Financial Performance - Revenue increased by approximately 3.0% to HKD 408,348,000 (2024: HKD 396,529,000) [2] - Gross profit rose by 19.9% to HKD 73,899,000 with a gross margin of 18.1% (2024: 15.5%) [2] - Profit for the year decreased by approximately 1.9% to HKD 12,650,000 (2024: HKD 12,895,000) [4] - Profit attributable to owners of the company decreased by 13.8% to HKD 10,947,000 (2024: HKD 12,694,000) [4] - Total comprehensive income for the year amounted to HKD 50,569,000 (2024: HKD -14,383,000) [5] - The company recorded a total tax expense of HKD 8,576,000 for 2025, down from HKD 14,723,000 in 2024 [7] - Other income decreased by approximately 86.0% to HKD 5,323,000 for the year ended December 31, 2025, compared to HKD 37,934,000 in 2024, primarily due to the absence of gains from the sale of a subsidiary and reduced government operating subsidies [61] Assets and Liabilities - Non-current assets increased to HKD 1,176,282,000 (2024: HKD 1,145,615,000) [6] - Current liabilities rose to HKD 323,288,000 (2024: HKD 293,414,000) [7] - Net current liabilities were approximately HKD 149,909,000 (2024: HKD 131,644,000) [7] - Total equity increased to HKD 864,858,000 (2024: HKD 814,289,000) [7] - Cash and cash equivalents increased to approximately HKD 72,363,000 as of December 31, 2025, compared to HKD 58,662,000 in 2024, while total interest-bearing borrowings decreased to HKD 228,399,000 from HKD 251,614,000 [64] - Current liabilities net increased to HKD 149,909,000 as of December 31, 2025, from HKD 131,644,000 in 2024, primarily due to an increase in bank borrowings due within one year [65] - The group has capital commitments of HKD 43,022,000 for the construction of port facilities as of December 31, 2025, up from HKD 40,640,000 in 2024 [68] Revenue Breakdown - Revenue from customer contracts for the year is reported at HKD 408,348,000, an increase from HKD 396,529,000 in the previous year, representing a growth of approximately 2.1% [19] - The revenue breakdown includes HKD 159,693,000 from terminal services, HKD 66,052,000 from integrated logistics services, and HKD 169,865,000 from supply chain management and trading business for the current year [25] - Revenue from terminal services increased by 6.7% to HKD 159,693,000, driven by the growth in bulk cargo handling due to new business from Greenmeadow [52] - Integrated logistics services revenue rose by 32.1% to HKD 66,052,000, attributed to increased business volume at Wuhan Yangluo Port [55] - Revenue from supply chain management and trading decreased by 8.1% to HKD 169,865,000, accounting for 41.6% of total revenue, primarily due to lower prices and demand in rice trading [57] Operational Highlights - The company completed over 100,000 TEU in "land-to-water" heavy container operations and over 100,000 TEU in multimodal transport heavy container operations throughout the year [39] - The company achieved a 30% year-on-year increase in total iron-water loading and unloading vehicles at the terminal center [42] - The CFS operation management center saw a 10% year-on-year increase in box dismantling and assembly business volume, while warehousing operations experienced a significant 61% growth [42] - The company signed three new box management agreements, resulting in a 7.3% year-on-year revenue increase, securing approximately 31,000 TEUs for surrounding ports [42] - The company completed 68,000 TEUs in upstream Sichuan-Chongqing transshipment, marking a 9% year-on-year growth [42] - The company plans to open a new shipping route from Indonesia to Wuhan by the end of 2024, with 59 voyages completed in 2025, handling 462,000 billing tons of cargo [40][41] - The company is actively developing new cargo sources, including imports of Brazilian pulp and Australian wheat, adding approximately 2,000 TEUs [42] Governance and Compliance - The company has adopted and complied with the corporate governance code as per the listing rules, ensuring adherence until December 31, 2025 [79] - The board of directors has confirmed compliance with the standard code for securities trading, maintaining strict adherence to its own code of conduct [80] - The audit committee has reviewed the financial statements and internal controls for the fiscal year ending December 31, 2025, ensuring proper governance and risk management [81] - The financial figures for the fiscal year ending December 31, 2025, have been agreed upon by the auditor, ensuring consistency with the audited consolidated financial statements [82] - The annual performance announcement will be published on the Hong Kong Stock Exchange and the company's website, providing all required information as per listing rules [83] Future Outlook - The group expects to generate sufficient cash flow for at least the next twelve months from the end of the reporting period [15] - The group has confirmed financial support from Hubei Port Group for the next twelve months if needed [15] - The group has no significant uncertainties regarding its ability to continue as a going concern for the foreseeable future [13] - The group has no major investment or capital asset plans for the future as of December 31, 2025 [71] - The group is focused on enhancing core functions and competitiveness, with plans for smart and green port construction, and aims to strengthen cooperation with international ports and cities along the Yangtze River [74] Dividend Policy - The board did not recommend a final dividend for the year ended December 31, 2025 (2024: nil) [2] - The company did not recommend any dividend payment for 2025, consistent with 2024 [31] - No dividends are recommended for the year ended December 31, 2025, consistent with the previous year [75]

Company Milestones and Achievements - The company achieved a cumulative global shipment of over 100,000 robots, marking a significant milestone in its ten-year history[13]. - In 2025, the company ranked first globally in robot shipments, with a total shipment volume for the year[12]. - The company has launched multiple new products, including the Dobot Atom humanoid robot and the Rover X1 quadruped robot, enhancing its portfolio of embodied intelligent robots[14]. - The company is expanding its market presence in over 100 countries and regions, leveraging a wide range of customer and scenario resources[14]. - The company aims to transform human production and lifestyle through innovative robotic technologies, targeting industrial, commercial, and household applications[15]. Financial Performance - In 2025, the company achieved revenue of RMB 492.21 million, representing a year-on-year growth of 31.7%[20]. - The net loss for the year was RMB 84.05 million, a decrease of 11.9% compared to the previous year[20]. - Total assets increased to RMB 3,102.78 million, up from RMB 1,495.21 million in 2024[19]. - The total liabilities decreased to RMB 480.18 million from RMB 527.92 million in 2024, indicating improved financial health[19]. - The company reported a revenue of RMB 279 million in the industrial sector for 2025, marking a 39.4% increase, with significant orders in semiconductor and medical surgery applications[29]. Research and Development - Research and development expenditure reached RMB 115 million, an increase of 59.7% year-on-year, reflecting a focus on embodied intelligence[20]. - R&D investment in embodied intelligence accounted for 39.3% of total R&D spending, amounting to RMB 45.1 million[24]. - The company made significant technological breakthroughs, including achieving 0.1N level precision control and 30kg load capacity for collaborative robots[24]. - The company is focusing on the development of a "one brain, multiple bodies" embodied intelligence matrix, enhancing core capabilities and product iterations[32]. - The company has initiated the development of a large model for robots, focusing on key capabilities such as autonomous decision-making and complex environment planning[31]. Market Expansion and Product Diversification - The company is actively exploring applications for quadruped robots, further diversifying its product offerings[14]. - The company launched humanoid and multi-legged robots, contributing to new growth points in revenue, with a focus on high-precision and flexible manufacturing capabilities[36]. - The collaborative robot sales accounted for 61.4% of total revenue in 2025, with six-axis robots being the largest contributor[37]. - The company is focused on expanding its market presence in China, Europe, and Asia-Pacific, achieving milestone growth in countries like Germany, Thailand, and South Korea[20]. - The company aims to deepen its penetration into vertical industries such as industrial manufacturing and commercial services, promoting the scaling and industrialization of embodied intelligence[33]. Governance and Corporate Structure - The management team includes experienced professionals with over 11 years in the robotics industry, enhancing the company's strategic planning and operational management capabilities[67][68][71]. - The company emphasizes a culture of inclusivity, safety, and respect, aiming to create a diverse global work environment[93]. - The board has adopted the corporate governance code as per the listing rules since December 23, 2024, ensuring compliance with applicable governance standards[90]. - The company has established a policy for the training and continuous professional development of directors and senior management[104]. - The board of directors has established four committees: Strategic Committee, Audit Committee, Remuneration and Assessment Committee, and Nomination Committee to assist in governance responsibilities[115]. Risk Management and Compliance - The company has established an effective risk management and internal control system to manage operational risks and ensure compliance with laws and regulations[139]. - The risk management system includes risk identification, assessment, management strategies, and monitoring activities[141]. - The company has implemented standard protective measures for data security and privacy, including access control and data encryption[146]. - An internal audit department has been established to continuously assess the effectiveness of internal controls and compliance with laws and regulations[148]. - The board is responsible for overseeing the implementation and management of the company's risk management and internal control systems, ensuring an annual review of their effectiveness[149]. Shareholder Communication and Dividend Policy - The company has adopted a shareholder communication policy to ensure transparent and accurate communication with shareholders, which is reviewed annually for effectiveness[159]. - The company does not recommend the payment of a final dividend for the reporting period[185]. - The board will consider future operations, profitability, capital needs, and overall financial condition when formulating any dividend distribution plan[198]. - The company is required to allocate 10% of any future net profits to statutory reserves until such reserves reach over 50% of registered capital[198]. - There were no known shareholders waiving or agreeing to waive any dividend arrangements during the reporting period[192].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 FRONTAGE HOLDINGS CORPORATION 方達控股公司* （於開曼群島註冊成立的有限公司） （股份代號：1521） 全年業績公告 截至2025年12月31日止年度 | 財務摘要 | | | | | | --- | --- | --- | --- | --- | | | | 2025年 | 2024年 | 變動 | | | | 百萬美元 | 百萬美元 | | | 收益 | | 256.7 | 254.9 | 0.7% | | 毛利 | | 69.2 | 69.8 | (0.9)% | | 毛利率 | | 27.0% | 27.4% | | | 稅息折舊及攤銷前利潤 | | 54.0 | 50.0 | 8.0% | | 稅息折舊及攤銷前利潤率 | | 21.1% | 19.6% | | | 經調整稅息折舊及攤銷前利潤 | | 55.8 | 54.0 | 3.3% | | 經調整稅息折舊及攤 ...

Financial Performance - The group's revenue for the year ended December 31, 2025, was HKD 533,340,000, a decrease of 21.8% compared to HKD 681,678,000 in 2024[5] - The group's gross profit fell to HKD 74,608,000, down 31.8% from HKD 109,444,000 in the previous year, resulting in a gross margin of 14.0%[8] - The group reported a net loss of HKD 61,476,000 for the year, compared to a loss of HKD 20,329,000 in 2024, with a basic loss per share of HKD 0.102[9] - The group incurred a loss before tax of HKD 60,615,000 for the year ended December 31, 2025, compared to a loss of HKD 18,942,000 in 2024[29] - The company reported a basic loss attributable to owners of HKD 61,476,000 for the year 2025, compared to a loss of HKD 20,329,000 for 2024, indicating a significant increase in losses[42] Revenue Breakdown - Revenue from watchbands decreased by 2.0% to HKD 186,834,000, while revenue from mobile phone frames and parts dropped by 31.3% to HKD 208,962,000[6] - Revenue from smart wearable device frames and parts decreased by 27.0% to HKD 114,749,000, and revenue from fashion accessories fell by 22.8% to HKD 22,795,000[7] - Revenue from mobile phone frames and components was HKD 208,962,000, down 31.3% from HKD 304,378,000 in 2024[37] - Revenue from China decreased to HKD 239,415,000, a decline of 25% from HKD 319,033,000 in 2024[37] Cost Management - The group implemented a staff reduction plan and other cost-cutting measures, incurring HKD 12,450,000 in severance payments during the year[6] - Direct material costs accounted for approximately 48.1% of total sales costs, while direct labor costs and manufacturing expenses represented about 35.7% and 16.2%, respectively[10] - Other income decreased by 44.3% to HKD 9,176,000, primarily due to a decline in interest from bank deposits[11] Assets and Liabilities - The group's inventory balance as of December 31, 2025, was HKD 35,156,000, a decrease of 45.3% from HKD 64,244,000 in 2024[16] - As of December 31, 2025, the group's trade receivables amounted to HKD 72,669,000, a decrease from HKD 166,055,000 as of December 31, 2024, with a turnover period of 81.7 days[17] - The group's trade payables as of December 31, 2025, were HKD 33,502,000, down from HKD 116,514,000 as of December 31, 2024, with a turnover period of 59.7 days[18] - The net current assets of the group as of December 31, 2025, were HKD 254,360,000, compared to HKD 297,079,000 as of December 31, 2024, with cash and bank deposits totaling HKD 196,967,000[19] - The total outstanding bank borrowings as of December 31, 2025, were HKD 16,521,000, significantly reduced from HKD 67,783,000 as of December 31, 2024, with all borrowings classified as current liabilities[20] - Total current assets decreased to HKD 340,601,000 from HKD 521,640,000, representing a decline of 34.7%[30] - Total liabilities decreased to HKD 86,241,000 from HKD 224,561,000, a reduction of 61.6%[30] Cash Flow and Financial Position - The group’s cash and bank deposits amounted to HKD 196,967,000, indicating a stable financial position despite the challenges faced[6] - The company's cash and bank balances increased slightly to HKD 126,929,000 from HKD 124,612,000[30] - Interest expenses for bank loans decreased to HKD 1,115,000 from HKD 2,498,000, a decline of 55.3%[38] Corporate Governance and Future Plans - The company has not utilized any financial instruments for hedging purposes as of December 31, 2025, and will continue to monitor foreign exchange risks closely[23] - The company plans to continue focusing on the manufacturing and sales of precision steel products, with an emphasis on product and market expansion strategies[35] - The company plans to apply for a 200% tax deduction on eligible R&D expenses, which is expected to impact taxable profits positively[41] - The company has adopted a tax rate of 25% under the Corporate Income Tax Law in China, with certain subsidiaries qualifying for a reduced rate of 15% until December 31, 2025[41] Employee and Operational Metrics - The total number of employees as of December 31, 2025, was 1,861, a decrease from 2,455 in 2024, with employee costs amounting to HKD 238,000,000[26] - The group aims to enhance operational efficiency and optimize resource allocation to ensure sustainable growth amid global economic challenges[28] Audit and Compliance - The preliminary announcement of the group's financial results for the year ending December 31, 2025, has been verified by Deloitte, with the final audited financial statements to be approved by the board on March 30, 2026[50] - The company's audit committee consists entirely of independent non-executive directors, ensuring compliance with corporate governance standards[47] Dividends - The company did not declare any final dividend for the year ending December 31, 2025, compared to HKD 15,000,000 in dividends declared for 2024[43][51]

Shareholder Registration - The company will suspend shareholder registration from May 19, 2026, to May 22, 2026, inclusive, during which no share transfers will be executed [3] - All share transfer documents must be submitted by May 18, 2026, at 4:30 PM to qualify for voting at the 2026 Annual General Meeting [3]

Financial Performance - Revenue for the year ending December 31, 2025, was RMB 271.7 million, a decrease of 1.2% compared to RMB 275.1 million in 2024[2] - Gross profit for the year ending December 31, 2025, was RMB 74.1 million, an increase of 1.4% from RMB 73.1 million in 2024[2] - Loss attributable to ordinary equity holders for the year ending December 31, 2025, was RMB 513.9 million, a decrease of 0.5% from RMB 516.6 million in 2024[2] - Total comprehensive loss for the year was RMB 512.7 million, compared to RMB 518.0 million in 2024[4] - The basic and diluted loss per share for the year was RMB 0.89, unchanged from the previous year[4] - The company's net loss attributable to ordinary shareholders for the year ended December 31, 2025, was RMB 513,939,000, compared to RMB 516,564,000 for the year ended December 31, 2024[35] - The net loss margin increased by 0.7% from 187.8% in 2024 to 189.2% in 2025[78] Expenses and Costs - Selling and distribution expenses were RMB 82.19 million, down from RMB 86.95 million in 2024[4] - Administrative expenses decreased to RMB 28.39 million from RMB 40.97 million in 2024[4] - The total employee benefits expenses, excluding directors' remuneration, were RMB 44,100,000 in 2025, down from RMB 49,502,000 in 2024, indicating a decrease of about 11%[28] - The total interest expense for financing was RMB 199,767,000 in 2025, slightly down from RMB 199,851,000 in 2024[29] - Financing costs remained stable at RMB 199.8 million in 2025 compared to RMB 199.9 million in 2024[73] Assets and Liabilities - Total assets decreased from RMB 4,365,103 thousand in 2024 to RMB 4,365,103 thousand in 2025, reflecting a decline of approximately 1.5%[5] - Current liabilities increased from RMB 3,894,099 thousand in 2024 to RMB 4,365,103 thousand in 2025, representing an increase of about 12.1%[6] - The total liabilities increased from RMB 3,894,099 thousand in 2024 to RMB 4,365,103 thousand in 2025, marking an increase of approximately 12.1%[6] - The company's total liabilities increased to RMB 3,793,140,000 in 2025 from RMB 3,311,340,000 in 2024, marking an increase of approximately 14.5%[48] - The balance of overdue tax liabilities and provisions was approximately RMB 277,080,000 in 2025, up from RMB 247,472,000 in 2024, representing an increase of about 11.9%[47] Cash Flow and Financial Position - The company's cash and cash equivalents decreased from RMB 586,086 thousand in 2024 to RMB 568,643 thousand in 2025, a decline of about 3%[5] - As of December 31, 2025, the group's cash net amount is approximately RMB 26,712,000, compared to RMB 830,000 in 2024, indicating a significant increase[11] - The group anticipates sufficient cash resources to meet operational funding and financial obligations for the next twelve months[14] - The company reported zero income tax expenses for 2024 and 2025 due to business losses[75] Revenue Sources and Market Position - The company's main revenue source, the rice wine series, accounted for approximately 69.3% of total revenue in 2025[61] - Online sales revenue for the year reached approximately RMB 30.8 million, accounting for about 11.3% of total company revenue, reflecting a year-on-year increase of approximately 34.1%[59] - Revenue from liquor products increased by 0.6% from RMB 187.0 million in 2024 to RMB 188.2 million in 2025, driven by the launch of new products and enhanced online marketing efforts[66] - Revenue from soy sauce and rice vinegar products declined by 5.3% from RMB 88.2 million in 2024 to RMB 83.5 million in 2025 due to adjustments in product structure[67] Strategic Initiatives and Future Outlook - The company plans to enhance market competitiveness through quality improvement, efficiency upgrades, product innovation, and channel innovation in response to intense competition in the condiment industry[54] - The company aims to achieve a 5% economic growth target in 2026, aligning with China's 14th Five-Year Plan, emphasizing stable employment and market expectations[101] - The company is committed to strengthening its market position in the flavoring industry through a combination of product sales and diversified sales channels[103] - The company plans to further develop customized products and expand its flavoring product chain, aiming to establish itself as a diversified flavoring manufacturer centered around rice wine[62] Governance and Compliance - The board of directors does not recommend the payment of a final dividend for the year ending December 31, 2025[2] - The public float of the company was approximately 23.27% as of December 31, 2025, which is below the required 25% as per listing rules[111] - The independent auditor has agreed that the financial statements for the year ending December 31, 2025, are based on the group's consolidated financial statements[117] - The audit committee has reviewed the consolidated financial statements and discussed internal controls and financial reporting matters[120]

Financial Performance - The total revenue for the year ending December 31, 2025, is RMB 7,597,846,000, a decrease of 23.5% compared to RMB 9,923,894,000 in 2024[3] - The cost of sales for 2025 is RMB 8,115,292,000, resulting in a gross loss of RMB 517,446,000, compared to a gross loss of RMB 85,058,000 in 2024[3] - Other income for 2025 is RMB 112,305,000, down from RMB 172,909,000 in 2024, indicating a decline of 35%[3] - The total comprehensive loss for the year is RMB 1,416,140,000, compared to RMB 591,090,000 in 2024, reflecting an increase of 139%[3] - The company reported a loss per share of RMB 5.27 for 2025, compared to RMB 2.60 in 2024, indicating a worsening of 102.7%[3] - The company reported a net loss attributable to shareholders of RMB (1,415,788) for 2025, compared to a loss of RMB (591,113) in 2024[17] - The company did not declare any cash dividends for 2025, while it paid RMB 170,015,000 in dividends in 2024[16] - The company recorded a loss of RMB 1,415.8 million for the year ended December 31, 2025, compared to a loss of RMB 591.1 million for the year ended December 31, 2024[83] Assets and Liabilities - The total assets as of December 31, 2025, amount to RMB 9,238,490,000, down from RMB 10,066,770,000 in 2024, a decrease of 8.2%[4] - Current liabilities increased to RMB 7,163,976,000 in 2025 from RMB 6,377,439,000 in 2024, an increase of 12.3%[4] - The non-current assets total RMB 8,995,217,000 in 2025, down from RMB 10,112,548,000 in 2024, a decrease of 11%[4] - The total non-current liabilities for 2025 were RMB 5,578,662, a decrease of 9.7% from RMB 6,179,773 in 2024[5] - The company's net asset value as of 2025 was RMB 3,659,828, down 5.8% from RMB 3,886,997 in 2024[5] Cash Flow and Financing - Cash and cash equivalents as of December 31, 2025, are RMB 2,992,960,000, compared to RMB 2,616,276,000 in 2024, an increase of 14.4%[4] - The total amount of bank and other borrowings due within one year was RMB 3,105.3 million, representing 53.9% of the total borrowings as of December 31, 2025[97] - The company had unutilized bank financing commitments of RMB 4,050.3 million as of December 31, 2025, down from RMB 5,973.7 million as of December 31, 2024[97] - The company has successfully built an A+H dual capital platform, reducing financing costs and supporting overseas capacity construction[45] - The net proceeds from the global offering amount to approximately HKD 1,291.67 million, with the issue price per H-share set at HKD 22.15 and the net price at approximately HKD 20.36[116] Research and Development - Research and development expenses decreased to RMB 110,590,000 in 2025 from RMB 206,953,000 in 2024, a reduction of 46.5%[3] - The company is committed to increasing R&D investment to maintain its leading position in photovoltaic battery technology[49] - The company is accelerating research and development of next-generation high-efficiency battery technologies, such as xBC batteries and perovskite tandem batteries, to maintain its industry-leading position[42] - The company aims to optimize TOPCon and xBC technologies to enhance production efficiency and reduce manufacturing costs, solidifying its advantage in N-type solar cell technology[58] Market and Industry Trends - The global photovoltaic (PV) power generation has become one of the most economical forms of electricity generation, with a projected 14% year-on-year increase in new PV installations in China, reaching 316.57 GW by 2025[33] - By the end of 2025, China's cumulative installed PV capacity is expected to reach 1.2 billion kW, representing a 35% year-on-year growth[33] - The penetration rate of N-type technology in battery production is over 90%, with TOPCon batteries becoming mainstream, further solidifying China's global technological leadership in the PV industry[35] - The domestic PV market is performing strongly, with a steady increase in installed capacity, driven by the ongoing demand for clean energy solutions[33] Operational Efficiency - The company’s production model focuses on self-research and self-production, aligning production plans with market demand[24] - The company emphasizes a sales model of self-production and self-sales, with a dedicated sales department to enhance customer service and manage sales contracts[26] - The company is enhancing production efficiency through methods such as reducing metal alloy usage and optimizing optical performance, which helps stabilize its technological advantages and reduce costs[42] Employee and Governance - Employee costs for the year ending December 31, 2025, total RMB 539.9 million, a decrease of approximately 33.5% from RMB 811.3 million for the year ending December 31, 2024[118] - The company has a total of 2,712 employees as of December 31, 2025, down from 3,163 employees as of December 31, 2024[118] - Changes in the board of directors include the resignation of Ms. Lu Xiaohong as executive director and chairperson, with Mr. Lu Xuyang appointed as the new executive director and chairperson[122] Risks and Challenges - The company faces market competition risks, emphasizing the need for continuous R&D investment to maintain its competitive edge in N-type cell technology[64] - The company is exposed to product price volatility risks due to upstream material costs and downstream demand fluctuations, which could adversely affect its financial performance[65] - The company is actively monitoring raw material price fluctuations, particularly for silicon wafers and silver paste, to mitigate risks associated with production costs[68] Strategic Initiatives - The company is strategically positioning itself to capture overseas market opportunities by collaborating with international component manufacturers and filling gaps in overseas production capacity[40] - The company plans to establish a 5GW high-efficiency battery production base in Oman, although progress has been affected by international trade conditions and geopolitical uncertainties[51] - The company is exploring new business opportunities in space photovoltaics and commercial satellites, although these areas face significant operational uncertainties[73][74]

Financial Performance - Revenue increased by 22.8% to MOP 1,850.5 million for the fiscal year 2025, compared to MOP 1,506.6 million in fiscal year 2024[3] - Net profit surged by 405.6% to MOP 20.7 million, primarily due to the increase in gross profit[3] - Basic and diluted earnings per share improved to MOP 0.37, compared to a loss of MOP 0.08 in the previous year[4] - The company reported a pre-tax profit of MOP 30,310,000 for 2025, compared to MOP 7,620,000 in 2024, indicating a significant improvement[12] - The net profit surged 405.6% to MOP 20.7 million, with a net profit margin of 1.1% compared to 0.3% in the previous fiscal year[48] Revenue Breakdown - The construction business generated MOP 590,678,000 in revenue for 2025, up 50.6% from MOP 391,434,000 in 2024[12] - The smart manufacturing segment reported revenue of MOP 1,258,968,000 in 2025, an increase of 13.1% from MOP 1,113,220,000 in 2024[12] - The electric vehicle business had total revenue of MOP 870,000 in 2025, down 54.7% from MOP 1,917,000 in 2024[12] - The contribution from the smart manufacturing business was MOP 1,259.0 million, up 13.1% year-on-year, accounting for 68.0% of total revenue[48] - The construction business contributed MOP 590.7 million, a 50.9% increase year-on-year, representing 31.9% of total revenue[48] Assets and Liabilities - Total assets increased to MOP 933.5 million, compared to MOP 792.3 million in the previous year[5] - The company’s equity attributable to owners rose to MOP 392.1 million, up from MOP 371.1 million in the previous year[5] - The total trade payables increased to MOP 220,883,000 in 2025 from MOP 172,627,000 in 2024[30] - The group has an outstanding bank loan of MOP 254.3 million as of December 31, 2025, down from MOP 257.7 million in 2024, and unused credit facilities of MOP 115.2 million[68] Cash Flow and Financial Position - Cash and cash equivalents increased to MOP 122.5 million, up from MOP 61.3 million in the previous year[5] - As of December 31, 2025, the group's current assets net value was MOP 240.1 million, with a current ratio of 1.3 times[68] - The capital debt ratio as of December 31, 2025, was 49.7%, improved from 53.5% in 2024[68] Contractual Obligations - The total value of uncompleted contracts in the construction business was MOP 539.0 million, down from MOP 682.1 million in the previous year[3] - The total value of uncompleted contracts in the smart manufacturing business was MOP 601.9 million, slightly down from MOP 618.1 million in the previous year[3] - The total contract assets decreased to MOP 53,972,000 in 2025 from MOP 62,065,000 in 2024, reflecting a reduction in customer contract assets[19] Market and Growth Opportunities - The group recorded significant growth in smart manufacturing, with expanding order contracts from Hong Kong and Singapore[37] - The group anticipates annual capital expenditure in Hong Kong to exceed HKD 120 billion over the next two to three years, driven by major projects like the Northern Metropolis[39] - The Asia-Pacific data center market is projected to reach USD 35.77 billion by 2026 and further increase to USD 94.12 billion by 2031, indicating sustainable demand for related infrastructure[40] - The company is expanding its production capacity with the second phase of the factory in Jiangmen, Guangdong, to enhance competitiveness in the smart machinery sector[51] Operational Highlights - The group successfully secured contracts for key construction projects, including the cultural center maintenance and the Ma Kok substation[38] - The group has completed the land acquisition for the second phase of its production base in Jiangmen, Guangdong, to meet strong demand for new materials[37] - The company delivered approximately 243,646 tons of customized new building materials, widely used in major projects across Macau, Hong Kong, Singapore, and Southeast Asia[50] Shareholder and Corporate Governance - The company did not declare any dividends for the year ending December 31, 2025, consistent with 2024[36] - The board did not recommend the payment of a final dividend for the year ending December 31, 2025[77] - The audit committee consists of three independent non-executive directors, ensuring effective financial reporting and risk management[83] - Deloitte has confirmed the financial statements for the year ending December 31, 2025, as approved by the board on March 30, 2026[84] Future Outlook - The group plans to actively explore high-growth markets such as Hong Kong and Singapore while extending new building materials and smart machinery products to other target markets including Australia and Southeast Asia[76] - The company continues to focus on expanding its electric vehicle services and smart manufacturing capabilities[9]

Financial Performance - The company's revenue for the year ended December 31, 2025, was RMB 1,729.4 million, a decrease of 12.9% compared to RMB 1,986.7 million in 2024[4]. - Gross profit for 2025 was RMB 655.6 million, down 4.6% from RMB 687.4 million in 2024, with a gross margin of 37.9%, an increase of 3.3 percentage points year-on-year[4][12]. - Net profit for 2025 increased by 21.3% to RMB 269.3 million from RMB 222.0 million in 2024[4][12]. - Adjusted net profit under non-IFRS was RMB 335.3 million, up 6.6% from RMB 314.6 million in 2024[4][12]. - Total revenue for the company in 2025 was RMB 880.8 million, with adjusted gross profit totaling RMB 286.6 million, both showing a decline compared to 2024[19]. - The group recorded a gross profit of approximately RMB 655.6 million, a decrease of 4.6% from RMB 687.4 million for the year ended December 31, 2024, with a gross margin improvement to 37.9% from 34.6%[45]. - The group recorded a fair value gain of approximately RMB 150.5 million from financial assets, reflecting increases in equity value from two incubated investment companies[51]. - The total comprehensive income for the year was RMB 251,554,000, compared to RMB 233,588,000 in 2024, representing an increase of 7.67%[86]. - The group reported a net loss from the fair value of investment properties of RMB 5,500,000 in 2025, with no such loss reported in 2024[118]. Client and Market Growth - The number of cumulative clients served by the company increased to 2,786 during the reporting period[12]. - The total number of CRO clients increased to 1,866, with the top ten clients contributing 25.7% of revenue; overseas revenue accounted for approximately 84.5% of total revenue, growing by about 1.3% year-on-year[14]. - Revenue from mainland China clients grew by approximately 27.7%, driven by a surge in domestic innovative drug BD transactions[14]. - The company anticipates continued growth in its CDMO business due to the commercialization of two new products[11][12]. - The company has achieved a 100% retention rate among its top ten customers, indicating strong customer loyalty and satisfaction[20]. Research and Development - R&D expenses increased by 14.2% to approximately RMB 100.5 million, driven by continued investment in new research platforms[49]. - The company delivered over 98,885 protein structures, with 16,169 new deliveries in 2025; it also researched over 2,345 independent drug targets, adding 247 new targets during the same period[15]. - The integration of AI technology into the SBDD platform has accelerated the efficiency of innovative drug development, leading to the successful advancement of multiple drugs to market[25]. - The company has established a comprehensive platform for new mechanism drug discovery and research, integrating various technologies such as protein production, cryo-electron microscopy, and drug screening[27]. - The company has created a new integrated innovation research and development system for next-generation conjugated drugs, driven by AI and multi-modal approaches[32]. Strategic Initiatives - The company plans to leverage AI technology in drug development, enhancing its CRO and CDMO services[11][12]. - Strategic partnerships with investors are expected to enhance governance, operations, and strategic planning for the company[12]. - The company is actively building an open cooperation platform for global biopharmaceutical innovators and a win-win ecosystem[39]. - The company is exploring strategic acquisitions to enhance its product portfolio and market reach, with a budget of $50 million allocated for potential deals[151]. Financial Stability and Investments - As of December 31, 2025, the total cash and cash equivalents amounted to approximately RMB 1,088.8 million, an increase of 15.6% from approximately RMB 941.7 million as of December 31, 2024[57]. - The asset-liability ratio as of December 31, 2025, was approximately 44.4%, down from 45.9% as of December 31, 2024[58]. - The company has realized investment returns of approximately RMB 83.6 million from multiple incubated companies, with a total of 93 startups incubated as of December 31, 2025[22]. - The company has established a RMB 25.0 million fund aimed at investing in the biopharmaceutical sector to incubate and develop quality pharmaceutical enterprises[24]. Operational Efficiency - The company is focused on enhancing operational efficiency and maintaining high profitability levels in its CRO business[13]. - The ongoing construction of new production facilities is expected to support the demand for new commercialized products in the next two years, ensuring sustainable revenue growth[20]. - The company aims to enhance its AI capabilities in drug development services and strengthen the synergy between CRO and CDMO businesses[39]. Shareholder Value and Corporate Governance - The board recommended not to declare a final dividend for the year ending December 31, 2025[73]. - The company has maintained the required public float as per listing rules[76]. - The company has adopted a standard code for the trading of securities by directors and senior management, confirming compliance during the reporting period[80]. - The board of directors remains committed to shareholder value, with plans to implement a share buyback program worth $10 million[151].

Financial Performance - Revenue for the year ended December 31, 2025, was HKD 370.7 million, a decrease of 43.9% compared to HKD 660.5 million in 2024[2]. - Gross profit for the same period was HKD 44.3 million, down 45.6% from HKD 81.4 million in 2024, resulting in a gross margin of 12.0%[2][4]. - Net profit attributable to equity holders for the year was HKD 7.6 million, a decline of 55.0% from HKD 16.9 million in 2024, with a net profit margin of 2.1%[2][4]. - Basic and diluted earnings per share for the year were HKD 0.0127, down 55.0% from HKD 0.0282 in 2024[2][4]. - The group's revenue for the fiscal year ending December 31, 2025, was approximately HKD 370,654,000, a decrease from HKD 660,549,000 in 2024, representing a decline of about 44%[19]. - Revenue from major customers contributing over 10% to the group's revenue totaled HKD 295,310,000 for 2025, down from HKD 587,706,000 in 2024, indicating a decrease of approximately 50%[16]. - The total expenses for cost of sales, selling and marketing expenses, and administrative expenses amounted to HKD 358,754,000 in 2025, down from HKD 629,278,000 in 2024, a reduction of approximately 43%[20]. - The income tax expense for the fiscal year 2025 was HKD 2,470,000, significantly lower than HKD 6,641,000 in 2024, representing a decrease of approximately 63%[22]. - Basic earnings per share for the fiscal year 2025 were HKD 0.0127, down from HKD 0.0282 in 2024, a decline of about 55%[24]. Assets and Liabilities - Total assets as of December 31, 2025, were HKD 221.9 million, a decrease from HKD 283.3 million in 2024[5][6]. - Total equity attributable to equity holders increased to HKD 93.99 million from HKD 86.12 million in 2024[5][6]. - Current liabilities decreased to HKD 126.1 million from HKD 195.7 million in 2024, indicating improved liquidity management[6]. - The group's accounts receivable as of December 31, 2025, were HKD 56,601,000, a decrease from HKD 91,794,000 in 2024, representing a decline of approximately 38%[27]. - Non-current assets, excluding deferred tax assets, in China amounted to HKD 1,567,000 in 2025, down from HKD 2,231,000 in 2024, indicating a decrease of about 30%[19]. - Total bank borrowings amounted to approximately HKD 4.7 million as of December 31, 2025, with a significant portion due within one year[43]. - The current ratio improved to 1.7 as of December 31, 2025, compared to 1.4 in 2024, indicating a strong liquidity position[44]. Operational Highlights - The company continues to provide a wide range of apparel supply chain services to globally recognized brands, focusing on woven garments and knitwear[7]. - The company has been listed on the Hong Kong Stock Exchange since January 15, 2013, enhancing its market presence[8]. - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance and transparency[10]. - The group recognized contract liabilities related to confirmed revenue of approximately HKD 1,759,000,000 for the fiscal year 2025, compared to HKD 1,009,000,000 in 2024, reflecting an increase of about 74%[16]. - The net impairment loss on financial assets was HKD 1,629,000 for 2025, compared to HKD 697,000 in 2024, indicating an increase of about 134%[21]. - Accounts receivable decreased by HKD 35.2 million to approximately HKD 56.6 million as of December 31, 2025, consistent with the decline in revenue[40]. - Inventory balance increased from approximately HKD 75.9 million in 2024 to approximately HKD 93.7 million in 2025, with inventory turnover days rising to 95 days from 38 days[39]. - Accounts payable increased from approximately HKD 93.6 million in 2024 to approximately HKD 94.0 million in 2025, with accounts payable turnover days increasing to 105 days from 51 days[42]. - Financial income decreased by 50.0% to approximately HKD 1.2 million in 2025, primarily due to a reduction in interest income from short-term deposits[37]. - Administrative expenses decreased to approximately HKD 31.4 million in 2025 from HKD 49.0 million in 2024, mainly due to the sale of a factory in Cambodia[35]. Strategic Outlook - The company plans to enhance product innovation and improve operational efficiency to shorten product delivery times in 2026[56]. - The company will continue to monitor domestic and international market changes and pandemic developments to respond flexibly[56]. - The company maintained a prudent financial management strategy, ensuring a healthy liquidity position throughout the review period[45]. - There were no significant capital commitments as of December 31, 2025, consistent with the previous year[49]. - The company had no major investments in other companies as of December 31, 2025[51]. - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during 2025[53]. - The company did not utilize any financial instruments to hedge foreign currency risks as of 2025[47]. - The company has adopted a share option scheme for directors and employees to encourage performance-based remuneration[50]. Governance - The executive directors of the company are Mr. Huang Zhishen and Ms. Huang Lihua[68]. - The independent non-executive directors include Mr. Huang Dinggan, Mr. Zhang Zhuoxiang, and Mr. Chen Zengwu[68]. - The group did not declare or approve any dividends for the fiscal years ending December 31, 2025, and 2024[26]. - There were no significant contingent liabilities as of December 31, 2025[55].