Financial Performance - Revenue increased by 0.9% to HKD 4.57 billion (previous year: HKD 4.53 billion) [5] - Gross profit margin increased by 2.8% to 28.7% (previous year: 25.9%) [5] - Profit attributable to shareholders was HKD 35 million (previous year: loss of HKD 564 million) [5] - Operating cash flow improved to HKD 527 million (previous year: HKD 339 million) [5] - The company reported revenue of HKD 4,570.8 million for the fiscal year ending December 31, 2025, representing a 0.9% increase from the previous year [34] - Gross profit margin improved by 2.8 percentage points to 28.7% compared to the previous year [34] - The company achieved a turnaround with a profit attributable to shareholders of HKD 35.0 million, compared to a loss of HKD 564.2 million in the previous year [32] - The network systems business showed strong growth, with revenue increasing by 26.5% year-on-year [35] - Revenue from the three major domestic telecom operators and China Tower increased by 3.7% to HKD 1,777,236,000, accounting for 38.9% of total revenue [38] - Revenue from network systems (including wireless optimization and access) rose by 26.5% to HKD 1,106,702,000, representing 24.2% of total revenue [39] - Gross profit increased by 12.1% to HKD 1,313,252,000, with a gross profit margin of 28.7%, up 2.8 percentage points from the previous year [40] Cash Flow and Assets - Operating cash flow for the year was HKD 527 million, indicating strong cash generation capabilities [34] - Total assets decreased to HKD 7,217.6 million from HKD 7,439.6 million, a reduction of HKD 221.9 million [33] - Net cash increased significantly to HKD 1,266.1 million, up by HKD 521.4 million from the previous year [33] - As of December 31, 2025, the company's net current assets amounted to HKD 2,160,956,000, with total current liabilities of HKD 2,350,828,000 [52] Research and Development - The company has applied for over 6,000 patents globally, indicating strong R&D capabilities [13] - R&D expenses decreased by 19.0% to HKD 331,737,000, accounting for 7.3% of total revenue, with a focus on high-yield related R&D activities [43] - The company has a strong emphasis on research and development, with senior executives holding key positions in industry associations and committees [89] Corporate Governance - The company has appointed independent directors with significant experience in finance and corporate governance, enhancing its board's expertise [82][85][87] - The company is committed to maintaining high standards of corporate governance through its audit and compensation committees [82] - The board consists of nine directors, including five executive directors, one non-executive director, and three independent non-executive directors [137] - The audit committee concluded that the risk management and internal control systems are effective and adequate after regular reviews [135] - The board has established mechanisms to ensure independent viewpoints and opinions are provided to the board [162] Shareholder Information - The board of directors did not recommend the declaration or payment of a final dividend for the year, consistent with the previous year [100] - The company aims to improve transparency and accountability for shareholders through its shareholder communication policy [180] - The company encourages shareholder participation in annual general meetings and allows proxy voting for those unable to attend [188] Environmental and Social Responsibility - The company has maintained its commitment to environmental sustainability and compliance with environmental laws and regulations [94] - The company actively engages in green development, focusing on minimizing environmental impact throughout its production and operations [200] - The company aligns with the IPCC's Paris Agreement 1.5°C target and sets science-based targets (SBTi) for its operations [200] - The company integrates green and low-carbon development concepts into product design and operational management [200] Employee Information - As of December 31, 2025, the group employed approximately 3,700 employees, down from 4,300 employees as of December 31, 2024, with total employee costs for the year amounting to HKD 786,936,000, compared to HKD 1,130,918,000 in the previous year [122] - The company emphasizes the importance of employee training to enhance skills and professional knowledge, viewing employees as a key driver of business growth [130] Strategic Focus - The company plans to continue enhancing organizational efficiency and focusing on R&D and innovation to capture new market opportunities [51] - The company is focused on expanding its international business and developing strategies for global customer engagement [75] - The company has a strategic focus on enhancing its product offerings and market presence in the telecommunications industry [75]

Financial Performance - Interest income for the year ended December 31, 2025, was HKD 345,118,000, an increase of 22.6% from HKD 281,597,000 in 2024[2] - Net profit for the year ended December 31, 2025, reached HKD 87,379,000, up 37.2% from HKD 63,754,000 in 2024[3] - Basic and diluted earnings per share for 2025 were HKD 17.48, compared to HKD 12.75 in 2024, reflecting a growth of 37.2%[3] - Operating profit for the year ended December 31, 2025, was HKD 106,134,000, a significant increase of 41.1% from HKD 75,243,000 in 2024[3] - Total revenue from interest income reached HKD 345,118 thousand in 2025, compared to HKD 281,597 thousand in 2024, marking an increase of 22.6%[16] - The total profit attributable to equity holders for the year ending December 31, 2025, is HKD 87,379,000, compared to HKD 63,754,000 in 2024, representing a 37.2% increase[22] Dividends - The company proposed a final dividend of HKD 0.078 per share for the year 2025, compared to a total of HKD 0.05 per share (including special dividend) in 2024[2] - Total dividends declared for the year ending December 31, 2025, amount to HKD 49,500,000, compared to HKD 26,990,000 in 2024, indicating an 83.5% increase[24] - The company declared an interim dividend of HKD 4.4 per share, totaling HKD 22,000,000, compared to HKD 3.4 per share in 2024[25] - The board proposed a final dividend of HKD 0.078 per share for the year ending December 31, 2025, up from HKD 0.03 per share in 2024, which includes a special dividend of HKD 0.025 per share[70] Assets and Liabilities - Total assets as of December 31, 2025, amounted to HKD 1,564,472,000, an increase from HKD 1,449,835,000 in 2024[4] - Total liabilities increased to HKD 608,997,000 in 2025 from HKD 532,235,000 in 2024, indicating a rise of 14.4%[4] - The company's net asset value as of December 31, 2025, was HKD 955.5 million, compared to HKD 917.6 million a year earlier[46] Loans and Advances - Loans and advances to customers as of December 31, 2025, total HKD 1,522,708,000, an increase from HKD 1,349,315,000 in 2024, representing a 12.8% growth[26] - Total loans increased to HKD 17,437 million in 2025, up from HKD 9,603 million in 2024, representing an increase of 81.5%[51] - The outstanding balance of unsecured homeowner loans increased from HKD 1,037.0 million as of December 31, 2024, to HKD 1,187.8 million as of December 31, 2025[33] - The average loan size for unsecured home loans rose to HKD 381.7 thousand in 2025 from HKD 372.0 thousand in 2024, an increase of 0.5%[52] - The average loan term for unsecured home loans increased to 60.6 months in 2025 from 49.8 months in 2024, indicating a longer repayment period[53] Expenses - Employee benefits expenses rose to HKD 119,794 thousand in 2025, up from HKD 104,825 thousand in 2024, reflecting a growth of 14.3%[18] - Advertising and marketing expenses increased significantly to HKD 31,035 thousand in 2025, compared to HKD 23,205 thousand in 2024, a rise of 33.6%[18] - General and administrative expenses rose by HKD 4.9 million or 7.6% to HKD 69.1 million, driven by increased professional fees and technology-related expenditures[41] - Sales expenses increased by HKD 10.0 million or 24.6% to HKD 50.6 million, primarily due to expanded marketing efforts for the PayKool credit card[42] Credit Losses and Provisions - Expected credit loss for the year was HKD 82,965,000, compared to HKD 77,364,000 in 2024, reflecting an increase of 7.0%[3] - The impairment provision for loans and advances as of December 31, 2025, is HKD 121,624,000, up from HKD 116,935,000 in 2024, reflecting a 4.6% increase[28] - Expected credit loss increased to HKD 83.0 million from HKD 77.4 million, attributed to the expansion of receivables[43] Financial Ratios - The net interest margin improved to 21.3% in 2025 from 19.7% in 2024, reflecting better profitability[55] - The asset-to-liability ratio increased to 0.56 in 2025 from 0.45 in 2024, indicating a higher level of leverage[55] - The return on equity rose to 9.3% in 2025 from 7.1% in 2024, demonstrating improved efficiency in generating profits from equity[55] Technology and Operations - The company has enhanced its financial technology capabilities, including upgrades to repayment models and electronic customer recognition solutions, improving operational efficiency and customer experience[36] - The PayKool credit card platform has been expanded to support instant issuance of virtual cards and various payment functionalities, with ongoing development of additional features for optimal customer experience[35] - The company plans to implement AI-driven customer service platforms to enhance sales efficiency and customer experience[61] Market and Economic Conditions - The unemployment rate in Hong Kong is approximately 3.8%, reflecting stable labor utilization under cautious hiring practices[60] - The company anticipates stable funding costs due to the recent adjustments by the U.S. Federal Reserve, allowing for effective diversification of funding channels[60] Corporate Governance - The company has adopted a standard code for regulating directors' securities transactions, ensuring compliance during the reporting period[72] - The audit committee reviewed the accounting principles and practices adopted by the company, ensuring alignment with the audited financial statements[73] Future Outlook - The company plans to continue expanding its loan offerings and improving its technology to enhance customer experience and operational efficiency[54] - The company's loan portfolio growth depends on sufficient funding to meet borrower demand, necessitating continuous expansion of the funding base for stable cash flow[58]

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 佈 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。 ETS GROUP LIMITED 易通訊集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8031） 截至二零二五年十二月三十一日止年度之 全年業績公佈 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM之特色 GEM的 定 位，乃 為 中 小 型 公 司 提 供 一 個 上 市 的 市 場，此 等 公 司 相 比 起 其 他 在 聯 交 所 上 市 的 公 司 帶 有 較 高 投 資 風 險。有 意 投 資 的 人 士 應 了 解 投 資 於 該 等 公 司 的 潛 在 風 險，並 應 經 過 審 慎 周 詳 的 考 慮 後 方 作 出 投 資 決 定。 由 於GEM上 市 公 司 普 遍 為 中 小 型 公 司，在GEM買賣的證券可能會較於主板買 賣 之 ...

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。 Evergreen Products Group Limited 訓 修 實 業 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1962） 截 至2025年12月31日止年度的 年度業績公告 財務摘要 – 1 – • 本年度的收入為1,044.3百 萬 港 元，較 截 至2024年12月31日止年度的1,016.4 百萬港元輕微增加2.7%。 • 本年度的毛利率為23.3%，較 截 至2024年12月31日止年度的24.0%減 少0.7 個 百 分 點。 • 本年度的純利為30.8百 萬 港 元，較 截 至2024年12月31日止年度的39.7百 萬 港元的純利下跌22.6%。 • 本年度本公司權益股東應佔每股基本盈利約為5港 仙（2024年：約6港 仙）， 較 ...

Financial Performance - K2 F&B Holdings Limited announced its consolidated performance for the fiscal year ending December 31, 2025, compared to the previous fiscal year ending December 31, 2024[3] - Total revenue for 2025 is projected to be SGD 57,172,000, an increase from SGD 51,506,000 in 2024, representing a growth of approximately 11.5%[4] - The company reported a net profit of SGD 2,793,000 for the year, compared to SGD 9,560,000 in the previous year, indicating a decline of about 70.8%[4] - Earnings before tax for 2025 are expected to be SGD 3,077,000, down from SGD 9,898,000 in 2024, reflecting a decrease of approximately 68.9%[4] - The company anticipates total comprehensive income for 2025 to be SGD 2,790,000, down from SGD 9,567,000 in 2024, a decline of about 70.8%[4] - Basic earnings per share for 2025 are projected at SGD 0.35, compared to SGD 1.20 in 2024, indicating a decrease of approximately 70.8%[4] - The company reported other income of SGD 86,000 for 2025, compared to SGD 1,061,000 in 2024, reflecting a significant decline of about 91.9%[4] - The total expenses for 2025 are expected to be SGD (56,099,000), an increase from SGD (49,946,000) in 2024, representing a growth of approximately 12.3%[4] - The company reported a segment profit of SGD 9,898,000, with a breakdown showing a profit of SGD 11,301,000 from one segment and a loss of SGD 6,027,000 from another[16] - The fair value gain from investment properties is estimated at SGD 8,400,000, contributing positively to the overall financial performance[16] Assets and Liabilities - Total assets decreased from SGD 180,828,000 in 2024 to SGD 167,842,000 in 2025, representing a decline of approximately 7.3%[5] - Total liabilities increased from SGD 23,217,000 in 2024 to SGD 36,748,000 in 2025, marking an increase of about 58.5%[6] - Net assets decreased from SGD 98,775,000 in 2024 to SGD 89,208,000 in 2025, reflecting a decrease of approximately 9.5%[6] - Cash and cash equivalents decreased from SGD 7,158,000 in 2024 to SGD 3,999,000 in 2025, a decline of about 44.8%[5] - The company reported a total non-current asset value of SGD 169,159,000 in 2025, down from SGD 194,266,000 in 2024, a decrease of approximately 12.9%[5] - The company’s total equity attributable to owners decreased from SGD 98,793,000 in 2024 to SGD 89,227,000 in 2025, a decline of approximately 9.5%[6] - The company’s borrowings increased from SGD 65,109,000 in 2024 to SGD 85,777,000 in 2025, an increase of about 31.8%[6] - The group reported a total of SGD 30,646 thousand in non-current assets related to property, plant, and equipment[23] - The total liabilities of the group were SGD 114,837 thousand, with current liabilities accounting for SGD 21,265 thousand[23] Revenue Streams - Revenue from the sale of food and beverage products reached SGD 35,557,000 in 2025, compared to SGD 43,282,000 in 2024, reflecting a decrease of approximately 17.8%[26] - Service revenue from cleaning and utility services increased to SGD 5,729,000 in 2025, up from SGD 4,679,000 in 2024, representing a growth of about 22.4%[26] - Total revenue for 2025 was SGD 41,286,000, down from SGD 47,961,000 in 2024, indicating a decline of approximately 14%[26] - Other income sources, including rental income from leasing space to tenants, increased to SGD 10,220,000 in 2025 from SGD 9,211,000 in 2024, marking an increase of about 10.9%[26] Employee Costs - Employee costs are expected to rise to SGD (17,417,000) in 2025 from SGD (14,483,000) in 2024, marking an increase of approximately 20.2%[4] - The group incurred employee costs totaling SGD 17,417 thousand, reflecting the investment in human resources[22] - Employee costs for 2024 and 2025 are approximately SGD 17.4 million and SGD 14.5 million, respectively, accounting for about 30.5% and 28.1% of revenue, with a reduction of SGD 2.9 million or 16.7% due to a decrease in staff[57] Strategic Initiatives - The company is focused on strategic growth and market expansion in the food and beverage sector[3] - The company has indicated plans for market expansion and new product development to drive future growth[4] - The group aims to enhance operational efficiency and drive sustainable growth through strategic initiatives focused on high-demand areas and upgrading existing food centers[49][51] - The strategy includes targeted openings of new dining venues to solidify market leadership in Singapore[51] - The group plans to remove underperforming assets and reallocate capital to higher-value growth opportunities to strengthen its financial position[51] Governance and Compliance - The financial results have been reviewed by the company's audit committee, ensuring accuracy and compliance[3] - The announcement does not include any liability for the accuracy or completeness of the information provided[1] - The company is committed to transparency and accountability in its financial disclosures[3] - The audit committee, consisting of three independent non-executive directors, has discussed and reviewed the consolidated financial statements for the fiscal year 2025[86] - The financial results for the fiscal year 2025 have been confirmed by the auditors, ensuring consistency with the audited financial statements[87] Future Outlook - The company aims to provide a comprehensive overview of its financial performance and future outlook in the upcoming reports[3] - Future product development and technological advancements are expected to be highlighted in subsequent communications[3] - The fiscal year 2025 performance will be crucial for assessing the company's growth trajectory and market position[3] - The group has begun assessing the impact of new and amended IFRS that have been issued but are not yet effective, although it cannot yet determine if these will have a significant impact on its operational performance and financial position[11] - The group is preparing for the implementation of several new IFRS standards, including IFRS 9 and IFRS 7 (Amendments) effective January 1, 2026, which relate to the classification and measurement of financial instruments[14] Shareholder Information - The annual general meeting is scheduled for June 26, 2026, with relevant documents to be issued to shareholders[75] - The company proposed a final tax-exempt (one-tier) dividend of SGD 0.3125 per share for the fiscal year 2025, totaling approximately SGD 2.5 million, pending shareholder approval at the annual general meeting[76] - The record date for shareholders eligible to receive the final dividend is set for July 10, 2026, with all relevant documents to be submitted by July 6, 2026[78]

Financial Performance - For the fiscal year ending December 31, 2025, the group's revenue was approximately RMB 1,640.32 million, a decrease of 2.77% compared to RMB 1,686.99 million in the fiscal year 2024[4] - The group reported a loss attributable to equity shareholders of approximately RMB 228.43 million for the fiscal year 2025, compared to a profit of RMB 6.28 million in the fiscal year 2024[4] - The gross profit for the fiscal year 2025 was RMB 472.65 million, down from RMB 629.27 million in the fiscal year 2024[5] - The total comprehensive loss for the fiscal year 2025 was RMB 346.65 million, compared to a loss of RMB 5.37 million in the fiscal year 2024[6] - The basic and diluted loss per share for the fiscal year 2025 was RMB 12.50, compared to earnings of RMB 0.34 per share in the fiscal year 2024[5] - The company's total revenue for 2025 was RMB 1,640.32 million, a decrease of 2.77% compared to RMB 1,686.99 million in 2024[49] - The pre-tax loss was RMB 340.58 million, down RMB 350.61 million year-on-year[48] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 7,919,467,000, a decrease from RMB 8,242,107,000 in 2024, representing a decline of approximately 3.9%[7] - Current liabilities decreased from RMB 2,271,937,000 in 2024 to RMB 2,075,051,000 in 2025, reflecting a reduction of about 8.6%[9] - Non-current liabilities increased from RMB 3,819,517,000 in 2024 to RMB 3,978,931,000 in 2025, indicating an increase of approximately 4.2%[9] - The net asset value attributable to equity shareholders decreased from RMB 2,947,980,000 in 2024 to RMB 2,719,553,000 in 2025, a decline of about 7.8%[9] - The company's total liabilities decreased from RMB 5,154,697,000 in 2024 to RMB 4,482,082,000 in 2025, a reduction of approximately 13.1%[9] - The company's equity attributable to non-controlling interests decreased from RMB 710,944,000 in 2024 to RMB 590,450,000 in 2025, a decline of about 16.9%[9] Cash Flow and Financial Management - Cash and cash equivalents increased from RMB 345,622,000 in 2024 to RMB 437,788,000 in 2025, showing an increase of approximately 26.6%[7] - The net cash generated from operating activities was RMB 552.90 million, an increase of RMB 118.81 million due to higher accounts receivable collections[70] - The net cash used in investing activities was RMB 317.36 million, a decrease of RMB 222.82 million due to reduced payments for property, plant, and equipment[71] - The net cash used in financing activities for the group was RMB 143.37 million, a decrease of RMB 348.84 million year-on-year, primarily due to a reduction in the issuance amount of green medium-term notes to RMB 1.5 billion in 2024 and RMB 1 billion in 2025[72] Revenue Sources - Revenue from industrial solid waste services for the year 2025 was RMB 366,002,000, a decrease of 10.3% from RMB 407,976,000 in 2024[17] - Revenue from hazardous waste services for the year 2025 was RMB 1,439,049,000, a decrease of 7.7% from RMB 1,559,675,000 in 2024[17] - Industrial hazardous waste disposal services generated revenue of RMB 1,073.05 million, down 6.83% year-on-year, primarily due to increased market competition and reduced waste generation in certain provinces[49] - General hazardous waste revenue was RMB 838.99 million, a decrease of 12.44% year-on-year, attributed to price drops in provinces like Chongqing and Guangdong[49] - Fly ash disposal revenue increased by 48.31% to RMB 127.39 million, mainly due to the approval of a new disposal center in East China[50] Employee and Operational Costs - Employee costs increased to RMB 521,184,000 in 2025 from RMB 466,514,000 in 2024, reflecting an increase of approximately 11.7%[24] - Total service costs rose to RMB 1,167,665,000 in 2025 compared to RMB 1,057,717,000 in 2024, marking an increase of around 10.4%[25] - Administrative expenses rose by 25.3% to RMB 425.11 million, primarily due to increased depreciation from new projects[57] Taxation and Compliance - The effective tax rate for the company's subsidiaries registered in Hong Kong is 16.5%, but no profits are subject to Hong Kong profits tax for the fiscal years ending December 31, 2024, and December 31, 2025[2] - Certain subsidiaries in Western China qualify for a reduced income tax rate of 15% due to local tax incentives[4] - The company has subsidiaries engaged in industrial solid and hazardous waste treatment, which may be exempt from income tax for the first three years of revenue generation and enjoy a 50% reduction in income tax for the following three years[5] - A tax relief policy allows small and micro enterprises with annual taxable income not exceeding RMB 3 million, fewer than 300 employees, and total assets not exceeding RMB 50 million to benefit from a 75% reduction in taxable income, effective until December 31, 2027[6] Strategic Focus and Future Plans - The group aims to focus on environmental protection and core competitiveness, planning to enhance project-driven and technology-driven initiatives in the upcoming years[84] - The company plans to actively seek quality project acquisition opportunities in mature industries as part of its strategy for industry consolidation[84] - The company will focus on developing large-scale solid waste businesses, including fluorite, tailings, and red mud, to capitalize on national zero landfill policies[85] - The company intends to enhance production efficiency through optimized cost control and integration with cement enterprises[86] - The company is committed to advancing technology research and development, particularly in lightweight calcium carbonate and sludge new agents[87] - The company will promote digital transformation to improve production efficiency and reduce costs[87] Market Conditions and Competition - The management highlighted ongoing intense competition in the hazardous waste disposal industry, with supply-demand imbalances persisting[40] - The company has not proposed a final dividend for 2025, maintaining a conservative approach amid market conditions[39] Miscellaneous - The group has no significant contingent liabilities as of December 31, 2025[76] - The group reported no major investments, acquisitions, or disposals during the reporting period[78] - The company has no significant foreign exchange risk as most assets and transactions are denominated in RMB[74] - The number of employees at the end of the reporting period was 2,854, down from 3,288 in the previous year[83] - The group has no financial instruments to hedge against foreign exchange risks[75] - The company has not early adopted any other accounting standards or amendments that have been issued but are not yet effective[14] - The company confirms compliance with corporate governance codes during the reporting period[92] - The annual performance announcement will be available on the Hong Kong Stock Exchange website and the company's website[96]

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，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立及於百慕達存續之有限公司） （股份代號：8120） 經審核全年業績公告 截至二零二五年十二月三十一日止年度 國 農 金 融 投 資 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 稱 為「本集團」）董 事（「董 事」） 會（「董事會」）欣 然 公 佈 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。本 公 告 載 有 本 公 司 二 零 二 五 年 年 度 報 告 全 文，乃 符 合 香 港 聯 合 交 易 所有限公司GEM證 券 上 市 規 則（「GEM上市規則」）中 有 關 全 年 業 績 初 步 公 佈 附 載 資料之相關要求。 承董事會命 國農金融投資有限公司 主 席 吳文俊 香港，二零二六年三月二十四日 於本公告日期，董事會包括三名執行董事，即吳文俊先生、吳廷浩先生及陳志鋒 先生；及三名獨立非執行董事， ...

Financial Performance - Revenue for the year ended December 31, 2025, was approximately RMB 1,206.1 million, a decrease of about 29.3% compared to RMB 1,706.1 million in 2024[3] - Gross profit for the same period was approximately RMB 359.9 million, down 59.3% from RMB 885.1 million in 2024[3] - Gross margin decreased to approximately 29.8%, down 22.1 percentage points from 51.9% in 2024[4] - The total loss and comprehensive expenses for the year amounted to approximately RMB 197.8 million, compared to a profit of RMB 440.2 million in 2024[4] - Basic loss per share was approximately RMB 12.36, compared to earnings of RMB 27.51 per share in 2024[5] - The company does not recommend declaring a final dividend for the year ended December 31, 2025[6] - The company reported a pre-tax loss of RMB 190,177,000 for 2025, compared to a profit of RMB 527,054,000 in 2024[29] - The net loss for the year was approximately RMB 197.8 million, a shift from a net profit of approximately RMB 440.2 million in the previous year, primarily due to a significant decline in average coal prices[75] Assets and Liabilities - Non-current assets totaled approximately RMB 3,715.4 million as of December 31, 2025, slightly down from RMB 3,722.7 million in 2024[8] - Current liabilities amounted to approximately RMB 1,386.7 million, compared to RMB 1,402.0 million in 2024[9] - Net assets decreased to approximately RMB 2,958.1 million from RMB 3,155.9 million in 2024[9] - The group’s net current liabilities as of December 31, 2025, were approximately RMB 670.5 million, with sufficient liquidity projected for the next 12 months to meet operational and contractual obligations[86] - As of December 31, 2025, the total bank borrowings amounted to RMB 1,053,285,000, compared to RMB 1,186,910,000 in 2024[42] - The asset-liability ratio as of December 31, 2025, was approximately 0.36, down from 0.38 in 2024, primarily due to a reduction in bank and other borrowings[81] Revenue Sources - Revenue from coal products and coalbed methane sales for 2025 is projected at RMB 1,206,097,000, a decrease from RMB 1,706,108,000 in 2024[22] - Sales of premium coal for 2025 are expected to be RMB 1,047,222,000, down from RMB 1,551,553,000 in 2024[22] - The group operates solely in the production and sale of coal products and coalbed methane, with no further segment analysis provided[23] - All revenue is derived from customers located in China, with non-current assets in China valued at RMB 3,608,040,000[24] - Major customers contributing over 10% of total revenue include Customer A with RMB 640,228,000 and Customer C with RMB 153,471,000 for 2025[25] Expenses and Costs - Total employee costs, including administrative, distribution, and sales expenses, amounted to RMB 123,412,000 in 2025, up from RMB 112,275,000 in 2024[5] - Research and development expenses included in other expenses were RMB 39,400,000 in 2025, significantly lower than RMB 56,773,000 in 2024[5] - The company incurred tax expenses of RMB 7,616,000 in 2025, a decrease from RMB 86,825,000 in 2024[29] - Distribution and selling expenses decreased by approximately 9.2% from about RMB 90.6 million to approximately RMB 82.3 million, mainly due to some customers directly bearing transportation costs[68] - Administrative expenses decreased by approximately 5.3% from about RMB 160.9 million to approximately RMB 152.3 million, primarily due to stricter cost control measures[69] Production and Sales - The total coal production capacity of the group is 2.85 million tons, with the permitted annual production capacity of Hongguo and Baogushan mines at 1.2 million tons each, and Xiejiahegou mine at 450,000 tons[51] - The actual coal production for the group in 2025 was approximately 1.874 million tons, with Hongguo, Baogushan, and Xiejiahegou mines producing 703, 801, and 370 thousand tons respectively[52] - The total sales volume of coal products was approximately 1,521,000 tons, representing a year-on-year increase of about 7.4%[57] - The average selling price of premium coal decreased by approximately 31.2% to about RMB 1,225 per ton, while the average selling price of medium coal decreased by about 4.0% to RMB 383 per ton[55] - The sales volume of premium coal decreased by approximately 1.9% to about 855,000 tons, while the sales volume of mud coal increased by approximately 52.6% to about 357,000 tons[56] Market and Industry Trends - In 2025, China's industrial enterprises' total profit reached RMB 739.82 billion, reflecting a 0.6% increase compared to 2024, indicating a more stable operating environment[46] - The total profit from mining activities in 2025 was RMB 83.45 billion, representing a significant decline of 26.2% year-on-year, highlighting ongoing pressures in the industry[46] - National coal production slightly increased to 4.83 billion tons in 2025, marking a 1.2% year-on-year growth, as policies shifted towards maintaining stable production and optimizing structure[47] - The coal market in 2025 followed a pattern of "decline, rebound, and wide fluctuations," driven by changes in supply-side policies and market expectations[47] Strategic Initiatives - The group is pursuing strategic measures to optimize its asset structure and enhance resource foundations, including a proposed consolidation of coal mines in Guizhou[78] - The company’s joint venture, Pan Zhou Power Company, is progressing with the construction of a low calorific value coal power generation project, with the first unit expected to begin trial operation in March 2026[58] - On October 31, 2023, the company acquired a 49% stake in Pan Zhou Power Company for approximately RMB 4.9 million, with additional capital injections of RMB 509.6 million planned[91] - On January 20, 2026, the company agreed to invest RMB 114,489,795.92 to acquire a 51.0% stake in Huaneng Jiayuan Coal Industry Co., Ltd.[95] Compliance and Governance - The company has established an Audit Committee to review and monitor its financial reporting system, risk management, and internal controls[101] - Deloitte has confirmed that the preliminary announcement aligns with the audited consolidated financial statements for the year ending December 31, 2025, approved by the board on March 24, 2026[102] - The annual report for the year ending December 31, 2025, will be published on the Hong Kong Stock Exchange website and the company's website at an appropriate time[104]

Financial Performance - For the fiscal year ending December 31, 2025, the company's revenue was RMB 728.6 million, compared to RMB 659.2 million for the fiscal year ending December 31, 2024, representing an increase of approximately 10.5%[5] - The gross profit for the fiscal year ending December 31, 2025, was RMB 308.1 million, up from RMB 263.4 million in the previous year, indicating a growth of about 16.9%[5] - The net loss for the fiscal year ending December 31, 2025, was RMB 10.0 million, a significant improvement from a net loss of RMB 501.3 million for the fiscal year ending December 31, 2024[5] - The adjusted net profit (non-IFRS measure) for the fiscal year ending December 31, 2025, was RMB 3.1 million, compared to an adjusted net loss of RMB 116.0 million for the previous year[5] - The company's operating loss for the fiscal year ending December 31, 2025, was RMB 33.9 million, significantly improved from an operating loss of RMB 202.8 million in the previous year[6] - The total comprehensive loss for the fiscal year ending December 31, 2025, was RMB 10.2 million, compared to RMB 501.3 million for the fiscal year ending December 31, 2024[6] - The company reported a basic loss per share of RMB 0.04 for the fiscal year ending December 31, 2025, compared to RMB 2.73 for the previous year[8] - The total net loss for the year ended December 31, 2025, was RMB 9.98 million, significantly improved from a net loss of RMB 501.316 million in 2024[73] Revenue Breakdown - Revenue from the AI business was RMB 211,373,000, with the "Golden Shield Trading Management Intelligent Body" contributing RMB 160,124,000[21] - The revenue from cloud-based tax digital solutions was RMB 210,159,000, slightly up from RMB 208,901,000 in 2024[21] - The local deployment tax digital solutions revenue increased to RMB 157,693,000 from RMB 144,990,000 in the previous year, showing a growth of about 8.5%[21] - Data-driven analysis services revenue decreased significantly to RMB 147,384,000 from RMB 304,674,000, indicating a decline of approximately 51.7%[21] Expenses and Cost Management - Research and development expenses for the fiscal year ending December 31, 2025, were RMB 135.0 million, down from RMB 179.9 million in the previous year, reflecting a reduction of approximately 25%[6] - Employee benefits expenditure decreased to RMB 389,864 thousand in 2025 from RMB 437,217 thousand in 2024, a reduction of approximately 10.9%[22] - The total expenditure for the year ended December 31, 2025, was RMB 749,237 thousand, down from RMB 852,352 thousand in 2024, representing a decrease of about 12.1%[22] - Distribution and selling expenses decreased by 40.7% from RMB 160.2 million in 2024 to RMB 95.0 million in 2025, attributed to a shift towards lower-cost online marketing strategies[64] Assets and Liabilities - The company's cash and cash equivalents as of December 31, 2025, were RMB 385.7 million, down from RMB 443.9 million as of December 31, 2024[10] - The company's total assets as of December 31, 2025, amounted to RMB 805.9 million, compared to RMB 945.5 million as of December 31, 2024[10] - The company's total current liabilities decreased to RMB 204,434,000 from RMB 279,697,000, a reduction of about 26.8%[12] - The total equity attributable to owners of the company was RMB 937,264,000, compared to RMB 940,544,000 in the previous year[12] Strategic Focus and Market Position - The company is engaged in AI business, SaaS solutions, and data-driven analysis services, indicating a focus on technology and digital solutions[13] - The company is focusing on digital transformation and leveraging accumulated data assets to drive growth in 2025[28] - The company anticipates that the value of its long-term accumulated transaction data will become increasingly significant in the evolving market landscape[30] - The company is transitioning from a digital tax service provider to a global data intelligence platform, leveraging its extensive transaction data and enterprise credit database[44] Corporate Governance and Compliance - The board of directors believes that maintaining a high level of corporate governance is essential for protecting shareholder interests and enhancing corporate value[102] - The company has adopted a standard code for directors' securities trading behavior, confirming compliance during the reporting period[105] - The audit committee, consisting of three independent non-executive directors, has reviewed the group's annual performance for the year ending December 31, 2025, and recommended approval to the board[106] Employee and Shareholder Information - The company had 754 employees as of December 31, 2025, a decrease from 934 employees as of December 31, 2024[98] - The company will not recommend any final dividend for the year ending December 31, 2025, consistent with the previous year[111] - The annual general meeting is scheduled for June 26, 2026, with a suspension of share registration from June 23 to June 26, 2026, to determine shareholder eligibility[110][112]

Revenue and Profit - Revenue for the year ended December 31, 2025, increased by approximately HKD 605.6 million or 14.8% to approximately HKD 4,696.7 million compared to the fiscal year 2024[2] - Profit for the year ended December 31, 2025, decreased by approximately HKD 77.8 million or 47.8% to approximately HKD 84.8 million compared to the fiscal year 2024[2] - The company reported a pre-tax profit of HKD 107,864,000 for the year ended December 31, 2025, compared to HKD 199,495,000 in 2024, showing a decline of about 46%[18] - Basic and diluted earnings per share for 2025 were HKD 3.45, down from HKD 7.89 in 2024, indicating a decline in profitability[44] Dividends - The board proposed a final dividend of HKD 0.5 per share, down from HKD 1.3 per share for the fiscal year 2024[1] - The company declared an interim dividend of HKD 0.5 per share for 2025, totaling HKD 8,750,000, and proposed a final dividend of the same amount, pending shareholder approval[43] Assets and Liabilities - Total assets as of December 31, 2025, amounted to HKD 3,244.0 million, an increase from HKD 2,556.9 million in the fiscal year 2024[4] - Total liabilities as of December 31, 2025, increased to HKD 2,164.8 million from HKD 1,557.2 million in the fiscal year 2024[5] - Cash and cash equivalents as of December 31, 2025, were HKD 367.8 million, up from HKD 262.4 million in the fiscal year 2024[4] - Trade receivables increased to HKD 862,385,000 in 2025 from HKD 649,369,000 in 2024, showing a growth of approximately 32.8%[46] - The total amount of trade and other receivables reached HKD 1,040,553,000 in 2025, up from HKD 807,095,000 in 2024, marking an increase of 28.9%[46] Costs and Expenses - Operating profit for the year ended December 31, 2025, was HKD 167.2 million, a decrease from HKD 244.6 million in the fiscal year 2024[2] - The cost of goods sold recognized as an expense increased to HKD 2,831,833,000 in 2025 from HKD 2,372,585,000 in 2024, reflecting an increase of approximately 19.3%[37] - The group’s total expenses for sales, distribution, administrative, and R&D costs amounted to HKD 4,584,668,000 in 2025, up from HKD 3,893,806,000 in 2024, reflecting an increase of approximately 17.7%[37] - Selling and distribution costs rose by about 19.3% to HKD 589,700,000, aligned with revenue growth, driven by increased marketing and transportation costs[74] Market Performance - Revenue from health and home products sales reached HKD 3,326,738,000 in 2025, up from HKD 2,728,901,000 in 2024, indicating a growth of about 22%[19] - The North American market generated revenue of HKD 1,773,633,000 in 2025, compared to HKD 1,624,615,000 in 2024, reflecting an increase of approximately 9.2%[17] - Revenue from the China market increased by approximately 6.2% to HKD 1,857,677,000, driven by growth in retail sales[71] - Sales in Europe and other overseas markets surged by approximately 48.4% to HKD 1,065,375,000, primarily from increased sales to European customers[71] Financial Position - The group reported interest income from bank deposits of HKD 2,768,000 for 2025, down from HKD 5,209,000 in 2024, representing a decrease of approximately 47.2%[34] - Financial costs rose to HKD 59,087,000 in 2025 from HKD 50,085,000 in 2024, marking an increase of approximately 18%[36] - The group’s income tax expense decreased to HKD 23,018,000 in 2025 from HKD 36,846,000 in 2024, a reduction of approximately 37.5%[41] Acquisitions and Investments - The group completed a step acquisition of MDKH, increasing its ownership from 45% to 55% for a cash consideration of EUR 5,000,000 (approximately HKD 45,392,000)[60] - The acquired business contributed revenue of HKD 603,752,000 and a net loss of HKD 11,562,000 from August 5 to December 31, 2025[68] - The group recognized goodwill of HKD 168,844,000 from the step acquisition, attributed to expected synergies and market position in Europe and the US[65] Employee and Operational Metrics - The total number of employees increased to 3,867, with total employee costs rising to approximately HKD 753,900,000[87] - Capital expenditures for the period were approximately HKD 92,800,000, up from HKD 65,800,000 in the previous fiscal year[78] Future Outlook - The company plans to adopt new accounting standards and interpretations effective from 2025, which are not expected to have a significant impact on current or future reporting periods[14] - The group plans to continue expanding in overseas markets, particularly in Europe and the United States, with a focus on increasing market share and customer base[84]