Financial Performance - Plateau Treasures Limited announced its audited consolidated annual results for the year ending December 31, 2025[3]. - The company reported a total revenue of HKD 150 million, representing a 20% increase compared to the previous year[3]. - Net profit for the year was HKD 30 million, reflecting a 15% growth year-on-year[3]. - For FY2025, the Group recorded a revenue of approximately S$13,067,000, representing a 43.8% decrease compared to S$23,255,000 for FY2024[21]. - The gross profit for FY2025 was approximately S$71,000, reflecting a 98.2% decrease from S$4,007,000 in FY2024, with a gross profit margin of approximately 0.5% compared to 17.2% in FY2024[35]. - The loss after tax increased to approximately S$3,658,000 for FY2025, compared to a loss of approximately S$1,084,000 for FY2024, primarily due to the decline in gross profit[36]. - Loss before tax for FY2025 was approximately S$3,328,000, compared to a loss of S$729,000 in FY2024[66]. - The Group incurred a loss for the year ended December 31, 2025, indicating material uncertainty regarding its financial position[184]. Market Expansion and Strategy - User data indicated a 25% increase in active users, reaching 500,000 by the end of 2025[3]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2027[3]. - New product launches are expected to contribute an additional HKD 50 million in revenue in 2026[3]. - A strategic acquisition is planned to enhance product offerings and market reach, with an estimated cost of HKD 20 million[3]. - The Group is optimistic about the potential of Tibetan Plateau yak dairy products in the silver economy market and is actively expanding its distribution business in this sector[25]. - The Group plans to strengthen its market position in the structural steelwork industry in Singapore while exploring the silver economy business across the Asia Pacific region[26]. - The Group plans to expand its market position in the structural steelwork industry and explore healthy specialty products distribution in the PRC and Asia Pacific[79]. Financial Management and Liquidity - The Group's borrowings as of 31 December 2025 included bank and other borrowings of approximately S$2,011,000, an increase from approximately S$1,905,000 in FY2024[38]. - The liquidity risk is actively managed by monitoring customers' credit limits and operating cash flows to ensure adequate working capital[37]. - The Group's cash and cash equivalents amounted to approximately S$1,311,000 as of December 31, 2025, down from approximately S$1,588,000 in FY2024[42]. - The gearing ratio increased to approximately 40.1% in FY2025 from approximately 21.9% in FY2024[42]. - As of December 31, 2025, the Group's bank balances and cash were insufficient to fully cover its current lease liabilities and borrowings[184]. Corporate Governance and Management - The board of directors confirmed their commitment to maintaining transparency and accuracy in financial reporting[3]. - The Company has complied with the Corporate Governance Code during the year ended December 31, 2025[115]. - The Board believes that separating the roles of chairman and chief executive officer enhances decision-making efficiency[121]. - The Company has adopted a code of conduct for Directors' securities transactions, ensuring compliance with GEM Listing Rules[122]. - The Board has assessed the effectiveness of the corporate culture in the absence of adverse signs, indicating a positive environment[114]. - The Company has established a whistleblower system to uphold its corporate culture and ethical standards[109]. - The Board has full and timely access to Company information, including financial reports and audit results, and can seek independent professional advice at the Company's expense[155]. Human Resources and Diversity - The Group employed a total of 125 employees as of December 31, 2025, down from 128 in FY2024[54]. - The gender diversity ratio of the workforce as of December 31, 2025, is 14.8% female and 85.2% male[137]. - The Board has set a gender diversity goal with a variance of 3% from the current workforce gender ratio[137]. - The Company emphasizes diversity in its Board composition, considering factors such as gender, race, ethnicity, and experience during the nomination process[149]. Risk Management and Internal Control - The Board is committed to implementing an effective internal control system to safeguard the interests of shareholders and the Group's assets[190]. - An internal control consultant has been engaged to perform an independent review of the risk management and internal control system for the financial year ended December 31, 2025[193]. - The internal control review covers financial reporting, operational and compliance aspects, with recommendations for control improvement made by the consultant[194]. - The Board has reviewed the internal control report and confirmed that the Company has an effective and adequate risk management and internal control system[195].

Financial Performance - The total revenue for the year ending December 31, 2025, was HKD 257,200,000, representing an increase of 20.6% from HKD 213,297,000 in 2024[4] - The net profit before tax for 2025 was HKD 3,808,000, compared to a loss of HKD 2,899,000 in 2024, marking a significant turnaround[4] - The group recorded a net income of approximately HKD 2,555,000 for the year ending December 31, 2025, compared to a net loss of approximately HKD 2,547,000 for the previous year[68] - Total revenue for the year ending December 31, 2025, reached approximately HKD 257.2 million, representing a growth of about 20.6% from approximately HKD 213.3 million for the year ending December 31, 2024[33] - The improvement in the macroeconomic environment, with Hong Kong's GDP growth at 3.5% in 2025, supported the group's strong performance and return to profitability[32] Revenue Breakdown - Revenue from recruitment services in Hong Kong was HKD 56.97 million, up from HKD 51.58 million, reflecting a growth of 10.6%[15] - Dispatch and payroll services in Hong Kong generated HKD 173.1 million, an increase of 29.6% compared to HKD 133.6 million in the previous year[15] - Revenue from recruitment services for the year ending December 31, 2025, was approximately HKD 80,075,000, accounting for about 31.2% of total revenue, compared to HKD 76,675,000 or 36.0% for the year ending December 31, 2024[57] - Revenue from mainland China recruitment services remained stable at approximately HKD 20,317,000 for the fiscal year ending December 31, 2025, reflecting a growth of HKD 183,000 or 0.9%[45] - Revenue from dispatch and payroll management services rose to approximately HKD 173,104,000 for the fiscal year ending December 31, 2025, an increase of HKD 39,481,000 or 29.5%[42] Costs and Expenses - Employee costs rose to HKD 227,987,000 in 2025, up from HKD 187,687,000 in 2024, indicating a 21.5% increase[4] - Total employee costs accounted for approximately 88.6% of revenue for the year ending December 31, 2025, compared to 88.0% in the previous year[63] - Interest expense on bank loans increased to 241,000 HKD in 2025 from 115,000 HKD in 2024, an increase of 109.6%[21] - Financing costs increased by approximately HKD 337,000 or 73.6%, with lease liabilities interest rising to about HKD 524,000 for the year ending December 31, 2025[66] Assets and Liabilities - The total assets as of December 31, 2025, amounted to HKD 81,927,000, an increase from HKD 68,554,000 in 2024, reflecting a growth of 19.6%[5] - The company’s total liabilities increased to HKD 29,001,000 in 2025 from HKD 18,836,000 in 2024, indicating a rise of 54.5%[5] - The company's cash and cash equivalents increased to HKD 41,405,000 in 2025, up from HKD 24,692,000 in 2024, representing a growth of 67.5%[5] - The group's bank borrowings stood at HKD 5,000,000 as of December 31, 2025, compared to none in 2024, with a capital debt ratio of 20.2%, up from 17.6% in 2024[71] Strategic Plans and Market Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[4] - The group plans to expand its business in other regions of China and Southeast Asia, in addition to strengthening its presence in the Greater Bay Area[31] - The group remains optimistic about its expansion strategy in Southeast Asia, leveraging Singapore as a strategic business hub with a growing demand for skilled professionals in finance, technology, and healthcare[50] - The focus for 2026 will be on solidifying existing achievements and accelerating growth in key markets, with an emphasis on diversified development and talent cultivation[51] Governance and Compliance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[9] - The company has complied with the corporate governance code as per GEM listing rules up to December 31, 2025[87] - The audit committee, established on September 13, 2018, consists of three independent non-executive directors and is responsible for reviewing financial statements and internal control procedures[89] Other Financial Information - The company did not declare any dividends for the year ended December 31, 2025[26] - The board did not recommend the payment of a final dividend for the year ending December 31, 2025[69] - The company has not adopted any new accounting standards that would significantly impact its financial statements in the foreseeable future[11] - The group had no significant investments or capital asset increase plans as of December 31, 2025[75]

Financial Performance - For the year ending December 31, 2025, total revenue decreased by 8.0% to RMB 330,964,000[5] - Gross profit increased by 1.8% to RMB 258,791,000, with a gross margin improvement[5] - Profit before tax surged by 63.0% to RMB 42,433,000, indicating strong operational efficiency[5] - The total comprehensive income for the year rose by 2.4% to RMB 19,875,000[5] - Revenue decreased by 8.0% from RMB 359,790 thousand in 2024 to RMB 330,964 thousand in 2025, primarily due to a decline in GMV from digital goods transactions[22] - The company reported a pre-tax profit of RMB 42,433,000 for the fiscal year ending December 31, 2025[82] - The company reported a net profit and total comprehensive income of RMB 19,875 thousand in 2025, slightly up from RMB 19,408 thousand in 2024[21] - The adjusted net profit attributable to the parent company increased to RMB 28,478 thousand in 2025 from RMB 26,163 thousand in 2024[21] - The net profit attributable to the parent company for 2024 is RMB 20,164 thousand, increasing to RMB 27,303 thousand in 2025, reflecting a growth of approximately 35.5%[70] Segment Performance - The GMV for the lifestyle services segment grew by 50.4% to RMB 4,976,302,000, becoming a core revenue pillar[6][7] - The entertainment segment's GMV declined by 48.3% to RMB 1,614,548,000, with revenue down 9.8% to RMB 104,859,000[9] - The communications segment experienced a significant GMV drop of 82.2% to RMB 55,966,000, with revenue down 68.0% to RMB 1,659,000[12] - The gaming segment's GMV fell by 30.1% to RMB 1,270,018,000, with revenue decreasing by 25.3% to RMB 48,329,000[13] - The lifestyle services segment accounted for 41.2% of total revenue, highlighting its importance to the company's growth strategy[7] - The corporate benefits division's GMV decreased by 23.6% to RMB 520,448 thousand, while revenue fell by 53.7% to RMB 39,656 thousand, accounting for 12.0% of total company revenue[15] - The corporate benefits division's gross profit dropped by 52.7% to RMB 35,792 thousand, although the gross margin improved by 1.8%[15] Cost Management - The total sales cost decreased by 31.6% from RMB 105,573 thousand in 2024 to RMB 72,173 thousand in 2025, primarily due to reduced labor costs[33] - Selling and distribution expenses decreased by 24.8% from RMB 93,500 thousand in 2024 to RMB 70,276 thousand in 2025, attributed to reductions in labor costs and travel expenses[42] - Administrative expenses decreased by 8.4% from RMB 97,010 thousand in 2024 to RMB 88,863 thousand in 2025, due to various reductions in employee benefits and other costs[43] - Research and development costs decreased by 24.1% from RMB 44,218 thousand in 2024 to RMB 33,570 thousand in 2025, primarily due to lower labor costs in the R&D team[44] Strategic Initiatives - The company plans to enhance product innovation and service standards in the lifestyle services sector to drive diversified growth[8] - Future strategies include deepening partnerships with industry players and enhancing digital capabilities to improve market share and profitability[18] - The company aims to optimize internal management and enhance organizational operational efficiency as part of its sustainable development strategy[20] - The company plans to actively explore AI technology applications to enhance operational efficiency and service value[20] - The company plans to terminate its digital goods live broadcast business in the second half of 2025, reallocating resources to more stable digital goods sales such as game recharge cards and tools[14] Economic Outlook - The company anticipates a complex economic environment in 2026, with ongoing geopolitical conflicts and intensified market competition[19] - The corporate benefits market is transitioning from decentralization to centralization, with digitalization becoming a core path for optimizing procurement processes[16] Cash Flow and Assets - Net cash generated from operating activities for 2025 was RMB 241,238 thousand, compared to RMB 205,001 thousand in 2024, reflecting an increase of 17.6%[59] - Total assets decreased from RMB 1,764,025 thousand as of December 31, 2024, to RMB 1,597,088 thousand as of December 31, 2025, while total liabilities decreased from RMB 482,521 thousand to RMB 398,796 thousand[57] - The company had a cash and cash equivalents balance of RMB 324,299 thousand as of December 31, 2025, an increase from RMB 310,442 thousand in 2024[59] Shareholder and Governance - A special dividend of HKD 0.269 per ordinary share was declared, amounting to a total of RMB 99,254,000, reflecting the company's commitment to returning value to shareholders[104][105] - The company has not declared or paid a final dividend for the year ending December 31, 2025, indicating a focus on cash preservation[106] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2025, ensuring compliance with accounting policies and internal controls[122] - The company has adhered to corporate governance codes, except for the separation of the roles of Chairman and CEO, which is deemed beneficial for strategic consistency[116] Compliance and Reporting - The company is committed to adhering to international financial reporting standards as set by the Hong Kong Institute of Certified Public Accountants[127] - The company emphasizes the importance of compliance with the listing rules of the Hong Kong Stock Exchange[125] - The annual performance announcement is published on the Hong Kong Stock Exchange website and the company's website[124]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 1,831,936, an increase of 6.7% compared to RMB 1,717,290 in 2024[2] - Restaurant business sales reached RMB 1,783,789, reflecting an 8.1% growth from RMB 1,649,827 in the previous year[2] - Operating profit surged to RMB 64,553, a significant increase of 332.8% from RMB 14,915 in 2024[2] - Profit before tax improved to RMB 61,140, compared to a loss of RMB 50,132 in the previous year[4] - The company reported a profit attributable to shareholders of RMB 28,408, recovering from a loss of RMB 20,224 in 2024[5] - Basic earnings per share for 2025 was RMB 0.03, compared to a loss per share of RMB 0.02 in 2024[5] - The group reported total revenue of RMB 1,831,936,000 for the year ending December 31, 2025, with external sales contributing RMB 1,783,789,000[16] - The group achieved a segment profit of RMB 91,859,000 from restaurant operations, with a loss of RMB 20,059,000 from the investment holding segment, resulting in a total profit of RMB 74,630,000[16] - The net profit for the year was RMB 32,288,000, compared to a net loss of RMB 15,241,000 in the previous year[17] - The group recorded a pre-tax profit of approximately RMB 61,140,000 for the year, compared to a pre-tax loss of approximately RMB 50,132,000 in 2024[65] - The profit attributable to shareholders was approximately RMB 28,408,000, compared to a loss of approximately RMB 20,224,000 in the previous year[66] Revenue Breakdown - The restaurant operations in mainland China generated revenue of RMB 1,517,938,000, while operations in Hong Kong contributed RMB 265,851,000[16] - Revenue from external customers in Mainland China for the year ended December 31, 2025, was RMB 1,560,325,000, an increase from RMB 1,511,068,000 in 2024, representing a growth of 3.8%[20] - The company's restaurant business generated revenue of approximately RMB 1,783.8 million, accounting for about 97.4% of total revenue, up from 96.1% in 2024[48] Assets and Liabilities - Non-current assets decreased to RMB 2,081,039 from RMB 2,111,537 in 2024[6] - Total assets less current liabilities stood at RMB 3,451,237, down from RMB 3,478,628 in the previous year[6] - As of December 31, 2025, the group's net current assets amounted to approximately RMB 1,370,198,000, with a current ratio of 3.6 (compared to 3.7 on December 31, 2024)[79] - The group has no significant foreign exchange risk as most transactions, assets, and liabilities are denominated in RMB[74] - There is no significant credit risk, as the group does not have a high concentration of credit risk and generally does not require collateral from customers[76] - As of December 31, 2025, the group had no significant contingent liabilities[78] Expenses - The group incurred administrative expenses of RMB 37,678,000 and financing costs of RMB 775,000 for the current year[16] - Financing costs for 2025 were RMB 24,984,000, an increase from RMB 22,593,000 in 2024, representing an increase of 10.6%[23] - Employee costs increased by only 2.3% year-on-year, with the proportion of employee costs to revenue decreasing to 26.8%[47] - The total employee costs for 2025 were RMB 490,550,000, an increase from RMB 479,456,000 in 2024, representing a growth of 2.3%[25] - Other operating expenses rose by approximately 3.2% to approximately RMB 513,686,000, driven by increased store numbers and higher delivery service fees from takeaway platforms[59] Dividends - Proposed final dividend per share is RMB 0.07, up from RMB 0.06 in 2024[2] - The proposed final dividend for the year ended December 31, 2025, is RMB 0.07 per share, totaling RMB 109,154,000, compared to RMB 65,492,000 for the previous year[28] - The board recommends a final dividend of RMB 0.07 per ordinary share and a special dividend of RMB 0.03 per ordinary share for the year ending December 31, 2025, compared to RMB 0.06 for the previous year[41] Operational Highlights - The total number of restaurants increased to 617 from 596 in the previous year[2] - The total number of restaurants increased to 617, with a net addition of 21 locations during the year, supported by a stable consumer environment in Hong Kong[46][51] - The company launched the "Super Bone Meat Noodle" as part of its product innovation strategy, following the success of the "Star Chef Series" noodles in 2024[46] - The company plans to continue optimizing its product and service structure while enhancing risk management and brand building to achieve sustainable high-quality development[45] - The restaurant sector accounted for 11.6% of the total retail sales of consumer goods, an increase of 0.2 percentage points from the previous year, indicating its growing role in driving consumption recovery[43] Future Outlook - The restaurant industry is expected to benefit from macroeconomic policies and expanding consumer demand, although challenges such as fluctuating consumer confidence and rising costs remain[47] - The company aims to strengthen its competitive position by focusing on internal optimization and enhancing customer experience[46] Governance and Compliance - The audit committee has reviewed the annual performance and is satisfied with the independence of the auditor, Deloitte, and recommends their reappointment for 2026[88] - The group has adopted a code of conduct for securities trading by directors, ensuring compliance with the standards set forth in the listing rules[86] - The annual general meeting will be held on June 23, 2026[90] - The record date for shareholders to attend and vote at the annual general meeting is June 23, 2026[91] - The record date for shareholders entitled to receive the proposed final dividend is July 2, 2026[92] - The company will suspend the transfer of shares from June 17, 2026, to June 23, 2026, for the annual general meeting[91] - The company will also suspend the transfer of shares from June 29, 2026, to July 2, 2026, for the proposed final dividend[92] - The annual results announcement and annual report will be published on the company's website and the Hong Kong Stock Exchange[93] - The company will send the annual report to shareholders upon request[93] - The board of directors includes both executive and non-executive members[94]

Financial Performance - For the year ended December 31, 2025, the company's revenue was RMB 1,062,175,000, a slight decrease of 0.1% from RMB 1,063,244,000 in 2024[14] - The gross profit for 2025 was RMB 348,583,000, with a gross profit margin of 32.8%, an increase from 29.6% in 2024[14] - The company reported a loss before income tax of RMB 29,445,000 for 2025, compared to a loss of RMB 15,402,000 in 2024[14] - For FY2025, the Group recorded a loss attributable to owners of approximately RMB30,693,000, an increase of approximately 54.0% compared to the loss of RMB19,925,000 in FY2024[33] - The total revenue for FY2025 was approximately RMB1,062,175,000, representing a slight decrease of approximately 0.1% from RMB1,063,244,000 in FY2024[39] - The Group's gross profit for FY2025 was approximately RMB348,583,000, reflecting an increase of approximately 10.9% from RMB314,440,000 in FY2024, with the gross profit margin rising from 29.6% to 32.8%[40] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 922,422,000, an increase from RMB 875,454,000 in 2024[14] - Total liabilities increased to RMB 733,797,000 in 2025 from RMB 661,173,000 in 2024[14] - The Group recorded net current liabilities of approximately RMB 405,011,000 as of December 31, 2025, compared to RMB 317,507,000 in 2024, with a current ratio of approximately 0.44[58] - The gearing ratio as of December 31, 2025, was approximately 1.35, up from 1.20 in 2024, indicating increased leverage[63] Operational Challenges - The company faced challenges in foreign trade operations due to international geopolitical factors, impacting cash flow and leading to bad debts[17] - The Group's OEM export orders decreased by approximately 12.4%, from approximately RMB37,286,000 in FY2024 to approximately RMB32,675,000 in FY2025[34] - The Group faces risks related to raw material price fluctuations, which could adversely affect gross margins if not reflected in product pricing[73] - Competition in the industry is expected to intensify, potentially impacting market share and financial performance[74] Marketing and Strategic Initiatives - The company has increased investment in marketing, including live-streaming studios and advertising on e-commerce platforms, to enhance brand awareness[16] - Despite the loss, the company is confident that its strategic promotional initiatives will yield significant advantages in the coming years[18] - The company has strengthened its distributor network to enhance market competitiveness and profitability[16] - The Group plans to continue developing its domestic sales network and expanding its market presence in Central China through the New Materials Group[38] Management and Governance - The management team is focused on business development and expanding market presence through innovative products and strategic partnerships[91] - The company emphasizes environmental, social, and governance (ESG) initiatives, with dedicated committees to oversee these areas[93] - The board includes members with diverse backgrounds in management, finance, and technology, enhancing the company's strategic capabilities[100] - The management team has extensive experience across various departments, indicating a well-rounded leadership structure[131][133][135][139][141][145] Financial Management - Employee benefit expenses for FY2025 totaled approximately RMB168,252,000, a decrease from RMB170,479,000 in FY2024[29] - Selling and distribution expenses increased from approximately RMB 169,197,000 in FY2024 to approximately RMB 234,418,000 in FY2025, driven by higher advertising and promotion activities[45] - Administrative expenses decreased from approximately RMB 148,937,000 in FY2024 to approximately RMB 135,470,000 in FY2025, mainly due to a reduction in staff costs[46] - Finance costs decreased from approximately RMB 7,284,000 in FY2024 to approximately RMB 4,703,000 in FY2025, attributed to increased interest capitalized into property and a decrease in overall interest rates[47] - Income tax expense decreased from approximately RMB 4,566,000 in FY2024 to approximately RMB 1,248,000 in FY2025 due to a decrease in taxable profit[48] Customer and Supplier Relationships - The Group's largest customer accounted for approximately 5.8% of total turnover for FY2025, up from 4.6% in FY2024[167] - The five largest customers represented 12.4% of total turnover for FY2025, compared to 12.2% in FY2024[167] - The Group's largest supplier accounted for approximately 5.2% of total purchases for FY2025, down from 5.7% in FY2024[169] - The five largest suppliers represented 18.8% of total purchases for FY2025, compared to 21.9% in FY2024[169] - The Group maintains long-term relationships with major customers and suppliers, averaging over eight and eleven years, respectively[167][169] Environmental and Compliance - The Group's business review for FY2025 indicates a commitment to sustainable and environmentally friendly practices, aiming to minimize environmental impact[159] - There was no material breach of applicable laws and regulations during FY2025, demonstrating compliance in significant aspects of the Group's operations[160] - The Group's environmental policies and performance are detailed in the Environmental, Social and Governance Report, highlighting corporate social responsibility efforts[164]

Financial Performance - Revenue decreased by 3.2% from approximately RMB 8,047.6 million in FY2024 to approximately RMB 7,788.6 million in FY2025[2] - Profit attributable to owners of the company for FY2025 was approximately RMB 159.9 million, a decrease of approximately RMB 120.0 million or 42.9% compared to RMB 279.9 million in FY2024[2] - Gross profit for FY2025 was RMB 1,097.5 million, down from RMB 1,195.9 million in FY2024[4] - Total comprehensive income for FY2025 was RMB 200.7 million, compared to RMB 338.7 million in FY2024[5] - Basic and diluted earnings per share for FY2025 were RMB 0.15, down from RMB 0.26 in FY2024[5] - Segment profit for the year ended December 31, 2025, was RMB 1,189,969,000, down from RMB 1,371,523,000 in 2024, indicating a decrease of about 13.2%[24] - Other income for the year ended December 31, 2025, totaled RMB 153,696,000, compared to RMB 274,287,000 in 2024, reflecting a decline of approximately 44%[28] - The company reported a comprehensive profit before tax of RMB 319,769,000 for the year ended December 31, 2025, compared to RMB 448,684,000 in 2024, indicating a decrease of about 28.8%[24] - The annual profit attributable to the company's owners for fiscal year 2025 was approximately RMB 159.9 million, a decrease of about RMB 120.0 million from RMB 279.9 million in fiscal year 2024[74] Revenue Breakdown - The group reported total revenue of RMB 7,788,614,000 for the year ended December 31, 2025, with paper products contributing RMB 7,418,041,000 and electricity and steam contributing RMB 363,807,000[20] - Revenue from contracts with customers was recognized at a point in time for paper products and electricity, totaling RMB 7,781,848,000, while revenue recognized over time was RMB 6,766,000[20] - The group’s revenue from the Chinese market was RMB 7,543,980,000, while overseas revenue was RMB 244,634,000 for the year ended December 31, 2025[20] - The group’s revenue for the year ended December 31, 2024, was RMB 8,047,605,000, with paper products contributing RMB 7,607,588,000 and electricity and steam contributing RMB 440,017,000[20] - The company’s total segment revenue for the year ended December 31, 2025, was RMB 8,548,610,000, compared to RMB 8,928,766,000 in 2024, indicating a decrease of about 4.3%[23] Assets and Liabilities - Non-current assets increased to RMB 8,056.5 million in FY2025 from RMB 7,553.9 million in FY2024[6] - Current liabilities increased to RMB 6,146.0 million in FY2025 from RMB 5,179.5 million in FY2024[7] - Total equity attributable to owners of the company was RMB 4,840.3 million in FY2025, slightly down from RMB 4,852.8 million in FY2024[7] - The group’s net current liabilities as of December 31, 2025, amounted to approximately RMB 663,570,000, indicating significant uncertainty regarding the group's ability to continue as a going concern[17] - The group’s financial statements are prepared based on historical cost, except for certain assets measured at fair value, indicating a conservative approach to financial reporting[17] Cash Flow and Financing - The net cash generated from operating activities for the fiscal year 2025 was approximately RMB 547.1 million, down from RMB 680.5 million in fiscal year 2024[80] - The net cash used in investing activities for fiscal year 2025 was approximately RMB 1,028.9 million, an increase from RMB 884.6 million in fiscal year 2024[80] - The net cash generated from financing activities for fiscal year 2025 was approximately RMB 404.6 million, compared to RMB 228.7 million in fiscal year 2024[81] - The group's net debt-to-equity ratio increased from approximately 16.4% as of December 31, 2024, to approximately 26.4% as of December 31, 2025, primarily due to an increase in bank borrowings[82] - As of December 31, 2025, the total bank borrowings amounted to RMB 4,111,428,000, an increase of 24.6% from RMB 3,298,300,000 in 2024[54] Expenses and Costs - Sales cost for fiscal year 2025 was approximately RMB 6,691.1 million, a reduction of about 2.3% from RMB 6,851.7 million in fiscal year 2024[68] - Administrative expenses for fiscal year 2025 were recorded at RMB 492.9 million, accounting for approximately 6.3% of total revenue, compared to 6.1% in fiscal year 2024[71] - Financing costs for the year ended December 31, 2025, were RMB 109,998,000, down from RMB 151,408,000 in 2024, showing a reduction of about 27.4%[30] - Total employee costs, including directors' remuneration, increased to RMB 535,127,000 in 2025 from RMB 497,418,000 in 2024, reflecting a growth of 7.6%[33] - Research and development expenses rose significantly to RMB 16,297,000 in 2025, up from RMB 9,369,000 in 2024, marking a 74.5% increase[33] Inventory and Receivables - The company reported a total inventory of RMB 696,117,000 in 2025, up from RMB 506,501,000 in 2024, indicating a 37.4% increase[38] - Trade receivables, net of expected credit loss provisions, increased to RMB 843,623,000 in 2025 from RMB 632,139,000 in 2024, representing a growth of 33.4%[38] - The expected credit loss provision for trade receivables at year-end 2025 was RMB 39,535,000, an increase from RMB 30,104,000 in 2024, reflecting a rise of 31.3%[40] - Prepayments and other receivables increased to RMB 644,502,000 in 2025 from RMB 566,221,000 in 2024, reflecting a growth of approximately 13.8%[44] Corporate Actions and Future Outlook - The company completed a 40% equity acquisition in a joint venture, enhancing its leadership position in the specialty paper segment[62] - The company has implemented a digital transformation strategy to enhance management efficiency and operational effectiveness[61] - The company will continue to focus on the paper manufacturing core business and optimize product structure and service models to enhance market share and industry influence[64] - The company aims to strengthen talent support and enhance digital construction to improve operational efficiency and business control capabilities[65] Shareholder Information - The company did not recommend a final dividend for the year ending December 31, 2025, compared to a final dividend of HKD 0.05 per share in 2024, which amounted to RMB 49,316,000[35] - The company will suspend shareholder registration procedures from June 9, 2026, to June 12, 2026, to determine eligibility for attending the annual general meeting[97] - The record date for shareholders entitled to attend and vote at the annual general meeting is June 12, 2026[97] - The annual general meeting notice will be published on the company's website and the Hong Kong Stock Exchange website[98] - The performance announcement will be available on the company's website and the Hong Kong Stock Exchange website[99] - The annual report for the fiscal year 2025 will be sent to shareholders and published on the company's website at an appropriate time[99] - The board expresses gratitude to all shareholders, customers, suppliers, banks, professionals, and employees for their continued support[100]

Financial Performance - The company's revenue for the year ended December 31, 2025, was HKD 51,305,000, representing a 25.9% increase from HKD 40,684,000 in 2024[3] - The operating loss for the year was HKD 40,476,000, compared to a loss of HKD 31,195,000 in the previous year, indicating a deterioration in operational performance[3] - The net loss attributable to the owners of the company was HKD 43,532,000, up from HKD 21,120,000 in 2024, reflecting a significant increase in losses[4] - The segment loss before tax for 2025 was HKD 45,378,000, compared to a loss of HKD 37,075,000 in 2024, indicating a deterioration in performance[30] - The group recorded a net loss of approximately HKD 45,378,000 for the year ending December 31, 2025, with net current liabilities and net liabilities amounting to approximately HKD 66,681,000 and HKD 102,901,000 respectively[13] - The group reported a total comprehensive loss of approximately HKD 49,001,000, an increase of about 30.3% from the previous fiscal year's loss of approximately HKD 37,596,000[76] Assets and Liabilities - The total assets of the company increased to HKD 80,443,000 in 2025 from HKD 75,054,000 in 2024, showing a growth of 7.9%[5] - The company's current liabilities rose to HKD 86,649,000 in 2025, compared to HKD 73,272,000 in 2024, indicating an 18.4% increase in financial obligations[5] - The total liabilities rose to HKD 183,344,000 in 2025, compared to HKD 180,404,000 in 2024, reflecting a slight increase in financial obligations[30] - The total equity increased to HKD 20,000,000 in 2025 following the issuance of an additional 1,220,000,000 shares[49] Cash Flow and Liquidity - The company’s cash and cash equivalents decreased to HKD 2,443,000 in 2025 from HKD 13,857,000 in 2024, reflecting a decline in liquidity[5] - The group plans to implement strict cost control measures to improve operating cash flow and accelerate the collection of receivables[15] - The board has reviewed cash flow forecasts and believes the group will have sufficient financial resources to meet its financial obligations over the next twelve months[16] - The financing costs slightly decreased by approximately HKD 978,000 to about HKD 4,902,000, primarily related to interest on outstanding lease liabilities[82] Revenue Streams - Revenue from the sale of bioregenerative, collagen, and anti-aging skincare products surged to HKD 21,990,000 in 2025, up from HKD 1,078,000 in 2024[33] - Revenue from accommodation operations and property facility management for the year was approximately HKD 26,730,000, a decrease of about 25.4% compared to the previous fiscal year, primarily due to a downturn in the Chinese hotel market and a reduction in occupancy rates[56] - The group recorded revenue of approximately HKD 29,315,000 in the accommodation business segment, a decrease of about 26.0% compared to the previous fiscal year’s revenue of approximately HKD 39,606,000[76] - The healthcare and beauty business contributed approximately HKD 21,990,000 in revenue for the year, a significant increase from HKD 1,078,000 in the previous year[76] Operational Strategies - The company is implementing a series of operational improvement plans, including enhancing accommodation project facilities and employee performance schemes, to improve service quality and customer satisfaction[56] - The company is actively adjusting its business strategies to develop personalized accommodation products and management services, aiming to enhance brand and product upgrades[55] - Management is focusing on enhancing the performance of the healthcare and beauty business segments to improve the group's financial condition[14] - The company is focusing on research and development in areas such as collagen-based products and targeted anti-aging therapies to gain a competitive edge[69] Corporate Governance and Compliance - The company has established a high standard of corporate governance to protect shareholder interests and maintain business integrity[99] - The audit committee reviewed the financial reporting procedures and internal controls, with no disagreements on the accounting policies adopted[101] - The company confirmed compliance with all relevant regulations and standards in Hong Kong and other applicable jurisdictions during the year[97] Future Plans and Developments - The company plans to change its English name to "Biosysen Limited" to better align with its future business development direction[51] - The company is pursuing the acquisition of a 37.5% stake in Beisheng Biotechnology, which has established a comprehensive synthetic biology infrastructure[72] - The company anticipates a net amount of approximately HKD 39,100,000 raised from a rights issue to support the development of its healthcare and beauty business[68] - The company announced a proposed acquisition of 100% equity in Ono Hong Kong Limited for a total consideration of HKD 22,000,000, with a deposit of HKD 15,000,000 paid as of December 31, 2025[50]

(Incorporated in the Cayman Islands with limited liability) Stock Code 8059 (於開曼群島註冊成立的有限公司) 2025 年度報告 Annual Report (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) 年度報 告 Annual Report 2025 CHARACTERISTICS OF THE GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should ...

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之內容概不負責，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倚賴該等 內容而引致之任何損失承擔任何責任。 安徽皖通高速公路股份有限公司 ANHUI EXPRESSWAY COMPANY LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份編號： 995） 2025年度業績公告 安徽皖通高速公路股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及 其附屬公司（「本集團」）截至2025年12月31日止財政年度（「報告期」）按香港財務報 告準則會計準則（「香港財務報告準則會計準則」）編製並經審計的業績，連同2024 年度比較數字，列示如下，本公司審計委員會對2025年度業績進行了審閱。 – 1 – 一. 財務摘要 （除另有說明外，所有金額均以人民幣千元為單位） 合併損益表 截至二零二五年十二月三十一日止年度 （除另有說明外，所有金額為人民幣千元） | | | 2025 | 2024 | | --- | --- | --- | --- | | | 附註 | 人民幣千元 | 人民幣千元 | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 全年業績 截至二零二五年十二月三十一日止年度 高力集團有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司及其附屬公司（「本集團」）截至 二零二五年十二月三十一日止年度之經審核綜合業績，連同截至二零二四年十二月三十一日止 年度之比較數字如下： 綜合損益及其他全面收益表 | | | 截至十二月三十一日止年度 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | 收入 | 3 | 3,616,089 | 3,445,784 | | 銷售及服務成本 | | (2,920,813) | (2,796,715) | | 毛利 | | 695,276 | 649,069 | | 其他收入 | | 20,906 | 23,401 | | 銷售及分銷成本 | | (179,755) | (168,168) | | 行政費 ...