Revenue and Profit Growth - Total revenue for the year ended December 31, 2025, was RMB 549.7 million, an increase of 8.6% from RMB 506.4 million in 2024[4] - Net profit increased by 78.9% to RMB 60.8 million from RMB 34.0 million in 2024[4] - Revenue increased by 8.6% from RMB 506.4 million in 2024 to RMB 549.7 million in 2025, primarily driven by growth in AI-related solutions[26] - Total revenue for the year ended December 31, 2025, was RMB 549.685 million, an increase of 8.5% compared to RMB 506.355 million for the year ended December 31, 2024[70] - Net profit for the year ended December 31, 2025, was RMB 60.822 million, compared to RMB 34.000 million for the year ended December 31, 2024, reflecting an increase of 78.5%[70] AI Solutions and Innovations - AI digital employee solutions generated revenue of RMB 10.0 million, a significant increase of 2,920.0% compared to RMB 0.3 million in 2024[4] - AI-enabled solutions revenue rose by 70.3% to RMB 45.7 million from RMB 26.9 million in 2024[4] - The company launched the AI productivity platform ZENAVA, achieving a daily token call volume exceeding 10 billion[5] - The introduction of the AI productivity platform ZENAVA in 2025 aims to enhance customer service and marketing delivery across various industries[15] - AI digital employee solutions enable end-to-end task management, significantly improving productivity and reshaping workforce structure[13] Customer Engagement and Retention - Over 120 enterprise clients successfully adopted AI digital employee solutions, enhancing various end-to-end business processes[5] - Customer retention rates for SaaS clients were 75.5% and net retention rates were 108.4% for 2025, compared to 77.9% and 111.2% in 2024[8] - The company aims to transform customer contact centers into AI-driven models, enhancing customer experience and measurable business impact[10] Financial Performance and Costs - Gross profit for the year was RMB 277.2 million, with a gross margin of 50.4%, down from 51.8% in 2024[4] - Sales costs rose by 11.7% from RMB 244.0 million in 2024 to RMB 272.5 million in 2025, mainly due to increased revenue[30] - Research and development expenses decreased by 15.6% to RMB 69.4 million in 2025, down from RMB 82.3 million in 2024, due to improved efficiency[41] - The company recorded a profit of RMB 60.8 million in 2025, a significant increase from RMB 34.0 million in 2024, driven by revenue growth in AI-enhanced solutions and cloud contact center solutions[46] Cash Flow and Financial Position - Cash and cash equivalents as of December 31, 2025, amounted to RMB 158.6 million, with no interest-bearing bank loans or other borrowings[49] - The total cash and cash equivalents at the end of 2025 increased to RMB 158.6 million from RMB 136.6 million at the end of 2024[50] - The net cash generated from operating activities was RMB 42.5 million, an increase from RMB 37.1 million in 2024, primarily due to a pre-tax profit of RMB 60.5 million[51] - The net cash used in investing activities in 2025 was RMB 2.9 million, a significant improvement from RMB 62.4 million used in 2024[53] Shareholder and Corporate Governance - The company plans to propose a final dividend of HKD 0.10 per share for 2025, amounting to RMB 15,687,000, compared to RMB 15,924,000 for the final dividend of 2024[119] - The company has established an audit committee to oversee risk management policies and ensure effective internal control systems[142] - The company has adopted corporate governance principles to enhance transparency and accountability to shareholders[139] Market Strategy and Expansion - The company aims to establish an AI growth flywheel in vertical markets, focusing on specific business needs rather than generic solutions[25] - The company is focused on expanding its market presence through technological advancements and strategic partnerships in the AI and cloud service sectors[79] - The company is committed to expanding its sales coverage in key regions, including the Bohai Sea, East China, Pearl River Delta, and Chengdu-Chongqing areas[25] Employee and Training Development - Employee training and development programs have been established, covering company culture, employee rights, and safety management[63] - The employee count as of December 31, 2025, was 446, with 37.4% in R&D, 32.3% in sales, and 23.1% in operations[62]

Financial Performance - Revenue for the fiscal year 2025 reached HKD 172,535,000, an increase of 34.3% compared to HKD 128,526,000 in 2024[3] - The net loss for the fiscal year 2025 was HKD 89,691,000, compared to a net loss of HKD 49,340,000 in 2024, representing an increase of 81.8%[5] - Adjusted net loss margin for 2025 was (48.4%), up from (31.5%) in 2024, indicating a worsening profitability situation[3] - The gross profit margin for the fiscal year 2025 improved to 57.3%, compared to 46.7% in 2024, reflecting better cost management[4] - The company reported a basic and diluted loss per share of HKD 9.2 for 2025, compared to HKD 4.9 in 2024, indicating increased losses per share[6] - The company reported a net loss attributable to equity holders of HKD 87,700,000 for the year ended December 31, 2025, compared to a loss of HKD 46,404,000 in 2024, representing an increase of 88.9%[27] - Basic loss per share for the year ended December 31, 2025, was HKD 9.2, compared to HKD 4.9 in 2024, indicating a significant increase in losses per share[27] - Operating loss increased by approximately 64.7% from HKD 52.2 million in fiscal year 2024 to HKD 86.1 million in fiscal year 2025[55] Assets and Liabilities - The total assets decreased to HKD 245,422,000 in 2025 from HKD 293,050,000 in 2024, a decline of 16.2%[7] - The total liabilities as of December 31, 2025, amounted to HKD 135,701,000, compared to HKD 100,135,000 in 2024, reflecting a 35.4% increase[8] - Non-current liabilities decreased from HKD 24,401,000 in 2024 to HKD 10,370,000 in 2025, a reduction of 57.5%[8] - The total equity attributable to the company's owners decreased to HKD 93,303,000 in 2025 from HKD 191,570,000 in 2024, a drop of 51.3%[7] - The company's current assets decreased from approximately HKD 85.8 million as of December 31, 2024, to approximately HKD 59.9 million as of December 31, 2025[65] - The company's inventory increased from approximately HKD 13.9 million as of December 31, 2024, to approximately HKD 26.0 million as of December 31, 2025, primarily due to procurement to support e-commerce growth[68] Revenue Breakdown - Revenue from licensing services was HKD 46,118,000, up 5.5% from HKD 43,602,000 in the previous year[17] - Revenue from design consulting services increased by 33.8% to HKD 22,019,000 from HKD 16,468,000[17] - Sales of licensed brand products generated HKD 91,913,000, a significant rise from HKD 68,456,000, marking a 34.3% increase[17] - Revenue from mainland China was HKD 158,522,000, up 30.6% from HKD 121,460,000 in 2024[20] - The revenue from the B.Duck character, the company's main product line, increased by approximately 38.9% from about HKD 52.0 million in FY2024 to about HKD 72.3 million in FY2025, accounting for 89.6% of total licensing revenue[44] - The revenue from the live entertainment licensing segment increased significantly, with total revenue of approximately HKD 13.0 million in FY2025 compared to HKD 3.7 million in FY2024[42] - Revenue from e-commerce and other businesses rose from approximately HKD 68.5 million in FY2024 to approximately HKD 91.9 million in FY2025, marking an increase of about 34.3%[40] Operational Costs - The company incurred employee benefit expenses of HKD 78,450,000 in 2025, up from HKD 64,604,000 in 2024, reflecting increased operational costs[5] - Employee costs for the fiscal year 2025 amounted to approximately HKD 78.5 million, an increase from HKD 64.6 million in the fiscal year 2024[79] - Promotion costs increased from approximately HKD 18.4 million in fiscal year 2024 to HKD 27.7 million in fiscal year 2025, attributed to multiple large-scale physical events enhancing brand influence[52] - The company recorded a net impairment loss on financial assets and contract assets of approximately HKD 3.0 million and HKD 53.8 million for the fiscal years 2024 and 2025, with a significant increase in 2025 due to expected credit losses from trademark receivables[48] Cash Flow and Liquidity - Cash and cash equivalents increased significantly to HKD 58,848,000 in 2025 from HKD 22,985,000 in 2024, showing improved liquidity[7] - As of December 31, 2025, the company's cash and cash equivalents amounted to HKD 58.8 million, up from HKD 23.0 million as of December 31, 2024[62] - The total borrowings of the company as of December 31, 2025, were HKD 50.9 million, an increase from HKD 45.9 million as of December 31, 2024[62] Corporate Governance - The company is committed to high corporate governance standards, with the chairman also serving as CEO, which the board believes is in the best interest of the company[95] - The company has established an Audit Committee composed of independent non-executive directors to oversee financial reporting and risk management[99] - The Audit Committee reviewed the consolidated performance for the fiscal year 2025 and confirmed compliance with applicable accounting standards and regulations[99] Future Plans and Strategies - The company plans to continue expanding its e-commerce sales platforms in overseas markets, including Thailand, Indonesia, Vietnam, the Philippines, Malaysia, and Singapore, to leverage growth opportunities[40] - The company is developing a multi-dimensional model of "small city parks + medium amusement parks + large cultural tourism attractions" to enhance brand presence and consumer engagement[90] - The company aims to integrate Chinese IP into global markets, establishing a presence in international retail channels like Lazada and Amazon, and replicating successful models in more overseas cities[91] - The company plans to enhance creativity through an AI technology design team and incentivize key employees with reward shares[46] Shareholder Information - The company did not recommend the payment of a final dividend for the year ended December 31, 2025[29] - No final dividend was recommended for the fiscal year 2025, consistent with the previous fiscal year[97]

Financial Performance - For the fiscal year ending December 31, 2025, the company's revenue was approximately RMB 5.456 billion, representing a year-on-year growth of 49.9% compared to RMB 3.639 billion in the previous year[2]. - The net profit attributable to shareholders for the same period was approximately RMB 2.236 billion, an increase of 58.4% from RMB 1.412 billion in the prior year[2]. - The gross profit margin for the company was 62.2%, up 4.1 percentage points from 58.1% in the previous year[2]. - The net profit margin attributable to shareholders was 41.0%, an increase of 2.2 percentage points from 38.8% in the previous year[2]. - The company's operating revenue for 2025 was RMB 5.456 billion, a 49.9% increase from RMB 3.639 billion in 2024[37]. - Net profit attributable to shareholders rose from RMB 1.412 billion in 2024 to RMB 2.236 billion in 2025, driven by a 49.9% increase in operating revenue and an increase in gross margin from 58.1% to 62.2%[44]. - The total comprehensive income for 2025 is RMB 2,015,463,290.78, compared to RMB 1,407,077,523.94 in 2024, indicating a growth of 43.3%[69]. Cash Flow and Dividends - The net cash flow from operating activities was RMB 2.022 billion, reflecting a year-on-year increase of 19.6% from RMB 1.691 billion[2]. - Cash dividends distributed during the reporting period totaled approximately RMB 670 million, with a forecasted cash dividend of RMB 3.90 per share for 2025[23]. - The company proposed a cash dividend of RMB 3.90 per 10 shares for the fiscal year 2025, subject to approval at the annual general meeting[3]. - The company's cash dividends payable for 2025 were $669,996,402.47, compared to $338,193,337.80 in 2024, reflecting an increase of approximately 97.9%[103]. Research and Development - R&D expenses for 2025 reached RMB 915 million, a 19.9% increase year-over-year, accounting for 16.8% of total revenue[20]. - The company applied for 40 new invention patents and received 36 authorized patents during the reporting period, bringing the total to 224 authorized invention patents by the end of 2025[22]. - Research and development expenses for 2025 were RMB 915,030,216.00, up from RMB 763,469,994.44 in 2024, representing a growth of 20%[68]. - The company is focused on developing DDR5 clock drivers to enhance signal integrity and support higher operating frequencies for client memory modules[126]. - The company is committed to enhancing memory system performance and capacity through innovative products like MDB and MRCD[127]. Product Development and Market Position - The company continues to lead in the DDR5 memory interconnect sector, with significant growth in the shipment of DDR5 RCD chips and ongoing product innovation[9][10]. - The second-generation MRCD/MDB chips, launched in January 2025, support a speed increase to 12800MT/s, representing a 45% improvement over the first generation[15]. - The new generation CKD chip, introduced during the reporting period, supports speeds up to 9200MT/s, enhancing performance for next-generation high-performance PCs[15]. - The company has seen significant growth in PCIe Retimer chip demand, driven by the increasing shipment of AI servers, with configurations requiring up to 24 chips per server[16]. - The company plans to enhance its leadership in memory interconnect technology by optimizing product performance and quality, focusing on the market penetration of new products like MRCD/MDB and CKD chips[27]. Corporate Governance and Compliance - The company received multiple awards for investor relations, including being listed in the "Top 5 Most Favored Listed Companies (Sci-Tech Innovation Board)" and "Best Practices in Investor Relations Management (2024)"[25]. - The audit committee confirmed that the financial performance for the year ended December 31, 2025, complies with relevant accounting standards and regulations[117]. - The company emphasizes the importance of adhering to the Hong Kong Listing Rules and standards for corporate governance[127]. Strategic Partnerships and Expansion - Strategic partnerships with cloud service providers and hardware manufacturers are being deepened to accelerate customer validation and product introduction[35]. - The company aims to expand its PCIe/CXL business by deepening strategic partnerships with cloud service providers and accelerating the introduction of new generation PCIe Retimer and CXL MXC chips into customer supply chains[28]. - The company is actively pursuing market expansion strategies to enhance its competitive position in the semiconductor industry[126]. Financial Position and Assets - Cash and cash equivalents at the end of 2025 were RMB 8.416 billion, up from RMB 6.699 billion at the end of 2024[45]. - Total assets as of December 31, 2025, amounted to RMB 13,748,147,352.18, an increase from RMB 12,218,911,386.38 in 2024[66]. - The total number of employees as of December 31, 2025, was 784, with a focus on providing competitive compensation and regular training to enhance skills and industry knowledge[56]. - The company had no outstanding debts or any issued and unpaid debt instruments as of December 31, 2025[53]. Shareholder Information - The basic earnings per share for 2025 is RMB 1.97, up from RMB 1.25 in 2024, representing a growth of 57.6%[69]. - The company's total number of shares outstanding is 1,222,200,021, including 12,533,000 shares held as treasury stock[121]. - The company executed a share buyback program, repurchasing 2,339,000 A-shares between June 23 and September 19, 2025, at prices ranging from 77.79 to 117.00 RMB per share[115].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份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。 GREEN FRESH BIOTECHNOLOGY COMPANY LIMITED 綠新生物科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：01084） 截至二零二五年十二月三十一日止年度 全年業績 董事會欣然宣佈本集團二零二五財年經審核綜合財務業績如下： 董事就截至二零二五年十二月三十一日止年度建議派付末期現金股息每股1.2港 仙，惟須待股東於股東週年大會批准方可作實。 – 1 – － 收益人民幣904.7百萬元，較二零二四財年的人民幣 989.3百萬元減少人民幣 84.6百萬元或8.6%。 － 毛利人民幣167.2百萬元，毛利率18.5%，較二零二四財年的人民幣222.5百 萬元及22.5%分別減少人民幣55.3百萬元及下降4.0個百分點。 － 淨利潤人民幣5.4百萬元，淨利潤率0.6%，較二零二四財年的淨利潤人民幣 60.9百萬元及淨利潤率6.2%分別減少人民幣55.5百萬元及下降5. ...

Financial Performance - The company achieved a record revenue of HKD 40.4 billion for the year ended December 31, 2025, representing a year-on-year growth of 159%[4] - Core net profit attributable to equity shareholders was approximately HKD 500 million, excluding the impact of fair value changes of investment properties and financial assets, inventory impairment, and joint venture results[4] - The company reported a total loss of HKD 3.4 billion for the year, compared to a loss of HKD 1.5 billion in the previous year[6] - Basic and diluted loss per share for equity shareholders was HKD 49.06, compared to HKD 20.48 in the prior year[6] - The company reported a loss attributable to equity shareholders of HKD 4,365,985 thousand in 2025, compared to a loss of HKD 1,822,579 thousand in 2024, indicating a worsening financial performance[33] - The group achieved a total revenue of HKD 40.364 billion in 2025, representing a year-on-year growth of 159.3%[83] - Gross profit for the year was HKD 6.556 billion, with a gross margin of 16.2%, reflecting a year-on-year increase of 47.7%[83] - The group's attributable loss to equity shareholders was HKD 4.366 billion, while the core net profit, excluding certain impacts, was HKD 0.5 billion[83] Assets and Liabilities - Total assets decreased to HKD 144.6 billion from HKD 171.2 billion year-on-year[9] - Non-current assets increased to HKD 56.6 billion, driven by growth in investment properties and property, plant, and equipment[8] - The company’s total liabilities decreased to HKD 101.2 billion from HKD 125.8 billion year-on-year[9] - The company’s cash and cash equivalents stood at HKD 4.8 billion, down from HKD 5.8 billion in the previous year[8] - The total assets as of December 31, 2025, amounted to HKD 144,600,029, compared to HKD 171,169,614 in 2024, showing a decrease of approximately 15.5%[25] - The total liabilities for 2025 were HKD 101,162,147, a reduction from HKD 125,849,655 in 2024, indicating a decrease of about 19.7%[25] Revenue Sources - Revenue from property management and integrated operations exceeded HKD 5 billion, contributing to the overall increase in operational income[4] - In 2025, the total revenue from property sales reached HKD 34,204,684, a significant increase from HKD 9,133,298 in 2024, representing a growth of approximately 275%[26] - The property management service revenue for 2025 was HKD 3,241,778, slightly down from HKD 3,289,493 in 2024, reflecting a decrease of around 1.5%[26] - The real estate development revenue was HKD 34.2 billion, with 9 residential projects successfully delivered, totaling a sales area of approximately 930,000 square meters[69] Financial Obligations and Provisions - The company has assessed its financial resources and expects sufficient operating funds to meet its financial obligations for at least 12 months post-December 31, 2025[13] - The company recognized an impairment provision of HKD 250,365 thousand for its investment in Road King in 2025, compared to HKD 879,000 thousand in 2024[35] - The group made a provision for inventory impairment of HKD 2.405 billion during the year, reflecting a cautious approach to market conditions[83] Strategic Focus and Future Plans - The company plans to focus on key project deliveries and market expansion strategies moving forward[4] - The company aims to transform its core business from traditional real estate development to real estate asset management and urban comprehensive operation services, targeting a scale of HKD 50 billion in real estate asset management and achieving rental and operational income of HKD 10 billion within five years[74] - The company plans to optimize its asset structure and enhance cash recovery, with a focus on dynamic evaluation and management of existing assets, aiming to release approximately HKD 2 billion in value from non-core assets[77] - The company will enhance its organizational structure to improve management efficiency, focusing on strategic leadership and resource coordination while optimizing talent acquisition and training[80] Market and Operational Insights - The overall rental rate for operating assets remained high at 88%, with flagship project sales at HKD 7.3 billion, a 13% increase year-on-year[70] - The company successfully divested 70% of its stake in Jinghua Electronics, reallocating funds to optimize core business operations[71] - The company reduced interest-bearing liabilities by HKD 6.9 billion, enhancing its financial stability[72] - The company aims to gradually reduce the proportion of real estate development business to enhance business balance and cyclical resilience[73] Compliance and Governance - The company adhered to the corporate governance code as per the Hong Kong Stock Exchange rules for the entire fiscal year 2025, with a temporary deviation regarding the separation of the roles of Chairman and CEO[128] - The audit committee consists of three independent non-executive directors who reviewed the accounting principles and practices adopted by the group, discussing audit, risk management, internal controls, and financial reporting matters, including the full-year results for 2025[129] Shareholder Returns - The company did not declare an interim dividend for 2025, while it paid a final dividend of HKD 622,916 thousand for 2024[34][36] - The board of directors did not recommend the distribution of a final dividend for the year ending December 31, 2025[125]

Financial Performance - For the year ending December 31, 2025, the revenue was approximately RMB 42.1 million, an increase of about 43.2% compared to RMB 29.4 million in 2024[3] - The gross profit for the same period was approximately RMB 16.0 million, reflecting a 29.0% increase from RMB 12.4 million in 2024[3] - The net loss for the year was approximately RMB 21.7 million, significantly reduced from a net loss of RMB 52.0 million in 2024[3] - Total revenue for the group reached RMB 42,073,000 in 2025, up from RMB 29,357,000 in 2024, marking a year-over-year increase of 43.1%[13] - The group reported a pre-tax loss of RMB 21,687,000 in 2025, a decrease in loss compared to RMB 51,964,000 in 2024, indicating an improvement in financial performance[23] - Loss before tax decreased by approximately RMB 30.3 million to approximately RMB 21.7 million for the year ending December 31, 2025, compared to a loss of approximately RMB 52.0 million for the year ending December 31, 2024[38] Assets and Liabilities - Total assets less current liabilities amounted to RMB 45.7 million, down from RMB 63.2 million in 2024[5] - The company's cash and cash equivalents increased to RMB 4.16 million from RMB 1.03 million in 2024[5] - Trade receivables decreased to RMB 7.98 million from RMB 13.99 million in 2024[5] - The group holds significant investments in listed securities, with total investments valued at approximately RMB 23.4 million, representing 45.1% of the group's total assets as of December 31, 2025[43] - The group has no pledged assets as collateral for any bank financing as of December 31, 2025[57] - There are no significant contingent liabilities reported as of December 31, 2025[60] Cash Flow and Financial Ratios - The group’s operating cash flow will now start from the operating profit subtotal as per the new accounting standards, impacting the cash flow statement structure[12] - Cash and bank balances totaled approximately RMB 4.2 million as of December 31, 2025, compared to approximately RMB 1.0 million as of December 31, 2024[41] - Current ratio increased from 5.7 times as of December 31, 2024, to 7.3 times as of December 31, 2025[41] - Capital debt ratio decreased from 86.2% as of December 31, 2024, to approximately 82.0% as of December 31, 2025[41] Revenue Sources - Revenue from branded watches and jewelry accessories increased to RMB 37,957,000 in 2025 from RMB 22,149,000 in 2024, representing a growth of 71.5%[13] - Major customers contributing over 10% of total revenue included Customer A with RMB 6,057,000, Customer B with RMB 5,410,000, and Customer C with RMB 4,880,000 for the year 2025[17] - The group’s non-current assets are primarily located in Hong Kong, with total revenue from Hong Kong at RMB 4,116,000 in 2025, down from RMB 7,208,000 in 2024[16] Expenses and Cost Management - Cost of sales rose from approximately RMB 169 million in 2024 to approximately RMB 260 million in 2025, an increase of about 53.8%[34] - Employee benefits expenses (excluding directors' remuneration) decreased to RMB 4,710,000 in 2025 from RMB 5,240,000 in 2024, showing cost management efforts[19] - Selling and distribution expenses decreased by approximately RMB 1.4 million or about 20.3% to approximately RMB 5.5 million for the year ending December 31, 2025, from RMB 6.9 million for the year ending December 31, 2024[36] - Administrative expenses slightly decreased by approximately RMB 0.3 million or about 1.5% to approximately RMB 19.6 million for the year ending December 31, 2025, from RMB 19.9 million for the year ending December 31, 2024[37] Dividends and Shareholder Returns - The company did not recommend the payment of dividends for the year ending December 31, 2025[3] - The group has not declared or proposed any dividends for the year ending December 31, 2025, consistent with the previous year[21] - The board does not recommend any final dividend for the year ended December 31, 2025[61] Strategic Initiatives and Market Outlook - The company plans to enhance its design and R&D capabilities by strengthening its design team and hiring more talent[30] - The company aims to capture evolving consumer demands by focusing on high-end watches and jewelry that resonate with modern women's aspirations[31] - The company will closely monitor market responses and adjust its business and product mix to meet market demands[30] - The company anticipates challenges in 2026 due to economic conditions in Hong Kong and mainland China[30] Compliance and Governance - The group has maintained a comprehensive internal control and risk management process, including regular performance reviews and strict approval processes[55] - The audit committee reviewed the annual performance for the year ended December 31, 2025[62] - The group has not established any hedging arrangements for foreign currency risks related to RMB and USD as of December 31, 2025[58] - The investment management team can approve investments below 5% of the group's market value or total assets without board approval[54] - The group did not purchase, redeem, or sell any of its listed securities during the year ended December 31, 2025[66]

Financial Performance - Total revenue for the year ended December 31, 2025, was $10 million, a decrease from $10,000 thousand in 2024[4] - Operating loss for the year was $107,335 thousand, compared to a loss of $36,576 thousand in the previous year, indicating a significant increase in losses[4] - Net loss for the year was $67,660 thousand, an improvement from a net loss of $99,130 thousand in 2024, representing a reduction of approximately 32%[4] - The company reported a basic and diluted loss per share of $0.10 for 2025, improved from a loss of $0.21 per share in 2024[4] - The company reported a loss attributable to shareholders of $67,660,000 for 2025, compared to a loss of $99,130,000 in 2024[29] - Basic loss per share improved to $(0.10) in 2025 from $(0.21) in 2024, reflecting a reduction in losses[29] - The company has not generated any revenue from drug sales as of the announcement date and anticipates significant expenses and operational losses in the coming years due to ongoing clinical development efforts[76] Research and Development - Research and development expenses increased to $66,802 thousand in 2025, up from $37,946 thousand in 2024, reflecting a growth of 76%[4] - The company is primarily engaged in the research and development of therapeutic biologics, indicating a focus on innovation in the pharmaceutical sector[8] - Clinical research expenses were $21,738,000 in 2025, slightly down from $22,014,000 in 2024[24] - Employee benefits expenses, including director remuneration, surged to $71,720,000 in 2025 from $18,922,000 in 2024, primarily due to stock-based compensation[25] - The company is focused on advancing its drug pipeline and enhancing proprietary technology platforms to prepare for potential commercial launches of its core products[75] - The company is exploring diverse commercialization strategies tailored to its candidate drugs[77] Assets and Liabilities - Total assets as of December 31, 2025, amounted to $66,608 thousand, compared to $40,009 thousand in 2024, showing an increase of 66%[5] - Cash and cash equivalents increased to $40,150 thousand in 2025 from $34,862 thousand in 2024, reflecting a growth of 15%[5] - Total liabilities decreased significantly to $6,120 thousand in 2025 from $391,555 thousand in 2024, indicating a reduction of approximately 98%[6] - Trade payables decreased from $1,760,000 in 2024 to $836,000 in 2025, a reduction of 52.5%[33] - The total debt ratio as of December 31, 2025, was 9.2%, significantly down from 978.7% as of December 31, 2024, due to the conversion of all convertible redeemable preferred shares into ordinary shares following the IPO[114] Clinical Trials and Drug Development - CBT-001, a potential first-in-class drug, is currently in Phase 3 multi-regional clinical trials, with 660 patients recruited across five jurisdictions[44] - The company plans to complete the Phase 3 trials for CBT-001 by June 2026 and expects to obtain preliminary efficacy and safety data later that year[44] - The company has temporarily halted the development of CBT-006 to focus resources on higher-priority projects[41] - CBT-009, a new atropine eye formulation for treating myopia in children aged 5 to 19, is projected to grow the global juvenile myopia drug market from $90.2 million in 2023 to $3.7 billion by 2033, indicating a significant demand for safe and stable drug interventions[46] - The Phase 1 and Phase 2 clinical trials for CBT-009 were successfully completed in Australia in January 2023, demonstrating good safety and efficacy[47] - The company received FDA approval in September 2023 to conduct Phase 3 clinical trials for CBT-009 in the U.S. based on the results of the earlier trials[47] - CBT-004, a potential first-in-class ophthalmic drug targeting eyelid lesions, is the only clinical-stage drug for this condition globally as of December 31, 2025[50] - The company began Phase 2 clinical trials for CBT-004 in December 2023, achieving primary efficacy endpoints and several secondary endpoints by May 2025[50] Financial Management - The net financial income for 2025 was $1,140,000, a decrease from $2,002,000 in 2024[26] - Financial income decreased due to reduced bank deposits and lower interest rates as funds were allocated to R&D and operational activities[89] - Financial costs remained stable, primarily consisting of interest expenses on lease liabilities and bank borrowings[90] - The fair value change of financial liabilities measured at fair value through profit or loss resulted in a profit of approximately $38.4 million, shifting from a negative value in previous years to a positive value this year[91] Corporate Governance and Compliance - The company has adopted a corporate governance code and is committed to maintaining high standards to protect shareholder interests[124] - The audit committee consists of four directors, with Mr. Ma Yaohao serving as the chairman, ensuring compliance with accounting standards and regulations[129] - The company has adopted a standard code for securities trading applicable to its directors, confirming adherence since the listing date[126] Strategic Partnerships and Market Expansion - The company has established key commercialization partnerships to expand the global reach of CBT-001, including exclusive licensing agreements with Far East Pharma for Greater China and Santen for several Southeast Asian countries[45] - The company is exploring both self-commercialization and licensing options in the U.S. and other regions to maximize the value of its products and technologies[45] - The company is actively discussing potential partnerships with large ophthalmology-focused companies to maximize the effectiveness of CBT-001's market entry[64] Legal and Settlement Matters - Cedar Wealth Management SPC has initiated arbitration proceedings against the company and its subsidiary, claiming unpaid amounts totaling approximately $2.22 million[79] - The company has agreed to pay Cedar Wealth a settlement amount of approximately $2.22 million, which includes $2.05 million for unpaid service fees and other expenses[80]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，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佈全部或任何部份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。 (股份代號：355) 二零二五年度集團全年業績公佈 | 財務及業務摘要 | | | | | --- | --- | --- | --- | | | 二零二五年度 | 二零二四年度 | %轉變 | | | 港幣百萬元 | 港幣百萬元 | | | 收入 | 3,791.7 | 2,744.2 | +38.2% | | 毛利 | 1,167.6 | 956.9 | +22.0% | | 減除折舊、融資成本及 | | | | | 稅項前之經營業務虧損★ | (152.0) | (357.2) | -57.4% | | 母公司股份持有人應佔 | | | | | 年內虧損 | (732.5) | (1,025.6) | -28.6% | | 母公司股份持有人應佔 | | | | | 每股普通股基本虧損 | 港幣(25.28)仙 | 港幣(34.71)仙 | -27.2% | | | | 於十二月三十一日 | | | ...

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 498.2 million, representing a year-on-year increase of 23.7% compared to RMB 402.6 million in 2024[4] - Gross profit for the same period was RMB 266.2 million, reflecting a 12.2% increase from RMB 237.2 million in 2024[4] - Net profit for the year was RMB 117.8 million, a 2.1% increase from RMB 115.4 million in 2024[4] - Revenue from urban governance solutions surged to RMB 245.2 million, up from RMB 18.8 million in 2024, accounting for 49.2% of total revenue[10] - Revenue from transportation solutions was RMB 168.3 million, a decrease of 19.6% from RMB 209.4 million in 2024[12] - Revenue from energy solutions was RMB 84.7 million, down 51.5% from RMB 174.5 million in 2024[13] - Total sales cost increased to RMB 232.0 million for the year ending December 31, 2025, up from RMB 165.4 million for the year ending December 31, 2024, primarily due to increased revenue[16] - Gross profit rose by 12.2% to RMB 266.2 million for the year ending December 31, 2025, compared to RMB 237.2 million for the year ending December 31, 2024, driven by significant revenue growth in urban governance solutions[17] - Other income and gains decreased by 7.9% to RMB 21.8 million for the year ending December 31, 2025, down from RMB 23.7 million for the year ending December 31, 2024, mainly due to reduced VAT refunds[18] Assets and Liabilities - Total assets increased by 75.5% to RMB 1,467.8 million in 2025 from RMB 836.2 million in 2024[5] - Total liabilities rose by 126.3% to RMB 444.5 million in 2025 from RMB 196.5 million in 2024[5] - The debt-to-asset ratio as of December 31, 2025, was 30.3%, compared to 23.5% as of December 31, 2024[35] - Trade payables increased significantly to RMB 181,021 thousand in 2025 from RMB 49,320 thousand in 2024, representing a growth of 267.5%[84] - The total liabilities, including trade payables, increased significantly, indicating a potential shift in the company's financial leverage strategy[84] Cash Flow - Operating cash inflow was RMB 85.8 million, indicating a healthy cash flow situation[6] - Net cash flow from operating activities was RMB 85.8 million for the year ending December 31, 2025, a 113.4% increase from RMB 40.2 million for the year ending December 31, 2024[29] - Net cash used in investing activities was RMB 258.3 million for the year ending December 31, 2025, a 239.4% increase from RMB 76.1 million for the year ending December 31, 2024, mainly due to increased investment in R&D equipment[30] - Net cash flow from financing activities for the year ended December 31, 2025, was RMB 390.7 million, an increase of 229.3% compared to RMB 118.7 million for the year ended December 31, 2024[31] - Cash and cash equivalents increased by 129.8% to approximately RMB 384.6 million as of December 31, 2025, up from approximately RMB 167.3 million as of December 31, 2024[32] Research and Development - Research and development expenses increased by 39.3% to RMB 83.0 million for the year ending December 31, 2025, compared to RMB 59.6 million for the year ending December 31, 2024, due to increased investment in R&D[20] - The company plans to hire additional R&D personnel, allocating 10.9% of the net proceeds (HKD 28.06 million) for this purpose, expected to be utilized by December 31, 2027[54] - 40% of the net proceeds (HKD 102.97 million) will be allocated to continued research on core technology, aimed at strengthening technical capabilities and product functionality, expected to be utilized by December 31, 2027[54] - Research and development expenses rose to RMB 82,950,000 in 2025 from RMB 59,557,000 in 2024, highlighting increased investment in innovation[75] Corporate Governance and Strategy - The company has adopted a corporate governance code to ensure high standards of corporate governance, which is a cornerstone for protecting shareholder interests[45] - The company plans to focus on the application of its NBK-INTARI AI platform in vertical industries, aiming for rapid business growth and maintaining industry leadership[44] - The company will extend its development strategy from the transportation sector to energy and urban governance, actively expanding into smart energy and urban safety applications[44] Share Issuance and Capital - The company issued a total of 3,786,600 H-shares at an issue price of HKD 80.0 per share, raising approximately HKD 302.93 million, with a net amount of approximately HKD 257.43 million after expenses[53] - The total issued shares increased to 37,866,600 in 2025 from 34,080,000 in 2024, reflecting a growth of 11.5%[86] - The company reported a total capital surplus of RMB 270,887,305 thousand after deducting issuance expenses from the IPO proceeds[86] - 10% of the net proceeds (HKD 25.74 million) will be allocated for seeking potential strategic investments and acquisitions, expected to be utilized by December 31, 2026[55] Dividend Policy - The company has no plans to pay or declare dividends for the fiscal year ending December 31, 2025[57] - The company did not recommend any final dividends for the year, consistent with the previous year[79] Future Outlook - The annual report for the fiscal year ending December 31, 2025, will be published in April 2026, providing further insights into the company's performance and future outlook[87]

Financial Performance - The company's revenue for the year ended December 31, 2025, was RMB 130,573,000, a significant increase of 157.5% compared to RMB 50,744,000 in 2024[3] - Gross profit for the same period was RMB 36,365,000, up from RMB 16,003,000 in 2024, reflecting a gross margin improvement[3] - The company reported a net profit of RMB 1,104,000 for 2025, compared to a net loss of RMB 7,042,000 in 2024, indicating a turnaround in profitability[4] - Basic and diluted earnings per share for the year were RMB 0.02, a recovery from a loss of RMB 0.23 per share in the previous year[4] - The company reported a pre-tax consolidated profit of RMB 2,551 thousand in 2025, a turnaround from a loss of RMB 7,532 thousand in 2024[23] - The company's net profit for 2025 was RMB 583,000, compared to a net loss of RMB 7,042,000 in 2024, indicating a significant turnaround in performance[39] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 157,406,000, slightly down from RMB 166,280,000 in 2024[5] - The company's non-current assets increased to RMB 99,048,000 in 2025 from RMB 59,610,000 in 2024, driven by investments in property and equipment[5] - The net asset value rose to RMB 93,958,000 in 2025, compared to RMB 73,536,000 in 2024, reflecting a strong equity position[6] - Trade receivables increased to RMB 96,018,000 in 2025 from RMB 87,533,000 in 2024, with a provision for losses of RMB 40,450,000[40] - Trade payables decreased to RMB 77,710,000 in 2025 from RMB 87,791,000 in 2024, indicating better cash flow management[41] - The total liabilities for the reported segments decreased to RMB 91,697 thousand in 2025 from RMB 110,362 thousand in 2024, a reduction of 17%[23] Revenue Streams - Revenue from construction services surged to RMB 63,837 thousand in 2025, compared to RMB 6,815 thousand in 2024, marking an increase of 836%[27] - Revenue from advertising services rose to RMB 24,976 thousand in 2025, up from RMB 6,910 thousand in 2024, representing a growth of 262%[27] - The company’s EPC projects generated revenue of approximately RMB 59,789,000 for the year ended December 31, 2025, compared to RMB 5,384,000 in 2024[52] - The company’s advertising services generated revenue of approximately RMB 24,976,000 for the year ending December 31, 2025, compared to RMB 6,910,000 in 2024[52] - The company’s investment property rental income was approximately RMB 5,654,000 and RMB 14,840,000 for the year ended December 31, 2025[52] Market Expansion and Business Activities - The company has engaged in environmental business activities, including wastewater treatment and soil remediation, which are expected to drive future growth[7] - The company is also involved in online advertising services for online games, indicating diversification in revenue streams[7] - The company plans to continue expanding its operations and exploring new market opportunities in the environmental sector[7] - The company plans to continue expanding its market presence, particularly in mainland China and Vietnam, where revenues were RMB 104,726 thousand and RMB 25,847 thousand respectively in 2025[24] - The company is increasing its investment in the Vietnamese market, focusing on both new and existing clients, and believes Vietnam will become a key market for sustainable development[54] Segment Reporting - The group has six reportable operating segments, including Engineering, Procurement and Construction (EPC) projects, Equipment projects, and Property Leasing, among others[17] - The Advertising segment has recorded significant growth, prompting management to reclassify certain business segments for better resource allocation reflection[18] - Adjusted profit before tax is used to evaluate segment performance, aligning with the group's overall profit before tax but excluding certain financial costs and impairments[18] - The group has implemented a new reporting structure to better reflect management's decisions regarding resource allocation and segment performance evaluation[18] Corporate Governance and Compliance - The company adopted the GEM Listing Rules Corporate Governance Code, maintaining compliance throughout the year ending December 31, 2025[116] - The audit committee, consisting of three independent non-executive directors, reviewed the group's annual performance for the year ending December 31, 2025[119] - The financial statements for the year ending December 31, 2025, have been approved by the board and are consistent with the audited consolidated financial statements[120] - The company confirms that there are no known violations of the securities trading regulations by directors as of December 31, 2025[117] Employee and Operational Information - The company employed 80 employees as of December 31, 2025, an increase from 39 employees in 2024[110] - Employee costs for the year ending December 31, 2025, were approximately RMB 132 million, compared to about RMB 86 million in 2024[110] - The company has implemented regular training for employees to enhance their professional skills[112] Shareholder Information - The company completed three new share placements during the year, raising funds to enhance liquidity and strengthen financial stability[75] - The first placement raised approximately HKD 1.50 million, with 6,000,000 shares sold at HKD 0.260 each, representing about 18.79% of the issued share capital prior to the placement[77] - The second placement raised approximately HKD 5.46 million, with 7,587,480 shares sold at HKD 0.730 each, representing about 20.00% of the issued share capital prior to the placement[79] - The third placement raised approximately HKD 4.29 million, with 7,470,000 shares sold at HKD 0.60 each, representing about 16.41% of the issued share capital prior to the placement[81] Other Financial Information - The company did not recommend any dividends for 2025, consistent with the previous year[38] - The tax expense for 2025 was RMB 1,447,000, compared to a tax credit of RMB 490,000 in 2024, reflecting improved taxable income[36] - The company did not hold any significant investments as of December 31, 2025[83] - The company did not hedge any foreign exchange risks during the year ended December 31, 2025, and considers its foreign exchange risk to be low[89]