Sales Performance - For the year ending December 31, 2025, total sales reached approximately RMB 30,993,732,000, an increase of about 8.1% compared to 2024[2] - Sales of sports products accounted for approximately 67.7% of total sales, rising by about 5.9% due to increased demand in the US and European markets[2] - Sales of leisure products represented approximately 27.1% of total sales, significantly increasing by about 16.7% driven by demand in Japan and other markets[2] - Sales of lingerie products accounted for approximately 4.5% of total sales, slightly decreasing by about 2.3% due to a decline in demand in the Japanese market[3] - The company achieved sales revenue of approximately RMB 30,993,732,000, an increase of about 8.1% compared to the previous year[40] - The sports category generated sales of RMB 20,966,573,000, accounting for 67.7% of total sales, with a year-on-year increase of 5.9%[46] - The leisure category saw sales of RMB 8,410,981,000, representing a 16.7% increase year-on-year[46] - The sales revenue of leisure products rose from approximately RMB 7,207,239,000 for the fiscal year ending December 31, 2024, to approximately RMB 8,410,981,000 for the fiscal year ending December 31, 2025, an increase of about RMB 1,203,742,000 or 16.7%[47] - Sales in the European market for the fiscal year ending December 31, 2025, were approximately RMB 6,261,762,000, an increase of RMB 1,071,703,000 or 20.6% compared to RMB 5,190,059,000 for the fiscal year ending December 31, 2024[51] - Sales in the U.S. market for the fiscal year ending December 31, 2025, were approximately RMB 5,582,598,000, an increase of RMB 970,772,000 or 21.0% compared to RMB 4,611,826,000 for the fiscal year ending December 31, 2024[51] Financial Performance - Gross profit margin for 2025 was approximately 26.3%, down by about 1.8 percentage points from the previous year[3] - Net profit after tax for the year was approximately RMB 5,825,262,000, a decrease of about 6.7% compared to 2024, primarily due to foreign exchange losses and prior year gains from the sale of a subsidiary[3] - The group reported a pre-tax profit of RMB 22,761,332 thousand for 2025, compared to RMB 20,572,130 thousand in 2024, indicating a year-on-year increase of 10.6%[19] - The company's pre-tax profit for the year ending December 31, 2025, is RMB 6,665,775, while for 2024, it was RMB 7,163,778, reflecting a decrease of approximately 6.9%[24] - Gross profit amounted to approximately RMB 8,165,360,000, reflecting a year-on-year increase of about 1.4%[40] - The total income tax expense for 2025 was RMB 840,513 thousand, a decrease from RMB 923,197 thousand in 2024, reflecting a reduction of 9.0%[20] - Income tax expenses for the year ended December 31, 2025, were approximately RMB 840,513,000, down by about RMB 82,684,000 or 9.0% from RMB 923,197,000 in 2024[59] Assets and Liabilities - Total non-current assets as of December 31, 2025, were approximately RMB 14,779,271,000, compared to RMB 14,536,063,000 in 2024[7] - Total current assets increased to approximately RMB 42,163,724,000 in 2025 from RMB 38,571,785,000 in 2024[8] - Total liabilities increased to approximately RMB 19,451,077,000 in 2025 from RMB 17,254,953,000 in 2024, indicating a rise in financial obligations[8] - Non-current assets totaled RMB 14,422,484 thousand in 2025, up from RMB 13,242,380 thousand in 2024, reflecting a growth of 8.9%[13] - The bank borrowings balance as of December 31, 2025, was approximately RMB 14,799,497,000, with short-term borrowings accounting for RMB 14,601,497,000[56] - The equity attributable to the owners of the parent company is approximately RMB 37,491,918,000, an increase from RMB 35,852,895,000 in 2024[57] - The debt-to-equity ratio as of December 31, 2025, is 39.5%, up by 3.7 percentage points from 35.8% in 2024[57] Cash Flow and Investments - The company’s cash and bank balances, along with time deposits, totaled approximately RMB 26,545,953,000, up from RMB 24,911,682,000 in the previous year[38] - The company’s cash and cash equivalents stood at RMB 15,410,854,000, compared to RMB 10,868,830,000 in the previous year[38] - The net cash generated from operating activities for the fiscal year ending December 31, 2025, was approximately RMB 5,549,401,000, compared to RMB 5,272,964,000 for the fiscal year ending December 31, 2024[55] - Total capital expenditure for the year was approximately RMB 3,003,697,000, with about 42% allocated for purchasing production equipment and 54% for constructing and purchasing new factory buildings[62] - As of December 31, 2025, the company has capital commitments of approximately RMB 874,909,000 for land use rights and property[62] Dividends and Shareholder Information - The proposed final dividend is HKD 1.20 per share, leading to a total proposed dividend of HKD 2.58 per share for 2025, an increase of about 2.0% from HKD 2.53 in 2024[3] - The company plans to propose a final dividend of HKD 1.20 per share for 2025, down from HKD 1.28 in 2024, reflecting a decrease of approximately 6.3%[27] - The board of directors proposed a final dividend of HKD 1.20 per share, equivalent to approximately RMB 1.08, subject to shareholder approval[73] - As of December 31, 2025, the public holds at least 25% of the total issued share capital of the company[87] Corporate Governance - The company has maintained compliance with corporate governance codes and aims to enhance transparency and governance quality[76] - The board includes at least three independent non-executive directors, ensuring compliance with listing rules regarding independence and qualifications[79] - The company has adopted a shareholder communication policy to address shareholder concerns and ensure effective communication[81] - The company has adopted the "Code of Conduct for Securities Transactions by Directors" as per the listing rules, ensuring all directors comply with trading restrictions before performance announcements[82] - The Audit Committee, established on October 9, 2005, consists of four independent non-executive directors and is responsible for reviewing financial practices and risk management[88] Operational Strategies - The company is optimizing its internal organizational structure and business processes to better align with global operations and address rising labor costs[43] - The company aims to enhance product value through technological upgrades and digital investments to adapt to complex external environments[67] - The company focuses on expanding its product matrix and enhancing product functionality and quality to avoid homogenization in competition[68] - The company continues to enhance its cost control system, optimizing procurement management and supplier management to strictly control procurement costs and supply chain risks[69] - The company is investing in automation and smart technology to improve production efficiency, aiming for standardized and automated production processes[70] - The company is expanding its overseas production capacity, with plans to invest in a new garment production base in Indonesia[70] - The company aims to strengthen its core competitiveness and operational quality through product innovation, lean management, and digital manufacturing[71] Employment and Employee Costs - The company employs approximately 108,680 employees, with total employee costs accounting for about 28.1% of total sales, an increase of 0.5 percentage points from 27.6% in 2024[61] Risk Management - The company has identified a potential risk regarding the actual tax rate being below 15% for profits earned in Vietnam due to various income exemptions and incentives[25] - The company has no significant contingent liabilities as of December 31, 2025[65]

Financial Performance - Net interest income for the year ended December 31, 2025, increased by 10.2% to HK$5,828,669,000 compared to HK$5,288,117,000 in 2024[4] - Net service fee and commission income rose by 28.1% to HK$1,702,385,000 from HK$1,328,609,000 year-on-year[4] - Total operating income increased by 14.1% to HK$7,915,181,000, up from HK$6,934,923,000 in the previous year[4] - The company's profit attributable to shareholders for the year was HK$2,475,814,000, representing a 20.2% increase from HK$2,060,347,000 in 2024[4] - Basic earnings per share increased to HK$1.76 from HK$1.47, while diluted earnings per share rose to HK$1.65 from HK$1.37[4] - The annual profit after tax was HKD 2,475,814,000, reflecting a significant performance across various segments[16] - The cost-to-income ratio improved to 43.5% from 48.2% in the previous year[75] - The average return on total assets increased to 1.0% in 2025 from 0.8% in 2024[70] - The average return on equity rose to 7.2% in 2025 from 6.2% in 2024[70] Assets and Liabilities - Total assets as of December 31, 2025, amounted to HK$257,911,465,000, compared to HK$256,339,081,000 in 2024[6] - The group's total assets as of December 31, 2025, were HKD 257,911,465,000, while total liabilities stood at HKD 222,372,270,000[16] - The total nominal amount of customer loans and advances reached HKD 140,158,234, an increase from HKD 138,374,285 in 2024[37] - The total nominal amount of trade bills increased to HKD 2,350,827 in 2025 from HKD 1,476,539 in 2024[37] - The total nominal amount of derivatives held for trading purposes was HKD 447,043,981 with a net asset value of HKD 1,266,832 and liabilities of HKD (1,277,475) as of December 31, 2025[35] - The total nominal amount of derivatives designated for hedging purposes was HKD 36,973,299, with a net asset value of HKD 1,256,789 and liabilities of HKD (117,257) as of December 31, 2025[35] Customer Deposits and Loans - Customer deposits increased to HK$205,304,100,000 from HK$201,568,051,000 year-on-year[6] - The total nominal amount of customer loans and advances in Hong Kong reached HKD 102,885,503 thousand as of December 31, 2025, with a collateral coverage ratio of 73.9%[51] - The total amount of loans and advances for property investment was HKD 21,258,210 thousand, with a collateral coverage ratio of 87.7%[51] - The total amount of loans and advances for purchasing other residential properties was HKD 32,583,511 thousand, with a collateral coverage ratio of 99.8%[51] - The total amount of loans and advances for personal loans was HKD 54,717,236 thousand, with a collateral coverage ratio of 81.0%[51] - The total amount of loans and advances for credit card loans was HKD 3,683,218 thousand[51] Impairment and Provisions - The company reported a decrease in goodwill impairment loss to HK$493,023,000 from zero in the previous year[4] - The group reported a credit impairment loss of HKD 1,782,813,000, indicating a cautious approach to credit risk management[16] - Credit impairment losses for the year ended December 31, 2024, totaled HKD 1,791,361, impacting overall profitability[17] - Credit impairment losses for 2025 were HKD 1,915,567,000, compared to HKD 1,870,572,000 in 2024, indicating a slight increase in provisions for bad debts[27] - The total impairment provisions for loans and advances amounted to HKD 2,227,838 in 2025, compared to HKD 1,532,345 in 2024, indicating a significant increase in provisions[40] Equity and Capital - The total equity attributable to shareholders increased to HK$35,539,195,000 from HK$33,823,372,000[6] - The total equity attributable to shareholders increased to HKD 35,227,779,000 in 2025 from HKD 33,511,956,000 in 2024, marking a growth of 5%[47] - The retained earnings increased to HKD 25,962,390,000 in 2025 from HKD 24,876,838,000 in 2024, reflecting a growth of 4%[47] - The capital adequacy ratio as of December 31, 2025, was 23.1%, up from 21.0% in 2024, reflecting improved financial stability[67] - The leverage ratio increased to 12.2% as of December 31, 2025, compared to 11.6% in 2024, indicating a stronger capital position[68] Future Outlook and Strategy - The company plans to continue focusing on enhancing its service offerings and expanding its market presence[5] - The company plans to continue expanding its market presence in Hong Kong, Macau, and mainland China, focusing on deposit acceptance and credit financing services[18] - The company remains cautiously optimistic for 2026, expecting steady economic expansion supported by favorable monetary conditions and ongoing consumer demand[78] Governance and Compliance - The company has adopted a set of securities trading rules for directors that comply with the standards set out in the Listing Rules Appendix C3[80] - The audit committee and management have reviewed the accounting standards and practices used by the group, including the consolidated financial statements for the year ending December 31, 2025[81] - No purchase, sale, or redemption of the company's listed securities was conducted by the company or any of its subsidiaries for the year ending December 31, 2025[82] - The group's annual report for 2025 will be published on the Hong Kong Stock Exchange and the company's website at an appropriate time[83] - The board of directors includes executive directors and independent non-executive directors, ensuring a diverse governance structure[84]

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。 TIANLI HOLDINGS GROUP LIMITED 天 利 控 股 集 團 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：117） 截至2025年12月31日止年度之 全年業績公告 財務概要 1 • 截至2025年12月31日止年度，本集團的總收入約為人民幣679.0百萬元，較截 至2024年12月31日止年度的約人民幣548.0百萬元增加約23.9%； • 本集團截至2025年12月31日止年度的總毛利為人民幣175.5百萬元，較截至 2024年12月31日止年度的約人民幣81.5百萬元增加約人民幣94.0百萬元（或 115.3%）； • 2025年的毛利率較2024年增加11.0個百分點至25.9%，其中MLCC業務的毛利 率由2024年的6.3%上升至2025年的21.2%； • 截至2025年12月31日止年度的本公司擁有人應佔溢利為人民幣133.4百萬元， 而截至202 ...

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通告的內容概不負責，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通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。 (根據公司條例於香港註冊成立之有限公司) (股份代號：440) 2025 年年度業績通告 大新金融集團有限公司 (「大新金融」或「本公司」) 董事會欣然宣布本公司及其附屬公司 (統稱「本集團」) 截至 2025 年 12 月 31 日止年度之經審核綜合業績報告。 綜合收益賬 截至 12 月 31 日止年度 | | | | | 變動 | | --- | --- | --- | --- | --- | | 千港元 | 附註 | 2025 年 | 2024 年 | 百分比 | | 利息收入 | 4 | 10,418,723 | 12,245,899 | | | 利息支出 | 4 | (4,518,059) | (6,845,224) | | | 淨利息收入 | | 5,900,664 | 5,400,675 | 9.3 | | 服務費及佣金收入 | 5 | 1,923,057 | 1,557,218 | | | ...

Financial Performance - The company reported a consolidated profit of $10 million for the fiscal year ending December 31, 2025, representing a 15% increase compared to the previous year[21]. - The Group recorded revenue of approximately HK$45,528,000 for the year ended 31 December 2025, a decrease of approximately 7.2% compared to HK$49,055,000 in the previous year[26]. - Gross profit for the Year was approximately HK$24,758,000, a decrease of approximately 8.3% from HK$27,009,000 in the previous year, with a gross profit margin of approximately 54.4%[129]. - The Group recorded a net loss after tax of approximately HK$13,196,000 for the Year, an increase of approximately 7.0% from HK$12,338,000 in the previous year[131]. - The Group's operating cash flow showed an inflow of approximately HK$11,006,000, a significant improvement from an outflow of HK$19,127,000 in the previous year[125]. - The Group's financial software solutions business revenue decreased due to conservative economic sentiment and market competition, while the money lending business saw increased revenue from higher interest rates[128]. User Growth and Market Expansion - User data showed a growth of 25% in active users, reaching 1.5 million by the end of 2025[21]. - Market expansion plans include entering two new regions, which are projected to increase market share by 10%[21]. - The company has provided a revenue guidance of $12 million for the next fiscal year, indicating a projected growth of 20%[21]. - New product launches are expected to contribute an additional $3 million in revenue, with a focus on enhancing user experience and engagement[21]. Research and Development - The company is investing $2 million in research and development for new technologies aimed at improving operational efficiency[21]. - The Group established a research and development center in Shenzhen in Q1 2024 to enhance technological capabilities and support innovative solutions[42]. - The Group plans to expand its IT services through collaborations for ticketing solutions and backend services, and will invest further in R&D for financial trading software solutions[33]. - The Group aims to explore new business opportunities in AI-related services and other technology-based solutions to drive sustainable growth[32]. Financial Position and Liquidity - The company reported a cash flow increase of 18%, totaling $8 million, providing a strong liquidity position for future investments[21]. - The Group's current ratio decreased to 2.0:1 from 2.5:1, indicating a decline in liquidity[122]. - The Group's cash and bank balances as of December 31, 2025, were approximately HK$11,696,000, up from approximately HK$10,857,000 in 2024[135]. - The net current assets of the Group as of December 31, 2025, amounted to approximately HK$28,054,000, down from approximately HK$40,902,000 in 2024[135]. Risk Management and Compliance - The Group emphasizes ethical values and has established a whistleblower program to manage operational risks effectively[167]. - The Group is exposed to market risks, credit risks, and liquidity risks, with details provided in note 34 of the consolidated financial statements[168]. - The Group ensures compliance with applicable laws and regulations regarding notifiable transactions and connected transactions[62]. - The Company complied with all applicable code provisions set out in the Corporate Governance Code during the Year[174]. Board and Governance - The Board consists of three executive directors and three independent non-executive directors as of the report date[182]. - A total of 17 Board meetings were held during the year to oversee business management and financial performance[189]. - The Board is responsible for approving and monitoring all policy matters, overall strategies, and budgets, as well as financial information and significant transactions[188]. - The Chief Executive Officer and executive directors provided monthly updates to the Board, ensuring effective communication and oversight[196]. Borrowing and Lending - The Group's financial trading software solutions segment contributed approximately 93.0% of the Group's revenue, amounting to HK$42,324,000, which represents a decrease of approximately 9.5% from HK$46,780,000 in 2024[27]. - The revenue from the money lending business division increased by approximately 40.8%, amounting to approximately HK$3,204,000 for the year, compared to approximately HK$2,275,000 in 2024[48]. - The provision for impairment loss on loan and interest receivables for the year was approximately HK$2,351,000, compared to a reversal of provision of approximately HK$2,901,000 in 2024[48]. - The Group continues to monitor loan and interest receivables balances on an ongoing basis to ensure compliance and sustainability in its lending business[50].

Financial Performance - For the year ending December 31, 2025, the company reported a revenue of approximately HKD 192.4 million, a significant decrease of 83.0% compared to HKD 1,133.1 million for the year ending December 31, 2024[2] - The cost of sales and services for the same period was approximately HKD 150.9 million, leading to a gross profit of HKD 41.4 million, compared to a gross loss of HKD 276.9 million in the previous year[3] - The company recorded a loss before tax of approximately HKD 287.1 million, an improvement from a loss of HKD 610.4 million in the previous year[3] - The net loss attributable to the owners of the company for the year was approximately HKD 268.2 million, compared to HKD 605.0 million in the previous year, indicating a reduction in losses[4] - Basic and diluted loss per share for the year was approximately HKD 0.418, a decrease from HKD 0.9432 in the previous year[4] Assets and Liabilities - Total assets decreased to approximately HKD 2.0 billion from HKD 2.6 billion in the previous year, reflecting a decline in both non-current and current assets[5] - The company's total liabilities decreased to approximately HKD 1.3 billion from HKD 1.5 billion in the previous year, indicating improved financial stability[6] - The net asset value of the company was approximately HKD 536.1 million, down from HKD 801.5 million in the previous year, showing a significant reduction in equity[6] Revenue Breakdown - Property development revenue dropped to HKD 111,615 thousand in 2025 from HKD 1,053,803 thousand in 2024, reflecting a decline of 89.4%[13] - Rental income from properties decreased to HKD 50,403 thousand in 2025, down 6.0% from HKD 53,648 thousand in 2024[10] - The wine business revenue increased to HKD 15,866 thousand in 2025, up 18.4% from HKD 13,396 thousand in 2024[13] - The company’s property management services generated revenue of HKD 13,898 thousand in 2025, slightly down from HKD 13,921 thousand in 2024[13] Operational Focus - The company has engaged in property development, investment, and management services, indicating a focus on core business areas despite financial challenges[7] - The company is focusing on resource allocation and performance evaluation based on the types of goods delivered or services provided[11] - Operations are primarily located in Hong Kong and South Korea, indicating potential market expansion opportunities[17] Market Outlook - The company maintains a cautiously optimistic outlook for 2026, anticipating a gradual recovery in residential demand, particularly for medium-sized units in prime locations[75] - The leasing market is expected to remain resilient in 2025, driven by population inflow and ongoing initiatives like the "In-City Student Housing" program, with strong demand for rental housing and purpose-built student accommodation[75] Project Developments - The "Rain After" project generated revenue of approximately HKD 95.9 million from the completion and delivery of 5 residential units, compared to HKD 1,024.5 million from 168 units for the year ending December 31, 2024[47] - The company plans to shift focus towards the urban apartment segment due to anticipated high demand for student accommodations in Hong Kong in the coming years[49] - The "Big Triangle" project in Seoul is expected to be completed by 2027, with construction having commenced after land acquisition and design work were completed in early 2023[48] Financial Management - Financially, the company aims to actively manage debt maturities and selectively refinance to secure better terms while maintaining ample liquidity to enhance its balance sheet[76] - The group has adopted a continuous monitoring approach for its financial management policies to ensure smooth operations and loan repayment capabilities[63] Employee and Governance - The group employed 117 employees as of December 31, 2025, compared to 116 employees as of December 31, 2024[71] - The group has established a risk control committee to manage potential risks and uncertainties affecting its business and financial condition[74] Dividends and Shareholder Information - The group did not recommend any dividends for the years ending December 31, 2025, and 2024[25] - The annual general meeting is scheduled for May 18, 2026, with a suspension of share transfer registration from May 13 to May 18, 2026[78][79]

Financial Performance - The group's revenue increased significantly by RMB 148,100,000 or 56.1% from RMB 264,100,000 for the year ending December 31, 2024, to RMB 412,200,000 for the year ending December 31, 2025[3]. - Operating profit decreased by RMB 51,200,000 or 75.5%, from RMB 67,800,000 in the previous year to RMB 16,600,000 in the current reporting period[3]. - Profit attributable to the owners of the company for the reporting period was RMB 61,700,000, compared to RMB 39,600,000 in the previous year[3]. - Total comprehensive income for the year was RMB (33,150,000), a decrease from RMB 88,302,000 in the previous year[8]. - The company reported a total operating profit of RMB 7,918 thousand for 2025, compared to RMB 105,870 thousand in 2024, indicating a decrease in profitability[20][21]. - The company reported a pre-tax profit of RMB 77,004,000 for 2025, compared to RMB 22,104,000 in 2024, reflecting an increase of about 248%[31]. - The company's profit attributable to owners increased from RMB 39,600,000 to RMB 61,700,000 during the reporting period, despite a significant decrease in pre-tax profit[64]. - The company recorded a foreign exchange gain of RMB 48,100,000, contributing to the overall profit increase[64]. Dividend Policy - The company does not recommend the distribution of a final dividend for the reporting period, consistent with the previous year[4]. - The company did not declare any dividends for the fiscal year 2025, consistent with 2024, maintaining a policy of no dividend distribution[35]. Assets and Liabilities - Non-current assets increased to RMB 1,213,165,000 from RMB 1,125,393,000 in the previous year[10]. - Current assets rose slightly to RMB 1,524,159,000 from RMB 1,482,098,000 in the previous year[10]. - Total liabilities increased significantly, with non-current liabilities rising to RMB 143,761,000 from RMB 60,837,000[11]. - The company's net assets decreased to RMB 2,429,362,000 from RMB 2,465,067,000 in the previous year[11]. - Total assets as of December 31, 2025, amounted to RMB 2,737,324 thousand, an increase from RMB 2,607,491 thousand in 2024[23][24]. Revenue Streams - Advertising service revenue surged to RMB 73,964 thousand in 2025, up 178% from RMB 26,538 thousand in 2024[15]. - Recharge service revenue also saw substantial growth, increasing to RMB 213,172 thousand in 2025, a 88% rise from RMB 113,312 thousand in 2024[15]. - The digital content service revenue was RMB 5,401 thousand in 2025, marking a new revenue stream as it was not present in 2024[15]. - The digital internet platform business generated RMB 13,699 thousand in revenue from external customers in 2025, compared to RMB 10,548 thousand in 2024[20][21]. - The financial technology services business reported revenue of RMB 106,013 thousand in 2025, up from RMB 113,702 thousand in 2024[20][21]. - The total revenue from the digital content ecosystem business reached RMB 292.5 million, up from RMB 139.9 million, with advertising revenue at RMB 73.9 million and recharge revenue at RMB 213.2 million[93]. Acquisitions and Strategic Focus - The increase in revenue was primarily due to the acquisition of CashBox Group Technology, which contributed an additional RMB 147.3 million or 105.3% to revenue during the reporting period[63]. - The company completed the acquisition of Beijing Yihang on March 18, 2025, for a consideration of zero, resulting in a 51% indirect ownership stake[52]. - The acquisition of Beijing Jiayu was also completed on March 18, 2025, for a consideration of zero, resulting in a 26.01% indirect ownership stake[55]. - The company has restructured its reportable segments to include digital internet platform, digital content ecosystem, and fintech services, reflecting its updated business strategy[18]. - The company plans to continue expanding its digital content services and fintech offerings, leveraging recent acquisitions to enhance growth potential[18]. - The company aims to leverage emerging technologies such as artificial intelligence and blockchain to create a comprehensive internet service provider in the "technology + finance" sector[69]. - The group plans to actively develop a digital internet ecosystem that integrates financial services, social networking, and digital content to enhance user lifetime value[69]. Financial Costs and Expenses - The total depreciation and amortization expenses for 2025 were RMB 41,883,000, a significant increase from RMB 13,853,000 in 2024, reflecting a rise of approximately 202%[31]. - The financial costs, including interest expenses, rose to RMB 5,557,000 in 2025 from RMB 1,150,000 in 2024, representing an increase of about 384%[32]. - Administrative expenses increased from RMB 56 million to RMB 159.2 million, primarily due to employee costs rising from RMB 22.1 million to RMB 77 million following the acquisition of Beijing Liheng Group[90]. - Marketing expenses rose significantly from RMB 120.2 million to RMB 259.3 million during the reporting period, with CashBox, Beijing Liheng Group, and Beijing Yihang Group contributing RMB 247.4 million, RMB 5.1 million, and RMB 6.8 million respectively[91]. Market and Industry Outlook - The global technology and internet industry is undergoing structural adjustments, with China expected to remain a major engine for economic growth, as indicated by revised growth forecasts from international organizations[70]. - The regulatory environment for fintech is evolving, emphasizing risk control and the promotion of a healthy cycle between technology, industry, and finance[70]. - By December 2025, China's internet user base is expected to reach 1.125 billion, with an internet penetration rate exceeding 80%[71]. - The global gaming industry revenue is projected to reach $197 billion by 2025, representing a year-on-year growth of 7.5%[72]. - The domestic gaming market in China is anticipated to achieve actual sales revenue of RMB 350.79 billion in 2025, marking a year-on-year increase of 7.68%[72]. - The micro-short drama market in China is expected to reach RMB 67.79 billion by 2025, with a year-on-year growth of 34.4%[73]. Employee and Compensation - The group reported employee compensation of RMB 75,100,000 for the reporting period, compared to RMB 20,100,000 in the corresponding period[129]. - The group employed a total of 325 employees as of December 31, 2025, down from 381 employees as of December 31, 2024[129]. Cash Flow and Financial Ratios - Cash and cash equivalents decreased to RMB 27,400,000 from RMB 130,500,000 year-over-year, attributed to increased R&D and personnel costs[120]. - The group recorded cash outflow from operating activities of RMB 18,900,000, primarily due to an increase in trade receivables and payables[121]. - Investment activities resulted in cash outflow of RMB 125,400,000, mainly due to R&D expenditures for the digital internet platform and intangible asset investments in online gaming[121]. - Financing activities generated cash inflow of RMB 67,300,000, primarily from non-bank borrowings related to the digital internet platform[121]. - The current ratio of the group is 9.3, down from 18.2 as of December 31, 2024[123]. - The debt-to-equity ratio as of December 31, 2025, is 12.31%, an increase from 5.25% as of December 31, 2024[123]. Compliance and Governance - The audit committee reviewed the consolidated financial statements for the year ended December 31, 2025, ensuring compliance with applicable accounting standards[134]. - The group has adopted a prudent treasury policy, with all bank deposits held in HKD, RMB, and USD[128].

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 2,120,302 thousand, representing a 36.7% increase compared to RMB 1,551,043 thousand in 2024[7] - Gross profit decreased to RMB 379,074 thousand, down 11.1% from RMB 426,189 thousand in the previous year[7] - The company reported a pre-tax loss of RMB 587,700 thousand, a significant increase of 777.0% from a loss of RMB 67,014 thousand in 2024[7] - Adjusted net loss (non-IFRS measure) for 2025 was RMB 222.1 million, compared to RMB 53.7 million in 2024[12] - Adjusted EBITDA (non-IFRS measure) for 2025 was a loss of RMB 175.2 million, compared to a profit of RMB 7.1 million in 2024[12] - The company reported a net loss of RMB 591.7 million for the year, primarily due to non-operating, non-cash expenses related to the De-SPAC listing and share-based payments[17] - The company reported a net loss of RMB 591,687 thousand for 2025, compared to a net loss of RMB 68,667 thousand in 2024, indicating a significant increase in losses[124][125] - Basic and diluted loss per share was RMB 0.65 in 2025, up from RMB 0.29 in 2024[125] Assets and Liabilities - Total current assets increased by 5.6% to RMB 10,111,986 thousand, while total non-current assets rose by 31.0% to RMB 616,799 thousand[8] - Total liabilities decreased by 38.8% to RMB 10,133,434 thousand, compared to RMB 16,554,957 thousand in 2024[8] - Total assets increased by 5.6% from RMB 9,577.7 million in 2024 to RMB 10,112.0 million in 2025[80] - Trade receivables, prepayments, and other receivables decreased by 3.3% from RMB 8,703.8 million in 2024 to RMB 8,415.8 million in 2025, mainly due to a decline in transaction volume and average steel prices[85] - Non-current assets increased by 31.0% from RMB 470.9 million in 2024 to RMB 616.8 million in 2025, with significant increases in property and equipment and right-of-use assets[80] - Current liabilities decreased to RMB 10,005,959 thousand in 2025 from RMB 16,485,147 thousand in 2024, a reduction of 39.5%[126] - Bank borrowings rose to RMB 710.8 million in 2025 from RMB 400.0 million in 2024, marking a 77.5% increase[88] International Expansion - The company completed a transformative SPAC merger with Aquila Acquisition Corporation on March 10, 2025, enabling its listing on the Hong Kong Stock Exchange[14] - The company aims to enhance its position as one of China's largest third-party steel trading digital platforms through this merger[14] - International business revenue grew by 71.5% year-on-year, with gross profit increasing by 93.9%, accounting for 48.0% of total revenue and 21.3% of gross profit[17] - The company established a new subsidiary in Saudi Arabia and plans to open a company in Egypt, expanding its international presence[17] - The company's international business transactions reached over 220,000 tons, a year-on-year increase of 98.8%, with revenue exceeding RMB 1 billion, up 71.5% year-on-year[27] - The Southeast Asia business experienced explosive growth, with transaction volume increasing by 1,634.4% and revenue accounting for 63.1% of international income, up 1,562.4% year-on-year[27] Technology and Innovation - AI-related revenue reached RMB 334.6 million, a year-on-year increase of 217.5%, with gross profit of RMB 22.7 million, up 202.8%, representing 15.8% of total revenue[18] - The AI-driven transaction engine processes over 16 million messages daily with an accuracy rate of over 95%, significantly enhancing operational efficiency[24] - The AI Agent collaboration model allows payment based on transaction matching effectiveness, creating a stable business loop for AI operations[21] - The company plans to establish a computing infrastructure team to further expand its supply of AI-related products[17] - The company plans to launch an AI-powered logistics system covering 95% of major routes, enabling automatic matching, scheduling, accounting, monitoring, and forecasting[32] Financial Management - The company achieved a significant reduction in financial costs, decreasing by over 39%[34] - The average gross profit per sales employee increased by nearly 15% from RMB 98,000 in Q4 2024 to RMB 112,000 in Q4 2025[34] - The total financial costs decreased to RMB 24,049 thousand in 2025 from RMB 39,994 thousand in 2024, indicating better cost control measures[144] - The company has maintained good working relationships with employees, with no significant adverse impacts from strikes or labor disputes during the reporting period[103] - The company actively manages foreign exchange risks associated with international transactions, particularly with currencies such as USD and HKD, to mitigate potential impacts from currency fluctuations[101] Corporate Governance - The company has established a corporate governance committee to ensure compliance with listing rules and protect the rights of all shareholders, including minority shareholders[110] - The company has implemented sufficient corporate governance measures to manage potential conflicts of interest with controlling shareholders and protect minority shareholders' interests as of December 31, 2025[112] - The audit committee has reviewed and approved the group's consolidated performance and financial statements for the reporting period[119] - The board of directors does not recommend the payment of an annual dividend for the year ending December 31, 2025[121] - The company has engaged an independent compliance advisor to provide guidance on compliance with applicable laws and regulations[116] Future Plans - The company aims to enhance its digital asset portfolio, with over RMB 7.28 million in digital assets recognized during the reporting period[20] - The company plans to establish a computing infrastructure team, participating in data center projects covering approximately 1GW of computing infrastructure, with total investment expected to exceed $10 billion[30] - The company plans to allocate 25% of the net proceeds (HKD 134.4 million) to enhance service products through digitization, and 20% (HKD 107.5 million) to expand the buyer base and increase their stickiness[105] - The company plans to create a processing plant in Dubai with an annual production capacity of 400,000 tons, set to commence operations in mid-2026[28] - The company will hold its annual general meeting on June 26, 2026, with a record date for attendance set for the same day[122]

Financial Performance - For the fiscal year 2025, the company reported revenue of $440.2 million, representing an 18.2% increase compared to the previous year[37]. - The company's profit attributable to shareholders (PATMI) for 2025 was $6.76 million, a decrease from $8.52 million in 2024[19]. - The gross profit for 2025 was $105.21 million, with a gross margin of approximately 23.9%[19]. - The company reported a basic earnings per share of 5.84 cents for 2025, up from 1.50 cents in 2024[21]. - The company achieved an 18% revenue growth and a 26% core profit growth for the fiscal year 2025, driven by strong performance across its five strategic pillars: motion control, precision manufacturing, software, system solutions, and renewable energy[52]. - The core profit attributable to shareholders increased by 25.9% year-on-year, driven by revenue growth and stable pricing and profit margins across various business segments[87]. - The total gross profit margin for the company decreased from 25.5% in fiscal year 2024 to 23.9% in fiscal year 2025[113]. - The company's gross profit increased by 10.8% year-on-year, amounting to 105.2 million SGD, primarily due to profitability growth in the industrial automation and renewable energy segments[97]. Market Presence and Expansion - The company has over 10,000 enterprise customers across Asia, with more than 1,366 employees, of which over 40% are engineers[10]. - The company has established a strong market presence with 75+ locations across the Asia-Pacific region[10]. - The company is focusing on expanding its operations in Taiwan and Malaysia, integrating artificial intelligence into its industrial technology[33]. - The company has expanded to 98 subsidiaries and 75 sales offices across multiple Asian countries, including Singapore, China, Hong Kong, Malaysia, Vietnam, Thailand, Taiwan, and Indonesia by December 31, 2025[68]. - The company is focused on growth strategies in the Chinese market, managing daily operations of its subsidiaries there[70]. - The company aims to expand its market presence in emerging markets such as Malaysia and Taiwan while diversifying its technology solutions[105]. Business Segments and Growth - The core industrial automation business grew by 8.9% compared to 2024, driven by automation technology enhancements in Asia and market expansion into Malaysia and Taiwan[39]. - The clean energy business saw a significant growth of 164.1% compared to 2024, with revenue generated from three operational hydropower plants and progress on two additional plants[39]. - The industrial automation segment's gross profit increased by 9.5% year-on-year, reaching 92.6 million SGD, with a gross margin of 24.3%, up 0.1 percentage points[99]. - The renewable energy segment's gross profit grew by 22.3% year-on-year to 12.6 million SGD, but the gross margin decreased by 24.8 percentage points to 21.4% due to lower-margin construction revenue[99]. - The industrial automation solutions segment's revenue growth was primarily driven by strong demand in China and Southeast Asia, with China contributing approximately 71% of the segment's revenue[114]. Investments and Acquisitions - A 51% acquisition of PT Funda enhances capabilities in renewable energy, allowing for end-to-end hydropower services and expected annual recurring revenue of approximately 25 million SGD from new projects[47]. - The company acquired 25,500 ordinary shares of PT Funda, increasing its ownership to 51.0%, with a total purchase price of approximately SGD 84 per share, completed on August 13, 2025[137]. - The company completed the acquisition of 51.0% of Singpilot Holding for SGD 300,000 on September 3, 2025, which holds 100% of Singpilot[146]. - The company entered into a joint venture agreement with Accelerate Technologies for IDI Dynamics, acquiring additional shares for a total consideration of SGD 189,999, increasing its effective interest to 66.5%[143]. - The company invested 15,000 SGD for a 30.0% equity stake in Dafang AI, which will be accounted for as an associate[150]. Corporate Governance - The company has complied with the corporate governance code as stipulated by the Singapore Monetary Authority and the Hong Kong Stock Exchange for the fiscal year 2025[169][170]. - The board is committed to enhancing corporate governance standards to protect and enhance shareholder value and financial performance[169]. - The board has established a framework for corporate governance that aligns with the principles of the 2018 Code and has disclosed any deviations in its annual report[169]. - The board's primary function includes overseeing the long-term strategic goals and performance of the group, ensuring accountability and compliance with financial policies[173]. - The company emphasizes the importance of training for newly appointed directors to ensure they understand their responsibilities and the business operations[176]. Employee and Operational Insights - The company employed a total of 1,366 employees as of December 31, 2025, an increase from 1,283 employees in 2024[160]. - There is a commitment to training and development within the engineering team, ensuring high-quality support for clients[81]. - The management team includes professionals with extensive experience in market analysis, sales, and engineering, contributing to the company's strategic development[81]. - The Chief Technology Officer is enhancing the company's leadership in Industry 4.0 technologies and expanding market share in software and cloud solutions[82]. Financial Position and Compliance - The company's cash and bank balances increased to approximately 68.1 million SGD as of December 31, 2025, up from 56.5 million SGD, representing a 20.5% increase[154]. - The company's total bank borrowings amounted to approximately 76.7 million SGD, with a weighted average effective interest rate of 4.9%[155]. - The company's debt-to-equity ratio was approximately 36.6% as of December 31, 2025, compared to 34.0% in the previous year[156]. - The company has no significant contingent liabilities or unfulfilled guarantees as of the fiscal year 2025[163].

Financial Performance - For the fiscal year ending December 31, 2025, the total revenue was RMB 281.44 billion, representing a year-on-year growth of 0.9%[2] - The revenue from development and sales business amounted to RMB 238.16 billion, while the rental income from operating real estate was RMB 25.44 billion[2] - The gross profit margin for the fiscal year was 21.2%, with the development and sales business gross margin at 15.5% and the operating real estate rental gross margin at 71.8%, an increase of 1.8 percentage points year-on-year[2] - The net profit attributable to shareholders was RMB 25.42 billion, with the core net profit (after adjustments) at RMB 22.48 billion, reflecting an increase in the contribution of core net profit to 51.8%[2] - The earnings per share attributable to shareholders was RMB 3.56, while the core net profit per share was RMB 3.15[2] - The company reported a net debt ratio of 39.2%, with total liabilities amounting to RMB 1,645.8 billion[3] - The financing cost of debt decreased by 39 basis points to 2.72%, maintaining the lowest level in the industry[3] - The company achieved a regular business revenue of RMB 43.28 billion, which accounted for 15.4% of total revenue, showing a year-on-year growth of 3.7%[2] - The company's revenue for the year ended December 31, 2025, was CNY 281,437,885,000, compared to CNY 278,905,492,000 for the previous year, representing a growth of approximately 0.5%[5] - Gross profit for the year was CNY 59,744,383,000, a slight decrease from CNY 60,356,025,000, indicating a decline of about 1.0%[5] - Net profit for the year was CNY 32,819,375,000, down from CNY 33,633,836,000, reflecting a decrease of approximately 2.4%[6] - Total comprehensive income for the year was CNY 32,194,783,000, compared to CNY 33,824,432,000, representing a decrease of approximately 4.8%[6] Dividends and Shareholder Returns - The board proposed a final dividend of RMB 0.966 per share, with a total annual dividend of RMB 1.166 per share for 2025[2] - The proposed final dividend for the year ending December 31, 2025, is RMB 0.966 per share, totaling approximately RMB 6,888,488,000 based on 7,130,939,579 shares issued[32] - Shareholders must submit their currency preference for the dividend by July 16, 2026, to receive the final dividend in RMB[112] - If shareholders do not submit their currency preference, they will automatically receive the final dividend in HKD[114] - Shareholders are advised to seek professional tax advice regarding potential tax implications of the dividend payment[115] Assets and Liabilities - The company reported a total assets increase from CNY 645,783,667 thousand in 2024 to CNY 710,687,002 thousand in 2025, representing a growth of approximately 10.1%[9] - Non-current assets decreased from CNY 432,916,883 thousand in 2024 to CNY 418,814,285 thousand in 2025, a decline of about 3.2%[8] - Current liabilities rose from CNY 388,693,554 thousand in 2024 to CNY 503,917,528 thousand in 2025, indicating an increase of approximately 29.6%[10] - Total equity increased from CNY 419,315,681 thousand in 2024 to CNY 396,952,306 thousand in 2025, reflecting a decrease of about 5.3%[10] - Cash and cash equivalents decreased from CNY 131,380,988 thousand in 2024 to CNY 115,449,212 thousand in 2025, a reduction of approximately 12.1%[8] - The company's total liabilities increased from CNY 690,006,996 thousand in 2024 to CNY 625,583,759 thousand in 2025, a decrease of approximately 9.3%[10] Operational Highlights - The company achieved an annual operating revenue of RMB 18.02 billion, representing a year-on-year growth of 5.1%, and a core net profit of RMB 3.95 billion, up 13.7% year-on-year[48] - The average occupancy rate improved to 77.7%, with new leasing area reaching a record high during the same period, and the tenant mix continued to optimize[46] - The company managed 135 shopping centers by the end of 2025, adding 15 new centers during the year, with retail sales in these centers reaching RMB 266 billion, accounting for 0.53% of the national total retail sales[48] - The company opened 7 new shopping centers during the year, expanding its portfolio to 98 centers, with 82 projects ranking among the top three in their local markets[45] - The company acquired 33 projects during the year, with equity investments totaling RMB 67.37 billion, maintaining a strong investment intensity within the industry[42] Strategic Initiatives - The company is focused on transforming its business model from scale expansion to quality improvement, aiming for high-quality and sustainable development in the real estate sector[39] - The group aims to enhance its strategic positioning to become a world-class urban investment and development operator, focusing on three business strategies: quality improvement, reasonable growth, and profitable revenue[61] - The group plans to drive sustainable growth through three growth lines: development and sales business, operational real estate rental business, and light asset management revenue business[61] - The group will accelerate the implementation of "AI+" initiatives to drive digital transformation across the entire industry chain[62] - The group aims to enhance its ESG performance, maintaining its position in the Hang Seng Sustainable Development Index and achieving an MSCI rating of AA[57] Financial Management - The company has a total of 59,077 employees in mainland China and Hong Kong as of December 31, 2025[101] - The company actively manages foreign exchange risk, with an exposure ratio of 3.9% as of December 31, 2025[99] - The company has implemented dynamic monitoring of foreign exchange risk exposure and will make necessary adjustments based on market conditions[99] - The company maintains a credit rating of BBB+ from S&P, Baa1 from Moody's, and BBB+ from Fitch as of 2025[97] - The average financing cost as of December 31, 2025, was approximately 2.72%, a decrease of 39 basis points from 3.11% at the end of 2024[94] Compliance and Governance - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[12] - The company has established good corporate governance practices and has complied with all applicable corporate governance codes during the reporting period[102] - The annual performance for the year ending December 31, 2025, has been reviewed by the audit committee, which consists of five independent non-executive directors and one non-executive director[108] - The company's auditor, PwC, confirmed that the financial data disclosed in the preliminary announcement is consistent with the consolidated financial statements for the year ending December 31, 2025[109]