Financial Performance - Revenue for the year ended December 31, 2025, was HKD 96,234,000, a decrease of 35% from HKD 148,017,000 in 2024[2] - Gross loss for 2025 was HKD 5,153,000 compared to a gross loss of HKD 275,000 in 2024[3] - Net loss for the year was HKD 98,304,000, slightly higher than the net loss of HKD 94,846,000 in 2024[3] - Basic loss per share for 2025 was HKD 37.81, compared to HKD 36.48 in 2024[2] - The adjusted pre-tax loss for the year ending December 31, 2025, was HKD 106,831,000, compared to a loss of HKD 91,329,000 in 2024, indicating a deterioration in performance[19] - The company's pre-tax loss for 2025 was HKD 98,304,000, compared to a loss of HKD 94,846,000 in 2024[28] - The group reported a loss attributable to owners of approximately HKD 98.3 million for the year ending December 31, 2025, compared to a loss of approximately HKD 94.8 million in 2024[43] - The net loss attributable to shareholders was approximately HKD 98.3 million, representing an increase of about 3.7% from a loss of HKD 94.8 million in 2024[88] Assets and Liabilities - Total assets decreased to HKD 274,339,000 in 2025 from HKD 355,592,000 in 2024[4] - Current liabilities increased to HKD 47,023,000 in 2025 from HKD 39,439,000 in 2024[5] - Accounts receivable increased to HKD 181,831,000 in 2025 from HKD 171,857,000 in 2024, with total accounts receivable after provisions amounting to HKD 44,635,000, up from HKD 35,048,000[29] - The provision for accounts receivable losses was HKD 137,196,000 in 2025, slightly up from HKD 136,809,000 in 2024[29] - The group's cash and cash equivalents were approximately HKD 5.2 million as of December 31, 2025, down from approximately HKD 17.8 million in 2024[44] Revenue Breakdown - The total revenue from customer contracts for the year ending December 31, 2025, was HKD 96,234,000, a decrease of 35% from HKD 148,017,000 in 2024[16] - The segment revenue for the cable and related products division was HKD 95,907,000, while the fiber segment contributed HKD 327,000, totaling HKD 96,234,000 for external sales[19] - The company's total revenue decreased from approximately HKD 148.0 million for the year ended December 31, 2024, to approximately HKD 96.2 million for the year ended December 31, 2025, primarily due to a significant drop in sales of optical cables to a customer in Thailand, which fell from approximately HKD 35.2 million to about HKD 1.9 million[33] - Sales of optical cables to overseas customers also declined from approximately HKD 58.0 million to HKD 37.7 million, a decrease of HKD 20.3 million[33] Expenses and Costs - The group's cost of sales decreased by approximately 31.6% to about HKD 101.4 million for the year ending December 31, 2025, compared to the same period in 2024[34] - Selling and distribution expenses increased by approximately 14.3% to about HKD 4.0 million for the year ending December 31, 2025, primarily due to increased sales commission and employee costs[39] - Management expenses slightly decreased by about 1% to approximately HKD 18.3 million for the year ending December 31, 2025[40] - Financing costs decreased from approximately HKD 1.6 million to about HKD 1.0 million for the year ending December 31, 2025, mainly due to reduced bank borrowings[41] - The company reported a total employee cost of HKD 21,938,000 in 2025, down from HKD 22,841,000 in 2024[7] Impairment and Losses - Financial asset impairment losses decreased by approximately HKD 3.6 million or about 7.6% to approximately HKD 43.6 million for the year ending December 31, 2025[36] - Property, plant, and equipment impairment losses amounted to approximately HKD 40.0 million for the year ending December 31, 2025, compared to zero in 2024[37] - Gross loss increased from approximately HKD 0.3 million to about HKD 5.2 million, with the gross loss margin rising from about 0.2% to approximately 5.4% for the year ending December 31, 2025[35] Corporate Governance and Compliance - The company has a strong commitment to corporate governance, adhering to the applicable provisions of the corporate governance code[98] - The independent non-executive directors have confirmed that the ongoing related transactions are conducted in the ordinary course of business and are fair and reasonable[77] - The company has adopted a code of conduct for securities trading by directors, confirming compliance since the listing date[100] Future Outlook and Strategy - The company plans to deepen cooperation with telecom operators to support 5G construction, aiming to maintain and expand market share[91] - The fiber optic and cable industry is expected to experience moderate growth driven by the large-scale deployment of information infrastructure and new technologies such as AI and cloud computing[91] - The company will continue to optimize its product mix and enhance technological barriers to strengthen competitive advantages and profitability[92] - The company is considering strategic acquisitions to bolster its product offerings and market presence[116] - Overall, the company remains optimistic about achieving its long-term growth targets despite market challenges[116] Related Transactions - The company has ongoing related transactions with Futong Group International, including property rental agreements[70] - The total payments made to Futong Group International for the use of the property were approximately HKD 9.2 million, HKD 10.8 million, HKD 9.9 million, HKD 8.4 million, and HKD 7.8 million for the fiscal years 2021 to 2025 respectively[73] - The company entered into a loan agreement with Futong Group International for HKD 500,000 at an interest rate of 1.5% for one year[81] Dividend and Shareholder Information - The board has resolved not to declare a final dividend for the year ended December 31, 2025[2] - The company did not recommend the payment of a final dividend for the year ending December 31, 2025[93] - The company has no share option plan in place[94] Upcoming Events - The company will hold its next annual general meeting on June 3, 2026, with a notice to be sent to shareholders[108] - The company will issue its annual report for 2025 by April 30, 2026, which will be available on the stock exchange and the company's website[114]

Revenue Growth - Revenue for the December quarter increased by 32.7% to RMB 6,254.1 million (USD 894.3 million), exceeding the previous guidance of 25% to 30%[7] - Revenue for the year reached RMB 21,443.8 million ($3,066.4 million), representing a year-over-year growth of 26.2%[31] - The company reported a strong performance in strategic markets, with a year-on-year revenue growth of 25.0% in mainland China during the December quarter[15] - The MINISO brand revenue grew by 27.7% year-on-year to RMB 5,654.4 million (USD 808.6 million), with domestic revenue increasing by 25.0% and overseas revenue by 30.5%[19] - TOP TOY brand revenue increased by 111.8% to RMB 599.0 million (USD 85.7 million)[20] Profitability - Adjusted operating profit for the year grew by 11.7% to RMB 1,062.2 million (USD 151.9 million), with an adjusted operating profit margin of 17.0%[9] - Adjusted net profit increased by 6.5% year-on-year to RMB 2,898.2 million (USD 414.4 million), with an adjusted net profit margin of 13.5% compared to 16.0% last year[10] - The company reported a net loss of RMB 139.4 million (USD 19.9 million) for the year, compared to a profit of RMB 809.7 million in the previous year, primarily due to losses from investments and increased share-based compensation expenses[9] - Net profit for the period was RMB 1,209.8 million (USD 173.0 million), a decrease from RMB 2,635.4 million last year, primarily due to losses from Yonghui and increased share-based compensation expenses[10] Store Expansion - The company opened over 700 new stores in 2025, contributing to its market expansion strategy[6] - Total number of stores reached 8,485 as of December 31, 2025, with a net increase of 705 stores year-on-year[11] - The total number of Miniso stores in mainland China increased from 4,386 to 4,568, a net addition of 182 stores year-over-year[80] - The total number of Miniso stores in overseas markets rose from 3,118 to 3,583, adding 465 stores year-over-year[82] Cash Flow and Dividends - Free cash flow for the December quarter was RMB 31.5 million (USD 4.5 million), with capital expenditures of RMB 232.6 million (USD 33.3 million)[9] - Cash balance as of December 31, 2025, was RMB 7,087.9 million (USD 1,013.6 million), up from RMB 6,698.1 million the previous year[12] - Operating cash flow was RMB 2,577.9 million (USD 368.6 million), representing 88.9% of adjusted net profit[12] - The company returned RMB 1,907.0 million (USD 270.0 million) to shareholders, representing 66% of adjusted net profit[6] - The company announced a final cash dividend of approximately RMB 809.7 million, representing 50% of the adjusted net profit for the second half of 2025, to be paid in April 2026[17] Financial Metrics - Adjusted EBITDA for the year increased by 15.7% to RMB 1,419.3 million (USD 203.0 million), with an adjusted EBITDA margin of 22.7%[9] - Adjusted EBITDA increased by 14.4% year-on-year to RMB 4,959.9 million (USD 709.3 million), with an adjusted EBITDA margin of 23.1% compared to 25.5% last year[10] - The gross profit margin for the December quarter was 46.4%, slightly down from 47.0% in the same period last year[7] - Gross profit increased by 26.3% year-on-year to RMB 9,648.1 million (USD 1,379.7 million) with a gross margin of 45.0% compared to 44.9% last year[10] Tax and Expenses - The effective tax rate for the quarter was 384.4%, up from 15.3% in the previous year, primarily due to non-deductible losses[26] - Sales and distribution expenses increased by 65.3% year-on-year to RMB 1,654.9 million (USD 236.6 million), driven by investments in direct stores, particularly in strategic overseas markets[23] - Effective tax rate increased to 36.8% from 21.3% last year, primarily due to non-deductible losses at the consolidated level[37] Strategic Plans - The company plans to continue its strategic expansion and has approved a share repurchase plan of up to HKD 1.8 billion, reflecting confidence in its intrinsic value[16] - The company aims to expand its store network globally, enhancing its product offerings to meet diverse consumer needs[51] - The company plans to continue investing in new product development and technology to enhance its market position and drive future growth[69] Brand Performance - The TOP TOY brand achieved triple-digit revenue growth for the year, indicating strong brand performance[6] - TOP TOY brand revenue surged to RMB 282,808 thousand for the three months ending December 31, 2024, marking a significant increase of 111.8% year-over-year[78] Financial Reporting - Miniso's financial indicators are not defined under International Financial Reporting Standards (IFRS), which may limit comparability with similar metrics used by other companies[55] - The company emphasizes the importance of using non-IFRS financial indicators to assess its operational performance without the influence of non-cash and other adjustments[54] - The company encourages investors to review its financial data comprehensively rather than relying solely on individual financial indicators[55]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 榮萬家生活服務股份有限公司 （一 家 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2146） 截 至2025年12月31日止年度之全年業績公告 2025年業績摘要 1 該 等 建 築 面 積 指 本 集 團 社 區 服 務 及 商 企 服 務 業 務 線 下 的 管 理 或 合 約 建 築 面 積。 – 1 – • 有關年度集團收入總額約人民幣1,913.0百 萬 元，同 比 減 少 約2.2%。其 中 社區服務收入同比增長0.3%，商 企 服 務 收 入 同 比 增 長15.6%，城 市 服 務 收入同比增長15.2%，服 務 周 邊 收 入 同 比 減 少29.6%。 • 有關年度集團毛利約人民幣408.1百 萬 元，同 比 減 少 約1.8%。 • 有關年度毛利率約為21.3%，同 比 增 ...

Financial Performance - The company reported a revenue of HKD 38,173,000 for the six months ended December 31, 2025, a decrease of 18.6% compared to HKD 47,028,000 in the same period of 2024[13]. - Gross profit for the same period was HKD 24,430,000, down from HKD 26,112,000, reflecting a decline of 6.4%[13]. - The company incurred a net loss attributable to owners of approximately HKD 65,811,000, compared to a profit of HKD 26,587,000 in the prior year, indicating a significant downturn[15]. - Total comprehensive loss for the period was HKD 68,572,000, contrasting with a total comprehensive income of HKD 26,072,000 in the previous year[15]. - The company reported a loss per share of HKD 2.45 for the period, compared to earnings per share of HKD 0.99 in the same period last year[15]. - The company reported a loss from continuing operations of HKD 65,999,000 for the six months ended December 31, 2025, compared to a profit of HKD 26,516,000 for the same period in 2024[33]. - The group reported a loss of approximately HKD 64,006,000 for the six months ended December 31, 2025, compared to a profit of HKD 26,654,000 for the same period in 2024, indicating a significant decline in performance[111]. Assets and Liabilities - The net liabilities of the group were approximately HKD 35,710,000, with current liabilities amounting to HKD 93,074,000, raising concerns about the company's ability to continue as a going concern[10]. - Total assets less current liabilities amounted to HKD 356,596,000 as of December 31, 2025, compared to HKD 429,745,000 as of June 30, 2025, indicating a decrease of approximately 17%[17]. - Non-current assets decreased from HKD 533,141,000 to HKD 449,670,000, reflecting a decline of about 16%[17]. - The company’s total liabilities amounted to HKD 582,856,000 as of December 31, 2025, compared to HKD 572,699,000 as of June 30, 2025[17]. - The company’s equity attributable to owners showed a significant decline, with a total deficit of HKD 35,110,000 as of December 31, 2025, compared to a surplus of HKD 35,279,000 as of June 30, 2025[18]. Cash Flow and Operating Activities - Cash and cash equivalents increased to HKD 58,344,000 from HKD 44,404,000, representing a growth of about 31%[19]. - The company generated net cash from operating activities of HKD 33,506,000, a significant increase from HKD 2,648,000 in the previous year[19]. - Current liabilities net amounted to HKD (93,074,000) as of December 31, 2025, compared to HKD (103,396,000) as of June 30, 2025, showing an improvement[17]. Revenue Sources - The rental income from property leasing for the six months ended December 31, 2025, was HKD 18,167,000, a decrease of 10.5% compared to HKD 20,267,000 for the same period in 2024[28]. - Property management fee income for the same period was HKD 19,117,000, down 26.0% from HKD 25,819,000 in 2024[28]. - Total revenue from property operations for the six months ended December 31, 2025, was HKD 38,173,000, a decrease from HKD 47,028,000 for the same period in 2024, representing a decline of approximately 19.5%[37]. Strategic Adjustments and Future Plans - The company is actively addressing its going concern issues as outlined in the financial statements, indicating ongoing strategic adjustments[10]. - The company has classified its operations into property operations and has decided to terminate its air cargo charter operations due to ongoing uncertainties in U.S. tariff policies[30]. - The company aims to expand its property operations and has invested significant resources to explore future market prospects[135]. - The group plans to continue investing in property operations and may consider acquisitions of light-asset property operations in China to expand its portfolio[138]. Legal and Compliance Matters - The company has initiated legal proceedings to recover unpaid loans after borrower I failed to make the first scheduled payment of RMB 5 million by December 31, 2025[81]. - The company is currently appealing a court decision regarding rental payments amounting to approximately HKD 10,722,000[90]. - The group has not recognized any provisions for liabilities related to ongoing litigation, as management believes there are sufficient grounds for defense[108]. Corporate Governance - The company has committed to high standards of corporate governance and has adhered to the corporate governance code as per the listing rules during the interim period[163]. - The audit committee consists of three independent non-executive directors, responsible for reviewing the financial reporting process and risk management[165]. - The independent review of the interim results was conducted in accordance with the Hong Kong Institute of Certified Public Accountants' standards[166].

香港聯合交易所有限公司（「聯交所」）GEM（「GEM」）的特色 GEM乃為較於聯交所上市的其他公司可能帶有較高投資風險的中小型公司提供上市的市場。有意投資者應了解投資 於該等公司的潛在風險，並應經過審慎周詳考慮後方作出投資決定。由於GEM上市公司一般為中小型公司，在GEM 買賣的證券可能會承受較於主板買賣的證券為高的市場波動風險，同時亦無法保證在GEM買賣的證券會有高流通量 的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示，概不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 周安女士 獨立非執行董事 本報告遵照聯交所GEM證券上市規則（「GEM上市規則」）提供有關Metropolis Capital Holdings Limited（「本公司」， 連同其附屬公司統稱「本集團」）的資料，本公司董事（「董事」）願就本報告共同及個別承擔全部責任。董事經作出一切 合理查詢後確認，就彼等所深知及確信，本報告所載資料在所有重大方面均屬準確及完整，並無誤導或欺詐成分； 且並無遺漏任何其他事項，致使本報告或其所載任何陳述有所誤 ...

Financial Performance - The company recorded revenue of approximately HKD 149.4 million for the six months ended January 31, 2026, a decrease of about 1.4% compared to HKD 151.5 million for the same period in 2025[8] - Total profit and comprehensive income decreased from approximately HKD 14.0 million in the six months ended January 31, 2025, to approximately HKD 13.4 million in the same period of 2026, representing a decline of about 4.3%[8] - Earnings per share for the six months ended January 31, 2026, was approximately HKD 1.34, down from HKD 1.40 for the same period in 2025[10] - Gross profit for the six months ended January 31, 2026, was approximately HKD 31.2 million, compared to HKD 37.5 million for the same period in 2025, indicating a decrease in gross profit margin[10] - Revenue for the current period decreased by approximately 1.4% to about HKD 149.4 million, primarily due to a decrease in rental income of about HKD 6.8 million[46] - Gross profit decreased by approximately 16.8% from about HKD 37.5 million to about HKD 31.2 million, with a gross margin of approximately 20.9% compared to 24.8% in the previous year[48] - The group’s profit for the six months ended January 31, 2026, was HKD 13,413,000, compared to HKD 14,001,000 for the same period in 2025, reflecting a decrease of approximately 4.2%[31] Dividends - The board declared an interim dividend of HKD 0.015 per share, expected to be paid on April 29, 2026[8] - The group declared an interim dividend of HKD 15,000,000 for the six months ended January 31, 2026, consistent with the previous year[30] - The board declared an interim dividend of HKD 0.015 per ordinary share, payable on April 29, 2026, to shareholders listed on the register as of April 15, 2026[64] Assets and Liabilities - The company's non-current assets decreased from HKD 175.6 million as of July 31, 2025, to HKD 163.6 million as of January 31, 2026[11] - Current assets remained relatively stable at HKD 315.2 million as of January 31, 2026, compared to HKD 315.3 million as of July 31, 2025[11] - The net asset value of the company decreased from HKD 441.9 million as of July 31, 2025, to HKD 435.4 million as of January 31, 2026[11] - Trade and lease receivables increased from HKD 58.8 million as of July 31, 2025, to HKD 63.7 million as of January 31, 2026[11] - The company's profit attributable to owners decreased by approximately 4.3% from about HKD 14.0 million for the six months ended January 31, 2025, to about HKD 13.4 million for the current period[44] - The company has no identifiable assets or liabilities outside of Hong Kong, as all revenue is generated within the region[23] Cash Flow - The net cash generated from operating activities for the six months ended January 31, 2026, was HKD 38,457,000, a decrease of 23.3% compared to HKD 50,135,000 for the same period in 2025[14] - The company reported a net cash increase of HKD 19,286,000 for the period, compared to HKD 32,098,000 in the prior year, reflecting a decline of 40.0%[14] - The company had cash and bank balances of approximately HKD 137.8 million as of January 31, 2026, compared to approximately HKD 118.5 million as of July 31, 2025[56] - The company’s cash and cash equivalents at the end of the period totaled HKD 137,801,000, an increase from HKD 105,863,000 in 2025[14] Expenses - The company reported a decrease in administrative and other operating expenses from HKD 22.4 million in the previous period to HKD 18.3 million in the current period[10] - Administrative and other operating expenses decreased by approximately 18.3% to about HKD 18.3 million, primarily due to a reduction in overall operating costs[51] - The total employee cost for the period was approximately HKD 28.3 million, compared to HKD 28.8 million for the six months ended January 31, 2025[62] Segment Performance - Revenue from heavy equipment and parts sales increased to HKD 92,274,000, up 3.4% from HKD 88,777,000 in the previous year[18] - The segment performance for heavy equipment sales showed a profit of HKD 4,082,000, down from HKD 7,183,000 in the previous year, indicating a decline of 43.5%[21] Other Income and Expenses - The company recorded other income of HKD 1,755,000 for the six months ended January 31, 2026, significantly higher than HKD 391,000 in 2025[24] - Other income increased by approximately 350.0% to about HKD 1.8 million, mainly due to foreign exchange gains recognized during the current period[49] - The income tax expense for the period was HKD 2,431,000, a decrease of 14.8% from HKD 2,854,000 in the previous year[25] Corporate Governance - The chairman and CEO roles are held by the same individual, which deviates from corporate governance guidelines, but is deemed beneficial for the company's operations[66] - The interim results for the group were reviewed by the audit committee, which consists of three independent non-executive directors[77] - The interim results for this period have not been reviewed by external auditors but have been audited by the board's audit committee[77] - The company has adopted a standard code of conduct for securities trading by its directors, confirming compliance throughout the period[74] Employment and Share Options - The company employed 111 full-time employees as of January 31, 2026, down from 116 as of July 31, 2025[62] - The company has not granted or agreed to grant any share options under the share option scheme since its adoption[72] Capital Commitments - The group has capital commitments of approximately HKD 390,000,000 for the purchase of property, plant, and equipment as of January 31, 2026[43] - The group acquired property, plant, and equipment at a cost of approximately HKD 199,000,000 for the six months ended January 31, 2026, down from HKD 318,000,000 in 2025[33] Contingent Liabilities and Acquisitions - There were no significant contingent liabilities as of January 31, 2026[61] - As of January 31, 2026, the group had no significant acquisitions or disposals related to subsidiaries, associates, or joint ventures[60] Other Information - The company did not conduct any buybacks, sales, or redemptions of its listed securities during the period[73] - There were no significant events affecting the group reported after the end of the period up to the date of this report[75]

Financial Performance - Total net revenue for the year ended December 31, 2025, was $7,440,000,000, an increase of 5.1% from $7,080,000,000 in 2024[7] - The group's profit decreased to $896,000,000, down 14.3% from $1,050,000,000 in 2024[7] - Adjusted property EBITDA was $2,310,000,000, a slight decline of 0.7% compared to $2,330,000,000 in 2024[7] - In 2025, Macau's total gaming gross revenue is projected to be MOP 247.4 billion (approximately USD 30.87 billion), representing a 9.1% increase from 2024[26] - The net revenue from the gaming segment was $5,580,000,000, an increase of 4.4% compared to $5,350,000,000 for the previous year, driven primarily by increased table gaming and slot machine revenues[81] - Hotel revenue reached $853,000,000, marking a 10.2% increase from $774,000,000 in the prior year, indicating strong demand for hotel accommodations[80] - The shopping mall segment generated $521,000,000 in revenue, up 5.7% from $493,000,000, reflecting effective tenant management and leasing strategies[80] - The company reported that approximately 9.4% of table gaming was conducted on a credit basis as of December 31, 2025[78] - The company's profit for the year ended December 31, 2025, was $896 million, a decline of 14.3% compared to $1,050 million for the year ended December 31, 2024[109] Visitor Trends - Visitor numbers to Macau exceeded 40,000,000 in 2025, up from approximately 35,000,000 in 2024 and 28,000,000 in 2023[10] - The number of visitors to Macau in 2025 is expected to reach approximately 40 million, a 14.7% increase compared to 2024[26] - The total number of visitors from mainland China to Macau increased by approximately 18.5% for the year ending December 31, 2025, compared to the same period in 2024[71] Investments and Developments - The company has invested approximately $17,000,000,000 to support Macau's economic diversification and enhance its status as a leading leisure and business tourism destination[11] - The company plans to invest about $4,500,000,000 in capital and operational investments in Macau during the current gaming license period until 2032[11] - The company aims to leverage its integrated resort business model to support Macau's diversification and capitalize on the growth in tourism and entertainment demand[14] - The investment plan includes projects aimed at attracting foreign visitors, enhancing entertainment offerings, and upgrading facilities to support Macau's growth as a tourism destination[54] - The company has committed to invest at least MOP 35,840,000,000 (approximately USD 4,470,000,000) in Macau, with MOP 33,390,000,000 (approximately USD 4,170,000,000) allocated for non-gaming projects, to be completed by December 2032[54] Operational Highlights - The company operates nearly 30 million square feet of interconnected facilities, making it the largest integrated resort operator in Macau[19] - The company has 10,829 luxury suites and hotel rooms, including 19 exclusive villas, and operates 160 restaurants and dining establishments[19] - The company operates a total of 10,487 hotel rooms and suites across its properties, including 2,841 at Venetian Macau and 4,426 at Londoner Macau[33] - The total gaming area across all properties is approximately 1,459,000 square feet, featuring 1,680 gaming tables and 3,700 slot machines[33] - The company operates a high-speed ferry service, "Cotai Water Jet," connecting Hong Kong and Macau, facilitating visitor access[32] - The company has a fleet of 140 shuttle buses, providing frequent service every 5 to 10 minutes during peak hours[48] Competition and Market Position - The company faces competition from other licensed operators in Macau, including Galaxy Entertainment and Wynn Resorts[29] - The company is collaborating with the Macau government to ensure its investment plan aligns with the region's economic development strategy[54] - The company aims to attract high-profit mid-market gaming customers while providing luxury facilities and high-level services to VIP and premium customers[27] - The company is subject to ongoing qualification reviews by the Macau government for shareholders and key personnel holding 5% or more of VML's equity[57] Regulatory and Compliance Issues - The company has been granted a gaming license for a ten-year contract effective from January 1, 2023, with an annual fee starting at MOP 750 per square meter for the first three years, increasing to MOP 2,500 per square meter for the remaining seven years[53] - The gaming license is set to expire on December 31, 2032, and if not renewed, the company may be prohibited from conducting gaming operations in Macau[65] - The company is subject to a special gaming tax of 35% on gross gaming revenue, with additional payments required if the average gross gaming revenue falls below certain thresholds[66] - The company must comply with anti-corruption laws, and any violations could lead to severe financial consequences[151] Risks and Challenges - The company’s business is particularly sensitive to economic downturns affecting consumer discretionary spending[146] - Factors such as economic conditions, concerns over pandemics, and geopolitical instability may adversely affect demand for the company's luxury facilities and services[146] - The company faces significant risks from natural disasters, political unrest, and infectious disease outbreaks, which can adversely affect visitor numbers and overall operations[147] - Existing debt obligations may impose significant operational and financial restrictions on the company, including limitations on additional borrowing and asset disposals[152] - The company may need to seek additional financing for planned and future development projects, which will depend on global economic conditions and credit market availability[156] Legal Matters - The company is involved in ongoing litigation with claims amounting to approximately $371,000,000, with further claims potentially increasing to $11,930,000,000[131][133] - The Macau Intermediate Court dismissed the plaintiff's appeal against the Macau Primary Court's ruling on April 28, 2022, citing malicious litigation[138] - The court ruled that AAEC's shareholders automatically replaced AAEC as the plaintiff, and they failed to submit the appeal statement in a timely manner[141] Cybersecurity and Data Security - The company faces significant risks related to data security and privacy compliance, which may lead to reputational damage and operational impacts[180] - The company relies heavily on third-party service providers for data management, increasing vulnerability to cyberattacks and information security breaches[183] - Past incidents of cyberattacks on the parent company LVS highlight the potential for more frequent and severe global cybersecurity threats[183] - The company’s insurance coverage may not be sufficient to cover all potential losses, particularly from large-scale disasters or cyber-related incidents[187]

Financial Performance - For the fiscal year ending December 31, 2025, the company achieved a revenue of HKD 911.25 million, representing a year-on-year increase of 3.42% compared to HKD 881.08 million in 2024[16]. - The net profit for the same period was HKD 167.06 million, a significant increase of 54.56% from HKD 108.09 million in 2024[16]. - The company's earnings per share rose to HKD 0.0302, reflecting a 30.9% increase from HKD 0.0231 in the previous year[8]. - Total assets increased by 56.4% to HKD 24.60 billion from HKD 15.73 billion in 2024[12]. - The return on equity improved to 5.5%, up from 3.3% in the previous year, indicating enhanced profitability[12]. - The capital adequacy ratio rose to 378.8%, compared to 211.5% in 2024, suggesting a stronger capital position[12]. - The company reported a significant increase in brokerage commission and fee income, totaling HKD 165.15 million, up 4.0% from HKD 158.86 million[8]. - The corporate finance service income decreased by 16.6% to HKD 108.97 million, down from HKD 130.59 million in 2024[8]. - The asset management service income also saw a decline of 6.7%, totaling HKD 11.59 million compared to HKD 12.42 million in the previous year[8]. - The group achieved a revenue of HKD 911.25 million for the year ending December 31, 2025, representing a year-on-year growth of 3.42% compared to HKD 881.08 million in 2024[23]. - The net profit after tax for the year was HKD 167.06 million, a significant increase of 54.56% from HKD 108.09 million in 2024, driven by growth in core business revenues such as brokerage commissions and fees[23]. - The group's wealth management services, corporate financing services, and asset management services saw revenue declines of 0.82%, 16.56%, and 6.68% respectively, while financial products and investment business revenue increased by 9.98%[23]. Market Overview - The Hong Kong IPO market showed strong recovery with 119 new listings, a 67.61% increase year-on-year, raising a total of HKD 285.84 billion, up 224.9% from the previous year[17]. - The Hong Kong stock market demonstrated resilience with the Hang Seng Index rising nearly 28% in 2025, and the total market turnover increased by 89.5% to HKD 249.8 billion[22]. - A total of 119 new IPOs were completed in the Hong Kong market during the year, marking a year-on-year increase of 67.61%, with total funds raised amounting to HKD 28.58 billion, up 224.9% from the previous year[22]. Strategic Initiatives - The group aims to enhance its comprehensive financial service capabilities by leveraging opportunities from the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative[19]. - The group emphasizes compliance and steady development principles, focusing on professional capabilities and innovative thinking to create long-term value for shareholders[19]. - The establishment of a collaborative ecosystem is a core strategy to drive high-quality development through resource sharing and cross-team synergies[25]. - The company plans to focus on cross-border wealth management and fund recognition opportunities, enhancing its wealth management business and product innovation in 2026[36]. Risk Management - The company has established a comprehensive risk management framework involving the board, management, risk management committee, and departments to ensure effective risk control[42]. - The company implements a three-line defense model for risk management, focusing on self-control, professional risk management, and post-event supervision[43]. - The company closely monitors credit risk exposure and conducts regular stress tests to mitigate potential losses from non-performance by clients[44]. - The liquidity risk management system is in place to ensure timely access to sufficient funds to meet obligations and operational needs[45]. - The company has set market risk limits and regularly reviews strategies to adapt to changes in performance and market conditions[46]. - The operational risk management framework aims to reduce the frequency and impact of operational risk events through effective internal controls and training[47]. - The company has established a business continuity management mechanism to enhance its ability to respond to unexpected events and ensure stable operations[48]. - The group has established a robust compliance and legal risk management framework, continuously monitoring and optimizing policies to align with changing regulations[49]. - The compliance department has implemented a three-line defense structure to ensure adherence to regulatory requirements across all business lines[49]. Governance and Compliance - The management team includes experienced professionals with over 24 years in the financial services industry, enhancing the group's governance and operational capabilities[51][52]. - The independent non-executive director, Ms. Ye, has extensive academic and professional experience in accounting, contributing to the board's expertise[58][59]. - The group actively engages in training sessions to strengthen compliance awareness among employees, fostering a culture of compliance[49]. - The group collaborates with five long-term legal advisors and maintains close relationships with external law firms to manage legal risks effectively[49]. - The management emphasizes proactive measures in reputation risk management, focusing on prevention and timely reporting[50]. - The executive director, Mr. Lin, has over 20 years of experience in the financial industry, further solidifying the leadership team's qualifications[54]. - The group has a comprehensive governance structure in place to address and mitigate potential reputation risks[50]. - The company has established a remuneration committee, which includes one non-executive director and two independent non-executive directors, with the chairman being Mr. Tian Li[150]. - The audit committee has reviewed and supervised the financial reporting process and risk management systems during the year[148]. - The company has adopted a board diversity policy, aiming for a balanced representation of gender, age, cultural background, and professional experience among board members[137]. - The company provides necessary onboarding training for newly appointed directors to ensure they understand the company's operations and their responsibilities under relevant regulations[141]. - The company monitors compliance with legal and regulatory policies, ensuring adherence to corporate governance codes and practices[138]. Financial Position - The company reported a total distributable reserve of approximately HKD 2,863,538,964 as of December 31, 2025, compared to HKD 2,826,781,167 in 2024, reflecting an increase of about 1.3%[72]. - The board does not recommend the payment of any final dividend for the year ending December 31, 2025, while a final dividend of HKD 0.01 per share was paid in 2024[69]. - The company’s financial summary for the past five fiscal years is detailed on page 156 of the report, providing insights into performance trends[75]. - The company’s financial statements were prepared in accordance with Hong Kong Financial Reporting Standards and reflect a true and fair view of the group's financial position as of December 31, 2025[177]. - The independent auditor's report confirmed that the financial statements were free from material misstatement and complied with the disclosure requirements of the Hong Kong Companies Ordinance[177]. - The company has established policies and procedures for impairment assessments, including the use of models and key assumptions for expected credit losses[182]. - The total liabilities rose from HKD 10,316,187,272 in 2024 to HKD 18,706,599,187 in 2025, an increase of approximately 81.5%[198]. - The company's net asset value increased from HKD 4,236,078,453 in 2024 to HKD 4,427,856,343 in 2025, reflecting a growth of about 4.5%[200]. - The total equity of the company rose from HKD 4,236,078,453 in 2024 to HKD 4,427,856,343 in 2025, indicating an increase of approximately 4.5%[200]. - The company's debt investments at amortized cost surged from HKD 690,934,760 in 2024 to HKD 3,236,746,213 in 2025, a significant increase of about 368.5%[198]. Related Party Transactions - The company has engaged in related party transactions with 兴证（深圳）有限公司, with service fee caps of HKD 68 million, HKD 105 million, and HKD 153 million for the years ending December 31, 2019, 2020, and 2021 respectively[103]. - A new service agreement was established on November 15, 2024, extending the service period until December 31, 2027, with proposed service fee caps of HKD 32 million, HKD 46 million, and HKD 62 million for the respective years[105]. - The company confirmed that related party transactions were conducted under normal commercial terms and were fair and reasonable[109]. - The company confirmed compliance with the non-competition agreement by its controlling shareholders, with independent non-executive directors reviewing the adherence[113]. Environmental and Social Responsibility - The company has implemented an environmental policy focusing on energy conservation and waste reduction[122]. - The group did not make any charitable donations during the year, compared to HKD 11,008 in 2024[114].

Financial Performance - For the six months ended December 31, 2025, revenue increased by 274.2% to RMB 376 million from RMB 101 million for the six months ended June 30, 2024[9]. - Gross profit for the six months ended December 31, 2025, was RMB 69 million, compared to RMB 37 million for the same period in 2024[10]. - The loss attributable to equity shareholders increased by 9.72% to RMB 115 million from RMB 105 million for the six months ended June 30, 2024[10]. - Revenue for the six months ended December 31, 2025, was RMB 37,641,000, a significant increase from RMB 10,058,000 for the same period in 2024, representing a growth of approximately 273%[74]. - Gross profit for the same period was RMB 6,861,000, compared to RMB 3,705,000 in 2024, indicating a gross margin improvement[74]. - The company reported a net loss attributable to equity shareholders of RMB 11,519,000 for the six months ended December 31, 2025, compared to RMB 10,499,000 in the previous year[74]. - Cash generated from operating activities was RMB 6,789,000, a substantial increase from RMB 750,000 in the prior year[82]. - The group reported a net loss of RMB 11,519,000 for the six months ending December 31, 2025[85]. - The financing costs for the six months ended December 31, 2025, were RMB 10,422,000, which is an increase of 89.5% from RMB 5,492,000 for the same period in 2024[103]. Revenue Sources - The company focused on self-produced dramas, issuing a total of 6 dramas during the reporting period, significantly increasing revenue from self-produced drama licensing[13]. - Revenue from self-produced drama licensing surged by 862.4% to RMB 376 million, primarily due to the licensing of 6 self-produced dramas[16]. - Revenue from self-produced television dramas for the six months ending December 31, 2025, was RMB 37,639,000, a significant increase from RMB 3,911,000 in the same period of 2024[95]. Expenses and Costs - Sales costs increased by 384.5% to RMB 307.8 million from RMB 63.5 million for the same period in 2024, driven by costs associated with self-produced dramas[19]. - Sales and marketing expenses increased approximately 514.6% from about RMB 0.2 million for the six months ended June 30, 2024, to about RMB 1.1 million for the six months ended December 31, 2025, primarily due to increased promotional expenses[26]. - Administrative expenses rose approximately 55.3% from about RMB 7.8 million for the six months ended June 30, 2024, to about RMB 12.1 million for the six months ended December 31, 2025, mainly due to increased headquarters-related expenses[27]. - The total cost of television drama copyrights for the six months ended December 31, 2025, was RMB 30,780,000, significantly higher than RMB 6,353,000 for the same period in 2024[104]. Assets and Liabilities - As of December 31, 2025, the company's bank deposits and cash on hand were approximately RMB 3.7 million, down from approximately RMB 4.0 million as of June 30, 2025[34]. - The total amount of bank and other loans as of December 31, 2025, was approximately RMB 151.2 million, a decrease from approximately RMB 160.1 million as of June 30, 2025[35]. - Total liabilities as of December 31, 2025, were RMB 645,343,000, up from RMB 620,482,000 as of June 30, 2025[77]. - The company’s total equity attributable to equity shareholders decreased to RMB (527,956,000) from RMB (515,838,000) over the same period[78]. - The group has confirmed liabilities of RMB 103,719,000 related to various lawsuits from creditors and lenders as of December 31, 2025[86]. Strategic Initiatives - The company plans to continue producing self-made dramas in 2026, focusing on high-quality works that integrate mainstream values and commercial appeal[13]. - The company is exploring opportunities in the short drama market, leveraging existing drama and script copyrights to adapt to industry trends[13]. - The company aims to accelerate the distribution and licensing of its self-produced dramas, expanding coverage to mainstream domestic channels and emerging overseas markets[13]. - The group plans to accelerate the release of self-produced dramas to recognize revenue more quickly and improve cash flow[88]. - The group is exploring the sale of existing script copyrights to other production companies to advance production stages and final broadcasts[92]. - The group is actively negotiating with creditors to restructure existing payables and loan terms to alleviate liquidity pressure[92]. Corporate Governance - The company has adopted and complied with all applicable corporate governance codes during the reporting period[50]. - The audit committee has reviewed the interim report for the six months ending December 31, 2025, ensuring compliance with applicable accounting standards[55]. Shareholder Information - As of December 31, 2025, the total number of shares issued by the company is 360,000,000[67]. - Mr. Yuan Li holds 68,282,350 shares, representing approximately 18.97% of the company's equity[67]. - Ms. Tian Tian holds 64,380,501 shares, representing approximately 17.88% of the company's equity[67]. - The company maintains a sufficient public float of 25% of its issued share capital as of December 31, 2025[73]. - The stock option plan has an authorized limit of 30,000,000 options, which represents 10% of the shares issued as of December 31, 2025[72]. Market and Growth - The company reported a revenue increase of 15% year-over-year, reaching $500 million in Q3 2023[128]. - User data showed a growth of 20% in active users, totaling 2 million by the end of the quarter[128]. - The company provided a forward guidance of 10% revenue growth for Q4 2023, projecting revenues of approximately $550 million[128]. - New product launches contributed to a 25% increase in sales, with the latest product generating $100 million in revenue[128]. - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience[128]. - Market expansion efforts have led to a 30% increase in market share in the Asia-Pacific region[128]. - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of $200 million allocated for this purpose[128]. - A new strategic partnership was announced, expected to drive a 15% increase in customer engagement[128]. - The company reported a net profit margin of 12%, reflecting improved operational efficiency[128]. - Total assets increased by 18% to $1.2 billion, indicating strong financial health[128].

Financial Performance - The company achieved a revenue of approximately HKD 1,813,800,000, representing an increase of 8.6% year-over-year (approximately RMB 1,672,000,000, up 8.7%) [17] - Net profit for the year was approximately HKD 318,100,000, reflecting a growth of 3.5% year-over-year (approximately RMB 293,200,000, up 3.6%) [17] - Total assets increased by 17.0% to HKD 3,490.8 million, compared to HKD 2,983.0 million in 2024 [89] - Total liabilities rose by 25.4% to HKD 1,077.7 million, up from HKD 859.3 million in 2024 [89] - Cash and cash equivalents increased by 40.5% to HKD 782.7 million, compared to HKD 557.2 million in 2024 [89] - The company's revenue for the fiscal year ending December 31, 2025, was approximately HKD 1,813.8 million, an increase of 8.6% from HKD 1,669.8 million in 2024 [98] - Net profit for the same period rose to approximately HKD 318.1 million, reflecting a 3.5% increase from HKD 307.2 million in 2024 [99] Revenue Segmentation - The flagship biopharmaceutical products, Beifu Shou® and Beifu Ji®, accounted for approximately 83.5% of total revenue, with Beifu Shou® contributing 36.9% and Beifu Ji® contributing 46.6% [18] - The ophthalmology segment generated approximately HKD 835,000,000 in revenue, an increase of 8.2% compared to the previous year [21] - The surgical segment recorded total revenue of approximately HKD 895,900,000, reflecting a growth of 1.8% year-over-year [21] - The healthcare and partner services segment saw a significant increase of 350%, with total revenue of approximately HKD 82,900,000 [21] - The ophthalmology segment generated revenue of approximately HKD 835 million for the year ending December 31, 2025, representing an increase of 8.2% compared to HKD 771.5 million in 2024 [102] - The surgical segment recorded total revenue of approximately HKD 895.9 million for the year ending December 31, 2025, an increase of 1.8% from HKD 879.9 million in 2024 [102] - The healthcare and partner services segment saw a significant increase in revenue, reaching approximately HKD 82,900,000, up 350% from the previous year [146] Research and Development - Ongoing R&D efforts include the global Phase III clinical trial for the Bevacizumab ophthalmic injection, with the last patient visit completed [22] - The group has 18 R&D projects in various stages, with several ophthalmic projects currently in clinical phases, including a Phase III trial for EB11-18136P for dry eye syndrome [37][38] - The group is focused on developing single-dose ophthalmic products and biopharmaceuticals containing growth factors and antibodies, with ongoing clinical research and development projects [63] - The SkQ1 product for treating dry eye syndrome has shown positive results in Phase III clinical trials, indicating its potential to address oxidative stress in dry eye conditions [66] - The company has established multiple R&D bases in Zhuhai (China), Boston (USA), London (UK), and Singapore to support the development of new therapies [39] - The group has initiated a development plan focusing on ophthalmology, with key innovations including growth factors and antibodies for treating various conditions [78] - The group has 18 research and development projects in various clinical stages, with several ophthalmology projects currently in clinical phases [143] Strategic Initiatives - The company successfully introduced Beifu Shou® to the Singapore National Eye Centre, marking its first entry into a market outside of China [22] - The group established a strategic cooperation with a leading consumer health company to promote selected products, aiming to enhance its presence in the Chinese healthcare market [25] - A strategic cooperation memorandum was signed in November 2025 to launch an international innovation accelerator, enhancing the group’s global innovation strategy [23] - The company has established a partnership with Beijing Eagle Eye Technology Development Co., Ltd. to jointly operate AI-based retinal business, expanding its technological capabilities [71] - The company is adapting to regulatory changes in China's pharmaceutical industry, focusing on innovation and quality improvements [94] Market and Regulatory Environment - The new VAT law effective from January 1, 2026, will change the tax treatment for pharmaceutical wholesale companies, increasing the VAT rate from 3% to 13%, which is expected to impact the group's biopharmaceutical business by approximately HKD 133 million in revenue and HKD 116 million in gross profit [40] - The company anticipates a similar actual impact on revenue due to the inability to pass on the increased VAT to end customers, as the selling price under China's centralized procurement system is fixed [42] - The Chinese pharmaceutical market is expected to reach $2.1 trillion by 2030, driven by an aging population, increased healthcare spending, and government support for innovation [74] - The implementation of a national drug procurement program based on volume and centralized purchasing may adversely affect the company's existing commercial operations and drug commercialization strategy in China [162] - The ongoing healthcare system reform in China may lead to significant impacts on the company's operational performance and development prospects due to changing regulations [161] Employee and Corporate Governance - The group had a total of 1,289 full-time employees as of December 31, 2025, down from 1,450 in 2024 [117] - Total employee compensation for the year was approximately HKD 335 million, slightly down from HKD 335.4 million in the previous year [117] - The company emphasizes employee development as a key asset, providing competitive compensation and training opportunities in management, sales, production, and quality control [174] - The company has a stock option plan and bonuses based on employee performance and financial results, with details disclosed in the financial statements [117] - The stock option plan aims to attract and retain employees while incentivizing performance and efficiency [182] Environmental and Social Responsibility - The company recognizes climate change as a significant issue and actively assesses climate risks that could impact operations, including both physical and transition risks [163] - The company is committed to environmental protection and aims to create an eco-friendly work environment by reducing electricity consumption and encouraging recycling [164] - The group made charitable donations totaling approximately HKD 535,000 during the review year, compared to HKD 887,000 in 2024 [199]