Financial Performance - For the year ended December 31, 2025, the revenue of Boer Power Holdings Limited was RMB 647,706,000, a decrease of 4.8% compared to RMB 680,276,000 in 2024[12]. - Profit before taxation for 2025 was RMB 21,681,000, down 44.4% from RMB 38,872,000 in 2024[12]. - The profit for the year attributable to equity shareholders was RMB 17,965,000, a decline of 42.3% compared to RMB 31,051,000 in 2024[12]. - The Group recorded revenue of RMB647.7 million, representing a slight year-on-year decrease of 4.8%[17]. - Profit from operations amounted to RMB39.7 million, down from RMB61.8 million in the previous year[17]. - Profit for the year was RMB18.6 million, compared to RMB31.1 million in the previous year[17]. - The Group's profit before taxation and profit for the year decreased by 44.2% and 40.3%, amounting to RMB21.7 million and RMB18.6 million respectively[42]. - The profit for the year was RMB 18.6 million, with a net profit margin of 2.9%, down from RMB 31.1 million and 4.6% in 2024[90]. Assets and Liabilities - The total assets of the company as of December 31, 2025, were RMB 1,548,308,000, while total liabilities were RMB 1,249,143,000, resulting in net assets of RMB 299,165,000[12]. - Total assets as of December 31, 2025, were RMB 1,548.3 million, an increase from RMB 1,525.2 million in 2024, while total liabilities rose to RMB 1,249.1 million from RMB 1,213.5 million[96]. - The gearing ratio decreased to 72.8% as of December 31, 2025, down from 80.7% in 2024, mainly due to a decrease in total borrowings[97]. Dividends - The company declared a final dividend of HKD 0.7 per ordinary share and a special final dividend of HKD 0.35 per ordinary share for 2025[12]. - The Group plans to pay a final dividend of HK0.7 cents per ordinary share and a special final dividend of HK0.35 cents per ordinary share[18]. Market and Economic Conditions - China's GDP for 2025 was approximately RMB 140 trillion, with a year-on-year growth of 5%[14]. - National fixed asset investment in China exceeded RMB 48 trillion, reflecting a year-on-year decline of 3.8%[14]. - Global electricity demand is projected to grow at an average annual rate of 3.6% by 2030, representing a 50% increase compared to the past decade[29]. - Current annual grid investment of approximately $400 billion will need to increase by 50% by 2030 to meet rising demand[29]. - By 2030, global data center electricity demand is expected to increase by 75 to 125 gigawatts, highlighting the pressure on power infrastructure[24]. Strategic Initiatives - The Group focused on cost reduction and efficiency enhancement initiatives to adapt to the challenging macroeconomic environment[14]. - Boer Power continued to strengthen its core competitiveness and diversified customer base amid complex economic conditions[14]. - The Group aims to balance growth and returns while safeguarding shareholders' interests through refined cost control and diversified revenue streams[18]. - The Group aims to deepen its presence in urban rail transit and wastewater treatment sectors, focusing on power supply reliability and energy efficiency[28]. - The Group will continue to focus on overseas expansion and enhance global resource integration capabilities to support sustainable long-term development[31]. Technological Development - The Group's proprietary "Cloud Smart" power big data platform integrates hardware and software to provide intelligent energy management solutions[21]. - The Group's "One-Stop Intelligent Power Solution" integrates real-time monitoring and dynamic allocation, enhancing grid dispatch flexibility and supporting renewable energy integration[25]. - The Group's proprietary power big data platform, "Cloud Smart," enhances energy management through modern communication and internet technologies[46]. - The Group's "One-Stop Computing Centre Solution" developed by the Group has received high recognition from customers, reflecting its strong R&D capabilities[49]. Operational Efficiency - Operating cash flow has maintained a net inflow position for ten consecutive years, reflecting effective financial management[43]. - The Group continues to optimize its debt structure and reduce financial costs, enhancing overall operational efficiency[45]. - Selling and distribution expenses increased significantly due to strategic investments in overseas market promotion[42]. - The Group is committed to optimizing cash flow management and maintaining healthy operational cash flow amidst macroeconomic uncertainties[63]. Human Resources - As of December 31, 2025, the Group had 632 employees, an increase from 626 employees in 2024, with total staff costs amounting to RMB 97.2 million, up from RMB 88.1 million in 2024[109][116]. - The Group emphasizes competitive remuneration packages and regularly reviews compensation policies based on industry benchmarks and individual performance[110][117]. Corporate Governance - The Group's commitment to good corporate governance emphasizes transparency, accountability, and independence to enhance shareholder value[180]. - The Board consists of eight Directors, including five Executive Directors and three Independent Non-executive Directors, ensuring a balanced composition with relevant industry knowledge[184]. - The Company has complied with the Corporate Governance Code, with the exception of a deviation from code provision C.2.1, which is explained in the report[181]. - The Board has established the Group's purpose, values, and strategy, promoting a culture of integrity and ethical behavior across the organization[194].

Financial Performance - The Group's revenue increased by approximately 22.2% to approximately HK$132.6 million for the six months ended 31 December 2025, compared to the same period last year[13]. - Gross profit rose by approximately 25.4% from approximately HK$32.9 million for the six months ended 31 December 2024 to approximately HK$41.3 million for the six months ended 31 December 2025[14]. - The net profit for the period increased by approximately HK$3.3 million from approximately HK$2.8 million for the six months ended 31 December 2024 to approximately HK$6.1 million for the six months ended 31 December 2025[15]. - The net profit margin increased from approximately 2.6% for the six months ended 31 December 2024 to approximately 4.6% for the six months ended 31 December 2025[15]. - Basic earnings per share was approximately HK1.27 cents, compared to approximately HK0.58 cents for the corresponding period in 2024[16]. - Total comprehensive income for the period was HK$6,430,000, which includes an exchange difference of HK$340,000 on translation of foreign operations[86]. - Profit for the period reached HK$6.09 million, compared to HK$2.79 million in the previous year, reflecting a significant increase of 118.5%[81]. Revenue Breakdown - Revenue from packaging printing increased by approximately 43.4% to approximately HK$58.6 million for the six months ended 31 December 2025, compared to the same period in 2024[24]. - Revenue contribution from packaging printing services was 44.2% for the six months ended 31 December 2025, compared to 37.6% for the same period in 2024[21][23]. - Revenue from paper gift set printing increased by approximately 7.4% to approximately HK$61.5 million, driven by more promotional campaigns by customers[27]. - Card printing revenue surged approximately 110.6% to approximately HK$6.2 million, attributed to the launch of a new card-game project[28]. - Revenue from smart package printing decreased by approximately 5.9% to approximately HK$4.9 million due to conservative customer spending amid global economic challenges[29]. - Other printing revenue declined by approximately 36.4% to approximately HK$1.4 million, as fewer new projects were launched by customers[33]. Expenses and Costs - Administrative expenses remained stable at approximately HK$33.1 million for the current period compared to approximately HK$32.5 million in the prior period[41]. - Selling and distribution expenses increased to approximately HK$3.4 million, primarily due to higher sales in the current period[45]. - Employee benefit expenses for the six months ended 31 December 2025 were HK$36,692,000, compared to HK$31,918,000 in 2024, reflecting an increase of about 14.7%[116]. - The cost of inventories sold increased to HK$91,286,000 for the six months ended 31 December 2025, up from HK$75,596,000 in 2024, indicating a rise of approximately 20.7%[116]. Cash Flow and Assets - Cash and bank balances decreased from approximately HK$276.7 million as at 30 June 2025 to approximately HK$252.2 million as at 31 December 2025[57]. - The current ratio was approximately 5.7 times as at 31 December 2025, down from approximately 6.2 times as at 30 June 2025[57]. - Cash generated from operations was HK$7,695,000 for the six months ended 31 December 2025, compared to a cash used of HK$6,962,000 in the same period of 2024[89]. - Net cash flows from investing activities amounted to HK$4,346,000 for the six months ended 31 December 2025, compared to HK$3,389,000 for the same period in 2024, showing an increase of 28.36%[89]. - Total non-current assets increased to HK$176,860,000 as of December 31, 2025, up from HK$171,174,000 as of June 30, 2025, representing a growth of 3.98%[84]. - Current assets decreased to HK$329,084,000 as of December 31, 2025, down from HK$344,165,000 as of June 30, 2025, a decline of 4.39%[84]. Investments and Future Plans - The Group is planning to establish a manufacturing hub in Indonesia to enhance cost competitiveness and supply chain resilience[10]. - The investment in ESG Print Limited was completed to capture the growing demand for sustainability-aligned print solutions[10]. - The company plans to invest in advanced printing technologies and automation to enhance service quality and expand smart packaging offerings[35]. Shareholder Information - As of December 31, 2025, Chan Peter Tit Sang holds a long position of 360,000,000 shares, representing 75% of the total issued share capital of the Company[156]. - The controlling shareholders are deemed to be interested in 75% of the issued share capital of the Company due to their concerted actions[1]. - Goody Luck holds a beneficial interest of 360,000,000 shares, representing 75.0% of the Company's total issued share capital[168]. - The Company has maintained a centralized control and decision-making process among its controlling shareholders[1]. Corporate Governance - The Company has adopted the Model Code for Securities Transactions by Directors and confirmed compliance during the six months ended December 31, 2025[176]. - The Company has complied with the applicable code provisions of the Corporate Governance Code during the six months ended December 31, 2025[178]. - The Audit Committee, comprising three independent non-executive directors, reviewed the unaudited interim results for the six months ended December 31, 2025, with no disagreements noted[191].

Financial Performance - The company's revenue for the year ended December 31, 2025, was approximately HKD 161.7 million, a decrease of about 13.5% compared to the previous year[13]. - Gross profit for the same period was approximately HKD 57.4 million, down 3.7% year-on-year, with a gross margin increase from 31.8% to 35.5%[13][17]. - Net profit for the year was approximately HKD 6.6 million, reflecting a 1.5% increase compared to the previous year[13]. - Revenue from the beauty products segment accounted for 90.8% of total revenue, while the makeup bags segment contributed 9.2%[15]. - Revenue from the US market was approximately HKD 56.9 million, representing 35.2% of total revenue, while revenue from the UK market decreased significantly by 56.8% to HKD 36.4 million[17]. - Revenue from the Irish market increased significantly by 391% to approximately HKD 44.8 million, accounting for 27.7% of total revenue[17]. - The company's profit attributable to equity holders for the year ending December 31, 2025, is approximately HKD 6.6 million, an increase of about 1.5% compared to the previous year[19]. Cost Management - The company has implemented strong cost control measures, resulting in an increase in profit margin from 31.8% to 35.5%[8]. - Administrative expenses decreased by approximately 0.3% to about HKD 45.8 million for the year ending December 31, 2025, primarily due to a reduction in bonuses paid to employees and directors[20]. - Sales and distribution expenses decreased by approximately 14.3% to about HKD 12.5 million for the year ending December 31, 2025, mainly due to reduced shipping and freight costs[21]. Strategic Focus - The company plans to focus on creating innovative products and expanding its business into new regions, particularly in the European market[14]. - The company continues to engage with overseas clients to understand their needs and product demands amidst a challenging business environment[12]. - The company has successfully expanded its sales reach to the UK and Ireland markets to mitigate the impact of tariffs on Chinese goods[18]. Financial Position - The company maintained a strong financial position with cash and cash equivalents of approximately HKD 187.7 million as of December 31, 2025, compared to HKD 175.1 million in 2024[22]. - The current ratio as of December 31, 2025, is approximately 9.1 times, up from 7.4 times in 2024[22]. - The total employee cost for the year ending December 31, 2025, is approximately HKD 34.7 million, an increase from HKD 34.3 million in the previous year, mainly due to increased bonuses[32]. - The company has no significant contingent liabilities or capital commitments as of December 31, 2025, with capital commitments for factory expansion amounting to approximately HKD 0.8 million[24]. Corporate Governance - The company has a commitment to maintaining high standards of corporate governance and compliance[57]. - The board consists of six directors, including three executive directors and three independent non-executive directors, maintaining a balance of skills and experience necessary for effective leadership[115]. - The company has established a remuneration committee to determine the remuneration policy for directors and senior management based on the group's performance and market practices[86]. - The company has confirmed that all independent non-executive directors meet the independence guidelines as per GEM Listing Rules[80]. - The company has adopted a code of conduct for securities trading, ensuring compliance with GEM listing rules by all relevant employees[113]. Environmental, Social, and Governance (ESG) Initiatives - The group aims to integrate low-carbon, environmental, and responsible concepts into all business processes by 2025, positioning itself as a benchmark for ESG practices in the beauty and cosmetics industry[175]. - The group has established a comprehensive ESG strategy covering operations, compliance, internal control, and human resource management, with the board responsible for the effectiveness of the ESG framework[178]. - The group emphasizes the importance of community investment, health and safety, and product responsibility in its ESG strategy[185]. - The company is committed to environmental sustainability by integrating environmental protection into daily operations[197]. - The company has not recorded any significant environmental compliance issues during the reporting period[198]. Risk Management - The company faces risks from external factors such as US-China trade relations, which could significantly impact sales demand and overall business performance[63]. - Labor shortages and rising labor costs in China may adversely affect the company's operations and expansion plans[64]. - The company has implemented anti-fraud and whistleblowing policies to prevent corruption and bribery[155]. - The risk management and internal control systems are deemed effective, with ongoing evaluations to update significant risk factors regularly[157]. Shareholder Relations - The annual general meeting is scheduled for May 8, 2026, with a notice to be published and sent to shareholders[107]. - The company has established procedures for shareholders to request special meetings and propose resolutions[165]. - The company has implemented a communication policy to maintain effective communication with shareholders and potential investors, reviewing its effectiveness annually[171].

Financial Performance - For the fiscal year ending December 31, 2025, the company reported a revenue of RMB 45,456.2 million, representing a year-on-year increase of 15.8%[2] - The gross profit for the same period was RMB 21,379.1 million, with a gross margin of 47.0%, up from 40.8% in the previous year[2] - Net profit attributable to shareholders reached RMB 19,194.9 million, a significant increase of 105.2% compared to the previous year[2] - The company’s adjusted net profit attributable to shareholders was RMB 14,956.5 million, reflecting a 41.3% increase year-on-year[2] - The company’s basic earnings per share (EPS) increased to RMB 6.72, up 107.4% from RMB 3.24 in the previous year[2] - The overall gross profit increased to RMB 21.38 billion, a 33.5% year-on-year increase, with a gross margin of 47.0%, up 6.2 percentage points from 2024[17] - The adjusted net profit attributable to the parent company for the year ended December 31, 2025, was RMB 19,194.9 million, a significant increase from RMB 9,352.6 million in 2024, representing a growth of 105.5%[36] - The adjusted gross profit for the year ended December 31, 2025, was RMB 21,889.7 million, compared to RMB 16,326.3 million in 2024, reflecting a gross margin increase to 48.2% from 41.6%[36] Revenue Breakdown - Revenue from U.S. clients was RMB 31,250 million, marking a 34.3% increase year-on-year, while revenue from European clients decreased by 4.0% to RMB 4,820 million[7] - The chemical business segment generated RMB 36,465.8 million in revenue, a 25.5% increase from the previous year[9] - WuXi Chemistry's revenue reached RMB 36.47 billion, a year-on-year increase of 25.5%, with over 420,000 new compounds successfully synthesized and delivered to clients in 2025[11] - The small molecule D&M business generated RMB 19.92 billion, growing 11.4% year-on-year, with a total of 3,452 molecules in the pipeline by the end of 2025[11] - TIDES business revenue reached RMB 11.37 billion, a significant year-on-year growth of 96.0%, with a 20.2% increase in orders on hand[11] - The testing business generated RMB 4.04 billion, recovering with a growth of 4.7% year-on-year, while the biology business achieved RMB 2.68 billion, growing 5.2% year-on-year[12] Cash Flow and Investments - Net cash generated from operating activities for the year ending December 31, 2025, was RMB 16,426.3 million, a 37.0% increase from RMB 11,986.8 million for the year ending December 31, 2024.[29] - The net cash used in investing activities decreased by 77.1% to RMB 1,167.4 million for the year ending December 31, 2025, primarily due to significant cash inflows from the sale of shares in WuXi XDC Cayman Inc.[29] - The net cash generated from financing activities was RMB 1,122.7 million for the year ending December 31, 2025, compared to a cash outflow of RMB 3,832.7 million for the year ending December 31, 2024, mainly due to cash inflows from H-share placements.[30] - The company reported a substantial increase in the cash flow from operating activities, which amounted to RMB 16,426.3 million in 2025, compared to RMB 11,986.8 million in 2024, reflecting a growth of 37.8%[38] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 15.7927 per 10 shares, subject to shareholder approval[3] - For the 2024 profit distribution plan, the company will distribute a cash dividend of RMB 9.8169 per 10 shares, totaling RMB 2,832,309,813.65[55] - The special dividend for 2025 will be RMB 3.5000 per 10 shares, amounting to RMB 1,009,797,833.10[56] - The board proposed a cash dividend of RMB 15.7927 per 10 shares for 2025, compared to RMB 9.8169 per 10 shares for 2024, indicating an increase in shareholder returns[151] Operational Efficiency and Business Model - The company continues to enhance its CRDMO business model to provide integrated drug development and manufacturing services globally[5] - The company plans to focus on its unique integrated CRDMO business model, enhancing production efficiency and expanding new capabilities to drive steady business growth[75] - The company aims to improve customer satisfaction through high-quality services and strict intellectual property protection, while expanding its global customer base, particularly targeting long-tail customers[77] - The company aims to enhance its operational efficiency through the application of automation technologies, improving insights into the industry and business predictability[79] Market Position and Growth Prospects - The company is positioned as a global leader in integrated end-to-end new drug R&D services, benefiting from the rapid growth of the global outsourcing market[48] - The company anticipates a continuous increase in outsourcing demand for pharmaceutical research and development, commercial production, and clinical development, necessitating significant capital and resource investment for global capacity and scale expansion[90] - The board expressed confidence in future growth prospects, driven by ongoing product development and market expansion initiatives[112] Risks and Challenges - The company faces risks from a potential decline in demand for pharmaceutical research services, which could negatively impact its business if industry trends slow down or outsourcing ratios decrease[83][84] - Regulatory changes in the pharmaceutical research services industry pose a risk, as the company must adapt its strategies to comply with evolving policies and regulations[85] - Increased competition in the global pharmaceutical research services market could threaten the company's market position if it fails to strengthen its comprehensive R&D capabilities[86] - Global operations and international policy changes present risks that could adversely affect the company's business continuity and development[88] Corporate Governance and Compliance - The board is committed to high standards of corporate governance, although it has not separated the roles of Chairman and CEO, which is seen as beneficial for management[105] - The company maintains compliance with public shareholding requirements as per listing rules[104] - The company has established a robust internal control system to ensure compliance with laws and regulations, but risks remain if oversight of subsidiaries is insufficient[87] Employee and Operational Metrics - As of December 31, 2025, the company employed 33,834 staff, providing regular training to enhance employee skills and knowledge[94] - Employee costs, including salaries and benefits, rose to RMB 13,731,784 thousand in 2025 from RMB 11,895,755 thousand in 2024, an increase of 15.4%[147]

ISP Global Limited (於開曼群島註冊成立的有限公司) 股份代號：8487 2025/26 中期報告 ISP Global Limited (incorporated in the Cayman Islands with limited liability) Stock Code: 8487 INTERIM REPORT 2025/26 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為相比起其他在聯交所上市的公司帶有較高投資風險的中小型公司提供 一個上市的市場。有意投資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聯交所主板買賣的 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。 本報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 ISP Global Limited（「本公司」）的資料；本公司董事（「董事」）願就本報告共同及個別地承擔 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，本報告所載資料在各重 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was CNY 20,969,650, an increase of 17.1% from CNY 17,903,608 in 2024[5] - Gross profit for the year was CNY 2,306,982, representing a growth of 27.2% compared to CNY 1,813,451 in the previous year[5] - Profit attributable to owners of the company surged to CNY 152,965, a remarkable increase of 409.7% from CNY 30,013 in 2024[5] - Adjusted net profit for the year was CNY 237,058, reflecting a 51.2% increase from CNY 156,734 in the prior year[5] - Basic earnings per share rose to CNY 0.224, up 376.6% from CNY 0.047 in 2024[5] - The company declared a full-year dividend of CNY 0.110 per share, an increase of 46.7% from CNY 0.075 in the previous year[5] Business Strategy and Operations - The company aims to enhance service capabilities across all channels, focusing on efficiency and ecosystem collaboration[6] - The company is expanding its platform business and self-operated business to cultivate diverse growth drivers[8] - The company collaborates with over 11,000 upstream sellers to build a quality supply ecosystem, enhancing platform value and service depth[8] - The company is optimizing upstream seller service systems to significantly reduce operational costs and improve sales efficiency[9] - The on-time delivery rate for orders improved to 96.70%, reflecting enhancements in warehousing network optimization and logistics planning[10] - The proprietary brand business achieved over 280% year-on-year explosive growth, with more than 1,200 related SKUs[11] - AI technology will be deeply integrated into business services by 2025, enhancing operational efficiency and decision-making capabilities[12] - The company established a strategic partnership with Shenzhen Yuejiang Technology Co., Ltd. to explore the application of robotics in intelligent warehousing and distribution[13] - The company aims to build a more intelligent pharmaceutical supply chain and enhance health service capabilities by 2026[15] - The company is committed to ESG principles, focusing on green low-carbon practices and grassroots healthcare development[14] - The company plans to enhance digital operational capabilities for upstream and downstream users through a multi-ecosystem strategy[17] - The order fulfillment system has been systematically improved to support the growing demand in the outpatient pharmaceutical health industry[17] - The company is leveraging AI to optimize inventory turnover and purchasing decisions, creating a fully digitalized operational loop[12] - The company is focusing on building a resilient supply chain to adapt to structural opportunities in the healthcare market[17] Market and Customer Metrics - The company reported an average of 461,000 active buyers per month, representing a year-over-year growth of 6.5%[18] - The average number of paying buyers per month reached 435,000, with an increase of 8.4% year-over-year[18] - The platform's average monthly SKU count grew to approximately 4.2 million, enhancing product richness to meet diverse customer needs[20] - Sales of traditional Chinese medicine pieces reached approximately 40,000 tons, marking a year-over-year growth of about 32.8%[20] Financial Ratios and Costs - The average commission rate for platform business was 3.3%, while the subsidy rate for 2025 is projected to be 0.5%, a decrease of about 0.1 percentage points compared to 2024[22] - The on-time delivery rate for orders improved to 96.70% in 2025, enhancing customer purchasing experience[24] - The company aims to have over 12,000 self-operated business suppliers by December 31, 2025, with an average SKU count of 430,000[23] - The company established strategic partnerships with quality brands to create a stable high-cost performance supply system[26] - The brand's primary business achieved a transaction scale of RMB 2,445 million, representing a year-on-year growth of 111.2%[27] - The self-owned brand's transaction scale reached RMB 1,937 million, with a year-on-year increase of approximately 282.8%[29] - The company successfully established multiple self-owned brands covering over 1,200 SKUs, significantly enhancing its market presence in various high-potential categories[29] Operational Efficiency - The core business revenue and net profit of Yikang Pharmaceutical met the annual performance targets set at the time of acquisition, indicating strong growth potential[30] - The "Future Spectrum" series of instant testing devices covered over 22,000 end-users, with sales exceeding 33,000 units by December 31, 2025[32] - The "Spectrum Cloud Diagnosis" SaaS service had over 2,800 paying users by December 31, 2025, enhancing diagnostic accuracy and prescription safety[33] - The "Cloud Merchant" SaaS service provided to over 9,600 sellers, with approximately 1,200 new additions during the reporting period[34] - The "Zhangdianyi" SaaS service served over 73,000 buyers, with more than 13,000 new users added during the reporting period[35] - The company focused on enhancing the operational efficiency of the outpatient pharmaceutical supply chain through digital empowerment and innovative services[34] - The "PHDS Pharmacy Health Diagnosis System" supported around 850 chain headquarters users by the end of 2025, improving operational efficiency and effectiveness[35] Employee and Governance - The company had a total of 6,950 employees as of December 31, 2025, with the largest segments being sales and marketing (3,299 employees) and operations (2,292 employees)[77] - Total employee compensation for the year ending December 31, 2025, is projected to be RMB 1,321.4 million, an increase from RMB 1,120.4 million for the year ending December 31, 2024[79] - The company has not encountered any significant labor disputes or difficulties in hiring employees as of December 31, 2025[79] - The board of directors is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[82] - The company has adopted two share incentive plans, namely the 2019 and 2023 share incentive plans, to motivate employees[78] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2025, and has engaged with independent auditors for oversight[87] - The company has complied with the Corporate Governance Code and has not identified any violations during the reporting period[86] - The company will continue to monitor and review its corporate governance practices to ensure compliance with applicable standards[85] - The chairman also serves as the CEO, which deviates from the recommendation to separate these roles, but the board believes this arrangement ensures effective leadership[84] Cash Flow and Financial Position - As of December 31, 2025, the company's cash and cash equivalents decreased by 31.8% to RMB 710.0 million from RMB 1,041.2 million as of December 31, 2024[65] - The net cash generated from operating activities for the year ended December 31, 2025, was RMB 637.7 million, primarily due to a pre-tax profit of RMB 137.0 million[68] - The net cash used in investing activities for the year ended December 31, 2025, was RMB 896.3 million, mainly due to cash outflows from restricted bank deposits of RMB 502.0 million and time deposits of RMB 231.9 million[69] - The net cash used in financing activities for the year ended December 31, 2025, was RMB 71.0 million, primarily attributed to share repurchases and dividend payments[70] - The company's capital debt ratio as of December 31, 2025, was 6.4%, a significant increase from 0.9% as of December 31, 2024[75] - The adjusted net profit for the year was RMB 237.1 million, with an adjusted net profit margin of 1.1%[64] Legal and Compliance - The company has no significant litigation or arbitration pending as of December 31, 2025, ensuring a stable legal environment for operations[93] - The company has no significant contingent liabilities[81] - The financial statements are prepared in accordance with International Financial Reporting Standards, ensuring compliance and transparency[105] - The group operates primarily in China, with all revenue and non-current assets sourced from this market[112] Future Outlook - The company plans to meet its liquidity needs through a combination of cash generated from operations, external borrowings, and funds raised from capital markets[65] - The annual performance announcement will be published on the Hong Kong Stock Exchange website and the company's website[129] - The annual report for the year ending December 31, 2025, will be published in due course on the aforementioned websites[129]

Revenue Performance - The solar power business generated revenue of approximately HKD 29,900,000 for the six months ended December 31, 2025, an increase from HKD 10,800,000 for the same period in 2024, due to a higher volume of contracts secured and delivered [8]. - The distribution system segment recorded revenue of approximately HKD 25,400,000 for the six months ended December 31, 2025, down from HKD 43,700,000 for the same period in 2024, attributed to a decrease in the number of contracts [9]. - The beauty and wellness segment achieved revenue of approximately HKD 1,300,000 for the six months ended December 31, 2025, compared to HKD 200,000 for the same period in 2024 [10]. - Total revenue for the six months ended December 31, 2025, was HKD 56,627,000, representing an increase of 3.6% compared to HKD 54,654,000 for the same period in 2024 [55]. - For the six months ending December 31, 2025, total revenue from external customers was HKD 56,627,000, with solar energy business contributing HKD 29,887,000, distribution system business HKD 25,446,000, and beauty and health business HKD 1,294,000 [76]. Profitability and Loss - The group's gross profit increased by 25.7% to approximately HKD 4,400,000 for the six months ended December 31, 2025, with a gross profit margin rising from 6.4% to 7.8% [12]. - The loss attributable to equity holders of the company was approximately HKD 11,300,000 for the six months ended December 31, 2025, an improvement from a loss of HKD 16,300,000 for the same period in 2024 [12]. - The net loss for the period was HKD 11,332,000, an improvement from a net loss of HKD 13,920,000 in the previous year, indicating a reduction in losses by 18.6% [55]. - The company reported a basic and diluted loss per share of HKD 6.8, down from HKD 12.8 in the previous year [55]. - The company reported a loss attributable to equity holders of HKD 11,306,000 for the six months ended December 31, 2025, an improvement from a loss of HKD 16,309,000 in 2024, reflecting a reduction of approximately 30.5% [91]. Financial Position - The group's net current assets were approximately HKD 129,800,000 as of December 31, 2025, down from HKD 137,500,000 as of June 30, 2025 [16]. - The company's total equity decreased to HKD 136,821,000 from HKD 145,038,000, a decline of 5.6% [57]. - As of December 31, 2025, the total equity attributable to owners of the company was HKD 99,363,000, down from HKD 120,344,000 as of June 30, 2025 [58]. - Total assets as of December 31, 2025, amounted to HKD 235,107,000, with solar energy business assets at HKD 91,319,000, distribution system business assets at HKD 134,352,000, and beauty and health business assets at HKD 7,999,000 [77]. - Total liabilities as of December 31, 2025, were HKD 98,286,000, with solar energy business liabilities at HKD 38,934,000, distribution system business liabilities at HKD 22,096,000, and beauty and health business liabilities at HKD 2,087,000 [77]. Cash Flow and Financing - The company reported a net cash flow from operating activities of HKD 4,150,000 for the six months ended December 31, 2025, compared to a net outflow of HKD 9,481,000 in the same period of 2024 [59]. - The company’s financing activities generated a net cash inflow of HKD 1,042,000 for the six months ended December 31, 2025, compared to a net outflow of HKD 2,656,000 in the previous year [59]. - The company has unsecured borrowings of HKD 8,000,000, with a fixed annual interest rate of 6% as of December 31, 2025 [107]. - The company raised approximately 10,540,000 HKD from a placement of 33,365,000 shares at a price of 0.34 HKD per share, completed on January 28, 2026 [117]. Share Capital and Incentives - The issued share capital remained unchanged at 166,830,200 shares, with a par value of HKD 0.2 per share, totaling HKD 33,366,000 [108]. - The company adopted a new share option plan on December 15, 2023, allowing for a total of 8,341,680 shares to be potentially issued, which is 10% of the total issued shares at the time of adoption [41]. - The share incentive plan was adopted on November 21, 2025, to recognize and reward contributions from eligible participants [47]. - The share incentive plan allows for a total of 16,683,020 shares to be granted, representing 8.33% of the issued shares excluding treasury shares [48]. Operational Highlights - The company remains confident in the development of its business in mainland China, particularly in the renewable energy and power distribution systems sectors [30]. - A joint venture was established during the reporting period to engage in high-end perovskite equipment business in mainland China [30]. - The company has not faced any significant difficulties or impacts from currency fluctuations in its operations or working capital as of December 31, 2025 [22]. - The company has no significant capital expenditures or commitments as of December 31, 2025, with capital commitments amounting to approximately HKD 600,000 [26]. Employee and Administrative Expenses - The total number of employees increased to 44 as of December 31, 2025, with employee costs amounting to approximately HKD 6,800,000 during the review period [29]. - The administrative expenses increased from approximately HKD 11,500,000 for the six months ended December 31, 2024, to HKD 12,000,000 for the same period in 2025, primarily due to increased employee benefits [14]. Inventory and Assets - Inventory levels rose significantly to HKD 42,654,000, compared to HKD 28,994,000, marking a 47.2% increase [56]. - The company’s inventory included components for perovskite thin-film deposition equipment valued at HKD 10,227,000 as of December 31, 2025, which was not present in the previous year [95]. - Trade receivables totaled HKD 120,474,000 as of December 31, 2025, down from HKD 139,498,000 as of June 30, 2025, representing a decrease of about 13.6% [96]. Compliance and Reporting - The company has applied the revised International Financial Reporting Standards for the first time during this interim period, which did not have a significant impact on the financial position and performance [69]. - The company’s financial statements are prepared based on historical cost, except for financial assets measured at fair value [68]. - The company’s interim financial statements have been reviewed by the audit committee [70].

Financial Performance - Revenue for the year ended December 31, 2025, was HKD 1,319,901, a decrease of 15.1% compared to HKD 1,553,244 in 2024[2] - The company reported a net loss of HKD 22,616 for 2025, compared to a net loss of HKD 13,673 in 2024, indicating a deterioration in performance[2] - Total comprehensive income for the year was HKD 38,119, a significant improvement from a total comprehensive loss of HKD 62,487 in 2024[3] - Basic and diluted loss per share for 2025 was HKD 3.58, compared to HKD 2.16 in 2024, reflecting increased losses per share[3] - The net loss attributable to shareholders for the year ended December 31, 2025, increased by 65.4% to HKD 22,616,000, compared to HKD 13,673,000 in 2024[30] - The basic loss per share for the year ended December 31, 2025, was HKD 3.58, compared to HKD 2.16 in 2024[26] Assets and Liabilities - Non-current assets decreased to HKD 715,450 in 2025 from HKD 809,141 in 2024, a decline of 11.6%[4] - Current assets decreased to HKD 1,102,424 in 2025 from HKD 1,162,485 in 2024, a decline of 5.2%[4] - Total liabilities decreased to HKD 179,705 in 2025 from HKD 201,476 in 2024, a reduction of 10.8%[4] - The company's net asset value decreased to HKD 1,550,946 in 2025 from HKD 1,673,543 in 2024, a decline of 7.3%[5] - Trade receivables decreased to HKD 80,287,000 in 2025 from HKD 99,319,000 in 2024, with total trade, notes, and other receivables amounting to HKD 124,438,000[22] - Trade payables decreased to HKD 29,344,000 in 2025 from HKD 46,137,000 in 2024, reflecting a reduction in liabilities[24] Income and Expenses - Other income, gains, and losses increased to HKD 27,116 from HKD 14,438, representing an increase of 88.0%[2] - The group reported other income of HKD 10,868,000 in 2025, down from HKD 13,766,000 in 2024, primarily due to a decrease in interest income from HKD 8,167,000 to HKD 5,232,000[15] - The total inventory cost recognized as an expense during the year was HKD 1,135,049,000, down from HKD 1,330,513,000 in 2024[21] - The cost of raw materials and consumables used decreased by 21.6%, with the percentage of these costs to revenue dropping to 35.7% from 38.7% in 2024[29] Dividends - The group declared an interim dividend of HKD 0.08 per share for 2025, totaling HKD 50,534,000, compared to HKD 31,584,000 for the interim dividend of HKD 0.05 per share in 2024[19] - The board has proposed a final dividend of HKD 0.12 per share for the year ending December 31, 2025, compared to a final dividend of HKD 0.06 and a special final dividend of HKD 0.12 for 2024[40] Operational Focus and Strategy - The company plans to focus on R&D for plastic and die-casting mold production technology to enhance processing capabilities and product quality[35] - The company aims to adjust marketing strategies to capture high-value mold orders and expand market share, while also reducing costs through automation and high-tech solutions[36] - The group has a broad customer base across Asia, Europe, and the Americas, with no single customer accounting for more than 10% of total revenue[14] Compliance and Governance - The company has complied with all provisions of the Corporate Governance Code as per the Hong Kong Stock Exchange Listing Rules for the year ending December 31, 2025[43] - The company has applied revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial statements for the current and prior years[6] Market Conditions and Risks - The company expects to face greater risks and challenges in 2026 due to geopolitical tensions and economic uncertainties, impacting business prospects[35] - The fair value of investment properties decreased by HKD 10,200,000 during the year, reflecting a challenging market environment[27] Cash and Funding - The company had cash and bank deposits of HKD 588,632,000 as of December 31, 2025, an increase from HKD 546,648,000 in 2024, with no borrowings[31] Shareholder Actions - No shares or other securities were purchased, sold, or redeemed by the company or its subsidiaries for the year ending December 31, 2025[42] - The company will suspend the transfer of shares from May 13 to May 18, 2026, to facilitate the annual general meeting voting process[41]

Financial Performance - The company reported an operating loss of RMB 205,768 thousand for the year ended December 31, 2025, compared to an operating loss of RMB 280,852 thousand in 2024, representing a 26.7% improvement[3]. - The net loss for the year was RMB 208,547 thousand, a decrease from RMB 283,351 thousand in the previous year, indicating a 26.4% reduction in losses[3]. - The basic and diluted loss per share improved to RMB 0.55 in 2025 from RMB 0.77 in 2024, reflecting a 28.6% decrease in loss per share[3]. - The company reported a total comprehensive loss of RMB 208.55 million for the year ended December 31, 2025, compared to a loss of RMB 283.35 million in 2024[85]. - The adjusted net loss for the year ended December 31, 2025, was RMB 126.1 million, an improvement from RMB 137.9 million in 2024, reflecting a decrease in share-based compensation expenses[38]. - The net loss for the year ended December 31, 2025, decreased by RMB 74.9 million compared to the previous year, primarily due to reduced share-based compensation expenses and lower R&D costs following the approval of PB-119[36]. Assets and Liabilities - Total assets increased significantly to RMB 599,234 thousand in 2025 from RMB 218,357 thousand in 2024, marking a 174.5% growth[4]. - The company achieved a substantial increase in non-current assets, rising to RMB 42,951 thousand in 2025 from RMB 28,063 thousand in 2024, a growth of 53.1%[4]. - Cash and cash equivalents at the end of December 31, 2025, amounted to RMB 467.5 million, an increase of RMB 439.1 million from RMB 28.4 million at the end of 2024, primarily due to net proceeds from the listing[48]. - Total borrowings as of December 31, 2025, were RMB 85.0 million, a decrease of RMB 15.0 million from RMB 100.0 million at the end of 2024[49]. - The company's debt-to-equity ratio as of December 31, 2025, was 20.9%, a significant improvement from 176.6% at the end of 2024[50]. - Total management expenses for the year ended December 31, 2025, were RMB 143.3 million, a decrease of RMB 42.0 million from RMB 185.3 million in 2024, mainly due to reduced share-based compensation expenses[42]. Research and Development - The company successfully developed a pipeline of seven drug candidates targeting chronic diseases, with a focus on metabolic diseases and their complications[5]. - The company is advancing multiple candidates in clinical stages, including ongoing preparations for clinical research and trial optimization[9]. - The company has developed a diversified pipeline of seven candidates, with three in clinical trials and one having received IND approval[12]. - PB-718, a long-acting GLP-1/GCG dual receptor agonist, has completed Phase I clinical trials in the US and is undergoing Ib/IIa trials in China, showing promising safety and preliminary efficacy signals[16]. - PB-1902, an oral selective opioid receptor antagonist for treating opioid-induced constipation (OIC), has completed Phase I trials in China, demonstrating good safety and pharmacokinetic profiles[18]. - The company is evaluating the clinical development strategies for PB-1902 and PB-718, considering their progress and resource allocation for future trials[18]. - The company is conducting internal evaluations of PB-2301's development strategy, considering the overall progress of its product pipeline and resource allocation[21]. - PB-2309, a GLP-1/GIP/GCG tri-receptor agonist, is also in preclinical research for T2DM, NASH, and obesity, with ongoing studies to assess its pharmacological characteristics and safety[22]. - The company is evaluating the clinical development path and submission strategy for PB-2309 based on early research results and overall product pipeline progress[23]. - APGP6, aimed at weight management and muscle mass improvement, is in preclinical research, with ongoing evaluations of its safety and potential efficacy[24]. Commercialization and Market Strategy - The long-acting GLP-1 receptor agonist PB-119 received approval from the National Medical Products Administration in November 2025, entering the commercialization preparation stage[5]. - PB-119 is expected to achieve commercial sales in the first half of 2026, with ongoing preparations for market access and production systems[6]. - The company is preparing for the commercialization of PB-119, including building a production system and optimizing quality management, to ensure stable supply post-launch[14]. - The approval of PB-119 is a significant milestone for the company, enhancing its product pipeline and long-term commercialization potential[15]. - The company is in the process of planning market promotion and channel layout for PB-119 to improve market coverage and patient accessibility post-launch[15]. - A commercialization partnership for PB-119 in mainland China was established on September 13, 2024, but the agreement was terminated in June 2025 due to development progress, and the company is exploring new partnership opportunities[31]. - The company has signed non-binding term sheets with potential partners for the development and commercialization of PB-119 in overseas markets[29]. - The company plans to fully utilize RMB 106.7 million (50.2% of net proceeds) for the commercialization and indication expansion of its core product PB-119 by the end of 2027[74]. Financial Guidance and Future Outlook - The company aims to achieve a compound annual growth rate (CAGR) of over 20% in the next five years[106]. - Financial guidance for the next fiscal year includes projected revenue growth of 15%[106]. - The core product PB-119 is expected to drive significant revenue growth in the upcoming fiscal year[106]. - The company anticipates fluctuations in financial performance due to the development status of its candidate drugs and potential collaboration timelines[35]. - The company is committed to optimizing the development priorities and resource allocation of its pipeline projects to support long-term commercialization opportunities[33]. Governance and Corporate Structure - The company has established an audit committee consisting of three directors to oversee financial reporting and internal controls[70]. - The board of directors includes executive directors Dr. Michael Min XU and Ms. Wang Xiaojun, along with non-executive and independent non-executive directors[111]. - The company is focused on strategic decision-making and governance with a diverse board composition[111]. - The governance structure is designed to support long-term growth and shareholder value[111]. - The presence of independent directors suggests a commitment to corporate governance standards[111]. - The company emphasizes transparency and accountability through its board structure[111]. Risks and Challenges - The company faces significant risks including intense competition, potential patent issues, and the success of its candidate drug PB-119, which is critical for future business performance[63]. - There is uncertainty regarding the successful development and commercialization of PB-119 and PB-718[16][17].

Financial Performance - The company's sales performance for the year ended December 31, 2025, reached RMB 31,374,525 thousand, a significant increase of 220.3% compared to RMB 9,795,210 thousand in 2024[2] - Revenue for the same period was RMB 27,303,184 thousand, reflecting a growth of 221.0% from RMB 8,505,560 thousand in the previous year[2] - Gross profit increased to RMB 10,273,729 thousand, up 193.4% from RMB 3,501,220 thousand in 2024[2] - Profit before tax rose to RMB 6,383,974 thousand, marking a 228.0% increase from RMB 1,946,547 thousand in the prior year[3] - Net profit for the year was RMB 4,867,936 thousand, a 230.5% increase compared to RMB 1,473,106 thousand in 2024[3] - The company reported a non-IFRS adjusted net profit of RMB 5,029,328 thousand, which is 234.9% higher than RMB 1,501,732 thousand in the previous year[2] - The company's total revenue for 2025 reached RMB 27,303,184 thousand, a significant increase from RMB 8,505,560 thousand in 2024, representing a growth of approximately 220%[10] - The company's profit attributable to ordinary equity holders for 2025 was RMB 4,867,936 thousand, a significant increase from RMB 1,473,106 thousand in 2024, representing a growth of approximately 230%[32] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 11,095,146 thousand, compared to RMB 3,920,323 thousand in 2024[4] - The total liabilities for the year were RMB 9,880,184 thousand, up from RMB 2,248,566 thousand in 2024[4] - The company's bank loans totalled RMB 6,264.28 million as of December 31, 2025, a significant increase from RMB 1,373.46 million in 2024[43] - The asset-liability ratio is projected to rise to approximately 47.8% by December 31, 2025, compared to 38.1% as of December 31, 2024[80] Revenue Sources - Revenue from gold product sales was RMB 27,283,484 thousand in 2025, compared to RMB 8,498,524 thousand in 2024, indicating a growth of around 221%[13] - The revenue from maintenance services increased to RMB 7,107 thousand in 2025 from RMB 1,006 thousand in 2024, marking a growth of approximately 608%[13] - The company's overseas revenue grew by approximately 361.0% in 2025 compared to 2024, driven by the expansion of international channels and brand influence[63] Expenses - Sales and distribution expenses rose by approximately 155.2% to about RMB 3,156.31 million in 2025 from RMB 1,236.74 million in 2024, primarily due to increased rental and e-commerce platform costs[66] - Administrative expenses increased by approximately 99.5% from RMB 272.24 million for the year ending December 31, 2024, to about RMB 543.11 million for the year ending December 31, 2025[67] - Total expenses rose by approximately 147.5% from RMB 1,575.50 million for the year ending December 31, 2024, to about RMB 3,900.05 million for the year ending December 31, 2025[72] Inventory and Receivables - Total inventory as of December 31, 2025, reached RMB 16,044,447 thousand, up from RMB 4,087,849 thousand in 2024, indicating a substantial increase of approximately 292%[37] - Trade receivables amounted to RMB 1,314,195 thousand in 2025, compared to RMB 812,001 thousand in 2024, marking an increase of around 62%[38] - Inventory turnover days rose from 195 days in 2024 to 216 days in 2025 due to the increase in inventory levels[77] Dividends and Share Capital - The company declared a final dividend of RMB 6.35 per share for the year ending 2024, totaling approximately RMB 1,096 million, and a mid-year dividend of RMB 9.59 per share for 2025, totaling about RMB 1,692 million[29] - The proposed final dividend is RMB 11.95 per share, an increase from RMB 6.35 per share in 2024, subject to shareholder approval[106] - The company's issued share capital increased to 176,388,500 shares by December 31, 2025, from 168,366,700 shares in 2024[44] Corporate Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the annual performance and consolidated financial statements for the year ending December 31, 2025, confirming compliance with relevant accounting standards and regulations[117] - The company has maintained high standards of corporate governance throughout the reporting period, ensuring compliance with all applicable principles and rules[109] - The board structure includes four executive directors and three independent non-executive directors, ensuring a strong element of independence[110] Market Position and Strategy - The company has established itself as a leading brand in the ancient gold industry, recognized by the China Gold Association for promoting the concept of "Ancient Method Gold"[46] - The company ranked among the top three most preferred jewelry brands for high-net-worth individuals in China in 2026, according to the Hurun Report[46] - The group plans to continue expanding its brand market presence and product innovation, aiming for global market penetration and establishing itself as a leading brand in the gold jewelry industry[56] Future Outlook - The company has provided a positive outlook for the next fiscal year, projecting a revenue growth of 25%[123] - The company plans to enhance its online sales platform, aiming for a 40% increase in e-commerce sales by the end of the next fiscal year[123] - Market expansion plans include entering three new cities in China, targeting a market size of approximately RMB 500 million[123]