Financial Performance - Total revenue for the year ended December 31, 2025, was approximately RMB 1,667.1 million, representing a growth of about 52.8% compared to 2024[4] - Gross profit reached approximately RMB 584.5 million, an increase of approximately 130.8% from 2024[4] - Net profit attributable to the owners of the parent company was approximately RMB 284.4 million, an increase of approximately RMB 335.2 million compared to 2024[4] - Basic and diluted earnings per share for the year ended December 31, 2025, were approximately RMB 0.32[4] - The total profit for the year was approximately RMB 333.6 million, an increase of approximately RMB 391.3 million compared to 2024[4] - The company reported a significant turnaround with a total profit of RMB 334.141 million compared to a loss of RMB 58.652 million in 2024[5] - The company reported a net profit attributable to shareholders of RMB 284,372,000 for 2025, recovering from a loss of RMB 50,828,000 in 2024[22] - The company's net profit for 2025 was approximately RMB 284.8 million, compared to a net loss of about RMB 51.0 million in 2024, resulting in a net profit margin increase from approximately -4.7% in 2024 to about 17.1% in 2025[55] Revenue Breakdown - Revenue from railway fastening system products reached approximately RMB 1,283.9 million, accounting for about 77.0% of the total revenue, with a year-on-year increase of approximately 90.4%[34] - Revenue from welding wire products was approximately RMB 308.2 million, accounting for about 18.5% of total revenue, showing a decline of about 0.8% from the previous year[37] - Revenue from railway sleeper products was approximately RMB 64.1 million, representing a decrease of about 30.6% compared to RMB 92.3 million in 2024[38] Operating Costs and Expenses - Operating costs for the year were approximately RMB 1,299.965 million, compared to RMB 1,009.772 million in 2024[5] - The total operating costs for 2025 were RMB 1,082,560,000, up from RMB 837,626,000 in 2024, indicating a cost increase of 29.2%[17] - Research and development expenses increased to RMB 45.764 million from RMB 27.420 million in 2024[5] - The total depreciation and amortization expenses for 2025 were RMB 64,363,000, slightly higher than RMB 60,919,000 in 2024[17] - The company's management expenses are expected to increase from RMB 92.5 million in 2024 to RMB 111.2 million in 2025, mainly due to increased shipments of high-speed rail products and higher technical transfer fees[46] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 3,815,638,000, an increase from RMB 3,501,497,000 in 2024, reflecting a growth of approximately 9%[8] - Current assets reached RMB 2,253,399,000, up from RMB 1,930,332,000 in 2024, indicating an increase of about 17%[8] - Total liabilities as of December 31, 2025, were RMB 1,154,717,000, compared to RMB 1,107,124,000 in 2024, representing a rise of approximately 4.3%[9] - The company's equity attributable to shareholders increased to RMB 2,647,536,000 in 2025 from RMB 2,381,449,000 in 2024, marking a growth of around 11.2%[9] - The capital debt ratio of the company decreased to 10.4% as of December 31, 2025, down from 17.3% on December 31, 2024, reflecting improved performance and cash recovery[63] Cash Flow and Liquidity - Cash and cash equivalents stood at RMB 341,927,000, a significant increase from RMB 157,849,000 in the previous year, reflecting a growth of approximately 117%[8] - The company reported cash and cash equivalents of approximately RMB 229.6 million as of December 31, 2025, compared to RMB 101.0 million in 2024, indicating improved liquidity[57][58] Dividend and Shareholder Information - The proposed final dividend for the year ended December 31, 2025, is RMB 0.0111 per share, totaling RMB 9,966,024[3] - The company proposed a dividend of approximately RMB 0.0111 per share for the year ending December 31, 2025, pending shareholder approval[29] - Non-resident corporate shareholders will be subject to a 10% withholding tax on the final dividend distributed on June 5, 2026[71] - Individual shareholders will have a 20% personal income tax withheld on the final dividend, unless they qualify for a lower rate under tax treaties[73] - The company will not withhold tax for mainland corporate investors on the final dividend, which they must report and pay themselves[73] Corporate Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code, except for a temporary deviation regarding gender diversity on the nomination committee[81] - The company has adopted the Standards of Conduct for Securities Transactions by Directors and confirmed full compliance as of December 31, 2025[82] - The auditors have verified the financial data disclosed in the preliminary announcement of the group's consolidated financial statements for the year ended December 31, 2025[83] - The audit committee has reviewed the group's full-year results and financial statements prepared in accordance with Chinese accounting standards[84] Future Outlook and Strategic Plans - The company plans to actively explore opportunities for vertical integration in the industry and diversify its product offerings to enhance core competitiveness and profitability[66] - The company aims to maintain stable railway safety and complete national railway investment tasks, with a target of 44.02 billion passenger trips and 41.3 billion tons of freight in 2026, reflecting a growth of 3.5% and 1.5% respectively[65]

Revenue Growth and Financial Performance - In 2025, the company reported a return to revenue growth, driven by its "Connectivity + Computing Power" strategy[6]. - The company's operating revenue for 2025 is projected to be CNY 133,895.5 million, representing a 10.38% increase from CNY 121,298.8 million in 2024[24]. - Net profit attributable to shareholders is expected to decline to CNY 5,617.7 million, a decrease of 33.32% compared to CNY 8,424.8 million in 2024[24]. - The net profit after deducting non-recurring gains and losses is forecasted to be CNY 3,370.4 million, down 45.45% from CNY 6,179.1 million in 2024[24]. - The net cash flow from operating activities is anticipated to drop to CNY 3,918.7 million, a significant decline of 65.86% from CNY 11,479.8 million in 2024[24]. - The total assets are projected to increase to CNY 217,739.4 million, reflecting a growth of 5.02% from CNY 207,323.2 million in 2024[24]. - The weighted average return on equity is projected to decline to 7.58%, down from 11.97% in 2024, a drop of 4.39 percentage points[24]. - The company’s other income for 2025 was 2,886.8 million, a slight decrease of 1.57% year-on-year, remaining relatively stable compared to the previous year[99]. Market Strategy and Business Focus - The company aims to optimize its business portfolio and resource allocation, focusing on high market capacity and growth potential[7]. - The overseas market presents significant opportunities, particularly in large state-owned enterprises and Chinese companies expanding abroad[8]. - The strategic goal is to become a leader in network connectivity and intelligent computing power, navigating industry cycles effectively[8]. - The company plans to enhance its innovation capabilities through cross-disciplinary integration, aiming to empower customers with integrated solutions[8]. - The company is focusing on AI technology integration in its operations, enhancing network optimization and resource scheduling[72]. - The company is committed to expanding its international market presence by leveraging opportunities in data centers, cloud computing, and digital transformation projects[180]. Technological Innovations - The company launched the industry's first smart gaming phone, achieving breakthroughs in international markets, particularly in esports[6]. - The company introduced AI technology to enhance the User Plane Function (UPF), improving business identification and experience measurement capabilities[13]. - The deployment of the Active Antenna Unit (AAU) is crucial for 5G base stations, responsible for transmitting and receiving RF signals[13]. - The Digital Coherent Optics (DCO) technology supports data transmission rates of 100G and above, widely applied in metropolitan networks and data center interconnections[13]. - The Optical Circuit Switching (OCS) technology enables low-latency, high-bandwidth optical interconnections, suitable for AI computing clusters and data centers[14]. - The company has developed a large model for medical examination scenarios, successfully implemented in multiple hospitals, and partnered with the Health Examination Group to create an AI intelligent examination integration machine[68]. Environmental and Social Responsibility - The company has maintained a leadership A rating in climate change for three consecutive years, reflecting its commitment to green development[6]. - The company emphasizes sustainable development, integrating ESG practices into its strategy to address stakeholder needs[189]. Shareholder and Financial Management - The profit distribution plan for 2025 proposes a cash dividend of RMB 4.11 per 10 shares, subject to shareholder approval[4]. - The company’s capital expenditure for 2025 was 4,272.5 million, a decrease from 5,021.8 million in 2024[122]. - The company has no significant equity acquisitions or non-equity investments during 2025[136]. - The company did not repurchase, sell, or redeem any listed securities during the reporting period, and there are no treasury shares as of December 31, 2025[128]. - The company has established several new subsidiaries in 2025, expanding its consolidated financial reporting scope[85]. Customer and Market Dynamics - The domestic operator market will focus on stabilizing network structures and exploring incremental space through demand[8]. - The company achieved a market share increase in the domestic market for wireless products, while also expanding its international presence in countries like Indonesia, Vietnam, and several others[79]. - The company ranked first in market share for smart computing servers in China, participating in various national projects and achieving significant growth in data center switches[80]. - The group has maintained a leading position in the smart home sector, with over 100 million units shipped for two consecutive years, and holds the number one global market share for PON CPE for five years running[50]. Risk Management and Financial Strategy - The group emphasizes risk management in derivative trading, focusing on hedging against currency and interest rate fluctuations, and prohibits speculative activities[150]. - The company actively manages customer credit risk through credit assessments, ratings, and internal credit management measures, utilizing financial tools like credit insurance[188]. - Interest rate risk is managed by controlling the total amount of interest-bearing debt and optimizing the debt structure, including the use of interest rate swaps[186].

Financial Performance - Return on Tangible Equity (RoTE) for the year was 14.7% on a basic basis, exceeding the target range of 13-14%[12] - Operating income reached $20.894 billion, representing a 6% increase on a basic basis and a 7% increase on a reported basis[12] - Basic earnings per share (EPS) was 229.7 cents, an increase of 61.6 cents on a basic basis and 195.4 cents, an increase of 54.1 cents on a reported basis[12] - Pre-tax profit was $7.900 billion, reflecting an 18% growth on both basic and reported bases[12] - The Common Equity Tier 1 (CET1) capital ratio stood at 14.1%, a decrease of 12 basis points[12] - The total shareholder return for the year is reported at 89.0%, reflecting a significant increase in share price[108] - The company achieved a 14.7% return on tangible equity in 2025, surpassing the 13% target a year ahead of schedule[148] - Operating income increased by 6% to $20.9 billion, with an 8% increase when excluding significant items[149] - Pre-tax profit reached $7.9 billion, an 18% increase, with earnings per share rising by 37% to 229.7 cents[149] - The liquidity coverage ratio stood at 155%, reflecting prudent asset and liability management[150] - Common equity tier 1 capital ratio was 14.1%, exceeding the target range of 13% to 14%[150] Digital Transformation and Innovation - The company is focusing on expanding its digital banking services, including Mox and Trust, to enhance innovation[17] - The financial industry is undergoing significant digital transformation, blurring the lines between financial services and technology, with a focus on innovation and risk management[33] - The company is committed to enhancing digital interactions with corporate and investment banking clients, continuously investing in new platforms and digital channels[56] - The focus on digitalization, product innovation, and AI capabilities is aimed at improving customer satisfaction and engagement[72] - Customer digital transaction initiation rate improved to 72.1%, up from 68.3% in 2024, enhancing customer experience[175] Sustainable Finance and Growth - The company aims to drive sustainable financing and inclusive growth through its capital mobilization efforts[22] - The company is committed to sustainable development and responsible finance, which is integral to its brand and long-term value creation[36] - The company aims to utilize sustainable financing of 300 billion by 2030, with over half of the target amount already utilized as of 2025[120] - Sustainable finance revenue reached 1.07 billion, achieving the target of 1 billion by 2025, with a commitment of 157 billion towards a 300 billion sustainable financing goal by 2030[175] - The company aims to integrate sustainable investment into its wealth management solutions, benefiting clients through its sustainability capabilities[72] - The company is committed to providing sustainable financing solutions to help clients address environmental and social challenges[89] Market Position and Strategy - The company operates in 54 locations globally, connecting high-growth and emerging markets with mature economies[24] - The company is leveraging its unique competitive advantages in Asia, Africa, and the Middle East to support clients amid transformative changes in the market[49] - The company is focused on adapting to structural changes in the financial industry to create sustainable business performance and long-term value[46] - The company continues to strengthen its position as a leading wealth management institution in Asia, Africa, and the Middle East[72] - The company is deepening its wealth management business and restructuring the capital market landscape to meet evolving client needs[52] Employee and Corporate Culture - Employee Net Promoter Score (eNPS) was 17.56, down by 3.9 points[12] - The corporate culture is viewed as a strategic asset, fostering inclusivity, collaboration, and customer-centric operations across diverse markets[38] - The proportion of women in senior leadership positions slightly decreased to 32.5% in 2023 from 33.1% in 2024, with a target to increase to 35% by the end of 2025[112][113] - Employee Net Promoter Score (eNPS) has shown an upward trend, reaching 25.86% in 2025, up from 12.94% in 2021[116] Economic Outlook - Global GDP growth is projected to reach 3.4% in 2025, slightly higher than 3.3% in 2024, driven by strong consumer demand and central bank policies[129] - The U.S. economic growth is expected to slow to 2.0% in 2025, down from 2.7% in 2024, influenced by government spending cuts and trade disruptions[129] - China’s economic growth is projected to stabilize at 5.0% in 2025, supported by effective domestic policies countering U.S. tariffs[129] - Emerging markets face long-term growth threats from nationalism and protectionism, but digital transformation and increased capital expenditure could offset these challenges[130] Shareholder Returns and Capital Management - The board has proposed an increase in the annual dividend to 61 cents per share, representing a 65% increase, along with an additional share buyback of $1.5 billion[40] - The company is implementing a share buyback plan of $1.5 billion to actively manage capital levels and share results with shareholders[64] - The company completed a share buyback program of HKD 1.5 billion in the first half of the year, with an additional HKD 1.3 billion buyback program announced for 2025[153] Risk Management and Regulatory Compliance - The board of directors emphasizes the importance of maintaining financial strength, risk discipline, and regulatory standards to seize extraordinary growth opportunities[35] - The company emphasizes responsible business practices by implementing net-zero targets and managing environmental and social risks[87]

Financial Performance - For the year ending December 31, 2025, the company reported a consolidated revenue of RMB 773.853 million, a decrease of 6.1% compared to RMB 824.050 million in 2024[4] - Profit attributable to equity shareholders increased by 84.4% from RMB 4.530 million in 2024 to RMB 8.355 million in 2025[4] - Basic and diluted earnings per share for 2025 were RMB 5.22, up from RMB 2.83 in 2024[5] - The company's gross profit for 2025 was RMB 59.903 million, slightly up from RMB 59.190 million in 2024[5] - The reported segment profit (adjusted EBITDA) for 2025 was RMB 112,547,000, a slight decrease of 1.0% compared to RMB 113,661,000 in 2024[23] - The group reported a pre-tax profit of RMB 17,192,000 for 2025, up 9% from RMB 15,743,000 in 2024[32] - Basic earnings per share increased to RMB 8,355,000 in 2025 from RMB 4,530,000 in 2024[33] - The company achieved a total comprehensive revenue of RMB 77,385.3 million in 2025, down 6.1% from RMB 82,405.0 million in 2024, primarily due to a decrease in coal prices affecting steam pricing[53] Assets and Liabilities - Total assets less current liabilities as of December 31, 2025, were RMB 676.999 million, down from RMB 736.007 million in 2024[6] - The company's net current liabilities amounted to RMB 22.568 million as of December 31, 2025[12] - Non-current liabilities decreased from RMB 270.366 million in 2024 to RMB 207.555 million in 2025[7] - Cash and cash equivalents decreased from RMB 128.795 million in 2024 to RMB 71.551 million in 2025[6] - The total assets of the company decreased to RMB 962,844,000 in 2025 from RMB 1,070,774,000 in 2024, reflecting a decline of 10.1%[23] - The total liabilities decreased to RMB 493,400,000 in 2025 from RMB 605,133,000 in 2024, a reduction of 18.4%[24] Revenue Segments - The energy production and supply segment generated revenue of RMB 518,858,000 in 2025, down 7.9% from RMB 563,723,000 in 2024[22] - The photovoltaic power generation and sales segment reported revenue of RMB 8,961,000 in 2025, an increase of 9.4% from RMB 8,188,000 in 2024[22] - In 2025, the revenue from the energy production and supply segment was RMB 518.858 million, a decrease of 8.0% compared to RMB 563.723 million in the previous year, primarily due to a decline in coal procurement prices[55] Costs and Expenses - The company reported a financial cost reduction from RMB 17.073 million in 2024 to RMB 12.150 million in 2025[5] - Total employee costs decreased to RMB 28,455,000 in 2025 from RMB 30,943,000 in 2024, reflecting a reduction of approximately 8%[29] - The total cost of purchased electricity was RMB 195,955,000 in 2025, down from RMB 200,732,000 in 2024[30] - The cost of fuel for 2025 was RMB 360.884 million, a decrease of 10.5% from RMB 403.043 million in the previous year, primarily due to lower coal procurement prices[69] Investments and Future Plans - The capital expenditure for 2025 was RMB 14.058 million, with significant investments in distributed photovoltaic projects and energy storage initiatives[76] - The company plans to expand its business through mergers and acquisitions and deepen cooperation with strategic partners to enhance its market competitiveness[47] - The group plans to accelerate the construction of distributed photovoltaic projects in 2026, focusing on key sectors such as government agencies, hospitals, and industrial parks[94] - The group intends to expand its green electricity trading business and enhance its power maintenance services to create new profit growth points[97] Employee and Governance - As of December 31, 2025, the group had a total of 72 employees, with 90.3% holding a bachelor's degree or higher[98] - The total labor cost for the reporting period was RMB 28.455 million, which includes salaries, benefits, and allowances[98] - The board of directors includes both executive and independent non-executive directors, ensuring a diverse governance structure[120] Dividends and Shareholder Information - The proposed final dividend per ordinary share for 2025 is RMB 0.026, compared to RMB 0.014 in 2024, reflecting an increase in shareholder returns[44] - The board proposed a final dividend of RMB 0.026 per share for the year ending December 31, 2025, totaling approximately RMB 4.158 million[108] - The company confirmed that the proposed final dividend for the year ending December 31, 2025, aligns with its dividend policy[111] Risk Management - The group has identified three major risks: policy risk, safety risk, and performance management risk, and is taking measures to mitigate these risks[88] - The group has not faced significant foreign exchange risks, as its operations are primarily in China[87] Compliance and Reporting - The group’s auditor confirmed that the preliminary financial data for the year ending December 31, 2025, is consistent with the audited financial statements[116] - The annual performance announcement is published on the stock exchange's disclosure website and the company's website[117] - The company will send out the annual report containing all data required by listing rules at an appropriate time[117]

Financial Performance - For the fiscal year ended December 31, 2025, the Group recorded total revenue of approximately HK$115.4 million, with a shareholders' attributable comprehensive net loss of approximately HK$476.3 million, including a fair value loss of approximately HK$213.5 million on investment properties[14] - Excluding the exceptional item, the shareholders' attributable comprehensive net loss for the fiscal year was approximately HK$262.8 million, representing an increase of 21.8% compared to the loss of HK$215.7 million in 2024[14] - The loss per share for 2025 was 30.4 HK cents, compared to 5.4 HK cents per share in 2024[14] - For the year ended December 31, 2025, the Group reported a revenue of HK$115.4 million, a decrease of 5.5% compared to HK$122.1 million in 2024[49] - The loss attributable to equity holders for 2025 was approximately HK$476.3 million, representing an increase of approximately 466.3% from HK$84.1 million in 2024[43] - The Group recorded a fair value loss on investment properties of HK$213.5 million for 2025, compared to a fair value gain of HK$131.6 million in 2024[52] - The share of loss from associates for 2025 was HK$48.3 million, a decline from a profit of HK$56.3 million in 2024[52] - The Group's investment properties contributed a steady income stream of approximately HK$115.4 million in 2025, despite the overall revenue decline[49] - Adjusted operating profit for the property investment segment was approximately HK$50.6 million for the year ended December 31, 2025, down 16.1% from approximately HK$60.3 million for the year ended December 31, 2024[65] Market Outlook - The Group anticipates steady growth in domestic demand driven by a stable labor market and rising household incomes, which will boost private consumption[19] - The international environment remains complex, with uncertainties in global trade, prompting the Group to stay attuned to market trends and adjust its property portfolio accordingly[20] - The global economy is recovering, presenting new opportunities for Hong Kong, with expected steady growth in domestic demand and private consumption driven by a stable labor market and rising household income[21] - The anticipated easing of global trade tensions by 2026 is expected to support economic activity in major economies, benefiting Hong Kong's market[21] Investment Strategy - A joint venture was established to invest in a diversified retail property portfolio, including multiple shopping malls and commercial centers with a total gross floor area of 2.048 million square feet and over 7,760 parking spaces[18] - The company plans to optimize operational efficiency of existing properties and explore new investment opportunities to meet the diverse needs of tenants and investors[22] - The Group aims to optimize operational efficiency of existing properties while exploring new investment opportunities to enhance competitiveness[20] - The Group's strategy of diversifying its portfolio of investment properties has proven successful and is expected to generate sustainable returns for shareholders[53] - The Group will continue to explore opportunities to develop its financial services segment, despite no revenue derived from asset management services in 2025 and 2024[54] Corporate Governance - The Group has established sound corporate governance practices to align management interests with those of Shareholders, ensuring protection and promotion of Shareholder interests[108] - The Board comprises six Directors, including two executive Directors and four non-executive Directors, with independent non-executive Directors representing more than one-third of the Board[115] - Key corporate governance matters reviewed by the Board include the development and monitoring of policies on corporate governance and compliance with legal and regulatory requirements[127] - The Group's corporate governance practices are continuously evaluated to remain relevant in a fast-changing business environment[111] - The Board recognizes the need for effective engagement with key stakeholders, including all investors, to ensure long-term success[120] Board Composition and Diversity - The Group's independent non-executive Directors include three members who resigned on March 15, 2025, and three new members appointed on the same date[116] - The Board's oversight includes ensuring the effectiveness of internal control systems and risk management[124] - The Nomination Committee has set measurable objectives, including at least one-third of the Board being independent non-executive Directors and at least one female Director, which have been fulfilled for 2025[152][154] - The Board Diversity Policy emphasizes the importance of diverse perspectives in enhancing the Company's performance[149] - The Company aims to avoid a single-gender Board and will review gender diversity in accordance with business development[155] Financial Position - The Group's cash and bank balances decreased to approximately HK$149.7 million as of December 31, 2025, down from HK$209.3 million as of December 31, 2024, representing a decline of 28.5%[80] - Shareholders' funds decreased to HK$3,441.1 million as of December 31, 2025, compared to HK$3,917.4 million as of December 31, 2024, reflecting a decrease of 12.2%[80] - The Group's gearing ratio increased to 61.8% as of December 31, 2025, up from 58.0% as of December 31, 2024, indicating a rise of 6.6%[80] - The Group's debt-to-equity ratio increased to 61.8% as of December 31, 2025, compared to 58.0% as of December 31, 2024, primarily due to a restructuring of the financing framework[84] - The Group had no charges over assets as of December 31, 2025, compared to an investment property valued at approximately HK$2,145.0 million pledged in 2024[86] Employee and Management - The Group's employee count decreased to 8 as of December 31, 2025, from 9 in 2024, reflecting ongoing adjustments in line with business growth[94] - The Group's management team includes experienced professionals with extensive backgrounds in finance and corporate governance[39] - The Company is focused on enhancing its financial management and corporate governance practices through its board composition[33] Training and Development - All Directors participated in continuous professional development programs during the year ended December 31, 2025, including internal briefings and training conducted by qualified professionals[196] - The training areas covered included Corporate Legal and Governance Regulatory, and Group's Business, with all Directors receiving training in these areas[198] - Continuous professional development is encouraged to ensure Directors' contributions remain informed and relevant[195]

Financial Performance - Revenue for the six months ended December 31, 2025, was HKD 21,869,000, representing a 51.5% increase from HKD 14,460,000 in the same period of 2024[8] - Gross profit for the same period was HKD 8,244,000, up 8% from HKD 7,632,000 year-over-year[8] - The company reported a net loss of HKD 32,252,000 for the six months ended December 31, 2025, compared to a net loss of HKD 73,879,000 in the prior year, indicating a 56.4% improvement[8] - Basic and diluted loss per share was HKD 1.03, compared to HKD 2.33 for the same period in 2024[9] - The company reported a total comprehensive loss of HKD 25,055,000 for the period, compared to a loss of HKD 76,935,000 in the previous year[17] - The total loss for the period was HKD 32,252,000, with a pre-tax loss of HKD 28,568,000 and tax expenses of HKD 3,684,000[26] - The company reported a net loss of HKD 30,551,000 for the six months ended December 31, 2025, compared to a loss of HKD 12,453,000 for the same period in 2024[19] Assets and Liabilities - Total assets as of December 31, 2025, were HKD 1,231,168,000, down from HKD 1,263,036,000 as of June 30, 2025[12] - The company’s total liabilities decreased to HKD 321,301,000 from HKD 341,929,000, indicating improved financial health[12] - As of December 31, 2025, total assets amounted to HKD 1,228,148,000, with Property Investment holding the largest share at HKD 907,036,000[28] - The liabilities totaled HKD 465,827,000, with Property Investment accounting for HKD 324,626,000 of this amount[28] - Cash and cash equivalents decreased to HKD 46,905,000 from HKD 70,198,000 in the previous period[12] - Accounts payable as of December 31, 2025, amounted to HKD 87,906,000, a decrease of 6.3% from HKD 94,391,000 as of June 30, 2025[58] - Other payables, including accrued expenses and other creditors, totaled HKD 22,820,000 as of December 31, 2025, down from HKD 28,762,000 as of June 30, 2025, representing a decline of 20.7%[58] Revenue Sources - Revenue from property sales in China amounted to HKD 12,164,000, up 58.5% from HKD 7,693,000 in the previous year[23] - The company generated HKD 2,279,000 from sales of AI machinery and products, which was not reported in the previous year[23] - For the six months ending December 31, 2025, total revenue was HKD 21,869,000, with AI Robotics contributing HKD 2,957,000, Property Development HKD 12,164,000, Property Investment HKD 6,720,000, and Investment Holding HKD 28,000[26] - Revenue from Hong Kong reached HKD 4,755,000 and from China HKD 16,211,000 for the six months ending December 31, 2025, compared to HKD 4,292,000 and HKD 10,168,000 for the same period in 2024, representing increases of 10.8% and 59.9% respectively[34] Research and Development - Research and development expenses increased to HKD 1,688,000 from HKD 837,000, reflecting a focus on innovation[8] - R&D expenses rose by 102% from HKD 837,000 to HKD 1,688,000, driven by the development of AI RaaS solutions[105] - The company plans to increase R&D investment in AI robotics over the next three years, focusing on key technologies such as AI innovation applications and robotics coordination[87] Employee Costs - Total employee costs rose to HKD 10,154,000 for the six months ending December 31, 2025, compared to HKD 8,486,000 for the same period in 2024, an increase of 19.7%[37] - The remuneration for key management personnel increased significantly to HKD 4,797,000 for the six months ended December 31, 2025, compared to HKD 1,566,000 for the same period in 2024, marking a growth of 206.5%[66] Investment Properties - The company’s investment properties were valued at HKD 852,889,000, slightly down from HKD 855,815,000[12] - The fair value of investment properties at the end of December 31, 2025, was HKD 852,889,000, slightly down from HKD 855,815,000 at the end of June 30, 2025[43] - The fair value of investment properties in Hong Kong was reported at HKD 84,891,000 as of December 31, 2025, compared to HKD 121,900,000 as of June 30, 2025[76] - The fair value of investment properties in China was reported at HKD 767,998,000 as of December 31, 2025, compared to HKD 733,915,000 as of June 30, 2025[76] Legal and Compliance - The company has filed for compulsory liquidation against a borrower due to overdue repayment of HKD 19,394,000[55] - The company has filed an appeal regarding a civil judgment related to a legal claim, with the outcome pending as of the reporting date[63] - The company has maintained compliance with all applicable corporate governance code provisions, except for the separation of the roles of Chairman and CEO, which are held by the same individual[141] Future Plans and Strategy - The group will adopt a dual-line expansion strategy focusing on deepening its presence in the Hong Kong market and consolidating its existing layout in international markets[88] - The group plans to build an AI technology industrial park covering approximately 95,000 square meters, focusing on AI algorithm development and sensor manufacturing[91] - The company has successfully entered multiple large enterprise supplier lists in Hong Kong, providing services across various sectors including residential, commercial, and healthcare[84] - Internationally, the company has signed cooperation agreements with major enterprises in Malaysia, Australia, Denmark, Spain, and Pakistan, expanding its global business influence[84] Shareholder Information - The total issued and paid-up share capital remained unchanged at HKD 30,551,000 as of both December 31, 2025, and June 30, 2025, with 3,055,105,739 shares issued[64] - Major shareholders include Ruixing Investment Limited with 550,000,000 shares, representing 18.00% of issued shares, and Ms. Li Fuyi with 279,930,959 shares, representing 9.16%[137] - The company’s major shareholder, Mr. Ng, holds 829,935,000 shares, representing 27.16% of the total issued shares[131]

Financial Performance - Revenue for 2025 decreased to RMB 943,943,000 from RMB 1,035,008,000 in 2024, representing a decline of approximately 8.8%[16] - Gross profit for 2025 was RMB 406,449,000, down from RMB 462,314,000 in 2024, indicating a decrease of about 12.1%[16] - Profit for the year increased to RMB 31,977,000, compared to RMB 28,893,000 in 2024, reflecting a growth of approximately 7.2%[16] - EBITDA for 2025 was RMB 138,986,000, a decrease from RMB 148,507,000 in 2024, showing a decline of about 6.4%[16] - Basic earnings per share rose to 4.58 RMB cents from 4.10 RMB cents in 2024, an increase of approximately 11.7%[16] - Total dividend per share increased to 2.00 HK cents from 1.79 HK cents in 2024, representing an increase of about 11.7%[16] - Gross profit margin for 2025 was 43.1%, down from 44.7% in 2024, indicating a decrease of 1.6 percentage points[16] - Operating margin improved to 10.2% in 2025 from 8.7% in 2024, reflecting an increase of 1.5 percentage points[16] - Return on equity increased to 2.4% in 2025 from 2.1% in 2024, showing an improvement of 0.3 percentage points[16] - Interest coverage ratio improved to 8.5 in 2025 from 6.1 in 2024, indicating better ability to cover interest expenses[16] Retail Performance - Total retail revenue from all retail channels decreased by 8.4% for the year ended 31 December 2025 compared to 2024[40] - Retail sales revenue from physical retail stores decreased by 0.5% for the year ended 31 December 2025 compared to 2024[40] - Retail revenue from online platforms decreased by 25.5% for the year ended 31 December 2025 compared to 2024[40] - The average retail discount at physical stores was 27.8% for the year ended 31 December 2025, slightly up from 27.6% in 2024[40] - As of 31 January 2026, the sell-through rate of the Group's 2025 collections was over 62.5%[40] Market Strategy - The Group plans to upgrade the image of physical stores and optimize online marketing strategies to enhance customer experience[26] - The Group aims to strengthen customer brand loyalty through comprehensive brand promotion campaigns[26] - The Group will actively evaluate opportunities for overseas market expansion and expand its retail network at the appropriate time[26] - The Group's business strategy focuses on aligning with evolving consumer trends and enhancing apparel quality and production craftsmanship[24] - The Group will invest more resources to enhance fabric quality and garment comfort, utilizing eco-friendly materials[53] - The Group plans to optimize its operational structure and integrate online and offline sales platforms to meet consumer demand[54] - Brand promotion efforts will be strengthened through various marketing strategies, including collaborations with renowned Chinese IPs[55] Operational Efficiency - Selling and distribution expenses decreased by 4.6% to RMB 188.5 million in 2025 from RMB 197.6 million in 2024[68] - Administrative and other operating expenses amounted to RMB 207.6 million in 2025, a decrease of 6.7% from the previous year[72] - The company aims to optimize its operational structure and processes to improve efficiency and control costs[60] Financial Position - The Group's cash and cash equivalents totaled RMB504.9 million as of 31 December 2025, a slight decrease from RMB514.5 million in 2024[88] - The Group experienced a net operating cash outflow of RMB5.7 million in 2025, a significant decline from a net inflow of RMB154.4 million in 2024[90] - Total bank loans as of 31 December 2025 were RMB222.3 million, a decrease from RMB225.6 million in 2024[98] - The gearing ratio decreased to 16.4% as of December 31, 2025, down from 16.8% in 2024, due to a reduction in bank loans totaling RMB 222.3 million[112][116] - The Group's liquidity position remains healthy, with sufficient cash and available banking facilities to meet its commitments and working capital requirements[113] Governance and Management - The Board comprises two executive Directors and three independent non-executive Directors, ensuring effective leadership and governance[149] - The Audit Committee held two meetings during the year ended December 31, 2025, completing significant tasks including reviewing the Group's annual report and financial statements[170] - The Remuneration Committee was established on October 8, 2013, and is responsible for reviewing and recommending the overall remuneration structure for all Directors and senior management[172] - The remuneration policy for Directors and senior management is linked to the financial results of the Group and individual performance[174] - The Board has delegated authority for implementing business strategies and managing daily operations to executive Directors and senior management[155] - The Board is responsible for monitoring the Group's operating and financial performance and reviewing corporate governance standards[155] - The Nomination Committee is responsible for monitoring the succession planning of Directors and assessing the independence of independent non-executive Directors[182] Dividend Policy - The Board recommended a final dividend of HK$0.92 per ordinary share for the financial year ended December 31, 2025, compared to HK$0.86 in 2024[140] - The total dividend payout for the year is approximately HK$13.4 million (equivalent to approximately RMB 12.2 million), with a dividend payout ratio of 40%[140] - The Group has adopted a general dividend policy of declaring and paying dividends on a semi-annual basis of not more than 50% of its total net profit attributable to equity shareholders since the financial year ended December 31, 2018[143] Risk Management - The Audit Committee reviewed the effectiveness of the internal audit function and the Group's systems of internal control and risk management[170] - The Corporate Governance Committee conducted one meeting during the year ended December 31, 2025, reviewing the Group's corporate governance policies and practices[188]

Financial Performance - The company's operating revenue for 2025 was approximately RMB 87.228 billion, an increase of 3.8% compared to the previous year[15]. - The profit attributable to shareholders for the year was approximately RMB 5.056 billion[15]. - The basic and diluted earnings per share were RMB 4.02[6]. - Operating revenue for 2025 reached RMB 87,227.8 million, an increase of RMB 3,163.7 million or 3.76% compared to 2024[17]. - Gross profit for 2025 was RMB 11,927.4 million, up from RMB 11,427.0 million in 2024, reflecting a gross margin of 13.67%[17]. - The company reported a net profit attributable to shareholders of RMB 5,055.8 million for 2025, a slight decrease from RMB 5,123.1 million in 2024[17]. - The proposed final dividend for 2025 is HKD 0.77 per share, totaling RMB 891,170,000, compared to RMB 881,483,000 in 2024[7]. - The pre-tax profit for 2025 was approximately RMB 7.764 billion, a year-on-year increase of 2.9%, with net profit attributable to shareholders of approximately RMB 5.056 billion[67][69]. Revenue Segmentation - The total LNG distribution volume increased by 21.3% to 38.1 billion cubic meters, while international trade volume rose by 19.2% to 28.6 billion cubic meters[14]. - The beer business generated RMB 131.73 million in revenue, a 3.24% increase from RMB 127.60 million in 2024, with a gross margin improvement to 42.52%[16]. - The gas business reported revenue of RMB 645.22 million, a 4.06% increase from RMB 620.03 million in 2024, although net profit decreased by 3.06%[16]. - Environmental business revenue increased by 2.54% to RMB 94.55 million, but net profit fell by 10.10%[16]. - The gas business generated operating revenue of approximately RMB 64.522 billion in 2025, up 4.1% year-on-year[65]. - The LNG business contributed approximately RMB 18.199 billion in operating revenue, a significant increase of 17.6% year-on-year, driven by the full production of the Tianjin Nankou project[65]. - The beer business saw operating revenue of approximately RMB 13.173 billion, a year-on-year increase of 3.2%, with pre-tax profit rising by 60.0% to approximately RMB 2.487 billion[66]. Assets and Liabilities - Total assets as of December 31, 2025, were RMB 214,861.3 million, compared to RMB 209,752.1 million in 2024[22]. - Total equity increased to RMB 102,734.8 million in 2025 from RMB 97,615.2 million in 2024[23]. - The group's net current liabilities as of December 31, 2025, amount to RMB 6.4 billion, but the board believes there will be sufficient funds for continued operations based on cash flow forecasts[1]. - The accounts receivable from trade (net of impairment) at the end of the reporting period was RMB 4,835,300,000, down from RMB 5,134,785,000 in 2024[48]. - The accounts payable at the end of the reporting period was RMB 4,269,016,000, compared to RMB 3,906,197,000 in 2024[49]. - The net debt as of December 31, 2025, was approximately RMB 47.679 billion, a decrease of 0.6% compared to the previous year[71]. - The total non-current liabilities increased by approximately RMB 7.327 billion, primarily due to the arrangement of long-term Euro bank loans for repaying the EUR 500 million guaranteed bonds maturing within the year[72]. Operational Efficiency and Strategy - Free cash flow for Beikong Water has been positive for four consecutive years, indicating improved operational quality[6]. - The company aims to enhance operational efficiency and service quality while expanding its market presence through innovative business models and strategic partnerships[51]. - The company plans to optimize and upgrade its business structure, focusing on four core areas: natural gas, water services, environment, and food production and sales[76]. - The company aims to invest in emerging green and low-carbon industries over the next five years, leveraging its investment and capital operation advantages[77]. - The company is enhancing its LNG business by optimizing resource pools and expanding domestic distribution channels, aiming for breakthroughs in coastal and central China markets[81]. - The company aims to transform from a traditional investment-oriented enterprise to a technology-driven operational enterprise, focusing on sustainable high-quality development[84]. Sustainability and Corporate Governance - The company achieved a historical best score of 61 in the S&P Global Corporate Sustainability Assessment, ranking ahead of approximately 75% of its peers globally[13]. - The company has optimized its sustainability reporting framework and indicators, enhancing data management capabilities and achieving full coverage of climate scenario analysis[98]. - The company is advancing its carbon peak actions and Scope 3 emissions management pilot, integrating ESG considerations into strategic decision-making and daily operations[98]. - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2025, confirming compliance with applicable accounting standards[95]. - Deloitte has agreed that the financial figures in the preliminary announcement align with the audited consolidated financial statements approved by the board[96]. Employee and Shareholder Engagement - As of December 31, 2025, the group had approximately 34,000 employees, with a focus on enhancing management and employee engagement through performance-based compensation and regular policy reviews[97]. - The 2026 Annual General Meeting is scheduled for May 28, 2026, with a deadline for share transfer registration on May 21, 2026[101]. - The final deadline for share transfer registration to qualify for the final dividend is June 3, 2026, with a suspension period from June 4, 2026, to June 8, 2026[103].

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 851,969,000, a decrease of 10% compared to HKD 946,232,000 in 2024[2] - Operating profit increased to HKD 682,763,000, up 31% from HKD 520,726,000 in the previous year[2] - The company reported a net loss of HKD 328,299,000 for the year, significantly improved from a loss of HKD 923,336,000 in 2024[2] - The total comprehensive loss for the year was HKD 76,322,000, a significant improvement from a loss of HKD 1,250,135,000 in 2024[3] - The company reported a total comprehensive income of 588 million HKD for the year, a decrease of 32.6% compared to the previous year[7] - The net loss for the year was 91.9 million HKD, reflecting a significant decline from the previous year's performance[7] - The company’s earnings per share (EPS) for the year was reported at 0.49 HKD, compared to 2.19 HKD in the previous year, indicating a substantial drop[8] - The company’s basic loss per share for 2025 was HKD 114.3, compared to HKD 316.9 in 2024, indicating an improvement in per-share performance[32] Assets and Liabilities - Total assets decreased to HKD 17,312,390,000 from HKD 17,663,957,000 in 2024, reflecting a decline of approximately 2%[4] - The company’s non-current assets, including investment properties, decreased to HKD 12,525,195,000 from HKD 13,208,369,000[4] - Total assets decreased to HKD 12,664,104,000 in 2025 from HKD 13,336,147,000 in 2024, reflecting a reduction of approximately 5%[22] - Total liabilities decreased to HKD 303,596,000 in 2025 from HKD 314,945,000 in 2024, a decline of about 4%[23] Income and Dividends - The company declared a dividend of 4.32 HKD per share for the current year, consistent with the previous year[8] - The interim dividend declared for 2025 was HKD 124,378,000, an increase of 34% compared to HKD 92,812,000 in 2024[30] - The proposed final dividend for 2025 is HKD 213,469,000, representing an increase of 39% from HKD 153,474,000 in 2024[30] Investment Properties - The valuation loss on investment properties was HKD 961,998,000, compared to HKD 1,375,504,000 in 2024, indicating a reduction in losses[2] - The group’s investment properties are located in Hong Kong, Australia, and the United States, with total non-current assets valued at HKD 12,668,139,000 in 2025[25] - The net income from property investments decreased to HKD 292.8 million for the year ending December 31, 2025, down from HKD 363.5 million in 2024, reflecting a decline of 19.4%[48] - The net income from commercial properties in Hong Kong decreased by 15.4% to HKD 234.3 million, while the average occupancy rate slightly declined to approximately 89%[48] Operational Challenges - The retail environment in Hong Kong faced challenges in 2025, with department store customer traffic and spending declining due to increased outbound tourism and competition from e-commerce[46] - The group anticipates continued challenges in its department store business in 2026 due to intense competition and changing consumer preferences[53] Workforce and Corporate Actions - The group reduced its workforce to 499 employees as of December 31, 2025, down from 531 employees in 2024[52] - The company repurchased a total of 1,103,000 shares during the year, with a total expenditure of HKD 13.8 million[56] Strategic Focus - The company is focused on maintaining its market position and exploring new strategies for growth despite the current financial challenges[11] - The group aims to enhance its department store business and increase rental income from commercial property investments, which are core revenue contributors[40]

Financial Performance - In 2025, the company's revenue increased by approximately 156.1% to HKD 29,216,000 from HKD 11,407,000 in the previous year[10] - The company achieved a net profit of approximately HKD 7,993,000, recovering from a loss of HKD 17,558,000 in the previous year[10] - The total revenue for the company reached approximately HKD 29,216,000 in 2025, reflecting a growth of 156.1% compared to HKD 11,407,000 in 2024[22] - The company reported a fair value gain of approximately HKD 6,647,000 from listed equity securities and non-listed investment funds, compared to a loss of HKD 2,687,000 in the previous year[10] - The net gain from fair value changes of financial assets measured at fair value through profit or loss was approximately HKD 6,647,000, compared to a loss of about HKD 2,687,000 in the previous period[27] - The company recorded a profit of approximately HKD 7,993,000 for the year, compared to a loss of about HKD 17,558,000 in the previous year[30] - The net assets increased by 17.7% from HKD 101,897,000 in 2024 to HKD 119,889,000 in 2025[21] - The total equity rose by 6.5% from HKD 122,264,000 in 2024 to HKD 130,257,000 in 2025[21] Revenue Drivers - The growth in revenue was primarily driven by significant increases in brokerage commissions, underwriting fees, corporate finance advisory fees, and interest income from securities and IPO financing[10] - The interest income from securities and IPO financing surged by 103.1% to approximately HKD 12,151,000 in 2025, up from HKD 5,982,000 in 2024[19] - The company completed seven placements and underwriting appointments in 2025, generating total commission income of approximately HKD 5,456,000, a 374.8% increase from HKD 1,149,000 in 2024[23] - The company’s brokerage service commission and service fees increased by 269.0% to approximately HKD 7,997,000 in 2025, compared to HKD 2,167,000 in 2024[22] Market Conditions - The economic outlook for Hong Kong remains stable, supported by government stimulus measures and monetary easing policies from central banks[10] - The average daily turnover in the Hong Kong securities market increased by 89.5% from HKD 131.8 billion in 2024 to HKD 249.8 billion in 2025[14] - The Hang Seng Index rose approximately 27.8% in 2025, closing at around 25,631 points on December 31, 2025[9] Business Strategy - The company plans to focus on underwriting and corporate finance advisory services while continuing to support brokerage services as ancillary[11] - The company will regularly review and adjust its business strategies with a prudent and balanced risk management approach[11] - The company aims to create long-term value for shareholders through sustainable growth and responsible investment practices[61] - The company will continuously review and adjust its business strategies to respond to changing market conditions and ensure sustainable development[62] Corporate Governance - The company is committed to maintaining high levels of corporate governance to protect stakeholder interests and enhance confidence[59] - The board consists of 6 members, including 3 executive directors and 3 independent non-executive directors, ensuring effective oversight and operation of the group[64] - The company has adopted all provisions of the corporate governance code as per the GEM Listing Rules, demonstrating its commitment to governance standards[59] - The company has appointed independent non-executive directors to meet the GEM Listing Rules requirements, ensuring a balanced board composition[64] Risk Management - The group faces various financial risks, including credit risk and liquidity risk, with a focus on minimizing potential adverse impacts on financial performance[46] - To mitigate credit risk, the management has established a team to set transaction limits and monitor receivables, significantly reducing credit risk[47] - The group complies with regulatory liquidity requirements and has a monitoring system in place to ensure sufficient liquidity for business commitments[48] - The board is responsible for evaluating and determining the nature and extent of risks acceptable to the company in achieving strategic objectives[102] ESG Initiatives - The board is responsible for the environmental, social, and governance (ESG) strategy and reporting, ensuring sustainability in business operations[198] - The company is focused on reducing its carbon footprint and creating a diverse and inclusive workplace environment[61] - The ESG working group collects relevant data to identify risks and opportunities, integrating ESG considerations into the investment process[199] - The company has established an Environmental, Social, and Governance (ESG) working group to manage ESG matters across the group's business sectors[61] Shareholder Relations - The company expresses gratitude to shareholders, clients, and business partners for their continued support and trust[11] - The company aims to maintain open communication with shareholders and potential investors through various reports and meetings[118] - The company has committed to maintaining a minimum of 20% female representation among both senior management and employees[84] Audit and Compliance - The Audit Committee held three meetings this year to review and assess the group's consolidated interim and annual performance[91] - The company has complied with GEM Listing Rule 5.28, ensuring at least one member of the Audit Committee is an independent non-executive director with appropriate professional qualifications[91] - The company has confirmed compliance with the GEM Listing Rules regarding securities trading by all directors throughout the year[97] - The independent auditor, Guo Wei CPA Limited, will be proposed for reappointment at the 2026 annual general meeting[194] Employee Relations - The company maintains strong relationships with employees, clients, and business partners, providing a pleasant work environment and ongoing professional training[154] - The company emphasizes a non-discriminatory work environment, ensuring all employment-related decisions are based on merit without bias[83] - The company has arranged suitable insurance plans covering legal liabilities arising from company activities for its directors and senior management[167]