（於開曼群島註冊成立的有限責任公司） （股份代號：1209） 截至二零二五年十二月三十一日止財政年度之業績公告 摘要 截至二零二五年十二月三十一日止年度，全年收入為人民幣（「人民幣」）180.2億 元，同比（「同比」）增長5.1%。其中，商業航道收入為人民幣69.1億元，同比增 長10.1%；物業航道收入人民幣108.5億元，同比增長1.1%；生態圈業務收入人 民幣2.7億元，同比增長72.2%。 截至二零二五年十二月三十一日止年度，全年毛利潤為人民幣64.1億元，同比 增長13.3%。毛利率由截至二零二四年十二月三十一日止年度的33.0%增長至截 至二零二五年十二月三十一日止年度的35.5%。 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依 賴該等內容而引致的任何損失承擔任何責任。 截至二零二五年十二月三十一日止年度，本公司股東應佔淨利潤為人民幣39.7 億元，同比增長10.3%，本公司股東應佔核心淨利潤（非香港財務報告會計準則 計量）為人民幣39.5億元，同比增長13.7%。 於二零二五 ...

Financial Performance - The company's revenue for the year ended December 31, 2025, increased by 48.3% to approximately RMB 317.1 million, compared to RMB 213.8 million in 2024[4]. - Gross profit rose by 33.9% to RMB 67.7 million, with a gross margin decrease from approximately 23.6% in 2024 to 21.3% in 2025[4][5]. - Net profit attributable to equity shareholders decreased by 13.7% to approximately RMB 8.5 million, primarily due to an increase in administrative expenses from RMB 28.5 million in 2024 to RMB 46.4 million in 2025[5]. - Revenue increased by approximately 48.3% from RMB 213.8 million in the year ended December 31, 2024, to approximately RMB 317.1 million in the year ended December 31, 2025[11]. - Gross profit rose by approximately 33.9% from RMB 50.5 million in 2024 to approximately RMB 67.7 million in 2025, although the overall gross margin decreased from 23.6% to 21.3%[11]. - Net profit for the year was RMB 8,440,000, a decrease of 15.1% from RMB 9,939,000 in 2024[20]. - Basic earnings per share decreased to RMB 0.85 from RMB 0.99, reflecting a decline of 14.1%[20]. - The group's profit before tax for 2025 was approximately RMB 8,538,000, compared to RMB 9,890,000 in 2024, indicating a decrease of about 13.6% year-over-year[41]. - The total income tax expense for 2025 was RMB 1,493,000, while in 2024, there was a tax credit of RMB 1,372,000, reflecting a significant change in tax position[40]. - The company reported a net income of RMB 6,860,000 for 2025, compared to RMB 6,702,000 in 2024, indicating a stable performance despite fluctuations in other income sources[37]. Revenue Sources - Revenue from local tours in Japan increased to approximately RMB 239.5 million, accounting for 75.5% of total revenue, up from 68.6% in 2024[6]. - Local tour sales revenue grew significantly by approximately 63.3%, contributing to 75.5% of total revenue in 2025, up from 68.6% in 2024[12]. - The hotel business revenue grew by approximately 19.7% to RMB 26.2 million, with gross margin improving from about 55% to 65%[7]. - Hotel business revenue in Japan increased by approximately 19.7% from RMB 21.9 million in 2024 to approximately RMB 26.2 million in 2025, with gross margin improving from 55% to 65%[13]. - The duty-free shop business revenue increased from approximately RMB 2.3 million in 2024 to RMB 3.1 million in 2025, with gross margin rising from 15% to 19%[7]. - Duty-free retail revenue in Japan and China rose by approximately 33.3% to about RMB 3.1 million, with gross margin increasing from 15% to 19%[14]. - The company opened its first self-operated restaurant in the Mount Fuji area, generating approximately RMB 6.6 million in revenue with a gross margin of 32%[8]. - The new restaurant business generated revenue of approximately RMB 6.6 million in 2025, with a gross margin of about 32%[15]. - Revenue from tour sales and local tours amounted to RMB 276,404,000, up 50.2% from RMB 184,150,000 in the previous year[33]. - The company's external customer revenue from China was RMB 281,280,000 in 2025, a 48.4% increase from RMB 189,575,000 in 2024[33]. Expenses and Costs - Selling and distribution expenses increased from approximately RMB 11.6 million in 2024 to about RMB 16.7 million in 2025, reflecting business expansion and increased sales volume[16]. - Administrative expenses surged from approximately RMB 28.5 million in 2024 to about RMB 46.4 million in 2025, driven by business scale expansion and new operational needs[17]. - The company reported a loss from an associate of RMB 22,000, compared to no losses in the previous year[19]. - The expected credit loss provision for accounts receivable increased slightly from RMB 163,000 in 2024 to RMB 176,000 in 2025[46]. Assets and Liabilities - Total assets less current liabilities increased to RMB 191,030,000, up from RMB 175,229,000 in 2024, indicating a growth of 9.4%[22]. - Non-current assets totaled RMB 156,249,000, an increase from RMB 146,504,000 in 2024, representing a growth of 6.0%[21]. - Current liabilities decreased to RMB 53,077,000 from RMB 62,852,000, a reduction of 15.5%[22]. - Cash and cash equivalents were RMB 39,571,000, slightly down from RMB 40,065,000 in 2024[21]. - Accounts receivable decreased from RMB 24,916,000 in 2024 to 23,176,000 in 2025, a reduction of approximately 7%[44]. - The group maintained a capital debt ratio of 24.2% as of December 31, 2025, compared to 25.1% in 2024, indicating stable financial leverage[55]. - The average collection period for accounts receivable improved from 42 days in 2024 to 26 days in 2025, reflecting better credit control measures[55]. Corporate Governance and Compliance - The company has adopted the corporate governance principles to enhance internal control measures and accountability to shareholders, complying with all applicable provisions of the corporate governance code except for C.2.1[57]. - The company does not have any senior officer holding the title of "CEO," which deviates from the corporate governance code provision C.2.1[58]. - The audit committee, consisting of three independent non-executive directors, has reviewed the group's financial reporting procedures and internal control systems for the year ending December 31, 2025[61]. - The company has maintained a public float of at least 25% of its issued shares as required by listing rules[65]. Future Plans and Strategic Initiatives - The company plans to enhance operational quality and efficiency, expand its business footprint, and improve customer experience in 2026[8]. - The company aims to strengthen digitalization, data analysis, and AI tools to optimize operations and improve market responsiveness[8]. - The company is evaluating the impact of the new Hong Kong Financial Reporting Standard No. 18, which will significantly change the presentation of financial performance in the income statement[29]. - The new accounting standards require entities to categorize all income and expenses into five categories, enhancing transparency and comparability[31]. - The company plans to provide additional disclosures regarding management-defined performance indicators in the financial statements due to the new accounting standards[32]. Risks and Challenges - The group faces foreign exchange risks due to costs incurred in foreign currencies, particularly Japanese Yen, but currently has no plans to hedge against these risks[51]. - The company faces significant risks including economic downturns in China, currency fluctuations, and increased competition from travel agencies and online platforms[69]. Shareholder Information - The annual general meeting for the year 2025 is scheduled to be held on May 25, 2026[71]. - The company will suspend share transfer registration from May 20, 2026, to May 25, 2026, to determine shareholders eligible to attend and vote at the annual general meeting[72]. - The annual performance announcement will be published on the Hong Kong Stock Exchange website and the company's website, with the annual report for the year ending December 31, 2025, to be sent to shareholders[73]. - The chairman expressed gratitude to all employees, shareholders, banks, customers, and suppliers for their support and trust[74]. - The board of directors consists of four executive directors and three independent non-executive directors[75].

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 1,389.985 million, a decrease of 28.1% compared to RMB 1,930.091 million in 2024[5]. - Gross profit for the same period was RMB 456.876 million, down from RMB 603.058 million in 2024, reflecting a gross margin decline[5]. - The net loss for the year was RMB 1,477.133 million, an improvement from a net loss of RMB 2,110.819 million in 2024, indicating a narrowing of losses[5]. - Adjusted net loss was RMB 1,471.341 million, compared to RMB 2,077.723 million in the previous year, showing a significant reduction[5]. - The company's revenue decreased by approximately 28.0% from RMB 1,930.1 million for the year ended December 31, 2024, to RMB 1,389.9 million for the year ended December 31, 2025[58]. - The group incurred a pre-tax loss of RMB 1,613.8 million, influenced by various expenses including sales and distribution costs of RMB 491.6 million and administrative expenses of RMB 127.6 million[136]. - The annual loss decreased from RMB 2,110.8 million for the year ending December 31, 2024, to RMB 1,477.1 million for the year ending December 31, 2025[88]. - The group recorded a net loss of approximately RMB 1,477.1 million and a net operating cash outflow of about RMB 12.2 million for the year ending December 31, 2025[128]. Revenue Breakdown - Revenue from IP games amounted to RMB 991.1 million, while revenue from non-IP games was RMB 384.7 million for the year ended December 31, 2025[54]. - The group's game publishing revenue decreased by 30.2% from RMB 1,664.5 million for the year ending December 31, 2024, to RMB 1,161.4 million for the year ending December 31, 2025[61]. - Revenue from mobile game publishing was RMB 1,664,508,000, accounting for approximately 86.3% of total revenue in 2024[143]. - Total revenue from external customers for the gaming segment was RMB 1,161.4 million, with total segment revenue amounting to RMB 1,391.9 million[136]. Game Development and Launches - The company launched 10 new games during the reporting period, contributing to a total revenue of RMB 1,161.4 million from its publishing business[13]. - The game "Spring and Autumn Mysteries" ranked 10th on the WeChat game bestseller list, generating over RMB 100 million in revenue within three months of launch[7]. - The game "春秋玄奇" achieved over RMB 100 million in revenue within three months of its launch, entering the profit recovery phase in 2025[14]. - The game "新三國志曹操傳" received high ratings, maintaining an average score of 8 on TapTap and 4.5 on Huawei Mall shortly after its launch[15]. - The company plans to launch the new game "Dark Night Legend" in 2026, focusing on low-cost, rapid iteration development[8]. - The self-developed game "Xian Jian World" launched in February 2025 did not meet revenue expectations, resulting in significant financial losses for the company[21]. - The game "火影忍者：木叶高手" reached the number one position on the Apple Store's free chart within its first month of launch[15]. - "Dou Luo Da Lu: Si Lai Ke Xue Yuan" launched in Vietnam in March 2025, achieving number one on the free charts and ninth on the revenue charts in its first month[19]. Cost Management and Operational Efficiency - The company is implementing cost reduction strategies, expecting significant decreases in salary, venue, and other fixed costs by 2025[11]. - The group has strengthened its internal decision-making and budget control mechanisms to mitigate risks associated with project investments[21]. - The group has implemented AIGC technology in game development and operations, aiming to reduce outsourcing costs by 50%-60% and improve overall operational efficiency[31]. - The company is committed to refining its organizational structure to enhance operational efficiency and reduce costs[11]. Market Expansion and IP Development - Overseas business revenue reached RMB 358.2 million, representing a year-on-year growth of 31.6% and accounting for 25.8% of total revenue[6]. - The company has seen double-digit growth in overseas publishing revenue for two consecutive years, indicating the effectiveness of its overseas expansion strategy[17]. - The company is actively exploring high-margin overseas markets such as Europe and the US, preparing products with strong adaptability for these regions[17]. - The company plans to focus on a dual-end layout of "APP + mini-games" and aims to enhance the IP value of "仙劍奇俠傳" to become a world-class cultural IP[12]. - The group aims to enhance the IP value of "Xian Jian Qi Xia Zhuan" through quality content creation and diversified product layouts, targeting a global audience[36]. Awards and Recognition - The company received multiple awards in 2025, including recognition as a key enterprise in national cultural exports and as a top game enterprise in Guangdong Province[55]. - The group has been recognized as a key cultural export enterprise for the third consecutive time, reflecting its commitment to promoting Chinese culture through global IP game operations[32]. - The group has been recognized as an "Outstanding ESG Information Disclosure Enterprise" by Gamma Data for its commitment to environmental and social governance[35]. Financial Position and Liquidity - As of December 31, 2025, the group had cash and cash equivalents of RMB 91.0 million, down from RMB 101.8 million as of December 31, 2024[89]. - Current liabilities exceeded current assets by approximately RMB 143.7 million as of December 31, 2025, raising significant doubts about the company's ability to continue as a going concern[127]. - The company's operating cash flow showed a net outflow of approximately RMB 12.2 million, indicating ongoing liquidity challenges[127]. - The group is actively negotiating with banks to extend the repayment terms of existing loans to secure necessary funding for operational needs[128]. - The group has implemented measures to improve working capital and cash flow, including close monitoring of general administrative expenses and operating costs[131]. Employee and R&D Management - The group had approximately 260 full-time employees as of December 31, 2025, a significant decrease from 710 in 2024[113]. - Research and development expenses decreased to RMB 136.27 million from RMB 244.26 million in 2024, reflecting a 44% reduction[121]. - Salaries and benefits for the R&D department fell by 49.2% from RMB 191.5 million to RMB 97.3 million due to restructuring and layoffs related to the "Xianjian World" game[72]. - Employee benefits expenses, excluding directors' remuneration, decreased to RMB 175,243,000 in 2025 from RMB 323,803,000 in 2024, reflecting a decline of about 45.8%[149]. Impairment and Write-offs - The group recognized a write-off of prepaid expenses totaling RMB 607.6 million during the reporting period, involving over 30 prepaid contracts[99]. - The impairment loss on goodwill for 2025 was RMB 58,273,000, significantly lower than RMB 546,759,000 in 2024, showing a reduction of about 89.4%[149]. - The group recorded an impairment of approximately RMB 27.6 million for other intangible assets, compared to RMB 211.6 million for the year ending December 31, 2024[83]. - The group recognized a total impairment of approximately RMB 607.6 million related to prepaid amounts, involving about 30 contracts, due to unforeseen issues during game development[81].

Financial Performance - The group's total revenue for the year ended December 31, 2025, was RMB 5,571.7 million, an increase of approximately 17.2% compared to RMB 4,753.9 million in 2024[6]. - Net profit for the group reached RMB 383.2 million, representing a growth of approximately 48.8% from RMB 257.5 million in 2024[6]. - Profit attributable to equity holders of the company was RMB 373.1 million, a significant increase of approximately 53.8% compared to RMB 242.6 million in 2024[6]. - Basic earnings per share for the year was RMB 0.1370, compared to RMB 0.0854 in 2024[10]. - The total comprehensive income for the year was RMB 353.9 million, compared to RMB 270.2 million in 2024[11]. - The company reported a profit attributable to owners of RMB 373.09 million for the year ended December 31, 2025, compared to RMB 242.65 million for 2024, representing a year-over-year increase of approximately 53.8%[53]. - The company achieved a net profit margin of 6.7%, reflecting a 1.6 percentage point increase from the previous year[65]. - Operating profit for 2025 is estimated at RMB 712.0 million, an increase of RMB 54.2 million or 8.2% from RMB 657.8 million in 2024, with an operating profit margin of 12.8%[113]. - Net profit for 2025 is projected to be approximately RMB 383.2 million, an increase of RMB 125.7 million or 48.8% from RMB 257.5 million in 2024, attributed to revenue and gross profit growth[116]. Cash Flow and Financial Position - Operating cash inflow was RMB 1,369.7 million, up 3.4% from RMB 1,325.1 million in 2024; free cash flow increased by approximately 6.5% to RMB 1,043.4 million from RMB 979.7 million[6]. - The net increase in cash and cash equivalents for 2025 was RMB 456,898, a decrease of 22.4% from RMB 588,879 in 2024[13]. - Total cash and cash equivalents at the end of 2025 reached RMB 2,609,985, up from RMB 2,190,759 in 2024, representing an increase of 19.1%[13]. - The company generated a free cash flow of RMB 1,043.4 million, contributing to a strong cash position of RMB 2,610.0 million as of December 31, 2025[57]. - Cash and bank deposits as of December 31, 2025, are approximately RMB 3,183.9 million, an increase of RMB 622.8 million from the previous year[120]. Dividends and Shareholder Returns - The board proposed a final dividend of approximately RMB 112.0 million, an increase of about 53.4% from RMB 73.0 million in 2024[6]. - The proposed final dividend for the year ending December 31, 2025, is RMB 0.0373 per share, compared to RMB 0.025 per share in 2024, subject to shareholder approval[130]. - The total dividend proposed for the year is approximately RMB 112.0 million, representing a 53.4% increase from the previous year's dividend[62]. - The company repurchased 83,740,000 shares at a total cost exceeding HKD 85.5 million, demonstrating confidence in long-term value[62]. Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 11,595.3 million, compared to RMB 10,217.98 million in 2024[8]. - Total liabilities increased to RMB 7,826.7 million from RMB 6,609.6 million in 2024[8]. - The company's equity attributable to equity holders was RMB 3,681.8 million, up from RMB 3,498.0 million in 2024[8]. - Trade receivables from customer contracts increased to RMB 2,727,719,000 as of December 31, 2025, up from RMB 2,189,508,000 in the previous year[29]. - The total accounts receivable and notes receivable as of December 31, 2025, reached RMB 2,812,424,000, compared to RMB 2,328,687,000 in 2024, reflecting a growth of approximately 20.8%[34]. - Accounts payable increased to RMB 2,600,970,000 as of December 31, 2025, from RMB 1,959,260,000 in 2024, representing a rise of about 32.8%[35]. Revenue Breakdown - Integrated Oilfield Technology Services reported revenue of RMB 2,483,326,000 for the year ending December 31, 2025, with an EBITDA of RMB 662,695,000[24]. - Smart Management Services generated revenue of RMB 2,820,371,000 and an EBITDA of RMB 722,377,000 for the same period[24]. - Energy Asset Management Business achieved revenue of RMB 268,025,000 and an EBITDA of RMB 199,806,000 for the year ending December 31, 2025[24]. - The company reported a significant increase in service revenue, which reached RMB 5,139,230,000 in 2025, compared to RMB 4,343,596,000 in 2024, marking a growth of about 18.3%[39]. - Revenue from external customers was approximately RMB 2,656,640,000, accounting for 29.30% of total revenue for the year ending December 31, 2025[28]. - The revenue from integrated oilfield services was RMB 2,483,326,000, while smart services generated RMB 2,820,371,000 for the year ended December 31, 2025[38]. - In 2025, overseas market revenue was RMB 3,698.2 million, a 19.6% increase from RMB 3,091.1 million in 2024, accounting for 66.4% of total revenue[67]. - Revenue from the Iraq market was RMB 3,148.8 million, a 21.0% increase from RMB 2,601.4 million in 2024, representing 56.5% of total revenue[67]. - Other overseas markets recorded revenue of approximately RMB 549.4 million, a 12.2% increase from RMB 489.7 million in 2024[75]. Operational Efficiency - The company restructured its internal reporting framework, consolidating four segments into three: Integrated Oilfield Technology Services, Intelligent Management Services, and Energy Asset Management[20]. - The company launched 9 intelligent oil and gas development digital platforms, enhancing operational efficiency and safety control[78]. - The company successfully implemented high-difficulty tasks such as helium-nitrogen leak detection for offshore FPSO, showcasing its advanced service capabilities[77]. - The company aims to enhance its technological capabilities and product offerings through innovation, focusing on oil reservoir efficiency and digitalization[96]. Market Expansion and Strategy - The company expanded its global market presence, particularly in emerging markets across the Middle East, Southeast Asia, Central Asia, and Africa[58]. - The company plans to strengthen its presence in emerging markets such as North Africa, the Middle East, Central Asia, and Southeast Asia, aiming for diversified market growth[101]. - The company will continue to optimize its global market platform network and enhance its energy security development opportunities amid geopolitical conflicts[101]. Research and Development - The company invested RMB 117.0 million in R&D in 2025, a 1.1% increase from RMB 115.7 million in the same period last year, focusing on maintaining its technological leadership[97]. Corporate Governance - The company confirmed compliance with the corporate governance code throughout the reporting period[133]. - The audit committee, consisting of three independent non-executive directors, reviewed the audited financial statements for the year ending December 31, 2025[142].

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。 JIANGSU EXPRESSWAY COMPANY LIMITED 江蘇寧滬高速公路股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00177） 2025年年度業績初步公告 本 公 告 第 二、三、四、五、七、八、九 及 十 節 的 內 容 乃 根 據 香 港 上 市 規 則 第13.49(1)條及附錄D2第45段 而 作 出。 本 公 告 內 其 他 資 料 乃 根 據 上 交 所 上 市 規 則 作 出。 一. 重要提示 （一）江蘇寧滬高速公路股份有限公司（「本公司、集團」）董事會及董事、 高 級 管 理 人 員 保 證 本 公 告 所 載 數 據 不 存 在 任 何 虛 假 記 載、誤 導 性 陳 述 或 者 重 大 遺 漏，並 對 其 內 容 的 真 實 性、準 確 性 和 完 整 性 承 擔 個 別 及 ...

Financial Performance - The company reported revenue of approximately RMB 15.028 billion, an increase of about 22.6% compared to the same period last year[4]. - Net profit for the year was approximately RMB 5.555 billion, an increase of about 27.1% compared to the previous year[4]. - Basic earnings per share were approximately RMB 0.93, reflecting a year-on-year increase of about 26.4%[4]. - Revenue from innovative drugs and collaborative products reached approximately RMB 12.354 billion, growing by about 30.4% year-on-year, accounting for approximately 82.2% of total revenue[4]. - The company recorded revenue of approximately RMB 15.028 billion for the year ended December 31, 2025, representing a year-on-year growth of approximately 22.6%[15]. - The group's net profit for the reporting period was approximately RMB 5.555 billion, representing a growth of about 27.1% compared to RMB 4.372 billion for the year ended December 31, 2024[69]. - The group's profit before tax reached RMB 5,555,461,000 in 2025, an increase of 27% compared to RMB 4,371,825,000 in 2024[102]. - Basic earnings per share for 2025 were RMB 0.93, compared to RMB 0.74 in 2024, representing a growth of approximately 25.7%[103]. Research and Development - R&D expenses were approximately RMB 3.358 billion, an increase of about 24.3% year-on-year, representing about 22.3% of total revenue[4]. - The company is conducting over 70 clinical trials for innovative drugs, with eight new candidates entering clinical research during the reporting period[36]. - Seven new Phase III pivotal clinical trials were initiated during the reporting period, including self-developed ADCs targeting B7-H3 and B7-H4 for osteosarcoma and ovarian cancer, respectively[37]. - The company has submitted 40 domestic patent applications and 128 overseas patent applications, with 80 patents granted globally as of December 31, 2025[35]. - The company invested RMB 3,357,981 in research and development, which is an increase from RMB 2,701,650 in the previous year[85]. - The average annual advancement of about eight innovative candidates to clinical trials from 2019 to 2025 demonstrates the company's efficient internal R&D and business expansion system[110]. Product Approvals and Collaborations - The company achieved a breakthrough therapy designation from the FDA for its self-developed ADC Risvutatug Rezetecan, aimed at treating relapsed or refractory osteosarcoma[6]. - The company received approval from the NMPA for its innovative drug HS-20093 for the treatment of advanced osteosarcoma after at least two lines of therapy[6]. - The company entered into a licensing agreement with Regeneron Pharmaceuticals for the global exclusive rights to develop and commercialize its GLP-1/GIP dual receptor agonist HS-20094[9]. - The company received approval for three new indications for Aumseqa® (甲磺酸阿美替尼片) in 2025, expanding its treatment scope for NSCLC patients[17]. - A licensing agreement was established with Glenmark Specialty S.A. for the exclusive development and commercialization of Aumseqa® in several regions, including the Middle East and Africa[11]. - The company entered an exclusive licensing agreement with Glenmark, potentially earning over $1 billion in regulatory and commercial milestone payments for Aumseqa®[22]. - The company received a collaboration payment of $112 million from Merck Sharp & Dohme LLC during the reporting period[46]. Market and Sales Performance - Revenue from the oncology segment reached approximately RMB 9.974 billion, accounting for about 66.4% of total revenue[18]. - The company operates primarily in the Chinese pharmaceutical market, generating approximately 80% of its revenue from this sector[94]. - Revenue from pharmaceutical sales increased to RMB 12,912,719 thousand in 2025, up 20.9% from RMB 10,687,946 thousand in 2024[96]. - The company has a rich pipeline of seven innovative drugs generating sales revenue, focusing on major disease treatment areas such as oncology and CNS disorders[5]. Dividends and Financial Management - The company plans to distribute a final dividend of HKD 0.20 per share, pending approval at the annual general meeting, leading to a total dividend of HKD 0.4316 for the year[3]. - The group declared a final dividend of HKD 0.1353 per share for 2024, down from HKD 0.1422 per share in 2023, totaling approximately RMB 734,910,000[101]. - The company reported a foreign exchange loss of RMB 583,679 in other comprehensive income for the year, compared to a gain of RMB 234,447 in 2024[86]. Sustainability and Corporate Governance - The company achieved an MSCI ESG rating upgrade to AAA and was recognized in the top 1% of the Chinese pharmaceutical industry for sustainability efforts[12]. - The group’s administrative expenses amounted to approximately RMB 672 million, a decrease of about 5.7% compared to RMB 713 million for the year ended December 31, 2024, primarily due to enhanced cost control measures[64].

Financial Performance - As of December 31, 2025, the company reported a cash balance of $393.3 million[12] - For the fiscal year ending December 31, 2025, the company generated revenue of $56.2 million, including $25.0 million from drug discovery, $23.9 million from pipeline development, $4.9 million from software solutions, and $2.5 million from other discoveries[12] - The net loss for the fiscal year ending December 31, 2025, increased by $335.2 million to $352.3 million, attributed to decreased revenue and fair value losses on financial liabilities[12] - Adjusted losses (non-IFRS measure) increased by $21.2 million to $43.8 million, primarily due to a decline in revenue, partially offset by reduced R&D expenses[12] - Total revenue decreased by 34.5% from $85.8 million in 2024 to $56.2 million in 2025, primarily due to a decline in pipeline development revenue[46] - Gross profit fell by 40.9% from $77.6 million in 2024 to $45.8 million in 2025, attributed to changes in revenue structure and increased costs[48] - The company reported a net loss of $352.316 million for the year ended December 31, 2025, compared to a net loss of $17.096 million in 2024, marking a significant increase in losses[82] - Basic and diluted loss per share for 2025 was $(4.48), compared to $(0.24) in 2024, reflecting a substantial decline in financial performance[103] Research and Development - Research and development expenses for the fiscal year ending December 31, 2025, were $81.4 million, a decrease of $10.5 million compared to the previous year, primarily due to reduced third-party CRO costs[12] - The company expanded its product pipeline by adding six AI-enabled PCCs, bringing the total to 28, enhancing future licensing potential[9] - The company is advancing multiple clinical trials, including ISM001-055 for idiopathic pulmonary fibrosis and ISM5411 for inflammatory bowel disease, with promising results expected in 2025[10] - The company has generated over 20 clinical or IND-stage assets through its Pharma.AI platform, with a total contract value of up to $2.1748 billion, including $130.3 million in upfront payments and $2.0445 billion in milestone payments[13] - The average time for candidate drug development from target discovery to PCC confirmation is 12 to 18 months, significantly shorter than the traditional average of 4.5 years[14] - ISM001-055 (Rentosertib) received breakthrough therapy designation for IPF and showed a significant average improvement in FVC of +98.4 mL compared to a decline of -20.3 mL in the placebo group[28] - The company’s pipeline is entirely self-developed, with no licensing of targets or compounds from other pharmaceutical companies[27] Partnerships and Collaborations - The company established high-value partnerships with leading multinational pharmaceutical companies, resulting in new business development agreements totaling over $1.3 billion[11] - The company collaborates with 13 of the top 20 global pharmaceutical companies to accelerate drug discovery, with transaction structures including upfront payments and milestone payments[37] - A major licensing agreement was established with TaiJing Biotechnology for the exclusive rights to develop and commercialize ISM4808 in Greater China, with total transaction value reaching tens of millions of dollars[38] - The collaboration pipeline saw exceptional growth, including a partnership with Eli Lilly that allows the company to receive over $100 million in payments, and a multi-year oncology collaboration with Servier valued at up to $888 million[39] AI and Technology Development - The company launched significant upgrades to its Pharma.AI platform, enhancing capabilities in drug discovery and development[5] - The AI platform PandaOmics achieved a retrieval rate of 71.6% for known clinical targets, outperforming public platforms by two to three times[19] - TargetPro's predicted new targets show 95.7% structural availability, 86.5% drugability, and 46% repurposing potential, all exceeding competitive systems[19] - The Alchemistry 2.0 engine has improved speed by two to four times while achieving industry-level accuracy in relative binding free energy predictions[20] - The Pharma.AI platform continues to enhance its capabilities with upgrades to Biology42, Chemistry42, and Science42, aiming for a vision of pharmaceutical superintelligence[18] Financial Position and Assets - As of December 31, 2025, the company recorded net assets of $452.0 million, a significant change attributed to the conversion of preferred shares to common stock and increased cash reserves[61] - Bank balances and cash increased by $267.4 million from $125.9 million in 2024 to $393.3 million in 2025, primarily due to the completion of a global offering in December 2025[66] - Total assets as of December 31, 2025, were $474.278 million, compared to $133.409 million in 2024, indicating a significant increase of about 254%[83] - Trade and other receivables increased from $7.5 million as of December 31, 2024, to $27.0 million as of December 31, 2025, primarily due to recognized but unpaid revenue[62] - Trade and other payables rose from $28.0 million as of December 31, 2024, to $29.7 million as of December 31, 2025, mainly due to increased listing expenses[63] Future Outlook and Strategy - The company plans to expand its strategic collaborations beyond the pharmaceutical sector to leverage the Pharma.AI platform's potential across various industries, including advanced materials and agriculture[43] - The company plans to allocate approximately 48% of net proceeds from the global offering, totaling HK$1,128.14 million, for further clinical research and development of key pipeline candidates over the next three to four years[80] - The company anticipates a revenue guidance of $70 million for the next fiscal year, representing a 50% year-over-year growth[136] - The company’s strategy for 2026 focuses on business development, clinical execution, and commercialization of its AI platform[120] Regulatory and Compliance - The company emphasizes the potential of its AI-driven development methods to provide clinical evidence of efficacy[28] - The IND submissions are made to regulatory agencies such as the FDA and the National Medical Products Administration in China[27] - The company has a tax rate of 16.5% applicable to its operations in Hong Kong[101] - The company has been enjoying a 200% super deduction on eligible R&D expenses for the years ended December 31, 2025, and 2024[101] Shareholder Information - The board of directors has decided not to declare any final dividend for the year ending December 31, 2025[130] - The company did not declare or pay any dividends during the year[104] - The company will suspend the registration of share transfers from May 28, 2026, to June 2, 2026, to determine shareholder voting rights for the annual general meeting[124]

Financial Performance - For the fiscal year ending December 31, 2025, the total revenue was RMB 12,322,076, a decrease of 19.3% from RMB 15,275,935 in 2024[3] - The gross profit for 2025 was RMB 201,174, down 74.8% from RMB 796,299 in 2024[3] - The net loss for the year was RMB 2,506,133, compared to a net loss of RMB 2,285,619 in 2024, representing an increase in loss of 9.6%[3] - The company reported a financing income of RMB 12,172, down from RMB 19,810 in 2024, a decrease of 38.5%[3] - The company incurred interest expenses of RMB 1,022,402,000 for interest-bearing loans in 2025, compared to RMB 1,002,603,000 in 2024[46] - The current tax expense for corporate income tax in 2025 is RMB 124,131,000, significantly lower than RMB 582,263,000 in 2024[47] - The group reported a loss of RMB 2,292,830,000 for the year 2025, compared to a loss of RMB 2,093,503,000 in 2024[54] - The company has not recommended any dividend payments to ordinary shareholders for the year 2025, consistent with 2024[53] Assets and Liabilities - The total assets decreased to RMB 108,417,325 in 2025 from RMB 114,470,038 in 2024, a decline of 5.3%[8] - The total liabilities decreased to RMB 93,770,257 in 2025 from RMB 97,318,533 in 2024, a reduction of 3.6%[8] - The company's cash and cash equivalents decreased to RMB 505,216 in 2025 from RMB 695,112 in 2024, a decline of 27.3%[7] - The company's equity attributable to owners decreased to RMB 8,088,859 in 2025 from RMB 10,342,025 in 2024, a decrease of 21.8%[8] - As of December 31, 2025, the group has a total interest-bearing debt of approximately RMB 13,657,000,000, of which RMB 10,463,000,000 is due within one year after the reporting period[21] - As of December 31, 2025, overdue loans total approximately RMB 6,121,000,000, with RMB 4,832,000,000 being unpaid according to the original repayment schedule[23] - The group has pledged assets with a total book value of approximately RMB 26,291,000,000 as collateral for its borrowings[21] Cash Flow and Financing - The company is actively negotiating with multiple lenders to extend the repayment terms of interest-bearing loans and is seeking new funding sources from various banks[25] - Management has taken measures to improve cash flow and liquidity, including adjusting sales and pre-sale strategies to better align with market demand[25] - The group has approximately RMB 505,000,000 in cash and cash equivalents as of the reporting date[21] - The group has incurred significant uncertainty regarding its ability to continue as a going concern due to cash flow pressures and overdue loans[24] - The group’s ability to successfully extend repayment terms on existing loans and negotiate with lenders regarding overdue loans is critical for its financial stability[30] Revenue Recognition and Taxation - The estimated land appreciation tax payable as of December 31, 2025, is approximately RMB 6,097,575,000, compared to RMB 5,258,866,000 in 2024[34] - The land appreciation tax recognized in the consolidated income statement is approximately RMB 751,597,000 for the year, up from RMB 492,798,000 in 2024[34] - The group has not made any provisions for Hong Kong profits tax as its income does not originate from or is not derived from Hong Kong[48] - The corporate income tax rate for the group's Chinese subsidiaries is 25% for both years[49] Operational Highlights - The company is registered in the Cayman Islands and listed on the Hong Kong Stock Exchange, focusing on property development and hotel operations in China[9] - The company has clarified contract cash flow assessments for financial assets and provided new disclosure requirements for equity instrument investments measured at fair value[17] - The company has strengthened its collaboration with local city investment and state-owned platforms, expanding the influence of its "Green Land Intelligent Manufacturing" platform[73] - The company is transitioning from scale expansion to quality improvement, supported by a stable monetary environment and precise fiscal policies[71] - The company has achieved significant breakthroughs in light asset service sectors, demonstrating strong resilience and adaptability in its business development[72] Future Outlook and Strategy - The company plans to implement a long-term development blueprint of "1+2+3+X," focusing on stabilizing operations, promoting transformation, and enhancing quality[88] - The group aims to strengthen cash flow management and optimize debt structure while enhancing operational efficiency through digitalization[89] - The company will explore new business areas such as healthcare and foreign trade to enrich its product and service offerings[88] - The real estate industry is expected to enter a deep restructuring phase in 2026, driven by ongoing policy support and exploration of new development models[87] Compliance and Governance - The independent auditor has issued an unqualified opinion on the consolidated financial statements for the fiscal year ending December 31, 2025[117] - The company has adhered to the corporate governance code, except for specific provisions regarding the separation of roles between the chairman and the CEO[112] - There are no significant events affecting the group after the end of the fiscal year ending December 31, 2025[114]

Financial Performance - Revenue for the year ended December 31, 2025, was approximately RMB 4,875.2 million, an increase of about 4.4% compared to 2024[4] - Gross profit for the same period was approximately RMB 1,198.9 million, reflecting a growth of about 6.9%, with a gross margin of 24.6%[4] - The annual loss was approximately RMB 320.0 million, a decrease of 1,163.1% compared to a profit of RMB 30.1 million in 2024[4] - Loss attributable to the owners of the company was approximately RMB 323.6 million, a decrease of 1,243.5% from a profit of RMB 28.3 million in 2024[4] - The net loss before tax was RMB 167.2 million, compared to a profit of RMB 115.9 million in 2024[6] - Total comprehensive loss attributable to owners of the company was RMB 286.5 million, compared to a loss of RMB 71.6 million in the previous year[6] - Basic and diluted loss per share for the year was RMB (0.1926) compared to a profit of RMB 0.0167 in 2024[6] Expenses and Costs - Research and development expenses increased to RMB 66.2 million from RMB 24.8 million in the previous year[5] - Administrative expenses rose to RMB 730.4 million compared to RMB 551.1 million in 2024[5] - The net financial cost for the year ending December 31, 2025, is RMB (165,242,000), a decrease from RMB (255,898,000) in 2024, indicating improved financial management[21] - The company reported a pre-tax loss of RMB (167,213,000) for the year ending December 31, 2025, compared to a pre-tax profit of RMB 115,873,000 in 2024[21] Revenue Breakdown - Revenue from oilfield equipment manufacturing and services decreased from RMB 2,124,700 thousand in 2024 to RMB 1,325,079 thousand in 2025, a decline of approximately 37.6%[15] - Revenue from oilfield services increased from RMB 1,579,862 thousand in 2024 to RMB 2,090,277 thousand in 2025, an increase of about 32.3%[15] - Revenue from offshore engineering services increased from RMB 963,770 thousand in 2024 to RMB 1,459,800 thousand in 2025, an increase of approximately 51.6%[15] Assets and Liabilities - Total assets decreased from RMB 8,077,721 thousand in 2024 to RMB 7,648,791 thousand in 2025, a decline of approximately 5.3%[7] - Total liabilities decreased from RMB 4,818,597 thousand in 2024 to RMB 4,682,028 thousand in 2025, a decline of about 2.8%[8] - Total equity attributable to owners decreased from RMB 3,259,124 thousand in 2024 to RMB 2,966,763 thousand in 2025, a decline of about 9.0%[7] - Cash and cash equivalents increased from RMB 721,631 thousand in 2024 to RMB 777,622 thousand in 2025, an increase of approximately 7.8%[8] Receivables and Payables - Trade and other receivables amount to RMB 3,445,444,000, an increase from RMB 2,620,792,000 in 2024, with trade receivables totaling RMB 2,423,326,000[19] - Trade and other payables stand at RMB 2,036,797,000, up from RMB 1,737,743,000 in 2024, with trade payables at RMB 1,259,711,000[20] - Trade receivables turnover days increased from 154 days in 2024 to 168 days in 2025, indicating slower collection from international markets due to ongoing economic challenges[52] Strategic Initiatives - The company has implemented measures to strengthen accounts receivable management, including prioritizing significant aged receivables and establishing dedicated collection teams for top clients[55] - The company is focused on maintaining an optimal capital structure to reduce the cost of capital and ensure sustainable operations[69] - The group emphasized technological innovation and digital transformation, enhancing operational efficiency and cash flow management[77] - The company is actively pursuing opportunities in oilfield development projects in countries like Libya and Iraq, indicating a strategic focus on international expansion[79] Market and Product Development - The company successfully launched high-tech products such as sulfur-resistant drill rods and electronic tagging drill tools, enhancing its competitive edge in the market[78] - The company aims to expand its market presence in regions such as the Middle East and Southeast Asia, targeting high-end clients and orders[82] - The company plans to enhance its operational capabilities in offshore engineering through various research projects and digital technology initiatives[81] Corporate Governance - The company has adhered to all applicable corporate governance codes except for the separation of the roles of Chairman and CEO, which are currently held by the same individual[89] - The company has established written guidelines for securities trading that meet or exceed the standards set forth in the listing rules[90] - The annual performance for the year ending December 31, 2025, has been reviewed and is consistent with the audited consolidated financial statements[91]

Financial Performance - For the year ended December 31, 2025, Seazen Group Limited reported revenue of RMB 53,135,901, a decrease of 40.5% compared to RMB 89,226,520 in 2024[12]. - Profit before income tax for 2025 was RMB 3,923,500, down 6.4% from RMB 4,193,946 in 2024[12]. - The net profit for the year was RMB 321,792, representing a decline of 52.8% from RMB 682,098 in 2024[12]. - Total assets decreased to RMB 266,608,936 in 2025 from RMB 309,124,937 in 2024, reflecting a reduction of 13.7%[12]. - Total liabilities also decreased to RMB 185,050,332 in 2025 from RMB 222,335,178 in 2024, a decline of 16.7%[12]. - Basic earnings per share for 2025 was RMB 0.06, down from RMB 0.07 in 2024, a decrease of 14.3%[12]. - The company's equity attributable to equity holders was RMB 81,558,604 in 2025, down from RMB 86,789,759 in 2024, a decline of 6.8%[12]. - Non-controlling interests decreased to RMB 34,974,424 in 2025 from RMB 40,435,935 in 2024, a reduction of 13.4%[12]. - The total cost of sales and services for the year ended December 31, 2025, was approximately RMB 40,734.7 million[64]. - The total cost of sales and services decreased by 45% to RMB40,734.7 million in 2025 from RMB74,242.1 million in 2024[66]. - For the year ended December 31, 2025, the Group recorded a gross profit of approximately RMB12,401.2 million, with a gross profit margin of 23.3%, an increase of 6.5 percentage points from 16.8% in the previous year[70][75]. - The average selling price per square meter sold decreased by 20% to RMB6,196 in 2025 from RMB7,716 in 2024[66]. - The average cost per square meter sold decreased by 15% to RMB6,029 in 2025 from RMB7,110 in 2024[66]. - The net profit attributable to equity holders of the Company for the year ended 31 December 2025 was RMB 393.4 million, a decrease from RMB 491.3 million in 2024[88]. - The core earnings attributable to equity holders, adjusted for non-HKFRS measures, were RMB 380.4 million in 2025, down from RMB 632.2 million in 2024[88]. Project Development and Operations - As of December 31, 2025, the total leasable area across major properties is approximately 6,000,000 sq.m., with a cumulative contracted area of about 4,500,000 sq.m.[17]. - The company is actively pursuing new developments with several projects in the pipeline, including residential and complex properties across various cities, enhancing its market presence[13][14]. - The total area of residential projects under development is approximately 4,000,000 sq.m., with a significant portion in cities like Changsha and Tai'an[22]. - The company has completed several major projects, including Jiaxing Haiyan Wuyue Plaza with a leasable area of 436,307 sq.m. and a contracted area of 239,544 sq.m.[19]. - The company successfully opened five Wuyue Plazas and renovated two existing ones, reflecting its strategic focus on commercial management[35]. - The company reported a significant focus on project delivery, with 5 major projects under development in Chongqing alone, contributing to its growth strategy[29]. - The company is focusing on expanding its complex projects, with several under development across key cities, enhancing its market presence[23]. - The company is committed to maintaining its creditworthiness and ensuring project delivery amidst market uncertainties[33]. Financial Management and Strategy - Seazen became the first private real estate enterprise in three years to issue unsecured offshore bonds, indicating strong financial resilience[34]. - The company optimized its gearing structure and maintained cash flow security, effectively navigating through peak debt maturity periods[34]. - The Group successfully issued USD 350 million senior notes with a coupon rate of 11.88% and a maturity period of 3 years in 2025[95]. - The Group issued domestic medium-term notes totaling RMB 3.65 billion in 2025, with coupon rates ranging from 2.68% to 4% and a maturity period of 5 years[96]. - The Group's subsidiaries provided corporate guarantees for borrowings, indicating sufficient financial resources to settle obligations[102]. - The Group's financial key performance indicators for the year are detailed in the "Financial Summary/Financial Review" section of the annual report[154]. - The Group is facing liquidity pressure and has implemented several plans to mitigate this issue and improve its financial position[165]. - The Group's operations are subject to risks from economic conditions, consumer confidence, and changes in consumption preferences[162]. Market and Economic Conditions - The overall market in China is stabilizing, with Seazen adapting to the changing landscape through a dual-wheel strategy of commercial management and real estate development[32]. - The property market in mainland China is volatile, with potential undersupply or oversupply and significant price fluctuations affecting the Group's business[162]. - The PRC government has introduced regulations affecting the property market, including restrictions on lending and increased down payment requirements for residential properties[172]. - The Group's business outlook and review for the year are discussed in the "Management Discussion and Analysis" section of the annual report[155]. Leadership and Governance - The company has a strong leadership team with members having extensive backgrounds in finance, law, and management, enhancing its governance structure[138]. - The leadership team is committed to ESG initiatives, reflecting the company's dedication to sustainable practices[136]. - The company is focused on expanding its market reach and enhancing its operational efficiency through strategic leadership appointments[139]. - The Group's principal activities include property development, property investment, and commercial property management in China[153]. Employee and Corporate Social Responsibility - The Group recognizes employees as its most valuable assets and provides competitive remuneration and comprehensive training programs[181]. - 100% of the company's development projects adhere to green development concepts, with 106 Wuyue Plazas recognized as green shopping malls at or above the provincial level[39]. - Seazen's ESG rating was upgraded from BBB to A by MSCI in March 2026, reflecting the company's commitment to ESG governance[39].