Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 12.726 million, with no revenue reported for the previous year [5]. - Other income and gains decreased to RMB 20.673 million from RMB 61.644 million in 2024, representing a decline of approximately 66.5% [7]. - The company reported a pre-tax loss of RMB 608.230 million, compared to a loss of RMB 561.897 million in 2024, indicating a worsening of approximately 8.5% [7]. - The basic and diluted loss per share for the year was RMB 1.15, slightly improved from RMB 1.16 in 2024 [7]. - The company has tax losses of RMB 4,747,986 thousand as of December 31, 2025, compared to RMB 3,905,598 thousand in 2024, indicating a growing tax loss position [41]. - Financial costs increased to RMB 23,956 thousand in 2025, up 26.5% from RMB 18,897 thousand in 2024 [37]. - The company received government grants totaling RMB 15,971 thousand in 2025, down 40.8% from RMB 27,005 thousand in 2024 [34]. - The company reported a net foreign exchange gain of RMB 303 thousand in 2025, a significant decline from RMB 8,974 thousand in 2024 [34]. Assets and Liabilities - The total non-current assets as of December 31, 2025, were RMB 1.224 billion, down from RMB 1.285 billion in 2024, a decrease of about 4.7% [8]. - Current assets decreased to RMB 538.162 million from RMB 655.129 million in 2024, a decline of approximately 18% [8]. - Total current liabilities were RMB 538.249 million, down from RMB 839.420 million in 2024, a reduction of about 36% [8]. - The company recorded a net current liability of RMB 87,000 as of December 31, 2025, primarily due to short-term bank and other borrowings [17]. - The company’s net assets increased to RMB 705.838 million from RMB 529.324 million in 2024, reflecting an increase of approximately 33.4% [9]. Research and Development - The company incurred research and development costs of RMB 520,702 thousand in 2025, an increase of 9.3% from RMB 476,124 thousand in 2024 [36]. - The total R&D cost for the year ending December 31, 2025, was RMB 520.7 million, with no R&D costs capitalized during the same period [91]. - The company has developed a comprehensive vaccine innovation engine, which includes advanced platforms for adjuvant development, protein engineering, and immune evaluation, enhancing its capability to discover and develop innovative vaccines [53]. - The company has developed four advanced technology platforms for adjuvant development, protein engineering, immune evaluation, and process development, enhancing its vaccine candidate pipeline [90]. - The company is focused on developing vaccines, including the nine-valent HPV vaccine, which protects against nine types of HPV infections and diseases [158]. Vaccine Development - The company completed the full vaccination of all participants in the clinical study for the new adjuvanted recombinant shingles vaccine REC610, with 24,640 participants recruited across 18 research centers [3]. - The recombinant nine-valent HPV vaccine REC603 is progressing towards international commercialization, with agreements signed with leading companies in India and Russia [4]. - The vaccine pipeline includes over 10 candidate vaccines targeting significant diseases such as HPV and herpes zoster, with REC610 in the Chinese market application stage and REC603 in Phase III clinical trials [55]. - REC610, a new adjuvanted recombinant herpes zoster vaccine, has completed enrollment of 24,640 participants in Phase III trials across 18 centers in China, with results showing good safety and immunogenicity comparable to Shingrix® [59]. - The company has received IND approval for REC603, a recombinant nine-valent HPV vaccine, and is currently in a critical Phase III clinical stage in China [60]. Financial Strategy and Governance - The company plans to issue up to 143,112,702 domestic shares at a price of RMB 5.59 per share, with the issuance completed by December 17, 2025 [129]. - The company raised approximately RMB 800,000,004 for business development, enhancing competitiveness and ensuring sustainable growth [130]. - The company has complied with all applicable corporate governance code provisions during the reporting period, except for a temporary gender imbalance in the nomination committee [136]. - The company maintains high standards of corporate governance to protect shareholder interests and enhance corporate value [135]. - The board does not recommend the distribution of a final dividend for the year ending December 31, 2025 [147]. Market and Operational Outlook - The company plans to accelerate the development and commercialization of candidate vaccines and enhance its R&D capabilities [97]. - The company aims to strengthen its international strategy through "going out" and "bringing in" initiatives [97]. - The company is focused on integrating product development (IPD) to improve communication and efficiency across its value chain [158]. - The company is committed to addressing public health challenges, including those posed by SARS-CoV-2, the virus responsible for COVID-19 [162]. - The company emphasizes the importance of quality management practices in pharmaceutical production [157].

Financial Performance - Total revenue for the year ended December 31, 2025, was $374,740,000, a decrease of 1.4% from $380,184,000 in 2024[2] - Gross profit increased slightly to $66,468,000, compared to $66,243,000 in the previous year, reflecting a growth of 0.3%[3] - Net profit for the year was $17,081,000, up 6.3% from $16,071,000 in 2024[4] - Earnings per share (EPS) increased to 1.12 cents, compared to 1.05 cents in the previous year, representing a growth of 6.7%[4] - Total comprehensive income for the year was $17,927,000, up 16.8% from $15,318,000 in 2024[5] - The overall gross margin increased from 17.4% in 2024 to 17.7% in 2025, with gross profit amounting to $66.47 million, an increase of $0.225 million year-on-year[37] - Net profit for 2025 was $17.08 million, reflecting a net profit margin increase from 4.2% in 2024 to 4.6% in 2025, an increase of $1.01 million[37] Dividends - Proposed final dividend per share was 0.8200 cents, an increase from 0.5700 cents in 2024[2] - The company declared a final dividend of $0.820 per share for the fiscal year ending December 31, 2025, totaling $12.49 million, compared to $8.68 million in the previous year[29] - A final dividend of $0.82 per share is proposed for the fiscal year ending December 31, 2025, pending shareholder approval[74] Assets and Liabilities - Non-current assets decreased to $126,984,000 from $134,297,000, a decline of 5.4%[6] - Current assets increased to $258,613,000, compared to $234,394,000 in 2024, reflecting a growth of 10.3%[6] - Total liabilities increased to $78,530,000 from $66,275,000, an increase of 18.6%[7] - Total equity rose to $307,067,000 from $302,416,000, a growth of 1.8%[7] - The total amount of accounts payable increased to $17,178,000, an increase of $5,924,000 or approximately 52.6% compared to the previous period[59] Revenue Breakdown - Revenue from a single external customer in Japan amounted to approximately $36.60 million in 2025, down from $41.16 million in 2024, indicating a decrease of about 11.93%[18] - Revenue by geographic location for 2025 showed Vietnam at $154.32 million, China at $74.60 million, Japan at $63.41 million, and the USA at $33.80 million, with total revenue of $374.74 million[19] - Revenue from Vietnam decreased to $154,321,000, down by $11,635,000 or 7.0%, with its revenue share dropping from 43.7% to 41.2%[39] - China's revenue increased to $74,602,000, up by $18,457,000 or 32.9%, with its revenue share rising from 14.8% to 19.9%[40] - Revenue from Japan fell to $63,413,000, down by $6,191,000 or 8.9%, with its revenue share decreasing from 18.3% to 16.9%[41] - Revenue from the U.S. increased to $33,800,000, up by $4,261,000 or 14.4%, with its revenue share rising from 7.8% to 9.0%[42] - Revenue from ASEAN markets (excluding Vietnam) decreased to $26,049,000, down by $5,489,000 or 17.4%, with its revenue share dropping from 8.3% to 7.0%[43] - Other markets generated revenue of $22,555,000, down by $4,847,000 or 17.7%, with its revenue share decreasing from 7.2% to 6.0%[44] - Revenue from MSG and seasonings was approximately $202,441,000, down by $15,752,000 or 7.2%, with its share falling from 57.4% to 54.0%[46] - Revenue from modified starch, natural starch, and starch sugar was about $63,540,000, down by $6,829,000 or 9.7%[47] - Revenue from coffee bean products surged to $46,779,000, up by $27,676,000 or 144.9%, increasing its share from 5.0% to 12.5%[48] - Revenue from feed additives decreased to $27,113,000, down by $6,144,000 or 18.5%, with its share dropping from 8.7% to 7.2%[49] Trade and Receivables - The company reported net trade receivables of $32.58 million for 2025, slightly down from $33.58 million in 2024, reflecting a decrease of about 2.94%[21] - Trade receivables decreased to $32,578,000, a reduction of $998,000 or about 3.0% compared to the previous period[59] Economic Outlook - Foreign direct investment (FDI) in Vietnam for 2025 was approximately $38.4 billion, reflecting a year-on-year increase of 0.5%[33] - Vietnam's GDP growth rate for 2025 is projected to be approximately 8.2%, continuing the growth trend from 2024[61] - The average CPI year-on-year growth rate in Vietnam for the period was 3.31%, remaining below the government's target of 4.5%[64] - The economic growth rate in China is approximately 5%, indicating stable overall economic momentum despite structural pressures in manufacturing and real estate[65] Strategic Initiatives - The company will continue to monitor energy market changes and develop new supply sources to ensure stable raw material supply[54] - The group plans to expand its product line and optimize its product mix, focusing on developing high-value products to enhance market share and sales profit[66] - The company aims to actively explore new channels and markets, adjusting product positioning and sales methods to strengthen marketing and brand promotion[66] - Continuous improvement in production technology and efficiency is a priority, with a focus on utilizing idle equipment to enhance quality and reduce costs[66] - The group will enhance automation and accelerate the digitization of administrative processes, including the development of AI applications to improve decision-making efficiency[66] - The group will seek strategic alliances to effectively integrate resources and jointly develop markets, aiming for revenue and profit growth[66] Board of Directors - The board of directors consists of five executive directors and three independent non-executive directors[81] - The executive directors include Mr. Yang Tou-hsiung, Mr. Yang Cheng, Mr. Yang Kun-hsiang, Mr. Yang Chen-wen, and Mr. Yang Kun-chou[81] - The independent non-executive directors include Mr. Zhao Pei-hong, Mr. Ke Jun-zheng, Mr. Huang Zhong-feng, and Ms. Li Pei-fen[81]

Financial Performance - Q4 2025 net revenue was RMB 733.2 million (USD 104.9 million), an increase of 12.5% year-over-year and 15.9% quarter-over-quarter, primarily due to increased performance fee income from overseas private equity products[10]. - Q4 2025 operating income was RMB 257.7 million (USD 36.9 million), up 87.3% year-over-year, driven by the increase in net revenue and effective employee compensation cost control strategies[10]. - Q4 2025 net income attributable to Noah shareholders was RMB 12.8 million (USD 1.8 million), a decrease of 88.3% year-over-year, mainly due to increased losses from fair value changes in certain investments[10]. - For the full year 2025, net revenue was RMB 2,610.2 million (USD 373.3 million), a 0.4% increase from 2024[14]. - Full year 2025 operating income was RMB 776.7 million (USD 111.1 million), an increase of 22.5% year-over-year, attributed to employee compensation cost control strategies[14]. - Full year 2025 net income attributable to Noah shareholders was RMB 558.9 million (USD 79.9 million), a 17.5% increase from 2024, primarily due to reduced losses from fair value changes in investments[14]. - The company proposed a dividend amounting to 100% of the net income attributable to shareholders for the year under non-GAAP measures, reflecting confidence in long-term resilience[27]. - The net income for 2025 was RMB 557.2 million (USD 79.7 million), representing a 14.4% increase from 2024, with a net profit margin of 21.3%[58]. - The diluted earnings per American Depositary Share (ADS) for 2025 were RMB 7.94 (USD 1.14), up from RMB 6.75 in 2024[58]. - The non-GAAP net income attributable to shareholders for 2025 was RMB 611.9 million (USD 87.5 million), an increase of 11.2% from 2024[58]. Client and Market Growth - Total registered clients as of December 31, 2025, reached 467,870, a 1.3% increase from December 31, 2024, and a 0.4% increase from September 30, 2025[15]. - Active clients in Q4 2025 totaled 10,261, a 15.8% increase year-over-year, while the total for the full year was 18,450, a 7.2% increase from 2024[15]. - The number of overseas financial advisors increased to 140 as of December 31, 2025, representing a 1.4% increase from the previous year[21]. - The number of overseas registered customers increased by 13.2% to 19,993 as of December 31, 2025, compared to 17,654 in 2024[108]. Investment Products and Asset Management - The total value of investment products distributed in Q4 2025 was RMB 17 billion (USD 2.4 billion), a 4.4% increase year-over-year, with overseas investment products accounting for RMB 8.8 billion (USD 1.3 billion), up 24.3% year-over-year[15]. - The total value of distributed investment products for 2025 is RMB 67 billion (USD 9.6 billion), representing a 5.0% increase from 2024, primarily driven by a significant increase of 107.2% in domestic private securities fund distribution[17]. - The total value of distributed investment products in overseas markets for 2025 is RMB 8.8 billion, reflecting an 8.1% increase from the previous year[17]. - The total value of distributed investment products in mainland China for 2025 is RMB 33.3 billion, slightly up from RMB 32.8 billion in 2024[19]. - The total value of private equity products for 2025 is RMB 4.9 billion, representing 7.3% of all products, slightly down from 7.5% in 2024[18]. - The total value of private securities fund products for 2025 is RMB 23.1 billion, which is a 34.5% share of all products, up from 25.3% in 2024[18]. Operational Efficiency and Cost Management - The company adopted a refined segment reporting structure starting Q4 2024 to better reflect operational adjustments and organizational restructuring[7]. - The operating profit margin for Q4 2025 was 35.2%, up from 21.1% in Q4 2024[34]. - Operating costs and expenses for Q4 2025 were RMB 475.5 million ($68.0 million), a decrease of 7.5% year-over-year[31]. - The operating profit margin for FY 2025 was 29.8%, compared to 24.4% in FY 2024[50]. - The company reported a decrease in management fee income by 1.1% to RMB 624,589 thousand for the year ended December 31, 2025, compared to RMB 631,505 thousand in 2024[73]. - Total operating expenses decreased by 6.8% to RMB 1,833,576 thousand for the year ended December 31, 2025, down from RMB 1,967,093 thousand in 2024[73]. Strategic Initiatives and Future Outlook - The company is integrating AI into its operations, enhancing customer service and manager capabilities, which is expected to strengthen competitive advantages and support scalable growth[26]. - The company has optimized its revenue mix towards asset management scale-driven structures, indicating a strategic shift in focus[26]. - The company is committed to shareholder value sharing through a share buyback plan alongside the proposed dividend, demonstrating a long-term capital allocation philosophy[27]. - The company is focusing on expanding its service offerings and enhancing its technological capabilities to drive future growth[90]. Financial Position and Assets - The total asset management scale as of December 31, 2025, is RMB 141.7 billion (USD 20.3 billion), showing a slight decrease from RMB 143.5 billion as of September 30, 2025, and RMB 151.5 billion as of December 31, 2024[20]. - The total asset management scale in mainland China as of December 31, 2025, is RMB 99.3 billion (USD 14.2 billion), down from RMB 108.9 billion as of December 31, 2024[20]. - The total assets under management in overseas investments reached RMB 42.2 billion as of September 30, 2025, with private equity comprising 78.9% of this total[25]. - As of December 31, 2025, the company's cash and cash equivalents amounted to RMB 4,360.9 million (USD 623.6 million), an increase from RMB 3,822.3 million as of December 31, 2024[56]. - The company managed assets totaling RMB 1,417 billion (USD 203 billion) through its asset management subsidiaries as of December 31, 2025[62].

Financial Performance - Total revenue for the year ending December 31, 2025, reached RMB 3,269,574,326, an increase from RMB 2,576,732,56 in 2024, representing a growth of approximately 27%[2] - Gross profit for the same period was RMB 44,507,846, compared to RMB 40,688,869 in 2024, indicating a year-over-year increase of about 9%[2] - Net profit for the year was RMB 9,653,008, up from RMB 8,403,243 in 2024, reflecting a growth of approximately 15%[4] - Basic earnings per share increased to RMB 0.64 from RMB 0.53 in the previous year, marking a rise of about 21%[3] - The company reported a total comprehensive income of RMB 9,621,812 for the year, compared to RMB 8,354,572 in 2024, which is an increase of approximately 15%[5] Expenses and Costs - The cost of sales for the year was RMB 225,066,480, compared to RMB 216,984,387 in 2024, showing a rise of about 3.5%[2] - Administrative expenses increased to RMB 7,083,944 from RMB 6,727,404 in 2024, reflecting a growth of approximately 5.3%[3] - The company recorded a net finance income of RMB 483,967, down from RMB 681,103 in 2024, indicating a decrease of about 29%[2] - The share of profit from joint ventures and associates was RMB 261,964, compared to RMB 368,014 in 2024, representing a decline of approximately 29%[3] Assets and Liabilities - Total assets increased to RMB 201.67 billion in 2025 from RMB 185.81 billion in 2024, representing a growth of approximately 8.5%[6] - Non-current assets totaled RMB 84.10 billion in 2025, up from RMB 71.91 billion in 2024, indicating a year-over-year increase of about 16.9%[6] - Current assets rose to RMB 201.71 billion in 2025, compared to RMB 185.85 billion in 2024, reflecting an increase of approximately 8.5%[7] - Total liabilities increased to RMB 142.21 billion in 2025 from RMB 132.22 billion in 2024, marking a growth of around 7.5%[7] - The total equity of the company rose to RMB 117.46 billion in 2025, up from RMB 98.09 billion in 2024, representing a significant increase of about 19.7%[7] Revenue Segmentation - Revenue from pharmaceutical product sales amounted to RMB 269,426 million, compared to RMB 257,538 million in the previous year, indicating a year-over-year increase of about 4.3%[17] - The manufacturing segment generated a profit of RMB 15,061,724, while the retail segment reported a profit of RMB 145,974[25] - The pharmaceutical business achieved segment revenue of RMB 51,038.5 million, a year-on-year growth of 10.2%, with a gross margin of 60.5%, up 1.1 percentage points[53] - The retail segment generated revenue of CNY 10,104,175, highlighting its contribution to overall sales[26] Strategic Initiatives - The company plans to continue expanding its market presence and investing in new product development to drive future growth[2] - The group anticipates continued growth in revenue, with a focus on expanding its pharmaceutical and retail operations through strategic initiatives[24] - The company plans to explore potential mergers and acquisitions to enhance market presence and operational capabilities[24] - The group is committed to investing in research and development to drive innovation in its product offerings[24] Research and Development - R&D investment reached RMB 3.2 billion, reflecting a 31.0% increase, with a research team of 3,836 people, over 44% of whom hold master's or doctoral degrees[60] - The company established two new industry funds with a total subscription scale of RMB 1 billion, focusing on cutting-edge fields such as antibodies and gene therapy[59] - The group has accumulated over 7,000 mu of standardized planting area and completed GAP extension inspections for 13 varieties[64] Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange and has complied with all applicable rules during the reporting period, except for the temporary dual role of the Chairman and CEO[106] - The company has confirmed that all directors have adhered to the standards for securities trading during the reporting period[110] - The annual financial statements for the year ending December 31, 2025, have been reviewed by the audit committee and audited by the company's auditors[115] Market Position and Recognition - The group maintained its position as the third largest in overall operating scale within the domestic pharmaceutical industry[48] - The group’s manufacturing business ranked second among the top 100 pharmaceutical companies in the industry[48] - The group received an MSCI ESG rating upgrade to AA and a Wind ESG rating of AA, reflecting significant improvements in governance and transparency[82] Employee and Workforce - As of December 31, 2025, the group employed approximately 85,600 employees, an increase from 72,700 employees as of December 31, 2024[98] - The company's employee benefits expenses increased to RMB 11,269,741,000 in 2025 from RMB 9,628,669,000 in 2024, reflecting a rise in workforce costs[29]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 5,293.3 million, a decrease of 6.4% compared to RMB 5,655.8 million in 2024[2] - Coal segment revenue decreased by 15.9% to RMB 4,514.1 million from RMB 5,368.5 million[2] - Gross profit fell by 35.0% to RMB 2,030.3 million, with a gross margin of 38.4%, down 16.8 percentage points from 55.2%[2] - Net profit for the year was RMB 889.4 million, a decline of 57.3% from RMB 2,080.7 million in 2024[2] - Basic earnings per share decreased to RMB 0.1066 from RMB 0.2506[4] - Reported segment revenue for 2025 was RMB 5,301,988, a decrease of 6.8% from RMB 5,686,836 in 2024[20] - Reported segment profit before tax for 2025 was RMB 1,340,434, down 52.8% from RMB 2,838,774 in 2024[22] - The pre-tax profit for 2025 is reported at RMB 1,234,677,000, a decrease of 54.8% compared to RMB 2,736,755,000 in 2024[37] - The group's consolidated profit after tax decreased from approximately RMB 2,080.7 million for the year ending December 31, 2024, to approximately RMB 899.4 million for the year ending December 31, 2025, with a net profit margin dropping from 36.8% to 16.8%[93] Dividends - Proposed final dividend per share increased to HKD 0.060 from HKD 0.045 in 2024[2] - The proposed interim dividend for 2025 is set at HKD 0.05 per share, an increase from HKD 0.04 per share in 2024, representing a 25% increase[39] - The proposed special dividend for 2025 is HKD 0.035 per share, down from HKD 0.07 per share in 2024, indicating a decrease of 50%[39] - The proposed final dividend is set at HKD 0.06 per share, with a total payout amounting to HKD 505.8 million, subject to shareholder approval[121][122] Assets and Liabilities - Non-current assets increased to RMB 10,091.8 million from RMB 9,722.0 million[5] - Current liabilities rose to RMB 3,745.8 million from RMB 3,425.9 million, resulting in a net current liability of RMB (229.3) million[5] - Total assets less current liabilities increased to RMB 9,862.5 million from RMB 9,564.9 million[6] - Total assets increased to RMB 13,608,339 in 2025 from RMB 12,990,726 in 2024, representing a growth of 4.8%[22] - Total liabilities rose to RMB 5,395,828 in 2025, up from RMB 4,715,979 in 2024, indicating an increase of 14.4%[24] - As of December 31, 2025, the group's net current liabilities amounted to RMB 229,298,000, with several acquisitions completed and advance payments made[10] Acquisitions and Investments - The group is actively seeking potential mining project targets and diversifying into new business areas beyond coal mining[10] - The group acquired 100% equity of Seedlife for a total consideration of RMB 423,000,000, contributing RMB 219,114,000 in revenue and RMB 16,975,000 in net profit from the acquisition date to December 31, 2025[53] - The identifiable net asset value of Seedlife at acquisition was RMB 234,625,000, resulting in goodwill of RMB 188,375,000[54] - The group entered into an agreement to acquire 100% equity of Qinhuangdao Jifu for RMB 564,625,000, with the identifiable net asset value also at RMB 564,625,000[58] - The total consideration for the acquisition of Maoming Shengda and Maoming Shengcheng was RMB 70,000,000, with identifiable net assets valued at RMB 70,000,000[63] - The proposed acquisition of Taiyuan Shidi is valued at RMB 384 million, with a remaining payment of RMB 130,266,000 to be paid by the group[112] Operational Performance - The company is actively implementing cost control measures and refined operations to mitigate the impact of coal price adjustments on profitability[75] - The company’s coal market faced overall oversupply in 2025, leading to a decline in coal prices compared to the previous year[69] - The average selling price of the company's 5,000 kcal low-sulfur environmental power coal was approximately RMB 602.8 per ton, a decrease of about 19.9% compared to the previous year[71] - The group plans to continue developing its coal mining operations while expanding its diversified subsidiary businesses to enhance overall operational efficiency[81] Market Conditions - In 2025, China's GDP was approximately RMB 140.2 trillion, growing by 5.0% year-on-year[67] - The total coal production in China for 2025 was approximately 4.83 billion tons, a year-on-year increase of 1.2%[68] - The total profit of industrial enterprises above designated size in China was approximately RMB 739.82 billion, a year-on-year increase of 0.6%[67] - The total revenue of the national coal mining and washing industry was approximately RMB 260.886 billion, a year-on-year decline of 17.8%, with total profit down 41.8% to approximately RMB 35.2 billion[69] Financial Management - The ability to finance acquisitions and future capital expenditures largely depends on future operating cash inflows and external borrowing capabilities, which may be affected by government macro-control policies and coal market price fluctuations[10] - The group is committed to maintaining liquidity and will seek external financing as needed to cover potential cash shortfalls[11] - The group’s ability to generate sufficient cash inflows from future operations is critical for meeting its liabilities due within at least the next twelve months[11] - The company utilizes cash flow forecasting to monitor liquidity needs and ensure sufficient cash to support its operations[119] Employee and Operational Costs - The total employee cost for the year ending December 31, 2025, was approximately RMB 561.5 million, covering 3,351 full-time employees across various regions[120] - Administrative expenses rose from approximately RMB 344.1 million for the year ending December 31, 2024, to approximately RMB 486.3 million for the year ending December 31, 2025, an increase of 41.3%[89] - Sales expenses decreased from approximately RMB 39.7 million for the year ending December 31, 2024, to approximately RMB 31.0 million for the year ending December 31, 2025, a reduction of 21.9%[88] Audit and Compliance - The audit committee consists of two independent non-executive directors and one non-executive director, having met with the independent auditor to review the annual results for the year ending December 31, 2025[129] - The independent auditor, KPMG, has agreed that the financial statements for the year ending December 31, 2025, reflect the group's financial position accurately[132] - There is significant uncertainty regarding the group's ability to continue as a going concern due to reliance on future cash flows and potential impacts from government policies and coal market price fluctuations[133]

Financial Performance - The company's revenue for 2025 was approximately RMB 13,210.63 million, a decrease of 4.0% compared to 2024[3] - Profit attributable to the company's owners for 2025 was RMB 2,085.90 million, down 21.6% year-on-year[5] - Basic earnings per share for 2025 were RMB 110.65, reflecting a decline of 24.4% from the previous year[3] - Gross profit for 2025 was RMB 5,514,071, down from RMB 6,082,391 in 2024, reflecting a decline of approximately 9.3%[14] - Net profit for the year was RMB 2,081,082, compared to RMB 2,657,821 in 2024, representing a decrease of about 21.7%[14] - The company’s total profit for the year after deducting expenses is RMB 2,217,658,000 for 2025[35] - The company reported a net credit loss reversal of RMB 1.6 million, indicating a positive adjustment in expected credit losses[25] - Tax expenses for 2025 amount to RMB 446,871,000, a decrease from RMB 631,077,000 in 2024[32] - The financial costs for 2025 are RMB 127,263,000, up from RMB 75,367,000 in 2024[31] Dividends - The board proposed a final dividend of RMB 26.00 per share, with a total annual dividend of RMB 42.00 per share, resulting in a payout ratio of 38.0%[5] - The company proposed a final dividend of RMB 0.26 per share for the year ending December 31, 2025, totaling RMB 512,987,000, compared to RMB 726,733,000 for the previous year[36] Research and Development - The company has 23 Class 1 new drugs in development, including several high-value products, and continues to increase R&D investment[7] - The group invested RMB 1,005,000,000 in drug research and development, with R&D expenses increasing by 2.0% year-on-year[58] - The company has several innovative drugs in clinical trials, including UBT251 for chronic kidney disease and UBT37034 for obesity, with various stages of development[62] International Expansion - The company is actively expanding its international presence, achieving significant breakthroughs in market coverage and customer development[9] - The company plans to accelerate overseas registrations of key products and enrich its product matrix as part of its internationalization strategy[9] - The company entered into an exclusive licensing agreement for UBT251 with Novo Nordisk, marking a significant milestone in international collaboration[8] - The total scale of China's innovative drug licensing transactions exceeded USD 130 billion, indicating a new development phase for the pharmaceutical industry[8] Assets and Liabilities - Non-current assets increased to RMB 12,430,967 in 2025 from RMB 9,762,356 in 2024, marking a growth of about 27.1%[15] - Current assets rose to RMB 18,469,509 in 2025, up from RMB 16,070,696 in 2024, reflecting an increase of approximately 14.9%[15] - Total liabilities increased to RMB 10,079,153 in 2025 from RMB 8,772,549 in 2024, representing a rise of about 14.8%[16] - The total value of mortgaged assets increased to RMB 1,582,221,000 in 2025 from RMB 1,133,921,000 in 2024, securing bank credit facilities[43] Revenue Breakdown - Total revenue for the year reached RMB 13,210.6 million, with a breakdown of RMB 4,018.3 million from intermediates, RMB 5,892.9 million from APIs, and RMB 6,697.8 million from formulations[25] - The external sales for formulations amounted to RMB 5,255.6 million, representing a significant contribution to overall revenue[25] - The intermediate and raw materials business generated sales revenue of RMB 1,612,400,000 and RMB 4,900,400,000, down 39.4% and 23.1% year-on-year, respectively[46] - The formulation products business achieved sales revenue of RMB 6,697,800,000, a year-on-year increase of 41.7%, accounting for 50.7% of the total revenue[47] - The endocrine and metabolism products recorded sales revenue of RMB 1,963,200,000, up 57.3% year-on-year[49] - The health business generated sales revenue of RMB 37,100,000, reflecting an increase of 85.8% year-on-year[55] - The animal health business reported sales revenue of RMB 1,228,900,000, a year-on-year decrease of 11.1%[57] Corporate Governance - The company has adopted and complied with the corporate governance code as per the listing rules, with a commitment to high standards of corporate governance[75] - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements for the year ending December 31, 2025[78] - The company has not appointed a CEO as of December 31, 2025, and plans to fill this position at an appropriate time[76] Employment and Staff - The company employed approximately 18,000 staff as of December 31, 2025, an increase from 17,000 in 2024[68] Legal Matters - The company is involved in litigation to recover approximately RMB 340,000,000 from Chengdu Evergrande, with a final judgment requiring Chengdu Evergrande to pay RMB 166,500,000[71] Shareholder Matters - The company plans to suspend share transfer registration on July 9 and 10, 2026, to determine eligibility for final and special dividends[79]

Financial Performance - The company's revenue for the year ended December 31, 2025, was RMB 20,709.6 million, an increase of 5.1% compared to the previous year[3]. - Gross profit for the year was RMB 1,579.0 million, representing an increase of 18.6% year-on-year[5]. - Net profit for the year decreased to RMB 109.9 million, a decline of 45.2% compared to the previous year[5]. - The company reported a total comprehensive income of RMB 110.1 million for the year, compared to RMB 200.7 million in 2024[6]. - Total revenue for the year ending December 31, 2025, is approximately RMB 8,232,000, compared to RMB 21,613,000 in 2024, indicating a significant decrease[27]. - Profit before tax decreased by 40.5% to RMB 160.5 million, primarily due to increased losses from Au (T+D) contracts and gold leasing[76]. - Total comprehensive income for the year was RMB 110.1 million, a decrease of 45.1% year-on-year[78]. Dividends and Shareholder Returns - The board proposed a final cash dividend of RMB 0.3 per share, totaling RMB 81.9 million[5]. - The company declared a final dividend of RMB 0.3 per share for the year ended December 31, 2024, totaling RMB 81,907,000, which is subject to shareholder approval[36]. - The company will withhold a 10% corporate income tax on dividends distributed to non-resident corporate shareholders[121]. - Individual H-share shareholders from countries with a tax treaty with China will have a 10% personal income tax withheld[122]. - For individual H-share shareholders from countries with a tax rate above 10% but below 20%, the applicable tax rate will be withheld according to the tax treaty[123]. Assets and Liabilities - The company's total assets as of December 31, 2025, amounted to RMB 4,366.6 million, compared to RMB 4,238.9 million in 2024[8]. - Current liabilities were RMB 2,531.8 million, an increase from RMB 2,242.4 million in the previous year[9]. - Total assets as of December 31, 2025, were RMB 4,949.9 million, with total liabilities of RMB 2,582.6 million and equity of RMB 2,367.3 million[80]. - The group's net current assets as of December 31, 2025, were RMB 1,834.8 million, down from RMB 1,996.5 million in 2024, with current assets at RMB 4,366.6 million and current liabilities at RMB 2,531.8 million, leading to a current ratio of 1.7, down from 1.9 in 2024[95]. Revenue Sources - Revenue from gold jewelry and other gold products amounted to RMB 20,190,555 thousand, while revenue from K gold jewelry, diamond-studded jewelry, and other products was RMB 353,916 thousand for the year ended December 31, 2025[24]. - The majority of the group's revenue, RMB 20,369,285 thousand, was generated from the mainland China market, with other markets contributing RMB 340,282 thousand[24]. - The group generated 98.4% of its total revenue from the domestic market, with revenue from mainland China amounting to RMB 20,369.3 million[64]. - Overseas revenue reached RMB 340.3 million, a significant increase of 142.6% compared to RMB 140.3 million in the previous year[62]. Expenses and Costs - Research and development expenses for the year were RMB 18.9 million, a decrease from RMB 229.2 million in the previous year[6]. - Sales and distribution expenses decreased by 11.9% to RMB 201.9 million, primarily due to reduced advertising and employee costs[69]. - Financial costs for the year include RMB 64,318,000 in borrowing interest and RMB 24,600,000 in gold leasing interest[30]. - Other income decreased by 47.1% to RMB 18.3 million, mainly due to a reduction in government subsidies[68]. - Financial costs increased by 27.6% to RMB 91.2 million, primarily due to increased borrowings and gold leasing[74]. Inventory and Receivables - The company’s inventory as of December 31, 2025, was RMB 2,632.4 million, compared to the previous year[8]. - Total inventory as of December 31, 2025, was RMB 2,632,428,000, an increase from RMB 2,544,284,000 in 2024[37]. - Trade receivables, net of credit loss provisions, amounted to RMB 253,747,000 as of December 31, 2025, down from RMB 276,379,000 in 2024[38]. - Trade receivables decreased by 8.2% to RMB 253.7 million, attributed to strict control over outstanding trade receivables[82]. Market and Economic Conditions - The group faces various market risks, including commodity price risk, interest rate risk, and economic development changes, which could impact financial performance[105]. - The group is sensitive to changes in China's economic development and consumer purchasing power, which affects the demand for gold jewelry products[109]. - The average spot gold price in London rose by 62.90% to USD 4,307.95 per ounce by the end of December 2025[58]. Corporate Governance and Compliance - The audit committee has confirmed that the financial information complies with applicable accounting standards and has been adequately disclosed[118]. - The annual performance announcement will be published on the company's website and the Hong Kong Stock Exchange website[124].

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 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。 Well Link Securities Holdings Limited 立橋證券控股有限公司 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 立 橋 證 券 控 股 有 限 公 司（「本公司」）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 事 在 作 出 一 切 合 理 查 詢 後，確 認 就 其 所 深 知 及 確 信，本 公 告 所 載 資 料 在 各 重 要 方 面 均 準 確 完 備，沒 有 誤 導 或 欺 詐 成 分，且 並 無 遺 漏 任 何 其 他 事 項，足 以 令 致 本 公 告 或 其 所 載 任 何 陳 述 產 生 誤 ...

Financial Performance - The company's operating revenue for 2025 was RMB 23,159,024, an increase from RMB 22,464,030 in 2024, representing a growth of approximately 3.1%[6] - The total profit for 2025 was RMB 1,422,309, a significant decrease from RMB 3,269,015 in 2024, indicating a decline of about 56.5%[6] - Net profit attributable to equity shareholders for 2025 was RMB 1,433,249, down from RMB 3,159,890 in 2024, reflecting a decrease of approximately 54.6%[6] - The average selling price of commodity pigs in 2025 was RMB 1,851, down from RMB 2,193 in 2024, showing a decline of about 15.6%[6] - The overall gross margin decreased from 23.0% in 2024 to 13.7% in 2025, attributed to a 17.7% drop in average selling price of pork from RMB 16.70/kg to RMB 13.74/kg[70] - The company's revenue for 2025 was RMB 23,159.0 million, a 3.1% increase from RMB 22,464.0 million in 2024, primarily driven by growth in the pig segment[68] - Operating costs for 2025 were RMB 19,976.5 million, up 15.5% from RMB 17,292.5 million in 2024, mainly due to increased sales of pork and poultry products[69] - For the year ended December 31, 2025, the company's EBITDA was RMB 2,513.7 million, a decrease of 44.8% from RMB 4,552.5 million in 2024[84] - The net cash generated from operating activities for 2025 was RMB 2,530.7 million, down 52.9% from RMB 5,361.8 million in 2024[87] Production and Sales - In 2025, the company sold a total of 10,827,982 pigs, with 10,599,814 sold to external customers and 228,168 sold internally for processing[6] - The company achieved sales of 88,136,896 yellow feather broilers in 2025, with an average selling price of RMB 32.4, compared to 88,120,210 in 2024 at RMB 36.1[6] - In 2025, the pig farming sector achieved a revenue of RMB 18,807.49 million, representing a year-on-year growth of 2.9%, with sales volume increasing by 23.3% to 10,827.98 thousand heads[52] - The average selling price of commodity pigs was RMB 13.74 per kilogram, a decrease of 17.7% year-on-year, primarily due to a prolonged downturn in the pig market[52] - The poultry segment reported a revenue of RMB 2,929.96 million, a decline of 10.6% year-on-year, with sales volume remaining stable at 88,136.9 thousand birds[59] Operational Efficiency and Cost Management - The company implemented lean management practices, significantly reducing costs and enhancing operational efficiency during industry downturns[53] - The company's self-breeding initiatives led to an average of 18.5 piglets per sow, with annual feed consumption reduced by 92 kilograms per pig, effectively lowering breeding costs[54] - The company has maintained a proactive approach to capital deployment, often acting a year ahead of industry trends to avoid cyclical downturns[29] - The company focuses on enhancing operational efficiency and reducing costs, leading to a significant narrowing of losses in the fourth quarter[62] - The company has trained over 82,000 farmers in the reporting period, contributing to improved farming efficiency and reduced risks[58] Strategic Initiatives and Innovations - The company plans to continue focusing on technological innovation and efficiency improvements in agriculture to address core challenges in the industry[12] - Dekang aims to enhance the overall efficiency of the industry chain, with the second farm's output ratio continuously increasing and the complete cost steadily decreasing[27] - The company is committed to a vertical integration business model, covering the entire industry chain from feed production to sales, ensuring high-quality food safety control[40] - The company is implementing a digital transformation strategy to enhance management efficiency and real-time cost control across the entire supply chain[128] - The company aims to enhance breeding performance by increasing the average number of piglets per litter and weaning rates, effectively reducing production costs from the source[125] Market Position and Recognition - The company was recognized as one of the top 500 private enterprises in China in 2025, ranking 294th[11] - The company was awarded the "Best Hong Kong Stock Connect Company" and "Best IR Team Award" in the 10th Zhitong Finance Listed Company Selection[11] - The company has established a comprehensive food safety management system covering all critical stages of the supply chain to mitigate food safety risks[112] - The company is recognized as a top player in swine breeding efficiency and cost control, demonstrating resilience through market cycles[118] Employee and Management Practices - In 2025, 1,759 employees were promoted, accounting for 15.48% of the workforce, with a middle management turnover rate of 5.51% and a senior management turnover rate of 0%[26] - The company has trained 25,800 technical personnel and achieved a total of 672,800 training sessions over the past 10 years, establishing nearly 50 training bases nationwide[18] - The company plans to conduct over 310,000 employee training sessions by 2025 to enhance frontline team skills and efficiency[104] - The company emphasizes continuous professional development for directors, providing internal briefings and relevant reading materials[155] Governance and Compliance - The board held five meetings during the reporting period, with all executive directors attending 100% of the meetings[141] - Independent non-executive directors confirmed their independence in accordance with the listing rules, ensuring compliance with governance standards[148] - The company has established a board independence assessment mechanism to enhance board effectiveness and protect shareholder interests[149] - The company has established a disclosure policy to guide directors and senior management in handling confidential information and responding to inquiries[191] Risk Management - The company has implemented a multi-faceted risk management strategy to address price volatility, including operational efficiency improvements and financial hedging[108] - The board has reviewed the effectiveness of the risk management and internal control systems, confirming their adequacy[186] - The company has a robust internal audit function to ensure compliance with financial and operational controls[187] Future Outlook - The core strategic focus for 2026 is set as "lean operations, quality first" to ensure stable operations and sustainable development in a complex market environment[121] - The swine industry is expected to remain in a downward cycle in 2025, with market supply leading to price declines and reduced profit margins[107] - The board anticipates that the swine industry will experience structural adjustments and cost pressures due to global supply chain impacts on feed prices[115]

Financial Performance - For the fiscal year ending December 31, 2025, the company achieved total revenue of RMB 3,919.5 million, representing a growth of 9.2% compared to the previous year[2]. - The net profit for 2025 was RMB 74.1 million, a decrease of RMB 32.2 million from the previous year[2]. - The total revenue from customer contracts for the year ended December 31, 2025, was RMB 4,390.663 million, with RMB 2,775.547 million from park operation services and RMB 1,615.116 million from park development services[20]. - The gross profit for the group was RMB 1,032.596 million, with a gross margin derived from park operation services of RMB 494.310 million and from park development services of RMB 538.286 million[20]. - The operating profit for the park operation services segment was RMB 302.923 million, while the park development services segment reported an operating profit of RMB 474.372 million[20]. - The company reported a pre-tax profit of RMB 239.8 million, a slight increase of 0.1% year-on-year[65]. - The profit attributable to the company's owners for 2025 is RMB 32,594,000, a decrease of 66% from RMB 95,748,000 in 2024[31]. - The basic earnings per share for 2025 is RMB 0.45, down from RMB 1.30 in 2024, reflecting a significant decline in profitability[31]. Cash Flow and Financial Position - The company maintained a positive cash flow from operating activities for seven consecutive years, with a net cash inflow of RMB 103.7 million[2]. - The asset-liability ratio as of December 31, 2025, was 59.4%, a decrease of 2.0% from the beginning of the period[2]. - The total assets decreased to RMB 22,173.5 million from RMB 23,341.9 million in the previous year[6]. - The total liabilities decreased to RMB 13,167.0 million from RMB 14,470.2 million in the previous year[7]. - The company's equity increased to RMB 9,006.4 million from RMB 8,871.7 million in the previous year[7]. - The current ratio of the group increased from 1.28 as of December 31, 2024, to 1.58 as of December 31, 2025, primarily due to a reduction in current liabilities compared to the previous year[114]. - The net capital debt ratio rose from 42.9% on December 31, 2024, to 43.8% on December 31, 2025, remaining within a controllable risk range[115]. - As of December 31, 2025, the total outstanding debt of the group was RMB 7,466.5 million[116]. Dividends and Shareholder Returns - The board recommended a final dividend of HKD 0.49 per share, totaling approximately HKD 36.0 million (about RMB 31.7 million)[2]. - The company completed the repurchase of 103,764,000 shares for a total cost of HKD 25,636,824 (approximately RMB 23,870,000) in 2025[56]. - The board proposed a final dividend of HKD 0.49 per share, amounting to approximately HKD 36.0 million, subject to shareholder approval at the annual general meeting[144]. Operational Highlights - The company added two new quality industrial park projects, increasing its land reserve to approximately 5.234 million square meters across multiple cities[2]. - The company signed over 78,000 square meters in agile customization contracts, with a total contract value exceeding RMB 328 million, indicating strong development potential[2]. - The company has identified three reportable segments: park operation services, park development services, and industrial investment[16]. - The company operates primarily in mainland China, focusing on park operation services, park development services, and industrial investments[16]. - The company established a digital park system integrating 15 business capabilities, enhancing its service model to provide diversified solutions[68]. - The OVU low-carbon cloud aims to support national carbon neutrality goals by offering comprehensive energy services and low-carbon smart park solutions[69]. Segment Performance - In 2025, the company's park operation services revenue reached RMB 2,136.6 million, a decrease of 3.6% compared to RMB 2,215.8 million in 2024[67]. - The design and construction services generated revenue of RMB 678.7 million in 2025, down 13.1% from RMB 780.7 million in 2024[72]. - Property management services revenue was RMB 831.6 million in 2025, compared to RMB 793.3 million in 2024, indicating a growth of 4.8%[70]. - The revenue from park development services was RMB 1,782.9 million, accounting for 45.5% of total revenue, representing a growth of 29.9% compared to 2024[94]. Cost and Expenses - The cost of sold properties increased significantly to RMB 1,212,598 thousand in 2025 from RMB 716,522 thousand in 2024, reflecting a rise of approximately 69%[26]. - Employee benefit expenses decreased to RMB 812,146 thousand in 2025 from RMB 881,601 thousand in 2024, showing a reduction of about 8%[26]. - The company's administrative expenses for 2025 were RMB 364.8 million, down 3.5% from 2024, representing 9.3% of total revenue[101]. Future Outlook and Strategy - The company plans to accelerate inventory reduction and optimize asset structures to enhance cash flow management and support high-quality business development[89]. - The company aims to leverage existing industrial resources and digital foundations to develop comprehensive operational businesses and accelerate digital transformation[90]. - The company is implementing an "AI + Action Plan" to enhance operational management efficiency through deep integration of AI technology across all business processes[92]. - The company is focusing on establishing a modern industrial system and urban system to seize innovation opportunities in the new development process[88]. - The company has formed multiple industrial investment funds to support the development of unicorn and gazelle enterprises, with a total fundraising scale of RMB 2,821.0 million as of December 31, 2025[87].