Financial Performance - The profit attributable to the owners of the company for the year ended December 31, 2025, was approximately HKD 830 million, a 293% increase from approximately HKD 211 million in 2024[3]. - Revenue for the year ended December 31, 2025, was approximately HKD 2,396 million, a 49% increase from approximately HKD 1,605 million in 2024[3]. - Total comprehensive income for the year ended December 31, 2025, was approximately HKD 950 million, compared to HKD 158 million in 2024[5]. - The group’s net profit for 2025 was HKD 855,183,000, compared to HKD 210,138,000 in 2024, reflecting a growth of 307%[23]. - The group recognized a pre-tax profit of HKD 1,045,335,000 in 2025, compared to HKD 307,017,000 in 2024, an increase of 241%[31]. - Other income increased to HKD 8,368,000 in 2025 from HKD 4,000,000 in 2024, marking a rise of 109%[28]. - The company's profit attributable to shareholders increased by 293% from approximately HKD 211 million in 2024 to approximately HKD 830 million in 2025[47]. Earnings and Dividends - Basic earnings per share for 2025 were HKD 0.1881, compared to HKD 0.0519 for 2024[5]. - The proposed final dividend for the year ended December 31, 2025, is HKD 0.032 per share, reflecting the company's confidence in its performance[3]. - The proposed final dividend per share for 2025 is HKD 0.032, compared to HKD 0.012 for 2024, representing a 167% increase[35]. - The board proposed a final dividend for the fiscal year 2025, marking the second consecutive year of dividend distribution following the first in 2024[51]. Revenue and Sales - Gold sales volume increased from approximately 2.22 tons in 2024 to approximately 2.96 tons in 2025[3]. - The Group's gold mining business generated revenue of approximately HKD 2,396,218,000 for the year ending December 31, 2025, compared to HKD 1,302,774,000 in the previous year, representing an increase of 84.5%[22]. - Revenue from gold mining operations reached HKD 2,396,218,000 in 2025, up from HKD 1,302,774,000 in 2024, indicating an increase of 84%[23]. - The average selling price of mined gold increased from approximately RMB 540 per gram in 2024 to RMB 747 per gram in 2025[63]. Assets and Liabilities - Non-current assets increased from approximately HKD 4,131 million in 2024 to approximately HKD 5,341 million in 2025[6]. - The company's net asset value increased from approximately HKD 2,619 million in 2024 to approximately HKD 4,173 million in 2025[7]. - Total liabilities increased from HKD 790,882,000 in 2024 to HKD 908,402,000 in 2025, with other payables and accrued expenses rising to HKD 692,169,000[42]. - The company's total assets and net assets as of December 31, 2025, were approximately HKD 6,528,569,000 and HKD 4,173,236,000, respectively, compared to HKD 4,593,704,000 and HKD 2,618,967,000 in 2024[66]. Cash Flow and Financial Position - Cash and cash equivalents rose significantly from approximately HKD 172 million in 2024 to approximately HKD 638 million in 2025[6]. - The company's cash flow forecast for the next 12 months has been prepared, indicating sufficient financial resources to meet operational capital requirements and financial obligations[16]. - The company's debt decreased to approximately HKD 477,215,000 as of December 31, 2025, from HKD 530,596,000 in 2024, reflecting sufficient funds for daily operations[66]. - The company had no outstanding promissory notes as of December 31, 2025, compared to approximately HKD 75,710,000 in 2024[67]. Operational Developments - The company completed the acquisition of Huasheng Construction Investment Co., Ltd. in January 2025 and Longxin Construction Development Co., Ltd. in January 2026, enhancing production processes and safety standards[48]. - The company acquired Jinxing Mining Co., Ltd. in August 2025, securing exploration permits in key areas, further consolidating its strategic position[48]. - The company plans to convert exploration permits into mining permits and apply for necessary production and safety permits, focusing on Tongguan County, with substantial progress expected in 2026[50]. - The group issued and allotted 800,000,000 ordinary shares to acquire 100% equity of Rongchang Investment Co., Ltd. on November 7, 2025[74]. Employee and Administrative Costs - Total employee costs rose to HKD 121,188,000 in 2025 from HKD 64,516,000 in 2024, a growth of 88%[31]. - Administrative and other expenses increased by approximately HKD 36,350,000 to about HKD 169,982,000 in 2025, primarily due to increased personnel costs[57]. - The group employed approximately 12 employees in Hong Kong and 756 in mainland China as of December 31, 2025[78]. Corporate Governance and Compliance - The company has adopted corporate governance policies in line with established best practices, ensuring compliance with the relevant listing rules[81]. - The audit committee, composed of independent non-executive directors, reviewed the group's consolidated financial performance for the year ending December 31, 2025[85]. - The company did not repurchase any of its listed securities during the year ending December 31, 2025[80].

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 1,511,904, a decrease of 7.4% compared to HKD 1,632,532 in 2024[3] - Gross profit decreased by 12.9% to HKD 325,245 from HKD 373,205 in the previous year[3] - Profit attributable to owners of the company fell by 50.9% to HKD 34,724, down from HKD 70,744 in 2024[3] - Basic and diluted earnings per share decreased to HKD 6.91 from HKD 14.08 in 2024[5] - The company's gross margin was 21.5%, down from 22.9% in the previous year[3] - Operating profit margin decreased to 4.0% from 6.4% in 2024[3] - Net profit margin declined to 2.3% from 4.3% in 2024[3] - The company reported a total comprehensive income of HKD 49,770,000 for the year ended December 31, 2025, compared to HKD 92,094,000 in 2024, showing a significant decline[24] Assets and Liabilities - Total assets less current liabilities amounted to HKD 300,773, a decrease from HKD 410,898 in 2024[6] - Current liabilities exceeded current assets by approximately HKD 179,314,000 as of December 31, 2025[11] - The total assets for the reportable segments were HKD 730,501,000 as of December 31, 2025, down from HKD 759,831,000 in 2024[24] - The total liabilities for the reportable segments were HKD 531,363,000 in 2025, compared to HKD 567,257,000 in 2024, reflecting a decrease in liabilities[24] - The bank borrowings as of December 31, 2025, amounted to HKD 218,692,000, down from HKD 269,470,000 in 2024[44] Revenue Breakdown - The reported segment revenue for the travel-related business was HKD 1,355,551,000, while the hotel business generated HKD 167,412,000, totaling HKD 1,511,904,000 for the year ended December 31, 2025[22] - Revenue from external customers in Hong Kong and Macau was HKD 1,348,825,000 in 2025, down from HKD 1,501,265,000 in 2024[25] - Revenue from Japan increased to HKD 163,079,000 in 2025 from HKD 131,267,000 in 2024, indicating growth in this market[25] - Revenue from tour groups decreased to HKD 1,292,368 in 2025 from HKD 1,430,068 in 2024, representing a decline of 9.7%[28] - Revenue from hotel room rentals and related services increased to HKD 156,353 in 2025, up 25.2% from HKD 124,894 in 2024[28] Dividends - The company plans to pay a special dividend of HKD 0.06 per share and a final dividend of HKD 0.035 per share, pending shareholder approval[37] - The company declared a special dividend of HKD 0.06 per share on January 20, 2025, compared to HKD 0.07 per share in the previous year[95] - The board proposed a final dividend of HKD 0.035 per share, subject to shareholder approval at the annual general meeting on May 29, 2026[96] - The total amount for the proposed final dividend is approximately HKD 17.6 million, based on 502,450,000 shares issued[96] Operational Challenges - The company faced challenges due to geopolitical tensions and a significant drop in travel to Japan, impacting its tourism-related business[10] - The company anticipates that its travel-related business will gradually recover to normal levels starting from Q1 2026, supported by the recovery of the Japanese tourism industry[13] Financial Management - The company is evaluating the potential impact of new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective[18] - The financial data is prepared based on the assumption of the company's ability to continue as a going concern, supported by cash flow forecasts for the period ending June 30, 2027[11] - The company has adopted revised Hong Kong Financial Reporting Standards effective from January 1, 2025, which are not expected to have a significant impact on its financial data[15] Employee and Operational Metrics - The total number of employees as of December 31, 2025, is 441, a slight decrease from 447 as of December 31, 2024[85] - The average hotel occupancy rate for the Osaka hotel was 91.1%, up from 84.9% in 2024, while the Okinawa hotel achieved 93.8% occupancy[55] Future Outlook - The group expresses a cautiously optimistic outlook for business prospects in 2026, despite potential impacts from geopolitical tensions in the Middle East[88] - The group plans to enhance brand awareness and diversify its product offerings while adopting precision technology for digital transformation[86]

Financial Performance - The company reported a total revenue of HKD 968.8 million for the year ended December 31, 2025, a decrease of 6.0% from HKD 1,031.1 million in 2024[10]. - The core profit attributable to shareholders was HKD 126 million, up from HKD 92 million in the previous year, resulting in a core earnings per share of HKD 0.09 compared to HKD 0.07 in 2024[3]. - The company recorded a net loss attributable to shareholders of HKD 1,713.7 million, improving from a loss of HKD 2,559.5 million in 2024, with a loss per share of HKD 1.26 compared to HKD 1.89 in the previous year[10]. - The company reported a loss of HKD 1,692.5 million for the year ended December 31, 2025, compared to a loss of HKD 2,576.0 million in 2024, indicating an improvement of approximately 34.4%[11]. - Total comprehensive loss for the year was HKD 1,632.0 million, a decrease from HKD 2,585.4 million in the previous year, reflecting a reduction of about 37%[11]. - The operating loss for the year was HKD 1,584.1 million, compared to a loss of HKD 1,900.3 million in the previous year[22]. - The company reported a net operating loss of HKD 296.9 million for 2025, compared to HKD 301.1 million in 2024, indicating a slight improvement[29]. - The total income tax expense for 2025 was HKD 32.2 million, down from HKD 54.4 million in 2024, indicating a 41% decrease[31]. - The company recognized an impairment provision of HKD 426.5 million for financial investments[22]. - The company recorded a loss of HKD 220.4 million from joint ventures, contributing to the overall financial performance[22]. Revenue Breakdown - Property development revenue was HKD 256.0 million, while property investment and management generated HKD 528.7 million, and serviced apartment investment and management contributed HKD 156.8 million[21]. - External sales from property investment and management increased to HKD 517.2 million in 2025 from HKD 560.1 million in 2024[21]. - The property development segment reported revenue of HKD 253 million, down from HKD 325 million in 2024, with a core loss before tax of HKD 124 million compared to HKD 15 million in 2024[48]. - The investment and management segment's revenue was HKD 517 million, a decrease from HKD 560 million in 2024, while core profit before tax increased to HKD 337 million from HKD 320 million[53]. - The revenue from serviced apartment investment and management for 2025 was HKD 157 million, up from HKD 86 million in 2024[59]. Asset and Liability Management - The company's non-current assets decreased to HKD 22,912.6 million in 2025 from HKD 24,418.3 million in 2024, representing a decline of approximately 6.2%[12]. - Current assets increased slightly to HKD 6,764.4 million in 2025 from HKD 6,667.2 million in 2024, showing a growth of about 1.5%[12]. - The company's total liabilities decreased from HKD 5,809.3 million in 2024 to HKD 6,057.9 million in 2025, an increase of approximately 5.3%[13]. - Shareholders' equity decreased to HKD 20,016.1 million in 2025 from HKD 21,749.3 million in 2024, a decline of about 8.0%[13]. - Total assets as of December 31, 2025, amounted to HKD 29,677.0 million, a decrease from HKD 31,085.5 million in 2024[23]. - The total bank and other borrowings amounted to HKD 7.103 billion as of December 31, 2025, compared to HKD 6.826 billion as of December 31, 2024[63]. - The debt ratio increased to 22.1% as of December 31, 2025, from 19.1% as of December 31, 2024[63]. Dividend and Shareholder Returns - The company declared a final dividend of HKD 0.04 per share, maintaining the total dividend for the year at HKD 0.07 per share, consistent with the previous year[4]. - The interim dividend declared for 2025 was HKD 3.0 cents per share, consistent with the previous year, totaling HKD 41.0 million[39]. - Basic loss per share for 2025 was HKD 1.26, an improvement from HKD 1.89 in 2024[33]. Property Development and Management - The residential project "UNI Residence" achieved a sales rate of 66% since its pre-sale launch in May 2025[4]. - The "Central Crossing" mixed-use development project in Central is expected to be completed in 2026, integrating premium office space, a luxury hotel, and retail space[5]. - The "OMA OMA" project has sold approximately 99% of its residential units as of December 31, 2025, with about 3% delivered to buyers[49]. - The "Central Crossing" project, in which the group holds a 50% interest, is set to be completed in 2026 and will feature a luxury hotel and retail spaces[51]. - The "UNI Residence" project has achieved a sales rate of 66% since its pre-sale began in May 2025, with construction ongoing[52]. Market Outlook and Strategy - The group anticipates a recovery in the Hong Kong residential property market in 2026, driven by strong demand from users and investors, as well as continued inflow of talent and capital from mainland China[71]. - The group is focused on the presale of projects "Cloud" and "UNI Residence," which are expected to attract first-time buyers and young families due to their favorable locations[71]. - The number of visitors to Hong Kong is projected to reach 50 million in 2025, a 12% year-on-year increase, which is expected to support hotel occupancy rates[73]. - The group maintains a cautious optimism regarding the Hong Kong real estate market, supported by stable investment sentiment and favorable policy changes despite external volatility[73]. - The group emphasizes maintaining a robust financial position and a diversified asset portfolio as a priority for long-term growth[73]. Corporate Governance and Social Responsibility - The group has implemented various corporate social responsibility initiatives to contribute to community prosperity, including food donation events and recycling programs[78][81]. - The group has established an environmental policy for its business operations, with details available in the 2025 Environmental, Social, and Governance report[79]. - The group is committed to complying with all relevant regulations regarding property construction, sales, management, and employee training[80]. - The group has adhered to the corporate governance code principles and applicable provisions as per the listing rules during the fiscal year ending December 31, 2025[84]. - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2025, including the accounting principles adopted by the group[85]. Employee and Operational Insights - The group employed approximately 480 employees as of December 31, 2025, providing comprehensive compensation and benefits plans based on market standards and individual performance[77]. - The company incurred total employee costs of HKD 296.9 million in 2025, slightly lower than HKD 301.1 million in 2024[29]. - The company’s cash flow from operations and liquidity position will be closely monitored following the recent asset sales and ongoing market conditions[41].

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 6,810.0 million, an increase of 18.5% from RMB 5,745.3 million in 2024[3] - Gross profit rose to RMB 1,353.3 million, up 32.8% from RMB 1,019.4 million, with a gross margin increase from 17.7% to 19.9%[8] - Net profit increased by 109.5% to RMB 428.3 million, compared to RMB 204.4 million in the previous year[8] - Adjusted net profit reached RMB 560.4 million, a 60.3% increase from RMB 349.5 million, with an adjusted net profit margin rising from 6.1% to 8.2%[8] - The group's annual profit increased from RMB 204.4 million in 2024 to RMB 428.3 million in 2025, representing a growth of 109.0%[33] - Adjusted net profit (non-IFRS measure) rose by 60.3% from RMB 349.5 million in 2024 to RMB 560.4 million in 2025, with an adjusted net profit margin increasing from 6.1% to 8.2%[35] - The net profit attributable to equity shareholders for the year was RMB 428.29 million, compared to RMB 204.37 million in 2024, marking a 109.8% increase[54] Revenue Breakdown - Revenue for rice products increased by 18.4% to RMB 4,755.1 million in 2025, compared to RMB 4,014.5 million in 2024, driven by enhanced brand influence and multi-channel sales growth[15] - Revenue from corn products decreased by 9.2% to RMB 740.4 million in 2025, down from RMB 815.1 million in 2024, due to strategic adjustments in marketing[15] - Revenue from grains, beans, and other products rose by 36.0% to RMB 638.7 million in 2025, compared to RMB 469.5 million in 2024, attributed to new product development[15] - Revenue from dried goods and other products surged by 51.5% to RMB 675.9 million in 2025, up from RMB 446.2 million in 2024, due to increased sales and prices of by-products[15] - Online channel revenue accounted for a significant portion of total revenue, increasing by 10.7% to RMB 3,983.8 million in 2025[19] - Revenue from e-commerce platforms rose by 7.3% to RMB 2,559.2 million in 2025, compared to RMB 2,384.0 million in 2024[19] - Revenue from direct customers increased by 48.5% to RMB 1,231.8 million in 2025, reflecting efforts in customer expansion and increased corporate procurement[19] - The modern supermarket channel generated revenue of RMB 1,208.3 million in 2025, a 19.2% increase from RMB 1,013.3 million in 2024[19] Operational Efficiency - The company aims to enhance its multi-channel sales coverage and improve service quality and operational efficiency to build a valuable food brand in China[7] - The company is focusing on expanding its product matrix and sales network while strengthening supply chain management capabilities to meet diverse consumer demands[8] - The company is committed to digitalization and systematic construction to improve operational efficiency and management levels across the supply chain[7] - The company has established seven modern production bases in six core grain-producing regions of China by December 31, 2025[21] - Over 30 automated production lines have been put into operation as of December 31, 2025, enhancing production efficiency[22] - The company employs a diversified supply strategy to ensure stable raw material quality, including long-term partnerships with suppliers and self-cultivation of premium crops[20] Expenses and Costs - Sales and distribution expenses rose by 24.8% to RMB 641.0 million in 2025 from RMB 513.8 million in 2024, driven by increased operational costs associated with a higher number of self-operated stores[27] - Administrative expenses increased slightly from RMB 148.2 million in 2024 to RMB 149.9 million in 2025, remaining stable overall[28] - Financial costs decreased by 6.0% to RMB 12.6 million in 2025 from RMB 13.4 million in 2024, mainly due to a reduction in average borrowings[30] - The company held financial assets measured at fair value, resulting in a loss of RMB 142.7 million in 2025, primarily from strategic investments in listed companies[31] - The total cost of materials amounted to RMB 1,479,670 thousand in 2025, a significant increase from RMB 870,041 thousand in 2024, reflecting a growth of approximately 69.9%[82] Assets and Liabilities - The group's total assets as of December 31, 2025, were RMB 3,886.86 million, an increase from RMB 3,633.52 million in 2024[56] - The total liabilities increased to RMB 1,380.21 million from RMB 980.30 million in 2024, reflecting a 40.7% increase[55] - Bank loans increased by 55.0% from RMB 645.5 million as of December 31, 2024, to RMB 1,000.7 million as of December 31, 2025, primarily due to increased procurement needs[42] - The capital-to-debt ratio rose from 23.0% in 2024 to 27.7% in 2025, reflecting an increase in debt to meet operational needs[43] - Cash and bank balances decreased by 39.8% from RMB 713.0 million in 2024 to RMB 429.4 million in 2025, mainly due to increased raw material procurement[41] Dividends and Shareholder Returns - The board proposed a final dividend of RMB 0.32 per share, totaling approximately RMB 338.5 million, which is 60.4% of the adjusted net profit for the year[4] - The proposed final dividend for 2025 is RMB 0.32 per share, totaling approximately RMB 338.5 million, which is about 60.4% of the adjusted net profit for the year[89] Employee and Governance - The company had 2,425 full-time employees as of December 31, 2025, with most located in Shenyang, Wuchang, and Beijing[92] - The company plans to enhance its performance and compensation structure in 2025 to better motivate and manage employees[91] - The board of directors includes both executive and independent non-executive directors, ensuring diverse governance[104] - The audit committee consists of three independent non-executive directors, who have reviewed the accounting policies and the consolidated financial statements for the year ending December 31, 2025[97] Future Plans and Investments - The company plans to allocate 10% (HKD 71.64 million) for deepening channel coverage and building a sales ecosystem, and another 10% (HKD 71.64 million) for enhancing brand potential by the end of 2025[94] - A total of 5% (HKD 35.82 million) is designated for building a digital platform system, with a revised timeline extending to the end of 2027[94] - The company has no plans for major investments or capital asset acquisitions beyond those disclosed in the prospectus[53]

Financial Performance - For the year ended December 31, 2025, the total revenue was approximately RMB 566.9 million, an increase of about RMB 100.9 million or approximately 21.7% compared to RMB 466.0 million for the year ended December 31, 2024[4] - The net loss for the year ended December 31, 2025, was approximately RMB 49.3 million, a decrease from a net loss of approximately RMB 63.5 million for the year ended December 31, 2024[4] - The basic and diluted loss per share for the year ended December 31, 2025, was approximately RMB 24.69, compared to RMB 32.33 for the year ended December 31, 2024[4] - The gross profit for the year ended December 31, 2025, was RMB 65.6 million, compared to RMB 57.4 million for the year ended December 31, 2024[5] - Revenue from customer contracts for the year 2025 was RMB 566,929,000, an increase of 21.6% from RMB 466,031,000 in 2024[23] - Sales of goods contributed RMB 338,838,000 to total revenue, up from RMB 263,811,000 in 2024, representing a growth of 28.5%[23] - Service revenue increased to RMB 228,091,000 in 2025 from RMB 202,220,000 in 2024, reflecting a growth of 12.8%[23] - The group reported a pre-tax loss of RMB 49,345,000 for 2025, compared to a loss of RMB 63,549,000 in 2024, indicating a reduction in losses by approximately 22.3%[31] Assets and Liabilities - The total current assets as of December 31, 2025, were RMB 540.1 million, an increase from RMB 449.2 million as of December 31, 2024[7] - The total liabilities as of December 31, 2025, were RMB 542.5 million, compared to RMB 469.6 million as of December 31, 2024[8] - The company’s total assets less current liabilities as of December 31, 2025, were RMB 224.7 million, compared to RMB 222.1 million as of December 31, 2024[7] - The company’s equity attributable to owners of the parent as of December 31, 2025, was RMB 165.2 million, a decrease from RMB 212.4 million as of December 31, 2024[8] - Total liabilities, including bank loans and other borrowings, amounted to approximately RMB 256,878,000, while cash and cash equivalents were about RMB 48,182,000[15] Cash Flow and Financing - The cash and cash equivalents at the end of the year were RMB 48.2 million, a decrease from RMB 85.5 million at the end of the previous year[9] - The company reported a net cash outflow from operating activities of RMB 63.6 million for the year ended December 31, 2025, compared to a net cash inflow of RMB 7.6 million for the year ended December 31, 2024[9] - The group is negotiating with banks to ensure continued access to financing and is arranging for the extension of revolving loans amounting to approximately RMB 151,252,000[16] - Financing costs for the year were RMB 12,855,000, slightly down from RMB 13,303,000 in 2024[24] - The group recorded a net tax credit of approximately RMB 8.5 million for the year, compared to RMB 3.0 million in 2024, primarily due to deferred tax credits from the amortization of intangible assets and the reversal of excess tax provisions from prior years[62] Operational Efficiency - The cost of goods sold increased to RMB 499,811,000 in 2025 from RMB 406,772,000 in 2024, reflecting a rise of about 22.8%[25] - The impairment of goodwill rose significantly to RMB 23,488,000 in 2025 from RMB 8,483,000 in 2024, marking an increase of approximately 176.5%[25] - The group’s research and development costs were RMB 19,455,000 in 2025, down from RMB 22,465,000 in 2024, a decrease of about 13.4%[25] - The group’s total employee benefits expenses remained relatively stable at RMB 74,374,000 in 2025 compared to RMB 74,660,000 in 2024, a slight decrease of 0.4%[25] - The group reduced administrative expenses by approximately RMB 4.3 million or 6.9% to about RMB 57.7 million, primarily due to a decrease in R&D costs[58] Market and Strategic Developments - The company faced challenges due to geopolitical uncertainties and market volatility but successfully expanded its revenue sources through alliances with technology giants[49] - The group has expanded its customer base by entering new sectors such as renewable energy and biotechnology, enhancing market resilience[50] - The group has been appointed as a gold partner of Huawei, allowing it to offer a comprehensive range of IT products and solutions[50] - The group has successfully expanded its business into the Middle East, providing IT system integration services for a major Lenovo super factory[51] - The group plans to continue exploring international markets and actively pursue business opportunities, particularly in the Asia-Pacific region, while implementing strict expenditure controls to manage risks associated with economic and political conditions[77] Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has confirmed compliance by all directors for the current year[80] - The audit committee has reviewed the group's annual performance and consolidated financial statements for the year[82] - The company maintains a public float of at least 25% of its issued shares as required by listing rules[84] - The audit committee consists of three independent non-executive directors, ensuring adequate representation of shareholder interests[81] - The company plans to publish its annual report, which will include all applicable information as per listing rules, on the stock exchange and its website[85]

Financial Performance - The company reported a revenue of approximately RMB 3,467.9 million for the year ended December 31, 2025, representing a decrease of 5.9% compared to RMB 3,683.8 million in 2024[5]. - Gross profit increased by 29.2% to RMB 634.3 million in 2025, up from RMB 491.0 million in 2024[6]. - The net loss attributable to the company's owners was approximately RMB 750.6 million, a significant reduction of 40.9% from RMB 1,269.3 million in the previous year[5]. - Cash EBITDA for the year was RMB 708.7 million, marking a 38.1% increase from RMB 513.3 million in 2024[5]. - The company reported a pre-tax loss of RMB 731,488 for 2025, compared to a pre-tax loss of RMB 1,250,511 in 2024[29]. - The company reported a net loss of RMB 750.6 million for the year ended December 31, 2025, compared to a net loss of RMB 1,269.3 million in 2024, representing a 40.8% improvement[73]. - Cash flow forecasts for the next twelve months have been reviewed, and the board believes the group will have adequate working capital to meet its financial obligations[15]. Production and Operations - The average annual milk production per cow reached a record high of 14.1 tons, reflecting a 0.7% increase from 14.0 tons in 2024[6]. - The total raw milk production reached 40.91 million tons in 2025, representing a year-on-year growth of 0.3%[42]. - The company operates 11 large-scale modern dairy farms with a total cow inventory of 112,172 heads as of December 31, 2025, down from 122,251 heads in 2024[49]. - The beef business recorded a turnaround in gross margin from negative to positive due to decreased feed costs and increased selling prices[52]. - The company has successfully implanted 21,689 in vitro fertilization embryos in the reporting year, enhancing its breeding program[54]. Assets and Liabilities - The company's total assets decreased to RMB 8,835.1 million from RMB 9,872.1 million in 2024[9]. - Current liabilities decreased to RMB 3,058.9 million from RMB 3,642.1 million in 2024, indicating improved liquidity[10]. - The company's equity attributable to owners decreased to RMB 3,335.3 million from RMB 3,807.5 million in 2024[10]. - As of December 31, 2025, the group's net current liabilities amounted to approximately RMB 905 million, with total bank borrowings of RMB 2,925 million, of which RMB 1,875 million is due within one year[14]. - The company’s capital debt ratio as of December 31, 2025, is 131%, slightly up from 130% in 2024, with total debt amounting to RMB 4,355.3 million[83]. Market and Industry Trends - The national stock of Holstein cows decreased by 3% to approximately 5.9 million heads in 2025, compared to 6.1 million heads in 2024[42]. - The Ministry of Agriculture and Rural Affairs issued policies to enhance the quality of the dairy industry, focusing on facility upgrades and green breeding technologies[43]. - By 2030, the per capita consumption of dairy products in China is expected to reach 47 kg, indicating a growth potential of 16.1% from 40.5 kg in 2024[43]. - The national average wholesale price for live cattle was RMB 27.54 per kilogram in 2025, a decrease of 1.0% year-on-year, showing a significant narrowing of the decline compared to 20.0% in 2024[45]. Financial Management and Strategy - The board has implemented measures to improve liquidity, including increasing the production and quality of raw milk and negotiating better sales prices with customers[14]. - The group is actively pursuing financing measures to ensure sufficient funding from financial institutions and shareholders in the foreseeable future[17]. - The company plans to upgrade its beef business and expand high-end sales channels, capitalizing on the growing demand for high-quality beef products in China[89]. - The company aims to enhance its genetic breeding technology and feed operations to improve internal integration and operational efficiency[90]. - The company is committed to maintaining its leading position in China's dairy and beef farming sectors through effective cost management and genetic improvement programs[92]. Shareholder and Governance - The board decided not to recommend a final dividend for the year ending December 31, 2025[102]. - The independent auditor confirmed that the financial statements accurately reflect the company's financial position as of December 31, 2025[110]. - The audit committee has been established in accordance with Listing Rule 3.21 and is responsible for reviewing and supervising the group's financial reporting procedures and internal control systems[112]. - The company expresses gratitude to shareholders, customers, and business partners for their support, acknowledging the contributions of management and employees to the group's ongoing development[114].

Financial Performance - Revenue decreased by 2.1% to HKD 471.3 million for the year ended December 31, 2025, compared to HKD 481.6 million in 2024[3] - The loss for the year was HKD 259.6 million, an improvement from a loss of HKD 340.2 million in 2024, including a fair value loss on investment properties of HKD 241.1 million[3][4] - Basic loss per share improved to HKD 0.90 from HKD 1.16 in the previous year[4] - The group recorded a basic loss of HKD 18.4 million after excluding fair value losses on investment properties, compared to HKD 39.0 million in 2024[3] - The company reported a total loss of HKD 259,582,000 for the year ending December 31, 2025, compared to a loss of HKD 340,186,000 for the year ending December 31, 2024[20] - Basic loss for the year was HKD 257.6 million, compared to HKD 333.4 million in 2024, with no potential dilution effect from ordinary shares[26] - The group recorded a consolidated loss of HKD 259.6 million for the year, compared to a loss of HKD 340.2 million in 2024, with a loss per share of HKD 0.90[31] Revenue Breakdown - The group's revenue from external customers for the year 2025 was HKD 471,304,000, a decrease of 2.6% from HKD 481,554,000 in 2024[16] - Revenue from investment properties was HKD 309,624,000 in 2025, down from HKD 322,219,000 in 2024, reflecting a decline of 3.9%[16] - The hotel operations segment generated revenue of HKD 86,130,000 in 2025, an increase of 4.9% compared to HKD 82,111,000 in 2024[16] - Total revenue for the year ending December 31, 2025, is HKD 471,304,000, with HKD 422,668,000 from Hong Kong and HKD 48,636,000 from the USA[19] Assets and Liabilities - Total assets decreased to HKD 11,272.7 million from HKD 11,533.1 million in 2024[6] - Non-current assets, including investment properties, decreased to HKD 9,078.9 million from HKD 9,294.9 million[6] - Current liabilities increased to HKD 2,113.4 million from HKD 643.1 million in 2024, primarily due to short-term bank loans[7] - Total liabilities as of December 31, 2025, were HKD 3,016,455,000, with HKD 2,847,837,000 from Hong Kong and HKD 168,618,000 from the USA[19] - Total equity amounted to HKD 8,256.3 million, down from HKD 8,541.2 million in 2024[32] Dividends - Proposed final dividend of HKD 0.05 per ordinary share, unchanged from 2024[3] - Interim dividends paid were HKD 8.63 million (HKD 0.03 per share) in 2025, down from HKD 11.51 million (HKD 0.04 per share) in 2024[27] - The proposed final dividend is HKD 0.05 per share for the fiscal year ending December 31, 2025, totaling HKD 0.08 per share for the year, compared to HKD 0.09 per share in 2024[55] Financial Resources and Funding - The group has secured new loan financing totaling HKD 1,970.4 million for refinancing and future funding needs[9] - The group believes it has sufficient financial resources to meet operational needs and repay maturing debts[9] - Total bank borrowings increased by HKD 17.7 million to HKD 2,647.4 million as of December 31, 2025, compared to HKD 2,629.7 million in 2024[39] - The net debt-to-equity ratio as of December 31, 2025, is 32.1%, compared to 30.8% in 2024[39] Accounting Standards and Reporting - The group is evaluating the impact of adopting HKFRS 18, which is expected to change the presentation of the income statement but will not affect the profit attributable to shareholders[13] - The group anticipates that the adoption of new accounting standards will not have a significant impact on its financial performance and position[13] - The group will adopt new accounting standards effective from January 1, 2026, including HKFRS 9 and HKFRS 7, which will enhance financial reporting transparency[11] - The group confirmed that there were no sales between operating segments[18] - The group’s management performance indicators will be disclosed separately in the financial statements to improve comparability[14] Operational Performance - Hotel room revenue and dining revenue increased to HKD 106.1 million, up HKD 4.2 million or 4.2% from the previous year[37] - Average occupancy rates for the hotels were 87.0% and 93.4% for the year, compared to 81.2% and 94.0% in 2024, respectively[37] - Total rental income for Montgomery Plaza in the current year is HKD 48.6 million, a decrease of HKD 8.7 million or 15.1% compared to last year[38] - As of December 31, 2025, the office occupancy rate for Montgomery Plaza is 50%, down from 55% in 2024[38] Employment and Investments - The company employed 267 full-time employees as of December 31, 2025, an increase from 261 in 2024[49] - The company has no major investments or acquisitions during the year ended December 31, 2025[51] - The company continues to modernize its real estate portfolio and will closely monitor economic developments[52] Audit and Governance - The auditor, PwC, confirmed that the preliminary results align with the audited financial statements for the year ending December 31, 2025[58] - The audit committee reviewed the group's key accounting policies and consolidated financial statements for the fiscal year ending December 31, 2025, in the presence of the external auditor[59] - The annual report for the fiscal year 2025 will be available on the stock exchange website and the company's website[60] Meeting and Governance - The annual general meeting is scheduled for May 22, 2026, with a record date for shareholders to attend and vote set for the same day[56][57]

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。 亞洲策略數字科技控股有限公司 Asia Strategy Digit Technology Holdings Limited （於開曼群島註冊成立的有限公司） （前稱中國集成控股有限公司） （股份代號：1027） 截至二零二五年十二月三十一日止年度之全年業績公告之 補充公告 茲提述亞洲策略數字科技控股有限公司（「本公司」）於二零二六年三月二十六日 刊發的截至二零二五年十二月三十一日止年度之全年業績（「二零二五年全年業 績」）。除另有界定者外，本公告所用詞彙與二零二五年全年業績所載者具有相同 涵義。 除二零二五年全年業績所提供的資料外，董事會謹此向本公司股東及潛在投資者 提供以下補充資料。 審核委員會 本公司截至二零二五年十二月三十一日止年度的業績公告已由審核委員會審閱， 審核委員會認為該等業績的編製符合適用的會計準則及規定，並已作出充分披露。 上述補充資料並不影響二零二五年全年業績所載的其他資料。除上文所 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 4,724,061,000, an increase of 11.8% from HKD 4,241,331,000 in 2024[4] - Gross profit decreased to HKD 580,716,000, down 30.8% from HKD 839,953,000 in the previous year[4] - The company reported a net loss of HKD 394,252,000 for 2025, compared to a profit of HKD 21,259,000 in 2024[4] - Basic and diluted loss per share was HKD 0.43, compared to HKD 0.005 in the previous year[4] - The group reported a pre-tax loss of HKD (206,537) in 2025, compared to a profit of HKD 185,041 in 2024, showing a substantial decline in profitability[10] - The group’s net loss for the year 2025 was HKD (394,252), compared to a profit of HKD 21,259 in 2024, indicating a significant downturn in financial performance[10] - The group recorded a loss attributable to shareholders of HKD 343,800,000 for 2025, compared to a net loss of HKD 4,000,000 in 2024[31] Assets and Liabilities - Total assets increased to HKD 23,713,568,000 from HKD 18,937,659,000 in 2024, reflecting a growth of 25.5%[6] - The company’s total liabilities increased to HKD 23,293,387,000 from HKD 18,108,103,000, an increase of 28.5%[6] - The net asset value per share decreased to HKD 0.87 from HKD 1.26 in 2024, a decline of 30.9%[4] - Total assets for the group in 2025 amounted to HKD 23,713,568, up from HKD 18,937,659 in 2024, reflecting an increase of approximately 25.4%[12] - The total liabilities for the group in 2025 were HKD 23,259,387, compared to HKD 18,108,103 in 2024, marking an increase of about 28.5%[12] Cash and Investments - Cash and bank balances rose significantly to HKD 3,247,656,000, up from HKD 950,914,000 in 2024, marking a 241.5% increase[6] - The value of investment properties increased to HKD 488,346,000 from HKD 344,645,000, a rise of 41.8%[6] - The group had no rental income from investment properties in 2025, compared to HKD 15,700,000 in 2024[33] - The group recognized a revaluation gain of HKD 1,900,000 on its investment property portfolio in 2025, down from HKD 3,700,000 in 2024[31] Revenue Segments - In 2025, the property development segment generated revenue of HKD 4,724,061, an increase from HKD 4,224,465 in 2024, representing a growth of approximately 11.8%[10] - The group's property sales revenue increased by 11.8% from HKD 4,224,500,000 in 2024 to HKD 4,724,100,000 in 2025[31] - The total contract sales amount for the year 2025 was approximately HKD 7,500,200,000, significantly up from HKD 2,280,700,000 in 2024[32] Operational Insights - The adjusted loss for the property development segment in 2025 was HKD (64,618), compared to a profit of HKD 308,796 in 2024, indicating a significant decline in performance[10] - Interest expenses in 2025 totaled HKD 865,298, down from HKD 1,247,474 in 2024, representing a decrease of approximately 30.5%[16] - Capital expenditures in 2025 totaled HKD 136,625, a rise from HKD 71,091 in 2024, indicating a growth of approximately 92.2%[10] Employee and Governance - As of December 31, 2025, the group employed 454 staff members and regularly reviews employee compensation and benefits[41] - The board of directors includes executive directors Huang Yun, Liu Jie, and Li Li, as well as independent non-executive directors Lu Yujing, Liang Yuming, and Lai Degang[48] Future Outlook - The group anticipates continued economic challenges globally, with expectations of interest rate cuts to stimulate growth, particularly in mainland China[39] - The real estate market in mainland China is expected to recover gradually, supported by government policies aimed at revitalizing this critical sector[40] - In the UK, economic growth will depend on further interest rate cuts and global geopolitical conditions, with the real estate market's outlook remaining uncertain[40] - The group will adopt a prudent and proactive approach to business operations and development, focusing on opportunities in stable economic environments[40] Dividend Policy - The company did not declare any final dividend for the year ended December 31, 2025[4] - The group did not recommend the payment of a final dividend for the year ending December 31, 2025, consistent with 2024[21] Shareholder Information - The company did not purchase, sell, or redeem any of its shares during the year[47] - As of December 31, 2025, the group's net borrowings amounted to HKD 850.9 million, a significant decrease from HKD 3,990 million in 2024[35] - The group's total borrowings were HKD 4,098.5 million, down from HKD 4,940.9 million in 2024, with 100% of the borrowings denominated in RMB[36] - The repayment schedule for bank and other borrowings as of December 31, 2025, includes HKD 728.3 million (17.8%) due within one year, HKD 1,585.6 million (38.7%) due in the second year, and HKD 1,784.6 million (43.5%) due in the third to fifth years[37] - The group provided financial guarantees amounting to HKD 10,225.7 million for certain mortgage loans in mainland China, an increase from HKD 7,419.7 million in 2024[38]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported a revenue of RMB 3,436.86 million, representing a year-on-year increase of 10.17%[8]. - The net profit attributable to the parent company for 2025 was RMB 143.89 million, reflecting a year-on-year growth of 12.24%[5]. - The gross profit for 2025 was RMB 599.53 million, slightly up from RMB 596.16 million in 2024, with a gross margin of 17.44%, down from 19.11%[13]. - Pre-tax profit for 2025 increased to RMB 150.85 million, up 7.36% from RMB 140.51 million, driven by market expansion and internal management improvements[22]. - Profit attributable to owners for 2025 was RMB 143.89 million, an increase of 12.24% from RMB 128.21 million, reflecting market expansion and cost efficiency[26]. - Basic earnings per share rose from RMB 0.08 to RMB 0.09 for the year ending December 31, 2025[28]. - The company reported a net profit attributable to shareholders of RMB 143,893,811.20 for the fiscal year ending December 31, 2025[138]. - The company plans to distribute cash dividends amounting to RMB 44,076,636.00, which is RMB 0.029 per share, based on a total share capital of 1,519,884,000 shares[140]. - The company expects to allocate approximately 20% to 40% of its distributable profits as cash dividends annually, subject to various factors including operational performance and capital needs[138]. Assets and Liabilities - The company's total assets as of December 31, 2025, amounted to RMB 9,352.86 million, an increase from RMB 9,150.88 million in 2024[4]. - The total liabilities as of December 31, 2025, were RMB 3,144.04 million, compared to RMB 3,076.60 million in 2024[4]. - The company's leverage ratio decreased from 19.07% in 2024 to 13.48% in 2025, indicating improved capital management[38]. - The company has no short-term or long-term borrowings as of December 31, 2025[161][162]. Revenue Sources - The sales revenue from maintenance machinery increased by RMB 325.82 million, a growth of 36.75% compared to the previous year[11]. - The sales revenue from railway line maintenance services rose by RMB 40.16 million, marking a 23.45% increase year-on-year[11]. - The company experienced a decline in machinery equipment sales, which totaled RMB 776.36 million, down 24.76% from the previous year[9]. - Revenue from sales and services to China National Railway Group and its subsidiaries accounted for approximately 71.11% of the total revenue for the year[167]. - Sales and services provided to the top five customers represented about 27.19% of the company's total revenue[167]. Expenses and Cost Management - Other income for 2025 decreased to RMB 21.66 million, down 50.65% from RMB 43.89 million in the previous year, primarily due to reduced VAT tax incentives and government subsidies[14]. - Sales expenses for 2025 were RMB 109.79 million, a decrease of 7.91% from RMB 119.22 million, attributed to enhanced internal management and cost reduction efforts[15]. - Administrative expenses for 2025 amounted to RMB 137.69 million, down 19.49% from RMB 171.02 million, also due to improved internal management and cost efficiency initiatives[16]. - Research and development expenses for 2025 were RMB 212.18 million, a decrease of 10.83% from RMB 237.95 million, resulting from personnel adjustments and reduced material costs[17]. - Financial income for 2025 was RMB 14.34 million, down 53.88% from RMB 31.09 million, mainly due to currency exchange rate fluctuations[18]. Corporate Governance - The company continues to enhance its corporate governance system, focusing on risk management and internal controls to improve management efficiency[55]. - The board of directors has reviewed and confirmed compliance with corporate governance codes, ensuring alignment with shareholder interests[56]. - The company emphasizes the importance of corporate governance and has established mechanisms to ensure independent opinions are communicated to the board[70]. - The board consists of 9 members, including 3 independent non-executive directors, ensuring a balanced governance structure[68]. - The company has adopted a standard code for securities trading by directors and supervisors, confirming compliance during the reporting period[65]. - The board is responsible for formulating the company's overall development strategy and reviewing business performance, including financial statement preparation and audit[76]. - The board has established specialized committees, including the Strategy and ESG Committee, Audit and Risk Management Committee, Nomination Committee, and Remuneration and Assessment Committee, to provide recommendations for board decisions[81]. Management and Leadership Changes - The company has appointed a new executive director and chairman, Tong Pujiang, who has 26 years of experience in railway machinery maintenance[47]. - The new general manager, Xiang Daqiang, has a background in civil engineering and has held various leadership roles in the industry[47]. - The company has a new non-executive director, Lü Jing, who has extensive experience in bridge engineering and project management[49]. - The company has appointed Xie Huagang as a non-executive director, who has a strong background in strategic planning and securities affairs[49]. - Wu Yuntian has been serving as an independent non-executive director since October 2022, with a career spanning various engineering and management roles in the railway sector[49]. Risk Management - The company has established a comprehensive risk management and internal control system, ensuring effective prevention of significant risk events[125]. - The board of directors is responsible for the establishment and effective implementation of the risk management and internal control system, conducting annual reviews of its effectiveness[127]. - The company has strengthened its risk management system, enhancing mechanisms for risk assessment, analysis, and control, leading to improved operational management and resilience against internal and external changes[128]. - The Audit and Risk Management Committee, consisting of three independent non-executive directors, oversees external audit appointments and internal audit systems[87]. Shareholder Relations - The company emphasizes effective communication with shareholders to strengthen investor relations and attract investments[134]. - The company has committed to continuous improvement in investor relations management to enhance communication quality[136]. - The company has established a management system for insider information to ensure timely handling and disclosure, protecting investors' rights[128]. Employee and Compensation - The company employed a total of 1,825 full-time employees as of December 31, 2025[183]. - Total employee compensation for the year 2025, including salaries and benefits, was approximately RMB 458.44 million[183]. - The total number of senior management members with a salary of RMB 500,000 or more is 8, with 6 earning between RMB 500,000 and RMB 1,000,000 and 2 earning below RMB 500,000[118]. Compliance and Regulatory Matters - The company emphasizes compliance with major laws and regulations affecting its operations, including the Railway Law and safety management regulations[149][150]. - The company is closely monitoring legislative developments in its industry to ensure compliance and adapt to any changes[149]. - The company has maintained compliance with the minimum public float requirements as of the reporting date[190]. Strategic Initiatives - The company aims to enhance its core competitiveness and drive high-quality development through innovation and reform initiatives in the upcoming fiscal year[6]. - The company aims to become a world-class modern enterprise, leading the railway large-scale maintenance machinery industry in China and ranking second globally[60]. - The company is focusing on high-end, intelligent, green, precise, digital, and international transformation to enhance efficiency and effectiveness indicators in large-scale maintenance machinery[60]. - The company plans to expand its new track industry and increase the proportion of overseas business[60]. - The company is committed to overcoming key technologies and breaking through industrial bottlenecks to improve comprehensive strength and innovation capabilities[60].