香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Wei Yuan Holdings Limited 偉源控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1343） 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 之 全 年 業 績 公 告 偉 源 控 股 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）欣 然 呈 列 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 的 經 審 計 綜 合 業 績 連 同 截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 年 度 的 經 審 計 比 較 數 字。 綜 合 全 面 收 益 表 截 至 ...

Financial Performance - The company reported total revenue of HKD 133,798,000 for the year ending December 31, 2025, compared to HKD 187,958,000 in the previous year, representing a decrease of 28.8%[3]. - Gross profit for the same period was HKD 42,672,000, down from HKD 89,968,000, reflecting a decline of 52.6%[4]. - The company experienced a significant increase in net loss from continuing operations, which amounted to HKD 56,338,000, compared to a profit of HKD 4,768,000 in the previous year[4]. - Operating expenses rose to HKD 68,605,000, up from HKD 63,146,000, indicating an increase of 7.3%[4]. - The company’s earnings per share (EPS) from continuing operations was reported at HKD -4.80, compared to HKD 1.26 in the previous year, a decline of 481.0%[3]. - Total comprehensive income for the year amounted to HKD 27,306,000, compared to a loss of HKD 27,222,000 in the previous year, indicating a significant improvement[5]. - The company's attributable profit for the year was HKD 12,557,000, a recovery from a loss of HKD 55,814,000 in the prior year[5]. - The total comprehensive income attributable to equity holders was HKD 21,300,000, up from a loss of HKD 56,338,000 in the previous year[5]. - The company reported a total comprehensive income of HKD 29,032,000 for the year, compared to HKD 5,922,000 in the previous year[5]. - The company reported a net loss attributable to owners of HKD 2,572,000 in 2025 compared to a profit of HKD 9,592,000 in 2024, indicating a significant downturn[8]. Revenue Sources - The total revenue for the year ending December 31, 2025, was HKD 133,798,000, with HKD 99,792,000 coming from customer contracts and HKD 34,006,000 from other sources[16]. - Revenue from the "Geothermal Reuse" project amounted to HKD 99,792,000, while sales equipment generated HKD 11,616,000 and maintenance parts contributed HKD 3,257,000[16]. - The total revenue from the domestic market in China is HKD 185,131,000, while the overseas market contributed a loss of HKD 2,827,000[17]. - Revenue from external customers reached HKD 99,792,000 for the healthcare services segment, while sales of equipment amounted to HKD 34,006,000, totaling HKD 133,798,000[23]. - The healthcare services segment reported a profit of HKD 60,827,000, while the equipment sales segment incurred a loss of HKD 21,524,000, leading to an overall profit of HKD 42,638,000[24]. Expenses and Costs - Research and development expenses increased to HKD 17,369,000 from HKD 14,435,000, marking a rise of 20.3%[4]. - The company reported a financing cost of HKD 3,698,000, impacting overall profitability[24]. - Employee costs increased to 48,301 thousand HKD in 2025 from 42,616 thousand HKD in 2024, representing an increase of approximately 13.5%[33]. - Administrative expenses from continuing operations increased by approximately 8.7% from about HKD 63.1 million in 2024 to about HKD 68.6 million in 2025, mainly due to higher travel and entertainment expenses[78]. - Sales and distribution costs decreased from approximately HKD 16.7 million in 2024 to about HKD 13.5 million in 2025, attributed to reduced warranty expenses[77]. Assets and Liabilities - The company’s total assets decreased to HKD 187,958,000 from HKD 133,798,000, reflecting a decline of 28.8%[3]. - Total assets increased to HKD 676,457,000 in 2025 from HKD 732,891,000 in 2024, reflecting a decrease of approximately 7.7%[7]. - Current assets rose to HKD 411,742,000 in 2025 compared to HKD 474,234,000 in 2024, indicating a decline of about 13.2%[7]. - Total liabilities decreased to HKD 264,715,000 in 2025 from HKD 258,657,000 in 2024, showing a slight increase of about 2.1%[8]. - The company's equity attributable to owners decreased to HKD 669,070,000 in 2025 from HKD 699,174,000 in 2024, a decline of approximately 4.3%[8]. Strategic Initiatives - The company indicated plans for market expansion and new product development in the upcoming fiscal year[2]. - The company is focusing on strategic initiatives to improve operational efficiency and reduce costs moving forward[2]. - The company plans to continue focusing on expanding its operations and improving profitability in the upcoming fiscal year[5]. - The company plans to focus on expanding its market presence in China, particularly in the manufacturing and sales of road maintenance equipment[9]. - The company is exploring new product development and technological advancements to enhance its service offerings in the road maintenance sector[9]. Market Outlook - The Chinese economy is projected to grow by 5% in 2025, aligning with the government's annual target[54]. - The scale of China's road maintenance market is expected to exceed HKD 500 billion in the next five years, with preventive maintenance accounting for over 40%[54]. - The application rate of smart maintenance technology is anticipated to reach 35% in the future[54]. - The market demand for sustainable and cost-effective maintenance solutions is increasing, aligning with China's broader economic and environmental goals[63]. Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring compliance with corporate governance standards[103]. - The group aims to enhance corporate governance and protect shareholder interests through further expansion into the asphalt maintenance business[101]. - The company has established a share incentive plan and a stock option plan to reward selected employees, including executive directors[100]. Shareholder Information - The company does not recommend the distribution of final and interim dividends for the years ending December 31, 2024, and December 31, 2025[38]. - The board of directors does not recommend the payment of an interim dividend for the six months ending June 30, 2025, nor any annual dividend for the year ending December 31, 2025[108]. - The performance announcement and annual report will be published on the Hong Kong Stock Exchange and the company's website[109].

Financial Performance - Revenue for the year ended December 31, 2025, was HKD 117.2 million, representing a 5.8% increase from HKD 110.8 million in 2024[2] - Gross profit decreased to HKD 23.9 million, down 15.5% from HKD 28.3 million in the previous year, resulting in a gross margin of 20.4%, a decline of 5.1 percentage points[2] - The company reported a loss attributable to shareholders of HKD 1.4 million, compared to a loss of HKD 7.5 million in 2024[2] - Basic loss per share was HKD 0.13, an improvement from HKD 0.69 in the previous year[2] - The group reported a net loss of approximately HKD 1,399,000 as of December 31, 2025[19] - The group reported a loss before tax of HKD 1,983,000 for the year ending December 31, 2025, compared to a loss of HKD 6,715,000 in 2024, showing an improvement in financial performance[26] - The company recorded a deferred tax expense of HKD 731,000 for the current year, compared to a deferred tax benefit of HKD 584,000 in the previous year[28] - The group recorded a net loss of approximately HKD 1.4 million for the fiscal year 2025, compared to a net loss of approximately HKD 7.5 million for the fiscal year 2024[47] Assets and Liabilities - Total assets amounted to HKD 142.999 million, with total liabilities at HKD 119.479 million, resulting in a net asset value of HKD 33.805 million[4] - The company reported a significant increase in non-current assets, totaling HKD 78.044 million, compared to HKD 74.119 million in 2024[4] - The company reported a net debt of (35,678) million HKD, compared to (33,819) million HKD in the previous period, indicating an increase in net debt by approximately 5.5%[5] - Current liabilities exceeded current assets by approximately HKD 119,479,000, with net current liabilities of about HKD 33,819,000[19] - The group's total liabilities amounted to approximately HKD 33,819,000, including loans of about HKD 63,826,000 from the immediate holding company[37] Cash Flow and Financing - The company’s cash and cash equivalents increased to HKD 12.807 million from HKD 10.189 million in the previous year[4] - Cash and cash equivalents were only approximately HKD 12,807,000, indicating significant uncertainty regarding the group's ability to continue as a going concern[19] - The group has secured a loan agreement from its direct holding company amounting to HKD 65,000,000, with HKD 63,826,000 utilized by December 31, 2025[22] - The group received additional financing of HKD 35,500,000 from its direct holding company to provide ongoing financial support[22] - The group has taken or will take measures to improve its financial position, liquidity, and cash flow[20] Revenue Breakdown - Hotel operations generated revenue of HKD 65,782,000 in 2025, up from HKD 60,454,000 in 2024, indicating an increase of about 5.4%[23] - Property management revenue was HKD 42,421,000 for 2025, compared to HKD 41,085,000 in 2024, reflecting a growth of approximately 3.3%[23] - Revenue from hotel operations accounted for approximately 56.1% of total revenue, with hotel revenue increasing from approximately HKD 60.5 million in fiscal year 2024 to approximately HKD 65.8 million in fiscal year 2025[53] - Revenue from property management for fiscal year 2025 was approximately HKD 42.4 million, an increase of 3.3% from approximately HKD 41.1 million in fiscal year 2024[54] Operational Insights - The company is primarily engaged in hotel operations in Canada and property management in China, indicating a focus on these markets for future growth[6] - The company is actively considering the development of new business opportunities to enhance cash flow and improve operational efficiency[22] - The group is in discussions with creditors to extend repayment terms, which may impact its ability to meet other obligations[22] - The company has emphasized the importance of cash flow consistency in its financial asset evaluations, aligning with basic borrowing arrangements[12] Compliance and Governance - The company has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2025, which may impact future financial reporting[8] - The company has not early adopted any new or revised accounting standards that have been issued but are not yet effective, indicating a cautious approach to regulatory changes[9] - The company’s functional currency is the Hong Kong Dollar, which is relevant for its financial reporting and operations in the Hong Kong market[7] - The company has adhered to corporate governance codes to enhance shareholder value and accountability during the fiscal year 2025[59] - The board of directors has confirmed strict compliance with the standards for securities trading during the fiscal year 2025[60] Future Outlook - The anticipated application of the new standards is not expected to have a significant impact on the group's financial performance and position[17] - The group must make adjustments if it cannot continue to operate on a going concern basis, which may affect asset valuations[21] - The revised disclosure requirements under the new standards will enhance the presentation and disclosure in financial statements[16] - The annual report for fiscal year 2025 is expected to be distributed to shareholders by April 30, 2026[64]

Financial Performance - The total revenue for the year ended December 31, 2025, was HKD 114,602,000, an increase of 35.7% compared to HKD 84,458,000 in 2024[3] - The cost of sales rose to HKD 71,744,000, up 68.2% from HKD 42,676,000 in the previous year[3] - Gross profit for the year was HKD 42,858,000, representing a slight increase of 2.6% from HKD 41,782,000 in 2024[3] - The net loss for the year was HKD 52,469,000, compared to a profit of HKD 13,331,000 in 2024[4] - Basic and diluted loss per share was HKD 0.18, compared to earnings of HKD 0.06 per share in 2024[4] - The group reported a loss before tax of HKD 56,461,000 in 2025, a significant decline from a profit of HKD 35,884,000 in 2024[27] - The company reported a pre-tax loss of HKD 52,469,000 for 2025, compared to a profit of HKD 13,494,000 in 2024[40] Revenue Breakdown - Revenue from hotel operations and ancillary services, including food and beverage, amounted to HKD 48,134,000 in 2025, up from HKD 32,779,000 in 2024, reflecting a growth of 46.8%[20] - Revenue from hotel room rentals and cleaning services reached HKD 22,050,000 in 2025, significantly increasing from HKD 10,801,000 in 2024, which is a growth of 104.6%[20] - The group generated commission income from property brokerage services of HKD 18,385,000 in 2025, compared to HKD 15,819,000 in 2024, indicating a growth of 16.3%[20] - Rental income from property investments was HKD 8,622,000 in 2025, slightly decreasing from HKD 8,881,000 in 2024, a decline of 2.9%[20] - The investment and management services segment generated revenue of HKD 35,147,000 in 2025, compared to HKD 31,154,000 in 2024, reflecting an increase of approximately 12.8%[27] - The group recorded segment revenue of approximately HKD 70,184,000 from hotel operations, an increase from HKD 43,580,000 in the previous year[27] Expenses and Liabilities - Administrative expenses decreased to HKD 37,415,000, down 21.1% from HKD 47,428,000 in the prior year[3] - Total financing costs for 2025 are estimated at HKD 40,194,000, a significant increase from HKD 23,969,000 in 2024, representing a 67.5% rise[33] - Total employee expenses for 2025 reached HKD 46,774,000, up from HKD 21,007,000 in 2024, marking a 122.3% increase[34] - The company incurred a current tax expense of HKD 2,297,000 for 2025, down from HKD 3,664,000 in 2024, a decrease of 37.4%[35] - The company’s total interest expense on bank loans for 2025 was HKD 5,878,000, significantly lower than HKD 12,301,000 in 2024, a reduction of 52.2%[33] Asset Management - Non-current assets decreased from HKD 1,172,145 thousand in 2024 to HKD 1,302,129 thousand in 2025, reflecting a growth of approximately 11.1%[5] - Current assets net amount decreased from HKD 59,111 thousand in 2024 to HKD 20,937 thousand in 2025, a decline of about 64.6%[6] - Total assets less current liabilities increased from HKD 1,231,256 thousand in 2024 to HKD 1,323,066 thousand in 2025, representing a growth of approximately 7.5%[6] - The company's equity attributable to owners decreased from HKD 848,030 thousand in 2024 to HKD 821,615 thousand in 2025, a decline of about 3.1%[6] - Non-current liabilities increased from HKD 383,226 thousand in 2024 to HKD 501,451 thousand in 2025, reflecting a rise of approximately 30.9%[6] - Cash and bank balances increased significantly from HKD 99,275 thousand in 2024 to HKD 212,322 thousand in 2025, a growth of about 114.3%[5] Investments and Acquisitions - The company completed the acquisition of 卓思投资 for a total consideration of HKD 2,000,000, with HKD 1,000,000 paid in cash and HKD 1,000,000 settled through the issuance of shares[60] - The final cash consideration for the acquisition of 卓思投资 was approximately HKD 1,850,000, with the acquisition providing a platform for market expansion in Hong Kong asset management services[61] - The company agreed to acquire Aspire Holding for a total consideration of HKD 27,738,000, which includes issuing 23,000,000 shares valued at HKD 0.52 per share[63] - The acquisition of Aspire Holding was completed on April 1, 2025, making it a direct wholly-owned subsidiary of the company[64] - The group completed the acquisition of all equity interests in 卓思投资控股有限公司 on January 28, 2025, which manages assets totaling approximately HKD 177,600,000 as of December 31, 2025[104] Market Outlook and Strategy - The company plans to focus on market expansion and new product development in the upcoming fiscal year[2] - The group plans to continue seeking opportunities to expand and optimize its investment property portfolio for stable rental income and/or capital appreciation[76] - The company aims to enhance governance and compliance while improving operational efficiency[129] - The group is committed to seeking opportunities that diversify revenue sources to create lasting value for shareholders[129] - The global economy in 2025 is expected to navigate a complex environment with tight monetary policies and geopolitical tensions, particularly affecting market transactions[126] Compliance and Governance - The company has not adopted new or revised Hong Kong Financial Reporting Standards that may have a significant impact on the financial statements in the foreseeable future[13] - The group expects the application of the revised Hong Kong Financial Reporting Standards will not have a significant impact on its financial position and performance[17] - The company confirmed compliance with the listing rules regarding loan issuance to borrowers as of December 31, 2025[94] - The audit committee has reviewed the audited consolidated financial statements for the year ending December 31, 2025[138] Employee and Operational Metrics - As of December 31, 2025, the group has 600 employees, an increase from 597 employees as of December 31, 2024[131] - The board does not recommend the payment of a final dividend for the year, consistent with the previous year[135] - There are no significant lawsuits or contingent matters as of December 31, 2025[130] - The company has not engaged in any share buybacks, sales, or redemptions during the year ending December 31, 2025[136]

Financial Performance - Revenue from continuing operations for 2025 was HKD 18,824,908 thousand, representing a 1.7% increase from HKD 18,505,293 thousand in 2024[3] - Profit before tax increased by 11.5% to HKD 7,241,475 thousand in 2025, compared to HKD 6,493,854 thousand in 2024[3] - Net profit attributable to owners of the company from continuing operations was HKD 4,673,312 thousand, up from HKD 4,102,893 thousand, marking a 13.9% increase[5] - Basic earnings per share rose by 48.2% to HKD 71.22 cents in 2025, compared to HKD 48.06 cents in 2024[3] - The total comprehensive income for the year was HKD 6,710,247 thousand, significantly higher than HKD 1,885,557 thousand in 2024[6] Assets and Liabilities - Non-current assets totaled HKD 77,474,412 thousand, an increase from HKD 74,846,936 thousand in 2024[7] - Cash and bank balances increased to HKD 14,783,332 thousand from HKD 12,154,029 thousand, reflecting a strong liquidity position[7] - Total current assets for 2025 are HKD 24,266,648 thousand, a decrease from HKD 60,748,467 thousand in 2024[8] - Total current liabilities for 2025 amount to HKD 21,071,250 thousand, compared to HKD 55,737,907 thousand in 2024, indicating a significant reduction[8] - Total non-current liabilities decreased to HKD 22,530,744 thousand in 2025 from HKD 23,182,023 thousand in 2024[8] - Total equity for 2025 is HKD 58,139,066 thousand, an increase from HKD 56,675,473 thousand in 2024[8] Dividends - The proposed final dividend per share is HKD 19.63 cents, up from HKD 7.27 cents in the previous year[3] - The company completed a special dividend payment in the form of shares of Yuexiu Property on January 21, 2025[3] - The company proposed a special dividend in the form of shares from its holdings in Yuehai Land Holdings Limited, distributing 1,261,799,423 shares, representing approximately 99.9% of its holdings[10] Segment Performance - Water Resources segment revenue from external customers increased to HKD 14,139,556 in 2025 from HKD 13,511,006 in 2024, representing a growth of 4.6%[20] - Property Investment segment revenue from external customers rose to HKD 1,681,806 in 2025 compared to HKD 1,576,863 in 2024, marking an increase of 6.6%[20] - The Department Store Operations segment reported a revenue decline from external customers to HKD 447,972 in 2025 from HKD 861,612 in 2024, a decrease of 48.1%[20] - Hotel Operations and Management segment revenue from external customers increased to HKD 704,641 in 2025 from HKD 648,379 in 2024, reflecting a growth of 8.7%[21] Financial Health - The company reported a loss from discontinued operations of HKD 17,051 thousand, a significant improvement from a loss of HKD 960,755 thousand in 2024[5] - The company’s total liabilities decreased significantly, reflecting improved financial health and management of obligations[8] - The total liabilities for the company decreased to HKD 43,601,994 in 2025 from HKD 78,919,930 in 2024, indicating a significant reduction of approximately 44.40%[25] Investments and Capital Expenditures - Capital expenditures for the water resources division surged to HKD 4,652,136 in 2025, compared to HKD 1,192,852 in 2024, marking an increase of approximately 290.66%[23] - The total investment for a new water resource project in Maoming City, Guangdong Province, is estimated to be approximately RMB 667 million (equivalent to about HKD 738 million)[69] Operational Efficiency - The company is focused on enhancing its talent strategy to build a capable management team, aiming to improve market competitiveness and operational efficiency[99] - The company is enhancing its project management capabilities and optimizing products to improve investment returns amid intensified market competition[97] Risk Management - The company is actively managing foreign exchange risks by optimizing fund arrangements and adjusting project financing methods[96] - The company is facing increased macroeconomic risks due to rising trade barriers and geopolitical conflicts, impacting economic recovery prospects[95] Corporate Governance - The company is committed to corporate governance standards and has made efforts to comply with relevant regulations, despite temporary leadership vacancies[101][102] - The company is focused on continuous employee training to enhance compliance awareness and professional skills across various dimensions[100] Future Outlook - The group plans to focus on high-value areas within the water resources sector and optimize asset portfolios and resource allocation to enhance overall value[61] - The group aims to actively pursue market investment and acquisition opportunities to achieve new breakthroughs in profit growth[61]

Financial Performance - The company's revenue for the year ended December 31, 2025, was HKD 157,200,000, compared to HKD 149,945,000 for 2024, representing an increase of approximately 4.2%[2] - The gross profit for 2025 was HKD 42,453,000, up from HKD 35,680,000 in 2024, indicating a growth of about 19.0%[2] - The total annual loss for 2025 was HKD 101,996,000, a decrease from HKD 115,575,000 in 2024, reflecting an improvement of approximately 11.7%[3] - The basic and diluted loss per share improved to HKD 1.67 in 2025 from HKD 1.92 in 2024, indicating a positive trend[4] - The total comprehensive loss for the year was HKD 55,089,000 in 2025, a significant reduction from HKD 158,183,000 in 2024, reflecting an improvement of approximately 65.2%[4] Assets and Liabilities - Non-current assets totaled HKD 1,752,679,000 in 2025, an increase from HKD 1,398,050,000 in 2024, marking a growth of about 25.3%[5] - Cash and cash equivalents rose to HKD 140,538,000 in 2025 from HKD 77,865,000 in 2024, representing an increase of approximately 80.3%[5] - The company's total liabilities decreased to HKD 1,000,000,000 in 2025 from HKD 1,200,000,000 in 2024, indicating a reduction of about 16.7%[5] - Current liabilities increased to HKD 272,424,000 in 2025 from HKD 138,011,000 in 2024, representing a growth of 97.5%[6] - Non-current liabilities decreased to HKD 70,690,000 in 2025 from HKD 71,729,000 in 2024, a decline of 1.45%[6] Revenue Breakdown - Revenue from product sales was HKD 142,398,000 in 2025, up from HKD 135,907,000 in 2024, indicating a growth of approximately 4.3%[16] - Revenue from service provision was HKD 14,802,000 in 2025, compared to HKD 14,038,000 in 2024, reflecting an increase of about 5.4%[16] - The group recognized revenue of HKD 29,490,000 in 2025, down from HKD 40,018,000 in 2024, indicating a decline of approximately 26.2%[16] - Other income totaled HKD 35,440,000 in 2025, an increase from HKD 30,095,000 in 2024, representing a growth of approximately 17.8%[20] Elderly Care Segment - The company operates and manages seven elderly care institutions in China, providing a total of 1,373 beds, primarily located in the Yangtze River Delta region[48] - Revenue from elderly care institutions for the year was RMB 55.31 million, a year-on-year increase of approximately 23% compared to RMB 45.08 million in 2024[48] - Net profit for the elderly care segment was RMB 3.31 million, up about 55% from RMB 2.14 million in 2024, driven by increased bed capacity and occupancy rates[48] - The average occupancy rate of the company's elderly care institutions reached approximately 75%, reflecting stable operational cash flow and high asset utilization[48] Investments and Acquisitions - The company has entered into a supplemental agreement regarding the joint venture 1121695 B.C. Ltd., which will be treated as a subsidiary, allowing the company to control the majority of the board[32][34] - The company sold its subsidiary United Win International Corporation for approximately HKD 16,924,000, resulting in a loss of about HKD 21,369,000[37] - The net cash inflow from the sale of the subsidiary was HKD 16,912,000 after accounting for cash and cash equivalents sold[39] Market Opportunities - The elderly population in China surpassed 300 million in 2025, projected to exceed 400 million by 2035, indicating a significant market opportunity in the silver economy[46] - The government has emphasized the development of elderly care services, with a market size expected to exceed RMB 30 trillion in the future, indicating a favorable policy environment[46] Operational Efficiency - The group aims to increase the total number of elderly care beds to over 5,000 in the short term, with a medium-term goal of exceeding 10,000 beds and a long-term vision of reaching 100,000 beds[69] - The group has initiated online value-added service platforms to provide comprehensive elderly care services, aiming to enhance service revenue and customer loyalty[67] Financial Management - The group will not increase investments in health industry parks in China due to an uncertain macro environment but will seek suitable partners for potential project sales[69] - The board does not recommend a final dividend for the year ending December 31, 2025, maintaining sufficient financial resources for future business development[99] Miscellaneous - The audit committee has reviewed the group's full-year performance for the year ending December 31, 2025[101] - The company's annual report for the year ending December 31, 2025, will be sent to shareholders and published on the Hong Kong Stock Exchange and the company's website[103] - Forward-looking statements in the announcement reflect the board's current beliefs, assumptions, and expectations based on industry and market conditions, which may differ significantly from actual results due to risks and uncertainties[105]

Financial Performance - Liquefied petroleum gas sales increased by approximately 43.6% to about 449.4 thousand tons for the year, compared to approximately 313.0 thousand tons in 2024[2] - Revenue rose by approximately 34.1% to about RMB 2,191.6 million, compared to RMB 1,634.1 million in 2024[2] - Gross profit decreased by approximately 26.3% to about RMB 39.2 million, down from RMB 53.2 million in 2024[3] - Net loss increased to approximately RMB 35.4 million, compared to a loss of RMB 17.8 million in 2024[3] - The company's equity holders' share of the loss increased to approximately RMB 26.1 million, compared to RMB 12.4 million in 2024[3] - The total comprehensive loss for the year ended December 31, 2025, amounted to RMB 37,163,000, compared to RMB 18,755,000 for 2024, indicating a significant increase in losses[5] - The basic and diluted loss per share for 2025 was RMB 12.06, compared to RMB 5.72 in 2024, reflecting a worsening financial performance[5] Sales and Revenue Breakdown - Sales volume of compressed natural gas decreased by approximately 5.6% to about 43.7 million cubic meters, compared to 46.3 million cubic meters in 2024[2] - Sales volume of liquefied natural gas increased by approximately 380.0% to about 14.4 thousand tons, compared to 3.0 thousand tons in 2024[2] - Revenue from liquefied petroleum gas (LPG) sales was approximately RMB 1,986.9 million, an increase of about RMB 541.2 million from approximately RMB 1,445.7 million in 2024[64] - Revenue from compressed natural gas (CNG) sales was approximately RMB 135.3 million, a decrease of about RMB 23.9 million from approximately RMB 159.2 million in 2024[66] - Revenue from liquefied natural gas (LNG) sales was approximately RMB 59.4 million, an increase of about RMB 44.3 million from approximately RMB 15.1 million in 2024[69] Assets and Liabilities - Non-current assets increased to RMB 162,982,000 in 2025 from RMB 132,379,000 in 2024, showing growth in long-term investments[6] - Current assets rose to RMB 976,629,000 in 2025, up from RMB 1,937,907,000 in 2024, indicating a shift in asset management[6] - The total liabilities for 2025 were RMB 1,715,629,000, compared to RMB 748,258,000 in 2024, suggesting increased financial obligations[6] - Cash and cash equivalents decreased to RMB 123,449,000 in 2025 from RMB 154,440,000 in 2024, indicating a decline in liquidity[6] - The company reported a total asset value of RMB 1,937,907,000 in 2025, compared to RMB 976,629,000 in 2024, indicating overall growth in asset base[6] Operational Expenses - The company recorded a significant increase in operational expenses, with total operating expenses reaching RMB 29.6 million, compared to RMB 31.2 million in 2024[4] - The group’s employee costs decreased to approximately RMB 29.6 million in 2025 from RMB 30.0 million in 2024, primarily due to the cessation of operations at compressed natural gas stations[82] - The group incurred financing costs of CNY 13,908 thousand in 2025, with significant costs attributed to wholesale operations[30] Market and Industry Insights - The liquefied petroleum gas industry is expected to see a new market balance as supply and demand structures continue to optimize, with significant growth potential in the future[74] - The development of the LNG market is supported by government policies, with increasing demand from industrial and power generation sectors[67] - The natural gas price mechanism has been implemented in more cities, effectively alleviating issues with price transmission between upstream and downstream sectors[61] Governance and Compliance - The company adheres to the corporate governance principles outlined in the Listing Rules Appendix C1, ensuring effective independent judgment and enhancing shareholder value[112] - The Audit Committee, composed of three independent non-executive directors, has reviewed the accounting policies and the consolidated financial statements for the year ending December 31, 2025, with no objections raised[115] - The group has implemented various policies and procedures to ensure effective risk management across its operations, including financial reporting and compliance with applicable laws[107] Future Outlook and Plans - The company plans to enhance resource optimization and quality control management to ensure stable gas supply at the end-user level[75] - The group plans to optimize its existing terminal assets and assess low-efficiency gas stations for potential closure or consolidation in 2026[77] - The group anticipates utilizing the proceeds from its public offering by the end of 2026, with no changes expected in the planned use of these proceeds[102]

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 1,857,283, an increase of 12.5% compared to RMB 1,650,509 in 2024[2] - Gross profit for the same period was RMB 93,536, representing a 26.5% increase from RMB 73,963 in 2024[2] - The company reported a net loss of RMB 17,050 for 2025, an improvement from a net loss of RMB 21,606 in 2024[3] - Total comprehensive income for the year was a loss of RMB 11,598, compared to a loss of RMB 21,718 in the previous year[3] - Basic and diluted loss per share for the year was RMB 3.84, an improvement from RMB 4.86 in 2024[3] - The group reported a loss of RMB 17,050,000 for the year ending December 31, 2025, with a net current liability of approximately RMB 6,516,000[18] - The pre-tax loss for the group was RMB 17,125,000 in 2025, compared to RMB 21,637,000 in 2024, showing a year-over-year improvement of approximately 20%[38] - The net loss for the company was approximately RMB 17.4 million, a reduction of RMB 4.1 million (or 19.1%) compared to a loss of RMB 21.5 million in fiscal year 2024[47] Assets and Liabilities - Current assets totaled RMB 636,624, a slight decrease from RMB 654,195 in 2024[4] - Current liabilities decreased to RMB 643,140 from RMB 680,746 in 2024, improving the net current liabilities position[6] - Non-current assets amounted to RMB 658,916, down from RMB 669,367 in 2024[4] - The company’s total equity was RMB 524,766, a decrease from RMB 536,364 in the previous year[7] - The total bank borrowings amounted to RMB 210,443,000, which are due within 12 months from December 31, 2025[18] - The group has maintained cash and cash equivalents of RMB 137,295,000 as of December 31, 2025[18] - The group has a contract liability of RMB 11,039,000 as of December 31, 2025, related to advance payments received from customers[31] - The group recorded inventory of approximately RMB 129.9 million and trade receivables of about RMB 131.6 million as of December 31, 2025[73] - The debt-to-asset ratio was 73% as of December 31, 2025, compared to 74% as of December 31, 2024, with total liabilities of approximately RMB 375.6 million[75] Revenue Breakdown - Revenue from external customers in China reached RMB 1,372,613,000 in 2025, compared to RMB 1,246,198,000 in 2024, indicating a growth of 10.1%[29] - The company’s revenue from processed foods increased by 8.3% to approximately RMB 820.8 million in fiscal year 2025[51] - Revenue from chilled and frozen chicken rose by 15.9% to approximately RMB 805.1 million, driven by increased market demand[52] - Revenue from chilled and frozen rabbit meat increased by 12.9% to RMB 198.1 million, supported by the expansion of overseas sales channels[53] - Revenue from other products surged by 49.1% to RMB 33.4 million, attributed to product structure optimization and new by-product development[54] - Total revenue for fiscal year 2025 reached RMB 1,857.3 million, a 12.5% increase from RMB 1,650.5 million in fiscal year 2024[55] Operational Efficiency - The group aims to improve operational efficiency and control costs to enhance future profitability and cash inflows[23] - The group plans to continue expanding production capacity while effectively implementing cost control measures[24] - The group has successfully extended its existing bank loans and is exploring additional financing sources to ensure sufficient cash flow[24] Employee and Costs - Total employee costs increased to RMB 249,981,000 in 2025 from RMB 213,406,000 in 2024, representing a rise of about 17%[36] - The group employed a total of 2,237 employees in China as of December 31, 2025, compared to 1,982 employees as of December 31, 2024, with total employee costs around RMB 250.0 million for the year[80] - Selling and distribution expenses rose to RMB 53.4 million in fiscal year 2025, up from RMB 46.1 million in fiscal year 2024[62] - Administrative expenses increased to RMB 41.0 million in fiscal year 2025, compared to RMB 36.1 million in fiscal year 2024[63] Financing and Investments - The group has received written confirmation from a bank to extend RMB 10,000,000 of its bank borrowings for one year, maturing in 2027[19] - A major bank has expressed intent to provide RMB 100,000,000 in financing in 2026, subject to formal approval[19] - The group has entered into new loan agreements totaling RMB 35,000,000, which will mature in 2027[19] - Financing costs decreased by 38.2% to approximately RMB 10.4 million in fiscal year 2025 due to lower average bank borrowings and interest rates[65] Compliance and Governance - The group has complied with all applicable corporate governance code provisions, except for the separation of the roles of Chairman and CEO, which was addressed following a leadership change[86][88] - The company did not declare any dividends for the year, consistent with the previous year[39] - The company will not declare a final dividend for the fiscal year 2025, consistent with the previous fiscal year 2024, which also had no dividend declared[94] Future Outlook - The directors believe that if the planned measures are successfully implemented, the group will have sufficient working capital to meet its obligations during the cash flow forecast period[20] - The group plans to increase investment in new product development, focusing on high-value-added processed foods to enhance competitiveness and market resilience[49] - The group is currently evaluating the impact of the new and revised accounting standards on its financial reporting[13]

Financial Performance - For the fiscal year ending December 31, 2025, the company's revenue was approximately RMB 6,670,181 thousand, representing a growth of 14.91% compared to RMB 5,804,657 thousand in the previous year[5]. - The gross profit margin increased to approximately 41.59%, up by 0.56 percentage points from 41.03% in the previous year[6]. - The net profit attributable to shareholders was approximately RMB 1,132,570 thousand, a 19.35% increase from RMB 948,950 thousand in the previous year[6]. - The adjusted net profit attributable to shareholders under non-IFRS was approximately RMB 1,253,488 thousand, reflecting a significant growth of 56.09% compared to RMB 803,069 thousand in the previous year[6]. - In 2025, the company achieved revenue of RMB 6,670.18 million, representing a year-on-year growth of 14.91%[38]. - The gross profit margin for 2025 was 41.59%, an increase of 0.56 percentage points compared to the previous year[38]. - Adjusted net profit attributable to shareholders reached RMB 1,253.49 million, a growth of 56.09% compared to 2024[38]. - Net profit increased by 20.04% to RMB 1,126.64 million in 2025, with a net profit margin of 16.98%, up 0.63 percentage points from 2024[53]. Revenue Breakdown - Revenue from large pharmaceutical companies was RMB 2,916 million, an increase of 8.36%, while revenue from small and medium-sized pharmaceutical companies was RMB 3,755 million, up by 20.57%[11]. - Revenue from overseas clients was RMB 4,921 million, reflecting a year-over-year growth of 14.85%, while domestic market revenue was RMB 1,749 million, up by 15.09%[12]. - Revenue from the domestic market in China was RMB 1,749,302,000 for 2025, up from RMB 1,519,908,000 in 2024, representing a growth of 15.1%[164]. - Revenue from overseas markets increased to RMB 4,920,879,000 in 2025, compared to RMB 4,284,749,000 in 2024, marking a growth of 14.9%[164]. - The sales revenue from small molecule CDMO business was RMB 4,734,651,000 in 2025, up from RMB 4,570,728,000 in 2024, reflecting a growth of 3.6%[169]. Order Backlog and Client Growth - The total order backlog, excluding recognized revenue, reached USD 1.385 billion, an increase of 31.65% year-over-year, indicating strong demand in the chemical and biological macromolecule sectors[9]. - The company added over 300 new CDMO clients in the fiscal year, expanding its customer base significantly[11]. Research and Development - The company is expanding its data intelligence capabilities, applying an intelligent drug vigilance platform to over 40 innovative drug clinical projects[22]. - The company has published 51 research papers in leading international journals, with 17 papers having an impact factor exceeding 10, showcasing its commitment to innovation in continuous reaction and biosynthesis technologies[27]. - The company plans to continue to increase R&D investment, establishing a collaborative R&D platform to enhance process synthesis design and optimization, thereby promoting order completion[87]. - The company invested RMB 593.26 million in R&D in 2025, accounting for 8.89% of total revenue, a decrease of 3.45% from the previous year[38]. Financial Position - The company's total assets increased to RMB 20,277,466 thousand, a growth of 5.13% from RMB 19,288,556 thousand in the previous year[8]. - The cash and bank balance rose to RMB 6,320,950 thousand, representing a 9.18% increase from RMB 5,789,408 thousand in the previous year[8]. - The total equity attributable to shareholders as of December 31, 2025, was approximately RMB 17,646.14 million, compared to RMB 16,862.57 million as of December 31, 2024[72]. - The company maintains a healthy financial position with cash and cash equivalents exceeding RMB 6.3 billion, providing flexibility for further development and overseas expansion[93]. Corporate Governance - The roles of the Chairman and CEO are distinct, in accordance with corporate governance guidelines, to ensure accountability and transparency[95]. - The board of directors is composed of nine members, including three independent non-executive directors, ensuring a balance of power and responsibilities[96]. - The company is committed to maintaining high corporate governance standards, ensuring shareholder rights and enhancing corporate value[94]. Strategic Plans and Future Outlook - The company anticipates a revenue growth of 19-22% for 2026, following a return to a growth trajectory in 2025[81]. - The company is focusing on the development of emerging businesses such as chemical macromolecules and biological macromolecules to capture market opportunities[81]. - The company plans to expand its overseas production capacity strategically to enhance its market share and meet the growing global demand for its services[31]. - The company aims to optimize profitability by improving the gross margin of its small molecule CDMO business and controlling production costs[84]. Employee and Talent Management - A total of 201 senior talents were recruited in 2025, with nearly 50% holding doctoral degrees, contributing to a workforce of 10,617 employees, of which approximately 78.2% have a bachelor's degree or higher[33]. - The management team is stable and experienced, with an average of over 20 years in their respective fields, contributing to the company's governance and strategic direction[93]. Risks and Challenges - Potential risks include major drug recalls, operational challenges in clinical projects, and regulatory compliance issues, which the company is actively addressing[92]. - The group is subject to a statutory income tax rate of 25% for 2025, as it no longer qualifies for the reduced rate of 15% due to a decrease in revenue from high-tech industries[174].

Financial Performance - For the fiscal year ending December 31, 2025, the company reported total revenue of $157.975 million, a significant increase from $38.1 million in 2024, representing a growth of approximately 314%[5]. - The net profit for the year was $92.221 million, compared to $2.742 million in the previous year, indicating a substantial increase in profitability[5]. - Gross profit for the year was $149,244,000, significantly up from $33,614,000 in the previous year, indicating a substantial increase in profitability[131]. - The company's profit before tax for 2025 is reported at $93,541,000, a substantial increase from $3,739,000 in 2024[161]. - The group's annual profit increased by 3263.3% from $2.7 million for the year ended December 31, 2024, to $92.2 million for the year ended December 31, 2025[104]. Revenue Sources - Revenue from molecular licensing fees was $141.398 million in 2025, up from $29.759 million in 2024, indicating a growth of about 373%[146]. - Revenue from research services and technology licensing fees was $16.577 million in 2025, compared to $8.341 million in 2024, showing an increase of about 99%[146]. - Molecular licensing fees increased from $29.8 million to $141.4 million, driven by strategic collaborations with global pharmaceutical companies and new product licenses[95]. Research and Development - Research and development expenses rose to $39.765 million from $20.999 million, reflecting a 89% increase as the company invests in new product development[5]. - R&D expenses increased from $21.0 million to $39.8 million, primarily due to advancing clinical pipeline projects and expanding early-stage research activities[99]. - The company aims to advance multiple high-potential assets into late-stage clinical development by 2026, focusing on areas with significant unmet medical needs[93]. Strategic Collaborations - The company entered a global strategic collaboration with AstraZeneca, which includes an upfront payment of $175 million and potential milestone payments of up to $4.4 billion[7]. - A licensing agreement with Visterra, Inc. was established to develop new immunotherapy drugs, leveraging proprietary technology[8]. - The company signed a long-term global strategic collaboration with Bristol-Myers Squibb, which could yield up to $1.035 billion in development and commercial milestone payments[10]. - The company signed a global strategic collaboration with Otsuka in June 2025 to jointly develop HBM7020 (a BCMAxCD3 bispecific T cell engager) for autoimmune diseases[40]. - A strategic research collaboration with Pfizer was established in November 2025, allowing Pfizer to access the company's proprietary HCAb technology platform, with the company set to receive upfront and milestone payments[41]. Market Position and Growth - The company is actively expanding its market presence through multiple strategic collaborations and licensing agreements aimed at enhancing its product pipeline and therapeutic offerings[7][8][10]. - The company has established a resilient and scalable business model through strategic partnerships with multinational and leading biotech companies, enhancing its position in the global innovation ecosystem[37]. - The company aims to maximize the global value of mid-to-late stage assets in autoimmune and oncology fields through Harbour Therapeutics[36]. Clinical Development - Nona Bio's HBM9161 (FcRn monoclonal antibody) has submitted a Biologics License Application (BLA) for treating generalized myasthenia gravis, currently under review by the NMPA[17]. - HBM9378 (TSLP monoclonal antibody) received IND approval from the NMPA in January 2025, with a Phase II clinical study initiated in July 2025[18]. - Clinical data for HBM4003 (CTLA-4 monoclonal antibody) showed an objective response rate (ORR) of 34.8% and a disease control rate (DCR) of 60.9% in a Phase II trial for metastatic colorectal cancer[19]. Financial Position - Cash and cash equivalents increased to $403.056 million from $166.821 million, showing a strong liquidity position[6]. - Total assets grew to $500.256 million, up from $215.014 million, indicating robust growth in the company's balance sheet[6]. - The current ratio improved from 2.82 in 2024 to 5.17 in 2025, indicating stronger liquidity[109]. Intellectual Property and Innovation - Nona Bio filed a total of 645 patent applications, with 18 granted by the Chinese National Intellectual Property Administration, enhancing the intellectual property protection of its core products and technology platforms[57]. - The proprietary antibody technology platform, Harbour Mice®, enables the generation of fully human monoclonal antibodies, enhancing the development of innovative therapies[30]. - The company launched the Hu-mAtrIx™ AI platform-driven first fully human AI HCAb generation model in October 2025, significantly improving the efficiency and accuracy of antibody discovery through an integrated AI design, intelligent screening, and wet lab validation process[53]. Corporate Governance - The audit committee has been established with three independent non-executive directors, ensuring compliance with corporate governance standards[126]. - The company has adopted the International Financial Reporting Standards (IFRS) for its financial statements, ensuring compliance with global accounting standards[136].