Financial Performance - Total sales volume of cement and clinker reached 21.8 million tons, an increase of 9.0% from 20.0 million tons in the previous year[3]. - Revenue increased to RMB 9,621.2 million, representing a growth of 15.3% compared to RMB 8,344.9 million in the previous year[3]. - Gross profit rose to RMB 2,458.5 million, a 24.6% increase from RMB 1,973.8 million in the previous year[3]. - Profit attributable to equity holders increased by 40.5% to RMB 879.6 million, up from RMB 626.2 million in the previous year[3]. - Basic earnings per share increased by 40.0% to 16.1 cents, compared to 11.5 cents in the previous year[3]. - Proposed final dividend is 4.8 cents per share, a 41.1% increase from 3.4 cents in the previous year[3]. - The net profit for the year was CNY 1,087,258,000, up from CNY 827,855,000 in 2024, reflecting a growth of approximately 31.3%[7]. - The total comprehensive income for the year was CNY 1,087,258,000, compared to CNY 827,855,000 in 2024, indicating a growth of approximately 31.3%[7]. - The company's basic earnings per share increased to CNY 0.161 from CNY 0.115 in the previous year, marking an increase of about 40%[7]. Assets and Liabilities - Total assets decreased by 2.9% to RMB 35,236.0 million from RMB 36,289.9 million in the previous year[4]. - Net debt increased by 10.5% to RMB 9,964.6 million from RMB 9,017.9 million in the previous year[4]. - Net asset liability ratio improved to 6.3 percentage points, compared to 71.6% in the previous year[4]. - Total assets decreased from RMB 27,057,597 thousand to RMB 27,018,507 thousand, a decline of approximately 0.14%[9]. - Current liabilities decreased from RMB 12,816,065 thousand to RMB 12,792,687 thousand, a reduction of about 0.19%[10]. - Total equity increased from RMB 13,816,485 thousand to RMB 13,917,195 thousand, reflecting a growth of approximately 0.73%[10]. - The company’s total liabilities increased from RMB 8,502,737 thousand to RMB 9,680,749 thousand, an increase of about 13.82%[10]. - The company’s long-term borrowings increased from RMB 3,172,381 thousand to RMB 3,923,843 thousand, reflecting a rise of approximately 23.6%[10]. Revenue Sources - The group's revenue from the sale of cement and related products reached RMB 7,953,495 thousand in 2025, an increase from RMB 7,645,607 thousand in 2024, representing a growth of approximately 4.03%[17]. - Revenue from construction and installation services amounted to RMB 280,346 thousand in 2025, up from RMB 227,530 thousand in 2024, indicating a growth of about 23.2%[17]. - For the fiscal year ending December 31, 2025, the total revenue from external sales in the China market was RMB 4,920,603,000, while the overseas market generated RMB 4,700,582,000, leading to a combined total revenue of RMB 9,621,185,000[23]. - The segment profit for the China market was RMB 260,210,000, and for the overseas market, it was RMB 584,368,000, resulting in a total segment profit of RMB 844,578,000[23]. Expenses and Costs - Total operating expenses rose to CNY 7,162,664,000 from CNY 6,371,161,000, which is an increase of approximately 12.4%[5]. - The company reported a significant increase in mining rights assets from RMB 1,734,848 thousand to RMB 2,127,733 thousand, an increase of about 22.67%[9]. - The company’s cash and cash equivalents rose from RMB 1,157,136 thousand to RMB 766,298 thousand, a decrease of approximately 33.69%[9]. - The company’s total liabilities increased from RMB 8,502,737 thousand to RMB 9,680,749 thousand, an increase of about 13.82%[10]. - The company’s long-term borrowings increased from RMB 3,172,381 thousand to RMB 3,923,843 thousand, reflecting a rise of approximately 23.6%[10]. Financial Reporting and Standards - The company adopted new international financial reporting standards effective January 1, 2025, which may impact future financial reporting[11]. - The group anticipates that the application of new and revised International Financial Reporting Standards will not have a significant impact on the consolidated financial statements in the foreseeable future[14]. - The new International Financial Reporting Standard No. 18 will come into effect on January 1, 2027, and is expected to affect the structure and presentation of the consolidated income statement[16]. - The group confirmed that all contracts related to cement and related products have a duration of one year or less, in accordance with International Financial Reporting Standard No. 15[18]. Market Expansion and Strategy - The company plans to continue expanding its market presence and investing in new technologies, although specific details were not disclosed in the provided content[5]. - The company plans to expand its market presence in Africa, particularly in the Great Lakes region, which includes sales to countries like the Democratic Republic of the Congo, Tanzania, and Rwanda[32]. - The group has expanded its production to sub-Saharan Africa and Central Asia since 2020, leveraging its expertise in cement production and sales to support local infrastructure development[92]. - The group has established a significant presence in the Ethiopian cement market, owning one of only two operational clinker plants in Mozambique, with another under construction[118]. Environmental and Social Responsibility - The group has implemented waste heat recovery systems in 12 out of 15 production lines in China, saving about 30% in electricity consumption[107]. - The group has reduced nitrogen oxide (NOx) emissions from approximately 7,000 tons to 4,000 tons since 2021, and sulfur dioxide emissions from 600 tons to less than 300 tons[109]. - The group achieved zero fatal accidents during the year, with lost time due to work-related injuries reduced from 1,364 days to 898 days[113]. - The group has established a "garden-style factory" model in all its plants in China, promoting environmental management[111]. Corporate Governance - The audit committee has been established in accordance with the listing rules and is responsible for reviewing and supervising the company's financial reporting procedures and internal controls[175]. - The board of directors includes executive members Zhang Jimin, Cao Jianshun, Chu Yufeng, and Wang Rui[178]. - Non-executive directors consist of Ma Chaoyang, Wang Zhixin, and Wang Manbo[179]. - Independent non-executive directors include Li Gangwei, Tan Jingzheng, Zhu Dong, Feng Tao, and Lou Jiaqiang[179].

Financial Performance - Revenue for the year ended December 31, 2025, was S$81,731,000, a decrease of 5.5% from S$86,431,000 in 2024[8] - Gross profit increased to S$15,057,000, up 3.2% from S$14,596,000 in the previous year[8] - Profit before tax decreased to S$2,496,000, down 31.8% from S$3,663,000 in 2024[8] - Profit for the year attributable to owners of the Company was S$1,944,000, a decline of 38.7% compared to S$3,168,000 in 2024[8] - Total comprehensive income for the year attributable to owners of the Company was S$1,954,000, down from S$3,135,000 in 2024[8] - Revenue from external customers for 2025 was S$81,731,000, a decrease of 5.8% from S$86,431,000 in 2024[51] - Segment results for 2025 reached S$5,761,000, compared to S$2,954,000 in 2024, indicating a significant increase[52] - Profit before tax for 2025 was S$3,663,000, up from S$2,496,000 in 2024, reflecting a growth of 46.7%[52] - Revenue from construction contracts in 2025 was S$48,700,000, compared to S$46,096,000 in 2024, showing an increase of 3.5%[63] - Sales of mobile phones and accessories in 2025 were S$22,348,000, down from S$28,922,000 in 2024, a decline of 22.7%[63] - Other income for 2025 totals S$924,000, an increase from S$663,000 in 2024, representing a growth of 39%[78] - Dividend income increased to S$30,000 in 2025 from S$21,000 in 2024, a rise of 43%[78] - Fair value gain on financial assets at FVTPL rose to S$380,000 in 2025 from S$71,000 in 2024, marking a significant increase of 436%[78] - Interest income decreased slightly to S$106,000 in 2025 from S$118,000 in 2024, a decline of 10%[78] - The income tax expense for 2025 is S$552,000, compared to S$495,000 in 2024, indicating an increase of 12%[84] - Profit for the year attributable to owners of the Company was approximately S$1,944,000 in 2025, down from S$3,168,000 in 2024, representing a decrease of 38.7%[89][91] Assets and Liabilities - Current assets increased to S$37,964,000 from S$34,483,000 in 2024, reflecting a growth of 7.2%[10] - Net assets rose to S$19,477,000, an increase of 11.1% from S$17,523,000 in 2024[10] - Cash and cash equivalents decreased to S$11,740,000 from S$13,211,000, a decline of 11.1%[10] - Trade receivables increased to S$6,240,000 from S$6,000,000, reflecting a growth of 4.0%[10] - Total assets as of December 31, 2025, were S$45,790,000, an increase from S$41,163,000 in 2024[53] - Total liabilities as of December 31, 2025, were S$26,313,000, up from S$23,640,000 in 2024[54] - As of December 31, 2025, the total transaction price allocated to unsatisfied performance obligations is approximately S$164,117,000, up from S$82,147,000 in 2024, indicating significant future revenue recognition from construction projects[64] - Revenue expected to be recognized within one year is S$131,880,000 for 2025, compared to S$44,367,000 for 2024, reflecting a growth of 197%[66] - Revenue expected to be recognized after one year is S$32,237,000 for 2025, down from S$37,780,000 in 2024, showing a decrease of 14%[66] - Total employee benefit expenses decreased to S$23,257,000 in 2025 from S$32,474,000 in 2024, a reduction of 28.3%[87] - Trade receivables increased to S$6,984,000 in 2025 from S$6,389,000 in 2024, reflecting a growth of 9.3%[92][93] - Trade payables rose significantly to S$5,067,000 in 2025 compared to S$721,000 in 2024, an increase of 605.4%[97] - The gross amount of trade receivables net of allowance for credit losses was S$6,240,000 in 2025, up from S$6,000,000 in 2024[92] - The current ratio of the Group was 1.52 times as of December 31, 2025, unchanged from 2024[187][194] - As of December 31, 2025, the Group had net current assets of approximately S$13.1 million, an increase from S$11.8 million in 2024[195] - Cash and cash equivalents as of December 31, 2025, were approximately S$11.7 million, down from S$13.2 million in 2024[195] - The gearing ratio was approximately 14.4% as of December 31, 2025, a decrease from 16.9% in 2024, attributed to reduced borrowings and growth in total equity[195] Consolidation and Control Issues - The Company disclosed that it was unable to prepare complete financial information of the CS Group due to difficulties in obtaining the CS Books and Records, leading to the determination that it no longer had control over the CS Group[25] - The CS Group's financial position and results from January 1, 2024, onwards will be excluded from the Group's consolidated financial statements[25] - The CS Group was dissolved on July 4, 2023, due to non-payment of the annual license fee, and management had no intention to reactivate it[26] - Management of the CS Group began providing the CS Books and Records to the Company on December 12, 2025, allowing for a review of the relevant financial and operational information[27] - The Group's consolidated financial statements include assets, liabilities, results, and cash flows of the CS Group based on available records, despite challenges in obtaining complete information[37] - Management has consolidated all available CS Books and Records, but the accuracy of these records remains uncertain[36] - The Company reported that it was unable to obtain sufficient appropriate audit evidence regarding the CS Group's balances and transactions due to limited accounting records[109] - The Company has investments in subsidiaries of the CS Group amounting to S$68,000 as of December 31, 2025, with no change from the previous year[119] - The CS Group was previously consolidated in the financial statements, but the Company has determined it no longer has control over the CS Group due to the inability to obtain necessary records[108] - The management of the CS Group began providing the necessary books and records to the Company on December 12, 2025, allowing for a review of financial and operational information[107] - The audit report for the year ended December 31, 2024, was also qualified for similar issues related to the CS Group[120] - Due to scope limitations, the Company was unable to assess the recoverability of certain balances and the need for impairment provisions[119] - The independent auditor issued a qualified opinion on the consolidated financial statements for the year ended December 31, 2025, primarily due to unresolved issues related to documentation and record-keeping of certain balances in Clever Supremacy Limited[124][125]. - The qualified opinion was attributed to the inability to obtain sufficient audit evidence regarding the nature and recoverability of certain prepayments, deposits, and other receivables of the CS Group[126][129]. Management and Governance - The Company acknowledges its responsibility to prepare consolidated financial statements that give a true and fair view in accordance with IFRS[29] - The directors faced difficulties in obtaining access to information and documentation of the CS Group, impacting the completeness and accuracy of the financial statements[32] - The Audit Committee has discussed remedial actions with management to address the auditor's concerns and will monitor the implementation of these measures closely[131]. - The Board has initiated measures to enhance the accounting system and internal controls, including upgrading accounting procedures and strengthening documentation requirements for receivables and payables[132][136]. - The Company has commenced procedures to apply for the restoration of Clever Supremacy, which is a condition for the completion of its disposal[137]. - An agreement was entered into on February 12, 2026, for the sale of the entire issued share capital of Clever Supremacy to an independent third party, contingent upon successful restoration[138][139]. - The disposal is seen as a reasonable commercial decision to streamline the Group's structure and mitigate risks associated with historical accounting issues[139]. - The Board expects that the implementation of strengthened internal controls will address the basis for the qualified opinion in future financial reporting periods[141]. - The disposal does not constitute a discloseable transaction under the GEM Listing Rules based on applicable percentage ratios[140]. Business Strategy and Operations - The Company continues to focus on reinforced concrete works and trading of mobile phones and accessories as part of its core business strategy[14] - The reportable segments of the Group include construction contracts, sales of tiles, and sales of mobile phones and accessories[49] - The company formally commenced its mobile phone distribution operations in Hong Kong in January 2024 as part of its diversification strategy[154] - The mobile phone distribution segment operates strictly as a pure distributor, focusing on sourcing products from suppliers and distributing them through established wholesale channels without engaging in retail or manufacturing[155][161] - The company aims to create value for customers by providing stable supply channels and efficient order fulfillment, enhancing product availability and reducing procurement uncertainty[156] - The decision to enter the mobile phone distribution sector was based on the assessment of market conditions in Hong Kong, observing stabilisation in consumer purchasing cycles post-pandemic[162] - The company has implemented a prudent operating strategy, closely monitoring inventory levels to mitigate product obsolescence risk and granting credit terms based on internal assessments[163] - As of December 31, 2025, the company had 22 ongoing contracts with an aggregate outstanding contract value of approximately S$164.1 million, compared to 4 contracts valued at S$82.1 million in 2024, indicating a significant increase in contract activity[146][150]

Financial Performance - The group's revenue for the year was approximately HKD 18,900,000, a decrease of about 21.5% compared to HKD 24,000,000 in the previous year[14]. - Gross profit for the year was approximately HKD 17,400,000, down from HKD 23,000,000 in the previous year[14]. - The net loss for the year was approximately HKD 9,600,000, significantly improved from a net loss of HKD 24,700,000 in the previous year[14]. - The total assets decreased to HKD 392,828,000 from HKD 406,232,000 in the previous year[16]. - Total liabilities reduced to HKD 30,939,000 from HKD 34,745,000 in the previous year[16]. - The company's equity attributable to owners was HKD 361,889,000, slightly down from HKD 371,487,000 in the previous year[16]. - The group recorded loan interest income of approximately HKD 6,700,000 for the year, accounting for 35.3% of total revenue, compared to 33.1% in the previous year[37]. - The group recognized impairment losses of approximately HKD 11,700,000 on loans during the year, significantly higher than HKD 3,600,000 in the previous year[44]. - The group issued 278,335,994 new shares through a rights issue, raising net proceeds of approximately HKD 81,400,000, with plans to use HKD 72,000,000 for expanding its guarantee financing business[47]. Dividend Policy - The board did not recommend the payment of a final dividend, consistent with the previous year[14]. - The board does not recommend the distribution of a final dividend for the year ending December 31, 2025[104]. - The board does not recommend the distribution of any dividends for the current year, maintaining the same stance as the previous year[193]. - The company has adopted a dividend policy, allowing for dividends to be distributed in cash or shares, subject to various considerations[102]. Business Strategy and Operations - The company aims to enhance its brand image through collaboration with local artists, reflecting a commitment to innovation[12]. - The company continues to adapt its financial services to meet the evolving needs of its prestigious clients in Hong Kong[20]. - The company aims to expand its financial services and cultivate long-term customer relationships despite external challenges[21]. - The lending business will only issue new loans to borrowers with good financial credit ratings, with all overdue balances regularly reviewed by senior management[36]. - The board acknowledges the challenging industry outlook and is focused on risk control and sustainable business growth[24]. Risk Management and Internal Controls - The company is committed to closely monitoring credit risks and has adopted a prudent approach to assess and review each loan[22]. - The internal control measures for lending operations include credit risk assessment and monitoring of loan portfolios by senior management[54][59]. - The loan approval process involves a thorough review by senior management, considering the borrower's repayment ability and associated risks[58]. - The group has a structured approach to managing overdue loans, including communication with borrowers and potential legal actions if necessary[60]. - The board is responsible for the risk management and internal control systems, which have been reviewed and deemed effective[95]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to enhance management efficiency and protect shareholder interests[68]. - The board of directors consists of 3 independent non-executive directors, ensuring at least one has appropriate accounting or financial management expertise[76]. - All independent non-executive directors are considered independent, with mechanisms in place for them to express opinions openly and confidentially[78]. - The company has adopted a code of conduct for securities transactions by directors, which complies with GEM Listing Rules[70]. - The board aims to enhance shareholder value and is responsible for overseeing the company's business and organizational affairs[72]. - The company has established channels for independent non-executive directors to communicate their views effectively[77]. - The company has engaged in continuous professional development activities for all directors, ensuring they remain informed and relevant contributors to the board[81]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report outlines the company's commitment to sustainable development and the integration of ESG principles into risk management[107]. - The ESG report covers the company's business activities in Hong Kong, which are the main sources of investment and revenue[109]. - The board is responsible for reviewing and approving significant ESG matters and policies, ensuring sustainable business operations[112]. - Stakeholder engagement is considered essential for business development and sustainable practices, with regular participation activities to maintain dialogue[114]. - The company will continue to assess the key environmental, social, and governance aspects of different businesses for inclusion in the ESG report[110]. Employee and Workplace Practices - The overall employee turnover rate for the reporting period was 16.7%, compared to 0% in the previous year[155]. - The company employed a total of 18 employees in Hong Kong, with 11 males and 7 females, maintaining the same numbers as the previous year[153]. - 100% of senior management and other employees received training during the reporting period, with average training hours of 15.0 for senior management and 12.5 for other employees[164]. - The company has established a safe and healthy work environment, with all locations equipped with fire safety measures and regular safety inspections[159]. - The company has implemented fair and non-discriminatory employment practices, ensuring equal opportunities based on qualifications and skills[156]. Community Engagement and Charitable Activities - Charitable donations for the year ending December 31, 2025, amounted to HKD 30,000, consistent with the previous year[197]. - The group encourages employees to participate in volunteer and charitable activities, contributing to community development[186].

Financial Performance - The total revenue for the year ended December 31, 2025, was RMB 131,509,000, with a gross profit of RMB 117,057,000[4]. - The company reported a pre-tax loss of RMB 341,363,000 for 2025, compared to a loss of RMB 174,690,000 in 2024[4]. - The company incurred a net loss of RMB 341.4 million for the year 2025, compared to a net loss of RMB 174.7 million in 2024, reflecting ongoing investment in growth[67][68]. - Other income decreased by RMB 6.4 million from RMB 20.1 million in 2024 to RMB 13.7 million in 2025, primarily due to reduced investment income from structured deposits and the absence of asset disposal gains[28]. - The group reported a pre-tax loss of RMB 341,363,000 for 2025, compared to a loss of RMB 174,690,000 in 2024[86]. - The company reported a basic loss per share of RMB 0.787 for 2025, compared to RMB 0.416 for 2024, reflecting an increase in losses of 88.9%[90]. Research and Development - Research and development expenses increased significantly to RMB 205,779,000 from RMB 102,511,000 in the previous year, indicating a focus on innovation[4]. - The company has established an AI drug discovery platform to enhance its capabilities in developing innovative therapies for metabolic diseases[6]. - The group continues to prioritize early pipeline assets in metabolic diseases, focusing on T1D, MASH, AD, T2D, and obesity, with several candidates in preparation for IND submission by 2026[17]. - R&D expenses increased significantly from RMB 102.5 million in 2024 to RMB 205.8 million in 2025, a rise of RMB 103.3 million, mainly due to increased costs for raw materials and clinical trials[30]. - The company is exploring new applications for Isupatide α, including veterinary uses for diabetes and obesity, with clinical trial applications submitted in early 2026[6]. Product Development and Commercialization - The core product, Isupatide α, was approved for treating T2D in China and was commercialized in February 2025, with inclusion in the National Medical Insurance Drug List effective January 1, 2026[5][8]. - The company is expanding its distribution network and strategic partnerships to enhance the commercialization of Isupatide α, anticipating continued progress in 2026[9]. - The group is advancing the development of Icosapent Ethyl α for adolescent weight management, addressing a growing clinical need in a new indication area[14]. - The group plans to advance the commercialization of its product in Hong Kong in 2026, including pricing and market strategy evaluations[52]. - The group aims to initiate pre-commercialization preparations for weight management indications following the announcement of Phase III data[53]. Financial Position - The net asset value increased to RMB 1,053,397,000 in 2025 from RMB 796,471,000 in 2024, reflecting a strong financial position[4]. - Total current assets increased to RMB 1.48 billion in 2025, up from RMB 839.2 million in 2024, indicating improved liquidity[69]. - The company's total equity rose to RMB 1.05 billion in 2025, compared to RMB 796.5 million in 2024, reflecting a stronger financial position[70]. - Current assets increased from RMB 701.0 million as of December 31, 2024, to RMB 974.4 million as of December 31, 2025, mainly due to proceeds from a global offering[39]. - The debt-to-asset ratio rose from approximately 15% on December 31, 2024, to about 33% on December 31, 2025[40]. Expenses and Costs - The cost of sales recorded was RMB 14.5 million, attributed to the accounting policy that recognizes pre-commercialization manufacturing costs as R&D expenses[25]. - Administrative expenses decreased from RMB 84.5 million in 2024 to RMB 77.4 million in 2025, a reduction of RMB 7.1 million, primarily due to lower employee benefits costs[34]. - Sales and distribution expenses surged from RMB 2.4 million in 2024 to RMB 176.6 million in 2025, driven by increased marketing and promotional activities[36]. - Other expenses rose from RMB 4.5 million in 2024 to RMB 10.6 million in 2025, mainly due to foreign exchange losses and donations[37]. - Financial costs increased from RMB 0.9 million in 2024 to RMB 1.7 million in 2025, attributed to higher interest on bank loans[38]. Strategic Initiatives - The company has utilized RMB 39.3 million of the net proceeds from its IPO, which totaled RMB 645.2 million, primarily for clinical trials and commercialization efforts[63][64]. - The company plans to allocate 55.4% of the IPO proceeds (RMB 357.4 million) towards further clinical trials for its obesity treatment, expected to continue into 2026 and 2027[64]. - The group is exploring next-generation long-acting formulations of Icosapent Ethyl α based on a proprietary injectable hydrogel delivery platform, targeting administration intervals of three to six months[20]. - The group plans to register its product in selected overseas markets, including Southeast Asia and Latin America, and seeks strategic partnerships for commercialization[56]. - The company is actively monitoring regulatory changes from the National Medical Products Administration[102]. Governance and Compliance - The group has adopted high standards of corporate governance to protect shareholder interests and enhance corporate value[58]. - The audit committee has reviewed the financial statements and confirmed compliance with relevant accounting standards and regulations[60]. - The board of directors includes a diverse group of executives and independent directors, enhancing governance[104]. - The company is committed to adhering to the listing rules set by the Hong Kong Stock Exchange[101].

Financial Performance - The company's operating revenue for the year was approximately RMB 6.302 billion, a year-on-year decrease of 5.2%, with the decline significantly narrowing compared to the previous year[3]. - Adjusted net profit for the year was approximately RMB 273 million, excluding one-time severance compensation due to personnel optimization[3]. - The company's net profit for 2025 was approximately RMB 1.04 billion, down 79.8% from RMB 5.16 billion in 2024, with a net profit margin of 1.7%[85]. - The gross profit for 2025 was approximately RMB 2.15 billion, a decline of 13.6% from RMB 2.48 billion in 2024, resulting in a gross margin of 34.1%[74]. - The core business revenue from telecom operators was RMB 4.78 billion, down from RMB 5.25 billion in 2024[28]. - The smart data operation business generated revenue of approximately RMB 807 million in 2025, a growth of 34.1% from RMB 602 million in 2024, accounting for 12.8% of total revenue[77]. - The intelligent connection product business achieved revenue of approximately RMB 125 million in 2025, with a year-on-year increase of 6.2%[17]. - The company reported a decrease in trade payables by RMB 286,884,000, contrasting with an increase of RMB 109,931,000 in 2024[36]. Cash Flow and Liquidity - Operating cash flow significantly improved, turning from a net outflow of approximately RMB 104 million in 2024 to a net inflow of approximately RMB 407 million in 2025[3]. - The company's cash flow from operating activities improved significantly, turning from a net cash outflow of approximately RMB 1.04 billion in 2024 to a net cash inflow of approximately RMB 4.07 billion in 2025[74]. - The net cash outflow from investing activities for 2025 was approximately RMB 11 million, a year-on-year decrease of 103.5% from RMB 316 million in 2024[99]. - The net cash outflow from financing activities for 2025 was approximately RMB 566 million, an improvement of 53.1% compared to RMB 1.208 billion in 2024[99]. - As of December 31, 2025, the company had no bank borrowings, maintaining a leverage ratio of zero[95]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.054 per share for the fiscal year 2025, emphasizing shareholder returns[3]. - The proposed final dividend for the fiscal year 2025 is HKD 0.054 per share, with a payout ratio of 40% of net profit[9]. - The proposed final dividend per share for 2025 is HKD 0.054 (equivalent to RMB 0.048), a decrease from HKD 0.252 (equivalent to RMB 0.233) in 2024[86]. - The company plans to distribute a total dividend of RMB 216,144,000 for the final dividend of the previous fiscal year, compared to RMB 351,756,000 in 2024[58]. Strategic Initiatives and Future Outlook - The company established "AI-first" as its core strategy for 2026, focusing on three main business areas: core systems for operators, intelligent data operations, and intelligent connectivity products[3]. - Future growth drivers include increased capital expenditure and operational expenditure from operators, expansion into international markets, and collaboration with strategic partners in various industries[6]. - The company aims to leverage AI tools for efficiency improvements and optimize its personnel structure to enhance operational effectiveness[4]. - The company plans to focus on three growth points: energy intelligence connection, aerospace intelligence connection, and 6G core network development, with a projected market space exceeding RMB 100 billion in the energy sector from 2026 to 2030[18]. - The company aims to achieve a revenue target of 10 billion by 2028, with new business accounting for nearly half of total revenue[27]. - The company anticipates double-digit growth in intelligent data operations and intelligent connection product businesses in 2026, with core system business remaining stable[26]. Research and Development - Research and development expenses for 2025 were approximately RMB 871 million, a decrease of 3.8% from RMB 905 million in 2024, representing 13.8% of total revenue[83]. - The company achieved 362 industry model application cases throughout the year, establishing a product system of "2 large model platforms + 5 industry large models + N industry intelligent tools" in the AI sector[20]. - The company partnered with Alibaba Cloud to create the first trillion-level multimodal industry large model project in the power sector, enabling intelligent diagnosis and health prediction of power equipment[21]. Corporate Governance and Compliance - The company has adopted a corporate governance code to enhance shareholder rights and corporate accountability[107]. - The audit committee reviewed the accounting standards and practices adopted by the group during the reporting period[112]. - The annual performance announcement will be published on the Hong Kong Stock Exchange and the company's website[113]. Employee and Operational Metrics - The company had 11,437 employees as of the reporting period, a decrease from 12,868 employees as of December 31, 2024[104]. - Total employee costs for 2025 amount to RMB 3,690,459,000, up from RMB 3,514,006,000 in 2024, reflecting an increase of approximately 5%[56]. Legal and Regulatory Matters - The company is currently involved in an arbitration case with a supplier, with a total claim amount of approximately RMB 101 million, but does not expect a significant impact on its business operations[97].

Financial Performance - Total revenue for the year ended December 31, 2025, reached RMB 3,858,546, a significant increase from RMB 408,585 in 2024, representing a growth of approximately 843%[2] - Gross profit for the same period was RMB 148,652, compared to RMB 46,014 in 2024, indicating a growth of about 222%[2] - Operating profit increased to RMB 217,314 from RMB 84,474, reflecting a growth of approximately 157%[3] - Net profit for the year was RMB 192,231, up from RMB 73,561 in 2024, marking an increase of around 161%[3] - Basic and diluted earnings per share rose to RMB 0.621 from RMB 0.321, an increase of approximately 93.8%[3] - The company reported a total comprehensive income of RMB 182,985 for the year, compared to RMB 78,791 in 2024, an increase of approximately 132%[4] - Revenue from external customers in China for 2025 was RMB 3,691,250 thousand, compared to RMB 407,756 thousand in 2024, showing an increase of about 805%[23] - The company reported a net loss of RMB 481 thousand from contract assets and trade receivables in 2025, compared to a loss of RMB 1,937 thousand in 2024[20] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 1,255,775, compared to RMB 516,109 in 2024, representing a growth of about 143%[5] - Current liabilities increased to RMB 794,598 from RMB 137,647, indicating a rise of approximately 476%[5] - The total assets for the reportable segment reached RMB 1,370,344 thousand in 2025, a significant rise from RMB 549,483 thousand in 2024, reflecting an increase of about 149%[21] - The reportable segment liabilities increased to RMB 790,482 thousand in 2025 from RMB 130,698 thousand in 2024, representing a growth of approximately 505%[21] - The company has pledged approximately RMB 69,916,000 of equity securities as collateral for trade and other payables as of December 31, 2025[30] Investments and Capital Structure - The company plans to enhance its software and hardware offerings, focusing on integrated business software solutions to drive future growth[18] - The company successfully issued 40,810,000 placement shares at a price of HKD 2.09 per share, raising approximately HKD 85,293,000 in total proceeds, with a net amount of about HKD 84,347,000 after deducting commissions and expenses[51] - The net proceeds from the placement are allocated as follows: 70% (approximately RMB 54,734,000 or HKD 59,042,000) for investments in new businesses, including AI data centers, and 30% (approximately RMB 23,459,000 or HKD 25,305,000) for general working capital[51] - The company has committed a total capital contribution of RMB 120 million to Qitong Fuyuan, with Beijing Qizhan Edge Computing contributing RMB 50 million, representing 41.67% of the total[61] - The group has confirmed a share of RMB 62,711,000 from the performance of the joint venture without any realized gains or losses as of December 31, 2025[64] Employee and Operational Costs - Employee costs rose to RMB 36,309,000 in 2025, up from RMB 32,302,000 in 2024, reflecting an increase of 12%[25] - The company employed 154 full-time employees as of December 31, 2025, compared to 130 in 2024, with employee costs amounting to approximately RMB 36,309,000[71] - Distribution expenses increased to approximately RMB 28,081,000, up from RMB 21,921,000 in 2024, primarily due to higher employee and sales costs in the software and hardware business[38] Strategic Focus and Future Plans - The company plans to focus on expanding its existing business, particularly in software licensing and solutions, to leverage its solid customer base[77] - The company aims to enhance its competitive advantage in data optimization, asset operation, and edge computing to drive continuous innovation and upgrade its business[78] - The company intends to adopt a prudent and strategically conservative approach to investments, focusing on well-established potential enterprises in its industry[79] Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all relevant provisions for the year ending December 31, 2025, except for a deviation regarding the separation of roles between the Chairman and CEO[82] - The audit committee, established on December 18, 2006, consists of three independent non-executive directors and is responsible for reviewing and supervising the financial reporting process and risk management systems[86] - The audit committee has reviewed the audited financial statements for the year ending December 31, 2025[87] Dividends and Shareholder Returns - The company did not declare any dividends for the year ending December 31, 2025, consistent with 2024[27] - The company did not recommend the payment of a final dividend for the year ending December 31, 2025, consistent with the previous year[73]

Financial Performance - The group's revenue was approximately HKD 18,900,000, a decrease of about 21.5% compared to HKD 24,000,000 in the previous year[17]. - Gross profit for the year was approximately HKD 17,400,000, down from HKD 23,000,000 in the previous year[17]. - The net loss for the year was approximately HKD 9,600,000, compared to a net loss of HKD 24,700,000 in the previous year[17]. - The group reported a net loss of approximately HKD 9.6 million for the year, significantly improved from a net loss of approximately HKD 24.7 million in the previous year[22]. - Total revenue for the year was HKD 30,559,000, with a gross profit of HKD 29,550,000, reflecting a recovery compared to HKD 23,499,000 and HKD 21,653,000 in the previous year[18]. - Total revenue for the year decreased to approximately HKD 18.9 million, reflecting a decline of about 21.5% from HKD 24.0 million in 2024[47]. - The company reported a net loss of approximately HKD 9.6 million, an improvement from a net loss of HKD 24.7 million in 2024[48]. Dividend Policy - The board of directors did not recommend the distribution of a final dividend, consistent with the previous year[17]. - The company has adopted a dividend policy allowing for distribution in cash or shares, but no final dividend is recommended for the year ending December 31, 2025[107]. - The board does not recommend any dividend distribution for the current year, consistent with the previous year[196]. Financial Position - Total assets decreased from HKD 493,619,000 in 2021 to HKD 474,004,000 in 2023, while total liabilities decreased from HKD 130,158,000 to HKD 77,822,000 in the same period[19]. - Total equity attributable to the company's owners was HKD 391,465,000 in 2023, showing a slight increase from HKD 379,004,000 in 2022[19]. - As of December 31, 2025, the company's cash and bank balances are approximately HKD 103.5 million, up from HKD 80.9 million in 2024[49]. Business Strategy - The company plans to continue expanding its financial services and nurturing long-term customer relationships despite facing external challenges[24]. - The group expects to maintain a flexible approach to adapt to market developments while focusing on long-term sustainable growth[27]. - The board emphasizes the importance of risk management and prudent investment strategies to enhance shareholder returns amid challenging industry prospects[27]. Regulatory and Market Challenges - The financial services segment's revenue decreased significantly due to regulatory changes and intense competition, contributing approximately 62.3% of total revenue for the year[32]. - The lending segment's income declined due to a stricter regulatory environment and economic conditions, with a cautious increase in impairment losses[25]. Impairment and Provisions - The company allocated approximately HKD 1,600,000 for impairment provisions related to margin clients, a decrease from HKD 18,600,000 in the previous year[32]. - The company recorded a loan impairment loss of approximately HKD 11.7 million, significantly higher than HKD 3.6 million in 2024[40]. Corporate Governance - The board of directors is committed to maintaining high standards of corporate governance to enhance management efficiency and protect shareholder interests[71]. - The company has complied with all provisions of the GEM Listing Rules Appendix C1 Corporate Governance Code for the year ending December 31, 2025[71]. - The board consists of 3 executive directors, 1 non-executive director, and 3 independent non-executive directors[74]. - The company has adopted a code of conduct regarding securities transactions by directors, which complies with GEM Listing Rules[73]. - The board reviews its practices at least annually and makes necessary adjustments[72]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report outlines the company's measures and performance in sustainable development, emphasizing the integration of ESG principles into risk management[110]. - The board is committed to sustainable development and considers environmental and social factors in decision-making processes[115]. - The company aims to reduce greenhouse gas emissions by 10% by 2030 through various energy-saving initiatives[150]. - The company plans to reduce paper usage by 30% by 2030 through process automation[150]. - The company has implemented measures to promote resource conservation and reduce carbon footprint, including energy management policies[141]. Employee Management - The overall employee turnover rate for the group during the reporting period was 16.7%, compared to 0% in the previous year[158]. - The number of employees at the end of the reporting period was 18, with a gender breakdown of 11 males and 7 females, remaining unchanged from the previous year[156]. - The average training hours for male employees were 12.5 hours, while female employees received an average of 13.8 hours of training[167]. - 100% of senior management and other employees received training during the reporting period[167]. Compliance and Risk Management - The company has taken all practical steps to protect personal data collected during business processes, complying with relevant privacy laws[176]. - The company has established a comprehensive anti-corruption policy to ensure compliance with anti-corruption laws across all employees and directors[180]. - There were no incidents of bribery, extortion, fraud, or money laundering detected during the reporting period[185]. - The company has established policies and guidelines to comply with local legal requirements regarding emissions disclosure[130]. Community Engagement - The company actively encourages employee participation in volunteer and charitable activities to contribute to community development[188]. - The group's charitable donations for the year ending December 31, 2025, amounted to HKD 30,000, consistent with the previous year[200].

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 750,637,000, a slight increase of 0.2% from RMB 746,140,000 in 2024[3] - Gross profit decreased to RMB 300,112,000 in 2025 from RMB 322,068,000 in 2024, representing a decline of 6.8%[3] - Profit before tax dropped significantly to RMB 11,935,000 in 2025, down 75.2% from RMB 48,072,000 in 2024[4] - Net profit for the year was RMB 7,835,000, a decrease of 79.3% compared to RMB 37,918,000 in 2024[4] - Basic and diluted earnings per share fell to RMB 0.35 in 2025 from RMB 1.78 in 2024, a decline of 80.4%[4] Assets and Liabilities - Non-current assets totaled RMB 490,724,000 as of December 31, 2025, an increase from RMB 481,780,000 in 2024[6] - Current assets decreased slightly to RMB 1,391,888,000 in 2025 from RMB 1,406,021,000 in 2024[6] - Total liabilities decreased to RMB 211,051,000 in 2025 from RMB 223,280,000 in 2024, a reduction of 5.5%[6] - Total assets were approximately RMB 1,882.6 million as of December 31, 2025, a slight decrease from RMB 1,887.8 million as of December 31, 2024[36] - The group had total liabilities of approximately RMB 284.8 million as of December 31, 2025, an increase from RMB 271.4 million as of December 31, 2024[36] Revenue Sources - Revenue from North America was RMB 722,651,000 in 2025, showing a marginal increase from RMB 721,233,000 in 2024[11] - The company reported no single customer contributing over 10% of total revenue for both years[12] Costs and Expenses - Cost of goods sold for the year ended December 31, 2025, was approximately RMB 450.5 million, an increase of RMB 26.4 million from RMB 424.1 million for the year ended December 31, 2024, primarily due to rising tariffs and shipping costs[26] - Gross profit for the year ended December 31, 2025, was approximately RMB 300.1 million, a decrease of RMB 22.0 million compared to RMB 322.1 million for the year ended December 31, 2024, mainly due to increased sales costs[27] - Sales and distribution expenses amounted to approximately RMB 235.6 million for the year ended December 31, 2025, an increase of about RMB 1.6 million from RMB 234.0 million for the year ended December 31, 2024, primarily due to rising labor costs and increased marketing expenses[30] - Administrative expenses were approximately RMB 90.6 million for the year ended December 31, 2025, a decrease of about RMB 6.6 million from RMB 97.2 million for the year ended December 31, 2024, mainly due to the reversal of litigation provisions[30] Other Income and Expenses - Total other income for the year ended December 31, 2025, was RMB 53.832 million, compared to RMB 52.366 million for the year ended December 31, 2024[14] - The group recorded other income, gains, and losses of approximately RMB 45.3 million for the year ended December 31, 2025, a decrease of about RMB 11.0 million compared to RMB 56.3 million for the year ended December 31, 2024[28] - Financial costs for the year ended December 31, 2025, totaled RMB 1.691 million, an increase from RMB 1.332 million for the year ended December 31, 2024[15] - The company recorded an income tax expense of RMB 4.1 million for the year ended December 31, 2025, compared to RMB 10.154 million for the year ended December 31, 2024[17] Shareholder Information - The group reported a profit attributable to shareholders of approximately RMB 7.2 million for the period, a decrease of about RMB 30.0 million compared to RMB 37.2 million for the year ended December 31, 2024[33] - The net profit for the year ended December 31, 2025, was approximately RMB 7.8 million, down from RMB 37.9 million for the year ended December 31, 2024, due to similar reasons affecting the profit attributable to shareholders[34] - The board has decided not to declare any dividends for the year ending December 31, 2025, consistent with the previous year[48] Operational Insights - The company has maintained stable operational growth despite challenges in the global lighting market, with effective revenue growth driven by marketing strategies and product price adjustments[49] - Future strategies include focusing on high-quality development in the lighting sector, enhancing R&D for high-value products, and optimizing the global supply chain to mitigate international trade risks[49] - The total number of employees as of December 31, 2025, is 465, an increase from 453 the previous year, with competitive salary structures based on industry standards and employee performance[53] - The company is committed to strengthening compliance management and enhancing operational foundations to ensure long-term, stable, and sustainable development[50] Compliance and Governance - The company has adopted a standard code of conduct for securities trading by directors, confirming compliance with the regulations for the year ending December 31, 2025[57] - The audit committee has reviewed the financial statements for the year ending December 31, 2025, confirming compliance with applicable accounting standards and sufficient disclosure[59] - The company maintained a public float of at least 25% of its issued share capital as required by listing rules[64] - The annual performance announcement is available on the Hong Kong Stock Exchange website and the company's website[65] Share Repurchase - The company repurchased a total of 254,000 shares at a total cost of HKD 96,150 during the year, with a price range of HKD 0.375 to HKD 0.380 per share[60] - An additional 1,630,000 shares were repurchased in January 2026 at a total cost of HKD 644,070, with a price range of HKD 0.380 to HKD 0.400 per share[61] - The total number of shares repurchased by the company as of the announcement date is 1,884,000, which have not yet been cancelled[61] Loans and Financial Agreements - The company has entered into a loan agreement for a revolving loan of up to RMB 600 million, effective from March 13, 2026[22] - The company has entered into a revolving loan agreement with Tongfang Co., providing up to RMB 400 million at an annual interest rate of 3.65%, effective from March 13, 2023, to March 12, 2026[44] - As of December 31, 2025, the company has successfully recovered HKD 102.7 million from a loan to Mr. Wang Lifeng, with a net value of outstanding principal and accrued interest at HKD 56.5 million[46] Impairment and Provisions - The net impairment provision was approximately RMB 5.6 million for the year ended December 31, 2025, an increase of about RMB 7.9 million compared to a reversal of RMB 2.3 million for the year ended December 31, 2024[29]

Financial Performance - The group's revenue for the year ending December 31, 2025, was approximately HKD 5,020.9 million, a decrease of about 0.8% compared to HKD 5,061.3 million for the year ending December 31, 2024[2]. - The gross profit margin for the year ending December 31, 2025, was approximately 26.6%, a decrease of about 0.2 percentage points from the previous year[2]. - The net profit margin for the year ending December 31, 2025, was approximately 11.3%, down by about 0.4 percentage points compared to the previous year[2]. - The group's profit for the year was approximately HKD 567.6 million, a decrease of about 4.5% from HKD 594.1 million in the previous year[2]. - The basic earnings per share for the year ending December 31, 2025, was approximately HKD 53.02, a decrease of about 9.3% from HKD 58.48 in the previous year[2]. - Total comprehensive income for the year was approximately HKD 649.4 million, compared to HKD 475.7 million in the previous year[4]. - The company reported a profit before tax of HKD 632,232,000 for the fiscal year ending December 31, 2025[16]. - Pre-tax profit for 2025 was HKD 674,530 thousand, reflecting the company's operational performance[19]. - The company reported a segment profit of HKD 768,008,000 for the fiscal year ending December 31, 2025, with a segment profit margin of approximately 15.3%[16]. - The effective tax rate for the fiscal year ending December 31, 2025, was approximately 10.2%, down from about 11.9% for the fiscal year ending December 31, 2024, primarily due to increased contributions from a subsidiary in Sri Lanka benefiting from a preferential tax rate[60]. Revenue Breakdown - For the fiscal year ending December 31, 2025, total revenue from the sale of elastic fabrics, lace, and elastic bands amounted to HKD 5,020,877,000, with elastic fabric sales contributing HKD 3,975,238,000 and elastic bands contributing HKD 1,045,639,000[13]. - The revenue from the sale of elastic fabrics for sportswear and apparel was HKD 2,799,766,000, while the revenue from underwear was HKD 1,125,183,000 for the fiscal year ending December 31, 2025[13]. - The company's operating segment for the manufacturing and sale of elastic fabrics and lace generated a revenue of HKD 3,975,238,000, while the elastic bands segment generated HKD 1,045,639,000[16]. - Revenue from elastic fabric materials was HKD 3,924.9 million, accounting for 78.2% of total revenue, down from HKD 4,014.5 million or 79.3% in 2024[49]. - Revenue from elastic webbing increased by 6.1% to approximately HKD 1,045.6 million, compared to HKD 985.7 million in 2024[49][50]. Dividends - The proposed final dividend for the year ending December 31, 2025, is HKD 0.14 per share, compared to HKD 0.1591 per share for the previous year[2]. - The company declared an interim dividend of 0.125 HKD per share for 2025, compared to 0.1333 HKD per share in 2024, which is a reduction of approximately 8.3%[28]. - A proposed final dividend of HKD 0.14 per share for the year ending December 31, 2025, has been declared, compared to HKD 0.1591 per share for the year ending December 31, 2024[86]. - An interim dividend of HKD 0.125 per share was paid on October 10, 2025, down from HKD 0.1333 per share in 2024[86]. Assets and Liabilities - The group's net asset liability ratio as of December 31, 2025, was approximately 6.4%, down from 13.5% the previous year[2]. - Total net asset value increased to HKD 3,888,256,000 in 2025, up from HKD 3,534,279,000 in 2024, reflecting a growth of approximately 10%[6]. - The company’s total liabilities decreased from HKD 1,111,424,000 in 2024 to HKD 1,032,079,000 in 2025, indicating a reduction of about 7%[6]. - The company’s total equity attributable to owners increased to HKD 3,784,692,000 in 2025 from HKD 3,447,058,000 in 2024, representing an increase of approximately 10%[6]. - The company’s non-current liabilities related to bank borrowings amounted to 817,063 thousand HKD in 2025, down from 947,580 thousand HKD in 2024, a decrease of approximately 13.8%[33]. Cash Flow - For the fiscal year ending December 31, 2025, the net cash generated from operating activities was approximately HKD 1,107.8 million, an increase from approximately HKD 760.6 million for the fiscal year ending December 31, 2024[63]. - The net cash used in investing activities for the fiscal year ending December 31, 2025, was approximately HKD 450.3 million, compared to approximately HKD 335.6 million for the fiscal year ending December 31, 2024[63]. - The net cash used in financing activities for the fiscal year ending December 31, 2025, was approximately HKD 646.7 million, up from approximately HKD 356.4 million for the fiscal year ending December 31, 2024[64]. Operational Efficiency - The company is committed to providing sustainable supply chain solutions to address complex trade and tariff challenges[45]. - The company will continue to prioritize improving operational efficiency at production bases to enhance overall financial performance[79]. - The company aims to strengthen its R&D capabilities to meet the growing demand for innovative products from customers[78]. - The company is committed to a multi-site production strategy as a key competitive advantage in its international business expansion[79]. Market Trends - Global GDP growth stabilized at 3.3% in 2025, maintaining the same growth rate as in 2024[39]. - The U.S. GDP grew by 2.2% in 2025, driven by favorable tax policies and increased investment in technologies related to artificial intelligence[39]. - China's GDP recorded a robust growth of 5.0% in 2025, focusing on high-quality development and domestic consumption[39]. - China's textile and apparel exports to the U.S. faced a significant decline of approximately 9.4% in 2025[41]. - Vietnam's textile exports achieved a healthy growth of 7.0%, while Sri Lanka's apparel exports grew by 4.9%[41]. Corporate Governance - The company is committed to maintaining high standards of corporate governance, which is crucial for sustainable development and growth[89]. - The board proposes amendments to the company's articles of association to enhance the implementation of electronic communication and other regulatory updates[90]. - The proposed amendments to the articles of association will require shareholder approval at the upcoming annual general meeting[91].

Financial Performance - For the year ended December 31, 2025, revenue was $365.3 million, an increase of 4.7% compared to the previous year[6]. - Adjusted net profit was $31.0 million, reflecting a growth of 7.9% from the previous year[6]. - Total comprehensive income for the year was $29.3 million, compared to $25.3 million in the previous year[8]. - The company's revenue increased from $349.1 million in 2024 to $365.3 million in 2025, representing a growth of 4.7%[66]. - The group reported a net profit of $25.0 million in 2025, down 13.1% from $28.8 million in 2024, with a pre-tax profit margin of 7.8%[64]. - The adjusted net profit increased by 7.9% from $28.7 million in 2024 to $30.97 million in 2025, with an adjusted net profit margin of 8.5%[81]. Revenue Breakdown - Revenue from the injection filling business reached $28.0 million, growing by 185.6% year-on-year[6]. - International market revenue (excluding North America) increased by 20.1% compared to 2024[6]. - Revenue from the Asia-Pacific region reached $147.419 million, up 26.9% from $116.215 million in 2024[18]. - The North American revenue decreased by 19.2% from $137.4 million in 2024 to $111.0 million in 2025, primarily due to macroeconomic weakness and declining consumer confidence[71]. - Revenue from the European market is expected to rise by 11.7% from $50.5 million in 2024 to $56.4 million in 2025, primarily due to sales growth in the UK, Poland, Spain, the Netherlands, and Slovenia[72]. - Revenue from Latin America is forecasted to grow by 35.7% from $10.4 million in 2024 to $14.1 million in 2025, attributed to optimized distribution networks in key regions[72]. Profitability and Margins - Gross profit margin decreased from 62.1% in 2024 to 58.9% in the reporting period[6]. - The gross profit for the reporting period was $215.1 million, a decrease of 0.7%, with a gross margin of 58.9%, down 3.2 percentage points from 62.1% in 2024[43]. - The gross profit decreased by 0.7% from $216.7 million in 2024 to $215.1 million in 2025, with gross margin declining from 62.1% to 58.9% due to changes in regional and product mix[74]. Expenses and Costs - Total cost of goods sold increased to $150,203,000 in 2025 from $132,432,000 in 2024, reflecting a rise of 13.4%[26]. - Research and development expenses rose to $16,861,000 in 2025, up from $15,937,000 in 2024, indicating a growth of 5.8%[26]. - Financing costs increased significantly to $3,245,000 in 2025, compared to $2,455,000 in 2024, marking a rise of 32.2%[27]. - The total amount of other income and gains was $4.556 million, down from $7.289 million in 2024[25]. Cash Flow and Liquidity - Cash and bank balances stood at $70.973 million, slightly up from $70.234 million in 2024[9]. - Net cash flow from operating activities for the year was $9.4 million, a decrease of 71.6% compared to $33.1 million in 2024[91]. - Cash used in investing activities was $1.7 million, down 74.3% from $6.6 million in 2024, primarily due to the purchase of property and equipment[93]. - Cash used in financing activities amounted to $10.9 million, a decrease of 32.2% from $16.1 million in 2024, mainly due to dividend payments and loan repayments[94]. - Total cash and cash equivalents at year-end increased by 1.0% to $70.8 million from $70.1 million in 2024[91]. Dividends - The company declared a final dividend of HKD 0.095 per share for the year ended December 31, 2025[4]. - The company declared a final dividend of HKD 0.095 per share for the year ending December 31, 2025, down from HKD 0.126 per share in 2024[33]. Operational Highlights - The company maintained normal operations across its subsidiaries in various regions despite geopolitical tensions, ensuring stability in its supply chain and operations[40]. - The company expanded its direct sales operations in the Asia-Pacific region, establishing a new office in Thailand, contributing to a 20.1% year-over-year revenue growth outside North America[42]. - The company is preparing for the market launch of DaxibotulinumtoxinA in mainland China, including engagement with key opinion leaders and sales team preparations[50]. - The company is implementing a comprehensive capacity enhancement plan to meet global demand, particularly for multi-energy platforms[57]. Strategic Initiatives - The company is actively seeking acquisition opportunities that align with its ecosystem to enhance R&D capabilities and diversify its product matrix[62]. - The company plans to localize production in China to enhance supply chain resilience and market responsiveness, establishing a regional hub for R&D, manufacturing, and commercialization[60]. - A strategic agreement was signed with Universkin to expand into personalized skincare, including joint branding and AI-assisted skin analysis software[54]. Market Innovations - The new AI-based personalized skincare system, Universkin by Alma, allows doctors to create customized skincare formulas in under a minute[45]. - The Alma IQ imaging platform was launched globally, providing high-resolution images of skin issues that are not visible to the naked eye[48]. - The Hallura hyaluronic acid filler was successfully launched in Israel, marking a significant advancement in the commercialization of innovative hybrid injection solutions[50]. - The company launched the world's first AI-based personalized skincare system "Universkin by Alma" in the US in the first half of the year, with plans to enter Hong Kong in the second half[51]. Employee and Governance - The workforce increased by 3.2% to 1,047 employees, with 84 employees dedicated to R&D, representing 8.0% of total staff[104][105]. - The company has confirmed compliance with all applicable principles and code provisions of the Corporate Governance Code during the reporting period[114]. - The audit committee has reviewed the group's annual performance and financial statements prepared in accordance with international financial reporting standards for the year ending December 31, 2025[117].