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 | 附 | 註 | 千港元 | 千港元 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收 | 益 | 367,445 | 351,375 | 3 | 其他收入淨額 | 1,315 | 3,945 | | | | 僱員福利開支 | (66,063) | (65,727) | 物業、廠房及設備及使用權資產折舊 | (42,866) | (44,271) | | | | | | 分包開支 | (34,507) | (32,717) | 租賃物業的經營租約租金 | (720) | (1,365) | | | | | | 廠房、機械及設備的經營租約租金 | (638) | (906) | 售出產品的成本 | (185,076) | (171,049) | | | | | | 其他開支 | (16,212) | (14,391) | | | | | | | | | 經營溢利 | 22,678 | 24,894 | 融資成本 | ...

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 488,852,000, an increase of 16.5% from HKD 419,112,000 in 2024[2] - Revenue from contracts with customers reached HKD 445,862,000, up 18.5% from HKD 375,960,000 in the previous year[11] - The company reported a pre-tax loss of HKD 8,949,000, an improvement from a loss of HKD 12,221,000 in 2024[2] - The total comprehensive income for the year was HKD 7,283,000, compared to a loss of HKD 33,173,000 in 2024[3] - Basic loss per share remained at HKD 0.04 for both 2025 and 2024[3] - The company recorded a loss attributable to owners of approximately HKD 13,410,000 for the year ended December 31, 2025, a decrease from a loss of HKD 14,100,000 in the previous year, primarily due to increased customer contract revenue and other income[24] Assets and Liabilities - Non-current assets decreased to HKD 978,783,000 from HKD 1,090,836,000 in 2024, a decline of 10.3%[4] - Current assets increased to HKD 1,056,394,000, up from HKD 916,897,000 in 2024, representing a growth of 15.2%[4] - Total liabilities increased slightly to HKD 589,909,000 from HKD 564,493,000 in 2024[5] - The company’s equity attributable to owners decreased to HKD 1,406,496,000 from HKD 1,412,690,000 in 2024[5] Revenue Segmentation - Total segment revenue for 2025 reached HK$488,852,000, a 16.6% increase from HK$419,112,000 in 2024[12] - The electroplating equipment segment generated revenue of HK$445,862,000, up 18.5% from HK$375,960,000 in the previous year[12] - Property investment segment reported a loss of HK$99,678,000 in 2025, worsening from a loss of HK$61,537,000 in 2024[12] - Revenue from customer contracts for the period was approximately HKD 445,862,000, representing an 18.6% increase compared to the previous year, with 76.4% of revenue coming from the printed circuit board business[26] Income and Expenses - Other income and losses totaled HK$35,536,000 in 2025, significantly up from HK$5,663,000 in 2024[13] - Financial costs decreased to HK$1,012,000 in 2025 from HK$1,470,000 in 2024, reflecting a reduction in bank loan interest[14] - The company reported a total tax expense of HK$4,561,000 in 2025, compared to a tax benefit of HK$1,434,000 in 2024[15] - Sales and distribution costs increased by 14.9% compared to the previous year, primarily due to higher sales activities and personnel-related costs[37] - Administrative expenses decreased by 0.7% compared to the previous year, mainly due to a reduction in routine administrative costs[38] Investment and Market Strategy - The company is engaged in the development of plating equipment and property investment, focusing on enhancing its service offerings and market presence[7] - The company aims to maintain a low-risk preference while seeking suitable investment opportunities to enhance returns on idle cash resources[53] - The group’s investment strategy focuses on a balanced approach to explore favorable short-term and long-term investments, aiming for a diversified portfolio[56] - The group has adopted a cautious approach to investments due to uneven global economic growth and geopolitical tensions, preferring to hold more liquid assets[85] Foreign Exchange and Taxation - The company reported a 2.53% appreciation of the Renminbi during the review period, positively impacting its financials[98] - The company has no foreign currency hedging policies in place but will continue to monitor foreign exchange risks[98] - Estimated tax expenses related to deferred consideration were approximately HKD 2,947,000, down from HKD 4,015,000 in the previous period[45] Employee and Corporate Governance - The company employed a total of 331 employees as of December 31, 2025, an increase from 327 employees a year earlier[103] - The audit committee reviewed the financial statements for the fiscal year ending December 31, 2025, and the interim results for the six months ending June 30, 2025[111] - The company confirmed compliance with the standards set forth in the securities trading code during the fiscal year ending December 31, 2025[115] Shareholder Information - The board proposed a final dividend of HKD 0.02 per share for the review period, consistent with the previous year[104] - The company will hold its annual general meeting on June 26, 2026, to determine shareholder attendance and voting eligibility[122] - The company will announce its annual results and annual report for the fiscal year ending December 31, 2025, on March 26, 2026[123]

Financial Performance - Total value of new contracts signed and supplementary contracts for the year was HKD 382,806,000, an increase of 16.6% compared to HKD 328,379,000 in 2024[4] - Annual revenue was HKD 364,533,000, down 9.2% from HKD 401,303,000 in 2024[4] - Annual profit was HKD 27,131,000, compared to a loss of HKD 14,419,000 in 2024[4] - Basic and diluted earnings per share were HKD 0.0656, compared to a loss of HKD 0.0403 in 2024[6] - Total comprehensive income for the year was HKD 32,499,000, compared to a loss of HKD 18,932,000 in 2024[6] - The group's total revenue for 2025 was HKD 364,533,000, a decrease of 9.15% from HKD 401,303,000 in 2024[13] - The group reported a total tax expense of HKD 2,561,000 for 2025, compared to a tax credit of HKD 885,000 in 2024[22] - For the fiscal year ending December 31, 2025, the company reported a profit attributable to shareholders of HKD 26,427,000, compared to a loss of HKD 14,851,000 in 2024[24] Assets and Liabilities - Non-current assets totaled HKD 214,965,000, an increase from HKD 151,450,000 in 2024[7] - Current assets amounted to HKD 460,783,000, slightly down from HKD 468,435,000 in 2024[7] - Total liabilities were HKD 229,155,000, compared to HKD 220,822,000 in 2024[7] - Equity attributable to owners of the company was HKD 441,978,000, up from HKD 396,407,000 in 2024[7] - Trade receivables increased to HKD 150,151,000 in 2025 from HKD 143,694,000 in 2024, with a total impairment of HKD 151,703,000[26] - Trade payables amounted to HKD 32,601,000 in 2025, compared to HKD 28,984,000 in 2024, with amounts over 90 days at HKD 14,234,000[28] Revenue Breakdown - Revenue from architectural design services was HKD 326,886,000 in 2025, down from HKD 355,595,000 in 2024, representing a decline of 8.08%[13] - Revenue from landscape design, urban planning, interior design, and heritage conservation services decreased to HKD 37,647,000 in 2025 from HKD 45,708,000 in 2024, a drop of 17.66%[13] - External customer revenue from Mainland China was HKD 110,922,000 in 2025, down 35.12% from HKD 170,913,000 in 2024[15] - Revenue from mainland China decreased by HKD 59,991,000 (or 35.1%) due to ongoing structural adjustments in the real estate industry[37] - Revenue in Hong Kong showed resilience with a slight decrease of HKD 645,000 (or 0.5%), reflecting the company's strong market position[37] - Strong growth in the Middle East and North Africa region with an increase of HKD 27,818,000 (or 43.0%), confirming the effectiveness of the company's earlier strategic entry into the region[37] Cost Management - The group's financing costs decreased to HKD 5,824,000 in 2025 from HKD 6,913,000 in 2024, a reduction of 15.75%[21] - The group's pre-tax profit for 2025 was significantly impacted by costs, with service costs amounting to HKD 304,891,000 compared to HKD 339,060,000 in 2024[21] - Annual service costs decreased by 10.1% to HKD 304,891,000, attributed to the real estate market slowdown and strict cost control measures[40] - The company reported a 17.4% reduction in employee costs to approximately HKD 229,680,000 for the year, down from HKD 278,110,000 in 2024[64] Strategic Initiatives - The company is strategically investing in green smart building projects to capitalize on market dynamics in key regions including mainland China and Hong Kong[47] - The real estate development market in the Middle East is expected to remain a strategic growth source, supported by ongoing urban investments and the region's appeal to international capital[48] - The company is committed to digital transformation and sustainable development, aiming to create long-term value through innovative project designs and strategic investments[49] Shareholder Information - The company completed a rights issue on June 20, 2025, issuing 144,130,390 shares at a subscription price of HKD 0.10 per share, raising approximately HKD 14,413,000[50] - The net proceeds from the rights issue, after deducting all related expenses, amounted to approximately HKD 13,776,000, with planned uses including business development in the Middle East and North Africa, AI technology platform development, and general working capital[51] - The company did not recommend or declare any final dividends for the fiscal years ending December 31, 2025, and 2024[25] - The company did not declare any final dividends for the year ending December 31, 2025, to retain resources for business development[59] Compliance and Governance - The audit committee has reviewed the financial and accounting policies, internal controls, and governance procedures, confirming that the financial statements comply with applicable accounting standards and have been adequately disclosed[74] - The independent auditor has verified that the consolidated financial statements align with the draft financial reports for the year ending December 31, 2025, although no certification opinion was issued[75] - The annual report for the year ending December 31, 2025, will be sent to shareholders and published on the company's website and the stock exchange's website at an appropriate time[76] Employee and Operational Metrics - The company employed approximately 500 full-time employees as of December 31, 2025, a decrease from 615 in 2024[64] - The current ratio as of December 31, 2025, was 2.11, down from 2.18 in 2024, primarily due to a decrease in net contract assets after impairment[45] - The capital debt ratio decreased to 18.0% from 21.8% in the previous year, indicating improved financial stability[46] - The company has no significant capital commitments or future plans for major investments or capital assets as of December 31, 2025[57] Risk and Compliance Issues - The company has pledged HKD 20,114,000 in bank deposits as collateral for bank financing as of December 31, 2025[60] - The company has provided a performance guarantee of HKD 10,931,000 for certain projects as of December 31, 2025, an increase from HKD 5,939,000 in 2024[61] - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules, with a specific incident reported where an executive director acquired 4,980,000 shares at HKD 0.25 each, increasing his beneficial ownership from 0% to 1.15% of the total issued share capital[70] - The trading by the executive director occurred during a blackout period prior to the announcement of the interim results, constituting a non-compliance event as per the listing rules[71]

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。 S.A.S. Dragon Holdings Limited 時捷集團有限公司 * （於百慕達註冊成立之有限公司） （股份代號：1184） 截至2025年12月31日止年度的年度業績 財務摘要 | | 2025年 | 2024年 | 變動 | | --- | --- | --- | --- | | （港幣百萬元） 收入 | 30,536 | 27,757 | +10.0% | | 本公司擁有人應佔溢利 | | | | | （港幣百萬元） | 556.7 | 501.2 | +11.1% | | 每股基本盈利 （港仙） | 88.96 | 80.09 | +11.1% | | （港仙） 每股股息 | | | | | －建議末期 | 25.00 | 25.00 | | | －已派中期 | 15.00 | 15.00 | | | 總額 | 40.00 | 40.00 | 不變 | 1 | | | 2025年 | ...

（於開曼群島註冊成立的成員有限公司） （股份代號：2295） 截至二零二五年十二月三十一日止年度之 年度業績公告 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。 Maxicity Holdings Limited 豐城控股有限公司 摘 要： – 1 – • 本集團的收入由截至二零二四年十二月三十一日止年度約205.8百萬港 元增加至截至二零二五年十二月三十一日止年度約238.6百 萬 港 元，增 幅 約32.8百萬港元或15.9%。 • 年內溢利及全面收益總額約為12.6百 萬 港 元，較 截 至 二 零 二 四 年 十 二 月 三十一日止年度的8.7百萬港元增加約3.9百萬港元或44.2%。 • 董事會不建議宣派及支付截至二零二五年十二月三十一日止年度的末 期 股 息（二 零 二 四 年：無）。 豐 城 控 股 有 限 公 司（「 ...

Financial Performance - The group's revenue for the year ended December 31, 2025, was approximately RMB 632.8 million, a decrease of about RMB 12.9 million or 2.0% compared to the previous year[3]. - The cost of sales for the same period was approximately RMB 548.6 million, down by about RMB 20.1 million compared to the previous year[3]. - Gross profit increased to approximately RMB 84.1 million, an increase of about 7.2 million or 9.4% year-on-year[3]. - The group recorded a net loss of approximately RMB 236.4 million for the year, an improvement from a net loss of RMB 289.6 million in the previous year[3]. - Basic loss per share attributable to equity holders was RMB 0.14, compared to RMB 0.18 in the previous year[3]. - The company reported a pre-tax loss of RMB 236,390,000 for the year ended December 31, 2025, compared to a loss of RMB 289,621,000 in 2024, representing a 18.4% improvement year-over-year[22]. - The group recorded a post-tax loss of approximately RMB 236.4 million, an improvement from a post-tax loss of RMB 289.6 million in the same period last year[58]. Assets and Liabilities - Non-current assets decreased to RMB 1,112.5 million from RMB 1,492.0 million in the previous year[5]. - Current assets increased to RMB 493.4 million from RMB 365.8 million in the previous year[5]. - Total liabilities increased to RMB 924.1 million from RMB 900.6 million in the previous year[6]. - The group's net asset value decreased to RMB 454.8 million from RMB 687.6 million in the previous year[6]. - The group reported that current liabilities exceeded current assets by approximately RMB 430,684,000[11]. - The company's cash and cash equivalents balance as of December 31, 2025, was approximately RMB 37.1 million, an increase of about RMB 2.5 million compared to the previous year[64]. - The group's bank loans as of December 31, 2025, amounted to RMB 869.0 million, a decrease of RMB 3.0 million or 0.3% compared to the end of the previous year[64]. Revenue Breakdown - Revenue from iron concentrate for 2025 was RMB 552,359,000, a decrease of 6.3% from RMB 589,799,000 in 2024[14]. - Revenue from sand and gravel aggregates increased significantly to RMB 80,424,000 in 2025 from RMB 55,860,000 in 2024, representing a growth of 43.9%[14]. - Total revenue for 2025 was RMB 632,783,000, down from RMB 645,659,000 in 2024, indicating a decline of 2.0%[14]. - The iron ore business recorded revenue of approximately RMB 552.4 million, a decrease of about 6.3% year-on-year[33]. - Revenue from the aggregate business was approximately RMB 804 million, representing an increase of about 43.8% year-on-year[41]. Operational Efficiency - Total employee costs decreased to RMB 66,759,000 in 2025 from RMB 74,504,000 in 2024, a reduction of approximately 10.4%[20]. - The average unit cash operating cost for iron concentrate was RMB 608.6 per ton, down approximately 8.1% from RMB 662.2 per ton in the previous year[39]. - The average mining cost decreased by 9.4% to RMB 276.3 per ton, while management expenses dropped by 28.8% to RMB 64.9 per ton[39]. - The group emphasized cost control and customer maintenance to mitigate the negative impacts of industry cyclicality and market price fluctuations[30]. Future Outlook - The company maintains a cautiously optimistic outlook for 2026, anticipating a gradual easing of global iron ore supply and a downward price trend, with downstream demand expected to provide structural support[71]. - In the iron ore business, the company plans to optimize product structure and enhance mining efficiency and cost control to improve product quality and customer stability, aiming to consolidate regional market share[71]. - The sand and gravel aggregate business is expected to benefit from the concentrated implementation of key projects in the Beijing-Tianjin-Hebei region, with stable demand supported by infrastructure and urban renewal projects[72]. - The company plans to closely monitor regional demand changes and market price trends, adjusting sales strategies flexibly while deepening its core market presence in Beijing-Tianjin-Hebei and Xiong'an New Area[73]. Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance and has complied with the corporate governance code throughout the reporting period[78]. - The board does not recommend the payment of a dividend for the year ending December 31, 2025, consistent with the previous year[75]. - The company has not engaged in the purchase, sale, or redemption of any listed securities during the year ending December 31, 2025[76]. Risk Management - The company continues to face various operational risks, including macroeconomic fluctuations and market price volatility, which could adversely affect financial performance[31]. - The company is committed to identifying and managing potential risks through improved internal control processes[31]. - The company faced significant uncertainty regarding its ability to continue as a going concern, with current liabilities exceeding current assets by approximately RMB 430,684,000 as of December 31, 2025[28]. Capital Expenditures - The company incurred capital expenditures of approximately RMB 26,148,000 for property, plant, and equipment in 2025, significantly higher than RMB 11,212,000 in 2024[23]. - The group's total capital expenditure was approximately RMB 63.9 million, which includes the acquisition of property, plant, equipment, construction in progress, and intangible assets[66].

Financial Performance - The Group's revenue increased by 0.4% to approximately RMB 27.9 billion in 2025, driven by growth in the animal nutrition segment [3]. - Gross profit rose by 8.4% to approximately RMB 5.5 billion in 2025, mainly due to higher contributions from food additive and animal nutrition segments [3]. - Profit attributable to shareholders reached approximately RMB 2.5 billion, reflecting a 6.6% increase compared to 2024 [3]. - Basic earnings per share increased to RMB 98.33 cents in 2025 from RMB 91.86 cents in 2024 [5]. - Total revenue for 2025 reached RMB 27,879,194,000, an increase from RMB 27,757,310,000 in 2024, representing a growth of approximately 0.44% [42]. - Other income for 2025 totaled RMB 482,936,000, compared to RMB 297,437,000 in 2024, marking an increase of approximately 62% [50]. - Finance income for 2025 was RMB 532,526,000, an increase from RMB 498,661,000 in 2024, driven by higher interest income from bank deposits [59]. - Finance costs rose to RMB 272,580,000 in 2025 from RMB 220,971,000 in 2024, primarily due to increased interest expenses on bank borrowings [59]. - Profit before income tax expense for 2025 is RMB 2,996,096,000, up from RMB 2,837,031,000 in 2024, indicating an increase of 5.63% [75]. - The total income tax expense for 2025 is RMB 530,868,000, compared to RMB 524,647,000 in 2024, reflecting a growth of 1.43% [75]. Assets and Liabilities - Total assets increased to RMB 43.7 billion in 2025, up from RMB 36.1 billion in 2024 [7]. - Non-current assets rose to RMB 15.4 billion in 2025, compared to RMB 13.6 billion in 2024 [7]. - Current assets grew to RMB 28.3 billion in 2025, up from RMB 22.5 billion in 2024 [7]. - Total equity increased to RMB 19.5 billion in 2025, compared to RMB 18.3 billion in 2024 [7]. - As of December 31, 2025, total liabilities amounted to RMB 24,254,618, an increase from RMB 17,746,842 in 2024, representing a growth of approximately 36.5% [8]. - Current liabilities reached RMB 22,846,715, up from RMB 16,240,497 in 2024, indicating a rise of about 40.5% [8]. - Non-current liabilities decreased to RMB 1,407,903 from RMB 1,506,345, reflecting a decline of approximately 6.5% [8]. - Total equity and liabilities combined were RMB 43,714,724, compared to RMB 36,089,896 in 2024, showing an increase of around 21.2% [8]. - Borrowings surged to RMB 17,445,910 from RMB 11,016,468, representing a significant increase of approximately 58.5% [8]. Segment Performance - Revenue from the food additives segment decreased to RMB 13,389,212,000 in 2025 from RMB 14,365,304,000 in 2024, representing a decline of approximately 6.8% [34][37]. - The animal nutrition segment saw significant growth, with revenue increasing to RMB 10,526,636,000 in 2025 from RMB 8,739,272,000 in 2024, marking an increase of about 20.3% [34][37]. - Revenue of the food additives segment decreased by 6.8% to approximately RMB13,389.2 million in the Year, mainly due to the decrease in the ASP of MSG and sales volume of starch sweeteners [142]. - Revenue of the animal nutrition segment increased by 20.5% to approximately RMB10,526.6 million, with gross profit rising by 23.0% to approximately RMB2,495.2 million [146][147]. Dividends - The Board proposed a final dividend of HK 12.2 cents per share, resulting in a full-year dividend of HK 48.7 cents per share, with a payout ratio of 45% [3]. - Interim dividends paid in 2025 amounted to 835,040 RMB'000, significantly higher than 414,741 RMB'000 in 2024, marking an increase of approximately 101.0% [84]. - Final dividends paid in 2025 totaled 508,352 RMB'000, down from 802,567 RMB'000 in 2024, representing a decrease of about 36.6% [84]. - The proposed final dividend for 2026 is 236,108 RMB'000, equating to 9.4 RMB cents per share, while a special final dividend of 33,099 RMB'000 is proposed, equating to 1.3 RMB cents per share [85]. Taxation - Current income tax for 2025 is RMB 492,363,000, a slight increase from RMB 484,602,000 in 2024, representing a growth of 1.57% [63]. - The effective tax rate for the Group's subsidiaries in the PRC is 25%, with six subsidiaries qualifying for a preferential rate of 15% due to their status as high-tech enterprises [65]. - Research and development tax credits amount to RMB 41,813,000 for 2025, slightly down from RMB 42,857,000 in 2024 [75]. - Withholding tax on dividends from PRC subsidiaries is projected to be RMB 125,000,000 for 2025, an increase from RMB 75,000,000 in 2024 [75]. Market Conditions - The global economic growth is projected at 3.2% for 2025, with China's economy growing by 5.0% in the same year, impacting market conditions [118]. - The average selling price of threonine decreased by 13.3% to approximately RMB9,408 per tonne, while 98% lysine saw a decline of 27.1% to approximately RMB7,939 per tonne [128]. - The average selling price of MSG was approximately RMB6,905 per tonne, a decrease of 10.0% compared to 2024 [122]. - The average selling price of xanthan gum decreased by 21.1% to approximately RMB19,997 per tonne in 2025 [123]. Accounting Standards - The Group plans to adopt new accounting standards, including HKFRS 18, which will impact the presentation of consolidated financial statements starting January 1, 2027 [22]. - The adoption of HKFRS 18 is expected to affect how operating profit is calculated and reported, although it will not impact net profit [25]. - Management is currently assessing the implications of the new standards on the Group's consolidated financial statements [24]. - Significant new disclosures will be required under the new standards, including management-defined performance measures and reconciliations for restated amounts [29].

Financial Performance - The company reported a revenue of RMB 7.53 billion for the year ending December 31, 2025, a decrease of RMB 1.145 billion or 13.20% compared to RMB 8.67 billion in 2024[5]. - Net profit for the year was RMB 536 million, an increase of RMB 8 million or 1.52% from RMB 528 million in the previous year[8]. - The gross profit for the year ended December 31, 2025, was RMB 1.494 billion, down RMB 0.074 billion or 4.72% from RMB 1.568 billion in the previous year, with a gross margin of 19.85%, an increase of 1.77 percentage points from 18.08%[19]. - The company's net profit attributable to shareholders increased to CNY 5,374,878,753.29 in 2025 from CNY 5,011,885,481.00 in 2024, an increase of 7.3%[83]. - The net profit for 2025 is reported at ¥535,716,170.29, an increase from ¥528,284,858.29 in 2024, reflecting a growth of approximately 0.8%[88]. - The total comprehensive income for 2025 is reported at ¥422,468,479.82, a decrease from ¥537,275,847.93 in 2024, reflecting a decline of approximately 21.4%[89]. - The company recorded a total of RMB 148,420,979.57 in asset impairment losses, an increase from RMB 116,966,568.18 in the previous period[130]. - The company plans to distribute a cash dividend of RMB 0.1077 per share, totaling RMB 145,251,759.00 based on a total share capital of 1,348,670,000 shares[132]. Revenue Breakdown - The design, surveying, and consulting business generated RMB 4.09 billion, accounting for 54.32% of total revenue, while the engineering contracting business contributed RMB 3.44 billion, making up 45.68%[5]. - The engineering contracting segment saw a revenue drop of RMB 8.42 billion or 19.67%, down from RMB 4.28 billion in 2024[17]. - The design, surveying, and consulting segment's revenue decreased by RMB 3.03 billion or 6.90%, from RMB 4.39 billion in 2024[16]. - The engineering contracting segment generated revenue of RMB 3,438,340,816.21, down 19.7% from RMB 4,279,584,648.66 in the previous period[126]. - The design, surveying, and consulting segment reported revenue of RMB 4,088,965,687.41, a decrease of 6.9% from RMB 4,392,106,607.47 in the previous period[126]. Assets and Liabilities - Total assets as of December 31, 2025, were RMB 24.19 billion, a slight decrease from RMB 24.54 billion in 2024[7]. - Total liabilities decreased to RMB 15.97 billion from RMB 16.61 billion in the previous year[7]. - The group's total borrowings as of December 31, 2025, amounted to RMB 6.452 billion, with a debt-to-equity ratio of 78.52%[37]. - The total assets of the company were CNY 24,187,112,965.09 in 2025, down from CNY 24,541,925,253.79 in 2024, a decrease of 1.4%[80]. - The total liabilities at the end of the year were not explicitly stated but can be inferred from the equity and asset totals, indicating a balanced financial structure[95]. Operational Efficiency - The group's operating costs for the year ended December 31, 2025, were RMB 6.033 billion, a decrease of RMB 1.071 billion or 15.08% compared to RMB 7.104 billion in the previous year[18]. - The group's cash flow from operating activities for the year ended December 31, 2025, was RMB 307.66 million, significantly lower than RMB 683.88 million in the previous year[31]. - The company's cash and cash equivalents decreased to CNY 2,640,047,828.05 in 2025 from CNY 3,156,509,037.14 in 2024, a decline of 16.3%[79]. - The total current liabilities decreased to CNY 10,491,507,152.32 in 2025 from CNY 11,061,007,358.63 in 2024, a reduction of 5.2%[81]. - The total balance of completed but unbilled assets increased to ¥5,465,283,215.91, up from ¥5,028,141,510.75, reflecting a growth of approximately 8.7%[121]. Employee and Management - The group has approximately 4,542 employees as of December 31, 2025, a decrease of 4% compared to the previous year[50]. - 94% of the employees hold a bachelor's degree or higher, with 45% holding senior professional titles, an increase of 2% from the previous year[50]. - The group's management expenses for the year ended December 31, 2025, were RMB 458.25 million, a decrease of RMB 51.16 million or 10.04% from RMB 509.41 million in the previous year[22]. Strategic Initiatives - The company aims to focus on high-quality development and has made progress towards achieving its "14th Five-Year Plan" objectives[8]. - The company has expanded its international business, securing new contracts in regions including Hong Kong, Singapore, and Kazakhstan, with new contract values exceeding RMB 100 million[15]. - The company aims to enhance its engineering general contracting capabilities while focusing on the Beijing market and expanding into high-potential sectors such as energy and digitalization[46][49]. - The group plans to push for technological industrialization, focusing on smart equipment and AI digital products to meet market demands[47]. - The company is committed to deepening management innovation and enhancing internal capabilities to support high-quality development[48]. Market Outlook - The market outlook includes significant infrastructure upgrades and urban renewal initiatives driven by national policies from 2024 to 2027[53][54]. - The urban rail transit industry is shifting towards high-quality development, with a focus on operational efficiency and technological innovation, while the new construction market continues to contract[56]. - Future market opportunities are concentrated in core urban areas such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau, particularly in network improvement and upgrades[63]. - The government has introduced significant policies to support the industrialization of rail transit, emphasizing the integration of technology and industry innovation[65]. Accounting and Reporting - The company plans to adopt Chinese accounting standards starting from the fiscal year ending December 31, 2025, which involves adjustments in financial reporting[136]. - The adjustments related to safety production costs will result in a net profit transfer of RMB 11.42 million for the year 2025[136]. - The company reported operational tax and additional charges of RMB 21.03 million that were deducted from revenue under Chinese accounting standards[137]. - The net assets remain unchanged despite the adjustments made for the conversion of accounting standards[138].

Financial Performance - Revenue for the year was RMB 4,315.9 million, a decrease of 61.8% compared to 2024[3] - Gross loss was RMB 746.5 million, with a gross loss margin of 17.3%[3] - Net loss for the year was RMB 4,847.3 million, compared to a net loss of RMB 5,525.6 million in 2024[2] - The group recorded a net loss of approximately RMB 4,847,260,000 for the year ending December 31, 2025[10] - Total revenue for the year ending December 31, 2025, was RMB 4,315,872,000, with external sales from property development contributing RMB 4,059,052,000[31] - The company reported a total segment loss of RMB 3,070,432,000, with property development and management services incurring a loss of RMB 2,873,776,000[31] - The company reported a pre-tax loss of RMB 5,099,215 for the year ending December 31, 2024[32] - The pre-tax loss from continuing operations for 2025 was RMB 4,491,272 thousand, a decrease from RMB 5,099,215 thousand in 2024, representing an improvement of approximately 12%[49] - The total financing costs for 2025 amounted to RMB 1,323,628 thousand, down from RMB 1,615,576 thousand in 2024, indicating a reduction of about 18%[45] - The total tax expense for 2025 was RMB 355,988 thousand, a decrease from RMB 426,346 thousand in 2024, showing a reduction of around 17%[48] Assets and Liabilities - Total non-current assets decreased to RMB 17,718.6 million from RMB 19,394.8 million in 2024[5] - Current assets decreased to RMB 32,895.8 million from RMB 40,610.5 million in 2024[6] - Total current liabilities decreased to RMB 43,383.0 million from RMB 46,866.1 million in 2024[6] - The net asset value dropped to RMB 1,991.3 million from RMB 7,173.7 million in 2024[6] - Total assets amounted to RMB 50,614,411,000, with segment assets from property development at RMB 36,587,848,000[31] - Total liabilities were RMB 48,623,152,000, with segment liabilities from property development at RMB 46,408,918,000[31] - As of December 31, 2025, the group's current liabilities exceeded its current assets by approximately RMB 10,487,149,000[10] - The group had cash and cash equivalents of only RMB 208,985,000 as of December 31, 2025[10] - The group's net debt ratio was approximately 1,003.0% as of December 31, 2025, compared to 277.5% a year earlier, with a debt-to-asset ratio of approximately 96.1%[92] Operational Strategy - A business strategy focused on accelerating property sales has been developed[17] - The group aims to expedite the recovery of outstanding sales proceeds and effectively control costs and expenses[17] - The company is actively seeking alternative financing and loans to meet existing financial obligations and future operational and capital expenditures[12] - The board has implemented several plans and measures to improve liquidity and financial condition, including negotiating with banks for loan repayment extensions[12] - The company is focusing on high-quality development and model transformation, responding to policy directions and market restructuring[59] - The company aims to enhance its portfolio through strategic acquisitions and new developments in key urban areas[69] Market Conditions - The real estate market saw a decline in new residential sales area by 8.7% in 2025 compared to 2024, reflecting ongoing adjustments in the sector[58] - The company is committed to "ensuring delivery and stabilizing quality," aligning with government policies aimed at stabilizing the housing market[60][59] - The average sales price in key regions varied significantly, with Nanjing at RMB 22,298 per square meter and Chongqing at RMB 99,578 per square meter, highlighting regional disparities[65] Project Development - The total land reserve as of December 31, 2025, was approximately 7,050,136 square meters, with 2,617,026 square meters of completed properties and 3,397,841 square meters under development[66] - The company is focusing on expanding its market presence in Jiangsu province, with multiple projects in cities like Nanjing and Huai'an[69] - The company is developing new projects such as "Nanjing Qinhai City East" with a land area of 66,057 square meters, which includes 27,517 square meters of rental space[70] Governance and Compliance - The audit committee has confirmed compliance with all applicable accounting principles and standards during the reporting period[114] - The company has adopted corporate governance codes to ensure high standards of corporate governance[109] - The board does not recommend any dividend payment for the year ending December 31, 2025[105] Employee and Customer Relations - The group aims to enhance customer service by improving the complaint handling process and after-sales maintenance services[98] - The group emphasizes a multi-level employee growth and incentive system to enhance professional capabilities and overall quality[97] - As of December 31, 2025, the group has 506 employees, with 432 in real estate development and 74 in commercial operations[102]

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 1,094,931,000, representing a 14% increase from RMB 959,273,000 in 2024[3] - Gross profit for the same period was RMB 774,093,000, up 12% from RMB 692,047,000 in 2024[4] - Profit attributable to equity holders of the parent company surged 144% to RMB 81,587,000, compared to RMB 33,464,000 in 2024[4] - Basic earnings per share increased by 145% to RMB 0.255 from RMB 0.104 in the previous year[3] - The company reported a total of RMB 52,943,000 in other income, an increase from RMB 47,981,000 in the previous year, reflecting a growth of 4.1%[27] - The pre-tax profit for the year ended December 31, 2025, was RMB 82,285,000, compared to RMB 34,283,000 for 2024, representing an increase of 140.2%[29] - The company achieved a revenue of RMB 1,094.93 million, representing a 14% increase year-over-year, with cloud subscription revenue reaching RMB 757.51 million, up 16%, accounting for 69% of total revenue[61] - Net profit attributable to the parent company was RMB 81.59 million, a significant increase of 144% from RMB 33.46 million in the previous year[92] - Gross profit was RMB 774.09 million, up 12% year-on-year, with a gross margin of 71%, down 1 percentage point from the previous year[85] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.25 per share, subject to shareholder approval at the upcoming annual general meeting[3] - The company plans to distribute a final dividend of RMB 0.25 per share for the fiscal year 2025, reflecting a commitment to shareholder returns[61] - The company plans to distribute a final cash dividend of RMB 0.25 per share, amounting to approximately RMB 80.43 million in total, subject to shareholder approval[114] Research and Development - Research and development costs for the year were RMB 214,285,000, slightly up from RMB 210,844,000 in 2024[4] - Research and development total investment was RMB 225.99 million, a slight decrease of 1% from the previous year[88] - The company is focusing on AI-driven innovations in the digital finance and taxation sector, enhancing automation and intelligence in financial management for small and micro enterprises[62] - The company plans to accelerate the development of AI-driven products, transitioning from "process automation" to "intelligent decision-making and autonomous action" in the financial and tax SaaS sector[75] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 1,184,000,000, compared to RMB 1,090,765,000 in 2024[8] - Cash and bank balances increased to RMB 1,308,027,000 from RMB 1,259,031,000 in the previous year[7] - The company reported a net asset value of RMB 956,866,000, up from RMB 903,273,000 in 2024[8] - The amount of contract liabilities classified as current was approximately RMB 538,742,000 as of December 31, 2025, compared to RMB 455,692,000 in 2024, indicating a rise of 18.2%[26] - The company's contract liabilities increased to RMB 760,796,000 in 2025, a rise of 18.5% from RMB 642,260,000 in 2024[54] Market and Customer Insights - The company operates in the technology development and consulting sector, focusing on software and hardware solutions[9] - The company’s revenue from the mainland China market accounted for the vast majority of total revenue, with RMB 1,093,921,000 reported[23] - The company did not have any single customer contributing 10% or more to total revenue, thus no major customer data was disclosed[21] - The number of new paid enterprise users for cloud services increased by 186,000, a growth of 30% year-over-year, bringing the total to 961,000 paid enterprise users[61] Operational Efficiency - The total employee benefits expense, including salaries and wages, was RMB 445,025,000 in 2025, compared to RMB 427,460,000 in 2024, reflecting a growth of 4.1%[28] - The company implemented a dynamic optimization strategy for talent structure to enhance employee efficiency and drive performance growth[107] - The company plans to enhance organizational capabilities and improve employee efficiency to support sustainable growth[80] Compliance and Governance - The company maintained compliance with all provisions of the Corporate Governance Code as outlined in the Listing Rules during the reporting period[122] - The company has adopted the Standard Code for Securities Transactions by Directors and has confirmed compliance by all directors and supervisors during the reporting period[124] - There were no significant legal proceedings or arbitration involving the group as of December 31, 2025[123] Future Strategies - The company aims to achieve over 40% cloud adoption rate among small and micro enterprises by 2027 as part of a national digital transformation initiative[56] - The company is actively pursuing global business expansion, establishing itself as a model for digital transformation for small and micro enterprises in overseas markets[60] - The company intends to enhance its distribution channels by developing a diverse network of distributors and improving the operational capabilities of value-added service providers[77] - The company is enhancing its compliance and security measures in response to increasing regulatory requirements and cybersecurity risks[58]