Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 95,198,000, a decrease of 5.6% from HKD 100,977,000 in 2024[3] - Gross profit for 2025 was HKD 15,305,000, down 28.2% from HKD 21,319,000 in 2024[3] - The company reported a loss before tax of HKD 85,854,000, compared to a loss of HKD 80,794,000 in the previous year, indicating a 6.4% increase in losses[3] - Basic and diluted loss per share for 2025 was HKD 5.09, compared to HKD 4.79 in 2024, reflecting a 6.3% increase in loss per share[3] - The company reported a loss attributable to shareholders of HKD 85,854,000 for the year ended December 31, 2025, compared to a loss of HKD 80,813,000 in 2024[27] - The group's net loss attributable to shareholders for 2025 was HKD 85,900,000, an increase from HKD 80,800,000 in 2024, mainly due to losses from joint ventures and impairment losses on property, plant, and equipment[56] Assets and Liabilities - Non-current assets decreased to HKD 209,459,000 in 2025 from HKD 324,253,000 in 2024, a decline of 35.4%[5] - Current assets increased to HKD 92,887,000 in 2025 from HKD 68,203,000 in 2024, a rise of 36.3%[5] - Total liabilities increased to HKD 55,274,000 in 2025 from HKD 48,156,000 in 2024, an increase of 14.1%[6] - The company's total equity decreased to HKD 277,726,000 in 2025 from HKD 340,881,000 in 2024, a decline of 18.6%[6] - Total assets decreased by HKD 58,400,000 or 14.9% to HKD 334,000,000 as of December 31, 2025, primarily due to fair value losses on investment properties[59] Revenue Breakdown - Revenue from customer contracts in 2025 was HKD 90,191, down from HKD 94,757 in 2024, representing a decline of 4.8%[13] - The distribution segment generated revenue of HKD 87,454 in 2025, a slight decrease of 1.0% from HKD 88,360 in 2024[18] - The production segment's revenue dropped significantly from HKD 6,397 in 2024 to HKD 2,737 in 2025, a decline of 57.3%[18] - Rental income decreased to HKD 5,007 in 2025 from HKD 6,220 in 2024, reflecting a decline of 19.5%[18] - Revenue from the Hong Kong market in 2025 was HKD 87.5 million, accounting for approximately 91.9% of total revenue, compared to HKD 88.4 million and 87.5% in 2024[43] - Revenue from the mainland China market was approximately HKD 7.7 million in 2025, representing about 8.1% of total revenue, down from approximately HKD 12.6 million and 12.5% in 2024[43] Operational Changes and Strategies - The company plans to continue its operations in the sale of daily necessities, healthcare products, and food products in China and Hong Kong[7] - The company plans to continue focusing on the distribution and production segments while exploring new investment opportunities in the market[19] - The company plans to optimize its business segments to enhance sales and profitability while seeking to exit loss-making projects and reallocate resources to growth areas[76] - The production division is stabilizing a new production line for healthy instant noodles, which includes a focus on health-conscious ingredients, indicating a strategic shift towards health-oriented products[75] - The company is actively expanding its distribution channels for healthcare products and has established a dedicated internal team for its pet products division, indicating a diversification strategy[75] Employee and Administrative Costs - Total employee costs decreased to HKD 19,715,000 in 2025 from HKD 22,030,000 in 2024, reflecting a reduction in other employee costs and bonuses[26] - Administrative expenses decreased by 20.7% to HKD 35,400,000 in 2025 from HKD 44,700,000 in 2024, primarily due to lower employee costs[54] - The company employed approximately 43 staff members as of December 31, 2025, down from 59 in 2024, indicating a potential restructuring or efficiency drive[77] Governance and Compliance - The company has adhered to the Corporate Governance Code and all provisions of the Corporate Governance Report, with the exception of the separation of roles between the Chairman and the CEO, which is currently held by Mr. Wang[80] - The Audit Committee, composed of three independent non-executive directors, has reviewed and approved the consolidated financial statements for the year ending December 31, 2025[84] - The company did not purchase, sell, or redeem any of its listed securities during the year ending December 31, 2025[83] - The remuneration committee's scope does not include reviewing the remuneration of senior management, as the board believes that executive directors are more suitable for this task[81] - The company will timely distribute the annual report containing all information required by the Stock Exchange Listing Rules to its shareholders[86] Credit Risk and Financial Management - The expected credit loss provision was HKD 279,000, representing 6.2% of the total principal amount, compared to HKD 755,000 or 7.95% in 2024[66] - The total principal amount of loans as of December 31, 2025, was HKD 4,500,000, down from HKD 9,500,000 in 2024, indicating a significant reduction in loan exposure[65] - The probability of default (PD) for the expected credit loss assessment ranged from 2.67% to 3.05% in 2025, compared to 1.04% to 5% in 2024, reflecting an increase in credit risk[70] - The expected credit loss model is based on a weighted probability approach, considering factors such as exposure at default (EAD), loss given default (LGD), and forward-looking factors, which are crucial for assessing credit risk[67] Investment and Future Outlook - The company has entered into an agreement to sell an investment property in Shanghai for RMB 6,368,208 (approximately HKD 7.06 million), expected to be completed by July 31, 2026[38] - As of December 31, 2025, the carrying value of assets classified as held for sale was HKD 25.5 million, including equity investments and cash[41] - The company has signed a memorandum of understanding to sell its 51.39% equity interest in Beijing Hengjia, with the assets classified as held for sale as of December 31, 2025[40] - The company is focusing on expanding its lending operations in Hong Kong, primarily providing first and second mortgage financing secured by properties, with a strong emphasis on risk management[75] - The economic outlook for Hong Kong is cautiously optimistic, supported by a robust stock market and recovering investment spending, although consumer spending remains slightly down[74]

Financial Performance - For the year ended December 31, 2025, revenue was approximately RMB 14,939.5 million, an increase of 9.3% compared to RMB 13,663.5 million in 2024[2] - The healthcare business revenue reached approximately RMB 9,901.8 million, growing by 16.7% year-over-year, accounting for 66.3% of total revenue[2] - Net profit for the year was approximately RMB 2,317.6 million, a 2.6% increase from RMB 2,258.3 million in 2024[2] - The company reported a basic earnings per share of RMB 1.13, compared to RMB 1.07 in 2024[3] - The total comprehensive income for the year is RMB 2,226,872 thousand, reflecting a solid performance amidst market challenges[8] - The company’s total comprehensive income for the year includes a profit of RMB 2,354,255 thousand, up from RMB 2,133,155 thousand in the previous year, marking an increase of approximately 10.34%[9] - The company reported a net profit of RMB 2,258,334 thousand for the year, compared to RMB 1,747,632 thousand in the previous year, reflecting a growth of 29.2%[41] - The pre-tax profit for 2025 was RMB 3,019,148 thousand, compared to RMB 2,907,119 thousand in 2024, indicating a growth of about 3.8%[61] Assets and Liabilities - Total assets as of December 31, 2025, were approximately RMB 84,317.7 million, a decrease of 2.0% from RMB 86,032.3 million in 2024[2] - The total liabilities decreased by RMB 1,256,423 in 2025, contrasting with an increase of RMB 2,250,346 in 2024, indicating a positive trend in debt management[11] - The company’s total liabilities for 2025 stand at RMB 7,882,256 thousand, down from RMB 8,124,715 thousand in 2024, indicating a reduction of 3.0%[109] - The total amount of interest-bearing assets as of December 31, 2025, was RMB 69,614,189 thousand, with a total impairment provision of RMB 2,340,614 thousand[94] - The total liabilities as of December 31, 2025, were RMB 59,278,687 thousand, down from RMB 63,162,550 thousand in 2024, indicating a reduction of approximately 6.0%[159] Equity and Shareholder Information - The equity attributable to ordinary shareholders was approximately RMB 2,156.8 million, up 6.2% from RMB 2,031.7 million in 2024[2] - The total equity as of December 31, 2025, is RMB 25,038,977 thousand, an increase from RMB 22,869,745 thousand in 2024, reflecting a growth of approximately 9.5%[8] - The company reported a total of RMB 2,156,763 thousand in profit attributable to ordinary shareholders for 2025, compared to RMB 2,031,740 thousand in 2024, reflecting an increase of approximately 6.2%[64] - The proposed final dividend for 2025 is HKD 0.36 per share, an increase from HKD 0.35 per share in 2024, reflecting a growth of about 2.9%[63] Cash Flow and Financing Activities - The net cash flow from operating activities for the year 2025 is RMB 5,654,096 thousand, slightly down from RMB 5,660,742 thousand in 2024[10] - The company reported a net cash outflow from investing activities of RMB 958,753 in 2025, compared to RMB 1,084,963 in 2024, indicating a reduction in investment cash outflows[12] - The company experienced a decrease in cash and cash equivalents by RMB 276,872 in 2025, compared to a decrease of RMB 467,325 in 2024, showing an improvement in cash management[12] - The company recorded a significant increase in cash flow from financing activities, with a net outflow of RMB 5,094,451 in 2025, compared to RMB 520,670 in 2024, highlighting a shift in financing strategy[12] Operational Performance - The company operated 67 medical institutions, with a total of 15,628 beds, generating RMB 8,182.6 million in revenue from the integrated medical segment, a 7.5% increase year-on-year[164] - The total number of patient visits across 65 consolidated medical institutions was approximately 10.616 million, reflecting a 1.9% year-on-year growth[165] - The average revenue per bed was approximately RMB 490,000, with top-tier hospitals achieving around RMB 670,000 per bed[165] - The company registered over 6 million users on its unified internet platform, serving a total of over 50 million people[167] - The company aims to maintain a bed occupancy rate of around 90% and has optimized the average length of stay to 9.4 days[167] Investment and Growth Strategy - The company plans to continue expanding its market presence and is focusing on new product development to drive future growth[8] - The company aims to enhance its capabilities through both organic growth and strategic acquisitions, focusing on high-end medical equipment and lifecycle management[178] - The group plans to establish 15 standardized national medical centers and 3 national-level renowned traditional Chinese medicine studios by 2025, having completed 30 standardized national medical centers to date[172] - The group is committed to building a first-class ophthalmology industry platform, having successfully acquired Shandong University of Traditional Chinese Medicine Affiliated Eye Hospital as its flagship hospital[172] Risk Management and Compliance - The company has allocated RMB 67,986 thousand to general risk reserves, indicating a proactive approach to risk management[8] - The group has adopted the revised Hong Kong Financial Reporting Standards effective from January 1, 2025, with no significant impact on the financial statements for the current and prior periods[18] - The group anticipates that the application of new standards will not have a significant effect on its performance and financial position[21] - The company utilizes a provision matrix for impairment analysis to measure expected credit losses, incorporating forward-looking information and various assumptions[95] Market and Industry Trends - The financing leasing industry in China is undergoing a structural transformation, with significant potential for long-term growth due to low penetration rates compared to developed markets[183] - The company is actively developing a new model of "financing leasing + full life cycle management" in the medical equipment sector[184] - The health technology business generated revenue of RMB 1,487.0 million in 2025, up RMB 639.7 million or 75.5% year-on-year[199] - The group is enhancing its core competitiveness in health technology and aims to build a comprehensive health industry ecosystem[199]

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 9,558,619 thousand, representing a 22.8% increase compared to RMB 7,785,180 thousand in 2024[4] - Gross profit for the same period was RMB 1,503,408 thousand, a 12.1% increase from RMB 1,340,926 thousand in 2024[4] - Loss before income tax decreased by 52.1% to RMB (947,895) thousand from RMB (1,980,566) thousand in 2024[4] - Net loss for the year was RMB (943,692) thousand, down 52.3% from RMB (1,979,042) thousand in 2024[4] - Adjusted gross profit for 2025 was RMB 1,541,683 thousand, with an adjusted gross margin of 16.1% compared to 17.4% in 2024[9] - Adjusted net loss for 2025 was RMB (936,251) thousand, with an adjusted net loss margin of 9.8%[10] - The company reported an adjusted EBITDA for 2025, reflecting operational performance improvements[10] - Total revenue for 2025 reached RMB 9,558.6 million (USD 1,366.9 million), an increase of 22.8% year-over-year[14] - Adjusted EBITDA for 2025 was RMB 2,336.4 million (USD 334.1 million), a significant increase of 265.7% compared to 2024[14] - Adjusted EBITDA margin improved to 24.4% in 2025 from 8.2% in 2024[12] - The company reported a net loss of RMB 943.7 million (USD 134.9 million) for 2025, with a net loss margin of (9.9)%[12] - Gross profit for 2025 was RMB 1,503.4 million (USD 215.0 million), with a gross margin of 15.7%[14] - Operating loss narrowed to RMB 772.9 million (USD 110.5 million) from RMB 1,739.0 million in 2024, with a non-GAAP operating loss of RMB 152.2 million (USD 21.8 million)[26] - The company recorded a net loss of RMB 943,692,000 for the year ended December 31, 2025, compared to a net loss of RMB 1,979,042,000 in 2024, indicating a 52.3% improvement[50] - Basic and diluted loss per share improved to RMB 0.23 from RMB 0.54 in the previous year[51] Revenue Breakdown - Public cloud service revenue was RMB 6,633.5 million (USD 948.6 million), up 32.5% year-over-year[14] - Public cloud services revenue increased to RMB 6,633,492,000, up 32.4% from RMB 5,007,251,000 in the previous year[50] - Revenue from public cloud services recognized over time was RMB 5,007,251 for 2024, expected to rise to RMB 6,633,492 in 2025, indicating a growth of about 32.5%[63] Expenses and Costs - Operating costs amounted to RMB 8,055.2 million (USD 1,151.9 million), a 25.0% increase from RMB 6,444.3 million in 2024, primarily due to increased infrastructure demand[23] - Research and development expenses for 2025 amounted to RMB 810.3 million (USD 115.9 million), with a total of 1,120 R&D personnel[18] - Research and development expenses decreased to RMB 810.3 million (USD 115.9 million) from RMB 846.0 million in 2024, mainly due to reduced personnel-related costs[26] - Operating expenses decreased to RMB 2,276,321,000 in 2025 from RMB 3,079,936,000 in 2024, reflecting a reduction of 26%[50] Cash and Liquidity - Cash and cash equivalents as of December 31, 2025, were RMB 6,018.0 million (USD 860.6 million), a 127.2% increase from RMB 2,648.8 million in 2024[29] - Cash and cash equivalents increased significantly to RMB 6,018,043,000 as of December 31, 2025, from RMB 2,648,764,000 in 2024[52] - Cash and cash equivalents, including restricted cash, increased from RMB 2,730,101 thousand in 2024 to RMB 6,117,237 thousand in 2025, marking a rise of approximately 124.4%[54] - For the year ending December 31, 2025, the company reported a net cash inflow from operating activities of RMB 3,801,028 thousand (USD 543,540 thousand) compared to RMB 628,419 thousand in 2024[54] Assets and Liabilities - Total assets increased to RMB 26,729,189,000 as of December 31, 2025, compared to RMB 17,592,654,000 in 2024[52] - The total liabilities increased from RMB 12,087,334 thousand in 2024 to RMB 17,416,155 thousand in 2025, representing a growth of approximately 44.5%[53] - The company's total equity rose from RMB 5,168,040 thousand in 2024 to RMB 9,317,026 thousand in 2025, an increase of about 80.5%[53] - The company’s long-term borrowings increased significantly from RMB 1,660,584 thousand in 2024 to RMB 3,023,538 thousand in 2025, a growth of about 82.0%[53] - The company reported a cumulative deficit of RMB 15,247,868 thousand (USD 2,180,416 thousand) as of December 31, 2025[57] Strategic Initiatives - The company plans to continue focusing on product development and market expansion strategies in the upcoming fiscal year[2] - The company continues to focus on high-quality, sustainable development and has expanded its market presence in vertical industries[13] - The launch of the new AI training and inference platform, "Xingliu," aims to support the growing demand for AI applications[16] - The company plans to continue investing in intelligent cloud computing and maintain close collaboration with partners like Xiaomi and Kingsoft[20] Governance and Compliance - The financial results were reviewed by the audit committee, ensuring compliance with US GAAP standards[2] - The company emphasizes the importance of non-GAAP financial metrics for assessing operational performance and business planning[5] - The audit committee reviewed the unaudited financial results for the year ending December 31, 2025[44] - The company has adopted an insider trading policy in compliance with the Hong Kong Listing Rules[41] - The board has elevated ESG management to the board level, with a commitment to publish the sixth ESG report by April 2026[19] Shareholder Information - The company issued 17,300,000 American Depositary Shares at $11.27 per share, raising approximately $278,986,066[30] - The company issued 338,000,000 placement shares at HKD 8.29 per share, with net proceeds totaling approximately HKD 2,759,989,700[30] - The company did not recommend a final dividend for the year ended December 31, 2025[47] - The company did not declare any dividends for the years ending December 31, 2024, and 2025[73] Other Financial Metrics - The company experienced a foreign currency translation adjustment loss of RMB 126,272,000 in 2025, compared to a gain of RMB 11,536,000 in 2024[51] - The company’s credit loss provisions increased from RMB 57,612 in 2024 to RMB 99,422 in 2025, indicating a rise in expected credit losses[65] - The average number of ordinary shares outstanding increased from 3,658,088,876 in 2024 to 4,107,065,011 in 2025, reflecting a dilution effect on earnings per share[72] - The company had no significant investments or capital asset plans as of December 31, 2025[34] - The company has no significant contingent liabilities as of December 31, 2025[35] - The company did not engage in any significant acquisitions or disposals during the reporting period[36] - The company has no major litigation or arbitration that could significantly impact operations[43]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 49,929,000, an increase of 8.8% from RMB 45,910,000 in 2024[4] - Gross profit for the same period was RMB 34,588,000, up from RMB 33,010,000, reflecting a gross margin improvement[4] - Operating profit increased to RMB 31,543,000 from RMB 29,125,000, representing an increase of 8.3%[4] - Profit attributable to equity shareholders for the year was RMB 19,528,000, down from RMB 25,260,000, a decrease of 22.6%[4] - Basic and diluted earnings per share decreased to RMB 4.42 from RMB 5.72, a decline of 22.7%[4] - The company's pre-tax profit for 2025 was RMB 31,492 thousand, an increase from RMB 29,107 thousand in 2024, reflecting a growth of approximately 8.2%[27] - The effective tax expense for 2025 was RMB 11,964 thousand, significantly higher than RMB 3,847 thousand in 2024, indicating increased tax liabilities[27] - Basic earnings per share for the year were RMB 19,528,000, compared to RMB 25,260,000 in 2024, reflecting a decrease in profitability[34] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 1,204,186,000, compared to RMB 1,189,287,000 in 2024, showing a growth of 1.25%[6] - Non-current assets increased to RMB 983,322,000 from RMB 969,296,000, primarily driven by investment properties[6] - Cash and bank balances decreased significantly to RMB 130,972,000 from RMB 231,498,000, a decline of 43.4%[6] - The total equity attributable to shareholders increased to RMB 998,730,000 from RMB 991,837,000, reflecting a growth of 0.8%[7] - The group's current assets amounted to approximately RMB 241.0 million as of December 31, 2025, compared to RMB 239.9 million in 2024, primarily due to an increase in deposits and cash[48] - The capital debt ratio was 18.4% as of December 31, 2025, slightly up from 18.0% in 2024[49] - The unutilized net proceeds from the global offering were approximately RMB 98.4 million as of December 31, 2025, down from RMB 99.8 million in 2024[55] Revenue Sources - Rental income from property leasing was approximately RMB 340 million for the year ending December 31, 2025, compared to RMB 305 million in 2024[40] - Revenue from property management services was approximately RMB 159 million, a slight increase from RMB 154 million in 2024, attributed to improved restaurant performance[43] - As of December 31, 2025, the company had four customers contributing over 10% of total revenue, generating approximately RMB 22,379 thousand, up from RMB 16,102 thousand in 2024[16] Customer and Market Insights - The average occupancy rate for commercial properties increased to 81% in 2025 from 55% in 2024 for the Everbright Financial Center[41] - The remaining performance obligations under existing customer contracts amounted to RMB 17,901,000 as of December 31, 2025, down from RMB 22,996,000 in 2024, indicating a decrease in future revenue recognition[18] - The group aims to diversify its business and attract more quality tenants, particularly from emerging industries such as software and technology[46] - The group plans to enhance customer satisfaction by adding value-added services in new leases to counteract downward pressure on rental levels[45] Cost Management - Employee costs for 2025 were RMB 15,857 thousand, a decrease from RMB 17,376 thousand in 2024, indicating cost management efforts[23] - The total employee cost, including director remuneration, was approximately RMB 15.9 million for the year ended December 31, 2025, down from RMB 17.4 million in 2024[57] Dividends and Shareholder Returns - The company plans to declare a final dividend of RMB 1.04 per share for 2025, down from RMB 1.39 per share in 2024, reflecting a reduction in shareholder returns[31] - The board proposed a final dividend of RMB 1.04 cents per share for the year ended December 31, 2025, compared to RMB 1.05 cents in 2024[59] Governance and Compliance - The company has complied with all applicable provisions of the corporate governance code, except for the separation of the roles of Chairman and CEO, which are held by the same individual, Mr. Liu[65] - The board consists of two executive directors, two non-executive directors, and four independent non-executive directors, ensuring strong independence and appropriate delegation of authority[66] - The company has adopted the standard code for securities transactions by directors, confirming compliance by all directors for the year ending December 31, 2025[67] - The audit committee has reviewed the financial reporting procedures, risk management, and internal controls for the year ending December 31, 2025[68] - The preliminary announcement of the consolidated financial statements for the year ending December 31, 2025, has been agreed upon by the auditors, KPMG, confirming consistency with the financial reports[69] - The annual report for the year ending December 31, 2025, will be published on the company's website and sent to shareholders at an appropriate time[70] Future Plans and Risks - Future investment plans will be cautiously evaluated due to geopolitical risks and economic uncertainties, with a focus on maintaining capital safety[47] - The group plans to fully utilize the unutilized net proceeds for property acquisitions and upgrades by the end of 2026[56] - The group has no contingent liabilities as of December 31, 2025, consistent with 2024[52] - The group has no mortgaged assets as of December 31, 2025, unchanged from 2024[50] - As of December 31, 2025, the company does not hold any treasury shares[63] Stock Options - The stock option plan adopted on December 15, 2017, allows for the issuance of 44,140,000 options, representing 10% of the company's issued shares, available for grant until December 14, 2027[64]

Financial Performance - The group's revenue for the year ended December 31, 2025, was approximately RMB 1,062.6 million, a decrease of about 4.6% compared to RMB 1,113.9 million for the same period in 2024[2] - The group reported a gross profit of approximately RMB 173.3 million, a decrease of about 25.6% from RMB 232.9 million in 2024[2] - The net loss for the year was approximately RMB 228.9 million, compared to a net loss of RMB 235.4 million in 2024[3] - Total revenue for the year 2025 was RMB 1,062,576 thousand, a decrease of 4.6% from RMB 1,113,933 thousand in 2024[20] - Customer contract revenue for 2025 was RMB 1,013,521 thousand, down from RMB 1,065,245 thousand in 2024, reflecting a decline of 4.9%[20] - The company reported a basic loss per share of RMB 0.222 in 2025, slightly improved from RMB 0.227 in 2024[32] - The loss attributable to equity holders of the parent company was approximately RMB 230.5 million, compared to RMB 235.9 million in the previous year[77] Revenue Sources - Property management services remained the largest revenue source, generating approximately RMB 780.2 million, accounting for about 73.4% of total revenue, down 6.0% from RMB 830.3 million in 2024[2] - Non-owner value-added services revenue was approximately RMB 43.9 million, accounting for about 4.1% of total revenue, down 24.9% from RMB 58.5 million in 2024[2] - Community value-added services revenue increased to approximately RMB 159.7 million, accounting for 15.0% of total revenue, up 7.6% from RMB 148.4 million in 2024[2] - Business operation management services revenue was approximately RMB 78.8 million, accounting for 7.5% of total revenue, an increase of 2.6% from RMB 76.8 million in 2024[2] - The total revenue from property management services for the year ended December 31, 2025, is RMB 780.24 million, compared to RMB 830.27 million for the year ended December 31, 2024, indicating a decline in revenue[60] Assets and Liabilities - The total assets less current liabilities amounted to RMB 718.986 million, down from RMB 984.887 million in 2024[8] - Trade receivables increased to RMB 678,502,000 in 2025 from RMB 442,808,000 in 2024, marking a growth of about 53.2%[34] - Trade payables at the end of the year totaled RMB 191.9 million, an increase from RMB 134.9 million in the previous year, with RMB 154.1 million due within one year[39] - The group's borrowings as of December 31, 2025, were RMB 42.6 million, down from RMB 59.7 million as of December 31, 2024, with short-term borrowings due within one year also decreasing[82] - The group's asset-liability ratio as of December 31, 2025, was 0.07 times, unchanged from the ratio as of December 31, 2024[86] Operational Metrics - The area under management for property management services was approximately 75.7 million square meters, a decrease of about 5.7% from 80.3 million square meters in 2024[3] - The total contracted building area as of December 31, 2025, is approximately 101.5 million square meters, a decrease of 6.6% compared to December 31, 2024[59] - The managed building area as of December 31, 2025, is approximately 75.7 million square meters, a decrease of about 5.7% compared to December 31, 2024[59] - New contracts signed in 2025 include 1,104 for contracted building area and 172 for managed building area[59] Expenses and Impairments - The cost of services provided in 2025 was RMB 597,224,000, an increase from RMB 571,134,000 in 2024, reflecting a rise of about 4.6%[27] - The group reported a pre-tax loss of RMB 216,497,000 for 2025, compared to a loss of RMB 204,812,000 in 2024, indicating a worsening of approximately 5.8%[30] - The impairment loss on trade receivables for 2025 was RMB 292,371,000, significantly higher than RMB 100,431,000 in 2024, showing a substantial increase of approximately 190.5%[35] - The depreciation of property and equipment increased to RMB 9,084,000 in 2025 from RMB 3,957,000 in 2024, reflecting a rise of approximately 129.5%[27] - The total tax expense for 2025 was RMB 12,368,000, a decrease from RMB 30,584,000 in 2024, representing a decline of about 59.5%[30] Strategic Initiatives - The company plans to focus on high-quality development, enhancing operational quality, service quality, and profitability through strategies such as efficiency improvement and innovation[49] - The company aims to strengthen market expansion in key regions, with over 50 projects in the pipeline and a focus on light-asset empowerment and scale efficiency[46] - The company is enhancing its value-added services, successfully linking with industry-leading resources in health management and cultural experiences[47] - The company is implementing AI tools and data-driven management to improve operational precision and service quality[53] - The company is committed to optimizing its organizational structure and business processes to enhance resilience and development vitality[48] Dividend and Shareholder Information - The group did not recommend the payment of any final dividend for the year ended December 31, 2025, consistent with 2024[3] - The group did not recommend any interim or final dividends for the reporting period[31] - The board has decided not to recommend any final dividend for the year ending December 31, 2025[95] Corporate Governance - The audit committee has reviewed and discussed the annual results for the year ending December 31, 2025, with external auditors[103] - The financial data presented does not constitute audited accounts but is extracted from the consolidated financial statements audited by the external auditor[104] - The annual results announcement will be published on the stock exchange and the company's website[105]

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倚賴該等內容而引致的任何損失承擔任何責 任。 Guming Holdings Limited 古茗控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股份代號：01364） 截 至2025年12月31日止年度 年度業績公告 董 事 會 欣 然 公 佈，本 集 團 截 至2025年12月31日止年度的綜合財務業績連同截至 2024年12月31日 止 年 度 的 比 較 數 字 載 列 如 下。 財務摘要 下表載列截至2025年12月31日 止 年 度 我 們 的 關 鍵 財 務 數 據，連 同 截 至2024年 12月31日止年度的比較數字及變動（以 百 分 比 表 示）。 | | | | 截 至12月31日止年度 | | | | --- | --- | --- | --- | --- | --- | | | 2025年 | | 2024年 | | 變動 | | | （人 ...

Financial Performance - Total revenue for the year ended December 31, 2025, increased by approximately $1.5 billion or about 40.2% to approximately $5.3 billion compared to the year ended December 31, 2024[3]. - Product revenue for the year ended December 31, 2025, rose by approximately $1.5 billion or about 39.8% to approximately $5.3 billion compared to the previous year[3]. - Net profit for the year ended December 31, 2025, was approximately $286.9 million, a significant improvement from a net loss of approximately $644.8 million for the year ended December 31, 2024[3]. - Basic and diluted earnings per share for the year ended December 31, 2025, were $0.20 and $0.19, respectively, compared to losses of $0.47 per share for the previous year[3]. - The company reported a comprehensive income of approximately $357.7 million for the year ended December 31, 2025, compared to a comprehensive loss of approximately $694.3 million for the previous year[5]. - The company reported a net loss of $644,786,000 for the year ending December 31, 2024, which improved to a net profit of $286,933,000 for the year ending December 31, 2025[132]. Cash and Liquidity - Cash and cash equivalents as of December 31, 2025, were approximately $4.5 billion, up from approximately $2.6 billion as of December 31, 2024[6]. - Operating cash flow generated was $1,127,580 thousand, compared to an outflow of $140,631 thousand in the previous year[8]. - Cash and cash equivalents increased to $4,547,530 thousand by the end of 2025, up from $2,627,410 thousand at the end of 2024[9]. - The company raised $911,000 thousand from future royalty sales, contributing to a net cash inflow from financing activities of $1,059,451 thousand[9]. - Cash and cash equivalents increased significantly from $2,638.7 million in 2024 to $4,609.6 million in 2025, with operating cash flow generating $1.1 billion, a $1.3 billion increase year-over-year[180]. Assets and Liabilities - Total assets as of December 31, 2025, amounted to approximately $8.2 billion, compared to approximately $5.9 billion as of December 31, 2024[6]. - Total liabilities as of December 31, 2025, increased to approximately $3.8 billion from approximately $2.6 billion as of December 31, 2024[7]. - Shareholders' equity as of December 31, 2025, was approximately $4.4 billion, an increase from approximately $3.3 billion as of December 31, 2024[7]. - The company reported total liabilities of $3,827,379,000 as of December 31, 2025, compared to $3,332,222,000 in 2024, indicating an increase of about 14.9%[124]. - The total equity as of December 31, 2025, was $4,361,194,000, up from $3,332,222,000 in 2024, reflecting a growth of approximately 30.9%[124]. Research and Development - Research and development expenses increased to $510,857 thousand in 2025, up from $441,618 thousand in 2024[8]. - Research and development costs for 2025 amounted to $2,145,868,000, an increase from $1,953,295,000 in 2024[89]. - The company has over 20 CDAC and degradation antibody conjugate projects in drug discovery and clinical development stages, indicating a robust pipeline for future growth[143]. - Adjusted R&D expenses rose to $1.86 billion in 2025, up 11.3% from $1.67 billion in 2024[166]. Collaborations and Partnerships - The company has entered into collaboration agreements for the research, development, and commercialization of drugs, including royalty income from the sale of IMDELLTRA® outside China[23]. - The company received a $650 million upfront payment from Novartis for the collaboration and licensing agreement related to the development and commercialization of Tislelizumab in North America, Europe, and Japan[32]. - The company received a $300 million upfront payment from Novartis for the collaboration and licensing agreement concerning the TIGIT inhibitor Osemitamab, which was also terminated in July 2023[34]. - The company and Amgen signed multiple amendments to their collaboration agreement, expanding commercialization rights and adjusting financial responsibilities for specific products[28]. Tax and Regulatory Matters - The company confirmed Switzerland as its tax residency and adopted ASU 2023-09 starting from the fiscal year ending December 31, 2025, with a global effective tax rate of 31.2%[58]. - The deferred tax assets as of December 31, 2025, totaled $3,692,017,000, with a valuation allowance of $3,648,017,000, resulting in a net deferred tax asset of $44,000[62]. - The company incurred accrued interest and penalties of $2,676,000 in the U.S. and $3,264,000 in China related to uncertain tax positions as of December 31, 2025[64]. Employee and Stock Options - The company approved the 2018 Employee Stock Purchase Plan, reserving 3,500,000 shares initially, which was later increased to 12,425,315 shares by June 2024[95]. - The fair value of vested employee stock options rewards was $55,954,000 and $68,420,000 for the years ended December 31, 2025, and 2024, respectively[101]. - The estimated unrecognized compensation cost related to unvested stock options was $63,875,000, expected to be recognized over a weighted average period of 2.4 years[100]. Future Outlook and Strategy - The company plans to continue expanding its product offerings and market presence, particularly in the U.S. and China, with several new product launches anticipated[83]. - The company is focusing on lifecycle management to maximize value for shareholders and patients in the hematological oncology space, leveraging its cornerstone product Baiyueze®[144]. - The company is actively seeking strategic partnerships to strengthen its business and create long-term value for shareholders[146].

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 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 JiaChen Holding Group Limited 佳辰控股集團有限公司 （股份代號：1937） （於開曼群島註冊成立之有限公司） 截 至2025年12月31日止年度的 全年業績公告 業 績 佳 辰 控 股 集 團 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 呈 列 本 公 司 及 附 屬 公 司（統 稱 為「本集團」）截 至2025年12月31日 止 年 度 的 綜 合 財 務 業 績，連 同截至2024年12月31日 止 年 度 的 比 較 數 字 如 下： – 1 – 綜合損益及其他全面收益表 截 至2025年12月31日止年度 | | | | | 2025年 | 2024年 | | --- | --- | --- | --- | --- | --- | | | | 附 | 註 | 人民幣千元 | 人民幣千 ...

Hyfusin Group Holdings Limited 凱富善集團控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8512） 截至2025年12月31日止年度的 年度業績公告 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 所上市的公司帶有較高投資風險。有意投資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，同時亦無法保證在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，概不就因本公告全部或任何部分內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在 提供有關凱富善集團控股有限公司（「本公司」）及其附屬公司（統稱「本集團」）的資 料；本公司董事（「董事」）願就本公告的資料共同及個別地承擔全部責任。董 ...

Financial Performance - The company reported a revenue of approximately RMB 5,083.4 million for the year ending December 31, 2025, representing a year-on-year growth of 13.0%[3] - Gross profit for the same period was RMB 709.2 million, a decrease of 5.6% compared to RMB 750.9 million in 2024[3] - Net profit for the year was approximately RMB 255.5 million, down 27.7% from RMB 353.3 million in the previous year[3] - Revenue for the year ended December 31, 2025, increased by approximately 13.0% to about RMB 5,083.4 million compared to the previous year[27] - Gross profit for 2025 was RMB 709,211,000, down 5.5% from RMB 750,883,000 in 2024[66] - Net profit for 2025 was RMB 255,524,000, a decrease of 27.7% compared to RMB 353,331,000 in 2024[66] - Profit before tax decreased by approximately 25.5% to about RMB 300.2 million, influenced by various cost factors[41] - The pre-tax profit for 2025 reached RMB 300,156,000, a decrease of 25.5% compared to RMB 402,712,000 in 2024[104] Revenue Breakdown - Revenue from lithium-ion battery products increased by approximately 31.6%, with a significant growth of about 598.3% in the AIDC smart computing center segment[4] - The new energy storage business saw a revenue increase of approximately 97.9%, indicating strong growth momentum[4] - AIDC smart computing center energy storage business revenue reached approximately RMB 1,907.0 million, a year-on-year increase of about 37.0%, becoming the largest revenue source for the company[11] - The new power storage business achieved revenue of approximately RMB 892.0 million, a year-on-year growth of about 97.9%, increasing its share of total revenue from approximately 10.0% in 2024 to about 17.5% in 2025[13] - Lithium battery products in the power storage segment saw revenue growth of approximately 111.1% to about RMB 826.8 million, with sales volume increasing by approximately 376.5% year-on-year[13] - The communication energy storage business generated revenue of approximately RMB 1,881.7 million, with its share of total revenue decreasing from about 51.1% in 2024 to approximately 37.0% in 2025[14] Market Trends and Strategy - The global AIDC smart computing center energy storage market is projected to grow from 15 GWh in 2025 to 300 GWh by 2030, representing a compound annual growth rate of over 60%[7] - In the domestic market, new energy storage installations are expected to reach 144.7 GW by 2025, reflecting an 85% year-on-year increase[8] - The company aims to enhance its global competitiveness by focusing on core business, strengthening technological innovation, and expanding into global markets[6] - The strategic layout of "AIDC as the core, with two wings" will be firmly advanced to meet the surging market demand for AI computing infrastructure[6] - The company is transitioning its business structure to focus on AIDC smart computing center energy storage as the leading growth driver, with communication storage as the foundational business[4] Research and Development - The company increased R&D investment by approximately 21.4%, focusing on core technology breakthroughs and product innovation, resulting in 23 patents granted and 144 new patent applications[17] - The company launched several innovative products, including a high-pressure lithium battery system for AIDC and a new generation standardized energy storage system with breakthroughs in energy density and safety[18] - The company is advancing the development of next-generation all-solid-state battery technology aimed at addressing energy storage thermal runaway issues while achieving high energy density and long lifespan[26] - The company is actively pursuing the industrialization of sodium-ion battery technology, targeting key requirements in energy storage scenarios to provide safe, low-cost, and resource-independent solutions[26] Financial Position and Cash Flow - Cash and cash equivalents increased by approximately 222.4% to about RMB 1,274.2 million, primarily due to proceeds from new share issuance[44] - As of December 31, 2025, the total equity increased by approximately 43.7% to about RMB 3,431.9 million, compared to RMB 2,387.5 million as of December 31, 2024, primarily due to net profit generated during the reporting year and capital increase from the issuance of shares[46] - The current ratio rose to 1.8 as of December 31, 2025, from 1.6 as of December 31, 2024, mainly due to effective management of receivables and increased cash from the IPO[50] - The capital debt ratio decreased to approximately 28.1% as of December 31, 2025, down from 39.6% as of December 31, 2024, primarily due to the increase in equity from the IPO[51] - The debt-to-equity ratio decreased to 0.3 as of December 31, 2025, compared to 0.4 as of December 31, 2024[52] - Operating cash flow for 2025 reached RMB 1,077,303,000, a significant increase from RMB 304,633,000 in 2024, representing a growth of 253%[73] Corporate Governance and Future Plans - The company is committed to ESG principles, integrating them into its corporate strategy and operations to achieve economic, environmental, and social benefits[20] - The company plans to transition from single product sales to comprehensive solution offerings, integrating technology, products, and services to enhance global competitiveness[22] - The company plans to establish a new R&D center, allocating 35% of the IPO proceeds for its construction and related expenses[62] - The company is focusing on enhancing the capacity, cycle life, and environmental adaptability of its communication lithium battery products while reducing the share of traditional lead-acid products[24] - The company has established a share option plan to incentivize selected participants for their contributions, reflecting a commitment to employee engagement and retention[136] Shareholder Information - The board proposed a final dividend of RMB 0.12 per share for the year ended December 31, 2025, subject to shareholder approval at the annual general meeting[65] - The company declared a final dividend of RMB 0.170 per ordinary share for the year ending December 31, 2025, down from RMB 0.206 in 2024[104] - The annual general meeting is scheduled for May 26, 2026, with notices to be sent to shareholders in due course[142] - The company will suspend share transfer registration from May 20, 2026, to May 26, 2026, to determine eligible shareholders for the annual general meeting[143]