Financial Performance - For the fiscal year ending December 31, 2025, the group recorded revenue of approximately HKD 97,616,000, a decrease of 25.6% compared to HKD 131,256,000 for the fiscal year ending December 31, 2024[2]. - The company reported a loss attributable to equity shareholders of approximately HKD 2,513,000 for the fiscal year ending December 31, 2025, compared to a loss of HKD 6,861,000 for the fiscal year ending December 31, 2024, representing a 63.4% improvement[2]. - Basic and diluted loss per share for the fiscal year ending December 31, 2025, was HKD 0.25, down from HKD 0.69 for the fiscal year ending December 31, 2024[2]. - Gross profit for the fiscal year ending December 31, 2025, was HKD 17,262,000, compared to HKD 13,382,000 for the fiscal year ending December 31, 2024, indicating a gross profit margin improvement[4]. - Administrative expenses for the fiscal year ending December 31, 2025, were HKD 24,140,000, down from HKD 28,286,000 for the fiscal year ending December 31, 2024, reflecting a cost reduction strategy[4]. - Other income for the fiscal year ending December 31, 2025, was HKD 4,413,000, compared to HKD 8,061,000 for the fiscal year ending December 31, 2024, indicating a decline in additional revenue sources[4]. - The group generated other income of HKD 4,413,000 in 2025, down from HKD 8,061,000 in 2024, indicating a decline of approximately 45.3%[14]. - The group’s income from bank interest was HKD 1,241,000 in 2025, a decrease from HKD 2,444,000 in 2024, reflecting a decline of approximately 49.3%[14]. - The group’s maintenance and other service income was HKD 2,792,000 in 2025, down from HKD 5,071,000 in 2024, representing a decrease of about 45.0%[14]. - The company reported a pre-tax loss of HKD 2,513,000 for the year ending December 31, 2024, compared to a loss of HKD 6,861,000 in the previous year[19]. - The company incurred employee costs of HKD 24,254,000 for the year ending December 31, 2025, compared to HKD 26,098,000 in 2024[19]. - Financial costs for the year ending December 31, 2025, were approximately HKD 62,000, down from HKD 88,000 in 2024, representing interest expenses on lease liabilities[32]. Dividend and Shareholder Returns - The board of directors does not recommend the payment of a final dividend for the fiscal year ending December 31, 2025[2]. - The company did not recommend a final dividend for the year ending December 31, 2025, following no dividend in 2024[18]. - The company does not recommend the payment of a special dividend for the year ending December 31, 2025, and no final dividend is proposed for the same period[35]. Assets and Liabilities - Total assets as of December 31, 2025, were approximately HKD 137,949,000, compared to HKD 134,840,000 as of December 31, 2024, showing a slight increase in asset base[5]. - Current liabilities as of December 31, 2025, were HKD 21,037,000, compared to HKD 15,381,000 as of December 31, 2024, indicating an increase in short-term obligations[5]. - Trade receivables, net of provisions, amounted to HKD 16,466,000 for the year ending December 31, 2025, down from HKD 27,226,000 in 2024[21]. - The company reported a total of HKD 39,376,000 in trade and other receivables as of December 31, 2025, compared to HKD 50,828,000 in 2024[21]. - Trade payables as of December 31, 2025, were HKD 5,730,000, showing an increase from HKD 4,261,000 in the previous year[23]. - As of December 31, 2025, the group's current assets net value was approximately HKD 116,912,000, a decrease from HKD 119,459,000 in 2024[41]. - The asset-liability ratio as of December 31, 2025, was approximately 1.0%, up from 0.7% in 2024[44]. Operational Focus - The company primarily engages in providing heating, ventilation, and air conditioning system installation services in Hong Kong, with no new product or technology developments reported in the current fiscal year[6]. - The group operates solely in the HVAC business in Hong Kong, with no additional segments reported due to the singular operational focus[10]. - The company aims to strengthen its market position as a leading HVAC engineering service provider in Hong Kong, focusing on financial management and licensing qualifications[25]. - The company is targeting new business opportunities directly with property developers and/or their designated main contractors[25]. - The company continues to solidify its position in the property development value chain, aiming to be the preferred HVAC contractor[25]. - The company is enhancing its service offerings to maintain its competitive edge in the HVAC engineering sector[25]. Compliance and Governance - The group’s financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards, ensuring compliance with applicable regulations[8]. - The group has not reported any significant impact on its financial position or performance due to the application of revised accounting standards for the current fiscal year[9]. - The board has committed to maintaining high corporate governance standards to enhance operational efficiency and shareholder returns[60]. - The Audit Committee is responsible for assisting the Board in safeguarding the group's assets and conducting independent reviews of financial reporting procedures and internal controls[64]. Future Outlook - The group plans to enhance service capabilities to seize business opportunities while maintaining prudent financial management strategies[39]. - The group secured five new projects with a total contract value of approximately HKD 183,000,000 as of December 31, 2025[40]. - The company has a history dating back to 1996, primarily serving the Hong Kong residential property development sector[24]. - The company has not engaged in any significant investments, acquisitions, or disposals of subsidiaries as of December 31, 2025[50]. - There have been no significant events affecting the group after December 31, 2025, up to the date of publication[62].

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 依 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 Tiangong International Company Limited 天工國際有限公司* （於開曼群島註冊成立的有限公司） （股份代號：826） 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 的 年 度 業 績 公 告 | 財 | 務 | 摘 | 要 | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Financial Performance - Total revenue for the year was approximately HKD 230.0 million, a decrease of about HKD 0.6 million or approximately 0.3% compared to the previous year[3] - Gross profit for the year was approximately HKD 178.9 million, an increase of about HKD 2.8 million or approximately 1.6% compared to the previous year[3] - Net profit for the year was approximately HKD 50.2 million, a decrease of about HKD 16.0 million or approximately 24.2% compared to the previous year[3] - The company reported a basic and diluted earnings per share of HKD 0.05, down from HKD 0.07 in the previous year[4] - The total comprehensive income for the year amounted to approximately HKD 110.4 million, compared to HKD 20.3 million in the previous year[5] - Operating profit before tax was approximately HKD 55.6 million, compared to HKD 82.1 million in the previous year[4] - The company incurred other losses of approximately HKD 76.0 million, compared to HKD 54.9 million in the previous year[4] - The company’s administrative expenses were approximately HKD 13.5 million, slightly down from HKD 13.7 million in the previous year[4] Revenue Sources - The company generated revenue from wastewater treatment services of approximately HKD 115.7 million, compared to HKD 113.5 million in the previous year[4] - Revenue from special service arrangements was approximately HKD 114.3 million, down from HKD 117.0 million in the previous year[4] - The group reported revenue from wastewater treatment services of HKD 115,737 thousand for the year 2025, compared to HKD 113,538 thousand for 2024, indicating a growth of approximately 1.9%[22] - The group also generated revenue from special permits amounting to HKD 114,274 thousand in 2025, slightly down from HKD 117,016 thousand in 2024, reflecting a decrease of about 2.4%[22] - Major customer A contributed HKD 230,011 thousand to the total revenue, accounting for over 10% of the group's total income[24] - All revenue for the year was derived from customers in China, highlighting the group's focus on this market[24] Assets and Liabilities - As of December 31, 2025, the total assets of the group amounted to HKD 2,199,609,000, an increase from HKD 2,149,594,000 in 2024, representing a growth of approximately 2.3%[6] - The group's total liabilities decreased to HKD 709,731,000 in 2025 from HKD 770,076,000 in 2024, reflecting a reduction of about 7.8%[7] - The group's equity increased to HKD 1,489,878,000 in 2025 from HKD 1,379,518,000 in 2024, marking an increase of approximately 8.0%[6] - The group's long-term borrowings stood at HKD 432,399,000, compared to HKD 384,742,000 in the previous year, indicating an increase of about 12.4%[7] - Trade and other payables amounted to HKD 26,774,000, a slight decrease from HKD 28,154,000 in 2024[7] - The group's net current assets were HKD 638,310,000, down from HKD 648,327,000 in 2024, showing a decline of approximately 1.6%[7] - The group's retained earnings increased to HKD 879,386,000 in 2025 from HKD 829,234,000 in 2024, reflecting a growth of about 6.0%[6] Cash Flow and Financial Obligations - The group held unrestricted cash and cash equivalents of HKD 44,665,000 as of December 31, 2025[9] - The total borrowings due within the next 12 months amount to HKD 130,736,000, including short-term bank borrowings of HKD 18,297,000 already drawn and HKD 9,426,000 undrawn[15] - The group has a financial obligation of RMB 125,000,000 (approximately HKD 138,612,000) due by May 31, 2026, and another RMB 125,000,000 (approximately HKD 138,612,000) due by November 30, 2026[12] - The group received cash inflows of RMB 41,348,000 (approximately HKD 45,850,000) from the Yinchuan Municipal Government during the period from January 1, 2026, to the earnings announcement date[12] - The group anticipates having sufficient operating funds to meet its financial obligations for the next 12 months starting from December 31, 2025, based on cash flow forecasts[13] Governance and Compliance - The group has adhered to the corporate governance code as stipulated by the Hong Kong Stock Exchange throughout the reporting period[65] - The audit committee has reviewed the consolidated annual performance for the financial year ending December 31, 2025, and has assessed the internal control and risk management systems[66] - The company has confirmed compliance with the standards for securities trading by directors during the reporting period[72] Future Outlook and Strategic Plans - The group plans to adopt the new Hong Kong Financial Reporting Standard No. 18 starting from January 1, 2027, which will impact reporting and disclosure practices[19] - The group is currently assessing the impact of new financial reporting standards on its operations, which may lead to changes in accounting policies and disclosures[18] - The company is exploring potential acquisition opportunities for wastewater treatment assets in Yinchuan, Ningxia, and other regions in China[40] - The group has implemented plans and measures to alleviate liquidity pressure and improve its financial situation[12] Miscellaneous - The company did not declare or pay any dividends for the year ended December 31, 2025, consistent with the previous year[32] - There were no significant contingent liabilities or unresolved litigation as of December 31, 2025[63] - There were no significant post-reporting date events up to the date of this announcement[71] - The company expresses heartfelt gratitude to shareholders for their support and to employees for their hard work and contributions in 2025[75]

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 賴該等內容而引致的任何損失承擔任何責任。 山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1812) 截至二零二五年十二月三十一日止年度 全年業績公告 山東晨鳴紙業集團股份有限公司（「本公司」）董事會（「董事會」）謹此公佈本公 司及其子公司（統稱「本集團」）截至二零二五年十二月三十一日止年度之全年業 績。本公告列載本公司二零二五年年度報告（「年報」）全文，並符合香港聯合交 易所有限公司證券上市規則有關全年業績初步公告附載的資料之要求。本公司 年報之印刷版將會隨後根據股東需要寄發予本公司股東，並於二零二六年三月 三十日可於香港交易及結算所有限公司網站( www.hkexnews.hk)及本公司網站 ( www.chenmingpaper.com)閱覽。 財務報表編製基準 本公司財務報表以持續經營為基礎，按照財政部發佈的企業會計 ...

Financial Performance - The company reported a revenue of RMB 1,034.6 million for the year ending December 31, 2025, representing a year-on-year growth of 207.2%[4] - Revenue for the year ended December 31, 2025, increased by 207.2% year-on-year to RMB 1,034.6 million[13] - Revenue from intelligent computing solutions rose by 205.1% to RMB 1,027.7 million in 2025, driven by the mass production and delivery of the BR10X series flagship GPU products[15] - The company reported a total revenue of RMB 1,034,614,000 for the year ending December 31, 2025, a significant increase from RMB 336,803,000 in 2024, representing a growth of approximately 207%[42] - The gross profit for the same period was RMB 557,002,000, compared to RMB 179,197,000 in 2024, indicating a gross margin improvement[42] - Gross profit reached RMB 557.0 million, with a gross margin of 53.8%, an increase of 63 basis points compared to the previous year[5] Expenses and Losses - The adjusted net loss for the year was RMB 873.8 million, which is a 13.9% increase compared to the previous year's adjusted loss[4] - The company reported a net loss of RMB 16,493.0 million for the year 2025, an increase of 972.3% compared to the previous year[18] - The adjusted net loss (non-IFRS measure) for 2025 was RMB 873.8 million, compared to RMB 767.3 million in 2024, reflecting an increase in losses[21] - Net financial costs surged by 2,097.8% to RMB 15,451.2 million in 2025, primarily due to the increase in the fair value of redemption liabilities granted to investors[17] - The company reported a net financial cost of RMB (15,451,176,000) in 2025, compared to RMB (703,041,000) in 2024, indicating a substantial increase in financial liabilities[65] - Basic and diluted loss per share for 2025 was RMB (8.72), compared to RMB (0.93) for 2024, indicating a worsening financial performance[75][76] Research and Development - Research and development expenses amounted to RMB 1,476.1 million, reflecting a year-on-year increase of 78.5%[4] - Research and development expenses rose to RMB 1,476,147,000 in 2025, up from RMB 826,957,000 in 2024, reflecting a focus on innovation and product development[42] Assets and Liabilities - Total current assets as of December 31, 2025, amounted to RMB 2,822.7 million, up from RMB 1,751.6 million as of December 31, 2024[22] - The company reported a net current asset value of RMB 3,852.6 million as of December 31, 2025, a significant increase from RMB 800.3 million in 2024[44] - The company's debt-to-asset ratio as of December 31, 2025, was 502.9%, up from 344.1% in 2024, mainly influenced by the redemption liabilities[27] - As of December 31, 2025, the total liabilities amounted to RMB 29,761.6 million, a significant increase from RMB 10,465.4 million in 2024, reflecting a growth of approximately 184.5%[44] - The total non-current liabilities reached RMB 28,731.4 million in 2025, compared to RMB 8,912.4 million in 2024, representing an increase of about 222.5%[44] Operational Highlights - The company successfully delivered multiple large-scale intelligent computing cluster projects, including a 2,048-card optical interconnect GPU supernode cluster[7] - Strategic partnerships were established with leading AI model companies to form a "Domestic AI Joint Laboratory," enhancing collaborative innovation capabilities[8] - The next-generation BR20X chip is planned for official launch in 2026, optimizing for exponential computing power growth demands[9] - The company has strengthened its supply chain capabilities through strategic cooperation and technological collaboration, ensuring long-term delivery certainty[10] Employee and Corporate Governance - The company employed 842 staff members as of December 31, 2025, with a compensation structure designed to attract and retain talent[31] - The company has implemented a shareholding plan covering nearly two-thirds of its employees to enhance engagement and retention[31] - The board of directors has decided not to recommend a final dividend for the year ending December 31, 2025[36] - The company did not declare or pay any dividends during the year[77] Future Outlook and Compliance - The company will adopt IFRS 18 on January 1, 2027, with retrospective application affecting comparative information for the fiscal year ending December 31, 2026[58] - The audit committee reviewed the consolidated annual results for the year ending December 31, 2025, and confirmed compliance with relevant accounting standards and regulations[39] - The company expects no significant changes in the overall information disclosed, but the classification of information may be adjusted due to new summarization and disaggregation principles[62]

Financial Performance - The company's revenue for the year ended December 31, 2025, was HKD 1,141,175,000, representing a 6.9% increase from HKD 1,066,945,000 in 2024[3] - Gross profit for 2025 was HKD 240,770,000, up 13.9% from HKD 211,167,000 in 2024[3] - The net profit for the year was HKD 54,483,000, a decrease of 23.9% compared to HKD 71,702,000 in 2024[3] - Basic and diluted earnings per share for 2025 were HKD 9.97, down from HKD 13.34 in 2024[3] - Total revenue for the year ended December 31, 2025, was HKD 1,141,175,000, an increase from HKD 1,066,945,000 in 2024, representing a growth of approximately 6.9%[22] - The company reported a net profit attributable to ordinary equity holders of HKD 47,171,000 for 2025, down from HKD 63,085,000 in 2024, indicating a decline of about 25.3%[28] - The total tax expense for the year was HKD 9,676,000, a decrease from HKD 19,728,000 in 2024, reflecting a reduction of approximately 51%[26] - The net profit attributable to the company's owners was HKD 47,200,000, down from HKD 63,100,000 in 2024, primarily due to increased impairment losses on financial assets[66] Assets and Liabilities - Total assets as of December 31, 2025, amounted to HKD 1,577,394,000, an increase from HKD 1,457,222,000 in 2024[5] - Current assets totaled HKD 963,450,000, compared to HKD 928,843,000 in 2024, reflecting a growth of 3.7%[5] - Current liabilities increased to HKD 491,764,000 from HKD 437,198,000 in 2024, marking a rise of 12.5%[6] - The company's total equity reached HKD 788,752,000, up from HKD 729,937,000 in 2024, indicating a growth of 8.0%[6] - The total assets of the company amounted to HKD 1,339,408,000, with segment assets for electronics at HKD 1,294,671,000[16] - The total liabilities of the company were HKD 550,656,000, with segment liabilities for electronics at HKD 542,578,000[16] - As of December 31, 2025, the total borrowings amounted to HKD 166,200,000, with no net debt reported[75] Segment Performance - For the fiscal year ending December 31, 2025, the total revenue from the electronics segment was HKD 1,141,159,000, contributing to a total revenue of HKD 1,141,175,000[16] - The operating profit before interest and tax for the electronics segment was HKD 75,704,000, while the overall operating profit was HKD 74,297,000[16] - Operating profit before interest and tax for the electronics segment was HKD 105,000,000, while the total operating profit was HKD 74,821,000 for the year 2025[17] - Sales of electronic products rose significantly, with revenue from a major customer’s irrigation controller products increasing by approximately HKD 90,800,000 to HKD 546,600,000[60] - The company’s revenue from U.S. customers accounted for approximately 74.1% of total revenue for the year, up from 72.8% in 2024[62] Acquisitions - Acquired 100% of Winner Sky Technology Hong Kong Limited for a total consideration of approximately HKD 8,140,000, completed on August 20, 2025[33] - The acquisition of Winner Sky resulted in goodwill of HKD 7,380,000, reflecting control premium and expected synergies[36] - Acquired 51% of EME Limited for a total consideration of HKD 41,268,000, with a deferred payment contingent on future earnings[39] - The acquisition of EME Limited resulted in goodwill of HKD 9,620,000, reflecting expected future benefits and synergies[46] - The company acquired 51% of Momentum Industrial (Vietnam) Limited for a total consideration of $2,000,000 (approximately HKD 15,560,000) to expand production facilities in Asia[47] - The company reported a goodwill of HKD 17,474,000 arising from the acquisition of Momentum Vietnam, reflecting control premium and expected synergies[51] Expenses and Costs - The company incurred depreciation and amortization expenses of HKD 42,682,000 during the fiscal year[16] - The cost of goods sold and services provided was HKD 619,659,000 in 2025, compared to HKD 600,986,000 in 2024, representing an increase of about 3.1%[23] - Total administrative expenses increased by approximately HKD 20,300,000, mainly due to rising employee costs, which increased by about HKD 22,700,000, including a HKD 2,500,000 increase in director remuneration[64] - The group spent approximately HKD 15,900,000 on acquiring properties, plants, and equipment to expand production capacity[67] Market Outlook and Strategy - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[2] - The demand for electronic products remained stable, leading to an increase in revenue compared to last year, but the operating environment is expected to remain challenging in the coming year[86] - The company anticipates that the United States will continue to be the primary market for its products in the coming year[87] - The company aims to explore new electronic product opportunities with potential clients to broaden its revenue base and maintain growth momentum[88] - The company will focus on controlling production costs and indirect expenses while improving production efficiency to maximize gross margins[86] Employee and Operational Information - As of December 31, 2025, the group had total cash and cash equivalents of HKD 445,300,000, providing sufficient funds for operational and capital expenditure plans[68] - As of December 31, 2025, the group had 2,682 employees, with salaries maintained at competitive levels[83] - The group completed the acquisition of two subsidiaries with production facilities in Malaysia and Vietnam, enhancing its market position in the electronics industry and expanding its business in Southeast Asia[86] Legal and Compliance - 华讯电子收到Allpower Industry (International) Limited要求支付逾期佣金约21,909,000港元[76] - 集团已委聘律师事务所处理Allpower的潜在索赔，认为该索赔不会对集团造成重大不利影响[77] - 集团于2020年完成一项出售投资物业的重大交易，涉及逾期未付人民币100,000,000元的仲裁程序[78] - 根据仲裁裁决，买方及担保人需在裁决送达后15天内支付所有应付款项，但截至公告日期尚未收到款项[78] - 华讯节能科技要求借款人及担保人支付约人民币212,000,000元的债务及应计利息[79] - 借款人及担保人未按调解协议的付款时间表支付债项，华讯节能科技已向法院申请执行[79] Foreign Exchange and Risk Management - 大部分销售以美元及人民币计价，主要生产设施位于中国，面临外汇风险[84] - 截至2025年12月31日，集团有未平仓远期外汇合约总金额为2,500,000美元，用以对冲外汇风险[85]

Financial Overview - As of December 31, 2025, the registered capital of Yibin City Commercial Bank is RMB 4.588 billion, with total assets amounting to RMB 123.5 billion, making it the largest bank in Yibin by total assets[7]. - The total amount of customer loans and advances reached RMB 71 billion, while total deposits amounted to RMB 89 billion[7]. - The total assets of Yibin Commercial Bank have reached RMB 160 billion, doubling since the beginning of the "14th Five-Year Plan" period[14]. - Total operating income for 2025 was RMB 2,273.8 million, reflecting a growth of 4.3% from RMB 2,180.4 million in 2024[27]. - Net profit for 2025 increased to RMB 559.5 million, a rise of 17.1% from RMB 477.8 million in 2024[27]. - Total liabilities increased from RMB 99,233.1 million as of December 31, 2024, to RMB 111,981.5 million as of December 31, 2025[93]. - As of December 31, 2025, the company's total equity amounted to RMB 11,542.3 million, an increase from RMB 9,972.3 million as of December 31, 2024[100]. Loan and Deposit Growth - The total amount of loans and advances issued rose by 16.9% from RMB 60,766.4 million in 2024 to RMB 71,026.1 million in 2025, representing 55.2% of total assets[82]. - Customer deposits grew by 8.3% from RMB 82,190.9 million as of December 31, 2024, to RMB 88,996.5 million as of December 31, 2025, driven by targeted marketing and digital transformation initiatives[97]. - Corporate loans increased by 20.1% from RMB 48,558.4 million in 2024 to RMB 58,328.7 million in 2025, driven by the company's alignment with national policy and increased credit support for the real economy[85]. - Retail loans decreased by 2.6% from RMB 4,882.0 million in 2024 to RMB 4,757.7 million in 2025, mainly due to reduced demand for housing mortgage loans[85]. Financial Performance Metrics - Interest income for 2025 reached RMB 4,028.1 million, an increase of 9.1% from RMB 3,691.3 million in 2024[27]. - Net interest income for 2025 was RMB 1,947.8 million, up 23.5% compared to RMB 1,577.7 million in 2024[27]. - The net interest margin improved to 1.71% in 2025 from 1.57% in 2024, indicating better efficiency in interest income generation[43]. - The cost-to-income ratio improved to 30.85% in 2025, down from 32.06% in 2024[36]. - The expected credit losses for 2025 were RMB 888.8 million, remaining stable compared to RMB 888.7 million in 2024[27]. Risk Management and Compliance - The bank has established a comprehensive risk management framework to mitigate uncertainties affecting strategic and operational goals, focusing on credit, market, operational, liquidity, reputational, legal compliance, and IT risks[156]. - The bank's credit risk management emphasizes the importance of staff training to improve compliance awareness and professional capabilities[160]. - The bank plans to enhance its reputation risk management framework, focusing on proactive monitoring and compliance with information disclosure standards[173]. - The bank aims to strengthen legal compliance risk management by establishing a comprehensive risk management system by 2025, focusing on internal control, risk prevention, and business development integration[175]. Digital Transformation and Innovation - The bank is committed to enhancing its financial technology capabilities through innovative digital services, including a "1+N" supply chain financial service model and online retail loans[8]. - The bank is committed to digital transformation, with the implementation of new core systems for credit management and customer relationship management, enhancing online and mobile service capabilities[16]. - The group has implemented a new generation credit management system and AI platform, promoting digital transformation and business intelligence[155]. - The bank aims to enhance brand value and become a leading bank in the western region through digital transformation and risk management improvements[35]. Community Engagement and Social Responsibility - The bank has been actively involved in community service and social responsibility initiatives, receiving accolades for its contributions[11]. - The bank's efforts in promoting inclusive finance have reached over 200 administrative villages, addressing the "last mile" of financial services[16]. - The bank's corporate culture emphasizes precision in service and a commitment to supporting the local economy, aiming for sustainable development[9]. Awards and Recognition - In 2025, the bank was recognized as one of the "Top 100 Global Banks" by The Banker magazine and received multiple awards for its outstanding performance in the banking sector[11]. - The bank has been recognized as the top performer in financial support for local economic development for five consecutive years[14].

Financial Performance - For the fiscal year ending December 31, 2025, the group's revenue was approximately HKD 106.1 million, a decrease of about 24.0% compared to HKD 139.6 million for the fiscal year ending December 31, 2024[3]. - The net loss attributable to the company's owners for the fiscal year ending December 31, 2025, was approximately HKD 4.7 million, significantly improved from a net loss of HKD 48.7 million for the fiscal year ending December 31, 2024[3]. - The company reported a basic loss per share of HKD 0.33 for the fiscal year ending December 31, 2025, compared to HKD 3.94 for the previous year[5]. - The company reported a net loss before tax of HKD 4.4 million for the fiscal year ending December 31, 2025, compared to a loss of HKD 45.3 million in the previous year[4]. - The company reported a net loss of HKD 4,685,000 for the year ended December 31, 2025[14]. - The group reported a net loss of HKD 4,685,000 for the year ended December 31, 2025[113]. Assets and Liabilities - The total assets as of December 31, 2025, amounted to HKD 62.3 million, down from HKD 87.6 million as of December 31, 2024[6]. - The total liabilities decreased to HKD 128.2 million as of December 31, 2025, from HKD 152.0 million as of December 31, 2024[7]. - As of December 31, 2025, total liabilities amounted to HKD 128,194,000, including trade payables of HKD 9,509,000 and lease liabilities of HKD 22,142,000[15]. - The company's cash and cash equivalents were approximately HKD 3,945,000, indicating significant liquidity concerns[15]. - The net current liabilities were HKD 87,461,000, raising doubts about the company's ability to continue as a going concern[14]. Revenue Breakdown - The company reported external sales of HKD 106,136,000 for the year ending December 31, 2025, a decrease from HKD 139,620,000 in 2024, representing a decline of approximately 24%[23][24]. - Revenue from external customers in Hong Kong decreased to HKD 8,817,000 in 2025 from HKD 19,792,000 in 2024, a decline of approximately 55%[28]. - Total revenue from three Chinese restaurants in Shenzhen was approximately HKD 97.3 million, down about 18.8% from HKD 119.8 million in the previous year, attributed to economic slowdown and increased market competition[55]. - The company recognized revenue from non-refundable upfront fees and franchise income totaling HKD 340,000 for 2025, significantly down from HKD 3,417,000 in 2024[32]. Cost Management - Employee benefits expenses were reduced to HKD 44.3 million for the fiscal year ending December 31, 2025, down from HKD 62.4 million in the previous year[4]. - Total operating expenses, including depreciation, were HKD 17,865,000 for 2025, down from HKD 22,909,000 in 2024, reflecting a reduction of approximately 22%[36]. - Other operating expenses for the year amount to approximately HKD 26.4 million, a decrease of about 21.9% from HKD 33.8 million in the previous year, attributed to reductions in various operational costs[61]. - The company is implementing cost control measures, including evaluating the possibility of layoffs or reducing salary costs to improve operational performance and cash flow[19]. Strategic Initiatives - The company is evaluating cost control measures and business plans to improve operational performance and cash flow[17]. - The company plans to raise new funds through various means, including rights issues and the placement of new shares[19]. - The company aims to expand its high-end coffee brand "Coffeenergy" through new direct-operated stores, with a memorandum of understanding signed with a partner for this initiative[19]. - The group plans to implement a dual-brand strategy for its coffee business, with actual development expected to commence in Q1 2026[56]. - The group is exploring opportunities in the health food sector, aligning with the growing global demand for authentic and traceable Chinese cuisine[83]. Corporate Governance - The company has fully complied with corporate governance codes following a change in the chairperson position on June 30, 2025[94]. - The company has committed to maintaining high standards of corporate governance and business ethics to protect shareholder interests[89]. - The board believes that the current arrangement of power distribution among senior management does not weaken authority and allows for effective decision-making[92]. - The company has improved its internal control policies regarding conflict of interest management and related transactions, with specific procedures for transactions exceeding HKD 3 million[98]. Future Outlook - The group anticipates new structural opportunities and growth drivers by upgrading and expanding its business from traditional restaurant operations to high-quality food and cultural health services[81]. - The group expects to face challenges related to labor shortages and competition for qualified personnel in the restaurant and coffee trading sectors[84]. - The group plans to focus on online marketing to promote existing businesses and the new Coffeenergy products, targeting young consumers through digital channels[87]. - The company plans to actively expand its food supply chain business centered around Chinese cuisine, developing traceable high-quality food materials for global commercial and household markets[88].

Financial Performance - Net interest income for 2025 reached RMB 22,518.8 million, a 4.5% increase from RMB 21,542.7 million in 2024[26]. - Total operating income was RMB 26,507.0 million, reflecting a 2.1% growth compared to RMB 25,955.3 million in 2024[26]. - Pre-tax profit decreased by 17.0% to RMB 2,282.7 million from RMB 2,750.5 million in 2024[26]. - Net profit attributable to shareholders increased by 4.1% to RMB 3,588.6 million from RMB 3,445.9 million in 2024[26]. - The non-performing loan ratio improved to 1.96%, down from 2.02% in 2024[28]. - The capital adequacy ratio rose to 13.52%, an increase of 0.50% from 13.02% in 2024[28]. - Total assets grew by 3.6% to RMB 1,414,293.4 million from RMB 1,365,197.0 million in 2024[28]. - The loan-to-deposit ratio decreased to 76.52%, down from 80.33% in 2024[28]. - The average return on total assets remained stable at 0.26% compared to 0.26% in 2024[26]. - The group achieved an operating income of RMB 26.507 billion, representing a growth of 2.1% year-on-year[45]. - The net profit for the year was RMB 3.576 billion, an increase of 3.1% from the previous year[45]. Asset Management - Total assets reached RMB 1,414.29 billion, an increase of RMB 49.10 billion or 3.6% compared to the previous year[55]. - Total loans (excluding accrued interest) amounted to RMB 733.91 billion, up RMB 19.45 billion or 2.7% year-on-year[55]. - Deposit balance (excluding accrued interest) was RMB 959.13 billion, increasing by RMB 69.69 billion or 7.8% from the previous year[55]. - The balance of personal consumption loans reached RMB 1,948 billion, supporting consumer spending initiatives[47]. - The balance of inclusive small and micro loans amounted to RMB 962 billion, benefiting numerous households[46]. - The balance of technology loans was RMB 70.095 billion, with a total of 3,374 borrowing enterprises[160]. - The balance of green credit reached RMB 51.462 billion, serving 28,100 clients[164]. Risk Management - The company aims to enhance risk control and deepen reform and innovation to support high-quality development[34]. - The company is committed to risk management, focusing on early identification and disposal of risks[39]. - The company utilized various methods such as write-offs and loan restructuring to manage and reduce NPLs effectively[139]. - The company noted that the increase in NPLs was primarily due to fluctuations in the operational capabilities of some enterprises affected by the macroeconomic environment[138]. Operational Scale - Zhongyuan Bank reported total assets exceeding RMB 1.4 trillion as of the end of the reporting period[13]. - The bank has over 600 operating outlets and 18 branches across Henan province[13]. - The bank has over 20,000 employees, reflecting its significant operational scale[13]. - The company served over 12.81 million elderly clients through its pension finance services, with a commercial pension fund balance exceeding RMB 1.7 billion[46]. Strategic Initiatives - The bank aims to support the modernization of China's economy, aligning with government objectives[14]. - The strategic transformation aims to enhance competitive advantages through specialized development[37]. - The company plans to maintain a focus on long-term value while balancing short-term benefits in its operations[39]. - The company plans to deepen digital transformation and enhance risk control capabilities to support high-quality development[49]. Customer Engagement - The mobile banking app has registered 19.06 million users, an increase of 1.49 million from the previous year, with 16.21 million active customers, up by 1.21 million[192]. - The customer service center handled 3.86 million customer service requests, achieving a call connection rate of 96.57% and a customer satisfaction rate of 99.79%[195]. - The bank's WeChat banking channel has gained 11.46 million followers, an increase of 1.33 million, with 7.99 million linked card users, up by 1.13 million[193]. Awards and Recognition - Zhongyuan Bank was recognized as a leading city commercial bank in 2025, receiving multiple awards for its influence and brand[20]. - In 2025, Zhongyuan Bank was selected as an outstanding case for innovation in the banking industry[17]. - The bank achieved a brand value of RMB 9.381 billion, ranking first in the financial insurance sector in 2024[15]. Market Position - In 2025, Zhongyuan Bank ranked 152nd in The Banker’s list of the world's top 1,000 banks[15]. - Zhongyuan Bank was listed 305th in the 2025 Fortune China 500 rankings[16]. - The balance of corporate deposits was RMB 357.34 billion, ranking first in market share in the province[152]. - The balance of corporate loans was RMB 421.84 billion, ranking third in market share in the province[154].

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 213.88 million, a decrease of 9.7% compared to HKD 236.76 million in 2024, primarily due to lower sales in the healthcare segment [4]. - Reported profit increased by 16.2% to HKD 91.35 million, up from HKD 78.63 million in 2024, mainly due to a significant reduction in unrealized fair value losses on investment properties [4]. - Basic recurring profit decreased by 7.8% to HKD 95.55 million from HKD 103.61 million in 2024, reflecting reduced contributions from the healthcare segment [4]. - The healthcare segment accounted for approximately 92.3% of total revenue, with segment revenue decreasing by 9.2% to HKD 197.30 million [8]. - Total revenue for the year ended December 31, 2025, was HKD 213,900,000, a decrease of 9.7% from HKD 236,800,000 in 2024, primarily due to reduced healthcare revenue and lower interest income from financial investments [16]. - Basic recurring profit decreased by 7.8% to HKD 95,500,000, with earnings per share dropping to HKD 0.307 from HKD 0.332, a decline of 7.5% [16]. - Reported profit increased by 16.2% to HKD 91,300,000, with earnings per share rising to HKD 0.293 from HKD 0.252, an increase of 16.3% [17]. - The healthcare segment's profit decreased by 8.6% to HKD 116,800,000, reflecting a consistent decline in sales volume while maintaining stable profit margins [19]. - Revenue from the China market decreased by 11.4%, indicating a gradual stabilization compared to previous years, with actual sales performance meeting annual targets [20]. - The company reported a total comprehensive income attributable to owners of the company of HKD 48,493,000 for the year ending 2025, compared to HKD 33,728,000 in 2024, representing an increase of approximately 43.9% [42]. - Basic and diluted earnings per share increased to HKD 0.293 for 2025 from HKD 0.252 in 2024, reflecting a growth of 16.3% [42]. - Total profit attributable to equity holders for 2025 was HKD 91,346,000, up from HKD 78,629,000 in 2024, representing a year-over-year increase of about 16.5% [62]. Dividends - Proposed final dividend of HKD 0.038 per share and special final dividend of HKD 0.072 per share, totaling HKD 0.19 per share for 2025, down from HKD 0.20 per share in 2024 [7]. - The company declared an interim dividend of HKD 3.0 cents per share for 2025, consistent with 2024, while the special interim dividend decreased to HKD 5.0 cents from HKD 6.5 cents in 2024 [7]. - The company plans to propose a final dividend of HKD 3.8 cents per share and a special final dividend of HKD 7.2 cents per share for 2025, pending shareholder approval [72]. Operational Highlights - The company plans to enhance digital marketing efforts and has launched cross-border e-commerce to diversify sales channels and capture emerging digital demand [8]. - The company initiated cross-border e-commerce operations to diversify channels and capture emerging demand in response to evolving consumer patterns [20]. - The company plans to enhance brand exposure and consumer engagement through strategic collaborations with key opinion leaders and strengthened video content marketing [20]. - The company plans to expand its operations in Southeast Asia, with revenue from this region at HKD 36,866,000, slightly down from HKD 38,244,000 in 2024 [53]. Asset and Liability Management - Shareholders' equity decreased by 1.3% to HKD 722.75 million from HKD 731.91 million in 2024, with net asset value per share also declining by 1.3% to HKD 2.32 [5]. - Total assets decreased to HKD 828,374,000 in 2025 from HKD 834,374,000 in 2024, a decline of approximately 0.7% [43]. - The company’s cash and cash equivalents increased significantly to HKD 331,267,000 in 2025 from HKD 275,818,000 in 2024, marking a growth of 20.1% [43]. - The company’s non-current assets totaled HKD 439,965,000 in 2025, a decrease from HKD 504,113,000 in 2024, indicating a reduction of approximately 12.7% [43]. - The company’s net current assets increased to HKD 367,295,000 in 2025 from HKD 318,354,000 in 2024, reflecting a growth of 15.4% [43]. - The company’s total liabilities amounted to HKD 105,626,000, with segment liabilities from healthcare and property investment at HKD 11,398,000 and HKD 49,451,000 respectively [51]. - The debt-to-equity ratio as of December 31, 2025, was 0.7%, compared to 0.6% in 2024, with total bank borrowings amounting to HKD 4,800,000 [35]. Cost Management - Employee costs rose by 5.3% to HKD 45,600,000 in 2025, compared to HKD 43,300,000 in 2024, mainly due to annual salary increments [29]. - Other operating expenses decreased by 16.1% to HKD 23,600,000 in 2025, down from HKD 28,200,000 in 2024, reflecting reduced advertising and promotional expenditures [30]. - Financial costs decreased by 6.5% to HKD 546,000 in 2025, compared to HKD 584,000 in 2024, due to lower interest rates on related loans [31]. - Tax expenses decreased by 15.4% to HKD 16,200,000 in 2025, down from HKD 19,100,000 in 2024, primarily due to a decline in taxable operating profit from subsidiaries [32]. Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange Listing Rules, ensuring compliance with all applicable provisions for the year ending December 31, 2025 [75]. - The roles of the Chairman and CEO are held by the same individual, with responsibilities shared among other executive directors to maintain power balance [75]. - The board includes one non-executive director and three independent non-executive directors, providing diverse independent perspectives [75]. - All directors confirmed compliance with the standard code of conduct for securities trading during the year ending December 31, 2025 [76]. - The board of directors consists of three executive directors, one non-executive director, and three independent non-executive directors [77].