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，概不就因本公佈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。 （於香港註冊成立之有限公司） （股份代號：86） 2025年全年業績公佈 主席函件 2025年全球經濟環境依然充滿挑戰。持續的貿易摩擦與地緣政治分化導致全年 市場持續動盪，加上人工智能帶來的顛覆性衝擊，以及大中華區經濟內需持續疲 弱，令經營環境更趨複雜。儘管如此，公司業務展現出卓越韌性，締造了強勁的 經風險調整後回報。 2025年是新鴻基有限公司（「本公司」或「新鴻基公司」，連同其附屬公司「本集團」） 發展歷程中一個明確的轉折點。隨著戰略轉型完成，我們旗下三大業務平台－「另 類投資方案」（前稱「基金管理」）、「投資管理」及「信貸」互惠互補－已實現無縫合 作並全面協同。此整合模式進一步提升經常性收入、盈利能力及資本效率，鞏固 本集團作為領先另類投資平台的地位。得益於穩健且具韌性的資產負債表，儘管 基數較低，股東應佔溢利按年增長超過三倍。 財務摘要、資本管理及股息 我們於2025年錄得強勁的財務表現，充分體 ...

Financial Performance - The group's profit for the year ended December 31, 2025, was HKD 335 million, an increase of approximately 109% compared to the same period last year, primarily due to the completion and settlement of the joint venture project "Emperor's" which recognized a one-time tax-adjusted construction cost[3] - The group's basic profit for the year was HKD 284 million, up about 80% year-on-year[3] - The earnings per share for the year was HKD 0.94, compared to HKD 0.46 in 2024[4] - Total revenue for the year was HKD 427,252 thousand, slightly up from HKD 422,910 thousand in 2024[4] - The total comprehensive income for the year was HKD 346,150 thousand, compared to HKD 177,711 thousand in 2024[5] - The group’s total profit before tax was HKD 340,645,000 in 2025, compared to HKD 176,324,000 in 2024, representing a significant increase of 93.0%[19] - The basic earnings attributable to equity shareholders for the year is HKD 335,366,000, representing an increase of 104.5% compared to HKD 163,875,000 in 2024[25] - Total revenue for the group reached HKD 611,112,000 in 2025, compared to HKD 591,531,000 in 2024, indicating a growth of 3.3%[13] Asset and Equity Growth - Non-current assets increased to HKD 5,260,966 thousand from HKD 3,506,315 thousand in 2024, reflecting growth in investment properties[6] - Cash and bank balances rose to HKD 2,111,073 thousand from HKD 1,876,592 thousand in the previous year[6] - The total equity attributable to equity shareholders of the company was HKD 7,320,439 thousand, up from HKD 7,062,719 thousand in 2024[6] - As of December 31, 2025, the group's shareholders' equity increased by approximately 3.6% to HKD 7.32 billion, primarily due to the rise in profits[46] Revenue by Segment - Real estate investment segment revenue increased to HKD 194,142,000 in 2025 from HKD 172,523,000 in 2024, representing a growth of 12.4%[13] - The ferry, shipyard, and related businesses segment reported a revenue of HKD 167,674,000 in 2025, down from HKD 179,416,000 in 2024, a decrease of 6.5%[13] - The healthcare and beauty services segment generated revenue of HKD 57,090,000 in 2025, up from HKD 40,209,000 in 2024, marking an increase of 42.0%[13] - The securities investment segment reported a revenue of HKD 9,405,000 in 2025, a decrease from HKD 11,792,000 in 2024, reflecting a decline of 20.2%[13] Expenses and Impairments - The company reported a significant reduction in administrative expenses to HKD 114,571 thousand from HKD 98,174 thousand in the previous year[4] - The group’s total assets impairment loss was HKD 20,211,000 in 2025, compared to HKD 19,428,000 in 2024, an increase of 4.0%[17] Tax Provisions - The current tax provision for Hong Kong profits tax for the year 2025 is HKD 4,911,000, a decrease of 45.5% from HKD 9,027,000 in 2024[20] - The deferred tax for 2025 amounts to HKD 5,917,000, down from HKD 15,948,000 in 2024, reflecting a reduction of 62.9%[20] Trade Receivables and Payables - The total trade and other receivables for 2025 is HKD 200,975,000, an increase of 7.6% from HKD 186,214,000 in 2024[27] - The trade receivables for 2025 amount to HKD 88,935,000, which is a 21.8% increase from HKD 72,956,000 in 2024[30] - The company's trade payables for 2025 total HKD 116,576,000, a decrease of 3.3% from HKD 120,170,000 in 2024[32] - The group has a non-current trade receivable of HKD 40,196,000, down from HKD 83,304,000 in 2024, indicating a decrease of 51.8%[26] Operational Highlights - The group delivered 1,748 residential units from the "帝御" joint development project, with 34 units remaining unsold, and 5 units along with 103 car parking spaces and 18 motorcycle spaces have been short-term rented[37] - The group recorded a loss of approximately HKD 8 million in its ferry and shipyard operations due to increased operating costs and a decrease in vehicle volume[40] - The medical, healthcare, and beauty services segment recorded a loss of approximately HKD 4 million, significantly reduced by 84% compared to the same period last year, with expectations of future profitability[41] - The group established a physical therapy center in collaboration with a professional sports and fitness center, enhancing its service offerings in the healthcare sector[42] Strategic Initiatives - The group is actively exploring diversification strategies to enhance overall revenue, including changing land use for its shipyard operations[40] - The group aims to strengthen its professional team in the AMOUR medical center to meet the growing demand for high-end medical beauty services[41] - The group plans to introduce suitable medical instruments and recruit medical professionals to strengthen its healthcare service ecosystem[50] Corporate Governance - The company is committed to high standards of corporate governance and has adhered to the Corporate Governance Code during the fiscal year ending December 31, 2025[52] - The board of directors consists of both executive and non-executive members, ensuring a diverse governance structure[58] - The company emphasizes the importance of timely financial disclosures to maintain investor confidence[58] - The announcement reflects the company's commitment to corporate governance and stakeholder engagement[58]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 5,135.8 million, a decrease of 14.4% compared to HKD 5,996.8 million in 2024[3]. - Gross profit for the same period was HKD 684.7 million, also down by 14.4% from HKD 800.2 million in 2024, maintaining a gross margin of 13.3%[3][4]. - Profit attributable to owners of the company decreased by 16.7% to HKD 267.3 million from HKD 320.8 million in the previous year[3][4]. - Basic and diluted earnings per share were HKD 12.38, down from HKD 14.86, reflecting a 16.7% decline[5]. - The company reported a total comprehensive income of HKD 321.4 million for the year, compared to HKD 282.3 million in 2024[5]. - The company's profit for 2025 was HKD 267,276,000, a decrease of 16.6% from HKD 320,797,000 in 2024[32]. - The group recorded net other income of HKD 38.0 million, a significant increase from HKD 2.3 million in the previous year, mainly due to a reduction in fair value losses on financial assets[49]. Revenue Breakdown - Revenue from interior decoration contracts was HKD 5,008.7 million, down from HKD 5,992.4 million in 2024[11]. - Revenue from renovation and construction contracts increased to HKD 4.979 million from HKD 2.364 million[11]. - Revenue from Hong Kong was HKD 1,922,341, down from HKD 2,019,758 in 2024, indicating a decrease of about 4.8%[21]. - Revenue from China increased to HKD 2,418,681 from HKD 2,358,792, reflecting a growth of approximately 2.5%[21]. - The interior decoration business contributed approximately 97.5% of the group's revenue, with a total of 106 projects completed during the year, amounting to a total contract value of HKD 5,491.4 million[42]. - The group reported a decrease in revenue from the interior decoration business by HKD 983.7 million or 16.4% to HKD 5,008.7 million, primarily due to fewer large projects in Hong Kong and Singapore[43]. Assets and Liabilities - Total assets as of December 31, 2025, were HKD 6,056.5 million, a decrease from HKD 6,516.6 million in 2024[6][7]. - Current liabilities increased to HKD 3,437.1 million from HKD 3,368.9 million in the previous year[7]. - The company's net value of trade receivables was HKD 1,122,463,000 in 2025, a decrease of 6.7% from HKD 1,203,199,000 in 2024[33]. - The accounts payable and other payables increased to HKD 2,605.3 million in 2025 from HKD 2,454.6 million in 2024[39]. - The group's bank borrowings increased to HKD 40.6 million from HKD 10.9 million in the previous year, with a debt-to-equity ratio of 1.1%[57]. Costs and Expenses - The total employee costs for 2025 amounted to HKD 524,821,000, an increase of 2.6% compared to HKD 512,461,000 in 2024[28]. - The company's total inventory cost recognized as expenses was HKD 205,871,000 in 2025, down 25% from HKD 274,291,000 in 2024[28]. - The company's deferred tax expense for 2025 was HKD (2,633,000), compared to HKD (8,447,000) in 2024, indicating a reduction in deferred tax liabilities[28]. - Financing costs for 2025 were HKD 2,287, compared to HKD 2,163 in 2024, representing an increase of approximately 5.7%[23]. Dividends and Shareholder Returns - The board recommended a final dividend of HKD 0.05 per share[3]. - The company reported a total of HKD 431,642,000 in dividends for the year 2024, with a proposed dividend of HKD 107,911,000 for 2025[31]. - The board recommends a final dividend of HKD 0.05 per share, totaling HKD 107.9 million, which represents 40.4% of the profit available for distribution during the year[70]. Corporate Governance and Future Outlook - The company is committed to maintaining high standards of corporate governance and has adhered to the principles of the corporate governance code[73]. - The company maintains a leading position in the industry despite the overall market not recovering to pre-pandemic levels[65]. - The company is optimistic about the medium to long-term prospects in Macau, with major operators continuing to invest in property upgrades and new development projects[66]. - The company remains cautiously optimistic about the vast potential of the Chinese market, focusing on high-quality projects for financially stable clients[68]. - The company aims to strengthen its existing business foundation while actively seeking selective expansion to diversify revenue sources and reduce regional risks[69].

Financial Performance - For the fiscal year ending December 31, 2025, the company's revenue was HKD 739,092,000, a decrease of HKD 45,558,000 or 5.8% compared to HKD 784,650,000 in 2024[5] - The company's profit before tax for 2025 was HKD 160,238,000, down HKD 73,027,000 or 31.3% from HKD 233,265,000 in 2024[6] - Shareholders' profit for 2025 was HKD 141,392,000, a decline of HKD 63,829,000 or 31.1% compared to HKD 205,221,000 in 2024, with basic and diluted earnings per share at HKD 0.1523[7] - Gross profit fell by 29.0% to HKD 201,859,000 from HKD 284,129,000, while the profit attributable to shareholders decreased by 31.1% to HKD 141,392,000[23] - EBITDA for the year decreased to HKD 500,978,000, with an EBITDA margin dropping to 67.8% from 76.8%[29] - Operating profit decreased to HKD 182,954,000 from HKD 294,902,000, reflecting a decline of 37.9%[41] - The annual profit for 2025 was HKD 141,785,000, a decrease of 30% compared to HKD 202,320,000 in 2024[41] - The company reported a net profit of HKD 141,392,000 for the year 2025, compared to HKD 205,221,000 in 2024, indicating a decline of approximately 31.1%[46] Dividends - The company declared an interim cash dividend of HKD 0.025 per share and proposed a final cash dividend of HKD 0.060 per share for the fiscal year 2025, down from HKD 0.065 in 2024[8] - The company declared a dividend of HKD 23,214,000 for the year 2025, compared to HKD 41,786,000 in 2024, reflecting a decrease of approximately 44.5%[46] - A final dividend of HKD 55,715,000 has been declared by the board after the reporting period[75] Market Conditions - The satellite transponder rental market remains depressed, with a significant decline in rental prices due to oversupply and competition from low Earth orbit satellite operators like Starlink[17] - The company anticipates continued pressure on its transponder rental business due to market oversupply and economic challenges, but sees growth opportunities in Southeast Asia[19] - The company is focusing on optimizing operations and services to strengthen its market position while expanding its high-throughput satellite services through partnerships[19] Assets and Liabilities - Total liabilities decreased by 11.2% to HKD 779,342,000, resulting in a decline in the debt-to-asset ratio to 11.2% from 12.6%[32] - The group's total assets less current liabilities as of December 31, 2025, were HKD 6,728,152,000, slightly down from HKD 6,751,509,000 in 2024[45] - The group's financial guarantee liabilities increased to HKD 9,788,000 from HKD 2,355,000 in 2024[39] - The group's contracted capital commitments as of December 31, 2025, were HKD 116,136,000, down from HKD 125,758,000 in 2024[37] Cash Flow and Investments - Cash and bank balances increased by 11.7% to HKD 2,734,721,000, with 93.05% held in USD[33] - The group has sufficient cash flow and available bank financing to meet future investment needs for satellites and new projects[33] - Capital expenditures for property, plant, and equipment were HKD 49,100,000, slightly up from HKD 48,733,000 in 2024[30] Foreign Exchange and Other Income - The company reported a significant increase in foreign exchange gains, rising by 5,571.1% to HKD 10,208,000[24] - Interest income from bank deposits decreased by 23.4% to HKD 83,364,000, contributing to a total other income decline of 13.8%[24] - Other net income for 2025 was HKD 96.36 million, a decrease from HKD 111.81 million in 2024, primarily due to a decline in interest income from bank deposits[55] Operational Developments - The company operates a series of satellites providing coverage to over 75% of the global population, maintaining stable and reliable services[9] - The company plans to enhance its satellite ground station capabilities in Hong Kong, which will improve control safety and expand service capacity[20] - The company is preparing for new satellite projects using advanced technologies to enhance overall competitiveness and ensure stable business development[20] - The company signed multiple new lease contracts for communication satellite equipment, resulting in an increase in right-of-use assets of HKD 2.08 million in 2025[64] Governance and Compliance - The audit and risk management committee reviewed the accounting principles and the audited financial report for the year ending December 31, 2025[78] - The company has complied with the Corporate Governance Code during the reporting period, with an exception regarding the rotation of the chairman and CEO[79] - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the year ending December 31, 2025[80] Employee Information - The company employs a total of 124 staff members as of December 31, 2025, and continues to provide on-the-job training and regular salary reviews[77]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 50,338,000, an increase of 6.9% from HKD 47,286,000 in 2024[4] - The company reported a net loss of HKD 214,177,000 for 2025, compared to a loss of HKD 74,752,000 in 2024, indicating a year-over-year increase in losses of 186.5%[5] - The total comprehensive expense for the year was HKD 219,947,000, up from HKD 80,682,000 in the previous year, reflecting a 172.5% increase[5] - Basic loss per share for 2025 was HKD 17.26, compared to HKD 6.03 in 2024, indicating a significant increase in losses per share[4] - The group reported a loss of HKD 214,177,000 for the year, significantly higher than the loss of HKD 74,752,000 in 2024, primarily due to a decrease in the fair value of investment properties amounting to HKD 206,701,000[19] Asset and Liability Management - Non-current assets decreased to HKD 2,121,715,000 from HKD 2,296,689,000, a reduction of 7.6%[6] - Current liabilities increased to HKD 210,474,000 from HKD 133,148,000, marking a rise of 58.0%[6] - The company’s total assets less current liabilities stood at HKD 2,023,299,000, down from HKD 2,297,944,000, a decrease of 11.9%[6] - The total assets of the group decreased from HKD 2,431,092,000 in 2024 to HKD 2,233,773,000 in 2025[21] - The group's total liabilities increased from HKD 689,023,000 in 2024 to HKD 711,651,000 in 2025, with a debt-to-asset ratio of approximately 32%[22] Income and Expenses - Other income decreased significantly to HKD 3,334,000 from HKD 10,894,000, representing a decline of 69.5%[4] - The company’s financing costs decreased to HKD 23,545,000 from HKD 34,095,000, a reduction of 30.9%[4] - The total operating expenses related to properties generating rental income increased to HKD 20,024,000 in 2025 from HKD 9,856,000 in 2024[14] - The company reported a decrease in bank interest income to HKD 1,482,000 in 2025 from HKD 3,865,000 in 2024[13] Rental Income and Property Management - The total rental income from investment properties increased to HKD 44,255,000 in 2025, up from HKD 41,063,000 in 2024, representing a growth of approximately 5.34%[11] - The average occupancy rate of commercial properties at the group's Hong Kong location was approximately 95%, with rental income performing well[20] - The renovation of the shopping mall has been completed, and leasing activities are actively ongoing, with over 60% of the leasable area occupied as of January 2026[20] - The company has completed a comprehensive renovation of its shopping mall in Tsuen Wan, which is expected to significantly contribute to rental income as leasing activities commence[32] Liquidity and Financial Strategy - The company has a liquidity issue with current liabilities exceeding current assets by HKD 98,416,000, primarily due to HKD 180,000,000 in bank loans due within twelve months[8] - The company expects to enhance liquidity and operating cash flow after completing renovation works and starting to generate rental income from its commercial property[9] - The company has unused financing of HKD 230,000,000 from its intermediate holding company as of December 31, 2025[9] - The company is preparing to benefit from a gradual improvement in the leasing environment while maintaining financial discipline as a priority[32] Corporate Governance and Shareholder Information - The company did not declare any dividends for the year ending December 31, 2025, consistent with the previous year[15] - The board of directors does not recommend the declaration of any dividends for the year ending December 31, 2025[33] - The company will notify shareholders that any declared dividends not claimed within six years may be forfeited and revert to the company[41] - The company has adhered to the corporate governance code, with specific deviations noted in the annual report for the fiscal year ending December 31, 2025[35] - The audit committee has reviewed the accounting principles and practices adopted by the group, along with the financial statements for the year ending December 31, 2025[38] Market Outlook - The retail property leasing market in Hong Kong is expected to remain challenging in 2026, with rental prices and occupancy rates under pressure[32] - The overall economic growth in Hong Kong is projected to be between 2.5% and 3.5% in 2026, providing a favorable backdrop for the company's operations[32] - The company maintains a cautious yet opportunistic strategy, focusing on operational efficiency and selective capital allocation to benefit from any market recovery[32] Employee Information - The number of employees increased to 32 in 2025 from 30 in 2024, with all employees based in Hong Kong[30] Other Information - There were no repurchases, sales, or redemptions of any listed securities by the company or its subsidiaries during the year ending December 31, 2025[40]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue of HKD 5,872.5 million, a decrease of 2.9% compared to HKD 6,044.9 million in 2024[2]. - The company's gross profit was HKD 2,560.0 million, down 10.3% from HKD 2,853.4 million in the previous year[2]. - Operating profit increased by 7.0% to HKD 915.8 million, compared to HKD 856.2 million in 2024[2]. - The net profit margin for the year was 12.9%, with annual profit reaching HKD 756.2 million, up 4.9% from HKD 720.9 million in 2024[4]. - Total revenue decreased by 2.9% from HKD 6,044.9 million in 2024 to HKD 5,872.5 million in 2025, primarily due to a decline in procurement orders in certain markets[22]. - The company's gross profit margin decreased to 43.6% in 2025 from 47.2% in 2024[21]. - The company reported a net profit of HKD 756.2 million for 2025, a 4.9% increase from HKD 720.9 million in 2024[17]. - Basic earnings per share rose to HKD 0.711 in 2025, up from HKD 0.669 in 2024, reflecting a growth of 6.3%[42]. - The company reported a foreign exchange gain of HKD 182,246 in 2025, compared to a loss of HKD 121,931 in 2024[43]. - The company declared an interim dividend of HKD 0.25 per share for 2025, totaling approximately HKD 264,961,000, up from HKD 254,809,000 in 2024, which is an increase of about 4.5%[72]. - The board decided not to recommend a final dividend for the year ending December 31, 2025, with the total dividend per share for that year being HKD 0.25, down from HKD 0.49 in 2024[85]. Revenue Breakdown - The Android payment terminal series accounted for over 70% of total revenue, marking a significant milestone in the company's strategic focus on Android products[6]. - In the EMEA region, sales revenue exceeded HKD 2,148.7 million, driven by strong demand in core markets like the UK and Germany[8]. - Revenue contribution from the LACIS region was HKD 1,506.3 million, impacted by macroeconomic fluctuations and increased market competition[9]. - The APAC region generated sales revenue of HKD 1,112.5 million, with Japan being the primary contributor despite some demand slowdown in Southeast Asia[10]. - In North America, the company achieved a sales growth of 24.3%, reaching a record annual revenue of HKD 1,105.0 million[12]. - Revenue from the sale of electronic payment terminal products was HKD 5,485,340, down from HKD 5,706,490 in the previous year, representing a decline of 3.87%[53]. - Service revenue increased to HKD 387,200 from HKD 338,388, marking a growth of 14.39%[53]. Cost and Expenses - Selling expenses decreased by 17.8% from HKD 772.4 million for the year ending December 31, 2024, to HKD 634.9 million for the year ending December 31, 2025, primarily due to reductions in transportation and advertising costs[28]. - Administrative expenses decreased by 17.0% from HKD 1,318.0 million for the year ending December 31, 2024, to HKD 1,093.7 million for the year ending December 31, 2025, attributed to lower employee benefits and favorable foreign exchange movements[29]. - Research and development costs for 2025 were HKD 614,677,000, down from HKD 683,513,000 in 2024[64]. Assets and Liabilities - The total assets increased by 8.8% to HKD 9,979.2 million in 2025, compared to HKD 9,169.5 million in 2024[19]. - Cash and cash equivalents amounted to HKD 3,907.2 million as of December 31, 2025, up from HKD 3,083.6 million as of December 31, 2024[32]. - The current ratio decreased from 5.0 in 2024 to 4.5 in 2025, while the quick ratio decreased from 4.0 to 3.8 during the same period[32]. - The total number of employees decreased from 1,509 in 2024 to 1,445 in 2025, with a notable reduction in R&D staff from 881 to 834[40]. - Accounts receivable increased to HKD 2,893,851,000 in 2025 from HKD 2,625,573,000 in 2024, marking a rise of approximately 10.2%[74]. - The company’s accounts payable rose to HKD 1,198,883,000 in 2025 from HKD 935,193,000 in 2024, an increase of approximately 28.2%[78]. Strategic Focus and Future Plans - The company is focusing on optimizing its Android payment terminal product portfolio to meet the diverse needs of acquiring banks and payment service providers[15]. - The company plans to enhance its SaaS ecosystem by integrating artificial intelligence into its cloud platform MAXSTORE for improved operational efficiency[16]. - The company is actively addressing supply chain resilience in response to semiconductor price pressures expected to continue into 2026[14]. - The company aims to strengthen its market position in Japan, with sales nearly doubling due to the adoption of cashless payment policies[11]. - The company plans to continue expanding its electronic payment solutions in markets including China, the US, and Italy[54]. Governance and Compliance - The company has adopted a written code for securities trading that complies with the standards set out in the listing rules, confirming adherence by all directors during the year[87]. - The audit committee reviewed the accounting policies and the audited consolidated financial statements for the year ending December 31, 2025[90]. - The company confirmed it maintains sufficient public float as required by the listing rules as of the announcement date[92]. - The company’s annual report for 2025 will be available on its website and can be requested by shareholders[93]. - The company secretary, Mr. Chan, resigned effective March 19, 2026, with Mr. Cheung continuing as the company secretary[94][95]. - The board consists of five executive directors and four independent non-executive directors as of the announcement date[96].

Financial Performance - As of December 31, 2025, the company's cash and cash equivalents amounted to RMB 1,941.0 million, a decrease of RMB 472.4 million or 19.6% compared to RMB 2,413.4 million as of December 31, 2024, primarily due to operational expenses, R&D activities, and acquisition costs related to BRII-179[3] - Revenue for the year ended December 31, 2025, was RMB 18.6 million, an increase from zero in the previous year, mainly due to payments received under a licensing and technology transfer agreement with the Health元 Group[3] - Other income decreased to RMB 68.8 million for the year ended December 31, 2025, down RMB 72.6 million or 51.3% from RMB 141.4 million in the previous year, primarily due to a decline in bank interest income and government grants[3] - The net loss for the year ended December 31, 2025, was RMB 224.1 million, a reduction of RMB 288.3 million or 56.3% compared to RMB 512.4 million in the previous year, primarily due to reduced fair value losses on equity investments and impairment losses[4] - The pre-tax loss for the year ending December 31, 2025, was RMB 222.624 million, an improvement from a loss of RMB 508.162 million in 2024[26] - The adjusted loss for the year improved from RMB 496.3 million in 2024 to RMB 217.6 million in 2025, excluding certain non-cash items[63] Research and Development - R&D expenses for the year ended December 31, 2025, were RMB 212.9 million, a decrease of RMB 36.9 million or 14.8% from RMB 249.8 million in the previous year, attributed to reduced third-party contract costs and employee costs[4] - The company completed recruitment for three Phase 2b studies targeting HBV during the reporting period, with results from the ENSURE study presented at the AASLD Liver Meeting and published in Nature Medicine, supporting the potential of BRII-179[5] - The company is advancing its HBV product portfolio towards registration readiness while expanding its early research project scale to support long-term pipeline growth[32] - The company is conducting multiple clinical trials, including the ENHANCE, ENRICH, and ENSURE studies, to evaluate the efficacy and safety of treatments for chronic HBV infection[93] - The ENSURE study showed that BRII-179 induced an HBsAg clearance rate of 42.1% among responders, compared to 8.3% among non-responders[38] - The company has made progress in its HBV functional cure projects, with all three Phase 2b studies completed recruitment[34] Strategic Partnerships and Collaborations - A collaboration with OpenBench was established in December 2025 to integrate structured AI tools into the drug discovery process, aimed at accelerating early discovery projects[6] - The company has integrated structured AI screening technology into its research workflow through collaboration with OpenBench to enhance early research capabilities[32] - The company is actively seeking external collaborations to advance its HIV treatment candidates, including BRII-753 and BRII-732, which are in various stages of development[47][49] - The company has signed a licensing and technology transfer agreement with Health元 Group for the exclusive rights to research, develop, and commercialize soralimixin in Greater China[17] - A strategic licensing agreement with Health元 Group for the research, development, and commercialization of soralimixin in Greater China was established, leveraging their expertise in anti-infective therapies[46] Financial Position and Assets - The total non-current assets as of December 31, 2025, amounted to RMB 397,001,000, an increase from RMB 292,503,000 in 2024, representing a growth of approximately 35.7%[10] - The intangible assets significantly increased to RMB 298,021,000 in 2025 from RMB 179,710,000 in 2024, reflecting a growth of about 65.8%[10] - The total current assets decreased to RMB 1,962,570,000 in 2025 from RMB 2,414,122,000 in 2024, indicating a decline of approximately 18.7%[10] - The net assets as of December 31, 2025, were RMB 2,323,369,000, down from RMB 2,606,080,000 in 2024, a decrease of about 10.9%[10] - The total employee count as of December 31, 2025, is 75, with 73% in R&D and 27% in administration[72] Governance and Management - The company adjusted its senior management compensation framework to align management pay with corporate performance and shareholder interests, reflecting a commitment to performance-driven compensation and prudent governance principles[6] - The board consists of two executive directors and five independent non-executive directors, ensuring a high level of independence[83] - The company has adopted its own code of conduct for securities trading by directors, which is at least as stringent as the standards set out in the listing rules[84] - The audit and risk committee, composed of three independent non-executive directors, oversees the financial reporting process and risk management systems[87] - The company believes that having the roles of chairman and CEO held by the same individual facilitates effective execution of strategic plans[82] Future Outlook and Plans - The company is planning a global offering, including an IPO in Hong Kong, to raise capital for further expansion and development[93] - The company anticipates clinical data from the ENRICH and ENHANCE studies to be released in 2026, which will inform key development and registration decisions for its HBV projects[52] - Long-term follow-up data from the ENSURE study is expected in the first half of 2026, with findings to be presented at future academic conferences[39] - The company is preparing for potential future acquisitions to enhance its product pipeline and market reach[93] Compliance and Reporting - The company expects that the application of new international financial reporting standards will not have a significant impact on the consolidated financial statements in the foreseeable future[14] - The company is committed to adhering to international financial reporting standards to ensure transparency and accuracy in its financial reporting[94] - The annual report for the year ending December 31, 2025, will be published on the company's and the stock exchange's websites[91]

GIANT BIOGENE HOLDING CO., LTD 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 全部或任何部份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。 巨子生物控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 獲 豁 免 有 限 公 司） （股 份 代 號：2367） 截 至2025年12月31日止年度業績公告 財務摘要 | 至12月31日止年度 | 截 | 2025年 | 2024年 | 變 | 動 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 人民幣百萬元 | 人民幣百萬元 | | | | | | | | | | | | | | | 5,518.5 | 收 | 入 | 5,538.8 | -0.4% | 4,433.4 | 毛 | 利 | 4,54 ...

Financial Performance - Total revenue for the six months ended December 31, 2025, was approximately RMB 41 million, an increase of 11.5% compared to RMB 36.8 million for the same period in 2024[3]. - The company reported a pre-tax loss of RMB 9.3 million, a decrease of 47.8% from a loss of RMB 17.8 million in the previous year[3]. - The company reported a loss attributable to owners of approximately RMB 9,400,000, an improvement from RMB 14,500,000 in the previous period, mainly due to reduced employee and administrative costs[26]. - The company reported a loss before tax of RMB 9,354,000 for the six months ended December 31, 2025, compared to a loss of RMB 14,476,000 in 2024, showing an improvement of 35.5%[80]. - The net loss for the period was RMB 9,297,000, compared to a net loss of RMB 17,825,000 in the previous year, reflecting an improvement in financial performance[46]. - Total comprehensive loss for the period was RMB 9,500,000, compared to RMB 17,677,000 in the previous year, indicating a decrease of about 46%[47]. Revenue Breakdown - The planting business generated revenue of approximately RMB 583,000 during the review period, significantly down from RMB 1.6 million in the same period last year due to adverse weather conditions[13]. - The fruit distribution business recorded significant growth, with revenue increasing by approximately 112.2% from RMB 7,900,000 to RMB 16,800,000, primarily due to the introduction of new products like watermelon[18]. - Sales of fruits amounted to RMB 17,390,000 for the six months ended December 31, 2025, up from RMB 9,517,000 in 2024, reflecting an increase of 82.5%[71]. - Sales of air conditioning products were RMB 23,017,000 for the six months ended December 31, 2025, compared to RMB 26,905,000 in 2024, indicating a decrease of 29.5%[71]. - The planting business generated revenue of approximately RMB 600,000, a decrease of about 63.4% compared to RMB 1,600,000 in the same period last year, mainly due to adverse weather conditions affecting harvest quality and quantity[17]. Assets and Liabilities - Total assets decreased by 13.8% to RMB 124.6 million as of December 31, 2025, down from RMB 144.6 million as of June 30, 2025[4]. - The total assets as of December 31, 2025, amounted to RMB 124,590,000, down from RMB 144,624,000 as of June 30, 2024, reflecting a decrease of approximately 13.9%[65]. - The total liabilities increased to RMB 23,238,000 as of December 31, 2025, compared to RMB 33,772,000 as of June 30, 2024, showing a reduction of about 31.3%[65]. - The company’s total liabilities decreased to RMB 19,744,000 from RMB 32,458,000, indicating a reduction of approximately 39.2%[49]. - Total equity decreased to RMB 101,352,000 from RMB 110,852,000, representing a decrease of about 8.6%[49]. Cash Flow and Liquidity - Cash and cash equivalents decreased by 20.0% to RMB 7.6 million from RMB 9.5 million[4]. - The group’s cash and cash equivalents were approximately RMB 7,600,000 as of December 31, 2025, down from RMB 9,500,000 as of June 30, 2025[34]. - The current ratio and quick ratio as of December 31, 2025, were approximately 3.0 and 2.6, respectively, indicating strong liquidity compared to 2.4 and 1.9 as of June 30, 2025[34]. - Net cash used in operating activities for the six months ended December 31, 2025, was RMB (3,456) thousand, an improvement from RMB (6,139) thousand in the same period of 2024[54]. - Cash generated from investing activities amounted to RMB 2,775 thousand, significantly up from RMB 91 thousand in the previous year[54]. Cost Management - Employee costs decreased to approximately RMB 6,300,000 from RMB 8,300,000, a reduction of about RMB 2,000,000 due to cost-saving measures[21]. - General and administrative expenses were approximately RMB 4,600,000, down from RMB 10,500,000, primarily due to the absence of consulting fees for new business divisions[23]. - The company continues to implement strict cost control and prudent financial policies to manage its operations effectively[35]. Business Strategy and Outlook - The company is exploring diversification in its planting business, with a pilot project for kumquats, which may take several seasons to yield significant contributions[7]. - The company aims to improve its air conditioning distribution business's gross margin by achieving economies of scale and enhancing bargaining power with suppliers[8]. - The company will continue to monitor macroeconomic conditions and consumer behavior to adjust strategies across its business segments[12]. - The company remains optimistic about gradual improvements in the Chinese consumer market, although the pace may vary by industry and region due to external factors[12]. Shareholder Information - Major shareholders include Mr. Gong Zemin with 4,449,485 shares (29.86%) and Mr. Xu Guodian with 1,381,215 shares (9.27%) as of December 31, 2025[116]. - The company adopted a new share option scheme on December 30, 2020, which allows for the granting of options to eligible participants for a period of 10 years[117]. - The total number of shares that can be granted under the 2020 share option plan is capped at 124,963,788 shares, representing 10% of the issued shares as of the adoption date[118]. Compliance and Governance - The company has complied with all provisions of the corporate governance code during the reporting period[126]. - The audit committee, composed of three independent non-executive directors, is responsible for reviewing the effectiveness of the company's financial controls and risk management systems[130]. - The interim report containing all required information will be published on the company's website and the stock exchange's website[131].

Financial Performance - For the fiscal year ending December 31, 2025, the company's underlying profit attributable to shareholders was HKD 539.8 million, up from HKD 265.5 million in the previous year, representing a 103% increase[3] - Basic earnings per share increased to HKD 1.04 from HKD 0.53, reflecting a significant improvement in the public bus operations[3] - Total revenue for 2025 was HKD 8.44 billion, compared to HKD 8.22 billion in 2024, marking a 2.7% increase[4] - The flagship company, Kowloon Motor Bus, reported a post-tax profit of HKD 360.7 million for 2025, up from HKD 126.8 million in 2024, indicating a 184% increase[3] - Operating profit for the year was HKD 687.6 million, compared to HKD 411.7 million in 2024, reflecting a 67% increase[4] - The company reported a net profit of HKD 398,022 for 2025, compared to HKD 187,282 in 2024, reflecting a growth of 112.4%[16] - Reportable segment profit for 2025 was HKD 335,792, up 100.7% from HKD 167,278 in 2024[13] Dividends - The company proposed a final dividend of HKD 0.50 per share for 2025, maintaining the same level as 2024, with a total annual dividend of HKD 0.80 per share, up from HKD 0.50 in 2024[3] - The total dividend declared for 2025 was HKD 425,118, which includes an interim dividend of HKD 157,775 and a proposed final dividend of HKD 267,343[23] - The total dividends for the year will amount to HKD 0.80 per share, up from HKD 0.50 per share in 2024, with a total payout of HKD 425.1 million compared to HKD 254.5 million last year[34] Costs and Expenses - The company experienced a decrease in fuel costs due to lower fuel prices, which positively impacted overall profitability[3] - Interest expenses decreased significantly to HKD 61,321 in 2025 from HKD 98,343 in 2024, a reduction of 37.7%[13] - Employee costs increased to HKD 4,582,988 in 2025 from HKD 4,419,109 in 2024, representing a rise of 3.7%[13] - The total employee costs for 2025 were HKD 4,595,456, compared to HKD 4,430,971 in 2024, indicating an increase of 3.7%[21] - The total operating cost for Long Win in 2025 was HKD 590.5 million, an increase of HKD 12.3 million or 2.1% from HKD 578.2 million in 2024[39] Assets and Liabilities - Non-current assets totaled HKD 20.55 billion, slightly down from HKD 20.72 billion in 2024[7] - The company reported a net current liability of HKD 1.39 billion, compared to a net current asset of HKD 669.9 million in 2024, indicating a significant shift in liquidity position[7] - Total liabilities for 2025 were HKD 6,265,963, down from HKD 7,178,263 in 2024, indicating a reduction of 12.7%[16] - The group’s total assets in mainland China increased to HKD 844,217 in 2025, up from HKD 730,171 in 2024, representing a growth of 15.6%[19] - The group’s interest income from financial assets measured at amortized cost decreased to HKD 48,884 in 2025 from HKD 61,121 in 2024, a decline of 20.0%[20] - The company’s allowance for doubtful debts was HKD 333,000 in 2025, slightly down from HKD 360,000 in 2024, indicating stable credit management[29] - The company’s total liabilities, including trade payables and accrued expenses, decreased to HKD 1.371 billion in 2025 from HKD 1.576 billion in 2024[30] Operational Highlights - The fare revenue for Kowloon Bus in 2025 was HKD 7.1562 billion, an increase of HKD 206.9 million or 3.0% compared to HKD 6.9493 billion in 2024[38] - Total passenger volume for Kowloon Bus decreased by 1.8% to 923 million trips in 2025, down from 940.3 million trips in 2024[38] - Long Win Bus Company reported a post-tax profit of HKD 46.4 million in 2025, compared to HKD 41.7 million in 2024, reflecting a growth in profitability[39] - Long Win's fare revenue increased by HKD 15.3 million or 2.4% to HKD 642 million in 2025, driven by an increase in passenger volume[39] - The non-franchised transport business segment recorded a post-tax profit of HKD 29.7 million in 2025, up from HKD 20.6 million in 2024[40] - Sunshine Bus Group's revenue increased by 4.1% in 2025 compared to 2024, attributed to business growth despite stable operating costs[40] - New Hong Kong Bus Company saw a revenue increase of 3.3% in 2025, primarily due to increased passenger volume from Hong Kong residents traveling to Shenzhen[43] Investment Properties - The fair value of investment properties decreased by HKD 141.8 million in 2025, compared to a decrease of HKD 78.2 million in 2024[4] - The fair value change of investment properties and properties under development resulted in a loss of HKD 141,827 in 2025, compared to a loss of HKD 78,200 in 2024[13] - The property holding and development segment reported a post-tax profit of HKD 42.5 million in 2025, down from HKD 60.1 million in 2024, impacted by fair value decreases of investment properties[44] Strategic Initiatives - The group actively enhanced its bus services and launched a new brand "KMB Tour Hong Kong" to attract tourists, showcasing various cultural sites[60] - The group operates the largest fleet of new energy electric buses in Hong Kong, covering over 50 routes and accumulating nearly 8 million kilometers, resulting in a reduction of over 10,000 tons of carbon emissions[61] - The "Pet Bus" service has been launched for over a year, with more than 20,000 passengers using the service, which has expanded from weekend to weekday operations[62] - New routes have been introduced to connect newly completed residential areas, providing convenient transportation options and discounted fares for transfers to over 80 bus routes[63] - The opening of the Kai Tak Sports Park has led to the establishment of special routes to accommodate large crowds after events, enhancing public transport accessibility[64] - The group has introduced two new routes to facilitate direct bus services from Tsuen Wan and Tuen Mun to Kowloon East, saving travel time for passengers[64] Challenges and Risks - Rising fuel prices due to international conflicts have put pressure on the group's business performance, despite ongoing cost control measures[65] - The group is closely monitoring fuel price trends and will take timely measures to maintain financial stability[65] - The expansion of local rail services and changing travel habits have introduced uncertainties in bus passenger volumes, particularly during long holiday weekends[65] Corporate Governance - The group has not purchased, sold, or redeemed any of its shares during the year[66] - The company has complied with applicable corporate governance codes as of December 31, 2025[67]