Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 348,814,000, a slight decrease of 0.17% from HKD 349,416,000 in 2024[2] - Adjusted EBITDA increased to HKD 87,717,000, up 20.5% from HKD 72,783,000 in the previous year[2] - The net loss attributable to shareholders improved to HKD 9,569,000, compared to a loss of HKD 26,335,000 in 2024, representing a 63.7% reduction in losses[3] - Basic and diluted loss per share was HKD 0.32, down from HKD 0.87 in the prior year[3] - The company reported a gross profit of HKD 68,493,000, up 24.8% from HKD 54,831,000 in the previous year[3] - The company reported a net loss of HKD 13,250,000 for 2025, a significant improvement of 58.1% compared to a net loss of HKD 31,605,000 in 2024[54] - Average gross margin increased to 19.6% in 2025 from 15.7% in 2024, representing a growth of 24.8%[54] Cash and Assets - Cash and cash equivalents increased to HKD 271,135,000, up 22.7% from HKD 220,823,000 in 2024[5] - Total assets rose to HKD 1,261,410,000, an increase of 1.1% from HKD 1,247,615,000 in 2024[6] - The net cash position improved, with net current assets increasing to HKD 165,695,000 from HKD 107,327,000 in 2024[5] - The company reported cash and bank balances of HKD 271,135,000, an increase from HKD 220,823,000 in the previous year[66] Liabilities and Borrowings - The company’s total liabilities were HKD 285,086,000, a slight increase from HKD 283,165,000 in 2024[6] - The total bank borrowings as of December 31, 2025, increased to HKD 49,406,000 from HKD 44,752,000 in 2024[43] - The company has a total bank borrowings of HKD 49,406,000 in 2025, an increase from HKD 44,752,000 in 2024[33] Revenue Breakdown - Revenue from hazardous waste incineration and landfill services amounted to HKD 226.112 million, up from HKD 224.254 million in 2024, reflecting an increase of about 0.83%[15] - Revenue from industrial wastewater treatment and related management services was HKD 95.598 million, a slight decrease from HKD 95.865 million in 2024, showing a decline of approximately 0.28%[15] - Rental income from providing factory facilities decreased to HKD 27.104 million from HKD 29.297 million in 2024, representing a decline of about 7.48%[15] - External customer revenue from wastewater management was HKD 226,112,000 in 2025, while environmental disposal and management services generated HKD 122,702,000[19] Operational Segments - The group’s operations are segmented into three reportable segments, focusing on industrial and medical waste treatment, environmental electroplating wastewater treatment, and investment in plastic dyeing business[17] - Reported segment revenue for the year ended December 31, 2025, was HKD 352,518,000, a slight decrease from HKD 353,161,000 in 2024[19] - The company achieved a reported segment profit of HKD 14,246,000 for 2025, compared to a loss of HKD 7,098,000 in 2024[19] Employee and Costs - The company employed 385 full-time employees as of December 31, 2025, down from 401 in 2024, with employee costs totaling HKD 67,667,000, a decrease from HKD 71,574,000 in the previous year[96] - The company’s total employee costs decreased to HKD 67,667,000 in 2025 from HKD 71,574,000 in 2024[23] - Distribution costs were reduced by 16.8% to HKD 14,630,000 in 2025, down from HKD 17,585,000 in 2024[54] Legal and Compliance - The company is involved in ongoing litigation regarding unpaid dividends amounting to approximately HKD 26,579,000, with additional interest claims pending[36] - As of December 31, 2025, the company has recognized a total liability of HKD 51,080,000 related to the litigation claims[37] - The company has ongoing legal proceedings related to its subsidiary NUET(JS), with no expected adverse impact on normal operations[85] Strategic Initiatives - The company plans to invest USD 15,000,000 in the expansion plan for Zhenjiang Xinyu, which includes building a new incinerator and upgrading existing facilities[64] - The company is actively exploring advanced technology integration to improve operational efficiency and ensure compliance with environmental regulations[91] - The company is committed to improving project management standards and operational efficiency, with independent professionals assisting in monitoring emissions and assessing environmental impacts[4] Market Conditions - The group is facing intense competition and structural overcapacity in the hazardous waste treatment industry in mainland China, leading to continued pressure on processing prices and a decline in business revenue[52] - The hazardous waste treatment industry is facing increased competition, with new entrants potentially having stronger financial resources and advanced technologies[90] Governance and Shareholder Matters - The company plans to distribute a final dividend of HKD 0.0016 per share from retained earnings for the year ending December 31, 2025, pending shareholder approval at the upcoming annual general meeting[124] - The annual general meeting is scheduled for May 22, 2026, with specific deadlines for share transfer registration to ensure voting rights[126][127] - The board believes that having the same individual serve as both Chairman and CEO is beneficial for executing the company's business strategy and enhancing operational efficiency[118]

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 906,778,000, representing a year-on-year increase of 13.63% compared to RMB 797,991,000 in 2024[4] - Gross profit for the same period was RMB 305,349,000, up 6.10% from RMB 287,799,000 in 2024[4] - Profit attributable to equity shareholders for the year was RMB 93,731,000, reflecting a 9.23% increase from RMB 85,807,000 in 2024[4] - Adjusted net profit was RMB 112,354,000, a 10.07% increase compared to RMB 102,075,000 in 2024[4] - The number of massage devices sold increased to 539,443 units, a growth of 9.96% from 490,564 units in 2024[4] - The number of service points expanded to 49,877, an increase of 8.44% from 45,993 in 2024[4] - Basic and diluted earnings per share for 2025 were RMB 1.86, compared to RMB 1.72 in 2024[5] - The company reported a pre-tax profit of RMB 112,063,000 for 2025, up from RMB 102,304,000 in 2024, reflecting a growth of 9.7%[21] - The gross profit for the reportable segments totaled RMB 305,349,000, which is a 6.1% increase from RMB 287,799,000 in 2024[21] - Adjusted net profit rose by 10.07% from RMB 102.08 million in 2024 to RMB 112.35 million in 2025, mainly due to increased revenue from expanded business and equipment investments[63] Revenue Breakdown - Revenue from machine massage services under the direct operation model was RMB 748,398,000, up 11.9% from RMB 668,750,000 in the previous year[20] - The partner model generated revenue of RMB 128,028,000, an increase of 12.1% compared to RMB 114,176,000 in 2024[20] - Revenue from machine massage services reached RMB 876.43 million, marking an 11.94% increase compared to the previous year[44] - The direct-operated model accounted for approximately 82.53% of total revenue from machine massage services, generating RMB 748.40 million, an increase of 11.91% year-on-year[51] - The partner model generated RMB 128.03 million in revenue, a 12.13% increase from the previous year, contributing 14.12% to total revenue from machine massage services[52] - Revenue from digital advertising services increased to RMB 2,143,000 in 2025, up from RMB 1,712,000 in 2024, marking a growth of 25.2%[16] - The total revenue from the sale of home massage equipment and small massage items decreased to RMB 6,133,000 in 2025 from RMB 8,560,000 in 2024, a decline of 28.4%[16] Assets and Liabilities - Total assets less current liabilities amounted to RMB 506,058,000, up from RMB 254,340,000 in 2024[9] - Net assets increased to RMB 500,053,000, compared to RMB 240,023,000 in 2024[9] - Cash and cash equivalents rose significantly to RMB 243,868,000 from RMB 19,684,000 in 2024[8] - Trade receivables as of December 31, 2025, amount to RMB 86,170,000, an increase from RMB 75,463,000 in 2024, showing a growth of approximately 14.5%[34] - The company’s trade payables decreased to RMB 45,595,000 in 2025 from RMB 74,812,000 in 2024, indicating a reduction of approximately 39%[36] Expenses - The marketing expenses increased to RMB 117,278,000 in 2025 from RMB 113,867,000 in 2024, indicating a rise of 3.4%[21] - The company's total sales cost increased from RMB 510.19 million in 2024 to RMB 601.43 million in 2025, primarily due to increased venue and equipment costs, as well as a rise in employee numbers[54] - Gross profit rose by 6.10% from RMB 287.80 million in 2024 to RMB 305.35 million in 2025, attributed to increased service site and equipment investments, and growth in transaction orders[56] - The gross margin decreased from 36.07% in 2024 to 33.67% in 2025, mainly due to higher service site usage fees and new equipment costs, along with increased operational and maintenance personnel expenses[56] - Administrative expenses rose by 9.02% from RMB 46.07 million in 2024 to RMB 50.22 million in 2025, primarily due to increased listing costs and administrative personnel salaries[58] - Research and development expenses increased by 8.76% from RMB 21.50 million in 2024 to RMB 23.38 million in 2025, due to a rise in R&D projects and personnel costs[59] - Financial costs decreased by 46.67% from RMB 3.38 million in 2024 to RMB 1.80 million in 2025, attributed to a reduction in interest expenses due to lower national loan rates[60] Taxation - The total tax expense for 2025 is RMB 18,332,000, up from RMB 16,497,000 in 2024, reflecting an increase of approximately 11.1%[29] - Income tax expenses increased by 11.12% from RMB 16.50 million in 2024 to RMB 18.33 million in 2025, driven by expanded business operations and increased revenue from new markets[62] - The company benefits from a preferential tax rate of 15% for certain subsidiaries in China, which is applicable until December 31, 2025[28] - The company’s eligible R&D expenses can be deducted at an additional 100% for tax purposes, enhancing its tax efficiency for the fiscal years ending December 31, 2024, and 2025[28] Dividends - The company has approved and paid dividends of RMB 25,000,000 for 2025, an increase from RMB 20,000,000 in 2024, representing a growth of 25%[39] - The proposed final dividend for the year ending December 31, 2025, is RMB 0.506 per share, totaling RMB 281.2 million, subject to shareholder approval at the annual general meeting[100] - The company will withhold a 10% corporate income tax on dividends distributed to non-resident corporate shareholders listed in the H-share register[101] - The company will also withhold personal income tax at a rate of 10% for H-share individual shareholders from regions with tax agreements with China[102] Capital and Financing - The company issued a total of 5,555,600 new H-shares at a price of HKD 40.00 per share, raising approximately HKD 222.22 million[97] - The net proceeds from the global offering, after deducting underwriting fees and other expenses, amounted to approximately HKD 182.16 million[97] - 60% of the net proceeds (approximately HKD 109.29 million) will be used to expand the coverage and penetration of service outlets by December 31, 2026[97] - 35% of the net proceeds (approximately HKD 63.75 million) is allocated to further increase penetration in established consumer scenarios by December 31, 2026[97] - 15% of the net proceeds (approximately HKD 27.32 million) will be used to develop business in other consumer scenarios by December 31, 2026[97] - 10% of the net proceeds (approximately HKD 18.22 million) is designated for expanding into overseas markets, particularly in Thailand and other Southeast Asian cities by December 31, 2026[97] - 20% of the net proceeds (approximately HKD 36.43 million) will be allocated to continuously enhance and iterate technology by December 31, 2026[97] Corporate Governance - The board of directors includes both executive and independent non-executive members, ensuring diverse governance[111] - The audit committee has reviewed and confirmed the financial statements for the year ending December 31, 2025, ensuring compliance with accounting principles[94] - The company adopted a share incentive plan on December 1, 2021, and another on September 8, 2023, to enhance employee motivation and retention[107] Business Strategy - The company plans to focus on six core areas for domestic market evolution over the next three years, enhancing its competitive advantages[80] - The company aims to initiate a comprehensive internationalization strategy, prioritizing the localization of its business model in Southeast Asia[80] - The company is in the early stages of exploring overseas service points in Thailand, Indonesia, and Hong Kong, with limited scale as of December 31, 2025[48] Operational Insights - The company operates a direct management model for its massage services, overseeing site selection, design, renovation, operation, and maintenance[107] - The company utilizes customized massage equipment, digital systems, IoT, and automation to enhance the massage experience, adapting to various consumer scenarios[108] - The company has established the "Lemo Co-Creation Platform" and "Lemo Win-Win Platform" as limited partnerships to support its business initiatives[108] - The company’s massage service operates under a partner model, where city partners are responsible for site selection and operation, while the company provides a complete mechanical massage service solution[109] Future Plans - The company plans to allocate 12.0% of the net proceeds from the global offering, amounting to HKD 21.86 million, for upgrading massage equipment and introducing more customized features by December 31, 2026[98] - 8.0% of the net proceeds, totaling HKD 14.57 million, will be used to upgrade IoT technology for LMB Links, particularly targeting overseas markets by December 31, 2026[98] - The company aims to enhance brand awareness with 10.0% of the net proceeds, which is HKD 18.22 million, through strategic investments in new media platforms by December 31, 2026[98] - A total of HKD 18.22 million (10.0%) will be allocated for working capital and other general corporate purposes by December 31, 2026[98] Reporting and Compliance - The company’s financial reporting adheres to the International Financial Reporting Standards[108] - The annual report for the year ending December 31, 2025, will be published on the company's website and the Hong Kong Stock Exchange website in April 2026[106] - The annual general meeting is scheduled for May 18, 2026, with a suspension of share transfer registration from May 13 to May 18, 2026[104] - The company will suspend share transfer registration from May 22 to May 28, 2026, to determine eligibility for the proposed final dividend[105]

Financial Performance - The group recorded a profit attributable to shareholders of HKD 723.5 million for the year ended December 31, 2025, representing a 66.5% increase from HKD 434.5 million in 2024[4] - Earnings per share increased to HKD 1.94, up from HKD 1.17 in 2024[9] - Total revenue for the year was HKD 929.6 million, a decrease from HKD 976.6 million in 2024, primarily due to a decline in customer contract revenue[8] - Operating profit for the year was HKD 832.4 million, compared to HKD 574.7 million in 2024, reflecting improved financial management contributions[8] - The group reported a total comprehensive income of HKD 803.3 million for the year, compared to HKD 522.5 million in 2024[11] - Total revenue for the group decreased to HKD 929,592,000 in 2025 from HKD 976,551,000 in 2024, a decline of about 4.8%[20] - Revenue from driving school operations was HKD 759,518,000 in 2025, down from HKD 781,269,000 in 2024, a decrease of approximately 2.8%[20] - Revenue from electronic road toll consultancy and management fees was HKD 12,900,000 in 2025, compared to HKD 13,800,000 in 2024, a decline of about 6.5%[20] - The financial management business generated a profit before tax of HKD 637.2 million in 2025, up from HKD 349.0 million in 2024, driven by an increase in fair value gains on financial assets[55] Assets and Liabilities - Non-current assets decreased to HKD 4.28 billion from HKD 4.48 billion in 2024, primarily due to a reduction in property, plant, and equipment[12] - Current assets increased to HKD 4.65 billion, up from HKD 4.11 billion in 2024, driven by higher cash and bank deposits[12] - Total assets minus current liabilities rose to HKD 8,376,899,000 in 2025, up from HKD 7,883,381,000 in 2024, indicating an increase of about 6.3%[14] - The total equity attributable to equity shareholders increased to HKD 8,067,209,000 in 2025 from HKD 7,494,805,000 in 2024, reflecting a growth of approximately 7.6%[14] - Total assets increased to HKD 8,935,431,000 in 2025 from HKD 8,597,367,000 in 2024, representing a growth of 3.9%[27] - Trade receivables decreased to HKD 10,099,000 in 2025 from HKD 12,972,000 in 2024, a decline of approximately 22%[39] - The total current liabilities for trade and other payables decreased to HKD 132,645,000 in 2025 from HKD 148,342,000 in 2024, a reduction of about 11%[42] Dividends - The group declared a total dividend of HKD 0.42 per share for the year, consistent with the previous year, amounting to approximately HKD 156.5 million[5] - The company expects to maintain its dividend policy, with the final dividend subject to shareholder approval at the upcoming annual general meeting[6] - The company declared an interim dividend of HKD 0.18 per share for both 2025 and 2024, totaling HKD 67,084,000[43] - The proposed final dividend for 2025 is HKD 0.24 per share, consistent with the previous year, amounting to HKD 89,445,000[43] Investment and Financial Management - The group operates in three main segments: driving school operations, electronic road toll facilities, and financial management, focusing on investment returns[23] - The company plans to continue its investment in smart city services and electronic toll collection systems to enhance operational efficiency and market presence[23] - The value of the investment portfolio increased slightly to HKD 5,240.7 million as of December 31, 2025, from HKD 5,018.8 million in 2024, due to net fair value gains and new investments[53] - The group invested in 33 non-listed funds, committing USD 100 million to diversify its investment portfolio further[53] - The fair value gain from non-listed funds was HKD 119.9 million, with 32 funds generating a total gain of HKD 289.0 million[59] - The group sold interests in 5 non-listed funds and some listed equity securities to realize cumulative fair value gains of HKD 1,023.5 million[53] - The investment return rate for non-listed funds was 3.2% (2024: 3.2%), while the return rate for listed equity securities was 31.9% (2024: 24.7%)[66] - The overall combined investment return rate for non-listed funds and listed equity securities was 10.5% (2024: 7.8%)[66] Market and Economic Conditions - Hong Kong's GDP growth for 2025 is projected at 3.5%, with quarterly growth rates of 3.0%, 3.1%, 3.7%, and 3.8%[45] - Total merchandise exports increased by 15.4% in 2025, while imports grew by 15.5%[45] - Retail sales in Hong Kong are expected to grow by 1% in 2025, reversing the previous year's decline, with December sales showing a year-on-year increase of 6.6%[45] - The Hang Seng Index surged by 27.8% in 2025, closing at 25,630 points, marking its best annual performance since 2017[52] - The IPO market in Hong Kong raised HKD 286 billion in 2025, representing a year-on-year increase of over 200%[45] Operational Insights - The number of new enrollments in driving training courses decreased by 2.8% in 2025, with non-motorcycle and motorcycle courses down by 4.8% and 22.7% respectively[47] - The contribution from the EasyPay system is expected to increase in 2026 due to the implementation of the system in the Central Kowloon Route and the full-year impact of the Tai Lam Tunnel transition[49] - Employee costs totaled HKD 413.8 million for the year, a decrease from HKD 427.4 million in 2024, with a total workforce of 660 employees[82] Compliance and Governance - The company has not adopted any new accounting standards that would significantly impact the financial statements for the current period[18] - The company adhered to the Corporate Governance Code and maintained compliance with the Main Board Listing Rules throughout the year[83] - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the year[85] - The group plans to release its 2025 annual report and shareholder meeting notice on its website and the HKEX news platform[86]

Financial Performance - For the fiscal year ending December 31, 2025, the total revenue was RMB 60,801,000, a decrease of 4.9% from RMB 63,852,000 in 2024[3] - Traditional factoring business revenue increased to RMB 54,671,000, up 25.6% from RMB 43,564,000 in the previous year[10] - Communication factoring business revenue decreased significantly to RMB 6,130,000, down 69.8% from RMB 20,288,000 in 2024[10] - The company reported a profit before tax of RMB 37,209,000, an increase of 34.0% compared to RMB 27,755,000 in 2024[3] - The net profit attributable to the owners of the company was RMB 18,635,000, up 13.2% from RMB 16,458,000 in the previous year[3] - Basic earnings per share increased to RMB 1.59, compared to RMB 1.41 in 2024, reflecting a growth of 12.8%[3] Assets and Liabilities - Total assets decreased to RMB 558,911,000 from RMB 457,642,000 in 2024, indicating a growth of 22.1%[4] - Current liabilities decreased to RMB 277,028,000 from RMB 287,764,000 in the previous year, a reduction of 3.0%[4] - The company's equity attributable to owners increased to RMB 457,296,000, up from RMB 443,587,000 in 2024, representing a growth of 3.9%[5] - As of December 31, 2025, the total current liabilities were RMB 277,028,000, down from RMB 287,764,000 in 2024[56] - The total non-current liabilities increased to RMB 101,615,000 as of December 31, 2025, from RMB 14,055,000 in 2024, primarily due to asset-backed financing arrangements[56] Revenue Sources - The company's total revenue from external sources in the fiscal year ending December 31, 2025, was RMB 337,000, compared to RMB 67,000 in 2024, indicating a significant increase[12] - Interest income from traditional factoring was recorded at RMB 54,412,000, up from RMB 35,176,000, indicating a significant increase of about 54.7%[26] - The service revenue from communication factoring business for the year was approximately RMB 6,130,000, a significant decrease from RMB 20,288,000 in the previous year[32] Credit and Risk Management - The company has implemented strict credit control measures to minimize credit risk associated with traditional factoring receivables[31] - The management has established a credit policy that includes assessing the recoverability of factoring receivables based on creditworthiness and historical repayment records[31] - The company employs AI systems to evaluate the credit risk of end customers, generating default probabilities to mitigate potential risks[36] - The group has implemented a credit limit for each supplier to minimize the risk of malicious fraud from end customers[38] - The expected credit loss model is used to assess financial assets, including factoring receivables, based on anticipated default events over the expected effective period[40] Dividends and Shareholder Returns - The company plans to distribute a final dividend of HKD 0.55 per share for the fiscal year ending December 31, 2025, compared to HKD 0.46 in 2024, reflecting a commitment to returning value to shareholders[16] - The company proposed a final dividend of HKD 0.55 per share, totaling RMB 5,651,000, compared to RMB 4,964,000 in the previous year, which is an increase of approximately 13.8%[22] Operational Strategies - The group adjusted the proportion of different factoring-related businesses to mitigate operational risks, leading to increased revenue from traditional factoring while revenue from communication-related factoring decreased[21] - The company aims to provide factoring services primarily to financially stable clients, particularly state-owned listed companies with stable cash flows[28] - The company continues to operate its factoring business through Yue Da Commercial Factoring (Shenzhen) Co., Ltd., focusing on the Yangtze River Delta region for customer development[24] Employee and Management Practices - The group employed approximately 22 employees as of December 31, 2025, a decrease from 24 in 2024[68] - The company has provided various training programs for management and employees to enhance their skills and business knowledge during the year[68] Future Outlook - The group plans to further develop factoring financial services and accounts receivable management, focusing on state-owned enterprises as primary clients[47][48] - The group is exploring potential investment opportunities to diversify its existing business, although no formal agreements have been established yet[49] - The group remains vigilant regarding the slow recovery of the global economy, which poses significant challenges for operations in 2026[51] Compliance and Governance - The audit committee has reviewed the annual performance and confirmed compliance with applicable accounting standards and regulations[75] - The remuneration committee regularly discusses compensation policies and levels for executive directors[76] - The nomination committee is responsible for reviewing the composition of the board and selecting candidates with relevant skills and experience[77]

Financial Performance - The revenue for the year ending December 31, 2025, was approximately HKD 2,052,860,000, a decrease of 8.2% compared to HKD 2,235,129,000 for the year ending December 31, 2024[4]. - The operating loss increased to approximately HKD 301,338,000, up 22.8% from HKD 245,301,000 in the previous year[4]. - The loss attributable to shareholders decreased to approximately HKD 226,752,000, a reduction of 10.2% from HKD 252,605,000 in the previous year[4]. - The company reported a net loss attributable to shareholders of HKD 226,752 for 2025, compared to a loss of HKD 252,605 in 2024, showing an improvement of about 10.2%[64]. - The basic loss per share for 2025 was HKD 45.41, an improvement from HKD 50.59 in 2024, indicating a reduction in losses per share[71]. - The company reported a comprehensive loss of HKD 94,317 for the year, significantly improved from HKD 413,819 in 2024[52]. Revenue Breakdown - Internet media revenue increased by 7.9% to HKD 838,626,000 for the year ended December 31, 2025, compared to HKD 777,270,000 in 2024[16]. - Television broadcasting revenue decreased by 11.5% to approximately HKD 777,517,000 for the year ended December 31, 2025, down from HKD 878,438,000 in the previous year[17]. - Revenue from Phoenix TV Chinese Channel and Phoenix TV Information Channel decreased by 16.6% to approximately HKD 512,157,000 for the year ending December 31, 2025, compared to HKD 613,939,000 for the year ending December 31, 2024[18]. - Outdoor media segment reported revenue of HKD 333,657,000 for the year ended December 31, 2025, a decline of 27.4% from HKD 459,889,000 in 2024[16]. - Internet media revenue for 2025 was HKD 841,920, down from HKD 779,885 in 2024, reflecting an increase of approximately 7.9%[64]. - Outdoor media revenue dropped significantly to HKD 333,657 thousand in 2025, down from HKD 459,889 thousand in 2024, a decrease of around 27.4%[62]. Cost and Expenses - Operating costs decreased by 5.1% to approximately HKD 2,354,198,000 for the year ended December 31, 2025, down from HKD 2,480,430,000 in the previous year[14]. - Operating expenses for the same period were HKD 2,020,065, down from HKD 2,109,838, reflecting a reduction of 4.2%[51]. - The group employed 2,338 staff as of December 31, 2025, with total employee costs decreasing to approximately HKD 988,196,000 from HKD 1,088,734,000 for the year ending December 31, 2024[29]. Asset and Liabilities - As of December 31, 2025, the group had cash and short-term bank deposits totaling approximately HKD 1,978,013,000, down from HKD 2,130,672,000 as of December 31, 2024[24]. - The total outstanding borrowings amounted to approximately HKD 156,927,000 as of December 31, 2025, compared to HKD 148,670,000 as of December 31, 2024[24]. - Total assets as of December 31, 2025, were HKD 5,663,459, down from HKD 5,832,803 in 2024, representing a decline of 2.9%[53]. - Total liabilities decreased to HKD 1,985,155 thousand in 2025 from HKD 2,076,562 thousand in 2024, representing a reduction of approximately 4.4%[54]. - The company’s total liabilities decreased to HKD 893,939,000 in 2025 from HKD 1,068,905,000 in 2024, a reduction of about 16.4%[77]. Investment and Fair Value - The net fair value loss from investment properties in Beijing, Shenzhen, and London was approximately HKD 8,332,000, significantly reduced from HKD 74,926,000 in the previous year[4]. - The fair value loss on investment properties was HKD 8,332,000 in 2025, significantly lower than HKD 74,926,000 in 2024, indicating improved asset performance[67]. - The company’s investment properties increased to HKD 1,259,406 from HKD 1,207,880, reflecting a growth of 4.3%[53]. Strategic Initiatives - The company aims to enhance its operational resilience and development vitality by focusing on media core business and innovative development amidst market pressures and intensified competition[5]. - The company has established a global news reporting network, covering over 190 countries and regions, with a total audience exceeding 2 billion, including over 500 million television viewers[7]. - The company launched a major international communication project, "Four Seas Traditional Chinese Medicine," to promote Chinese medicine globally, successfully hosting a global cultural event[8]. - The company plans to continue innovating content products on major global streaming platforms and enhance the application of artificial intelligence tools in media[7]. - The group plans to continue integrating existing businesses while seeking new opportunities to enhance overall performance[32]. Dividend and Shareholder Information - The group did not recommend a final dividend for the year ending December 31, 2025, consistent with the previous year[20]. - The company did not declare any dividends for the year ended December 31, 2025, consistent with the previous year[73].

中渝置地控股有限公司（「本公司」）董事會（「董事會」）公佈本公司及其附屬公司（合稱「本集團」） 截至2025年12月31日止年度的綜合業績，連同上一個年度的比較數字如下： 綜合損益表 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。 C C Land Holdings Limited 中 渝 置 地 控 股 有 限 公 司 （於百慕達註冊成立的有限公司） 網址： www.ccland.com.hk （股份代號︰1224） 截至 2025 年 12 月 31 日止年度的全年業績 | | | 2025 年 | 2024 年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | 收入 | 4 | 546,302 | 508,317 | | 提供服務成本 | | (30,826) | (37,255) | | 毛利 | | 515,476 | 471,062 | | 其他收入及收益，淨額 | 4 | 421,07 ...

Financial Performance - The company's revenue increased from RMB 1,437.0 million for the year ended December 31, 2024, to RMB 1,768.7 million for the year ended December 31, 2025, representing a growth of 23.1%[3] - The adjusted net loss for the year ended December 31, 2025, was RMB 49.6 million, a significant reduction of 60.9% compared to the adjusted net loss of RMB 127.0 million for the year ended December 31, 2024[6] - The adjusted EBITDA for the year ended December 31, 2025, was a profit of RMB 0.9 million, compared to a loss of RMB 71.1 million for the year ended December 31, 2024[4] - Revenue for the year ended December 31, 2025, increased to RMB 1,768,710,000, up 23% from RMB 1,437,009,000 in 2024[19] - Gross profit for 2025 was RMB 326,580,000, representing a gross margin of approximately 18.4%, compared to RMB 283,825,000 in 2024[19] - Net loss for the year 2025 was RMB 57,871,000, significantly improved from a net loss of RMB 459,367,000 in 2024[19] - Total comprehensive loss decreased from RMB 471.7 million in 2024 to RMB 62.5 million in 2025, driven by effective cost control and increased revenue from market share expansion[103] Revenue Breakdown - AI-related revenue reached RMB 437.3 million, accounting for 24.7% of total revenue for the year ended December 31, 2025[5] - The revenue breakdown for 2025 includes MPaaS at RMB 1,281,520,000, APaaS at RMB 453,444,000, and DPaaS at RMB 641,000, with total revenue from cloud services reflecting a significant growth[41] - Revenue recognized over time for services transferred to customers during a period is RMB 1,353,189,000, compared to RMB 1,235,242,000 in 2024, indicating a growth of 9.6%[41] - Revenue from MPaaS products increased by 23.3%, driven by growth in Kodo and Dora, reflecting the company's ability to meet diverse customer needs and market competitiveness[82] - APaaS revenue increased by 28.1%, largely due to significant growth in video marketing revenue[84] Customer Base and Market Position - The number of registered platform developer users exceeded 1.8 million, with over 160,000 users having activated AI large model services as of December 31, 2025[6] - The company has a diverse customer base with 84,363 MPaaS and 3,687 APaaS customers as of December 31, 2025[90] - The group’s major customer contributed approximately RMB 345,629,000 in revenue, highlighting reliance on a single client[40] Operational Efficiency and Cost Management - The company aims to enhance operational efficiency and ecosystem integration through strategic platform connectivity and lightweight asset operations[17] - Sales and marketing expenses decreased from RMB 115.9 million in 2024 to RMB 94.5 million in 2025, reflecting ongoing cost control efforts[98] - Research and development costs decreased by 9.8% from RMB 157.6 million in 2024 to RMB 142.2 million in 2025, attributed to effective cost control and efficiency improvements through AI tools[97] Assets and Liabilities - Total assets decreased to RMB 1,140,742,000 in 2025 from RMB 1,203,300,000 in 2024, reflecting a reduction of approximately 5.2%[21] - Current liabilities increased to RMB 770,217,000 in 2025, up from RMB 752,196,000 in 2024, indicating a rise of about 2.9%[21] - Cash and cash equivalents decreased to RMB 329,538,000 in 2025 from RMB 451,928,000 in 2024, a decline of approximately 27%[21] Future Outlook and Strategic Initiatives - The company plans to launch a Token API platform in 2025, providing unified governance and strong risk mitigation capabilities for customers[16] - The company aims to leverage AI and AIGC technologies to enhance content innovation and intelligent content generation capabilities in the APaaS sector[89] - The company plans to invest in businesses that complement its operations and enhance its R&D capabilities[113] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules to enhance shareholder value and accountability[133] - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements for the year ending December 31, 2025[140] Employee and Shareholder Information - As of December 31, 2025, the company has 338 full-time employees, comprising 226 males and 112 females[120] - Total employee benefits expenses, including salaries and bonuses, amounted to RMB 227.1 million for the year ended December 31, 2025[120] - The board does not recommend any final dividend for the year ended December 31, 2025[131]

Financial Performance - For the year ending December 31, 2025, the company reported a total comprehensive loss attributable to owners of the company of HKD 64,794,839, compared to a loss of HKD 148,208,089 in the previous year, representing a 56.3% improvement[2]. - The company's financing income increased to HKD 7,655,390 from HKD 5,701,056, marking a growth of 34.2% year-over-year[2]. - The company reported a net valuation loss of HKD 45,464,850 for financial assets measured at fair value through profit or loss, compared to a loss of HKD 160,581,789 in the previous year[2]. - The company’s basic and diluted loss per share for the year was HKD 5.11, compared to HKD 2.23 in the previous year, reflecting a significant increase in losses per share[2]. - The company reported a loss attributable to shareholders of approximately HKD 64.79 million for the year, compared to a loss of approximately HKD 148.21 million in the previous year, representing a decrease of about 56.3%[20]. - The company reported a basic loss per share of approximately HKD 0.0223 in 2025, compared to HKD 0.0511 in 2024, showing a reduction of about 56.4%[20]. Assets and Liabilities - Total assets decreased to HKD 944,287,114 from HKD 1,017,339,527, reflecting a decline of 7.2%[3]. - The company's total equity decreased to HKD 929,331,193 from HKD 994,126,032, a reduction of 6.5%[3]. - The net asset value per share decreased to HKD 0.32 in 2025 from HKD 0.34 in 2024, based on a consolidated net asset value of HKD 929.33 million[18]. - The total debt to total assets ratio was approximately 1.58%, down from 2.28% in the previous year, indicating a strong financial position[41]. - The company has no bank borrowings as of December 31, 2025, maintaining a debt-free status[41]. - The company maintained a debt-to-equity ratio of 0% as of December 31, 2025, consistent with the previous year, indicating no borrowings[22]. Expenses - The company’s general and administrative expenses rose to HKD 26,496,320 from HKD 16,337,183, an increase of 62.5%[2]. - Total general and administrative expenses amounted to HKD 26,496,320 for 2025, compared to HKD 16,337,183 for 2024, reflecting a significant increase[9]. - The company’s total employee benefits expenses for 2025 were HKD 8,043,742, down from HKD 8,836,013 in 2024[9]. - The company reported a total employee cost of approximately HKD 8.35 million for the year, down from HKD 9.32 million in the previous year[40]. - The company’s auditor fees for audit services increased to HKD 826,730 in 2025 from HKD 774,000 in 2024[9]. Taxation - The company has not recognized any tax provisions for Hong Kong profits tax as it did not generate any taxable profits in Hong Kong for the year ending December 31, 2025[10]. - The company expects the new tax law, effective January 1, 2025, to not pose potential "top-up tax" risks due to its eligibility for transitional safe harbor rules[14]. Corporate Governance - The company has complied with all principles and provisions of the Corporate Governance Code, except for the absence of an executive director since June 30, 2022, and is actively seeking suitable candidates to fill the vacancy[50]. - The Audit Committee consists entirely of non-executive directors and has reviewed the group's performance for the year ending December 31, 2025, recommending approval to the board[54]. - All directors have confirmed compliance with the standards of the Code for Securities Transactions by Directors throughout the year[52]. - The company is committed to continuously reviewing and improving its corporate governance practices to ensure proper regulation of business activities and decision-making processes[51]. Investments - The company continues to focus on private equity investment business globally to achieve capital appreciation in its assets[4]. - The group has established a significant investment presence in logistics, advanced manufacturing, and new energy sectors[27]. - The company invested $30 million in Baishi Group, acquiring a stake of approximately 0.96%[36]. - Baishi Group completed its IPO, raising $450 million by issuing 45 million American Depositary Shares[36]. - The company has established a logistics distribution network covering the entire country and has expanded operations in seven countries, including the United States, Thailand, Vietnam, and Malaysia[37]. - The company invested RMB 130 million in Yimidida, a zero-burden express network business[33]. Shareholder Matters - The company has not declared or proposed any dividends for the year ending December 31, 2025, consistent with the previous year[15]. - The company does not recommend any dividend payment for the year, consistent with the previous year[47]. - The annual general meeting is scheduled for June 22, 2026, to discuss further corporate matters[48]. - The company will suspend the transfer of shares from June 16, 2026, to June 22, 2026, to determine the identity of shareholders entitled to attend and vote at the annual general meeting[49]. Future Outlook - The management acknowledges the challenges and complexities in the business environment and plans to enhance communication and closely monitor international economic conditions[45]. - The company aims to continue diversifying investments in sectors such as logistics, information technology, advanced manufacturing, healthcare, new energy, and energy conservation[44]. - The company will continue to maintain its investment policies and strategies until a new executive director is appointed[50].

Financial Performance - The total revenue for the year ended December 31, 2025, was HKD 291,503,000, a decrease of 30.8% compared to HKD 421,091,000 in 2024[3] - The gross profit for 2025 was HKD 76,055,000, down 35.4% from HKD 117,900,000 in 2024[3] - The operating profit decreased to HKD 31,038,000 in 2025, a decline of 50.0% from HKD 62,136,000 in 2024[3] - The net profit attributable to equity holders for 2025 was HKD 26,506,000, down 46.5% from HKD 49,386,000 in 2024[4] - Earnings per share for equity holders in 2025 was HKD 13.14, a decrease of 46.8% compared to HKD 24.69 in 2024[4] - The total assets as of December 31, 2025, were HKD 273,992,000, a decrease from HKD 288,571,000 in 2024[6] - The total equity attributable to equity holders decreased to HKD 190,346,000 in 2025 from HKD 224,503,000 in 2024[6] - The company reported a significant decline in revenue from OEM business customers, which was HKD 291,004,000 in 2025 compared to HKD 417,306,000 in 2024, representing a decrease of 30.2%[11] - For the fiscal year ending December 31, 2025, the total revenue from external customers was HKD 291,503,000, a decrease from HKD 421,091,000 in 2024, representing a decline of approximately 30.8%[13] - The gross profit for 2025 was HKD 76,055,000, down from HKD 117,900,000 in 2024, indicating a decrease of about 35.4%[13] - The net profit for the year was HKD 26,506,000, compared to HKD 49,386,000 in 2024, reflecting a decline of approximately 46.5%[19] Customer Contributions - The largest customer contributed HKD 239,722,000 in 2025, down from HKD 323,164,000 in 2024, a decrease of about 25.9%[16] - The second-largest customer generated approximately HKD 44.8 million, down about 47.5% from HKD 85.4 million in the previous year[32] Expenses and Income - The total tax expense for 2025 was HKD 6,099,000, significantly lower than HKD 14,543,000 in 2024, a decrease of approximately 58.1%[18] - The company recognized other income of HKD 301,000 in 2025, compared to HKD 828,000 in 2024, a decrease of approximately 63.7%[17] - Sales expenses for the year ended December 31, 2025, were approximately HKD 2.3 million, a decrease of about 72.6% from approximately HKD 8.4 million for the year ended December 31, 2024, primarily due to cost control measures[36] - Administrative expenses for the year ended December 31, 2025, were approximately HKD 42.1 million, a decrease of about 10.8% from approximately HKD 47.2 million for the year ended December 31, 2024, mainly due to a reduction in expected credit losses[37] - The group recorded a net loss of approximately HKD 604,000 in other income and losses for the year ended December 31, 2025, compared to a net loss of approximately HKD 88,000 for the year ended December 31, 2024, primarily due to foreign exchange losses[38] - Net financing income for the year ended December 31, 2025, was approximately HKD 1.6 million, down from approximately HKD 3.0 million for the year ended December 31, 2024[39] Cash Flow and Investments - Cash and cash equivalents as of December 31, 2025, were approximately HKD 180.2 million, an increase of about HKD 65.7 million from approximately HKD 114.5 million as of December 31, 2024[43] - Capital expenditures for the year ended December 31, 2025, were approximately HKD 0.7 million, significantly down from approximately HKD 15.8 million for the year ended December 31, 2024, primarily for the purchase of new machinery and equipment[44] - The group sold its entire investment in a joint venture, BRH2 Plastics, LLC, due to ongoing losses since acquisition, reducing the investment's book value to zero[27] Employment and Workforce - The group employed 441 full-time employees as of December 31, 2025, a decrease from 818 employees as of December 31, 2024, due to reduced production needs[52] Market and Business Outlook - The uncertain market environment, influenced by potential trade tariff changes and local competition, poses significant risks to the group's future performance[29] - The group's business outlook remains uncertain due to ongoing international trade tensions and military conflicts, which could significantly impact performance, especially given the reliance on the U.S. market[54] - The OEM business continues to be the core segment, generating most of the total revenue, primarily from U.S. customers, but faces risks from trade policies and market conditions[55] - The group is focusing on maintaining strong relationships with existing customers and diversifying revenue sources to reduce dependence on the U.S. market[55] - The "Youyou Mami" business is facing challenges from intense price competition and low birth rates in China, but remains a strong brand in the market[56] - The group is exploring potential acquisitions and strategic partnerships to enhance growth and operational synergies, particularly in the stainless steel water bottle segment[56] Corporate Governance and Compliance - The company has not adopted any new accounting standards that would significantly impact its financial performance or position for the year ended December 31, 2025[9] - The company has adopted a standard code of conduct for directors regarding securities trading, confirming compliance for the entire year ending December 31, 2025[62] - The company has adopted the corporate governance code principles and has complied with all applicable code provisions as of December 31, 2025[63] - The financial data for the year ending December 31, 2025, has been reviewed by the audit committee and verified by PwC, although it does not constitute an audit under Hong Kong auditing standards[64] Dividends and Shareholder Information - The company did not declare any interim dividends for 2025, while it paid interim dividends of HKD 60,000,000 in 2024[21] - The company declared a special dividend of HKD 0.15 per share, with no interim dividend declared for the six months ending June 30, 2025[59] - The company will not repurchase any listed securities for the year ending December 31, 2025, and held no treasury shares as of that date[58] - The annual general meeting is scheduled for June 8, 2026, with a suspension of share transfer registration from June 3 to June 8, 2026[60][61]

Financial Performance - Revenue increased by approximately 4.0% year-on-year, reaching approximately RMB 162,353,725,000[4] - Gross profit decreased by approximately 1.6% year-on-year, amounting to approximately RMB 41,505,249,000[4] - Annual profit decreased by approximately 1.6% year-on-year, totaling approximately RMB 24,153,850,000[4] - Net profit attributable to shareholders increased by approximately 1.2% year-on-year, reaching approximately RMB 22,636,105,000[4] - Basic earnings per share increased by approximately 1.0% year-on-year, recorded at approximately RMB 2.3842[4] - The company's total income tax expense for the year ended December 31, 2025, was RMB 8,892,527,000, an increase from RMB 8,251,619,000 in 2024, representing a year-over-year growth of 7.8%[23] - Basic and diluted earnings per share for the year ended December 31, 2025, were calculated based on a profit of RMB 22,636,105,000, compared to RMB 22,372,331,000 in 2024, indicating a slight increase in profitability[24] - The net profit attributable to shareholders for the year ended December 31, 2025, was approximately RMB 22,636,105,000, an increase of about 1.2% from RMB 22,372,331,000 in the previous year[58] - The group's basic earnings per share for the year were approximately RMB 2.3842, compared to RMB 2.3611 in 2024[59] Dividends - Proposed final dividend of HKD 1.65 per share, with total dividends for the fiscal year 2024 amounting to HKD 1.61 per share[4] - The company plans to propose a final dividend of HKD 1.65 per share for the year ending December 31, 2025, subject to shareholder approval[23] - The board proposed a final dividend of HKD 0.165 per share for the year ended December 31, 2025, compared to HKD 0.161 per share for the previous year, reflecting a 2.48% increase[86][87] Assets and Liabilities - Non-current assets increased to RMB 130,811,974,000 from RMB 119,340,473,000 year-on-year[7] - Current assets increased to RMB 114,567,042,000 from RMB 109,470,577,000 year-on-year[7] - Total assets less current liabilities increased to RMB 191,289,823,000 from RMB 152,182,483,000 year-on-year[8] - Net assets attributable to shareholders increased to RMB 132,593,035,000 from RMB 107,799,941,000 year-on-year[8] - The group's total liabilities as of December 31, 2025, were approximately RMB 103,668,524,000, a decrease from RMB 110,551,534,000 as of December 31, 2024, with a debt-to-asset ratio of approximately 42.2%[60] - The group had bank borrowings totaling approximately RMB 43,411,571,000 as of December 31, 2025, with about 47.5% at fixed interest rates and 52.5% at floating rates[61] Revenue Breakdown - Revenue from liquid aluminum alloy sales was RMB 95,741,731 in 2025, compared to RMB 95,169,828 in 2024, showing a slight increase of 0.6%[16] - The revenue from aluminum alloy ingots increased significantly to RMB 10,354,658 in 2025, up from RMB 7,263,939 in 2024, marking a growth of approximately 42.6%[16] - The group’s revenue from steam supply decreased to RMB 736,793 in 2025 from RMB 812,202 in 2024, a decline of about 9.3%[16] Operational Efficiency - The average selling price of aluminum alloy products increased by approximately 3.8% to about RMB 18,216 per ton, while sales volume remained stable at around 5.82 million tons[46] - The sales volume of alumina products increased by approximately 22.7% to about 13.40 million tons, although the average selling price decreased by about 15.2% to approximately RMB 2,899 per ton[46] - The overall gross profit margin for the company was approximately 25.6%, a decrease of about 1.4 percentage points from the previous year[48] - The gross profit margin for aluminum alloy products increased to approximately 28.5%, up by about 3.9 percentage points year-on-year[49] - Selling and distribution expenses for the year were approximately RMB 743.47 million, an increase of about 12.5% compared to the previous year[50] - Administrative expenses decreased by approximately 14.4% to about RMB 4.27 billion, primarily due to a reduction in R&D expenses[51] Cash Flow - Cash and cash equivalents increased by approximately 14.3% to about RMB 51.19 billion, driven by higher net cash inflows from operating activities[53] - The net cash inflow from operating activities for the year was approximately RMB 38.99 billion, while net cash outflows from investing activities were about RMB 22.49 billion[53] Shareholder Actions - The company issued 400,000,000 shares at HKD 29.20 per share, raising approximately RMB 10,470,613,000 after deducting issuance expenses[33] - The company repurchased and canceled a total of 306,322,000 shares, costing approximately RMB 5,130,300,000, which reduced the company's capital by RMB 21,945,000[33] - The company repurchased a total of 306,322,000 shares at a total cost of approximately HKD 5,582,121,292.00 during the year ending December 31, 2025[92] - The company completed the acquisition of 100% equity in Shandong Hongtu Industrial Co., Ltd., increasing its indirect stake in Shandong Hongqiao Aluminum Holdings Co., Ltd. from approximately 22.98% to about 88.99%[65] Strategic Initiatives - The company has launched the world's first large-scale NEUI600+ super electrolytic cell production line, utilizing proprietary technology[39] - The Yunnan green low-carbon demonstration industrial park has officially commenced production, marking a significant step in the company's green transformation strategy[38] - The company plans to continue advancing its green low-carbon strategy, focusing on increasing the proportion of clean energy in its operations[38] - The company is actively integrating smart technologies into its production and management systems to enhance operational efficiency[37] Market Conditions - China's GDP reached RMB 140 trillion in 2025, with a growth rate of 5.0%, indicating strong economic resilience despite global uncertainties[34] - The global economy faces uncertainties, but China's economic structural adjustments are expected to release domestic demand potential, benefiting the aluminum industry[69] Corporate Governance - The board of directors consists of four executive directors, four non-executive directors, and four independent non-executive directors[73] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[90] - The company has adopted a code of conduct for director securities trading that meets or exceeds the standards set by the code of conduct[111] - The company has complied with the principles of the corporate governance code, with the exception of the CEO also serving as the Chairman of the Board, which is a deviation from the code[112] - The Board believes that having the CEO also serve as Chairman benefits the stable development of the group's business due to his extensive management experience and industry knowledge[113]