Financial Performance - Revenue for the year ended December 31, 2025, was RMB 33,364,000, a decrease of 53.6% compared to RMB 71,866,000 in 2024[4] - Gross profit for the same period was RMB 30,757,000, down 50.5% from RMB 62,121,000 in 2024[4] - Net loss for the year was RMB 131,435,000, a slight improvement of 8.6% compared to a net loss of RMB 143,777,000 in 2024[4] - Cash and cash equivalents at the end of the reporting period were RMB 456,767,000, a decrease of 2.1% from RMB 466,636,000 in 2024[4] - Operating income increased by 2,800.0% from RMB 0.1 million for the year ended December 31, 2024, to RMB 2.9 million for the year ended December 31, 2025, mainly due to increased income from marketing service deposits[56] - The total comprehensive income for 2025 was RMB 133,523,267.22, compared to a total comprehensive loss of RMB 143,412,888.15 in 2024[95] - Basic and diluted earnings per share for 2025 were both -0.36, compared to -0.41 in 2024[95] - The company reported a significant decrease in accounts receivable, which fell to RMB 7,156,522.30 from RMB 23,152,252.38, a decline of approximately 69%[91] - The total liabilities as of December 31, 2025, were RMB 108,190,460.33, down from RMB 122,496,605.92, reflecting a decrease of about 11.7%[92] - The company reported a net loss in retained earnings, which reached RMB -1,003,553,442.92 as of December 31, 2025, compared to RMB -872,118,334.36 in the previous year[93] Research and Development - Research and development expenses decreased by 28.6% to RMB 82,993,000 from RMB 116,292,000 in 2024[4] - The company has developed a core product, UTD1, which was approved for market in 2021, and has 19 additional products in its research pipeline[6] - Clinical trials for UTD1 in metastatic breast cancer and lung cancer brain metastases have been initiated in the US and China, showing promising progress[7] - The company is advancing a next-generation antibody-drug conjugate (ADC) technology platform, aiming for IND-enabling stage by 2026[9] - UTD2, an oral formulation of UTD1, has completed Phase I clinical trials in China and the US, demonstrating good efficacy and safety[8] - The company is actively expanding its clinical pipeline with multiple large-scale studies for various cancers, including triple-negative breast cancer and advanced gastric cancer[8] - The clinical development pipeline for Urotide is expanding with multiple ongoing phase II/III trials globally, indicating strong market potential[24] - The company is committed to developing ADC products using Uterlon and its derivatives, aiming to enrich its product portfolio and enhance competitiveness[43] Clinical Trials and Results - The Phase III clinical trial of Uterodron injection for HER2-negative breast cancer has enrolled nearly 90% of the target patients, with a low incidence of adverse events, indicating good safety[12] - In the Phase II trial for advanced gastric cancer and esophageal cancer, the clinical benefit rate (CBR) for gastric cancer reached 100%, with an objective response rate (ORR) of 65.2%[13] - The CNS-ORR for the combination of Uterodron and Bevacizumab in treating HER2-negative breast cancer brain metastases was reported at 42.6%, with a median progression-free survival (PFS) of 7.7 months[14] - In another Phase II trial, the CNS-ORR for Uterodron combined with Bevacizumab and chemotherapy in brain metastases was 67.6%, with a median CNS-PFS of 15 months[16] - The CNS-ORR for the combination treatment of HER2-positive breast cancer brain metastases reached 54.0%, with a median overall PFS of 8.6 months[17] - A key Phase II trial for lung cancer brain metastases has shown promising efficacy signals and manageable safety, with specific data pending further analysis[18] - The ongoing Phase II trial for Uterodron combined with Capecitabine in breast cancer brain metastases aims to enroll approximately 120 subjects, focusing on CNS-ORR as the primary endpoint[19] - The clinical study of Urotide injection for unresectable advanced pancreatic cancer showed an objective response rate (ORR) of 27.27% and a disease control rate (DCR) of 72.72%, with a median overall survival (mOS) of 9.57 months[20] - In the phase II clinical trial of Urotide capsule for advanced or metastatic soft tissue sarcoma (STS), the ORR was 7.4% and the DCR was 77.8%, with a median progression-free survival (PFS) of 4.6 months[21][22] - The phase III clinical trial for Urotide injection in advanced non-small cell lung cancer (NSCLC) has been paused due to slower than expected patient enrollment and market competition[23] Financial Management and Strategy - The company has strengthened its market promotion collaboration with Qingdao Baiyang Pharmaceutical, aiming to enhance market space for its core products[37] - The company plans to use 9.8% (HKD 19.20 million) of the proceeds for a Phase III clinical trial of Urelumab injection for new adjuvant treatment of breast cancer, expected to be completed by mid-2026[77] - The company has allocated 10.0% (HKD 19.59 million) of the proceeds for working capital and general corporate purposes, with HKD 3.14 million already utilized[78] - The company plans to enhance its domestic commercialization capabilities and establish a global marketing network, allocating 3.0% (HKD 5.88 million) of the proceeds for this purpose[78] - The company reported a total of ¥3,576,777.59 in prepaid expenses at the end of the period, down from ¥67,074,482.41 at the beginning, indicating a substantial decrease in advance payments[114] - The company has recognized a bad debt provision of $3,000,000 related to an investment in a non-listed fund, which is equivalent to approximately RMB 21,086,400[116] - The company has received full payment for other receivables amounting to $2,000,000 as of March 2026[117] Corporate Governance and Compliance - The audit committee consists of three independent non-executive directors, ensuring compliance with relevant accounting standards and internal controls[79] - The independent auditor's report indicates a qualified opinion due to concerns over the recoverability of a USD 3 million investment in a non-listed fund[81] - The company has made a provision for bad debts amounting to approximately RMB 21,086,400 related to the aforementioned investment[82] - The company has assessed its ability to continue as a going concern for at least 12 months from the reporting date, confirming operational stability[102] - The company will change its inventory valuation method from FIFO to weighted average starting January 1, 2025, to better reflect cost fluctuations and improve accuracy in cost accounting[107] - The company obtained a high-tech enterprise certificate on October 29, 2024, allowing it to enjoy a preferential corporate income tax rate of 15% for the years 2024 and 2025[111] - The company has no knowledge of any significant post-reporting period events affecting its business or financial performance[88] - The company’s H shares were listed on the Hong Kong Stock Exchange on October 31, 2024, with no plans to buy back any listed securities until December 31, 2025[85]

（股份編號：0347） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 財務概要 本 公 司、公 司、 母公司 指 鞍鋼股份有限公司 本集團 指 鞍鋼股份有限公司及其下屬子公司 鞍山鋼鐵 指 鞍 山 鋼 鐵 集 團 有 限 公 司，公 司 的 控 股 股 東 鞍山鋼鐵集團 指 鞍山鋼鐵及其持股30%以 上 的 公 司（不 包 含 本 集 團） 鞍 鋼 指 鞍 鋼 集 團 有 限 公 司，公 司 實 際 控 制 人 鞍鋼集團 指 鞍鋼及其持股30%以 上 的 公 司（不 包 含 本 集 團） 鞍鋼財務公司 指 鞍鋼集團財務有限責任公司 《商 品 互 供 框 架 協 議（2025–2027年 度）》 指 2024年12月30日，本 公 司2024年第一次臨時股 東 大 會 審 議 批 准 的 本 公 司 與 鞍 鋼 簽 署 的《商 品 互 供 框 架 協 議（2025–2027年 度）》 ...

Financial Performance - Revenue for the year ended December 31, 2025, decreased by approximately 10.9% to RMB 7,308,014,000 compared to RMB 8,200,805,000 in 2024[2] - Profit attributable to owners of the company was approximately RMB 237,546,000, down from RMB 384,705,000 in 2024[2] - Adjusted profit attributable to owners (non-HKFRS) was approximately RMB 301,372,000, compared to RMB 386,518,000 in 2024[2] - Basic earnings per share were RMB 20.59, a decrease from RMB 33.69 in 2024[4] - Total comprehensive income for the year was RMB 240,658,000, compared to RMB 460,741,000 in 2024[5] - The overall profit before tax for the year was RMB 216,926,000, reflecting a decrease compared to the previous year's profit before tax of RMB 480,391,000[20] - The company reported a total of RMB 119,226,000 in other income for 2025, down from RMB 190,143,000 in 2024, with significant declines in government subsidies and rental income[21] - Gross profit for the reporting period was RMB 2,014,987,000, down 8.8% from RMB 2,208,419,000 in the previous year, with an overall gross margin of 27.6%, up from 26.9%[33] - Profit before tax decreased by 54.8% to RMB 216,926,000 from RMB 480,391,000 in the previous year, primarily due to a 40.5% decline in operating profit from the management software segment[37] - The net income attributable to the company's owners for the year was RMB 237,546,000, down from RMB 384,705,000 in 2024[25] Revenue Breakdown - Cloud services revenue declined by about 0.8% to RMB 2,739,535,000, while management software revenue fell by 12.5% to RMB 2,236,424,000, and IoT solutions revenue decreased by 19.1% to RMB 2,332,055,000[2] - Total revenue for the year ended December 31, 2025, was RMB 7,308,014,000, with a breakdown of RMB 2,739,535,000 from cloud services, RMB 2,236,424,000 from management software, and RMB 2,332,055,000 from IoT solutions[19] - Cloud service revenue was RMB 2,739,535,000, a slight decrease of 0.8% from RMB 2,761,458,000 in 2024, accounting for 55.1% of the group's software and cloud service revenue[32] - Management software revenue decreased by 12.5% year-on-year, totaling RMB 2,236,424,000[60] - The IoT solutions business recorded revenue of RMB 2,332,055,000, a year-on-year decrease of 19.1% compared to RMB 2,883,231,000 in the same period last year[63] Dividends and Shareholder Information - The board proposed a final dividend of HKD 0.04 per share for the year ended December 31, 2025, down from HKD 0.08 in 2024, subject to shareholder approval[2] - The proposed final dividend is HKD 0.04 per share, totaling approximately RMB 43,017,000, compared to RMB 83,029,000 in 2024[24] - To qualify for the proposed final dividend, all transfer forms and related stocks must be submitted by June 30, 2026, at 4:30 PM[72] - The company will suspend the handling of share transfer registration from June 12, 2026, to June 17, 2026, inclusive, with a record date of June 17[72] - A second suspension of share transfer registration will occur from July 2, 2026, to July 6, 2026, inclusive, with a record date of July 6[72] - All transfer forms and related stocks must be submitted by June 11, 2026, at 4:30 PM to qualify for attending the annual general meeting[72] Assets and Liabilities - Non-current assets increased to RMB 1,805,938,000 from RMB 1,755,615,000 in 2024, with significant increases in property, plant, and equipment[6] - Current liabilities slightly increased to RMB 5,374,882,000 from RMB 5,283,199,000 in 2024, with trade payables remaining stable[7] - Total equity attributable to owners of the company rose to RMB 3,167,877,000 from RMB 2,512,231,000 in 2024[7] - Current assets totaled RMB 6,993,035,000, with a current ratio of approximately 1.30, up from 1.20 in the previous year[41] - Trade receivables and notes receivable totaled RMB 2,756,448,000, down from RMB 3,141,322,000 in 2024, with a provision for credit losses of RMB 254,795,000[26] - Trade payables amounted to RMB 2,568,911,000, a slight decrease from RMB 2,606,646,000 in the previous year[29] Research and Development - Research and development expenses totaled RMB 726,006,000, with capitalized R&D costs of RMB 158,859,000, resulting in total R&D spending of RMB 884,865,000, a decrease of 4.0% from RMB 922,134,000 in 2024[34] Strategic Initiatives and Product Development - The company continues to focus on the "AI First" strategy, integrating AI technology into all products to drive digital transformation for enterprises[48] - The company launched the Haiyue Large Model V3.0, enhancing AI capabilities and achieving a contract value of approximately RMB 660 million in AI-related agreements[50] - The Haiyue Large Model has been recognized as the top enterprise service vertical model in China, with applications in major companies like Beijing Tongrentang and Zhongtung High-tech[51] - Launched Haiyue Business AI V1.0, featuring over 100 intelligent agents, achieving a 70% overall efficiency improvement in various operational areas for clients like Dongfang Electric[52] - The procurement intelligent agent reduced project evaluation time from 3-6 hours to 15 minutes, with a 90% risk identification rate for contract reviews[52] - Released the iGIX V8.0 PaaS platform, which includes 17 core technologies, and ranked first in China's low-code software market[55] - The GS Cloud V8.0 ERP system achieved a comprehensive upgrade of the MRP calculation engine, enhancing cost control capabilities for various manufacturing sectors[56] - The HCM V7.0 system won the Best Product Award for HR Technology for 2024-2025 and secured contracts with 170 clients, including major enterprises[57] - The intelligent state-owned asset supervision platform V8.0 improved financial risk warning accuracy by over 30% compared to traditional models[58] - New products launched for medium and small enterprises, including inSuite series and cloud financial services, enhancing market coverage and customer acquisition capabilities[59] - The company launched a series of industry-leading products, including the operator intelligent chain scheduling platform and the low-altitude intelligent internet integrated operation service platform v2.0, recognized as a typical case by the China Academy of Information and Communications Technology[61] - The company has constructed over 50 A-level and national green data centers, covering 85% of provinces in China, with clients in government, finance, and transportation sectors[63] - The company aims to adhere to the "AI First" strategy in 2026, focusing on enterprise service areas and accelerating towards becoming a world-class provider of enterprise software and AI products[67] - The company has achieved significant breakthroughs in overseas markets, including the commencement of the Algeria medical data center project and the South Africa Sentech OSS project[66] - The company was awarded the highest honor in the TM Forum Open API field, ranking third globally, and was included in the Gartner Magic Quadrant as one of the top 12 BSS solution providers[61] - The company has established a full-stack service system for large equipment manufacturing, discrete manufacturing, and process manufacturing, maintaining the top market share in China's equipment manufacturing MES solutions[65] - The company launched a series of innovative products, including the dynamic dual-cooling prefabricated data center product, addressing core issues in traditional data center cooling products[64] - The company has signed strategic contracts with major clients such as COFCO Group and China Aluminum, deepening cooperation with state-owned enterprises[62] Employee Information - The company has 7,974 employees, with total employee compensation during the reporting period amounting to approximately RMB 2,111,350,000[45] Accounting Standards - The company expects the application of new accounting standards to have no significant impact on its financial position, but it will affect the presentation of consolidated income statements and cash flow statements in the future[15] - The company has not adopted new accounting standards that are effective after January 1, 2026, which may impact future financial reporting[12] - The company anticipates continued evaluation of the impact of new accounting standards on its consolidated financial statements[15]

Financial Performance - The total revenue for the year ended December 31, 2025, was HKD 21,705,000, a decrease of 67.6% compared to HKD 67,071,000 for the year ended December 31, 2024[5]. - The gross loss for the year was HKD 2,891,000, compared to a gross loss of HKD 2,234,000 in the previous year, indicating a worsening in operational performance[5]. - The net loss from continuing operations for the year was HKD 5,157,000, significantly improved from a loss of HKD 35,136,000 in the previous year, reflecting a reduction in losses[5]. - The company reported a total comprehensive loss of HKD 10,755,000 for the year, compared to HKD 34,587,000 in the previous year, showing a decrease in overall losses[6]. - The group reported a loss of approximately HKD 3,347,000 for the year ending December 31, 2025, with a net liability of about HKD 18,034,000[15]. - The net loss attributable to the company's owners from continuing operations for 2025 was HKD (3,347,000), compared to a loss of HKD (37,011,000) in 2024, indicating a significant improvement[23]. - The group recorded a pre-tax loss of approximately HKD 6,000,000 for the year ended December 31, 2025, a decrease of 82.8% from a loss of HKD 35,000,000 in 2024[58]. Assets and Liabilities - The total assets decreased to HKD 15,465,000 from HKD 33,557,000 in the previous year, indicating a significant reduction in asset base[7]. - Current liabilities decreased to HKD 14,475,000 from HKD 33,325,000, reflecting improved liquidity management[8]. - The company’s cash and cash equivalents decreased to HKD 1,905,000 from HKD 3,784,000, indicating a decline in available cash resources[7]. - The company’s equity showed a total loss of HKD 18,034,000, worsening from HKD 15,199,000 in the previous year, indicating increased financial strain[8]. - Current assets slightly exceed current liabilities by approximately HKD 990,000, with cash and cash equivalents at around HKD 1,905,000[15]. - The total borrowings decreased from HKD 22,610,000 in 2024 to HKD 19,374,000 in 2025, reflecting a reduction in financial leverage[31]. - The debt-to-equity ratio rose to approximately 225.2% as of December 31, 2025, from 173.1% as of December 31, 2024, primarily due to losses incurred during the year[64]. Revenue Segments - The group has three reportable segments: sewing thread production and sales, interior design and decoration, and horse services[17][18]. - Reportable segment revenue for sewing thread production was HKD 1,226,000, for interior design was HKD 20,404,000, and for horse services was HKD 75,000, totaling HKD 21,705,000 for the year ending December 31, 2025[18]. - Revenue from the sewing thread production and trading segment decreased to approximately HKD 1,226,000 for the year ended December 31, 2025, down 84.7% from HKD 8,035,000 in 2024[44]. - Revenue from the interior design and renovation segment decreased to approximately HKD 20,404,000 for the year ended December 31, 2025, down 61.1% from HKD 52,517,000 in 2024[46]. - Revenue from the horse services segment decreased to approximately HKD 75,000 for the year ended December 31, 2025, down 98.8% from HKD 6,519,000 in 2024[47]. Operational Changes - The company has terminated its operations in providing securities, corporate finance consulting, and asset management services in Hong Kong, reallocating resources to other business segments[9]. - The company will sell its financial and asset management services division to an independent third party on March 20, 2026, as part of its strategic review[80]. - The group has terminated its operations in securities advisory, corporate finance advisory, and asset management services, reallocating resources to other business areas[42]. Cash Flow and Management - The group is actively seeking revenue-generating initiatives alongside cost-cutting measures to improve cash flow and profitability[15]. - The company has adopted a prudent treasury policy to manage liquidity risks and ensure that its cash flow structure meets funding needs[71]. - The group has cash and cash equivalents of approximately HKD 1,905,000 as of December 31, 2025, raising concerns about its ability to continue as a going concern[40]. Shareholder Information - Major shareholders include Three Gates Investment, holding 120,000,000 shares (24.44% of issued share capital), and several other entities each holding 80,000,000 shares (16.30%)[88][90]. - The company's issued ordinary share capital amounts to HKD 24,547,093, divided into 490,941,860 shares with a par value of HKD 0.05 each[91]. - The number of share options available for grant under the share option scheme is 40,914,186 shares, representing 8.3% of the company's issued shares (excluding treasury shares) as of January 1, 2025, and December 31, 2025[96]. Compliance and Governance - The company has complied with the GEM Listing Rules and corporate governance code applicable as of December 31, 2025, ensuring accountability to shareholders[92]. - The audit committee, consisting of three independent non-executive directors, has reviewed the financial results for the year ending December 31, 2025[102]. - The independent auditor has verified that the financial figures in the preliminary announcement are consistent with the audited consolidated financial statements for the year ending December 31, 2025[104]. Strategic Initiatives - The management team has a strong track record in executing strategic measures and adapting to market changes, instilling confidence in the board regarding the recovery plan[16]. - The company plans to expand its interior design, renovation, and decoration services, expecting this segment to become its main business by 2026, with increased resource allocation for high-margin clients[80]. - The company has established a systematic stakeholder communication mechanism to respond to stakeholder demands effectively[78]. - The board will continuously review existing operations to enhance financial performance and seek suitable investment and divestment opportunities[80].

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 233.27 million, a decrease of 22% compared to RMB 299.11 million in 2024[3] - Gross profit for the same period was RMB 123.61 million, down from RMB 136.22 million in 2024, reflecting a gross margin improvement despite revenue decline[3] - The operating loss narrowed to RMB 214.08 million from RMB 230.97 million year-on-year, indicating improved cost management[3] - The net asset value decreased to RMB 934.67 million from RMB 1,141.82 million in 2024, reflecting the impact of operational losses[3] - The company reported a total comprehensive loss of RMB 208.40 million for 2025, an improvement from RMB 256.29 million in 2024[54] - The company reported a significant increase in depreciation and amortization expenses to RMB 48,362,000 in 2025 from RMB 35,777,000 in 2024, an increase of 35.1%[75] - The company reported a total loss before tax of RMB 227,193,000 in 2025, compared to a loss of RMB 240,337,000 in 2024, showing an improvement of 5.4%[70] - The basic loss per share for 2025 was RMB 223,455,000, compared to RMB 237,029,000 in 2024, showing a decrease of about 6%[81] Product Development and Innovation - The company achieved significant progress in product registration and localization, with the Geri® embryo incubator receiving key registration in China, facilitating market entry[5] - The Gems® product line achieved critical registration breakthroughs in China, enhancing the revenue potential for embryo culture media[5] - The new generation PGT-A kit has received Class III medical device registration from the National Medical Products Administration, marking a key step in the integration of "reagents + instruments + software" for domestic production[13] - The PGT-M kit is part of the national key research and development plan and is designed to detect single-gene genetic defects, covering common diseases such as thalassemia and hereditary tumors[17] - The PGT-SR kit utilizes proprietary ReTSeq technology for targeted capture sequencing of key genomic regions, aiming to provide a standardized and scalable clinical solution[18] - The company has completed clinical trials for the PGT-M kit and anticipates obtaining registration approval from the National Medical Products Administration by 2026[17] - The company has registered 168 patents and 134 trademarks in China as of December 31, 2025, indicating a strong intellectual property portfolio[38] Strategic Focus and Market Expansion - The company is focusing on three strategic areas: strengthening genetic testing, developing embryo business as a core growth engine, and enhancing platform products like cryopreservation and male testing[6] - The company aims to transition from a "platform layout phase" to a "platform realization phase," enhancing its global competitiveness in assisted reproductive technology[7] - Cash flow and profit contributions are expected to improve as the embryo business line enters a growth phase, supported by genetic testing as a cash flow base[7] - Market expansion efforts are underway, with plans to enter F new markets by the end of the fiscal year[8] - Future strategies include solidifying the market leadership in genetic testing, accelerating the commercialization of the embryo business in China, and enhancing local manufacturing capabilities to improve delivery efficiency and cost control[48][49] - The company plans to focus on high-quality growth in overseas markets, leveraging existing brand and installation bases to penetrate key regions with high customer foundations and commercial efficiency[51] Customer Engagement and Satisfaction - Customer satisfaction ratings improved, with a score of G%, reflecting the effectiveness of recent service enhancements[8] - The company aims to enhance customer value rather than just increasing the number of hospitals, focusing on improving output and revenue quality from existing clients[40] - The overall commercialization focus in China has shifted to enhancing single customer value, promoting collaborative introduction of genetic, embryo, and other products within the same customer base[41] Cost Management and Efficiency - The company has implemented cost-cutting measures, aiming to reduce expenses by H% over the next year[8] - Research and development expenses decreased to RMB 106.42 million in 2025 from RMB 135.26 million in 2024, reflecting a focus on efficiency[53] - Administrative expenses decreased by 26.2% from RMB 164.7 million in 2024 to RMB 121.5 million in 2025, attributed to optimized management structure and improved resource integration[102] Future Outlook - Future outlook remains positive, with management expressing confidence in achieving long-term growth targets[8] - The company expects revenue growth of 10-12% for the next quarter, with a projected revenue of $1.65 billion[9] - The company plans to implement a new digital marketing strategy, aiming for a 30% increase in online sales[9] - The company aims to increase its production capacity by 40% to meet rising demand for its core products[150]

Financial Performance - For the fiscal year ending December 31, 2025, the company achieved a revenue of RMB 42,124.8 million, a year-on-year decline of 9.2%[11] - The net profit attributable to shareholders for the same period was RMB 585.1 million, reflecting a year-on-year growth of 16.8%[11] - In 2025, the company's revenue reached RMB 42.12 billion, a decrease of 9.8% compared to RMB 46.38 billion in 2024[17] - The gross profit for 2025 was RMB 3.59 billion, resulting in a gross margin of 8.5%, up from 5.8% in 2024[17] - The smartphone business generated revenue of 28.9347 billion yuan, down 19.9% year-on-year, with total shipments of 152 million units in 2025[30] - The tablet business reported revenue of 4.1526 billion yuan, a year-on-year growth of 12.3%, with shipments exceeding 11 million units[31] - The AIoT and other products business achieved revenue of 7.8689 billion yuan, reflecting a significant year-on-year growth of 41.2%[32] - The company's gross profit for the reporting period increased by 32.7% to RMB 3,592.3 million, with a gross margin of 8.5%, up 2.7 percentage points from 5.8% in 2024[63] - The sales cost decreased by 11.8% to RMB 38,532.5 million from RMB 43,676.1 million in 2024, aligning with the overall revenue trend[61] - Other income and gains for the year ended December 31, 2025, amounted to RMB 647.5 million, an increase of 11.9% from RMB 578.6 million in 2024, primarily due to a net increase of RMB 104.4 million in fair value changes of investments[66] Market Position and Strategy - The company shipped over 150 million smartphones in 2025, maintaining its market leadership despite external challenges such as tariff fluctuations and supply chain disruptions[10] - The company is actively expanding its global presence, particularly in North America, Europe, and Japan, with significant deliveries of smart glasses and AI PCs to top global clients[10] - The company plans to focus on breakthroughs in core AI hardware technologies and deepen application innovations to build competitive advantages in the evolving market[14] - The company aims to enhance strategic execution and accelerate the implementation of its strategies to achieve higher quality and more sustainable development[14] - The company is focusing on a "1+2+X" product strategy, where "1" represents the smartphone business, "2" includes personal computing and automotive electronics, and "X" encompasses other categories like tablets and wearables[46] - The company is committed to enhancing its manufacturing capabilities and efficiency in domestic production bases while promoting successful experiences to its factories in Vietnam and India[51] - The company is investing in new technologies and products through its 2111 laboratory, focusing on future-oriented technologies and driving AI applications in R&D, manufacturing, and digital operations[52] ESG and Corporate Governance - The company’s ESG rating in 2025 ranked first in the telecommunications equipment sector (AA rating) among 129 companies, reflecting its commitment to environmental and social governance[12] - The company is committed to integrating ESG principles into its governance and management processes, enhancing energy efficiency and resource recycling across all manufacturing bases[12] - The company emphasizes the importance of environmental protection and has not identified any significant violations of relevant laws and regulations related to its business[131] - The company has integrated ESG considerations into its business strategy and daily decision-making processes to create long-term value for stakeholders[131] - The company expects to incur environmental expenditures aligned with anticipated business growth and changing regulatory environments[131] - The overall corporate governance is led by the founder and chairman, ensuring compliance and strategic direction[106] Research and Development - The company has over 5,000 R&D and technical team members, with manufacturing centers located in Huizhou and Nanchang, and overseas centers in Vietnam and India[19] - The AI PC product line has achieved full-platform design and mass production, securing orders from several major global clients[28] - The company is enhancing its capabilities in AI technology and smart terminal integration to create greater value for shareholders[28] - The company is focusing on enhancing its core technologies in wireless communication, audio, and AI applications to drive innovation across various product categories[37] - The company is investing in the development of AI glasses and wearable technology, aiming to enhance production capabilities and prepare for future product iterations and customer expansion[55] Risks and Challenges - The company faces risks related to macroeconomic fluctuations and the cyclical nature of the consumer electronics industry, which may adversely affect its business and financial performance[139] - Potential adverse impacts from a decline in the ODM market for smart devices due to macroeconomic fluctuations and increasing technical requirements from brand owners[140] - The company relies heavily on a few major customers for revenue, and a loss or significant reduction in income from these customers could have a substantial negative impact on its performance[141] - The company’s international market expansion may be adversely affected by legal, regulatory, political, and economic risks[147] - The company’s financial performance may be impacted by fluctuations in foreign exchange rates and potential changes in tax rates or laws[144] Shareholder and Dividend Information - The company has adopted a dividend policy that ensures sufficient cash reserves to meet operational needs and future growth while considering factors such as operating performance and market conditions[134] - The board proposed a profit distribution plan for 2025, recommending a dividend of RMB 5 per 10 shares, totaling approximately RMB 260,680,353.5 (including tax) based on 522,590,644 shares issued[136] - The proposed dividend for 2024 was RMB 228,798,303.5 (including tax), indicating a year-on-year increase of approximately 13.5%[136] - No shareholders have waived or agreed to waive any dividends as of the report date[137] Employee and Management Information - The management team includes experienced professionals with over 20 years in consumer electronics and business management[106][107][108] - The company has a strong focus on internal control and risk management, with a dedicated team overseeing compliance[110] - The independent directors bring extensive experience in engineering and financial management to the board[111][113][115] - The company has a strong management team with over 20 years of experience in sales, marketing, and technology innovation, contributing to its operational success[124][119][121] Capital and Investment Activities - The company plans to allocate approximately HKD 451.7 million from its H-share listing proceeds for the expansion of its manufacturing center in mainland China[99] - The company is committed to strategic investments and risk assessment to enhance its market position[108] - The company plans to pursue strategic investments or acquisitions selectively, focusing on core customer expansion and product technology development in line with AI trends[52]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue of RMB 3,171.0 million, representing a year-on-year growth of 31.6%[6] - Gross profit reached RMB 1,125.0 million, with a gross margin of 46.6%, an increase from the previous year[9] - The adjusted net profit (non-IFRS measure) was approximately RMB 43.8 million, a significant improvement from a loss of RMB 92.2 million in 2024, marking a historical turnaround[9] - The company achieved a net cash inflow from operating activities of RMB 85.7 million, a substantial improvement from a net outflow of RMB 108.1 million in 2024[9] - The company's revenue increased by approximately 31.6% from RMB 2,409.0 million in 2024 to RMB 3,171.0 million in 2025[20] - Gross profit rose from RMB 837.2 million in 2024 to RMB 1,125.0 million in 2025, with a gross margin improvement from 34.8% to 35.5%[27] - Operating losses narrowed significantly from RMB 127.6 million for the year ending December 31, 2024, to RMB 28.8 million for the year ending December 31, 2025, reflecting improved operational efficiency and cost control[33] - The company’s net loss decreased from RMB 831.5 million for the year ending December 31, 2024, to RMB 10.4 million for the year ending December 31, 2025, attributed to business expansion and effective cost management[38] - Adjusted net profit (loss) improved from a loss of RMB 92.2 million for the year ending December 31, 2024, to a profit of RMB 43.8 million for the year ending December 31, 2025, due to scale effects and cost control[39] Market Expansion - New orders signed in 2025 amounted to RMB 4.137 billion, a 31.7% increase year-on-year, with nearly 80% of these orders coming from outside mainland China[10] - The company maintained a leading global market share of 23% in the warehousing fulfillment robot market, surpassing the combined market share of its second and third competitors[12] - The company’s revenue from regions outside mainland China reached RMB 2,387.1 million, accounting for 75.3% of total revenue[9] - The company’s strategic expansion into emerging markets, including Latin America and Eastern Europe, has resulted in significant new orders, enhancing growth momentum[10] Technological Development - The company has established a new subsidiary focused on embodied intelligence, expanding its technological boundaries[13] - The company launched the world's first Geek+ Brain embodied intelligence base model in August, enhancing core technology support for warehouse scene upgrades[15] - The introduction of the unmanned picking workstation in October addressed industry challenges in high-efficiency and precise picking of massive SKUs[15] - Research and development expenses increased from approximately RMB 282.0 million in 2024 to RMB 335.1 million in 2025, reflecting a focus on new technologies such as embodied intelligence[28] Financial Position - Cash and cash equivalents, along with time deposits, totaled RMB 3,155.4 million as of December 31, 2025, an increase of approximately RMB 2,419.4 million from RMB 736.0 million as of December 31, 2024, primarily due to positive cash flow from operations and funds raised from the IPO[45] - The debt-to-equity ratio as of December 31, 2025, was 40.4%, significantly reduced from 295.0% as of December 31, 2024, reflecting a healthier financial position[59] - Total equity increased to RMB 3,407.7 million as of December 31, 2025, compared to RMB -6,248.8 million as of December 31, 2024, mainly due to the initial public offering[55] - The company has no significant investments or acquisitions during the reporting period, maintaining a conservative financial strategy[51][52] Operational Efficiency - The company aims to deepen its global market layout, enhancing operational efficiency and focusing on local sales and service teams[17] - Sales and marketing expenses increased from approximately RMB 445.6 million for the year ending December 31, 2024, to approximately RMB 538.5 million for the year ending December 31, 2025, driven by investments in overseas business expansion[29] - Administrative expenses rose from approximately RMB 220.3 million for the year ending December 31, 2024, to approximately RMB 270.6 million for the year ending December 31, 2025, primarily due to increased personnel costs and professional service fees related to the Hong Kong IPO[30] Corporate Governance - The company has adopted strict corporate governance standards and has complied with applicable codes since its listing date[102] - The audit committee has reviewed the audited consolidated financial statements for the year ending December 31, 2025, and believes they are prepared in accordance with applicable accounting standards and fairly present the financial position and performance of the group[107] - The figures related to the consolidated financial position and performance for the year ending December 31, 2025, have been agreed upon by the group's auditor, KPMG, and are consistent with the amounts reported in the consolidated financial statements[108] Shareholder Matters - The annual general meeting is scheduled for May 26, 2026, to discuss shareholder matters[105] - The company did not declare any dividends for the year ending December 31, 2025, consistent with the previous year[98] - The company has decided not to declare a final dividend for the year ending December 31, 2025, and similarly, no final dividend will be declared for the year ending December 31, 2024[109]

Financial Performance - For the year ending December 31, 2025, the group recorded a revenue of approximately RMB 3.925 billion, a decrease of about 12.5% compared to RMB 4.484 billion in the same period last year[4]. - The group achieved a profit of approximately RMB 691.3 million, with the attributable profit to the company amounting to RMB 281.4 million, marking a turnaround from a loss of RMB 551.4 million in the previous year[3][4]. - Operating cash flow increased by approximately RMB 156 million year-on-year, totaling about RMB 709 million, which effectively supports the group's capital expenditures and ongoing project investments[6]. - The group's gross profit margin improved from approximately 16.8% in the previous year to about 17.0% during the reporting period, driven by enhanced margins in clean energy EPC, green building, and glass curtain wall businesses[6]. - Interest expenses decreased by RMB 35.66 million, with financing costs expected to further decline in 2026 due to enhanced capital management[7]. - The group recorded revenue of approximately RMB 3.925 billion, a decrease of about 12.5% compared to the same period last year[39]. - The net profit for the year was RMB 69.1 million, significantly up from RMB 17.3 million in 2024, marking an increase of approximately 299.4%[59]. - The company reported a basic and diluted earnings per share of RMB 0.011 for 2025, compared to a loss per share of RMB 0.022 in 2024[60]. Business Strategy and Development - The group plans to deepen its AI digital transformation and explore the construction of an industrial internet platform in 2026, focusing on data-driven manufacturing capabilities[3]. - The group is actively shifting its strategy in the glass curtain wall business from "scale expansion" to "profit quality," focusing on selective projects[5]. - The group is focusing on three core areas: wind power, photovoltaics, and energy storage, to strengthen its market position and operational efficiency[13]. - The group aims to strengthen its overseas clean energy business and high-end glass curtain wall business, enhancing the proportion of overseas business in overall performance[25]. - The group plans to accelerate the implementation of major clean energy projects in emerging markets such as Southeast Asia, Central Asia, and Africa, leveraging a dual-engine strategy of "technology customization + local deep cultivation"[26]. - The group is exploring a closed-loop model of "development - construction - grid connection - transfer" to accelerate capital turnover and control the proportion and cycle of self-owned power stations[30]. Market and Industry Trends - The group experienced a significant reduction in new energy EPC business due to unclear provincial electricity pricing policies following the implementation of new reforms in January 2025[5]. - The total installed capacity of wind and photovoltaic power in China reached 1.84 billion kilowatts by 2025, accounting for 47% of total power generation capacity, surpassing thermal power for the first time[9]. - By 2030, the government aims to establish a multi-level consumption control system, supporting over 200 million kilowatts of new energy consumption annually, primarily from renewable sources[11]. - The energy storage project has achieved a significant breakthrough, transitioning from a cost component of renewable energy generation to an independent market entity, with a focus on expanding energy storage EPC business[17]. Operational Efficiency and Cost Management - The group has implemented a market-oriented pricing system to replace fixed pricing, aiming to stabilize investment returns and improve the purchasing electricity system[10]. - The group will focus on optimizing asset quality and structure, transitioning from passive asset holding to active management of asset value[28]. - The group aims to reduce financing costs by issuing RMB 2.5 billion bonds by 2025, which is expected to save approximately RMB 20 million in financing costs in 2026[31]. - The group will prioritize projects with favorable payment conditions and clear connection networks to minimize non-technical costs in power station investments[29]. - The group has established a new trading model centered on professional trading management, effectively responding to external uncertainties and ensuring stable business growth[22]. Research and Development - The group has successfully developed high-performance wide-temperature liquid crystal smart film products, achieving recognition as a high-tech product in Guangdong Province for 2025[24]. - The new materials segment aims to enhance product performance, quality, and added value, focusing on high-value applications in automotive, construction, and consumer electronics sectors[37]. - The new materials segment has obtained 14 invention patents during the reporting period, bringing the total to 118 effective patents, and has participated in the compilation of 3 national standards[38]. - The group plans to continue researching advanced technologies such as PDLC and EC to expand the application boundaries of smart light control products by 2026[38]. Financial Position and Assets - As of December 31, 2025, the company had outstanding bank and other loans of approximately RMB 8.87 billion, with an effective interest rate ranging from 2.8% to 6.8%[51]. - Total assets increased to RMB 24,906,332 thousand in 2025, up from RMB 22,805,882 thousand in 2024, representing an increase of approximately 9.2%[61]. - Total liabilities rose to RMB 19,276,957 thousand in 2025, compared to RMB 17,502,133 thousand in 2024, indicating an increase of approximately 10.1%[62]. - The company's cash and cash equivalents decreased to RMB 297,931 thousand in 2025 from RMB 823,022 thousand in 2024, a decline of about 63.8%[61]. - The company reported a significant decrease in contract assets, which fell to RMB 1,913,519 thousand in 2025 from RMB 3,752,897 thousand in 2024, a decrease of approximately 48.9%[61]. Corporate Governance and Compliance - The company has adopted good corporate governance elements to ensure effective accountability within its management structure[90]. - The company has established an audit committee to oversee the financial reporting process and internal control procedures[92]. - The company did not buy, sell, or redeem any of its listed securities during the reporting period[93]. - The financial statements for the year ending December 31, 2025, are consistent with the audited consolidated financial statements[94].

Financial Performance - The revenue for the reporting period was RMB 930.8 million, an increase of 3.0% compared to 2024[5] - Gross profit for the reporting period was RMB 127.6 million, a slight decrease of 0.2% compared to 2024[5] - The gross profit margin increased by 0.5 percentage points to 13.7% during the reporting period[5] - Profit for the reporting period was RMB 46.3 million, an increase of 1.9% compared to 2024[5] - Basic earnings per share for the reporting period was RMB 0.16, an increase of 6.7% compared to 2024[5] - The group reported a pre-tax profit of RMB 46,324,000 for 2025, compared to RMB 45,558,000 in 2024, indicating a slight increase of 1.7%[38] - Basic and diluted earnings per share for 2025 were RMB 0.16, up from RMB 0.15 in 2024, representing a growth of 6.7%[38] - Net profit increased by RMB 0.8 million or 1.8% to RMB 46.3 million, maintaining a stable net profit margin of 5.0%[65] Assets and Liabilities - Total assets less current liabilities amounted to RMB 477.6 million, compared to RMB 443.4 million in 2024[8] - Non-current liabilities decreased slightly to RMB 89.4 million from RMB 90.0 million in 2024[8] - Cash and cash equivalents decreased to RMB 83.2 million from RMB 166.8 million in 2024[7] - The company’s total equity increased to RMB 388.3 million from RMB 353.3 million in 2024[8] - Trade receivables amounted to RMB 272.4 million as of December 31, 2025, an increase from RMB 258.9 million in 2024, with a provision for impairment of RMB 3.5 million[10] - The aging analysis of trade receivables shows that RMB 233.5 million is due within one year, a decrease from RMB 241.7 million in 2024[42] - The group’s trade payables totaled RMB 82.5 million as of December 31, 2025, down from RMB 85.2 million in 2024[43] - Total interest-bearing bank loans and other borrowings increased from RMB 109.3 million on December 31, 2024, to RMB 157.4 million on December 31, 2025[73] Revenue Segmentation - The property management services segment generated revenue of RMB 874,571,000, accounting for approximately 94% of total segment revenue[21] - The investment property leasing segment reported a loss of RMB 353,000, while the overall segment performance yielded a profit of RMB 48,487,000[21] - The property engineering and landscaping services segment achieved a profit of RMB 1,208,000, contributing to a total segment profit of RMB 52,755,000[22] - Property management services generated RMB 874.6 million, accounting for 94.0% of total revenue, with a growth of 3.9% from RMB 841.8 million in 2024[50] - Revenue from property engineering and landscaping services was RMB 34.2 million, accounting for 3.7% of total revenue, with a decrease attributed to the completion of several large projects[52] - The group’s revenue from property investment leasing services decreased by 28.8% to RMB 14.9 million, down from RMB 21.0 million in 2024[50] Expenses and Costs - Total other income decreased to RMB 5,743,000 in 2025 from RMB 6,430,000 in 2024, a decline of 10.7%[31] - The group’s financial costs increased to RMB 8,744,000 in 2025 from RMB 8,359,000 in 2024, an increase of 4.6%[32] - The group’s total expenses for services provided amounted to RMB 485,015,000 in 2025, significantly higher than RMB 313,091,000 in 2024, reflecting an increase of 55%[33] - Total service costs increased by RMB 27.3 million or 3.5% to RMB 803.1 million, aligning with the revenue increase from property management services[53] - Administrative expenses increased by RMB 5.0 million or 6.8% to RMB 78.4 million, primarily due to higher depreciation expenses[61] Cash Flow and Investments - The net cash used in operating activities was RMB 86.3 million, primarily due to capital investment prepayments of RMB 95 million[79] - The net cash used in investing activities was RMB 8.2 million, mainly due to purchases of property and equipment[79] - The net cash generated from financing activities was RMB 10.9 million, primarily from new interest-bearing borrowings[79] Strategic Plans and Market Position - The group plans to expand into key cities through mergers and acquisitions, strategic partnerships, and competitive bidding, leveraging ongoing economic growth and urbanization in China[46] - The company aims to enhance its market position and reputation by prioritizing the development of value-added services[46] Corporate Governance and Compliance - The audit committee has been established to review and supervise the company's financial reporting and internal controls, ensuring compliance with listing rules[94] - The company’s financial statements for the year ending December 31, 2025, have been audited and confirmed to be consistent with the consolidated financial statements[95] - The annual general meeting is scheduled for June 3, 2026, with relevant notices to be issued in accordance with listing rules[97] - The company will suspend share transfer registration from May 29, 2026, to June 3, 2026, to determine eligible shareholders for voting at the annual general meeting[98] Dividend Policy - The company does not recommend the payment of any final dividend for the reporting period[5] - The board does not recommend the payment of any final dividend for the reporting period[83] - The company declared a special dividend of HKD 0.05 per share for 2025, totaling approximately RMB 13,548,000, down from RMB 35,629,000 in 2024[37]

Financial Performance - The total revenue for the fiscal year ending December 31, 2025, is HKD 1,775,748,000, representing an increase of 7.2% from HKD 1,656,773,000 in 2024[4] - Gross profit decreased to HKD 593,538,000 in 2025, down 4.2% from HKD 619,687,000 in 2024[4] - Operating profit for 2025 was HKD 168,212,000, a decline of 16.7% compared to HKD 201,875,000 in 2024[4] - Net profit for the year was HKD 144,264,000, down 19.6% from HKD 179,507,000 in the previous year[4] - Basic and diluted earnings per share decreased to HKD 0.064 in 2025 from HKD 0.080 in 2024, reflecting a 20% decline[4] - The total comprehensive income for the year was HKD 220,500,000, significantly higher than HKD 119,245,000 in 2024, reflecting improved overall performance despite net profit decline[5] - The group reported total revenue of HKD 1,775,748,000 for 2025, an increase from HKD 1,656,773,000 in 2024, representing a growth of approximately 7.2%[25] - The group’s total segment profit for 2025 was HKD 593,538,000, compared to HKD 619,687,000 in 2024, indicating a decline of approximately 4.2%[24] Revenue Breakdown - Revenue from smart passenger information services decreased from HKD 765,707,000 in 2024 to HKD 734,436,000 in 2025, a decline of approximately 4.1%[16] - Revenue from digital city rail services dropped significantly from HKD 688,563,000 in 2024 to HKD 515,589,000 in 2025, a decrease of around 25.2%[16] - Revenue from innovative development increased from HKD 321,478,000 in 2024 to HKD 406,748,000 in 2025, marking an increase of approximately 26.5%[16] - Revenue from the Smart Passenger Information Services segment was HKD 785,340,000 in 2025, compared to HKD 740,501,000 in 2024, reflecting an increase of about 6.1%[22][23] - The Digital City Rail Services segment generated revenue of approximately HKD 688.6 million, reflecting a significant increase of about HKD 173.0 million or 33.5% year-on-year[49] - The Innovative Development segment reported revenue of approximately HKD 321.5 million, a decrease of about HKD 85.3 million or 21.0% year-on-year[50] Expenses and Liabilities - Research and development expenses increased to HKD 166,703,000 in 2025, up from HKD 159,599,000 in 2024, indicating a focus on innovation[4] - Current liabilities increased to HKD 1,748,096,000 in 2025 from HKD 1,575,788,000 in 2024, indicating a rise in short-term obligations[6] - Non-current liabilities decreased from HKD 316,385,000 in 2024 to HKD 222,479,000 in 2025, representing a reduction of approximately 29.6%[7] - The total cost of inventory for 2025 was HKD 859,878,000, compared to HKD 687,237,000 in 2024, indicating a significant increase[27] - The financing costs increased to HKD 12,333,000 in 2025 from HKD 9,884,000 in 2024, representing a rise of approximately 24.7%[24][26] Assets and Equity - Total assets as of December 31, 2025, amounted to HKD 3,533,909,000, compared to HKD 3,233,160,000 in 2024, showing growth in asset base[6] - The total equity attributable to equity shareholders increased from HKD 2,775,601,000 in 2024 to HKD 2,930,091,000 in 2025, representing a growth of approximately 5.6%[7] - Trade receivables amounted to HKD 705,925,000 in 2025, down from HKD 1,031,338,000 in 2024, while notes receivable increased to HKD 481,918,000 from HKD 230,281,000[34] Strategic Focus and Market Presence - The company plans to enhance its strategic focus on smart infrastructure and integrate resources from its international business platform to form an innovative development division[46] - The company expanded its market presence, covering 65 cities in mainland China and 32 cities across 21 countries and regions overseas[47] - The overseas market is becoming a key strategic direction for growth, with ongoing projects like the China-Kyrgyzstan-Uzbekistan railway and others enhancing global competitiveness[87] - The company is focusing on expanding its overseas business model from equipment export to technology standard export and lifecycle services[87] Research and Development - The group focused on research and innovation, achieving significant results in research projects and enhancing its intellectual property reserves, particularly in artificial intelligence technology systems[81] - The R&D investment for the year was approximately HKD 166.7 million, representing a year-on-year increase of about 4.5%[85] - The company obtained 21 new patents during the period, bringing the total to 169 effective patents[85] - The company advanced 26 product development projects throughout the year, with 12 projects completed and verified[82] Corporate Governance and Compliance - The audit committee held five meetings in the fiscal year 2025, reviewing significant financial performance and compliance issues[93] - The company has adopted corporate governance principles and believes it has complied with these principles in the fiscal year 2025[97] - There were no significant events other than the final dividend as of the announcement date[90] Dividend and Shareholder Information - The board recommends a final dividend of HKD 0.02 per share for the fiscal year 2025, down from HKD 0.024 per share in fiscal year 2024[99] - The proposed final dividend is subject to approval at the annual general meeting on June 18, 2026[99] - The final dividend is expected to be paid on or before September 18, 2026[99] - Shareholders must submit transfer documents by June 12, 2026, to be eligible to vote at the annual general meeting[100]