Financial Performance - The total revenue for the year ended December 31, 2025, was RMB 1,495,593, a decrease of 9.5% compared to RMB 1,652,996 for the year ended December 31, 2024[4]. - The gross profit for the year ended December 31, 2025, was RMB 377,099, down 37% from RMB 597,906 in the previous year[4]. - The company reported a net loss of RMB 1,000,124 for the year ended December 31, 2025, compared to a profit of RMB 63,282 in 2024, representing a significant decline[5]. - The operating loss for the same period was RMB 960,999,000, with significant losses reported in the tobacco flavor segment at RMB 937,461,000[17]. - The company reported a net loss of RMB 1,000,124,000 for the year, compared to a profit of RMB 18,381,000 in the previous year[25]. - The net loss for the year was approximately RMB 1,000,100,000, a significant decrease of about RMB 1,063,400,000 compared to a net profit of RMB 63,300,000 in 2024[59]. - The impairment loss on goodwill for the year was RMB 845,405, a substantial increase from RMB 67,414 in the previous year[4]. - The impairment loss on goodwill related to the tobacco flavor division amounted to RMB 845,405,000 in 2025, compared to RMB 67,414,000 in 2024[34]. Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 6,798,899, an increase from RMB 6,297,925 in 2024[6]. - Total liabilities increased to RMB 4,407,609 as of December 31, 2025, compared to RMB 2,888,647 in the previous year[7]. - The company’s cash and cash equivalents were RMB 324,614 as of December 31, 2025, up from RMB 282,721 in 2024[6]. - The company’s inventory decreased to RMB 250,442 as of December 31, 2025, from RMB 337,053 in the previous year[6]. - Accounts receivable increased to RMB 730,450,000 in 2025 from RMB 714,933,000 in 2024, with a net accounts receivable of RMB 486,505,000[28]. - Other receivables decreased to RMB 399,843,000 in 2025 from RMB 473,222,000 in 2024, primarily due to a reduction in prepaid accounts[28]. - Total borrowings rose to RMB 2,202,260,000 in 2025 from RMB 1,849,990,000 in 2024, with secured bank loans increasing significantly[33]. - The company's total borrowings amounted to approximately RMB 2,202,300,000 as of December 31, 2025, compared to RMB 1,850,000,000 in 2024, resulting in a debt ratio of 92.1%[64]. Revenue Breakdown - Revenue from external customers in China decreased to RMB 1,134,195,000 from RMB 1,363,798,000 in the previous year[21]. - Revenue from the tobacco flavor segment was approximately RMB 384,100,000, a decrease of 36.2% from RMB 602,000,000 in 2024[46]. - Revenue from the food flavor segment increased by 8.2% to approximately RMB 206,000,000, up from RMB 190,400,000 in 2024[47]. - Revenue from electronic cigarette products was approximately RMB 668,800,000, a slight increase of 4.6% from RMB 639,600,000 in 2024[49]. Expenses and Investments - Capital expenditures for the year amounted to RMB 419,500,000, with the electronic cigarette segment accounting for RMB 214,445,000[17]. - Sales and marketing expenses increased by 35.7% to approximately RMB 65,800,000, representing 4.4% of total revenue[52]. - Administrative expenses rose by 10.4% to approximately RMB 369,600,000, accounting for 24.7% of total revenue[53]. - Depreciation and amortization expenses increased to RMB 142,643,000 from RMB 120,795,000 in the previous year[22]. - The company made a significant investment in a construction project on land in Huizhou, Guangdong, with a total investment of approximately RMB 400,000,000 planned for fixed assets[72]. Strategic Plans and Market Position - The company plans to focus on expanding its product offerings in the e-cigarette market, leveraging its manufacturing capabilities in China and Asia[8]. - The company is exploring potential mergers and acquisitions to enhance its market position and product portfolio[8]. - The company is focusing on expanding its market presence in developing economies and enhancing its distribution network for international growth[42]. - The company upgraded several production facilities and is collaborating with leading international firms to capture high-value markets[42]. - The company has implemented comprehensive sales plans to support its international expansion and improve global customer service, particularly for electronic cigarette products[42]. Legal and Governance Matters - Legal proceedings are ongoing against sellers from the 2016 acquisition of Kimree, Inc. for breaching non-competition clauses[80]. - There is an ongoing legal dispute regarding the acquisition of Kimree, with a claim for an outstanding payment of RMB 150,000,000[81]. - The company is involved in a legal case concerning alleged misrepresentation by former directors related to the Kimree acquisition[82]. - The audit committee has reviewed the effectiveness of the internal control systems and risk management for the year ending December 31, 2025[89]. - The company has complied with all provisions of the corporate governance code, except for a specific deviation regarding the separation of roles between the chairman and CEO[87][88]. Dividend and Shareholder Matters - The company did not recommend a final dividend for the year ended December 31, 2025, consistent with the previous year[27]. - The company will suspend the registration of share transfers from May 18 to May 22, 2026, to determine eligibility for the annual general meeting[84]. - The company has not purchased, redeemed, or sold any of its listed securities during the year[85]. - The company has adopted the standard code of conduct for securities trading by directors, confirming compliance for the year ending December 31, 2025[91]. Miscellaneous - The company recorded a net foreign exchange gain of approximately RMB 1,400,000 in 2025, compared to a net loss of RMB 300,000 in 2024[68]. - The company will publish its annual report and ESG report on the respective websites at the appropriate time[92].

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 2,598.6 million, a decrease of 16.2% from RMB 3,102 million in 2024[3][5] - The company reported a loss attributable to shareholders of RMB 34.3 million, compared to a loss of RMB 16.0 million in the previous year, indicating a significant increase in losses[3][5] - Basic loss per share for the year was RMB 0.04, worsening from RMB 0.02 in 2024[3][5] - Gross profit for the year was RMB 30.9 million, down 57.1% from RMB 71.6 million in 2024, reflecting increased cost pressures[5] - The company reported a pre-tax loss of RMB 30,208,000 for the year ended December 31, 2025, compared to a profit of RMB 12,008,000 for the previous year[10] - The total profit for the year ending December 31, 2024, was RMB 12,008,000, with the derived chemical segment reporting a loss of RMB 39,806,000[89] - The company reported a basic loss attributable to shareholders of RMB 34,277,000 for the year ended December 31, 2025, compared to a loss of RMB 16,038,000 for the year ended December 31, 2024[112] Assets and Liabilities - Total assets decreased to RMB 1,140.2 million in 2025 from RMB 1,219.6 million in 2024, indicating a reduction in the company's asset base[6][7] - Current liabilities decreased to RMB 376.0 million in 2025 from RMB 456.8 million in 2024, showing improved short-term financial management[6][7] - Non-current assets decreased to RMB 1,033.5 million in 2025 from RMB 1,085.7 million in 2024, primarily due to depreciation of property, plant, and equipment[6] - The company’s equity attributable to shareholders decreased to RMB 951.1 million in 2025 from RMB 985.4 million in 2024, reflecting the impact of losses on shareholder equity[7] - The company’s total liabilities and equity as of December 31, 2025, were not disclosed but are critical for assessing financial health[114] Cash Flow and Financing - Operating cash flow for the year ended December 31, 2025, was RMB 124,429,000, an increase from RMB 96,855,000 in 2024[10] - The company raised RMB 283,800,000 through bank borrowings in 2025, compared to RMB 224,516,000 in 2024[11] - The company’s total financing costs decreased to RMB 14,420,000 in 2025 from RMB 16,472,000 in 2024[10] - The company’s cash and cash equivalents increased slightly to RMB 142.2 million in 2025 from RMB 136.8 million in 2024, indicating stable liquidity[6] - The company’s cash outflow for leases totaled RMB 1,265,000 for the year ended December 31, 2025, compared to RMB 2,264,000 in 2024[116] - The group’s net debt, including borrowings and lease liabilities, was RMB 286,645,000 as of December 31, 2025, down from RMB 334,040,000 in 2024, indicating improved debt management[174] Revenue Recognition and Business Segments - The company’s main business includes the production and sale of hydrogenated benzene chemicals, gas, liquefied natural gas, and hydrogen[12] - The company confirmed revenue recognition upon the transfer of control of products, typically at the point of delivery to the customer[86] - Total revenue for the year ended December 31, 2025, was RMB 2,799,143,000, with a breakdown of RMB 1,956,165,000 from derivative chemicals, RMB 677,732,000 from energy products, RMB 156,462,000 from trading, and RMB 8,784,000 from other services[78] - The derived chemical segment generated revenue of RMB 2,377,194,000, while the energy products segment contributed RMB 604,489,000, and the trade segment added RMB 110,429,000[89] - Major customer A contributed RMB 560,978,000 to total revenue in 2025, down from RMB 883,116,000 in 2024, indicating a decrease of approximately 36.5%[95] Inventory and Cost Management - The company experienced a significant decrease in inventory, which reduced by RMB 89,884,000 in 2025, compared to an increase of RMB 28,592,000 in 2024[10] - The company reported a provision for inventory of RMB 3,760,000 as of December 31, 2025, compared to RMB 1,089,000 in 2024, with total inventory valued at RMB 51,343,000 after accounting for the provision[76] - The company plans to focus on cost control and operational efficiency to improve financial performance in the upcoming year[4] Employee and Management Compensation - Total employee costs for the year ended December 31, 2025, amounted to RMB 42,974,000, slightly increasing from RMB 42,660,000 in the previous year[99] - The total compensation for the five highest-paid individuals in the company was RMB 452,000 for the year ended December 31, 2025, down from RMB 750,000 in 2024, with performance-related bonuses included for the first time[111] - Total compensation for key management personnel was RMB 1,993,000 for the year ended December 31, 2025, slightly down from RMB 1,984,000 in 2024[169] Tax and Deferred Tax - The company expects to receive tax deductions of RMB 6,212,000 for the year ended December 31, 2025, down from RMB 7,579,000 in 2024[101] - The total deferred tax assets amounted to RMB 43,170,000, an increase from RMB 19,726,000 as of December 31, 2024[138] - The deferred tax assets rose from RMB 19,260,000 in 2024 to RMB 37,248,000 in 2025, representing an increase of about 93.7%[199] Credit Risk and Financial Instruments - The expected credit loss for trade receivables was not significant for the years ended December 31, 2025, and 2024, indicating effective credit risk management[183] - The company maintains a low credit risk profile for its financial assets, with all bank deposits held in reputable state-owned banks[185] - The expected credit loss for receivables measured at amortized cost is RMB 34,861 thousand as of December 31, 2025, with a loss rate of 0%[188] Government Grants and Subsidies - The company received government subsidies related to assets amounting to RMB 7,919,000 in 2024, which was not reported in 2025[11] - The total government subsidies recognized as income for the year ended December 31, 2025, were RMB 3,768,000, a decrease from RMB 10,263,000 in 2024[97] - The company recorded a subsidy income of approximately RMB 2,187,000 for the year ending December 31, 2025, up from RMB 1,650,000 in 2024[164]

Financial Performance - For the year ending December 31, 2025, the company recorded revenue of HKD 790 million, a decrease from HKD 1,048 million in 2024, representing a decline of approximately 24.6%[3] - The loss attributable to shareholders for 2025 was HKD 294 million, compared to a loss of HKD 95 million in 2024, indicating a significant increase in losses[3] - The company reported a total loan amount of HKD 3,337,884,000 in 2025, down from HKD 3,836,042,000 in 2024, after accounting for current liabilities[71] - The company incurred a loss of HKD 412,957,000 for the year, compared to a loss of HKD 155,935,000 in the previous year, reflecting a significant increase in losses[35] - The total comprehensive loss for the year was HKD 181,989,000, which included a loss of HKD 94,836,000 from the current year[40] - The company reported a basic and diluted loss per share of HKD 0.46 for the year, compared to HKD 0.15 in the previous year[35] Investment Properties - The total income generated from investment properties in the U.S. was HKD 701 million, down from HKD 743 million in 2024, reflecting a decrease of about 5.7%[9] - The average occupancy rate for U.S. investment properties was 74% in 2025[9] - The book value of U.S. investment properties was HKD 6.41 billion as of December 31, 2025, down from HKD 6.914 billion in 2024, representing a decrease of about 7.3%[8] - The company's investment properties in the US were valued at HKD 6,410,012,000 in 2025, down from HKD 6,913,743,000 in 2024[67] - The group's investment properties decreased in value to approximately HKD 6,686,822,000 in 2025 from HKD 7,235,163,000 in 2024, reflecting a net fair value loss of approximately HKD 433,751,000 for the year[67] Property Development - The company’s property development projects in New York generated sales revenue of HKD 69 million, a sharp decline from HKD 293 million in 2024, marking a decrease of approximately 76.5%[10] - Property sales decreased due to most units available for sale in Manhattan and Brooklyn being sold in 2023 and 2024, leading to a slowdown in sales pace for 2025[14] - Revenue from property sales dropped significantly from HKD 293,413,000 in 2024 to HKD 69,405,000 in 2025, a decline of about 76.3%[58] Financial Management - The company maintained a cautious approach to capital allocation, prioritizing cash flow resilience amid ongoing inflationary pressures and geopolitical uncertainties[5] - Financial expenses decreased by HKD 78,000,000 to HKD 252,000,000 due to a reduction in loans during the year[22] - The net debt-to-equity ratio as of December 31, 2025, was 61%, a decrease from 65% in 2024, indicating improved capital management[26] - The company has extended the expected timeline for utilizing the net proceeds for real estate investments by an additional 36 months, now anticipated to be by the fourth quarter of 2028[34] Operational Efficiency - Operating expenses for 2025 totaled HKD 343,765,000, a decrease from HKD 530,352,000 in 2024, primarily due to the sale of several U.S. investment properties[16] - Direct operating expenses decreased from HKD 530,352,000 in 2024 to HKD 343,765,000 in 2025, a reduction of about 35.2%[59] - The segment performance for US property investment showed a profit of HKD 365,262,000, indicating strong operational efficiency in that area[52] Corporate Governance - The company announced the appointment of Mr. Li Ming as a non-executive director and chairman of the board, effective March 23, 2026[81] - Mr. Li has extensive experience in corporate governance, property development, and investment, having served as CEO of Ocean Group since 2006[81] - Mr. Chang Zhouwei has been appointed as a non-executive director and member of the audit and investment committees, effective March 23, 2026[85] - The current board includes 3 Executive Directors, 3 Non-Executive Directors, and 3 Independent Non-Executive Directors[90] Future Outlook - The company plans to continue optimizing its asset portfolio and closely monitor tenant and corporate real estate needs[9] - The company plans to allocate approximately $10 million to $12 million (equivalent to HKD 77.5 million to HKD 93 million) for real estate-related projects in the New York metropolitan area, representing 43% to 52% of the net proceeds from the placement activities[33] - The company has adopted a cautious approach in identifying suitable investment opportunities due to the current uncertain global economic and real estate environment[34] Miscellaneous - The company did not declare or propose any dividends for the years ended December 31, 2025, and 2024[66] - The company has not engaged in any purchase, sale, or redemption of its listed shares during the year[74] - The annual report for the fiscal year 2025 will be sent to shareholders and published on the company’s website and the Hong Kong Stock Exchange's disclosure platform[80]

Revenue Performance - The group's revenue decreased from approximately HKD 66,246,000 for the year ending December 31, 2024, to approximately HKD 44,495,000 for the year ending December 31, 2025, a reduction of about HKD 21,751,000[5]. - Revenue from the photography services segment decreased by approximately 51.2% to about HKD 21,190,000 for the year ending December 31, 2025, compared to HKD 43,415,000 for the year ending December 31, 2024[5]. - Medical services revenue increased by approximately 2.1% to about HKD 23,305,000 for the year ending December 31, 2025, compared to HKD 22,831,000 for the year ending December 31, 2024[5]. - The group's total revenue for the year ending December 31, 2025, was HKD 66,246,000, compared to HKD 44,495,000 for the year ending December 31, 2024, representing an increase of 48.9%[7]. - The group’s external customer revenue from Hong Kong was HKD 44,486,000 in 2025, down from HKD 65,329,000 in 2024, a decline of about 31.9%[19]. Profitability and Loss - The group's gross profit for the year ending December 31, 2025, was approximately HKD 12,069,000, with a gross profit margin of about 27.1%, down from HKD 20,277,000 and a margin of 30.6% for the previous year[6]. - The loss attributable to the company increased from approximately HKD 399,000 for the year ending December 31, 2024, to approximately HKD 4,598,000 for the year ending December 31, 2025, an increase of about HKD 4,199,000[6]. - The net loss attributable to shareholders was HKD 470,000, compared to a net loss of HKD 3,963,000 in the previous year, showing a reduction in losses by 88.1%[7]. - The group reported a net loss of HKD (4,200,000) before tax for the year ending December 31, 2025, compared to a profit of HKD 732,000 in 2024[17]. - The company reported a loss of approximately HKD 4,598,000 for the year, compared to a loss of HKD 399,000 in the previous year, with a weighted average of 800,000,000 ordinary shares issued[31]. Expenses and Cost Management - The company reported other income of HKD 301,000, down from HKD 639,000 in the previous year, reflecting a decrease of 52.9%[7]. - Administrative expenses increased to HKD 19,219,000 from HKD 15,691,000, marking a rise of 22.4%[7]. - The total service costs, including employee costs, depreciation, and lease expenses, amounted to approximately HKD 17,404,000, a decrease from HKD 30,410,000 in the previous year[29]. - The company incurred depreciation expenses of HKD 10,300,000 for the year, compared to HKD 9,938,000 in the previous year[29]. - Employee benefits expenses decreased from HKD 17,180,000 in 2024 to HKD 13,176,000 in 2025, reflecting a reduction in salary, bonuses, and allowances[26]. Assets and Liabilities - Total non-current assets decreased from HKD 19,032,000 to HKD 17,415,000, a decline of approximately 8.5% year-over-year[8]. - Current assets decreased from HKD 26,778,000 to HKD 18,483,000, representing a decrease of about 30.9% year-over-year[8]. - Total current liabilities increased from HKD 13,149,000 to HKD 13,462,000, an increase of approximately 2.4% year-over-year[8]. - Total assets decreased from HKD 32,661,000 to HKD 22,436,000, a decline of about 31.2% year-over-year[8]. - Total equity attributable to owners decreased from HKD 24,035,000 to HKD 14,699,000, a decrease of approximately 38.5% year-over-year[8]. Business Operations and Strategy - The company operates primarily in providing photography services through self-service identity photo booths and medical services in Hong Kong[10]. - The decline in photography services revenue was attributed to the expiration of a significant service contract and increased competition from traditional photography service providers[5]. - The company is reallocating resources to enhance the self-service identity photo machine business, focusing on upgrading equipment and promotional activities[41]. - The medical services business in Hong Kong showed stable financial growth, despite lower revenue from flu vaccination due to a shortened flu season[43]. - The company is exploring the feasibility of establishing new medical centers and partnerships to expand its medical services business, although no new centers were established in the past year[43]. Future Outlook - The company plans to focus on market expansion and new product development in the upcoming fiscal year[7]. - Future guidance indicates a positive outlook with expectations of continued revenue growth and improved profitability metrics[7]. - The Hong Kong government's healthcare reform, effective January 1, 2026, is expected to drive revenue growth for private medical institutions as consumers may shift towards private healthcare services[44]. - The focus on diversifying business operations and expanding revenue sources is crucial for sustainable growth and shareholder value creation[46]. Corporate Governance and Compliance - The company has adhered to all applicable corporate governance code provisions as of December 31, 2025[79]. - The company has adopted the trading standards as per GEM Listing Rules from December 31, 2025, confirming compliance by all directors[80]. - No purchase, sale, or redemption of the company's listed securities occurred by the company or its subsidiaries for the year ending December 31, 2025[81]. - The board consists of eight directors, including three independent non-executive directors, ensuring the protection of shareholder interests[83].

（股份代號：180） 截至二零二五年十二月三十一日止年度 全年業績公佈 開達集團有限公司（「本公司」）董事會宣佈，本公司及其附屬公司（統稱「本集團」）截至 二零二五年十二月三十一日止年度的業績，連同二零二四年的比較數字概述如下： 綜合損益表 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 開達集團有限公司 （於百慕達註冊成立之有限公司） 截至二零二五年十二月三十一日止年度 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 港幣千元 | 港幣千元 | | 收入 | 3 | 351,160 | 343,711 | | 其他收入及其他收益╱（虧損）淨額 | 4 | 33,362 | (2,262) | | 成品及半製品存貨的變動 | | (26,249) | 33,636 | | 成品的採購成本 | | (62,779) | (40,892) | | 耗用原料及物料 | | (18,383) ...

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 1,851.735 million, a decrease of 4.6% compared to RMB 1,941.257 million in 2024[4] - Net loss for the year ended December 31, 2025, was RMB 2,594.827 million, compared to a net loss of RMB 1,050.434 million in 2024, representing an increase of 96.5%[4] - Adjusted net loss for 2025 was RMB 388.769 million, up from RMB 177.018 million in 2024[4] - Gross profit for 2025 was RMB 589,093, down from RMB 784,667 in 2024, reflecting a gross margin decline[13] - Operating loss increased to RMB 486,868 in 2025 from RMB 188,992 in 2024, indicating a worsening financial performance[13] - The company reported a net loss attributable to shareholders of RMB 2,594,827 for 2025, compared to RMB 1,050,434 in 2024, representing a significant increase in losses[13] - The company incurred total expenses of RMB 2,315,018 thousand in 2025, an increase of 7.6% compared to RMB 2,152,008 thousand in 2024[31] - Employee benefits expenses rose to RMB 395,418 thousand in 2025, up from RMB 355,510 thousand in 2024, marking an increase of 11.2%[31] - The foreign exchange loss for the year ended December 31, 2025, was RMB (34,735) thousand, a significant decline from a gain of RMB 12,273 thousand in 2024[35] - Financial income for the year ended December 31, 2025, was RMB 99,309,000, compared to RMB 48,112,000 for 2024, representing a 106% increase[36] - The net financial income for 2025 was RMB 98,099,000, up from RMB 47,862,000 in 2024, indicating a growth of 105%[36] - The basic loss per share for 2025 was RMB (39.8), a significant improvement from RMB (131.3) in 2024, reflecting a reduction in losses[45] Cash and Liquidity - Cash and bank balances as of December 31, 2025, were RMB 3,324.529 million, significantly increased from RMB 1,435.827 million in 2024[4] - Cash and cash equivalents increased to RMB 1,276,399 in 2025 from RMB 1,208,906 in 2024, indicating improved liquidity[14] - The company’s cash and cash equivalents increased to RMB 1,276.4 million at the end of 2025, up from RMB 1,208.9 million at the end of 2024[121] - The net cash inflow from financing activities was RMB 1,808.8 million for the year ended December 31, 2025, compared to a net cash outflow of RMB 7.6 million for the year ended December 31, 2024, mainly from proceeds of the initial public offering completed in 2025[122] Research and Development - Research and development expenses for 2025 were RMB 837.770 million, slightly up from RMB 836.726 million in 2024[4] - The company has 10 clinical-stage ADC pipelines with over 3,200 patients enrolled in global clinical trials, including more than 1,200 patients enrolled in 2025 alone[5] - The company has multiple ongoing clinical trials, including DB-2304, which is in Phase 2a for systemic lupus erythematosus patients, with the first patient dosed in November 2025[12] - The DUPAC platform was introduced, showing potential to combat drug resistance in tumors, with preclinical data presented at major conferences in 2025[12] - The company has developed two core products: DB-1303/BNT323 targeting HER2 in cancers such as EC and BC, and DB-1311/BNT324 targeting B7-H3 in various cancers including PC, SCLC, NSCLC, OC, CC, melanoma, ESCC, and HNSCC[56] - The product pipeline includes eight other clinical-stage ADCs with significant potential across a wide range of indications, all ranking among the leading global clinical developments[56] - The company has multiple preclinical ADC candidates, including one expected to enter clinical stages by 2026[56] Clinical Trials and Product Development - DB-1311/BNT324 showed an unconfirmed objective response rate (uORR) of 43.3% and a confirmed objective response rate (cORR) of 33.3% in cervical cancer patients[7] - DB-1303/BNT323 achieved its primary endpoint in a Phase 3 trial, confirming its efficacy compared to T-DM1 in HER2+ breast cancer patients[9] - DB-1310 received Fast Track designation from the FDA for the treatment of advanced, unresectable, or metastatic non-squamous NSCLC patients[10] - The company is collaborating with BioNTech to explore the potential of combining ADCs with immunotherapy for various solid tumors[11] - A global Phase 3 trial (DYNASTY-Breast02) is assessing DB-1303/BNT323 against investigator-selected chemotherapy for advanced or metastatic HR+, HER2 low-expressing breast cancer, with primary endpoint being PFS, expected to complete enrollment by February 2026[61] - DB-1311/BNT324, a clinical-stage B7-H3 ADC candidate, has received FDA Fast Track designation for treating advanced or metastatic CRPC patients and orphan drug designation for ESCC and SCLC[65] - In a Phase 1/2 trial for DB-1311/BNT324, the uORR was 42.3%, cORR was 30.8%, and DCR was 90.4% among 73 mCRPC patients, with a 6-month rPFS rate of 67.7%[65] Corporate Governance and Compliance - The company has adopted corporate governance practices and has complied with the corporate governance code since its listing date[131] - The audit committee, consisting of three independent non-executive directors, oversees the financial reporting and internal control systems of the company[145] - The audit committee reviewed the annual performance and audited financial statements for the year ending December 31, 2025, confirming compliance with applicable accounting standards[146] - The company will publish its annual report for the year ending December 31, 2025, in compliance with listing rules[148] Market Strategy and Expansion - The company is expanding its market presence in Asia, targeting a 20% increase in market share within the next year[57] - The company plans to invest $50 million in sustainability initiatives over the next two years[57] - The company is focused on research and development (R&D) to enhance its product pipeline and market position[153] - The company aims to expand its market presence in the Greater China region, which includes Hong Kong and Macau[152] Legal and Regulatory Matters - The company is involved in three legal lawsuits in China regarding patent claims, with a first-instance victory in December 2025, but currently under appeal[137] - The company has not received any marketing approvals for candidate drugs and has not generated any revenue from product sales as of the announcement date[94] Shareholder Information - The company reported no dividends declared or paid for the years ended December 31, 2024, and 2025[54] - No final dividend is recommended for the reporting period, maintaining a zero dividend for the year ending December 31, 2024[142] - The company has not purchased, sold, or redeemed any of its listed securities since the listing date, and holds no treasury shares as of December 31, 2025[143]

Financial Performance - Revenue decreased by approximately HKD 31.0 million or about 4.4% to approximately HKD 672.6 million for the year ending December 31, 2025, compared to HKD 703.6 million for the previous year[5] - Gross profit fell by approximately HKD 52.5 million or about 22.7% to approximately HKD 179.2 million, resulting in a gross margin decrease of about 6.3 percentage points to 26.6%[5] - Profit attributable to equity holders decreased by approximately HKD 45.0 million or about 41.8% to approximately HKD 62.6 million, with net profit margin dropping from 15.3% to 9.3%[5] - Basic earnings per share for the year ending December 31, 2025, was approximately HKD 0.1743, down from HKD 0.2997 for the previous year[5] - Total comprehensive income for the year was HKD 67.4 million, compared to HKD 104.1 million for the previous year[9] - The group's net profit decreased from approximately HKD 107.6 million for the year ending December 31, 2024, to approximately HKD 62.6 million for the year ending December 31, 2025, representing a decline of about 41.8%[43] Revenue Breakdown - Revenue from Europe decreased to HKD 545.1 million from HKD 617.3 million, while revenue from Asia increased to HKD 107.6 million from HKD 64.8 million[17] - Revenue from customer contracts was HKD 672,645,000 in 2025, down 4.4% from HKD 703,593,000 in 2024[19] - Major customer A contributed HKD 169,424,000 in 2025, a decline of 2.3% from HKD 173,238,000 in 2024[19] Assets and Liabilities - Non-current assets totaled HKD 207.2 million, a decrease from HKD 218.3 million in the previous year[11] - Current assets decreased to HKD 310.1 million from HKD 336.2 million, with cash and cash equivalents increasing to HKD 103.6 million from HKD 75.9 million[11] - Total liabilities decreased to HKD 20.2 million from HKD 33.8 million, with net assets at HKD 339.5 million compared to HKD 355.0 million in the previous year[11] - Non-current assets totalled HKD 204,319,000 in 2025, a decrease of 4.8% from HKD 214,930,000 in 2024[18] - The group's debt-to-equity ratio was approximately 7.7% as of December 31, 2025, down from approximately 11.3% in 2024, primarily due to a reduction in interest-bearing bank borrowings[49] - The total interest-bearing bank borrowings amounted to approximately HKD 26.3 million as of December 31, 2025, compared to approximately HKD 40.0 million in 2024[51] Expenses and Costs - Other income and net gains decreased by approximately HKD 10.8 million to about HKD 7.9 million for the year ending December 31, 2025, mainly due to reduced foreign exchange gains and consulting income[37] - Sales and distribution expenses increased by approximately HKD 0.3 million to about HKD 15.9 million for the year ending December 31, 2025, driven by higher export credit insurance premiums[38] - General and administrative expenses decreased by approximately HKD 4.2 million to about HKD 94.6 million for the year ending December 31, 2025, despite increases in depreciation and employee benefits[39] - The group's financing costs increased by approximately HKD 0.7 million to about HKD 3.0 million for the year ending December 31, 2025, primarily due to higher interest expenses on lease liabilities[41] - The total employee cost for the year was approximately HKD 125.9 million, an increase from approximately HKD 116.6 million in 2024[56] Dividends and Shareholder Information - The company proposed a final dividend of HKD 0.075 per ordinary share, subject to approval at the 2026 annual general meeting[4] - The proposed final dividend for 2025 is HKD 7.5 cents per share, down from HKD 16.1 cents per share in 2024[24] - The company will hold its annual general meeting on May 27, 2026, to seek shareholder approval for the proposed final dividend[65] Strategic Initiatives - The company shifted to a customer-centric operating model, focusing on small batch shipments to adapt to market challenges[30] - The group aims to achieve stable operating cash flow by 2026, which is crucial for strategic initiatives in technology, market expansion, and product development[34] - The group plans to launch a fourth-generation fully automatic coffee machine with a new brewing system aimed at enhancing flavor extraction[32] - The group is focusing on market diversification and product-oriented innovation to navigate increasing geopolitical and inflationary pressures expected by 2026[32] - The group is leveraging advanced technologies, including AI, to enhance design capabilities and operational efficiency across the value chain[33] Compliance and Governance - The company has complied with all relevant laws and regulations in Hong Kong and China as of the announcement date[60] - The Audit Committee was established on October 3, 2019, and is responsible for recommending the appointment, reappointment, and removal of external auditors, reviewing financial statements, and overseeing the financial reporting process and internal controls[71] - The financial statements for the year ending December 31, 2025, have been reviewed by the Audit Committee, ensuring compliance with the relevant regulations[71] - The company's auditor confirmed that the figures in the preliminary announcement align with the draft consolidated financial statements for the year[72] Environmental and Social Responsibility - The company is focused on complying with environmental laws and regulations, minimizing its environmental impact[58] - There were no significant environmental claims, lawsuits, fines, or administrative actions against the company during the year[58] - The company has not engaged in any purchase, sale, or redemption of its listed securities during the year[69]

Financial Performance - ISP Holdings Limited reported total revenue of HKD 153,476,000 for the year ended December 31, 2025, representing a 45.5% increase from HKD 105,492,000 in 2024[3] - The gross profit for the year was HKD 20,632,000, up from HKD 9,303,000 in the previous year, indicating a significant improvement in profitability[3] - The company incurred a loss before tax of HKD 48,950,000, compared to a loss of HKD 33,538,000 in 2024, reflecting a deterioration in financial performance[3] - The net loss attributable to equity holders for the year was HKD 48,959,000, which is a 45.9% increase from HKD 33,539,000 in the prior year[4] - Operating loss for 2025 was HKD 59,555,000, with an operating loss margin of 38.8%, compared to an operating loss of HKD 39,604,000 and a margin of 37.5% in 2024[18][20] - Basic loss per share for 2025 was HKD 0.079, compared to HKD 0.063 in 2024, indicating a deterioration in earnings per share[27] Assets and Liabilities - Total assets decreased to HKD 270,231,000 in 2025 from HKD 295,659,000 in 2024, indicating a reduction in the company's asset base[5] - Current liabilities slightly decreased to HKD 142,488,000 from HKD 146,813,000, showing a minor improvement in the company's short-term financial obligations[5] - The company's equity attributable to equity holders decreased to HKD 128,920,000 from HKD 150,306,000, reflecting a decline in shareholder value[6] - The company’s total liabilities, including accounts payable and accrued expenses, amounted to HKD 139,855,000 in 2025, down from HKD 142,444,000 in 2024[30] - The company’s lease liabilities as of December 31, 2025, totaled HKD 1,155,000, reflecting a decrease from HKD 1,047,000 in 2024[34] Revenue and Profitability - Total revenue for 2025 was HKD 153,476,000, an increase from HKD 105,492,000 in 2024, representing a growth of 45.5%[18] - Gross profit for 2025 was HKD 20,632,000, with a gross margin of 13.4%, compared to HKD 9,303,000 and a gross margin of 8.8% in 2024[18][20] - Other income and gains for 2025 totaled HKD 10,660,000, significantly higher than HKD 6,134,000 in 2024, marking a 73.5% increase[21] - Operating expenses rose by 64.0% to HKD 80.2 million, influenced by significant legal and professional fees related to arbitration and litigation cases[45] Business Segments - The interior decoration and special projects business segment contributed over 90% of the company's revenue, successfully completing over 274 projects with a cumulative contract value exceeding HKD 9.3 billion since its acquisition in 2012[49] - The interior decoration and special projects business secured new contracts valued at over HKD 168,300,000, maintaining stable performance compared to the previous year[51] - Revenue for the interior decoration and special projects business was approximately HKD 149,200,000, a 51.2% increase from HKD 98,700,000 in the previous year[53] - The operating loss for the interior decoration and special projects business increased by 56.5% to HKD 53.2 million, while the revenue for this segment grew by 51.2% to HKD 149.2 million[48] Cash and Capital Management - As of December 31, 2025, the group holds cash and cash equivalents of approximately HKD 12.3 million, down from HKD 21.6 million in 2024, with no outstanding bank loans reported[62] - The group plans to use the net proceeds from the recent rights issue for general working capital and legal fees, totaling HKD 10.1 million[68] - The group has established a central cash management system, with surplus cash primarily held in short-term bank deposits in Hong Kong to enhance fund utilization efficiency while maintaining liquidity[71] Corporate Governance and Strategy - The company has adopted new accounting standards effective January 1, 2025, which are not expected to have a significant impact on its financial statements[8] - The group emphasizes a commitment to transparent governance and responsible business practices, focusing on customer satisfaction and service quality[61] - The group aims to enhance operational efficiency and selectively undertake contracts while strictly controlling costs to navigate uncertainties in the market[59] - The company plans to adopt a cautious bidding strategy to balance project volume and profit in a competitive market[56] Employee Management - The group employed a total of 232 staff members as of December 31, 2025, down from 316 in 2024, focusing on strategic employee management to support core business operations[72] - The group emphasizes employee development by providing various training opportunities and resources to support personal and professional growth[73]

Financial Performance - The company reported a turnaround from a loss in the previous fiscal year to a profit in the current fiscal year, primarily due to the sale of its entire stake in i.Link Group Limited and a reduction in administrative expenses[10]. - The financial performance turnaround was significantly driven by the gain from the sale of the stake in i.Link Group Limited and reduced administrative expenses[15]. - The net profit for the reporting period was approximately HKD 7.8 million, a turnaround from a net loss of approximately HKD 9.9 million for the year ended December 31, 2024, resulting in a profit margin of 5.9%[25]. - The group's revenue for the reporting period was approximately HKD 132.3 million, a decrease of about 16.7% compared to approximately HKD 158.9 million for the year ended December 31, 2024[17]. - The group's gross profit decreased from approximately HKD 56.9 million for the year ended December 31, 2024, to approximately HKD 53.0 million, a decline of about 6.9%[19]. Cost Management - The company successfully implemented operational cost reductions through a comprehensive review of internal structures and strict cost control measures, ensuring financial stability despite declining core revenues[11]. - Selling expenses decreased by approximately 13.3% to about HKD 9.1 million from approximately HKD 10.5 million for the year ended December 31, 2024[21]. - Administrative expenses decreased by approximately 14.3% to about HKD 46.2 million from approximately HKD 53.9 million for the year ended December 31, 2024[22]. - The financing costs decreased to approximately HKD 919,000 from approximately HKD 961,000 for the year ended December 31, 2024[23]. Strategic Initiatives - A new subsidiary was established in Qianhai, China, in October 2024, aimed at optimizing resource allocation and maximizing cost advantages[11]. - The company plans to continue investing in technology-enabled tools and digital platforms to enhance operational speed and accuracy, modernizing its service offerings[12]. - The strategic focus will remain on practical digitalization, process optimization, and integrated value-added services to meet customer needs[12]. - The company aims to lead the capital market in the new automated financial communication era through selective acquisitions and investments in digital capabilities[12]. Governance and Management - The board composition remained unchanged during the reporting period[37]. - The company has a strong management team with over 30 years of experience in financial reporting and management[48]. - The independent non-executive directors bring extensive experience in engineering, accounting, and legal fields, enhancing corporate governance[44][45][46]. - The company emphasizes independent oversight and strategic judgment in its operations[44][45]. - The board consists of 4 male directors (67%) and 2 female directors (33%), meeting the gender diversity requirements of GEM listing rules effective from January 1, 2022[131]. Risk Management - The company’s financial performance and business outlook may be affected by various risks and uncertainties, including the lack of long-term contracts with clients, which could lead to potential fluctuations in operating performance[53]. - The company has disclosed various financial risks in the notes to the consolidated financial statements[52]. - The company has established a risk management policy that outlines the identification, assessment, and management processes for key business risks[171]. - The board is responsible for reviewing and approving the effectiveness and adequacy of the company's risk management and internal control systems[173]. Shareholder and Corporate Communication - The company has implemented a shareholder communication policy to ensure effective handling of shareholder concerns and feedback[190]. - The company has a website (www.hetermedia.com) as a communication platform for shareholders and investors, containing business development and operational updates[183]. - The group has no predetermined dividend payout ratio, and dividends are subject to board recommendation and shareholder approval based on financial conditions[192]. Social Responsibility and Sustainability - The company has been actively involved in sustainable development and social responsibility, with details of its environmental policies and performance included in the ESG report[55]. - The company made charitable donations totaling approximately HKD 53,000 during the reporting period[85]. - The company promotes a proactive corporate culture to achieve long-term sustainable development and fulfill its role as a responsible corporate citizen in the local printing industry[135]. Employee and Board Diversity - The company emphasizes the importance of a diverse and inclusive culture to enhance employee potential and provides equal opportunities regardless of background[178]. - The company is committed to promoting gender diversity within its board and aims for gender parity in senior management within a mid-term timeframe[131]. - The company aims to gradually increase the proportion of female members on the board, aligning with stakeholder expectations and best practices[168].

Financial Performance - Revenue for the year ended December 31, 2025, increased to RMB 203,882,000, representing a growth of 11.8% compared to RMB 182,200,000 in 2024[4] - Gross profit for the same period rose to RMB 46,127,000, up 11.5% from RMB 41,254,000 in the previous year[4] - Operating profit increased to RMB 19,733,000, reflecting a growth of 12.9% from RMB 17,471,000 in 2024[4] - Net profit for the year was RMB 15,694,000, a rise of 12.2% compared to RMB 13,982,000 in 2024[4] - Basic and diluted earnings per share improved to RMB 3.27, up from RMB 2.91 in the previous year[4] - Total revenue for the year ended December 31, 2025, was RMB 203,882,000, an increase of 11.9% from RMB 182,200,000 in 2024[12] - The total net profit for 2025 is approximately RMB 15.7 million, reflecting a year-on-year increase of about 12.2%[51] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 242,026,000, compared to RMB 235,107,000 in 2024, indicating a growth of 3.9%[6] - Cash and cash equivalents increased significantly to RMB 114,566,000 from RMB 85,251,000, marking a growth of 34.4%[6] - Trade and other receivables decreased to RMB 75,783,000 from RMB 104,626,000, a decline of 27.6%[6] - The company's total trade and other payables decreased to RMB 31,911,000 in 2025 from RMB 37,356,000 in 2024, a reduction of about 14.5%[34] - Current assets rose from RMB 2,351.07 million to RMB 2,420.26 million, primarily due to an increase in cash and cash equivalents[75] - Current liabilities decreased from RMB 409.01 million to RMB 354.41 million, mainly due to a reduction in trade and other payables[75] Customer and Market Insights - Sales of refining additives contributed RMB 117,832,000, while sales of oil additives increased to RMB 66,466,000 from RMB 58,881,000 in the previous year[12] - The group had three major customers contributing over 10% of total revenue, with sales to these customers amounting to approximately RMB 67,955,000, RMB 49,503,000, and RMB 25,109,000 respectively[13] - Revenue from mainland China was RMB 202,685,000, representing a growth of 12.1% from RMB 180,827,000 in 2024[15] - The company has diversified its customer base, with increased sales to private clients and improved rankings in public tenders for state-owned clients in 2024 and 2025[50] Regulatory and Environmental Factors - The company is focused on developing and marketing refining additives that comply with evolving regulatory requirements, particularly in light of stricter emission standards in China[41] - The implementation of China's National VI emission standards has led to increased regulatory scrutiny, with significant implications for the company's product offerings and market strategies[42] - The company anticipates that stricter National VII emission standards will be introduced by 2027, which will further impact the refining industry and necessitate additional investments in emission control technologies[42] - The company plans to enhance its investment in emission control technologies in response to the revised pollutant discharge standards effective from July 1, 2024[43] Operational Challenges - The company continues to face challenges in export sales due to ongoing conflicts in Sudan, resulting in stagnant overseas sales compared to the previous year[50] - The rapid growth of China's new energy vehicle market, which accounted for over 50% of new car sales in 2025, is expected to negatively impact the demand for the company's main products, refining additives and oil additives[99] - International geopolitical instability, including the ongoing Russia-Ukraine war and tensions in the Middle East, has impacted the stability of the company's overseas operations[101] Research and Development - The company has obtained 3 national invention patents in 2025, with 2 additional patents submitted for approval, enhancing its competitive edge in product and production technology[51] - The company aims to develop new refining agents and additives through ongoing R&D efforts and partnerships with research institutions[57] Dividend and Shareholder Information - The company reported a mid-term dividend of zero per share for 2025, compared to RMB 0.01 per share in 2024, reflecting a significant change in dividend policy[36] - The company does not recommend the payment of a final dividend for the year ending December 31, 2025, due to the current volatile international political and economic situation[112] Corporate Governance - The audit committee has reviewed and confirmed the annual performance, with no objections to the accounting treatment adopted by the company[115] - There are no significant post-reporting period events up to the date of this announcement[111] - The annual performance announcement and report will be published on the Hong Kong Stock Exchange website and the company's website[117]