Financial Performance - The company reported a revenue of HKD 2,424,159,000 for the year ending December 31, 2025, representing a 1.1% increase from HKD 2,396,950,000 in 2024[3] - Gross profit increased to HKD 371,601,000 in 2025, up 14.1% from HKD 325,569,000 in 2024[3] - The net profit attributable to the company's owners for the year was HKD 54,240,000, a significant increase of 71.5% compared to HKD 31,647,000 in 2024[3] - Basic and diluted earnings per share rose to HKD 10.83, compared to HKD 7.70 in the previous year, marking a 40.5% increase[4] - The group's profit for the year ended December 31, 2025, was HKD 54,240,000, significantly up from HKD 31,647,000 in 2024, representing a growth of 71.5%[18] - Net profit surged by 71.4% to HKD 54,240,000, compared to HKD 31,647,000 in the prior year[44] Assets and Liabilities - Total assets as of December 31, 2025, amounted to HKD 3,785,617,000, up from HKD 3,461,482,000 in 2024, reflecting an increase of 9.4%[5] - Current assets increased to HKD 2,381,974,000 in 2025, compared to HKD 2,107,907,000 in 2024, representing a growth of 12.9%[5] - The company's total liabilities were HKD 1,849,679,000, an increase from HKD 1,675,945,000 in 2024, indicating a rise of 10.4%[5] - The equity attributable to the owners of the company increased to HKD 1,935,938,000 in 2025, compared to HKD 1,785,537,000 in 2024, showing an 8.4% growth[5] Income and Expenses - The company reported other income of HKD 20,741,000, significantly higher than HKD 8,190,000 in 2024, marking an increase of 153.5%[3] - Research and development expenses were HKD 105,242,000, slightly up from HKD 101,977,000 in 2024, reflecting a 3.1% increase[3] - Sales and distribution expenses increased by 31.9% to HKD 170,404,000, primarily due to higher sales volume and tariffs in the steel cord segment[49] - Administrative expenses rose by 17.6% to HKD 73,834,000, with the company implementing cost control measures[50] - Research and development expenses increased by 3.2% to HKD 105,242,000, driven by requirements from tire manufacturing customers[51] Cash Flow and Financing - Financial income for the year increased to HKD 22,552,000 in 2025 from HKD 4,706,000 in 2024, marking a substantial rise of 378.5%[22] - Cash and bank deposits rose by 51.7% to HKD 604,320,000, while interest-bearing loans increased by 24.3% to HKD 724,540,000[57] - The company plans to issue 325,081,515 new shares at HKD 0.455 each, raising HKD 145,876,000 after expenses[41] - A rights issue was proposed to raise up to approximately HKD 160 million, with a subscription price of HKD 0.455 per share, representing a 12.3% premium over the market price[59] Production and Sales - The sales volume of steel cord for radial tires reached 251,540 tons, a 4.8% increase from 240,049 tons in 2024[45] - The company sold 1,203 tons of cut steel wire products, marking a 42.0% increase from 847 tons in the previous year[45] - Export sales amounted to HKD 908,567,000, a 7.6% increase from HKD 844,606,000 in 2024, accounting for 37.6% of total sales[46] - The gross margin for the steel cord division improved to 15.0%, up from 13.5% in the previous year, attributed to lower production costs[47] Strategic Initiatives - The company plans to expand production capacity at its existing bases, targeting an annual output of over 300,000 tons of premium steel cord[62] - The company is actively pursuing an overseas expansion strategy, focusing on developing new overseas customers and factories to increase international sales[63] - The board is conducting feasibility studies for establishing production bases in Eastern Europe and exploring global acquisition opportunities to enhance international competitiveness[63] - The company aims to reduce production costs through better raw material procurement, streamlined processes, and increased automation[68] Shareholder Returns - The proposed final dividend for the year ending December 31, 2024, is HKD 1.71 per share, totaling approximately HKD 45.7 million, while for the year ending December 31, 2025, it is HKD 0.078 per share, totaling approximately HKD 40.5 million[10] - A proposed final dividend of HKD 0.078 per share is expected to total approximately HKD 40.5 million, subject to shareholder approval[67] - The company has authorized a share buyback plan not exceeding HKD 100 million, with a maximum price of HKD 5 per share, to enhance shareholder value[72] - The company repurchased a total of 14,828,000 shares at a total cost of HKD 52,465,180, with all repurchased shares held as treasury shares[73] Governance and Compliance - The company has adopted the Corporate Governance Code and internal control guidelines, ensuring compliance with relevant laws and regulations[75] - The board believes that an efficient risk management and internal control system is crucial for the company's long-term development[74] - The company has complied with all principles and provisions of the Corporate Governance Code as per the board's opinion[76] Future Outlook - Forward-looking statements regarding the company's financial condition and performance involve known and unknown risks that could lead to significant differences from those expressed[78] - The company will publish its annual report at an appropriate time, which will be sent to shareholders and made available on its website[81]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任 何部份內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 CHINA HUAJUN GROUP LIMITED 中國華君集團有限公司 （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （股份代號：377） 截至二零二五年十二月三十一日止年度 年度業績公告 中國華君集團有限公司（「本公司」，連同其附屬公司，統稱「本集團」）之董事（「董 事」）會（「董事會」）謹此呈列本集團截至二零二五年十二月三十一日止年度之年 度業績，連同截至二零二四年十二月三十一日止年度之比較數字，如下： 1 綜合損益及其他全面收益表 截至二零二五年十二月三十一日止年度 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 人民幣千元 | 人民幣千元 | | 收益 | 4 | | | | 貨品及服務 | | 1,355,927 | 1,146,886 | | 物業投資之租金收入 | | 7,788 | 8,039 | | 證 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 6,761,856,000, a decrease of 38.8% from RMB 11,061,516,000 in 2024[4] - Gross profit for the same period was RMB 1,010,754,000, down 46.6% from RMB 1,888,753,000 in 2024[4] - The net loss for the year was RMB 3,462,187,000, significantly improved from a net loss of RMB 8,150,975,000 in 2024, representing a reduction of 57.5%[4] - Other income and gains increased to RMB 4,682,261,000 from RMB 522,118,000, marking a substantial rise of 795.5%[4] - The total pre-tax loss for the group was RMB 4,259,440,000, compared to a loss of RMB 7,778,010,000 in 2024, indicating a reduction in losses[36][37] - The group recognized a debt restructuring gain of RMB 4,501,762,000 in 2025, contributing to the overall financial performance[38] - The pre-tax loss for 2025 is RMB 3,271.4 million, compared to a loss of RMB 8,085.4 million in 2024[50] Assets and Liabilities - The total assets decreased to RMB 73,634,952,000 from RMB 75,234,188,000, a decline of 2.1%[6] - The total liabilities increased to RMB 66,989,069,000 from RMB 57,199,918,000, an increase of 17.0%[6] - The company's equity attributable to owners decreased to RMB 1,700,317,000 from RMB 4,002,277,000, a drop of 57.5%[7] - The company reported a net exchange loss of RMB 216.3 million for 2025, compared to a gain of RMB 97.6 million in 2024[41] - The company has bank and other borrowings due within one year amounting to approximately RMB 53,047,057,000, with cash and bank balances of only RMB 634,394,000[108] - There is a significant default situation with total principal and interest on defaulted USD-denominated senior notes and bank borrowings amounting to approximately RMB 50,985,444,000[108] Cash Flow and Financing - The cash and bank balances at year-end were RMB 634,394,000, down from RMB 787,445,000, a decrease of 19.4%[6] - The financing costs for the year were RMB 2,706,644,000, a reduction from RMB 2,929,107,000, reflecting a decrease of 7.6%[4] - The financing costs from continuing operations for 2025 amount to RMB 2,706.6 million, down from RMB 2,929.1 million in 2024[40] - The company has defaulted on or triggered cross-defaults on priority notes and bank loans, with an outstanding principal and interest amounting to approximately RMB 50,985,444,000[15] Operational Strategy - The company plans to accelerate the pre-sale and sale of properties, aiming to improve cash flow by recovering outstanding receivables and selling non-core assets[17] - The company is actively seeking opportunities to sell equity stakes in joint ventures or associates engaged in property development to generate additional cash inflow[20] - The company aims to avoid a winding-up order and successfully complete its offshore debt restructuring in a timely manner[21] - The board believes that, considering the planned measures, the company will have sufficient operating funds to meet its financial obligations due within twelve months from December 31, 2025[18] Accounting Standards and Compliance - The company has adopted HKAS 21 (Revised) regarding the assessment of currency convertibility, which has no impact on its financial statements as all currencies used for transactions are convertible[22] - The Hong Kong Financial Reporting Standards (HKFRS) No. 18 introduces new requirements for the presentation of income statements, including the classification of all income and expenses into five categories: operating, investing, financing, income tax, and discontinued operations[26] - The amendments to HKFRS No. 9 and HKFRS No. 7 clarify the date of derecognition for financial assets or liabilities and introduce an accounting policy option for derecognition of financial liabilities settled through electronic payment systems[28] - The group has not applied the newly issued and amended HKFRS that have been published but are not yet effective in its financial statements[24] Employee and Governance - The group employs approximately 1,600 employees as of December 31, 2025, down from 1,800 employees in 2024, with employee benefits expenses totaling RMB 343.9 million for the year[94] - The group continues to provide training and development programs to enhance employee skills and retention[95] - The company has adopted the standard code of conduct for securities transactions by directors as per the listing rules, and all directors confirmed compliance for the year ended December 31, 2025[100] - The audit committee consists of three independent non-executive directors to review and monitor the financial reporting procedures and risk management[106] Market and Project Development - The company holds land reserves with a total construction area of 11.24 million square meters, with an equity ratio of 75.4%[83] - The group operates 139 major projects across 42 cities in mainland China and Hong Kong[83] - The company has a significant presence in Guangzhou with 20 projects, including residential, commercial, and hotel developments, indicating a diversified portfolio[89] - The project "合景生命科谷" in Guangzhou has a total construction area of 192 thousand square meters and an ownership stake of 80%[89] Future Outlook - The market is expected to enter a "weak recovery, slow balance, and deep differentiation" phase in 2026, with a focus on urban renewal and high-quality housing construction[86] - The group aims to improve operational performance through brand upgrades and sales management while continuing debt restructuring efforts[86]

Company Overview - Epiworld International Co., Ltd. reported preliminary financial performance for the year ending December 31, 2025[2]. - The company is listed under stock code 2726 on the Hong Kong Stock Exchange[2]. Financial Information - The financial results are available in the prospectus appendix dated March 20, 2026, on the Hong Kong Stock Exchange website and the company's website[3]. Board of Directors - The board of directors includes executive directors Dr. Zhao Jianhui, Ms. Pan Menghan, and Ms. Bai Liting, along with non-executive and independent directors[3].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 SINGASIA HOLDINGS LIMITED 星 亞 控 股 有 限 公 司 * （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：8293） 截至二零二六年一月三十一日止六個月的中期業績公告 星亞控股有限公司*（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及 其附屬公司截至二零二六年一月三十一日止六個月的未經審核簡明綜合業績。本 公告載列本公司二零二五╱二零二六年中期報告全文，並遵守香港聯合交易所有 限公司（「聯交所」）GEM 證券上市規則（「GEM 上市規則」）中有關中期業績初步 公告隨附資料的相關規定。本公司二零二五╱二零二六年中期報告的印刷版本載 有GEM上市規則規定的資料，將適時寄發予本公司股東。 承董事會命 星亞控股有限公司* 執行董事 謝峰 香港，二零二六年三月三十一日 本公告乃根據GEM上市規則之規定而提供有關本公司的資料；董事願就此共同及 個 ...

Financial Performance - The total revenue for the year ending December 31, 2025, was reported as RMB 0, with no sales recorded[2] - The net loss for the year was RMB 295,964 thousand, compared to a net loss of RMB 274,610 thousand in 2024, reflecting a year-over-year increase of approximately 7.8%[3] - The basic and diluted loss per share for the year was RMB 0.76, compared to RMB 0.72 in 2024, indicating a worsening loss per share situation[2] - The company's total assets decreased to RMB 500,907 thousand from RMB 585,251 thousand in 2024, indicating a reduction in overall asset value[4] - Cash and cash equivalents decreased significantly to RMB 415,408 thousand from RMB 569,506 thousand in 2024, representing a decline of approximately 27%[4] - The company's equity total decreased to RMB 416,376 thousand from RMB 525,033 thousand in 2024, showing a decline of about 20.7%[4] - The company reported a foreign exchange loss of RMB 284 thousand related to the translation of overseas operations, contrasting with a gain of RMB 76 thousand in 2024[3] - Government subsidies decreased to RMB 1,356,000 in 2025 from RMB 5,061,000 in 2024, reflecting a significant decline of approximately 73%[20] - Bank interest income increased to RMB 4,907,000 in 2025, up from RMB 2,171,000 in 2024, representing a growth of about 126%[20] - Total other income decreased to RMB 6,271,000 in 2025 from RMB 7,232,000 in 2024, a decline of approximately 13%[20] Research and Development - The total R&D expenses for the year were RMB 246,761 thousand, slightly increasing from RMB 244,004 thousand in 2024, indicating a focus on product development[2] - The company has been primarily engaged in pharmaceutical product research and development, indicating a strategic focus on innovation[6] - The company has six clinical-stage candidate products and multiple pre-clinical candidates as of December 31, 2025, focusing on innovative therapies for oncology, inflammation, and cardiovascular metabolic diseases[35] - The core product, Tinengotinib (TT-00420), is a selective multi-kinase inhibitor targeting key pathways and is in various stages of clinical trials for multiple cancers[38] - The company is actively developing global first-in-class small molecule drugs to meet urgent clinical needs, aiming to provide innovative treatment solutions[35] - Research and development costs increased by 1% from RMB 244 million for the year ending December 31, 2024, to RMB 246.8 million for the year ending December 31, 2025, reflecting a focus on core product and key technology development[66] Clinical Trials and Product Development - The company has submitted a new drug application for Tiengoni to the National Medical Products Administration (NMPA) for the treatment of cholangiocarcinoma (CCA), which has been accepted[39] - Tiengoni has received breakthrough therapy designation from the NMPA for CCA and fast-track designation from the FDA for both CCA and metastatic castration-resistant prostate cancer (mCRPC)[40] - In a Phase II study, Tiengoni demonstrated a median overall survival of 18 months in FGFR2 fusion-positive CCA patients who had previously failed chemotherapy and FGFR inhibitor treatment[41] - The company is conducting a confirmatory Phase III clinical trial for Tiengoni as a monotherapy for CCA in China, and multi-regional registration trials in the US, South Korea, the UK, the EU, and Taiwan[39] - Tiengoni has shown a maximum tumor reduction of 41.6% and 48.6% in two FGFR fusion-positive CCA patients after treatment, indicating potential to overcome acquired resistance to FGFR inhibitors[42] - The company plans to commercialize Tiengoni in China first, followed by the US and EU markets for the same indication[39] - Tiengoni has been granted orphan drug designation by the EMA for the treatment of biliary tract cancers (BTC)[40] - The company has initiated a Phase II clinical trial for Tiengoni in combination with Fulvestrant for HR+/HER2- breast cancer in China[39] - A strategic collaboration has been established with Kangfang Biopharma to advance Tiengoni in combination with other therapies for advanced hepatocellular carcinoma[40] - The company presented preclinical data on the FGFR inhibitor, Tiengogatin, demonstrating its potential for treating drug-resistant cholangiocarcinoma, with a focus on its high affinity and unique binding mode to FGFR2[44] - At the 2025 ESMO conference, the company reported data from 110 advanced cholangiocarcinoma patients, showing a median progression-free survival (mPFS) of 7.26 months and a median overall survival (mOS) of 15.93 months for patients with FGFR2 mutations[45] - Tiengogatin has been approved for priority review by the National Medical Products Administration in China for treating advanced, metastatic, or unresectable cholangiocarcinoma patients who have received at least one prior systemic therapy[45] - The company published exploratory Phase II results indicating that Tiengogatin can overcome acquired resistance in FGFR2 fusion-positive cholangiocarcinoma patients, showing antitumor activity in other FGFR gene-altered patients[46] - Tiengogatin has shown promising efficacy in previously treated metastatic castration-resistant prostate cancer (mCRPC) patients, with an overall response rate (ORR) of 46% and a disease control rate (DCR) of 85%[47] - The company is conducting a Phase Ib/II trial combining Tiengogatin with androgen receptor pathway inhibitors (ARPI) for mCRPC, with the first phase assessing safety and tolerability[48] - Tiengogatin has received fast track designation from the FDA for treating mCRPC, indicating its potential as a significant treatment option[48] - The drug has demonstrated efficacy in hormone receptor-positive, HER2-negative breast cancer patients, with an ORR of 50% and a DCR of 88%[50] - The company has initiated a Phase II clinical trial for Tiengogatin combined with Fulvestrant in treating relapsed or metastatic breast cancer, which has received clinical approval in China[50] - The company announced a strategic collaboration with Kangfang Biologics to advance Tiengogatin in combination with other therapies for advanced hepatocellular carcinoma (HCC), with clinical trial approval obtained[51] - The combination therapy of Tiengotine and Atezolizumab showed an Objective Response Rate (ORR) of 25.0% and a Disease Control Rate (DCR) of 75.0% in 28 assessable CCA patients[52] - In a retrospective analysis of 51 patients with FGFR1/2/3 mutations, Tiengotine demonstrated an ORR of 33% and a DCR of 88%, with a median Progression-Free Survival (PFS) of 6.9 months[53] - Tiengotine has shown significant preclinical data for Small Cell Lung Cancer (SCLC), particularly in SCLC-N with high NeuroD1 expression, indicating potential as a treatment option[54] - TT-00973, an AXL/FLT3 inhibitor, has shown good tolerability in Phase I trials and partial clinical efficacy in some solid tumor patients, with plans for new clinical trials based on internal data[55] - TT-01488, a non-covalent reversible BTK inhibitor, has shown promising anti-tumor activity in preclinical models and is currently undergoing Phase I trials for B-cell lymphoma[57] - TT-01688, a selective oral S1P1 modulator, has demonstrated good tolerability and efficacy in Phase I trials, with completed Ib and II trials for ulcerative colitis and atopic dermatitis respectively[58] - TT-00920, a PDE9 inhibitor for chronic heart failure, has shown good tolerability and pharmacokinetic properties in Phase I trials, with promising preclinical results[59] - TT-01025, an irreversible VAP-1 inhibitor for NASH, has completed Phase I trials in the US and China, showing good safety and tolerability[61] - The company entered a licensing agreement with Neurocrine Biosciences for the development of NLRP3 inhibitors, with a total potential value of $881.5 million[62] - The company anticipates obtaining new drug application approval for Tiengotine for advanced cholangiocarcinoma patients in China by 2026, with ongoing Phase III clinical trials both domestically and internationally[63] Corporate Governance and Compliance - The company has adopted the Corporate Governance Code and has complied with all provisions from the listing date until December 31, 2025[87] - The company has established an audit committee that reviews accounting principles, financial reporting, risk management, and internal control systems[90] - The external auditor, Ernst & Young, confirmed that the figures in the announcement are consistent with the audited consolidated financial statements for the year ending December 31, 2025[91] - The company has established a code of conduct for securities trading that meets or exceeds the standards set by the Hong Kong Stock Exchange[101] - The company adheres to the International Financial Reporting Standards (IFRS) for its financial reporting[101] Employee and Operational Insights - A total of 123 employees are reported as of December 31, 2025, with 75.61% (93 employees) in R&D and 24.39% (30 employees) in general and administrative roles[84] - Employee benefits expenses totaled RMB 680.3 million during the reporting period, with compensation based on market levels, government policies, and individual performance[84] - The company has implemented a strict monitoring system for receivables to minimize credit risk, with expected credit loss provisions remaining stable at RMB (23) thousand for both years[28] Future Plans and Market Strategy - The company plans to allocate 42% of the net proceeds from the global offering, amounting to HKD 68.5 million, for the Phase III clinical trial of Tinengotinib for cholangiocarcinoma in Europe, with an expected completion date by December 31, 2027[83] - The company aims to expand its market presence in the Greater China region, which includes mainland China, Hong Kong, Macau, and Taiwan[101] - The company plans to provide future performance guidance during its upcoming earnings calls[101] - The company is committed to maintaining transparency and accuracy in its financial disclosures to shareholders[101]

Financial Performance - The company achieved a revenue of RMB 231.4 million for the fiscal year 2025, a decrease of 6.5% compared to RMB 247.5 million in fiscal year 2024[3] - Gross profit for fiscal year 2025 was RMB 67.8 million, an increase of 18.1% from RMB 57.4 million in fiscal year 2024, with a gross margin of 29.3%, up 6.1 percentage points[4] - The net profit for fiscal year 2025 was RMB 17.4 million, a significant increase of 123.1% from RMB 7.8 million in fiscal year 2024, primarily due to reduced administrative expenses and costs[4] - Total comprehensive income for the year was RMB 17.4 million, compared to RMB 4.6 million in the previous year[5] - Basic earnings per share for fiscal year 2025 were RMB 0.45, compared to RMB 0.08 in fiscal year 2024[6] - The company reported a pre-tax profit of RMB 26.2 million, an increase of 111.3% from RMB 12.4 million in fiscal year 2024, attributed to lower administrative expenses and costs[73] - The group's annual profit for the reporting period was RMB 17.4 million, an increase of 123.1% compared to RMB 7.8 million in the fiscal year 2024[74] Revenue Breakdown - Revenue from property management services was RMB 187.8 million, accounting for 81.2% of total revenue, down 4.3% from RMB 196.2 million in the previous year[4] - Revenue from non-owner value-added services decreased significantly to RMB 6,393,000, a decline of 49.6% from RMB 12,686,000 in 2024[18] - Revenue from community value-added services was RMB 18,332,000, slightly down from RMB 18,787,000 in 2024[18] - Hotel operations revenue from room services was RMB 15,469,000, down 14.3% from RMB 18,208,000 in 2024[18] - Total income from external customers was RMB 188,497,000, a decrease of 6.4% from RMB 201,440,000 in 2024[19] - Revenue from related parties accounted for 14% of total revenue, down from 16% in 2024[19] Assets and Liabilities - The company's total assets less current liabilities amounted to RMB 410.6 million as of December 31, 2025, an increase from RMB 393.2 million as of December 31, 2024[7] - Trade receivables as of December 31, 2025, totaled RMB 162,530,000, an increase from RMB 142,551,000 in 2024, indicating growth in sales[41] - The company recognized an impairment provision of RMB 60,282,000 for trade receivables in 2025, up from RMB 52,504,000 in 2024, highlighting ongoing credit risk management efforts[40] - Total liabilities increased from RMB 55.1 million in 2024 to RMB 66.5 million in 2025, indicating a rise in financial obligations[46] Cash Flow and Investments - Cash and cash equivalents as of December 31, 2025, totaled RMB 139.3 million, a decrease of 20.4% compared to RMB 175.0 million as of December 31, 2024[4] - The company invested RMB 24,800,000 in structured deposits with a projected annualized return rate of 1.0% to 1.92%[44] - The group invested RMB 50.0 million in structured deposit products with China Minsheng Bank, achieving an average annualized return rate of approximately 1.51% to 1.86% on various investments[88] Operational Efficiency - Administrative expenses decreased by 17.8% to RMB 23.1 million, primarily due to reduced management costs[69] - The total employee costs for 2025 were RMB 53,429,000, a decrease of 12% from RMB 60,649,000 in 2024[32] - The group employed 402 staff members as of December 31, 2025, down from 435 employees in the previous fiscal year[86] Strategic Initiatives - The company plans to implement a pyramid management model to enhance management efficiency and empower frontline staff by 2026[58] - The company aims to improve service quality by shifting from reactive to proactive service models, focusing on customer needs[59] - The company will continue to advance digital technology integration, exploring new models such as human-machine collaboration to optimize costs and enhance service experiences[60] - The group plans to strengthen its position in the property management service industry, focusing on acquiring more projects related to old residential communities in Hangzhou[52] Governance and Compliance - The company has established an audit committee to oversee financial reporting and internal controls, consisting of three independent non-executive directors[94] - The board of directors consists of four executive directors and three independent non-executive directors[104] - The chairman of the board is Ms. Yu Yun[104] - The CEO is Mr. Zhu Yihua[104] - The company maintains a public float of at least 25% of its total issued share capital, in compliance with listing rules[97] Future Outlook - The company will closely monitor foreign exchange and interest rate risks, as its operations are primarily in RMB, while its shares are listed in HKD, which may affect performance[90] - The board is optimistic about future performance and market conditions[104]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 1,110,675,000, representing an increase of 8.3% from RMB 1,025,691,000 in 2024[4] - Gross profit for the year was RMB 411,263,000, up from RMB 400,773,000 in the previous year, indicating a slight increase in profitability[4] - Net profit for the year was RMB 71,534,000, compared to RMB 69,684,000 in 2024, reflecting a growth of 2.4%[4] - Basic earnings per share decreased to 2.08 cents from 4.40 cents in the previous year, while diluted earnings per share also fell to 1.74 cents from 3.39 cents[5] - The company reported a total comprehensive income of RMB 55,832,000 for the year, down from RMB 72,264,000 in 2024, largely due to foreign exchange losses[5] - The company reported a total of RMB 16,228,000 in rental income, which is derived from its main business in the special economic zone[18] - The total profit for the unclassified segment was RMB 71,534,000 in 2025, compared to RMB 69,684,000 in 2024, showing a slight increase of 2.6%[20] - The total income tax expense for 2025 is RMB 23,363,000, a decrease of 58% from RMB 55,755,000 in 2024, suggesting improved tax efficiency[30] - Basic and diluted earnings per share for 2025 are RMB 31,909,000, a decline of 48% from RMB 62,350,000 in 2024, indicating a challenging year for earnings[32] Revenue Breakdown - For the fiscal year ending December 31, 2025, total revenue reached RMB 1,110,675,000, with external sales from manufacturing contributing RMB 628,146,000, property development RMB 135,170,000, and special economic zones RMB 276,365,000[16] - The revenue for the fiscal year ending December 31, 2024, was RMB 1,025,691,000, showing a year-over-year increase of approximately 8.3%[16] - The manufacturing segment generated RMB 628,146,000 in revenue for 2025, which accounted for approximately 56.5% of total revenue[16] - Revenue from the United States increased to RMB 395,136,000 in 2025, up from RMB 341,369,000 in 2024, representing a growth of 15.7%[23] - Revenue from Cambodia surged to RMB 419,443,000 in 2025, compared to RMB 241,814,000 in 2024, marking a significant increase of 73.6%[23] - The property development segment reported revenue of RMB 135.2 million, a significant decline of approximately 58.7% from RMB 327.2 million in 2024, primarily due to a decrease in property deliveries[46] - Revenue from land and factory sales/rentals in the economic zone reached approximately RMB 276.4 million in 2025, compared to RMB 59.8 million in 2024[50] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 4,936,036,000, an increase from RMB 4,136,118,000 in 2024[6] - Current liabilities increased to RMB 1,724,111,000 from RMB 1,709,179,000, indicating a slight rise in short-term obligations[6] - Non-current assets rose significantly to RMB 1,825,384,000 from RMB 2,156,496,000, primarily due to changes in property and equipment valuations[6] - Trade and bills receivables increased to RMB 119,022,000 in 2025 from RMB 112,180,000 in 2024, showing a growth of approximately 6.5%[33] - Trade and bills payables rose significantly to RMB 523,361,000 in 2025, up from RMB 320,682,000 in 2024, representing an increase of about 63%[34] - The net value of mortgaged properties decreased to RMB 8,462,000,000 in 2025 from RMB 9,926,000,000 in 2024, indicating a reduction in collateral value[36] Operational Segments - The company has identified four operating segments: manufacturing, property development, special economic zones, and others, which include tourism-related services and property management[17] - The manufacturing and trading of software furniture business achieved total revenue of approximately RMB 628.1 million, a rise of about 13.8% from RMB 551.9 million in 2024[45] - The economic zone segment showed a profit of RMB 75,405,000 in 2025, a substantial increase from RMB 20,157,000 in 2024, indicating a growth of 274.5%[20] - The operating loss for the property development segment was RMB 42 million in 2025, compared to an operating profit of RMB 2.8 million in 2024[46] - The group has seven property projects in various stages of development or held for sale, with a total land area of 3,337,209 square meters[47] Strategic Plans and Investments - The company plans to continue its focus on property development and software furniture manufacturing as part of its growth strategy[8] - The group plans to increase investment in industrial economic zone operations and international power energy development, expecting significant revenue growth in these sectors in 2025[70] - The group plans to focus on Cambodia for its software furniture manufacturing, leveraging competitive export advantages due to tariffs[45] - The group will adopt more flexible sales policies in property development to accelerate project sales in China and ensure quick capital recovery[70] Financial Management - The company plans to adopt new and revised International Financial Reporting Standards (IFRS) starting from the first period after their effective date, which is expected to impact accounting policies[12] - The introduction of IFRS 18 will affect the presentation of financial statements but will not impact the recognition and measurement of financial statement items[13] - The company anticipates that the new IFRS will not have a significant impact on its consolidated financial statements, except for those that are expected to affect accounting policies[12] - The company recognized a loss of RMB 15,129,000 from foreign exchange in 2025, compared to a gain of RMB 5,385,000 in 2024[25] - The company reported a total of RMB 36,978,000 in financing costs for 2025, down from RMB 54,268,000 in 2024, a reduction of 31.8%[27] - Financing costs decreased by approximately 31.9% to RMB 37 million in 2025, attributed to increased capitalized interest and reduced interest expenses on convertible bonds[53] Employee and Governance - The group employed approximately 3,066 full-time employees as of December 31, 2025, an increase from 2,431 in 2024, with total employee compensation expenses around RMB 189,600,000, accounting for 17.1% of operating revenue[68] - The company has not separated the roles of Chairman and CEO, with Mr. Zhu Zhangjin serving in both capacities as of December 31, 2025[78] - The Audit Committee, composed of three independent non-executive directors, has reviewed the company's financial reports and internal control effectiveness for the year ending December 31, 2025[80] Dividend and Shareholder Information - The company did not recommend the payment of a final dividend for the years ended December 31, 2025, and 2024, indicating a conservative approach to cash distribution amid financial challenges[31] - The board does not recommend the payment of any final dividend for the year ending December 31, 2025[73] - The annual report for the year ending December 31, 2025, will be sent to shareholders and published on the stock exchange and the company's website[85] - The company's annual general meeting is scheduled for May 29, 2026, with a notice to be published around April 28, 2026[86]

Financial Performance - The total revenue for the year ended December 31, 2025, was HKD 111,284,000, a significant increase from HKD 26,292,000 in the previous year, representing a growth of 323%[4] - The net profit for the year was HKD 9,682,000, down from HKD 31,886,000 in the previous year, indicating a decline of 70.6%[4] - The company's basic and diluted earnings per share for the year were both HKD 1.10, compared to HKD 3.62 in the previous year, reflecting a decrease of 69.7%[4] - The group's consolidated profit before tax for 2025 was HKD 10,337,000, down from HKD 35,728,000 in 2024, indicating a decline of 71%[21] - Other income for the year 2025 is reported at HK$2,729,000, a decrease of 32% from HK$4,011,000 in 2024[33] - The total tax expense for 2025 is reported at HK$655,000, significantly lower than HK$3,842,000 in 2024, indicating a decrease of 83%[35] - Basic earnings per share for 2025 is approximately HK$9,682,000, down from HK$31,886,000 in 2024, representing a decline of 70%[37] Assets and Liabilities - Total assets less current liabilities amounted to HKD 126,269,000, an increase from HKD 117,584,000 in the previous year, showing a growth of 7.2%[6] - Current assets increased to HKD 183,058,000 from HKD 143,332,000, marking a rise of 27.7%[5] - The total assets of the group increased to HKD 184,343,000 in 2025 from HKD 146,746,000 in 2024, reflecting a growth of 25.6%[22] - The group’s segment assets for 2025 were HKD 93,305,000, a substantial increase from HKD 41,950,000 in 2024, representing a growth of 122%[22] - The group’s liabilities increased to HKD 58,074,000 in 2025 from HKD 30,160,000 in 2024, indicating an increase of 92.7%[22] - The company reported a total expected loss provision of HKD 13,763,000 as of December 31, 2025, with a significant portion attributed to overdue accounts over 365 days[42] - The company's payable accounts from securities and futures trading increased to HKD 37,436,000 in 2025, up from HKD 22,336,000 in 2024[43] Cash and Cash Equivalents - The company's cash and cash equivalents rose to HKD 85,874,000, up from HKD 44,043,000, representing an increase of 95.5%[5] - The group reported cash and cash equivalents of HKD 85,874,000 in 2025, up from HKD 44,043,000 in 2024, marking an increase of 95.5%[22] - The group maintains a cash and bank balance of approximately HKD 85,900,000 as of December 31, 2025, an increase of about 95.2% from HKD 44,000,000 on December 31, 2024[60] Employee Costs - Employee costs increased to HKD 9,764,000 from HKD 7,792,000, reflecting a rise of 25.3%[4] - Employee costs increased to HK$9,764,000 in 2025 from HK$7,792,000 in 2024, reflecting a rise of 25%[33] Business Segments - The company operates in four main business segments: securities brokerage and financial services, asset management services, proprietary trading, and trading business[18] - Total revenue for the year 2025 reached HKD 111,284,000, with contributions from securities brokerage and financial services at HKD 11,961,000 and asset management services at HKD 9,327,000[19] - The asset management segment reported a revenue of approximately HKD 9,300,000 for the year ended December 31, 2025, a decrease of about 25.6% from HKD 12,500,000 in 2024[53] - The group’s revenue from the securities and futures brokerage segment was HKD 958,000 in 2025, down from HKD 1,357,000 in 2024, a decrease of 29.4%[25] - The group’s revenue from trade business was HKD 89,996,000 in 2025, which was not reported in 2024, indicating a new revenue stream[25] Accounting Standards - The company anticipates applying the new accounting standards starting January 1, 2027, which will require retrospective application for comparative data as of December 31, 2026[16] - The new standards are expected to have a broad impact on presentation and disclosure, particularly regarding the consolidated income statement[16] - The company is currently assessing the detailed impact of the new standards on its financial statements[16] - The company expects no significant impact on its performance or financial position from the new accounting standards beyond the changes in presentation and disclosure[16] Corporate Governance - The company is committed to maintaining high standards of corporate governance and has complied with the corporate governance code during the reporting period[72] - The audit committee has been established in accordance with the Hong Kong Stock Exchange Listing Rules, consisting of three members, including Ms. Huang Qin as the chairperson[68] - The remuneration committee is composed of three independent non-executive directors, with Mr. Zhang Jingfan as the chairperson[69] - The nomination committee also consists of three independent non-executive directors, with Mr. Guo Yaoli as the chairperson[70] Future Plans and Market Position - The group aims to capture cross-border capital inflows, particularly from mainland China and the Middle East, focusing on stable income and ESG-themed products[57] - The group plans to expand its asset management scale cautiously while enhancing its capital market business, with a focus on high-growth "new productivity" industries[57] - The group anticipates a fundraising amount of HKD 320,000,000,000 to HKD 350,000,000,000 for the year, involving approximately 150 to 200 listings across various sectors[55] - The group is committed to supporting Hong Kong's status as an international financial center and contributing to the high-level opening of the national financial market[58] Miscellaneous - The company has not reported any new products or technologies, market expansions, or mergers and acquisitions during the reporting period[3] - The group has not declared any dividends for the years ending December 31, 2025, and 2024[36] - There are no significant matters post-reporting period that may impact the group's operational and financial performance[71] - The annual general meeting is scheduled for June 9, 2026, in Hong Kong[74] - Share transfer registration will be suspended from June 4, 2026, to June 9, 2026, to determine the eligibility of shareholders attending the annual general meeting[75] - The preliminary announcement of the group's consolidated financial statements for the year ending December 31, 2025, has been agreed upon by the auditors, confirming alignment with the audited financial statements[76] - The performance announcement and annual report will be published on the company's website and the Hong Kong Stock Exchange website[77] - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[79]

Financial Performance - The company's revenue for the year ended December 31, 2025, was RMB 155,120,000, a decrease of 38.7% compared to RMB 253,514,000 in 2024[3] - The gross loss for the year was RMB 2,353,000, compared to a gross profit of RMB 32,934,000 in the previous year[3] - The total comprehensive loss attributable to the owners of the company for the year was RMB 307,934,000, up from RMB 277,407,000 in 2024, indicating a 11.1% increase in losses[3] - The company reported a basic and diluted loss per share of RMB 16.763, compared to RMB 15.294 in the previous year, indicating a worsening in per-share performance[3] - The group's loss before tax for the year ended December 31, 2025, was approximately RMB 307.93 million, compared to RMB 277.41 million for 2024, indicating an increase in losses of about 11%[28] - The net loss for the year ended December 31, 2025, was approximately RMB 30,790,000, compared to a net loss of RMB 27,740,000 in 2024[42] Assets and Liabilities - The company's total assets decreased to RMB 302,864,000 from RMB 418,537,000, a decline of 27.6%[4] - Current liabilities increased to RMB 299,741,000 from RMB 277,644,000, representing a rise of 7.9%[4] - The net current liabilities position was RMB 55,558,000, compared to a net current asset position of RMB 91,245,000 in 2024[4] - The group's accounts receivable from trade decreased to RMB 80.48 million in 2025 from RMB 144.30 million in 2024, a decline of about 44%[34] - The group's accounts payable decreased to RMB 54.14 million in 2025 from RMB 71.89 million in 2024, indicating a reduction of approximately 25%[35] - The group's investment properties' fair value decreased to RMB 65.93 million in 2025 from RMB 66.42 million in 2024, a decline of about 0.74%[30] Revenue Segments - For the fiscal year ending December 31, 2025, total revenue from the segments was RMB 155,120,000, with a notable contribution from the OEM segment at RMB 137,935,000[19] - The graphene products segment reported a profit of RMB 972,000, while the photovoltaic products segment incurred a loss of RMB 90,283,000, leading to a total segment loss of RMB 88,609,000[19] - OEM business revenue fell by approximately 33.1% to about RMB 137,935,000 in 2025 from RMB 206,218,000 in 2024, impacted by changes in U.S. import tariffs and competitive pricing pressures[46] - Revenue from photovoltaic products dropped by approximately 73.3% to about RMB 10,293,000 in 2025 from RMB 38,576,000 in 2024, due to a transition in manufacturing processes[42] Costs and Expenses - Research and development costs decreased to RMB 41,295,000 from RMB 60,226,000, reflecting a reduction of 31.4%[3] - Financing costs for the company amounted to RMB 9,663,000 in 2025, an increase from RMB 8,139,000 in 2024[23] - The company incurred general and administrative expenses of approximately RMB 23,840,000 for the year, including non-cash stock-based compensation of RMB 13,690,000[42] - Selling and distribution expenses fell by approximately 33.2% to about RMB 16.9 million, accounting for about 10.9% of total revenue, down from 10.0% in 2024[48] - General and administrative expenses increased by approximately 7.6% to about RMB 23.84 million, up from RMB 22.16 million in 2024, mainly due to stock-based compensation rising to about RMB 13.69 million[49] - The cost of sold inventory decreased to RMB 157.47 million in 2025 from RMB 220.58 million in 2024, representing a reduction of approximately 29%[24] Financial Resources and Support - The company has sufficient financial resources to support its operations for at least the next twelve months, despite the significant uncertainties regarding its ability to continue as a going concern[8][9] - The company has received a standby loan of RMB 70,000,000 from a wholly-owned subsidiary, ensuring sufficient funds to meet its financial obligations for the next twelve months without significant operational cuts[11] - The company plans to seek additional financial support, including loans and the issuance of new equity or debt securities[11] - The company reported a significant increase in uncollateralized shareholder loans to approximately RMB 27,034,000 in 2025, up from RMB 0 in 2024[37] - The company's leverage ratio increased to 123.9% from 80.7% in 2024, primarily due to an increase in shareholder loans[51] Corporate Governance and Future Plans - The company is focusing on enhancing corporate governance practices to support effective management and shareholder value growth[63] - The company plans to establish a subsidiary for silver-copper paste and insulating ink business by 2026, leveraging lower production costs due to HBC technology[62] - The company has initiated HBC technology cooperation with major firms, aiming for a production capacity of approximately 20 GW by 2026[61] - The company has established strategic partnerships with leading photovoltaic firms to enhance market penetration and technology adoption[61] - The expected unutilized net proceeds will be used by December 31, 2026, for various strategic initiatives[60] Share Capital and Dividends - The company’s total issued and paid-up share capital as of December 31, 2025, was RMB 128,670,000, reflecting an increase from RMB 120,790,000 in 2024[38] - The group has not proposed any dividends for the years ended December 31, 2025, and 2024[27] - The company has not proposed a final dividend for the fiscal year ending December 31, 2025[69] Audit and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the financial results for the year ending December 31, 2025[66] - The company is currently evaluating the impact of the new International Financial Reporting Standards on its consolidated financial statements[14] - The company has not adopted the revised International Financial Reporting Standards that are yet to come into effect, which may affect future financial reporting[12] - The company has not engaged in the purchase, sale, or redemption of its listed securities during the fiscal year ending December 31, 2025[68]