Financial Viability and Concerns - The company faces ongoing concerns regarding its ability to continue as a going concern due to net current liabilities and cash shortages, with auditors unable to express an opinion on the financial statements for the year ending December 31, 2024 [3]. - The auditor expressed concerns over high current liabilities, which is the main reason for the inability to issue an opinion; the company is confident in restoring normal operations through various measures [20]. - The board and audit committee support management's judgment and are optimistic about measures such as placement, debt restructuring, and asset disposal to eliminate the audit disclaimer [20]. - The auditors will reconsider the going concern assumption if the company can provide sufficient evidence of successful fundraising and cash flow forecasts meeting projections for the year ending December 31, 2026 [5]. Debt Management and Restructuring - As of December 31, 2024, the company has outstanding loans totaling RMB 14.6 million and RMB 6.955 million, with accrued interest of approximately RMB 6.23 million and RMB 4.6 million respectively [6][7]. - The company is negotiating debt restructuring with major creditors to alleviate short-term cash flow pressures, with preliminary agreements to reduce interest payments by approximately RMB 8 million [9]. - The company is in discussions with banks to extend loan terms and increase credit limits, which is expected to significantly enhance liquidity upon approval in Q4 2023 [10]. - A loan agreement for RMB 20 million was signed with a major shareholder, with an additional RMB 8 million provided for daily operational needs since the beginning of 2023 [11][12]. - The company will expedite negotiations with creditors due to significant uncertainties and will adhere to legal and regulatory disclosure obligations [21]. Financial Improvement Strategies - The company plans to expedite the implementation of share placements and asset sales to improve its financial condition and reduce net liabilities [5]. - The company is revising its internal regulations to align with external regulatory requirements before proceeding with share placement financing, with a focus on compliance and maximizing shareholder interests [13]. - The company plans to initiate a placement financing process to introduce strategic investors and optimize its capital structure after completing the necessary internal rule revisions [14]. - The asset disposal plan aims to complete the real estate rights certificate by the end of this year, with the sale expected to be finalized in Q3 to Q4 of 2026 to improve liquidity [15][17]. Customer Diversification and Collaboration - The company is actively diversifying its customer base to reduce reliance on a single client, with three new clients entering substantive cooperation, including R&D contracts and high-end product development [18]. - Three new clients have begun receiving supplies and have made partial payments, indicating stable progress in customer collaboration [19].

Financial Performance - The company reported a revenue of HKD 1,063 million for the year ended December 31, 2025, compared to no revenue in 2024[4] - Profit attributable to shareholders for the year was HKD 305 million, a significant recovery from a loss of HKD 173 million in 2024[4] - The company achieved a basic and diluted earnings per share of HKD 0.82, compared to a loss per share of HKD 0.53 in the previous year[6] - The company reported a total comprehensive income of HKD 306 million for the year, recovering from a loss of HKD 159 million in 2024[6] - For the fiscal year ending December 31, 2025, the company reported a profit attributable to equity holders of HKD 305.1 million, compared to a loss of HKD 172.97 million in 2024[28] - The group’s net profit for the current year is HKD 314.4 million, a significant recovery from a net loss of HKD 176.5 million in the previous year[52] Assets and Liabilities - Total assets increased to HKD 3,535 million in 2025, up from HKD 1,865 million in 2024[7] - The company’s total liabilities amounted to HKD 1,929 million, compared to HKD 1,878 million in 2024[8] - The group’s current assets amounted to HKD 734.2 million, while current liabilities were HKD 268.9 million as of December 31, 2025[54] - The group’s borrowings decreased by 23.5% from HKD 1,665.0 million as of December 31, 2024, to HKD 1,265.5 million as of December 31, 2025[57] - The group’s capital debt ratio decreased from 100.8% as of December 31, 2024, to 13.3% as of December 31, 2025, due to reduced borrowings and increased cash[64] Cash Flow - The company reported a net cash flow from operating activities of HKD 510,367,000 for the year ended December 31, 2025, compared to a cash outflow of HKD 63,154,000 in 2024[10] - The company reported a net increase in cash and cash equivalents of HKD 983,971,000 for the year ended December 31, 2025, compared to a decrease of HKD 421,930,000 in 2024[10] - The group’s net cash generated from operating activities was HKD 510.4 million, driven by a profit of HKD 365.3 million for the year[55] - The company’s financing activities generated a net cash inflow of HKD 583,084,000 for the year ended December 31, 2025, compared to HKD 88,236,000 in 2024[10] Production and Sales - The company produced 5,008 tons of 65% tungsten concentrate, with sales volume reaching 4,879 tons[4] - The average selling price of 65% tungsten concentrate was HKD 217,873 per ton[4] - The total revenue from tungsten concentrate sales for the year ended December 31, 2025, was HKD 1,063,048,000, with no revenue reported in 2024[20] - The cost of sales for the year was HKD 543.1 million, leading to a gross profit of HKD 520.0 million and a gross margin of 48.9%[46][47] Expenses - The total expenses for the year ended December 31, 2025, amounted to HKD 657,691,000, a significant increase from HKD 75,940,000 in 2024[19] - Administrative expenses increased by 46.3% to HKD 111.1 million, primarily due to increased employee benefits and listing expenses[48] - The company incurred a net financial cost of HKD 44,344,000 for the year ended December 31, 2025, compared to HKD 16,840,000 in 2024[22] - The company recognized an income tax expense of HKD 50,965,000 for the year ended December 31, 2025, with no tax expense reported in 2024[23] Operational Developments - The company completed the construction of mining infrastructure at the Bakuta tungsten mine and commenced commercial production and sales of tungsten concentrate as of December 31, 2025[11] - The company plans to enhance its tungsten ore processing capacity to 4.95 million tons by 2027, following the integration of a sorting system into the existing mining process[44] - The company has secured a three-year loan agreement with a limit of RMB 1,200 million to replace existing Euro bank loans, with RMB 883 million already drawn down[36] - The company holds exclusive mining rights for the Bakuta tungsten mine, with a mining area of 1.16 square kilometers and a term extending to June 2040[43] Employee and Corporate Governance - As of December 31, 2025, the group had a total of 391 employees, an increase from 320 employees as of December 31, 2024[67] - Employee costs recognized for the year amounted to approximately HKD 104.7 million, compared to approximately HKD 39.5 million for the year ending December 31, 2024[67] - The audit committee, consisting of two independent non-executive directors and one non-executive director, reviewed and approved the audited consolidated financial statements for the year[76] - The financial data for the year ending December 31, 2025, has been verified by the auditor and is consistent with the audited consolidated financial statements[77] Dividends and Future Plans - The company has no declared dividends for the fiscal years ending December 31, 2025, and 2024[31] - The board resolved not to declare any final dividends for the year, consistent with the previous year[70] - There are no future plans for significant investments or capital assets beyond those disclosed in the prospectus[69] Miscellaneous - The annual general meeting is scheduled for May 19, 2026, with a suspension of share transfer registration from May 14 to May 19, 2026[78][79] - The group did not engage in any significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the year[68] - The group did not enter into any forward foreign exchange contracts during the year to manage foreign exchange risk[61] - No significant events affecting the group have occurred from December 31, 2025, to the date of this announcement[75]

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佈的內容概不負責，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佈全部或任何部分內容而產生或因依賴該等內容 而引致的任何損失承擔任何責任。 CHANGYOU INTERNATIONAL GROUP LIMITED 暢 由 國 際 集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1039） 截至二零二五年十二月三十一日止年度之全年業績公佈 摘要 暢由國際集團有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此呈報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的全年經審核綜合業績。 1 • 本集團收入增加至截至二零二五年十二月三十一日止年度約人民幣192.1百萬元（二零二四 年：約人民幣180.7百萬元），與二零二四年相比增加約6.3%。 • 本公司毛利於截至二零二五年十二月三十一日止年度約為人民幣43.9百萬元（二零二四年：約 人民幣39.3百萬元）。毛利率由二零二四年的約21.7%增加至二零二五年的約22.8%。 • 截至二零二五年十二月三十一日止年度，暢由聯盟業務交易總額增加至約人民幣269.4百 ...

Financial Performance - For the year ended December 31, 2025, the company reported revenue of RMB 1,469,249,000, a year-on-year increase of 5.9% compared to RMB 1,387,086,000 in 2024[5] - The company's net profit for the year reached RMB 793,583,000, a significant increase of 685.2% from a loss of RMB 135,609,000 in 2024[5] - The company's total revenue increased by 5.9% from RMB 1,387.1 million for the year ending December 31, 2024, to RMB 1,469.2 million for the year ending December 31, 2025[24] - The operating profit for the same period was RMB 223,960,000, down 12.6% from RMB 256,337,000 in 2024[88] - The gross profit for the year ending December 31, 2025, was RMB 482,853,000, compared to RMB 528,880,000 in 2024, indicating a decrease of about 8.7%[107] - The company reported a basic earnings per share of RMB 4.70, compared to a loss per share of RMB 1.68 in 2024[90] - Adjusted net profit for the year ending December 31, 2025, was RMB 200.2 million, down from RMB 241.6 million for the year ending December 31, 2024[49] Revenue Breakdown - Insurance transaction services accounted for 99.0% of total revenue in 2025, generating RMB 1,454.8 million, up from RMB 1,377.8 million in 2024, which represents a growth of 5.6%[25][27] - Revenue from insurance technology services increased to RMB 14,420,000 in 2025 from RMB 9,335,000 in 2024, reflecting a growth of approximately 54.5%[100] - The company recognized revenue of RMB 1,468,955,000 at a point in time during the year, compared to RMB 1,387,086,000 in 2024, showing an increase of approximately 5.9%[100] Assets and Liabilities - As of December 31, 2025, total assets amounted to approximately RMB 2.4 billion, reflecting a growth of 31.1% compared to the end of 2024[7] - The company reported a net asset position of RMB 1,310,781,000 as of December 31, 2025, compared to a net liability of RMB (739,803,000) in 2024[92] - Current assets exceeded current liabilities by RMB 636,544,000 in 2025, a significant improvement from a deficit of RMB (1,301,159,000) in 2024[92] - The total liabilities increased to RMB 563,473,000 in 2025, up 21.5% from RMB 463,616,000 in 2024, primarily driven by an increase in accounts payable[122] Cash Flow and Investments - The company had cash and cash equivalents of RMB 201,680,000 as of December 31, 2025, compared to RMB 113,368,000 in 2024, marking an increase of approximately 77.7%[92] - The group has invested a total of RMB 90.0 million in large transferable time deposits with Pudong Development Bank, with an expected annualized return rate of 2.2%[72] - The group has also invested approximately RMB 56.3 million in a fixed-income investment product from Pudong Bank Wealth Management, with an expected annualized return rate ranging from 1.7% to 2.1%[72] Operational Highlights - The company has established deep partnerships with over 100 insurance institutions, distributing more than 2,200 insurance products, with customized products accounting for 43.1% of total first-year premiums[9] - The company’s digital platform strategy, utilizing three distribution channels, has served over 4.16 million insured users and expanded its network to cover 15 provincial-level administrative regions[11] - The company processed 36,000 flash claim cases in 2025, totaling approximately RMB 28 million, with an average claim processing time of just 0.29 days and a customer satisfaction rate of 99%[17] Future Plans and Strategies - The company plans to develop more customized insurance products and increase brand awareness, focusing on existing IP products and expanding corporate insurance product offerings[19] - The company aims to enhance its market influence and expand customer coverage through online and offline marketing strategies, emphasizing product IP creation and brand promotion[20] - Continuous investment in R&D capabilities will be made to empower business development, focusing on AI applications in underwriting, insurance consulting, and precise document analysis[22] Corporate Governance and Shareholder Information - The company is committed to high levels of corporate governance to protect shareholder interests and enhance corporate value[80] - A proposed final dividend of HKD 0.14 per share is expected to total HKD 31.6 million, pending shareholder approval at the annual general meeting[77] - The company has maintained at least 25% of its issued share capital held by the public since the listing date[76]

Financial Performance - The company's total revenue for the fiscal year ending December 31, 2025, was approximately HKD 267.9 million, a decrease of about 8.4% from HKD 292.4 million in 2024[3]. - Profit attributable to the company's owners for the fiscal year was approximately HKD 22.9 million, compared to a loss of HKD 14.7 million in 2024[3]. - Revenue for the year ended December 31, 2025, was HKD 267,906,000, a decrease of 8.4% from HKD 292,444,000 in 2024[20]. - Operating profit increased significantly to HKD 19,117,000 in 2025, compared to HKD 5,200,000 in 2024, marking a growth of 267.5%[20]. - Net profit for the year was HKD 22,869,000, a turnaround from a loss of HKD 14,662,000 in the previous year[20]. - The company reported a total comprehensive income of HKD 28,086,000 for 2025, compared to a loss of HKD 11,776,000 in 2024[21]. - Basic and diluted earnings per share for 2025 were HKD 1.3, recovering from a loss of HKD 1.0 per share in 2024[21]. - The segment performance for 2025 showed a profit of HKD 9.052 million, an increase from HKD 4.861 million in 2024[38]. - The company reported a pre-tax profit of HKD 23.9 million for 2025, compared to a pre-tax loss of HKD 13.299 million in 2024[38]. Revenue Breakdown - Revenue from the Chinese market was approximately HKD 261.3 million, down about 2.6% from HKD 268.2 million in 2024[4]. - Revenue from overseas markets plummeted by approximately 72.7%, from HKD 24.2 million in 2024 to HKD 6.6 million in 2025[5]. - Revenue from the Middle East decreased by approximately 83.7%, from HKD 18.4 million in 2024 to HKD 3.0 million in 2025[8]. - Revenue from consulting services fell by approximately 61.0%, from HKD 24.9 million in 2024 to HKD 9.7 million in 2025[11]. - Revenue from oilfield project tools and services was approximately HKD 258.2 million, a decrease of about 3.5% from HKD 267.5 million in 2024[10]. - Revenue from the northern region of China increased by approximately 7.6%, from HKD 49.8 million in 2024 to HKD 53.6 million in 2025[6]. - Revenue from the southwestern region of China decreased by approximately 10.0%, from HKD 185.2 million in 2024 to HKD 166.6 million in 2025[7]. - In 2025, the revenue from production enhancement services was approximately HKD 218.8 million, a decrease of about 7.1% compared to HKD 235.4 million in 2024[12]. - The revenue from drilling services in 2025 was approximately HKD 30.8 million, an increase of about 16.2% from HKD 26.5 million in 2024[13]. - The revenue from completion services in 2025 was approximately HKD 8.6 million, reflecting a significant increase of 53.6% compared to HKD 5.6 million in 2024[14]. Assets and Liabilities - Non-current assets decreased to HKD 236,365,000 in 2025 from HKD 226,208,000 in 2024, reflecting a growth of 4.8%[22]. - Current assets increased to HKD 446,823,000 in 2025, up from HKD 416,731,000 in 2024, representing a growth of 7.2%[22]. - The company’s net current assets improved to HKD 11,998,000 in 2025, compared to a net current liability of HKD 365,000 in 2024[22]. - Total equity increased to HKD 208,708,000 in 2025 from HKD 180,263,000 in 2024, indicating a growth of 15.8%[23]. - The company’s cash and cash equivalents rose significantly to HKD 44,541,000 in 2025, compared to HKD 15,607,000 in 2024, an increase of 185.5%[22]. - As of December 31, 2025, the group's total bank and other borrowings amounted to approximately HKD 101,897,000, while cash and cash equivalents were only about HKD 44,541,000[28]. - The group has secured additional loan financing of RMB 36,000,000 from a bank in China to meet operational funding needs for oil and gas field projects[28]. - A shareholder has agreed to extend the repayment date of a shareholder loan amounting to HKD 10,000,000 until September 2027[28]. - The group has successfully maintained existing loan financing from several employees and an independent lender, with total loans of RMB 4,370,000 and RMB 1,000,000, respectively[31]. - Trade receivables decreased to HKD 145.182 million in 2025 from HKD 206.555 million in 2024, with net trade receivables at HKD 141.473 million[44]. - Trade payables increased to HKD 228.391 million in 2025 from HKD 203.232 million in 2024[45]. - The group’s bank and other borrowings were approximately HKD 139.5 million as of December 31, 2025, down from HKD 147.2 million as of December 31, 2024, with about 73.0% due within one year[67]. - The debt-to-equity ratio as of December 31, 2025, was approximately 24.2%, a decrease from 36.7% in 2024, indicating improved financial stability[68]. Corporate Governance - The group maintained high standards of corporate governance and complied with applicable corporate governance codes throughout the year[73]. - The Audit Committee consists of three independent non-executive directors: Mr. Leung Nian Cheung (Chairman), Mr. Sin Jun Wo, and Mr. Cheung Tai Wai[80]. - The Audit Committee has reviewed the annual consolidated financial statements[80]. - The executive directors include Mr. Zhao Jin Dong, Mr. Lin Jing Yu, and Ms. Zhou Si Si[80]. - The non-executive director is Mr. Wang Jin Long[80]. - The independent non-executive directors are Mr. Leung Nian Cheung, Mr. Sin Jun Wo, and Mr. Cheung Tai Wai[80]. - The announcement is dated March 25, 2026[80]. - The company adheres to the corporate governance code and listing rules[80]. - The Audit Committee's formation is in compliance with regulatory requirements[80]. - The chairman of the company is Mr. Wang Jin Long[80]. - The document confirms the composition of the board of directors[80]. Operational Highlights - The company completed drilling services for 20 wells in 2025, up from 18 wells in 2024[13]. - The company conducted 156 training sessions totaling over 3,815 hours, with 166 employees participating in 2025[17]. - The group is currently evaluating the impact of newly issued and revised international financial reporting standards, which are not expected to have a significant effect on its financial position and performance[32]. - The group’s ability to continue as a going concern is dependent on generating sufficient financing and operational cash flows through various measures[29]. - The group operates in two segments: oil field project tools and services, and consulting services, with financial data independently presented for decision-making purposes[33]. - The group did not utilize any financial instruments for hedging purposes during the year, exposing it to foreign exchange risks primarily related to USD and RMB[69]. - The group had no capital commitments as of December 31, 2025, consistent with the previous year[70]. - The group entered into a sales agreement for existing equipment with a total consideration of RMB 85.5 million (approximately HKD 95.04 million) on January 19, 2026[76]. - A purchase agreement for new equipment was also signed on January 19, 2026, with a total consideration of RMB 124 million (approximately HKD 137.84 million)[76]. - A new bank revolving loan financing of RMB 63 million was established on February 13, 2026, for refinancing existing bank loans[78].

Financial Performance - For the year ending December 31, 2025, the company's revenue decreased to HKD 392,673,000 from HKD 576,615,000 in 2024, representing a decline of approximately 31.9%[3] - The gross profit for 2025 was HKD 24,571,000, down from HKD 29,895,000 in 2024, indicating a decrease of about 17.8%[3] - The company reported a loss attributable to equity holders of HKD 898,000 for 2025, compared to a profit of HKD 491,000 in 2024, marking a significant turnaround[3] - Total comprehensive income for the year was HKD 4,269,000, compared to a loss of HKD 1,212,000 in the previous year, showing an improvement in overall financial performance[3] - The company reported a pre-tax profit of HKD 2,621,000 for 2025, down from HKD 3,245,000 in 2024[12] - The company's net loss for the fiscal year 2025 was primarily due to reduced revenue and gross profit in the supply chain business, increased sales and distribution expenses, and higher income tax expenses[35] - The group reported a net loss of HKD 0.9 million for the fiscal year 2025, compared to a net profit of HKD 0.5 million in fiscal year 2024[44] Revenue Breakdown - Total revenue for 2025 was HKD 392,673,000, a decrease of 31.9% from HKD 576,615,000 in 2024[12] - Distribution business revenue for 2025 was HKD 52,045,000, slightly down from HKD 52,085,000 in 2024[12] - Supply chain business revenue for 2025 was HKD 340,628,000, down 35% from HKD 524,530,000 in 2024[12] - The supply chain business revenue dropped by 35.1% to HKD 340.6 million in 2025 from HKD 524.5 million in 2024, attributed to decreased demand for agricultural products and stricter risk assessment measures[34] - The distribution business revenue remained relatively stable, with a slight decrease of 0.2% to HKD 52.0 million in 2025 from HKD 52.1 million in 2024[34] Assets and Liabilities - The company's total assets as of December 31, 2025, were HKD 395,975,000, an increase from HKD 373,742,000 in 2024, reflecting a growth of approximately 5.5%[4] - Current liabilities rose to HKD 270,285,000 in 2025 from HKD 250,607,000 in 2024, representing an increase of about 7.8%[4] - The net asset value increased to HKD 168,386,000 in 2025 from HKD 164,117,000 in 2024, indicating a growth of approximately 2.1%[4] - Trade receivables at year-end for 2025 were HKD 205,681,000, up from HKD 141,709,000 in 2024[25] - Trade payables rose by HKD 48.6 million to HKD 104.1 million as of December 31, 2025, from HKD 55.5 million as of December 31, 2024, driven by increased procurement in the supply chain business[47] Expenses and Costs - Interest income decreased to HKD 72,000 in 2025 from HKD 629,000 in 2024[18] - The company incurred financing costs of HKD 3,578,000 in 2025, an increase from HKD 3,133,000 in 2024[19] - The total sales and distribution expenses increased by 88.1% to HKD 7.9 million in 2025 from HKD 4.2 million in 2024, mainly due to increased freight costs associated with coal sales activities in the Chinese market[40] - Administrative expenses decreased by 2.3% to HKD 12.7 million in 2025 from HKD 13.0 million in 2024, mainly due to a reduction in legal and professional fees[41] - The financing cost for the fiscal year 2025 increased by 16.1% to HKD 3.6 million from HKD 3.1 million in fiscal year 2024, primarily due to a rise in the average loan interest rate applicable to the group's borrowings[43] Investments and Future Plans - The company invested HKD 18,000,000 in property, plant, and equipment in 2025, down from HKD 33,000,000 in 2024[24] - The group made an additional investment of RMB 10,483,300 (equivalent to HKD 11,352,000) in Dayao Green Energy, bringing the total investment cost to HKD 52,229,000, with the company launching a new 300 MW/600 MWh energy storage project[49] - The group plans to expand its distribution business in China, particularly in the southwest region, leveraging resources from Yunnan Energy Group[56] - The group aims to actively participate in public bidding projects for medical equipment in major hospitals in the southwest region of China in 2026, enhancing sales performance and profitability in the distribution business[56] - The group plans to expand its international supply chain business, focusing on medical devices and energy, within the next 12 months to meet growing market demand[57] - The company aims to optimize its profit structure while maintaining risk control, targeting long-term supply agreements in coal and new materials to achieve stable large-scale trade[58] - The group is actively exploring investment opportunities in green energy projects in Yunnan Province and Southeast Asia, with a focus on Laos and Vietnam[59] Corporate Governance - The company is committed to good corporate governance practices and compliance with the Hong Kong Stock Exchange's corporate governance code[67] - The group confirms that all directors complied with the standard code of conduct for securities trading during the fiscal year 2025[69] - The audit committee has reviewed the group's financial performance and has no objections to the accounting principles adopted[66] Dividends and Shareholder Matters - The company did not recommend a final dividend for the year ended December 31, 2025[22] - The board does not recommend a final dividend for the fiscal year ending December 31, 2025[62] - The board of directors proposes amendments to the company's articles to enhance shareholder protection, including virtual attendance and electronic voting at shareholder meetings[72] - The proposed amendments require approval from shareholders at the upcoming annual general meeting[72]

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 的 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 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 YAN TAT GROUP HOLDINGS LIMITED 恩達集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1480） 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 全 年 業 績 公 告 恩 達 集 團 控 股 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）謹 此 呈 報 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 財 務 業 績，連 同 去 年 之 比 較 數 字。 – 1 – 綜 合 損 益 表 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was SGD 106.151 million, representing a 7% increase from SGD 99.043 million in 2024[4] - Gross profit increased by 26% to SGD 7.964 million, up from SGD 6.302 million in the previous year[4] - The company reported an EBITDA loss of SGD 1.327 million, a decline of 144% compared to an EBITDA of SGD 2.991 million in 2024[4] - Annual loss attributable to shareholders increased by 81% to SGD 6.611 million, compared to SGD 3.647 million in 2024[4] - Basic and diluted loss per share was SGD 0.79, compared to SGD 0.68 in the previous year[5] - The company reported a net loss attributable to shareholders of SGD 7,305,000 for 2025, compared to a loss of SGD 6,280,000 in 2024[27] - Basic and diluted loss per share for 2025 was SGD (0.79), compared to SGD (0.68) in 2024[27] - The group's total revenue for the year ending December 31, 2025, increased by approximately 7.2% year-on-year, driven by demand for AI chips[43] - The electronic manufacturing services segment's total revenue grew by about 8.2% year-on-year, primarily from front-end equipment customers[47] - The original design manufacturing segment experienced a revenue decline of approximately 13.3% year-on-year, with expected improvement in 2026 due to new equipment inquiries and orders received in Q4 2025[49] Assets and Liabilities - Non-current assets decreased to SGD 71.958 million from SGD 72.505 million in 2024[6] - Current assets decreased to SGD 82.526 million from SGD 85.106 million in 2024[6] - Total liabilities increased to SGD 55.261 million from SGD 49.908 million in 2024[6] - The company's equity decreased to SGD 95.520 million from SGD 102.532 million in 2024[6] - The total inventory as of December 31, 2025, was SGD 39,720,000, a decrease of 12.5% from SGD 45,407,000 in 2024[33] - Trade receivables increased to SGD 22,504,000 as of December 31, 2025, up from SGD 19,463,000 in 2024, reflecting a year-on-year growth of approximately 10.5%[34] - Cash and cash equivalents decreased to SGD 17,328,000 as of December 31, 2025, from SGD 17,684,000 in 2024, representing a decline of about 2%[36] - Trade payables increased to SGD 19,285,000 as of December 31, 2025, compared to SGD 16,885,000 in 2024, marking a year-on-year increase of approximately 14.1%[37] - Other payables and accrued expenses decreased to SGD 6,887,000 as of December 31, 2025, down from SGD 8,791,000 in 2024, a reduction of about 21.5%[38] Cash Flow and Investments - The group's operating cash flow for the year ended December 31, 2025, was a net outflow of SGD 3.0 million, compared to a net inflow of SGD 3.5 million in the previous year[65] - The net cash used in operating activities for the year ended December 31, 2025, was approximately SGD 3.0 million, primarily reflecting a decrease in inventory of about SGD 5.6 million and an increase in trade and other payables of about SGD 0.5 million[66] - The net cash used in investing activities for the year ended December 31, 2025, was approximately SGD 1.8 million, mainly due to the purchase of property, plant, and equipment of about SGD 0.5 million, investment securities of about SGD 0.7 million, and intangible assets of about SGD 0.6 million[67] - The net cash generated from financing activities for the year ended December 31, 2025, was approximately SGD 4.2 million, primarily from bank loan proceeds of about SGD 23.0 million, offset by repayments of bank loans of about SGD 16.3 million[68] Corporate Governance - The company has committed to establishing good corporate governance practices to ensure transparency and accountability to shareholders[85] - As of December 31, 2025, the company has complied with all provisions of the corporate governance code[86] - The board of directors confirmed compliance with the standard code for securities trading for the fiscal year ending December 31, 2025[87] - The consolidated financial statements for the fiscal year ending December 31, 2025, were reviewed by the audit committee, composed solely of independent non-executive directors[89] - The auditor PKF-CAP LLP confirmed that the figures in the annual performance announcement are consistent with the draft consolidated financial statements for the fiscal year ending December 31, 2025[90] - The company is led by an effective board to optimize shareholder returns through continuous review and improvement of governance practices[85] - The company has adopted robust corporate governance standards to align with legal and business standards, focusing on internal controls and fair disclosure[85] Market and Operations - The company operates in contract manufacturing, automation machinery, and fund management services across Singapore, China, the Philippines, Japan, and Malaysia[8] - Singapore remained the largest market, generating SGD 62,511,000, which is 58.9% of total revenue, up from 54.3% in 2024[18] - The United States market saw a decline in revenue to SGD 12,304,000, representing 11.6% of total revenue, down from 17.6% in 2024[18] - The semiconductor processing equipment business showed signs of recovery starting from Q4 2025, with a significant increase in customer order volumes expected in 2026[43] - The group is in the final stages of signing an agreement with a Shanghai wafer manufacturing equipment manufacturer to build wafer manufacturing equipment, expected to commence production in Singapore in the second half of 2026[47] - The group is also in discussions with a Japanese equipment manufacturer to assist in building machinery for Chinese customers[48] Employee and Expenses - The company employed 741 staff, with employee benefit expenses of approximately SGD 26.9 million for the year ended December 31, 2025[81] - Sales and marketing expenses decreased by approximately 9.7% to about SGD 2.9 million for the year ended December 31, 2025, primarily due to reduced sales commissions[56] - General and administrative expenses decreased by approximately 4% to about SGD 12.5 million for the year ended December 31, 2025, mainly due to reduced R&D costs and employee expenses[57]

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佈的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會對本公佈的全部或任何部分內容 所產生或因依賴該等內容而引致的任何損失承擔任何責任。 Sling Group Holdings Limited 森浩集團股份有限公 司 （股份代號：8285） 截至2025年12月31日止年度 全年業績公佈 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位乃為相比起聯交所主板上市的其他公司帶有更高投資風險的中小型公司提供 上市的市場。有意投資者應了解投資於此類公司的潛在風險，並應經審慎周詳考慮後方 作出投資決定。 由於在GEM上市的公司一般為中小型公司，故在GEM買賣的證券可能會承受較於聯交 所主板買賣的證券為高的市場波動風險，同時亦無法保證在GEM買賣的證券會有高流通 量的市場。 – 1 – 全年業績摘要 – 2 – • 本集團截至2025年12月31日止年度的持續經營總收益為人民幣65.6百萬元，較截至 2024年12月31日止年度的人民幣66.6百萬元減少1.5%或人民幣1.0百萬元。 • 與截至2024年12月31日止年度的虧損淨額人 ...

Financial Performance - For the fiscal year ending December 31, 2025, the total revenue was RMB 1,988.2 million, representing a 9.2% increase from RMB 1,820.1 million for the fiscal year ending December 31, 2024[2]. - Gross profit for the fiscal year was RMB 1,045.9 million, reflecting a 16.9% increase from RMB 894.3 million in the previous year[2]. - The net profit for the fiscal year was RMB 215.3 million, which is a 10.3% increase compared to RMB 195.2 million for the fiscal year ending December 31, 2024[4]. - Total revenue for the year ending December 31, 2025, is projected to be RMB 1,988,232, an increase of 9.2% from RMB 1,820,108 in 2024[11]. - Gross profit for 2025 is expected to reach RMB 1,045,928, up 16.9% from RMB 894,341 in 2024[11]. - Net profit for the year is forecasted at RMB 215,308, representing an increase of 10.3% compared to RMB 195,249 in 2024[11]. - Profit before tax increased by 10.0% to RMB 266.7 million for the fiscal year ending December 31, 2025[65]. - Net profit increased by 10.3% to RMB 215.3 million, with net profit margins remaining stable at 10.8%[67]. Revenue Breakdown - Online channel revenue grew by 30.2% to RMB 873.7 million, driven by the rapid development of new e-commerce channels such as Douyin[4]. - Revenue from home care products was RMB 1,714.9 million, a 5.0% increase from the previous year[7]. - Revenue from personal care products decreased by 13.9% to RMB 45.9 million, indicating a need for strategic reassessment in this category[7]. - The pet business segment saw a significant revenue increase of 74.3%, reaching RMB 221.6 million, attributed to successful online product launches and high-quality offline store expansions[4]. - Revenue from the pet business surged by 74.3%, increasing from RMB 127.2 million in 2024 to RMB 221.6 million in 2025[48]. Dividend Policy - The company declared a final dividend of RMB 0.0821 per share, bringing the total dividend for the year to RMB 0.1342 per share, with a payout ratio of approximately 80.0%[3]. - The proposed final dividend for the year ended December 31, 2025, is RMB 0.0821 per share, totaling approximately RMB 109,466,000, pending shareholder approval[37]. - The total dividend for the year amounts to RMB 0.1342 per share, which includes an interim dividend of RMB 0.0521 per share already paid[82]. Strategic Initiatives - The company continues to enhance its online sales channels, optimizing brand and market positioning on platforms like Taobao, JD, Pinduoduo, and Douyin, while increasing the sales proportion of trending products such as outdoor mosquito repellent and pet food[9]. - The offline sales strategy includes expanding distribution coverage and improving the quality of distribution points, resulting in an increase in the number of pet stores to 73[9]. - The company is focused on product innovation, enhancing the brand strength of pest control and home cleaning products, and optimizing the product structure with differentiated and health-conscious offerings[9]. - The company aims to expand its home care business by focusing on high-end natural products and enhancing product gross margins, with a goal to penetrate the market further through online and offline channels[10]. - The company plans to strengthen its online channel presence and optimize its product competitiveness to achieve steady revenue growth and improved profitability[10]. - Strategic acquisitions will be pursued to enhance coverage in the domestic market, particularly in the pet, personal care, cosmetics, and fast-moving consumer goods sectors[10]. Financial Position - Cash and cash equivalents totaled RMB 2,836.5 million as of December 31, 2025, indicating a strong liquidity position[4]. - Non-current assets as of December 31, 2025, are valued at RMB 150,928, a slight increase from RMB 147,013 in 2024[12]. - Total assets minus current liabilities are projected to be RMB 3,049,193, compared to RMB 3,019,727 in 2024[13]. - Total equity is expected to rise to RMB 3,018,887 in 2025, up from RMB 2,989,234 in 2024[13]. - The company is focused on maintaining a strong financial position with a net asset value projected to increase in the coming year[13]. Operational Efficiency - The overall gross margin improved by 3.5 percentage points due to enhanced brand strength and supply chain efficiency[4]. - Supply chain reforms are being implemented to improve production efficiency through automation and lean management, solidifying cost competitiveness[9]. - The debt-to-equity ratio increased to 2.0% as of December 31, 2025, from 1.7% in 2024, primarily due to increased bank borrowings and lease liabilities[71]. Corporate Governance - The company has adhered to all applicable corporate governance codes and best practices as of December 31, 2025[87]. - The company has adopted the "Standard Code" for directors' securities trading since its listing date, confirming compliance through December 31, 2025[89]. - The audit committee consists of three independent non-executive directors and one non-executive director, ensuring adequate independent opinions to protect the company's and shareholders' interests[93]. Future Outlook - The company plans to continue focusing on product innovation and market expansion strategies to sustain growth in the upcoming years[45]. - The company aims to deepen its digital strategy with an investment of RMB 241.9 million to enhance IT infrastructure, expected to be fully utilized by the end of 2026[81].