Financial Performance - AEON Stores (Hong Kong) reported a total revenue of HKD 7,795,154,000 for the year ended December 31, 2025, a decrease of 3.7% compared to HKD 8,095,338,000 in 2024[2] - The company recorded a net loss of HKD 354,054,000 for the year, compared to a loss of HKD 340,721,000 in the previous year, reflecting an increase in losses of approximately 3.8%[3] - The group recorded a total loss of HKD 352,083,000 for the year ending December 31, 2025, compared to a loss of HKD 354,013,000 for the year ending December 31, 2024, showing a slight improvement[14] - In 2025, the company reported a loss attributable to shareholders of HKD 324,351,000, compared to a loss of HKD 338,070,000 in 2024, maintaining the same number of issued ordinary shares at 260,000,000[20] - Adjusted EBITDA for the year was a loss of HKD 283.7 million, which is an increase in loss of HKD 37.0 million from a loss of HKD 246.7 million in 2024, primarily due to a decrease in revenue[39] Cash Flow and Liabilities - Operating cash flow and lease liabilities showed a net outflow of HKD 255,382,000 for the year ended December 31, 2025[6] - Total current liabilities amounted to HKD 3,117,330,000, with a net current liability of HKD 1,560,104,000[4] - The company anticipates requiring financial support from its direct and ultimate holding companies to continue operations, with total loans payable amounting to HKD 544,931,000[6] - Current liabilities exceeded current assets by HKD 1,560.1 million as of December 31, 2025, compared to HKD 1,199.3 million in 2024[41] - The company has significant uncertainty regarding its ability to continue as a going concern due to the reported losses and net current liabilities[51] Assets and Inventory - The company’s non-current assets decreased to HKD 3,352,415,000 from HKD 3,609,049,000 in 2024, indicating a decline of approximately 7.1%[4] - Inventory levels decreased to HKD 773,021,000 from HKD 845,714,000, a reduction of about 8.5% year-over-year[4] - The company’s total assets decreased to HKD 4,909,641,000 from HKD 5,455,315,000, reflecting a decline of about 10%[4] Revenue Breakdown - Direct sales in Hong Kong amounted to HKD 3,592,292,000, while sales in Mainland China reached HKD 4,202,862,000 for the year ending December 31, 2025[14] - Hong Kong business revenue decreased by approximately 4.1% to HKD 3,592.3 million, with a loss of HKD 192.4 million, an improvement from the previous year's loss of HKD 288.2 million[30] - Mainland China business revenue fell by about 3.4% to HKD 4,202.9 million, with a loss of HKD 159.7 million, compared to a loss of HKD 65.8 million in the previous year[32] - The overall revenue for the group decreased by 3.7% to HKD 7,795.2 million, with a gross margin reduction of 0.5% to 28.4%[38] Expenses and Costs - The total expenses for 2025 amounted to HKD 1,049,424,000, slightly increasing from HKD 1,037,203,000 in 2024, with advertising and promotion expenses at HKD 278,009,000[6] - The company’s financial expenses increased to HKD 8,190,000 from HKD 1,236,000, marking a significant rise in financial costs[2] - The company recorded a net foreign exchange gain of HKD 24,979,000 in 2025, a significant improvement from a loss of HKD 5,917,000 in 2024[7] - The company recorded a deferred tax expense for the current year of HKD 2,288,000, compared to HKD 2,148,000 in 2024[18] Strategic Initiatives - The group plans to open 10 new AEON Mono Mono stores in 2026, focusing on enhancing product offerings and supply chain efficiency[34] - The group aims to improve inventory management and turnover efficiency to enhance gross margins and cash flow amid rising fixed costs[34] - The group will accelerate digital transformation, implementing technologies such as AI security systems and smart shopping carts to enhance customer experience and operational efficiency[35] - The group will focus on member management to increase membership numbers and purchase frequency, enhancing customer loyalty and lifetime value[36] - The group will continue to optimize its product structure by enhancing its private label offerings and focusing on growth categories to improve sales and gross profit performance[34] Governance and Management - The executive directors are Takeshi Nagashima and Junya Kuniyoshi, while the non-executive directors include Toshiya Goto, Hiroyuki Inohara, and Yoshiyuki Yokochi[52] - Independent non-executive directors consist of Hidetaka Mizuno, Yung Ting Sham, and Mei Ling Wong[52] - The announcement date is March 27, 2026[52] Employment - The company employed approximately 4,998 full-time and 3,767 part-time staff in Hong Kong and mainland China as of December 31, 2025[44]

Financial Performance - For the fiscal year ending December 31, 2025, the company's revenue was RMB 323.0 million, a decrease of 17.2% from RMB 390.3 million in 2024[5][7] - The net loss for the year was RMB 68.9 million, a significant reduction of 90.5% compared to a loss of RMB 721.5 million in 2024[5][7] - Adjusted net loss (non-IFRS measure) was RMB 57.5 million, down 72.6% from RMB 210.3 million in the previous year[5][7] - Gross profit decreased by 20.5% from RMB 203.4 million in 2024 to RMB 161.7 million in 2025, with gross margin dropping from 52.1% to 50.1% due to changes in revenue structure[24] - The company recorded a net loss of RMB 68.9 million for the year ended December 31, 2025, compared to a net loss of RMB 721.5 million in 2024[29] - The group reported a pre-tax loss of RMB 68,849,000 for the year ending December 31, 2025, a significant improvement compared to a loss of RMB 721,484,000 in 2024[76] Revenue Breakdown - AI software solution revenue fell from RMB 238.1 million in 2024 to RMB 148.8 million in 2025, attributed to intensified competition in the domestic AI market and rapid iterations of large language model technology[22] - AI hardware revenue increased from RMB 152.2 million in 2024 to RMB 174.2 million in 2025, driven by growth in Agentic AI hardware and optimized product inventory structure[22] - The geographical revenue breakdown shows that revenue from mainland China decreased to RMB 140,537,000 in 2025 from RMB 227,045,000 in 2024, a decline of about 38.2%[78] - For the fiscal year ending December 31, 2025, the reported revenue from AI software solutions is RMB 148,802,000, down from RMB 238,100,000 in 2024, while AI hardware revenue increased to RMB 174,231,000 from RMB 152,248,000[75] Cost Management - Operating costs decreased by 54.7% year-on-year, while revenue per employee increased by 22.5%[10] - Research and development expenses decreased from RMB 136.9 million in 2024 to RMB 77.7 million in 2025, as the company optimized resource allocation and focused on high-potential projects[25] - Selling and marketing expenses fell from RMB 196.0 million in 2024 to RMB 126.6 million in 2025, mainly due to reduced service fees related to AI software solutions[26] - Administrative expenses decreased from RMB 88.3 million in 2024 to RMB 40.0 million in 2025, attributed to the absence of listing expenses and ongoing organizational efficiency improvements[27] - Total employee costs, including director remuneration, amounted to RMB 86.4 million for the year ended December 31, 2025[36] Assets and Liabilities - As of December 31, 2025, the company had a net current asset value of approximately RMB 200.7 million, a decrease of about 35.2% from RMB 309.6 million in 2024[30] - The current ratio as of December 31, 2025, was approximately 2.6, compared to 2.5 as of December 31, 2024[30] - As of December 31, 2025, the group's outstanding bank loans amounted to RMB 51.0 million, an increase from RMB 20.0 million as of December 31, 2024[33] - The capital debt ratio decreased to 35.9% as of December 31, 2025, down from 42.1% on December 31, 2024[34] - The total transaction price for remaining performance obligations as of December 31, 2025, is RMB 2,045,000, with RMB 16,330,000 for 2024, indicating expected future revenue from existing customer contracts[70] Dividend Policy - The company does not recommend the distribution of any final dividend for the year ended December 31, 2025, consistent with the previous year[44] - The company does not recommend paying dividends for the fiscal year ending December 31, 2025, maintaining a zero dividend for 2024[118] Product Development and Innovation - The company launched the "TicNote" and "TicNote Youth Edition" products, integrating AI capabilities for enhanced user experience[13] - The "TicNote Pods," the world's first 4G AI recording earphones, received widespread support and won the "Best of Kickstarter" award[16] - The AI software business maintained a high gross margin of 86.7%, indicating strong profitability potential[17] - The "TicNote Cloud" platform offers an integrated workflow for users, enhancing project efficiency and collaboration[17] - "CodeBanana," a cloud-based coding agent platform, achieved a top four ranking on Product Hunt, facilitating full-link collaboration in project development[18] Training and Governance - The company has adopted a comprehensive approach to employee training, focusing on onboarding, core competency development, and key talent development programs[38] - The audit committee consists of three independent non-executive directors, who reviewed the accounting policies and practices of the group for the year ended December 31, 2025[48] - There were no significant events affecting the group's operational and financial performance from December 31, 2025, to the announcement date[50] Shareholder Information - The company’s ordinary shares and preferred shares are redeemable financial instruments, with changes in the financial liability measured at present value[114] - The company’s preferred shares can be redeemed at 100% of the issue price plus an 8% compounded annual return under certain triggering events[112] - The company’s preferred shares can be converted into ordinary shares at the option of the holder at the applicable conversion price[116] - The company’s obligation to redeem shares has been reclassified as equity and capital reserves following the termination of certain contractual obligations[117] - The company’s shares are listed on the Hong Kong Stock Exchange under stock code 2438[121] - The company was incorporated in the Cayman Islands on August 31, 2012[121] - The board of directors consists of executive directors Dr. Li Zhifei and Ms. Li Yuanyuan, along with independent non-executive directors Mr. Chen Yilu, Professor Lu Yuanzhu, and Mr. Yang Zhe[124] - The prospectus date is set for April 16, 2024, with the reporting period ending on December 31, 2025[125]

Financial Performance - The company reported revenue of approximately HKD 27.1 million for the year ended December 31, 2025, a decrease of about 13.2% from HKD 31.2 million in the previous year[11]. - The loss attributable to owners increased to approximately HKD 3.7 million, up about 37.2% from a loss of HKD 2.7 million in the prior year[11]. - Revenue from front-office trading solutions decreased by approximately 11.5% to HKD 13.7 million, primarily due to unfavorable business and economic conditions[13]. - Revenue from installation and customization services dropped by approximately 30.4% to HKD 2.2 million, attributed to reduced demand for customization services[13]. - Management cloud service revenue fell by approximately 20.9% to HKD 1.5 million, reflecting a decline in service uptake[13]. - Other service revenue increased by approximately 27.6% to HKD 1.7 million, driven by higher product sales[13]. - The company reported a pre-tax loss of approximately HKD 3.9 million, an increase of about 33.6% from a pre-tax loss of HKD 2.9 million in the previous year[15]. - Total revenue for the year ended December 31, 2025, was HKD 27,068,000, a decrease of 12.8% from HKD 31,190,000 in 2024[150]. - Operating loss increased to HKD 3,711,000 in 2025 from HKD 2,701,000 in 2024, reflecting a deterioration in operational performance[150]. - Net loss attributable to owners for the year was HKD 3,726,000, compared to a loss of HKD 2,715,000 in the previous year, indicating a 37.1% increase in losses[150]. Asset and Liability Management - As of December 31, 2025, the group recorded net current assets of approximately HKD 34.1 million, down from HKD 37.4 million as of December 31, 2024[22]. - The group had no interest-bearing or non-interest-bearing borrowings as of December 31, 2025, and no bank financing or unused unsecured bank financing[22]. - Non-current assets decreased to HKD 23,996,000 in 2025 from HKD 24,925,000 in 2024, a decline of 3.7%[151]. - Current assets decreased slightly to HKD 43,608,000 in 2025 from HKD 44,039,000 in 2024, a reduction of 1.0%[151]. - Total liabilities increased to HKD 10,093,000 in 2025 from HKD 8,584,000 in 2024, marking an 17.6% rise[151]. - Total equity decreased to HKD 57,511,000 in 2025 from HKD 60,380,000 in 2024, a decline of 4.7%[151]. - Cash and cash equivalents increased significantly to HKD 16,327,000 in 2025 from HKD 9,645,000 in 2024, a growth of 69.5%[151]. Impairments and Provisions - The company recognized necessary impairments, including property and equipment impairment of HKD 1.085 million and intangible asset impairment of HKD 0.45 million[9]. - The company reported a significant decrease in impairment losses on property, plant, and equipment, with losses of HKD 1,085,000 in 2025 compared to HKD 118,000 in 2024[154]. - Management's impairment assessment of intangible assets relies on cash flow forecasts, which include critical assumptions such as sales growth rates and discount rates[20]. - The audit identified the recoverability of receivables as a key audit matter due to the significant judgments and assumptions involved in estimating expected credit losses[5(c)]. Corporate Governance and Management - The company is led by experienced executives, including founder and chairman Mr. Chen, who has over 30 years of experience in the securities and derivatives industry[34]. - CEO Mr. Lu has over 20 years of experience in software and technology application in financial business processes, focusing on product development[35]. - The company emphasizes innovation and new business opportunities, led by Executive Director Ms. Chen, who has a strong interest in entrepreneurship[36]. - The board includes independent non-executive directors with extensive experience in accounting, auditing, and finance, enhancing corporate governance[38]. - The company has established three board committees: Audit Committee, Remuneration Committee, and Nomination Committee, to enhance governance efficiency[108]. - The independent non-executive directors have confirmed their independence according to GEM listing rules, contributing to the board's effectiveness[105]. - The company has adopted the corporate governance code as per GEM listing rules, ensuring compliance and transparency in its operations[100]. Employee and Social Responsibility - Employee costs for the year ended December 31, 2025, decreased to approximately HKD 18.9 million, a reduction of about 12.3% from HKD 21.6 million for the year ended December 31, 2024[17]. - The company emphasizes the importance of employees as key assets and conducts various training programs to enhance their skills and job satisfaction[96]. - The management team is actively involved in various charitable organizations, reflecting the company's commitment to social responsibility[36]. - The group made charitable donations amounting to HKD 390,000 during the year, an increase from HKD 185,000 in 2024[57]. Shareholder Information - The company reported a reserve available for distribution to shareholders of approximately HKD 57,448,000 as of December 31, 2025, compared to HKD 55,639,000 in 2024[56]. - The company has not proposed a final dividend for the year ending December 31, 2025, consistent with the previous year[47]. - The company has adopted a general dividend policy since March 25, 2019, allowing for the declaration and distribution of dividends at the board's discretion[47]. - The company will reimburse reasonable expenses incurred by shareholders if the board fails to convene a special general meeting within 21 days of the request[131]. Risk Management and Compliance - The company has established a clear framework for risk management and internal controls, overseen by the board[102]. - The company has implemented mechanisms to ensure independent viewpoints are considered in board decisions, enhancing governance quality[105]. - The group assesses impairment of non-financial assets annually or when events indicate that the carrying amount may not be recoverable[197]. - The group recognizes expected credit losses for debt instruments measured at amortized cost, reflecting changes in credit risk since initial recognition[198]. Financial Reporting and Audit - The company’s financial statements have been audited in accordance with the Hong Kong Financial Reporting Standards, reflecting a true and fair view of the group's financial position[139]. - The auditor's responsibility includes identifying and assessing risks of material misstatement due to fraud or error and designing audit procedures to address these risks[146]. - The independent auditors have been consistent over the past three years, with a resolution to reappoint them at the upcoming annual general meeting[97]. - The company has established compliance procedures to ensure adherence to applicable laws and regulations, confirming compliance with GEM Listing Rules and other relevant regulations since the listing date[93].

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，概無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。 本公告原文乃以英文編製，其後翻譯成中文。中英文版本如有任何歧義，概以英文 版為準。 （於開曼群島註冊成立之有限公司） （股份代號：1767） 截至二零二五年十二月三十一日止年度的全年業績公告 財務摘要： 綜合損益及其他全面收益表 | | 二零二五年 | 二零二四年 | 變動百分比 | | --- | --- | --- | --- | | | 新加坡元 | 新加坡元 | % | | 收益 | 72,798,681 | 69,958,249 | 4.1 | | 除稅前溢利 | 4,191,539 | 7,914,040 | –47.0 | | 年度溢利 | 2,964,566 | 6,324,581 | –53.1 | | 綜合財務狀況表 | | | | | | 二零二五年 | 二零二四年 | 變動百分比 | | | 新加坡元 | 新加坡元 | % | | 銀行結餘及現金 | 38,624,040 | 3 ...

Financial Performance - Revenue for 2025 reached RMB 272,081,000, a 1% increase from RMB 267,142,000 in 2024[7] - Profit before tax for 2025 was RMB 44,416,000, down 25% from RMB 59,490,000 in 2024[7] - The company achieved a net profit of RMB 38,829,000 in 2025, compared to RMB 52,602,000 in 2024, reflecting a decrease of 26%[7] - Gross profit decreased from RMB 98.2 million in 2024 to RMB 91.9 million in 2025, with gross margin declining from 36.7% to 33.8%[47] - Net profit for the year decreased by 26.2% from RMB 52.6 million in 2024 to RMB 38.8 million in 2025[60] - Sales revenue for precision casting materials decreased by approximately 7.8% from RMB 185.5 million in 2024 to RMB 171.1 million in 2025, attributed to strategic price adjustments despite volume growth[40] - Sales revenue for refractory materials increased by 14.4% from RMB 52.0 million in 2024 to RMB 59.5 million in 2025, driven by significant sales volume growth[41] - Sales revenue for coke powder increased by 41.4% from RMB 26.6 million in 2024 to RMB 37.6 million in 2025, due to increased customer demand and new customer acquisition[42] - Total expenditure for kaolin ore extraction is estimated to be approximately RMB 38,325.81 thousand for the year ending December 31, 2025[29] Assets and Liabilities - Total assets increased to RMB 1,064,053,000 in 2025, up 15% from RMB 926,715,000 in 2024[8] - Total liabilities decreased slightly to RMB 455,834,000 in 2025 from RMB 466,423,000 in 2024[8] - Cash and cash equivalents rose by approximately 186.8% to about RMB 205.6 million as of December 31, 2025, compared to RMB 71.7 million as of December 31, 2024, primarily driven by net cash flow from operating activities[62] - Current net assets increased to approximately RMB 182.8 million as of December 31, 2025, from RMB 53.1 million as of December 31, 2024, due to increases in trade receivables and cash equivalents[63] - Total interest-bearing bank and other borrowings amounted to approximately RMB 266.2 million as of December 31, 2025, with unused bank credit facilities of approximately RMB 210.0 million[64] - The debt-to-equity ratio improved from 42.0% as of December 31, 2024, to 23.8% as of December 31, 2025[73] Corporate Governance - The company is committed to high standards of corporate governance, having adhered to all applicable code provisions since its listing[125] - The board consists of ten directors, including three executive directors, three non-executive directors, and four independent non-executive directors, ensuring diverse governance[128] - The company has implemented policies for information disclosure, including handling insider information[141] - The board has reviewed the implementation of its independent opinion mechanisms and found them effective since the listing date[134] - The company emphasizes effective communication with shareholders through financial reports, annual general meetings, and timely disclosures to enhance investor relations[176] - The company encourages shareholder participation in meetings and provides at least 21 days' notice for annual general meetings and 15 days for any extraordinary meetings[177] Strategic Initiatives - The company aims to enhance its core competitiveness through continuous technological innovation and industry policy guidance[11] - The company plans to strengthen strategic leadership and execution to drive major project construction and effectiveness[12] - The company is committed to innovation-driven development and industry upgrades to forge a stronger growth engine[12] - The company aims to expand its market presence in refractory materials and ceramic fibers, leveraging its unique resource advantages[124] - The company plans to construct a new production line with an annual design capacity of 40,000 tons to capture the growing market for refractory materials[35] - The company aims to produce fine kaolin powder with an annual capacity of 60,000 tons to diversify its product offerings and explore new profit growth avenues[36] Human Resources - The company employed 350 full-time employees as of December 31, 2025, with total employee compensation expenses of approximately RMB 56.6 million during the reporting period[76] - The company has confirmed several senior engineers, enhancing its technical capabilities and management structure[115][116] - The board currently consists of 2 female directors and 8 male directors, reflecting a balanced mix of knowledge and skills, and the company believes it meets its diversity policy requirements[163] - As of the reporting period, the overall gender diversity among employees, including senior management, is 21.33% female and 78.67% male, with no current plans for additional measurable gender diversity targets[167] Risk Management - The company has established a risk management and internal control system to identify, assess, and manage significant risks[190] - The board of directors is responsible for setting and updating the internal control system, while senior management monitors daily execution[190] - The company has integrated risk management and internal control into daily operations, continuously conducting risk assessments and developing management strategies[194] - The internal audit department reports directly to the audit and risk committee, ensuring independence and effectiveness in identifying issues and recommending improvements[196] Market Position - The company is a leading player in the Chinese coal series kaolin industry, with a market share of nearly 20% in the precision casting material segment, ranking first nationally[12] - The market for deep-processed kaolin products in China is expanding, with coal-based calcined kaolin accounting for nearly half of the market share[11] - The market for precision casting materials in China is expected to grow from RMB 971.9 million in 2024 to RMB 1,362.0 million by 2029, representing a compound annual growth rate (CAGR) of 7.0%[34] Shareholder Information - The proposed final dividend for the year ending December 31, 2025, is RMB 2.27 per share (tax included), totaling RMB 22,063,000, which represents 56.82% of the net profit attributable to shareholders under IFRS and 60% under Chinese accounting standards[84] - No shareholders have waived or agreed to waive any dividends for the year ending December 31, 2025[86] - The final dividend distribution is subject to approval at the 2025 Annual General Meeting, expected to be distributed on May 22, 2026[84] Listing and Compliance - The company successfully listed on the Hong Kong Stock Exchange on December 3, 2025, marking a significant milestone[11] - The new Mineral Resources Law will not adversely affect the company's operations or financial performance, and the company plans to renew its mining license before expiration[25] - The company has no mining rights pledged for bank financing since its listing date[25]

Annual Report 年報 2025 RT 2025 年報 CHINA DEMETER FINANCIAL INVESTMENTS LIMITED 國農金融投資有 限 公 司 ANNUAL RE P O CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED ("STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest ...

Financial Performance - The Group recorded revenue of approximately HK$21.95 million for the six months ended 31 December 2025, representing a decrease of approximately 56.29% compared to HK$50.22 million for the corresponding period in 2024[8]. - The Group reported a loss of approximately HK$3.85 million for the period, an improvement from a loss of approximately HK$14.04 million in 2024[8]. - Loss attributable to owners of the Company for the Period was approximately HK$3.55 million, a significant improvement from a loss of approximately HK$11.57 million in 2024, resulting in a loss per share of HK cents 0.58 compared to HK cents 1.90 in 2024[84][87]. - The Group recorded finance costs of approximately HK$1.38 million during the Period, slightly down from approximately HK$1.40 million for the corresponding period in 2024[83][86]. - The total comprehensive expense for the period was HK$3,853,000, compared to HK$14,036,000 in the prior year, indicating a decrease of 72.6%[135]. - The company reported a loss for the period of HK$3,548,000, which is a decrease from the loss of HK$11,566,000 reported in the previous period[142]. Revenue Breakdown - Revenue from primary tutoring services, skill courses, and test preparation courses was approximately HK$16.72 million, an increase of approximately 6.36% from HK$15.72 million in the same period of 2024[17]. - Revenue from secondary tutoring services increased to approximately HK$90,000, representing an increase of approximately 23.29% compared to approximately HK$73,000 in the corresponding period in 2024[67]. - Revenue from money lending was HK$1,262,000, while the VR and digital entertainment segment generated revenue of HK$3,412,000[164]. - Revenue from contracts with customers decreased to HK$21,949,000 for the six months ended December 31, 2025, down from HK$50,218,000 in the same period of 2024, representing a decline of approximately 56.3%[177]. - Franchising income increased to HK$3,406,000, up from HK$2,577,000, reflecting a growth of 32.2% year-over-year[177]. Assets and Liabilities - Non-current assets decreased to HK$22,021,000 as of December 31, 2025, down from HK$28,077,000 as of June 30, 2025, reflecting a decline of 21.5%[136]. - Current assets increased to HK$68,796,000 from HK$65,958,000, showing a growth of 4.2%[136]. - Total liabilities of the Group were HK$45,313,000, with segment liabilities for private educational services at HK$12,892,000[171]. - The total balance of cash and cash equivalents as of 31 December 2025 was approximately HK$0.84 million, down from approximately HK$1.54 million as of 30 June 2025, with a current ratio of approximately 1.59 times[93][97]. Investment and Financial Strategy - The Group's investment strategy focuses on long-term holding of Convoy shares, with an openness to exploring exit options such as private sales or potential relisting[61]. - The Group aims to safeguard shareholder value through careful assessment of market conditions and adjustment of investment strategies accordingly[63]. - Robust controls are in place for investment processes, including pre-transaction due diligence and post-transaction monitoring[105]. - The Group's Treasury Policy aims to enhance shareholder value through diversified investments aimed at capital appreciation and preservation[106]. Operational Highlights - The Group operates 8 directly-owned education centers and 32 franchised centers under the brand "Modern Bachelor Education" as of 31 December 2025[16]. - The Group is integrating AI technologies into its current products and developing innovative education services, aiming to expand into larger markets and new segments such as vocational and technical training[85][88]. - The Group is committed to becoming a leading content and solution provider in the STEAM education industry, focusing on technological innovation in advanced fields[90][96]. - The Group had no significant contingent liabilities as of December 31, 2025[115]. Employee and Operational Costs - The Group had a total of 86 full-time employees, an increase from 77 employees as of June 30, 2025[111]. - Staff costs decreased to approximately HK$13.26 million during the Period from approximately HK$14.55 million for the corresponding period in 2024, primarily due to cost-efficiency measures[70]. - Marketing expenses decreased to approximately HK$0.49 million during the Period from approximately HK$1.36 million for the corresponding period in 2024, due to a shift to more cost-efficient advertising media[76]. Loan and Credit Management - As of December 31, 2025, China Rich's total loan receivables amounted to HK$25.59 million, with secured loans accounting for 19.54% and unsecured loans for 80.46% of the total[40]. - The company performs internal credit assessments for loan applications, considering factors such as income proof, collateral valuation, and credit history to determine loan amounts and interest rates[30]. - Loan recovery procedures include tracking repayment records, communicating with customers for overdue payments, and taking legal action when necessary[31]. - The company emphasizes compliance with anti-money laundering and counter-terrorist financing regulations during the loan approval process[30]. Dividend and Shareholder Returns - The Board does not recommend the payment of an interim dividend for the six months ended 31 December 2025[6]. - The board does not recommend the payment of an interim dividend for the period, consistent with the previous year where no dividend was declared[192].

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，並明確表示概不就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。 山東新華製藥股份有限公司 Shandong Xinhua Pharmaceutical Company Limited (於中華人民共和國註冊成立之股份有限公司) (股份編號：00719) 2025 年年度業績公告 山東新華製藥股份有限公司(「本公司」)董事會(「董事會」)及董事(「董事」)謹此宣佈本公 司及其附屬公司(統稱「本集團」)截至 2025 年 12 月 31 日止財政年度的(「本報告期」)經審 計綜合業績。下列財務資料根據中國企業會計準則(「《中國企業會計準則》」)編制。 本公告分別以中文及英文刊載。如中英文本有任何差異，概以中文本為凖。 一、 公司基本情況 公司中文名稱:山東新華製藥股份有限公司 公司英文名稱:SHANDONG XINHUA PHARMACEUTICAL COMPANY LIMITED 公司網址：http://www.xhzy.com 公司電子信箱：xhzy@xhzy.com ...

Financial Performance - The group's revenue for the year ended December 31, 2025, was approximately RMB 1,524.9 million, a decrease of about 0.3% compared to RMB 1,530.2 million for the year ended December 31, 2024[3]. - Revenue from property city services was approximately RMB 1,138.2 million, accounting for about 74.6% of total revenue, an increase of approximately 6.6% from RMB 1,067.7 million in the previous year[3]. - The gross profit was approximately RMB 204.0 million, a decrease of about 1.9% from RMB 207.9 million in the previous year, with a gross margin of approximately 13.4%[4]. - The company recorded a profit of approximately RMB 35.4 million for the reporting period, compared to a loss of approximately RMB 61.6 million for the year ended December 31, 2024[4]. - The total cost of sales for the group in 2025 was RMB 1,251,166 thousand, compared to RMB 1,255,034 thousand in 2024, reflecting a decrease of 0.3%[32]. - The total expenses for the group in 2025 were RMB 1,508,387 thousand, a decrease from RMB 1,526,682 thousand in 2024, reflecting a reduction of 1.2%[42]. - The group reported contract liabilities of RMB 316,301 thousand as of December 31, 2025, down from RMB 336,384 thousand in 2024, indicating a reduction of 6.0%[34]. - The group confirmed revenue from contract liabilities amounting to RMB 336,384 thousand for the year ended December 31, 2025, compared to RMB 295,657 thousand in 2024, an increase of 13.8%[37]. - The group recorded a profit before tax of approximately RMB 45.3 million, a significant turnaround from a loss of RMB 65.5 million in the previous year[99]. Assets and Liabilities - Non-current assets totaled approximately RMB 486.3 million as of December 31, 2025, slightly increasing from RMB 484.1 million in the previous year[7]. - Current assets amounted to approximately RMB 1,034.5 million, an increase from RMB 1,000.2 million in the previous year[7]. - The company's net asset value increased to approximately RMB 436.9 million from RMB 409.2 million in the previous year[8]. - The group’s total assets related to property, plant, and equipment increased to RMB 173,131,000 in 2025 from RMB 121,238,000 in 2024, reflecting ongoing investment in infrastructure[51]. - The group’s deferred tax liabilities decreased to RMB (3,263,000) in 2025 from RMB (9,558,000) in 2024, indicating a positive shift in tax position[44]. - The group had no outstanding borrowings or pledged assets as of December 31, 2025[108][109]. Shareholder Returns - The board did not recommend the payment of a final dividend for the year ending December 31, 2025, compared to a dividend of RMB 0.03 per share (tax inclusive) for 2024[4]. - The company reported a profit attributable to equity holders of RMB 27,817,000 for 2025, a significant improvement from a loss of RMB 66,882,000 in 2024[46]. - Basic earnings per share for 2025 was RMB 0.415, compared to a loss of RMB 0.998 per share in 2024[46]. - The group aims to create sustainable long-term returns for shareholders and enhance service value for owners by focusing on cost efficiency, strong cash flow, and innovation in 2026[112]. Operational Highlights - The group managed 604 projects across 76 cities in China, with a total managed building area of approximately 61.0 million square meters as of December 31, 2025[62]. - In 2025, the group expanded its project portfolio by adding 166 new projects, increasing the managed area by over 7.6 million square meters[63]. - The group successfully signed contracts for quality urban service projects, including Zhengzhou Vipshop Logistics Park and a collaboration with MiHoYo to create a dedicated property service system[63]. - The group hosted over 100 themed community markets, attracting more than 50,000 homeowners, enhancing community engagement and service offerings[64]. - The group completed approximately 380 chronic disease management registrations and over 1,500 outpatient conversions in its elderly care initiatives[64]. Strategic Initiatives - The group aims to establish a self-operating mechanism through the implementation of the Amiba management model, enhancing resource allocation and operational efficiency[65]. - The group plans to deepen its market presence by enhancing service quality and exploring new service demands in emerging sectors such as renewable energy and AI[114]. - The group will focus on upgrading its new consumption ecosystem and smart technology to stimulate a second growth curve in 2026[115]. - The company is focusing on AI technology in its mid and back-office operations to enhance management efficiency and reduce labor costs[121]. - The company aims to build a high-efficiency, agile, and intelligent digital operation ecosystem to improve business efficiency and resource allocation[120]. Compliance and Governance - The audit committee confirmed compliance with applicable accounting principles and standards for the financial year ending December 31, 2025[134]. - The company has adopted the standard code for securities transactions by directors and supervisors, confirming compliance during the reporting period[132]. - The annual general meeting is scheduled for June 9, 2026, with a record date for voting rights set for May 28, 2026[138][139]. Employee and Training - As of December 31, 2025, the group had 5,652 employees, a decrease from 5,903 employees on December 31, 2024[129]. - The total employee cost recognized during the reporting period was approximately RMB 721.8 million, compared to RMB 735.2 million for the year ending December 31, 2024[129]. - The company will utilize internal and external resources to enhance employee training programs focusing on key operational areas[129].

Regulatory Compliance and Academic Development - TOP Education Group successfully renewed its registration with the Higher Education Quality and Standards Agency for another seven years, marking 17 consecutive years of unconditional registration as a higher education institution [10]. - The group has made significant progress in regulatory compliance, academic development, and campus operations during the second half of 2025 [9]. - The group plans to continue focusing on maintaining a strong regulatory position and enhancing academic quality and governance, while expanding international education and industry collaboration opportunities [21]. - The independent external review of the Student Complaints Committee was completed in late November 2025, with recommendations to be discussed and implemented in early 2026 [14]. - The group is actively assisting its subsidiary SCOTS in diversifying enrollment channels and course offerings to enhance resilience amid challenges in the ELICOS sector [10]. Course Offerings and Program Development - The group has increased its CRICOS-approved student capacity to 3,000, enhancing its ability to manage multi-campus enrollment growth and support future strategic plans [10]. - The Master of Business Research (MBR) program was relaunched in July 2025 across three campuses, with early signs of interest from potential students for the first semester of 2026 [13]. - The group is developing multiple new undergraduate and postgraduate courses focused on digital skills, data-driven decision-making, and sustainable practices, with plans to submit applications to the Higher Education Quality and Standards Agency in 2026 [12]. - The re-accreditation review of the Master of Business Administration program was completed in July 2025, with optimization measures enhancing academic consistency and overall student experience [12]. - The professional accounting courses are undergoing a comprehensive update to align with contemporary professional practices, focusing on AI literacy and data analysis [12]. - The group continues to modernize its academic course offerings to meet evolving workforce demands and student needs [11]. Financial Performance - Revenue increased by approximately 6.5% from about AUD 16.0 million for the six months ended December 31, 2024, to about AUD 17.1 million for the six months ended December 31, 2025 [22]. - Gross profit rose by approximately 11.8% from AUD 6.6 million for the six months ended December 31, 2024, to AUD 7.4 million for the six months ended December 31, 2025, with a gross margin increase from about 41.3% to 43.4% [25]. - The group's net profit for the six months ending December 31, 2025, increased by approximately 12.4% to about AUD 1.7 million, up from AUD 1.6 million for the same period in 2024 [31]. - Basic earnings per share increased to AUD 0.082, up 24.2% from AUD 0.066 in 2024 [81]. - The company reported a net profit of AUD 1,745,000, representing a 12.4% increase from AUD 1,553,000 in the previous year [81]. - Operating cash flow for the period was AUD 8,487,000, a 54.8% increase compared to AUD 5,485,000 in 2024 [87]. Revenue Sources and Expenses - Tuition fees account for 94.0% of the group's revenue, while other service fees account for approximately 6.0% [23]. - Other income decreased by approximately 33.2% from about AUD 1.6 million for the six months ended December 31, 2024, to about AUD 1.1 million for the six months ended December 31, 2025, primarily due to a reduction in interest income [26]. - Operating expenses increased by approximately 1.0% from about AUD 4.36 million for the six months ended December 31, 2024, to AUD 4.40 million for the six months ended December 31, 2025 [28]. - Administrative expenses are primarily driven by increases in office operations and employee-related costs [28]. Shareholder and Equity Information - The board did not recommend an interim dividend for the six months ending December 31, 2025, consistent with the previous year [42]. - The group completed the buyback of 264,708,000 shares, representing approximately 10.86% of the total issued shares, at a cost of about HKD 11,243,168.30 [43]. - As of December 31, 2025, the total number of issued shares is 2,171,686,000 [52]. - Major shareholders include Ms. Shuling Chen with 365,764,000 shares (16.84%), and Guoli Minsheng with 351,180,000 shares (16.17%) [53]. - The total issued capital decreased from AUD 36,547,000 as of June 30, 2025, to AUD 33,706,000 as of December 31, 2025, due to share buybacks and cancellations [119]. Cash and Debt Management - As of December 31, 2025, the group had cash on hand of approximately AUD 50.3 million, an increase from AUD 49.1 million on June 30, 2025, with no bank borrowings [33]. - The group's debt-to-equity ratio was 0% as of December 31, 2025, consistent with the ratio on June 30, 2025 [34]. - The group provided bank guarantees totaling AUD 1,714,000 as of December 31, 2025, down from AUD 1,812,000 on June 30, 2025 [38]. Employee and Management Information - The group employed 137 staff members as of December 31, 2025, an increase from 123 staff members as of December 31, 2024 [39]. - The total compensation for key management personnel was AUD 802,000 for the six months ended December 31, 2025, compared to AUD 711,000 for the same period in 2024 [142]. - The company has made changes to its board, with Mr. Jonathan Richard O'Dea appointed to various positions effective in 2025 [55]. Future Outlook and Strategic Initiatives - The company provided guidance for the next quarter, expecting revenue to be in the range of $B million to $C million, which represents a D% growth year-over-year [149]. - New product launches are anticipated to contribute an additional $E million in revenue, with a focus on innovative educational technologies [150]. - The company is expanding its market presence in New South Wales, targeting a growth rate of F% in that region [149]. - A strategic acquisition was completed, which is expected to enhance the company's service offerings and add $G million in annual revenue [150]. - The company has implemented a new marketing strategy aimed at increasing brand awareness, projected to boost sales by I% over the next year [150].