Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 404,919,000, a decrease of 44.4% compared to HKD 728,216,000 in 2024[3] - Gross profit for 2025 was HKD 114,311,000, down 10% from HKD 126,951,000 in 2024[3] - Operating loss increased to HKD 434,530,000 in 2025 from HKD 214,495,000 in 2024, reflecting a significant decline in profitability[4] - The net loss for the year was HKD 533,603,000, compared to a net loss of HKD 350,629,000 in 2024, representing a 52.2% increase in losses[4] - The total comprehensive loss for the year was HKD 537,487,000, compared to HKD 349,338,000 in 2024, indicating a worsening financial position[5] - The group reported a pre-tax loss of HKD 534.7 million in 2025, compared to a loss of HKD 349.3 million in 2024, representing a deterioration of approximately 53.0%[17] - The company reported a basic and diluted loss per share of HKD 18.27 for 2025, compared to HKD 14.48 in 2024[4] - The loss attributable to the company's owners was HKD 443,759,000 for 2025, an increase of 26% from HKD 351,930,000 in 2024[35] Revenue Breakdown - The group reported a total revenue of HKD 404.9 million for 2025, a decrease from HKD 728.2 million in 2024, reflecting a decline of approximately 44.4%[17] - The film-related business segment generated revenue of HKD 619,000 in 2025, down from HKD 2.2 million in 2024, indicating a significant drop of about 71.7%[17] - The property development and investment segment reported revenue of HKD 224.5 million in 2025, compared to HKD 675.2 million in 2024, representing a decrease of approximately 66.8%[17] - The multimedia and entertainment segment saw an increase in revenue to HKD 179.8 million in 2025 from HKD 50.8 million in 2024, marking a growth of about 253.5%[17] - Property sales revenue significantly dropped to HKD 223,179,000 in 2025 from HKD 674,308,000 in 2024, reflecting a decline of 66.9%[25] - Multimedia sales and commission income surged to HKD 179,810,000 in 2025, compared to HKD 50,788,000 in 2024, marking an increase of 253.5%[25] Assets and Liabilities - Total assets as of December 31, 2025, amounted to HKD 4,425,795,000, an increase from HKD 4,205,511,000 in 2024[6] - The total assets of the group increased to HKD 4.43 billion in 2025 from HKD 4.21 billion in 2024, reflecting a growth of approximately 5.2%[19] - Current liabilities surged to HKD 2,881,693,000 in 2025, compared to HKD 795,878,000 in 2024, indicating a significant increase in short-term obligations[7] - The total liabilities rose to HKD 2.91 billion in 2025 from HKD 2.15 billion in 2024, indicating an increase of about 35.0%[19] - The total borrowings of the group reached HKD 1,977,062,000, up from HKD 1,629,316,000 in 2024, including term loans of HKD 861,364,000 and secured bank loans of HKD 82,104,000[54] - The capital debt ratio as of December 31, 2025, was 123%, significantly higher than 79% in 2024, indicating increased leverage[59] Operational Highlights - The company is focusing on investing in short films and web series, which are more cost-effective and align with current market trends[38] - The group plans to launch short dramas in the second half of 2026, leveraging its experience in the film industry to create new profit growth points[69] - The multimedia and entertainment business is projected to maintain moderate growth in 2026, with a focus on standardized content creation and the deployment of artificial intelligence to enhance operational efficiency[69] Governance and Compliance - The group has complied with all corporate governance codes as per the listing rules for the year ending December 31, 2025[71] - The executive directors of the company include Mr.向华强, Ms.陈明英, and Ms.李玉嫦[75] - The independent non-executive directors of the company include Mr.洪祖星, Mr.何伟志, and Mr.戴国良[75] Future Outlook - The Macau property market is expected to show robust growth in early 2026, supported by favorable policies and economic recovery, with key projects like C7 property anticipated to generate significant cash inflow[68] - The group will continue to adopt tactical pricing measures to maintain operational flexibility and sustainable business development amid current market headwinds[68] - The annual report for the year 2025 will be sent to shareholders by April 30, 2026, and will be published on the Hong Kong Stock Exchange website and the company's website[75] Employee and Operational Costs - The group employed 149 staff as of December 31, 2025, down from 237 in the previous year, with total employee benefits expenses of HKD 83,841,000, reflecting an 8% decrease[66] - Administrative expenses rose by 19% to HKD 174,338,000 in 2025, driven by costs associated with multimedia and entertainment operations[50] - Marketing, sales, and distribution expenses decreased by 36% to HKD 65,099,000 in 2025, aligning with the decline in sales revenue from the property[51] - The company incurred financing costs of HKD 100,154,000 in 2025, down from HKD 134,827,000 in 2024[26]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue of RMB 11,275.2 million, a 23.2% increase from RMB 9,153.3 million in 2024[3] - Gross profit for the same period was RMB 340.7 million, reflecting an 18.4% increase compared to RMB 287.7 million in 2024[3] - The company's profit before tax increased by 58.6% to RMB 179.7 million, up from RMB 113.3 million in the previous year[3] - Net profit attributable to the company's owners reached RMB 140.9 million, a 50.1% increase from RMB 93.9 million in 2024[3] - Online marketing solutions accounted for 99.3% of total revenue in 2025, generating RMB 11,198.7 million, up from RMB 9,082.5 million in 2024, reflecting a 23.3% growth[26] - The live e-commerce business revenue increased by approximately 10.8%, from RMB 68.1 million in 2024 to RMB 75.5 million in 2025, primarily driven by growth in overseas e-commerce operations[26] - The company's revenue from customer contracts for the year ended December 31, 2025, reached RMB 11,275,161, an increase of 23.1% from RMB 9,153,318 in 2024[64] - The one-stop online marketing solution service generated RMB 11,150,011 in revenue for 2025, up from RMB 9,062,814 in 2024, reflecting a growth of 23.0%[64] Business Expansion and Strategy - The advertising business recorded a total billing of RMB 16.92 billion, a 30% increase year-on-year, with self-operated business exceeding RMB 10 billion[5][9] - The online marketing solutions business generated revenue of RMB 11.2 billion, a 23% increase from the previous year, with over 50 clients consuming more than RMB 50 million annually, a 14% increase[6][8] - The company is actively expanding its overseas business, leveraging its established capabilities in digital marketing, supply chain collaboration, and live streaming operations[23] - The company plans to achieve a strategic goal of "100 billion self-operated" by 2025, focusing on expanding into high-value industries such as online gaming and internet services[19] - The company plans to accelerate the overseas market expansion of its CHILLSHORT short drama platform, focusing on user preferences and payment habits in different regions[24] - The acquisition of the CHILLSHORTS platform is expected to expand the user base to over 2 million, with content viewership increasing by over 60% post-acquisition[7] - The acquisition of the CHILLSHORTS platform will enhance the company's content offerings, expanding its user base to over 2 million across more than 150 countries[17] Operational Efficiency and Technology - The company successfully launched its AI Agent solutions, enhancing operational efficiency and reducing material costs by 35%[7] - The company aims to deepen the application of enterprise-level AI Agents, integrating AI into core processes like content creation and operational optimization[21] - The upgraded AI Agent platform will enhance marketing efficiency and operational precision through automated workflows and real-time data analysis[21] - The intelligent marketing platform's AI-driven automation is expected to significantly enhance overall marketing efficiency and operational quality[13] - The intelligent material creation platform, YouChuang, achieved a monthly video output of nearly 350,000 videos, with production costs per material decreasing by 35% year-on-year[15] - The company successfully upgraded its intelligent marketing platform to version 2.0, managing an advertising budget exceeding RMB 50 billion across 8 vertical industries[13] Financial Management and Costs - The cost of traffic acquisition and monitoring for the year ending December 31, 2025, was approximately RMB 10,745.2 million, representing 98.3% of total service and sales costs[32] - Sales expenses decreased by approximately 6.6%, from RMB 33.9 million in 2024 to RMB 31.7 million in 2025, mainly due to reduced live streaming expenses in domestic self-operated e-commerce[34] - Employee benefits expenses increased by approximately 20.6%, from RMB 91.2 million in 2024 to RMB 110.0 million in 2025, aligned with business growth and increased staff numbers[32] - General and administrative expenses decreased slightly by approximately 0.6% from RMB 828 million for the year ending December 31, 2024, to RMB 823 million for the year ending December 31, 2025[35] - Research and development expenses increased by approximately 18.0% from RMB 96 million for the year ending December 31, 2024, to RMB 114 million for the year ending December 31, 2025, primarily due to increased software service costs[36] - Net financial costs rose from RMB 23 million for the year ending December 31, 2024, to RMB 221 million for the year ending December 31, 2025, primarily due to increased interest expenses on bank and other borrowings[39] Assets and Liabilities - Total assets increased to RMB 5,129,191,000 in 2025 from RMB 4,596,505,000 in 2024, marking an increase of approximately 11.6%[50] - Current assets rose to RMB 5,069,449,000 in 2025, up from RMB 4,526,946,000 in 2024, indicating a growth of about 12%[50] - Accounts receivable increased significantly to RMB 3,852,868,000 in 2025 from RMB 3,168,584,000 in 2024, a rise of approximately 21.5%[50] - Total liabilities amounted to RMB 3,564,491,000 in 2025, compared to RMB 3,139,943,000 in 2024, reflecting an increase of about 13.5%[52] - Non-current assets decreased to RMB 59,742,000 in 2025 from RMB 69,559,000 in 2024, a decline of approximately 14.1%[50] - The company reported a total equity of RMB 1,564,700,000 in 2025, up from RMB 1,456,562,000 in 2024, representing an increase of approximately 7.4%[52] Governance and Compliance - The company has adopted the Corporate Governance Code as per the Listing Rules and has complied with most provisions, with a temporary deviation regarding the roles of the Chairman and CEO[105] - The Audit Committee, established on October 8, 2021, consists of three independent non-executive directors and has reviewed the financial performance for the year ending December 31, 2025[109] - The company is committed to maintaining high levels of corporate governance to protect shareholder interests and enhance accountability[106] - The company has confirmed compliance with the Securities Trading Standard Code during the reporting period[107] - The company will continue to review and monitor its corporate governance practices to ensure compliance with the Corporate Governance Code[106] Dividends and Shareholder Information - The board proposed a final dividend of HKD 0.04 per share for the year ending December 31, 2024, totaling approximately HKD 24 million (around RMB 22.23 million) approved by shareholders[89] - For the year ending December 31, 2025, a proposed final dividend of HKD 0.05 per share is suggested, amounting to approximately HKD 30 million (around RMB 27.1 million), pending shareholder approval[89] - The company plans to suspend share transfer registration from June 5 to June 11, 2026, to determine eligibility for the proposed final dividend, pending shareholder approval[104] Future Outlook - The company expects the implementation of IFRS 18 to impact the presentation and disclosure of financial statements starting January 1, 2027[62] - The company is currently assessing the detailed impact of the new accounting standards on its consolidated financial statements[62] - The company plans to provide updates on the transition to IFRS 18 in subsequent reporting periods[62]

Financial Performance - The group's revenue decreased by 16.2% from RMB 1,531.1 million in 2024 to RMB 1,283.4 million in 2025[3] - Gross profit fell by 8.2% from RMB 683.2 million in 2024 to RMB 627.1 million in 2025[3] - Net profit declined by 27.7% from RMB 145.4 million in 2024 to RMB 105.1 million in 2025[3] - Basic earnings per share decreased by 23.1% from RMB 0.13 in 2024 to RMB 0.10 in 2025[3] - Total comprehensive income for the year amounted to RMB 203.8 million, compared to RMB 58.0 million in the previous year[4] - The group's total revenue for the year ending December 31, 2025, was RMB 1,283,425,000, down from RMB 1,531,050,000 in 2024, representing a decline of approximately 17.2%[21] - The group's operating profit before tax for 2025 was RMB 148,292,000, compared to RMB 213,122,000 in 2024, indicating a decrease of about 30.5%[21] - The group reported other income of RMB 44,697,000 for 2025, significantly higher than RMB 14,988,000 in 2024[25] - The group’s annual profit decreased by 27.7% from RMB 145.4 million in 2024 to RMB 105.1 million in 2025, primarily due to a significant reduction in government subsidies, which fell by over RMB 30.0 million compared to the same period last year[95] Assets and Liabilities - Non-current assets increased to RMB 524.2 million in 2025 from RMB 513.6 million in 2024[5] - Current assets decreased from RMB 975.9 million in 2024 to RMB 933.9 million in 2025[5] - Total liabilities decreased from RMB 303.1 million in 2024 to RMB 275.4 million in 2025[5] - The company's equity attributable to owners increased to RMB 1,110.4 million in 2025 from RMB 1,045.2 million in 2024[6] - The group has 98% of its non-current assets located in China, with the remaining 2% related to interests in joint ventures in South Korea[23] - Trade receivables and notes receivable totaled RMB 339,099,000, an increase from RMB 281,138,000 in the previous year, after accounting for credit loss provisions of RMB 2,032,000[42] - The company has recognized a total of RMB 432,264,000 in trade and other receivables, compared to RMB 366,011,000 in the previous year[42] Revenue Breakdown - The revenue from pharmaceutical product sales was RMB 492,570 thousand, while revenue from medical equipment and supplies was RMB 790,855 thousand for the year ended December 31, 2025[18] - The group's revenue from ophthalmic pharmaceutical products through pipeline management services was RMB 61,549,000 for the year ending December 31, 2025, compared to RMB 290,632,000 for the previous year[22] - Total revenue from comprehensive marketing, promotion, and pipeline management services was RMB 1,221,876,000 for 2025, a decrease from RMB 1,240,418,000 in 2024[21] - The group's medical device revenue from comprehensive marketing, promotion, and channel management services was RMB 790.9 million, a decrease of 0.6% year-on-year, accounting for 61.6% of total revenue during the reporting period[67] Expenses and Costs - Distribution and selling expenses decreased by 3.8% from RMB 363.2 million in 2024 to RMB 349.4 million in 2025, with the percentage of these expenses to revenue increasing from 23.7% to 27.2%[90] - Administrative expenses increased by 2.8% from RMB 133.8 million in 2024 to RMB 137.6 million in 2025, with the percentage of these expenses to revenue rising from 8.7% to 10.7%[91] - The total employee costs for 2025 amount to RMB 79,766,000, down from RMB 98,728,000 in 2024, reflecting a reduction in workforce expenses[31] - The group’s financing costs for 2025 were RMB 2,450,000, slightly higher than RMB 2,424,000 in 2024[21] Investments and Strategic Initiatives - The group invested $3 million in DMAX Co., Ltd., acquiring 25% of its issued share capital[77] - The investment in DMAX aims to deepen cooperation and expand market share for zirconia products in China[78] - The company plans to strengthen its global patent portfolio in 2025, focusing on the development of plasma electric fire technology[45] - The company is currently in a sales acceleration phase for its innovative medical device products, which require financial support[43] - The group is committed to long-term investments in the pharmaceutical sector, focusing on identifying growth opportunities[79] Market and Economic Context - The GDP of China reached RMB 14,018,790 million in 2025, with a year-on-year growth of 5.0%[57] - Per capita disposable income in China increased by 5.0% to RMB 2,573 in 2025, while per capita consumption expenditure rose by 4.4%[57] - The healthcare sector's per capita consumption expenditure was RMB 2,573, accounting for 8.7% of total per capita consumption expenditure[57] - The pharmaceutical industry in China is undergoing significant changes, with regulatory upgrades and demand iterations expected to drive the introduction of more high-quality products[83] Corporate Governance and Compliance - The company has adhered to corporate governance codes and will continue to review and improve its governance practices[115] - An audit committee has been established, consisting of two independent non-executive directors and one non-executive director, responsible for overseeing financial reporting and risk management[119] - The company has appointed BDO Limited as the auditor for the fiscal year ending December 31, 2025[120] - The auditor has confirmed that the consolidated financial statements are consistent with the reported figures in the annual results announcement[121] Future Outlook - The company aims to transform into a comprehensive pharmaceutical enterprise by integrating research, development, production, and sales, enhancing market competitiveness and profitability[82] - The company plans to strengthen product development and marketing capabilities to expand market coverage and meet clinical needs effectively[84] - The group is focusing on integrating advanced technologies like artificial intelligence into the healthcare sector to enhance service delivery and meet diverse medical needs[58]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported total revenue of RMB 685.8 million, a decrease of 3.5% from RMB 709.4 million in 2024[4] - The company recorded a loss before tax of RMB 155.9 million, compared to a profit of RMB 5.5 million in 2024, indicating a significant decline in profitability[4] - Net loss for the year was RMB 157.7 million, a substantial drop from a net profit of RMB 39.4 million in the previous year[4] - Basic earnings per share for the year was reported at RMB (0.1522), compared to RMB 0.0383 in 2024, reflecting a negative trend in earnings[4] - The net loss attributable to shareholders for 2025 was RMB 157,439,498, compared to a profit of RMB 39,733,896 in 2024[185] Assets and Liabilities - Total assets decreased to RMB 2.39 billion in 2025 from RMB 2.59 billion in 2024, reflecting a decline of approximately 7.7%[5] - Total liabilities were reported at RMB 273.9 million, a slight decrease from RMB 281.2 million in 2024[7] - Current assets totaled RMB 1.41 billion in 2025, down from RMB 1.47 billion in 2024, a decrease of 3.9%[9] - Total liabilities remained relatively stable at RMB 216.8 million in 2025, slightly down from RMB 217.1 million in 2024[10] - Shareholders' equity decreased to RMB 2.17 billion in 2025 from RMB 2.27 billion in 2024, a decline of 4.5%[10] Cash Flow and Liquidity - The company's cash and cash equivalents increased to RMB 1.15 billion in 2025, up from RMB 1.06 billion in 2024, showing improved liquidity[6] - The company's operating cash flow for 2025 was RMB 141,398,255, a significant improvement from a negative cash flow of RMB 16,512,634 in 2024, representing a turnaround of over 100%[15] - Total cash inflow from operating activities increased to RMB 954,661,471 in 2025, up from RMB 897,525,673 in 2024, marking a growth of approximately 6.5%[15] - The company's net cash increase for 2025 was RMB 90,793,913, compared to a decrease of RMB 139,610,368 in 2024, indicating a positive cash flow trend[15] - The year-end cash balance for 2025 was RMB 1,147,079,542, up from RMB 1,056,285,629 at the end of 2024, reflecting an increase of approximately 8.6%[15] Inventory Management - The company’s inventory decreased to RMB 33.2 million in 2025 from RMB 47.3 million in 2024, indicating better inventory management[6] - The inventory value as of December 31, 2025, is RMB 33,243,432, with a provision for inventory impairment of RMB 30,269[130] - The inventory impairment provision decreased from RMB 571,575 in 2024 to RMB 30,269 in 2025, a reduction of approximately 95%[166] Research and Development - Research and development expenses increased to RMB 357.9 million in 2025 from RMB 314.2 million in 2024, an increase of 13.9%[12] - The company reported a significant increase in tax benefits from research and development expenses, amounting to RMB 15,550,532 in 2025, compared to a tax expense of RMB (535,001) in 2024[198] Dividends and Shareholder Returns - The company distributed dividends totaling RMB 31,097,163 in 2025, down from RMB 93,291,489 in 2024, representing a reduction of about 66.7%[19] - The company declared a cash dividend of RMB 0.03 per share for 2024, totaling RMB 31,097,163 based on 1,036,572,100 shares issued[184] Financial Reporting and Compliance - The financial statements were approved by the board of directors on March 30, 2026, ensuring compliance with accounting standards[27] - The company’s financial reports reflect a commitment to continuous operation and adherence to relevant accounting principles[28] - The company reports that its consolidated financial statements include all subsidiaries from the date of actual control acquisition[34] Impairment and Provisions - The company reported a total asset impairment loss of RMB 1,521,356 in 2025, down from RMB 6,179,616 in 2024, indicating a reduction in asset write-downs[196] - The accounts receivable impairment provision decreased from RMB 27,045,842 in 2024 to RMB 3,237,543 in 2025, reflecting a significant reduction of approximately 88%[166] - The provision for bad debts for other receivables decreased from RMB (67,778) in 2024 to RMB (13,316) in 2025, reflecting a reduction in the overall risk[122] Taxation and Deferred Tax - The company applies a corporate income tax rate of 15% for high-tech enterprises, which is valid for three years, and anticipates maintaining this status in future years[97] - The total deferred tax assets as of December 31, 2025, amount to RMB 889,857,593, a slight decrease from RMB 908,088,436 in 2024[159] - The company has confirmed deferred tax assets based on the likelihood of future taxable income, which includes expected income from normal operations and temporary differences[95] Operating Expenses - Selling expenses for 2025 were RMB 395,108,833, up 32% from RMB 299,343,371 in 2024[191] - The total tax and additional charges for 2025 were RMB 7,779,689, slightly higher than RMB 7,439,079 in 2024[191] Government Grants - The company recorded government subsidies of RMB 18,971,999 in 2025, up from RMB 15,845,713 in 2024, indicating a growth of 13.4%[177] - The company received government grants related to assets amounting to RMB 4,357,814 in 2025, a decrease from RMB 9,592,037 in 2024[195]

Strategic Partnerships and Collaborations - The company reported a strategic partnership with Baiyang Pharmaceuticals, receiving a strategic cooperation fee of RMB 50 million and raising approximately HKD 100 million from the subscription of 74,971,468 shares[4] - The strategic partnership with Baiyang Pharmaceutical includes a contract sales organization for marketing services and a share acquisition of 74,971,468 shares, representing 14.99% of the expanded issued share capital, for approximately HKD 100 million[56] - The company aims to expand its commercialization efforts in Greater China, leveraging the partnership with Baiyang Pharmaceutical to enhance its business significantly[57] Product Development and Approvals - The company launched Mai Ruibei® in January 2024, identifying 900 ALGS patients by December 31, 2025, and covering 260 million people in 39 cities with commercial insurance plans[7] - The company received approval for Mai Ruibei® to expand its indication for treating cholestatic pruritus in ALGS patients in May 2024[7] - Go Ruining® was approved for market launch in China in May 2025 and was included in the first version of the commercial insurance innovative drug catalog in December 2025[7] - The company has a comprehensive product line consisting of 7 drug assets, including 3 marketed products and 1 late-stage clinical candidate[48] - MaiRuiBei® has been approved for ALGS in mainland China, Hong Kong, and Taiwan, becoming the first and only product approved for treating ALGS cholestatic pruritus in these regions[63] Financial Performance - Revenue decreased from RMB 85.1 million for the year ending December 31, 2024, to RMB 50.0 million for the year ending December 31, 2025, a decline of RMB 35.1 million or 41.2%[11] - Other income and gains increased from a loss of RMB 5.5 million to a profit of RMB 109.7 million, primarily due to a gain of RMB 101.0 million from the termination of a lease in the U.S.[11] - Profit increased by RMB 457.4 million, turning from a loss of RMB 442.6 million to a profit of RMB 14.8 million, driven by increased other income and reduced expenses[12] - Total revenue for 2025 was RMB 49,983 thousand, a decrease of 41.2% from RMB 85,103 thousand in 2024[29] - The company reported a profit of RMB 14,818,000 for 2025, a significant recovery from a loss of RMB 442,619,000 in 2024[44] Cost Management and Expenses - R&D expenses decreased by RMB 206.7 million or 82.1%, from RMB 251.8 million to RMB 45.1 million, mainly due to the approval of a new drug application for Gorineng®[11] - Administrative expenses reduced by RMB 31.4 million or 46.0%, from RMB 68.2 million to RMB 36.8 million, attributed to cost control efforts[11] - Sales and distribution expenses decreased by RMB 27.5 million or 36.7%, from RMB 74.9 million to RMB 47.4 million, due to the cessation of sales activities for He Lian An®[12] - The implementation of cost control measures and reduction of expenses is crucial for the company's financial health[25] - The company has successfully implemented plans to control costs and reduce expenditures, which are essential for ongoing operations[25] Market Access and Commercialization - The company is actively working on market access for its three products in mainland China, Taiwan, and Hong Kong[5] - The group aims to improve cash flow and profitability through its commercialized products, including HaiRuiSi® and MaiRuiBei®, and accelerate the commercialization of GeRuiNing®, which received approval for treating Gaucher disease[21] - The company plans to continue strengthening its commercialization team to support multiple rare disease products[62] Research and Development - The company is focusing on gene therapy, having obtained a license for the dual-vector technology "StitchR" for treating Duchenne Muscular Dystrophy (DMD) as of December 31, 2025[8] - The company has generated proof-of-concept data for its DMD preclinical research and plans to continue data generation in large animal models[8] - The company is investing in next-generation gene therapy technologies, with a focus on RNA assembly techniques for treating muscular dystrophy[51] Financial Health and Liabilities - The group has a net current liability of approximately RMB 345,173,000 and a net liability of RMB 341,755,000 as of December 31, 2025, raising significant doubts about its ability to continue as a going concern[20] - The company is actively negotiating with banks to renew and extend existing loans due after December 31, 2025, although no binding agreements have been established yet[21] - The group reported net current liabilities of RMB 345.173 million and total liabilities of RMB 341.755 million as of December 31, 2025, indicating significant uncertainty regarding the group's ability to continue as a going concern[113] Employee and Operational Changes - The management team has streamlined to 41 full-time employees, emphasizing expertise in rare disease commercialization[48] - The total employee cost for the group was approximately RMB 50.4 million for the year ending December 31, 2025, down from RMB 97.4 million in 2024[108] - The group had 41 employees as of December 31, 2025, a decrease from 67 employees in 2024[107] Regulatory Compliance and Reporting - The independent auditor confirmed that the financial information in the performance announcement is consistent with the consolidated financial statements for the year ending December 31, 2025[111] - The audit committee reviewed the audited annual results and found them to comply with relevant accounting standards and regulations[114] - The company has adopted a code of conduct for securities trading by directors, confirming compliance through December 31, 2025[105]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 262,447,000, an increase of 18.3% compared to RMB 221,883,000 in 2024[3] - Gross profit decreased by 7.4% to RMB 140,522,000 from RMB 151,795,000 in the previous year[3] - Profit before tax increased by 2.3% to RMB 58,286,000 compared to RMB 56,968,000 in 2024[3] - Net profit for the year was RMB 59,622,000, up 8.2% from RMB 55,094,000 in 2024[3] - Profit attributable to owners of the company was RMB 56,265,000, representing a 4.8% increase from RMB 53,666,000 in the previous year[3] - Basic and diluted earnings per share were RMB 0.55 and RMB 0.54 respectively, compared to RMB 0.43 in 2024[3] - The company reported a total comprehensive income of RMB 58,446,000 for the year, compared to RMB 55,094,000 in 2024[5] - The adjusted profit (non-IFRS measure) for the fiscal year 2025 is RMB 61,410,000, an increase from RMB 56,766,000 in 2024, representing a growth of approximately 6.0%[76] Assets and Liabilities - Total assets increased to RMB 1,035,855,000 from RMB 667,960,000 in 2024[6] - Total equity increased to RMB 907,312 thousand in 2025 from RMB 557,708 thousand in 2024, representing a growth of 62.7%[7] - The company reported a total liability of RMB 128,543 thousand in 2025, up from RMB 110,252 thousand in 2024, indicating a rise of 16.6%[7] - The company's trade receivables from third parties increased to RMB 263,792,000 in 2025 from RMB 185,815,000 in 2024, marking an increase of approximately 42%[35] - The company's trade payables rose to RMB 27,742,000 in 2025 from RMB 5,136,000 in 2024, indicating a substantial increase of approximately 441%[38] - The group's lease liabilities as of December 31, 2025, amounted to RMB 51.0 million, a decrease of RMB 10.8 million from RMB 61.8 million as of December 31, 2024[88] Revenue Sources - Revenue from major customers decreased to RMB 76,401 thousand in 2025 from RMB 140,798 thousand in 2024, a decline of 45.8%[17] - Revenue from ICV simulation testing software and platform was RMB 188,810,000, up 41.1% from RMB 133,793,000 in the previous year[18] - Revenue from consulting and other services amounted to approximately RMB 24.7 million, representing a decline of 16.4% compared to the fiscal year 2024[54] - Revenue generated from ICV testing and related services was approximately RMB 28.2 million during the reporting period[53] - Revenue from the ICV data platform and other products during the reporting period was approximately RMB 20.7 million, reflecting a 0.4% increase compared to the fiscal year 2024[49] Research and Development - Research and development expenses rose to RMB 110,475,000, an increase from RMB 85,871,000 in 2024[4] - The company's R&D expenses are fully deductible for tax purposes, enhancing its tax efficiency moving forward[27] - The group continues to invest in R&D to drive technological innovation and product upgrades, providing advanced and efficient ICV testing, verification, and evaluation solutions[48] - The group plans to enhance investment in R&D and technological innovation to improve core competitiveness and expand market share in China and overseas[56] Market and Business Strategy - The company primarily engages in providing intelligent connected vehicle (ICV) testing, verification, and evaluation solutions in China[8] - The market for ICV technology is experiencing rapid growth due to government support and increasing consumer acceptance, creating significant development opportunities for the industry[43] - The company aims to capture market opportunities and achieve sustainable growth by leveraging its strong technical advantages and market position[43] - The core strategy focuses on high-growth areas related to ICV, with resources and capabilities accelerating towards high-value services in this sector[55] Investments and Acquisitions - The company has entered into an investment agreement to acquire 49% of the target company, Zhejiang Saimu Technology Co., Ltd., with a registered capital increase of RMB 9.61 million[40] - The group held significant investments in the Rui Feng Power Group, acquiring a total of 10,920,000 shares, representing approximately 1.365% of Rui Feng Power's issued share capital[96] Employee and Governance - The group had a total of 162 employees as of December 31, 2025, down from 187 employees as of December 31, 2024, with employee costs for fiscal year 2025 amounting to approximately RMB 67.7 million[99] - The company has established an employee incentive plan and a 2025 H-share reward trust plan to motivate key management and technical personnel[100] - The audit committee consists of three independent non-executive directors, with Ms. Guo Lili as the chairperson, possessing professional knowledge in accounting and financial management[112] Cash Flow and Financing - Cash and cash equivalents at year-end were RMB 235,461,000, up from RMB 208,325,000 in the previous year[6] - The net cash generated from operating activities increased from RMB 44.8 million in the fiscal year 2024 to RMB 86.2 million in 2025, representing a growth of approximately 92.5%[84] - The group reported a net cash inflow from financing activities of RMB 313.9 million in fiscal year 2025, a significant increase from a net cash outflow of RMB 28.7 million in fiscal year 2024, mainly attributed to funds raised from public offerings[86] Dividends and Shareholder Information - The company did not declare or pay any dividends for the year ended December 31, 2025, consistent with 2024[39] - The board has proposed not to declare any final dividend for the year ending December 31, 2025[109] - The annual general meeting of the company is scheduled for June 24, 2026[110]

Financial Performance - The company's revenue for the year ended December 31, 2025, was HKD 31,293,000, representing an increase of 6.2% from HKD 28,520,000 in 2024[2] - The company reported a pre-tax profit of HKD 355,000, a significant recovery from a loss of HKD 71,354,000 in the previous year[2] - The net profit for the year was HKD 12,983,000, compared to a loss of HKD 78,668,000 in 2024, indicating a turnaround in financial performance[2] - The total comprehensive income for the year was HKD 20,326,000, recovering from a loss of HKD 84,973,000 in the previous year[4] - The group reported a pre-tax profit of HKD 355,000 in 2025, a significant recovery from a pre-tax loss of HKD 71,354,000 in 2024[14] - The net loss attributable to equity holders for the year was HKD 14,958,000, a significant improvement from a loss of HKD 46,133,000 in 2024[32] - Adjusted EBITDA for the year was HKD 4,590,000, up from HKD 1,612,000 in 2024, indicating a positive trend in operational profitability[31] - Cash flow from operating activities turned positive, with a net inflow of HKD 19,537,000 compared to a net outflow of HKD 15,967,000 in 2024[33] Assets and Liabilities - The company's non-current assets totaled HKD 1,328,357,000, slightly increasing from HKD 1,317,420,000 in 2024[5] - The total assets of the group were HKD 1,402,541,000 in 2025, slightly down from HKD 1,403,511,000 in 2024[14] - The total liabilities decreased to HKD 404,089,000 in 2025 from HKD 425,385,000 in 2024, reflecting improved financial stability[14] - The company's net assets increased to HKD 998,452,000 from HKD 978,126,000 in the previous year, showing a positive trend in equity[5] - Cash and cash equivalents decreased to HKD 59,405,000 from HKD 63,573,000 in 2024, reflecting a reduction in liquidity[5] Shareholder Information - The group did not recommend a final dividend for the year ending December 31, 2025, consistent with the previous year[16] - Basic loss per share for the year was HKD 14,958,000 in 2025, compared to HKD 46,133,000 in 2024, indicating a reduction in losses[17] - The annual performance report will be published on the company's website and the Hong Kong Stock Exchange website, covering the fiscal year ending December 31, 2025[77] - The annual report will be sent to shareholders when feasible, highlighting the company's ongoing transparency efforts[77] - The company aims to enhance shareholder communication through regular updates on performance and strategic initiatives[77] Investment and Development - Revenue from external customers for property investment and development reached HKD 31,293,000 in 2025, up from HKD 28,520,000 in 2024, representing an increase of 9.9%[13] - The fair value change of investment properties was a loss of HKD 34,992,000, compared to a loss of HKD 16,848,000 in the previous year, indicating challenges in property valuation[2] - The fair value loss on investment properties was HKD 34,992,000 in 2025, compared to HKD 16,848,000 in 2024, indicating increased market challenges[14] - The group recorded a gain of HKD 31,096,000 from the fair value change of an equity investment for the year ended December 31, 2025, compared to a loss of HKD 55,779,000 in 2024[37] - The company plans to transform its Guangzhou Yuexiu District redevelopment project into a leading commercial development, incorporating environmental and energy-saving features[69] - The company expects the Guangzhou Yuexiu District redevelopment project timeline to be extended by one year, with full construction now anticipated to begin by the end of 2027[70] Legal and Regulatory Matters - The group has lost control over Guangzhou Zhengda due to a court-ordered liquidation process, impacting its asset management strategy[23] - The Guangzhou Intermediate Court dismissed the liquidation petition from Yuefang Private Enterprise in May 2021, which was filed in January 2009[53] - The Guangdong High Court revoked the dismissal of the liquidation petition in May 2023, instructing the Guangzhou Intermediate Court to continue hearing the case[55] - The management asserts that Guangzhou Zhengda has never triggered any grounds for company dissolution as per relevant liquidation laws[57] - The liquidation petition has not been processed according to legal procedures, as the court failed to summon Guangzhou Zhengda for a hearing[59] - Hong Kong Zhengda is confident in maintaining its interests in Guangzhou Zhengda during any liquidation process, as it holds 100% equity[62] Corporate Governance - The company has confirmed no new litigation or unresolved lawsuits for the fiscal year ending December 31, 2025[66] - The company has maintained compliance with corporate governance standards throughout the year[72] - The board of directors includes executive director He Jianxiong and non-executive directors Yang Guorui, as well as independent non-executive directors Tan Gang, Huang Miaoting, and Huang Juhui[77] - The company is committed to ensuring the accuracy of the information disclosed in compliance with listing rules[77] - The board is focused on long-term growth strategies and market expansion opportunities[77] Strategic Initiatives - The company is actively seeking policy support from local governments in China for land replacement and urban renewal projects, integrating innovative technology and environmental elements into real estate development[68] - The company is exploring new business opportunities related to "new quality productivity," including a new division focused on photovoltaic collection, storage, and charging solutions[48] - The company is exploring new product development and technological advancements to drive future revenue[77] - There is an emphasis on potential mergers and acquisitions as part of the growth strategy[77] - The company will continue to monitor market trends to adapt its strategies accordingly[77] - The next earnings call is anticipated to provide further insights into performance metrics and future guidance[77]

Financial Performance - The group's revenue increased from RMB 5.0 million for the year ended December 31, 2024, to RMB 32.7 million for the year ended December 31, 2025, representing a growth of 554.0%[3]. - The net loss increased by RMB 44.8 million or 28.8% from RMB 155.3 million for the year ended December 31, 2024, to RMB 200.1 million for the year ended December 31, 2025[4]. - The total comprehensive loss for the year ended December 31, 2025, was RMB 200.1 million, compared to RMB 155.3 million in 2024, indicating an increase in losses of approximately 28.8%[69]. - The company recorded a total loss of RMB 200.1 million for the year ended December 31, 2025, compared to RMB 155.3 million for the previous year[50]. - The basic loss per share increased to RMB (0.44) in 2025 from RMB (0.36) in 2024, with total losses attributable to equity holders reaching RMB (200,107,000) in 2025 compared to RMB (155,292,000) in 2024[124]. Research and Development - The company has five potential first-in-class/best-in-class drugs in clinical phases I-III and one new ingredient in the whitening field, KT-939[7]. - KX-826 achieved significant milestones in clinical trials, including reaching primary endpoints with statistical significance in multiple phases[7]. - The company has developed 5 clinical-stage drugs and 1 new ingredient, obtaining clinical trial approvals in China, the United States, and other regions[19]. - KX-826, a topical AR antagonist, has shown significant efficacy in treating androgenetic alopecia, with key clinical trials achieving primary endpoints and demonstrating statistical significance and clinical relevance[21]. - The company is actively exploring commercialization pathways for KX-826 and has patented it in multiple countries, with core patent protection until September 8, 2030[19]. Clinical Trials and Product Development - The company completed the critical Phase III clinical trial for KX-826 targeting male pattern baldness, demonstrating significant efficacy and safety[13]. - The AR-PROTAC compound GT20029 gel for acne treatment successfully met primary endpoints in its Phase II clinical trial in China[8]. - The Phase II clinical trial for GT20029 in acne treatment achieved its primary endpoint with statistical significance, confirming a recommended dose of 0.5% for Phase III trials[33]. - The long-term safety clinical trial for KX-826 in China has reached its primary endpoint, showing excellent safety and efficacy results, with data expected to be announced on March 20, 2025[21]. - The company is developing GT0486, a second-generation mTOR inhibitor for treating metastatic solid tumors such as breast cancer, prostate cancer, and liver cancer[165]. Financial Position and Liquidity - The group had cash and cash equivalents of RMB 32.7 million as of December 31, 2025, and unused bank financing of RMB 50 million[5]. - The cash and cash equivalents decreased by RMB 114.7 million or 77.8% from RMB 1.474 billion as of December 31, 2024, to RMB 327.4 million as of December 31, 2025[72]. - The current ratio dropped from 103.0% as of December 31, 2024, to 43.3% as of December 31, 2025, primarily due to the decrease in cash and cash equivalents[84]. - The company plans to alleviate liquidity pressure through various measures, including renewing existing bank credit lines and exploring equity financing[17]. - The group plans to monitor liquidity reserves based on expected cash flows and may consider issuing new shares or borrowing to meet operational funding needs[90]. Marketing and Sales Strategy - The company achieved sales revenue of RMB 32.7 million during the reporting period, a year-on-year increase of approximately 554.0%, primarily driven by live e-commerce sales of the KOSHINÉ brand[16]. - The company is expanding its overseas sales channels, focusing on platforms like Amazon in the U.S. to meet the diverse needs of global cosmetic consumers[16]. - The company plans to transition its cosmetics business from R&D to commercialization, planning to allocate more resources for new product launches and global marketing[132]. - Future strategies include deepening partnerships with major e-commerce platforms like Tmall and JD, and enhancing online promotion through live streaming on platforms like Douyin and Xiaohongshu[132]. - The company aims to expand its KOL and influencer collaborations to enhance market penetration and brand visibility[133]. Administrative and Operational Expenses - Administrative expenses increased by RMB 20.3 million or 32.8% from RMB 61.8 million in 2024 to RMB 82.1 million in 2025, primarily due to an increase in impairment losses on intangible assets of RMB 24.1 million[60]. - Other income decreased by RMB 19.6 million or 89.5% to RMB 2.3 million for the year ended December 31, 2025, mainly due to reduced government subsidies[53]. - Employee benefits expenses in administrative costs decreased by RMB 7.6 million from 2024, despite an increase in overall administrative expenses[60]. - The total expenses for the year ended December 31, 2025, amounted to RMB 235,265,000, up from RMB 176,256,000 in 2024[117]. - The company did not declare or pay any dividends for the years ended December 31, 2025, and 2024[122]. Strategic Partnerships and Collaborations - The company is in strategic partnerships for the joint development of KT-939-based cosmetics with Zhejiang Funuo Pharmaceutical Co., Ltd. and Shanghai Shangmei Cosmetics Co., Ltd.[44]. - The company is negotiating business development and commercialization for KX-826 and GT20029 with multiple potential clients[49]. - The company has suspended the development of several pipeline drugs to focus resources on the dermatological candidate drug KX-826[105]. - The company is actively seeking additional equity financing and negotiating with potential investors for new share subscriptions[156]. - The group is also pursuing additional bank financing and negotiating refinancing of existing loans under similar terms[156]. Governance and Compliance - The board believes that having the same individual serve as both Chairman and CEO ensures consistent leadership and effective strategy planning[135]. - The audit committee has reviewed the financial statements and found no objections to the accounting policies adopted by the group[158]. - The company has adopted a standard code for securities trading by directors, confirming compliance throughout the reporting period[136]. - The board has resolved not to declare any final dividend for the year ending December 31, 2025 (2024: none)[160]. - The company is currently evaluating the impact of new accounting standards on its consolidated financial statements, with potential implications for presentation[110].

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 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 MANPOWERGROUP GREATER CHINA LIMITED 万宝盛华大中华有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2180） 截至二零二五年十二月三十一日止年度 年度業績公告 萬寶盛華大中華有限公司（「本公司」）董 事（「董 事」）會（「董事會」）欣然宣佈本公司 及其附屬公司（「本集團」）截至二零二五年十二月三十一日止年度（「報告期間」） 的 經 審 核 合 併 業 績。 於 本 公 告 內，「我 們」及「我 們 的」指 本 公 司，除 文 義 另 有 所 指 外，指 本 集 團。 二零二五年財務摘要 | | | | 截至十二月三十一日止年度 | | | | | --- | --- | --- | --- | --- | --- | --- | | 二零二五年 | | | 二零二四年 | ...

Financial Performance - For the year ending December 31, 2025, the company reported revenue of RMB 6,581,941, a decrease of 15.9% compared to RMB 7,821,266 for 2024[3] - The gross profit for 2025 was RMB 4,229,676, resulting in a gross margin of 64.3%, compared to a gross margin of 63.8% in 2024[3] - The company incurred a net loss of RMB 25,866,680 for 2025, significantly higher than the net loss of RMB 3,727,843 in 2024, reflecting an increase in loss of 594.5%[3] - The loss attributable to shareholders was RMB 24,093,718, compared to RMB 3,492,042 in the previous year, indicating a loss rate of -366.1%[3] - The company reported a core net loss of RMB 5,492,208 for 2025, compared to RMB 1,327,428 in 2024, reflecting a core net loss rate of -83.4%[3] - The company did not declare any dividends for both 2025 and 2024, maintaining a dividend of RMB 0[3] - The company reported a pre-tax loss of RMB 28,532,777,000 for the fiscal year ending December 31, 2025, compared to a pre-tax loss of RMB 4,319,589,000 for the fiscal year ending December 31, 2024[31][32] - The company reported a net loss from other comprehensive income of RMB (2,651,527,000) for 2025 and RMB (526,280,000) for 2024[31][32] - The company reported a basic and diluted loss per share of RMB (5.53) for 2025, compared to RMB (0.80) for 2024, reflecting a worsening financial position[45] Assets and Liabilities - Total assets decreased from RMB 118,635,369 thousand in 2024 to RMB 89,127,081 thousand in 2025, a decline of approximately 25%[9] - Non-current assets totaled RMB 83,103,203 thousand in 2025, down from RMB 110,300,284 thousand in 2024, representing a decrease of about 25%[9] - Current liabilities increased from RMB 28,931,131 thousand in 2024 to RMB 29,497,830 thousand in 2025, an increase of approximately 2%[10] - The company's equity decreased from RMB 51,304,551 thousand in 2024 to RMB 25,299,882 thousand in 2025, a reduction of about 51%[10] - Cash and cash equivalents decreased from RMB 3,153,986 thousand in 2024 to RMB 2,808,460 thousand in 2025, a decline of approximately 11%[9] - The company's investment properties decreased from RMB 95,104,200 thousand in 2024 to RMB 74,119,800 thousand in 2025, a decrease of about 22%[9] - The total liabilities increased from RMB 67,330,818 thousand in 2024 to RMB 63,827,199 thousand in 2025, a decrease of approximately 5%[10] - The company's bank and other borrowings rose significantly from RMB 6,016,153 thousand in 2024 to RMB 9,676,448 thousand in 2025, an increase of about 61%[10] - Deferred tax assets decreased from RMB 3,909,149 thousand in 2024 to RMB 2,534,914 thousand in 2025, a decline of approximately 35%[9] Operational Metrics - The number of self-operated malls decreased to 292 in 2025 from 334 in 2024, while the average occupancy rate for self-operated malls improved to 85.0% from 83.0%[6] - The total operating area of self-operated malls was 18,332,035 square meters in 2025, down from 20,325,659 square meters in 2024[6] - The total number of cities covered by the company decreased to 181 in 2025 from 202 in 2024[6] - The company operates 74 self-operated markets with an average occupancy rate of 85.0% and 218 managed markets with an average occupancy rate of 82.9%[63] Cost Management - The company’s financial costs for 2025 were RMB 2,160,297, compared to RMB 2,531,193 in 2024, indicating a reduction in financial costs[7] - Total financial costs decreased to RMB 2,160,297 thousand in 2025 from RMB 2,531,796 thousand in 2024, a reduction of approximately 14.6%[42] - Selling and distribution expenses were RMB 837.2 million, accounting for 12.7% of revenue, down 18.6% from RMB 1,028.3 million (13.1% of revenue) in 2024[79] - Administrative expenses decreased by 10.7% to RMB 1,296.9 million, representing 19.7% of revenue, compared to RMB 1,451.7 million (18.6% of revenue) in 2024[80] - The total employee costs for 2025 were RMB 1,761,549 thousand, down from RMB 2,177,220 thousand in 2024, a decrease of about 19.2%[43] Strategic Initiatives - The company is implementing a series of plans and measures to improve its liquidity and financial situation, including discussions with banks and financial institutions for financing[18] - Management has assessed the group's ability to continue as a going concern for the next 12 months, considering unused bank loan facilities and expected operating cash flows[18] - The company is focusing on building a business model that separates heavy and light assets, aiming for dual-driven operations to enhance core capabilities[102] - The company plans to strengthen its commercial content supply through bundled, scenario-based, and home living merchandise to optimize operational efficiency and enhance market attraction[102] - The company aims to expand its second growth curve by developing home supply chain businesses and exploring ecosystem elements to diversify revenue sources and enhance resilience[102] Market and Economic Context - In 2025, China's GDP reached RMB 140.2 trillion, growing by 5.0% year-on-year, indicating steady economic progress[57] - The total retail sales of consumer goods in 2025 amounted to RMB 50.12 trillion, with a year-on-year increase of 3.7%[58] - Retail sales of home appliances and audio-visual equipment exceeded RMB 1 trillion, growing by 11.0% year-on-year, marking a five-year high[58] - The urbanization rate in China reached 67.89% by the end of 2025, an increase of 0.89 percentage points from the previous year[59] - The real estate market showed signs of stabilization in 2025, with core city second-hand housing transactions remaining active[60] Investment and Financing Activities - The company raised a total of RMB 3,222,450,000 from its A-share issuance, with a net amount of RMB 3,050,007,849 after deducting issuance costs[110] - The total amount raised from the non-public offering of A-shares is RMB 3,701,299,898.79, with net proceeds of RMB 3,678,363,799.29 after deducting issuance costs[114] - The company has fully utilized funds for several mall projects, including RMB 245,137,000 for Tianjin Beichen and RMB 669,084,000 for Urumqi Convention Center[111] - The company has fully repaid bank loans amounting to RMB 400,000,000 and supplemented working capital with RMB 150,008,000[112] - The company has a remaining balance of RMB 17,067,000 in the total investment amount after accounting for all utilized funds[112] Corporate Governance - The company has adopted corporate governance principles to maintain high standards and protect shareholder interests[106] - The company confirmed compliance with corporate governance standards during the reporting period[107] - The company’s audit committee has reviewed the annual performance announcement and consolidated financial statements for the year ending December 31, 2025[117] - The annual report for 2025 will be published on the Hong Kong Stock Exchange and the company's website, providing all required information[120]