Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 1,946,712,000, representing a 1.8% increase from HKD 1,913,162,000 in 2024[3] - Gross profit increased by 14.4% to HKD 603,670,000 compared to HKD 527,619,000 in the previous year[3] - Adjusted net profit for the year was HKD 152,242,000, a significant increase of 41.1% from HKD 107,869,000 in 2024[3] - The company reported a net profit attributable to equity holders of HKD 100,366,000, recovering from a loss of HKD 135,163,000 in the previous year[3] - Adjusted gross profit was HKD 616,644,000, up 3.3% from HKD 596,901,000 in 2024[3] - The company achieved an operating profit of HKD 167,471,000, compared to an operating loss of HKD 66,161,000 in the previous year[5] - The basic earnings per share for equity holders was HKD 8.33, compared to a loss per share of HKD 10.96 in 2024[6] - The company reported a total comprehensive income of HKD 113,759,000 for the year, recovering from a loss of HKD 13,410,000 in the previous year[6] - The profit for 2025 is HKD 111.2 million, a significant recovery from a loss of HKD 108.3 million in 2024[80] - Adjusted profit for 2025, excluding impairment losses and losses from other segments in mainland China, is HKD 152.2 million, representing a 41.1% increase from HKD 107.9 million in 2024[80] Revenue Breakdown - Revenue from ophthalmic services was HKD 1,245,189,000 in 2025, up from HKD 1,211,349,000 in 2024, indicating a growth of about 2.8%[16] - Revenue from dental services decreased slightly to HKD 506,614,000 in 2025 from HKD 507,292,000 in 2024, a decline of approximately 0.1%[16] - Revenue recognized at a point in time was HKD 1,527,439,000 in 2025, down from HKD 1,550,826,000 in 2024, a decrease of approximately 1.5%[19] - Revenue recognized over time increased to HKD 419,273,000 in 2025 from HKD 362,336,000 in 2024, a growth of about 15.7%[19] - Revenue from Hong Kong medical services increased by 5.2% to HKD 948.7 million in 2025, compared to HKD 901.6 million in 2024[49] - Revenue from mainland China ophthalmology business decreased by 4.9% to HKD 520.3 million in 2025, down from HKD 547.0 million in 2024[51] - Revenue from mainland China dental services fell by 1.0% to HKD 459.8 million in 2025, compared to HKD 464.6 million in 2024[52] - Revenue from consultation, examination, and laser treatment accounted for 36.5% of total ophthalmic service revenue in 2025, up from 33.0% in 2024[59] Expenses and Costs - For the year ended December 31, 2025, the total expenses amounted to HKD 1,815,071,000, a decrease of 8.7% from HKD 1,989,960,000 in 2024[26] - The company's cost of sales decreased by 3.1% from HKD 1,385.5 million in 2024 to HKD 1,343.0 million in 2025, primarily due to the absence of impairment losses on non-current assets in 2025, which were HKD 69.3 million in 2024[66] - Sales expenses rose by 5.7% to HKD 141.0 million in 2025, accounting for 7.2% of total revenue, up from 7.0% in 2024[71] - Administrative expenses decreased by 3.6% to HKD 330.4 million in 2025, down from HKD 342.6 million in 2024, mainly due to optimized human resource management[72] - Financial costs netted to HKD 11.4 million in 2025, compared to HKD 9.1 million in 2024, mainly due to lease interest expenses[78] Assets and Liabilities - Total assets increased to HKD 2,732,626 thousand in 2025, up from HKD 2,720,152 thousand in 2024, representing a growth of 0.46%[8] - Non-current assets rose to HKD 2,061,236 thousand in 2025, compared to HKD 2,079,677 thousand in 2024, a decrease of 0.89%[7] - Current assets amounted to HKD 671,390 thousand in 2025, an increase from HKD 640,475 thousand in 2024, reflecting a growth of 4.06%[7] - Total equity reached HKD 1,936,619 thousand in 2025, up from HKD 1,889,911 thousand in 2024, indicating an increase of 2.48%[8] - Total liabilities decreased to HKD 796,007 thousand in 2025 from HKD 830,241 thousand in 2024, a reduction of 4.13%[8] - Cash and cash equivalents were HKD 347,871 thousand in 2025, down from HKD 423,083 thousand in 2024, a decline of 17.74%[7] Dividends and Shareholder Information - The company plans to declare a final dividend of HKD 0.02 per share for the year ended December 31, 2025, consistent with the previous year, and an additional special dividend of HKD 0.01 per share[33] - The board proposed a final dividend of HKD 0.02 per share and a special dividend of HKD 0.01 per share, representing approximately 36.2% of the profit attributable to equity holders for the year ended December 31, 2025[114] - The company will hold its annual general meeting on May 20, 2026, to approve the proposed dividends[117] Strategic Outlook - The company plans to continue expanding its market presence and investing in new product development to drive future growth[4] - The financial results indicate a strong recovery and improved operational efficiency, positioning the company for future opportunities[4] - The outlook for the group's various businesses varies, with strong demand for ophthalmic services in Hong Kong due to an aging population, while the mainland China ophthalmic business faces challenges[95] - The group anticipates continued opportunities from cross-border consumption trends, particularly in Shenzhen's dental and medical services[95] - The company focuses on expanding ophthalmic services in Hong Kong and cities in mainland China, while strategically reviewing business performance and recruiting new doctors[96]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 綜合財務狀況表 於二零二五年十二月三十一日 （於百慕達註冊成立之有限公司） （股份代號：1193） 截至二零二五年十二月三十一日止年度的末期業績 | | 二零二五年 | 二零二四年 | 增加╱ （減少） | | --- | --- | --- | --- | | 營業額（百萬港元） | 97,733 | 102,676 | (4.8)% | | 本公司擁有人應佔溢利（百萬港元） | 3,547 | 4,088 | (13.2)% | | 每股全年股息（港元） | 0.95 | 0.95 | – | | 燃氣總銷量（百萬立方米） | 40,180 | 39,907 | 0.7% | 華潤燃氣控股有限公司（「本公司」或「華潤燃氣」）董事會（「董事會」）欣然宣佈本 公司及其附屬公司（「本集團」）截至二零二五年十二月三十一日止年度的末期業 績。 1 綜合損益及其他綜合收益表 截至二零二五年十二月三十一日止年度 ...

Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue of RMB 5,395.1 million, a 9.7% increase from RMB 4,917.997 million in 2024[3] - Gross profit for the same period was RMB 1,753.839 million, up from RMB 1,534.679 million, reflecting a strong performance in product sales[3] - The company achieved a net profit of RMB 821.355 million, compared to RMB 479.726 million in the previous year, marking a significant growth[3] - The adjusted net profit (non-IFRS measure) rose to RMB 833.337 million from RMB 644.970 million year-on-year[3] - The net profit for the period increased by 71.2% to RMB 821.4 million from RMB 479.7 million in the same period last year[33] - The company reported a total comprehensive income of RMB 632,492,000 for the year, compared to RMB 169,697,000 in 2024, marking a substantial increase of 272.5%[68] - Basic earnings per share rose to RMB 0.547 from RMB 0.336, reflecting a growth of 62.7%[68] Store Expansion and Operations - The number of stores increased to 8,621 as of December 31, 2025, representing a 2.7% growth from 8,395 stores in 2024[8] - The company expanded its presence in lower-tier cities, with stores in tier four and below increasing by 7.0% to 2,296[8] - The company operates 38 overseas stores across various countries, including South Korea, Malaysia, and the United States, indicating a strategic focus on international expansion[10] - As of December 31, 2025, the total number of franchise stores increased to 8,608 from 8,382, with 1,159 new openings and 933 closures during the year[15] - The company launched 117 new tea products and upgraded 25 existing products during the reporting period, while also introducing 17 new coffee products[16] Supply Chain and Efficiency - The company continues to enhance its supply chain and store management to support long-term growth and operational efficiency[5] - The supply chain optimization resulted in 93.7% of stores achieving next-day delivery, with 80.4% of stores receiving unified fruit deliveries[18] - Distribution and selling expenses for the period were RMB 365.4 million, a decrease of 7.5% from RMB 395.1 million in the same period last year, primarily due to optimized cost control[27] - Administrative expenses for the period were RMB 482.1 million, down 5.5% from RMB 510.2 million in the same period last year, mainly due to optimized cost control[28] - R&D expenses for the period were RMB 31.6 million, a decrease of 6.5% from RMB 33.8 million in the same period last year, primarily due to optimized cost control[29] Financial Position and Assets - The cash and cash equivalents balance as of December 31, 2025, was RMB 3,071.4 million, a decrease of 13.7% from RMB 3,559.9 million as of December 31, 2024, mainly due to dividend payments to shareholders[36] - The total inventory as of December 31, 2025, was RMB 223.3 million, an increase of 8.0% from RMB 206.8 million as of December 31, 2024[37] - Trade and other receivables decreased from RMB 198.9 million as of December 31, 2024, to RMB 174.1 million as of December 31, 2025[38] - Trade and other payables decreased from RMB 674.5 million as of December 31, 2024, to RMB 551.6 million as of December 31, 2025[39] - The group had no bank borrowings as of December 31, 2025[40] - Total assets as of December 31, 2025, were RMB 4,115,120,000, slightly up from RMB 4,082,754,000 in 2024[70] Shareholder Returns and Dividends - The company will distribute a final cash dividend of RMB 0.18 per share, totaling approximately RMB 265.97 million, which represents 33.04% of the profit attributable to shareholders for the year[57] - The company plans to distribute a final dividend of RMB 0.18 per share for the year ending December 31, 2025, down from RMB 0.20 per share in 2024[83] - A mid-year dividend of RMB 265,974,000 was proposed for 2025, equivalent to HKD 0.20 per share, approved on September 23, 2025[84] Corporate Governance and Compliance - The company has adopted corporate governance codes to ensure accountability and enhance shareholder value, complying with all applicable provisions for the year ending December 31, 2025[61] - The audit committee reviewed the financial statements for the year ended December 31, 2025, ensuring adherence to accounting principles and practices[64] Employee and Incentive Plans - The company has 2,096 employees, with total employee benefit expenses amounting to RMB 469.4 million during the reporting period[52] - The company has established an employee incentive plan, with 6,386,000 shares allocated to eligible participants, representing approximately 0.4322% of the total issued shares[53] Future Plans and Strategic Focus - The company plans to enhance product development and expand its market presence, focusing on both domestic and international growth in 2026[23] - The company aims to enhance its market presence following the successful IPO and capital raise[105] - The company plans to utilize the raised funds for future expansion and development initiatives[106]

Financial Performance - Total revenue for 2025 reached RMB 16.616 million, a significant increase of 116% compared to RMB 7.681 million in 2024[4] - The company reported a net loss of RMB 131.494 million for 2025, compared to a loss of RMB 116.922 million in 2024, indicating a 12.4% increase in losses[4] - The company's other income and gains increased by 115.6% from approximately RMB 7.7 million in 2024 to about RMB 16.6 million in 2025, primarily due to changes in the fair value of contingent consideration[32] - The annual loss increased from approximately RMB 116.9 million in 2024 to about RMB 131.5 million in 2025[37] - The company reported a pre-tax loss of RMB 145,036,000 for 2025, compared to a loss of RMB 122,820,000 in 2024, indicating a deterioration of 18.1%[40] - The basic and diluted loss per share for the year was RMB 1.11, compared to RMB 0.98 in 2024, indicating a worsening of 13.3%[40] Research and Development - Research and development expenses for 2025 were RMB 89.363 million, up 19.6% from RMB 74.721 million in 2024[4] - The company has established a product pipeline with 3 candidates in clinical stages and 1 in IND approval stage, focusing on oncology and autoimmune diseases[6] - The flagship product HX009 achieved preliminary efficacy data in clinical trials for EBV+ non-Hodgkin lymphoma and melanoma, validating its dual-target mechanism[7] - The first FIC ADC product HX111 received NMPA IND approval, marking a key milestone in the company's ADC strategy[7] - The VersatiBody™ platform successfully advanced two clinical-stage dual-function antibodies, demonstrating high design efficiency and drugability optimization[7] - HX301, a novel oral multi-kinase inhibitor, is in Phase IIa trials targeting four oncogenic pathways, focusing on difficult-to-treat solid tumors like glioblastoma[15] - The autoRx40™ platform is advancing the development of several candidates targeting autoimmune diseases, enhancing the company's capabilities in antibody drug development[23] - The platform strategy allows for efficient iteration and output of candidate drugs, significantly reducing R&D costs and enhancing efficiency, positioning the company for long-term growth[24] Clinical Trials and Product Development - The company initiated a clinical study for HX009 in combination with INX1008 for advanced cholangiocarcinoma, with 9 patients enrolled in 2025[12] - The company aims to prioritize the clinical development of HX009 for EBV+ non-Hodgkin lymphoma, with further evaluation for other indications pending data maturity[10] - The company has expanded its global clinical layout, with simultaneous patient enrollment in China and Australia for HX044[7] - The company is advancing its single-agent treatment with clinical trials in Australia and China, aiming to enroll 8 late-stage solid tumor patients in Australia by 2025 and 18 patients in China by January 2025[13] - HX044 targets ICI-resistant tumors with a dual-target mechanism, establishing a competitive edge in the tumor immunotherapy sector, and will accelerate data collection on safety and efficacy while progressing combination therapy trials[14] - By September 2025, the company plans to initiate clinical studies for HX044 in combination with PD-1 monoclonal antibody, enrolling 2 patients within the year to provide a new treatment option for resistant solid tumors[16] - The Phase I trial for HX301 is expected to demonstrate disease stability in late-stage solid tumor patients at doses of 80mg and above, providing a solid basis for future combination therapies[17] - HX111, the company's first ADC candidate, is set to submit its IND application by the end of 2025, marking a significant milestone in the ADC field, with plans to start Phase I trials in early 2026[19] - The VersatiBody™ platform has successfully produced two FIC clinical-stage dual-function fusion proteins and several ADC candidates, showcasing its efficiency in drug development[22] - The company has established a pipeline consisting of 3 clinical-stage products, 1 IND-approved product, and multiple preclinical candidates, covering tumor immunology, ADC cancer treatment, and autoimmune diseases[25] Financial Position and Cash Flow - As of December 31, 2025, the total cash and cash equivalents amounted to approximately RMB 614.4 million, a 281% increase from about RMB 161.2 million as of December 31, 2024[38] - The current assets were approximately RMB 691.8 million, while current liabilities were about RMB 95.1 million, which included interest-bearing bank loans of approximately RMB 30.0 million[38] - The debt-to-asset ratio decreased from approximately 56.8% as of December 31, 2024, to 20.0% as of December 31, 2025[39] - Total current assets rose to RMB 691,825,000 in 2025, compared to RMB 242,787,000 in 2024, representing an increase of 185.5%[41] - Total liabilities decreased from RMB 197,440,000 in 2024 to RMB 95,114,000 in 2025, a reduction of 51.8%[41] - The company's total assets decreased to RMB 1,034,476,000 in 2025 from RMB 1,001,000,000 in 2024, a decline of 3.2%[41] - The company’s equity increased significantly to RMB 747,619,000 in 2025 from RMB 216,604,000 in 2024, reflecting a growth of 245.5%[42] Administrative and Other Expenses - Administrative expenses increased by 25.2% from approximately RMB 35.5 million in 2024 to about RMB 44.4 million in 2025, mainly due to higher professional service costs and personnel expenses[34] - The company's listing expenses rose by 27.4% from approximately RMB 10.7 million in 2024 to about RMB 13.7 million in 2025, attributed to costs associated with the successful IPO on December 23, 2025[35] - Financial costs increased by 23.4% from approximately RMB 9.4 million in 2024 to about RMB 11.6 million in 2025, mainly due to increased interest on redeemed debt and bank loans[36] Corporate Governance and Shareholder Information - The board of directors does not recommend the payment of a final dividend for the year ending December 31, 2025[79] - The company has adopted corporate governance practices based on the principles and code provisions of the corporate governance code since the listing date[68] - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated annual results for the year ending December 31, 2025[76] - The company has not engaged in any major litigation or arbitration during the reporting period[72] - The board expresses gratitude to shareholders, customers, and suppliers for their continuous support[83] - The management team and employees are acknowledged for their outstanding achievements and dedication to improving company management[83] - The board includes both executive and non-executive directors, highlighting a diverse leadership structure[85] IPO and Future Plans - The net proceeds from the initial public offering (IPO) on December 23, 2025, amounted to approximately HKD 531.3 million, which remains unutilized[74] - The company plans to allocate 35% of the IPO proceeds (approximately HKD 185.96 million) for the research and development of its core product HX009[74] - 33% of the IPO proceeds (approximately HKD 175.33 million) will be used for the research and development of major products HX301 and HX044[74] - The company has not utilized any of the IPO proceeds since the listing date and plans to use them according to the stated purposes in the prospectus by 2030[75] - There are no significant events following the reporting period up to the date of this announcement[78]

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 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 COUNTRY GARDEN SERVICES HOLDINGS COMPANY LIMITED 碧桂園服務控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：6098） 截 至2025年12月31日止年度全年業績 | 業績摘要 | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | | | 至12月31日止年度 截 | | | | | | | | | | | | | | | | | | | 202 ...

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份內容而產生或因倚賴該等內容引致的任何損失 承擔任何責任。 （股份代號：00173） 守質創值 堅韌維優 截至二零二五年十二月三十一日止年度之 全年業績公佈 全年業績摘要 K. Wah International Holdings Limited 嘉華國際集團有限公司（「 本公司 」）董事會（「 董 事會 」）欣然宣佈，本公司及其附屬公司（「 本集團 」）之綜合全年業績如下： - 1 - • 本集團營業額為港幣 1,985,000,000 元，而包括合營企業及聯營公司後，本集團應佔營 業總額為港幣 11,549,000,000 元。 • 本公司權益持有者應佔虧損為港幣 869,000,000 元。 • 截至二零二五年十二月三十一日止年度，本集團已簽約之應佔銷售為港幣 57 億元。 • 於二零二五年十二月三十一日，本集團已簽約但未確認之應佔銷售為港幣 65 億元。 • 每股虧損為 27.57 港仙及全年股息為每股 3 港仙，當中包括末期股息每股 1 港仙。 • 於二 ...

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。 LONGFOR GROUP HOLDINGS LIMITED 龍湖集團控股有限公司 （於開曼群島註冊成立之有限責任公司） 龍 湖 集 團 控 股 有 限 公 司（「本 公 司」）之 董 事 會（「董 事 會」）欣 然 公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 之 經 審 核 綜 合 業 績， 連同上個財政年度之比較數字載述如下： 綜合損益及其他全面收益表 截至二零二五年十二月三十一日止年度 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附 註 | 人民幣千元 | 人民幣千元 | | 收 入 | 2 | 97,308,631 | 127,474,948 | | 銷售成本 | | (87,873,770) | (107,063,877) | | 毛 利 | | ...

Financial Performance - The company reported an operating income of CNY 769.26 billion, a year-on-year increase of 3.0%, and a net profit attributable to ordinary shareholders of CNY 58.73 billion, up 0.9% year-on-year[3]. - In 2025, the company achieved a revenue of CNY 769.264 billion and a net profit attributable to ordinary shareholders of CNY 58.730 billion, representing a year-on-year growth of 3.0% and 0.9% respectively[16]. - The financial sector reported a revenue and net profit growth of 6.2% and 6.0% respectively, with profits from banking, securities, and insurance reaching historical highs[18]. - The company achieved a significant reduction in non-performing assets in the real estate sector, with both the amount and rate of non-performing loans decreasing[8]. - The company reported a total of RMB 1,519,901 million in issued debt instruments as of December 31, 2025, compared to RMB 1,490,102 million in 2024, indicating an increase of about 2%[130]. Asset and Liability Management - The total assets of CITIC Limited reached CNY 13.02 trillion, an increase of 7.8% compared to the beginning of the year, with a compound growth rate of 9.7% during the 14th Five-Year Plan[3]. - The total liabilities rose to RMB 11,524,479 million in 2025, compared to RMB 10,652,411 million in 2024, marking an increase of 8.2%[88]. - The group's net loans and advances amounted to RMB 5,748,227.0 million, an increase of RMB 147,156.0 million or 2.6% year-on-year[41]. - The group's total liabilities were RMB 11,524,479.0 million, an increase of RMB 872,068.0 million or 8.2% year-on-year, primarily due to an increase in deposits[39]. - The company's equity attributable to ordinary shareholders totaled RMB 782,349 million in 2025, up from RMB 757,487 million in 2024, a rise of 3.3%[88]. Dividend and Shareholder Returns - The company proposed a final dividend of CNY 0.385 per share, with a total annual dividend of CNY 0.585 per share, resulting in a dividend payout ratio of 29.0%, an increase of 1.5 percentage points from the previous year[4]. - The proposed final dividend for 2025 is CNY 0.385 per share, with an annual dividend of CNY 0.585 per share, reflecting a year-on-year increase of 6.4% and a payout ratio of 29%[17]. - Shareholders can choose to receive the proposed final dividend in RMB or HKD, with the exchange rate based on the average rate published by the People's Bank of China five business days prior to the annual general meeting[74]. Investment and Growth Strategy - The company plans to invest in key areas such as high-end manufacturing, advanced materials, and new energy, benefiting from the national "14th Five-Year Plan"[9]. - The company aims to enhance its core competitiveness through investment, positioning itself as a "national team" for long-term capital and a "multiplier" for reform and transformation[11]. - The company is committed to building a "golden triangle" of technology and industry integration, focusing on autonomous innovation and investment empowerment[12]. - The company is actively supporting risk resolution strategies for real estate and local government debt, aligning with central policy requirements[61]. Risk Management - The company’s risk management system has been enhanced to ensure high-quality development[51]. - The company aims to strengthen risk management in overseas operations and improve the effectiveness of comprehensive risk management systems[52]. - CITIC Group employs a low-risk preference principle, continuously identifying and managing various market risks, including interest rate and currency fluctuations[60]. - The company has established a unified credit risk management system to monitor and control credit risk exposures across subsidiaries[61]. Environmental, Social, and Governance (ESG) Initiatives - The company’s ESG rating improved from BB to AA, marking the highest level since its listing[25]. - CITIC Group has invested approximately RMB 1 billion in targeted poverty alleviation projects, with a consumption assistance of RMB 160 million and over 40 specific assistance projects implemented[65]. - The company has implemented a low-carbon development strategy, including the release of the "2024-2025 Energy Saving and Carbon Reduction Action Plan"[64]. - CITIC Group processed 800 million tons of wastewater annually as part of its commitment to environmental sustainability[64]. Segment Performance - The group operates five business segments: Integrated Financial Services, Advanced Manufacturing, Advanced Materials, New Consumption, and New Urbanization[93]. - The Integrated Financial Services segment includes banking, securities, trust, insurance, and asset management services[96]. - The Advanced Manufacturing segment encompasses heavy machinery, special robots, aluminum wheels, and aluminum castings production[96]. - The Advanced Materials segment involves the extraction, processing, and trading of resources and energy products, including iron ore, copper, and crude oil[96]. - The New Consumption segment covers automotive and food sales, telecommunications, publishing, and modern agriculture[96]. Legal and Litigation Matters - The ongoing litigation with Mineralogy Pty Ltd. involves claims for damages ranging from AUD 898 million to AUD 1.8 billion, highlighting significant financial implications[136]. - The court has ordered that Mineralogy must jointly submit the "2023 Project Development Proposal" with the company to the Western Australian government[153]. - The company continues to seek compensation for losses incurred due to Mineralogy's alleged breach of agreement[156]. - The main hearing of the lawsuit concluded on June 27, 2025, with the court reserving its judgment[158].

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 2,954,149, a decrease of 1.9% from RMB 3,010,130 in 2024[2] - Profit attributable to owners of the company was RMB 123,410, down 2.0% from RMB 126,157 in the previous year[5] - Basic earnings per share for 2025 was RMB 5.7, slightly down from RMB 5.8 in 2024[5] - Gross profit for the year was RMB 1,382,345, representing a slight increase from RMB 1,375,667 in 2024[4] - Operating profit decreased to RMB 146,059 from RMB 188,966 in the previous year, reflecting a decline of 22.6%[4] - The net profit before tax for 2025 is projected to be RMB 134,127 thousand, compared to RMB 168,303 thousand in 2024, showing a decline of about 20.2%[19] - The company reported a net other income of RMB 12,933 thousand in 2025, compared to RMB 18,273 thousand in 2024, reflecting a decrease of about 29.4%[19] - The total tax expense for 2025 is expected to be RMB 23,541 thousand, significantly lower than RMB 52,946 thousand in 2024, indicating a decrease of about 55.6%[21] Revenue Breakdown - Revenue from external customers in the intimate apparel segment was RMB 2,658,864 thousand, an increase of 4.1% from RMB 2,554,880 thousand in 2024[17] - Revenue from the industrial projects and logistics segment was RMB 295,285 thousand, a decrease of 35.2% compared to RMB 455,250 thousand in 2024[17] - The company's revenue from offline sales for 2025 is projected to be RMB 2,266,203 thousand, an increase from RMB 2,144,111 thousand in 2024, representing a growth of approximately 5.7%[18] - E-commerce revenue is expected to decrease to RMB 392,661 thousand in 2025 from RMB 410,769 thousand in 2024, reflecting a decline of about 4.4%[18] - The total revenue from logistics is forecasted to be RMB 99,216 thousand in 2025, down from RMB 132,481 thousand in 2024, indicating a decrease of approximately 25.1%[18] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 3,614,399, a decrease from RMB 3,696,808 in 2024[6] - Total liabilities decreased to RMB 1,496,392 thousand from RMB 1,675,445 thousand in 2024, reflecting a reduction of approximately 10.7%[7] - The company's equity attributable to owners increased to RMB 2,118,007 thousand from RMB 2,021,363 thousand in 2024, representing a growth of 4.8%[7] - Accounts receivable increased to RMB 591,909 thousand in 2025 from RMB 401,417 thousand in 2024, with a net amount of RMB 566,121 thousand after provisions[28] - The total accounts payable decreased to RMB 417,805 thousand in 2025 from RMB 523,473 thousand in 2024[30] Dividends and Shareholder Returns - The company declared a final dividend of HKD 1.6 per share, compared to HKD 0.5 in the previous year, indicating a significant increase in shareholder returns[2] - The proposed final dividend for the year ended December 31, 2025, is HKD 1.6 per share, totaling approximately HKD 35,991,000, an increase from HKD 11,247,000 in 2024[27] Operational Strategies - The company plans to focus on expanding its product offerings and enhancing operational efficiency to drive future growth[3] - The company has been expanding its e-commerce presence and upgrading channels to drive market demand[31] - The company plans to enhance its retail network structure to support long-term business development and create new growth opportunities[32] - The group is enhancing operational efficiency through various measures, including store image upgrades and member management improvements[40] Market Position and Growth - The company maintained its leading market position in women's underwear sales in China for eight consecutive years, driven by a strategy focused on quality and value[31] - The group achieved significant progress in product upgrades, brand rejuvenation, channel deployment, supply chain optimization, and organizational reform during the year[32] - The group's e-commerce gross merchandise value (GMV) increased significantly from approximately RMB 1.6 billion in 2024 to over RMB 4.3 billion in 2025[35] - The urban beauty brand achieved a GMV of RMB 3.23 billion in the e-commerce channel, representing a year-on-year growth of approximately 270%[37] - The company aims to achieve a GMV target of RMB 7 billion in e-commerce for 2026, focusing on collaborative product creation strategies[42] Innovation and Development - The group applied for a total of 561 patents during the year, reflecting its commitment to continuous innovation in product development[41] - The introduction of the "Canada Goose Down Warm Clothing" series has established a market-leading position with a focus on lightweight and warmth[41] Employee and Corporate Governance - The group had approximately 1,800 full-time employees as of December 31, 2025, a decrease from 2,200 employees in 2024[59] - The audit committee reviewed the accounting standards and internal controls for the year ended December 31, 2025, ensuring compliance with financial reporting[66] - The group's auditor, Ernst & Young, confirmed that the consolidated financial statements for the year ending December 31, 2025, are consistent with the draft financial statements approved by the board[67] - All directors have confirmed compliance with the standards set out in the "Code of Conduct for Directors Conducting Securities Transactions" as of December 31, 2025[68] Miscellaneous - The company has not engaged in any purchases, sales, or redemptions of its listed securities or sales of treasury shares during the year ended December 31, 2025[63] - No significant events occurred after the reporting period ending December 31, 2025[69] - The annual performance announcement for the year ending December 31, 2025, will be published on the Hong Kong Stock Exchange's website and the company's website[70]

Financial Performance - For the fiscal year ending December 31, 2025, total revenue reached RMB 3,000.54 million, representing a year-on-year increase of 16.7%[3] - Gross profit for the year was RMB 1,471.88 million, with a gross margin of 49.1%, up 2.8 percentage points from 46.3% in 2024[3] - Adjusted net profit rose to RMB 380.80 million, reflecting a significant increase of 41.0% year-on-year, with an adjusted net margin of 12.7%[3] - The company's revenue increased by 16.7% from RMB 2,572 million in 2024 to RMB 3,001 million in 2025[33] - Net profit grew from RMB 252 million in 2024 to RMB 340 million in 2025, representing a year-on-year increase of 34.8%[54] - The net profit attributable to the company's owners was RMB 317,562 thousand, an increase of 39.0% compared to RMB 228,460 thousand in 2024[72] Membership and Customer Engagement - The number of active members served by direct-operated stores increased to 154,383, a growth of 12.7% compared to the previous year[3] - Direct-operated store traffic increased to 1.724 million visits, a year-on-year growth of 23.2%[18] - The number of active members in direct-operated stores rose to 146,370, up 11.8% year-on-year[18] - The average annual spending per active member in direct-operated stores increased by RMB 320, reaching RMB 9,738[16] - The company’s customer acquisition capabilities improved, with 45% of new members in 2025 coming from private domain acquisition strategies[19] Store Expansion and Acquisitions - As of December 31, 2025, the total number of stores reached 550, including 289 direct-operated stores and 261 franchise and managed stores[9] - The company announced the acquisition of the third-largest beauty service brand, Siyuanli, for RMB 1.25 billion, expected to enhance market share significantly[12] - The company completed the acquisition of 100% equity in Siyanli for a total consideration of RMB 1,250,000 thousand on October 15, 2025[67] - The company completed the acquisition of the smart beauty brand Nairuier in the second half of 2024, contributing to revenue growth and operational integration[35] - The company aims to achieve a thousand-store coverage in 20 major economic cities in China as part of its mid-term goals[31] Revenue from Services - In 2025, the revenue from beauty and health services reached RMB 1.658 billion, representing a year-on-year growth of 14.9%[16] - Revenue from health and beauty services reached RMB 1,658 million in 2025, a 14.9% increase from RMB 1,443 million in 2024[36] - Revenue from medical beauty services grew by 9.6% to RMB 1,017 million in 2025, up from RMB 928 million in 2024[39] - Revenue from sub-health medical services surged by 62.2%, reaching RMB 326 million in 2025, compared to RMB 201 million in 2024[40] Financial Position and Cash Flow - The company generated a net cash flow from operating activities of RMB 1,000 million, a substantial increase of 25.4% compared to the previous year[8] - Cash and cash equivalents reached RMB 2.59 billion by the end of 2025, up RMB 760 million or 41.6% from RMB 1.83 billion in 2024[59] - The company incurred cash outflows of RMB 396 million for investment activities in 2025, a 16.3% increase from RMB 341 million in 2024[61] - The total assets of the company as of December 31, 2025, were RMB 5,046,206 thousand, an increase from RMB 4,276,480 thousand in 2024[74] - Operating cash flow increased by 25.4%, from RMB 796,627 thousand in 2024 to RMB 999,094 thousand in 2025, reflecting improved profitability and operational quality[60] Strategic Initiatives - The company aims to establish 20 direct-operated cities with revenues exceeding RMB 100 million, with these cities contributing 93.2% of direct-operated revenue[8] - The company plans to empower industry partners through strategic investments and collaborations in 20 high-tier cities, promoting mutual growth[12] - The company announced a supply chain strategy in 2025, expanding product development methods to include "global selection," "international brand collaboration," and "joint research with top international laboratories"[19] - The company plans to lead the beauty industry service standard formulation, promoting the "Meitian Standard" as an industry consensus[21] Expenses and Liabilities - The company's cost of sales and services increased to RMB 1,529 million in 2025, with a cost-to-revenue ratio decreasing from 53.7% in 2024 to 50.9% in 2025[43] - Sales expenses increased to RMB 515 million in 2025, but the ratio of sales expenses to revenue decreased from 18.0% in 2024 to 17.2% in 2025[47] - Employee costs increased from RMB 278,186 thousand in 2024 to RMB 313,061 thousand in 2025, accounting for 10.4% of revenue, a decrease of 0.4 percentage points[49] - General and administrative expenses increased from RMB 388 million in 2024 to RMB 477 million in 2025, with the ratio to revenue rising from 15.1% to 15.9%[51] - Total liabilities increased to RMB 3,979,278 thousand in 2025, compared to RMB 3,301,240 thousand in 2024, representing a growth of 20.5%[75] Shareholder Returns - The company plans to distribute a final dividend of HKD 0.72 per share for the fiscal year 2025, representing a year-on-year increase of 38.5%[30] - The company declared a dividend of RMB 111,885,000 in 2025, compared to RMB 101,151,000 in 2024, an increase of 10.7%[99] - Proposed final dividend of HKD 0.72 per share for the year ended December 31, 2025, totaling HKD 180 million, compared to HKD 0.52 per share in 2024[109] Corporate Governance and Compliance - The audit committee, consisting of one non-executive director and two independent non-executive directors, has been established to assist the board in financial reporting processes and internal controls[116] - The company's auditor confirmed that the financial figures in the performance announcement are consistent with the audited consolidated financial statements for the year ending December 31, 2025[118] - The company will publish its annual report for the year ending December 31, 2025, on the Hong Kong Stock Exchange and its investor relations website[122] - The company has not conducted any significant matters after the reporting period and up to the date of this announcement[121]