Financial Performance - For the fiscal year ending December 31, 2025, the company reported total revenue of RMB 783.90 million, a decrease of 21.2% compared to RMB 995.35 million for the fiscal year ending December 31, 2024[4]. - The company experienced a significant increase in pre-tax loss, reporting RMB (365.57) million for 2025, compared to RMB (44.85) million in 2024, representing a 715.2% increase[4]. - The company reported a total comprehensive expense of RMB (414.87) million for 2025, a substantial increase of 408.0% from RMB (81.66) million in 2024[4]. - The company’s net loss attributable to shareholders for the year was RMB (367.09) million, compared to RMB (43.70) million in 2024, marking a 736.6% increase[4]. - The group reported a loss of RMB 365.62 million for the year ended December 31, 2025, compared to a loss of RMB 43.70 million for the same period in 2024, with a net profit margin decreasing from -4.4% to -46.6%[34]. - The company's net loss for 2025 was RMB 367,086,000, a substantial increase from the loss of RMB 43,702,000 in 2024[58]. Revenue Breakdown - The company's main revenue source, AR and VR marketing services, generated RMB 487.38 million, accounting for 62.2% of total revenue, down from RMB 573.07 million (57.6%) in 2024[12]. - Revenue from AR and VR marketing services for the year ended December 31, 2025, was RMB 487.38 million, a decrease of 15.0% from RMB 573.07 million for the year ended December 31, 2024[13]. - Revenue from the AR, VR, and AI content segment was RMB 189.11 million for the year ended December 31, 2025, down 10.5% from RMB 211.29 million in 2024[16]. - Revenue from data processing gateway services increased significantly to RMB 57.69 million, up 1,803.5% from RMB 3.03 million in the previous year[17]. - Revenue from live promotion services reached RMB 17.76 million, marking a new revenue source for the company[18]. - Integrated marketing services revenue fell sharply by 90.6% to RMB 16.83 million from RMB 179.48 million in the previous year[19]. - Revenue from the AR and VR SaaS segment decreased by 63.6%, from RMB 22.17 million in 2024 to RMB 8.07 million in 2025[20]. Expenses and Costs - Total revenue cost for the year ended December 31, 2025, was RMB 631.59 million, a decrease of 20.6% from RMB 795.31 million in 2024[21]. - Gross profit from AR and VR marketing services was RMB 67.23 million with a gross margin of 13.8%, compared to RMB 87.16 million and 15.2% in 2024[24]. - Overall gross profit for the year ended December 31, 2025, was RMB 152.32 million, with a gross margin of 19.4%, down from RMB 200.04 million and 20.1% in 2024[24]. - The group's gross profit for the year ended December 31, 2025, was RMB 152.32 million, a decrease of 23.9% compared to RMB 200.04 million for the same period in 2024, primarily due to a significant decline in revenue from AR and VR marketing services[25]. - The gross margin for AR and VR marketing services decreased from 15.2% for the year ended December 31, 2024, to 13.8% for the year ended December 31, 2025, attributed to budget cuts by advertising clients and increased customer acquisition costs[25]. - Distribution and selling expenses rose significantly to RMB 132.46 million, a 50.3% increase from RMB 88.15 million in the same period of 2024, primarily due to increased promotional costs associated with hiring subcontractors[29]. - Research and development expenses for the year ended December 31, 2025, were RMB 229.79 million, 2.7 times the RMB 84.29 million spent in the same period of 2024, driven by increased R&D activities[31]. - Administrative expenses decreased by 32.5% to RMB 34.60 million for the year ended December 31, 2025, down from RMB 51.29 million in the same period of 2024, due to strategic reductions in office and meeting expenses[30]. Assets and Liabilities - Trade receivables increased from RMB 641.89 million as of December 31, 2024, to RMB 695.04 million as of December 31, 2025, reflecting an increase in the turnover days of trade receivables[35]. - Trade payables increased from RMB 170.82 million as of December 31, 2024, to RMB 263.47 million as of December 31, 2025, due to suppliers adopting more flexible credit policies in response to current economic conditions[37]. - Cash and cash equivalents decreased to RMB 62.0 million as of December 31, 2025, down from RMB 162.4 million in 2024[46]. - Trade receivables increased to RMB 695.0 million in 2025, compared to RMB 641.9 million in 2024, indicating potential growth in sales[46]. - Trade receivables increased to RMB 695,041,000 in 2025 from RMB 641,885,000 in 2024, with receivables over 6 months increasing to RMB 187,736,000[60]. - Prepayments for advertising traffic decreased to RMB 629,754,000 in 2025 from RMB 742,383,000 in 2024[61]. Shareholder Information - The company did not declare or pay any dividends for the year ending December 31, 2025, consistent with 2024[57]. - The weighted average number of ordinary shares for calculating basic and diluted loss per share increased to 107,055,000 in 2025 from 90,334,000 in 2024[58]. - The company completed a share consolidation on December 5, 2025, merging every 20 shares into 1 share, changing the par value from USD 0.00001 to USD 0.00020[65]. - The company sold 5,506,000 shares of Hebei Yichen Industrial Group Co., Ltd., reducing its holdings to 25,595,000 shares, representing 2.85% of the total issued share capital[64]. - The company's authorized share capital after the share consolidation is $50,000, divided into 250,000,000 shares with a par value of $0.00020 each, with 130,087,860 shares issued and fully paid[66]. - The company has 29,590,000 unexercised share options, with an adjusted exercise price of HKD 35.60 per share after the consolidation[66]. Future Plans and Investments - The company aims to increase R&D investment in AI and XR technology integration, focusing on improving the efficiency of AIGC (AI-generated content) in 3D content creation[10]. - The company plans to use 30% of the funds raised from the May 2025 placement to enhance sales and marketing functions[69]. - The company has adopted a post-IPO share option plan to link employee compensation to overall performance, aiming to attract and retain qualified personnel[73]. - The company emphasizes training for employees to enhance professional skills and ensure high-quality service delivery[74]. - The company has no other plans for significant investments or capital assets beyond what has been disclosed in the announcement[67]. Corporate Governance - The company has maintained compliance with corporate governance codes and principles throughout the reporting period[78]. - The audit committee, consisting of three independent non-executive directors, has reviewed and supervised the financial reporting process[81]. - No purchase, sale, or redemption of the company's listed securities occurred during the year ending December 31, 2025[83]. Upcoming Events - The company plans to hold its annual general meeting on June 9, 2026[87]. - The company will suspend share transfer registration from June 4, 2026, to June 9, 2026, to determine shareholder eligibility for the annual general meeting[88]. - The annual results announcement for the year ending December 31, 2025, will be published on the Hong Kong Stock Exchange and the company's website[89].

Financial Performance - The group recorded revenue of RMB 866 million for the year, a decrease of approximately RMB 97 million or 10.1% compared to 2024[15]. - CNG sales dropped to RMB 384 million from RMB 451 million in 2024, primarily due to a continued decline in demand from industrial users[15]. - LNG sales also decreased to RMB 484 million from RMB 513 million in 2024, influenced by a drop in average selling prices, although demand remained stable[15]. - The net loss for the year was reduced by 22.2% to RMB 77 million from RMB 99 million in 2024[15]. - The company's total revenue decreased by approximately RMB 9.7 million or 10.1% to about RMB 86.6 million for the year ending December 31, 2025, compared to approximately RMB 96.3 million for the previous year[21]. - Retail CNG sales 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% the previous year[23]. - Wholesale CNG sales 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% the previous year[23]. - LNG sales accounted for 55.9% of total revenue, amounting to approximately RMB 48.4 million, a decrease of about RMB 2.9 million or 5.7% from the previous year's RMB 51.3 million[23]. - The company's cost of sales was approximately RMB 79.5 million, a decrease of about RMB 8.7 million or 9.9% from approximately RMB 88.2 million the previous year[24]. - Gross profit decreased to approximately RMB 7.1 million, down from about RMB 8.1 million, with a gross margin of 8.2%, slightly down from 8.4% the previous year[25]. - Other income recorded approximately RMB 197,000, down from RMB 327,000 the previous year, primarily due to a decrease in bank interest income[26]. Administrative and Operational Expenses - Administrative expenses for the ongoing business decreased by 10.1% to RMB 125 million from RMB 139 million in 2024[15]. - Administrative expenses decreased by approximately RMB 3.0 million from RMB 15.5 million to RMB 12.5 million, offset by a decrease in gross profit of approximately RMB 1.0 million[34]. - The company recorded employee costs of approximately RMB 6.4 million, down from RMB 7.5 million in the previous year[46]. Equity and Cash Position - Total equity as of December 31, 2025, was approximately RMB 50.6 million, down from RMB 53.3 million as of December 31, 2024[38]. - Cash and cash equivalents as of December 31, 2025, were approximately RMB 31.0 million, an increase from RMB 29.4 million as of December 31, 2024[38]. - The company's operating working capital was approximately RMB 34.6 million, compared to RMB 33.9 million as of December 31, 2024, with a current ratio of 4.8[38]. - The company has no interest-bearing bank borrowings, resulting in an asset-to-liability ratio not applicable[38]. Strategic Initiatives and Future Plans - The company plans to leverage its technical expertise to provide charging station services as part of its strategy to support global decarbonization goals[16]. - The board believes that the clean energy and low-carbon transportation policies in China present significant development potential for the electricity charging industry[16]. - The company will continue to explore various business opportunities to diversify revenue sources and enhance shareholder value[16]. - The company plans to establish a joint venture to enter the electricity charging market, leveraging resources from partners with extensive experience in the sector[51]. - A joint venture agreement was established with Huate Power (China) Co., Ltd. and Jiuyue Investment Holdings Ltd. to form a new company focused on methanol hydrogen fuel cell systems and supercharging stations[47]. - The construction of a CNG refueling station is expected to be completed by the end of 2026, with several equipment quotes already obtained[57]. - The company has upgraded the infrastructure at its Jingzhou mother station to enable LNG refueling capabilities, which was completed in the current fiscal year[57]. Shareholder and Capital Management - The company plans to raise up to 35,451,000 shares at a placement price of HKD 0.658 per share, representing a discount of approximately 17.75% from the closing price prior to the agreement[62]. - A total of 5,940,000 shares were successfully placed at a price of HKD 0.658 per share, raising approximately HKD 3.9 million, with a net amount of about HKD 3 million after deducting commissions and expenses[63]. - The net proceeds from the 2024 placement are allocated as follows: HKD 1.5 million (50%) for investment in renewable energy-related businesses and HKD 1.5 million (50%) for general working capital[64]. - The 2025 placement agreement allows for the issuance of up to 29,310,000 shares at a price of HKD 0.225 per share, representing a discount of approximately 16.67% from the closing price on the agreement date[66]. - The total gross proceeds from the 2025 placement are approximately HKD 6.6 million, with a net amount of about HKD 6 million after expenses[67]. - The planned use of the net proceeds from the 2025 placement includes HKD 3 million (50%) for establishing a joint venture and HKD 3 million (50%) for general working capital[68]. - The board has resolved to reallocate approximately HKD 3 million (50% of the unutilized net proceeds from the 2025 placement) to establish a joint venture in the electricity charging market[70]. - The company intends to utilize the unutilized amounts from the placements by the end of 2026[64][68]. - The company has not reduced, terminated, or sold any existing businesses or operations despite changes in the planned use of proceeds[70]. - The share price for the 2025 placement was determined based on fair negotiations referencing the current market price[66]. - The company aims to expand its shareholder and capital base through the placements, enhancing its fundraising capabilities[66]. Management and Governance - Liu Yongqiang and Liu Yongsheng are responsible for corporate strategy and overall operations, with Liu Yongqiang having 16 years of experience in the natural gas industry[75]. - Liu Yongsheng has over 25 years of work experience and was appointed as an executive director in June 2022[76]. - Zhao Yonghe has over 26 years of experience in finance and accounting, overseeing the group's financial and accounting operations[83]. - The company has a strong management team with diverse backgrounds in finance, operations, and legal affairs, enhancing its governance and compliance capabilities[78][79][84]. - The company reported audited financial statements for the year, indicating a commitment to transparency and accountability[86]. - The board does not recommend a final dividend for the year, consistent with the previous year[93]. - The company has implemented compliance procedures to ensure adherence to relevant environmental laws and regulations[89]. - The company has not engaged in any buybacks or sales of its listed securities during the year, aside from disclosed fundraising activities[95]. - The company is committed to sustainable development and maintaining strong relationships with employees, customers, and business partners[91]. - The financial performance and asset-liability summary over the past five fiscal years are detailed on page 114 of the report[94]. - The company has not entered into any management or administrative contracts for its business during the year[110]. Shareholder Structure - Major shareholders include Yongsheng and Hongsheng, each holding 76,125,000 shares, representing 35.82% of the total issued shares as of December 31, 2025[116]. - Anwen Development Limited holds 13,872,500 shares, accounting for 6.53% of the total issued shares[116]. - Liu Yongcheng directly owns 100% of Yongsheng, which holds approximately 9.13% of the issued shares, while Liu Yongqiang directly owns 100% of Hongsheng, which holds approximately 26.70% of the issued shares[117]. - The company has an employee stock option plan approved on April 20, 2018, allowing the issuance of stock options to directors and employees as incentives[119]. - The maximum number of shares that can be granted to any single participant under the stock option plan is capped at 1% of the company's issued share capital[120]. - As of December 31, 2025, a total of 25,816,009 stock options have been canceled, with no options currently exercised[122]. - The exercise price for stock options ranges from HKD 0.309 to HKD 0.664, depending on the grant date and market conditions[122]. - The stock options granted in the current year amount to 8,500,000, with an exercise period extending until July 7, 2030[122]. - The company has not disclosed any additional shareholders with significant interests as of December 31, 2025, apart from those mentioned[118]. - The company continues to monitor compliance with the Securities and Futures Ordinance regarding shareholder disclosures[118]. Compliance and Risk Management - The company has adopted trading compliance standards as per GEM Listing Rules, confirming adherence by all directors during the year[138]. - There are no tax benefits or exemptions known to the company for shareholders holding its securities[136]. - The company has maintained a public float of at least 25% of its total issued shares as of the last practicable date prior to the report date[146]. - The audit and risk management committee has reviewed the consolidated financial statements for the year, confirming compliance with applicable reporting standards and GEM listing rules[144]. - No related party transactions that require disclosure under GEM listing rules occurred during the year[143]. - The company has adopted the corporate governance code as a benchmark for its governance practices and has complied with all applicable provisions during the year[152]. - The board consists of six members, including three executive directors and three independent non-executive directors, ensuring a balanced governance structure[157]. - The independent non-executive directors have confirmed their independence according to GEM listing rules, contributing to effective oversight[162]. - The company has established mechanisms to ensure independent opinions are obtained and reviewed annually for effectiveness[169]. - The company has no significant events to disclose following the end of the reporting period, aside from those mentioned in the report[145]. - The company has engaged the same auditor for the past three years, ensuring consistency in financial reporting[148]. - The board is responsible for leading and monitoring the company’s affairs, ensuring sound internal controls and risk management systems are in place[165]. - The board consists of at least three independent non-executive directors, with at least one possessing appropriate professional qualifications in accounting or financial management[170]. - The nomination committee strictly adheres to the nomination policy and evaluates the independence of independent non-executive directors annually[171]. - Independent non-executive directors do not receive performance-related equity compensation to maintain their objectivity and independence[172]. - The audit and risk management committee held two meetings during the year to review interim and annual financial performance and discuss significant financial reporting matters[181]. - The remuneration committee reviewed the compensation schemes for individual directors and senior management, ensuring transparency in the remuneration policies[183]. - The company granted stock options on July 8, 2025, with a vesting period of twelve months from the grant date, in compliance with GEM listing rules[183]. - The nomination committee held one meeting during the year to review the board's structure and the independence of non-executive directors[187]. - All newly appointed directors received formal training upon their initial appointment to understand the company's operations and their responsibilities[175]. - The company encourages all directors to attend relevant training courses, with costs covered by the company[177]. - The audit and risk management committee is composed of three independent non-executive directors, ensuring rigorous oversight of financial reporting and internal controls[181]. Diversity and Inclusion - The board consists of six directors, with four males and two females, resulting in a female representation of approximately 33%[192]. - As of December 31, 2025, the overall gender ratio of the company's employees is approximately 38% male and 62% female[192]. - The nomination committee is committed to reviewing the board's diversity policy regularly to ensure its effectiveness[192]. - The company aims to maintain a balanced approach to diversity related to business growth and ensure diverse candidates are considered in recruitment practices[190]. - The board believes that the current gender diversity is sufficient and has policies in place to ensure potential successors maintain this diversity[192]. Risk Management and Governance Policies - The board is responsible for assessing and determining the nature and extent of risks the company is willing to take to achieve its strategic objectives[200]. - The company has adopted a board diversity policy that includes methods to achieve board diversity, which can be reviewed on the company’s website[188]. - The board will consider setting measurable targets to implement the diversity policy and review progress towards these targets[191]. - The board's diversity policy includes various aspects such as gender, age, cultural background, and professional experience[195]. - The board is responsible for reviewing the company's corporate governance policies and practices, including compliance with legal and regulatory requirements[197].

Revenue Performance - Total revenue for the year ended December 31, 2025, was HKD 336,113,000, a decrease of 12.0% from HKD 382,090,000 in 2024[2] - Revenue from Hong Kong concentrated Chinese medicine granules was HKD 192,317,000, down 7.4% from HKD 207,591,000 in the previous year[2] - Revenue from Chinese medicine health products increased by 9.8% to HKD 92,557,000, compared to HKD 84,302,000 in 2024[2] - Revenue from the sale of concentrated Chinese medicine granules was HKD 230,673,000 in 2025, down from HKD 284,706,000 in 2024, representing a decline of 19.0%[27] - The segment revenue from Chinese herbal health products was HKD 92,557,000 in 2025, an increase of 13.1% from HKD 82,017,000 in 2024[27] - The revenue generated from the operation of the company's clinics was HKD 51.2 million, a decrease of HKD 5.1 million or 9.0% compared to the previous year[60] Profit and Loss - The company reported a gross profit of HKD 180,156,000, a decline of 12.2% from HKD 205,142,000 in 2024[4] - The net loss for the year was HKD 35,223,000, slightly improved from a loss of HKD 35,439,000 in the previous year[4] - The company reported a total operating profit of HKD 59,454,000 for 2025, down from HKD 70,037,000 in 2024, a decrease of 15.5%[25][26] - The group recorded a loss attributable to the owners of the company of HKD 35.2 million for the year ended December 31, 2025, with a net current liability of HKD 252.3 million[10] - The group’s net loss for the year ended December 31, 2025, was HKD 35.2 million, a slight decrease from a net loss of HKD 35.4 million in the previous year[70] Assets and Liabilities - Total assets less current liabilities amounted to HKD 214,343,000, down from HKD 224,658,000 in 2024[7] - Non-current assets totaled HKD 466,672,000, an increase from HKD 447,284,000 in 2024[6] - The company’s equity increased to HKD 130,484,000 from HKD 111,198,000 in 2024[7] - As of December 31, 2025, the current portion of interest-bearing bank and other borrowings amounted to HKD 268.3 million, while cash and cash equivalents were only HKD 16.2 million[10] - The total interest-bearing bank and other borrowings amounted to HKD 323,816,000 in 2025, down from HKD 339,710,000 in 2024[46] - The company’s total assets pledged as collateral for interest-bearing bank loans were valued at HKD 208,507,000 in 2025, down from HKD 253,426,000 in 2024[48] Cash Flow and Financing - The company’s cash and cash equivalents increased to HKD 16,170,000 from HKD 12,794,000 in the previous year[6] - The company’s cash flow management is reflected in the net cash flow from operating activities, which showed a significant change from a net outflow of HKD 1,480,000 in 2025 compared to an inflow of HKD 5,387,000 in 2024[36] - The group has unutilized bank financing of HKD 28.5 million as of December 31, 2025, which is expected to be extended for another year[10] - The group has defaulted on certain covenants of bank loans totaling HKD 25.2 million and has overdue repayments of HKD 24.4 million, leading to a potential immediate repayment of borrowings amounting to HKD 49.6 million at the lender's discretion[10] - The company is actively negotiating with banks to amend financing covenants, with reasonable expectations of securing future bank financing[47] Corporate Governance - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules, ensuring compliance with all applicable provisions[93] - The roles of the Chairman and CEO are not separated as of December 31, 2025, due to the nature of the business and the expertise of the current CEO[94] - The Audit Committee consists of three independent non-executive directors, ensuring adequate independence and oversight[95] - The independent auditor has agreed that the preliminary performance announcement data for the year ending December 31, 2025, is consistent with the group's consolidated financial statements[97] - The audit committee has reviewed the group's financial performance for the year ending December 31, 2025, and believes it complies with relevant accounting standards and regulations[96] Future Outlook and Risks - The ability to continue as a going concern is subject to significant uncertainties, including the successful implementation of the board's plans and measures[11] - Forward-looking statements regarding the group's financial condition and business performance are subject to known and unknown risks and uncertainties[105] - If the group fails to implement its plans, it may need to adjust the carrying value of its assets and liabilities, which has not been reflected in the consolidated financial statements[14] Shareholder Information - The board of directors has decided not to recommend a final dividend for the year ending December 31, 2025[101] - The annual general meeting is scheduled for May 27, 2026, with a suspension of share transfer registration from May 21 to May 27, 2026[102][103] - There were no purchases, sales, or redemptions of the company's listed securities during the year ending December 31, 2025[99]

Financial Performance - For the year ended December 31, 2025, the group recorded revenue of approximately RMB 3,063.3 million, a decrease of about 26.3% compared to RMB 4,156.1 million in 2024[2] - The profit attributable to the owners of the company for the year was approximately RMB 586.3 million, a significant increase of about RMB 576.3 million or 5,783.3% compared to RMB 10.0 million in 2024[2] - Revenue from external customers in mainland China for the year 2025 was RMB 3,063,300, a decrease from RMB 4,156,144 in 2024[22] - The profit from the discontinued operations for the year 2025 is RMB 60,189,000, compared to RMB 3,677,000 in 2024[41] - The profit attributable to the company's owners decreased by approximately RMB 6.1 million or 32.6% from RMB 18.7 million in 2024 to RMB 12.6 million in 2025, due to reduced revenue and increased share-based payment expenses[111] Segment Performance - The gross profit margin improved due to rising silver prices, leading to an increase in gross profit and net profit for the manufacturing segment despite a decrease in revenue[4] - The jewelry retail business recorded a substantial increase in sales revenue from gold and silver products, benefiting from lower procurement costs and rising gold prices, resulting in a significant improvement in gross profit margin[4] - The manufacturing segment reported external sales revenue of approximately RMB 3,063.3 million for the year ended December 31, 2025, a decrease of about 26.3% compared to RMB 4,156.1 million for the year ended December 31, 2024[84] - The manufacturing segment's profit increased by approximately 32.4%, from about RMB 49.2 million in 2024 to approximately RMB 65.1 million in 2025, driven by higher silver prices[84] - The jewelry new retail business recorded sales of approximately RMB 487.0 million for the year ended December 31, 2025, a significant increase of about 209.0% compared to RMB 157.6 million in 2024[87] Assets and Liabilities - Total assets less current liabilities amounted to RMB 1,332.6 million as of December 31, 2025, compared to RMB 1,220.1 million in 2024[7] - The group’s current assets decreased significantly to RMB 658.9 million from RMB 1,819.3 million in 2024, primarily due to a reduction in inventory[7] - The group’s total equity attributable to the owners of the company increased to RMB 1,332.8 million from RMB 461.4 million in 2024[8] - The total liabilities related to the assets classified as held for sale amount to RMB 97,732,000[56] - Trade payables decreased from RMB 19,609,000,000 in 2024 to RMB 6,722,000,000 in 2025, indicating a significant reduction[60] Cash Flow and Financing - The company reported a net cash inflow from operating activities of RMB 184,235,000 for the discontinued operations in 2025[44] - The company reported a net cash outflow of RMB 174,000,000 from the sale of subsidiaries after accounting for cash and cash equivalents[59] - The company has secured bank credit facilities totaling RMB 142,000,000, with RMB 110,000,000 already utilized[66] - Bank and other borrowings decreased to approximately RMB 110.0 million in 2025 from RMB 400.9 million in 2024, with a net cash position reflected in a net debt-to-equity ratio of approximately -9.2%[114] - The financing costs for the year 2025 were RMB 4,534,000, slightly down from RMB 5,407,000 in 2024[43] Acquisitions and Investments - The company completed the sale of the Everest Gold Group, generating revenue of approximately RMB 537.2 million[4] - The company acquired a 35% stake in Jiangxi Yiding Trading Co., Ltd. for RMB 3,500,000, which holds 100% equity in Tibet Rikaze Huaye Mining Development Co., Ltd.[10] - The company completed the acquisition of 55% of Jiangxi Yiding Trading Co., Ltd. on July 18, 2025, reducing its indirect interest to 20%[38] - The company completed the acquisition of 100% equity in four target companies for a total consideration of RMB 80 million, aimed at securing office space for future business development[72] - The company completed the acquisition of 51% of Jiangxi Letong New Materials Co., Ltd. on August 21, 2024, which holds 100% of Tibet Longtian Yong Mining Co., Ltd. and has a mining exploration permit for an area of 28.88 square kilometers in Tibet[93] Shareholder and Corporate Governance - The basic earnings per share attributable to the owners of the company for the year was RMB 0.245, compared to RMB 0.005 in 2024[6] - The company did not declare or recommend any dividends for both 2024 and 2025[30] - The company has adopted a share incentive plan to motivate eligible employees, granting a total of 234,212,000 shares, representing 10% of the total shares issued at the plan's adoption date[120] - The board of directors consists of two executive directors and three independent non-executive directors, with ongoing reviews regarding the separation of the roles of chairman and CEO[129] - The audit committee has reviewed the financial reporting processes, risk management, and internal control systems of the group, ensuring compliance with applicable accounting standards and legal requirements[133] Market and Operational Strategy - The company’s operational focus remains on the manufacturing and trading of silver bars, palladium, and other non-ferrous metals in China[19] - The company aims to enhance its business development through the acquisition of assets related to lead-zinc mining exploration[69] - The company aims to enhance supply chain control through strategic acquisitions, including the recent purchases of Jiangxi Letong and Jiangxi Yiding, which are expected to create significant synergies with existing silver manufacturing and trading operations[99] - The silver market is expected to continue facing a structural supply shortage, providing a solid market foundation for the company's core business[96] - The company plans to strengthen its risk management system and closely monitor macroeconomic policies and market dynamics to achieve stable business development and value creation in a complex environment[100]

Financial Results - Noah Holdings reported its unaudited full-year results for the year ending December 31, 2025[4] - All other information in the full-year results announcement remains unchanged[5] Auditor Information - The company clarified the scope of work performed by its auditor, Deloitte, in accordance with the relevant service standards[4]

Financial Performance - The revenue for the year ended December 31, 2025, was approximately RMB 487.0 million, a significant increase of about 209.0% compared to RMB 157.6 million in 2024, primarily due to a substantial rise in sales of gold and silver products [2]. - The profit attributable to the owners of the company for 2025 was approximately RMB 102.8 million, reversing from a loss of RMB 23.2 million in 2024, driven by increased sales revenue and improved gross margins due to lower procurement costs of inventory [2]. - The gross profit for 2025 was RMB 210.7 million, compared to RMB 48.4 million in 2024, reflecting a significant improvement in gross margin due to rising gold prices [4]. - Basic earnings per share for 2025 were RMB 0.083, compared to a loss per share of RMB 0.019 in 2024 [5]. - The net profit attributable to the company's owners for the year 2025 was RMB 102,763,000, compared to a loss of RMB 23,187,000 in 2024, indicating a significant turnaround in performance [28]. - The company recorded a profit attributable to owners of approximately RMB 61.5 million for the year ending December 31, 2025, a significant increase of about 1,560.8% compared to RMB 3.7 million in 2024 [73]. Assets and Liabilities - Non-current assets increased to RMB 144.9 million in 2025 from RMB 20.6 million in 2024, driven by significant investments in property, plant, and equipment [6]. - Total assets amounted to RMB 1,733.7 million in 2025, compared to RMB 1,558.9 million in 2024, indicating growth in the company's asset base [6]. - The total equity attributable to owners of the company rose to RMB 1,511.6 million in 2025 from RMB 1,313.3 million in 2024, reflecting strong financial performance [7]. - The total amount of bank loans granted to the group was RMB 116,630,000 in 2025, up from RMB 105,200,000 in 2024, with all of it utilized [40]. - Bank borrowings amounted to approximately RMB 116.6 million as of December 31, 2025, compared to RMB 89.0 million as of December 31, 2024, with a net debt-to-equity ratio of approximately -32.5% [78]. Sales and Revenue Growth - Revenue from gold product sales reached RMB 247,370,000, a significant increase from RMB 15,629,000 in the previous year [23]. - Total revenue for the year was RMB 486,969,000, compared to RMB 157,570,000 in the previous year, indicating a growth of approximately 208% [20]. - Online sales channels contributed RMB 173,895,000, up from RMB 105,774,000, reflecting a growth of about 64% [23]. - Sales of gold products accounted for 50.8% of total revenue in 2025, amounting to RMB 247.4 million, while silver product sales represented 48.4% at RMB 236.0 million, showing a dramatic increase of 1,482.8% and 71.5% respectively compared to 2024 [66][73]. Operational Efficiency - The total employee costs rose to RMB 15,580,000 in 2025, up from RMB 14,300,000 in 2024, driven by higher salaries and other employee benefits [26]. - The cost of goods sold recognized in the financial statements was RMB 276,286,000 in 2025, significantly higher than RMB 109,162,000 in 2024, reflecting increased sales volume [26]. - Inventory turnover days improved to approximately 1,286.4 days for the year ending December 31, 2025, compared to 3,266.8 days for the year ending December 31, 2024, due to significant sales growth in gold and silver products [76]. - Trade receivables turnover days decreased to approximately 45.1 days for the year ending December 31, 2025, from 130.0 days for the year ending December 31, 2024, primarily driven by increased sales of gold products [76]. - Trade payables turnover days improved to approximately 23.5 days for the year ending December 31, 2025, down from 84.6 days for the year ending December 31, 2024, due to reduced inventory and raw material purchases [77]. Strategic Initiatives - The company plans to continue expanding its market presence in the design and sale of gold, silver, and other jewelry products in China [8]. - The company is currently evaluating the impact of new accounting standards on its financial statements [15]. - The company plans to continue focusing on the development of existing assets and improving operational efficiency to create sustainable value for shareholders [63]. - The company is actively pursuing upstream mining business expansion through acquisitions, including the completion of the acquisition of the Xizang Rikaze mine, enhancing its exploration capabilities [62][63]. - The group plans to slow down investments and sales strategies for its cultivated diamond brand SISI due to market oversupply and price declines, while maintaining profitability and liquidity [53]. Corporate Governance - The board consists of three executive directors and three independent non-executive directors, adhering to the corporate governance code [92]. - The roles of chairman and CEO are currently held by the same individual, Mr. Chen He, who has led the group since 2013 [93]. - The audit committee has reviewed the financial reporting processes and confirmed compliance with applicable accounting standards for the year ending December 31, 2025 [96]. - The financial statements for the year ending December 31, 2025, have been verified by the auditor, KPMG, and are consistent with the amounts approved by the board [97]. - The company has adopted the standard code for securities trading by directors, confirming compliance for the year ending December 31, 2025 [94].

馬鞍山鋼鐵股份有限公司 Maanshan Iron & Steel Company Limited （在中華人民共和國註冊成立之股份有限公司） （股票代號：00323） 2025年度業績公告 一. 重要提示 – 1 – 1 本 年 度 報 告 摘 要 來 自 年 度 報 告 全 文，為 全 面 了 解 本 公 司 的 經 營 成 果、財 務 狀 況 及 未 來 發 展 規 劃，投 資 者 應 當 到 上 海 證 券 交 易 所網站等中國證監會指定媒體及香港聯合交易所網站上仔細 閱 讀 年 度 報 告 全 文。 2 本 公 司 董 事 會、董 事 及 高 級 管 理 人 員 保 證 年 度 報 告 內 容 的 真 實、 準 確、完 整，不 存 在 虛 假 記 載、誤 導 性 陳 述 或 重 大 遺 漏，並 承 擔 個 別 和 連 帶 的 法 律 責 任。 3 所 有 董 事 均 出 席 董 事 會 會 議。 4 德 勤 華 永 會 計 師 事 務 所（特 殊 普 通 合 夥）為 本 公 司 出 具 了 標 準 無 保 留 意 見 的 審 計 報 告。 5 經 董 事 會 審 議 的 報 告 期 利 潤 分 配 ...

香港交易及結算所有限公司及香港聯合交易所有限公司本公告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致之任何損失承任何責任。 JL MAG RARE-EARTH CO., LTD. 江西金力永磁科技股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代碼：06680） 截至2025年12月31日止年度業績公告 江西金力永磁科技股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司 及其附屬公司截至2025年12月31日止年度之經審計業績。本公告列載本公司2025 年年度報告全文，並符合香港聯合交易所有限公司證券上市規則中有關年度業績 初步公告附載資料之要求。本公司2025年年度報告的印刷版本將於2026年4月寄 發予要求印刷文本的本公司的H股股東，並將同時可於香港聯合交易所有限公司 網站(www.hkexnews.hk)及本公司的網站(www.jlmag.com.cn)查閱其全文。 發佈業績公告 本業績公告的中英文版本可在本公司網站(www.jlmag.com.cn)及香港聯合交易所 有限公司網站(www.hkex ...

Financial Performance - For the fiscal year ending December 31, 2025, total revenue was HKD 139,112,000, a decrease of 25% from HKD 185,357,000 in the previous year[3] - Gross profit for the fiscal year was HKD 50,644,000, down 38% from HKD 81,858,000 in the prior year[3] - The net loss for the year was HKD 46,848,000, compared to a net loss of HKD 50,600,000 in the previous year, indicating a slight improvement[3] - Total customer contract revenue decreased to HKD 139,112,000 in 2025 from HKD 185,357,000 in 2024, a decline of about 25%[28] - The group reported a net loss attributable to equity holders of HKD 46,678,000 in 2025, compared to a loss of HKD 46,355,000 in 2024, indicating a slight increase in losses[40] - The net loss attributable to equity holders for the year was approximately HKD 46,700,000, compared to a loss of HKD 46,400,000 in 2024[61] Revenue Breakdown - For the fiscal year ending December 31, 2024, the revenue generated from external customers in the dental business was HKD 178,981,000, while the health business generated HKD 6,376,000, totaling HKD 185,357,000[19] - For the fiscal year ending December 31, 2025, the revenue from external customers in the dental business decreased to HKD 132,034,000, and the health business increased to HKD 7,078,000, totaling HKD 139,112,000[20] - Revenue from the dental business, which includes the manufacturing and sale of dentures and dental tools, fell to HKD 132,034,000 in 2025 from HKD 178,981,000 in 2024, a decrease of approximately 26%[28] - The company's dental business generated revenue of approximately HKD 132,000,000, a decrease of about HKD 47,000,000 from HKD 179,000,000 in 2024, attributed to price reductions from government procurement policies[63] Expenses and Costs - Research and development expenses increased to HKD 16,911,000 from HKD 12,477,000, reflecting a 35% rise year-over-year[3] - Employee costs, including directors' remuneration, totaled HKD 103,570,000 in 2025, down from HKD 113,789,000 in 2024, reflecting a reduction of approximately 9%[33] - Sales and distribution costs increased by 7.6% to approximately HKD 51,200,000, primarily due to higher marketing and promotional expenses[69] - Administrative expenses decreased by approximately HKD 10,900,000 or 23.7% from HKD 46,000,000 in FY2024 to HKD 35,100,000 in FY2025, primarily due to lower labor costs and improved management efficiency[70] - Other income, net of losses, decreased significantly to HKD 1,583,000 in 2025 from HKD 5,162,000 in 2024, a drop of about 69%[32] Assets and Liabilities - Total assets decreased to HKD 657,709,000 from HKD 717,593,000, a decline of approximately 8%[5] - Current liabilities decreased to HKD 64,602,000 from HKD 84,028,000, a reduction of about 23%[5] - The company's equity attributable to shareholders decreased to HKD 403,375,000 from HKD 431,153,000, a decline of approximately 6%[6] - The total liabilities as of December 31, 2024, were HKD 91,102,000, while total liabilities as of December 31, 2025, decreased to HKD 73,212,000[22] - Trade receivables decreased to HKD 76,360,000 in 2025 from HKD 111,201,000 in 2024, a decline of 31.3%[50] Investments and Acquisitions - The investment in Zhuhai Partnership, representing a 5.51% equity stake, was acquired for RMB 180,000,000, equivalent to HKD 220,410,000[42] - The company has agreed to acquire Chongxing Limited for approximately HKD 24,412,214, with the transaction contingent upon certain conditions[58] - The group has not engaged in any purchases, sales, or redemptions of its listed securities during the year[93] Future Plans and Market Outlook - The group aims to become a leader in high-end dental consumables and regional sports rehabilitation in China, focusing on core brands "Meijia" and "Bijijia" as development engines[86] - The Chinese dental market is expected to maintain rapid growth, with significant potential for development, driven by rising consumer spending and increased oral health awareness[87] - The group plans to expand its sales network both domestically and internationally (e.g., in the U.S.) and enhance production capacity in China, targeting high-end dental products with cosmetic functions[87] - The rehabilitation business is projected to benefit from policy support, with a focus on brand building and local market penetration to enhance regional influence by 2026[89] Corporate Governance - The board of directors includes both executive and independent non-executive members[99] - The announcement is made by the chairman and executive director, Guo Yingcheng[99] - The audit committee has reviewed the group's financial performance and internal controls, ensuring compliance with accounting standards and regulations[97] Shareholder Communication - The annual performance announcement is published on the company's website and the Hong Kong Stock Exchange website[99] - The 2025 annual report will be sent to shareholders and published according to listing rules at an appropriate time[99] - A share consolidation proposal has been announced, merging every 50 existing shares into 1 new share with a par value of HKD 0.0625[90]

Financial Performance - Total revenue for 2025 was CNY 4,760,071,027.44, a decrease of 1.40% compared to 2024[8] - Net profit attributable to shareholders for 2025 reached CNY 862,357,236.56, reflecting a growth of 6.83% year-over-year[8] - Operating cash flow for 2025 significantly increased by 138.95% to CNY 3,302,323,014.32 compared to 2024[8] - The company achieved a weighted average return on equity of 8.65% for 2025, an increase of 0.30 percentage points from 2024[10] - The net assets attributable to shareholders increased by 6.11% to CNY 10,259,318,284.61 by the end of 2025[8] - The total assets of the company reached CNY 25,964,872,256.25, a growth of 3.22% compared to the previous year[8] - Total profit increased by 9.89% to RMB 115.06 million, while net profit attributable to the company rose by 6.83% to RMB 86.24 million[33] - The company reported a significant increase in investment income by 1,370.28% to RMB 22.80 million, indicating successful investment strategies[35] - The company’s total water business scale reached 6.448 million cubic meters per day, with equity water business scale at 6.1251 million cubic meters per day, including sewage treatment capacity of 5.2801 million cubic meters per day[28] - The company’s governance structure and internal control system were recognized as a benchmark management case by the State-owned Assets Supervision and Administration Commission[24] Operational Efficiency and Innovation - The company aims to enhance its operational efficiency through digital transformation and smart management systems[15] - The company is focused on technological innovation to drive green and low-carbon development as part of its core strategy[14] - The company has established a comprehensive "big operation" system to enhance operational efficiency and standardization[30] - The company is focusing on low-carbon environmental protection and resource recycling, strengthening its core technology reserves[31] - The company is enhancing its core functions and competitiveness by leveraging technological innovation to upgrade its industry, particularly in the ecological and green low-carbon sectors[66] - The company is exploring the integration of artificial intelligence in environmental protection, aiming to transform traditional operational advantages into new operational advantages[64] Environmental and Sustainability Initiatives - The company processed 1.7 billion tons of wastewater and disposed of 226,000 tons of sludge during the reporting period[13] - The company has established a group IoT platform and data center, integrating data from 38 wastewater projects and 3 renewable energy projects[15] - The company has issued green medium-term notes and green corporate bonds, raising a total of RMB 1 billion to support sustainable development[22] - The company is committed to contributing to sustainable development and environmental governance goals through its integrated resource recycling system[56] - The company is committed to addressing air, water, and soil pollution, focusing on green and low-carbon transformation opportunities in infrastructure and environmental services[63] Research and Development - The company has successfully obtained over 20 new authorized patents and received 8 technology awards, contributing to the development of new productive forces[17] - Total R&D expenditure was RMB 60,909,022.26, which is 1.28% of the operating revenue[50] - Research and development investment is projected to be no less than 1.25% of annual operating revenue, focusing on new technologies in wastewater treatment, sludge treatment, and renewable energy[67] - Research and development expenses decreased to RMB 58,584,590.17 in 2025 from RMB 65,289,666.95 in 2024, a reduction of 10.3%[78] Financial Management and Risk - The company has established a comprehensive risk management framework to enhance compliance and reduce operational risks, focusing on project maintenance and safety production[72] - The company aims to strengthen its environmental compliance through standardized management and training, reducing operational risks associated with wastewater and sludge management[72] - The government’s credit risk is critical as the funding for wastewater treatment services primarily comes from government payments, which could impact cash flow if there are delays[68] - The company is committed to proactive legal risk management, implementing a lifecycle legal protection mechanism to safeguard its interests and assets[72] Capital Expenditures and Investments - The company invested RMB 1,120 million (70%) in the Xianhe Wastewater Treatment Plant upgrade project, with a total capital requirement of RMB 1,600 million, completed during the reporting period[57] - The company fully increased its investment in the Wendeng Wastewater Treatment Plant upgrade phase II project by RMB 1,244.90 million, which was completed during the reporting period[57] - The company plans to invest RMB 59,832.35 million in the Xianyang Road Wastewater Treatment Plant relocation phase II project, currently in the preparatory stage[59] Customer and Supplier Relationships - Total revenue from the top five customers amounted to RMB 2,302,493,931.85, accounting for 48.37% of the annual total sales[46] - Total procurement from the top five suppliers reached RMB 303,059,771.21, representing 12.32% of the annual total procurement[47] Shareholder Returns - The net profit attributable to the company for the year 2025 is RMB 862,357,236.56, with a cash dividend distribution of RMB 2.09 per share, totaling RMB 328,217,379.77, which accounts for 38.06% of the net profit[73] - The proposed final dividend for 2025 is RMB 20.90 per share, up from RMB 17.00 per share in 2024, reflecting a 22.4% increase[93]