Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 31,974,000, a decrease of 53.8% compared to RMB 69,324,000 in 2024[5] - Gross profit for the same period was RMB 16,053,000, down 69.0% from RMB 51,797,000 in 2024[5] - The company reported a loss before tax of RMB (208,982,000), an improvement from RMB (237,493,000) in the previous year, indicating a 12.0% reduction in losses[5] - The total comprehensive loss for the year was RMB (332,188,000), compared to RMB (156,906,000) in 2024, indicating a significant increase in overall losses[5] - Adjusted loss for the year, accounting for share-based payments, was RMB (202,752,000), compared to RMB (228,828,000) in 2024, showing a 11.4% improvement[6] - Total assets decreased to RMB 1,935,312,000 from RMB 2,243,515,000, reflecting a decline of 13.7%[5] - The company reported a net loss of RMB 208,982 thousand for 2025, compared to a net loss of RMB 237,493 thousand in 2024, indicating an improvement of approximately 12.5%[100] - The company recorded a loss of approximately RMB 209 million for the year ended December 31, 2025, compared to a loss of approximately RMB 237.5 million for the year ended December 31, 2024[81] - The company did not incur any income tax for the years ended December 31, 2024, and 2025 due to losses in its subsidiaries[77][80] Research and Development - The company has made significant progress in building an innovative product portfolio, including three flagship drug assets nearing market approval[7] - The flagship products include NVK002 for controlling myopia in children, a cyclosporine eye gel for treating moderate to severe dry eye disease, and TAB014 for treating wet age-related macular degeneration[7][8] - The company has established a pipeline strategy targeting eight major ophthalmic diseases, including dry eye syndrome and wAMD, with a focus on multiple candidate drugs for complex conditions[12] - The company is advancing three major products in its R&D pipeline, which have entered the new drug application stage[57] - The company has successfully completed Phase III clinical trials for the cyclosporine eye gel, which is designed to treat dry eye syndrome, and is preparing for a simplified new drug application submission based on these results in 2024[16] - The low-concentration atropine eye drops (NVK002) have completed two Phase III clinical trials, involving 526 and 777 patients respectively, demonstrating significant potential for treating myopia in children[14][15] - The company submitted a biopharmaceutical license application for its bevacizumab intravitreal injection (TAB014) for the treatment of wet age-related macular degeneration (wAMD) in China[18] - The Phase III clinical trial for the bevacizumab intravitreal injection involved approximately 488 patients across 60 centers, with the primary objective being to evaluate the change in best-corrected visual acuity at week 52 compared to the Lucentis® treatment group[20] - The company has initiated Phase II clinical trials for BRIMOCHOL™ PF and CARBACHOL™ PF, alongside a new Phase III trial for Cyclosporine eye gel[38] Market Expansion and Partnerships - The company aims to expand its market presence beyond Greater China, targeting regions such as the United States, Australia, and Southeast Asia[9] - The company is expanding its global business through partnerships, targeting markets including the US, Australia, and Southeast Asia by 2025[11] - The company has established various partnerships to expand its market presence, including a distribution agreement with AFT Pharmaceuticals for BRIMOCHOL™ PF in Australia and New Zealand, and collaborations with Interpharma in Thailand and Somerset Therapeutics in the USA[44] - The company has achieved significant clinical advancements internationally, reinforcing its global partnership network[45] Regulatory Approvals - The regulatory milestones achieved in 2025 mark one of the most successful years in the company's history, with NVK002 currently under review for market approval[10] - The new drug application for the self-developed cyclosporine eye gel has been accepted by the National Medical Products Administration of China, with FDA approval for Phase III trials in the US expected in June 2025[11] - The FDA approved the company's new drug application for cyclosporine eye gel, allowing the initiation of Phase III clinical trials[49] - The National Medical Products Administration officially accepted the review application for the bevacizumab intravitreal injection in June 2025, making it the first product submitted for wAMD treatment in China[22] Financial Management - The company has cash and cash equivalents of RMB 959.3 million, enabling effective support for upcoming product launches and ongoing R&D for other drug assets[11] - The company closely monitors cash and cash balances to maintain healthy operating liquidity levels, primarily funding clinical trials and operational expenses through global sales[86] - The company's cash management policy is conservative, with most cash held in USD, HKD, and RMB[88] - The group reported a total employee cost of approximately RMB 99.4 million for the year ending December 31, 2025, a decrease from RMB 115.5 million in the previous year[97] Corporate Governance and Compliance - The company has adhered to all applicable corporate governance codes during the reporting period[125] - The company emphasizes transparency and compliance, with annual ESG performance disclosures planned for April 2025[56] - The company is actively addressing ESG factors, having received waste reduction and energy-saving certifications, and aims to integrate ESG considerations into its long-term strategy[50][51] Future Outlook - The company aims to have a total of 12 commercialized drugs by the end of 2026, significantly enhancing revenue and entering a new growth phase[59] - The company provided guidance for the next fiscal year, projecting revenue growth of 20% and aiming for $600 million in total revenue[144] - The company plans to launch new products in the coming year, with an allocation of HKD 154.58 million (8.00%) for sales and marketing team expansion[127]

Financial Performance - Total net revenue for the year was RMB 9,945.5 million (USD 1,422.2 million), an increase of 5.6% year-over-year[5] - Service revenue for the year was RMB 6,095.9 million (USD 871.7 million), up 2.4% year-over-year[5] - Operating profit for the year was RMB 56.6 million (USD 8.1 million), compared to an operating loss of RMB 114.8 million in 2024[5] - Net loss attributable to Baozun's ordinary shareholders was RMB 242.1 million (USD 34.6 million), compared to a net loss of RMB 185.2 million in 2024[6] - Non-GAAP operating profit for the year was RMB 126.2 million (USD 18.0 million), compared to RMB 10.6 million in 2024[6] - Basic and diluted net loss per American Depositary Share (ADS) was RMB 4.19 (USD 0.60), compared to RMB 3.09 in 2024[6] - Non-GAAP diluted net profit per ADS was RMB 0.76 (USD 0.11), while in 2024 it was a loss of RMB 0.67[6] - Revenue for the fiscal year ending December 31, 2024, is projected to increase by 5.6% to RMB 9,945.5 million, primarily driven by a 25.2% increase in brand management revenue[40] - Revenue for 2025 increased by 5.6% to RMB 9,945.5 million, driven by growth in e-commerce and brand management[61] Assets and Liabilities - Cash, cash equivalents, restricted cash, and short-term investments totaled RMB 2,795.3 million (USD 399.7 million) as of December 31, 2025[6] - Total assets as of December 31, 2025, were RMB 9,691.1 million (USD 1,385.8 million)[9] - Total liabilities as of December 31, 2025, were RMB 4,199.5 million (USD 600.5 million)[9] - Total liabilities and redeemable non-controlling interests amounted to RMB 10,207,001 in 2024, decreasing to RMB 9,691,116 in 2025[10] - The company has short-term bank borrowings of RMB 1,220,957 million in 2024 and RMB 1,207,773 million in 2025, with available credit facilities of RMB 2,392,874 million and RMB 2,104,545 million respectively[36] - Accounts payable is expected to decrease from RMB 620,679 million in 2024 to RMB 466,081 million in 2025[34] Revenue Projections - Total net revenue for 2023 was RMB 8,812,013, expected to grow to RMB 9,422,229 in 2024 and RMB 9,945,483 in 2025, representing a CAGR of approximately 6.4%[12] - Product sales for 2023 were RMB 3,357,202, projected to increase to RMB 3,466,928 in 2024 and RMB 3,849,559 in 2025, indicating a growth of 14% from 2024 to 2025[12] - Revenue from e-commerce services for the year ending December 31, 2023, is RMB 5,528,901, expected to grow to RMB 6,070,699 in 2024 and RMB 6,261,439 in 2025, indicating a compound annual growth rate (CAGR) of about 6.5%[22] - Revenue from brand management services is projected to increase from RMB 1,264,987 in 2023 to RMB 1,469,561 in 2024, and further to RMB 1,841,645 in 2025, reflecting a growth rate of approximately 16% year-over-year[22] - The company’s revenue from digital marketing and IT solutions is expected to rise from RMB 1,735,776 in 2023 to RMB 2,120,944 in 2024, and RMB 2,301,523 in 2025, indicating a significant growth trajectory[22] Loss and Expenses - The company reported a net loss of RMB (222,776) for 2023, with expected losses of RMB (138,384) in 2024 and RMB (199,580) in 2025[14] - Other comprehensive loss for 2023 was RMB (206,203), with a forecasted total comprehensive loss of RMB (212,286) in 2025[15] - The company reported a significant goodwill impairment of RMB 20,742 thousand for 2024, with a substantial increase to RMB 229,359 thousand in 2025, translating to USD 32,797 thousand[106] - Sales and marketing expenses increased by 13.8% to RMB 3,847.2 million, driven by increased digital marketing contributions[66] Strategic Initiatives - The company plans to enhance its service revenue, which was RMB 5,454,811 in 2023, projected to reach RMB 6,095,924 by 2025[12] - The company is actively engaged in expanding its service offerings and enhancing its technological capabilities to maintain competitive advantages in the e-commerce sector[22] - The company has established a comprehensive e-commerce solution framework, including services such as online store design, visual marketing, and logistics, which are critical for its growth strategy[22] - The company aims to achieve an annual non-GAAP operating profit of at least RMB 550 million by 2028[59] Shareholder Information - The board does not recommend any final dividends for the fiscal years ending December 31, 2024, and 2025[37] - A total of 2,533,803 shares have been canceled as of 2025, reflecting ongoing capital management efforts[38] - The company announced a share repurchase plan of up to $20 million over the next 12 months, having repurchased shares worth $13.3 million and $1.4 million in 2024 and 2025 respectively[38] Compliance and Governance - The audit committee reviewed the annual financial performance and confirmed compliance with relevant accounting standards and regulations[97] - The company emphasizes the use of non-GAAP financial measures to assess operational performance, excluding non-cash expenses such as share-based compensation and intangible asset amortization from acquisitions[100][101] - The company encourages a comprehensive review of its financial data rather than relying on a single financial metric, highlighting the limitations of non-GAAP measures[103]

Financial Performance - For the fiscal year ending December 31, 2025, the company's revenue was HKD 166.7 million, an increase of 37.1% compared to HKD 121.6 million in the fiscal year 2024[5] - The gross profit for the fiscal year 2025 was HKD 77.0 million, up 24.2% from HKD 62.0 million in fiscal year 2024[5] - The profit before tax for the fiscal year 2025 was HKD 33.5 million, a significant increase of 2,797.3% from HKD 1.2 million in fiscal year 2024[5] - The net profit for the fiscal year 2025 was HKD 22.1 million, recovering from a net loss of HKD 9.3 million in fiscal year 2024[5] - Basic and diluted earnings per share for fiscal year 2025 were HKD 1.92, recovering from a loss of HKD 0.79 in fiscal year 2024[6] - The group achieved a pre-tax profit of HKD 33,464,000 for the year ending December 31, 2025, compared to HKD 1,155,000 in 2024[23][26] - The net profit attributable to owners of the company was HKD 21.3 million in FY2025, compared to a loss of HKD 8.7 million in FY2024, marking a turnaround from loss to profit[57] Revenue and Sales - Revenue from customer contracts for the year 2025 reached HKD 148,557,000, a 44.3% increase from HKD 102,989,000 in 2024[21] - The group reported a total segment revenue of HKD 166,699,000 for 2025, compared to HKD 121,616,000 in 2024, reflecting a growth of 37.1%[21] - Revenue from external sales in Indonesia for 2025 was HKD 93,068,000, up from HKD 73,509,000 in 2024, marking a growth of 26.6%[23][24] - Major customer revenue from China for the fiscal year ending December 31, 2025, was HKD 73,631,000, up from HKD 48,107,000 in 2024[30] Expenses and Costs - Administrative expenses decreased to HKD 31.4 million in fiscal year 2025 from HKD 34.1 million in fiscal year 2024[6] - Research and development expenses were HKD 0.5 million in fiscal year 2025, down from HKD 3.2 million in fiscal year 2024[6] - The total cost of sales rose by HKD 30.1 million or 50.5% from HKD 59.6 million in FY2024 to HKD 89.7 million in FY2025, mainly due to increased construction costs from the Rugao expansion and direct costs from the Bangka project[49] - The group's gross profit increased, but the gross profit margin declined due to rising construction costs and operational expenses related to projects[46] Assets and Liabilities - Total assets increased to HKD 452,591,000 in 2025 from HKD 405,772,000 in 2024, reflecting a growth of about 11.5%[9] - Non-current assets decreased to HKD 54,165,000 in 2025 from HKD 55,405,000 in 2024, a decline of approximately 2.25%[8] - Current liabilities decreased to HKD 62,723,000 in 2025 from HKD 110,942,000 in 2024, a reduction of approximately 43.4%[8] - The total liabilities for the group as of December 31, 2025, were HKD 240,087,000, a decrease from HKD 263,909,000 in 2024[25] - The asset-liability ratio improved from 80.0% as of December 31, 2024, to 67.6% as of December 31, 2025, reflecting better financial health[46] Cash Flow and Financing - Cash and cash equivalents increased to HKD 49,030,000 in 2025 from HKD 35,091,000 in 2024, a growth of approximately 39.7%[8] - The total financing costs for the fiscal year ending December 31, 2025, were HKD 11,543,000, a decrease from HKD 12,117,000 in 2024[30] - Total bank borrowings amounted to HKD 49.0 million as of December 31, 2025, with HKD 33.0 million due on demand and HKD 16.0 million due within three years[59] - Cash deposits of HKD 16.9 million were pledged as collateral for interest-bearing bank borrowings as of December 31, 2025, down from HKD 30.8 million as of December 31, 2024[62] Dividends and Shareholder Information - The board of directors did not recommend a final dividend for the fiscal year 2025, consistent with the previous fiscal year[5] - No dividends were proposed for the fiscal years ending December 31, 2025, and 2024[35] - The board does not recommend the payment of a final dividend for the fiscal year 2025, reflecting a commitment to retain funds for future strategic plans and operational needs[72] Corporate Governance - The company has established an audit committee in compliance with Listing Rule 3.21 and Corporate Governance Code D.3, consisting of three members, including independent non-executive director Ms. Wu Song-en as the chair[77] - The company has adopted the standard code for securities trading as per Appendix C3 of the Listing Rules, confirming that all directors have complied with the code throughout the fiscal year 2025[78] - The external auditor confirmed that the financial figures presented are consistent with the audited consolidated financial statements for the fiscal year 2025[76] Operational Highlights - The group completed the expansion of the Rugao wastewater treatment project, increasing its capacity from 40,000 tons to 50,000 tons, which is expected to enhance revenue contributions in the coming year[43] - The biomass power supply business in Bangka Island achieved full-year operations, maintaining stable operational efficiency despite facing logistical challenges[44] - The sales revenue from the wood pellet production business increased, driven by improved operational efficiency and rising global wood pellet prices[45] - The group plans to focus on monitoring its wastewater treatment capacity and improving its renewable energy business while maintaining cost control and financial discipline[47]

Financial Performance - Revenue for the year ended December 31, 2025, was HKD 423 million, an increase of 2.1% compared to HKD 414.1 million in 2024[2] - Operating profit before fair value changes of investment properties was HKD 217.8 million, up 7.9% from HKD 201.9 million in 2024[2] - Loss attributable to shareholders was HKD 186.7 million, representing a 36.6% increase from HKD 136.7 million in 2024[2] - The company reported a basic and diluted loss per share of HKD 31.0, compared to HKD 22.7 in 2024[5] - The company reported a pre-tax loss of HKD 186,659,000 for the year ended December 31, 2025, compared to a loss of HKD 137,679,000 in 2024, indicating a deterioration in performance[9] - The total comprehensive income for the group in 2025 was HKD 150,969,000, a significant improvement from a loss of HKD 137,679,000 in 2024[19][20] Assets and Liabilities - The net asset value attributable to shareholders as of December 31, 2025, was HKD 7.815 billion, with a net asset value per share of HKD 13.0[2] - Total assets less current liabilities amounted to HKD 9.248 billion as of December 31, 2025[8] - Non-current assets included investment properties valued at HKD 6.741 billion, an increase from HKD 6.682 billion in 2024[7] - Current liabilities decreased to HKD 1.288 billion from HKD 1.409 billion in 2024[8] - As of December 31, 2025, the equity attributable to shareholders was HKD 3,831,200,000, down from HKD 3,923,500,000 in 2024[38] - The total liabilities of the company were HKD 139,283,000, a decrease from HKD 152,312,000 in 2024[34] Cash Flow and Investments - The net cash generated from operating activities was HKD 252,395,000, down from HKD 377,658,000 in 2024, highlighting a significant decline in cash flow[10] - The company experienced a net cash outflow from investing activities of HKD 78,541,000, a stark contrast to the inflow of HKD 797,590,000 in the previous year, indicating reduced investment activity[10] - Total cash and cash equivalents at the end of 2025 were HKD 1,607,154,000, down from HKD 2,447,750,000 at the end of 2024, showing a decrease in liquidity[10] - The company repaid bank loans totaling HKD 1,702,325,000 in 2025, compared to HKD 1,832,700,000 in 2024, reflecting a strategy to reduce leverage[10] - The company received HKD 128,000,000 from the sale of investment properties, indicating active asset management and divestment strategies[10] Revenue Segmentation - For the year ending December 31, 2025, the total revenue from property investment was HKD 216,939,000, an increase from HKD 206,045,000 in 2024, representing a growth of approximately 0.9%[19] - The hotel operations segment generated revenue of HKD 176,672,000 in 2025, down from HKD 181,993,000 in 2024, indicating a decline of about 2.3%[19] - The financial investment segment reported income of HKD 29,349,000 for 2025, compared to HKD 26,096,000 in 2024, reflecting an increase of approximately 8.6%[22] Dividends - Proposed final dividend for the year ended December 31, 2025, is HKD 0.03 per share[2] - The total dividend for the year, including the interim dividend of HKD 0.02 per share, amounts to HKD 0.05 per share[35] Operational Efficiency - Operating cash flow before changes in working capital was HKD 224,161,000, an increase from HKD 211,507,000 in the previous year, reflecting improved operational efficiency[9] - The group’s total operating expenses for 2025 were HKD 52,833,000, compared to HKD 48,274,000 in 2024, marking an increase of about 9.5%[19][20] Market and Economic Outlook - The global economic growth forecast for 2026 is 3.3%, with China's economy expected to grow by 5% in 2025, supported by government stimulus measures[53] - The Hong Kong tourism sector is projected to see visitor numbers near 50 million in 2025, with improvements expected in 2026 due to major events and new facilities[54] - The UK economy is expected to grow by only 1.3% in 2025, with the group's UK property portfolio supported by long-term leases from reputable tenants[54] Corporate Governance - The company has adhered to the corporate governance code principles as outlined in the listing rules during the year ended December 31, 2025[56] - The audit committee, composed of three independent non-executive directors, reviewed the audited consolidated financial statements for the year ended December 31, 2025[57] Future Plans - The board recommends amending the existing company bylaws and adopting new bylaws to provide greater flexibility for the company to purchase or acquire shares as treasury stock[59] - The proposed amendments and new bylaws will be subject to approval by shareholders at the upcoming 2026 Annual General Meeting[59] - The company expects no significant refinancing needs until 2026, indicating sufficient financial flexibility and liquidity[47]

Financial Performance - The company's revenue for the fiscal year ending December 31, 2025, was RMB 1,095,912,000, a decrease of 14.6% from RMB 1,282,266,000 in 2024[2] - Gross profit increased to RMB 72,520,000, up 72% from RMB 42,205,000 in the previous year[2] - Operating profit rose significantly to RMB 23,580,000, compared to RMB 5,095,000 in 2024, marking a substantial improvement[2] - The company reported a net loss of RMB 6,695,000 for the year, an improvement from a loss of RMB 11,741,000 in 2024[2] - The company reported revenue from customer contracts for yarn sales of RMB 1,095,912 thousand in 2025, a decrease of 14.6% from RMB 1,282,266 thousand in 2024[22] - Interest income for 2025 was RMB 2,380 thousand, down from RMB 2,800 thousand in 2024, reflecting a decline of 15.0%[22] - Government subsidies decreased significantly to RMB 689 thousand in 2025 from RMB 12,825 thousand in 2024, a drop of 94.6%[22] - The company’s total financial costs, including bank and other borrowing interest, were RMB 15,971 thousand in 2025, down from RMB 18,912 thousand in 2024, a reduction of 15.4%[22] - The company reported a net loss of RMB 6,695,000 for the year ending December 31, 2025, compared to a net loss of RMB 11,741,000 in 2024, representing a 43.5% improvement year-over-year[28] - The cost of goods sold for the year was RMB 1,023,392,000, a decrease from RMB 1,240,061,000 in 2024, indicating a reduction of approximately 17.5%[26] - The net loss attributable to the company's owners decreased from approximately RMB 11.7 million for the year ended December 31, 2024, to approximately RMB 6.7 million for the year ended December 31, 2025, a reduction of about RMB 5 million or 43.0%[54] Assets and Liabilities - Current liabilities exceeded current assets by RMB 104,521,000, indicating significant liquidity concerns[5] - Total assets less current liabilities amounted to RMB 696,643,000, down from RMB 713,350,000 in the previous year[3] - Non-current assets decreased to RMB 801,164,000 from RMB 909,274,000 in 2024, primarily due to a reduction in property, plant, and equipment[3] - The company’s net assets stood at RMB 652,980,000, down from RMB 676,792,000 in the previous year[4] - The company's current liabilities exceeded its current assets by approximately RMB 104,521,000 as of December 31, 2025, raising concerns about its going concern status[37] - Cash and bank balances as of December 31, 2025, were approximately RMB 293.7 million, an increase from RMB 209.1 million as of December 31, 2024[56] - Total interest-bearing borrowings as of December 31, 2025, were approximately RMB 380.8 million, a decrease from RMB 412.7 million as of December 31, 2024[57] - The group's net current liabilities and net assets are approximately RMB 10.45 million and RMB 65.30 million, respectively, compared to RMB 19.59 million and RMB 67.68 million as of December 31, 2024[58] - The group holds foreign currency monetary assets and liabilities valued at approximately RMB 11.40 million and RMB 5.30 million, respectively, as of December 31, 2025[59] - The group has no contingent liabilities as of December 31, 2025[60] Production and Sales - The group’s yarn product sales volume decreased by 4.6% from approximately 101,534 tons in the year ended December 31, 2024, to about 96,840 tons in the year ended December 31, 2025[42] - Yarn product revenue fell by 14.5% from approximately RMB 1.282 billion in the year ended December 31, 2024, to about RMB 1.096 billion in the year ended December 31, 2025[42] - The group’s yarn production volume slightly decreased by 1.6% from approximately 100,828 tons in the year ended December 31, 2024, to about 99,234 tons in the year ended December 31, 2025[42] - The average international cotton price slightly declined to approximately $0.62 per pound by the end of 2025, compared to around $0.65 per pound earlier in the year[40] - The group has signed contracts to purchase a total of 24 Murata air-jet spinning machines, which utilize revolutionary spinning technology to improve production efficiency and reduce costs[44] - The group plans to convert its production from polyester yarn to grey polyester color yarn in its fifth workshop, which has a capacity of about 40,000 spindles, to enhance profit margins[45] - The group will continue to optimize production facility configurations to respond flexibly to market changes and improve operational efficiency[43] - The group plans to advance the construction of Workshop No. 10, which will house 24 jet air spinning machines, with the first 12 units expected to be delivered in April 2026[66] Expenses and Costs - Distribution and selling expenses decreased from approximately RMB 23.8 million for the year ended December 31, 2024, to approximately RMB 21.6 million for the year ended December 31, 2025, a reduction of about RMB 2.2 million or 9.2%[50] - Administrative expenses slightly decreased from approximately RMB 49.2 million for the year ended December 31, 2024, to approximately RMB 47.1 million for the year ended December 31, 2025, a decline of about RMB 2.1 million or 4.3%[51] - Financial costs decreased from approximately RMB 18.9 million for the year ended December 31, 2024, to approximately RMB 16 million for the year ended December 31, 2025, a reduction of about RMB 2.9 million or 15.6%[52] Corporate Governance and Compliance - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules for the year ending December 31, 2025[71] - The board of directors confirmed adherence to the standard code for securities trading for the year ending December 31, 2025[72] - The audit committee reviewed the accounting principles and policies adopted by the group for the year ending December 31, 2025[73] - The financial statements for the year ending December 31, 2025, are consistent with the draft consolidated financial statements prepared by the group[74] - The annual performance announcement will be published on the Hong Kong Stock Exchange website and the company's website[75] Employee and Shareholder Information - The total number of employees as of December 31, 2025, is 2,190, a decrease from 2,410 as of December 31, 2024[61] - The board does not recommend the distribution of a final dividend for the year ending December 31, 2025[68] - The company expressed gratitude to management, employees, customers, suppliers, shareholders, and government departments for their support[76] - The board of directors includes executive and non-executive members as of March 25, 2026[77] Market Conditions - The textile industry continues to face challenges, with China's GDP growth at approximately 5.3% in 2025, slightly up from 5.0% in 2024, but domestic textile sales decreased by about 2.0% year-on-year[65]

Financial Performance - Total revenue for the year ended December 31, 2025, was approximately HKD 210,872,000, representing an increase of about 31% compared to HKD 160,754,000 in 2024[4] - Loss attributable to owners of the company for the year was approximately HKD 27,188,000, compared to a loss of HKD 26,473,000 in 2024[5] - Total comprehensive loss for the year was HKD 18,137,000, an improvement from a loss of HKD 36,486,000 in 2024[6] - Basic and diluted loss per share for the year was HKD 0.027, compared to HKD 0.026 in 2024[6] - The company reported a significant increase in cash and cash equivalents, reaching HKD 86,468,000 in 2025, compared to HKD 49,060,000 in 2024[7] - The company reported a total comprehensive loss of HKD 36,486,000 for the year, which includes a loss of HKD 26,473,000[9] - The company reported a pre-tax loss of approximately HKD 28,040,000 for the year, slightly higher than the loss of HKD 27,103,000 in 2024[57] Assets and Liabilities - Non-current assets increased to HKD 678,978,000 in 2025 from HKD 654,879,000 in 2024[7] - Current assets rose to HKD 120,714,000 in 2025, up from HKD 101,427,000 in 2024[7] - Total liabilities increased to HKD 554,379,000 in 2025 from HKD 494,944,000 in 2024[8] - Net assets decreased to HKD 245,313,000 in 2025 from HKD 261,362,000 in 2024[8] - Total assets increased to HKD 799,692,000 in 2025 from HKD 756,306,000 in 2024, a growth of 6%[30] - The group had cash and bank balances of approximately HKD 86,468,000, an increase from HKD 49,060,000 in 2024[59] - The capital-to-debt ratio as of December 31, 2025, was approximately 227%, with borrowings of about HKD 453,428,000[61] Revenue Breakdown - Revenue from external customers for gas sales and distribution amounted to HKD 136,908,000, while revenue from biomass gasification products was HKD 32,938,000[26] - Revenue from the sale and distribution of natural gas was HKD 136,908,000 in 2025, up from HKD 106,968,000 in 2024, reflecting a 28% increase[36] - Revenue from biomass gasification products increased to HKD 32,938,000 in 2025 from HKD 23,418,000 in 2024, marking a growth of 41%[36] - Revenue from natural gas transportation services rose significantly to HKD 26,635,000 in 2025, compared to HKD 14,519,000 in 2024, a growth of 83%[36] Dividends and Reserves - The company proposed not to declare any dividends for the year ended December 31, 2025, consistent with the previous year[4] - The company plans to transfer HKD 2,369,000 to statutory surplus reserves[10] Operational Insights - The company’s main business includes the sale and distribution of natural gas and related products in China[11] - The gas business remains a cornerstone of the company's operations, supported by government policies promoting clean energy usage in China[50] - The biomass gasification heating business in Huaining County, Anhui Province, is expected to become an increasing source of revenue due to strong heating demand in the region[51] - The company has entered into a gas transportation agreement with Yichang Zhongji Thermal Power Co., with an initial transportation fee of RMB 0.298 per cubic meter of gas[54] - The company anticipates improvements in revenue driven by the growth of its clean energy business, particularly in Yichang in 2026[57] Employee and Compensation - The total employee compensation for the year was approximately HKD 23,711,000, including director remuneration[68] - The group has 10 full-time employees in Hong Kong and 151 full-time employees in China as of December 31, 2025[68] Future Outlook and Strategic Initiatives - The board is optimistic about the future of the gas business, considering measures to expand industrial user adoption and establish dedicated gas network departments[50] - The board is actively exploring potential investment opportunities to enhance long-term value and ensure sustainable growth[58] - The group continues to implement measures to strengthen control over operating expenses to improve profitability and generate positive cash flow from operations[23] Financial Reporting Standards - The company adopted revised Hong Kong Financial Reporting Standards effective January 1, 2025, which did not impact its financial statements[12] - The group is currently analyzing the impact of the new Hong Kong Financial Reporting Standard 18 on its financial statement presentation and disclosures[19] - The group expects that the adoption of the new financial reporting standards will not have a significant impact on its operations or consolidated financial statements[18] - The group has updated disclosure requirements for financial instruments that may lead to changes in cash flows, particularly those with environmental, social, and governance characteristics[16]

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，概不對因本公佈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。 聯 合 集 團 有 限 公 司 (ALLIED GROUP LIMITED) （於香港註冊成立之有限公司） （股份代號：373） 二零二五年度之經審核業績公佈 聯 合 集 團 有 限 公 司（「本 公 司」）之 董 事 會（「董 事 會」）宣 佈 本 公 司 及 其 附 屬 公 司（「本 集 團」）截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 之 經 審 核 綜 合 業 績 如 下： 綜合損益表 截至二零二五年十二月三十一日止年度 | | 二零二四年 | | | | | | 二零二五年 | | --- | --- | --- | --- | --- | --- | --- | --- | | 百萬港元 | 百萬港元 | | | | | 附 註 | | | 15,068.1 | 7,584.5 | 收 入 | | | | (3) | | | 2,104.8 | 666.2 | 投資收 ...

Financial Performance - Total net revenue for Q4 2025 was RMB 3,172.2 million (USD 453.6 million), an increase of 5.9% year-over-year from RMB 2,994.4 million[9]. - Operating profit for Q4 2025 reached RMB 175.5 million (USD 25.1 million), a significant increase of 139.8% compared to RMB 73.2 million in the same quarter last year[9]. - Adjusted operating profit under non-GAAP was RMB 197.7 million (USD 28.3 million), up 91.4% year-over-year from RMB 103.3 million[9]. - Total net revenue for the fiscal year 2025 was RMB 9,945.5 million (USD 1,422.2 million), representing a year-on-year increase of 5.6% compared to RMB 9,422.2 million in fiscal year 2024[16]. - Operating profit improved to RMB 56.6 million (USD 8.1 million) with an operating profit margin of 0.6%, compared to an operating loss of RMB 114.8 million in fiscal year 2024[16]. - The company reported a net loss attributable to ordinary shareholders of RMB 38.0 million (USD 5.4 million) for Q4 2025, compared to a net profit of RMB 0.1 million in Q4 2024[11]. - Non-GAAP net profit attributable to ordinary shareholders was RMB 159.6 million (USD 22.8 million), a 249.1% increase from RMB 45.7 million in the same quarter last year[11]. - The net loss attributable to ordinary shareholders was RMB 242.1 million (USD 34.6 million), compared to a net loss of RMB 185.2 million in fiscal year 2024[16]. Revenue Breakdown - E-commerce product sales revenue was RMB 574.5 million (USD 82.2 million), slightly increasing from RMB 571.7 million in the previous year[19]. - Service revenue for Q4 2025 was RMB 1,934.4 million (USD 276.6 million), a 2.4% increase from RMB 1,888.5 million in the same quarter last year[19]. - Brand management segment revenue reached RMB 663.8 million, a year-on-year growth of 24.0%[18]. - E-commerce product sales revenue was RMB 2,009.8 million (USD 287.4 million), slightly up from RMB 1,999.6 million in fiscal year 2024, representing a 1% increase[34]. - Brand management product sales revenue was RMB 1,841.6 million (USD 263.4 million), a 25.3% increase from RMB 1,469.6 million in fiscal year 2024, attributed to improved sales strategies and marketing activities[34]. - Service revenue was RMB 6,095.9 million (USD 871.7 million), a 2.4% increase from RMB 5,955.3 million in fiscal year 2024, mainly due to an 8.3% increase in online store operation revenue[34]. Operating Metrics - The operating profit margin for Q4 2025 improved to 5.5%, up from 2.4% in Q4 2024[9]. - The total gross profit margin for the year ended December 31, 2025, was approximately 12.5%, compared to 11.5% in 2024[73]. - The company reported a total operating profit for the year ended December 31, 2025, of RMB 56.6 million, a significant improvement from an operating loss of RMB 114.8 million in 2024[73]. - For the three months ended December 31, 2024, the operating profit was RMB 73,210,000, while for the same period in 2025, it increased to RMB 175,540,000, representing a growth of 139.5%[79]. Cash and Investments - Cash and cash equivalents, restricted cash, and short-term investments totaled RMB 2,795.3 million (USD 399.7 million) as of December 31, 2025, down from RMB 2,915.9 million a year earlier[11]. - The company reported an unrealized investment loss of RMB 4.4 million (USD 0.6 million) compared to an unrealized investment gain of RMB 20.9 million in the same period last year, primarily due to declines in the trading prices of invested listed companies[30]. - The company incurred an unrealized investment loss of RMB 16.6 million (USD 2.4 million) this fiscal year, compared to an unrealized investment gain of RMB 4.9 million in the fiscal year 2024[44]. Future Outlook and Strategy - The company aims to continue expanding its brand management platform and deepen partnerships with brand partners for sustainable long-term growth[6]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[75]. - The company is exploring potential mergers and acquisitions to further expand its market presence and enhance service offerings[64]. - The company aims to achieve an operating profit of at least RMB 550 million by the fiscal year 2028 under non-GAAP standards[55]. - Key drivers for achieving this target include improved e-commerce profit margins, economies of scale in brand management, and strategic synergies between e-commerce and brand management[55]. Non-GAAP Measures - The company utilizes several non-GAAP financial measures to assess its business performance, including operating profit, operating profit margin, net profit, and net profit margin[58]. - Non-GAAP operating profit is defined as operating profit excluding share-based compensation, intangible asset amortization from business acquisitions, goodwill impairment, and costs related to the repurchase of American Depositary Shares[59]. - Non-GAAP net profit is defined as net profit excluding several specific costs and losses, providing a clearer view of the company's ongoing business operations[60]. - The company believes that non-GAAP financial measures offer useful information to investors by excluding non-recurring items that may not reflect core operating performance[60]. - Non-GAAP financial measures may differ from those used by other companies, which could limit comparability of financial performance[61].

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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00548） 2025 年年度業績初步公告 一、 重要提示 1.1 本公司 2025 年年度業績初步公告摘自本公司 2025 年年度報告全文，投資者欲了 解詳細內容，應當仔細閱讀將刊載於上交所網站 http://www.sse.com.cn 及披露易 網站 http://www.hkexnews.com.hk 的年度報告全文。 按照上市規則附錄 D2 的規定須載列於年度業績初步公告的所有數據，已收錄在本 公司刊登於披露易網站的 2025 年年度業績初步公告中。 本公司 2025 年度財務報表按照中國企業會計準則編制，並同時遵循香港公司條例 以及上市規則的披露要求。 除特別說明外，本公告中之金額幣種為人民幣。 1.2 公司簡介 | 股票種類 | A 股 | H 股 | | --- | --- | --- | | 股票簡稱 | 深高速 | 深圳高速 | ...

Financial Performance - Revenue increased by 103.9% to HKD 7,239,879,000 (2024: HKD 3,551,066,000) [4] - Operating profit surged by 1,252.4% to HKD 194,365,000 (2024: HKD 14,372,000) [4] - EBITDA rose by 174.8% to HKD 832,511,000 (2024: HKD 302,928,000) [4] - Loss attributable to shareholders decreased by 10.1% to HKD 162,268,000 (2024: HKD 180,550,000) [4] - Total comprehensive loss for the year was HKD 175,270,000, compared to HKD 242,487,000 in 2024 [6] - The company reported a consolidated loss before tax of HKD 144,914,000 for 2025, an improvement from a loss of HKD 176,529,000 in 2024 [21] - Basic and diluted loss per share for 2025 was HKD 3.84, an improvement from HKD 4.52 in 2024 [26] Assets and Liabilities - Non-current assets amounted to HKD 8,173,723,000, down from HKD 8,654,017,000 in 2024 [7] - Current liabilities increased to HKD 1,878,937,000 from HKD 1,763,958,000 in 2024 [7] - Total equity rose to HKD 2,240,349,000 from HKD 1,070,080,000 in 2024 [8] - Cash and bank balances decreased to HKD 291,210,000 from HKD 487,969,000 in 2024 [7] - Total assets decreased slightly to HKD 9,838,408,000 in 2025 from HKD 9,870,154,000 in 2024 [21] - Total liabilities decreased to HKD 7,598,059,000 in 2025 from HKD 8,800,074,000 in 2024 [21] - As of December 31, 2025, the group's net current liabilities amounted to HKD 214,252,000, with available bank financing of HKD 351,047,000 [10] Revenue Breakdown - Revenue from the sale of oil and petrochemical products was HKD 2,612,628,000 in 2025, compared to HKD 1,649,647,000 in 2024, marking a year-over-year increase of about 58.5% [14] - Ticket revenue surged to HKD 3,903,249,000 in 2025, up from HKD 1,538,763,000 in 2024, reflecting a growth of approximately 154% [14] - Advertising revenue increased to HKD 538,078,000 in 2025, compared to HKD 189,435,000 in 2024, which is an increase of around 184% [14] - Revenue from external customers in Hong Kong for 2025 was HKD 4,477,153,000, up from HKD 1,742,517,000 in 2024, representing a growth of 157.5% [23] - Revenue from external customers in Mainland China for 2025 was HKD 2,762,726,000, a decrease from HKD 1,808,549,000 in 2024 [23] Operational Highlights - The group completed the acquisition of 70% of BTHL, making it a non-wholly owned subsidiary, which primarily operates bus services under the "Citybus" brand in Hong Kong [43] - The number of bus routes operated by the company in Hong Kong increased from 235 in 2024 to 240 in 2025, with a fleet size of 1,744 registered buses [57] - The bus fleet utilization rate improved to 91.1% in 2025 from 90.4% in 2024 [57] - The company served approximately 360.2 million passengers in 2025, averaging about 1 million passengers per day [58] - The average occupancy rate of oil and petrochemical storage tanks was 91.3%, a decrease of 3.3 percentage points compared to the previous year [50] Financing and Investments - The company has successfully secured approximately HKD 2.8 billion in new loan financing to support business development and strategic investments [64] - Total bank and other loans increased to HKD 3,186,944,000 in 2025 from HKD 2,394,795,000 in 2024, reflecting a growth of 33% [37] - The company remains confident in its financial resources to meet future debt obligations and support operational needs, while closely monitoring capital and debt market developments [78] - The group has provided various properties, equipment, and receivables as collateral for bank financing [88] Future Outlook - The company anticipates that global macroeconomic trends and geopolitical factors will create operational uncertainties, but expects its diversified platform to maintain resilience and growth [61] - The management maintains a cautiously optimistic outlook for the group's medium to long-term development prospects, focusing on optimizing revenue structure and profitability across its three main sectors: public transport, media advertising, and energy [65] - The group anticipates continued support for passenger volume and route optimization demand due to ongoing government investments in infrastructure and the normalization of travel activities [62] Miscellaneous - The board does not recommend any final dividend for the year ending December 31, 2025, compared to 1.5 HK cents in the previous year [92] - The group has no significant investments or future capital asset acquisition plans as of the report date [83] - The group has no significant contingent liabilities as of December 31, 2025 [90] - The group's financial performance for the year ending December 31, 2025, has been reviewed by the audit committee [97] - The group's auditor, KPMG, confirmed that the financial data in the preliminary announcement aligns with the consolidated financial statements [98]