Financial Performance - The total revenue for the year ended December 31, 2025, was HKD 337,501,000, representing a 36.6% increase from HKD 247,040,000 in 2024[2] - Gross profit for the same period was HKD 131,705,000, up from HKD 61,385,000, indicating a significant improvement in profitability[2] - Operating profit turned positive at HKD 44,536,000 compared to an operating loss of HKD 36,893,000 in the previous year[2] - Net profit for the year was HKD 18,138,000, a recovery from a net loss of HKD 68,062,000 in 2024[3] - Basic and diluted earnings per share improved to HKD 1.32 from a loss per share of HKD 2.37 in the prior year[4] - The group recorded other income of HKD 29,332,000, down from HKD 35,322,000, reflecting a decrease of 16.9%[20] - Financial expenses for the year were HKD 22,419,000, a decrease from HKD 27,400,000, indicating a reduction of 18.5%[22] - For the fiscal year ending December 31, 2025, the company reported a profit of HKD 19,197,000, a significant recovery from a loss of HKD 34,417,000 in the previous year[26] - The basic and diluted earnings per share for the fiscal year ending December 31, 2025, were HKD 1.32, compared to a loss of HKD 2.37 in the previous year[26] - The company did not declare or recommend any dividends for the fiscal year ending December 31, 2025, consistent with the previous year[27] Assets and Liabilities - Total assets decreased to HKD 830,023,000 from HKD 923,846,000, reflecting a reduction in overall asset base[5] - Total liabilities also decreased to HKD 625,484,000 from HKD 738,925,000, indicating improved financial stability[6] - The company reported a net current asset position of HKD 114,787,000, a significant increase from HKD 33,801,000 in 2024[6] - Accounts receivable increased to HKD 75,602,000 in 2025 from HKD 61,748,000 in 2024, while total accounts receivable and notes receivable rose to HKD 83,297,000 from HKD 72,136,000[28] - The company’s non-current receivables decreased to HKD 641,000 in 2025 from HKD 1,047,000 in 2024, reflecting a strategic shift in asset management[28] - The company’s total net receivables increased to HKD 82,505,000 in 2025 from HKD 71,367,000 in 2024, indicating growth in customer transactions[28] - Total liabilities decreased to HKD 108,638,000 in 2025 from HKD 177,255,000 in 2024, indicating improved financial management[32] - The company’s accounts payable decreased to HKD 37,268,000 in 2025 from HKD 49,634,000 in 2024, suggesting improved cash flow management[32] Revenue Segments - Revenue from industrial products production and sales was HKD 242,245,000, up from HKD 229,776,000, representing a growth of 5.4%[15] - Electricity sales revenue surged to HKD 95,256,000 from HKD 17,264,000, marking a significant increase of 452.5%[15] - The gross profit for the industrial products segment was HKD 106,014,000, while the energy business reported a gross profit of HKD 25,691,000, contributing to a total gross profit of HKD 131,705,000[17] - The company’s energy business revenue reached approximately HKD 95,256,000, an increase of about HKD 77,992,000 year-on-year[43] Market and Industry Insights - The global PCB market size reached USD 78.6 billion in 2025, with the Chinese market size at RMB 433.32 billion, projected to grow to RMB 476.65 billion by 2026[35] - The Chinese automotive electronics market is expected to reach USD 148.6 billion by 2026, with a year-on-year growth of 5.24%[36] - In 2025, the number of electric vehicle charging infrastructure in China reached 20.698 million, a year-on-year increase of 49.6%, supporting the growth of new energy vehicles[36] - The integrated circuit market in mainland China saw exports of USD 201.9 billion in 2025, a year-on-year increase of 26.8%, marking a historical high[37] Corporate Governance and Compliance - The financial statements were prepared in accordance with the applicable Hong Kong Financial Reporting Standards, ensuring compliance and transparency[10] - The group expects that the newly issued and revised Hong Kong Financial Reporting Standards will not have a significant impact on the consolidated financial statements[13] - The group anticipates that all new and revised accounting standards will be incorporated into its accounting policies starting from the first fiscal year after the announcement date[13] - The audit committee was established to review and monitor the group's internal controls and financial reporting matters, including the annual performance review for the year ending December 31, 2025[66] - The group has adopted the corporate governance code as per the listing rules and has complied with it throughout the year ending December 31, 2025[65] - The group confirmed that it has sufficient public float as required by the listing rules[69] - The group has not engaged in any purchase, redemption, or sale of its listed securities during the year[62] - The group has not utilized any financial instruments for hedging purposes during the year and will take appropriate hedging measures when necessary[61] - The group’s financial statements for the year ending December 31, 2025, have been confirmed by its auditor to be consistent with the audited consolidated financial statements[67] Future Outlook and Strategic Initiatives - The company launched new products including nitrogen wave soldering, semiconductor ovens, and high-precision die bonders in 2025, and obtained 7 new patents, totaling 74 design patents[38] - The energy business is transitioning towards high-quality development, with significant growth in new energy installations and a shift from policy-driven to market-driven and innovation-focused growth[39] - The Chinese government has set a target for new energy storage installations to exceed 100 million kilowatts by 2027, with an expected direct investment of approximately RMB 250 billion[40] - The company’s energy storage project in Shanxi Province, with a planned capacity of 500 MW/1000 MWh, commenced commercial operations in late 2023, enhancing its market presence[42] - The group acknowledges that forward-looking statements regarding business prospects may differ significantly from actual performance due to various factors[71]

Financial Performance - The Group's revenue increased to approximately RMB249.7 million for the six months ended December 31, 2025, compared to approximately RMB179.8 million for the same period in 2024, representing a growth of 38.8%[12][20]. - Gross profit for the Reporting Period was approximately RMB27.7 million, with a gross profit margin of 11.11%, up from RMB10.3 million and 5.7% in the prior year[12][16]. - The Group recorded a loss of approximately RMB50.3 million for the Reporting Period, compared to a loss of RMB40.3 million for the same period in 2024[12][16]. - Revenue from the food products business increased to approximately RMB211.3 million, while the gross margin decreased to 0.8% from 3.1% in the previous year[14][17]. - Revenue from the food and beverage business amounted to RMB38.4 million, significantly up from RMB10.3 million in the prior year, indicating strong growth in this segment[18][19]. - The food products business accounted for 84.6% of total revenue, while the food and beverage business contributed 15.4% during the Reporting Period[21]. - The increase in overall revenue was primarily driven by an increase in sales volume of food products[19][20]. - The Group's gross profit margin increased to approximately 11.1% for the six months ended 31 December 2025, compared to 5.7% for the same period in 2024, primarily driven by the food and beverage business[23]. - Gross profit for the food products business was RMB6,511,000 with a margin of 3.1%, while the food and beverage business generated RMB21,229,000 with a margin of 55.2%[23]. Assets and Liabilities - Net current assets decreased from approximately RMB119.0 million as of 30 June 2025 to approximately RMB93.5 million as of 31 December 2025[33]. - Cash and cash equivalents increased to approximately RMB10.1 million as of 31 December 2025, up from RMB6.8 million as of 30 June 2025, with no bank borrowings[38]. - The gearing ratio improved to 0.47 as of 31 December 2025, down from 0.54 as of 30 June 2025[39]. - Non-current assets decreased to RMB15,192,000 from RMB18,761,000, indicating a reduction of 19.4%[102]. - Current assets decreased to RMB149,510,000 from RMB184,836,000, a decline of 19.1%[102]. - Trade receivables significantly dropped to RMB47,964,000 from RMB143,885,000, a decrease of 66.7%[102]. - As of December 31, 2025, total equity decreased to RMB84,111,000 from RMB103,820,000 as of June 30, 2025, representing a decline of approximately 18.9%[103]. - Non-current liabilities decreased from RMB33,946,000 as of June 30, 2025, to RMB24,531,000 as of December 31, 2025, a reduction of approximately 27.6%[103]. Share Capital and Fundraising - The company completed a placing of 30,820,000 shares on October 9, 2025, generating net proceeds of approximately HK$12.94 million, with intended allocations of 50% for the existing food business, 40% for the food and beverage business, and 10% for general working capital[58][67]. - A subsequent placing of 39,184,000 shares was completed on December 30, 2025, raising approximately HK$20 million, with allocations of 50% for the food business, 30% for the food and beverage business, and 20% for general working capital, expected to be fully utilized by December 2026[61][67]. - The total issued and fully paid shares increased to 258,431,000 shares with a total amount of RMB23,003,000 as of December 31, 2025, compared to 154,010,000 shares and RMB13,469,000 as of June 30, 2025[156]. - The issuance of new shares generated net proceeds of RMB30,244,000 during the six months ended December 31, 2025, compared to RMB12,638,000 in the same period of 2024, reflecting an increase of approximately 138.5%[108]. Market Conditions and Strategy - The consumer goods and retail sector in China remained sluggish in 2025, with deteriorating market conditions impacting consumer confidence and spending power[65]. - The company is focusing on optimizing core operations and refining supply chain management to navigate the challenging market environment and stabilize revenue streams[70][71]. - The Group aims to differentiate itself by offering a broad and convenient choice of safe and quality products, enhancing sales opportunities[13][17]. - Future strategies may include further market expansion and product development to enhance competitiveness in the food and beverage sector[10][11]. - The company aims to enhance market competitiveness and strive for steady development despite the challenging market conditions[70][71]. Governance and Compliance - The Company has adopted the Corporate Governance Code and considers it has complied with the code except for certain provisions[84]. - The roles of chairman and chief executive officer are held by the same individual, Ms. Wang Wana, which the Board believes does not impair the balance of power[87]. - The Audit Committee reviewed and discussed the interim results for the six months ended December 31, 2025, ensuring compliance with the Code[93]. - The auditor's report on the financial statements was unqualified, indicating no significant issues were raised[118]. Employee and Management Information - The Group had 212 full-time employees as of 31 December 2025, a decrease from 229 employees as of 30 June 2025[49]. - The remuneration for key management personnel totaled RMB3,254,000 for the six months ended December 31, 2025, down from RMB4,927,000 for the same period in 2024[161].

Financial Performance - For the fiscal year ending December 31, 2025, the company's revenue was RMB 2,314.26 million, a decrease of 2.93% compared to RMB 2,384.15 million in 2024[4] - The company's profit before tax for 2025 was RMB 155.14 million, down 13.90% from RMB 180.18 million in 2024[4] - Net profit attributable to equity shareholders for 2025 was RMB 109.37 million, a decline of 12.95% from RMB 125.64 million in 2024[4] - Basic earnings per share for 2025 were RMB 0.19, compared to RMB 0.29 in 2024[4] - The company's effective tax expense for 2025 was RMB 24,058,000, down from RMB 32,294,000 in 2024, indicating a reduction of approximately 25.6%[24] - The net profit for the reporting period was RMB 131.08 million, representing an 11.36% decline from RMB 147.88 million in the previous year[42] - The gross profit margin decreased to 18.16%, down from 19.28% in the previous year[41] - The net profit margin for the reporting period was 5.66%, down from 6.20% in the previous year[42] Revenue Breakdown - The company's revenue from cement additives and intermediates was RMB 1,126,887,000 in 2025, down from RMB 1,256,135,000 in 2024, representing a decrease of approximately 10.3%[15] - Revenue from concrete additives and intermediates increased to RMB 1,181,661,000 in 2025, up from RMB 1,124,194,000 in 2024, reflecting a growth of about 5.1%[15] - Total revenue from external customers in mainland China was RMB 2,285,834,000 in 2025, a decrease from RMB 2,382,747,000 in 2024, indicating a decline of approximately 4.1%[18] - The group's total revenue for the reporting period was RMB 2,314.26 million, a decrease of 2.92% compared to the previous year, primarily due to lower raw material prices and reduced cement consumption[44] Assets and Liabilities - The company's total assets as of December 31, 2025, were RMB 1,556.69 million, an increase from RMB 1,186.80 million in 2024[7] - Non-current liabilities rose to RMB 347.33 million in 2025, compared to RMB 258.94 million in 2024[8] - The company's equity attributable to equity shareholders increased to RMB 1,375.09 million in 2025 from RMB 990.63 million in 2024[8] - Total assets at the end of the reporting period were RMB 2,914.69 million, an increase of 18.52% from the previous year, with total liabilities rising by 4.90% to RMB 1,429.72 million[53] Cash Flow - The company's cash and cash equivalents increased significantly to RMB 426.56 million in 2025 from RMB 131.39 million in 2024[7] - The net cash generated from operating activities for the reporting period was RMB 201.85 million, an increase of RMB 35.07 million compared to the same period last year, primarily due to improved management of accounts receivable and accelerated collection of overdue debts[61] - The net cash used in investing activities for the reporting period was RMB 227.16 million, an increase of RMB 90.83 million year-on-year, mainly for the construction of new projects and the purchase of equipment[62] - The net cash generated from financing activities for the reporting period was RMB 320.59 million, an increase of RMB 385.76 million compared to the same period last year, primarily from funds raised through the initial public offering[63] Expenses - Employee costs increased to RMB 212,217,000 in 2025 from RMB 203,959,000 in 2024, marking an increase of approximately 4.9%[20] - The cost of inventory for 2025 was RMB 1,835,520,000, compared to RMB 1,744,729,000 in 2024, representing an increase of about 5.2%[21] - Distribution costs rose by 8.99% to RMB 62.04 million, mainly due to increased marketing expenses for market expansion[49] - Administrative expenses increased by 10.91% to RMB 174.20 million, attributed to higher advisory fees and increased personnel costs[50] - Research and development costs for 2025 were RMB 43.08 million, down from RMB 55.01 million in 2024[5] Shareholder Information - The board proposed a final cash dividend of RMB 0.16 per share for 2025, down from RMB 0.17 per share in 2024[4] - A proposed final cash dividend of RMB 0.16 per share is recommended for the fiscal year ending December 31, 2025, subject to shareholder approval[84] - The company will withhold a 10% corporate income tax on dividends distributed to non-resident H-share shareholders as per Chinese tax regulations[85] - Non-resident individual shareholders from countries with tax treaties with China may benefit from a 10% withholding tax rate on dividends, while those from countries with higher rates will be taxed accordingly[86] Corporate Governance - The company has fully complied with the corporate governance code as per the listing rules since its H shares were listed on January 9, 2025[79] - The audit committee has reviewed the consolidated financial statements and confirmed compliance with applicable accounting standards[82] - The company has not repurchased, sold, or redeemed any of its listed securities since the listing date[81] Future Plans - The company plans to focus on high-quality business development by enhancing revenue and efficiency, targeting key economic zones in China, and expanding its product offerings[74] - The company aims to deepen international market penetration by expanding its global sales network and exploring high-demand regions such as the Middle East and North Africa[74] - The company plans to change the intended use of the net proceeds as disclosed in the prospectus, with further details to be announced[78]

Financial Performance - Revenue for the year ending December 31, 2025, was RMB 4,815.07 million, an increase of 19.81% compared to the previous year[3]. - Gross profit reached RMB 3,685.40 million, reflecting a growth of 20.49% year-over-year[3]. - EBITDA was RMB 1,125.21 million, up RMB 332.84 million from RMB 792.38 million in the previous year[3]. - Net profit attributable to equity holders was RMB 272.44 million, a significant increase of RMB 479.87 million from a loss of RMB 207.43 million in the previous year[3]. - Basic earnings per share were RMB 0.56, while diluted earnings per share were RMB 0.55[3]. - Total revenue for the year ended December 31, 2025, was RMB 4,815,065,000, an increase from RMB 4,018,905,000 in 2024, representing a growth of approximately 19.8%[76]. - Gross profit for the same period was RMB 3,685,395,000, compared to RMB 3,058,631,000 in 2024, indicating a gross margin improvement[76]. - Net profit for the year was RMB 270,034,000, a significant increase from RMB 24,803,000 in 2024, reflecting a growth of over 1,087%[78]. - The company reported total comprehensive income of RMB 262,367,000 for the year, up from RMB 25,636,000 in the previous year[79]. - The company generated substantial operating cash flow, which supports ongoing investments in R&D, production, and marketing[75]. - The company reported a foreign exchange loss of RMB 7,667,000 due to currency fluctuations affecting its overseas subsidiaries[79]. - The company aims to enhance its product portfolio and expand market share through continuous innovation and development efforts[75]. - The company reported a net profit of RMB 272,442,000 for the year, which includes a foreign exchange loss of RMB 7,363,000[84]. - The company’s total comprehensive income for the year includes a special dividend declared by a subsidiary amounting to RMB 584,431,000[84]. Research and Development - The pharmaceutical industry in China is experiencing strong growth driven by economic recovery and policy support, with a focus on innovative drug development[4]. - The company has over 150 approved drugs and has launched 4 innovative drugs, with 50 innovative drugs in development, of which more than 10 are in Phase II or III clinical trials[14]. - The company employs nearly 1,000 R&D personnel, including scientists with extensive experience in multinational pharmaceutical companies[14]. - The company is focusing on core therapeutic areas and has established a competitive innovative drug pipeline through self-innovation strategies[14]. - The company has established an advanced AI-driven model to enhance its innovation capabilities in drug development[14]. - The company plans to accelerate the R&D and commercialization of innovative drugs and biopharmaceuticals to enhance long-term growth[119]. - For the fiscal year ending December 31, 2025, the group reported a total R&D expenditure of RMB 648.69 million, a decrease of 26.92% compared to the same period last year[124]. - The company aims to enhance its core competitiveness and shareholder returns by focusing on R&D, production, and commercialization of innovative drugs and generics[145]. Market and Product Development - The introduction of a commercial health insurance catalog for innovative drugs includes 19 high-priced innovative drugs, marking a significant policy shift[8]. - The number of innovative drugs approved in China has reached a historical high, indicating a shift from "catching up" to "leading" in drug development capabilities[10]. - Internationalization of Chinese innovative drug companies is accelerating, with a notable increase in overseas licensing deals and a shift towards independent commercialization[11]. - The company has successfully submitted a Biologics License Application (BLA) for insulin injection in the U.S. and has achieved overseas licensing for one innovative drug[14]. - The company is developing a triple therapy for hepatitis B, combining siRNA, ASO, and immune regulators to achieve functional cure[30]. - The company is focused on creating a "AI + pharmaceutical" research ecosystem to benefit global patients through innovative drug development strategies[54]. - The company aims to enhance its global capital market position and business flexibility through more agile financing methods, aspiring to become a leading pharmaceutical listed company[149]. Financial Position and Assets - Total assets increased to 7,342,070 thousand RMB from 6,952,754 thousand RMB, representing a growth of approximately 5.6%[82]. - The company's cash and cash equivalents stood at 1,486,796 thousand RMB, slightly up from 1,480,810 thousand RMB, indicating a stable liquidity position[82]. - Total liabilities rose to 6,037,850 thousand RMB from 4,814,251 thousand RMB, marking an increase of approximately 25.3%[82]. - The company's current liabilities increased to 3,197,746 thousand RMB from 2,196,225 thousand RMB, which is a significant rise of about 45.6%[82]. - The company’s total liabilities decreased, indicating improved financial stability and reduced risk exposure[83]. - The total assets of the group as of December 31, 2025, amounted to RMB 11,992.74 million, with total liabilities of RMB 7,654.76 million and equity attributable to shareholders of RMB 4,337.98 million[130]. Awards and Recognition - The group was recognized in the "2025 China Pharmaceutical R&D Strength Ranking TOP 100," highlighting its innovation capabilities in the pharmaceutical industry[60]. - The group received the "2025 China Pharmaceutical Industry Comprehensive Competitiveness Top 100" award, emphasizing its leadership in pharmaceutical R&D and sustainable development[60]. - The group was awarded the "2025 Innovative Value Listed Company" award, recognizing its role in leading industry innovation and future trends[63]. - The group received the 25th China Patent Gold Award for its invention patent on "Phosphate Oseltamivir Granules and Their Preparation Method," recognizing its innovation in the field[59]. Corporate Governance - The company has maintained high standards of corporate governance and complied with all applicable corporate governance codes during the reporting period[156]. - The audit committee has reviewed the company's annual performance announcement and the consolidated financial statements prepared in accordance with international financial reporting standards[159]. - The annual performance announcement is published on the Hong Kong Stock Exchange's disclosure website and the company's website[160]. - The executive directors include Dr. Zhang Yingjun and Dr. Li Wenjia, while the non-executive directors consist of several individuals including Mr. Zhang Yushua and Mr. Tang Xinfang[160].

Financial Performance - In 2025, the company achieved a revenue of approximately RMB 460.3 million, a decrease of 16.5% compared to RMB 551.1 million in 2024[8] - The operating profit for 2025 was RMB 23.97 million, down from RMB 38.83 million in 2024, reflecting a decline of 38.2%[8] - The net profit for 2025 was approximately RMB 7.64 million, a decrease of 21.3% from RMB 9.71 million in 2024[11] - Revenue for the year ended December 31, 2025, decreased by RMB 90.8 million to RMB 460.3 million from RMB 551.1 million in 2024, primarily due to a decline in revenue from telecommunications infrastructure services and digital solutions[21] - Revenue from telecommunications infrastructure services decreased by RMB 65.4 million to RMB 445.3 million in 2025, accounting for 96.7% of total revenue, down from 92.7% in 2024[22] - Revenue from digital solutions services fell by RMB 27.2 million to RMB 13.2 million in 2025, representing 2.9% of total revenue, down from 7.3% in 2024[22] - The group reported that the total transaction value of its top five customers accounted for 97.1% of total revenue, with the largest customer contributing 38.1%[85] - The total transaction value of the group's top five suppliers represented 80.9% of total procurement costs, with the largest supplier accounting for 42.2%[85] Assets and Liabilities - The company’s non-current assets increased to RMB 108.66 million in 2025 from RMB 92.49 million in 2024, marking a growth of 17.5%[8] - Current assets rose to RMB 1.40 billion in 2025, up from RMB 1.31 billion in 2024, indicating an increase of 5.7%[8] - The total equity attributable to shareholders was RMB 431.54 million in 2025, slightly up from RMB 423.90 million in 2024, showing a growth of 1.5%[8] - The total bank loans amounted to approximately RMB 565.0 million as of December 31, 2025, with various interest rates and repayment terms[40] - As of December 31, 2025, the company's debt-to-equity ratio is 1.3 times, up from 0.9 times on December 31, 2024, primarily due to an increase in bank loan balances[42] - As of December 31, 2025, the company has pledged assets with a book value of approximately RMB 1,168.9 million for bank loans and financing, compared to RMB 991.6 million as of December 31, 2024[48] Operational Efficiency and Strategy - The company plans to enhance operational efficiency and cost control measures to mitigate the impact of macroeconomic challenges on its business[11] - The company plans to focus on core telecommunications operator clients and expand into AI and other new business areas to diversify revenue sources[13] - The company aims to enhance its research and development investment in telecommunications infrastructure, big data analysis, and AI algorithm optimization to drive service upgrades[13] - The company emphasizes operational efficiency and cost control to improve resource utilization and withstand market fluctuations[13] - The company will explore mergers and acquisitions and strategic partnerships to accelerate scale expansion and industry upgrades[14] Expenses and Profitability - The group’s sales cost decreased from RMB 444.8 million for the year ended December 31, 2024, to RMB 391.7 million during the reporting period, a reduction of RMB 53.1 million, consistent with the decline in revenue[24] - Gross profit fell from RMB 106.2 million for the year ended December 31, 2024, to RMB 68.5 million during the reporting period, a decrease of RMB 37.7 million, aligning with the drop in revenue[25] - The overall gross margin decreased by 4.4 percentage points compared to 2024, primarily due to a decline in revenue from higher-margin digital solutions services[26] - Administrative expenses decreased from RMB 26.1 million for the year ended December 31, 2024, to RMB 14.5 million during the reporting period, a reduction of RMB 11.6 million, attributed to lower professional service fees post-IPO[29] - Research and development expenses decreased from RMB 25.7 million for the year ended December 31, 2024, to RMB 16.1 million during the reporting period, a reduction of RMB 9.6 million, as the company focused on early-stage R&D in telecom infrastructure and AI[30] - The pre-tax profit decreased from RMB 23.5 million for the year ended December 31, 2024, to RMB 3.6 million during the reporting period, a decline of RMB 19.9 million, primarily due to reduced revenue[33] Cash Flow and Financial Position - The net cash used in operating activities during the reporting period was approximately RMB 246.4 million, influenced by a pre-tax profit of approximately RMB 3.6 million and significant cash outflows from working capital changes[36] - As of December 31, 2025, the group's cash and cash equivalents were RMB 36.8 million, a decrease of RMB 98.1 million from RMB 135.0 million on December 31, 2024, mainly due to cash outflows from operating activities[40] - The company has not made any significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the reporting period[49] - The company has no future plans for significant investments or acquisitions of capital assets as of the report date[50] - The company has not incurred any capital commitments during the reporting period[46] Governance and Compliance - The company strictly complies with laws and regulations affecting its operations, including those related to telecommunications services and foreign investments[82] - There were no significant violations or non-compliance with applicable laws and regulations during the reporting period[83] - The company has adopted and complied with all applicable code provisions under the corporate governance code[149] - The board is responsible for all significant matters, including policy issues, strategy, and financial reporting[154] - The company has established a remuneration committee to review and recommend compensation for directors and senior management[103] - The audit committee reviewed the financial statements and confirmed compliance with applicable accounting standards and regulations[143] - The company has established four committees under the board, including the audit committee, to oversee specific areas of governance[171] Shareholder and Director Information - The board consists of nine directors, including six executive directors and three independent non-executive directors[156] - The chairman and CEO roles are held by the same individual, Liu Haokong, which the board believes enhances unified leadership and effective execution of administrative functions[160] - The company will propose the reappointment of KPMG as auditors at the upcoming annual general meeting[145] - The company has no available reserves for distribution to shareholders as of December 31, 2025[93] - The company made donations of approximately RMB 0.2 million during the reporting period[91] Stock Option Plan - The stock option plan was adopted on June 17, 2024, and is valid for a period of 10 years, with approximately 8 years and 3 months remaining as of the report date[109] - The maximum number of shares that may be issued under the stock option plan is capped at 10% of the total issued shares as of the listing date, equating to 64,000,000 shares[114] - The sub-limit for shares to be issued to service providers under the stock option plan is set at 6,400,000 shares, representing 1% of the total issued shares as of the listing date[114] - The vesting period for any stock options granted cannot be less than 12 months from the grant date, and the options must be exercised within 10 years from the grant date[123] - The company has not granted, exercised, canceled, or allowed any stock options to expire under the stock option plan since its adoption until the report date[125] Risk Management and Internal Controls - The board is responsible for the continuous supervision of the group's risk management and internal control systems, reviewing their effectiveness at least annually[194] - The group has established an audit committee to review and oversee the financial reporting process and internal control systems[195] - The group has adopted a whistleblowing policy to promote compliance, ethical behavior, and good corporate governance[196] - The group has implemented an anti-corruption policy as an integral part of its corporate governance framework[198] - The board has reviewed the effectiveness of the internal control and risk management systems and deemed them effective and sufficient[195]

Financial Performance - For the fiscal year ending December 31, 2025, the total revenue of Q P Group Holdings Limited was approximately HKD 1,125.4 million, a decrease of about 7.1% compared to HKD 1,210.9 million for the fiscal year 2024[3]. - The profit attributable to equity shareholders for the fiscal year 2025 was approximately HKD 59.4 million, representing a decline of about 54.0% from HKD 129.1 million in fiscal year 2024[3]. - Basic earnings per share for the fiscal year 2025 were approximately HKD 0.1116, down from HKD 0.2427 in fiscal year 2024[4]. - The gross profit for the fiscal year 2025 was approximately HKD 390.3 million, down from HKD 436.2 million in fiscal year 2024[4]. - Total comprehensive income for the fiscal year 2025 was HKD 82.7 million, compared to HKD 106.0 million in fiscal year 2024[5]. - The operating profit before tax for the year ending December 31, 2025, was HKD 68,982,000, down from HKD 149,103,000 in 2024, indicating a decrease of 53.8%[19][20]. - The net profit for the year ending December 31, 2025, was HKD 58,052,000, a significant drop of 54.4% from HKD 127,281,000 in 2024[19][20]. - The group's net profit attributable to equity shareholders decreased to approximately HKD 59.4 million in FY2025, down about 54.0% from approximately HKD 129.1 million in FY2024[47]. - The gross profit margin for OEM sales declined, contributing to a decrease in overall operational efficiency[47]. Dividends - The board proposed a final dividend of HKD 0.05 per share for the fiscal year 2025, compared to HKD 0.11 per share for fiscal year 2024[3]. - The proposed final dividend per share for 2025 is HKD 0.05, down from HKD 0.11 in 2024, with total dividends declared for the year amounting to HKD 69,160,000 compared to HKD 58,520,000 in the previous year[30]. - The board of directors has proposed a final dividend of HKD 0.05 per share for the fiscal year ending December 31, 2025, amounting to approximately HKD 26.6 million, pending shareholder approval[84]. Assets and Liabilities - Non-current assets increased to HKD 731.2 million in fiscal year 2025 from HKD 629.1 million in fiscal year 2024, primarily due to an increase in property, plant, and equipment[6]. - Current assets decreased to HKD 439.6 million in fiscal year 2025 from HKD 541.8 million in fiscal year 2024, with cash and bank balances dropping significantly to HKD 111.0 million from HKD 246.5 million[6]. - Total liabilities decreased to HKD 275.0 million in fiscal year 2025 from HKD 288.7 million in fiscal year 2024[7]. - Total equity attributable to equity shareholders increased to HKD 897.9 million in fiscal year 2025 from HKD 883.0 million in fiscal year 2024[6]. - As of December 31, 2025, the group's current assets net value was approximately HKD 173.2 million, down from approximately HKD 269.0 million as of December 31, 2024[63]. - The total borrowings, liabilities under supplier financing arrangements, and lease liabilities amounted to approximately HKD 64.1 million as of December 31, 2025, compared to approximately HKD 70.7 million as of December 31, 2024[64]. - The capital debt ratio was approximately 7.2% as of December 31, 2025, compared to 8.0% as of December 31, 2024[72]. Revenue Breakdown - Revenue from the United States for 2025 was HKD 671,589,000, down from HKD 772,747,000 in 2024, representing a decrease of 13.1%[20]. - Revenue from Europe increased to HKD 209,132,000 in 2025, up from HKD 198,277,000 in 2024, showing a growth of 5.4%[20]. - The group identified two reportable segments: website sales and OEM sales, with website sales generating HKD 248,374,000 and OEM sales generating HKD 877,040,000 in 2025[19]. - OEM sales revenue fell from approximately HKD 984.8 million in FY2024 to about HKD 877.0 million in FY2025, representing a decrease of approximately 10.9%[52]. - Website sales revenue increased to approximately HKD 248.4 million in FY2025, up about 9.9% from approximately HKD 226.1 million in FY2024[52]. Expenses - Selling and distribution expenses increased by approximately 2.9% to about HKD 107.7 million in fiscal year 2025, up from approximately HKD 104.7 million in fiscal year 2024, primarily due to higher employee costs and increased promotional expenses[58]. - Administrative expenses rose by approximately 4.8% to about HKD 212.5 million in fiscal year 2025, compared to approximately HKD 202.8 million in fiscal year 2024, mainly due to higher indirect costs associated with the expansion and development of the Vietnam factory[59]. - Research and development expenses for 2025 were approximately HKD 21,922,000, a decrease from HKD 28,939,000 in 2024[22]. - The sales cost decreased by approximately 5.1% from about HKD 774.8 million in FY2024 to approximately HKD 735.1 million in FY2025, primarily due to reduced procurement orders from OEM customers[54]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules, ensuring high standards of corporate governance to protect shareholder interests[78]. - The audit committee consists of three independent non-executive directors who reviewed the accounting principles and practices adopted by the group[80]. - The board composition includes a mix of experienced executives and independent directors, enhancing decision-making[87]. - The company is committed to transparency by adhering to listing rules and regulations[87]. - The company emphasizes its commitment to shareholder engagement through timely reporting[87]. - The announcement highlights the importance of corporate governance in maintaining investor confidence[87]. Future Outlook - The group anticipates moderate growth in its main markets in 2026, despite ongoing geopolitical tensions and rising living costs affecting consumer demand[48]. - The group plans to enhance its production capabilities in Vietnam to better meet customer demands for production solutions outside of China[50]. - The group aims to expand its product offerings in the collectible card and entertainment accessory categories, collaborating with well-known brands and IPs[49]. Employee Information - As of December 31, 2025, the company had a total of 3,367 employees, an increase from 2,976 employees as of December 31, 2024[74]. - Total employee costs for the fiscal year 2025 amounted to approximately HKD 401.7 million, compared to HKD 381.3 million for the fiscal year 2024, reflecting an increase of about 5.4%[74]. Miscellaneous - The company has not purchased, sold, or redeemed any of its listed securities during the fiscal year ending December 31, 2025[75]. - The company will hold its annual general meeting on June 11, 2026, with relevant notices to be sent to shareholders in due course[83]. - The company will suspend share transfer registration from June 8, 2026, to June 11, 2026, to determine eligibility for attending the annual general meeting[85]. - The annual performance announcement will be published on the Hong Kong Stock Exchange and the company's website[87]. - The annual report for the year ending December 31, 2025, will be sent to shareholders by April 30, 2026, or earlier[87]. - The chairman of the board is Zheng Wenwei, indicating leadership continuity[87]. - The announcement date is March 31, 2026, reflecting the company's timely communication strategy[87]. - The company has not disclosed any significant events that occurred after December 31, 2025, up to the announcement date[76].

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 33,364,000, a decrease of 53.6% compared to RMB 71,866,000 in 2024[4] - Gross profit for the same period was RMB 30,757,000, down 50.5% from RMB 62,121,000 in 2024[4] - Net loss for the year was RMB 131,435,000, a slight improvement of 8.6% compared to a net loss of RMB 143,777,000 in 2024[4] - Cash and cash equivalents at the end of the reporting period were RMB 456,767,000, a decrease of 2.1% from RMB 466,636,000 in 2024[4] - The company's revenue for the reporting period was RMB 334 million, a decrease of 53.5% compared to RMB 719 million for the year ending December 31, 2024, primarily due to fluctuations in sales from the product "Uterine Dron Injection" resulting from adjustments in market sales strategy[48] - Operating income increased by 2,800.0% from RMB 0.1 million for the year ended December 31, 2024, to RMB 2.9 million for the year ended December 31, 2025, mainly due to increased income from marketing service deposits[56] - The total comprehensive income for 2025 was RMB 133,523,267.22, compared to a total comprehensive loss of RMB 143,412,888.15 in 2024[95] - Basic and diluted earnings per share for 2025 were both -0.36, compared to -0.41 in 2024[95] Research and Development - Research and development expenses decreased by 28.6% to RMB 82,993,000 from RMB 116,292,000 in 2024[4] - The company has developed a core product, UTD1, which was approved for market in 2021, and has 19 additional products in its research pipeline[6] - Clinical trials for UTD2, an oral formulation, have shown promising results, significantly reducing the incidence of grade 3 peripheral neuropathy from 25.1% to 2%[7] - The company is advancing a next-generation antibody-drug conjugate (ADC) technology platform, aiming for IND-enabling stage by 2026[9] - The company is actively expanding its clinical research for UTD2, including multiple large-scale studies for triple-negative breast cancer and advanced gastric cancer[8] - The company has successfully initiated key clinical trials for UTD1 in both the US and China, focusing on metastatic breast cancer and lung cancer brain metastases[7] - The clinical study of Urotide injection for unresectable advanced pancreatic cancer showed an objective response rate (ORR) of 27.27% and a disease control rate (DCR) of 72.72%, with a median overall survival (mOS) of 9.57 months[20] - The clinical development pipeline for Urotide is expanding with multiple ongoing phase II/III trials globally, indicating strong market potential[24] Clinical Trials and Efficacy - The company has completed nearly 90% of patient enrollment for the Phase III clinical trial of Uterodron injection for HER2-negative breast cancer, with a low incidence of adverse events[12] - In the Phase II trial for advanced gastric cancer and esophageal cancer, the company reported a clinical benefit rate (CBR) of 100% and an overall response rate (ORR) of 65.2% for gastric cancer[13] - The CNS-ORR for the combination of Uterodron and Bevacizumab in treating HER2-negative breast cancer brain metastases reached 42.6%, with a median progression-free survival (PFS) of 7.7 months[14] - In another Phase II trial, the CNS-ORR for Uterodron combined with Bevacizumab and chemotherapy in brain metastases was 67.6%, with a median CNS-PFS of 15 months[16] - The company initiated a key Phase II trial for Uterodron combined with Bevacizumab for lung cancer brain metastases, showing promising efficacy signals and manageable safety[18] - The CNS-ORR for the combination treatment of HER2-positive breast cancer brain metastases was reported at 54.0%, with a median PFS of 8.6 months[17] - The company is conducting a critical Phase II trial in the U.S. for Uterodron combined with Capecitabine for breast cancer brain metastases, marking a significant step in its international strategy[19] Financial Position and Assets - Current assets decreased by 18% from RMB 620.1 million as of December 31, 2024, to RMB 508.6 million as of December 31, 2025, due to funding for R&D activities and operational support[62] - The company reported total assets of RMB 774,268,756.42 as of December 31, 2025, a decrease of 15.2% from RMB 913,244,257.82 on December 31, 2024[91] - Total liabilities decreased to RMB 108,190,460.33, a reduction of 11.7% from RMB 122,496,605.92 in the previous year[92] - The company's equity attributable to shareholders decreased to RMB 666,078,296.09, down 15.8% from RMB 790,747,651.90 as of December 31, 2024[93] - Accounts receivable dropped significantly to RMB 7,156,522.30 from RMB 23,152,252.38, indicating a decline of 69%[91] - The company reported a significant increase in other receivables, rising to RMB 58,865,263.75 from RMB 852,101.37, marking a growth of over 6800%[91] Corporate Governance and Compliance - The audit committee consists of three independent non-executive directors, ensuring compliance with relevant accounting standards and regulations[79] - The independent auditor's report indicates a qualified opinion due to concerns over the recoverability of a USD 3 million investment in a non-listed fund[81] - The company has made a provision for bad debts amounting to approximately RMB 21.09 million related to the aforementioned investment[82] - The company has not disclosed any significant post-reporting period events affecting its business or financial performance[88] - The company operates in a single segment focused on the research, development, manufacturing, and sales of innovative drugs[133] Market Strategy and Future Plans - The company plans to enhance domestic commercialization capabilities and establish a global marketing network with an allocation of HKD 5.88 million[78] - The company is focusing on developing Uterine Dron capsules to provide better convenience and compliance for patients, with ongoing II/III phase clinical trials in various cancers[42] - The company aims to accelerate the development of ADC products using Uterine Dron and its derivatives as effective payloads, enhancing product diversification and competitiveness[43] - The company plans to expand clinical trials for Uterine Dron injection to multiple indications beyond advanced breast cancer, including pancreatic cancer and brain metastases from breast cancer and lung cancer[41] - The company has strengthened its collaboration with Qingdao Baiyang Pharmaceutical Co., Ltd. to enhance market promotion services for Uterine Dron, aiming to integrate resources more efficiently and expand market space[37]

Financial Performance - The company's revenue for the year ended December 31, 2025, was RMB 785.58 million, a decrease of RMB 66.75 million or 7.8% compared to RMB 852.33 million in 2024[3]. - Gross profit fell to RMB 154.01 million, down RMB 179.38 million or 53.8% from RMB 333.39 million in the previous year[3]. - The net loss attributable to shareholders was RMB 77.72 million, a decline of RMB 223.36 million or 153.4% compared to a profit of RMB 145.65 million in 2024[3]. - Adjusted net loss attributable to shareholders was RMB 41.94 million, a decrease of RMB 217.66 million or 123.9% from an adjusted profit of RMB 175.72 million in 2024[3]. - Basic and diluted loss per share were both RMB (14.10), representing a decline of 152.9% and 154.1% respectively compared to RMB 26.68 and RMB 26.08 in the previous year[3]. - The group recorded a net loss attributable to the company's owners of RMB 77.7 million for the year ended December 31, 2025, compared to a net profit of RMB 145.6 million for the year ended December 31, 2024[12]. - The group’s revenue from private education services decreased from RMB 852,327 thousand in 2024 to RMB 785,580 thousand in 2025, representing a decline of approximately 7.8%[47]. - The group reported a net loss attributable to owners of the company of RMB 77,718 thousand in 2025, compared to a profit of RMB 145,645 thousand in 2024, reflecting a significant decline in performance[56]. - Basic loss per share for 2025 was RMB (14.10), down from earnings of RMB 26.68 per share in 2024, indicating a substantial negative shift in profitability[56]. Operational Costs and Expenses - The overall increase in operational costs, including rent and salaries, has negatively affected gross and net profit in the short term[10]. - Sales costs increased by 21.7% to RMB 631.6 million, primarily due to higher teacher salaries and the expansion of learning centers[15]. - Administrative expenses rose by 23.0% to RMB 157.3 million, reflecting increased personnel costs associated with business expansion[15]. - The group incurred a net loss of RMB 26,778 thousand in 2025 from other (losses)/gains, compared to a gain of RMB 14,503 thousand in 2024, showing a significant deterioration in this area[52]. - Employee benefit expenses decreased from RMB 624,166 thousand in 2024 to RMB 493,131 thousand in 2025, a reduction of about 20.9%[53]. - The group’s financial costs, including bank loan interest expenses, increased from RMB 12,932 thousand in 2024 to RMB 10,333 thousand in 2025[53]. Business Strategy and Expansion - The company is expanding its business strategy in Guangdong Province, with new learning centers in Guangzhou showing promising enrollment and operational performance[10]. - New learning centers are offering lower-priced trial courses to attract students, which has resulted in lower initial revenue but aims to convert trial participants into paying students[10]. - The group plans to enhance its "Le Xue" brand development and diversify its offerings in quality education, including arts, sports, and international literacy[12]. - The company aims to maintain a strong cash flow and control costs while leveraging technology and artificial intelligence to improve service quality and operational efficiency[13]. Financial Position and Assets - Total equity increased to RMB 803.4 million as of December 31, 2025, up from RMB 634.8 million in 2024, representing a growth of 26.5%[17]. - Cash and cash equivalents rose by 21.0% to RMB 472.7 million from RMB 390.7 million in 2024, primarily due to net cash inflows from operating and financing activities[17]. - Current assets increased to RMB 711.6 million, up from RMB 556.0 million in 2024, with significant contributions from financial assets at fair value and cash balances[17]. - Current liabilities grew to RMB 601.8 million, compared to RMB 480.3 million in 2024, with contract liabilities at RMB 286.0 million, up from RMB 241.1 million[17]. - The asset-liability ratio as of December 31, 2025, was 8.7%, an increase from 6.3% in 2024, indicating a higher leverage position[17]. - Total assets increased to RMB 1,649,631, up 24.2% from RMB 1,327,425 in 2024[33]. - Non-current assets rose to RMB 938,053, an increase of 21.6% from RMB 771,384 in 2024[33]. - Total liabilities increased to RMB 846,253, a rise of 22.2% from RMB 692,582 in 2024[34]. Shareholder and Governance Matters - The board does not recommend a final dividend for the year ending December 31, 2025, maintaining a focus on reinvestment[26]. - The company has no major contingent liabilities or pending litigation as of December 31, 2025, ensuring a stable risk profile[23]. - The company maintained compliance with all applicable corporate governance codes as of December 31, 2025[69]. - The company is committed to maintaining compliance with the listing rules of the Hong Kong Stock Exchange[75]. - The board includes both executive and independent non-executive directors, ensuring a diverse governance structure[76]. - The company has adopted a share incentive plan on December 28, 2020, which is part of its corporate governance strategy[75]. - The stock option plan approved on June 3, 2019, will terminate upon the adoption of the share plan on February 27, 2024[77]. Future Outlook - The company is focused on future business outlook and financial performance estimates based on current available data[76]. - The board emphasizes that forward-looking statements involve risks and uncertainties, and should not be overly relied upon by shareholders and potential investors[76]. - The board's statements are based on various forecasts and assumptions, which may not materialize in the future[76].

Financial Performance - Revenue for the year ending December 31, 2025, was HKD 271,075,000, a decrease of 33.7% compared to HKD 408,591,000 in the previous year[4] - Gross profit for the same period was HKD 169,729,000, down 33.5% from HKD 255,128,000 year-on-year[4] - The net profit for the year was HKD 21,688,000, a significant decrease of 119.6% compared to a loss of HKD 110,562,000 in the previous year[4] - Total revenue for the year ended December 31, 2025, was CNY 271,075,000, a decrease of 33.7% compared to CNY 408,591,000 in 2024[5] - Gross profit for 2025 was CNY 169,729,000, down 33.5% from CNY 255,128,000 in 2024[5] - Net income for the year was CNY 21,688,000, compared to a net loss of CNY 110,562,000 in 2024[7] - Total comprehensive income for the year was CNY 14,248,000, compared to a total comprehensive loss of CNY 103,796,000 in 2024[7] Market Challenges - The company anticipates continued challenges in the market, impacting future performance and growth strategies[4] - The company is facing pressure on overall profits due to ongoing price competition in the industry[41] - The company is actively seeking new growth points amid industry challenges[41] Operational Metrics - The total number of used cars traded and serviced was 299,000, representing a decline of 27.4% from an estimated 412,000 in the previous year[4] - The company provided value-added services for approximately 141,000 used cars, a decrease of 34.6% compared to 206,000 in the previous year[4] - The number of used cars sold through auctions was around 17,000, down 31.6% from the previous year[4] - The total number of vehicles uploaded for auction was approximately 310,000, a decrease from about 394,000 in 2024[59] Revenue Breakdown - Revenue from second-hand car auction commissions and service fees was RMB 179,453 thousand in 2025, down from RMB 262,952 thousand in 2024, reflecting a decline of about 31.7%[16] - Revenue from second-hand car value-added services was RMB 42,059 thousand in 2025, compared to RMB 69,041 thousand in 2024, representing a decrease of approximately 39.1%[16] - Revenue from second-hand car sales arrangement was RMB 36,325 thousand in 2025, down from RMB 49,564 thousand in 2024, showing a decline of about 26.7%[16] Cost Management - Operating expenses, including selling and administrative expenses, totaled CNY 145,930,000, a decrease from CNY 214,466,000 in 2024[5] - The total cost of sales for the second-hand vehicle auction business was 82,366 thousand RMB, down from 118,039 thousand RMB, showing a reduction of approximately 30.2%[24] - Selling and distribution expenses decreased by 27.5% to RMB 58.3 million from RMB 80.4 million for the year ended December 31, 2024, mainly due to reduced payroll expenses from a decrease in personnel[76] Asset and Liability Management - Total non-current assets decreased to RMB 74,352 million in 2025 from RMB 92,074 million in 2024, representing a decline of approximately 19.2%[8] - Total liabilities for current liabilities were RMB 236,302 million in 2025, compared to RMB 262,285 million in 2024, reflecting a reduction of approximately 9.9%[9] - The company reported a cash and cash equivalents balance of RMB 827,464 million in 2025, down from RMB 1,046,599 million in 2024, a decrease of about 21%[8] Strategic Initiatives - The company is focusing on enhancing its service offerings and expanding its market presence to recover from the downturn[4] - The company plans to enter the overseas market in 2026, with the first batch of used cars expected to be shipped abroad in April, marking a significant step in its international expansion[48] - The company aims to enhance cooperation with new energy vehicle manufacturers to improve the assessment and trading capabilities of used new energy vehicles[68] Research and Development - Investment in research and development increased by 15.0% to HKD 12.5 million, up from HKD 8.2 million[110] - The company plans to enhance its digital tools using artificial intelligence for analyzing second-hand vehicle images, with an investment of HKD 2.4 million, representing a 2.4% increase[110] Corporate Governance - The company maintains a strong commitment to corporate governance and compliance with listing rules[100] - The audit committee believes that the consolidated financial statements comply with applicable accounting standards and regulations[104]

Financial Performance - For the fiscal year ending December 31, 2025, MINISO Group reported revenue of RMB 21,443.827 million, a 26.5% increase from RMB 16,994.025 million in 2024[5] - Gross profit for the same period was RMB 9,648.119 million, representing a gross margin of approximately 45%[5] - Operating profit decreased slightly to RMB 3,303.123 million, down from RMB 3,315.789 million in 2024, indicating a marginal decline of 0.4%[5] - The net profit attributable to equity shareholders was RMB 1,205.045 million, a significant drop of 53.9% compared to RMB 2,617.560 million in 2024[5] - Basic earnings per share (EPS) for 2025 was RMB 0.98, down from RMB 2.11 in 2024, reflecting a decrease of 53.7%[5] - Adjusted operating profit for 2025 was RMB 3,670.992 million, an increase of 7.5% from RMB 3,400.973 million in 2024[5] - Adjusted net profit for 2025 was RMB 2,898.163 million, up 6.6% from RMB 2,720.612 million in 2024[5] - Adjusted EBITDA for 2025 reached RMB 4,959.949 million, a growth of 14.4% compared to RMB 4,334.325 million in 2024[5] Store Expansion and Operations - The total number of MINISO stores increased from 7,504 in 2024 to 8,151 in 2025, representing a growth of 8.6%[10] - The number of TOP TOY stores increased from 276 in 2024 to 334 in 2025, marking a growth of 21.0%[10] - The number of partners operating MINISO stores in mainland China increased from 1,071 in 2024 to 1,157 in 2025, a net increase of 86 partners[16] - The total number of MINISO stores in mainland China reached 4,568 by December 31, 2025, up from 4,386 in 2024, an increase of 4.1%[12] - As of December 31, 2025, the company operates 700 directly operated stores, 432 partner stores, and 2,451 agent stores in overseas markets[17] - The total number of overseas stores increased from 3,118 in 2024 to 3,583 in 2025, representing a growth of approximately 14.9%[18] Revenue and Sales Growth - Revenue from the Miniso brand increased by 22.0% to RMB 19,524.9 million, with overseas revenue growing by 29.3% and accounting for 44.2% of total Miniso revenue[29] - The total Gross Merchandise Value (GMV) generated by the group is approximately RMB 37.1 billion for the fiscal year ending December 31, 2025[10] - The average monthly SKU launched across all channels for MINISO is approximately 1,600, indicating a proactive expansion of product variety[11] - The total GMV for overseas markets increased from RMB 14,001 million in 2024 to RMB 16,757 million in 2025, a growth of approximately 19.7%[22] Financial Metrics and Adjustments - The company emphasized the importance of non-IFRS financial metrics for evaluating operational performance and business planning[6] - Management indicated that the adjusted financial metrics provide a clearer view of the company's operational performance without the impact of non-cash and other adjustments[7] - The adjusted operating profit is projected to be RMB 3,670,992, an increase from RMB 3,400,973 in 2024, reflecting a growth of approximately 7.9%[9] - The adjusted EBITDA for the fiscal year ending December 31, 2025, is projected to be RMB 4,959,949, up from RMB 4,334,325 in 2024, indicating a growth of approximately 14.4%[9] Expenses and Costs - Sales cost for the fiscal year ending December 31, 2025, was RMB 11,795.7 million, a year-on-year increase of 26.1% from RMB 9,357.0 million in 2024[30] - General and administrative expenses rose to RMB 1,225.4 million, a year-on-year increase of 31.5% from RMB 931.7 million in 2024[34] - Financial costs net amount for the fiscal year ending December 31, 2025, was RMB 326.5 million, significantly up from RMB 25.8 million in 2024, primarily due to increased interest expenses related to bank loans[39] Cash Flow and Investments - The net cash generated from operating activities for the fiscal year ending December 31, 2025, was RMB 2,577.9 million, up from RMB 2,168.3 million for the fiscal year ending December 31, 2024[47] - The company's capital expenditures for the fiscal year ending December 31, 2025, were RMB 997.7 million, compared to RMB 762.5 million for the fiscal year ending December 31, 2024[47] - The company raised a net amount of USD 457,079,647 (approximately HKD 3,553,839,963) from the issuance of equity-linked securities and call option spreads, intended for overseas store network expansion and other corporate purposes[53] Shareholder Returns and Dividends - The company declared a final cash dividend of USD 0.3764 per American Depositary Share, totaling approximately USD 115.8 million, which is about 50% of the adjusted net profit for the six months ending December 31, 2025[86] - The company has adopted a revised dividend policy allowing for annual dividends equivalent to approximately 50% of adjusted net profit, which excludes certain items as defined by management[80] Corporate Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code as of December 31, 2025, except for the recommendation regarding the separation of the roles of Chairman and CEO, which are held by the same individual, Mr. Ye Guofu[69] - The Audit Committee has reviewed the unaudited annual results for the fiscal year ending December 31, 2025, and confirmed that the financial data aligns with the preliminary consolidated financial statements[73] Strategic Initiatives and Future Plans - The company plans to strategically launch MINISO LAND stores to enhance consumer experience and set new benchmarks for retail operations[26] - The company aims to optimize product-market fit and leverage diverse sales channels to create strong synergies within its product matrix[26] - The company plans to continue optimizing the TOP TOY brand's product supply and improve operational efficiency to enhance market share and brand image[27] - The company plans to expand its market presence, focusing on new product development and technological advancements to drive future growth[91]