GLOBAL DIGITAL CREATIONS HOLDINGS LIMITED 環 球 數 碼 創 意 控 股 有 限 公 司 * （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （股份代號：8271） 截至2025年12月31日止之末期業績 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所主板上市的 公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳 的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣之證券 承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本公告之內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何 損失承擔任何責任。 本公告的資料乃遵照《聯交所的GEM證券上市規則》（「GEM上市規則」）而刊載，旨在提供有關環 球數碼創意控股有限公司（「本公司」）的資料；本公司的董事（「董事」） ...

Financial Performance - In 2025, the total number of automotive financing transactions reached approximately 844,000, representing a year-on-year growth of about 16.2%[11] - The total financing amount was approximately RMB 75.1 billion, an increase of about 8.7% year-on-year[11] - The revenue for the period was approximately RMB 11.56 billion, with an adjusted net profit of approximately RMB 1.43 billion[11] - The automotive financial assets managed by the company amounted to approximately RMB 125.83 billion, with a 90-day overdue rate of 1.89%[11] - Revenue from the fintech business surged to approximately RMB 4.5 billion, marking a year-on-year increase of about 150%[12] - The adjusted operating profit reached RMB 2.04 billion, an increase from RMB 1.44 billion in 2024, primarily due to revenue growth[54] - The adjusted net profit for 2025 was RMB 1.43 billion, up from RMB 1.08 billion in 2024, also driven by revenue growth[55] - Total revenue for the year ended December 31, 2025, increased by 17% to RMB 11,559.95 million compared to RMB 9,887.73 million for the year ended December 31, 2024[59] - Gross profit rose by 39% to RMB 6,461.47 million, up from RMB 4,636.27 million year-on-year[59] - Operating profit increased by 50% to RMB 1,698.99 million, compared to RMB 1,133.60 million in the previous year[59] Market Trends - The total sales volume of passenger vehicles in China, including new and used cars, grew by approximately 6.0% year-on-year in 2025[10] - China's automotive export volume reached approximately 7.1 million units, representing a year-on-year growth of about 21.1%[10] - In 2025, China's total passenger car sales reached 30.10 million units, representing a year-on-year growth of 9.2%[21] - The retail sales of new energy vehicles (NEVs) in 2025 amounted to approximately 12.81 million units, with a year-on-year increase of 17.5% and a penetration rate exceeding 50% for several months[22] - The used car market in 2025 saw a transaction volume of 15.74 million units, reflecting a slight year-on-year increase of 0.4%[22] - The "trade-in" policy significantly supported new car sales, becoming an important pillar to alleviate demand fluctuations during the reporting period[21] - The government implemented a series of policies in 2025 to stimulate automobile consumption, including the expansion of the trade-in policy and support for new energy vehicle promotion[24] Technological Innovation - The company aims to continue focusing on fintech as a strategic pillar, enhancing system efficiency and user experience while expanding its network of institutional partners[12] - The company has increased investment in cutting-edge AI technology, launching the first agency-type AI model in the automotive finance industry, XinMM-AM1, in November 2025[13] - The launch of the XinMM-AM1 AI model marked a significant innovation in the automotive finance sector, enhancing operational efficiency and reducing deployment costs[47] - AI applications in the pre-loan phase have improved customer response times and transaction conversion rates, with ongoing optimizations approaching the efficiency of human operations[48] - The company was recognized at the World Internet Conference with the "Light of Brilliance Scenario" award and first prize in the "Open Source Model Application Competition," highlighting its innovation in AI solutions[13] Risk Management - The company has established a comprehensive risk management and internal control system to address credit risk, which is the primary risk faced by the company[100] - The company actively monitors overdue rates and continuously enhances data analysis capabilities to improve asset risk control[100] - The company has implemented a data-driven credit assessment system that evaluates consumers' ability and willingness to fulfill financial obligations[100] - The company is focusing on risk management, technological innovation, and operational expertise to improve business quality and long-term sustainability in a more transparent industry environment[29] International Expansion - For 2026, the company plans to invest more resources in international expansion, having established a solid foundation in Southeast Asia, particularly in Singapore and Malaysia, where it ranks among the top three independent used car finance service providers[15] - The company maintained a top three market position among non-bank auto finance service providers in Singapore, with monthly new loan issuance close to USD 15 million[50] - The company entered the Malaysian market in Q4 2025 and quickly achieved a top three position among local non-bank auto finance service providers within three months[50] - The company plans to accelerate its international expansion, focusing on Southeast Asia in 2026 while promoting steady growth in existing markets[51] Corporate Governance - The company is committed to maintaining high standards of corporate governance through the appointment of qualified independent directors and experienced executives[137][142] - The company has appointed independent directors with extensive auditing and financial experience, ensuring robust oversight and compliance[144] - The management team is actively involved in strategic decision-making, focusing on enhancing the company's financial performance and market position[145] Financial Health - The overdue rate for financing transactions was 1.31% for those overdue by more than 180 days as of December 31, 2025, a slight improvement from 1.39% in 2024[91] - The expected credit loss provision for finance lease receivables increased to RMB 1.15 billion as of December 31, 2025, from RMB 932 million in 2024, with a coverage ratio of 3.52%[88] - The company's net current assets decreased by 28% to RMB 3.34 billion as of December 31, 2025, compared to RMB 4.644 billion as of December 31, 2024[112] - The debt-to-asset ratio rose to 58% as of December 31, 2025, compared to 55% as of December 31, 2024, due to an increase in net debt[116] Employee Development - The total employee count increased to 4,773 as of December 31, 2025, up from 4,278 the previous year[126] - The total compensation cost, including equity incentive expenses, amounted to RMB 1.296 billion for the reporting period, compared to RMB 1.019 billion for the year ending December 31, 2024[127] - Yusheng has established a comprehensive talent development framework supported by structured training policies for employee skill enhancement[126] - The company has implemented a structured job rotation program to promote cross-functional expertise and career development[126]

Financial Performance - The group's revenue for the year ended December 31, 2025, was approximately RMB 6.816 billion, a year-on-year decrease of about 2.2% due to the sale of its stake in Zhangtai Service Group, which was excluded from the consolidated financial statements after August 2025[2]. - The gross profit for the group was approximately RMB 1.252 billion, with a gross margin of 18.4%, a decrease of about 3.5 percentage points year-on-year, primarily due to delays in recognizing revenue from certain high-risk third-party clients and increased maintenance costs from projects nearing warranty expiration[2]. - The profit attributable to the owners of the company was approximately RMB 203 million, a turnaround from a loss of RMB 451 million in the same period last year[2]. - For the year ended December 31, 2025, total revenue was RMB 6,816,162 thousand, a decrease of 2.2% from RMB 6,969,501 thousand in 2024[19]. - The company's net profit for the year ended December 31, 2025, was approximately RMB 238.3 million, a significant recovery from a net loss of RMB 433.1 million in 2024[55]. Revenue Breakdown - Property management and operation services generated revenue of RMB 6,363,903 thousand, slightly down from RMB 6,379,627 thousand in 2024[19]. - Revenue from third-party sources was RMB 6,631.8 million, accounting for 97.3% of total revenue, down 2.5% from RMB 6,801.7 million in 2024[34]. - Community living services revenue was approximately RMB 390.2 million, a decrease of about RMB 52.8 million (approximately 11.9%) from RMB 443.0 million in 2024[40]. - Non-owner value-added services revenue decreased by approximately RMB 84.8 million (approximately 57.7%) to RMB 62.1 million from RMB 146.9 million in 2024[44]. - For the year ended December 31, 2025, the group's revenue from non-owner value-added services was approximately RMB 62.05 million, a decrease of about 57.7% from RMB 146.9 million in 2024[45]. Expenses and Costs - Total expenses for the year were RMB 6,599,496 thousand, down from RMB 7,456,666 thousand in 2024, reflecting a reduction of 11.5%[21]. - Employee benefits expenses decreased to RMB 2,696,184 thousand from RMB 2,739,078 thousand in 2024, showing a reduction of 1.6%[21]. - Administrative expenses for the year ended December 31, 2025, were approximately RMB 426.1 million, a reduction of about RMB 143.5 million from RMB 569.6 million in 2024, attributed to centralized management and cost-saving measures[49]. - Sales and marketing expenses decreased to approximately RMB 46.3 million in 2025 from RMB 56.9 million in 2024, a reduction of about RMB 10.6 million[50]. Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 9.833 billion, down from RMB 10.590 billion in 2024[6]. - The total liabilities as of December 31, 2025, were RMB 4.601 billion, compared to RMB 5.271 billion in 2024[7]. - The cash and cash equivalents as of December 31, 2025, were RMB 3.788 billion, a decrease from RMB 4.028 billion in 2024[6]. - Non-current assets increased to RMB 1.071 billion from RMB 1.448 billion in 2024, reflecting changes in property, plant, and equipment[6]. - The company's net current assets were approximately RMB 2,949.7 million as of December 31, 2025, compared to RMB 2,454.3 million on December 31, 2024, indicating an improvement in liquidity[58]. Shareholder Information - The company proposed a final dividend of RMB 0.01 per share, totaling approximately RMB 30.5 million, compared to RMB 438.07 million in dividends paid in 2024[25]. - For the fiscal year ending December 31, 2025, the board proposed a final dividend of RMB 0.01 per share, totaling approximately RMB 30.5 million, pending shareholder approval[74]. Operational Highlights - The company achieved a 74% year-on-year increase in the number of households ordering life services, with a 117% increase in order volume[65]. - The company invested approximately RMB 2,000 million in maintenance and rectification, leading to an improvement in collection rates for 64 projects[68]. - The company plans to address legacy issues from newly delivered projects by prioritizing the resolution of 265 essential service issues, which is expected to enhance collection rates for 31 projects[68]. - The company aims to strengthen its presence in core cities and key sectors while enhancing customer recognition of its flagship projects and services[70]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions for the year ending December 31, 2025[83]. - The audit committee consists of three independent non-executive directors, with Mr. Yao Ning as the chairman, who has professional accounting qualifications[84]. - The financial statements for the year ending December 31, 2025, have been verified by the auditors, PricewaterhouseCoopers, ensuring consistency with the amounts reported in the audited consolidated financial statements[86].

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 164,046,986 thousand, a decrease of 14.8% compared to RMB 192,495,606 thousand in 2024[7] - Gross profit for the same period was RMB 19,012,367 thousand, down 38.5% from RMB 30,887,049 thousand in the previous year[7] - Net profit for the year was RMB 5,776,818 thousand, a decline of 41.5% from RMB 9,832,859 thousand in 2024[10] - Basic and diluted earnings per share attributable to ordinary shareholders was RMB 0.02, compared to RMB 0.12 in the previous year[7] - Total revenue for the year ended December 31, 2025, was RMB 163,954,329 thousand, a decrease of 14.8% from RMB 192,397,295 thousand in 2024[28] - Vehicle sales accounted for RMB 151,050,619 thousand in 2025, down from RMB 183,148,365 thousand in 2024, representing a decline of 17.5%[28] - The net profit attributable to equity holders was RMB 122.7 million in 2025, down 87.2% year-on-year, with basic earnings per share at RMB 0.02[74] - Gross profit for 2025 was RMB 19,012.4 million, reflecting a 38.4% decrease from 2024, mainly due to price competition and reduced sales[75] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 166,505,164 thousand, down from RMB 172,044,268 thousand in 2024[5] - Total liabilities decreased to RMB 89,420,156 thousand from RMB 93,562,795 thousand in 2024, reflecting a reduction of 4.4%[6] - Cash and cash equivalents were RMB 23,366,389 thousand, down from RMB 33,598,355 thousand in 2024, indicating a decrease of 30.5%[4] - Inventory levels decreased to RMB 21,604,473 thousand from RMB 27,912,590 thousand, a reduction of 22.6%[4] - As of December 31, 2025, the group's current liabilities exceeded current assets by approximately RMB 3,948 million[14] - The total accounts receivable as of December 31, 2025, was RMB 14,902,268 thousand, an increase of 19.0% from RMB 12,518,966 thousand in 2024[38] - The net amount of accounts receivable after impairment provisions was RMB 13,561,398 thousand in 2025, compared to RMB 11,061,861 thousand in 2024, reflecting a growth of 22.6%[38] - The company reported a deferred tax asset of RMB 8,502,499 thousand as of December 31, 2025, down from RMB 9,708,471 thousand in 2024, a decrease of 12.4%[35] - The net deferred tax liabilities amounted to RMB 6,457,544 thousand in 2025, compared to RMB 7,534,320 thousand in 2024, a reduction of 14.3%[36] Revenue Sources - Revenue from customer contracts for the year ended December 31, 2025, was RMB 163,954,329 thousand, a decrease from RMB 192,397,295 thousand in 2024[27] - Revenue from mainland China for the year ended December 31, 2025, was RMB 158,597,846 thousand, compared to RMB 187,806,622 thousand in 2024[24] - Revenue recognized from contract liabilities at the beginning of the reporting period was RMB 1,402,609 thousand in 2025, compared to RMB 860,140 thousand in 2024, an increase of 62.8%[28] - The expected revenue to be recognized within one year from unfulfilled performance obligations was RMB 2,115,310 thousand in 2025, up from RMB 1,403,687 thousand in 2024, an increase of 50.7%[32] Operational Efficiency - The company reported a significant increase in the amount of unutilized credit facilities, which rose from RMB 15,626,932 thousand in 2024 to RMB 24,253,507 thousand in 2025, an increase of about 55.5%[45] - The company is focusing on a dual strategy of domestic and international markets, aiming to optimize operational efficiency and improve business quality[65] - The company is actively optimizing its network layout and expanding into new markets, achieving significant breakthroughs in Australia and Europe[70] - The company is committed to green and low-carbon development, with initiatives including the establishment of a carbon-neutral factory and a focus on energy efficiency[71] Research and Development - Research and development expenses amounted to RMB 3,601.8 million in 2025, down from RMB 4,292.4 million in 2024[78] - Beijing Benz is set to launch the EB5 power battery in 2025, featuring high capacity, ultra-fast charging, long range, low energy consumption, and high safety characteristics[62] - The first pure electric SUV, EO Yiou, was launched by Beijing Modern, marking a significant step in the company's new energy strategy[66] - Beijing Benz continues to enhance its "dual fuel" product lineup, with the new pure electric long-wheelbase CLA model expanding its electric vehicle offerings[66] Corporate Governance - The company has established a comprehensive corporate governance structure, adhering to the corporate governance code as per the listing rules, ensuring compliance for the fiscal year 2025[94] - All directors and senior management confirmed compliance with the standard code of conduct for securities trading during the fiscal year 2025[95] - The audit committee reviewed the annual performance and the audited consolidated financial statements for the fiscal year 2025, prepared in accordance with international financial reporting standards[96] Market Outlook - The Chinese passenger car market is projected to reach sales of 34.75 million units in 2026, with a year-on-year growth of 1%, and new energy vehicle sales expected to grow by 15.2% to 19 million units[89] - The company plans to enhance operational quality and focus on electric and intelligent product development as part of its 2026 strategic goals[90]

Company Performance - The company announced its annual performance for the year ending December 31, 2025, in compliance with GEM Listing Rules[2]. - The Group recorded revenue of approximately HK$45,528,000 for the year ended 31 December 2025, a decrease of approximately 7.2% compared to HK$49,055,000 in the previous year[27]. - The basic and diluted loss per share for the year was approximately HK2.55 cents, compared to HK2.53 cents in 2024[27]. - The Group recorded a net loss after tax of approximately HK$13,196,000 for the Year, an increase of approximately 7.0% from HK$12,338,000 in the previous year[132]. - Gross profit for the Year was approximately HK$24,758,000, a decrease of approximately 8.3% from HK$27,009,000 in the previous year, with a gross profit margin of approximately 54.4%[130]. Revenue Breakdown - Revenue from the financial trading software solutions segment was approximately HK$42,324,000, representing a decrease of approximately 9.5% from HK$46,780,000 in 2024, contributing approximately 93.0% of total revenue[28]. - The money lending business generated revenue of approximately HK$3,204,000, an increase of approximately 40.8% from HK$2,275,000 in 2024, contributing approximately 7.0% of total revenue[29]. - The revenue from the financial trading software solutions division amounted to approximately HK$42,324,000, a decrease of about 9.5% compared to HK$46,780,000 in 2024[46]. - The money lending business generated revenue of approximately HK$3,204,000, representing an increase of approximately 40.8% from HK$2,275,000 in 2024[49]. Management and Governance - The board of directors confirmed that the information provided in the report is accurate and complete in all material respects[9]. - The company is focused on maintaining a robust corporate governance framework as outlined in the corporate governance report[12]. - The company has a compliance officer and authorized representatives to ensure adherence to regulatory requirements[18]. - The Group's chairman expressed gratitude to shareholders, business partners, and clients for their support[35]. - The Board consists of three executive directors and three independent non-executive directors as of the date of this annual report[183]. Strategic Direction - The management discussion and analysis section provides insights into the company's strategic direction and market conditions[12]. - The Group plans to expand its IT services through partnerships for ticketing solutions and backend services, and to invest further in R&D for financial trading software solutions[34]. - The Group aims to enhance operational efficiency and implement stringent cost control measures to drive sustainable growth in a rapidly changing environment[33]. - The Group recognizes the potential of artificial intelligence and emerging technologies and will actively explore new business opportunities in AI-related services[33]. - The Group aims to diversify income sources by exploring opportunities in IT services related to artificial intelligence, blockchain technology, and data analysis[44]. Financial Position - The Group's current ratio decreased to 2.0:1 in 2025 from 2.5:1 in 2024, indicating a decline in liquidity[123]. - The Group's cash and bank balances as of December 31, 2025, were approximately HK$11,696,000, up from approximately HK$10,857,000 in 2024[136]. - The net current assets of the Group as of December 31, 2025, amounted to approximately HK$28,054,000, down from approximately HK$40,902,000 in 2024[136]. - Shareholders' equity as of December 31, 2025, was approximately HK$38,815,000, down from approximately HK$51,709,000 in 2024[138]. Risk Management - The Group is exposed to operational risks and has implemented risk management policies to mitigate these risks effectively[168]. - Financial risks include market risks, credit risks, and liquidity risks, with details provided in the consolidated financial statements[169]. - The Group's operational risks have been effectively mitigated through ethical practices and a whistleblower program[168]. - The risk appetite for corporate investment and business expansion is expected to remain conservative in the near future due to geopolitical conflicts and volatile energy prices[170]. Credit Management - The Group will continue to strengthen its credit control strategy and loan management policies to mitigate credit risks[29]. - The provision for impairment loss on loan and interest receivables for the year was approximately HK$2,351,000, compared to a reversal of provision of approximately HK$2,901,000 in 2024[49]. - The company has implemented internal control procedures to minimize credit and default risks, including thorough client identification and creditworthiness assessments[57][58]. - The Group's management continuously monitors loan and interest receivables balances to ensure sustainability in the money lending business[51]. Investments - The Group's asset investments portfolio consisted of securities held for trading, with details recorded as financial assets at fair value through profit or loss as of December 31, 2025[95]. - Total investments held by the Group amounted to HK$9,005,000, with a realized gain of HK$142,000 and an unrealized loss of HK$2,991,000 as of December 31, 2025[96]. - The Group recognized a net fair value loss on financial assets of approximately HK$321,000 due to market volatility, compared to a loss of approximately HK$4,409,000 in the previous year[108]. - The Group's investments in listed securities aim for profit from market appreciation and dividend income, with expectations of continued market volatility affecting performance[109]. Employee and Operational Metrics - The Group had a total employee benefits expense of approximately HK$36,897,000 for the Year, compared to approximately HK$37,264,000 in 2024[163]. - As of December 31, 2025, the Group employed 67 employees, an increase from 66 employees in 2024[163]. - The Group did not carry out any fundraising activities by issuing new shares during the year[139]. - The Group does not have any concrete plans for material investments or capital assets for the coming year, but will consider any acquisition opportunities that arise[161].

Financial Performance - For the year ended December 31, 2025, the operating revenue was RMB 3,342,297 thousand, a decrease of 0.9% compared to RMB 3,374,327 thousand in 2024[3] - Gross profit for the same period was RMB 756,083 thousand, reflecting an 18.3% decline from RMB 925,890 thousand in 2024[3] - The loss attributable to equity holders of the parent company was RMB 373,396 thousand, a significant increase from RMB 65,495 thousand in 2024[3] - Cash EBITDA for 2025 was RMB 881,969 thousand, down 7.9% from RMB 957,843 thousand in 2024[3] - Total sales revenue from customer contracts for the year ended December 31, 2025, was RMB 3,012,260, a decrease of 3.6% from RMB 3,126,184 in 2024[22] - The total income tax expense was RMB 1,970,000, compared to RMB 1,231,000 for 2024, reflecting a significant increase[27] - The basic loss per share attributable to equity holders of the parent for the year was RMB 373,396,000, resulting in a basic loss per share of RMB 0.045[29] Cost Management - The cost of milk sold decreased by 7.7% to RMB 2.90 per kilogram from RMB 3.14 per kilogram in 2024[3] - The group’s total employee benefits expenses, including salaries and allowances, were RMB 305,727 in 2025, a decrease of 6.4% from RMB 326,791 in 2024[25] - The total administrative expenses, sales costs, and financing costs amounted to RMB 235.5 million, a decrease of 5.4% year-on-year, with a period expense ratio of 7.8%[48] - Administrative expenses decreased by 8.2% to RMB 140.0 million in 2025, with the ratio to sales revenue declining from 4.88% to 4.65%[67] - The financing cost for 2025 was RMB 36.9 million, down 22.3% from RMB 47.5 million in 2024, reflecting the company's efforts to optimize financing arrangements[69] Asset and Liability Management - Non-current assets totaled RMB 5,557,401 thousand, down from RMB 6,342,946 thousand in 2024[11] - Total liabilities decreased to RMB 1,414,108 thousand from RMB 1,649,307 thousand in 2024[12] - The group’s net current liabilities as of December 31, 2025, were RMB 338,192, down from RMB 517,847 as of December 31, 2024, reflecting improved liquidity[19] - The total bank borrowings amounted to RMB 2,211,192,000 as of December 31, 2025, a slight decrease from RMB 2,274,285,000 in 2024[34] - The net debt as of December 31, 2025, was RMB 1,041.4 million, down RMB 167.6 million from RMB 1,209.0 million at the end of 2024[76] - The total equity of the group as of December 31, 2025, was RMB 3,805.1 million, a decrease from RMB 4,175.8 million in 2024[77] Production and Operational Efficiency - The average milk yield per dairy cow increased by 2.9% to 12.40 tons per year per head, compared to 12.05 tons in 2024[3] - The total sales volume of raw milk reached 777,282 tons in 2025, representing an 11.1% increase year-on-year, driven by improved production efficiency and a higher proportion of efficient herds[44] - The company achieved a record milk yield of 12.4 tons per mature cow in 2025, marking a steady increase from 2024[44] - The company operates 34 farms, maintaining the same number as the previous year, with a total herd size of 150,691 heads[42] - The company is actively optimizing its cattle structure and production efficiency, with a focus on dynamic retirement strategies based on market conditions[50] Market and Industry Trends - The dairy industry in China is currently at the bottom of the cycle, with raw milk prices fluctuating at low levels and profitability under pressure due to supply and demand adjustments[37] - The company anticipates that the overall demand for dairy products will remain resilient, but the pace of consumption upgrades is slowing, leading to ongoing inventory adjustments and price competition[37] - Key indicators in the industry are showing signs of marginal improvement, with supply and demand gradually moving towards rebalancing[37] - The dairy industry is expected to be in a recovery phase until 2026, with a projected milk production increase to approximately 45 million tons and a self-sufficiency rate of over 70%[88] Strategic Initiatives - The company focused on high-end organic raw milk and functional products, with high-end raw milk sales accounting for 80.3% of total sales[44] - The company plans to advance digital upgrades in production systems to improve management transparency and decision-making efficiency[90] - The strategic collaboration with core customers will be strengthened to enhance value creation capabilities while ensuring stable supply[91] - The company will actively promote the integration of dairy and meat businesses to maximize asset value based on existing resources[91] - The company aims to enhance operational efficiency and asset quality while ensuring stable raw milk supply and quality standards[90] Governance and Compliance - The company has been recognized for its ESG governance capabilities, receiving awards for climate disclosure from the Hong Kong Quality Assurance Agency in 2025[52] - The group has complied with all applicable environmental protection laws and regulations in China during the fiscal year 2025[83]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 集 團 業 績 South China Holdings Company Limited南 華 集 團 控 股 有 限 公 司（「本 公 司」）之 董 事 會（「董 事 會」或「董 事」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」） 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 之 綜 合 業 績 連 同 上 一 個 財 政 年 度 之 比 較 數 字 如 下： 綜 合 損 益 表 SOUTH CHINA HOLDINGS COMPANY LIMITED 南華集團控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：00413） 截 至 二 零 二 五 年 十 二 ...

Financial Performance - The company reported revenue of RMB 148.5 million for the year ending December 31, 2025, an increase of 4.1% from RMB 142.6 million in 2024, primarily due to increased income from collaborations with Boehringer Ingelheim and sales of nucleoside monomer products[3]. - Gross profit rose to RMB 135.0 million, a 3.3% increase from RMB 130.7 million in the previous year, while the gross margin decreased by 0.8 percentage points to 90.9%[4]. - The company recorded a net loss of RMB 288.5 million for the year ending December 31, 2025, compared to a loss of RMB 281.5 million in 2024, mainly due to increased listing-related expenses[4]. - Revenue for the year ended December 31, 2025, was RMB 148.5 million, an increase from RMB 142.6 million in 2024[89]. - The net loss for the year ended December 31, 2025, was RMB 288.5 million, slightly higher than the net loss of RMB 281.5 million in 2024[89]. - The company reported a basic and diluted loss per share of RMB 2.11 for the year ended December 31, 2025, compared to RMB 2.10 in 2024[89]. - The company recognized government grants totaling RMB 12,207,000 in revenue for 2025, down from RMB 15,463,000 in 2024[107]. - The company reported a pre-tax loss of RMB 212,784,000 for 2025, compared to RMB 189,881,000 in 2024[108]. Research and Development - Research and development expenses remained stable at RMB 280.5 million for the year ending December 31, 2025, compared to RMB 280.4 million in 2024[4]. - The company is focused on developing RNA interference (RNAi) therapies, particularly small interfering RNA (siRNA) drugs, targeting significant unmet medical needs in cardiovascular, metabolic, renal, and liver diseases[5]. - The company has advanced seven self-developed siRNA candidates into clinical stages, establishing itself as a global leader in small nucleic acid drug development[12]. - The company maintains over 20 preclinical projects planned for advancement into clinical development stages, showcasing a robust pipeline[12]. - The company is developing over 20 other preclinical assets based on the RiboGalSTAR™ delivery technology, targeting organs such as kidneys and CNS[30]. Clinical Trials and Product Development - RBD4059 (Vortosiran) is the world's first clinical-stage siRNA drug targeting thrombotic diseases, with over 10 million deaths annually attributed to thrombotic conditions[13]. - Vortosiran demonstrated over 90% FXI activity suppression in clinical trials, with sustained effects lasting over six months, indicating potential for improved patient compliance in long-term anticoagulation therapy[16][17]. - The 2a phase trial for RBD5044 targeting mixed dyslipidemia patients is set to start in January 2025, following CTA approval in October 2024[15]. - RBD1016 for chronic hepatitis B has completed a global multi-regional clinical trial, with data analysis currently underway, and plans to advance clinical development in China[15]. - RBD5044 demonstrated a significant reduction in APOC3 levels by up to 84% and triglycerides by up to 70%, maintaining levels below baseline for six months[20]. - RBD5044's Phase 1 trial in Australia showed good safety data, with overall lipid profiles improving, including a maximum reduction in residual cholesterol of 70% and an increase in HDL by 40%[20]. - RBD7022 achieved a maximum reduction in PCSK9 levels of approximately 75%, with potential for a dosing frequency of every six months, comparable to the approved siRNA drug Inclisiran[23]. - RBD1016 has shown a dose-dependent response in reducing HBsAg levels, with the potential to lower levels below 100 IU/mL, a clinically significant threshold for immune activation[28]. - RBD1016 received orphan drug designation from EMA for treating HDV infection, highlighting its potential in the market[28]. Strategic Partnerships and Collaborations - Strategic partnerships have been formed, including a potential total of $4.4 billion with Madrigal Pharmaceuticals, reflecting recognition of the company's technology platform and product pipeline[9]. - The company has established global rights for RBD7022, with plans to initiate clinical trials in the EU based on regulatory communications and new clinical data[11]. - The company has a collaboration with Boehringer Ingelheim for several undisclosed candidates in the liver disease space, indicating strategic partnerships for development[11]. - The strategic partnership with Qilu Pharmaceutical accelerates RBD7022's market entry in China and globally, enhancing treatment options for patients[24]. - The company aims to maximize the value of its RiboGalSTAR™ platform while focusing on late-stage development of core products and building liver-external delivery technology platforms[9]. Financial Position and Capital Management - The group's cash and cash equivalents increased from RMB 167.9 million as of December 31, 2024, to RMB 406.7 million as of December 31, 2025, primarily due to funds raised from equity financing in 2025[84]. - Total borrowings increased to RMB 522.4 million as of December 31, 2025, from RMB 398.9 million as of December 31, 2024[78]. - The capital debt ratio decreased to 120.6% as of December 31, 2025, from 134.6% as of December 31, 2024[86]. - Net current liabilities decreased to RMB 84.4 million as of December 31, 2025, compared to RMB 145.0 million as of December 31, 2024, mainly due to increased cash and cash equivalents from equity financing[87]. - The company has entered into multiple licensing and collaboration agreements with a total transaction value exceeding $2.1 billion, including milestones achieved with Boehringer Ingelheim and Qilu Pharmaceutical[46]. Corporate Governance and Compliance - The company has complied with all applicable laws and regulations in its operational locations during the reporting period[143]. - The company has adopted a code of conduct for securities trading by its directors and supervisors, confirming compliance since the listing date[142]. - The audit committee consists of three independent non-executive directors, including Mr. Ma Chaosong, Dr. Yu Xuefeng, and Mr. Wang Ruiping, with Mr. Ma serving as the chairman[152]. - The company will continue to review and monitor its corporate governance practices to ensure compliance with the Corporate Governance Code[141]. Shareholder Information - The annual general meeting of shareholders is scheduled for June 9, 2026[153]. - The company will suspend the transfer of H-share registration from June 4, 2026, to June 9, 2026, to determine the rights of H-share holders to attend and vote at the annual general meeting[154]. - The board expresses gratitude to shareholders, management, employees, business partners, and customers for their support and contributions[156].

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 2,489,942,000, representing a 35.3% increase from HKD 1,841,347,000 in 2024[4] - Gross profit for the year was HKD 271,591,000, up from HKD 234,155,000, indicating a gross margin improvement[4] - Net profit for the year was HKD 192,380,000, slightly down from HKD 195,000,000 in the previous year[5] - The company reported a significant increase in uranium trade revenue to HKD 2,445,291,000, compared to HKD 1,816,774,000 in the previous year, marking a 34.6% growth[12] - The company reported a basic earnings per share of HKD 39.3 for the year ended December 31, 2025, compared to HKD 39.9 in 2024[23] - The total comprehensive income for the year was approximately HKD 194,665,000, down from HKD 213,597,000 in the previous year[45] Assets and Liabilities - The company’s cash and cash equivalents increased to HKD 907,053,000 from HKD 607,031,000, reflecting a 49.4% rise[6] - Total assets less current liabilities amounted to HKD 869,055,000, compared to HKD 675,510,000 in 2024, showing a 28.7% increase[6] - The total assets increased to HKD 996,814,000 in 2025 from HKD 880,057,000 in 2024, marking a growth of approximately 13.2%[15] - The total liabilities decreased to HKD 128,265,000 in 2025 from HKD 206,173,000 in 2024, a reduction of approximately 37.8%[15] - As of December 31, 2025, the group's total current assets amounted to approximately HKD 864,752,000, an increase from approximately HKD 670,490,000 the previous year[53] Expenses and Costs - Administrative expenses decreased to HKD 44,011,000 from HKD 45,980,000, indicating improved cost management[4] - The total employee costs for the year were HKD 32,457,000, an increase from HKD 29,359,000 in 2024, reflecting a rise of approximately 7.1%[16] - The company incurred a total tax expense of HKD 37,470,000 for the year ended December 31, 2025, compared to HKD 31,552,000 in 2024, an increase of approximately 18.5%[21] - The cost of sales for uranium trading was approximately HKD 2,218,351,000, an increase of 38.0% from HKD 1,607,192,000 in the previous year[41] Market and Industry Insights - The spot price of natural uranium fluctuated between USD 70 to 75 per pound in Q1 2025, rising to about USD 80 per pound by year-end, reflecting a long-term upward trend[33] - Kazakhstan's uranium production reached approximately 26,000 tons in 2025, an 11% increase year-on-year, while Canada’s Cameco reduced its production target by 15% to 20% to about 5,400 to 5,800 tons due to project delays[35] - The global uranium market is experiencing a supply-demand imbalance, driven by increased nuclear energy demand and geopolitical factors, leading to a tightening market[32][34] - The demand for nuclear energy is rapidly increasing, with China's nuclear power generation capacity growing by about 9.2% from 2023 to 2025, further driving uranium demand[37] Strategic Initiatives - The company plans to focus on developing uranium product trading and actively seek quality uranium resource projects, leveraging synergies with its parent company's strengths in the nuclear energy sector[46] - The company has entered into a framework agreement with China Uranium Industry Group to act as their exclusive supplier and distributor of uranium products, enhancing its strategic position in the international uranium market[47][48] - The group has established a strategic partnership with China Nuclear Power Supply Group to strengthen its position in the nuclear energy sector and enhance its international procurement capabilities[49] - The company aims to expand its business scale by actively participating in international market tenders and exploring various financing channels to support uranium trade expansion[48] Governance and Compliance - The group has complied with all applicable code provisions of the Corporate Governance Code throughout the year[63] - The audit committee has been established to review and oversee the financial reporting processes and internal controls of the group, consisting of three independent non-executive directors and one non-executive director[65] - The remuneration committee is responsible for determining the remuneration of directors, comprising three independent non-executive directors, one executive director, and one non-executive director[66] - The nomination committee has been formed to review the board structure and identify qualified candidates for board membership, including three independent non-executive directors, one executive director, and one non-executive director[67] Shareholder Information - The company did not declare any dividends for the year ended December 31, 2025, consistent with the previous year[22] - The group has not purchased, sold, or redeemed any of its listed shares during the year[61] - The electronic version of the announcement is available on the Hong Kong Stock Exchange website and the company's website, with the annual report for the year ending December 31, 2025, to be sent to shareholders in due course[68] - The board expresses gratitude to shareholders, management, and all employees for their hard work and support[69] - The board of directors includes the chairman, non-executive directors, executive directors, and independent non-executive directors, ensuring a diverse governance structure[70]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 29,639,000, a decrease of 33.3% from RMB 44,334,000 in 2024[5] - The company reported a loss from continuing operations of RMB 51,164,000 for 2025, compared to a loss of RMB 37,165,000 in 2024, representing a 37.7% increase in losses[6] - The company’s total comprehensive loss for the year was RMB 55,979,000 in 2025, compared to RMB 14,188,000 in 2024, indicating a significant increase in overall losses[7] - The basic loss per share from continuing operations was RMB 4.37 in 2025, compared to RMB 3.49 in 2024, reflecting a higher loss per share[7] - The company reported a loss attributable to ordinary shareholders of RMB 43,609,000 for 2025, compared to a loss of RMB 34,847,000 in 2024, reflecting an increase in losses from continuing operations[35] - The group recorded revenue of approximately RMB 29,639,000 for the year, compared to RMB 44,334,000 in 2024[50] Revenue Breakdown - For the fiscal year ending December 31, 2025, the total revenue from the property leasing segment was RMB 10,427,000, with a segment loss of RMB (3,929,000)[19] - The technology products segment generated revenue of RMB 19,212,000 but incurred a loss of RMB (6,503,000) for the same period[19] - Revenue from technology product sales decreased to RMB 19,212,000 in 2025 from RMB 33,029,000 in 2024, representing a decline of approximately 42.0%[24] - Total revenue from external customers was RMB 29,639,000 in 2025, down from RMB 44,334,000 in 2024, a decrease of about 33.2%[22] - The company’s rental income from investment properties was approximately RMB 10,427,000, accounting for 35.2% of total revenue, down from RMB 11,305,000 in 2024[44] - Revenue from the production and sale of digital Chinese calligraphy education equipment was RMB 19,212,000, a decrease of 42% from RMB 33,029,000 in 2024, representing 64.8% of total revenue[45] Asset and Liability Changes - Total assets decreased to RMB 471,346,000 in 2025 from RMB 500,636,000 in 2024, a decline of 5.9%[8] - The company’s equity decreased to RMB 283,143,000 in 2025 from RMB 339,122,000 in 2024, a decline of 16.5%[9] - The company’s net liabilities increased to RMB 182,827,000 in 2025 from RMB 154,336,000 in 2024, indicating a worsening financial position[8] - The total assets for the group as of December 31, 2025, were RMB 677,762,000, while total liabilities were RMB 394,619,000[20] - The group’s total assets as of December 31, 2025, were approximately RMB 677,762,000, down from RMB 726,903,000 in 2024[55] - The net asset value of the group as of December 31, 2025, was RMB 283,143,000, compared to RMB 339,122,000 in 2024[55] - The group’s debt-to-equity ratio as of December 31, 2025, was 47%, up from 35% in 2024[55] Cost and Expenses - The cost of goods sold decreased to RMB 12,697,000 in 2025 from RMB 18,791,000 in 2024, a reduction of 32.5%[5] - Financing costs decreased to RMB 15,623,000 in 2025 from RMB 22,354,000 in 2024, a reduction of approximately 30.2%[30] - Other income for the year was approximately RMB 4,127,000, a decrease of about RMB 1,171,000 compared to RMB 5,298,000 in 2024[51] - The impairment loss on financial assets measured at amortized cost increased to RMB 4,944,000 in 2025 from RMB 1,000,000 in 2024[29] - The company recorded a goodwill impairment of RMB (1,970,000) in 2025, while there was no such impairment in 2024[28] Operational Highlights - The company has successfully launched a new technology product trading business, having invested all necessary funds[46] - The company completed the sale of a 95% stake in a subsidiary, Huaiyi Construction, in December 2024, marking a strategic shift in its business activities[49] - The company has not experienced any significant events affecting its financial condition since December 31, 2025[69] - The total number of employees decreased from 110 as of December 31, 2024, to 90 as of December 31, 2025[70] Governance and Compliance - The board has adhered to corporate governance codes, with one instance of a board meeting being held with less than 14 days' notice[71] - The audit committee consists of three independent non-executive directors and is responsible for reviewing accounting principles and financial reporting procedures[74] - The company has not purchased, sold, or redeemed any of its listed shares during the year[73] - The annual report will be published on the company's and the stock exchange's websites at an appropriate time[76] Future Plans and Investments - The group plans to focus on leasing investment properties and selling digital Chinese calligraphy education equipment and related systems, aiming to enhance market presence and brand influence[62] - The group has no capital commitments as of December 31, 2025, and no plans for significant capital investments or disposals[60] - The net proceeds from the rights issue amounted to approximately RMB 159.9 million, with 90% (approximately RMB 143.91 million) intended for other investment opportunities[66] - As of December 31, 2025, RMB 29 million has been allocated to expand the technology business, contributing to revenue growth and diversification[67] - The company plans to fully utilize the net proceeds from the rights issue by December 31, 2026, with RMB 7.28 million remaining unutilized as of December 31, 2025[68] - The board decided to allocate approximately RMB 36.4 million from the proceeds to repay bank loans due in August 2024, aiming to improve the group's leverage and reduce financing costs[66]