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]

Financial Performance - The total revenue for the fiscal year ending December 31, 2025, was HKD 72,221,000, a decrease of 25.7% compared to HKD 97,127,000 for the fiscal year 2024[2] - Gross profit for the fiscal year 2025 was HKD 18,061,000, down 43.5% from HKD 31,901,000 in 2024[2] - The company reported a net loss of HKD 11,346,000 for 2025, compared to a profit of HKD 495,000 in 2024, indicating a significant decline in profitability[2] - Revenue from concrete demolition services decreased to HKD 72,221,000 in 2025 from HKD 97,127,000 in 2024, representing a decline of approximately 25.7%[16] - Total income, including miscellaneous income, interest income, and government grants, was HKD 1,262,000 in 2025, down from HKD 2,151,000 in 2024, indicating a decrease of about 41.2%[16] - The group recorded a net loss of approximately HKD 11.3 million in fiscal year 2025, compared to a net profit of HKD 0.5 million in fiscal year 2024[29] - Basic and diluted loss per share was HKD (4.69) in 2025, compared to earnings of HKD 0.20 per share in 2024[21] - Administrative and other operating expenses slightly decreased by about HKD 0.7 million (approximately 2.4%) to about HKD 28.1 million in fiscal year 2025[28] Assets and Liabilities - Total assets increased to HKD 68,016,000 in 2025 from HKD 61,907,000 in 2024, reflecting a growth of 9.0%[3] - Current liabilities rose to HKD 44,805,000 in 2025, up from HKD 34,887,000 in 2024, representing a 28.5% increase[4] - The company’s equity attributable to owners decreased to HKD 12,534,000 in 2025 from HKD 23,880,000 in 2024, a decline of 47.5%[3] - Trade receivables increased to HKD 16,318,000 in 2025 from HKD 11,489,000 in 2024, reflecting a rise of approximately 42.3%[21] - Trade payables increased from HKD 9.982 million in 2024 to HKD 13.653 million in 2025[23] - The group's total liabilities and shareholders' equity are approximately HKD 55.5 million and HKD 12.5 million, respectively, compared to HKD 38.0 million and HKD 23.9 million as of December 31, 2024[30] - The debt ratio as of December 31, 2025, is approximately 220%, significantly up from 71.5% as of December 31, 2024[31] Cash Flow and Financing - The company’s cash and bank balances decreased significantly to HKD 1,938,000 in 2025 from HKD 8,520,000 in 2024, a decline of 77.3%[3] - Financing costs rose to HKD 1,076,000 in 2025 from HKD 982,000 in 2024, an increase of approximately 9.6%[19] - Interest-bearing debt is approximately HKD 27.5 million as of December 31, 2025, compared to HKD 17.1 million as of December 31, 2024[30] - The group has pledged approximately HKD 15.6 million in cash deposits to banks for financing purposes as of December 31, 2025, an increase from HKD 15.3 million in the previous year[45] Operational Highlights - The company is primarily engaged in providing concrete demolition services in Hong Kong and Macau, indicating a focus on regional market operations[6] - The group has successfully secured multiple construction contracts in China, totaling RMB 878.3 million, including a project for an industrial waste gas power generation with a capacity of 60 MW valued at RMB 78.3 million[26] - The group is actively expanding its engineering operations in China following the acquisition of a registered company in China, which has the necessary qualifications for engineering business[26] - Major customer B contributed HKD 12,275,000 to revenue in 2025, down from HKD 19,774,000 in 2024, a decrease of about 38.1%[18] - Major customer C generated revenue of HKD 13,793,000 in 2025, which was not applicable in 2024, indicating new customer acquisition[18] Corporate Governance - The audit committee has reviewed the consolidated financial statements for the fiscal year 2025, confirming compliance with applicable accounting standards and sufficient disclosures[50] - The company has adhered to the corporate governance code throughout the fiscal year 2025, with the exception of the separation of the roles of Chairman and CEO until November 14, 2025[51] - Mr. Zhang Xi'an was appointed as Vice Chairman on November 14, 2025, ensuring compliance with the corporate governance code[55] - The board of directors confirmed that there were no conflicts of interest involving directors or major shareholders during the fiscal year 2025[52] - The company does not recommend the payment of a final dividend for the fiscal year 2025[59] - The board of directors has fully complied with the trading code for securities transactions throughout the fiscal year 2025[53] Employee and Labor Relations - The group has 84 full-time employees as of December 31, 2025, down from 86 employees in the previous fiscal year[42] - Employee costs for the fiscal year 2025 amounted to approximately HKD 46.8 million, compared to HKD 43.2 million in the fiscal year 2024, reflecting an increase of about 8.3%[42] - The company faces significant risks related to labor shortages in the construction industry, which may adversely affect operational performance and financial results[38] Future Outlook - The group has maintained a cautious yet optimistic outlook, aiming to participate actively in project tenders and capitalize on emerging market opportunities[25] - The group plans to issue one share for every three shares held as a rights issue to strengthen its financial position and seize future opportunities in the Chinese engineering market[27] - There are no future plans for significant investments or capital assets as of December 31, 2025[47]

Financial Performance - For the fiscal year ending December 31, 2025, the group's revenue decreased by 12.0% to RMB 4,331.2 million from RMB 4,921.2 million in 2024[5] - The adjusted net loss significantly reduced by 73.8% from RMB 918.7 million in 2024 to RMB 240.5 million in 2025[6] - The net cash generated from operating activities increased by 35.7% to RMB 273.6 million in 2025 from RMB 201.6 million in 2024[6] - Total revenue for the group was RMB 4,331.2 million in 2025, a decrease of approximately 12.0% compared to RMB 4,921.2 million in 2024, primarily due to the closure of underperforming stores[27] - For the year ending December 31, 2025, the net loss was RMB 243.5 million, a significant improvement from a net loss of RMB 926.3 million in 2024[45] - The adjusted net loss for 2025 was RMB 240.5 million, with an adjusted net loss margin of (5.6)%, compared to (18.7)% in 2024[45] - The company reported a total comprehensive loss of RMB 292,425 thousand for 2025, compared to RMB 893,209 thousand in 2024, indicating a significant improvement[72] Store Operations - The total number of stores reached 1,646 by December 31, 2025, with 1,288 direct stores and 358 franchise stores[4] - The franchise business increased from 345 stores at the end of 2024 to 358 stores by December 31, 2025[14] - The company aims to optimize underperforming stores and complete the remaining store optimizations by 2026[4] - As of December 31, 2025, the number of direct-operated stores of Naixue Tea is 1,288, a decrease from 1,453 in 2024, with a focus on first-tier, new first-tier, and key second-tier cities[16] - The group plans to expand its store network in 2026 by focusing on advantageous and opportunity cities, optimizing various competitive store types[25] Sales and Revenue Breakdown - The average daily sales per direct store increased by 5.2% to RMB 7.7 thousand in 2025 from RMB 7.3 thousand in 2024[6] - The same-store sales for direct stores grew by 6.3% to RMB 3,550.8 million in 2025 from RMB 3,339.5 million in 2024[6] - Revenue from freshly made tea sales was RMB 3,352,366,000, down from RMB 3,388,398,000 in 2024, a decrease of about 1%[82] - Revenue from bottled beverage sales decreased significantly to RMB 178,846,000 from RMB 293,307,000, a decline of approximately 39%[82] - Revenue from baked goods and other services fell to RMB 800,011,000 from RMB 1,239,496,000, a decrease of around 35%[82] - The number of takeaway orders increased by 11.2% to 2,009,288 in 2025, contributing 52.6% to total revenue[21] Cost Management - Material costs amounted to RMB 1,470.5 million, representing 34.0% of total revenue, compared to RMB 1,809.0 million and 36.8% in 2024[30] - Employee costs were RMB 1,221.6 million, accounting for 28.2% of total revenue, while in 2024, it was RMB 1,434.6 million, or 29.2%[31] - Other income for the group was RMB 145.4 million, a decrease from RMB 157.8 million in 2024, primarily due to reduced interest income[28] - Advertising and promotional expenses were RMB 198.3 million, making up 4.6% of total revenue, compared to RMB 246.0 million and 5.0% in 2024[35] - Delivery service fees were RMB 461.7 million, representing 10.7% of total revenue, an increase from RMB 345.6 million and 7.0% in 2024[36] Cash Flow and Financial Position - The group held cash and deposits totaling RMB 2,657.7 million as of December 31, 2025, indicating sufficient cash flow for stable business development[26] - Total cash and cash equivalents as of December 31, 2025, amounted to RMB 1,585.1 million, up from RMB 579.1 million in 2024[46] - The current ratio as of December 31, 2025, was approximately 3.26 times, up from about 2.51 times as of December 31, 2024[56] - The group had no bank borrowings as of December 31, 2025, compared to RMB 50.0 million in borrowings as of December 31, 2024[46] - The company's total liabilities decreased to RMB 1,713,603 thousand in 2025 from RMB 2,249,018 thousand in 2024, a reduction of approximately 24%[74] Employee and Operational Efficiency - The company employed a total of 4,576 full-time employees as of December 31, 2025, with a focus on employee retention and competitive compensation policies[64] - The group aims to enhance operational efficiency through a refined regional management system and dynamic store evaluation mechanisms[25][26] - Administrative expenses for 2025 were RMB 98.5 million, representing 2.3% of total revenue, compared to RMB 147.3 million or 3.0% in 2024[42] Assets and Liabilities - Non-current assets decreased to RMB 2,351,034 thousand in 2025 from RMB 3,271,795 thousand in 2024, reflecting a decline of approximately 28%[73] - Trade and other receivables decreased from RMB 272.1 million as of December 31, 2024, to RMB 202.9 million as of December 31, 2025[51] - Inventory decreased to RMB 115.9 million as of December 31, 2025, from RMB 127.6 million in 2024, primarily due to reduced stock levels of bottled beverages[49] - The company’s total assets as of December 31, 2025, were RMB 1,471,898,000, a decrease from RMB 1,810,870,000 in 2024[104] Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements for the year ending December 31, 2025, ensuring compliance with relevant accounting standards[118] - The company has adopted a code of conduct for securities trading by directors, confirming compliance during the reporting period[116] - The annual general meeting is scheduled for June 24, 2026, with a suspension of share transfer registration from June 18 to June 24, 2026[121]

Financial Performance - The group achieved total revenue of CNY 435.156 billion in 2025, a year-on-year increase of 7.7%, with insurance service revenue at CNY 288.910 billion, up 3.4%[3] - The group's net profit attributable to shareholders reached CNY 53.505 billion, reflecting a 19.0% year-on-year growth, while operating profit increased by 6.1% to CNY 36.523 billion[3] - The company's investment income increased by 95.7% to CNY 52.66 billion in 2025, driven by higher securities trading gains[15] - The net profit for 2025 was RMB 42.165 billion, marking a 17.7% increase from RMB 35.825 billion in 2024[54] - The net profit attributable to shareholders increased to RMB 53.505 billion from RMB 44.960 billion, driven by capital market growth and improved insurance service performance[148] Business Growth and Development - New business value surged to CNY 18.609 billion, marking a 40.1% year-on-year growth, with the new business value rate improving by 3.2 percentage points to 19.8%[5] - The group’s customer base grew to nearly 190 million, with significant increases in the number of customers holding multiple policies and average policies per customer[8] - The company plans to innovate commercial health insurance products and strengthen pension management to capture market opportunities in the health insurance sector[10] - The company is focusing on enhancing its product matrix in health insurance, transitioning from basic medical coverage to comprehensive health services[20] - The company has launched several new products, including various dividend annuity products, which contributed to a new premium scale of RMB 430.42 billion, a significant increase of 93.4%[45] Asset Management and Investment - The group managed assets totaling nearly CNY 3.9 trillion, an increase of 9.8% year-on-year, indicating steady enhancement of overall strength[3] - The overall investment return rate for the group was 6.1%, an increase of 0.1 percentage points year-on-year, while the net investment return rate was 3.4%, down 0.4 percentage points[27] - The total investment income for 2025 reached CNY 141.634 billion, a year-on-year increase of 17.6%, primarily due to significant gains from securities trading[103] - The company is focusing on enhancing its investment management capabilities and integrating ESG principles into the entire investment management process[90] - The company has implemented a disciplined and flexible tactical asset allocation strategy to actively manage equity assets and enhance investment returns[96] Risk Management and Governance - The company has established a comprehensive risk management system, maintaining solvency above regulatory standards, with insurance subsidiaries consistently rated as industry leaders[139] - The company is committed to deepening reforms and enhancing its governance structure to boost long-term competitiveness[11] - The company emphasizes the importance of asset-liability management to navigate the low-interest-rate environment and market volatility[168] - The company has established reinsurance agreements with leading firms to manage risk concentration effectively[159] - The company has enhanced risk management capabilities through AI systems to improve risk identification and assessment for new business models and technologies[169] Customer Engagement and Service - The company emphasizes consumer rights protection and aims to improve customer experience through enhanced transparency and communication[21] - The company has established a comprehensive service system for health and elderly care, with cumulative users of health and elderly care services exceeding 12 million by the end of 2025[115] - The number of customers participating in the "China Taiping Customer Festival" reached 1.739 million, showcasing the company's efforts in building an integrated customer interaction platform[118] - The company has launched innovative insurance products tailored to specific customer needs, including smart driving insurance and elder care solutions, enhancing service efficiency and risk control capabilities[116] - The company has engaged over 700 million consumers through various financial education campaigns, enhancing consumer rights protection[133] Sustainability and Green Initiatives - The group reported a green insurance coverage amount exceeding CNY 310 trillion, with green investment scale surpassing CNY 300 billion[6] - The company aims to achieve a green insurance coverage amount exceeding 310 trillion yuan, focusing on climate risk and green transportation[125] - The company plans to expand its green investment scale to over 300 billion yuan by the end of 2025, enhancing its green investment management capabilities[127] - The company has launched 40 innovative green insurance products by the end of 2025, including carbon revenue loss insurance and carbon information disclosure liability insurance[126] - The company has actively engaged in green finance and technological innovation, with related asset allocation reaching 170 billion yuan, enhancing financial services for the real economy and sustainable development[110] Financial Position and Liabilities - Total assets increased by 10.9% to RMB 3,144,767 million as of December 31, 2025, driven by business expansion[154] - The total insurance contract liabilities reached RMB 2,466,607 million, a 10.6% increase from the previous year, primarily due to business scale expansion[158] - The asset-liability ratio as of December 31, 2025, was 90.4%, an increase of 0.7 percentage points from the previous year[149] - The total equity attributable to shareholders rose by 4.9% to RMB 334,224 million, influenced by fair value changes in financial assets[154] - The balance of unearned premium liabilities was RMB 2,356,563 million, reflecting a 10.9% increase year-on-year[158] Future Outlook and Strategic Plans - The company plans to implement three core strategies: "Big Health", internationalization, and "Artificial Intelligence+" to enhance its competitive edge[167] - The company anticipates challenges from external complexities and uncertainties, including economic recovery dynamics and demographic shifts[168] - The company aims to achieve an MSCI ESG rating of AAA by 2025, becoming the highest-rated insurance institution in mainland China[123] - The company will continue to deepen reforms and optimize governance mechanisms to enhance service quality and operational efficiency[167] - The company plans to send 283 village cadres to support rural revitalization across 26 provinces by 2025[136]

Financial Performance - For the fiscal year ending December 31, 2025, the company's revenue was approximately RMB 104,814,000, an increase of about 0.8% compared to RMB 104,023,000 for the fiscal year ending December 31, 2024[2] - The company's loss attributable to shareholders for the fiscal year ending December 31, 2025, was approximately RMB 58,666,000, a decrease of 21.8% from RMB 75,068,000 for the fiscal year ending December 31, 2024[2] - Basic loss per share for the fiscal year ending December 31, 2025, was approximately RMB 7.61, compared to RMB 9.85 for the fiscal year ending December 31, 2024[4] - Gross profit for the fiscal year ending December 31, 2025, was RMB 45,954,000, compared to RMB 45,578,000 for the fiscal year ending December 31, 2024[3] - Total comprehensive loss for the fiscal year ending December 31, 2025, was RMB 58,666,000, down from RMB 75,510,000 for the fiscal year ending December 31, 2024[3] - The total other income and gains for 2025 is RMB 3,833 thousand, compared to RMB 6,040 thousand for 2024, indicating a decrease of approximately 36.5%[24] - The pre-tax loss for the group is RMB 35,685 thousand for 2025, compared to RMB 35,441 thousand for 2024, showing a marginal increase[25] Expenses and Costs - Research and development expenses for the fiscal year ending December 31, 2025, were RMB 33,520,000, an increase from RMB 32,288,000 for the fiscal year ending December 31, 2024[3] - Administrative expenses decreased to RMB 50,427,000 for the fiscal year ending December 31, 2025, from RMB 55,756,000 for the fiscal year ending December 31, 2024[3] - The group's cost of services provided for 2025 is RMB 58,276 thousand, slightly increasing from RMB 57,424 thousand in 2024[25] - The total cost of goods sold for 2025 is RMB 244 thousand, significantly lower than RMB 1,021 thousand in 2024, indicating a decrease of approximately 76.0%[25] Assets and Liabilities - Total non-current assets increased to RMB 23,383 million in 2025 from RMB 16,698 million in 2024, representing a growth of 40.2%[5] - Current assets rose to RMB 275,395 million in 2025, up from RMB 192,110 million in 2024, marking an increase of 43.4%[5] - Total liabilities decreased to RMB 63,929 million in 2025 from RMB 41,119 million in 2024, reflecting a reduction of 55.1%[6] - Net assets increased significantly to RMB 232,582 million in 2025, compared to RMB 164,552 million in 2024, an increase of 41.4%[6] - The company reported cash and cash equivalents of RMB 165,267 million in 2025, up from RMB 77,321 million in 2024, indicating a growth of 113.1%[5] - The company's total assets reached RMB 234,849 million in 2025, up from RMB 167,689 million in 2024, representing a growth of 40.0%[5] Revenue Sources - The group's revenue from external customers in mainland China for 2025 was RMB 104,401,000, an increase from RMB 102,601,000 in 2024, representing a growth of approximately 1.75%[13] - Revenue from the main customer, a state-owned telecommunications operator, was approximately RMB 84,601,000 in 2025, up from RMB 77,465,000 in 2024, reflecting a growth of around 9.2%[15] - The revenue from integrated APM solutions for 2025 was RMB 52,586,000, a substantial increase from RMB 38,426,000 in 2024, marking a growth of about 36.8%[18] - Software service revenue for 2025 was RMB 39,543,000, a decrease from RMB 41,947,000 in 2024, indicating a decline of approximately 5.7%[18] - Revenue from technical services decreased by approximately 43.4% to about RMB 12.0 million for the year ending December 31, 2025, down from approximately RMB 21.2 million for the year ending December 31, 2024[58] - Revenue from embedded hardware and standard APM software sales decreased by approximately 71.5% to about RMB 0.7 million for the year ending December 31, 2025, down from approximately RMB 2.5 million for the year ending December 31, 2024[59] Strategic Initiatives - The company is expanding its business into Central Bank Digital Currency (CBDC) networks, focusing on integrated systems for software development, technical services, and hardware sales[8] - The company aims to leverage its technological advantages to explore broader development opportunities in the digital technology sector[47] - The company is preparing to launch a virtual asset platform in the UAE, pending the completion of regulatory requirements to obtain the official SCA license[57] - The company aims to commercialize next-generation APM technology, focusing on the development and market launch of three transformative technologies[53] Governance and Compliance - The group recognizes the importance of compliance with regulatory requirements and has adhered to relevant laws and regulations as of December 31, 2025[90] - The company has applied the corporate governance principles and has complied with all relevant rules as of December 31, 2025[92] - The audit committee consists of independent non-executive directors and is chaired by Mr. Yang Min, who possesses the necessary professional qualifications[97] - The consolidated financial results for the year ending December 31, 2025, have been reviewed by the audit committee and management, confirming compliance with applicable accounting standards[98] Shareholder Information - The company did not recommend the payment of a final dividend for the fiscal year ending December 31, 2025, consistent with the previous year[2] - The annual general meeting is scheduled for May 22, 2026, with a record date of May 22, 2026, for eligible shareholders[95] - The company has completed two strategic placements in 2025, raising a total of approximately HKD 138.7 million to strengthen its capital base[49]

Financial Performance - Revenue decreased by 37% to approximately HKD 170 million (2024: HKD 271.4 million) [3] - Gross profit decreased by 49% to approximately HKD 53.4 million (2024: HKD 104.7 million) [3] - Profit attributable to owners decreased by 59% to approximately HKD 13.7 million (2024: HKD 33.4 million) [3] - Basic earnings per share were HKD 0.97 (2024: HKD 2.37) [4] - Total comprehensive income for the year was HKD 22.1 million (2024: HKD 24.4 million) [5] - The company reported a net loss provision for financial assets of HKD 5.2 million (2024: HKD 0.2 million) [4] - The total expenses for the year ended December 31, 2025, amounted to HKD 211,182,000, a decrease of 19.7% from HKD 262,973,000 in 2024 [27] - The net financial income for the year ended December 31, 2025, was HKD 257,000, down 70.1% from HKD 883,000 in 2024 [29] - The basic earnings per share for 2025 was HKD 0.97, a decrease of 59.1% from HKD 2.37 in 2024 [32] - Net profit attributable to owners decreased by 59% to approximately HKD 13,700,000 in 2025 from HKD 33,400,000 in 2024, mainly due to declining sales revenue and gross margin [61] Assets and Liabilities - Non-current assets totaled HKD 142.7 million (2024: HKD 140.5 million) [6] - Current assets totaled HKD 421.6 million (2024: HKD 440.0 million) [6] - Total liabilities amounted to HKD 209.3 million (2024: HKD 256.2 million) [8] - Equity attributable to owners of the company was HKD 327.6 million (2024: HKD 310.0 million) [8] - The net accounts receivable as of December 31, 2025, was HKD 38,811,000, down 18.0% from HKD 47,348,000 in 2024 [35] - The loss provision for accounts receivable was HKD 18,050,000 in 2025, an increase of 44.5% from HKD 12,458,000 in 2024 [38] - Contract liabilities from advance payments received from distributors decreased to HKD 16.039 million in 2025 from HKD 29.372 million in 2024 [42] - Accounts payable decreased to HKD 80.68 million in 2025 from HKD 101.195 million in 2024 [41] - Other payables and accrued liabilities decreased to HKD 99.844 million in 2025 from HKD 124.108 million in 2024 [41] Revenue Breakdown - Revenue from customer contracts for the year ended December 31, 2025, totaled HKD 170,011,000, a decrease of 37.4% from HKD 271,372,000 in 2024 [18] - The revenue breakdown for 2025 includes HKD 145,327,000 from distributors, HKD 22,541,000 from online sales, and HKD 2,143,000 from retail [18] - Total revenue from external customers contributing over 10% of the group's total revenue came from the red and white wine segments [24] - Customer A contributed HKD 29,013,000 in 2025, down 26.8% from HKD 39,609,000 in 2024, while Customer C contributed HKD 24,299,000, down 27.0% from HKD 33,299,000 [25] Market and Sales Performance - The company reported a significant drop in sales revenue due to weak demand in the Chinese wine consumption market, particularly for mid to high-end products [51] - The total number of bottles sold in 2025 dropped to approximately 7,700,000, down from about 10,400,000 in 2024 [52] - The average ex-factory selling price of red and white wine products decreased, with red wine and white wine sales contributing approximately 39% and 54% to total revenue, respectively, compared to 41% and 56% in 2024 [52] - Distribution costs rose to approximately 30% of total revenue in 2025, up from 18% in 2024, driven by increased marketing expenses despite lower revenue [57] - Management expenses accounted for about 26% of total revenue in 2025, up from 17% in 2024, primarily due to a larger decrease in revenue compared to reductions in employee and office costs [58] Product Development and Strategy - The group launched over 100 types of wine products under the "Dynasty" brand to cater to various consumer preferences in the Chinese wine market [66] - The group introduced new products, including the "Tea Wine" series and "Dynasty Baifeng VSOP Brandy," to enhance its product matrix and provide diverse consumer choices [67] - The group is committed to developing low-alcohol beverages and targeting younger consumers, aligning with market trends and consumer preferences [89] - The company is expanding its product range to include low-alcohol and non-alcoholic wines, targeting the growing health-conscious consumer trend [85] - The group plans to launch new high-quality wines from the Ningxia Tianxia Winery, emphasizing local grape quality and production standards in 2026 [86] Financial Position and Governance - The group maintained a strong financial position with no debt as of December 31, 2025, minimizing exposure to interest rate fluctuations [63] - The debt-to-asset ratio as of December 31, 2025, was approximately 37%, a decrease from 44% in 2024, indicating a healthier capital structure [93] - The group has capital expenditures of approximately HKD 29,500,000 related to the construction of a winery in Jiangsu, reflecting ongoing investment in growth [94] - The company is committed to adhering to the corporate governance code and regularly reviews its policies to align with the latest standards [105] - The audit committee, composed of three independent non-executive directors, has reviewed the company's financial policies and risk management systems for the fiscal year ending December 31, 2025 [107] Risk Management and Sustainability - The group faces various market risks, including exchange rate and interest rate risks, and is focused on minimizing potential adverse impacts on financial performance [97] - The company continues to face operational risks due to the policy prohibiting public officials from consuming alcohol during workdays, which negatively impacts wine sales from this consumer group [99] - The company has recognized the importance of environmental sustainability and is implementing measures to minimize environmental impact, including upgrading machinery and promoting energy efficiency among employees [101]

Financial Performance - The company achieved a revenue of RMB 1,425.8 million for the year ended December 31, 2025, representing a year-on-year growth of 3.2%[5] - The adjusted net profit for the year (non-HKFRS measure) was RMB 42.0 million, marking a successful turnaround from a loss of RMB 45.1 million in the previous year[5] - Gross profit for the same period grew by 10.8% to RMB 789.6 million, with gross margin rising from 51.6% in 2024 to 55.4% in 2025[56] - The company reported a loss of RMB 6,412.7 million for the year 2025, a significant decline from a profit of RMB 7.9 million in 2024, mainly impacted by changes in the fair value of preferred shares, warrants, and convertible notes[65] - The adjusted operating profit for 2025 was RMB 24.98 million, a substantial increase from RMB 0.58 million in 2024, indicating improved operational performance[66] - The company reported a net loss of RMB 6,412,674 thousand for the year ended December 31, 2025, compared to a profit of RMB 7,949 thousand in 2024, indicating a significant decline in performance[93] - Total comprehensive loss for the year amounted to RMB 6,314,761 thousand, a substantial increase from RMB 84,135 thousand in the previous year[93] Business Segments - The Data Intelligence business segment generated revenue of RMB 1,260.4 million, driven by improvements in operational intelligence and the upgrade of conversational intelligence products[5] - The Agentic Services business segment recorded revenue of RMB 100.2 million, benefiting from a performance-based billing model that aligns with market demand for optimizing input-output ratios[5] - The Data Intelligence business includes Marketing Intelligence and Operational Intelligence, providing a comprehensive product system to meet core client needs[25] - The Marketing Intelligence segment, led by the Miaozhen System, remains the top player in China's digital marketing technology and data services market, showcasing significant structural resilience amid macroeconomic pressures[26] Technology and Innovation - The DeepMiner platform was upgraded to version 2, enhancing task planning, data access, and tool usage capabilities, resulting in operational efficiency improvements of up to 4 times in marketing intelligence delivery[6] - The company’s proprietary models achieved significant breakthroughs, with the self-developed GUI model Mano ranking second on the OSWorld leaderboard, validating the company's leading position in AI technology[10] - The company has developed its own large model named "Cito" and an AI agent platform called "DeepMiner"[124] - The intelligent data agent reduced store location analysis time from hours to minutes, enhancing operational decision-making efficiency[40] - The visual middle platform automated 80% of verification workloads, while the intelligent document agent cut manual review time by over 95%, reducing compliance operational costs by 70%[40] Customer Engagement and Retention - The company maintained a high customer retention rate of 96.0% among large clients, with over 30% of new large clients coming from the Agentic Services segment[8] - The company aims to scale its verified Agentic Services model across broader scenarios and customer bases, enhancing operational efficiency through AI-driven business processes[14] - The SCRM solution has served over 240,000 enterprise customers and 790,000 enterprise users, maintaining a high renewal rate of over 60%[35] Operational Efficiency - The marketing efficiency for clients improved by an average of 20% through the end-to-end services provided by the DeepMiner marketing workflow[7] - The new AI-driven workflow has reduced the delivery time for in-depth reports from 10-15 working days to a mere fraction, achieving a 20-fold increase in productivity[29] - The introduction of AI in outdoor advertising monitoring has quadrupled review efficiency, reducing the re-review rate from 30% to 5%[29] - The company aims to deepen internal AI transformation to convert efficiency gains into improved gross margins and explore new applications of data assets in digital content and e-commerce[30] Financial Management - As of December 31, 2025, the company's cash and cash equivalents totaled RMB 1,382.1 million, a significant increase from RMB 400.4 million in 2024[67] - The net cash generated from operating activities for 2025 was RMB 18.0 million, reflecting improved cash flow management and cost control[68] - The net cash used in investing activities was RMB 16.0 million, primarily due to the purchase of property and equipment[69] - The net cash generated from financing activities was RMB 992.9 million, mainly from the global offering proceeds[70] Market Trends and Client Demands - There is a shift in client demands from standardized services to quantifiable business results, with a growing emphasis on return on investment in marketing and conversion areas[16] - The global professional services industry is undergoing a structural transformation driven by AI technology, changing the cost structure and delivery models in knowledge-intensive sectors[15] - The transition from keyword-based web indexing to intent-based direct answer outputs is reshaping how businesses interact with audiences, impacting visibility and recommendation weight in AI-generated content[17] Future Outlook - The company plans to integrate standardized capabilities into its operational intelligence system, significantly lowering marginal costs for new retail scenarios[41] - The company aims to scale its AI workforce across various business scenarios, establishing verifiable results and auditability as industry standards[49] - The new business model is expected to drive a substantial transformation in the physical industry towards result-driven and intelligence-led operations[49]

Financial Performance - For the fiscal year ending December 31, 2025, the company's revenue was RMB 4,712,300,000, a decrease of 22.5% from RMB 6,082,391,000 in 2024[2] - Gross profit for the same period was RMB 186,037,000, slightly up from RMB 183,557,000, indicating a marginal increase in gross margin[2] - The net profit for the year was RMB 20,157,000, down 47.3% from RMB 38,171,000 in the previous year[2] - The total comprehensive income for the year was RMB 20,193,000, compared to RMB 38,135,000 in 2024, reflecting a significant decline[4] - Basic and diluted earnings per share were RMB 0.016, down from RMB 0.030 in the previous year[4] - The company's pre-tax profit for the year ended December 31, 2025, was RMB 29,407,000, a decrease of 30.5% from RMB 42,378,000 in 2024[29] - The total tax expense for 2025 was RMB 9,250,000, compared to RMB 4,207,000 in 2024, reflecting a significant increase of 120%[29] Assets and Liabilities - Total assets decreased to RMB 3,854,317,000 from RMB 5,477,709,000, a reduction of approximately 29.6%[5] - Current liabilities decreased to RMB 1,849,224,000 from RMB 3,293,002,000, a decline of about 43.8%[6] - The company's net asset value increased slightly to RMB 1,762,807,000 from RMB 1,754,154,000, showing a modest growth[6] - The company reported a net cash position of RMB 272,554,000, significantly up from RMB 85,570,000 in the previous year[5] - Trade receivables decreased to RMB 883,176,000 in 2025 from RMB 2,354,559,000 in 2024, indicating a reduction of 62.5%[34] - The total trade payables and notes payable decreased from RMB 488,870,000 in 2024 to RMB 381,513,000 in 2025, a reduction of approximately 22%[44] - The company has a deferred tax liability of RMB 2,395,000 for 2025, up from RMB 2,048,000 in 2024[28] - The company reported non-current liabilities of RMB 107,800,000 in 2025, down from RMB 149,578,000 in 2024, indicating a reduction of 28%[50] Revenue Breakdown - For the fiscal year ending December 31, 2025, total revenue from external customers reached RMB 4,712,300,000, with gasoline engines contributing RMB 3,811,927,000, diesel engines RMB 135,051,000, and engine parts RMB 765,322,000[16] - The operating profit for the same period was RMB 186,037,000, with gasoline engines generating RMB 84,011,000, diesel engines RMB 8,805,000, and engine parts RMB 93,221,000[16] - For the fiscal year ending December 31, 2024, total revenue from external customers increased to RMB 6,082,391,000, with gasoline engines at RMB 5,281,673,000, diesel engines at RMB 114,640,000, and engine parts at RMB 686,078,000[16] - The engine business revenue decreased by approximately 26.86% from RMB 5.39631 billion in 2024 to RMB 3.94698 billion in 2025, with engine sales dropping from approximately 519,000 units to 383,000 units, a decline of about 26.20%[68] - The engine components segment saw an increase in revenue of approximately 11.55%, rising from RMB 686.08 million in 2024 to RMB 765.32 million in 2025, driven by increased service revenue[69] Cost Management - The company reported a total of RMB 4,495,396,000 in cost of goods sold for 2025, down from RMB 6,191,091,000 in 2024, representing a decline of 27.4%[30] - The total employee costs for 2025 were RMB 138,481,000, a decrease of 5% from RMB 145,763,000 in 2024[30] - Financing costs decreased from RMB 47,749,000 in 2024 to RMB 38,018,000 in 2025[26] - The company has implemented measures to tighten production costs and expenses, as well as seeking feasible financial arrangements to improve liquidity[14] Market Trends and Strategy - The automotive industry in China saw total vehicle sales of approximately 34.4 million units in 2025, marking a year-on-year growth of 9.4%[58] - Sales of new energy vehicles (NEVs) increased by 28.2% year-on-year to 16.49 million units, accounting for approximately 47.9% of total vehicle sales in 2025[58] - The company plans to expand its market presence in the NEV sector, which continues to show significant growth potential[58] - The company is actively seeking strategic partnerships and exploring potential acquisition opportunities to enhance its product portfolio and core competitiveness[67] - The company plans to expand into emerging markets such as Vietnam and the Middle East to adapt to the rapidly changing global automotive industry[67] Corporate Governance and Compliance - The company has adhered to all corporate governance codes and regulations throughout the year ending December 31, 2025[87] - The company has maintained compliance with all relevant laws and regulations concerning health, safety, and environmental standards[83] - The group continues to monitor foreign exchange risks and may consider hedging strategies as necessary[79] Employee and Operational Changes - The group employed approximately 957 employees as of December 31, 2025, down from about 1,002 employees as of December 31, 2024, with annual employee costs around RMB 138.48 million, compared to RMB 145.76 million in the previous year[80] - The company did not recommend the distribution of dividends for the year ended December 31, 2025[31] - The board does not recommend the payment of a final dividend for the year ending December 31, 2025, compared to HKD 0.97 per share for the previous year[84] Acquisitions and Investments - The company completed an acquisition of a subsidiary, acquiring 53% of Zhonghang Lantian Equipment Manufacturing Co., Ltd. for a maximum price of RMB 183,100,000, including a contingent payment of RMB 98,200,000[56] - The capital expenditure related to investments in subsidiaries was RMB 84,865,000 in 2025, compared to no expenditure in 2024[55] - The group has a capital commitment of approximately RMB 47.87 million as of December 31, 2025, an increase from RMB 125.49 million as of December 31, 2024, with contracted capital commitments of RMB 94.73 million related to acquisitions and new engine development[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。 BEST LINKING GROUP HOLDINGS LIMITED 永 聯 豐 集 團 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：9882） 截至二零二五年十二月三十一日止年度的年度業績公告 財務摘要 綜合全面收益表摘要 截至十二月三十一日止年度 | | 二零二五年 | 二零二四年 | +/(-) | | --- | --- | --- | --- | | | 千港元 | 千港元 | % | | 收益 | 155,405 | 114,644 | 35.6% | | 毛利 | 21,145 | 26,269 | (19.5%) | | 除所得稅前（虧損）╱溢利 | (2,804) | 8,313 | (133.7%) | | 年內（虧損）╱溢利 | (2,821) | 6,290 | (144.8%) | | 年內全面收益總額 | 394 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全 部 或 任 何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 本 公 告 載 有 涉 及 風 險 及 不 確 定 因 素 的 前 瞻 性 陳 述。除 過 往 事 實 陳 述 以 外 的 所 有 陳 述均為前瞻性陳述。該等陳述涉及已知及未知風險、不確定因素及其他因素，當中 若 干 風 險 及 因 素 並 非 本 公 司 所 能 控 制，其 可 導 致 實 際 業 績、表 現 或 成 果 與 該 等 前 瞻 性 陳 述 所 明 示 或 暗 示 者 存 在 重 大 差 異。 閣 下 不 應 依 賴 前 瞻 性 陳 述 作 為 未 來 事 件 的 預 測。本 公 司 概 不 承 擔 更 新 或 修 訂 任 何 前 瞻 性 陳 述 的 責 任，無 論 是 否 由 於 新 資料、未來事件或其他因素所致。 Mabpharm Limited 邁博葯業有限公司 （股份代號：2181） （於開曼群島註冊成立的有限公司） 截至 ...