Financial Performance - Total revenue for the year ending December 31, 2025, is projected to be RMB 9,175,645, a decrease of 6.9% from RMB 9,854,790 in 2024[2] - Net profit attributable to the company for the year is expected to be RMB 495,944, down 12.3% from RMB 565,875 in 2024[3] - Basic earnings per share (EPS) is projected to be RMB 0.39, a decrease from RMB 0.45 in the previous year[3] - Gross profit for the year is expected to be RMB 1,440,773, down from RMB 1,809,826 in 2024, indicating a decline in gross margin[3] - Total comprehensive income for the year is projected to be RMB 568,589, down from RMB 639,267 in 2024[5] - Other income is expected to rise to RMB 313,535, compared to RMB 140,991 in the previous year[3] - The projected tax expense for the year is RMB 191,567, compared to RMB 166,923 in 2024, indicating a potential increase in tax liabilities[3] - The pre-tax profit for the year ending December 31, 2025, is RMB 747,665, and for 2024, it is RMB 838,670[20][21] - The total tax expense for the year 2025 is RMB 191,567,000, compared to RMB 166,923,000 in 2024, reflecting an increase of approximately 14.7%[33] Dividends - The company plans to maintain an interim dividend of RMB 0.05 per share and a proposed final dividend of RMB 0.084 per share, slightly increasing from RMB 0.082 in 2024[2] - The proposed final dividend for 2025 is RMB 8.4 cents per share, up from RMB 8.2 cents in 2024, indicating a growth of 2.4%[33] - The total dividend for the fiscal year 2025 is expected to be approximately RMB 174 million, including a mid-term dividend of RMB 65 million and the proposed final dividend of RMB 109 million[77] - The company's dividend policy is subject to review and is contingent upon its financial condition, operational performance, and capital requirements[79] Assets and Liabilities - Total current assets amounted to RMB 10,061,873 thousand in 2025, slightly down from RMB 10,079,012 thousand in 2024, representing a decrease of approximately 0.2%[6] - Total liabilities decreased to RMB 2,852,603 thousand in 2025, down from RMB 3,239,138 thousand in 2024, representing a reduction of approximately 11.9%[6] - The company’s total equity increased to RMB 7,905 thousand in 2025, compared to RMB 4,605 thousand in 2024, reflecting a growth of 71.5%[6] - The total current liabilities for the group amounted to RMB 4,499,386 thousand as of December 31, 2025[7] - The group reported a total asset value of RMB 8,818,764 thousand as of December 31, 2025[7] - The group’s total liabilities amounted to RMB 4,429,931 thousand as of December 31, 2024[7] - The group’s non-current liabilities totaled RMB 596,910 thousand as of December 31, 2024[7] Operational Performance - The group operates primarily in providing comprehensive medical services and hospital management services in mainland China[8] - The group’s segments include hospital operations and other services, which encompass management services for affiliated hospitals and supply chain services[16] - The hospital business segment reported revenue of RMB 8.675 billion, a decrease of 5.5% year-on-year[46] - The total number of medical visits for self-owned hospitals was 10,325,639[45] - The company aims to enhance quality and efficiency to mitigate the impact of declining average revenue on hospital business profits[47] - The company aims to increase emergency visit numbers by 5.6% in the second half of 2025 compared to the same period in 2024, while inpatient visits are expected to decrease by 1.4%[48] Financial Management - The company anticipates a decrease in finance costs to RMB 49,558 from RMB 75,275 in 2024, reflecting improved financial management[3] - The company reported a financial expense of RMB (15,967) for 2025 and RMB (18,960) for 2024[20][21] - The company experienced a net loss from financial and contractual assets of RMB (22,511) in 2025 and a net loss of RMB (5,704) in 2024[20][21] - The company has not used any financial instruments to hedge currency risks, managing such risks through close monitoring of foreign exchange rate fluctuations[59] Legal Matters - The company has been involved in ongoing litigation regarding the Yanhua IoT Agreement since 2019[89] - The Beijing Second Intermediate People's Court ruled that Yanhua Hospital must pay RMB 3.0575 million in annual return payments and late fees[90] - A new lawsuit was filed in June 2025 to seek the termination of the Yanhua IoT Agreement and related compensation payments[91] Employee and Governance - The company has implemented a mandatory contribution retirement benefit plan in Hong Kong, calculated as a percentage of employees' basic salaries[75] - Employees in mainland China must participate in a central pension plan, with contributions deducted from the profit and loss statement[76] - The company emphasizes effective communication and regular meetings to foster collaboration between management and employees[75] - The company has adhered to all applicable corporate governance codes during the reporting period, except for a temporary deviation regarding the roles of Chairman and CEO from June 19, 2025, to November 6, 2025[82] Future Outlook - The company aims to enhance its role in the regional healthcare system and strengthen its operational advantages through refined cost management and collaboration with high-level hospitals[70] - The healthcare industry is transitioning from a disease-centered approach to a health-centered approach, presenting long-term growth potential[69] - The company plans to provide comprehensive health services through a "hospital-to-enterprise-to-home" model, optimizing its health management services[71]

Financial Performance - Revenue for the year ended December 31, 2025, was HKD 50,281,000, an increase of 29.5% compared to HKD 38,876,000 for the year ended December 31, 2024[2] - Gross profit for the year ended December 31, 2025, was HKD 10,897,000, a decrease of 3.0% from HKD 11,238,000 in the previous year[2] - Operating profit for the year ended December 31, 2025, was HKD 30,521,000, compared to an operating loss of HKD 45,567,000 in 2024[2] - Profit before tax for the year ended December 31, 2025, was HKD 30,204,000, a significant recovery from a loss of HKD 45,724,000 in the previous year[2] - Net profit attributable to owners for the year ended December 31, 2025, was HKD 30,330,000, compared to a loss of HKD 45,385,000 in 2024[3] - Basic and diluted earnings per share for the year ended December 31, 2025, was HKD 1.97, recovering from a loss of HKD 2.95 per share in the previous year[3] Assets and Liabilities - Total assets as of December 31, 2025, were HKD 260,621,000, an increase from HKD 231,109,000 in 2024[4] - Net current assets as of December 31, 2025, were HKD 233,603,000, compared to HKD 199,166,000 in the previous year[4] - Total equity attributable to owners as of December 31, 2025, was HKD 228,815,000, up from HKD 198,485,000 in 2024[4] - The total assets of the company as of December 31, 2025, were HKD 260,826,000, with total liabilities of HKD 32,717,000[19] - The total amount of loans receivable decreased to HKD 103,336,000 in 2025 from HKD 154,837,000 in 2024, with a corresponding expected credit loss provision of HKD 41,714,000[39] Revenue Segmentation - Revenue from the sale of second-hand computer components, clothing, and beauty products was HKD 41,125,000, up from HKD 26,921,000, representing a 52.8% growth[14] - Revenue recognition for the year was primarily at a point in time, with HKD 42,663,000 recognized in this manner[14] - Revenue from external customers in China (including Hong Kong) increased to HKD 31,731,000 in 2025 from HKD 17,181,000 in 2024, marking an increase of 84.9%[22] - Major customer A contributed HKD 16,037,000 to revenue in 2025, while major customer B contributed HKD 7,367,000, down from HKD 7,672,000 in 2024[23] Financial Reporting and Standards - The company plans to enhance financial reporting by adopting new accounting standards, which will impact the presentation of financial performance in the income statement[10] - The new accounting standards will require the classification of all income and expenses into five categories, affecting the structure of the income statement and cash flow statement[11] - The company is currently evaluating the impact of the new accounting standards on its performance indicators and financial statement disclosures[12] Operational Segments - The company’s operations are divided into three segments: trading of second-hand computer components, lending services, and securities brokerage services[17] - The segment loss for the second-hand computer trading division was HKD 5,892,000, while the loss for the brokerage and underwriting services segment was HKD 18,309,000 for the year ended December 31, 2025[20] Credit and Receivables - The expected credit loss provision for trade receivables was HKD 3,322,000 in 2025, compared to a reversal of HKD 3,375,000 in 2024[27] - Trade receivables from cash clients increased significantly to HKD 3,390,000 in 2025 from HKD 394,000 in 2024, reflecting a substantial growth[31] - Total trade receivables and other receivables rose to HKD 30,210,000 in 2025, up from HKD 22,658,000 in 2024, indicating a growth of approximately 33.5%[31] - The expected credit loss provision for trade receivables decreased to HKD 1,240,000 in 2025 from HKD 4,562,000 in 2024, showing improved credit quality[31] Employee and Governance - The group employed 18 staff members as of December 31, 2025, an increase from 12 staff members in 2024[70] - The board consists of two executive directors and three independent non-executive directors as of the announcement date[81] - The company has adhered to the corporate governance code and principles throughout the fiscal year ending December 31, 2025[74] Dividends and Shareholder Communication - The company did not declare or recommend any dividends for the year ended December 31, 2025, consistent with 2024[28] - The board proposed no final dividend for the year ending December 31, 2025, consistent with the previous year[71] - The annual report for the fiscal year ending December 31, 2025, will be sent to shareholders and published on the company's website at an appropriate time[78] Market and Investment Activities - The group has not engaged in any significant acquisitions or disposals of subsidiaries and associates during the year ending December 31, 2025[69] - The group’s investments include significant stakes in various companies, with the largest being in Financial Media Group Limited, representing 2.4% of issued share capital[65] Risk Management - The group has established credit policies and procedures for its lending business, including credit risk assessment before loan approval[60] - The group has not implemented any hedging policies to mitigate foreign exchange risks, although management will continue to assess these risks[63]

Financial Performance - The Group achieved a turnaround from loss to profit, with adjusted EBITDA rising by 46.5% year-on-year despite a 1.2% decrease in overall revenue [26]. - For the year ended 31 December 2025, the Group's consolidated revenue was HK$10,299.5 million, a decrease of 1.2% from HK$10,427.1 million in 2024 [48]. - Clarks business contributed 86.6% of the overall revenue, with a revenue of HK$8,928.7 million, down 0.9% from HK$9,007.6 million in 2024 [49]. - The Group recorded a net profit attributable to equity holders of HK$170.4 million, a turnaround from a net loss of HK$70.4 million in 2024, driven by improved operating performance in the multi-brand apparel and footwear segment [73]. - Basic earnings per share attributable to equity holders for the year was 1.47 HK cents, compared to a basic loss per share of 0.62 HK cents in 2024 [74]. - The Group's gross profit for the year was HK$4,779.4 million, an increase of 0.3% compared to HK$4,764.5 million in 2024 [55]. - The overall gross profit margin increased by 0.7% compared to 2024, with Clarks' gross profit margin rising by 1.2% to 49.1% due to effective cost control [61]. Business Strategy and Development - Clarks successfully turned from loss to profit during the year, driven by cost reduction, efficiency improvements, channel expansion, and product innovation [15]. - Clarks expanded its digital presence by entering multiple global e-commerce platforms and will launch its first self-operated marketplace in the UK in early 2026 [16]. - The Group aims to improve profit margins to a reasonable level while actively addressing various risks and challenges in the market [21]. - The Group plans to focus on markets and channels with high growth potential for steady growth, following substantial completion of business optimization for Clarks [39]. - The Group aims to enhance brand value through product innovation and service upgrades, along with differentiated marketing strategies tailored to regional markets [40]. - Strategies to enhance the Clarks brand include optimizing the supply chain and intensifying digitalization efforts to increase market penetration [82]. Product Innovation and Market Expansion - Clarks launched innovative products such as the Clarks Pace performance walking shoe and Solevana recovery trainer, integrating advanced technology for enhanced comfort [28]. - The athleisure product "Trigenic" accounted for over 40% of Clarks' sales in the Greater China region, showcasing strong growth against market trends [17]. - Clarks launched non-footwear products for the first time, including casual lifestyle items, evolving into a comprehensive lifestyle brand [16]. - The Group's outdoor sports market strategy includes the entry of the Nordic brand Haglöfs into China, with 25 offline stores opened to showcase professional outdoor gear [35]. - The sports industry is identified as a key development area, with policies aimed at improving sports consumption quality and scale, benefiting the Group's strategic alignment [19]. Operational Efficiency and Cost Management - The Group enhanced internal controls and operational efficiency to lay the foundation for future business growth amidst market uncertainties [13]. - Selling and distribution expenses decreased by HK$509.8 million or 13.4% to HK$3,305.3 million from HK$3,815.1 million in 2024, attributed to better cost control and closure of inefficient retail stores [60]. - Administrative and other operating expenses decreased by HK$141.4 million or 9.3% to HK$1,382.4 million from HK$1,523.7 million in 2024, mainly due to reduced staff costs from organizational restructuring [64]. - The segment turned around from an operating loss of HK$448.5 million in 2024 to an operating profit of HK$298.3 million in 2025, attributed to better cost control and closure of inefficient retail stores [89]. Market Conditions and Consumer Behavior - In 2025, the Group's main brands faced challenges due to US tariff policies and geopolitical risks, leading to cautious consumer behavior and intensified brand competition [13]. - The consumer confidence index in the US fluctuated significantly, reflecting ongoing caution among consumers regarding economic prospects [25]. - The GDP growth rate in China for 2025 is projected at 5.0%, significantly above the global average, indicating strong market consumption momentum [25]. Investments and Acquisitions - The Group completed the privatization of Bossini International Holdings Limited, issuing a total of 246,634,517 new Viva Shares to Scheme Shareholders and Bossini Optionholders on March 24, 2025 [122]. - The acquisition of 96,659,000 shares of Li Ning Company Limited was completed at an aggregate consideration of approximately HK$1,560.9 million during the period from January 10, 2025, to December 9, 2025 [128]. - The Group's strategic focus includes market expansion and acquisitions, as evidenced by the significant share acquisition in Li Ning Company Limited [128]. Leadership and Management - The company’s leadership includes experienced executives with extensive backgrounds in corporate management and the consumables industry, enhancing operational effectiveness [151]. - The company has appointed a new Co-CEO on June 16, 2025, to oversee overall management and strategic development [138]. - Herrero appointed as non-executive director in January 2021, previously CEO of Lovisa Holdings Limited and Guess Inc., with extensive experience in consumer goods management [156]. - Li has significant experience in financial services, previously a non-executive director of Li Ning Co and an analyst at Persistent Asset Management Limited [164][168]. - Ma has over 30 years of experience in finance and administration, serving as financial controller of Li Ning Foundation since 2005 [165][169].

Financial Performance - For the year ending December 31, 2025, revenue was approximately RMB 852.7 million, a decrease of about 2.8% compared to RMB 877.6 million for the year ending December 31, 2024[3]. - For the year ending December 31, 2025, profit before tax was approximately RMB 362.6 million, an increase of about 0.3% from RMB 361.5 million for the year ending December 31, 2024[3]. - For the year ending December 31, 2025, net profit was approximately RMB 272.0 million, an increase of about 0.4% from RMB 271.0 million for the year ending December 31, 2024[3]. - The company achieved a net profit margin of 31.9% for the year ending December 31, 2025, compared to 30.9% in the previous year[5]. - In 2025, the group achieved total revenue of RMB 852.7 million, a decrease of 2.8% compared to RMB 877.6 million in 2024[24]. - Net profit for the period was RMB 272.0 million, reflecting a growth of 0.4% year-on-year[23]. - The pre-tax profit for 2025 was RMB 362,645 thousand, slightly up from RMB 361,520 thousand in 2024, indicating a growth of 0.3%[161]. - Basic earnings per share for 2025 decreased to RMB 0.18, down RMB 0.02 from 2024, primarily due to an increase in share capital from the issuance of domestic shares[58]. Assets and Liabilities - As of December 31, 2025, total assets were approximately RMB 13,112.0 million, an increase of about 0.4% from RMB 13,055.8 million as of December 31, 2024[3]. - As of December 31, 2025, total liabilities of the group amounted to RMB 9,846.7 million, a decrease of RMB 627.8 million or 6.0% compared to the previous year[97]. - The loan balance as of December 31, 2025, was RMB 7,228.3 million, accounting for 73.4% of total liabilities, down from 76.5% the previous year[98]. - The company's non-current liabilities decreased to RMB 3,641,138 thousand in 2025 from RMB 4,150,142 thousand in 2024, a reduction of about 12.3%[155]. - The total amount of loans and receivables decreased by 3.5% to RMB 12,385.9 million as of December 31, 2025, with a significant reduction in impairment loss provisions by 28.7%[64]. Equity and Dividends - As of December 31, 2025, total equity was approximately RMB 3,265.4 million, an increase of about 26.5% from RMB 2,581.4 million as of December 31, 2024[3]. - The board proposed a final dividend of RMB 0.059 per share (before tax) for the year ending December 31, 2025[3]. Financing and Investment - The company achieved financing of RMB 7.9 billion, with borrowing interest costs reduced to 2.7%[20]. - The total credit limit reached RMB 24 billion, indicating sufficient capital reserves[20]. - The company completed a state-owned acquisition of Beijing Zhongnuo, enhancing its capital operation capabilities[17]. - The company plans to continue optimizing and diversifying its financing channels, focusing on innovative financing products to enhance capital management efficiency[99]. - The company made a new equity investment of RMB 30.5 million in a joint venture fund as of December 31, 2025[132]. Asset Quality and Risk Management - The company reported a non-performing asset ratio of 1.2% as of December 31, 2025, down from 1.8% in the previous year[7]. - The expected credit impairment loss for 2025 is RMB 70.1 million, a decrease of 11.2% from the previous year, indicating improved asset recovery efforts[53]. - The provision coverage ratio increased to 230.5% as of December 31, 2025, up 23.0 percentage points from the previous year[88]. - The company has implemented a five-level classification system for loans and receivables, closely monitoring asset quality[72]. - The company has enhanced its risk control strategies and asset management capabilities, focusing on industry upgrades and business model transformation[75]. Operational Efficiency - The average return on equity for the year ending December 31, 2025, was 9.3%[3]. - The average return on assets for the year ending December 31, 2025, was 2.1%[3]. - The average yield on interest-earning assets for 2025 was 5.7%, down from 6.2% in the previous year, a decrease of 0.5 percentage points due to intensified industry competition and declining market interest rates[34]. - Interest expense decreased by 16.3% to RMB 239.5 million in 2025 from RMB 286.1 million in 2024, attributed to improved capital management and financing cost optimization[40]. Employee and Talent Management - As of December 31, 2025, the group had a total of 156 employees, an increase from 146 in 2024, with approximately 68.6% holding master's degrees or higher[135]. - Employee costs for the year amounted to approximately RMB 894 million, a decrease from RMB 994 million in 2024[135]. Strategic Focus and Future Plans - The company aims to become a leading international technology industry financial service provider, focusing on restructuring functions, upgrading models, and concentrating on growth sectors[147]. - The company will continue to focus on three strategic areas: AI + new energy, AI + robotics, and AI + high-precision equipment, aligning business structure with national strategic emerging industries[148]. - The company aims to create sustainable long-term value for shareholders, clients, and society by driving a virtuous cycle of technology, industry, and finance[148].

Financial Performance - The Group reported revenue of HKD 10,299,491, a decrease of 1.2% compared to HKD 10,427,051 in 2024[4] - Gross profit increased by 0.3% to HKD 4,779,411 from HKD 4,764,490 in the previous year[4] - The profit attributable to equity holders turned from a loss of HKD 70,410 in 2024 to a profit of HKD 170,363 in 2025[4] - Adjusted EBITDA rose significantly by 46.5% to HKD 1,331,096 from HKD 908,412 in 2024[4] - For the year ended December 31, 2025, the Group's consolidated revenue was HK$10,299.5 million, a decrease of 1.2% from HK$10,427.1 million in 2024[55] - Clarks business contributed 86.6% of the overall revenue, with a revenue of HK$8,928.7 million, down 0.9% from HK$9,007.6 million in 2024 due to economic uncertainty[56] - The Bossini brand's revenue decreased by 44.2% to HK$254.4 million, down from HK$455.6 million in 2024[52] - The Group's gross profit for the year was HK$4,779.4 million, an increase of 0.3% from HK$4,764.5 million in 2024, driven mainly by Clarks' effective cost control[62] - Clarks' gross profit margin increased by 1.2 percentage points to 49.1% in 2025, while Bossini's gross profit margin decreased by 0.5 percentage points to 48.7%[64][65] - The multi-brand apparel and footwear segment generated revenue of HK$9,736.7 million, a decrease of HK$131.1 million or 1.3% compared to 2024, primarily due to reduced revenue from Clarks and Bossini[93][96] - The segment turned around from an operating loss of HK$448.5 million in 2024 to an operating profit of HK$298.3 million in 2025, attributed to better cost control and closure of inefficient retail stores[93][96] Operational Efficiency - The Group focused on product and pricing adjustments to optimize product categories and improve profitability[6] - Operational efficiency was enhanced through restructuring of cost structures and streamlining core processes[6] - Strict inventory management was implemented to optimize inventory levels and reduce holding costs[6] - The Group's operational efficiency improved significantly through cost reduction and internal optimization measures, leading to a stable cash flow[27] - Selling and distribution expenses decreased by 13.4% to HK$3,305.3 million from HK$3,815.1 million in 2024, due to better cost control and store closures[67] - Administrative and other operating expenses decreased by 9.3% to HK$1,382.4 million from HK$1,523.7 million in 2024, mainly due to reduced staff costs from organizational restructuring[71] Market and Product Development - Clarks' self-developed athleisure product "Trigenic" accounted for over 40% of sales in the Greater China region, driving strong growth against market trends[24] - Clarks launched its first performance walking shoe, Clarks Pace, and the Solevana recovery trainer, integrating advanced technology for enhanced comfort[35] - Clarks introduced non-footwear products for the first time, including casual lifestyle items, evolving into a comprehensive lifestyle brand[23] - The Group's strategic focus on core brands and product innovation has successfully turned losses into profits, enhancing market penetration[34] - The Group is focusing on developing a diversified product category in the multi-brand apparel and footwear business to meet consumer needs in various segments, including sports outerwear and luxury[88][91] - Clarks brand has strengthened its market penetration through supply chain optimization, product mix upgrades, and intensified digitalization efforts[89][91] Challenges and Risks - The business environment in 2025 was characterized by complex challenges, including US tariff policies and geopolitical risks affecting consumer behavior[20] - The consumer confidence index in the US fluctuated throughout the year, reflecting ongoing caution among consumers regarding economic prospects[32] Strategic Initiatives - The Board proposed a special dividend of HKD 0.008 per share for the year ending December 31, 2025, compared to zero in 2024[4] - The Group aims to strengthen internal controls and enhance operational efficiency to support future business growth[20] - Clarks plans to open more than 10 additional sales points in 2026, expanding its market presence[40] - The Group obtained exclusive operating rights for the "China Pickleball Circuit," creating new growth opportunities in the sports experience business[26] - The Group's optimization and adjustment for Clarks have been substantially completed, focusing on high-growth potential markets moving forward[46] - The Group aims to enhance brand value through product innovation and service upgrades, adapting marketing strategies to regional consumption characteristics[47] Financial Position and Assets - The Group recorded a net cash inflow from operations of HK$1,062.5 million, significantly up from HK$343.2 million in 2024[107] - Net cash outflows from investing activities totaled HK$1,468.8 million, primarily due to the acquisition of additional interest in Li Ning Co[108] - The Group's net asset value increased from HK$8,197.2 million as of December 31, 2024, to HK$8,731.4 million as of December 31, 2025[99] - Total non-current assets rose from HK$8,651.8 million to HK$10,947.1 million, mainly due to the acquisition of additional interest in Li Ning Co[100] - Current assets remained stable at HK$5,167.1 million, with inventories increasing to HK$3,039.4 million and cash and bank balances rising to HK$887.8 million[101] - Total current liabilities increased by HK$710.1 million or 20.4% to HK$4,186.5 million, driven by higher trade payables and bank borrowings[102] Leadership and Management - Mr. Li has been involved in the development of Li Ning Co for over 35 years, contributing significantly to the sporting goods industry in China[147] - Mr. Li was appointed as Co-CEO on June 16, 2025, after serving as Executive Director since June 2, 2010[156] - The company has a strong focus on business strategic development and overall management of sports parks and centers[168] - Mr. Herrero has extensive experience in corporate management, having served as CEO of Lovisa Holdings Limited and Guess Inc.[158] - The company has appointed various directors with significant experience in the consumables and fashion industries, strengthening its leadership team[171] Corporate Actions - The company completed the privatization of Bossini International Holdings Limited, with a total of 246,634,517 new Viva Shares issued to Scheme Shareholders and Bossini Optionholders on 24 March 2025[129] - The withdrawal of Bossini's listing on the Stock Exchange became effective on 17 March 2025[132] - The scheme conditions for the privatization were fully satisfied by 10 February 2025, and the scheme became effective on 13 March 2025[132] - The special resolution to reduce Bossini's issued share capital by canceling the Scheme Shares was approved at the Bossini SGM[133] - The ordinary resolution to grant a specific mandate to issue new Viva Shares was approved at the extraordinary general meeting of the company[133] - The acquisitions of Li Ning shares constituted discloseable transactions for the company[135]

Financial Performance - For the fiscal year ending December 31, 2025, the total revenue was HKD 66,258,000, a decrease of 27.8% from HKD 91,707,000 in 2024[3] - The gross profit for 2025 was HKD 3,736,000, down 84.2% from HKD 23,521,000 in 2024[3] - The company reported a loss before tax of HKD 18,568,000 for 2025, compared to a profit of HKD 3,781,000 in 2024[3] - The net loss attributable to shareholders for 2025 was HKD 18,856,000, compared to a profit of HKD 3,802,000 in 2024[4] - Total revenue for the fiscal year 2025 was approximately HKD 66.3 million, a decrease of about HKD 25.4 million or 38.4% compared to HKD 91.7 million in fiscal year 2024[33] - The group recorded a net loss of approximately HKD 18.7 million for the fiscal year 2025, compared to a net profit of approximately HKD 3.8 million in fiscal year 2024[46] Revenue Breakdown - Revenue from the hotel and entertainment segment decreased to HKD 8,267,000 in 2025 from HKD 15,827,000 in 2024, a decline of 47.8%[13] - Revenue from residential properties increased significantly to HKD 14,858,000 in 2025 from HKD 7,616,000 in 2024, representing an increase of 95.5%[13] - Total revenue from external customers in Macau decreased to HKD 13,096,000 in 2025 from HKD 31,380,000 in 2024, a decline of 58.3%[15] - Total revenue from external customers in Hong Kong decreased to HKD 53,162,000 in 2025 from HKD 60,327,000 in 2024, a decline of 11.5%[15] Assets and Liabilities - The company's total assets decreased to HKD 199,056,000 in 2025 from HKD 227,991,000 in 2024, reflecting a decline of 12.7%[5] - Current liabilities decreased to HKD 32,420,000 in 2025 from HKD 39,726,000 in 2024, a reduction of 18.4%[5] - The company’s non-current assets decreased to HKD 27,305,000 in 2025 from HKD 29,609,000 in 2024, a decline of 7.8%[5] - The total amount of trade receivables as of December 31, 2025, was HKD 44,341,000, down from HKD 62,400,000 in 2024, a decrease of 29%[24] Cash Flow and Expenses - The company’s cash and cash equivalents increased to HKD 62,585,000 in 2025 from HKD 56,126,000 in 2024, an increase of 11.0%[5] - The company’s administrative expenses increased to HKD 30,593,000 in 2025 from HKD 23,348,000 in 2024, an increase of 31.2%[3] - The sales cost for fiscal year 2025 was approximately HKD 62.5 million, a reduction of 9.1% from approximately HKD 68.2 million in fiscal year 2024[38] - Total employee costs for the fiscal year 2025 are approximately HKD 21.5 million, down from HKD 25.5 million in fiscal year 2024[64] Impairment and Losses - The company incurred impairment losses on property, plant, and equipment amounting to HKD 750,000 in 2025, with no such losses reported in 2024[18] - The company faced other losses of approximately HKD 0.9 million in fiscal year 2025, attributed to impairment of property, plant, and equipment, as well as fair value losses on investment properties[42] Strategic Focus and Future Outlook - The company plans to enhance its strategy for electric vehicle charging-related electromechanical engineering by 2025 to meet the rapidly growing demand for charging facilities[32] - The company continues to seek new electromechanical engineering service projects in Macau and Hong Kong, focusing on upgrading existing buildings to meet modern standards[33] - The company anticipates strong mid-term demand for electromechanical engineering services driven by smart city development and the rapid expansion of electric vehicle charging infrastructure[35] - The business outlook for the coming year remains cautiously optimistic, supported by a low debt ratio and strong liquidity[60] Governance and Compliance - The group has adopted a stock option plan to incentivize eligible participants for their contributions[65] - The group has complied with corporate governance codes and has made necessary adjustments to ensure adherence[71] - The preliminary financial results for the fiscal year 2025 have been audited and confirmed to be consistent with the consolidated financial statements[73] - The annual results announcement will be published on the Hong Kong Stock Exchange website and the company's website[74] Risk Management - The group faces various risks including reliance on major suppliers and potential fluctuations in project costs, which could adversely affect its operational and financial performance[53] - The group will maintain prudent credit monitoring and operational capital management to support sustainable growth[61] - The group emphasizes robust fundamentals to build resilience against market volatility[61]

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 900.6 million, an increase of 47.7% compared to RMB 609.9 million for 2024[5] - Gross profit reached RMB 486.6 million, up 54.2% from RMB 315.6 million in 2024, with a gross margin of 54.0%, an increase of 2.3 percentage points from 51.7% in 2024[5] - Net loss for the year was RMB 27.3 million, a 786.9% increase from RMB 3.1 million in 2024, primarily due to listing expenses of RMB 27.4 million and increased R&D investments[5] - Adjusted net profit was RMB 12.8 million, a growth of 1,053.2% compared to RMB 1.1 million in 2024[5] - In the fiscal year 2025, the company's total revenue reached RMB 900.6 million, representing a 47.7% increase from RMB 609.9 million in 2024[22] - The overall gross profit for 2025 was RMB 486.6 million, up 54.2% year-over-year, with a gross margin of 54.0%[13] - Adjusted net profit for 2025 was RMB 12.8 million, reflecting a significant increase of 1,053.2% compared to the previous year[13] - The company recorded a net loss of approximately RMB 27.3 million in 2025, a significant increase of 786.9% from a net loss of RMB 3.1 million in 2024, attributed to IPO expenses and increased R&D investments[35] Market Expansion - The company expanded its global presence, covering over 90 countries and regions, with revenue from Japan, Europe, and North America accounting for over 95% of total revenue[13] - Revenue growth in the European market was particularly strong, with a 57.9% increase year-over-year, and Germany achieving a remarkable 108.9% growth[13] - External customer revenue from Japan was RMB 545,826,000, a 55% increase from RMB 352,408,000 in 2024[54] - External customer revenue from Europe increased to RMB 206,052,000, up 58% from RMB 130,465,000 in 2024[54] Product Development and Technology - The company is focusing on the development of a unified "embodied intelligence" brain for household robots, enhancing model capabilities and data accumulation[6] - The VLA model for household service robots has been advanced, improving task understanding and execution capabilities in real home environments[8] - The company has implemented a core technology concept of "defining hardware by algorithms," integrating advanced AI vision and control algorithms with mechanical bodies[9] - A self-built data collection center has been established to create a standardized data production closed loop, ensuring high-quality, multi-modal data for model evolution[11] - The company aims to achieve a "once trained, multi-shared" technology paradigm for its products, enhancing data and model capability sharing[7] - The integration of multi-modal perception signals and underlying control is being promoted to create a unified "perception-decision-control" closed-loop architecture[10] - The company has expanded its product offerings to include AI-enabled home robotics systems and accessories, focusing on design, R&D, and commercialization[45] Financial Management and Investments - Sales costs rose to approximately RMB 413.9 million in 2025, a 40.6% increase from RMB 294.3 million in 2024, primarily due to rapid business expansion[27] - Other income and gains increased by 89.4% to RMB 17.3 million in 2025, compared to RMB 9.1 million in 2024, mainly due to higher investment income and interest income[29] - Selling and distribution expenses surged by 81.3% to RMB 311.7 million in 2025, up from RMB 171.9 million in 2024, driven by strategic investments in new product lines and market expansion[30] - Administrative expenses increased by 152.6% to RMB 81.8 million in 2025, primarily due to IPO-related costs and increased employee compensation[31] - R&D expenses rose by 21.8% to RMB 136.5 million in 2025, up from RMB 112.0 million in 2024, reflecting the company's commitment to enhancing core technology and product development[32] Cash and Assets - As of December 31, 2025, total cash and cash equivalents amounted to RMB 1,599.3 million, a significant increase from RMB 81.2 million in 2024, primarily due to funds raised from the IPO[40] - Total current assets increased dramatically to RMB 2,038,849 thousand in 2025 from RMB 367,995 thousand in 2024, marking a 453.5% growth[43] - Cash and bank balances surged to RMB 1,599,319 thousand in 2025, a substantial increase from RMB 81,163 thousand in 2024[43] - Non-current assets totaled RMB 126,735 thousand in 2025, up from RMB 84,537 thousand in 2024, representing a 49.9% increase[43] - The company's total equity reached RMB 1,657,660 thousand in 2025, compared to RMB 197,505 thousand in 2024, indicating a significant growth in equity[44] IPO and Future Plans - The net proceeds from the global offering were approximately HKD 1,543.89 million, with the share price set at HKD 73.8[75] - The company plans to allocate approximately 66.46% of the net proceeds, amounting to HKD 1,026.07 million, to enhance R&D capabilities and develop key technologies related to household robotics by the end of 2028[76] - 19.76% of the net proceeds, totaling HKD 305.07 million, will be used to expand sales channels and regional coverage, as well as to enhance global brand recognition by the end of 2028[76] - The company intends to repay HKD 58.36 million, representing 3.78% of the net proceeds, for outstanding bank loans within 24 months post-IPO by the end of 2026[76] - 10.00% of the net proceeds, equating to HKD 154.39 million, will be allocated for general working capital and corporate purposes by the end of 2026[76] - An additional net proceeds of approximately HKD 225.47 million was raised from the partial exercise of the over-allotment option at a price of HKD 73.8 per share, which will be allocated according to the prospectus[77] Corporate Governance - The company is committed to high standards of corporate governance and has complied with all relevant codes during the reporting period[81] - The board does not recommend the distribution of a final dividend for the year ending December 31, 2025[88] - The company did not declare or pay any dividends during the reporting period[66] - The company has maintained a public float of at least 15% of its issued H shares since the listing date[86]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部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。 PACIFIC MILLENNIUM PACKAGING GROUP CORPORATION 國 際 濟 豐 包 裝 集 團 （ 於開曼群島註冊成立的有限公司） （股份代號：1820） (1)截至2025年12月31日止年度的 全年業績公告 (2)採納經修訂股息政策 | 全年業績摘要 | | | | | --- | --- | --- | --- | | | 2025年 | 2024年 | 2025年對比 | | | 人民幣千元 | 人民幣千元 | 2024年 | | 營業收入 | 2,092,214 | 2,132,395 | (1.9 %) | | 毛利 | 276,111 | 324,104 | (14.8 %) | | 年內虧損 | (44,147) | (19,374) | (127.9 %) | | 每股虧損（人民幣）—基本及攤薄 | (15)分 | (6)分 | (150.0 ...

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。 截至二零二六年一月三十一日止六個月 之中期業績公佈 財務概要 | | 截至一月三十一日止六個月 | | | | --- | --- | --- | --- | | | 二零二六年 | 二零二五年 | 變動 | | | （百萬港元） | （百萬港元） | (%) | | 營業額 | 927.3 | 647.8 | 43.1 | | 自以下項目產生： | | | | | 租金收入 – | 499.9 | 513.1 | (2.6) | | – 物業銷售 | 425.4 | 131.2 | 224.2 | | 行政費用 | 77.2 | 112.5 | (31.4) | | 融資成本（費用化及資本化） | 288.3 | 312.3 | (7.7) | | 本集團之經調整EBITDA | | | | | （非香港財務報告準則計量） | 131.5 | 247.0 | (46.8) | | 本公司擁有人應佔淨虧 ...

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。 NANYANG HOLDINGS LIMITED （於百慕達註冊成立之有限公司） （股份代號：212） 二零二五年度末期業績公佈 集團財務摘要 | 二零二五年 | 二零二四年 | 變 | 動 | 港幣千元 | 港幣千元 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收入與其他收益 | 253,213 | 199,736 | 27% | | | | | | | | | | | | | 本公司年內虧損及股權持有人 | 應佔虧損 | (49,980) | (146,680) | 66% | | | | | | | | | | | | 本公司年內溢利及股權持有人 | 應 | 佔 ...