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。 股份代號：2388（港幣櫃台）及82388（人民幣櫃台） 2025年度業績公告 中銀香港（控股）有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附 屬公司截至2025年12月31日止年度的經審核業績。本公告列載本公司2025年報 全文，並符合香港聯合交易所有限公司證券上市規則內有關年度業績初步公告須 附載資料的要求。本公司2025年報的印刷版本將於2026年4月中下旬寄發予已選 擇收取印刷版本的本公司股東，並可於其時在香港交易及結算所有限公司的網 站 www.hkexnews.hk 及本公司的網站 www.bochk.com 閱覽。 1 財務摘要 | | 2025年 | 2024年 | | --- | --- | --- | | 全年 | 港幣百萬元 | 港幣百萬元 | | 提取減值準備前之淨經營收入 | 77,019 | 71,253 | | 經營溢利 | 50,532 | 48,677 ...

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。 中 國 農 業 銀 行 股 份 有 限 公 司 AGRICULTURAL BANK OF CHINA LIMITED （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ） （股份代號：1288） 2025年年度業績公告 中國農業銀行股份有限公司（「本行」）董事會（「董事會」）欣然宣佈本行及所屬子公司截至 2025年12月31日止年度，根據國際會計準則委員會頒佈的《國際財務報告會計準則》（「國 際財務報告會計準則」）編製的經審核業績。本行董事會審計委員會已審閱此年度業績。 本公告符合《香港聯合交易所有限公司證券上市規則》相關披露要求。本行2025年年度報 告的印刷版本將於2026年4月寄發予已表示希望收取本行公司通訊之印刷版本的本行H股 股東，並同時刊載於香港聯合交易所有限公司的網站(www.hkexnews.hk)及本行的網站 (www.abchina.com.cn, ww ...

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，並明確表示概不會就本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8059） 截至2025年12月31日止年度的全年業績公告 朝威控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公司（統 稱「本集團」）截至2025年12月31日止財政年度的經審核綜合業績。本公告載有本公司2025年年 報全文，符合香港聯合交易所有限公司GEM證券上市規則有關全年業績初步公告所附帶資料 的相關規定。 承董事會命 朝威控股有限公司 執行董事 鍾志偉 香港，2026年3月27日 於本公告日期，執行董事為鍾志偉先生；以及獨立非執行董事為蔡志偉先生、陳珠海女士及林 鵬先生。 本公告乃根據GEM上市規則提供有關本公司的資料，董事願就本公告共同及個別承擔全部責 任。董事在作出一切合理查詢後確認，就彼等所深知及確信，本公告所載資料在所有重大方面 均屬真確 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was approximately RMB 38.6 million, an increase of about 279.5% compared to RMB 10.2 million in 2024[3] - Revenue from online interactive entertainment services rose from approximately RMB 5.6 million in 2024 to about RMB 30.9 million in 2025, representing a growth of 447.4%[7] - The net loss attributable to shareholders for the period was approximately RMB 9.3 million, with a total net loss of RMB 13.3 million[7] - Adjusted net loss for the period was approximately RMB 12.5 million, with an adjusted LBITDA of about RMB 14.2 million[7] - The company reported a revenue of RMB 30.9 million from online interactive entertainment services, a significant increase of 447.4% compared to RMB 5.6 million in the same period of 2024[16] - The company recorded a net loss attributable to shareholders of RMB 9.3 million, compared to a profit of RMB 20.0 million in the same period of 2024[27] - The company reported a net loss of RMB 9,306 thousand for the year, compared to a profit of RMB 19,996 thousand in 2024[83] - The company’s total comprehensive loss for the year amounted to RMB 43,948 thousand, compared to a total comprehensive income of RMB 53,179 thousand in 2024[83] Assets and Liabilities - The total assets of the company were valued at RMB 2,505.9 million, while total liabilities amounted to RMB 355.8 million[3] - Total assets decreased from RMB 2,619,747 thousand in 2024 to RMB 2,505,851 thousand in 2025, a decline of approximately 4.3%[81] - Total liabilities decreased from RMB 385,250 thousand in 2024 to RMB 355,779 thousand in 2025, a reduction of approximately 7.6%[82] - The company's equity attributable to owners decreased from RMB 2,234,497 thousand in 2024 to RMB 2,150,072 thousand in 2025, a decline of about 3.8%[82] - The company's asset-liability ratio increased to 9.6% as of December 31, 2025, up from 8.9% on December 31, 2024, due to an increase in borrowings from RMB 198.1 million to RMB 206.9 million[57] Revenue Sources - Revenue from the real-time social interaction platform segment for 2025 was RMB 17,633,000, up from RMB 5,516,000 in 2024, marking a growth of 219%[101] - Revenue from game marketing and operations surged to RMB 13,244,000 in 2025 from RMB 125,000 in 2024, a remarkable increase of 10,595%[101] - Major customers contributing over 10% of total revenue included Company A1 with RMB 13,381,000 and Company B2 with RMB 12,109,000 for the year ending December 31, 2025[102] Expenses - Research and development expenses rose significantly by 112.8% to RMB 18.9 million, reflecting the company's commitment to developing core business areas[21] - Sales and marketing expenses surged by 242.7% to RMB 28.6 million, primarily due to marketing efforts in online gaming[19] - Employee costs for the reporting period amounted to RMB 51.3 million, an increase from RMB 43.4 million in the previous year[74] - Employee benefits expenses, including share-based payment expenses, increased to RMB 51,335,000 in 2025 from RMB 43,434,000 in 2024, an increase of 18%[106] Investments - The company completed the asset acquisition of "Sila Chat," a high-interaction social platform, which has maintained a stable user base and reasonable recharge levels[8] - The company’s strategic investments focus on equity investment opportunities that align with its overall strategic direction, particularly in AI and smart hardware sectors[35] - The company confirmed a fair value gain of RMB 95.8 million from its investments during the reporting period, compared to RMB 58.4 million in the previous year[38] - The fair value gain from other financial instruments was RMB 95,814,000 in 2025, up from RMB 58,419,000 in 2024, indicating an increase of about 64%[137] Cash Flow - Cash and cash equivalents as of December 31, 2025, were RMB 427.9 million, a decrease from RMB 467.0 million as of December 31, 2024[32] - Net cash used in operating activities was RMB (69,455) thousand in 2025, compared to RMB (64,431) thousand in 2024, indicating a worsening cash flow situation[84] - Net cash generated from investing activities decreased significantly from RMB 177,409 thousand in 2024 to RMB 70,058 thousand in 2025, a decline of about 60.5%[84] Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has complied with most of its best practices during the reporting period[161] - The independent auditor issued a qualified opinion on the consolidated financial statements for the year ended December 31, 2025[171] - The company has adopted the standard code of conduct for directors' securities transactions and confirmed compliance during the reporting period[163] Future Outlook - The company plans to continue optimizing its resource allocation and seek breakthroughs in a competitive market environment[9] - The company plans to continue strategic investments in AI to enhance operational efficiency and drive business model upgrades[13] - The company anticipates continued reliance on a small number of distributors for revenue generation in the foreseeable future[101]

Financial Performance - The company achieved a revenue of approximately RMB 53.8 billion for the fiscal year ending December 31, 2025, representing a decrease of 29.83% compared to RMB 76.67 billion in 2024[5][8]. - The net profit attributable to shareholders was approximately RMB 1.44 billion, reflecting a year-on-year increase of 25.77% from RMB 1.14 billion in 2024[5][8]. - The net cash flow from operating activities was approximately RMB 5.19 billion, an increase of RMB 4.64 billion compared to the previous year[14]. - Total assets as of December 31, 2025, were RMB 55.14 billion, slightly down from RMB 55.28 billion in 2024[6]. - Total liabilities were RMB 34.82 billion, a decrease from RMB 36.37 billion in 2024[6]. - The company's equity increased to RMB 20.32 billion, up from RMB 18.91 billion in 2024[6]. - The basic earnings per share for 2025 was RMB 1.28, compared to RMB 1.01 in 2024[5]. - The group's gross profit is expected to increase from approximately RMB 4.912 billion in 2024 to about RMB 5.280 billion in 2025, representing a growth of approximately 7.48%[83]. - The overall gross margin is projected to rise by 3.40 percentage points from 6.41% in 2024 to 9.81% in 2025, primarily due to the increase in gross profit from lithium-ion battery business[83]. - Other income is forecasted to decrease by approximately 22.00% from about RMB 2.101 billion in 2024 to approximately RMB 1.639 billion in 2025, mainly due to a reduction in government subsidies and interest income[84]. Business Segments - The manufacturing segment generated revenue of approximately RMB 47.92 billion, with a year-on-year growth of 10.01%[14]. - The company's lead-acid battery business achieved a revenue of approximately RMB 15.41 billion in 2025, representing a year-on-year growth of over 222.20%[17]. - The overseas sales revenue reached approximately RMB 5.40 billion in 2025, with a year-on-year increase of over 76.09%[20]. - The lithium-ion battery business achieved revenue of approximately RMB 1.541 billion, with significant improvements in operational quality compared to the previous year[49]. - The high-end environmentally friendly battery business achieved revenue of approximately RMB 39.766 billion during the reporting period[36]. - The company is expanding its backup power business, focusing on lead-acid batteries for applications in communication bases and data centers, with significant market growth[45]. Strategic Initiatives - The company is focusing on enhancing product strength, manufacturing capabilities, and channel effectiveness while investing in R&D for energy transition[14]. - The company aims to maintain a stable cash flow while pursuing growth in its core business and adapting to market demands[14]. - The company is actively collaborating with leading enterprises in the engineering machinery sector to expand its special industrial power battery business[48]. - The company is advancing the development of various battery technologies, including lithium-ion, solid-state, sodium-ion, and hydrogen fuel cells, to strengthen its recycling and resource regeneration capabilities[78]. - The company is committed to expanding its international presence in key markets such as Southeast Asia, Europe, Africa, and Latin America to support long-term growth[81]. Research and Development - The company is integrating 5G, IoT, and AI into its manufacturing processes, enhancing production efficiency and quality consistency[15]. - The company is exploring sodium-ion and solid-state batteries for market applications, maintaining a cautious approach to new business development[19]. - The group is actively advancing the research and commercialization of solid-state battery technology, achieving industry-leading safety and stability standards in the first batch of solid-state battery tests organized by the Ministry of Industry and Information Technology[55]. - The group has launched the "Tian Sodium" series products in the automotive start-stop system market, achieving market penetration and initiating sample testing with mainstream automotive manufacturers[60]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to enhance investor confidence[129]. - The group has a strong management team with extensive experience in the battery industry, including over 43 years of financial management experience[127]. - The board includes independent non-executive directors with diverse backgrounds in finance and management, contributing to robust oversight[122][123][124][125]. - The company has established various committees, including audit and remuneration committees, to ensure effective governance and accountability[122][124]. - The company emphasizes the importance of corporate governance practices in maintaining investor trust and confidence[129]. Financial Management - Financing costs are expected to decline by approximately 20.68% from about RMB 547 million in 2024 to approximately RMB 434 million in 2025, attributed to a decrease in borrowing scale during the reporting period[87]. - The company's cash and cash equivalents, along with restricted bank deposits, are projected to be approximately RMB 19.039 billion as of December 31, 2025, down from about RMB 21.410 billion as of December 31, 2024[89]. - The asset-liability ratio decreased to approximately 24.72% as of December 31, 2025, compared to 33.55% in 2024[100]. - The company has no significant contingent liabilities as of December 31, 2025, maintaining a strong financial position[102]. Market Trends and Risks - The company is closely monitoring global and Chinese economic growth, with potential risks to traditional businesses like electric bicycle battery sales due to consumer market downturns[110]. - The electric two-wheeler market in China has surpassed 420 million units, indicating a stable replacement demand for lead-acid batteries[37]. - The company has initiated a strategic transformation to diversify risks associated with reliance on any single business segment[110]. Shareholder Information - The company plans to distribute a cash dividend of HKD 0.36 per share, pending approval at the 2026 annual general meeting[23]. - The board recommends a final dividend of HKD 0.36 per share for the year, compared to HKD 0.17 per share for 2024[113]. - The expected payment date for the proposed final dividend is on or before July 10, 2026, pending shareholder approval[113].

Financial Performance - Revenue increased by approximately 31.1% to RMB 37,008.2 million compared to the year ended December 31, 2024[3] - Profit attributable to owners increased by approximately 128.8% to RMB 2,911.6 million compared to the year ended December 31, 2024[3] - Basic earnings per share increased by approximately 127.0% to RMB 95.8 cents compared to the year ended December 31, 2024[3] - Operating profit rose to RMB 3,638.8 million, up from RMB 1,665.3 million in the previous year[4] - The company reported a total comprehensive income of RMB 2,824.4 million, compared to RMB 1,332.6 million in the previous year[5] - The company reported a revenue of RMB 37,008.2 million for 2025, an increase of approximately 31.1% compared to RMB 28,236.2 million in 2024[37] - Net profit surged by approximately 128.8% from RMB 1,272.4 million in 2024 to RMB 2,911.6 million in 2025[56] Assets and Liabilities - Total assets increased to RMB 29,996.7 million from RMB 24,618.9 million in the previous year[7] - Total liabilities rose to RMB 19,534.8 million from RMB 15,860.8 million in the previous year[8] - Net assets increased to RMB 10,461.9 million from RMB 8,758.1 million in the previous year[8] - The asset-liability ratio rose to 17.4% as of December 31, 2025, up from 16.4% in 2024, primarily due to increased borrowings[65] Revenue Sources - Electric bicycles generated revenue of RMB 16,208,695 thousand in 2025, up 32.3% from RMB 12,244,215 thousand in 2024[15] - Total sales of electric scooters and bicycles increased from approximately 13.0 million units in 2024 to about 16.3 million units in 2025[37] - Sales of electric bicycles increased by approximately 26% from about 9,089,500 units in 2024 to approximately 11,453,500 units in 2025, while sales of electric scooters rose by about 22.5% from approximately 3,931,000 units to approximately 4,815,700 units[45] Expenses - Total cost of goods sold increased to RMB 34,079,528 thousand in 2025, compared to RMB 27,213,872 thousand in 2024, indicating a rise in operational expenses[23] - Employee benefits expenses rose to RMB 2,664,586 thousand in 2025, compared to RMB 2,007,515 thousand in 2024, reflecting a 32.7% increase[23] - Sales and distribution expenses increased by approximately 33.3% from RMB 1,215.3 million in 2024 to RMB 1,619.6 million in 2025, primarily due to increased employee benefits and advertising expenses[51] - Administrative expenses rose by approximately 23.7% from RMB 904.5 million in 2024 to RMB 1,118.6 million in 2025, mainly due to higher employee benefits and outsourcing costs[52] - Financial expenses increased by approximately 28.4% from RMB 360 million in 2024 to RMB 462 million in 2025, primarily due to increased interest expenses from bank loans[54] - Income tax expenses rose by approximately 119.5% from RMB 311 million in 2024 to RMB 683 million in 2025, driven by increased profits leading to higher corporate income tax in China[55] Research and Development - Research and development expenses increased to RMB 1,404.5 million from RMB 1,146.8 million in the previous year[4] - Research and development expenses increased by approximately 22.5% from RMB 1,146.8 million in 2024 to RMB 1,404.5 million in 2025, focusing on smart platform and battery technology[53] Dividends and Shareholder Returns - The company plans to declare a final dividend of HKD 0.53 per share for the year ending December 31, 2025[3] - The board proposed a final dividend of HKD 0.53 per share for the year ended December 31, 2025, compared to HKD 0.22 per share for the year ended December 31, 2024[81] Strategic Initiatives - The company aims to strengthen its core business and market leadership through strategic initiatives and investments in R&D, marketing, and brand building[37] - The company is investing RMB 1 billion in a smart manufacturing facility in Vietnam, which will have an initial annual production capacity of 1 million units, marking a significant milestone in its regional expansion strategy[40] - The company plans to use the net proceeds for expanding overseas business through the construction of overseas R&D centers, factories, distribution networks, and potential acquisitions[73] Market Outlook - The company anticipates continued growth in the electric two-wheeler industry, supported by stable demand for core products and expansion in high-growth product segments[41] - The Southeast Asian market is expected to grow at a double-digit rate, with countries like Vietnam, Indonesia, and the Philippines becoming key growth engines for electric scooters and bicycles[40] Compliance and Governance - The company has fully complied with the corporate governance code throughout the year ended December 31, 2025[79] - There were no significant subsequent events related to the group's business or financial performance from the end of the reporting period until the announcement date[78]

Financial Performance - The total revenue for the year ended December 31, 2025, was HKD 72,055,000, a decrease of 20.5% compared to HKD 90,617,000 in 2024[3] - Gross profit for the same period was HKD 41,916,000, down 27.3% from HKD 57,654,000 in the previous year[3] - Operating profit decreased to HKD 16,392,000 from HKD 18,884,000, reflecting a decline of 13.2%[3] - The net profit attributable to shareholders increased to HKD 27,525,000, up 55.3% from HKD 17,752,000 in 2024[3] - Basic and diluted earnings per share rose to HKD 9.05, compared to HKD 5.83 in the previous year, marking a 55.3% increase[3] - The company reported a pre-tax profit of HKD 15,189,000 for 2025, down from HKD 17,752,000 in 2024[29] - The company recorded a net profit of approximately HKD 27,530,000 for the year, an increase from HKD 17,750,000 in 2024, mainly due to the absence of a one-time loss from the modification of other receivables[41] Assets and Liabilities - Total assets as of December 31, 2025, were HKD 168,059,000, an increase of 23.8% from HKD 135,709,000 in 2024[5] - Total liabilities rose to HKD 114,585,000 in 2025 from HKD 110,512,000 in 2024, with segment liabilities for aesthetic medical and beauty services at HKD 44,659,000 and medical services at HKD 16,276,000[23] - The company reported a net current asset position of HKD 10,812,000, compared to a net current liability of HKD 557,000 in the previous year[5] - Current assets amounted to approximately HKD 86,040,000 in 2025, up from HKD 58,310,000 in 2024, while current liabilities were HKD 75,230,000[44] Cash Flow and Liquidity - Cash and cash equivalents decreased to HKD 8,169,000 from HKD 22,702,000, a decline of 64.0%[5] - The company has significant reliance on the timely collection of other receivables to meet short-term obligations, indicating potential liquidity concerns[9] - The group holds cash and cash equivalents of approximately HKD 8,169,000, raising concerns about its ability to meet short-term obligations[61] Revenue Streams - Revenue from aesthetic medical and beauty services was HKD 56,099,000, down from HKD 82,004,000, representing a decline of 31.7%[18] - The group reported a total of HKD 8,015,000 in revenue from medical services, an increase from HKD 5,263,000 in the previous year[18] - Health product trading generated revenue of HKD 6,255,000, marking a new revenue stream for the group[18] - For the fiscal year ending December 31, 2025, total external sales and revenue reached HKD 72,055,000, with aesthetic medical and beauty services contributing HKD 64,040,000 and medical services contributing HKD 8,015,000[22] Operational Insights - The group expects to generate sufficient operating cash flow through accelerated collection of trade receivables and cost control measures[12] - Major shareholder Mr. Wang Chuang has confirmed financial support until June 30, 2027, to ensure the group meets its obligations without significantly reducing operations[12] - The group is closely monitoring operational conditions and will take appropriate actions as necessary to maintain financial stability[12] Accounting and Compliance - The group has adopted new accounting standards effective from January 1, 2025, but these have not had a significant impact on performance or financial position[11] - The group will apply the new Hong Kong Financial Reporting Standard No. 18 from January 1, 2027, which is expected to affect the presentation and disclosure of financial statements[16] - The company has complied with all provisions of the corporate governance code, except for the separation of roles between the Chairman and CEO, which is held by the same individual[54] - The independent auditor's report confirms that the consolidated financial statements reflect the group's financial position accurately as of December 31, 2025[60] Employee and Corporate Governance - The company employed 30 staff members as of December 31, 2025, down from 34 in 2024, with total employee compensation amounting to approximately HKD 12,740,000[52] - The company did not declare or recommend any dividends for both fiscal years 2024 and 2025[30] - The board does not recommend any dividend for the year ending December 31, 2025, consistent with the previous year[57] Future Outlook - The company aims to expand its business in the healthcare sector and will reallocate resources to maintain its leading position in health products and services[40] - The group anticipates that the adoption of new standards will not significantly affect the net profit but will change the classification of income and expenses in the income statement[17]

華億金控集團有限公司 SINOFORTUNE FINANCIAL HOLDINGS LIMITED （於開曼群島註冊成立之有限公司） （股份代號：08123） 截至二零二五年十二月三十一日止年度之 全年業績公佈 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。 截至二零二五年十二月三十一日止年度，本集團錄得持續經營業務收益約29,054,000港元 （二零二四年：約32,148,000港元）。 截至二零二五年十二月三十一日止年度虧損約14,678,000港元（二零二四年：約99,019,000港 元）。 截至二零二五年十二月三十一日止年度之本公司擁有人應佔虧損約14,652,000港元（二零 二四年：約98,752,000港元）。 本公司擁有人應佔每股基本虧損為0.19港仙（二零二四年：1.27港仙）。 董事不建議派付截至二零二五年十二月三十一日止年度之股息（二零二四年：無）。 2 由於GEM上市公司普遍為中小型公司， ...

Company Overview - Plateau Treasures Limited reported its audited consolidated annual results for the year ending December 31, 2025[3]. - The company is registered in the Cayman Islands and operates its principal place of business in Singapore[15]. - The stock code for Plateau Treasures Limited is 8402, indicating its listing on the GEM of the Hong Kong Stock Exchange[18]. - The principal banker for the company is Maybank Singapore Limited, which supports its financial operations[18]. Governance and Management - The board of directors includes four executive directors and three independent non-executive directors, ensuring a diverse governance structure[12]. - The company appointed a new Chief Executive Officer, Mr. Huang Fu Tang, on April 10, 2025, to lead its strategic initiatives[13]. - Ms. Chen Xiaoyu was appointed as Chairperson on May 16, 2023, and has a background in civil engineering and operations management in the software industry[83]. - Mr. Ong Cheng Yew, the founder, has over 20 years of experience in the structural steelwork industry and has been pivotal in the company's overall management and business development[84]. - The management team has a diverse background, with members holding degrees in engineering and business administration, enhancing the company's strategic capabilities[83][84]. - The Board of Directors consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors[130]. - The Board has a diversity policy that emphasizes a balance of skills, experience, and perspectives among its members[139]. - All Board appointments are made on a merit basis, considering various diversity perspectives[139]. - The Board has full and timely access to Company information, including financial reports and audit results, and can seek independent professional advice at the Company's expense[155]. Financial Performance - For FY2025, the Group recorded a revenue of approximately S$13,067,000, representing a 43.8% decrease compared to S$23,255,000 in FY2024[21]. - The gross profit for FY2025 was approximately S$71,000, reflecting a 98.2% decrease from S$4,007,000 in FY2024, with a gross profit margin of 0.5% compared to 17.2% in FY2024[35]. - The loss after tax increased to approximately S$3,658,000 in FY2025 from S$1,084,000 in FY2024, primarily due to the decline in gross profit[36]. - The Group recorded a loss before tax of approximately S$3,328,000 for FY2025, compared to a loss of S$729,000 in FY2024[36]. - As of December 31, 2025, the Group's cash and cash equivalents amounted to approximately S$1,311,000, a decrease from approximately S$1,588,000 in FY2024[42]. - The Group's gearing ratio increased to approximately 40.1% in FY2025, compared to approximately 21.9% in FY2024[42]. - The Group incurred a loss for the year ended December 31, 2025, indicating material uncertainty regarding its financial position[184]. - As of December 31, 2025, the Group's bank balances and cash were insufficient to fully cover its current lease liabilities and borrowings[184]. Market and Industry Outlook - The decrease in revenue was attributed to a slowdown in order pipelines and increased competition from large-scale construction companies entering Singapore's market[34]. - The Singapore Building and Construction Authority projects total construction demand to remain steady at S$47-53 billion in nominal terms for 2026, similar to 2025[24]. - The construction sector is supported by a strong pipeline of large developments, including the redevelopment of NUH and new educational institutions[78]. - The Group is optimistic about the potential of Tibetan Plateau yak dairy products in the silver economy market and is actively expanding its distribution business in this sector[25]. - The Group plans to strengthen its market position in the structural steelwork industry in Singapore while exploring the silver economy business across the Asia Pacific region[26]. Corporate Culture and Ethics - The company values a healthy corporate culture, which is embedded in its operations[108]. - The Board of Directors assesses corporate culture using qualitative and quantitative references, including the number of regulatory breaches and staff turnover rates due to ethical issues[114]. - The company has established a whistleblower system to uphold its corporate culture[109]. - The company emphasizes objectivity, transparency, and ethical acts in its decision-making processes[111][112][113]. - The company has experienced a turnover rate caused by ethical issues, which is monitored as part of its corporate culture assessment[114]. Committees and Compliance - The Audit Committee held three meetings during the year ended December 31, 2025, to review half-year and annual financial statements, focusing on compliance with accounting standards and GEM Listing Rules[163]. - The Remuneration Committee conducted two meetings in the year ended December 31, 2025, to approve the remuneration of Directors and senior management[173]. - The Nomination Committee held two meetings during the year ended December 31, 2025, to review the structure, size, and composition of the Board[181]. - The Audit Committee consists of three independent non-executive Directors, ensuring compliance with Rule 5.28 of the GEM Listing Rules[161]. - The primary duties of the Audit Committee include overseeing the effectiveness of the Group's financial reporting process and internal control systems[162]. - The Remuneration Committee's responsibilities include making recommendations on the remuneration policy for Directors and senior management[172]. - The Nomination Committee's main function is to recommend candidates to fill vacancies on the Board[179]. Risk Management - The Board is responsible for ensuring effective risk management practices to mitigate business risks[69]. - An independent review of the risk management and internal control system was conducted for the financial year ended December 31, 2025[193]. - The internal control consultant made several recommendations for control improvement, which management has taken necessary follow-up actions on[194]. - The Board believes that the internal control and risk management systems are effective and adequate, with no identified irregularities or deficiencies[196]. - A whistle blower policy has been established, encouraging stakeholders to report unethical acts[200].

Financial Performance - The company's revenue for the year ended December 31, 2025, decreased by approximately HKD 61.7 million or about 13.2% to approximately HKD 406.7 million compared to the previous year[2]. - Gross profit for the year ended December 31, 2025, was HKD 7.7 million, representing a decline of 55.4% from HKD 17.3 million in the previous year[2]. - The company recorded a loss before tax of approximately HKD 22.4 million for the year ended December 31, 2025, compared to a profit of HKD 9.9 million for the year ended December 31, 2024[2]. - The company reported a net loss of HKD 22.4 million for the year ended December 31, 2025, compared to a profit of HKD 9.9 million in the previous year[5]. - The group reported a revenue decrease of approximately HKD 61.7 million or 13.2%, totaling around HKD 406.7 million for the year, compared to HKD 468.4 million in the previous year[44]. - The group recorded a gross profit of approximately HKD 7.7 million, down from HKD 17.3 million in the previous year[44]. - The net loss attributable to the company was approximately HKD 22.4 million, compared to a net profit of HKD 9.9 million in the previous year[44]. - Other income decreased by approximately 57.9% to HKD 1.6 million, down from HKD 3.8 million in the previous year[45]. - The group confirmed an impairment loss of approximately HKD 13.3 million, compared to a reversal of impairment of HKD 2.3 million in the previous year[47]. - The company reported a pre-tax loss of HKD 22,406,000 for the year ending December 31, 2025, compared to a profit of HKD 9,868,000 in 2024, indicating a significant decline in performance[33]. Assets and Liabilities - Non-current assets decreased from HKD 5.0 million in 2024 to HKD 2.7 million in 2025[6]. - Current assets decreased from HKD 234.3 million in 2024 to HKD 166.7 million in 2025[6]. - Current liabilities increased from HKD 261.5 million in 2024 to HKD 161.8 million in 2025[6]. - The company's total assets less current liabilities showed a decline from HKD 7.6 million in 2024 to a negative HKD 22.1 million in 2025[6]. - The company's equity position deteriorated, with total equity showing a net loss of HKD 22.9 million in 2025 compared to a loss of HKD 0.5 million in 2024[7]. - The group reported a net loss of approximately HKD 22,411,000 for the year ending December 31, 2025, with current liabilities and net liabilities of approximately HKD 27,170,000 and HKD 22,948,000 respectively[18]. - As of December 31, 2025, the group's cash and cash equivalents decreased by approximately HKD 21.5 million to about HKD 11.1 million, resulting in a net cash position of approximately negative HKD 0.8 million[56]. - The current ratio as of December 31, 2025, was 0.90, down from 1.03 in the previous year, indicating a decline in liquidity[58]. Shareholder Information - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2025[2]. - The company did not declare any dividends for the year ending December 31, 2025, consistent with the previous year[31]. - The annual general meeting is scheduled for May 29, 2026, with a suspension of share transfer registration from May 26 to May 29, 2026[73]. - The company completed a placement of 266,400,000 shares at a price of HKD 0.153 per share, representing approximately 16.67% of the company's issued share capital post-placement[77]. - The total proceeds from the placement amounted to approximately HKD 40.8 million, with a net amount of approximately HKD 39.9 million after deducting placement commissions and related expenses, equating to a net price of approximately HKD 0.150 per share[78]. - The placement agreement was amended to extend the final deadline from January 28, 2026, to February 11, 2026[77]. - The placement was successfully completed on February 11, 2026, with all conditions met[77]. Operational and Strategic Outlook - The group is actively monitoring its operational situation and implementing cost control measures to achieve sustainable cash flow[20]. - The group plans to conduct a detailed review of its existing business operations and financial condition to formulate sustainable business strategies for future development[43]. - The group aims to explore business and investment opportunities in various sectors and regions, considering potential asset sales, acquisitions, and business rationalization[43]. - The group has received government grants of approximately HKD 60,000 related to a training program for graduates in the construction industry[29]. - The group has implemented measures to minimize credit risk, including the establishment of credit limits and monitoring procedures for overdue debts[50]. Governance and Compliance - The board of directors has adopted and complied with all applicable corporate governance codes, ensuring transparency and accountability[68]. - The audit committee, composed of three independent non-executive directors, has reviewed the audited annual results for the year ended December 31, 2025[74]. - There were no significant developments in litigation affecting the group's business operations during the reporting period[67]. - The company has not engaged in any purchases, sales, or redemptions of its securities during the year ended December 31, 2025[71]. - The chairman and CEO roles are held by the same individual, which the board believes enhances the efficiency of strategy formulation and implementation[69]. Employee and Cost Management - Total employee costs decreased to HKD 15,275,000 in 2025 from HKD 20,722,000 in 2024, reflecting a reduction of approximately 26.5%[30]. - The group employed a total of 57 employees as of December 31, 2025, down from 75 employees in 2024, with employee costs for the year amounting to approximately HKD 15.3 million, a decrease from HKD 20.7 million in 2024[66]. - Administrative expenses increased by approximately HKD 3.3 million or 23.1% to about HKD 17.6 million, primarily due to legal and professional fees related to arbitration[52]. - Financing costs rose by approximately 60.0% to about HKD 0.8 million, attributed to increased interest on bank borrowings[53]. Impairment and Receivables - The group recognized impairment losses of HKD 13,328,000 in 2025, compared to a reversal of HKD 2,262,000 in 2024, indicating a significant shift in financial health[28]. - Trade receivables increased significantly to HKD 114,929,000 in 2025 from HKD 22,615,000 in 2024, representing a growth of approximately 408.5%[36]. - The company reported overdue trade receivables of HKD 30,837,000 as of December 31, 2025, compared to HKD 17,854,000 in 2024, indicating an increase of about 72.7%[37]. - The group recognized impairment losses of approximately HKD 10.7 million on trade receivables and HKD 2.6 million on contract assets, compared to a reversal of impairment of HKD 3.0 million and a loss of HKD 0.6 million in the previous year[51]. - The group reported trade receivables and receivables from customers amounting to approximately HKD 89.9 million, representing 81% of total receivables, a significant increase from 36% in the previous year[51].