Financial Performance - For the year ending December 31, 2025, the company reported total revenue of RMB 1,486,523,000, a 23.8% increase from RMB 1,250,504,000 in the previous year[5] - The gross profit for the same period was RMB 630,441,000, compared to RMB 606,744,000 in the previous year, reflecting a stable performance[5] - The net profit for the year was RMB 87,654,000, up 21.4% from RMB 72,230,000 in the previous year, indicating improved operational efficiency[5] - Adjusted net profit was RMB 116,066,000, a decrease of 4.8% from RMB 121,978,000, primarily due to adjustments in the annual equity incentive and cash incentive plans[7] - The group’s revenue from continuing operations in the new media services segment was approximately RMB 1,486.5 million, representing an increase of about 30.6% compared to RMB 1,138.1 million last year[15] - The net profit for the new media services segment was approximately RMB 89.7 million, down from RMB 94.3 million last year, primarily due to increased income tax expenses[23] - The total comprehensive income for the year ended December 31, 2025, is RMB 91,447,000, compared to RMB 71,439,000 for 2024, representing a year-over-year increase of approximately 28%[51] - The net profit attributable to the owners of the company for 2025 is RMB 94,018,000, up from RMB 80,917,000 in 2024, indicating a growth of about 16.3%[51] Operational Strategy - The company aims to enhance its operational capabilities through AI technology, integrating it across the entire business process to improve efficiency and decision-making[9] - The company is transitioning to a new retail model driven by AI, focusing on a business system that combines content, e-commerce, and AI[8] - The company plans to expand its market presence by leveraging AI to enhance product selection, content production, and compliance management[9] - The group aims to evolve its operations towards an AI-driven model, focusing on data as an asset and consumer trust as a foundation for new retail services[14] - The company is committed to becoming a trusted partner for consumers by continuously improving its operational capabilities and service quality[8] Compliance and Governance - The group implemented an AI review system for automated screening and multi-level verification of product efficacy, advertising statements, and risk warnings, enhancing compliance awareness among employees[11] - The establishment of an independent compliance department in 2026 will strengthen regulatory governance and protect the company's reputation in a complex market environment[14] - The company is committed to sustainable development, signing the "Shanghai Live E-commerce Industry Self-Discipline Convention" to build a multi-dimensional risk control system[12] - The company continues to apply the corporate governance code as per the listing rules, with the exception of a specific provision regarding the roles of the chairman and CEO[134] Market Trends - The live e-commerce industry in China is entering a phase of refined operations, with increasing costs for traffic acquisition and higher consumer expectations for service quality[6] - The company recorded a significant increase in user engagement and demand for high-quality content, reflecting changing consumer expectations in the live e-commerce sector[6] Financial Position - As of December 31, 2025, the current assets were approximately RMB 664.2 million, while current liabilities were approximately RMB 388.3 million, resulting in a current ratio increase from approximately 1.5 to 1.7[28] - The total amount of bank and other borrowings decreased from approximately RMB 212.1 million on December 31, 2024, to approximately RMB 60.0 million on December 31, 2025, primarily due to the sale of certain subsidiaries[28] - The company’s cash and cash equivalents increased to RMB 328,396,000 in 2025 from RMB 113,316,000 in 2024, representing a significant rise of approximately 189%[52] - The total liabilities for 2025 are RMB 414,106,000, compared to RMB 510,214,000 in 2024, showing a decrease of about 18.8%[52] Employee and Shareholder Information - As of December 31, 2025, the total number of employees in the group was 1,408, a decrease from 1,475 employees as of December 31, 2024[38] - The proposed final dividend for the year ended December 31, 2025, is HKD 0.05 per share, totaling approximately HKD 70.2 million, subject to shareholder approval[35] - The company adopted the 2022 Share Award Scheme on December 8, 2022, to reward eligible participants for their contributions to the group's growth[40] Acquisitions and Investments - The company signed a share purchase agreement to acquire 100% equity of Hangzhou Jiao Ge Peng You Education Technology Co., Ltd., enhancing its competitive barrier in the live e-commerce sector[13] - The company signed an agreement to acquire 100% of the e-commerce academy and its subsidiaries on August 5, 2025, to enhance its capabilities in the new media service sector[43] - The acquisition of Hangzhou Jia Ge Peng You Education Technology Group will result in the company holding a 65.065% stake directly and an additional 34.935% stake indirectly through a partnership[126] Future Outlook - The company plans to enhance the integration of AI capabilities with business processes, driving intelligent upgrades in product selection, content, and compliance[14] - The company plans to continue expanding its intangible asset portfolio through strategic acquisitions and investments in new technologies[97] - The company anticipates a continued focus on market expansion and new product development in the upcoming fiscal year[94]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 2,536,249, representing a 3.5% increase from RMB 2,451,033 in 2024[2] - Gross profit for the same period was RMB 1,459,537, up 4.9% from RMB 1,391,893 in 2024[2] - Profit before tax increased by 58.1% to RMB 235,645 from RMB 149,067 in the previous year[2] - Net profit attributable to shareholders rose by 59.6% to RMB 156,692 compared to RMB 98,204 in 2024[2] - Total comprehensive income rose by 42.4% from RMB 106.8 million for the year ended December 31, 2024, to RMB 152.1 million for the year ended December 31, 2025[38] - Basic and diluted earnings per share doubled from RMB 0.04 in 2024 to RMB 0.08 in 2025, showcasing significant growth in shareholder value[25] - Net profit for the year increased by 59.6% from RMB 98.2 million in 2024 to RMB 156.7 million in 2025, indicating strong financial performance[24] Revenue Breakdown - Revenue contribution from duck and duck by-products was RMB 2,038,180, accounting for 80.4% of total revenue[5] - Self-operated stores generated RMB 1,492,200 in revenue, representing 58.8% of total revenue[7] - Total sales volume reached 29,977 tons, an increase from 26,159 tons in 2024[4] - Revenue from customer contracts for the year 2025 reached RMB 2,536,249 thousand, an increase from RMB 2,451,033 thousand in 2024, representing a growth of approximately 3.5%[76] - The revenue breakdown shows that modified atmosphere packaging products generated RMB 2,102,023 thousand in 2025, slightly down from RMB 2,062,856 thousand in 2024[76] Store Operations - The total number of retail stores as of December 31, 2025, was 3,019, a slight decrease from 3,031 in 2024[12] - In 2025, the company aims to optimize store operations and enhance overall operational quality, achieving a 13.6% year-on-year increase in average monthly sales per store[14] - The total number of stores is projected to exceed 3,000 by the end of 2025, with a net increase in store count in the second half of the year[14] - The company successfully entered over 80 key system channels, covering nearly 40,000 retail points, as part of its dual-channel strategy[16] Cost and Expenses - Cost of sales rose by 1.7% from RMB 1,059.1 million in 2024 to RMB 1,076.7 million in 2025, primarily due to increased sales volume, although unit costs were effectively reduced through supply chain efficiency[27] - Sales and distribution expenses increased by 1.1% from RMB 988.9 million for the year ended December 31, 2024, to RMB 999.2 million for the year ended December 31, 2025, driven by growth in e-commerce and delivery services[31] - Administrative expenses rose by 4.4% from RMB 259.8 million for the year ended December 31, 2024, to RMB 271.1 million for the year ended December 31, 2025, due to fluctuations in regular administrative expenditures[32] Investments and Capital Expenditure - The total amount of funds allocated for construction and improvement of processing facilities is RMB 1,258.3 million, which has been fully utilized[45] - The group's capital expenditure for 2025 was RMB 55.8 million, primarily used for new store renovations and factory equipment optimization[54] - The company has made significant investments in quality assurance and supply chain collaboration to enhance product quality and market responsiveness[19] Cash Flow and Financial Position - Cash and bank balances decreased from RMB 1,254.2 million as of December 31, 2024, to approximately RMB 775.3 million as of December 31, 2025[41] - Cash flow from operating activities decreased from RMB 416.4 million for the year ended December 31, 2024, to approximately RMB 375.9 million for the year ended December 31, 2025[49] - The net asset value of the group as of December 31, 2025, was RMB 3,533.0 million, down from RMB 3,626.5 million as of December 31, 2024[40] - The group's bank borrowings amounted to RMB 170.0 million as of December 31, 2025, with a debt-to-asset ratio increasing from 21.0% to 22.9%[47] Shareholder Returns - The company plans to distribute a final dividend of HKD 0.09 per share, totaling approximately RMB 168,020,000, which is about 107.2% of the net profit for the year[11] - The proposed final dividend per ordinary share for 2025 is HKD 0.09 (equivalent to RMB 0.08), up from HKD 0.05 (RMB 0.05) in 2024, indicating an 80% increase[86] Strategic Initiatives - The company is focusing on enhancing operational efficiency through a standardized assessment system and talent training programs[14] - The company is committed to a dual-driven strategy of "stores + channels" to adapt to market changes and ensure stable growth[14] - The company aims to strengthen its brand growth and consumer engagement through enhanced online and offline synergy[16] - The company is exploring overseas business and innovative product categories as long-term growth drivers[17] Employee and Operational Metrics - The total labor cost for the year ended December 31, 2025, was RMB 493.4 million, accounting for 19.5% of total revenue[60] - The group has developed a performance evaluation system to assess employee performance annually, which influences salary levels, bonuses, and promotions[60] - The average inventory turnover days decreased from 93.4 days in 2024 to 85.5 days in 2025, due to proactive optimization of underperforming stores[59] Risks and Liabilities - The group has maintained strict control over overdue receivables to minimize credit risk, with no significant concentration of credit risk identified[103] - The group recorded a share of losses from joint ventures amounting to RMB 6,692 thousand in 2025, compared to a profit of RMB 3,497 thousand in 2024, indicating a significant negative shift[83]

Financial Performance - The group recorded revenue of approximately HKD 333.53 million for the year, an increase of about 4.96% compared to HKD 317.76 million in the previous year[3]. - The profit attributable to shareholders for the year was approximately HKD 0.33 million, a turnaround from a loss of HKD 6.37 million in the previous year, primarily due to an increase in revenue and foreign exchange gains[3]. - Basic and diluted earnings per share for the year were HKD 0.0108, compared to a loss of HKD 0.2360 per share in the previous year[5]. - Total comprehensive income for the year amounted to HKD 3.04 million, compared to a loss of HKD 8.48 million in the previous year[5]. - The group reported a gross profit of HKD 71.33 million, down from HKD 79.45 million in the previous year, indicating a decrease in gross margin[4]. - The operating loss before tax for 2025 was HKD 354,000, a substantial improvement from a loss of HKD 5,685,000 in 2024[26]. - The company reported a profit before tax of HKD 354,000 in 2025, a significant improvement from a loss of HKD 5,685,000 in 2024[29]. - The group’s revenue for the year was approximately HKD 333.53 million, an increase of about 4.96% from the previous year's revenue of approximately HKD 317.76 million, primarily driven by increased demand in North America and Europe[57]. Assets and Liabilities - Non-current assets totaled HKD 529.30 million, an increase from HKD 490.80 million in the previous year, driven by investments in intangible assets[6]. - Current assets decreased slightly to HKD 163.66 million from HKD 165.26 million, with cash and bank balances significantly reduced to HKD 15.50 million from HKD 31.49 million[6]. - The group’s total liabilities decreased to HKD 343.11 million from HKD 346.93 million, reflecting improved financial management[7]. - The net asset value increased to HKD 294.62 million from HKD 286.85 million, indicating a strengthening of the company's equity position[7]. - The group has a net current liability of approximately HKD 179,451,000 as of December 31, 2025, but the board believes it has sufficient funds to meet its financial obligations in the foreseeable future[13]. - The group has unused bank financing of approximately HKD 12,311,000 as of December 31, 2025, which supports its liquidity position[13]. - The group’s total borrowings amounted to approximately HKD 213.79 million, with a utilization rate of about 94.56% of available bank financing[65]. Revenue Breakdown - The sales of disposable batteries accounted for HKD 329,256,000 in 2025, up from HKD 313,460,000 in 2024, indicating a growth of about 5.0%[20]. - The group’s revenue from alkaline cylindrical batteries was HKD 211,368,000 in 2025, compared to HKD 180,523,000 in 2024, reflecting an increase of approximately 17.1%[20]. - The revenue from rechargeable batteries was HKD 2,800,000 in 2025, down from HKD 3,839,000 in 2024, showing a decline of about 27.1%[20]. - Revenue from the Chinese market was HKD 90,589,000 in 2025, down from HKD 98,182,000 in 2024, a decline of approximately 7.3%[25]. - Revenue from customer B in 2025 was HKD 72,700,000, significantly higher than HKD 35,852,000 in 2024, indicating a growth of approximately 102.5%[23]. Cost and Expenses - The total employee costs (excluding directors' remuneration) rose to HKD 30,879,000 in 2025 from HKD 28,104,000 in 2024, an increase of approximately 9.9%[26]. - The depreciation and amortization for the disposable battery segment increased to HKD 14,503,000 in 2025 from HKD 11,422,000 in 2024, reflecting a rise of approximately 26.5%[22]. - The financing costs decreased to HKD 6,175,000 in 2025 from HKD 7,210,000 in 2024, a reduction of about 14.4%[26]. - The total director remuneration for the year was approximately HKD 12.24 million, a decrease from HKD 14.39 million in 2024[88]. Strategic Initiatives - The company plans to deepen market promotion efforts and collaborate with customers for product development to expand its business in China, Europe, and the United States[51]. - The company achieved significant cost savings through the installation of new automated production facilities, which will allow for more resources to be allocated to R&D and product innovation[51]. - The company will continue to simplify its operations in China to maintain competitiveness, with ongoing subsidiary restructuring expected to enhance cost control[52]. - The group plans to enhance its competitiveness by increasing R&D investment and diversifying its product offerings to ensure long-term success in the industry[53]. - The group is exploring new technologies and patents to meet the growing demand for specialized batteries in healthcare and medical facilities[54]. - The company has adjusted its pricing strategy to reflect rising production costs while maintaining operational efficiency[49]. - The group will continue to invest in production facilities and upgrade production lines to enhance capacity and efficiency, with new automated production lines for disposable button batteries already in commercial production since 2024[95]. Corporate Governance - The board has resolved not to declare any dividends for the year, consistent with the previous year[3]. - No dividends were declared or paid for the years ending December 31, 2025, and 2024[31]. - The company announced a share consolidation, merging every 20 existing shares into one share, effective May 13, 2025[77]. - The annual general meeting is scheduled for May 21, 2026, with a notice to be published according to the company's articles of association and applicable laws[99]. - The auditor, Deloitte Touche Tohmatsu, will resign but is eligible and willing to be reappointed at the 2026 annual general meeting[101]. - The financial figures in the preliminary annual results announcement are consistent with those in the audited consolidated financial statements[102]. Risks and Challenges - The group faced significant risks including trade barriers and geopolitical conflicts affecting global consumer demand[86]. - The group’s revenue is primarily denominated in RMB, HKD, and USD, with sales costs mainly in RMB, exposing it to currency fluctuations[86]. - The group has no long-term sales contracts with most major customers, which could adversely affect its business if relationships deteriorate[86]. - The group has not been involved in any significant environmental claims, lawsuits, or penalties during the year[91].

Financial Performance - For the fiscal year 2025, the total revenue was approximately RMB 8,774.5 million, a decrease of about 37.0% compared to fiscal year 2024[2] - The gross profit for fiscal year 2025 was approximately RMB 638.2 million, down 72.1% from RMB 2,284.9 million in fiscal year 2024[3] - The company recorded a loss of approximately RMB 936.0 million in fiscal year 2025, compared to a profit of RMB 218.0 million in fiscal year 2024[3] - The basic and diluted loss per share for fiscal year 2025 was RMB (15.8) cents, compared to a profit of RMB 0.4 cents per share in fiscal year 2024[4] - Total comprehensive loss for the year was RMB (1,028.1) million, compared to a total comprehensive income of RMB 292.6 million in fiscal year 2024[5] - The loss attributable to equity holders of the parent company for fiscal year 2025 was approximately RMB 891.6 million, compared to a profit of RMB 19.9 million in fiscal year 2024[44] - The total tax expense for fiscal year 2025 was RMB 233.4 million, significantly lower than RMB 1,031.3 million in fiscal year 2024[32] - The cost of sales for fiscal year 2025 was approximately RMB 8,136.3 million, down about 30.1% from RMB 11,645.3 million in fiscal year 2024[91] - Gross profit for fiscal year 2025 was approximately RMB 638.2 million, a decrease of about 72.1% from RMB 2,284.9 million in fiscal year 2024, with a gross margin of 7.3%, down approximately 9.1 percentage points[92] Assets and Liabilities - As of December 31, 2025, the total asset-liability ratio and net debt ratio were approximately 62.2% and 53.7%, respectively, maintaining reasonable levels[2] - Non-current assets totaled RMB 12,361.0 million as of December 31, 2025, compared to RMB 11,951.4 million in 2024[6] - The total assets of the company as of December 31, 2025, amounted to RMB 28,920,040,000, compared to RMB 39,262,740,000 in 2024, indicating a decrease of about 26.3%[15] - The company’s total liabilities as of December 31, 2025, were RMB 17,981,877,000, down from RMB 26,384,375,000 in 2024, representing a decrease of about 31.8%[15] - Current liabilities decreased to RMB 11,126.5 million in 2025 from RMB 21,489.9 million in 2024[7] - Total equity as of December 31, 2025, was RMB 10,938.2 million, down from RMB 12,878.4 million in 2024[7] - The accounts receivable balance at the end of fiscal year 2025 was RMB 903.3 million, an increase from RMB 581.7 million in fiscal year 2024[40] - The total accounts payable at the end of fiscal year 2025 was RMB 3,010.3 million, a decrease from RMB 4,906.4 million in fiscal year 2024[42] Revenue Segments - The residential segment generated revenue of RMB 8,034,833,000, while the commercial segment contributed RMB 739,703,000 for the fiscal year ending December 31, 2025[14] - Customer contract revenue for the fiscal year 2025 was RMB 8,619,424,000, down from RMB 13,807,905,000 in 2024, marking a decline of about 37.5%[19] - For the year ending December 31, 2025, total customer contract revenue reached RMB 8,619,424,000, with property sales contributing RMB 7,967,177,000, property management and other services RMB 454,235,000, and hotel operations RMB 198,012,000[21] - The confirmed revenue from properties delivered in the fiscal year 2025 was approximately RMB 796.72 million, a decrease of 39.6% compared to RMB 1,319.25 million in 2024, due to a reduction in total construction area delivered[47] Operational Highlights - The company received several awards in fiscal year 2025, including recognition as one of the top 100 real estate companies in China and top 10 for financial stability among listed real estate companies[2] - The company has several ongoing projects, including the "Amber Rise" in Vancouver, Canada, with a total construction area of approximately 7,719 square meters, which is currently in the process of adjusting subsequent building plans[77] - The "Future Community (Daguang Mingzhu)" project in Wenzhou has a total land area of approximately 69,369 square meters and a total construction area of about 168,141 square meters, with sales meeting expectations[63] - The "Zhangyuan Mansion" project in Hangzhou has a total land area of approximately 24,270 square meters and a total construction area of about 60,675 square meters, with sales also meeting expectations[58] - The "Huyuan Mansion" project in Taizhou has a total land area of approximately 39,742 square meters and a total construction area of about 86,838 square meters, with sales meeting expectations[67] - The "Future Community (Chunfeng Huafu)" project in Taizhou has a total land area of approximately 122,354 square meters and a total construction area of about 283,088 square meters, with sales meeting expectations[66] - The "Wen Ge Hua Cheng" project in Huai Bei has a total construction area of approximately 67,061 square meters, with the majority of sales meeting expectations[71] - The "Future Community" project in Nanjing has a total land area of approximately 67,085 square meters and a total construction area of about 154,297 square meters, with sales meeting expectations[72] Market Conditions - The decline in sales is primarily attributed to a slight decrease in demand for residential and commercial properties, as well as cautious market sentiment due to challenges in the domestic economy and real estate industry in FY2025[78] - In 2025, the total real estate development investment in China was RMB 828.78 billion, a decrease of 17.2% from the previous year, with residential investment at RMB 635.14 billion, down 16.3%[46] - The total area of newly built commercial housing sold in 2025 was 88.101 million square meters, a decline of 8.7%, with residential sales area decreasing by 9.2%[46] - The area of newly started construction in 2025 was 58.77 million square meters, down 20.4%, with residential new starts at 42.98 million square meters, a decline of 19.8%[46] - The area of completed housing in 2025 was 60.35 million square meters, a decrease of 18.1%, with residential completions at 42.83 million square meters, down 20.2%[46] - The unsold commercial housing area at the end of 2025 was 76.63 million square meters, an increase of 1.6% year-on-year, with residential unsold area growing by 2.8%[46] Corporate Governance and Future Outlook - The company has adopted and complied with the corporate governance code as per the listing rules for the fiscal year 2025[119] - The company’s financial statements for the fiscal year 2025 have been reviewed by its audit committee, which consists of all independent non-executive directors[122] - The company maintains a long-term optimistic view on the overall national economy and industry development, focusing on deepening its strategy in the Yangtze River Delta region[115] - The company plans to enhance its product capabilities centered on building "good houses" while accelerating collaboration across various sectors, including commercial operations and property management[115] - The company is committed to maintaining the highest environmental and social standards to ensure sustainable business development[113]

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，並明確表示概不會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的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00753） 二零二五年年度業績 財務摘要 二零二五年年度業績 董事會宣佈按照國際財務報告會計準則編製之本集團截至二零二五年十二月三十一日止 年度的經審核合併財務業績以及截至二零二四年十二月三十一日止年度的相應比較數字 如下： - 1 - • 報告期內，本集團實現營業收入人民幣1,714.85億元，歸屬於本公司股東淨虧損 人民幣17.88億元。 • 經本公司第七屆董事會第十四次會議審議通過，本公司二零二五年度擬不進行利 潤分配。 綜合損益表 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 | 3 | 171,484,646 | 166,698,880 | | 其他收入及利得 | 5 | 5,269,298 ...

Financial Performance - The company's revenue for the year ended December 31, 2025, was approximately RMB 104,287.39 million, an increase of about 26.38% compared to the same period last year [3] - The pre-tax profit for the year ended December 31, 2025, was approximately RMB 9,088.71 million, reflecting a growth of approximately 59.95% year-over-year [3] - The net profit attributable to shareholders for the year ended December 31, 2025, was approximately RMB 4,739.39 million, an increase of about 60.57% compared to the previous year [3] - Basic earnings per share for the year ended December 31, 2025, were RMB 0.94, up approximately 64.91% from RMB 0.57 in the previous year [3] - Total operating revenue for 2025 reached ¥104.29 billion, a 26.4% increase from ¥82.52 billion in 2024 [11] - Net profit for 2025 was ¥6.63 billion, representing a 49.2% increase compared to ¥4.44 billion in 2024 [12] - The total profit for the current period was ¥9,088,707,970.47, with a calculated income tax expense of ¥2,461,814,317.39, indicating a tax rate of approximately 27.1% [25] - The company's net profit attributable to shareholders for the current period was RMB 4,739,393,120.72, an increase from RMB 2,951,551,189.32 in the previous period [45] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 170,374.16 million, a growth of approximately 6.05% from the previous year-end [3] - The company's total liabilities as of December 31, 2025, were RMB 105,994.53 million, compared to RMB 102,089.93 million at the end of the previous year [10] - Cash and cash equivalents as of December 31, 2025, were RMB 17,491.07 million, compared to RMB 11,077.27 million at the end of the previous year [9] - The total accounts receivable at the end of the period amounted to RMB 343,481,814.55, with a bad debt provision of RMB 45,383,549.78, representing 79.19% of the total [39] - The total accounts payable at the end of the period was RMB 11,921,715,587.59, down from RMB 14,099,955,640.58 at the beginning of the period [41] Dividends and Shareholder Returns - The board proposed a final dividend of RMB 1.80 per 10 shares (tax included) for the year ended December 31, 2025 [3] - The company plans to distribute a cash dividend of RMB 1.80 per 10 shares, totaling RMB 829,787,314.50, which is 38.63% of the net profit attributable to shareholders [47] - The company’s cash dividend for the 2025 fiscal year amounts to RMB 3.5467 per 10 shares, totaling RMB 1,635.00 million, representing 38.63% of the net profit attributable to ordinary shareholders after deducting perpetual bond interest [168] Research and Development - The company reported a significant increase in R&D expenses, totaling ¥992.89 million in 2025, compared to ¥770.41 million in 2024, reflecting a focus on innovation [11] - R&D investment reached RMB 1.025 billion, an increase of 18.69% year-on-year, with 9 provincial and above research projects ongoing [63] - The company has established 38 typical application scenarios for intelligent management throughout the equipment lifecycle [63] Production and Operations - In 2025, the company's gold production reached 48.89 tons, an increase of 2.72 tons or approximately 5.89% year-on-year [57] - The company achieved a mechanization operation rate of over 66% in its main mining operations, with 100% mechanization in loading and transportation [50] - The company invested approximately RMB 2.53 billion in production system optimization, completing 67,300 meters of related engineering work, resulting in an annual efficiency increase of about RMB 100 million [51] Market Presence and Strategy - Domestic revenue accounted for ¥89.35 billion, while international revenue was ¥14.93 billion, indicating a strong domestic market presence [20] - The company is recognized as a leading gold producer in China, ranking second in gold production and net profit among national gold mining companies in 2024 [56] - The company is actively pursuing overseas gold resources and integrating them into its operations, reflecting a trend towards higher industry concentration [109] Environmental and Safety Practices - The company is committed to maintaining high safety standards and environmental protection, implementing measures to manage energy consumption and carbon emissions [114] - The company is focused on green development and has integrated low-carbon practices into its resource development processes, enhancing its brand image [73] - The company is responding to increased regulatory requirements by enhancing safety management systems and promoting intelligent mining initiatives to improve safety levels [119] Governance and Compliance - The company adheres to corporate governance codes and has maintained compliance with all applicable regulations during the reporting period [170] - The audit committee has reviewed the annual performance for the year ending December 31, 2025, confirming compliance with applicable accounting standards and regulations [172] - The company will adopt Chinese accounting standards for financial reporting starting from the 2025 semi-annual financial report, terminating the engagement of its current auditor, and appointing a new one for both A-shares and H-shares [176] Future Outlook - The company plans to produce no less than 49 tons of gold in 2026, based on current economic conditions and market situations [111] - Key measures for 2026 include optimizing existing mines and expanding production capacity, with a focus on resource acquisition and integration of high-grade gold mining projects [112] - The company aims to enhance operational quality and management efficiency, targeting cost reduction across the entire value chain and optimizing mining methods [113]

Financial Performance - For the fiscal year ending December 31, 2025, the group's revenue was approximately RMB 4,019.48 million, a decrease of 4.1% compared to RMB 4,190.35 million in 2024[2] - The gross profit for the same period was approximately RMB 695.08 million, down 7.7% from RMB 753.45 million in 2024[2] - The group's profit for the year was approximately RMB 120.55 million, a significant decline of 64.0% from RMB 334.97 million in 2024[2] - The profit attributable to equity shareholders was approximately RMB 102.90 million, down 67.0% from RMB 312.09 million in 2024[2] - The total comprehensive income for the year was RMB 118.72 million, a decrease from RMB 333.97 million in 2024[5] - The earnings per share for continuing operations was RMB 8.0, down from RMB 22.8 in 2024[4] - The company reported a net profit attributable to equity shareholders of RMB 102,896,000 for 2025, down from RMB 312,091,000 in 2024, indicating a decrease of approximately 67.0%[27] - The company's effective tax expense for 2025 was RMB 45,815,000, a decrease from RMB 93,903,000 in 2024, representing a decline of approximately 51.1%[22] - Net profit for the year was RMB 120.55 million, a decrease of 64.0% from RMB 334.97 million in 2024, with a net profit margin of 3.0% compared to 8.0% in the previous year[88][89] Revenue Breakdown - Revenue from core property management services for 2025 is RMB 3,698,085,000, an increase from RMB 3,619,416,000 in 2024, representing a growth of approximately 2.2%[1] - Revenue from value-added services decreased significantly to RMB 284,870,000 in 2025 from RMB 561,664,000 in 2024, a decline of about 49.3%[1] - The total revenue from related parties decreased to RMB 306,157,000 in 2025 from RMB 417,237,000 in 2024, a decline of about 26.6%[1] - Commercial property revenue accounted for 69.4% of the basic property service revenue, with third-party basic property services contributing 62.1% to the basic property service revenue[53] - The business segment of commercial properties accounted for 63.6% of total revenue, while public and industrial properties contributed 10.4%, residential properties 17.6%, and value-added services 7.9%[50] Asset and Liability Management - The company's total assets as of December 31, 2025, were RMB 3,878.71 million, compared to RMB 3,822.77 million in 2024[6] - The net asset value of the company was RMB 3,840.95 million as of December 31, 2025, slightly up from RMB 3,797.51 million in 2024[7] - Trade receivables and bills receivable increased to RMB 2,019,768,000 in 2025 from RMB 1,706,855,000 in 2024, an increase of approximately 18.3%[29] - The provision for trade receivables increased to RMB 451,325,000 in 2025 from RMB 241,305,000 in 2024, reflecting a rise of about 87.0%[30] - Trade payables increased to RMB 564,108,000 in 2025 from RMB 414,587,000 in 2024, an increase of approximately 36.0%[31] - The asset-liability ratio as of December 31, 2025, was 29.7%, up from 26.1% as of December 31, 2024[105] Operational Efficiency - The company reported a net cash outflow from operating activities of RMB 39,926,000 in 2025, a significant improvement from a cash outflow of RMB 260,262,000 in 2024[14] - Administrative expenses decreased by 12.5% to RMB 227.00 million, reflecting strict cost control measures implemented by the company[83] - Financial costs dropped by 75.2% to RMB 0.56 million, mainly due to a reduction in bank loans and lease projects[84] - The company is enhancing operational efficiency by optimizing internal systems and ensuring data sharing to reduce operational costs[71] Strategic Focus and Development - The company anticipates continued focus on core property management services and value-added services following the divestiture of its financial services segment[16] - The company aims to diversify its value-added services while maintaining a strong focus on core business operations, adapting to market changes and reducing reliance on related businesses[39] - The company is actively pursuing mergers and acquisitions to leverage government resources and expand its market presence in key regions[44] - The company is committed to a long-term growth strategy, emphasizing independent market development and enhancing its operational capabilities[68] - The company is focusing on new business areas such as public construction and commercial retail to enhance its market resilience[71] Human Resources and Governance - The group employed a total of 19,565 full-time employees in China and 41 in India as of December 31, 2025, an increase from 17,787 and 86, respectively, as of December 31, 2024[117] - The company has successfully trained over 3,000 key position talents through its training programs during the reporting period[63] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[129] - The company adheres to high standards of corporate governance, following the Corporate Governance Code throughout the reporting period[123] Legal and Compliance - The group has engaged legal counsel to handle arbitration matters related to claims against a disposed subsidiary, with no arbitration decision made as of the announcement date[107] - The board is considering actions, including potential legal proceedings, to recover the outstanding amounts related to the revenue shortfall, but has determined that immediate legal action may not be cost-effective[114] Market Position and Recognition - The group received multiple industry accolades, including being ranked as a top property service company in China and achieving an AA rating in ESG evaluations[60][61] - The company maintained a leading position in the commercial property sector, with over 70% coverage among top domestic high-tech internet enterprises, indicating strong market expansion potential[52]

Financial Performance - Total revenue for the fiscal year ending December 31, 2025, was RMB 13,143,397, an increase of 10.8% from RMB 11,866,628 in 2024[3] - Gross profit for the same period rose to RMB 2,820,982, compared to RMB 1,461,919 in 2024, reflecting a significant increase of 93.1%[3] - Net profit for the year was RMB 1,555,069, up 122.4% from RMB 699,132 in the previous year[3] - Basic and diluted earnings per share increased to RMB 120.76, compared to RMB 56.75 in 2024, marking a growth of 112.5%[3] - Total comprehensive income for the year reached RMB 1,609,220, a rise of 132.9% from RMB 691,012 in 2024[4] - Revenue from gold sales amounted to RMB 13,281,141,000 in 2025, up from RMB 11,894,876,000 in 2024, representing a growth of 11.6%[17] - The company generated over 10% of its total revenue from sales to the Shanghai Gold Exchange, totaling RMB 12,599,506,000 in 2025, compared to RMB 11,630,769,000 in 2024[17] - The company’s pre-tax profit for 2025 was RMB 2,077,371,000, compared to RMB 911,874,000 in 2024, indicating a substantial increase[22] - The net profit for fiscal year 2025 was approximately RMB 1,555 million, an increase of about 122.43% year-on-year[65] Assets and Liabilities - Non-current assets increased to RMB 5,231,810 from RMB 4,206,351, representing a growth of 24.3%[5] - Current assets rose significantly to RMB 5,602,272, up from RMB 3,008,793, indicating an increase of 86.5%[5] - Total liabilities increased to RMB 4,817,517 from RMB 3,025,313, reflecting a rise of 59.2%[6] - The company's net asset value improved to RMB 4,667,044, compared to RMB 3,158,184 in 2024, an increase of 47.5%[6] - The company's total equity as of December 31, 2025, was RMB 4,667,044 thousand, an increase from RMB 3,158,184 thousand the previous year[86] - The company's debt ratio as of December 31, 2025, was 29.69%, down from 36.65% the previous year, reflecting a reduction in leverage[87] Cash Flow and Dividends - The company declared an interim dividend of RMB 0.164 per share for the fiscal year 2025, totaling approximately RMB 211,064,000, compared to no interim dividend in 2024[25] - The proposed final dividend for 2025 is RMB 0.05 per share, amounting to approximately RMB 67,619,000, down from RMB 0.08 per share in 2024, which totaled RMB 102,958,000[28] - The company completed two dividend distributions in 2025, with a final dividend payout ratio of approximately 14.76% and an interim dividend payout ratio of approximately 31.55%[65] Operational Highlights - Gold production for the fiscal year was approximately 16,943 kg (about 544,733 ounces), a decrease of 3,910 kg (about 125,706 ounces) or 18.75% compared to the previous year[57] - The company achieved a gold sales volume of over 6 tons in fiscal year 2025, representing a year-on-year growth of approximately 16%[65] - The mining segment's total revenue for fiscal year 2025 was approximately RMB 4,168,674 thousand, an increase of about RMB 1,596,987 thousand or 62.1% compared to the previous year[59] - The total revenue for the smelting segment in fiscal year 2025 was approximately RMB 13,472,202 thousand, an increase of about 11.86% from the previous year[63] Investments and Acquisitions - The company has made a strategic investment by acquiring 50%+1 share of an Australian target company for AUD 370 million, aiming to enhance its gold mining operations in Papua New Guinea, with expected annual gold production exceeding 7 tons post full capacity[66] - The company plans to acquire a 50% plus one share stake in St Barbara Mining Pty Ltd for AUD 370 million (approximately RMB 1.735 billion), which is expected to enhance gold resource reserves and production scale[103] Cost Management and Efficiency - The company achieved a reduction in mining costs by approximately RMB 450 per ton through the successful implementation of a green upgrade project at its smelting subsidiary[68] - The company has reduced its comprehensive financing costs by 0.5 percentage points year-on-year, saving approximately RMB 10 million through refinancing and negotiation of interest rates[69] - Cost management will be a core focus for the next three years, with efforts to implement a systematic cost control framework across all dimensions of operations[77] Corporate Governance and Compliance - The audit committee has reviewed and confirmed the annual performance for the fiscal year 2025, with no objections to the accounting treatment adopted by the company[117] - The company has adopted the standard code of conduct for securities trading by directors and has confirmed compliance for the fiscal year 2025[115] Future Outlook - The exploration budget for 2026 will increase to RMB 339 million, aiming to submit nearly 100 tons of gold metal reserves by the end of 2026[74] - The company plans to enhance its international strategy, focusing on acquiring gold projects with good cash flow and establishing a global development pattern[75] - The company aims to drive digital transformation by integrating digital technologies into production and management processes, enhancing operational efficiency[78]

Financial Performance - The insurance revenue for the year was HKD 3.076 billion, an increase of 9.9% compared to HKD 2.799 billion in the previous year[8]. - The consolidated profit for the year was HKD 1.079 billion, up 39% from HKD 0.778 billion in the previous year[8]. - The net profit attributable to equity shareholders was HKD 653 million, a 39% increase from HKD 471 million in the previous year[8]. - Total assets as of December 31 amounted to HKD 111.099 billion, representing a 16% increase from HKD 96.042 billion in the previous year[9]. - Total equity attributable to owners increased by 20% to HKD 19.343 billion from HKD 16.168 billion in the previous year[9]. - The net operating profit for the year was HKD 1.354 billion, a 19% increase from HKD 1.134 billion in the previous year[9]. - The basic earnings per share rose to HKD 0.17, a 37% increase from HKD 0.12 in the previous year[9]. Insurance Business Growth - The company reported a 19% increase in net operating profit from the insurance segment, reaching HKD 1.385 billion compared to HKD 1.167 billion in the previous year[15]. - Total premium and fee income reached HKD 16,427 million in 2025, a 33% increase from HKD 12,383 million in 2024[25]. - The insurance business segment's total equity increased to HKD 28,003 million in 2025 from HKD 23,913 million in 2024[18]. - The number of effective individual policyholders grew to over 540,000 in 2025, up from 537,000 in 2024[21]. - The first-year premium income in 2025 was HKD 5,168 million, significantly up from HKD 2,512 million in 2024[29]. - The total premium income from Hong Kong was HKD 12,983 million, accounting for 79% of the total, while Macau contributed HKD 3,444 million, or 21%[27]. Product Innovation and Market Strategy - The company is actively embracing Web 3 blockchain technology and accelerating the launch of diversified innovative products to meet market demand[7]. - The company aims to broaden revenue sources and enhance core competitiveness through prudent risk management and efficient operations[7]. - The flagship products include savings plans and health insurance, with a focus on meeting diverse customer needs[20]. - The company continues to innovate by launching new savings, protection, and annuity products targeting local customers and mainland Chinese tourists[22]. - The company aims to enhance its exclusive agency team to improve market penetration and expand distribution channels through brokers and banks[21]. Investment and Financial Management - Investment returns surged by 65% to HKD 6.123 billion in 2025, compared to HKD 3.706 billion in 2024[37]. - The total investment and cash deposits amounted to HKD 904.13 billion in 2025, up from HKD 769.26 billion in 2024, reflecting an increase of 17.5%[45]. - The largest geographical allocation of investments was in the United States, comprising 78.2% of the total[48]. - The top industry allocation was in the power industry at 13.5%, followed closely by non-cyclical consumer goods at 13.0%[49]. - The company plans to continue focusing on investment-grade fixed income securities, with a significant portion of its portfolio allocated to high-quality debt instruments[45]. Risk Management and Compliance - The group recognizes strategic risks associated with integrating insurance into its financial services ecosystem and is investing resources to enhance business processes[63]. - The group regularly reviews its insurance risk management practices, including product design and claims risk, to align with its risk appetite[64]. - The company has implemented risk management measures to address operational risks arising from internal processes and external events[65]. - The risk management framework includes three lines of defense: senior management, risk management and compliance departments, and internal audit[148]. - The company closely monitors regulatory developments that may impact its operations and core businesses, which are subject to direct regulatory oversight[166]. Corporate Governance - The company maintains a high standard of corporate governance to attract and retain talented management, promote accountability, and meet shareholder expectations[123]. - The board consists of independent non-executive directors, ensuring at least three independent members and compliance with listing rules regarding qualifications[126]. - The company has adopted a code of conduct for securities trading by directors, confirming compliance with the standard code throughout the year[124]. - The board is responsible for setting the group's purpose, values, strategies, and policies, as well as overseeing risk management and internal controls[125]. - The company has a commitment to continuous review and enhancement of risk management and internal control systems in line with regulatory changes and best practices[123]. Shareholder Engagement and Communication - The company has adopted an updated shareholder communication policy in 2022 to provide clear and comprehensive information regarding its performance[159]. - Shareholders can request a special general meeting if they hold at least 5% of the total voting rights of the company[156]. - The board will consider various factors when determining the eligibility of participants for the share award plan, including their experience and contributions to the group[198]. Employee and Board Structure - The group employed 637 full-time employees as of December 31, 2025, an increase from 626 in 2024, with 546 located in Hong Kong, 41 in Macau, and 50 in China[72]. - The board includes experienced professionals with backgrounds in finance, law, and actuarial science, enhancing governance and strategic oversight[111][113][115]. - The company has a diverse board with appropriate skills and experience relevant to its business operations[126]. - All directors received comprehensive training covering corporate governance, legal responsibilities, and industry-specific updates during the year[136]. Financial Ratios and Performance Metrics - The solvency ratio of the insurance business was approximately 220% as of December 31, 2025, significantly above the regulatory minimum of 100%[57]. - The expense ratio improved to 7.2% in 2025 from 8.5% in 2024, reflecting better operational efficiency[57]. - The total pre-tax profit for the year was HKD 1.543 billion, a 41% increase from HKD 1.098 billion in 2024[37]. - The total embedded value for 2025 is HKD 22,078 million, compared to HKD 19,291 million in 2024, reflecting a growth of 14.5%[84].

Financial Performance - For the year ending December 31, 2025, the company's revenue was approximately HKD 12,283,270,000, representing a year-on-year growth of about 5.5%, and a growth of approximately 14.8% when excluding the impact of centralized procurement price reductions[2]. - The adjusted operating profit attributable to the company's owners was approximately HKD 1,494,260,000, a decrease from HKD 1,760,650,000 in the previous year, primarily due to the impact of centralized procurement price reductions[5]. - The company reported a net profit of HKD 1,244,303,000 for the year, down 49.6% from HKD 2,466,059,000 in 2024[178]. - Total comprehensive income for the year ended December 31, 2025, was HKD 1,450,458,000, a decrease of 34% from HKD 2,202,873,000 in 2024[179]. - Basic and diluted earnings per share for 2025 were HKD 35.44, down from HKD 70.49 in 2024, representing a decline of 50.3%[179]. Revenue Breakdown - Revenue from nuclear medicine oncology and cardiovascular precision intervention products was approximately HKD 1,282,080,000, a significant increase of about 57.1% compared to HKD 816,210,000 in the previous year[119]. - The pharmaceutical technology segment generated revenue of approximately HKD 7,294,290,000, remaining nearly flat compared to HKD 7,317,840,000 in the previous year[120]. - The biotechnology segment recorded revenue of approximately HKD 3,706,910,000, reflecting a year-on-year increase of about 5.6% from HKD 3,510,840,000[121]. Research and Development - The company invested approximately HKD 1.46 billion in research and development, including capitalized R&D expenses and prepayments for new projects[5]. - The group has a total of 131 ongoing research projects, including 39 innovative projects at various stages from preclinical to new drug application[131]. - The group has established multiple R&D platforms globally, including a pharmaceutical technology R&D center in Wuhan, China, and an mRNA technology platform in Nanjing, focusing on anti-tumor and anti-infection mRNA drugs[134]. Product Development and Innovation - The innovative product STC3141 for treating sepsis successfully reached its primary clinical endpoint in Phase II trials, with ongoing communication with international regulatory authorities[6]. - The innovative product GPN01530 for diagnosing solid tumors received FDA approval to initiate Phase I/II clinical studies, enhancing its international development capabilities[6]. - The innovative nuclear medicine pipeline has nearly 30 products, with about 50% being self-developed, and four products in Phase III clinical trials, including TLX591-CDx, which is expected to enter the new drug application phase in 2026[9]. Market Expansion and Strategy - The company is committed to a "Go Global" strategy, enhancing its international presence and commercial network, particularly for self-developed innovative drugs like GPN01530 and STC3141[14]. - The company emphasized that innovation-driven strategies and global expansion are essential for navigating industry challenges and achieving long-term growth[7]. - The group has accelerated its globalization efforts, with over 330 employees overseas and 8 clinical approvals obtained in the US, Australia, Belgium, Poland, and the UK for various indications[140]. Operational Efficiency - The company has improved its operational scale and business structure, enhancing profitability and integrating acquisitions to solidify its growth[15]. - Distribution costs and administrative expenses were approximately HKD 3,806,890,000 and HKD 1,389,090,000, respectively, with distribution costs increasing by about HKD 550,000,000 due to intensified marketing efforts for new products[123]. - The company’s financial expenses decreased to HKD 162,338,000 from HKD 180,242,000, reflecting better cost management[178]. Shareholder Returns - The board proposed a final dividend of HKD 0.169 per share, totaling approximately HKD 591,810,000, reflecting the company's commitment to shareholder returns[5]. - The proposed final dividend per share for 2025 is HKD 0.169, a decrease from HKD 0.26 in 2024, resulting in total dividends of HKD 591,806,000 compared to HKD 910,471,000 in the previous year[199]. Acquisitions and Investments - The group completed the acquisition of a 30.64% stake in Nanjing Kainet Medical Technology Co., Ltd., increasing its ownership to 59.81%, enhancing its capabilities in high-end medical device R&D and production[23]. - The group signed an agreement to acquire 80% of Qinghai Yixin for RMB 392 million, gaining exclusive rights to several traditional Chinese medicine products, strengthening its market position in chronic disease treatment[143]. - The group plans to acquire all shares of Hebei Yuanda Jiufu and Baoding Jiahe for RMB 316 million, aiming to strengthen its biotechnology supply chain and enhance product offerings[145]. Financial Position - As of December 31, 2025, the group's current assets amounted to HKD 8,307,530,000, an increase from HKD 8,025,520,000 as of December 31, 2024[149]. - The group's current liabilities as of December 31, 2025, were HKD 7,316,710,000, compared to HKD 6,573,220,000 as of December 31, 2024, resulting in a current ratio of approximately 1.14[149]. - The group's cash and bank balances as of December 31, 2025, were HKD 1,142,370,000, down from HKD 1,340,980,000 as of December 31, 2024[149].