for early discovery annually[31]. - The company is advancing its pipeline with multiple dual antibodies, including QX030N, QX031N, and QX027N, which are entering clinical stages under the "荃信2.0" initiative[12]. - The company is involved in the development and commercialization of QX030N through Caldera Therapeutics, which was co-founded by leading biotech investors[144]. - The company is committed to clinical trials to validate the efficacy and safety of its drug candidates[146]. - The company is actively engaged in research and development to enhance its product offerings and address unmet medical needs[146]. Product Development and Pipeline - The company has successfully commercialized its first biosimilar product, QX001S (赛乐信®), with projected domestic sales of nearly RMB 300 million for 2025[17]. - The clinical trials for the core products, QX005N (奧托奇拜單抗) and QX002N (魯塞奇塔單抗), have reached significant milestones, with NDA submissions expected for PN and AD indications in 2026[18]. - The company has established three strategic overseas collaborations for dual antibody products, receiving a total of $90 million in collaboration fees from partners Caldera Therapeutics and Roche[12][13]. - QX030N (IL-23p19/TL1A dual antibody) has initiated overseas Phase I clinical trials, with a collaboration agreement signed with Caldera Therapeutics[12]. - QX031N (TSLP/IL-33 dual antibody) has also begun Phase I clinical trials in New Zealand following a global exclusive collaboration agreement with Roche[13]. - The company has received regulatory approval for the pediatric indication of QX001S, expanding its market potential in treating plaque psoriasis[17]. - The NDA for QX002N (魯塞奇塔單抗) is anticipated to be submitted as it targets IL-17A, a key player in autoimmune diseases[20]. Financial Position and Assets - Cash and cash equivalents, along with financial assets measured at fair value, increased by 87.4% from RMB 556.1 million in 2024 to RMB 1,042.0 million in 2025, attributed to upfront and milestone payments from QX030N, QX031N, and QX005N[8]. - The total non-current assets increased from RMB 367.2 million in 2024 to RMB 483.7 million in 2025, indicating ongoing investment in long-term growth[3]. - Current assets increased from RMB 186.6 million as of December 31, 2024, to RMB 612.9 million as of December 31, 2025, due to initial and milestone payments from QX030N and QX031N licensing transactions[57]. - The company holds 53 patents in China, including 41 invention patents and 12 utility model patents, and has 22 patents pending approval overseas[39]. Strategic Initiatives and Future Plans - The company plans to adopt a share incentive plan for 2026, aiming to align employee interests with long-term company performance[2]. - The company plans to launch at least five new products by 2030, aiming to establish a significant sales scale[42]. - The company is committed to executing an overseas expansion strategy and building an efficient overseas clinical operations team[42]. - The company aims to strategically expand its pipeline with dual-specific antibodies to meet the high therapeutic demand in respiratory, IBD, and dermatological fields[42]. - The company plans to revise its articles of association in response to changes in the Company Law effective July 1, 2024, which includes adjustments to registered capital and the abolition of the supervisory board[97]. Corporate Governance and Compliance - The company believes that having the same individual serve as both Chairman and CEO enhances consistent leadership and effective strategic planning[83]. - The company is committed to strengthening its corporate governance practices to promote business growth and will periodically review these practices[84]. - The company has established an audit committee in compliance with corporate governance codes and has reviewed the financial statements for the year ending December 31, 2025[90]. - The company adheres to current Good Manufacturing Practices (cGMP) for its production processes and facilities[144]. - The company is responsible for the acceptance and technical review of drug clinical trials and market approval applications by the National Medical Products Administration (NMPA)[155]. Market and Risk Factors - The company faces various market risks, including cash flow and fair value interest rate risks, credit risks, liquidity risks, and currency risks[69]. - The company faces foreign exchange risk primarily from cash and cash equivalents and time deposits denominated in currencies other than the functional currency, mainly HKD and USD, without engaging in any hedging transactions[74]. - The company is subject to the Corporate Income Tax Law of the People's Republic of China, which may impact its financial planning[146].

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 952,620,000, a decrease of RMB 28,221,000 or 3% compared to RMB 980,841,000 in 2024[2] - Gross profit decreased to RMB 484,852,000, down RMB 142,373,000 or 23% from RMB 627,225,000 in the previous year[3] - Annual profit for the year was RMB 302,263,000, representing a decline of RMB 136,173,000 or 31% from RMB 438,436,000 in 2024[3] - Core net profit was RMB 307,167,000, down RMB 137,340,000 or 31% compared to RMB 444,507,000 in 2024[2] - The basic and diluted earnings per share for the year were RMB 14.10, down from RMB 19.54 in 2024[4] - Pre-tax profit for the year was RMB 225,651,000, a decrease of 28% compared to RMB 312,822,000 in 2024[21] - Net profit attributable to the owners of the company was approximately RMB 225.7 million, a decrease of about 27.9%[55] Assets and Liabilities - Non-current assets increased to RMB 4,049,529,000, up from RMB 2,497,862,000 in 2024, reflecting a significant growth in property, plant, and equipment[5] - Current assets decreased to RMB 1,875,095,000 from RMB 2,208,371,000 in the previous year, primarily due to a reduction in cash and cash equivalents[5] - Total liabilities increased, with current liabilities rising to RMB 1,032,058,000 from RMB 829,475,000 in 2024[6] - The company's equity attributable to owners increased to RMB 3,238,296,000 from RMB 3,012,826,000 in 2024, indicating a strengthening of the company's financial position[6] - Cash and cash equivalents decreased by RMB 914.7 million to RMB 681.5 million, primarily due to cash outflows from investing activities[59] - As of December 31, 2025, the company has a debt-to-asset ratio of 0.23, primarily due to an increase in interest-bearing bank loans during the year[63] Revenue Sources - Tuition fees accounted for RMB 869,059,000, down from RMB 894,298,000 in the previous year, representing a decline of 2.8%[13] - Revenue decreased by 3% from RMB 980.8 million to RMB 952.6 million, primarily due to a reduction in tuition income and enrollment quotas[43] Expenses - Employee benefits expenses rose to RMB 376,259,000 in 2025, up 25.6% from RMB 299,704,000 in 2024[17] - Cost of sales increased by 32% from RMB 353.6 million to RMB 467.8 million, mainly due to an increase in employee costs of RMB 72.0 million[44] - Administrative expenses increased by RMB 15.7 million to RMB 144.0 million, primarily due to rising employee costs and maintenance expenses[49] Government Support and Grants - The total government grants received for operational expenses increased to RMB 16,437,000 in 2025 from RMB 7,432,000 in 2024[13] - Other income and gains increased by approximately RMB 1.6 million to RMB 79.3 million, mainly due to increased government subsidies[46] Student Enrollment and Programs - The total student enrollment for Zhengzhou University of Economics and Trade decreased from 35,991 in 2024 to 34,040 in 2025, representing a decline of approximately 5.4%[40] - The total student enrollment across all institutions under the group decreased from 58,340 in 2024 to 55,152 in 2025, a decline of approximately 5%[40] - The college offers 45 full-time vocational programs across 11 categories, including finance, business, and healthcare[29] - The university offers 51 undergraduate programs and 32 specialized programs, with three provincial key construction disciplines and six provincial first-class majors[34] Future Plans and Developments - The company continues to focus on providing higher education services in China, with plans for future market expansion and potential new product development[7] - The company plans to acquire land in Zhengzhou, Henan Province, for a new campus expected to start operations in September 2026[42] - The company invested in new campus construction and renovation of existing student dormitories to strengthen its foundation for future development[27] - The company plans to establish a degree-granting institution in California, USA, and is seeking opportunities to acquire suitable overseas schools[47] Corporate Governance - The company is committed to maintaining high standards of corporate governance and has adopted the corporate governance code as per the Hong Kong Stock Exchange[67] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[72] - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[78] Dividends and Share Issuance - The company did not declare any interim or final dividends for the years ended December 31, 2025, and 2024[20] - The company does not recommend declaring any final dividend for the year ended December 31, 2025[70] - The company raised approximately HKD 600 million from the issuance of 400 million shares at HKD 1.5 per share during its IPO[75] - The net proceeds from the IPO, after deducting underwriting fees and related expenses, amounted to approximately HKD 524 million (around RMB 461 million)[75] - The board decided to allocate approximately RMB 415 million of the unutilized net proceeds for the construction and development of a new campus for the Economic and Trade College in Zhengzhou, Henan Province, China[75] Miscellaneous - The company has no foreign exchange hedging policy and will continue to monitor foreign exchange risks[61] - There are no significant events after December 31, 2025, that would materially affect the company's operations and financial performance[66] - The company has not purchased, sold, or redeemed any of its listed securities during the year ended December 31, 2025[74] - The company has no assets pledged as of December 31, 2024, but has bank loans secured by tuition fees amounting to RMB 732.8 million as of December 31, 2025[62]

Financial Performance - For the fiscal year ending December 31, 2025, the group recorded revenue of approximately RMB 248.1 million, an increase of about 20.6% compared to RMB 205.8 million in 2024[4] - The group's profit for the year was approximately RMB 56.9 million, reflecting a growth of about 23.2% from RMB 46.2 million in the previous year[4] - The profit attributable to equity holders of the company was approximately RMB 51.7 million, up by about 10.7% from RMB 46.7 million in 2024[4] - The net cash inflow from operating activities was approximately RMB 89.2 million, a significant increase of about 196.3% compared to RMB 30.1 million in 2024[4] - Basic and diluted earnings per share for the year were RMB 0.37, compared to RMB 0.39 in 2024[7] - The company reported a gross profit of RMB 90,876,000 for 2025, compared to RMB 78,828,000 in 2024, indicating a gross profit margin improvement[27] - The pre-tax profit for 2025 was RMB 66,321,000, compared to RMB 56,896,000 in 2024, reflecting a growth of 17%[34] - The company reported a total of RMB 1,045,000 in other income for 2025, compared to a loss of RMB 70,000 in 2024[29] - The company’s total equity increased from RMB 301,395,000 at the beginning of 2024 to RMB 530,659,000 by the end of 2025[73] Revenue Breakdown - Insurance agency services generated RMB 211,339,000 in revenue for 2025, up from RMB 187,693,000 in 2024, reflecting a growth of 12.6%[19] - The revenue from banking technology services was RMB 19,565,000 in 2025, marking the first year this segment contributed to total revenue[17] - The revenue from insurance technology services was RMB 17,018,000 in 2025, showing a slight increase from RMB 16,961,000 in 2024[17] - The revenue from corporate insurance clients rose significantly to RMB 95,875,000 in 2025 from RMB 72,117,000 in 2024, a growth of 32.8%[19] - The enterprise insurance interactive service platform contributed approximately RMB 94.2 million in premiums, with a year-on-year increase of about 84.0%, and revenue growth of approximately 75.6%[88] - The photovoltaic scenario achieved a premium increase of approximately RMB 12.6 million, reflecting a year-on-year growth of about 380.3%[89] - The company achieved a 102.4% increase in financial technology services revenue, reaching RMB 36.71 million in 2025, up from RMB 18.13 million in 2024[97] Expenses and Costs - Research and development costs for the year were approximately RMB 8.6 million, up from RMB 7.2 million in 2024[6] - Employee costs increased to RMB 40,407,000 in 2025 from RMB 31,594,000 in 2024, representing a growth of 28%[31] - The company incurred a total financial cost of RMB 583,000 in 2025, up from RMB 193,000 in 2024, primarily due to bank loan interest expenses[30] - General and administrative expenses are projected to rise from approximately RMB 16.4 million for the year ending December 31, 2024, to approximately RMB 20.6 million for the year ending December 31, 2025[103] Assets and Liabilities - As of December 31, 2025, total assets less current liabilities amounted to RMB 918.5 million, compared to RMB 598.4 million in 2024[9] - The total liabilities from financing activities increased to RMB 88,000,000 in 2025, with no such liabilities reported in 2024, indicating new financing arrangements[67] - The company reported cash and cash equivalents of RMB 287,457 thousand in 2025, up from RMB 169,721 thousand in 2024[51] - The company recognized a deferred tax asset net amount of RMB 3,511,000 in 2025, compared to RMB 19,000 in 2024, indicating a substantial increase in tax benefits[65] Acquisitions and Investments - The company acquired a 55% stake in Beijing Kexin Technology Co., Ltd., which will enhance its banking technology services[10] - The total consideration for the acquisition of Kexin Rongxin amounted to RMB 253,190,000, including a contingent consideration of RMB 89,174,000[79] - The company recognized goodwill of RMB 147,324,000 in 2025 due to the acquisition of Kechuang Rongxin[42] - The carrying amount of intangible assets increased to RMB 16,722,000 in 2025 from zero in 2024, following the acquisition[40] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.16 per share, subject to approval at the annual general meeting[3] - The final dividend for the year ending December 31, 2024, was approved at RMB 0.135 per share, totaling RMB 19,061,406, paid to shareholders on July 4, 2025[71] - The company plans to distribute a cash dividend of RMB 0.16 per share, totaling RMB 22.591296 million, subject to shareholder approval[83] Corporate Governance and Compliance - The company has adopted corporate governance practices in compliance with the listing rules and will continue to review and enhance internal controls[127] - The company will regularly review its corporate governance practices to ensure compliance with the corporate governance code[129] - The company has confirmed compliance with the standards for securities trading by all directors and supervisors for the year ending December 31, 2025[130] Future Outlook and Strategy - The company is focused on building a dual business model of "Insurance Technology + Banking Technology" to drive its second growth curve[90] - The company aims to strengthen its AI and technology capabilities to build a leading financial technology platform, focusing on risk reduction and intelligent claims processing[95] - The company plans to expand its digital solutions for banking and insurance sectors, enhancing collaboration with state-owned banks and other financial institutions[92] - The company is committed to deepening its core insurance distribution business and creating a comprehensive ecosystem for insurance distribution[94]

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 20,653,706 thousand, representing a 2.8% increase from RMB 20,096,160 thousand in 2024[3] - Gross profit increased by 6.4% to RMB 6,153,697 thousand, up from RMB 5,782,990 thousand in the previous year[3] - The company reported a net loss attributable to owners of RMB 432,386 thousand, a significant improvement from a loss of RMB 690,890 thousand in 2024, reflecting a 37.4% reduction in losses[3] - EBITDA for the year was RMB 5,587,029 thousand, which is a 4.9% increase compared to RMB 5,324,910 thousand in 2024[3] - Total comprehensive loss for the year was RMB 435,302 thousand, down from RMB 861,487 thousand in 2024, showing a significant reduction in overall losses[11] - The company reported a decrease in total liabilities from RMB 31,496,909 thousand in 2024 to RMB 30,528,999 thousand in 2025, a decline of about 3.1%[13] - The company reported a significant increase in cash EBITDA and adjusted net profit metrics, providing a clearer view of operational performance beyond standard IFRS measures[130] - The company reported a net loss of RMB 435,302 thousand for the year ended December 31, 2025, compared to a loss of RMB 861,487 thousand in 2024, indicating a significant improvement[134] Revenue Breakdown - Revenue from raw milk sales is RMB 16,023,947,000, while feed sales amount to RMB 4,031,793,000 for the year ended December 31, 2025[31] - The group’s revenue from external customers in the breeding system solutions segment is RMB 4,629,759,000[35] - The group’s total segment revenue, including inter-segment revenue, is RMB 22,383,195,000[35] - The raw milk business generated approximately RMB 16,020 million, accounting for 77.6% of the total revenue during the reporting period, with a growth of 6.1% from the previous year[72] - The ruminant animal husbandry solutions segment generated revenue of approximately RMB 4,630 million, representing 22.4% of the total revenue[72] Cost Management - Financing costs decreased to RMB 817,814 thousand from RMB 903,487 thousand in 2024, indicating improved cost management[8] - Total sales cost rose to RMB 19,520,335 thousand in 2025, compared to RMB 18,782,079 thousand in 2024, marking an increase of 3.9%[47] - The sales cost of the raw milk business increased by 3.7% to RMB 10,529 million during the reporting period, driven by herd structure adjustments and increased milk production[111] - The sales cost of the ruminant animal breeding system solution decreased by 7.3% to RMB 4,630 million during the reporting period, primarily due to adjustments in sales strategies and market price changes[109] Asset Management - Total assets decreased from RMB 35,300,474 thousand in 2024 to RMB 33,662,048 thousand in 2025, a decline of approximately 4.6%[12] - The company's net asset value decreased from RMB 12,159,758 thousand in 2024 to RMB 11,841,814 thousand in 2025, a decrease of about 2.6%[13] - Inventory decreased from RMB 4,311,226 thousand in 2024 to RMB 4,000,583 thousand in 2025, a decline of approximately 7.2%[12] - Accounts receivable decreased from RMB 691,643 thousand in 2024 to RMB 660,445 thousand in 2025, a reduction of about 4.5%[12] - The carrying amount of biological assets, specifically breeding cows, is RMB 8,467,524,000 as of December 31, 2025, down from RMB 8,657,642,000 as of December 31, 2024[23] Cash Flow and Financing - The estimated cash flow from operating activities for the next 12 months is expected to be sufficient to meet liabilities due within that period, with anticipated bank loan financing of approximately RMB 9.16 billion and equity financing of about HKD 2.33 billion (approximately RMB 2.1 billion)[21] - The net cash generated from operating activities was RMB 5,945,248 thousand in 2025, compared to RMB 5,838,114 thousand in 2024, showing a slight increase[138] - The net cash used in investing activities was RMB 4,045,000 thousand in 2025, down from RMB 5,596,889 thousand in 2024, indicating a reduction in investment outflows[139] - The net cash used in financing activities was RMB 1,602,105 thousand in 2025, a decrease from RMB 3,114,935 thousand in 2024, suggesting improved cash management[140] - The company's total debt as of December 31, 2025, was RMB 23,411,838 thousand, down from RMB 24,256,402 thousand in 2024, indicating a reduction in leverage[141] Research and Development - Research and development costs recognized in profit or loss for 2025 were RMB 157,504,000, an increase from RMB 114,102,000 in 2024, highlighting a commitment to innovation[57] - R&D investment increased significantly by 38.0% during the reporting period, supported by a breeding resource of nearly 620,000 dairy cows and 20,000 goats[91] - The R&D team expanded to nearly 400 members, with 22 new patents granted, totaling 113 core patents, enhancing the group's technological capabilities[92] Governance and Management - The company has established a governance structure that includes a nomination committee, a remuneration committee, and an environmental, social, and governance committee[162] - The board believes that the arrangement of having the same individual serve as both chairman and CEO will enhance strategic consistency and execution effectiveness[158] - The audit committee has reviewed the consolidated financial statements for the reporting period and discussed accounting policies and internal controls with management[161] Market Position and Strategy - The group has established long-term partnerships with major dairy manufacturers in China, including Yili Group and Bright Dairy[74] - The group is focused on promoting dairy consumption through various initiatives, including scientific dairy knowledge and healthy dairy awareness campaigns[70] - The group plans to explore new business opportunities within the industry chain to foster new growth points and maintain its leading market position[104] Employee and Operational Metrics - The total number of employees as of December 31, 2025, was 13,863, with skilled personnel making up 53.5% of the workforce[151] - Total employee compensation expenses during the reporting period amounted to RMB 1,721 million, an increase of 7.6% compared to RMB 1,599 million in 2024[152] - The company has implemented a performance "horse racing" evaluation system to enhance operational efficiency and employee motivation[154]

Financial Performance - Revenue for the year ended December 31, 2025, increased to RMB 2,292.0 million, up from RMB 1,983.6 million in 2024, representing a growth of 15.5%[2] - Gross profit decreased to RMB 318.4 million, with a gross margin of 13.9%, down from RMB 354.1 million and a gross margin of 17.9% in 2024[2] - Net profit for the year was RMB 51.6 million, a decline from RMB 84.6 million in 2024, resulting in a net profit margin of 2.3% compared to 4.3%[2] - Basic earnings per share decreased to RMB 0.35 from RMB 0.54 in the previous year[5] - The group reported a pre-tax profit of RMB 69,904,000 for 2025, a decrease from RMB 110,651,000 in 2024, reflecting a decline of 36.8%[23] - The group's annual profit for the reporting period was approximately RMB 51.6 million, a decrease of about 39.0% compared to 84.6 million in the same period of 2024[64] - The profit attributable to the owners of the group was approximately RMB 52.0 million, down about 34.8% from RMB 79.7 million in 2024[64] Revenue Breakdown - The group's revenue from property management services for the year ended December 31, 2025, was RMB 1,591,441,000, an increase from RMB 1,398,652,000 in 2024, representing a growth of 13.8%[18] - Property management service revenue was approximately RMB 1,591.4 million, accounting for about 69.4% of total revenue, with a year-on-year increase of approximately 13.8%[37] - Revenue from residential property management services was approximately RMB 662.1 million, a year-on-year increase of about 17.8%, accounting for 41.6% of total property management service revenue[39] - Revenue from non-residential property management services was approximately RMB 929.4 million, a year-on-year increase of about 11.1%, accounting for 58.4% of total property management service revenue[40] - Community value-added service revenue for the year was approximately RMB 391.8 million, representing a year-on-year growth of about 18.2%[52] - The non-owner value-added services segment reported revenue of RMB 308.8 million, with a growth rate of 21.8%[58] Dividends and Shareholder Information - The company proposed a final dividend of RMB 0.0969 per share, down from RMB 0.1452 per share in 2024[2] - The proposed final dividend per ordinary share for 2025 is RMB 0.0969, down from RMB 0.1452 in 2024, representing a reduction of 33.2%[27] - The board proposed a final dividend of RMB 0.0969 per share (before tax), representing a payout ratio of approximately 30%[80] - The annual general meeting for the year ending December 31, 2025, is scheduled for May 22, 2026[88] Cash and Assets - Cash and cash equivalents at year-end were RMB 720.2 million, down from RMB 883.0 million in 2024[2] - Current assets at the end of the reporting period were approximately RMB 2,044.3 million, a decrease of about 2.2% from RMB 2,089.5 million as of December 31, 2024[65] - The total equity at the end of the reporting period was approximately RMB 919.1 million, an increase of about RMB 19.6 million or 2.2% from RMB 899.5 million as of December 31, 2024[65] - Accounts receivable and other receivables increased to approximately RMB 810.6 million, up about RMB 13.0 million from RMB 797.6 million as of December 31, 2024[68] Operational Highlights - Managed area increased to 49.0 million square meters, compared to 45.87 million square meters in 2024, reflecting a growth of 4.6%[2] - The total managed area of the group reached approximately 49.0 million square meters, an increase of about 6.9% year-on-year, with third-party managed projects accounting for approximately 26.0 million square meters, up 11.2% from the previous year[39] - The group achieved new signed area of approximately 3.94 million square meters during the reporting period, with 38 new property projects, of which 37 were from third-party sources, representing about 97.4%[39] Employee and Operational Costs - Employee costs for the year 2025 totaled RMB 369,199,000, slightly up from RMB 367,623,000 in 2024, reflecting a marginal increase of 0.4%[21] - The total employee cost for the reporting period was approximately RMB 369.2 million, compared to RMB 367.6 million in 2024[78] - The company had 1,824 employees at the end of the reporting period, down from 1,871 employees as of December 31, 2024[78] - The group's operating costs rose to approximately RMB 1,973.7 million, a year-on-year increase of about 21.1% due to the expansion of managed areas and projects[59] Strategic Focus and Future Plans - The company continues to focus on property management and related services in China, with plans for further market expansion[9] - The company aims to expand its services to universities, hospitals, transportation hubs, and government office buildings, enhancing its competitive advantage[36] - The group plans to focus on high-quality development and service quality enhancement, aiming for a strategic transformation towards value creation[55] Governance and Compliance - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2025[86] - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions during the reporting period[82] - The annual results announcement has been published on the company's website and the stock exchange[92] Miscellaneous - The company will suspend share transfer registration from May 19 to May 22, 2026, for shareholders to vote at the annual general meeting[89] - The company will also suspend share transfer registration from May 29 to June 4, 2026, to determine eligibility for the proposed final dividend[90] - The company's website will change from "www.bcjps.com" to "jps.bucg.com" starting March 27, 2026[93]

Financial Performance - Revenue for the year ended December 31, 2025, was approximately RMB 1.192737 billion[2] - Gross profit margin was approximately 26.4%[2] - Net profit attributable to the parent company was approximately RMB 57.9 million[3] - Profit before tax was approximately RMB 106.4 million, compared to RMB 124.5 million in the previous year[3] - Net profit for the year was RMB 60.8 million, an increase from RMB 58.3 million in the previous year[4] - The company reported a total comprehensive income of RMB 61.96 million for the year[4] - Total revenue for the group was RMB 1,192,737 thousand in 2025, compared to RMB 1,212,949 thousand in 2024, reflecting a slight decrease[19] - The group reported a net income of RMB 39,311 thousand for the year, down from RMB 58,365 thousand in the previous year, representing a decline of about 32.6%[24] - The group incurred a total tax expense of RMB 45,613 thousand in 2025, compared to RMB 66,233 thousand in 2024, showing a reduction of approximately 30.9%[24] Assets and Liabilities - Total assets increased to RMB 2,775,011 thousand in 2025 from RMB 2,737,056 thousand in 2024, reflecting a growth of approximately 1.39%[8] - Net current assets reached RMB 1,717,965 thousand in 2025, compared to RMB 892,484 thousand in 2024, indicating a significant increase[8] - Total liabilities decreased from RMB 3,171 thousand in 2024 to RMB 3,767 thousand in 2025, showing a reduction of about 18.69%[8] - The company reported a total non-current assets value of RMB 1,057,046 thousand in 2025, compared to RMB 1,844,572 thousand in 2024, a decrease of approximately 42.5%[7] - The company’s total equity attributable to owners was RMB 2,755,220 thousand in 2025, compared to RMB 2,695,840 thousand in 2024, an increase of about 2.21%[8] - The total current liabilities were RMB 731,869 thousand in 2025, a decrease from RMB 775,350 thousand in 2024, indicating a reduction of approximately 5.6%[8] Revenue Segmentation - Revenue from property management services was RMB 985,687 thousand in 2025, up from RMB 951,713 thousand in 2024, indicating a growth of approximately 3.5%[19] - The total revenue for the commercial property management and operation services segment was approximately RMB 322.8 million, a decrease of about 18.6% year-on-year[35] - The total revenue for the residential property management services segment was RMB 869.97 million, compared to RMB 816.4 million in the previous year[34] - Basic commercial property management service revenue decreased by approximately 23.1% from about RMB 248 million in 2024 to approximately RMB 190.8 million in 2025, accounting for about 16.0% of total revenue[45] Operational Metrics - Total contracted building area and managed building area were approximately 45.2 million square meters and 36 million square meters, respectively[2] - The managed building area reached approximately 34.3 million square meters, an increase of about 5.5% year-on-year, with 207 projects under management, up by 4 projects[42] - The company managed to maintain a diversified customer base, reducing significant credit concentration risk in trade receivables[29] - The rental rate for the managed commercial properties was 91.4% in 2025, compared to 90.3% in 2024[38] Cost and Expenses - The group’s cost of services provided was RMB 877,854 thousand in 2025, slightly increasing from RMB 858,043 thousand in 2024[21] - The group reported a decrease in employee benefits expenses to RMB 351,244 thousand in 2025 from RMB 454,411 thousand in 2024, a reduction of approximately 22.7%[21] - Administrative expenses are expected to decrease from approximately RMB 296.4 million in 2024 to about RMB 255.5 million in 2025, a reduction of approximately 13.8%[50] - Tax expenses are projected to decrease from approximately RMB 66.2 million in 2024 to about RMB 45.6 million in 2025, a decline of approximately 31.1%[51] Strategic Focus and Future Plans - The company aims to expand its market presence and enhance its service offerings in the coming years[3] - The company is adapting to changes in consumer behavior as the "Z generation" becomes the dominant consumer group, focusing on quality development and investment efficiency[39] - The company plans to enhance operational efficiency through cost reduction and increased effectiveness, focusing on member asset activation[40] - The company is committed to embracing digitalization to enhance operational quality and efficiency[41] - The company’s strategic focus includes market insight, precise marketing, and sustainable project development planning[40] Governance and Compliance - The financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards and presented in Renminbi (RMB) rounded to the nearest thousand RMB[11] - The consolidated financial statements include the company and its subsidiaries for the year ending December 31, 2025[12] - The company established an Audit Committee on June 10, 2021, consisting of three independent non-executive directors, with Mr. Peng Hanzhong as the chairman[60] - The company has adhered to the Corporate Governance Code throughout the year[64]

Financial Performance - The company's operating revenue for the year was CNY 6,985.61 million, representing a year-on-year growth of 1.75%[3] - The net profit for the year was CNY 1,657.92 million, an increase of 5.29% compared to the previous year[4] - The net profit attributable to the parent company's shareholders was CNY 1,606.25 million, reflecting a year-on-year growth of 2.64%[5] - The operating profit for the year was CNY 2,002.07 million, up from CNY 1,901.42 million in the previous year[9] - The basic and diluted earnings per share were CNY 0.29, compared to CNY 0.28 in the previous year[10] - Total revenue for 2025 reached RMB 6,985,609,647.91, an increase from RMB 6,865,375,581.39 in 2024, representing a growth of approximately 1.75%[65] - The net profit attributable to ordinary shareholders for 2025 was RMB 1,606,251,547.62, up from RMB 1,564,897,805.73 in 2024, reflecting an increase of approximately 2.65%[77] - Basic earnings per share for 2025 was RMB 0.29, compared to RMB 0.28 in 2024, marking a growth of about 3.57%[77] - Net profit for the year was CNY 1,657.92 million, a year-on-year increase of 5.29%, with a net profit margin of 23.73%, up 0.79 percentage points[101] Assets and Liabilities - Total assets as of December 31, 2025, amounted to CNY 27,790.25 million, slightly down from CNY 27,880.01 million in the previous year[7] - Total liabilities decreased to CNY 6,383.66 million from CNY 7,608.80 million year-on-year[8] - The company's total equity increased to CNY 21,406.59 million from CNY 20,271.22 million in the previous year[8] - As of December 31, 2025, the total cash and cash equivalents amounted to RMB 2,847,712,654.23, a decrease of 33.6% from RMB 4,280,764,065.06 on December 31, 2024[22] - The company reported bank deposits of RMB 374,947,700.11 as of December 31, 2025, down from RMB 620,509,512.01 in the previous year, reflecting a decline of 39.5%[22] - The total amount of borrowings as of December 31, 2025, was RMB 3,449,486,000.00, down from RMB 4,211,393,604.00 in 2024, representing a reduction of about 18.12%[61] - The company's current ratio and quick ratio were 1.46 and 1.34 respectively, down from 1.67 and 1.56 in the previous year[109] - The debt-to-asset ratio as of December 31, 2025, was 22.97%[110] Dividends and Shareholder Information - The board proposed a final dividend of CNY 1.15 per share (before tax) for shareholders[6] - The profit distribution plan for the fiscal year 2025 proposes a cash dividend of RMB 1.15 per 10 shares, totaling RMB 642,552,380.00 to be distributed to shareholders[121] - The company will withhold a 10% corporate income tax on dividends paid to non-resident shareholders as per Chinese tax regulations[121] - The dividend payment is expected to be completed by August 28, 2026, pending approval at the 2025 annual general meeting[122] - The total share capital as of December 31, 2025, is 5,587,412,000 shares[121] - The company will adjust the per-share distribution ratio if there are changes in the total share capital before the dividend distribution[121] - The company will provide further details regarding the profit distribution plan at an appropriate time[123] Operational Highlights - The company operates primarily in port services, focusing on coal and ore, with additional services for oil products and containers[11] - The total cargo throughput for the period reached 432.53 million tons, an increase of 18.53 million tons or 4.48% compared to the same period in 2024[83] - Coal throughput was 217.03 million tons, up 8.20 million tons or 3.93% year-on-year, attributed to equipment upgrades and improved operational efficiency[87] - Metal ore throughput increased to 161.72 million tons, a rise of 5.10 million tons or 3.26% year-on-year, driven by the expansion of new cargo sources[88] - Container throughput reached 1,685,559 TEU, equivalent to 19.44 million tons, representing a 34.15% increase in container volume year-on-year[90] Financial Management and Taxation - The total tax expenses for 2025 amounted to RMB 339,750,372.75, slightly higher than RMB 325,666,696.83 in 2024, which is an increase of approximately 4.06%[72] - The company’s environmental protection tax for 2025 was RMB 14,349,957.65, slightly lower than RMB 14,434,830.95 in 2024, a decrease of approximately 0.59%[59] - The company has extended tax incentives for land use tax until December 31, 2027, allowing a 50% reduction for logistics enterprises[18] - The company’s subsidiary, Cangzhou Ore Port, is eligible for corporate income tax exemptions for the first three years of operation, starting from the first revenue in 2023[20] Credit and Receivables - The company holds no pledged receivables as of December 31, 2025, indicating a stable credit risk profile[23] - The company has no significant credit risk associated with its receivables, as it has not made provisions for bad debts[23] - As of December 31, 2025, the total accounts receivable amounted to RMB 161,654,832.04, a significant increase from RMB 99,616,254.39 on December 31, 2024, representing a growth of 62.23%[25] - The provision for bad debts as of December 31, 2025, was RMB 9,685,774.27, which is 5.99% of the total accounts receivable, compared to RMB 8,375,978.91 or 8.41% in the previous year[27] - The aging analysis shows that accounts receivable within one year accounted for RMB 156,478,390.60, with a bad debt provision of RMB 6,404,701.74, reflecting a provision rate of 4.09%[31] - The top five accounts receivable as of December 31, 2025, totaled RMB 95,399,879.78, representing 59.01% of the total accounts receivable, with a total bad debt provision of RMB 4,295,504.06[36] - The company anticipates future economic conditions will impact credit loss estimates, adjusting provisions based on historical loss experience and current conditions[29] Auditor and Compliance - The company has appointed Deloitte Huayong as the domestic auditor to review the financial statements for the fiscal year[125] - The independent non-executive board members include four individuals, with one possessing accounting qualifications and financial management experience[124] - The annual performance announcement will be published on the Hong Kong Stock Exchange and the company's website[126] - There were no significant post-reporting period events or major changes in compliance with listing rules[117][119] Investments and Future Plans - The company has utilized CNY 3.85 billion of the funds raised from its H-shares, with CNY 6.93 million remaining for future operational and general corporate purposes[116] - The company plans to enhance its coal transportation business by focusing on efficiency and customer collaboration, amid a stable but declining coal supply and demand[112] - In the iron ore business, the company aims to maintain and increase volume through strategic sourcing and improved logistics efficiency[113]

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 93,064,000, a slight decrease from HKD 92,533,000 in 2025, representing a year-over-year decline of approximately 0.57%[3] - Operating profit for 2024 was HKD 18,502,000, significantly down from HKD 1,247,000 in 2025, reflecting a decrease of approximately 93.3%[3] - The company reported a loss before tax of HKD 18,184,000 for 2024, compared to a profit of HKD 858,000 in 2025, marking a substantial shift in financial performance[3] - Net profit for the year ended December 31, 2024, was HKD 13,287,000, down from a loss of HKD 2,587,000 in 2025, indicating a significant change in profitability[3] - Basic earnings per share for 2024 were HKD 0.10, compared to HKD 3.32 in 2025, showing a decrease of approximately 97%[3] - The company reported a net loss of approximately 2.59 million MYR for the year ending December 31, 2025, a decrease of about 15.88 million MYR compared to a net profit of 13.29 million MYR for the year ending December 31, 2024[44] Income and Expenses - Other income for 2024 was HKD 2,456,000, compared to HKD 1,571,000 in 2025, indicating an increase of about 56.3%[3] - The company incurred employee costs of HKD 58,212,000 in 2024, slightly increasing from HKD 58,491,000 in 2025, which is a marginal rise of about 0.48%[3] - Other operating expenses for 2024 were HKD 13,528,000, which increased to HKD 22,450,000 in 2025, representing a rise of approximately 66.1%[3] - The income tax expense for 2025 was 3,225,000, compared to 4,890,000 in 2024, reflecting a decrease[30] - The total expenses for consulting services in 2025 were 10,599,000, a significant increase from 3,133,000 in 2024[29] - The company reported a significant increase in maintenance and repair expenses, rising to 797,000 in 2025 from 553,000 in 2024[29] Assets and Liabilities - Total assets as of December 31, 2025, amounted to 64,811 million, an increase from 54,015 million in 2024, reflecting a growth of approximately 20.5%[4] - The company's cash and cash equivalents reached 39,602 million, up from 14,387 million in the previous year, indicating a significant increase of 175.5%[4] - Total liabilities decreased to 49,738 million from 18,382 million, showing a reduction of approximately 62.9%[4] - The net asset value as of December 31, 2025, was 40,696 million, down from 42,981 million in 2024, representing a decline of about 5.3%[4] - The company's current liabilities, including trade payables, were reported at 11,704 million, an increase from 5,630 million, which is a rise of approximately 107.5%[4] - The company's total liabilities to total assets ratio improved to approximately 76.8% from 33.9%, indicating a stronger asset base relative to liabilities[4] Segment Information - The group has identified two reportable segments: Investment-related business in Hong Kong and Telemarketing services in Malaysia[20] - For the year ending December 31, 2025, the investment-related business generated revenue of 92,533 thousand MYR, while the telemarketing services segment reported a loss of 10,764 thousand MYR[24] - Total assets for the investment-related business amounted to 40,960 thousand MYR, and telemarketing services had total assets of 56,461 thousand MYR, leading to a combined total of 97,421 thousand MYR[24] - The total liabilities for the investment-related business were 2,332 thousand MYR, while telemarketing services reported liabilities of 21,931 thousand MYR, totaling 24,263 thousand MYR[24] Customer and Revenue Insights - Major customers contributing over 10% of total revenue include Customer A with 12,513 thousand MYR and Customer B with 14,354 thousand MYR for the year 2025[28] - The top five customers accounted for 64.25% of total revenue as of December 31, 2025, down from 71.08% in 2024, all being insurance companies or charitable organizations[63] - Revenue from external customers in Malaysia for 2024 is projected at 93,064 thousand MYR, slightly down from 92,533 thousand MYR in 2025[27] Strategic Initiatives - The group plans to focus on investment activities as a new business strategy by the end of 2025[20] - The company is exploring opportunities related to digital currencies and investments in high-growth areas to enhance financial performance[79] - The company is actively reviewing its strategy for purchasing and selling Bitcoin assets to manage liquidity needs and risks[65] Governance and Compliance - The company has adopted a standard code for securities trading by directors, confirming compliance with the regulations as of December 31, 2025[94] - The company has adhered to the corporate governance code as of December 31, 2025, with no deviations except for the roles of Chairman and CEO being held by the same person since June 26, 2025[95] - The Audit Committee, established on June 14, 2017, consists of three independent non-executive directors and has reviewed the proposed audited annual performance for the year ending December 31, 2025[96] Employee and Workforce Management - The company has implemented performance-based commissions and incentives to attract and retain capable employees, particularly in the telemarketing sales team[62] - As of December 31, 2025, the company had 1,243 employees, with total employee costs amounting to approximately MYR 58.49 million, representing about 63.21% of total revenue for the year[61] - The group’s employee benefits plan contributions were 6,377,000 in 2025, slightly down from 6,439,000 in 2024[32] Future Outlook - The group aims to maintain a stable and resilient outlook for 2026, focusing on productivity improvements and existing customer service seats without significant changes[79] - The company will publish its annual report for 2025 in due course, which will be sent to shareholders and posted on the relevant websites[98]

Financial Performance - For the fiscal year ending December 31, 2025, the total revenue was RMB 30,048,580, an increase of 0.97% from RMB 29,759,319 in 2024[2] - Gross profit for the same period was RMB 5,659,657, down 9.28% from RMB 6,240,325 in 2024[2] - The net profit for the year was RMB 2,234,983, a decrease of 23.2% compared to RMB 2,910,171 in 2024[3] - The total comprehensive income for the year was RMB 2,454,979, compared to RMB 2,982,107 in 2024, indicating a decline of 17.6%[3] - The company reported a basic and diluted earnings per share of RMB 1.56, down from RMB 2.23 in 2024[3] Revenue Breakdown - Revenue from household air conditioning sales was RMB 24,887.22 million, up from RMB 24,568.23 million in the previous year, reflecting a growth of 1.30%[17] - Revenue from central air conditioning sales increased to RMB 3,214.31 million, compared to RMB 3,169.84 million in 2024, marking a growth of 1.40%[17] - Revenue from external customers in mainland China was RMB 15,307.53 million, a 1.52% increase from RMB 15,078.58 million in 2024[13] - The company recorded a revenue of RMB 15,913.7 million from the AUX brand, a 2.5% increase compared to the previous year[95] - Revenue from the Asian market (excluding mainland China) grew by 11.8% year-on-year, contributing significantly to overall revenue growth[89] Expenses and Costs - The cost of sold inventory was RMB 20,407,781 thousand in 2025, an increase from RMB 19,620,017 thousand in 2024, indicating a rise of 4.0%[25] - Sales and distribution expenses increased by RMB 326.1 million (25.5%) due to business expansion and increased promotional spending[89] - Administrative expenses rose by 6.0% to RMB 1,086.8 million, maintaining a stable percentage of revenue at 3.6%[101] - Research and development expenses amounted to RMB 688,699, a slight decrease from RMB 710,035 in 2024[2] - The gross profit margin for the fiscal year was 18.8%, down from 21.0% in the previous year, primarily due to intense market competition and rising raw material costs[89] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 31,422,286, up from RMB 24,170,972 in 2024[4] - Current assets increased to RMB 21,972,037 from RMB 15,783,261 in 2024, reflecting a growth of 39.1%[5] - Non-current assets totaled RMB 8,177.65 million in 2025, an increase of 16.00% from RMB 7,049.56 million in 2024[14] - The total liabilities decreased to RMB 21,460,899 from RMB 20,335,266 in 2024, showing a reduction of 5.4%[5] - The debt ratio decreased by 15.8 percentage points to 68.3% as of December 31, 2025, from 84.1% as of December 31, 2024, primarily due to increased cash and bank balances from IPO proceeds[113] Cash Flow and Investments - The company’s cash and bank balances increased significantly to RMB 6,879,199 from RMB 2,907,756 in 2024[4] - Cash and cash equivalents net balance increased by 299.9% to RMB 5,416.4 million in 2025[110] - Capital expenditures increased from RMB 1,126.7 million in 2024 to RMB 1,350.3 million in 2025, mainly due to production facilities being in the manufacturing stage[116] - The total employee count decreased to 15,631 as of December 31, 2025, from 19,794 as of December 31, 2024, with total salary costs remaining relatively stable at RMB 2,358.8 million[122] Research and Development - The company has established three R&D centers in Ningbo, Zhuhai, and Japan, focusing on product development and technology transformation, and has received a total of 19 provincial and ministerial-level science and technology awards[55] - The company’s new product development focuses on energy efficiency, comfort, health, and intelligence, with innovations such as dual-axis air delivery technology and ultra-quiet operation[58] - The company aims to increase R&D investment, focusing on smart control, energy efficiency, and green low-carbon technologies to drive product upgrades and brand elevation[79] Market and Sales Strategy - The company has expanded its market presence to over 160 countries and regions, leveraging a unique "small direct sales" ecosystem and innovative online retail models[52] - The company has signed an exclusive strategic partnership with JD Wuxing Electric, fully entering JD MALL and other experiential stores to enhance user engagement through integrated online and offline sales[60] - The company has launched a series of innovative consumer engagement activities, including community group buying and store live streaming, which have successfully increased foot traffic and sales[61] Risk Management - The company faces foreign exchange risk due to nearly 50% of its revenue coming from overseas, and it employs hedging arrangements to mitigate this risk[83] - The company has implemented effective measures to hedge foreign exchange risks and commodity price risks through various financial instruments[120] Corporate Governance - The company has established an audit committee to review and monitor financial reporting processes, risk management, and internal controls[141] - The financial statements for the year ending December 31, 2025, have been reviewed by the audit committee and are deemed to comply with applicable accounting standards[141]

Financial Performance - Revenue for the year ended December 31, 2025, was HKD 148,116 thousand, a decrease of 26% from HKD 200,634 thousand in 2024[3] - Gross profit for 2025 was HKD 5,840 thousand, down 88% from HKD 48,092 thousand in 2024[3] - The company reported a net loss of HKD 51,051 thousand for 2025, compared to a profit of HKD 4,275 thousand in 2024[3] - The group reported a loss before tax of HKD 50,640,000 in 2025, compared to a profit of HKD 7,312,000 in 2024, indicating a significant decline in profitability[22] - The company reported a net loss attributable to shareholders of HKD 49,125,000 for the year ended December 31, 2025, compared to a profit of HKD 4,441,000 in 2024, resulting in a basic loss per share of HKD (5.93) compared to HKD 0.71 in the previous year[32] - The company recorded a net loss of approximately HKD 51.1 million for the current year, compared to a profit of approximately HKD 4.3 million for the year ended December 31, 2024, mainly due to declining profit margins in the permanent mooring business and increased expenses related to the development of green power energy business[67] Assets and Liabilities - The asset-liability ratio improved to 37.5% in 2025 from 78.6% in 2024[2] - Total assets as of December 31, 2025, were HKD 252,552 thousand, slightly up from HKD 251,171 thousand in 2024[6] - Non-current assets increased to HKD 46,412 thousand in 2025 from HKD 42,147 thousand in 2024[5] - Current assets decreased to HKD 206,140 thousand in 2025 from HKD 209,024 thousand in 2024[5] - The group's total liabilities decreased to HKD 115,480,000 in 2025 from HKD 139,898,000 in 2024, representing a reduction of approximately 17.5%[23] - The company's net debt-to-equity ratio improved from 20.2% as of December 31, 2024, to 0% as of December 31, 2025, indicating a net cash position[71] Revenue Sources - Revenue from customer A, which contributed over 10% to the total revenue, decreased to HKD 17,894,000 in 2025 from HKD 54,145,000 in 2024, reflecting a decline of approximately 66.9%[17] - The group's revenue from the green power energy business increased significantly to HKD 69,027,000 in 2025 from HKD 22,728,000 in 2024, marking an increase of approximately 203.5%[20] - The group's maintenance service revenue increased to HKD 16,545,000 in 2025 from HKD 12,840,000 in 2024, reflecting a growth of approximately 28%[20] - The green power energy business revenue increased significantly from approximately HKD 42.3 million to HKD 66.9 million, driven by the growth in New Zealand's renewable energy sector[59] Expenses and Costs - The company’s administrative expenses increased to HKD 55,417,000 in 2025 from HKD 35,375,000 in 2024, reflecting higher employee benefits and other operational costs[25] - The company’s total expenses for the year were HKD 200,586,000, slightly higher than HKD 187,917,000 in 2024, indicating a focus on managing costs amidst revenue fluctuations[25] - Sales and administrative expenses increased from approximately HKD 35.4 million for the year ended December 31, 2024, to approximately HKD 58.3 million for the current year, primarily due to the development of green power energy business and the acquisition of a renewable energy business in New Zealand[64] Strategic Initiatives - The company is engaged in providing AI-powered electricity trading services and renewable energy solutions[7] - The company is focusing on the development of its green power energy business, reallocating resources from the permanent mooring business due to declining revenues attributed to weak construction project demand and increased market competition[48] - The group plans to achieve a total installed capacity of 10 to 20 GW in the next five years, aiming to become a major green power producer in Southeast Asia[58] - The group signed two strategic cooperation agreements to develop projects in the Philippines and Vietnam, marking a significant step in its Southeast Asian market expansion[57] Shareholder Information - The company did not declare a final dividend for the year, consistent with the previous year[30] - The annual general meeting is scheduled for June 22, 2026[92] - The annual report for 2025 will be sent to shareholders and published on the Stock Exchange and the company's website at an appropriate time[97] Audit and Governance - The audit committee consists of three independent non-executive directors and has reviewed the group's audited financial results for the year[95] - The auditor, PwC, confirmed that the figures in the preliminary announcement align with the audited consolidated financial statements for the year[96] - The board of directors comprises six members, including three executive directors and three independent non-executive directors[99]