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。 截至二零二五年十二月三十一日止年度 全年業績公告 摘要 – 1 – • 營業收入為人民幣 91,113.1 百萬元，較二零二四年減少約 17.7% • 主營業務毛利率約為 11.8%，較二零二四年增加約 1.9 個百分點 • 淨虧損約為人民幣 1,506.6 百萬元，較二零二四年的淨虧損約人民幣 1,534.2 百萬元 減少約人民幣 27.6 百萬元或約 1.8% • 歸屬於母公司股東的淨虧損約為人民幣 1,009.5 百萬元，較二零二四年的歸屬於母 公司股東的淨虧損約人民幣 555.2 百萬元增加約人民幣 454.3 百萬元或約 81.8% • 歸屬於母公司股東的基本每股虧損（未扣除其他權益工具利息）約為人民幣 0.09 元， 較二零二四年的基本每股虧損（未扣除其他權益工具利息）約人民幣 0.05 元增加約 人民幣 0.04 元或約 80.0% • 歸屬於母公司股東的基本每股虧損（扣除其他權益工具利息 ...

Financial Performance - The company achieved a revenue of RMB 492.21 million for the year ended December 31, 2025, representing a 31.7% increase from RMB 373.68 million in 2024[16] - Gross profit for the same period was RMB 226.71 million, up 30.2% from RMB 173.98 million in 2024[16] - The company reported a net loss attributable to shareholders of RMB 83.54 million for 2025, a slight improvement from a loss of RMB 95.36 million in 2024[16] - In 2025, the company achieved a revenue of RMB 492 million, representing a year-on-year growth of 31.7%, while net loss narrowed to RMB 84 million, a decrease of 11.9%[18] - The diluted loss per share for 2025 was RMB 0.20, an improvement from RMB 0.26 in 2024[16] - The total liabilities decreased to RMB 480.18 million in 2025 from RMB 527.92 million in 2024, indicating improved financial health[16] - Total equity is projected to increase from RMB 967.3 million as of December 31, 2024, to RMB 2,622.6 million as of December 31, 2025, mainly due to capital raised from share placements[62] - The adjusted net loss (non-IFRS measure) is expected to be RMB 49.6 million in 2025, a 36.1% increase from RMB 36.5 million in 2024, attributed to ongoing R&D investments[61] Product Development and Innovation - The company launched several new products in 2025, including the Dobot Atom and Rover X1, expanding its portfolio in the humanoid and quadruped robot segments[12] - The cumulative shipment of robots exceeded 100,000 units, making the company the first Chinese robot enterprise to achieve this milestone[11] - Research and development investment reached RMB 115 million, an increase of 59.7% year-on-year, reflecting a significant focus on embodied intelligence[18] - The company launched a comprehensive range of embodied intelligent products, including collaborative robots and multi-form robots, covering various applications in industrial, commercial, consumer, and educational sectors[19] - The company aims to reshape human production and lifestyle through innovative robotic technologies, targeting industrial, commercial, and household applications[13] - The company continues to enhance its product matrix and technological capabilities, focusing on multi-modal perception and task understanding to advance embodied intelligence technology[23] Market Expansion - The company is focusing on expanding its presence in over 100 countries and regions, leveraging its self-developed technology[12] - In the Chinese market, the company generated revenue of RMB 249 million, with a growth rate of 44.4%, expanding its customer base in key industries such as fast-moving consumer goods and new energy vehicles[25] - The company has served over 80 Fortune 500 companies, indicating strong customer recognition and repeat purchases in high-end manufacturing sectors[19] - In the European market, the company has made significant breakthroughs in market share and industry penetration, becoming a key player in the transition to flexible and intelligent manufacturing[25] - The company is expanding its global market presence by leveraging successful local operations and experiences from mature regional markets[33] Sales Performance - Sales revenue from six-axis collaborative robots was approximately RMB 302.2 million in 2025, representing a significant growth of 44.7% compared to RMB 208.9 million in 2024[36] - Revenue from industrial applications increased by 39.4% to RMB 278.8 million in 2025, up from RMB 200.0 million in 2024, due to enhanced product functionality and rising demand for automation in industrial production lines[42] - The company launched humanoid and multi-legged robots in 2025, contributing to a 418.8% increase in sales revenue from embodied intelligent robots, reaching approximately RMB 20.0 million compared to RMB 3.9 million in 2024[40] - The education sector generated revenue of RMB 166.6 million in 2025, accounting for 34.0% of total sales, compared to RMB 146.5 million and 39.4% in 2024[41] - Revenue from the commercial segment is projected to rise by 75.7% from RMB 25.6 million in 2024 to RMB 44.9 million in 2025, due to strategic partnerships in retail and healthcare sectors[44] Governance and Management - Mr. Wang, the CFO, has over 24 years of experience in corporate governance and finance, previously serving as CFO at Shenzhen Daotong Technology Co., Ltd. from October 2014 to August 2021[68] - The company has established a robust governance structure with a mix of executive and independent directors to ensure effective oversight[72][79] - The board includes independent directors with extensive experience in automation and finance, enhancing corporate governance and strategic oversight[72][74][79] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance accountability[88] - The board of directors is responsible for leading and controlling the group, overseeing business performance, and executing shareholder resolutions[95] Risk Management and Compliance - The company has established an effective risk management and internal control system since its listing, ensuring compliance with corporate governance codes[137] - The internal control system includes risk identification, assessment, management, monitoring, and communication to ensure operational effectiveness and compliance with applicable laws[139] - The company has a zero-tolerance policy towards corruption, including bribery and fraud, with strict disciplinary actions for violations[150] - A whistleblowing policy has been adopted, allowing employees and stakeholders to report misconduct confidentially and anonymously[151] - The board of directors oversees the risk management and internal control systems, ensuring annual reviews of their effectiveness[147] Shareholder Engagement - The company has adopted a shareholder communication policy to ensure transparent, accurate, and open communication with shareholders, which will be reviewed annually for effectiveness[157] - Shareholders holding more than 10% of voting shares can request the board to convene an extraordinary general meeting, ensuring their rights to participate in corporate governance[159] - The company is committed to maintaining ongoing dialogue with shareholders, particularly through annual general meetings and other shareholder meetings[156] - The board presented the audited consolidated financial statements during the reporting period, indicating a commitment to financial transparency[166] Future Outlook and Strategic Initiatives - The company aims to become a global leader in embodied intelligence platforms, focusing on the iterative development of technology and products[30] - The company plans to enhance its "brain" capabilities and improve the performance of its "body" to create a diverse matrix of embodied intelligent products[30] - The company plans to seek investment and acquisition opportunities in the robotics value chain and adjacent fields, with 25% of the first placement proceeds (approximately HKD 255.6 million) and 20% of the second placement proceeds (approximately HKD 154.2 million) allocated for this purpose[180][181] - The company’s operational strategies include enhancing market penetration and brand awareness in core markets through increased marketing efforts[181]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 969.8 million, representing an increase of 11.9% compared to RMB 866.7 million in 2024[3] - Gross profit for the same period was RMB 266.4 million, up 13.6% from RMB 234.6 million in 2024[3] - Adjusted EBITDA for 2025 was RMB 70.0 million, a significant recovery from a loss of RMB 6.7 million in 2024[3] - Net profit for the year was RMB 11.9 million, a turnaround from a loss of RMB 93.5 million in 2024[3] - The gross profit margin improved to 27.5% in 2025, up 0.4 percentage points from 27.1% in 2024[3] - The EBITDA margin increased to 7.2% in 2025, a rise of 8 percentage points from -0.8% in 2024[3] - The net profit margin was 1.2% for 2025, improving by 12 percentage points from -10.8% in 2024[3] - Return on equity for 2025 was 5.5%, a significant increase of 47.2 percentage points from -41.7% in 2024[3] - Basic and diluted earnings per share for 2025 was RMB 0.05, compared to a loss of RMB 0.53 per share in 2024[4] - The reported segment performance for 2025 was RMB 88,021 thousand, a significant recovery from a loss of RMB 18,382 thousand in 2024[26][28] - The company had a net profit before tax of RMB 12,823 thousand for 2025, compared to a net loss before tax of RMB 93,460 thousand in 2024[26][28] - The company recorded a net profit of RMB 11.9 million for the year ending December 31, 2025, compared to a net loss of RMB 93.5 million in 2024, primarily due to increased sales through snack chain convenience stores and e-commerce channels[57] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 872.3 million, an increase from RMB 793.8 million in 2024[5] - As of December 31, 2025, the group's current liabilities exceed current assets by approximately RMB 166,154,000, compared to RMB 124,469,000 in 2024[12] - The group has bank borrowings of approximately RMB 524,090,000, with RMB 457,090,000 due within one year[12] - The company’s total liabilities decreased from RMB 703,441 thousand in 2024 to RMB 703,441 thousand in 2025, indicating better financial stability[24] - The company maintained a debt-to-equity ratio of 235.6% as of December 31, 2025, compared to 212.8% in 2024[58] Cash Flow and Investments - Cash and bank balances increased to RMB 76.8 million as of December 31, 2025, up from RMB 52.5 million in 2024, mainly due to an increase in bank borrowings[58] - Operating cash inflow for the year ending December 31, 2025, was RMB 52.2 million, compared to RMB 31.5 million in 2024[59] - The company invested RMB 86.3 million in capital activities during the year, primarily for upgrading production lines[59] - The capital expenditure for the year 2025 was RMB 60,585 thousand, up from RMB 40,662 thousand in 2024, reflecting increased investment in operational capacity[27][28] Revenue Sources and Market Strategy - The group primarily engages in the production and sale of jelly products, confectionery, beverage products, and other snack foods[20] - The company's revenue for the year ended December 31, 2025, was RMB 969.8 million, an increase of approximately 11.9% compared to 2024, driven by a 14.6% increase in jelly product sales and a 185.7% increase in other snack food sales[46] - The company recorded a significant increase in other snack food revenue, which rose by approximately 185.7% to RMB 35.6 million, mainly due to strong sales of dried tofu products[52] - Sales and distribution expenses decreased by approximately 17.6% to RMB 138.9 million, primarily due to a higher proportion of sales through convenience stores and e-commerce channels, which require less advertising and promotional spending[54] - The company had 325 distributors as of December 31, 2025, reflecting a 25.3% decrease from 435 in 2024, as the company shifted focus from traditional distributors to snack chain convenience stores[47] Governance and Compliance - The company has established an audit committee in accordance with the Hong Kong Stock Exchange Listing Rules, consisting of three independent non-executive directors[76] - The preliminary results for the year ending December 31, 2025, have been confirmed by the auditor, with no discrepancies noted between the preliminary announcement and the consolidated financial statements[77] - The company has adhered to all provisions of the corporate governance code for the year ending December 31, 2025, with no deviations reported[78] - The company is committed to strict corporate governance practices to enhance shareholder confidence and accountability[78] - The audit committee has discussed internal controls and financial reporting matters for the year ending December 31, 2025[76] Future Outlook and Challenges - The board anticipates continued stable growth in the Chinese economy and business in the medium term, supported by fiscal policies and recovering consumer sentiment[74] - There is a significant uncertainty regarding the company's ability to continue as a going concern, as current liabilities exceed current assets by approximately RMB 166,154,000[78] - The company is actively negotiating with banks to ensure continued access to financing and believes that bank borrowings will be successfully renewed upon maturity[13] - The group is considering business restructuring strategies to enhance revenue, including the potential sale of non-core businesses and/or financial assets[13] Miscellaneous - The company did not recommend a final dividend for the year ended December 31, 2025, consistent with no dividend in 2024[38] - No significant investments or acquisitions were made during the year ending December 31, 2025[73] - The company plans to hold its annual general meeting on June 11, 2026, for the year ending December 31, 2025[83] - The company will suspend the registration of share transfers from June 8, 2026, to June 11, 2026, to determine shareholder voting rights at the annual general meeting[84] - The company has not identified any incidents of employees violating the written guidelines regarding insider trading[81]

Financial Performance - Total revenue for the year ended December 31, 2025, reached RMB 781.6 million, a 29.3% increase from RMB 604.2 million in 2024[4] - Gross profit for the same period was RMB 323.7 million, up 26.5% from RMB 255.8 million in 2024[4] - The company recorded a profit before tax of RMB 33.0 million for the year ending December 31, 2025, compared to a loss of RMB 1.0 million for the year ending December 31, 2024[30] - The company reported a net profit of RMB 32.5 million for 2025, a significant recovery from a net loss of RMB 2.0 million in 2024[66] - The total comprehensive income for the year was RMB 28.4 million, compared to a loss of RMB 7.5 million in 2024[67] - The company reported a basic earnings per share of RMB 8.45 for 2025, recovering from a loss per share of RMB 0.65 in 2024[67] Revenue Breakdown - The digital marketing services segment generated revenue of RMB 451.0 million, reflecting a year-on-year growth of 33.8%[6] - Revenue from the online game publishing services surged to RMB 25.5 million, marking a significant increase of 314.4% year-on-year[9] - Digital reading platform service revenue rose by 20.1% from RMB 241.8 million to RMB 290.5 million, attributed to increased advertising demand from clients[19] - Digital marketing service revenue increased by 33.8% from RMB 337.0 million to RMB 451.0 million, due to enhanced service efficiency and attracting new advertising clients[19] - Online game publishing service revenue surged by 314.4% from RMB 6.1 million to RMB 25.5 million, primarily due to intensified marketing efforts for overseas games[20] Expenses and Costs - Selling and distribution expenses rose by 27.3% from RMB 185.0 million to RMB 235.4 million, mainly due to increased marketing expenditures for overseas reading, short dramas, and game products[25] - Administrative expenses decreased by 46.2% from RMB 43.3 million to RMB 23.3 million, primarily due to the absence of listing expenses during the reporting period[26] - The company's sales cost for 2025 was RMB 457,891,000, an increase from RMB 348,359,000 in 2024, reflecting a growth of approximately 31.4%[78] - The total employee benefits expenses, including director remuneration, amounted to RMB 48,486,000 in 2025, up from RMB 40,741,000 in 2024, representing an increase of about 19.9%[78] Research and Development - Research and development expenditure for AI-generated content (AIGC) and intelligent recommendation algorithms reached RMB 50.3 million in 2025[5] - R&D expenses increased by 39.3% from RMB 36.1 million for the year ending December 31, 2024, to RMB 50.3 million for the year ending December 31, 2025, primarily due to increased AI computing power expenses[27] - The company plans to allocate 40% of the net proceeds from the June fundraising to develop AI recommendation engines, with an expected completion by Q2 2027[62] Assets and Liabilities - Total assets increased by 67.9% from RMB 680.8 million as of December 31, 2024, to RMB 1,142.8 million as of December 31, 2025, mainly due to increases in cash and cash equivalents and financial assets[33] - Current assets increased by 74.2% from RMB 574.7 million as of December 31, 2024, to RMB 1,001.3 million as of December 31, 2025[34] - The company’s total liabilities decreased to RMB 189,458 thousand in 2025 from RMB 235,105 thousand in 2024, reflecting a reduction of 19.4%[68] Cash Flow and Financing - Cash and cash equivalents rose by 182.8% to RMB 454.9 million as of December 31, 2025, compared to RMB 160.8 million as of December 31, 2024, mainly due to proceeds from share placements[45] - The net proceeds from the global offering on June 7, 2024, amounted to approximately HKD 40.70 million, with HKD 37.1 million utilized by December 31, 2025[57] - The company has completed a placement and subscription agreement on June 20, 2025, involving the sale and subscription of 57,330,000 shares at HKD 3.20 each[59] - The net proceeds from the June subscription are approximately HKD 180.7 million after deducting related expenses[60] Corporate Governance - The company aims to maintain high levels of corporate governance, which is crucial for its development and shareholder protection, and has complied with all applicable corporate governance codes as of December 31, 2025[96] - The audit committee, chaired by Mr. An Yichuan, has reviewed the group's financial performance for the year ending December 31, 2025, ensuring compliance with applicable accounting standards and sufficient disclosures[99] - Ernst & Young has verified that the financial figures for the year ending December 31, 2025, align with the group's consolidated financial statements, although their work does not constitute an audit service[100] Strategic Initiatives - The company signed a ten-year strategic cooperation framework agreement with a Hong Kong tech firm to advance the development of real-world assets (RWA) and other digital asset projects[11] - The company plans to deepen integration of short dramas, interactive narratives, and gaming elements to explore multimodal content monetization models[8] - The company plans to leverage short dramas as a core strategy to expand its global market presence, focusing initially on mature markets in Europe and the US[17] - The company is actively exploring the application of AI technology in business scenarios to enhance operational efficiency and support long-term development[15] Shareholder Information - The company granted stock options to three executive directors and 126 employees on April 3, 2025, with a total of 3,145,600 options awarded[52] - As of December 31, 2025, there are 28,863,324 shares available for future grants under the stock option plan[52] - The 2025 Share Award Plan was adopted on December 2, 2025, with a total of 27,123,254 shares authorized for future grants[54] - The company did not recommend a final dividend for the year ending December 31, 2025, consistent with the previous year[94]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue of RMB 1,033.6 million, representing a year-on-year increase of 91.6% compared to RMB 539.5 million in 2024[5]. - Gross profit for the same period was RMB 558.0 million, up 110.5% from RMB 265.1 million in the previous year[5]. - The adjusted net loss narrowed to RMB 437.7 million, a decrease of 32.1% from RMB 644.7 million in 2024[5]. - Revenue increased by 91.6% from RMB 539.5 million in 2024 to RMB 1,033.6 million in 2025[21]. - Gross profit rose by 110.5% from RMB 265.1 million in 2024 to RMB 558.0 million in 2025, with a gross margin increase from 49.1% to 54.0%[27]. - The company reported a net loss of RMB 1,003.7 million for 2025, compared to a net loss of RMB 892.4 million in 2024, indicating ongoing investment in growth despite losses[60]. - The company's total liabilities increased to RMB 1,558.9 million in 2025, compared to RMB 996.5 million in 2024, indicating increased leverage to support growth initiatives[62]. - The company’s equity attributable to shareholders rose to RMB 2,353.1 million in 2025, compared to RMB 688.7 million in 2024, reflecting improved shareholder value[62]. Revenue Breakdown - Revenue from general GPU products reached RMB 922.6 million, a significant increase of 149.6%, accounting for 89.3% of total revenue[8]. - The Tianwei series, focused on AI model training, generated RMB 583.7 million in revenue, reflecting a growth of 116.7%[9]. - The Zhi'ai series, designed for cloud and edge inference applications, achieved revenue of RMB 338.9 million, marking a 238.2% increase[10]. - General GPU product revenue surged by 149.5% from RMB 369.6 million in 2024 to RMB 922.6 million in 2025, driven by a 168.5% increase in shipment volume[23]. - Training series revenue increased by 116.5% from RMB 269.4 million in 2024 to RMB 583.7 million in 2025, with a shipment volume increase of 131.5%[23]. - AI computing solutions generated RMB 96.1 million in revenue, constituting 9.3% of total revenue, although this segment saw a decline of 42.2% year-on-year[13]. Expenses and Costs - Sales cost rose by 73.3% from RMB 274.4 million in 2024 to RMB 475.6 million in 2025, consistent with business growth[26]. - Administrative expenses surged by 87.3% from RMB 257.3 million in 2024 to RMB 481.8 million in 2025, mainly due to increased employee costs and professional service fees related to global offerings[32]. - Research and development costs were RMB 974.2 million in 2025, representing 94.2% of revenue, compared to RMB 772.8 million in 2024[20]. - R&D expenses increased by 26.1% from RMB 772.8 million in 2024 to RMB 974.2 million in 2025, primarily due to increased employee costs and more R&D personnel[33]. - Share-based payment expenses significantly increased from RMB 247.8 million in 2024 to RMB 526.1 million in 2025, aimed at incentivizing key employees[39]. - Financing costs rose by 18.5% from RMB 17.4 million in 2024 to RMB 20.6 million in 2025, mainly due to interest from new bank loans[36]. Assets and Liquidity - Cash and cash equivalents surged from RMB 313.6 million as of December 31, 2024, to RMB 1,504.7 million as of December 31, 2025[44]. - Total assets as of December 31, 2025, amounted to RMB 3,279.0 million, up from RMB 1,685.2 million in 2024, showcasing significant growth in the asset base[61]. - Trade receivables increased to RMB 638,893 thousand in 2025, compared to RMB 435,504 thousand in 2024, representing a growth of 46.8%[78]. - The impairment provision for trade receivables at the end of 2025 was RMB 78,262 thousand, up from RMB 58,328 thousand in 2024, indicating a rise in credit risk[79]. - Trade payables as of December 31, 2025, totaled RMB 31,129 thousand, a decrease of 31.9% from RMB 45,645 thousand in 2024[80]. Strategic Initiatives and Market Position - The company served over 340 clients across various industries, with its products deployed in over 1,000 projects in key sectors such as financial services, healthcare, and transportation[6]. - The company is advancing its next-generation products to enhance performance, particularly for large-scale AI training applications, and is focusing on optimizing for emerging large language models[10]. - The AI industry is transitioning to a new efficiency-driven phase, focusing on reducing training and inference costs while maintaining model capabilities[14]. - Major internet companies and AI firms are building large-scale training clusters, maintaining strong demand for high-performance training chips[15]. - The company plans to continue product iteration, focusing on the Tianya and Zhikai product lines, optimizing for large-scale training scenarios and diverse inference needs[16]. - The software ecosystem is being strengthened to maximize hardware performance in real business scenarios, with ongoing investments in core technologies[17]. - The company aims to deepen collaboration with leading internet firms and AI model companies to promote large-scale applications of general-purpose GPU products in key industries[18]. - The company is expanding into verticals such as intelligent driving, industrial manufacturing, and smart agriculture, leveraging industry experience to create scenario-based solutions[18]. - The launch of the Tongyang series edge computing products aims to integrate cloud capabilities into edge devices, achieving international standards in key performance indicators[18]. - The company emphasizes that the value of computing power lies in solving customer problems and creating business value, rather than merely stacking parameters[18]. - The company is committed to continuous technological innovation and open ecosystem collaboration to foster a prosperous AI industry[18]. Corporate Governance and Compliance - The company has adopted a corporate governance code to enhance transparency and accountability to shareholders[85]. - The company has committed to reviewing its corporate governance policies and compliance with listing rules continuously[86]. - The audit committee reviewed the annual performance for the year ending December 31, 2025, ensuring compliance with applicable accounting standards and regulations[88]. - The company is evaluating the impact of new and revised Hong Kong Financial Reporting Standards on its financial performance and presentation[68]. - The company has several subsidiaries in China that qualify for reduced corporate income tax rates of 15% and 5% due to their status as high-tech enterprises and small micro-enterprises, respectively[73]. Future Outlook - The company plans to continue investing in R&D and expanding its market presence, focusing on AI applications and advanced GPU products[63]. - The company plans to list its H-shares on the Hong Kong Stock Exchange on January 8, 2026[96]. - The annual general meeting is scheduled for June 29, 2026, with a record date for H-share holders set for the same day[92]. - There were no major events affecting the group from the end of the reporting period until the announcement date[84].

Financial Performance - The group reported total revenue of approximately SGD 170.0 million for the fiscal year ending December 31, 2025, representing an 18.3% increase from SGD 143.8 million in 2024[6]. - Gross profit surged approximately 91.0% to about SGD 36.2 million, with gross margin improving from approximately 13.2% to about 21.3%[6]. - Net profit attributable to shareholders reached approximately SGD 19.0 million, a significant increase of about 132.9% compared to SGD 8.1 million in 2024, with net profit margin rising from approximately 5.7% to about 11.2%[6]. - The total revenue for the year ended December 31, 2025, was approximately SGD 170.0 million, an increase of about SGD 26.3 million or 18.3% compared to the previous year[16]. - The gross profit surged approximately 91.0% to about SGD 36.2 million, with a gross margin increase to approximately 21.3% from 13.2% in the previous year[16]. - The property investment segment generated revenue of approximately SGD 12.9 million, a significant increase of about 81.8% compared to SGD 7.1 million in the previous year[14]. - The company’s net profit attributable to owners was approximately SGD 19.0 million, a significant increase of about 132.9% compared to SGD 8.1 million for the year ended December 31, 2024, with a net profit margin of approximately 11.2% for the year ending December 31, 2025, up from 5.7% in 2024[28]. - The total comprehensive income for the year was SGD 19,034,000 in 2025, up from SGD 8,119,000 in 2024, reflecting an increase of 134.5%[73]. Project and Contract Activity - The group secured 27 new projects during the fiscal year, with a total estimated contract value of approximately SGD 122.6 million, enhancing revenue visibility for the coming years[6]. - As of December 31, 2025, the total contract value of projects in progress amounted to approximately SGD 766.9 million, indicating a robust order book[6]. - The group successfully obtained 25 new earthworks and ancillary services projects, with a total contract value of approximately SGD 107.3 million, reflecting its enhanced competitive positioning[12]. - The company confirmed contract revenue from earthworks and associated services of SGD 133,126,000 in 2025, up from SGD 97,434,000 in 2024[94]. - The company expects unfulfilled performance obligations to generate revenue of SGD 415,000,000 over the next 1 to 5 years[95]. Operational Efficiency and Technology - The group is focusing on developing a knowledge accumulation and transfer platform to support larger project undertakings and improve profitability[7]. - The introduction of artificial intelligence technology into fleet management and the development of an internal electronic safety system are key initiatives aimed at enhancing productivity and operational efficiency[7]. - The group is investing in advanced construction methods, including AI safety systems and digital management tools, to enhance operational efficiency and position itself as a leader in industry technology transformation[65]. Financial Position and Assets - The total assets of the group increased to SGD 215.205 million in 2025, up from SGD 191.499 million in 2024[69]. - The group's net asset value rose to SGD 122.182 million in 2025, compared to SGD 103.148 million in 2024, indicating strong financial health[70]. - Total equity attributable to owners increased from SGD 103,148,000 in 2024 to SGD 122,182,000 in 2025, representing a growth of 18.4%[71]. - The retained earnings rose significantly from SGD 57,283,000 in 2024 to SGD 84,388,000 in 2025, an increase of 47.4%[73]. - The group reported total segment revenue for 2025 reached SGD 172.421 million, an increase from SGD 145.708 million in 2024, representing a growth of approximately 18.3%[86][87]. Employee and Corporate Governance - As of December 31, 2025, the company had 745 employees, an increase from 610 employees as of December 31, 2024[59]. - The company maintained compliance with all applicable corporate governance codes throughout the year[114]. - The company does not recommend a final dividend for the year ending December 31, 2025[60]. Risks and Economic Outlook - The global economic growth forecast for 2026 is projected at 3.3%, consistent with 2025, but faces significant downside risks including geopolitical tensions and trade policy disruptions[61]. - Singapore's GDP growth forecast for 2026 has been revised upward to between 2.0% and 4.0%, supported by strong performances in electronics, aerospace, finance, and IT sectors[62]. - The construction demand in Singapore is expected to reach between SGD 47 billion and SGD 53 billion in 2026, maintaining momentum from the record high of SGD 50.5 billion in 2025[63]. Cash Flow and Financing - As of December 31, 2025, the group held cash and cash equivalents of approximately SGD 26.2 million, down from SGD 31.4 million as of December 31, 2024, primarily due to capital expenditure investments and operational funding needs[30]. - The net cash inflow from operating activities for the year ending December 31, 2025, was approximately SGD 22.2 million, compared to SGD 28.8 million for the year ending December 31, 2024[33]. - The net cash outflow from investing activities for the year ending December 31, 2025, was approximately SGD 4.0 million, a decrease from SGD 43.0 million in 2024[34]. - The net cash outflow from financing activities for the year ending December 31, 2025, was approximately SGD 23.3 million, compared to a net inflow of SGD 15.4 million in 2024[35]. - The company reported a financing cost of SGD 1.869 million in 2025, which includes SGD 1.290 million related to property investment[91]. Shareholder and Investment Activities - Longlands Holdings Limited provided a total of SGD 16,900,000 in unsecured, interest-free shareholder loans to Chuan Investments for the redevelopment project, which represents 20% to 27% of the estimated funding needs[43]. - Additional shareholder loans of SGD 500,000 and SGD 2,500,000 were provided on January 3, 2024, and March 18, 2024, respectively, to support Chuan Investments' funding needs[44]. - Future shareholder loans of SGD 750,000, SGD 250,000, SGD 750,000, and SGD 1,500,000 are scheduled for January 7, 2025, May 2, 2025, September 22, 2025, and January 16, 2026, respectively, to continue supporting the redevelopment project[45]. - The company did not declare or pay any dividends for the years ended December 31, 2025, and December 31, 2024[103].

Financial Performance - Revenue increased by approximately 4.8% from RMB 182.2 million in FY2024 to RMB 191.0 million in FY2025[4] - Gross profit for FY2025 was approximately RMB 84.5 million, compared to RMB 77.3 million in FY2024[4] - Net profit for FY2025 was approximately RMB 63.4 million, up from RMB 51.8 million in FY2024[4] - Basic and diluted earnings per share for FY2025 were RMB 0.13, compared to RMB 0.11 in FY2024[8] - The group reported a net profit of RMB 63,385,000 for the year ending December 31, 2025, compared to RMB 51,754,000 for the previous year, representing an increase of approximately 22.5%[36] - The net profit for the fiscal year 2025 increased to approximately RMB 63.4 million, up from RMB 51.8 million in fiscal year 2024, primarily due to an increase in revenue of approximately RMB 8.8 million[71] - The net profit margin rose from approximately 28.4% in fiscal year 2024 to about 33.2% in fiscal year 2025, driven by an increase in gross margin from 42.4% to 44.2%[71][83] Assets and Liabilities - Total assets less current liabilities increased to RMB 562.3 million in FY2025 from RMB 489.6 million in FY2024[10] - Non-current assets rose to RMB 377.4 million in FY2025, up from RMB 232.9 million in FY2024[9] - Current liabilities increased to RMB 183.7 million in FY2025 from RMB 103.0 million in FY2024, primarily due to increased bank borrowings[9] - Trade receivables increased significantly to RMB 72.4 million in FY2025 from RMB 49.6 million in FY2024[9] - Cash and cash equivalents at the end of FY2025 were RMB 247.6 million, compared to RMB 226.1 million in FY2024[9] - The total outstanding bank loans increased significantly from approximately RMB 40.0 million as of December 31, 2024, to about RMB 139.5 million as of December 31, 2025, used for operations and investments in property, plant, and equipment[78] Revenue Sources - Revenue from the sale of potted vegetables reached RMB 191,026 thousand in 2025, compared to RMB 182,245 thousand in 2024, reflecting an increase of approximately 4.3%[26] - Sales to distributors amounted to approximately RMB 191.0 million in FY2025, representing 100% of the company's revenue for that fiscal year[57] - The company primarily engages in the cultivation and sale of potted vegetable products, contributing approximately 86.2% of revenue from Shandong Province in FY2025[56] Expenses and Costs - Total sales cost rose from approximately RMB 104.9 million in FY2024 to approximately RMB 106.5 million in FY2025, primarily due to increased revenue[61] - Administrative and other expenses increased from approximately RMB 14.6 million in FY2024 to approximately RMB 21.9 million in FY2025, mainly due to higher company secretary, consulting, legal, and testing expenses[68] - The cost of raw materials accounted for approximately 52.6% of total sales cost in FY2025, compared to 51.3% in FY2024[61] - The cost of subcontracted labor represented approximately 37.9% of total sales cost in FY2025, down from 38.7% in FY2024[59] Financing and Capital Structure - The company aims to optimize its capital structure through debt and equity balance, with a target to maximize shareholder returns[45] - The company completed a capitalized issuance of 399,858,586 shares, raising approximately RMB 29.021 million[47] - The company issued 100,000,000 shares at a price of HKD 1.08 per share, raising a total of approximately RMB 100.19 million[47] - The company has a policy to review capital structure regularly to manage capital costs and related risks[45] Compliance and Governance - The company has adopted corporate governance practices in line with the Stock Exchange's requirements to protect shareholder interests and enhance corporate value[112] - The audit committee, composed of three independent non-executive directors, reviewed the group's financial performance for the fiscal year 2025 and confirmed compliance with applicable accounting standards and regulations[118] - The company identified a non-compliance issue related to the disclosure of connected transactions, involving a maximum asset pledge agreement amounting to RMB 28 million[122] - The company has implemented measures to prevent future non-compliance, including establishing a register for asset pledges and requiring approval from the finance director and company secretary for all asset pledges[125] Future Plans and Investments - The company aims to achieve sustainable growth in sales and profits through strategies including expanding planting capacity and establishing new planting bases in new regional markets[111] - The company plans to enhance its planting capacity by RMB 24.4 million in existing markets and establish new planting bases costing RMB 9.5 million by December 2025[104] - The establishment of a dedicated organic substrate production base has been delayed from December 2024 to December 2026 due to complexities in developing suitable organic substrates for various potted vegetable types[106] - The upgrade of the IT system to improve operational efficiency has also been postponed from December 2024 to December 2026 as the company seeks a suitable ERP system provider[107] Shareholder Communication - The annual performance announcement for the fiscal year ending December 31, 2025, will be published on the Hong Kong Stock Exchange website and the company's website[127] - The annual report for fiscal year 2025 will be sent to shareholders around late April 2026[127] - Shareholders experiencing difficulties in receiving the electronic version of company communications can request a printed copy at no charge[127]

Financial Performance - The total revenue for the year ending December 31, 2025, was HKD 172,216,000, representing an increase of 5.5% from HKD 163,065,000 in 2024[3] - Gross profit for the same period was HKD 45,782,000, up from HKD 32,947,000, indicating a significant improvement in profitability[3] - The net profit for the year was HKD 15,790,000, compared to HKD 14,409,000 in 2024, reflecting a growth of 9.6%[4] - The company reported a profit attributable to equity holders of HKD 19,491,000 for 2025, up from HKD 16,475,000 in 2024, leading to an earnings per share of HKD 0.78[20] - Net profit attributable to equity holders rose by 18% to HKD 19.5 million, or HKD 0.78 per share, up from HKD 16.5 million, or HKD 0.66 per share in 2024[27] Dividends - The company proposed a total dividend of HKD 0.035 per share, consisting of a final dividend of HKD 0.005 and a special dividend of HKD 0.030[3] - The proposed final dividend for 2025 is HKD 0.5 per share, totaling HKD 12,531,000, along with a special dividend of HKD 3.0 per share, totaling HKD 75,185,000[21] - A final dividend of HKD 0.5 per share and a special dividend of HKD 3.0 per share have been proposed, totaling HKD 3.5 per share, subject to shareholder approval[51] Assets and Liabilities - The company's cash and cash equivalents increased to HKD 429,266,000 from HKD 232,170,000, showing a substantial improvement in liquidity[5] - Total assets rose to HKD 2,175,029,000 from HKD 2,131,113,000, indicating a growth of 2.1%[6] - The total equity attributable to the company's shareholders increased to HKD 1,911,038,000 from HKD 1,831,635,000, marking a rise of 4.4%[6] - The total bank borrowings decreased to HKD 204.7 million in 2025 from HKD 227.6 million in 2024, primarily due to the repayment of existing project loan principal[28] - The net debt-to-equity ratio was recorded at -12% as of December 31, 2025, indicating cash exceeds debt, compared to 0% in 2024[31] Financial Management - The company reported a significant increase in financial income to HKD 7,441,000 from HKD 2,955,000, highlighting improved financial management[4] - The net financing costs decreased to HKD 1,682,000 from HKD 11,643,000, reflecting better cost control measures[4] - Financing costs decreased significantly to HKD 9,123,000 in 2025 from HKD 14,598,000 in 2024, resulting in a net financing cost of HKD 1,682,000[18] - The company’s financial income from bank deposits increased to HKD 7,441,000 in 2025, up from HKD 2,955,000 in 2024[18] Revenue Sources - The company’s revenue from electricity sales for the year 2025 was HKD 172,216,000, an increase of 5.5% compared to HKD 163,065,000 in 2024[14] - The company’s revenue from external customers in the reportable segment was HKD 172,200,000 for 2025, reflecting a growth from HKD 163,100,000 in 2024[15] - The company had two customers contributing over 10% of total revenue, with revenues of HKD 89,800,000 and HKD 63,500,000 respectively in 2025[15] Operational Performance - The company had eight operational wind farms and one distributed solar project with a total installed capacity of 738 MW and a net capacity of 427 MW as of June 30, 2025[33] - The company has operational wind farms and a distributed solar project totaling 738 MW, generating 1,504.0 GWh of electricity, which reduces coal consumption by approximately 487,000 tons and carbon emissions by 1,165,000 tons[48] Electricity Generation - Wind power generation increased by approximately 13% to 1,130,000 GWh in 2025, accounting for 10.9% of the total national electricity generation[33] - The wind speed in Gansu, Hebei, Henan, and Inner Mongolia has significantly improved, with increases of 10% to 8% across various sites, leading to a total electricity generation of 1,499.2 GWh in 2025, a 13% increase from 1,323.1 GWh in 2024[34] - The total electricity generation from the Mudanjiang and Muling wind farms is approximately 42.9 GWh in 2025, a decrease of 13.2% from 49.4 GWh in the previous year[35] - The total electricity generation from the Phase I and II wind farms in Siziwangqi is about 189.0 GWh, down 2.2% from 193.2 GWh in 2024, with curtailment rates rising to 16.7% and 13.6% respectively[36] - The single crystal river wind farm generated approximately 411.7 GWh in 2025, a 15.4% increase from 356.7 GWh in 2024[37] - The Changma wind farm's electricity generation reached about 475.5 GWh, reflecting a 17.8% increase from 403.8 GWh in the previous year[38] - The Green Brain Bag wind farm produced approximately 210.1 GWh, a 4.9% increase from 200.2 GWh in 2024, with a curtailment rate of 15.8%[39] - The Song County wind farm generated about 170.0 GWh, a significant increase of 41.9% from 119.8 GWh in 2024[40] - The Nanzhen distributed solar project achieved an electricity generation of approximately 4.8 GWh, a 6.7% increase from 4.5 GWh in the previous year[41] Market and Economic Outlook - In 2025, China's GDP is expected to grow by 5.0%, aligning with government targets, despite weak domestic demand and a sluggish real estate sector[44] - The export growth is projected at 6.1% year-on-year, resulting in a record trade surplus of approximately $1.2 trillion, driven by expansion into ASEAN, EU, and Latin American markets[44] - The average electricity price for renewable energy in China is expected to decrease by 8.4% in 2025, excluding the impact of subsidy cancellations for specific projects[34] Corporate Governance - The company has employed 92 staff members in Hong Kong and mainland China, focusing on attracting and retaining talent necessary for asset development and operations[47] - The company has adopted the standard code of conduct for securities trading by directors, confirming compliance until December 31, 2025[56] - The audit committee consists of three members, including independent non-executive directors, and has reviewed the consolidated financial statements for the year ending December 31, 2025[57] - The preliminary performance announcement aligns with the audited consolidated financial statements, confirming the accuracy of the reported figures[58] - The annual report for the year 2025 will be published on the company's website and the Hong Kong Stock Exchange website in due course[59] - The board of directors currently comprises seven members, including four executive directors and three independent non-executive directors[61] Strategic Initiatives - The company emphasizes a strategy of growth, expansion, and sustainability, focusing on renewable energy project development and investment opportunities[42] - The company is exploring the replacement of 70 old wind turbines with 9 new turbines ranging from 5.0 to 10.0 MW in Heilongjiang, pending clarity on electricity pricing trends[45] - The company is assessing the national sustainable energy pricing mechanism, which may lead to a decrease in electricity prices in the future[45] - The company is committed to supporting carbon reduction goals through investments in various renewable energy projects as it scales and increases profits[49] - The company expects that the application of new Hong Kong Financial Reporting Standards will not have a significant impact on its financial performance and position[13]

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。 HENGDELI HOLDINGS LIMITED 亨得利控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3389） 截至二零二五年十二月三十一日止年度之全年業績公告 | 財務概要 | | | | | --- | --- | --- | --- | | | | 截至十二月三十一日止年度 | | | | 二零二五年 | 二零二四年 | 同比變動 | | | 人民幣千元 | 人民幣千元 | % | | 收入 | 648,953 | 1,043,555 | (37.8) | | 毛利 | 163,549 | 148,758 | 9.9 | | 年度虧損 | (24,173) | (55,472) | (56.4) | | 股份持有人應佔虧損 | (26,901) | (65,161) | (58.7) | 亨得利控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公 司 ...

Market Opportunity - The global metabolic disease market is projected to reach $458 billion by 2032, presenting significant growth opportunities for the company's innovative product pipeline[9]. - HTD1801 targets CKM-related diseases, which affect nearly 90% of adults in the U.S. and 80% in China, highlighting a substantial unmet medical need in this market[6]. - The company aims to leverage its innovative pipeline to capture opportunities in the rapidly growing metabolic disease treatment market[9]. Product Development - The core product HTD1801 is a novel oral anti-inflammatory and metabolic modulator, demonstrating multiple benefits including improved blood sugar control and reduced lipid levels[5]. - HTD1801 is currently being developed for multiple indications, including type 2 diabetes, chronic kidney disease, and obesity, aiming to expand its therapeutic applications[9]. - The company has developed a robust pipeline of six patented drug candidates addressing eight potential indications, including two compounds in clinical stages for six different indications[11]. - HTD1801 has received two Fast Track designations and one Orphan Drug designation from the FDA, and has been supported by China's "13th Five-Year Plan" for major new drug creation[14]. - HTD1801 is a globally innovative oral anti-inflammatory and metabolic modulator, currently in development for multiple CKM-related diseases, including T2DM, CKD, MASH, obesity, and PSC[14]. Clinical Trials and Efficacy - Clinical trials involving over 2,000 participants have shown HTD1801 to be safe and well-tolerated, with the main treatment-emergent adverse events being mild to moderate gastrointestinal discomfort[8]. - In the Phase III trial (SYMPHONY-2), HTD1801 demonstrated a significant reduction in HbA1c by -1.21% compared to -0.68% in the placebo group (p<0.0001), with 33% of patients achieving HbA1c <7%[16]. - HTD1801 showed potential renal protection by improving eGFR in patients with mild renal impairment[16]. - In the Phase III trial (SYMPHONY-1), HTD1801 achieved a clinically significant reduction in HbA1c of -1.3%, with 42% of patients reaching HbA1c <7%[17]. - HTD1801 demonstrated a dose-dependent improvement in multiple liver and cardiovascular metabolic indicators in T2DM patients with suspected MASLD[17]. - HTD1801 demonstrated significant improvement in eGFR in patients with mild renal impairment compared to placebo, with a positive slope during treatment[22]. - HTD1801 showed greater improvements in liver injury and inflammation markers, blood glucose control, weight loss, and lipid metabolism compared to GLP-1RAs in patients with MASH and T2DM[23]. - HTD1801 achieved primary endpoints in the HARMONY study, outperforming Dapagliflozin in improving key cardiovascular metabolic indicators[18]. Financial Performance - The company recorded a loss of approximately RMB 232.1 million for the year ending December 31, 2025, compared to a loss of approximately RMB 381.8 million for the year ending December 31, 2024[44]. - For the fiscal year ending December 31, 2025, the company reported a total revenue of RMB 19,007,000, a decrease of 72% compared to RMB 67,971,000 in 2024[81]. - The company reported a basic and diluted loss per share of RMB 0.51, an improvement from RMB 0.84 in the previous year[81]. - Research and development costs decreased from approximately RMB 363.5 million for the year ending December 31, 2024, to approximately RMB 164.5 million for the year ending December 31, 2025, a reduction of 54.7%[40]. - The company has not declared or paid any dividends during the year, consistent with the previous year[104]. Corporate Governance and Compliance - The company emphasizes good corporate governance and has adopted the corporate governance code as per the Hong Kong Stock Exchange[65]. - The company has confirmed compliance with the standard code for securities trading by directors and employees during the reporting period[67]. - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[109]. Research and Development Strategy - The company is actively seeking commercialization partners with strong networks in the T2DM field following the submission of HTD1801's new drug application for T2DM treatment[32]. - The company plans to enhance the development of FUSIONTX™ with an investment of HKD 19.5 million, which has been fully allocated[71]. - The ongoing clinical research for HTD1801 has a budget allocation of HKD 164.2 million, with HKD 104.3 million already utilized during the reporting period[71]. Employee and Operational Changes - The company had a total of 51 employees as of December 31, 2025, a decrease from 70 employees in 2024, with significant reductions in clinical development and operational management roles[63]. - Total employee benefits expenses for 2025 amounted to approximately RMB 49.2 million, down from RMB 108.2 million in 2024, primarily due to a decrease in long-term incentive plan expenses[63].