Financial Performance - Revenue for the year ended December 31, 2025, was HKD 1,513,357, a decrease of 6.1% compared to HKD 1,611,644 in 2024[3] - Gross profit decreased by 13.1% to HKD 925,576 from HKD 1,065,329 in the previous year[3] - Annual profit fell by 21.2% to HKD 416,859, down from HKD 529,167 in 2024[3] - Basic and diluted earnings per share decreased to HKD 0.47 from HKD 0.60, a decline of HKD 0.13[3] - The total comprehensive income for the year was HKD 425,083, compared to HKD 510,597 in the previous year[7] - The operating profit for 2025 was HKD 472,239, slightly lower than HKD 576,924 in 2024, representing a decrease of 17.9%[32] - Financial income for 2025 was HKD 46,835, compared to HKD 57,274 in 2024, showing a decline of 18.2%[32] - The annual profit for 2025 was HKD 416,859, down from HKD 529,167 in 2024, a decrease of 21.2%[32] - The net profit for 2025 was HKD 416.9 million, down 21.2% from HKD 529.2 million in 2024[60] - Earnings per share for 2025 were HKD 0.47, a decline of HKD 0.13 from HKD 0.60 in 2024[60] Assets and Liabilities - Cash and bank balances increased by 25.2% to HKD 2,279,224 from HKD 1,819,753 in 2024[4] - Total assets rose by 2.2% to HKD 4,660,738 compared to HKD 4,559,525 in the previous year[4] - Total liabilities decreased from HKD 313,091,000 in 2024 to HKD 291,877,000 in 2025, representing a reduction of approximately 6.8%[9] - Non-current liabilities increased from HKD 77,737,000 in 2024 to HKD 85,029,000 in 2025, an increase of about 9.4%[9] - Current liabilities decreased from HKD 235,354,000 in 2024 to HKD 206,848,000 in 2025, a decline of approximately 12.2%[9] - The company's total equity and liabilities amounted to HKD 4,660,738,000 in 2025, compared to HKD 4,559,525,000 in 2024, indicating a growth of about 2.2%[9] Dividends - Proposed final dividend per share increased to HKD 0.37 from HKD 0.35, a rise of HKD 0.02[3] - The total dividend paid for 2025 is HKD 292,985,000 (HKD 0.35 per share), an increase from HKD 276,243,000 (HKD 0.33 per share) in 2024[50] - The company plans to pay a final dividend of HKD 0.37 per share and a special dividend of HKD 0.03 per share for 2025[60] Segment Performance - The revenue sources are analyzed based on the geographical location of the group's entities, including Hong Kong, Mainland China, and overseas markets[26] - The Hong Kong segment includes retail sales of traditional Chinese medicine products and health supplements, as well as wholesale activities[29] - The Mainland China segment focuses on wholesale health supplements and exclusive distribution of the "Tong Ren Tang" brand products outside of Mainland China[29] - The overseas segment involves retail and wholesale of traditional Chinese medicine products and health supplements, along with providing traditional Chinese medical services[29] - The segment revenue from Hong Kong for 2025 was HKD 942,294, while for mainland China it was HKD 164,873, and overseas revenue was HKD 406,190[30] Research and Development - Research and development expenses increased to HKD 11,615 in 2025 from HKD 9,128 in 2024[42] - The production and R&D base in Hong Kong has obtained GMP, ISO22000, and HACCP certifications, ensuring comprehensive quality control throughout the production process[65] - The launch of the high-end herbal toothpaste series "Gum Nourishing" marks an expansion of the product matrix, with significant achievements in technological innovation[66] - The group has successfully registered a new anti-aging product and received a national invention patent, further enriching its product resource reserves[66] Financial Reporting Standards - The group has adopted the revised Hong Kong Accounting Standard No. 21 regarding "Lack of Convertibility" for the first time, which has no impact on the financial statements as all currencies used in transactions are convertible[19] - The Hong Kong Institute of Certified Public Accountants has issued amendments to various financial reporting standards, which include examples reflecting the existing requirements regarding the use of climate-related disclosures[20] - The group has not yet applied the newly issued but not yet effective financial reporting standards in its financial statements, planning to adopt them when they become effective[21] - The new Hong Kong Financial Reporting Standard No. 18 will replace the previous Standard No. 1, introducing new requirements for the presentation of income and expenses in the profit and loss statement[23] Corporate Strategy and Development - The group aims to capture the global health consumption upgrade trend and is committed to promoting traditional Chinese medicine culture internationally[67] - The group has established a technology innovation system in collaboration with universities, enhancing the modernization and internationalization of traditional Chinese medicine[68] - The group is focusing on core business development, enhancing production quality management and technological innovation to achieve high-quality growth[64] - The group is actively expanding into overseas markets, with the launch of deer products in New Zealand, adhering to traditional production techniques while incorporating standardized processes[67] Employee and Operational Metrics - The group had 780 employees as of December 31, 2025, with employee costs amounting to HKD 224.0 million, a reduction of 10.9% from HKD 251.4 million in 2024[75] - Distribution and selling expenses decreased by 31.0% to HKD 207.1 million, accounting for 13.7% of revenue, down from 18.6% last year[81] - General and administrative expenses reduced by 4.4% to HKD 183.3 million, representing 12.1% of revenue, consistent with last year's 11.9%[82] Taxation - Total income tax expense for 2025 was HKD 87,830, a decrease from HKD 100,606 in 2024[44] - Income tax expense decreased by 12.7% to HKD 87.8 million, with an effective tax rate of 17.4%, up from 16% last year[84] Corporate Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the company's accounting policies and financial performance for the year ending December 31, 2025[101] - The company has adhered to the corporate governance code as stipulated in the listing rules as of December 31, 2025[104] - All directors confirmed compliance with the standards for securities trading as outlined in the listing rules as of December 31, 2025[105]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 1,649,434,000, representing a 2.3% increase from HKD 1,611,568,000 in 2024[3] - Gross profit increased by 10.5% to HKD 273,398,000 from HKD 247,329,000 year-over-year[3] - Shareholders' profit attributable to the company decreased by 20.1% to HKD 6,250,000, compared to HKD 7,818,000 in the previous year[3] - Earnings per share (EPS) fell by 20.1% to HKD 1.31 from HKD 1.64 in 2024[3] - The company reported a net profit of HKD 1,962,000 for the year, down from HKD 8,945,000 in 2024[6] - Total comprehensive income for the year was HKD 50,781,000, compared to a loss of HKD 50,537,000 in the previous year[6] - Operating profit decreased to HKD 59,898,000 from HKD 63,387,000, a decline of 5.9%[5] - Basic earnings per share for 2025 were HKD 6,250,000, down from HKD 7,818,000 in 2024, with a weighted average number of shares of 477,120,424[28][29] - Net profit attributable to shareholders was approximately HKD 63 million in 2025, down from about HKD 78 million in 2024, influenced by increased expenditures for market expansion[44] Assets and Liabilities - Non-current assets increased to HKD 1,547,168,000 from HKD 1,494,114,000, reflecting a growth of 3.6%[7] - Current assets rose to HKD 1,753,538,000 from HKD 1,653,763,000, an increase of 6.0%[7] - The total outstanding bank and other borrowings amounted to approximately HKD 1,121.7 million, up from HKD 1,002.1 million in 2024[52] - The net debt ratio as of December 31, 2025, was 60.5%, compared to 53.1% in 2024[52] - Accounts receivable increased from HKD 699.6 million in 2024 to HKD 742.1 million in 2025, with a provision for losses of HKD 68.7 million[32] - Accounts payable increased from HKD 318.9 million in 2024 to HKD 330.9 million in 2025, with a notable increase in payables aged 4 to 6 months[35] Revenue Segmentation - For the fiscal year ending December 31, 2025, the revenue from external customers in the manufacturing, sales, and distribution of electronic components was HKD 1,649,434,000, representing an increase from HKD 1,611,568,000 in 2024, which is a growth of approximately 2.3%[15][17] - Revenue from the Greater China region, including mainland China, accounted for HKD 1,230,092,000 in 2025, showing a slight increase from HKD 1,218,675,000 in 2024[20] - Revenue increased from approximately HKD 1.61 billion in 2024 to approximately HKD 1.65 billion in 2025, despite intensified competition in the mainland China market, which accounts for about 80% of total revenue[37] Profitability Metrics - The gross profit for the manufacturing segment was HKD 273,398,000, with a gross margin of 16.6%, compared to a gross profit of HKD 247,329,000 and a margin of 15.3% in 2024, indicating an improvement in profitability[15][17] - Operating profit for the group was HKD 59,898,000 for 2025, down from HKD 63,387,000 in 2024, resulting in an operating margin of 3.6% compared to 3.9% in the previous year[15][17] - Gross margin improved from 15.3% in 2024 to 16.6% in 2025, attributed to strict cost control measures and enhanced operational efficiency[37] - Operating profit decreased from approximately HKD 634 million in 2024 to approximately HKD 599 million in 2025, primarily due to increased foreign exchange losses from RMB appreciation[37] Strategic Initiatives - The company plans to transform from a capacitor supplier to a comprehensive solution provider, expanding its product range to include integrated modules and end-to-end solutions[38] - Strategic focus for 2026 includes continued investment in R&D, particularly in high-growth areas such as AI, energy storage solutions, and grid solutions[38] - The company aims to strengthen strategic partnerships with customers, suppliers, and industry stakeholders to build a resilient ecosystem[40] - The strategic transformation from a traditional capacitor supplier to a comprehensive solution provider is a key focus for long-term business growth[48] - Ongoing commitment to innovation and technology advancement is central to operations, with R&D resources directed towards high-growth market areas[49] Market Outlook - The global GDP growth rate for 2025 is projected to be 3.3%, indicating ongoing economic uncertainty[45] - The Chinese capacitor market is expected to grow from USD 5.2 billion in 2024 to USD 5.54 billion in 2025, with a compound annual growth rate (CAGR) of 6%[46] - The global GDP growth rate is projected to be 3.3% in 2026, providing a favorable environment for the company's strategic initiatives[56] Employee and Operational Metrics - The group employed a total of 2,473 employees as of December 31, 2025, an increase from 2,227 employees in 2024[57] - Net working capital increased to approximately HKD 170.9 million from HKD 147.2 million in 2024, reflecting an increase of about HKD 23.7 million[53] Dividend and Shareholder Information - The company approved and paid a final dividend of HKD 2.33 million for the fiscal year ending December 31, 2024, at a rate of HKD 0.49 per share[31] - The board does not recommend the distribution of a final dividend for the year, compared to HK$0.49 per share for 2024[62] - The company will suspend share transfer registration from June 23, 2026, to June 26, 2026, to determine shareholder eligibility for the annual general meeting[63] - The annual report for the year ending December 31, 2025, will be published by April 30, 2026, and will include all information required by the listing rules[64] - The company expresses gratitude to all employees, customers, suppliers, banks, and shareholders for their ongoing support[65]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 九 龍建業有限公司 KOWLOON DEVELOPMENT COMPANY LIMITED （於香港註冊成立之有限公司） （股份代號：34） 截至二零二五年十二月三十一日止年度之 年十二月三十一日止年度之 全年業績 摘要 集團業績及股息 截至二零二五年十二月三十一日止年度，九龍建業有限公司（「本公司」）及其附屬公司（統 稱「集團」）之本公司股東（「股東」）應佔基礎盈利為 6.28 億港元，較二零二四年之 4.50 億 港元增加 39.6%。二零二五年之每股基礎盈利為 0.48 港元，而二零二四年則為 0.36 港元。 若計及集團物業發展權益之公允價值變動及其投資物業之重估減值後，集團截至二零二五年 十二月三十一日止年度之股東應佔盈利為 1.31 億港元，較二零二四年之 1.16 億港元增加 12.9%。 九龍建業有限公司 – 業績公告 二零二六年三月二十日 –1– 截至二零二五年十二月三十一日止年度，集 ...

Financial Performance - Revenue increased from approximately RMB 392,249,000 to RMB 410,475,000, representing a growth of about 4.2% year-over-year[2] - Loss attributable to owners decreased from RMB 45,383,000 in 2024 to RMB 32,839,000 in 2025, a reduction of approximately 27.6%[3] - Gross profit rose to RMB 106,739,000 from RMB 102,520,000, indicating a year-over-year increase of about 4.3%[3] - The company reported a net loss of RMB 33,226,000 for the year, compared to a loss of RMB 45,873,000 in the previous year, a decrease of approximately 27.5%[4] - Total revenue for the year 2025 reached RMB 410,475,000, an increase from RMB 392,055,000 in 2024, representing a growth of approximately 4%[19] - The company reported a basic and diluted loss per share of RMB 21.96 in 2025, compared to RMB 30.39 in 2024[34] - The company's attributable loss decreased from RMB 45,383,000 to RMB 32,839,000, a reduction of approximately RMB 12,544,000, primarily due to reduced expenses and a reversal of impairment losses on trade receivables[76] Revenue Sources - Revenue from the sale of electronic products, including power DC systems and charging equipment, was RMB 379,992,000, contributing significantly to overall revenue[25] - Revenue from electric vehicle charging equipment reached approximately RMB 236,927,000, an increase of about 5.50% year-over-year, driven by the growing demand for charging infrastructure due to the development of the new energy vehicle industry[44][51] - The company provided electric vehicle charging services, generating revenue of RMB 22,871,000, consistent with the previous year[25] - The distribution of electronic and electrical equipment contributed RMB 7,612,000 to revenue, marking a new revenue stream for the company[25] - Total revenue for the year ended December 31, 2024, was RMB 392,055,000, with sales from electronic products contributing RMB 369,057,000[26] Assets and Liabilities - Total assets amounted to RMB 812,617,000, up from RMB 798,874,000 in the previous year, reflecting a growth of about 1.8%[5] - Current liabilities slightly increased from RMB 386,403,000 to RMB 388,018,000, a change of approximately 0.4%[6] - Non-current assets rose to RMB 226,211,000 from RMB 221,823,000, showing an increase of about 2.0%[5] - Trade receivables decreased to RMB 318,237,000 in 2025 from RMB 380,413,000 in 2024, with a provision for impairment losses of RMB 61,566,000[37] - Trade payables decreased slightly to RMB 165,994,000 in 2025 from RMB 155,765,000 in 2024[39] - Inventory balance increased from approximately RMB 143,082,000 to RMB 193,570,000, with average inventory turnover days decreasing from about 211 days to 202 days due to increased sales and improved management[77] Financial Costs and Expenses - Financial costs increased to RMB 9,920,000 in 2025 from RMB 8,598,000 in 2024, primarily due to higher bank borrowings[28] - Sales costs rose from RMB 289,729,000 for the year ended December 31, 2024, to RMB 303,736,000 for the year ended December 31, 2025, an increase of approximately 4.83%[66] - Administrative and other expenses decreased from RMB 88,621,000 to RMB 77,026,000, a reduction of approximately 13.08%, representing about 18.77% of revenue for the year ending December 31, 2025, down from 22.59%[70] - Sales and distribution expenses decreased from RMB 74,426,000 to RMB 53,604,000, a reduction of approximately 27.97%, representing about 13.06% of revenue for the year ending December 31, 2025, down from 18.97%[69] Government Support and Subsidies - The company received government subsidies totaling RMB 8,008,000 in 2025, up from RMB 930,000 in 2024, related to technology innovation and electric vehicle promotion[28] - Other income and gains increased significantly from RMB 4,292,000 to RMB 11,522,000, marking a growth of approximately 168.5%[3] Strategic Focus and Future Plans - The company plans to continue enhancing its customer coverage and service capabilities, focusing on core customers and key projects to improve operational resilience[50] - The group plans to focus on energy storage as a key strategic direction by 2026, enhancing its capabilities in energy storage systems and solutions[60] - The company is committed to advancing its "standardized platform + engineering adaptation" strategy to enhance project implementation efficiency[50] - The group aims to improve operational efficiency through systematic cost reduction and optimization across the entire supply chain[63] Compliance and Governance - The company has complied with all applicable corporate governance code provisions for the year ending December 31, 2025, with no significant deviations reported[105] - The audit committee, consisting of three independent non-executive directors, has reviewed the financial reporting procedures and internal controls for the year ending December 31, 2025[108] Miscellaneous - The company does not recommend any final dividend for the year ending December 31, 2025[2] - The company has not early adopted any new or revised Hong Kong Financial Reporting Standards that are yet to be effective, indicating a cautious approach to regulatory changes[11] - The company has allocated 40% of the net proceeds, approximately RMB 75.32 million, for expanding electric vehicle equipment business[88]

Financial Performance - Revenue for the year ended December 31, 2025, was HKD 276,867,000, a decrease of 9.9% from HKD 307,364,000 in the previous year[2] - The company reported a net loss of HKD 25,319,000 for the year, compared to a net loss of HKD 4,447,000 in the previous year, representing a significant increase in losses[4] - Basic loss per share was HKD 2.11, compared to HKD 0.37 in the previous year, indicating a worsening financial performance[2] - The company's gross profit margin decreased to 12.5% from 16.4%, indicating challenges in maintaining profitability[4] - The company incurred operational losses of HKD 24,524,000, compared to HKD 1,458,000 in the previous year, highlighting operational challenges[4] - The company reported a total comprehensive loss of HKD 5,311 million for the year, compared to a loss of HKD 25,839 million in the previous year, indicating a significant improvement[5] - The loss per share attributable to the company was HKD 0.37, a decrease from HKD 2.11 in the prior year, reflecting better financial performance[5] Assets and Liabilities - Total assets decreased to HKD 235,442,000 from HKD 260,599,000, reflecting a decline of approximately 9.6%[2] - Total liabilities slightly decreased to HKD 130,116,000 from HKD 129,434,000, showing a marginal reduction in financial obligations[2] - Non-current assets increased to HKD 65,721,000 from HKD 60,904,000, suggesting some investment in long-term assets[2] - Current assets decreased to HKD 169,721,000 from HKD 199,695,000, indicating a reduction in liquidity[2] - Total equity of HKD 105,326 million, compared to HKD 131,165 million in the previous year, indicating a decline in shareholder equity[6] - The company holds non-current assets valued at HKD 65,721 million, an increase from HKD 60,904 million, indicating investment in long-term assets[6] Revenue Sources and Market Focus - The group’s revenue from self-branded products for the fiscal year ending December 31, 2025, was HKD 276,867,000, a decrease from HKD 307,364,000 in 2024, representing a decline of approximately 9.9%[20] - Revenue from Europe for the fiscal year 2025 was HKD 152,141,000, while North America generated HKD 51,808,000, indicating a focus on these regions for market expansion[22] - The group’s revenue from China was HKD 39,516,000 in 2025, showing a strategic emphasis on the Chinese market[22] - The company operates primarily in Hong Kong, Denmark, China, and the UAE, focusing on the design, development, manufacturing, and sales of bags, luggage, and medical-related products[9] Operational Strategies - The company plans to focus on improving operational efficiency and exploring new market opportunities to enhance future performance[3] - The company plans to maintain its focus on market expansion and new product development in the upcoming fiscal year[23] - The company aims to improve market influence and customer engagement through enhanced supply chain networks and business development initiatives[48] - The company is committed to optimizing cost structures and supply chain networks to enhance profitability and promote sustainable growth[49] Expenses and Costs - The cost of goods sold for 2025 was HKD 211,748, compared to HKD 224,851 in 2024, indicating a decrease of approximately 5.1%[24] - Employee benefits expenses increased to HKD 50,358 in 2025 from HKD 49,383 in 2024, reflecting a growth of 2%[24] - The total expenses for 2025 were HKD 299,490, a decrease from HKD 311,825 in 2024, indicating a reduction of about 4%[24] - Administrative expenses increased from approximately HKD 43.5 million to about HKD 46.5 million, primarily due to the strengthening of the diversified supply chain network and business development measures[52] Financing and Investments - The group has pledged assets totaling approximately HKD 12.6 million in deposits and HKD 28.9 million in financial assets for bank financing[70] - The group’s available bank financing increased to HKD 121,781,000 in 2025 from HKD 120,673,000 in 2024, indicating a slight growth of 1%[43] - The company may evaluate various financing options, including equity financing, to support its strategic expansion and enhance long-term shareholder value[85] Taxation - The estimated tax rate for the fiscal year ending December 31, 2025, remains at 16.5%, consistent with the previous year[26] - The group is subject to a 25% corporate income tax rate in China for the year ending December 31, 2025, with a reduced rate of 5% applicable to taxable income not exceeding RMB 3 million[27] - The group recorded a current tax expense of HKD 68,000 for China and HKD 33,000 for the UAE for the year ending December 31, 2025[28] Corporate Governance - The company has complied with the corporate governance code during the reporting period, with independent non-executive directors having opportunities for discussions without the presence of other directors[88] - The independent auditor has issued an unqualified opinion regarding the continuous connected transactions, confirming compliance with the company's pricing policies[79] - The board of directors held six meetings during the reporting period to discuss and approve company matters, exceeding the minimum requirement of four meetings per year[89] Legal Matters - The group is involved in a lawsuit where a supplier is seeking approximately HKD 8.5 million in damages, including about HKD 7.3 million in trade payables[60] - The group has filed a counterclaim for approximately HKD 6.7 million against the supplier, related to economic losses and legal costs[61]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 28,988,535, an increase from HKD 28,740,421 in 2024, representing a growth of 0.87%[5] - Adjusted EBITDA for 2025 was HKD 7,480,154, down from HKD 8,210,137 in 2024, reflecting a decrease of 8.93%[5] - Profit attributable to owners for 2025 was HKD 1,629,617, a decline of 49.0% compared to HKD 3,198,178 in 2024[5] - Basic earnings per share for 2025 was HKD 0.31, down from HKD 0.61 in 2024, indicating a decrease of 49.18%[5] - The pre-tax profit for the year ending December 31, 2025, was HKD 1,683,936,000, compared to HKD 3,250,058,000 in 2024, indicating a decline of 48.2%[20] - The effective tax rate for 2025 was 12%, consistent with the previous year, with total tax expenses recorded at HKD 54,319,000[20] - The company recorded deferred tax assets amounting to HKD 10,322,000,000 as of December 31, 2025, up from HKD 8,840,000,000 in 2024[20] - The company recorded an unrecognized tax loss of HKD 23.6 billion as of December 31, 2025, compared to HKD 13.6 billion in 2024, which is believed to offset any potential adjustments suggested by the Macau tax authorities[22] - Net profit attributable to the company's owners decreased by 49.0% from HKD 3.20 billion in 2024 to HKD 1.63 billion in 2025[91] Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.223 per share for 2025, an increase from HKD 0.185 per share in 2024[6] - The board proposed a final dividend of HKD 0.223 per share for the year ended December 31, 2025, an increase from HKD 0.185 per share in 2024, subject to shareholder approval[25] - The company paid a cash dividend of HKD 0.185 per share, totaling HKD 972.5 million for the year ended December 31, 2024, and again for the six months ended June 30, 2025[93] Assets and Liabilities - Non-current assets totaled HKD 26,503,195 as of December 31, 2025, slightly up from HKD 26,473,075 in 2024[8] - Current assets increased to HKD 14,058,777 in 2025 from HKD 12,758,455 in 2024, marking a growth of 10.16%[8] - Total liabilities amounted to HKD 42,637,791 in 2025, compared to HKD 42,374,500 in 2024, reflecting an increase of 0.62%[9] - The group reported a cash and cash equivalents balance of HKD 7,130,505 as of December 31, 2025, down from HKD 11,333,372 in 2024[8] - The total interest-bearing borrowings amounted to HKD 45.03 billion in 2025, slightly up from HKD 44.84 billion in 2024, reflecting a 0.4% increase[35] - As of December 31, 2025, the company had available funds of approximately HKD 10.55 billion under the WM Cayman II revolving credit facility[36] Operating Expenses - For the fiscal year ending December 31, 2025, total operating expenses amounted to HKD 4,636,289,000, an increase of 5.7% from HKD 4,385,121,000 in 2024[16] - Interest expenses decreased to HKD 2,602,196,000 in 2025 from HKD 2,915,840,000 in 2024, reflecting a reduction of approximately 10.7%[17] - Total operating costs and expenses increased by 4.6% from HKD 23.41 billion in 2024 to HKD 24.49 billion in 2025[86] Revenue Breakdown - Casino revenue rose from HKD 23,620,000,000 (82.2% of total operating revenue) in 2024 to HKD 24,417,897,000 (84.2% of total operating revenue) in 2025[80] - Non-gaming revenue decreased by 10.8% from HKD 5,120,000,000 (17.8% of total operating revenue) in 2024 to HKD 4,570,000,000 (15.8% of total operating revenue) in 2025[83] - Room revenue dropped by 22.0% from HKD 2,370,000,000 in 2024 to HKD 1,850,000,000 in 2025, primarily due to a decline in average daily room rates[83] - Average daily room rate at Wynn Palace decreased from HKD 2,423 to HKD 1,742, while Wynn Macau's rate fell from HKD 1,935 to HKD 1,702[84] Market and Competitive Landscape - The company faces competition from 18 other casinos in Macau and potential future competition from regions like Japan and Taiwan, which may legalize gaming[64] - The competitive landscape in Macau's casino and hotel industry is intensifying, with the number of casinos expected to reach 20 by December 31, 2025, increasing competition for existing operators[136] - The company relies on high-end customers for a significant portion of its gaming revenue, and there are concerns about the collectability of credit extended to these customers, which could negatively impact financial performance[138] Regulatory and Compliance Risks - The company must comply with Macau laws and regulations, and failure to maintain necessary licenses could severely impact its operations[125] - The company faces risks related to geopolitical tensions, travel restrictions, and other government policies that may adversely affect demand for its products and services[127] - Compliance with anti-money laundering laws and regulations is critical, as violations could adversely affect the company's business, performance, and financial condition[139] - The company is subject to various regulatory reviews and approvals from multiple Macau government agencies, which could impact its business operations[126] Future Outlook and Strategic Initiatives - The company has provided a forward guidance of 10% revenue growth for the next fiscal year, projecting revenues to reach HKD 197.1 billion[184] - New product launches are expected to contribute an additional HKD 5 billion in revenue, with a focus on enhancing user engagement and retention[184] - The company is expanding its market presence in Asia, targeting a 25% increase in market share by the end of 2024[184] - A strategic acquisition of a local competitor is anticipated to be finalized by Q2 2024, expected to enhance operational efficiencies and market reach[184] Corporate Governance - The company has established a robust corporate governance framework to maintain high standards and respect from investors and regulators[171] - The audit and risk committee, consisting of three independent non-executive directors, has reviewed the group's performance for the year ending December 31, 2025[174] - The company has maintained compliance with all applicable code provisions for corporate governance as of December 31, 2025[172] Cybersecurity and Operational Risks - The company faces significant cybersecurity risks, including system failures and unauthorized access to sensitive data, which could adversely affect its operations and reputation[144] - The company relies heavily on its IT systems for transaction processing and business management, and any disruption could have a substantial negative impact on its financial condition[148] - The company has implemented measures to mitigate fraud risks in its gaming operations, including employee training and security systems, but may still face challenges in detecting and preventing such activities[150]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported total revenue of HKD 556.529 million, a decrease of 23.3% compared to HKD 725.453 million in the previous year[2]. - The cost of sales for the year was HKD 455.220 million, resulting in a gross profit of HKD 101.309 million, down from HKD 176.781 million, indicating a significant decline in profitability[2]. - The company recorded other income of HKD 16.520 million, which was lower than HKD 18.825 million from the previous year[2]. - The net loss from other gains and losses was HKD 26.181 million, compared to a loss of HKD 3.872 million in the prior year, reflecting increased financial challenges[2]. - The company reported a loss before tax of HKD 1.807 million, a significant improvement from a loss of HKD 95.790 million in the previous year[2]. - The net profit from continuing operations for the year was HKD 1.476 million, compared to HKD 78.471 million in the previous year, indicating a substantial decline in earnings[2]. - The total comprehensive income for the year was HKD 69,573 million, reflecting a significant increase compared to the previous year[3]. - The company’s net profit margin for the year was approximately 1.86% based on the annual profit and total revenue[3]. - The company reported a total comprehensive income attributable to shareholders of HKD 37,868 million[3]. - The company experienced a foreign exchange loss of HKD 43,264 million during the reporting period[3]. - The total revenue for the year was HKD 79,357 million, indicating a strong performance in the market[3]. - The company reported a significant increase in user data, contributing to overall revenue growth[3]. Revenue Breakdown - Total revenue for the group was HKD 556,529,000 in 2025, down from HKD 748,957,000 in 2024, representing a decrease of approximately 25.6%[12]. - Revenue from the sale of goods was HKD 501,484,000 in 2025, compared to HKD 675,700,000 in 2024, indicating a decline of about 26%[13]. - Rental income from investment properties increased to HKD 55,045,000 in 2025, up from HKD 49,753,000 in 2024, reflecting a growth of approximately 10%[13]. - The revenue from printing and manufacturing packaging materials in China was HKD 644.7 million for the year ended December 31, 2024, compared to HKD 470.5 million in 2023, indicating a growth of about 37%[17]. - The revenue from sales of RFID products was HKD 23.5 million for the year ended December 31, 2024, while there was no revenue recorded for this segment in 2023[17]. - The revenue from manufacturing paper packaging materials was HKD 30.7 million for the year ended December 31, 2024, slightly down from HKD 31.0 million in 2023[17]. Expenses and Costs - Administrative expenses totaled HKD 68.364 million, a decrease from HKD 75.748 million, showing some cost control efforts[2]. - The total employee costs for the ongoing business amounted to HKD 46,338,000, down from HKD 68,227,000, indicating a reduction of about 32.1%[23]. - The sales and distribution expenses decreased by 28.7% to approximately HKD 9,700,000 for the year ending December 31, 2025, down from HKD 13,700,000 in 2024[46]. - Interest expenses for continuing operations increased to HKD 4,849,000 in 2025 from HKD 4,043,000 in 2024, reflecting a rise of approximately 19.9%[19]. - The total other income and losses for 2025 amounted to HKD (26,181,000), compared to HKD (3,872,000) in 2024, indicating a significant decline[19]. Assets and Liabilities - Total assets as of December 31, 2025, amounted to HKD 2,218,224,000, compared to HKD 2,186,951,000 in 2024, reflecting an increase of approximately 1.43%[5]. - Current liabilities decreased to HKD 331,294,000 in 2025 from HKD 496,574,000 in 2024, representing a reduction of about 33.33%[5]. - Non-current liabilities, including bank loans, were HKD 150,475,000 in 2025, down from HKD 207,213,000 in 2024, indicating a decrease of approximately 27.38%[5]. - The company reported a total equity of HKD 2,176,280,000 in 2025, slightly down from HKD 2,138,065,000 in 2024, a decrease of approximately 2.9%[5]. - The company’s cash and cash equivalents decreased to HKD 199,475,000 in 2025 from HKD 570,949,000 in 2024, a decline of about 65%[5]. - The company’s trade receivables were HKD 105,743,000 in 2025, compared to zero in 2024, indicating a new development in receivables management[5]. Future Outlook and Strategies - The company plans to continue its market expansion and product development strategies in the upcoming fiscal year[3]. - The company aims to leverage its existing customer base and expand into new markets to drive future growth and profitability[15]. - The company has identified new strategies focusing on the development of RFID technology to enhance product offerings and market competitiveness[17]. - The company plans to sell its 31% stake in Changde Jinpeng for a consideration of RMB 142,500,000 (approximately HKD 152,800,000) due to unsatisfactory performance during the review period[63]. - The company anticipates continued challenges in the operating environment for 2026 due to global inflation and geopolitical tensions affecting the economy[69]. Corporate Governance and Compliance - The company has adopted the corporate governance standards as per the listing rules, confirming compliance until December 31, 2025[72]. - The company has generally complied with the corporate governance code, except for specific provisions regarding the separation of roles between the Chairman and CEO[76]. - The audit committee, consisting of one non-executive director and three independent non-executive directors, reviewed the financial statements for the year ending December 31, 2025[79]. - The board of directors includes two executive directors, one non-executive director, and three independent non-executive directors[83].

Financial Performance - Revenue for the year ended December 31, 2025, increased to HKD 42,360,000 from HKD 39,220,000, representing a growth of 5.5%[2] - Gross profit rose to HKD 5,387,000, up from HKD 4,477,000, reflecting a year-on-year increase of 20.3%[2] - The company reported a net profit from continuing operations of HKD 4,860,000, a significant improvement compared to a loss of HKD 99,446,000 in the previous year[3] - Total comprehensive income for the year was HKD 63,395,000, compared to a loss of HKD 23,587,000 in the prior year, indicating a turnaround[3] - The company reported a basic loss per share of HKD 0.043 for the year, compared to a loss of HKD 0.067 in the previous year[4] - The company reported a total pre-tax loss of HKD 34,424,000 for the consolidated entity in 2025, compared to a loss of HKD 110,939,000 in 2024[16] - The group’s pre-tax loss from continuing operations was HKD 31,807,000 in 2025, compared to HKD 30,152,000 in 2024[24] - The company reported a net loss of HKD 83,891,000 for the year ending December 31, 2025, a decrease from a loss of HKD 173,249,000 in 2024[60] Assets and Liabilities - The company's total assets decreased to HKD 622,771,000 from HKD 564,586,000, primarily due to changes in non-current assets[5] - Current liabilities increased significantly to HKD 229,948,000 from HKD 37,495,000, largely driven by loans from a related company[6] - The net asset value improved to HKD 185,353,000, up from HKD 90,218,000, indicating a stronger financial position[6] - The company’s total liabilities, including those related to assets classified as held for sale, reached HKD 500,503,000 in 2025[16] - The company has classified assets and liabilities related to assets held for sale, totaling HKD 572,536,000, expected to be sold within twelve months[40] Revenue Sources - Total customer contract revenue for 2025 reached HKD 42,360,000, an increase of 8.7% from HKD 39,220,000 in 2024[9] - Revenue from sales of logs in New Zealand was HKD 37,416,000 in 2025, up from HKD 33,860,000 in 2024, reflecting a growth of 10.5%[9] - Revenue from continuing operations (New Zealand division) increased by 8.0% to HKD 42,360,000, primarily due to delayed sales of logs[62] - Revenue from major customer 1 contributed HKD 29,148,000 to the group's continuing operations in 2025, up from HKD 21,097,000 in 2024, while major customer 2 was not applicable in 2025[22] Expenses and Costs - The total financing costs increased to HKD 21,598,000 in 2025 from HKD 16,479,000 in 2024[23] - Administrative expenses increased by 48.9% to HKD 15,356,000, driven by impairment losses and increased maintenance costs[69] - Financing costs rose by 31.1% to HKD 5,119,000 due to increased loans from a subsidiary[70] - Other income from bank and other interest decreased to HKD 641,000 in 2025 from HKD 1,207,000 in 2024[23] Cash Flow and Investments - The cash flow used in operating activities was HKD 3,040,000 in 2025, an improvement from HKD 9,115,000 in 2024[29] - The company reported a net cash outflow of HKD 99,000 from investing activities in 2025, consistent with HKD 101,000 in 2024[29] - The company completed the sale of certain assets, with the net cash outflow from the sale being HKD 99,000[31] - The company anticipates that the proceeds from the sale of assets will exceed the carrying value of the related assets and liabilities, thus no further impairment loss will be recognized[40] Strategic Changes - The company has ceased operations in Suriname, and the reported segment information excludes any amounts related to this discontinued operation[13] - The group sold 100% of the shares in 15 subsidiaries in Suriname, which were classified as discontinued operations due to ongoing losses[28] - The sale of the Suriname business allowed the company to exit a non-core segment that had been a financial burden, enhancing focus on more promising opportunities[55] - The company plans to seek sustainable investment opportunities in New Zealand and the Asia-Pacific region[57] - The group plans to implement a light-asset strategy by selectively acquiring New Zealand logging rights to support revenue growth[82] Shareholder Information - The board proposed a special dividend of HKD 0.01 per share, totaling HKD 27,824,866, pending the completion of asset sales in New Zealand[27] - A special dividend of HKD 0.01 per ordinary share was proposed, totaling HKD 27,824,866, subject to the completion of the asset sale in New Zealand[91] - The company issued 927,495,528 rights shares at a subscription price of HKD 0.0363 per share, raising approximately HKD 33,668,000, with a net amount of HKD 31,667,000 after expenses[93] Governance and Compliance - The audit committee reviewed and confirmed that the financial statements for the year ended December 31, 2025, were prepared in accordance with applicable accounting standards[97] - The company adhered to the corporate governance code throughout the year, with no significant deviations reported[99] - There were no purchases, sales, or redemptions of the company's listed securities during the year ended December 31, 2025[101] Employee and Operational Changes - The total employee count decreased to 20 as of December 31, 2025, down from 125 in the previous year, with employee costs amounting to HKD 19,493,000[96] - The company's employee benefits expenses, including director remuneration, increased to HKD 17,259,000 in 2025 from HKD 16,901,000 in 2024[24]

Financial Performance - Revenue for the six months ended December 31, 2025, was HK$458,919,000, a significant increase from HK$267,622,000 for the same period in 2024, representing a growth of 71.5%[12] - Gross profit for the same period was HK$244,970,000, compared to HK$90,946,000 in 2024, indicating a gross margin improvement[12] - Loss before taxation decreased to HK$54,229,000 from HK$88,371,000 year-over-year, showing a reduction in losses by 38.6%[12] - Total comprehensive loss for the period was HK$115,841,000, compared to HK$94,750,000 in the previous year, reflecting an increase in overall losses[12] - Basic and diluted loss per share attributable to owners of the Company was HK$6.27, slightly improved from HK$6.94 in the prior year[12] - The Group's loss before taxation for the period was HK$54,229,000[44] - The Group narrowed its loss by 9.7% to approximately HK$85.8 million, with loss per share improving to approximately 6.27 HK cents from 6.94 HK cents[174][177] Expenses and Costs - Selling and marketing expenses were HK$79,377,000, significantly higher than HK$179,000 in the previous year, reflecting increased investment in marketing efforts[12] - General and administrative expenses rose to HK$171,379,000 from HK$150,567,000, indicating a 13.8% increase[12] - Total staff costs rose to HK$85,680,000, up from HK$76,842,000, reflecting an increase of 11.4%[68] - Total finance costs decreased slightly to HK$44,125,000 from HK$45,672,000, a reduction of 3.4%[66] - Current tax expenses surged to HK$32,240,000 from HK$7,320,000, an increase of 340.5%[70] Assets and Liabilities - As of December 31, 2025, total assets decreased to HK$2,395,473,000 from HK$2,536,098,000 as of June 30, 2025, representing a decline of approximately 5.5%[13] - Net current assets dropped to HK$364,421,000 from HK$524,609,000, indicating a decrease of about 30.5%[14] - Equity attributable to owners of the Company decreased to HK$657,255,000 from HK$773,096,000, reflecting a decline of approximately 15%[14] - Non-current liabilities totaled HK$1,429,870,000, down from HK$1,524,723,000, a reduction of about 6.2%[14] - The company's bank borrowings increased to HK$114,182,000 from HK$59,933,000, marking an increase of approximately 90.5%[14] Revenue Segmentation - For the six months ended December 31, 2025, the Group reported total revenue of HK$458,919,000, with the Gaming Operation segment contributing HK$442,453,000[44] - The Hotel Operation segment incurred a loss of HK$26,667,000, while the Gaming Operation segment generated a profit of HK$6,518,000[44] - Revenue from gaming operations surged by approximately 84.4% to about HK$442.5 million, contributing approximately 96.4% of the Group's total revenue during the period[179] - Hotel operation revenue decreased by approximately 40.4% to about HK$16.5 million, primarily due to renovations, with room revenue accounting for approximately 73.5% of total hotel revenue[180] Cash Flow and Investments - Net cash used in operating activities for the six months ended December 31, 2025, was HK$12,433,000, a decrease from HK$46,515,000 in the same period of 2024[18] - Cash used in investing activities amounted to HK$113,240,000 for the six months ended December 31, 2025, compared to a net cash generated of HK$6,112,000 in the prior year[19] - The company reported a significant increase in deposits for property, plant, and equipment, totaling HK$112,832,000 for the six months ended December 31, 2025, compared to HK$52,971,000 in the previous year[18] - The company did not receive any proceeds from bank borrowing during the six months ended December 31, 2025, compared to HK$392,387,000 in the same period of 2024[19] Taxation and Legal Matters - The company is involved in tax disputes with the Bureau of Internal Revenue (BIR) regarding alleged deficiencies in income tax and other taxes, with contingent liabilities estimated at approximately 1,524,000,000 pesos as of December 31, 2025[81] - The directors believe that the most likely outcome of the tax disputes is that no deficiency taxes will be liable, and no provision for income tax has been made for these disputes[78] - The group entities engaged in gaming business in the Philippines are exempt from corporate income tax, paying a 5% gaming tax instead[71] Future Outlook and Investments - The Group is committed to an investment of no less than USD 1.0 billion and up to USD 1.2 billion for the establishment and operation of the Casino and the Hotel in Manila City[187] - The Philippine casino gambling market is projected to reach USD3,749.4 million by 2033, with a compound annual growth rate of 9.2% from 2023 to 2033[185] - The expansion of visa-free entry is expected to boost visitor arrivals, enhancing gaming revenues at integrated resorts in the Philippines[186]

Financial Performance - Revenue increased by 63.4% to HKD 566 million[4] - Gross profit rose by 105.2% to HKD 405.6 million[4] - Loss attributable to owners of the company was HKD 1.1 billion[4] - Basic loss per share was HKD 2.97[4] - The overall performance across segments resulted in a pre-tax loss of HKD 1,022,291,000 for the year[20] - The company reported a pre-tax profit of HKD 4,058,926,000 for the year ending December 31, 2024[22] - The basic loss per share for 2025 is HKD (2.97), compared to a profit of HKD 12.45 in 2024, reflecting a significant decline in earnings from HKD 3,968,652,000 to a loss of HKD (1,100,137,000)[32] - The group recorded a loss attributable to the owners of the company of HKD 1.1 billion for the year ending December 31, 2025, compared to a profit of HKD 3.9687 billion in 2024[99] Assets and Liabilities - Total assets decreased to HKD 14.17 billion from HKD 13.56 billion[8] - Net current assets increased to HKD 3.23 billion from HKD 2.90 billion[8] - Non-current assets totaled HKD 10.94 billion, up from HKD 10.66 billion[7] - Cash and cash equivalents rose significantly to HKD 1.62 billion from HKD 614 million[7] - Total equity increased to HKD 11.23 billion from HKD 10.78 billion[8] - The total outstanding loans and accrued interest amounted to HKD 112.8 million, a decrease from HKD 329.8 million the previous year[71] - The total bank borrowings and other financial liabilities decreased from HKD 2,756,858,000 in 2024 to HKD 2,219,249,000 in 2025, representing a reduction of approximately 19.5%[59] - The group held cash and bank balances of HKD 2.0118 billion as of December 31, 2025, an increase from HKD 1.7438 billion as of December 31, 2024[103] Revenue Sources - Property management fee income rose to HKD 134,506,000 in 2025 from HKD 104,937,000 in 2024, marking an increase of about 28.2%[17] - Rental income surged to HKD 382,970,000 in 2025, compared to HKD 170,452,000 in 2024, reflecting a growth of approximately 124.9%[17] - Total revenue for the financing services segment was HKD 12,262,000, while real estate investment generated HKD 382,970,000[20] - All revenue reported for 2025 was generated from the People's Republic of China[17] Investments and Acquisitions - The company acquired 100% control of RGAP Group for a cash consideration of USD 2,000,000 (approximately HKD 15,560,000) on December 20, 2024[60] - The fair value of previously held equity in RGAP Group was estimated at HKD 3,725,017,000, resulting in a remeasurement gain recognized in the income statement[60] - The total identifiable net assets acquired from RGAP Group amounted to HKD 4,267,833,000, with a negative goodwill of HKD 527,256,000[62] Financial Technology Focus - The company is focusing on financial technology investments and management, alongside real estate development and property management services[9] - The company is actively exploring new business models in the fintech sector to create new value and opportunities[69] - The Chinese fintech industry's transaction volume is projected to expand to USD 10.06 trillion by 2030, with a compound annual growth rate of 15.67%[67] - The group plans to focus on high-growth opportunities in the fintech sector while ensuring traditional business provides robust support[96] - The strategic emphasis will continue to be on expanding fintech operations, particularly in the areas of real-world asset management and regulated cross-border payments[96] Employee and Operational Costs - Employee costs rose to HKD 170,215,000, compared to HKD 136,665,000 in the previous year[26] - Operating total costs, including cost of sales and administrative expenses, are approximately HKD 425.6 million, up about 60.1% from HKD 265.9 million in 2024[99] Market and Business Developments - Peak3 has expanded its product capabilities, completing a significant update to its Graphene core platform, which now supports commercial property insurance and group medical insurance[79] - Peak3 has entered new markets including Australia, France, Germany, India, Italy, and Spain, and has established new technology centers in Spain and India[80] - ZA Bank, a subsidiary of ZA Global, has become one of the most feature-rich digital banks in Hong Kong, providing a comprehensive digital financial service platform[81] - ZA Bank achieved a significant milestone by surpassing 1 million retail users in Hong Kong and recorded a net profit of HKD 0.17 billion for the first time in 2025[82] Credit and Receivables Management - The impairment loss provision for receivables was approximately HKD 20.9 million for the year ended December 31, 2025, an increase of approximately HKD 17.5 million compared to HKD 3.4 million in 2024[75] - The company actively monitors the recoverability of receivables and has implemented effective measures to ensure timely collection of outstanding balances[74] - The company has established a dedicated team to assess credit limits and approvals, utilizing an internal credit rating system to evaluate potential clients' credit quality[74] Dividends and Share Capital - The company did not recommend any dividend payment for the year ending December 31, 2025[31] - The company has reduced its issued share capital from approximately HKD 637.4 million to HKD 63.74 million through a capital reduction process[66] - The company’s issued and paid-up share capital was HKD 1,500,000,000 as of December 31, 2025, after a share consolidation[64] Future Outlook - The group anticipates significant developments in the fintech, Web3, and digital asset markets, with a focus on the deeper integration of the digital RMB into core economic activities[95] - The group is preparing for the upgrade of its wholly-owned subsidiary's asset management license to enhance its capabilities in managing virtual asset portfolios, pending regulatory approval[96]