Financial Performance - For the fiscal year ending December 31, 2025, the company reported a net loss attributable to equity holders of $861,291, compared to a loss of $357,498 for the previous year, representing a 141% increase in losses [4]. - The basic loss per share increased to 6.07 cents from 2.77 cents, marking a 119% increase in loss per share [4]. - The group reported a loss of $861,291 for the year ending December 31, 2025, compared to a loss of $357,498 for the year ending December 31, 2024 [17]. - The net investment income for the year ended December 31, 2025, showed a loss of $346,349, compared to a profit of $38,854 in the previous year [21]. - The company recorded a net loss of $861,291 for the year ending December 31, 2025, compared to a net loss of $357,498 in the same period of 2024, indicating a significant increase in losses [33]. - The company reported realized gains from the sale of securities of $2,225, down from $56,354 in 2024, while unrealized losses on securities investments increased to $348,574 from $2,484 [33]. Asset and Liability Management - The company's total assets decreased to $1,066,624 from $1,248,122, a reduction of about 14.5% [5]. - Cash and cash equivalents significantly dropped to $194,816 from $1,064,658, indicating a decline of approximately 81.7% [5]. - The company's net asset value decreased to $740,443 from $1,197,734, a decline of approximately 38.3% [5]. - As of December 31, 2025, the total assets amounted to $1,105,102, with allocated assets of $437,410 and unallocated assets of $667,692 [19]. - The total liabilities as of December 31, 2025, were $364,659, with allocated liabilities of $318,582 and unallocated liabilities of $46,077 [19]. - The company's total liabilities to total assets ratio was approximately 33.00% as of December 31, 2025, compared to 4.04% in 2024 [42]. Investment Income - Investment income decreased to $6,267 from $21,880, reflecting a decline of approximately 71% year-over-year [4]. - The investment income from bank deposits decreased significantly to $217 in 2025 from $6,485 in 2024, while the dividend income from listed equity investments dropped to $6,050 from $15,395 [22]. Corporate Governance - The company has adopted corporate governance standards to ensure transparency and integrity in disclosures, aligning with the Corporate Governance Code [50]. - The board of directors collectively manages the company without appointing a chairman or CEO, ensuring a balanced governance structure [51]. - The company has confirmed compliance with the standards for directors' securities trading, with no violations reported for the year ending December 31, 2025 [52]. - The audit committee, consisting of independent non-executive directors, has reviewed the company's accounting principles and internal controls for the year ending December 31, 2025 [54]. - The financial statements for the year ending December 31, 2025, have been approved by the auditors and are consistent with the preliminary announcement [55]. - The board of directors includes executive and independent non-executive members, ensuring diverse expertise [58]. Future Outlook - The market outlook for 2026 is cautiously optimistic, with expectations of continued policy support and inflows of southbound capital [39]. - The company will focus on enhancing shareholder value while remaining vigilant about potential market volatility [39]. - The company announced a rights issue on January 15, 2026, allowing shareholders to purchase 3 shares for every 8 shares held at a price of $0.12 per share, with the issue completed on March 23, 2026 [47]. - The company will hold its annual general meeting on June 26, 2026, with the shareholder register closing on June 23, 2026 [49]. Segment Performance - The segment performance for listed securities showed a loss of $340,299 for the year ending December 31, 2025, while it generated a profit of $54,250 for the year ending December 31, 2024 [17]. - The group had total interest income from bank deposits and foreign exchange gains of $217 and $(4,917) for the year ending December 31, 2025, compared to $6,485 and $2,816 for the year ending December 31, 2024 [17]. - The group does not have any major customers and does not present segment revenue due to the nature of its investment holding business [18]. Financial Reporting Standards - The group anticipates that the application of new Hong Kong Financial Reporting Standards will not have a significant impact on its financial position and performance [14]. - The new standards will come into effect for annual periods beginning on or after January 1, 2027, with early application permitted [16]. - The group has not early adopted any of the new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective [13]. - The revisions to the standards clarify the classification and measurement of financial instruments, focusing on the cash flow characteristics of contracts [11]. - The revisions to the disclosure requirements for equity instruments measured at fair value will take effect for annual periods beginning on or after January 1, 2026 [14]. - The group’s accounting policies for operating segments are consistent with those described in the consolidated financial statements [18].

Financial Performance - The group's revenue for 2025 was RMB 41,345.55 million, an increase of RMB 4,293.51 million (11.59%) compared to 2024[3]. - The annual profit attributable to owners of the company for 2025 was RMB 4,306.18 million, up by RMB 362.69 million (9.20%) from 2024[3]. - Earnings per share for 2025 was RMB 245.46[4]. - Gross profit for 2025 was RMB 9,081.98 million, compared to RMB 8,853.17 million in 2024, reflecting an increase of RMB 228.80 million[6]. - Total comprehensive income for the year was RMB 4,844.58 million, compared to RMB 4,120.73 million in 2024[7]. - The company reported a decrease in selling and distribution expenses to RMB 901.54 million from RMB 1,069.41 million in 2024[6]. - Research and development expenses increased to RMB 1,657.77 million from RMB 1,516.44 million in 2024[6]. - The company recognized a financial impairment loss of RMB 405.98 million, compared to RMB 157.72 million in 2024[6]. - The total revenue for the year ending December 31, 2025, is RMB 41,345,553,000, with significant contributions from automotive parts sales at RMB 19,859,882,000 and hydraulic supports at RMB 13,565,982,000[17]. - For the year ending December 31, 2024, the total revenue was RMB 37,052,042,000, with automotive parts sales at RMB 17,467,175,000 and hydraulic supports at RMB 12,547,762,000, indicating growth in these segments[17]. - Total revenue for the year ending December 31, 2025, reached RMB 41,345,553, an increase from RMB 37,052,042 in 2024, representing a growth of approximately 6.2%[22]. - Net profit for the same period was RMB 4,447,523, slightly up from RMB 4,433,001 in 2024, indicating a stable performance[22]. Assets and Liabilities - The total assets of the company increased, indicating potential for future market expansion and investment opportunities[6]. - Non-current assets increased to RMB 14,691,945 thousand in 2025 from RMB 13,528,231 thousand in 2024, representing a growth of approximately 8.6%[8]. - Current assets rose to RMB 37,280,702 thousand in 2025, up from RMB 35,487,752 thousand in 2024, indicating an increase of about 5.1%[8]. - Total assets reached RMB 51,972,647 thousand in 2025, compared to RMB 49,015,983 thousand in 2024, reflecting a growth of approximately 6.0%[9]. - Total liabilities increased to RMB 27,062,071 thousand in 2025 from RMB 26,270,274 thousand in 2024, marking a rise of about 3.0%[9]. - The company's equity attributable to shareholders grew to RMB 24,186,731 thousand in 2025, up from RMB 21,950,799 thousand in 2024, representing an increase of approximately 10.1%[9]. - The total non-current liabilities amounted to RMB 4,661,139 thousand in 2025, compared to RMB 4,518,093 thousand in 2024, showing an increase of about 3.2%[9]. - Trade and other payables under current liabilities rose to RMB 15,905,441 thousand in 2025 from RMB 13,932,210 thousand in 2024, reflecting an increase of approximately 14.2%[9]. - The company reported a cash and cash equivalents balance of RMB 2,987,585 thousand in 2025, down from RMB 3,425,729 thousand in 2024, indicating a decrease of about 12.8%[8]. - Trade receivables for 2025 amount to RMB 14,442,823,000, up from RMB 9,656,275,000 in 2024, representing a growth of approximately 49.5%[38]. - The allowance for trade receivables increased to RMB 1,169,281,000 in 2025 from RMB 792,376,000 in 2024, marking a rise of about 47.6%[40]. - Total trade and other payables for 2025 reached RMB 15,905,441,000, compared to RMB 13,932,210,000 in 2024, reflecting an increase of approximately 14.2%[41]. - The company's current assets net value was approximately RMB 14,879.77 million, with a current ratio of 1.66 at the end of 2025, up from 1.63 at the end of 2024[60]. Dividends and Shareholder Information - The board proposed a final dividend of RMB 12.50 per 10 shares (tax included) for the year 2025[5]. - The proposed final dividend for the year ending December 31, 2025, is RMB 1.25 per share, totaling RMB 2,231,750,000, subject to shareholder approval[35]. - The company aims to maintain a stable dividend policy, continuously improving investor returns based on industry trends and operational funding needs[84]. - The company will withhold a 10% corporate income tax on dividends paid to non-resident shareholders[104]. - The company will withhold a 10% personal income tax on dividends distributed to H-share individual shareholders unless otherwise specified by tax regulations or agreements[105]. - For investors under the Shanghai-Hong Kong Stock Connect, the company will also withhold a 10% tax on dividends, with the possibility of tax refunds for those eligible under tax treaties[106]. - The cash dividends for H-share investors will be distributed in RMB through the relevant registration and settlement system[108]. - The cash dividends for Hong Kong Stock Connect investors will also be distributed in RMB, with a 20% tax rate applied for individual investors from mainland China[109]. Corporate Governance and Management - The company was established in 2008 and completed its IPO in 2010, listing on the Shanghai Stock Exchange and later on the Hong Kong Stock Exchange[10]. - The board of directors is committed to maintaining high standards of corporate governance and has adhered to the corporate governance code[91]. - The company adopted a standard code for securities trading by directors, ensuring compliance during the reporting period[92]. - Changes in the board included the resignation of independent non-executive director Cheng Jing Lei, effective October 20, 2025, after serving for six years[94]. - The company will no longer have a supervisory board, with its functions transferred to the audit and risk management committee of the board, effective June 17, 2025[95]. - The company changed its name to ZCZL Industrial Technology Group Company Limited on October 31, 2025, with the Chinese name remaining the same[99]. - There were no changes in the information of directors, supervisors, or senior management during the reporting period[96]. - The company completed a share repurchase plan, acquiring 39,120,130 A-shares, representing 2.19% of the total shares as of March 31, 2025[86]. - The total amount spent on the share repurchase was RMB 599,917,693.20, with an average repurchase price of RMB 15.335 per share[86]. - The company proposed an employee stock ownership plan involving 307 participants, with a total of 39,120,130 A-shares and a total investment of RMB 279,708,930[88]. - Senior management, including directors, hold 25.41% of the employee stock ownership plan, amounting to RMB 71,086,230[88]. - The stock for the employee stock ownership plan was sourced from the company's repurchased A-shares, with a lock-up period of 12 months[89]. - The repurchased shares were transferred to the employee stock ownership plan at a price of RMB 7.15 per share[89]. - The company has no inventory shares as of December 31, 2025[90]. Strategic Initiatives and Market Position - The company has restructured its reporting segments to include a new industrial intelligence product segment, reflecting its growth dynamics and enhancing the relevance of reported data[19]. - The company initiated a digital transformation strategy, establishing a global IT governance system and promoting collaboration across business segments[64]. - The company launched ten types of mining robots to address challenging underground operations, marking a shift towards systematic and large-scale applications of automation[68]. - The company signed a contract for a million-ton suite of equipment with a coal mine in Uzbekistan, marking its entry into the Central Asian market[66]. - The company introduced groundbreaking electric cylinder technology aimed at achieving "zero emissions, zero pollution, and zero additional investment," revolutionizing traditional hydraulic support systems[67]. - The company is focusing on the development of high-end industrial bases and R&D centers in the Yangtze River Delta for new energy vehicle components[69]. - The coal machinery segment is enhancing its market share in intelligent mining systems while maintaining stable order volumes in suite projects[66]. - The establishment of an AI joint working group aims to explore data-driven new models and enhance overall security levels in information management[64]. - The commercial vehicle core component business maintains strong market competitiveness, contributing solid support to the sector's performance[70]. - The 48V BRM in the passenger vehicle business shows significant growth in Europe, with nearly 30 project milestones completed for battery cooling plates[71]. - The company invested RMB 300 million to establish a new industrial investment platform, focusing on systematic investment layout for the next 5-10 years[74]. - The industrial intelligence sector aims to become a hundred billion-level growth driver, integrating various resources to enhance core competitiveness in "AI + manufacturing"[73]. - The company has achieved significant breakthroughs in the North American market, expanding its international market presence[70]. - The company is accelerating digital transformation and enhancing smart manufacturing levels to improve overall efficiency and customer experience[77]. - The company successfully obtained the first European high-end high-voltage drive project, marking important progress in the high-voltage drive motor sector[72]. - The company aims to strengthen its strategic focus on technological innovation to achieve breakthroughs in governance, digital transformation, and overall quality development[75]. - The company is actively cultivating the industrial intelligence sector as its third growth curve, targeting a hundred billion-level market[73]. - The company is enhancing coordination across various sectors to promote both organic and external growth strategies[78]. - The company is focusing on upgrading coal machinery through digitalization and intelligence, enhancing market competitiveness and accelerating the transition from single product exports to integrated equipment sales[79]. - In the commercial vehicle sector, the company is strengthening its overseas sales and manufacturing capabilities, aiming to provide reliable and diverse products to both domestic and international customers[80]. - The passenger vehicle business is optimizing costs and supply chain efficiency while developing new energy vehicle products, including advancements in shock absorption and thermal management technologies[81]. - The company is expanding into new business areas, leveraging core capabilities in electric control and thermal management to explore growth opportunities in robotics and electric products in Europe and India[82]. - The industrial intelligence sector is positioned as a core engine for strategic transformation, focusing on the integration of artificial intelligence and manufacturing, and promoting internationalization of coal machinery control systems[83]. - The company is committed to enhancing governance levels and optimizing incentive mechanisms to stimulate corporate vitality and increase market value[84]. - The company aims to maintain a stable dividend policy, continuously improving investor returns based on industry trends and operational funding needs[84]. - The company is enhancing information disclosure quality to improve readability and effectiveness, ensuring timely responses to investor demands[84]. Regulatory and Compliance - The company has applied new and revised International Financial Reporting Standards, which did not have a significant impact on the financial position or performance for the year[11]. - The new International Financial Reporting Standards (IFRS) 18 will come into effect on January 1, 2027, and is expected to impact the structure and presentation of the consolidated income statement but not significantly affect financial performance or position[15]. - The company anticipates that the application of the new IFRS standards will not have a major impact on the consolidated financial statements in the foreseeable future[16]. - The company has not early adopted any of the new IFRS standards that have been issued but are not yet effective, indicating a cautious approach to regulatory changes[12]. - The company has adopted accounting principles and policies reviewed by the Audit and Risk Management Committee for the fiscal year ending December 31, 2025[111]. - The preliminary financial figures for the fiscal year ending December 31, 2025, have been confirmed by Deloitte Touche Tohmatsu, aligning with the audited consolidated financial statements approved by the board[112]. - Forward-looking statements regarding the company's financial condition and business performance are based on current plans and estimates, subject to inherent risks and uncertainties[113]. - The annual report for the fiscal year ending December 31, 2025, will be published on the Hong Kong Stock Exchange and the company's website in due course[114]. - The company has signed an agreement with China Securities Registration and Clearing Co., Ltd. for the distribution of cash dividends to Hong Kong Stock Connect investors[108]. - The company will not be responsible for any claims arising from the incorrect identification of shareholder status affecting tax withholding[105].

Financial Performance - For the fiscal year ending December 31, 2025, revenue was approximately RMB 2,702 million, a decrease of about 67% compared to RMB 8,272 million for the fiscal year ending December 31, 2024[3]. - The net loss for the fiscal year ending December 31, 2025, was approximately RMB 1,926 million, compared to a net loss of RMB 982 million for the previous year[3]. - The gross loss for the fiscal year ending December 31, 2025, was RMB 1,227 million, compared to a gross loss of RMB 107 million for the fiscal year ending December 31, 2024[4]. - The company reported an operating loss of RMB 1,585 million for the fiscal year ending December 31, 2025, compared to an operating loss of RMB 571 million for the previous year[4]. - The total loss before tax for the group for the fiscal year ending December 31, 2025, is RMB 1,790,920,000, compared to a loss of RMB 679,612,000 in 2024, reflecting an increase in losses of approximately 163.5%[26][27]. - The group's total revenue for the year ended December 31, 2025, was approximately RMB 2,702 million, a decrease of about 67% compared to the previous year[52]. - The group's gross loss for the year ended December 31, 2025, was approximately RMB 1,228 million, resulting in a gross loss margin of about 45%, compared to approximately 1% in the same period of 2024[54]. - The group recorded a net loss of approximately RMB 1,926 million for the year ended December 31, 2025, compared to RMB 982 million in 2024[64]. Expenses and Liabilities - Sales and marketing expenses and general and administrative expenses were approximately RMB 118 million and RMB 202 million, respectively, representing a year-on-year decrease of about 36% and 6%[3]. - Total liabilities decreased from RMB 15,235,843 thousand in 2024 to RMB 13,437,948 thousand in 2025, a reduction of about 11.8%[6]. - The net financing costs for the fiscal year ending December 31, 2025, are RMB 149,854,000, an increase from RMB 89,138,000 in 2024, representing an increase of approximately 68%[28][29]. - The group’s total liabilities as of December 31, 2025, are RMB 13,437,948,000, down from RMB 15,235,843,000 in 2024, indicating a decrease of approximately 11.8%[26][27]. - The group’s property development segment reported a loss before tax of RMB (1,779,777,000) for the fiscal year ending December 31, 2025, compared to a loss of RMB (683,166,000) in 2024, reflecting an increase in losses of approximately 160.5%[26][27]. Assets and Equity - The total assets as of December 31, 2025, were RMB 18,793 million, down from RMB 23,313 million as of December 31, 2024[5]. - Total equity attributable to owners decreased from RMB 3,435,440 thousand in 2024 to RMB 2,142,258 thousand in 2025, a decline of approximately 37.6%[6]. - The group's total assets as of December 31, 2025, amount to RMB 18,793,979,000, a decrease from RMB 23,313,984,000 in 2024, indicating a reduction of about 19.4%[26][27]. - The company’s cash and cash equivalents were RMB 146 million as of December 31, 2025, down from RMB 265 million as of December 31, 2024[5]. - As of December 31, 2025, the total cash of the group is approximately RMB 512 million, a decrease from RMB 839 million as of December 31, 2024[65]. Business Operations - The company is primarily engaged in real estate project development in China, with its main operational location in Shanghai[7]. - The group has developed a business strategy plan focused on accelerating sales operations[18]. - The company achieved a contract sales amount of approximately RMB 5,403 million for the year ended December 31, 2025, with a total saleable area of about 473,990 square meters[42][45]. - The average selling price for contract sales was approximately RMB 11,399 per square meter[45]. - The company confirmed property sales revenue of approximately RMB 2,694 million, with a total construction area of about 311,792 square meters[47]. Financing and Debt Management - The group is actively seeking alternative financing and loans to meet existing financial obligations and future operational and capital expenditures[17]. - The group is in communication with major noteholders to explore feasible solutions regarding its debt obligations[19]. - The group has successfully negotiated with existing onshore debt holders for the refinancing or extension of bank and other borrowings[19]. - Total interest-bearing bank and other borrowings amounted to RMB 4,067,340,000, with RMB 3,321,340,000 due within the next twelve months[17]. - The group has a total of RMB 3,547,612 thousand in guarantees for mortgage financing for certain homebuyers as of December 31, 2025[74]. Governance and Compliance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[11]. - The company was incorporated in the Cayman Islands and has been listed on the Hong Kong Stock Exchange since July 15, 2020[7]. - The board believes that, considering the plans and measures in place, the group will have sufficient working capital to meet its operational and financial responsibilities in the next twelve months[18]. - The auditors did not express an opinion on the group's consolidated financial statements[89]. - The group has adopted the Corporate Governance Code as its own guidelines to enhance management and protect shareholder interests[85]. Employee and Operational Metrics - The group has a total of 255 employees as of December 31, 2025, down from 299 employees as of December 31, 2024[79]. - Employee compensation and benefits expenses are approximately RMB 73 million for the year ending December 31, 2025, compared to approximately RMB 111 million for the year ending December 31, 2024[79]. - The company does not recommend any dividend payment for the year ended December 31, 2025[41]. Future Outlook and Risks - There is significant uncertainty regarding the company's ability to continue as a going concern, primarily due to the need to negotiate with major noteholders and secure additional financing[92]. - The company has a 89.7% stake held by major noteholders in its outstanding preferred notes, which is critical for future negotiations[92]. - The company has not obtained sufficient appropriate audit evidence to support the cash flow forecasts necessary for the going concern assessment[93]. - The group plans to continue investing in property development projects and acquiring suitable land parcels, funded by internal resources and/or external borrowings[78].

Financial Performance - The company recorded a net loss attributable to shareholders of approximately HKD 327 million for the year ending December 31, 2025, a decrease of about 17.4% compared to a net loss of HKD 396 million in 2024[4]. - The company's revenue from continuing operations for 2025 was approximately HKD 606 million, an increase of about HKD 76 million or 14.3% compared to 2024, primarily driven by additional income from the Ferrari business[24]. - The total revenue for the year ended December 31, 2025, was HKD 4,606 million, an increase from HKD 4,530 million in 2024, representing a growth of 1.7%[81]. - The total comprehensive loss for the year was HKD 313 million, compared to a loss of HKD 57 million in 2024, indicating a significant increase in losses[83]. - The company reported a net loss of HKD 327 million for the year, compared to a loss of HKD 396 million in 2024, indicating a year-over-year improvement of 17.4%[83]. Revenue and Business Segments - Blackbird Group's business saw a 66% increase in new car orders and a 30% increase in delivery volume, benefiting from strong demand for various car models[11]. - The Ferrari business achieved revenue of approximately HKD 551,000,000 in 2025, up from approximately HKD 420,000,000 in the previous year, with an operating profit of approximately HKD 11,000,000[29]. - Maserati business revenue decreased by approximately 32.8% to about HKD 41,000,000, while operating losses narrowed from approximately HKD 15,000,000 to about HKD 4,000,000 due to cost control measures[30]. - The logistics business saw a revenue increase of about 10.4% to approximately HKD 53 million in 2025, with an operating profit of about HKD 4 million compared to HKD 3 million in the previous year[34]. - The total revenue from core markets in Hong Kong, Macau, and mainland China was approximately HKD 659 million, an increase of about HKD 83 million or 14.4% compared to 2024[35]. Cost Management and Financial Strategy - The management emphasizes prudent financial management and cost-saving measures to prepare for future recovery[21]. - The administrative expenses reduction was a key factor in improving the financial performance, highlighting the effectiveness of the cost control measures implemented[25]. - The company plans to continue focusing on cost management and exploring new revenue streams to enhance financial stability in the future[25]. - The company did not declare any dividends for the year, indicating a focus on financial recovery and cost management[24]. - The company plans to retain cash reserves and will not recommend a final dividend for the year 2025, similar to the situation in 2024[5]. Market Conditions and Outlook - The real estate market in Hong Kong showed signs of recovery in 2025, driven by declining interest rates, relaxed trading restrictions, and increased demand[7]. - The recovery in the real estate market is expected to continue gradually due to market expectations of further interest rate cuts[7]. - The company remains cautiously optimistic about the long-term development of the classic car trading environment despite global market slowdowns[16]. - The company acknowledges ongoing uncertainties and challenges in the global and local economy for 2026[20]. - The group acknowledges various business risks and uncertainties, including global financial market volatility and inflationary pressures, which may impact its financial condition and outlook[59]. Corporate Governance and Compliance - The company has established an audit committee consisting of three independent non-executive directors, with Mr. Liu as the chairman, who is a qualified accountant with extensive experience in accounting and finance[69]. - The company has confirmed compliance with all corporate governance code provisions as of December 31, 2025, except for the separation of roles between the chairman and the CEO[64]. - The company believes that the current structure, where one individual serves as both chairman and CEO, enhances communication between the board and management[66]. - The company has adopted standards to regulate the trading of its securities by directors and employees, ensuring compliance with the established guidelines[68]. - The company has complied with listing rules regarding the appointment of independent non-executive directors, ensuring at least one has appropriate professional qualifications or financial management expertise[75]. Investments and Asset Management - The company sold 95% of its stake in Blackbird Works Supply for HKD 17,100,000 to streamline operations[18]. - The group has entered into two sale agreements for approximately HKD 8,000,000 to divest its cultural entertainment business, specifically in stage sound, lighting, and stage engineering, with completion expected by February 28, 2025[52]. - The group has sold 95% of its subsidiary Blackbird Works Supply for approximately HKD 17,000,000, with the transaction completed on December 31, 2025, and its financial performance will no longer be included in the group's consolidated financial statements[53]. - The group has a revolving loan of HKD 254,000,000, which can be renewed every 3 to 12 months at the lender's discretion[90]. - The group is actively discussing asset sales with potential buyers to improve liquidity and manage financial obligations[91]. Employee and Operational Metrics - As of December 31, 2025, the total number of employees in the group was 144, down from 187 on December 31, 2024[61]. - The company has not conducted any buybacks, sales, or redemptions of its listed securities during the fiscal year ending December 31, 2025[62]. - The company has adopted a share option plan since June 23, 2021, allowing for the issuance of options not exceeding 10% of the shares listed on the stock exchange as of that date[67]. - The company has implemented a capital reorganization, including a share consolidation where every 10 shares of HKD 0.10 par value were consolidated into 1 share of HKD 1.00 par value, effective from February 27, 2026[139]. - The company reported a total of 1,173,953,079 shares issued, with Mr. Mai holding approximately 74.98% of the total issued shares[142].

Revenue and Profitability - For the year ending December 31, 2025, consulting fee revenue was approximately HKD 2,964,000, compared to none in 2024[3] - Investment management (IM) service revenue totaled approximately HKD 47,181,000, a significant increase of about 84.8% from HKD 25,525,000 in 2024[4] - The total revenue for the company reached HKD 132,118,000, representing a 35.4% increase compared to HKD 97,493,000 in the previous year[15] - The group recorded a pre-tax loss of approximately HKD 17,000 for the year, compared to a pre-tax profit of HKD 72,161,000 in 2024, primarily due to one-time share-based payment expenses of approximately HKD 88,605,000[6] - Adjusted pre-tax profit was approximately HKD 88,588,000, representing a 117.3% increase from HKD 40,774,000 in 2024[7] - The company reported a loss attributable to equity holders of approximately HKD 8,782,000, compared to a profit of HKD 67,366,000 in 2024[6] - The adjusted profit attributable to equity holders was approximately HKD 79,823,000, a 121.9% increase from HKD 35,979,000 in 2024[7] Assets and Liabilities - Assets under management (AUM) increased to USD 520 million, a 14.3% rise from USD 455 million in 2024[7] - As of December 31, 2025, total equity amounted to approximately HKD 1,042,366,000, up from HKD 965,495,000 in 2024, indicating a healthy financial position with no debt[44] - The total assets as of December 31, 2025, were HKD 1,116,022,000, compared to HKD 1,039,238,000 in 2024, marking an increase of 7.4%[56] - Total liabilities for 2025 were HKD 73,656,000, slightly down from HKD 73,743,000 in 2024[57] - The total equity and liabilities amounted to HKD 1,116,022,000 in 2025, compared to HKD 1,039,238,000 in 2024, indicating an increase of 7.4%[57] Expenses - Operating expenses totaled approximately HKD 158,124,000, a 149.0% increase from HKD 63,508,000 in 2024[7] - Total expenses increased to HKD 158,124,000, significantly higher than HKD 63,508,000 in the previous year[16] - The group’s other income decreased significantly from HKD 39,951,000 in 2024 to HKD 4,854,000 in 2025[65] Investments and Fair Value Gains - Fair value gains from direct investments under the Strategic Direct Investment (SDI) segment amounted to approximately HKD 56,273,000, up 97.9% from HKD 28,432,000 in 2024[7] - Direct investments recorded gains of approximately HKD 56,273,000, up from HKD 28,432,000 in the previous year[20] - The company confirmed a net fair value gain of approximately HKD 80,297,000 for financial assets and liabilities measured at fair value through profit or loss for the year ended December 31, 2025, compared to approximately HKD 70,618,000 for the previous year[39] Shareholder Returns and Dividends - The company did not recommend a final dividend for the year ending December 31, 2025, consistent with 2024[5] - The board does not recommend the distribution of a final dividend for the year ending December 31, 2025[131] Corporate Governance and Compliance - The company has maintained compliance with all corporate governance codes as per the listing rules during the year[135] - The audit committee reviewed the consolidated annual results for the year ending December 31, 2025, and confirmed compliance with applicable accounting standards and listing rules[138] Future Outlook and Strategy - The group plans to continue expanding its product and service offerings, focusing on innovative investment solutions to meet the evolving needs of institutional and professional investors[46] - The group anticipates that the ongoing development of the IM-SDI flywheel will enhance competitive advantages and attract new capital and partnerships[47] - The group is optimistic about opportunities arising from China's structural economic transformation, particularly in artificial intelligence, advanced manufacturing, healthcare, and the digital economy[45] Cryptocurrency and Audit Concerns - The independent auditor expressed a qualified opinion due to the inability to obtain sufficient evidence regarding the existence and ownership of the cryptocurrency[113] - The company has made efforts to obtain the SOC 1 Type II report from the custodian, which is expected to be issued in April 2026, to address the auditor's concerns[117] - The auditor's concerns regarding the existence of cryptocurrency as of December 31, 2025, can be resolved with the completion of the SOC 1 Type II report[115] - The company has not identified any significant internal control deficiencies regarding the custody of cryptocurrencies that could affect the disclosure of its holdings[121]

Financial Performance - The total revenue for the year ended December 31, 2025, was RMB 2,525,591,000, representing a year-on-year increase of 22.6% compared to RMB 2,060,367,000 in 2024[4] - Gross profit for the same period was RMB 1,642,541,000, up 21.1% from RMB 1,356,287,000 in 2024[4] - Profit before tax increased by 48.4% to RMB 325,816,000 from RMB 219,561,000 in the previous year[4] - Net profit attributable to shareholders was RMB 265,685,000, a 41.4% increase from RMB 187,858,000 in 2024[4] - Basic earnings per share for 2025 was RMB 0.122, compared to RMB 0.087 in 2024[4] - Revenue from customer contracts for 2025 reached RMB 2,525,591 thousand, a 22.5% increase from RMB 2,060,367 thousand in 2024[17] - Other income and gains totaled RMB 22,014 thousand in 2025, up from RMB 20,274 thousand in 2024, representing an 8.6% increase[18] - The group's profit before tax for 2025 was RMB 325,816 thousand, compared to RMB 219,561 thousand in 2024, reflecting a 48.3% growth[23] - The total tax expense for 2025 was RMB 60,131 thousand, significantly higher than RMB 31,703 thousand in 2024, marking an increase of 89.7%[22] - Proposed final dividend for 2025 is HKD 0.07 per ordinary share, up from HKD 0.04 per share in 2024, indicating a 75% increase[23] Assets and Liabilities - Total assets less current liabilities amounted to RMB 1,708,570,000, an increase from RMB 1,540,674,000 in 2024[8] - Cash and cash equivalents as of December 31, 2025, were RMB 1,011,252,000, up from RMB 835,197,000 in 2024[7] - Trade receivables increased to RMB 265.7 million in 2025 from RMB 224.1 million in 2024, showing a growth of 18.5%[26] - Trade payables increased to RMB 135.1 million in 2025 from RMB 114.0 million in 2024, reflecting a growth of 18.5%[30] - The group recorded a net current asset value of RMB 1,323.5 million as of December 31, 2025, compared to RMB 1,182.7 million as of December 31, 2024[61] Operational Highlights - The company continues to focus on the processing and sales of natural health foods in mainland China, with plans for further market expansion[9] - The company launched several new products in the functional food category, enhancing its market presence and consumer engagement[34] - The core product "Walnut Sesame Black Bean Powder" continued to show strong growth, with increased market penetration and new packaging strategies[36] - The offline channel revenue accounted for 59.2% of total revenue in 2025, up from 55.3% in 2024, while online channel revenue decreased to 40.8% from 44.7%[47] - The supermarket counter business generated revenue of RMB 967.4 million, a 23.7% increase year-over-year[39] - The offline shelf channel revenue reached RMB 527.6 million, marking a significant growth of 47.6% compared to the previous year[40] - The e-commerce channel revenue amounted to RMB 1,030.6 million, reflecting an 11.9% increase from the previous year[42] Expenses and Investments - Research and development expenses for 2025 were RMB 14,860 thousand, a decrease of 22.3% from RMB 19,119 thousand in 2024[19] - Sales and distribution expenses increased by 18.3% from approximately RMB 1,043.4 million for the year ending December 31, 2024, to approximately RMB 1,234.6 million for the year ending December 31, 2025[50] - Administrative expenses decreased by 6.0% from approximately RMB 106.1 million for the year ending December 31, 2024, to approximately RMB 99.7 million for the year ending December 31, 2025[51] - The company plans to construct a production base in Nansha, Guangzhou, with an estimated expenditure of HKD 382.1 million, of which HKD 331.8 million has been utilized[80] Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and believes it has complied with all applicable provisions for the year ending December 31, 2025[74] - The audit committee consists of three independent non-executive directors: Mr. Zhang Senquan, Mr. Hu Peng, and Mr. Ouyang Liangyi, with Mr. Zhang serving as the chairman[83] - The company confirmed it has maintained sufficient public float as required by the listing rules[78] Employee and Community Engagement - The company encourages and supports employees to participate in external training courses to enhance their professional knowledge and skills[68] - The company has a dedicated team to handle environmental compliance and has implemented strict waste management procedures at its manufacturing facilities[75] - The company is committed to sustainable development and aims to strengthen its brand competitiveness through deep involvement in upstream core raw materials and continuous breakthroughs in production technology[43] Future Outlook - The company plans to enhance its product offerings in traditional Chinese dietary solutions, focusing on core products like walnut, sesame, and black bean powder to increase market penetration[43] - The company aims to optimize its channel structure for better consumer shopping experiences, continuing its strategy of all-channel collaborative development[43]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 天津津燃公用事業股份有限公司 TIANJIN JINRAN PUBLIC UTILITIES COMPANY LIMITED （於中華人民共和國註冊成立之股份有限公司） （股份代號：01265） 公告 2025年全年業績 天津津燃公用事業股份有限公司（「本公司」）之董事（「董事」）會（「董事會」）宣佈本公司及 其附屬公司（統稱「本集團」）截至2025年12月31日止年度（「呈報期」）之綜合業績如下： 合併資產負債表 2025年12月31日 （金額單位：人民幣元） | | | 2025年 | 2024年 | | --- | --- | --- | --- | | 項目 | 附註四 | 12月31日 | 12月31日 | | 資產 | | | | | 流動資產 | | | | | 貨幣資金 | | 519,058,229.61 | 694,923,802.41 | | 應收賬款 | 1 | 326,999,0 ...

Financial Performance - For the year 2025, the company achieved a revenue of RMB 7.937 billion, representing a year-on-year growth of 2.0%[5] - The gas sales revenue increased by 4.6% to RMB 6.813 billion, while the revenue from comprehensive services grew by 15.3% to RMB 489 million[5] - Total gas sales volume rose by 6.8% to 2.386 billion cubic meters[5] - Core profit for the year was RMB 285 million, with a proposed final dividend of RMB 0.0557 per share, resulting in a total dividend of RMB 0.1017 per share for the year, representing 35.0% of core profit[5] - Revenue for the year ended December 31, 2025, was RMB 7,937,480,000, an increase from RMB 7,780,765,000 in 2024, representing a growth of approximately 2.02%[13] - Gross profit decreased to RMB 1,114,471,000 in 2025 from RMB 1,335,214,000 in 2024, reflecting a decline of about 16.5%[13] - Operating profit for 2025 was RMB 444,608,000, down from RMB 873,536,000 in 2024, indicating a decrease of approximately 49.1%[13] - Net profit attributable to the owners of the company fell to RMB 38,625,000 in 2025 from RMB 300,994,000 in 2024, a decline of about 87.2%[13] - The company reported a basic and diluted earnings per share of RMB 0.04 for 2025, down from RMB 0.31 in 2024, a decrease of approximately 87.1%[13] - Profit attributable to the owners of the company decreased to RMB 38,625,000 in 2025 from RMB 300,994,000 in 2024, a decline of about 87%[34] - Basic earnings per share dropped to RMB 0.04 in 2025 from RMB 0.31 in 2024, reflecting a significant decrease in profitability[34] Assets and Liabilities - Total assets decreased to RMB 15,396,599,000 in 2025 from RMB 15,910,053,000 in 2024, a reduction of approximately 3.2%[15] - Total liabilities decreased to RMB 9,270,115,000 in 2025 from RMB 9,647,570,000 in 2024, a decline of about 3.9%[16] - The total equity attributable to the owners of the company decreased to RMB 5,832,102,000 in 2025 from RMB 5,944,273,000 in 2024, a reduction of approximately 1.9%[16] - The company’s total borrowings amounted to RMB 6.871 billion, with a debt-to-asset ratio of 60.2%[51] Cash Flow and Financial Expenses - Cash and cash equivalents increased to RMB 1,238,278,000 in 2025 from RMB 1,103,037,000 in 2024, representing a growth of approximately 12.2%[15] - Financial expenses net amount for 2025 was RMB 365,776,000, a decrease from RMB 392,792,000 in 2024, showing a reduction of about 7%[29] - The company’s financial expenses amounted to RMB 363,019 thousand, impacting the overall profitability[26] Business Segments - Total revenue for the gas retail business reached RMB 4,970,509 thousand, while the wholesale business generated RMB 1,842,268 thousand, contributing to a total revenue of RMB 7,937,480 thousand[26] - The gas retail business reported a profit of RMB 336,011 thousand, and the wholesale business achieved a profit of RMB 39,948 thousand, leading to a total segment profit of RMB 805,564 thousand[26] - The gas retail business generated revenue of RMB 4.971 billion, a decrease of 1.4% year-on-year, while the gas wholesale business saw revenue rise by 25.2% to RMB 1.842 billion[44][45] Strategic Initiatives - The company is focusing on optimizing gas supply and enhancing operational management through IoT and big data technologies for 24-hour intelligent monitoring[7] - The strategic shift aims to transform from a traditional gas supplier to an energy service provider, emphasizing diversified gas sources and comprehensive service offerings[8] - The company plans to leverage user data and service innovation to expand its business boundaries and enhance user value[9] - The comprehensive service business is expected to enhance overall competitiveness and create new profit growth points through differentiated offerings[10] - The company aims to ensure safe and stable gas supply while contributing to local economic development through clean energy[10] - The company plans to continue enhancing user engagement and conversion rates through diversified services, contributing to other business revenue of RMB 644 million, a growth of 33.4%[47] Future Outlook - In 2026, the company anticipates stable growth in natural gas consumption, driven by urban gas network upgrades and market reforms[9] - The company has not adopted several new accounting standards that are expected to take effect after December 31, 2025, and concluded that these revisions are unlikely to have a significant impact on the financial statements[24] - The company plans to implement the new Hong Kong Financial Reporting Standard No. 18, which aims to enhance the transparency and comparability of financial statements, effective from January 1, 2027[24] Shareholder Information - The proposed final dividend for the year ended December 31, 2025, is RMB 5.57 per share, combined with an interim dividend of RMB 4.60 per share, resulting in a total distribution of RMB 10.17 per share[55] - The final dividend will be distributed in HKD on or around June 12, 2026, subject to shareholder approval at the next annual general meeting[55] - The company repurchased a total of 1,808,500 shares in December 2025 at an average price of HKD 3.37 per share, totaling HKD 5,932,516.99[53] - The company repurchased an additional 4,880,000 shares between January and February 2026, which were also canceled on March 26, 2026[61] Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the annual consolidated results for the year ended December 31, 2025[62] - The company has adopted and complied with the corporate governance code as per the listing rules from January 1, 2025, to December 31, 2025[58] - The company confirmed compliance with the securities trading code for directors during the year ended December 31, 2025[57] - The annual report for the year ended December 31, 2025, will be published on the Hong Kong Stock Exchange and the company's website[64] Impairment and Losses - The company reported a net loss of RMB 306,944 thousand from impairment losses on financial assets and contract assets[26] - Other comprehensive income for 2025 was a loss of RMB 6,400,000, compared to a loss of RMB 5,000,000 in 2024, indicating a decline of about 28%[14] - Deferred tax expense for the year was RMB 116,663,000 in 2025, compared to RMB 30,955,000 in 2024, representing an increase of about 276%[31]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 149,726,000, a decrease of 31.6% compared to HKD 219,388,000 in 2024[2] - The gross profit for 2025 was HKD 7,707,000, down 22.1% from HKD 9,892,000 in 2024[2] - The company reported a loss before tax of HKD 72,123,000 for 2025, compared to a loss of HKD 40,228,000 in 2024, representing an increase in losses of 79.5%[3] - Total comprehensive loss for the year was HKD 71,505,000, compared to a loss of HKD 40,606,000 in 2024, indicating a 76.2% increase in comprehensive losses[3] - The overall segment performance resulted in a loss of HKD 49,721,000 for 2025, compared to a loss of HKD 20,475,000 in 2024, indicating a worsening of approximately 143%[22][24] - Other income for the year ending December 31, 2025, totaled HKD 5,264,000, a decrease from HKD 12,152,000 in 2024, indicating a decline of approximately 57%[25] - Financial expenses for the year ending December 31, 2025, amounted to HKD 42,539,000, significantly higher than HKD 14,199,000 in 2024, representing an increase of about 200%[25] - The company reported a pre-tax loss of HKD 72,123,000 for the year ending December 31, 2025, compared to a pre-tax loss of HKD 40,228,000 in 2024, reflecting an increase in losses of about 79%[29] - The net loss attributable to equity holders for the year ending December 31, 2025, was approximately HKD 72.1 million, compared to a net loss of approximately HKD 40.2 million for the year ending December 31, 2024[34] Assets and Liabilities - Non-current assets decreased to HKD 432,225,000 in 2025 from HKD 495,173,000 in 2024, a decline of 12.7%[4] - Current liabilities decreased to HKD 147,101,000 in 2025 from HKD 181,715,000 in 2024, a reduction of 19.0%[4] - The company's equity attributable to owners showed a total deficit of HKD 66,055,000 in 2025, worsening from a deficit of HKD 22,875,000 in 2024[5] - Cash and cash equivalents decreased significantly to HKD 13,117,000 in 2025 from HKD 59,765,000 in 2024, a drop of 78.0%[4] - The group has a net current liability of HKD 67,500,000 due to bonds maturing within the next 12 months[10] - The group reported a net loss of approximately HKD 72,123,000 for the year ended December 31, 2025[108] - As of December 31, 2025, the group's net current liabilities amounted to approximately HKD 94,445,000[108] - The group's total liabilities were approximately HKD 66,055,000, indicating significant uncertainty regarding its ability to continue as a going concern[108] Business Operations - The company’s main business includes providing cold storage and related services, as well as food and beverage trading and sales[6] - The frozen warehouse and logistics division faced significant challenges due to structural changes in the local food and beverage industry, impacting revenue[39] - Revenue from the frozen warehouse and related services business decreased by approximately 26%, while revenue from food and beverage trading and sales in mainland China decreased by approximately 57%[35] - The trading and sales division in mainland China has undergone a fundamental strategic transformation, shifting focus to convenience store channels to eliminate intermediary costs[41] - The company is strategically positioned as a diversified service provider, focusing on frozen warehouse and logistics services in Hong Kong and food and beverage trading in mainland China[36] - The company is exploring potential overseas acquisition opportunities for new infrastructure, which is still in the preliminary exploration stage[38] Financing and Capital Structure - The group is actively negotiating with potential investors for new equity or debt financing to meet short-term operational and financial needs[14] - The group anticipates sufficient financial resources to meet future operational funding and financing needs, supported by ongoing measures and shareholder backing[11] - The company has conditionally agreed to issue and allot a total of 10,000,000 shares at a subscription price of HKD 2.00 per share[94] - The company has entered into three separate subscription agreements for convertible bonds totaling HKD 45,000,000, with an annual interest rate of 6%[64] - The convertible bonds allow for the issuance of up to 93,730,472 shares at a conversion price of HKD 0.4801 per share[64] - The company believes that issuing convertible bonds is a strategic and cost-effective financing solution to strengthen liquidity while minimizing immediate equity dilution[91] - The net proceeds from the convertible bond issuance amounted to approximately HKD 40.67 million after deducting related expenses, with a net conversion price of approximately HKD 0.4339 per share[90] - The company aims to enhance its financial position by addressing its debt levels and improving cash flow through these financing activities[91] Governance and Compliance - The company has adopted corporate governance practices in accordance with the Stock Exchange Listing Rules[98] - The board currently has no intention to fill the chairman position, believing it does not negatively impact the company[100] - The audit committee consists of three independent non-executive directors who have reviewed the financial statements for the year[102] - The company has confirmed compliance with its securities trading policy for the fiscal year ending December 31, 2025[101] - The financial statements have been prepared in accordance with the Hong Kong Financial Reporting Standards[104] Future Outlook and Strategy - The group is focusing on developing its cold storage and related services, as well as food and beverage trading, to generate operational cash flow[14] - The cold storage and logistics division is expected to undergo effective transformation in 2026, focusing on expanding operations in the Greater Bay Area[47] - The company aims to enhance its cold chain logistics capabilities to meet the growing demand for high-end perishable food products[49] - The company is expanding its e-commerce capabilities and focusing on high-margin product offerings to accelerate revenue growth[51] - The company plans to establish a joint venture in the U.S. for two data centers, pending due diligence and feasibility studies[45] - The group aims to consolidate its core infrastructure and expand synergies in the Greater Bay Area, transitioning from a Hong Kong-centric model to an integrated approach[55] - The group plans to enhance its product matrix in the food and beverage trading and sales sector by developing high-end product offerings and diversifying retail channels[56]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對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的任何損失承擔任何責任。 Jujiang Construction Group Co., Ltd. 巨匠建設集團股份有限公司 （於中華人民共和國成立的股份有限公司） （股份代號：1459） 截至2025年12月31日止年度之年度業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | | | 截至 12 月 31 日止年度 | | | | 2025 | 2024 | 變幅 | | | 人民幣千元 | 人民幣千元 | % | | 收入 | 4,336,851 | 6,780,685 | (36.04) | | 毛利 | 189,908 | 277,521 | (31.57) | | 毛利率 | 4.38% | 4.09% | 0.29 | | 年內（虧損）╱利潤 | (46,181) | 13,731 | (436.33) | | 淨（虧損）利潤率 | (1.06%) | 0.20% | (1 ...