Financial Performance - The company's revenue for the year ended December 31, 2025, reached RMB 822.3 million, representing a year-on-year increase of 73.4% compared to RMB 474.3 million in 2024[4]. - Gross profit for the same period was RMB 337.1 million, with a gross margin of 41.0%, remaining stable compared to the previous year's gross margin of 41.1%[4]. - The company's revenue for the year ended December 31, 2025, reached RMB 822.3 million, a significant increase from RMB 474.3 million in 2024, representing a growth of approximately 73.3%[16]. - Gross profit for 2025 was RMB 337.1 million, up from RMB 194.7 million in 2024, indicating a gross margin improvement[16]. - Revenue increased by 73.4% from RMB 474.3 million for the year ending December 31, 2024, to RMB 822.3 million for the year ending December 31, 2025, driven by growth in various income segments[17]. - Revenue from advanced driver assistance products and solutions rose by 56.8% from RMB 438.0 million to RMB 686.9 million, attributed to strong sales of new models equipped with Huashan series chips and increased competitiveness in the L2-L3 commercial vehicle sector[17]. - The company recorded a net loss of RMB 1,424.7 million for the year ending December 31, 2025, compared to a profit of RMB 313.3 million for the year ending December 31, 2024[32]. - The net loss attributable to equity holders for 2025 was RMB 1,424,700,000, compared to a profit of RMB 313,315,000 in 2024[56]. - The basic loss per share for 2025 was RMB (2.4), while for 2024 it was RMB 1.2[95]. Operational Efficiency - The operating loss narrowed by 17.5% year-on-year, indicating improved operational efficiency and cost management[5]. - The net operating loss for 2025 was RMB 1.45 billion, an improvement from RMB 1.75 billion in 2024, indicating a narrowing of losses[16]. - Sales expenses decreased by 27.2% from RMB 120.8 million to RMB 87.9 million, primarily due to reduced share-based compensation for the sales team[25]. - General and administrative expenses decreased by 19.1% from RMB 368.8 million to RMB 298.3 million, mainly due to reduced share-based compensation for administrative staff and lower listing costs[26]. - The company has implemented smart traffic management and parking solutions in multiple cities, showcasing its scalable AI hardware and software integration[10]. Research and Development - R&D expenses for 2025 were RMB 1.42 billion, slightly reduced from RMB 1.44 billion in 2024, reflecting ongoing investment in technology advancement[16]. - The company plans to enhance its core competitiveness by focusing on productization, technological evolution, and platform upgrades in its R&D efforts[14]. - The company has successfully accelerated the mass production of the Huashan and Wudang chip series, contributing significantly to its smart driving business[6]. - The latest Huashan A2000 chip, built on advanced 7nm technology, is expected to enter mass production in 2026, enhancing the company's high-level smart driving capabilities[7]. - The company has earmarked 30% of the net proceeds for core technology R&D, with specific projects aimed for completion by 2026[47]. Commercialization and Market Strategy - The SesameX platform was launched, marking the company's transition to a full-stack AI chip supplier, with revenue from embodied intelligence solutions reaching RMB 96.3 million, showing significant growth[8]. - The company plans to complete the acquisition of Zhuhai Yizhi Electronics Technology Co., Ltd. in 2026, focusing on a strategy centered around "chips + algorithms + scenarios" to enhance its AI capabilities[13]. - The automotive intelligent driving business aims for large-scale deployment of L2-L4 scenarios by 2026, with a focus on the A2000 chip to support L3-level advanced driver assistance systems[11]. - The company expects to enhance its product matrix to cover a full range of AI solutions for smart vehicles and robotics, significantly strengthening cross-scenario collaboration effects[13]. - The company is set to push forward with the commercialization of embodied intelligent solutions, contributing to new revenue streams in 2026[12]. Financial Position and Cash Flow - Cash and cash equivalents as of December 31, 2025, amounted to RMB 1,530.7 million, down from RMB 1,622.9 million as of December 31, 2024[35]. - Net cash used in operating activities for 2025 was RMB 985.4 million, an improvement from RMB 1,189.8 million in 2024[37]. - Total borrowings as of December 31, 2025, were RMB 739.9 million, an increase from RMB 674.2 million in 2024[39]. - The company reported a net cash inflow from financing activities of RMB 1,198.7 million in 2025, compared to RMB 1,552.0 million in 2024[37]. - The company anticipates that its cash and cash equivalents, along with financing, will be sufficient to meet its operational and capital expenditure needs for the next twelve months[68]. Shareholder and Corporate Governance - The company has confirmed that at least 25% of its issued shares are held by the public, complying with listing rules[112]. - The board does not recommend the payment of a final dividend for the year ending December 31, 2025[116]. - The audit committee has reviewed the audited consolidated financial statements and believes that the annual performance is prepared in accordance with applicable accounting standards[118]. - The company completed its initial public offering on August 8, 2024, and its shares are listed on the Hong Kong Stock Exchange[64]. - The company is led by its founder and CEO, Mr. Dan Ji Zhang, who is also the chairman of the board[123].

Financial Performance - For the year ending December 31, 2025, total revenue was RMB 1,457,908,000, a slight decrease from RMB 1,460,289,000 in 2024[4] - Gross profit increased to RMB 513,720,000, up from RMB 398,652,000, representing a growth of approximately 28.8%[4] - Operating profit rose to RMB 270,282,000, compared to RMB 252,855,000 in the previous year, marking an increase of about 6.9%[4] - Profit before tax was RMB 110,179,000, up from RMB 103,612,000, reflecting a growth of approximately 6.1%[4] - Net profit from continuing operations was RMB 101,549,000, compared to RMB 77,645,000 in 2024, an increase of about 30.7%[4] - The company experienced a total loss for the year of RMB 5,638,446,000, compared to RMB 963,976,000 in 2024[5] - The company reported a significant loss from discontinued operations amounting to RMB 5,739,995,000, compared to RMB 1,041,621,000 in the previous year[4] - Total comprehensive loss for the year was RMB 5,583,669,000, compared to RMB 1,340,645,000 in 2024, indicating a substantial increase in losses[7] Assets and Liabilities - As of December 31, 2025, the total non-current assets amounted to RMB 1,285,669,000, a decrease from RMB 10,462,116,000 in 2024[8] - The total current assets were reported at RMB 6,237,066,000, compared to RMB 3,760,649,000 in the previous year[8] - The total liabilities as of December 31, 2025, were RMB 12,182,156,000, an increase from RMB 10,560,725,000 in 2024[9] - The total equity attributable to shareholders showed a deficit of RMB 4,573,281,000 as of December 31, 2025[9] - As of December 31, 2025, the group's net current liabilities amounted to RMB 5,945,090,000, while total net liabilities were RMB 4,699,643,000[15] Market and Operational Challenges - The company is facing challenges in the domestic glass market due to the deep adjustment in the real estate industry and a slowdown in the photovoltaic-related industry[14] - The gross margin for domestic glass products has continued to decline, reaching unsustainable levels due to pressure from both selling prices and production costs[14] - The company has suspended operations on 10 out of 15 production lines in mainland China due to ongoing market demand weakness, including 8 float glass production lines and 2 photovoltaic glass production lines[14] - The group is actively pursuing a disposal plan for its entire business in mainland China, which includes 15 glass production lines, to generate immediate cash flow for debt repayment[16] Revenue Streams - Revenue from glass product sales reached RMB 1,114,877,000 for 2025, compared to RMB 1,088,946,000 for 2024, reflecting a slight increase of 2.4%[24] - The total revenue from service contracts was RMB 202,601,000 for 2025, down from RMB 305,944,000 in 2024, indicating a decrease of 33.7%[24] - The total expected revenue from existing customer contracts as of December 31, 2025, is estimated at EUR 40,826,000 (approximately RMB 321,733,000), an increase from EUR 38,418,000 (approximately RMB 289,122,000) in 2024, representing a growth of 3.7%[26] - The revenue from other products sold amounted to RMB 140,430,000 for 2025, significantly higher than RMB 65,399,000 in 2024, marking an increase of 114.5%[24] Strategic Initiatives - The company plans to focus on expanding its market presence and enhancing product development strategies in the upcoming fiscal year[2] - The company is focused on developing glass production technology and providing related design and installation services, which are key components of its business strategy[23] - The company is actively restructuring its debt, with the completion of the offshore syndicated loan restructuring by November 13, 2025, and ongoing domestic loan extensions and renewals[94] - The company plans to focus on international development, particularly in Nigeria, Kazakhstan, and Italy, enhancing product and service competitiveness through "industry depth + technological innovation"[98] Employee and Operational Costs - Employee costs for the year 2025 are expected to reach RMB 605,068,000, up from RMB 541,013,000 in 2024, indicating an increase of about 11.8%[37] - The total employee benefits, including salaries and other benefits, are expected to rise to RMB 644,135,000 in 2025 from RMB 587,763,000 in 2024, an increase of about 9.6%[37] - Administrative expenses increased by 54% from RMB 389 million to RMB 599 million, with a significant rise in expenses related to discontinued operations[113] Impairment and Losses - The impairment loss on property, plant, and equipment is projected to be RMB 3,931,416,000 for 2025, compared to RMB 400,060,000 in 2024, representing a significant increase of approximately 882.5%[40] - The total impairment losses for non-current assets are expected to be RMB 4,277,408,000 in 2025, compared to RMB 436,995,000 in 2024, indicating a dramatic increase of approximately 877.5%[40] - The gross loss for the discontinued operations in 2025 was RMB 285,555,000, compared to a gross loss of RMB 87,707,000 in 2024, indicating a significant increase in losses[53] Future Outlook - The company forecasts a stable economic foundation in China, with the glass industry expected to enter a critical window for structural transformation and high-quality development[96] - The company aims to enhance operational efficiency through centralized procurement management, personnel optimization, and the disposal of non-core assets, while strictly controlling unnecessary capital expenditures[94] - The group plans to optimize its capital structure and reduce overall financing costs to ensure long-term stable development[101]

僅供識別 年度報告 本報告採用環保紙打印製造。 202 5 年 度 報 中 國 建 材 股 份 有 限 公 司 （股份代號：03323） 告 | | | | 年報速覽 | 2 | | --- | --- | | 公司資料 | 4 | | 本集團股權架構 | 7 | | 財務數據摘要 | 8 | | 業務數據摘要 | 9 | | 董事長報告 | 10 | | 管理層討論與分析 | 12 | | 企業管治報告 | 27 | | 董事會報告 | 41 | | 其他重大事項 | 63 | | 監事會報告 | 64 | | 董事、監事及高級管理人員簡歷 | 65 | | 獨立核數師報告 | 69 | | 綜合損益表 | 75 | | 綜合損益表及其他全面收益表 | 76 | | 綜合財務狀況表 | 77 | | 綜合權益變動表 | 79 | | 綜合現金流量表 | 81 | | 綜合財務報表附註 | 84 | | 財務摘要 | 245 | | 釋義 | 246 | 願景和使命 企業願景 中 國 建 材 股 份 有 限 公 司 年報速覽 關於中國建材 市場地位 作為材料領域全球領先的上市公司，中國建材在水泥、商品混凝土、 ...

Pa Shun International Holdings Limited 百信國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：574） 截至2025年12月31日止年度之全年業績公佈 百信國際控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」） 會（「董事會」）宣佈，本集團截至2025年12月31日止年度之全年綜合業績連同2024年之 比較數字如下： 全年業績重點 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 ⚫ 收益約為人民幣86,807,000元（2024年：約人民幣86,554,000元）。 ⚫ 歸屬於本公司股權持有人之年內虧損約為人民幣15,856,000元（2024年：虧損約人 民幣15,313,000元）。 ⚫ 董事會並不建議派付截至2025年12月31日止年度之任何末期股息（2024年：無）。 – 1 – 綜合損益表 截至 2025 年 12 月 31 日止年度 | | | 2025年 | 20 ...

Financial Performance - The company plans to distribute a cash dividend of RMB 0.28 per share for the fiscal year 2025, subject to shareholder approval [5]. - Cambridge Industries Group Limited reported a significant increase in revenue, reaching $150 million, representing a 25% year-over-year growth [13]. - The company reported a revenue of ¥100 million for the fiscal year 2025, representing a 15% increase compared to the previous year [22]. - The company's operating revenue for 2025 reached RMB 4,843,406,000, representing a 32.7% increase from RMB 3,652,051,000 in 2024 [27]. - Net profit attributable to shareholders for 2025 was RMB 263,485,000, up 58.5% from RMB 166,681,000 in 2024 [27]. - Basic earnings per share for 2025 increased to RMB 0.94, compared to RMB 0.62 in 2024, reflecting a growth of 51.6% [27]. - The company achieved a net profit attributable to shareholders of 263.49 million yuan, an increase of 96.80 million yuan, representing a year-on-year growth of 58.08% [107]. - The net profit after deducting non-recurring gains and losses was 258.79 million yuan, up 107.53 million yuan, with a year-on-year increase of 71.09% [107]. Corporate Governance - The board of directors confirmed the accuracy and completeness of the annual report, with no significant risks impacting operations during the reporting period [8]. - The company has not reported any non-operational fund occupation by controlling shareholders or related parties [8]. - The board of directors includes both executive and independent non-executive members, ensuring diverse governance [3]. Risk Management - The company emphasizes the importance of risk awareness in future plans and development strategies, advising investors to consider investment risks [7]. - The company has no unremedied losses affecting dividend distribution or other matters [6]. Market Expansion and Strategy - The company has established subsidiaries, including the acquisition of Maizhiwei Electronics (Shanghai) Co., Ltd. in 2022, enhancing its market presence [11]. - Cambridge Industries plans to enter new markets in Southeast Asia, targeting a market share increase of 15% within the next two years [17]. - Future outlook includes an expansion plan into Southeast Asia, targeting a market share increase of 5% by 2026 [20]. - The company plans to acquire a smaller competitor, which is anticipated to add ¥30 million in annual revenue [22]. Research and Development - The company is investing $10 million in R&D for new technologies, including Co-Packaged Optics (CPO) to enhance data center efficiency [16]. - The company is investing ¥50 million in R&D for new technologies, focusing on low-power optical modules [22]. - The company is focusing on R&D for high-speed optical modules, achieving breakthroughs in core product development and laying the groundwork for next-generation high-speed interconnects [108]. Product Development - A new product line focused on edge computing is set to launch in Q2 2024, anticipated to generate $20 million in revenue in its first year [16]. - The company has introduced three new products in the optical communication sector, contributing to a projected revenue increase of 10% in the next quarter [20]. - The company is developing various optical modules based on PAM4 modulation technology, including 800G and 1.6T modules, aimed at enhancing data transmission capabilities [36]. Operational Efficiency - The company reported a gross margin improvement of 5%, now standing at 40%, due to cost optimization strategies [14]. - The company aims to achieve a 10% reduction in operational costs through the implementation of co-location strategies [16]. - The company has completed the overall relocation of the optical module production line from Shanghai to the new factory in Jiashan, with the Jiashan factory achieving over 90% of designed capacity in November [48]. Supply Chain Management - The company effectively managed supply chain challenges, including a foreign exchange loss of 84.62 million yuan due to currency fluctuations, while maintaining a positive trend in core business profitability [107]. - The company is enhancing its supply chain resilience through strategic stockpiling and local sourcing, effectively mitigating risks associated with trade environments [128]. Financial Position - Total assets as of December 31, 2025, amounted to RMB 11,905,895,000, a significant increase from RMB 5,188,815,000 in 2024 [27]. - The total liabilities for 2025 were RMB 4,347,067,000, compared to RMB 2,727,825,000 in 2024, showing an increase of 59.3% [27]. - Cash and cash equivalents increased to ¥4,790,693,031.65, representing 40.24% of total assets, up 808.46% from the previous period [167]. Market Trends - The global PON equipment market is expected to exceed $15 billion in 2024, driven by the acceleration of gigabit optical network construction and the deployment of over 28 million 10G PON ports in China [66]. - The wireless communication infrastructure industry is experiencing rapid growth, with China building 4.838 million 5G base stations by the end of 2025, achieving nationwide coverage in all prefecture-level cities [69]. - The global demand for ultra-high-speed, low-latency data transmission is expected to increase with the maturity of technologies like 5G-A and AI models, with 50G PON technology being a core choice for meeting this demand, projected to enter an accelerated penetration phase starting in 2027 [192]. Innovation and Technology - The company is committed to continuous innovation in communication infrastructure, maintaining a full-chain innovation capability from pre-research to commercialization [51]. - The company is focusing on technological breakthroughs to drive new product launches, accumulating core competitiveness for future technology iterations [60]. - The company is focusing on the development of AI-driven content identification technology to meet new regulatory requirements in the EU [96].

Financial Performance - Revenue for the year ended December 31, 2025, reached RMB 22,797,728, an increase of 21.0% compared to RMB 18,726,175 in 2024[3]. - Gross profit for 2025 was RMB 3,610,490, representing a gross margin of 15.8%, up from RMB 2,127,125 in 2024[3]. - The net profit for the year was RMB 1,263,238, a significant recovery from a net loss of RMB 2,624,761 in 2024[4]. - Basic earnings per share for 2025 was RMB 0.80, compared to a loss per share of RMB (1.03) in 2024[3]. - Total revenue for the year ending December 31, 2025, reached RMB 26,691,317 thousand, with external sales contributing RMB 22,797,728 thousand[28]. - The lithium metal and lithium compound segment generated a profit of RMB 2,934,472 thousand, while the lithium battery segment reported a profit of RMB 575,336 thousand[28]. - The company reported a net loss before tax of RMB 2,295,700,000 for the year ending December 31, 2024[30]. - The company's revenue for the reporting period was RMB 22,797,728 thousand, an increase of RMB 4,071,553 thousand compared to RMB 18,726,175 thousand in 2024, representing a growth rate of 21.7%[151]. - Gross profit for the company was RMB 3,610,490 thousand, up from RMB 2,127,125 thousand in 2024, marking an increase of RMB 1,483,365 thousand[151]. - The company's net profit attributable to shareholders was RMB 1,613,671 thousand, a significant increase of 178.0% from a loss of RMB 2,068,512 thousand in 2024[151]. Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 113,420,203, an increase from RMB 100,000,000 in 2024[7]. - Current liabilities increased to RMB 38,273,710 in 2025 from RMB 31,669,917 in 2024, reflecting a rise of 20.5%[7]. - The total equity attributable to shareholders of the parent company rose to RMB 45,145,475, up from RMB 41,782,388 in 2024[9]. - The company's total liabilities were RMB 61,420,516 thousand, with segment liabilities for lithium metal, lithium resources, and lithium batteries at RMB 30,587,022 thousand, RMB 21,395,603 thousand, and RMB 18,926,873 thousand respectively[28]. - Trade receivables increased to RMB 7,143,998 thousand in 2025 from RMB 3,866,380 thousand in 2024, representing an increase of 84.5%[60]. - Current assets increased from RMB 22,002,876 thousand as of December 31, 2024, to RMB 35,158,365 thousand as of December 31, 2025, primarily due to increases in inventory, trade receivables, cash and cash equivalents, and amounts due from related parties[167]. - Non-current liabilities increased from RMB 21,574,483 thousand as of December 31, 2024, to RMB 23,146,806 thousand as of December 31, 2025, primarily due to increases in bank and other borrowings and bonds payable[168]. Cash Flow and Expenditures - Cash and cash equivalents increased to RMB 7,868,247 in 2025, compared to RMB 5,641,238 in 2024, indicating improved liquidity[6]. - Capital expenditures for the year totaled RMB 9,686,216 thousand, which includes increases in property, plant, equipment, investment properties, and intangible assets[29]. - The company reported operating cash flow of RMB 2,944,845 thousand, a decrease of 42.9% from RMB 5,161,272 thousand in 2024, mainly due to increased cash payments for goods and services[166]. - Capital expenditures for the reporting period amounted to RMB 9,686,216 thousand, a decrease of RMB 7,781,761 thousand compared to RMB 17,467,977 thousand in 2024[170]. Research and Development - Research and development expenses for the year amounted to RMB 1,042,098 thousand, up from RMB 910,700 thousand in 2024, indicating a year-over-year increase of about 14.4%[44]. - The company aims to enhance its R&D capabilities by improving lithium extraction methods and developing solid-state lithium batteries[148]. - The company is committed to developing new products and technologies, including lithium battery recycling and high-purity lithium processing[148]. Market and Segment Performance - The company has three operational segments: lithium metal and compounds, lithium battery, and lithium mining resources, each evaluated based on their respective profitability[26]. - Revenue from customer contracts for the year 2025 is projected to be RMB 22,796,991,000, up from RMB 18,725,583,000 in 2024[35]. - Sales in mainland China accounted for RMB 14,485,930,000 of total revenue, highlighting the region's importance[32]. - The lithium metal and lithium compound segment generated revenue of RMB 13,118,035,000, while the lithium battery segment contributed RMB 5,947,192,000[30]. Taxation and Compliance - The statutory tax rate for taxable profits in mainland China is set at 25%, with certain subsidiaries eligible for a reduced rate of 15% as high-tech enterprises[50]. - The effective tax rate calculated based on applicable rates resulted in a tax expense of RMB 178,268 thousand for 2025, while the actual tax expense was RMB (74,785) thousand[51]. - The group has identified potential tax risks in Hong Kong due to the lower effective tax rate under Pillar Two regulations, which may impact future financial statements[53]. Legal and Regulatory Matters - The Mexican subsidiary has submitted evidence to prove compliance with minimum investment obligations for lithium mining rights from 2017 to 2021[68]. - In November 2023, the Mexican Ministry of Economy upheld the cancellation of the lithium mining rights, leading the company to file an administrative lawsuit in January 2024[69]. - The company has initiated arbitration proceedings with the International Centre for Settlement of Investment Disputes regarding the cancellation of the mining rights[70]. - As of December 31, 2025, the company has not recognized any provisions related to pending legal cases due to uncertainties in the arbitration process[71]. Dividend and Shareholder Information - The proposed final dividend for 2025 is RMB 0.15 per share, consistent with the dividend for 2024, amounting to RMB 314,504 thousand[55]. - The board has proposed a cash dividend of RMB 1.5 per 10 shares, subject to shareholder approval at the upcoming annual general meeting[187]. - The company will withhold a 10% corporate income tax on dividends paid to non-resident corporate shareholders[189]. Strategic Initiatives and Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[2]. - The company aims to enhance its raw material supply chain resilience through strategic resource projects globally[123]. - The company is planning to upgrade the mining technology at the Mount Marion project, with an expected completion date by the end of 2027, aiming for a production capacity of 600,000 tons of high-quality concentrate[124]. - The company is actively developing lithium battery recycling business, aiming to become a leading enterprise in the global lithium battery recycling field[147].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 TOP SPRING INTERNATIONAL HOLDINGS LIMITED 萊蒙國際集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：03688） 截至二零二五年十二月三十一日止年度的 綜合年度業績公告 摘 要 – 1 – • 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度，本 集 團 錄 得 物 業 及 停 車 位 預 售額合共約670,100,000港 元。物 業 預 售 額 約668,100,000港 元，已 預 售 建 築 面積約12,430平 方 米，而 平 均 售 價 約 每 平 方 米53,749.0港 元，較 二 零 二 四 年分別減少約14.3%、12.9%及1.6%。 • 截至二零二五年十二月三十一日止年度的收入由截至二零二四年 ...

Financial Performance - For the fiscal year ending December 31, 2025, the revenue was approximately RMB 2,186.0 million, an increase of about 6.1% compared to 2024[5] - The gross profit for the fiscal year ending December 31, 2025, was approximately RMB 917.5 million, reflecting a 15.4% increase from 2024[5] - The profit attributable to the owners of the parent company for the fiscal year ending December 31, 2025, was approximately RMB 557.7 million, representing a growth of about 30.2% compared to 2024[5] - The basic earnings per share for the fiscal year ending December 31, 2025, was approximately RMB 1.20, an increase of about 16.5% from 2024[5] - The total sales volume of products for the fiscal year ending December 31, 2025, was approximately 185.0 million units, an increase of about 3.9% compared to 2024[5] - The company reported a total comprehensive income of RMB 553.9 million for the fiscal year ending December 31, 2025, compared to RMB 430.8 million in 2024[7] - Revenue from continuing operations for 2025 reached RMB 2,185,970 thousand, an increase from RMB 2,060,767 thousand in 2024, representing a growth of approximately 6.1%[20] - Customer contract revenue for 2025 reached RMB 2,185,970 thousand, a 6.1% increase from RMB 2,060,767 thousand in 2024[23] - Pre-tax profit for 2025 was RMB 638,115 thousand, a 28.3% increase from RMB 497,362 thousand in 2024[33] - The company’s self-owned brand business generated revenue of RMB 1,423 million in 2025, an increase of 11.6%[49] - Net profit rose by 30.2% from RMB 428.3 million in 2024 to RMB 557.7 million in 2025, attributed to optimized product and channel structures[59] - Gross profit increased by 15.4% from RMB 795.1 million in 2024 to RMB 917.5 million in 2025, with gross margin improving from 38.6% to 42.0%[51] Assets and Liabilities - The total assets less current liabilities as of December 31, 2025, amounted to RMB 2,833.8 million, compared to RMB 1,656.6 million in 2024[8] - Non-current assets as of December 31, 2025, totaled RMB 992.6 million, an increase from RMB 769.8 million in 2024[8] - The net asset value as of December 31, 2025, was RMB 2,743.2 million, compared to RMB 1,585.6 million in 2024[9] - The total assets rose by 48.4% from RMB 2,388.8 million in 2024 to RMB 3,545.0 million in 2025, while total liabilities decreased by 0.2%[60] - As of December 31, 2025, the group had interest-bearing bank and other borrowings of RMB 261.6 million, accounting for 32.6% of total liabilities[62] - The debt-to-equity ratio decreased from 18.3% as of December 31, 2024, to 9.5% as of December 31, 2025, mainly due to a reduction in interest-bearing bank and other borrowings by RMB 28.0 million[61] Dividends - The board has proposed a final dividend of RMB 0.20 per share (tax included) for the fiscal year ending December 31, 2025, totaling approximately RMB 173.37 million[5] - The company plans to propose a final dividend of RMB 0.16 per share for the year-end 2024, subject to shareholder approval[34] - The interim dividend for the current year is RMB 0.15 per share, with a proposed final dividend of RMB 0.20 per share, totaling RMB 0.35 for the year, compared to RMB 0.28 in 2024[35] - The board proposed a final dividend of RMB 0.20 per share for the year ending December 31, 2025, compared to RMB 0.16 for the year ending December 31, 2024, resulting in a total dividend of RMB 0.35 per share for 2025[72] Research and Development - R&D expenses recognized in 2025 amounted to RMB 97,436 thousand, up from RMB 88,336 thousand in 2024, reflecting the company's commitment to innovation[29] - The company is actively investing in R&D, including the establishment of a national-level R&D center for XR technology[46] - The company aims to strengthen its research and development capabilities, dedicating 19.9% of the net proceeds, approximately HKD 94.2 million, to this initiative[78] Operational Highlights - The company operates three production bases globally, providing standardized and customized resin lenses to over 90 countries[44] - The XR business is progressing with multiple collaborations, with some domestic projects entering mass production[44] - The company is actively involved in optimizing the supply chain assembly for XR lens products to enhance delivery capabilities[44] - The company plans to enhance production capacity and automation, including expanding a new customized production line in Japan and starting production in Thailand[46] - The XR business has gained recognition from approximately 20 leading smart glasses developers, with expectations for significant revenue and profit contributions in 2026[47] Financial Management - Financial expenses decreased to RMB 6,168 thousand in 2025 from RMB 10,228 thousand in 2024, primarily due to lower bank loan interest[30] - Sales and distribution expenses decreased by 3.9% from RMB 129.8 million in 2024 to RMB 124.8 million in 2025 due to optimized marketing channels[53] - Financial expenses decreased by 39.7% from RMB 10.2 million in 2024 to RMB 6.1 million in 2025, primarily due to reduced bank loan interest[57] Investments and Acquisitions - The company invested RMB 92.3 million in land acquisition in Thailand for the construction of a factory and related facilities[68] - A joint venture was established with Gaor Optical, with the company contributing USD 0.3 million for a 30% stake, focusing on smart glasses and optical components for AI/AR/VR applications[69] - The company plans to invest RMB 180 million in Lingban Technology to enhance collaboration in the smart glasses sector, acquiring up to 5% of the company's equity in the latest funding round[70] - The company signed an agreement to acquire the remaining 51% stake in Jiangsu Blueprint Optical Co., Ltd. for RMB 72 million, aiming for full ownership[71] Employee and Shareholder Information - As of December 31, 2025, the company employed a total of 2,890 employees across China, Japan, and the United States, with employee benefit expenses amounting to approximately RMB 434.1 million, a slight increase from RMB 430.8 million for the year ending December 31, 2024[76] - The company has implemented two employee share incentive plans, with a total of 14,987,000 H-shares repurchased for future use under these plans[77] - The company will suspend share transfer registration from June 8 to June 11, 2026, to determine eligibility for attending the annual general meeting and voting[74] - The company will also suspend share transfer registration from June 17 to June 24, 2026, to determine eligibility for receiving the proposed final dividend[74] Future Outlook - The company expects to increase its sales and marketing efforts using the remaining unutilized proceeds by the first half of 2026, a delay of three years due to adjustments in business development strategies influenced by the macroeconomic environment in China[79] - The annual general meeting is scheduled for June 11, 2026, with a notice to be published in accordance with the listing rules of the Hong Kong Stock Exchange[73] - The company completed the issuance of new H-shares, raising a net amount of approximately HKD 827.9 million, intended for the development of smart glasses and XR solutions[80] - As of December 31, 2025, the company has utilized approximately HKD 235.4 million, which is 28.4% of the raised funds, leaving a remaining balance of approximately HKD 592.5 million[80] - The entire net proceeds are allocated for the research, design, and manufacturing of lenses and visual solutions for smart glasses and XR devices, with a full utilization expected by 2026[80]

Financial Performance - The company reported a net loss of RMB 1.37 billion for the year ending December 31, 2025, compared to a loss of RMB 460.64 million in 2024, indicating a worsening of approximately 197.83%[6]. - Operating revenue for the current period is CNY 3,243,535,078.58, a decrease of 29.4% from CNY 4,594,447,303.71 in the previous period[9]. - Operating profit for the current period is a loss of CNY 970,881,049.02, compared to a loss of CNY 780,692,005.68 in the previous period[9]. - Net profit for the current period is a loss of CNY 982,732,432.85, compared to a loss of CNY 663,098,980.58 in the previous period[10]. - Total comprehensive income for the current period is a loss of CNY 982,732,432.85, compared to a loss of CNY 663,098,980.58 in the previous period[12]. - The company experienced a net loss of 914,340,285.27 during the current period, impacting overall financial health[24]. - The net loss attributable to ordinary shareholders was ¥914,340,285.27, compared to a loss of ¥609,930,319.66 in the previous period, reflecting a worsening of approximately 50%[67]. Assets and Liabilities - The total assets of the company as of December 31, 2025, amounted to RMB 13.61 billion, an increase from RMB 12.31 billion in 2024, reflecting a growth of approximately 10.55%[4]. - The company's total liabilities increased to RMB 9.98 billion in 2025, up from RMB 7.93 billion in 2024, indicating a rise of approximately 25.93%[5]. - Current assets decreased to RMB 3.08 billion in 2025 from RMB 3.30 billion in 2024, representing a decline of about 6.74%[4]. - The total equity attributable to shareholders decreased to RMB 3.10 billion in 2025 from RMB 4.02 billion in 2024, a decline of approximately 22.66%[6]. - The asset-liability ratio increased to 73.33%, up by 8.88 percentage points from the end of 2024[86]. - The company's total liabilities increased by 30.07% to RMB 6,635,894,880.42 compared to the previous year[113]. Cash Flow - Cash flow from operating activities shows a net outflow of CNY -736,029,327.59, compared to a net outflow of CNY -393,894,521.10 in the previous period[19]. - The net cash flow from operating activities was 23,567,089.94 RMB, down from 110,629,516.83 RMB in the previous period, suggesting a decline in operational efficiency[22]. - The net cash outflow from operating activities was RMB 736.03 million, an increase of RMB 342.13 million compared to the previous year, primarily due to a decrease in revenue scale and increased operating losses[106]. - The net cash inflow from financing activities was RMB 1.16 billion, an increase of RMB 292.09 million compared to the previous year, mainly due to increased borrowings[106]. Revenue and Costs - The company's main business revenue for the current period is CNY 3,238,426,326.27, a decrease of 28.8% compared to CNY 4,547,588,888.51 in the previous period[48]. - Total operating costs for the current period amount to CNY 3,642,150,154.57, down 24.0% from CNY 4,794,427,861.57 in the previous period[56]. - The main business cost for the current period is CNY 3,640,227,865.71, a decrease of 23.6% from CNY 4,764,370,624.70 in the previous period[56]. - Other income for the current period is CNY 174,684,954.59, significantly up from CNY 57,485,781.88 in the previous period, representing a 203.5% increase[9]. Market and Strategic Focus - The company plans to focus on expanding its market presence and investing in new technologies to drive future growth[2]. - The company plans to transition its other functional glass business to photovoltaic glass sales by 2025, indicating a strategic shift in operations[38]. - The company plans to continue focusing on the photovoltaic glass market, which generated CNY 3,238,426,326.27 in revenue this period[48]. - The company plans to expand its photovoltaic glass production bases in East, Central, North, and Southwest China, enhancing its market presence[85]. Research and Development - Research and development expenses for the current period are CNY 133,944,033.93, down from CNY 174,176,284.10 in the previous period, indicating a 23.1% decrease[9]. - Total R&D expenditure was RMB 171.80 million, accounting for 5.30% of total revenue, with 421 R&D personnel representing 18% of the total workforce[105]. Employee and Management Compensation - The total compensation for directors and executives for the current period is CNY 3,621,109.97, reflecting the company's commitment to retaining top talent[46]. - Employee compensation increased to ¥66,479,321.71 from ¥65,763,208.19, a rise of approximately 1.09%[59]. - The company reported a significant increase in termination benefits, rising to ¥30,232,592.85 from ¥11,130,652.49, an increase of 171.1%[59]. Related Party Transactions - The total amount of related party transactions for the year 2025 was RMB 1.568 billion, well below the approved annual limit of RMB 13.933 billion[129]. - All related party transactions were conducted under normal commercial terms and did not exceed the disclosed annual limits[130].

Financial Performance - The company's revenue for the year ended December 31, 2025, was RMB 18,477,000, an increase of 7.8% from RMB 17,143,000 in 2024[6] - Gross profit for the same period was RMB 6,379,000, slightly down by 0.8% from RMB 6,428,000 in 2024[6] - The net loss for the year was RMB 24,851,000, an improvement of 26.1% compared to a net loss of RMB 33,620,000 in 2024[6] - The total revenue from fiber optic products for the year 2025 was RMB 18,477,000, representing a 7.8% increase from RMB 17,143,000 in 2024[23] - The sales of fiber optic image converters accounted for 55% of total revenue in 2025, up from 41% in 2024[23] - The group generated 35% of its revenue from microchannel plates in 2025, down from 45% in 2024[23] - Revenue from external customers in China increased to RMB 17,606,000 in 2025 from RMB 15,402,000 in 2024, representing a growth of 14.3%[25] - Revenue from major customer A rose to RMB 15,491,000 in 2025, up from RMB 11,204,000 in 2024, indicating an increase of 38.5%[25] - Total other income decreased significantly to RMB 2,554,000 in 2025 from RMB 9,883,000 in 2024, a decline of 74.1%[27] - The company reported a net loss attributable to owners of RMB 24,991,000 for the year ended December 31, 2025, compared to a loss of RMB 33,534,000 in 2024, showing an improvement of 25.3%[31] Assets and Liabilities - The company's total assets as of December 31, 2025, were RMB 314,310,000, up from RMB 216,189,000 in 2024[7] - Current liabilities increased significantly to RMB 314,310,000 from RMB 216,189,000 in 2024, indicating liquidity challenges[7] - The company reported a net current liability of RMB 288,046,000 as of December 31, 2025, compared to RMB 191,978,000 in 2024[7] - The company’s total liabilities as of December 31, 2025, amounted to approximately RMB 288,046,000, raising concerns about its ability to continue as a going concern[39] - The total liabilities of the group increased by approximately RMB 22,158,000 to about RMB 326,953,000, an increase of about 7.3% compared to the previous fiscal period[52] - The total equity deficit of the group increased by approximately RMB 24,851,000 to about RMB 166,772,000, compared to RMB 141,921,000 at the end of the previous fiscal period[52] - The group has a net current liability of approximately RMB 288,046,000 and a net liability of approximately RMB 167,772,000 as of December 31, 2025, indicating significant uncertainty regarding the group's ability to continue as a going concern[44] Cash Flow and Liquidity - Cash and cash equivalents at the end of the reporting period were RMB 383,000, a slight increase from RMB 292,000 in 2024[7] - Cash and cash equivalents were reported at approximately RMB 383,000, indicating potential liquidity issues[39] - The group plans to implement several measures to address liquidity pressures, including a proposed rights issue and negotiations with lenders to reduce interest rates[11] - The group plans to complete a rights issue and negotiate with existing lenders to lower borrowing rates and extend repayment terms[12] - The group is negotiating debt restructuring plans with creditors to alleviate short-term cash flow pressure, with potential interest reductions of approximately RMB 8 million[63] Financial Management and Governance - The management is assessing the impact of new accounting standards on the consolidated financial statements, expected to be applied from January 1, 2027[20] - The management is continuously reviewing estimates and assumptions that affect the reporting amounts of assets, liabilities, income, and expenses[15] - The group has adopted revisions to accounting standards that did not have a significant impact on its performance or financial position[16] - The company has not declared any dividends for the years ended December 31, 2025, and 2024[33] - The company’s financial expenses increased to RMB 11,205,000 in 2025 from RMB 9,967,000 in 2024, an increase of 12.4%[27] - The company’s effective corporate income tax rate is expected to rise to 25% in 2025, as the preferential tax rate of 15% expired on December 6, 2024[29] Operational Focus - The group’s non-current assets are entirely located in Shanxi, China, indicating a concentrated operational focus[24] - The group has pledged certain properties valued at approximately RMB 38,684,000 as collateral for bank borrowings[56] - The group received a government subsidy of RMB 20,000,000 to support its industrial transformation and technology upgrade projects, although refinancing efforts have not proceeded as planned[43] - The group had outstanding other borrowings of approximately RMB 72,696,000 as of December 31, 2025, compared to RMB 64,006,000 in 2024, with a significant increase in current liabilities[51] - The group has approximately 276 full-time employees as of December 31, 2025[61] Corporate Communication - The annual report for 2025 will be timely sent to shareholders and published on the company's website[68] - The announcement will be available on the Hong Kong Stock Exchange website for at least seven days from the date of publication[68] - The company is committed to transparency by publishing financial results on both the stock exchange and its own website[68] - The chairman of the board is Wu Bo, based in Taiyuan, Shanxi Province, China[68] - The company emphasizes the importance of timely communication with shareholders regarding financial performance[68] - The board includes two non-executive directors, ensuring a diverse governance structure[68] - The announcement reflects the company's adherence to regulatory requirements for public disclosures[68] - The company aims to maintain investor confidence through regular updates and disclosures[68] - The announcement is part of the company's ongoing commitment to corporate governance and accountability[68]