Financial Performance - For the fiscal year ending December 31, 2025, the total revenue decreased by 17.0% to RMB 1,091,373,000 from RMB 1,315,076,000 in 2024[4] - Gross profit fell by 20.9% to RMB 124,993,000 compared to RMB 158,071,000 in the previous year[4] - The profit attributable to equity holders of the company decreased by 25.2% to RMB 26,104,000 from RMB 34,901,000 in 2024[4] - Basic and diluted earnings per share dropped by 25.2% to RMB 9.70 from RMB 12.97 in 2024[4] - The group's total revenue for the year ended December 31, 2025, was approximately RMB 1,019.4 million, a decrease of about 17.0% compared to 2024[39] - The group reported a net profit attributable to the parent company of approximately RMB 26.1 million, a decrease of about 25.2% from 2024[39] - The total comprehensive income decreased by approximately 29.9% from RMB 33.3 million in 2024 to RMB 23.3 million in 2025[60] Revenue Breakdown - Revenue from online advertising services increased significantly by 36.6% to RMB 725,303,000 from RMB 530,689,000 in 2024[14] - Revenue from the exclusive licensed online gaming business decreased by 55.6% to RMB 335,485,000 from RMB 754,278,000 in the previous year[14] - Online advertising service revenue reached approximately RMB 725.3 million, an increase of about 36.7% year-over-year[39] - The revenue from exclusive licensed online games was approximately RMB 335.5 million, a decrease of about 55.5% compared to 2024[39] - Revenue from electronic device sales increased by over 100% from approximately RMB 484,000 in 2024 to approximately RMB 1.2 million in 2025[46] Assets and Liabilities - Total assets decreased to RMB 675,512,000 from RMB 679,109,000 in 2024, reflecting a slight decline[6] - Cash and cash equivalents decreased to RMB 429,260,000 from RMB 442,336,000 in 2024[6] - Trade receivables from third parties increased to RMB 161,566,000 in 2025 from RMB 156,159,000 in 2024, while the allowance for credit losses was RMB 7,745,000 in 2025[24] - Trade payables decreased to RMB 35,605,000 in 2025 from RMB 53,534,000 in 2024, indicating improved cash flow management[29] - As of December 31, 2025, the company has no bank borrowings, resulting in no capital to debt ratio presented[63] Expenses - Total gross profit decreased by approximately 20.9% from RMB 158.1 million in 2024 to RMB 125.0 million in 2025, with a gross profit margin decline from 12.0% to 11.5%[53] - Administrative expenses decreased by approximately 19.5% from RMB 54.1 million in 2024 to RMB 43.5 million in 2025[56] - Research and development expenses decreased by approximately 13.4% from RMB 43.0 million in 2024 to RMB 37.3 million in 2025[57] - Tax expenses increased by over 100% from approximately RMB 2.8 million in 2024 to RMB 8.8 million in 2025[59] User Engagement and Market Strategy - In 2025, the monthly active users of the company's computer and mobile device tool software reached approximately 94.8 million[32] - The online advertising service business continued to grow, driven by refined operations and expansion into overseas mobile tools, despite a competitive market[30] - The company plans to enhance AI technology to expand online traffic application scenarios and advertising formats to maintain growth momentum[30] - The online gaming business faced significant impacts due to a decline in web game market revenue, prompting the company to develop high-quality IP games and optimize operational efficiency[30] - The company is actively exploring overseas mobile e-commerce markets, achieving preliminary results while focusing on refining and upgrading traffic strategies[34] Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[90] - The audit committee has reviewed the annual results for the year ending December 31, 2025, and agreed with the accounting principles adopted by the company[91] - The company is committed to maintaining strict corporate governance and has complied with all applicable code provisions except for the separation of the roles of chairman and CEO[85][86] Future Outlook - The company plans to strengthen its R&D capabilities and expand its user base to ensure long-term sustainable development[41] - The group plans to continue expanding its overseas mobile tool business, focusing on efficiency tools, system tools, and AI application tools[36] - The exclusive online gaming business is committed to resource investment in new product development and operations, with several new games expected to launch in the first half of 2026[35]

Financial Performance - The revenue for Cowell e Holdings Inc. for the year ended December 31, 2025, reached approximately $3,500,054,000, an increase of about 40.3% compared to the previous year[2] - The net profit attributable to equity shareholders for the year ended December 31, 2025, was approximately $196,904,000, reflecting a growth of approximately 65.4% from the prior year[2] - Basic earnings per share for the year ended December 31, 2025, were $0.229, an increase of approximately 64.7% compared to $0.139 for the year ended December 31, 2024[5] - The total comprehensive income for the year ended December 31, 2025, amounted to $212,660,000, compared to $107,950,000 for the previous year[6] - The company reported a gross profit of $358,728,000 for the year ended December 31, 2025, compared to $290,907,000 in the previous year, marking a significant improvement[5] - The group's revenue increased from approximately $2,494.3 million in 2024 to $3,500.1 million in 2025, representing a growth of about 40.4%[29] - The net profit attributable to equity shareholders rose from approximately $119.1 million in 2024 to $196.9 million in 2025, an increase of about 65.3%[29] - For the fiscal year ending December 31, 2025, the group recorded gross profit, operating profit, and net profit of approximately $358.7 million, $239.9 million, and $194.9 million, respectively, compared to approximately $290.9 million, $156.4 million, and $120.4 million in 2024[36] Dividends - The company proposed a final dividend of HKD 0.35 per share for the year ended December 31, 2025[3] - Proposed final dividend per ordinary share for 2025 is HKD 0.35, compared to zero in 2024, indicating a return to dividend payments[26] - The board proposed a final dividend of HK$0.35 per share for the year ending December 31, 2025, compared to no dividend in 2024[30] - The board recommends a final dividend of HK$0.35 per ordinary share for the year ending December 31, 2025, compared to zero in 2024, pending shareholder approval[46] - The record date for the proposed final dividend is set for June 12, 2026, with the dividend expected to be paid around July 3, 2026[49] Assets and Liabilities - Non-current assets as of December 31, 2025, totaled $404,419,000, slightly down from $407,473,000 in 2024[7] - Total liabilities decreased from $764,777,000 in 2024 to $675,432,000 in 2025, indicating improved financial stability[8] - The company's equity attributable to equity shareholders increased to $726,128,000 in 2025 from $516,533,000 in 2024[8] - Total assets as of December 31, 2025, were $1,543.7 million, up from $1,442.6 million as of December 31, 2024, indicating a growth of approximately 7%[29] - The group's total assets as of December 31, 2025, are approximately $1,543.7 million, up from $1,442.6 million as of December 31, 2024[38] - The group has cash and cash equivalents of approximately $149.4 million as of December 31, 2025, compared to $113.3 million as of December 31, 2024[38] Operational Metrics - The largest customer accounted for 99% of total revenue in 2025, with sales to this customer amounting to $3,454,694,000, up from $2,418,117,000 in 2024[12] - Trade receivables at the end of 2025 amounted to HKD 578,195,000, compared to HKD 405,251,000 in 2024, an increase of 42.7%[23] - Trade payables at the end of 2025 were HKD 591,905,000, up from HKD 477,056,000 in 2024, reflecting a growth of 24.0%[24] Research and Development - Research and development costs, excluding depreciation and amortization, increased to HKD 96,430,000 in 2025 from HKD 70,150,000 in 2024, a rise of 37.5%[15][16] - The company plans to continue investing in R&D and optimizing its organizational structure to better respond to evolving customer technology needs[35] - The company is focusing on the development of MicroLED and related miniaturized optical technologies to ensure a leading position in high-performance displays[34] Market Outlook - The global economy is projected to grow by approximately 3.3% in 2026, supported by technological investments and policy support, which may benefit the company's growth[31] - The demand for optical technology and precision manufacturing capabilities is expected to rise due to the expansion of applications in smart terminals and machine vision[31] Corporate Governance - The board has reviewed the corporate governance practices and confirmed compliance with the corporate governance code during the fiscal year ending December 31, 2025[51] - The audit committee has reviewed the accounting principles and policies adopted by the group and believes that the financial statements fairly present the group's financial position and performance for the period[52] - The company has adopted the standard code for securities transactions by directors and confirmed compliance throughout the period[53] - No significant events affecting the company or its subsidiaries occurred after the reporting period that require disclosure[54] Employee Metrics - The group employed approximately 6,854 full-time employees as of December 31, 2025, an increase from 6,035 employees as of December 31, 2024[43] Other Financial Metrics - Employee costs rose to HKD 131,789,000 in 2025, up from HKD 125,079,000 in 2024, reflecting a growth of 5.4%[15] - Other income increased by 154.3% from a loss of approximately $23.0 million in 2024 to approximately $12.5 million in 2025, mainly due to a reduction in impairment losses on property, plant, and equipment[37] - Administrative expenses increased by approximately 18.0% to about $127.6 million in 2025, primarily due to an increase in R&D expenses of approximately $28.9 million[37] - Capital expenditures for the year ending December 31, 2025, are approximately $74.1 million, significantly lower than $248.0 million in 2024, reflecting purchases of additional machinery and equipment[41]

Financial Performance - The company's revenue for the year ending December 31, 2025, reached RMB 884.8 million, representing a 115.8% increase compared to RMB 410.0 million in 2024[3]. - Gross profit for 2025 was RMB 189.4 million, with a gross margin of 21.4%, compared to RMB 101.4 million and a gross margin of 24.7% in 2024, reflecting an 86.7% increase in gross profit[3]. - The net loss for 2025 was RMB 1,021.2 million, a 75.8% increase from a net loss of RMB 580.8 million in 2024[3]. - The adjusted net loss for 2025 was RMB 242.1 million, which is a 90.8% increase from RMB 126.9 million in 2024[3]. - Revenue from autonomous driving products and solutions reached RMB 843.0 million, accounting for 95.3% of total revenue, a 230.7% increase compared to RMB 254.9 million in 2024[25]. - Total revenue for the year ended December 31, 2025, was RMB 884.8 million, compared to RMB 410.0 million in 2024[23]. - The operating loss for 2025 was RMB 940.490 million, compared to an operating loss of RMB 478.503 million in 2024, indicating a significant increase in losses[65]. - The company reported a total comprehensive loss of RMB 1,021,259 thousand for the year, which includes a net loss of RMB 1,019,694 thousand[70]. Operational Highlights - The company delivered 630 autonomous mining trucks in 2025, achieving a remarkable 317.22% year-on-year growth compared to the previous year[5]. - Cumulative sales of autonomous mining trucks exceeded 1,500 units by February 28, 2026, with total operating mileage surpassing 16 million kilometers and total coal and ore transportation exceeding 140 million tons[5]. - The company has established a leading mixed-operation system for autonomous and manned vehicles, ensuring high-efficiency production under complex mining conditions[6]. - The company successfully delivered 12 autonomous mining trucks to Taiwan Cement's Yingde plant, marking its first deployment outside mainland China[7]. - Strategic partnerships have been formed with major clients, including China National Building Material Group, to promote the scaling of autonomous driving technology in global mining projects[8]. - The company aims to enhance its industry ecosystem and deepen strategic customer relationships, contributing to significant economic benefits for clients through the implementation of autonomous operations[8]. Research and Development - The company has applied for a total of 592 patents and has been granted 369, solidifying its technological moat in the autonomous driving and AI integration sectors[10]. - The company is focusing on commercializing autonomous driving in specific scenarios such as dedicated roads and port hubs to establish industry benchmarks[16]. - The company is actively collaborating with energy companies to develop intelligent scheduling and energy management systems for mining scenarios, aiming to reduce electricity costs and carbon emissions[11]. - The company is developing the world's first intelligent scheduling system for open-pit mining, integrating data from autonomous mining trucks and energy consumption[12]. - The company is enhancing its product offerings in intelligent sensing technology, with the SIL4 level products achieving mass delivery and expanding into new scenarios[9]. Financial Position - Cash and cash equivalents as of December 31, 2025, amounted to RMB 1,383.7 million, up from RMB 306.4 million as of December 31, 2024[42]. - The company’s borrowings increased to RMB 508.2 million as of December 31, 2025, from RMB 237.7 million in 2024[44]. - The company reported a significant increase in financial costs, totaling RMB 142,271 thousand compared to RMB 135,716 thousand in the previous year[71]. - The company's total assets increased to RMB 2,981,774 thousand in 2025, up from RMB 1,243,232 thousand in 2024, representing a growth of 139.8%[67]. - Total liabilities decreased to RMB 1,251,940 thousand in 2025 from RMB 2,361,107 thousand in 2024, a reduction of 47%[68]. - The company's net assets improved to RMB 1,729,834 thousand in 2025, compared to a negative net asset of RMB (1,117,875) thousand in 2024[68]. Employee and Operational Costs - The total employee cost for the reporting period is RMB 800.8 million, an increase from RMB 474.2 million in 2024[51]. - R&D expenses rose from RMB 193.2 million in 2024 to RMB 374.5 million in 2025, primarily due to non-cash expenses related to a share incentive plan[31]. - Selling expenses increased from RMB 64.4 million in 2024 to RMB 132.9 million in 2025, also linked to the share incentive plan[32]. - General and administrative expenses grew from RMB 300.7 million in 2024 to RMB 491.1 million in 2025, driven by costs associated with the share incentive plan and listing expenses[33]. Future Outlook - The company plans to expand its core technology applications and scenarios, focusing on high-value, high-safety requirements in autonomous heavy truck operations, with the smart port project officially launching in 2025[9]. - Future plans include deepening strategic layouts and expanding the scale of "Technology + Insurance" applications in the new energy commercial vehicle sector[21]. - The company plans to publish its annual report for the year ending December 31, 2025, on the Hong Kong Stock Exchange website and its own website[126].

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佈之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份 內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 SHUN TAK HOLDINGS LIMITED 信 德 集 團 有 限 公 司 （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） （股份代號：242） 網址：http://www.shuntakgroup.com 二零二五年年度業績公佈 本集團業績 信德集團有限公司（「本公司」）董事會（「董事會」）宣佈本公司及其附屬公司（「本集 團」）截至二零二五年十二月三十一日止年度之綜合年度業績。 本年度本公司擁有人應佔綜合虧損為港幣478百萬元（二零二四年：港幣824百萬 元）。擁有人應佔相關溢利（就本集團及其合營投資及聯營公司的投資物業產生之未變 現公平價值變動作出調整後）（已扣除稅項）將為港幣182百萬元（二零二四年：虧損港 幣244百萬元）。每股基本虧損為15.8港仙（二零二四年：27.3港仙）。 股息 董事會不建議就截至二零二五年十二月三十一日止年度派發任何末期股息（二零二四 年：無）。年內董事 ...

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。 CAPITAL ESTATE LIMITED 冠中地產有限公司 （於香港註冊成立之有限公司） （股份代號：193） 截至二零二六年一月三十一日止六個月 中期業績 冠中地產有限公司（「本公司」）董事宣佈本公司及其附屬公司（「本集團」）截至二 零二六年一月三十一日止六個月的未經審核綜合業績，連同截至二零二五年一月 三十一日止六個月的比較數字如下： 簡明綜合損益及其他全面收益表 截至二零二六年一月三十一日止六個月 | | | 截至下列日期止六個月 | | | --- | --- | --- | --- | | | | 二零二六年 | 二零二五年 | | | | 一月三十一日 | 一月三十一日 | | | 附註 | 千港元 | 千港元 | | | | （未經審核） | （未經審核） | | 期內虧損 | 6 | (170) | (9,236) | | 其他全面收益（開支）： | | | | | 其後可能重列為損益 ...

Financial Performance - The company reported a total revenue of RMB 7,135.29 million for the year ending December 31, 2025, representing a year-on-year growth of 35.6%[4] - Adjusted net profit attributable to the company's owners reached RMB 17.84 million, marking a significant turnaround from a loss of RMB 264.99 million in the previous year[4] - Gross profit for 2025 was RMB 2,483,436 thousand, compared to RMB 2,244,829 thousand in 2024, reflecting a gross margin improvement[32] - The company reported a net loss of RMB 37,778 thousand for 2025, significantly improved from a net loss of RMB 296,267 thousand in 2024[32] - Total revenue for 2025 reached RMB 7,135,286 thousand, a 35.6% increase from RMB 5,260,650 thousand in 2024[32] - The annual loss attributable to the owners of the parent company was RMB 26.266 million, a significant reduction of 90.2% compared to a loss of RMB 268.788 million in 2024[55][64] - The adjusted net profit for the year was RMB 6.3 million, a turnaround from an adjusted net loss of RMB 29.25 million in 2024[64] Business Growth and Development - The company has signed contracts with over 1,000 clients across more than 20 high-value industries, with a backlog of orders exceeding RMB 8.9 billion[6] - The AI Platform, as the core driver, contributed RMB 6,552 million in revenue, accounting for 91.8% of total revenue, with a year-on-year growth of 32.0%[7] - The API business, driven by a token model, achieved revenue of RMB 79.90 million, reflecting an explosive growth of 129.2% year-on-year[7] - The Agentic AI business generated RMB 503 million in revenue, with a year-on-year increase of 93.2%, showcasing strong growth momentum[7] - The overall performance reflects a robust development across all business lines, benefiting from domestic "AI+" policies and strong demand for domestic alternatives[5] Product and Service Innovations - The company launched the ModelHub XC platform on September 22, 2025, aimed at addressing industry pain points in model adaptation and management[9] - The company has integrated over 30,000 compatible models into its platform, with plans to increase this number to 100,000 within six months[14] - The introduction of the Virtual VRAM expansion card allows for GPU memory expansion up to 256GB without hardware changes, addressing hardware bottlenecks for large-scale AI tasks[11] - The company aims to provide a comprehensive service system combining "cloud + computing power + AI capabilities" to simplify AI deployment for customers[13] - The company launched PhanRouter, a core product for model API integration, which supports over 30,000 models and covers major domestic chip manufacturers, enhancing operational efficiency and cost control[17] Token and Payment Models - The API business, centered around the Phanthy Pantheon platform, is the fastest-growing growth driver, supporting a token payment ecosystem[16] - The integration of token payment models across products enhances customer flexibility and payment stickiness, driving scalable growth in cloud services[12] - The company adopted a "pay-as-you-go" token payment model, leading to a significant increase in token consumption, with single-task token usage rising from hundreds to millions, driven by the scaling application of AI agents[19] - The token business is projected to generate revenue of RMB 80 million in 2025, representing a year-on-year growth of 129.2% and accounting for 1.1% of total group revenue[19] Research and Development - Research and development expenses increased to RMB 2,337,401 thousand in 2025 from RMB 2,169,767 thousand in 2024, indicating a focus on innovation[32] - The company is focused on research and development to advance its AI technologies and software solutions[125] Corporate Governance and Compliance - The audit committee consists of two independent non-executive directors and one non-executive director, ensuring compliance with applicable accounting standards and regulations[114] - The company has adopted the standard code for securities trading by directors, confirming compliance throughout the reporting period[111] - The company will continue to review and monitor its corporate governance practices to maintain high standards[110] - The company’s financial reporting adheres to International Financial Reporting Standards[121] Social Responsibility and ESG - The company emphasizes the importance of a robust ESG management system to effectively fulfill environmental and social responsibilities, integrating sustainable development into its overall strategy[28] - The company is committed to using advanced AI technology to assist carbon-intensive industries in achieving green transformation, while also investing in public safety, cultural education, and environmental protection[29] - During the reporting period, the company developed an AI-based flood prevention model to enhance public safety governance and donated RMB 2 million for disaster relief efforts in affected areas[30] Employee and Operational Metrics - The company has a total of 619 employees as of December 31, 2025, down from 967 employees as of December 31, 2024[102] - Total employee costs during the reporting period amounted to approximately RMB 275.7 million, which includes salaries, bonuses, and other employee benefits[102] Market Position and Strategy - The company has maintained its position as the leading player in China's machine learning platform market for seven consecutive years, according to IDC[6] - The company aims to enhance its market presence through strategic expansions and potential acquisitions[123] - The company is committed to promoting domestic AI infrastructure and supporting enterprises in their digital transformation efforts[13]

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 278,161,000, an increase of 7.5% from RMB 258,934,000 in 2024[4] - Operating profit for 2025 was RMB 104,028,000, a slight decrease of 2.1% compared to RMB 106,251,000 in 2024[4] - Profit before tax for 2025 was RMB 75,413,000, down 1.6% from RMB 76,662,000 in 2024[4] - Annual profit for 2025 increased to RMB 57,525,000, up 4.4% from RMB 55,082,000 in 2024[4] - Basic and diluted earnings per share for 2025 were RMB 1.50, compared to RMB 1.47 in 2024, reflecting a growth of 2.0%[4] - The total comprehensive income for 2025 was RMB 57,396,000, an increase from RMB 53,915,000 in 2024, reflecting a growth of 6.9%[6] - The company reported a pre-tax profit of RMB 30,438,000 in 2025, compared to RMB 40,883,000 in 2024, showing a decline of approximately 25.5%[16] - Annual profit increased by 4.4% to RMB 57.5 million, while net profit margin slightly decreased to 20.7%[46] Revenue Breakdown - Revenue from railway freight services increased to RMB 236,189,000 in 2025, up from RMB 222,443,000 in 2024, representing a growth of approximately 6.5%[13] - Total revenue from customer contracts reached RMB 278,161,000 in 2025, compared to RMB 258,934,000 in 2024, marking an increase of about 7.4%[13] - The company's revenue increased by 7.4% from RMB 258.9 million in 2024 to RMB 278.2 million in 2025, primarily driven by a RMB 13.8 million increase in railway freight revenue and a RMB 5.5 million increase in auxiliary service revenue[39] - Railway freight revenue increased by 6.2% to RMB 236.2 million, driven by growth in coal, anthracite, and mineral powder volumes[40] - Auxiliary service revenue rose by 15.0% to RMB 42.0 million, primarily due to increases in asset leasing and freight yard service fees[40] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 1,470,651,000, an increase from RMB 1,374,549,000 in 2024[7] - Non-current assets increased to RMB 1,170,938,000 in 2025 from RMB 1,044,593,000 in 2024, representing a growth of 12.1%[7] - Current liabilities rose to RMB 279,517,000 in 2025, compared to RMB 202,942,000 in 2024, indicating a 37.5% increase[7] - The company’s total liabilities for bank loans due within one year increased to RMB 217.1 million in 2025 from RMB 157.2 million in 2024[15] - The total amount of bank and other loans increased to RMB 532.98 million in 2025 from RMB 521.77 million in 2024[33] Dividends - The company did not recommend a final dividend for the year ended December 31, 2025, compared to a dividend of RMB 0.6 per share for 2024[4] - The company approved a final dividend of RMB 0.6 per share for the previous year, amounting to RMB 23,151,000 in 2025, compared to RMB 22,001,000 in 2024[21] - The board of directors does not recommend a final dividend for the year ending December 31, 2025, compared to a dividend of RMB 0.006 per share for the year ending December 31, 2024[65] Operational Highlights - Railway freight volume reached 15.5 million tons in 2025, a 0.6% increase or 0.1 million tons compared to 15.4 million tons in 2024[36] - Coal transportation via railway increased by 6.3% to 5.5 million tons, while the transportation of lanthanum coal rose by 15.5% to 1.5 million tons[35] - The company reported a significant decrease in oil product transportation, which fell by 46.1% to 0.5 million tons[35] Financing and Costs - The total financing costs for 2025 were RMB 28,611,000, a slight decrease from RMB 29,589,000 in 2024, reflecting a reduction of about 3.3%[16] - Financing costs decreased by 3.3% to RMB 28.6 million, attributed to lower borrowing rates[44] - Tax expenses fell by 17.1% to RMB 17.9 million, with the effective tax rate decreasing to 23.7%[45] Corporate Governance - The company has maintained high levels of corporate governance since its listing on October 23, 2020, ensuring the interests of all shareholders and stakeholders are properly managed[58] - The company has adopted the best corporate governance practices and has complied with all applicable code provisions during the reporting period[60] - The company acknowledges the contributions of its management team, employees, shareholders, investors, and business partners[69] Future Plans - The company plans to expand its operations by constructing new branch lines, with approval obtained from the Hebei Provincial Development and Reform Commission in January 2024, and construction commenced by the end of 2024[37] - The company emphasizes continuous review and adjustment of its business strategies to respond to changing market conditions[58] - The company aims to create value for customers, welfare for employees, benefits for the business, and wealth for society[59] Meeting and Reporting - The company will hold its annual general meeting on June 17, 2026, with a record date for voting rights set for June 17, 2026[64] - The report period ends on December 31, 2025[71] - The company is listed on the main board of the Hong Kong Stock Exchange[71]

Financial Performance - Revenue decreased by approximately 20% to RMB 6,163.6 million for the year ended December 31, 2025, compared to RMB 7,724.3 million in 2024[2] - The loss attributable to equity shareholders was approximately RMB 2.4 million, a significant decline from a profit of RMB 67.8 million in 2024[2] - Basic loss per share was approximately RMB 0.01, compared to earnings of RMB 0.18 per share in 2024[2] - Operating profit decreased to RMB 55.3 million from RMB 122.9 million in the previous year[3] - Total comprehensive loss for the year was RMB 2.2 million, compared to a total comprehensive income of RMB 71.3 million in 2024[4] - The group reported a gross profit of RMB 339.0 million, down from RMB 439.9 million in 2024[3] - The company reported a pre-tax profit of RMB 31,876,000 for 2025, significantly lower than RMB 94,313,000 in 2024, marking a decrease of around 66.2%[23] - Gross profit for 2025 was RMB 339.0 million, with a gross margin of 5%, down from 6% in 2024, attributed to a shift towards new energy vehicles[53] - The group reported a net loss of approximately RMB 0.9 million in 2025, a decrease of about RMB 71.6 million compared to a profit of RMB 70.7 million in 2024[61] Revenue Breakdown - Revenue from the sale of refined oil and natural gas dropped from RMB 7,635,274 thousand in 2024 to RMB 6,108,800 thousand in 2025, a decrease of approximately 20.0%[17] - Revenue from transportation services decreased from RMB 75,212 thousand in 2024 to RMB 54,824 thousand in 2025, reflecting a decline of about 27.2%[17] - Revenue from external customers for 2025 reached RMB 6,163,633,000, a decrease from RMB 7,724,326,000 in 2024, representing a decline of approximately 20.2%[21] - Reportable segment revenue for 2025 was RMB 6,216,192,000, down from RMB 7,801,266,000 in 2024, indicating a decrease of about 20.3%[23] - The company recorded a revenue of approximately RMB 5,963 million from refined oil sales in 2025, a decrease of about 19% year-on-year, accounting for approximately 97% of total revenue for the year[49] - Natural gas sales revenue was RMB 145.8 million in 2025, a decline of 42% year-on-year, representing 2% of total revenue for the year[50] Asset and Liability Changes - Non-current assets decreased to RMB 504.0 million from RMB 543.6 million in 2024[5] - Current liabilities increased to RMB 701.4 million from RMB 445.2 million in the previous year[5] - The company's non-current liabilities decreased from RMB 228,305 thousand in 2024 to RMB 156,890 thousand in 2025, representing a reduction of approximately 31.3%[6] - The net asset value of the company decreased from RMB 547,955 thousand in 2024 to RMB 531,547 thousand in 2025, a decline of about 3.0%[6] - The company’s total equity decreased from RMB 547,955 thousand in 2024 to RMB 531,547 thousand in 2025, a decline of approximately 3.0%[6] - The company’s capital and reserves decreased from RMB 510,671 thousand in 2024 to RMB 493,042 thousand in 2025, a reduction of about 3.5%[6] Operational Insights - The company operates primarily through gas stations and storage facilities, retailing refined oil and natural gas, and providing transportation services[14] - The company leveraged its subsidiary, Jilin Province Jieli Logistics Co., Ltd., to enhance transportation capabilities for liquefied petroleum gas and gasoline[48] - The company is expanding its gas station network through partnerships with smaller gas stations, allowing customers to use prepaid cards for purchasing refined oil and natural gas[49] - The overall operating environment for the oil and gas station industry remains weak due to increased competition and transparency in the refined oil market[44] - The demand structure for crude oil in China is experiencing a transition, with traditional fuel demand growth slowing due to the penetration of new energy vehicles and energy-saving policies[45] Employee and Cost Management - Employee costs for 2025 amounted to RMB 148,106,000, down from RMB 159,090,000 in 2024, a reduction of about 6.9%[26] - Financing costs were approximately RMB 24.6 million in 2025, down from RMB 29.7 million in 2024, due to reduced interest expenses from lease liabilities[57] Corporate Governance and Compliance - The company has complied with the corporate governance code except for the absence of independent non-executive directors at the annual general meetings held on June 19, 2025, and December 30, 2025, due to overseas commitments[88] - The audit committee, established on September 21, 2017, is responsible for reviewing the group's financial reporting, risk management, and internal control systems[90] - The auditors, KPMG, confirmed that the financial data disclosed in the preliminary announcement is consistent with the audited financial statements for the year ending December 31, 2025[95] Future Outlook and Strategy - The company plans to enhance operational efficiency and resilience against market volatility while focusing on disciplined pricing strategies in the retail sector[83] - The company will continue to monitor the integration of gas stations in Northeast China and the development trends of new energy sources like hydrogen to support long-term stable growth[84]

Financial Performance - Revenue increased by 3.5% to HKD 148,850,000[5] - Gross profit surged by 526.3% to HKD 46,220,000[5] - Operating loss decreased by 73.8% to HKD 31,360,000[5] - Loss attributable to owners of the company reduced by 69.3% to HKD 34,010,000[5] - Basic loss per share decreased by 69.3% to HKD 4.85[5] - The group reported a net loss attributable to shareholders of HKD 34,010,000 for 2025, compared to a net loss of HKD 110,765,000 in 2024, indicating an improvement in financial performance[27] - The net impairment loss on financial and contract assets was approximately HKD 44,470,000, a decrease of about HKD 35,140,000 from HKD 79,610,000 in 2024[47] - Other net income for the year was approximately HKD 1,520,000, compared to a net loss of HKD 5,160,000 in 2024[48] Assets and Liabilities - Total assets amounted to HKD 303,057,000, down from HKD 350,878,000[8] - Total liabilities decreased to HKD 133,241,000 from HKD 153,272,000[8] - Non-current assets decreased to HKD 76,338,000 from HKD 82,719,000[7] - The total assets of the group as of December 31, 2025, amounted to HKD 303,057,000, a decrease from HKD 350,878,000 in 2024, reflecting a decline of 13.6%[20] - The group’s liabilities totaled HKD 133,241,000 as of December 31, 2025, a decrease from HKD 153,272,000 in 2024, indicating a reduction of 13.1%[20] Revenue Breakdown - The group's revenue for the year ending December 31, 2025, was HKD 148,854,000, with HKD 140,586,000 from the tobacco packaging business and HKD 8,268,000 from environmental management[18] - For the year ending December 31, 2024, the group's total revenue was HKD 143,768,000, with HKD 132,636,000 from tobacco packaging and HKD 11,025,000 from environmental management[19] - The revenue from cigarette packaging products was HKD 140,586,000, an increase from HKD 132,636,000 in 2024, representing a growth of 3.6%[21] - The revenue from environmental and ecological restoration contracts was HKD 8,268,000 in 2025, a decrease from HKD 11,025,000 in 2024, reflecting a decline of 25.1%[21] Operating Segments - The operating loss for the tobacco packaging segment was HKD 11,691,000, while the environmental management segment reported an operating loss of HKD 1,773,000, resulting in a total operating loss of HKD 31,356,000 for the group[18] - The operating loss for the tobacco packaging segment in 2024 was HKD 6,618,000, while the environmental management segment experienced a significant loss of HKD 41,836,000, contributing to a total operating loss of HKD 119,892,000 for the group[19] Cash Flow and Financing - The group’s net financing income for the year ending December 31, 2025, was HKD 495,000[18] - The group's net cash and cash equivalents total approximately HKD 87,950,000 as of December 31, 2025, an increase from HKD 63,370,000 in 2024[58] - Operating cash flow for 2025 is HKD 27,894,000, up from HKD 17,193,000 in 2024[59] - The group had no borrowings as of December 31, 2025, compared to HKD 10,260,000 in borrowings in 2024[60] Capital Expenditures - Capital expenditures involve the acquisition of property, plant, equipment, intangible assets, investment properties, and prepayments for non-current assets[17] - The group’s capital expenditure for the year ended December 31, 2025, was HKD 2,650,000, a significant decrease from HKD 5,815,000 in 2024, representing a reduction of 54.4%[20] - The total capital expenditure for the year is approximately HKD 2,650,000, down from HKD 5,820,000 in 2024[62] Impairment and Receivables - The impairment losses on trade receivables amounted to HKD 36,494,000 in 2025, compared to HKD 18,995,000 in 2024, indicating an increase of 92.1%[24] - The provision for impairment of trade receivables increased to HKD 90,460,000 in 2025 from HKD 58,884,000 in 2024, representing a rise of about 53.6%[34] - Trade receivables decreased to HKD 91,412,000 in 2025 from HKD 143,601,000 in 2024, indicating a decline of approximately 36.3%[34] Corporate Governance - The company is committed to maintaining high standards of corporate governance to ensure competitiveness and healthy growth[72] - The board held only two regular meetings during the year, which is below the recommended frequency of four meetings per year[74] - The board believes that having the same individual serve as both chairman and CEO does not imbalance power and authority within the company[73] Dividend Policy - The board does not recommend the payment of a final dividend for the year ended December 31, 2025[5] - The group did not recommend any dividend payment for the year, consistent with the previous year[29] - The group did not recommend the payment of a final dividend for the year due to the recorded loss[52] Future Outlook - The group expects that the adoption of new accounting standards will not have a significant impact on its financial performance, except for HKFRS 18, which will affect the presentation of comprehensive income[14] - The environmental management business is expected to face challenges due to tight local government finances, with low chances of being awarded new ecological restoration projects[69]

Financial Performance - The group's revenue for the year ended December 31, 2025, was RMB 4,008.8 million, a decrease of 9.8% compared to RMB 4,446.1 million for the year ended December 31, 2024[2]. - Net profit for the year ended December 31, 2025, was RMB 161.5 million, down 73.0% from RMB 598.3 million in the previous year, primarily due to an impairment of goodwill related to Etern Group Ltd. amounting to RMB 283.3 million[2][7]. - Adjusted net profit under non-IFRS was RMB 455.5 million, a decrease of 24.4% from RMB 602.3 million for the year ended December 31, 2024[2][7]. - Gross profit for the fiscal year was RMB 1,023.5 million, with a gross margin of 25.5%[42]. - Operating profit decreased significantly to RMB 393,425, a decline of 52.0% from RMB 821,144 in the previous year[109]. - Basic and diluted earnings per share for 2025 were RMB 0.27, down from RMB 0.95 in 2024[109]. Cash Flow and Debt Management - The group's operating cash flow for the year ended December 31, 2025, was RMB 950.0 million, an increase of 34.4% compared to the previous year[2]. - Free cash flow for the year ended December 31, 2025, was RMB 466.4 million, a significant increase of 407.0% from the previous year[3]. - The group's interest-bearing debt as of December 31, 2025, was RMB 2,436.2 million, a decrease of RMB 343.0 million or 12.3% from the previous year[3]. - Interest-bearing debt decreased by RMB 343 million year-on-year, down 12.3%, with a debt-to-asset ratio of 28.9%, a decline of 7.4 percentage points compared to the previous year[11]. - Cash and cash equivalents as of December 31, 2025, amount to RMB 429.2 million, with total financial assets at fair value through profit or loss at RMB 259.0 million, resulting in a total cash and cash equivalents increase of 13.4% from RMB 652.9 million in 2024[57]. - Total liabilities as of December 31, 2025, are RMB 3,880.4 million, a decrease of 8.8% from RMB 4,254.9 million in 2024[64]. Operational Highlights - Patient satisfaction increased to 98.54%, up 1.51 percentage points from the previous year, with a goal of achieving 100% satisfaction[8]. - The number of key specialties increased from 8 to 38 over the past three years, enhancing the group's competitive edge in critical care services[9]. - The group operates 17 hospitals focused on oncology and has one under construction, with a total of approximately 1,200 acres of medical land and about 940,000 square meters of medical facilities[9]. - The proportion of revenue from oncology-related services was 44.3% in 2025, showing a stable increase compared to the previous year, with over 102,000 surgeries performed, including a 6.4 percentage point increase in the proportion of high-level surgeries[16]. - The company has established partnerships with over 70 insurance companies to enhance the efficiency and convenience of medical services for commercial insurance patients[18]. Strategic Initiatives - The company is focusing on expanding non-medical insurance services and health management offerings to meet diverse patient needs, driven by increasing disposable income and aging population[18]. - The company has initiated a share repurchase plan of RMB 200 million, having repurchased 13.0252 million shares, which is 2.06% of the total shares before cancellation[13]. - The company plans to enhance its comprehensive medical capabilities focusing on oncology and critical care, and to develop international medical projects to meet diverse patient needs[37]. - The company is actively exploring mergers and acquisitions to capitalize on industry consolidation opportunities[38]. Innovation and Technology - The company has implemented AI applications to enhance operational efficiency and service experience, focusing on AI-assisted personalized precision radiotherapy and imaging diagnosis in oncology[19]. - The company has developed an AI customer service system to improve patient satisfaction through virtual guidance, consultation, health education, and brand promotion[19]. - The company has actively pursued innovative applications of AI in medical scenarios, including the integration of brain-machine interfaces in neurosurgery and rehabilitation[19]. Corporate Governance and ESG - The company is committed to maintaining high corporate governance standards to protect shareholder interests and enhance corporate value[99]. - The audit committee, consisting of three independent non-executive directors, oversees compliance, accounting policies, and financial reporting procedures[102]. - The group has received multiple honors for its ESG efforts, including recognition from the Central Committee of the Communist Party of China and various local governments[31]. - The group’s ESG performance has been rated "A" by Wind, placing it in a leading position among Hong Kong-listed healthcare service companies[34]. Employee and Shareholder Information - The total number of employees as of December 31, 2025, was 7,906, a decrease from 8,169 employees as of December 31, 2024[87]. - Total employee compensation, including directors' remuneration, amounted to RMB 1,331.1 million for the year ending December 31, 2025, down from RMB 1,456.1 million for the year ending December 31, 2024[89]. - The group did not declare any final dividend for the year ended December 31, 2025[83]. - The company has not exercised any stock options during the reporting period[90].