Financial Performance - For the fiscal year 2025, the company's revenue was approximately RMB 244.4 million, a decrease of about RMB 58.1 million or 19.2% compared to RMB 302.5 million in fiscal year 2024[5]. - The gross profit for fiscal year 2025 was RMB 17.67 million, significantly lower than RMB 75.35 million in fiscal year 2024[3]. - The company reported a loss attributable to shareholders of RMB 48.54 million for fiscal year 2025, compared to a profit of RMB 21.75 million in fiscal year 2024[3]. - The company's operating loss for the fiscal year was RMB 44.5 million, compared to an operating profit of RMB 25.5 million in 2024[44]. - The group's net loss decreased by approximately RMB 70.3 million or 322% from about RMB 21.8 million in fiscal year 2024 to approximately RMB (48.5) million in fiscal year 2025[22]. - The company's pre-tax loss for 2025 is RMB 45,271 thousand, compared to a profit of RMB 23,918 thousand in 2024, indicating a significant decline in performance[66]. - Basic loss per share for 2025 is RMB 48,535,000, compared to a profit of RMB 21,750,000 in 2024, with weighted average shares outstanding at 215,794,749 for 2025 and 199,138,055 for 2024[68]. Revenue Breakdown - Revenue from municipal public works in fiscal year 2025 is approximately RMB 28.8 million, a decrease of about RMB 41.9 million or approximately 59.3% compared to RMB 70.7 million in fiscal year 2024[11]. - Revenue from foundation engineering in fiscal year 2025 is approximately RMB 26.4 million, a decrease of about RMB 73.7 million or approximately 73.6% compared to RMB 100.1 million in fiscal year 2024[12]. - Revenue from construction engineering in fiscal year 2025 is approximately RMB 179.4 million, an increase of about RMB 86.7 million or approximately 93.5% compared to RMB 92.7 million in fiscal year 2024[13]. - Revenue from petrochemical engineering in fiscal year 2025 is approximately RMB 9.3 million, a decrease of about RMB 29.7 million or approximately 76.2% compared to RMB 39.0 million in fiscal year 2024[14]. - Other business activities generated revenue of approximately RMB 0.5 million in fiscal year 2025, an increase of about RMB 0.4 million or approximately 400% compared to RMB 0.1 million in fiscal year 2024[15]. Project and Contract Information - The company had a total of 61 ongoing projects as of December 31, 2025, with a total contract value of approximately RMB 643.3 million[5]. - The remaining performance obligations under existing construction contracts amounted to RMB 199.9 million[5]. - The company conducted 55 construction projects during the reporting year[5]. Cost and Expenses - Operating and administrative expenses for fiscal year 2025 are approximately RMB 34.3 million, a decrease of about RMB 4.2 million or approximately 10.9% compared to RMB 38.5 million in fiscal year 2024[18]. - Total employee costs for the fiscal year 2025 were approximately RMB 18.6 million, compared to RMB 19.8 million in fiscal year 2024[32]. - Research and development expenses decreased to RMB 7,089 thousand in 2025 from RMB 10,983 thousand in 2024, a reduction of about 35.5%[65]. - The company reported a total of RMB 77,668 thousand in inventory costs for 2025, compared to RMB 118,439 thousand in 2024, showing a decrease of approximately 34.4%[65]. Assets and Liabilities - As of December 31, 2025, the group's cash and cash equivalents were approximately RMB 25.9 million, with current assets totaling RMB 583.3 million, a decrease of about RMB 57.0 million from RMB 640.3 million as of December 31, 2024[23]. - The group's current liabilities were RMB 366.0 million as of December 31, 2025, down approximately RMB 13.2 million from RMB 379.2 million as of December 31, 2024, primarily due to debt repayment[23]. - The group's debt decreased from approximately RMB 43.1 million as of December 31, 2024, to about RMB 22.3 million as of December 31, 2025, resulting in a reduction in the debt-to-asset ratio from 12.2% to 6.2%[24]. - Trade receivables as of December 31, 2025, were approximately RMB 237.8 million, a decrease of about RMB 53.2 million from RMB 291.0 million as of December 31, 2024[27]. - The company’s total liabilities increased from RMB 365,994 million in 2024 to RMB 379,178 million in 2025, reflecting a rise of about 3.5%[46]. Employee and Management Information - The group employed 152 full-time employees as of December 31, 2025, an increase from 110 employees as of December 31, 2024[30]. - The company has provided various employee benefits, including paid annual leave and training programs, to enhance employee skills and management capabilities[34]. Corporate Governance and Compliance - The company has adhered to corporate governance principles and has maintained compliance with all relevant regulations throughout the reporting year[85]. - The audit committee has reviewed the annual performance and confirmed that the financial statements comply with applicable accounting standards and regulations[90]. Future Outlook and Strategy - The company plans to leverage its established reputation in the Tianjin construction industry to capture more market opportunities in 2026[7]. - The construction industry is expected to see increased demand due to China's urbanization strategy, presenting both opportunities and challenges for the company[7]. - The company emphasizes the importance of strict cost control and the application of its self-developed project management system for future projects[6]. Shareholder and Investment Information - The company has not declared any dividends for the fiscal year ending December 31, 2025, consistent with the previous year[79]. - The company successfully placed 43,158,000 new shares at a price of HKD 0.68 per share, raising approximately HKD 29.2 million (about RMB 25.8 million) after expenses[82]. - The net proceeds from the global offering amounted to approximately HKD 92.2 million, with about HKD 83.0 million utilized by December 31, 2025, representing approximately 90% of the total[83].

Financial Performance - The group's revenue from continuing operations for the reporting period was approximately RMB 642.5 million, an increase of about 103.4% compared to RMB 315.8 million in 2024[4] - The gross profit from continuing operations was approximately RMB 38.2 million, a decrease of about 20.6% from RMB 48.1 million in 2024[4] - The annual loss attributable to the company's equity holders increased from approximately RMB 265.3 million in 2024 to about RMB 463.4 million in the reporting period[4] - The basic and diluted loss per share attributable to equity holders of the company was approximately RMB 60.5 cents, compared to RMB 51.9 cents in 2024[4] - The operating loss for the reporting period was RMB 442.1 million, compared to RMB 250.5 million in 2024[5] - The total comprehensive loss for the year was RMB 459.1 million, compared to RMB 262.4 million in 2024[6] - The company reported a net loss of RMB 463,401,000 for the year ended December 31, 2025, with cash outflows from operating activities amounting to RMB 26,487,000[14] - The company reported a loss from continuing operations of RMB 325,257,000 for 2025, compared to a loss of RMB 198,005,000 in 2024, indicating an increase in losses of approximately 64%[52] - The basic loss per share for continuing operations was RMB (0.604) in 2025, compared to RMB (0.527) in 2024, reflecting a worsening loss per share situation[52] Assets and Liabilities - Current liabilities exceeded current assets by RMB 193,154,000 as of December 31, 2025, while cash and cash equivalents stood at RMB 33,688,000[14] - Total assets decreased from RMB 845,169,000 in 2024 to RMB 349,719,000 in 2025, indicating a significant reduction in asset value[8] - Total liabilities also decreased from RMB 708,953,000 in 2024 to RMB 612,973,000 in 2025, reflecting a decline in financial obligations[8] - The company’s equity attributable to equity holders decreased from RMB 136,216,000 in 2024 to RMB (263,254,000) in 2025, indicating a shift to negative equity[7] - The company’s non-current assets decreased from RMB 485,676,000 in 2024 to RMB 54,961,000 in 2025, showing a substantial reduction in long-term investments[7] - Trade receivables increased from RMB 91,272,000 in 2024 to RMB 170,692,000 in 2025, indicating a rise in outstanding customer payments[7] - The company’s cash and cash equivalents increased from RMB 28,719,000 in 2024 to RMB 33,688,000 in 2025, suggesting improved liquidity[7] Revenue Segments - The group reported segment revenue of RMB 642,456 thousand for the year ending December 31, 2025, with a gross profit of RMB 38,215 thousand[29] - PCBAs revenue increased by 47.2% to RMB 339.4 million in 2025, up from RMB 230.7 million in 2024, driven by significant demand in the banking and financial sectors[79] - Revenue from fully assembled electronic products surged by 255.9% to RMB 303.0 million in 2025, compared to RMB 85.1 million in 2024, attributed to the launch of new products[80] - Revenue from Hong Kong for 2025 was RMB 308,205,000, a significant increase from RMB 26,488,000 in 2024[39] Costs and Expenses - The company experienced a significant increase in the cost of sales, which rose to RMB 604.2 million from RMB 267.7 million in 2024[5] - The total cost of inventory recognized as an expense and included in cost of sales for the year ended December 31, 2025, was approximately RMB 592,283,000, compared to RMB 266,338,000 for 2024[59] - Employee benefits and human resources service costs decreased to RMB 88,118,000 in 2025 from RMB 123,756,000 in 2024, a reduction of about 29%[46] - General and administrative expenses decreased by 19.8% to RMB 150.0 million in 2025, down from RMB 187.2 million in 2024, mainly due to a reduction in employee benefits from decreased headcount in the aerospace sector[88] Impairment and Provisions - The group recognized impairment losses of RMB 184,804,000 for properties, plants, and equipment due to the relocation of its aerospace business from Hong Kong[15] - The group incurred impairment losses of RMB 262,945 thousand related to property, plant, and equipment[29] - The company recorded a provision for litigation amounting to RMB 31,150,000 in 2025, up from RMB 11,188,000 in 2024, indicating a significant increase in legal liabilities[63] - The company recognized a provision for inventory of RMB 6,430 thousand[29] Financing and Capital - The group has secured a loan agreement totaling approximately HKD 108,000,000 (equivalent to RMB 98,200,000), with a repayment extension to April 7, 2027[16] - The group plans to raise approximately HKD 90,119,000 (about RMB 79,715,000) through a subscription agreement for 160,926,000 shares at HKD 0.560 per share[16] - The group expects to raise approximately HKD 30,000,000 (equivalent to RMB 26,537,000) through a placement agreement for up to 90,000,000 shares at HKD 0.560 per share[17] - The company issued 100,000,000 new shares at a subscription price of HKD 0.65 per share, raising net proceeds of approximately HKD 64.5 million for general working capital[99] Governance and Compliance - The company has complied with all applicable corporate governance code provisions throughout the reporting period[124] - The company’s audit committee consists of three independent non-executive directors as of December 31, 2025[125] - The audit committee held two meetings during the reporting period to discuss and review the group's interim and annual performance[126] - The company confirmed that the announcement is complete and accurate, adhering to listing rules[127] Future Outlook and Strategic Plans - The group plans to focus on high-end aerospace materials, satellite structures, and energy systems, aligning with domestic industrialization and new energy system demands[67] - The group aims to establish a manufacturing base for energy storage equipment, enhancing competitiveness in the energy storage industry[73] - The group is expanding into the new energy shipbuilding sector, integrating technologies from aerospace, precision manufacturing, and energy industries[75] - The group anticipates that the synergy between aerospace, precision manufacturing, energy, and new energy shipbuilding will enhance revenue structure optimization and profit growth starting in 2026[76] Legal Matters - The group has a pending lawsuit related to a lease agreement amounting to approximately HKD 113,143,000 (about RMB 102,586,000), which remains unresolved as of December 31, 2025[15] - A lawsuit involving three subsidiaries regarding lease agreements claims approximately HKD 105.2 million in unpaid rent and damages[113] Miscellaneous - The company did not declare or pay any dividends for the years ended December 31, 2025, and 2024[64] - The company faces significant uncertainty regarding its ability to continue as a going concern due to its financial situation[133] - The independent auditor's report confirmed that the consolidated financial statements reflect the group's financial position and performance accurately as of December 31, 2025[131]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported total revenue of $132,500 thousand, a decrease of 69.2% from $431,082 thousand in 2024[2] - The gross profit for 2025 was $20,693 thousand, up 32.5% from $15,576 thousand in 2024[2] - The net loss attributable to shareholders for 2025 was $14,622 thousand, compared to a profit of $40,302 thousand in 2024, representing a significant decline[3] - Basic and diluted loss per share for 2025 was 3.54 cents, down from earnings of 11.10 cents per share in 2024[3] - The revenue from graphite products was $30,240,000 in 2025, down from $344,800,000 in 2024, reflecting a decline of approximately 91.2%[18] - Revenue from electronic product manufacturing increased to $102,260,000 in 2025 from $86,205,000 in 2024, marking an increase of about 18.6%[18] - The company reported a revenue of approximately $132,500,000 for the year ending December 31, 2025, a decrease of about $298,600,000 or 69.3% compared to the previous year's revenue of approximately $431,100,000[54] Assets and Liabilities - The company's total assets as of December 31, 2025, were $450,142 thousand, an increase of 16.5% from $386,297 thousand in 2024[5] - The total assets of the group as of December 31, 2025, were approximately $466.1 million, compared to approximately $452.1 million as of December 31, 2024[31] - The company’s total liabilities reached $40,661,000, with segment liabilities accounting for $39,285,000[12] - Current liabilities increased to $40,168 thousand in 2025, up from $21,142 thousand in 2024, indicating a rise of 90%[6] - The company recorded trade receivables of $47.57 million as of December 31, 2025, down from $347.35 million as of December 31, 2024[25] - Trade payables totaled $10.58 million as of December 31, 2025, compared to $11.41 million in the previous year[27] Inventory and Fair Value - The company reported a significant increase in inventory, which rose to $376,392 thousand in 2025 from $22,279 thousand in 2024[5] - The fair value loss on financial assets for 2025 was $42,606 thousand, compared to a gain of $39,240 thousand in 2024[2] - The company reported a fair value gain of $21,996,000 from cryptocurrencies, which was not included in the segment performance calculations[12] - The company has reclassified MUP from intangible assets to inventory as of June 30, 2025, following discussions with major suppliers[36] Employee and Operational Costs - The company’s employee costs rose to $19,005,000 in 2025 from $16,030,000 in 2024, an increase of approximately 12.3%[19] - The depreciation expense for property, plant, and equipment was $1,362,000 in 2025, down from $3,682,000 in 2024, indicating a reduction of about 63.0%[19] - The income tax expense for the year was $2,832,000, compared to $1,962,000 in 2024, representing an increase of approximately 44.3%[20] Strategic Initiatives and Acquisitions - The company has acquired 100% of GoMeta Limited to explore opportunities in artificial intelligence and the third generation of the internet, including NFTs and cryptocurrencies[41] - The company has entered into a three-year cooperation agreement with Macau Online Media Development Co., aiming to assist in business development across Asia, including market research in Taiwan, Singapore, South Korea, and Japan[42] - The company plans to utilize proceeds from the 2018 convertible bonds, totaling approximately HKD 102,115,500 (USD 13,091,600), for the operation of a graphite trading platform, enhancing the trading experience for global graphite products[61] - The company has shifted its focus for the 2024 convertible bonds towards developing a graphite product trading platform, moving away from previous plans related to AI and cultural industry applications due to a lack of consensus with potential partners[63] Compliance and Governance - The company has implemented corrective measures to ensure strict compliance with listing rules following the completion of certain acquisition and sale transactions[50] - The company's auditor, Changqing (Hong Kong) CPA Limited, has verified the financial figures for the consolidated financial statements for the year ending December 31, 2025, against the audited consolidated financial statements for the current year[86] - There are no significant uncertainties that may cast doubt on the company's ability to continue as a going concern[76] Future Outlook - The International Monetary Fund forecasts global GDP growth of about 3.3% in 2026, driven by AI investments and easing trade tensions, but warns of potential changes due to geopolitical conflicts affecting energy prices[57] - The company anticipates a strong performance in its UK operations, with expected revenue of GBP 77,000,000 in 2026, supported by a healthy order backlog and no significant debt[58]

Financial Performance - For the fiscal year ending December 31, 2025, the revenue was approximately HKD 125.3 million, an increase of 12.0% compared to approximately HKD 111.9 million for the fiscal year ending December 31, 2024[2] - The gross profit for the fiscal year ending December 31, 2025, was approximately HKD 11.9 million, representing a significant increase of about 43.4% from approximately HKD 8.3 million in the previous year[2] - The profit attributable to the owners of the company improved from a loss of approximately HKD 26.4 million for the fiscal year ending December 31, 2024, to a profit of approximately HKD 1.5 million for the fiscal year ending December 31, 2025[2] - The total comprehensive income for the year was approximately HKD 970,000, a recovery from a loss of approximately HKD 26.3 million in the previous year[4] - Basic and diluted earnings per share for the fiscal year ending December 31, 2025, was HKD 0.14, compared to a loss per share of HKD 2.74 in the previous year[4] - The net loss for the reporting year decreased by approximately HKD 27.9 million to a net profit of about HKD 1.5 million, primarily due to fair value gains on financial assets and reduced impairment losses[38] Expenses and Costs - The sales expenses decreased to approximately HKD 15.6 million, down 27.8% from approximately HKD 21.6 million for the fiscal year ending December 31, 2024[2] - The cost of goods sold for the year was HKD 113,335,000, up from HKD 103,549,000 in 2024, reflecting an increase of approximately 9%[22] - The group’s total employee costs, including directors' remuneration, amounted to HKD 8,003,000 in 2025, down from HKD 9,557,000 in 2024, indicating a reduction of approximately 16%[22] - Selling expenses were approximately HKD 15.6 million, accounting for 12.5% of total revenue, down from 19.3% in the previous year[59] - Administrative and other operating expenses decreased to approximately HKD 11.7 million, representing about 9% of total revenue[60] Assets and Liabilities - Non-current assets increased to approximately HKD 10.3 million from HKD 7.6 million in the previous year[5] - Current assets rose to approximately HKD 102.0 million, compared to HKD 96.1 million in the previous year[5] - The total liabilities increased to approximately HKD 25.8 million from HKD 19.5 million in the previous year[6] - The company's equity attributable to owners was approximately HKD 73.2 million, slightly up from HKD 72.2 million in the previous year[6] - Trade receivables increased to HKD 8,962 thousand in 2025 from HKD 3,129 thousand in 2024, with expected credit loss provisions rising from HKD 947 thousand to HKD 1,620 thousand[28] - Trade payables decreased to HKD 599 thousand in 2025 from HKD 1,989 thousand in 2024[33] Investments and Financial Assets - The group reported a fair value gain on financial assets of HKD 15,732,000 for 2025, compared to HKD 7,785,000 in 2024, indicating a significant increase of about 102%[21] - The company held financial assets at fair value through profit or loss amounting to HKD 57.4 million as of December 31, 2025, with fair value gains recognized at approximately HKD 15.7 million[39] - The group has a total loan receivable amount of HKD 2.9 million, with an annual interest rate of 8%, and the top five receivables account for 94.2% of the total[45] - The expected credit loss provision for receivables is approximately HKD 10.3 million, a decrease from HKD 11.0 million in 2024, primarily due to debt repayments received from several borrowers[49] - The group adopts a passive investment strategy and maintains a diversified investment portfolio to reduce risk[43] Business Operations - The group’s operational focus remains on retailing handbags and fashion accessories, with no further segments reported due to the singular nature of its business[17] - Handbags accounted for over 98.7% of total revenue, with sales from unused products generating approximately HKD 96.6 million, representing about 77.1% of total revenue[51] - The luxury goods sector in Hong Kong showed a stable growth of 1.9% to 3.6%, outperforming the overall market growth of about 1%[36] Corporate Governance and Compliance - The audit committee consists of three independent non-executive directors and has reviewed the financial statements for the reporting year[71] - The company has adhered to all applicable corporate governance code provisions during the reporting year, except for a minor deviation regarding the notice period for board meetings[74] - The company has maintained a policy of conducting transactions primarily in HKD and RMB without any foreign exchange hedging arrangements[66] Future Outlook - The group is currently assessing the impact of the new Hong Kong Financial Reporting Standard 18 on its financial statements, particularly regarding the structure of the income statement and cash flow statement[15] - The group expects that the application of new accounting standards will not have a significant impact on the consolidated financial statements for the foreseeable future[15] - The anticipated economic recovery is supported by government promotional activities aimed at stimulating local consumption and improving business sentiment[50] - The group expects local consumption to rebound further due to anticipated interest rate cuts and the narrowing price gap between Hong Kong and Europe for luxury goods[50] - The management will adopt a more prudent business policy to navigate unprecedented challenges in the market[50] Shareholder Information - The group did not declare or recommend any dividends for the year ended December 31, 2025, consistent with 2024[25] - The board has decided not to declare a final dividend for the reporting year[77] - The company completed a placement of 176,150,000 new shares at a price of HKD 0.08 per share, raising approximately HKD 13.7 million for general working capital[73] Miscellaneous - There have been no significant events after the reporting year up to the date of this announcement[78] - The annual report will be published on the company's website and the Hong Kong Stock Exchange website by the end of April 2026[79]

Financial Performance - The company's revenue for the year ended December 31, 2025, was RMB 223,487,000, representing a significant increase of 186% compared to RMB 78,066,000 in 2024[3]. - The gross profit for the same period was RMB 22,528,000, up from RMB 10,137,000 in 2024, indicating a gross margin improvement[3]. - The net loss for the year was RMB 32,746,000, a reduction from a loss of RMB 52,613,000 in 2024, showing a 38% improvement in financial performance[3]. - The group’s performance metrics focus on gross profit/loss for each segment, excluding various expenses, to assess resource allocation and segment performance[25]. - The segment performance for event operations and marketing shows a profit of RMB 22,151,000, while the overall segment performance is RMB 22,528,000 for 2025[26]. - The company reported a net loss of RMB 32,746,000 for the year ending December 31, 2025, compared to a net loss of RMB 52,613,000 in 2024, indicating an improvement in financial performance[26][27]. - Loss before income tax decreased by approximately 35.84% from RMB 45.56 million for the year ending December 31, 2024, to RMB 29.23 million for the year ending December 31, 2025[53]. - Loss attributable to owners of the company decreased by approximately 37.7% from RMB 52.58 million for the year ending December 31, 2024, to RMB 32.74 million for the year ending December 31, 2025[55]. Assets and Liabilities - The total assets decreased to RMB 367,514,000 in 2025 from RMB 411,397,000 in 2024, reflecting a 10.6% decline[7]. - The company's cash and bank balances decreased to RMB 155,487,000 in 2025 from RMB 246,473,000 in 2024, a decline of 37%[7]. - Accounts receivable increased significantly to RMB 76,787,000 in 2025 from RMB 48,858,000 in 2024, marking a 57% rise[7]. - The company reported a total equity of RMB 295,599,000 in 2025, down from RMB 351,471,000 in 2024, a decrease of 15.9%[8]. - Accounts receivable increased to RMB 128,352,000 in 2025 from RMB 64,939,000 in 2024, with a provision for impairment of RMB 51,565,000[37]. - The accounts payable increased significantly from RMB 4.593 million in 2024 to RMB 60.253 million in 2025, indicating a substantial rise in obligations to suppliers[39]. - Current assets increased by approximately 2.0% from RMB 260.04 million as of December 31, 2024, to RMB 265.15 million as of December 31, 2025[57]. Revenue Segments - Revenue from event operations and marketing was RMB 211,435 thousand in 2025, compared to RMB 27,460 thousand in 2024, indicating a growth of about 669%[18]. - The trading business, which includes the sale of cigars and functional materials, was introduced in 2024 and 2025 respectively, contributing to the diversification of revenue streams[24]. - The event operation and marketing segment's revenue grew approximately 670.0% from RMB 27.46 million in 2024 to RMB 211.44 million in 2025, driven by an increase in the number of golf tournaments and business forums[46]. - The trading business segment's revenue decreased by approximately 76.2% from RMB 506.0 million in 2024 to RMB 120.5 million in 2025, as the company shifted focus to trading functional materials[46]. Financial Reporting Standards - Hong Kong Financial Reporting Standard No. 18 introduces new presentation requirements for income statements, categorizing all income and expenses into five categories: operating, investing, financing, income tax, and discontinued operations[13]. - The new standard requires entities to disclose performance measures defined by management in the notes, enhancing the classification and location of information in financial statements and notes[13]. - The amendments to Hong Kong Financial Reporting Standard No. 19 allow qualifying entities to apply simplified disclosure requirements, provided they meet specific criteria[15]. - The revisions to Hong Kong Financial Reporting Standard No. 9 clarify the derecognition date of financial assets or liabilities and introduce an accounting policy choice for certain financial liabilities settled before the settlement date[16]. - The amendments to Hong Kong Financial Reporting Standard No. 10 and Hong Kong Accounting Standard No. 28 address inconsistencies in the treatment of asset sales or contributions between investors and their associates or joint ventures[16]. - The new regulations will take effect for annual periods beginning on or after January 1, 2027, with early application permitted[14]. - The company is currently analyzing the impact of Hong Kong Financial Reporting Standard No. 18 on its financial statement presentation and disclosures[13]. - The revisions to the financial reporting standards are expected to have no significant impact on the company's financial statements[16]. - The company’s subsidiaries are considering applying the simplified disclosure requirements of Hong Kong Financial Reporting Standard No. 19 in their specific financial statements[15]. - The amendments to the financial reporting standards require retrospective application, with adjustments made to the opening retained earnings on the first application date[16]. Compliance and Governance - The company has adopted the standard code of conduct for securities trading by directors, confirming compliance for the entire year ending December 31, 2025[74]. - The audit committee, consisting of three independent non-executive directors, has reviewed the audited consolidated financial results for the year ending December 31, 2025, and found them to comply with generally accepted accounting principles[75]. - The company appointed a new auditor, Baker Tilly, effective August 7, 2024, following the resignation of its previous auditor[76]. - The company will implement remedial actions by Q4 2025 to ensure compliance with listing rules and prevent similar incidents from occurring[87]. - The company will appoint executive director Ren Song and the company secretary to oversee compliance with disclosure requirements for transactions[88]. - Internal training will be arranged for all directors and senior management to explain the provisions of listing rules Chapters 13, 14, and 14A[92]. Other Financial Information - The company did not declare any final dividend for the year ending December 31, 2025, consistent with the previous year[68]. - The income tax expense for the year 2025 is RMB 3,517,000, which includes corporate tax from Hong Kong and China[31][32]. - Interest income decreased to RMB 87 thousand in 2025 from RMB 2,446 thousand in 2024, reflecting a decline of approximately 96%[20]. - The total other income for 2025 was RMB 88 thousand, a decrease from RMB 4,041 thousand in 2024, primarily due to reduced rental income and interest income[20]. - Sales and distribution expenses decreased by approximately 99.3% from RMB 4.32 million for the year ending December 31, 2024, to RMB 0.03 million for the year ending December 31, 2025[49]. - General and administrative expenses decreased by approximately 75.6% from RMB 34.67 million for the year ending December 31, 2024, to RMB 8.46 million for the year ending December 31, 2025[50]. - Other income decreased by approximately 97.8% from RMB 4.04 million for the year ending December 31, 2024, to RMB 0.09 million for the year ending December 31, 2025[51]. - Other gains or losses changed from a net gain of RMB 3.09 million for the year ending December 31, 2024, to a net loss of RMB 1.85 million for the year ending December 31, 2025, representing a decrease of approximately 159.9%[52]. - The company plans to sell its subsidiary, Torch Media Co., Ltd., for HKD 8 million, with an estimated net loss of approximately RMB 46.2 million expected from the sale[80][81]. - The company entered into a procurement contract for 96 sets of liquid cooling equipment for RMB 96,230,400, with full refundable advance payment made[83]. - Due to delays in delivery, the procurement contract for the liquid cooling equipment was terminated, and the advance payment was fully refunded to the company[84]. - The advance payment constituted a major transaction under the listing rules, exceeding 25% but below 100%, requiring compliance with relevant disclosure and shareholder approval regulations[85]. - The company inadvertently failed to recognize the advance payment as a major transaction, resulting in a breach of listing rules regarding timely announcements[86]. - No significant events have occurred since the end of the reporting period that would impact the group's operational, financial, or trading outlook[89]. - The company has maintained sufficient public float as required by listing rules as of December 31, 2025[90]. - The annual results announcement and annual report for 2025 will be published on the Stock Exchange and the company's website[91]. - All agreements and supporting documents related to planned transactions will be reviewed by the finance and company secretary departments before final approval by the board[92].

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 8,250,131, an increase of 3.8% compared to RMB 7,949,439 in 2024[2] - Gross profit rose to RMB 1,092,100, reflecting a significant increase of 27.0% from RMB 860,097 in the previous year[2] - Net profit for the year reached RMB 171,642, marking a 54.3% increase from RMB 111,245 in 2024[2] - Profit attributable to owners of the company was RMB 78,992, up 56.0% from RMB 50,621 in the prior year[2] - Basic and diluted earnings per share increased to RMB 2.40, a rise of 56.9% from RMB 1.53 in 2024[2] - Total comprehensive income for the year was RMB 161,017, an increase from RMB 131,652 in 2024, showcasing overall growth[5] Dividends - The final dividend declared was 0.6 HKD cents, representing a 20.0% increase from 0.5 HKD cents in the previous year[2] - The company plans to distribute a final dividend of HKD 0.6 per share, amounting to approximately RMB 17,490,000, subject to shareholder approval[34] Research and Development - Research and development expenses increased to RMB 464,205, up from RMB 282,187, indicating a focus on innovation[4] - The new business initiatives led to a significant increase in R&D expenses, but the division recorded an operating profit of RMB 185,188,000, representing a year-on-year increase of approximately 20.3%[57] - Wuling New Energy reported total revenue of RMB 1,362,326,000 for the year, a 34.0% increase compared to the previous year, although it incurred an operating loss of RMB 377,634,000 due to high R&D expenses[95] Assets and Liabilities - Total assets increased to RMB 9,606,525 thousand in 2025 from RMB 6,555,898 thousand in 2024, representing a growth of approximately 46.5%[6] - Current liabilities decreased to RMB 6,867,688 thousand in 2025 from RMB 9,532,503 thousand in 2024, a reduction of about 28%[7] - Non-current liabilities amounted to RMB 395,528,000, which includes bank borrowings of RMB 340,000,000 and lease liabilities of RMB 6,424,000[115] - The company reported a net current liability of RMB (311,790) thousand in 2025, compared to RMB 74,022 thousand in 2024, showing a significant decline in liquidity position[7] Revenue Breakdown - Revenue from automotive power systems was RMB 1,815,357,000 in 2025, compared to RMB 1,737,084,000 in 2024, reflecting an increase of about 4.5%[22] - Revenue from automotive parts and other industrial services reached RMB 5,168,568,000 in 2025, up from RMB 4,771,393,000 in 2024, marking a growth of approximately 8.3%[21] - Revenue from external customers in the commercial vehicle segment was RMB 613,487,000 in 2025, down from RMB 718,758,000 in 2024, a decline of about 14.7%[21] - The revenue from the mainland China market was RMB 7,828,753,000 in 2025, nearly unchanged from RMB 7,824,205,000 in 2024, reflecting stable performance[21] Operational Efficiency - The company reported a pre-tax profit of RMB 188,300, compared to RMB 120,336 in the previous year, indicating improved operational efficiency[4] - Total financing costs decreased to RMB 105,808,000 in 2025 from RMB 115,997,000 in 2024[32] - Employee costs amounted to RMB 659,690,000 in 2025, down from RMB 705,249,000 in 2024[32] Market and Sales Performance - The automotive parts division, operated by the subsidiary Wuling Motors, achieved sales of RMB 3,287,681,000, benefiting from the launch of several new vehicle models[58] - Sales to new customer segments increased to RMB 2,500,544,000, accounting for approximately 43% of the division's total revenue, with notable growth in overseas markets[59] - The commercial vehicle division reported total revenue of RMB 613,487,000 for the year ending December 31, 2025, a decrease of approximately 14.6% due to weak market demand[82] Corporate Governance - The company has established a governance framework to ensure compliance with the listing rules and good corporate governance principles[124] - The audit committee, composed of independent non-executive directors, is responsible for reviewing the financial reporting system and internal controls[126] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[130]

Financial Performance - Annual contract sales amounted to RMB 5.337 billion, a decrease of 43.3% compared to the same period in 2024[4] - Annual revenue was RMB 3,350.4 million, representing a decline of 74.4% year-on-year[5] - The annual loss was RMB 224.8 million, a reduction of 98.7% compared to the previous year's loss[4] - Core net profit attributable to the company's owners was RMB 100.4 million, a turnaround from a core net loss of RMB 15,969.4 million in 2024[4] - Total comprehensive income for the year was RMB 243.1 million, compared to a loss of RMB 17,303.6 million in 2024[6] - The adjusted loss before tax for the group was RMB 99,522 thousand, with total segment losses amounting to RMB 17,873,825 thousand[27] - The company reported a pre-tax loss of RMB 17,170,669,000 for the year ended December 31, 2024, compared to a pre-tax loss of RMB 11,099,267,000 in 2023[28] - The company reported a loss attributable to ordinary equity holders of RMB 205,700,000 for the year ending December 31, 2025, compared to a loss of RMB 16,610,307,000 for the previous year[41] - The annual loss for 2025 was RMB 224.8 million, a decrease of RMB 16,646.1 million compared to the annual loss in 2024[87] Assets and Liabilities - Non-current assets totaled RMB 16,290.2 million, down from RMB 19,305.7 million in 2024[7] - Current assets decreased to RMB 48,577.8 million from RMB 69,239.2 million in 2024[8] - Total liabilities amounted to RMB 72,699.4 million, a decrease from RMB 96,412.7 million in 2024[8] - The company's equity attributable to owners was negative at RMB 15,657.9 million, compared to negative RMB 16,419.4 million in 2024[8] - Current liabilities exceeded current assets by RMB 10,845,510,000 as of December 31, 2025[16] - Total bank and other borrowings, including interest payable, amounted to RMB 30,110,843,000, with RMB 21,325,964,000 due within the next twelve months[16] - The total assets of the company amounted to RMB 88,544,970,000, with total liabilities at RMB 96,412,461,000, indicating a high leverage ratio[28] - The company's total liabilities increased to RMB 96,412,461,000, with unallocated liabilities at RMB 70,087,007,000, indicating a need for careful financial management[28] Cash Flow and Financing - The company is actively negotiating with financial institutions for the extension or refinancing of certain borrowings[16] - The company plans to initiate debt restructuring for both offshore and domestic debts[16] - The company aims to accelerate the sales of properties under development and completed properties to improve cash flow[16] - The company reported a net gain from debt restructuring of RMB 21,114,910,000, related to an offshore debt restructuring on November 28, 2025[31] - The total financial costs for 2025 were RMB 2,021,468,000, down from RMB 2,153,717,000 in 2024, reflecting a reduction in interest expenses[34] - The group's financing costs decreased from RMB 2,153.7 million in 2024 to RMB 2,021.5 million in 2025, a reduction of RMB 132.2 million, or 6.1%[85] Revenue Sources - The group achieved external customer sales of RMB 3,350,436 thousand, with RMB 2,737,033 thousand from property development and RMB 613,403 thousand from property leasing[27] - Total rental income decreased to RMB 613.4 million in 2025, down RMB 81.3 million, a decline of 11.7% compared to 2024[77] - The group’s total other income and gains for 2025 were RMB 21,303,283,000, compared to RMB 377,766,000 in 2024, showing a substantial increase[31] Debt Management - The company is seeking opportunities to dispose of assets, such as land and equity in urban renewal projects[16] - Significant progress was made in negotiations for further offshore debt restructuring and domestic debt restructuring in China[19] - The company has completed a debt restructuring plan approved by the majority of creditors, involving the issuance of consideration shares and mandatory convertible bonds[100] Operational Strategy - The company aims to accelerate the sales of properties and urban renewal projects to improve cash flow and recover outstanding receivables[49] - The company plans to focus on reducing debt, enhancing sales, and maintaining stable cash flow in the upcoming year[53] - The company aims to establish a new benchmark for quality service in the industry by building good houses and communities[53] - The company is actively pursuing new development opportunities in emerging markets to diversify its portfolio and drive growth[65] Employee and Corporate Governance - Employee benefits expenditure for the year ended December 31, 2025, was approximately RMB 203.9 million, down from RMB 242.1 million in 2024[110] - The company had 1,049 employees as of December 31, 2025, a decrease from 1,449 employees as of December 31, 2024[110] - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2025[111] Market Conditions - In 2025, the total sales area of new residential properties in China was 88.1 million square meters, a year-on-year decrease of 8.7%[70] - The sales revenue of new residential properties in 2025 was RMB 839.37 billion, down 12.6% year-on-year[70] - The government has indicated a shift towards high-quality housing development and improving housing supply systems[71] - The company anticipates that the market will require time to balance supply and demand, with ongoing policy support to reduce restrictions on home purchases[72]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 鈞濠集團有限公司 GRAND FIELD GROUP HOLDINGS LIMITED (股份代號：���) （於百慕達註冊成立之有限公司） 截至二零二五年十二月三十一日止年度之全年業績公佈 鈞濠集團有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公司及 其附屬公司（統稱「本集團」）截至二零二五年十二月三十一日止年度之經審核 綜合全年業績，連同二零二四年之比較數字如下： 綜合損益表 截至二零二五年十二月三十一日止年度 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 港幣千元 | 港幣千元 | | 收益 | 4 | 242,609 | 236,371 | | 收益成本 | | (222,447) | (219,978) | | 毛利 | | 20,162 | 16,393 | | 利息收益 | | 65 | 789 | | ...

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 份 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 China Golden Classic Group Limited 中國金典集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8281） 截至二零二五年十二月三十一日止年度之 年度業績公告 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM的特色 GEM的 定 位，乃 為 相 比 起 其 他 在 聯 交 所 上 市 的 公 司 帶 有 較 高 投 資 風 險 的 中 小 型 公 司 提 供 一 個 上 市 的 市 場。有 意 投 資 的 人 士 應 了 解 投 資 於 該 等 公 司 的 潛 在 風 險，並 應 經 過 審 慎 周 詳 的 考 慮 後 方 作 出 投 資 決 定。 由於在GEM上 市 的 公 司 普 遍 為 中 小 型 公 司，在GEM買賣的 ...

Financial Performance - For the fiscal year ending December 31, 2025, the company reported a loss attributable to shareholders of HKD 453.1 million, unchanged from the previous year[2]. - Revenue decreased by 91.1% to HKD 32.8 million compared to HKD 368.9 million in 2024[1]. - Gross profit fell by 75.2% to HKD 6.3 million from HKD 25.4 million in the prior year[1]. - The operating loss before depreciation, financing costs, and tax increased by 53.4% to HKD 437.4 million from HKD 285.1 million[1]. - The company reported a net loss attributable to shareholders of HKD 453.2 million for 2025, compared to a loss of HKD 453.1 million in 2024, showing a slight increase in losses[29]. - Total comprehensive loss for the year was HKD 371.1 million in 2025, an improvement from a loss of HKD 505.3 million in 2024, reflecting a reduction of approximately 26.5%[31]. - The company reported a pre-tax loss of HKD 508.8 million for 2025, compared to a loss of HKD 366.7 million in 2024[37]. - The group reported a basic loss per share of HKD 453.1 million for the year ending December 31, 2025, consistent with the loss reported in 2024[47]. Asset and Liability Management - As of December 31, 2025, the net asset value attributable to equity holders is HKD 384,400,000, equating to approximately HKD 0.21 per share[13]. - The group's cash and bank deposits as of December 31, 2025, amount to HKD 22,000,000, down from HKD 52,500,000 in 2024, with total liabilities (including convertible bonds) at HKD 1,241,000,000[18]. - The debt-to-asset ratio as of December 31, 2025, is 44.3%, an increase from 40.1% in 2024[18]. - Current assets decreased to HKD 2,592.6 million in 2025 from HKD 3,107.5 million in 2024, a decline of approximately 16.5%[33]. - Total liabilities decreased from HKD 2,622.4 million in 2024 to HKD 2,414.0 million in 2025, representing a reduction of about 7.9%[33]. - The total amount of other debts decreased from HKD 1,325.0 million in 2024 to HKD 1,232.0 million in 2025, a decline of about 7%[51]. - The group has a total of HKD 920.0 million in other debts due in the second year, compared to HKD 312.0 million due in the first year[51]. Operational Strategy - The company plans to sell a hotel building within its Chengdu project to a third party, with the transaction expected to complete in Q2 2026, aimed at reducing debt and supplementing working capital[3]. - The company is actively seeking suitable investment opportunities for long-term sustainable growth[5]. - The company is re-evaluating sales plans for its projects in Chengdu and Tianjin to enhance liquidity[5]. - The company plans to accelerate the sale of its properties, including hotel properties and office units in Chengdu and Tianjin[35]. Market Conditions - The overall property market in China remained sluggish, particularly in the commercial and retail sectors, with a projected decline of over 10% in first-hand property sales in 2025 compared to 2024[4]. - Revenue from property development and investment dropped significantly to HKD 31.2 million in 2025 from HKD 339.1 million in 2024, a decline of approximately 91.8%[37]. Cash Flow and Financing - The net cash flow from operating activities for the year was HKD 70,300,000, compared to HKD 238,300,000 in 2024[17]. - Cash flow estimates for the next twelve months are considered sufficient to support operations[35]. - The total financing cost for the group decreased from HKD 80.7 million in 2024 to HKD 70.8 million in 2025, representing a reduction of approximately 11.7%[44]. - The group’s income tax expense for 2025 was a credit of HKD 55.6 million, compared to an expense of HKD 86.4 million in 2024, indicating a significant change in tax position[44]. Corporate Governance - The board has decided not to recommend a final dividend for the year ending December 31, 2025[23]. - The annual general meeting is scheduled for June 10, 2025, with details to be published on the Hong Kong Stock Exchange and the company's website[24]. - The independent auditor has agreed that the preliminary performance announcement for the year ending December 31, 2025, aligns with the group's consolidated financial statements[55]. - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2025, including the accounting standards adopted by the group[56]. - The company has complied with the corporate governance code as per the Stock Exchange Listing Rules, except for the separation of roles between the chairman and the CEO[57]. - The board of directors includes key members such as the chairman and CEO, Mr. Luo Xurui, and the CFO, Mr. Liang Subao[58].