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 或因依賴該等內容而引致的任何損失承擔任何責任。 | | 附註 | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | | 人民幣千元 | 人民幣千元 | | 收益 | 3 | 189,256 | 108,963 | | 銷售成本 | | (142,664) | (81,503) | | 毛利 | | 46,592 | 27,460 | | 銷售及市場推廣開支 | | (32,100) | (29,046) | | 行政開支 | | (20,018) | (26,405) | | 研發開支 | | (9,079) | (8,052) | | 就貿易應收款項及應收保證金確認的減 | | | | | 值虧損淨額 | | (3,990) | (538) | | 就物業、廠房及設備以及使用權資產確 | | | | | 認的減值虧損 | | (3,856) | (4,538) | | 其他收入、收益及虧損 | 4 | 3,635 ...

Financial Performance - Total revenue increased by 0.65% to RMB 933.6 million for the year ended December 31, 2025, compared to RMB 927.6 million in 2024[5] - Gross profit decreased by 6.53% to approximately RMB 410.9 million, resulting in a gross margin of 44.0%, down 3.4 percentage points from 47.4% in 2024[6] - Net loss narrowed to RMB 55.1 million, an improvement of approximately 9.12% from a net loss of RMB 60.7 million in the previous year[7] - The revenue from hematology testing services, the core business, was RMB 563.1 million, showing a minor decline of 3.8% year-on-year[35] - The oncology testing services experienced significant growth, with revenue increasing by 106.2% to RMB 44.8 million, becoming a key growth driver[35] - The revenue from research services and CRO reached RMB 59.6 million, up 33.4% from RMB 44.7 million in 2024, driven by increased collaboration with hospitals and clients[36] - The group reported a total tax expense of RMB 14,764,000 for 2025, a significant increase from RMB 4,491,000 in 2024[101] - The pre-tax loss for 2025 was RMB (40,385,000), an improvement from RMB (56,190,000) in 2024[102] Business Segments and Growth - The oncology segment revenue experienced a significant growth of 106.2%, driven by strategic acquisitions and market expansion[5] - The contract research organization (CRO) segment reported a revenue increase of 33.4% during the reporting period[5] - The MRD testing business in the solid tumor sector achieved explosive growth, with revenue doubling year-on-year[10] - The company established over 100 new hospital partnerships in hematology, enhancing service coverage and operational continuity[9] - The company launched 131 new R&D testing projects in 2025, including 48 related to molecular biology and 21 related to flow cytometry, showcasing its commitment to innovation and industry leadership[15] - The LymScan® product for minimal residual disease (MRD) monitoring in hematological cancers saw a nearly 50% year-on-year revenue increase, reflecting its high clinical value and customer retention[18] Research and Development - The company successfully developed a personalized MRD product based on whole genome sequencing (WGS) targeting early-stage cancers[10] - The company completed the registration review for its non-invasive gastric cancer early detection product, Gastromia®, by the end of 2025, with approval for a Class III medical device in January 2026[12] - The company expanded its testing capabilities in neurology, adding 41 new testing items and collaborating with 83 new hospitals, enhancing regional medical resource integration[13] - The company has developed over 180 types of reagents, achieving a revenue growth of 76.8% year-on-year through precise alignment with clinical needs[19] Financial Position and Investments - The company has a cash reserve of approximately RMB 1.88 billion as of December 31, 2025, supporting future strategic investments[25] - The company completed the acquisition of 49% equity interest in a target U.S. company for a total consideration of approximately USD 31.30 million[61] - The company completed the acquisition of 100% equity in Guangzhou Kangcheng Weiye for approximately RMB 208 million, including RMB 148 million in cash and RMB 60 million worth of shares[82] - The total unutilized proceeds from the global offering is projected to be RMB 891.4 million as of December 31, 2025[69] Operational Efficiency - Strategic investments in new business segments and integration costs from acquisitions contributed to the operational efficiency improvements[7] - The launch of the "District Inspection Cloud V2.0" platform has improved operational efficiency and reduced error rates in sample testing[26] - The company continues to optimize its business structure and expand into new markets despite external pressures from healthcare cost control policies[6] Governance and Compliance - The company’s governance principles aim to maintain high standards of ethics, transparency, and accountability[141] - The audit committee has reviewed the consolidated financial statements for the fiscal year ending December 31, 2025, confirming compliance with applicable accounting standards[144] - The board has proposed amendments to the Articles of Association to comply with the latest regulatory requirements, including provisions for a stock repurchase system[153] Shareholder Returns - The proposed final dividend for the year ending December 31, 2025, is HKD 0.095 per share, pending shareholder approval[103] - The company has established a dividend policy, planning to distribute a total of at least HKD 300 million in cash dividends for the fiscal years 2025-2027, including approximately HKD 100 million for the fiscal year 2025[146] - The board has approved a three-year dividend guideline, which will be flexible based on market conditions and liquidity reserves, allowing adjustments between buybacks and dividends[146]

Financial Performance - The reported loss per share of 1.43 remains unchanged and does not affect any other financial data disclosed in the annual performance announcement[2] - The company clarified a typographical error regarding the earnings per share, which should be stated as "(HK$1.43 cents)" or "(港仙 1.43)"[4] Accuracy of Information - The board of directors confirmed that the information provided in the announcement is accurate and complete, with no misleading or fraudulent elements[5]

Financial Performance - Total revenue for the year was approximately RMB 266.61 million, a decrease of about 25.74% compared to the previous year[5] - Profit for the year was approximately RMB 27.60 million, with a net profit margin of 10.58%[5] - Profit before tax was approximately RMB 38.79 million, down from RMB 66.85 million in the same period of 2024[5] - Profit attributable to equity shareholders was approximately RMB 10.38 million, a decrease of about 75.39% year-on-year[5] - The group's revenue for 2025 was RMB 260,951 thousand, a decrease of 24.3% compared to RMB 344,787 thousand in 2024[23] - Pre-tax profit for 2025 was RMB 38,793,000, a decrease of 42% from RMB 66,851,000 in 2024[28] - The group's net interest income for the year ended December 31, 2025, is approximately RMB 760.8 million, a decrease of about 19.78% compared to RMB 948.5 million for the year ended December 31, 2024[85] - The group's pre-tax profit decreased by approximately RMB 280.6 million or about 41.97% to RMB 387.9 million in 2025, representing a decline in profit margin from 19.39% in 2024 to 14.87% in 2025[106] - The annual profit fell by approximately RMB 152.2 million or about 35.54% to RMB 276.0 million in 2025, with a net profit margin decrease from approximately 12.42% in 2024 to 10.58% in 2025[108] Revenue Sources - Guarantee fee income was RMB 165.38 million, down from RMB 229.50 million in 2024[6] - Interest income was RMB 110.01 million, compared to RMB 132.83 million in the previous year[6] - The net income from guarantee fees for 2025 was RMB 156,920 thousand, down 30.0% from RMB 223,765 thousand in 2024[23] - The total other income for 2025 was RMB 5,660 thousand, significantly lower than RMB 14,241 thousand in 2024, representing a decrease of 60.2%[24] - The interest income from small loans fell by approximately RMB 104.6 million or about 15.19% to RMB 583.8 million in 2025, due to a strategic contraction in the scale of small loan business[98] - Factoring business interest income decreased by approximately RMB 62.1 million or about 34.63% to RMB 117.2 million in 2025, as the company focused on high-quality development and risk optimization[100] - Other income dropped by approximately RMB 85.8 million or about 60.25% to RMB 56.6 million in 2025, primarily due to a decrease in investment income from financial instruments[101] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 3,908.34 million, slightly up from RMB 3,884.59 million in 2024[8] - Total liabilities were RMB 1,533.61 million, compared to RMB 1,523.50 million in the previous year[8] - Net assets increased to RMB 2,374.72 million from RMB 2,361.09 million in 2024[8] - The total amount of loans and advances issued was RMB 1,088,431,000 as of December 31, 2025, compared to RMB 1,112,869,000 in 2024[46] - The net amount of loans and advances after provisions for impairment was RMB 982,067,000 in 2025, down from RMB 1,002,269,000 in 2024[46] - The total amount of guarantees issued as of December 31, 2025, was RMB 6,312,087 thousand, a decrease from RMB 7,533,250 thousand in 2024, representing a reduction of approximately 16.2%[74] - The net outstanding guarantee balance as of December 31, 2025, was approximately RMB 6,312.09 million, down from RMB 7,533.25 million in 2024[80] Employee and Operational Costs - Employee costs decreased to RMB 75,894,000 in 2025, down 14.5% from RMB 88,766,000 in 2024[26] - The company’s employee compensation payable decreased to RMB 42,490,000 in 2025 from RMB 48,503,000 in 2024, a decline of 12.4%[56] - The group’s operating expenses decreased by approximately RMB 106.8 million or about 7.51% to RMB 1,314.9 million in 2025, reflecting ongoing efforts to enhance operational efficiency and optimize cost structure[105] Risk Management and Compliance - The group has established monitoring mechanisms for fair value measurements, including a valuation team responsible for overseeing significant fair value assessments[21] - The group applied the expected credit loss model for receivables, which is influenced by key parameters such as default probability and loss given default[15] - The company implements regular post-loan supervision every half month, month, two months, three months, or six months based on the business risk level[88] - The company categorizes risk status into five levels: "Normal," "Attention," "Substandard," "Doubtful," and "Loss," adjusting supervision levels and review frequencies accordingly[89] - The group emphasizes compliance management as a core aspect of its operations, actively engaging with regulatory authorities to ensure adherence to regulations[122] Investments and Future Plans - Guangdong Yuecai invested RMB 10,000,000 in Yunfu Guarantee, with a guaranteed annual return of 2%[65] - Guangdong Yuecai invested RMB 30,000,000 in Guangdong Financing Guarantee, also with a guaranteed annual return of 2%[65] - The company plans to leverage digital technologies and risk control models to enhance service efficiency for small and micro enterprises[119] - The company will continue to strengthen its professional advantages and broaden service boundaries to provide comprehensive financial services to small and micro enterprises[119] - The group plans to implement a five-year development plan focusing on inclusive finance and optimizing its guarantee product system to meet the financing needs of small and micro enterprises[121] Economic Context - The GDP of China for 2025 was RMB 14,018.79 billion, with a year-on-year growth of 5.0%[76] - The small and medium-sized enterprise development index in China was 89.2 in December 2025, an increase of 0.2 points from 2024[77] - By the end of 2025, the total number of small and micro enterprises in China is expected to exceed 63 million, with over 600,000 being technology and innovation-oriented small enterprises[112] - The balance of inclusive small and micro loans in RMB reached 36.57 trillion, a year-on-year increase of 11.1%, which is 4.7 percentage points higher than the growth rate of all loans[114] - The balance of agricultural operational loans reached RMB 9.81 trillion, increasing by RMB 241.4 billion in 2025[115] - The balance of student loans reached RMB 372.5 billion, with a year-on-year growth of 32.5%[115]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported total revenue of HKD 55,578,000, with a gross profit of HKD 20,340,000[4] - The operating profit for continuing operations was HKD 14,849,000, a significant improvement from a loss of HKD 6,601,000 in the previous year[4] - The net profit attributable to shareholders for the year was HKD 36,830,000, compared to a loss of HKD 13,725,000 in the prior year[5] - The total comprehensive income for the year was HKD 85,301,000, compared to a loss of HKD 11,857,000 in the previous year[4] - Basic earnings per share from continuing operations was HKD 0.06, up from a loss of HKD 0.03 in the previous year[5] - The group achieved a profit before tax of HKD 39,472 thousand for the year ended December 31, 2025, compared to a loss of HKD 13,813 thousand for the previous year[20] - The group reported a significant increase in trade receivables to approximately HKD 32,395,000 in 2025, up from zero in 2024, reflecting the recovery in sales activities[56] - The group recognized a depreciation expense of HKD 54,000 for property, plant, and equipment in 2025, down from HKD 108,000 in 2024[29] - The group recorded revenue of approximately HKD 55,600,000 in 2025, a significant increase from zero in 2024, driven by the automotive battery and parts sales (HKD 52,070,000) and the newly launched short film sales and production business (HKD 3,500,000) [43] - The group achieved a net profit of approximately HKD 36,872,000 in 2025, recovering from a net loss of HKD 13,813,000 in 2024, primarily due to successful business recovery [54] Operational Changes - The company has ceased operations in high-tech electric vehicles and advanced battery materials, focusing instead on new business ventures in short film sales and production[8] - The group has discontinued operations in high-tech electric vehicles and advanced battery materials since 2021, which no longer contribute to revenue[18] - The company plans to focus on expanding its market presence and developing new products, although specific details were not disclosed in the earnings call[3] - The short film business, newly established in 2025, is projected to show significant growth potential in 2026, driven by the popularity of mobile platforms and increasing consumer demand for short content[63] Financial Position - The company reported a net current liability of approximately HKD 8,856,000 and a net liability of approximately HKD 106,075,000 as of December 31, 2025, indicating significant uncertainty regarding the company's ability to continue as a going concern[9] - The company’s total assets less current liabilities amounted to approximately HKD (8,510,000) as of December 31, 2025[9] - The company’s equity attributable to owners was reported at HKD (106,118,000) as of December 31, 2025, compared to HKD (213,913,000) in the previous year[6] - The company’s total equity deficit as of December 31, 2025, is approximately HKD 106,100,000, down from HKD 212,700,000 in the previous year[74] - The company's debt-to-equity ratio as of December 31, 2025, is approximately 150.0%, compared to 100.2% the previous year[75] - Cash and cash equivalents as of December 31, 2025, amount to HKD 14,600,000, a decrease from HKD 200,000,000 the previous year[75] Shareholder and Governance - A major shareholder has committed to providing ongoing financial support to the company, ensuring it can meet its financial obligations for at least the next twelve months[10] - The company has implemented measures to ensure it can continue operating as a going concern, including financial support from major shareholders[10] - The company has adhered to the corporate governance code and principles as set out by the Hong Kong Stock Exchange[81] - The board of directors is committed to maintaining high levels of corporate governance to enhance transparency and accountability[80] - The audit committee has reviewed the financial statements for the year ended December 31, 2025, ensuring compliance with accounting principles[88] Employee and Administrative Costs - Administrative expenses increased to HKD 7,421,000 from HKD 6,603,000, reflecting ongoing operational costs[4] - The group incurred employee costs of HKD 2,141,000 for 2025, up from HKD 1,519,000 in 2024, reflecting an increase of approximately 41%[29] - Employee costs, including director remuneration, were approximately HKD 2,100,000 for the year, up from approximately HKD 1,500,000 the previous year, representing a 40% increase[79] Revenue Sources - Total revenue from continuing operations for the year ended December 31, 2025, was HKD 55,578,000, with HKD 52,074,000 from automotive battery sales and HKD 3,504,000 from short film production[12] - Major customers contributed significantly to the revenue, with Customer A generating HKD 7,989 thousand, Customer B HKD 7,152 thousand, and Customer C HKD 6,754 thousand in 2025[24] - Revenue from the Chinese market was HKD 9,769 thousand in 2025, while revenue from Hong Kong was HKD 45,809 thousand[25] Trading and Dividends - The company has suspended trading of its shares as of the announcement date, indicating potential strategic shifts or restructuring[2] - The group did not recommend any dividends for the years ended December 31, 2025, and 2024[30] - No final dividend is recommended for the year ending December 31, 2025[72] Miscellaneous - The company has not generated any revenue from discontinued operations for the years ended December 31, 2025, and December 31, 2024[12] - The company has not conducted any fundraising activities or significant investments during the year[66][70] - The company has agreed to acquire 51% of a target company in China for HKD 51,000,000, with a profit guarantee of at least HKD 20,000,000 for the fiscal year ending December 31, 2026[64] - The company sold several subsidiaries for a total consideration of HKD 10,001, generating approximately HKD 24,626,000 in revenue, and has ceased consolidating these businesses[68]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue of RMB 585,736,000, a slight increase from RMB 585,649,000 in 2024[12] - The profit before tax increased by 57.4% to RMB 86,965,000 from RMB 55,259,000 in the previous year[12] - The profit attributable to owners of the company rose by 59.6% to RMB 75,848,000 compared to RMB 47,513,000 in 2024[12] - Basic and diluted earnings per share increased to RMB 17.80, up from RMB 9.87, reflecting a rise of RMB 7.93[12] - The gross profit margin improved to 37.3%, up from 32.5%, indicating a 4.8% increase[12] - The net profit margin also increased to 12.9% from 8.1%, reflecting a 4.8% rise[12] - The group's revenue for the year was approximately RMB 585.7 million, remaining stable compared to RMB 585.6 million in the previous fiscal year[20] - Net profit increased significantly to approximately RMB 75.8 million, up about 59.6% from RMB 47.5 million in the previous fiscal year[36] - Gross profit rose to approximately RMB 218.5 million, an increase of about RMB 28.2 million or 14.8%, with a gross margin of approximately 37.3% compared to 32.5% in the previous fiscal year[29] Assets and Liabilities - Non-current assets grew by 36.0% to RMB 748,612,000 from RMB 550,477,000[12] - Current assets increased by 22.8% to RMB 398,433,000 compared to RMB 324,439,000 in the previous year[12] - Total equity rose by 18.0% to RMB 329,159,000 from RMB 278,831,000[12] - The group has liquid assets of approximately RMB 398.4 million as of December 31, 2025, an increase from RMB 324.4 million in 2024, with cash and cash equivalents at RMB 145.1 million, up from RMB 55.6 million[40] - The total bank borrowings increased by approximately 44.6% to RMB 550.7 million as of December 31, 2025, from RMB 380.8 million in 2024[40] Operational Efficiency - Sales costs decreased by approximately RMB 28.1 million or 7.1% to about RMB 367.2 million, primarily due to reduced production costs[27] - Sales expenses decreased by approximately RMB 8.4 million or 18.2% to about RMB 37.8 million, mainly due to reduced employee costs and commission expenses[30] - Administrative expenses increased by approximately RMB 8.8 million or 10.6% to about RMB 91.4 million, attributed to higher salaries and R&D expenses for new product development[31] - The interest coverage ratio improved to 9.8 times, up from 5.4 times, indicating better financial stability[12] - The current ratio as of December 31, 2025, is approximately 1.22, compared to 1.13 in 2024, indicating improved liquidity[40] - Inventory turnover days increased slightly to about 31.3 days in 2025 from 27.6 days in 2024, while trade receivables turnover days rose to approximately 121.5 days from 116.3 days[42] Market and Sales - Domestic demand from Chinese customers accounted for approximately 71.5% of total revenue, with overseas market revenue increasing by about 3.1%[25] - Revenue from decorative paper sales increased by approximately 2.4%, while sales of melamine-impregnated paper and PVC flooring decreased by approximately 6.4% and 12.1%, respectively[26] Investments and Expansion - The company acquired industrial land in Guangxi and Qingyuan, totaling approximately 62,387.8 square meters, for new factory construction to expand production capacity[21] - The group plans to enhance its R&D capabilities with a new production facility and industrial research center in Shexian, covering an area of approximately 122,836 square meters, expected to commence operations next year[38] - The group is pursuing vertical integration by transitioning from supplying materials to providing comprehensive solutions, with new production facilities set to enhance service speed and customer loyalty[37] - A construction contract worth RMB 42.2 million has been signed for a new facility in Guangxi, focusing on impregnated paper and laminated panels[47] - Another construction contract valued at RMB 76.0 million has been established for a facility in Qingyuan, also dedicated to impregnated paper and laminated panels[48] Environmental and Social Responsibility - The group has developed a series of new environmentally friendly decorative materials, including paint paper and PVC decorative film, under the SPLENDECOR brand[187] - The group adheres to various environmental laws and regulations, establishing comprehensive management systems for waste gas, wastewater, and solid waste[192] - The group has implemented measures to treat wastewater to meet the standards set by the local authorities before discharging into the municipal sewage system[192] - The total amount of non-hazardous waste generated was 704.7 tons with a density of 0.0012 tons per RMB thousand, compared to 542.0 tons and 0.00093 tons per RMB thousand in 2024[193] - The total amount of hazardous waste generated was 34.5 tons with a density of 0.000059 tons per RMB thousand, compared to 36.0 tons and 0.000061 tons per RMB thousand in 2024[193] - Total greenhouse gas emissions amounted to 6,588.4 tons CO2 equivalent, an increase from 5,928.6 tons in 2024, with a density of 0.011 tons per RMB thousand[195] - The company aims to reduce hazardous waste and greenhouse gas emissions by 5% by the fiscal year 2026 compared to the fiscal year 2025[193] Governance and Compliance - The company has complied with all relevant laws and regulations during the year, with no significant violations reported[87] - The company has established compliance procedures to ensure adherence to applicable environmental laws and regulations[72] - The board consists of three executive directors and three independent non-executive directors, responsible for corporate policy and business strategy[125] - The company has not established a corporate governance committee, with the board responsible for corporate governance matters[126] - All independent non-executive directors have confirmed their independence in accordance with GEM Listing Rules[127] - The company has a risk management process in place to identify, assess, and manage significant risks affecting its operations[163] Shareholder Information - The company reported a total repurchase of 44,830,000 shares at a total cost of HKD 27,146,000 during the year[81] - The repurchased shares are retained as treasury stock for potential rewards to eligible participants, sale, or other uses, totaling 85,250,000 shares held as treasury stock at the report date[82] - The company's distributable reserves as of December 31, 2025, were approximately RMB 53.0 million, a decrease from RMB 79.0 million in 2024[85] - The company did not recommend the distribution of a final dividend for the year[77] - The company has maintained a public float of at least 25% of its total issued shares, with a public float of 26.38% as of December 31, 2025[114] Management and Leadership - The company is led by Mr. Sheng, who serves as both Chairman and CEO, providing strong and consistent leadership for effective planning and management[129] - The company has a management team with extensive experience in the industry, including over 20 years in decorative printing materials[56] - The board ensures continuous dialogue with shareholders, particularly during annual general meetings[134] - The Remuneration Committee held one meeting during the year, evaluating the performance of executive directors and reviewing their employment contracts[137] - The Nomination Committee, chaired by an independent non-executive director, met once during the year to assess and recommend candidates for the board[138]

Production and Financial Performance - The production and processing volume of coke and fine chemical products for the reporting period was 17.8 million tons and 5.2 million tons, representing a year-on-year increase of 7.8% and 5.0% respectively[5]. - The production volume of high-purity hydrogen was 25.3 million Nm3, which is a year-on-year increase of 25.7%[5]. - The total revenue for the year was RMB 39,286.5 million, a year-on-year decrease of 17.4%[5]. - The profit for the year was RMB 134.7 million, reflecting a year-on-year increase of approximately 37.7%[5]. - Basic earnings per share for the year were RMB 0.013, a year-on-year increase of 160%[5]. - The operating profit for the year was RMB 1,522.5 million, compared to RMB 1,413.9 million in the previous year[6]. - The total comprehensive income for the year was RMB 109.4 million, down from RMB 178.1 million in the previous year[6]. - The reported revenue for the year ending December 31, 2025, was RMB 39,286,483, a decrease from RMB 47,542,739 in 2024, representing a decline of approximately 17.8%[31]. - The operating profit for the reportable segments increased to RMB 485,545 in 2025 from RMB 433,436 in 2024, reflecting a growth of about 12.0%[31]. - The total assets of the reportable segments rose to RMB 60,029,526 in 2025, compared to RMB 57,942,610 in 2024, indicating an increase of approximately 3.8%[31]. Dividends and Shareholder Returns - The board proposed a final dividend of RMB 0.19 per share, totaling approximately RMB 8,130,000, subject to shareholder approval[5]. - The board has declared a final dividend of RMB 0.19 per share, totaling RMB 8,130,000, which is not less than 30% of the group's net profit attributable to shareholders for the year[78]. - The company plans to distribute a final dividend of RMB 0.19 per share for the year ending December 31, 2025, totaling approximately RMB 8,130,000, subject to shareholder approval[42]. Assets and Liabilities - Non-current assets amounted to RMB 38,870.2 million, slightly up from RMB 38,738.0 million in the previous year[8]. - Total liabilities increased to RMB 46,777.8 million from RMB 43,964.3 million in the previous year[9]. - The group's net current liabilities as of December 31, 2025, amounted to RMB 14,208 million, with unused bank financing of RMB 8,036 million available[11]. - The group expects approximately 60% of bank loans and other financing to be successfully renewed upon maturity, ensuring sufficient financial resources to meet upcoming financial obligations[11]. - The total liabilities decreased to RMB 8,379,191,000 in 2025 from RMB 9,254,120,000 in 2024, a decrease of about 9.4%[62]. - As of December 31, 2025, the company's current liabilities increased to RMB 25,536,007 thousand from RMB 20,883,819 thousand in 2024, representing a growth of approximately 22.5%[66]. - The company's total liabilities reached RMB 34,426,408 thousand in 2025, up from RMB 30,371,910 thousand in 2024, indicating an increase of about 13.5%[66]. Revenue and Cost Analysis - Revenue from the coke and coking products segment fell by RMB 4,127.2 million or 23.4%, totaling RMB 13,515.1 million, primarily due to a cyclical downturn in black industry chain prices and a 4.4% decrease in crude steel production[118]. - The fine chemicals segment's revenue decreased by RMB 2,932.9 million or 14.1%, reaching RMB 17,796.5 million, attributed to a decline in chemical product prices ranging from 6.6% to 26.1%[119]. - Operating management services revenue dropped by RMB 2,421.0 million or 57.3%, totaling RMB 1,804.1 million, mainly due to the completion of three entrusted project agreements[120]. - Trade business revenue increased by RMB 1,215.7 million or 25.6%, reaching RMB 5,956.0 million, driven by a 155,000-ton increase in trade volume[120]. - The company's total cost of inventory recognized as an expense was RMB 35,469,894,000 in 2025, down from RMB 43,880,655,000 in 2024, a decrease of approximately 19%[38]. Profitability Metrics - The gross profit margin improved to 7.8% for the year ending December 31, 2025, compared to 7.3% in 2024[116]. - The EBITDA margin increased to 9.2% in 2025 from 8.1% in 2024, indicating improved operational efficiency[116]. - The group's total gross profit decreased by approximately RMB 425.3 million or 12.2% from about RMB 3,489.6 million last year to approximately RMB 3,064.3 million this year, while the gross profit margin increased from 7.3% to 7.8%[123]. - The gross profit from the coking and coking products manufacturing business increased by RMB 157.8 million or 10.4% to RMB 1,671.5 million, with the gross profit margin rising from 8.6% to 12.4% due to cost reduction and efficiency improvement measures[123]. - The gross profit from the fine chemical products manufacturing business decreased by RMB 710.1 million or 46.8% to RMB 805.6 million, with the gross profit margin dropping from 7.3% to 4.5% due to tightening price spreads in certain product lines[124]. Cash Flow and Financing - Net cash generated from operating activities for the year ended December 31, 2025, was approximately RMB 3,464.9 million, an increase of about RMB 2,028.6 million compared to the previous year[140]. - Net cash used in investing activities decreased from approximately RMB 3,643.7 million in 2024 to approximately RMB 3,405.9 million in 2025, primarily due to a reduction in capital expenditures for fixed assets by RMB 256 million[141]. - Net cash outflow from financing activities was RMB 570.2 million in 2025, compared to a net inflow of RMB 3,050.9 million in 2024, reflecting a decrease in new financing scale by RMB 1,589.8 million[142]. - Total borrowings increased by approximately RMB 4 billion or 13.2% from RMB 30,371.9 million at the end of 2024 to RMB 34,426.4 million at the end of 2025, mainly due to an increase in bank loans and discounted notes[143]. Strategic Initiatives and Future Plans - The company has completed its seventh five-year plan for 2026-2030, focusing on improving business prospects and financial performance while implementing cost control measures[77]. - The company aims to maintain its leadership position in the coke, fine chemical, and hydrogen product industries while continuously creating sustainable value for shareholders[78]. - The company plans to expand its production capacity for coke and fine chemical products and explore potential acquisition projects to enhance market influence and pricing power[112]. - The company aims to become a clean and low-carbon hydrogen energy supplier, focusing on the rapid development of the hydrogen energy industry in the Beijing-Tianjin-Hebei region[113]. - The company has established a comprehensive data system for coal preparation and distribution, enhancing cost control and operational efficiency[105]. - The company has implemented a "zero inventory" policy, maintaining low levels of finished product inventory to align production with customer demand[106]. Environmental and Social Responsibility - The company has invested a total of RMB 9.6 billion in environmental protection since its establishment in 1995, aiming to achieve carbon peak by 2030 and carbon neutrality by 2060[98]. - The company is focused on achieving ultra-low emissions standards for pollutants such as nitrogen oxides and sulfur oxides[98]. - The company has developed advanced desulfurization catalysts and water-saving technologies to support its green production initiatives[97]. - The company has received a clean hydrogen certification from the national hydrogen and fuel cell vehicle demonstration evaluation platform, supporting its entry into international markets[90]. Governance and Compliance - The company has established a governance structure in compliance with the corporate governance code, with all mandatory provisions adhered to except for the separation of the roles of Chairman and CEO[153]. - The audit committee has reviewed the audited financial statements for the year, ensuring compliance with accounting principles and internal controls[161]. - The company has a strong board composition with six executive directors and three independent non-executive directors, ensuring a balance of power and authority[153].

Overseas Chinese Town (Asia) Holdings Limited 華 僑 城（亞 洲）控 股 有 限 公 司 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，並明確表示概不就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。 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：03366） 截至二零二五年十二月三十一日止年度的年度業績公告 業績 華僑城（亞洲）控股有限公司（「本公司」）的董事（「董事」）會（「董事會」）公佈本 公司及其附屬公司（統稱「本集團」）截至二零二五年十二月三十一日止年度（「本 期」）按香港財務報告準則編製之經審核合併業績，以及截至二零二四年十二 月三十一日止年度的比較數字。 本集團按香港財務報告準則編製之本期經審核財務資料載列如下： – 1 – 綜合損益表 截至二零二五年十二月三十一日止年度 （以人民幣列示） | | 附註 | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | | 人民幣千元 | 人民幣千 ...

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。 中國石油天然氣股份有限公司 PETROCHINA COMPANY LIMITED （於中華人民共和國註冊成立之股份有限公司） （於香港聯交所股票代碼：857；於上海證券交易所股票代碼：601857） 二零二五年度業績公告（年度報告摘要） 1 重要提示 1.1 本業績公告（年度報告摘要）摘自二零二五年度報告全文，投資者欲全 面了解中國石油天然氣股份有限公司（「本公司」）的經營成果、財務狀況及未 來發展規劃，應仔細閱讀本公司二零二五年度報告全文。二零二五年度報告全文 同時刊載於上海證券交易所網站（網址 https://www.sse.com.cn）、香港聯合交易 所有限公司（「香港聯交所」）「披露易」網站（網址 https://www.hkexnews.hk） 及本公司網站（網址 https://www.petrochina.com.cn）。 1.2 本公司董事會及其全體董事、高級管理人員保證年度報告內容的 ...

Financial Performance - For the fiscal year ending December 31, 2025, the company's revenue was RMB 139,037,000, a decrease of 8.4% compared to RMB 151,851,000 in 2024[4] - Gross profit for the same period was RMB 84,353,000, down 1.7% from RMB 85,850,000 in the previous year[4] - The net loss attributable to equity holders of the parent company was RMB 3,457,000, a significant decline of 228.4% from a profit of RMB 2,692,000 in 2024[4] - Adjusted net loss was RMB 1,453,000, compared to an adjusted profit of RMB 2,314,000 in 2024, marking a 162.8% decrease[4] - The company reported a total comprehensive loss of RMB 1,437,000 for the year, compared to a comprehensive income of RMB 2,350,000 in 2024[6] - The group reported a pre-tax loss of RMB 1,755,000 in 2025, compared to a profit of RMB 3,410,000 in 2024, indicating a significant decline in performance[33] - The group recorded a net loss of approximately RMB 1.5 million, a decrease of about RMB 3.8 million (or 162.8%) compared to a profit of approximately RMB 2.3 million for the year ended December 31, 2024[75] Revenue Breakdown - For the fiscal year ending December 31, 2025, total revenue reached RMB 139,037 thousand, with online advertising services contributing RMB 126,024 thousand and integrated marketing services contributing RMB 13,013 thousand[20] - Online advertising services accounted for 90.6% of total revenue, increasing by 5.8% year-on-year, while integrated marketing services decreased by 60.0%[64] - The company recognized revenue of RMB 113,660 thousand from services transferred over time in the online advertising segment for the fiscal year ending December 31, 2025[20] Assets and Liabilities - Non-current assets decreased to RMB 53,010,000 from RMB 66,700,000 in 2024, reflecting a reduction of 20.6%[7] - Current assets increased slightly to RMB 569,122,000 from RMB 556,052,000 in 2024, showing a growth of 2.5%[7] - Total liabilities increased to RMB 86,563,000 from RMB 84,166,000 in 2024, indicating a rise of 2.8%[8] - The company's equity attributable to equity holders of the parent was RMB 533,974,000, a slight decrease from RMB 537,415,000 in 2024[8] - As of December 31, 2025, the total trade receivables amounted to RMB 67,507,000, with an expected credit loss rate of 29.18%, resulting in expected losses of RMB 19,698,000[41] Expenses - Research and development expenses were RMB 10,792,000, slightly down from RMB 11,868,000 in 2024[5] - Sales and distribution expenses were approximately RMB 43.4 million, a decrease of about RMB 18.3 million (or approximately 29.6%) compared to RMB 61.7 million for the year ended December 31, 2024[68] - Administrative expenses increased by approximately RMB 5.9 million (or about 24.7%) to approximately RMB 29.8 million, primarily due to increased strategic incentives for the core management team[69] - Research and development expenses decreased by approximately RMB 1.1 million (or about 9.1%) to approximately RMB 10.8 million, as resources were more focused on the AIX technology product's regular iteration[70] Strategic Initiatives - The company has implemented a comprehensive content matrix strategy, covering over 1,000 partner networks, enhancing user engagement and solidifying its leadership in the automotive vertical media advertising industry[56] - The AI-driven advertising matching system and virtual interaction tools have improved advertising conversion efficiency by over 30%[59] - The company launched its self-developed AIGC product "AI X" in 2025, marking a strategic shift from a vertical media service provider to an "AI + ecosystem marketing technology platform"[58] - A strategic partnership was established with Tencent Automotive to co-build a content ecosystem in the automotive vertical, targeting 800 million monthly active users on video platforms and 290 million on Tencent News app[60] - The company plans to focus on "AI-native driving, ecological leap" as its core strategy in 2026, emphasizing technological innovation and industry value chain reconstruction[61] Market Context - The Chinese automotive industry produced and sold 34.531 million and 34.40 million vehicles in 2025, representing year-on-year growth of 10.4% and 9.4% respectively[51] - New energy vehicle (NEV) sales exceeded 16 million units in 2025, with a domestic penetration rate surpassing 50% for the first time[51] - The AIGC marketing market in China is projected to exceed RMB 80 billion in 2025, with a compound annual growth rate of over 30%[52] Governance and Compliance - The company has adopted the Corporate Governance Code and has complied with most of its best practices, except for the separation of the roles of Chairman and CEO[95] - The board consists of independent non-executive directors with diverse backgrounds, representing over one-third of the board members[96] - An audit committee has been established, consisting of three independent non-executive directors, to review applicable accounting principles and the consolidated financial statements[100] - The auditor, Ernst & Young, confirmed that the financial figures in the preliminary announcement align with the company's consolidated financial statements for the year ended December 31, 2025[101] Employee and Shareholder Relations - The group employed 76 full-time employees as of December 31, 2025, with employee benefits and expenses amounting to approximately RMB 42.8 million[89] - The company expresses gratitude to management, employees, shareholders, and stakeholders for their support over the past year[103] - The company did not recommend any final dividend for the year ending December 31, 2025, consistent with the previous year[34]