Financial Performance - SmarTone reported a shareholder profit of HK$278 million for the first half of the 25/26 fiscal year, an 8% year-on-year increase[24]. - Shareholder profit attributable to the group increased by 8% to HK$278 million compared to HK$257 million in the same period last year[35]. - Total revenue for the group was HK$3,561 million, a 2% increase from HK$3,492 million in the same period last year, primarily due to increased sales of mobile phones and accessories[36]. - Total revenue for the six months ended December 31, 2025, was HKD 3,561,288, up from HKD 3,491,538 in 2024[109]. - The profit attributable to shareholders for the six months ended December 31, 2025, was HKD 278,325, compared to HKD 256,658 in 2024[109]. - Basic and diluted earnings per share for the period were both 25.3 cents, an increase from 23.3 cents in 2024[109]. - Operating profit for the six months ended December 31, 2025, was HKD 391,598, down from HKD 419,512 in 2024[109]. - The company reported a net profit of HKD 278,325,000 for the six months ended December 31, 2025, compared to HKD 256,658,000 in the previous period, reflecting a growth of 8.4%[121]. Customer Growth and Retention - The number of mobile service monthly fee plan customers grew by 2% year-on-year, with a low churn rate of 0.7%[24]. - The penetration rate of personal roaming customers increased to 70%, with continuous growth in personal roaming usage[24]. - The company is expanding its customer base and improving retention rates among high-end customers[24]. Revenue Streams - Local service revenue reached HK$1.871 billion, a 3% increase compared to the second half of the 24/25 fiscal year[24]. - Revenue from mobile communication services for the six months ended December 31, 2025, was HKD 2,182,339, a decrease of 5.2% from HKD 2,303,422 in 2024[143]. - Revenue from mobile phone and accessories sales increased to HKD 1,378,949, up 16.1% from HKD 1,188,116 in 2024[143]. Cost Management and Efficiency - Operating costs were reduced by 6% year-on-year due to increased AI application and streamlined operations[24]. - The service EBITDA margin remained stable at a healthy level of 54%[24]. - Employee costs and other operating expenses decreased by 5% and 7% to HK$340 million and HK$432 million, respectively[36]. - The company is committed to maintaining strict cost measures and achieving continuous structural efficiency improvements[24]. Investments and Infrastructure - The company is investing in next-generation digital infrastructure to support the development of the Northern Metropolis area, including advanced 5G network architecture[26]. - The company launched a comprehensive recycling program to address electronic waste and promote environmental protection[98]. - New services launched in the past six months aim to enhance customer experience and address daily pain points, including AI and network slicing technologies[27]. Leadership and Governance - The company has a strong leadership team with diverse backgrounds in finance, technology, and corporate governance, contributing to its strategic direction[61]. - Zou Jingen has been instrumental in leading the company's technology innovation and operational strategies since joining in 1993, enhancing competitive advantages in a challenging market[58]. - Liu Ruohong has been with the company since February 2023, previously holding various leadership roles in business development and corporate strategy[55]. - The company is focused on expanding its leadership in the real estate sector through strategic appointments and governance improvements[66]. Financial Position and Assets - Total equity as of December 31, 2025, was $5,391,000,000, an increase from $5,305,000,000 as of June 30, 2025[38]. - Cash and bank balances increased by $407,000,000 or 20% to $2,435,000,000 as of December 31, 2025[38]. - The group’s total borrowings were $59,000,000 as of December 31, 2025, down from $62,000,000 as of June 30, 2025[38]. - Total non-current assets decreased from HKD 7,860,433,000 on June 30, 2025, to HKD 7,477,581,000 on December 31, 2025, a decline of approximately 4.9%[114]. Tax and Financial Risks - The income tax expense was $101,000,000, reflecting an effective tax rate of 26.7%[37]. - The financial risk factors faced by the company include market risk, credit risk, and liquidity risk, which are detailed in the annual financial statements[129]. - The company’s credit risk exposure is monitored based on external credit ratings, with a total credit loss of HKD 192,063,000 recognized for stage three financial assets as of December 31, 2025[133]. Corporate Governance - The company adhered to the corporate governance code principles during the six-month period, with 91% of independent and non-executive directors attending the annual general meeting[189]. - The audit committee reviewed the interim financial statements for the six months ending December 31, 2025, and found the accounting policies and calculations appropriate and consistent with industry standards[187]. - All directors confirmed compliance with the standard code of conduct for securities transactions during the six-month period ending December 31, 2025[191].

Business Growth and Expansion - Hysan's retail business recorded over 10% growth in foot traffic and tenant sales since Q2 2025, outperforming the local retail market recovery[17] - The completion of the Lee Garden Eight project is expected to increase the total leasable area by nearly 30%, with anticipated foot traffic growth of over 20% due to the new regional court[13] - Hysan's collaboration with IWG in the Greater Bay Area continues to show encouraging growth, contributing to the expansion of Hysan's business in the region[16] - Hysan's strategic focus on diversifying its business and geographic expansion is evident through its successful entry into the mainland China market[15] - The company is focused on strategic growth pillars that promote regional expansion and core business development opportunities[37] Retail and Brand Development - Over 50 new brands were introduced to the Lee Garden area, enhancing the existing brand mix and catering to a wider consumer demand[17] - The Lee Garden optimization plan has entered a significant "harvest period," with flagship stores of luxury brands like Hermès and Dior reopening after renovations[12] - The Lee Garden area is positioned as a must-visit destination, further enhanced by the introduction of innovative retail and dining brands[17] - The company is optimizing its retail portfolio to create unique shopping experiences and enhance the overall attractiveness of its shopping areas[109] - The company launched various marketing campaigns, including immersive experience events, to strengthen its brand positioning as a diverse experience hub[113] Financial Performance - Revenue for 2025 reached HKD 3,464 million, representing a 1.6% increase from HKD 3,409 million in 2024[71] - The core operating profit for 2025 was HKD 1,918 million, up by 1.9% compared to HKD 1,956 million in 2024[71] - The total asset value (excluding cash and debt securities) stood at HKD 111,012 million, a slight increase of 0.03% from HKD 110,402 million in 2024[73] - The net debt-to-equity ratio for 2025 was 32.4%, up from 31.4% in 2024[73] - The company recorded a profit from the sale of investment properties amounting to HKD 592 million[87] Occupancy and Rental Rates - The rental rates for retail spaces in Hong Kong increased significantly, with a 95% occupancy rate in 2025 compared to 92% in 2024[83] - The occupancy rate for office spaces in Hong Kong improved to 94% in 2025, up from 90% in 2024[83] - The residential rental market in Hong Kong saw a growth in occupancy rates, reaching 87% in 2025, compared to 73% in 2024[83] - The Shanghai retail space recorded a strong rental growth, with an occupancy rate of 72% in 2025, significantly up from 41% in 2024[83] - The occupancy rate for retail properties improved from 92% to 95%, while the office occupancy rate increased from 90% to 94%[102] Sustainability and Corporate Governance - The company received multiple awards for sustainability and corporate governance, including the "Best Sustainable Development Organization Award" from the Hong Kong Institute of Certified Public Accountants[60] - The company is committed to enhancing its integrity capabilities through mandatory training on integrity, anti-corruption, and compliance topics for all employees[188] - The group has a commitment to sustainable development, supporting the transition to a sustainable economy through green bonds and loans[172] - The company achieved a reduction of over 19% in Scope 1 and 2 carbon emissions compared to 2021, and a reduction of over 7% in electricity consumption[194] - No regulatory violations or confirmed misconduct cases were recorded in 2025, indicating strong governance practices[189] Community Engagement and Corporate Culture - The company has hosted over 220 community events in 2025, attracting more than 3.3 million participants[194] - The company's community-centric approach creates unique social value propositions, enriching the overall community experience beyond individual buildings[180] - The group continues to monitor and evaluate its corporate culture to ensure alignment with its vision and mission[177] - The company has adopted a corporate culture statement to ensure alignment with its vision, mission, core values, and strategies, which is regularly reviewed by the board[185] - The board maintained a 50% independence ratio and exceeded the target of 40% for female board members[194] Capital Management and Financial Strategy - The group has initiated a five-year capital recycling plan totaling HKD 8 billion, with 26% of the target achieved by December 31, 2025[139] - The company aims to optimize its capital structure through deleveraging and reallocating resources in line with strategic priorities[198] - The total amount of sustainable finance transactions reached approximately HKD 18,159 million, accounting for about 44% of the group's total debt[172] - The company plans to adopt a share incentive plan in 2024 to attract and retain key talent, linking management compensation to long-term company development[192] - The group has established strict internal guidelines to ensure that derivative instruments are used solely for managing treasury asset and liability fluctuations[170]

2025/26 2025/26 中期業績 報告 宏強控股有限公 司 （於開曼群島註冊成立的有限公司） 股份 代號： INTERIM REPORT 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM的定位，乃為相比起其他在聯交所上市的公司帶有較高投資風險之中小型公司提供一個 上市之市場。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮 後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣之證券可能會較在聯交所主板買賣的證券 承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量之市場。 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報告的內容概不負責，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報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。 本報告的資料乃遵照聯交所GEM證券上巿規則（「GEM上市規則」）而刊載，旨在提供有關宏強 控股有限公司（「本公司」）的資料；本公司董事（「董事」）願就本報告的資料共同及個別地承擔全 部責任。各董事在作出一切合理查詢後，確認就其所深知及確信，本報告所載資料在各重要 方面均屬 ...

Financial Performance - The financial performance data for the year ending December 31, 2025, is available in the company's listing document dated February 13, 2026[2]. Company Information - The company is registered in the People's Republic of China and operates under the stock code 7489[2]. Regulatory Compliance - The announcement is made in accordance with the Hong Kong Stock Exchange Listing Rules, specifically rule 13.49(1)[3]. Governance Structure - The board of directors includes both executive and non-executive members, indicating a diverse governance structure[3]. - The chairman and executive director of the company is Lu Fang, highlighting leadership continuity[3].

（於開曼群島註冊成立之有限公司） 股份代號: 8362 2025 年度報告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高投資風險。有 意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 本報告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有關運興泰集團控股有限公司（「本 公司」，連同其附屬公司為「本集團」）的資料。本公司董事（「董事」）願就本報告共同及個別地承擔全部責任。董事在作 出一切合理查詢後，確認就其所知及所信，本報告所載資料在各重大方面均屬準確完備，並無誤導或欺詐成分，亦無 遺漏任何其他事宜，足以令本報告所載任何陳述或本報告產生誤導，且本報告內所表達的意見均經審慎周詳考慮後始 行發表，並以公平合理的基準及假設為依據。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣之證券承受較大的市場波動風險，同時 無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性 ...

Financial Performance - In 2025, the company achieved record sales of $15.26 billion, representing a 4.4% increase compared to 2024[21] - Net profit rose by 6.8% to $1.198 billion, with earnings per share increasing by 6.8% to 65.61 cents[10] - The company's overall revenue for the year was $15.3 billion, an increase of 4.4% from $14.6 billion in 2024[169] - Free cash flow for the year was nearly $1.4 billion, with a net cash position of $700 million at year-end[23] - The company declared a final dividend of approximately 33.08 cents per share, an increase of 13.7% from the previous year[14] - The total proposed dividend for 2025 represents an increase from HK$2.26 per share (approximately US$0.2909) in 2024[189] - The company's net profit attributable to shareholders was $1.198 billion, a 6.8% increase from $1.122 billion in 2024[169] Operational Efficiency - Gross margin increased by 91 basis points to 41.2%, driven by high-margin Milwaukee business and operational efficiency improvements[22] - EBITDA grew by 5.2% to $1.336 billion, with an EBITDA margin increase of 7 basis points to 8.8%[23] - The adjusted operating margin expanded to 8.8%, driven by improved gross margins and a focus on operational efficiency[29] - Total operating expenses for the year were $4,967,000,000, representing 32.5% of revenue, compared to 31.7% in 2024[172] - Research and development expenses amounted to $757,000,000, accounting for 5.0% of revenue, up from 4.4% in 2024[172] - The company integrated its North American floor care business and closed a factory in Charlotte, North Carolina, to enhance operational efficiency[168] Product Development and Innovation - The company is investing in advanced manufacturing, digital operations, and R&D capabilities to drive innovation and productivity[33] - The company continues to invest in new product development to maintain a competitive advantage and improve profit margins[186] - Milwaukee's sales recorded an 8.1% growth in reported currency and 7.9% in local currency, with North America growing by 7.5% and Europe by 11.0%[162] - The company launched new products including the ONEPWR carpet cleaner and LiftOut vacuum models, enhancing user experience and cleaning efficiency[160] - Milwaukee will expand its manual tool product line with new solutions designed for industry needs, emphasizing precision, durability, and productivity[96] - The company is committed to strategic acquisitions to create growth opportunities and enhance shareholder value[24] Market Performance - Milwaukee and Ryobi brands showed strong performance, with Milwaukee growing 7.9% and Ryobi 5.4% in local currency[21] - The company expects core businesses Milwaukee and Ryobi to achieve mid to high single-digit revenue growth in 2026, despite the impact of exiting the Hart business, which had revenues of $156 million in 2025[25] - Milwaukee's global potential market size is estimated at $160 billion, with significant growth potential as the company continues to expand into vertical and sub-vertical markets[163] - RYOBI's business recorded a growth of 5.4% in local currency, with a focus on expanding strategic battery platforms and introducing new tools[165] Strategic Focus - The company anticipates continued capital expenditure needs at current levels to support business expansion[23] - The company plans to expand into under-served markets and focus on geographic market expansion as a key future development[184] - The company maintains a strong balance sheet and diverse global production layout, which supports stable capital expenditures and enhances shareholder returns[25] - The company emphasizes the importance of talent and culture in driving innovation and maintaining competitiveness[34] Product Features and Technology - The M12 system continues to lead the market with over 150 tools, providing portable productivity and professional-grade solutions[43] - The M12 FUEL product line is designed to meet the most demanding needs of professional users, integrating exclusive technologies for optimal performance and durability[44] - The MX FUEL platform offers over 25 solutions, making it the largest and most powerful lightweight equipment battery system in the industry[57] - The M18 FUEL 7-1/4 inch circular saw provides best-in-class cutting performance for carpenters and general contractors[49] - The PACKOUT modular storage system includes over 125 interchangeable solutions, enhancing tool storage and organization for professionals[77] - RYOBI's new generation of HP brushless tools, including drills and saws, improves drilling and fastening speeds by up to 45% and cutting speeds by up to three times[108] Leadership and Governance - Steven Philip Richman has been appointed as CEO since May 21, 2024, and has over 17 years of experience leading Milwaukee Tool, achieving double-digit compound annual growth in sales over the past decade[193] - The board includes experienced members with extensive backgrounds in international trade, operations, and business management, enhancing strategic planning and development[191][192] - The company is committed to corporate governance and compliance, with Camille Jojo appointed as the head of legal, compliance, and corporate governance[199]

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。 Seres Group Co., Ltd. 賽力斯集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9927） 截至2025年12月31日止年度的經審計業績公告 賽力斯集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及附屬 公司（「本集團」）截至2025年12月31日止年度的經審計業績公告。本公告刊載本 公司2025年度報告全文，並符合香港聯合交易所有限公司證券上市規則中有關年 度業績初步公告附載的資料之要求。 董事會審計委員會已審閱本集團截至2025年12月31日止年度的業績。 本業績公告的中英文版本可在本公司網站( www.seres.cn )和香港交易及結算所有 限公司（「香港交易所」）網站( www.hkexnews.hk )查閱。本公司2025年度報告將同 日於香港交易所及本公司網站發佈並送交予本公司股東。 承董事會命 賽力斯集團股份有限公司 董事長兼執 ...

Financial Performance - For the year ending December 31, 2025, the total comprehensive loss was RMB 305,972,000, a decrease of 21.1% from RMB 387,928,000 in 2024[3] - The company reported no revenue for the year 2025, compared to RMB 107,000 in 2024[5] - The group reported a loss before tax of RMB 305,972,000 for 2025, an improvement from a loss of RMB 387,928,000 in 2024, indicating a reduction in losses of about 21.1%[28] - The company's annual loss decreased by 21.1% from RMB 387.9 million in 2024 to RMB 306.0 million in 2025[83] - Basic and diluted loss per share improved to RMB 0.80 from RMB 1.15 in 2024[5] - The basic loss per share attributable to ordinary shareholders of the parent company for 2025 is RMB (0.80), compared to RMB (1.15) for 2024, indicating an improvement in performance[33] Research and Development - Research and development costs increased to RMB 244,064,000, up 3.7% from RMB 235,446,000 in 2024[3] - Research and development expenses for 2025 amounted to RMB 183,295,000, up from RMB 170,353,000 in 2024, reflecting an increase of approximately 7.6%[25] - R&D costs for the year ending December 31, 2025, amounted to RMB 244.1 million, a 3.7% increase from RMB 235.4 million in 2024, primarily due to milestone payments for TY-9591[77] - The R&D team consists of 117 members, with approximately 60% holding master's or doctoral degrees, covering all aspects of drug development[74] - The company has established a pipeline of 10 candidate drugs since its inception in 2017, including five clinical-stage products and four in early clinical development[52] Clinical Trials and Product Development - The core product TY-9591 has completed enrollment of 224 patients for its Phase II clinical trial for EGFR mutation lung cancer brain metastases, with a New Drug Application (NDA) submission expected in Q4 2025[44] - The company is conducting a Phase III clinical trial for TY-9591, with 541 patients enrolled as of July 2025, and expects to complete enrollment by Q4 2026[44] - The company has initiated a Phase II clinical trial for TY-302 in breast cancer and received ethics approval for a Phase II trial in prostate cancer as of July 2025[45] - TY-9591 demonstrated a median progression-free survival (PFS) of 19.3 months in EGFR L858R mutation lung cancer patients, compared to 14.4 months for osimertinib[61] - The NDA for TY-9591 has been accepted by the CDE and included in priority review for NSCLC brain metastases[54] Financial Position - Total assets decreased to RMB 779,737,000 from RMB 1,105,613,000 in 2024, reflecting a significant reduction in cash and bank balances[6] - Current liabilities increased to RMB 307,773,000 from RMB 289,081,000 in 2024, indicating a rise in trade and other payables[6] - The net asset value decreased to RMB 286,610,000 from RMB 472,562,000 in 2024, showing a decline in equity[7] - The total non-current assets decreased from RMB 74,471,000 in 2024 to RMB 44,157,000 in 2025, primarily due to a reduction in long-term asset prepayments[37] - As of December 31, 2025, the company's borrowings amounted to RMB 134,115,000, down from RMB 144,175,000 as of December 31, 2024, with a debt-to-asset ratio of approximately 63.2%[88] Regulatory and Compliance - Hong Kong Financial Reporting Standard No. 18 introduces new presentation requirements for the income statement, categorizing all income and expenses into five categories: operating, investing, financing, income tax, and discontinued operations[14] - The new standards and amendments are effective for annual periods beginning on or after January 1, 2027, with retrospective application required[14] - The company is currently analyzing the impact of the new regulations on its financial statement presentation and disclosures[14] - The audit committee consists of two independent non-executive directors and one non-executive director, with Mr. Jiang Xiaolin as the chairman[113] Shareholder and Governance - The annual general meeting is scheduled for June 23, 2026, with the H-share register closing from June 17 to June 23, 2026[117][118] - Proposed amendments to the company's articles of association include compliance with the latest regulatory requirements and the addition of audit, nomination, and remuneration committee powers[120] - The company will provide various methods, including online and electronic communication, for shareholders to participate in meetings, ensuring their attendance is recognized[122] - The company is committed to adhering to corporate governance codes as per the listing rules[128] Cash Flow and Financing - The net cash used in operating activities for the year ended December 31, 2025, was RMB 215,768,000, primarily due to a pre-tax loss of RMB 305,972,000[84] - The net cash generated from financing activities was RMB 126,384,000, primarily from new bank loans of RMB 110,000,000 and net proceeds from placements of RMB 141,366,000[85] - The company's capital expenditure during the reporting period totaled approximately RMB 39,413,000, mainly for the purchase of properties, plants, and equipment[87] Market and Commercialization Strategy - The company is actively expanding its commercialization team to enhance brand promotion and market potential through various academic and industry collaborations[75] - The company plans to adopt a strategy combining external collaboration and self-construction for commercialization, initially partnering with experienced external partners to enhance market expansion and brand promotion[100] - The company aims to transition from collaborative efforts to a primarily self-operated commercialization model, enhancing its core operational capabilities[100]

Economic Environment - The global economy is undergoing profound changes, with geopolitical, supply chain, consumer behavior, and technology challenges impacting operations[11] - The retail environment in Hong Kong remains complex, with cautious consumer spending patterns amid ongoing economic uncertainties[168] - The e-commerce market in Hong Kong faced significant disruption due to aggressive expansion by mainland Chinese platforms[172] Strategic Transformation - Bonjour Holdings is focusing on a strategic transformation centered around the cross-border eCommerce ecosystem "Hong Kong Mall (HKMall)", which is seen as the cornerstone for future growth[12] - The company aims to deepen its presence in the Greater Bay Area by evolving from a "Pathway" to a "Hub", integrating online and offline retail to enhance consumer experience[13] - Bonjour is transforming its role from a traditional retailer to an "empowerment platform" for global brands, aiming to help brands enter the market and expand into broader opportunities[16] Supply Chain and Operations - Significant progress has been made in supply chain integration and user experience on the HKMall platform, which now serves as a digital infrastructure connecting supply and demand[12] - The company is enhancing supply chain resilience by shifting from passive responses to proactive definitions, optimizing its global supply chain network to reduce costs and improve efficiency[5] - The strategic focus includes strengthening supply chain resilience through optimization, strategic partnerships, and exploring smart logistics and blockchain traceability[14] Youth Entrepreneurship and Talent Development - Bonjour Holdings is incubating young business talent through initiatives like the "Guangdong-Hong Kong-Macao Youth Entrepreneurship Incubator", aiming to cultivate innovative talent for the digital economy[6] - The Group has established a Guangdong-Hong Kong-Macao Youth Entrepreneurship Incubator with a total operating floor area of more than 200,000 square feet[130] - Over the past five years, the incubator has conducted 318 exchange activities, attracting more than 44 million on-site and online participants[132] Retail Innovations and New Concepts - The company plans to launch integrated online and offline franchise stores in Hong Kong and the Greater Bay Area, marking a shift towards a new retail space that combines digital capabilities with localized experiences[8] - A new "Franchise Warehouse Service" will be introduced, providing a comprehensive solution for merchants, allowing them to focus on product selection and sales while Bonjour manages supply chain operations[9] - The Group established a new retail concept store "MEI MALL" with an area of more than 10,000 square feet to enhance the shopping experience[54] Financial Performance - Revenue for the six months ended December 31, 2025, was approximately HK$12.3 million, a decrease of 50.4% compared to HK$24.8 million in the same period of 2024[163][166] - Gross profit for the same period was HK$3 million, with a gross profit margin of 22.9%, down from 74.1% in 2024[163] - Loss for the period narrowed to approximately HK$68.8 million, compared to a loss of approximately HK$134.5 million in the corresponding period in 2024[167] Market Presence and Recognition - Bonjour was listed on the Main Board of The Stock Exchange of Hong Kong (Stock Code: 653), receiving 17 times oversubscription for its initial public offering[50] - The Group has been recognized as one of the "Best Listed SMEs in Asia" by Forbes[151] - The Group was granted the "IFAPC Outstanding Listed Companies Award" for four consecutive years, showcasing its consistent performance[89] Community Engagement and Social Responsibility - The Group actively participates in charitable and corporate social responsibility activities, contributing to society and supporting SMEs[153] - The Group donated 100,000 rapid test kits in collaboration with Futu Securities International to the Hong Kong Federation of Education Workers TechEd Centre[154] - The Group sponsored the "KOL Dream·Set Sail" event to support young people in pursuing eCommerce without startup costs[61] Future Outlook and Strategic Goals - The strategic focus for 2026 includes further developing B2B business for Hong Kong merchants, transitioning from merely selling products to creating platforms for broader market access[7] - By 2026, HKMall plans to deepen its B2B business with Hong Kong and overseas merchants, shifting from "selling goods" to "building a platform" to facilitate expansion into Asia and beyond[17] - The forthcoming 15th Five-Year Plan (2026-2030) is expected to create significant opportunities for platforms facilitating the international expansion of Chinese brands[191]

Financial Performance - The total revenue for Shanghai Industrial Holdings Limited for the year ended December 31, 2025, was HKD 20.832 billion, a decrease of 28.0% year-on-year[3]. - Net profit for the same period was HKD 2.020 billion, down 28.1% compared to the previous year[3]. - The infrastructure and environmental business reported a profit of HKD 1.801 billion, a decline of 31.5%, accounting for approximately 93.4% of the group's net profit[4]. - The real estate segment reported a loss of HKD 632 million, accounting for approximately 32.7% of the group's net profit, primarily due to reduced sales and inventory write-downs[14]. - The consumer goods segment contributed a profit of HKD 756 million, up 17.5% year-on-year, representing approximately 39.2% of the group's net profit[18]. - The overall gross profit margin increased by 2.5 percentage points compared to the previous year, mainly due to a higher proportion of revenue from the consumer goods business[69]. - The annual profit attributable to shareholders decreased to HKD 2,019,868 in 2025, down 28% from HKD 2,807,653 in 2024[61]. - Basic and diluted earnings per share for 2025 were HKD 1.86, compared to HKD 2.58 in 2024, indicating a decline of approximately 28%[61]. Revenue Breakdown - The toll roads segment saw a total revenue of HKD 2.103 billion, an increase of 3.6% year-on-year, with total traffic volume rising by 2.3%[7]. - Shanghai Industrial Environment Holdings achieved a revenue of RMB 7.073 billion, with a net profit attributable to shareholders of RMB 610 million, reflecting a year-on-year increase of 0.9%[9]. - Shanghai Shanshi Development achieved a revenue of RMB 3.388 billion, a year-on-year increase of 35.9%, while the attributable loss was RMB 618 million due to inventory write-downs[15]. - Shanghai Shanshi Urban Development's revenue fell by 70.5% to HKD 3.668 billion, with a loss attributable to shareholders of HKD 962 million, mainly due to decreased sales[16]. - The group's total revenue for the year ending December 31, 2025, was HKD 20,831,514,000, with the infrastructure and environmental segment contributing HKD 9,773,062,000[55]. Dividends - The company proposed a final dividend of HKD 0.50 per share and a special dividend of HKD 0.20 per share, totaling an annual dividend of HKD 1.12 per share[3]. - The company proposed a final dividend of HKD 0.50 per share for the year ending December 31, 2025, down from HKD 0.52 per share in 2024[60]. - The company proposed a final dividend of HKD 0.50 per share and a special dividend of HKD 0.20 per share, resulting in a total dividend of HKD 1.12 per share for 2025, up from HKD 0.94 per share in 2024[72]. Business Strategy and Outlook - The company plans to actively explore quality investment opportunities in the environmental sector and implement precise layouts to drive substantial breakthroughs in domestic and international business[8]. - Shanghai Industrial Environment will continue to optimize its business layout and expand market share, aiming to strengthen its leading position in the industry[10]. - The company is committed to investing in new energy sectors, which will contribute to sustained profitability[24]. - The company aims to achieve a balanced growth between stable expansion and structural optimization in 2026, focusing on enhancing consumer potential to counter external trade challenges[23]. - The company plans to deepen its core industry transformation and upgrade product structure towards high-end and specialized offerings, while improving operational efficiency[25]. Financial Position - Non-current assets decreased to HKD 93,274,516 in 2025 from HKD 102,522,625 in 2024[40]. - Current assets increased to HKD 71,691,195 in 2025 from HKD 65,875,401 in 2024[40]. - Current liabilities decreased to HKD 35,596,201 in 2025 from HKD 40,168,739 in 2024[41]. - Total equity attributable to owners of the company rose to HKD 50,155,543 in 2025 from HKD 47,570,505 in 2024[41]. - Total segment assets as of December 31, 2025, amounted to HKD 164,965,711, a slight decrease from HKD 168,512,693 in 2024[56]. - Total segment liabilities increased to HKD 90,219,363 in 2025 from HKD 83,236,045 in 2024, reflecting a growth of approximately 8.5%[56]. - The total tax expense for 2025 was HKD 1,616,601, a decrease of 15% from HKD 1,901,705 in 2024[57]. - As of December 31, 2025, the company's total loans amounted to approximately HKD 55.62 billion, a decrease from HKD 59.49 billion in 2024[74]. - The company held cash and short-term investments totaling HKD 31.52 billion as of December 31, 2025, an increase from HKD 28.51 billion in 2024[76]. Regulatory Changes - The Hong Kong Financial Reporting Standards (HKFRS) No. 18 introduces new regulations for the presentation of the income statement, requiring entities to classify all income and expenses into five categories: operating, investing, financing, income tax, and discontinued operations[47]. - The amendments to HKFRS No. 18 and other related standards will take effect for annual periods beginning on or after January 1, 2027, with retrospective application required[48]. - The new HKFRS No. 19 allows qualifying entities to adopt lower disclosure requirements while still adhering to recognition, measurement, and reporting requirements of other HKFRS standards[50]. - The amendments to HKFRS No. 9 and No. 7 clarify the derecognition date of financial assets or liabilities and introduce an accounting policy choice for derecognition of financial liabilities settled electronically before the settlement date[51]. - The revisions to HKFRS No. 9 and No. 7 include additional disclosures for equity instruments measured at fair value and financial instruments with contingent features[51]. - The company is currently analyzing the impact of HKFRS No. 18 on its financial statement presentation and disclosures[48]. - The company’s subsidiaries are considering adopting HKFRS No. 19 and its amendments in their specific financial statements[50]. - The amendments to HKFRS No. 18 require stricter requirements for the combination and classification of information in primary financial statements and notes[47]. - The new standards do not have a mandatory effective date but can be adopted early[49]. - The company does not qualify to adopt HKFRS No. 19 and its amendments as it is a listed entity[50]. Market Conditions - The real estate market is expected to remain under adjustment, with policies continuing to support stability through relaxed restrictions and cost reductions[24]. - For 2026, Yongfa Printing anticipates continued pressure on the macro environment and intensified competition, focusing on business structure optimization and cost management[21]. - The company is actively expanding its environmental and infrastructure business, leveraging favorable government policies to enhance its leading position in China's water and environmental industry[24].