Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 2,025,022, a decrease of 7.7% from HKD 2,194,763 in 2024[3] - Gross profit for 2025 was HKD 257,513, down 16.0% from HKD 306,508 in 2024[3] - Operating loss increased to HKD 68,819 in 2025 from HKD 34,947 in 2024, reflecting a significant decline in profitability[3] - Net loss for the year was HKD 82,884, compared to a loss of HKD 51,787 in 2024, representing a 60.0% increase in losses[3] - Basic and diluted loss per share for 2025 was HKD 8.7, compared to HKD 4.8 in 2024[3] - Total revenue for 2025 was HKD 2,025,022,000, a decrease of 3.0% compared to 2024's revenue of HKD 2,194,763,000[15] - The operating loss for 2025 was HKD 68,819,000, compared to an operating loss of HKD 34,947,000 in 2024, indicating a worsening performance[15] - The pre-tax loss for 2025 was HKD 71,533,000, compared to HKD 38,704,000 in 2024, showing an increase in losses year-over-year[17] - The net loss for the year 2025 was HKD 82,884,000, which is higher than the net loss of HKD 51,787,000 in 2024[15] - Basic loss per share for 2025 was HKD 8.7, compared to HKD 4.8 in 2024, indicating a significant increase in losses per share[22] Assets and Liabilities - Total assets decreased to HKD 4,310,452 in 2025 from HKD 4,835,141 in 2024, indicating a decline in overall asset value[5] - Current liabilities slightly increased to HKD 369,775 in 2025 from HKD 408,048 in 2024[5] - Cash and cash equivalents decreased to HKD 505,328 in 2025 from HKD 717,286 in 2024, showing a reduction in liquidity[5] - The company’s equity attributable to shareholders decreased to HKD 2,676,177 in 2025 from HKD 2,842,247 in 2024, reflecting a decline in shareholder value[5] Comprehensive Loss - The company reported a total comprehensive loss of HKD 57,728 for 2025, an improvement from a loss of HKD 99,297 in 2024[4] Dividends - The proposed interim dividend for 2025 is HKD 0.03 per share, down from HKD 0.04 per share in 2024[24] - Proposed special dividend of HKD 0.03 per share and final dividend of HKD 0.03 per share for the fiscal year, totaling HKD 0.09 per share for the year 2025 (2024: HKD 0.13) [44] - The special and final dividends are subject to approval at the upcoming annual general meeting [44] Tax and Expenses - The company reported a total tax expense of HKD 11,351,000 for 2025, a decrease from HKD 13,083,000 in 2024[18] - The depreciation expense for property, plant, and equipment was HKD 102,596,000 in 2025, slightly lower than HKD 108,028,000 in 2024[17] - The financing costs decreased to HKD 2,735,000 in 2025 from HKD 4,539,000 in 2024, reflecting a reduction in interest expenses[16] Business Segments - Sales in the Books and Packaging Printing (BPP) segment decreased by 5.5% to HKD 1.409 billion in 2025 from HKD 1.491 billion in 2024, resulting in a loss of HKD 23.4 million[31] - The Consumer Products Packaging (CPP) segment experienced an 8.6% decline in sales to HKD 310 million in 2025, with losses narrowing to HKD 25.3 million[31] - The company’s paper trading business saw a significant revenue drop of 38% to HKD 104 million, but turned a profit of HKD 1.1 million in 2025[32] Growth and Investment - The new facility in Vietnam, covering 50,000 square meters, is expected to enhance production capacity and reduce delivery times, with an additional 150 employees hired[28] - The group plans to invest over HKD 111 million in capital projects to expand and enhance existing capacity, including the preparation of a new factory in Vietnam[35] - Future business growth is anticipated with preliminary signs of tariff relaxations and strong support from major customers, alongside close monitoring of paper prices[37] - The group is strategically investing in innovation and advanced technologies to expand its customer base and enhance printing capabilities, including the implementation of AI projects[39] - The expansion of the STEM PLUS diversified business aims to grow its educational network in Southeast Asia, leveraging government initiatives to attract students[40] - The group is actively pursuing market expansion in the Greater Bay Area, collaborating with government departments and educational institutions to support talent development[42] Risk Management - The group faces risks from geopolitical tensions and fluctuating global paper prices, necessitating strict cost control and diversification strategies[34] - The group is enhancing its digital printing capacity and AI applications to meet evolving market demands for personalization and efficiency[43] Financial Position - The group holds a strong financial position with a net cash of HKD 630 million, allowing for continued investment in long-term sustainable growth[35] - The debt ratio remains conservative at 1.0%, with 52% of cash held in RMB, 40% in USD, and 4% in HKD, effectively managing currency risks[36] Corporate Governance - The board believes it has complied with the corporate governance code, with the exception of the separation of roles between the chairman and CEO [47][48] - The audit committee has reviewed the preliminary results for the year ending December 31, 2025, and confirmed consistency with the financial statements [50][51] Shareholder Matters - The company will suspend share transfer registration from May 21, 2026, to May 27, 2026, to ensure eligibility for voting at the annual general meeting [45] - The company has not purchased, redeemed, or sold any of its shares during the year, except for a purchase of 288,000 shares at a total cost of HKD 298,000 by the trustee of the restricted share award plan [46]

Financial Performance - Total revenue for the fiscal year 2025 was HKD 16,499,495, a decrease of 7.5% compared to HKD 17,840,169 in the previous year[3] - Gross profit for the year was HKD 1,278,052, reflecting a decline of 7.8% from HKD 1,386,233 in the prior year[3] - Profit attributable to equity holders was HKD 274,178, down 9.2% from HKD 302,085 year-over-year[3] - EBITDA for the year was HKD 1,820,220, a decrease of 7.9% compared to HKD 1,976,817 in the previous year[3] - Basic earnings per share were HKD 8.93, representing a decline of 6.6% from HKD 9.56 in the previous year[3] - Total revenue for the year ended December 31, 2024, was HKD 17,840,169, an increase from HKD 16,499,495 in 2023, representing a growth of approximately 8.1%[4] - Gross profit for the year was HKD 1,386,233, compared to HKD 1,278,052 in the previous year, reflecting a growth of about 8.5%[4] - Net profit for the year was HKD 246,565, up from HKD 220,813 in 2023, indicating an increase of approximately 11.6%[5] - Earnings per share for the year were HKD 9.56, compared to HKD 8.93 in 2023, marking an increase of about 7.1%[5] - The company reported a total comprehensive income of HKD 795,916 for the year, compared to a loss of HKD 152,086 in the previous year[5] Dividends - The company proposed a final dividend of HKD 0.05 per share, consistent with the previous year[3] - The total annual dividend remained at HKD 0.10 per share, unchanged from the prior year[3] - The proposed final dividend is set at HKD 0.05 per share for the year ending December 31, 2025, pending shareholder approval[73] - The total dividend payout ratio for the year is approximately 112%[74] Market Strategy and Growth - The company is focusing on market expansion and new product development to drive future growth[3] - The company plans to continue expanding its market presence and investing in new product development to drive future growth[4] - The company’s total revenue from LCD products and electronic consumer products remains a key focus area for future growth[9] - The company is focused on enhancing its product offerings and expanding its market presence through strategic initiatives[16] Research and Development - There are ongoing efforts in research and development for new technologies to enhance product offerings[3] - The group invested approximately HKD 645 million in research and development during the fiscal year, compared to HKD 680 million in 2024[43] Financial Position - Total non-current assets amounted to HKD 15,850,506 thousand, a slight increase from HKD 15,604,178 thousand in the previous year[6] - Current assets decreased to HKD 10,024,060 thousand from HKD 9,145,033 thousand year-over-year[6] - Total liabilities were reported at HKD 13,790,611 thousand, down from HKD 14,811,804 thousand in the previous year[7] - The net asset value increased to HKD 9,656,538 thousand compared to HKD 9,352,556 thousand in the prior year[7] - Cash and cash equivalents rose significantly to HKD 2,321,340 thousand from HKD 1,035,140 thousand year-over-year[6] - The company reported a total equity of HKD 9,656,538 thousand, reflecting growth from HKD 9,352,556 thousand[7] - The company’s total current liabilities were HKD 7,540,361 thousand, slightly down from HKD 7,643,378 thousand[7] - The company’s total non-current liabilities decreased to HKD 2,052,212 thousand from HKD 380,191 thousand[7] Accounting Standards - The company has adopted the revised Hong Kong Financial Reporting Standards (HKFRS) No. 21, effective from January 1, 2025, with no significant impact on the financial position or performance for the current and prior years[10] - The company anticipates that the application of all other HKFRS amendments will not have a significant impact on the consolidated financial statements in the foreseeable future[12] - The revised HKFRS No. 18 will come into effect on or after January 1, 2027, and is expected to have no significant impact on the company's financial performance and position[14] - The company is currently evaluating the detailed impact of HKFRS No. 18 on its consolidated financial statements[14] - The financial reporting standards revisions include new presentation and disclosure requirements in the income statement and management-defined performance metrics[13] Customer and Revenue Breakdown - Revenue from customer contracts by product type for the year includes sales of HKD 11,650,193 for liquid crystal display products and HKD 4,849,302 for electronic consumer products[15] - The company operates in two business segments: liquid crystal display products and electronic consumer products, focusing on manufacturing and distribution[16] - The liquid crystal display business accounted for approximately 71% of the group's revenue in 2025, while other businesses contributed about 29%[43] Cost and Expenses - Selling and distribution expenses rose to HKD 320,404 from HKD 268,180, an increase of about 19.5%[4] - Financial expenses increased to HKD 380,016 from HKD 307,989, reflecting a rise of approximately 23.3%[4] - Research and development expenses included in the cost of sales were HKD 645,466,000, compared to HKD 679,729,000 in the previous year, showing a reduction of approximately 5%[30] - The company recognized a total of HKD 1,688,991,000 in employee benefits, slightly down from HKD 1,741,349,000, representing a decrease of about 3%[30] - Distribution and selling expenses decreased by approximately 16% or HKD 52 million to about HKD 268 million, primarily due to lower sales commissions and freight costs[50] - Administrative expenses decreased by approximately 5% or HKD 21 million to about HKD 440 million, mainly due to a reduction in other taxes[51] Corporate Governance - The company has established an audit committee to review and supervise financial reporting and internal controls, consisting of three independent non-executive directors[81] - The audit committee has confirmed that the financial performance for the year ending December 31, 2025, complies with applicable accounting standards and regulations[82] - The company has established a Compensation Committee and a Nomination Committee, both chaired by independent non-executive director Mr. Zhong Jingguang[83] - The Board believes that good corporate governance is crucial for safeguarding shareholder interests and enhancing group performance[84] - The company has adhered to all applicable corporate governance code provisions as of December 31, 2025, with some deviations noted[84] - The Chairman and CEO roles are not separated, with Mr. Lin holding both positions, which the Board believes enhances efficiency in business strategy formulation and execution[84] - The Board will continuously review and improve the company's corporate governance practices to ensure proper and prudent regulation of business activities and decision-making processes[85] Shareholder Information - The annual general meeting is scheduled for May 12, 2026, at 10:00 AM[77] - The company will suspend share registration from May 7, 2026, to May 12, 2026, to determine eligibility for voting at the annual general meeting[75] - The company repurchased a total of 165,964,000 shares at a total cost of approximately HKD 185 million, representing about 5.7% of the total issued share capital as of December 31, 2025[78] - A total of 149,550,000 shares were cancelled during the year, with an additional 16,414,000 shares cancelled on January 22, 2026[78]

Financial Performance - Revenue for the year ended December 31, 2025, reached RMB 644.6 million, representing a year-on-year increase of 20.7% compared to RMB 533.9 million in 2024[2]. - Gross profit for the same period was RMB 476.3 million, up 18.3% from RMB 402.7 million in 2024[2]. - Profit before tax surged to RMB 122.2 million, marking a 132.3% increase from RMB 52.6 million in the previous year[2]. - Net profit for the year was RMB 119.2 million, reflecting a 128.0% growth compared to RMB 52.3 million in 2024[2]. - Basic earnings per share increased to RMB 0.40 from RMB 0.17, reflecting strong profitability growth[12]. - The company reported a total comprehensive income of RMB 116,946,000 for the year, up from RMB 53,288,000 in 2024[14]. - The company reported a pre-tax profit of RMB 122.181 million for 2025, compared to RMB 52.601 million in 2024, marking a 132.4% increase[38]. - The group’s gross profit increased by approximately 18.3% from RMB 402.7 million for the year ending December 31, 2024, to approximately RMB 476.3 million for the year ending December 31, 2025, with a gross margin of about 73.9%, down from 75.4%[112]. Product Development and Regulatory Approvals - The company received regulatory approval for 11 new products during the reporting period, enhancing its product portfolio significantly[3]. - AcoArt Verbena® and AcoArt Canna® received regulatory approval, expanding the company's product offerings in the drug-coated balloon segment[5][6]. - The company has received registration approval for eleven new products during the reporting period, including six in vascular surgery and three in cardiology[68]. - The vascular surgery approvals include pressure-controlled thrombectomy extension tubes and peripheral high-pressure balloon dilatation catheters, among others[68]. - The company has received regulatory approvals for multiple products, including drug-coated technologies for SFA and PPA diseases, with CE marking in Europe and NMPA approval in China[70]. - The company has received regulatory approval for the AcoArt AVENS® high-pressure balloon for treating arteriovenous fistula stenosis in hemodialysis patients as of April 2023[92]. - The company anticipates obtaining regulatory approval for the lower limb rapamycin DCB by 2027, which has shown preliminary efficacy in animal models[81]. - The company has received regulatory approval for the peripheral hydrophilic coated guidewire in August 2025, with no significant adverse events reported since the approval date[84]. Market Expansion and Sales - The company has established a sales and marketing team covering over 3,000 hospitals in China and recorded active sales in 17 countries globally[4]. - The company aims to continue expanding its product registration globally and explore broader collaboration opportunities with Boston Scientific[9]. - The company plans to continue expanding its market presence, particularly in the domestic market, while focusing on innovation and new product development[28]. - The company has established active sales of its cooperative products in 17 countries globally as of the end of the reporting period[104]. - The company aims to strengthen its global market presence through strategic partnerships and marketing activities[136]. Research and Development - The company has a total of 653 employees as of December 31, 2025, with 145 in the R&D team, emphasizing its commitment to talent development[11]. - Total R&D expenses were RMB 269.563 million, up from RMB 258.726 million in 2024[34]. - The company has established a comprehensive talent development and training framework to support its business growth[11]. - The company is committed to obtaining necessary documentation and quality systems to support global commercialization of its products and services[153]. - The company plans to enhance its R&D capabilities through increased investment in technological innovation to maintain its leading position in the DCB market[106]. Financial Position and Resources - Current assets rose to RMB 1,336,885,000, compared to RMB 1,210,572,000 in 2024, indicating improved liquidity[15]. - Total equity increased to RMB 1,476,085,000 from RMB 1,349,816,000, reflecting the company's strong financial position[16]. - The total available financial resources amounted to approximately RMB 948.0 million as of December 31, 2025, a 9.7% increase from RMB 864.2 million as of December 31, 2024, mainly due to cash generated from operating and financing activities[123]. - The total borrowings amounted to RMB 68.3 million as of December 31, 2025, compared to RMB 10.0 million as of December 31, 2024, leading to an increase in the debt-to-equity ratio from approximately 23.2% to 26.6%[124]. - The company has sufficient bank credit facilities to support its capital expenditures[134]. Strategic Partnerships - The strategic partnership with Boston Scientific has been extended through a new framework agreement, enhancing global commercialization efforts[8]. - The company has entered into a total cooperation agreement with BSG for the period from July 20, 2023, to December 31, 2025, focusing on collaborative efforts[148]. - Three R&D projects have been initiated under the R&D services agreement with BSG, focusing on joint product development and regulatory approval[66]. - The company is actively exploring opportunities to expand its product registration globally and seeks joint development opportunities with BSG[66]. Corporate Governance - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[152]. - The company will continue to review its corporate governance practices to ensure compliance and enhance shareholder value[140]. - The company has adopted a standard code of conduct for securities trading, confirming compliance by all directors during the reporting period[143].

Financial Performance - The company recorded revenue of RMB 866 million for the fiscal year ending December 31, 2025, a decrease of approximately RMB 97 million or 10.1% compared to 2024[11]. - CNG sales dropped to RMB 384 million in 2025 from RMB 451 million in 2024, primarily due to a continued decline in demand from industrial users[11]. - LNG sales also decreased to RMB 484 million in 2025 from RMB 513 million in 2024, influenced by a drop in average selling prices, although demand remained stable[11]. - Total revenue decreased by approximately RMB 9.7 million or 10.1% to about RMB 86.6 million for the year ended December 31, 2025, compared to RMB 96.3 million for the previous year[17]. - Retail business revenue increased by approximately RMB 1.3 million or 10.4% to about RMB 13.8 million, accounting for 15.9% of total revenue, up from 13.0% in the previous year[19]. - Wholesale business revenue decreased by approximately RMB 8.1 million or 24.8% to about RMB 24.6 million, representing 28.4% of total revenue, down from 33.9%[19]. - LNG sales accounted for 55.9% of total revenue, with sales decreasing by approximately RMB 2.9 million or 5.7% to about RMB 48.4 million[19]. - The net loss for the company reduced by 22.2% to RMB 77 million in 2025 from RMB 99 million in 2024[11]. - The company reported a loss attributable to owners of approximately RMB 7.7 million, a decrease of RMB 2.0 million or 20.6% compared to the previous year[30]. Cost Management - Administrative expenses decreased by 10.1% to RMB 125 million in 2025 from RMB 139 million in 2024[11]. - Cost of sales decreased by approximately RMB 8.7 million or 9.9% to about RMB 79.5 million, primarily due to a significant reduction in CNG sales volume[20]. - Gross profit decreased by approximately RMB 1.0 million to about RMB 7.1 million, with a gross margin of 8.2%, down from 8.4%[21]. - Administrative expenses decreased by approximately RMB 1.4 million or 10.1% to about RMB 13.9 million, mainly due to a reduction in employee costs[27]. - Employee costs for the group were approximately RMB 64 million for the year, down from RMB 75 million the previous year, with a total of 67 employees as of December 31, 2025[42]. Strategic Initiatives - The company plans to leverage its technical expertise to provide charging station services through a new joint venture project by the end of 2025, aligning with global decarbonization goals[12]. - The board believes that the clean energy and low-carbon transportation policies in China present significant development potential for the electricity charging industry[12]. - The company aims to diversify its revenue sources and enhance shareholder value by exploring various business opportunities in response to market conditions[12]. - The main business remains the sale and transportation of CNG and LNG in China, while also participating in hydrogen power generation and charging infrastructure[12]. - The company plans to leverage opportunities in the hydrogen and charging infrastructure sectors as part of its strategy to align with global decarbonization trends[32]. Financial Position - As of December 31, 2025, the total equity of the group was approximately RMB 506 million, a decrease from RMB 533 million as of December 31, 2024[34]. - The group's cash and cash equivalents as of December 31, 2025, were approximately RMB 310 million, an increase from RMB 294 million as of December 31, 2024[34]. - The group's operating working capital was approximately RMB 346 million as of December 31, 2025, compared to RMB 339 million as of December 31, 2024, with a current ratio of 4.8[34]. - The group recorded trade receivables of approximately RMB 18 million as of December 31, 2025, remaining stable compared to RMB 18 million as of December 31, 2024, with a reduction in trade receivables turnover days to approximately 7.6 days from 9.1 days[38]. - The group has no bank borrowings as of December 31, 2025, resulting in an inapplicable debt-to-equity ratio[34]. Corporate Governance - The board consists of six members, including three executive directors and three independent non-executive directors, ensuring a balanced governance structure[153]. - The independent non-executive directors have confirmed their independence according to the guidelines set out in GEM Listing Rules, and the company believes all independent non-executive directors maintain their independence[158]. - The company has adopted and applied the corporate governance code as per GEM Listing Rules Appendix C1, ensuring compliance with all applicable provisions during the year, except for a deviation regarding the separation of the roles of Chairman and CEO[148]. - The board has established three committees: Audit and Risk Management Committee, Remuneration Committee, and Nomination Committee to oversee specific aspects of the company's affairs[175]. - The audit and risk management committee assists the board in overseeing the development, implementation, and monitoring of risk management and internal control systems[197]. Shareholder Information - The company’s major shareholders, including Liu Yongcheng and Liu Yongqiang, each hold 35.82% of the issued shares, totaling 76,125,000 shares[107]. - As of December 31, 2025, Liu Yongcheng directly owns 100% of Yongsheng, which holds 19,392,500 shares or approximately 9.13% of the issued shares[113]. - Liu Yongqiang directly owns 100% of Hongsheng, which holds 56,732,500 shares or approximately 26.70% of the issued shares as of December 31, 2025[114]. - The company has not recommended any share buybacks or repurchases during the year[91]. - The company has not engaged in any management or administrative contracts for its business during the year[106]. Risk Management - The board has confirmed its responsibility for the effectiveness of risk management and internal control systems, which aim to manage rather than eliminate risks[195]. - The company has established procedures for identifying, assessing, and managing significant risks that may impact its business and operations[199]. - The audit and risk management committee reviewed the consolidated financial statements, confirming compliance with applicable reporting standards and GEM Listing Rules[140]. Employee Engagement and Diversity - The company emphasizes the importance of relationships with employees, customers, and business partners for sustainable development[87]. - The board consists of six directors, with four males and two females, resulting in a female representation of approximately 33%[188]. - As of December 31, 2025, the gender ratio among all employees is approximately 38% male and 62% female[188]. - The company aims to maintain a proper balance of diversity related to business growth and ensure diverse candidates are considered in recruitment practices[186].

Financial Performance - The total payment transaction volume (GPV) for overseas payment business reached approximately RMB 5 billion in 2025, a significant year-on-year increase of 323.3%[5] - Domestic payment business GPV increased by 0.1% year-on-year to RMB 23.4 trillion in 2025, with the payment rate rising from 11.5 basis points in 2024 to 12.3 basis points in 2025[5] - Total revenue for the group in 2025 was RMB 3,310.5 million, representing a year-on-year growth of 7.3%[5] - The gross profit margin for the group improved from 23.6% in 2024 to 23.8% in 2025, with gross profit reaching RMB 788.2 million, an increase of 8.1% year-on-year[9] - Core EBITDA for 2025 was RMB 352.8 million, reflecting a year-on-year growth of 52.7%[9] - The profit attributable to equity holders for 2025 was RMB 92.2 million, an increase of 11.9% compared to the previous year[9] - Revenue for 2025 reached RMB 3,310,530 thousand, a year-on-year increase of 7.3% compared to RMB 3,086,742 thousand in 2024[15] - Gross profit for 2025 was RMB 788,152 thousand, reflecting an 8.1% increase from RMB 728,764 thousand in 2024[15] - Operating profit increased from RMB 115.5 million for the year ending December 31, 2024, to RMB 132.0 million for the year ending December 31, 2025[50] - Net profit increased by 15.5% from RMB 73.0 million for the year ending December 31, 2024, to RMB 84.3 million for the year ending December 31, 2025[55] Cost Management - Financing costs decreased significantly by 37.8% year-on-year in 2025, contributing to improved financial efficiency[13] - The company reduced sales, administrative, and R&D expenses by 13.2% year-on-year in 2025, driven by AI technology enhancing operational efficiency[19] - Sales expenses decreased by 4.8% from RMB 111.2 million in 2024 to RMB 105.9 million in 2025, mainly due to reduced outsourcing service costs[43] - Research and development expenses decreased from RMB 237.6 million in 2024 to RMB 179.9 million in 2025, reflecting a strategic focus on cost management[33] - Administrative expenses decreased by 7.6% from RMB 302.1 million for the year ending December 31, 2024, to RMB 279.3 million for the year ending December 31, 2025, primarily due to a reduction in employee numbers and the expanded use of AI technology in operations[44] Market Expansion and Strategy - The company plans to focus on expanding its presence in mature economies with high potential for non-cash payment growth, enhancing licensing upgrades and product capabilities[17] - The company plans to accelerate global business expansion while consolidating its domestic market leadership and enhancing commercialization capabilities[27] - The company is exploring potential mergers and acquisitions to enhance its competitive position in the market[95] - Market expansion efforts are underway in Asia, targeting a 20% increase in market share by the end of the year[32] Technology and Innovation - AI technology is deeply integrated into business operations, improving efficiency and supporting differentiated product development across all business lines[21] - The company is investing $1 billion in research and development for new technologies aimed at enhancing user experience[32] - The gross margin for one-stop payment services improved from 14.2% in 2024 to 14.5% in 2025 due to AI integration and cost optimization[42] User Engagement and Customer Metrics - User data showed a total of 150 million active users, with a 10% increase compared to the previous quarter[32] - Customer satisfaction ratings have improved to 90%, indicating strong user engagement and loyalty[32] Financial Position and Assets - Total assets increased from RMB 7,705.5 million as of December 31, 2024, to RMB 8,229.3 million as of December 31, 2025, while the debt-to-asset ratio decreased from 66.4% to 64.7%[61] - Cash and cash equivalents increased by 26.7% from RMB 595.7 million to RMB 754.9 million as of December 31, 2025, primarily due to a placement in January 2025[62] - The company holds a 15.2% equity stake in the associate company, with an investment value of approximately RMB 959.1 million, representing about 11.7% of total assets[70] Shareholder and Corporate Governance - The company aims to maintain rigorous corporate governance and has applied the principles of the corporate governance code[173] - The roles of the Chairman and CEO are held by the same individual, which deviates from the corporate governance code, but the board believes this structure benefits management and business development[174] - The audit committee consists of three independent non-executive directors, with a focus on reviewing financial reporting procedures and internal controls[176] Share-Based Compensation - The company adopted a Restricted Share Unit (RSU) plan on August 1, 2019, which is effective for ten years[77] - A total of 7,194,626 RSUs were granted during the year, with 10,680,130 RSUs vested and 9,976,253 RSUs remaining as of December 31, 2025[79] - The company plans to continue utilizing the RSU plan to incentivize employee performance and retention[80] Risk Management - The group is exposed to various financial risks, including market risk (foreign exchange risk and cash flow interest rate risk), credit risk, and liquidity risk, with risk management conducted by senior management[104] - The company has not entered into any forward contracts to hedge foreign currency risk as of December 31, 2025[1] Regulatory and Compliance - Regulatory fines increased significantly from RMB 840,000 in 2024 to RMB 8,860,000 in 2025, indicating heightened scrutiny in operations[133] - The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and comply with the disclosure requirements of the Hong Kong Companies Ordinance[99]

Financial Performance - For the year ended December 31, 2025, the total revenue was HK$182,992,000, a slight increase from HK$182,963,000 in 2024, representing a growth of 0.02%[3] - The gross profit for 2025 was HK$54,875,000, compared to HK$53,329,000 in 2024, indicating a growth of 2.9%[3] - The net loss attributable to the company's owners for 2025 was HK$24,191,000, a significant improvement from a loss of HK$51,255,000 in 2024, reflecting a reduction of 52.8%[4] - The total comprehensive loss for the year was HK$52,942,000, compared to HK$58,636,000 in 2024, showing a decrease of 9.5%[4] - The pre-tax loss for 2025 was HKD 24,191,000, an improvement from a loss of HKD 51,255,000 in 2024, indicating a reduction in losses by 52.8%[24] - The net loss for 2025 was HKD 24,200,000, significantly reduced from a net loss of HKD 51,300,000 in 2024[40] Assets and Equity - Non-current assets decreased to HK$494,457,000 in 2025 from HK$560,007,000 in 2024, a decline of 11.7%[5] - Current assets increased slightly to HK$260,718,000 in 2025 from HK$256,335,000 in 2024, an increase of 1.5%[5] - The total equity decreased to HK$701,704,000 in 2025 from HK$754,646,000 in 2024, a decline of 7%[6] - Total equity as of December 31, 2025, was approximately HKD 701,700,000, down from HKD 754,600,000 in 2024[41] Revenue Sources - The company’s sales in the United States were HK$158,837,000 in 2025, up from HK$156,942,000 in 2024, reflecting a growth of 1.2%[14] - Revenue from electronic components for 2025 was HKD 182,992,000, slightly up from HKD 182,963,000 in 2024, indicating a marginal growth[16] - Major customer contracts contributed over 10% of total revenue, with customer A generating HKD 48,329,000 in 2025, up from HKD 27,454,000 in 2024, a growth of 76%[19] - The communications segment reported sales of HKD 41,100,000 in 2025, a 6% increase from HKD 38,700,000 in 2024, contributing 22% to total revenue[34] - The industrial applications segment showed strong growth, with sales of HKD 78,700,000 in 2025, up 28% from HKD 61,400,000 in 2024, contributing 43% to total revenue[36] - The data processing segment experienced a decline, with sales of HKD 21,500,000 in 2025, an 18% decrease from the previous year, contributing 12% to total revenue[35] - The high-reliability products segment saw a decrease in sales to HKD 41,700,000 in 2025, down 26% from HKD 56,600,000 in 2024, contributing 23% to total revenue[37] Expenses and Liabilities - The company incurred research and development expenses of HKD 5,388,000 in 2025, down from HKD 6,487,000 in 2024, a decrease of 16.9%[19] - Accounts payable increased to HKD 9,539,000 in 2025 from HKD 5,740,000 in 2024, representing a rise of 66.5%[27] Cash and Financial Position - As of December 31, 2025, the company had cash and cash equivalents of HKD 134,300,000, with no bank debt issued[33] Market Outlook - The company remains cautiously optimistic about the future, focusing on cost control and operational efficiency to support core business stability amid ongoing market challenges[39] Other Financial Metrics - The company reported a significant foreign exchange gain of HK$11,166,000 from overseas operations, compared to a loss of HK$12,694,000 in 2024[4] - Total other income increased to HKD 9,252,000 in 2025 from HKD 8,972,000 in 2024, reflecting a growth of 3.1%[19] - The aging analysis of accounts receivable showed that overdue amounts increased, with HKD 1,682,000 over 90 days in 2025 compared to HKD 666,000 in 2024, a significant rise of 152.5%[26] - The company’s effective tax rate for Hong Kong profits tax remained at 16.5% for both 2025 and 2024[20] - The company did not declare a final dividend for the year ending December 31, 2025, consistent with the previous year[28]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue of RMB 2,039,167, a decrease of 1.5% from RMB 2,070,006 in 2024[3] - Gross profit for the same period was RMB 902,862, down 9.2% from RMB 994,885 in 2024, resulting in a gross margin of 44.3%[3] - Net profit for the year was RMB 403,060, reflecting a decline of 13.8% compared to RMB 467,319 in 2024[3] - Adjusted net profit was RMB 407,389, down 12.6% from RMB 466,092 in the previous year[3] - Basic earnings per share decreased to RMB 0.63, down 12.5% from RMB 0.72 in 2024[3] - The company declared a final dividend of HKD 0.28 per share, a decrease of 27.8% from HKD 0.388 in 2024[3] - The adjusted net profit margin decreased to 20.0%, down from 22.5% in the previous year[3] - The total comprehensive income for the year was RMB 402,458, compared to RMB 464,921 in 2024[5] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 7,553,583,000, an increase from RMB 7,355,053,000 in 2024, representing a growth of approximately 2.7%[7] - Non-current assets totaled RMB 5,480,014,000 in 2025, compared to RMB 5,212,382,000 in 2024, indicating an increase of about 5.1%[6] - Current liabilities decreased to RMB 2,286,535,000 in 2025 from RMB 2,418,192,000 in 2024, reflecting a reduction of approximately 5.4%[6] - Total liabilities slightly increased to RMB 5,057,686,000 in 2025 from RMB 5,041,101,000 in 2024, showing a marginal rise of about 0.3%[7] - Non-current liabilities increased to RMB 2,771,151,000 in 2025 from RMB 2,622,909,000 in 2024, representing a growth of about 5.7%[7] - The company reported a net current liability of RMB 212,966,000 as of December 31, 2025, which includes contract liabilities of RMB 1,026,329,000[10] Revenue Breakdown - The group's income from higher education services for 2025 was RMB 1,621,269 thousand, slightly down from RMB 1,625,566 thousand in 2024[18] - Revenue from educational technology and services decreased to RMB 288,529 thousand in 2025 from RMB 359,687 thousand in 2024[18] - The revenue from higher education services reached RMB 961,224 thousand in 2025, up from RMB 953,754 thousand in 2024, marking a growth of 0.15%[43] - The total revenue from educational technology and services was RMB 57,121 thousand in 2025, slightly down from RMB 58,268 thousand in 2024, showing a decrease of 1.97%[43] - Medical services revenue increased by 46.6% to RMB 83.3 million, contributing 4.1% to total revenue[53] Operational Costs - The total operating costs for the year were RMB 1,075,121 thousand, reflecting a slight increase in costs compared to previous reporting[15] - Operating costs for the fiscal year were approximately RMB 1,136.3 million, an increase of 5.7% year-on-year, mainly due to increased employee compensation and depreciation expenses from school expansion projects[110] - Total other expenses for 2025 amounted to RMB 38,500,000, an increase of 15.1% from RMB 33,228,000 in 2024[22] Investments and Acquisitions - On May 20, 2025, the company acquired approximately 4.2255% equity in Xikang Yunsha for RMB 30.0 million and provided RMB 45.0 million in funding[136] - The company has established Dalian Ruikang Cardiovascular Hospital as a private non-enterprise unit specializing in cardiovascular diseases, registered on December 31, 2021[187] Educational Services and Expansion - The company aims to become a leader in the integrated development of education, healthcare, and elderly care services, focusing on technology-enabled solutions for sustainable growth[51] - The company has successfully transformed its business model to include diversified services, aiming for a sustainable development strategy in the education and healthcare sectors[51] - The company plans to continue expanding its educational offerings and enhancing its technological capabilities in the coming years[54] - The company has developed a comprehensive education service system that combines online and offline resources to empower partner schools and learners[71] Technological Innovations - The company has integrated AI and smart campus technologies to enhance educational governance and effectiveness, including automated attendance and interaction rate identification[69] - The upgraded OpenNEU platform utilizes big data, blockchain, and AI technologies to create an immersive learning environment, enhancing personalized and effective educational support[75] Risk Management - Key risks include reliance on tuition and accommodation fee adjustments, the early-stage nature of the elderly care technology business, and potential impacts from changes in national healthcare policies[157] - The management is responsible for designing and monitoring risk management and internal control systems, with oversight from the board of directors[158] - The group has established a risk management organization to regularly identify, assess, and manage significant risks affecting business objectives[159] Corporate Governance - The company has adhered to the corporate governance code and will continue to review and monitor its governance practices to ensure compliance[173] - The audit committee has reviewed the accounting principles and financial reporting matters for the year ending December 31, 2025[178] - The consolidated financial statements for the year ending December 31, 2025, have been agreed upon by the auditors, confirming consistency with the group's financial reports[179]

Financial Performance - Revenue decreased by approximately 24.04% to RMB 73,191,000 compared to RMB 96,359,000 in 2024[3] - Gross profit increased by approximately 9.57% to RMB 3,298,000, with a gross margin rising from approximately 3.12% to 4.51%[5] - The loss attributable to owners of the company narrowed by approximately 7.14% to RMB 17,502,000 from RMB 18,848,000 in 2024[5] - Basic and diluted loss per share was RMB 1.60, compared to RMB 1.80 in 2024, reflecting an 11.11% decrease[5] - For the fiscal year ending December 31, 2025, total revenue was RMB 73,191,000, with external sales from the commodity trading segment contributing RMB 72,386,000[19] - The marble block segment reported a loss of RMB 3,833,000, while the commodity trading segment achieved a profit of RMB 1,553,000, resulting in an overall adjusted pre-tax loss of RMB 19,470,000[19] - The adjusted pre-tax loss for the fiscal year ending December 31, 2024, was RMB 19,259,000, with the marble block segment reporting a loss of RMB 2,412,000[20] - The group's pre-tax loss increased slightly from RMB 19,259,000 in 2024 to RMB 19,470,000 in 2025, with cost of goods sold also decreasing from RMB 93,349,000 to RMB 69,893,000[30] - Other income fell from RMB 604,000 in 2024 to RMB 477,000 in 2025, primarily due to a decrease in bank interest income from RMB 597,000 to RMB 168,000[29] - The financial costs decreased from RMB 6,259,000 in 2024 to RMB 4,749,000 in 2025, with a significant reduction in borrowing interest from RMB 3,200,000 to RMB 1,300,000[29] - The group recorded a net gain of approximately RMB 270,000 from foreign exchange this year, compared to a loss of RMB 280,000 in the 2024 fiscal year[61] Assets and Liabilities - Total assets increased by approximately 35.20% to RMB 214,506,000 from RMB 158,662,000 in 2024[3] - Total liabilities as of December 31, 2025, were RMB 160,809,000, with segment liabilities for marble block and commodity trading at RMB 128,135,000 and RMB 36,887,000 respectively[19] - Current liabilities rose significantly to RMB 88,960,000 from RMB 33,852,000 in 2024, reflecting increased operational obligations[8] - Non-current assets in Hong Kong decreased from RMB 6,687,000 in 2024 to RMB 2,616,000 in 2025, while non-current assets in mainland China increased from RMB 114,852,000 to RMB 117,463,000[22] - Trade receivables increased significantly to RMB 36,032,000 in 2025 from RMB 1,619,000 in 2024, with a credit term of up to eight months for major customers[38] - The aging analysis of trade receivables shows RMB 32,984,000 is within 30 days and RMB 3,048,000 is overdue between 91 to 180 days for 2025[40] - Prepayments and deposits increased to RMB 24,428,000 in 2025 from RMB 14,723,000 in 2024, primarily due to land use rights deposits[41] - Contract liabilities rose to RMB 55,755,000 in 2025 from RMB 28,695,000 in 2024, reflecting customer prepayments for marble and coal sales[48] Operational Updates - The company is currently undergoing expansion works at the Yiduo Rock Project, resulting in no production or sales of marble blocks during the year[5] - The company is currently evaluating the impact of newly issued accounting standards on its financial statements[14] - The company has established a credit monitoring department to mitigate credit risk associated with trade receivables[39] - The company is currently in the development phase of the Yuduo Rock project, which is undergoing comprehensive expansion, and its operational performance is highly dependent on the retention and recruitment of senior management personnel[84] - The company relies solely on the Yuduo Rock project for its mining operations, which poses significant operational risks and uncertainties that could adversely affect its financial performance[85] - The company anticipates that the construction of mining access roads will be completed soon, with regular marble production expected to resume in the third quarter of 2026[94] - The company has entered into sales contracts for marble slabs with several customers and has received partial deposits, indicating future revenue generation[94] - The company plans to diversify its revenue sources by continuing to explore opportunities in commodity trading, in addition to coal trading[95] - The company aims to enhance its product variety and brand awareness through industry exchanges and is actively seeking selective acquisition opportunities to support growth[94] - The company is committed to careful cost management and resource optimization while expanding its trade business to other regions in China[89] - The company recognizes various operational risks, including unexpected maintenance issues and natural disasters, which could significantly impact its business and financial condition[88] Shareholder Information - The company did not declare a final dividend for the year ended December 31, 2025, consistent with 2024[5] - The board recommended not to declare a final dividend for the year[115] - Basic loss per share for 2025 is RMB 17,502,000, compared to RMB 18,848,000 for 2024, with weighted average shares outstanding increasing from 1,044,625,928 to 1,095,387,200[37] - On October 20, 2025, the company successfully placed a total of 210,640,000 shares at a price of HKD 0.133 per share, increasing the total issued shares from 1,053,259,200 to 1,263,899,200[98] Audit and Compliance - The group's consolidated financial statements for the year have been audited by Lianda Hong Kong CPA Limited, which will be proposed for reappointment at the 2026 Annual General Meeting[116] - The auditor has agreed to the figures contained in the preliminary full-year results announcement of the group[117] - The 2025 annual report will be available for viewing on the Hong Kong Stock Exchange and the company's website in due course[118]

Financial Performance - The group's revenue increased by 8.6% from approximately RMB 1,610.9 million for the year ending December 31, 2024, to approximately RMB 1,748.8 million for the year ending December 31, 2025[4]. - The net profit for the group decreased by 19.4% from approximately RMB 102.0 million for the year ending December 31, 2024, to approximately RMB 82.2 million for the year ending December 31, 2025; excluding one-time acquisition gains, the net profit increased by 10.3% from approximately RMB 74.5 million to approximately RMB 82.2 million[4]. - The gross profit for the same period was RMB 524.0 million, compared to RMB 463.7 million in 2024, reflecting a gross margin improvement[62]. - The company reported a pre-tax profit of RMB 86,684,000 for 2025, down from RMB 105,367,000 in 2024, representing a decrease of 17.73%[96]. - The basic and diluted earnings per share for the year were RMB 0.24, down from RMB 0.29 in 2024, indicating a decrease of approximately 17.2%[62]. Market Trends - In 2025, the total retail sales of consumer goods in China grew by 3.7%, while online retail sales increased by 8.6%, with physical goods online retail sales rising by 5.2%[7]. - The express delivery business volume reached 1,989.5 billion items in 2025, reflecting a year-on-year growth of 13.6%[7]. - The Chinese economy maintained resilience with a GDP of RMB 140.19 trillion in 2025, growing by 5.0% year-on-year[6]. - The logistics equipment and solutions market is evolving towards standardization and digitalization, driven by regulatory measures and customer demands for lifecycle management and compliance[10]. - The global supply chain is showing a trend towards diversification and regionalization, increasing the demand for logistics equipment and solutions in Southeast Asia[15]. Business Strategy - The company aims to implement three major strategies: strengthening network, expanding product categories, and internationalization, to consolidate and enhance its market leadership by 2025[18]. - The strategic focus for 2026 includes a four-pronged approach: networking, diversification, internationalization, and intelligence, to drive business scale and service quality improvements[30]. - The company plans to continue expanding its market presence in Asia, Europe, North America, South America, and Australia[87]. Operational Efficiency - The company has established a service network covering 52 key cities globally, with 95 standardized service points and a total operational asset scale exceeding 64,000 units by December 31, 2025[18]. - The company launched a rental maintenance management system, integrating key service processes for improved operational efficiency[28]. - Digital capabilities were enhanced, improving asset operation transparency and risk management through data-driven operational systems[21]. - The company aims to establish a global service network with over 1,000 service points, including more than 600 in China and over 200 overseas, to enhance operational efficiency and service quality[30]. Customer Satisfaction and Service Quality - Customer satisfaction for remanufacturing services remained above 97%, indicating high service quality and operational efficiency[27]. - A customer-centric, standardized, and professional service system will be developed to enhance service quality and response efficiency through digital tools and optimized service processes[33]. Financial Position - As of December 31, 2025, the current assets are approximately RMB 868.1 million, a decrease of 2.8% from approximately RMB 893.5 million as of December 31, 2024[50]. - The debt-to-asset ratio as of December 31, 2025, is 69.6%, a slight increase of 0.8 percentage points compared to the end of 2024, reflecting ongoing strategic transformation and capital expenditure[51]. - The company's net assets increased to RMB 1,250.8 million in 2025, up from RMB 1,178.8 million in 2024, reflecting a growth of approximately 6.1%[64]. - Total non-current assets increased to RMB 3,244.1 million as of December 31, 2025, compared to RMB 2,887.8 million in 2024, marking a growth of approximately 12.4%[63]. Compliance and Governance - The audit committee reviewed the consolidated financial statements for the year ended December 31, 2025, ensuring compliance with applicable accounting standards[112]. - The company has adopted corporate governance codes and complied with all applicable principles during the reporting period[105]. - The independent auditor has confirmed that the preliminary financial results align with the amounts in the consolidated financial statements for the year ending December 31, 2025[113].

Financial Performance - Total revenue for 2025 reached HKD 10,414 million, a slight increase from HKD 11,760 million in 2024, with property leasing contributing HKD 9,853 million[19]. - Operating profit for 2025 was HKD 6,836 million, compared to HKD 6,826 million in 2024, indicating stable performance despite market challenges[19]. - Shareholders' basic earnings per share increased to HKD 1.77 in 2025 from HKD 1.71 in 2024, reflecting a positive trend in profitability[20]. - The net asset value per share rose to HKD 72.6 as of December 31, 2025, up from HKD 70.3 in the previous year, indicating improved financial health[19]. - Shareholders' equity increased to HKD 98,881 million in 2025 from HKD 95,776 million in 2024, reflecting a solid capital base[19]. - The company maintained a consistent dividend payout of HKD 0.86 per share for both 2025 and 2024, demonstrating commitment to returning value to shareholders[20]. - The total dividend payout ratio based on shareholders' net profit increased to 85% in 2025 from 73% in 2024[21]. - The net debt to equity ratio remained stable at 30.9% in 2025 compared to 30.8% in 2024[21]. - The net profit attributable to shareholders for 2025 is projected at HKD 24.07 billion, reflecting a 3% increase[24]. Market Expansion and Development - The company is expanding its presence in key mainland cities, with properties in nine cities including Shanghai and Wuhan, reinforcing its market leadership[6]. - New projects include the opening of the "HANGOUT" multi-functional space in Wuhan and Wuxi, enhancing community engagement and service offerings[18]. - The company announced two significant "Henglong V.3" projects in Shanghai and Wuxi, aimed at enhancing its business layout in core cities[41]. - The company plans to open Hangzhou Henglong Plaza in the second quarter of 2026, followed by the opening of the Mandarin Oriental Hotel in 2027[44]. - Shanghai Hang Lung Plaza expansion project will increase retail space by 13% and is expected to be operational in the second half of 2026[57]. - Wuxi Hang Lung Plaza expansion will increase total retail area by 38% to approximately 169,000 square meters, with over 80 new dining and fashion brands[73]. - The new Wuxi project includes the "Wuxi Xizhe Hotel, Hilton Garden Inn," expected to open in the second quarter of 2026[73]. - The company is preparing for the retirement of CEO Weber, with a smooth transition plan in place[48]. Sustainability Initiatives - The company aims to achieve its "25 x 25" sustainability targets by 2025, focusing on climate change and resource management[7]. - The "25 x 25 sustainability targets" were achieved, receiving the best sustainability rating from external evaluators[43]. - Shanghai Hang Lung Plaza will utilize renewable energy starting April 2024, enhancing sustainability efforts[57]. - Jinan Hang Lung Plaza achieved net zero carbon emissions in energy consumption starting January 2023, becoming a leader in sustainability in Shandong Province[70]. - Dalian Hang Lung Plaza will utilize renewable energy starting May 2025, with a total floor area of 221,900 square meters and 1,214 parking spaces[79][80]. Retail Performance and Strategy - Retail sales in mainland China showed strong growth, with a positive growth trend recorded in the second half of 2025 after five consecutive quarters of improvement[40]. - The retail environment shows signs of recovery, with government economic stimulus measures and stable domestic tourist numbers contributing to market confidence in the second half of the year[108]. - Shanghai Hang Lung Plaza's property portfolio demonstrated strong performance with high occupancy rates, adapting to changing consumer preferences towards experiential retail and emerging local brands[109]. - The flagship mall, Shanghai Hang Lung Plaza, experienced a slight decline in foot traffic due to changing customer travel patterns, yet tenant sales remained stable[115]. - The "HOME TO LUXURY" event in 2025 achieved a record tenant participation rate, resulting in a nearly 50% year-on-year increase in tenant sales[116]. - The retail sector's tenant sales growth is driven by a comprehensive membership program that boosts customer loyalty and engagement[111]. - The company continues to adapt its strategies in response to market conditions, focusing on experiential retail and a curated brand mix[115]. - The introduction of 40 new brands, including seven concept stores making their debut in Shenyang, significantly enhanced customer experience and tenant sales[124]. - The promotional activities, including the "Coca-Cola® Sharing Happiness" campaign, have effectively stimulated customer spending across the property portfolio[188]. Community Engagement and Customer Experience - The company is focusing on enhancing community engagement through immersive experiences and social media-friendly events to drive customer visits[174]. - The community engagement strategy, including events like the "National Day Celebration," significantly boosted tenant sales and foot traffic, integrating the mall into the local community[126]. - The "Wiggle We Go" event in Kunming attracted significant attention, leading to a 20% year-on-year increase in foot traffic in December[144]. - The marketing strategy, including the "Butterbear" event, led to a 32% increase in foot traffic and a 36% rise in sales during the opening weekend[120]. Challenges and Market Conditions - The residential market in mainland China continues to face challenges, with significant declines in transaction volumes in major cities, despite government support measures[189]. - The office segment faced rental and occupancy pressure due to high vacancy rates and new supply in Shanghai, yet it remains a preferred location for multinational corporations[117]. - The retail environment remains competitive, with a notable decline in sales for gold and jewelry due to rising prices, while health and personal care products remain popular[184].