Financial Performance - The net profit attributable to the company's owners for the year ended December 31, 2025, was HKD 155,100,000, an increase of HKD 51,500,000 (+50%) compared to HKD 103,600,000 in 2024[3]. - Total revenue for the year was HKD 558,573,000, up from HKD 525,726,000 in 2024, representing an increase of approximately 6.6%[10]. - The company reported a basic earnings per share of HKD 0.09, recovering from a loss of HKD 0.50 in 2024[4]. - The total comprehensive income for the year was HKD 82,501,000, compared to a loss of HKD 83,050,000 in 2024[6]. - The group reported a pre-tax profit of HKD 30,682,000 in 2025, a significant recovery from a loss of HKD 35,592,000 in 2024[14]. - The company's net profit from hotel operations increased by 158% to HKD 57,749,000 in 2025, compared to HKD 22,392,000 in 2024[24]. - The property investment net profit rose by 30% to HKD 43,652,000 in 2025, compared to HKD 33,511,000 in 2024[24]. Revenue Breakdown - Operating hotel revenue increased to HKD 506,896,000 from HKD 481,215,000, reflecting a growth of 5.3%[10]. - Hotel services revenue increased to HKD 506,896,000 in 2025 from HKD 481,215,000 in 2024, representing a growth of 5.4%[14]. - Revenue from property investment increased to HKD 51,652,000 in 2025 from HKD 44,511,000 in 2024, marking a growth of 16.1%[14]. - The group’s revenue from the Hong Kong market was HKD 483,018,000 in 2025, up from HKD 460,179,000 in 2024, reflecting a growth of 4.9%[16]. - Total revenue for the year rose by 6% to approximately HKD 558,573,000, up from HKD 525,726,000 in the previous year[25]. - Revenue from hotel operations increased by 5% to HKD 506,896,000, driven by higher room rates[26]. Cost and Liabilities - The overall hotel operating costs decreased by HKD 11,000,000 to HKD 307,700,000 in 2025, compared to HKD 318,700,000 in 2024[28]. - The group’s financial costs decreased to HKD 30,635,000 in 2025 from HKD 45,003,000 in 2024, a reduction of 31.9%[17]. - Financial costs were reduced by 32% to HKD 30,635,000 in 2025, compared to HKD 45,003,000 in 2024, due to lower interest rates[33]. - Current liabilities decreased significantly to HKD 406,793,000 from HKD 761,854,000 in the previous year[7]. - The company's total debt decreased by HKD 118,000,000 to HKD 582,000,000 in 2025, down from HKD 700,000,000 in 2024[32]. - The group’s total liabilities decreased, with trade payables falling to HKD 3,989,000 in 2025 from HKD 5,031,000 in 2024, a decline of 20.8%[21]. Assets and Investments - Non-current assets decreased to HKD 4,720,532,000 from HKD 4,777,882,000 in 2024[7]. - The company’s cash and cash equivalents increased to HKD 232,260,000 from HKD 203,139,000 in 2024[7]. - The group’s trade receivables rose to HKD 13,452,000 in 2025, up from HKD 11,137,000 in 2024, indicating a 20.8% increase[20]. - The company acquired the former police headquarters in London for GBP 40,000,000, with plans to convert it into a luxury hotel with approximately 216 rooms[34]. Dividends - The company did not recommend a final dividend for the year ended December 31, 2025, consistent with the previous year[4]. - The group did not declare any dividends for the years ending December 31, 2025, and 2024, to ensure higher cash flow amid challenging economic conditions[22]. Market Conditions and Outlook - Due to a weak Chinese economy, more travelers are opting to stay in the Greater Bay Area and visit Hong Kong for day trips, impacting tourism demand negatively[35]. - The hotel business and rental income face challenges and instability, with management focusing on increasing revenue and controlling costs[35]. - The future outlook is encouraged by the implementation of multi-entry visa policies in major Chinese cities like Beijing and Shanghai[35]. - The average hotel occupancy rate remained above 90% throughout the year, contributing to the revenue growth[34].

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之內容概不負責，對其準確性或完整性亦不發表 聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責 任。 XPeng Inc. 小鵬汽車有限公司* （於開曼群島註冊成立以不同投票權控制的有限公司） （股份代號：9868） 小鵬汽車發佈 2025 年第四季度及 2025 財政年度的未經審計財務業績 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條及根據證券及期貨條 例（香港法例第571章）第XIVA部而刊發。 中國廣州，2026年3月20日 — 全球領先的AI出行科技公司XPeng Inc.（「小鵬汽車」或「本公 司」，紐交所代號：XPEV及聯交所代號：9868）今天公佈其截至2025年12月31日止三個月 及截至同日止財政年度的未經審計財務業績。 i 在手現金包括現金及現金等價物、受限制現金、短期投資及定期存款。定期存款包括受限制短期存款、短期 存款、受限制長期存款的流動及非流動部分、長期存款的流動及非流動部分。 1 ‧ 本公司於2025年第四季度錄得正淨收益人民幣3.8億元，並首次在單季度錄得正淨收 ...

Financial Performance - Revenue for the six months ended December 31, 2025, was HKD 54,528,000, compared to HKD 16,480,000 for the same period in 2024, representing a significant increase[14] - Commission and fee income increased to HKD 9,813,000 from HKD 6,297,000 year-over-year, reflecting a growth of 56.5%[14] - The company reported a profit of HKD 3,324,000 for the period, a turnaround from a loss of HKD 25,187,000 in the previous year[14] - Total comprehensive income for the period was HKD (23,821,000), compared to HKD (46,996,000) in the prior year, showing a reduction in losses[15] - The basic and diluted earnings per share improved to HKD 0.44 from a loss of HKD 3.38 in the previous year[14] - For the six months ended December 31, 2025, the company reported a profit before tax of HKD 3,173,000, compared to a loss of HKD 25,199,000 in the same period of 2024[21] - The company reported a significant increase in bank loans drawn, amounting to HKD 690,445,000, compared to HKD 587,258,000 in the previous period[22] - The company reported a pre-tax profit of HKD 3,173 million for the six months ended December 31, 2025, compared to a loss of HKD 25,199 million for the same period in 2024, indicating a significant turnaround[36] Asset and Liability Management - Non-current assets decreased from HKD 353,848,000 to HKD 295,510,000, a reduction of approximately 16.5%[17] - Current assets decreased from HKD 927,808,000 to HKD 911,287,000, a decline of about 1.8%[17] - Total liabilities decreased from HKD 647,981,000 to HKD 608,363,000, a decrease of approximately 6.1%[17] - Net current assets increased from HKD 279,827,000 to HKD 302,924,000, an increase of about 8.2%[17] - Total equity decreased from HKD 625,933,000 to HKD 594,509,000, a decline of approximately 5.0%[17] - The company reported a net asset value of HKD 594,509,000, down from HKD 625,933,000, reflecting a decrease of approximately 5.0%[17] - The company’s bank loans and overdrafts decreased from HKD 97,304,000 to HKD 56,692,000, a significant decrease of approximately 41.7%[17] - Deferred tax liabilities decreased from HKD 7,630,000 to HKD 3,880,000, a reduction of about 49.1%[17] Revenue Streams - Total revenue from customer contracts for the six months ended December 31, 2025, was HKD 9,813 million, an increase from HKD 6,297 million for the same period in 2024, representing a growth of approximately 56.5%[31] - Brokerage services generated revenue of HKD 6,872 million for the six months ended December 31, 2025, compared to HKD 5,089 million in the previous year, reflecting a year-over-year increase of 35.1%[33] - Revenue from asset management services was HKD 1,936 million for the six months ended December 31, 2025, compared to HKD 41 million in the same period of 2024, showing a substantial increase[33] - The company’s total revenue from other services was HKD 734 million for the six months ended December 31, 2025, compared to HKD 617 million in the same period of 2024, reflecting a growth of 19%[31] Operational Efficiency - The company aims to continue its growth trajectory by adhering to its core values and enhancing operational efficiency[5] - The company plans to continue focusing on expanding its securities investment and financial advisory services to enhance revenue streams[28] - The company’s management continues to monitor the market value of collateral for margin loans, which was approximately HKD 110,000,000 as of December 31, 2025[46] Market Conditions - The company noted that the market sentiment turned cautious in the fourth quarter of 2025 due to increased global market volatility and geopolitical uncertainties[75] - The group expects the investment market to remain stable by 2026, supported by improved fundamentals and ample liquidity[86] Governance and Compliance - The audit committee has reviewed the accounting principles and practices adopted by the group, including the interim report for the six months ending December 31, 2025[106] - All directors confirmed compliance with the trading standards set out in the listing rules during the review period[104] - The company has ensured that all regular board meetings were scheduled with at least 14 days' notice, maintaining governance standards[100] Employee and Management Costs - Employee costs increased to HKD 20,280 million for the six months ended December 31, 2025, up from HKD 17,534 million in the same period of 2024, marking an increase of 15.7%[38] - The total remuneration for key management personnel was HKD 4,109,000 for the six months ended December 31, 2025, compared to HKD 4,027,000 for the same period in 2024[61] Shareholder Information - Major shareholders hold more than 5% of the issued share capital, with Dr. Cai Guanshen holding 28.91%[98] - The company has a total of 375,712,306 shares issued, with Dr. Cai Guanshen holding 57.06% of the total shares[99] - No share buybacks, sales, or redemptions occurred during the six-month period ending December 31, 2025[103]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 1,445,823,000, representing a 15.8% increase from RMB 1,248,875,000 in 2024[4] - Gross profit for the same period was RMB 715,760,000, up 13.8% from RMB 629,054,000 in 2024[4] - Profit before tax increased by 9.1% to RMB 127,307,000 from RMB 116,706,000 in the previous year[4] - Net profit for the year was RMB 65,198,000, an increase of 11.4% compared to RMB 58,516,000 in 2024[4] - Adjusted net profit (non-HKFRS measure) rose by 22.3% to RMB 135,560,000 from RMB 110,878,000 in 2024[4] - EBITDA (non-HKFRS measure) was RMB 163,034,000, a slight decrease of 0.8% from RMB 164,396,000 in 2024[4] - Adjusted EBITDA (non-HKFRS measure) increased by 12.3% to RMB 214,966,000 from RMB 191,373,000 in 2024[4] - Basic earnings per share decreased by 5.6% to RMB 1.02 from RMB 1.08 in 2024[4] Revenue Breakdown - Revenue from baby strollers and accessories decreased to RMB 214,678,000 in 2025 from RMB 238,142,000 in 2024, a decline of 9.9%[13] - Revenue from infant care products significantly increased to RMB 625,066,000 in 2025, up 60.9% from RMB 388,267,000 in 2024[13] - The baby care segment's revenue rose by 61.0% from RMB 388.3 million in 2024 to RMB 625.1 million in 2025, accounting for 43.2% of total revenue in 2025[50] - The feeding segment's revenue surged by 147.5% from RMB 66.5 million in 2024 to RMB 164.7 million in 2025, with new bottle products becoming bestsellers[49] - Sales revenue from the travel segment decreased by 18.3% from RMB 570.6 million in 2024 to RMB 466.3 million in 2025, representing 32.3% of total revenue in 2025[47] Assets and Liabilities - Cash and cash equivalents as of December 31, 2025, were RMB 882,607,000, significantly up from RMB 217,120,000 in 2024[7] - Total assets less current liabilities increased to RMB 1,099,759,000 from RMB 313,942,000 in 2024[7] - Trade receivables increased significantly to RMB 54,110,000 in 2025 from RMB 31,369,000 in 2024, indicating a growth of 72.3%[32] - Trade payables rose to RMB 129,493,000 in 2025, up from RMB 82,638,000 in 2024, marking an increase of 56.5%[32] - The company's current liabilities as of December 31, 2025, were RMB 359.7 million, which included trade and other payables of RMB 291.8 million and short-term bank loans of RMB 10.7 million[64] Tax and Expenses - Total tax expense for 2025 was RMB 62,109,000, up from RMB 58,190,000 in 2024, an increase of 3.3%[22] - The nominal tax expense calculated at applicable tax rates for 2025 is RMB 39,766,000, compared to RMB 36,942,000 in 2024, reflecting a tax increase of 7.6%[27] - Administrative and other expenses increased by 36.5% from RMB 91.5 million in 2024 to RMB 124.9 million in 2025, with a rise in employee benefits costs[57] - Total sales and distribution expenses rose by 17.0% from RMB 391.1 million in 2024 to RMB 457.5 million in 2025, slightly increasing as a percentage of total revenue from 31.3% to 31.6%[56] Research and Development - Research and development expenditure amounted to RMB 25.4 million, representing 1.8% of total revenue during the reporting period[39] - Research and development expenses rose by 18.8% from RMB 21.4 million in 2024 to RMB 25.4 million in 2025, maintaining a stable percentage of total revenue at 1.8%[58] - The company has obtained 223 registered patents and 19 international patents in China as of December 31, 2025[39] Future Plans and Strategies - The company plans to enhance core products with AI upgrades and develop AI smart products suitable for both domestic and international markets by 2026[43] - A new factory in Ningbo is set to commence operations in the second half of 2026, aimed at establishing a digital and intelligent demonstration factory[43] - The sales strategy includes a multi-channel approach, leveraging both online and offline platforms to enhance user experience and brand influence[40] - The company plans to expand its influence in overseas markets such as North America, Europe, and Southeast Asia, with HKD 116.7 million allocated for this purpose, to be fully utilized by December 2029[77] Shareholder Information - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2025[76] - The annual report for the year ended December 31, 2025, will be sent to shareholders upon request and will be published on the stock exchange and the company's website at an appropriate time[86] Miscellaneous - The company faced minimal foreign exchange risk as most of its transactions and assets were denominated in RMB[71] - The company did not hold any significant investments or acquisitions as of December 31, 2025, but plans to continue seeking new business development and investment opportunities[66] - There were no significant contingent liabilities reported as of December 31, 2025[70]

| | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | 收益 | 4 | 76,757 | 113,869 | | 銷售成本 | | (67,039) | (98,172) | | 毛利 | | 9,718 | 15,697 | | 出售附屬公司之收益 | | – | 13,930 | | 其他收入淨額 | 5 | 1,306 | 1,325 | | 銷售及分銷開支 | | (3,747) | (4,682) | | 行政開支 | | (6,329) | (8,776) | | 經營活動溢利 | | 948 | 17,494 | | 財務費用 | 6(a) | (161) | (2,170) | | 除稅前溢利 | 6 | 787 | 15,324 | | 所得稅開支 | 7 | – | – | | 本年度溢利 | | 787 | 15,324 | | | | 港仙 | 港仙 | | 每股盈利 | 8 | | | | – 基本及攤薄 | | 0.10 | 1.90 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈 ...

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之內容概不負責，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 內容而引致之任何損失承擔任何責任。 ( 根據公司條例在香港註冊成立之有限公司 ) (股份代號: 3) 2 0 2 5 年 全 年 業 績 公 布 業績摘要 業務核心利潤升 4% 純利持平 綠色能源長足發展 - 1 - • 2025 年中華煤氣厲行提質增效，持續推進業務重組，引入戰略投資者， 促進多元化能源業務發展，建立更穩健的業務架構。年內稅後經營利潤及 業務核心利潤為港幣 75 億元及港幣 60 億元，分別上升 2%及 4%。計入 非經營性損益及物業重估變動後，股東應佔溢利為港幣 57 億元，與去年 相若。 • 香港公用業務方面，為南下開拓香港市場的內地餐飲品牌，以及新冒起的 飲食業經營者提供燃氣及能源管理方案；加上酒店、醫院和大型公用設施 引入高效節能的燃氣抽濕系統，整體售氣量持平。另外，第十五屆全運會 高爾夫球比賽率先應用全港首個一體化氫能發電機，為場地提供綠色電力。 年內開發多個氫能應用場景，例如地盤發電、電動車自動氫能充電系統等 ...

Financial Performance - Revenue for the year ended December 31, 2025, was HKD 1,319,901, a decrease of 15.1% compared to HKD 1,553,244 for the year ended December 31, 2024[2] - The company reported a net loss of HKD 22,616 for the year ended December 31, 2025, compared to a net loss of HKD 13,673 for the previous year, representing a 65.5% increase in losses[2] - Total comprehensive income for the year was HKD 38,119, a significant recovery from a total comprehensive loss of HKD 62,487 in the previous year[3] - Basic and diluted loss per share for the year was HKD (3.58), compared to HKD (2.16) in the previous year, indicating a worsening in per-share performance[3] - The net loss attributable to shareholders for the year ended December 31, 2025, increased by 65.4% to HKD 22,616,000, compared to HKD 13,673,000 in 2024[30] - The basic loss per share for the year ended December 31, 2025, was HKD 3.58, compared to HKD 2.16 in 2024[26] Assets and Liabilities - The company's non-current assets decreased to HKD 715,450 from HKD 809,141, reflecting a decline of 11.6%[4] - Inventory decreased to HKD 389,354 from HKD 460,469, a reduction of 15.4% year-over-year[4] - Trade and other receivables decreased to HKD 124,438 from HKD 155,368, a decline of 19.9%[4] - The company's total equity decreased to HKD 1,550,946 from HKD 1,673,543, a decrease of 7.3%[5] - Trade receivables decreased to HKD 80,287,000 in 2025 from HKD 99,319,000 in 2024, with total trade, notes, and other receivables amounting to HKD 124,438,000, down from HKD 155,368,000[22] - Trade payables decreased to HKD 29,344,000 in 2025 from HKD 46,137,000 in 2024, with total trade and other payables amounting to HKD 193,589,000, down from HKD 225,029,000[24] Income and Expenses - Interest income for the year 2025 was HKD 5,232,000, down from HKD 8,167,000 in 2024, while total other income decreased to HKD 10,868,000 from HKD 13,766,000[15] - Total inventory costs recognized as expenses for the year amounted to HKD 1,135,049,000, down from HKD 1,330,513,000 in 2024[21] - The cost of materials and consumables used to generate revenue decreased by 21.6%, with the percentage of these costs relative to revenue dropping to 35.7% from 38.7% in 2024[29] Investments and Fair Value - The company recognized a decrease in the fair value of investment properties amounting to HKD 10,200, compared to HKD 5,500 in the previous year[2] - The fair value of investment properties decreased by HKD 10,200,000 during the year, reflecting a challenging market environment[27] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.08 per share for 2025, totaling HKD 50,534,000, compared to HKD 0.05 per share in 2024, totaling HKD 31,584,000[19] - The board has proposed a final dividend of HKD 0.12 per share for the year ending December 31, 2025, compared to HKD 0.06 and a special dividend of HKD 0.12 for the previous year[40] Operational Focus and Strategy - The company plans to focus on R&D for plastic and die-casting mold production technology to enhance processing capabilities and product quality[35] - The company aims to adjust marketing strategies to capture high-value mold orders and expand market share, while also reducing costs through automation and high-tech solutions[36] - The company has a broad customer base across Asia, Europe, and the Americas, with no single customer accounting for more than 10% of total revenue[14] Compliance and Governance - The company has complied with all provisions of the Corporate Governance Code as per the Hong Kong Stock Exchange Listing Rules for the year ending December 31, 2025[43] - The company has not purchased, sold, or redeemed any of its shares or other securities for the year ending December 31, 2025[42] Future Outlook - The anticipated credit loss model showed a net reversal of impairment losses of HKD 1,744,000 for the year, compared to a recognized impairment loss of HKD 933,000 in 2024[29] - The company expects to face greater risks and challenges in 2026 due to geopolitical tensions and economic uncertainties, impacting business prospects[35]

Financial Performance - Revenue increased by 14.5% to RMB 105.3 million for the year ended December 31, 2025, compared to RMB 91.95 million in 2024[6] - Net loss for the year decreased by RMB 80.2 million to RMB 239.1 million, compared to RMB 319.3 million in 2024[7] - Adjusted net loss (excluding foreign exchange differences) significantly decreased by 33.7% to RMB 201.5 million from RMB 304.0 million in 2024[8] - Total revenue for 2025 reached RMB 105,338,000, an increase of 14.4% compared to RMB 91,950,000 in 2024[45] - The net loss for 2025 was RMB 239,130,000, a reduction of 25.1% from RMB 319,250,000 in 2024[46] - The group recognized a foreign exchange gain of RMB 31,494 thousand in 2025, compared to a gain of RMB 580 thousand in 2024[61] - The total pre-tax loss for the group was RMB 239,130 thousand in 2025, an improvement from a loss of RMB 319,250 thousand in 2024[71] Research and Development - R&D costs decreased by RMB 89.8 million to RMB 169.1 million, attributed to improved efficiency in clinical research and early-stage development[6] - The proprietary "2+1" TCE platform AnTenGagerTM is making steady progress, targeting various cancers with multiple projects in development[16] - The clinical pipeline includes several assets such as ATG-201, ATG-125, and ATG-102, which are advancing steadily[17] - The company aims to discover, develop, and commercialize first-in-class and best-in-class therapies to address significant unmet medical needs globally[19] - The company has developed the proprietary AnTenGager™ platform, which features a "2+1" bispecific binding for low-expressing targets, aimed at reducing CRS and enhancing efficacy across various diseases, including autoimmune diseases and solid tumors[21] - The pipeline includes various candidates targeting CD19 x CD3 (ATG-201) for B-cell related autoimmune diseases and multiple other bispecific antibodies for different cancers[24] - The company has a strong R&D strategy focused on discovering and commercializing unique therapies to improve patient outcomes globally[22] Product Pipeline and Approvals - The product Selinexor (XPOVIO®) received multiple approvals in various regions, including Taiwan and Indonesia, for treating relapsed or refractory multiple myeloma[9] - Selinexor was included in Taiwan's National Health Insurance list starting March 1, 2025, enhancing market access[9] - ATG-022 received breakthrough therapy designation (BTD) from China's NMPA for treating unresectable or metastatic gastric cancer or gastroesophageal junction adenocarcinoma in August 2025[10] - The company continues to strengthen its product pipeline and operational capabilities through strategic approvals and market expansions[9] - The product Xivio® (Selinexor) received conditional approval for treating rrMM in 2021, with further approvals for rrDLBCL and additional indications expected in 2024 and 2025[27] - By December 31, 2025, Xivio® is expected to receive NDA approvals in 10 Asia-Pacific markets, including China, Taiwan, Hong Kong, Macau, South Korea, Singapore, Malaysia, Thailand, Indonesia, and Australia[27] Expenses and Cost Management - Sales and distribution expenses decreased by RMB 4.5 million to RMB 69.2 million, mainly due to enhanced promotional efficiency[6] - Administrative expenses decreased by RMB 18.8 million to RMB 87.5 million, resulting from improved operational efficiency and optimized employee structure[7] - Research and development costs decreased significantly to RMB 169,104,000 in 2025 from RMB 258,912,000 in 2024, indicating a focus on cost management[45] - Employee benefits expenses decreased to RMB 105,404 thousand in 2025 from RMB 144,408 thousand in 2024, a reduction of approximately 27%[61] Market Performance - Revenue from mainland China was RMB 85,726,000 in 2025, up 18.7% from RMB 72,258,000 in 2024, highlighting strong domestic market performance[55] - Revenue from major customers increased, with Customer A contributing RMB 84,492 thousand in 2025, up from RMB 72,258 thousand in 2024, and Customer B contributing RMB 11,598 thousand in 2024[57] - Sales of pharmaceutical products accounted for RMB 101,061 thousand in 2025, compared to RMB 91,950 thousand in 2024, indicating a growth of 10%[57] Strategic Partnerships and Collaborations - A global clinical collaboration with MSD was established in May 2025 to evaluate the efficacy of ATG-022 in combination with KEYTRUDA® for treating advanced solid tumors[10] - A strategic cooperation agreement was signed with Hansoh Pharmaceutical in 2023, with the company receiving an initial payment and potential additional payments totaling RMB 635 million[27] - The company has established a commercial cooperation agreement with Hansoh Pharmaceutical Group, designating Hansoh as the exclusive partner for the commercialization of Selinexor in mainland China[90] Financial Position and Liquidity - Cash and bank balances decreased to RMB 733,869,000 in 2025 from RMB 900,138,000 in 2024, indicating a liquidity contraction[47] - Current liabilities increased to RMB 263,987,000 in 2025 from RMB 146,325,000 in 2024, reflecting a rise in operational obligations[48] - The current ratio as of December 31, 2025, was 296.7%, a significant decrease from 653.4% in 2024[104] - The debt-to-asset ratio increased to 48.9% as of December 31, 2025, compared to 36.7% in 2024, indicating a rise in leverage[105] Shareholder Information - The board does not recommend the payment of a final dividend for the year ending December 31, 2025[123] - The annual general meeting is scheduled for June 10, 2026[124] - The company has complied with the public float requirement, with at least 25% of its issued shares held by the public as of December 31, 2025[122] - The company will review the status of treasury shares for potential cancellation or retention based on market conditions and capital management needs[115]

Financial Performance - The company's revenue for the year ended December 31, 2025, was HKD 5,975,499, a decrease of 26.2% compared to HKD 8,101,694 in 2024[3] - Profit attributable to shareholders for 2025 was HKD 237,341, down 63.5% from HKD 650,253 in 2024[4] - Basic earnings per share for 2025 were HKD 10.52, a decline of 63.5% from HKD 28.83 in 2024[4] - Gross profit for the year was HKD 453,027, compared to HKD 966,950 in the previous year, indicating a significant drop[4] - The pre-tax profit for the year was HKD 265,330,000, down 63.4% from HKD 724,264,000 in the previous year[17] - Total revenue for the year was impacted by a significant increase in operating costs, which rose to HKD 5,522,472,000 in 2025 from HKD 7,134,744,000 in 2024[23] - The total tax expense for the year was HKD 38,638,000, down from HKD 80,385,000 in 2024, reflecting a reduction in estimated taxable profits[25] - The company reported a decrease in interim dividends to HKD 112,752,000 (5.0 cents per share) from HKD 157,888,000 (7.0 cents per share) in 2024[26] Revenue Breakdown - The revenue from the curtain wall and general contracting segment was HKD 5,076,748,000, down 29.7% from HKD 7,223,863,000 in the previous year[17] - The operating management segment reported revenue of HKD 898,751,000, an increase of 2.0% from HKD 877,831,000 in 2024[17] - The company recognized revenue of HKD 5,942,934,000 over time, a decrease from HKD 8,074,024,000 in 2024[18] - The revenue from the curtain wall and general contracting business fell to HKD 5.077 billion, a decrease of 29.7% from HKD 7.224 billion in 2024, with operating profit down 76.4% to HKD 184 million[43] Assets and Liabilities - Total assets as of December 31, 2025, were HKD 10,440,479, an increase from HKD 9,573,764 in 2024[6] - The company's cash and bank balances increased to HKD 1,362,348 from HKD 982,505 in 2024, reflecting improved liquidity[6] - Total liabilities decreased slightly to HKD 7,202,455 in 2025 from HKD 7,343,772 in 2024, indicating better management of obligations[7] - The company’s non-current assets decreased to HKD 1,597,919 from HKD 1,928,607, suggesting a potential need for investment in long-term assets[6] - The company’s total equity increased to HKD 2,714,422 in 2025 from HKD 2,560,188 in 2024, indicating a strengthening of the financial position[7] - Trade receivables decreased to HKD 2,030,673,000 in 2025 from HKD 2,083,521,000 in 2024, with a notable increase in receivables aged 0-30 days[30] - Bank borrowings increased to HKD 1,957,605,000 in 2025 from HKD 1,580,948,000 in 2024, with a significant portion due within one year[31] - Trade payables decreased to HKD 3,120,313,000 in 2025 from HKD 3,227,205,000 in 2024, indicating improved cash flow management[33] Strategic Focus and Market Position - The company focused on its core business in curtain walls, emphasizing market opportunities in Hong Kong, Macau, and key overseas markets[34] - The group maintained its leadership position in the Hong Kong curtain wall market, winning several large-scale projects despite a challenging market environment[36] - The company is actively exploring opportunities in the "Belt and Road" countries, focusing on high-end landmark projects while assessing various risks[37] - The integration of photovoltaic building (BIPV) is identified as a new growth point for the group's curtain wall business, with ongoing projects in Hong Kong and mainland China[52] Operational Developments - The company successfully launched the Light A 2.0 product in the BIPV sector, achieving industry-leading performance in color difference control[38] - The BIPV production line was officially launched, marking the commercialization of the product and securing a major project in Shenzhen, the largest BIPV project in China[38] - Administrative, sales, and other operating expenses increased to HKD 260 million from HKD 210 million, reflecting accelerated expansion in BIPV and Singapore curtain wall businesses[45] Financial Management and Governance - Financial costs were reduced to HKD 64 million from HKD 75 million in the previous year, demonstrating effective strategic financing and cost control[46] - The net gearing ratio decreased to approximately 21.9% as of December 31, 2025, compared to 23.4% on December 31, 2024[47] - The group has unutilized bank credit facilities amounting to approximately HKD 7.383 billion, providing sufficient financial resources for business development and expansion[47] - The company has complied with all applicable code provisions of the Corporate Governance Code during the year ending December 31, 2025[59] - The audit committee, composed of three independent non-executive directors, has reviewed the audited consolidated financial statements for the year ending December 31, 2025[62] - The financial figures presented in the announcement have been acknowledged by the external auditor, Ernst & Young, for the year ending December 31, 2025[63] Future Outlook - The group anticipates stable global economic growth in 2026, with potential risks from trade uncertainties and AI development[51] - The group aims to enhance its core business in curtain wall services while focusing on high-end markets and optimizing its global business layout[52] - The group plans to distribute a final dividend of HKD 0.01 per share for the year 2026, compared to HKD 0.028 per share for the previous year[55] Acknowledgments - The company expresses gratitude to shareholders, customers, suppliers, and employees for their support and hard work[64] - The company has no significant events to report for the year ending December 31, 2025[58]

Financial Performance - Revenue for the year was HKD 27,520,509,000, a decrease of 9% compared to HKD 30,258,009,000 in the previous year[4] - EBITDA increased by 2% to HKD 10,272,556,000 from HKD 10,074,731,000 in the previous year[4] - Profit attributable to equity holders rose by 16% to HKD 3,925,162,000 from HKD 3,377,200,000 in the previous year[4] - Total comprehensive income for the year was HKD 6,195,467,000, compared to HKD 1,488,406,000 in the previous year[6] - The company reported a basic and diluted earnings per share of HKD 0.6390, up from HKD 0.5498 in the previous year[5] - Total revenue for the year ended December 31, 2025, was HKD 27,520,509,000, a decrease of 8.1% from HKD 30,258,009,000 in 2024[28] - The profit attributable to equity holders increased by 16% to HKD 3,925,162,000, with basic earnings per share rising by 16% to HKD 63.90[55] - The consolidated gross profit was HKD 11,085,458,000, down 4% year-on-year, with a gross profit margin of approximately 40.3%, an increase of 2.2 percentage points from 2024[98] Dividends - Final dividend per share increased to HKD 0.12 from HKD 0.09 in the previous year, with total annual dividend per share rising to HKD 0.27 from HKD 0.23[4] - Proposed final dividend per share is HKD 0.12, an increase from HKD 0.09 in 2024[35] - The total dividend per share for the year was HKD 27.0, an increase from HKD 23.0 in 2024, with a payout ratio of 42.3%[56] Assets and Liabilities - Non-current assets totaled HKD 138,683,382,000, slightly up from HKD 138,252,572,000 in the previous year[8] - Current assets increased to HKD 50,459,760,000 from HKD 47,774,452,000 in the previous year[9] - Total liabilities increased to HKD 116,929,565,000 from HKD 119,706,448,000 in the previous year[9] - Net assets attributable to equity holders rose to HKD 72,213,577,000 from HKD 66,416,576,000 in the previous year[9] - As of December 31, 2025, the total assets of the group were approximately HKD 189,143,142,000, with a net asset value of HKD 72,213,577,000, representing an 8% increase from 2024[99] - The group’s debt-to-asset ratio decreased by 2 percentage points to 62% as of December 31, 2025[99] Segment Performance - The company operates in multiple segments, including environmental energy, environmental water, and green environmental projects, with specific revenue generation strategies for each[16][20] - The revenue from external customers in the environmental energy segment was HKD 14,995,230, down from HKD 15,916,369, representing a decline of 5.8%[22] - The environmental water segment generated revenue of HKD 5,349,346, a decrease of 22% compared to HKD 6,846,599 in the prior year[22] - The green environmental projects segment reported revenue of HKD 6,728,026, down from HKD 6,974,061, reflecting a decline of 3.5%[22] - Adjusted EBITDA for the Environmental Energy segment was HKD 7,109,768,000, while the Environmental Water segment reported HKD 1,916,729,000, and the Green Environmental segment reported HKD 1,639,133,000, leading to a total adjusted EBITDA of HKD 10,640,015,000 for the year ended December 31[23] - The Environmental Energy segment contributed a profit before interest, tax, depreciation, and amortization of HKD 7,109,768,000, a 3% increase compared to 2024, and a net profit of HKD 4,508,260,000, up 17% year-on-year[78] - The Environmental Water segment has 162 operational projects with a designed capacity of 2,569,472,250 cubic meters per year and 7 projects under construction with a capacity of 76,650,000 cubic meters per year[81] Investments and Projects - The company invested HKD 1,302,440,000 in intangible assets and prepayments, with total investments in property, plant, and equipment amounting to HKD 512,939,000 for the year[23] - The total investment in 8 new projects amounted to approximately RMB 3.247 billion, with new contracts totaling RMB 1.277 billion[58] - The group expanded its operations to 24 provinces and regions in China and 16 countries overseas, with a total of 605 environmental projects and an investment of approximately RMB 164.691 billion[58] - The Environmental Energy segment has invested in 284 projects with a total investment of approximately RMB 101.378 billion, including the processing capacity for 55,297,500 tons of municipal waste annually[75] - The Environmental Water segment has invested in 172 projects with a total investment of approximately RMB 31.853 billion, with a designed capacity for treating 2,352,443,250 cubic meters of wastewater annually[80] Research and Development - The company achieved significant progress in R&D, including the development of a 100 tons/day waste-to-char technology package and a collaborative treatment process for fly ash[52] - The total number of authorized intellectual properties reached 191 in 2025, with 91 invention patents and 9 software copyrights[53] - The company is focusing on developing new technologies and products to enhance its competitive edge in the environmental sector[23] Environmental and Social Responsibility - The company’s environmental management practices align with the United Nations Sustainable Development Goals, reflecting its commitment to sustainable development[114] - The company’s waste-to-energy projects comply with national environmental regulations, exceeding EU emission limits for certain pollutants[113] - The company launched the "Green Wing Program" in Hong Kong to promote environmental education and engaged in various community activities[64] - The company’s projects received approximately 40,000 visitors and over 30,000 online participants in environmental education activities in 2025[64] Governance and Risk Management - The company’s governance practices adhere to the Corporate Governance Code, ensuring transparency and accountability[115] - The company has established a sustainable development committee to integrate ESG principles into its operations and enhance stakeholder confidence[112] - The company emphasizes risk management, identifying key risks such as accounts receivable risk and market competition risk, which will be detailed in the 2025 annual report[111] - The company has implemented a risk management culture focusing on systematic and routine risk management practices[107] Future Outlook - The company plans to expand its market presence, particularly in China, where it has seen significant revenue growth[27] - The group aims to deepen its international presence in Central Asia and Southeast Asia, focusing on project investment and technology export[96] - The company is committed to enhancing its corporate governance to align with business operations and growth[116]