Financial Performance - For the year ending December 31, 2025, total revenue reached HKD 19,920,000, an increase of 5.94% from HKD 18,799,000 in 2024[4] - Operating profit surged to HKD 25,871,000, a significant increase from HKD 5,244,000 in the previous year, reflecting a growth of 394.5%[4] - The profit before tax for continuing operations was HKD 21,957,000, compared to HKD 2,573,000 in 2024, marking an increase of 754.5%[4] - The total comprehensive income for the year was HKD 1,204,000, a recovery from a loss of HKD 43,618,000 in 2024[6] - Basic earnings per share from continuing operations improved to 1.33 cents, up from 0.16 cents in the previous year[5] - The company achieved a significant turnaround, reporting a profit of HKD 24,284,000 for the year ending December 31, 2025, compared to a loss of HKD 7,904,000 in 2024, marking a 407% improvement[47] Assets and Liabilities - Non-current assets decreased to HKD 420,501,000 from HKD 437,622,000 in 2024, a decline of 3.1%[7] - Current assets increased to HKD 615,577,000, up from HKD 600,177,000 in 2024, reflecting a growth of 2.3%[7] - The total liabilities decreased to HKD 10,127,000 from HKD 12,975,000 in 2024, indicating a reduction of 21.9%[7] - The net asset value remained stable at HKD 1,025,951,000, slightly up from HKD 1,023,989,000 in 2024[8] - The company reported zero accounts receivable as of December 31, 2025, down from HKD 231,000 in the previous year[43] - Total liabilities for accounts payable were zero as of December 31, 2025, compared to HKD 53,000 in 2024[45] Discontinued Operations - The company reported a loss from discontinued operations of HKD 2,327,000, an improvement from a loss of HKD 10,478,000 in 2024[5] - The company reported a profit of HKD 2,327,000 from discontinued operations, compared to a loss of HKD 4,398,000 in the previous year[34] - Revenue from customer contracts for discontinued operations was HKD 5,304,000, with a cost of sales amounting to HKD (1,128,000)[37] - The company decided to cease operations of the "Club" effective June 16, 2024, due to ongoing losses, which aligns with the best interests of the company and its shareholders[35] Financial Reporting Standards - The group has adopted new and revised Hong Kong Financial Reporting Standards, which have been assessed and found to have no significant impact on the group's performance or financial position[13] - The revised Hong Kong Financial Reporting Standard No. 18 introduces new requirements for the presentation of financial statements, focusing on the classification of income and expenses into five categories[17] - The group expects that the application of the revised Hong Kong Financial Reporting Standard No. 18 will not have a significant impact on the recognition and measurement of financial statements, but will affect the presentation and disclosure in the consolidated income statement[19] - The amendments to Hong Kong Financial Reporting Standards No. 9 and No. 7 regarding the classification and measurement of financial instruments will take effect from January 1, 2026, and are not expected to have a significant impact on the group's financial position[20] Investment Performance - The group reported total revenue from continuing operations of HKD 19,920,000 for the year 2025, an increase from HKD 18,799,000 in 2024, representing a growth of approximately 5.94%[26] - The group's income from investments included dividend income of HKD 167,000 from listed equity investments and HKD 7,620,000 from unlisted fund investments for 2025[26] - The total net return from the investment portfolio increased by 75% to HKD 41,039,000, compared to HKD 23,415,000 in the previous year[51] - The net income from the investment portfolio of financial instruments was HKD 30,082,000 in 2025, significantly higher than HKD 11,812,000 in 2024[54] Cash Management and Financial Position - As of December 31, 2025, the group's cash and non-collateral deposits were HKD 192,361,000, down from HKD 236,464,000 in 2024, indicating a stable financial position[73] - The total lease liabilities amounted to HKD 835,000, significantly reduced from HKD 3,158,000 in 2024, with all liabilities due within one year[73] - The company’s debt-to-equity ratio is 0.1%, down from 0.3% as of December 31, 2024, indicating a strong financial position[74] - The current ratio stands at 60.8 times, an increase from 46.3 times as of December 31, 2024, reflecting robust liquidity management[74] Strategic Initiatives - The company is actively pursuing land exchange applications and has engaged external consultants to expedite the process, aiming to maximize shareholder value[77] - The company continues to adopt a prudent investment strategy to maintain financial flexibility amid market volatility[47] - Global investment markets are expected to remain volatile in the coming year due to trade conflicts, geopolitical tensions, and uncertainties surrounding U.S. interest rate cuts, prompting the company to adopt a cautious investment strategy[78] Corporate Governance - The board believes the company has complied with all corporate governance codes as outlined in the listing rules during the financial year ending December 31, 2025[80] - The audit committee has reviewed the audited consolidated results for the year ending December 31, 2025[81] - The executive director and CEO is Penny Soh Peng Crosbie-Walsh, with the board comprising both executive and independent non-executive directors[82]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 96,441,000, a significant increase from HKD 31,322,000 in 2024, representing a growth of 208%[4] - The company reported a loss of HKD 96,047,000 for the year, slightly improved from a loss of HKD 97,006,000 in 2024, indicating a reduction in losses by 1%[6] - The gross profit from continuing operations was HKD 27,373,000, up from HKD 19,837,000 in 2024, marking an increase of 38%[4] - The company reported a basic loss per share of HKD 1.87 for the year, compared to HKD 1.93 in 2024, showing a slight improvement[5] - The group reported a loss before tax of HKD 94,994,000 for 2025, compared to a loss of HKD 91,638,000 in 2024, indicating a slight increase in losses[18] - The company reported a net loss from continuing operations of HKD 99,156,000 for 2025, compared to a loss of HKD 102,136,000 in 2024[29] - The company recorded a net loss of HKD 47.7 million in other gains and losses for 2025, compared to a loss of HKD 55.4 million in 2024, mainly due to impairment losses on goodwill and intangible assets[49] - The company's loss attributable to shareholders for the year was HKD 99.2 million, compared to a loss of HKD 102.1 million in 2024, primarily due to impairment losses on goodwill and intangible assets of HKD 67 million and HKD 22 million, respectively[53] Revenue Sources - Revenue from automobile sales and related parts reached HKD 67,999,000 in 2025, compared to HKD 1,172,000 in 2024, indicating a growth of over 5700%[12] - Rental income increased to HKD 28,000,000 in 2025 from HKD 26,640,000 in 2024, reflecting a growth of approximately 5.1%[12] - Rental income from investment properties increased to HKD 28,000,000 in 2025, up from HKD 26,640,000 in 2024[24] - The automotive segment reported revenue of HKD 68.4 million in 2025, a significant increase from HKD 4.7 million in 2024, reflecting the financial contribution from the acquisition of Hudson Holding Limited[45] - Sales revenue from ongoing operations in the automotive sector reached HKD 68.1 million, showing significant growth compared to the previous year[75] Assets and Liabilities - Non-current assets rose to HKD 520,397,000 in 2025 from HKD 735,812,000 in 2024, a decrease of 29%[7] - The company's equity attributable to owners decreased to HKD 126,020,000 in 2025 from HKD 212,587,000 in 2024, a decline of 41%[8] - The company’s total liabilities increased to HKD 352,420,000 in 2025 from HKD 322,234,000 in 2024, an increase of 9%[7] - Total assets as of December 31, 2025, amounted to HKD 760,686,000, a decrease from HKD 797,211,000 in 2024[20][21] - Total liabilities as of December 31, 2025, were HKD 571,740,000, compared to HKD 529,698,000 in 2024, showing an increase of approximately 7.9%[20][21] - The group’s total bank and other borrowings amounted to HKD 502.6 million as of December 31, 2025, an increase from HKD 481.6 million in 2024, with a debt-to-equity ratio rising from 180.0% to 266.1%[56] Operational Changes - The company has ceased operations in the automotive business segment as of December 31, 2025, which is not included in the reported figures[13][14] - The company announced the termination of its Maserati dealership business in China, effective August 11, 2025[25] - The company has terminated its Maserati dealership business in Wuhan as of April 28, 2025[84] Strategic Initiatives - The company plans to continue its focus on electric vehicle development and expansion into the European market, as indicated in its business strategy[9] - The company has initiated the development of automotive trading business to capitalize on emerging market opportunities and enhance global revenue sources[45] - The company established two subsidiaries in the Netherlands to enhance local operations and management in the European market[77] - The company successfully entered eight European markets, including Italy, Switzerland, Germany, Spain, and Austria, in 2025[80] - A strategic partnership was formed with HOLVEX Handels GmbH to establish an after-sales parts operation warehouse in Europe[78] - The company aims to focus on three core electric vehicle models by 2025, enhancing product competitiveness and aligning with diverse global market demands[81] - The company achieved a strategic breakthrough in the European market in 2025, continuing to expand its electric vehicle business globally despite increasing competition[82] Financial Investments - The group recorded a positive foreign exchange gain of approximately HKD 12.6 million due to the appreciation of GBP, compared to a negative exchange loss of approximately HKD 4.9 million in 2024[62] - The group reported a fair value gain of HKD 9,328,000 in 2025, compared to a gain of HKD 1,197,000 in 2024, indicating improved performance[17][18] - The fair value gain from financial assets measured at fair value through profit or loss was HKD 30,083,000 in 2025, a significant recovery from a loss of HKD 4,858,000 in 2024[22] - The company recorded an unrealized gain of HKD 15.7 million from changes in the fair value of investment properties[74] Governance and Compliance - The audit committee has reviewed the audited consolidated financial statements for the year ending December 31, 2025, including discussions on risk management and internal controls[96] - The annual general meeting will be held on May 20, 2026, with a record date for shareholder attendance set for the same day[97][98] - Deloitte has agreed to the preliminary announcement of the group's consolidated financial position for the year ending December 31, 2025, but does not provide any assurance on the preliminary announcement[99] - The company has adopted a standard code for directors' securities transactions, confirming compliance for the year ending December 31, 2025[95] - The board believes that the governance structure is effective and has maintained compliance with all corporate governance codes[94] - The board consists of experienced individuals, including four executive directors and three independent non-executive directors, ensuring a balance of power and authority[94] - The company will periodically review its governance structure based on prevailing circumstances[94] Employee Compensation - Total employee compensation for 2025 was HKD 14.9 million, an increase from HKD 10.3 million in 2024, primarily due to the acquisition of Hudson Holding Limited[73]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 5,027,359, a decrease of 9.9% compared to RMB 5,580,913 for the year ended December 31, 2024[3] - Gross profit for the year was RMB 2,072,576, down 21.4% from RMB 2,635,982 in the previous year[3] - The company reported a net profit of RMB 142,237 for 2025, a significant decline of 79.5% from RMB 692,790 in 2024[4] - Basic and diluted earnings per share for the year were RMB (8.93) cents, compared to RMB 0.90 cents in the previous year[4] - The company reported a pre-tax profit of RMB 370,114,000 for 2025, a significant decrease from RMB 794,538,000 in 2024, reflecting a decline of 53.4%[21] - The company recorded a net loss of RMB 494,944,000 in other income and losses for 2025, compared to a gain of RMB 57,066,000 in 2024[28] - In 2025, the company reported a net loss attributable to shareholders of RMB 537,348,000, compared to a profit of RMB 53,911,000 in 2024, indicating a significant decline in performance[36] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 65,630,100, a slight decrease from RMB 66,174,362 as of December 31, 2024[6] - Current liabilities decreased to RMB 18,914,657 from RMB 20,550,048 in the previous year, reflecting a reduction of 7.9%[7] - The company’s net asset value was RMB 17,376,547, down from RMB 17,758,041 in the previous year[7] - Total liabilities were approximately RMB 48,554,393,000, slightly up from RMB 48,416,321,000 in 2024[47] - The total assets amounted to approximately RMB 65,930,940,000, slightly down from RMB 66,174,362,000 in 2024[60] - The total borrowings were approximately RMB 43,908,979,000, compared to RMB 43,039,439,000 in 2024[60] - The group's debt-to-asset ratio was approximately 66.60%, up from 65.04% in 2024[63] Cash and Cash Equivalents - The company’s cash and cash equivalents increased to RMB 5,221,368 from RMB 4,308,390, representing a growth of 21.2%[6] - As of December 31, 2025, the group's cash and cash equivalents totaled approximately RMB 5,221,368,000, an increase from RMB 4,308,390,000 in 2024[60] Revenue by Segment - The revenue from photovoltaic power generation business was RMB 2,442,525,000 in 2025, down from RMB 2,486,893,000 in 2024, representing a decline of 1.8%[26] - Wind power business revenue increased to RMB 1,289,386,000 in 2025, up 8.7% from RMB 1,186,855,000 in 2024[26] - The total customer contract revenue for 2025 was RMB 4,784,090,000, an increase of 7.4% from RMB 4,454,582,000 in 2024[27] - The company’s revenue from state-controlled grid companies was RMB 3,483,045,000 in 2025, slightly up from RMB 3,481,302,000 in 2024[23] - The company's revenue from electricity sales and entrusted operation services reached RMB 1,838,281,000 in 2025, up from RMB 1,767,694,000 in 2024, reflecting a growth of approximately 4.0%[30] Investment and Strategic Focus - The company plans to focus on expanding its investment and financial services, although specific figures and timelines were not disclosed[8] - The group is currently assessing the detailed impact of the new standards on the consolidated financial statements, indicating proactive compliance management[13] - The group is focusing on high-quality development, emphasizing the integration of clean energy and intelligent computing centers[50] - The group aims to enhance asset turnover efficiency and risk resistance capabilities through strategic investment in clean energy and intelligent computing[51] - The group is actively seeking investment opportunities in the new infrastructure sector to promote collaborative development across the entire industry chain[55] Compliance and Governance - The group has applied the revised Hong Kong Financial Reporting Standards (HKFRS) for the first time this year, with no significant impact on the financial position and performance for the current and prior years[9] - The group has not early adopted any newly issued or revised HKFRS that have been published but are not yet effective, indicating a stable compliance approach[10] - The group adheres to historical cost basis for financial statements, with certain investments measured at fair value, ensuring transparency in asset valuation[15] - The management performance indicators are defined to assist in determining relevant information for financial statements, enhancing the quality of financial reporting[16] - The board did not recommend the distribution of any dividends for the reporting period, consistent with the previous year[78] - The company adhered to all corporate governance code provisions as per the Hong Kong Stock Exchange listing rules during the reporting period[82] Employee and Shareholder Information - As of December 31, 2025, the group had 1,912 employees, a decrease from 1,992 employees in the same period last year[75] - The average number of ordinary shares used to calculate basic and diluted loss per share was 6,018,377,000 in 2025, slightly down from 6,019,431,000 in 2024[36] - The total number of issued shares (excluding treasury shares) as of December 31, 2025, was 6,015,731,109 shares[81] - The company repurchased a total of 3,700,000 shares at an average price of HKD 6.11 per share[46] - The company repurchased a total of 3,700,000 shares at a total cost of approximately HKD 22,623,000 during the reporting period, representing about 0.06% of the total issued shares[81] Future Outlook - HKFRS 18 introduces new classifications for income and expenses in the comprehensive income statement, effective from January 1, 2026, which may impact future financial disclosures[12] - The group has no significant future investment or capital asset plans as of December 31, 2025[69] - The group completed a mandatory unconditional cash offer to acquire all issued shares of Shandong High-speed New Energy, resulting in ownership of approximately 60.66% of the total issued share capital[71] - The group received valid acceptances for 82,936,512 shares of Shandong High-speed New Energy, representing about 3.69% of the total issued share capital[70]

（在 百 慕 大 註 冊 成 立 的 有 限 公 司） 股份代號：八○三三 交 易 及 結 算 所 及 聯 交 所 對 本 文 件 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明， 並明確表示概不就因本文件全部或任何部分內容而產生或因倚賴該等內容而引致之任何損 失 承 擔 任 何 責 任。 VODATEL NETWORKS HOLDINGS LIMITED 愛達利網絡控股有限公司* 綜合全面收益表 | | | | | | | | | | | | | | | | | | | | 二○二五年 | | 二○二四年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | | | | | | 千港元 | 千港元 | | | | 本年度利潤 | | | | | | | | | | | | | | | ...

Financial Performance - The total revenue for the year ended December 31, 2025, was approximately RMB 570.7 million, a decrease of about 6.3% compared to RMB 608.9 million for the year ended December 31, 2024[4]. - Gross profit for the year was approximately RMB 120.8 million, an increase of 4.2% from RMB 115.9 million in the previous year, resulting in a gross margin of 21.2%, up from 19.0%[4]. - Net profit for the year was approximately RMB 34.2 million, a decrease of about 24.2% compared to RMB 45.1 million for the previous year, leading to a net profit margin of 6.0%[4]. - The basic earnings per share for the year was RMB 0.25, compared to RMB 0.34 in the previous year[8]. - The group's net profit for the year was approximately RMB 34.2 million, a decrease of about 24.2% from 45.1 million in 2024[65]. - The proposed final dividend per share for the year is RMB 0.0815, down from RMB 0.1080 in the previous year[4]. Assets and Liabilities - Cash and cash equivalents as of December 31, 2025, were approximately RMB 418.1 million, a decrease of about 1.7% from RMB 425.2 million as of December 31, 2024[4]. - Total current assets as of December 31, 2025, were RMB 709.7 million, a decrease from RMB 825.3 million as of December 31, 2024[9]. - Total non-current assets increased to RMB 140,779,708.10 in 2025 from RMB 103,796,917.18 in 2024, representing a growth of approximately 35.5%[10]. - Current liabilities decreased to RMB 259,572,886.53 in 2025 from RMB 360,262,951.93 in 2024, a reduction of about 28%[11]. - Total liabilities decreased to RMB 260,185,143.21 in 2025 from RMB 360,262,951.93 in 2024, reflecting a decline of approximately 27.8%[12]. - Shareholders' equity increased to RMB 590,256,155.46 in 2025 from RMB 568,829,713.00 in 2024, an increase of about 3.8%[12]. - The company reported a total asset value of RMB 850,441,298.67 in 2025, down from RMB 929,092,664.93 in 2024, a decrease of about 8.5%[12]. Revenue Breakdown - Revenue from property management services accounted for approximately 61.8% of total revenue, amounting to RMB 352.7 million, an increase of 5.7% from the previous year[47]. - Property management service revenue increased by 5.7% to RMB 352.7 million in 2025, up from RMB 333.7 million in 2024[57]. - Non-owner value-added service revenue decreased by 39.8% to RMB 78.2 million in 2025, down from RMB 129.8 million in 2024[56]. - Community value-added service revenue decreased by 3.9% to RMB 139.8 million in 2025, compared to RMB 145.4 million in 2024[57]. - The revenue from design services increased significantly to RMB 40.89 million, accounting for 52.3% of non-owner value-added service revenue in 2025[52]. Operational Metrics - The total area under management as of December 31, 2025, was 23.1 million square meters, a decrease of 2.1% from the previous year[4]. - The company managed 100 projects with a total construction area of 23.1 million square meters as of December 31, 2025, a decrease of 2.1% from 2024[45]. - The company managed 62 non-residential properties with a total managed building area of 10.0 million square meters as of December 31, 2025[51]. - The aging analysis of accounts receivable shows that 1-year and under accounts amounted to $152.89 million, accounting for 56.41% of the total aging accounts[21]. Strategic Focus and Development - The company plans to continue its strategic focus on market expansion, quality improvement, and brand building to drive future growth[37]. - The company has successfully optimized its business structure by exiting low-profit projects to enhance overall profitability[38]. - The company aims to enhance its core competitiveness and customer experience through a diversified brand matrix and innovative service models[42]. - The group is focusing on prudent and sustainable development strategies amid challenges in the property management industry, emphasizing talent acquisition and core competitiveness[74]. Governance and Compliance - The company has established an audit committee consisting of two independent non-executive directors and one non-executive director to oversee financial reporting and risk management[96]. - The company has adopted the corporate governance code and has complied with all relevant provisions during the year[92]. - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[106]. Employee Metrics - As of December 31, 2025, the company had 1,310 employees, a decrease from 1,405 employees on December 31, 2024[88]. Future Plans and Investments - Approximately RMB 20.76 million will be allocated to enhance property management services and community value-added services[77]. - A total of RMB 13.84 million, representing 10% of net income, will be reallocated to promote ESG development[77]. - The company has no significant investments or future plans for capital assets for the year[85].

Financial Performance - Total revenue for the year ended December 31, 2025, reached HKD 4,450.321 million, an increase from HKD 403.359 million in 2024, representing a growth of approximately 1,000%[3] - Gross profit for the same period was HKD 64.706 million, compared to HKD 62.753 million in 2024, indicating a slight increase of about 3.1%[3] - The net income for the year was HKD 7.684 million, a significant improvement from a loss of HKD 9.251 million in 2024, marking a turnaround of approximately 183%[4] - Basic and diluted earnings per share for 2025 were HKD 0.50, recovering from a loss of HKD 0.60 per share in 2024[3] - Revenue from external customers for the year ending December 31, 2025, is projected to be HKD 450,321,000, an increase from HKD 403,359,000 for the year ending December 31, 2024, representing a growth of approximately 11.6%[18] - The segment performance for the year ending December 31, 2025, is expected to be HKD 64,706,000, compared to HKD 62,753,000 for the year ending December 31, 2024, indicating a growth of about 3.1%[19] - The annual profit for the year ending December 31, 2025, is expected to be HKD 7,684,000, compared to a loss of HKD 9,251,000 for the year ending December 31, 2024, indicating a turnaround in profitability[19] Assets and Liabilities - Total assets as of December 31, 2025, amounted to HKD 215,354 million, up from HKD 206,882 million in 2024, reflecting an increase of about 4.5%[5] - Current assets net amount was HKD 68,351 million, compared to HKD 49,813 million in 2024, showing a growth of approximately 37.1%[5] - The company’s total liabilities decreased to HKD 144,766 million from HKD 149,381 million in 2024, indicating a reduction of about 3.5%[5] - Trade and other receivables decreased to HKD 71,610 million from HKD 78,060 million in 2024, a decline of approximately 8.5%[5] - The net book value of property, plant, and equipment as of December 31, 2025, was approximately HKD 15,882,000, down from HKD 19,786,000 in 2024[29] - The fair value of investment properties at the end of the reporting period was HKD 56,539,000, compared to HKD 62,149,000 in 2024[30] Costs and Expenses - The company reported a decrease in finance costs, which fell to HKD 1,612 million from HKD 2,672 million in 2024, a reduction of about 39.7%[3] - The total administrative and other operating expenses for the year ending December 31, 2025, are projected to be HKD 87,037,000, a decrease from HKD 80,915,000 in 2024, reflecting a cost reduction strategy[19] - The total operating expenses rose from HKD 47,655 million in 2024 to HKD 53,286 million in 2025, indicating an increase of approximately 11.8%[22] - The company incurred a penalty of HKD 4,887 million in 2025, which was not present in 2024, indicating a new financial burden[22] - The investment property impairment loss was recorded at HKD 1,967 million in 2025, compared to no impairment in 2024, reflecting a new challenge for the company[22] Government Support and Grants - The company received government grants totaling approximately HKD 28,608,000 for the year ending December 31, 2025, up from HKD 11,522,000 in 2024, aimed at supporting shipping operations[20] - Other income increased by approximately HKD 16,076,000 to about HKD 32,647,000, mainly due to government subsidies received[44] Operational Focus and Strategy - The company is focused on expanding its investment holding business in Hong Kong and mainland China, particularly in maritime freight and agency services[7] - The company plans to maintain its focus on expanding its shipping capabilities and container supply, supported by local government incentives[21] - The company aims to achieve a certain container throughput to qualify for government subsidies, which are contingent upon local regulatory approvals[21] - The group plans to expand its customer base and diversify revenue sources to mitigate concentration risk in a volatile market[47] Financial Outlook and Challenges - The group anticipates a challenging operating environment in 2026 due to global consumer fatigue and a predicted decline in U.S. container imports, which are crucial for China's export economy[45] - The industry continues to face structural imbalances with stagnant cargo volume growth and an influx of new shipping capacity, leading to intensified price competition and freight rate volatility[46] - The overall financial performance indicates a mixed outlook with significant increases in employee costs and operating expenses, alongside notable losses in foreign exchange and asset sales[22] Employee and Governance - Employee compensation increased from HKD 43,753 million in 2024 to HKD 49,252 million in 2025, reflecting a growth of about 12.5%[22] - The group has a total of 179 employees as of December 31, 2025, compared to 176 employees as of December 31, 2024[58] - The board of directors has decided not to recommend any dividend payment for the year ending December 31, 2025[60] - The company has adhered to corporate governance principles and standards as outlined in the listing rules as of December 31, 2025[64] Financial Statements and Reporting - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, including all applicable individual standards issued by the Hong Kong Institute of Certified Public Accountants[8] - The consolidated financial statements are presented in Hong Kong dollars (HKD) and rounded to the nearest thousand[8] - The adoption of the revised Hong Kong Financial Reporting Standards does not have any significant impact on the consolidated financial statements[11] - The management expects that the new and revised Hong Kong Financial Reporting Standards will not have any significant impact on the group's financial performance and financial position[14] - The financial statements for the year ending December 31, 2025, have been reviewed by the audit committee and management[62] Miscellaneous - The group has no contingent liabilities as of December 31, 2025[53] - There have been no significant acquisitions or disposals related to subsidiaries, joint ventures, or associates as of December 31, 2025[56] - The company has not engaged in any buybacks, sales, or redemptions of its listed securities as of December 31, 2025[61] - There are no significant events that occurred after the reporting period that would impact the group[65]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 651.9 million, representing a year-on-year increase of 5.0% compared to RMB 620.7 million in 2024[3] - Gross profit for the same period was RMB 170.2 million, up 6.2% from RMB 160.2 million in 2024[3] - Adjusted net profit for the year was RMB 4.1 million, a significant improvement of 112.9% compared to an adjusted net loss of RMB 31.5 million in 2024[3] - Total revenue increased from approximately RMB 620.7 million in 2024 to approximately RMB 651.9 million in 2025, representing a growth of 5.0%[22] - Revenue from pharmaceutical health product sales rose from approximately RMB 426.5 million in 2024 to approximately RMB 442.9 million in 2025, marking a growth of 3.9%[22] - Revenue from digital healthcare solutions reached RMB 208.9 million, an increase of 7.6% from RMB 194.2 million in 2024[4] - The company reported a net loss attributable to shareholders of RMB 72,986 thousand for 2025, an improvement from a loss of RMB 107,687 thousand in 2024, representing a reduction of 32.2%[71] - The basic loss per share improved to RMB (0.24) in 2025 from RMB (0.37) in 2024, indicating a 35.1% decrease in loss per share[71] Revenue Breakdown - Revenue from pharmaceutical health products sales was RMB 442.9 million, reflecting a growth of 3.9% from RMB 426.5 million in 2024[4] - Revenue from digital healthcare solutions reached RMB 208.9 million, an increase of 7.6% from RMB 194.2 million in 2024[4] - Digital healthcare solutions revenue reached RMB 208.9 million, a year-on-year increase of 7.6%, accounting for 32.1% of total revenue in 2025, up from 31.3% in 2024[17] - Revenue from digital healthcare solutions increased by 7.6% from approximately RMB 194.2 million for the year ending December 31, 2024, to approximately RMB 208.9 million for the year ending December 31, 2025[23] Operational Metrics - The platform has expanded its service coverage to over 260 cities nationwide, connecting more than 45,125 healthcare institutions, a year-on-year growth of 1.18%[5] - The registered individual user base reached 61.1 million, marking a 13.12% increase year-on-year, with an average of 3.3 million monthly active users for the year[5] - The company has established partnerships with over 905,900 healthcare professionals, including approximately 47,800 registered doctors[5] - The total number of employees as of December 31, 2025, was 487, with 23.82% in sales and marketing, and 18.69% in R&D[44] Cost and Expenses - Cost of sales rose by 4.6% from approximately RMB 460.5 million for the year ending December 31, 2024, to approximately RMB 481.7 million for the year ending December 31, 2025[24] - Sales and marketing expenses decreased by 25.4% from approximately RMB 117.3 million for the year ending December 31, 2024, to approximately RMB 87.5 million for the year ending December 31, 2025[26] - Administrative expenses increased by 22.2% from approximately RMB 93.0 million for the year ending December 31, 2024, to approximately RMB 113.6 million for the year ending December 31, 2025[27] - Research and development expenses decreased by 30.8% from approximately RMB 50.5 million for the year ending December 31, 2024, to approximately RMB 35.0 million for the year ending December 31, 2025[28] Cash Flow and Financial Position - Cash and cash equivalents increased from approximately RMB 58.3 million as of December 31, 2024, to approximately RMB 398.8 million as of December 31, 2025[36] - The net cash used in operating activities for the year ended December 31, 2025, was RMB (114,438) thousand, compared to RMB (56,047) thousand in 2024, indicating a significant increase in cash outflow[37] - The company achieved a net increase in cash and cash equivalents of RMB 340,540 thousand for the year ended December 31, 2025, compared to RMB 711 thousand in 2024[37] - The debt-to-asset ratio improved to 69.2% as of December 31, 2025, down from 129.7% as of December 31, 2024, primarily due to increased capital raised post-IPO[42] - The total assets increased to RMB 759,927 thousand as of December 31, 2025, compared to RMB 297,773 thousand as of December 31, 2024[47] Strategic Initiatives - The digital healthcare solutions segment is identified as a strategic growth engine, driving future revenue growth and enhancing service capabilities[7] - The company aims to enhance operational efficiency through the integration of AI applications, upgrading its platform to improve patient experience and operational management for healthcare institutions[12] - The company plans to launch the AI hospital solution in 2025, integrating AI tools for patient management and operational efficiency[13] - The introduction of the Blue Spirit Control GPT product focuses on automatic risk management in healthcare, enhancing infection control and clinical decision-making[15] - A digital supply chain upgrade will be implemented, enhancing procurement decision-making and online sales services for corporate clients[19] - Continued investment in AI research and development will target high-frequency demand scenarios in the healthcare sector[21] - The company is committed to optimizing existing business structures and accelerating the deployment of AI technologies in healthcare services[20] - The digital hospital solutions will enhance resource allocation and response speed in healthcare institutions, improving overall service quality[14] Shareholder Information - The company did not declare any dividends for the years ended December 31, 2025, and 2024[73] - The company has no significant contingent liabilities or pledged assets as of December 31, 2025[40][41] Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules, ensuring compliance since its listing date on September 17, 2025[78] - The audit committee has reviewed the financial reporting procedures and risk management practices of the group[89] - The external auditor has confirmed that the financial data in the preliminary performance announcement aligns with the draft consolidated financial statements[90] - No significant events have occurred after the reporting period and up to the date of this announcement[87]

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。 TIANLI HOLDINGS GROUP LIMITED 天 利 控 股 集 團 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：117） 截至2025年12月31日止年度之 全年業績公告 財務概要 1 • 截至2025年12月31日止年度，本集團的總收入約為人民幣679.0百萬元，較截 至2024年12月31日止年度的約人民幣548.0百萬元增加約23.9%； • 本集團截至2025年12月31日止年度的總毛利為人民幣175.5百萬元，較截至 2024年12月31日止年度的約人民幣81.5百萬元增加約人民幣94.0百萬元（或 115.3%）； • 2025年的毛利率較2024年增加11.0個百分點至25.9%，其中MLCC業務的毛利 率由2024年的6.3%上升至2025年的21.2%； • 截至2025年12月31日止年度的本公司擁有人應佔溢利為人民幣133.4百萬元， 而截至202 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was approximately HKD 231,232,000, an increase of about HKD 7,628,000 or 3.4% compared to HKD 223,604,000 for the year ended December 31, 2024[6] - Loss attributable to owners of the company increased from approximately HKD 58,630,000 for the year ended December 31, 2024, to about HKD 66,797,000 in the reporting period[6] - The company reported a total comprehensive loss of HKD 51,799,000 for the year, compared to HKD 89,791,000 in 2024, indicating an improvement in overall financial performance despite ongoing losses[8] - The company reported a total comprehensive loss of HKD 76,056,000 for the year ended December 31, 2024, which includes a loss of HKD 58,630,000 attributable to owners[11] - The company reported a loss of HKD 66,797,000 for the year ended December 31, 2025, which is an increase from the previous year's loss of HKD 58,630,000[11] - The company’s operational focus remains on cement production and sales, as well as the production and sale of magnetic materials and other applied products[15] Assets and Liabilities - The total assets decreased from HKD 1,042,235,000 in 2024 to HKD 529,018,000 in 2025, reflecting a significant reduction in non-current assets[9] - Current assets decreased from HKD 612,008,000 in 2024 to HKD 273,821,000 in 2025, primarily due to a reduction in inventory and cash reserves[9] - Total liabilities decreased from HKD 564,188,000 in 2024 to HKD 191,325,000 in 2025, indicating a reduction in financial obligations[10] - The net asset value decreased from HKD 476,845,000 in 2024 to HKD 337,693,000 in 2025, reflecting the overall decline in equity[10] - As of December 31, 2025, the total equity attributable to owners decreased to HKD 337,693,000 from HKD 534,855,000 at the beginning of 2024, reflecting a significant decline[11] Cash Flow - Cash generated from operating activities for 2025 was a net outflow of HKD 5,179,000, compared to an outflow of HKD 71,565,000 in 2024, indicating an improvement in operational cash flow[12] - The net increase in cash and cash equivalents for 2025 was HKD 10,193,000, down from HKD 116,488,000 in 2024, indicating a decline in liquidity growth[14] - The company’s cash and cash equivalents at the end of 2025 stood at HKD 154,115,000, an increase from HKD 135,525,000 at the beginning of the year[14] - The company reported a total cash inflow of HKD 68,397,000 from financing activities in 2025, a significant increase from HKD 28,985,000 in 2024[42] Segment Performance - For the fiscal year ending December 31, 2025, total revenue was HKD 231,232,000, with cement production and sales contributing HKD 215,225,000[26] - The segment performance for cement production showed a loss of HKD 43,989,000, while the biotechnology research and development segment incurred a loss of HKD 13,000[26] - The company’s rare earth segment generated revenue of approximately HKD 16,007,000 in 2025, a decrease of HKD 22,757,000 or about 58.7% from HKD 38,764,000 in 2024[98] Impairment and Depreciation - The impairment loss recognized for property, plant, and equipment in the cement segment amounted to HKD 8,538,000 for the fiscal year ending December 31, 2025, compared to no impairment loss in 2024[79] - The goodwill impairment loss recognized during the year was HKD 8,643,000, primarily due to poor performance of cash-generating units and competitive pressures[54] - The group incurred depreciation expenses of HKD 24,671,000 for the year ending December 31, 2024, compared to HKD 17,808,000 in 2023, reflecting an increase of approximately 38.5%[29] Taxation - The total income tax credit for the year was HKD (10,086,000), compared to HKD (3,064,000) in 2024, reflecting a significant increase in tax losses[49] - The company’s effective tax rate remains at 25% for subsidiaries registered in China, with certain high-tech enterprises benefiting from a reduced rate of 15%[50] Dividends and Shareholder Returns - The company declared a special dividend of HKD 0.136 per share for the year 2024, totaling HKD 75,072,000, which was paid during the fiscal year ending December 31, 2025[75] - The company reported no interim or final dividends for the current and prior years, indicating a focus on retaining earnings[75] Market Conditions - In 2025, China's cement production reached 1.69 billion tons, a year-on-year decrease of 6.9%, marking the lowest output since 2010[91] - The average market price for cement in 2025 was 367 RMB/ton, down 17 RMB/ton or 4.4% compared to the previous year[91] - The company experienced a decline in average selling prices for cement products, with PC/PSS 32.5 cement averaging HKD 163 per ton in 2025, down from HKD 217 in 2024[101] Corporate Governance - The company has adhered to all applicable corporate governance codes during the reporting period and up to the announcement date[137] - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2025, confirming compliance with applicable accounting standards[139]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 791,000, compared to HKD 1,150,000 for 2024, representing a decrease of approximately 31.2%[4] - The net loss attributable to the company's owners for the year was HKD 14,665,000, compared to a loss of HKD 2,035,000 in 2024, indicating a significant increase in losses[4][5] - Basic loss per share for 2025 was HKD 4.07, compared to HKD 0.62 in 2024, reflecting a worsening financial performance[5] Assets and Liabilities - Total assets as of December 31, 2025, amounted to HKD 150,180,000, up from HKD 77,735,000 in 2024, showing a growth of approximately 93.1%[6] - The company's equity increased to HKD 149,399,000 in 2025 from HKD 77,639,000 in 2024, representing an increase of about 92.2%[6] - The total liabilities for the company increased significantly, with current liabilities rising to HKD 1,795,000 in 2025 from HKD 665,000 in 2024[6] Investment Performance - The fair value loss on financial assets measured at fair value through profit or loss was HKD 3,392,000 in 2025, compared to a gain of HKD 885,000 in 2024[4] - Interest income from bonds for 2025 was HKD 427,000, up from HKD 167,000 in 2024, indicating a growth of approximately 156.3%[13] - The company reported a total of HKD 259,119,000 from securities transactions in 2025, compared to HKD 188,049,000 in 2024, reflecting an increase of about 37.7%[13] Shareholder Information - The weighted average number of ordinary shares issued during the year was 360,393,220 shares, compared to 330,710,211 shares in the previous year[21] - The company did not recommend the payment of any dividends for the year ended December 31, 2025, consistent with the previous year[20] - The group confirmed dividend income from listed equity investments of HKD 0.3 million, down from HKD 0.9 million in 2024, while interest income from bonds and bank deposits increased to HKD 0.5 million from HKD 0.2 million[33] Strategic Focus - The company plans to actively seek investment opportunities in the fields of artificial intelligence and Web3, following the government's commitment to digital economy development[30] - The group implemented strategic adjustments focusing on companies in the Web3 and artificial intelligence innovation sectors after a comprehensive review of its investment strategy[33] Market Performance - The Hang Seng Index increased by approximately 27% during the year, closing near 25,500 points, reflecting a strong market performance[28] - The company completed a share subscription in October 2025, which provided essential liquidity to seize market opportunities[28] Financial Reporting and Governance - The financial figures for the year ending December 31, 2025, have been agreed upon by the company's auditor, Lohsung & Co., although no assurance has been provided regarding the preliminary announcement[72] - The company has adopted the standards set forth in the Hong Kong Stock Exchange's Listing Rules regarding securities transactions by directors, confirming compliance for the entire year ending December 31, 2025[69] - The company has implemented the Corporate Governance Code as its regular governance practice, with no known violations during the year[70] - An Audit Committee has been established in accordance with the Corporate Governance Code to review and monitor the financial reporting process and internal controls[71] - The Audit Committee consists of three independent non-executive directors, with Ms. Zhang Suining as the chairperson[71] Other Financial Metrics - The group recorded unrealized losses of approximately HKD 16.8 million on listed securities investments as of December 31, 2025[24] - The group recorded a net loss of HKD 3.4 million from listed investments, including realized losses of HKD 17.3 million and unrealized gains of HKD 13.9 million[32] - The debt-to-equity ratio as of December 31, 2025, was 1.32%, up from 0.47% in 2024, with total liabilities of HKD 1.969 million[56] Investments in Specific Assets - The investment portfolio as of December 31, 2025, included HKD 113.5 million in listed equity securities and investment funds, HKD 23.3 million in direct investments in unlisted equity securities, and HKD 8.8 million in digital assets[34] - The group accelerated its transformation into a core infrastructure provider for stablecoins and real-world asset tokenization, supported by a strategic acquisition of AlloyX for USD 350 million[40] - The group successfully secured up to USD 100 million in institutional funding to enhance its global ecosystem and partnered with Alibaba Group for a blockchain-based carbon reduction project[40] Specific Investment Details - The investment in Huaying Holdings had a book value of HKD 15.8 million, with an unrealized fair value gain of HKD 4.1 million as of December 31, 2025[39] - Huaying Holdings reported total revenue of USD 5.8 million for the six months ended September 30, 2025, with a net loss attributable to shareholders of USD 4.6 million[39] - The investment in Huaxia Ethereum ETF had a book value of HKD 12.3 million, with an unrealized fair value loss of HKD 0.5 million for the year[41] - The net asset value of Huaxia Ethereum ETF as of December 31, 2025, was HKD 460.8 million[41] - The investment in Southern Eastern Technology ETF had a book value of HKD 11.9 million, recording a realized loss of HKD 1.2 million and an unrealized fair value loss of HKD 0.8 million[43] - The net asset value of Southern Eastern Technology ETF as of December 31, 2025, was HKD 71.7 billion[43] - The investment in Alibaba Group had a book value of HKD 11.7 million, generating a realized gain of HKD 0.9 million but offset by an unrealized fair value loss of HKD 1.7 million[45] - Alibaba Group reported total unaudited revenue of RMB 780.3 billion for the nine months ending December 31, 2025, with a net income attributable to ordinary shareholders of RMB 80.4 billion[45] - The investment in Huaxia Bitcoin ETF had a book value of HKD 10.8 million, with an unrealized fair value loss of HKD 3.2 million for the year[47] - The net asset value of Huaxia Bitcoin ETF as of December 31, 2025, was HKD 1.7 billion[47] - The investment in iShares Ethereum Trust ETF had a book value of HKD 8.2 million, with an unrealized fair value gain of HKD 0.3 million for the year[49] - The net asset value of iShares Ethereum Trust ETF as of December 31, 2025, was HKD 80.14 billion[49] - The group invested HKD 7.8 million to acquire shares in a private limited company in Hong Kong, aimed at operating a significant short-term lease for a premium waterfront event venue in the CBD[52] Cash and Cash Equivalents - As of December 31, 2025, the group's cash and cash equivalents were approximately HKD 2.9 million, down from HKD 3.4 million in 2024[55] - The group's net asset value increased to approximately HKD 149.4 million as of December 31, 2025, compared to HKD 77.6 million in 2024[56] - The company issued a total of 416,276,978 shares as of December 31, 2025, with a conditional subscription agreement for 69,379,496 shares at HKD 1.25 per share, raising approximately HKD 86.7 million[57] - Approximately HKD 81.4 million (94.22% of net proceeds) from the subscription will be invested in listed and unlisted securities, focusing on Web3 and/or AI sectors[58] Employee Expenses - The total employee benefits expense for the year ended December 31, 2025, was approximately HKD 0.6 million, compared to HKD 0.4 million in 2024[61] - The group did not engage in any significant acquisitions or disposals during the year ended December 31, 2025[60] - The group has no pledged assets as of December 31, 2025[62] - The board does not recommend a final dividend for the year ended December 31, 2025[66]