Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue of approximately RMB 206.3 million, a slight increase of 0.1% compared to RMB 206.1 million in 2024[3]. - Gross profit for the same period was approximately RMB 159.9 million, with a gross margin of 77.5%, up from 76.4% in the previous year, reflecting an increase of about 1.1 percentage points[3]. - The company recorded a net loss of approximately RMB 127.6 million, significantly higher than the net loss of RMB 26.1 million in the previous year, representing an increase of 388.1%[3]. - Adjusted net profit (non-IFRS measure) was approximately RMB 40.7 million, down 22.4% from RMB 52.4 million in the previous year[3]. - Revenue for the year ended December 31, 2025, increased slightly to approximately RMB 206.3 million, up 0.1% from RMB 206.1 million in 2024, primarily driven by a 45.7% increase in data technology services revenue[19]. - The company reported a total comprehensive loss of RMB 137,073,000 for the year ending December 31, 2025, compared to a loss of RMB 41,654,000 in 2024, representing an increase of 229%[77]. - The company reported a basic loss per share of RMB 8,367 thousand for 2025, based on a weighted average of 114,691,556 shares outstanding[109]. Revenue Sources - Mobile advertising service revenue accounted for approximately 97% of total revenue, with mobile advertising service revenue at RMB 200.4 million and data technology service revenue at RMB 6.0 million[6]. - Revenue from mobile advertising services for 2025 was RMB 200,355 thousand, down from RMB 202,049 thousand in 2024, indicating a decrease of about 0.84%[96]. - Revenue from data technology services increased to RMB 5,958 thousand in 2025 from RMB 4,088 thousand in 2024, reflecting a growth of approximately 46%[96]. User Engagement and Growth - The number of cities covered by the platform increased from 466 at the end of 2024 to 488, while the cumulative user base grew from approximately 298 million to 334 million[7]. - Average monthly active users increased from approximately 29.08 million in 2024 to about 30.31 million in 2025, indicating enhanced user engagement and retention[7]. - The number of cooperative transportation entities increased from 295 in 2024 to 312, reflecting ongoing expansion in public transportation analysis services[7]. - By the end of 2025, the user base for mobile AI applications is expected to exceed 700 million, with average usage time increasing by over 20% compared to the beginning of the year[10]. Operational Developments - The company acknowledged that the performance was below initial expectations due to cautious advertising budgets and increased competition in the vertical media platform sector[7]. - The company remains committed to enhancing user value and diversifying revenue streams in response to the evolving advertising market landscape[5]. - The company has launched the Busio mobile application for international users, covering over 10 cities and regions including Singapore and Melbourne, although it has not yet generated significant revenue contributions[8]. - The company operates in 488 cities and towns across China, collaborating with 312 transportation entities, focusing on optimizing scheduling and decision support for Robobus operations[9]. Strategic Initiatives - The company has established a venture capital fund focusing on early-stage AI projects, aiming to discover complementary early-stage projects and teams to enhance its core capabilities[12]. - The company is actively expanding its international business, leveraging its real-time public transport data processing technology and operational experience from the Chinese market[8]. - The company is enhancing its data capabilities by applying new deep learning technologies to improve the accuracy of arrival predictions[10]. - The company is positioned as a technology service provider to enable public transport operators to transition to Robobus operations, responding to the growing demand for automated public transport[9]. - The company is focusing on localizing operations in international markets to better understand local public transport systems and user travel habits[8]. - The company is strategically investing in AI-related fields to strengthen its competitive barriers and create new business value[12]. Financial Management - Cash flows from operating activities for the fiscal year ending December 31, 2025, show a net cash inflow of approximately RMB 8.1 million, primarily due to non-cash items including fair value losses on financial liabilities[30]. - Net cash used in investing activities for the fiscal year ending December 31, 2025, is RMB 201.8 million, mainly due to time deposits of RMB 208.2 million[31]. - Net cash generated from financing activities for the fiscal year ending December 31, 2025, is approximately RMB 176.5 million, including proceeds from a global offering of about RMB 221.8 million[31]. - As of December 31, 2025, the group's cash and cash equivalents amounted to approximately RMB 38.7 million, a decrease of about 31.3% from RMB 56.3 million on December 31, 2024[32]. - The total employee cost, including director remuneration, for the year ended December 31, 2025, was RMB 94.6 million, with a total of 139 employees located in China[45]. Market Environment - The company’s revenue primarily comes from mobile advertising services, which are closely tied to the macroeconomic environment in China[53]. - The Chinese internet advertising market is projected to reach RMB 793.08 billion by 2025, with a year-on-year growth of 4.6%[53]. - The competitive landscape in the mobile advertising service market is intensifying, with a trend of advertising budgets concentrating on leading platforms[54]. - The programmatic advertising ecosystem is continuously evolving, impacting the company's advertising revenue levels and cadence[57]. Compliance and Governance - The company has adopted corporate governance codes as its own governance standards since its listing on June 10, 2025, and has complied with all applicable governance code provisions during the reporting period[63]. - The board of directors has held two regular meetings since the listing date to approve interim and quarterly performance reports, falling short of the required four meetings per year due to the recent listing[65]. - The company has not engaged in the purchase, sale, or redemption of its listed securities since the listing date, and as of December 31, 2025, it holds no treasury shares[68]. Future Outlook - The company anticipates a cautious outlook for the advertising market in 2026, expecting moderate growth driven by AI technology's empowerment across the marketing chain[14]. - The company aims to enhance advertising conversion efficiency through AI algorithm optimization and expand its programmatic advertising platform partnerships[15]. - The company plans to deepen the AI-native model in innovative businesses, focusing on practical applications and gradually integrating verified practices into core operations[15].

Financial Performance - The group's total revenue for the fiscal year ended December 31, 2025, decreased by 63.6% to HKD 68.8 million compared to the previous fiscal year[4] - Gross profit for the fiscal year ended December 31, 2025, decreased by 61.4% to HKD 25.4 million compared to the previous fiscal year[4] - The company recorded a loss attributable to owners of HKD 64.2 million for the fiscal year ended December 31, 2025, compared to a loss of HKD 62.0 million in the previous fiscal year[4] - Basic loss per share for the fiscal year ended December 31, 2025, was HKD 0.03, compared to HKD 0.02 in the previous fiscal year[4] - The group's operating loss for the fiscal year ended December 31, 2025, was HKD 80.1 million, compared to an operating loss of HKD 56.7 million in the previous fiscal year[5] - The total comprehensive loss for the fiscal year ended December 31, 2025, was HKD 59.1 million, compared to HKD 65.5 million in the previous fiscal year[6] - The company reported a total loss of HKD 64,558,000 for the year ending December 31, 2025, compared to a loss of HKD 61,970,000 in the previous year, indicating an increase in losses of approximately 2.5%[8] - Total comprehensive loss for the year was HKD 65,455,000, which includes an exchange loss of HKD 3,439,000 from foreign operations[8] Revenue Breakdown - Revenue from the information appliances segment was HKD 46,078,000, while the IDC segment generated HKD 22,714,000 in rental income[18] - The company reported a total segment revenue of HKD 86,393,000, with a significant portion coming from other income and net gains/losses of HKD 25,253,000[18] - The company experienced a significant decrease in revenue from China, dropping to HKD 12,796,000 in 2025 from HKD 32,027,000 in 2024[23] - Total revenue for the year 2025 was HKD 68,792,000, a decrease of 63.6% from HKD 189,035,000 in 2024[26] - Revenue from product sales was HKD 46,078,000 in 2025, down 65.7% from HKD 134,235,000 in 2024[26] - IDC property and facility rental income decreased to HKD 22,714,000 in 2025 from HKD 54,800,000 in 2024, representing a decline of 58.7%[26] Expenses and Costs - Other income and net gains for the fiscal year ended December 31, 2025, decreased to HKD 26.3 million from HKD 72.6 million in the previous fiscal year[5] - Distribution and selling expenses decreased by 79.4% to HKD 1.7 million, reflecting a reduction in orders in the information appliance business[63] - General and administrative expenses decreased by 9.7% to HKD 109.8 million, down from HKD 121.6 million in fiscal year 2024, due to strict cost control measures[64] - Other operating expenses significantly decreased by 93.5% to HKD 2.3 million, compared to HKD 34.9 million in fiscal year 2024, as there were no depreciation costs recorded for cryptocurrency mining equipment[65] - Research and development costs (excluding employee costs) increased to HKD 16,510,000 in 2025 from HKD 12,079,000 in 2024, an increase of 36.4%[27] - The total employee costs decreased to HKD 42,224,000 in 2025 from HKD 59,434,000 in 2024, a reduction of 29%[27] Equity and Assets - As of December 31, 2025, total equity attributable to owners of the company was HKD 1,580.3 million, down from HKD 1,639.0 million in the previous fiscal year[4] - The company’s total equity decreased to HKD 1,576,336,000 as of January 1, 2025, down from HKD 1,700,878,000 at the beginning of the previous year[8] - Total assets as of December 31, 2024, amounted to HKD 1,951,910,000, with allocated assets in IDC at HKD 77,102,000 and investment assets at HKD 381,596,000[21] - The company reported a net loss of HKD 20,793,000 in loan loss provisions, impacting overall financial performance[21] Loans and Provisions - The provision for loan losses was HKD 219,239,000, resulting in net receivables of HKD 23,352,000 as of the reporting date[42] - The company has a loan of RMB 90,000,000 (equivalent to HKD 96,272,000) to an independent third-party borrower, with an 8% annual interest rate, which has not been repaid as of the announcement date[43] - A loan of HKD 41,000,000 to another independent third-party borrower has a provision for loan losses of HKD 37,552,000, with outstanding principal and interest not repaid[43] - The company has a loan of HKD 60,000,000 to an independent third-party borrower, with a provision for loan losses of HKD 52,008,000, and the borrower has not repaid any principal or interest[45] Strategic Initiatives - The company is focusing on expanding its cloud computing services and mobile application development as part of its growth strategy[14] - The company plans to diversify revenue streams by introducing value-added services such as installation and maintenance[56] - The group plans to prioritize the sale of its U.S. IDC and actively market the asset to potential strategic and financial buyers to realize its value and reduce operational losses[58] - The company plans to expand its operations in various regions, including China, Hong Kong, Australia, and the United States, to enhance revenue streams[22] Market and Economic Conditions - The group faces significant risks including supply chain constraints for microchips, which may lead to unpredictable revenue fluctuations[90] - Management will continue to monitor the investment environment and the volatility of cryptocurrencies, maintaining a cautious investment strategy amid ongoing global economic uncertainty[59] - The value of the group's digital asset investments may be subject to market price volatility and regulatory challenges[91] Compliance and Governance - The company has adhered to all applicable laws and regulations in China, Hong Kong, and the United States during the year[93] - The audit committee held four meetings during the year to review financial performance and compliance procedures[96] - The company has adopted a prudent treasury policy to minimize credit risk through continuous credit assessments of customers[75] Dividend Policy - The board of directors did not recommend the payment of a final dividend for the fiscal year ended December 31, 2025[4] - The company did not declare a final dividend for the year ending December 31, 2025, consistent with the previous year[33] - The company has no plans to declare a final dividend for the fiscal year ending December 31, 2025, consistent with the previous year[94]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 972,009,000, a decrease of 6.67% compared to RMB 1,041,698,000 in 2024[3] - Gross profit for the same period was RMB 289,328,000, down 12.45% from RMB 330,467,000 in the previous year[3] - Operating loss for the year was RMB 44,420,000, compared to an operating profit of RMB 34,722,000 in 2024[3] - Net loss attributable to owners of the company was RMB 40,739,000, compared to a profit of RMB 25,014,000 in the previous year[3] - Basic and diluted loss per share was RMB (2.43) cents, compared to earnings of RMB 1.49 cents per share in 2024[3] - The company experienced a significant decline in segment profit, reporting a loss of RMB 41,155,000 for 2025 compared to a profit of RMB 37,179,000 in 2024[29] - The group reported a net loss of approximately RMB 53,098,000 for the year, a decline of about 485.75% compared to a profit of RMB 13,765,000 in the previous year[59] Revenue Breakdown - Revenue from the production and sale of pharmaceuticals and medical devices was RMB 486,380,000, down from RMB 540,581,000 in the previous year, representing a decline of 10%[23] - Revenue from the sale and distribution of pharmaceuticals, health products, and medical devices was RMB 485,629,000, compared to RMB 501,117,000 in 2024, reflecting a decrease of 3.1%[23] - Sales of medical devices accounted for approximately RMB 179,539,000 in revenue for 2025, down from RMB 220,993,000 in 2024[23] - Sales of pharmaceuticals and health products amounted to RMB 792,470,000 in 2025, down from RMB 820,705,000 in 2024, representing a decrease of 3.4%[30] - Medical device sales decreased to RMB 179,539,000 in 2025 from RMB 220,993,000 in 2024, a decline of 18.8%[30] Assets and Liabilities - Total assets decreased to RMB 1,056,561,000 from RMB 1,398,086,000 in 2024, reflecting a decline of approximately 24.4%[4] - The total liabilities for the company in 2025 were RMB 352,547,000, a slight decrease from RMB 371,987,000 in 2024[29] - The company’s total liabilities decreased from RMB 318,533,000 in 2024 to RMB 283,365,000 in 2025[40] - Current liabilities decreased slightly to RMB 324,657,000 from RMB 340,423,000 in the previous year[4] - Cash and cash equivalents decreased to RMB 199,357,000 from RMB 283,424,000 in 2024, indicating a reduction of 29.6%[4] - Accounts receivable decreased to RMB 144,538,000 in 2025 from RMB 159,529,000 in 2024, while expected credit loss provisions increased from RMB 24,838,000 to RMB 31,053,000[40] Operational Changes - The company reported a significant increase in other operating expenses, rising to RMB 103,999,000 from RMB 50,994,000 in 2024[3] - The company plans to focus on expanding its market presence and enhancing its product development capabilities in the upcoming year[8] - The company is currently assessing the impact of the new accounting standards on the structure of its consolidated financial statements and the required additional disclosures[18] - The company has diversified its customer base, with no single customer accounting for more than 10% of total revenue[28] - The group has experienced a decline in performance due to rising procurement costs and decreased sales of high-margin products, but continuous improvements in production quality and channel expansion are expected to support future recovery[50] Governance and Compliance - The company emphasizes adherence to the Corporate Governance Code and has applied its principles to its governance structure and practices[90] - The audited consolidated financial statements for the year have been reviewed by the audit committee and management, confirming compliance with applicable accounting standards and legal requirements[93] - The financial data for the year has been agreed upon by the company's auditor, ensuring consistency with the audited financial statements[94] Shareholder Information - As of December 31, 2025, the major shareholder, Haiwang Biological, holds approximately 94.33% of the company's domestic shares, equating to 1,181,000,000 shares[81] - Haiwang Biological directly and indirectly owns approximately 73.51% of the company's total issued share capital, with 70.38% held directly and 3.13% held indirectly through Haiwang Dongfang[79] - The total issued share capital of the company as of December 31, 2025, is approximately 1,678,000,000 shares[85] Employee and Operational Metrics - The group employed a total of 1,382 employees as of December 31, 2025, down from 1,485 employees the previous year[72] - The total administrative expenses for the year were approximately RMB 94,903,000, an increase of 1.06% compared to the previous year[58] - The group’s current asset net value was approximately RMB 327,815,000, a decrease of about RMB 140,789,000 compared to RMB 468,604,000 the previous year[62] - The capital to debt ratio as of December 31, 2025, was approximately 50.08%, an increase from 36.25% the previous year[65]

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 232,002 thousand, representing a 20.5% increase from RMB 192,477 thousand in 2024[4] - Profit before tax for 2025 surged to RMB 85,717 thousand, a remarkable increase of 402.4% compared to RMB 17,061 thousand in 2024[4] - Net profit for the year reached RMB 70,803 thousand, reflecting a 474.2% growth from RMB 12,331 thousand in the previous year[4] - Gross profit for 2025 was RMB 108,137 thousand, up from RMB 66,980 thousand in 2024, indicating strong operational efficiency[5] - Total revenue for 2025 reached RMB 232,002,000, an increase from RMB 192,477,000 in 2024, representing a growth of approximately 20.6%[26] - Gross profit for 2025 was RMB 108,137,000, compared to RMB 66,980,000 in 2024, reflecting a significant increase of approximately 61.5%[26] - The net income attributable to the company's owners for 2025 was RMB 70,435,000, a substantial increase from RMB 12,139,000 in 2024, resulting in a basic earnings per share of RMB 0.23[34] - Total annual profit is projected to increase by 474.2% from RMB 12.3 million in 2024 to RMB 70.8 million in 2025, with a net profit margin rising from 6.4% to 30.5%[58] Expenses and Costs - Research and development expenses decreased to RMB 8,511 thousand in 2025 from RMB 15,662 thousand in 2024, suggesting a strategic shift in resource allocation[5] - Employee compensation and benefits expenses rose to RMB 123,064,000 in 2025 from RMB 112,057,000 in 2024, marking an increase of about 9%[28] - The total cost of revenue for 2025 was RMB 123,865,000, compared to RMB 125,497,000 in 2024, showing a slight decrease[26] - General and administrative expenses are projected to increase by 22.7% from RMB 45.0 million in 2024 to RMB 55.2 million in 2025, primarily due to salary increases and office relocation costs[54] - Research and development expenses are expected to decrease by 45.9% from RMB 15.7 million in 2024 to RMB 8.5 million in 2025, reflecting a strategic adjustment in product development[55] Assets and Liabilities - Total assets increased significantly to RMB 1,139,155 thousand in 2025, compared to RMB 761,606 thousand in 2024, highlighting robust growth[9] - Total liabilities rose to RMB 501,003 thousand in 2025 from RMB 182,624 thousand in 2024, indicating increased leverage[11] - The total equity attributable to the owners of the company increased to RMB 638,358 thousand in 2025 from RMB 579,556 thousand in 2024, reflecting improved financial health[11] - The company reported a current tax expense of RMB 7,999,000 for 2025, up from RMB 3,757,000 in 2024, indicating a significant increase in tax obligations[31] - The company's accounts receivable decreased to RMB 11,241 thousand in 2025 from RMB 17,745 thousand in 2024, representing a decline of about 36.5%[37] - The accounts payable decreased to RMB 1,827 thousand in 2025 from RMB 3,501 thousand in 2024, reflecting a decline of approximately 47.8%[38] Investment and Financial Products - The company has achieved substantial growth in its investment banking and securities services sector, becoming a key driver of overall performance growth[39] - The company is focusing on artificial intelligence and life sciences, aiming to provide full-cycle capital support for high-growth enterprises in these sectors[39] - The company has committed to invest a total of RMB 14.5 million, RMB 25.0 million, and RMB 5.0 million in a partnership enterprise with Hunan Caixin and Hunan Stock Exchange[66] - The company holds various financial products with expected annual yields ranging from 3.4% to 7.57%[68] - The company has implemented sufficient internal controls to ensure that the purchase of financial products does not affect its operational funds[66] Strategic Initiatives - The company is focusing on AI technology to reshape its business structure and enhance service offerings in the investment sector[45] - The company plans to selectively seek investment and acquisition opportunities, with a focus on emerging markets in Southeast Asia and India to capture significant growth opportunities[81] - The company is enhancing its online and offline service integration, with a focus on improving customer experience and service offerings[81] - The company aims to optimize resource allocation and enhance service levels in response to the recovery of national economic activities[79] Corporate Governance and Compliance - The company has adhered to all corporate governance code provisions except for C.2.1, which states that the roles of Chairman and CEO should be separate[91] - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements for the year ending December 31, 2025[95] - The auditor confirmed that the financial figures in the performance announcement align with the audited consolidated financial statements for the year[96] Shareholder Information - The company repurchased a total of 1,858,400 shares at an aggregate price of approximately HKD 2.42 million during the reporting period, reflecting confidence in long-term business prospects[83] - The public float of the company was 46.43% of the total issued shares as of December 31, 2025, exceeding the minimum requirement of 25%[89] - The board has decided not to recommend any final dividend for the year ended December 31, 2025[86]

Financial Performance - For the year ending December 31, 2025, the company achieved revenue of RMB 82.2449 billion, a year-on-year decrease of 7.3%[3] - The gross profit margin increased by 0.3 percentage points to 39.9%, despite a decline in revenue[3] - Operating profit was RMB 6.5644 billion, with an operating profit margin of 8.0%, slightly down by 0.2 percentage points year-on-year[3] - The company reported a significant increase in profit attributable to equity shareholders, rising by 1,378.9% to RMB 1.5454 billion[3] - The company reported a pre-tax profit of RMB 2,908,538,000, with a net profit of RMB 1,623,966,000 for the year 2025, compared to a net profit of RMB 224,605,000 in 2024[22][24] - The effective tax rate decreased to 44.2% from 77.5% in 2024, primarily due to a reduction in non-deductible expenses and losses[90] - The total tax expense for 2025 was RMB 1,284,572 thousand, an increase from RMB 774,572 thousand in 2024, representing a rise of approximately 65.7%[38] - The company achieved an MSCI ESG rating of "AA," maintaining a leading position in the dairy industry[110] Cash Flow and Investments - Net cash inflow from operating activities reached RMB 8.7505 billion, a 5.0% increase compared to 2024, marking a historical high[3] - Capital expenditures for the year were RMB 2,494,486,000, a decrease from RMB 3,584,593,000 in 2024, indicating a reduction in investment activities[23][25] - The total outstanding interest-bearing bank and other borrowings decreased to RMB 25.3887 billion from RMB 34.6372 billion in 2024, with over 50% of borrowings calculated at fixed interest rates[92] - The financing cost for the year was RMB 970.8 million, accounting for approximately 1.2% of revenue, down from 1.7% in 2024[93] Dividends and Shareholder Returns - The board proposed a final dividend of RMB 0.520 per share for the year ending December 31, 2025, totaling RMB 2.017 billion[3] - The group declared a final dividend of RMB 0.520 per ordinary share for the year ending December 31, 2025, compared to RMB 0.509 in 2024, with total dividends amounting to RMB 2,017,029,000 for 2025, up from RMB 1,994,247,000 in 2024[43] Segment Performance - The liquid milk segment generated revenue of RMB 64,939,270,000, accounting for 78.9% of total revenue, while the ice cream segment contributed RMB 5,393,276,000, representing 6.6%[22] - The liquid milk segment's performance showed a profit of RMB 4,691,332,000, while the milk powder segment reported a loss of RMB 4,637,711,000, highlighting significant disparities in segment profitability[22][24] - Revenue from liquid milk was RMB 64.9393 billion, representing 79.0% of total revenue, down from 82.4% in 2024[94] - Revenue from ice cream was RMB 5.3933 billion, accounting for 6.5% of total revenue, an increase from 5.8% in 2024[103] Market Strategy and Innovation - The company’s "one body, two wings" strategy focuses on R&D innovation, brand leadership, and digital transformation, with double-digit growth in fresh milk, milk powder, and cheese categories[3] - The company plans to focus on market expansion and new product development to enhance revenue streams and improve profitability in the upcoming fiscal year[22] - The company launched multiple new products focusing on high cost-performance and quality, particularly in the lactose-free category, to expand the consumer base[52] - The company is actively expanding its market coverage in lower-tier cities, enhancing penetration in county markets[54] - The company is committed to a long-term strategy of brand building and value creation, leveraging IP and deepening market engagement[54] Operational Efficiency and Digital Transformation - The company reported a significant increase in operational efficiency through lean management and digital transformation, enhancing overall responsiveness to market changes[53] - The company aims to enhance its supply chain and operational efficiency through digital transformation, focusing on quality upgrades and efficiency improvements[81] - The company is enhancing its supply chain management through digital transformation, aiming to create a smart logistics system covering the entire fresh milk production and distribution process[66] Compliance and Governance - The financial statements are prepared in accordance with International Financial Reporting Standards and Hong Kong Financial Reporting Standards, ensuring compliance with relevant regulations[10] - The company has adopted corporate governance codes and has complied with all applicable provisions as of December 31, 2025[116] - The annual performance announcement and annual report will be published on the company's website and the Hong Kong Stock Exchange website[127] Employee and Community Engagement - The board expresses gratitude to shareholders and the community for their continued support and acknowledges the hard work and loyalty of all employees[129] - Employee costs for the year were approximately RMB 7.7341 billion, down from RMB 8.1315 billion in 2024[111] Sustainability Initiatives - The company implemented over 100 energy-saving and emission-reduction projects, cumulatively reducing carbon emissions by approximately 93,000 tons[80] - The company is committed to ESG principles, promoting environmental sustainability through initiatives like switching to eco-friendly packaging for its zero-sugar products[62] - The company has established 4 zero-carbon factories and certified 8 new products with carbon footprint certification[107]

Financial Performance - The total revenue for the fiscal year ending December 31, 2025, is reported at RMB 80,376,000, a decrease of 12.3% compared to RMB 91,706,000 for the fiscal year ending December 31, 2024[5]. - Gross profit for the fiscal year 2025 is RMB 20,016,000, down 21.5% from RMB 25,499,000 in 2024[5]. - The net loss for the fiscal year 2025 is RMB 13,914,000, compared to a net loss of RMB 8,258,000 in 2024, indicating a significant increase in losses[5]. - Basic loss per share for 2025 is reported at RMB 1.22, compared to RMB 0.83 in 2024, reflecting a worsening financial position[5]. - The company recorded other income of RMB 594,000 for 2025, down from RMB 751,000 in 2024, indicating a decline in additional revenue sources[5]. - Selling and distribution expenses for 2025 were RMB 4,641,000, slightly up from RMB 4,541,000 in 2024, showing a marginal increase in operational costs[5]. - Administrative expenses decreased to RMB 28,490,000 in 2025 from RMB 29,343,000 in 2024, suggesting some cost control measures were implemented[5]. Assets and Liabilities - Total assets decreased from 49,206,000 to 49,472,000 RMB, reflecting a decline of approximately 0.54%[6]. - Current liabilities increased from 22,937,000 to 15,448,000 RMB, indicating a significant reduction of about 32.5%[6]. - Net current assets decreased from 26,269,000 to 34,024,000 RMB, showing a decline of approximately 22.8%[6]. - Total equity increased from 39,805,000 to 34,803,000 RMB, representing a growth of about 14.3%[6]. - The company reported a total of 3,090,000 RMB in property and equipment, with an increase of 932,000 RMB compared to the previous period[6]. - Cash and cash equivalents decreased from 18,047,000 to 21,062,000 RMB, reflecting a decline of approximately 14.3%[6]. - Trade receivables increased from 19,746,000 to 17,705,000 RMB, indicating a growth of about 11.7%[6]. - The company’s total liabilities decreased from 22,937,000 to 15,448,000 RMB, indicating a reduction of approximately 32.5%[6]. Revenue Streams - The group reported revenue from customer contracts totaling RMB 91,706,000 in 2025, an increase from RMB 80,376,000 in 2024, representing a growth of approximately 14.5%[12]. - Revenue from the sale of printed products was RMB 28,584,000 in 2025, compared to RMB 29,678,000 in 2024, indicating a decline of about 3.7%[12]. - Revenue from the sale of woven labels was RMB 13,443,000 in 2025, slightly up from RMB 13,282,000 in 2024, reflecting an increase of approximately 1.2%[12]. - Revenue from the sale of printed labels increased significantly to RMB 17,763,000 in 2025 from RMB 14,342,000 in 2024, marking a growth of around 24.5%[12]. - The group’s revenue from IT services was RMB 6,434,000 in 2025, compared to RMB 0 in 2024, indicating the introduction of this revenue stream[12]. - The group’s revenue from other sources was RMB 31,916,000 in 2025, up from RMB 16,640,000 in 2024, showing a substantial increase of approximately 91.5%[12]. - The group’s total revenue from various product categories reflects a diverse portfolio, with significant contributions from both traditional and new revenue streams[12]. Strategic Initiatives - The company has not provided specific guidance for future performance or strategic initiatives in the earnings announcement[4]. - The company is expanding its business operations into functional textile products to diversify revenue sources[32]. - The acquisition of 90% of the shares in Guan Sheng Tong will enhance the company's presence in the information technology sector, focusing on blockchain technology and cybersecurity[33]. - The company plans to invest in production facilities in Nanyang City, Henan Province, to support its growth strategy[34]. - The management believes that its business strategy will continue to strengthen profitability and deliver maximum value to shareholders[34]. Compliance and Governance - The company has adhered to all applicable corporate governance codes as of December 31, 2025, ensuring transparency and accountability[83]. - The company confirmed full compliance with the trading standards for directors as per GEM listing rules, with no known violations reported as of December 31, 2025[84]. - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2025, and confirmed compliance with applicable accounting standards and GEM listing rules[85]. Market and Operational Risks - The company continues to operate in a high-risk investment environment typical of GEM-listed companies, which may affect future market performance[2]. - The company faces risks from potential public health events that could lead to lockdowns and work stoppages in China and Hong Kong[62]. - Environmental regulations in China impose restrictions on the company's operations, particularly regarding pollution control and waste management[65]. - The company is committed to minimizing its environmental impact and is seeking to replace equipment with eco-friendly machinery to reduce emissions[65]. Employee and Labor Relations - The total employee cost for the year ended December 31, 2025, was approximately RMB 26.8 million, a decrease from RMB 33.1 million in the previous year[59]. - The company employed a total of 210 employees as of December 31, 2025, down from 219 employees in the previous year[59]. - There have been no significant disputes with employees or labor-related issues as of December 31, 2025[70]. - The company has maintained good relationships with customers and suppliers, with no major complaints reported as of December 31, 2025[69]. Future Outlook - The company anticipates that the development of the Chinese apparel market and the shortening of fashion cycles will drive growth in the apparel supply industry[33]. - The group plans to invest more resources in marketing within China to attract potential customers and expand its customer base to both domestic and foreign apparel brands[36].

Financial Performance - For the fiscal year ending December 31, 2025, the company reported a revenue of RMB 1,482.4 million, representing a growth of 10.1% compared to RMB 1,346.4 million in 2024[4] - Gross profit for the same period was RMB 897.4 million, an increase of 11.0% from RMB 808.2 million in 2024[4] - Net profit for the year reached RMB 339.1 million, marking a significant increase of 23.8% from RMB 273.9 million in 2024[4] - Basic earnings per share for 2025 were RMB 0.304, up from RMB 0.246 in 2024, while diluted earnings per share were RMB 0.303 compared to RMB 0.244 in the previous year[5] - The company reported a profit before tax of RMB 394,979,000, compared to RMB 319,822,000 in 2024, reflecting a growth of 23.5%[26] - The total revenue for 2025 reached RMB 1,482,439,000, an increase of 10.1% from RMB 1,346,377,000 in 2024[18] - The total revenue for the year ending December 31, 2025, was approximately RMB 1,482.4 million, an increase of 10.1% from RMB 1,346.4 million for the year ending December 31, 2024[90] - Gross profit for the year ending December 31, 2025, was approximately RMB 897.4 million, an increase of 11.0% from RMB 808.2 million for the year ending December 31, 2024, with a gross margin of 60.5%[92] Revenue Breakdown - Revenue from hip joint replacement implants was RMB 845,191,000, up 15.9% from RMB 729,084,000 in 2024[18] - Revenue from knee joint replacement implants increased to RMB 435,992,000, a rise of 7.6% from RMB 405,110,000 in 2024[18] - The company’s external customer revenue from China was RMB 1,152,903,000, up from RMB 1,072,059,000 in 2024, representing a growth of 7.5%[28] - The company’s external customer revenue from the UK was RMB 67,009,000, an increase from RMB 59,250,000 in 2024, showing a growth of 13.0%[28] - The company’s hip and knee implant products generated revenue of approximately RMB 1,281.2 million, which is a 13.0% increase compared to the previous year[53] - Revenue from digital orthopedic customized products and services reached RMB 63.0 million for the year ending December 31, 2025, representing a growth of 22.8% compared to RMB 51.3 million for the year ending December 31, 2024[88] Assets and Liabilities - The total assets less current liabilities amounted to RMB 3,004.8 million as of December 31, 2025, compared to RMB 2,738.0 million in 2024[9] - The total assets of the company as of December 31, 2025, were RMB 3,662,746,000, an increase from RMB 3,335,398,000 in 2024[26] - The company’s total equity attributable to shareholders rose to RMB 2,912.9 million in 2025, up from RMB 2,638.2 million in 2024[9] - The company’s trade payables as of December 31, 2025, were RMB 138,812,000, compared to RMB 122,100,000 in 2024, reflecting an increase of about 13.7%[45] - The group’s capital debt ratio as of December 31, 2025, was approximately 2.6%, down from 3.0% as of December 31, 2024[104] Investments and Expenditures - The company invested RMB 123,175,000 in non-current assets during the year, down from RMB 206,370,000 in 2024[25] - Total capital expenditure for the year ending December 31, 2025, was approximately RMB 123.2 million, primarily for factory construction, patent purchases, and equipment for production and R&D[102] - The company has pledged assets for bank loans amounting to RMB 23,457 million in 2025, down from RMB 48,374 million in 2024[47] - The total bank loans as of December 31, 2025, amounted to RMB 77,176 million, slightly decreasing from RMB 78,114 million in 2024[47] Research and Development - Research and development expenses for the year were RMB 136.0 million, slightly down from RMB 139.2 million in 2024[7] - The company’s research and development expenses were eligible for a 100% additional tax deduction, maintaining the same benefit as in 2024[37] - The group has initiated the localization deployment of generative AI models in 2025, enhancing research and development efficiency through advanced AI technologies[62] - The company is advancing its AI capabilities in orthopedic surgery, aiming to enhance the digital orthopedic ecosystem and improve clinical applications[79] Market and Product Development - The company maintained a leading market share in the hip and knee replacement implant market, with a 40% year-on-year increase in implant volume in economically developed regions like Shanghai and Guangdong[52] - The company’s digital orthopedic platform, iCOS, is positioned for significant growth following the introduction of supportive policies for surgical robots and digital healthcare solutions[49] - The K3 intelligent surgical robot received regulatory approval on May 14, 2025, marking a significant advancement in the domestic digital orthopedic equipment sector[61] - The group aims to establish a comprehensive data management system covering the entire process from implant design to postoperative tracking, supporting treatment optimization and rehabilitation management[63] Employee and Operational Metrics - The total employee compensation expense for the year ending December 31, 2025, was approximately RMB 263.3 million, compared to RMB 254.9 million for the year ending December 31, 2024[108] - As of December 31, 2025, the group had a total of 983 employees, up from 954 employees as of December 31, 2024[108] Dividends and Shareholder Information - The company proposed a final dividend of HKD 0.118 per share for the fiscal year ending December 31, 2025[6] - The company proposed a final dividend of HKD 0.118 per share for 2025, up from HKD 0.072 per share in 2024, which is an increase of approximately 64.4%[40] - The company will suspend share transfer registration from June 12, 2026, to June 17, 2026, for the annual general meeting[122] - The record date for attending the annual general meeting and voting is June 17, 2026[122] - The company will also suspend share transfer registration from June 25, 2026, to June 29, 2026, for the final dividend[122] - The record date for qualifying shareholders to receive the final dividend is June 29, 2026[122]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 566,235 thousand, a decrease of 11.5% compared to RMB 640,083 thousand in 2024[4] - Gross profit for the same period was RMB 502,689 thousand, down from RMB 579,767 thousand in 2024, reflecting a gross margin decline[4] - The company reported a loss before tax of RMB 113,939 thousand for 2025, compared to a profit of RMB 166,342 thousand in 2024[4] - The company recorded a net loss of RMB 113.9 million for the year ended December 31, 2025, compared to a profit of RMB 166.3 million in 2024[57] - The total cost of sales for the year ended December 31, 2025, was RMB 63.5 million, compared to RMB 60.3 million for the year ended December 31, 2024[19] - The company recorded other income of RMB 52.8 million for the year ended December 31, 2025, down from RMB 62.0 million for the year ended December 31, 2024[19] - The revenue from pharmaceutical sales and licensing fees for the year ended December 31, 2025, was RMB 130.1 million, a decrease from RMB 159.5 million for the year ended December 31, 2024[21] - Licensing fee income for the year ended December 31, 2025, was RMB 412.5 million, down from RMB 464.2 million for the year ended December 31, 2024[21] Research and Development - Research and development expenses increased significantly to RMB 572,161 thousand, up 41.5% from RMB 404,152 thousand in 2024, indicating a strong focus on innovation[4] - The company achieved significant milestones in its drug pipeline, including the initiation of multiple clinical trials for new treatments in 2025[7] - JSKN003 received approval for a Phase III clinical trial for HER2+ breast cancer patients, with the first patient dosed in February 2025[7] - The Phase II clinical trial results for KN026 combined with KN046 in HER2+ breast cancer were published in Clinical Cancer Research in June 2025[8] - The company completed patient enrollment for several key clinical trials, indicating progress in its clinical development strategy[8] - JSKN003 received breakthrough therapy designation from the CDE for treating HER2+ advanced colorectal cancer patients previously treated with oxaliplatin, fluorouracil, and irinotecan[10] - JSKN003's Phase III clinical trial for HER2+ advanced colorectal cancer commenced, marking the fourth Phase III study for this drug[10] - KN035 received orphan drug designation from the FDA for treating gastric cancer/gastroesophageal junction cancer, following previous designations in other cancer types[11] - JSKN022's IND application for treating advanced solid tumors was accepted by the CDE, marking the company's fourth ADC entering clinical research[10] - The company’s strong R&D capabilities are supported by proprietary technology platforms in ADCs and bispecific antibodies[14] - The company’s product pipeline includes multiple candidates in various stages of clinical trials, with several products already approved by the National Medical Products Administration[15] Assets and Liabilities - Non-current assets decreased to RMB 503,284 thousand from RMB 530,406 thousand in 2024, while current assets also fell to RMB 1,593,783 thousand from RMB 1,711,349 thousand[6] - Cash and cash equivalents decreased from RMB 1,112.1 million as of December 31, 2024, to RMB 258.8 million as of December 31, 2025, while time deposits with maturities over three months increased from RMB 459.3 million to RMB 1,091.5 million during the same period[41] - Trade receivables rose significantly to RMB 66.5 million as of December 31, 2025, from RMB 16.5 million as of December 31, 2024, mainly due to increased license fee income recognized during the reporting period[37] - Total liabilities decreased from RMB 155,827,000 in 2024 to RMB 105,324,000 in 2025, a reduction of 32.5%[60] - The company's net asset value was RMB 1,710,898,000 in 2025, down from RMB 1,831,884,000 in 2024, a decrease of 6.6%[60] - The company reported a significant increase in inventory, rising to RMB 107,884,000 in 2025 from RMB 81,809,000 in 2024, an increase of 31.9%[58] - Trade payables increased to RMB 70,545,000 in 2025 from RMB 39,222,000 in 2024, showing a growth of about 79.9%[96] Operational Highlights - The company was included in the MSCI Global Small Cap Index as of May 2025, enhancing its market visibility[8] - The company was recognized as one of the "Top 100 Innovative Pharmaceutical Enterprises in China" by a professional magazine in November 2025[10] - The company aims to enhance its manufacturing capabilities with new facilities expected to exceed a total capacity of 40,000L[17] - The company plans to focus on ADC (Antibody-Drug Conjugates) in its drug discovery and development efforts to enrich its early pipeline[18] - The company is actively seeking strategic collaboration opportunities to maximize the commercial value of its global patent assets[18] Shareholder Information - The company plans to hold its annual general meeting on June 12, 2026[117] - The company will suspend the transfer of shares from June 9 to June 12, 2026, to determine the eligibility of shareholders to attend the annual general meeting[118] - The annual report for the year ending December 31, 2025, will be made available to shareholders in April 2026[119] - No dividends were declared or proposed for the fiscal year ending December 31, 2025, consistent with 2024[101][102] - The company repurchased a total of 2,767,000 shares as treasury stock during the reporting period, with a total value of up to HKD 50 million authorized for share buybacks[108] Audit and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the financial results for the year ending December 31, 2025[110] - Deloitte Touche Tohmatsu Certified Public Accountants conducted a review of the financial statements, confirming consistency with the audited financial reports[111] Risks and Future Outlook - The company has identified several risks and uncertainties that may adversely affect its business, financial condition, and operating results[116] - The company expresses gratitude to its shareholders, management team, employees, business partners, and customers for their support and contributions[120]

Financial Performance - The company's revenue for the year ended December 31, 2025, was RMB 2,559,504 thousand, representing a 3.03% increase compared to RMB 2,484,150 thousand in 2024[6] - The net profit for the year was RMB 168,772 thousand, a decrease of 3.86% from RMB 175,549 thousand in the previous year[6] - Adjusted net profit for the year was RMB 200,212 thousand, reflecting an 11.16% increase from RMB 180,115 thousand in 2024[6] - The net profit margin decreased to 6.59%, down 0.48 percentage points from 7.07% in the previous year[6] - The gross profit for the fiscal year 2025 was RMB 690,386 thousand, an increase of RMB 16,827 thousand or 2.50%, with a gross margin slightly decreasing from 27.11% to 26.97% despite a decline in sales prices[63] - The total comprehensive income for 2025 was RMB 181,081 thousand, compared to RMB 148,996 thousand in 2024, indicating a significant increase[108] - The company reported a profit attributable to shareholders of RMB 172,149,000 for the year ending December 31, 2025, compared to RMB 180,941,000 for the previous year, reflecting a decrease of approximately 4.9%[142] Gold Mining Projects - The gold reserves increased by 53.1% to 2.62 million ounces, while the gold resources rose to 5.54 million ounces, following the completion of the first phase of the Cygnet gold mine project[5] - The company aims to achieve its first gold production in Q1 2028, focusing resources on the Mt Bundy gold project after adjusting its strategic implementation path[2] - The company has adjusted its development strategy to prioritize the Mt Bundy gold project over the Cygnet gold project, which is expected to enhance shareholder value[21] - The company aims to complete the financial reporting necessary for the planned spin-off listing of its gold mining business, although delays are anticipated due to changes in project development order[21] - The company has decided to terminate the planned spin-off of its gold mining business to focus on high-growth gold mining operations, aiming to become a mid-tier gold producer[22] - The final feasibility study for the Mt Bundy gold project indicates that pre-production capital expenditure has increased from AUD 394 million to AUD 437 million, a growth of 10.9%[24] - The Cygnet gold project, following the acquisition of the Corinthia gold mine, has an estimated total gold production of approximately 1.79 million ounces, up from 1.69 million ounces[27] - The average annual gold production for the first 10 years of the Cygnet project is projected to be about 150,000 ounces, with an all-in sustaining cost of approximately AUD 1,858 per ounce[27] Iron Ore Business - The iron ore business produced 954,000 tons of iron concentrate in 2025, a decrease of 5.45% year-on-year, while achieving 100.42% of the annual budget[42] - Revenue from the iron ore business was RMB 861.586 million in 2025, a decrease of 10.83% compared to RMB 966.175 million in 2024[46] - The gross profit for the iron ore business was RMB 516.438 million in 2025, down 14.89% from RMB 606.772 million in 2024, with a gross margin of 59.94%[46] - The average selling price of iron concentrate decreased by 10.17% to RMB 874 per ton in 2025 compared to RMB 973 per ton in 2024[46] - The average cash operating cost for iron concentrate decreased to RMB 339 per ton in 2025, down RMB 14 per ton or 3.97% year-on-year, maintaining a low-cost operating advantage[42] - The company has updated its mining license to include an additional 79.76 million tons of iron ore resources, increasing its JORC-compliant iron ore reserves by approximately 34.21 million tons[5] Financing and Capital Expenditures - The company raised approximately HKD 234.75 million from the issuance of 75 million shares at HKD 3.13 per share to support the development of Australian gold mining projects[19] - The company plans to utilize the net proceeds of approximately HKD 772.10 million from recent fundraising efforts to support the development of the Mt Bundy gold project by the end of 2027[20] - The company's intangible assets increased significantly to RMB 684,389 thousand, a rise of RMB 404,734 thousand or 144.73%, mainly due to the reclassification of assets related to the canceled sale of Primary Gold Pty Ltd[71] - The company's capital commitments amounted to RMB 236,608 thousand, an increase of RMB 195,064 thousand or 469.54% compared to the previous year, primarily due to expenditures on the expansion of the Mao Gong Mine project[87] - Capital expenditures increased from RMB 139,793 thousand in 2024 to RMB 227,400 thousand in 2025, with major expenses including RMB 119,891 thousand for property, plant, and equipment, RMB 92,807 thousand for intangible assets, and RMB 14,702 thousand for right-of-use assets[88] Market Conditions and Risks - The company faced commodity price risk, which could significantly impact revenue and overall earnings due to fluctuations in international and domestic market prices[83] - The average price of gold in 2025 reached $3,431 per ounce, a significant increase of 43.8% year-on-year, contributing to a total global gold demand of $555 billion, up 45.3% from the previous year[12] - In 2025, the average price of imported iron ore (62% Australian fines) is projected to be $101.78 per dry ton, a decrease of $7.39 per dry ton or 6.77% compared to 2024[13] - Domestic iron ore production in China for 2025 is expected to be 984 million tons, a year-on-year decline of 5.59%[14] - China's iron ore import volume in 2025 is projected to be 1.259 billion tons, an increase of 1.84% year-on-year[13] Corporate Governance and Compliance - The company confirmed compliance with the corporate governance code and all applicable rules during the fiscal year[100] - There were no significant legal proceedings or arbitrations involving the group as of December 31, 2025[103] - The consolidated financial statements for the year ending December 31, 2025, were audited by Deloitte and approved without any reservations[105]

Financial Performance - For the fiscal year ending December 31, 2025, the company's total revenue was approximately RMB 1,049.2 million, representing an increase of about 10.3% compared to RMB 951.5 million for the fiscal year ending December 31, 2024[3]. - The gross profit for the fiscal year ending December 31, 2025, was approximately RMB 162.2 million, an increase of about 13.3% from RMB 143.2 million for the fiscal year ending December 31, 2024[4]. - The net profit for the fiscal year ending December 31, 2025, was approximately RMB 66.2 million, which is an increase of about 8.3% compared to RMB 61.1 million for the fiscal year ending December 31, 2024[4]. - The gross profit margin for the fiscal year ending December 31, 2025, was approximately 15.5%, up from 15.1% for the fiscal year ending December 31, 2024, reflecting a growth of about 0.4%[4]. - Basic earnings per share for the fiscal year ending December 31, 2025, were RMB 0.96, compared to RMB 1.01 for the fiscal year ending December 31, 2024[6]. - Total revenue for the year ended December 31, 2025, was RMB 7,479,000, compared to RMB 8,531,000 for 2024, representing a decrease of approximately 12.3%[22]. - Interest income decreased to RMB 990,000 in 2025 from RMB 1,214,000 in 2024, a decline of about 18.5%[22]. - Employee costs increased to RMB 559,002,000 in 2025 from RMB 527,542,000 in 2024, reflecting a rise of approximately 5.9%[24]. - The income tax expense for the year ended December 31, 2025, was RMB 17,405,000, up from RMB 13,290,000 in 2024, indicating a growth of approximately 31.8%[28]. - Basic earnings per share for 2025 were RMB 0.96, compared to RMB 1.01 for 2024, showing a decrease of about 4.9%[29]. Assets and Liabilities - The total assets less current liabilities as of December 31, 2025, amounted to RMB 332.4 million, compared to RMB 266.6 million as of December 31, 2024[7]. - The company's net assets as of December 31, 2025, were RMB 328.3 million, an increase from RMB 263.0 million as of December 31, 2024[8]. - Trade and other receivables increased to RMB 382,140,000 in 2025 from RMB 251,428,000 in 2024, a significant rise of approximately 51.9%[31]. - The total trade payables as of December 31, 2025, amounted to RMB 265,733 thousand, a significant increase from RMB 157,456 thousand in 2024, reflecting a growth of 68.8%[34]. - The financial liabilities measured at amortized cost increased to RMB 581,903 thousand in 2025 from RMB 491,824 thousand in 2024, marking a rise of 18.3%[33]. - The net current assets increased to approximately RMB 200.0 million, attributed to increases in trade receivables and cash[67]. - As of December 31, 2025, the group's cash and cash equivalents amounted to approximately RMB 445.5 million, with 80.8% denominated in RMB[68]. Revenue Breakdown - Customer contract revenue under IFRS 15 for the year ended December 31, 2025, was RMB 1,046,200 thousand, an increase of 10.3% from RMB 948,279 thousand in 2024[18]. - Revenue from urban services for the year ended December 31, 2025, was RMB 654,749 thousand, up from RMB 594,309 thousand in 2024, representing a growth of 10.2%[18]. - Revenue from residential property management services for the year ended December 31, 2025, reached RMB 229,020 thousand, an increase of 14.0% compared to RMB 200,914 thousand in 2024[18]. - Revenue from commercial property management services for the year ended December 31, 2025, was RMB 162,431 thousand, up from RMB 153,056 thousand in 2024, reflecting a growth of 6.1%[18]. - Total revenue recognized over time for the year ended December 31, 2025, was RMB 987,709 thousand, an increase from RMB 905,366 thousand in 2024[18]. - Total revenue recognized at a point in time for the year ended December 31, 2025, was RMB 61,509 thousand, up from RMB 46,161 thousand in 2024[18]. Operational Highlights - The total contracted area as of December 31, 2025, was approximately 32.4 million square meters, with a managed area of approximately 31.9 million square meters[4]. - The number of projects under management increased to 201 in 2025, with a total managed area of 31,875 thousand square meters, compared to 169 projects and 30,055 thousand square meters in 2024, indicating a growth of 18.9% in project count[40]. - The group has secured contracts to provide public property management services for 201 projects, covering a total contracted area of approximately 32.4 million square meters as of December 31, 2025[38]. - The group has increased its managed residential properties to 42 projects with a managed area of 7,987 thousand square meters in 2025, up from 31 projects and 7,355 thousand square meters in 2024, reflecting a growth of 35.5% in project count[40]. - The group operates 117 public properties, providing management services for a total area of approximately 20.6 million square meters as of December 31, 2025[42]. Strategic Initiatives - The group aims to enhance market share and brand influence through strategic expansion and quality improvement initiatives[47]. - The group plans to focus on integrated facility management (IFM) and catering services as part of its second growth curve strategy[47]. - The company is committed to building a talent pool with high quality and structure to enhance brand reputation and customer loyalty[48]. - The company is actively recruiting skilled personnel in property management to support sustainable business development[86]. Corporate Governance and Future Plans - The company has adopted corporate governance principles and has complied with all applicable rules during the reporting period[89]. - The company has no significant events to report following December 31, 2025, up to the date of this announcement[93]. - The 2025 Annual General Meeting is scheduled for June 25, 2026, with the shareholder register closing from June 18 to June 25, 2026[98]. - The 2025 Annual Report will be available on the company's website and the Hong Kong Stock Exchange website in due course[99]. - The company plans to allocate net proceeds from the global offering for various purposes, with a total expected utilization of HKD 100.0 million, of which HKD 90.5 million has been utilized as of December 31, 2025[85]. - The expected timeline for the utilization of remaining proceeds is no later than December 31, 2026, subject to market conditions[85].