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倚賴該等內容而引致的任何損失承擔任何責任。 D&G Technology Holding Company Limited 截至2025年12月31日止年度 | | | 2025年 | 2024年 | | --- | --- | --- | --- | | | 附註 | 人民幣千元 | 人民幣千元 | | 收益 | 4 | 377,309 | 370,559 | | 銷售成本 | | (249,549) | (246,682) | | 毛利 | | 127,760 | 123,877 | | 其他收入及其他收益╱（虧損）淨額 | 5 | 2,835 | 169 | | 分銷成本 | | (90,031) | (72,310) | | 行政開支 | | (66,192) | (66,106) | | 金融資產之減值虧損撥備撥回淨額 | | 391 | 8,749 | | 經營虧損 | | (25,237) | (5,621) | | 財務收入淨額 | ...

截至2025年12月31日止年度之年度業績公告 步陽國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公 司及其附屬公司（統稱「本集團」、「我們」或「我們的」）截至2025年12月31日止年 度（「報告期」）之經審核綜合財務業績，連同截至2024年12月31日止年度之比較 數字。 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 依賴該等內容引致的任何損失承擔任何責任。 步陽國際控股有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2457） Buyang International Holding Inc 業績摘要 截至12月31日止年度 報告期內的收益由截至2024年12月31日止年度的約人民幣392.0百萬元增至約人 民幣404.8百萬元。 – 1 – 報告期內的年內溢利由截至2024年12月31日止年度的約人民幣19.2百萬元減至 約人民幣11.1百萬元。報告期內的淨利潤率由截至2024年12月31日止年度的約 4.9%減至約2.7 ...

Financial Performance - Revenue for the year ended December 31, 2025, reached RMB 20,189.8 million, a 37.7% increase from RMB 14,657.5 million in 2024[3] - Net loss decreased by 50.8% to RMB 613.6 million in 2025, compared to RMB 1,246.4 million in 2024[3] - Adjusted net loss (non-IFRS measure) reduced by 29.8% to RMB 508.5 million in 2025 from RMB 724.0 million in 2024[3] - Operating loss reduced to RMB 463.3 million in 2025, compared to RMB 800.5 million in 2024, indicating improved operational efficiency[23] - The net loss for 2025 was RMB 613.6 million, a significant improvement from RMB 1,246.4 million in 2024, resulting in a net loss margin of (3.0%) compared to (8.5%) in the previous year[45] - Adjusted net loss (non-IFRS measure) decreased from RMB 724.0 million in 2024 to RMB 508.5 million in 2025, driven by improved operational efficiency and strict cost control[45] - The company reported a basic loss per share of RMB (1.27) for 2025, an improvement from a loss of RMB (2.77) in 2024[72] - Total comprehensive loss for the year was RMB (613,630) thousand, significantly reduced from RMB (1,246,389) thousand in the previous year[72] Revenue Growth - Gross profit margin improved to 9.4% in 2025, up from 8.1% in 2024, representing a 1.3 percentage point increase[3] - Mobility service revenue increased by 36.8% from RMB 13.6 billion in 2024 to RMB 18.6 billion in 2025, driven by expanded service areas and enhanced user satisfaction[26] - Vehicle sales revenue surged by 63.6% from RMB 866.8 million in 2024 to RMB 1.42 billion in 2025, with sales volume rising from 8,004 units to 15,346 units[27] - Revenue from mobility services for the year ended December 31, 2025, was RMB 18,564,222,000, an increase of 37% from RMB 13,566,590,000 in 2024[94] - Total revenue for the year ended December 31, 2025, was RMB 20,189,817,000, compared to RMB 14,657,499,000 in 2024, representing a growth of 37.5%[94] - Revenue from vehicle sales for the year ended December 31, 2025, was RMB 1,418,363,000, up from RMB 866,760,000 in 2024, marking a growth of 63.6%[94] User Engagement - Average monthly active users increased by 43.9% to 41.3 million in 2025, up from 28.7 million in 2024[4] - The company expanded its service coverage to 195 cities, adding 59 new cities during the year[6] Operational Efficiency - The company achieved positive EBITDA for the full year 2025, marking a significant milestone towards sustainable profitability[7] - Financial costs decreased to RMB 277.5 million in 2025 from RMB 328 million in 2024, contributing to reduced overall losses[23] - General and administrative expenses decreased by 19.8% to RMB 611.2 million in 2025, attributed to reduced share-based compensation costs[33] - Research and development expenses fell by 12.0% to RMB 206.3 million in 2025, mainly due to a decrease in share-based compensation[34] - The company plans to continue implementing measures to improve operating cash flow and increase working capital through enhanced service revenue and cost control[85] Strategic Initiatives - The company launched its Robotaxi service in Suzhou and Hangzhou in February 2025, with plans for further expansion[10] - The company aims to establish a comprehensive Robotaxi service network in major cities by 2030, leveraging its partnership with Geely Group[11] - The acquisition of Weixing Technology and Geely Business Services is expected to enhance corporate service capabilities and operational efficiency[14][15] - The company plans to enhance user retention and market penetration in lower-tier cities through refined operations and brand building[13] Financial Position - Total debt as of December 31, 2025, was RMB 7,322.6 million, down from RMB 9,319.2 million in 2024[49] - Cash and cash equivalents rose from RMB 159.5 million as of December 31, 2024, to RMB 1,176.4 million as of December 31, 2025, primarily due to net proceeds from a global offering and other cash flow fluctuations[56] - The company had unused bank credit facilities of approximately RMB 5.5 billion as of December 31, 2025, indicating strong liquidity[50] - The debt ratio as of December 31, 2025, was 139.8%, calculated as total liabilities divided by total assets at year-end[54] - The company has no significant long-term debt obligations or capital commitments as of December 31, 2025, indicating a strong balance sheet position[62] Capital and Investments - The company issued asset-backed securities totaling RMB 15 billion in April 2025 and RMB 11 billion in August 2025, with further issuances planned for 2026[59] - The company plans to continue investing in customer acquisition and market expansion to support long-term revenue growth and market share increase[46] - The company has resolved not to declare a final dividend for the fiscal year ending December 31, 2025[135] Employee and Governance - The group has 1,091 full-time employees as of December 31, 2025, with employee costs amounting to approximately RMB 622.0 million for the fiscal year[129] - The company has established a compensation committee to review and provide recommendations on the remuneration of directors and senior management[129] - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[140] Future Outlook - The Chinese shared mobility market is projected to grow at a CAGR of 17.0%, reaching RMB 804.2 billion by 2029, indicating substantial growth opportunities[8] - The company plans to continue exploring new business development and investment opportunities, although no specific major investment plans were disclosed[69]

Financial Performance - The audited consolidated revenue for the year ended December 31, 2025, was RMB 9,531,636,274.71, representing a growth of approximately 6.34% compared to the previous year[3]. - The profit attributable to equity holders of the company for the year ended December 31, 2025, was RMB 40,235,553.58, a decrease of approximately 32.88% from RMB 59,943,006.45 in 2024[3]. - The basic earnings per share for the year ended December 31, 2025, was RMB 0.22, down from RMB 0.37 in 2024[3]. - The total operating revenue for the fiscal year 2025 reached RMB 9.53 billion, an increase of 20.5% compared to RMB 8.96 billion in the previous year[6]. - Operating profit amounted to RMB 101.74 million, reflecting a growth of 8.5% from RMB 93.50 million in the prior year[6]. - The company reported a total comprehensive income of RMB 52.55 million, compared to RMB 70.44 million in the previous year, representing a decline of 25.5%[6]. Dividends and Shareholder Returns - The board of directors proposed a final cash dividend of RMB 0.10 per share for 2025, compared to RMB 0.20 per share in 2024[3]. - The total equity attributable to equity holders of the company was RMB 2,137,844,490.53, an increase from RMB 2,047,499,190.00 in the previous year[5]. - The total equity attributable to shareholders of the parent company increased to RMB 2,299,141,826.69, up from RMB 2,206,646,118.42 at the end of the previous year[8]. Assets and Liabilities - Total current assets as of December 31, 2025, amounted to RMB 4,355,308,436.71, an increase from RMB 3,830,000,817.43 at the end of the previous year[4]. - Total liabilities as of December 31, 2025, were RMB 3,405,992,645.90, compared to RMB 2,990,079,928.74 at the end of the previous year[5]. - The total assets as of December 31, 2025, reached RMB 5,705,134,472.59, up from RMB 5,196,726,047.16 in the previous year[5]. - The company's cash and cash equivalents increased to RMB 671,963,726.87 from RMB 995,091,926.76 in the previous year[4]. Cash Flow and Investments - The total cash inflow from operating activities for the year 2025 was RMB 9,798,501,793.28, a decrease of 9.95% compared to RMB 10,882,209,533.75 in the previous year[7]. - The net cash flow from operating activities was negative at RMB -217,495,784.31, contrasting with a positive cash flow of RMB 360,571,277.69 in the previous year[7]. - The total cash inflow from investment activities was RMB 7,720,215.81, significantly lower than RMB 193,640,419.64 in the previous year, marking a decline of 96.02%[7]. - The net cash flow from investment activities was negative at RMB -264,906,902.10, compared to a positive cash flow of RMB -73,114,397.38 in the previous year[7]. Financial Management and Accounting Policies - The company’s financial statements have been approved by the board of directors, ensuring governance and oversight in financial reporting[14]. - The company operates under a 12-month business cycle, aligning its financial reporting with the calendar year[19]. - The company’s accounting policies are based on historical cost, with provisions for impairment where necessary[16]. Credit Risk and Provisions - The group utilizes expected credit loss (ECL) accounting to assess and recognize loss provisions based on the weighted average of credit losses for financial instruments[48]. - The group assesses expected credit losses for receivables, contract assets, and other receivables based on historical loss experience and current economic conditions[54]. - The provision for bad debts classified by individual assessment was ¥63,964,448.77, with a total expected credit loss rate of 46.53%[168]. Inventory and Asset Management - The company's inventory as of December 31, 2025, was RMB 17,506,359.28, compared to RMB 14,090,076.83 at the end of the previous year[4]. - The group measures inventory at the lower of cost and net realizable value, recognizing inventory impairment when the net realizable value is below cost[72]. - The total amount of fixed assets cleared during the period was ¥908,221.18, compared to ¥608,984.63 at the end of the previous year, indicating an increase of about 49.2%[184]. Employee Compensation and Benefits - Employee compensation includes various forms of remuneration for services provided, including short-term and post-employment benefits[108]. - Short-term compensation includes wages, bonuses, and social insurance contributions recognized as liabilities in the period incurred[110]. - The group provides severance benefits to employees, recognizing liabilities when the plan is irreversible or costs related to restructuring are confirmed[114]. Taxation and Government Grants - The corporate income tax rate for the company and several subsidiaries is set at 15%, benefiting from tax incentives for enterprises located in the western region of China[159]. - The company received government subsidies totaling RMB 13,150,339.17 during the period, contributing to the increase in deferred income[200]. - The total tax payable at the end of the period is RMB 35,307,078.94, an increase of 17.9% from RMB 29,940,003.20 at the end of the previous year[197].

Financial Performance - In 2025, the company achieved a stable growth in operating performance, with revenue and profit both returning to "double growth" [10] - Net operating income for the reporting period was 337.27 billion yuan, and net profit attributable to shareholders was 150.18 billion yuan, both showing positive year-on-year growth [21] - The company's operating income for 2025 was RMB 337,273 million, a slight increase of 0.05% compared to RMB 337,121 million in 2024 [45] - The pre-tax profit for 2025 reached RMB 178,993 million, reflecting a growth of 0.19% from RMB 178,652 million in the previous year [45] - Net profit attributable to shareholders was RMB 150,181 million, up by 1.21% from RMB 148,391 million in 2024 [45] - Total assets increased by 7.56% to RMB 13,070,523 million from RMB 12,152,036 million year-over-year [45] - Total loans and advances amounted to RMB 7,258,058 million, representing a growth of 5.37% compared to RMB 6,888,315 million in 2024 [45] - Customer deposits rose by 8.13% to RMB 9,836,130 million from RMB 9,096,587 million in the previous year [45] Risk Management - The company has detailed the major risks and corresponding measures in its risk management section [8] - The non-performing loan ratio improved to 0.94%, with a provision coverage ratio of 391.79%, indicating strong risk mitigation capabilities [21] - The company aims to strengthen risk management and asset classification, ensuring adequate provisioning and actively managing overdue loans [169] - The company recognizes the challenges posed by a low interest rate environment and aims to strengthen its survival and development capabilities [30] - The company is committed to supporting the optimization of industrial structure and the transformation of traditional manufacturing [110] Capital Adequacy - The core Tier 1 capital adequacy ratio reached 14.16%, and the total capital adequacy ratio was 18.24% [21] - The core Tier 1 capital adequacy ratio improved significantly, rising from 17th to 8th among the world's top 1000 banks [30] - The leverage ratio as of December 31, 2025, was 8.00%, a decrease of 0.46 percentage points from the previous year [124] - The balance of loan loss provisions as of December 31, 2025, was RMB 267.222 billion, a decrease of RMB 30.79 billion from the previous year, with a coverage ratio of 391.79%, down 20.19 percentage points [122] Customer Growth - The number of retail customers reached 220 million, and the total number of corporate customers was 3.62 million [12] - The total number of retail customers reached 224 million, an increase of 6.67% year-on-year, with high-value customers (total assets over CNY 500,000) growing by 13.29% to 5.93 million [180] - The number of corporate clients increased to 3.62 million, a growth of 14.40% year-on-year, with 657,200 new accounts opened during the reporting period [192] Dividend Policy - The company plans to distribute a cash dividend of RMB 2.016 per share for the 2025 fiscal year, with a net dividend of RMB 1.003 per share after the interim dividend [9] - The cash dividend payout ratio increased to 35%, reflecting a commitment to providing stable returns to shareholders [12] - The company implemented a mid-term cash dividend policy with a payout ratio of over 35% starting from the 2023 fiscal year [22] Innovation and Technology - The company has implemented over 800 AI application scenarios, achieving a 50% coverage rate in intelligent scenarios [1] - The company launched the first RMB-settled Mastercard international debit card and introduced innovative financing products such as "Zhaoqi Loan" and "Sci-tech Loan" [24] - The company invested CNY 12.901 billion in information technology, representing 4.31% of its net operating income [146] - The AI-assisted coding product "Coding Assistant" has achieved a coverage rate of over 97% among R&D personnel, significantly improving coding efficiency [152] Asset Management - Total assets under management (AUM) surpassed 17 trillion yuan, with a compound annual growth rate of over 13% in the past five years [1] - The total scale of asset management business reached CNY 4.71 trillion, an increase of 5.13% compared to the end of the previous year [144] - Retail customer total assets (AUM) amounted to CNY 17.08 trillion, a year-on-year increase of 14.44% [180] Corporate Strategy - The company emphasizes quality, efficiency, and scale in its development strategy, aiming for high-quality growth and improved service to the real economy [10] - The company aims to enhance its competitive edge through strategic transformation in technology finance, green finance, and digital finance [13] - The company plans to enhance asset-liability management to support continuous growth in net interest income and stabilize net interest yield [158] - The company will accelerate the transformation of asset management business to enhance product innovation and increase revenue contribution from asset management [161] International Expansion - The international assets of overseas institutions grew by 12.88% year-over-year, with revenue increasing by 33.78% during the reporting period [24] - The group has established 6 branches and 3 wholly-owned subsidiaries overseas, enhancing its international presence [138] Customer Service and Experience - The company processed 1.4085 million paperless reimbursement requests during the reporting period, a year-on-year increase of 23.76%, with the paperless reimbursement ratio rising to 89.62%, up by 7.73 percentage points from the end of the previous year [151] - The number of clients served by the financial management cloud service reached 799,300, a growth of 29.93% compared to the end of the previous year [149] - The company is focusing on enhancing AI capabilities and integrating technology into business operations to improve customer experience and operational efficiency [187]

Financial Performance - Revenue for the year increased by 7.6% to HKD 1,087,000,000 compared to HKD 1,010,000,000 in the previous year[2] - Gross profit margin for the year was 28.9%, up from 28.3% in the previous year[2] - Profit for the year rose by 13.0% to HKD 34,000,000, compared to HKD 30,100,000 in the previous year[2] - Basic earnings per share increased to HKD 1.08 from HKD 1.01 in the previous year[3] - Total comprehensive income for the year amounted to HKD 128,806,000, compared to a loss of HKD 22,411,000 in the previous year[4] - The group reported a gross profit of HKD 313,927,000 for 2025, compared to HKD 285,705,000 in 2024, marking an increase of around 9.9%[20] - The net profit after tax for the year ended December 31, 2025, was HKD 33,973,000, a 12.8% increase from HKD 30,111,000 in 2024[41] Revenue Breakdown - Revenue from automotive parts sales was HKD 471,507,000 in 2025, up from HKD 444,860,000 in 2024, indicating a growth of about 6.0%[15] - Revenue from hydraulic equipment parts sales increased to HKD 529,840,000 in 2025 from HKD 485,904,000 in 2024, reflecting a growth of approximately 9.0%[15] - Revenue from Mainland China for 2025 reached HKD 1,027,356,000, an increase from HKD 1,019,451,000 in 2024, representing a growth of 0.9%[22] - Total revenue for 2025 was HKD 1,133,257,000, compared to HKD 1,100,576,000 in 2024, marking an increase of 2.9%[22] - The company's sales revenue for 2025 reached HKD 1,087,034,000, up 7.6% from HKD 1,010,006,000 in 2024[40] - Hydraulic equipment parts contributed HKD 529,840,000 to total sales, accounting for 48.8% of total revenue, with a year-on-year increase of 9.0%[40] - The automotive parts segment recorded sales of HKD 471,507,000, a 6.0% increase from HKD 444,860,000 in the previous year[39] Cash and Assets - Net cash position as of December 31, 2025, was HKD 242,800,000, equivalent to HKD 23.08 per share, compared to HKD 223,400,000 or HKD 21.23 per share in the previous year[2] - Total assets less current liabilities increased to HKD 2,219,387,000 from HKD 1,986,266,000 in the previous year[5] - Non-current assets totaled HKD 1,151,003,000, up from HKD 1,114,755,000 in the previous year[5] - Total equity increased to HKD 2,074,082,000 from HKD 1,947,918,000 in the previous year[6] - Cash and bank balances net of loans increased to HKD 242,846,000, up HKD 19,450,000 from HKD 223,396,000 last year[47] Expenses and Costs - Employee costs rose to HKD 322,277,000 in 2025 from HKD 278,432,000 in 2024, reflecting a growth of 15.7%[24] - Financing costs decreased significantly to HKD 8,551,000 in 2025 from HKD 15,572,000 in 2024, a reduction of 45.0%[24] - Distribution costs decreased by HKD 4,736,000 or 12.6% to HKD 32,800,000, representing 3.0% of total sales, down from 3.7% last year[42] - Administrative and other expenses increased by HKD 15,614,000 to HKD 187,778,000, primarily due to non-recurring expenses related to company closures and severance payments[43] - Research and development costs remained stable at HKD 80,372,000 in 2025, slightly down from HKD 80,641,000 in 2024[24] Dividends and Shareholder Information - The board proposed a final dividend of HKD 2.8 per share for the year, compared to no dividend in the previous year[2] - Proposed final dividend for 2025 is HKD 0.028 per share, compared to no dividend in 2024[28] - The annual general meeting is scheduled for June 5, 2026, with a record date for shareholders set for June 2, 2026[57] - The company will suspend share transfer registration from June 2 to June 5, 2026, to determine eligibility for attending the annual general meeting[59] - The company will also suspend share transfer registration from June 11 to June 15, 2026, for determining eligibility for the final dividend[60] Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance and has adhered to the corporate governance code for the year ending December 31, 2025[61] - The audit committee consists of three independent non-executive directors, including Mr. Yang Rusheng as the chairman[62] - There were no significant events requiring disclosure from December 31, 2025, to the announcement date[63] - The financial statements for the year ending December 31, 2025, have been confirmed to align with the draft consolidated financial statements[64] - The board of directors includes executive and independent non-executive members, with Mr. Zeng Guangsheng serving as chairman and CEO[66] Business Initiatives and Innovations - The company is actively expanding its liquid cooling and humanoid robot businesses, leveraging 30 years of material selection experience and advanced manufacturing systems[52] - The company has developed core components for liquid cooling products, including a universal quick-change connector (UQD) and high-precision structural components[52] - The company has applied for and obtained multiple patents in the robotics field, focusing on humanoid robots with proprietary technologies[53] - The company plans to launch an ultra-thin integrated servo joint in 2024, enhancing its product offerings in the robotics sector[53] - New business initiatives included liquid cooling and humanoid robot components, with the company planning to invest more resources in these areas[38] Inventory and Receivables - The total inventory as of December 31, 2025, was HKD 370,340 thousand, up from HKD 318,921 thousand in 2024, indicating an increase of about 16.1%[33] - Accounts receivable, net of loss provisions, increased to HKD 338,698,000 in 2025 from HKD 310,370,000 in 2024, representing an increase of 9.6%[34] - The total raw materials inventory decreased to HKD 88,804 thousand in 2025 from HKD 97,580 thousand in 2024, showing a decline of about 9.1%[33]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 577.19 million, a decrease of 35% from HKD 898.79 million in 2024[4] - Profit before tax for 2025 was HKD 61.22 million, up 11.8% from HKD 55.05 million in 2024[4] - Net profit attributable to owners for 2025 was HKD 52.23 million, an increase of 14.3% compared to HKD 45.76 million in 2024[4] - Basic and diluted earnings per share for 2025 were HKD 13.1, up from HKD 11.4 in 2024, reflecting a growth of 14.9%[4] - The group’s net profit and total comprehensive income for the fiscal year 2025 amounted to HKD 52,200,000, an increase of HKD 6,400,000 or 14.0% compared to HKD 45,800,000 in fiscal year 2024[54] Income and Expenses - Net other income increased to HKD 7.34 million from HKD 2.26 million, representing a growth of 225%[4] - Total interest income for the year ended December 31, 2025, was HKD 77,189,000, a decrease of 14.3% from HKD 89,879,000 in 2024[17] - Employee benefits expenses, including director remuneration, increased to HKD 13,086,000 in 2025 from HKD 12,072,000 in 2024[18] - The company incurred advertising and marketing expenses of HKD 1,788,000 in 2025, a decrease from HKD 3,488,000 in 2024[18] - Total tax expense for the year ended December 31, 2025, was HKD 8,986,000, slightly down from HKD 9,287,000 in 2024[21] Assets and Liabilities - Total assets as of December 31, 2025, were HKD 953.55 million, slightly down from HKD 953.73 million in 2024[5] - Total liabilities decreased to HKD 8.43 million in 2025 from HKD 12.85 million in 2024, a reduction of 34.5%[6] - The company’s equity attributable to owners increased to HKD 945.12 million from HKD 940.88 million, a marginal increase of 0.2%[6] - As of December 31, 2025, the group's receivables amounted to HKD 507,976,000, a decrease of 31.9% from HKD 746,090,000 in 2024[29] - The impairment loss provision for receivables totaled HKD 7,154,000, down from HKD 11,300,000 in the previous year, indicating a reduction of 36.0%[29] Dividends - The proposed final dividend for the year ended December 31, 2025, is HKD 2.4 per share, totaling HKD 9,600,000, along with a special final dividend of HKD 3.6 per share, totaling HKD 14,400,000[26] - The board recommends a final dividend of HKD 0.024 per ordinary share, totaling HKD 9,600,000, and a special final dividend of HKD 0.036 per ordinary share, totaling HKD 14,400,000, subject to approval at the upcoming annual general meeting[77] Operational Strategy - The company continues to focus on providing mortgage and personal loan services in Hong Kong, with no significant changes in its operational strategy reported[8] - The company strategically focused on reducing high-risk loan exposure and optimizing pricing policies during the fiscal year 2025[42] - The group will continue to focus on improving existing products and services to enhance customer experience, without any major investment or new product launches planned for the coming year[56] Economic Environment - The Hong Kong economy showed resilience with a GDP growth of approximately 3.5% for the fiscal year 2025, up from 2.5% in the previous year[41] - The private residential property price index in Hong Kong increased by 3.7% year-on-year, rising from 289.2 in December 2024 to 299.8 in December 2025[41] Employee Information - The group employed 21 full-time employees as of December 31, 2025, an increase from 19 in 2024, with total employee benefit expenses of HKD 13,100,000 for 2025 compared to HKD 12,100,000 for 2024[66] Financial Management - The actual tax rate decreased from 16.9% in fiscal year 2024 to 14.7% in fiscal year 2025, primarily due to an increase in non-taxable income from bank interest[53] - The net interest margin increased from 11.1% in fiscal year 2024 to 11.9% in fiscal year 2025[52] Risk Management - The group remains vigilant regarding geopolitical tensions that may exacerbate market volatility[55] - The group continues to monitor foreign exchange risks, holding financial assets valued at approximately HKD 7,900,000 in USD, with minimal expected financial impact due to the linked exchange rate system[69] Corporate Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the financial statements for the year ending December 31, 2025, and recommended their approval to the board[76] - There are no significant events affecting the group's business reported after the fiscal year ending December 31, 2025[70] Meeting and Reporting - The company will hold its annual general meeting on June 1, 2026[82] - The company's annual report for the year ending December 31, 2025, will be published on the Hong Kong Stock Exchange and the company's website[81]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 68,535,000, an increase of 23.5% from HKD 55,456,000 in 2024[3] - Service revenue rose to HKD 66,049,000, up 23.1% from HKD 53,642,000 in the previous year[3] - Net profit attributable to shareholders for 2025 was HKD 39,652,000, representing an increase of 76.3% compared to HKD 22,505,000 in 2024[3] - Basic and diluted earnings per share for 2025 were both HKD 1.44, compared to HKD 0.98 in 2024[3] - Total comprehensive income for the year was HKD 40,000,000, up 87.7% from HKD 21,332,000 in 2024[5] - Total revenue for the year 2025 reached HKD 70,081,000, an increase from HKD 55,456,000 in 2024, representing a growth of approximately 26.4%[24] - The company reported a net profit attributable to shareholders of HKD 39,652,000 for 2025, compared to HKD 22,505,000 in 2024, reflecting an increase of 76.1%[32] - The company's revenue for the fiscal year ending December 31, 2025, was approximately HKD 68.5 million, an increase of 23.6% compared to HKD 55.5 million in 2024[64] - Net profit for the fiscal year was approximately HKD 39.7 million, up from HKD 22.5 million in the previous year[65] - Basic earnings per share for 2025 were HKD 1.44, compared to HKD 0.98 for 2024, reflecting a significant increase[66] Assets and Liabilities - Total assets as of December 31, 2025, amounted to HKD 634,179,000, an increase from HKD 496,794,000 in 2024[7] - Net assets increased to HKD 667,404,000 in 2025, up from HKD 501,356,000 in 2024[8] - Cash and cash equivalents rose significantly to HKD 218,014,000 from HKD 98,550,000 in the previous year[7] - The company’s total liabilities as of December 31, 2025, were HKD 185,836,000, a decrease from HKD 255,797,000 in 2024, representing a decline of 27.3%[26] - Total assets as of December 31, 2025, were approximately HKD 853.2 million, an increase from HKD 757.2 million in 2024[71] Revenue Streams - The company’s asset management services revenue increased significantly to HKD 34,334,000 in 2025 from HKD 18,266,000 in 2024, representing an increase of 88.1%[18] - The company reported a decrease in consulting and related services revenue to HKD 17,999,000 in 2025 from HKD 28,773,000 in 2024, a decline of 37.6%[18] - The total revenue from corporate finance advisory services during the reporting period was approximately HKD 18.0 million, down from HKD 28.8 million in the previous year[53] - Revenue from asset management services increased to approximately HKD 34.3 million, compared to HKD 19.2 million in the previous year[54] - The total revenue from securities and related services was approximately HKD 14.7 million, compared to HKD 5.7 million in the previous year[58] Goodwill and Impairment - The company reported a goodwill impairment loss of HKD 16,164,000 for the year, with no tax impact[6] - The company incurred a goodwill impairment loss of HKD 16,164,000 in 2025, which was not present in 2024, impacting overall profitability[29] - Goodwill amount capitalized as an asset due to the acquisition of a subsidiary is HKD 302,965,000 as of December 31, 2024[35] - Impairment loss on goodwill increased to HKD 210,341,000 as of December 31, 2025, from HKD 194,177,000 as of January 1, 2024[35] Shareholder Information - The company declared a proposed final dividend of HKD 0.28 per share for 2025, consistent with the previous year's dividend, totaling HKD 9,570,000[34] - The average number of issued ordinary shares increased to 2,745,960,192 in 2025 from 2,307,226,036 in 2024, reflecting the impact of a rights issue completed in September 2025[33] - The number of shares issued increased to 3,417,990,570 as of December 31, 2025, from 2,278,660,380 in 2024 due to a rights issue[72] - The company proposed a rights issue on July 30, 2025, offering 1,139,330,190 new shares at a subscription price of HKD 0.12 per share, raising approximately HKD 136.7 million[73] Operational Highlights - The company’s operating profit before tax for the reporting segments was HKD 42,003,000, with a total segment profit of HKD 61,619,000 before goodwill impairment and intangible asset amortization[23] - The segment profit before tax for financing services was HKD 19,036,000, while asset management services reported HKD 6,455,000, indicating strong performance in these areas[24] - The company is currently assessing the potential impact of new and revised HKFRS accounting standards on its consolidated financial statements, with no significant impact anticipated so far[13] - The company is required to disclose management-defined performance metrics (MPMs) in the notes to the consolidated financial statements, providing reconciliation with HKFRS performance metrics[17] Market and Economic Conditions - The company expects to recognize approximately HKD 10,377,000 in revenue from remaining performance obligations by December 31, 2026, compared to HKD 14,102,000 expected by December 31, 2024[21] - The company has not engaged in the purchase, sale, or redemption of any listed securities during the reporting period[107] - The annual report will be published at an appropriate time on the stock exchange and the company's website[108]

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之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產 生或因倚賴該等內容而引致之任何損失承擔任何責任。 （股份代號：1231） （於開曼群島註冊成立之有限公司） 截至2025年12月31日止年度之全年業績及建議修訂章程細則 董事會謹此宣佈本集團2025年財政年度之綜合全年業績，連同2024年財政年度之比較數字 如下：－ 綜合損益及其他全面收益表 截至2025年12月31日止年度 | | | 2025年 | 2024年 | | --- | --- | --- | --- | | | 附註 | 千美元 | 千美元 | | 收入 | 3 | 193,848 | 309,937 | | 銷售成本 | | (192,435) | (304,747) | | 毛利 | | 1,413 | 5,190 | | 其他收入及收益淨額 | | 654 | 749 | | 銷售及分銷成本 | | (2,108) | (2,706) | | 行政開支 | | (2,410) | (2,443) | | 其他長期資產減值虧損 | ...

Financial Performance - Total revenue for the year ended December 31, 2025, reached RMB 1,549.0 million, representing a 127.3% increase compared to RMB 681.5 million in 2024[4] - Gross profit decreased to RMB 84.3 million, down 16.9% from RMB 101.4 million in the previous year[4] - Profit before tax fell by 46.5% to RMB 40.4 million, down from RMB 75.5 million in 2024[4] - Net profit attributable to equity shareholders was RMB 39.7 million, a decrease of 45.3% from RMB 72.5 million in 2024[4] - Operating profit for the year ending December 31, 2025, was approximately RMB 46.6 million, down from RMB 78.3 million in 2024[35] - The group's net profit for the year ending December 31, 2025, decreased by approximately RMB 33.5 million or 45.8% to about RMB 39.7 million, down from approximately RMB 73.2 million for the year ending December 31, 2024[29] - The basic and diluted earnings per share for the year ending December 31, 2025, were RMB 0.08, down from RMB 0.15 in 2024[36] - The group's pre-tax profit dropped from RMB 75,514,000 in 2024 to RMB 40,399,000 in 2025[56] - Basic earnings per share decreased from RMB 72,489,000 in 2024 to RMB 39,676,000 in 2025, with the weighted average number of shares at 500,000,000[58] Revenue Breakdown - Mobile advertising solution service revenue is projected to increase from approximately RMB 656.7 million for the year ending December 31, 2024, to approximately RMB 1,535.8 million for the year ending December 31, 2025, representing a growth of about 133.9%[10] - Revenue from mobile advertising solutions rose from approximately RMB 656.7 million for the year ending December 31, 2024, to approximately RMB 1,535.8 million for the year ending December 31, 2025, an increase of 133.9%[19] - Revenue from advertising distribution services is expected to decrease from approximately RMB 24.9 million for the year ending December 31, 2024, to approximately RMB 13.2 million for the year ending December 31, 2025, reflecting a decline of about 46.9%[11] - Mobile advertising solution services accounted for approximately 99.1% of total revenue for the year ending December 31, 2025[10] - The top five customers contributed approximately RMB 975.4 million, accounting for 63.0% of total revenue, while the largest customer contributed RMB 270.3 million[69] Cost and Expenses - Service costs increased from approximately RMB 580.1 million for the year ending December 31, 2024, to approximately RMB 1,464.8 million for the year ending December 31, 2025, an increase of 152.5%[21] - Sales and marketing expenses increased from approximately RMB 3.1 million for the year ending December 31, 2024, to approximately RMB 4.4 million for the year ending December 31, 2025, an increase of 41.9%[24] - General and administrative expenses rose from approximately RMB 27.1 million for the year ending December 31, 2024, to approximately RMB 32.7 million for the year ending December 31, 2025, an increase of 20.5%[25] - Financial costs increased from approximately RMB 2.8 million for the year ending December 31, 2024, to approximately RMB 6.2 million for the year ending December 31, 2025, an increase of 125.4%[27] - Employee costs surged from RMB 22,314,000 in 2024 to RMB 34,567,000 in 2025, reflecting a significant increase in salaries and benefits[53] Balance Sheet and Assets - The total balance sheet increased by approximately 172.7% to about RMB 2,728.5 million as of December 31, 2025, from approximately RMB 1,000.5 million in 2024[6] - Total assets as of December 31, 2025, were RMB 673,231,000, an increase from RMB 613,184,000 in 2024, reflecting a growth of about 10%[37] - The company's net asset value increased to RMB 649,079,000 in 2025 from RMB 612,016,000 in 2024, representing a growth of approximately 6%[38] - Current liabilities decreased to RMB 340,102,000 in 2025 from RMB 202,477,000 in 2024, indicating a reduction of about 68%[37] - The group reported a significant decrease in cash and cash equivalents from approximately RMB 149.4 million as of December 31, 2024, to about RMB 36.9 million as of December 31, 2025, mainly due to increased cash used in operating activities[32] Strategic Initiatives - The company plans to enhance its advertising capabilities by investing in AI-driven creative automation and cross-channel measurement tools to meet increasing demands for transparency and personalization[5] - Future strategies include applying AI technology in mobile advertising distribution networks to improve efficiency from content production to ad placement optimization[7] - The company aims to strengthen its service capabilities by exploring strategic partnerships to enhance technological capabilities and service scope[7] - The focus remains on providing comprehensive mobile advertising services to clients, including marketing planning, traffic acquisition, ad material production, and ad optimization[8] - The company plans to expand its media resources to improve competitiveness and maintain a diverse media platform portfolio for effective mobile advertising distribution[13] Governance and Compliance - The company has adopted corporate governance codes to ensure shareholder interests and accountability[77] - The audit committee was established on February 21, 2024, consisting of three independent non-executive directors[81] - The company is currently evaluating the impact of new accounting standards that will take effect in the coming years, although it does not expect significant effects on its financial statements[47] IPO and Future Plans - The company was listed on the stock exchange on March 8, 2024, raising approximately HKD 137.5 million (approximately RMB 124.8 million)[40] - The total amount raised from the IPO was approximately HKD 137.5 million (approximately RMB 124.8 million), with a net amount of about HKD 52.0 million (approximately RMB 47.2 million) after expenses[83] - The net proceeds from the IPO have been allocated as follows: 40.0 million HKD for expanding mobile advertising in China, 20.0 million HKD for enhancing short video production capabilities, and 20.0 million HKD for optimizing platform functions[83] - The company plans to seek business cooperation and acquisition opportunities with larger companies, with an allocation of 10.0 million HKD for this purpose[83] - The company will continue to utilize the net proceeds from the IPO as outlined in the prospectus without significant changes or delays[84]