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，概不就因本公告全部或任何部分內容所產生或 因依賴該等內容而引致的任何損失承擔任何責任。 華滋國際海洋股份有限公司 Watts International Maritime Company Limited （於開曼群島註冊成立的有限公司） （股份代號：2258） 截至二零二五年十二月三十一日止年度之 年度業績公告 財務概要 | | 截至十二月三十一日止年度 | | | --- | --- | --- | | | 二零二五年 | 二零二四年 | | | 人民幣千元 | 人民幣千元 | | 收入 | 1,879,652 | 1,534,193 | | 毛利 | 181,577 | 98,540 | | 除所得稅前利潤╱（虧損） | 54,356 | (68,045) | | 年內利潤╱（虧損） | 33,099 | (69,249) | | 本公司股東應佔年內綜合收益╱（虧損）總額 | 26,982 | (47,546) | | 本公司股東應佔利潤╱（虧損）的每股盈利╱（虧 | | | | 損） ...

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 1,471,013 thousand, a slight increase of 2.0% from RMB 1,442,292 thousand in the previous year[5] - Gross profit decreased to RMB 267,619 thousand, down 2.8% from RMB 275,819 thousand year-on-year[5] - Net profit for the year was RMB 139,029 thousand, significantly up from RMB 26,329 thousand in the previous year, marking a growth of 427.5%[6] - Adjusted net profit was RMB 121,152 thousand, down 14.0% from RMB 141,924 thousand in the previous year[5] - Basic earnings per share improved to RMB 1.00, compared to a loss of RMB 0.19 in the previous year[6] - Total comprehensive income for the year was RMB 178,281 thousand, compared to a loss of RMB 4,285 thousand in the previous year[7] - EBITDA for 2025 was RMB 183,632,000, compared to RMB 244,968,000 in 2024, indicating a decrease of about 25.0%[25] - Net profit for the year was approximately RMB 139.0 million, an increase of about RMB 112.7 million compared to RMB 26.3 million in the previous year, mainly due to increased convertible bond income[51] Assets and Liabilities - Non-current assets totaled RMB 1,478,095 thousand, slightly down from RMB 1,484,046 thousand in the previous year[8] - Current assets decreased to RMB 1,098,766 thousand from RMB 1,099,116 thousand year-on-year[8] - Total liabilities decreased to RMB 1,177,630 thousand from RMB 1,196,614 thousand in the previous year[9] - Total equity increased to RMB 720,828 thousand from RMB 576,623 thousand year-on-year, reflecting a growth of 25.0%[9] - The total assets as of December 31, 2025, amounted to RMB 2,576,861,000, slightly down from RMB 2,583,162,000 in 2024[25] - The company’s total liabilities decreased to RMB 1,856,033,000 in 2025 from RMB 2,006,539,000 in 2024, a reduction of approximately 7.5%[25] - As of December 31, 2025, current assets were approximately RMB 1,098.8 million, while current liabilities were approximately RMB 678.4 million, resulting in a current ratio of approximately 1.62[52] Revenue Segments - The company has three reportable segments: Comprehensive Hospital Services, Hospital Management Services, and Pharmaceutical Sales, each contributing to overall revenue[18][19][20] - Comprehensive hospital services revenue rose by about 8.2% from RMB 1,303.4 million in 2024 to RMB 1,410.7 million in 2025, primarily due to the consolidation of Cixi operations[46] - Hospital management services revenue decreased by approximately 61.7% from RMB 124.1 million in 2024 to RMB 47.5 million in 2025, mainly due to reduced services provided to managed hospitals[47] Expenses - Total costs increased by approximately 3.2% from RMB 1,166.5 million in 2024 to RMB 1,203.4 million in 2025, attributed to business consolidation[48] - Administrative expenses rose by approximately 11.2% from RMB 109.0 million in 2024 to RMB 121.2 million in 2025, also due to business consolidation[49] - Employee benefits expenses for the year ended December 31, 2025, amounted to approximately RMB 490.1 million, an increase from RMB 446.7 million in 2024[64] Accounting Policies and Compliance - The company adopted a new accounting policy, changing its functional currency from RMB to HKD effective January 1, 2025, due to operational transactions being primarily in HKD[16] - The financial statements are prepared in accordance with International Financial Reporting Standards and comply with the Hong Kong Companies Ordinance[12] - An audit committee has been established, consisting of three independent non-executive directors, to review the financial statements for the year ending December 31, 2025, ensuring compliance with applicable accounting standards and regulations[70] - The financial data in the preliminary performance announcement has been agreed upon by the auditors, KPMG, and aligns with the audited financial statements for the year[71] Corporate Governance - The company has appointed Mr. Chen as the Chairman and acting CEO following the resignation of the previous CEO and Chairman on June 23, 2020, to ensure normal operations during the transition[68] - The company confirms that all directors have complied with the standard code of conduct for securities trading for the full year ending December 31, 2025[69] Future Plans and Investments - The company plans to initiate an innovation transformation action plan in 2026, focusing on patient-centered services and technology empowerment[44] - The group aims to enhance operational efficiency through investments in information technology and supply chain management, establishing a digital transformation infrastructure[44] - As of December 31, 2025, the company has no significant investments or future plans related to major investments or capital assets[59] Dividends and Shareholder Returns - The company did not declare any dividends for the fiscal year ending December 31, 2025, consistent with the previous year[39] - The company did not recommend a final dividend for the year ended December 31, 2025[63] Debt and Financing - The maturity date of the convertible bonds issued to Yufeng, amounting to HKD 468.0 million, has been extended from September 30, 2025, to September 30, 2027[55] - The maturity date of the convertible bonds issued to Hony Fund VIII, amounting to approximately HKD 773.9 million, has also been extended from September 30, 2025, to September 30, 2027[56] - Total borrowings decreased from RMB 82.1 million in 2024 to RMB 69.0 million in 2025, with a decrease in the interest-bearing debt ratio from 3.2% to 2.7%[52] Risk Management - The company faces foreign exchange risks primarily related to USD and HKD transactions, with no hedging instruments currently in use[60] - As of December 31, 2025, the company provided guarantees for loans totaling RMB 173.0 million and RMB 104.0 million for Jinhua Guangfu Hospital[61] Securities Transactions - There were no purchases, sales, or redemptions of the company's listed securities during the review year[65]

Financial Performance - For the fiscal year ending December 31, 2025, the company's revenue reached approximately HKD 3,736,519,000, representing an increase of about 11.1% compared to HKD 3,364,018,000 in 2024[5] - The gross profit margin for the fiscal year ending December 31, 2025, was approximately 55.8%, up from 53.5% in 2024, with gross profit increasing by about 15.9% to HKD 2,084,952,000[5] - EBITDA for the fiscal year ending December 31, 2025, was approximately HKD 938,125,000, reflecting a significant increase of about 32.4% from HKD 708,796,000 in 2024[5] - Net profit for the fiscal year ending December 31, 2025, was approximately HKD 601,249,000, marking a substantial increase of about 47.7% compared to HKD 406,943,000 in 2024[5] - Basic earnings per share for the fiscal year ending December 31, 2025, were 63.7 HKD cents, an increase of approximately 47.5% from 43.2 HKD cents in 2024[5] - The total comprehensive income for the year ended December 31, 2025, was HKD 816,212,000, a significant increase from HKD 268,186,000 in 2024, representing a growth of 204%[14] - The net profit for the year was HKD 601,249,000, compared to HKD 406,943,000 in 2024, indicating a year-over-year increase of 47.7%[14] - The company's total assets less current liabilities increased to HKD 3,980,328,000 in 2025 from HKD 3,496,596,000 in 2024, reflecting a growth of 13.8%[16] - Non-current assets rose to HKD 2,727,395,000 in 2025, up from HKD 2,326,274,000 in 2024, marking an increase of 17.2%[15] - The company's equity attributable to owners increased to HKD 3,288,791,000 in 2025 from HKD 2,715,868,000 in 2024, a growth of 21%[16] Revenue Breakdown - Revenue from the European market for the fiscal year ending December 31, 2025, was approximately HKD 1,886,755,000, reflecting an 11.8% growth compared to HKD 1,618,436,000 in 2024[9] - The North American market experienced a revenue decline of 7.4%, with revenue of HKD 696,380,000 in 2025 compared to HKD 752,083,000 in 2024[9] - Revenue from fixed prosthetic materials reached HKD 2,205,276,000 in 2025, up from HKD 2,048,609,000 in 2024, representing a growth of 7.6%[24] - Revenue from fixed dental materials reached approximately HKD 2,205,276,000 for the year ended December 31, 2025, an increase of about HKD 156,667,000 compared to the previous year, accounting for 63.0% of total customized product revenue[74] - Revenue from removable dental materials was approximately HKD 916,025,000 for the year ended December 31, 2025, an increase of about HKD 117,015,000, representing 26.1% of total customized product revenue[75] - Other customized materials generated revenue of approximately HKD 382,332,000, an increase of about HKD 86,829,000, accounting for 10.9% of total customized product revenue[76] Acquisitions - The acquisition of Hexa Ceram contributed approximately HKD 188.1 million to other revenues in 2025, with no contribution in 2024[10] - The acquisition of HEXA CERAM COMPANY LIMITED was completed on January 2025 for a total consideration of THB 938,959,000, representing 74% of the company's registered capital[55][56] - The identifiable net assets of Hexa Ceram at the acquisition date amounted to HKD 184,716,000, with goodwill generated from the acquisition valued at HKD 79,803,000[58][61] - Hexa Ceram contributed HKD 215,808,000 to the group's revenue and HKD 24,783,000 to the group's profit for the year ended December 31, 2025[61] - The acquisition of DIGITAL SLEEP DESIGN PTY LIMITED was completed on February 28, 2025, for a cash consideration of AUD 3,154,000, providing advanced technology for anti-snoring devices[62] - The identifiable net assets of Digital Sleep at the acquisition date were valued at HKD 14,396,000, with goodwill of HKD 7,473,000 recognized[64][66] - The group incurred transaction costs of HKD 565,000 related to the acquisition of Digital Sleep, which were expensed in the consolidated income statement[65] Financial Position - Current liabilities decreased slightly to HKD 559,950,000 in 2025 from HKD 578,259,000 in 2024, showing a reduction of 3.5%[15] - The company's cash and cash equivalents were HKD 767,035,000 in 2025, down from HKD 816,825,000 in 2024, a decrease of 6%[15] - The total liabilities decreased to HKD 478,245,000 in 2025 from HKD 737,151,000 in 2024, indicating a reduction of approximately 35.2%[52] - As of December 31, 2025, the company's bank borrowings were approximately HKD 478,245,000, down from HKD 737,151,000 in 2024[114] - The company's debt ratio improved to approximately 10% in 2025 from 14% in 2024, indicating a strong financial position[116] Shareholder Returns - The company plans to distribute a final dividend of 15.0 HKD cents per share for the fiscal year ending December 31, 2025, pending approval at the upcoming annual general meeting[5] - The proposed interim dividend for 2025 is HKD 10.7 cents per share, up from HKD 8.0 cents in 2024, while the proposed final dividend is HKD 15.0 cents per share, compared to HKD 9.2 cents in 2024, indicating a significant increase in shareholder returns[39][40] - The company repurchased a total of 7,327,000 shares at a total cost of approximately HKD 30,537,000 (before expenses) during the year ended December 31, 2025[156] Operational Efficiency - The company continues to invest in large-scale production facilities, AI, automation, R&D, and digital innovation to improve efficiency and maintain industry leadership[92] - The financing costs decreased significantly to HKD 34,402,000 in 2025 from HKD 51,651,000 in 2024, a decline of 33.4%[33] - The sales and distribution expenses increased by approximately 5.8% to HKD 482,457,000, accounting for 12.9% of total revenue, down from 13.6% the previous year[97] - Administrative expenses rose by approximately 11.9% to HKD 852,815,000, representing 22.8% of total revenue, slightly up from 22.7% the previous year[98] Market Trends - The company anticipates long-term growth in the Greater China market due to government procurement measures aimed at price regulation and transparency[87] - The company is positioned to capitalize on the digitalization trend in the dental industry, with digital solutions accounting for approximately 35% to 40% of total sales[91] - The company aims to focus on mid to high-value customers in response to challenges in the Chinese market, ensuring sustainable profitability[88] Employee and Governance - The total employee count as of December 31, 2025, is 8,538, an increase from 7,106 in 2024[137] - Total employee costs (excluding directors and top executives) for the year amount to approximately HKD 1,627,576,000, compared to HKD 1,532,248,000 in 2024[137] - The company has complied with all applicable provisions of the Corporate Governance Code, with the exception of C.2.1, which states that the roles of Chairman and CEO should be separate[159] - The board believes that having the same individual serve as both Chairman and CEO is beneficial for the group's business outlook and overall strategic direction[160] Audit and Compliance - The audit committee consists of three independent non-executive directors, ensuring oversight of the group's financial performance and compliance with accounting principles[162] - The company's auditors confirmed that the figures in the preliminary announcement for the year ended December 31, 2025, are consistent with the draft financial statements[163] - The annual results announcement will be published on the Hong Kong Stock Exchange website and the company's website for shareholder access[164]

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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6066） 截 至 2025 年 1 2 月 3 1 日止年度業績公告 中 信 建 投 証 券 股 份 有 限 公 司（「 本公司 」）董 事 會 謹 此 宣 佈 本 集 團 截 至 2025 年 1 2 月 3 1 日止年度綜合業績。董事會審計委員會已審閱此年度業 績。本公告列載本公司 2025 年度報告全文，並符合香港聯合交易所有 限公司證券上市規則中有關年度業績初步公告附載的資料之要求。本公 司 2025 年度報告將於 2026 年 4 月末之前在香港交易及結算所有限公司 披露易網站 www.hkexnews.hk 及本公司網站 www.csc108.com 刊發。 承董事會命 中信建投証券股份有限公司 劉 成 董事長 中國北京 2026 年 3 月 2 6 日 於本公告日期，本公司執行董事為劉成先生及金劍華先生；本公司非執 行董事為李岷先 ...

Financial Performance - The company's revenue for the year ended December 31, 2025, was MOP 273,069,000, representing a 50.2% increase from MOP 182,030,000 in 2024[6] - The cost of sales increased to MOP 249,573,000 in 2025 from MOP 155,127,000 in 2024, leading to a gross profit of MOP 23,496,000, down from MOP 26,903,000[6] - The company's net profit for the year was MOP 2,057,000, a significant decrease of 72.3% compared to MOP 7,418,000 in the previous year[6] - Basic and diluted earnings per share decreased to MOP 0.32 in 2025 from MOP 1.57 in 2024[7] - The company reported a total comprehensive income of MOP 2,375,000 for 2025, down from MOP 7,107,000 in 2024[6] - The company reported a pre-tax profit of MOP 2,517,000 for the year ending December 31, 2025, compared to MOP 7,854,000 for the year ending December 31, 2024[16][17] - The gross profit for the year was approximately MOP 23.5 million, a decrease of about MOP 3.4 million or 12.7% from MOP 26.9 million in the previous year[37] - The net profit for the year ended December 31, 2025, was approximately MOP 2.1 million, down from MOP 7.4 million for the year ended December 31, 2024, primarily due to the combined effects of the aforementioned items[44] Assets and Liabilities - Total assets decreased slightly to MOP 197,278,000 in 2025 from MOP 196,015,000 in 2024[8] - The company's net assets increased to MOP 196,723,000 in 2025 from MOP 194,333,000 in 2024[8] - Trade and other receivables decreased to MOP 32,964,000 in 2025 from MOP 44,842,000 in 2024[8] - Contract assets decreased significantly to MOP 31,440,000 in 2025 from MOP 62,066,000 in 2024[8] - Trade receivables, net of impairment losses, decreased from MOP 25,103,000 in 2024 to MOP 21,650,000 in 2025[25] - The total amount of trade and other receivables decreased from MOP 44,842,000 in 2024 to MOP 32,964,000 in 2025[25] - The total trade and other payables amounted to MOP 83.1 million as of the reporting date, a decrease from MOP 91.0 million in the previous year[30] - The total cash and bank balances as of December 31, 2025, amounted to approximately MOP 145.7 million, an increase of about MOP 29.0 million from MOP 116.7 million as of December 31, 2024[46] - The debt-to-equity ratio as of December 31, 2025, was 6.7%, down from 9.2% in 2024, mainly due to a reduction in bank overdrafts by approximately MOP 4.6 million compared to the previous year[46] Revenue Segments - For the year ending December 31, 2025, the total revenue from the construction services segment was MOP 259,459,000, while the other segments contributed MOP 13,610,000, resulting in a total revenue of MOP 273,069,000[16] - The construction services segment reported a performance of MOP 22,585,000, while the other segments had a performance of MOP 911,000, leading to a total performance of MOP 23,496,000[16] - For the year ending December 31, 2024, the total revenue from the construction services segment was MOP 182,030,000, with no contributions from other segments, resulting in the same total revenue[17] - The performance for the construction services segment in 2024 was MOP 27,380,000, while the other segments reported a loss of MOP 477,000, leading to a total performance of MOP 26,903,000[17] - The construction materials sales segment generated revenue of approximately MOP 13.6 million, marking a new revenue source for the company[32] Expenses and Costs - The total administrative expenses for the year ending December 31, 2025, were MOP 29,569,000, slightly lower than MOP 29,742,000 in 2024[16][17] - The company completed 12 renovation projects and was awarded 18 new projects with a total contract value of approximately MOP 40.4 million[32] - The total employee costs for the year ended December 31, 2025, were approximately MOP 28.1 million, an increase from MOP 23.3 million in 2024[53] - Other income decreased by approximately MOP 4.2 million or 40.9% from about MOP 10.2 million in 2024 to about MOP 6.0 million in 2025, mainly due to the absence of insurance claims related to construction projects that occurred in the previous year[39] - The gross margin for renovation projects decreased from approximately 15.0% in 2024 to 8.7% in 2025, a decline of 6.3 percentage points, primarily due to rising construction material costs and a significant reduction in the total value of project contracts awarded and completed compared to the previous year[38] Governance and Compliance - The company has applied the revised International Financial Reporting Standards for the first time in the financial year, which did not have a significant impact on the financial statements[11] - The company has adopted the corporate governance code as per the listing rules and has complied with all mandatory disclosure requirements, except for the separation of the roles of Chairman and CEO[55] - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements for the fiscal year and found them compliant with applicable accounting standards[62] - The board believes that the current governance structure, including the dual role of the Chairman and CEO, is appropriate for maintaining policy continuity and operational stability[55] - The company has not identified any business interests of directors that may compete with its operations, ensuring no conflicts of interest[58] Future Outlook and Strategy - The company anticipates continued growth in the tourism and gaming sectors in Macau, with inbound tourists expected to reach approximately 40.1 million in 2025, a year-on-year increase of about 15%[33] - The Macau gaming market is projected to generate total gaming revenue of approximately MOP 247.4 billion in 2025, reflecting a year-on-year increase of about 9%[33] - The company plans to explore opportunities in the financial services sector following the acquisition of a company holding licenses for securities advisory and asset management[34] - The company aims to maintain strict cost control measures to ensure sustainable development and healthy financial status[34] - The company is actively seeking partnerships or mergers and acquisitions with well-known enterprises in the construction and financial services industries to diversify revenue sources[34] Risks and Challenges - Significant fluctuations in construction material and labor costs may lead to cost overruns, severely impacting operational performance and financial results[56] - The company relies heavily on subcontractors for project completion, and poor performance or inability to provide services may negatively impact operations and profitability[56] - The company’s inventory levels may be affected by market demand for air purification devices, which may not be accurately estimated[56] Dividends - The company did not declare or recommend any dividends to ordinary shareholders for both reporting periods[22] - The board does not recommend the payment of any final dividend for the fiscal year ending December 31, 2025, consistent with the previous year[64] - The company did not recommend any final dividends for both fiscal years[45] Employment - The number of full-time employees decreased to 116 as of December 31, 2025, down from 159 in 2024, primarily due to natural attrition following the completion of renovation projects[53] Securities Transactions - The company has not purchased, sold, or redeemed any of its listed securities during the fiscal year ending December 31, 2025[59] - The company had no significant investment or capital asset plans beyond those disclosed in the prospectus dated August 27, 2018, and the current performance announcement[48] Meeting Information - The company will hold its annual general meeting on June 18, 2026, with a suspension of share transfer registration from June 15 to June 18, 2026[65][66]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 1,213,182, a decrease of 12.9% from RMB 1,391,552 in 2024[3] - Gross profit for 2025 was RMB 726,968, resulting in a gross margin of 59.9%, compared to 56.5% in 2024[3] - The company reported a loss before tax of RMB 136,402 for 2025, compared to a profit of RMB 68,400 in 2024[3] - Net loss for the year was RMB 149,848, a significant decline from a profit of RMB 48,293 in the previous year[3] - Basic and diluted loss per share for 2025 was RMB (7.14), compared to earnings per share of RMB 2.32 in 2024[5] - The company recorded a total comprehensive loss of RMB 155,181 for 2025, compared to a comprehensive income of RMB 38,686 in 2024[4] - The overall loss before tax for 2025 was RMB 136,402 thousand, compared to a profit of RMB 68,400 thousand in 2024[17] - The net loss for the year 2025 was RMB 149,848 thousand, contrasting with a profit of RMB 48,293 thousand in 2024[17] - The group's gross profit decreased by 7.6% to RMB 727.0 million, primarily due to the impact of tariffs and weak domestic sales demand, while the gross profit margin increased by 3.4 percentage points to 59.9%[94] Revenue Breakdown - Retail and wholesale footwear segment generated external sales of RMB 1,105,527 thousand in 2025, down from RMB 1,150,904 thousand in 2024, reflecting a decline of 3.9%[17] - Contract manufacturing footwear segment reported external sales of RMB 43,389 thousand in 2025, significantly down from RMB 161,483 thousand in 2024, indicating a decline of 73.1%[17] - Toy retail segment achieved external sales of RMB 64,266 thousand in 2025, compared to RMB 79,165 thousand in 2024, a decrease of 18.8%[17] - Revenue from retail and wholesale footwear was RMB 1,105,527 thousand in 2025, down from RMB 1,150,904 thousand in 2024, representing a decline of 3.9%[23] - Revenue from contract manufacturing footwear dropped significantly to RMB 43,389 thousand in 2025 from RMB 161,483 thousand in 2024, a decrease of 73.1%[23] - Revenue from toy retail decreased to RMB 64,266 thousand in 2025 from RMB 79,165 thousand in 2024, a decline of 18.8%[23] Asset and Liability Management - Total assets decreased to RMB 984,744 in 2025 from RMB 1,148,858 in 2024, indicating a reduction in overall asset base[6] - The company's total equity decreased to RMB 1,106,460 thousand in 2025 from RMB 1,184,969 thousand in 2024, a decline of 6.6%[7] - Total liabilities for 2025 were RMB 293,469 thousand, slightly down from RMB 296,096 thousand in 2024, a decrease of 0.9%[18] - The total value of segment assets decreased to RMB 1,949,082 thousand in 2025 from RMB 2,151,684 thousand in 2024, a decline of 9.4%[18] - The total value of segment liabilities decreased to RMB 906,306 thousand in 2025 from RMB 990,264 thousand in 2024, a decline of 8.5%[18] Cash Flow and Liquidity - Cash and cash equivalents increased to RMB 561,365 in 2025 from RMB 429,748 in 2024, reflecting improved liquidity[6] - The financial cost for 2025 was RMB 835 thousand, a decrease from RMB 1,015 thousand in 2024, reflecting a reduction of 17.7%[17] - The company had no bank borrowings as of December 31, 2025, and the board believes there are sufficient resources to meet future business development needs[99] - Cash and cash equivalents as of December 31, 2025, were RMB 561.4 million, an increase from RMB 429.7 million in 2024[98] Trade Receivables and Inventory Management - Trade receivables declined to RMB 119,297 in 2025 from RMB 159,057 in 2024, suggesting a tighter credit policy[6] - Trade receivables for 2025 are reported at RMB 120,002,000, a decrease of 24.7% from RMB 159,431,000 in 2024[38] - The provision for loss on trade receivables increased to RMB 705,000 in 2025 from RMB 374,000 in 2024, indicating a rise of 88.7%[39] - The aging analysis of trade receivables shows that amounts overdue by 0 to 60 days decreased to RMB 110,258,000 in 2025 from RMB 138,020,000 in 2024, a decline of 20.1%[39] - Inventory levels decreased to RMB 267,537 in 2025 from RMB 302,587 in 2024, indicating better inventory management[6] Strategic Initiatives and Market Position - The company aims to enhance operational efficiency and strengthen core competitiveness through strategic transformation and improved management practices[56] - The company plans to continue optimizing its retail network by reducing 59 self-operated footwear retail stores and 17 third-party retail stores in 2025[57] - The company is investing in online channels, focusing on e-commerce platforms like Tmall and JD.com to boost sales performance[64] - The company has established a dedicated live-streaming team to implement a dual-driven model combining brand self-broadcasting and collaboration with key opinion leaders (KOLs)[64] - The company is focusing on optimizing operations of its WeChat mini-program store and enhancing advertising efforts on platforms like Douyin and Xiaohongshu to drive online traffic to offline stores[68] Corporate Governance and Compliance - The company has maintained high standards of corporate governance to protect shareholder interests and enhance corporate value, complying with all applicable corporate governance codes[112] - The audit committee, consisting of three independent non-executive directors, reviewed the accounting standards and practices adopted by the group for the year ending December 31, 2025[113] - The company will continue to review and enhance its corporate governance practices to ensure compliance with governance codes[112] Future Outlook and Economic Context - The global economic growth forecast for 2026 has been raised to 2.6%, reflecting a 0.2 percentage point increase from the June 2025 prediction[51] - The luxury footwear market in China is expected to grow at an annual rate of 7.6%, reaching USD 50 billion this year[83] - The retail market in China is expected to grow at a rate 0.2 percentage points higher than in 2024, with final consumer spending contributing 52% to economic growth[84] - The company maintains a cautious approach to the macroeconomic environment while leveraging its competitive advantages for long-term development in the Chinese consumer market[84]

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。 截至2025年12月31日止年度業績公告 （財務摘要） 非流動資產： 發放貸款及墊款 0.00 0.00 債權投資 2,839,788,030.21 3,261,453,492.49 其他債權投資 0.00 0.00 長期應收款 0.00 0.00 長期股權投資 705,852,151.75 686,959,090.74 其他權益工具投資 4,716,862.36 4,456,280.38 其他非流動金融資產 0.00 0.00 投資性房地產 0.00 0.00 固定資產 2,129,797,255.04 2,260,822,274.24 在建工程 324,531,669.03 147,682,578.79 使用權資產 26,810,495.19 38,468,756.06 無形資產 633,034,230.85 676,329,157.44 開發支出 0.00 0.00 商譽 0.00 0.00 長期 ...

Financial Performance - For the fiscal year ending December 31, 2025, the total revenue was SGD 44,207,000, a decrease of 12.9% from SGD 50,723,000 in the previous year[4] - Gross profit for the same period was SGD 2,984,000, down 28% from SGD 4,135,000 in the prior year[4] - Operating profit significantly decreased to SGD 207,000, compared to SGD 4,017,000 in the previous year, reflecting a decline of 94.8%[4] - The net profit for the year was SGD 18,000, a substantial drop of 99.5% from SGD 3,284,000 in the previous year[4] - Total comprehensive income for the year was SGD 5,000, down from SGD 3,287,000, indicating a decline of 99.8%[4] - The basic and diluted earnings per share for the year was reported as 0.00 Singapore cents, compared to 0.55 Singapore cents in the previous year[4] - The company's total revenue decreased by approximately SGD 6.5 million or 12.8% to about SGD 44.2 million for the year ending December 31, 2025, down from approximately SGD 50.7 million in 2024[36] - The company recorded a profit of approximately SGD 18,000 for the year ending December 31, 2025, compared to SGD 3.3 million in 2024, mainly due to a significant decrease in government grants and reduced revenue[45] Revenue Breakdown - The group reported revenue from human resource outsourcing services of SGD 43,806,000 for the year ending December 31, 2025, down from SGD 49,788,000 in 2024, representing a decrease of approximately 12.0%[15] - Revenue from human resource recruitment services decreased to SGD 292,000 in 2025 from SGD 812,000 in 2024, a decline of about 64.0%[15] - Revenue from human resource outsourcing services decreased by about SGD 6.0 million to SGD 43.8 million, primarily due to a reduction in work orders from government agencies and the private sector[37] - Revenue from human resource recruitment services decreased by approximately SGD 0.5 million to SGD 0.3 million, reflecting a cautious hiring approach by corporate clients[38] Expenses and Costs - Employee costs totaled SGD 44,133,000 in 2025, down from SGD 50,709,000 in 2024, indicating a reduction of approximately 12.9%[16] - Employee costs, administrative, and other operating expenses decreased by approximately SGD 1.2 million or 24.0% to SGD 3.8 million, attributed to a reduction in headcount[43] - The company's income tax expense for 2025 was 170,000 SGD, a significant decrease from 698,000 SGD in 2024, reflecting a reduction in pre-tax profit from 3,982,000 SGD to 188,000 SGD[18] Assets and Liabilities - Current assets decreased to SGD 28,733,000 from SGD 30,656,000, a reduction of 6.3%[5] - Current liabilities also decreased to SGD 5,493,000 from SGD 7,554,000, a decline of 27.3%[5] - The company's total equity remained stable at SGD 23,511,000, slightly up from SGD 23,506,000[5] - Total assets decreased to approximately SGD 29.0 million, while total equity remained stable at approximately SGD 23.5 million[47] - Other payables and accrued expenses totaled 1,476,000 SGD in 2025, down from 1,715,000 SGD in 2024, indicating a reduction in liabilities[26] Government Grants and Income - The group received government grants totaling SGD 1,092,000 in 2025, a decrease from SGD 5,319,000 in 2024, representing a decline of about 79.5%[15] - Other income significantly decreased by approximately SGD 4.1 million or 71.9% to SGD 1.6 million, primarily due to a reduction in government grants recognized during the year[42] Strategic Focus and Future Plans - The company continues to focus on providing human resource outsourcing and recruitment services, with no new product launches or significant market expansions reported during the fiscal year[7] - The group is currently evaluating the impact of the new International Financial Reporting Standards (IFRS) 18, which is expected to be effective for annual reporting periods beginning on or after January 1, 2027[10] - The group plans to fully utilize the remaining proceeds from the share offering for expanding human resources outsourcing and recruitment services in Singapore and Hong Kong by December 31, 2026[63] - The company is currently evaluating further strategic investments in automated recruitment tools to better serve its regional entities, emphasizing operational efficiency and data security[66] Compliance and Governance - The company has adopted the corporate governance code as per GEM Listing Rules Appendix C1, ensuring compliance until December 31, 2025[75] - The Audit Committee, established on June 21, 2017, consists of three independent non-executive directors and is responsible for overseeing financial reporting and internal control systems[78] - The Audit Committee reviewed the annual performance and financial statements for the year ending December 31, 2025, confirming compliance with applicable accounting standards and GEM Listing Rules[79] - The group has complied with all applicable laws and regulations governing its business operations as of December 31, 2025[57] Shareholder Information - The annual report for the year ending December 31, 2025, will be distributed to shareholders and made available on the company's website and the Stock Exchange[80] - The group did not recommend the payment of a final dividend for the year ending December 31, 2025, consistent with the previous year[60]

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佈之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不會就因本公佈之全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 ROAD KING INFRASTRUCTURE LIMITED 路勁基建有限公司 * （於百慕達註冊成立之有限公司 ） （股 份 代號：1098） 截至二零二五年十二月三十一日止年度 業績公佈 | 摘要 | | | | --- | --- | --- | | | 二零二五年 | 二零二四年 | | 物業銷售額（包括合資及聯營企業項目） | 人民幣73.90億元 | 人民幣124.62億元 | | 物業交付額（包括合資及聯營企業項目） | 人民幣116.04億元 | 人民幣315.92億元 | | 印尼高速公路項目路費收入 | 港幣16.95億元 | 港幣17.65億元 | | 本公司擁有人應佔年度虧損 | 港幣59.82億元 | 港幣41.22億元 | * 僅供識別 1 業績 Road King Infrastructure Limited（路勁基建有限公司* ）（「本公司」）董事會（「董事會」） ...

Financial Performance - For the fiscal year ending December 31, 2025, the total operating income was RMB 722,413,904, a decrease from RMB 904,977,000 in 2024[6] - Net profit for the year was RMB 55,113,000, down from RMB 142,795,000 in the previous year, indicating a significant decline[7] - The company achieved total revenue of RMB 722.4 million in 2025, a decrease of 20.2% year-on-year, with net profit dropping by 61.4% to RMB 55.1 million[19] - The company reported a total comprehensive income of RMB 5,473,000 for 2025, down from RMB 147,348,000 in 2024, indicating a decline in overall financial performance[7] - The company's total operating costs for 2025 were RMB 636.9 million, compared to RMB 610.8 million in 2024, reflecting an increase of approximately 4.3%[69] - The total profit decreased from RMB 213.6 million in 2024 to RMB 76.7 million in 2025, with the operating profit margin dropping from 23.6% to 10.6%[85] - The company's net profit for 2025 was RMB 55.1 million, a decrease of RMB 87.7 million or 61.4% compared to the previous year[68] - The revenue from proprietary business in 2025 was RMB 295.9 million, a decrease of 32.6% year-on-year, primarily due to a drop in fair value gains from RMB 414.6 million in 2024 to RMB 69 million in 2025[47][48] Asset and Liability Management - Total assets as of December 31, 2025, were RMB 13,678,647,000, compared to RMB 14,279,338,000 in 2024, reflecting a decrease in total assets[9] - Total liabilities decreased to RMB 2,436,448,000 in 2025 from RMB 3,042,612,000 in 2024, showing a reduction in financial obligations[9] - The company's total equity was RMB 11,242 million in 2025, slightly up from RMB 11,236 million in 2024, after accounting for consolidation adjustments[133] - The net amount of loans and advances issued by the group decreased from RMB 2,159.1 million in 2024 to RMB 1,924.3 million in 2025[4] - The total amount of impaired loans increased by 18.2% from RMB 1,922.0 million in 2024 to RMB 2,271.3 million in 2025[4] - The provision for impaired loans as of December 31, 2025, was RMB 440.7 million, representing 19.4% of the total impaired loans[4] Cash Flow and Investment Activities - The net cash flow from operating activities was negative at RMB -221,032,000 for 2025, contrasting with a positive cash flow of RMB 152,383,000 in 2024[10] - Investment activities generated a net cash flow of RMB 252,390,000 in 2025, an increase from RMB 217,885,000 in 2024[10] - The company generated total revenue of RMB 430 million from trust operations in 2025, with financing trusts contributing RMB 184 million (42.8%), investment trusts RMB 135 million (31.5%), and management trusts RMB 111 million (25.7%)[26] - Investment income increased from RMB 67.2 million in 2024 to RMB 205.6 million in 2025, indicating a positive trend in investment performance[48] Trust Business Overview - Trust business revenue accounted for 59.0% of total revenue, while proprietary business revenue made up 41.0%[22] - The company has established over 6,300 family trusts, family service trusts, and insurance trusts, with a cumulative scale of approximately RMB 68 billion, maintaining a leading position in the industry[31] - The financing trust segment provided private investment banking services to various enterprises and institutions in China, offering flexible and diversified financing solutions[24] - The company successfully signed 20 new charitable trust agreements, with cumulative delivery amount exceeding RMB 197 million, reflecting an 18.6% year-on-year increase[15] - The company aims to build a "Virtuous Family" brand in family trusts, gaining recognition from clients, experts, and partners[31] Market and Economic Environment - The global economic environment remains uncertain, impacting the company's performance and requiring adaptive strategies[11] - The economic slowdown and structural adjustments in China may lead to reduced investment activities and financing demands from clients, potentially decreasing the demand for various trust products[143] - Regulatory changes in China's trust industry, such as the guidelines issued in March 2023, may require the company to adjust its business structure and operational model, impacting its trust business scale and profitability[145] Risk Management - The company has established a comprehensive risk management system to ensure stable business operations and effective risk identification and management[139] - The company adheres to strict credit risk management guidelines, focusing on enhancing systems and controls to mitigate credit risks associated with its trust and proprietary businesses[152] - Market risk is managed through a diversified investment portfolio and strict decision-making processes, with operations primarily settled in RMB[155] - Liquidity risk is monitored through regular cash flow forecasts and capital needs assessments, ensuring sufficient cash reserves for daily operations[156] Strategic Initiatives - The company aims to enhance financial services in technology innovation and green development, aligning with national strategic goals[12] - The company plans to increase investment in new infrastructure projects, focusing on artificial intelligence and green initiatives, in response to national calls for proactive infrastructure investment[43] - The company aims to enhance support for the real economy, particularly for small and micro enterprises, technological innovation, and green development[42] Corporate Governance - The company has adhered to all provisions of the Corporate Governance Code during the reporting period[181] - The board of directors has undergone changes, with new appointments and approvals pending from regulatory authorities[175][177] - The company has proposed amendments to its articles of association and meeting rules in response to the new Company Law effective from July 1, 2024[185]