Financial Performance - Revenue for the three months ended December 31, 2025, increased by 14.2% year-on-year to RMB 4,840.0 million from RMB 4,237.6 million in the same period of 2024[3]. - Adjusted EBITDA rose by 28.6% year-on-year to RMB 1,282.9 million, compared to RMB 997.7 million in the fourth quarter of 2024[3]. - Adjusted net profit increased by 18.1% year-on-year to RMB 779.8 million, up from RMB 660.2 million in the same quarter of 2024[3]. - Total revenue for the year ended December 31, 2025, was RMB 19,395.9 million, an increase of 11.9% from RMB 17,340.7 million in 2024[9]. - Adjusted EBITDA for the year increased by 26.9% year-on-year to RMB 5,137.7 million from RMB 4,050.2 million in 2024[9]. - Adjusted net profit for the year rose by 22.2% year-on-year to RMB 3,403.3 million, compared to RMB 2,785.4 million in 2024[9]. - Operating profit for the fourth quarter of 2025 was RMB 347.6 million, compared to RMB 474.3 million in the fourth quarter of 2024[45]. - Net profit attributable to equity holders increased from RMB 1,974.4 million for the year ended December 31, 2024, to RMB 2,371.2 million for the year ended December 31, 2025[44]. User Growth - Average monthly paying users grew by 1.0% year-on-year to 41.4 million from 41.0 million in the fourth quarter of 2024[6]. - Average monthly paying users for the year increased by 5.6% year-on-year to 45.5 million from 43.1 million in 2024[12]. - Total cumulative service users for the year increased by 5.5% year-on-year to 2,034.3 million from 1,928.1 million in 2024[12]. - As of December 31, 2025, the average monthly paying users increased by 1.0% year-on-year to 41.4 million, with annual monthly paying users reaching a historical high of 252.6 million, up 6.0% year-on-year[14]. - The user base in non-first-tier cities accounted for over 87% of total registered users as of December 31, 2025, with approximately 70% of new paying users from these areas[14]. Revenue Breakdown - The accommodation business revenue for Q4 2025 increased by 15.4% year-on-year to RMB 1,310.3 million, with full-year revenue reaching RMB 5,450.8 million, up 16.8%[18]. - Transportation ticketing service revenue for Q4 2025 rose by 6.5% year-on-year to RMB 1,835.5 million, with full-year revenue increasing by 9.6% to RMB 7,925.4 million[19]. - Core online travel platform revenue rose by 16.0% year-on-year to RMB 16,471.5 million, driven by accommodation booking services and transportation ticketing services[30]. - Accommodation booking service revenue increased by 16.8% year-on-year to RMB 5,450.8 million, attributed to higher demand[30]. - Other business revenue increased by 53.0% year-on-year to RMB 916.7 million for the three months ending December 31, 2025, and by 34.4% to RMB 3,095.2 million for the year[20]. Expenses and Costs - Total sales costs, operating expenses, and unallocated items increased from RMB 14,917.2 million for the year ended December 31, 2024, to RMB 16,258.6 million for the year ended December 31, 2025[33]. - Sales costs rose by 5.0% from RMB 6,227.2 million for the year ended December 31, 2024, to RMB 6,538.2 million for the year ended December 31, 2025, with the sales cost as a percentage of revenue decreasing from 35.8% to 33.7%[35]. - Selling and marketing expenses rose by 22.7% from RMB 1,283.2 million to RMB 1,574.1 million, driven by higher advertising and promotion costs[55]. - Administrative expenses increased by 14.2% from RMB 340.9 million to RMB 389.3 million, mainly due to higher employee benefits and intangible asset amortization[56]. Cash Flow and Investments - Cash and cash equivalents as of December 31, 2025, were RMB 6,505.9 million, a decrease from RMB 8,020.0 million in 2024[68]. - Net cash generated from operating activities for the year ended December 31, 2025, was RMB 4,310.9 million, compared to RMB 2,969.9 million in 2024, indicating a significant increase of 45.2%[69]. - The company reported a net cash outflow from investing activities of RMB 4,698.1 million for the year ended December 31, 2025, compared to RMB 834.3 million in 2024[69]. - The total capital expenditure for the year ending December 31, 2025, was RMB 3,700.7 million, significantly up from RMB 2,072.5 million in 2024[75]. - The net cash used in financing activities for the year ending December 31, 2025, was RMB 1,085.3 million, primarily due to payments for long-term intangible asset payables of RMB 593.1 million and dividend payments of RMB 379.1 million[72]. Strategic Initiatives - The company successfully acquired Wanda Hotels and Resorts, enhancing its brand portfolio and overall competitiveness[13]. - The company plans to accelerate business expansion in hotel management in 2026, leveraging its strong brand matrix and internet operational capabilities[25]. - The company aims to enhance user loyalty and brand recognition through expanded product offerings and improved service experiences in its online travel platform business[25]. - The company is investing $20 million in AI technology development to enhance user experience and operational efficiency[130]. - A strategic acquisition is planned, with an estimated cost of $100 million, aimed at bolstering service offerings[132]. Corporate Governance and Compliance - The company has adopted and complied with the corporate governance code throughout the year ended December 31, 2025[121]. - The audit committee reviewed the consolidated financial performance for the year ended December 31, 2025, and confirmed compliance with relevant accounting standards[122]. - The group plans to apply the revised IFRS 18 starting from January 1, 2027, which will introduce new requirements for financial statement presentation[93].

Financial Performance - The total revenue for the company for the year ending December 31, 2025, was approximately RMB 336 million, with a significant increase of about 307% in the second half of 2025 compared to the first half, primarily due to the rapid growth of major product commercialization [4]. - Revenue increased by 20.2% from RMB 279.6 million for the year ending December 31, 2024, to RMB 336.2 million for the year ending December 31, 2025, driven by sales of hair and skin care products [20]. - The company reported total revenue of RMB 336,152,000 for the year ended December 31, 2025, representing an increase of 20.2% compared to RMB 279,615,000 in 2024 [56]. - Gross profit for the same period was RMB 195,792,000, up from RMB 143,463,000 in 2024, indicating a gross margin improvement [56]. - The company incurred a loss before tax of RMB 340,192,000, a reduction from a loss of RMB 433,811,000 in the previous year, reflecting improved operational efficiency [56]. - The company reported a loss attributable to equity holders of RMB 340,192 thousand for 2025, an improvement from a loss of RMB 433,811 thousand in 2024, resulting in a basic and diluted loss per share of RMB (1.03) compared to RMB (1.41) in the previous year [76]. Product Development and Commercialization - The two main products, CU-40102 (topical finasteride spray) and CU-10201 (topical 4% minocycline foam), generated combined revenues exceeding RMB 100 million since their commercialization began in late October 2025 [4]. - CU-40102 is the world's first and only approved topical finasteride product for androgenetic alopecia, with commercialization starting in late October 2025 after receiving regulatory approval in June 2025 [11]. - CU-10201 is the world's first and only approved topical minocycline for the treatment of acne, with commercialization also beginning in late October 2025 after receiving regulatory approval in November 2024 [10]. - CU-30101 completed Phase III clinical trials in China in January 2024, with the drug application accepted by the National Medical Products Administration in July 2024 [14]. - CU-20401 demonstrated significant efficacy in Phase II clinical trials for submental fat accumulation, with treatment efficacy rates statistically significantly higher than the placebo group [14]. - The company plans to enhance commercialization activities for CU-10201 and CU-40102 to increase market penetration and brand awareness in 2026 [17]. Cost Management and Expenses - The gross profit margin for the company was approximately 58% for the year ending December 31, 2025, up from about 48% in the first half of 2025, reflecting a 13 percentage point increase due to higher sales of high-margin products and strategic cost control measures [4]. - The company reduced sales and distribution, R&D, and administrative expenses by approximately RMB 109 million year-on-year, leading to a year-on-year decrease in losses of about RMB 94 million [4]. - Sales costs for the year ending December 31, 2025, were RMB 140.4 million, a slight increase from RMB 136.2 million in the previous year, maintaining relative stability [21]. - Research and development costs decreased by 25.3% from RMB 1,990 million for the year ending December 31, 2024, to RMB 1,487 million for the year ending December 31, 2025, mainly due to reduced share-based payment expenses and third-party contracting costs [25]. - Administrative expenses decreased by 9.1% from RMB 1,419 million for the year ending December 31, 2024, to RMB 1,289 million for the year ending December 31, 2025, primarily due to a reduction in share-based payment expenses [27]. Financial Position and Liquidity - The cash and cash equivalents, along with financial assets at fair value, totaled approximately RMB 788 million as of December 31, 2025 [4]. - Cash and cash equivalents totaled approximately RMB 2,650 million as of December 31, 2025, a decrease of approximately 31.3% from approximately RMB 3,857 million as of December 31, 2024 [34]. - The company's current assets amounted to approximately RMB 10,427 million, including cash and cash equivalents of approximately RMB 2,650 million, while current liabilities were approximately RMB 2,697 million [35]. - The company increased its fixed deposits over three months to approximately RMB 917 million as of December 31, 2025, a significant increase of approximately 771.3% from approximately RMB 105 million as of December 31, 2024 [34]. - The total assets decreased to RMB 1,036,561,000 as of December 31, 2025, from RMB 1,069,990,000 in 2024, indicating a contraction in the asset base [58]. Employee and Operational Insights - The total number of employees as of December 31, 2025, was 304, with 58.5% in sales, marketing, and management roles [45]. - The company has established a dedicated sales team with strong market insights and marketing capabilities, rapidly expanding the reach of its products to hundreds of hospitals and pharmacies across China since their launch [8]. - The company has a comprehensive product portfolio targeting various dermatological conditions, leveraging its proprietary CATAME® technology platform for drug development and delivery [5]. - The company has been recognized for its research contributions in dermatology, enhancing its industry influence and credibility among consumers and healthcare professionals [7]. Regulatory and Compliance - CU-40105's abbreviated new drug application was accepted by the National Medical Products Administration, indicating progress in the product pipeline [18]. - The company has not entered into any currency hedging transactions to mitigate foreign exchange risks as of December 31, 2025 [44]. - The company has no significant contingent liabilities or guarantees as of December 31, 2025 [42].

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 5,015.1 million, a decrease of 3.6% from HKD 5,204.1 million in 2024[3] - Profit attributable to shareholders increased by 31.5% to HKD 338.5 million, compared to HKD 257.5 million in 2024[3] - Earnings per share rose by 31.2% to HKD 0.454, up from HKD 0.346 in 2024[3] - Profit for the year was HKD 375.3 million, an increase of HKD 49.7 million or 15.3% from HKD 325.6 million in 2024[32] - EBITDA for 2025 was HKD 4,146.8 million, a decrease of HKD 891.6 million or 17.7% from HKD 5,038.4 million in 2024[32] - The total comprehensive income for the year ended December 31, 2025, was HKD 310,915, compared to HKD 142,236 for the year ended December 31, 2024, indicating a substantial increase of 118.5%[72] Dividends - The company proposed a final dividend of HKD 0.18 per share, maintaining the total annual dividend at HKD 0.30 per share[5] - The proposed final dividend is HKD 0.18 per share, totaling HKD 134.6 million, based on 747,974,981 shares issued as of March 24, 2026[119] - The company declared dividends amounting to HKD 223,794 for the year ended December 31, 2025, compared to HKD 201,011 in the previous year, reflecting a growth of 11.3%[72] Aircraft and Fleet Management - The company ordered 30 Airbus A320neo aircraft, bringing the total Airbus orders to 282, with 105 aircraft pending delivery[6] - The company’s subsidiary, Lion Air, introduced two additional C909 aircraft, increasing its fleet to five, and launched new international routes to China[9] - The group maintained a fleet of 176 aircraft as of December 31, 2025, with 90% of its owned fleet being narrow-body aircraft, ensuring high liquidity and market demand[20] - The group completed the delivery of 26 aircraft in the review year, including 24 new aircraft and 2 second-hand aircraft, primarily consisting of new generation fuel-efficient models[18] - The group signed agreements for the purchase of 27 aircraft and 5 engines, and sold 36 aircraft and 5 engines, setting a new record for aircraft transactions in the year[19] - The fleet size increased from 91 aircraft in 2024 to 96 aircraft in 2025 under property, plant, and equipment, while the financing lease receivables decreased from 49 aircraft to 43 aircraft[47][49] Financial Position - Total assets as of December 31, 2025, were HKD 58,052.0 million, a decrease of HKD 187.7 million or 0.3% from HKD 58,239.7 million in 2024[32] - Total liabilities as of December 31, 2025, were HKD 51,023.8 million, a decrease of HKD 1,887.7 million or 3.6% from HKD 52,911.5 million in 2024[33] - Interest-bearing debt as of December 31, 2025, was HKD 47,054.1 million, down from HKD 48,576.6 million in 2024, a reduction of HKD 1,522.5 million[33] - The total liabilities decreased from HKD 52,911.5 million in 2024 to HKD 51,023.8 million in 2025, a decline of 3.6%[61] - Total equity increased by 31.9% from HKD 5,328.2 million in 2024 to HKD 7,028.2 million in 2025[61] Financing and Capital Management - The group secured over HKD 19.5 billion in new and renewed financing, with approximately 70% being unsecured loans, reflecting strong credit recognition from financial institutions[24] - The group aims to enhance its international credit rating by optimizing its capital structure and reducing leverage, with a stable outlook maintained by rating agencies[11] - The group will continue to expand its diverse financing channels to improve credit status and enhance corporate competitiveness and long-term profitability[11] - The company is considering equity and debt financing opportunities to support its rapid expansion[60] - The company issued perpetual capital securities worth HKD 1,634,013 during the year ended December 31, 2025, contributing significantly to the total equity[71] Operational Highlights - The group achieved a 5.5% year-on-year increase in passenger transport volume, reaching 770 million passengers in 2025, with international passenger transport growing significantly by 21.6%[15] - The overall customer base includes 40 airlines across 20 countries and regions, with 80% of aircraft scheduled for delivery by June 2027 already contracted, indicating a continued increase in overseas customer proportion[23] - The group’s rental recovery rate exceeded 100% for the fourth consecutive year, benefiting from improved overall customer quality[22] - The company successfully added seven new trading partners, optimizing its asset trading and management capabilities[8] - The company received the "Golden Spring Award" for the best innovative financing project in the leasing industry for its cross-border RMB rental settlement project[10] Market Outlook - The global aviation industry is projected to maintain growth momentum, with passenger traffic expected to reach 5.2 billion in 2026, a 4.4% increase from 2025[27] - Industry revenue is anticipated to exceed USD 1 trillion, reaching USD 1.054 trillion in 2026, reflecting a year-on-year growth of 4.5%[27] Risk Management - The group faced a currency exchange risk with a net RMB financial liability of RMB 5 billion, where a 1% appreciation/depreciation of RMB against USD would impact pre-tax profit by HKD 56.0 million[43] - The company experienced a foreign currency translation loss of HKD 60,706 for the year ended December 31, 2025, compared to a loss of HKD 138,880 in the previous year, indicating a reduction in currency risk exposure[72] Governance and Compliance - The company has adopted the Corporate Governance Code as part of its operational and growth strategies, ensuring compliance with all applicable provisions by December 31, 2025[131] - The consolidated financial statements for the year ending December 31, 2025, have been approved by the auditors, Deloitte, confirming compliance with relevant standards[135] - The Audit Committee, consisting of independent non-executive directors, has reviewed the accounting principles and practices for the year ending December 31, 2025[134]

重要提示 重要提示 五. 董事局決議通過的本報告期利潤分配預案或公積金轉增股本預案 經安永華明會計師事務所（特殊普通合夥）審計，2025年度本公司按中國企業會計準則編製的合併財務報表中歸屬 於母公司普通股股東的淨利潤為人民幣9,312,304,150元。經安永會計師事務所審計，2025年度本公司按國際財務 報告會計準則編製的合併財務報表中歸屬於母公司普通股股東的淨利潤為人民幣9,311,873,589元。 經安永華明會計師事務所（特殊普通合夥）審計，2025年度本公司按中國企業會計準則編製的母公司報表的淨 利潤為人民幣6,024,633,376元，加上2025年年初未分配利潤人民幣8,717,965,322元，扣減當年已分配的2024 年度及2025年中期利潤人民幣7,046,307,536元，並按2025年度母公司淨利潤的10%提取法定盈餘公積金人民幣 602,463,338元後，截至2025年12月31日可供股東分配的利潤為人民幣7,093,827,824元。 本公司擬訂的2025年度利潤分配方案為：公司擬以實施2025年度權益分派的股權登記日登記的總股數為基數，向 2025年度權益分派的股權登記日登記在 ...

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 22,070 million, representing a 2.7% increase compared to RMB 21,292 million for the year ended December 31, 2024[3] - Adjusted EBIT for the year was RMB 1,978.9 million, up 6.1% from RMB 1,865.9 million in the previous year[3] - Adjusted EBITDA increased by 5.5% to RMB 2,872.4 million from RMB 2,722.4 million year-over-year[3] - Total comprehensive income for the year was RMB 1,428.0 million, compared to RMB 1,422.6 million in the previous year[6] - Basic and diluted earnings per share were RMB 30.82, compared to RMB 30.76 in 2024[6] - The pre-tax profit for 2025 was RMB 861,968,000, slightly up from RMB 860,535,000 in 2024, indicating a marginal increase of 0.2%[30] - Basic earnings per share for 2025 were RMB 30.82, compared to RMB 30.76 in 2024, showing a growth of 0.2%[30] - The company reported a total of RMB 2,895,764,000 in employee compensation for 2025, an increase from RMB 2,774,066,000 in 2024, reflecting a rise of 4.4%[27] - Other income, gains, and losses increased by 36.8% year-on-year, primarily due to increased government subsidies and interest income[68] Dividends and Shareholder Information - The company proposed a final dividend of RMB 0.154 per share, slightly up from RMB 0.153 per share in 2024[3] - The proposed final dividend for the year ending December 31, 2025, is RMB 0.154 per share, slightly up from RMB 0.153 for 2024, pending approval at the 2026 Annual General Meeting[82] - Shareholders must submit their registration documents by June 3, 2026, to qualify for the proposed final dividend[88] - The company will withhold a 10% corporate income tax when distributing the final dividend to non-resident corporate shareholders[84] Assets and Liabilities - Non-current assets totaled RMB 10,278.5 million, a slight decrease from RMB 10,325.1 million in 2024[7] - Current assets increased to RMB 8,106.9 million from RMB 7,273.2 million year-over-year[7] - The company reported a net cash and cash equivalents of RMB 4,549.5 million, up from RMB 4,014.4 million in the previous year[7] - Non-current liabilities increased to RMB 359,500 thousand in 2025 from RMB 363,191 thousand in 2024, reflecting a decrease of approximately 1.9%[8] - Deferred tax liabilities rose to RMB 123,118 thousand in 2025, up from RMB 97,937 thousand in 2024, representing a growth of about 25.5%[8] - Net assets increased to RMB 10,561,195 thousand in 2025, compared to RMB 10,198,216 thousand in 2024, marking an increase of approximately 3.6%[8] - Total equity attributable to owners of the company grew to RMB 6,896,338 thousand in 2025, up from RMB 6,461,978 thousand in 2024, indicating an increase of around 6.7%[8] - The company reported a decrease in lease liabilities to RMB 28,688 thousand in 2025 from RMB 46,246 thousand in 2024, a decline of about 38.0%[8] - Deferred income decreased to RMB 207,694 thousand in 2025 from RMB 219,008 thousand in 2024, representing a decline of approximately 5.2%[8] - Accounts receivable decreased from RMB 361,976 thousand in 2024 to RMB 354,552 thousand in 2025, with a provision for credit losses of RMB 24,835 thousand[35] - Trade payables increased significantly from RMB 804,247 thousand in 2024 to RMB 1,034,708 thousand in 2025, with a notable rise in payables within three months from RMB 774,157 thousand to RMB 991,767 thousand[37] Market and Sales Performance - The sales of carbonated beverages amounted to RMB 16,684,628,000 in 2025, up from RMB 16,372,978,000 in 2024, reflecting a growth of 1.9%[19] - The core Coca-Cola product sales volume showed recovery growth in 2025, with revenue growth outpacing the same period last year, further solidifying market leadership[41] - The company maintained a market share of nearly 60% in the soda category, solidifying its leading position in the market[49] - The juice category experienced a slight decline in both sales volume and revenue, prompting the relaunch of the second brand "Cooler" with differentiated strategies[51] - The water category saw double-digit sales growth, with revenue also increasing significantly due to strategic adjustments in the "Ice Dew" brand's distribution network[53] - The core brand "Monster" achieved nearly 50% sales growth year-on-year, leading the market among domestic competitors[56] - The company’s innovative platform, focusing on core product value enhancement, has led to steady revenue growth in non-Coca-Cola product lines[41] - The non-Coca-Cola product line has seen revenue growth, with 19 new brand partnerships contributing to market share expansion[58] Operational Strategies - The company aims to enhance operational efficiency and profitability through a comprehensive strategy focused on brand restructuring, marketing network optimization, and supply chain improvements[42] - The beverage business focused on new channel development, enhancing retail channels, and increasing service coverage to drive growth[47] - The company aims for sustainable high-quality development, with a commitment to zero fatalities, zero injuries, zero exceedances, and zero pollution as part of its safety and environmental goals[48] - The company is enhancing its digital and intelligent operations, significantly increasing the membership base across all channels[59] - The "Zhi Shang" smart retail business has expanded rapidly, maintaining industry leadership with a presence in over 400 cities and driving revenue growth[60] - The company is optimizing its vending machine operations and enhancing brand influence through strategic collaborations and innovative marketing approaches[61] Governance and Compliance - The company adheres to the corporate governance code as per the Hong Kong Stock Exchange listing rules, with a noted exception regarding the separation of roles between the Chairman and the CEO[89] - The company has appointed Mr. Qing Lijun as both Chairman and CEO since September 29, 2022, and Mr. Zhan Zhaozhong will assume the role of Executive Director and CEO starting January 6, 2025[90] - The Audit Committee has reviewed the consolidated financial statements for the year ending December 31, 2025, and discussed matters related to audit, internal controls, and financial reporting with the company's auditors[93] - The company's auditors, Tianzhi Hong Kong CPA Limited, confirmed that the financial figures in the announcement align with the audited consolidated financial statements for the year[94] - The company has adopted the "Standard Code" for directors' securities transactions and confirmed compliance throughout the year[91] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the year[92] - The annual results announcement will be published on the Hong Kong Stock Exchange and the company's website, with the annual report to be sent to shareholders at an appropriate time[95] Employee and Talent Management - The workforce increased to 18,349 employees as of December 31, 2025, from 17,533 employees in 2024[78] - The company has established a series of policies to ensure employee rights and benefits, including recruitment, labor contracts, and performance evaluation[79] - The company emphasizes talent development, providing a comprehensive training system to enhance employees' skills and knowledge[80]

Financial Performance - For the year ended December 31, 2025, the company reported revenue of RMB 33,559.9 million, a 35.2% increase from RMB 24,828.9 million in 2024[5] - Gross profit for 2025 was RMB 10,451.8 million, up 29.7% from RMB 8,060.2 million in 2024[8] - Net profit for the year increased by 33.1% to RMB 5,927.1 million, compared to RMB 4,454.2 million in 2024[15] - Basic and diluted earnings per share for the year were RMB 15.65, compared to RMB 12.32 in 2024, reflecting a 27.5% increase[67] - The pre-tax profit for the year ended December 31, 2025, was RMB 5,886,704,000, an increase of 32.8% from RMB 4,436,504,000 in 2024[88] - The total income tax expense for the year ended December 31, 2025, was RMB 1,623,087,000, up from RMB 1,356,380,000 in 2024, representing an increase of 19.6%[95] Cash and Assets - The company's cash and cash equivalents, along with restricted cash and financial assets, rose by 79.9% to RMB 19,990.0 million as of December 31, 2025, from RMB 11,109.5 million in 2024[16] - The total assets as of December 31, 2025, amounted to RMB 49,042,225 thousand, up from RMB 27,156,322 thousand in 2024, indicating a growth of 80.7%[69] - The company reported a cash and cash equivalents balance of RMB 7,429,100 thousand as of December 31, 2025, compared to RMB 4,335,123 thousand in 2024, representing a 71.5% increase[69] Expenses - The company’s sales and distribution expenses increased by 27.3% to RMB 2,036.9 million, representing 6.1% of total revenue, compared to 6.4% in 2024[10] - Administrative expenses rose by 43.2% to RMB 1,081.5 million, accounting for 3.2% of total revenue, slightly up from 3.0% in 2024[11] - Employee benefits expenses, including salaries and wages, rose to RMB 1,759,970,000 in 2025 from RMB 1,209,429,000 in 2024, marking an increase of 45.5%[88] - The cost of goods sold for the year ended December 31, 2025, was RMB 21,440,933,000, compared to RMB 15,558,470,000 in 2024, indicating a rise of 37.8%[88] Store Operations and Expansion - The total number of employees increased to 9,102 as of December 31, 2025, from 7,025 in 2024, with total employee compensation rising to RMB 2,071.0 million[26] - The company operates approximately 60,000 stores globally, including about 4,500 stores outside mainland China, as of December 31, 2025[33] - As of December 31, 2025, the total number of stores reached 59,823, up from 46,479 in 2024, representing a growth of 28.8%[38] - The number of franchise stores increased from 46,462 in 2024 to 59,785 in 2025, marking a growth of 28.7%[44] - The company opened 14,496 new franchise stores in 2025, compared to 10,555 in 2024, indicating a year-over-year increase of 37.5%[43] - The number of franchisees grew from 20,976 in 2024 to 27,450 in 2025, reflecting a 30.9% increase[44] Strategic Initiatives - The company aims to enhance supply chain efficiency, strengthen brand IP, and optimize store operations in both domestic and overseas markets[35] - The company has focused on digital operational capabilities and product quality to respond to increased consumer expectations for value[28] - The company aims to provide high-quality, affordable products and superior consumer experiences by 2025[35] - The company has entered new markets, including Kazakhstan and the United States for "Mixue Ice City," and Malaysia and Thailand for "Lucky Coffee" during the reporting period[29] - The company has implemented operational adjustments in Indonesia and Vietnam to ensure sustainable business operations, despite a decrease in store numbers in these markets[35] Research and Development - The company has established a comprehensive R&D system covering application R&D related to product flavors and formulas, as well as basic R&D on ingredients, production processes, and equipment[49] - The company has implemented a high-standard quality control system from farm to table, ensuring consistent high-quality product experiences for consumers[49] Marketing and Brand Development - The "Snow King" IP has become a unique super IP in the beverage industry, enhancing emotional connections with consumers through various content and cultural collaborations[47] - By December 31, 2025, the "蜜雪冰城" topic on Douyin has accumulated over 65.3 billion views, showcasing the effectiveness of the company's marketing strategies[50] - The company will continue to deepen its brand IP, "雪王," by expanding its cultural content matrix and collaborating with leading brands to enhance brand influence[55] Corporate Governance - The company has adopted high corporate governance standards to protect shareholder interests and enhance corporate value[56] - The audit committee has reviewed the audited consolidated financial statements for the year ending December 31, 2025, confirming compliance with applicable accounting standards and regulations[59] Other Financial Information - The company did not declare any annual dividend for the year ended December 31, 2025[64] - There were no significant lawsuits or arbitration that could adversely affect the company's financial position or operating results as of December 31, 2025[65] - The company raised approximately RMB 3,799 million from its global offering, which will be used for purposes outlined in the prospectus dated February 21, 2025[63] - The company has not engaged in any buybacks or redemptions of its listed securities during the period from the listing date to the announcement date[61]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported a slight revenue decline of 1.7% year-on-year, with core business revenue remaining stable despite geopolitical uncertainties and macroeconomic challenges [3]. - Total revenue for 2025 was HKD 3,854 million, a decrease of 1.7% from HKD 3,919 million in 2024 [9]. - Gross profit for 2025 was HKD 2,149 million, down 3.8% from HKD 2,234 million in 2024 [9]. - Operating profit decreased to HKD 313 million in 2025, compared to HKD 377 million in 2024, reflecting a decline of 17.0% [9]. - Net profit after tax for 2025 was HKD 239 million, a decrease of 5.2% from HKD 252 million in 2024 [9]. - Basic earnings per share remained stable at HKD 13.4 for both 2025 and 2024 [9]. - Total assets decreased to HKD 3,625 million in 2025 from HKD 3,766 million in 2024, a decline of 3.7% [10]. - Current assets totaled HKD 1,671 million in 2025, slightly down from HKD 1,692 million in 2024 [10]. - Total liabilities decreased to HKD 1,472 million in 2025 from HKD 1,646 million in 2024, a reduction of 10.6% [10]. - The company reported a net current asset position of HKD 645 million in 2025, an increase from HKD 558 million in 2024 [10]. - Adjusted EBITDA for 2025 was HKD 803 million, compared to HKD 937 million in 2024, reflecting a decrease of about 14.3% [17]. - Operating profit for the retail and distribution segment in 2025 was HKD 296 million, down from HKD 423 million in 2024, indicating a decline of approximately 30% [18]. - The financing costs for 2025 were HKD 45 million, slightly lower than HKD 46 million in 2024 [26]. - The company recorded a net gain from the sale of assets amounting to HKD 48 million in 2025, compared to a loss of HKD 4 million in 2024 [24]. - The total depreciation and amortization expenses for 2025 were HKD 491 million, compared to HKD 486 million in 2024, reflecting a slight increase of about 1.0% [25]. - The company’s total revenue from other income sources, including royalties and rental income, was HKD 117 million in 2025, compared to HKD 52 million in 2024, showing a significant increase [24]. E-commerce Performance - The company's e-commerce platform achieved a notable double-digit growth of 10% for the year, with online sales in Hong Kong and Macau increasing by 18.2% year-on-year [3]. - The company continues to implement its "Digital Leader" strategy, with e-commerce revenue in Southeast Asia and Australia (excluding Indonesia) growing significantly by 45% year-on-year [3]. - E-commerce sales in other markets increased by 13.5%, and excluding the impact of non-Giordano brands in Indonesia, growth reached 25.3% [42]. - Online sales in Hong Kong and Macau rebounded strongly in the second half of the year, achieving a significant 40% growth, leading to an 18.2% year-on-year increase in overall online sales [59]. - The online business in Taiwan recorded nearly 4% year-on-year growth, despite challenges in the offline segment [65]. - The online business on platforms like Vipshop and Tmall saw accelerated growth of 25% and 23%, respectively, reinforcing digital competitiveness in mainland China [62]. Inventory and Cash Management - The company’s inventory balance at year-end was HKD 556 million, with inventory turnover days increasing to 119 days [5]. - Accounts receivable increased to HKD 273 million in 2025 from HKD 249 million in 2024, with a net value of HKD 232 million after provisions [31]. - Accounts payable decreased to HKD 238 million in 2025 from HKD 292 million in 2024, reflecting improved cash flow management [33]. - Cash and bank balances, net of bank loans, totaled HKD 698 million at year-end (2024: HKD 810 million), reflecting a decrease primarily due to increased inventory levels [36]. - The group's inventory balance increased to HKD 556 million in 2025 from HKD 508 million in 2024, with inventory turnover days rising to 119 days from 110 days [88][89]. - The company maintains a strong financial position with a leverage ratio of 1.2% and a current ratio of 1.6, indicating solid liquidity and financial health [84]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.064 per share, representing a total payout of approximately HKD 103 million and a payout ratio of 108.5% [5]. - The company declared an interim dividend of HKD 0.075 per share, down from HKD 0.08 per share in 2024, totaling HKD 121 million [30]. - The proposed final dividend is HKD 0.064 per share, an increase from HKD 0.060 per share in 2024, totaling HKD 103 million [30]. - The proposed final dividend record date is June 8, 2026, with registration suspension from June 4, 2026, to June 8, 2026 [108]. Market Performance and Strategy - The company operates two main segments: retail and distribution, and wholesale to overseas franchisees, with a focus on regional and brand management [14]. - Sales in mainland China remained stable at HKD 661 million for both 2024 and 2025, while sales in Hong Kong and Macau increased slightly from HKD 626 million in 2024 to HKD 631 million in 2025 [18]. - The company plans to continue executing its "Beyond Boundaries 2030" strategy, focusing on brand revitalization, digital leadership, and localized strategies to enhance customer engagement [39][41]. - The company plans to focus on enhancing brand assets, improving store productivity, and optimizing inventory management in the Greater China region [68]. - The company aims to realign and revitalize both online and offline channels to return to sustainable profitability and support long-term growth goals [64]. - The company plans to expand its store network in high-growth emerging markets, particularly in Africa and South Asia, with India identified as a key market due to its large consumer base [82]. Brand Development and Customer Engagement - Giordano aims to transform customer interactions by integrating customer insights and digital tools into its core operations, enhancing the overall experience [94]. - The company plans to revitalize its brand portfolio, focusing on high-quality products and appealing to a younger, digitally-savvy audience [96]. - In 2026, Giordano Ladies will undergo a brand relaunch with a new flagship store in Hong Kong, aiming to attract a younger demographic and improve sales performance [97]. - The core brand Giordano will be relaunched in Q4 2026, featuring a new store format and a unified digital platform for a seamless customer experience [98]. - The company is at a pivotal point for brand revitalization, aiming to enhance brand relevance and sustainability in response to changing consumer expectations and market dynamics [92][93]. Corporate Governance and Leadership - The group had approximately 5,237 employees as of December 31, 2025, and offers competitive compensation and performance-based bonuses to retain a high-quality leadership team [105]. - The company has complied with all applicable corporate governance codes as of December 31, 2025, except for certain provisions regarding director rotation, which the board believes is beneficial for stability and continuity [109]. - The board of directors includes four executive directors and three non-executive directors, ensuring a diverse leadership structure [112]. - The average age of the management team is 49 years as of December 31, 2025, indicating a mature leadership [105]. - The company emphasizes investment in training for sales, customer service, management, and leadership development to maintain a skilled and proactive team [105].

Revenue Growth - Revenue from e-commerce business increased by 25.9% to RMB 3.3 billion[27] - Total revenue for the main brand in mainland China increased by 10.6% to RMB 11.1 billion[30] - The company achieved revenue of RMB 11,145.8 million for the fiscal year ending December 31, 2025, representing a year-on-year growth of 10.6%[41] - 361º children's business recorded revenue of RMB 2,582.5 million, accounting for approximately 23.2% of the group's total revenue, with a year-on-year growth of 10.4%[128] - The group's e-commerce business achieved revenue of RMB 3,286.1 million, a 25.9% increase year-on-year, accounting for 29.5% of total revenue[189] Profitability - Operating profit attributable to equity holders increased by 14.0%[30] - Profit attributable to equity holders reached RMB 1,308.9 million, an increase of 14.0% compared to the previous year[41] - The gross profit margin for the fiscal year was 41.5%, consistent with the previous year[33] - The operating profit margin was 15.9%, slightly down from 16.4% in the previous year[33] - Gross profit for the year was RMB 4,628.5 million, maintaining a stable gross margin of 41.5%[192] Store Expansion - Total number of 361º super stores reached 5,394[29] - The company has a total of 5,394 retail stores across various regions in China, with a focus on expanding its brand presence[32] - As of December 31, 2025, the company has opened a total of 127 361º Super Stores, achieving a milestone of over 100 stores nationwide[52] - The number of 361º children's sales outlets in mainland China reached 2,364, with an increase in average store size, creating a modern retail coverage system[49] - The number of 361º children's super stores and fifth-generation stores increased to 387, accounting for 16.4% of total outlets[134] International Strategy - The company initiated a global overseas strategy[10] - The company has established 1,253 offline sales points in the Americas, Europe, and the "Belt and Road" regions, enhancing its global presence[52] - The company has successfully opened its first overseas Super Store in Cambodia, marking a significant breakthrough in its international expansion[52] - The company aims to deepen its engagement in international sports events and steadily expand its overseas market presence[70] - In 2025, 361º children's international retail revenue grew approximately 125.4% year-on-year, demonstrating the effectiveness of internationalization strategies[150] Product Development and Innovation - The company is committed to technological innovation, integrating sports science and material innovation to enhance product performance and consumer experience[47] - The company has accumulated 1,101 patents as of December 31, 2025, which are crucial for its competitive advantage in the market[47] - The company launched the "Fei Ran 5" running shoes using second-generation Mass Balance low-carbon technology at the China International Import Expo, highlighting its commitment to sustainable product innovation[90] - The company introduced the "Release Energy" cycling series in May 2025, featuring various products designed for professional, training, and daily use, addressing the growing demand for outdoor sports products[172] - The company is focusing on expanding its brand presence through endorsements from top athletes, enhancing its market visibility[117][120] Marketing and Brand Positioning - The company has been recognized as a leading sports brand in China, focusing on professional sports functionality[6] - The brand is leveraging top athletes for product promotion, with significant marketing events like the launch of the "JOKER1 GT" basketball shoes during the NBA All-Star Game[46] - The company aims to deepen emotional connections with consumers through high-frequency athlete interactions and marketing activities, solidifying its competitive edge in professional sports[46] - The company aims to enhance its brand image through diversified and international sports collaborations, reinforcing its position in the global market[88] - The company has partnered with popular IPs like Peppa Pig and SpongeBob SquarePants to create co-branded products, appealing to younger consumers and enhancing brand vitality[111] Sustainability and Social Responsibility - The company is actively investing in sustainable development, focusing on environmental, social, and governance (ESG) practices, and released its 2024 ESG report showcasing its achievements in these areas[177] - The company emphasizes sustainable practices, utilizing eco-friendly materials in new product lines, such as the "Flying Burn 5" running shoes, which aim for a 70% reduction in carbon emissions[182] - The company has committed to social responsibility, donating RMB 8 million in relief materials after a 6.8 magnitude earthquake in Tibet and RMB 15 million for fire disaster relief in Hong Kong[182] - The company received multiple ESG awards, including the "Sustainable Financial Information Disclosure Gold Medal" from HKQAA, highlighting its commitment to sustainability[183] - The company plans to continue advancing sustainable development and corporate social responsibility initiatives for a better ecological future[183] Financial Management - Net cash generated from operating activities surged by 1067.0%[30] - The debt ratio was reported at 2.1%, indicating a stable financial position[36] - The company plans to enhance cost control through increased internal production, particularly in its own OEM facilities[194] - The group strategically acquired factories, machinery, and patents to strengthen vertical integration and improve cost efficiency[193] - Marketing expenses accounted for 10.5% of total revenue in the review year, down from 12.8% in 2024, reflecting effective cost control and ROI-oriented strategies[199]

Financial Performance - The group's revenue for the six months ended December 31, 2025, was HKD 272,396,000, a significant increase from HKD 77,685,000 in the same period last year, representing a growth of approximately 250%[12] - Gross profit for the same period was HKD 69,050,000, compared to HKD 57,117,000 in the previous year, indicating an increase of about 21%[12] - The group reported a profit before tax of HKD 233,056,000, a substantial recovery from a loss of HKD 2,729,000 in the prior year[12] - Net profit for the period was HKD 180,216,000, a turnaround from a loss of HKD 34,919,000 in the previous year[12] - Basic earnings per share for the period was HKD 0.28, compared to a loss per share of HKD 0.08 in the same period last year[12] - The operating profit for the six months ended December 31, 2025, was HKD 268,042,000, compared to HKD 39,832,000 for the same period in 2024, indicating a substantial increase of about 572%[35] - The profit attributable to equity holders for the period was HKD 180,241,000, contributing to a total comprehensive income of HKD 223,679,000 for the period[18] - The company reported a significant increase in the fair value of investment properties, with a decrease of HKD 202,257,000 for the six months ended December 31, 2025, compared to an increase of HKD 22,242,000 in 2024[36] Market Conditions - The group observed a recovery in the Hong Kong residential market, with improved transaction volumes supported by lower mortgage rates and a strong stock market[4] - In mainland China, the group adopted a cautious strategy, focusing on high-quality products that meet changing buyer demands, particularly in Hangzhou and Shenzhen[6] - The Macau real estate market benefited from the recovery of the tourism and gaming sectors, supporting local economic activity and housing demand[5] - The group remains optimistic about future market conditions, expecting gradual improvement supported by government policies in mainland China and favorable conditions in Hong Kong, Macau, and Kuala Lumpur[8] Financial Position - Total assets less current liabilities increased to HKD 7,050,052 thousand as of December 31, 2025, compared to HKD 6,945,594 thousand in June 2025, reflecting a growth of approximately 1.51%[15] - Non-current assets rose to HKD 4,141,284 thousand from HKD 3,909,174 thousand, marking an increase of about 5.93%[14] - The company's equity attributable to shareholders increased to HKD 5,982,035 thousand from HKD 5,771,409 thousand, reflecting a growth of about 3.65%[15] - The total liabilities decreased from HKD 1,120,829 thousand to HKD 1,014,686 thousand, a reduction of approximately 9.46%[15] - The total assets reported as of December 31, 2025, were HKD 7,577,075,000, compared to HKD 7,303,430,000 as of December 31, 2024, showing an increase of approximately 3.74%[32] - The total liabilities as of December 31, 2025, were HKD 396,065,000, a slight decrease from HKD 432,138,000 reported in 2024, indicating a reduction of about 8.35%[32] Cash Flow and Financing - Cash generated from operations for the six months ended December 31, 2025, was HKD 167,462 thousand, a significant increase from HKD 23,993 thousand in the same period last year[16] - The company reported a net cash outflow from financing activities of HKD 366,690 thousand, compared to HKD 218,356 thousand in the previous year, indicating increased financial activity[16] - The net cash and cash equivalents decreased to HKD 540,443 thousand from HKD 834,506 thousand, a decline of approximately 35.2%[16] - The company's operating cash flow for the period was positive, contrasting with a cash outflow of HKD 27,467 thousand in the previous year, indicating improved operational efficiency[16] - The company incurred financial costs of HKD 21,010,000 for the six months ended December 31, 2025, down from HKD 30,317,000 in 2024, representing a decrease of approximately 30.5%[37] - The average interest rate during the review period was 3.8%, down from 4.9% in 2024, reflecting a reduction in overall borrowing costs[88] Investments and Assets - The company’s investment activities generated a net cash inflow of HKD 4,426 thousand, down from HKD 6,849 thousand in the previous year, suggesting a decrease in investment activity[16] - The valuation of the group's investment properties and properties under development as of December 31, 2025, was HKD 3,905,005,000, an increase of approximately HKD 202,257,000 from HKD 3,682,520,000 as of June 30, 2025[89] - As of December 31, 2025, the group's investment properties and land held for own use had a book value of approximately HKD 2,502,756,000 and HKD 191,312,000 respectively, compared to HKD 2,368,955,000 and HKD 180,660,000 as of June 30, 2025, indicating an increase in asset value[86] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 13,053,000, which was deducted from retained earnings[18] - The interim dividend proposed is HKD 3.0 cents per share, an increase from HKD 2.25 cents per share in 2024, totaling HKD 19,580,000 compared to HKD 14,686,000 in the previous year[41] Compliance and Governance - The financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards and have been reviewed by the audit committee[19] - The company adopted the revised Hong Kong Financial Reporting Standard No. 21, which affects the assessment of currency convertibility and requires additional disclosures[21] - The company anticipates that the adoption of new accounting standards will not have a significant impact on its financial performance[22] Risk Management and Relationships - The group has established sufficient risk management procedures to identify, measure, monitor, and control various risks faced[90] - The group maintains good relationships with suppliers, customers, and employees, with no significant events reported affecting these relationships[96][97][98]

Financial Performance - For the fiscal year ending December 31, 2025, the total revenue was HKD 3,064,416, a decrease of 8.1% from HKD 3,336,832 in 2024[8] - The net profit attributable to shareholders was HKD 69,771, a decline of 23.9% compared to HKD 91,681 in the previous year[9] - Basic earnings per share decreased to HKD 0.23 from HKD 0.30, reflecting a 23.3% drop year-over-year[9] - The total comprehensive income for the year was HKD 149,956, a substantial increase from HKD 44,151 in 2024, driven by favorable currency exchange differences[9] - Revenue from customer contracts decreased to HKD 3,002,707,000 in 2025 from HKD 3,219,982,000 in 2024, a decline of 6.74%[14] - The segment profit for garment manufacturing and trading was HKD 72,179,000 in 2025, down from HKD 144,460,000 in 2024, a decrease of 50%[16] - Gross profit was HKD 545.9 million, with a gross margin of 17.8%, down from 19.3% in 2024[35] - Profit for the year was HKD 68.4 million, compared to HKD 95.9 million in 2024[35] Financial Position - The group maintained a non-current liabilities to shareholders' equity ratio of 41.6% and a current ratio of 1.2, indicating stable financial health[5] - Total assets increased to HKD 4,588,891,000 in 2025 from HKD 4,342,746,000 in 2024, representing a growth of 5.68%[10] - The company reported a net current asset value of HKD 402,809,000 in 2025, up from HKD 329,824,000 in 2024, an increase of 22.08%[11] - The total liabilities increased to HKD 3,356,545,000 in 2025 from HKD 3,088,989,000 in 2024, reflecting a rise of 8.66%[11] - The company’s equity increased to HKD 3,232,459,000 in 2025 from HKD 3,091,058,000 in 2024, a growth of 4.57%[11] - The company’s bank loans increased to HKD 918,021,000 in 2025 from HKD 763,863,000 in 2024, an increase of 20.23%[10] Market and Growth Strategy - The group continues to focus on expanding its market presence in China, which is viewed as a key growth area, while also solidifying its foundation in Europe and the Americas[4] - The company has made significant advancements in innovation, securing patents in sustainable fashion technologies, including washable silk and waterless dyeing[6] - The group is focusing on sustainable product innovation and expanding its presence in emerging markets[34] Operational Efficiency - The introduction of an in-house developed AI platform has enhanced production management and supply chain efficiency, driving data-driven decision-making[6] - The introduction of AI-driven data analytics and automated management systems has improved inventory turnover and reduced operational losses[33] - The group’s inventory cost recognized as an expense was HKD 2,401,875 in 2025, down from HKD 2,535,506 in 2024, a decrease of 5.3%[24] Dividends and Shareholder Returns - The proposed final dividend is HKD 0.035 per share, with a total annual dividend of HKD 0.07 per share, reflecting a commitment to returning value to shareholders[5] - The proposed final dividend for the year ended December 31, 2025, is HKD 0.035 per share, totaling HKD 10,696,000, consistent with the previous year[27] - The board proposed a final dividend of HKD 0.035 per share for the year ending December 31, 2025, compared to no dividend in 2024[50] Employee and Governance - The company has approximately 5,000 employees as of December 31, 2025, with a focus on training and development to enhance professional capabilities[48] - The company has adhered to the corporate governance code as per the listing rules throughout the accounting period ending December 31, 2025[53] - An audit committee has been established to review and supervise the group's financial reporting, risk management, and internal control systems[54] Cash Flow and Investments - The net cash inflow from operating activities for 2025 was HKD 47.1 million, mainly from daily operations, indicating sufficient bank credit and stable income from owned properties[42] - Capital expenditures for 2025 totaled HKD 94.1 million, including investments in automation, environmental facilities, and digital transformation projects, consistent with the commitment to sustainable manufacturing[45] - The company has capital commitments for property, plant, and equipment purchases and construction projects amounting to HKD 180.4 million as of December 31, 2025, down from HKD 394.4 million in 2024[46] Other Financial Metrics - The financial expenses for 2025 totaled HKD 51,430, a significant reduction from HKD 72,909 in 2024, marking a decrease of 29.5%[23] - The fair value change of derivative financial instruments increased to HKD 8,408 in 2025 from HKD 2,253 in 2024, showing a growth of 272.5%[22] - The accounts receivable as of the reporting date was HKD 666,140, an increase from HKD 647,083 in 2024, reflecting a growth of 2.6%[29] - The accounts payable at the reporting date rose to HKD 776,438 in 2025 from HKD 675,878 in 2024, indicating an increase of 14.9%[30] - The fair value change of investment properties resulted in a gain of HKD 39,470,000 in 2025 compared to a loss of HKD 7,359,000 in 2024[16] Future Reporting - The annual report for the year 2025 will be published and sent to shareholders by April 30, 2026, and will be available on the company's and the stock exchange's websites[56]