Product Development and Clinical Trials - The flagship product SM17, a humanized monoclonal antibody targeting IL-25, showed promising results in a Phase 1b study for treating moderate to severe atopic dermatitis (AD), with 91.7% of patients achieving itch relief and 75% achieving skin lesion recovery[4] - SM17 is expected to enter Phase 2 clinical trials for AD by mid-2026, following successful Phase 1b results published in leading international journals[8] - The new drug application for treating inflammatory bowel disease (IBD) was accepted by the National Medical Products Administration of China in December 2025[4] - SM17's new drug application for treating IBD was submitted and accepted by the National Medical Products Administration of China, marking a significant milestone in expanding its treatment range from AD to IBD, including Crohn's disease and ulcerative colitis[9] - As of December 31, 2025, a total of 30 healthy participants have been enrolled in the Phase 1 bridging clinical study for SM17, with follow-up expected to complete by February 2026[9] - The clinical research for Suciraslimab (SM03) in treating systemic lupus erythematosus (SLE) has shown potential advantages in improving proteinuria and renal pathology compared to existing treatments[10] - The flagship product Suciraslimab (SM03) has shown breakthrough clinical results in treating Systemic Lupus Erythematosus (SLE) as of July 2025[22] - Suciraslimab achieved primary endpoints in a Phase 3 clinical study for treating Rheumatoid Arthritis (RA), with the Biologics License Application (BLA) accepted by the National Medical Products Administration of China in September 2023[23] - The company is planning a Phase 2 clinical trial for Shuxili monoclonal antibody in treating SLE and is preparing to submit an IND application for its use in Alzheimer's disease[44] - The clinical trial for SN1011 in treating Primary Membranous Nephropathy (PMN) has shown promising initial results as of March 21, 2025[25] - The company is advancing its pipeline with multiple candidates in various stages, including SLE, RA, and other autoimmune diseases, across different regions such as the US and China[27] Financial Performance - The net loss for the year ending December 31, 2024, decreased from RMB 185.1 million to approximately RMB 105.0 million, reflecting a focus on cost management in clinical trials[6] - Total revenue for the year ended December 31, 2025, was RMB 2,026 million, compared to RMB 4 million in the previous year, indicating significant growth[144] - Gross profit for the same period was RMB 543 million, reflecting a strong performance despite the cost of sales amounting to RMB 1,483 million[144] - The company reported a net loss of RMB 104,985 million for the year, an improvement from a net loss of RMB 185,141 million in the previous year[145] - Other income and gains amounted to RMB 29,271 million, contributing positively to the overall financial performance[144] - The total comprehensive loss for the year was RMB 120,288 million, compared to RMB 174,391 million in the previous year, indicating a reduction in overall losses[145] - The company experienced a foreign exchange loss of RMB 15,303 million, which impacted the financial results[145] - Earnings per share for the year were reported at RMB (0.09), an improvement from RMB (0.17) in the previous year[144] Funding and Capital Management - The company completed the issuance of new shares, raising approximately HKD 124.0 million and HKD 369.5 million in May and August 2025, respectively[6] - The company raised a total of HKD 493.7 million through a successful capital raise, reflecting strong investor confidence in its progress and future prospects[14] - The company issued shares during the reporting period, generating net proceeds of approximately RMB 428.1 million, which contributed to the increase in available funds[104] - The company plans to allocate approximately HKD 55.781 million for the development and clinical projects of SM17, with an expected utilization by the end of 2027[116] - The company has earmarked HKD 73.892 million for all clinical trials and new clinical research projects for SM03, with an expected utilization by the end of 2027[116] - The company plans to reallocate HKD 25 million from the proceeds of the July 2025 share subscription to accelerate the development of SM17 for treating atopic dermatitis[113] - The company has set aside HKD 43.385 million for short-term operational cash flow needs in 2025[117] Strategic Partnerships and Collaborations - The company signed a comprehensive strategic cooperation agreement with SYSU-IAS in August 2025 to accelerate the development of innovative drugs[6] - The company has established a licensing agreement with Everest Medicines for the global development and commercialization rights of SN1011 for treating kidney diseases[25] - LifeArc has commissioned the company to further develop and commercialize SM17 globally, focusing on transforming promising medical research into viable patient treatments[53] - The company has established a comprehensive strategic cooperation agreement with SYSU-IAS to enhance R&D capabilities and accelerate the clinical application of innovative drug research[13] Market Trends and Opportunities - The global SLE treatment market is projected to exceed $2.4 billion by 2024, with a compound annual growth rate (CAGR) of over 7.8%, expected to reach over $6.37 billion by 2037[76] - The number of patients with Atopic Dermatitis (AD) in China is projected to increase from 6.57 million in 2019 to 8.17 million by 2030, with 30% classified as moderate to severe patients[77] - The market value of AD drugs in China is expected to grow from $600 million in 2019 to $1.5 billion by 2024, and further to $4.3 billion by 2030[77] - The global market size for AD is projected to reach $27.7 billion by 2030 according to Grand View Research, Inc.[77] - The number of asthma patients globally is expected to rise to approximately 86 million by 2030, with China accounting for 7.81 million of these patients[78] - The market for rheumatoid arthritis (RA) drugs in China is anticipated to reach RMB 83.3 billion by 2030, with a significant increase in the market share of biologics from 43.4% in 2024 to 59.8% by 2030[79] Research and Development Focus - The company is actively exploring the feasibility of using artificial intelligence (AI) technology to enhance new target discovery and improve drug development efficiency[13] - The company has developed a strong pipeline focusing on innovative therapies targeting B cells and immune pathways, which may lead to effective treatments for autoimmune diseases[80] - The company is researching the use of Suciraslimab (SM03) for treating Alzheimer's disease, with findings indicating significant expression of CD22 in microglia and other neural cells[85] - The company is utilizing a proprietary "framework reshaping" technology for humanization of antibodies, ensuring that the affinity and specificity of the original antibodies are maintained[88] Corporate Governance and Compliance - The company has committed to high standards of corporate governance throughout the reporting period[135] - The audit committee consists of five independent non-executive directors, ensuring effective oversight of financial reporting and risk management[139] - The company's auditors, Ernst & Young, have agreed that the financial statements are consistent with the accounting principles adopted by the group[140] - The board believes that the combined roles of Chairman and CEO held by Dr. Liang are in the best interest of the group, despite the governance code recommendation[138]

Financial Performance - Revenue for the year ended December 31, 2025, was approximately RMB 31,011.7 million, representing a year-on-year growth of about 11.0%[2] - Profit attributable to owners of the company was approximately RMB 4,062.9 million, reflecting a year-on-year increase of approximately 31.1%[2] - Basic and diluted earnings per share were approximately RMB 1.03, an increase of about 22.6% compared to the previous year[2] - Gross profit for the year was RMB 8,806.7 million, up from RMB 7,620.8 million in 2024, indicating a strong growth in profitability[3] - Operating profit reached RMB 4,836.1 million, compared to RMB 3,747.9 million in 2024, showing significant operational efficiency improvements[3] - The company reported a net profit of RMB 4,106.7 million for the year, compared to RMB 3,111.7 million in 2024, highlighting robust financial performance[4] - The total comprehensive income for the year was RMB 4,263.8 million, compared to RMB 2,858.6 million in 2024, reflecting overall growth in earnings[4] - The company reported a net profit before tax of RMB 4,843,757 thousand for the fiscal year ending December 31, 2025, compared to RMB 3,691,687 thousand in 2024, marking an increase of approximately 31%[20] - The company’s income tax expense for 2025 was RMB 721,071 thousand, an increase from RMB 579,676 thousand in 2024, which represents a rise of about 24.4%[20] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 49,406.1 million, an increase from RMB 36,354.7 million in 2024[5] - Current assets totaled RMB 33,722.5 million, up from RMB 22,301.2 million in the previous year, indicating strong liquidity position[5] - Non-current liabilities decreased to RMB 2,000.7 million from RMB 3,201.8 million in 2024, indicating improved financial stability[5] - Total current liabilities increased to RMB 15,365,239 thousand in 2025 from RMB 13,633,304 thousand in 2024, representing a growth of approximately 12.7%[6] - Total liabilities rose to RMB 17,365,901 thousand in 2025, up from RMB 16,835,105 thousand in 2024, indicating an increase of about 3.1%[6] - Total equity increased significantly to RMB 32,040,230 thousand in 2025 from RMB 19,519,644 thousand in 2024, reflecting a growth of approximately 63.7%[6] - The company reported a total debt-to-equity ratio of approximately 0.54 in 2025, compared to 0.86 in 2024, showing improved leverage[6] Revenue Segmentation - Revenue from the refrigeration and air conditioning parts business was RMB 18,584.7 million, a year-on-year increase of 12.2%, while the automotive parts business generated RMB 12,427.0 million, up 9.1% year-on-year[55] - The segment profit for the refrigeration air conditioning parts business was RMB 5,301,477 thousand, while the automotive parts business reported a segment profit of RMB 3,505,204 thousand, contributing to a total segment profit of RMB 8,806,681 thousand for 2025[18] Research and Development - The company is engaged in R&D, production, and sales of components for refrigeration and air conditioning systems, as well as automotive parts, including those for new energy vehicles[8] - The company has invested significantly in R&D, resulting in a strong capability for rapid product iteration and a robust technological foundation for long-term growth[48] - The company’s research and development expenses are not included in the segment performance metrics used for resource allocation and evaluation by the chief operating decision makers[17] - Research and development expenses for 2025 were RMB 1,374.1 million, a 1.6% increase from RMB 1,351.8 million in 2024, representing 4.4% of total revenue[73] Market Position and Strategy - The company focuses on heat management technology, providing energy efficiency solutions through high-quality products in the HVAC and automotive sectors[38] - The automotive components business has become a leading supplier of thermal management systems for new energy vehicles, with products entering the supply chains of major manufacturers[40] - The company plans to accelerate new product development and market launch, focusing on core customers and key products, while enhancing production efficiency and market share in the refrigeration and air conditioning sector[56] - In the automotive parts business, the company aims to enhance product quality and risk control while expanding its global operations and maintaining a focus on new energy vehicle thermal management[62] - The company is committed to digital transformation and AI application, establishing an AI knowledge base to empower employees and improve operational efficiency[61] Corporate Governance and Shareholder Matters - The company has adopted high standards of corporate governance, adhering to all applicable provisions of the Corporate Governance Code since its listing[93] - The proposed annual cash dividend is RMB 2.8 per 10 shares, totaling approximately RMB 1,175.9 million, which accounts for 28.9% of the net profit attributable to the parent company for 2025[110] - The annual profit distribution plan is subject to approval at the annual general meeting[111] - The audit committee, consisting of three independent non-executive directors, has reviewed the accounting policies and financial reporting matters for the year ending December 31, 2025[112] - The external auditor, Tianjian International CPA, confirmed that the financial figures in the performance announcement are consistent with the audited consolidated financial statements[113] Future Outlook - The company expects to benefit from the implementation of the GloBE model rules in 13 jurisdictions by December 31, 2025, with no significant additional tax impact anticipated[24] - The integration of smart technology and electrification is driving the sustainable development of the global automotive industry, presenting new opportunities for growth[45] - In 2025, the global HVAC market is expected to grow due to extreme weather conditions, with increasing demand for efficient thermal management solutions[42] - The company aims to provide competitive environmental intelligent control solutions through continuous product and technological innovation, positioning itself as a leader in the climate intelligent control systems industry[60]

Financial Performance - Total revenue for the fiscal year ended December 31, 2025, was RMB 1,619.8 million, a decrease of 2.1% compared to RMB 1,654.3 million in 2024[4] - Net profit attributable to shareholders for 2025 was RMB 54.4 million, down 17.1% from RMB 65.6 million in 2024[5] - The company reported a total tax expense of RMB 32,615,101 for 2025, significantly higher than RMB 17,701,775 in 2024[116] - The gross profit margin for self-operated hospitals was 25.8%, slightly down from 25.9% in 2024, resulting in an overall gross profit of RMB 419.1 million, a decrease of 4.4%[11] - The company’s total comprehensive income for 2025 was CNY 36,603,923, down from CNY 50,397,711 in 2024, a decrease of 27.4%[95] Assets and Liabilities - The total assets increased to RMB 3,025.6 million in 2025 from RMB 3,005.0 million in 2024, while total liabilities rose to RMB 1,713.9 million from RMB 1,661.7 million[4] - The company's asset-liability ratio increased to 56.6% as of December 31, 2025, compared to 55.3% in 2024[67] - Total liabilities increased to CNY 712,062,458 in 2025 from CNY 694,353,825 in 2024, representing a rise of 2.5%[97] - Accounts receivable decreased by 19.0% to RMB 462.9 million, attributed to changes in medical insurance pre-settlement rules[41] Operational Highlights - The group operated 34 self-owned hospitals as of December 31, 2025, compared to 32 as of December 31, 2024[5] - The group has established 7 self-owned hospitals focused on elderly care services, with a total of 2,800 operational beds as of December 31, 2025[8] - The number of inpatient beds increased to 2,800 in 2025 from 2,580 in 2024, while the effective inpatient service bed day capacity rose to 1,022,000[20] - The company has established multiple subsidiaries, including Wenzhou Kangning Hospital and Beijing Yining Hospital, enhancing its operational footprint in China[121] Cash Flow - Cash generated from operating activities was RMB 439.97 million, significantly up from RMB 99.64 million in 2024[4] - The company reported a net cash outflow from investment activities of RMB 203.9 million, primarily due to the purchase of property, plant, and equipment totaling RMB 189.5 million[58] - Cash flow from operating activities rose significantly to CNY 439,969,558 in 2025, compared to CNY 99,638,504 in 2024, marking an increase of 341.5%[100] Research and Development - The group launched 22 new diagnostic techniques/projects and published 45 SCI papers during the year[9] - R&D expenses decreased by 17.5% to RMB 30.1 million, representing 2.1% of self-owned hospital operating income, down from 2.4% in 2024[31] - Research and development expenses for 2025 were impacted by temporary differences, affecting the deferred tax assets recognized[117] Strategic Initiatives - The group aims to strengthen its core competitiveness through digital transformation and industry collaboration[9] - The company plans to transition its development model from scale expansion to enhancing quality and refined operations in 2026[10] - The company is focused on enhancing its governance in accordance with the Corporate Governance Code as per Hong Kong Listing Rules[122] Market Position and Growth - The group’s elderly care business is positioned as a second growth curve, supported by the aging population and healthcare integration policies[8] - The company aims to enhance operational efficiency through artificial intelligence technology and focus on mental health and elderly care sectors for long-term growth[10] - The company is actively pursuing market expansion through the establishment of new healthcare facilities across various regions in China[121] Shareholder Information - The board has proposed a final dividend of RMB 3.2 per 10 shares, totaling RMB 22,527,712, which represents 41.4% of the net profit attributable to shareholders for the reporting period[74] - The total amount for the interim and proposed final dividends combined is RMB 35,271,550, accounting for 64.8% of the net profit attributable to shareholders[74] - The proposed final dividend is set at RMB 3.2 per 10 shares (tax included) for the year ending December 31, 2025, pending shareholder approval[123]

Financial Performance - For the fiscal year ending December 31, 2025, eBroker Group Limited reported revenue of approximately HKD 27.1 million, a decrease of about 13.2% compared to HKD 31.2 million for the fiscal year ending December 31, 2024[16]. - The loss attributable to owners for the fiscal year was approximately HKD 3.7 million, an increase of about 37.2% from a loss of HKD 2.7 million in the previous year, primarily due to a revenue decline of approximately HKD 4.1 million[16]. - The group reported a pre-tax loss of approximately HKD 3.9 million for the year ending December 31, 2025, an increase of about 33.6% from a pre-tax loss of HKD 2.9 million in the previous year[20]. - Total revenue for the year ended December 31, 2025, was HKD 27,068,000, a decrease of 12.8% from HKD 31,190,000 in 2024[155]. - Operating loss increased to HKD 3,711,000 in 2025 from HKD 2,701,000 in 2024, reflecting a deterioration in operational performance[155]. - Net loss attributable to owners for the year was HKD 3,726,000, compared to a loss of HKD 2,715,000 in the previous year, indicating a 37.1% increase in losses[155]. Revenue Breakdown - Revenue from front-end trading solutions decreased by approximately 11.5% to HKD 13.7 million, attributed to unfavorable business and economic conditions[18]. - Revenue from installation and customization services fell by approximately 30.4% to HKD 2.2 million, mainly due to reduced demand for customization services[18]. - The group's revenue for the year ending December 31, 2025, was approximately HKD 27.1 million, a decrease of about 13.2% from HKD 31.2 million in the previous year, primarily due to a significant decline in revenue from front-end trading solutions[18]. Cost and Expenses - Employee costs decreased by approximately 12.3% to HKD 18.9 million, down from HKD 21.6 million, primarily due to reductions in salaries, bonuses, and allowances[22]. - Other operating expenses increased by approximately 2.2% to HKD 11.3 million, compared to HKD 11.1 million in the previous year[24]. - The company reported an LBITDA of approximately HKD 0.53 million, reflecting a rigorous cost structure despite a challenging business environment[14]. Asset and Liabilities - The group recorded a net current asset value of approximately HKD 34.1 million as of December 31, 2025, down from HKD 37.4 million in the previous year[27]. - Total liabilities increased to HKD 10,093,000 in 2025 from HKD 8,584,000 in 2024, reflecting a 17.6% rise in liabilities[156]. - Total equity decreased to HKD 57,511,000 in 2025 from HKD 60,380,000 in 2024, a decline of 4.7%[156]. Strategic Initiatives - The company aims to transform into an AI-driven fintech engine, empowering institutions, advisors, and investors through automation, insights, and intelligent resilience[14]. - The eBrAIny AI platform continues to evolve, utilizing AI models to analyze vast datasets and generate consensus insights, training tens of thousands of AI-driven investment robots in global markets[14]. - The company will manage risks while leveraging technology and innovation to pursue sustainable growth and long-term shareholder value[17]. Governance and Compliance - The board consists of six members, including three executive directors and three independent non-executive directors, ensuring a balanced governance structure[106]. - The company has established compliance procedures to ensure adherence to applicable laws and regulations, with regular reviews by the board[98]. - The independent non-executive directors have confirmed their independence in accordance with GEM listing rules, contributing to the board's effective oversight[110]. Shareholder Relations - The company emphasizes the importance of effective communication with shareholders to enhance investor relations and understanding of business performance and strategies[139]. - The company has established various channels for investor communication, including quarterly, interim, and annual reports published on the GEM website and its own website[141]. - The board of directors is required to convene a special general meeting within two months upon receiving a written request from shareholders holding at least 10% of the paid-up capital[136]. Risk Management - The company has established a framework for risk management and internal controls, overseen by the board to safeguard shareholder interests[107]. - The risk management process involves identifying, assessing, responding to, monitoring, and reporting risks that may impact the group's business and operations[128]. - The company faces risks including potential delays in R&D and challenges in collecting receivables, which could adversely affect its business and financial performance[28]. Employee Development - The company has maintained a strong commitment to employee development, offering various training programs to enhance skills and job satisfaction[101]. - The company has committed to maintaining a good work-life balance for employees, fostering a supportive work environment[101]. - The company regularly reviews its compensation and benefits policies to ensure competitiveness and compliance with labor regulations[37]. Financial Reporting and Audit - The company’s financial statements have been audited in accordance with the Hong Kong Financial Reporting Standards, reflecting a true and fair view of the group's financial position[144]. - The auditor's responsibility includes obtaining reasonable assurance that the financial statements are free from material misstatement due to fraud or error[151]. - The audit committee held two meetings during the year ending December 31, 2025, to review financial performance and significant issues related to financial reporting and risk management[114].

Revenue and Profitability - Revenue increased slightly by 1.2% to approximately RMB 1,895,600,000 for the year ended December 31, 2025, compared to RMB 1,873,800,000 in 2024[2] - Gross profit rose by 1.7% to approximately RMB 231,300,000, with a gross margin of 12.2%, up from 12.1% in 2024[2] - Profit attributable to owners decreased to approximately RMB 62,500,000, down from RMB 66,900,000 in 2024[2] - EBITDA increased by 5.5% to approximately RMB 262,800,000, compared to RMB 249,100,000 in 2024[2] - Basic earnings per share were approximately RMB 0.070, down from RMB 0.077 in 2024[2] - The company experienced slight year-on-year revenue growth despite ongoing price competition and a challenging economic environment[26] - Average raw material costs decreased, but the decline was less than the drop in selling prices, impacting overall profitability[27] Assets and Liabilities - Total assets decreased to RMB 2,457,412,000 from RMB 2,559,926,000 in 2024[4] - Current assets net value decreased to RMB 789,825,000 from RMB 900,681,000 in 2024[4] - Non-current assets increased slightly to RMB 1,667,587,000 from RMB 1,659,245,000 in 2024[4] - Trade receivables and notes receivable as of December 31, 2025, totaled RMB 325,657,000, a decrease from RMB 377,774,000 in 2024[20] - Trade payables as of December 31, 2025, amounted to RMB 29,038,000, down from RMB 37,901,000 in 2024[22] - Short-term bank borrowings increased to approximately RMB 333,700,000 from RMB 220,100,000 in 2024, primarily used for general operating funds[37] - The net cash balance as of December 31, 2025, was approximately RMB 486,500,000, down from RMB 626,900,000 in 2024, indicating a focus on maintaining a stable financial position[39] Expenses and Costs - Total employee costs decreased to RMB 170,212,000 in 2025 from RMB 189,558,000 in 2024, a reduction of about 10.2%[15] - Selling expenses rose to approximately RMB 85,600,000, an increase of RMB 14,500,000 from RMB 71,100,000 in 2024, representing 4.5% of total revenue compared to 3.8% in 2024[32] - Administrative and other operating expenses decreased to approximately RMB 108,800,000 from RMB 137,800,000 in 2024, accounting for 5.7% of total revenue, down from 7.4%[33] - Financial costs increased to approximately RMB 11,100,000 from RMB 3,700,000 in 2024, reflecting a rise of RMB 7,400,000 due to increased reliance on bank loans and financing arrangements[34] Dividends - The board proposed a final dividend of HKD 0.03 per share, consistent with the previous year[2] - The proposed final dividend for the year is HKD 0.03 per share, unchanged from the previous year, while the total dividend paid for 2024 was RMB 96,630,000[18] - The proposed final dividend for the year ended December 31, 2025, is HKD 0.03 per share, consistent with the dividend for 2024[23] Market and Economic Conditions - The group reported a total comprehensive income of RMB 27,713,000, down from RMB 47,227,000 in 2024[3] - The revenue breakdown by region shows that local sales in China were RMB 1,316,868,000, a decrease of 2.2% from RMB 1,347,122,000 in 2024[13] - The group’s total revenue from international markets included RMB 203,073,000 from India and RMB 62,560,000 from the UAE, with the US revenue decreasing to RMB 38,726,000 from RMB 66,631,000 in 2024[13] - Geopolitical tensions and rising global trade protectionism are expected to exert unprecedented pressure on the export performance of domestic manufacturing[28] - The Chinese government is prioritizing the resolution of structural supply-demand imbalances, which may lead to a healthier market ecosystem[28] - Companies with cost advantages and stronger operational resilience are anticipated to benefit from industry restructuring and gain growth opportunities[28] Future Outlook and Commitments - The company is strategically reallocating resources to accelerate overseas market expansion in response to weak domestic demand[26] - The company plans to continue developing new products and optimizing production facilities to ensure sustainable business growth while maintaining a strong financial status[39] - The company has unprovided commitments of approximately RMB 104,800,000 related to the acquisition of properties, plants, and equipment as of December 31, 2025, down from RMB 140,300,000 in 2024[42] - The company has approved but uncontracted capital commitments of approximately RMB 204,600,000 as of December 31, 2025, compared to RMB 169,500,000 in 2024[42] - The company has not utilized any financial instruments for foreign exchange hedging due to minimal currency risk, as most transactions are conducted in RMB[43] - The company has maintained a prudent financing and treasury policy to minimize financial risks and ensure sufficient cash flow for operations and future investments[43] Employment and Workforce - The company had a total of 1,190 full-time employees as of December 31, 2025, down from 1,358 in 2024[45] - The total employee costs, including director remuneration, decreased to approximately RMB 170,200,000 in the review year, compared to RMB 189,600,000 in 2024[46] Compliance and Audit - The audit committee has reviewed the financial statements and found no unusual items, confirming compliance with accounting policies[51] - There were no significant post-reporting events after December 31, 2025, up to the announcement date[48] Accounting Standards - The group is currently evaluating the impact of new accounting standards effective from January 1, 2027, which may significantly affect the presentation and disclosure of financial statements[10]

Financial Performance - For the year ending December 31, 2025, the group's revenue was approximately HKD 146.2 million, representing an increase of about 4.0% compared to HKD 140.6 million in 2024[4] - The group's gross profit for the year was approximately HKD 95.5 million, a decrease of about 15.3% from HKD 112.8 million in 2024[4] - The group reported a net loss of approximately HKD 43.5 million for the year, compared to a profit of approximately HKD 1.9 million in 2024[4] - The basic and diluted loss per share for the year was HKD 32.73, compared to HKD 8.73 in 2024[6] - The company’s total comprehensive loss before tax for 2025 was HKD 21,087,000, compared to a profit of HKD 19,026,000 in 2024, indicating a significant downturn in financial performance[24] - The company reported a loss attributable to equity holders of approximately HKD 64.4 million for the year ended December 31, 2025, compared to a loss of HKD 17.1 million for the year ended December 31, 2024, representing an increase in loss of approximately 276.6%[35] - The company reported a loss attributable to shareholders of approximately HKD 64.4 million for the year ending December 31, 2025, resulting in a loss per share of approximately HKD 0.3273[67] Assets and Liabilities - The group's total assets less current liabilities amounted to HKD 138.0 million, an increase from HKD 114.8 million in 2024[7] - Cash and cash equivalents increased to HKD 112.9 million from HKD 53.6 million in 2024[7] - The total assets of the company as of December 31, 2025, were HKD 157,931,000, up from HKD 134,676,000 in 2024, marking an increase of about 17.2%[19] - The total liabilities increased to HKD 22,861,000 in 2025 from HKD 20,682,000 in 2024, representing an increase of approximately 10.6%[19] - As of December 31, 2025, the company's total liabilities to total assets ratio was approximately 14.5%, a decrease from 15.4% as of December 31, 2024[56] Research and Development - The group incurred research costs of approximately HKD 15.965 million, up from HKD 9.037 million in 2024[5] - The company’s focus remains on game research and development, aiming to enhance user experience and provide innovative gaming products[35] - Research costs rose to approximately HKD 16.0 million for the year ended December 31, 2025, an increase of about HKD 7.0 million or 77.8% from HKD 9.0 million in the previous year, due to several projects being in the research phase[44] Impairment and Losses - The group experienced a significant impairment loss on intangible assets amounting to HKD 17.707 million, with no such loss reported in 2024[5] - An impairment loss of approximately HKD 17.7 million was recognized for intangible assets for the year ended December 31, 2025, as the operational revenue from existing games was not expected to cover operational costs[43] - The loss attributable to equity holders for the year ended December 31, 2025, was approximately HKD 64.4 million, compared to a loss of HKD 17.1 million for the year ended December 31, 2024, primarily due to impairment losses and increased employee costs[48] Dividends and Share Issuance - The board of directors did not recommend the payment of a final dividend for the year ending December 31, 2025[4] - The company did not declare any final dividends for the fiscal year ending December 31, 2025, consistent with the previous year[27] - The company issued a total of 50,821,041 shares through a rights issue at a subscription price of HKD 1.58 per share, raising approximately HKD 80.3 million[34] - The net proceeds from the rights issue, after expenses, amounted to approximately HKD 79.5 million, which will be allocated for various development and marketing initiatives[56][57] Operational Performance - The reported loss for the gaming and software development segment was HKD 78,195,000 for 2025, compared to a profit of HKD 34,559,000 in 2024, indicating a significant decline in performance[18] - The gaming operations segment generated external customer revenue of HKD 146,204,000 in 2025, compared to HKD 140,572,000 in 2024, showing a growth of about 4%[23] - Direct costs for the year ended December 31, 2025, amounted to approximately HKD 50.7 million, a significant increase from HKD 27.8 million for the year ended December 31, 2024, primarily due to the launch of the game "God War: Primordial"[39] Employee and Compensation - The total employee compensation for the year ending December 31, 2025, was approximately HKD 53.9 million, up from HKD 31.1 million in 2024[59] - The workforce increased to 188 employees as of December 31, 2025, compared to 151 employees in the previous year, with significant growth in project development and game design roles[59] Governance and Risk Management - The company emphasizes high standards of corporate governance to protect stakeholder interests and enhance corporate value[80] - The company has established a risk management system overseen by the audit committee to ensure its effectiveness[73] - The company has identified several risks affecting its business, including technological advancements, changing player preferences, and potential payment delays from settlement agents[70] - The company faces intense competition from both domestic and international competitors in the gaming industry, as well as from other entertainment forms such as movies and sports[71] Environmental and Stakeholder Communication - The company has implemented environmental management practices, including water and electricity conservation measures, and promotes a paperless office environment[74] - The company maintains effective communication with stakeholders through various channels, including its official website and email[75]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 2,383,719, a decrease of 7.4% compared to RMB 2,575,397 in 2024[4] - Gross profit increased to RMB 199,828, up 16.2% from RMB 172,047 in the previous year[4] - Net profit for the year was RMB 141,077, representing a significant increase of 62.9% compared to RMB 86,413 in 2024[4] - Basic and diluted earnings per share rose to RMB 22.6, an increase of 66.2% from RMB 13.6 in 2024[4] - Total revenue decreased by approximately RMB 191.7 million or 7.4% to about RMB 2,383.7 million during the reporting period, down from approximately RMB 2,575.4 million for the year ended December 31, 2024[42] - Urea sales revenue fell by 8.5% to approximately RMB 2,057.2 million, despite a sales volume increase of about 7.2%[43] - The average selling price of urea decreased by 14.7% to approximately RMB 1,572 per ton, primarily due to supply-demand mismatches in the domestic market[43] - Revenue from automotive urea solution increased by 19.7% to approximately RMB 133.4 million, driven by a 41.1% rise in average selling price to approximately RMB 1,247 per ton[44] - Methanol revenue rose by 2.9% to approximately RMB 133.2 million, attributed to an increase in sales volume, despite a 3.0% decline in average selling price[45] - Revenue from other products decreased by 30.9% to approximately RMB 59.9 million, mainly due to reduced income from compound fertilizers and liquid ammonia[46] Assets and Liabilities - Non-current assets totaled RMB 1,228,376, an increase of 18.6% from RMB 1,035,733 in 2024[5] - Current assets amounted to RMB 989,064, slightly up from RMB 987,279 in the previous year[5] - Current liabilities increased to RMB 233,065, up 33.3% from RMB 174,646 in 2024[6] - Total equity attributable to owners of the company reached RMB 1,920,790, an increase of 6.4% from RMB 1,804,473 in 2024[6] - Trade receivables increased significantly to RMB 20,493 thousand in 2025 from RMB 5,636 thousand in 2024[28] - Other receivables decreased to RMB 208,758 thousand in 2025 from RMB 214,979 thousand in 2024, with a provision for impairment loss remaining at RMB 30,000 thousand[30][31] - Trade payables increased to RMB 97,257 thousand in 2025 from RMB 32,738 thousand in 2024[33] - Accrued expenses rose to RMB 28,545 thousand in 2025 from RMB 26,553 thousand in 2024[34] - As of December 31, 2025, the company reported net assets of approximately RMB 1,933.9 million, an increase from RMB 1,811.0 million as of December 31, 2024[56] - As of December 31, 2025, the group had cash and bank balances of approximately RMB 577.7 million, down from RMB 702.1 million as of December 31, 2024[57] - The group has no interest-bearing bank borrowings, resulting in an asset-liability ratio of 0% as of December 31, 2025, consistent with the previous year[57] - The group has unprovided capital commitments of approximately RMB 477.1 million as of December 31, 2025, compared to RMB 94.2 million as of December 31, 2024[60] Operational Strategy - The company plans to continue expanding its manufacturing and sales of urea in China, focusing on operational efficiency and cost management[7] - The company’s total assets and capital expenditures are primarily attributed to the production and sale of urea, indicating a focused operational strategy[15] - The group plans to enhance energy efficiency and environmental standards in its core urea production, aiming to meet evolving customer demands and create significant value[58] - The introduction of a new granular urea product is expected to generate new revenue streams and improve customer satisfaction, aligning with stricter environmental and quality standards[58] - The group will take proactive measures to address market uncertainties, focusing on capacity expansion, process optimization, and product innovation[58] Expenses and Dividends - Capital expenditures for property, plant, and equipment amounted to approximately RMB 339,501,000 in 2025, significantly higher than RMB 111,847,000 in 2024[26] - The total cost of inventories sold was RMB 2,183,891,000, a decrease from RMB 2,403,350,000 in 2024[19] - Administrative expenses decreased by 21.7% to approximately RMB 60.8 million, primarily due to reduced impairment losses on other receivables[51] - The company plans to distribute a final dividend of HKD 0.04 per share for the year ended December 31, 2025, up from HKD 0.036 in 2024[23] - The board proposed a final dividend of HKD 0.04 per ordinary share for the year ended December 31, 2025, totaling approximately HKD 24.8 million, an increase from HKD 22.4 million in 2024[68] Governance and Compliance - The company has adopted the corporate governance code as per the Listing Rules Appendix C1, confirming compliance throughout the reporting period[73] - The company has implemented a strict code of conduct for directors' securities trading, ensuring adherence to the standards set forth in the Listing Rules Appendix C3 during the reporting period[74] - The final results announcement and annual report will be published on the Hong Kong Stock Exchange website and the company's website, in accordance with the Listing Rules[75] - The board expresses gratitude to the management, employees, shareholders, and clients for their support and hard work[76] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[77] Foreign Exchange Impact - The company reported a foreign exchange loss of RMB 2,888 from overseas operations, compared to a gain of RMB 6,552 in 2024[4] - The company reported a net gain from foreign exchange of RMB 11,479,000, compared to a loss of RMB 7,604,000 in 2024[14]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Green Tea Group Limited (1) 本集團將經調整淨利潤（非國際財務報告準則計量）定義為透過剔除(i)以權益結算的股 份支付開支、(ii)上市開支，及(iii)與上述(i)至(ii)項相關的稅項影響而作出調整的年內 利潤。 1 綜合損益表 截至2025年12月31日止年度 （以人民幣列示） 綠茶集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6831） 截至2025年12月31日止年度的 年度業績公告 董事會欣然宣佈本集團截至2025年12月31日止年度之經審核綜合業績，連同2024 年同期之比較數字。在本公告內，「我們」是指「本公司」，而若文義另有所指則指 「本集團」。 | 財務業績摘要 | | | | | --- | --- | --- | --- | | | 截至12月31日止年度 | | | | | 2025年 | 2024年 | 變動 | | | 人民幣千元 | ...

Financial Performance - Total revenue for the year ending December 31, 2025, is projected to be RMB 468,019,000, an increase of 45.5% from RMB 321,558,000 in 2024[3] - Gross profit for 2025 is expected to be RMB 94,710,000, representing a gross margin of 20.2%, compared to RMB 51,004,000 in 2024[3] - The company reported a net profit of RMB 6,982,000 for 2025, a significant recovery from a net loss of RMB 46,947,000 in 2024[3] - Basic and diluted earnings per share for 2025 are projected at RMB 4.38, compared to a loss of RMB 23.63 per share in 2024[3] - The total comprehensive income for the year is expected to be RMB 3,454,000, recovering from a loss of RMB 46,688,000 in the previous year[3] - The group reported a pre-tax profit of RMB 6,982,000 in 2025, recovering from a loss of RMB 45,171,000 in 2024[20] - The group recorded a profit of approximately RMB 7.0 million for the current year, compared to a loss of approximately RMB 46.9 million for the year ending December 31, 2024, driven by continuous growth in core business performance and a focus on higher-margin projects[58] Expenses and Cost Management - Research and development expenses increased to RMB 27,936,000 in 2025, up from RMB 18,680,000 in 2024, indicating a focus on innovation[3] - Selling and distribution expenses rose to RMB 25,857,000 in 2025, compared to RMB 20,666,000 in 2024, reflecting increased marketing efforts[3] - Administrative expenses decreased slightly to RMB 37,840,000 in 2025 from RMB 39,924,000 in 2024, indicating improved cost management[3] - The total employee costs, including salaries and benefits, were RMB 62,427,000 in 2025, down from RMB 66,845,000 in 2024[24] - The sales cost rose by about 38.0% from approximately RMB 270.6 million for the year ending December 31, 2024, to approximately RMB 373.3 million for the current year[49] - The sales expenses increased by approximately 24.6% from about RMB 20.7 million for the year ending December 31, 2024, to approximately RMB 25.8 million for the current year[52] - Financial costs increased by approximately 27.3% to about RMB 1.4 million due to higher average bank loan balances compared to the year ending December 31, 2024[57] Assets and Liabilities - Total assets for 2025 amounted to RMB 190,487 million, a slight decrease from RMB 194,088 million in 2024[4] - Current liabilities decreased to RMB 82,586 million in 2025 from RMB 117,046 million in 2024, indicating improved liquidity[4] - The net value of current assets increased significantly to RMB 73,529 million in 2025, compared to RMB 43,814 million in 2024[4] - The company reported a total equity of RMB 105,379 million in 2025, up from RMB 73,279 million in 2024, reflecting strong financial health[5] - The total liabilities decreased to RMB 82,586 million in 2025 from RMB 117,046 million in 2024, showing effective debt management[4] - As of December 31, 2025, the group had outstanding bank loans of approximately RMB 47.6 million, an increase from RMB 39.0 million as of December 31, 2024[61] - The group’s total liabilities to equity ratio improved to 45.2% as of December 31, 2025, down from 53.3% as of December 31, 2024[62] Revenue Segments - Major service revenue segments include Medical Conference Services at RMB 116,285,000 in 2025, down from RMB 158,680,000 in 2024, indicating a decline of about 26.7%[20] - The total income recognized at a point in time for 2025 is RMB 467,766,000, compared to RMB 320,566,000 in 2024, showing a substantial increase[21] - The group’s total service revenue for 2025 is RMB 468,019,000, which is a significant increase from RMB 321,558,000 in 2024[21] Customer and Market Insights - Customer A contributed 28% of total revenue in 2025, while Customer B contributed 14% in 2024, highlighting significant customer dependency[21] - The group has a single reportable segment primarily operating in China, where most of its non-current assets are located[19] - The company is focused on health management technology, suggesting a strategic emphasis on healthcare innovation[81] Strategic Initiatives and Future Outlook - The company is transitioning to an "AI Intelligent Body" strategy, focusing on AI specialized models and blockchain technology to enhance data utilization and compliance[38] - The company aims to improve service response times for NGOs, medical institutions, and pharmaceutical clients through its integrated platform[39] - The company is committed to advancing digitalization and intelligent transformation in the healthcare sector amidst a challenging market environment[36] - The company plans to focus on AI small model technology to expand its business coverage and enhance cooperation with more clients, aiming to increase business scale[43] - The business strategy includes expanding into high-value areas such as post-market surveillance and real-world studies, providing solid data support for pharmaceutical companies' new drug development decisions[44] - The company aims to break down information barriers in the healthcare sector, facilitating communication among doctors, patients, healthcare institutions, and pharmaceutical companies[43] Governance and Corporate Structure - The board of directors did not recommend any final dividend for the year[77] - The board of directors includes executive directors and independent non-executive directors, indicating a diverse governance structure[82] - The presence of multiple directors suggests a collaborative approach to decision-making within the company[82] - The involvement of independent directors may enhance corporate governance and accountability[82] - The executive team includes experienced professionals, which may contribute to effective leadership and strategic direction[82] Regulatory and Compliance Updates - The amendments to Hong Kong Financial Reporting Standards (HKFRS) No. 9 and No. 7 will take effect on January 1, 2026, and are not expected to have a significant impact on the group's financial statements[8] - The revisions clarify the classification and measurement of financial instruments, particularly regarding the derecognition of financial assets and liabilities[9] - The amendments provide guidance on assessing whether cash flows from financial asset contracts are consistent with basic lending arrangements[10] - The disclosure requirements for equity instruments measured at fair value through other comprehensive income have been revised, requiring entities to disclose fair value gains or losses during the reporting period[11] - HKFRS No. 18 will replace HKAS No. 1 regarding the presentation and disclosure of financial statements, introducing new requirements for the presentation of specific categories in the statement of comprehensive income[13] - The amendments to HKFRS No. 18 and other standards will come into effect on January 1, 2027, and are expected to impact the structure and presentation of future financial statements[14] - The group will reassess control over subsidiaries when any of the control criteria change, impacting the consolidation of financial statements[15]

Financial Performance - Revenue increased by 32.9% from RMB 945.0 million for the year ended December 31, 2024, to RMB 1,255.9 million for the year ended December 31, 2025[4] - Gross profit rose by 20.3% from RMB 361.6 million for the year ended December 31, 2024, to RMB 435.1 million for the year ended December 31, 2025[4] - Adjusted net profit (non-IFRS measure) increased by 9.0% from RMB 84.4 million for the year ended December 31, 2024, to RMB 92.0 million for the year ended December 31, 2025[4] - Loss from continuing operations for the year ended December 31, 2025, was RMB 379.7 million, compared to a profit of RMB 9.0 million for the year ended December 31, 2024, primarily due to changes in the fair value of convertible redeemable preferred shares[4] - Total comprehensive loss for the year ended December 31, 2025, was RMB 379.7 million, compared to a profit of RMB 10.4 million for the year ended December 31, 2024[6] - The company reported a net loss attributable to shareholders of RMB 379,721 thousand for the year ended December 31, 2025, compared to a profit of RMB 10,398 thousand in 2024[7] - Basic loss per share from continuing and discontinued operations was RMB (4.58) for the year ended December 31, 2025, compared to RMB 0.13 in 2024[7] Expenses - Research and development expenses increased from RMB 72.0 million for the year ended December 31, 2024, to RMB 75.6 million for the year ended December 31, 2025[6] - General and administrative expenses slightly increased from RMB 71.6 million for the year ended December 31, 2024, to RMB 72.4 million for the year ended December 31, 2025[6] - Sales and marketing expenses rose from RMB 158.5 million for the year ended December 31, 2024, to RMB 213.4 million for the year ended December 31, 2025[6] - The company incurred a total procurement cost of RMB 756,466,000, which increased from RMB 513,994,000 in the previous year[17] - Total sales and marketing expenses increased by 34.6% from RMB 158.5 million in 2024 to RMB 213.4 million in 2025, driven by higher promotional spending and an increase in sales personnel[73] Assets and Liabilities - Non-current assets totaled RMB 31,362 thousand in 2025, a decrease from RMB 107,505 thousand in 2024[8] - Current assets decreased to RMB 1,160,587 thousand in 2025 from RMB 581,724 thousand in 2024[8] - Current liabilities amounted to RMB 182,502 thousand in 2025, down from RMB 1,898,642 thousand in 2024[9] - The company's net assets were RMB 1,002,222 thousand in 2025, compared to a net liability of RMB (1,218,546) thousand in 2024[9] - As of December 31, 2025, total liabilities amounted to RMB 73,690,000, a significant increase from RMB 34,503,000 in 2024, reflecting a growth of approximately 113%[32] Revenue Breakdown - Revenue from health-related services reached RMB 926,338,000, up 50% from RMB 616,927,000 in the previous year[16] - Insurance technology service revenue was RMB 221,354,000, an increase of 17.6% compared to RMB 188,280,000 in 2024[16] - Health-related services accounted for 73.7% of total revenue in 2025, up from 65.3% in 2024, highlighting its role as a core growth engine[62] Shareholder Information - The company did not declare or recommend any dividends to ordinary shareholders for the years ended December 31, 2025, and 2024[22] - The company has a total of 5,000,000,000 authorized shares, with 800,683,566 shares issued and outstanding as of December 31, 2024, and 206,374,209 shares issued and outstanding as of December 31, 2025[34][35] - The public float of the company is 37.94%, which complies with the minimum requirement of 25% as per the listing rules[122] Corporate Governance - The board expresses gratitude to customers, business partners, employees, and shareholders for their continued support[132] - The company is committed to good corporate governance practices and has adhered to the corporate governance code as outlined in the listing rules[123] - The audit committee, consisting of three independent non-executive directors, has reviewed the group's annual performance for the year ending December 31, 2025, and recommended approval to the board[125] Future Plans and Projections - The company aims to build a leading integrated health service platform in China, creating a sustainable health service ecosystem for corporate clients and partners[49] - The company plans to launch a clinical decision support AI system by March 2026, enhancing medical decision-making capabilities for physicians[55] - The company plans to utilize the net proceeds from the global offering for operational funding and other general corporate purposes, with a reasonable estimate of usage based on the latest information available[116][114] Digital Marketing and Research - The digital marketing segment achieved a growth rate of 52.1% in 2025 due to the optimization of the health content ecosystem[46] - The company focuses on real-world research project design and in-depth analysis of clinical trial data as part of its digital medical research support services[46] - The company has accumulated over 1.2 million health content creations, with educational content views increasing by 238.1% year-on-year[50] Employee Information - As of December 31, 2025, the company has 213 employees, with employee costs (including director remuneration and share-based payment expenses) amounting to approximately RMB 160.5 million[117] - The company has not encountered any significant labor disputes or difficulties in hiring or retaining employees as of the announcement date[119]