Financial Performance - For the year ending December 31, 2025, GHW International reported revenue of approximately RMB 4,113.2 million, an increase of about RMB 251.2 million or 6.5% compared to the same period in 2024[5] - The gross profit for the same period was approximately RMB 360.9 million, a decrease of about RMB 30.2 million or 7.7% compared to 2024[5] - The net profit for the year was approximately RMB 13.4 million, an increase of about RMB 0.5 million or 3.9% compared to 2024[5] - Basic earnings per share for the year were approximately RMB 0.013, a decrease of about RMB 0.001 or 7.1% compared to 2024[5] - The company recorded revenue of approximately RMB 4,113.2 million for the year ended December 31, 2025, representing a 6.5% increase from RMB 3,862.0 million in 2024[53] - Net profit increased from approximately RMB 12.9 million in 2024 to approximately RMB 13.4 million in 2025[53] - Total revenue for the year ending December 31, 2025, reached RMB 4,113.2 million, up from RMB 3,861.9 million in 2024, representing a growth of approximately 6.5%[56] Revenue Breakdown - Revenue from the methylamine product series was RMB 1,306,777,000 in 2025, a decrease of 3.8% from RMB 1,359,067,000 in 2024[19] - Revenue from iodine derivatives and related products increased significantly to RMB 1,262,877,000 in 2025, up 27.3% from RMB 991,926,000 in 2024[19] - Revenue from the Jin Hai Wei New Materials segment grew by 3.4% to RMB 922.6 million, driven by the sales of ethylene oxide and monomer polyether starting in 2025[53] - The Green Products segment saw revenue increase by 40.5% to RMB 281.5 million, primarily due to increased sales of cashew phenol and rising raw material costs[53] - Revenue from the iodine derivatives segment increased by 27.3% from RMB 991.9 million to RMB 1,262.9 million, driven by increased market share and penetration[61] - Revenue from green products, particularly cashew phenol, grew by 40.5% due to recovery in the European market and increased export demand[65] Expenses and Costs - Sales costs rose from approximately RMB 3,470.9 million in 2024 to RMB 3,752.3 million in 2025, primarily due to increased production costs of iodine and related products[72] - Gross profit decreased from approximately RMB 391.0 million in 2024 to RMB 360.9 million in 2025, with the overall gross margin declining from 10.1% to 8.8%[73] - Research and development expenses for the year were RMB 57.1 million, an increase from RMB 48.9 million in 2024[6] - Research and development expenses increased from approximately RMB 48.9 million in 2024 to RMB 57.1 million in 2025, driven by R&D activities for new products[81] - Sales and distribution expenses decreased from approximately RMB 172.6 million in 2024 to RMB 147.3 million in 2025, attributed to lower logistics costs[78] - Administrative expenses slightly decreased from approximately RMB 137.8 million in 2024 to RMB 136.5 million in 2025, due to reduced consulting fees[80] Assets and Liabilities - Total assets less current liabilities amounted to RMB 864.7 million, an increase from RMB 797.4 million in 2024[11] - Non-current assets increased to RMB 947.5 million from RMB 925.2 million in 2024[8] - Current liabilities decreased to RMB 1,203.5 million from RMB 1,249.1 million in 2024[11] - The company’s total equity increased to RMB 635.7 million from RMB 621.6 million in 2024[11] - Borrowings, including loans from related parties, were approximately RMB 810.4 million as of December 31, 2025, down from RMB 852.2 million in 2024, with a debt-to-equity ratio of 127.5%[90] Taxation - The company's income tax provision for the Cayman Islands is exempt, with no tax provisions made for subsidiaries in the US, Seychelles, Russia, Hong Kong, and Canada due to no estimated taxable profits in the two years[30] - The effective tax rate for the Ukrainian subsidiary is 18% for the year, while the applicable tax rate for mainland China subsidiaries is 25%, with a reduced rate of 15% for high-tech enterprises[31] - The current tax expense for 2025 is RMB 7,637,000, an increase from RMB 3,578,000 in 2024, while the total tax expense for 2025 is RMB 4,361,000 compared to a negative RMB 339,000 in 2024[33] - Income tax expenses increased from a tax credit of approximately RMB 3 million for the year ending December 31, 2024, to a tax expense of about RMB 44 million for the year ending December 31, 2025, primarily due to increased profits from subsidiaries in Vietnam[84] Shareholder Information - The board of directors has resolved not to recommend the payment of any final dividend for the year ending December 31, 2025[5] - The company has not declared or paid any dividends during the two years and has no plans to do so since the reporting period[34] - The group did not recommend any final dividend for the year ending December 31, 2025, consistent with 2024[106] - The annual general meeting is scheduled for May 12, 2026, with a notice to be sent to shareholders according to the company's articles of association and applicable laws[121] - Shareholder registration will be suspended from May 7 to May 12, 2026, to determine eligibility for attending and voting at the annual general meeting[122] Strategic Initiatives - The company is pursuing global expansion through strategic investments and partnerships, optimizing its supply chain to improve operational efficiency[52] - The company plans to enhance supply chain resilience and expand into diverse regional markets through smart manufacturing facilities and customized products, despite market uncertainties[87] - The group plans to enhance brand influence and develop self-owned brand products through collaborations with third-party clients and KOLs for live-streaming sales[68] Market Conditions - The chemical industry in China faces challenges such as weak demand and supply-demand imbalances, impacting profitability across the sector[51] - The company faces significant market volatility in 2026 due to escalating upstream energy-related costs and cautious downstream demand, impacting the chemical market[86] Risk Management - The company’s credit risk is primarily associated with trade receivables, with management implementing measures to minimize this risk through credit limits and monitoring[96] - The group maintained a prudent treasury policy, ensuring good liquidity throughout the year[100] - The group faced foreign exchange risks due to transactions primarily denominated in RMB and USD, with no financial instruments used to hedge these risks[101] - The audit committee has reviewed the financial reporting procedures and risk management systems, ensuring compliance with relevant regulations[113]

Financial Performance - Revenue increased by RMB 8,587.7 million or 94.3% to RMB 17,695.7 million[2] - Gross profit rose by RMB 8,518.9 million or 108.8% to RMB 16,347.3 million, with a gross margin of 92.4%[2] - Net profit attributable to shareholders increased by RMB 6,391.9 million or 305.8% to RMB 8,482.2 million[2] - Adjusted operating profit increased by RMB 6,135.4 million or 264.6% to RMB 8,454.2 million[2] - EBITDA rose by RMB 7,889.6 million or 248.6% to RMB 11,063.4 million[2] - Adjusted EBITDA increased by RMB 7,633.1 million or 224.4% to RMB 11,035.4 million[2] - The company reported a pre-tax profit of RMB 10,748.1 million for the year[4] - Basic earnings per share attributable to ordinary shareholders was RMB 3.51, compared to RMB 0.86 in the previous year[4] - The company’s total comprehensive income for the year was RMB 9,096.1 million, up from RMB 2,217.5 million[4] - The company's net profit for the year ended December 31, 2025, reached RMB 9,096,111 thousand, a significant increase from RMB 2,217,549 thousand in 2024, representing a growth of approximately 310%[5] - Total comprehensive income for the year was RMB 9,114,734 thousand, compared to RMB 2,285,205 thousand in the previous year, indicating a growth of around 299%[5] Assets and Liabilities - Non-current assets totaled RMB 13,579,570 thousand as of December 31, 2025, slightly decreased from RMB 14,865,806 thousand in 2024[6] - Current assets increased to RMB 22,670,768 thousand in 2025, up from RMB 9,346,934 thousand in 2024, reflecting a growth of approximately 143%[6] - The company's total liabilities decreased from RMB 5,463,524 thousand in 2024 to RMB 4,415,682 thousand in 2025, a reduction of about 19%[6] - The net asset value increased significantly to RMB 18,255,086 thousand in 2025, compared to RMB 3,883,410 thousand in 2024, marking an increase of approximately 369%[7] - The company's equity total reached RMB 30,436,159 thousand in 2025, up from RMB 18,036,330 thousand in 2024, representing a growth of around 69%[7] - The company reported a significant increase in cash and cash equivalents, totaling RMB 12,177,199 thousand in 2025, compared to RMB 2,142,651 thousand in 2024, indicating a growth of approximately 469%[6] Revenue Sources - Total revenue for the year 2025 reached RMB 17,695,749,000, a significant increase from RMB 9,107,978,000 in 2024, representing an increase of approximately 94.5%[17] - Revenue from the Chinese mainland was RMB 7,909,559,000 in 2025, down from RMB 8,850,696,000 in 2024, indicating a decline of about 10.6%[17] - Revenue from the United States surged to RMB 9,515,757,000 in 2025, compared to only RMB 1,077,000 in 2024, marking an increase of over 8,800%[17] - The company generated approximately RMB 9,506,191,000 in revenue from a single customer through licensing arrangements and sales of raw materials, which was not reported in 2024[19] - Sales of biopharmaceuticals contributed RMB 8,006,366 thousand in 2025, down from RMB 8,927,872 thousand in 2024, indicating a decrease of about 10.3%[20] - Licensing income for 2025 was RMB 9,425,908 thousand, with no income reported in 2024, marking a substantial new revenue stream[20] - Revenue from contract development and production operations increased to RMB 263,475 thousand in 2025 from RMB 180,106 thousand in 2024, reflecting a growth of approximately 46%[20] Expenses and Costs - Total financing costs decreased to RMB 76,385 thousand in 2025 from RMB 190,846 thousand in 2024, a reduction of about 60%[28] - Interest income rose significantly to RMB 303,784 thousand in 2025 compared to RMB 147,781 thousand in 2024, an increase of approximately 105%[25] - The cost of goods sold was RMB 1,088,233 thousand in 2025, slightly down from RMB 1,116,084 thousand in 2024[27] - Selling and distribution expenses were approximately RMB 3,630.9 million, an increase of about RMB 279.6 million or approximately 8.3%, with the expense ratio decreasing from approximately 36.8% to about 20.5%[109] - Administrative expenses increased to approximately RMB 651.2 million, up by about RMB 149.3 million or approximately 29.7%, primarily due to increased share-based compensation[110] - R&D costs rose to approximately RMB 1,520.4 million, an increase of about RMB 193.9 million or approximately 14.6%, with the expense ratio decreasing from approximately 14.6% to about 8.6%[111] Corporate Governance and Shareholder Information - The board proposed a final dividend of HKD 0.25 per share for the year ended December 31, 2025[2] - The group plans to distribute a final dividend of HKD 0.25 per share for the year ended December 31, 2024, amounting to RMB 545,320 thousand[34] - The board declared a final dividend of HKD 0.25 per share for the year ending December 31, 2025, consistent with the previous year[132] - A conditional special dividend will be distributed in kind, with all shares held by the company being allocated to eligible shareholders based on their respective shareholding ratios[132] - The annual general meeting is scheduled for June 25, 2026, during which the eligibility for voting will be determined[133] - The record date for receiving the final dividend is set for July 27, 2026[134] - The company maintains high standards of corporate governance to protect shareholder interests and enhance corporate value[135] - The roles of the chairman and CEO are not separated, with the current chairman also serving as CEO, which the board believes ensures consistent leadership direction[136] Research and Development - The company has a comprehensive R&D platform with 27 key products under development, 24 of which are innovative drugs in mainland China, including 19 antibody drugs[86] - The R&D team consists of nearly 800 experienced scientists dedicated to accelerating clinical development and seeking breakthrough therapies to meet unmet medical needs[85] - The company has 11 products targeting autoimmune diseases and 8 products in the hematology/oncology pipeline, indicating a strong focus on diverse therapeutic areas[86] - The company is actively expanding its applications in various medical fields, including traditional Chinese medicine[78] - The NDA for SSS06, a long-acting erythropoietin, has been approved for treating adult dialysis patients, with administration every two weeks[91] - The company has initiated a Phase II clinical trial for anti-BDCA2 antibody (626) targeting systemic lupus erythematosus (SLE), with IND applications approved in the US[95] Market Position and Collaborations - The company holds a 60.4% market share in the platelet reduction therapy market in mainland China for its product Tev-Tropin by 2025[48] - The company has a 39.6% market share in the rhEPO market in mainland China, maintaining its leadership for over 20 years[48] - The company has entered into a collaboration agreement with InnoCare Pharma for the HER2 ADC drug DB-1303, acquiring commercialization rights in mainland China, Hong Kong, and Macau[49] - The company has signed an exclusive licensing agreement with Pfizer, receiving an upfront payment of $1.25 billion and potential total payments of up to $4.8 billion[53] - The licensing agreement allows Pfizer to develop and commercialize the 707 drug outside of mainland China, while the company retains rights within mainland China[52] Employee Information - The group employed a total of 6,109 employees as of December 31, 2025, compared to 5,577 employees as of December 31, 2024[131] - Employee costs, including director remuneration (excluding any retirement benefit plan contributions), amounted to approximately RMB 1,723.7 million, up from RMB 1,469.8 million in the same period of 2024[131]

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，概不對因本公告全部或任 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。 SHENZHEN HEPALINK PHARMACEUTICAL GROUP CO., LTD. （深圳市海普瑞藥業集團股份有限公司） （於中華人民共和國註冊成立的股份有限公司） （股份代號：9989） 截至二零二五年十二月三十一日止年度 全年業績公告 及 建議變更未動用所得款項淨額用途 深圳市海普瑞藥業集團股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公 司及其子公司（「本集團」）截至二零二五年十二月三十一日止年度（「報告期」）的綜 合年度業績，連同截至二零二四年十二月三十一日止年度的比較數字。 業績摘要 1 1. 收入約為人民幣5,438.3百萬元（二零二四年：約人民幣5,258.9百萬元）； 2. 毛利約為人民幣1,677.6百萬元（二零二四年：約人民幣1,739.3百萬元）；毛 利率約為30.8%（二零二四年：約33.1%）； 3. 製劑業務銷售收入約為人民幣3,500.4百萬元（二零 ...

Financial Performance - Zhongtai Futures Company Limited reported its audited consolidated annual results for the year ending December 31, 2025[2]. - Operating revenue for 2025 reached RMB 69,437 million, a 6.93% increase compared to RMB 64,935 million in 2024[55]. - Total profit surged to RMB 12,184 million, reflecting a staggering increase of 1,369.09% from RMB 829 million in 2024[55]. - Net profit attributable to shareholders was RMB 8,554 million, up 1,788.36% from RMB 453 million in 2024[55]. - Total assets increased by 33.89% to RMB 4,519,881 million from RMB 3,375,714 million in 2024[57]. - Total liabilities rose by 36.39% to RMB 4,256,256 million compared to RMB 3,120,584 million in 2024[57]. - Basic earnings per share for 2025 were RMB 0.085, a significant increase of 1,788.36% from RMB 0.005 in 2024[59]. - The weighted average return on equity improved to 3.30%, up 3.12 percentage points from 0.18% in 2024[59]. - The debt-to-asset ratio decreased to 32.55% from 41.87% in 2024, indicating improved financial stability[59]. - The total comprehensive income for the period was RMB 84.95 million, significantly higher than RMB 5.04 million in 2024[116]. Corporate Governance - The board of directors will provide insights into the company's governance and the performance of its committees[6]. - The organizational structure includes a clear governance framework with a board of directors, audit committee, and risk control committee[28]. - The company continuously optimizes its corporate governance structure to enhance governance capabilities and ensure compliance with laws and regulations[172]. - The board of directors is the highest decision-making body for risk management, supported by the Risk Control Committee and Audit Committee for major risk matters[171]. - The company has implemented a comprehensive compliance management system, with a Chief Risk Officer overseeing risk management and internal controls[184]. Risk Management - The company faces various risks including market risk, credit risk, liquidity risk, operational risk, and compliance risk due to uncertainties in its business activities[170]. - Market risk primarily includes equity asset price risk, commodity futures price risk, and interest rate risk, with additional exposure to volatility and model risks in derivative operations[170]. - A comprehensive risk management system is established, covering all departments and subsidiaries, to identify, assess, monitor, and report risks[173]. - The company emphasizes the cultivation of risk management awareness among all employees through internal advocacy and training[174]. - The company has established a net capital risk assessment and monitoring system to continuously monitor regulatory indicators related to net capital[182]. Strategic Development - The company plans to outline its development plan for 2026, indicating future growth strategies[6]. - The company has a strategic development committee to oversee long-term growth initiatives[9]. - The company aims to enhance its comprehensive financial service capabilities through digital transformation and service model innovation[73]. - The company is committed to supporting rural revitalization, green development, and regional coordination as part of its financial support strategy[73]. - The company plans to deepen its participation in green futures product creation and carbon futures research[68]. Employee and Operational Insights - The company reported a registered capital increase to RMB 50 million after restructuring in 2006[18]. - The company had a total of 750 employees, with 39.60% in marketing and 28.93% holding a master's degree or higher[27]. - Employee compensation increased by 6.58% to RMB 32,582 million, while advertising expenses decreased significantly by 57.55% to RMB 3,689 million[132]. - The five highest-paid individuals received a total compensation of RMB 10.81 million in 2025, compared to RMB 10.20 million in 2024[154]. - The company is focused on strengthening its risk management capabilities in commodity trading by selecting actively traded commodities[182]. Market Position and Achievements - The company has a significant presence in the futures market, with various subsidiaries and partnerships[12]. - The company received multiple awards in 2025, including the Best Futures Company and the Gold Medal Management Team in the Chinese Futures Industry[44]. - The company was recognized as an excellent service provider for the real economy by the Securities Times in 2025[47]. - The company achieved a significant milestone by being selected as one of the top ten cases supporting rural revitalization by the Shandong Provincial State-owned Assets Supervision and Administration Commission[46]. - The company has been recognized for its innovative financial products in the "Good Financial Products" initiative by the Shandong Provincial Financial Office and the People's Bank of China in 2025[48]. Financial Compliance and Reporting - The company operates under the accounting standards set by the Ministry of Finance of China, ensuring compliance and accuracy in financial reporting[53]. - Monthly liquidity management indicators met the regulatory requirements set by the China Securities Regulatory Commission throughout 2025[114]. - The company did not engage in any financing activities such as issuing new shares or subordinated debt during the reporting period[113]. - The company has implemented measures to mitigate risks, including optimizing organizational structure and establishing comprehensive systems[11]. - The company has established a list of risk points across various business lines to continuously improve processes and accountability[182].

Financial Performance - For the fiscal year ending December 31, 2025, the revenue from continuing operations was HKD 60,149,000, a decrease of 12.5% compared to HKD 69,062,000 in 2024[4] - The annual loss from continuing operations was HKD (62,891,000), an improvement from HKD (127,029,000) in the previous year, indicating a reduction in losses by approximately 50.5%[4] - The company's basic and diluted loss per share for continuing and discontinued operations was HKD (23.85), compared to HKD (51.73) in 2024, reflecting a significant improvement[4] - The consolidated revenue for the year ending December 31, 2025, was approximately HKD 60,100,000, a decrease of about 13% compared to HKD 69,100,000 in the same period of 2024[20] - The company recorded a consolidated loss attributable to shareholders of approximately HKD 62,600,000 for the year ending December 31, 2025, a significant improvement from a loss of HKD 128,400,000 in 2024[20] - The company reported a total loss before tax of HKD 63,003,000 for the year ended December 31, 2025[110] - The company incurred a loss before tax from continuing operations of HKD 63,003 million, compared to a loss of HKD 126,908 million in the previous year[90] - The company reported a loss of HKD 62,603,000 for the year ending December 31, 2025, compared to a loss of HKD 128,425,000 for the previous year[116] Revenue Sources - The group's main revenue source, brokerage and financing services, accounted for approximately 82% of total revenue in 2025, with an increase in brokerage commissions and related fees due to market recovery[9] - Brokerage and financing business revenue was HKD 48,828,000 in 2025, down from HKD 55,374,000 in 2024, a decrease of about 11.1%[108] - Asset management revenue increased to HKD 3,576,000 in 2025 from HKD 2,338,000 in 2024, reflecting a growth of approximately 53.1%[108] - The insurance brokerage segment recorded revenue of approximately HKD 4 million, down from HKD 7.2 million in the previous year, with a net loss after tax of about HKD 299,000[54] - The corporate finance and advisory services segment recorded revenue of approximately HKD 3.4 million and a net loss after tax of about HKD 3 million, compared to HKD 3.8 million and HKD 4.3 million in the previous year[52] Market Conditions - The Hong Kong capital market saw a total fundraising amount exceeding HKD 280 billion in 2025, a year-on-year increase of 224%, with 119 new listings, up 68% from 2024[6] - The company anticipates a continued recovery in the Hong Kong capital market in 2026, supported by reforms aimed at increasing market liquidity and flexibility[18] Client and Market Expansion - The group actively expanded its client base in mainland China and other countries, leveraging market structure reforms to enhance its brokerage business[9] - The group established joint ventures to seek progress in various business areas related to real-world assets (RWA), contributing to a diversified client base[8] - A joint venture was established with a 34% stake held by the company to provide training and consulting services in the RWA sector, indicating a strategic move into this market[17] Financial Assets and Investments - The group held financial assets valued at approximately HKD 86,100,000 as of December 31, 2025, a decrease of 26% from the previous year due to slight market declines and asset sales[10] - The fair value of the group's financial assets as of December 31, 2025, included significant losses in the consumer goods and services sector, amounting to HKD 25.1 million[61] - The investment in Tianji Group, comprising 35,102,729 shares or about 4%, had a fair value of approximately HKD 37.9 million, accounting for about 8% of total assets[55] - The net sale of securities investments for the year ended December 31, 2025, was approximately HKD 40.9 million, down from HKD 71.1 million in 2024[56] - The group remains optimistic about the long-term prospects of its investments, particularly in Tianji Group, despite recent losses[55] Loans and Credit Risk - The group’s total loans amount to HKD 366.9 million, with 24 loans categorized by borrower type[42] - The group aims to minimize credit risk through stringent credit monitoring policies and procedures[50] - The total expected credit loss provision increased from HKD 225.3 million in 2024 to HKD 256.2 million in 2025[37] - The expected credit loss rate for receivables ranged from 24% to 100% in 2025, compared to 22% to 100% in 2024[37] - The company recorded a net impairment loss of HKD 30.9 million for the year ending December 31, 2025[38] Employee and Administrative Costs - As of December 31, 2025, the group employed a total of 67 employees, up from 56 in 2024, with total salary and employee benefits costs amounting to approximately HKD 35,500,000, an increase of about HKD 1,900,000 compared to the previous year[67] - The group’s administrative costs for the year ended December 31, 2025, were approximately HKD 34.3 million, an increase of HKD 8.3 million from HKD 26 million in the previous year[64] Corporate Governance - The company has established several board committees to maintain high standards of corporate governance, including the executive committee, audit committee, remuneration committee, and nomination committee[130] - The company is committed to maintaining high levels of corporate governance standards to ensure transparency and protect shareholder interests[127] Share Issuance and Capital Management - The company issued convertible bonds totaling HKD 5,000,000 with an annual interest rate of 1%, maturing in 2 years, and convertible into up to 12,500,000 shares at a conversion price of HKD 0.4 per share, representing an 11.11% premium over the market price at the time of the agreement[12] - The company completed a rights issue on October 13, 2025, raising approximately HKD 22 million from the issuance of 48,784,915 shares, which is about 9.86% of the total shares available for subscription[77] - The net proceeds from the rights issue and placement, after deducting necessary costs, are approximately HKD 34.7 million, intended for the company's operating expenses over the next 10 months[79] Miscellaneous - The company did not declare or recommend any dividends for the year ended December 31, 2025, consistent with 2024[112] - The company has not disclosed any aging analysis for payables related to securities trading due to the nature of the business[125] - The annual report for the year ending December 31, 2025, will be available on the company's website and the Hong Kong Stock Exchange website[133]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 522,000, an increase of 100.0% compared to RMB 261,000 in 2024[3] - Gross profit for the same period was RMB 481,000, reflecting a growth of 99.6% from RMB 241,000 in 2024[3] - The pre-tax loss narrowed slightly to RMB (208,984) from RMB (212,250), a decrease of 1.5% year-over-year[3] - The net loss attributable to ordinary equity holders of the parent was RMB (208,984), with a loss per share of RMB (2.08), an improvement from RMB (2.15) in 2024[3] - The company reported a total comprehensive loss of RMB (209,060) for the year, compared to RMB (212,147) in 2024[7] - Other income increased to RMB 2,420,000 in 2025 from RMB 1,827,000 in 2024, a growth of approximately 32.4%[19] - Financial costs decreased to RMB 1,236,000 in 2025 from RMB 6,009,000 in 2024, indicating improved financial management[22] - The company reported a basic loss per share of RMB 2.08 for 2025, compared to RMB 2.15 for 2024, reflecting a slight improvement in performance[29] - Losses decreased from RMB 212.2 million in 2024 to RMB 209.0 million in 2025, a reduction of RMB 3.2 million[59] Assets and Liabilities - Cash and cash equivalents surged by 354.2% to RMB 632,372 from RMB 139,213 in 2024[3] - Total assets less current liabilities increased significantly to RMB 647,072 from RMB 173,496 in 2024[9] - The company's total equity rose to RMB 624,583, up from RMB 150,535 in the previous year[9] - Non-current liabilities decreased slightly to RMB 22,489 from RMB 22,961 in 2024[9] - Current assets increased by 376.7% from RMB 125.6 million as of December 31, 2024, to RMB 598.7 million as of December 31, 2025, primarily due to net proceeds from the global offering[61] - The current ratio improved significantly from 8.3 in 2024 to 17.1 in 2025, indicating enhanced liquidity[60] Research and Development - Research and development expenses decreased by 2.1% to RMB 89,417 from RMB 91,326 in the previous year[3] - The company has developed a pipeline of ten candidate products, including two core PDGF products, Pro-101-1 and Pro-101-2, targeting various wound healing indications[38] - Pro-101-1 is currently preparing for Phase III clinical trials in China, while Pro-101-2 is in Phase II trials, showcasing the company's commitment to advancing its product pipeline[40] - The company is advancing its PDGF candidate products for nine additional indications in preclinical development[41] - The R&D team consists of professionals with an average of over 15 years of industry experience, focusing on drug development and innovation[48] - The company is committed to building an integrated R&D, production, and sales capability to accelerate the commercialization of core products[51] - The company is actively engaged in research related to mRNA and lncRNA, which are critical for its product development and innovation strategies[91] Capital and Funding - The total issued and fully paid capital increased to RMB 117,658,000 in 2025 from RMB 100,009,000 in 2024, reflecting successful capital raising efforts[36] - The net proceeds from the global offering were approximately HKD 599.8 million, expected to be utilized as outlined in the prospectus[71] - The company plans to allocate 61.8% of the net proceeds, amounting to HKD 370.7 million, for the ongoing clinical development and commercialization of core products Pro-101-1 and Pro-101-2 by the end of 2030[72] - 18.8% of the net proceeds, totaling HKD 112.8 million, is designated for purchasing professional equipment and instruments to enhance R&D capabilities by the end of 2028[72] - The company has allocated 10.0% of the net proceeds, equivalent to HKD 60.0 million, for working capital and general corporate purposes by the end of 2028[72] Corporate Governance and Compliance - The company is committed to high standards of corporate governance and has complied with all applicable code provisions since the listing date[79] - The audit firm Ernst & Young has confirmed that the financial data in the preliminary results announcement is consistent with the draft consolidated financial statements[78] - No significant litigation or arbitration has been reported during the reporting period, and there are no known pending or threatened significant lawsuits against the company as of December 31, 2025[74] Market Strategy and Future Plans - The company aims to become a leading global enterprise in the pharmaceutical industry by providing better treatment options for patients with skin injuries[37] - The company is exploring various administration routes for its PDGF candidates, including topical gels, sprays, eye drops, and oral formulations[40] - The company is focused on developing core products Pro-101-1 and Pro-101-2, which are PDGF-BB gels for clinical trials related to burn injuries and diabetic foot ulcers[87] - Approximately 25% of diabetes patients in China experience diabetic foot ulcers, indicating a significant market opportunity for the company's products[88] - The company is focused on expanding its market presence and exploring potential mergers and acquisitions to enhance its growth trajectory[88] - The company is exploring partnerships with contract research organizations (CROs) to enhance its research capabilities and expedite clinical trials[87] Administrative and Operational Expenses - Employee benefits expenses totaled RMB 119,050,000 in 2025, compared to RMB 120,621,000 in 2024[21] - Administrative expenses rose by 1.5% from RMB 116.8 million in 2024 to RMB 118.6 million in 2025, mainly due to expenses related to the listing process[55] - R&D expenses decreased by 2.1% from RMB 91.3 million in 2024 to RMB 89.4 million in 2025, attributed to a reduction in share-based payments and service fees related to CDMO and CRO services[56] - Capital expenditures amounted to RMB 3.2 million in 2025, down from RMB 14.1 million in 2024, primarily due to purchases of property, plant, and equipment[68]

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告全部或任何 部分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。 Values Cultural Investment Limited 新石文化投資有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1740） 截至二零二五年十二月三十一日止年度之 年度業績公告 財務摘要 新石文化投資有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司 及其附屬公司（統稱為「本集團」）截至二零二五年十二月三十一日止年度（「報告 期」）的經審核綜合財務業績，連同截至二零二四年十二月三十一日止年度的比較 數字。本公司截至二零二五年十二月三十一日止年度的年度業績已由本公司審核 委員會（「審核委員會」）審閱。 1 • 截至二零二五年十二月三十一日止年度的收益由截至二零二四年十二月 三十一日止年度約人民幣4.1百萬元增加約391.0%至約人民幣20.2百萬元。 • 截至二零二五年十二月三十一日止年度的毛損由截至二零二四年十二月 三十一日止年度約人民幣38.9百萬元減少約84. ...

Financial Performance - For the fiscal year ending December 31, 2025, the company reported total revenue of $31,059,000, a decrease of 18.0% from $37,914,000 in the previous year[3] - Interest income decreased to $23,994,000, down 15.3% from $28,149,000 year-over-year[3] - The net profit for the year was $98,674,000, representing a significant increase of 74.0% compared to $47,551,000 in the prior year[4] - Basic and diluted earnings per share rose to 21.89 cents, an increase of 107.0% from 10.54 cents in the previous year[3] - The total comprehensive income for the year was $95,313,000, up 84.9% from $51,517,000 in the previous year[4] - For the year ending December 31, 2025, the pre-tax profit increased to $99.698 million from $47.558 million in 2024, representing a growth of 109%[6] - The company reported a significant increase in interest income from bank deposits, rising to $34.028 million in 2025 from $21.494 million in 2024, an increase of 58%[6] - The company reported a pre-tax profit of $99,698,000 for the fiscal year ending December 31, 2025[15] - The company reported a net profit of $98.7 million for the fiscal year ending December 31, 2025, compared to $47.6 million in 2024, reflecting significant growth[51] Assets and Liabilities - The company's total assets increased to $1,669,706,000, compared to $1,581,546,000 in the previous year, reflecting a growth of 5.5%[5] - Total assets as of December 31, 2025, amounted to $1,707,141,000, with classified assets of $1,679,467,000[18] - Total liabilities as of December 31, 2025, were $37,435,000, with classified liabilities of $36,547,000[18] - The group's net assets as of December 31, 2025, were $1,669.7 million, up by $88.2 million from $1,581.5 million in 2024, mainly driven by a profit of $98.7 million for the year[77] Cash Flow - The net cash generated from operating activities decreased to $8.680 million in 2025 from $22.888 million in 2024, a decline of 62%[6] - The net cash generated from investing activities significantly increased to $236.540 million in 2025 compared to $113.344 million in 2024, an increase of 109%[6] - The net cash flow from operating activities for 2025 was $8.68 million, a decrease from $22.89 million in 2024, while net cash flow from investing activities was $236.54 million, up from $113.34 million[78] Investments - The company made a substantial investment in non-listed hedge funds amounting to $110.470 million in 2025[6] - The company invested in eight non-listed hedge funds with a book value of $121,310,000 in 2025, a new investment category for the company[38] - The company invested $159.7 million in unlisted financial assets, primarily in unlisted investment funds and capital commitments[68] - The investment in NovoAstrum had a fair value of $129.4 million, representing 7.6% of the total assets, with an unrealized gain of $55.5 million recorded during the year[71] Revenue Sources - The financial services segment generated interest income of $601,000, while the proprietary investment business earned $23,393,000 in interest income, totaling $23,994,000 in interest income[15] - Revenue from major investment business segments amounted to $10,179,901, with two counterparties each contributing over 10% of total revenue, representing approximately 18% and 15% respectively[23] - Other income decreased to $17.8 million from $28.3 million in 2024, mainly due to lower interest income from bank deposits[52] Expenses - The company reported a decrease in administrative expenses to $9,398,000, an increase of 29.4% from $7,262,000 in the previous year[3] - The company reported a total employee cost of $5,763,000 in 2025, an increase of 22% from $4,725,000 in 2024[30] - The company incurred a tax expense of $1,024,000 in 2025, compared to $7,000 in 2024[27] Market Outlook and Strategy - The company anticipates a cautious global economic outlook for 2026 due to ongoing geopolitical tensions, expecting market conditions to be more challenging than previously anticipated[89] - The company aims to strengthen its core financial services, including securities trading, brokerage, and asset management, despite a cautious market sentiment in the Middle East[89] - The company plans to expand its IPO underwriting business in Hong Kong in 2026, focusing on strategic partnerships with small to medium-sized brokers and enhancing marketing efforts[91] - The company will maintain a flexible and resilient approach in 2026, adjusting business strategies to respond to evolving market conditions and enhancing credit monitoring for its underwriting business[92] Corporate Governance - The company has adopted and complied with the Corporate Governance Code as per the Listing Rules[101] - The audit committee, consisting of independent non-executive directors, reviewed the audited consolidated financial statements for the year[102] - The annual report will be sent to shareholders by April 30, 2026, and will be available on the stock exchange and the company's website[104]

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。 NSING TECHNOLOGIES INC. 國民技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2701） 截 至2025年12月31日止年度的 全年業績公告 國 民 技 術 股 份 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）董 事（「董 事」） 會（「董事會」）謹 此 公 佈 本 集 團 截 至2025年12月31日 止 年 度（「2025財 年」）的 綜 合 全 年業績，連同截至2024年12月31日 止 年 度（「2024財 年」）的 比 較 數 字。 | 2025年財務摘要 | | | | | --- | --- | --- | --- | | | 截 至12月31日止年度 | | 同比變動 | | | 2025年 | 2024年 | % | | | 人民幣千元 | 人民幣千元 | | | 收 入 | 1,360,266 | 1,167 ...

Financial Performance - Revenue for the year ended December 31, 2025, was HKD 2,394,622,000, an increase of 1.5% from HKD 2,358,290,000 in 2024[4] - Net profit for 2025 was HKD 218,000,000, a decrease of 16.7% compared to HKD 261,850,000 in 2024[4] - Basic earnings per share for 2025 was HKD 0.26, down from HKD 0.32 in 2024, representing a decline of 18.8%[4] - Proposed final dividend per share for 2025 is HKD 0.062, down from HKD 0.088 in 2024, a reduction of 29.5%[4] - Gross profit margin decreased to 24.6% in 2025 from 25.4% in 2024[4] - Net profit margin decreased to 9.1% in 2025 from 11.1% in 2024[4] - Return on equity fell to 12.1% in 2025 from 15.3% in 2024[4] - The total revenue for the group in 2025 reached HKD 2,523,494,000, compared to HKD 2,490,253,000 in 2024, reflecting a growth of approximately 1.34%[21] - The total dividend payout for 2025 was HKD 170,818,000, compared to HKD 189,983,000 in 2024, representing a decrease of approximately 10.0%[27] - The overall gross profit for the year is approximately HKD 588.8 million, down by HKD 9.9 million or 1.6% from HKD 598.7 million in 2024, with a gross margin of 24.6%[47] Assets and Liabilities - Total assets increased to HKD 2,779,366,000 in 2025 from HKD 2,576,743,000 in 2024[8] - Total equity rose to HKD 1,805,012,000 in 2025 from HKD 1,711,287,000 in 2024[8] - Current ratio decreased to 246.2% in 2025 from 263.4% in 2024[4] - Trade receivables increased to HKD 490,611 thousand in 2025 from HKD 409,412 thousand in 2024, with a net amount of HKD 479,611 thousand after impairment provisions[28] - The group has no bank borrowings as of December 31, 2025, consistent with the previous year[58] - As of December 31, 2025, the group's net current assets were approximately HKD 1,305.5 million, an increase from HKD 1,264.7 million as of December 31, 2024[57] - The group's cash and cash equivalents amounted to approximately HKD 1,174.4 million, up from HKD 1,008.6 million in the previous year[57] Operational Metrics - The company's gross profit decreased by 1.6% to HKD 588.8 million, with a gross margin of 24.6%, down 0.8 percentage points from 25.4% in 2024[37] - The group reported a deferred tax expense of HKD 9,409,000 for 2025, compared to HKD 7,366,000 in 2024, indicating an increase of 27.7%[22] - The group’s income tax expense for 2025 was HKD 39,866,000, significantly lower than HKD 71,359,000 in 2024, showing a reduction of 44.1%[22] - The inventory turnover days increased by 9 days to 95 days in 2025, while trade receivables turnover days rose by 13 days to 69 days[38] - Trade payables increased to HKD 413,052 thousand in 2025 from HKD 292,330 thousand in 2024[32] - Trade payables turnover days increased to 71 days, up by 17 days from 2024, due to increased procurement demand driven by growth in sales orders[62] Strategic Initiatives - The company has adjusted its overall strategic planning and organizational structure to enhance project management and technical support capabilities, which has temporarily impacted profitability[37] - The company has focused its business strategy on six key areas: consumer electronics (overseas and domestic), medical, personal care, automotive, and packaging, aiming to enhance market share and operational efficiency[74] - The company has entered the AR glasses supply chain, providing a comprehensive solution from product concept to high-precision mold design and manufacturing, significantly supporting customer innovation and commercialization efforts[75] - The company has established a strategic partnership with TactoTek, becoming the first local supplier of automotive-grade IMSE® technology in China, which has reduced product development cycles by over 50%[76] - The company is actively evaluating potential mergers and acquisitions to extend its industry value chain and enhance competitive advantages through vertical integration[77] - The company plans to invest in capacity expansion and projects to capture potential growth in future business, primarily funded by internal resources[68] Market Outlook - In 2025, the global automotive market is expected to reach 96.47 million units, growing by 5% year-on-year, despite tariff pressures and high interest rates[41] - The management remains cautiously optimistic about business development prospects, supported by anticipated economic growth in China and the U.S. in 2026[72] Governance and Compliance - The company emphasizes good corporate governance to maintain investor confidence and ensure business transparency and accountability[80] - The audit committee has reviewed the company's financial reporting processes and risk management systems to ensure adequate resources and qualified personnel are in place[81] - The board confirms that all directors have complied with the standards of conduct for securities trading as per the listing rules[83] - The company's auditors, PwC, have verified that the financial figures in the annual results announcement are consistent with the audited consolidated financial statements[82] Dividend and Shareholder Information - The board recommends a final dividend of HKD 0.062 per share and a special dividend of HKD 0.10 per share, totaling HKD 51,662,120 and HKD 83,326,000 respectively, with an overall annual dividend of HKD 0.205 per share[84] - The proposed final and special dividends are subject to shareholder approval at the upcoming annual general meeting[84] - The board will continuously review the dividend policy, considering the company's business, financial, and cash flow conditions[85] - The company will suspend share transfer registration from May 18, 2026, to May 21, 2026, to determine eligibility for voting at the annual general meeting[86] - The company will not process any share transfer registrations during the specified suspension period[87]