香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 無錫先導智能裝備股份有限公司（「本公司」、「公司」或「先導智能」）董事（「董 事」）會（「董事會」）欣然宣佈本公司及其附屬公司（統稱「本集團」或「我們」）截至 2025年12月31日止年度（「報告期」）的經審計綜合業績，連同截至2024年12月31 日止年度的業績比較數字。 財務摘要 截至2025年12月31日止年度： 1 • 本集團的收入為人民幣14,358.0百萬元，同比增長22.0%。 • 本集團的淨利潤為人民幣1,559.8百萬元，同比增長482.0%。 • 本公司擁有人應佔年內每股基本及攤薄盈利分別為人民幣1.01元及人民幣 1.00元（2024年：分別為人民幣0.18元及人民幣0.18元）。 WUXI LEAD INTELLIGENT EQUIPMENT CO., LTD. 無錫先導智能裝備股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：0470） 截至2025年12月3 ...

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 357,638,000, representing a 50.9% increase from RMB 237,055,000 in 2024[3] - Gross profit for 2025 was RMB 53,804,000, up 26.7% from RMB 42,474,000 in 2024, with a gross margin of 15.0%, down 2.9 percentage points from 17.9%[3] - The company reported a loss attributable to owners of RMB (4,997,000) for 2025, compared to a profit of RMB 1,966,000 in 2024[4] - Basic and diluted loss per share for 2025 was RMB (0.25), compared to earnings of RMB 0.10 per share in 2024[4] - Total revenue for 2025 is RMB 357,638,000, compared to RMB 237,055,000 in 2024, reflecting an overall increase of 50.9%[19] - The company reported a pre-tax loss of RMB 5,755,000 for 2025, compared to a profit of RMB 1,377,000 in 2024[26] - The company reported a loss of approximately RMB 5.0 million for the year ended December 31, 2025, compared to a profit of approximately RMB 2.0 million for the year ended December 31, 2024[63] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 483,883,000, an increase from RMB 422,211,000 in 2024[6] - Current liabilities increased to RMB 414,271,000 in 2025 from RMB 336,145,000 in 2024[6] - The net asset value decreased to RMB 242,163,000 in 2025 from RMB 247,598,000 in 2024[7] - Trade payables increased to RMB 183,482,000, up 88% from RMB 97,314,000 in 2024[43] - The total secured assets for bank loans decreased from RMB 110.05 million in 2024 to RMB 89.83 million in 2025, reflecting a reduction in land use rights, buildings, and machinery[69] Revenue Breakdown - Revenue from heavy truck decorative parts for 2025 is RMB 206,294,000, up from RMB 191,469,000 in 2024, representing an increase of 7.6%[19] - Revenue from passenger car decorative parts for 2025 is RMB 151,344,000, significantly up from RMB 45,586,000 in 2024, indicating a growth of 231.5%[19] - The largest customer contributed 32% of total revenue in 2025, down from 59% in 2024, with revenues of RMB 115,407,000 for 2025 compared to RMB 138,797,000 in 2024[21] Inventory and Receivables - Inventory increased to RMB 67,643,000 in 2025 from RMB 53,145,000 in 2024, indicating a potential increase in production or sales strategy[6] - Trade receivables rose significantly to RMB 295,478,000 in 2025 from RMB 204,890,000 in 2024, suggesting improved sales performance[6] - Trade receivables (net of impairment) rose to RMB 263,326,000, up 38% from RMB 190,842,000 in the previous year[39] Expenses - Financial costs increased to RMB 8,835,000 in 2025 from RMB 7,473,000 in 2024, an increase of 18.2%[29] - R&D expenses increased significantly to RMB 15,215,000 from RMB 8,581,000, representing an increase of 77% year-over-year[34] - Administrative expenses rose from approximately RMB 32.2 million in 2024 to approximately RMB 49.2 million in 2025, an increase of about 52.9%[60] Dividends and Governance - The company did not declare a final dividend for the year ended December 31, 2025[3] - The company has no proposed dividend for the year ending December 31, 2025, consistent with 2024[46] - The company maintained a high level of corporate governance to enhance shareholder value and protect their interests, adhering to the corporate governance code[82] Accounting Standards - The group has adopted the revised International Accounting Standard 21 regarding "Lack of Convertibility" in its consolidated financial statements for the first time this year, with no impact on the financial statements as all currencies involved are convertible[11] - The group has not applied any new or revised International Financial Reporting Standards that have been issued but are not yet effective in the consolidated financial statements[12] - The revised International Financial Reporting Standard 18 introduces new requirements for the presentation of income statements, including the classification of all income and expenses into five categories[14] - The group is currently analyzing the impact of the new International Financial Reporting Standard 18 on its consolidated financial statement presentation and disclosures[14] - The revised International Financial Reporting Standard 9 clarifies the derecognition date of financial assets or liabilities and introduces an accounting policy option for certain financial liabilities[17] Future Plans - The company plans to transition from a "single-driven" to a "dual-driven" model in 2026, aiming to leverage the growth in the passenger vehicle sector while addressing challenges in the truck sector[81] Other Information - There were no significant contingent liabilities reported as of December 31, 2025, aside from normal business-related litigation risks[72] - There were no major investments or acquisitions reported for the year ended December 31, 2025[74] - The annual performance announcement will be published on the Hong Kong Stock Exchange and the company's website, covering the fiscal year ending December 31, 2025[88] - The annual report will include all information required by the listing rules and will be available at the appropriate time on the aforementioned websites[88] - The board of directors consists of two executive directors and three independent non-executive directors[88]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 1,338,089,000, a decrease of 11.6% from RMB 1,513,644,000 in 2024[3] - Gross profit increased to RMB 532,396,000, up 24.7% from RMB 426,789,000 in 2024[3] - Adjusted annual profit for 2025 was RMB 200,965,000, compared to a loss of RMB 30,322,000 in 2024, indicating a significant turnaround[3] - Revenue for the year ended December 31, 2025, decreased by 11.6% to approximately RMB 1,338.1 million, down from RMB 1,513.6 million in 2024[15] - Game revenue contributed 89.6% of total revenue in 2025, amounting to RMB 1,199.3 million, a decline of 17.6% from RMB 1,455.9 million in 2024[16] - Information services revenue increased significantly to RMB 136.5 million in 2025, up from RMB 49.5 million in 2024, driven by enhanced advertising technology and increased client budgets[17] - Operating profit turned positive at RMB 21,669,000 compared to an operating loss of RMB 345,360,000 in 2024[50] - Net profit for the year was RMB 19,918,000, a significant recovery from a loss of RMB 544,604,000 in 2024[50] - The group recorded a net profit of RMB 19,918,000 as of December 31, 2025[59] User Engagement and Product Development - The company achieved a 40% year-on-year increase in daily active users for the PC version of "Kara Bichu" by early 2026, with monthly revenue up 90%[9] - The average revenue per user (ARPU) for the mobile version of "Kara Bichu" increased by 73.8% year-on-year[9] - The community user base on the Fanbook platform grew by 22% year-on-year, with average online time per user increasing by 60%[7] - The company plans to launch more versions and gameplay for "Legendary Store: Management and Creation" in 2026 to ensure long-term engagement[8] - The new product "Kara Bichu" is expected to create a stable market position in the 2D shooting genre and gradually release its commercial potential[12] - The group plans to launch multiple game iterations in 2026 to generate incremental revenue sources and strengthen partnerships to expand its game portfolio into overseas markets[59] Cost Management and Operational Efficiency - Total cost of revenue for the year ended December 31, 2025, was RMB 805.7 million, a decrease of 25.9% from RMB 1,086.9 million in 2024, with the cost-to-revenue ratio dropping from 71.8% to 60.2%[18] - General and administrative expenses decreased to RMB 94.5 million in 2025, down from RMB 126.5 million in 2024, with the percentage of revenue dropping from 8.4% to 7.1%[20] - The integration of AI technology in game development and player interaction has led to a significant reduction in content production costs by over 50%[11] - The company’s self-developed products have successfully entered commercialization, contributing to improved overall profit margins and operational quality[4] - The total expenses for cost of revenue, selling and marketing expenses, general and administrative expenses, R&D expenses, and impairment losses on intangible assets amounted to RMB 1,216,898,000 in 2025, down from RMB 1,584,974,000 in 2024[67] Financial Position and Liquidity - Cash and cash equivalents decreased by 4.6% from approximately RMB 196.9 million as of December 31, 2024, to approximately RMB 187.9 million as of December 31, 2025[31] - Total borrowings as of December 31, 2025, were approximately RMB 1,015.9 million, down from approximately RMB 1,070.1 million as of December 31, 2024[32] - The company's debt ratio as of December 31, 2025, was 51.4%, a decrease from 59.5% as of December 31, 2024[33] - The capital debt ratio was 62.1% as of December 31, 2025, down from 75.0% in 2024[34] - The company has not hedged any foreign exchange fluctuations as of December 31, 2025[40] - The board believes that the expected operating cash flows, renewed credit facilities, and unutilized bank facilities provide sufficient liquidity to meet upcoming debt obligations[60] Shareholder Returns and Capital Management - The board has resolved not to recommend the payment of a final dividend for the year ended December 31, 2025[41] - The company raised approximately HKD 72.18 million from the placement of 100,252,800 shares at HKD 0.72 per share[43] - The company completed a capitalization agreement to issue 38,085,937 shares at HKD 1.024 per share to offset royalty fees, with total proceeds amounting to approximately HKD 39 million[45] - The company repurchased a total of 20,856,800 shares during the reporting period at a total cost of RMB 35,791,300[113] - As of December 31, 2025, the company holds 23,390,000 shares as treasury stock, which may be held, sold, or transferred as needed[114] Strategic Outlook - The company plans to enhance its product matrix and increase investment in new products, expecting steady growth in revenue scale and quality[16] - The company aims to strengthen its overseas publishing and self-developed dual-drive strategy, focusing on long-term competitive advantages in key areas[13] - The company is exploring strategic acquisitions to enhance its technology capabilities and expand its market presence in Asia[122] - Future outlook includes a projected revenue growth of 25% for the next fiscal year, driven by market expansion and new product launches[122] - The company aims to enter three new international markets by the end of 2026, targeting a 15% increase in global user base[122] Governance and Compliance - The company has adopted the Corporate Governance Code to ensure high standards of corporate governance and accountability[110] - The audit committee has reviewed the consolidated financial statements for the year ended December 31, 2025, ensuring compliance with accounting standards[115] - The company plans to publish its annual report, which will include all required information, on the Hong Kong Stock Exchange and its website[117]

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文件的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本文件全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1055） 2025年年度業績 中國南方航空股份有限公司（「本公司」）之董事會（「董事會」）謹此宣佈本公司及 其子公司（統稱「本集團」）截至2025年12月31日止年度業績，以及2024年同期的 比較數字。該等年度業績乃摘錄自本集團截至2025年12月31日止年度的經審計的 合併財務報表。 財務業績 甲、按國際財務報告準則編製 合併利潤表 截至2025年12月31日止年度 合併綜合收益表 截至2025年12月31日止年度 | | 2025年度 | 2024年度 | | --- | --- | --- | | | 人民幣百萬元 | 人民幣百萬元 | | 本年淨利潤 | 2,683 | 25 | | 其他綜合收益： | | | | 不能重分類至損益的項目 | | | | －其他權益工具投資公允價值變動 | | | | （不得重分類至損益） | (15) ...

Financial Performance - The company reported a consolidated loss attributable to shareholders of HKD 1,200.9 million for the year ended December 31, 2025, a significant decrease from the loss of HKD 2,597.8 million in the previous year, representing a reduction of 53.8%[3]. - Revenue for the year was HKD 2,758.5 million, an increase of 51.1% compared to HKD 1,825.8 million in 2024[2]. - Gross profit for the year was HKD 811.3 million, up 18.0% from HKD 687.8 million in the previous year[2]. - The company achieved operating profit before financing costs and depreciation of HKD 392.9 million, a turnaround from a loss of HKD 706.4 million in 2024[3]. - The adjusted net asset value per share decreased to HKD 16.70 from HKD 18.07, a decline of 7.6%[2]. - The net loss attributable to shareholders for 2025 was HKD 1,200.9 million, compared to a loss of HKD 2,597.8 million in 2024, indicating a significant reduction in losses[63]. - The company reported a pre-tax loss of HKD 1,248.9 million for 2025, an improvement from a loss of HKD 2,721.5 million in 2024[73]. - The group reported a basic loss per share of HKD 1,200.9 million for 2025, compared to a loss of HKD 2,597.8 million in 2024, indicating an improvement in financial performance[84]. Hotel Operations - The company's hotel operations generated revenue of HKD 710.6 million, reflecting a year-on-year increase of approximately 17.8%[3]. - The average revenue per available room (RevPAR) for the Regal Airport Hotel increased by 7.8% year-on-year, contributing to a 27.9% rise in overall property revenue[3]. - The average hotel occupancy rate in 2025 was 87.0%, up by 2.0 percentage points from 2024, while the average room rate decreased by 5.2%[9]. - The average revenue per available room (RevPAR) for the newly opened hotel at Hong Kong International Airport increased by 7.8% year-on-year, contributing to a 27.9% rise in overall property revenue[10]. - The average RevPAR for the three Regal Hotels increased by about 13.6% year-on-year, with total property revenue net amount increasing by approximately 17.5% compared to 2024[16]. - The average revenue per available room (RevPAR) for the five Regal Hotels in Hong Kong increased by approximately 9.5% year-on-year, with total property revenue net amount rising by about 19.3% compared to the previous year[15]. Asset Management and Sales - The company plans to sell its entire equity interest in Regal Oriental Hotel for an agreed property value of HKD 1,518 million, expecting to record an accounting gain of approximately HKD 800 million upon completion of the sale[4]. - The company has successfully sold 2 houses and 28 apartment units in its luxury residential development project, Regal Hill, with significant remaining value in unsold units[4]. - The group holds approximately 74.9% of the issued units of the Regal Real Estate Investment Trust, which reported a loss of HKD 171,900,000 for the year, an improvement from a loss of HKD 204,400,000 in the previous year[12]. - The core operating profit of the Regal Real Estate Investment Trust was HKD 16,600,000, compared to a loss of HKD 75,600,000 in the previous year, primarily due to reduced financing costs[12]. - The group expects to record an accounting gain of approximately HKD 800,000,000 from the sale of a hotel property in Kowloon City, which is anticipated to be reflected in the fiscal year 2026 results[14]. - The company has contracted to sell 2 houses and 28 apartment units in the Regal Mountain project, with 3 houses and 49 apartment units remaining[21]. - The company has successfully sold a garden house in Repulse Bay at a satisfactory price, with 7 remaining houses still available for sale[22]. - The group plans to sell several non-core assets, including certain overseas properties, to improve liquidity[70]. Economic Outlook and Strategy - The company remains optimistic about the resilience of the Hong Kong economy and expects to gradually restore financial strength and growth momentum as the business environment improves[4]. - The group maintains confidence in the resilience of the Hong Kong economy and anticipates gradual recovery of financial strength and growth momentum as the business environment improves[25]. - The global economic growth rate is projected to decline to 2.6% in 2026, influenced by significant slowdowns in trade goods demand and domestic consumption in major economies[24]. - The company plans to focus on market expansion and new product development as part of its future strategy[61]. - The company plans to focus on expanding its asset management and property development segments to drive future growth[73]. - The company aims to enhance its financial asset investments and explore new market opportunities in the coming years[73]. Financial Position - The group has a cash balance of HKD 809,000,000 as of December 31, 2025, down from HKD 1,093,800,000 in 2024[52]. - The net cash flow from operating activities for the year was HKD 1,359,500,000, compared to HKD 428,600,000 in 2024[51]. - The group's total liabilities, excluding cash and bank deposits, amounted to HKD 13,611,800,000 as of December 31, 2025, a decrease from HKD 14,500,600,000 in 2024[52]. - The asset-liability ratio as of December 31, 2025, was 59.5%, up from 58.1% in 2024[52]. - The group has a total asset value of HKD 22,872,500,000 as of December 31, 2025, down from HKD 24,973,700,000 in 2024[52]. - The group has pledged assets totaling HKD 18,343,500,000 to secure bank loans and other borrowings as of December 31, 2025[55]. - Current liabilities increased to HKD 5,907.9 million in 2025 from HKD 5,468.7 million in 2024, indicating a rise in short-term financial obligations[68]. - The total net assets decreased to HKD 6,963.3 million in 2025 from HKD 8,214.9 million in 2024, showing a decline in overall equity[68]. Corporate Governance - The board has decided not to declare a final dividend for the year ending December 31, 2025, consistent with 2024[58]. - 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[92]. - The board of directors includes key members such as the chairman and CEO, Mr. Luo Xurui, and the vice chairman and managing director, Ms. Luo Baowen[93]. - The independent auditor has agreed that the preliminary performance announcement aligns with the consolidated financial statements for the year ending December 31, 2025, but did not issue any assurance opinion[90]. - The audit committee has reviewed the consolidated financial statements prepared for the year ending December 31, 2025, including the accounting standards adopted by the group[91].

( 於中華人民共和國註冊成立的股份有限公司 ) 股份代碼 : 01088 服務國家戰略 增強核心功能 2025 年度報告 重要提示 二零二五年度報告 中國神華能源股份有限公司 01 一、 本公司董事會及全體董事、高級管理人員保證年度報告內容的真實、準確、完整，不存在虛假記 載、誤導性陳述或重大遺漏，並承擔法律責任。 二、 本報告已經本公司第六屆董事會第十七次會議批准，會議應出席董事7人，親自出席董事6人。李新 華董事因公請假，委託康鳳偉董事代為出席會議並投票。 三、 畢馬威會計師事務所根據香港審計準則為本公司按照國際財務報告會計準則編製的2025年財務報表 出具了標準無保留意見的獨立核數師報告。 四、 本公司負責人張長岩、總會計師宋靜剛及會計機構負責人余燕玲聲明：保證本報告中財務報告的真 實、準確、完整。 五、 鑒於本公司目前正在進行發行A股股份募集配套資金相關事項，本公司董事會建議以募集配套資金股 份發行完成後實施2025年度利潤分配方案的股權登記日登記的本公司總股本為基數，派發2025年度 末期股息現金人民幣1.03元 ╱ 股（含稅）。預計派發現金股息總額人民幣22,340百萬元（含稅）。 六、 前瞻性陳 ...

Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue of $57.0 million, an increase of 12.6% compared to $50.8 million for the fiscal year ending December 31, 2024, excluding foreign exchange effects[5]. - Gross profit increased by 5.0% to $37.1 million for the fiscal year ending December 31, 2025, from $35.3 million in the previous year, with a gross margin decrease of 4.5 percentage points to 65.0%[5]. - The company recorded a net loss of $18.8 million for the fiscal year ending December 31, 2025, compared to a loss of $7.5 million for the fiscal year ending December 31, 2024[6]. - The company's total revenue for the year ended December 31, 2025, was $57.0 million, representing a 12.6% increase compared to $50.8 million for the year ended December 31, 2024, primarily due to the acquisition of MicroPort® CRM and a 255.0% growth in overseas revenue from structural heart disease products[98]. - The cost of sales increased by 28.9% to $20.0 million for the year ended December 31, 2025, up from $15.5 million for the year ended December 31, 2024, mainly due to the acquisition of MicroPort® CRM and increased material and labor costs associated with higher sales volumes in the structural heart disease business[99]. - Gross profit rose by 5.0% to $37.1 million for the year ended December 31, 2025, with a gross margin of 65.0%, down from 69.5% in the previous year, impacted by the integration of MicroPort® CRM and competitive pricing pressures in the Chinese market[100]. - The company reported a total comprehensive loss for the year was $(18,824,000), after accounting for unallocated expenses of $(3,832,000) and inter-segment eliminations[142]. - The company reported a pre-tax loss of $18,035,000 for 2025, compared to a pre-tax loss of $6,501,000 in 2024[158]. - The basic loss per share for 2025 is calculated based on a loss attributable to equity shareholders of $18,819,000, compared to $6,948,000 in 2024[159]. Business Expansion and Strategy - The strategic merger with MicroPort® CRM was completed, marking a significant step towards expanding the company's business boundaries and enhancing its competitive advantages[7]. - The company achieved a 255.0% increase in overseas revenue from its structural heart disease business compared to the previous year, driven by the global commercialization of VitaFlow Liberty® and Alwide® Plus[5]. - The TAVI business recorded over 850 overseas implantations in 2025, representing a nearly 350% year-on-year growth, with commercial presence established in nearly 40 countries[10]. - The company aims to become a leader in the diagnosis and treatment of heart failure by developing a comprehensive solution that spans monitoring, diagnosis, treatment, and management[8]. - The company plans to leverage mergers to enhance its product portfolio, establishing a strong foundation for future business value release[11]. - The company aims to maintain a robust growth trajectory through continuous innovation and strategic market expansion[11]. - The company is focused on expanding its product offerings in the structural heart disease market, leveraging its innovative technologies and clinical data[16]. - The company aims to integrate CRM business by 2025, creating a global platform for structural heart disease and arrhythmia solutions[66]. Product Development and Innovation - The company launched its LAAC business internationally, with AnchorMan® receiving CE certification and initiating its global journey with nearly 20 implantations in various countries[10]. - New product launches include VitaFlow Liberty® Flex and AnchorMan® systems, enhancing the company's market offerings[13][14]. - The company is advancing its cardiac pacemaker technology with MRI compatibility and Bluetooth connectivity, enhancing usability and patient safety[14]. - The company is developing the VitaFlow Liberty® Pro self-expanding valve, which has completed design validation and is currently in the type testing phase, focusing on improved safety, durability, and fluid dynamics[56]. - The company is committed to advancing its research and development efforts in structural heart disease technologies to enhance patient care[16]. - The company has established a global advisory board of leading scientists and physicians to share insights on the latest technology trends in heart disease treatment[67]. Market and Competitive Landscape - The competitive landscape in China is shifting towards supply chain efficiency and clinical value, following the implementation of centralized procurement for TAVI devices[8]. - The company is focusing on optimizing resource allocation and cost control to enhance operational efficiency despite the challenges posed by the competitive market[6]. - The company aims to enhance its bargaining power and operational efficiency through centralized procurement and supplier integration, mitigating geopolitical risks[70]. - The company has diversified its customer base, with no single customer accounting for more than 10% of total revenue[136]. Financial Position and Assets - Trade and other receivables rose significantly from $25.0 million as of December 31, 2024, to $106.9 million as of December 31, 2025, primarily due to the consolidation of the CRM business[113]. - Inventory increased from $18.8 million as of December 31, 2024, to $87.2 million as of December 31, 2025, mainly due to the consolidation of the CRM business[111]. - The total borrowings increased dramatically from $5.8 million as of December 31, 2024, to $206.3 million as of December 31, 2025, largely due to the acquisition of the CRM business[121]. - The capital debt ratio rose to 90.6% as of December 31, 2025, compared to 3.5% as of December 31, 2024, reflecting the impact of the CRM business consolidation[121]. - The company's net assets decreased to $256,232,000 in 2025 from $309,066,000 in 2024, a decline of 17%[128]. - The company reported a total of $6,940,000 in interest income from bank deposits, a decrease from $10,456,000 in the previous year[145]. Corporate Governance and Compliance - The audit committee consists of three non-executive directors, ensuring compliance with the relevant listing rules and overseeing financial reporting processes[198]. - The company has confirmed compliance with applicable laws and regulations, including the Companies Ordinance and the Corporate Governance Code[193]. - The company has maintained a high level of corporate governance practices to protect shareholder interests and enhance corporate value[191]. - The company has confirmed that all directors adhered to the established securities trading code during the reporting period[192].

Financial Performance - The group's revenue was approximately RMB 73.8 million, an increase of 3.1% or about RMB 2.2 million compared to RMB 71.6 million in the previous year[3]. - The group's loss before tax was approximately RMB 81.1 million, a reduction of RMB 203.9 million from RMB 285.0 million in the previous year[3]. - The net loss for the group was approximately RMB 81.8 million, compared to RMB 285.2 million in the previous year[3]. - Basic and diluted loss per share attributable to ordinary equity holders of the company was approximately RMB 0.07, down from RMB 0.28 in the previous year[3]. - Gross profit was approximately RMB 12.2 million, compared to RMB 11.2 million in the previous year[4]. - The total comprehensive loss for the year was approximately RMB 81.8 million, compared to RMB 285.2 million in the previous year[4]. Income and Expenses - Other income and gains decreased to RMB 4.6 million from RMB 9.9 million in the previous year[4]. - Administrative expenses were approximately RMB 43.7 million, a decrease from RMB 45.5 million in the previous year[4]. - The group recognized impairment losses on property, plant, and equipment amounting to RMB 16.2 million, with no such losses reported in the previous year[4]. - The company's total current liabilities decreased to RMB 157,134 thousand from RMB 163,582 thousand, a reduction of about 4% year-over-year[6]. - The company's total non-current liabilities decreased to RMB 235,350 thousand from RMB 241,756 thousand, a decline of approximately 2.7% year-over-year[6]. Assets and Liabilities - Total non-current assets decreased to RMB 772,385 thousand from RMB 810,692 thousand, a decline of approximately 4.7% year-over-year[5]. - Current assets increased to RMB 167,533 thousand from RMB 188,944 thousand, a decrease of about 11.3% year-over-year[5]. - Total assets decreased to RMB 782,784 thousand from RMB 836,054 thousand, a decline of about 6.4% year-over-year[6]. - Net assets increased to RMB 600,704 thousand from RMB 541,028 thousand, an increase of approximately 11% year-over-year[6]. - The company reported a decrease in cash and cash equivalents to RMB 11,056 thousand from RMB 16,053 thousand, a decline of about 31% year-over-year[5]. Share Capital and Equity - The company’s total equity increased to RMB 600,704 thousand from RMB 541,028 thousand, reflecting a growth of approximately 11% year-over-year[6]. - The company’s issued share capital increased to RMB 12,809 thousand from RMB 10,690 thousand, an increase of approximately 19.8% year-over-year[6]. - The total issued share capital as of December 31, 2025, is 1,422,104,625 ordinary shares, with a par value of HKD 0.01 per share[73]. - The company successfully placed 237,010,000 new shares at HKD 0.106 per share, raising approximately HKD 24.77 million to strengthen its financial position and provide additional working capital[57]. Operational Highlights - The company did not report any new product developments or market expansions during the conference call[2]. - The company has maintained a consistent repayment history for its borrowings, reinforcing confidence in its financial stability[9]. - The company has successfully managed its short-term borrowings, indicating a strong liquidity position and the ability to continue operations on a going concern basis[9]. - The company maintained a disciplined operating approach, focusing on optimizing working capital and enhancing customer relationships amid a challenging business environment[30]. - Management remains cautiously optimistic about moderate growth prospects for the manufacturing and construction sectors in the upcoming year[32]. Market and Economic Conditions - The overall economic recovery in China is still in a gradual but uneven transition phase, with some downstream market confidence beginning to return[30]. - The macroeconomic environment and industry outlook remain uncertain, impacting the marble industry due to slowing real estate investment and changing consumer preferences[72]. Corporate Governance - The company has maintained compliance with the corporate governance code and has not violated any listing rules during the reporting period[77][82]. - The company appointed Ms. Wu as the acting CEO effective December 1, 2016, while she also serves as the chairperson, which deviates from corporate governance guidelines[83]. - The company will regularly review and improve its corporate governance practices in light of recent developments[84]. Future Outlook - The company aims to explore growth opportunities while maximizing returns for shareholders[72]. - The group continues to pursue its original sales plan and will seek other potential buyers for its warehouse logistics segment[34]. - The group has decided not to invest additional resources in seeking the renewal of mining rights for the Dejiang mine, which resulted in a loss of RMB 234.1 million in 2024[33]. Financial Reporting Standards - The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and presented in Renminbi (RMB), with all figures rounded to the nearest thousand[8]. - The group has adopted revised IFRS accounting standards for the current year, which did not have a significant impact on the financial position or performance[10]. - The new IFRS standards, including IFRS 18, will come into effect starting January 1, 2027, allowing for early application and requiring retrospective application[13]. - The company has not early adopted any new or revised IFRS standards that have been issued but are not yet effective[11]. - The financial statements will now categorize all income and expenses into five categories: operating, investing, financing, income tax, and discontinued operations, with stricter disclosure requirements[13].

Financial Performance - The total revenue for the year ended December 31, 2025, was HKD 483,219,000, representing an increase of 5.3% from HKD 456,859,000 in 2024[3] - The gross profit decreased to HKD 131,022,000 from HKD 152,366,000, indicating a decline of 13.9%[3] - The operating loss for 2025 was HKD 155,887,000, an improvement from the operating loss of HKD 271,477,000 in 2024, reflecting a reduction of 42.5%[3] - The net loss for the year was HKD 163,144,000, compared to a net loss of HKD 298,731,000 in the previous year, showing a decrease of 45.5%[4] - The total comprehensive expenses for the year amounted to HKD 192,245,000, down from HKD 322,639,000 in 2024, a reduction of 40.5%[4] - The group reported a loss before tax of HKD 162,162,000 for the year ended December 31, 2025, compared to a loss of HKD 275,950,000 in 2024, indicating an improvement of approximately 41%[20][22] - The group incurred a loss of HKD 163,144,000 and a net cash outflow from operating activities of HKD 60,387,000 for the year[9] Assets and Liabilities - Non-current assets decreased to HKD 211,004,000 from HKD 229,851,000, a decline of 8.2%[5] - Current liabilities increased to HKD 261,629,000 from HKD 136,094,000, representing an increase of 92.5%[5] - The company's equity attributable to owners decreased to HKD 299,998,000 from HKD 507,013,000, a decline of 40.7%[6] - As of December 31, 2025, the group's total assets were approximately HKD 637,097,000, while total liabilities were about HKD 349,904,000, resulting in a net asset decrease of 41.9% from HKD 494,562,000 in the previous year[48] - The company’s cash and bank balances as of December 31, 2025, were HKD 54,270,000, while total liabilities amounted to HKD 199,179,000[42] Cash Flow and Financing - The group plans to alleviate cash flow pressure and improve cash flow through measures including obtaining approximately HKD 11 million in secured bank financing and negotiating renewal of this financing by November 2026[9] - The board has reviewed cash flow forecasts for at least the next twelve months, assuming successful execution of plans and measures, to maintain sufficient working capital[10] - The company recorded a net cash outflow from operating activities of HKD 60,387,000, compared to HKD 60,759,000 in the previous year[40] - The group has drawn HKD 5,000,000 from a bank financing of approximately HKD 11,000,000 for operational purposes, with discussions planned for renewal in November 2026[44] Revenue Growth and Business Focus - The group continues to focus on the manufacturing and trading of toys and lighting products, as well as property development[7] - A significant component of the forecasts is the anticipated growth in sales revenue, primarily expected from ongoing customer discussions and non-binding incremental customer orders[11] - The group anticipates revenue growth through securing additional customer orders, supported by ongoing discussions with existing and potential customers[44] - The manufacturing segment generated external customer revenue of HKD 483,219,000 for 2025, while the property development segment reported no revenue[19] Cost Management and Operational Efficiency - The group continues to implement cost control measures and resource optimization initiatives to reduce operating and administrative expenses while maintaining strict capital expenditure[13] - The company plans to continue investing in automation and process optimization to enhance operational efficiency and create long-term value for shareholders[63] - The group is considering the sale of certain properties to generate additional operational funds, which will be used to finance trading activities and strengthen liquidity[44] Shareholder Returns and Dividends - The group did not recommend the payment of a final dividend for the year ended December 31, 2025, compared to a final dividend of HKD 0.01 per share in 2024[23] - The company will distribute a final cash dividend of HKD 0.01 per share for the current year, down from HKD 0.015 in 2024[65] Market Conditions and Strategic Outlook - The U.S. toy market showed signs of recovery, benefiting from increased average selling prices and sales volume, particularly in high-end licensed products[52] - Management acknowledges significant estimation uncertainties in revenue forecasts, which depend on uncontrollable factors such as market conditions and customer decisions[45] - The manufacturing sector is expected to see moderate growth by 2026, driven by high-end and licensed toys, technological advancements, and strong media content supply[61] Corporate Governance and Compliance - The board has complied with the corporate governance code and has confirmed adherence to the rules throughout the year[67] - The company has not early adopted new or revised Hong Kong Financial Reporting Standards that will take effect in 2026 and 2027, which may impact future financial reporting[16] Employee and Operational Insights - As of December 31, 2025, the group employs approximately 2,200 staff across various regions, maintaining competitive compensation aligned with market trends[57] - The main production facilities are located in Vietnam, where the group is reorganizing operations and strengthening supply chain management to reduce production costs[55]

Financial Performance - For the year ended December 31, 2025, the group's revenue was approximately RMB 25,987,000, a decrease of RMB 18,026,000 or 41.0% compared to 2024's revenue of RMB 44,013,000[3]. - The loss attributable to the company's owners for the year ended December 31, 2025, was RMB 11,783,000, compared to a profit of RMB 9,848,000 in 2024[3]. - The group's gross profit for the year was RMB 19,963,000, down from RMB 36,599,000 in 2024[4]. - The group reported a net loss and total comprehensive expense of RMB 11,783,000 for the year, compared to a profit of RMB 9,848,000 in the previous year[8]. - Revenue for the year ended December 31, 2025, decreased by 41% to RMB 25.987 million from RMB 44.013 million in 2024, primarily due to a decline in burial service demand and a drop in the average selling price of burial plots[74]. - The pre-tax loss for the year ending December 31, 2025, is RMB 11,096,000, compared to a pre-tax profit of RMB 16,510,000 in 2024[31][32]. - The total comprehensive loss for 2025 was RMB 11.8 million, compared to a total comprehensive income of RMB 9.8 million in 2024, with a net profit margin of 22.4% in 2024[88]. Dividends - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2025, compared to a dividend of HKD 0.55 per share in 2024[3]. - The company declared a final dividend of HKD 0.0055 per share (approximately RMB 0.50) for the year ended December 31, 2024, totaling RMB 5,016,000, down from RMB 9,123,000 in 2023[44]. - The company has not proposed a final dividend for the year ended December 31, 2025, compared to a dividend of HKD 0.0055 per share in 2024[45]. Assets and Liabilities - Total assets less current liabilities as of December 31, 2025, were RMB 291,791,000, compared to RMB 313,806,000 in 2024[5]. - Non-current assets decreased to RMB 118,127,000 in 2025 from RMB 111,311,000 in 2024[5]. - The group's total equity attributable to owners decreased to RMB 211,720,000 in 2025 from RMB 228,519,000 in 2024[7]. - The asset-liability ratio as of December 31, 2025, was 32.9%, compared to 31.7% in 2024, indicating a stable liquidity position for the company[98]. Cash Flow - Cash and cash equivalents increased to RMB 189,104,000 in 2025 from RMB 171,318,000 in 2024[5]. - Cash and cash equivalents increased by RMB 17.8 million from RMB 171.3 million on December 31, 2024, to RMB 189.1 million on December 31, 2025, mainly due to cash inflows from the recovery of land relocation payments for cemetery joint ventures[90]. Revenue Recognition - The company recognizes revenue from cemetery sales upon transfer of control to the customer, with immediate payment required at the time of purchase[24]. - The company applies a straight-line method to recognize revenue related to maintenance services over the service period, with contract liabilities recognized at the time of the initial sale[25]. - Revenue from the sale of burial plots for the year ending December 31, 2025, amounted to RMB 13,602,000, while total revenue reached RMB 25,987,000[21]. - Revenue from funeral services amounted to RMB 198 million, accounting for 76.1% of total revenue for the year ended December 31, 2025, compared to RMB 317 million or 72.1% in 2024[63]. Expenses - The cost of sales and services for 2025 was RMB 6.0 million, a decrease of 18.9% from RMB 7.4 million in 2024, attributed to reduced demand for burial services[75]. - Other income for the year ending December 31, 2025, is RMB 2,222,000, a decrease from RMB 4,138,000 in 2024[37]. - Other expenses increased to RMB 6.9 million in 2025 from RMB 0.9 million in 2024, primarily due to additional tax-related interest expenses and surcharges[81]. - Distribution and selling expenses decreased by 9.5% from RMB 10.5 million in 2024 to RMB 9.5 million in 2025, mainly due to reduced employee and travel expenses[84]. - Administrative expenses increased by 3.3% to RMB 12.7 million in 2025 from RMB 12.3 million in 2024, primarily due to the amortization of new cemetery assets[85]. Risks and Uncertainties - The group faces risks and uncertainties in its operations in the funeral industry in China, particularly regarding government regulations that may affect asset recoverability[18]. - The group has identified significant sources of estimation uncertainty that could lead to material adjustments in asset and liability values in the next fiscal year[17]. - The group’s accounting policies require management to make judgments and estimates regarding the carrying amounts of assets and liabilities, which may differ from actual results[16]. - Forward-looking statements included in the announcement involve risks and uncertainties, and actual performance may differ significantly from these statements[113]. Future Outlook - The company aims to enhance its market position in Langfang and expand its business in the Beijing-Tianjin-Hebei metropolitan area through continuous innovation and service upgrades[66]. - The company expects significant growth from 2026 to 2028, believing it is well-prepared to achieve its corporate goals and create shareholder value[69]. Audit and Governance - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2025, and believes they comply with applicable accounting standards and regulations[109]. - The preliminary announcement of the consolidated financial position and results for the year ending December 31, 2025, has been agreed upon by the auditors, Deloitte, and is consistent with the audited financial statements approved by the board on March 30, 2026[110]. - The annual general meeting is scheduled for June 4, 2026, with a notice to be published and sent to shareholders in due course[111].