Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 92,237,000, a decrease of 14.0% compared to RMB 107,175,000 for the year ended December 31, 2024[2] - Other income decreased to RMB 2,042,000 from RMB 3,551,000, representing a decline of 42.5%[2] - Employee benefit expenses reduced to RMB 18,511,000 from RMB 24,487,000, a decrease of 24.4%[2] - Profit before tax from continuing operations increased to RMB 8,114,000, up 41.8% from RMB 5,721,000[2] - Net profit from continuing operations was RMB 1,951,000, compared to a loss of RMB 2,285,000 in the previous year[2] - Total comprehensive income attributable to shareholders for the year was RMB 7,123,000, an increase of 91.5% from RMB 3,721,000[3] - The proposed final dividend for 2025 is RMB 4,232,000, compared to RMB 4,411,000 in 2024, which is a decrease of about 4.1%[6] - The company reported a profit for the year of RMB 5,569,000 in 2025, slightly down from RMB 5,608,000 in 2024, reflecting a decrease of approximately 0.7%[6] Assets and Liabilities - The company's total assets as of December 31, 2025, were RMB 761,388,000, compared to RMB 803,149,000 in 2024, reflecting a decrease of 5.2%[4] - Non-current assets decreased to RMB 228,066,000 from RMB 299,215,000, a decline of 23.7%[4] - Current assets increased to RMB 533,322,000 from RMB 503,934,000, an increase of 5.8%[4] - As of December 31, 2025, total current liabilities amounted to RMB 172,332,000, a decrease from RMB 219,235,000 in 2024, representing a reduction of approximately 21.4%[5] - The net current assets increased to RMB 360,990,000 in 2025 from RMB 284,699,000 in 2024, reflecting a growth of about 26.7%[5] - The total assets minus current liabilities stood at RMB 589,056,000 in 2025, slightly up from RMB 583,914,000 in 2024, indicating a marginal increase of 0.2%[5] - The company's equity attributable to shareholders reached RMB 586,557,000 in 2025, compared to RMB 581,390,000 in 2024, marking an increase of approximately 0.6%[5] Segment Performance - The group provides microcredit and loan intermediary services in China, targeting both individuals and companies[21] - The group also offers securities trading, brokerage, and other financial services in Hong Kong[21] - For the fiscal year ending December 31, 2025, external revenue reached RMB 92,237,000, while the segment performance reported a profit of RMB 16,451,000[22] - The group reported a loss from continuing operations for the fiscal year ending December 31, 2024, of RMB 2,285,000, with external revenue of RMB 107,175,000[23] Financial Costs and Income - Interest income from small loans decreased to RMB 91,276,000 in 2025 from RMB 106,056,000 in 2024, indicating a decline of approximately 14.1%[27] - Financial costs for continuing operations in 2025 totaled RMB 10,454,000, down from RMB 12,480,000 in 2024, reflecting a reduction of about 16.3%[28] - The company recognized a net recovery of bad debts amounting to RMB 1,785,000 for the fiscal year ending December 31, 2025, compared to RMB 6,648,000 in 2024, indicating a significant reduction in recoveries[30] Loans and Receivables - The total net value of receivables and accounts receivable for 2025 is RMB 691,117 thousand, a decrease from RMB 721,399 thousand in 2024, indicating a decline in receivables[41] - The company has no receivables from finance leases as of December 31, 2025, down from RMB 10,190 thousand in 2024[43] - The company’s total receivables from small loans decreased to RMB 218,710 thousand in 2025 from RMB 272,830 thousand in 2024, reflecting a reduction in lending activity[41] - The total amount of overdue loans was RMB 86.2 million as of December 31, 2025, compared to RMB 84.5 million as of December 31, 2024, showing an increase of about 2.0%[75] Risk Management and Strategy - The company has implemented a risk management system to mitigate operational risks, which includes a top-level risk control committee and departments for risk management, business development, and accounting[106] - The company is adopting stricter monitoring measures for existing customer risks in response to rapid market changes, focusing on selecting high-quality customers[107] - The company plans to enhance its information technology systems to collect more accurate data and improve the review of customers' financial and operational conditions[107] - The company will continue to maintain a prudent approach, effectively control costs, and develop business with high-quality customers in a challenging environment[132] Stock Options and Incentives - The company has a valid and legally binding stock option plan, the "2023 Stock Option Plan," which allows the board to grant options to eligible participants[108] - The total number of stock options issued under the 2017 and 2023 plans is capped at 15,658,300 shares, representing 10% of the total shares issued as of June 30, 2023[117] - The company has recognized interest income of approximately RMB 4.9 million from recovered overdue loans for the year ending December 31, 2025[104] - The company will continue to strengthen its financing capabilities and expand partnerships to enhance its comprehensive service capabilities[132] Compliance and Governance - The company has adhered to all provisions of the corporate governance code as of December 31, 2025, with the exception of clause C.2.1[133] - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements for the year ending December 31, 2025[137] - The company has adopted the standard code for securities transactions by directors, confirming compliance by all directors for the fiscal year ending December 31, 2025[138]

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 21,054.8 million, a decrease of 8.6% compared to RMB 23,037.8 million in 2024[5] - Net profit attributable to the company's owners increased by 127.3% to RMB 479.4 million from RMB 210.9 million in the previous year[5] - Basic earnings per share rose to RMB 0.069 from RMB 0.030, reflecting a significant improvement in profitability[6] - Total comprehensive income for the year was RMB 350.7 million, compared to RMB 80.1 million in 2024, reflecting a strong recovery[6] - The company's pre-tax profit for 2025 was RMB 479,357,000, a significant increase from RMB 210,863,000 in 2024, representing a growth of approximately 127.7%[26] - The net profit margin for 2025 was 1.4%, an increase of 0.9 percentage points from 0.5% in 2024[83] Assets and Liabilities - Total assets decreased by 2.2% to RMB 70,393.5 million from RMB 71,963.1 million in 2024[5] - The company's debt ratio improved to 30.7% from 34.6% year-on-year, indicating better financial stability[5] - Trade receivables from third parties as of December 31, 2025, were RMB 1,720,717,000, a decrease from RMB 1,774,253,000 in 2024[29] - The total trade payables as of December 31, 2025, were RMB 3,168,462,000, a slight decrease from RMB 3,260,380,000 in 2024[34] - The group's net current liabilities as of December 31, 2025, amount to RMB 4,605,900,000, indicating a stable liquidity position[90] Income and Expenses - Other income increased to RMB 419.5 million from RMB 310.1 million, showing growth in non-operational revenue streams[5] - Financial expenses decreased to RMB 446,908 thousand in 2025 from RMB 536,215 thousand in 2024, reflecting improved cost management[22] - Selling and distribution expenses for 2025 were RMB 421,400,000, a decrease of 0.9% from RMB 425,000,000 in 2024, with these expenses accounting for 2.0% of consolidated revenue[78] - General and administrative expenses for 2025 were RMB 2,427,100,000, down 7.7% from RMB 2,630,100,000 in 2024, with goodwill impairment of RMB 57,000,000 included in this year's expenses[79] Dividends - The company proposed a final dividend of HKD 0.024 per share, up from HKD 0.01 in the previous year[5] - The company's interim dividend for 2025 is proposed at HKD 0.014 per share, down from HKD 0.02 per share in 2024, totaling RMB 89,015,000 compared to RMB 128,003,000 in the previous year[28] - The total dividend payout for the year ending December 31, 2025, is expected to be HKD 0.038 per share, up from HKD 0.03 per share in 2024[100] Production and Capacity - Total revenue for the cement division reached RMB 12,657,168 thousand, while concrete and aggregates divisions generated RMB 4,389,118 thousand and RMB 4,008,486 thousand respectively, leading to a total revenue of RMB 21,054,772 thousand[17] - The utilization rates for cement, concrete, and aggregate production lines in 2025 were 62.3%, 33.3%, and 95.9% respectively, compared to 69.2%, 33.9%, and 85.9% in 2024[50] - In 2025, the company increased its concrete production capacity by approximately 3.5 million cubic meters through the cooperation with 5 new concrete mixing stations[49] Market and Economic Outlook - In 2025, China's GDP is projected to grow by 5.0% year-on-year, reaching RMB 140.2 trillion, while fixed asset investment (excluding rural households) is expected to decline by 3.8% to RMB 48.5 trillion[35] - National infrastructure investment (excluding electricity, heat, gas, and water production and supply) is forecasted to decrease by 2.2% year-on-year in 2025[36] - The total area of commercial housing sales in China is expected to decline by 8.7% to 880 million square meters, with sales revenue decreasing by 12.6% to RMB 8.4 trillion in 2025[37] Environmental and Sustainability Initiatives - The company is actively promoting the "carbon peak and carbon neutrality" strategy, implementing a four-year action plan for energy conservation and carbon reduction[51] - The company is focusing on the green and low-carbon development direction, integrating ecological and energy-saving requirements into the entire production process[47] - By the end of 2025, 50% of cement clinker production capacity in key air pollution prevention areas is expected to complete ultra-low emission transformations[41] Innovation and Technology - The company has developed and optimized a rotary kiln technology based on proprietary intellectual property, achieving international advanced standards in green development[67] - The company has filed a total of 383 valid patents, including 123 invention patents, with 47 new patents granted in 2025[68] - The company has successfully implemented AI applications in nine scenarios, including intelligent dust collection and concrete mix design, leading to cost reductions and efficiency improvements[63] Strategic Focus - The company will focus on its core businesses of cement, aggregates, and concrete, aiming to enhance asset quality and regional leadership capabilities[96] - The company plans to increase R&D efforts around "intelligent, green, and integrated" technologies to develop new production capabilities and explore integrated solutions in building materials[96]

Financial Performance - For the fiscal year ending December 31, 2025, the group's revenue increased by approximately 126.5% to about HKD 48.8 million, up from approximately HKD 21.5 million in the previous year[4] - Gross profit rose to approximately HKD 18.2 million, representing an increase of about 168.5% from last year's gross profit of approximately HKD 6.8 million[4] - The company recorded a profit attributable to owners of approximately HKD 3.1 million, compared to a loss of HKD 3.3 million in the previous year[4] - Total comprehensive income for the year was approximately HKD 3.3 million, compared to a loss of HKD 3.4 million in the previous year[7] - The basic and diluted earnings per share for the year were HKD 0.07, compared to a loss per share of HKD 0.4 in the previous year[6] - The company reported a loss of HKD 3,337 million for the year, contributing to a total comprehensive loss of HKD 3,420 million[10] - The group recorded a profit of approximately HKD 3.1 million for the year, compared to a loss of HKD 3.3 million in the previous year[50] Dividend and Shareholder Information - The board proposed a final dividend of HKD 0.6 cents per share for the year, down from HKD 2.0 cents per share last year, pending shareholder approval[4] - The company plans to propose a final dividend of HKD 0.6 per share for 2025, compared to HKD 2.0 per share in 2024, amounting to HKD 6,000,000[35] - The company recommends a final dividend of HKD 0.6 per share for the current year, down from HKD 2.0 per share last year[65] Revenue Sources - Revenue from office and data center projects accounted for 90.8% of total revenue, amounting to HKD 44.3 million, up from 79.0% or HKD 17.0 million in the previous year[41] - External customer revenue for the group in Hong Kong reached HKD 48,800,000 in 2025, a significant increase from HKD 21,544,000 in 2024[23] Expenses and Liabilities - Administrative expenses remained relatively stable at HKD 11.128 million compared to HKD 11.087 million last year[5] - Total liabilities increased significantly from HKD 4,316 million in 2024 to HKD 8,195 million in 2025, marking an increase of approximately 90%[9] - Trade payables increased from HKD 1,950,000 in 2024 to HKD 3,692,000 in 2025, indicating a rise in operational liabilities[32] Assets and Equity - Total assets decreased from HKD 66,115 million in 2024 to HKD 54,252 million in 2025, representing a decline of approximately 18%[8] - The equity attributable to owners decreased from HKD 61,799 million in 2024 to HKD 46,057 million in 2025, a decline of around 26%[10] - Cash and cash equivalents rose from HKD 9,040 million in 2024 to HKD 17,151 million in 2025, an increase of approximately 90%[8] - The company’s retained earnings decreased from HKD 33,125 million in 2024 to HKD 22,584 million in 2025, a reduction of approximately 32%[10] Impairments and Provisions - Trade receivables and contract assets impairment increased to HKD 3.643 million from a reversal of HKD 0.371 million in the previous year[5] - The group recognized a trade receivables and contract assets impairment provision of HKD 3.7 million as of December 31, 2025, compared to HKD 0.8 million in the previous year[51] Corporate Governance - The board believes that the current governance structure, with the same individual serving as both Chairman and CEO, is beneficial for the company's business outlook and operational efficiency[61] - The company has adopted a code of conduct for directors regarding securities trading, ensuring compliance with GEM listing rules[62] - The audit committee has reviewed the accounting principles and practices adopted by the company and found no objections from the external auditor[70] - The company will continue to enhance its corporate governance practices to align with its business development and regulatory requirements[61] Future Outlook and Standards - The group remains optimistic about the indoor design and renovation market, particularly in commercial spaces, medical centers, and elderly care homes[40] - The group adopted new and revised standards effective from January 1, 2025, including HKAS 21 and HKFRS 1, with no significant impact expected on current or future periods[16] - The group anticipates that the adoption of HKFRS 18 will not affect net profit but will impact the calculation and reporting of operating profit due to the reclassification of income and expense items[20] Miscellaneous - The company has no taxable profits for both 2025 and 2024, resulting in no provisions for Hong Kong profits tax[25] - The group has no significant capital commitments as of December 31, 2025[56] - There were no major acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[58] - The group maintained a stable liquidity position throughout the year, with no significant impact from foreign exchange fluctuations[55] - The company will hold its annual general meeting on May 18, 2026, with a record date for voting eligibility set for the same day[66]

Financial Performance - The total revenue for the year ending December 31, 2025, is reported at MOP 76,799,000, a decrease of 16.5% compared to MOP 92,052,000 in 2024[3] - Gross profit for 2025 is MOP 12,323,000, which represents a significant increase of 70.5% from MOP 7,221,000 in 2024[3] - The company achieved a net profit of MOP 2,176,000 for 2025, compared to a net loss of MOP 2,490,000 in 2024, indicating a turnaround in profitability[4] - Basic earnings per share for 2025 is MOP 0.44, recovering from a loss of MOP 0.50 per share in 2024[4] - The gross profit margin improved significantly to 16.0% in 2025, up from 7.8% in 2024[39] - The group recorded a profit of 2.2 million MOP for the current year, compared to a loss of 2.5 million MOP in 2024, driven by the aforementioned factors[55] Assets and Liabilities - Total assets as of December 31, 2025, amount to MOP 201,211,000, slightly down from MOP 201,276,000 in 2024[5] - The total equity of the company increased to MOP 205,133,000 in 2025, up from MOP 202,957,000 in 2024, reflecting a growth of 1.1%[5] - Non-current assets decreased to MOP 36,197,000 in 2025 from MOP 37,142,000 in 2024, showing a decline of 2.5%[5] - The company's contract assets decreased to MOP 14,235,000 in 2025 from MOP 30,155,000 in 2024, reflecting a decline of 52.8%[22] - The total amount of trade and other receivables decreased to MOP 13,922,000 in 2025 from MOP 29,617,000 in 2024, a reduction of 53.0%[29] - Trade receivables from customer contracts fell to MOP 11,009,000 in 2025, down 55.8% from MOP 24,976,000 in 2024[29] - The group maintained a strong financial position with cash and bank balances totaling 173.1 million MOP and bank borrowings of 16.5 million MOP[45] - As of December 31, 2025, the group's net current assets were 183.3 million MOP, an increase from 177.6 million MOP in 2024, with a current ratio of 11.2 times compared to 8.5 times in 2024[56] Revenue Sources - The group reported revenue from electromechanical engineering and maintenance services of MOP 76,799 thousand for 2025, a decrease from MOP 92,052 thousand in 2024, representing a decline of approximately 16.5%[18] - Revenue from construction contracts in electromechanical engineering was MOP 71,424 thousand in 2025, down from MOP 89,700 thousand in 2024, indicating a decrease of about 20.4%[18] - Maintenance and repair services revenue increased to MOP 5,375 thousand in 2025 from MOP 2,352 thousand in 2024, reflecting a growth of approximately 128.6%[18] - In 2025, the company's revenue from electromechanical engineering in Macau reached MOP 46,792,000, a decrease of 47.8% compared to MOP 89,545,000 in 2024[19] Corporate Governance and Compliance - The company emphasizes good corporate governance standards to protect shareholder interests and enhance corporate value[71] - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements for the year, including accounting principles and risk management systems[75] - Deloitte has confirmed that the financial data presented in the announcement aligns with the audited consolidated financial statements for the year ending December 31, 2025[76] - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance by all directors for the entire year[73] Future Outlook and Strategy - The company plans to continue strengthening its core electromechanical engineering capabilities and maintain prudent cost management[40] - The company anticipates continued economic expansion in Macau, with a cautious optimism for the electromechanical engineering sector[40] - The company aims to expand its business internationally following the completion of its first overseas project in Sri Lanka, focusing on diversifying revenue sources[67] - The group has secured 12 projects expected to contribute to revenue by 2026, reflecting a stable project reserve[67] - The economic environment in Macau is stabilizing, with expectations of continued growth in public sector projects and infrastructure development[66] Shareholder Information - The company will propose a final dividend of HKD 0.21 per share, totaling approximately MOP 1,083,000, subject to shareholder approval[37] - The final dividend is subject to approval at the annual general meeting scheduled for May 13, 2026[69] - The company will suspend shareholder registration procedures from May 8 to May 13, 2026, to determine eligibility for voting at the annual general meeting[69] Employee and Management Information - The group has 50 employees in Macau as of December 31, 2025, including 32 Macau residents and 18 non-residents, compared to 49 employees in 2024[65] - The chairman and CEO roles are held by the same individual, which the board believes is appropriate for effective management[72] - The executive directors as of the announcement date include Mr. Zhang Jiahe and Mr. Liang Jinling, with independent non-executive directors being Mr. Ronald, Ms. Li Siming, and Mr. Chen Mingjie[81]

Financial Performance - For the year ending December 31, 2025, the revenue was approximately HKD 209.44 million, an increase of about 179.4% compared to HKD 74.96 million for the year ending December 31, 2024[7] - The profit for the year ending December 31, 2025, was approximately HKD 59.11 million, a turnaround from a loss of approximately HKD 2.32 million for the year ending December 31, 2024[7] - The increase in revenue was primarily driven by growth in securities/derivatives services, placement and underwriting services, virtual asset services, handling fee services, and financial advisory services[7] - The total revenue for the year ending December 31, 2025, is HKD 229,362,953, compared to HKD 77,652,468 for 2024, representing a significant increase of 194%[9] - Customer contract revenue reached HKD 177,661,048 in 2025, up from HKD 46,197,062 in 2024, indicating a growth of 284%[9] - The company reported a net profit of HKD 59,108,774 for 2025, a substantial recovery from a loss of HKD 2,321,409 in 2024[10] - The company’s financial performance reflects a recovery and growth trajectory across its major operating segments[7] - The basic earnings per share for the year was HKD 30.85, compared to a loss per share of HKD 1.64 in the previous year[6] - The diluted earnings per share for the year ending December 31, 2025, is projected to be HKD 0.3069, based on a profit attributable to shareholders of HKD 60,363,502 and a weighted average number of ordinary shares of 196,684,368[48] Expenses and Costs - Employee costs increased to HKD 55.82 million, reflecting a rise of 42.0% compared to the previous year[6] - Other operating expenses rose to HKD 68.06 million, representing a significant increase of 204.4% from HKD 45.71 million[6] - The total commission expenses for the year were HKD 56.65 million, a dramatic increase of 500.3% from HKD 9.44 million[6] - The company incurred employee costs totaling HKD 33,425,219 in 2025, compared to HKD 22,984,554 in 2024, an increase of approximately 46%[34] - The pre-tax profit for 2025 was impacted by various expenses, including depreciation of property, plant, and equipment amounting to HKD 2,530,573, down from HKD 3,032,946 in 2024[41] - Financing costs totaled HKD 6,066,759 in 2025, slightly decreased from HKD 6,087,035 in 2024, with bank and other borrowings interest at HKD 5,013,516[42] - The total tax expense for 2025 was HKD 3,282,925, compared to a tax credit of HKD 163,405 in 2024, reflecting a significant change in taxable profits[45] Dividends - The company proposed a final dividend of HKD 3.00 per share for the year ending December 31, 2025, up from HKD 1.80 per share for the year ending December 31, 2024[8] - The company declared an interim dividend of HKD 3,179,100 for 2025, compared to HKD 208,022 in 2024, indicating a strong increase in shareholder returns[45] - The proposed final dividend is HKD 0.03 per share for the year ended December 31, 2025, totaling approximately HKD 6,376,440, compared to HKD 0.018 per share for the year ended December 31, 2024[130] Assets and Liabilities - Total assets as of December 31, 2025, amount to HKD 430,287,287, a decrease from HKD 457,926,031 in 2024[11] - The total liabilities decreased to HKD 262,766,428 in 2025 from HKD 341,619,086 in 2024, showing a reduction of 23%[11] - The company's equity increased to HKD 238,676,108 in 2025 from HKD 177,471,226 in 2024, representing a growth of 34%[12] - Total accounts receivable decreased to HKD 304,671,846 in 2025 from HKD 410,786,577 in 2024, reflecting a reduction of approximately 25.8%[52] - Margin client receivables amounted to HKD 146,075,909 in 2025, down from HKD 195,798,257 in 2024, indicating a decline of about 25.4%[52] - Cash client receivables decreased to HKD 33,223,061 in 2025 from HKD 59,400,366 in 2024, representing a drop of approximately 44.1%[52] Revenue Sources - The virtual asset trading and related income surged to HKD 98,520,681 in 2025, up from HKD 14,306,688 in 2024, marking an increase of approximately 588%[38] - The brokerage service revenue for 2025 was HKD 39,248,945, compared to HKD 13,365,373 in 2024, reflecting a growth of around 194%[38] - The financing service segment generated revenue of HKD 17,028,640 in 2025, slightly down from HKD 17,404,427 in 2024, a decrease of about 2%[37] - Revenue from brokerage and futures services accounted for approximately 18.8% and 18.5% of total revenue for the years ending December 31, 2025, and 2024, respectively[73] - Revenue from placement and underwriting services represented about 3.2% and 5.6% of total revenue for the years ending December 31, 2025, and 2024, respectively[75] - Financing services contributed approximately 8.1% and 23.2% to total revenue for the years ending December 31, 2025, and 2024, respectively[78] - Asset management services accounted for about 4.5% and 9.2% of total revenue for the years ending December 31, 2025, and 2024, respectively[80] - Financial advisory services generated approximately 0.8% and 0.9% of total revenue for the years ending December 31, 2025, and 2024, respectively[81] Virtual Asset Services - The group has established a proprietary research and development team for virtual asset trading and management services, becoming the first licensed entity in Hong Kong for such services in 2023[83] - The group aims to enhance its marketing capabilities and optimize loan service procedures to solidify its customer base[78] - The group is expanding its asset management services by establishing private funds in various jurisdictions, including China and Singapore[80] - The group provides comprehensive financial services, with placement and underwriting services being a major source of stable income[75] - The group is the first and only full-service broker for virtual assets, offering trading, consulting, and asset management services[85] - The company has launched "VictoryX," the first app in Hong Kong that allows simultaneous trading of securities and virtual assets, enhancing customer access to diverse investment products[96] - The company is the first licensed financial institution in Hong Kong approved to offer virtual asset trading and related services to retail customers[96] - The strong growth in revenue from virtual asset trading services is attributed to Hong Kong's positioning as a global leader in the virtual asset industry, leading to optimistic future revenue expectations[103] Regulatory Compliance and Governance - The company has fully complied with the corporate governance code as of December 31, 2025, ensuring high standards of corporate governance[133] - The audit committee consists of one non-executive director and two independent non-executive directors, ensuring compliance with GEM listing rules[134] - All directors confirmed adherence to the trading standards during the year ending December 31, 2025[135] - The company did not buy, sell, or redeem any listed securities during the year ending December 31, 2025[136] - No directors or controlling shareholders had interests in any competing businesses as of December 31, 2025[137] Future Outlook - The economic outlook for Hong Kong in 2026 is optimistic, with GDP growth projected between 2.0% and 3.0%[90] - The company anticipates that the proportion of revenue from the virtual asset division will continue to increase as investor awareness and regulatory frameworks improve[95] - The company plans to explore opportunities in financial advisory services, participating in various new projects as an independent financial advisor[88] - The asset management division is expected to play a significant role in the group's future development, with resources allocated for expansion[88]

Financial Performance - Revenue for the year ended December 31, 2025, was HKD 2,118,473,000, a decrease of 9% compared to HKD 2,340,040,000 in 2024[2] - Gross profit decreased by 10% to HKD 821,022,000 from HKD 908,802,000 year-over-year[2] - Adjusted net profit fell by 17% to HKD 193,077,000 from HKD 233,439,000 in the previous year[2] - The company reported a net loss of HKD 145,972,000 for the year, compared to a profit of HKD 176,554,000 in 2024[2] - The basic loss per share for the year was HKD (0.045), compared to earnings per share of HKD 0.057 in the previous year[15] - The company reported a net loss of HKD 146,000,000, compared to a profit of HKD 176,600,000 in the previous year[18] - The company reported a significant increase in revenue from Singapore, rising to HKD 11,635,000 in 2025 from HKD 561,000 in 2024[98] - The company reported a loss attributable to shareholders of HKD 121,548,000 for the year ended December 31, 2025, compared to a profit of HKD 157,605,000 in 2024[107] Assets and Liabilities - Total assets increased by 22% to HKD 14,431,942,000 from HKD 11,858,778,000 in 2024[3] - The company’s total liabilities increased to HKD 6,417,799,000 in 2025 from HKD 4,135,902,000 in 2024[16] - The total amount of cash and cash equivalents, including restricted bank balances, increased from HKD 5,605,195,000 in 2024 to HKD 7,201,732,000 in 2025[43] - The total accounts receivable increased to HKD 2,275,585,000 in 2025 from HKD 1,932,869,000 in 2024, marking an increase of approximately 17.7%[113] - The net amount of accounts receivable after impairment provisions was HKD 2,126,864,000 in 2025, compared to HKD 1,785,138,000 in 2024, reflecting an increase of about 19.1%[113] Employee and Operational Metrics - The total number of employees as of December 31, 2025, was 2,494, with the majority in payment and digital services[12] - Employee benefits expenses, including directors' remuneration, increased to HKD 1,145,748,000 in 2025 from HKD 946,907,000 in 2024, representing a rise of approximately 21%[100] - The number of borrowers in the fintech services business rose to 44,477 in 2025, up from 20,830 in 2024, indicating a growth of over 113%[114] Revenue Segmentation - Revenue from the payment and digital services segment was HKD 1,642,017,000, down 6% from HKD 1,749,261,000 in 2024[19] - The fintech services segment reported a revenue increase of 4%, reaching HKD 91,118,000 compared to HKD 87,799,000 in 2024[22] - The platform operation solutions segment saw a revenue decline of 22%, with revenue of HKD 113,194,000 compared to HKD 145,312,000 in 2024[23] - The financial solutions segment's revenue was HKD 272,144,000, a slight decrease of 1% from HKD 273,872,000 in 2024[26] Cost Management and Expenses - The company incurred approximately HKD 225,900,000 in share-based payment expenses related to the payment and digital services segment[31] - The total commission and rewards paid to business channel partners decreased to HKD 897,355,000 in 2025 from HKD 978,024,000 in 2024, a decrease of approximately 8%[100] - Research and development costs, including employee costs, decreased to HKD 332,008,000 in 2025 from HKD 345,677,000 in 2024, a decline of about 4%[100] Investment and Financing Activities - The company has approved an asset-backed securities program with a maximum issuance scale of RMB 2,000,000,000 (approximately HKD 2,151,926,000) for financing purposes[142] - The first phase of the asset-backed special plan was established on April 16, 2025, with a total issuance scale of RMB 335,000,000 (approximately HKD 360,448,000)[143] - The company aims to broaden its fundraising channels to obtain low-cost funds through the issuance of asset-backed securities[153] Corporate Governance and Management Changes - Mr. Chen Yao Guang resigned as co-secretary and authorized representative of the company effective March 19, 2026, to focus on other work and business commitments[156] - Ms. Xu Nuo En will serve as the sole company secretary and continue as an executive director and one of the authorized representatives[156] - The board expressed gratitude and appreciation for Mr. Chen's valuable contributions during his tenure[156]

Financial Performance - The group recorded revenue of approximately RMB 931 million for the year ended December 31, 2025, a year-on-year decrease of about 15.0%[3] - Gross profit was approximately RMB 253 million, representing a year-on-year decline of about 2.5%, with an improved gross margin of 27.1%, up 3.5 percentage points from 2024[3] - Operating profit increased by approximately 17.8% to RMB 52.4 million, benefiting from the improvement in gross margin[3] - Annual profit was approximately RMB 40.1 million, a year-on-year decrease of about 19.0% due to revenue decline and foreign exchange losses[3] - Total revenue for the year ended December 31, 2025, was RMB 930,819 thousand, a decrease of 15.05% from RMB 1,095,301 thousand in 2024[19] - Basic and diluted earnings per share were RMB 5.0, down from RMB 6.3 in 2024[6] - Basic earnings per share for 2025 is RMB 5.0, down from RMB 6.3 in 2024, reflecting a decrease of approximately 20.6%[42] - The profit attributable to the company's owners for 2025 is RMB 40,116,000, a decline of 21.2% from RMB 50,889,000 in 2024[42] Revenue Segments - Revenue from markets outside mainland China reached approximately RMB 127 million, a year-on-year increase of about 9.2%[3] - Revenue from embedded software and secure payment products was RMB 614,672 thousand in 2025, down 1.11% from RMB 622,362 thousand in 2024[19] - Revenue from the platform and services segment was RMB 316,147 thousand in 2025, a decrease of 33.24% from RMB 472,939 thousand in 2024[19] - The embedded software and secure payment products segment generated revenue of approximately RMB 615 million, a slight year-on-year decline of about 1.2%[66] - The data processing services segment recorded revenue of approximately RMB 316 million, a year-on-year decrease of about 33.2% due to intensified market competition[66] Assets and Liabilities - Total assets amounted to RMB 2.428 billion, a decrease from RMB 2.463 billion in 2024[7] - Total liabilities decreased to RMB 420.6 million from RMB 451.5 million in 2024[8] - Total assets in Hong Kong decreased to RMB 115,226 thousand in 2025 from RMB 124,711 thousand in 2024, a decline of 7.95%[27] - Total assets in mainland China decreased to RMB 349,268 thousand in 2025 from RMB 365,021 thousand in 2024, a decline of 4.31%[27] - The group reported a debt-to-asset ratio of approximately 17.3% as of December 31, 2025, down from 18.3% in 2024, indicating a stronger financial position[82] Cash Flow and Financial Management - The total income from bank deposits decreased to RMB 21,350 thousand in 2025 from RMB 27,745 thousand in 2024, indicating a potential impact on cash flow management[34] - As of December 31, 2025, the company had cash and cash equivalents totaling approximately RMB 1.447 billion, with a current ratio of about 4.6 and a debt-to-asset ratio of approximately 17.3%[66] - The group’s total bank deposits and cash amounted to approximately RMB 1,446.8 million, an increase from RMB 1,332.8 million in 2024, representing a growth of about 8.5%[80] - The group had no bank borrowings as of December 31, 2025, consistent with 2024[81] Dividends and Share Repurchase - The board proposed a final dividend of HKD 0.04 per share (approximately RMB 0.035), down from HKD 0.055 in 2024, and a special dividend of HKD 0.01 per share (approximately RMB 0.009)[3] - The company repurchased and canceled 835,000 shares of common stock, simplifying its capital structure, with a total payment of approximately HKD 848,000 (equivalent to about RMB 781,000)[62] - The company plans to distribute a final dividend of HKD 0.04 per share for 2025, down from HKD 0.055 in 2024, which is a reduction of 27.3%[44] Research and Development - Research and development expenses for 2025 were RMB 89,909 thousand, down from RMB 103,811 thousand in 2024, indicating a reduction of 13.39%[19] - The company is focusing on expanding the application of security encryption technologies, maintaining a high R&D investment ratio to strengthen research on cutting-edge technologies, including post-quantum algorithms[72] - The company plans to allocate resources towards the development of new digital devices and self-service solutions, aiming for market expansion[32] Market Expansion and Strategy - The company continues to expand its global market presence, achieving revenue growth in regions outside mainland China, with a year-on-year increase of approximately 9.2% to RMB 127 million[66] - The UMV platform was fully launched in 2025, enhancing its functionality and aiming to create new value for customers through digital and intelligent development, thereby strengthening the company's digital service capabilities[69] - The company has made rapid progress in the Asia-Pacific and Eurasian markets in the first half of 2025, with breakthroughs in the Latin American market in the second half, actively pursuing localization testing and certification[74] - The company has initiated a top-down talent rejuvenation strategy, focusing on attracting and cultivating key technical talents in AI and software development to support digital transformation[75] Governance and Compliance - The company has complied with the corporate governance code, except for the deviation regarding the roles of the chairman and CEO, which are held by the same person, Mr. Lu Yuntian[100] - All directors have confirmed compliance with the securities trading standard code for the year ending December 31, 2025[101] - The financial information for the years ending December 31, 2024, and December 31, 2025, included in the annual performance announcement is derived from the statutory financial statements[102]

Financial Performance - The company reported a revenue increase of 3.2% to RMB 29.60 billion for the year ending December 31, 2025, with a gross margin decrease of 0.4 percentage points to 49%[5] - Net profit attributable to equity holders was RMB 2.94 billion, with a net profit margin of 9.9% and EBITDA margin of 20.8%[5] - The company reported a total comprehensive income of RMB 2.85 billion for the year, down from RMB 3.07 billion in the previous year[7] - Total revenue for the year ended December 31, 2025, was RMB 29,598,417,000, an increase from RMB 28,675,643,000 in 2024, representing a growth of approximately 3.22%[17] - The net profit attributable to equity holders for the year ending December 31, 2025, was RMB 2,935,743,000, down from RMB 3,012,918,000 in 2024, resulting in a profit margin of 9.9% compared to 10.5% in the previous year[59] - The basic earnings per share were RMB 1.14 for 2025, down from RMB 1.17 in 2024, indicating a decrease of 2.6%[30] - Total revenue attributable to equity holders for the year ended December 31, 2025, was RMB 2,935,743,000, a decrease of 2.6% from RMB 3,012,918,000 in 2024[30] Dividends and Payouts - The board proposed a final dividend of RMB 0.2336 per share, resulting in a total annual dividend of RMB 0.5695 per share, with a payout ratio of 50%[5] - The company proposed a final dividend of RMB 0.2336 per share for 2025, an increase from RMB 0.2073 per share in 2024, representing a growth of 14.4%[28] Assets and Liabilities - Total assets increased to RMB 37.71 billion, up from RMB 35.71 billion in 2024, with current assets totaling RMB 22.95 billion[8] - The company's equity attributable to equity holders rose to RMB 27.63 billion, compared to RMB 26.10 billion in 2024[9] - The company reported a total of RMB 369,001,000 in contract liabilities as of December 31, 2025, slightly up from RMB 368,518,000 in 2024[19] - The company’s total liabilities related to customer advances decreased from RMB 480,425,000 in 2024 to RMB 303,785,000 in 2025[20] Cash Flow and Working Capital - Operating cash inflow was RMB 4.85 billion, maintaining a healthy level of working capital with an average working capital to revenue ratio of 7.7%[5] - The net cash generated from operating activities for the year ending December 31, 2025, was RMB 4,851,532,000, compared to RMB 5,267,935,000 in 2024, reflecting increased cash expenses[63] - The total cash and cash equivalents as of December 31, 2025, amounted to RMB 16,716,551,000, a net increase of RMB 9,217,955,000 from the previous year[63] Inventory and Receivables - Inventory levels were reported at RMB 2.69 billion, with trade receivables amounting to RMB 1.39 billion[8] - Accounts receivable as of December 31, 2025, was RMB 1,426,585,000, an increase of 36.3% from RMB 1,046,249,000 in 2024[33] - The expected credit loss provision for accounts receivable decreased to RMB 37,906,000 in 2025 from RMB 41,658,000 in 2024, indicating a reduction of 8.2%[33] Revenue Breakdown - Revenue from footwear reached RMB 14,650,546,000 in 2025, up from RMB 14,300,341,000 in 2024, indicating a growth of about 2.45%[17] - Revenue from apparel increased to RMB 12,327,039,000 in 2025 from RMB 12,050,245,000 in 2024, reflecting a growth of approximately 2.31%[17] - The company’s revenue from e-commerce channels was RMB 8,743,238,000 in 2025, an increase from RMB 8,304,759,000 in 2024, representing a growth of approximately 5.29%[17] - Revenue from the franchised dealer channel grew by 6.3% year-on-year, accounting for 46.6% of total revenue, up from 45.1% in 2024[46][48] - E-commerce channel revenue increased by 5.3% year-on-year, contributing 29.5% to total revenue, compared to 29.0% in 2024[46][48] Expenses and Cost Management - The cost of goods sold recognized as inventory expense for the year ended December 31, 2025, was RMB 14,648,186,000, an increase of 3.9% from RMB 14,099,802,000 in 2024[24] - Advertising and marketing expenses rose to RMB 3,165,794,000 in 2025, up 16.3% from RMB 2,721,226,000 in 2024[24] - Total selling and distribution expenses were RMB 9,189,675,000, representing 31.0% of total revenue, a decrease from 32.1% in 2024[50] - Administrative expenses rose to RMB 1,630,412,000, accounting for 5.5% of total revenue, an increase of 0.5 percentage points from 2024[51] Strategic Initiatives and Innovations - The group launched the "Super Cushion Capsule" midsole technology, which has been commercialized and applied to flagship products like "Feidian 6 ULTRA" and "Chitu 9 ULTRA"[77] - The group emphasized technology innovation as a core driver, leveraging the "Aerospace Dynamic Warmth Technology Platform" for product development[81] - The company launched the "LN AIR" breathable quick-drying technology for running apparel, enhancing consumer experience with visual holes and high-performance materials[85] - The group aims to enhance its market competitiveness and share by leveraging technology-driven product innovation and marketing strategies, focusing on the growing global table tennis market in 2025[93] Market Presence and Brand Development - The company expanded its market presence by sponsoring major events like the Singapore Open and Hong Kong Open, enhancing brand recognition[92] - The group aims to strengthen brand recognition through collaborations with the Chinese Olympic Committee and participation in major sporting events[79] - The company has established collaborations with top-tier cultural IPs, such as the Palace Museum, to enhance brand reach and marketing effectiveness[105] Employee and Governance - The group has been awarded the Excellent Workplace™ certification, enhancing its employer brand and talent attraction capabilities[116] - The group is committed to high standards of corporate governance and has adhered to the corporate governance code during the fiscal year[122] - The group’s audit committee has reviewed the accounting principles and practices adopted, ensuring alignment with the audited financial statements for the fiscal year[123] - As of December 31, 2025, the group employed 5,152 individuals, an increase from 5,022 employees on December 31, 2024[117]

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。 2025年 度 之 全 年 業 績 公 告 新 傳 企 劃 有 限 公 司（「本 公 司」）之 董 事 會（「董 事 會」或「董 事」）公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至2025年12月31日 止 年 度（「本 年 度」）之 經 審 核 綜 合 業 績。 | 財 | | 概 | 要 | | | | 務 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 截 至12月31日 止 年 度 | | | | | | | | | | 2025年 2024年 | | | | | | | | | | 千 港 元 千 港 元 | | | | | 總 | 收 | 入 | | | ...

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 1,453,774,000, a decrease of 15.3% from HKD 1,717,242,000 in 2024[3] - Gross profit for the year was HKD 48,042,000, down 11.1% from HKD 54,028,000 in the previous year[3] - The company reported a profit before tax of HKD 7,942,000, a decline of 30.5% compared to HKD 11,473,000 in 2024[3] - Net profit for the year was HKD 6,634,000, down 32.3% from HKD 9,817,000 in 2024[3] - Basic earnings per share decreased to HKD 2.37 from HKD 3.51, representing a decline of 32.4%[4] - Other income for the year was HKD 1,580,000, down 44.7% from HKD 2,855,000 in 2024[3] - The company's revenue decreased by 15%, resulting in a net profit decline of 32% to HKD 6,634,000 compared to HKD 9,817,000 in the previous year[27] Assets and Liabilities - Total assets as of December 31, 2025, were HKD 192,931,000, an increase from HKD 179,255,000 in 2024[5] - Current liabilities increased to HKD 36,373,000 from HKD 27,616,000, reflecting a rise of 31.5%[5] - Accounts receivable amounted to HKD 23,093,000, down from HKD 25,418,000 in the previous year, with a credit loss provision of HKD 129,000[20][21] - Total accounts payable increased significantly to HKD 23,968,000 from HKD 11,785,000 in the previous year[22][23] - As of December 31, 2025, the total assets of the group amounted to HKD 214,545,000, with total equity of HKD 176,356,000 and total liabilities of HKD 38,189,000[31] - The current ratio as of December 31, 2025, was approximately 5.3, down from 6.5 the previous year[31] Cash and Investments - The company’s cash and cash equivalents rose to HKD 97,914,000 from HKD 81,042,000, an increase of 20.8%[5] - Cash and cash equivalents as of December 31, 2025, were HKD 97,914,000, an increase from HKD 81,042,000 as of December 31, 2024[31] - The investment portfolio value increased by 21% during the year, with fair value gains of HKD 2,942,000 recognized in other comprehensive income[33] - The group received dividend income of HKD 544,000 for the year, compared to HKD 583,000 in the previous year[33] Employee and Operational Metrics - The number of employees as of December 31, 2025, was 54, down from 57 the previous year, with total salaries and benefits amounting to HKD 20,448,000[34] - The company plans to distribute a final dividend of HKD 1.0 per share, totaling HKD 2,800,000, subject to shareholder approval[25] Market and Strategic Outlook - The company anticipates increased demand for storage chips driven by AI developments, which may impact product supply and retail prices[29] - The management team emphasizes product innovation and competitive positioning to address challenges from low-priced alternatives in the market[29][30] Tax and Regulatory Information - The effective tax rate for qualifying group entities is 8.25% on the first HKD 2,000,000 of taxable profits, and 16.5% on profits exceeding that amount[16] - The group had no significant contingent liabilities or guarantees as of December 31, 2025[36] - The group has no currency hedging policy but monitors currency fluctuation risks, expecting no significant currency risk between USD and HKD[35] - The group maintained a sufficient public float, with at least 25% of shares held by the public as of the announcement date[42] Reporting and Future Plans - The annual report for 2025 will be distributed to shareholders in April 2026 and published on the company's website[43] - The company has not experienced any significant events affecting the group since the year-end[24]