Financial Performance - Revenue for the year ended December 31, 2025, decreased by 39.5% to RMB 218.7 million from RMB 361.3 million in 2024[3] - Total loss for the year ended December 31, 2025, reduced to RMB 70.4 million from a loss of RMB 293.3 million in 2024, a decrease in loss of RMB 222.9 million[4] - Net loss attributable to owners of the parent decreased to RMB 91.0 million from RMB 307.5 million in 2024, a reduction of RMB 216.5 million[4] - Basic and diluted loss per share for the year ended December 31, 2025, was RMB 0.69, reflecting the issuance of 24 million H-shares during 2025[4] - Net profit for the year was a loss of RMB 91.62 million, compared to a loss of RMB 308.59 million in the previous year, indicating an improvement in financial performance[8] - Basic and diluted earnings per share were both -0.69 yuan, an improvement from -2.44 yuan in the previous year[9] - Total profit improved from a loss of RMB 293.3 million in fiscal year 2024 to a loss of RMB 70.4 million in fiscal year 2025, mainly due to a significant reduction in asset impairment losses and effective cost control measures[64] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 1,258.1 million, down from RMB 1,371.6 million at the end of the previous year[5] - Total liabilities decreased to RMB 624.5 million from RMB 698.8 million in the previous year[6] - Shareholders' equity attributable to the parent company decreased to RMB 633.8 million from RMB 671.9 million[7] - As of December 31, 2025, the company had interest-bearing liabilities totaling RMB 380.28 million, with 27 frozen bank accounts and frozen funds of RMB 23.06 million[14] - The capital debt ratio decreased from 32.7% as of December 31, 2024, to 31.3% as of December 31, 2025, due to a reduction in both borrowings and total capital[72] Cash Flow and Financial Management - The company reported a net cash flow from operating activities of -RMB 9.17 million, indicating ongoing cash flow challenges[14] - Cash and cash equivalents increased to RMB 77.0 million from RMB 74.4 million in the previous year[5] - Cash and cash equivalents decreased from RMB 65.4 million as of December 31, 2024, to RMB 53.9 million as of December 31, 2025, primarily due to restrictions on cash usage from pending litigation[70] - The company has implemented measures to improve financial conditions, including issuing new shares for equity financing and focusing on cost reduction and efficiency improvements[14] Revenue Sources and Market Performance - The decline in revenue was primarily due to a slow recovery in the consumer market, with offline physical stores facing significant operational challenges, particularly a 66.9% drop in revenue from offline distributors[41] - Revenue from the 1966 product line was RMB 120.0 million, accounting for 54.9% of total revenue, but saw a decline of 47.3% compared to the previous fiscal year[44] - The company’s online sales revenue was RMB 55.2 million, down 30.3% year-on-year, while promotional and service expenses decreased by 59.8% to RMB 15.1 million[48] - Sales to distributors amounted to RMB 60.0 million, a significant decline of 66.86% compared to the previous fiscal year, reflecting the impact of weak end-consumer demand[47] - Large customer channels generated RMB 66.3 million in sales, representing a growth of 9.97% compared to the previous year[47] Cost Management and Operational Efficiency - Total operating costs decreased to RMB 104.21 million from RMB 161.79 million, reflecting a significant reduction in operating expenses[8] - The company implemented cost-cutting measures, resulting in a 35.6% reduction in operating costs and a 48.5% decrease in selling expenses in fiscal year 2025[40] - Management expenses for fiscal year 2025 were RMB 67.3 million, down RMB 10.5 million or 13.5% from RMB 77.8 million in fiscal year 2024, attributed to ongoing cost control and optimization of personnel structure[58] Strategic Initiatives and Future Outlook - The company is focusing on diversifying revenue channels to enhance cash flow and improve operational results[14] - Management believes that the gradual implementation of these measures will likely improve the company's financial status and operational results[15] - The company aims to leverage its unique tea culture heritage, with the "Pu'er Jingmai Mountain Ancient Tea Forest Cultural Landscape" listed as a UNESCO World Heritage site[39] - The strategic transformation includes focusing on specialized retail stores and a dual-brand operation to enhance consumer experience and brand reach[51] - The company is optimistic about the long-term growth of the Pu-erh tea and Chinese tea market, despite challenges such as market volatility and high costs[50] Compliance and Governance - The audit committee has been established in compliance with listing rules, consisting of three independent non-executive directors[92] - The financial statements have been prepared in accordance with Chinese accounting standards and fairly reflect the company's financial position as of December 31, 2025[95] - The independent auditor's report confirms that the financial statements do not contain any material misstatements[94] - The company is required to send the annual report to shareholders upon request and will publish it on the designated websites[97]

Financial Performance - For the fiscal year ending December 31, 2025, the company's revenue was approximately RMB 784.8 million, an increase of about RMB 58.5 million or 8.1% compared to RMB 726.3 million for the fiscal year ending December 31, 2024[3]. - The gross profit for the fiscal year ending December 31, 2025, was approximately RMB 562.4 million, an increase of about RMB 19.7 million or 3.6% compared to RMB 542.7 million for the fiscal year ending December 31, 2024[5]. - The company reported a profit before tax of RMB 7.1 million for the fiscal year ending December 31, 2025, a significant decrease from RMB 73.2 million for the fiscal year ending December 31, 2024[8]. - The total comprehensive income for the fiscal year ending December 31, 2025, was RMB 6.9 million, down from RMB 73.1 million for the fiscal year ending December 31, 2024[8]. - The net profit for the year ended December 31, 2025, was RMB 7.1 million, a significant decrease from RMB 73.2 million for the year ended December 31, 2024[125]. - Other income and gains totaled approximately RMB 15.5 million for the year ended December 31, 2025, a significant decrease from RMB 45.1 million in 2024[118]. Cost and Expenses - The cost of sales increased from RMB 183.7 million for the fiscal year ending December 31, 2024, to approximately RMB 222.4 million for the fiscal year ending December 31, 2025, representing about 28.3% of total revenue for the same year (2024: 25.3%) [4]. - Sales and distribution expenses rose to RMB 340.9 million for the fiscal year ending December 31, 2025, up from RMB 285.8 million for the fiscal year ending December 31, 2024, marking a 19.3% increase[6]. - Research and development expenses for the fiscal year ending December 31, 2025, were approximately RMB 147.6 million, a decrease of about RMB 1.7 million compared to RMB 149.3 million for the fiscal year ending December 31, 2024[7]. - Financial costs totaled RMB 38,658 thousand in 2025, up from RMB 32,651 thousand in 2024, marking an increase of 18.4%[30]. - Administrative expenses decreased from RMB 46.5 million for the year ended December 31, 2024, to RMB 41.2 million for the year ended December 31, 2025, due to improved management measures[120]. Assets and Liabilities - Non-current assets increased to RMB 2,112,330 thousand in 2025 from RMB 1,895,008 thousand in 2024, representing an increase of approximately 11.5%[9]. - Current assets rose significantly to RMB 2,013,310 thousand in 2025, up from RMB 956,280 thousand in 2024, marking an increase of approximately 110.9%[9]. - Total liabilities decreased to RMB 1,385,753 thousand in 2025 from RMB 1,297,250 thousand in 2024, a reduction of about 6.8%[10]. - Net assets increased to RMB 2,739,887 thousand in 2025, compared to RMB 1,644,038 thousand in 2024, reflecting a growth of approximately 66.6%[10]. - The company reported cash and cash equivalents of RMB 1,130,402 thousand in 2025, a significant increase from RMB 198,867 thousand in 2024, representing a growth of approximately 468.5%[9]. Market and Product Development - The company has commercialized five products during the reporting period, contributing to rapid revenue growth[3]. - The company has established a professional commercialization team to strengthen its market position domestically, laying a solid foundation for future transformation[3]. - The company has five approved products and is developing biopharmaceutical products in markets including the USA, EU, UK, and Japan[58]. - The company focuses on multiple therapeutic areas including oncology, autoimmune diseases, ophthalmology, and metabolic diseases[57]. - The company has a balanced product pipeline with five approved products and eight candidates in various clinical trial stages, focusing on oncology, metabolism, autoimmune, and ophthalmology[65]. Research and Development - The company continues to strengthen its R&D capabilities with a team of 245 experienced employees across various research functions[61]. - The company has a proprietary R&D platform focused on antibody discovery and drug development, with facilities in Yantai, Nanjing, and Boston[93]. - The company has filed multiple patent applications globally, with 53 patents granted and 43 pending as of the announcement date[96]. - The company has established strong CMC capabilities, ensuring high quality and cost efficiency throughout the drug development and commercialization process[94]. Strategic Partnerships and Collaborations - The company has entered into a strategic partnership with DeepMind Technology to build an AI-driven innovation model as of March 2026[63]. - The company is actively discussing licensing or co-development of its innovative drug pipeline with several pharmaceutical companies and investment institutions[106]. - The company is collaborating with various well-resourced business partners to enhance its market presence and product accessibility[104]. Corporate Governance - The revised corporate governance code will take effect on July 1, 2025, and will apply to the company's corporate governance report and annual report for fiscal years starting on or after this date[144]. - The company has established appropriate checks and balances regarding the dual role of the Chairman and CEO, held by Ms. Jiang Hua, who has extensive experience in the pharmaceutical industry[145]. - The company has adopted a set of conduct rules for directors regarding securities trading, which meet or exceed the standards set forth in the listing rules[146].

Financial Performance - The company reported revenue of approximately RMB 30.4 million for the year ending December 31, 2025, representing a year-on-year increase of about 15.4% compared to RMB 26.3 million in the previous year[3]. - The company incurred a loss of approximately RMB 27.7 million for the year, which is an increase of about 110.1% compared to a loss of RMB 13.2 million in the previous year[3]. - The total comprehensive loss for the year amounted to RMB 27.86 million, compared to RMB 13.18 million in the previous year[6]. - The company reported other income and gains of RMB 4.08 million, up from RMB 0.90 million in the previous year[4]. - The company reported a significant increase in total liabilities, reflecting ongoing operational challenges and market conditions[3]. Shareholder Information - The loss attributable to ordinary shareholders was approximately RMB 17.62 per share for the year[5]. - The board of directors does not recommend the distribution of a final dividend for the year[3]. - The company does not plan to declare dividends for the fiscal year ending December 31, 2025[24]. Assets and Liabilities - Total non-current assets decreased from RMB 92,033 thousand in 2024 to RMB 48,946 thousand in 2025, a decline of approximately 46.8%[7]. - Current assets increased from RMB 197,808 thousand in 2024 to RMB 217,822 thousand in 2025, representing an increase of about 10.1%[8]. - Total liabilities decreased from RMB 263,162 thousand in 2024 to RMB 234,998 thousand in 2025, a reduction of approximately 10.7%[8]. - Total equity attributable to the parent company decreased from RMB 259,695 thousand in 2024 to RMB 232,554 thousand in 2025, a decline of about 10.4%[8]. - The company's cash and cash equivalents decreased from RMB 9,808 thousand in 2024 to RMB 8,514 thousand in 2025, a decrease of approximately 13.2%[8]. Revenue Sources - Revenue from customer contracts for 2025 reached RMB 28,383,000, an increase from RMB 24,698,000 in 2024, representing a growth of approximately 10.3%[18]. - The group generated other income of RMB 1,975,000 from property leasing in 2025, up from RMB 1,614,000 in 2024, indicating a growth of about 22.4%[18]. - Major customers contributing over 10% of the group's revenue included Customer A with RMB 4,709,000 and Customer B with RMB 4,481,000 for 2025[17]. - Consulting services revenue significantly increased to RMB 22,484,000 in 2025 from RMB 13,116,000 in 2024, marking a growth of about 71.1%[18]. Credit and Receivables - The expected credit loss rate for trade receivables is 16.39%, with an expected credit loss of RMB 13,945,000 based on a total book value of RMB 85,089,000[29]. - The provision for impairment losses increased from RMB 14,190,000 in 2024 to RMB 17,145,000 in 2025, indicating a rise in expected credit losses[28]. - The aging analysis of trade receivables shows that amounts overdue for more than 2 years are RMB 54,009,000 in 2025 compared to RMB 55,409,000 in 2024[28]. - The company has implemented strict controls on overdue receivables and has a credit risk management team to minimize credit risk[26]. Investment and Asset Management - The group managed assets totaling approximately RMB 2,011.0 million as of December 31, 2025, across 14 commercial real estate and urban redevelopment projects in various regions including Shanghai and Jiangsu[41]. - The group reported a fair value change of RMB 5,244 thousand in marketable equity investments for the year, with total equity investments amounting to RMB 10,676 thousand[36]. - The group aims to create long-term value for shareholders through enhanced professional capabilities and technological empowerment[49]. - The group plans to continue its focus on urbanization and redevelopment projects, which are expected to drive future growth[83]. Operational Performance - The group successfully improved the operational performance of its funds, achieving notable revenue growth and effective cost control, particularly in the Shanghai rental apartment project[40]. - The group actively engaged with various financial institutions to secure new bank loans, thereby reducing financing costs for its projects during the year[40]. - The group’s proactive risk management efforts included legal measures such as arbitration and litigation to recover debts and secure assets[40]. Future Outlook - The company plans to enhance its asset management capabilities and capitalize on market opportunities in 2026, focusing on optimizing existing projects and improving cash flow stability[47]. - The investment consulting business is expected to further develop a comprehensive service system, focusing on asset selection, transaction pricing, risk assessment, and post-investment management[48].

Financial Performance - For the fiscal year ending December 31, 2025, the company reported a revenue of RMB 5,560.8 million, representing a 22.8% increase from RMB 4,529.0 million in 2024[3]. - The gross profit for the same period was RMB 408.8 million, up 12.4% from RMB 363.7 million in 2024[3]. - Operating profit increased by 51.5% to RMB 128.5 million, compared to RMB 84.8 million in the previous year[3]. - The company achieved a net profit of RMB 80.8 million, a significant turnaround from a loss of RMB 58.2 million in 2024[3]. - Adjusted net profit attributable to equity holders was RMB 101.5 million, reflecting a 15.4% increase from RMB 87.9 million in 2024[3]. - The total revenue for the year ending December 31, 2025, was approximately RMB 5,560.8 million, an increase of about RMB 1,031.8 million or 22.8% compared to RMB 4,529.0 million for the year ending December 31, 2024[29]. - The company reported a net profit from continuing operations of RMB 92,793,000 for the fiscal year ending December 31, 2025, after tax expenses of RMB 18,506,000[127]. - The total comprehensive income for the year was RMB 79,444 thousand, compared to a loss of RMB 57,711 thousand in 2024, indicating a strong recovery[107]. Revenue Breakdown - Revenue from digital technology and cloud services grew by 38.3% to RMB 1,659.4 million, compared to RMB 1,200.2 million in 2024[8]. - Revenue from general service outsourcing for the year ended December 31, 2025, was approximately RMB 3,531.3 million, an increase of about RMB 521.2 million or 17.3% compared to RMB 3,010.1 million for the year ended December 31, 2024[13]. - The revenue from digital operations and customer service for the year ended December 31, 2025, was approximately RMB 313.9 million, reflecting an increase of about RMB 43.4 million or 16.0% compared to RMB 270.5 million for the year ended December 31, 2024[15]. - The revenue from the comprehensive flexible staffing service reached approximately RMB 5,504.5 million, up by about RMB 1,023.7 million or 22.8% compared to RMB 4,480.8 million in 2024[31]. - The revenue from general outsourcing services was approximately RMB 3,531.3 million, an increase from RMB 3,010.1 million in 2024[130]. Employee Metrics - The number of flexible workforce employees increased by 10.5% from 37,183 to 41,096, contributing to revenue growth[8]. - The total number of employees as of December 31, 2025, was 43,303, including 839 internal employees and 41,096 comprehensive flexible staffing employees[23]. - The number of flexible workers in general service outsourcing reached approximately 27,566 as of December 31, 2025, with the technology and internet sector accounting for about 60.7% of this total[14]. - The average adjusted profit per internal employee for the year ending December 31, 2025, was RMB 120.0 thousand, compared to RMB 105.1 thousand for the year ending December 31, 2024[22]. Cost and Expenses - The total cost for the group was approximately RMB 5,152.0 million, reflecting a 23.7% increase from RMB 4,165.3 million in 2024[36]. - Sales and marketing expenses for the year ending December 31, 2025, were approximately RMB 163.2 million, an increase of about RMB 12.3 million or 8.1% compared to RMB 150.9 million for the year ending December 31, 2024[40]. - Administrative expenses for the year ending December 31, 2025, were approximately RMB 116.1 million, a decrease of about RMB 4.6 million or 3.8% compared to RMB 120.7 million for the year ending December 31, 2024[42]. - The overall gross margin for the group decreased to approximately 7.4% for the year ending December 31, 2025, down from about 8.0% for the year ending December 31, 2024, a decline of approximately 0.6 percentage points[37]. International Expansion - The company established subsidiaries in 24 countries and regions, enhancing its global presence and support for Chinese enterprises going abroad[5]. - The international business development plan for 2026 focuses on expanding operations in Japan, Europe, and the United States, with national managers already appointed for subsidiaries in these regions[25]. - The company aims to replicate its domestic service capabilities internationally to meet the demands of Chinese enterprises expanding overseas[25]. Cash Flow and Liquidity - Cash and cash equivalents increased to approximately RMB 635.6 million as of December 31, 2025, up about RMB 237.9 million or 59.8% from RMB 397.7 million as of December 31, 2024[84]. - The net cash generated from investing activities for the year ended December 31, 2025, was approximately RMB 315.9 million, compared to RMB 28.3 million for the year ended December 31, 2024[89]. - The company recorded a net cash inflow from operating activities of approximately RMB 9.4 million for the year ended December 31, 2025, after excluding the impact of a subsidiary's cash flow from the sale[87]. - The average collection period for trade receivables decreased from 96 days as of December 31, 2024, to 79 days as of December 31, 2025, indicating improved collection efficiency[87]. Strategic Initiatives - The company aims to enhance its service capabilities by implementing a "consulting + technology + comprehensive flexible employment" model, which is expected to improve service value and client engagement[27]. - The recruitment platform, Wanmada Youcai, utilizes AI technology to scan approximately 3.9 million technical talent resumes, enhancing the efficiency of talent matching and recruitment processes[28]. - The company completed the development of the "Rui Xue Tang" WeChat mini-program to support employee training, improving operational efficiency[21]. Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the audited annual results for the year ending December 31, 2025, with no disagreements on accounting treatments[168]. - The company confirmed compliance with the standard code of conduct for securities trading by all directors and relevant employees for the year ending December 31, 2025[164]. - The company will continue to review and enhance its corporate governance practices to ensure compliance with the corporate governance code[163].

Financial Performance - The company's revenue for the year ended December 31, 2025, was HKD 1,018,132,000, a decrease of 10.9% compared to HKD 1,142,968,000 in 2024[4] - Gross profit for the year was HKD 288,668,000, down 20.4% from HKD 362,838,000 in the previous year[4] - The net loss for the year was HKD 117,154,000, an improvement from a net loss of HKD 319,590,000 in 2024, representing a 63.3% reduction in losses[5] - Total revenue for the year reached HKD 1,024,759,000, with external customer revenue amounting to HKD 1,018,132,000[25] - The company reported a net loss before tax of HKD 389,890,000 for the year, compared to a loss of HKD 378,014,000 in the previous year[26] - The group's total revenue for the year ended December 31, 2025, decreased by approximately 10.9% to about HKD 1,018.1 million, compared to HKD 1,142.9 million in 2024[91] - The group's gross profit decreased by approximately 20.4% to about HKD 288.7 million, with a gross margin of 28.4%, down from 31.7% in 2024[92] Assets and Liabilities - The company's total assets as of December 31, 2025, were HKD 9,825,723,000, a slight decrease from HKD 9,929,785,000 in 2024[6] - Current liabilities decreased to HKD 2,776,463,000 from HKD 3,607,914,000 in the previous year, indicating improved liquidity[7] - The company's equity increased to HKD 5,894,356,000 from HKD 5,590,289,000, indicating a strengthening balance sheet[7] - The total liabilities as of December 31, 2025, decreased by 9.4% to approximately HKD 3,931.4 million, primarily due to reductions in accrued expenses and trade payables[90] Cash Flow and Financial Position - The company's cash and cash equivalents increased to HKD 833,412,000 from HKD 777,707,000, reflecting a positive cash flow situation[6] - The financial cost-net for 2025 was HKD (46,115,000), an improvement from HKD (59,741,000) in 2024[30] - As of December 31, 2025, the group maintained cash and cash equivalents of approximately HKD 833.4 million, an increase from HKD 777.7 million in the previous year[100] Revenue Segmentation - The automation segment generated revenue of HKD 762,651,000, while the financial services segment contributed HKD 54,662,000[25] - The automation segment recorded revenue of approximately HKD 759.0 million for the year ended December 31, 2025, representing a 49.2% increase from HKD 508.8 million in 2024, accounting for 74.6% of total group revenue[51] - The property investment and development segment reported a loss of HKD 121,099,000, contrasting with a profit of HKD 29,890,000 from the securities investment segment[25] - The property investment and development segment's revenue dropped by 66.5% to HKD 183.0 million, down from HKD 546.1 million in 2024[91] Cost Management - Administrative expenses were reduced to HKD 137,304,000 from HKD 217,669,000, showing cost control efforts[4] - Distribution costs rose by approximately 6.7% to about HKD 46.5 million, accounting for 4.6% of total revenue[95] - Financial costs netted approximately HKD 46.1 million, a decrease from HKD 59.7 million in the previous year due to capitalized borrowing costs[97] Market and Economic Outlook - The automation business saw significant revenue growth in 2025, benefiting from the continuous growth of China's electronics manufacturing and AI applications, with global smartphone shipments reaching approximately 1.26 billion units, a 2% increase from 2024[45] - The real estate market in China is transitioning to a stabilization phase, with investment in real estate development down 17.2% year-on-year to RMB 82,788 billion in 2025[46] - The company anticipates a structural recovery in the real estate market in 2026, focusing on core city investments while accelerating the disposal of non-core properties[48] Strategic Initiatives - The company plans to expand its overseas business network in Southeast Asia and enhance local service capabilities, including establishing training centers for local talent[87] - The company plans to seek financing options, including debt financing and issuing new shares, to support business expansion and new developments[105] - The company is considering converting certain loans into project equity as part of its diversified investment strategy[81] Governance and Compliance - The board of directors believes the company has complied with the corporate governance code as outlined in the listing rules[115] - The audit committee has been established to review and supervise the group's financial reporting, risk management, and internal control procedures[117] - The independent auditor has confirmed that the preliminary performance announcement figures align with the audited consolidated financial statements[118] Shareholder Information - The company did not declare any dividends for the reporting period, consistent with the previous year[32] - The annual general meeting is expected to be held on June 8, 2026, with notifications sent to shareholders as required by listing rules[119] - The annual report for the year ending December 31, 2025, will be published on the company's website and sent to shareholders at an appropriate time[120]

Financial Performance - For the year ended December 31, 2025, the company achieved a revenue of approximately RMB 74,409.73 million, representing a year-on-year increase of 6.46% from RMB 69,896.78 million[3]. - The net profit attributable to shareholders for the same period was approximately RMB 4,017.83 million, an increase of 10.87% compared to RMB 3,623.90 million in the previous year[3]. - The company reported a gross profit of RMB 11,110.71 million, which is an increase from RMB 10,183.49 million in the previous year[6]. - The basic and diluted earnings per share for the year were both RMB 0.79, compared to RMB 0.73 in the previous year[7]. - The net profit excluding non-recurring gains and losses was RMB 3.83 billion, up 16.71% year-on-year[44]. - The company’s cash flow from operating activities was RMB 11.46 billion, showing a year-on-year growth of 5.29%[51]. - The company reported a total tax expense of RMB 545,238,000 for the year, slightly down from RMB 172,061,000 in 2024[21]. Assets and Liabilities - As of December 31, 2025, the total assets of the company amounted to RMB 84,338.60 million, reflecting a growth of 4.10% from RMB 81,016.05 million at the beginning of the year[3]. - The company's total liabilities as of December 31, 2025, were RMB 29,473.11 million, compared to RMB 23,065.16 million in the previous year[9]. - The debt-to-asset ratio decreased to 34.68% from 39.71% in the previous year, indicating a reduction in total liabilities[58]. - The company’s liquidity position remains strong, with current assets decreasing from RMB 30,772.78 million as of December 31, 2024, to RMB 29,473.11 million as of December 31, 2025[61]. Revenue Breakdown - Revenue from smartphones and computers reached RMB 61,184,201,000, up from RMB 57,754,169,000, indicating a growth of 4.9%[16]. - Revenue from smart vehicles and cockpit products increased to RMB 6,461,659,000, a rise of 8.9% compared to RMB 5,934,795,000 in the previous year[16]. - Revenue from smart wearables and head-mounted displays grew to RMB 3,978,169,000, up 13.9% from RMB 3,488,408,000[16]. - The total revenue from mainland China (excluding special regulatory zones) was RMB 58,862,507,000, compared to RMB 56,415,054,000 in 2024, reflecting a growth of 4.3%[19]. - The company operates in multiple regions, with revenue from Vietnam increasing significantly to RMB 8,303,961,000 from RMB 4,882,063,000, marking a growth of 69.5%[18]. Research and Development - Research and development expenses for the year were RMB 2,870.61 million, slightly up from RMB 2,784.81 million in the previous year[6]. - The company is investing heavily in R&D, particularly in areas such as aerospace-grade UTG and HDD glass hard drives, to achieve core customer certifications[74]. - Research and development personnel numbered 24,539, a slight decrease of 0.02% from 24,545 in 2024, with a significant increase in the number of personnel holding a master's degree or above, rising by 100%[56][57]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 4.5 per 10 shares for the year ended December 31, 2025, subject to approval at the annual general meeting[3]. - The company proposed a final dividend of RMB 4.5 per 10 shares for the year ending December 31, 2025, compared to RMB 3.0 per 10 shares in 2024, representing a 50% increase[24]. - The cumulative cash dividend amount over the last three fiscal years was RMB 6,363,069,277.65, with a cash dividend payout ratio of 179.02% relative to the average annual net profit of RMB 3,554,356,229.08[89]. Corporate Governance - The company has adopted all applicable provisions of the Corporate Governance Code, with the sixth board of directors successfully elected on January 20, 2025[99]. - The company is committed to enhancing its corporate governance system to protect shareholder interests and improve corporate value[98]. - The independent non-executive director, Mr. Tang Xiangxi, was appointed on January 29, 2026, to replace the late Mr. Xie Zhimin, ensuring compliance with the minimum number of independent directors[103]. Market and Industry Outlook - The global smartphone shipment is expected to grow by 1.9% year-on-year in 2025, reaching 1.26 billion units, the highest level since 2021[32]. - Global AI server market size is projected to reach $444.1 billion in 2025, with a year-on-year growth of 80.4%[35]. - The Chinese automotive market is expected to produce and sell 34.53 million and 34.40 million vehicles in 2025, representing year-on-year growth of 10.4% and 9.4% respectively[33]. Strategic Initiatives - The company is focusing on AI technology and high-end precision manufacturing, aiming to lead in AI hardware and commercial aerospace precision manufacturing platforms[65]. - The company is actively expanding its platform layout across various fields, including AI smart terminals, smart vehicles, and commercial aerospace[40]. - The company aims to enhance its AI smart terminal business by optimizing product structure and increasing production of high-end products such as foldable UTG and 3D glass[70]. Risks and Challenges - The company faces risks related to macroeconomic fluctuations and changing consumer preferences, which could adversely affect its operational results[78]. - The company has a concentrated customer base primarily consisting of globally recognized AI brands, which poses a risk if these customers do not maintain their historical levels of cooperation[81]. - The company has experienced significant fluctuations in storage prices since the second half of 2025, which could impact the overall cost structure for downstream customers[79].

Financial Performance - The company reported a consolidated loss attributable to shareholders of HKD 1,157.9 million for the fiscal year ending December 31, 2025, compared to a loss of HKD 1,643.4 million in the previous fiscal year, representing a 29.5% improvement [3]. - Revenue for the fiscal year was HKD 3,792.6 million, an increase of 38.9% from HKD 2,731.0 million in the previous year [2]. - Gross profit for the year was HKD 1,168.5 million, up 23.8% from HKD 943.7 million in the prior year [2]. - The operating loss before depreciation, financing costs, and tax was HKD 160.3 million, a significant reduction of 57.4% from HKD 376.4 million in the previous year [2]. - The group recorded a consolidated loss attributable to shareholders of HKD 1,200,900,000 for the year, a significant reduction from the previous year's loss of HKD 2,597,800,000 [15]. - The company reported a net loss attributable to equity holders of the parent company for the year ended December 31, 2025, was HKD 1,157.9 million, compared to a net loss of HKD 1,643.4 million in 2024 [67]. - The company reported a loss before tax of HKD 1,781.8 million for 2025, compared to a loss of HKD 2,368.1 million in 2024, indicating an improvement of about 25% [71]. - The company did not declare a final dividend for the year ended December 31, 2025, consistent with the previous year [58]. Asset Management - The net asset value attributable to shareholders decreased to HKD 7,424.7 million, down 12.5% from HKD 8,484.9 million in the previous year [2]. - The adjusted net asset value per share was HKD 12.14, reflecting a decrease of 7.5% from HKD 13.12 in the prior year [2]. - The adjusted net asset value of the group, based on independent professional valuation as of December 31, 2025, is HKD 13,533,000,000, translating to an adjusted net asset value of HKD 12.14 per share [8]. - The company has pledged assets totaling HKD 29,144.6 million as collateral for general bank loans as of December 31, 2024 [55]. - The total asset value as of December 31, 2025, was HKD 11,861.4 million, down from HKD 13,479.8 million in 2024 [67]. - The company holds a significant investment portfolio, including listed securities, private equity, and bonds [46]. Property Development and Sales - The company achieved total sales proceeds of over HKD 1,793.5 million from residential properties, benefiting from a gradual recovery in the Hong Kong residential market [5]. - The revenue from property development and investment reached HKD 1,745.6 million in 2025, up from HKD 798.7 million in 2024, marking an increase of approximately 118% [71]. - Revenue from property sales amounted to HKD 1,684.7 million in 2025, up from HKD 733.9 million in 2024, representing a growth of 129% [75]. - The residential project "Shang Zhu" has a total floor area of approximately 11,192 square meters (120,470 square feet) and has sold all units, while "Fu Hao · Yue Ting" retains 6 garden houses for sale [22]. - The luxury residential project "Fu Hao · Shan Feng" has a total floor area of approximately 32,474 square meters (349,547 square feet) and has sold or contracted 21 garden houses and 87 apartment units, generating total sales of HKD 5,614,300,000 [26]. - The company is planning to commence development work on a commercial/residential project at 9 to 19 Kam Wah Street, with demolition of existing properties already completed [29]. Hotel Operations - The company’s hotel operations, primarily managed by Regal Hotels International Holdings Limited, continued to perform satisfactorily, contributing positively to profitability in 2025 [5]. - The company recorded a significant depreciation expense of HKD 669.2 million for its hotel properties, which negatively impacted financial performance despite having no effect on cash flow [3]. - The hotel project at the Hong Kong International Airport has received multiple sustainability certifications, including Gold rating from Green Building Council and EarthCheck design certification [32]. - Hotel operations and management revenue increased to HKD 1,904.3 million in 2025 from HKD 1,771.0 million in 2024, reflecting a growth of about 7% [71]. Debt and Financing - The company’s total liabilities, after deducting cash and bank deposits, amounted to HKD 16,679.5 million as of December 31, 2025, compared to HKD 18,332.2 million in 2024 [51]. - The asset-liability ratio as of December 31, 2025, was 51.4%, slightly up from 50.8% in 2024 [51]. - The company incurred financing costs of HKD 964.5 million in 2025, down from HKD 1,265.2 million in 2024, indicating reduced debt servicing costs [61]. - The refinancing plan for certain maturing interest-bearing bank loans is based on properties pledged as collateral [69]. - The company may consider project financing for development projects in China and overseas, with loan amounts covering part of the land price and/or construction costs [49]. Market Outlook - The group remains optimistic about future growth despite external political and economic challenges, aiming to regain momentum in the coming years [19]. - The Hong Kong residential market is gradually recovering, with residential prices and rents increasing since April 2025, driven by new immigration policies [11]. - The Hong Kong government announced a stamp duty exemption for residential properties valued below HKD 4,000,000, stimulating transactions among first-time buyers [12]. Corporate Governance - The company has maintained compliance with the corporate governance code, except for the combined roles of the chairman and CEO [88].

Financial Performance - For the fiscal year ending December 31, 2025, the company reported a net profit of -2.507 billion RMB, with retained earnings at -14.842 billion RMB, leading to a recommendation not to distribute profits for the year [4]. - Total assets decreased by 9.56% to 32.086 billion RMB compared to 2024, while operating revenue fell by 11.90% to 24.002 billion RMB [13]. - The total profit for the period was -2.735 billion RMB, a decline of 5.57 billion RMB year-on-year [28]. - The company reported a total revenue of 24.00 billion RMB, a decrease of 11.90% compared to the previous year [24]. - The company reported a significant reduction in management expenses by 38.26%, amounting to 228.81 million RMB [41]. - The company experienced a net cash flow from operating activities of 1.649 billion RMB, an increase of 25.88% year-on-year [26]. - The company reported a quarterly operating revenue of 6.614 billion RMB in Q1, declining to 4.910 billion RMB in Q4 [15]. - The company’s net profit for the year 2025 is reported at a loss of RMB 2.507 billion, with retained earnings at a negative RMB 14.842 billion [73]. - The company reported a significant improvement in net loss for the year, which was RMB 2,721,831,982.67, an improvement from the net loss of RMB 3,195,561,486.30 in the previous year, representing a reduction of approximately 14.8% [89]. Production and Sales - The company produced and sold various steel products, maintaining an annual production capacity of 10 million tons [9]. - The production volumes for iron, steel, and finished products were 6.236 million tons, 7.226 million tons, and 7.108 million tons, respectively, representing year-on-year decreases of 7.86%, 4.71%, and 6.63% [24]. - The sales volume of finished products was 7.120 million tons, down 6.31% year-on-year [24]. - The average selling price of finished products was 3,146 RMB per ton, a decrease of 6.56% compared to the previous year [28]. - The sales volume of commodity billets was 7.1199 million tons, a decrease of 6.31% year-on-year, resulting in a revenue loss of 1.458 billion RMB [32]. - The average selling price of commodity billets was 3,146 RMB/ton, down 6.56% year-on-year, leading to a revenue decrease of 1.726 billion RMB [31]. - Sales revenue from commodity billet products was 22.401 billion RMB, down by 12.44% compared to the previous year [30]. - The sales of hot-rolled steel products generated RMB 14,539,856,250.65 in revenue, a decline of 3.6% compared to RMB 15,085,577,580.06 last year [132]. Cost Management - The cost of raw materials accounted for 78.31% of total costs, down from 82.02% in the previous year, reflecting a decrease of 20.77% in raw material costs [37]. - The company is focusing on cost reduction and efficiency improvements, which resulted in a profit increase of 2.40 billion RMB from process cost reductions [28]. - The company reduced its management expenses by 38.26% to 228.81 million RMB due to decreased provisions for retirement benefits [26]. - Operating costs decreased to approximately RMB 23.85 billion from RMB 28.62 billion, reflecting a reduction of 16.5% [91]. Research and Development - Research and development expenses increased by 7.71% year-on-year, totaling 45.007 million RMB [41]. - The total R&D expenditure for the period was 968,967 thousand RMB, accounting for 4.04% of the operating revenue [43]. - The number of R&D personnel is 841, representing 16.16% of the total workforce [43]. - The number of R&D personnel with a master's degree is 74, while those with a bachelor's degree are 513 [45]. - The age group of R&D personnel aged 30-40 years comprises 418 individuals, representing a significant portion of the workforce [47]. Cash Flow and Financing - Cash flow from operating activities increased by 25.88% year-on-year, amounting to 1,648,910 thousand RMB [50]. - Cash flow from investing activities was -1,627,653 thousand RMB, primarily due to increased expenditures on time deposits [50]. - Cash flow from financing activities decreased by 294.34%, resulting in a net cash outflow of -893,790 thousand RMB, mainly due to loan repayments [50]. - The company's cash and cash equivalents at the end of the period were 2,712,339 thousand RMB, a decrease of 10.18% from the previous period [52]. - The total cash and cash equivalents at the end of the year amounted to 1,935,501,715.75 RMB, down from 2,810,620,701.15 RMB at the beginning of the year [105]. - Cash received from borrowings was 2,911,970,253.19 RMB, compared to 2,446,701,461.70 RMB in the previous year [106]. Market and Strategic Focus - In 2025, the domestic steel industry continued to face challenges with high production, costs, and low demand, prompting the company to focus on cost reduction and efficiency improvements [11]. - The company aims to enhance its competitiveness in the southwestern region of China, focusing on high-end manufacturing and intelligent upgrades [57]. - The company will implement a strategy of "reduction development and optimization of existing capacity" in response to the ongoing supply-demand imbalance in the steel industry [62]. - The company emphasizes green low-carbon transformation as a core trend, aligning with national policies for energy efficiency and carbon reduction [58]. - The company will deepen its integration into the Chengdu-Chongqing economic circle, leveraging regional advantages for growth [60]. Shareholder Information - The number of common shareholders as of the end of the reporting period was 174,991 [17]. - The company has completed the cancellation of 66,838,500 shares, reducing the total number of issued shares to 8,851,763,767 [65]. - The company repurchased shares amounting to 66,838,500.00 RMB during the year [109]. - The total equity of shareholders at the end of the year was 13,911,785,061.44 RMB, a decrease from 16,606,635,984.35 RMB in the previous year [107].

Financial Performance - For the fiscal year ending December 31, 2025, the total revenue of Best Food Holding Company Limited was RMB 399.16 million, a decrease of 15.8% compared to RMB 474.21 million in 2024[3]. - The adjusted profit for the year was RMB 17.16 million, a significant improvement from a loss of RMB 76.51 million in the previous year[3]. - The total system sales, including all brands under the group and its joint ventures, reached RMB 3,740 million, representing a 7% increase compared to the previous year[5]. - Restaurant operating revenue decreased by 41.0% from RMB 213.2 million in 2024 to RMB 125.7 million in 2025, primarily due to intense market competition and strategic transformation[9]. - The revenue from the takeaway business increased by 3.7%, rising from RMB 168.6 million in 2024 to RMB 174.9 million in 2025, driven by heightened consumer demand[9]. - The company reported a pre-tax loss of RMB 397,000 for the year ended December 31, 2025, compared to a pre-tax loss of RMB 265.77 million in 2024[37]. - The total comprehensive income for the year ended December 31, 2025, was RMB 2,772,000, compared to a loss of RMB 265,634,000 in 2024[38]. - The loss attributable to equity holders of the company for 2025 was RMB 5,246,000, a significant improvement from a loss of RMB 241,826,000 in 2024[38]. - The basic and diluted loss per share for the year ended December 31, 2025, was RMB (0.33), a significant improvement from RMB (15.32) in 2024[70]. Cost Management - Employee benefits expenses decreased by 25.3% from RMB 144.1 million in 2024 to RMB 107.7 million in 2025, reflecting effective cost control measures[12]. - The percentage of revenue attributed to employee benefits expenses fell from 30.4% in 2024 to 27.0% in 2025[12]. - The cost of raw materials and consumables decreased by 9.8% from RMB 199.3 million in 2024 to RMB 179.7 million in 2025, correlating with the decline in sales[10]. - Online platform service fees and delivery costs decreased by 4.8% from RMB 33.6 million in 2024 to RMB 32.0 million in 2025[11]. - Other expenses decreased from RMB 51.5 million for the year ended December 31, 2024, to RMB 31.8 million for the same period in 2025, a reduction of 38.3%[16]. Asset and Liability Management - Non-current assets decreased to RMB 619,909,000 in 2025 from RMB 648,936,000 in 2024, primarily due to a reduction in property, plant, and equipment[39]. - Current assets increased to RMB 177,290,000 in 2025 from RMB 152,746,000 in 2024, with cash and cash equivalents rising to RMB 41,373,000 from RMB 21,325,000[39]. - Total liabilities decreased to RMB 949,746,000 in 2025 from RMB 1,021,859,000 in 2024, largely due to the reclassification of convertible bonds to non-current liabilities[40]. - The company reported a significant reduction in current liabilities, which decreased by RMB 656,802,000 to RMB 240,878,000 in 2025[40]. - The equity attributable to equity holders of the company improved to RMB (178,035,000) in 2025 from RMB (249,626,000) in 2024[40]. - The total amount of convertible bonds and related interest as of December 31, 2025, was RMB 608.8 million, a decrease of RMB 39.0 million from RMB 647.8 million in 2024[34]. - Lease liabilities decreased by 28.6% from RMB 103.8 million in 2024 to RMB 74.1 million in 2025, primarily due to rental payments and restaurant closures[35]. Strategic Initiatives - The company plans to optimize its strategic focus on fresh ingredients and enhance its brand image to adapt to changing consumer preferences in the competitive market[6]. - The company plans to strengthen brand operations and enhance profitability while exploring new business opportunities through its "Shen Dian Bao" initiative[36]. - The company aims to create a new ecosystem platform around the restaurant industry to drive long-term growth and shareholder value[36]. - The company has expanded its store network to over 500 locations globally, focusing on first-tier and new first-tier cities, with plans to penetrate second and third-tier cities and markets in Hong Kong and Singapore by December 31, 2025[104]. Accounting and Reporting - The company expects the adoption of Hong Kong Financial Reporting Standard No. 18 to significantly impact the presentation and disclosure of its consolidated financial statements starting January 1, 2027[51]. - Interest income will be classified under investing activities and interest expenses under financing activities in the cash flow statement from January 1, 2027[52]. - The company is currently assessing the impact of new accounting standards on its consolidated financial statements, particularly regarding the classification of revenue and expenses[51]. - The company anticipates that the adjusted profit and loss figures will align with the operational performance indicators defined by management[51]. Employee and Governance - The workforce consists of approximately 1,128 employees as of December 31, 2025, down from about 1,582 in 2024[113]. - The company has complied with the corporate governance code throughout the fiscal year ending December 31, 2025[116]. - The annual report for the fiscal year ending December 31, 2025, will be published on the Hong Kong Stock Exchange and the company's website at an appropriate time[120].

Financial Performance - Revenue decreased by approximately 16.34% to about RMB 8,573,129 thousand[3] - Profit attributable to owners increased by approximately 4.52% to about RMB 1,515,006 thousand[3] - Earnings per share decreased by approximately 1.69% to about RMB 0.466[3] - Total customer contract revenue for 2025 was RMB 8,517,813, a decrease of 16.5% from RMB 10,192,344 in 2024[31] - The company reported a total revenue of RMB 10,247,400 thousand for the year ending December 31, 2024, indicating a growth trajectory[24] - The group reported a net revenue of approximately RMB 8,573,129 thousand, a year-on-year decrease of about 16.34%[84] - The profit attributable to the owners of the company was approximately RMB 1,515,006 thousand, an increase of about 4.52% year-on-year[75] - The group’s profit for the year was RMB 1,547,613 thousand, an increase of 0.53%, with profit attributable to owners rising by 4.52% to RMB 1,515,006 thousand[113] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 63,810,274 thousand, an increase from RMB 61,032,031 thousand in 2024[6] - Total liabilities increased to RMB 42,561,795 thousand in 2025 from RMB 41,536,405 thousand in 2024[7] - Non-current assets totaled RMB 58,081,527 thousand, up from RMB 56,908,074 thousand in the previous year[6] - Current assets increased to RMB 5,728,747 thousand from RMB 4,123,957 thousand in 2024[6] - The group's total assets as of December 31, 2025, were RMB 63,810,274 thousand, with total liabilities of RMB 42,561,795 thousand, resulting in a debt-to-equity ratio of 66.70%[119] Dividends - Proposed final cash dividend for the year 2025 is RMB 0.297 per share (tax included), compared to RMB 0.29 per share for 2024[3] - The board has proposed a final cash dividend of RMB 0.297 per share, totaling approximately RMB 908,244 thousand, which represents 65.38% of the distributable profits for the year[76] - The proposed dividend is subject to approval at the upcoming annual general meeting[78] Segment Performance - The total revenue for the highway segment reached RMB 4,685,565 thousand, while the construction services segment generated RMB 1,845,523 thousand for the year ending December 31, 2025[24] - The total profit for the highway segment was RMB 2,134,420 thousand, and the construction services segment reported a profit of RMB 41,018 thousand for the same period[24] - The highway segment's revenue was RMB 4,685,565 thousand, down 1.92% year-on-year, with toll revenue from Chengyu Expressway increasing by RMB 13,037 thousand or 1.53%[106] - The new energy technology segment reported revenue of RMB 98,707 thousand, a decline of 13.46%, primarily due to reduced sales of charging modules[106] - The transportation services segment's revenue was RMB 1,931,749 thousand, down 14.77%, mainly due to a decrease in refined oil sales[106] - The construction services segment's revenue was RMB 1,845,523 thousand, a decrease of 34.23%, attributed to lower income from service concession contracts[107] Cash Flow - Cash and cash equivalents increased by RMB 1,416,607 thousand to RMB 4,373,863 thousand as of December 31, 2025, driven by new perpetual bond issuance and operating cash flow[120] - The net cash inflow from operating activities for the year was RMB 1,133,228 thousand, an increase of RMB 145,277 thousand compared to the previous year[120] - The net cash outflow from investing activities was RMB 237,000 thousand, an increase of RMB 64,144 thousand compared to the previous year[122] - The net cash inflow from financing activities was RMB 520,379 thousand, an increase of RMB 106,023 thousand compared to the previous year[123] Financial Costs - Financial expenses decreased to RMB 599,516 thousand from RMB 851,932 thousand in 2024[4] - Financial costs for 2025 were RMB 1,103,501, a reduction of 21.5% compared to RMB 1,404,608 in 2024[36] - Financing costs decreased by 21.44% to RMB 1,103,501 thousand, primarily due to effective optimization of the company's debt[110] Employee Information - As of December 31, 2025, the total number of employees in the group is 4,353, with 3,229 in production roles and 632 in technical roles[142] - Total employee compensation for the group is approximately RMB 647,465 thousand, with the company accounting for about RMB 304,291 thousand[143] - A total of 29,706 training sessions were conducted for employees during the reporting period[145] Compliance and Governance - The company has fully complied with the corporate governance code as per the listing rules[146] - The audit committee has reviewed the annual performance for the year ending December 31, 2025, and confirmed compliance with applicable accounting standards[147] - The company adheres to the listing rules of the Hong Kong Stock Exchange and the Shanghai Stock Exchange, ensuring compliance with regulatory standards[159] Future Plans and Investments - The company plans to deepen its core highway business, focusing on quality improvement and efficiency enhancement, with key projects like Chengle and Chengya expansions to ensure quality and progress[133] - The company aims to accelerate the development of integrated energy businesses, including oil, gas, electricity, hydrogen, and solar storage, to enhance green energy utilization and profitability[134] - The company is transforming service areas from traffic nodes to commercial hubs, introducing innovative business models to achieve stable growth in non-fuel revenue[135] - The acquisition of 85% of Jingyi Expressway Company for RMB 240,942.122 million is expected to enhance the company's asset scale and core competitiveness[140]