Financial Performance - The total revenue for the year ended December 31, 2025, was RMB 139,129,000, a decrease of 6.9% from RMB 148,280,000 in 2024[4] - The gross loss for the year was RMB 2,817,000, improving from a gross loss of RMB 8,968,000 in the previous year[4] - The operating loss increased to RMB 42,267,000 from RMB 38,880,000 in 2024, indicating a worsening operational performance[4] - The net loss for the year was RMB 44,777,000, compared to a net loss of RMB 39,428,000 in 2024, reflecting a 13.4% increase in losses[4] - Basic and diluted loss per share was RMB 0.165, compared to RMB 0.139 in the previous year[4] Revenue Breakdown - Revenue from the sale of pitch control systems and related components was RMB 106,566,000, significantly increasing from RMB 53,669,000 in 2024[14] - Revenue from energy storage business dropped to RMB 10,430,000 from RMB 68,686,000 in the previous year, indicating a decline of 84.8%[14] - The reported revenue for the year ending December 31, 2025, from the sales of pitch control systems and related components was RMB 106,566,000, with total reported segment revenue of RMB 139,129,000[21] - The company’s segment revenue from wind power sales was RMB 18,439,000 for 2025, compared to RMB 15,568,000 in 2024[21] - Revenue from wind power sales in 2025 was approximately RMB 18.4 million, an increase of RMB 2.8 million or approximately 18% compared to 2024, attributed to increased electricity consumption[56] - Revenue from energy storage systems in 2025 was approximately RMB 10.4 million, a decrease of about RMB 58.3 million or approximately 85% compared to 2024, due to changes in the power market and mandatory energy storage policies[57] Assets and Liabilities - The total assets decreased to RMB 256,499,000 from RMB 264,592,000 in 2024, a reduction of 3.6%[6] - The net asset value decreased to RMB 177,620,000 from RMB 222,204,000, reflecting a decline of 20.0%[7] - The company’s total liabilities as of December 31, 2025, were RMB (200,980,000), compared to RMB (176,135,000) in 2024[22] - The asset-liability ratio for 2025 was approximately 53%, an increase of 9% from 44% in 2024, primarily due to increased external borrowings[70] Cash Flow and Financing - The company reported a decrease in cash and cash equivalents to RMB 15,779,000 in 2025 from RMB 51,005,000 in 2024[22] - The company reported a net financing cost of RMB (1,708,000) for 2025, down from RMB (3,200,000) in 2024[22] - The company reported a net financing cost of RMB 1,708,000 in 2025, down from RMB 3,200,000 in 2024, a decrease of about 46.5%[5] - The company received other income of RMB 2,327,000 in 2025, an increase from RMB 1,642,000 in 2024[24] - The group's other income for 2025 was approximately RMB 2.3 million, an increase of RMB 0.7 million or about 44% compared to RMB 1.6 million in 2024[62] Operational Efficiency - Employee costs decreased from RMB 34,258,000 in 2024 to RMB 26,166,000 in 2025, a reduction of approximately 23.7%[5] - The cost of inventory recognized as an expense was RMB 132,519,000 in 2025, down from RMB 141,834,000 in 2024, reflecting a decrease of about 6.6%[29] - In 2025, the group's sales cost was approximately RMB 141.9 million, a decrease of RMB 15.3 million or about 10% compared to 2024[58] - The total depreciation expense for owned properties, plants, and equipment was RMB 13,621,000 in 2025, slightly up from RMB 13,203,000 in 2024[29] Research and Development - The company aims to enhance core technology research and development, focusing on the integration of AI and renewable energy, and plans to apply for national subsidies for new energy technology research and development[53] - The company’s research and development costs included RMB 9,427,000 in cost of sales for 2025, down from RMB 15,214,000 in 2024, a decrease of about 38.2%[29] Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions for the year ending December 31, 2025[82] - The audit committee has reviewed the annual performance for the year ending December 31, 2025, in accordance with international financial reporting standards[86] - The audit firm has verified the figures in the preliminary announcement against the audited consolidated financial statements for the year ending December 31, 2025, confirming consistency[87] Future Outlook - The company plans to strengthen operational efficiency and cost control while establishing a dynamic risk assessment mechanism to respond to changes in electricity pricing and grid connection standards[53] - The company will hold its 2026 Annual General Meeting on June 26, 2026[88] - The company will suspend the registration of share transfers from June 23, 2026, to June 26, 2026, to facilitate the upcoming Annual General Meeting[89] - The annual results announcement and annual report for the year ending December 31, 2025, will be published on the company's website and the stock exchange's website[90] Dividends and Securities - The board does not recommend the payment of a final dividend for the year ending December 31, 2025[85] - The company has not purchased, sold, or redeemed any of its listed securities during the year ending December 31, 2025[81] - There are no significant events related to the company's business or financial performance known to the directors as of the report date[80]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 190,115,000, a decrease of 27.5% compared to HKD 262,770,000 in 2024[3] - Gross profit for the same period was HKD 48,967,000, down 28.7% from HKD 68,594,000 in 2024[3] - The company reported a pre-tax loss of HKD 24,054,000, compared to a pre-tax loss of HKD 57,000 in the previous year[3] - The annual loss attributable to shareholders was HKD 24,579,000, significantly higher than the loss of HKD 2,364,000 in 2024[3] - Basic and diluted loss per share for 2025 was HKD 0.47, compared to HKD 0.05 in 2024[5] - The overall loss before tax for the group was HKD 24,054,000 in 2025, compared to a loss of HKD 57,000 in 2024[19] - The company reported a net loss attributable to shareholders of HKD 24,579 for 2025, compared to a loss of HKD 2,364 in 2024[30] Revenue Breakdown - Total revenue for the golf equipment segment decreased to HKD 176,502,000 in 2025 from HKD 241,745,000 in 2024, representing a decline of approximately 26.9%[19] - The golf bag segment reported revenue of HKD 15,444,000 in 2025, down from HKD 22,201,000 in 2024, a decrease of about 30.4%[19] - Revenue from North America was HKD 82,394,000 in 2025, down from HKD 88,388,000 in 2024, a decline of about 6.3%[23] - Revenue from Japan decreased significantly to HKD 57,020,000 in 2025 from HKD 102,567,000 in 2024, a drop of approximately 44.5%[23] - Revenue from golf equipment and related components was HKD 174,671, down from HKD 240,569, representing a decline of 27.5%[27] - The golf equipment sales dropped by approximately 27.4% to about HKD 174,671,000 in 2025, compared to HKD 240,569,000 in 2024, accounting for 91.9% of total revenue[51] - Sales to the largest customer in the golf equipment segment fell by about 29.6% to approximately HKD 143,348,000, representing 82.1% of the segment's revenue[52] - The golf bag segment's revenue decreased by 30.4% to approximately HKD 15,444,000, contributing about 8.1% to total revenue[56] Assets and Liabilities - Non-current assets increased to HKD 251,564,000 in 2025 from HKD 228,647,000 in 2024, reflecting a growth of 10%[6] - Total assets increased to HKD 395,634,000 in 2025 from HKD 399,972,000 in 2024, reflecting a slight decrease of about 1%[21] - The total liabilities rose to HKD 122,817,000 in 2025 from HKD 172,360,000 in 2024, indicating a decrease of approximately 28.8%[21] - Current liabilities increased to HKD 120,955,000 in 2025 from HKD 108,501,000 in 2024, an increase of 11.3%[6] - Total equity attributable to shareholders rose to HKD 270,087,000 in 2025, compared to HKD 224,882,000 in 2024, reflecting a growth of 20.1%[6] Operational Changes - The company announced the acquisition of a golf ball factory in Hai Phong, Vietnam, to mitigate the impact of U.S. tariffs[49] - The company implemented cost rationalization measures at its Shandong production facility to enhance efficiency and reduce manufacturing costs[53] - The company is currently assessing the impact of the new accounting standards on its financial performance and disclosures, particularly regarding comprehensive income and cash flow statements[15] - The company remains cautious about the future outlook of the golf equipment business due to ongoing economic uncertainties[54] - The company is committed to optimizing operations and costs to maintain competitiveness amid economic challenges[61] Employee and Financial Management - Total employee costs amounted to HKD 72,030, slightly down from HKD 73,362 in the previous year[29] - The group employed approximately 840 employees as of December 31, 2025, compared to 680 employees in 2024, indicating a significant increase in workforce[77] - The company has adopted a cautious financial management approach to ensure liquidity and meet funding needs[75] - The company has no outstanding bank loans as of December 31, 2025, compared to bank loans of approximately HKD 56,383,000 in 2024[69] Compliance and Governance - The audit committee reviewed the group's financial performance for the year ended December 31, 2025, and confirmed that the consolidated financial statements were prepared in accordance with applicable accounting standards[78] - The company has complied with all applicable provisions of the corporate governance code during the year ended December 31, 2025, with certain deviations noted[81] - The company has adopted the standard code of conduct for directors' securities transactions and confirmed compliance by all directors for the year ended December 31, 2025[82] - The company's auditor, Crowe (HK) CPA Limited, has agreed that the financial figures presented in the performance announcement are consistent with the consolidated financial statements for the year ended December 31, 2025[83] Future Outlook - The projected annual sales growth rate for Hio Pro is 3%, with a gross margin of 15% and a long-term growth rate of 3%[34] - The company is actively monitoring its golf business and exploring growth opportunities to enhance shareholder returns[62] - The company does not plan to declare any dividends for the year ending December 31, 2025, consistent with 2024[63] - The company issued zero dividends for the year ending December 31, 2025, consistent with the previous year[35]

Financial Performance - The company's revenue for the year ended December 31, 2025, was HKD 149,734,000, representing a 15.6% increase from HKD 129,595,000 in 2024[4] - The gross profit decreased to HKD 4,756,000 in 2025 from HKD 9,027,000 in 2024, indicating a decline of 47.4%[4] - The annual loss attributable to the company's owners was HKD 110,027,000 in 2025, compared to HKD 76,628,000 in 2024, reflecting a 43.5% increase in losses[5] - The total comprehensive loss for the year was HKD 109,937,000, up from HKD 78,814,000 in the previous year, marking a 39.5% increase[5] - The total loss before tax for the fiscal year ending December 31, 2025, was HKD 111,365,000, which includes allocated corporate expenses of HKD 68,043,000 and financing costs of HKD 2,166,000[18] - The total loss before tax for the fiscal year ending December 31, 2024, was HKD 76,446,000, which includes allocated corporate expenses of HKD 26,820,000 and financing costs of HKD 6,633,000[19] Assets and Liabilities - Non-current assets increased to HKD 42,546,000 in 2025 from HKD 36,425,000 in 2024, a growth of 16.5%[6] - Current assets rose to HKD 162,375,000 in 2025, compared to HKD 158,646,000 in 2024, an increase of 2.3%[6] - The group's total assets as of December 31, 2025, amounted to HKD 204,921,000, with segment assets distributed as follows: HKD 57,200,000 for apparel design, HKD 56,855,000 for loan financing services, and HKD 56,807,000 for sales of cultural trends, games, and other products[18] - The group's total liabilities as of December 31, 2025, were HKD 37,752,000, with segment liabilities distributed as follows: HKD 14,130,000 for apparel design, HKD 1,900,000 for loan financing services, and HKD 16,787,000 for sales of cultural trends, games, and other products[18] Revenue Breakdown - For the fiscal year ending December 31, 2025, the total revenue from external customers was HKD 149,734,000, with contributions from apparel design, manufacturing, and trade (HKD 32,648,000), loan financing services (HKD 2,899,000), and sales of cultural trends, games, and other products (HKD 114,187,000)[18] - For the fiscal year ending December 31, 2024, the total revenue from external customers was HKD 129,595,000, with contributions from apparel design, manufacturing, and trade (HKD 47,907,000), loan financing services (HKD 5,570,000), and sales of cultural trends, games, and other products (HKD 76,118,000)[19] - The geographical breakdown of revenue for the fiscal year ending December 31, 2025, showed HKD 2,899,000 from Hong Kong and HKD 146,835,000 from China[21] - Sales of goods in the Chinese market amounted to HKD 146,835,000 in 2025, up from HKD 124,025,000 in 2024, reflecting a growth of 18.4%[26] Expenses and Costs - Depreciation expenses for property, plant, and equipment totaled HKD 4,529,000 in 2025, compared to HKD 3,534,000 in 2024, indicating an increase of 28.2%[27] - The company incurred a total inventory cost of HKD 144,978,000 in 2025, up from HKD 120,568,000 in 2024, representing a rise of 20.2%[27] - Sales and distribution expenses increased by 78.9% to approximately HKD 5,006,000 for the year ended December 31, 2025, up from HKD 2,798,000 in 2024[55] - Administrative expenses rose by 90.4% to approximately HKD 97,841,000 for the year ended December 31, 2025, compared to HKD 51,391,000 in 2024, primarily due to costs associated with new business plans and share-based compensation[56] Cash and Equity - Cash and cash equivalents significantly increased to HKD 29,867,000 in 2025 from HKD 6,218,000 in 2024, a substantial growth of 380.5%[6] - The company's equity attributable to owners increased to HKD 168,847,000 in 2025 from HKD 130,957,000 in 2024, a rise of 28.9%[7] - The company's total borrowings and lease liabilities were approximately HKD 15,664,000 as of December 31, 2025, down from HKD 26,599,000 in 2024[109] - The debt-to-equity ratio was approximately 9.4% as of December 31, 2025, a decrease from 20.5% in 2024[111] Share Capital and Financing - The company has issued share capital of HKD 38,073,452.52 as of December 31, 2025, comprising 951,836,313 shares with a par value of HKD 0.04 each[91] - The company entered into a placement agreement on April 1, 2025, to issue up to 124,763,816 shares at a placement price of HKD 0.40 per share, representing an approximate 18.37% discount to the closing price[93] - A total of 122,652,000 shares were successfully issued at a placement price of HKD 0.40 per share, raising a total of HKD 49,060,800, with a net amount of approximately HKD 47.59 million after expenses[94] - The net proceeds from the placement will be allocated as follows: approximately HKD 12.00 million (25.22%) for repaying outstanding debts, HKD 20.59 million (43.26%) for general working capital, and HKD 15.00 million (31.52%) for business development[94] Strategic Partnerships and Ventures - The company entered into a technology licensing cooperation agreement with Xinqiao Capital Group, granting a global license for the "AI + Web3 New Consumption Platform" from April 7, 2025, to December 31, 2027[69] - A joint venture, Tianji Xizu Chain (Beijing) Technology Development Co., Ltd., was established with Xizu Chain Technology Development (Beijing) Co., Ltd., with a registered capital of RMB 1,000,000, where the company holds a 20% stake[72] - The company signed a non-binding letter of intent for cooperation with the Saudi Arabian Ministry of Industry and Mineral Resources to assist in the industrial digital transformation and establish new industrial IP businesses in Saudi Arabia[77] - The company signed a non-binding cooperation framework agreement with iFlytek on September 26, 2025, to support the Saudi Ministry of Industry and Mineral Resources, focusing on AI and robotics industry ecosystem development[78] Governance and Compliance - The company has adhered to the corporate governance code, except for the deviation regarding the separation of the roles of Chairman and CEO, which is currently held by the same individual[125] - The audit committee, established on November 22, 2013, consists of three independent non-executive directors and has reviewed the financial performance for the year ending December 31, 2025[127] - The financial statements for the year ending December 31, 2025, have been confirmed to be consistent with the audited consolidated financial statements by the auditor, Beijing Xinghua Dingfeng Accounting Firm[128]

Financial Performance - For the year ended December 31, 2025, the Group faced pressure on revenue performance and profitability due to intensified industry competition and fluctuations in the macroeconomic environment [16]. - The Group faced declining revenue and profitability pressure in 2025 but is focused on optimizing its operating structure and investing in future capabilities [22]. - The Group's revenue decreased by approximately 27.4% from RMB 461.4 million in 2024 Annual to RMB 334.9 million in 2025 Annual, primarily due to a significant drop in sales volume of personal student tablets [132]. - Revenue from personal student tablets accounted for 82.4% of total revenue in 2025, down from 84.4% in 2024, with sales decreasing from RMB 389.3 million to RMB 275.9 million [134]. - The Group's revenue from personal student tablets decreased by approximately 29.1% from RMB 389.3 million in 2024 to RMB 275.9 million in 2025, primarily due to a strategic shift towards the "GB2C" model and increased industry competition [74]. - The Group's overall performance may be sensitive to the personal student tablets segment due to its revenue concentration [48]. - The Group's revenue from "Others" increased to RMB 70,337,000 (21.0%) in 2025 from RMB 50,726,000 (11.0%) in 2024 [109]. - The Group's revenue from digital and smart classroom solutions generated revenue of RMB 14.9 million in 2025, representing 4.4% of total revenue, down from 3.6% in 2024 [134]. - Revenue from wearable products increased by 26.9% from RMB 15.2 million in 2024 Annual to RMB 19.2 million in 2025 Annual, driven by product feature optimization and market promotion [80][83]. - Revenue from advertisement and content licensing decreased by approximately 33.8% from approximately RMB 14.2 million in 2024 Annual to approximately RMB 9.4 million in 2025 Annual, primarily due to a decline in personal student tablet sales and strengthened national regulations [86][88]. Strategic Focus - The Group's core strategy remains "AI + Education," focusing on home learning and teaching management scenarios while optimizing product offerings and channels [17]. - The Group aims to explore business opportunities aligned with its strategic direction while maintaining operational discipline [6]. - The Group is advancing its "AI + Education" strategy, focusing on intelligent learning hardware for home-learning and in-school smart education initiatives, exploring a closed-loop path for data access and service delivery [62][65]. - The Group's strategy includes a closed-loop collaborative pathway from compliant on-campus data access to precise off-campus services, enhancing user stickiness and revenue structure [20]. - Key strategic priorities include reinforcing product competitiveness through AI-assisted learning functions and improving user experience [59]. - The Group's strategy focuses on enhancing revenue resilience while improving profitability and operational efficiency in response to industry trends and competition [57]. Product Development and Innovation - The Group continues to enhance its products and services through the application of technologies such as artificial intelligence and data analytics [5]. - The Group is developing AI-enabled learning devices and smart classroom solutions, targeting primary and secondary schools to enhance educational quality and efficiency [68][75]. - The Group aims to enhance product performance, content effectiveness, and user experience through the integration of hardware, digital resources, and software services [29]. - The Group is focusing on feature differentiation and product mix optimization while adopting a disciplined approach to pricing and promotions to enhance per-unit contribution [128]. - The company is focusing on developing a comprehensive new product to replace traditional AI dictionary pens, enhancing learning and communication convenience [81][84]. Market Environment and Competition - The Group's performance was impacted by heavier promotional activities in mainstream price segments and changes in channel traffic structure [16]. - Rising competition in mainstream price segments has led to increased promotional activities, impacting pricing and gross margins [45]. - The Group anticipates that intensified competition may lead to price wars, affecting pricing power and gross margin, with potential volatility in customer acquisition efficiency and selling expenses [49]. - The most competitive price band for new product launches in 2025 is RMB 2,000–2,999, driven by subsidy policies and increased competition [38]. - The Group needs to enhance AI capabilities and content offerings to improve user experience and conversion efficiency amid intensified competition [42]. Regulatory and Compliance - The regulatory environment requires companies to strengthen compliance practices in educational content governance, data security, and privacy protection [30]. - The Group's operations will continue to align with evolving regulatory requirements, ensuring compliance in product feature design and data processing procedures [54]. - The Group is focusing on compliance management, including data security and privacy protection, to support sustainable business development [67]. - The Group's compliance and internal control investments have become necessary costs due to heightened regulatory requirements, impacting operational results and potentially increasing compliance costs [49]. Financial Management - The Group is committed to managing costs, cash flow, and capital allocation in a more prudent manner amid a complex external environment [16]. - The Board will continue to adopt a prudent approach to research and development investment and capital allocation, focusing on core business and cash flow management [23]. - The Group maintains a prudent financial management policy and does not expect a material funding shortfall in the near term [180]. - The Group is committed to prudent cost and working capital management, including supply chain coordination and inventory management, to support healthy cash flow and operational leverage [61]. - The Group aims to improve credit management and collection efficiency while enhancing risk monitoring in response to extended payment cycles affecting cash flow [126]. Operational Efficiency - The Group's operational model combines product sales and service-based offerings, distributed through both online and offline channels [6]. - The Group is optimizing its online and offline operations, improving channel execution and user engagement to boost conversion rates and reduce ineffective spending [61]. - Enhanced channel management is required to improve customer acquisition efficiency and repurchase rates in a changing market environment [48]. - The Group is focused on channel efficiency and user experience to strengthen sustainable channel growth, adjusting POS footprint and resource allocation based on business needs [106]. - The Group's offline sales and services rely on various types of points of sale (POS), emphasizing replicable display standards and online-offline synergy to improve channel efficiency [103]. Future Outlook - The Group plans to optimize inventory planning and marketing deployment to capture replacement demand supported by local consumer subsidy programs for digital products [58]. - The Group is continuously refining its strategic direction centered on hardware as an entry point and subscription-based services, adjusting product planning and resource allocation as needed [67]. - The Group's funding needs may arise from investments in "AI + Education," focusing on enhancing user experience and operational efficiency through R&D expenses and cloud computing resources [198]. - The Group continues to monitor key performance indicators (KPIs) such as core segment revenue mix and technology investment intensity to support management decision-making [172].

Financial Performance - For the fiscal year ending December 31, 2025, the company reported a revenue of RMB 621.1 million, representing a year-on-year growth of 23.4%[3] - The adjusted net profit for 2025 was RMB 24.1 million, an increase of 42.6% compared to RMB 16.9 million in 2024[3] - The company's revenue for the reporting period was RMB 621.1 million, an increase of RMB 118.0 million (approximately 23.4%) from RMB 503.1 million in 2024, primarily driven by increased revenue from Atlas graph solutions and Atlas intelligent agents[19] - Total revenue for 2025 reached RMB 621.1 million, a 23.4% increase from RMB 503.1 million in 2024[68] - Revenue from Atlas mapping solutions was RMB 475.3 million, up 14.1% from RMB 416.6 million in 2024[68] - Revenue from Atlas intelligent systems increased significantly to RMB 145.7 million, a 68.5% rise from RMB 86.6 million in 2024[68] - The company reported a net loss of RMB 205.3 million for 2025, compared to a net loss of RMB 93.7 million in 2024, indicating a significant increase in losses[54][56] - The annual loss increased by 119.0% from RMB 93.7 million in 2024 to RMB 205.3 million in 2025[33] Customer Growth - The number of customers served by the company increased to 212, reflecting a growth of 24.0% year-on-year[4] - The company achieved revenue of 475.3 million RMB from the Atlas Graph solution in 2025, serving 172 clients with an average revenue per client of 2.8 million RMB[10] - The Atlas intelligent solution generated revenue of 145.7 million RMB in 2025, with 40 clients and an average revenue per client of 3.6 million RMB[11] - By the end of 2025, the company aims to serve over 400 industry-level clients, with an average revenue per client of 3.0 million RMB[10] - The company has achieved a 50% conversion rate of Atlas Graph solution clients to Atlas intelligent solution clients, indicating strong customer retention[11] Product Development and Innovation - The core growth driver, the Atlas intelligent solution, achieved a revenue of RMB 145.7 million, marking a significant increase of 68.4%[4] - The company launched a new version of the AtlasGraph database, enhancing core functionalities and significantly improving system stability and processing efficiency[7] - The company has developed a core technology base for intelligent agents, integrating autonomous code generation and self-evolving capabilities, aimed at addressing complex business challenges in key industries[8] - The company is leading a national-level major project focused on key technologies for next-generation multimodal databases, recognizing their importance for enterprise-level AI implementation[6] - The company aims to deepen its technological advantage in "graph-model fusion" and enhance AI productivity by increasing R&D investment and collaborating with leading large language model vendors[15] Financial Position and Cash Flow - Cash and cash equivalents increased from RMB 176.0 million as of December 31, 2024, to RMB 442.6 million as of December 31, 2025, mainly due to new funding of RMB 250.0 million from pre-IPO investors[36] - The company had no external borrowings or loans as of December 31, 2025[37] - Total assets as of December 31, 2025, were RMB 886.7 million, an increase from RMB 597.0 million in 2024[57] - Current liabilities totaled RMB 2,367.8 million in 2025, compared to RMB 1,974.5 million in 2024[57] Expenses and Losses - The cost of sales rose by about 9.8% from RMB 320.7 million in 2024 to RMB 352.1 million in 2025, aligned with the increased demand for Atlas's solutions[22] - Sales and marketing expenses rose by RMB 19.8 million (approximately 29.2%) to RMB 87.6 million, primarily due to increased share-based payment expenses and employee benefits[24] - General and administrative expenses surged by RMB 67.1 million (approximately 119.9%) to RMB 123.1 million, largely due to IPO-related expenses and increased share-based payments[25] - Research and development expenses increased by RMB 39.2 million (approximately 64.6%) to RMB 99.9 million, driven by heightened demand for AI solutions and increased employee compensation[26] - Impairment losses on financial and contract assets rose significantly from RMB 3.4 million in 2024 to RMB 19.3 million in 2025, attributed to a substantial increase in trade and other receivables[27] Market Expansion and Strategy - The company has made significant progress in overseas markets, particularly in Hong Kong, leveraging its advantages in mainland financial institutions[10] - The company is exploring international markets, particularly in Southeast Asia, leveraging its Hong Kong listing for global expansion[16] - The company is committed to transforming from a solution provider to an enabler of an AI ecosystem, focusing on building transparent and efficient production relationships in the AI era[18] - The company has diversified its customer base, with no single customer contributing more than 10% of total revenue in 2025[68] Compliance and Governance - The company is focused on building a secure and trustworthy governance framework for AI, embedding data permission management into the graph ontology layer to ensure fine-grained access control[20] - The company has established a comprehensive audit system to ensure that AI decision-making processes are traceable and compliant with regulatory standards[20] - The company emphasizes the importance of compliance and responsibility in AI operations, ensuring that AI behavior aligns with societal norms and regulations[20] Future Outlook - The company plans to list its H-shares on the Hong Kong Stock Exchange on February 13, 2026[89] - The report period ends on December 31, 2025, and the company is preparing for its global offering[90] - The company is focused on research and development (R&D) to enhance its product offerings[90]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 368,233, a decrease of 31.05% compared to RMB 534,054 in 2024[2] - Operating profit decreased by 36.29% to RMB 76,243 from RMB 119,668 year-on-year[2] - Net profit attributable to equity shareholders was RMB 38,336, down 36.00% from RMB 59,902 in the previous year[2] - Basic earnings per share decreased to RMB 0.084 from RMB 0.131, reflecting a 36.00% decline[5] - The company reported a total comprehensive income of RMB 38,899, down from RMB 60,167 in the previous year[6] - The group anticipates a significant decline in business performance over the next twelve months, particularly after the sale of a 51% stake in a key subsidiary[10] - The company reported a pre-tax profit of RMB 66,330,000 for 2025, down from RMB 89,958,000 in 2024, reflecting a decrease of approximately 26%[29] - The actual tax expense for 2025 was RMB 27,994,000, compared to RMB 30,039,000 in 2024, indicating a reduction of about 7%[29] - The net profit attributable to equity shareholders for the year ending December 31, 2025, is RMB 38,336,000, a decrease of 36% from RMB 59,902,000 in 2024, with basic and diluted earnings per share of RMB 0.084[73] Revenue and Sales - The group's revenue from electricity sales decreased to RMB 109.9 million in 2025 from RMB 181.5 million in 2024, representing a decline of approximately 39.4%[17] - Capacity electricity revenue fell to RMB 210.1 million in 2025 from RMB 300.6 million in 2024, a decrease of about 30%[17] - Total revenue for the group in 2025 was RMB 368.2 million, down from RMB 534.1 million in 2024, indicating a decline of approximately 31.1%[17] - The company’s major customer accounted for over 10% of total revenue, with electricity sales from this customer totaling RMB 341.4 million in 2025, down from RMB 494.8 million in 2024, a decline of approximately 30.9%[17] - The total heat sales volume decreased by 26.86% to 78,431.92 tons, with sales revenue declining by 31.64% to RMB 26,838,000 from RMB 39,260,000 in 2024[54] - The energy storage business recorded a charging volume of 126,967.18 MWh and a discharging volume of 111,260.40 MWh, with revenue increasing by 68.90% to RMB 21,428,000 compared to RMB 12,687,000 in 2024[62] Assets and Liabilities - Total assets decreased by 23.32% to RMB 1,468,356 from RMB 1,914,880 in 2024[2] - Total current liabilities decreased to RMB 94,297,000 from RMB 179,713,000 in 2024, while non-current liabilities decreased to RMB 197,992,000 from RMB 532,793,000[49] - Total debt decreased to RMB 516,221,000 as of December 31, 2025, down from RMB 975,541,000 the previous year, including a reduction in bank loans and related party loans[79] - The company's debt-to-capital ratio improved significantly to 11.05% as of December 31, 2025, compared to 45.05% a year earlier[80] Cash Flow and Liquidity - Cash and cash equivalents increased to RMB 301,639 from RMB 114,458, indicating improved liquidity[7] - The company has unused revolving credit facilities amounting to RMB 671.6 million, which is expected to support cash flow needs for at least the next 12 months[11] - The current ratio improved to 1.28 as of December 31, 2025, compared to 0.50 a year prior, due to increased cash reserves and reduced current liabilities[77] Costs and Expenses - Operating expenses for the year ending December 31, 2025, are RMB 291,990,000, down 29.54% from RMB 414,386,000 in 2024[66] - The total financial costs for 2025 were RMB 17.5 million, down from RMB 31.8 million in 2024, reflecting a reduction of approximately 45%[22] - Employee costs decreased to RMB 25.7 million in 2025 from RMB 27.6 million in 2024, a reduction of about 6.9%[23] - The income tax expense for 2025 was RMB 28.0 million, compared to RMB 30.0 million in 2024, showing a decrease of approximately 6.7%[26] - The net financial costs for the year ending December 31, 2025, are RMB 17,467,000, a decrease of 44.99% from RMB 31,752,000 in 2024[68] - The fuel cost for the year ending December 31, 2025, is RMB 148,601,000, a decrease of 35.77% from RMB 231,361,000 in 2024[63] Dividends and Shareholder Returns - Proposed final dividend increased to HKD 0.074 from HKD 0.014, representing a 428.57% increase[2] - The company declared a proposed final dividend of HKD 0.074 per share for 2025, compared to HKD 0.014 per share in 2024, marking an increase of over 428%[31] - The board proposed a final dividend of HKD 0.074 per share for the year ending December 31, 2025, compared to HKD 0.014 for 2024[88] Corporate Governance and Compliance - The company has maintained a high level of corporate governance and complied with all applicable codes throughout the year ending December 31, 2025[92] - The audit committee reviewed the annual performance and confirmed that the financial results comply with applicable accounting standards and regulations[96] - There were no significant events affecting the group from December 31, 2025, to the announcement date[95] Business Operations and Strategy - The company continues to operate three wholly-owned gas power plants in Zhejiang Province, with a focus on natural gas as fuel for power generation[51] - The company plans to explore new business models and may consider acquisitions or investments in energy technology, digital economy, and artificial intelligence sectors to enhance long-term growth potential[87] - The company has secured bank loans of RMB 163,903,000 as of December 31, 2025, up from RMB 115,500,000 in 2024, with interest rates ranging from 2.86% to 2.96%[48] - The company sold a 51% stake in the DeNeng Power Plant for a cash consideration of RMB 142.7 million, reducing its ownership from 100% to 49%[44] - The loss on the sale of the subsidiary was recorded at RMB 8,260,000, impacting the financial results for the year[46] - The company completed the sale of 51% equity in the Deneng Power Plant for RMB 142,720,000, which will no longer be a subsidiary[94] Installed Capacity and Generation - As of December 31, 2025, the company's total installed capacity is 345.92 MW, a decrease from 688.07 MW in 2024, with a maximum heating capacity of 160 tons per hour[51] - The overall electricity generation for the year decreased by 44.27% to 170,358.37 MWh from 305,663.81 MWh in 2024, with natural gas consumption dropping by 32.03% to 46,498,130 cubic meters[52] - The photovoltaic generation volume for the year ending December 31, 2025, is approximately 1,020 MWh, down from 1,059 MWh in 2024, with sales to the grid increasing to 121.50 MWh from 93 MWh[59] - The natural gas generation volume for the year ending December 31, 2025, is approximately 170,358.37 MWh, a decrease of 44.27% from 305,663.81 MWh in 2024[58] Employee and Workforce - The company’s employee count decreased to 188 as of December 31, 2025, from 291 a year earlier, with total employee compensation amounting to RMB 25,669,000[86]

Financial Performance - The group's revenue for the year ended December 31, 2025, was approximately RMB 4.93 billion, an increase of about 7.7% compared to the previous year[3]. - The loss attributable to the company's owners was approximately RMB 9.19 billion for the year, compared to a loss of RMB 8.31 billion in the previous year[4]. - The gross profit for the year was RMB 603.38 million, down from RMB 748.71 million in the previous year[4]. - The company reported a significant impairment loss of RMB 3,604,500,000 for properties held for sale due to adverse macroeconomic conditions, compared to RMB 2,920,727,000 in 2024[27]. - The total loss for the year ended December 31, 2025, was RMB 9,186,088,000, an increase from RMB 8,311,567,000 in 2024, indicating a worsening financial performance[31]. - The company reported a net loss of RMB 9.4985 billion for the year ending December 31, 2025[40]. - The company’s total operating expenses for 2025 amounted to RMB 790,773,000, down from RMB 830,709,000 in 2024, indicating efforts to control costs[29]. - The company recorded other net income of approximately RMB 197 million in 2025, a significant recovery from a net loss of RMB 712 million in 2024[65]. Assets and Liabilities - The company's total assets decreased to RMB 66.73 billion from RMB 73.21 billion in the previous year[6]. - Current liabilities increased to RMB 80.19 billion from RMB 74.15 billion in the previous year[7]. - As of December 31, 2025, the group's current liabilities amounted to RMB 80,191,816,000, with a net debt of RMB 20,589,097,000[11]. - The group has defaulted on interest-bearing liabilities totaling approximately RMB 43,824,896,000 as of December 31, 2025[11]. - The group has approximately RMB 186.13 billion in borrowings due within one year as of December 31, 2025, compared to RMB 160.41 billion as of December 31, 2024[70]. - The group has a net current liability of approximately RMB 26.36 billion as of December 31, 2025[81]. - As of December 31, 2025, the company had cash and bank balances totaling approximately RMB 1.531 billion, a decrease of 11.2% from RMB 1.724 billion in 2024[69]. Revenue Sources - Total customer contract revenue for the year ending December 31, 2025, was RMB 4,728,107,000, with RMB 1,888,567,000 from property development and RMB 2,790,736,000 from property management services[19]. - Revenue from property development amounted to approximately RMB 1.889 billion in 2025, up 18.6% from RMB 1.593 billion in 2024, attributed to an increase in the area of completed properties delivered[60]. - The company’s revenue from property investment was RMB 197,100,000 for the year ended December 31, 2025, compared to RMB 216,032,000 in 2024, showing a slight decline[24]. - The total contract sales amount for 2025 reached approximately RMB 788 million, with a total sales area of 126,481 square meters[43]. - Residential contract sales accounted for about RMB 720 million, representing 91.3% of the total contract sales amount, with a sales area of 107,798 square meters, or 85.2% of the total area[44]. Financing and Debt Management - The group is actively seeking new financing sources and accelerating asset sales to address upcoming financial obligations and future cash flow needs[12]. - The company plans to optimize its debt structure and push for more projects to enter the whitelist to improve project progress[43]. - The company has appointed a financial advisor for overseas debt restructuring and is in constructive discussions with lenders regarding loan extensions[12]. - The company plans to conduct a rights issue for eligible shareholders of 彩生活股份, offering 1 share for every 4 shares held at a price of HKD 0.165, potentially raising up to HKD 62.80 million[85]. - Following the rights issue, the company's stake in 彩生活股份 will be diluted from approximately 52.44% to about 40.99%[85]. Corporate Governance - The company has adopted and complied with all applicable corporate governance codes as per the listing rules[100]. - The company maintains sufficient public float as required by the listing rules[101]. - The board has adopted the standard code for securities transactions by directors, confirming compliance for the year ending December 31, 2025[102]. - The company emphasizes high levels of corporate governance to protect shareholder interests and ensure management integrity[99]. Future Outlook and Strategic Plans - The group plans to expedite the pre-sale and sale of properties to improve cash flow and adjust sales activities to meet budgeted targets[14]. - The group anticipates significant uncertainty regarding the implementation of its plans due to fluctuations in the mainland property market[13]. - The restructuring plans are significant milestones for implementing the proposed offshore debt restructuring[97].

（股份代號：285） 截至二零二五年十二月三十一日止年度 全年業績公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （根據公司條例於香港註冊成立的有限公司） | 收入 | 1.22% | 至人民幣179,477百萬元 | | --- | --- | --- | | 毛利 | -12.56% | 至人民幣10,757百萬元 | | 母公司擁有人應佔溢利 | -17.61% | 至人民幣3,515百萬元 | | EBITDA | -10.35% | 至人民幣10,453百萬元 | | 每股盈利 | -17.61% | 至人民幣1.56元 | | 擬議末期股息 | | 每股人民幣0.156元 | 摘要 1 • 智能終端零部件業務受客戶需求變化的影響而減少，組裝業務同比增長。 • 新能源汽車產品品類和出貨量均提升，業務保持高速增長。 • 服務器業務穩健增長；聚焦液冷、電源等核心產品，打造AI算力基礎設施增 長新引擎。 財務業績 比亞迪電子（國際）有限公司 ...

Financial Performance - For the year ended December 31, 2025, the group achieved total revenue of approximately RMB 2,097.1 million, representing an increase from RMB 1,951.3 million in 2024, which is a growth of about 7.5%[3] - The gross profit for the year was approximately RMB 417.6 million, slightly up from RMB 410.0 million in 2024, indicating a stable gross margin[3] - Net profit for the year was approximately RMB 41.2 million, compared to RMB 36.1 million in 2024, reflecting an increase of about 14.5%[3] - Basic and diluted earnings per share for the year were both RMB 1.35, up from RMB 1.27 in 2024, representing an increase of about 6.3%[6] - Total comprehensive income for the year amounted to RMB 29.1 million, down from RMB 36.3 million in 2024, indicating a decrease of approximately 19.8%[6] - The company reported a net profit of RMB 18,725 thousand for the year ending December 31, 2025, compared to RMB 20,945 thousand in 2024, reflecting a decrease of about 10.6%[23] - The company incurred a total impairment loss of RMB 95,871 thousand in 2025, up from RMB 59,775 thousand in 2024, representing an increase of approximately 60.4%[24] Assets and Liabilities - The group’s debt-to-asset ratio as of December 31, 2025, was approximately 24.4%, remaining stable compared to 24.3% in 2024[2] - As of December 31, 2025, the group had no interest-bearing debt outstanding, maintaining a strong balance sheet[2] - The group’s total assets as of December 31, 2025, were approximately RMB 4,472.1 million, compared to RMB 4,362.4 million in 2024, showing an increase of about 2.5%[7] - Current liabilities were approximately RMB 1,452.2 million, slightly up from RMB 1,415.3 million in 2024, indicating a rise of about 2.6%[8] - The group’s net asset value as of December 31, 2025, was approximately RMB 4,540.0 million, compared to RMB 4,481.3 million in 2024, reflecting an increase of about 1.3%[8] - Trade receivables amounted to RMB 946.585 million for 2025, slightly up from RMB 933.882 million in 2024, with a net amount of RMB 777.462 million after deducting credit loss provisions[29] - Trade payables decreased to RMB 493.412 million in 2025 from RMB 500.012 million in 2024, with the 0 to 60 days category showing a decline from RMB 240.934 million to RMB 208.441 million[31] Revenue Breakdown - For the year ending December 31, 2025, total revenue from property management services was RMB 2,003,911 thousand, while value-added services contributed RMB 93,144 thousand, resulting in a total revenue of RMB 2,097,055 thousand[17] - Property management service revenue grew by 8.1% in the fiscal year 2025 compared to the previous year, contributing significantly to overall revenue growth[61] - Value-added service revenue decreased by 4.0% to approximately RMB 93.1 million in 2025, down from RMB 97.1 million in 2024[65] Employee and Operational Metrics - The group employed over 25,579 personnel to provide property management and consulting services as of December 31, 2025[50] - The total employee costs for the year ending December 31, 2025, amounted to RMB 634,275 thousand, a slight decrease from RMB 642,951 thousand in 2024[25] - The company had approximately 9,258 employees as of December 31, 2025, a decrease from approximately 10,191 employees on December 31, 2024[90] Strategic Initiatives - The company is focusing on digital transformation and smart community services, leveraging IoT, big data, and AI technologies to enhance operational efficiency and service quality[33] - The company aims to upgrade its service model from labor-intensive to data-driven and intelligent collaboration, enhancing customer experience and operational consistency[34] - The company has launched an AI-driven one-stop service platform, "Kale Cloud Butler," to streamline owner services, improving convenience and service continuity[36] - The company is implementing integrated management and financial processes to enhance efficiency and consistency in accounting and reporting[37] - The company is committed to fostering community engagement through various activities, enhancing relationships among residents and property staff, and building trust for future community consumption scenarios[37] Community and Market Presence - The total contracted management area reached approximately 254.93 million square meters, covering about 1,518 communities across 121 cities in China[47] - The management area in Shenzhen was 4,419 thousand square meters with 74 communities, while the total for South China (excluding Shenzhen) was 43,781 thousand square meters with 317 communities[47] - The total management area in the East China region was 88,213 thousand square meters, with 506 communities[47] - The management area in the Southwest region decreased from 49,498 thousand square meters in 2024 to 33,631 thousand square meters in 2025, with a reduction in community numbers from 237 to 205[47] Governance and Compliance - The company complied with all code provisions of the Corporate Governance Code during the year ended December 31, 2025[101] - The annual performance for the year ending December 31, 2025, has been reviewed by the Audit Committee consisting of three independent non-executive directors[105] - The board did not recommend the payment of a final dividend for the year ended December 31, 2025[96] Future Outlook - The company expects that the application of the new Hong Kong Financial Reporting Standards will not have a significant impact on its financial performance and position, although it may affect the structure and presentation of the consolidated income statement[14] - The company is currently assessing the detailed impact of the new Hong Kong Financial Reporting Standards on its consolidated financial statements[14] - The company plans to expand its value-added service business steadily, focusing on improving project management capabilities and service value[38]

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，概不就因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 - 1 - 2025 年，全球貿易體系遭受嚴重衝擊。美國實施對等關稅損害多邊貿易體制，推高全 球供應鏈成本，並迫使供應鏈向區域化、本土化調整，貿易碎片化風險大幅上升。面 對內需收縮與全球供應鏈重構加速的雙重壓力，加上國際局勢帶來的各種不確定性，本 集團董事會及管理層以長遠視角主動應對。本集團因應國際經濟及貿易形勢的變化優化 營運及管理策略，加強全面風險管控，提升企業管治水平。本集團在堅守網絡遊戲業務 穩定營運及核心優勢的同時，藉助全球數字服務貿易增長，積極應對貿易壁壘帶來的挑 戰，並同步推進與其業務領域相關的金融投資業務各項籌備工作。本集團亦因應國際貨 幣體系持續多元化的趨勢調整投資策略，提升營運及管理效率，為集團穩健發展累積寶 貴經驗及奠定堅實基礎。 財務數據顯示，截至 2025 年 12 月 31 日，本集團實現營業收入約人民幣 155.6 百萬 元，較去年增長 88.4%。受 2025 年全球經濟 ...