Financial Performance - Revenue recognized was RMB 6.31 billion, a significant decrease from RMB 23.26 billion in the previous year[4] - The net loss for the year was RMB 4.88 billion, compared to a loss of RMB 6.62 billion in the previous year, indicating a reduction in losses[5] - The group reported a loss of RMB 7,814,740 thousand for the year ended December 31, 2025, compared to a loss of RMB 6,204,307 thousand for the previous year[23] - The group reported a pre-tax loss of RMB 4,766,819 thousand for 2025, an improvement from a loss of RMB 6,298,354 thousand in 2024, reflecting a reduction of approximately 24.3%[32] - The financial costs for 2025 totaled RMB 3,396,529 thousand, down from RMB 5,173,782 thousand in 2024, marking a decrease of about 34.4%[26] - The group’s other income and gains for 2025 were RMB 5,524,707 thousand, a significant increase from RMB 132,935 thousand in 2024[25] - The company did not recommend any dividends for the years ended December 31, 2025, and 2024[30] - The company did not recommend a final dividend for the year ended December 31, 2025, consistent with 2024[65] Assets and Liabilities - Total assets decreased to RMB 188.04 billion from RMB 212.59 billion year-on-year[6] - Non-current assets decreased to RMB 43.81 billion from RMB 54.86 billion[6] - Current liabilities decreased to RMB 143.85 billion from RMB 157.76 billion[6] - The total current liabilities of the group were RMB 143,852 million, indicating a tight liquidity position amid a declining real estate market[11] - The total trade receivables at the end of 2025 amounted to RMB 1,230,207 thousand, an increase from RMB 1,136,478 thousand in 2024[34] - The group's trade payables as of the reporting period totaled RMB 20,146,418,000, down from RMB 23,277,191,000 in 2024, indicating a decline of about 13.3%[37] - As of December 31, 2025, the group's liabilities under cross-border guarantee arrangements amounted to RMB 798,716,000, a decrease from RMB 818,896,000 in 2024, reflecting a reduction of approximately 2.4%[36] Revenue Breakdown - Revenue from external customers for the property development segment was RMB 6,073,066 thousand, while the property management segment generated RMB 232,781 thousand, totaling RMB 6,305,847 thousand for the year ended December 31, 2025[21] - The group's revenue for the year ended December 31, 2025, was RMB 6,305,847 thousand, a significant decrease from RMB 23,264,613 thousand in 2024, representing a decline of approximately 72.9%[25] - The total revenue from property development for 2025 was RMB 6,123,893 thousand, compared to RMB 23,113,967 thousand in 2024, indicating a decrease of about 73.5%[25] - Property development revenue was RMB 6,073.1 million, down 73.6% from RMB 22,964.1 million in 2024, with contributions from the Greater Bay Area (42.7%), Yangtze River Delta (34.5%), Southwest region (14.0%), and others (8.8%)[58][59] Debt Management and Restructuring - The company suspended payments on all offshore USD senior notes and HKD equity-linked securities since August 2022, with outstanding principal of USD 3.619 billion (RMB 25.44 billion)[10] - The company has made significant progress in restructuring its offshore debt, with over 80% of creditors agreeing to the support agreement[10] - The group is actively negotiating the restructuring of various borrowings and debts with financial institutions to alleviate financial pressure[13] - The group has made significant progress in domestic debt restructuring, with a total of RMB 13.66 billion in bonds canceled, representing over 62% of the total principal amount of domestic public bonds as of July 10, 2025[44] - The group plans to continue its focus on operational stability and debt management while expediting the completion of domestic and overseas debt restructuring[45] - The group signed a comprehensive creditor support agreement for overseas debt restructuring, with over 80% of creditors agreeing to the revised terms as of September 24, 2025[43] Operational Strategies - The group plans to accelerate the pre-sale and sale of properties under development and completed properties to improve cash flow and manage debts effectively[13] - The group has implemented measures to control administrative costs and expedite the collection of receivables[13] - The group anticipates that its cash flow forecast for at least the next 15 months will be sufficient to meet operational needs and manage overall debt obligations[11] - The group delivered 21 batches of projects in 2025, demonstrating commitment to project delivery amid industry challenges[42] Construction and Land Reserves - The total planned construction area for new projects as of December 31, 2025, is approximately 400,000 square meters[50] - The total planned construction area for completed projects as of December 31, 2025, is approximately 1,260,000 square meters[51] - The total land reserve area as of December 31, 2025, is approximately 23,003,549 square meters, with the Greater Bay Area and Yangtze River Delta accounting for about 76% of the total value[54] Management and Governance - The board of directors is led by Chairman Ji Haipeng, with a team of executive and independent non-executive directors[75] - The annual general meeting is scheduled for June 11, 2026, with a record date of June 11, 2026[64] - The company will publish its 2025 annual report containing all applicable information as per listing rules at the appropriate time on the Hong Kong Stock Exchange website and the company's website[74]

Financial Performance - Total revenue for the fiscal year ending December 31, 2025, reached $12,157.8 million, representing an 18.5% increase compared to $10,259.1 million in 2024[4] - Adjusted EBITDA for the same period was $1,049.1 million, a 34.8% increase from $778.3 million in 2024[4] - The company reported a net profit of $225.3 million, up 98.2% from $113.7 million in the previous year[4] - Operating profit increased to $472.5 million in 2025 from $210.5 million in 2024, reflecting a significant improvement in operational efficiency[96] - The gross profit margin for the company improved, with total gross profit reaching $1,462.7 million in 2025, compared to $1,078.2 million in 2024[96] - The adjusted EBITDA for the year ending December 31, 2025, was $1,049.1 million, compared to $778.3 million in 2024, reflecting a 34.7% increase[96] - The total comprehensive income for the year was $249,207 thousand, compared to $34,982 thousand in 2024, indicating a significant improvement in overall financial health[148] Market Expansion - The company plans to expand into new markets, including Saudi Arabia, UAE, Mexico, Brazil, and Egypt, to drive future growth[6] - The company has expanded its network to cover 13 countries, including seven in Southeast Asia and five new markets, enhancing its operational capabilities[39] - The company aims to achieve a service network coverage rate of 99% in major cities of new markets by December 31, 2025, enhancing its logistics capabilities to capture the growth in e-commerce and express delivery sectors[73] - The company is exploring new regional markets, including Latin America, Europe, and North America, considering factors such as population, GDP, and e-commerce penetration to ensure resource allocation to promising areas[91] Southeast Asia Performance - Revenue from Southeast Asia amounted to $4,501.8 million, with a gross profit of $861.1 million, indicating strong market performance[5] - The company achieved a market share of 67.8% in Southeast Asia, up from 34.4% in the previous year[7] - The total number of parcels delivered in Southeast Asia increased to 7,658.8 million, a growth of 67.8% compared to 4,563.2 million in 2024[7] - The adjusted EBIT for the fiscal year was $566.1 million, an increase of 87.9% from $301.3 million in 2024[4] - The adjusted EBITDA for Southeast Asia is expected to reach $705.5 million in 2025, a 54.8% increase year-on-year[55] E-commerce Growth - The e-commerce retail market in Southeast Asia is expected to grow by 27.5% year-on-year in 2025, reaching $303.85 billion, up from 25.7% growth in 2024, with an online penetration rate of 24.6%, an increase of 2.6 percentage points[12] - Social commerce in Southeast Asia is projected to reach $151.73 billion in retail transaction value in 2025, growing by 39.1% year-on-year, compared to 33.2% in 2024, and is expected to account for 49.9% of the e-commerce retail market[13] - The Southeast Asian express delivery market is expected to see a total package volume of 22.29 billion items in 2025, with a year-on-year growth of 39.5%, compared to 25.2% in 2024[14] Operational Efficiency - The average cost per package in Southeast Asia decreased from $0.57 in 2024 to $0.48 in 2025, reflecting operational efficiency improvements[51] - The company has equipped 413 automated sorting lines, an increase of 134 lines year-on-year, to enhance operational efficiency[41] - The company aims to enhance service quality and efficiency, with a focus on reducing average delivery times and increasing the proportion of same-day and next-day delivery orders[60] - The company invested 1,400 vehicles and 13 automated systems in Southeast Asia in 2025 to enhance logistics capacity and service quality[48] Financial Health and Liabilities - The debt-to-asset ratio increased to 67.7% as of December 31, 2025, compared to 65.4% in 2024[136] - Total liabilities rose to $5,956.5 million in 2025, compared to $4,772.0 million in 2024[146] - The company reported a net loss of approximately $5,828.1 million as of December 31, 2025, down from $6,026.2 million in 2024[145] Employee and Governance - The company had 152,145 full-time employees as of December 31, 2025[144] - The management team is committed to employee training and skill development, fostering leaders with deep understanding of the company and market needs[87] - The company aims to enhance corporate governance practices to ensure compliance with the corporate governance code requirements[163] Shareholder Actions - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2025[172] - The company repurchased a total of 52,622,000 Class B shares at a total cost of HKD 338,513,760.20, with the highest price per share being HKD 10.11 and the lowest being HKD 4.69[167] - The company plans to issue 821,657,973 Class B shares at a price of HKD 10.10 per share as part of a conditional share subscription agreement with SF Holding[170]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 5,498,926, a decrease of 9.6% compared to HKD 6,084,239 in 2024[3] - Operating profit increased to HKD 497,429, representing a growth of 29.4% from HKD 384,586 in the previous year[3] - Net profit attributable to equity holders was HKD 422,682, up 32.0% from HKD 320,323 in 2024[3] - Basic earnings per share rose to HKD 58.96, an increase of 32.0% compared to HKD 44.67 in the prior year[4] - The reported segment profit for 2025 was HKD 578,751,000, an increase of 33.7% from HKD 433,178,000 in 2024[21] - The pre-tax profit for 2025 reached HKD 497,053,000, up 34.1% from HKD 370,936,000 in 2024[21] Dividends - The company declared a final dividend of HKD 6.0 and a special dividend of HKD 3.0 for the year[4] - The board proposed a final dividend of HKD 0.06 per share and a special dividend of HKD 0.03 per share, totaling approximately HKD 64,521,000[29] - The record date for the final dividend and special dividend is set for June 12, 2026, with a suspension of share transfer registration from June 3 to June 8, 2026[62] Assets and Liabilities - Total assets as of December 31, 2025, were HKD 4,698,867, slightly down from HKD 4,708,309 in 2024[6] - Total liabilities decreased to HKD 3,295,185 from HKD 3,714,595 in the previous year, indicating a reduction of 11.3%[7] - The company’s equity attributable to equity holders rose to HKD 1,403,682, a significant increase from HKD 993,714 in 2024, marking a growth of 41.2%[7] - The segment assets for 2025 were HKD 4,234,424,000, a slight increase from HKD 4,201,795,000 in 2024[23] Revenue Breakdown - Revenue from property agency business for 2025 is HKD 5,482,680, down from HKD 6,070,571 in 2024, representing a decline of 9.7%[15] - The net revenue after external commissions for the property agency business in 2025 is HKD 3,404,388, slightly up from HKD 3,372,971 in 2024, indicating a growth of 0.9%[17] - The company reported external commissions of HKD 2,078,292 in 2025, down from HKD 2,697,600 in 2024, a decrease of 22.9%[18] - Revenue from external customers in Hong Kong and Macau was HKD 5,218,346,000, down 9.1% from HKD 5,745,377,000 in 2024[24] Market Conditions - Future outlook remains cautious due to market conditions, with a focus on cost management and operational efficiency[20] - The residential market in Hong Kong experienced a recovery in 2025, with key indicators such as primary and secondary residential sales, rental prices, and property values all showing upward trends, with property prices increasing by 5% year-on-year[37] - Demand from mainland buyers has significantly increased since early 2024, driven by factors such as children's education and work visa renewals, with no signs of weakening demand in the short term[43] - The group anticipates continued growth in the Hong Kong property market in 2026, driven by stable demand from mainland and local buyers, reduced supply, rising rents, and declining interest rates[42] Operational Efficiency - The company plans to continue focusing on market expansion and enhancing service offerings in the property sector[20] - The group has implemented various measures, including technology empowerment and enhanced communication, to improve sales productivity and operational efficiency[41] - The group achieved an increase in market share in both the primary and secondary residential markets, supported by a series of management measures aimed at enhancing operational efficiency and attracting top talent[40] Employee and Governance - The group employed 4,781 full-time employees as of December 31, 2025, up from 4,593 in 2024[60] - The company has complied with all applicable corporate governance codes as per the Hong Kong Stock Exchange rules for the year ending December 31, 2025[63] - The company’s audit committee reviewed the consolidated financial statements for the year ending December 31, 2025, confirming alignment with the audited figures[66] Risks and Challenges - Geopolitical risks and intensified competition are significant challenges that the group must prepare for as the real estate market continues to recover[51] - The group is actively defending against legal proceedings related to competition law, with potential liabilities currently deemed too uncertain to estimate[58][59] Cash Management - Cash and bank deposits increased to HKD 999,455, up from HKD 711,127 in 2024, reflecting a growth of 40.5%[6] - The group is focusing on cautious financial resource management while actively investing in talent development and technological innovation to enhance competitiveness[50] - The current ratio improved to 1.4 from 1.2 in 2024, indicating a stronger liquidity position[53] - Unutilized bank financing amounted to HKD 1,338,000,000, an increase from HKD 1,168,000,000 in 2024[53] Share Repurchase - The company repurchased a total of 190,000 shares in January 2025 at a total cost of HKD 156,800, with a price range of HKD 0.82 to HKD 0.83 per share[65] - The company’s share repurchase was approved by the board to enhance shareholder value and net asset value per share[65]

Financial Performance - The company reported revenue of approximately RMB 432.52 million for the year ending December 31, 2025, a decrease of 28.8% compared to RMB 607.75 million in 2024[5] - Gross profit for 2025 was RMB 327.94 million, down from RMB 491.37 million in 2024, reflecting a decline of 33.2%[5] - Net profit attributable to shareholders was RMB 2.49 million in 2025, significantly lower than RMB 21.09 million in 2024, marking an 88.2% decrease[5] - Adjusted net profit (non-IFRS measure) was RMB 31.75 million in 2025, down from RMB 51.87 million in 2024, a decline of 38.8%[5] - Revenue decreased by 29.0% from RMB 607.8 million in 2024 to RMB 432.5 million in 2025, primarily due to reduced sales of inhalation products, especially CF017[19] - CF017 sales revenue dropped by 40.0% from RMB 574.5 million in 2024 to RMB 344.7 million in 2025, attributed to pricing pressure and decreased market demand[19] - CF018 sales revenue increased significantly from RMB 23.9 million in 2024 to RMB 79.0 million in 2025, driven by its inclusion in the national medical insurance catalog[20] - Gross profit fell by 33.3% from RMB 491.4 million in 2024 to RMB 327.9 million in 2025, with gross margin declining from 80.9% to 75.8%[22] - The company recorded a profit of RMB 2.5 million, a significant decrease from RMB 21.1 million in 2024[32] - The adjusted profit (non-IFRS measure) for 2025 was RMB 31.8 million, down from RMB 51.9 million in 2024, reflecting a decline of approximately 38.8%[36] Market and Product Development - The company faced multiple pressures in 2025, including a decrease in average selling prices due to VBP updates and a lower incidence of respiratory infections, impacting short-term market demand[7] - CF017, the company's core product, generated revenue of approximately RMB 344.7 million in 2025, down from RMB 574.5 million in 2024, primarily due to changes in VBP terms[9] - CF018, a new product, saw revenue growth from RMB 1.3 million in 2023 to RMB 79.0 million in 2025, indicating strong market acceptance and acceleration post-reimbursement inclusion[10] - The company aims to transition from a single product-driven model to a more diversified revenue structure, focusing on becoming a global inhalation system platform company[8] - The company signed a strategic cooperation agreement with Akang Health in February 2025 to enhance chronic disease management, focusing on respiratory diseases, which will improve prescription handling, drug delivery, patient education, and long-term repurchase[12] - In March 2026, the company entered a strategic partnership with JD Health for the online exclusive launch of multiple new respiratory and nasal products over the next three years, aiming to enhance product launch efficiency and patient accessibility[12] - The nasal spray product family is entering a clearer monetization phase, with new drug clinical trial applications submitted in 2025, including mometasone furoate and levofloxacin nebulizers, and the approval of budesonide nasal spray in January 2026[13] - The company is developing over 20 candidate products for major markets and plans to achieve at least five new product approvals and commercial launches between 2026 and 2030[14] - The inhaled powder candidate drug ICF001 received IND approval in March 2026, targeting pulmonary arterial hypertension and interstitial lung disease-related pulmonary hypertension, with a focus on improving drug delivery and patient experience[15] - The inhaled powder candidate drug ICF004, aimed at treating progressive fibrotic interstitial lung disease, received IND approval in February 2026, demonstrating a differentiated distribution profile in preclinical studies[16] - The company is leading a new inhaled nucleic acid drug development project, focusing on siRNA delivery for respiratory diseases, which has been recognized as a major technological project in Jiangsu Province[17] - The company has developed a comprehensive delivery system for inhaled siRNA candidates, with the goal of creating the world's first approved inhaled siRNA drug for chronic respiratory diseases[17] Financial Position and Assets - The company's property, plant, and equipment increased from RMB 531.1 million as of December 31, 2024, to RMB 547.4 million as of December 31, 2025, primarily due to investments in production infrastructure for respiratory drug development[38] - Inventory decreased by 22.2% from RMB 47.2 million as of December 31, 2024, to RMB 36.7 million as of December 31, 2025, mainly due to a reduction in customer orders for the CF017 product[39] - Trade receivables surged from RMB 27.1 million as of December 31, 2024, to RMB 159.4 million as of December 31, 2025, attributed to longer settlement cycles and higher sales concentration in Q4 2025[40] - The trade receivables turnover days increased significantly from 9 days in 2024 to 79 days in 2025, reflecting changes in credit terms offered to distributors[41] - Cash and cash equivalents rose dramatically from RMB 81.9 million as of December 31, 2024, to RMB 414.9 million as of December 31, 2025, primarily due to net proceeds from a global offering[45] - Restricted cash and time deposits increased by 49.0% from RMB 5.1 million as of December 31, 2024, to RMB 7.6 million as of December 31, 2025, due to additional collateral deposits for procurement and construction obligations[44] - The company's trade payables and notes payable remained stable at RMB 20.6 million as of December 31, 2024, and RMB 21.4 million as of December 31, 2025[46] - The trade payables turnover days decreased from 75 days in 2024 to 73 days in 2025, indicating improved efficiency in managing payables[46] - Other payables and accrued expenses decreased by 38.0% from RMB 204.1 million as of December 31, 2024, to RMB 126.5 million as of December 31, 2025, primarily due to optimization of sales and distribution networks[47] - Cash and cash equivalents reached RMB 414.9 million as of December 31, 2025, with total current assets net value approximately RMB 696.2 million[48] - Interest-bearing borrowings increased from RMB 73.8 million as of December 31, 2024, to RMB 142.3 million as of December 31, 2025, mainly to support operational funding[51] - Capital expenditures decreased by 59.8% from RMB 174.0 million in 2024 to RMB 70.0 million in 2025, due to the completion of major construction projects[52] - The current ratio improved significantly to 4.59 as of December 31, 2025, compared to 1.88 as of December 31, 2024[55] - The company had no significant asset pledges as of December 31, 2025[58] - The company held approximately RMB 325.4 million in cash and bank balances denominated in USD as of December 31, 2025, an increase from RMB 4.3 million as of December 31, 2024[63] Corporate Governance and Compliance - The company has complied with the corporate governance code and maintained high standards of corporate governance since its listing on October 8, 2025[115] - The audit committee, consisting of three independent non-executive directors, reviewed the consolidated financial statements for the year ending December 31, 2025, with no significant changes in accounting policies[119] - The board of directors includes the chairman, executive directors, and independent non-executive directors[126] - The group did not recommend any dividend for the year ended December 31, 2025, consistent with the previous year[92] - The company has not identified any significant changes in the planned use of the net proceeds from the global offering[125] Future Outlook - The board maintains cautious yet firm confidence in the group's prospects for 2026, anticipating it to be a key year for growth and structural upgrades[67] - The domestic business is expected to improve visibility with the completion of brand volume under the VBP update plan and strategic partnerships with companies like Jiuzhoutong and JD Health[68] - The company aims to reduce reliance on a single product cycle and achieve more balanced growth through stable overseas deliveries and clinical advancements in its innovation pipeline[69]

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。 （於英屬維爾京群島註冊成立並於百慕達存續之獲豁免有限責任公司） 股份代號 636 截至二零二五年十二月三十一日止年度業績 董事會欣然公布，本集團截至二零二五年十二月三十一日止年度之經審核合併年度業績，連 同截至二零二四年十二月三十一日止年度之比較數字。 集團財務摘要*及股息 * 僅就持續經營業務而言 1 • 收入下降3%至563.36億港元（二零二四年：582.74億港元）。 • 核心經營溢利下降4%至26.27億港元（二零二四年：27.25億港元）。 • 核心純利上升3%至13.96億港元（二零二四年：13.57億港元）。 • 股東應佔溢利為14.11億港元，上升7%（二零二四年：13.21億港元）。 • 綜合物流業務錄得分部溢利12.62億港元（二零二四年：12.51億港元），微升1%。 • 國際貨運業務錄得分部溢利18.74億港元（二零二四年：19.50億港元），下降4%。 • 建議末期股息每股1 ...

Financial Performance - The financial summary indicates a significant increase in revenue, with a year-on-year growth of 15%[8] - Revenue for 2025 decreased by 22% to HKD 7,978 million compared to HKD 10,290 million in 2024[84] - Operating income increased by 11% to HKD 7,583 million from HKD 6,838 million in the previous year[84] - EBITDA before non-recurring items rose by 14% to HKD 1,731 million, while EBITDA including non-recurring items increased by 43% to HKD 1,723 million[84] - The company reported a net profit attributable to shareholders of HKD 320 million, a significant recovery from a loss of HKD 943 million in 2024[84] - Total assets increased by 2% to HKD 55,051 million, while audited net assets attributable to shareholders rose by 2% to HKD 36,110 million[84] - The company reported a basic earnings per share of HKD 105 million, reflecting the operational performance after excluding non-operating items[105] - The company’s retained earnings increased to HKD 29,723 million, up from HKD 29,403 million at the beginning of the year[100] - The net debt to total assets ratio stands at 23%, indicating a manageable level of debt[149] - The company maintained a strong cash reserve and secured ample credit facilities from major financial institutions[149] Operational Highlights - The company adopted an integrated reporting approach for the 2025 annual report, focusing on operational strategies, governance, performance, and outlook[5] - The company opened two new hotels, the London Peninsula and Istanbul Peninsula, contributing positively to its performance as their operations stabilize[122] - The company operates 75 restaurants and is focused on enhancing overall dining services and wellness offerings to improve guest experiences[140] - The company is actively investing in cultural exchange activities to strengthen its brand positioning and guest experience[158] - The company aims to enhance operational performance to meet global luxury brand standards through improved revenue management, pricing, and marketing strategies[136] Market and Guest Experience - The company reported a total of 12 Peninsula hotels receiving Michelin stars or accolades in the 2025 selection[77] - The launch of the "Art in Resonance" program at the Hong Kong Peninsula Hotel in March 2025 aimed to enhance guest experience through personalized art interactions[54] - The company collaborated with Hong Kong Disneyland to launch the first Disney-themed event in Hong Kong on June 26, 2025[68] - The occupancy rate in Greater China reached 65% in 2025, up from 58% in 2024, indicating a significant recovery in the market[109] - Average room rate in Europe increased to HKD 12,584 in 2025, compared to HKD 12,122 in 2024, reflecting a growth of 3.8%[109] Sustainability and ESG Commitments - The company achieved a 56% reduction in carbon emissions density compared to the 2010 baseline, ahead of the 2030 target[93] - The group is committed to integrating sustainability into all business operations, aiming to enhance employee knowledge and awareness in this area[168] - The group aims to achieve 100% renewable energy usage in four hotels, including the Manila Peninsula Hotel by 2025[169] - The company is committed to monitoring and mitigating key risks, including geopolitical uncertainties and climate change impacts[115] Strategic Initiatives - A comprehensive strategy review was completed under the new CEO, establishing growth priorities for the short, medium, and long term[113] - The company plans to gradually promote growth by carefully selecting suitable cities and projects for business expansion while maintaining strict capital allocation[136] - The company is considering a shift towards a more asset-light growth model, increasing partnerships while reducing direct asset ownership to accelerate expansion and maintain financial discipline[140] - The company plans to continue focusing on operational excellence and maintaining its market leadership in the luxury hotel sector[113] Employee Engagement and Workforce - Employee engagement survey showed a voluntary participation rate of 92%, with 91% of respondents expressing intent to stay with the company for over a year[162] - The voluntary attrition rate is expected to decrease to 13.7% by 2025, reflecting positive results from employee surveys[165] - Active users on the recruitment website increased by 70% since its update in March 2025, with job applications rising by 9% compared to last year[165] - The Peninsula Hotels in Bangkok and Manila have successfully launched a centralized employee onboarding platform, enhancing operational efficiency and data management[165] Future Outlook - The luxury travel demand is expected to continue recovering, with a cautious optimism for 2026, despite geopolitical and macroeconomic uncertainties[171] - The group plans to focus on profit growth, operational efficiency, and unique property positioning in its 2026 investment strategy[175] - The group believes 2026 will be a year of steady progress, leveraging its world-renowned brand and commitment to excellence[176]

Financial Performance - For the six months ending December 31, 2025, the company reported revenue of approximately RMB 34,406,000, a decrease of 6.2% compared to RMB 36,687,000 in the same period of 2024[10]. - Gross profit for the same period was approximately RMB 6,506,000, representing an increase of 73.6% from RMB 3,747,000 in 2024, with a gross margin of 18.9% compared to 10.2% in the previous year[10][14]. - The net loss for the period was approximately RMB 12,947,000, a significant improvement of 51.1% from a net loss of RMB 26,471,000 in 2024[10][18]. - Revenue for the six months ended December 31, 2025, was RMB 34,406,000, a decrease of 6.2% compared to RMB 36,687,000 for the same period in 2024[41]. - Gross profit increased to RMB 6,506,000, up 73.8% from RMB 3,747,000 year-over-year[41]. - Operating loss narrowed to RMB 4,264,000 from RMB 16,668,000 in the previous year, representing a 74.4% improvement[41]. - Net loss for the period was RMB 12,947,000, significantly reduced from RMB 26,471,000 in the prior year, marking a 51.1% decrease[41]. - The group reported a loss before tax of RMB 12,947,000 for the six months ended December 31, 2025, compared to a loss of RMB 26,471,000 for the same period in 2024, indicating an improvement[55][56]. Cash and Liquidity - Cash and cash equivalents decreased by 29.2% to RMB 16,650,000 from RMB 23,527,000 as of June 30, 2025[10][21]. - The company reported a cash outflow from financing activities of RMB 14,786,000, compared to an inflow of RMB 3,222,000 in the previous year, indicating increased financial pressure[49]. - Total current liabilities decreased to RMB 279,122,000 from RMB 382,434,000, indicating improved financial stability[42]. - The company held eight corporate bonds with a total face value of approximately HKD 101,881,000 as of December 31, 2025, up from HKD 39,021,000 as of June 30, 2025[75]. Assets and Liabilities - Trade receivables increased significantly by 470.3% to RMB 15,038,000 from RMB 2,637,000 as of June 30, 2025[10][21]. - Inventory levels rose by 153.0% to RMB 9,142,000 from RMB 3,614,000 as of June 30, 2025[10][21]. - The group’s total assets less current liabilities showed a deficit of RMB 159,568,000, improving from a deficit of RMB 270,163,000 in the previous period[43]. - Total borrowings amounted to RMB 190,201,000 as of December 31, 2025, compared to RMB 187,786,000 as of June 30, 2025[74]. Operational Efficiency - Distribution costs decreased by approximately 80.6% to RMB 187,000 from RMB 964,000 in the previous year[15]. - Administrative expenses were reduced to approximately RMB 12,029,000 from RMB 18,285,000 due to cost rationalization measures[16]. - The depreciation expense for property, plant, and equipment was RMB 3,824,000, significantly lower than RMB 10,766,000 for the same period in 2024[61]. - The group incurred financing costs of RMB 8,683,000 for the six months ended December 31, 2025, down from RMB 9,803,000 in the previous year[60]. Corporate Governance and Shareholding - The board confirmed compliance with corporate governance codes throughout the reporting period[37]. - The major shareholder, Mr. Wu, holds 243,338,111 shares, representing approximately 71.45% of the issued share capital[32]. - The beneficial owner, 瑞爾, also holds 243,338,111 shares, equating to 71.45% of the issued share capital, as Mr. Wu owns 瑞爾 100%[34]. Future Outlook and Strategy - The company will continue to focus on producing frozen concentrated orange juice and non-reconstituted orange juice, targeting corporate clients and expanding sales[11][13]. - The company has no specific plans for significant investments or capital assets as of December 31, 2025[29]. Dividends and Share Transactions - The board has decided not to declare any interim dividend for the six months ending December 31, 2025[19]. - The group did not declare an interim dividend for the six months ended December 31, 2025, consistent with the previous year[63]. - The company did not purchase, sell, or redeem any listed securities during the reporting period[36]. Employment and Staffing - The group employed 101 staff as of December 31, 2025, a decrease from 110 staff in 2024[30].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 香港科技探索有限公司 Hong Kong Technology Venture Company Limited （股份代號：1137） （根據公司條例於香港註冊成立之有限公司） 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 之 全 年 業 績 集 團 財 務 摘 要 香 港 電 子 商 貿 業 務 摘 要 – 1 – 1. 二 零 二 五 年，香 港 零 售 市 場 在 經 濟 逐 步 復 甦 的 背 景 下 運 行，惟 消 費 信 心 表 現 分 化，消 費 行 為 仍 持 續 轉 變。在 此 背 景 下，本 集 團 的 香 港 電 子 商 貿 業 務 表 現 穩 定，產 生 經 調 整 後 的 扣 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 1,142,470,000, representing a 25.6% increase from RMB 909,750,000 in 2024[3] - Gross profit for the same period was RMB 841,006,000, a 35.0% increase compared to RMB 622,851,000 in 2024[3] - The adjusted net profit (non-IFRS measure) reached RMB 230,868,000, a significant increase of 282.2% from RMB 60,412,000 in the previous year[3] - The company reported a net loss of RMB 1,649,780,000 for the year, compared to a profit of RMB 10,583,000 in 2024[4] - Cash generated from operating activities was RMB 404,758,000, up 45.0% from RMB 279,170,000 in 2024[3] - The group reported a consolidated loss of RMB 1,649.8 million for the reporting period, compared to a profit of approximately RMB 10.6 million in the previous year, primarily due to the conversion of convertible redeemable preferred shares into ordinary shares[74] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 4,232,982,000, compared to RMB 2,215,325,000 in 2024[10] - The company's cash and cash equivalents increased significantly to RMB 3,052,581,000 from RMB 1,085,276,000 in 2024[7] - Total liabilities decreased to RMB 3,011,454,000 from RMB 5,864,821,000 in the previous year[10] - The company’s equity attributable to owners was RMB 1,224,491,000, recovering from a deficit of RMB 3,641,288,000 in 2024[9] - The group's audited consolidated total assets were approximately RMB 4,233.0 million, up from approximately RMB 2,215.3 million as of December 31, 2024[79] - The total non-current liabilities as of December 31, 2025, were approximately RMB 1,333.2 million, reflecting an increase of about 14.3% from RMB 1,166.8 million on December 31, 2024, primarily due to increased contract liabilities from SaaS product revenues[90] Revenue Streams - SaaS revenue reached RMB 1,104,817,000, up 25.8% from RMB 877,530,000 in the previous year[22] - Revenue recognized from contract liabilities was RMB 1,082,545,000 for the year ended December 31, 2025, compared to RMB 877,530,000 in 2024, indicating a growth of 23.3%[27] - Revenue from the Southeast Asia business was approximately RMB 21.9 million, a significant increase of about 119.0% from approximately RMB 10.0 million in the previous year, attributed to strong performance from the subsidiary in Thailand[60] - The total amount allocated to long-term contract liabilities was RMB 3,168,476 thousand in 2025, compared to RMB 2,864,533 thousand in 2024, marking a growth of about 10.6%[31] Expenses and Investments - Research and development expenses totaled RMB 243,141,000, slightly increasing from RMB 239,798,000 in 2024[4] - The group's sales and marketing expenses were approximately RMB 395.9 million, an increase of about 7.0% from approximately RMB 369.9 million in the previous year, primarily due to rising employee benefits as operations expand[65] - The total employee compensation for the reporting period was approximately RMB 801.2 million, compared to RMB 745.9 million for the previous year[96] Cash Flow and Financial Position - The group maintained a strong cash position with sufficient cash flow and no financial debt, indicating a solid financial condition[78] - The company faced foreign exchange risks primarily from fluctuations in USD/RMB and HKD/RMB exchange rates, with no hedging arrangements in place[93] Governance and Corporate Structure - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[108] - The company is set to be listed on the Hong Kong Stock Exchange on October 21, 2025[106] Future Outlook - The company expects the adoption of new accounting standards will not have a significant impact on its financial statements for the current or foreseeable future, except for IFRS 18, which will affect the presentation of comprehensive income[20] - The company plans to expand its presence in Southeast Asia, with new subsidiaries in Malaysia, Vietnam, Indonesia, and the Philippines, leveraging the growth in the global e-commerce SaaS market[58]

Financial Performance - As of the end of 2025, Bank of Tianjin's total assets reached RMB 982.4 billion, an increase of 6.1% compared to the previous year[9] - Total liabilities amounted to RMB 911.25 billion, reflecting a growth of 6.4% year-on-year[9] - The bank achieved operating income of RMB 16.95 billion, representing a year-on-year increase of 1.5%[9] - Total profit reached RMB 4.36 billion, up by 3.7% compared to the previous year[9] - Net profit for the year was RMB 3.93 billion, which is a 2.6% increase year-on-year[9] - The company achieved a dividend yield of 8.1% for 2024, ranking second among H-share listed banks[53] - Basic and diluted earnings per share rose by 1.6% to RMB 0.64, reflecting improved shareholder returns[62] - Pre-tax profit increased by 3.7% to RMB 4,358,413, demonstrating stable growth in profitability[62] - The bank's stock price increased by 36.8% over the year, indicating a recovery in market valuation and growing investor interest[86] Asset and Liability Management - The registered capital of the bank is RMB 6.071 billion, with a shareholding structure comprising 65.38% domestic legal person shares, 5.55% domestic individual shares, and 29.07% H-shares[8] - Customer loans and advances rose by 8.8% to RMB 479.42 billion in 2025 compared to RMB 440.78 billion in 2024[63] - Customer deposits increased by 8.0% to RMB 541.11 billion in 2025 from RMB 500.96 billion in 2024[63] - The liquidity ratio increased to 61.59% in 2025, up from 60.54% in 2024[66] - The bank aims to enhance asset-liability management and risk prevention capabilities, focusing on stable growth in business indicators[89] Risk Management and Loan Quality - Non-performing loan ratio remained stable at 1.70% in 2025, unchanged from 2024[65] - The non-performing loan ratio stood at 1.7%, with a provision coverage ratio of 171.56%[74] - The company’s non-performing loan (NPL) ratio for corporate clients is 1.16%, a decrease of 0.29 percentage points compared to the end of last year[195] - The overall NPL amount is RMB 8,276.3 million, maintaining an NPL ratio of 1.68% compared to RMB 7,609.5 million last year[198] Strategic Initiatives and Innovations - The bank's strategic positioning emphasizes regional expansion and the establishment of financial leasing companies[8] - The launch of the "Smart Tianxing" treasury product aims to empower enterprises in digital transformation[25] - The company successfully issued the first green ABCP in the Beijing-Tianjin-Hebei region for 2025[21] - The company became the first commercial bank in Tianjin to complete testing of a blockchain-based supply chain financing service[34] - The establishment of a digital finance committee aims to enhance research and technology integration[30] - The company launched a personal carbon account green finance service platform in July 2025[33] - The company issued the first "product carbon footprint" linked loan in Tianjin[36] - The bank launched a "personal carbon account" to promote green living experiences[58] Awards and Recognition - The company ranked 185th in the "Top 1000 Global Banks" by The Banker magazine for 2025, an improvement of 1 position year-on-year[47] - The company was recognized as the 209th in the "Top 500 Service Enterprises in China" for 2025, according to the China Enterprise Confederation and the China Entrepreneur Association[47] - The company was awarded the "Best Transaction Bank" by the China Transaction Banking Annual Conference Committee[49] - The company was recognized as the 38th in the "Pioneers of ESG Listed Companies in the Beijing-Tianjin-Hebei Region" for 2025[47] - The company was awarded the "Excellence in Financial Market Business Transaction Capability" by Puyi Standard for 2025[49] Operational Efficiency - The cost-to-income ratio improved slightly to 27.66% in 2025 from 28.23% in 2024[65] - Total operating expenses were RMB 4.917 billion, a decrease of RMB 20 million year-on-year, reflecting a decline of 0.5%[127] - Employee compensation expenses totaled RMB 2.664 billion, an increase of RMB 60 million year-on-year, representing a growth of 2.2%[128] Investment and Income Performance - Interest income decreased by 1.7% to RMB 30,469,538, while interest expenses fell by 8.4% to RMB 18,021,709[60] - Investment income decreased by 23.9% to RMB 1,980,299, indicating challenges in investment performance[60] - The bank's commission income decreased by 18.0% year-on-year, amounting to RMB 1.81 billion[94] - Trading net profit and loss for the reporting period was RMB 890 million, down from RMB 1.01 billion in the same period last year, representing a decline of 12.5%[124] Customer Engagement and Services - The bank operates a total of 230 branches across the country, including 1 business department, 7 first-level branches, 6 second-level branches, and 6 central sub-branches[8] - Monthly active users of the mobile banking app ranked eighth among city commercial banks, with a 57% increase in service efficiency through the "Ronglian" open platform[88] - The cumulative number of personal mobile banking customers increased by 25.56% compared to the end of the previous year[91] - The company launched a multilingual version of its mobile banking app "Smart Finance" to enhance service for international events[54]