Financial Performance - Revenue for the year ended December 31, 2025, was HKD 917,179,000, a decrease of 60.8% compared to HKD 359,779,000 in 2024[2] - Gross profit for the same period was HKD 164,240,000, down 86.3% from HKD 22,513,000 in 2024[2] - The adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was HKD 68,760,000, reflecting a decline of 164.2% from a loss of HKD 44,121,000 in the previous year[2] - The net loss attributable to shareholders was HKD 59,125,000, a significant increase of 310.6% compared to a profit of HKD 28,081,000 in 2024[2] - Basic and diluted loss per share was HKD (4.9), a decrease of 313.0% from HKD 2.3 in the previous year[2] - Total revenue for the group was HKD 359,779,000 in 2025, down from HKD 917,179,000 in 2024, indicating a decrease of about 61%[17] - The gross profit margin for the fiscal year ending December 31, 2025, decreased to approximately 6.3%, down from 17.9% for the fiscal year ending December 31, 2024[40] - Sales costs decreased by 55.2% to approximately HKD 337.3 million for the fiscal year ending December 31, 2025, compared to HKD 752.9 million for the previous year[39] - Administrative expenses reduced to approximately HKD 122.2 million for the fiscal year ending December 31, 2025, down from HKD 148.0 million in the previous year, primarily due to decreases in R&D costs and salaries[42] Assets and Liabilities - Total assets as of December 31, 2025, were HKD 948,324,000, down from HKD 1,414,029,000 in 2024[6] - Cash and cash equivalents decreased to HKD 59,313,000 from HKD 290,996,000 in 2024[6] - Trade receivables dropped significantly to HKD 71,847,000 from HKD 226,450,000 in the previous year[6] - The company's equity attributable to shareholders decreased to HKD 688,226,000 from HKD 731,900,000 in 2024[6] - Total liabilities amounted to HKD 682,129,000, with current liabilities at HKD 260,098,000 and non-current liabilities at HKD 422,031,000[7] - The company reported a total equity of HKD 1,414,029,000, indicating a strong financial position[7] - The company’s lease liabilities were recorded at HKD 14,771,000, reflecting its commitments in leasing arrangements[7] - Trade payables were reported at HKD 12,313,000, showing the company's short-term obligations to suppliers[7] - The income tax liabilities stood at HKD 279,117,000, indicating the tax obligations the company needs to settle[7] Operational Highlights - The company is primarily engaged in the production and trading of aluminum products, which is its main revenue source[8] - The company implemented cost-saving measures to streamline its cost structure and improve efficiency amid declining sales volumes[36] - The overall revenue from all regions, particularly Australia and Vietnam, decreased by approximately 51% and 74%, respectively, compared to the previous year[38] - The company has been focusing on customer base expansion through regional diversification strategies to enhance competitiveness[36] Government Grants and Taxation - The company received government grants totaling HKD 1,152,000 in 2025, down from HKD 2,149,000 in 2024, a decrease of approximately 46%[24] - The company received a tax credit of approximately HKD 47.6 million due to exemptions from Chinese income tax for the current year, with an expected tax credit of about HKD 19.2 million for the year ending December 31, 2024[47] Employment and Corporate Governance - As of December 31, 2025, the group employed approximately 539 employees, a decrease from approximately 721 employees as of December 31, 2024[63] - Employee costs for the year amounted to approximately HKD 76.0 million, down from approximately HKD 86.9 million for the year ending December 31, 2024[63] - The audit committee consists of three independent non-executive directors, ensuring oversight of the group's financial reporting and internal controls[70] - The company has maintained high standards of corporate governance and has adhered to the corporate governance code throughout the year, with one exception regarding the roles of the chairman and CEO[67][68] Future Outlook - The company anticipates ongoing challenges in the global trade environment, including tariffs and geopolitical tensions, which may impact operational costs and market visibility[48] - There were no significant investments, acquisitions, or sales of subsidiaries or joint ventures during the year[49] - The company does not plan to declare a final dividend for the current year, consistent with the previous year[60]

Financial Performance - In 2025, the company achieved a revenue of RMB28,873 million, with a net profit attributable to shareholders of RMB7,038 million, both setting historical records[16] - The principal business income for 2025 was RMB27,399 million, while the net profit after deducting non-recurring items was RMB6,845 million[16] - The company aims to achieve revenues of RMB 149.34 billion, RMB 48.68 billion, and RMB 29.17 billion from soy sauce, oyster sauce, and seasoning sauce respectively by 2025, with year-on-year growth rates of 8.55%, 5.48%, and 9.29%[19] - In 2025, the company's revenue reached RMB 28,873 million, a year-on-year increase of 7.32%, with the principal condiments business contributing RMB 27,399 million, up 9.04%[68] - The net profit attributable to shareholders of the parent company was RMB 7,038 million, reflecting a year-on-year increase of 10.95%, while the net profit after deducting non-recurring items was RMB 6,845 million, up 12.81%[68] - The company’s total revenue from product sales increased by RMB2,271.5 million, or 9.0%, from the previous year[122] Product Categories and Innovations - The three core product categories—soy sauce, oyster sauce, and flavored sauce—generated revenues of RMB14.934 billion, RMB4.868 billion, and RMB2.917 billion, respectively, with year-on-year growth rates of 8.55%, 5.48%, and 9.29%[18] - The company’s innovative product lines, particularly organic and reduced salt offerings, saw a significant year-on-year revenue increase of 48.3%[77] - The company is transitioning from supplying "condiment products" to "full-scenario cooking solutions" and further to "flavor research," aiming for a comprehensive approach to consumer needs[22] - The company aims to transition from "condiments" to "all-encompassing culinary solutions," marking a strategic shift in its product offerings[71] - The company has launched a complete product line catering to diverse consumer needs, including classic, low-salt, organic, and specialty sauces, reflecting a commitment to innovation[128] Market Trends and Consumer Insights - In 2025, the per capita disposable income of national residents was RMB 43,377, representing a real increase of 5.0% over the previous year, indicating strong domestic market resilience[34] - The total retail sales of consumer goods in China exceeded RMB 50 trillion in 2025, with a year-on-year increase of 3.7%, reflecting a stable consumer market[34] - Up to 71% of mainstream food and beverage consumers care about the ingredients, origins, and nutritional efficacy of products, indicating a shift towards healthier and more authentic products[56] - The shift towards healthier products requires companies to develop nutritious products made with authentic ingredients, driven by consumer demand for convenience and quality[56] Digital Transformation and Technology - The company invests approximately 3% of its revenue annually in technological innovation, implementing advanced technologies such as AI-powered visual soybean sorting and big data intelligent fermentation to enhance product quality and cost-effectiveness[21] - The Gaoming manufacturing base was recognized as the first "Lighthouse Factory" in the global soy sauce brewing industry in January 2025, marking a significant achievement in digital transformation[21] - The company processes approximately 13,000 soybeans per second using AI-powered visual sorting technology to ensure raw material quality[98] - The company has integrated 24-hour Near-Infrared (NIR) online spectral detection in its production pipelines to monitor soy sauce quality in real time[98] - The company’s digital transformation initiatives have positioned it as a benchmark in the condiment manufacturing industry, recognized as the first "Lighthouse Factory" in the global soy sauce sector[96] Distribution and Market Expansion - The company is focusing on expanding its presence in other basic seasoning categories such as vinegar and cooking wine, aiming for a leading position in the broader market[18] - Efforts are being made to enhance the distribution network, particularly in towns and villages, to better reach users and expand market penetration[18] - The company is leveraging digital tools to acquire more retail terminals and users, capturing growth opportunities in emerging channels[18] - The company operates an omni-channel sales network, predominantly distributor-based, which has improved overall channel efficiency through digital transformation[163] - The company manages a distribution network of over 6,000 distributors covering approximately 3 million retail outlets, achieving a coverage rate of about 100% in prefecture-level cities and over 90% in county-level cities[178] Sustainability and ESG Initiatives - The company is committed to enhancing its ESG governance capabilities and brand reputation while fulfilling social responsibilities[26] - The company has established the "Carbon Pioneer Green Supply Chain Alliance" in July 2025, collaborating with 25 partners to enhance carbon emission data collection and management[108] - The company's MSCI ESG rating was upgraded to "A" in 2025, reflecting a three-year consecutive improvement from "BB"[111] - The company emphasizes sustainability as a core driver of its business strategy, aligning operations with the "Beautiful China" and "Dual Carbon" goals[192][194] - The company integrates ESG principles into its procurement operations, enhancing supplier partnerships and supporting rural revitalization strategies[154] Industry Landscape and Competition - The competition in the condiments industry is intensifying, with a focus on brand, quality, and compliance, leading to a survival of the fittest scenario among companies[50] - The condiments industry is characterized by high barriers to entry due to significant capital investments in land, plant construction, and technological R&D[46] - The market potential for leading condiment companies is expected to expand due to coordinated government support on both supply and demand sides[42] - The rapid proliferation of emerging retail formats such as e-commerce and livestream e-commerce creates new challenges for the supply and distribution models in the condiment industry[65] Government Policies and Economic Environment - In 2025, the PRC government issued policies to enhance domestic demand and promote consumption, creating a positive macroeconomic atmosphere for residents' consumption[38] - The Implementation Plan on Enhancing the Adaptability of Consumer Goods Supply and Demand was issued in November 2025, focusing on innovating product supply in the food sector[41] - The National Commerce Work Conference in January 2026 emphasized the development of healthy consumption and stimulating lower-tier market vitality[41] - The policies aim to support R&D of special dietary foods and promote the upgrading of food products toward functionalization and precision[41]

Financial Performance - The company achieved revenue of approximately RMB 662.5 million for the fiscal year ending December 31, 2025, representing an increase of about 15.5% compared to 2024[4] - The total sales cost for the period was approximately RMB 476.3 million, up about 13.2% from 2024[4] - The gross profit recorded was approximately RMB 186.2 million, reflecting a growth of about 22.0% year-over-year[4] - The gross profit margin improved to approximately 28.1%, an increase of 1.5 percentage points compared to 2024[4] - The company's profit for the period was approximately RMB 73.9 million, which is an increase of about 24.4% from the previous year[4] - The company's total revenue for 2025 reached RMB 662,471,000, an increase of 15.6% from RMB 573,463,000 in 2024[19] - The net profit attributable to ordinary shareholders for 2025 was RMB 73,871,000, representing a 32.5% increase from RMB 55,741,000 in 2024[25] - Basic earnings per share for 2025 were RMB 0.74, compared to RMB 0.56 in 2024, reflecting a growth of 32.1%[25] - The company recorded a gross profit of approximately RMB 186.2 million, representing a year-on-year increase of 22.0% from RMB 152.7 million in fiscal year 2024[58] - The net profit margin for fiscal year 2025 was 11.2%, up from 10.4% in fiscal year 2024, indicating improved profitability[73] Sales and Revenue Breakdown - Revenue from chairs and other accessories was RMB 324,529,000 in 2025, up 11.6% from RMB 290,743,000 in 2024[19] - The revenue from product sales was distributed as follows: chairs and accessories accounted for 49.0%, bags for 27.2%, and tents for 23.1% in 2025[53] - The revenue from bags increased by approximately 25.1% from 2024 to 2025, attributed to rising demand from core customers and successful new customer acquisition[55] - The European market accounted for 76.6% of total revenue in 2025, up from 73.3% in 2024, driven by deepening cooperation with core customers[54][56] Business Operations and Strategy - The company primarily engages in the production and sale of fishing-related equipment[10] - The company has developed over 10,000 SKUs of fishing equipment, with more than 1,700 new products delivered during the reporting period, most of which achieved order conversion within the same year[41] - The company successfully expanded its customer base by developing 23 new strategic customers in 2025, with significant growth potential in new markets such as South America[39] - The company's OBM business saw a 30.5% increase in sales performance in the European market compared to 2024, validating the effectiveness of its localized sales strategy[38] - The company aims to enhance its OBM business and expand its own brand portfolio to strengthen consumer reach[48] - The company plans to achieve a multi-brand sales model by 2030, focusing on a product matrix that covers various categories and fishing methods[46] Investments and Assets - The company invested in 41 new pieces of equipment in 2025, enhancing safety, efficiency, and quality across its production processes[42] - The company's total assets less current liabilities amounted to RMB 29.3 million, improving from a negative RMB 44.0 million in 2024[8] - The company's manufacturing area increased from 51,375.71 square meters at the end of 2024 to 63,804.12 square meters at the end of 2025, adding 12,428.41 square meters[42] Expenses and Costs - Selling and distribution expenses rose by approximately 36.1% to RMB 23.0 million in fiscal year 2025, compared to RMB 16.9 million in fiscal year 2024, driven by increased marketing efforts and personnel adjustments[60] - Administrative expenses increased by approximately 10.4% to RMB 56.5 million in fiscal year 2025, up from RMB 51.2 million in fiscal year 2024, mainly due to the hiring of external professionals and increased overall salary expenses[62] - Research and development costs surged by approximately 50.2% to RMB 5.3 million in fiscal year 2025, compared to RMB 3.5 million in fiscal year 2024, driven by product expansion and increased investment in ODM[64] Financial Position and Ratios - As of December 31, 2025, the company's cash and cash equivalents totaled RMB 55.7 million, a decrease of approximately 15.2% from RMB 65.7 million as of December 31, 2024, primarily due to increased cash outflows from financing activities[69] - The company's financial cost for fiscal year 2025 was approximately RMB 5.1 million, a significant increase of 526.3% from RMB 0.8 million in fiscal year 2024, mainly due to increased bank loans[66] - As of December 31, 2025, the company's current ratio is relatively low due to a high total current liabilities resulting from increased trade and other payables[2] - The quick ratio is also relatively low as of December 31, 2025, for the same reason of high total current liabilities[3] Corporate Governance and Compliance - The audit committee has reviewed the audited consolidated financial statements for the fiscal year and found them to comply with applicable accounting standards and regulations[87] - The company has adopted the corporate governance code as a basis for its governance practices, although it was not applicable until the listing date[82] - The company did not purchase, sell, or redeem any of its listed securities during the fiscal year 2025[84] Future Outlook - The company plans to continue expanding its product matrix by integrating new materials and technology elements to enhance user experience[36] - There were no significant investments or acquisitions planned for the fiscal year 2025, but the company will continue to seek strategic investment and acquisition opportunities for long-term growth[80] - No major acquisitions or disposals of subsidiaries, associates, or joint ventures occurred during the reporting period[81] - The annual performance announcement and annual report for the fiscal year ending December 31, 2025, will be published on the company's website and the stock exchange website[89]

Financial Performance - The company's revenue for the year ended December 31, 2025, was HKD 2.993 billion, a decrease of 5.3% compared to HKD 3.162 billion in the previous year[4]. - Shareholders' net profit increased by 41.8% to HKD 137.4 million, compared to HKD 96.9 million in the previous year[4]. - The overall gross profit margin improved to 25.4%, an increase of 1.9 percentage points year-on-year[3]. - The group recorded a revenue of HKD 2.99 billion and a total sales volume of 240,000 tons, representing a slight decline of 5.3% and 9.3% respectively compared to the previous year[13]. - The group achieved a net profit attributable to shareholders of HKD 137 million, an increase of 41.8% compared to the same period last year[13]. - The group’s total operating profit for the fiscal year ending December 31, 2025, was HKD 139,699,000, with significant contributions from the coatings and inks segments[61]. - The company reported a net profit attributable to shareholders of HKD 137,409,000 for the year, compared to HKD 96,882,000 in the previous year, representing an increase of 42%[44]. - Total comprehensive income for the year amounted to HKD 316,378,000, a significant increase from a loss of HKD 51,196,000 in the prior year[44]. Sales and Revenue Breakdown - Sales volume decreased to 240,000 tons, down 9.3% from 264,000 tons in the prior year[4]. - The group's paint business saw a sales volume decrease of 14.7% to 157,000 tons, with revenue slightly declining by 5.3% to HKD 1.38 billion[14]. - Revenue from paint sales was HKD 1,383,452,000 in 2025, down from HKD 1,461,221,000 in 2024, reflecting a decrease of about 5.3%[56]. - Revenue from ink sales was HKD 1,320,028,000 in 2025, compared to HKD 1,364,529,000 in 2024, indicating a decline of approximately 3.3%[56]. - Revenue from lubricants was HKD 283,658,000 in 2025, down from HKD 323,580,000 in 2024, a decrease of around 12.3%[56]. - Revenue from property rental income was HKD 6,259,000 in 2025, a decrease from HKD 8,629,000 in 2024, representing a decline of approximately 27.5%[56]. - Revenue from mainland China was HKD 2,853,677,000 in 2025, down from HKD 3,062,260,000 in 2024, reflecting a decrease of about 6.8%[56]. - Revenue from overseas markets, primarily Southeast Asia, increased to HKD 76,663,000 in 2025 from HKD 35,737,000 in 2024, showing a significant growth of approximately 114.5%[56]. Acquisitions and Investments - The company completed the acquisition of approximately 60% of "Xinnuo Haibo," entering the chemical gas recovery and management industry, which is expected to provide a new growth engine[3]. - The group has acquired approximately 60% of the shares in a leading domestic chemical waste recycling company, marking a significant step in achieving its vision of building a "fine chemical enterprise development platform"[12]. - The group plans to acquire Beijing Xinnuo Haibo Chemical Technology Development Co., Ltd., which specializes in the recovery and treatment of chemical gases generated during the production and transportation of chemicals and oil[59]. - The company agreed to acquire approximately 60% of the shares of a subsidiary, with a cash consideration of HKD 348,960,000, which includes a contingent consideration arrangement of HKD 31,959,000[75][77]. Debt and Financial Management - The company maintained a low debt ratio of 13.4%, providing flexibility for future investment in growth projects[4]. - The debt ratio remained at a relatively low level of 13.4% as of December 31, 2025, providing the group with more flexibility for future investment projects[13]. - The group recorded a net cash inflow of HKD 105.8 million, an increase from HKD 86.5 million last year, due to improved operating cash flow conditions[26]. - The company’s financial expenses decreased to HKD 41,354 from HKD 60,048 in 2024, a reduction of 31.5%[43]. - The company’s total liabilities decreased from HKD 2,571,084 thousand in 2024 to HKD 1,927,090 thousand in 2025, a reduction of 25%[46]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.12 per share, bringing the total annual dividend to HKD 0.16 per share, an increase of 14.3% from the previous year[3]. - The company declared an interim dividend of HKD 0.04 per share for 2025, up from HKD 0.03 per share in 2024, totaling HKD 22,338,000[68]. - The proposed final dividend for the year ending December 31, 2025, is HKD 0.12 per share, amounting to approximately HKD 67,015,000, an increase from HKD 61,431,000 in 2024[69]. Operational Challenges and Market Conditions - The challenging economic environment included pressures from global trade tensions and domestic economic slowdown, impacting overall market conditions[6]. - The company focused on optimizing its product mix and enhancing product technology and services, benefiting from stable raw material prices[3]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[44]. Human Resources and Corporate Governance - The total number of employees as of December 31, 2025, was 2,217, an increase from 2,189 in 2024[31]. - The group emphasizes the management and development of human resources, providing training and development plans for employees[32]. - The company adheres to high standards of corporate governance to maximize value for employees, customers, suppliers, business partners, and shareholders[34].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 YuanShengTai Dairy Farm Limited 原生態牧業有限公司 （於百慕達註冊成立的有限公司） （股份代號：1431） 截至二零二五年十二月三十一日止年度 的年度業績公告 財務業績 原 生 態 牧 業 有 限 公 司（「本公司」或「原生態」）董 事（「董 事」）會（「董事會」）公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度（「本 年 度」）的 綜 合 年 度 業 績 連 同 截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 年 度 的 比 較 數 字。 – 1 – 綜合損益及其他全面收益表 截至二零二五年十二月三十一日止年度 | | | | | | | 二零二五年 | | 二零二四年 | | --- | --- | --- | --- | ...

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，概不就因本公佈全部或任何 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。 CHINASOFT INTERNATIONAL LIMITED 中軟國際有限公司 * （於開曼群島註冊成立之有限公司） （股份代號：354） 截至二零二五年十二月三十一日止年度 年度業績公告 中軟國際有限公司（「中軟國際」或「本公司」）董事（「董事」）會（「董事會」）謹此公 佈本公司及其附屬公司（「本集團」）截至二零二五年十二月三十一日(「報告期」)止 年度之經審核綜合業績，連同截至二零二四年十二月三十一日止年度之經審核綜 合業績如下： 概要 截至二零二五年十二月三十一日止年度 | 損益表概要 | 二零二五年 人民幣千元 | 二零二四年 人民幣千元 | 增長率 | | --- | --- | --- | --- | | 收入 | 17,027,414 | 16,950,733 | 0.5% | | 服務性收入 | 16,685,583 | 16,314,168 | 2.3% | | 年度溢利 | 323 ...

Financial Performance - Shanghai Chicmax Cosmetic Co., Ltd. reported a revenue of RMB 9,177.8 million for the year ending December 31, 2025, representing a 35.1% increase from RMB 6,792.5 million in 2024[4] - The gross profit for the same period was RMB 7,014.7 million, up 37.3% from RMB 5,109.4 million in 2024[4] - The net profit for 2025 was RMB 1,154.2 million, reflecting a 43.7% increase compared to RMB 803.3 million in 2024[4] - Revenue increased from RMB 6,792.5 million in 2024 to RMB 9,177.8 million in 2025, representing a growth of 35.1%[32] - The net profit for 2025 was RMB 1,154.2 million, a 43.7% increase from RMB 803.3 million in 2024[57] - Basic earnings per share for 2025 is RMB 2.77, up from RMB 1.96 in 2024, representing an increase of approximately 41.3%[77] Brand Performance - The brand Han Shu generated revenue of RMB 7,359.6 million in 2025, a 31.6% increase year-over-year, accounting for 80.2% of the total annual revenue[9] - Han Shu's online channel GMV ranked first among domestic beauty brands in 2025[8] - The brand achieved the highest online sales in the Chinese children's cream sector and ranked first in the high-end baby oil category, as certified by iResearch Consulting[12] - The brand's children's makeup series was recognized as the top online seller in China by Sullivan[16] - The skincare brand 韩束 generated revenue of RMB 7,359.6 million in 2025, up 31.6% from RMB 5,591.0 million in 2024[35] - The brand newpage saw a significant revenue increase of 134.2%, from RMB 375.6 million in 2024 to RMB 879.6 million in 2025[35] Research and Development - The company invested RMB 224.7 million in R&D in 2025, a 24.9% increase from RMB 179.9 million in 2024[19] - The company published 10 research papers in 2025, covering areas such as peptide anti-aging and skin repair, contributing to a comprehensive research system[21] - The company applied for 61 new patents in 2025, including 33 invention patents, and was granted 49 new patents, with 9 being invention patents[20] - The company plans to enhance its research and development investments, focusing on core ingredients in skincare, including anti-aging technology and skin barrier repair technology[30] - Research and development costs increased by 24.9% from RMB 179.9 million in 2024 to RMB 224.7 million in 2025, reflecting increased R&D activities[44] Marketing and Expansion - The company plans to continue expanding its product lines, including the launch of new products in the peptide skincare category and the introduction of a new makeup series[8][9] - The company is committed to expanding its marketing network, particularly enhancing its presence on e-commerce platforms such as Douyin, Tmall, Taobao, and JD[30] - The company has established two multinational research centers and two supply chain bases globally to support its multi-brand strategy[6] - The company has initiated a large-scale empirical study on cosmetic consumption behavior among children aged 0-12, filling a significant gap in local children's skin exposure science[25] Financial Position and Cash Flow - Operating cash flow for 2025 was approximately RMB 1,205.2 million, up from RMB 547.0 million in 2024, marking a 120% increase[51] - The company's cash and cash equivalents as of December 31, 2025, were approximately RMB 802.3 million, compared to RMB 459.4 million in 2024, reflecting a 74.6% increase[51] - Interest-bearing bank borrowings rose by 382.7% to RMB 290.1 million in 2025 from RMB 60.1 million in 2024, primarily due to business expansion[52] - The company's asset-liability ratio increased to 42.1% in 2025 from 37.9% in 2024[51] - Non-current assets increased to RMB 1,805,376 thousand in 2025, up 60.0% from RMB 1,125,757 thousand in 2024[60] Employee and Operational Expenses - The company achieved a total salary cost of RMB 969.3 million in 2025, up from RMB 551.3 million in 2024, reflecting a significant increase in employee compensation[23] - Administrative expenses grew by 32.0% from RMB 242.8 million in 2024 to RMB 320.5 million in 2025[43] - Sales and distribution expenses increased by 35.9% from RMB 3,947.3 million in 2024 to RMB 5,362.7 million in 2025[42] - The company reported a significant increase in employee benefits expenses, totaling RMB 835,310 thousand in 2025, compared to RMB 552,021 thousand in 2024[72] Corporate Governance and Compliance - The company aims to enhance corporate governance practices in line with the new corporate governance code effective from July 1, 2025[85] - The audit committee has reviewed the consolidated annual results for the year ending December 31, 2025, confirming compliance with applicable accounting standards and regulations[94] Dividend and Shareholder Returns - The board proposed a final dividend of RMB 0.75 per share for the year ending December 31, 2025, consistent with the previous year's dividend[5] - Proposed final dividend for 2025 is RMB 0.75 per share, unchanged from 2024, with total dividends amounting to RMB 497,572,000[78] Use of Proceeds from Offerings - The net proceeds from the global offering amount to approximately HKD 859.7 million, which will be utilized as per the planned schedule[90] - Brand building activities accounted for 32% of the total proceeds, amounting to HKD 275.5 million, with a focus on enhancing brand image and recognition[96] - Research and development capabilities were strengthened with 12.2% of the proceeds, totaling HKD 104.9 million, aimed at continuous innovation[96] - Production and supply chain capabilities were enhanced with 19.8% of the proceeds, amounting to HKD 170.6 million, primarily through factory upgrades and capacity expansion[96] - The sales network expansion accounted for 18% of the proceeds, totaling HKD 154.5 million, to improve product penetration[96]

HUAYU EXPRESSWAY GROUP LIMITED 華昱高速集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1823） 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， 對其準確性或完備性亦無發表聲明，並表明不會就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。 截至二零二五年十二月三十一日止年度 全年業績公告 華昱高速集團有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及其附屬 公司（統稱「本集團」）截至二零二五年十二月三十一日止年度的綜合業績，連同截 至二零二四年十二月三十一日止年度的比較數字如下： 綜合損益表 截至二零二五年十二月三十一日止年度 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 人民幣千元 | 人民幣千元 | | 收入 | 4 | 140,412 | 198,145 | | 銷售成本 | | (117,904) | (158,641) | | 毛利 | | 22,508 | 39,504 | | 其他收入 | 5 | 1,380 | 3,14 ...

Financial Performance - For the fiscal year ending December 31, 2025, the company reported a net profit of RMB 100,073,569, an increase of 3.8% from RMB 96,333,097 in 2024[4] - Basic and diluted earnings per share for 2025 were both RMB 0.15, up from RMB 0.13 in 2024, representing a growth of 15.4%[4] - The company reported a pre-tax profit of RMB 136,187,965, which is an increase of 8.4% from RMB 126,126,263 in 2024[7] - The net profit attributable to ordinary shareholders for the year ending December 31, 2025, was RMB 99,924,755, representing an increase from RMB 91,713,602 in 2024, which is a growth of about 8.5%[111] - The total income tax expense for the year ending December 31, 2025, was RMB 36,114,396, compared to RMB 29,793,166 for the previous year, reflecting an increase of approximately 21.5%[107] Assets and Liabilities - Total assets increased to RMB 1,433,591,367 in 2025, up 15.7% from RMB 1,239,109,489 in 2024[5] - The company’s total liabilities rose significantly to RMB 146,388,015, compared to RMB 17,929,706 in 2024, indicating a substantial increase in leverage[5] - The total financial liabilities as of December 31, 2025, were RMB 112,195,309, significantly increasing from RMB 6,257,087 in 2024[152] - The total amount of other payables as of December 31, 2025, was RMB 9,296,514, a decrease from RMB 9,984,250 in 2024[25] Cash Flow and Investments - The cash and cash equivalents decreased to RMB 59,327,861 from RMB 103,000,233, a decline of 42.5% year-over-year[5] - The net cash flow from investing activities for 2025 was RMB (883,786) thousand, a significant decrease from RMB (53,703,987) thousand in 2024[8] - The net cash flow from financing activities for 2025 was RMB 71,713,047 thousand, a recovery from a net cash outflow of RMB (154,923,099) thousand in 2024[8] - The company paid dividends of RMB 34,000,000 thousand in both 2025 and 2024, indicating a consistent dividend policy[8] Loan Issuance and Credit Risk - The company plans to continue expanding its loan issuance, with accounts receivable increasing to RMB 1,003,136,192, up 49.7% from RMB 670,185,381 in 2024[5] - The total loans issued as of December 31, 2025, reached RMB 1,056,251,923, significantly higher than RMB 729,008,189 in 2024, marking an increase of approximately 44.8%[113] - The expected credit loss for loans and receivables totaled RMB 13,332,678 for 2025, compared to RMB 13,145,705 in 2024, indicating an increase in credit risk provisions[100] - The company employs a centralized credit management process to manage credit risk associated with loans to SMEs, micro-enterprises, and individual entrepreneurs[155] Financial Reporting Standards - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[13] - The group plans to apply new and revised Hong Kong Financial Reporting Standards once they become effective, ensuring compliance with upcoming regulations[18] - The group is currently analyzing the impact of Hong Kong Financial Reporting Standard No. 18 on its financial statement presentation and disclosures[20] - The group has undergone a significant restructuring, with the dissolution of Jinjiang Huijin Investment Consulting Co., Ltd. on July 23, 2025[11] Impairment and Asset Management - Goodwill is subject to annual impairment testing, with the group conducting its annual impairment test on December 31[31] - The group’s goodwill and other asset impairment losses were RMB 7,573,423 in 2025, down from RMB 9,149,858 in 2024, suggesting improved asset performance[102] - Non-financial assets are assessed for impairment if there are indications of impairment, with recoverable amounts calculated as the higher of value in use and fair value less costs to sell[34] Lease Agreements and Liabilities - The group has multiple lease agreements for operational properties, which include renewal and termination options[121] - The total lease liabilities as of December 31, 2025, is RMB 1,767,153, reflecting new leases and interest growth during the year[122] - The total cash outflow related to leases for the year is disclosed in the financial statements, with no future cash outflows related to leases that have not yet commenced as of December 31, 2025[124] Market and Economic Conditions - The sensitivity analysis indicated that a 5% appreciation of the Renminbi would positively impact pre-tax profit by 7,317,712 in 2025[180] - The interest rate risk exposure showed a total of 954,944,488 as of December 31, 2025, with a floating rate liability of 107,519,565[184] - The company experienced a pre-tax profit impact of 1,107,500 from a 50 basis point increase in interest rates in 2025[186] Corporate Governance and Management - Total remuneration for directors and supervisors for the year ending December 31, 2025, amounted to RMB 3,216,734, with a breakdown of RMB 335,436 in salaries, RMB 2,581,025 in allowances, and RMB 300,273 in contributions to a defined contribution plan[10] - The company has not reported any significant events after the reporting period[200]

Financial Performance - For the fiscal year ending December 31, 2025, the group's revenue decreased by approximately 2.7% to about HKD 161.8 million, compared to HKD 166.2 million in the fiscal year 2024[5] - The group's gross profit for the fiscal year 2025 decreased by approximately 53.8% to about HKD 26.5 million, down from HKD 57.4 million in the fiscal year 2024[5] - The group's net loss after tax for the fiscal year 2025 decreased by approximately 52.9% to about HKD 16.4 million, compared to HKD 34.8 million in the fiscal year 2024[5] - The basic and diluted loss per share attributable to the owners of the company for the fiscal year 2025 was HKD 0.0282, compared to HKD 0.0415 in the fiscal year 2024[6] - The company reported a pre-tax loss of HKD 34,690,000 due to significant impairment losses on loans and receivables, compared to a gain of HKD 4,003,000 in 2024[36] - The net loss attributable to the company owners for fiscal year 2025 was approximately HKD 16.4 million, a significant improvement of 52.7% compared to approximately HKD 34.7 million in fiscal year 2024[62] Assets and Liabilities - The total current assets decreased to HKD 470.7 million in 2025 from HKD 493.8 million in 2024, with a notable decrease in cash and cash equivalents from HKD 47.8 million to HKD 24.3 million[10] - The total current liabilities decreased significantly to HKD 71.4 million in 2025 from HKD 121.7 million in 2024, indicating improved liquidity management[10] - The total assets of the company as of December 31, 2025, were HKD 499,909,000, a decrease from HKD 525,631,000 in 2024[34] - The company’s total liabilities increased to HKD 125,492,000 in 2025 from HKD 74,915,000 in 2024, reflecting a rise of 67.2%[34] - As of December 31, 2025, the company recorded net current assets of approximately HKD 399.3 million, an increase from HKD 372.0 million as of December 31, 2024[86] Revenue Segmentation - For the year ending December 31, 2025, total revenue from external customers was HKD 161,762,000, with contributions of HKD 138,744,000 from longevity science and HKD 23,018,000 from lending and financial consulting[25] - The longevity science business segment reported revenue of approximately HKD 138.7 million for the fiscal year 2025, a decrease from HKD 142 million in fiscal year 2024[79] - The financial performance of the lending and financial consulting division recorded revenue of approximately HKD 23,000,000 for the fiscal year 2025, a decrease from HKD 24,200,000 in the fiscal year 2024[68] Investments and Acquisitions - The company acquired Asia Comprehensive Cell Bank Limited to enhance its capabilities in cell and gene therapy, aiming to create a comprehensive service platform for longevity science[52] - The company has agreed to acquire 25% of the issued share capital of Asia Integrated Cell Bank Limited for an initial consideration of HKD 300,000,000, which will be paid through the issuance of non-redeemable convertible bonds[109] Operational Developments - The company is developing a digital system for patient management and service processes, expected to be operational in Q2 2026, enhancing efficiency in health management[53] - The group plans to establish a Longevity Medical Transformation Center in Asia to implement leading cell and gene therapies, enhancing human health[58] - The group aims to expand its market presence by establishing Longevity Medical Centers in Singapore and Malaysia as part of its global strategy[58] Legal and Compliance - The company is involved in a legal dispute with Yuhe Holdings Limited, claiming a total principal amount of HKD 220,000,000 for convertible bonds, which could convert into 110,000,000 shares of the company[107] - The audit committee has reviewed and approved the consolidated financial statements for the fiscal year 2025, ensuring compliance with applicable accounting standards and regulations[119] - The company has confirmed compliance with risk management and internal control guidelines, with processes in place for identifying and addressing significant risks[115] Shareholder Information - The group did not recommend the payment of a final dividend for the fiscal year 2025, consistent with the previous fiscal year[5] - The board of directors has not recommended any dividend for the fiscal year 2025, consistent with the previous fiscal year[111] - The total number of issued ordinary shares increased to 636,654,300 shares as of December 31, 2025, compared to 546,529,549 shares as of December 31, 2024[87] Employee and Operational Efficiency - The group’s professional team comprised approximately 43 employees as of December 31, 2025[58] - The group has issued a total of 636,654,300 ordinary shares as of December 31, 2025, with an additional 90,124,751 shares issued during the fiscal year 2025[100] - The company has adhered to the corporate governance code, with some deviations noted, particularly regarding the roles of the Chairman and CEO being held by the same individual[113]