Financial Performance - The total revenue for the year ended December 31, 2025, was RMB 24,333,984, an increase of 37% compared to RMB 17,795,914 in 2024[10]. - Gross profit for the same period was RMB 2,721,054, representing a gross margin of approximately 11.2%[10]. - The net profit for the year was RMB 680,920, a significant recovery from a net loss of RMB 1,352,609 in 2024[10]. - Total assets increased to RMB 46,472,198, up from RMB 38,539,480 in 2024, reflecting a growth of 20%[11]. - Total liabilities rose to RMB 34,616,691, compared to RMB 28,217,284 in 2024, indicating a 22% increase[11]. - The company achieved a revenue of RMB 24,333.98 million in 2025, marking a 36.7% increase compared to the previous year, and a net profit of RMB 680.92 million[32]. - Revenue from power battery products rose by 35.6% to RMB 10,013.4 million in 2025, while revenue from energy storage battery products surged by 86.8% to RMB 13,561.3 million[54]. - The total gross profit increased by 269.2% from RMB 736.9 million in 2024 to RMB 2,721.1 million in 2025, with the gross margin improving from 4.1% to 11.2%[57]. Research and Development - Research and development expenses for the year were RMB 766,748, slightly down from RMB 778,678 in 2024[10]. - The company is committed to increasing R&D investment in cutting-edge technologies, including solid-liquid hybrid and next-generation energy storage systems, to strengthen its core competitiveness[17]. - The company has established R&D centers in Shanghai, Wenzhou, and Jiashan, employing 1,294 R&D personnel to drive product development and technological advancements[43]. - The company is focusing on solid-state battery technology and improving fast-charging capabilities of existing hybrid cells to meet market demands[48]. Market Position and Strategy - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[12]. - The company plans to deepen its presence in high-value markets, focusing on Europe, the US, and Australia, while optimizing its overseas supply chain and enhancing international competitiveness[18]. - The company achieved a significant turnaround from continuous losses to profitability, with a production capacity reaching 90GWh in 2025, maintaining a strong position in the global energy storage market[14]. - Energy storage cell shipments ranked among the top five globally, with residential energy storage cells achieving the number one position worldwide, and commercial vehicle battery installations ranking second nationally[14]. - The company has established long-term strategic partnerships with numerous players in the global new energy vehicle ecosystem, enhancing its market presence[30]. Leadership and Governance - The board of directors includes experienced members such as Dr. Cao Hui, who serves as the chairman and executive director[4]. - The company emphasizes corporate governance and compliance, with a focus on strategic decision-making and investment activities led by its executive directors[84]. - The board includes independent directors who provide oversight and independent judgment, ensuring robust governance practices[84]. - The leadership team includes individuals with extensive experience in the automotive and materials sectors, enhancing the company's operational capabilities[100]. Sustainability and ESG Initiatives - The company aims to enhance its ESG rating and integrate ESG principles into its operations, responding to global sustainable investment trends[23]. - The company has received qualifications for the recycling of used power batteries, enhancing its ESG initiatives and developing solutions for battery reuse and material recovery[48]. Financial Management - The company reported a net profit of RMB 680,920 thousand for the year, a significant recovery from a loss of RMB 1,352,609 thousand in the previous year[50]. - Financial costs decreased by 10.2% to RMB 306.0 million, attributed to loan repayments and lower interest rates on borrowings[65]. - The company's net cash flow from operating activities for 2025 was RMB 3,135.9 million, significantly higher than RMB 1,156.9 million in 2024[74]. - The company's total borrowings as of December 31, 2025, were approximately RMB 9,691.2 million, down from RMB 9,999.7 million as of December 31, 2024[71]. Product Development and Innovation - The company launched the 392Ah energy storage cell and Powtrix 3.0 system, establishing differentiated competitive barriers in grid-side projects, and monthly shipments of the Wending battery exceeded 2GWh[14]. - The company is focusing on the development of aviation-grade battery products for eVTOL aircraft, tapping into emerging market growth opportunities[34]. - The 588Ah battery cell, designed for long-duration energy storage, provides a capacity of 1.88kWh and boasts over 10,000 cycles with a lifespan of 25-30 years, establishing itself as a benchmark product in the sector[37]. - The company is developing high-performance power batteries, including a 4C fast-charging system capable of operating in a temperature range of -40℃ to 60℃, with a system-level energy density of 140Wh/kg[38]. Shareholder Information - The company's registered capital as of December 31, 2025, is RMB 2,336,874,050, divided into 2,336,874,050 shares with a par value of RMB 1.00 each[126]. - The total issued H-shares as of December 31, 2025, is 934,422,124 shares[150]. - The total issued shares as of December 31, 2025, is 2,336,874,050 shares[150]. - The company has not made any charitable donations during the fiscal year ending December 31, 2025[132]. Related Party Transactions - The actual transaction amount for the ongoing related party transactions for the year ending December 31, 2025, was approximately RMB 77.8 million, against a cap of RMB 1,642 million[195]. - The company confirmed compliance with the disclosure requirements of the Listing Rules regarding ongoing related party transactions[197]. - All independent non-executive directors reviewed the ongoing related party transactions and confirmed they were conducted on normal commercial terms[198].

Financial Performance - Total revenue for the year ended December 31, 2025, reached HKD 2,937,202, a significant increase from HKD 393,727 in 2024, representing a growth of approximately 646%[2] - Gross profit for the same period was HKD 2,062,103, compared to HKD 336,749 in 2024, indicating a growth of about 514%[2] - Net profit for the year was HKD 789,940, up from HKD 174,516 in 2024, reflecting an increase of approximately 352%[3] - Basic earnings per share rose to HKD 35.68 from HKD 8.36, marking an increase of about 327%[3] - The operating profit for 2025 was HKD 2,987,372,000, up from HKD 399,633,000 in 2024, reflecting a growth of approximately 646%[13] - The group recorded a pre-tax operating profit of HKD 1,845,113,000 for the year, a significant increase from HKD 308,237,000 in the previous year[31] - The group achieved a net profit attributable to shareholders of HKD 791,249,000, representing a 348% increase from HKD 176,789,000 in the previous year[32] Revenue Sources - Revenue from property sales amounted to HKD 2,663,321,000 in 2025, compared to HKD 132,295,000 in 2024, indicating a growth of about 1,905%[13] - Revenue from golf club services increased to HKD 59,578,000 in 2025 from HKD 49,517,000 in 2024, showing a growth of about 20%[13] - The company reported a total of HKD 50,170,000 in gains from the sale of financial assets at fair value in 2025, compared to HKD 5,906,000 in 2024, marking an increase of approximately 748%[17] - The total revenue from property development and investment was HKD 2,876,732,000, accounting for approximately 96.30% of the group's total operating revenue[36] - The group has confirmed total revenue of approximately HKD 2,597,980,000 from the "Tang Chen Jun Pin" project, representing about 86.97% of the group's total operating revenue[39] Assets and Liabilities - Non-current assets increased to HKD 8,771,774 in 2025 from HKD 7,988,893 in 2024, a growth of approximately 10%[4] - Current assets totaled HKD 14,808,623, up from HKD 12,652,731 in 2024, representing an increase of about 17%[4] - Total liabilities increased to HKD 8,337,952 from HKD 7,768,329, reflecting a growth of approximately 7%[5] - The company's equity attributable to shareholders rose to HKD 13,113,065 from HKD 11,757,959, an increase of about 11.5%[5] - Total assets increased by approximately 14.24% to HKD 23,580,397,000, with equity attributable to shareholders rising by about 11.53% to HKD 13,113,065,000[54] Cash Flow and Investments - The company reported a significant increase in cash and bank balances, reaching HKD 2,311,334 compared to HKD 2,130,774 in 2024, a growth of approximately 8.5%[4] - Cash and cash equivalents increased by approximately 8.47% to HKD 2,311,334,000, with net cash inflow from operating activities of HKD 35,526,000[55] - The investment in Shanghai Zhangjiang Microelectronics Port Co., Ltd. had a fair value of HKD 229,557,000, representing about 0.97% of total assets, with dividends received of HKD 12,534,000, down from HKD 32,719,000 in the previous year[50] Tax and Expenses - The total tax expense for 2025 was HKD 1,115,011,000, significantly higher than HKD 174,065,000 in 2024, influenced by corporate income tax and land appreciation tax in mainland China[20][21] - Financing costs decreased to HKD 7,330,000 in 2025 from HKD 12,876,000 in 2024, with interest expenses on borrowings rising to HKD 47,451,000[20] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.135 per share for the year ending December 31, 2025, totaling approximately HKD 304,968,000, compared to HKD 281,632,000 in 2024[24][28] - The basic earnings per share attributable to equity holders increased to HKD 0.356 from HKD 0.083 in 2024, based on a weighted average of 2,217,545,697 shares[25] Market Outlook and Strategy - The group expects the high-end residential market in Shanghai to remain resilient, with increased supply anticipated due to new regulatory measures[61] - The Tang Chen Jun Pin project is expected to be a major source of profit for the group in 2026 and will significantly contribute to earnings in the coming years[61] - The group aims to maintain a balanced allocation of resources across different regional markets and business segments[61] - The management will continue to adopt a prudent approach in managing the securities trading portfolio, focusing on capital preservation and stable recurring income[62] Compliance and Governance - The company has complied with all applicable corporate governance codes during the reporting period, with a noted exception regarding the dual role of the chairperson and CEO[64]

Financial Performance - Zibuyu Group Limited reported its annual performance for the year ending December 31, 2025, with a comprehensive income statement included in the announcement[2]. - The company will publish its full annual report for 2025 by the end of April 2026, which will be available on the Hong Kong Stock Exchange and the company's website[2]. - Revenue for 2025 reached RMB 4,660.2 million, a significant increase of 40.2% year-on-year[18]. - Net profit for 2025 was RMB 269.2 million, representing a year-on-year increase of 78.6%[22]. - Gross profit for 2025 amounted to RMB 3,487.3 million, up from RMB 2,471.3 million in 2024[18]. - Total assets as of December 31, 2025, were RMB 1,453.2 million, compared to RMB 1,079.6 million in 2024[17]. - Total equity attributable to shareholders increased to RMB 820.4 million in 2025, up from RMB 600.3 million in 2024[17]. - The company declared a dividend of HK$0.23 per share for 2025[22]. - For the year ended December 31, 2025, the Company's revenue was approximately RMB 4,660.2 million, a year-on-year increase of approximately 40.2% compared to RMB 3,325.1 million in 2024[68][69]. - Gross profit for the same period was approximately RMB 3,487.3 million, representing a year-on-year increase of approximately 41.1%[68][71]. - Profit attributable to the Shareholders of the Company was approximately RMB 269.2 million, an increase of approximately 78.6% compared to RMB 150.8 million in 2024[68][71]. - The basic and diluted earnings per share increased to approximately RMB 0.55, up from RMB 0.31 in 2024[68][71]. Strategic Initiatives - The establishment of a New York office is part of the company's strategy to enhance its global brand presence[23]. - The company is focusing on omni-channel sales and increasing investment in content e-commerce to build a second growth curve[27]. - AI technology is being deeply integrated into various business processes to improve operational efficiency[27]. - The company plans to explore AI applications and deepen its global footprint in the coming year[28]. - The company focused on deepening brand development, with core brands doubling their revenue, and established a brand system that included a brand book and visual upgrades[38][39]. - The strategic high-end brand RQ saw outstanding performance in 2025, with revenue increasing nearly 190% year-on-year, reaching approximately RMB 100 million, demonstrating strong pricing power in the mid-to-high-end fashion market[38][39]. - The company implemented a full-category operation strategy, covering women's apparel, men's apparel, children's apparel, and footwear, to meet diverse consumer needs[33][35]. - The company constructed an integrated online and offline marketing system, leveraging social media platforms like Instagram and TikTok for brand storytelling and collaborating with leading overseas KOLs[38][39]. - The company participated in New York and Paris Fashion Week to enhance brand visibility and high-end endorsement, and officially launched a New York studio to advance localized brand operations[38][39]. - The company optimized its supply chain system to improve product turnover efficiency and enhance resilience against risks, while embracing AI technology across various business segments[34][36]. - The company aims to explore AI technology applications and deepen its global layout while promoting localized operations in the coming year[34][36]. - The company has established a flexible supply chain system integrating product research and development, design, and sales, which helps in efficiently launching new products and optimizing delivery cycles[33][35]. - The company is committed to maintaining strategic stability and enhancing product strength, organizational capability, and brand influence amidst a complex external environment[34][36]. Revenue Streams - Revenue from non-Amazon channels grew significantly, with TikTok platform revenue increasing by 77.1% and self-operated online stores by 189.7% year-on-year, raising the share of non-Amazon revenue to 8.5%[58][60]. - For the year ended 31 December 2025, the Group's revenue from third-party e-commerce platforms was approximately RMB 4,513.3 million, a year-on-year increase of approximately 38.5% from RMB 3,258.0 million in 2024[76]. - Revenue from self-operated online stores for the year ended 31 December 2025 was approximately RMB 81.1 million, representing a significant year-on-year increase of approximately 189.7% from RMB 28.0 million in 2024[77]. - Revenue from North America reached approximately RMB 4,540.2 million for the year ended 31 December 2025, reflecting a year-on-year increase of approximately 40.3% from RMB 3,235.2 million in 2024[81]. Operational Efficiency - The Group's cost of sales for the year ended 31 December 2025 amounted to approximately RMB 1,173.0 million, an increase of approximately 37.4% from RMB 853.8 million in 2024[83]. - Selling expenses and distribution costs increased by approximately 38.6% to approximately RMB 3,086.3 million for the year ended 31 December 2025, up from approximately RMB 2,226.0 million for the year ended 31 December 2024[100]. - General and administrative expenses rose by approximately RMB 20.6 million to approximately RMB 130.8 million for the year ended 31 December 2025, compared to approximately RMB 110.2 million for the year ended 31 December 2024[101]. - Net finance income decreased to approximately RMB 2.3 million for the year ended 31 December 2025, down from approximately RMB 4.0 million for the year ended 31 December 2024, primarily due to declining bank borrowing and deposit rates[104]. - Profit before income tax increased to approximately RMB 274.9 million for the year ended 31 December 2025, compared to approximately RMB 154.7 million for the year ended 31 December 2024[108]. - Income tax expense rose to approximately RMB 5.7 million for the year ended 31 December 2025, up from approximately RMB 3.9 million for the year ended 31 December 2024, due to a significant increase in taxable income[111]. Employee and Organizational Development - The total number of full-time employees increased to 1,065 as of December 31, 2025, from 1,025 as of December 31, 2024[146]. - The Group has implemented a 4.5-day work week starting from February 2025 to enhance employee well-being and work efficiency[153]. - Total staff cost for the year ended December 31, 2025, was approximately RMB 277.0 million, representing a year-on-year increase of approximately 23.9% from RMB 223.5 million in 2024[146]. - The Group has adopted Share Award Schemes to incentivize employees, with the first scheme implemented on September 15, 2023, and the second on December 1, 2023[153]. - Organizational strength will be strengthened by broadening the talent structure and building an international talent team[158]. Management Team - Mr. Dong has extensive experience in managing the Group's third-party platform business and self-operated online store business, having joined Zhejiang Zibuyu in June 2013[178]. - Mr. Yu has over 20 years of experience in accounting and business management, serving as financial director for several companies, including Zhejiang Ming Jewelry Co., Ltd. since March 2017[180]. - Mr. Shen has over 30 years of legal practice experience and has served as an independent director for multiple listed companies, enhancing corporate governance[186]. - Mr. Dong has held various leadership roles in subsidiaries, including general manager and director positions in Hangzhou Xingzezhi and Guangzhou Xingzezhi since 2018 and 2021 respectively[181]. - Mr. Yu graduated from Wenzhou University in 2024, majoring in administrative management, and is a certified public accountant[185]. - Mr. Shen was the managing partner of Grandall Law Firm (Hangzhou) from January 2001 to April 2019, contributing to his extensive legal expertise[186]. - Mr. Yu has been recognized as a non-practicing member by the Zhejiang Institute of Certified Public Accountants since January 2018[187]. - Mr. Dong's strategic roles include optimizing business models and enhancing core competitiveness within the Group[181]. - Mr. Shen has been involved in corporate management and governance as an independent director for various companies, including Hangzhou Weiguang Electronic Co., Ltd. from 2012 to 2018[186]. - Mr. Yu obtained the certificate of secretary to the board from the Shenzhen Stock Exchange in December 2019, showcasing his qualifications in corporate governance[187]. - Mr. Xu Shijian has over 20 years of experience in finance and corporate management, serving as the CFO since November 2016[199]. - Ms. Luo Yan was appointed as an independent non-executive Director on March 27, 2025, bringing extensive financial expertise[192]. - Mr. Shen graduated with a law degree in 1985 and has held significant legal positions, including president of the Hangzhou Lawyers Association from 2014 to 2022[194]. - Ms. Luo has served as an independent director for multiple listed companies, enhancing corporate governance[193]. - Mr. Xu has held various positions within the company, including Director and executive Director from January 2019 to November 2023[200]. - The company emphasizes the importance of financial strategic planning and investment oversight under Mr. Xu's leadership[199]. - Ms. Luo holds a Doctor's degree in philosophy from the University of Hong Kong, adding academic depth to her role[198]. - Mr. Xu's previous experience includes serving as financial director at Lvcheng E-commerce Co., Ltd. from February 2011 to May 2016[200]. - The company is committed to maintaining high standards of legal affairs and audit processes as overseen by Mr. Xu[199]. - The diverse backgrounds of the management team contribute to a robust governance structure within the company[197].

Financial Performance - The company reported a total revenue of HKD 446,468,000 for the fiscal year ending December 31, 2025, a decrease of 55.1% compared to HKD 992,369,000 in 2024[3] - Gross profit increased to HKD 138,447,000, up 19.9% from HKD 115,342,000 in the previous year[3] - The net loss for the year was HKD 72,682,000, compared to a net loss of HKD 36,404,000 in 2024, representing a 99.1% increase in losses[4] - The reported segment profit before tax for the group was HKD 21,618,000, compared to HKD 27,757,000 in the previous year[17] - The annual comprehensive loss for 2025 was HKD 72,682,000, compared to a loss of HKD 36,404,000 in 2024, reflecting an increase in losses of approximately 99%[18] - The reported segment profit before tax for 2025 was HKD 21,618,000, down from HKD 27,757,000 in 2024, indicating a decrease of about 22%[18] - The company recorded a net loss of HKD 72,682,000 for the year ending December 31, 2025[36] Assets and Liabilities - The company's total assets decreased to HKD 293,683,000 from HKD 406,233,000, a decline of 27.7%[5] - Current liabilities amounted to HKD 1,183,154,000, down from HKD 1,278,594,000, a reduction of 7.5%[5] - The total equity attributable to the company's shareholders was HKD (754,816,000), compared to HKD (704,841,000) in 2024, indicating a worsening equity position[6] - The group has outstanding bank borrowings totaling HKD 352,218,000 as of December 31, 2025, an increase from HKD 343,553,000 in 2024, with overdue interest of HKD 300,559,000[32] - The total amount owed to banks, including principal and interest, is HKD 537,273,000 as of December 31, 2025, up from HKD 416,664,000 in 2024[33] - As of December 31, 2025, the company's current liabilities net value was HKD 889,471,000, and total liabilities net value was HKD 752,931,000[36] Cash Flow and Financial Management - The company maintained cash and cash equivalents of HKD 18,023,000, a significant decrease from HKD 40,983,000 in the previous year[5] - The company’s financial expenses decreased to HKD 49,303,000 from HKD 52,530,000, a reduction of 6.5%[3] - The net financial expenses for 2025 were HKD 49,273,000, slightly reduced from HKD 52,319,000 in 2024, showing a decrease of about 6%[22] - The group has not been involved in any significant litigation or claims that could materially affect its financial position as of December 31, 2025[34] - The group has not applied any new or revised accounting standards that have not yet come into effect during the year[14] Operational Performance - The company’s operating performance showed a loss of HKD 23,409,000, compared to a profit of HKD 15,870,000 in 2024, indicating a significant decline in operational efficiency[3] - The group faced a significant reduction in slaughter volume, decreasing by 86.4% to approximately 34,000 heads, resulting in a 78.8% decline in upstream business revenue to HKD 117 million[57] - The sales of deep-processed meat products amounted to HKD 329 million, down approximately 25.2% from HKD 440 million in the previous year[58] - Total operating expenses for the year were approximately HKD 168 million, accounting for 37.7% of the group's revenue, an increase from 19.7% in the previous year[64] Strategic Initiatives - The group implemented sales and cost control strategies to enhance profitability and cash flow[15] - The group plans to increase R&D investment and deepen industry-academia collaboration to create more value for consumers[50] - The group aims to enhance brand youthfulness and digital construction to strengthen consumer interaction and loyalty[48] - The group is actively expanding new retail channels through digital means to enhance market coverage and penetration[51] Governance and Compliance - The company has complied with the corporate governance code, except for a deviation regarding the separation of roles between the chairman and the CEO[94] - The board believes that having the same person serve as both chairman and CEO will enhance the effectiveness of business strategy formulation and execution[95] - The audit committee reviewed the accounting standards and practices adopted by the group, discussing risk management, internal controls, and financial reporting, including the annual performance review[99] Future Outlook - Management has prepared a cash flow forecast covering a 15-month period post-reporting date to assess the group's ability to continue as a going concern[10] - If the company fails to achieve the expected results from its plans, it may not be able to continue as a going concern and may need to adjust asset valuations[40] - The company is expected to continue its efforts to resolve the issues related to the overdue bank loans in 2025[91]

Financial Performance - Revenue increased by 6.3% to approximately RMB 402.9 million[3] - Gross profit from merchandise sales rose by 29.6% to approximately RMB 31.7 million[4] - The company reported a loss attributable to owners of approximately RMB 70.0 million for the year[5] - Basic loss per share was approximately RMB 6.75[6] - No final dividend is recommended for distribution[7] - The group reported a revenue of RMB 402,902 thousand for the year ended December 31, 2025, an increase from RMB 378,901 thousand in 2024, representing a growth of approximately 6.7%[21] - The group reported a loss before tax of RMB 69,961 thousand for the year ended December 31, 2025[24] - The company reported a loss of approximately RMB 70.0 million for the year ending December 31, 2025, compared to a loss of RMB 55.7 million for the previous year[51] - The weighted average number of ordinary shares for calculating basic and diluted loss per share was 1,037,500,002 for both 2025 and 2024, resulting in a basic and diluted loss per share of RMB 6.75 for 2025 and RMB 5.37 for 2024[42] Assets and Liabilities - Total assets less current liabilities amounted to approximately RMB 399.6 million[10] - Cash and cash equivalents were approximately RMB 26.5 million[14] - Current liabilities net value was approximately RMB 267.3 million[14] - Non-current liabilities, including lease liabilities, totaled approximately RMB 538.5 million[11] - Total assets as of December 31, 2025, amounted to RMB 756,166 thousand, an increase from RMB 809,748 thousand in 2024[27][32] - Total liabilities as of December 31, 2025, were RMB 895,075 thousand, compared to RMB 878,643 thousand in 2024[27][32] - The company’s net cash and cash equivalents were approximately RMB 26.5 million as of December 31, 2025, against current liabilities of approximately RMB 267.3 million[51] - As of December 31, 2025, the group's net current liabilities are approximately RMB 267.3 million, down from RMB 176.2 million as of December 31, 2024[95] - The group's debt ratio is negative due to capital deficiency as of December 31, 2025[95] Revenue Sources - Sales of goods amounted to RMB 215,124 thousand in 2025, up from RMB 175,592 thousand in 2024, indicating a growth of about 22.5%[21] - Rental income from sub-leased properties decreased to RMB 126,159 thousand in 2025 from RMB 139,519 thousand in 2024, reflecting a decline of approximately 9.5%[21] - Interest income decreased from RMB 274 thousand in 2024 to RMB 21 thousand in 2025[35] - Total financing costs decreased from RMB 48,423 thousand in 2024 to RMB 43,128 thousand in 2025, primarily due to lower lease liabilities interest[36] - The cost of sold inventory for the year ended December 31, 2025, was RMB 183,417 thousand, up from RMB 151,121 thousand in 2024[37] - Administrative and management fee income increased from RMB 22,895 thousand in 2024 to RMB 25,125 thousand in 2025[35] - The company received government subsidies totaling RMB 98 thousand in 2025, down from RMB 408 thousand in 2024[35] - Net rental income for the year ended December 31, 2025, was RMB (163,960) thousand, compared to RMB (171,484) thousand in 2024, indicating a slight improvement[37] Operational Challenges - The group has faced significant uncertainty regarding its ability to continue as a going concern, dependent on the financial support from Baijiahua Group[17] - Loss before income tax for the year ended December 31, 2025, was RMB 55,238 thousand, reflecting an increase in costs associated with sold inventory[30][37] - The company aims to enhance product innovation and supply chain management to improve efficiency and reduce costs in response to intense market competition[61] - The company implemented cost-saving measures to enhance competitiveness, including introducing pop-up stores and loyalty programs to increase revenue streams[68] Market Trends - Global retail industry faces challenges such as inflation and changing consumer behavior, but companies are enhancing operational efficiency and exploring alternative revenue sources[52] - Retailers are focusing on four major trends: strategic operational efficiency, AI-driven technology transformation, sustainable development, and exploring alternative revenue sources[55] - The integration of advanced technologies like AI and IoT is impacting the retail sector, with companies investing in tech to enhance operational efficiency and customer experience[55] - Live e-commerce is gaining traction as a significant online retail format, enhancing consumer engagement and purchase intent through real-time interaction[56] - Sustainability has become a critical business imperative, with retailers increasing investments in eco-friendly packaging and waste management[55] Future Plans - The group plans to expand its store network and shopping centers in the coming year, indicating a focus on market expansion[63] - The company is preparing to open its first store in Pingshan, Shenzhen, with a commercial area of about 40,000 square meters, aiming to commence operations in the first half of 2026[67] - The group plans to strengthen member loyalty by launching a co-branded membership card offering discounts and free parking, aimed at generating sustainable income[68] Capital Expenditure - Total capital expenditure for property, plant, and equipment increased to approximately RMB 48.6 million this year, compared to RMB 31.8 million last year[96] - Approximately HKD 40,000,000 allocated for renovating existing retail stores[94] - Approximately HKD 29.0 million for the acquisition of retail business in Shenzhen, China[92] - Approximately HKD 28.3 million was allocated for opening new stores in Foshan, China[92] - Approximately HKD 15,800,000 allocated for opening a new store in Shenzhen, China[94] - Approximately HKD 14,300,000 allocated for opening another new store in Nanning, Guangxi, China[94] - Approximately HKD 23,578,000 allocated for opening a shopping center in Sha Jing, Shenzhen, China[94] - Approximately HKD 9,200,000 allocated for establishing a distribution center in Shiyan, Shenzhen, China[94] - Approximately HKD 12,919,000 allocated for purchasing transportation tools[94] Audit and Reporting - The audit committee has reviewed the financial performance for the year ending December 31, 2025, prior to submission for board approval[108] - The company’s annual report for the fiscal year 2025 will be published on the Hong Kong Stock Exchange and the company’s website at the appropriate time[112] - The audit committee has discussed the accounting principles and practices adopted by the group with senior management[108]

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，概不對因本公佈全部 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。 Solargiga Energy Holdings Limited 陽光能源控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：757） 截至二零二五年十二月三十一日止年度的全年業績公佈 財務摘要 – 1 – • 經營現金流保持韌性：儘管光伏行業處於嚴峻低谷及本集團於二零二五 年錄得淨虧損，本集團於截至二零二四年及二零二五年十二月三十一日 止 兩 個 年 度，均 成 功 實 現 經 營 活 動 之 淨 現 金 流 入，展 現 出 強 大 的 現 金 流 管理能力與營運韌性。 • 流 動 資 金 及 財 務 資 源 充 裕：於 二 零 二 五 年 十 二 月 三 十 一 日，本 集 團 維 持 充裕的流動資金，且擁有來自主要往來銀行繼續提供的現有銀行授信額 度，確保本集團具備充足的營運資金與財務緩衝以穿越行業週期。 • 營 運 資 金 管 理 穩 健：於 二 零 二 五 年 十 二 月 三 十 一 ...

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 產生或因依賴該等內容而引致的任何損失承擔任何責任。 FINANCIAL STREET PROPERTY CO., LIMITED 金融街物業股份有限公司 (於中華人民共和國註冊成立的股份有限公司) （股份代號：1502） 截至2025年12月31日止年度 全年業績公告 – 3 – 綜合財務狀況表 財務摘要 – 1 – • 截至2025年12月31日止年度本集團收入較截至2024年12月31日止年度約人民幣 1,751.56百萬元增加約14.14%至約人民幣1,999.24百萬元。 • 截至2025年12月31日止年度本集團毛利約為人民幣283.74百萬元，較截至2024年 12月31日止年度約人民幣252.56百萬元增加約12.35%。 • 截至2025年12月31日止年度本集團年內利潤約為人民幣127.62百萬元，較截至2024 年12月31日止年度約人民幣132.24百萬元減少約3.49%。 • 截至2025年12月31日止年度本公司擁有人應佔利潤約為 ...

Financial Performance - The revenue from the footwear and apparel business increased by approximately 172.6%, rising from about HKD 11.3 million in 2024 to approximately HKD 30.8 million in 2025[16] - The annual loss narrowed from approximately HKD 10.5 million in 2024 to about HKD 5.8 million in 2025[16] - In 2025, the company's revenue from footwear and sports-related products increased significantly to approximately HKD 30.8 million, up about 172.6% from HKD 11.3 million in 2024[22] - The company's annual loss narrowed to approximately HKD 5.8 million in 2025, compared to a loss of HKD 10.5 million in 2024, primarily due to increased revenue and a gain from the sale of a subsidiary[29] Sales and Market Opportunities - The company has diversified its sales channels by actively exploring wholesale opportunities to improve short-term cash flow and market coverage[16] - The Hong Kong government's continued investment in sports development is expected to boost demand for sports apparel and related merchandise due to increased frequency of major events[16] - Anticipated global and regional sports events in 2026 are expected to create significant procurement and sales opportunities for the company, including team uniforms and event memorabilia[16] Cost and Expenses - The cost of goods sold for 2025 was approximately HKD 22.4 million, up from HKD 7.7 million in 2024, reflecting the increased sales volume[23] - Employee benefits expenses rose to approximately HKD 6.5 million in 2025 from HKD 5.4 million in 2024, mainly due to the expansion of retail operations in Hong Kong[25] - Other operating expenses increased to approximately HKD 9.0 million in 2025 from HKD 8.4 million in 2024, primarily due to higher rent and building management costs[26] Financing and Borrowings - Financing costs decreased by 55.4% to approximately HKD 165,000 in 2025 from HKD 370,000 in 2024, due to reduced interest on lease liabilities[27] - The company's total borrowings as of December 31, 2025, were approximately HKD 1.1 million, down from HKD 1.7 million in 2024[31] - As of December 31, 2025, the group had no borrowings secured by assets, maintaining a consistent position from 2024[35] Liquidity and Financial Position - The current ratio as of December 31, 2025, was approximately 2.7 times, compared to 3.0 times in 2024, indicating a slight decrease in liquidity[31] - There were no significant contingent liabilities or capital commitments reported as of December 31, 2025, reflecting a stable financial position[42][43] Corporate Strategy and Future Plans - The company plans to expand its wholesale partner network and strengthen e-commerce and B2B sales channels as part of its strategy for 2026 and beyond[21] - The company aims to optimize its profit structure through the introduction of high-value licensed products and customized services[21] Shareholder Information - The board proposed a name change from "Jimu Group Limited" to "ODT Holdings Limited" on January 12, 2026, pending shareholder approval[45] - The company reported no distributable reserves available for shareholders as of December 31, 2025, consistent with the previous year[67] - Sales to the top five customers accounted for 28.9% of total sales, with the largest customer representing approximately 15.4%[83] - Purchases from the top five suppliers constituted 88.2% of total purchases, with the largest supplier accounting for about 30.1%[83] Governance and Compliance - The company has established a risk management committee to monitor and assess risks related to sanctions, ensuring compliance with international regulations[111] - The company has a strong focus on corporate governance, with a diverse board comprising members with extensive experience in finance, law, and business management[180][181][182][184][186] - The board oversees the company's operations and financial performance, ensuring effective governance and risk management systems are in place[124] Audit and Financial Reporting - The independent auditor's report confirms that the financial statements reflect the group's financial position and performance accurately[190] - The company has a responsibility to prepare financial statements that are true and fair in accordance with the Hong Kong Financial Reporting Standards[200] - The auditor performed procedures to test the mathematical accuracy of management's inventory impairment provisions[196] Employee and Director Information - The total number of employees increased from 24 in 2024 to 25 in 2025, primarily due to hiring for retail operations[47] - The company has appointed a new female director on March 31, 2025, to comply with GEM listing rules regarding board diversity[123] Risk Management - The company has established a corporate risk management framework since 2016, which is based on the COSO framework to effectively manage risks[165] - The company has a "three lines of defense" governance structure for risk management, involving operational management, financial and compliance teams, and independent internal audit[166]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue of RMB 1,733,801,000, representing a 31.9% increase from RMB 1,314,959,000 in 2024[2] - Gross profit for the same period was RMB 873,451,000, up 28.0% from RMB 682,521,000 in 2024[2] - The company achieved a profit before tax of RMB 2,082,139,000, a significant turnaround from a loss of RMB 572,007,000 in the previous year, marking a 464.0% improvement[2] - Net profit for the year was RMB 1,662,123,000, compared to a loss of RMB 166,538,000 in 2024, reflecting a 1,098.0% increase[2] - The company reported an adjusted EBITDA of RMB 2,319,782,000, compared to a loss of RMB 280,257,000 in 2024, representing a 927.7% increase[2] - The company’s total comprehensive income for the year was RMB 1,664,422,000, compared to a loss of RMB 158,578,000 in the previous year, marking a 1,149.6% increase[5] - The company reported a net profit of RMB 1,663,754 thousand for the year 2025, a turnaround from a loss of RMB 168,219 thousand in 2024[11] - The company's profit attributable to equity holders for the year ended December 31, 2025, was RMB 1,663,754,000, compared to a loss of RMB 168,219,000 in 2024[33] - The company's profit for the reporting period was RMB 1,662.1 million, an increase of RMB 1,828.7 million compared to the previous year[89] Assets and Liabilities - Total assets increased to RMB 22,941,714,000 in 2025 from RMB 14,538,817,000 in 2024, a growth of 57.8%[4] - Total liabilities rose to RMB 19,869,840,000, up from RMB 13,303,310,000, indicating a 49.5% increase[4] - The total equity attributable to equity holders of the company rose to RMB 3,074,786 thousand in 2025, up from RMB 1,228,336 thousand in 2024, marking an increase of about 150%[11] - The company’s total current liabilities increased to RMB 19,729,828 thousand in 2025 from RMB 13,139,258 thousand in 2024, reflecting a rise of about 50.4%[8] - The company's asset-liability ratio as of December 31, 2025, was approximately 4.8%, calculated by total borrowings divided by total equity[104] Cash Flow and Investments - Operating cash flow improved to a net inflow of RMB 112,387 thousand in 2025, compared to a net outflow of RMB 111,058 thousand in 2024[12] - Cash and cash equivalents at the end of 2025 reached RMB 1,627,606 thousand, a significant increase from RMB 522,250 thousand at the end of 2024, reflecting a growth of approximately 211%[14] - The company’s investment activities generated a net cash inflow of RMB 1,401,925 thousand in 2025, compared to a net cash outflow of RMB 131,028 thousand in 2024[12] - Net cash generated from operating activities was RMB 112.4 million, primarily due to a pre-tax profit of RMB 2,082.1 million[91] - Net cash from investing activities was RMB 1,401.9 million, mainly from the disposal of equity interests amounting to RMB 1,601.5 million[92] Revenue Breakdown - Revenue from digital payment services amounted to RMB 1,450,023 thousand, up 26.0% from RMB 1,150,632 thousand in the previous year[24] - Value-added services revenue increased significantly to RMB 264,886 thousand, a 81.0% rise compared to RMB 146,193 thousand in 2024[24] - The group’s total customer contract revenue for the year was RMB 1,733,801 thousand, with RMB 1,694,804 thousand recognized at a point in time and RMB 38,997 thousand recognized over time[24] - Global payment volume reached RMB 452.4 billion, with a growth rate of 60.7%, and global payment business revenue was RMB 1,044.6 million, up 29.3% year-on-year[61] - Digital payment services revenue amounted to RMB 1,450.0 million, a year-on-year increase of RMB 299.4 million, or 26.0%[70] - Value-added services revenue grew by 81.2% to RMB 264.9 million, primarily driven by the virtual bank card business[71] Operational Developments - The company plans to continue expanding its market presence and investing in new technologies to sustain growth in the coming years[2] - The company plans to strengthen its competitive advantage in cross-border payments and compliance financial services while expanding its global business footprint in 2026[53] - The company has established a new overseas headquarters in Hong Kong, marking a significant step in its globalization strategy[51] - AI technology was fully deployed in internal management, R&D, and business expansion, with the completion of private deployment of the DeepSeek AI model, significantly enhancing operational efficiency[52] - The company has established a strong compliance framework and operational capabilities through strategic resource integration and local partnerships[61] Expenses and Costs - Employee benefits increased to RMB 921,718,000 in 2025 from RMB 816,275,000 in 2024, reflecting a rise of 12.9%[29] - Marketing and promotion expenses increased to RMB 96,548,000 in 2025 from RMB 72,029,000 in 2024, a rise of 34.0%[29] - Sales and marketing expenses for the year were RMB 269.9 million, an increase of RMB 21.6 million or 8.7%[76] - General and administrative expenses totaled RMB 654.1 million, an increase of RMB 93.2 million or 16.6%[78] - Research and development expenses were RMB 360.6 million, an increase of RMB 41.5 million or 13.0%[80] - The cost for the year was RMB 860.4 million, an increase of 36.0% year-on-year, primarily due to rising service costs associated with digital payment and value-added services[73] Shareholder Information - The company has not declared or paid any dividends for the years ending December 31, 2025, and 2024[49] - The company repurchased a total of 15,625,000 H shares at a total cost of HKD 120,377,144.80 during the reporting period[121] - The highest repurchase price per share was HKD 8.50, while the lowest was HKD 5.94[122] Future Outlook and Strategic Plans - The company expects the implementation of IFRS 18 to impact the presentation of the consolidated income statement, particularly in the classification of revenue and expenses, starting January 1, 2027[21] - The new IFRS 18 will require retrospective application, meaning comparative information for the fiscal year ending December 31, 2026, will be restated[22] - The company identified potential impacts on operating profit due to reclassification of certain income and expenses under the new IFRS 18[21] - The company plans to leverage AI and blockchain technologies to enhance its cross-border payment infrastructure and operational efficiency[64] - The company aims to enhance its operational efficiency and user experience through AI tools in risk control, anti-fraud, and customer service automation[53] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, confirmed compliance with applicable accounting principles and standards for the year ending December 31, 2025[125] - The company has not identified any significant matters that could impact its operational and financial performance post-reporting period[127] - The annual general meeting is scheduled for June 5, 2026, with a suspension of share transfer registration from June 2 to June 5, 2026[128]

Financial Performance - In 2025, Beijing Capital International Airport recorded 442,046 aircraft movements, an increase of approximately 2.0% year-over-year[3]. - Passenger throughput reached 70,742,712, reflecting a year-over-year growth of about 5.0%[3]. - Operating revenue for 2025 was RMB 5,631,751,000, up approximately 2.5% from the previous year[3]. - Aviation revenue amounted to RMB 2,770,358,000, representing a year-over-year increase of about 3.8%[3]. - Non-aviation revenue was RMB 2,861,393,000, showing a growth of approximately 1.3% compared to the previous year[3]. - Operating expenses decreased to RMB 5,784,482,000, down about 1.2% year-over-year[3]. - The net loss after tax for 2025 was RMB 630,037,000, a reduction of approximately 54.7% from the previous year's net loss of RMB 1,389,745,000[3]. - Total revenue for the year ended December 31, 2025, was RMB 5,631,751,000, an increase of 2.5% from RMB 5,492,205,000 in 2024[18]. - The company reported a net loss before tax of RMB 509,099,000, an improvement from a loss of RMB 629,375,000 in the previous year[24]. - Basic loss per share was RMB 0.14 for 2025, compared to RMB 0.30 for 2024, indicating a reduction in losses per share[26]. Assets and Liabilities - Total assets as of December 31, 2025, were RMB 30,013,295,000, a decrease from RMB 30,675,358,000 in the previous year[6]. - Total liabilities amounted to RMB 17,155,102,000, slightly down from RMB 17,219,480,000 in the previous year[7]. - As of December 31, 2025, the company's total equity amounted to RMB 12,858,193,000, with accumulated losses of RMB (2,019,782,000)[9]. - The company's current liabilities exceeded current assets by RMB 11,883,329,000 as of December 31, 2025, indicating potential liquidity concerns[16]. - The company's short-term borrowings amounted to RMB 7,223,611,000, while long-term borrowings totaled RMB 1,992,827,000[51]. - Total borrowings as of December 31, 2025, were RMB 9,271,103,000, down from RMB 9,517,913,000 in 2024, reflecting repayment efforts[29]. Revenue Breakdown - Aviation-related revenue reached RMB 2,770,358,000, up from RMB 2,667,662,000, driven by an increase in passenger service revenue to RMB 1,366,209,000 from RMB 1,272,221,000[18]. - Non-aviation revenue totaled RMB 2,861,393,000, slightly up from RMB 2,824,543,000, with franchise income decreasing to RMB 1,510,790,000 from RMB 1,569,928,000[18]. - Rental income increased to RMB 1,078,867,000, a rise of about 10.1%, attributed to increased departure system revenue and optimization of various business contracts[42]. - The company experienced a decrease in advertising revenue to RMB 674,300,000, down approximately 4.0% due to adjustments in advertising contract settlement models[41]. Operational Efficiency - The company aims to achieve good operating performance by 2026, focusing on cost reduction and revenue increase as dual drivers, optimizing contract revenue models, and enhancing centralized procurement[71]. - The company plans to enhance hub competitiveness by improving operational efficiency, optimizing runway and taxiway usage, and increasing bridge usage rates[69]. - The company will innovate business models to meet customer needs, focusing on quality supply to create value and revenue, and exploring new consumption scenarios to stimulate young consumer spending[70]. - The company is committed to releasing potential by maximizing the utilization of new flight slots and optimizing international and regional route incentives[69]. - The company will continue to strengthen safety service capabilities to ensure stable and reliable safety performance and improve service experience[69]. Future Outlook - In 2026, the company anticipates an increase in slot resources, which will support new strategic routes and enhance operational efficiency[67]. - The company recognizes the need to improve its infrastructure and connectivity to remain competitive with other major hubs in Asia[67]. - A financing plan was approved to issue up to RMB 4 billion in medium-term notes and RMB 4 billion in short-term financing bonds[62]. Dividend and Shareholder Information - The board of directors did not recommend the distribution of a final dividend for the year ending December 31, 2025[3]. - The company did not recommend any final dividend for the year ended December 31, 2025, consistent with the previous year[26]. - The annual performance announcement and report for the year ending December 31, 2025, will be made available to shareholders and published on the company's website[73]. Compliance and Standards - The company has applied revised international financial reporting standards, which are not expected to have a significant impact on financial performance[11]. - The company anticipates that the application of new accounting standards will significantly affect the structure and presentation of the income statement[14]. - The company maintained compliance with financial covenants related to long-term bank loans, with a remaining principal of RMB 1,195,000,000 as of December 31, 2025[30]. Employment and Workforce - The total number of employees decreased slightly from 1,516 in 2024 to 1,496 in 2025[55].