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佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈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。 Nanhua Futures Co., Ltd. 南華期貨股份有限公司 （於中華人民共和國註冊成立的股份有限公司， 中文公司名稱為南華期貨股份有限公司，通過我們的香港附屬公司 在香港以橫華國際的名義開展業務） （股份代號：2691） 二零二五年年度業績公告 南華期貨股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及其附屬 公司（「本集團」）截至2025年12月31日止年度之經審核年度業績。本年度業績公 告列載本公司2025年H股年度報告全文，並符合香港聯合交易所有限公司證券上 市規則中有關年度業績初步公告附載的資料之要求。董事會審計委員會已審閱截 至2025年12月31日止年度之經審核年度業績。 本公司2025年年度報告將於2026年4月底或之前在香港交易及結算所有限公司網 站( www.hkexnews.hk )及本公司網站( https://www.nanhua.net/ )發佈。 承董 ...

Financial Performance - For the year ending December 31, 2025, the group's revenue was RMB 5,400.9 million, a decrease of 6.4% compared to the previous year[2]. - The group's gross profit for the year was RMB 1,190.4 million, down 3.2%, with a gross margin of 22.0%, an increase of 0.7 percentage points year-on-year[2]. - The net profit attributable to the parent company was RMB 573.5 million, an increase of 4.4% compared to the previous year[8]. - The group's operating profit before tax was RMB 701.3 million, an increase from RMB 655.1 million in the previous year[4]. - Total comprehensive income for the year was RMB 598.4 million, compared to RMB 552.1 million in the previous year[8]. - The company reported a basic and diluted earnings per share of RMB 0.19, unchanged from the previous year[8]. - The total revenue for the year ending December 31, 2025, is RMB 5,400,874,000, with external sales contributing RMB 5,400,874,000 and inter-segment sales amounting to RMB 51,548,000[40]. - The environmental energy solutions segment generated revenue of RMB 5,316,225,000, while the renewable energy engineering segment contributed RMB 62,082,000[40]. - The company reported a pre-tax profit of RMB 655,112 thousand for the year ended December 31, 2024[43]. - The pre-tax profit for the year ended December 31, 2025, was RMB 701,323,000, an increase from RMB 655,112,000 in 2024, representing a growth of approximately 7.5%[74]. Dividends - The board proposed a final dividend of RMB 0.0847 per ordinary share for the year ending December 31, 2025[2]. - The company declared a final dividend of RMB 314,500,000 for the year 2023[12]. - The company declared a final dividend of RMB 251,351,000 for the year ended December 31, 2025, equating to RMB 0.0847 per share, compared to RMB 314,500,000 in 2024[76][78]. Assets and Liabilities - Non-current assets totaled RMB 6,356,973 thousand in 2025, a decrease of 6.5% from RMB 6,796,378 thousand in 2024[9]. - Current assets amounted to RMB 8,295,577 thousand in 2025, down 3% from RMB 8,551,695 thousand in 2024[10]. - Total liabilities decreased to RMB 6,262,615 thousand in 2025, a slight reduction of 1.1% from RMB 6,334,145 thousand in 2024[10]. - The company's net asset value increased to RMB 7,939,846 thousand in 2025, up 5.7% from RMB 7,509,594 thousand in 2024[10]. - The total equity attributable to shareholders rose to RMB 8,142,107 thousand in 2025, reflecting an increase of 5.5% from RMB 7,714,575 thousand in 2024[11]. - Total assets as of December 31, 2025, amount to RMB 14,652,550,000, with segment assets for environmental energy solutions at RMB 14,745,071,000[41]. - Total liabilities stand at RMB 6,712,704,000, with segment liabilities for environmental energy solutions at RMB 4,934,575,000[42]. Cash Flow - Cash and cash equivalents decreased significantly to RMB 994,747 thousand in 2025, down 45.4% from RMB 1,831,235 thousand in 2024[9]. - The cash flow from operating activities increased to RMB 2,032,795,000, compared to RMB 1,840,770,000 in the previous year, reflecting a growth of approximately 10.4%[15]. - The net cash flow from investing activities was negative at RMB 255,514,000, an improvement from the previous year's negative cash flow of RMB 340,970,000[15]. - The net cash flow from financing activities for the year ended December 31, 2025, was RMB (811,560) thousand, a significant improvement from RMB (2,139,909) thousand in 2024[16]. - The group's operating cash flow for the year ending December 31, 2025, was RMB 1,904.3 million, with no guarantee of positive cash flow in future periods[158]. Expenses - The company experienced a decrease in sales and distribution expenses to RMB 16.3 million from RMB 26.0 million year-on-year[4]. - Other income and gains increased to RMB 117.9 million from RMB 100.2 million in the previous year[4]. - The company’s financial expenses decreased to RMB 85,974,000 from RMB 144,618,000 in the previous year, indicating a reduction of approximately 40.5%[14]. - The company reported a net loss of RMB 9,206 thousand from other gains and losses, a significant decrease from RMB 44,502 thousand in the previous year[67]. Operational Capacity and Market Position - The group maintained its position as the largest desulfurization and denitrification operator and denitrification catalyst manufacturer in the People's Republic of China[2]. - As of December 31, 2025, the total operational capacity for desulfurization is 47,610 MW and for denitrification is 40,600 MW[110]. - The group continues to lead in the production of denitrification catalysts, maintaining its status as the largest producer in China[107]. - The group has signed new projects in 2025, including 2 desulfurization projects worth approximately RMB 246.48 million and 3 dust removal projects worth approximately RMB 375.97 million[112]. Strategic Initiatives - The group plans to adopt new and revised International Financial Reporting Standards (IFRS) upon their effective date, which includes IFRS 9 and IFRS 7 revisions related to financial instruments[24]. - The group is currently assessing the specific impact of IFRS 18 on its consolidated financial statements, which may affect the presentation of consolidated profit and loss[28]. - The group aims to enhance recycling capabilities and promote circular economy development, supported by national policies for equipment upgrades and recycling projects[105]. - The group is committed to becoming a leading enterprise in the catalyst manufacturing industry by enhancing product upgrades and market promotion for high-performance catalysts[161]. Governance and Compliance - The company has adhered to the corporate governance code and has established an effective governance structure involving the shareholders' meeting, board of directors, supervisory board, and senior management[166]. - The audit committee has reviewed the group's annual results and the consolidated financial statements prepared in accordance with international financial reporting standards for the year ending December 31, 2025[171]. - The company has confirmed that there were no significant legal proceedings requiring director accountability for the year ending December 31, 2025[167].

Financial Performance - The company reported revenue of RMB 2,820,663,000 for the year ending December 31, 2025, a decrease of 10.8% compared to RMB 3,162,415,000 in 2024[6] - Gross profit for the year was RMB 566,370,000, down 24.6% from RMB 751,173,000 in the previous year[5] - Net profit for the year decreased by 85.9% to RMB 37,406,000 from RMB 266,034,000 in 2024[5] - Adjusted net profit was RMB 52,409,000, reflecting an 81.3% decline from RMB 280,413,000 in the prior year[5] - Basic and diluted earnings per share were both RMB 2.16, down 87.6% from RMB 17.42 in 2024[5] - The total comprehensive income for the year was RMB 35,388,000, significantly lower than RMB 278,917,000 in 2024[9] - The company experienced a net loss of RMB 5,203,000 from other income and expenses, compared to a gain of RMB 21,813,000 in the previous year[8] - The total tax expense for the year amounts to RMB 50,826,000, compared to RMB 135,743,000 in the previous year, indicating a significant decrease[27] Assets and Liabilities - Non-current assets increased to RMB 2,367,934 thousand in 2025 from RMB 1,807,246 thousand in 2024, representing a growth of approximately 31%[10] - Current assets decreased slightly to RMB 3,567,283 thousand in 2025 from RMB 3,716,638 thousand in 2024, a decline of about 4%[10] - Total liabilities increased significantly to RMB 2,653,519 thousand in 2025 from RMB 1,546,669 thousand in 2024, marking an increase of approximately 72%[10] - Net asset value decreased to RMB 3,011,357 thousand in 2025 from RMB 3,761,186 thousand in 2024, a reduction of about 20%[11] - Cash and cash equivalents dropped to RMB 350,924 thousand in 2025 from RMB 1,774,358 thousand in 2024, a decline of approximately 80%[10] - The company reported a significant increase in interest-bearing bank borrowings to RMB 1,842,042 thousand in 2025 from RMB 732,566 thousand in 2024, an increase of approximately 151%[10] - The total equity attributable to owners of the parent decreased to RMB 2,947,700 thousand in 2025 from RMB 3,714,618 thousand in 2024, a decline of about 21%[11] Business Operations - The company is primarily engaged in the sales and manufacturing of medical equipment and consumables, along with providing after-sales services related to medical equipment[12] - Revenue from customer contracts was RMB 2,638,797 in 2025, down from RMB 2,946,782 in 2024, representing a decline of 10.4%[23] - The group provided solution services to clinical laboratories in hospitals, generating revenue of RMB 248,531,000, an increase of 3.8% compared to RMB 239,381,000 for the year ending December 31, 2025[43] - The distribution network covers 31 provinces, municipalities, and autonomous regions in China, with 297 direct customers and 1,373 distributors as of December 31, 2025[44] - The group has established a stable development in after-sales service, primarily for hospitals and medical institutions, contributing to continuous revenue growth[45] Competition and Market Conditions - The decline in revenue and profit was primarily attributed to increased competition in the IVD industry, higher administrative expenses from new AI business initiatives, and increased financing costs due to additional borrowing[6] - The Chinese IVD market is expected to reach RMB 278.7 billion by 2027, with a compound annual growth rate of 15.7% from 2021 to 2027[48] - The group anticipates strong growth in the medical device market driven by increasing disposable income, population growth, and government support for healthcare spending[47] Research and Development - Research and development costs increased to RMB 13,317 in 2025 from RMB 7,402 in 2024, representing an increase of 79.5%[25] - The group aims to increase R&D investment, focusing on breakthroughs in mass spectrometry technology, molecular diagnostics, and microbiology[54] Shareholder Actions and Corporate Governance - The board of directors does not recommend the payment of a final dividend for the fiscal year 2025[7] - The company has not declared any dividends for the year ending December 31, 2025[27] - The company has adopted a new share incentive plan effective from June 30, 2025, aimed at motivating and rewarding eligible participants for their contributions to the group[115] - The company appointed a new auditor, BDO Limited, effective February 20, 2025, following the resignation of the previous auditor[113] - The board composition changed with the appointment of new independent non-executive directors and the resignation of several key executives, including the chairman and CEO[116] Acquisitions and Investments - The acquisition of 96,525,096 shares of the target company, representing 6.23% of its total issued share capital, was completed for a price of RMB 500 million[56] - The integration of the group's extensive distribution network in in-vitro diagnostics with the target company's strengths in medical information technology is anticipated to create significant cross-selling opportunities[58] - The group intends to leverage its advanced AI capabilities to enhance the target company's existing and future product lines, aiming to accelerate the development of a leading "clinical intelligence platform"[59] Financial Management - The group recorded a net foreign exchange loss of RMB 36,874,000 during the reporting period, compared to a net foreign exchange gain of RMB 1,794,000 for the year ended December 31, 2024[97] - The total employee compensation expenses, including directors' remuneration, amounted to RMB 221,730,000 during the reporting period, slightly up from RMB 221,693,000 in the previous year[108] - The company has approximately HKD 2.8 million of unutilized net proceeds, expected to be fully utilized within two years from the completion date of the share placement[92]

Financial Performance - Gansu Bank reported a solid performance for the year ending December 31, 2025, with key financial indicators showing improvement, including a stable asset quality and enhanced core competitiveness [3]. - The bank's capital adequacy ratio continued to improve, reflecting a strong financial foundation and operational resilience [10]. - Interest income for 2025 was RMB 11,836.0 million, a decrease of 8.8% from RMB 12,978.1 million in 2024 [25]. - Net interest income for 2025 was RMB 4,413.2 million, down 4.8% from RMB 4,636.3 million in 2024 [25]. - Total operating income for 2025 was RMB 5,420.7 million, a decline of 9.0% compared to RMB 5,953.9 million in 2024 [25]. - Operating profit for 2025 was RMB 434.4 million, a decrease of 8.7% from RMB 475.7 million in 2024 [25]. - Annual profit for 2025 was RMB 590.9 million, slightly up from RMB 584.7 million in 2024, representing a growth of 0.4% [25]. - The net fee and commission income for 2025 was RMB 447.9 million, an increase of 11.9% from RMB 400.1 million in 2024 [25]. - The asset impairment losses for 2025 were RMB 2,630.7 million, a decrease of 15.1% from RMB 3,101.6 million in 2024 [25]. - Total assets increased to RMB 435,895.9 million in 2025, up from RMB 414,707.6 million in 2024, representing a growth of 4.3% [26]. - Total liabilities rose to RMB 401,520.6 million in 2025, compared to RMB 380,869.7 million in 2024, marking an increase of 5.4% [26]. - The bank's total equity increased to RMB 34,375.3 million in 2025, compared to RMB 33,837.9 million in 2024, reflecting a growth of 1.6% [26]. - The bank's basic earnings per share remained stable at RMB 0.04 for both 2025 and 2024 [26]. Strategic Focus and Development - Gansu Bank actively engaged in supporting the local economy, aligning with national strategic initiatives, and enhancing service to key sectors, which contributed to its growth [9]. - The bank emphasized the importance of high-quality party building to drive high-quality development, integrating governance with business operations [8]. - In 2026, Gansu Bank aims to focus on enhancing operational management and efficiency, with a commitment to risk management and sustainable development strategies [11]. - The bank plans to strengthen its core business and governance while pursuing differentiated development strategies to enhance competitiveness [11]. - Gansu Bank's strategic focus includes improving customer management and team building capabilities to drive future growth [11]. - The bank aims to strengthen customer management and improve profit contributions through a diversified product system [33]. - The bank's strategy includes focusing on traditional business transformation and developing emerging businesses as profit growth points [33]. Risk Management and Compliance - The company is committed to compliance with international financial reporting standards and local regulations [15]. - The company has established a risk management system to enhance operational compliance and risk oversight [14]. - The bank has established a comprehensive anti-money laundering system in accordance with the Anti-Money Laundering Law of the People's Republic of China [194]. - The bank's operational risk management is overseen by the board, with a dedicated committee coordinating efforts to identify, assess, and control operational risks [186]. - The bank's liquidity risk management framework emphasizes the separation of responsibilities for policy implementation and oversight, with the board ultimately responsible for liquidity risk management [187]. - The bank has developed an annual compliance management plan to clarify key compliance work for the year [197]. - The bank closely monitors regulatory changes and reports compliance information and risks to senior management and relevant business lines [199]. Shareholding and Ownership - Gansu Electric Power Investment Group holds approximately 4.21% of the company's shares as of December 31, 2025 [14]. - Gansu Highway Aviation Tourism Investment Group is the major shareholder with an 18.3% stake in the company as of December 31, 2025 [14]. - Gansu State-owned Assets Investment Group directly holds about 12.67% and indirectly through subsidiaries holds an additional 10.74% of the company's shares as of December 31, 2025 [14]. - Jiuquan Iron and Steel Group holds approximately 6.53% of the company's shares as of December 31, 2025 [15]. Customer and Market Engagement - The bank actively promoted inclusive finance and rural revitalization, with a cumulative issuance of agricultural loans amounting to RMB 93.136 billion from 2021 to 2025 [114]. - The total amount of wealth management products sold to corporate clients was RMB 503 million in 2025, compared to RMB 950 million in 2024 [123]. - Domestic settlement transaction volume reached approximately RMB 1,128.77 billion in 2025, an increase from RMB 984.91 billion in 2024 [125]. - Retail loans totaled RMB 540.66 billion in 2025, representing 23.5% of total customer loans, up from RMB 538.16 billion and 23.3% in 2024 [131]. - The total number of debit cards issued reached approximately 8.99 million by the end of 2025, with transaction amounts of RMB 456.63 billion in 2025 and RMB 568.31 billion in 2024 [135]. Technology and Innovation - The company plans to invest approximately RMB 206.7 million and RMB 154.6 million in information technology systems in 2024 and 2025, respectively [172]. - By the end of 2025, 23 out of 31 awarded products from the "Gansu Bank Smart Innovation" competition will have been launched, achieving a conversion rate of 74.19% [173]. - The company has launched 37 information system construction projects in 2025, including a smart transaction anti-fraud monitoring platform that monitored 1.787 billion transactions and blocked 386,600 transactions worth RMB 538,100 [173]. - The company has enhanced its self-developed capabilities, obtaining 4 new national software copyrights, bringing the total to 30 [173]. - The company has successfully implemented 43 online applications and 117 integrated service management platform processes to enhance operational efficiency [173]. Asset Quality and Loan Performance - The bank's non-performing loans amounted to RMB 4,323.1 million, with a non-performing loan ratio of 1.93% [96][97]. - The total amount of overdue loans was RMB 5,451.9 million, accounting for 2.4% of total loans, compared to RMB 6,380.7 million or 2.8% as of December 31, 2024 [107]. - The non-performing loan ratio for corporate loans decreased from 1.42% as of December 31, 2024, to 1.38% as of December 31, 2025, a decline of 0.04 percentage points [105]. - Retail loans saw an increase in the non-performing loan ratio from 4.01% to 4.16% over the same period, an increase of 0.15 percentage points [105]. - The total amount of company loans was RMB 149,942.3 million as of December 31, 2025, accounting for 65.4% of total customer loans, down from 66.6% in 2024 [117].

Financial Performance - The company reported a revenue of 100 billion RMB for the fiscal year 2025, representing a year-on-year increase of 15%[16]. - The company's operating revenue for 2025 reached CNY 452,929,608 thousand, representing a year-on-year increase of 3.71% compared to CNY 436,712,757 thousand in 2024[36]. - The total profit for 2025 was CNY 13,394,532 thousand, a decrease of 11.46% from CNY 15,127,803 thousand in 2024[36]. - Net profit attributable to shareholders for 2025 was CNY 5,840,294 thousand, down 30.44% from CNY 8,396,167 thousand in 2024[36]. - The company achieved a high market contract signing rate, with new signed foreign exchange projects accounting for over 80%[21]. - The company reported continuous growth in revenue and gross profit from its core business in energy, electricity, and water conservancy[21]. - The company’s operating revenue for Q4 reached RMB 129.39 million, showing a quarterly increase from RMB 111.45 million in Q3[42]. - Net profit attributable to shareholders for Q4 was RMB 2.68 million, a significant increase compared to RMB 354,288 in Q3[42]. - The cash flow from operating activities in Q4 was RMB 20.66 million, a substantial improvement from RMB 4.29 million in Q3[42]. Dividends and Shareholder Proposals - The company announced a cash dividend of RMB 0.312 per share, totaling RMB 1.38 billion for the fiscal year 2025[8]. - The company plans to submit the profit distribution proposal for shareholder approval at the 2025 annual general meeting[8]. - The company does not have any unremedied losses affecting dividend distribution[9]. Audit and Compliance - The annual report was audited by Tianjian Accounting Firm, which issued a standard unqualified opinion[7]. - The board of directors confirmed the accuracy and completeness of the annual report, with no significant omissions[7]. - The company has not faced any objections regarding its accounting policies and practices from the audit and risk committee[12]. - The financial statements are prepared in accordance with Chinese accounting standards[12]. - The company has adopted domestic accounting standards for its financial reports since 2021, aligning with regulations from the Ministry of Finance and the China Securities Regulatory Commission[40]. Market and Growth Strategy - The company expects a revenue growth guidance of 10-12% for the next fiscal year, driven by new product launches and market expansion[16]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2026[17]. - The company aims to expand its market presence in both domestic and international markets, particularly in new energy and high-end power equipment sectors[23]. - The company plans to focus on four main areas: new energy, new infrastructure, new equipment, and new materials, to drive future growth[28]. Research and Development - Investment in R&D for new technologies increased by 25%, totaling 2 billion RMB, focusing on renewable energy solutions[17]. - By the end of 2025, the company has established 3 academician workstations, 16 postdoctoral research stations, and 141 high-tech enterprises, showcasing its commitment to innovation and technology[27]. - The company has achieved 48 national science and technology progress awards and holds 12,225 effective patents, indicating strong research and development capabilities[27]. - R&D investment grew from RMB 8.79 billion in 2021 to RMB 14.85 billion in 2025, with the proportion of R&D investment in operating revenue rising from 2.73% to 3.28%[86]. Sustainability and Innovation - The company aims to achieve a 40% reduction in carbon emissions by 2030 as part of its sustainability strategy[17]. - The establishment of a new energy storage alliance is expected to drive innovation and collaboration in the sector[17]. - The company is committed to sustainable development and innovation in various sectors, including new energy materials and ecological restoration projects[54][56]. - The company is focusing on digital transformation initiatives to improve operational efficiency and customer engagement[17]. Governance and Management - The company held at least 4 regular board meetings annually, approximately one per quarter, ensuring timely notifications for all meetings[192]. - The chairman and general manager positions are held by different individuals, adhering to governance regulations[193]. - The board of directors is composed of a balanced structure, including executive, employee, non-executive, and independent directors[194]. - The company’s governance practices have generally adhered to applicable codes, with minor deviations noted during the reporting period[197]. Contracts and Projects - The total amount of new contracts signed during the reporting period was RMB 1,449,384 million, with a total of 37,157 projects[140]. - The company completed water conservancy construction investment of RMB 128.48 billion in 2025, continuing to exceed RMB 100 billion for four consecutive years[67]. - The new contracts signed in the surveying, design, and consulting business amounted to RMB 26.16 billion in 2025, representing a year-on-year growth of 32.66%[48]. - The engineering construction business signed new contracts worth RMB 1,346.48 billion in 2025, reflecting a year-on-year increase of 5.6%[49]. Financial Management - The company’s financial services are focused on supporting its core business, ensuring effective capital management and financing expansion[61]. - The company incurred sales expenses of RMB 2.387 billion in 2025, a decrease of 0.20% year-on-year, due to cost control measures[118]. - The company’s financial expenses increased by 24.00% year-on-year to RMB 6.670 billion in 2025, attributed to expanded business scale and increased financing needs[118]. - The company’s investment activities generated a net cash flow of -RMB 44.144 billion in 2025, an improvement from -RMB 50.336 billion in 2024[124]. Risk Management - The company emphasizes risk management and safety culture, aiming to build a resilient safety system to enhance operational stability[24]. - The company has optimized its risk management system, focusing on strategic, market, financial, operational, and legal risks, and established a unified risk database[96]. - The company will implement a risk management system and internal control framework to ensure compliance and effective management[199].

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 1,230,867 thousand, representing a 16.1% increase from RMB 1,060,309 thousand in 2024[2] - Gross profit for the same period was RMB 612,151 thousand, up 6.0% from RMB 577,628 thousand, with a gross margin of 49.7%, down 4.8 percentage points from 54.5%[2] - Profit before tax decreased significantly by 60.8% to RMB 249,613 thousand from RMB 636,949 thousand in 2024[3] - Net profit for the year was RMB 211,107 thousand, a decline of 62.5% compared to RMB 562,762 thousand in the previous year[3] - Basic earnings per share for the year was RMB 0.14, down 63.2% from RMB 0.38 in 2024[3] - Total revenue for the year ending December 31, 2025, is projected to be RMB 1,230,867,000, with external sales contributing RMB 1,160,655,000[15] - Adjusted profit before tax for the year ending December 31, 2025, is expected to be RMB 249,613,000, reflecting a significant increase from RMB 636,949,000 in the previous year[15] - The company reported a total profit of RMB 426,777,000 for the pharmaceutical segment after adjustments, compared to RMB 364,236,000 in the previous year[15] - The total tax expense for 2025 was RMB 38,506,000, significantly lower than RMB 74,187,000 in 2024, reflecting a decrease of 48.2%[31] - The basic earnings per share attributable to equity holders of the parent for 2025 was RMB 142.5, down from RMB 375.5 in 2024[37] - The net profit attributable to the company's owners for the year was approximately RMB 213,971,000, a decrease of 62.1% compared to RMB 564,940,000 in the previous year[79] Assets and Liabilities - Total assets less current liabilities amounted to RMB 3,515,416 thousand, compared to RMB 3,454,673 thousand in 2024[6] - The company reported a total equity of RMB 3,385,023 thousand, an increase from RMB 3,326,668 thousand in the previous year[6] - Total assets as of December 31, 2025, are reported at RMB 4,009,385,000, with total liabilities at RMB 624,362,000[16] - The company's trade receivables amounted to RMB 145,346,000 in 2025, up from RMB 123,895,000 in 2024, reflecting a growth of 17.3%[38] - The total impairment loss for trade receivables at year-end was RMB 2,166,000, compared to RMB 1,597,000 in 2024, indicating a rise in credit risk[38] - The company's net assets attributable to owners were approximately RMB 3,385,023,000, with a return on equity of 6.3%, down from 17.0% the previous year[80] - The accounts receivable as of December 31, 2025, were approximately RMB 143,180,000, representing a growth of 17.1% compared to RMB 122,298,000 as of December 31, 2024[84] Dividends - The company maintained a dividend policy with a proposed total annual dividend of HKD 0.063, down 33.7% from HKD 0.095 in 2024[2] - The proposed final dividend for 2025 is HKD 0.048 per share, totaling approximately HKD 72,171,000, which is a slight increase from HKD 72,091,000 in 2024[45] - The total dividend for 2025 will be HKD 0.063 per share, a decrease of approximately 33.7% compared to the total dividend of HKD 0.063 per share and special dividend of HKD 0.032 per share in 2024, but the payout ratio will increase to 39.3% from 23.5% in 2024, an increase of 15.8 percentage points[45] Research and Development - Research and development costs increased to RMB 83,479 thousand from RMB 70,831 thousand, indicating ongoing investment in innovation[3] - Research and development expenses for 2025 amounted to RMB 83,399,000, an increase of 17.9% from RMB 70,755,000 in 2024[29] - The group is focusing on R&D with 35 products undergoing quality and efficacy consistency studies, with 32 specifications approved as of December 31, 2025[67] - The group plans to continue increasing R&D investment to enrich its product pipeline and ensure new products are launched annually, focusing on therapeutic areas such as cardiovascular, anti-infective, and endocrine diseases[66] Sales Performance - Revenue from pharmaceutical product sales was RMB 1,215,157 thousand in 2025, up from RMB 1,058,297 thousand in 2024, indicating a growth of 14.84%[21] - The sales volume and revenue of the "Xikewai" (Cetirizine Hydrochloride Tablets), "Shumaitong" (Atorvastatin Calcium Tablets), and "Ruifuen" (Entecavir Dispersible Tablets) have both increased, despite a slight decline in sales for the "An" series products[47] - The sales volume of powder injections increased by 67.3% and sales revenue increased by 73.0% compared to the same period in 2024, driven by successful bids in national and local procurement[49] - The sales of intermediates and raw materials reached RMB 70,212,000, a significant increase of 67.0% year-over-year, while finished drug sales were RMB 1,160,655,000, growing by 14%[75] - Sales of the antihypertensive product series decreased by 5.2%, totaling RMB 316,901,000, which accounts for 25.7% of the company's total sales[60] - The sales of the antihyperlipidemic product series increased by 13.0%, reaching RMB 338,407,000, representing 27.5% of total sales[61] - The antiviral product line, particularly entecavir dispersible tablets, achieved sales of RMB 165,422,000, a 17.1% increase from the previous year, accounting for 13.4% of total sales[62] - The antibiotic series, particularly the injection of cefoperazone sodium and sulbactam sodium, saw a sales increase of 73.0%, totaling RMB 188,319,000, which is 15.3% of total sales[63] Operational Efficiency - Total expenses for the year ended December 31, 2025, were RMB 93,817 thousand, an increase from RMB 56,298 thousand in 2024[27] - The total expenses for the year were approximately RMB 422,066,000, which is an increase of RMB 33,126,000 from the previous year, accounting for 34.3% of total sales[76] - The operating profit from the finished drug segment was approximately RMB 496,311,000, an increase of RMB 71,100,000 from the previous year, while the intermediates and raw materials segment reported a loss of RMB 69,534,000[77] - The total employee benefits expenses for 2025 were RMB 222,623,000, a decrease of 3.5% from RMB 230,667,000 in 2024[29] Strategic Initiatives - The company plans to increase R&D investment and strengthen its competitive edge in the procurement market, focusing on high-value varieties and exploring innovative drug collaborations[50] - The company is enhancing its production capabilities at its Suzhou and Lanzhou facilities to meet the latest regulatory standards and improve product quality while reducing production costs[53] - The company aims to align its development strategy with national policies supporting innovative drug research and development, focusing on small molecules and innovative drugs through collaboration and acquisitions[52] - The company focuses on six core strategies, including R&D innovation, production capacity optimization, and market expansion to address industry challenges and seize development opportunities[54] - The group is actively expanding its customer base and enhancing its market share in intermediates and raw materials through CDMO business development[64] Compliance and Governance - The company has adopted the International Accounting Standard 21 (Revised) regarding currency convertibility, which has no impact on the financial statements due to the use of convertible currencies[11] - The company has not adopted any other new accounting standards or amendments that are not yet effective[11] - The group is committed to quality management and compliance, with ongoing improvements in safety and environmental protection measures[68]

Financial Performance - The company's revenue for the year ended December 31, 2025, was HKD 161,915,000, representing an increase of 7.9% compared to HKD 150,023,000 in the previous year[5] - Gross profit for the same period was HKD 16,237,000, up 65.5% from HKD 9,780,000 in 2024[5] - The net loss for the year was HKD 19,343,000, compared to a net loss of HKD 3,140,000 in the previous year, indicating a significant increase in losses[5] - The group reported a loss of HKD 19,343,000 and an operating cash outflow of HKD 57,058,000 for the year ending December 31, 2025[13] - The company incurred a pre-tax loss of HKD 17,677,000 in 2025, compared to a loss of HKD 3,093,000 in 2024, showing a worsening financial position[38] - The group reported a total loss attributable to owners of approximately HKD 19.3 million for the year ending December 31, 2025, compared to approximately HKD 3.1 million for the year ending December 31, 2024[79] Assets and Liabilities - Total assets as of December 31, 2025, amounted to HKD 161,362,000, an increase from HKD 130,239,000 in 2024[6] - Current assets net value rose to HKD 104,190,000 from HKD 42,650,000 in the previous year[7] - The company's equity increased to HKD 109,990,000, compared to HKD 49,398,000 in 2024, reflecting a strong growth in reserves[7] - The company reported a significant increase in cash and bank balances, reaching HKD 17,528,000, up from HKD 6,042,000 in the previous year[6] - As of December 31, 2025, the group's bank balance and cash amounted to HKD 17,528,000, insufficient to settle current liabilities totaling HKD 43,259,000, including trade and other payables[13] - Trade and other payables totalled HKD 43,259,000 in 2025, down from HKD 64,221,000 in 2024, showing a reduction in liabilities[60] Revenue Segments - Revenue from RMAA engineering projects was HKD 115,070,000 in 2025, down from HKD 137,582,000 in 2024, indicating a decline of about 16.4%[31] - The revenue from dairy product distribution was HKD 33,167,000 in 2025, with no revenue reported in 2024 for this segment[31] - Approximately HKD 33.1 million of revenue was generated from the newly established dairy product distribution segment, while the remaining revenue of HKD 128.8 million came from construction services[70] Financial Reporting Standards - The group has adopted revised Hong Kong Financial Reporting Standards effective from January 1, 2025, which do not impact the consolidated financial statements due to the nature of the transactions[17] - The revised HKAS 21 addresses the assessment of currency convertibility and requires disclosures regarding the impact of non-convertible currencies, but it has no effect on the group's financial statements[17] - The amendments to Hong Kong Financial Reporting Standard No. 9 and No. 7 clarify the date of derecognition for financial assets or liabilities and introduce an accounting policy choice for certain financial liabilities settled through electronic payment systems[25] - The amendments are expected to have no significant impact on the group's consolidated financial statements[25] Cash Flow and Financing - The company has implemented measures to alleviate cash flow pressure and improve financial conditions, including operational plans to enhance profitability and control costs[15] - The group is currently evaluating new financing and borrowing alternatives to meet existing financial responsibilities and future operational and capital expenditures[15] - The ability of the group to continue as a going concern is dependent on meeting future operational funding and financing needs[14] Shareholder Information - The company did not declare any dividends for the year ended December 31, 2025, consistent with the previous year[51] - The annual general meeting is scheduled for May 8, 2026, with a suspension of share transfer registration from May 5 to May 8, 2026[97] Employee and Operational Metrics - As of December 31, 2025, the group employed a total of 64 employees, down from 67 in 2024, with employee costs approximately HKD 22.3 million compared to HKD 25.9 million in 2024[90] - The number of projects undertaken by the company decreased to 190 in 2025, down from 238 projects in 2024, due to a slowdown in the overall construction industry in Hong Kong[67] Audit and Compliance - The audit committee consists of three independent non-executive directors, with the chairman possessing appropriate professional qualifications and experience in accounting matters[98] - The group's auditor, Debo Accounting Firm Limited, confirmed that the preliminary announcement figures are consistent with the consolidated financial statements for the year ending December 31, 2025[99] - No assurance was provided by Debo Accounting Firm Limited regarding the preliminary announcement as it did not conduct the audit work according to the standards set by the Hong Kong Institute of Certified Public Accountants[99]

Financial Performance - For the year ending December 31, 2025, the revenue was approximately RMB 644.9 million, a decrease of about 16.3% or RMB 125.5 million compared to the same period in 2024[2] - The gross profit for the same period was approximately RMB 153.2 million, down 26.6% or RMB 55.5 million from 2024[2] - The gross profit margin was approximately 23.8%, a decrease of 3.3% from 27.1% in 2024[2] - The profit attributable to the owners of the company was approximately RMB 1.8 million, a decrease of RMB 48.8 million compared to the previous year[2] - The net profit before tax was RMB 2.403 million, indicating a significant decrease compared to the previous year's profit of RMB 28.345 million[20][22] - The company reported a decline in revenue from RMB 770.477 million in 2024 to RMB 644.937 million in 2025, representing a decrease of approximately 16.3%[20][22] - The gross profit for the year ended December 31, 2025, decreased by approximately 26.6% to about RMB 153.2 million, with a gross profit margin of approximately 23.8%[53] - The electronic cigarette segment's gross profit margin decreased by approximately 2.6% to about 26.8%[53] Assets and Liabilities - Total assets decreased to RMB 713.6 million in 2025 from RMB 866.4 million in 2024[8] - Total equity decreased to RMB 329.4 million in 2025 from RMB 492.3 million in 2024[10] - Current liabilities increased to RMB 338.9 million in 2025 from RMB 324.2 million in 2024[10] - The company’s cash and cash equivalents decreased to RMB 105.9 million in 2025 from RMB 275.1 million in 2024[8] - Trade payables increased from RMB 128,786 thousand in 2024 to RMB 147,303 thousand in 2025, showing an increase of approximately 14.3%[35] - The company's cash advances decreased from RMB 69,344 thousand in 2024 to RMB 39,480 thousand in 2025, a decline of about 43%[32] - As of December 31, 2025, the group's interest-bearing borrowings amounted to RMB 55.9 million, a decrease from RMB 62.8 million as of December 31, 2024[66] - The group’s total equity as of December 31, 2025, was RMB 329.41 million, down from RMB 492.30 million in 2024[66] Expenses and Costs - Total administrative expenses for the year were RMB 103.740 million, which impacted the overall profitability of the company[20] - The total sales cost, distribution cost, and administrative expenses amounted to RMB 638,712 thousand in 2025, compared to RMB 733,333 thousand in 2024, indicating a decrease of approximately 12.9%[27] - Distribution costs are projected to decrease by 24.3% from approximately RMB 57.1 million to RMB 43.3 million by December 31, 2025[56] - Administrative expenses are expected to decline by 9.4% from approximately RMB 114.5 million to RMB 103.7 million by December 31, 2025[57] - The company implemented various cost control measures, including optimizing processes and introducing new suppliers to mitigate the impact of rising raw material prices[48] Market and Sales Performance - For the fiscal year ending December 31, 2025, total revenue reached RMB 644.937 million, with electronic cigarette sales contributing RMB 534.427 million and ancillary services contributing RMB 110.510 million[20] - The company reported a 43.8% decrease in electronic cigarette sales revenue to approximately RMB 221.0 million for the first half of 2025, with a subsequent decline of 22.4% to about RMB 534.4 million for the full year[40] - Sales in the electronic cigarette segment decreased by approximately 22.4% to about RMB 534.4 million, primarily due to adjustments in sales strategies in response to recent global regulatory fluctuations[49] - The electronic cigarette service segment recorded significant growth of approximately 35.0%, reaching about RMB 110.5 million, indicating a reliable future revenue source[50] - Sales in the Asian market decreased by approximately 19.3% to RMB 413.0 million, while European sales decreased by approximately 37.8% to RMB 68.9 million[52] Strategic Initiatives - The company continues to focus on the research and development of electronic cigarette products and related services, aiming to enhance its market position[21] - The company plans to focus on promoting its proprietary electronic cigarette brands, which accounted for about one-fourth of electronic cigarette sales revenue in 2025, up from one-fifth in 2024[44] - The company is actively recruiting talent in the tobacco industry to enhance product design and new product development[45] - The strategic transformation to focus solely on the electronic cigarette industry is expected to maximize shareholder value[43] - The company aims to solidify its market position and drive sustainable long-term growth through four core strategic pillars[78] - The company is committed to proactive compliance as a growth foundation, investing significantly in internal regulatory and quality assurance teams to adapt to diverse and evolving legal frameworks[78] - The company plans to enhance its supply chain advantages by leveraging a one-stop full industry chain layout to accelerate R&D and innovation processes[79] - The company is executing a global market diversification strategy to tap into emerging markets with clear long-term growth potential and stable regulatory trajectories[81] Human Resources - The group employed 736 employees as of December 31, 2025, compared to 825 employees on December 31, 2024, with total employee costs for 2025 around RMB 120.7 million, down from RMB 164.2 million in 2024[75] Future Outlook - The group anticipates a cautiously optimistic outlook for 2026, recognizing the evolving regulatory landscape and complex global economic environment[77] - The company believes that the electronic cigarette segment will provide long-term stable growth as policies in target markets mature[50] Corporate Governance - The board of directors did not recommend a final dividend for the year ending December 31, 2025, while a special dividend of HKD 0.3 per share was declared for 2024, totaling HKD 180.0 million[2] - The board of directors has decided not to recommend a final dividend for the year ending December 31, 2025, to retain resources for market opportunities and enhance long-term shareholder value[87] - The annual general meeting is scheduled for June 18, 2026, with a suspension of share transfer registration from June 12 to June 18, 2026[88] - The consolidated financial statements for the year ending December 31, 2025, have been verified by the auditors, but no assurance is provided[89] - The annual report for 2025 will be published on the company's website and the Hong Kong Stock Exchange website at an appropriate time[90] - The chairman expresses gratitude for the efforts of the board, management, and employees, as well as the support from shareholders[91] - The board of directors is composed of the chairman and executive director, along with other non-executive and independent directors[93]

Financial Performance - For the year ending December 31, 2025, the group's revenue was approximately RMB 94,520,000, a decrease of about 32.56% compared to RMB 140,164,000 for the year ending December 31, 2024[4] - The group reported a net loss of approximately RMB 17,351,000 for the year ending December 31, 2025, compared to a loss of RMB 6,323,000 for the year ending December 31, 2024[4] - The loss per share for the year ending December 31, 2025, was RMB 11.93, compared to RMB 4.69 for the year ending December 31, 2024[4] - The group's gross profit for the year ending December 31, 2025, was RMB 16,426,000, compared to RMB 17,264,000 for the year ending December 31, 2024[5] - Operating loss for the year ending December 31, 2025, was RMB 15,988,000, compared to RMB 5,399,000 for the year ending December 31, 2024[5] - The group's total comprehensive loss for the year ending December 31, 2025, was RMB 17,351,000, compared to RMB 6,323,000 for the year ending December 31, 2024[5] - The group incurred net financing costs of RMB 1,471,000 for the year ending December 31, 2025, compared to RMB 1,183,000 for the year ending December 31, 2024[5] - The total administrative expenses for the year ending December 31, 2025, were RMB 18,299,000, compared to RMB 26,835,000 for the year ending December 31, 2024[5] - The group recognized a tax credit of RMB 108,000 for the year ending December 31, 2025, compared to RMB 259,000 for the year ending December 31, 2024[5] - The group recorded a net loss of approximately RMB 17,351,000 and a net cash outflow from operating activities of approximately RMB 4,675,000 for the year ending December 31, 2025[17] - The group reported an operating loss of RMB 15,988,000 and a loss before tax of RMB 17,459,000 for the year[25] - The group reported a pre-tax loss of RMB 16,992,000 for the year ending December 31, 2025, compared to a loss of RMB 5,746,000 in 2024, indicating a significant increase in losses[39] - The total loss for the year was approximately RMB 17.35 million, an increase of about RMB 11.03 million compared to the previous year[82] Revenue Breakdown - Revenue from external customers for the exhibition and event-related business was RMB 87,340,000, while e-commerce services generated RMB 7,180,000, totaling RMB 94,520,000[25] - Total revenue from external customers reached RMB 140,164,000, with a significant contribution from exhibition and event-related services at RMB 122,716,000[26] - Revenue from automotive-related exhibitions and activities was RMB 15.82 million, accounting for 16.73% of total revenue, compared to RMB 49.67 million or 35.44% in the previous year[69] - Revenue from non-automotive-related exhibitions and activities was RMB 62.60 million, representing 66.23% of total revenue, down from RMB 67.91 million or 48.45% year-on-year[69] - Revenue from IT solutions was approximately RMB 6.47 million, contributing 6.85% to total revenue, compared to no revenue in the previous year[71] Assets and Liabilities - Non-current assets include property and equipment valued at RMB 2,165 million and intangible assets at RMB 2,087 million[7] - Current assets show trade receivables of RMB 35,163 million and contract assets of RMB 32,478 million, with total current assets amounting to RMB 102,189 million[7] - Current liabilities include trade payables of RMB 49,166 million and accrued expenses of RMB 16,513 million, totaling RMB 99,683 million[7] - The net current asset value is RMB 2,506 million, indicating a decrease from RMB 4,419 million[7] - Total assets minus current liabilities stand at RMB 15,179 million, a significant increase from RMB 6,025 million[7] - The company's equity totaled RMB 12,737 million, up from RMB 3,689 million, reflecting a strong growth in capital reserves[8] - The company reported a significant increase in share premium from RMB 91,149 million to RMB 117,154 million, indicating robust investor confidence[8] - Total interest-bearing borrowings amounted to approximately RMB 31,000,000, with about RMB 29,000,000 due within 12 months[17] - The total liabilities included significant financing costs, with interest expenses from bank and other borrowings totaling RMB (1,416,000)[31] - As of December 31, 2025, the total interest-bearing borrowings amounted to RMB 31,000,000, while total equity was RMB 12,737,000, resulting in a debt-to-equity ratio of 243.39%[91] Operational Highlights - The group is actively seeking new revenue sources to enhance profitability and improve cash flow[18] - The group is currently negotiating repayment schedules with several creditors to ensure timely settlement of trade receivables[19] - The group anticipates sufficient cash resources to meet its future operational funding and financing needs, assuming the success of ongoing measures[19] - The group managed a total of 125 exhibitions and events, with 37 exhibition hall commissions and 65 one-stop value chain service projects during the year[66] - The group is focused on monitoring the progress of ongoing projects to ensure completion within the expected timeframe[18] - The group has implemented various training programs for employees to maintain quality, knowledge, and skills, ensuring good labor relations without significant labor disputes affecting business performance[111] Strategic Initiatives - The company is primarily engaged in exhibition design and management, as well as e-commerce services in China, indicating a focus on market expansion[9] - The company has adopted revised Hong Kong Financial Reporting Standards, effective from January 1, 2025, which may impact future financial reporting[14] - The company initiated a comprehensive brand overhaul, proposing to change its name to "De Feng Shu Lai Holdings Limited" to reflect its strategic transformation under new major shareholder Sun Wei[62] - The group strategically acquired Y Network Holdings to enhance its digital service capabilities and customer support infrastructure[66] - The group is developing a specialized SaaS centralized procurement platform for agricultural products, expected to launch commercially in Q2 2026[67] - The group recognizes the shift in domestic consumption patterns and is expanding into cultural tourism as a new growth engine[120] - The group aims to solidify its leadership in high-end exhibition services, focusing on strategic alliances in key market areas[120] Governance and Compliance - The board of directors decided not to recommend the payment of a final dividend for the year ending December 31, 2025[4] - The company has adhered to all applicable corporate governance codes except for a deviation regarding the separation of roles between the Chairman and the CEO, with Mr. Huang serving in both roles[123] - The audit committee, established in May 2018, reviewed the annual financial statements and confirmed compliance with applicable accounting standards and regulations[129] - All independent non-executive directors have provided annual confirmations of their independence, and the company considers them to be independent[130] - The company is committed to transparency and timely disclosure of information to stakeholders[133] Market Conditions and Risks - The group faces significant risks due to low entry barriers in the exhibition services industry and intense competition[99] - The business heavily relies on providing exhibition and event management services to the automotive industry, which poses risks in customer base expansion[100] - The group acknowledges that global pandemic control remains a challenge and may continue to impact the recovery of the exhibition industry in China, potentially adversely affecting its business and financial performance[6] - The group cannot guarantee that the demand for its comprehensive exhibition and event management services will be maintained or increased[101] - The group’s trade receivables primarily come from exhibition and marketing services, with over 43% derived from major automotive clients, indicating a risk if these clients face financial difficulties[114]

Financial Performance - The company reported a revenue of RMB 455.7 million for the year ended December 31, 2025, representing a significant increase of 184.8% compared to RMB 159.99 million for the year ended December 31, 2024[5]. - Gross profit for the year was RMB 300.65 million, up 206.5% from RMB 98.08 million in the previous year, with a gross margin increase from 61.3% to 66.0%[6]. - The net loss decreased by 59.4% to RMB 88.61 million from RMB 218.51 million in the prior year, primarily due to the substantial increase in revenue driven by the sales of the surgical robot[6]. - Adjusted net loss (non-IFRS measure) was RMB 20.52 million, a reduction of 88.5% from RMB 178.48 million in the previous year[5]. - Basic loss per share for 2025 was RMB 0.25, compared to RMB 0.61 in 2024, indicating a decrease in loss per share of approximately 59%[28]. - The company reported a pre-tax loss of RMB 88.607 million for 2025, an improvement from a loss of RMB 218.509 million in 2024, showing a reduction of about 59%[26]. - The company generated RMB 246.517 million in revenue from mainland China in 2025, compared to RMB 159.994 million in 2024, marking an increase of about 54%[20]. - The company’s revenue increased by 184.8% from RMB 160.0 million for the year ended December 31, 2024, to RMB 455.7 million for the year ended December 31, 2025, primarily due to a significant increase in sales of the Qifeng® multi-port surgical robot[76]. Research and Development - Research and development expenses were RMB 185.20 million, down from RMB 226.25 million in the previous year, indicating improved cost management[7]. - Research and development expenses for 2025 totaled RMB 185.203 million, down from RMB 226.245 million in 2024, representing a decrease of about 18%[22]. - The company is focused on R&D to develop innovative technologies for minimally invasive surgeries, aiming to enhance the effectiveness and reliability of surgical robots[66]. - The company has developed patented technologies to address challenges in integrating multi-arm functions into a single robotic arm[60]. - The product pipeline includes various models at different stages of development, focusing on minimally invasive and non-invasive surgical applications[48]. Market and Product Development - The company plans to continue expanding its market presence and enhancing its product offerings in the surgical robotics sector[6]. - The surgical robot market is experiencing rapid growth, with increasing demand driven by an aging population and the rising prevalence of minimally invasive surgery[40]. - Domestic surgical robot companies are expected to gain market share due to advancements in core technology and clinical application validation, supported by favorable policies[41]. - The company has developed a product matrix for surgical robots, including multi-port, single-port, and remote surgical systems, extending into specialized fields like bronchoscopic robots[42]. - The company aims to enhance its international presence and competitiveness in the global medical device market through initiatives like the Belt and Road Initiative[41]. Financial Position and Assets - Total assets amounted to RMB 1,334.35 million, compared to RMB 1,264.78 million in the previous year, reflecting growth in the company's asset base[12]. - The company recorded a significant increase in trade and other receivables, rising to RMB 213.45 million from RMB 48.11 million in the previous year[11]. - Trade receivables increased significantly to RMB 196,858 thousand in 2025 from RMB 44,327 thousand in 2024, with expected credit losses rising to RMB 8,554 thousand from RMB 1,194 thousand[30]. - The aging analysis of trade receivables shows that RMB 153,051 thousand (81.3%) are within 3 months, compared to RMB 38,992 thousand (90.3%) in 2024, indicating a shift in collection efficiency[31]. - The company’s current assets amounted to RMB 1,334.4 million as of December 31, 2025, compared to RMB 1,264.8 million as of December 31, 2024[95]. Operational Highlights - The company successfully completed a global offering of 27,722,200 H-shares at HKD 43.24 per share, raising a total of HKD 1,198,708,000 on January 8, 2026[36]. - The company signed sales agreements for 119 units of its core products globally, with 92 units contracted during the reporting period, solidifying its leading position among domestic laparoscopic surgical robot manufacturers[43]. - The deployment of surgical robots in top hospitals led to a total of over 14,000 clinical surgeries, with the multi-port laparoscopic surgical robot surpassing 12,000 surgeries and the single-port laparoscopic surgical robot exceeding 2,000 surgeries[46]. - The company has established remote control centers in eight provinces in China and has conducted remote surgeries, demonstrating the effectiveness of its 精鋒®雲遠程手術系統[64]. - The company has installed or delivered 100 surgical robots globally, with 46 units in China and 54 units overseas, reflecting its international expansion efforts[69]. Regulatory and Compliance - The company received multiple significant regulatory approvals, including the CE certification for its multi-port laparoscopic surgical robot MP1000 and the SP1000, marking important milestones in its internationalization process[45]. - The company received regulatory approval from the National Medical Products Administration (NMPA) for the MP1000 surgical robot to expand its clinical application to gynecology, general surgery, and thoracic surgery in August 2023[53]. - The Precision® Single-Port Surgical Robot (SP1000) received NMPA registration approval for gynecological surgery in November 2023, marking it as the first domestic single-port surgical robot approved for multiple major surgical fields[54]. - The company is recognized as the first in China and the second globally to obtain regulatory approval for multiple types of laparoscopic surgical robots[45]. Challenges and Risks - The company may face challenges in successfully marketing its core products in overseas markets, which could impact shareholder interests[61]. - The company recognizes challenges such as competition from global leaders in the high-end market and potential pricing pressures from domestic competitors[73]. Corporate Governance - The company has established an audit committee responsible for reviewing financial conditions and ensuring compliance with applicable accounting principles and standards[115]. - The company is committed to adhering to the corporate governance code as per the listing rules[121]. - The company plans to publish its annual report for the year ending December 31, 2025, on the Hong Kong Stock Exchange and its website[120].