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倚 賴該等內容而引致的任何損失承擔任何責任。 NAGACORP LTD. 金界控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3918） 截至二零二五年十二月三十一日止年度 全年業績公告 金界控股有限公司（「本公司」，連同其附屬公司，「本集團」）截至二零二五年 十二月三十一日止財政年度（「本年度」或「二零二五財年」）的摘要 受二零二五財年業務量增長所推動，本集團博彩總收入及毛利錄得強勁按年 增長，分別增加27.4%及26.3%。剔除於二零二四財年確認的非現金資產減 值虧損89,100,000美元後，純利增長至309,900,000美元（按年增長56.0%）及 EBITDA達404,400,000美元（按年增長38.5%）。在實際盈利增長的同時，利 潤率亦有所提升。EBITDA利潤率提升至57.0%，純利率增至43.7%。該等 收益不僅得益於所有業務分部的業務量持續增長，亦得益於本集團戰略性地 專注於提升及優化中場分部的客戶體驗與服務，包 ...

Financial Performance - The company reported revenue of HKD 13,957 million for the year ended December 31, 2025, representing an increase of approximately 4% from HKD 13,449 million in 2024[5]. - EBITDA for the year was HKD 679 million, slightly down from HKD 686 million in the previous year, indicating stable operational performance[5]. - Shareholders' profit attributable to the company was HKD 345.4 million, a decrease of about 12% compared to HKD 391.3 million in 2024[5]. - The operating profit for 2025 was HKD 405,750 thousand, a decrease from HKD 437,453 thousand in 2024, reflecting a decline of about 7.2%[68]. - The net profit for the year was HKD 341,637 thousand, down from HKD 401,585 thousand in 2024, indicating a decrease of approximately 14.9%[68]. - Basic earnings per share for 2025 were 43.9 cents, compared to 49.6 cents in 2024, showing a decline of about 5.6%[68]. - The total comprehensive income for 2025 was HKD 421,451 thousand, an increase from HKD 336,242 thousand in 2024, representing a growth of approximately 25.3%[69]. Revenue Breakdown - The automotive display business generated revenue of HKD 13,025 million, accounting for about 93% of the company's total revenue, with a year-on-year increase from HKD 12,660 million in 2024[11]. - The industrial display business recorded revenue of HKD 932 million in the review year, up from HKD 789 million in 2024, accounting for approximately 7% of the group's total revenue[12]. - The group recorded revenue of HKD 8,896 million in the Chinese market, representing about 64% of total revenue, primarily driven by the automotive display business[18]. - The group's revenue from the European display business reached HKD 2,971 million, an increase of approximately 22% compared to 2024, accounting for about 21% of total revenue[20]. - In the Americas, the group recorded revenue of HKD 712 million, a decrease of approximately 15% compared to 2024, representing about 5% of total revenue, primarily due to a sluggish transportation market in the U.S.[22]. - The group's revenue in Japan was HKD 770 million, down approximately 33% from 2024, accounting for about 6% of total revenue, mainly due to a slowdown in market growth and extended product iteration cycles[24]. - In South Korea, the group recorded revenue of HKD 331 million, a decrease of approximately 12% year-on-year, representing about 2% of total revenue, primarily due to product updates and iteration cycles[25]. Cash and Equity Position - The company maintained a strong cash position with total cash resources increasing by HKD 340 million or approximately 8% to HKD 4,462 million as of December 31, 2025[6]. - As of December 31, 2025, total equity was HKD 4,872 million, an increase from HKD 4,600 million in 2024, with a current ratio of 1.40 compared to 1.41 in 2024[50]. - Cash resources at year-end were valued at HKD 4,462 million, up from HKD 4,122 million in 2024, with cash and time deposits totaling HKD 4,351 million[51]. - The bank loans at year-end were HKD 308 million, a decrease from HKD 376 million in 2024, with a debt-to-equity ratio of approximately 6.3% compared to 8.2% in 2024[52]. - The company's total equity attributable to shareholders rose to HKD 4,809,070,000 in 2025, compared to HKD 4,535,286,000 in 2024, reflecting an increase of about 6%[71]. Research and Development - The company continues to increase R&D investment, maintaining a growth trend in R&D expenses and expanding the scale of technical personnel to strengthen overall research capabilities[26]. - Research and development expenses for 2025 amounted to HKD 327 million, representing a 15% increase from 2024, accounting for approximately 2% of the group's revenue[47]. - The group has launched the Advanced Super Dimension Switch (ADS-PRO) technology, which enhances display quality with features like Mini LED and high refresh rates, providing significant competitive advantages[29]. - The group is developing the F-OLED technology, which offers vibrant colors and high integration, with multiple vehicle-mounted F-OLED displays entering mass production[30]. - The group is also working on Tandem OLED technology, which combines multiple organic light-emitting units to achieve high efficiency and long lifespan[31]. Market Strategy and Expansion - The company plans to enhance its market share in in-vehicle displays and increase investment in core technology research and development as part of its "5V Development Strategy" for future growth[8]. - The company is expanding its overseas presence by establishing a new factory in Vietnam and enhancing local resource allocation to mitigate geopolitical risks[7]. - The group is focusing on leading new energy vehicle manufacturers in China to enhance production efficiency and accelerate project implementation[18]. - The group is expanding its overseas production base in Vietnam, which is expected to achieve its first full-process product lighting by 2025, enhancing local business capabilities[13]. - The company plans to continue expanding its market presence in the automotive display sector while embracing opportunities from emerging AI technologies[38]. Corporate Governance - The company has complied with the corporate governance code, with a noted exception regarding the attendance of independent non-executive directors at the annual general meeting[106]. - The company will continue to review and monitor its corporate governance practices to ensure compliance with the governance code[107]. - The company's audit committee is responsible for reviewing financial information and ensuring effective internal controls, with regular meetings to discuss risk management and financial reporting[109]. - The remuneration committee, consisting of a majority of independent non-executive directors, oversees the compensation policies for all directors and senior management[110]. - The investment committee consists of 9 members, including the chairman Mr. Su Ning, responsible for identifying and selecting suitable investment projects to enhance and transform the group’s strategy[112]. Shareholder Information - The proposed final dividend is HKD 0.153 per share, down from HKD 0.170 in 2024, with a full-year payout ratio of 35% compared to 34% in 2024[48]. - The proposed final dividend is subject to approval at the annual general meeting and will be paid around July 17, 2026, to shareholders listed on July 10, 2026[100]. - The cumulative total of shares purchased under the share incentive plan reached 20,856,000 shares, accounting for 2.63% of the issued share capital as of March 23, 2026[102]. - The company purchased 6,183,000 shares under the share incentive plan, representing 0.78% of the issued share capital, at a total cost of approximately HKD 30,876,000[101]. - The maximum number of reward shares that can be granted, excluding treasury shares, is 58,252,520 shares, which is 7.36% of the issued share capital[104].

Financial Position - As of December 31, 2025, total assets amounted to HK$436,283,000, a slight increase from HK$435,704,000 as of June 30, 2025[14]. - Current assets increased to HK$293,278,000 from HK$268,593,000, reflecting a growth of approximately 9.2%[13]. - Total equity attributable to the owners of the Company decreased to HK$231,498,000 from HK$241,304,000, representing a decline of about 4.1%[14]. - Non-current liabilities rose to HK$3,229,000 from HK$2,865,000, indicating an increase of approximately 12.7%[14]. - Current liabilities increased to HK$205,125,000 from HK$195,083,000, showing a growth of about 5.2%[14]. - Cash and cash equivalents decreased to HK$107,954,000 from HK$135,245,000, a decline of approximately 20.1%[13]. - The accumulated losses increased to HK$354,855,000 as of December 31, 2025, from HK$356,060,000 at the end of the previous period[20]. - The Group's cash and cash equivalents at the end of the period were HK$107,954,000, down from HK$114,452,000 in the previous year[23]. - The total net carrying amount of property, plant, and equipment as of December 31, 2025, was HK$27,404,000, down from HK$27,404,000 as of June 30, 2025[72]. - The company reported accounts payable of HK$7,651,000 as of December 31, 2025, down from HK$10,189,000 as of June 30, 2025, which is a reduction of about 25%[105]. Revenue and Expenses - Total revenue for the six months ended December 31, 2025, was HK$57,777,000, a decrease of 76.8% compared to HK$249,032,000 for the same period in 2024[17]. - Income from film distribution and exhibition dropped significantly to HK$31,541,000 from HK$229,584,000, representing a decline of 86.3%[17]. - The total cost of revenue decreased to HK$43,445,000 from HK$228,680,000, a reduction of 81.0%[17]. - The net cash used in operating activities was HK$20,414,000, compared to HK$3,963,000 in the prior period, indicating increased cash outflow[22]. - Cash flows from investing activities resulted in a net cash outflow of HK$3,396,000, down from HK$10,321,000 in the previous year[22]. - Total comprehensive loss for the period was HK$9,827,000, significantly lower than HK$74,776,000 in the same period last year[18]. - Loss attributable to owners of the company was HK$9,882,000, compared to HK$74,277,000 in the previous year, showing a notable reduction[18]. - The company reported a basic and diluted loss per share of HK$1.09 for the period, compared to HK$8.19 in the previous year[18]. - Employee benefits expenses, including directors' emoluments, totaled HK$23,420,000 for the six months ended December 31, 2025, compared to HK$23,135,000 in 2024, showing a slight increase of approximately 1.2%[102]. - Interest on lease liabilities for the six months ended December 31, 2025, was HK$382,000, up from HK$276,000 in 2024, reflecting an increase of about 38%[107]. Segment Performance - For the six months ended December 31, 2025, total segment revenue was HK$57,777,000, with external customer revenue contributing HK$57,777,000[68]. - Video distribution segment generated revenue of HK$32,356,000, while trading and retailing of optical products contributed HK$19,818,000[68]. - The segment result for video distribution was a loss of HK$9,019,000, while trading and retailing of optical products reported a profit of HK$498,000[68]. - The Group has established reportable segments organized by business lines for internal reporting and resource allocation[58]. - The segment accounted for approximately 56.0% of the Group's total revenue during the Period, down from approximately 92.2% in the Last Period[139]. - The reduction in segmental loss from approximately HK$68.6 million in the Last Period to approximately HK$9.0 million during the Period was primarily due to the decrease in impairment loss[141]. Taxation and Legal Matters - The income tax expense for the six months ended December 31, 2025, was HK$936,000, down from HK$2,436,000 in 2024, indicating a 61.5% decrease[115]. - The PRC withholding tax for the current period was HK$862,000, a decrease from HK$1,242,000 in the previous year, reflecting a 30.5% reduction[115]. - The Company is currently involved in pending litigations, including a claim by Star Overseas Limited for US$935,872 (equivalent to HK$7,299,799) related to revenue sharing from the movie "Shaolin Soccer"[118]. - As of December 31, 2025, the Board believes that the outcome of the pending claims will not have a material financial impact on the Group for the Period[122]. - The Company has settled certain claims related to patent infringements with Koninklijke Philips Electronics N.V., with no further material outflow of economic benefits expected[125]. Shareholding and Corporate Governance - As of December 31, 2025, Mr. Lam Shiu Ming holds 200,860,000 shares, representing 22.16% of the company's total shareholding[194]. - The total shareholding of Mr. Lam Shiu Ming, including all interests, is 664,526,873 shares, equating to 73.30%[194]. - No other directors or chief executives have interests or short positions in the company's shares or debentures as of December 31, 2025[197]. - All disclosed interests are compliant with the Securities and Futures Ordinance requirements[200]. Market and Future Outlook - The Company is actively pursuing new strategies for market expansion and product development, although specific details were not disclosed in the interim report[10]. - The Group plans to manage content costs and overheads while pursuing additional film licensing opportunities to generate stable revenue streams[149]. - The Group will explore potential new investments and business opportunities to diversify and strengthen income streams amid an uncertain operating climate[178]. - China's film market showed signs of recovery in 2025, with total box office revenue reaching approximately RMB 51.8 billion, an increase of nearly 22% year-on-year[146]. - The Hong Kong IPO market experienced a strong recovery in 2025, leading to increased demand for financial printing services[152].

Financial Performance - The company's revenue for the year ended December 31, 2025, was RMB 2,057,920 thousand, representing a 6.5% increase from RMB 1,933,045 thousand in 2024[4]. - Gross profit increased by 16.1% to RMB 1,478,781 thousand in 2025, compared to RMB 1,273,657 thousand in 2024[4]. - The net loss for the year was RMB 381,971 thousand, a 43.2% increase from RMB 266,766 thousand in 2024[4]. - Adjusted net loss increased by 78.3% to RMB 211,276 thousand in 2025, compared to RMB 118,481 thousand in 2024[4]. - Cash and financial assets grew by 48.2% to RMB 4,559,358 thousand in 2025, up from RMB 3,075,651 thousand in 2024[4]. - Total equity increased by 47.1% to RMB 4,867,070 thousand in 2025, compared to RMB 3,308,661 thousand in 2024[4]. - The debt-to-asset ratio improved to 18.7% in 2025 from 22.5% in 2024, a decrease of 3.8%[4]. - The company reported a total comprehensive loss of RMB (389,720) thousand for the year 2025, which includes a loss of RMB (381,971) thousand[51]. - The company’s total comprehensive loss for the year was RMB 389,720, compared to RMB 263,229 in 2024, indicating increased financial challenges[48]. - The company incurred a loss of RMB (266,766) thousand in 2024, which was less than the loss in 2025[51]. - The company reported a basic loss per share of RMB (381,971) thousand compared to RMB (266,766) thousand in the previous year, indicating a worsening of approximately 43.1%[71]. Research and Development - Research and development expenses rose by 9.4% to RMB 1,319,675 thousand in 2025, up from RMB 1,206,134 thousand in 2024[4]. - The company is actively exploring sac-TMT as a monotherapy and in combination with other therapies for various solid tumors, including GC, EC, CC, OC, TC, UC, CRPC, and HNSCC[15]. - The company is collaborating with Merck on multiple global Phase 2 basket studies for sac-TMT as a monotherapy or in combination with other drugs for various solid tumors[15]. - The company has established three core platforms focused on ADCs, new DCs, and both large and small molecule technologies to support drug discovery and development[152]. - The internal R&D capabilities are built on three technology platforms, reducing reliance on CROs and ensuring quality and efficiency in drug development[157]. - The drug discovery team has advanced over ten candidate drugs into clinical development, enhancing technical knowledge and streamlining workflows for ADC and new DC[157]. - AI has been integrated into multiple R&D processes, improving efficiency in antibody affinity maturation and small molecule platform innovations[158]. Product Development and Approvals - The company’s core product, sac-TMT, received approval for use in treating locally advanced or metastatic TNBC patients in China in November 2024[9]. - The company’s core product, the HER2 ADC, has been approved for use in patients with unresectable or metastatic HER2+ breast cancer who have received at least one prior anti-HER2 treatment, marking it as the first domestically approved HER2 ADC for this indication in China[17]. - The approval of Botuqumab for the treatment of unresectable or metastatic HER2+ breast cancer in adults was granted by the National Medical Products Administration in October 2025, marking it as the first domestically approved HER2 ADC for 2L+ HER2+ BC in China[114]. - The IND application for SKB118 has been approved by the FDA to initiate global ASCEND 1/2 clinical trials[141]. - The IND application for SKB378 for moderate to severe asthma was approved by the National Medical Products Administration in February 2022, and Phase 1 clinical trials have been completed in healthy subjects in China[145]. - The IND application for SKB575 for atopic dermatitis was approved by the National Medical Products Administration in March 2026[148]. Clinical Trials and Studies - Sac-TMT demonstrated a median progression-free survival (PFS) of 6.7 months and an overall survival (OS) benefit with a hazard ratio (HR) of 0.32 in a Phase III study[7]. - The sac-TMT combined with osimertinib for first-line treatment of EGFR-mutant locally advanced or metastatic non-squamous NSCLC is undergoing a Phase 3 registration study, with significant improvements in PFS observed[13]. - The sac-TMT combined with pembrolizumab for first-line treatment of PD-L1 positive locally advanced or metastatic NSCLC has shown statistically significant and clinically meaningful improvements in PFS, marking the first Phase 3 trial to achieve its primary endpoint in this context[13]. - The Phase 3 study results for the HER2 ADC showed a statistically significant ORR of 76.9% compared to 53% for T-DM1, with a median PFS of 11.1 months versus 4.4 months (HR=0.39, p<0.0001)[18]. - The company is advancing global clinical development of Sac-TMT outside of the Greater China region[96]. - The company has initiated a phase 3 registration study comparing Sac-TMT to ICC for treating advanced HR+/HER2- BC patients[99]. - The company is conducting ongoing studies for sac-TMT in various cancer types, including non-small cell lung cancer and endometrial cancer, comparing it to standard therapies[162]. Market and Commercialization - The commercialization team has over 600 members and is structured into various departments to enhance marketing and commercialization efforts[31]. - The company has established stable partnerships with over 60 first-level distributors and more than 400 DTP pharmacies, training nearly 10,000 pharmacists in 2025[32]. - Three commercialized products, sac-TMT, Tagoli monoclonal antibody, and Cetuximab N01, have been successfully included in the National Medical Insurance Drug List effective January 1, 2026[33]. - The company has completed network access for sac-TMT, Tagoli monoclonal antibody, and Cetuximab N01 in 31 provinces, ensuring rapid market entry[33]. - The company has achieved coverage in 30 provinces, over 300 cities, and more than 1,200 hospitals, reaching tens of thousands of healthcare professionals through various promotional activities[172]. - The company aims to create collaborative opportunities globally to gain commercial value in major international markets[177]. Strategic Collaborations - The company has collaborations with major pharmaceutical companies, including Merck, to develop multiple ADC assets for cancer treatment[91]. - A collaboration with Windward Bio includes exclusive licensing for SKB378/WIN378, with potential payments up to $970 million based on milestones and net sales[42]. - The partnership with Crescent Biopharma includes potential upfront payments of $80 million and additional milestone payments up to $1.25 billion for SKB105/CR-003[45]. - The collaboration with Ellipses Pharma focuses on the development and commercialization of fumaric acid lenvatinib capsules[44]. ESG and Sustainability - The company received an "AA" rating in the MSCI ESG assessment, reflecting its commitment to sustainable development[46]. - The company has established a comprehensive ESG governance framework, enhancing its ESG responsibility capabilities[180]. - The company has implemented measures to address climate-related risks, including conducting drills for extreme weather events[181]. - The company is actively monitoring legal policies related to climate change to ensure timely responses to emerging risks[181].

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的任何損失承擔任何責任。 於香港註冊成立之有限公司 (股份代號 ﹕12) 二零二五年全年業績公佈 董事局主席報告 股東應佔盈利 集團截至二零二五年十二⽉三十⼀⽇⽌年度之股東應佔基礎盈利為港幣六十億六千三 百萬元，較去年度之港幣九十七億七千四百萬元，減少港幣三十七億⼀千⼀百萬元或 38%。每股基礎盈利為港幣 1.25 元 (二零二四年：港幣 2.02 元)。基礎盈利減少主要 由於去年度因政府收回若干新界土地，以及出讓北⾓⼀項投資物業（即「港匯東」）之 控股公司權益而帶來應佔收益合共約港幣四十七億六千八百萬元；而本年度因收地所 帶來應佔收益僅為港幣五億九千九百萬元所致。 本年度，集團建成投資物業及發展中投資物業經重估後錄得公允價值虧損港幣四億⼀ 千萬元(二零二四年: 港幣三十四億七千八百萬元)，當中包括已出售投資物業累計公允 價值變動之調整。在計及相關公允價值虧損後，集團截至二零二五年十二⽉三十⼀⽇ ⽌年度之股東應佔公佈盈利為港幣五十 ...

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 內容而引致的任何損失承擔任何責任。 二零二五年全年業績公佈 董事局主席報告 股東應佔虧損及資產淨值 集團截至二零二五年⼗二⽉三⼗⼀⽇⽌年度之股東應佔虧損為港幣六千七百萬元 (二零二 四年：港幣⼀億二千五百萬元)。每股虧損為港幣 2.2 仙 (二零二四年：港幣 4.1 仙)。 於二零二五年⼗二⽉三⼗⼀⽇，股東應佔資產淨值為港幣⼗億零四百萬元或每股港 幣0.33元 (二零二四年：港幣⼗億五千三百萬元或每股港幣0.35元)。 股息 由於本年度錄得虧損，董事局不建議派發末期股息（二零二四年：無）。 1 業務回顧 本年度，香港政府深化「盛事經濟」策略，舉辦連串大型文化及體育活動，吸引更多 國內外旅客來港消費。然而，近年訪港旅客消費模式轉變，加上港人仍然熱衷北上消 費，以及跨境電商平台加緊進佔本港市場，均持續影響本港零售業表現。 集團業務主要透過以下兩家全資附屬公司營運： (i) Citistore (Hong Kong) Limited — 經營五 ...

Financial Performance - Revenue for the six months ended December 31, 2025, was HK$367,533,000, a decrease of 1.0% from HK$371,271,000 in 2024[14] - EBITDA for the same period was HK$45,623,000, down 2.0% from HK$46,552,000[14] - Profit before tax increased by 2.8% to HK$23,257,000 compared to HK$22,629,000 in the previous year[14] - Profit for the period rose by 5.0% to HK$20,217,000, up from HK$19,246,000[14] - Earnings per share increased by 4.9% to 2.36 HK cents from 2.25 HK cents[14] - Total consolidated revenue decreased by 1.0% from HK$371.3 million in 1H FY24/25 to HK$367.5 million in 1H FY25/26, primarily due to a decrease in revenue from clinical healthcare services in Hong Kong and Macau as well as Chinese Mainland[60] - Operating profit increased by 16.7% from HK$32.3 million in 1H FY24/25 to HK$37.7 million in 1H FY25/26, driven by significant growth in corporate healthcare solution services and clinical healthcare services in Hong Kong and Macau[56] - Other income and gains decreased by 21.5% from HK$6.5 million in 1H FY24/25 to HK$5.1 million in 1H FY25/26, primarily due to a decrease in dividend income from investments[62] - Net profit for 1H FY25/26 was approximately HK$20.2 million, an increase of 5.2% from HK$19.2 million in 1H FY24/25, attributed to reduced operating expenses[78] Assets and Liabilities - Total assets as of December 31, 2025, were HK$1,118,801,000, reflecting a 2.1% increase from HK$1,095,325,000[17] - Cash, bank balances, and deposits increased by 11.6% to HK$338,100,000 from HK$302,836,000[17] - Net current assets rose by 6.3% to HK$284,514,000 compared to HK$267,681,000[17] - Shareholders' funds increased slightly by 0.6% to HK$746,943,000 from HK$742,632,000[17] - Right-of-use assets amounted to HK$99.3 million as of December 31, 2025, up from HK$96.5 million on June 30, 2025[80] - The current ratio improved to 2.02 as of December 31, 2025, from 1.99 as of June 30, 2025, indicating strong liquidity[101] - The Group had free cash and bank deposits of approximately HK$336.3 million as of December 31, 2025, up from HK$301.1 million as of June 30, 2025[97] - The gearing ratio decreased to approximately 6.6% as of December 31, 2025, from 7.1% as of June 30, 2025[99] Operational Highlights - The Group focused on operational optimization and service digitalization, leading to lower staff costs and enhanced workflow efficiency[21] - The rollout of electronic pre-approval procedures significantly streamlined workflows, reducing turnaround time and improving accuracy in benefit verification[26] - The Group expanded collaboration with insurers in the Chinese Mainland, enhancing the reach of its cross-boundary care ecosystem[29] - The multi-disciplinary hub model was advanced, integrating various medical services into a single footprint, improving turnover efficiency and reducing infrastructure duplication[31] - AI-assisted tools in medical imaging were deployed to enhance diagnostic workflow quality and support clinicians[31] - The Group plans to enhance its digital transformation strategy by developing a one-stop mobile application for patients to manage appointments, access medical records, and receive personalized health insights[48] - The Group aims to strengthen its data analysis capabilities to support personalized interventions and risk assessments, while exploring AI-enabled tools to improve service quality and reduce administrative workload[48] Segment Performance - Corporate Healthcare Solutions in Hong Kong and Macau achieved revenue growth of 1.9% to HK$136.7 million, with operating profit rising 34.5% to HK$24.9 million[20] - Clinical Healthcare Services revenue was stable at HK$288.2 million, with operating profit increasing by 35.1% to HK$10.7 million[20] - The Chinese Mainland segment experienced a revenue decline of 4.5% to HK$19.1 million, with an operating profit of HK$2.1 million[20] - Total segment operating results increased by 16.7% to HK$37.7 million[20] Employee and Governance - The total number of full-time employees increased to 509 as of December 31, 2025, from 452 as of June 30, 2025[124] - Employee benefit expenses decreased by 5.7% from HK$96.1 million for 1H FY24/25 to HK$90.6 million for 1H FY25/26, representing about 24.7% of total revenue[70] - Professional service expenses increased by 0.3% from HK$133.5 million for 1H FY24/25 to HK$133.9 million for 1H FY25/26 due to improved operational efficiency[67] - The Board declared an interim dividend of HK$1.40 cents per ordinary share for the six months ended December 31, 2025, consistent with the interim dividend of HK$1.40 cents for FY24/25[135] - The Company has complied with the Corporate Governance Code during the six months ended December 31, 2025, maintaining high standards of corporate governance and transparency[138] Share Options and Directors - The Company adopted the 2023 Share Option Scheme on November 24, 2023, but has not granted any share options under this scheme since its adoption[132] - As of December 31, 2025, there were 11,200,000 share options outstanding under the Post-IPO Share Option Scheme, with no options granted, exercised, lapsed, or forfeited during the first half of FY25/26[132] - The total number of share options available for grant under the 2023 Share Option Scheme is 81,095,524 shares, representing approximately 10% of the issued shares as of the adoption date[185] - The total number of shares held by directors amounts to 378,986,659, which is approximately 46.73% of the issued shares[156] - Dr. Sun Yiu Kwong holds a total of 301,226,989 shares, representing approximately 37.14% of the company's shareholding[157] - The company appointed new directors effective from the conclusion of the annual general meeting on November 21, 2025[166]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 6,954,932,000, slightly up from RMB 6,948,354,000 in 2024[3] - Gross profit decreased to RMB 1,816,583,000, resulting in a gross margin of 26.1%, down from 29.5% in the previous year[3] - Net profit for 2025 was RMB 584,292,000, representing a net profit margin of 8.4%, compared to 10.5% in 2024[3] - EBITDA for the year was RMB 971,206,000, down from RMB 1,116,488,000 in the previous year[3] - Basic earnings per share decreased to RMB 0.49 from RMB 0.62 in 2024[3] - The company reported a total comprehensive income of RMB 613,426,000 for 2025, compared to RMB 741,404,000 in 2024[6] Revenue and Orders - New order intake increased significantly to RMB 8,569,000,000, up from RMB 5,968,901,000 in 2024[3] - Revenue from core equipment amounted to RMB 2,272,126,000, while revenue from modular pressure equipment was RMB 4,393,387,000 for the year ended December 31, 2025[16] - The group expects to recognize future revenue from existing customer contracts totaling RMB 8,572,421,000 as of December 31, 2025, up from RMB 7,112,204,000 in 2024[21] - Revenue from external customers in Mainland China was RMB 1,589,405,000, a decrease from RMB 2,750,519,000 in 2024[24] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 6,981,610,000, an increase from RMB 6,079,286,000 in 2024[7] - Non-current assets increased to RMB 3,145,209,000 from RMB 2,829,047,000 in the previous year[7] - The company's equity attributable to shareholders rose to RMB 5,599,317,000, up from RMB 5,048,359,000 in 2024[8] - Trade payables increased to RMB 1,364,674,000 in 2025 from RMB 1,076,073,000 in 2024, representing a growth of 26.8%[54] - The company's financial liabilities measured at amortized cost increased to RMB 2,074,713,000 in 2025 from RMB 1,646,583,000 in 2024, an increase of 26.0%[54] Expenses - Employee costs increased to RMB 1,421,837,000 in 2025 from RMB 1,244,568,000 in 2024, reflecting a rise in salaries and benefits[28] - R&D expenses for 2025 amounted to RMB 310,386,000, a decrease of 22.3% from RMB 399,241,000 in 2024[30] - Sales and marketing expenses grew by approximately 29.8% from about RMB 164,287 thousand for the year ending December 31, 2024, to approximately RMB 213,212 thousand for the year ending December 31, 2025, with the ratio to total revenue increasing from about 2.4% to approximately 3.1%[102] - General and administrative expenses increased by approximately 16.7% from about RMB 565,118 thousand for the year ending December 31, 2024, to approximately RMB 659,378 thousand for the year ending December 31, 2025, with the ratio to total revenue rising from about 8.1% to approximately 9.5%[103][104] Taxation - Actual tax expenses for 2025 were RMB 132,754,000, down 26.8% from RMB 181,373,000 in 2024[32] - The group reported a provision for current tax of RMB 124,698,000 for 2025, down from RMB 168,301,000 in 2024[31] - The company expects to benefit from a 200% tax deduction on qualified R&D expenses incurred up to December 31, 2025[43] Market and Strategic Focus - The company has maintained long-term stable partnerships with numerous leading enterprises in various industries, enhancing its value position within global supply chains over 30 years[70] - The company has focused on diversifying its customer base and product offerings to avoid over-reliance on single markets or products, ensuring sustainable growth[66] - The company emphasizes the importance of innovation and responsiveness to customer needs as key components of its competitive advantage[68] - The group emphasizes three development themes: "health," "green," and "smart," providing comprehensive solutions that empower clients in environmental materials, sustainable energy, and biopharmaceutical commercialization[73] Corporate Governance - The company is committed to maintaining high standards of corporate governance, believing it is essential for protecting shareholder interests and enhancing corporate value[139] - The company confirmed compliance with the corporate governance code, except for specific deviations due to the passing of an independent non-executive director[139] - The audit committee reviewed the annual performance of the group during the reporting period[143] Employee and Shareholder Information - The group had over 4,800 employees as of December 31, 2025, with nearly 500 in research and development, representing over 10% of total employees[133] - A cash dividend of RMB 120,000,000 was declared to shareholders, pending confirmation as a liability under Hong Kong accounting standards[131] - The company reported a proposed final dividend of HKD 0.2 per share for the year ending December 31, 2025, subject to shareholder approval at the annual general meeting on June 25, 2026[135]

Financial Performance - Revenue for the year ended December 31, 2025, increased by 11.5% to RMB 4,069.7 million compared to RMB 3,650.0 million in 2024[12] - Gross profit rose by 16.0% to RMB 2,017.8 million, with a gross profit margin of 49.6%, up from 47.7% in the previous year[12] - Profit attributable to equity shareholders increased by 9.0% to RMB 502.4 million, with earnings per share (basic and diluted) rising to RMB 41.96, a 9.0% increase from RMB 38.51[12] - The effective tax rate decreased significantly to 18.4% from 24.3%, reflecting improved tax efficiency[12] - The operating profit margin slightly decreased to 13.6% from 15.1%, indicating a minor decline in operational efficiency[12] - Shareholders' equity per share increased by 4.4% to RMB 351.1, reflecting a solid growth in equity value[12] - Profit attributable to equity shareholders rose by 9.0% to RMB 502.4 million, while the profit margin decreased by 0.3 percentage points to 12.3%[84] - Earnings per share increased by 9.0% to RMB 41.96 cents[90] Dividends - The interim dividend per share decreased by 15.4% to HK11 cents, while the final dividend per share increased by 44.4% to HK13 cents[12] - The company maintained a special interim dividend of HK5 cents per share, unchanged from the previous year[12] - The Board proposed a final dividend of HKD 0.13 per share and a special final dividend of HKD 0.03 per share, totaling HKD 191.6 million[54] - The Group plans to pay a final dividend of HK13 cents per share, totaling approximately HK$191.6 million (equivalent to RMB172.2 million)[87] Store Operations and Expansion - As of December 31, 2025, China Lilang operated 2,817 stores, marking a net increase of 44 stores[22] - The Group opened four stores in Malaysia as part of its international expansion strategy[51] - The total number of retail stores increased to 2,817 by the end of December 2025, with a net increase of 44 stores during the year[102] - The Group opened 1,135 shopping mall and outlet stores by the end of December 2025, accounting for approximately 40.3% of the total store count[101] - The DTC model stores increased to 284 by the end of December 2025, up from 203 at the end of December 2024, indicating a successful channel transformation strategy[100] Sales Performance - The Group's new retail business revenue increased by 25% during the year, with TikTok sales growing by 39% year-on-year[23] - The "LESS IS MORE" smart casual collection achieved revenue growth of 28.4% year-on-year, contributing to improved single-store performance[21] - Revenue from the core collection reached RMB2,922.3 million, an increase of 6.0% from the previous year, due to operational efficiencies after transitioning to a DTC model[55] - Revenue from the smart casual and other collections reached RMB1,147.4 million, maintaining strong momentum with a year-on-year increase of 28.4%[54] - Sales of tops increased by 10.4% year-on-year, accounting for 66.1% of total revenue, driven by strong sales of innovative lightweight down collections[56] - Eastern China remained the largest sales region, with sales growth of 12.8% during the year, significantly benefiting from e-commerce and smart casual sales[60] Cost and Expenses - Cost of sales increased by 7.4% year-on-year to RMB2,051.9 million, with a gross profit margin of 49.6%, up 1.9 percentage points[65] - Selling and distribution expenses increased by RMB199.6 million to RMB1,258.6 million, with an expense to total revenue ratio of 30.9%[69] - Administrative expenses increased to RMB229.2 million, representing 5.6% of total revenue, up from 5.2% the previous year, primarily due to losses from provisions for accounts receivable[76] - Total sales and distribution expenses increased to RMB1,258.6 million, accounting for 30.9% of total revenue, up 1.9 percentage points from the prior year[75] Inventory and Receivables - Average inventory turnover days increased to 226 days from 183 days in 2024, indicating a longer holding period for inventory[13] - The average trade receivables turnover days remained stable at 36 days, while average trade payables turnover days increased to 184 days from 157 days[13] - Total inventory balance rose to RMB1,452.2 million, an increase of RMB365.3 million compared to the previous year[154] - The Group's average trade receivables turnover days remained stable at 36 days, with a loss allowance provision of RMB13.8 million[155] Research and Development - The Group's research and development department comprised 401 staff members, representing 6.9% of the total workforce as of December 2025[123][126] - The Group is committed to strengthening R&D and innovation, focusing on upgrading functional items and optimizing supply chain efficiency[144][146] Environmental, Social, and Governance (ESG) - The Group's ESG rating was upgraded to BB by MSCI, reflecting its commitment to sustainable development and social responsibility[29] - The Group's environmental initiatives include integrating green principles throughout its value chain to reduce its operational environmental footprint[132][135] - The Group's total donations for the Youth Aesthetic Education Plan exceeded RMB7.73 million, benefiting over 88 schools across 25 provinces[132][135] Strategic Goals - The Group aims for total sales growth of no less than 10% in 2026, with a target of 15% growth in new retail sales[34] - The Group plans to increase its store network by approximately 50 to 100 stores in 2026, focusing on high-traffic shopping malls and outlets[139][140] - The Group aims for over 15% growth in new retail channel sales in 2026, leveraging platforms like TikTok and Tmall to enhance online presence[141][145] - The Group will continue to implement its "Multi-brands" strategy, expanding the golf apparel brand "MUNSINGWEAR" and enhancing both offline and online sales channels[142][145] Financial Management - The Group's financial management policies emphasize prudent control of financial risks, with the functional currency being Hong Kong Dollars and financial statements translated into Renminbi[173] - The Group does not employ any financial instruments for hedging purposes, as exchange rate risk at the operational level is not significant[173] - The Group's bank loans maturing within one year increased to RMB809.3 million in 2025 from RMB513.8 million in 2024, resulting in a gearing ratio of 19.2% compared to 12.8% in the previous year[149] Board of Directors - The Board of Directors comprises five Executive Directors, three Non-executive Directors, and four Independent Non-executive Directors[188] - The Board is responsible for major investments, budget plans, and the publication of financial statements, ensuring compliance with corporate governance policies[192] - Continuous professional development is encouraged for all Directors, with training records maintained to enhance their knowledge and skills[199]

Financial Performance - Total insurance revenue for the year ended December 31, 2025, was HKD 2,988,450, a decrease of 9.2% from HKD 3,291,506 in 2024[4] - The net insurance operating performance decreased to HKD 290,961, down 33.2% from HKD 435,668 in the previous year[4] - Profit before tax increased to HKD 1,017,002, representing a growth of 34.9% compared to HKD 754,334 in 2024[5] - The net profit for the year was HKD 1,052,994, an increase of 62.5% from HKD 647,069 in 2024[5] - Basic and diluted earnings per share rose to HKD 1.139 from HKD 0.697, reflecting a growth of 63.4%[5] - Total comprehensive income for the year was HKD 2,133,220, compared to HKD 1,042,625 in 2024, marking a significant increase of 104.5%[6] - Total revenue for 2025 reached HKD 3,796,358, an increase from HKD 3,485,403 in 2024, representing a growth of approximately 8.9%[11] - The profit before tax for 2025 was HKD 1,017,002, compared to HKD 754,334 in 2024, indicating a significant increase of about 34.8%[16] - The net profit for 2025 was HKD 1,052,994, up from HKD 647,069 in 2024, reflecting a growth of approximately 62.5%[11] Assets and Equity - Total assets as of December 31, 2025, amounted to HKD 9,263,644, up from HKD 6,333,555 in 2024, indicating a growth of 46.1%[7] - The total equity attributable to shareholders was HKD 3,666,087, an increase from HKD 2,677,999 in the previous year[7] - The liabilities increased to HKD 5,597,557 from HKD 4,655,556, representing a rise of 20.2%[7] - The company's total assets increased by 17.9% to HKD 19.26 billion[32] Dividends - The company declared a final dividend of HKD 147,863, compared to HKD 83,219 in 2024, reflecting an increase of 77.8%[7] - The company plans to distribute a final dividend of HKD 0.16 per share for 2025, compared to HKD 0.09 per share in 2024, which is a 77.8% increase[20] - The total dividend per share for the year was HKD 0.225, up by 55.2%[33] Operational Highlights - The insurance revenue primarily comes from operations in Hong Kong, Macau, and mainland China, accounting for over 90% of total revenue[13] - The insurance business remains a core pillar, benefiting from favorable demographic trends and increasing demand for healthcare and retirement products in Hong Kong, Macau, and mainland China[25] - The company recorded a one-time gain of approximately HKD 295,000,000 from the sale of its stake in Hong Kong Life Insurance Company[25] - The group expanded its reinsurance business in Australia, New Zealand, and Southeast Asia, while exploring emerging opportunities in the Middle East and Europe[40] Expenses and Financial Management - The financial expenses related to lease liabilities increased to HKD 162 in 2025 from HKD 143 in 2024, reflecting a rise of about 13.3%[15] - The company’s employee benefits expenses totaled HKD 265,097 in 2025, compared to HKD 240,862 in 2024, indicating an increase of approximately 10.0%[16] - The tax expense for 2025 was HKD 35,992, a decrease from HKD 107,265 in 2024, representing a reduction of about 66.5%[19] Shareholder Information - The company reported a profit attributable to shareholders of HKD 1,052,994,000 for the year, representing a year-on-year increase of 62.7%[25] - The basic earnings per share were calculated based on the weighted average number of ordinary shares of 924,333,000 shares[21] - The total issued shares as of December 31, 2025, were 924,142,000 shares, down from 924,750,000 shares in 2024[24] - The company executed a share buyback and cancellation, reducing the number of issued shares by 608,000 shares during the year[22] - The company repurchased a total of 508,000 ordinary shares at a total cost of approximately HKD 2,036,000 during the year ended December 31, 2025[62] - The repurchased shares were fully paid from retained earnings and were cancelled during the year, reducing the issued share capital accordingly[62] Compliance and Governance - The company emphasizes compliance with all relevant laws and regulations across its jurisdictions, maintaining low levels of compliance risk[52] - The company has complied with the Corporate Governance Code throughout the year, except for a deviation regarding the separation of the roles of Chairman and CEO[64] - The roles of Chairman and President have been held by the same individual since April 20, 2022, which the board believes provides stable leadership[65] - The company’s audit committee has met with its auditor, Ernst & Young, to review and agree on the group's performance for the year ended December 31, 2025[66] Future Outlook - The management anticipates a complex operating environment influenced by geopolitical developments and trade relations[26] - The company plans to maintain a robust balance sheet and strict risk management practices in line with long-term structural trends[26] - The management remains confident in the long-term prospects of the insurance business, driven by the aging population and increasing demand for healthcare solutions[31] - The company continues to focus on disciplined and conservative investment strategies while diversifying its portfolio across regions[31] Investment Performance - The investment portfolio showed strong performance in 2025, with balanced returns from value and growth stocks, quality fixed income, and selected alternative investments[44] - The group increased its holdings in mainland China, Hong Kong, Japan, and Europe while maintaining core positions in the US market[45] - The group holds a strategic 4.8% stake in 康民醫院, which serves over 1.1 million patients annually from more than 190 countries[46] - The retirement and asset management business continued to contribute stable profits, focusing on partnerships with mature operators for sustainable growth[47] - The group has a 10% long-term stake in BBL Asset Management Company, which has consistently provided dividend income and demonstrated diversified capabilities[48] Real Estate Developments - The company's real estate projects in Shanghai account for approximately 3.5% of its total assets, with a moderate improvement expected in transaction volume and new home prices by 2025[49] - The company holds a 27.5% stake in a comprehensive development project in Jiading, which is expected to have flat sales performance in the second half of 2025 due to slowing income growth and employment instability, particularly among young buyers[49] - The company is progressing with a 60,000 square meter comprehensive development project in Qingpu, with 40% of residential units already sold, and aims to deliver completed units starting February 2026[50] - The company purchased a 21,000 square meter land plot in Qingpu in December 2024, with the first batch of approximately 50 residential units expected to be launched after the Lunar New Year in 2026[50]