香港交易及結算有限公司和香港證券交易有限公司不對本公告的內容負責，不對本公告的準確性 或完整性做任何聲明，也明確不對依賴本公告全部或任何部分內容而產生任何損失負擔任何責 任。 福萊特玻璃集團股份有限公司 Flat Glass Group Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：6865） 二零二五年度業績公告 福萊特玻璃集團股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公司 （統稱「本集團」）截至二零二五年十二月三十一日止年度的經審核綜合業績。本公告載有本公司二零 二五年年度報告全文，符合香港聯合交易所有限公司證券上市規則有關全年業績初步公告隨附資 料的相關規定。 1 2025 年度報告 2025 ANNUAL REPORT 鈕麗萍女士 （委任於二零二五年十二月九日） 獨立非執行董事 徐攀女士 吳幼娟女士 杜健女士 2025 目 錄 | 公司資料 | 2 | | --- | --- | | 五年財務概要 | 4 | | 管理層討論與分析 | 5 | | 董事、監事及高級管理層簡歷 | 24 | | 企業管治報告 | 28 | | 董事會報告 ...

Financial Performance - Total revenue for the year ending December 31, 2025, was HKD 65,532,000, a decrease of 18.7% compared to HKD 80,659,000 for the previous year[2]. - The company reported a net loss of HKD 16,463,000 for the year, compared to a loss of HKD 8,850,000 in the previous year, representing an increase in losses of 85.5%[3]. - Total comprehensive income for the year was HKD (15,864,000), up from HKD (9,330,000) year-over-year, reflecting a worsening financial situation[4]. - The company reported a total loss of HKD 16,463,000 for the year, compared to a loss of HKD 8,850,000 in the previous year, indicating a significant increase in losses[4]. - The basic and diluted loss per share was HKD 1.59, compared to HKD 0.65 in the previous year, indicating a significant increase in losses per share[3]. - The company reported a significant increase in cryptocurrency holdings, with HKD 7,866,000 in assets compared to none in the previous year, indicating a strategic shift towards digital assets[5]. - The company reported a loss attributable to equity shareholders of HKD 23,830,000 for the year 2025, compared to a loss of HKD 9,779,000 in 2024[29]. - The net loss for the year ended December 31, 2025, was HKD 23,830,000, compared to a loss of HKD 9,779,000 in 2024, indicating a significant increase in losses of approximately 143%[7]. Revenue Breakdown - Revenue from asset management increased to HKD 27,496,000, up 15.5% from HKD 23,707,000 year-over-year[3]. - Revenue from investment and financial advisory services rose to HKD 1,725,000, a significant increase from HKD 525,000 in the previous year[3]. - Revenue from securities underwriting and placement dropped to HKD 1,044,000, down from HKD 18,295,000, indicating a decline of 94.3%[3]. - Revenue from the sale of wine and beverages reached HKD 45,066,000 in 2024, slightly up from HKD 44,460,000 in 2023, showing an increase of 1.4%[17]. - Total revenue from customer contracts for the year ended December 31, 2024, was HKD 86,987,000, compared to HKD 75,331,000 for the previous year, representing an increase of 15.5%[14]. Asset and Liability Management - Total assets decreased to HKD 263,646,000 from HKD 308,484,000, reflecting a reduction of 14.5%[2]. - The company's equity attributable to shareholders decreased to HKD (23,410,000) from HKD (10,094,000), showing a decline in shareholder value[4]. - Current liabilities decreased to HKD 11,274,000 from HKD 35,215,000, suggesting improved short-term financial health[5]. - The company's cash and cash equivalents decreased to HKD 61,656,000 from HKD 67,130,000, indicating a reduction in liquidity[5]. - The company's total liabilities decreased from HKD 20,516,000 in 2024 to HKD 20,607,000 in 2025, showing a slight increase of 0.4%[30]. - The asset-liability ratio as of December 31, 2025, is 1.04%, down from 2.2% in 2024, reflecting improved financial stability[88]. Strategic Focus and Future Plans - The company aims to enhance its asset management services and explore new investment opportunities to drive future growth[2]. - The company plans to continue focusing on expanding its asset management and financial advisory services to drive future growth[15]. - The company aims to develop its asset management business as a core strategic focus, with expectations of strong capital inflows and efforts to attract wealthy families and family offices in Hong Kong[98]. - The company plans to integrate digital technology into financial services, driving innovation in product design, risk management, and customer interaction during the implementation period of the plan[97]. - The group is focused on developing its asset management business and optimizing high-potential investment portfolios to achieve wealth enhancement goals for investors[47]. Market and Investment Opportunities - The recent surge in IPO activities in the Hong Kong market presents significant business opportunities for the asset management sector, allowing the group to capture a substantial market share[49]. - The group focuses on mid to long-term investment opportunities, particularly in private equity and pre-IPO investments, as well as other asset classes[37]. - The investment strategy aims to create investment opportunities through direct investments and asset management-based joint investment tools in high-growth sectors in the Greater China region[38]. - The group actively collaborates with investment banks and private equity firms to provide joint investment opportunities, particularly in the Greater China region[39]. Operational Efficiency and Cost Management - Employee costs for 2025 amounted to HKD 18,943,000, down from HKD 21,980,000 in 2024, indicating a reduction of approximately 13.9%[23]. - The company’s financial expenses included interest on lease liabilities of HKD 213,000 for 2025, down from HKD 379,000 in 2024[22]. - The group is focusing on cost optimization measures in collaboration with other business units to improve profitability[84]. - The group maintains a robust risk management system, including approval processes for supplier orders and inventory management protocols[81]. Customer Engagement and Sales Strategy - The group has established a direct sales team to acquire new customers and follow up with existing ones, enhancing sales performance[75]. - The group offers value-added services such as wine storage and personalized wine pairing consultations, which significantly enhance customer loyalty[76]. - The group has developed a strong sales network through its sales team, which has built extensive connections to identify target customers[80]. - The online sales platform has been operational since 2019, featuring a membership points and referral program to enhance customer engagement[75]. Compliance and Governance - The company has not applied any new accounting standards or interpretations that were not effective during the reporting period[12]. - The company fully complied with corporate governance codes during the review period[109]. - The audit committee consists of four independent non-executive directors, including Mr. Zhuang Jiayi as the chairman[112]. - The board expresses gratitude to all business partners, management, employees, and shareholders for their continued support[115].

Financial Performance - The company reported a revenue of RMB 408.3 million for the fiscal year ending December 31, 2025, representing a year-on-year increase of 46.9%[3]. - Gross profit reached RMB 289.5 million, with a gross margin of 70.9%, up from 65.4% in the previous year, reflecting a 5.5 percentage point improvement[3][6]. - The company achieved a significant turnaround with a net profit of RMB 83.3 million, compared to a net loss of RMB 13.6 million in the previous year, marking a 711.8% improvement[4]. - Total revenue for 2025 reached RMB 408,286 thousand, a significant increase of 47.0% compared to RMB 277,899 thousand in 2024[21]. - Revenue from medical device sales was RMB 407,766 thousand in 2025, up from RMB 276,931 thousand in 2024, reflecting a growth of 47.1%[21]. - The net profit attributable to shareholders was RMB 83.3 million, a significant turnaround from a net loss of approximately RMB 13.6 million in the previous year[39]. - Revenue increased by 46.9% from RMB 277.9 million for the year ending December 31, 2024, to RMB 408.3 million for the year ending December 31, 2025, driven by increased market share in ischemic stroke treatment devices and sales of hemorrhagic stroke treatment devices[65]. Business Segments - The ischemic stroke business revenue grew by 31.8%, driven by the recognition of the intracranial thrombectomy catheter and increased sales of mature products[4]. - The hemorrhagic stroke business saw a remarkable revenue increase of 223.2%, supported by the comprehensive treatment solutions and the introduction of new products[4]. - The company's vascular occluder product was used in over 1,800 hospitals, achieving over RMB 100 million in revenue for the year[5]. Research and Development - Research and development expenses were RMB 40.8 million, primarily focused on innovative products in neurointerventional medical devices[7]. - The company is advancing the development of a second-generation vascular occluder to further expand market share[5]. - The company is advancing the development of a brain-machine interface, expected to initiate the first human clinical trial in 2026[42]. - The innovative brain-computer interface (BCI) product is expected to begin its first human clinical trial in 2026, utilizing a minimally invasive approach to capture EEG signals[57]. - R&D costs decreased from RMB 58.9 million to RMB 40.8 million, primarily due to reduced third-party contracting costs and lower employee costs[69]. Market Expansion - Overseas market revenue increased by 101.3%, attributed to rapid product registration and promotion efforts, with multiple certifications obtained in various countries[8]. - The company has 35 medical device products approved by NMPA, three products approved by FDA, and one product with CE mark as of the announcement date[44]. - The company is evaluating opportunities to expand the indications and overseas marketing for the Captor stent, potentially applying for registration in the U.S.[48]. Financial Position - Total assets net of current liabilities increased to RMB 1,197,601 thousand in 2025 from RMB 1,123,824 thousand in 2024, marking a growth of 6.6%[11]. - The company's net assets rose to RMB 1,132,351 thousand in 2025, up from RMB 1,062,248 thousand in 2024, indicating a growth of 6.6%[11]. - Non-current liabilities totaled RMB 65,250 thousand in 2025, slightly up from RMB 61,576 thousand in 2024, reflecting an increase of 6.0%[11]. - Trade receivables decreased to RMB 64,335,000 in 2025 from RMB 97,381,000 in 2024, with an expected credit loss rate of 2.57%[33][35]. - The company has a net trade receivable value of RMB 62,682,000 as of December 31, 2025, after accounting for impairment losses[34]. Expenses and Income - Other income totaled RMB 50,401 thousand in 2025, compared to RMB 23,099 thousand in 2024, showing a substantial increase of 118.9%[23]. - The company reported a decrease in bank interest income to RMB 6,243 thousand in 2025 from RMB 8,766 thousand in 2024, a decline of 29.0%[23]. - Inventory impairment increased to RMB 17,356 thousand in 2025 from RMB 8,056 thousand in 2024, representing a rise of 115.2%[25]. - The company reported a tax expense of RMB 3,073,000 for 2025, compared to RMB 1,630,000 for 2024, reflecting an increase in tax obligations due to improved financial performance[28]. - Other income and gains increased from RMB 23.1 million to RMB 50.4 million, attributed to higher government subsidies and fair value gains on financial assets[68]. Corporate Governance and Compliance - The audit committee, consisting of three members, has reviewed the group's accounting principles and internal controls, ensuring compliance with relevant accounting standards and regulations[98]. - The external auditor, Ernst & Young, confirmed that the financial data in the announcement aligns with the audited consolidated financial statements for the reporting period[99]. - The company has adopted a standard code of conduct for directors and senior management regarding the trading of company securities during the blackout period, which lasts for 30 days prior to the announcement of interim results[96]. - During the blackout period, an executive director's spouse sold a total of 99,650 H-shares at prices ranging from HKD 52.0 to HKD 65.2 per share, violating the standard code of conduct[96]. Shareholder Information - The company did not declare or pay any dividends in 2025, consistent with 2024[30]. - The board has proposed to issue 1,000,000 domestic shares at a subscription price of HKD 45.00 per share, pending shareholder approval[85]. - The company repurchased a total of 632,850 H-shares for approximately HKD 39.4 million during the fiscal year ending December 31, 2025[90]. - The company has maintained the required public float as per listing rules as of the announcement date[88]. - The annual general meeting is scheduled for May 28, 2026, with a cutoff date for share transfer registration on May 22, 2026[93].

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 854,954,000, a decrease of 32.2% compared to HKD 1,260,799,000 in 2024[2] - Gross profit for 2025 was HKD 132,177,000, down 46.7% from HKD 247,901,000 in 2024, resulting in a gross margin of 15.5%, a decline of 420 basis points[3] - The company reported an operating loss of HKD 20,863,000 for 2025, compared to an operating profit of HKD 98,764,000 in 2024[3] - EBITDA for 2025 was HKD 16,971,000, reflecting a significant decrease of 87.5% from HKD 135,947,000 in 2024[2] - The net loss attributable to equity holders for the year was HKD 31,181,000, compared to a profit of HKD 72,234,000 in 2024[3] - For the fiscal year ending December 31, 2025, the company reported a net loss attributable to equity holders of HKD (31.2) million, a significant decline from a profit of HKD 72.2 million in 2024, representing a decrease of 143.3%[28] - The company recorded a loss attributable to equity holders of HKD 31.2 million for fiscal year 2025, a decrease of HKD 103.4 million or 143.2% compared to a profit of HKD 72.2 million in fiscal year 2024[46] Assets and Liabilities - Total assets decreased to HKD 699,650,000 in 2025 from HKD 933,499,000 in 2024, representing a decline of 25.1%[4] - Total liabilities decreased to HKD 510,167,000 in 2025 from HKD 712,360,000 in 2024, a reduction of 28.4%[5] - Cash and cash equivalents increased to HKD 252,226,000 in 2025 from HKD 235,333,000 in 2024, showing a growth of 7.5%[4] - Trade receivables decreased significantly to HKD 157,796,000 in 2025 from HKD 270,925,000 in 2024, a drop of 41.6%[4] - Inventory levels decreased to HKD 164,943,000 in 2025 from HKD 196,314,000 in 2024, a decline of 15.9%[4] - The total non-current assets of the group were HKD 83,433,000 in 2025, down from HKD 116,908,000 in 2024, reflecting a decrease of about 29%[21] - Trade payables as of December 31, 2025, were HKD 196.5 million, down from HKD 285.4 million in 2024, indicating a reduction of 31.1%[32] - The company’s bank loans secured and repayable on demand were HKD 98.7 million in 2025, a decrease from HKD 188.3 million in 2024, reflecting a reduction of 47.5%[33] Revenue Sources - Revenue from major customers included Customer A contributing HKD 143,556,000 in 2025, up from HKD 133,850,000 in 2024, while Customer B's contribution dropped significantly from HKD 254,028,000 to HKD 99,029,000[17] - Revenue by geographical location showed that the United States generated HKD 391,331,000 in 2025, an increase from HKD 363,849,000 in 2024, while revenue from the Philippines decreased from HKD 377,163,000 to HKD 138,029,000[18] - Total revenue for the group in 2025 was HKD 854,954,000, a decrease from HKD 1,260,799,000 in 2024, representing a decline of approximately 32%[18] Cost and Expenses - The total employee cost for the fiscal year 2025 was HKD 221.0 million, a decrease of 13.9% from HKD 257.0 million in the fiscal year 2024, attributed to a 32.2% decline in revenue[59] - Net financing costs significantly decreased by 80.1% from HKD 15.6 million in fiscal year 2024 to HKD 3.1 million in fiscal year 2025[42] - The income tax expense for 2025 was HKD 7,257,000, a decrease from HKD 10,954,000 in 2024, representing a reduction of approximately 34%[26] Strategic Initiatives - The company’s production in Indonesia's Batam Island is a key milestone in its "China +1" manufacturing strategy, enhancing supply chain resilience and reducing geopolitical risks[41] - The company expects to face ongoing external uncertainties and risks, particularly related to U.S.-China tariff issues and geopolitical tensions affecting trade and supply chains[43] - The company plans to maintain a cautious approach to procurement and inventory management while focusing on operational efficiency and strict cost control[44] Governance and Compliance - The company has complied with all provisions of the corporate governance code, except for the separation of the roles of Chairman and CEO[62] - The audit committee, consisting of three independent non-executive directors, reviewed the accounting principles and practices adopted by the group for the fiscal year 2025[65] - The company maintained a public float of 37% of its issued share capital as of December 31, 2025, exceeding the 25% requirement[64] Other Information - The company did not recommend the payment of any final dividend for the fiscal year ending December 31, 2025, consistent with 2024[28] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year ended December 31, 2025, except for the sale of 10% of TTL's issued shares[54] - There were no significant events affecting the company since the end of the reporting period[57] - The company had no significant investments as of December 31, 2025, including any investments representing 5% or more of total assets[55] - The company did not purchase, sell, or redeem any of its listed securities during the fiscal year 2025[61] - As of December 31, 2025, the company had no significant contingent liabilities that could adversely affect its business or operations[52] - The company had no pledged assets as of December 31, 2025, and December 31, 2024[53] - The executive directors of the company are Mr. Zhu Huiheng, Mr. Zhu Wenyan, and Mr. Liu Shifeng[70] - The independent non-executive directors include Ms. Luo Junmei, Mr. Li Hualun, and Mr. Situ Yuting[70]

Financial Performance - The total operating revenue for the year ended December 31, 2025, was RMB 669,254 million, representing an increase of 7.57% from RMB 622,220 million in 2024[4] - Net profit for the year ended December 31, 2025, reached RMB 62,451 million, up 10.51% from RMB 56,781 million in 2024[4] - Basic earnings per share increased to RMB 1.04 in 2025 from RMB 0.95 in 2024, reflecting a growth of 9.47%[4] - The total comprehensive income for the year ended December 31, 2025, was RMB 65,653 million, compared to RMB 49,102 million in 2024, representing a growth of 33.83%[6] - The net profit for the year ended December 31, 2025, is RMB 62,451 million, compared to RMB 56,781 million for the previous year, indicating a year-over-year increase of about 10.5%[11] - Total comprehensive income for the year 2025 is RMB 65,653 million, up from RMB 49,102 million in 2024, reflecting a growth of approximately 33.9%[11] Assets and Liabilities - The total assets as of December 31, 2025, amounted to RMB 2,027,592 million, a significant increase of 14.79% compared to RMB 1,766,321 million in 2024[7] - The total liabilities increased to RMB 1,607,126 million in 2025, up from RMB 1,398,900 million in 2024, marking a growth of 14.92%[8] - The company’s equity attributable to shareholders increased to RMB 309,183 million in 2025 from RMB 268,866 million in 2024, reflecting a growth of 14.98%[8] - The company’s reserves as of December 31, 2025, amount to RMB 264,959 million, which is an increase from RMB 224,642 million as of December 31, 2024, showing a growth of about 17.9%[10] Cash Flow - The net cash inflow from operating activities for 2025 was RMB 118,689 million, compared to RMB 87,990 million in 2024, reflecting a significant increase of about 34.7%[12] - The net cash outflow from investing activities in 2025 was RMB 155,744 million, compared to RMB 77,599 million in 2024, showing an increase of about 100.3%[12] - The net cash generated from financing activities in 2025 was RMB 53,385 million, a substantial increase from RMB 4,860 million in 2024[13] - The company reported a net increase in cash and cash equivalents of RMB 16,330 million for 2025, compared to RMB 15,251 million in 2024[13] Insurance Revenue - The insurance service income for 2025 was RMB 570,717 million, up 6.11% from RMB 537,709 million in 2024[4] - For the year ending December 31, 2025, total insurance service revenue reached 570,717 million, with property insurance contributing 513,591 million, life insurance 25,337 million, and health insurance 30,433 million[28] - The total insurance service revenue for 2025 is $570,717 million, compared to $537,709 million in 2024, indicating an increase of 6.1%[31] Investment Performance - The company reported net investment income of RMB 47,709 million for 2025, which is a 32.96% increase from RMB 35,878 million in 2024[4] - The total investment income reached CNY 92.99 billion, reflecting a year-on-year growth of 13.2%[73] - The total investment return rate remained stable at 5.6% for both 2024 and 2025[84] Dividends - The company declared dividends to shareholders amounting to RMB 8,491 million for the year 2025, compared to RMB 9,685 million in 2024, representing a decrease of approximately 12.3%[11] - The company plans to distribute a final dividend of RMB 1.45 per share for the year ending December 31, 2025, pending shareholder approval, totaling approximately RMB 6.412 billion[50] Operational Efficiency - The company’s total operating expenses for 2025 were 594,638 million, with property insurance expenses at 506,872 million[28] - The comprehensive cost ratio for the property insurance segment improved to 97.5%, a decrease of 1.3 percentage points year-on-year[71] Market Position - The company’s market share in the property insurance market was 31.6%, while the combined market share for life and health insurance was 4.2%[70] - The top three regions for premium income were Guangdong (RMB 59.660 billion), Jiangsu (RMB 57.174 billion), and Zhejiang (RMB 47.669 billion), all showing positive growth[100] Digital Transformation - The online service rate for home auto customers reached 96.7%, showcasing the effectiveness of digital transformation efforts[74] - The company’s digital transformation initiatives include the development of a digital platform for shipping insurance and a reconstruction of the life insurance core system[62] Risk Management - The risk management framework has shown significant improvement, with all insurance subsidiaries achieving an A-level rating or above[63] - The company actively participated in the construction of a national disaster insurance system, covering 4.8 billion people across 23 provinces[59] Corporate Governance - The company has complied with corporate governance regulations set by the Shanghai Stock Exchange and the Hong Kong Stock Exchange[171] - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2025, confirming consistency with the audited figures[174]

Financial Performance - Revenue decreased by approximately 1.4% to about RMB 22.715 billion[4] - Net profit increased by approximately 63.4% to about RMB 972.2 million[4] - Profit attributable to owners of the company increased by approximately 63.0% to about RMB 913.0 million[4] - Basic earnings per share increased by approximately 62.3% to about RMB 0.99[4] - The company reported a total comprehensive income of RMB 954.7 million, compared to RMB 615.6 million in the previous year[6] - The company reported total revenue of RMB 23,029,033,000 for the year ending December 31, 2024, with a gross profit of RMB 2,863,372,000[16] - Operating profit increased to RMB 1,192,915,000 after accounting for adjustments related to accounting policy changes[16] - The net profit attributable to shareholders rose to RMB 595,064,000, resulting in a basic and diluted earnings per share of RMB 0.61[16] - Total comprehensive income for the year was RMB 615,550,000, reflecting an increase due to adjustments in accounting policies[17] Assets and Liabilities - Total assets amounted to RMB 20.247 billion, a decrease from RMB 20.791 billion[8] - Total liabilities decreased to RMB 9.724 billion from RMB 10.833 billion[8] - Cash and cash equivalents stood at RMB 2.488 billion, down from RMB 2.880 billion[7] - Inventory increased to RMB 4.745 billion from RMB 4.543 billion[7] - Non-current assets were reported at RMB 10,519,769,000 after adjustments, with property, plant, and equipment valued at RMB 8,093,918,000[18] - Current assets totaled RMB 10,270,743,000, including cash and cash equivalents of RMB 2,880,283,000[18] - Total assets amounted to RMB 20,790,512,000, reflecting a decrease due to the accounting policy change[18] - The company's equity attributable to shareholders was reported at RMB 9,455,022,000, with total equity of RMB 9,957,070,000[18] - Non-current liabilities were RMB 3,473,484,000, with borrowings of RMB 3,196,353,000[18] - Total liabilities amounted to RMB 10,845,439 thousand, with a slight decrease of RMB 11,997 thousand from previous reports[19] Revenue and Sales - Revenue from external customers in Asia and the Americas accounted for 91.5% and 8.0% of total revenue, respectively, for the fiscal year ending December 31, 2024[28] - Total revenue for the fiscal year ending December 31, 2025, reached RMB 36,081,194, with external customer revenue amounting to RMB 22,715,627[30] - The company reported a significant increase in revenue from the yarn segment in China, totaling RMB 21,898,516 for the fiscal year ending December 31, 2025[30] - Yarn sales accounted for approximately 79.7% of total revenue, amounting to about RMB 18.1 billion, reflecting a growth of approximately 1.1% year-on-year[84] - The average gross margin for yarn increased from approximately 11.7% last year to about 14.2% this year due to improved production efficiency and flexible raw material procurement strategies[85] Cost and Expenses - The cost of materials and consumables for 2025 was RMB 15,359,634,000, a decrease of about 4% from RMB 16,018,473,000 in 2024[36] - Financial expenses for 2025 were RMB 274,458,000, down from RMB 474,186,000 in 2024, indicating a reduction of approximately 42%[36] - The group’s depreciation and amortization expenses for 2025 were RMB 926,115,000, down from RMB 987,436,000 in 2024[36] - The total sales cost decreased by approximately 2.9% to about RMB 19.6 billion in 2025, with raw material costs accounting for approximately 75.7% of total sales costs[96] Market and Strategic Initiatives - The company plans to continue expanding its market presence in Southeast Asia and the Americas, focusing on product development in non-woven fabrics and textiles[27] - The company is focusing on developing high value-added differentiated new products, moving away from a profit growth model solely reliant on production expansion[73] - The company plans to leverage its global strategic production layout while seeking new production bases and market opportunities to further expand its global business footprint[75] - The company is focusing on green transformation and compliance with environmental standards, as the industry moves towards sustainable practices and recycling systems[88] Corporate Governance and Compliance - The company has complied with the corporate governance code as per the listing rules during the year[118] - The audit committee reviewed the annual performance, and there were no disagreements regarding the accounting policies adopted by the company[121] - The company emphasizes high levels of corporate governance to enhance shareholder value[117] Cash Flow and Financial Position - The company recorded a net cash inflow from operating activities of approximately RMB 4.304 billion in 2025, driven by increased sales and improved working capital efficiency[101] - The company's cash and cash equivalents at the end of 2025 were approximately RMB 2.495 billion, down from RMB 2.904 billion at the end of 2024[102] - Total bank borrowings decreased by approximately RMB 1.0136 billion to about RMB 5.3819 billion, with current bank borrowings down by approximately RMB 278.3 million to about RMB 2.9209 billion[104] - The current ratio improved to 1.42 in 2025 from 1.40 in 2024, while the debt-to-equity ratio decreased to 0.53 from 0.68[105] Shareholder Information - The total dividend paid for the year related to 2024 is RMB 83,666,000, slightly up from RMB 83,474,000 in 2023[54] - The company has no proposed final dividend for the year ending December 31, 2025, compared to a final dividend of RMB 85,007,000 in 2024[57] - The annual general meeting is scheduled for May 22, 2026, with a record date for shareholder attendance set for May 20, 2026[123][124]

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。 長城天下控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此公佈本公司及 其附屬公司（統稱為「本集團」）截至二零二五年十二月三十一日止年度（「本年度」）之 經審核綜合財務業績，連同截至二零二四年十二月三十一日止年度之比較數字載列 如下。 Great Wall Terroir Holdings Limited 長城天下控股有限公司 （股份代號：524） （於百慕達註冊成立之有限公司） 綜合損益表 截至二零二五年十二月三十一日止年度 截至二零二五年十二月三十一日止年度 經審核全年業績 本年度摘要 1 • 本集團於截至二零二五年十二月三十一日止年度之收益約為105,800,000 港元，較截至二零二四年十二月三十一日止年度約81,200,000港元增加約 30.3%。 • 截至二零二五年十二月三十一日止年度本公司擁有人應佔虧損約為 30,500,000港元，較截至二零二四年十二月三十一日止年度約25 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等 內容而引致之任何損失承擔任何責任。 （股份代號：0229） 截至2025年12月31日止年度之業績公告 利民實業有限公司（「本公司｣）董事（「董事｣）會（「董事會｣）欣然宣佈本公司及其附屬公司 （統稱「本集團｣）截至2025年12月31日止年度之經審核年度業績及上年度比較數字如下： 綜合損益表 （以港幣為單位） | | | 2025年 | 2024年 | | --- | --- | --- | --- | | | 附註 | 港幣千元 | 港幣千元 | | 收入 | 4 | 1,083,340 | 1,075,732 | | 銷售成本 | | (943,857) | (926,269) | | 毛利 | | 139,483 | 149,463 | | 其他收入及其他收益及虧損 | 5 | 27,326 | 27,104 | | 銷售費用 | | (10,424) | (12,369) | | 一般及行政費用 | | (103,069) | ( ...

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依 賴該等內容而引致的任何損失承擔任何責任。 截 至 2025 年 12 月 31 日止年度的 年度業績公告 天長集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司 及其附屬公司（以下統稱為「本集團」）截至2025年12月31日止年度的綜合業績， 連同截至2024年12月31日止年度的比較數據載列如下： 綜合收益表 截至2025年12月31日止年度 | | | 2025年 | 2024年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | 收益 | 4 | 518,781 | 539,611 | | 商品銷售成本 | | (410,773) | (429,488) | | 毛利 | | 108,008 | 110,123 | | 其他收入 | 5 | 5,528 | 8,495 | | 其他虧損淨額 | 6 | (3,804) | (2,427) | | 貿易應收款項虧損撥 ...

Financial Performance - For the fiscal year ending December 31, 2025, the company reported total revenue of RMB 456,077,000, a decrease of 27% compared to RMB 627,962,000 in 2024[3]. - Gross profit for the same period was RMB 261,287,000, down 28% from RMB 363,115,000 in 2024[3]. - Net profit increased significantly to RMB 123,339,000, up 162% from RMB 47,128,000 in 2024[3]. - The company recorded a revenue of RMB 456 million, a decrease of 27% year-on-year, while net profit increased by 162% to RMB 123.34 million[15]. - Gross profit decreased by 28.0% to approximately RMB 261.3 million for the year ending December 31, 2025, with a gross margin of 57.3%, remaining relatively stable compared to 57.8% in the previous year[49]. - Operating profit increased significantly to RMB 125,868,000 in 2025, compared to RMB 42,392,000 in 2024, representing a growth of 196.5%[75]. - The company reported a basic earnings per share of RMB 0.18 for 2025, compared to RMB 0.07 in 2024, reflecting a growth of 157.1%[77]. - The company’s total equity increased to RMB 1,900,058,000 in 2025 from RMB 1,806,821,000 in 2024[80]. - The company’s income from mainland China was RMB 259,115,000 in 2025, down from RMB 352,084,000 in 2024, a decrease of 26.5%[95]. User Engagement Metrics - Average Monthly Active Users (MAU) decreased by 52% to 1,123,000 from 2,360,000 in 2024[5]. - Average Monthly Paying Users (MPU) fell by 39% to 139,000 from 228,000 in 2024[5]. - Monthly active users averaged approximately 1.12 million, down 52.41% year-on-year, while monthly paying users decreased by 38.93% to about 139,100[16]. - The Average Revenue Per Paying User (ARPPU) reached RMB 285.61, an increase of 7.92% year-on-year[16]. - The player community, known as Qingci Iron Fans, grew to 16.24 million by December 31, 2025, reflecting a 2.48% year-over-year increase[30]. Game Development and Releases - The company is actively pursuing a multi-platform publishing strategy to strengthen its competitive edge in diverse market environments[11]. - A significant partnership with Walt Disney (China) was established to develop and publish the game "Disney: Book of Legends," expected to launch in 2026 across multiple regions[19]. - The flagship self-developed game "Strong Snail" celebrated its five-year anniversary in June 2025, with ARPPU increasing from approximately RMB 200 to nearly RMB 300, a growth of about 50%[21]. - The game "Cardcaptor Sakura: Key of Memories" launched in Vietnam, ranking second in the local iOS free game chart and eighth in the iOS game sales chart during the reporting period[21]. - The self-developed strategic game "Project E" is progressing smoothly, with multiple rounds of testing for core players, aiming to become the next milestone product for the company[21]. - The licensed casual game "Neuro Goose" was successfully released on the Steam platform in 2025, selling over 20,000 copies within 48 hours and nearly 50,000 copies in seven days, achieving a global approval rating of over 90%[21]. - The game "Ares Virus 2" launched in August 2024, recorded revenue of approximately RMB 49.02 million during the reporting period[26]. - The game "New Legend of Sword and Fairy" launched in June 2023, recorded revenue of approximately RMB 34.12 million during the reporting period[24]. - The game "Magic Girl Sakura: Key of Memories" recorded revenue of approximately RMB 7.19 million during the reporting period[25]. - The game "Fat Goose Gym" launched in February 2024, recorded revenue of approximately RMB 42.38 million during the reporting period[25]. - As of December 31, 2025, the cumulative registered players for "Unusual Maze" reached approximately 26 million[27]. - The Steam version of "Unusual Maze," launched in March 2025, achieved over 570,000 downloads by the end of February 2026, ranking sixth in the global trending free games chart[27]. - The game generated revenue of approximately RMB 7.75 million during the reporting period[27]. - "Tingus Goose," launched on Steam in December 2025, received over 90% positive reviews and sold 76,000 copies by February 2026[28]. - Other major games contributed approximately RMB 12.08 million in revenue during the reporting period[29]. Market Trends and Strategies - The gaming industry in China is experiencing a healthier development phase, supported by favorable policies and optimized market supply structures[9]. - The global gaming market is projected to reach RMB 1,301.67 billion by 2025, with a year-on-year growth of 7.02%[13]. - The mobile gaming market in China is expected to grow to RMB 257.08 billion, reflecting a year-on-year increase of 7.92%[13]. - The company aims to enhance its global presence by leveraging successful products in the Chinese market for overseas expansion, thereby increasing the long-term value of its IP[8]. - The company is expanding its global distribution matrix by promoting the release of "Cardcaptor Sakura: Key of Memories" in Japan and "The Strong Snail" in South Korea, enhancing its operational capabilities globally[36]. Financial Outlook and Projections - The company's revenue for the fiscal year ending December 31, 2025, is projected to decrease by 27.4% to approximately RMB 456.1 million, down from RMB 628.0 million for the fiscal year ending December 31, 2024[38]. - Revenue from the domestic Chinese market is expected to be RMB 259.1 million, accounting for 56.8% of total revenue, compared to 56.1% in 2024[38]. - Game operation revenue is anticipated to decline by 25.7% to approximately RMB 440.9 million for the fiscal year ending December 31, 2025, primarily due to user attrition from mature games[41]. - Revenue from self-developed games is projected to decrease by 22.6% to approximately RMB 282.8 million, attributed to the maturity of the game "The Strong Snail" and a decline in revenue[44]. - Game licensing revenue is expected to decrease by 50.2% to approximately RMB 5.5 million, mainly due to the transition of "The Strong Snail" from external licensing to in-house operation[41]. - Information services revenue is projected to decline by 66.2% to approximately RMB 5.5 million, primarily due to a decrease in ad views and clicks within games[42]. - Other services and sales revenue is expected to decrease by 41.8% to approximately RMB 4.2 million, driven by declines in commissioned development income and merchandise sales[43]. Cost Management and Efficiency - Sales and marketing expenses decreased by 52.5% to approximately RMB 102.6 million for the year ending December 31, 2025, due to effective operational management and cost control[51]. - R&D expenses remained stable at approximately RMB 104.9 million for the year ending December 31, 2025, compared to RMB 106.1 million in the previous year[52]. - Other income decreased by 49.6% to approximately RMB 3.1 million for the year ending December 31, 2025, primarily due to a reduction in government subsidies[56]. - Employee benefits expenses decreased by 15.6% to approximately RMB 11.9 million for the year ending December 31, 2025, mainly due to a reduction in customer service staff[48]. - Other costs decreased by 40.5% to approximately RMB 22.0 million for the year ending December 31, 2025, attributed to refined management and reduced impairment of prepayments to certain game developers[48]. Corporate Governance and Future Plans - The company maintained compliance with corporate governance codes and has established an audit committee to oversee financial reporting and internal controls[110]. - The company plans to focus on high-quality, innovative content to drive future growth while addressing challenges in product maturity and market competition[31]. - The company plans significant capital investments in 2026, including collaborations with Disney for game releases in Japan and Korea[116]. - The board will review the dividend policy annually and consider measures to enhance shareholder returns, including potential dividends or share buybacks[116]. - The company emphasizes reinvesting profits to support research, innovation, and global expansion as a strategy to maximize shareholder value[116].