Financial Performance - The company's revenue for the fiscal year 2025 reached RMB 5,772,935 thousand, representing a 72.68% increase compared to RMB 3,343,091 thousand in 2024[12]. - Gross profit for 2025 was RMB 1,968,167 thousand, up 116.84% from RMB 907,670 thousand in 2024[12]. - The net profit attributable to the owners of the parent company for 2025 was RMB 824,267 thousand, reflecting a 173.68% increase from RMB 301,180 thousand in 2024[12]. - The company reported a significant increase in pre-tax profit, which reached RMB 931,341 thousand, a 182.58% rise from RMB 329,583 thousand in 2024[12]. - The company achieved a net cash flow from operating activities of RMB 180,607 thousand, up 16.53% year-on-year[13]. - The company’s total gross profit for 2025 reached RMB 1,968.2 million, a year-on-year increase of 116.84% from RMB 907.7 million in 2024, with an overall gross margin rising from 27.15% to 34.09%, an increase of 6.94 percentage points[82]. - The company's annual profit for 2025 was RMB 818.3 million, a 173.16% increase from RMB 299.6 million in 2024, with the annual profit margin rising from 8.96% to 14.18%, an increase of 5.22 percentage points[93]. Assets and Liabilities - Total assets increased by 47.71% to RMB 10,615,027 thousand in 2025 from RMB 7,186,497 thousand in 2024[12]. - Current liabilities surged by 137.19% to RMB 4,299,278 thousand in 2025, compared to RMB 1,812,598 thousand in 2024[12]. - The total equity attributable to the owners of the parent company increased by 18.41% to RMB 6,070,839 thousand in 2025 from RMB 5,126,923 thousand in 2024[12]. - The asset-liability ratio increased to 42.68%, up 14.15 percentage points from the previous year[14]. - Cash and cash equivalents increased by 17.99% year-on-year to RMB 1,815,980,000, supported by optimized capital structure and strong cash flow performance from core operations[96]. Research and Development - Research and development expenses rose by 71.47% to RMB 457,541 thousand in 2025 from RMB 266,829 thousand in 2024, indicating a strong focus on innovation[12]. - The number of R&D personnel has grown by 30.46% to 908, representing 25.43% of the total workforce, with 93 holding master's degrees or higher[39]. - The company has filed over 2,000 patent applications, including 255 invention patents, enhancing its competitive edge in the PCB equipment industry[39]. - The company is committed to continuous technological upgrades and research to avoid redundant development and enhance product performance[65]. Market Strategy and Growth - The company aims to expand its international market presence and attract global talent to enhance its competitive edge[17]. - The company focuses on the AI computing PCB market, continuously innovating processing solutions to support stable mass production of next-generation AI computing PCBs and extending into the semiconductor advanced packaging industry chain[26]. - The company is actively involved in international markets, exporting products to key PCB regions including Europe, Japan, and Southeast Asia[60]. - The company is enhancing its global market promotion efforts and building a more comprehensive customer coverage system[44]. Customer and Supplier Relations - The total sales amount of the top five customers reached RMB 2,173.8 million, accounting for 37.65% of the annual sales[176]. - The total procurement amount from the top five suppliers was RMB 1,251.2 million, representing 28.23% of the total annual procurement[176]. - The company has established strategic partnerships with leading PCB enterprises in the AI computing power industry, enhancing collaboration in product development and technology upgrades[68]. Employee and Talent Development - The total employee cost for the fiscal year 2025 is approximately RMB 934.6 million, compared to RMB 595.1 million in fiscal year 2024[188]. - The company has established a comprehensive talent development system that includes targeted training for new employees, project management classes, and skills enhancement programs[190]. - The company conducted 80 training sessions throughout the year, covering over 4,000 participants, focusing on employee skill enhancement and professional development[189]. Governance and Compliance - The company has maintained compliance with public shareholding requirements under Hong Kong listing rules[180]. - The company has established comprehensive policies covering environmental protection, workplace safety, employee welfare, and anti-corruption[164]. - The company has no known penalties from securities regulatory authorities for its current and past directors and senior management[162]. Risks and Challenges - The company faces risks from competition with established international firms in key PCB processes, necessitating continuous upgrades in R&D capabilities and collaboration with industry leaders[133]. - The domestic PCB market is becoming increasingly competitive, with rising demand attracting more entrants, which could impact the company's profitability[135]. - Changes in industry policies could negatively affect the company if government support for the PCB equipment sector diminishes[137].

Financial Performance - The company reported a significant increase in revenue for the year ending December, with a total of $2.16 billion, marking a year-over-year growth of 25%[5] - The company reported a revenue of $6 billion for the year ending December, reflecting a significant increase compared to the previous year[15] - The company reported a consolidated revenue of $33 million for the current year, reflecting a significant increase compared to previous periods[14] - The company reported a revenue increase of approximately 50% for the year ending December, compared to the previous year[47] - The company experienced a net loss before tax of approximately 50% for the year, consistent with the same period last year[47] - The company reported a loss before taxation of RMB 1,974,000 in 2025, down from RMB 3,772,000 in 2024, indicating a reduction in losses by approximately 47.6%[33] - The Group incurred a net loss of approximately RMB 14,962,000 for the year ended December 31, 2025[97] User Growth and Customer Satisfaction - User data indicates a growth in active users, reaching 1.5 million, which represents a 15% increase compared to the previous year[5] - The company has reported a 20% increase in customer satisfaction ratings, indicating positive reception of recent product updates[5] Future Outlook and Guidance - The company has provided guidance for the next quarter, expecting revenue to be between $550 million and $600 million, reflecting a growth rate of approximately 10%[5] - Future outlook remains optimistic, with analysts projecting a compound annual growth rate (CAGR) of 12% over the next five years[5] - The management is optimistic about future performance, citing a stable operational environment and adherence to financial regulations[14] Investment and Research - The company is investing heavily in research and development, allocating $300 million towards new technology initiatives aimed at enhancing user experience[5] - New product launches are anticipated to contribute an additional $200 million in revenue over the next fiscal year[5] - The company is exploring strategic acquisitions to bolster its product offerings, with a budget of $150 million earmarked for potential mergers and acquisitions[5] Operational Efficiency and Cost Management - Operational efficiency improvements have led to a reduction in costs by 8%, enhancing overall profitability margins[5] - The company is taking actions to control operating costs and improve revenue generation[10] - The company is focused on enhancing financial support to ensure ongoing operations for at least twelve months from the report date[10] Financial Position and Assets - Cash and cash equivalents increased to RMB 21,817,000 from RMB 14,194,000, representing a growth of 53.5% year-over-year[8] - Current liabilities rose slightly to RMB 32,320,000 from RMB 31,243,000, indicating a 3.4% increase[8] - Net current assets decreased to RMB 47,151,000 from RMB 61,393,000, reflecting a decline of 23.2%[8] - Total equity decreased to RMB 54,755,000 from RMB 69,717,000, a reduction of 21.5%[8] - Non-current assets decreased to RMB 7,604,000 from RMB 8,324,000, a decline of 8.7%[8] - Trade and bills receivables dropped to RMB 42,122,000 from RMB 57,584,000, a decrease of 26.8%[8] Compliance and Governance - The management highlighted that the implementation of amendments to accounting standards has been effective and has not materially impacted the company's financial position[14] - The directors have approved the consolidated financial statements, which are prepared in accordance with the applicable accounting standards[14] - The Audit Committee reviewed the consolidated financial statements and found them compliant with applicable accounting standards and GEM Listing Rules[92] - The Company has complied with all applicable code provisions set out in the Corporate Governance Code during the year[82] Digital Healthcare and Innovation - The company is committed to becoming a leading entity in the field of digital healthcare, with a significant emphasis on research and development in this area[59] - The company is expanding its presence in the global healthcare market, particularly in the field of digital therapeutics and research[59] - The company is collaborating with numerous medical institutions to enhance its digital healthcare offerings and improve patient care[59] - The company is developing a significant data platform for precision medicine, which will improve its competitive position[54] - The company is focusing on five core disease areas, including brain science, allergies, and established five major specialty brands[54] Challenges and Risks - The expected credit loss on trade and bills receivables rose to RMB 26,441,000 in 2025, compared to RMB 14,807,000 in 2024, marking an increase of 78.5%[33] - The management indicated that there is still uncertainty in the recovery of long-term trade receivables in the future[48] - The Group's ability to continue as a going concern is under significant doubt due to the net loss and current liabilities exceeding cash[97]

Financial Performance - Revenue for the year ended December 31, 2025, reached RMB 1,562,518 thousand, a 30.1% increase from RMB 1,200,775 thousand in 2024[3] - Gross profit for the same period was RMB 476,293 thousand, with a consistent gross margin of 30.5%[4] - The company reported a net profit of RMB 54,338 thousand for 2025, a significant recovery from a net loss of RMB 269,158 thousand in 2024[4] - Operating profit increased to RMB 62,051 thousand in 2025, compared to RMB 13,742 thousand in 2024[4] - Total comprehensive income for the year was RMB 52,855 thousand, recovering from a loss of RMB 268,137 thousand in 2024[6] - Basic and diluted earnings per share for 2025 were RMB 0.06, recovering from a loss per share of RMB 0.38 in 2024[4] - The net income before tax for 2025 is RMB 59,317 thousand, a significant recovery from a loss of RMB 263,799 thousand in 2024[26] - The company reported a profit before tax of RMB 59,317,000 for 2025, compared to a loss of RMB 263,799,000 in 2024[29] - The net profit for 2025 was RMB 54.3 million, compared to a net loss of RMB 269.2 million in 2024[63] Revenue Breakdown - Revenue from enterprise services and digital marketing services for 2025 is RMB 1,355,538 thousand, up from RMB 950,866 thousand in 2024, indicating a growth of about 42.5%[24] - Healthcare services revenue for 2025 is RMB 206,131 thousand, a decrease from RMB 249,669 thousand in 2024, reflecting a decline of approximately 17.4%[24] - The expected revenue from contracts with existing customers for 2025 is RMB 54,744 thousand, down from RMB 60,103 thousand in 2024, showing a decrease of about 8.5%[19] - The company's total revenue increased from RMB 1,200.8 million in 2024 to RMB 1,562.5 million in 2025, primarily driven by a strong growth in enterprise services and digital marketing services, which accounted for 86.8% of total revenue in 2025[49][50] - Revenue from health care services decreased from RMB 249.7 million in 2024 to RMB 206.1 million in 2025, representing 13.2% of total revenue[50] Expenses and Investments - Research and development expenses rose to RMB 169,026 thousand in 2025, up from RMB 96,981 thousand in 2024, indicating a focus on innovation[4] - The total operating expenses, including R&D costs, for 2025 amount to RMB 419,675 thousand, compared to RMB 354,221 thousand in 2024, indicating an increase of about 18.5%[26] - Sales expenses decreased by 10.0% from RMB 203.2 million in 2024 to RMB 182.9 million in 2025, attributed to reduced promotional efforts following increased market recognition[56] - Administrative expenses increased by 24.6% from RMB 54.0 million in 2024 to RMB 67.3 million in 2025, mainly due to higher office costs and personnel expenses[57] - The company has allocated HKD 15.86 million for research and development, with HKD 0.8 million already utilized by December 31, 2025[95] Assets and Liabilities - Current assets increased to RMB 589,003 thousand in 2025, compared to RMB 454,781 thousand in 2024, reflecting improved liquidity[7] - Trade and other payables rose to RMB 301,284 thousand in 2025, up from RMB 208,562 thousand in 2024, indicating increased operational activity[7] - The company's total equity increased to RMB 282,814 thousand in 2025, compared to RMB 231,788 thousand in 2024, showing a strengthened financial position[9] - Trade receivables increased significantly to RMB 290,988,000 in 2025 from RMB 144,208,000 in 2024[35] - The company's total liabilities increased to RMB 301,284,000 in 2025 from RMB 208,562,000 in 2024[36] - Total assets increased from RMB 231.8 million as of December 31, 2024, to RMB 282.8 million as of December 31, 2025[76] Cash Flow and Financing - Net cash from operating activities for the year ended December 31, 2025, was RMB 74.979 million, compared to RMB 56.698 million for 2024[80] - The net cash generated from operating activities increased significantly from RMB 56.7 million in 2024 to RMB 75.0 million in 2025[81] - The total bank loans and borrowings amounted to RMB 31.2 million as of December 31, 2025, down from RMB 56.4 million in 2024, all due within one year[81] - The financing costs decreased by 46.7% from RMB 4.5 million in 2024 to RMB 2.4 million in 2025, due to adjustments in the financing structure[59] Market and Customer Base - The number of registered personal users increased from 205.5 million as of December 31, 2024, to 223.1 million as of December 31, 2025[39] - The number of registered doctors rose from 889,000 as of December 31, 2024, to 934,000 as of December 31, 2025[39] - The number of hospitals connected to the platform increased from 11,762 as of December 31, 2024, to 12,870 as of December 31, 2025[39] - The total customer base includes major clients contributing over 10% of revenue, with Client A generating RMB 283,811 thousand in 2025[16] - The group has diversified its customer base, with significant revenue contributions from enterprise services and digital marketing services[17] Corporate Governance and Strategy - The company emphasizes the importance of good corporate governance standards to protect shareholder interests and enhance company value[98] - The company has adopted the corporate governance code as a basis for its governance practices and has complied with all applicable provisions during the reporting period[98] - The company is focusing on the growth of the Chinese healthcare market and digital transformation, leveraging real-world clinical data to enhance its competitive edge[90] - The strategic investment in AI technology aims to reshape service boundaries and operational efficiency, enhancing collaboration with healthcare professionals[92] - The company plans to accelerate the establishment of a nationwide enterprise service ecosystem to optimize resource integration and local business development[91] Shareholder Returns and Dividends - The company has no declared dividends for the year ending December 31, 2025[37] - The board has decided not to recommend the payment of a final dividend for the year ending December 31, 2025, due to current market volatility and the need to maintain adequate cash flow[108] - The company has no fixed dividend payout ratio and will consider other measures to enhance shareholder returns[108] Share Repurchase - The company repurchased 1,021,500 ordinary shares in December 2025 at a total cost of HKD 4,709,000 (approximately RMB 4,278,000)[38] - The company repurchased a total of 2,715,500 shares during the reporting period at a total cost of approximately HKD 13,112,360[110] - The company purchased 1,694,000 shares in January 2026 at an average price of HKD 5.06 per share[110] Audit and Compliance - The audit committee has reviewed the audited consolidated financial statements for the year ending December 31, 2025, and found no significant changes in accounting policies[104] - The independent auditor has agreed to the data regarding the company's consolidated performance for the year ending December 31, 2025[105] - The audit committee has recommended the approval of the consolidated financial statements by the board[104]

Financial Performance - The group's revenue increased by 45.6% from HKD 94,200,000 to HKD 137,200,000 for the six months ended January 31, 2026[4]. - The group's profit for the six months ended January 31, 2026, was HKD 11,800,000, compared to a loss of HKD 8,300,000 for the same period in 2025[4]. - Profit attributable to owners of the company for the six months ended January 31, 2026, was HKD 9,300,000, compared to a loss of HKD 8,000,000 for the same period in 2025[4]. - The operating profit for the six months ended January 31, 2026, was HKD 14,156,000, compared to an operating loss of HKD 7,161,000 for the same period in 2025[5]. - Basic and diluted earnings per share for the six months ended January 31, 2026, was HKD 1.75, compared to a loss of HKD 1.57 per share for the same period in 2025[5]. - The group reported a total comprehensive income of HKD 11,524,000 for the six months ended January 31, 2026, compared to a loss of HKD 8,274,000 for the same period in 2025[5]. Revenue Breakdown - The total revenue for the six months ended January 31, 2026, was HKD 137,218,000, representing a 46% increase from HKD 94,232,000 in the same period of 2025[14]. - Revenue from private secondary school supplementary education services increased to HKD 60,533,000, up 16.5% from HKD 51,786,000 year-on-year[14]. - Revenue from private secondary day school services rose to HKD 11,689,000, a 34% increase compared to HKD 8,726,000 in the previous year[14]. - Revenue from school services grew to HKD 31,883,000, up 56% from HKD 20,390,000 in the prior period[14]. - Revenue from supporting educational services and products surged to HKD 33,113,000, a significant increase from HKD 13,330,000, marking a 148% growth[14]. Cash and Assets - As of January 31, 2026, the group had cash and cash equivalents of HKD 97,100,000, up from HKD 86,700,000 as of July 31, 2025[4]. - The total assets increased to HKD 230,741,000 as of January 31, 2026, compared to HKD 192,112,000 as of July 31, 2025[6]. - The total equity attributable to owners of the company rose to HKD 49,309,000 as of January 31, 2026, from HKD 27,768,000 as of July 31, 2025[6]. - Total accounts receivable as of January 31, 2026, is 7,063,000 HKD, an increase of 37% from 5,155,000 HKD as of July 31, 2025[36]. - Other receivables and prepayments increased to 34,405,000 HKD as of January 31, 2026, compared to 26,388,000 HKD in 2025, representing a 30% increase[38]. Dividends and Share Options - The group did not recommend the payment of an interim dividend for the six months ended January 31, 2026, consistent with the same period in 2025[4]. - The company did not declare or pay any dividends for the six months ended January 31, 2026, and January 31, 2025[27]. - As of January 31, 2026, the number of share options exercisable is 17,160,000 at an average exercise price of 53.2 HK cents, down from 17,340,000 in 2025[31]. Expenses and Costs - Employee costs rose from HKD 42,388,000 to HKD 59,270,000, an increase of HKD 16,882,000 or 39.8%[60]. - Printing and other operating expenses increased by HKD 11,300,000 or 43.5%, from HKD 26,000,000 for the six months ended January 31, 2025, to HKD 37,300,000 for the same period in 2026[65]. - Total advertising and promotional expenses decreased by HKD 2,100,000 or 34.1%, from HKD 6,200,000 for the six months ended January 31, 2025, to HKD 4,100,000 for the same period in 2026[64]. Strategic Developments - The company expanded its educational services in mainland China, resulting in an 89.4% increase in revenue from these services, totaling HKD 24.6 million[49]. - The company aims to enhance its brand and penetrate the mainland market through targeted marketing strategies and substantial investments in R&D[45]. - The company expanded its physical infrastructure in Hong Kong to meet the growing demand for internationally recognized courses, including new leased premises in Yuen Long and an expanded facility in Mong Kok[54]. Governance and Compliance - The company has adhered to the corporate governance code as per the listing rules since its shares were listed on the Stock Exchange, ensuring high standards of corporate governance until January 31, 2026[79]. - An audit committee has been established in accordance with the listing rules, consisting of three independent non-executive directors, responsible for reviewing financial reporting and internal controls[81]. - The company has adopted the standard code for securities transactions to regulate all transactions by directors and relevant employees, confirming compliance until January 31, 2026[80].

Financial Performance - For the fiscal year ending December 31, 2025, the company reported a loss attributable to owners of approximately RMB 747 million, an increase of RMB 242 million compared to a loss of RMB 505 million in 2024[2]. - Basic loss per share for the fiscal year was approximately RMB 0.1213[2]. - Total revenue for the fiscal year was approximately RMB 2,162 million, representing a decrease of about 16.8% compared to 2024[2]. - The company reported a net loss of RMB 747,180,000 for the year 2025, compared to a loss of RMB 505,395,000 in 2024, indicating an increase in losses of approximately 47.7% year-over-year[31]. - The gross margin decreased from approximately 1.3% in 2024 to -3.0% in 2025, primarily due to a decline in product prices[74]. - The company recorded a revenue of approximately RMB 2,162,000,000, a decrease of 16.8% compared to the previous year, primarily due to lower product prices[73]. - The company's attributable loss was approximately RMB 747,000,000, an increase in loss of about RMB 242,000,000 compared to the previous year, with a basic loss per share of approximately RMB 0.1213[73]. Revenue Breakdown - Revenue from major products for 2025 included: Urea at RMB 671,533,000, Ammonia at RMB 618,163,000, and Methanol at RMB 870,884,000, totaling RMB 2,161,891,000, a decrease from RMB 2,599,733,000 in 2024[18]. - Sales of urea amounted to RMB 671.5 million, down 9.5%, while sales volume increased by 7.4%[3]. - Sales of ammonia decreased by 27.2% to RMB 618.2 million, with a sales volume drop of 18.8%[3]. - Methanol sales increased by 8.1% to RMB 870.9 million, with a sales volume increase of 11.0%[3]. - The group's revenue for 2025 is projected to be RMB 671.5 million for urea, RMB 618.2 million for ammonia, and RMB 870.9 million for methanol, reflecting percentage changes of -9.5%, -27.2%, and +8.1% respectively compared to 2024[80]. Assets and Liabilities - Total assets decreased to RMB 4,481 million from RMB 5,414 million in 2024[7]. - Total liabilities decreased to RMB 4,802 million from RMB 5,054 million in 2024[10]. - Current liabilities and total liabilities as of December 31, 2025, were RMB 4,164,060,000 and RMB 320,851,000, respectively[13]. - The company’s total liabilities as of December 31, 2025, were RMB 563,209,000, a decrease from RMB 680,000,000 in 2024, reflecting a reduction of approximately 17.2%[39]. - The group has current liabilities of approximately RMB 4,164,060,000, with short-term borrowings amounting to approximately RMB 2,364,508,000[81]. - The group's capital debt ratio as of December 31, 2025, is approximately 113%, compared to 88% on December 31, 2024[84]. Operational Challenges - The company incurred a significant impairment loss of RMB 287,004,000 on property, plant, and equipment in 2025[26]. - The company has been in litigation that has led to the freezing of certain assets, indicating significant uncertainty regarding its ability to continue as a going concern[13]. - The company is actively negotiating with banks and financial institutions for loan extensions and refinancing[14]. - The group is in discussions with banks and financial institutions for loan extensions and new financing, but no agreements have been reached as of the announcement date[49]. - The group has not reached a clear agreement with bondholders regarding the postponement of principal and interest repayments for the coming year[50]. Cost Management - The cost of goods sold for the year was RMB 2,227,681,000 in 2025, down from RMB 2,565,554,000 in 2024, representing a decrease of approximately 13.2%[27]. - Distribution costs increased by approximately 12.4% compared to the previous year, attributed to inflation, with a distribution cost to sales ratio of 1.31%, up 0.34% from 2024[75]. - Administrative expenses decreased by approximately 16.2% from about RMB 214,200,000 in 2024 to approximately RMB 179,600,000 in 2025, mainly due to the temporary suspension of production at the Guang'an Jiuyuan Electronic Materials Factory and strict cost control[75]. Future Outlook - The company expects to improve cash flow and profitability through the development of certain projects mentioned in the chairman's report[15]. - The group expects certain projects in trial operation to improve liquidity and profitability, but lacks sufficient data to confirm these improvements[50]. - The company plans to enhance internal reforms and innovation to address operational challenges and improve production efficiency[69]. - The company aims to optimize its sales model and increase development efforts for small and medium-sized end customers in the chemical product sector[72]. - The group aims to enhance operational standards and management efficiency, focusing on energy-saving measures and cost reduction to improve business performance[52]. Market Conditions - In 2025, the methanol market saw an increase in production capacity of about 7 million tons, with a total capacity exceeding 110 million tons and an average operating rate of 84%, resulting in a year-on-year production increase of 5.6%[59]. - The methanol market outlook for 2026 anticipates a slight increase in average prices due to geopolitical tensions, with domestic new production capacity expected to be around 3.3 million tons[60]. - The ammonia market experienced a total production capacity of 87.16 million tons, with an average operating rate of 73.16% and a year-on-year production increase of 4.9%[61]. - The ammonia market outlook for 2026 predicts an increase in prices due to geopolitical tensions, with new production capacity expected to be around 500,000 to 600,000 tons[62]. - The urea market in 2025 saw a total production capacity of approximately 78 million tons, with a year-on-year production increase of 4.7% despite a supply surplus leading to price declines[63]. - The urea market outlook for 2026 anticipates price increases due to geopolitical tensions, with new production capacity expected to be around 595,000 tons[64]. Employee and Governance - The group employed 684 employees as of December 31, 2025, a decrease from 773 employees in 2024[90]. - The audit committee has been established since June 10, 2003, and is responsible for reviewing the financial reporting procedures and internal control systems of the company[94]. - The audit committee agrees with management's actions and measures regarding the group's ability to continue as a going concern, with expectations of eliminating the "disclaimer of opinion" in the next financial statements[95].

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 215,231 thousand, a decrease of 15.5% compared to RMB 254,789 thousand in 2024[4] - The net loss for the year was RMB 27,768 thousand, significantly improved from a net loss of RMB 162,123 thousand in 2024[5] - Core net profit for 2025 was RMB 59,266 thousand, with a core net profit margin of 28%[4] - The basic and diluted loss per share for 2025 was RMB (0.02), an improvement from RMB (0.11) in 2024[5] - The company reported a net loss before tax of RMB 201,429,000 for the year ended December 31, 2025[25] - The group's loss decreased by approximately RMB 134.4 million or 82.9% from RMB 162.1 million in 2024 to approximately RMB 27.8 million in 2025, primarily due to a reduction in fair value losses on investment properties[98] - Core profit decreased by approximately RMB 14.5 million or 19.7% from RMB 73.8 million in 2024 to approximately RMB 59.3 million in 2025, mainly due to a decrease in rental income from properties by approximately RMB 35.1 million[100] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 2,659,265 thousand, slightly down from RMB 2,665,157 thousand in 2024[7] - Non-current liabilities decreased to RMB 661,856 thousand in 2025 from RMB 939,942 thousand in 2024, indicating improved financial stability[9] - The total segment assets as of December 31, 2025, amounted to RMB 2,655,953,000, compared to RMB 2,665,157,000 as of December 31, 2024, indicating a slight decrease[26][27] - The total segment liabilities as of December 31, 2025, were RMB 473,743,000, a decrease from RMB 462,298,000 in 2024, reflecting a 2.5% increase[26][27] - As of December 31, 2025, total other receivables amounted to RMB 43,940,000, a significant increase from RMB 21,646,000 in 2024, representing a growth of 103.5%[61] - The refundable deposits included RMB 25,477,000 as of December 31, 2025, compared to RMB 5,256,000 in 2024, indicating a substantial increase of 384.5%[61] - The total trade and other payables as of December 31, 2025, were RMB 180,346,000, slightly up from RMB 178,648,000 in 2024[66] - Trade payables decreased to RMB 11,864,000 in 2025 from RMB 17,502,000 in 2024, reflecting a decline of 32.5%[66] - Lease liabilities totaled RMB 168,498,000 as of December 31, 2025, down from RMB 193,859,000 in 2024, a decrease of 13.1%[68] Cash Flow and Liquidity - Cash and cash equivalents increased to RMB 693,742 thousand in 2025, up from RMB 582,501 thousand in 2024, reflecting better liquidity[7] - The company reported a net financial expense of RMB 53,313,000 for the year ended December 31, 2025[25] - The net financial expenses for 2025 are estimated at RMB 46.3 million, down from RMB 53.3 million in 2024, mainly due to the repayment of bank loans and lower interest rates[97] - The company did not declare or distribute any dividends for the year ended December 31, 2025, consistent with 2024[48] Revenue Breakdown - The company reported total segment revenue of RMB 215,231 thousand for the year ended December 31, 2025, with property leasing contributing RMB 160,534 thousand and management services contributing RMB 54,697 thousand[24] - Rental income for the year ended December 31, 2025, was RMB 153,531,000, down from RMB 188,613,000 in 2024, representing a decline of 18.6%[33] - The company recognized a total of RMB 61,700,000 in contract revenue from property management services for the year ended December 31, 2025, down from RMB 66,176,000 in 2024[33] - The company's revenue decreased by approximately 15.5% to about RMB 215.2 million in 2025, down from RMB 254.8 million in 2024[83] - Property management service revenue decreased by approximately RMB 3.3 million or 5.6% to about RMB 54.7 million in 2025, down from RMB 58.0 million in 2024[87] Operational Highlights - The company plans to focus on expanding its operations in the hotel and home goods sectors within China[12] - The company aims to enhance its core business performance by adjusting its investment strategies and exploring new market opportunities[12] - The company is expanding its market presence through the management of a hotel supplies mall in Hunan Province, with a total operating area of about 120,000 square meters[114] - The company provides operational services to other mall owners, managing marketing and daily operations while the mall owners cover all operating expenses[113] Governance and Compliance - The company adheres to corporate governance practices as outlined in the listing rules, with a commitment to transparency and compliance[127] - The audit committee consists of all independent non-executive directors and can contact external auditors and independent professionals directly when necessary[132] - The company's auditor has agreed with the amounts presented in the consolidated financial statements for the year[137] Future Outlook - The company maintains a cautiously optimistic outlook for its six major business segments despite uncertainties in the macroeconomic environment, including risks from the Chinese real estate sector and global trade policies[125] - The company plans to continue its asset-light model focusing on brand and management output while actively seeking new opportunities for growth[126] - The board will closely monitor global economic developments to effectively utilize resources and seize viable business opportunities for sustainable long-term growth[125]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CITYCHAMP WATCH & JEWELLERY GROUP LIMITED 冠城鐘錶珠寶集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：256） 截至二零二五年十二月三十一日止年度之 全年業績公告 冠 城 鐘 錶 珠 寶 集 團 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 之 經 審 核 綜 合 業 績，連同截至二零二四年十二月三十一日止年度之比較數字如下： – 1 – 綜合全面收入表 截至二零二五年十二月三十一日止年度 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附 註 | 千港元 | 千港元 | | 銀行業務之利息及股息收入 | | 485,740 | 503,552 | | ...

Financial Performance - For the fiscal year ending December 31, 2025, the company's revenue was approximately RMB 48,140 million, representing an increase of about 19.7% compared to the previous year[5]. - The profit attributable to the parent company for the same period was approximately RMB 1,570.7 million, reflecting a year-on-year increase of about 7.1%[5]. - Basic earnings per share for the company were RMB 1.65, up approximately 4.4% from RMB 1.58 in the previous year[5]. - The total gross profit for the fiscal year was RMB 5,777.9 million, compared to RMB 4,842.1 million in the previous year[6]. - The total comprehensive income for the year was RMB 1,116.5 million, down from RMB 1,642.9 million in the previous year[8]. - The company declared a cash dividend of RMB 3.8 per 10 shares (tax included) for the fiscal year[5]. - The company's total revenue and performance outlook for 2025 will be discussed in future earnings calls, with expectations for continued growth in key markets[11]. - Total revenue for 2025 reached RMB 48,139,977 thousand, a 19.5% increase from RMB 40,222,890 thousand in 2024[19]. - The group's profit before tax for 2025 was RMB 1,125,298,000, an increase from RMB 1,000,500,000 in 2024, reflecting a growth of approximately 12.5%[21]. - The total dividend for 2025 was RMB 579,528,000, a significant decrease from RMB 1,031,136,000 in 2024, reflecting a reduction of approximately 43.7%[24]. Revenue Breakdown - Revenue from customer contracts was RMB 48,083,388 thousand in 2025, up from RMB 40,204,859 thousand in 2024, indicating a strong growth in core business[19]. - Revenue from nickel-based materials was RMB 16,676,468 thousand in 2025, slightly increasing from RMB 16,163,302 thousand in 2024[19]. - Revenue from cobalt-based materials surged to RMB 4,396,479 thousand in 2025, compared to RMB 2,244,581 thousand in 2024, reflecting a significant growth of 96%[19]. - Revenue from services transferred over time was RMB 158,869 thousand in 2025, compared to RMB 18,031 thousand in 2024, showing a notable increase[19]. - Revenue from domestic customers in mainland China was CNY 24,119,638,000, representing 50.1% of total revenue in 2025[128]. - Revenue from overseas customers was CNY 24,020,339,000, accounting for 49.9% of total revenue[128]. Expenses and Costs - The company's financing costs for the year were RMB 1,022.4 million, slightly decreased from RMB 1,037.4 million in the previous year[6]. - Sales cost for raw materials was CNY 34,254,270,000, making up 80.9% of total sales costs in 2025[129]. - Administrative expenses rose by 13.1% from approximately RMB 1,156.9 million in 2024 to about RMB 1,308.1 million in 2025, attributed to increased management compensation due to company integration and globalization[137]. - R&D expenses increased from approximately RMB 1,109.3 million in 2024 to about RMB 1,170.3 million in 2025, reflecting the company's emphasis on R&D efforts[138]. - Other expenses surged from approximately RMB 188.4 million in 2024 to about RMB 746.1 million in 2025, mainly due to foreign exchange losses from USD fluctuations[140]. Assets and Liabilities - Non-current assets increased to RMB 41,684,429 thousand in 2025 from RMB 39,176,747 thousand in 2024, representing a growth of 6.4%[9]. - Current assets rose to RMB 39,923,436 thousand in 2025, up from RMB 33,718,432 thousand in 2024, marking an increase of 18.5%[9]. - Total liabilities decreased to RMB 48,855,712 thousand in 2025 from RMB 51,531,544 thousand in 2024, a reduction of 5.2%[10]. - The company's net asset value increased to RMB 33,622,185 thousand in 2025, compared to RMB 29,488,567 thousand in 2024, reflecting a growth of 13.5%[10]. - Cash and cash equivalents decreased to RMB 8,567,561 thousand in 2025 from RMB 10,083,956 thousand in 2024, a decline of 15.0%[9]. - Trade payables increased to RMB 15,669,074 thousand in 2025 from RMB 10,249,416 thousand in 2024, representing a significant rise of 53.3%[9]. Research and Development - Research and development expenses for the year amounted to RMB 1,170.3 million, compared to RMB 1,109.3 million in the previous year, indicating an increase in investment in innovation[6]. - The company achieved significant breakthroughs in solid-state battery precursor synthesis technology, enhancing material recycling stability and addressing issues related to phase changes and cracks under high voltage, positioning itself as an industry leader in solid-state battery R&D and commercialization[49]. - The company has established a comprehensive R&D platform that integrates mineral processing, new material R&D, and large-scale production, ensuring seamless transition from R&D to mass production[48]. Market Position and Strategy - The company focuses on new materials, aiming to become a global leader in material science, with a strategy emphasizing technological diversification and global operations[33]. - The company has formed stable partnerships with leading global battery manufacturers, enhancing its market position and technological recognition[36]. - The company is strategically extending upstream and downstream in the supply chain, establishing a new materials ecosystem that includes resource mining, refining, material production, and recycling[54]. - The company is actively promoting a diversified supply chain layout and overseas integrated investment to mitigate geopolitical risks, aiming to enhance profitability and operational capacity[179]. Sustainability and Governance - The company aims to increase the proportion of clean energy used to 62% by 2025, with a target of reducing carbon emissions by 52%[113]. - The company has been recognized for its sustainability efforts, achieving an MSCI rating upgrade from BBB to AA, ranking first in its industry in China[113]. - The board of directors is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[186]. Future Outlook - The company aims to become a global leader in new materials science, focusing on nickel and phosphorus-based energy materials while diversifying into cobalt and sodium materials[170]. - By 2026, the company plans to enhance its competitiveness through strategic resources, technological innovation, and a dual focus on internal growth and external expansion[171]. - The company is monitoring raw material market dynamics and optimizing price transmission mechanisms to mitigate the impact of raw material price fluctuations on performance[184].

Financial Performance - For the fiscal year ending December 31, 2025, the total revenue was RMB 1,348,748,000, representing a year-over-year increase of 2.7% compared to RMB 1,386,080,000 in 2024[3] - The adjusted net profit attributable to the company's owners reached RMB 147,500,000, a significant increase of 399.7% from RMB 29,520,000 in the previous year[3] - The company reported a gross profit of RMB 700,770,000 for the fiscal year 2025, up from RMB 629,586,000 in 2024, reflecting a gross margin improvement[3] - The operating profit before tax was RMB 119,733,000, a turnaround from a loss of RMB 91,542,000 in the previous year, marking a 230.8% improvement[3] - The company turned a profit with a net income of RMB 80.3 million, recovering from a loss of RMB 76.2 million in the previous year, with adjusted net profit attributable to shareholders at approximately RMB 147.5 million[11] - The company reported a profit attributable to owners of approximately RMB 59.1 million for the year ending December 31, 2025, a significant increase of about 179.7% from a loss of RMB 74.2 million for the year ending December 31, 2024[31] - The adjusted net profit for the year ending December 31, 2025, is approximately RMB 147.5 million, compared to RMB 29.5 million for the year ending December 31, 2024[34] - The group recorded a profit before tax of approximately RMB 119.7 million for the year ending December 31, 2025, a significant increase of about 230.8% from a loss of RMB 91.5 million in 2024[29] User Engagement - Daily active users (DAUs) as of December 31, 2025, were approximately 12.1 million, while monthly active users (MAUs) averaged around 57.3 million, indicating stable user engagement amidst rising customer acquisition costs[8] - The average number of paying users was reported at 11,352,994, showing a significant increase from 9,089,428 in the previous period[6] - The number of paying users decreased from approximately 17.8 million in the same period last year to about 11.4 million, attributed to the implementation of a "dual currency mechanism" and enhanced social features in games[9] Revenue Sources - The revenue from self-developed mobile games accounted for 88.9% of total revenue, amounting to RMB 1,199,628,000, while third-party mobile games contributed RMB 94,252,000, a decrease of 32.8% year-over-year[4] - Revenue from self-developed mobile games slightly declined by 1.0% to RMB 1,199.6 million for the year ending December 31, 2025, compared to RMB 1,212.3 million in 2024[20] - Revenue from mainland China was RMB 1,276,787,000, down 3.9% from RMB 1,329,281,000 in 2024[77] - Advertising revenue increased significantly to RMB 54,868,000, up 63.0% from RMB 33,658,000 in 2024[76] Cost Management - Sales and marketing expenses significantly decreased by approximately 41.7% to RMB 260.3 million, due to adjustments in marketing strategies and the application of AI technology, which improved content production efficiency by 50% to 100%[11] - Research and development expenses decreased by about 36.4% to RMB 46.4 million, reflecting a fundamental restructuring of R&D efficiency, with a 60% reduction in asset production cycles due to the implementation of AIGC-assisted workflows[11] - The total employee cost for the year ending December 31, 2025, was approximately RMB 152.6 million, a decrease from RMB 192.9 million in 2024, primarily due to a reduction in share-based payment expenses by about RMB 14.9 million and targeted cost-saving measures[63] Strategic Initiatives - The company is focusing on a strategy of localized content development, which has led to increased user engagement and cultural resonance in targeted markets[8] - The company is actively pursuing a strategy of regional expansion, leveraging local cultural elements in its game offerings to enhance user experience and retention[8] - The company is undergoing a strategic transformation from "traffic-driven" to "efficiency-driven" operations, focusing on optimizing capital allocation and organizational efficiency[7] - The company aims to expand its strategic vision into capital appreciation, focusing on a balanced allocation matrix covering primary and secondary markets, as well as forward-looking digital assets[12] - The company plans to deepen the integration of self-developed multi-modal AI technology across business segments to enhance operational efficiency and market competitiveness[14] - The company will strengthen product reserves and accelerate the launch of overseas products to create diversified revenue growth engines[16] - The company intends to explore new business opportunities through strategic partnerships, incubation, investment, and acquisitions to inject new growth momentum[17] Financial Position - The group had cash and cash equivalents of approximately RMB 790.7 million as of December 31, 2025, an increase from approximately RMB 755.0 million as of December 31, 2024[36] - The company has no short-term or long-term bank borrowings, and no outstanding bank or other debts[58] - The company's leverage ratio is zero, as there are no borrowings as of December 31, 2025[59] - The company's total equity increased to RMB 1,931.131 million in 2025 from RMB 1,916.152 million in 2024, reflecting a stable financial position[68] Compliance and Governance - The company has complied with the corporate governance code and has not identified any deviations from the applicable provisions[102] - The company has adopted the standard code for securities transactions by directors, confirming compliance throughout the reporting period[103] - The audit committee, consisting of three independent non-executive directors, has reviewed the audited consolidated results and confirmed compliance with applicable accounting principles and regulations[105] - 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[108]

Financial Performance - The company's revenue for the year ended December 31, 2025, was RMB 791,758,000, representing a 15.8% increase from RMB 683,617,000 in 2024[3] - Gross profit increased by 20.1% to RMB 228,189,000, up from RMB 189,935,000 in the previous year[3] - The company reported a loss of RMB 59,446,000 for the year, a significant decline compared to a profit of RMB 90,892,000 in 2024, marking a 165.4% decrease[3] - Basic and diluted loss per share was RMB (0.04), compared to earnings of RMB 0.07 per share in 2024, reflecting a 157.1% decline[3] - Total revenue for 2025 reached RMB 791,758,000, a 15.9% increase from RMB 683,617,000 in 2024[17] - Tuition fees contributed RMB 712,684,000 to total revenue, up from RMB 615,315,000, reflecting a growth of 15.8%[17] - The group reported a pre-tax profit of RMB 291,707,000 for 2025, an increase from RMB 255,972,000 in 2024[23] - The company reported a net loss of approximately RMB 59.4 million for the year ending December 31, 2025, compared to a profit of about RMB 90.9 million for the year ending December 31, 2024, reflecting a decrease of approximately 165.4%[66] Assets and Liabilities - The total assets decreased to RMB 2,639,198,000 in 2025 from RMB 2,530,649,000 in 2024, indicating a shift in asset management[8] - Cash and cash equivalents increased significantly to RMB 479,592,000 from RMB 279,190,000, showing improved liquidity[7] - Non-current assets rose to RMB 2,314,942,000 in 2025, up from RMB 2,109,440,000 in 2024, indicating investment in long-term assets[7] - Current liabilities increased to RMB 875,069,000 from RMB 598,531,000, reflecting higher operational costs and obligations[8] - The total accounts receivable as of December 31, 2025, is RMB 8,129,000, a decrease from RMB 9,254,000 in 2024[31] - The accounts receivable aging analysis shows that the total accounts receivable within one year is RMB 8,129,000, down from RMB 8,930,000 in 2024[32] - As of December 31, 2025, the company's current liabilities increased by approximately 55.6% to about RMB 275.8 million from about RMB 177.3 million as of December 31, 2024, primarily due to increased tuition contract liabilities and tax assessments[67] Operational Highlights - The company is focused on providing private higher vocational education in China, which remains its core business strategy[9] - The group forecasts cash flow for the next twelve months, supported by a cash balance of approximately RMB 469,893,000 and sufficient operational funding to meet financial obligations[11] - The average tuition fees for Lingnan Vocational and Technical College and Lingnan Modern Technician College are RMB 18,439 and RMB 16,059, respectively, for the 2025/2026 academic year[38] - The total number of full-time students enrolled in the schools is 36,876 for the 2025/2026 academic year[38] - The expected revenue from unfulfilled performance obligations for tuition fees is RMB 287,889,000, an increase from RMB 261,407,000 in 2024[20] Government and Industry Initiatives - The central government has allocated RMB 31.257 billion for the Modern Vocational Education Quality Improvement Plan, aimed at enhancing teaching facilities and quality in vocational schools[39] - The establishment of 28 national-level industry-education integration bodies is part of the government's initiative to deepen cooperation between education and industry[40] - The group aims to leverage government policies supporting vocational education reform to create a favorable environment for its business development[44] - The Guangdong Provincial Human Resources Department has identified 20 strategic industry clusters in the Greater Bay Area, indicating a growing demand for high-skilled talent in emerging sectors[45] Strategic Plans and Collaborations - The group is focusing on high-quality development in vocational education, aiming to establish Lingnan Vocational Technical College as a benchmark in the "big health + TMT" sector within the Greater Bay Area over the next decade[48] - The group plans to expand its campus network through acquisitions, prioritizing high-quality vocational training institutions in the Greater Bay Area to enhance scale and create synergies[51] - The vocational skills training market in China is expected to exceed RMB 1 trillion by 2026, driven by increasing online education penetration, prompting the group to expand its vocational skills certification and adult education services[52] - The group is collaborating with leading AI companies to develop a three-pronged approach focusing on AI skills training, educational product development, and innovative teaching models[50] - Lingnan Modern Technician College has established partnerships with major companies like JD.com and Huawei to create industry-specific training programs, enhancing employability through a "order class" model[49] - The group is actively pursuing international collaborations to enhance the attractiveness and internationalization of its vocational education programs, particularly with institutions in Hong Kong, Macau, Singapore, and the EU[54] Financial Management and Governance - The company has adopted corporate governance practices in accordance with the relevant rules and has complied with all governance codes during the reporting period[85] - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules, confirming compliance by all directors until December 31, 2025[86] - The audit committee, along with management, has reviewed the accounting principles and policies adopted by the group, discussing financial reporting matters for the year ending December 31, 2025[87] - The independent auditor, Hui Yi International CPA Limited, has agreed to draft the consolidated financial statements for the year ending December 31, 2025[89] - The independent auditor's report will include a qualified opinion regarding the consolidated financial statements for the year ending December 31, 2025, due to insufficient evidence related to certain expenses[90] Shareholder Information - The board has declared an interim dividend of HKD 0.02 per share for the year ending December 31, 2025, while no final dividend is recommended for the same period[81] - The company did not engage in any buybacks, redemptions, or sales of its listed securities during the year ending December 31, 2025[82] - There were no significant investments or acquisitions of subsidiaries, associates, or joint ventures during the reporting period[83] - The annual general meeting is scheduled for May 28, 2026, with details to be provided to shareholders[94] - Share transfer registration will be suspended from May 22, 2026, to May 28, 2026, to facilitate the annual general meeting[95] - The annual results announcement and annual report will be published on the Hong Kong Stock Exchange website and the company's website[96] - The board expresses gratitude to management, employees, shareholders, business partners, banks, and auditors for their support during the reporting period[97]