Financial Performance - Total revenue for the year ended December 31, 2025, was $567,385,000, representing a 24.9% increase from $454,389,000 in 2024[3] - Gross profit increased by 27.1% to $203,503,000 in 2025, compared to $160,151,000 in 2024[3] - Annual profit for 2025 was $121,163,000, up 27.4% from $95,111,000 in 2024[3] - Adjusted net profit for the year was $122,313,000, reflecting a 24.4% increase from $98,355,000 in the previous year[3] - Basic earnings per share rose to 23.0 cents in 2025, a 21.1% increase from 19.0 cents in 2024[3] - Total revenue from customer contracts for 2025 reached $567.385 million, a 25% increase from $454.389 million in 2024[15] - Revenue from the sale of baby diapers and pull-ups was $446.059 million in 2025, up from $362.447 million in 2024, representing a 23% growth[15] - The baby care segment generated $446.1 million, accounting for 78.6% of total revenue, with a year-on-year growth of 23.1%[37] - The female care segment achieved sales of $99.1 million, representing 17.5% of total revenue, with a growth rate of 27.9%[40] - The family care segment saw a significant increase in sales to $22.3 million, up 53.8% year-on-year, contributing 3.9% to total revenue[42] Assets and Equity - Non-current assets increased to $133,200,000 in 2025 from $77,667,000 in 2024, showing significant growth[6] - Current assets rose to $629,546,000 in 2025, compared to $176,399,000 in 2024, indicating improved liquidity[6] - Total equity increased to $637,290,000 in 2025 from $139,886,000 in 2024, reflecting strong financial health[7] - The company reported a total of $122.078 million in non-current assets for 2025, up from $70.176 million in 2024, reflecting a 74% increase[18] Expenses and Costs - Employee costs, including salaries and other benefits, increased to $25,402,000 in 2025 from $20,347,000 in 2024, reflecting a growth of 25.4%[8] - Sales and distribution expenses grew by 25.8% from $15.9 million in 2024 to $20.0 million in 2025, maintaining a stable ratio of 3.5% to revenue[52] - Administrative expenses increased by 38.7% from $28.2 million in 2024 to $39.1 million in 2025, with the expense ratio rising from 6.2% to 6.9%[53] Dividends - The company proposed a final dividend of 8.88 cents per share for the year 2025[3] - The company declared a final dividend of $0.0888 per share for the year ending December 31, 2025, totaling approximately $55,000,000, pending shareholder approval[24] - The proposed final dividend for the year ending December 31, 2025, requires shareholder approval at the annual general meeting, with a share transfer registration suspension from May 14 to May 15, 2026[88] Market and Sales Growth - Revenue by geographic location showed significant growth in Ghana, increasing from $65.965 million in 2024 to $91.807 million in 2025, a rise of 39%[18] - Sales in Peru, part of the newly expanded Latin American market, surged by 85.8% from $9.3 million in 2024 to $17.3 million in 2025[46] - Revenue from East Africa was $256.1 million, accounting for 45.1% of total revenue, while West Africa contributed $230.9 million, or 40.7%[43] Financial Health and Management - The company aims to enhance its financial position through prudent management of finances, working capital, and cash flow[79] - The company anticipates steady growth in business scale and operational quality, supported by the ongoing demographic dividend in emerging markets[78] - The company is focused on expanding its product matrix in high-growth regions such as Latin America and Central Asia, particularly in baby care, women's care, and family care products[79] Corporate Governance and Compliance - The company has adopted the Corporate Governance Code and has complied with all applicable provisions since its listing[80] - The annual general meeting is scheduled for May 8, 2026, with a suspension of share transfer registration from May 5 to May 8, 2026, to determine voting eligibility[87] Social Responsibility and Sustainability - The company emphasizes social responsibility and sustainable development, focusing on health and hygiene product manufacturing and community initiatives to improve access to hygiene products for vulnerable groups[71] - The group has successfully launched a solar project in Kenya, expected to reduce carbon emissions by approximately 3,547 tons annually[72] Innovation and Development - The company is committed to product innovation, focusing on consumer safety and comfort, and plans to enhance R&D efforts to develop differentiated products for various consumer needs[73][74] - The company is implementing a CRM system to enhance sales management and optimize sales strategies across its distribution channels[47] Operational Efficiency - The inventory turnover days improved from 141 days in 2024 to 132 days in 2025, while the current ratio increased from 1.6 to 5.7, and the debt ratio decreased from 44.9% to 16.4%[61] - The group has no pledged or mortgaged assets as of December 31, 2025[66] Employee and Workforce - The total number of employees as of December 31, 2025, was 2,906, with total employee costs amounting to approximately $29.1 million for the year[75] - As of December 31, 2025, approximately 2,647 local employees were hired, accounting for 91.1% of the total workforce[76] - The company will continue to optimize its human resources management and employee benefits system to enhance talent retention and workplace safety[76]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 9,627,748, an increase of 6.9% from HKD 9,006,657 in 2024[3] - Gross profit for the same period was HKD 835,399, representing a gross margin of approximately 8.7%[3] - Net profit for the year was HKD 162,930, down 23.6% from HKD 213,360 in 2024[5] - Basic and diluted earnings per share decreased to HKD 21.8 from HKD 49.0 in 2024, a decline of 55.5%[4] - Total comprehensive income for the year was HKD 259,930, compared to HKD 162,738 in 2024, indicating an increase of 59.7%[7] - The group reported a total profit before tax of HKD 245,470,000 for the fiscal year 2025, compared to HKD 277,097,000 in the previous year[15] - The company’s net profit for the fiscal year 2025 was HKD 60,501,000, a decrease from HKD 136,205,000 in fiscal year 2024[21] - Revenue for the distribution business rose by 7% to HKD 9,255,049,000, with a notable 25% increase in segment profit to HKD 308,005,000, driven primarily by growth in Thailand[34] - Net profit decreased by 24% to HKD 162,930,000 in 2025 from HKD 213,360,000 in 2024, largely due to reduced gains from fair value changes in financial instruments[32] Assets and Liabilities - Non-current assets totaled HKD 4,628,108, slightly down from HKD 4,647,047 in 2024[8] - Current liabilities increased to HKD 3,751,942 from HKD 3,079,044 in 2024, reflecting a rise of 21.9%[8] - The company's total equity rose to HKD 4,325,809 from HKD 4,176,197 in 2024, an increase of 3.6%[9] - As of December 31, 2025, the group's total assets amounted to HKD 8,743,246,000, with total equity of HKD 4,325,809,000 and total liabilities of HKD 4,417,437,000[41] - The current ratio as of December 31, 2025, was approximately 1.10, down from 1.26 as of December 31, 2024[41] - The group had cash and bank deposits of HKD 1,377,576,000 as of December 31, 2025, compared to HKD 1,438,647,000 as of December 31, 2024[41] - The net cash deficit as of December 31, 2025, was HKD 1,105,639,000, an improvement from HKD 1,408,494,000 as of December 31, 2024[42] - The debt-to-equity ratio was 26% as of December 31, 2025, down from 34% as of December 31, 2024[42] Investments and Operations - The company reported a loss of HKD 90,079 from changes in the fair value of investment properties, compared to a loss of HKD 71,886 in 2024[3] - The group’s operating profit from property investment and hotel operations in Japan was HKD 114,219,000, while losses from other regions amounted to HKD 94,721,000[13] - The company’s revenue from leasing investment properties was HKD 142,551,000, with contributions from Japan and other regions[13] - The company reported a slight profit of HKD 7,393,000 from securities investments in 2025, down from HKD 97,881,000 in 2024 due to market volatility[37] Employee and Compensation - The group employed 1,552 staff as of December 31, 2025, an increase from 1,233 staff in the previous year[44] - Employee compensation and benefits amounted to HKD 335,497,000 for the year ending December 31, 2025, compared to HKD 296,991,000 in 2024[44] Dividends and Shareholder Relations - The company plans to distribute a final dividend of HKD 0.025 per share for the fiscal year 2025, totaling HKD 6,949,000, pending shareholder approval[20] - The board proposed a final dividend of HKD 0.025 per share, subject to shareholder approval, to reward loyal shareholders[30] Future Outlook and Strategy - The company plans to enhance its payment platform and strategically invest in data centers to ensure sustainable growth[37] - The company remains confident in overcoming challenges and is prepared to leverage innovation and operational efficiency for sustainable value creation[39] - The company expresses gratitude to management and employees for their dedication during a challenging year, highlighting their professionalism as a key factor in maintaining resilience[54] - The board acknowledges the trust and support from customers, business partners, and shareholders, emphasizing collaboration to overcome future challenges[54] - The company is committed to achieving long-term success through collective efforts with stakeholders[54] Financial Ratios and Performance Metrics - The basic and diluted earnings per share for fiscal year 2025 were calculated based on a weighted average of 277,966,666 ordinary shares[23] - The net asset value per share increased by 4% from HKD 15.0 in 2024 to HKD 15.6 in 2025[35] - The group had outstanding forward contracts with a nominal value of HKD 317,733,000 as of December 31, 2025, compared to HKD 306,610,000 in 2024[45] - There were no contingent liabilities or guarantees as of December 31, 2025[46]

Financial Performance - The company reported a revenue of RMB 23,159 million for the year ending December 31, 2025, representing an increase of 3.1% from RMB 22,464 million in 2024[4] - The total profit for 2025 was RMB 1,422 million, a significant decrease of 56.5% compared to RMB 3,269 million in 2024[4] - Net profit attributable to equity shareholders was RMB 1,433 million, down 54.6% from RMB 3,160 million in the previous year[4] - Basic earnings per share for 2025 were RMB 3.69, down 54.5% from RMB 8.13 in 2024[7] - The company's EBITDA for 2025 is RMB 2,513.7 million, a decrease from RMB 4,552.5 million in 2024[54] - The net cash from operating activities for 2025 is RMB 2,530.7 million, compared to RMB 5,361.8 million in 2024[54] - The overall gross margin decreased from 23.0% in 2024 to 13.7% in 2025, attributed to a 17.7% drop in average selling price of pork and a 12.2% decline in average selling price of chicken[41] Sales and Production - The company sold a total of 10,224,443 commodity pigs in 2025, an increase of 19.7% from 8,544,396 in 2024[3] - The average selling price of commodity pigs decreased to RMB 1,851 per head in 2025 from RMB 2,193 in 2024, a decline of 15.6%[3] - The annual swine sales volume reached 10,827.98 thousand heads, representing a year-on-year growth of 23.3%, while the average selling price of commodity pigs was RMB 13.74 per kilogram, a decrease of 17.7%[30] - The poultry segment reported revenue of RMB 2,929.96 million, a 10.6% year-on-year decline, with sales volume remaining stable at 88,136.9 thousand birds[33] - The auxiliary products segment achieved revenue of RMB 1,422 million, a 55.25% year-on-year increase, driven by growth in the slaughtering business[34] Assets and Liabilities - The company’s total assets as of December 31, 2025, were RMB 23,454 million, up from RMB 22,469 million in 2024, reflecting a growth of 4.4%[8] - The company’s total liabilities increased slightly to RMB 14,527 million in 2025 from RMB 14,471 million in 2024, a rise of 0.4%[9] - Total equity attributable to shareholders increased to RMB 8,854,772,634.44 in 2025, up from RMB 7,879,363,472.52 in 2024, representing a growth of 12.3%[10] - The company's total liabilities and equity reached RMB 23,454,477,030.05 in 2025, compared to RMB 22,469,059,119.69 in 2024, indicating a year-over-year increase of 4.4%[10] - The total amount of accounts payable increased to RMB 2,507,237,897.07 in 2025, compared to RMB 1,944,826,361.47 in 2024, which is an increase of 28.9%[15] - Accounts receivable from third-party companies rose significantly to RMB 41,241,759.24 in 2025, compared to RMB 11,715,382.04 in 2024, marking an increase of 252.5%[13] Operational Efficiency - The company implemented lean management practices, significantly reducing costs and enhancing operational efficiency during market challenges[30] - The company has implemented a comprehensive feed cost control system to mitigate the impact of raw material price fluctuations on profitability[72] - The company aims to reduce weaning costs by approximately 15% through enhanced management practices, thereby solidifying its profit foundation[80] - The company plans to maintain a comprehensive cost control strategy, targeting to keep the total sales cost of pigs at a competitive industry level, ensuring sufficient safety margins and profit potential even at the bottom of the cycle[80] Employee and Training - The total number of employees increased by 8.5% to 11,363 as of December 31, 2025, compared to 10,475 in 2024[68] - Total employee compensation for 2025 is projected to be approximately RMB 1,705.4 million, an increase from RMB 1,559.2 million in 2024[69] - The company trained over 82,000 farmers during the reporting period, with a cumulative total exceeding 210,000 in the past three years, enhancing farming efficiency and reducing risks[35] - The company plans to conduct over 310,000 employee training sessions by 2025 to enhance frontline team skills and efficiency[70] Market Outlook - The swine industry is projected to see a total output of 71,973 thousand heads in 2025, a year-on-year increase of 2.4%[26] - The poultry industry is expected to experience a price recovery in the latter half of 2025 due to capacity reduction and seasonal demand increases[27] - The swine industry is expected to experience a downward cycle in 2025, leading to a decline in sales prices due to relaxed market supply and demand[71] - The company anticipates that the pig industry will remain in a cyclical bottom phase with structural adjustments through 2026, facing cost pressures and significant animal disease risks[78] Corporate Governance - The company has complied with corporate governance codes and maintains high standards of ethical conduct and transparency[91] - The company plans to continue monitoring its corporate governance practices to ensure compliance with applicable regulations[93] - The audit committee has been established in accordance with the Listing Rules to provide independent opinions on the effectiveness of the financial reporting system and internal controls[99] - The audit committee reviewed the annual performance and consolidated financial statements for the year ending December 31, 2025[100] Capital Expenditure and Investments - The company's capital expenditure for 2025 is RMB 1,752.7 million, significantly higher than RMB 935.4 million in 2024[62] - The company plans to invest HKD 39.4 million in constructing a 5,000-ton cold storage and fresh meat production line, expected to be utilized by the end of 2026[92] - The company has reallocated HKD 95.3 million originally intended for pig breeding expansion to food processing development due to changes in project requirements[89] Shareholder Returns - The company approved a cash dividend of RMB 349,988,072.40 for the year ending December 31, 2024, equivalent to RMB 0.9 per share, compared to no dividend in 2024[16] - The company will not declare a final dividend for the year ending December 31, 2025, compared to a dividend of RMB 0.9 per share in 2024[87]

Financial Performance - For the fiscal year ending December 31, 2025, the company's total revenue was approximately RMB 2,057.4 million, an increase of about 100.6% compared to RMB 1,025.6 million for the fiscal year ending December 31, 2024[5]. - The company's gross profit for the fiscal year ending December 31, 2025, was approximately RMB 382.6 million, representing an increase of about 146.8% from RMB 155.0 million for the fiscal year ending December 31, 2024, with a gross margin of 18.6%[5]. - The net profit for the fiscal year ending December 31, 2025, was approximately RMB 102.9 million, up about 109.5% from RMB 49.1 million for the fiscal year ending December 31, 2024[5]. - The net cash flow from operating activities for the fiscal year ending December 31, 2025, was approximately RMB 145.2 million, a significant increase of about 3,793.5% from RMB 3.7 million for the fiscal year ending December 31, 2024[5]. - The company's revenue increased approximately 100.6% from RMB 1,025.6 million for the year ended December 31, 2024, to approximately RMB 2,057.4 million for the year ended December 31, 2025[25]. - Gross profit increased approximately 146.8% from about RMB 155.0 million in 2024 to approximately RMB 382.6 million in 2025, reflecting business expansion[27]. - The annual profit rose approximately 109.6% from about RMB 49.1 million in 2024 to approximately RMB 102.9 million in 2025[35]. - The company's total revenue for 2025 reached RMB 42,057,423 thousand, a significant increase from RMB 1,025,613 thousand in 2024, representing a growth of approximately 4,000%[57]. - Gross profit for 2025 was RMB 382,581 thousand, compared to RMB 155,007 thousand in 2024, indicating a gross margin improvement[57]. - The net profit for the year 2025 was RMB 102,913 thousand, up from RMB 49,119 thousand in 2024, reflecting a year-over-year increase of approximately 109%[58]. Revenue Sources - Revenue from energy storage system solutions rose about 80.8% from approximately RMB 1,003.4 million in 2024 to approximately RMB 1,814.1 million in 2025, driven by both domestic and international market expansion[26]. - Revenue from the energy storage systems business was RMB 1,814,110 thousand in 2025, up 80.9% from RMB 1,003,382 thousand in 2024[77]. - Revenue from EPC services increased to RMB 173,610 thousand in 2025, compared to RMB 19,512 thousand in 2024, marking a growth of 789.5%[77]. - Customer A contributed RMB 286,619 thousand in revenue in 2024, while Customer B generated RMB 377,706 thousand in 2025, reflecting a growth of 258.5%[76]. Cost and Expenses - Administrative and R&D expenses rose approximately 188.5% to RMB 75.3 million in 2025, attributed to increased listing costs and personnel growth[30]. - R&D expenses increased about 98.1% to approximately RMB 62.6 million in 2025, maintaining a steady 3% of total revenue[31]. - The company's financial costs increased approximately 68.9% to about RMB 17.4 million in 2025, mainly due to increased borrowings[33]. - The group incurred research and development expenses of RMB 62,598 thousand in 2025, which is an increase of 98.5% from RMB 31,578 thousand in 2024[81]. Assets and Liabilities - Trade receivables and notes increased from approximately RMB 520.5 million in 2024 to about RMB 1,220.8 million in 2025, aligning with revenue growth[37]. - The company's property, plant, and equipment net book value increased approximately 91.8% from about RMB 90.3 million in 2024 to approximately RMB 173.2 million in 2025[36]. - Cash and cash equivalents are projected to increase from approximately RMB 50.3 million as of December 31, 2024, to about RMB 1,034.0 million by December 31, 2025, representing a growth of approximately 1,955.7% primarily due to net proceeds from the IPO[39]. - Trade payables and notes payable are expected to rise from approximately RMB 438.9 million as of December 31, 2024, to about RMB 1,294.6 million by December 31, 2025, an increase of approximately 195.0% driven by the expansion of the group's business[40]. - The group's current asset net value is anticipated to grow from approximately RMB 47.6 million as of December 31, 2024, to about RMB 965.9 million by December 31, 2025, mainly due to increases in trade receivables, cash and cash equivalents, trade payables, and inventory[42]. - As of December 31, 2025, the group's interest-bearing bank borrowings are expected to be approximately RMB 494.9 million, up from about RMB 317.5 million as of December 31, 2024[44]. - Non-current liabilities totaled RMB 143,303 thousand in 2025, a substantial increase from RMB 22,756 thousand in 2024, indicating a growth of over 530%[60]. - The equity attributable to the owners of the parent company increased to RMB 1,052,602 thousand in 2025 from RMB 191,673 thousand in 2024, showing a growth of approximately 450%[60]. Production Capacity and Future Plans - The annual production capacity of energy storage systems is set to increase from 1,561.2 MWh in 2024 to 4,800.6 MWh in 2025[19]. - The company plans to purchase four new production lines and eight testing systems for large-scale and commercial energy storage systems, and three new production lines and six testing systems for residential energy storage systems[20]. - By the end of 2027, the annual production capacity for large-scale and commercial energy storage systems is expected to increase by 6.0 GWh, while residential energy storage systems will see an increase of 240,000 units (equivalent to 900 MWh)[20]. - Future plans include the development of a fully integrated intelligent maintenance ecosystem using drones, robots, and smart helmets by 2026[22]. - The company is exploring the integration of energy storage, green electricity, and computing power to create an AI-driven tokenized energy storage factory[21]. Corporate Governance and Compliance - The group has adopted corporate governance codes as a foundation for its corporate governance practices since the listing date[101]. - The group has complied with all applicable corporate governance code provisions from the listing date until December 31, 2025[102]. - The company has not identified any violations of the standard code by employees since the listing date[103]. - The audit committee has reviewed the consolidated annual results for the year ending December 31, 2025, and found no discrepancies[108]. Shareholder Information - The company does not recommend the payment of a final dividend for the fiscal year ending December 31, 2025, consistent with the previous year[6]. - The board of directors does not recommend the payment of a final dividend for the year ending December 31, 2025[105]. - The weighted average number of ordinary shares used for calculating basic earnings per share was 468,781,200 in 2025, up from 280,687,585 in 2024[86]. Market Outlook - The significant revenue growth is attributed to the explosive growth of the global energy storage market, driven by increased demand for energy storage applications and rapid growth in AI computing infrastructure[7]. - The global Energy Storage System (ESS) market is expected to reach a shipment volume of 550 GWh by 2025, representing a year-on-year growth of 79%[15]. - China's ESS market is projected to grow to 352 GWh by 2025, accounting for 64% of the global market, with an annual growth rate of 117%[15].

Financial Performance - The total revenue for the year ended December 31, 2025, was RMB 416,871,000, a slight increase of 1.6% compared to RMB 412,194,000 in 2024[3] - The operating profit for 2025 was RMB 118,108,000, representing a 17.6% increase from RMB 100,414,000 in 2024[4] - The net profit for the year was RMB 75,708,000, up 35.6% from RMB 55,874,000 in the previous year[4] - The company reported a basic and diluted earnings per share of RMB 0.0075 for 2025, compared to RMB 0.0046 in 2024, reflecting a 63% increase[4] - The company reported a pre-tax profit of RMB 110,033,000 for 2025, up from RMB 68,642,000 in 2024, reflecting a year-over-year increase of approximately 60.4%[8] - The company reported a total loss of RMB 2,000 thousand recognized in profit or loss for the year ending December 31, 2025, compared to a loss of RMB 1,529 thousand in 2024[81] Assets and Liabilities - Total assets increased to RMB 9,265,370,000 in 2025 from RMB 7,895,754,000 in 2024, marking a growth of 17.3%[5] - The total liabilities increased to RMB 4,543,980,000 in 2025 from RMB 3,197,344,000 in 2024, which is a rise of 42.1%[6] - The company’s non-current assets decreased to RMB 2,212,721,000 in 2025 from RMB 3,473,622,000 in 2024, a decline of 36.2%[5] - The total value of debt instruments measured at amortized cost as of December 31, 2025, is RMB 3,937,444,000, compared to RMB 3,729,061,000 in 2024, reflecting an increase of approximately 5.6%[51] - The amount classified as current assets due within the next 12 months is RMB 3,340,757,000 for 2025, significantly higher than RMB 1,879,280,000 in 2024, representing an increase of approximately 77.6%[51] Cash Flow and Financing - Cash and bank balances rose significantly to RMB 2,196,275,000 in 2025, compared to RMB 1,045,466,000 in 2024, an increase of 109.8%[5] - Operating cash flow for the fiscal year ending December 31, 2025, showed a net outflow of RMB 177,224,000 compared to an inflow of RMB 29,884,000 in 2024, indicating a significant decline in operational performance[8] - Investment activities resulted in a net cash inflow of RMB 23,936,000 in 2025, a recovery from a net outflow of RMB 296,754,000 in 2024[9] - Financing activities generated a net cash inflow of RMB 1,304,271,000 in 2025, compared to a net outflow of RMB 142,874,000 in 2024, indicating improved financing conditions[9] Dividends and Shareholder Returns - The company paid dividends totaling RMB 48,590,000 in 2025, an increase from RMB 30,059,000 in 2024, reflecting a commitment to returning value to shareholders[9] - The proposed final dividend for 2025 is HKD 0.0025 per share, a decrease from HKD 0.0039 per share in 2024[125] Segment Performance - The urbanization investment segment generated external sales of RMB 231,406,000, while the property leasing segment contributed RMB 100,336,000, and the engineering construction segment added RMB 57,175,000[27] - The company reported a segment profit of RMB 110,033,000, with the urbanization investment segment contributing RMB 161,061,000 and the property leasing segment contributing RMB 20,011,000[27] - The engineering construction segment's revenue increased significantly to RMB 57,175,000 in 2025 from RMB 18,919,000 in 2024, indicating a growth of approximately 201.5%[31] Taxation - The company incurred a total tax expense of RMB 34.325 million in 2025, compared to RMB 12.768 million in 2024, reflecting an increase in tax liabilities[43] - The company's profit before tax for the year ended December 31, 2025, was RMB 110,033,000, with a tax expense calculated at RMB 27,508,000, representing a tax rate of 25.0%[44] Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the accounting principles and the audited consolidated financial statements for 2025[128] - The company has complied with the corporate governance code as per the listing rules in 2025[121] - The company has adopted the standard code for securities trading by directors and confirmed compliance for the entire year of 2025[122] Future Outlook and Strategy - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming fiscal year[3] - The company is exploring new economic sectors such as integrated circuits, new materials, new energy, environmental protection, and high-end manufacturing to diversify revenue sources and drive future growth[11] - The group plans to focus on strategic emerging industries and high-tech sectors in 2026, aiming for substantial breakthroughs in strategic acquisitions[118]

Financial Performance - Total revenue for the year ended December 31, 2025, was $238.751 million, a decrease of 2% from $243.612 million in 2024[3] - Gross profit for the year was $58.111 million, down from $60.754 million in the previous year, reflecting a gross margin of approximately 24.3%[3] - Net profit attributable to shareholders for the year was $24.545 million, a decline of 17.5% compared to $29.842 million in 2024[3] - The total comprehensive income attributable to shareholders was $29.083 million, slightly down from $29.128 million in the previous year[3] - The group reported a profit attributable to shareholders of $24.5 million, a decline of about $5.3 million or 17.8% from the previous year's $29.8 million[34] - The group reported a pre-tax profit of $17,188,000 for 2025, up from $16,090,000 in 2024, reflecting a growth of 6.8%[20] - The total tax expense for 2025 was $5,022,000, an increase of 52.9% from $3,283,000 in 2024[24] Assets and Liabilities - Total assets as of December 31, 2025, increased to $190.003 million from $170.908 million in 2024, representing an increase of 11.3%[5] - Current assets totaled $190.910 million, up from $180.148 million in 2024, indicating a growth of 5.5%[4] - Non-current liabilities rose significantly to $8.059 million from $2.703 million in the previous year, marking an increase of 198.5%[5] - Non-current assets totaled $48.598 million in 2025, an increase of 32.1% from $36.791 million in 2024[12] - Trade receivables increased to $61,808,000 in 2025 from $56,068,000 in 2024, with a net value of $61,518,000 after impairment[26] - Trade payables decreased to $21,803,000 in 2025 from $23,710,000 in 2024, reflecting improved cash management[28] Revenue Breakdown - Revenue from the United States was $66.461 million, representing a 2.1% increase from $65.103 million in 2024[11] - Revenue from Mainland China increased significantly to $37.002 million, up 19.5% from $30.977 million in 2024[11] - The total revenue from Belgium was $32.478 million, a decrease of 5.5% from $34.381 million in 2024[11] - Sales of outdoor and sports bags amounted to $201.947 million, a decrease of 2.9% from $206.846 million in 2024[16] Operational Focus and Strategy - The company plans to focus on expanding its market presence and investing in new product development to drive future growth[2] - The group aims to expand existing production capacity and streamline production processes to enhance efficiency and gross margins in the short term[31] - The group established a multi-regional manufacturing platform across China, Vietnam, and Cambodia to enhance supply chain efficiency[29] Research and Development - R&D costs rose to $2,759,000 in 2025 from $2,429,000 in 2024, indicating a focus on innovation[20] Cash and Dividends - Cash and cash equivalents increased to $77.187 million from $70.918 million, reflecting a growth of 8.9%[4] - The proposed final dividend for 2025 is 8.5 HKD cents per share, compared to 7.0 HKD cents per share in 2024[24] - The board has proposed a final dividend of HKD 0.085 per share, subject to approval at the annual general meeting on June 17, 2026[42] Employment and Capital Structure - As of December 31, 2025, the group had approximately 7,800 employees, a decrease from about 8,400 employees in 2024[38] - The total issued share capital of the company as of December 31, 2025, was HKD 11,200,000, divided into 1,120,000,000 shares with a par value of HKD 0.01 each[45] Compliance and Governance - The company has adhered to the corporate governance code as outlined in Appendix C1 of the listing rules throughout the year ending December 31, 2025[47] - The audit committee has discussed and reviewed the group's annual performance, including accounting principles and financial matters[49] - The company's auditor confirmed that the figures in the preliminary announcement are consistent with the consolidated financial statements for the year ending December 31, 2025[50] - The Nomination Committee has undergone changes, with Ms. Shih Te-An appointed as a member and Mr. Yang Shu-Jian as the chairman[52] - The Nomination Committee now consists of Mr. Yang Shu-Jian (Chairman), Mr. Qiu Zhi-Zhong, and Ms. Shih Te-An[52] - The company has reaffirmed compliance with Listing Rule 3.27A following the changes in the Nomination Committee[52] Risks and Contingencies - The group faces foreign exchange risk as its procurement and operating costs are primarily denominated in RMB, VND, and USD, while most sales are received in USD[41] - The group has no significant contingent liabilities as of December 31, 2025[36] - The group has no significant investments as of December 31, 2025, consistent with the previous year[39] Other Financial Information - Other income for 2025 totaled $4,732,000, an increase of 9.2% from $4,332,000 in 2024[18] - Capital expenditures for the year amounted to $7.7 million, primarily due to the acquisition of property, plant, equipment, and intangible assets[35] - The group's administrative expenses were approximately $18.8 million, an increase of about $0.5 million or 2.8% compared to the previous year[34] - There were no purchases, sales, or redemptions of the company's listed securities during the year[46] - The revenue recognition for the year included contract liabilities of $130,000 million as of January 1, 2024[16] - The total sales volume decreased from approximately 23.5 million units in the previous year to about 22.9 million units, a reduction of about 0.6 million units or 2.7%[33]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Shanghai Haohai Biological Technology Co., Ltd.* 上海昊海生物科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6826） 截至2025年12月31日止年度全年業績公告 截至2025年12月31日止年度之業績摘要 報告期內，本集團共錄得營業收入人民幣2,446.31百萬元，較上年度減少人民幣 233.36百萬元，降幅為8.71%。 報告期內，本集團的研發費用約為人民幣197.78百萬元，較上年度減少人民幣 41.15百萬元，降幅為17.22%；研發費用佔營業收入比重達8.08%（2024年： 8.92%）。 報告期內，本集團歸屬於上市公司股東的淨利潤和歸屬於上市公司股東的扣除 非經常性損益的淨利潤分別約為人民幣251.01百萬元和人民幣160.48百萬元， 較上年度分別減少40.30%和57.67%。 董事會建議派發截至2025年1 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 464.1 million, a decrease of 7.4% compared to RMB 501.5 million in 2024[4] - Gross profit for the same period was RMB 126.7 million, down from RMB 147.5 million, resulting in a gross margin of 27.3%, a decline of 2.1 percentage points[3] - Net loss for the year narrowed to RMB 38.6 million, a significant improvement of 53.9% from a loss of RMB 83.8 million in 2024[4] - Adjusted net loss (non-HKFRS measure) was RMB 19.0 million, compared to RMB 75.3 million in the previous year, reflecting a 56.3% improvement[3] - Revenue from the healthcare services segment decreased by 32.8% to RMB 145.6 million for the year ending December 31, 2025, primarily due to structural optimization and increased market competition[23] - Nursing services revenue increased by 42.0% to RMB 79.7 million for the year ending December 31, 2025, driven by market promotion and operational efficiency improvements[23] - Health management services revenue rose by 4.4% to RMB 238.8 million for the year ending December 31, 2025, attributed to an increase in health management products[23] - Other income decreased by 62.2% from RMB 16.1 million for the year ending December 31, 2024, to RMB 6.1 million for the year ending December 31, 2025, mainly due to reduced investment income and government subsidies[52] - The company reported a net loss of RMB 38.6 million for the year ending December 31, 2025, a 53.9% decrease from a net loss of RMB 83.8 million for the year ending December 31, 2024[57] Operational Efficiency - The company focused on optimizing its business structure and enhancing accounts receivable management, leading to a reduction in trade receivables impairment losses[4] - The AI-driven resource allocation system improved operational efficiency and service quality[18] - The company aims to leverage AI and big data to enhance digital healthcare services and optimize resource allocation[15] - The integration of AI and big data technologies is expected to further enhance operational capabilities and user engagement[32] - The company focuses on integrating AI technology into core business operations, enhancing operational efficiency and service quality[22] Service Expansion and Innovation - The strategic direction emphasizes "home medical care services," leveraging technology and ecological collaboration to enhance operational efficiency and service quality[5] - The company successfully expanded its cloud hospital service network, establishing partnerships with local governments to facilitate home medical care services[6] - The platform aims to create a comprehensive service ecosystem covering the entire lifecycle of healthcare, integrating medical, nursing, and health management services[24] - The introduction of AI-driven assistants, such as "AI Doctor Assistant" and "AI Nurse Assistant," has significantly improved service efficiency and user experience[25] - The company is strategically expanding into emerging regions and enhancing collaboration across the healthcare value chain to identify new growth opportunities[25] Market Trends and Future Outlook - Future outlook indicates a strong market potential driven by demographic changes, technological innovation, and ongoing policy support, positioning the company for sustained growth[10] - The company aims to redefine its role in the industry as a "health value integrator," collaborating with various partners to create a comprehensive service ecosystem[9] - The company aims to expand its service coverage and innovate business models through partnerships with government, finance, and insurance sectors[30] Financial Position and Cash Flow - Net cash flow from operating activities reached RMB 40.55 million, an increase of 88% year-on-year[12] - The company reported cash and cash equivalents of RMB 545.5 million as of December 31, 2025, a decrease from RMB 760.9 million as of December 31, 2024[67] - The net cash used in investing activities for the year ending December 31, 2025, was RMB 155.7 million, primarily due to the subscription of financial products amounting to RMB 426.9 million[71] - The total outstanding loan principal as of December 31, 2025, was RMB 462.9 million, a decrease from RMB 509.9 million as of December 31, 2024[73] Employee and Governance - As of December 31, 2025, the company has 763 full-time employees, with 41.9% in health management and 18.0% in management and administration[83] - Employee compensation and benefits expenses amounted to RMB 1.497 billion, a decrease from RMB 1.661 billion in 2024[83] - The audit committee has reviewed the annual performance for the year ending December 31, 2025, and confirmed compliance with relevant accounting standards[94] - The company has adopted the Corporate Governance Code as a standard for its corporate governance practices[86] Accounting and Compliance - The group has not early adopted any new or revised accounting standards that have been issued but are not yet effective[107] - The group will apply the new and revised Hong Kong Financial Reporting Standards upon their effective dates, ensuring compliance with the latest regulations[107] - The group expects that the amendments will not have a significant impact on its financial statements, allowing for early application of the revisions[115]

Financial Performance - For the fiscal year ending December 31, 2025, the revenue was RMB 2,768.5 million, a decrease of 6.2% compared to 2024[3] - The gross profit for the fiscal year ending December 31, 2025, was RMB 543.9 million, down 15.1% from 2024, with a gross margin of 19.6%, a decline of 2.1 percentage points[3] - The net profit for the fiscal year ending December 31, 2025, was RMB 167.1 million, compared to RMB 238.2 million in 2024, resulting in a net profit margin of 6.0%, down from 8.1% in 2024[3] - The core net profit attributable to shareholders for the fiscal year ending December 31, 2025, was RMB 280.4 million, compared to RMB 294.0 million in 2024[4] - The basic earnings per share for the fiscal year ending December 31, 2025, was RMB 0.12, down from RMB 0.17 in 2024[4] - The total comprehensive income for the fiscal year ending December 31, 2025, was RMB 174.2 million, compared to RMB 228.5 million in 2024[9] - The company reported total revenue of RMB 2,768,451 thousand for the year ended December 31, 2025, a decrease of 6.2% from RMB 2,952,227 thousand in 2024[25] - Property management and related services generated revenue of RMB 2,429,551 thousand in 2025, down from RMB 2,493,824 thousand in 2024, reflecting a decline of 2.6%[25] - Installation and decoration services revenue decreased significantly to RMB 49,837 thousand in 2025 from RMB 85,983 thousand in 2024, a drop of 42%[25] - Revenue recognized over time amounted to RMB 2,433,750 thousand in 2025, compared to RMB 2,514,263 thousand in 2024, indicating a decline of 3.2%[25] - Revenue recognized at a point in time was RMB 334,701 thousand in 2025, down from RMB 437,964 thousand in 2024, a decrease of 23.6%[25] Assets and Liabilities - The total assets as of December 31, 2025, amounted to RMB 4,331.3 million, a decrease from RMB 4,726.9 million in 2024[12] - The total liabilities as of December 31, 2025, were RMB 2,364.7 million, down from RMB 2,737.6 million in 2024[14] - The cash and cash equivalents as of December 31, 2025, were RMB 413.4 million, significantly reduced from RMB 1,190.1 million in 2024[12] - Trade receivables from related parties amounted to RMB 1,604,208,000 as of December 31, 2025, compared to RMB 1,640,198,000 in 2024, reflecting a decrease of approximately 2.2%[47] - Trade receivables from third parties increased to RMB 2,023,642,000 in 2025 from RMB 1,686,451,000 in 2024, representing a growth of about 19.9%[47] - The total trade and other receivables, net of impairment, reached RMB 2,269,435,000 in 2025, up from RMB 1,962,022,000 in 2024, indicating an increase of approximately 15.6%[47] - The total amount of loans provided to third parties was RMB 56,344,000 as of December 31, 2025, slightly up from RMB 55,870,000 in 2024, with interest rates ranging from 3.45% to 4.25%[50] - The current portion of trade and other receivables and prepayments was RMB 3,119,064,000 in 2025, compared to RMB 2,794,783,000 in 2024, marking an increase of about 11.6%[47] - The total trade and other receivables before impairment was RMB 3,179,984,000 in 2025, up from RMB 2,853,867,000 in 2024, reflecting a growth of approximately 11.4%[47] - The impairment provision for trade receivables was RMB 1,358,415,000 in 2025, slightly down from RMB 1,364,627,000 in 2024, indicating a decrease of about 0.5%[47] Expenses and Taxation - Employee benefits expenses decreased to RMB 576,029 thousand in 2025 from RMB 615,453 thousand in 2024, a reduction of approximately 6.5%[26] - Total operating expenses for the year ended December 31, 2025, were RMB 2,392,256 thousand, down from RMB 2,514,736 thousand in 2024, reflecting a decrease of about 4.9%[26] - The income tax expense for the year ended December 31, 2025, was RMB 72,239 thousand, compared to RMB 120,759 thousand in 2024, indicating a decline of approximately 40%[33] - The actual income tax rates for the years ended December 31, 2025, and 2024, were 26.9% and 28.1%, respectively, excluding the impact of withholding tax[34] - The group’s pre-tax profit tax expense calculated based on the applicable weighted average tax rate was RMB 57,233 thousand for 2025, down from RMB 91,556 thousand in 2024, a decrease of approximately 37.4%[34] - The cost of sales for the year ended December 31, 2025, was RMB 224,682 thousand, a decrease from RMB 278,772 thousand in 2024, reflecting a reduction of about 19.4%[26] Shareholder Information - The total number of issued shares remained at 1,299,276,000 as of December 31, 2025, unchanged from the previous year[53] - The company plans to pay an interim dividend of HKD 0.033 per share for the six months ended June 30, 2025, totaling approximately HKD 42,876,000, equivalent to RMB 39,125,000[43] - The company does not recommend declaring any final dividend for the year ending December 31, 2025, compared to RMB 88.3 million for the year ending December 31, 2024[96] - The board has decided not to recommend a final dividend for the year ending December 31, 2025, compared to HKD 0.0736 per share in 2024[133] Operational Strategy - The company plans to continue expanding its property management services and related value-added services, which are expected to drive future revenue growth[48] - The strategy for 2026 includes deepening community services in areas such as elderly care, second-hand housing, and catering, with a focus on building a professional supply chain[73] - The group plans to implement cost reduction and efficiency improvement through "human-machine collaboration," introducing smart equipment in repetitive roles to enhance service quality[74] - Community value-added services are set to expand, including offerings like community dining services and food trucks by the end of 2025[68] - The company is integrating high-quality resources to provide comprehensive home decoration and renovation services, enhancing customer satisfaction[68] - The company aims to enhance property service quality and improve owner service experience through refined and personalized services[66] Governance and Compliance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance and transparency[17] - The company has maintained compliance with corporate governance codes, with a clear distinction between the roles of the Chairman and the CEO as of January 20, 2026[128] - The Audit Committee has reviewed the annual performance for the year ending December 31, 2025, and reached a consensus with management on the results[131] Employee Information - As of December 31, 2025, the company had 5,089 full-time employees, primarily located in Henan Province[122] - The company has implemented a flat organizational structure to enhance overall efficiency and decision-making speed[122] - The company emphasizes professional ethics and work capability in talent management, strengthening internal training systems and encouraging continuous education[123] - The company has established a performance evaluation mechanism that closely links employee performance with compensation, enhancing motivation and creativity[124] Future Investments - The company plans to allocate 60% of the net proceeds, amounting to RMB 1,253,216,000, towards strategic investments, collaborations, and acquisitions[103] - Of the strategic investments, 40% (RMB 835,478,000) is designated for acquiring property management service providers, with an expected utilization period of 1.5 to 4 years[103] - The company aims to enhance its platform to optimize user experience, allocating 15% (RMB 313,304,000) for this purpose, with specific projects expected to be completed by the end of 2025[104] - Investment in advanced information technology systems will receive 15% (RMB 313,304,000), focusing on building smart communities and upgrading facilities, with completion expected by the end of 2025[104] - The company plans to develop value-added services, with a budget of RMB 298,212,000, to enhance its business offerings, expected to be completed by the end of 2025[104] Market Conditions - The company has identified a need to adapt its strategies due to ongoing challenges in the real estate market and consumer sentiment, leading to a reassessment of the allocation of unused proceeds[106] - The shift in the property management industry is recognized, moving from a focus on scale to a return to capability, emphasizing the importance of trust and quality in customer interactions[71] - Financial and contract asset impairment losses increased by 84.5% to RMB 138.2 million from RMB 74.9 million in 2024, influenced by a weak domestic real estate market[91]

Financial Performance - The company reported a total revenue of approximately RMB 14,744,779,000 for the year ended December 31, 2025, representing a year-on-year decline of 10.7%[3]. - The adjusted net profit for the year was RMB 333,353,000, down 47.5% compared to RMB 635,540,000 in 2024[3]. - The company experienced a net loss of RMB 458,089,000 for the year, compared to a profit of RMB 20,771,000 in the previous year[3]. - The gross profit for the reporting period was approximately RMB 7.09 billion, a year-on-year decrease of 9.7%, with a gross margin of 48.1%, an increase of 0.5 percentage points year-on-year[14]. - The company reported a basic and diluted loss per share of RMB (6.79) in 2025, compared to earnings of RMB 1.07 in 2024[56]. - The total revenue for the year ended December 31, 2025, was RMB 14,744,779 thousand, a decrease of 10.7% compared to RMB 16,509,708 thousand in 2024[55]. - The total loss for the year 2025 amounted to RMB 722,819,000, compared to a loss of RMB 538,914,000 in 2024, representing a year-over-year increase of approximately 34%[81]. - The company's total equity decreased to RMB 23,027,966 thousand in 2025 from RMB 23,933,034 thousand in 2024, reflecting a decline in shareholder value[58]. Revenue Breakdown - The revenue from traditional Chinese medicine production and operation decreased by 40.2% to RMB 829,724,000, while the revenue from Chinese herbal pieces slightly increased by 0.6% to RMB 3,334,450,000[3]. - Traditional Chinese medicine raw material production and operation revenue was approximately RMB 829.72 million, a year-on-year decrease of 40.2%, accounting for 5.6% of total revenue[14]. - Traditional Chinese medicine decoction pieces revenue was approximately RMB 3.33 billion, a year-on-year increase of 0.6%, accounting for 22.6% of total revenue[14]. - Traditional Chinese medicine formula granules revenue was approximately RMB 6.10 billion, a year-on-year decrease of 12.5%, accounting for 41.4% of total revenue[14]. - The revenue from traditional Chinese patent medicines was approximately RMB 4,248,309,000, down 6.7% from RMB 4,552,955,000, representing 28.8% of total revenue[53]. - The revenue from the traditional Chinese medicine health sector was approximately RMB 234,552,000, a decrease of 17.2% from RMB 283,277,000, accounting for 1.6% of total revenue[54]. Operational Strategy - The company aims to enhance operational efficiency and collaboration by breaking down internal barriers and establishing a procurement, research, and marketing coordination mechanism[8]. - The strategic focus for 2026 includes optimizing the entire supply chain from raw materials to end products, ensuring quality control and efficiency[8]. - The company plans to drive innovation by investing in scientific research and the development of new traditional Chinese medicine products, supported by robust clinical data[8]. - The company is committed to compliance and risk management, embedding these principles throughout its operations to ensure sustainable growth[9]. - The company emphasizes the integration of ESG and sustainable development concepts into its strategic and capital allocation decisions[10]. Research and Development - The company has established a new engineering technology research center for traditional Chinese medicine, resulting in 207 authorized patents, including 128 invention patents, enhancing its innovation capabilities[24]. - The company completed 35 guideline and consensus admissions, enhancing the clinical value and safety of its products[22]. - Research and development expenses were RMB 511,472 thousand in 2025, down from RMB 596,007 thousand in 2024, indicating a potential shift in investment strategy[55]. - The company participated in drafting 39 out of 53 new national standards for traditional Chinese medicine granules, accounting for 73% of the total, and has contributed to 224 standards overall, representing 57%[25]. Market and Regulatory Environment - The new regulatory policies from January 2025 are expected to enhance the quality and compliance standards in the traditional Chinese medicine industry, benefiting the company's ongoing product development[33]. - The reform in medical insurance fund settlement aims to reduce the payment cycle to within 30 days, significantly improving the company's cash flow and financial stability[34]. - The introduction of specialized regulations for traditional Chinese medicine production raises compliance standards, positioning the company favorably due to its established quality control systems[38]. - The "14th Five-Year Plan" emphasizes the development of a coordinated healthcare system and the innovation of TCM, providing a stable policy foundation for the industry and reducing uncertainty in development direction[38]. Human Resources and Governance - The company recruited 958 new employees, with 9% holding master's degrees, a 6% increase year-on-year, and 56% from pharmaceutical-related fields, a 14% increase year-on-year[29]. - The company has improved its governance structure, integrating ESG into its development strategy, and was recognized in the "Top 100 ESG Listed Companies in China" for 2025[27]. - The audit committee consists of five members, including four independent non-executive directors and one non-executive director, with Mr. Xie Rong serving as the chairman[120]. - The board of directors comprises twelve members, including three executive directors and nine non-executive directors[121]. Challenges and Risks - The company’s traditional Chinese medicine formula granules faced revenue and profit pressure due to increased competition and procurement business share, prompting a shift towards high-quality, sustainable marketing models[19]. - The company recognized credit impairment losses of approximately RMB 212,566,000, an increase of about 99.4% from RMB 106,554,000 in the previous year[93]. - Impairment losses recognized for goodwill in 2025 were RMB 494,918,000, up from RMB 431,826,000 in 2024, indicating a 15% increase[84].