Financial Performance - Total revenue for the year ended December 31, 2025, was SGD 3,034 million, representing a 7.2% increase from SGD 2,831 million in 2024[3] - Gross profit increased by 30.7% to SGD 1,219 million, with a gross margin of 40.2%, up from 32.9% in the previous year[3] - The company reported a net loss of SGD 3,710 million for the year, a 41.1% increase compared to a net loss of SGD 2,630 million in 2024[3] - The company incurred a total loss before tax of SGD 3,708,622 in 2025, compared to a loss of SGD 2,630,030 in 2024, indicating a significant increase in losses[27] - The group reported a loss of approximately SGD 3,710,000 for the year, compared to a loss of SGD 2,630,000 in the previous year, marking an increase in losses of about 41.1%[46] Assets and Liabilities - Cash and cash equivalents rose significantly by 99.0% to SGD 9,811 million, compared to SGD 4,929 million in 2024[3] - Total assets increased by 44.4% to SGD 16,188 million, up from SGD 11,210 million in the previous year[3] - Total liabilities surged by 326.7% to SGD 2,526 million, compared to SGD 592 million in 2024[3] - The total assets of the company amounted to SGD 16,188,499 in 2025, up from SGD 11,210,366 in 2024, reflecting a 44.6% increase[24] - The company reported a total liability of SGD 2,526,395 in 2025, compared to SGD 591,794 in 2024, marking a substantial rise in liabilities[24] Equity and Shareholder Information - Total equity increased by 28.7% to SGD 13,662 million, up from SGD 10,619 million in 2024[3] - The company’s basic and diluted loss per share was SGD 0.71, compared to SGD 0.55 in the previous year[4] - The company’s basic and diluted loss per share remained the same at SGD 3.709759 for 2025, as there were no potential ordinary shares to dilute the loss[32] - The company has no plans to declare or pay dividends for the years ending December 31, 2024, and December 31, 2025[31] - The board does not recommend the payment of a final dividend for the year[68] Business Segments - The company has identified three main business segments for operational performance evaluation[17] - The automotive parts and vehicles segment reported a revenue of SGD 2,687,610 in 2025, up from SGD 2,071,094 in 2024, representing a 29.7% growth[23] - The strong growth in the automotive electronic components sales and installation segment, which increased by approximately 29.8%, offset the decline in revenue from the automotive leather interior segment, which fell by about 32.8%[50] Operational Expenses - Employee benefits expenses, including director remuneration, totaled SGD 3,976,246 in 2025, slightly increasing from SGD 3,961,679 in 2024[27] - The sales and distribution expenses surged by approximately 116.8%, increasing from about SGD 482,000 to SGD 1,045,000, primarily due to increased marketing activities and customer development efforts[53] - Administrative expenses increased from approximately SGD 3,864,000 to about SGD 4,095,000, representing a growth of about 6.0% due to higher professional service fees and office expenses[54] Financial Reporting and Compliance - The financial statements are presented in Singapore dollars, which is the functional currency of the company[8] - The company has not early adopted the newly issued but not yet effective International Financial Reporting Standards (IFRS) accounting standards and their amendments[10] - The directors expect that the application of all other new IFRS accounting standards and their amendments will not have a significant impact on the consolidated financial statements in the foreseeable future[11] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2025, and believes they comply with applicable accounting standards and legal requirements[85] - The consolidated comprehensive income statement and balance sheet for the year ending December 31, 2025, have been approved by the company's auditors, ensuring consistency with the audited financial statements[86] Risk Management - The company faced foreign exchange risk primarily due to transactions in currencies other than Singapore dollars, with potential tax-adjusted losses of SGD 943,000 if the Hong Kong dollar depreciated/appreciated by 10%[65] - The net loss increase was primarily due to various business risks, including reliance on the largest customer and maintaining reputation and customer service[56] Corporate Governance - The company has adhered to all corporate governance codes as of December 31, 2025[73] - The company has not complied with the corporate governance code regarding the separation of the roles of Chairman and CEO as of December 31, 2025[75] - The company currently does not have any insurance for potential legal actions against its directors, believing that the risk is relatively low due to effective risk management[74] Future Outlook - The overall business environment is expected to remain challenging due to structural changes in market demand and intensified industry competition[47] - The group plans to continue optimizing and implementing targeted business strategies to expand its market share in high-margin automotive leather interiors and electronic components[48] - The management will focus on cost control measures while maintaining aggressive marketing and business expansion efforts[48]

Financial Performance - The company's operating revenue reached RMB 150,093 million, a year-on-year increase of 0.1%[7] - Net profit amounted to RMB 3,610 million, also reflecting a year-on-year growth of 0.1%[7] - Gross profit margin was 11.3%, a decrease of 0.4 percentage points compared to the previous year[7] - The group achieved a total comprehensive income of RMB 4,056.5 million for 2025, compared to RMB 4,510.6 million in 2024[34] - The company's net profit attributable to shareholders in 2025 was RMB 3,610 million, a slight increase of 0.1% from RMB 3,607 million in 2024[77] Revenue Breakdown - Revenue from telecommunications infrastructure services was RMB 74,391 million, a year-on-year decline of 1.0%, accounting for 49.6% of total operating revenue[9] - Revenue from business process outsourcing services reached RMB 44,062 million, a year-on-year increase of 1.4%, representing 29.3% of total operating revenue[9] - Revenue from application, content, and other services was RMB 31,640 million, a year-on-year increase of 0.9%, accounting for 21.1% of total operating revenue[9] - Revenue from the domestic non-telecom customer market was RMB 65,613 million, a year-on-year increase of 5.5%, making it the primary driver of overall revenue growth[11] - Revenue from overseas markets was RMB 4,268 million, reflecting a year-on-year increase of 1.0%[11] Costs and Expenses - The group's operating costs for the same period were RMB 133,136.0 million, compared to RMB 132,403.9 million in 2024, resulting in a gross profit of RMB 16,956.6 million, down from RMB 17,596.2 million[33] - Total operating costs in 2025 were RMB 133,136 million, a 0.6% increase from 2024, accounting for 88.7% of operating revenue[67] - Direct employee costs decreased by 6.1% to RMB 7,711 million, representing 5.1% of operating revenue, down 0.4 percentage points from 2024[67] - Material costs rose by 3.3% to RMB 26,416 million, accounting for 17.6% of operating revenue, an increase of 0.6 percentage points[69] - Subcontracting costs increased by 1.1% to RMB 81,316 million, making up 54.2% of operating revenue, up 0.6 percentage points from 2024[71] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.2241 per share, representing a year-on-year increase of 2.5% and a payout ratio of 43%, up by 1 percentage point[5] - The proposed final dividend for the year ending December 31, 2025, is RMB 0.2241 per share (before tax)[95] - The company will withhold income tax on dividends paid to foreign shareholders according to relevant tax laws[97] Innovation and Development - The group added 504 new authorized invention patents and 1,300 software copyrights, showcasing strong innovation capabilities[19] - The group actively embraced AI, launching the "AI+" initiative and developing integrated services to meet customer needs in computing and energy infrastructure[21] - The total research and development costs for 2025 were RMB 5,467 million, slightly up from RMB 5,568 million in 2024, suggesting a focus on innovation despite a marginal decrease[45] Corporate Governance and Compliance - The group has been recognized for its corporate governance, ranking 1,402nd in the 2025 Forbes Global 2000 list and receiving multiple awards for investor relations and ESG performance[28] - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange regulations[92] - The audit committee has reviewed the accounting standards and practices adopted by the group, discussing risk management and internal controls[91] Market and Strategic Focus - The group focused on green energy solutions, enhancing the quality of key businesses such as new energy construction and carbon management, contributing to the green transformation across various sectors[15] - The group is committed to deepening reforms and modernizing governance capabilities to enhance high-quality development[24] - The company is focusing on integrating digital technologies to enhance service capabilities and meet customer digitalization needs[58] Cash Flow and Financial Position - Free cash flow was RMB 795 million, with a return on equity (ROE) of 7.7%[7] - The company's net cash and cash equivalents of RMB 14,341,265 thousand in 2025, down from RMB 19,638,036 thousand in 2024, a decrease of about 27.2%[35] - The company's operating working capital at the end of 2025 was RMB 16,203 million, a decrease of RMB 515 million from RMB 16,718 million at the end of 2024[82] Future Outlook and Risks - The company warns that forward-looking statements are subject to various risks and uncertainties, including macroeconomic changes and regulatory environment shifts[101]

Financial Performance - Revenue was approximately RMB 22,637 million, a decrease of about 12.1% compared to the same period in 2024[2] - The company reported a net loss of RMB 6,844,866 thousand for the year, compared to a net loss of RMB 5,498,452 thousand in 2024[8] - Operating loss was RMB 4,582,584 thousand, compared to RMB 2,651,927 thousand in the previous year[8] - The company reported a loss attributable to owners of approximately RMB 5,887 million for the year ending December 31, 2025, compared to a loss of RMB 5,761 million in the previous year, indicating an increase in losses[16] - The basic loss per share attributable to owners was RMB 142.2 for the year ending December 31, 2025, compared to RMB 139.2 in the previous year[16] - The company reported a total annual loss of RMB (6,844,866) for 2025, compared to a loss of RMB (5,498,452) in 2024, reflecting a worsening financial position[28][29] - The company’s revenue from the sale of subsidiaries amounted to RMB 75,351 in 2025, with no comparable figure for 2024, indicating new revenue streams[43] - The group recorded total revenue of approximately RMB 22,637 million for the year ending December 31, 2025, a decrease of about 12.1% compared to RMB 25,757 million in 2024, primarily due to a decline in property sales revenue[72] Assets and Liabilities - Total assets decreased from RMB 192,016,874 thousand in 2024 to RMB 168,536,168 thousand in 2025[6] - Total liabilities decreased from RMB 142,618,195 thousand in 2024 to RMB 128,381,471 thousand in 2025[7] - The company’s cash and cash equivalents decreased from RMB 6,103,770 thousand in 2024 to RMB 5,368,987 thousand in 2025[5] - The total liabilities of the group amounted to approximately RMB 55,055 million, with RMB 34,223 million classified as current liabilities[16] - The total borrowings as of December 31, 2025, were RMB 55,054,936, down from RMB 57,721,058 in 2024, indicating a reduction of approximately 2.9%[40] - The total borrowings due within one year amount to RMB 34,223 million, while borrowings due after one year are approximately RMB 20,832 million[88] - The net debt ratio as of December 31, 2025, is approximately 119.1%, an increase from 101.6% as of December 31, 2024[89] Cash Flow and Financing - The group had a total cash balance of approximately RMB 7,242 million as of December 31, 2025[16] - The company has outstanding debts that include approximately RMB 23,569 million of defaulted or cross-defaulted debts, including senior notes and corporate bonds[16] - The net financing cost for 2025 was RMB 1,038,036, significantly lower than RMB 1,994,601 in 2024, indicating a decrease of about 47.9%[44] - Interest expenses on borrowings were RMB 3,207,070 in 2025, compared to RMB 3,565,932 in 2024, showing a reduction of approximately 10%[44] - The income tax expense for 2025 was RMB 560,777, down from RMB 838,524 in 2024, representing a decrease of approximately 33.1%[45] Property Development and Sales - Contract sales amounted to approximately RMB 7,272 million, with a sales area of about 667,082 square meters[2] - Property sales contributed RMB 17,532,604 in 2025, down from RMB 20,543,711 in 2024, representing a decline of 14.6%[27] - The segment loss for property development was RMB (2,623,759) for 2025, compared to a loss of RMB (455,466) in 2024, indicating a significant increase in losses[28][29] - The average selling price for residential properties was RMB 11,789 per square meter, while commercial properties averaged RMB 8,289 per square meter for the year ended December 31, 2025[58] - The real estate development segment remained the primary source of revenue for the company, despite challenges in the market[56] Investment Properties - Investment property rental income was RMB 1,828,222 in 2025, slightly down from RMB 1,907,744 in 2024, a decrease of 4.1%[27] - The total segment income for property investment was RMB 2,065,210 in 2025, compared to RMB 2,150,525 in 2024, a decline of 4.0%[28][29] - The fair value loss for completed investment properties for the year ending December 31, 2025, was RMB 4,193,334 thousand, compared to RMB 3,326,616 thousand in 2024, indicating an increase in losses[36] - The company maintained a stable investment property portfolio with a total gross floor area of approximately 8,322,130 square meters as of December 31, 2025, compared to 8,312,181 square meters in 2024[59] Corporate Governance and Compliance - The external auditor confirmed that the consolidated financial statements for the year ended December 31, 2025, were prepared in accordance with applicable accounting standards[110] - The audit committee, composed of four independent non-executive directors, reviewed the audited consolidated annual results and found them compliant with applicable accounting standards[109] - The company has adopted corporate governance practices in line with the listing rules to enhance investor confidence[107] - The company has been listed on the Hong Kong Stock Exchange since October 14, 2009[12] Future Strategies and Market Outlook - The group anticipates a transition in the real estate market from "stabilization" to "quality improvement and efficiency enhancement" in 2026[64] - The group will focus on debt restructuring and optimizing asset structure to create space for development in the real estate sector[66] - The "1+N" development strategy will continue, emphasizing deepening in the Yangtze River Delta while exploring other quality regions[67] - The group aims to enhance sales capabilities and promote significant inventory turnover in 2026[66] - The group plans to implement a five-year development strategy titled "Recreate Baolong, Start a New Era" focusing on a dual-core business system[66] Employee and Operational Efficiency - The total employee cost for the year ended December 31, 2025, is approximately RMB 1,424 million, with a total of 7,446 full-time employees[98] - The company’s employee costs, including director remuneration, decreased to RMB 1,332,292 in 2025 from RMB 1,426,548 in 2024, a reduction of approximately 6.6%[42] - The group emphasizes talent development and organizational efficiency, aiming to create a collaborative environment that fosters individual growth and value enhancement[70] Market Conditions and Economic Environment - The overall economic environment in China showed resilience, with policies aimed at stabilizing the real estate market and promoting recovery[55] - The company is committed to ensuring timely delivery of real estate projects to protect buyers' interests and maintain cash flow for sustainable development[57]

Financial Performance - The company's revenue for the year ended December 31, 2025, was SGD 18,586,000, representing a 77.8% increase from SGD 10,459,000 in 2024[4] - Gross profit for the same period was SGD 3,318,000, compared to SGD 228,000 in 2024, indicating a significant improvement[4] - The company reported a net loss of SGD 612,000 for 2025, a reduction from a net loss of SGD 2,631,000 in 2024, reflecting a 76.8% decrease in losses[5] - Total segment revenue for the year ending December 31, 2025, is SGD 18,586,000, with the medical components segment contributing SGD 10,580,000[23] - The medical components segment reported a profit of SGD 2,366,000, while the total segment profit was SGD 3,312,000[23] - The company reported a loss before tax of 600 thousand Singapore dollars for 2025, compared to a loss of 2,785 thousand Singapore dollars in 2024, indicating an improvement in financial performance[34] - The overall gross profit increased from approximately SGD 0.2 million in FY2024 to approximately SGD 3.3 million in FY2025, with the gross profit margin rising from a loss margin of about 2.2% to a profit margin of approximately 17.9%[51] - The net loss for FY2025 was approximately SGD 0.6 million, significantly reduced from a loss of SGD 2.6 million in FY2024[47] Assets and Liabilities - Total assets decreased to SGD 6,407,000 in 2025 from SGD 6,491,000 in 2024, while total liabilities increased to SGD 6,048,000 from SGD 3,550,000[6] - The company's equity attributable to owners decreased to SGD 1,524,000 in 2025 from SGD 2,141,000 in 2024, reflecting a decline in shareholder value[7] - Current liabilities due within one year as of December 31, 2025, amount to approximately SGD 6,048,000, while cash and bank balances are around SGD 1,190,000[11] - Total liabilities rose to 7,414 thousand Singapore dollars in 2025 from 6,627 thousand Singapore dollars in 2024, marking an increase of 11.9%[26] Cash Flow and Liquidity - The company's cash and cash equivalents decreased to SGD 1,190,000 in 2025 from SGD 1,779,000 in 2024, indicating a liquidity challenge[6] - The current ratio decreased to approximately 1.1 times as of December 31, 2025, from 1.8 times in FY2024, mainly due to a reduction in cash and cash equivalents and an increase in borrowings[61] - Cash and cash equivalents were approximately SGD 1.2 million as of December 31, 2025, down from SGD 1.8 million in FY2024[61] Borrowings and Financial Costs - The company incurred finance costs of SGD 278,000 in 2025, up from SGD 167,000 in 2024, indicating increased borrowing costs[4] - The company has a significant amount of borrowings, with SGD 1,084,000 in loans in 2025 compared to SGD 531,000 in 2024, indicating increased leverage[6] - Financial costs rose from approximately SGD 0.2 million in FY2024 to about SGD 0.3 million in FY2025, attributed to accrued interest from a shareholder loan[60] Revenue Sources and Business Operations - The company is primarily engaged in the manufacturing and sale of disposable medical devices and is exploring data solutions and services in mainland China[8] - The company has diversified its revenue sources by expanding into data solutions and hotel-related businesses, contributing to the overall revenue growth[47] - Major customer A contributed 10,589 thousand Singapore dollars to total revenue in 2025, up from 7,859 thousand Singapore dollars in 2024, while customer B's contribution was not applicable in 2025[27] - The geographical distribution of external customer revenue showed that mainland China contributed 6,552 thousand Singapore dollars in 2025, a substantial increase from 841 thousand Singapore dollars in 2024[28] Expenses and Other Income - Research and development expenses decreased to 403 thousand Singapore dollars in 2025 from 559 thousand Singapore dollars in 2024, a reduction of 27.9%[31] - Other income decreased by approximately SGD 0.5 million or 62.5% from about SGD 0.8 million in FY2024 to about SGD 0.3 million in FY2025, primarily due to a reduction in government grants[52] - The company recorded a net other loss of approximately SGD 0.2 million in FY2025, compared to a net other income of approximately SGD 0.2 million in FY2024, mainly due to foreign exchange losses[53] - Administrative expenses increased by approximately SGD 0.5 million or 18.5% from about SGD 2.7 million in FY2024 to approximately SGD 3.2 million in FY2025, driven by increased professional service costs due to business expansion[58][59] Shareholder Information and Corporate Governance - The board did not recommend the distribution of a final dividend for the year ending December 31, 2025[76] - As of December 31, 2025, Mr. Pan Ruihe holds 33,832,000 shares, representing 4.13% of the company's total shares[77] - Mr. Xie Jianlong owns 61,612,000 shares, accounting for 7.53% of the company's total shares, while Ms. Wu Haiyan holds 52,694,000 shares, representing 6.44%[79] - The company has adhered to the corporate governance code as per GEM listing rules, except for the separation of roles between the Chairman and CEO, which is currently held by Mr. Pan[88] - All directors confirmed compliance with the trading standards for securities transactions during the fiscal year 2025, with no known non-compliance events[89] Audit and Compliance - The auditor, Zhongzheng Tianheng CPA, will present a resolution for reappointment at the upcoming annual general meeting[91] - The auditor has verified that the financial figures in the performance announcement are consistent with the audited financial statements for the year ending December 31, 2025[92] - The audit committee, consisting of three independent non-executive directors, has reviewed the audited financial information and confirmed compliance with applicable accounting standards and GEM listing rules[93]

中期報告 INTERIM REPORT 2025 2025 // 2626 | CONTENTS | 目錄 | | | --- | --- | --- | | Corporate Information | 公司資料 | 2 | | Management Discussion and Analysis | 管理層討論與分析 | 4 | | Corporate Governance and Other Information | 企業管治及其他資料 | 20 | | Interim Condensed Consolidated Statement of | 中期簡明合併財務狀況表 | 30 | | Financial Position | | | | Interim Condensed Consolidated Statement of | 中期簡明合併全面收益表 | 33 | | Comprehensive Income | | | | Interim Condensed Consolidated Statement of | 中期簡明合併現金流量表 | 34 | | Cash Flows | | | | N ...

Financial Performance - The company reported a revenue of RMB 17,126.1 million for the year ended December 31, 2025, representing an increase of 4.8% compared to RMB 16,342.3 million in 2024[3]. - Net profit for the year was RMB 1,567.9 million, up 5.3% from RMB 1,489.4 million in 2024, with a net profit margin of 9.2%, an increase of 0.1 percentage points[4]. - Basic earnings per share rose to RMB 2.810, reflecting a 4.7% increase from RMB 2.683 in the previous year[4]. - The gross profit for the year was RMB 2,985.1 million, a slight increase of 0.03%, with a gross margin of 17.43%, down by 0.83 percentage points from the previous year[4]. - The pre-tax profit for the year ended December 31, 2025, was RMB 1,549,450,000, an increase from RMB 1,473,850,000 in 2024, representing a growth of approximately 5.1%[28]. - The company achieved a revenue of approximately RMB 17,126.1 million for the year ending December 31, 2025, representing a growth of about 4.8% compared to the same period in 2024[46]. - Profit attributable to the owners of the company was approximately RMB 1,549.5 million, reflecting a growth of about 5.1% compared to 2024[46]. Revenue Breakdown - Property management service revenue increased by approximately 12.6% to RMB 13,149.8 million, while non-owner value-added services revenue decreased by 16.5% to RMB 1,636.1 million, and community value-added services revenue decreased by 13.6% to RMB 2,340.1 million[4]. - Property management services accounted for RMB 13,149,815,000 of the total revenue in 2025, up from RMB 11,674,489,000 in 2024, reflecting a growth of about 12.6%[22]. - Revenue from property management services accounted for approximately 76.7% of total revenue, reaching about RMB 13,149.8 million, a year-on-year increase of approximately 12.6% due to the expansion of managed project areas and the growth in the number of managed projects[58]. - Revenue from non-owner value-added services was approximately RMB 1,636.1 million for the year ending December 31, 2025, a decrease of about 16.5% compared to 2024, primarily due to the impact of the real estate development cycle[69]. - Community value-added services accounted for approximately 13.7% of total revenue, generating RMB 2,340.1 million, a decrease of about 13.6% year-on-year[71]. Cash Flow and Assets - The company’s cash and bank balances increased by 8.6% to RMB 12,885.9 million, compared to RMB 11,866.7 million in 2024[4]. - The net cash generated from operating activities was approximately RMB 1,827.2 million, a decrease of 20.7% compared to the previous year[4]. - Total assets less current liabilities amounted to RMB 10,805.7 million, compared to RMB 9,940.7 million in 2024[6]. - The company’s total equity increased to RMB 10,740.7 million from RMB 9,871.3 million in 2024[8]. - Current assets as of December 31, 2025, were approximately RMB 15,220.8 million, an increase of about 11.6% from RMB 13,636.0 million in 2024[82]. Dividends and Shareholder Returns - The board proposed a final dividend of RMB 1.401 per share, an increase of 5.2% from RMB 1.332 per share in 2024, maintaining a payout ratio of 50% of the net profit attributable to shareholders[4]. - The company declared a total annual dividend of RMB 775,220,093 for the year 2025, which translates to RMB 1.401 per share, up from RMB 737,040,089 (RMB 1.332 per share) in 2024, reflecting an increase of approximately 9.5%[27]. Operational Efficiency and Cost Management - The company’s employee costs, including directors' remuneration, totaled RMB 3,486,003,000 in 2025, down from RMB 3,792,031,000 in 2024, indicating a decrease of about 8.0%[25]. - Administrative expenses decreased by approximately 11.5% year-on-year, with the proportion of expenses to revenue declining by about 1.1 percentage points to approximately 5.8%[50]. - The cost of goods sold for the year 2025 was RMB 310,578,000, significantly reduced from RMB 727,017,000 in 2024, marking a decrease of about 57.4%[25]. - Service costs for the year were approximately RMB 14,141.0 million, an increase of about 5.9% from RMB 13,358.0 million in 2024, driven by the increase in managed area and number of projects[77]. Market Position and Strategy - The company ranked second among China's top 100 property service companies and first among state-owned property service enterprises, with a brand value of approximately RMB 29.5 billion for 2025[57]. - The company is transitioning its business model from "human-driven" to "technology-driven," aiming to enhance operational efficiency through automation and AI technologies[55]. - The strategic positioning has been upgraded to "Chief Operator of Comprehensive Urban Governance," focusing on professional, lean, and digital development to create stable long-term returns for shareholders[56]. - The company aims to build a versatile talent team capable of cross-border integration and comprehensive operations to meet future challenges in a rapidly evolving industry[55]. Future Outlook and Industry Trends - The property management industry revenue reached approximately RMB 1.7 trillion, indicating significant growth potential as the customer base expands beyond residents to include enterprises and government[53]. - The industry is transitioning from "scale competition" to "quality competition," with a focus on service transparency and asset preservation becoming core customer demands[54]. - Future strategies include expanding basic property services and enhancing value-added services, focusing on high-frequency essential needs such as retail and housekeeping[73]. Compliance and Governance - The company has complied with all applicable provisions of the Corporate Governance Code for the fiscal year ending December 31, 2025[106]. - The company has adopted the Standard Code for securities transactions by directors, confirming compliance for the fiscal year ending December 31, 2025[107]. - The auditor, BDO Limited, has confirmed that the figures in the annual performance announcement are consistent with the audited consolidated financial statements for the fiscal year ending December 31, 2025[105].

Financial Performance - The total revenue for the year reached approximately RMB 2,618.0 million, a year-on-year increase of about 37.7% (approximately RMB 716.9 million) compared to RMB 1,901.1 million in the previous year[3]. - The gross profit for the year was approximately RMB 1,801.9 million, a year-on-year increase of about 45.1% (approximately RMB 560.2 million), with a gross profit margin of 68.8%, up from 65.3% in the previous year[4]. - The operating profit for the year was approximately RMB 607.1 million, compared to a loss of RMB 138.1 million in the previous year, primarily due to significant revenue growth in the medical beauty business[5]. - The annual profit attributable to the company's owners was approximately RMB 179.7 million, compared to a loss of RMB 216.7 million in the previous year, marking a successful turnaround to profitability[5]. - The company reported a total of RMB 28,942 thousand in government grants for 2025, down from RMB 48,002 thousand in 2024, a decrease of 39.7%[96]. - The total comprehensive income for the year 2025 was RMB 185,404,000, compared to a loss of RMB (471,549,000) in 2024[70]. - The net profit attributable to the company's owners for 2025 was RMB 179,696,000, a significant improvement from a loss of RMB (216,662,000) in 2024[70]. - Basic earnings per share for 2025 was RMB 1.97, recovering from a loss of RMB (2.34) in 2024[70]. Revenue Segmentation - Revenue from the medical beauty business was approximately RMB 1,485.3 million, representing a year-on-year increase of about 99.6% (approximately RMB 741.1 million) from RMB 744.2 million[4]. - The aesthetic medicine segment generated revenue of approximately RMB 1,485.3 million, with a year-on-year growth of 99.6%, contributing over 50% to total revenue[8]. - The innovative drug segment reported a loss of RMB 648,010,000 for 2025, compared to a loss of RMB 948,048,000 in 2024, showing an improvement of approximately 31.7%[80][81]. - The revenue from innovative drugs is RMB 1,485,263 thousand for 2025, up from RMB 744,224 thousand in 2024, indicating a growth of approximately 99.4%[88]. Research and Development - Research and development expenses for the year were approximately RMB 291.3 million, a year-on-year decrease of 38.5% (approximately RMB 182.6 million) due to the core R&D achievements entering a harvest phase[5]. - The company plans to increase R&D investment to 60% of the total R&D budget over the next three years, focusing on high-potential areas such as regenerative materials and advanced water light technology[23]. - The innovative drug pipeline focuses on clinical differentiation and domestic substitution, with a clear strategy enhancing R&D efficiency and commercialization[19]. Market Expansion and Strategy - The company aims to continue its dual-driven strategy of "medical beauty + innovative drugs" to enhance product development and global expansion[6]. - The company is focusing on the commercialization of innovative drugs and accelerating the development of its product matrix in oncology and metabolism, supported by capital and policy[11]. - The company aims to balance the development of its cash cow generic drug business while focusing on high-growth potential areas in medical aesthetics and biopharmaceuticals[13]. - The company’s strategy emphasizes global expansion, with a dual-driven growth model based on a strong domestic market and high-potential overseas markets[10]. Product Development and Launches - The company successfully launched multiple new products, including six new specifications for the "童颜针" product line, enhancing its regenerative product matrix[9]. - The innovative drug platform, XuanZhu Biotech, successfully listed independently, with its stock price increasing over 400% within eight trading days, reaching a market value peak of over HKD 30 billion[11]. - The core product, SYLFIRMX™ dual-wave radiofrequency microneedling system, has become a key growth engine, supported by global leading technology and clinical value, establishing a strong competitive advantage in the medical aesthetics equipment sector[39]. Financial Health and Assets - As of December 31, 2025, the company had cash and cash equivalents, along with financial products and deposits, amounting to approximately RMB 4,397.4 million[5]. - The company reported a significant increase in inventory, rising to RMB 617,728,000 in 2025 from RMB 417,000,000 in 2024[71]. - Current assets increased to RMB 6,652,730,000 in 2025 from RMB 5,717,563,000 in 2024, reflecting a growth of approximately 16.4%[71]. - The company’s total borrowings amount to approximately RMB 912.0 million, with 94.0% being floating-rate borrowings, and the debt-to-equity ratio is 15.6%, down from 20.2% in the previous year[168]. Shareholder Returns and Dividends - The company declared a final cash dividend of RMB 0.96 per share, equivalent to HKD 1.09 per share, in appreciation of shareholder support[5]. - The proposed final cash dividend for the year ending December 31, 2025, is RMB 87,801,000, compared to no dividend in 2024[110]. - The company approved and paid interim dividends of RMB 90,887,000 in 2025, a decrease of 48.9% from RMB 177,080,000 in 2024[111]. Compliance and Governance - The company has adhered to all applicable corporate governance codes during the reporting period, ensuring high standards of transparency and accountability[196]. - The audit committee has reviewed the group's financial reporting matters and internal controls, providing improvement recommendations to the board[198].

Financial Performance - The company reported revenue of RMB 601.4 million for the year ended December 31, 2025, a decrease of 15.5% compared to RMB 711.9 million in 2024[4]. - The net profit for the year was RMB 3.9 million, a significant recovery from a net loss of RMB 793.2 million in the previous year[7]. - The gross profit margin decreased to 30.4% from 29.6% year-on-year, with gross profit amounting to RMB 182.8 million, down 13.4% from RMB 211.1 million[4]. - Basic and diluted earnings per share improved to RMB 0.005 from a loss of RMB 1.329 in the previous year[6]. - The group recorded total revenue of RMB 601.4 million, a decrease of 15.5% year-on-year, but the decline has narrowed, indicating signs of stabilization[62]. - The group achieved a net profit of RMB 3.9 million, turning from a loss in the previous year, with significant improvements in profit quality[62]. - The group recorded a pre-tax profit of RMB 7.0 million, a turnaround from a pre-tax loss of RMB 791.2 million in the previous year[94]. Cost Management - The company achieved a reduction in sales and administrative expenses by 34.4% and 29.6% respectively, contributing to improved operational efficiency[7]. - Selling expenses decreased by 34.4% to RMB 118.2 million, attributed to improved operational and management capabilities[87]. - Administrative expenses decreased by 29.6% to RMB 186.5 million, mainly due to reduced share-based payment expenses and optimized management processes[88]. - Financial costs decreased by 33.6% year-on-year, enhancing the company's capital efficiency[7]. Asset and Liability Management - The company’s total assets decreased to RMB 2.73 billion from RMB 3.23 billion in the previous year, reflecting a strategic adjustment in asset management[10]. - The total liabilities as of December 31, 2025, were RMB 1,572,311,000, a decrease of 24.4% from RMB 2,078,459,000 in 2024[11]. - The company's debt-to-equity ratio improved to 59.6% as of December 31, 2025, down from 93.3% as of December 31, 2024, primarily due to the repayment of short-term borrowings[117]. - Current liabilities decreased from RMB 1,916.4 million as of December 31, 2024, to RMB 1,392.8 million as of December 31, 2025, mainly due to a reduction in borrowings and trade payables[106]. Revenue Sources - The revenue from diagnostic testing services provided to medical alliances accounted for a larger proportion of total revenue, indicating a strategic focus on high-quality development[7]. - The diagnostic testing services segment generated revenue of RMB 353.3 million, a slight decline of 6.4% year-on-year, but maintained its position as the largest business segment, accounting for 58.7% of total revenue[64]. - Revenue from diagnostic outsourcing services decreased by 28.1% to RMB 216.9 million, impacted by factors such as centralized procurement and intensified industry competition[83]. - Revenue from diagnostic testing services for non-medical institutions decreased by 4.9% to RMB 31.2 million, primarily due to external market conditions and increased competition[84]. Cash Management - The company recorded a significant recovery in cash management, reducing the collection period for receivables and reversing previous credit impairment losses[7]. - Cash and cash equivalents increased to RMB 1,522,169 thousand in 2025 from RMB 1,321,355 thousand in 2024, representing a growth of approximately 15.2%[43]. - Trade receivables from third parties decreased to RMB 939,432 thousand in 2025 from RMB 1,490,350 thousand in 2024, reflecting a reduction of approximately 37%[34]. Strategic Initiatives - The implementation of the "AI + Healthcare" strategy is projected to create a new industry worth hundreds of billions, with a focus on intelligent diagnostic applications in primary care by 2030[58]. - The group aims to enhance clinical empowerment and operational efficiency through a flexible operational platform, focusing on deep service and lean operations[61]. - The establishment of intelligent diagnostic applications for common diseases at the grassroots level is expected to enhance the capabilities of primary healthcare providers[59]. - The company has developed a medical large model called "ZhiYun" in collaboration with RunDa Medical, which enhances clinical medical services across the entire process from pre-diagnosis to post-diagnosis[73]. Corporate Governance - The company has complied with all applicable corporate governance codes during the reporting period, with a noted exception regarding the roles of the Chairman and CEO[126]. - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2025, with no objections to the accounting policies adopted by the company[131]. - The external auditor, Fuhui Mazhe, confirmed that the financial data for the year ending December 31, 2025, is consistent with the consolidated financial statements, but did not provide a verification opinion[132]. Market Position and Expansion - Over 3,000 tightly-knit county medical communities have been established, covering over 900 million people, indicating a significant expansion in healthcare resource sharing[54]. - The number of primary healthcare institutions increased from 970,000 in 2020 to 1,040,000 in 2024, with patient visits rising from 4.1 billion to 5.3 billion, reflecting a growing utilization of primary healthcare services[57]. - The company has supported nearly 450 medical alliances and over 1,500 cooperative medical institutions, promoting the downward flow of quality medical resources[74].

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 242,560,000, a decrease of 3.6% compared to RMB 251,507,000 in 2024[2] - Gross profit for the same period was RMB 29,380,000, down 18.9% from RMB 36,232,000 in 2024[2] - Profit attributable to owners of the company was RMB 7,812,000, representing a decline of 55.4% from RMB 17,535,000 in the previous year[2] - Basic and diluted earnings per share decreased to RMB 0.79, down 55.1% from RMB 1.76 in 2024[4] - Total comprehensive income for the year was RMB 10,926,000, compared to RMB 15,870,000 in 2024, reflecting a significant decrease[4] - The EBITDA for the reportable segment was RMB 34,028,000 in 2025, down 23.5% from RMB 44,502,000 in 2024[9] - Revenue from water treatment products and equipment was RMB 172,465,000 in 2025, compared to RMB 221,017,000 in 2024, indicating a decline of 22%[13] - The company recorded a profit attributable to shareholders of RMB 7.8 million, down from RMB 17.2 million in the previous year[37] - Basic and diluted earnings per share were RMB 0.79, compared to RMB 1.76 in the previous year[37] Assets and Liabilities - Non-current assets decreased to RMB 1,118,000, down from RMB 6,129,000 in 2024[5] - Current assets totaled RMB 1,245,400,000, a decrease from RMB 1,309,769,000 in the previous year[5] - Current liabilities were RMB 250,144,000, an increase from RMB 149,999,000 in 2024[5] - Net asset value decreased to RMB 996,374,000 from RMB 1,164,882,000 in 2024[5] - As of December 31, 2025, the total assets of the group were RMB 1.2465 billion, a decrease of RMB 69.4 million from RMB 1.3159 billion in 2024[48] - The total liabilities of the group increased to RMB 250.1 million as of December 31, 2025, up by RMB 99.1 million from RMB 151.0 million in 2024[48] - The total equity of the group was RMB 996.4 million as of December 31, 2025, down from RMB 1.1649 billion in 2024, with a debt-to-equity ratio of 0.1%[49] Cash Flow and Dividends - The company achieved a net cash inflow from operating activities of RMB 1.712 million[30] - The company declared a total special dividend of HKD 198,000,000 (approximately RMB 179,434,000) for the year 2025, including HKD 107,660,000 for the first special dividend and HKD 71,774,000 for the second special dividend[19] - The company does not recommend the payment of a final dividend for the year ending December 31, 2025[20] - The company plans to declare a final dividend of at least RMB 2.3 million, which is 30% of the audited consolidated profit attributable to shareholders of RMB 7.8 million for the year ending December 31, 2025[38] Operational Highlights - The company is primarily engaged in the sale of environmental protection products and equipment, as well as undertaking environmental construction projects in China[6] - The company operates in two main segments: environmental products and equipment, and environmental construction engineering services[8] - The group completed 7 water treatment projects and 4 flue gas treatment projects during the year[41] - The company continues to focus on industrial wastewater and flue gas treatment, advancing "near-zero emissions" solutions[36] - The company aims to optimize its business structure and enhance operational resilience and long-term development potential while exploring new industry opportunities[42] Risk Management and Governance - The company is strengthening risk management measures to mitigate potential operational and financial risks[36] - The independent auditor has issued a qualified opinion regarding the financial statements for the year ended December 31, 2025[57] - The audit committee has reviewed the financial reporting procedures and internal control processes of the group[55] - The company has adhered to the corporate governance code as per the listing rules, except for a specific provision regarding the frequency of board meetings[66] Employee and Compensation - The total employee compensation cost, including director remuneration, amounted to RMB 12.7 million for the year ended December 31, 2025, down from RMB 14.6 million in 2024, representing a decrease of approximately 13.0%[53] - The group employed approximately 80 employees, maintaining competitive salary levels reviewed annually[53] Other Financial Information - The company incurred a cryptocurrency impairment loss of RMB 4.912 million during the year[30] - The company signed an AI asset procurement agreement for RMB 30.55 million, covering all related expenses[34] - The group has no capital expenditure commitments for the purchase of property, plant, and equipment as of December 31, 2025[51] - There are no assets pledged as collateral by the group as of December 31, 2025[52] - The group has no warranty liabilities that are considered significant as of the reporting date[51] - The group has not purchased, sold, or redeemed any of its listed securities during the year ended December 31, 2025[54] - The group has no foreign currency bank liabilities or financial derivatives for hedging purposes as of December 31, 2025[50] Sale of Subsidiary - The sale of a 51% stake in Turing AI Technologies Group USA LLC was completed for a consideration of USD 450,000 (approximately RMB 3,216,000)[28] - The net cash inflow from the sale of the subsidiary amounted to RMB 3,206,000 after deducting sold cash and cash equivalents[29] - The company completed the sale of all issued shares of Turing AI, resulting in revenue of approximately RMB 2,906,000 recognized in the consolidated income statement for the year ended December 31, 2024[64] - The independent auditor's report indicated a qualified opinion regarding the comparability of financial data due to the sale of Turing AI, affecting the financial statements for the year ended December 31, 2025[63]

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 1,745.6 million, a decrease of 13.5% compared to 2024[2] - Gross profit was RMB 128.9 million, with a gross margin of 7.4%[2] - The annual loss amounted to RMB 3,685.1 million, a reduction of 36.4% from 2024, primarily due to decreased losses from delivered properties and net gains from debt restructuring[2] - Basic and diluted loss per share was RMB 1.41[6] - Total comprehensive loss for the year was RMB 3,681.6 million, compared to RMB 5,802.07 million in 2024[6] - The company reported a loss of approximately RMB 3,685,051,000 for the year ending December 31, 2025[12] - The company reported a significant increase in deferred tax expenses, rising to RMB 734,795 thousand in 2025 from RMB 92,867 thousand in 2024[48] - The total income tax expense for 2025 is RMB 792,461 thousand, compared to RMB 531,341 thousand in 2024, reflecting a substantial increase[48] - The company reported a total of RMB 1,054,385 thousand in other income, contributing positively to the overall financial performance[33] - Other income increased by 196.6% from RMB 355.8 million in 2024 to RMB 1,055.5 million in 2025, primarily due to net gains from the bankruptcy settlement of a subsidiary[93] Assets and Liabilities - Total assets were valued at RMB 37,570.2 million, with equity shareholders' attributable loss totaling RMB 9,591.9 million[2] - The total liabilities as of December 31, 2025, were RMB 42,987,713,000, a decrease of 3.8% from RMB 44,658,211,000 in 2024[8] - The net current liabilities reached RMB 15,581,444,000, compared to RMB 10,393,062,000 in 2024, indicating a significant increase in financial strain[8] - The total equity attributable to shareholders showed a deficit of RMB 9,591,873,000 as of December 31, 2025[8] - The total loans and borrowings amounted to RMB 23,077,899,000, with current loans and borrowings at RMB 22,120,234,000[12] - The total assets reported for 2025 are RMB 37,570,191 thousand, a decrease from RMB 46,097,408 thousand in 2024, representing a decline of approximately 18.5%[40] - The total liabilities for 2025 stand at RMB 46,250,314 thousand, down from RMB 51,088,285 thousand in 2024, showing a reduction of about 9.5%[40] - The group has provided guarantees for mortgage loans amounting to RMB 1,276.4 million, a decrease from RMB 2,140.4 million as of December 31, 2024[105] Sales and Revenue - Contracted sales amounted to RMB 395.7 million, representing a growth of 3.0% compared to 2024[2] - The total revenue from property sales for 2025 is projected to be RMB 1,128,426,000, compared to RMB 1,374,084,000 in 2024, indicating a decrease of approximately 17.9%[26] - The average contract sales price was RMB 7,234 per square meter, a decrease of 49.8% from 2024, with approximately 77.2% of sales coming from the central and western regions[72] - The total contracted sales area for the year ending December 31 was 42,840 square meters, an increase from 28,825 square meters in 2024, representing a growth of 48.7%[76] - The total contracted sales amount reached RMB 395.7 million, compared to RMB 384.4 million in 2024, reflecting a slight increase of 2.9%[77] Operational Efficiency and Strategy - The group plans to accelerate the pre-sale and sale of completed properties for cash flow improvement[17] - The group is exploring partnerships with large property development companies for joint development of ongoing projects[17] - The group has implemented measures to improve operational efficiency and enhance future profitability through cost control[17] - The company is focusing on business innovation and upgrading, emphasizing "stock management + new business development" to explore new revenue streams in cultural tourism and healthcare[65] - The company is actively transforming its management approach by deepening the Amiba business model and promoting digital management to enhance operational efficiency[64] Debt and Financial Restructuring - The group is actively negotiating with creditors to prevent immediate repayment demands on overdue loans and interest, including preventing the auction of mortgaged properties[17] - The group recorded a debt restructuring gain of approximately RMB 526,927,000 during the fiscal year ending December 31, 2025[15] - The company has engaged in several legal disputes related to property development projects and loan defaults, but management believes the potential liabilities will not significantly impact the financial statements[60] - The company has been actively communicating with relevant creditors to expedite fundraising efforts to repay outstanding amounts and resolve default events[126] - The group is facing significant uncertainties regarding its ability to continue as a going concern, with potential impacts on asset realizability and liability settlement[138] Market Conditions - The real estate market in China continues to face pressure, with new home sales remaining weak, leading to project delays and asset impairment recognition[45] - The real estate market in 2025 showed overall weakness, with core city markets performing relatively well, but new home sales remained under pressure[62] - The real estate industry is undergoing significant adjustments, with new opportunities emerging in cultural tourism and healthcare sectors, which the company aims to capitalize on[68] Employee and Governance - As of December 31, 2025, the group employed a total of 1,481 employees, a decrease from 1,603 employees as of December 31, 2024[115] - Employee costs for the reporting period amounted to RMB 273.6 million, down from RMB 308.3 million in 2024[115] - The audit committee consists of three independent non-executive directors, with the main responsibilities including reviewing financial information and overseeing internal controls[120] - The company has adopted a code of conduct for directors regarding securities trading, ensuring compliance with the standards set forth in the listing rules[122]