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，並表明概不會就本公佈全部或任何部分內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 CIPRUN TECHNOLOGY HOLDINGS COMPANY LIMITED 中細軟科技控股有限公司 （前稱賽伯樂國際控股有限公司） （於開曼群島註冊成立之有限公司） （股份代號：1020） 截至二零二五年十二月三十一日止年度之經審核全年業績公佈 中細軟科技控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公 司及其附屬公司（統稱「本集團」）截至二零二五年十二月三十一日止年度之經審核 綜合業績，連同上一個相應年度之比較數字。該等業績於向董事會建議審批前， 已由本公司審核委員會審閱。 – 1 – 綜合損益及其他全面收益表 截至二零二五年十二月三十一日止年度 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 人民幣千元 | 人民幣千元 | | 收入 | 4 | 60,827 | 93,237 | | 銷售╱提供服務成本 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 截至2025年12月31日止年度之 年度業績公告 中彩網通控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬 公司截至2025年12月31日止年度之經審核綜合業績。本公告列載本公司截至2025年12月 31日止年度報告全文（「2025年年度報告」），乃符合香港聯合交易所有限公司（「聯交所」） GEM證券上市規則（「GEM上市規則」）中有關年度業績初步公告附載的資料之要求。本公 司2025年年度報告的印刷版本將於2026年4月30日或之前按要求寄發予本公司股東，並刊 載於本公司網站(www.irasia.com/listco/hk/chinanetcom)及聯交所網站(www.hkexnews.hk)。 主席兼執行董事 鄭明高 承董事會命 中彩網通控股有限公司 This report, for which the directors (the "Directors") of C ...

Financial Performance - For the year ending December 31, 2025, the company reported total revenue of HKD 60,629,000, a decrease of 54.4% compared to HKD 132,584,000 in 2024[3] - The gross profit for the same period was HKD 12,505,000, down 68.9% from HKD 40,217,000 in 2024[3] - The company incurred a loss before tax of HKD 153,662,000, compared to a loss of HKD 103,839,000 in the previous year, representing a 47.9% increase in losses[3] - The total comprehensive loss for the year was HKD 73,166,000, a significant improvement from a loss of HKD 163,963,000 in 2024[4] - The company reported a basic and diluted loss per share of HKD 3.73, compared to HKD 2.73 in 2024, indicating a worsening of per-share performance[4] - The company incurred a total income tax expense of HKD (5,307,000) in 2025, compared to an expense of HKD 4,823,000 in 2024[30] - Basic and diluted earnings per share for the year ending December 31, 2024, are expected to be HKD (2.73) cents after adjustments[17] - The loss attributable to the company's owners for the year was approximately HKD 148,360,000, compared to a loss of HKD 108,660,000 in the previous year, primarily due to decreased revenue and various impairment losses[36] Assets and Liabilities - The company's non-current assets totaled HKD 1,155,021,000, slightly down from HKD 1,158,225,000 in 2024[5] - Current liabilities increased to HKD 1,168,919,000 from HKD 1,132,326,000 in the previous year, indicating a rise in short-term financial obligations[5] - The net asset value decreased to HKD 604,841,000 from HKD 678,007,000, reflecting a decline in overall equity[6] - The company’s cash and bank balances decreased to HKD 16,962,000 from HKD 32,760,000, indicating a reduction in liquidity[5] - The total current assets as of December 31, 2025, were approximately HKD 762,730,000, while total current liabilities were approximately HKD 1,168,920,000, resulting in a debt-to-equity ratio of about 3.5%[52] - The total capital commitments as of December 31, 2025, were approximately HKD 410,910,000, an increase from HKD 398,810,000 as of December 31, 2024[53] - The group recorded contingent liabilities of approximately RMB 155,630,000 (equivalent to about HKD 173,440,000) as of December 31, 2025, unchanged from the previous year[56] Revenue Sources - Property sales accounted for HKD 49,914,000 in 2025, down 59.1% from HKD 122,322,000 in 2024[27] - Revenue from the Dongfang Xintiandi project was approximately HKD 1,260,000 for the year, down from HKD 1,410,000 in the previous year[39] - The company recognized property sales of approximately HKD 49,910,000 from the Jinbao City project for the year, a decrease from HKD 122,320,000 in the previous year[41] Financial Support and Loans - The group has confirmed that a major shareholder will provide financial support of approximately HKD 973,972,000 to meet financial obligations when due[11] - The group recorded a loan receivable from an associate company of approximately HKD 125,767,000, net of impairment losses of about HKD 5,603,000, as of December 31, 2024[14] - The impairment loss on the loan receivable from the associate company is expected to be approximately HKD 125,767,000, which will be recognized in the profit and loss for the year ending December 31, 2024[16] - The group has taken all necessary actions to recover the loan from the associate company, including legal proceedings in China[16] Employee Costs - The company’s employee costs, including director remuneration, were HKD 18,942,000 in 2025, down 6.6% from HKD 20,273,000 in 2024[28] - The group employed 102 employees as of December 31, 2025, with related employee costs amounting to approximately HKD 17,190,000, a decrease from HKD 18,520,000 in 2024[60] Corporate Governance and Compliance - The group has not adopted any new or revised Hong Kong Financial Reporting Standards that are not yet effective as of the date of the financial statements[20] - The group is currently assessing the impact of the new Hong Kong Financial Reporting Standard No. 18 on its consolidated financial statements[21] - The company expects that the adoption of new or revised Hong Kong Financial Reporting Standards will not have a significant impact on its financial performance and position[22] - The company has fully complied with the corporate governance code as per the listing rules during the year ended December 31, 2025[62] Legal and Claims - The group is required to pay a total of approximately RMB 18,500,000 (equivalent to about HKD 20,300,000) to the contractor as per the final judgment from the Intermediate Court[43] - As of December 31, 2024, the High Court ordered the group to pay approximately RMB 16,700,000 (equivalent to about HKD 18,100,000) to the contractor, with an appeal submitted to the Supreme People's Court[43] - The group has recognized a provision of approximately RMB 14,000,000 (equivalent to about HKD 15,800,000) in the profit and loss statement for unpaid construction costs claimed by the contractor as of December 31, 2020[42] - The group has initiated a civil claim for approximately RMB 123,900,000 (equivalent to about HKD 134,200,000) against the defendants regarding shareholder loans under the cooperation agreement[46] - The group is currently awaiting a hearing for a civil claim filed in February 2026 regarding shareholder loan repayments[47] Project Developments - The company has received a pre-sale permit for the first phase of the Jinliwan project, which will have a total construction area of approximately 430,000 square meters[37] - The company has paid approximately RMB 92,490,000 for the acquisition of Tangshan Caofeidian, with an outstanding payment of RMB 12,000,000 pending until certain taxes are settled[38] - The company is actively discussing project planning with local government for the Tanghai County project, which has been designated as a natural reserve[38] - The group has completed the development project of 合庆, with a 50% stake held in partnership with Greenland Hong Kong[45] - The group has renewed property lease agreements with subsidiaries for a period of two years starting April 1, 2025, with reduced monthly rents[48] - Monthly rent payments under the property lease agreements are RMB 28,000 for 汇通中国, RMB 26,712 for 大中华（惠州）, and RMB 45,401 for 大中华（汕尾）[50] Risk Management - The group has not established any agreements or instruments to hedge against foreign exchange risks, which may impact operational performance[54] - The group has identified that most of the land and properties have been pledged to creditors of Greenland Hong Kong for debt repayment[47] - The group maintains strict control over trade receivables, with no significant concentration of credit risk identified[33] - The expected credit loss rate for trade receivables is assessed at 0.1%, with no significant provisions for impairment required as the credit quality has not changed significantly[34] Other Information - There were no significant customers contributing over 10% of total revenue for the years ending December 31, 2025, and 2024[26] - There were no significant investments, acquisitions, or disposals during the year ended December 31, 2025[55] - There were no significant post-reporting events following the reporting period[59]

Financial Performance - The total revenue for the year ended December 31, 2025, was RMB 4,366,603,000, representing an increase of 5.9% from RMB 4,123,733,000 in 2024[4] - Gross profit for the same period was RMB 392,775,000, up from RMB 270,852,000, indicating a significant improvement in profitability[4] - The net loss for the year was RMB 19,178,000, a reduction from a loss of RMB 47,772,000 in the previous year, showing progress in financial performance[4] - The company reported a basic loss per share of RMB 0.01, an improvement from RMB 0.02 in the previous year[4] - The group reported a pre-tax profit of RMB 4,699 thousand for the fiscal year ending December 31, 2025, despite segment losses in light commercial vehicles and pickup trucks[20] - The company reported a pre-tax profit of RMB 4,699,000 for 2025, a significant recovery from a loss of RMB 35,213,000 in 2024[30] - The company recorded a net loss after tax of approximately RMB 19 million for 2025, a significant improvement from a net loss of RMB 48 million in 2024[39] Revenue Breakdown - Revenue from the sale of light commercial vehicles reached RMB 1,850,402,000 in 2025, up from RMB 1,758,008,000 in 2024, indicating a growth of about 5.2%[11] - Sales of medium and heavy vehicles increased significantly to RMB 1,278,332,000 in 2025 from RMB 926,377,000 in 2024, reflecting a growth of approximately 37.9%[11] - The revenue from the sale of automotive parts and components rose to RMB 526,365,000 in 2025, compared to RMB 392,676,000 in 2024, marking an increase of around 34.0%[11] - The contributions to revenue from light commercial vehicles and medium and heavy vehicles were RMB 2,144,202,000 and RMB 1,290,739,000, respectively, accounting for 78.66% of total revenue[54] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 7,506,003,000, slightly down from RMB 7,526,305,000 in 2024[6] - Current liabilities rose to RMB 3,036,854,000 from RMB 2,657,623,000, indicating increased short-term financial obligations[6] - The company's equity attributable to owners was RMB 7,316,390,000, a slight decrease from RMB 7,342,706,000 in the previous year[6] - The total assets of the group as of December 31, 2025, amounted to RMB 10,542,857 thousand, with cash and cash equivalents totaling RMB 4,477,800 thousand[22] - The total liabilities of the group as of December 31, 2025, were RMB 3,045,516 thousand, with segment liabilities for light commercial vehicles at RMB 266,803 thousand[22] - The total liabilities of the group as of December 31, 2024, were RMB 2,663,823 thousand, with segment liabilities for light commercial vehicles at RMB 178,347 thousand[23] Research and Development - Research expenses increased to RMB 214,826,000 from RMB 185,774,000, reflecting ongoing investment in new product development[4] - Research expenses for the fiscal year ending December 31, 2025, were RMB 214,826 thousand, indicating a focus on innovation and development[20] Market and Product Development - The company continues to focus on expanding its market presence and enhancing its product offerings in the commercial vehicle sector[7] - The company launched 15 new products in 2025, enhancing its product lineup and addressing pain points in new energy truck refueling and efficiency[42] - The company plans to achieve a production and sales target of 60,000 units in 2026 to strengthen its market position and reduce fixed costs[43] - The company is focusing on cost reduction and efficiency improvement to enhance profitability and build competitive cost advantages[43] - The company aims to expand its hydrogen energy initiatives, focusing on the "Chengyu Hydrogen Corridor" and other hydrogen transportation projects[44] Corporate Governance - The company has maintained high standards of corporate governance, adhering to the listing rules and corporate governance codes as of December 31, 2025[69] - The board of directors consists of 11 members, including 6 executive directors and 5 independent non-executive directors[72] - The company emphasizes the importance of good corporate governance to enhance investor confidence and protect shareholder interests[69] - The company has confirmed that all directors have complied with the standards set forth in the trading rules for securities as of December 31, 2025[70] Employee and Operational Metrics - The total employee costs, including directors' remuneration, increased to RMB 373,945,000 in 2025 from RMB 340,976,000 in 2024, reflecting a growth of approximately 9.5%[27] - The employee count increased to 2,996 as of December 31, 2025, with employee costs amounting to RMB 373,945,000, up from RMB 340,976,000 the previous year[61] - The company sold 33,226 vehicles in 2025, a slight increase of 0.14% from 33,178 vehicles in 2024[39] Compliance and Audit - The audit committee has reviewed the accounting principles and practices adopted by the group, discussing audit, risk management, and internal control matters[71] - There are no share options or rights held by directors or senior management as of December 31, 2025[67] - The company has not engaged in any buybacks, sales, or redemptions of its listed securities as of December 31, 2025[68]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 585,374,000, an increase of 12.9% compared to RMB 518,516,000 for the year ended December 31, 2024[3]. - Gross profit for the year was RMB 83,916,000, with a gross margin of approximately 14.3%, compared to RMB 87,257,000 in the previous year[3]. - The company reported a net loss of RMB 132,006,000 for the year, which is a significant increase from the net loss of RMB 71,842,000 in the previous year, reflecting a year-over-year increase of 83.5%[4]. - The basic loss per share for the year was RMB 0.75, compared to RMB 0.39 in the previous year, indicating a worsening of the loss per share[4]. - The total reported loss for the year 2025 was RMB 128,310,000, compared to a loss of RMB 71,316,000 in 2024, marking an increase in losses of about 80.0%[29]. - The pre-tax loss for the year was approximately RMB 128,310,000, an increase from RMB 71,316,000 in the previous year, mainly due to increased administrative expenses and other losses[53]. Revenue Breakdown - The manufacturing and trading business segment reported revenue of RMB 450,191,000 in 2025, up from RMB 382,782,000 in 2024, indicating a growth of about 17.7%[28]. - The automotive dealership and service business segment generated revenue of RMB 135,183,000 in 2025, slightly down from RMB 135,734,000 in 2024, reflecting a decrease of approximately 0.4%[28]. - Revenue from external customers in China increased to RMB 291,854,000 in 2025 from RMB 221,890,000 in 2024, representing a growth of 31.4%[30]. - The manufacturing and trading business revenue was approximately RMB 450,191,000, up about 17.61% from RMB 382,782,000, driven by the expansion of new customers and strong performance in the Chinese passenger car market[46]. - Domestic trade revenue grew by approximately 81.85%, despite a decline of about 1.05% in foreign trade revenue due to ongoing geopolitical tensions[96]. Expenses and Liabilities - Administrative expenses rose to RMB 111,432,000, up from RMB 85,298,000, indicating a 30.7% increase year-over-year[3]. - The company incurred total interest expenses of RMB 21,279,000 in 2025, slightly up from RMB 21,149,000 in 2024, reflecting an increase of about 0.6%[29]. - The company’s total liabilities increased to RMB 909,831,000 in 2025 from RMB 722,638,000 in 2024, marking a rise of 25.9%[6]. - The group’s total liabilities were approximately RMB 990,600,000 as of December 31, 2025, compared to RMB 858,480,000 as of December 31, 2024, indicating an increase in liabilities[63]. - The net current liabilities were approximately RMB 297,039,000 as of December 31, 2025, significantly higher than RMB 63,371,000 as of December 31, 2024, with a current ratio of 0.67[56]. Assets and Cash Flow - The company’s total assets decreased to RMB 1,480,884,000 in 2025 from RMB 1,569,059,000 in 2024, representing a decline of 5.6%[5]. - Cash and cash equivalents significantly decreased to RMB 31,110,000 in 2025 from RMB 89,358,000 in 2024, a drop of 65.2%[5]. - Trade receivables increased to RMB 98,051,000 in 2025, up from RMB 79,917,000 in 2024, reflecting a growth of 22.6%[5]. - The group has approximately RMB 31,110,000 in unrestricted cash and cash equivalents[10]. - The group has receivables from Li Feng Ding Sheng totaling approximately RMB 558,688,000 as of December 31, 2025, which management is actively monitoring for recovery[58]. Financing and Capital Management - Total interest-bearing bank and other borrowings amounted to approximately RMB 423,712,000, with RMB 418,743,000 due within the next twelve months[10]. - The group is actively negotiating with banks to secure necessary financing to meet short-term operational funding needs[13]. - Discussions are ongoing to renew and extend existing bank borrowings that are due within the next twelve months[14]. - The group reported a contingent liability of approximately RMB 12,178,000 due to a lawsuit from a third party against a subsidiary[84]. Corporate Governance and Compliance - The financial statements are prepared in accordance with all applicable International Financial Reporting Standards[9]. - The audit committee has reviewed the accounting principles and policies adopted by the group and confirmed that the audited consolidated financial statements comply with applicable financial reporting standards[104]. - The independent auditor's report confirms that the consolidated financial statements present a true and fair view of the group's financial position as of December 31, 2025[110]. - The company has adopted the corporate governance code as per the listing rules and has complied with its provisions throughout the year[102]. Market and Industry Trends - In 2023, China's automobile sales reached approximately 34.4 million units, a year-on-year increase of about 9.4%, with passenger vehicle sales at approximately 30.1 million units, up 9.2%[91]. - By the end of 2025, China has established around 1,512 hydrogen refueling stations, representing a year-on-year growth of approximately 25.3%[92]. - Fuel cell electric vehicle (FCEV) sales for the year reached approximately 22,800 units, marking a year-on-year increase of about 52%[92]. - The group aims to strengthen partnerships in hydrogen production, storage, and refueling to position itself as a comprehensive hydrogen solution provider[100]. Strategic Initiatives and Investments - The company is constructing the Qingdao Laixi Automotive Electronics Industrial Park in Shandong Province, China, with plans to develop it into a manufacturing facility for new energy vehicle electronic components[74]. - Nufocus Optoelectronics (Shanghai) signed a capital increase agreement with Zhongrong Juxin, agreeing to inject RMB 100,000,000 (approximately $14,000,000) for a 10% equity stake[65]. - Nufocus Technology (Beijing) signed a letter of intent to acquire 28.4755% equity in a domestic company for RMB 15,000,000, focusing on new energy vehicle charging services[67]. - The company raised approximately HKD 616.51 million by issuing 10,449,312,134 new shares at HKD 0.059 per share[79]. Employee and Operational Insights - The group employs a total of 727 full-time employees, a decrease from 714 employees in the previous year, with management personnel reduced from 187 to 169[86]. - The group is closely monitoring the economic outlook in China and has implemented cost-reduction strategies, including workforce simplification[83]. - The group values relationships with employees, customers, and suppliers, adhering to principles of legality, fairness, and mutual benefit in its operations[90].

This annual report, for which the directors of Jilin Province Huinan Changlong Bio-pharmacy Company Limited and its subsidiaries (the "Group" and the "Directors", respectively) collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on the GEM of the Stock Exchange for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their ...

Financial Performance - For the year ending December 31, 2025, net revenue was HKD 40.24 billion, an increase of HKD 4.07 billion or 11.2% compared to HKD 36.17 billion for the year ending December 31, 2024[2] - Adjusted EBITDA for the year ending December 31, 2025, was HKD 10.62 billion, up from HKD 9.03 billion for the year ending December 31, 2024[2] - The profit attributable to owners of the company for the year ending December 31, 2025, was HKD 1.06 billion, a turnaround from a loss of HKD 780 million for the year ending December 31, 2024[2] - Basic earnings per share attributable to owners of the company for the year ending December 31, 2025, was HKD 0.50, compared to a loss per share of HKD 0.40 for the year ending December 31, 2024[2] - The company recorded a total comprehensive income of HKD 1.74 billion for the year ending December 31, 2025, compared to a loss of HKD 1.51 billion for the year ending December 31, 2024[4] - The profit attributable to the company's owners for the year was HKD 1,058,309,000, compared to a loss of HKD 784,603,000 in the previous year[42] - The company's net revenue increased by 11.2% from HKD 36,173 million in 2024 to HKD 40,240 million in 2025[112] - Adjusted EBITDA rose by 17.6% from HKD 9,030 million in 2024 to HKD 10,620 million in 2025[112] Assets and Liabilities - Total assets as of December 31, 2025, amounted to HKD 82,698,786,000, a decrease from HKD 84,749,503,000 in 2024[25][27] - Total liabilities as of December 31, 2025, were HKD 72,987,076,000, compared to HKD 76,542,982,000 in 2024, indicating a reduction in liabilities[25][27] - The total equity increased to HKD 9.71 billion as of December 31, 2025, compared to HKD 8.21 billion as of December 31, 2024[6] - The total borrowings secured by the company's assets amounted to HKD 8,005,200,000 as of December 31, 2025, compared to HKD 7,832,300,000 in 2024[148] Operational Highlights - The group operates integrated resort facilities in Asia and Europe, primarily through its subsidiary Melco Resorts & Entertainment, which holds a ten-year gaming license in Macau from January 1, 2023, to December 31, 2032[8] - The City of Dreams Mediterranean in Cyprus is currently affected by ongoing military conflicts in the Middle East and restrictions on certain Russian clients, which may significantly impact the group's business in Cyprus[10] - The group has strategically diversified its property portfolio and expanded its global business presence, enhancing its position as a leader in high-end integrated resorts[85] - The average operation of City of Dreams Manila included approximately 439 gaming tables and 635 gaming machines in 2025[89] - The average operation of City of Dreams Mediterranean in 2025 is projected to include approximately 102 gaming tables and 729 slot machines, while satellite casinos will average about 4 gaming tables and 161 slot machines[95] Cost Management and Expenses - The total operating costs and expenses for the year ending December 31, 2025, were HKD 34.73 billion, compared to HKD 33.53 billion for the year ending December 31, 2024[3] - Employee benefits expenses for the fiscal year ending December 31, 2025, were HKD 7,260,004, highlighting the company's commitment to workforce compensation[23] - Other operating expenses totaled HKD 6,941,865,000, a decrease from HKD 7,890,212,000 in 2024, showing improved operational efficiency[32] Corporate Governance and Compliance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, with no significant impact from the newly adopted standards for the current and prior years[11][13] - The auditors have issued reports on the consolidated financial statements for the two years without any reservations, indicating a clean audit opinion[12] - The company has adhered to its corporate governance code and the principles set forth in the Hong Kong Stock Exchange's corporate governance code for the year ending December 31, 2025[162] - The audit committee, consisting of three independent non-executive directors, held four meetings during the year to review the financial reporting process and risk management[165] Future Outlook and Strategic Initiatives - The company plans to continue maintaining, enhancing, and developing its existing properties while seeking potential growth opportunities in existing and new jurisdictions, which may lead to significant capital expenditures in the future[154] - The company is set to open a new luxury hotel project, REM, in the second half of 2026[83] - The group is enhancing its hotel and entertainment portfolio to align with Macau's economic diversification strategy, including upgrades to retail and dining facilities[98] Community Engagement and Social Responsibility - The group mobilized nearly 100 volunteers to assist in community recovery efforts following Typhoon Haikui, demonstrating its commitment to corporate social responsibility[108] - The group donated HKD 3 million to support the construction and relocation of a health clinic in Jiangxi Province, aligning with national rural revitalization policies[108] - The group won the "Best Responsible Gaming Program" award for the third consecutive year at the 2025 Asia Gaming Awards, reflecting its commitment to responsible gaming practices[109]

Financial Performance - The total revenue for the year ended December 31, 2025, was RMB 64,380,000, a decrease of 13.6% compared to RMB 74,542,000 in 2024[4] - The gross profit for the same period was RMB 30,950,000, down from RMB 33,212,000, reflecting a gross margin decline[4] - The operating loss from continuing operations increased to RMB 7,555,000, compared to RMB 3,348,000 in the previous year[4] - The net loss attributable to the owners of the company for the year was RMB 6,564,000, compared to RMB 8,699,000 in 2024, indicating a reduction in losses[6] - The basic and diluted loss per share from continuing operations was RMB (6.89) for 2025, slightly improved from RMB (7.16) in 2024[7] - The total comprehensive loss for the year was RMB 5,554,000, compared to RMB 9,645,000 in the previous year, showing an improvement[5] - The company experienced a net loss of RMB 8,671,000 before tax for 2025, compared to a loss of RMB 7,454,000 in 2024, indicating ongoing financial challenges[25] - For the fiscal year 2025, the company reported a pre-tax loss of RMB 6,564,000, compared to a loss of RMB 8,699,000 in 2024, indicating an improvement of approximately 24.5% year-over-year[35] Revenue Breakdown - The revenue from funeral services in other regions (China, Hong Kong, and Taiwan) was RMB 63,762,000, while the revenue from Vietnam's funeral services was RMB 616,000, indicating a significant reliance on the other regions for revenue generation[23][27] - The total revenue from the Chinese market was RMB 62,415,000 in 2025, down from RMB 67,035,000 in 2024, reflecting a decrease of approximately 6.4%[27] - The revenue from Taiwan decreased to RMB 1,220,000 in 2025 from RMB 2,188,000 in 2024, showing a decline of approximately 44.3%[27] - Revenue from the Hong Kong business decreased by approximately 86.0%, falling to around RMB 745,000 from RMB 5,319,000, largely due to the completion of a major delivery of biotechnology instruments in the previous year[53] - The revenue from biotechnology and other businesses was RMB 618,000 in 2025, a slight increase from RMB 4,500,000 in 2024, indicating a shift in focus towards this segment[23][24] Operational Costs - Administrative expenses rose to RMB 37,984,000 from RMB 34,716,000, indicating increased operational costs[4] - The total cost of inventory recognized as an expense for 2025 was RMB 9,290,000, compared to RMB 12,935,000 in 2024, showing a significant decrease of approximately 28.5%[29][30] - The total depreciation and amortization expenses for 2025 amounted to RMB 6,713,000, a decrease from RMB 7,226,000 in 2024, reflecting a reduction of about 7.1%[29][30] - The company reported a total of RMB 1,067,000 in interest expenses for 2025, a slight decrease from RMB 1,473,000 in 2024, reflecting a reduction of about 27.5%[28] - The company incurred a total income tax expense of RMB 2,948,000 for 2025, down from RMB 2,817,000 in 2024, which represents an increase of approximately 4.6%[31] Asset and Liability Management - Non-current assets decreased from RMB 54,248 thousand in 2024 to RMB 46,494 thousand in 2025, a decline of approximately 14%[8] - Current assets decreased from RMB 196,378 thousand in 2024 to RMB 182,934 thousand in 2025, a decline of about 7%[8] - Total liabilities decreased from RMB 133,611 thousand in 2024 to RMB 128,392 thousand in 2025, a reduction of approximately 4%[9] - Net current assets decreased from RMB 62,767 thousand in 2024 to RMB 54,542 thousand in 2025, a decline of around 13%[8] - Total equity decreased from RMB 103,534 thousand in 2024 to RMB 98,195 thousand in 2025, a decrease of about 5%[9] Strategic Focus and Future Plans - The company plans to continue focusing on cost management and operational efficiency to improve future performance[3] - The company aims to diversify its business model to ensure sustainable growth by expanding into the "low-altitude economy" and life sciences sectors[53] - The company is actively deploying resources in strategic emerging industries to ensure sustainable growth and has transitioned from a traditional funeral service provider to a high-tech enterprise with independent R&D capabilities[48] - The company has established a non-wholly owned subsidiary, Bat Shark Future (Guangdong) Aviation Technology Co., Ltd., to lead the development of new energy unmanned ground effect vehicles, achieving a significant milestone with the successful first flight test of its first-generation aircraft FU1[48] - The company is focusing on accelerating the commercialization process of new products and enhancing collaboration with industry partners to maximize shareholder returns[49] Discontinued Operations - The company has ceased operations related to the sale of cemetery and tombstone services in Vietnam, impacting comparative figures[11] - The company successfully completed the sale of its entire equity interest in Junqun Development Limited for a cash consideration of HKD 10,000,000, effectively terminating its operations in Vietnam[66] - Losses from discontinued operations in Vietnam narrowed from approximately RMB 2,648,000 in the previous year to about RMB 61,000 this year, demonstrating the effectiveness of the strategic shift[66] - The revenue from discontinued operations for the period from January 1 to August 15, 2025, is RMB 616,000, compared to RMB 401,000 for the entire year of 2024, marking a 53.7% increase[43] - The operating loss from discontinued operations for the period is RMB (445,000), a significant improvement from RMB (2,633,000) in 2024, indicating an 83.1% reduction in losses[43] Corporate Governance and Compliance - The company has complied with the corporate governance code based on the GEM listing rules, with a focus on high-quality board and transparency to shareholders[109] - No significant violations of applicable laws and regulations have occurred during the year[111] - The audit committee, consisting of three independent non-executive directors, has reviewed the audited consolidated financial statements and confirmed compliance with applicable accounting standards[114] Investment and Financial Management - The group maintained a cautious financial management strategy and did not utilize any financial instruments for hedging purposes during the year[72] - The group is actively monitoring economic conditions and acknowledges potential changes that may impact financial performance[73] - The group has established a strategic partnership with a professional investment firm specializing in venture capital and emerging industry consulting to enhance asset identification and management capabilities[77] - The group’s current bank borrowings were approximately RMB 992,000, with non-current borrowings at RMB 143,000 and RMB 240,000 respectively[70] - The net debt-to-equity ratio remains prudent at approximately 57.2% as of December 31, 2025, down from 58.7% in 2024, ensuring financial flexibility for strategic investment opportunities[82]

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 依賴該等內容而引致的任何損失承擔任何責任。 Zhongtian Construction (Hunan) Group Limited 中天建設（湖南）集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2433） ‧ 於2025財年，建築合約產生的收入由2024財年的約人民幣930.8百萬元減 少約人民幣344.5百萬元或37.0%至2025財年的約人民幣586.3百萬元。 ‧ 於2025財年，我們的整體毛利率由2024財年的約7.6%增加至2025財年的 約9.9%。 ‧ 我們於2025財年的淨虧損約為人民幣77.7百萬元，而2024財年的淨虧損 約為人民幣26.4百萬元。 財務概要 – 1 – 綜合損益及其他全面收益表 | | | 截至12月31日止年度 | | | --- | --- | --- | --- | | | | 2025年 | 2024年 | | | 附註 | 人民幣千元 | 人民幣千元 | | 收入 | 5 | 586, ...

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 8,651,000, a decrease of 10% compared to HKD 9,569,000 in 2024[5] - Revenue from fund management business increased by 2% to HKD 5,860,000 from HKD 5,752,000[5] - Consulting service revenue rose significantly by 41% to HKD 2,750,000 from HKD 1,944,000[5] - Net trading income plummeted by 98% to HKD 41,000 from HKD 1,873,000[5] - Operating loss improved by 31% to HKD 33,133,000 from HKD 47,962,000[5] - Loss attributable to owners decreased by 30% to HKD 33,936,000 from HKD 48,506,000[5] - Total comprehensive loss reduced by 34% to HKD 32,559,000 from HKD 49,475,000[5] - Basic and diluted loss per share improved by 33% to HKD 8.15 from HKD 12.13[5] - The loss before tax for the reporting period was HKD 33.6 million, compared to a loss of HKD 48.4 million in 2024, with the attributable loss to shareholders being HKD 33.9 million (after tax) in the reporting period and HKD 48.5 million in the first half of 2024[12] - The group reported a pre-tax loss of HKD 33,606,000 for 2025, an improvement from a loss of HKD 48,395,000 in 2024[119] Market Conditions - The MSCI World Index increased by 19.0% during the reporting period, with strong quarterly returns following a slight decline in Q1[7] - The VIX index decreased from 17.4 at the end of 2024 to 15.0 by December 31, 2025, indicating lower market volatility[7] - The realized volatility of the MSCI World Index was 18.8% and the S&P 500 Index was 24.6% in the first half of 2025, indicating a favorable trading environment compared to the previous year[9] - The realized volatility of the Nikkei Index was 22.7% and the Kospi Index was 27.3% at the end of 2025, both above their long-term averages[9] - The VIX index peaked at 52.3 in mid-April 2025, with a modest increase from 22.3 to 24.7 throughout the month[34] - The overall data remains strong, but the breadth of the U.S. market has narrowed in 2025, indicating a concentration of performance among top stocks[74] Asset Management - The asset management size decreased to $278 million as of December 31, 2025, down from $501 million at the end of 2024 and $474 million at the end of June 2025[11] - The asset management scale for the past 12 months was reported at USD 512 million, compared to USD 501 million in the previous year[13] - The company's assets under management reached $278 million as of December 31, 2025, with $223 million utilizing the relative value volatility strategy and $55 million employing new strategies such as TP Volatility Premium and TP China Dragon[32] - The overall asset management scale decreased in 2025 compared to 2024, influenced by specific client changes and challenging market conditions[41] - The group faced a significant reduction in asset management scale due to the final redemption notice from its last client, impacting future revenue potential[152] Investment Strategies - The TP RV Volatility strategy achieved a positive return of 6.3% in the first half of 2025, but faced a negative return of 3.1% in the second half, resulting in an overall return of 2.9% for the year[9] - The TP Volatility Premium strategy recorded a return of 4.9% in 2025, demonstrating resilience during market volatility in April, while the TP China Dragon strategy achieved a return of 10.2% since its inception in May 2025[11] - The True Partner Fund was recognized as the "Best Performing Fund" in the global relative value volatility category at the Hedge Fund Journal Performance Awards in June 2025[10] - The company is actively seeking additional investors for its new investment strategies, which have shown significant potential for growth[11] - The company is exploring opportunities to restructure its entities to further enhance operational efficiency[12] Cost Management - General and administrative expenses for the reporting period were HKD 41.9 million, increasing to HKD 57.9 million in 2024, primarily due to reductions in employee costs and professional fees[12] - The company reduced its workforce by 19% and implemented cost-cutting measures, expecting additional benefits from these adjustments over the next twelve months[12] - The total unallocated corporate expenses for 2025 were HKD 42,388,000, compared to HKD 57,954,000 in 2024, showing a decrease of 26.8%[130] Client Engagement - The company continues to engage in marketing efforts to attract potential investors, supported by the strong performance of its relative value volatility strategy[11] - The group actively engaged with investors and potential clients through webinars and one-on-one online meetings, discussing the positive performance of the True Partner Fund for 2024 and 2025[49] - The company is in discussions with potential investors for new products, including a short volatility strategy (TP Volatility Premium) and a strategy combining Chinese equity exposure with protective options (TP China Dragon), both of which have shown strong performance[52] Corporate Governance - The company has adopted the corporate governance code as per GEM Listing Rules Appendix C1, ensuring adherence to good corporate governance standards[188] - The audit committee has been established in accordance with GEM Listing Rules and is responsible for reviewing financial statements and internal controls[195] - The board believes that separating the roles of chairman and CEO is beneficial for the company and its shareholders, with the roles being divided from March 27, 2026[189] Future Outlook - The company is focused on maintaining a robust and efficient business model to navigate current market challenges and capitalize on potential cyclical opportunities[12] - The company anticipates that the adjustments made will not change the plans outlined in the prospectus[12] - The company expects positive returns from all three strategies (TP RV Volatility, TP Volatility Premium, and TP China Dragon) in 2025, with TP China Dragon showing particularly strong performance at approximately +10.2% since its launch on May 1, 2025[106]