Financial Performance - Revenue for the year ended December 31, 2025, was RMB 739,703,000, a decrease of 82.0% compared to RMB 4,103,756,000 in 2024[3] - Gross profit for 2025 was RMB 91,069,000, down 95.6% from RMB 2,059,209,000 in the previous year[3] - The company reported a net loss of RMB 290,988,000 for 2025, a decline of 159.9% from a profit of RMB 485,768,000 in 2024[3] - The company reported a pre-tax loss of RMB 369,233,000 for 2025, compared to a pre-tax profit of RMB 1,130,382,000 in 2024[22] - The company reported a loss attributable to equity holders of RMB 276,190,000 for 2025, compared to a profit of RMB 503,909,000 in 2024[38] - The total comprehensive income for fiscal year 2025 was approximately RMB 739.7 million, a decrease of 82.0% from RMB 4,103.7 million in fiscal year 2024[58] - The comprehensive gross profit for fiscal year 2025 was approximately RMB 91.1 million, a decrease of 95.6% from RMB 2,059.2 million in fiscal year 2024, resulting in a gross profit margin of 12.3%, down 37.9 percentage points[59] Assets and Liabilities - Total assets decreased by 3.2% to RMB 12,955,520,000 in 2025 from RMB 13,385,727,000 in 2024[3] - Net assets fell by 14.3% to RMB 4,578,407,000 in 2025 compared to RMB 5,342,134,000 in 2024[3] - Total liabilities decreased significantly, with current liabilities dropping to RMB 2,908,695,000 in 2025 from RMB 5,055,477,000 in 2024[8] - The company’s cash and cash equivalents decreased to RMB 65,334,000 in 2025 from RMB 838,999,000 in 2024[7] - The company's total equity as of December 31, 2025, was approximately RMB 4.578 billion, with cash on hand amounting to approximately RMB 287 million[48] - The group's debt-to-capital ratio increased to 58% as of December 31, 2025, compared to 46% as of December 31, 2024[70] Segment Performance - The company’s segment performance showed a loss of RMB 198,163,000 in 2025, compared to a profit of RMB 1,231,274,000 in 2024[22] - The revenue from external customers in mainland China was RMB 739,178,000 in 2025, down from RMB 4,103,008,000 in 2024, indicating a decline of approximately 82%[23] - The sales revenue from the commercial property development segment decreased by approximately 108.9% compared to fiscal year 2024, primarily due to the completion of sales recognition for the IOC A2.1 project in the previous fiscal year[48] - The group's hotel operations recorded revenue of approximately RMB 198.0 million in fiscal year 2025, a decrease of 11.8% from RMB 224.6 million in fiscal year 2024, with an occupancy rate of approximately 62%[56] - The total revenue from commercial operations increased by 23.3% to approximately RMB 150.8 million in fiscal year 2025, compared to RMB 122.3 million in fiscal year 2024, with an average occupancy rate of 83%[57] Cash Flow and Expenditures - The company’s capital expenditure for 2025 was RMB 72,045,000, compared to RMB 44,990,000 in 2024, indicating an increase of approximately 60%[22] - The group’s capital expenditure for property development was approximately RMB 167,419,000 as of December 31, 2025, compared to RMB 160,697,000 as of December 31, 2024[74] Impairment and Other Income - The company recognized impairment losses of RMB 137,966,000 in 2025, compared to RMB 77,664,000 in 2024, representing a rise of about 77%[22] - The company experienced a significant increase in other income and gains, which rose to RMB 206,659,000 in 2025 from RMB 54,956,000 in 2024[5] - The company reported a total of RMB 206,659,000 in other income for 2025, compared to RMB 54,956,000 in 2024, indicating a significant increase of approximately 275%[28] Taxation - The company has no income tax liabilities in Hong Kong and Japan for the year, as no taxable profits were generated[34] - The company’s deferred tax expense for 2025 was RMB 10,229,000, compared to a deferred tax benefit of RMB 59,147,000 in 2024[36] - The company’s total tax expense for the year was a net credit of RMB 78,245,000, significantly lower than the RMB 644,614,000 tax expense in 2024[36] Corporate Governance and Future Plans - The board does not recommend the distribution of any final dividend for the fiscal year 2025, consistent with the previous fiscal year[80] - The group plans to enhance its investor relations management through various communication methods, including press releases and one-on-one meetings with analysts or investors[76] - The group aims to identify acquisition projects with future development and profitability potential to improve asset returns[76] - The group has adopted a code of conduct for directors' securities transactions, ensuring compliance with the relevant standards[84] - The group will hold its annual general meeting on June 4, 2026[86]

Financial Performance - The total revenue for Guangdong Syntrust GK Testing and Certification Tech Service Center Co., Ltd. for the year ending December 31, 2025, was RMB 81,361,000, representing a 47.3% increase from RMB 55,260,000 in 2024[6]. - Gross profit for the same period was RMB 52,180,000, up from RMB 35,107,000 in 2024, indicating a gross margin improvement[6]. - The net profit for the year was RMB 22,300,000, compared to RMB 16,297,000 in 2024, reflecting a year-over-year growth of 37.0%[6]. - The group's revenue for the year ended December 31, 2025, was approximately RMB 81,361,000, representing an increase from RMB 55,260,000 in 2024, which is a growth of 47.3%[18]. - The revenue from testing services was RMB 76,694,000 for 2025, compared to RMB 49,589,000 in 2024, marking a significant increase of 54.8%[18]. - The group reported a pre-tax profit of RMB 29,181,000 for 2025, up from RMB 20,153,000 in 2024, reflecting a growth of 44.8%[22]. - The total profit and comprehensive income amounted to approximately RMB 20.31 million for the year ending December 31, 2025, representing an increase of about 24.6% from RMB 16.30 million in 2024[72]. Assets and Liabilities - The total assets as of December 31, 2025, amounted to RMB 250,106,000, an increase from RMB 217,131,000 in 2024[7]. - Non-current liabilities, primarily lease liabilities, rose to RMB 43,713,000 from RMB 38,342,000, reflecting increased operational commitments[8]. - The total equity attributable to the owners of the parent company increased to RMB 194,010,000 from RMB 178,789,000, showing a solid growth in shareholder value[8]. - Trade receivables rose to RMB 89,811,000 in 2025, up from RMB 59,927,000 in 2024, with a provision for impairment of RMB 12,971,000[29]. - Trade payables increased to RMB 8,433,000 in 2025 from RMB 4,831,000 in 2024, with no interest charged and a typical payment term of 90 days[30]. - The current ratio decreased to 5.3 as of December 31, 2025, from 9.4 in 2024, reflecting a stable financial position with net cash of RMB 75.17 million[83]. Research and Development - Research and development costs increased significantly to RMB 3,718,000 from RMB 694,000, highlighting the company's commitment to innovation[6]. - The company has developed a fully automated, unmanned intelligent testing laboratory, marking a significant advancement in testing technology[38]. Corporate Structure and Governance - The company underwent a restructuring in 2023, transitioning from a cooperative enterprise to a limited liability company, and subsequently to a joint-stock limited company, enhancing its corporate governance structure[9]. - The company has adopted a code of conduct for directors regarding securities trading, ensuring compliance with GEM listing rules, with no known violations reported as of December 31, 2025[104]. - The company's chairman and CEO roles are held by the same executive director, which the board believes enhances responsiveness and efficiency in business strategy formulation[103]. Service Offerings and Market Position - The company is engaged in providing construction engineering testing services, food and agricultural testing services, motor vehicle testing services, and hydraulic engineering testing services, indicating a diversified service portfolio[9]. - The company has diversified its testing services, expanding into food testing and various engineering fields, enhancing its competitive edge and sustainability[35]. - The company has obtained qualifications for 43 categories of testing services, providing over 5,336 testing parameters[31]. - The company has established a comprehensive service system in environmental and food testing, aiming to enhance cross-selling potential and expand customer coverage[42]. Acquisitions and Expansion - The company completed a capital increase in Yue Shui Testing, acquiring 51% for RMB 9,330,000, aimed at expanding its business network and customer base in the region[27]. - The group completed the acquisition of 51% of Guangdong Water Testing for RMB 9.33 million, which is now a non-wholly owned subsidiary[92]. - The group acquired 100% of Rongli Testing for RMB 12.57 million, which is now a wholly-owned subsidiary[93]. - The group plans to acquire 51% of Juzhou Testing for RMB 13.32 million, expected to be completed by March 2, 2026[94]. - The group intends to acquire 51% of Gaozhou Testing for RMB 10.71 million, with completion expected in 2026[95]. Employee and Administrative Expenses - As of December 31, 2025, the group had 215 employees, an increase from 114 employees as of December 31, 2024[97]. - Total employee benefit expenses, including director remuneration, amounted to approximately RMB 20.37 million for the year ended December 31, 2025, compared to RMB 18.59 million in 2024, reflecting an increase of 9.5%[97]. - Administrative expenses were approximately RMB 18.09 million for the year ending December 31, 2025, accounting for about 22% of total revenue, down from 31% in 2024[68]. Future Outlook and Market Trends - The market size for independent testing services in Guangdong West is projected to grow from approximately RMB 36 billion in 2023 to about RMB 65 billion by 2028, with a compound annual growth rate of 12.7%[32]. - The competitive landscape in the testing industry is intensifying, with over 100 construction testing institutions in Guangdong West, necessitating strategic adjustments to enhance competitiveness[34]. Dividend and Shareholder Information - The company proposed a final dividend of RMB 0.18 per share for 2025, compared to RMB 0.15 per share in 2024, indicating a 20% increase[24]. - The record date for shareholders entitled to receive the proposed final dividend is set for May 27, 2026[109]. - The proposed final dividend will be paid on July 14, 2026, and relevant documents must be submitted by May 20, 2026[109].

Financial Performance - The company's revenue for the year ended December 31, 2025, was RMB 943,497,000, representing a 33.3% increase from RMB 707,629,000 in 2024[3] - Gross profit for the same period was RMB 96,014,000, up 7.1% from RMB 89,622,000 in 2024[3] - The company's net profit decreased by 4.9% to RMB 11,764,000 from RMB 12,372,000 in 2024[3] - The company reported a pre-tax profit of RMB 94,014,000 for 2025, compared to RMB 66,622,000 in 2024, indicating a growth of 41.2%[28] - The total profit attributable to equity holders of the parent company was RMB 11,549,000 in 2025, a decrease from RMB 12,091,000 in 2024, representing a decline of 4.5%[39] - The company recorded a net profit of RMB 11.8 million for the reporting period, a decrease from RMB 12.4 million in the previous year, primarily due to increased R&D expenses and financial costs[87] Revenue Breakdown - IDC solution services generated RMB 758,640,000 in revenue for 2025, up from RMB 658,663,000 in 2024, reflecting a growth of 15.1%[21] - The company recognized revenue of RMB 851,612,000 from services transferred over time, compared to RMB 705,463,000 in 2024, an increase of 20.7%[21] - Revenue from IDC solutions services increased by approximately 15.2% to RMB 758.6 million, driven by the acceleration of digital transformation and AI applications among enterprise customers[67] - Revenue from edge computing services decreased by 15.1% to RMB 41.6 million, primarily due to fluctuations in service usage by large internet enterprise customers[68] - Revenue from intelligent computing reached approximately RMB 139.8 million, attributed to the launch of new services and growing demand for high-performance computing infrastructure[69] Expenses and Costs - Research and development expenses increased significantly to RMB 33,143,000, compared to RMB 23,815,000 in the previous year, indicating a focus on innovation[4] - Overall sales cost increased by approximately 37.1% to RMB 847.5 million, consistent with revenue and business growth[71] - Gross profit rose by approximately 7.1% to RMB 96.0 million, but the overall gross margin decreased from about 12.7% to approximately 10.2% due to rising costs outpacing revenue growth[75] - Financing costs increased to RMB 10,183,000 in 2025 from RMB 8,549,000 in 2024, representing a growth of 19.1%[29] - The total tax expense for the year ended December 31, 2025, was RMB 2,098,000, up from RMB 1,459,000 in 2024, indicating a year-over-year increase of 43.8%[35] Assets and Liabilities - The total assets as of December 31, 2025, were RMB 1,383,937,000, up from RMB 911,406,000 in 2024[8] - Cash and cash equivalents rose to RMB 603,792,000 from RMB 371,016,000, reflecting improved liquidity[8] - The company's total liabilities increased to RMB 863,700,000 from RMB 505,477,000, indicating a rise in financial obligations[9] - Trade receivables rose to RMB 315,718,000 in 2025 from RMB 239,564,000 in 2024, marking an increase of 31.7%[42] - The total trade payables increased to RMB 337,172,000 in 2025 from RMB 199,598,000 in 2024, representing a growth of about 69%[50] Strategic Initiatives - The company plans to continue expanding its Internet Data Center (IDC) solutions and edge computing services in the Chinese market[10] - The company’s strategy focuses on the integration of "edge cloud + AI services," enhancing its technological capabilities and product offerings in the digital economy[55] - The group plans to deepen its intelligent computing layout, focusing on a national network of intelligent computing resources, integrating computing, models, and data resources[64] - The group aims to expand AI technology applications in vertical industries such as education, transportation, and government, enhancing industry solution capabilities[64] - The company has engaged in partnerships with universities and research institutions for R&D, allocating HKD 37 million for this purpose, with HKD 16.4 million already utilized[108] Corporate Governance and Compliance - The company has established an audit committee to oversee financial reporting and internal controls, ensuring compliance with applicable accounting standards[106] - The board of directors includes key executives and independent non-executive directors, ensuring corporate governance compliance[118] - The company operates under the regulations of the Hong Kong Stock Exchange, adhering to the corporate governance code[116] Market Presence and Future Plans - The company plans to list its shares on June 14, 2024, on the Hong Kong Stock Exchange[117] - The company focuses on AI and AIoT technologies to enhance operational efficiency and data management[116] - The cloud business "Lingjing Cloud" was launched in 2022, focusing on edge computing services[117] - The group has maintained a prudent treasury management policy to actively monitor its liquidity and ensure sufficient financial resources for future development[91]

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。 China Shuifa Singyes New Materials Holdings Limited 中國水發興業新材料控股有限公司 （於百慕達註冊成立的有限公司） （股份代號：8073） 截至二零二五年十二月三十一日止年度全年業績公告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM之定位，乃為相比起其他在本交易所上市的中小企帶有較高投資風險之公司 提供一個上市的市場。有意投資的人士應了解投資於該等公司的潛在風險，並應經 過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司一般為中小企，在GEM買賣的證券可能會較於主板買賣之證 券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市 場。 本公告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）之規定而刊載， 中國水發興業新材料控股有限公司（「本公司」）董事（「董事」）願就本公告的資料共 同及個別地承擔全部責任。各董 ...

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。 閩 港 控 股 有 限 公 司 FUJIAN HOLDINGS LIMITED （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） （股份代號：00181） 年度業績公佈 截至二零二五年十二月三十一日止年度 | 財務摘要 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 二零二五年 | 二零二四年 | | | | | | | | | 千港元 | 千港元 | | 收 | 益 | | | | | | 19,138 | 24,030 | | | | | 本公司持有人應佔虧 | | | 損 | (15,121) | (33,108) | | 每 | 股 | 虧 損 | | | | | | | | 基 | | 本 （每 | 股 ...

Financial Performance - Revenue for the year ended December 31, 2025, increased by 14.6% to RMB 472,382,000 compared to RMB 412,238,000 in 2024[2] - Gross profit rose by 1.9% to RMB 122,594,000, up from RMB 120,282,000 in the previous year[3] - Net profit for the year decreased by 18.7% to RMB 30,342,000, down from RMB 37,341,000 in 2024[3] - Basic and diluted earnings per share decreased to RMB 0.061 from RMB 0.074 in 2024[3] - The company's profit before tax for 2025 was RMB 42,373,000, a decrease of 19.5% from RMB 52,730,000 in 2024[24] - Basic earnings per share attributable to equity holders of the parent for 2025 was RMB 31,497,000, a decline of 17.5% compared to RMB 38,067,000 in 2024[26] - The group's net profit for the reporting period was approximately RMB 30.3 million, a decrease of about 18.7% from RMB 37.3 million in 2024, resulting in a net profit margin of 6.4%[61] Assets and Liabilities - Total assets increased by 16.4% to RMB 546,880,000, compared to RMB 469,846,000 in 2024[2] - Net assets grew by 6.8% to RMB 319,647,000, up from RMB 299,343,000 in the previous year[2] - Trade receivables increased significantly to RMB 236,256,000 from RMB 153,294,000, reflecting a growth of 54.2%[4] - Total accounts payable increased to RMB 30,295,000 in 2025 from RMB 24,530,000 in 2024, reflecting a growth of 23.2%[32] - Trade receivables and prepayments increased by approximately 37.8% to RMB 296.0 million, primarily due to the expansion of managed building area and a decline in collection rates[59] - The group confirmed financial asset impairment losses of approximately RMB 26.5 million, an increase of about 147.7% compared to RMB 10.7 million in 2024[59] Revenue Sources - Revenue for property management services reached RMB 379,783,000 in 2025, up from RMB 347,218,000 in 2024, representing an increase of 9.0%[14] - Total customer contract revenue for 2025 was RMB 472,382,000, compared to RMB 412,238,000 in 2024, reflecting a growth of 14.6%[14] - The revenue from community value-added services increased to RMB 53.7 million, representing 11.4% of total revenue, compared to 6.9% in 2024[44] - The company's revenue from value-added services aimed at real estate developers was RMB 38.865 million in 2025, compared to RMB 36.815 million in 2024, reflecting an increase of approximately RMB 2.1 million[51] - Revenue from residential properties accounted for 75.4% of total property management revenue in 2025, while non-residential properties contributed 24.6%[49] Operational Highlights - The company is focused on providing property management services and value-added services to real estate developers in mainland China[6] - The group has identified only one operating segment for strategic decision-making, focusing on property management and value-added services[11] - The company was ranked 36th among China's top property service companies in 2025, up from 82nd in 2016, showcasing significant improvement in property management capabilities[34] - The company received multiple accolades in 2025, including recognition as one of the top 10 property management companies with development potential in China[35] - As of December 31, 2025, the group managed a total of 146 projects with a total area of approximately 22.09 million square meters, an increase of about 2.09 million square meters or 10.0% compared to 2024[36] Cost and Expenses - The cost of services provided increased to RMB 349,788,000 in 2025 from RMB 291,956,000 in 2024, marking a rise of 19.7%[19] - Sales costs for the reporting period were approximately RMB 349.8 million, up 19.8% from RMB 292.0 million in 2024, indicating a cost growth rate higher than revenue growth by 5.2 percentage points[56] - Administrative expenses were approximately RMB 52.3 million, a decrease of 13.0% from RMB 60.1 million in the same period of 2024, with an administrative expense ratio of 11.1%[58] Taxation and Compliance - The income tax expense for 2025 was RMB 12,031,000, compared to RMB 15,389,000 in 2024, indicating a reduction of 21.5%[22] - The actual income tax expense for 2025 was RMB 12,031,000, down from RMB 15,389,000 in 2024, reflecting a reduction of 21.5%[24] - Ernst & Young has verified the financial figures for the year ending December 31, 2025, ensuring consistency with the consolidated financial statements[84] - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements for the year ending December 31, 2025, ensuring compliance with applicable accounting principles and sufficient disclosure[83] Strategic Initiatives - The group plans to use part of the funds raised from the listing for the acquisition or investment in other property management companies to expand its business scale and market share[68] - The group aims to deepen its strategic layout in the Yangtze River Delta region, focusing on quality expansion and optimizing project portfolios[72] - The company continues to focus on the Yangtze River Delta region, which is a key area for its development due to its economic advancement and urbanization rate[47] - The company plans to increase digital investment, focusing on deploying cleaning, patrolling, delivery robots, and AI customer service in high-end projects to enhance service intelligence[74] - The company will enhance service quality and customer experience by implementing a three-tier service system and organizing seasonal community activities to improve customer satisfaction[73] Corporate Governance and Social Responsibility - The company has adopted high standards of corporate governance to protect shareholder rights and enhance corporate value, complying with all applicable codes during the reporting period[76] - The company emphasizes a talent development system combining internal training and external recruitment, focusing on enhancing the professional capabilities of project managers and other key personnel[75] - The company is committed to green low-carbon practices and social responsibility, aiming to create long-term sustainable value for shareholders, customers, and society[75] - The company will continue to promote energy-saving renovations to optimize cost efficiency and cash flow[74] - The company will enhance brand perception through standardized visual, auditory, and experiential elements, aiming to create a trustworthy brand experience[75] Dividend and Shareholder Information - The proposed final dividend for the year ending December 31, 2025, is RMB 1.49 per share, compared to RMB 1.89 for 2024, subject to shareholder approval at the annual general meeting on June 4, 2026[78] - The company will suspend share transfer registration from June 1 to June 4, 2026, to determine eligibility for attending the annual general meeting and voting[79]

Financial Performance - Revenue for the year ended December 31, 2025, was HKD 5,056 million, a decrease of 2% compared to HKD 5,136 million in 2024[2] - Gross profit dropped to HKD 1,084 million, down 59% from HKD 2,652 million, resulting in a gross margin of 21% compared to 52% in the previous year[2] - Annual profit attributable to owners decreased by 58% to HKD 632 million from HKD 1,494 million[2] - EBITDA for the year was HKD 1,656 million, a decline of 46% from HKD 3,089 million[2] - Total revenue for the year ending December 31, 2025, was HKD 5,055,750,000, a decrease of 1.6% from HKD 5,135,591,000 in 2024[15] - Sales of self-produced premium coking coal amounted to HKD 3,218,939,000, down from HKD 5,057,000,000 in the previous year, representing a decline of 36.3%[15] - Revenue from coal product trading reached HKD 1,760,869,000, with no revenue reported in the previous year[15] - Major customer A contributed HKD 1,279,260,000, accounting for 25% of total revenue, down from 39% in the previous year[17] - The company reported a total comprehensive income of HKD 1,504 million for the year, compared to HKD 1,398 million in 2024[5] - The net profit attributable to shareholders for 2025 was 632,499 thousand HKD, a decrease of 57.7% compared to 1,494,066 thousand HKD in 2024[22] - The group’s operating revenue for the year ended December 31, 2025, was approximately HKD 5.056 billion, a decrease of about HKD 0.08 billion or 2% compared to HKD 5.136 billion in 2024[42] - Net profit for the year was approximately HKD 745 million, a substantial decline of about 59% year-on-year, with profit attributable to owners of the company at approximately HKD 632 million, down 58%[43] Cost and Expenses - The cost of sales for 2025 was 3,971,780 thousand HKD, up from 2,484,072 thousand HKD in 2024, indicating a substantial increase in operational costs[19] - Sales costs for the year were approximately HKD 3.972 billion, a significant increase of about HKD 1.488 billion or 60% compared to HKD 2.484 billion in 2024, mainly due to the coal trading business[45] - The selling and distribution expenses were approximately HKD 62 million, a decrease of about HKD 48 million or 44% from the previous year's expenses of approximately HKD 110 million[51] - General and administrative expenses increased to approximately HKD 262 million, an increase of about HKD 53 million or 25% from the previous year's expenses of approximately HKD 209 million[52] Assets and Liabilities - Total assets as of December 31, 2025, were HKD 22,189 million, down from HKD 22,949 million in 2024[6] - Net asset value decreased to HKD 18,384 million from HKD 18,901 million, with a slight decline in equity per share to HKD 3.23[6] - Current ratio decreased to 4.03 from 4.25, indicating a reduction in liquidity[2] - Trade receivables decreased to 557,542 thousand HKD in 2025 from 702,675 thousand HKD in 2024, with a provision for impairment of 187,432 thousand HKD[24] - The accounts receivable balance as of December 31, 2025, was HKD 35,835,000, with related payables at HKD 33,311,000[26] - Total accounts payable increased to HKD 719,764,000 in 2025 from HKD 757,521,000 in 2024[30] Dividends - The company proposed a final dividend of HKD 0.06 per share, bringing the total dividend for the year to HKD 0.12 per share, with a payout ratio of approximately 97%[2] - The company declared a final dividend of 21 HKD cents per share for 2024, totaling 1,069,124 thousand HKD, compared to 18 HKD cents per share totaling 886,831 thousand HKD for 2023[21] Production and Operations - The group reported a production increase of 6% in raw coking coal, reaching 5.25 million tons in 2025 compared to 4.96 million tons in 2024[38] - The average selling price of premium coking coal decreased by 36%, from RMB 1,666 per ton in 2024 to RMB 1,066 per ton in 2025[38] - The group maintained a trade volume of 1.70 million tons of coal products, which was not applicable in the previous year[38] - The group expanded its coal trading business, achieving a trading volume of approximately 1.7 million tons, which contributed to 35% of the group's operating revenue[39] - The average production cost of raw coking coal decreased by 13% year-on-year, reflecting cost control measures implemented by the group[46] Financial Management - The group utilized a lifetime expected loss provision for all trade receivables and notes receivable under the simplified approach of HKFRS 9[27] - The company did not incur any borrowing costs for capitalized expenses in both 2025 and 2024, indicating a focus on operational financing[18] - The deferred tax expense for 2025 was 292,386 thousand HKD, a significant reduction from 710,922 thousand HKD in 2024, suggesting improved tax efficiency[19] - The financial assets measured at fair value increased to 883,094 thousand HKD in 2025 from 439,187 thousand HKD in 2024, reflecting improved investment performance[23] Corporate Governance - The company has complied with all corporate governance code provisions as per the listing rules for the fiscal year ending December 31, 2025, except for a temporary deviation regarding the separation of roles between the chairman and the CEO[77] - On September 23, 2025, Mr. Chen Yi was appointed as the chairman of the board, ensuring compliance with the corporate governance code regarding the separation of roles[78] - The company has adopted the standard code for directors' securities transactions and confirmed that all directors have complied with it for the fiscal year ending December 31, 2025[79] - The preliminary performance announcement for the fiscal year ending December 31, 2025, has been confirmed by the auditors as compliant with the audited consolidated financial statements[75] Future Outlook - The group anticipates a stable coal market in 2025, with supply levels expected to remain stable despite fluctuations in import coal prices[73] - The group plans to enhance management efficiency and cost control while advancing the construction of smart mining operations[74] - The group aims to continuously improve its environmental, social, and governance (ESG) management system to support long-term sustainable development[74] - The group expects China's GDP to maintain a growth rate of 5% in 2025, despite facing multiple uncertainties in the global economic environment[70] - The real estate sector is undergoing a bottoming adjustment, with a year-on-year decline in real estate development investment of 17.2%[71] - The group will focus on ensuring safe production and maintaining a stable operational rhythm in response to market uncertainties[74] Employee and Safety - The group employed 3,999 employees as of December 31, 2025, with no stock options granted or exercised during the review period[69] - The group maintained good safety records across all coal mines, with a minor incident at Xingwu Coal Mine that did not result in significant economic losses[62] Miscellaneous - The company has not reported any significant operational changes during the year, focusing on coal mining and trading activities[15] - The group has begun assessing the impact of new accounting standards on its financial performance but has not yet determined any significant effects[14] - As of December 31, 2025, the group did not engage in any significant investments or acquisitions during the year[58] - The company did not purchase, sell, or redeem any of its listed securities during the year[76] - The board expresses gratitude to customers, suppliers, and shareholders for their support and acknowledges the efforts of management and staff over the past year[81]

Financial Performance - For the fiscal year ending December 31, 2025, the total revenue of Akeso, Inc. was RMB 3,056.3 million, representing a year-on-year increase of 43.9% from RMB 2,123.9 million in 2024[7]. - The gross profit for the fiscal year ending December 31, 2025, was RMB 2,404.0 million, up 31.01% from RMB 1,834.9 million in 2024[8]. - The company reported a net loss of RMB 1,140.8 million for the fiscal year ending December 31, 2025, which included non-cash items such as a loss of RMB 324.8 million related to long-term equity investments[9]. - The adjusted Non-IFRS net loss for 2025 was RMB 584.7 million, with an adjusted Non-IFRS EBITDA loss of RMB 191.9 million[9]. - Revenue for the reporting period was approximately RMB 3,056.3 million, a 43.90% increase from RMB 2,123.9 million in the same period last year[13]. - The company reported a total net loss of RMB 1,166,824,000 for the year, compared to a net loss of RMB 494,503,000 in the previous year, indicating a significant increase in losses[114]. - Basic loss per share for 2025 is RMB 1.23, compared to RMB 0.60 in 2024, reflecting a deterioration in earnings performance[114]. Commercial Sales and Product Development - Commercial sales revenue for the fiscal year ending December 31, 2025, was RMB 3,033.1 million, a 51.48% increase from RMB 2,002.4 million in 2024, driven by new product approvals[7]. - The company successfully introduced two innovative bispecific antibodies into the National Reimbursement Drug List (NRDL), contributing to revenue growth[6]. - The company has over 50 innovative projects under research, covering areas such as tumors, autoimmune diseases, metabolism, and neurodegenerative diseases[12]. - The company has 27 products in the market or clinical research stages, with 12 in Phase III clinical trials and 15 in Phase I/II trials[12]. - Five self-developed commercialized drugs have received approval for 12 indications, all included in the 2025 version of the national medical insurance catalog, to be implemented in January 2026[14]. - The product IYINING® (Inepolog) has been approved for two indications in China, both included in the latest national medical insurance catalog[17]. - The product YIDAFANG® (Ivosidenib) has completed over 44 clinical studies, including 15 Phase III trials, with positive results in four Phase III trials covering multiple cancer types[16]. Research and Development - The company has established a comprehensive R&D platform focusing on innovative antibody drug development technologies, positioning itself competitively in the global biopharmaceutical market[11]. - Akeso, Inc. is advancing multiple new bispecific antibodies into clinical research, including ADCs and treatments for immune-related diseases[5]. - The company aims to enhance its financial performance while increasing R&D investments to support future growth[5]. - The company is actively expanding into cold tumors and has initiated multiple clinical studies covering colorectal cancer, pancreatic cancer, cholangiocarcinoma, head and neck squamous cell carcinoma, and triple-negative breast cancer[22]. - The company is advancing multiple self-developed products in oncology, autoimmune diseases, and Alzheimer's disease, including AK139, AK152, and AK150, currently in Phase I and II clinical trials[64]. Clinical Trials and Approvals - The clinical study (AK112-306/HARMONi-6) for the combination therapy of Ivoris and Tarelizumab achieved the primary endpoint of progression-free survival (PFS) for sq-NSCLC, with results presented at the 2025 ESMO LBA[23]. - The international multicenter III phase clinical study (HARMONi) for Ivoris in treating NSCLC after third-generation EGFR-TKI therapy reached the PFS primary endpoint, with significant overall survival (OS) trends[24]. - The combination therapy of Ivoris and chemotherapy for PD-L1 negative TNBC entered the III phase clinical study (AK112-308), which received breakthrough therapy designation from NMPA in November 2025[26]. - The company has initiated nearly 20 combination clinical studies for Ivoris in China, focusing on various cancer types such as lung, gastric, and colorectal cancers[28]. - The company received FDA approval for the international multicenter Phase III clinical study (COMPASSION-37) of cardunili combined with chemotherapy for the treatment of unresectable or metastatic G/GEJ adenocarcinoma, officially launched in December 2025[34]. Financial Position and Assets - As of December 31, 2025, the company's current assets totaled RMB 11,277.3 million, with cash and cash equivalents amounting to RMB 9,171.6 million[87]. - The company's current liabilities as of December 31, 2025, were RMB 2,195.1 million, which included trade payables of RMB 451.8 million[87]. - The company had short-term and long-term loans totaling RMB 4,540.6 million, with short-term loans due within one year amounting to RMB 585.7 million[88]. - The company's total assets amounted to RMB 13,805,313,000 in 2025, compared to RMB 11,068,335,000 in 2024, reflecting an increase of approximately 24.9%[115]. - The company’s inventory increased to RMB 931,616,000 in 2025 from RMB 706,533,000 in 2024, showing a growth of about 31.7%[115]. Employee and Corporate Governance - As of December 31, 2025, the total number of employees has grown to 3,761, with significant increases in clinical research and development personnel to support the integrated platform strategy[57]. - The company has adhered to all corporate governance code provisions during the reporting period, except for provision C.2.1, which states that the roles of chairman and CEO should be separate[101]. - The company issued a total of 23,550,000 new shares at a price of HKD 149.54 per share on September 4, 2025, representing approximately 2.56% of the enlarged issued share capital post-placement[105]. Strategic Goals and Future Outlook - The company aims to become a global leader in biopharmaceuticals by focusing on innovative drug development and establishing an international standardized production system[13]. - The company is actively expanding its international development strategy, aiming to advance more self-developed innovative drugs in the global market[67]. - The company is focused on maximizing the global value of its core products, including Ivosidenib, which has shown significant clinical benefits in multiple Phase III studies[63].

Financial Performance - For the fiscal year ending December 31, 2025, the total revenue of Nanshan Aluminium International Holdings Limited was approximately $1,141.8 million, representing an increase of about 11.9% compared to $1,020.7 million for the fiscal year ending December 31, 2024[4]. - The gross profit for the fiscal year ending December 31, 2025, was approximately $478.0 million, a decrease of about 7.5% from $516.7 million in the previous year, resulting in a gross margin decline from 50.6% to 41.9%[4]. - The profit for the year was approximately $418.1 million, which is a decrease of about 8.6% compared to $457.4 million for the fiscal year ending December 31, 2024[4]. - The profit attributable to equity shareholders of the company was approximately $408.4 million, an increase of about 1.6% from $401.8 million in the previous year[4]. - The group reported revenue from alumina sales of $1,141,803 thousand for the year ending December 31, 2024, compared to $1,020,668 thousand in 2023, reflecting a year-over-year increase of approximately 11.9%[19]. - The group’s pre-tax profit for 2025 was $479,326 thousand, down from $500,704 thousand in 2024, indicating a decrease of about 4.3%[26]. - The total tax expense for 2025 was $61,225 thousand, compared to $43,295 thousand in 2024, representing an increase of approximately 41.5%[26]. - Income tax expense is projected to increase from approximately $43.3 million in FY2024 to about $61.2 million in FY2025, representing a growth of approximately 41.4%[62]. - Net profit is expected to decrease from approximately $457.4 million in FY2024 to about $418.1 million in FY2025, a decline of approximately 8.6% due to lower gross margins and increased income tax expenses[64]. - Basic earnings per share are projected to decrease from $0.94 in FY2024 to $0.72 in FY2025[65]. Dividends - The board proposed a final dividend of HKD 0.41 per share for the fiscal year ending December 31, 2025, compared to no dividend in the previous fiscal year[4]. - The company declared an interim dividend of $49,216,000 for 2025, compared to no dividend in 2024[40]. - The company plans to pay a final dividend of $32,540,000, reflecting a commitment to return value to shareholders[40]. - The proposed final dividend is set at HKD 0.41 per share for FY2025, with a total annual dividend of HKD 1.06 per share including an interim dividend[66]. Assets and Liabilities - Non-current assets increased significantly to approximately $1,534.3 million in 2025 from $1,075.3 million in 2024, primarily due to an increase in property, plant, and equipment[7]. - Current assets rose to approximately $714.1 million in 2025, up from $645.3 million in 2024, with inventory increasing to $212.1 million from $99.6 million[7]. - Total equity increased to approximately $1,898.8 million in 2025 from $1,294.4 million in 2024, reflecting a strong capital position[8]. - The company reported a net cash and cash equivalents of approximately $321.3 million in 2025, down from $454.2 million in 2024[7]. - The group’s total liabilities related to defined benefit obligations increased to $11 thousand in 2025 from $3 thousand in 2024, indicating a rise of approximately 266.7%[25]. - Trade receivables for 2025 amounted to $65,114,000, up from $41,380,000 in 2024, with a provision for losses of $976,000[33]. - Trade payables increased to $58,763,000 in 2025 from $17,891,000 in 2024, indicating a significant rise in obligations[39]. - Prepayments and other receivables for 2025 totaled $37,728,000, down from $46,246,000 in 2024, primarily due to a decrease in inventory purchases[35]. - Cash and cash equivalents decreased from approximately $454.2 million as of December 31, 2024, to about $321.3 million as of December 31, 2025[72]. Production and Sales - The company is primarily engaged in the production and sale of alumina, with no new business ventures reported during the fiscal year[9]. - The company recorded alumina sales of approximately 2.643 million tons in FY2025, an increase of about 22.5% from FY2024's 2.158 million tons[58]. - The average selling price of alumina decreased by approximately 8.7% to $432 per ton in FY2025, down from $473 per ton in FY2024[58]. - Revenue increased by approximately 11.9% to $1.142 billion in FY2025, up from $1.021 billion in FY2024, primarily due to increased sales volume[57]. - The company plans to launch a new alumina production project with a capacity of 1 million tons in Q3 2025, followed by another 1 million tons in Q4 2025[50]. - The company aims to establish a differentiated competitive advantage in the electrolytic aluminum market, planning to initiate a 250,000-ton annual electrolytic aluminum project and additional 500,000 tons of capacity in the long term[52]. - The company has diversified its customer base, achieving sales to an Indian customer, marking a significant milestone in customer structure diversification[49]. - The company anticipates short-term supply-demand imbalances in the alumina market due to the delayed release of downstream electrolytic aluminum capacity, which may exert downward pressure on alumina prices[50]. - The company is focused on vertical integration of its supply chain, aiming to create a seamless aluminum production chain from upstream resources to downstream processing[54]. Investments and Projects - The new alumina production project in Indonesia is expected to commence operations in 2025, with the company applying for a 20-year corporate income tax exemption[28]. - The group has confirmed that it will not recognize any tax expense related to profits from the new alumina production project for the year ending December 31, 2025, pending final approval of the tax exemption[28]. - The company plans to initiate the first phase of an electrolytic aluminum project with an annual production capacity of 250,000 tons by 2026, with an estimated investment of approximately $436.57 million and a construction period of two years[84]. - The company has entered into a 20-year power purchase agreement with a third-party power group in Indonesia, with a prepayment of $62,533,000 for future electricity costs[36]. - The new alumina production project in the Bintan Island Economic Zone has a designed annual capacity of 2 million tons and is set to begin construction in the first half of 2024[105]. - The second 1 million ton alumina production capacity of the new alumina production project commenced operations on December 20, 2025[94]. Compliance and Governance - The company has adopted a securities trading code for directors and employees, ensuring compliance with the standards set forth in the listing rules, with all directors confirming adherence during the reporting period[97]. - The audit committee reviewed the consolidated annual results for the year ending December 31, 2025, and found them to comply with applicable accounting standards, laws, and regulations[100]. - No significant acquisitions or disposals of subsidiaries or joint ventures occurred during the review period[85]. Stock and Shareholder Information - The company granted a total of 26,170,000 stock options to 155 eligible participants at an exercise price of HKD 39.60 per share[88]. - Following the stock option grant, there are 35,103,530 shares remaining available for future grants under the stock option plan[89]. - The company completed a placement of 31,000,000 existing shares at HKD 64.50 per share, raising a net amount of approximately HKD 1,986.76 million, with about 90% allocated for the construction and equipment procurement of the electrolytic aluminum project[90]. - The net proceeds from the global offering amounted to approximately HKD 2,261.8 million, with 90% earmarked for the development of the new alumina production project[92]. - As of December 31, 2025, approximately HKD 1,374.1 million of the net proceeds from the global offering had been utilized[93].

Financial Performance - Chengdu Expressway Co., Ltd. reported its audited financial results for the year ending December 31, 2025[3]. - The company reported a significant increase in revenue, with a year-on-year growth of 15% for the last quarter, reaching RMB 1.2 billion[12]. - Total revenue for 2025 reached RMB 2,928,652,977, reflecting a slight increase from RMB 2,915,386,143 in 2024[56]. - The highway business revenue for 2025 was RMB 1,629,022,798, with toll revenue contributing RMB 1,427,934,531[56]. - The total profit for 2025 was RMB 811,996,908, showing an increase from RMB 785,981,781 in 2024[56]. - Net profit attributable to shareholders for 2025 was RMB 552,386,167, compared to RMB 519,517,638 in 2024[56]. - The gross profit margin improved to 35%, up from 30% in the previous year, indicating better cost management[14]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10-15%[15]. - Revenue from charging pile service fees surged by 780.30% to RMB 22,593,600, compared to RMB 2,566,579 in the previous year[70]. - The energy sector revenue was RMB 1,299,630,179, representing 44.38% of total revenue, showing a decline of 0.27% year-on-year[81]. Governance and Management - The board of directors includes executive directors and independent non-executive directors, ensuring a diverse governance structure[3]. - The company has established a comprehensive internal governance structure consisting of the shareholders' meeting, board of directors, specialized committees, and senior management[168]. - The company has adopted the Corporate Governance Code and has complied with its provisions, except for a deviation regarding the rotation of directors[169]. - The company has a strong commitment to high standards of corporate governance to protect shareholder interests and enhance corporate value[168]. - The company has appointed three independent non-executive directors, ensuring compliance with listing rules regarding independence and qualifications[182]. - The board has reviewed and confirmed the effectiveness of its governance mechanisms during the reporting period[188]. - The nomination committee held 4 meetings during the reporting period to review the board's structure and composition[200]. Strategic Initiatives - The company is involved in various joint ventures, including a 55% stake in Chengdu Airport Expressway Co., Ltd.[9]. - The company is exploring market expansion opportunities through strategic partnerships and joint ventures[11]. - The company aims to enhance its service offerings with the development of electric vehicle charging stations[11]. - A strategic acquisition of a local competitor is anticipated to enhance operational efficiency and increase market penetration by 30%[19]. - The company is focusing on integrating traditional and renewable energy services, optimizing existing gas stations, and enhancing customer experience through a unified service model[136]. - The company plans to actively participate in new project investments and expand quality road assets to mitigate risks associated with the expiration of toll collection periods[125]. Operational Efficiency - The company is actively managing its financial performance, with a focus on revenue growth and cost control measures[4]. - The company has reduced operational costs by 12%, resulting in improved profit margins[9]. - The company is focusing on enhancing operational efficiency and cost control to address market volatility risks in the energy sector[128]. - The company has embraced digital transformation, enhancing its operational capabilities through innovative technologies and smart traffic solutions[62]. - The company achieved a 4-fold increase in payment efficiency through the 5G routing technology upgrade at Tianfu Airport Expressway[62]. Market and User Growth - User data showed a 20% increase in active users, totaling 2 million by the end of the reporting period[14]. - The company reported a growth of 25% in active users, totaling 5 million by the end of the quarter[2]. - Market expansion efforts have led to a 20% increase in market share in the Asia-Pacific region[6]. Future Outlook and Challenges - The company plans to navigate challenges in 2026, including the expiration of expressway tolls and intensified competition in the refined oil market, while leveraging opportunities from the national "dual carbon" strategy and smart transportation advancements[64]. - The company faces risks related to macroeconomic conditions, policies, markets, and finance, and actively identifies, assesses, and responds to these risks[122]. - The company is facing significant policy uncertainties regarding toll road operations due to the delayed formal release of the revised "Toll Road Management Regulations" which may impact revenue and profitability[124].