Financial Performance - For the fiscal year ending December 31, 2025, total revenue was $24.657 million, a decrease of 82.8% from $134.57 million in 2024[5] - Gross profit for 2025 was $2.875 million, down 74.4% from $11.263 million in 2024[5] - The company reported a net loss of $4.538 million for 2025, compared to a profit of $0.544 million in 2024[5] - Total revenue for 2025 was $2,521,000, compared to $2,463,000 in 2024, representing a growth of 2.36%[16] - Revenue from Hong Kong decreased from $2,194,000 in 2024 to $2,133,000 in 2025, a decline of 2.78%[16] - Interest income for 2025 was $472,000, slightly down from $480,000 in 2024, a decrease of 1.67%[16] - The net gain from the sale of a subsidiary was $1,004,000 in 2025, with no such gain reported in 2024[16] - The company reported a pre-tax loss of $5,235,000 for 2025, compared to a profit of $581,000 in 2024[24] - Basic loss per share for 2025 was $(0.57), compared to earnings per share of $0.07 in 2024[5] - Basic loss per share for 2025 was $4,538,000, compared to a profit of $544,000 in 2024[26] Assets and Liabilities - Total assets decreased to $27.563 million in 2025 from $32.084 million in 2024, a decline of 14.8%[6] - Cash and cash equivalents dropped significantly to $19.808 million in 2025 from $34.393 million in 2024, a decrease of 42.5%[6] - The company’s total liabilities decreased to $1.924 million in 2025 from $234.080 million in 2024, a significant reduction of 99.2%[6] - Trade receivables from third parties decreased significantly from $228,934,000 in 2024 to $1,648,000 in 2025[30] - The company had no trade receivables under factoring arrangements as of December 31, 2025, compared to $126,112,000 in 2024[31] - As of December 31, 2025, the total trade and other payables amounted to $3,024,000, a significant decrease from $129,032,000 in 2024[33] - The company has a total of $1,682,000 in non-current payables related to the sold subsidiary, with no prior year figures reported[33] Revenue Breakdown - Revenue from cross-border digital marketing services was $4.245 million in 2025, down 63.1% from $11.515 million in 2024[14] - Revenue from SaaS-based digital marketing was $1.683 million in 2025, a decrease of 39.8% from $2.796 million in 2024[14] - Revenue decreased by 65.4% from $13.5 million in 2024 to $4.7 million in 2025, primarily due to global economic fluctuations and geopolitical uncertainties[51] - Revenue from standardized digital marketing services fell by 72.6% from $5.6 million in 2024 to $1.5 million in 2025, attributed to the strategic decision to reduce revenue contribution from these services[52] - Revenue from customized digital marketing services decreased by 67.1% from $3.1 million in 2024 to $1.0 million in 2025, driven by significant cuts in digital advertising budgets by clients[52] - Revenue from SaaS-based digital marketing services declined by 39.8% from $2.8 million in 2024 to $1.7 million in 2025, due to client adjustments in response to industry changes[53] Operational Costs - Employee costs, including director remuneration, decreased from $3,637,000 in 2024 to $3,420,000 in 2025, a reduction of 5.97%[20] - Research and development costs were $1,055,000 in 2025, down from $1,221,000 in 2024, a decrease of 13.59%[22] - Marketing expenses decreased from $0.5 million in 2024 to $0.4 million in 2025 due to employee structure optimization[56] - Administrative expenses increased from $4.1 million in 2024 to $4.4 million in 2025, attributed to additional costs from the execution of employee optimization plans[57] Financial Position and Management - As of December 31, 2025, the company had no bank loans, a decrease from $102.6 million as of December 31, 2024, following the completion of a sale that reduced financial resource needs[65] - The debt-to-equity ratio improved significantly from 340.8% as of December 31, 2024, to 7.4% as of December 31, 2025, mainly due to a reduction in borrowings[68] - The company achieved a net cash position as of December 31, 2025, compared to a debt-to-equity ratio of 226.5% as of December 31, 2024, indicating a significant decrease in borrowings[69] - The company has adopted a prudent financial management approach to ensure liquidity for daily operations and capital expenditures[72] Future Plans and Investments - The company plans to upgrade its business and internal management systems, with the expected timeline for implementation also extended to the end of 2028 due to current operational adequacy[78] - The company plans to extend its timeline for enhancing localized services in overseas markets until the end of 2028 to meet growing customer demand for international expansion[79] - The company has not identified any suitable investment opportunities that align with its long-term corporate vision, extending the timeline for seeking strategic partnerships or investment opportunities to the end of 2028[79] - 41.7% of the net proceeds from the IPO are allocated to enhancing the company's R&D capabilities, with an expected timeline for utilization by the end of 2028[77] - The company completed the sale of a subsidiary for $1.95 million on July 31, 2025, which is no longer a subsidiary[74] Governance and Compliance - The company has adopted the corporate governance code and is committed to maintaining high standards of corporate governance practices[83] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2025, confirming consistency with the draft financial statements[86] - The annual general meeting is scheduled for June 16, 2026, with a suspension of share transfer registration from June 11 to June 16, 2026[87] - The annual report for the year ending December 31, 2025, will be published on the company's and the stock exchange's websites in due course[88] - There are no significant post-reporting period events related to the company as of the announcement date[81] - The company and its subsidiaries have not purchased, sold, or redeemed any of its listed securities up to December 31, 2025[82]

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。 BUILD KING HOLDINGS LIMITED （利基控股有限公司）* （於百慕達註冊成立之有限公司） （股份代號：00240） 截至二零二五年十二月三十一日止年度 全年業績公佈 | 財務表現摘要 | | | --- | --- | | 每股權益**增加百分比 | 10% | | 權益 | 2,922,000,000港元 | | 每股權益 | 2.35港元 | | 集團收入 | 13,843,000,000港元 | | 本公司擁有人應佔溢利 | 453,000,000港元 | | 每股末期股息 | 7.0港仙 | | 每股特別股息 | 6.0港仙 | | 權益指本公司擁有人應佔權益 ** | | * 僅供識別 – 1 – 業績 利基控股有限公司（「本公司」）董事會（「董事會」）宣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止年度之經審核綜合業績及於二零二五年十二 月三十一日之綜 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （股份代號：2381） 截至二零二五年十二月三十一日止年度的 年度業績公告 年度業績 （於開曼群島註冊成立之有限公司） 蜆壳電業有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公司及其 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之經審核綜合年 度業績。 1 綜合全面收益表 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 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | 收益 | 4 | 217,822 | 257,278 | | 收益成本 | | (166,445) | (186,203) | | 毛利 | | 51,377 | 71,075 | | 其他收入 | | 7,795 | 6,976 | | 銷售及分銷開支 | | (1,770) | (1,778) | | 行政及其他經營開支 | ...

Financial Performance - Revenue decreased by RMB 137.6 million or 33.8% to RMB 269.6 million for the year ending December 31, 2025, compared to RMB 407.2 million for the previous year[3] - Loss for the year increased by RMB 345.8 million to RMB 437.0 million, attributed to decreased gross profit and increased R&D expenses[4] - The company reported a net loss of RMB 437,003,000 for the year ended December 31, 2025, compared to a net loss of RMB 91,207,000 for the year ended December 31, 2024, indicating a significant increase in losses[81] - The company’s basic and diluted loss per share for 2025 was RMB 0.31, compared to RMB 0.07 in 2024, indicating a significant increase in losses per share[51] - The company reported a pre-tax loss of RMB 423.9 million in 2025 compared to a loss of RMB 91.2 million in 2024[73] - The company’s adjusted loss for the year was RMB 413.0 million, compared to RMB 94.0 million in 2024[80] Revenue Breakdown - Revenue from drug sales was RMB 78,345,000 in 2025, down from RMB 175,100,000 in 2024, representing a decline of 55.3%[60] - Revenue from licensing fees decreased to RMB 167,661,000 in 2025 from RMB 203,986,000 in 2024, a drop of 17.8%[60] - The majority of the company's operations and non-current assets are located in China, with revenue from mainland China at RMB 83,843,000 in 2025, down from RMB 293,355,000 in 2024[62] Expenses - Cost of revenue increased by RMB 51.2 million to RMB 218.3 million, primarily due to inventory write-downs and costs associated with early supply for patient assistance programs[3] - R&D expenses rose by RMB 176.8 million to RMB 311.5 million, mainly due to increased third-party contract costs for clinical trials[4] - Administrative expenses increased by RMB 11.2 million to RMB 89.0 million, primarily due to higher employee costs[4] - Sales and marketing expenses decreased by RMB 50.5 million from RMB 133.8 million in 2024 to RMB 83.3 million in 2025, largely due to a reduction in channel service fees[79] Cash and Liquidity - Cash and cash equivalents and time deposits amounted to RMB 918.7 million as of December 31, 2025[4] - Cash and cash equivalents rose to RMB 753,699,000 in 2025, up from RMB 387,937,000 in 2024, indicating improved liquidity[52] - Total assets less current liabilities increased to RMB 848,145,000 in 2025 from RMB 711,460,000 in 2024, showing growth in the company's asset base[52] Research and Development - The company aims to accelerate clinical development of CS2009 and CS5001 while seeking global partners to expedite the development process[20] - The current R&D pipeline includes 16 candidate drugs, balanced across ADCs, bispecific antibodies, immunotherapies, and precision medicine[23] - Research and development expenses for the year ended December 31, 2025, were RMB 311,504,000, up from RMB 134,657,000 in 2024, reflecting a substantial increase in investment in R&D[82] - Adjusted R&D expenses for 2025 were RMB 299,528,000, compared to RMB 124,661,000 in 2024, highlighting a focus on innovation and product development[82] Strategic Partnerships and Collaborations - The company established strategic partnerships with major industry players, including Pfizer and Sanofi, to enhance its clinical pipeline and commercialization efforts[48] - The company signed an exclusive commercialization agreement for its product PujiHua® with Elysium in November 2023, and a strategic partnership for TaijiHua® with HengRui in July 2024[48] - The company has established multiple new commercial partnerships globally to enhance commercialization efficiency and accelerate market penetration[27] Product Development and Approvals - The company achieved regulatory approval for Sugli monoclonal antibody for the treatment of stage III non-small cell lung cancer in the EU and UK[6] - Sugli monoclonal antibody (anti-PD-L1) has been approved for five indications in China and two in the EU and UK, expanding its global market presence[29] - The company is expanding its therapeutic focus to autoimmune and inflammatory diseases[6] - CS2009 demonstrated a total response rate (ORR) of 40% in non-clear cell renal cell carcinoma (nccRCC) patients and 33.3% in soft tissue sarcoma (STS) patients, indicating broad therapeutic potential across various tumor types[8] Market Expansion - In 2025, CStone plans to expand the global layout of Sugli through partnerships with Ewopharma and Pharmalink, covering over 60 countries and regions[29] - The company is actively pursuing market expansion and new strategies to enhance its competitive position in the biopharmaceutical industry[27] Financial Stability - The debt-to-asset ratio was reported at 54.6% as of December 31, 2025, a decrease from 73.9% as of December 31, 2024, suggesting improved financial stability[88] - The company has no significant investments or acquisitions as of December 31, 2025, indicating a cautious approach to capital allocation[90] Corporate Governance - The audit committee has reviewed the accounting principles and practices adopted by the group, ensuring compliance with relevant accounting standards and regulations for the fiscal year ending December 31, 2025[111] - The board does not recommend the payment of a final dividend for the year ending December 31, 2025 (2024: none)[113]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，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。 新華文軒出版傳媒股份有限公司 XINHUA WINSHARE PUBLISHING AND MEDIA CO., LTD. （於中華人民共和國註冊成立之股份有限公司） （股份代號：811） 截至2025年12月31日止年度業績公告 新華文軒出版傳媒股份有限公司（「本公司」或「公司」）之董事（「董事」）會（「董事 會」）欣然公布本公司及其附屬公司（統稱「本集團」）截至2025年12月31日止年度 （「本年度」或「報告期」）的經審核合併業績。 合併資產負債表 2025年12月31日 人民幣元 | 項目 | 附註 | 2025年12月31日 | 2024年12月31日 | | --- | --- | --- | --- | | 資產 | | | | | 流動資產： | | | | | 貨幣資金 | 5 | 8,813,294,996.91 | 9,179,678,124.68 | | 交易性金融資產 | | ...

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 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。 CENTURY GINWA RETAIL HOLDINGS LIMIT ...

（ 於開曼群島註冊成立之有限公司 ） （股份代號：1587） 截至二零二五年十二月三十一日止年度之 年度業績公告 Shineroad International Holdings Limited 欣融國際控股有限公司 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。 財務摘要 – 1 – ‧ 本集團截至報告年度的收益為人民幣651.5百萬元，相較於二零二四年的 人民幣661.6百萬元減少1.53%。 ‧ 本集團截至報告年度的毛利為人民幣120.9百萬元，相較於二零二四年的 人民幣125.6百萬元減少3.74%。 ‧ 年內溢利及截至報告年度的母公司擁有人年度應佔溢利為人民幣57.6百 萬元，相較於二零二四年的人民幣43.7百萬元增加31.81%。 ‧ 每股基本及攤薄盈利為人民幣0.08元（二零二四年：人民幣0.06元）。 ‧ 董事會建議就截至報告年度派發末期股息每股普通股1.50港仙（相當於約 人民幣1.35分），共10.2百萬港元（相當於約人民幣9.2百 ...

Financial Performance - The company's net profit attributable to shareholders reached HKD 119.6 million, an increase of 36.4% compared to the previous year[5]. - Basic earnings per share were HKD 0.2003, up from HKD 0.1468 in the previous year[6]. - Total revenue increased to HKD 255.5 million from HKD 226.6 million, reflecting a growth of 12.7%[6]. - Operating profit surged to HKD 66.1 million, compared to HKD 8.2 million in the previous year[6]. - Other comprehensive income for the year amounted to HKD 380.6 million, compared to a loss of HKD 276.5 million in the previous year[7]. - Total comprehensive income for the year was HKD 500.2 million, significantly higher than the previous year's loss of HKD 188.8 million[7]. - The company reported a profit of HKD 119,601,000 for the year, up from HKD 87,696,000 in the previous year, reflecting a growth of 36.3%[19]. - The company recorded a profit attributable to shareholders of HKD 119.6 million for 2025, an increase of HKD 31.9 million or 36.4% compared to HKD 87.7 million in 2024[41]. - Basic earnings per share for the year were HKD 0.2003, up HKD 0.0535 from HKD 0.1468 in 2024[48]. Assets and Liabilities - Total assets increased by 6.1% to HKD 9.461 billion[8]. - Total equity attributable to shareholders rose by 6.4% to HKD 8.318 billion[9]. - Total assets rose to HKD 9,461,377,000 in 2025 compared to HKD 8,915,071,000 in 2024, marking an increase of 6.1%[19]. - The total liabilities remained stable at HKD 1,143,046,000 in 2025 compared to HKD 1,096,924,000 in 2024[19]. - The total amount of loans with credit impairment increased slightly to HKD 160,845,000 in 2025 from HKD 159,271,000 in 2024, a rise of 1%[32]. - The total borrowings as of December 31, 2025, amounted to HKD 864.61 million, a 3.4% increase from HKD 836.50 million at the end of 2024[63]. - The total liabilities to equity ratio was 13.7% as of December 31, 2025, slightly down from 14.0% in 2024[67]. Revenue Streams - Insurance revenue for the year was HKD 196.6 million, up from HKD 187.4 million[6]. - External customer revenue increased to HKD 255,454,000 in 2025 from HKD 226,605,000 in 2024, representing a growth of 12.7%[19]. - Revenue from investment associates was HKD 6,690,945,000 in 2025, up from HKD 6,360,035,000 in 2024, indicating an increase of 5.2%[21]. - The insurance subsidiary recorded an insurance income of HKD 196.63 million in 2025, an increase of 4.9% from HKD 187.38 million in 2024[55]. - The insurance segment reported a profit of HKD 26.76 million for 2025, an increase of 24.9% from HKD 21.42 million in 2024, primarily due to increased premium income[44]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.08 per share[5]. - The company proposed a final dividend of HKD 0.08 per share for the year ended December 31, 2025, totaling HKD 47,780,580.16, compared to no dividend in 2024[37]. Segment Performance - The company reports its segments based on operational decision-making, including Financial Services, Insurance, Property Investment, and Strategic Investments[15][16][17]. - The Financial Services segment includes operations through Xiamen International Bank and its subsidiaries, operating in mainland China, Hong Kong, and Macau[16]. - The Insurance segment encompasses general insurance operations in Hong Kong and Macau[16]. - The Property Investment segment focuses on leasing premium office spaces in mainland China[16]. - The company monitors segment performance based on revenue directly attributable to each segment, with all direct expenses classified accordingly[18]. Financial Management and Strategy - The company has adopted the revised HKFRS accounting standards, specifically HKAS 21, which does not significantly impact the financial performance or position in the current or prior periods[13]. - The new HKFRS 18 will replace HKAS 1 and is expected to affect the structure and presentation of the consolidated income statement, with initial application not having a significant impact on financial performance[14]. - The company maintained a cautious financial management strategy to ensure a healthy financial position[61]. - The company plans to continue integrating resources and leveraging cross-border business advantages to achieve sustainable and reasonable value growth in the banking sector[44]. Risks and Uncertainties - The group faces various risks and uncertainties that may impact its business, financial condition, and performance[76]. - The group's operations are subject to multiple insurance and financial risks, including market risks (foreign exchange, price, and interest rate risks), credit risk, and liquidity risk[77]. - Growth is dependent on macroeconomic factors affecting mainland China, Hong Kong, and Macau, including GDP growth and credit policy changes[78]. - The insurance market in Hong Kong and Macau is heavily regulated, which may limit the group's insurance business and require significant resources for compliance[79]. Corporate Governance - The board believes the company has complied with all applicable corporate governance codes throughout the year ending December 31, 2025[83]. - The company has adopted a set of trading guidelines for directors that meet or exceed the standards set out in the Listing Rules[84]. - The public float of the company was restored to approximately 25.03% after a sale of 3,800,000 shares, meeting the minimum requirement of 25%[85].

Financial Performance - Revenue for the year was RMB 219.0 million, a decrease of 7.3% compared to RMB 236.2 million in 2024[5]. - Loss attributable to equity shareholders for the year was RMB 28.8 million, an increase of 31.2% from RMB 22.0 million in 2024[5]. - Gross profit margin decreased to 26.7%, down approximately 9 percentage points from 35.5% in 2024[5]. - Basic loss per share was RMB 0.11, an increase of RMB 0.03 from RMB 0.08 in 2024[5]. - The company reported a net loss of RMB 47.9 million for the year, compared to a net loss of RMB 33.9 million in 2024[6]. - Total reported segment revenue decreased to RMB 218,979,000 in 2025 from RMB 236,168,000 in 2024, representing a decline of approximately 7.3%[22]. - Reported segment profit (EBITDA) for 2025 was RMB 115,902,000, compared to RMB 126,189,000 in 2024, reflecting a decrease of about 8.9%[22]. - The gross profit for 2025 was RMB 58.6 million, down 30.1% from RMB 83.8 million in 2024, with a gross margin of 26.7%, a decline of approximately 9 percentage points[52]. - The pre-tax loss of RMB 47,617,000 in 2025, compared to a loss of RMB 30,384,000 in 2024, indicating a worsening of approximately 56.7%[22]. Assets and Liabilities - Total assets less current liabilities amounted to RMB 1,773.1 million, down from RMB 2,108.4 million in 2024[8]. - Current liabilities exceeded current assets by RMB 36.3 million as of December 31, 2025[10]. - Shareholders' equity declined from RMB 469.7 million in 2024 to RMB 440.9 million in 2025, primarily due to a loss of RMB 28.8 million during the year[56]. - As of December 31, 2025, the group had cash and cash equivalents totaling RMB 7.9 million, a decrease of RMB 312.4 million from RMB 320.3 million in 2024, influenced by increased trade deposits and repayments of bank loans[57]. Cost Management - The company is implementing cost control measures to achieve profitability and positive cash flow operations[11]. - Financial costs for 2025 were RMB 62,220,000, down from RMB 85,876,000 in 2024, indicating a reduction of about 27.5%[24]. - Employee costs totaled RMB 20,966,000 in 2025, a decrease from RMB 23,488,000 in 2024, representing a decline of approximately 10.7%[25]. - The company’s employee costs decreased to RMB 11,515,000 in 2025 from RMB 15,105,000 in 2024, a decline of approximately 23.5%[28]. - The sales cost for 2025 was RMB 160.4 million, an increase of RMB 8 million from RMB 152.4 million in 2024, primarily due to increased depreciation from the production line at the Gaolushan Phase II project[53]. Revenue Sources - Customer contract revenue for aggregate products and others reached RMB 218,882,000 in 2025, a slight increase from RMB 215,545,000 in 2024[14]. - Concrete product sales generated revenue of RMB 97,000 in 2025, down from RMB 20,623,000 in 2024[21]. - Sales of aggregate products and others amounted to RMB 218.9 million in 2025, an increase of 1.6% from RMB 215.5 million in 2024, driven by a 10.4% increase in sales volume[50]. - The average selling price of aggregate products decreased by 8.0% from RMB 46.5 per ton in 2024 to RMB 42.8 per ton in 2025[50]. Operational Developments - The company is actively negotiating with a financial institution to secure new financing to meet production and operational needs[11]. - The company will seek other potential businesses to generate positive cash flow[11]. - The company provided approximately 900,000 tons of aggregate products for various highway projects in 2025, supporting infrastructure development in the Anhui region[39]. - The company completed the land change approval process for the second phase of the Gaoloushan expansion project in 2025, ensuring policy support for normal mining operations[39]. - In 2025, the group initiated railway transportation sales for gravel, signing agreements with two railway transport customers for a total sales volume of no less than 750,000 tons[40]. - The group aims to enhance its core competitiveness by addressing financing, talent, and market expansion challenges as outlined in the revised policies for high-quality development in the construction industry[43]. Future Plans - The group plans to produce 5.5 million tons of aggregate products in 2026, focusing on market demand in Huai Bei City and surrounding areas[63]. - The group aims to become the exclusive supplier of aggregates for key infrastructure projects, including the S61 Huai Yong Expressway, by collaborating with contractors and suppliers[63]. - The group will explore optimal road-rail intermodal transport modes to expand sales reach to areas previously limited by distance[63]. Governance and Shareholder Information - The board proposed not to distribute dividends for the year ending December 31, 2025[73]. - The annual general meeting of shareholders is scheduled for May 28, 2026[74]. - Share transfer registration will be suspended from April 28, 2026, to May 28, 2026, to determine shareholder voting rights[75]. - Shareholders must submit transfer documents by April 27, 2026, at 4:30 PM to be eligible to vote at the meeting[75]. - The record date for determining shareholder eligibility to attend and vote at the annual general meeting is May 28, 2026[75]. - The board of directors includes Chairman Liu Yong and other executive directors Qin Jiapeng, Mao Hongxian, and Yao Minglei[76]. - Independent non-executive directors include Gao Wei, Liu Chaotian, and Xing Mengwei[76].

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 283.7 million, an increase of 79.3% compared to RMB 158.2 million for the year ended December 31, 2024, primarily driven by sales of the commercialized product, Benaoda®, and non-exclusive licensing income from Juno[3]. - Gross profit increased by 123.9% to RMB 173.1 million for the year ended December 31, 2025, from RMB 77.3 million for the year ended December 31, 2024, with a gross margin on product sales rising from 48.9% to 50.9%[4]. - Adjusted loss for the year ended December 31, 2025, was RMB 233.0 million, a reduction of RMB 172.5 million from RMB 405.5 million for the year ended December 31, 2024, driven by increased total revenue and gross profit[5]. - The company reported a net loss of RMB 555.3 million for the fiscal year ending December 31, 2025, compared to a net loss of RMB 590.6 million in the previous year[56]. - The total loss for the year was RMB 555.3 million, slightly improved from a loss of RMB 590.6 million in 2024[93]. - The net loss for the year ending December 31, 2025, was RMB 555.3 million, a decrease from RMB 590.6 million in 2024, driven by increased revenue from product sales and reduced general and administrative expenses[75]. Expenses and Cost Management - Sales expenses for the year ended December 31, 2025, were RMB 154.3 million, accounting for 70.5% of product revenue, down from 88.7% in the previous year, reflecting improved commercial sales efficiency[4]. - General and administrative expenses decreased by 34.6% to RMB 78.5 million for the year ended December 31, 2025, from RMB 120.1 million for the year ended December 31, 2024, due to organizational streamlining[4]. - Research and development expenses decreased by 33.4% to RMB 188.4 million for the year ended December 31, 2025, from RMB 283.0 million for the year ended December 31, 2024, as a result of enhanced operational efficiency and prioritization of strategic pipelines[4]. - Total compensation costs for the year were RMB 159.6 million, down from RMB 227.7 million in 2024, indicating cost control measures[90]. - The company achieved a 45.7% reduction in general and administrative expenses and a 23.2% reduction in sales expenses for the six months ending June 30, 2025, compared to the same period in 2024[135]. Product Development and Pipeline - The company continues to advance its clinical research pipeline with 15 ongoing clinical studies and has submitted one supplemental new drug application and five post-marketing supplemental applications[6]. - The company received breakthrough therapy designation for Beiduo Da® for r/r LBCL patients in January 2025 and submitted a supplemental new drug application (sNDA) in May 2025, which is currently under review by the CDE[8]. - The company initiated a clinical development program for a TCR-T cell therapy targeting MAGE-A4 in the first half of 2024, following a licensing agreement with 2seventy bio, Inc[13]. - The company is focused on expanding clinical development for Beinuoda® in blood malignancies and advancing multiple projects targeting solid tumors[26]. - The product pipeline includes differentiated cell immunotherapy targeting hematologic malignancies, solid tumors, and autoimmune diseases, with significant progress expected by 2025[30]. - The R&D team is actively designing innovative pipeline products, including JWCAR201, a dual-target CAR-T cell therapy aimed at B-cell malignancies and autoimmune diseases[134]. Market and Commercialization - The company successfully entered the national commercial health insurance innovative drug catalog for Benaoda® on December 7, 2025, enhancing patient accessibility in the future market[6]. - The company has established a strong commercialization team responsible for the marketing of Beinuoda® in China, including sales, market access, and innovative payment teams[27]. - The company aims to maximize the commercial potential of its approved drugs and local production capabilities over the next twelve months[20]. - The company is focused on advancing its innovative pipeline products for hematologic malignancies, solid tumors, and autoimmune diseases, aiming for global commercialization[15]. - The commercialization of relma-cel for LBCL, r/r FL, and r/r MCL has been initiated, with a new drug application for a second-line treatment expected to be submitted by May 2025[133]. Collaborations and Licensing - The company entered into a licensing agreement with Juno, with a total consideration not exceeding $10 million, to grant rights related to JW sLVV production technology[19]. - A strategic collaboration agreement with Regeneron was amended, allowing Regeneron to fund several development activities related to the MAGE-A4 product, with potential total consideration of up to $50 million[19]. - The company has established a strategic alliance with 2seventy bio for the development and commercialization of a cell therapy product targeting MAGE-A4, with patient enrollment for the IIT expected to start in Q1 2024[134]. Financial Position and Assets - Cash and cash equivalents as of December 31, 2025, were RMB 503.1 million, down from RMB 757.4 million as of December 31, 2024, with a net cash outflow of RMB 254.3 million during the year[7]. - Total current assets as of December 31, 2025, were RMB 570.3 million, down from RMB 808.7 million in 2024, while total assets decreased from RMB 1,680.4 million to RMB 986.9 million[80]. - Total liabilities decreased from RMB 511.2 million in 2024 to RMB 430.6 million in 2025, with current liabilities also declining from RMB 465.1 million to RMB 394.4 million[80]. - The company reported unsecured bank loans of RMB 236,096 thousand as of December 31, 2025, a decrease from RMB 381,134 thousand in 2024, reflecting a reduction in debt levels[125]. Governance and Compliance - Liu was appointed as Chairman and CEO on March 13, 2025, ensuring unified leadership and effective strategy execution[141]. - The board consists of one executive director, four non-executive directors, and three independent non-executive directors, providing a balanced structure for shareholder protection[141]. - An audit committee has been established, chaired by an independent non-executive director, to monitor compliance with applicable laws and regulations[145]. - Deloitte has verified that the financial figures in the preliminary announcement align with the audited consolidated financial statements for the year ending December 31, 2025[146].