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，概不對因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 REM Group (Holdings) Limited 全達電器集團(控股)有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1750） 截至二零二五年十二月三十一日止年度之 全年業績公告 全達電器集團（控股）有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公 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（「二零二五 年度」）的經審核綜合業績連同截至二零二四年十二月三十一日止年度（「二零二四年 度」）的比較數字，如下所示： 綜合損益及其他全面收益表 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 | 千港元 | 千港元 | | 收益 | 4 | 161,948 | 140,792 | | 銷售成本 | | (119,161) | (104,165) | | 毛利 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 464,602,000, a decrease of 44.4% from HKD 833,909,000 in 2024[2] - Gross profit for the same period was HKD 82,932,000, down 60.0% from HKD 206,935,000 in 2024[2] - The company reported a loss before tax of HKD 105,111,000 compared to a profit of HKD 31,111,000 in the previous year[2] - Total comprehensive loss for the year was HKD 104,914,000, a significant decline from a profit of HKD 17,083,000 in 2024[3] - Basic and diluted loss per share was HKD 15.6, compared to earnings of HKD 3.1 per share in 2024[3] - The company reported segment revenue from external customers of HKD 464,602,000 for the year ending December 31, 2025, down from HKD 833,909,000 in 2024, representing a decrease of approximately 44.4%[22] - The segment performance for kitchen and household goods sales showed a loss of HKD 105,615,000 in 2025 compared to a profit of HKD 33,139,000 in 2024, indicating a significant decline in profitability[22] - The company reported a total loss before tax of HKD 105,111,000 in 2025, compared to a profit of HKD 31,111,000 in 2024, marking a significant downturn in financial performance[22] - Revenue from kitchenware and household products for 2025 is HKD 428,198,000, down 45.5% from HKD 786,580,000 in 2024[28] - Revenue from raw materials for 2025 is HKD 36,404,000, a decrease of 23.1% from HKD 47,329,000 in 2024[28] - For the fiscal year ending December 31, 2025, the company reported a significant revenue decline of approximately 44.3%, from about HKD 833.9 million in 2024 to approximately HKD 464.6 million[52] - Gross profit decreased by approximately 59.9% to about HKD 82.9 million, with a gross margin drop of about 6.9 percentage points to approximately 17.9%[53] Assets and Liabilities - Non-current assets decreased to HKD 233,281,000 from HKD 282,670,000 in 2024, reflecting a decline of 17.5%[4] - Current assets totaled HKD 385,679,000, down from HKD 497,619,000 in 2024, representing a decrease of 22.5%[5] - Total liabilities decreased to HKD 149,782,000 from HKD 172,078,000 in 2024, a reduction of 12.9%[5] - The company's equity attributable to owners decreased to HKD 424,576,000 from HKD 573,722,000 in 2024, a decline of 26.0%[5] - Total assets decreased from HKD 780,289,000 in 2024 to HKD 618,960,000 in 2025, reflecting a reduction of approximately 20.7%[23] - The company’s liabilities also decreased from HKD 195,263,000 in 2024 to HKD 166,844,000 in 2025, a decline of about 14.5%[23] - Cash and bank balances increased to HKD 122,123,000 from HKD 116,720,000 in 2024, showing a growth of 4.0%[4] - The company held inventory of HKD 80.0 million in 2025, down from HKD 90.7 million in 2024, indicating a reduction in stock levels[43] - Trade receivables decreased from HKD 201.9 million in 2024 to HKD 129.8 million in 2025, with a notable increase in overdue receivables over 90 days[43][44] - Trade payables increased from HKD 39.9 million in 2024 to HKD 43.2 million in 2025, with the majority of payables due within 90 days[46] Expenses and Costs - The company’s research expenses increased to HKD 1,457,000 in 2025 from HKD 1,048,000 in 2024, indicating a rise of about 39.0%[24] - The fair value loss on investment properties was HKD 23,900,000 in 2025, compared to HKD 9,600,000 in 2024, showing a significant increase in losses[24] - The company incurred a goodwill and intangible asset impairment loss of HKD 400,000 in 2025, significantly lower than HKD 4,049,000 in 2024[30] - Bank interest income for 2025 is HKD 1,245,000, a decrease of 54.4% from HKD 2,718,000 in 2024[30] - The company reported a net loss of HKD 9,991,000 in other income and expenses for 2025, compared to a profit of HKD 2,096,000 in 2024[30] - Financing costs for bank loans in 2025 are HKD 2,943,000, down 33.5% from HKD 4,424,000 in 2024[30] - Distribution expenses decreased by approximately 4.5% to about HKD 39.3 million, reflecting a reduction in marketing and transportation costs in line with the company's revenue decline[55] - Administrative expenses increased by approximately 4.2% to about HKD 133.4 million for the year ending December 31, 2025, compared to HKD 128.1 million in 2024[56] - Financing costs decreased by approximately 25.3% to about HKD 6.0 million for the year ending December 31, 2025, down from HKD 8.1 million in 2024[57] Corporate Governance and Compliance - The company is primarily engaged in investment holding, with major subsidiaries involved in the trading of kitchenware and household products[6] - The group operates mainly in Hong Kong, the United States, and mainland China, with no significant changes in operations during the year[6] - The ultimate holding company is City Concord Limited, registered in the British Virgin Islands, controlled by Dr. Huang Shaohua, who is also the Chairman and CEO[7] - The adoption of revised Hong Kong Financial Reporting Standards (HKFRS) effective from January 1, 2025, did not have a significant impact on the group's financial performance or position[8] - The group plans to apply new and revised HKFRS that have been issued but are not yet effective, including HKFRS 9 and HKFRS 7 amendments[10] - The revised HKFRS 18 emphasizes the presentation and disclosure of financial statements, particularly focusing on the income statement to enhance comparability and transparency[12] - The group has not early adopted any new or revised HKFRS that are not yet effective during the reporting period[10] - The financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards, ensuring compliance and accuracy in reporting[8] - The company has complied with the corporate governance code, except for the provision regarding the separation of the roles of chairman and CEO[75] - The board consists of two executive directors and four independent non-executive directors, ensuring a balance of power and authority[74] - The audit committee has reviewed the financial performance for the year ending December 31, 2025[76] - The annual report will be sent to shareholders and published on the company’s website and the Hong Kong Stock Exchange website[77] Market Environment and Strategy - The overall market environment remains volatile, influenced by tightening monetary policies and geopolitical tensions, affecting consumer purchasing behavior in the North American market[51] - The company expects to maintain its operational strategy despite the decline in revenue, focusing on market expansion and new product development[28] - The group aims to strengthen its competitive edge in proprietary product lines through innovative design and advanced technology, focusing on expanding its product portfolio and exploring new market opportunities in the Asia-Pacific region[59] - The company is preparing for the commercial launch of a new series of nano-enhanced products, which are expected to significantly enhance the competitiveness of its beverage business[60] Employee and Capital Structure - The group’s employee count was approximately 151 as of December 31, 2025, with total employee costs around HKD 59.5 million, down from HKD 60.8 million in 2024[62] - Cash and bank balances were approximately HKD 122.1 million as of December 31, 2025, compared to HKD 116.7 million in 2024, with bank borrowings at approximately HKD 58.2 million[65] - The group’s debt-to-equity ratio was approximately 23.0% as of December 31, 2025, compared to 22.5% in 2024, and approximately 17.7% when excluding lease liabilities[66] - The group’s total asset value as of December 31, 2025, is approximately HKD 14.1 million for leasehold land and buildings, down from HKD 14.5 million in 2024[68] - The group has investment properties valued at approximately HKD 85.9 million, a decrease from HKD 109.8 million in 2024[68] - The group has pledged bank deposits of approximately HKD 16.7 million, down from HKD 20.5 million in 2024[68] - The group’s capital commitments as of December 31, 2025, are approximately HKD 1.4 million, compared to HKD 2.0 million in 2024[70] - As of December 31, 2025, the group has no significant contingent liabilities, consistent with 2024[69] - The group has adopted a treasury policy to mitigate foreign exchange risks primarily related to USD and RMB[67]

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 不 會 就 因 本 公 告 全 部 或 任 何 部 份 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。 Modern Living Investments Holdings Limited – 2 – 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM的 特 色 GEM的 定 位，乃 為 中 小 型 公 司 提 供 一 個 上 市 的 市 場，此 等 公 司 相 比 起 其 他 在 主 板 上 市 的 公 司 帶 有 較 高 投 資 風 險。有 意 投 資 的 人 士 應 了 解 投 資 於 該 等 公 司 的 潛 在 風 險，並 應 經 過 審 慎 周 詳 的 考 慮 後 方 作 出 投 資 決 定。 由 於GEM上 市 公 司 普 遍 為 中 小 型 公 司，在GEM買 賣 的 證 券 可 能 會 較 於 ...

（於開曼群島註冊成立的有限公司） （股份代號：8070） 截至2025年12月31日止年度 年度業績公告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交 所上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在 風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣 之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量 的市場。 本公告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在 提供有關僑洋國際控股有限公司（「本公司」或「我們」）及其附屬公司（統稱「本集團」 或「我們」）的資料；本公司董事（「董事」）願就本公告的資料共同及個別地承擔全 部責任。各董事在作出一切合理查詢後，確認就其所知及所信，本公告所載資料 在各重要方面均屬準確完備，沒有誤導或欺詐成分，且並無遺漏任何事項，足以 令致本公告或其所載任何陳述產生誤導。 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 ...

Revenue Growth - Total revenue for the year ended December 31, 2025, was RMB 684.6 million (USD 97.9 million), representing a year-on-year growth of 89.6%[2] - Product revenue reached RMB 359.8 million (USD 51.5 million), a significant increase of 310.3% year-on-year, driven by the deployment and scaling of autonomous taxis, minibuses, and sanitation vehicles[10] - Service revenue amounted to RMB 324.7 million (USD 46.4 million), reflecting an 18.8% year-on-year growth, primarily due to an increase in smart data service revenue[10] - In 2025, the revenue from the autonomous taxi business reached RMB 148.0 million (USD 21.2 million), representing a year-on-year growth of 209.6%[22] - The revenue from autonomous minibuses increased by approximately 190% in 2025, with expansion into European markets such as Switzerland, France, Belgium, Spain, and Slovakia[23] Profitability and Loss - Gross profit was RMB 206.8 million (USD 29.6 million), with a gross margin of 30.2%, slightly down from 30.7% in 2024[8] - Operating loss decreased by 15.5% year-on-year to RMB 1.8 billion (USD 264.1 million)[4] - Net loss reduced by 34.2% year-on-year to RMB 1.7 billion (USD 236.6 million)[4] - In 2025, the net loss was RMB 1,654.9 million (USD 236.6 million), a decrease from RMB 2,516.8 million in 2024, representing a 34.3% improvement[11] - The adjusted net loss for 2025 was RMB 1,246.7 million (USD 178.3 million), compared to RMB 801.9 million in 2024, indicating a 55.5% increase in losses[11] Operational Metrics - The global fleet of autonomous vehicles expanded from 1,089 units at the end of 2024 to 2,113 units as of the announcement date[4] - The number of registered users for autonomous taxi services in China grew by over 900% year-on-year in Q4 2025[4] - The average daily order volume per vehicle reached 15, with peak periods rising to 26 orders, indicating strong demand and improved utilization[18] - The total cost of ownership (TCO) in China decreased by 38%, attributed to operational efficiency and reduced vehicle bill of materials (BOM) costs[17] Research and Development - Research and development expenses increased to RMB 1.4 billion (USD 196.2 million), up 25.5% from RMB 1.1 billion in 2024, driven by enhanced global data compliance and R&D for pre-installed autonomous taxis[9] Financial Position - As of December 31, 2025, the total cash and cash equivalents amounted to RMB 7.1 billion, an increase of 7.6% from RMB 6.6 billion as of December 31, 2024[28] - The company's outstanding bank loans as of December 31, 2025, were RMB 324.3 million, with interest rates ranging from 2.11% to 2.30%[29] - The asset-liability ratio increased slightly from 8% as of December 31, 2024, to 12% as of December 31, 2025[32] - Total assets increased from RMB 7,693,770 thousand in 2024 to RMB 8,935,925 thousand in 2025, representing a growth of approximately 16.1%[61] - The total liabilities increased from RMB 627,751 thousand in 2024 to RMB 1,035,751 thousand in 2025, reflecting an increase of approximately 65%[62] Employee and Corporate Governance - As of December 31, 2025, the company has a total of 3,801 employees, with 21.81% in R&D engineering and 70.88% in R&D data processing[39][41] - The company has established a training system in mainland China to provide pre-employment and ongoing management and technical training for employees[41] - The company has complied with the Corporate Governance Code, with no independent chairman and CEO, believing this structure enhances leadership effectiveness[44] Shareholder Actions - The company does not recommend any final dividend for the year ending December 31, 2025[49] - The company plans to implement a share repurchase program, allowing the buyback of up to USD 100 million of Class A ordinary shares within the next 12 months[51] - The company has adopted a 2026 share plan to attract, incentivize, and retain employees, directors, and consultants[51] Market Expansion - The company holds autonomous driving licenses in eight countries, including Switzerland and the UAE, positioning itself as a leader in global expansion of autonomous taxi services[19] - The company plans to expand its market presence and enhance its product offerings in the autonomous driving sector, focusing on new vehicle types and related services[66]

Financial Performance - For the year ending December 31, 2025, the total revenue of Jinmao Property Services was approximately RMB 3,667.8 million, an increase of about RMB 573.3 million or 18.5% compared to the previous year[3]. - The gross profit for the same period was approximately RMB 720.2 million, reflecting a slight increase of about 0.3% year-over-year[3]. - Property management service revenue reached approximately RMB 2,690.7 million, up by RMB 503.6 million or 23.0% from the previous year[3]. - The gross profit from property management services was approximately RMB 393.7 million, an increase of RMB 71.1 million or 22.0% year-over-year[3]. - Total revenue for 2025 reached RMB 3,667,833,000, a 18.4% increase from RMB 3,094,483,000 in 2024[16]. - Customer contract revenue was RMB 3,634,697,000, up 18.5% from RMB 3,063,852,000 in the previous year[16]. - Property management service revenue increased to RMB 2,690,655,000, representing a 23.1% growth from RMB 2,187,077,000 in 2024[16]. - The cost of services provided rose to RMB 2,839,440,000, compared to RMB 2,318,497,000 in 2024, reflecting a 22.5% increase[17]. - Pre-tax profit was impacted by a net loss of RMB 24,112,000 from fair value adjustments on investment properties, compared to a loss of RMB 5,456,000 in 2024[17]. - The company reported a total employee benefit expense of RMB 522,661,000, a decrease from RMB 553,335,000 in 2024[17]. - The effective tax rate for the group’s operations in mainland China remains at 25% for the reporting period[20]. - For the fiscal year ending December 31, 2025, the profit attributable to equity holders of the parent company is RMB 310,389,000, a decrease of 18.8% from RMB 382,088,000 in 2024[23]. - Net profit decreased from approximately RMB 393.7 million for the year ending December 31, 2024, to approximately RMB 320.6 million for the year ending December 31, 2025, a reduction of about 18.6%[47]. Cash Flow and Assets - Cash and cash equivalents amounted to approximately RMB 1,628.9 million, an increase of RMB 229.4 million or 16.4% from RMB 1,399.5 million as of December 31, 2024[3]. - The net cash flow from operating activities for the year was approximately RMB 747.9 million[3]. - The net cash flow from operating activities increased from approximately RMB 533.0 million for the year ended December 31, 2024, to approximately RMB 747.9 million for the year ended December 31, 2025[63]. - Current assets as of December 31, 2025, were approximately RMB 3,717.3 million, a 2.1% increase from approximately RMB 3,640.2 million as of December 31, 2024[64]. - The current ratio as of December 31, 2025, was approximately 1.30, down from 1.39 as of December 31, 2024[64]. - Trade receivables increased to RMB 1,566,904,000 in 2025 from RMB 1,231,200,000 in 2024, representing a growth of 27.3%[25]. - The net value of trade receivables after impairment provisions is RMB 1,438,128,000 for 2025, compared to RMB 1,165,109,000 for 2024, indicating a 23.4% increase[25]. - Trade payables totaled RMB 896,840,000 in 2025, an increase from RMB 832,747,000 in 2024, reflecting a growth of 7.7%[25]. - The company maintained a debt-to-equity ratio of 0% as of December 31, 2025, consistent with the previous year[64]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.083 per share, with total dividends for the year increasing by approximately 31.1% compared to the previous year[3]. - The company plans to distribute at least 50% of the profit attributable to equity holders as dividends for the fiscal years 2026 to 2027, subject to performance growth[3]. - The company plans to distribute a final dividend of HKD 0.083 per share for 2025, down from HKD 0.096 per share in 2024[24]. - The board proposed a final dividend of HKD 0.083 per share for the year ended December 31, 2025, subject to approval at the 2025 Annual General Meeting[66]. Operational Highlights - The total managed building area increased to approximately 105.7 million square meters, representing a growth of about 4.8% compared to December 31, 2024[3]. - The company managed approximately 105.7 million square meters of property across 66 cities in China as of December 31, 2025[29]. - The company has been recognized as one of the top 13 property management companies in China based on various performance indicators[28]. - The company aims to focus on high-tier cities and enhance its service offerings through strategic initiatives and operational improvements[31]. Acquisitions and Investments - The acquisition of 100% equity in Jinmao Green Building Technology (Chongqing) Co., Ltd. was completed for a cash consideration of RMB 258,000,000, classified as a business combination under common control[26]. - The target company specializes in energy operation and maintenance services, which are crucial for enhancing user experience and prolonging the lifespan of buildings and equipment[76]. - The acquisition is expected to integrate property services and energy operation, improving operational efficiency and customer experience while strengthening the company's competitive edge in the technology residential sector[76]. - The energy operation and maintenance business will serve as a "green" label for the company, enhancing its competitiveness across the entire value chain and supporting long-term strategic goals[76]. - As of the announcement date, there are no other significant investments or capital asset purchases planned by the company[78]. Governance and Compliance - The company has adopted the Corporate Governance Code and has complied with all applicable provisions, except for the absence of the chairman at the annual general meeting due to other commitments[80]. - All directors confirmed compliance with the standard code for securities trading throughout the fiscal year ending December 31, 2025[81]. - The audit committee reviewed the accounting principles and practices adopted by the group, discussing the annual performance and audited financial statements for the year ended December 31, 2025[67]. - The annual performance announcement and report will be published on the Hong Kong Stock Exchange and the company's website, containing all required information[82].

Financial Performance - WeRide Inc. reported a record annual revenue of RMB 684.6 million, representing a year-on-year growth of 90%[9] - For Q4 2025, total revenue reached RMB 314.0 million, a year-on-year increase of 123%[10] - The gross profit for the full year was RMB 206.8 million, with a gross margin of 30.2%, relatively stable compared to 30.7% in 2024[14] - Operating loss for the full year was RMB 1.8 billion, a decrease of 15.5% year-on-year[14] - Net loss for the full year was RMB 1.7 billion, down 34.2% compared to the previous year[14] - The net loss for the fourth quarter was RMB 556.1 million (USD 79.5 million), an improvement from RMB 592.4 million in the same quarter of 2024[31] - The company reported a net loss of RMB 1.65 billion for 2025, slightly improved from a net loss of RMB 2.52 billion in 2024[56] - Basic and diluted loss per share for 2025 was RMB 1.79, compared to RMB 8.54 in 2024, showing a reduction in loss per share[56] - The adjusted net loss for the year 2025, after accounting for share-based compensation and other adjustments, was RMB 1,246,739 thousand (USD 178,279 thousand) compared to RMB 801,853 thousand in 2024[58] Revenue Breakdown - Product revenue for Q4 was RMB 211.4 million, up 308.9% year-on-year, driven by increased sales of autonomous taxis and minibuses[10] - Service revenue for Q4 amounted to RMB 102.6 million, reflecting a year-on-year growth of 15.2%[10] - Product revenue for 2025 is forecasted to grow by 310.3% year-over-year to RMB 359.8 million (USD 51.5 million), primarily due to increased sales of autonomous taxis and related vehicles[36] - Service revenue for 2025 is expected to rise by 18.8% year-over-year to RMB 324.7 million (USD 46.4 million), supported by growth in smart data services and autonomous driving operational support[36] - Revenue from the autonomous minibus business is expected to grow by approximately 190% year-on-year in 2025, driven by increasing demand in European markets facing labor shortages[18] Research and Development - Research and development expenses for the full year were RMB 1.4 billion, an increase from RMB 1.1 billion in 2024[14] - Research and development expenses for 2025 amounted to RMB 411.2 million (USD 58.8 million), an increase from RMB 320.0 million in 2024, driven by enhanced global data compliance and development of pre-installed autonomous taxi systems[31] - Research and development expenses for 2025 are expected to be RMB 1,372.2 million (USD 196.2 million), an increase of 41.4% from RMB 1,091.4 million in 2024, driven by enhanced global data compliance and advancements in autonomous taxi development[35] - The company launched the WeRide GENESIS platform, significantly accelerating the development of AI-driven autonomous driving simulations, reducing testing costs and enhancing model iteration[21] Operational Metrics - The global fleet of autonomous taxis reached a new high of 1,125 vehicles during the reporting period[12] - The fleet utilization rate has improved, with an average of 15 orders per vehicle per day over the past six months, peaking at 26 orders during high demand periods[16] - Registered users of the autonomous taxi service are expected to grow by over 900% year-on-year by Q4 2025, indicating strong operational performance and user acceptance[16] - The company has expanded its fleet to over 250 autonomous taxis outside of China and the US, marking the largest fleet in those regions[16] - The global business footprint has expanded to 12 countries and over 40 cities, with plans to deploy 2,600 autonomous taxis by the end of 2026[18] Licenses and Expansion - The first autonomous taxi operating license in Europe was granted in November 2025, allowing operations over a 110 km area in the Greater Zurich region[16] - The company received a milestone autonomous taxi operating license in Abu Dhabi in October 2025, enabling commercial operations without a safety driver, achieving unit economic breakeven[16] - The autonomous taxi service was launched in Dubai in December 2025, allowing passengers to book rides through the Uber app[18] Cost Management - Operating costs for 2025 were RMB 477.8 million (USD 68.3 million), up from RMB 250.4 million in 2024, primarily due to increased product sales and service costs[33] - Administrative expenses for 2025 are expected to be RMB 596.1 million (USD 85.2 million), a significant decrease from RMB 1,138.8 million in 2024[41] - The company reported a significant decrease in administrative expenses, reflecting a strategic focus on cost management[57] - The financial results indicate a continued investment in R&D, although at a reduced rate compared to the previous year, suggesting a potential shift in strategy[57] - The overall financial performance shows a trend towards reducing losses, indicating potential improvements in operational efficiency[58]

Financial Performance - Revenue decreased by 3.4% to RMB 1,210.6 million compared to RMB 1,252.6 million in the previous year[3] - Loss attributable to owners of the company was RMB 31.1 million, compared to a loss of RMB 20.1 million in the previous year[3] - Basic and diluted loss per share was RMB 0.021, up from RMB 0.014 in the previous year[3] - Total comprehensive income for the year was RMB 75.6 million, down from RMB 119.1 million in the previous year[4] - The group's total sales revenue for 2025 slightly increased by 0.8% to RMB 5,368.2 million from RMB 5,328.2 million in the previous year, despite a 10.4% decline in Suzhou Jiuguang store sales[21] - The group's revenue for 2025 decreased by 3.4% to RMB 1,210.6 million from RMB 1,252.6 million in 2024, primarily due to a 6.0% drop in revenue from consignment sales and a 7.1% decline in rental income[21] - Gross profit for the year fell by 7.4% to RMB 650.2 million from RMB 702.0 million, with the gross profit margin decreasing from 25.2% in 2024 to 24.0% in 2025[22] - The net loss attributable to shareholders increased to approximately RMB 31.1 million in 2025 from RMB 20.1 million in 2024, mainly due to declining gross profit and a 18.9% decrease in profit from associated companies[23] Assets and Liabilities - Non-current assets decreased to RMB 13,850.5 million from RMB 14,250.5 million in the previous year[5] - Cash and bank balances increased to RMB 2,150.8 million from RMB 1,825.2 million in the previous year[6] - Total liabilities decreased slightly to RMB 11,099.6 million from RMB 11,069.7 million in the previous year[6] - Cash and bank deposits increased to approximately RMB 3,164.6 million in 2025 from RMB 2,953.3 million in 2024, driven by net cash inflows from operating activities and dividends received from associated companies[32] - The group's net debt decreased significantly to approximately RMB 14.7 million from RMB 196.8 million in the previous year, primarily due to increased operating cash flow[30] - The outstanding bank loan balance as of December 31, 2025, was RMB 3,178 million, a decrease from RMB 3,238 million in 2024[35] Operational Efficiency - The company focused on enhancing customer loyalty and optimizing the shopping experience by integrating online and offline channels and leveraging data-driven personalized services[20] - The group plans to enhance its digital transformation by integrating online platforms and member systems to improve customer engagement and conversion rates[48] - The group will leverage AI technology to enhance online and offline business integration, improving operational efficiency and customer experience[53] - Future strategies include the application of artificial intelligence and big data technologies to enhance operational efficiency and optimize the shopping experience[54] Employee and Costs - The company's total employee costs decreased to RMB 228,990 thousand in 2025 from RMB 238,417 thousand in 2024, with a notable reduction in other employee costs excluding retirement benefits[13] - Employee costs (excluding director remuneration) amounted to RMB 194.2 million for the year ending December 31, 2025, a decrease from RMB 204.9 million in 2024[55] - Selling and distribution costs decreased by 4.6% to RMB 551.9 million from RMB 578.3 million, with the percentage of these costs relative to total sales revenue declining from 20.8% to 20.4%[24] - Administrative expenses rose by 3.0% to RMB 262.7 million from RMB 255.0 million in 2024, primarily due to a one-time compensation payment related to construction projects[25] Market and Consumer Trends - The retail sales of consumer goods in China grew by approximately 3.7% year-on-year, indicating a gradual recovery in domestic demand, although still at a low level[19] - The group aims to optimize its merchant and product mix by introducing environmentally friendly and uniquely designed brands to meet the growing demand for high-quality and personalized products[51] - The group is committed to promoting green consumption and sustainable development, aligning with government initiatives to reduce waste and energy consumption[50] - The group aims for sustainable high-quality development in a dynamic market environment, focusing on consumer demand for high-quality, healthy, and sustainable living[54] Dividends and Shareholder Returns - The company did not declare a final dividend for the year[3] - The company did not declare any dividends for the year ended December 31, 2025, similar to 2024, but announced a special cash dividend of HKD 0.42 per share, totaling HKD 615 million (approximately RMB 549 million) to be paid in January and February 2026[14] - The company has not declared a final dividend for the year ending December 31, 2025, consistent with the previous year[57] Governance and Compliance - The company has complied with the Corporate Governance Code, with the exception of not distinguishing the roles of the Chairman and CEO, which is believed to enhance operational efficiency[56] - The group's audited consolidated financial results for the year ending December 31, 2025, have been reviewed by the audit committee[60] Employee Acknowledgment - The company expresses gratitude to employees for their efforts and contributions over the past year despite challenging operating conditions[62]

Financial Performance - Revenue increased by approximately 11.2% to about RMB 25,737.2 million for the year ended December 31, 2025, compared to RMB 23,147.1 million in 2024[2] - Gross profit grew by approximately 7.6% to about RMB 7,206.9 million, up from RMB 6,698.1 million in the previous year[2] - Profit attributable to owners increased by approximately 16.1% to about RMB 2,692.2 million, compared to RMB 2,319.3 million in 2024[2] - Basic earnings per share rose to approximately RMB 2.348, up from RMB 2.019 in 2024[4] - Total comprehensive income for the year amounted to RMB 3,184.5 million, compared to RMB 2,241.3 million in 2024[4] - The company reported a net profit of RMB 2,770,139,000 for the fiscal year 2025, compared to RMB 2,375,760,000 in 2024, indicating a year-over-year increase of 16.6%[20] - The company's profit for the year 2025 was RMB 2,692,150,000, an increase from RMB 2,319,300,000 in 2024, representing a growth of approximately 16%[24] Capital Expenditure and Investment - Capital expenditure increased by approximately 15.6% to about RMB 2,209.8 million, compared to RMB 1,911.7 million in 2024[2] - The company reported a decrease in investment income to RMB 206.3 million from RMB 325.3 million in 2024[3] - The investment income for the year 2025 was RMB 206,299,000, while the previous year reported RMB 325,291,000, showing a decrease[19] - The group made an investment of ¥26,096,000,000 in a trust, equivalent to RMB 1,182,958,000, with underlying assets being the global headquarters of Nissan Motor Co., Ltd.[32] Market Performance - Revenue from the Chinese market accounted for 36.5% of total revenue, amounting to RMB 9,405,393,000, while revenue from other countries made up 63.5%, totaling RMB 16,331,799,000[14] - International market revenue reached approximately RMB 16,331,799,000, an increase of about 18.1% from RMB 13,823,966,000, driven by the expansion of the European electric vehicle market[51] - The company successfully secured orders for battery boxes and structural components from multiple domestic clients, including Great Wall and Geely, and entered the battery box business with Chery[52] Operational Efficiency - The company achieved a steady improvement in profitability through lean management upgrades and cost reduction projects, enhancing overall operational efficiency[43] - The company implemented a unified global SAP system to standardize and visualize operational data, enhancing decision-making efficiency[45] - The company optimized its organizational structure by integrating R&D and business functions into product line organizations, enhancing order processing, product design, and mass production collaboration[55] Employee and Talent Management - Total employee costs for 2025 amounted to RMB 5,493,383,000, up from RMB 5,005,149,000 in 2024, indicating an increase of about 10%[24] - The company had a total of 27,367 employees as of December 31, 2025, an increase of 1,704 employees compared to December 31, 2024, primarily due to sustained revenue growth[102] - The company is focused on enhancing its global talent assessment and development system, aiming to accelerate the identification and training of high-potential talent[103] Research and Development - Research and development expenses were RMB 1,501.7 million, slightly up from RMB 1,449.4 million in the previous year[3] - The company emphasized R&D and innovation, enhancing its capabilities in core components for both traditional and new energy vehicles, and solidifying partnerships with major automotive manufacturers[61] - The group has achieved significant breakthroughs in the development of lightweight composite materials for door systems, recognized by multiple new energy vehicle clients[64] Sustainability and ESG Initiatives - The company is focusing on integrating ESG (Environmental, Social, and Governance) principles into its core business strategy, viewing sustainable development as essential for survival and growth[45] - The company is committed to climate response initiatives, aiming for carbon neutrality by 2040 and 2050, and is integrating green low-carbon transformation into its operations and supply chain[46] - Energy consumption per unit of output decreased by approximately 6.0% year-on-year, reflecting the company's commitment to energy-saving and carbon reduction[47] Financial Stability and Risk Management - The group maintained a prudent financial policy, managing capital needs to ensure financial stability and support sustainable growth[92] - The debt-to-asset ratio as of December 31, 2025, was approximately 21.2%, down from 24.3% the previous year[89] - The company has strengthened its internal control and risk management mechanisms, enhancing governance effectiveness and risk prevention capabilities[50] Corporate Governance - The audit committee, consisting of five independent non-executive directors, reviewed the internal control systems and the integrity of the financial statements[128] - The chairman and CEO roles are separated, with the current executive director also serving as CEO during the transition period[125] - The company has adopted the standard code for securities trading by directors as per the listing rules, confirming compliance during the review year[126]

Financial Performance - The company's revenue for the year ended December 31, 2025, was HKD 1,813,807,257, representing an increase of 8.6% compared to HKD 1,669,816,770 in 2024[3] - Net profit for the same period was HKD 318,091,163, up 3.5% from HKD 307,221,818 in 2024[4] - The total comprehensive income for the year was HKD 363,401,514, compared to HKD 260,657,785 in 2024[4] - The reported revenue for the ophthalmology segment reached HKD 835,031,993 for the year ending December 31, 2025, an increase from HKD 771,489,697 in 2024, representing a growth of approximately 8.2%[12] - The total reported profit for the ophthalmology segment was HKD 230,141,667 in 2025, compared to HKD 209,689,673 in 2024, reflecting an increase of about 9.7%[12] - Total external customer revenue for the group was HKD 1,813,807,257 in 2025, up from HKD 1,669,816,770 in 2024, indicating a growth of approximately 8.6%[12] - The total profit for the surgical segment was HKD 250,974,379 in 2025, an increase from HKD 237,420,025 in 2024, reflecting a growth of about 5.5%[12] - The surgical segment recorded total revenue of approximately HKD 895,900,000, reflecting a 1.8% increase from HKD 879,900,000 in 2024[75] - The healthcare and partner services segment saw a significant increase of 350%, with revenue reaching approximately HKD 82,900,000 compared to HKD 18,400,000 in 2024[75] Assets and Liabilities - Total assets increased by 17.0% to HKD 3,490,760,778 from HKD 2,983,045,341 in 2024[5] - Total liabilities rose by 25.4% to HKD 1,077,675,134 compared to HKD 859,325,161 in 2024[5] - Cash and cash equivalents increased by 40.5% to HKD 782,730,099 from HKD 557,166,527 in 2024[5] - The current ratio improved to 2.11 from 1.81 in 2024[3] - The company’s total liabilities, including accounts payable and other payables, increased to HKD 571,311,414 as of December 31, 2025, from HKD 545,396,348 in the previous year[40] - The group’s debt-to-asset ratio was 30.9% as of December 31, 2025, compared to 28.8% in 2024[80] Earnings and Dividends - Basic earnings per share increased to HKD 0.5610 from HKD 0.5414 in 2024, a rise of 3.6%[4] - The proposed final dividend per share for 2025 is HKD 0.07, up from HKD 0.06 in 2024, representing a 16.7% increase[23] - The interim dividend of HKD 0.07 per ordinary share was paid on September 23, 2025, with a proposed final dividend of HKD 0.07 per ordinary share for the fiscal year ending December 31, 2025, subject to shareholder approval[89] Research and Development - Research and development costs recognized as expenses were HKD 37,867,245 in 2025, compared to HKD 25,009,026 in 2024, indicating a significant increase of approximately 51.6%[20] - Research and development expenses totaled approximately HKD 177,200,000, accounting for 9.8% of total revenue, compared to 9.4% in 2024[76] - The company has 18 R&D projects in various stages, with several ophthalmology projects currently in clinical stages[62] - The company is focusing on the development of single-dose ophthalmic products and biopharmaceuticals containing growth factors and antibodies[45] - The company is actively expanding its product pipeline with robust R&D projects at various clinical stages[45] - The company has established multiple R&D bases in Zhuhai, Boston, London, and Singapore to support its efforts in developing new therapies[64] Market and Product Development - The estimated number of moderate to severe dry eye patients in China is approximately 111.6 million by 2024, indicating a significant market potential for the SkQ1 product[48] - The flagship ophthalmic product, Beifu Shu®, has successfully entered Singapore's National Eye Centre, marking its first entry outside China and laying the groundwork for future expansion in Southeast Asia and globally[52] - The group aims to expand clinical indications for its commercialized products and increase patient accessibility in lower-tier cities in China[60] - The company is focusing on developing innovative therapies to address unmet clinical and commercial needs, particularly in the ophthalmology sector[61] - The company has successfully obtained exclusive global rights related to the SkQ1 product through strategic patent agreements[46] - The bFGF product line includes multiple formulations, with a significant portion included in national medical insurance lists[43] Investments and Acquisitions - The company acquired 100% of Antikor's equity, which included convertible loans that were accounted for at the consolidated level[29] - The company made additional investments in property, plant, and equipment totaling HKD 114,933,338 during the year ending December 31, 2025[25] - The company has made strategic investments in Antikor and partnered with Fuhong Hanlin to advance its biopharmaceutical R&D plans in oncology and ophthalmology[61] Financial Management and Risks - The company has no significant foreign exchange risk as its assets and liabilities are primarily denominated in HKD, RMB, or USD, and it does not have any hedging arrangements in place[86] - The group will review and monitor foreign exchange risks based on business development needs and may establish hedging arrangements when appropriate[86] - The introduction of a new VAT law effective January 1, 2026, will change the tax treatment for pharmaceutical wholesale companies, increasing VAT from 3% to 13%, expected to impact revenue by approximately HKD 133 million and gross profit by HKD 116 million[94] Employee and Operational Insights - The group had 1,289 full-time employees as of December 31, 2025, down from 1,450 in 2024, with total employee compensation approximately HKD 335 million for both years[88] - The company is navigating challenges in the Chinese pharmaceutical industry by balancing cost control and quality assurance while prioritizing innovation[71] Corporate Governance - The audit committee has reviewed the audited consolidated financial statements for the year ending December 31, 2025, and recommended formal approval by the board[97] - The company is committed to executing its plans and making continuous progress unless unforeseen circumstances arise[95] - The group did not have any immediate plans for significant investments or acquisitions as of December 31, 2025[79]