Financial Performance - For the fiscal year 2025, the total revenue is projected to be 8.16 billion HKD, representing a compound annual growth rate (CAGR) of 10% since fiscal year 2021[16]. - The net profit attributable to shareholders for fiscal year 2025 is expected to reach 4.09 billion HKD, reflecting a CAGR of 13% since fiscal year 2021[17]. - The earnings per share (EPS) for fiscal year 2025 is anticipated to be 1.10 HKD, which is 2.5 times higher compared to fiscal year 2017[19]. - Revenue for the six months ended December 31, 2025, was HKD 3,777.1 million, a decrease of 7.7% compared to HKD 4,090.0 million in 2024[29]. - Net profit attributable to shareholders for the same period was HKD 215.9 million, down 10.6% from HKD 241.6 million in 2024[29]. - The adjusted net profit for the six months ended December 31, 2025, was HKD 215.9 million, a decrease of 10.0% from HKD 240.0 million in 2024[31]. - The group recorded a profit attributable to shareholders of HKD 215.9 million, a decrease of 10.0% compared to the adjusted net profit of HKD 240.0 million from the previous period[41]. - The group’s revenue decreased by HKD 312.9 million or 7.7% to HKD 3,777.1 million, primarily due to a reduction in the electromechanical engineering services segment, which saw a decline of HKD 390.8 million[107]. - The group's gross profit decreased by HKD 7.1 million or 1.4% to HKD 5,173 million, while the overall gross margin improved from 12.8% to 13.7%[125]. - The group's profit attributable to shareholders decreased by 10.6% to HKD 215.9 million, primarily due to lower contributions from the electromechanical engineering services segment[134]. Dividends and Payouts - The dividend payout ratio is maintained at approximately 40%[19]. - The company declared an interim dividend of HKD 0.189 per share, compared to HKD 0.211 per share in the previous period, reflecting a payout ratio of 40.2%[30][31]. - The board proposed an interim dividend of HKD 0.189 per share, with a payout ratio of 40.2% for the six months ending December 31, 2025[42]. Employee and Training Initiatives - The total number of employees has increased to 25,804, up from 1,662 in June 2016[23]. - The company aims to increase stakeholder engagement and soft skills training hours by 10% to 73,750 hours in the 2026 fiscal year[36]. - The group aims to increase safety training hours to 120,000 hours for the fiscal year 2026, representing a 9.2% increase[38]. - The group plans to enhance training hours for personal capabilities and occupational health and safety to 270,000 hours for the fiscal year 2026, marking a 9.1% increase[40]. - Employee costs, including salaries and benefits, amounted to HKD 1.9872 billion for the period, an increase from HKD 1.930 billion in 2024, primarily due to an increase in employee numbers[150]. - The group has a total of 25,804 employees as of December 31, 2025, compared to 25,753 employees on December 31, 2024[150]. Market Position and Strategic Initiatives - The company aims to enhance its market position through strategic expansions and new service offerings in the lifestyle services sector[2]. - The company has established a resilient multi-segment platform covering property and facility management, integrated living services, and electromechanical engineering services[34]. - The company ranks first in the environmental hygiene services industry and first among local insurance brokers, according to a report by Frost & Sullivan[35]. - The company plans to enhance cross-selling synergies and optimize cost structures to improve revenue from new business areas such as event services and sales and leasing[33]. - The group is expanding its service scope from traditional property management to integrated asset management, enhancing its market position[67]. - The group is committed to sustainable development, aiming to enhance its market position through innovative services and green practices, including waste disposal and recycling services, with a goal to achieve ISO 14064-1 certification by September 2025[162]. Contract and Project Management - The company has signed and renewed 13 contracts in property and facility management services, totaling 88 million HKD in contract value for the first half of fiscal year 2026[23]. - In the electrical and mechanical engineering services segment, 28 contracts were signed and renewed, amounting to 2.22 billion HKD[23]. - The group secured new contracts worth HKD 4.2 billion during the period, with the total value of uncompleted contracts exceeding HKD 15.2 billion[42]. - The total contract value for property and facility management services was HKD 22.46 billion, with uncompleted contracts totaling HKD 16.38 billion as of December 31, 2025[70]. - The total value of contracts in the integrated living services sector amounted to HKD 11.848 billion, with an uncompleted contract total of HKD 5.526 billion as of December 31, 2025[94]. - The electromechanical engineering services division submitted 424 project bids with a total bid amount of HKD 32.22 billion, and was awarded 28 contracts totaling HKD 2.206 billion[100]. Environmental and Sustainability Efforts - The company has fully offset carbon emissions equivalent to 1,539 tons of CO2e from fuel consumption in fiscal year 2025[23]. - The environmental services division aims for long-term goals of carbon neutrality and improved environmental quality[86]. - The company is committed to sustainable development by optimizing designs and exploring innovative methods to reduce energy consumption, carbon emissions, and construction waste[187]. Technology and Innovation - The group has introduced new technologies, including AI and IoT applications, to enhance customer insights and satisfaction[46]. - The group has implemented technology applications in over 120 locations, enhancing service efficiency through innovations like "Smart Management" and drone systems[156]. - The group is investing in innovative construction technologies to enhance operational efficiency, including AI technology and modular construction[189]. - The company is leveraging innovative technologies such as Building Information Modelling (BIM) and mobile applications to enhance efficiency and safety in maintenance services[169]. Future Outlook and Market Opportunities - The property management services market is projected to reach HKD 66.7 billion by 2030, growing at a compound annual growth rate of 3.5% from 2026 to 2030[44]. - The security services segment is projected to reach HKD 34.7 billion by 2030, with a compound annual growth rate of 4.7% from 2026 to 2030, driven by increased demand for security and concierge services[52]. - The company is optimistic about expanding its project coverage in mainland China, leveraging its status as one of the few Hong Kong enterprises with Class A qualifications for electromechanical engineering contracting[55]. - The group expects to leverage the growing demand for professional property management services in Hong Kong, driven by government policies to increase residential unit supply over the next decade[155]. - The group anticipates significant market potential in property and facility management services, as its current market share remains small[155].

Dividends and Shareholder Returns - The total cash dividend for the fiscal year 2025 is approximately RMB 101.68 billion, with a cash dividend of RMB 3.887 per 10 shares[6]. - The proposed final cash dividend for the fiscal year 2025 is RMB 2.029 per 10 shares, totaling approximately RMB 53.08 billion[6]. - The interim cash dividend distributed for the fiscal year 2025 was RMB 1.858 per 10 shares, amounting to approximately RMB 48.61 billion[6]. - The bank's total cash dividends for the fiscal year 2025 reflect a commitment to shareholder returns amidst ongoing business developments[6]. - The cash dividend proposed for the end of 2025 is RMB 2.029 per 10 shares, with a total cash dividend for the year of RMB 3.887 per 10 shares[42]. Financial Performance - Total operating income for 2025 was RMB 740.87 billion, a slight increase of 1.69% compared to RMB 728.57 billion in 2024[35]. - Net profit for 2025 reached RMB 339.79 billion, reflecting a growth of 1.04% from RMB 336.28 billion in 2024[35]. - The total assets as of December 31, 2025, amounted to RMB 45.63 trillion, representing a 12.47% increase from RMB 40.57 trillion in 2024[35]. - The net interest income decreased by 2.90% to RMB 572.77 billion in 2025 from RMB 589.88 billion in 2024[35]. - The bank's return on equity (ROE) stood at 10.04% for 2025[31]. - The average return on assets (ROA) decreased to 0.79% in 2025 from 0.91% in 2023, while the weighted average return on equity (ROE) fell to 10.04% from 11.56%[36]. - The cost-to-income ratio was reported at 29.44% in 2025, slightly increasing from 28.39% in 2023[36]. - The net cash flow from operating activities surged to RMB 2.10 trillion, a significant increase of 521.63% compared to RMB 338.02 billion in 2024[35]. Risk Management - The bank faces various risks including credit risk, market risk, and operational risk, and has implemented measures to manage these risks effectively[7]. - The company emphasizes strengthening risk management capabilities, focusing on asset quality and risk compensation, with ongoing improvements in risk internal control systems and smart risk control construction[44]. - A proactive and intelligent risk control system is being established to monitor potential risks and ensure asset quality management remains a top priority[49]. - The company plans to implement a dynamic adjustment mechanism for credit policies and approval processes to balance flexibility and control[49]. Customer Base and Services - The bank serves 785 million individual customers and 12.73 million corporate clients, with a total of 378,344 employees and 14,614 operating institutions[19]. - The bank is committed to enhancing its services in five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance[19]. - The bank's operational philosophy emphasizes market orientation and customer-centric services, focusing on compliance and risk management[20]. - The cumulative number of registered individual users on the "Jianhang Huidongni" platform reached 26.6 million, with a total of 5.32 billion visits[176]. - The total number of personal mobile banking wealth customers reached 44.52 million, an increase of 13.69% year-on-year[182]. Loans and Advances - The balance of technology loans reached RMB 5.25 trillion, with an increase of 18.91%[33]. - The balance of inclusive finance loans for small and micro enterprises reached RMB 3.83 trillion, growing by 12.37%[33]. - The balance of loans to the private economy reached CNY 6.72 trillion, growing by 12.17%[54]. - The total amount of domestic corporate loans and advances was RMB 15.69 trillion, with a year-on-year increase of RMB 1.26 trillion, representing a growth rate of 8.70%[194]. - The balance of loans directed towards the manufacturing industry was RMB 3.52 trillion, with a year-on-year increase of RMB 480.56 billion, representing a growth rate of 15.83%[194]. Investments and Financial Assets - The total financial investments amounted to RMB 12,897.35 billion, an increase from RMB 10,683.96 billion in the previous year[128]. - The bond investments accounted for 96.38% of total financial investments, with a year-on-year increase of RMB 2.12 trillion or 20.51%[130]. - The company's RMB bond investments amounted to RMB 11.84 trillion, up RMB 1.89 trillion or 19.01% year-on-year, while foreign currency bond investments increased by RMB 224.16 billion or 61.09%[132]. - The total amount of issued debt securities was CNY 2.59 trillion, an increase of CNY 206.93 billion or 8.67% from the previous year[145]. Corporate Governance and Compliance - The bank's board of directors guarantees the accuracy and completeness of the annual report, with no false statements or significant omissions[6]. - The bank's financial reports for the fiscal year 2025 were audited by Ernst & Young, with an unqualified opinion issued[7]. - Continuous efforts are being made to improve corporate governance and customer service systems, aiming to release internal vitality and drive high-quality development[46]. Sustainability and Green Finance - The bank's commitment to high-quality development is reflected in its strategic focus on innovation and advanced productivity[19]. - The total balance of green loans was CNY 6.00 trillion, indicating a robust growth in sustainable finance[54]. - The bank's cumulative investment in green projects reached CNY 43.5 billion, covering key areas such as wind power, solar energy, and environmental protection[173]. - The bank participated in underwriting 164 green and sustainable development bonds, with a total issuance scale equivalent to CNY 499.72 billion, a year-on-year increase of 168.11%[172].

2025 年報 股份代號 :01171 重要提示 本公司董事會及董事、高級管理人員保證年度報告內容的真實性、準確性、完整性，不存在虛假記載、誤導性陳述 或重大遺漏，並承擔個別和連帶的法律責任。 《兗礦能源集團股份有限公司2025年年度報告》已經公司第九屆董事會第二十二次會議審議通過，會議應出席董事11 人，實出席董事11人，公司全體董事出席董事會會議。 天職香港會計師事務所有限公司為本公司出具了標準無保留意見的審計報告。 公司董事長李偉先生、財務總監趙治國先生及財務管理部部長郭慧先生聲明：保證年度報告中財務報告的真實、準 確、完整。 2025年度，公司按中國會計準則實現歸母淨利潤83.81億元，按國際財務報告準則實現歸母淨利潤85.25億元，根據 《公司章程》及2023-2025年度分紅政策，2025年度現金股利為0.50元╱股（含稅），扣除2025年半年度現金股利0.18元╱ 股（含稅）後，公司董事會建議以權益分派股權登記日的總股本為基數，派發2025年度末期現金股利0.32元╱股（含 稅）。 截至報告期末，母公司不存在未彌補虧損的相關情況。 本報告中有關未來計劃等前瞻性陳述，不構成本公司對投資者的實質性承 ...

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。 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：873） 截 至2025年12月31日止全年業績 業績摘要 1. 收入為人民幣7,880.0百 萬 元，較2024年同期的人民幣7,895.5百萬元基本 持 平。 2. 本 集 團 收 入 來 自 四 個 業 務：(1)物 業 管 理 服 務；(2)社 區 增 值 服 務；(3)非 業 主 增 值 服 務；及(4)城 市 服 務。年 內(1)物業管理服務收入為人民幣5,816.5 百 萬 元，佔 總 收 入 的73.8%，較2024年同期的人民幣5,564.3百 萬 元，同 比 增 長4.5%；(2)社區增值服務收入為人民幣1,322.8百 萬 元，佔 總 收 入 的 16.8%，較2024年同期的人民幣1,207.7百 萬 元，同 比 增 長9.5%；(3)非業主 增值 ...

Financial Performance - The total revenue for the year ended December 31, 2025, was RMB 244,057,000, representing a 31.6% increase from RMB 185,332,000 in 2024[3] - Gross profit for the same period was RMB 36,631,000, up from RMB 18,357,000, indicating a significant improvement in profitability[3] - The operating profit for the year was RMB 8,400,000, compared to an operating loss of RMB 11,643,000 in the previous year, showcasing a turnaround in operational performance[3] - The net profit attributable to equity holders of the company was RMB 5,743,000, a recovery from a loss of RMB 11,020,000 in 2024[3] - The company reported a basic earnings per share of RMB 0.01, recovering from a loss per share of RMB 0.03 in 2024[3] - The company reported a basic earnings per share of RMB 1.84 for the year ended December 31, 2025, compared to a loss per share of RMB (0.45) in 2024[30] - The company recorded a net profit of approximately RMB 5.7 million for the year ending December 31, 2025, reversing from a net loss of approximately RMB 11 million in the previous year[50] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 320,746,000, an increase from RMB 280,530,000 in 2024[4] - Total liabilities increased to RMB 118,773,000 from RMB 84,583,000, reflecting a rise in financial obligations[5] - Cash and cash equivalents stood at RMB 56,041,000, compared to RMB 6,003,000 in the previous year, indicating improved liquidity[4] - The company recognized a deferred tax liability of RMB 50,537,000 for unremitted earnings as of December 31, 2025, up from RMB 41,155,000 in 2024, reflecting a 22.5% increase[29] - The group had borrowings of approximately RMB 64,500,000 as of December 31, 2025, with a debt-to-equity ratio of 0.3[55] Revenue Breakdown - The group's revenue from sales of PHC piles reached RMB 135,448 thousand in 2025, up from RMB 115,594 thousand in 2024, representing a growth of approximately 17.9%[17] - Revenue from sales of ready-mixed concrete increased to RMB 108,324 thousand in 2025, compared to RMB 68,877 thousand in 2024, marking a significant rise of about 57.3%[17] - The total revenue for the group was RMB 244,057 thousand in 2025, compared to RMB 185,332 thousand in 2024, indicating an overall growth of approximately 31.6%[17] Costs and Expenses - Total costs for the year ended December 31, 2025, amounted to RMB 239,950,000, an increase of 19.5% from RMB 200,730,000 in 2024[22] - Employee benefits expenses decreased to RMB 14,304,000 in 2025 from RMB 15,211,000 in 2024, reflecting a reduction of 5.9%[22] - Sales and marketing expenses increased by approximately RMB 200,000 or 5.7% to about RMB 3.7 million for the year ending December 31, 2025[48] - Administrative expenses rose by approximately RMB 1.6 million or 5.2% to about RMB 32.3 million for the year ending December 31, 2025, primarily due to increased professional service fees[49] Operational Developments - The company is primarily engaged in the manufacturing and sales of pre-stressed high-strength concrete piles and related products in China[6] - The company established a production facility in Nantong, Jiangsu Province, focusing on the manufacturing and sales of PHC piles and concrete products[43] - Demand for PHC piles and concrete products increased due to the gradual recovery of infrastructure activities in Nantong and surrounding areas[44] - Strategic collaboration with Anhui Conch Cement Company Limited has enhanced the stability and quality of raw material supply, improving production scheduling and cost control[44] Compliance and Governance - The company has been compliant with the corporate governance code as of December 31, 2025, and will continue to review and strengthen its governance practices[77] - The audit committee consists of three independent non-executive directors who have reviewed the consolidated financial statements for the year ending December 31, 2025[80] - The group has established compliance procedures to ensure adherence to applicable laws and regulations, particularly those significantly impacting its operations[65] - As of December 31, 2025, the group has complied with relevant laws and regulations that significantly affect its business and operations, with no major violations reported[66] Risk Management - The group actively monitors market risks, including fluctuations in exchange rates, interest rates, and stock prices, to protect its profitability[70] - The group faces interest rate risk from its borrowings, all of which are subject to floating interest rates, impacting cash flow[71] - The group manages liquidity risk by monitoring cash flow and maintaining sufficient cash and cash equivalents to meet operational needs[73] - Operational risks are managed through established procedures and frameworks, with regular assessments to identify and mitigate potential risks[74] Future Outlook - The board maintains a cautiously optimistic outlook for 2026, focusing on infrastructure development opportunities and enhancing operational efficiency[63] - The group aims to optimize its product mix and increase the proportion of high value-added products to strengthen profitability and risk resilience[63] Shareholder Information - No dividends will be declared for the year ending December 31, 2025[82] - The company will suspend share transfer registration from June 2, 2026, to June 5, 2026, to determine shareholder eligibility for the annual general meeting[85] - The annual results announcement has been published on the stock exchange and the company's website[86]

Financial Performance - Revenue decreased by 61.52% to RMB 799,930,000 compared to RMB 2,079,022,000 in 2024[6] - Gross profit decreased by 67.97% to RMB 181,682,000 from RMB 567,158,000 in the previous year[6] - Profit attributable to owners of the company was RMB 45,838,000, a decrease of 75.23% from RMB 185,066,000 in 2024[6] - Basic and diluted earnings per share were RMB 2.22 and RMB 2.21 respectively, down from RMB 9.04 and RMB 8.96 in 2024[6] - Total comprehensive income for the year was RMB 40,177,000, down from RMB 190,594,000 in 2024[8] - Total revenue for 2025 reached RMB 799,930,000, a decrease from RMB 2,079,022,000 in 2024, representing a decline of approximately 61.6%[29] - The company reported a segment profit of RMB 181,682,000 for 2025, down from RMB 567,158,000 in 2024, indicating a decrease of about 68.0%[28] - The net income from other income sources increased to RMB 31,080,000 in 2025, compared to RMB 26,876,000 in 2024, reflecting a growth of approximately 15.0%[28] - The company received government subsidies totaling RMB 18,016,000 in 2025, significantly higher than RMB 7,300,000 in 2024, marking an increase of about 146.0%[24] Revenue Breakdown - Revenue from construction contracts for 2025 was RMB 594,606 thousand, a decrease of 68% from RMB 1,858,561 thousand in 2024[20] - Revenue from product sales for 2025 was RMB 11,013 thousand, down 69% from RMB 35,806 thousand in 2024[20] - Revenue from technical support and other services for 2025 was RMB 194,311 thousand, an increase of 5% from RMB 184,655 thousand in 2024[20] - The oil and gas segment generated external revenue of RMB 593,865,000 in 2025, while the new energy and refining segment contributed RMB 205,870,000, showing a decline from RMB 1,843,134,000 and RMB 235,589,000 respectively in 2024[27] Assets and Liabilities - Non-current assets increased to RMB 1,479,397,000 from RMB 1,364,899,000 in 2024[9] - Current liabilities decreased to RMB 565,502,000 from RMB 858,794,000 in 2024[10] - Total equity increased slightly to RMB 2,187,750,000 from RMB 2,175,401,000 in 2024[10] - The company’s total liabilities decreased to RMB 788,062,000 in 2025 from RMB 951,715,000 in 2024, indicating a reduction of approximately 17.2%[28] - Accounts receivable decreased from RMB 365,421,000 in 2024 to RMB 214,190,000 in 2025, a reduction of approximately 41.3%[42] - Trade payables decreased from RMB 417,607,000 in 2024 to RMB 236,508,000 in 2025, a reduction of about 43.3%[52] Expenses - Total operating expenses for 2025 were RMB 9,685 thousand, significantly reduced from RMB 51,671 thousand in 2024[32] - Financial expenses decreased to RMB 6,082 thousand in 2025 from RMB 10,986 thousand in 2024, primarily due to lower bank loan interest expenses[33] - Income tax expense for 2025 was RMB 3,942 thousand, a decrease from RMB 34,986 thousand in 2024, reflecting a lower pre-tax profit[34] - Research and development expenses were RMB 41,517 thousand in 2025, significantly lower than RMB 78,262 thousand in 2024[38] - Administrative and other operating expenses decreased by approximately 61.92% to about RMB 138,969,000 in 2025, compared to RMB 364,903,000 in 2024[67] Dividends and Shareholder Returns - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2025[6] - The company declared an interim dividend of RMB 28,215 thousand for 2025, down from RMB 54,882 thousand in 2024[39] Corporate Governance and Compliance - The company has adhered to the corporate governance code, with a minor deviation regarding the monthly updates provided to the board[83] - The audit committee consists of four independent non-executive directors who reviewed the consolidated performance for the year ending December 31, 2025[82] Future Outlook and Strategy - The company plans to raise up to approximately HKD 56.9 million through a rights issue, offering one share for every six existing shares at a subscription price of HKD 0.16 per share[54] - The company aims to strengthen its design capabilities and optimize management models to enhance core competitive advantages and adapt to project demands[61] - The company is actively adjusting its operational strategies to manage risks and control costs amid market volatility[57] - The company is committed to developing high-value-added modular markets and providing customized modular solutions to optimize its business structure[60] Market Trends - In 2025, global energy investment is projected to reach $3.3 trillion, with clean energy investments at $2.2 trillion, surpassing fossil fuel investments of $1.1 trillion for the first time[55] - The global offshore wind power market is expected to see a demand increase of over 40% in new installations in China in 2026[59] - By the end of 2025, China's cumulative offshore wind power installed capacity reached 47 GW, with a target of exceeding 100 GW by 2030, indicating a doubling of capacity in the next five years[59] Employee and Operational Changes - The total number of employees decreased to 1,859 as of December 31, 2025, down from 2,181 in 2024, with a reduction in management and technical staff from 967 to 807[79] - The company emphasizes employee development and provides ongoing training opportunities[80]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported a revenue of HKD 492,468,000, representing a 2.6% increase from HKD 480,035,000 in 2024[2] - Gross profit for the same period was HKD 370,200,000, up 4.2% from HKD 355,251,000 in 2024[2] - Operating profit increased by 5.9% to HKD 115,850,000 compared to HKD 109,429,000 in the previous year[2] - The company's net profit attributable to shareholders decreased by 23.0% to HKD 4,628,000 from HKD 6,010,000 in 2024[2] - EBITDA for the year was HKD 85,872,000, down 4.9% from HKD 90,276,000 in 2024[2] - The company reported a basic earnings per share of HKD 0.67, a decrease of 23.0% from HKD 0.87 in 2024[2] - The total comprehensive income for the year was HKD 11,530,000, compared to HKD 5,462,000 in 2024[3] Assets and Liabilities - Total assets increased by 0.5% to HKD 964,220,000 from HKD 958,622,000 in 2024[2] - The company's net asset value per share rose by 1.5% to HKD 0.512 from HKD 0.504 in the previous year[2] - The debt-to-asset ratio improved to 152.7%, down 11.9% from 164.6% in 2024[2] - The group reported current liabilities exceeding current assets by approximately HKD 150,985,000[9] - Current liabilities include trade and other payables of about HKD 77,824,000 and interest-bearing borrowings of approximately HKD 65,523,000[9] - The group’s net current liabilities amounted to HKD 151,000,000, a decrease from HKD 245,300,000 in 2024[62] - The group's interest-bearing bank loans were approximately HKD 303,300,000 as of December 31, 2025, down from HKD 329,200,000 in 2024[63] - The asset-to-liability ratio decreased to 152.7% as of December 31, 2025, representing a reduction of 11.9% from 164.6% in 2024, due to a decrease in net debt and an increase in total equity[64] Revenue Segments - For the year ending December 31, 2025, total revenue from food and beverage sales in Macau and Hong Kong was HKD 355,865,000, an increase from HKD 339,996,000 in 2024, representing a growth of approximately 4.5%[19] - The revenue from food souvenirs decreased to HKD 116,517,000 in 2025 from HKD 119,953,000 in 2024, reflecting a decline of about 2.0%[19] - Total reported segment revenue for 2025 was HKD 499,051,000, compared to HKD 488,425,000 in 2024, indicating an overall increase of approximately 2.5%[23] - Revenue from Macau was HKD 375,936,000 in 2025, a marginal increase from HKD 375,174,000 in 2024[32] - Revenue from Hong Kong rose to HKD 116,532,000 in 2025, up 11.1% from HKD 104,861,000 in 2024[32] - Sales from food and beverage reached HKD 355,865,000 in 2025, an increase of 4.4% from HKD 339,996,000 in 2024[34] Operational Insights - The operating profit for the food and beverage segment was a loss of HKD 3,136,000 in 2025, compared to a loss of HKD 5,166,000 in 2024, showing an improvement in performance[23] - Total assets for the food and beverage segment as of December 31, 2025, were HKD 329,200,000, up from HKD 323,283,000 in 2024, marking a growth of about 1.3%[21] - The total liabilities for the food and beverage segment increased to HKD 305,172,000 in 2025 from HKD 297,025,000 in 2024, which is an increase of approximately 2.5%[25] - Capital expenditures for the food and beverage segment were HKD 10,369,000 in 2025, compared to HKD 13,343,000 in 2024, indicating a decrease of about 22.1%[23] - Interest expenses for the food and beverage segment were HKD 9,737,000 in 2025, a decrease from HKD 12,863,000 in 2024, reflecting a reduction of approximately 24.5%[23] - The operating profit margin for the food and beverage business is 18.0%, a slight decrease from 18.4% in the previous year[49] Taxation and Compliance - The company reported a total income tax expense of HKD 1,859,000 for the year ending December 31, 2025, compared to an income tax credit of HKD 3,330,000 in 2024, reflecting a significant change in tax position[26] - The estimated taxable profit in Hong Kong for the year is subject to a tax rate of 16.5%, with a subsidiary qualifying for a two-tier tax system paying 8.25% on the first HKD 2,000,000[39] - The group has not made any provisions for corporate income tax in mainland China due to no taxable profits reported for the subsidiaries[39] Future Outlook and Strategy - The group plans to open 7 new restaurants/sales kiosks in 2026 and 2027, including 2 Baifuxiaochu restaurants and 1 Hujiao Kitchen restaurant in Macau[74] - Macau is expected to receive over 40 million visitors in 2025, surpassing the pre-pandemic peak of 39.4 million in 2019, indicating a strong rebound in visitor numbers[74] - The group is focusing on digital transformation to enhance core business, emphasizing process optimization, supply chain digitization, and inventory management to improve cost efficiency[75] - Investments are being made in customer-facing technologies such as mobile ordering, loyalty program integration, and electronic payment upgrades to enhance consumer experience and retention[75] - The group is prepared to seize future opportunities for sustainable growth and value for shareholders, supported by a solid business foundation and prudent financial management[75] Employee and Corporate Governance - The group employed 636 staff members as of the end of the year, an increase from 629 in 2024, and conducted various training activities to enhance operational efficiency[59] - The group did not declare any interim or final dividends for the years 2024 and 2025[40] - The group did not recommend the payment of a final dividend for the year ended December 31, 2025, resulting in a total dividend of zero, consistent with 2024[60] - As of December 31, 2025, the group was not involved in any significant litigation or arbitration[61] - The group maintained sufficient public float throughout the year[70] - There were no significant post-balance sheet events after December 31, 2025[73]

Financial Statements - The financial data for the fiscal year ending December 31, 2025, is included in the announcement, but it does not constitute the statutory consolidated financial statements of the company[2] - The company has submitted the financial statements for the fiscal year ending December 31, 2024, to the Companies Registry in accordance with the Hong Kong Companies Ordinance[2] Auditor's Report - The auditor's report for the financial statements of the two years is unqualified, indicating no reservations or emphasis of matter[2]

RNAi Therapy Pipeline - Sirnaomics achieved significant progress in its RNAi therapy pipeline, particularly with STP705 for non-melanoma skin cancer and localized fat reduction, advancing to Phase III clinical trials[3] - The Phase I clinical trial for STP705 in localized fat reduction demonstrated excellent safety and efficacy, with minimal local skin reactions, and plans to progress to Phase II are underway[4] - The Phase I clinical study of STP707 for advanced solid tumors involved 50 patients and showed good safety and efficacy, especially in pancreatic cancer patients[4] - The complete Phase I clinical study report for STP707 has been submitted to the FDA, confirming stable disease activity, particularly in pancreatic cancer patients[4] - Sirnaomics aims to commercialize STP705 with a target for a New Drug Application (NDA) submission by 2027, depending on regulatory approval and funding conditions[10] - STP705's Phase II/III pivotal trial preparations have been completed, with positive safety data from 69 patients with invasive squamous cell carcinoma (isSCC) and 30 patients with basal cell carcinoma (BCC) reported[19] - The medical aesthetics product STP705FR achieved significant progress with excellent safety results in its Phase I trial, showing minimal local skin reactions and promising early efficacy signals[21] - STP122G has entered the final cohort of its Phase I clinical trial and received FDA approval for accelerated testing, aiming for a transition to Phase II[24] - The company plans to initiate Phase II clinical trials for STP705FR in Q1 2026, building on the promising results from its Phase I trial[21] - The ongoing development of STP355 and STP369 aligns with the company's strategy to prioritize key PNP assets for late-stage development[20] Intellectual Property and Patents - Sirnaomics has approximately 90 patents in its intellectual property portfolio, including 28 approved patents, covering PNP and GalAhead™ platforms[10] - The PNP delivery platform is one of the few clinically validated extrahepatic siRNA delivery systems globally, while the GalAhead™ platform is the only programmable RNAi platform undergoing global clinical development[14] - The PNP platform's patent coverage has expanded, with new applications covering STP705/707 clinical formulations and production process optimizations[31] - The GalAhead™ platform's patent foundation has been strengthened with a granted US patent, covering programmable pharmacokinetic designs and specific formulations[32] - The company has maintained IP protection for clinical candidates STP705 and STP122G/125G, ensuring the uniqueness of late-stage assets[34] - As of December 31, 2025, the company has over 110 patents and pending applications globally, an increase of more than 10 filings from 2024[35] Financial Performance - For the fiscal year ending December 31, 2025, the group reported no revenue, while for the fiscal year ending December 31, 2024, revenue was $1.8 million[12] - The net loss for the fiscal year ending December 31, 2025, was $14.6 million, a reduction from $50.2 million for the fiscal year ending December 31, 2024[13] - The group's administrative expenses decreased by 71% from $17.2 million for the fiscal year ending December 31, 2024, to $5.0 million for the fiscal year ending December 31, 2025[13] - Research and development expenses decreased by 50% from $20.8 million for the fiscal year ending December 31, 2024, to $10.3 million for the fiscal year ending December 31, 2025[13] - The fair value gain on financial liabilities decreased from $6.9 million for the fiscal year ending December 31, 2024, to $1.7 million for the fiscal year ending December 31, 2025[12] - The group recorded other gains and losses of $0.7 million for the fiscal year ending December 31, 2025, an increase of 3,595% from $20,000 for the fiscal year ending December 31, 2024[63] - The company reported total comprehensive expenses of $14,638,000 for the fiscal year 2025, compared to $50,647,000 in 2024, showing a decrease in overall losses[122] - Basic and diluted loss per share for the fiscal year 2025 was $(0.15), compared to $(0.66) in 2024, indicating an improvement in per-share performance[122] Cost Management and Restructuring - A comprehensive restructuring plan is being implemented to enhance operational efficiency and streamline the organizational structure[7] - The company is focusing on aggressive cost-cutting measures and reallocating resources to high-potential programs, prioritizing the development of STP705 and STP122G[7] - The company implemented a cost reduction plan, achieving over 70% reduction in non-essential operating expenses, exceeding 2024 budget targets[51] - Monthly cash burn decreased by approximately 60% compared to 2024 levels, ensuring sufficient cash runway for strategic initiatives in 2026 and 2027[52] - The company is implementing a restructuring plan aimed at improving operational efficiency and reducing cash outflows from operations[128] Clinical Development and Trials - The company is focused on advancing its RNAi therapeutic product line and aims to become a global leader in RNA-based therapies[11] - The company is conducting various phases of clinical trials, including I, II, and III phases, to evaluate drug safety, efficacy, and optimal dosing[176][177] - The III phase trials involve a larger patient population to statistically assess the product's efficacy and safety for regulatory approval[177] - The company is utilizing proprietary peptide-lipid nanoparticles (PLNP) for drug delivery in its clinical research[177] - Serious adverse events (SAE) are defined as any medical event in human drug trials that could lead to significant health risks or require hospitalization[178] Market and Competitive Landscape - The global RNAi therapy market is maturing, with trends indicating a shift towards extrahepatic delivery and programmable patient-centric dosing methods[45] - The market analysis indicates a growing demand for RNAi therapies in chronic cardiovascular and metabolic conditions, driven by payer preferences for long-acting, low-burden therapies[46] - Sirnaomics' PNP and GalAhead™ platforms create a unique competitive moat, with few industry peers possessing clinically validated extrahepatic delivery systems[47] - The medical aesthetics market shows high growth potential, with STP705's new mechanism of action and mild local skin reactions differentiating it from existing procedures[48] Governance and Compliance - The company has adopted and applied the corporate governance code as per the listing rules, ensuring compliance with all applicable provisions during the reporting period[99] - The company has re-complied with the listing rules after appointing new directors and committee members following the resignation of previous members[100] - The company has established its own code of conduct regarding securities trading, which meets or exceeds the standards set forth in the standard code[101] - The audit committee, consisting of three independent non-executive directors, reviewed the consolidated financial statements for the year ending December 31, 2025[103] - The independent auditor has issued a qualified opinion on the consolidated financial statements for the year ending December 31, 2025, highlighting significant uncertainties related to going concern[109] Investment and Financing - The company has made significant investments totaling $20 million in an independent investment portfolio, aimed at enhancing returns through idle cash and participating in various securities markets[82] - The company raised approximately $6.8 million from the subscription of 4,555,362 new shares after deducting all applicable costs and expenses[97] - The company issued 17,527,696 new shares at a subscription price of HKD 3.36 per share, raising approximately $7.5 million net after costs, intended for general working capital[94] - The company has established a new subsidiary, Zhongshan Sirnaomics, with a registered capital of RMB 6,000,000 as of August 6, 2025[153] Future Outlook - The company is focused on advancing its core products while managing cash flow and financial obligations effectively[128] - The group aims to continue advancing its innovative RNAi therapy pipeline and explore new therapeutic areas despite current economic challenges[57] - The company is actively exploring global and local partnership opportunities for its key products, aiming to accelerate the development of multiple clinical assets[56] - The financial strategy for 2026 includes strict cost control on non-core expenditures while seeking flexible investment opportunities in high-return projects[55]

Pipeline Development - The company achieved significant milestones in pipeline development, including the completion of patient enrollment for the core product LBL-024's registration clinical trial, with plans to submit a Biologics License Application (BLA) in Q3 2026 for treating third-line or above pulmonary neuroendocrine carcinoma [4]. - Over 600 patients have been enrolled across 12 cancer indications for LBL-024, with more than 200 patients specifically in the pulmonary neuroendocrine carcinoma study [7]. - The company is advancing five clinical-stage assets to the IND preparation stage and has five other candidates progressing towards preclinical candidate selection [4]. - The company plans to initiate two new Phase II proof-of-concept studies in 2026 for gastric cancer and another gastrointestinal cancer indication [9]. - The company is expanding LBL-024's clinical trials to a total of 13 cancer indications, with promising clinical progress reported in multiple cancers including small cell lung cancer and ovarian cancer [5]. Clinical Trial Results - The company reported a 33.3% objective response rate and a 51.1% disease control rate in a study of 45 evaluable patients with second-line or above pulmonary neuroendocrine carcinoma [9]. - The median overall survival for patients in the study was 11.9 months, with 6-month overall survival rates of 77.8%, 85.9%, and 70.8% for the overall, second-line, and third-line or above groups, respectively [9]. - In the Ib/II clinical trial for first-line treatment of extra-pulmonary neuroendocrine carcinoma, an objective response rate of 88.1% and a disease control rate of 96.6% were observed among 59 evaluable patients [10]. - In the II phase study for first-line and second-line non-small cell lung cancer, an objective response rate of 50.0% and a disease control rate of 94.4% were reported among 18 evaluable patients [11]. - The LBL-034 study for relapsed/refractory multiple myeloma showed an objective response rate of 82.5% and a disease control rate of 92.5% across multiple dose levels [15]. Regulatory Designations - LBL-024 has received FDA Fast Track designation and EU Orphan Drug status, facilitating its approval pathway in major international markets [6]. - LBL-034 was granted Fast Track designation by the FDA for the treatment of relapsed/refractory multiple myeloma [18]. - The company has received IND approval and orphan drug designation from the FDA for LBL-024 targeting neuroendocrine cancer [34]. - LBL-047 received IND approval from the FDA in September 2025 and from NMPA in November 2025 [23]. Financial Performance - Revenue increased from zero in 2024 to RMB 177.3 million in 2025, primarily from upfront and milestone payments related to the licensing agreement with Dianthus Therapeutics for LBL-047 [37]. - R&D expenses rose by RMB 103.4 million or 55.7% from RMB 185.7 million in 2024 to RMB 289.1 million in 2025, driven by increased CMC development milestone costs and accelerated patient enrollment in clinical trials for LBL-024 and LBL-034 [38]. - Net loss decreased by RMB 89.8 million or 29.8% from RMB 301.2 million in 2024 to RMB 211.4 million in 2025, attributed to the factors mentioned above [39]. - The company reported a pre-tax loss of RMB 124,190,000 for 2025, slightly down from RMB 129,703,000 in 2024 [183]. Strategic Collaborations and Licensing - A global exclusive licensing agreement for LBL-047 with Dianthus Therapeutics was signed, with a total potential deal value of up to $1 billion [23]. - The company has received a total of $30 million under the licensing agreement, including a $25 million upfront payment and milestone payments [24]. - The company is actively seeking global collaboration for LBL-034 to maximize its clinical and commercial value [85]. Technology and Innovation - The company has developed three proprietary technology platforms: IO 2.0, TCE, and ADC, each producing globally competitive first-in-class and best-in-class candidates [42]. - The ADC platform, TOPiKinectics™, aims to minimize off-target toxicity while addressing key industry challenges such as narrow therapeutic windows and acquired resistance [43]. - The company is strategically expanding into TCE and ADC fields to integrate complementary mechanisms and enhance therapeutic potential [42]. Employee and Governance - The total number of full-time employees is 244, with total compensation amounting to RMB 124.2 million, a decrease from RMB 129.7 million in the previous year [142]. - The company provides various incentives and benefits to employees, including competitive salaries, bonuses, and share-based compensation, along with social security insurance contributions [143]. - The company has adopted corporate governance codes to ensure high standards of governance and accountability to shareholders [149]. Future Plans - The company plans to submit a pre-BLA application for LBL-024 in Q2 2026, followed by a BLA submission in Q3 2026 [51]. - The company aims to establish LBL-024 as a cornerstone therapy in cancer treatment, with multiple key data expected to be presented at major international conferences in 2026 [116]. - The company plans to advance 3 to 5 preclinical assets into IND readiness each year through its integrated platform ecosystem, focusing on overcoming immune resistance and addressing hard-to-treat cancers [117].