Financial Performance - The company's audited financial report for the year ending December 31, 2025, shows an initial retained earnings of RMB 51,364,222,000, with a net profit of RMB 11,800,955,000 for the year[5]. - A cash dividend of RMB 3.00 per 10 shares (including tax) will be distributed, totaling RMB 4,073,862,000, which accounts for 25.50% of the profit available for distribution to ordinary shareholders[5]. - The total distributable profit at the end of the year is RMB 56,701,536,000, after accounting for dividends and interest payments[5]. - The company has a remaining undistributed profit of RMB 52,627,674,000 to be carried forward to the next year[5]. - In 2025, the company's operating revenue was CNY 1,029,784,460, a decrease of 3.50% compared to CNY 1,067,171,337 in 2024[25]. - The total profit for 2025 was CNY 26,932,977, reflecting a decline of 17.06% from CNY 32,474,709 in 2024[25]. - Net profit attributable to shareholders was CNY 18,362,618 in 2025, down 17.34% from CNY 22,215,074 in 2024[25]. - The net cash flow from operating activities for 2025 was CNY 2,956,977, a significant recovery from a negative cash flow of CNY -31,423,832 in 2024[25]. - The total assets at the end of 2025 reached CNY 2,083,825,209, an increase of 11.86% from CNY 1,862,842,522 in 2024[25]. - The net assets attributable to shareholders increased to CNY 340,286,440 at the end of 2025, a growth of 3.67% from CNY 328,251,080 in 2024[25]. - Basic earnings per share for 2025 were CNY 1.18, a decrease of 19.18% from CNY 1.46 in 2024[26]. - The weighted average return on net assets was 5.91% in 2025, down 1.78 percentage points from 7.69% in 2024[26]. Risk Management - The company faces significant risks including market competition, international management, debt financing, safety, and project management risks[5]. - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report[5]. - The company emphasizes risk prevention and management, ensuring a balance between development and safety[41]. - The company is focusing on safety risk management by enhancing safety production measures and utilizing modern technology for intelligent construction safety management[200]. - The company is committed to enhancing its overseas management system and implementing targeted strategies for core markets to mitigate international operational risks[199]. Compliance and Audit - The financial report complies with the disclosure requirements of both the Shanghai Stock Exchange and the Hong Kong Stock Exchange[6]. - The company has received a standard unqualified audit opinion from Ernst & Young Hua Ming[7]. - The financial report is prepared in accordance with the accounting standards issued by the Ministry of Finance of China[5]. Innovation and Technology - The company has accumulated 43,536 patents, enhancing its core competitiveness and innovation capabilities[14]. - The company added 6,732 new patents in 2025, including 2,990 invention patents, ranking A-level among central enterprises in patent approvals[39]. - The company implemented a "digital construction" initiative to enhance production and management efficiency[38]. - The company established seven major technology research institutes focusing on green low-carbon technologies and new materials[39]. - The company has established 23 open joint R&D platforms, including a marine resource engineering technology laboratory, to foster innovation and collaboration[63]. - The company has made significant progress in key core technology breakthroughs, with 54 provincial and ministerial-level research projects undertaken[63]. Strategic Development - The company aims to transform into a world-class modern enterprise through high-end, intelligent, green, and digital upgrades[14]. - The company aims to accelerate the transformation and upgrading of traditional industries while expanding new strategic industries[38]. - The company is focusing on high-quality development, with a strategy to enhance efficiency and effectiveness through refined management and supply chain optimization, aiming to reduce production costs[41]. - The company is actively investing in strategic emerging industries, establishing a new industry fund to promote innovative projects, and creating a tiered development structure for project implementation[45]. - The company is focusing on enhancing its management and risk control capabilities to navigate external pressures and internal transformations[195]. Market and Industry Trends - The company anticipates growth opportunities from the "Belt and Road" initiative, which is expected to enhance overseas market expansion[194]. - The construction industry is projected to benefit from emerging markets such as new infrastructure and urban renewal, indicating significant growth potential[194]. - The domestic construction market is experiencing intensified competition, leading to increased financial pressure on companies[195]. - Technological advancements in areas like AI and digital twins are expected to provide new opportunities for industry transformation[194]. Financial Investments - The company is focusing on expanding its investment portfolio in infrastructure projects, with several new partnerships established during the reporting period[188]. - The company has not reported any significant asset restructuring or major asset and equity sales during the reporting period[188]. - The overall performance indicates a stable investment strategy with a focus on infrastructure and private equity investments, contributing positively to the company's financial results[188]. Real Estate Development - The real estate development segment is concentrating on core cities such as Beijing, Shanghai, and Guangzhou, with a focus on residential development and risk management in investment[46]. - The company acquired 7 real estate projects in 2025 across five cities, totaling a land area of 438,800 square meters and a total land cost of 9.98 billion RMB, with an average premium rate of 12.51%[164]. - The total investment in real estate development for the reporting period reached 40.9124 billion RMB, with 19.586 billion RMB invested in the Southwest region and 15.571 billion RMB in the Yangtze River Delta region, accounting for 40.1% and 26.01% of the total investment respectively[169]. - The company achieved a total sales revenue of RMB 75.642 billion, with a sales area of 5,577,432 square meters during the reporting period[174]. - The revenue recognized from sales amounted to RMB 66.5637 billion, with a recognized area of 5,546,752 square meters, leaving a pending area of 18,287,525 square meters at the end of the reporting period[174]. Operational Efficiency - The company has implemented a refined management system aimed at improving quality, efficiency, and core competitiveness, focusing on cost management as a central principle[68]. - The company achieved a 26.144 billion reduction in sales and management expenses, representing a decrease of 8.96% year-on-year[61]. - The company reported a significant increase in financial expenses by 38.07% year-on-year, primarily due to rising interest costs[77]. - The company maintained a strong international credit rating with Moody's A3, S&P A1, and Zhong Chengxin AAA[69]. - The company is implementing refined management practices to address project management risks and ensure effective cost control and contract compliance[200].

JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6127） 截 至2025年12月31日止年度的年度業績公告 北京昭衍新藥研究中心股份有限公司（「本公司」）董 事（「董 事」）會（「董事會」）欣 然公佈本公司及其附屬公司（「本集團」、「我 們」、「昭 衍」或「昭衍研究中心」）截 至2025年12月31日止年度（「報告期」）的 經 審 核 綜 合 年 度 業 績，連 同 截 至2024年12 月31日 止 年 度 的 比 較 數 字。 於 本 公 告 中，「我 們」指本公司（定 義 見 上 文）及（倘 文 義 另 有 所 指）本集團（定 義 見 上 文）。本 公 告 所 載 若 干 金 額 及 百 分 比 數 字 已 約 整 或 已 四 捨 五 入 至 小 數 點 後 一 位 或 兩 位 數。任 何 表 格、圖 表 或 其 他 地 方 所 示 總 額 與 所 列 數 額 總 和 如 有 任 何 差 異 乃 因 四 捨 五 入 所 致。 香港交易及結算所有限 ...

Financial Performance - For the fiscal year ending December 31, 2025, the company reported total revenue of HKD 20,477,000, a decrease of 51.2% compared to HKD 42,007,000 for the previous year[4] - The gross profit for the fiscal year was HKD 20,477,000, down from HKD 40,703,000, indicating a significant decline in profitability[4] - The operating loss from continuing operations was HKD 38,682,000, compared to a loss of HKD 268,793,000 in the previous year, showing an improvement in operational efficiency[4] - The net loss attributable to shareholders was HKD 20,538,000, a reduction from HKD 1,226,795,000 in the prior year, reflecting a substantial decrease in overall losses[5] - Total revenue from external customers for the fiscal year ending December 31, 2025, is projected to be HKD 20,477,000, a significant decrease from HKD 1,592,555,000 in the previous year[26] - The company reported a significant reduction in employee costs to HKD 31,139,000 from HKD 101,311,000 in the previous year[28] - Operating expenses for the current year decreased to approximately HKD 60 million, an 80% reduction from approximately HKD 307 million in the corresponding year, excluding one-time items[53] - The company reported a net loss attributable to shareholders of approximately HKD 21 million for the current fiscal year, significantly reduced by 98% from a net loss of approximately HKD 1.227 billion in the corresponding year[52] Cash Flow and Liquidity - The company's cash and bank balances stood at HKD 54,564,000, down from HKD 79,436,000, indicating a need for improved cash flow management[6] - The board has reviewed cash flow forecasts for the next 18 months, indicating confidence in meeting financial obligations[7] - The company plans to implement measures to improve liquidity and ensure sufficient financing for future business development[7] - The group has secured a total loan financing of HKD 335 million as of December 31, 2025, compared to HKD 220 million as of December 31, 2024, to support general working capital needs[8] - As of December 31, 2025, the group has drawn down HKD 125.687 million of the loan financing, up from HKD 109 million as of December 31, 2024, with an unused loan balance of HKD 209.313 million[8] - Net cash decreased by approximately HKD 24 million to about HKD 55 million as of December 31, 2025, influenced by a net cash outflow of approximately HKD 63 million from business operations[65] Restructuring and Strategic Initiatives - The company has initiated a comprehensive restructuring plan to address unsustainable cost structures and ongoing losses in its capital-intensive retail and distribution model[7] - The restructuring aims to reduce fixed costs and inventory risks while improving working capital efficiency, allowing the management team to focus on brand building[49] - The company is transitioning to a light-asset business model focused on franchising, moving away from capital-intensive operations[18] - The company is focusing on a licensing-driven model to accelerate market expansion while minimizing capital burden and inventory risk[85] - The company is actively exploring potential opportunities in traditional retail, e-commerce, and wholesale fashion sectors as overall conditions improve[55] Market and Operational Developments - The group continues to explore strategic partnerships and licensing opportunities to enhance market penetration and diversify revenue sources[8] - The company has successfully optimized its licensing partner network, establishing strategic alliances in key markets, particularly Greater China and North America[58] - In the fourth quarter of 2025, the company's partners successfully entered major e-commerce platforms in mainland China, with a strong emphasis on digital expansion[86] - The company plans to open physical retail stores in key cities in mainland China, enhancing brand visibility and consumer engagement[86] - The flagship store in Causeway Bay, Hong Kong, is set to open in November 2025, marking a strategic return to a core market and enhancing brand visibility[87] Legal and Compliance Matters - The company has received a summons related to the bankruptcy of Esprit Europe, with claims involving over €56.48 million in share transfers and €28.2 million in intra-group receivables[82] - The company is actively monitoring legal proceedings related to Esprit Europe and is taking appropriate measures to protect its interests[83] - The audit committee, composed of three independent non-executive directors, has reviewed the financial reporting and accounting practices of the group[92] - The company has adhered to the corporate governance code and standards as outlined in the listing rules throughout the year[95] Shareholder and Capital Management - The total issued shares decreased to 283,081,734 from 2,830,817,343 due to a share consolidation and capital reduction[39] - The company did not engage in any capital raising activities during the year[39] - The company implemented a share consolidation, reducing the nominal value of shares from HKD 1 to HKD 0.1[37] - The company did not grant any share options under the 2018 Share Option Scheme during the year, with a total of 28,308,173 options available for grant as of December 31, 2025[44] - The board has resolved not to declare a final dividend for the year due to a net loss recorded by the company[80] Industry Outlook - The global licensing industry is expected to experience strong growth, with major players like Disney and Authentic Brands Group achieving retail licensing revenues of approximately USD 62 billion and USD 32 billion, respectively, in 2024[50] - The global licensing industry is projected to achieve retail sales of $369.6 billion in 2024, reflecting a year-on-year growth of 3.7%[51] - The fashion sector is expected to be one of the strongest categories in 2024, with a year-on-year growth of 8.1%, indicating robust consumer demand for branded products[51] - The global fashion industry is expected to see low single-digit growth in the coming year, with macroeconomic pressures impacting consumer sentiment[84]

Financial Performance - For the year ending December 31, 2024, the company recorded revenue of approximately HKD 126.6 million, an increase of about 121.9% compared to approximately HKD 57 million in 2024[3] - The loss attributable to shareholders for the year ending December 31, 2025, was approximately HKD 112.1 million, a decrease of about 100.9% from approximately HKD 55.8 million in the previous year[3] - The company recorded a loss of approximately HKD 110,500,000 in the current period, compared to a loss of HKD 70,200,000 in the previous year, primarily due to increased loan and receivable impairment losses[26] - The gross loss increased to approximately HKD 32,000,000, with a gross loss margin of about 25.3%, compared to a gross loss of HKD 3,300,000 and a margin of 5.75% in the previous year[21] - The company reported a total loss of HKD 110,478,000 for 2025, compared to a loss of HKD 66,353,000 in 2024[75] - The company reported a basic and diluted loss per share of HKD 45.5 cents for 2025, compared to HKD 28.7 cents for 2024[61] - The group reported a pre-tax loss of HKD 112,060,000 for 2025, worsening from a loss of HKD 55,781,000 in 2024[90] Revenue Breakdown - Real estate business contributed approximately HKD 79,100,000 to revenue, accounting for about 62.5% of total revenue, compared to HKD 22,600,000 in the previous year[17] - The restaurant business generated approximately HKD 38,100,000 in revenue, up from HKD 27,500,000 in the previous year, representing about 30.1% of total revenue[18] - The real estate segment reported revenue of HKD 79,108,000 for 2025, a significant increase compared to HKD 22,601,000 in 2024[75] - Revenue from restaurant operations was HKD 38,124,000 in 2025, up 38.3% from HKD 27,544,000 in 2024[81] - Property sales revenue surged to HKD 79,108,000 in 2025, compared to HKD 22,601,000 in 2024, marking a growth of 249.5%[81] Dividend Policy - The company does not recommend the payment of a final dividend for the year ending December 31, 2025, compared to no dividend in 2024[3] - The group did not declare or pay any dividends for the year ended December 31, 2025, consistent with 2024[89] Project Development - The company has completed the development of the "Zhi Di New City" project, which has sold approximately 96% of its total construction area of about 212,000 square meters[5] - The "Yi Yun Mountain Villa" project has sold approximately 67% of its residential units and 100% of its commercial units as of December 31, 2025[7] - The "Zhong Jian Jun Residence" project is planned to have a total construction area of approximately 168,000 square meters, with various types of low-rise apartments and commercial spaces[8] Business Strategy and Outlook - The company plans to expand its business based on market demand and available funds, aiming for long-term sustainable growth and increased shareholder value[16] - The company anticipates stable or slightly improved overall business performance in 2026, supported by expected growth in consumer demand and government support for the real estate sector in China[14] - The company plans to continue focusing on market expansion and new product development in the upcoming years[74] Corporate Governance - The company aims to create long-term value for shareholders through high levels of corporate governance and transparency[47] - The board composition and committee structure have remained unchanged as of December 31, 2025[51] - The company has established a Remuneration Committee to provide recommendations on the remuneration policies for directors and senior management[52] - The Audit Committee is responsible for ensuring the reliability of financial reports and risk management systems[54] - The Audit Committee consists of three independent non-executive directors, all of whom have relevant experience in accounting and finance[56] - The Nomination Committee was established in 2012 to review the board's structure and recommend changes to align with corporate strategy[57] - The company has complied with all corporate governance codes applicable as of the announcement date, except for specific deviations noted[48] - The company has adopted a standard code for directors' securities trading, which is stricter than the minimum requirements[49] Financial Position - Total assets decreased from HKD 659,941,000 in 2024 to HKD 547,924,000 in 2025, a decline of approximately 17%[63] - Shareholders' equity decreased from HKD 530,034,000 in 2024 to HKD 467,524,000 in 2025, representing a reduction of about 12%[64] - Cash and cash equivalents increased significantly from HKD 14,830,000 in 2024 to HKD 36,683,000 in 2025, an increase of approximately 147%[63] - Non-current assets rose from HKD 93,129,000 in 2024 to HKD 108,340,000 in 2025, an increase of about 16%[63] - Current liabilities decreased from HKD 129,907,000 in 2024 to HKD 80,400,000 in 2025, a reduction of approximately 38%[64] - The issued share capital increased from HKD 38,806,000 in 2024 to HKD 56,960,000 in 2025, an increase of about 47%[64] - The company’s total liabilities remained unchanged at HKD 80,400,000 from 2024 to 2025[64] - The company’s net current assets decreased from HKD 436,905,000 in 2024 to HKD 359,184,000 in 2025, a decline of about 18%[64] Impairment and Provisions - The company incurred impairment losses on loans and interest amounting to HKD 54,189,000, a significant increase from HKD 825,000 in 2024[61] - The provision for losses on loans and interest increased to HKD 59,081,000 in 2025 from HKD 4,892,000 in 2024, indicating a significant rise in expected credit losses[96] - The company recognized a net impairment loss of HKD 1,377,000 during the year, contributing to the overall increase in provisions[96] Employee and Operational Metrics - The total number of employees increased to 75 as of December 31, 2025, compared to 70 as of December 31, 2024[33] - The company plans to publish its annual report and corporate governance report by April 30, 2026[60]

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。 CHINA ZHESHANG BANK CO., LTD. 浙商銀行股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2016） 2025年度業績公告 浙商銀行股份有限公司（「本行」）董事會（「董事會」）謹此宣佈本行截至2025年12 月31日止年度經審計業績。本公告列載本行2025年度報告全文，並符合香港聯合 交易所有限公司（「聯交所」）證券上市規則中有關年度業績初步公告附載的資料之 要求。 發佈年度業績公告及年度報告 本業績公告的中英文版本可在本行網站(www.czbank.com) 和聯交所網站 (www.hkex.com.hk)查閱。在對中英文文本的理解上發生歧義時，以中文文本為 準。 本行2025年度報告將會隨後寄發予本行H股股東（如要求），並可於其時在本行網 站(www.czbank.com)及聯交所網站(www.hkex.com.hk)閱覽。 承董事會命 浙商銀行股份有限 ...

1812 僅供識別 年度報告 2025 年度報告 2025 第一節 重要提示、目錄和釋義 公司董事會及董事、高級管理人員保證年度報告內容的真實、準確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並 承擔個別和連帶的法律責任。 公司負責人姜言山、主管會計工作負責人朱艷麗及會計機構負責人（會計主管人員）張波聲明：保證本年度報告中財務報告 的真實、準確、完整。 所有董事均已出席了審議本報告的董事會會議。 非標準審計意見提示 √ 適用 □ 不適用 致同會計師事務所（特殊普通合夥）對本公司2025年度財務報表出具了帶有強調事項段的無保留意見的審計報告，本公司 董事會對相關事項已有詳細說明，請投資者注意閱讀。 內部控制重大缺陷提示 □ 適用 √ 不適用 本年度報告涉及未來計劃等前瞻性陳述，均不代表公司的盈利預測，也不構成公司對投資者的實質承諾，投資者及相關人 士均應對此保持足夠的風險認識，並且應當理解計劃、預測與承諾之間的差異。 公司面臨宏觀經濟波動、國家政策法規、行業競爭等風險因素影響，敬請廣大投資者注意投資風險。詳細內容敬請查閱第 四節管理層討論與分析中關於公司未來發展的展望中可能面對的風險因素和對策部分的內容。 公 ...

Financial Performance - The company announced its audited annual results for the year ending December 31, 2025, in compliance with the Hong Kong Stock Exchange's listing rules[3]. - Total assets reached RMB 782.83 billion, a year-on-year increase of 16.0%[36]. - Net assets amounted to RMB 122.06 billion, growing by 5.8% year-on-year[36]. - Total revenue and other income was RMB 40.77 billion, reflecting a year-on-year growth of 22.9%[36]. - Net profit reached RMB 9.79 billion, a significant increase of 71.9% year-on-year[36]. - The total cash dividend for the entire year of 2025 is projected to be RMB 3.20 per share, including an interim dividend of RMB 0.90 per share[23]. - The company reported no unremedied losses at the end of the reporting period[24]. - The company’s financial reports for 2025 have been audited by Ernst & Young, receiving a standard unqualified opinion[25]. - The net profit attributable to shareholders of the parent company rose by 71.9% to RMB 9,790.5 million from RMB 5,694.3 million in 2024[81]. - The earnings per share for 2025 was RMB 1.876, reflecting an increase of 81.1% year-on-year[159]. - The total liabilities increased to RMB 658,437.7 million, up RMB 99,343.5 million, or 17.8% year-on-year[160]. Business Strategy and Development - The company aims to become a leading global financial institution, focusing on customer-centric values and professional diligence[5]. - The company is committed to expanding its market presence and enhancing its investment banking capabilities[5]. - The company is actively pursuing strategic initiatives, including potential mergers and acquisitions, to strengthen its market position[5]. - The company has established several wholly-owned subsidiaries, including CICC Wealth and CICC Capital Operations, to enhance its service offerings[15]. - The company aims to support the low-carbon transition of the economy through green financial innovations[29]. - The company is focused on serving small and micro enterprises to accelerate their development[29]. - The company is committed to enhancing its digital financial capabilities to improve service efficiency and security[29]. - The company aims to play a leading role in supporting the real economy and national strategies as part of its mission[46]. - The company aims to become one of the 2 to 3 investment banks with international competitiveness and market leadership, enhancing its service capabilities and operational competitiveness[102]. Risk Management and Compliance - The company emphasizes the importance of governance and compliance with regulatory standards in its operations[8]. - The company emphasizes the importance of risk management, addressing market, credit, liquidity, operational, and compliance risks among others[27]. - The company has strengthened its internal management system and risk compliance measures to ensure stable business operations[45]. - The company plans to continue adjusting its asset allocation and trading strategies based on market conditions to optimize performance[183]. - The company will strengthen its compliance and risk management systems to ensure stable business operations and protect investors' rights[142]. Market Position and Achievements - The company has established a robust governance structure to improve management efficiency and compliance[45]. - The company received multiple awards in 2025, including "Best Investment Bank" and "Best Brokerage" in the Greater Bay Area[68]. - The company was recognized as the "Best Local Brokerage" in China and ranked 3rd in Hong Kong[69]. - The company achieved the title of "Best Wealth Management Institution" and "Best Wealth Management Brand" in 2025[72]. - The company ranked 1st in the "Best Risk Control" and "Best Exit" categories for national-level mother funds[72]. - The company was awarded "Best Private Bank" and "Best Portfolio Management Solution" in the global private banking innovation awards[71]. - The company was recognized as a leader in ESG practices, receiving multiple awards for its contributions to sustainable finance[72]. - The company was named the "Most Influential Brokerage" in Shenzhen's financial selection[73]. - The company was awarded for its innovative practices in carbon finance and digital finance[73]. Investment Banking and Financial Services - The investment banking segment provides a range of services including equity financing, debt financing, and financial advisory for mergers and acquisitions, catering to both domestic and international clients[112]. - The fixed income business offers integrated services for securities, foreign exchange, and commodities, including sales, trading, and product development, targeting both corporate and institutional clients[113]. - The asset management division has a comprehensive license and offers a variety of products, including pension fund management and retail fund services, aligned with international standards[113]. - The wealth management services cater to individual, family, and corporate clients, providing a wide range of products to meet their investment and asset allocation needs[114]. - The company completed 7 A-share IPOs as the lead underwriter, with a total underwriting amount of RMB 16.238 billion, and 18 A-share refinancing projects with an underwriting amount of RMB 91.922 billion[118]. - The company ranked first in the underwriting scale for both Hong Kong IPOs and refinancing projects in 2025[117]. - The domestic bond underwriting scale reached RMB 825.035 billion, an increase of 16.1% year-on-year, ranking fourth in the industry[121]. - The offshore bond underwriting scale was $5.969 billion, up 12.8% year-on-year, ranking first among Chinese brokers[121]. Asset Management and Wealth Management - The asset management department's business scale reached RMB 596.92 billion, with collective asset management plans and single asset management plans managing RMB 198.65 billion and RMB 398.28 billion respectively, totaling 1,156 products[138]. - The wealth management business's product retention scale grew to over RMB 460 billion, marking six consecutive years of positive growth[151]. - The number of total clients in wealth management reached nearly 10 million, with total client account assets valued at RMB 4.28 trillion[151]. - The wealth management segment revenue rose to RMB 13,192.2 million in 2025, a significant increase of 29.6% compared to RMB 10,180.9 million in 2024[200]. - Commission and fee income in the wealth management segment grew by 46.7%, reaching RMB 7,683.0 million in 2025 from RMB 5,237.2 million in 2024[200]. Innovation and Technology - The company is focused on developing new products and technologies to meet evolving market demands[5]. - The company views information technology as a core component of its competitiveness, investing in advanced technology to enhance its financial services and operational capabilities[111]. - The company is focusing on digital finance and AI advancements, with online wealth management AUM increasing by over RMB 10 billion[152]. - The company emphasizes digital transformation to improve operational efficiency and management quality in asset management[138]. Corporate Social Responsibility - The company purchased nearly RMB 12 million worth of products to support rural revitalization, receiving the "Special Contribution Award for Increasing Farmers' Income" from the All-China Federation of Supply and Marketing Cooperatives[45]. - The company has been actively involved in public welfare projects, completing the construction of 4,094 acres of "carbon-neutral forests" over three years[45]. - The company is committed to public policy research and has published several significant studies on green finance and technology finance in 2025[157].

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，並明確表明，概不對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。 （於百慕達註冊成立的有限公司） （股份代號：581） 2025 年年度業績公告 財務摘要 | | 截至12月31日止年度 | | | | --- | --- | --- | --- | | | 2025年 | 2024年 | 變化 | | 銷售量（噸） | | | | | －自行生產的鋼鐵產品 | 786萬 | 717萬 | 9.6% | | －鋼鐵產品貿易 | 9萬 | 11萬 | (18.2%) | | | 795萬 | 728萬 | 9.2% | | 收入（人民幣） | | | | | －銷售自行生產的鋼鐵產品 | 234.0億 | 246.0億 | (4.9%) | | －銷售電力設備 | 39.5億 | 43.3億 | (8.8%) | | －房地產 | 1.0億 | 1.0億 | (4.6%) | | －鋼鐵產品、鐵礦石及 | | | | | 相關原材料貿易及其他 | 129.6億 | 13 ...

Financial Performance - The total revenue for the year ended December 31, 2025, was HKD 68,356,000, representing a 80.8% increase from HKD 37,792,000 in 2024[4] - Gross profit for 2025 was HKD 14,183,000, slightly up from HKD 13,940,000 in 2024, indicating a stable gross margin[4] - The net profit attributable to the owners of the company for 2025 was HKD 59,117,000, a significant recovery from a loss of HKD 1,233,000 in 2024[5] - Basic and diluted earnings per share for 2025 were HKD 6.11, compared to a loss of HKD 0.13 per share in 2024[5] - The reported segment profit for the fiscal year 2025 was HKD 67,142,000, compared to HKD 8,122,000 in 2024, indicating a substantial increase in profitability[19] - Other income recorded a gain of HKD 50,200,000, a turnaround from a loss of HKD 1,600,000 in the previous year, primarily due to securities investment[32] Assets and Liabilities - Total assets increased to HKD 227,893,000 in 2025 from HKD 159,330,000 in 2024, reflecting a growth of 42.9%[6] - Current liabilities increased to HKD 87,756,000 in 2025 from HKD 68,302,000 in 2024, showing a rise of 28.6%[6] - The total liabilities rose to HKD 108,656,000 in 2025, compared to HKD 99,202,000 in 2024, indicating a 9.7% increase[19] - The company's equity total reached HKD 119,237,000 in 2025, up from HKD 60,128,000 in 2024, marking a 98.2% increase[6] Inventory and Financial Assets - Inventory rose to HKD 23,408,000 in 2025, up from HKD 11,409,000 in 2024, indicating increased stock levels[6] - The company reported a significant increase in financial assets, with held-for-trading investments rising to HKD 109,024,000 from HKD 59,373,000[6] - The company reported a net impairment loss of HKD (10,621,000) for the fiscal year 2025, compared to HKD (1,300,000) in 2024, highlighting an increase in credit loss provisions[26] Revenue Breakdown - The medical products segment generated revenue of HKD 57,694,000 in 2025, up from HKD 25,566,000 in 2024, reflecting a growth of 125.8%[22] - As of December 31, 2025, the revenue breakdown by product category includes: blood collection devices and equipment at HKD 11,408, custom components for medical devices at HKD 20,467, and surgical instruments, orthopedic tools, imaging equipment, and sterilization products at HKD 25,819[47] Market and Strategic Initiatives - The company plans to expand its product portfolio to include more categories of medical equipment, enhancing sales growth[35] - The company aims to maintain long-term competitive advantages through streamlined processes and effective resource utilization[35] - The company plans to invest in advanced manufacturing technologies, such as 3D printing, to meet medical-grade standards and enhance precision manufacturing[42] - The company aims to leverage its industry knowledge and existing commercial channels to enhance sales of newly licensed products and strengthen its medical business segment[44] Operational and Production Capacity - The maximum annual production capacity of the company's facility in Dongguan, China, is approximately 5,000,000 units[58] - The company employs 15 full-time staff to operate the factory and may hire part-time workers based on customer orders[61] - The company has fully depreciated its factory and machinery since most have exceeded their estimated useful life of 5 to 10 years[58] Investment and Financial Management - The group recorded a realized and unrealized gain of HKD 50.1 million from trading investments for the year ending December 31, 2025, compared to a loss of HKD 1.8 million in 2024[74] - The investment strategy aims to maximize sustainable long-term returns while maintaining a diversified portfolio to minimize potential financial risks[78] - The company has no borrowings from financial institutions as of December 31, 2025[90] Corporate Governance and Compliance - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules throughout the year[99] - The audit committee consists of three independent non-executive directors, ensuring oversight of financial reporting and internal controls[102] Future Outlook - The company aims to optimize its diversified business portfolio, focusing on high-value growth opportunities in the medical device sector[88] - The company plans to expand its customer base targeting hospital clients, which are expected to provide stable and high-potential revenue sources[62] - The company will implement a data-driven regional expansion strategy to optimize service delivery quality and strengthen commitments to hospital clients[63]

Financial Performance - The group's revenue increased by approximately 3.8% to about RMB 155,338,000 for the year ending December 31, 2025, compared to RMB 149,654,000 in 2024[3] - The gross profit decreased by approximately 81.9% to about RMB 8,719,000, down from RMB 48,251,000 in the previous year[3] - The group reported a loss of approximately RMB 83,697,000 after tax, compared to a profit of RMB 9,662,000 in the same period last year[3] - Basic loss per share was approximately RMB 0.161, compared to basic earnings of RMB 0.019 per share in 2024[3] - Other income decreased significantly to RMB 3,833,000 in 2025 from RMB 16,496,000 in 2024, primarily due to a loss in foreign exchange of RMB (1,679,000) compared to a gain of RMB 1,387,000 in the previous year[25] - The income tax expense for 2025 was RMB 4,861,000, significantly higher than RMB 1,144,000 in 2024, primarily due to adjustments in deferred tax and prior year provisions[26] - The company reported a net loss attributable to shareholders of RMB (83,691,000) in 2025, a significant decline from a profit of RMB 9,662,000 in 2024[31] - The net profit margin dropped from approximately 6.5% for the year ending December 31, 2024, to about -53.9% during the relevant period, primarily due to factors discussed in the gross profit and margin section[75] Revenue Breakdown - In 2025, the company's revenue from chip sales was RMB 72,247,000, a decrease of 41% compared to RMB 122,457,000 in 2024[20] - Revenue from the sale of integrated circuits and other printer consumables increased significantly to RMB 83,091,000 in 2025 from RMB 27,197,000 in 2024, representing a growth of 206%[20] - Revenue from customers in China decreased to RMB 67,897,000 in 2025 from RMB 106,577,000 in 2024, a decline of 36%[21] - Revenue from overseas customers increased to RMB 87,441,000 in 2025 from RMB 43,077,000 in 2024, showing a growth of 103%[21] - Revenue from compatible printer consumable chips decreased by approximately 50.8% from about RMB 115.8 million to approximately RMB 57.0 million, primarily due to a decline in sales of laser printer chips[46] - Sales of other chips increased by approximately 129.0% from about RMB 6.7 million to approximately RMB 15.2 million, driven by the sales of new IoT chips[47] Expenses and Liabilities - Research and development expenses increased to RMB 22,232,000 from RMB 19,142,000 in 2024[5] - The cost of goods sold increased to RMB 132,823,000 in 2025, up from RMB 90,791,000 in 2024, reflecting a rise in inventory impairment losses to RMB 6,070,000 from RMB 573,000[26] - Selling and distribution expenses rose by approximately 66.3% from about RMB 9.9 million to approximately RMB 16.5 million, driven by increased online sales expenses and hiring new sales staff[58] - Administrative expenses increased by approximately 25.1% from about RMB 22.9 million to approximately RMB 28.6 million, primarily due to changes at the China headquarters and write-offs of raw material costs[59] - Non-current liabilities increased significantly, with lease liabilities rising to RMB 8,148,000 from RMB 141,000[7] Assets and Financial Position - Total assets decreased to RMB 295,334,000 from RMB 371,582,000 in the previous year[6] - The net asset value decreased to RMB 286,941,000 from RMB 370,787,000 in 2024[7] - Current assets decreased from approximately RMB 331.0 million to about RMB 255.2 million, mainly due to reductions in inventory and trade receivables[62] - The current ratio decreased from 8.6 to 6.4, and the quick ratio decreased from 7.7 to 5.9, primarily due to increases in current liabilities from bank loans and lease liabilities[70] - The leverage ratio increased to 4.2% as of December 31, 2025, from 2.7% as of December 31, 2024, indicating a stable financial condition[79] Shareholder and Corporate Governance - The board does not recommend the payment of any final dividend for the year ending December 31, 2025[4] - The company has not granted any share options under the share option scheme since its adoption on February 26, 2021[95] - The board is committed to maintaining high standards of corporate governance and internal control systems[114] - The company has entered into subscription agreements to issue 103,750,000 shares at a price of HKD 0.61 per share, pending shareholder approval[119] Future Outlook and Strategy - The group maintains a cautious optimism regarding future performance, anticipating that China's economic development speed, US-China trade disputes, regional military conflicts, and interest rate fluctuations will impact global economic growth and indirectly affect the demand for compatible printer consumable chips[86] - The primary goal of the group is to maintain and strengthen its position as a leading supplier of compatible printer consumable chips in China, with strategies including enhancing product development capabilities and diversifying product offerings[86] - The company plans to strengthen its online store and increase digital marketing efforts to improve online visibility and attract new customers[113] - The company plans to utilize the unutilized net proceeds for product development and procurement of new model printers by December 31, 2025[106]