Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 1,490,029, a decrease of 38.2% compared to RMB 2,409,916 in 2024[3] - Gross profit for the year was RMB 266,864, down 33.1% from RMB 399,202 in the previous year[3] - The company reported a loss from continuing operations of RMB 69,173, compared to a profit of RMB 902,977 in 2024, representing a significant decline[4] - Basic and diluted loss per share for continuing operations was RMB 3.22, compared to earnings of RMB 39.50 per share in 2024[4] - Total comprehensive loss for the year was RMB 69,762, compared to a comprehensive income of RMB 894,139 in the previous year[5] - The adjusted loss before tax for the continuing operations was RMB 51,819 thousand, with segment losses of RMB 32,171 thousand[22] - The company reported a net profit before tax of RMB 929,643,000, with a significant increase in unallocated income and expenses amounting to RMB 30,042,000[24] - The net loss attributable to owners of the company was RMB 75,030,000 in 2025, compared to a profit of RMB 921,078,000 in 2024[47] Assets and Liabilities - Non-current assets decreased to RMB 270,927 from RMB 343,983 in 2024, reflecting a decline of 21.2%[6] - Current assets decreased to RMB 923,305 from RMB 1,086,099, a reduction of 15.0%[6] - Total liabilities decreased to RMB 786,502 from RMB 921,841, indicating a reduction of 14.7%[7] - The company's equity attributable to owners decreased to RMB 378,100 from RMB 461,599, a decline of 18.0%[7] - Total assets amounted to RMB 1,194,232 thousand, with segment assets of RMB 1,127,288 thousand[22] - Total liabilities were RMB 786,502 thousand, with segment liabilities of RMB 762,672 thousand[22] Cash Flow and Expenditures - Cash and cash equivalents increased significantly to RMB 234,359 from RMB 93,765, showing a growth of 150.5%[6] - Capital expenditures for the year were RMB 8,903 thousand, including investments in property, plant, and equipment[23] - Capital expenditures for the year totaled RMB 39,173,000, which includes investments in property, plant, and equipment[25] - The total financial costs decreased to RMB 10,916,000 in 2025 from RMB 30,162,000 in 2024[39] Revenue Segmentation - Total revenue for the year ended December 31, 2025, was RMB 1,490,029 thousand, with external sales of RMB 168,362 thousand from imaging printing products and RMB 1,321,667 thousand from medical products and equipment[22] - The medical business, which accounts for 88.7% of total revenue, reported a revenue of RMB 1,321.7 million, down 39.3% from RMB 2,176.2 million[83] - Non-medical business revenue fell by 27.9% to RMB 168.4 million, with a gross profit margin decline of 1.9 percentage points to 15.6%[86] Impairment and Provisions - The provision for trade receivables impairment decreased to RMB 52,758,000 in 2025 from RMB 64,084,000 in 2024[49] - The company recorded a net impairment loss provision of RMB 9,861,000 for financial assets measured at amortized cost in 2025, compared to a reversal of RMB 603,000 in 2024[55] - The impairment provision for loans to the business partner increased to RMB 48,576,000 as of December 31, 2025, up from RMB 30,720,000 in 2024[57] Market and Strategic Initiatives - The Chinese medical health industry is projected to reach approximately RMB 12.4 trillion by 2025, with the medical device market expected to reach RMB 1.22 trillion[66] - The IVD market is expected to exceed RMB 140 billion by 2025, driven by demand for precision medicine and technological innovations[66] - The company aims to expand its market share and become a leading IVD product distributor in China, focusing on precision oncology and advanced molecular diagnostics[64] - The company continues to expand its overseas market, focusing on its own brands "Yes!Star" and "Yestar Smart," particularly in medical imaging products, achieving record high overseas revenue in 2025[67] Corporate Governance and Compliance - The company has received confirmation from its controlling shareholders regarding compliance with non-competition commitments during the year[110] - The company has adopted the standard code of conduct for securities trading by directors and has confirmed compliance throughout the year[111] Future Outlook - The company is currently evaluating the impact of new international financial reporting standards that are expected to come into effect in 2026 and 2027[16] - The company is analyzing the new requirements introduced by IFRS 18, which replaces IAS 1, to assess its impact on financial statement presentation and disclosures[18] - The company plans to strengthen its overseas market expansion, particularly in Vietnam, the Middle East, Africa, and other Southeast Asian markets[105]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 北京京城機電股份有限公司 Beijing Jingcheng Machinery Electric Company Limited （在中華人民共和國註冊成立之股份有限公司） （股份代號：0187） 2025年年度業績公告 北京京城機電股份有限公司（「本公司」或「公司」）董事會（「董事會」）謹此公佈本公司及其附屬公司（「本 集團」）截至2025年12月31日止年度（「報告期」）的按照《中國企業會計準則》編製之經審計初步綜合業 績如下： 一、財務資料 （除特別註明外，金額單位為人民幣元） 合併資產負債表 2025年12月31日 | 編製單位：北京京城機電股份有限公司 | | 單位：元 | 幣種：人民幣 | | --- | --- | --- | --- | | 項目 | 附註 | 2025年12月31日 | 2024年12月31日 | | 流動資產： | | | | | 貨幣資金 | | 622,657, ...

Financial Performance - The total revenue for the year ended December 31, 2025, was approximately RMB 1,649.6 million, a decrease of about 15.3% compared to RMB 1,947.2 million for the year ended December 31, 2024, primarily due to reduced revenue in the online education segment caused by market conditions [4]. - The net loss for the year was approximately RMB 729.1 million, mainly due to goodwill and intangible asset impairment of approximately RMB 548.2 million and net impairment losses on financial assets of approximately RMB 140.2 million [4]. - The gross profit for the year was RMB 569.3 million, down from RMB 870.2 million in the previous year, reflecting a significant decline in profitability [6]. - The basic and diluted loss per share for the year was RMB 0.1765, compared to a profit of RMB 0.0003 per share in the previous year [7]. - The company reported a total comprehensive loss of RMB 696.3 million for the year, compared to a total comprehensive income of RMB 26.7 million in the previous year [7]. - The group reported a pre-tax loss of RMB 666,584,000 for the year ended December 31, 2025, compared to a pre-tax profit of RMB 11,411,000 in 2024 [18][23]. - The company reported a pre-tax loss of RMB 744,274,000 for 2025, compared to a profit of RMB 1,190,000 in 2024 [28]. - The adjusted net loss for the year ending December 31, 2025, was approximately RMB 639.6 million, compared to an adjusted net profit of approximately RMB 180.1 million for the year ending December 31, 2024 [51]. Assets and Liabilities - The total assets of the group as of December 31, 2025, were approximately RMB 10,788.6 million, with cash reserves of approximately RMB 3,396.1 million [4]. - The total liabilities increased, with current liabilities totaling RMB 4,089.5 million compared to RMB 3,463.8 million in the previous year [8]. - Non-current liabilities decreased to RMB 1,457.9 million from RMB 1,853.6 million in the previous year [9]. - The equity attributable to owners of the parent company decreased to RMB 4,322.3 million from RMB 5,036.2 million in the previous year [9]. - As of December 31, 2025, the group recorded net current liabilities of RMB 491,198,000, including contract liabilities of RMB 896,349,000 to be settled through educational services [12]. - Current assets decreased from approximately RMB 4,222.3 million as of December 31, 2024, to about RMB 3,598.3 million as of December 31, 2025, primarily due to a reduction in cash and cash equivalents [52]. - Current liabilities increased from approximately RMB 3,463.8 million as of December 31, 2024, to about RMB 4,089.5 million as of December 31, 2025, mainly due to an increase in contract liabilities and borrowings [52]. Revenue Segmentation - The campus education segment generated revenue of RMB 1,395,708, while the online education segment contributed RMB 253,881, resulting in a total segment revenue of RMB 1,653,994 [18]. - Total revenue for the year ended December 31, 2025, reached RMB 1,649,589,000, with campus education contributing RMB 1,395,708,000 and online education contributing RMB 253,881,000 [24]. Expenses and Cost Management - Sales expenses decreased by approximately 31.9% from RMB 180.3 million for the year ending December 31, 2024, to about RMB 122.8 million for the year ending December 31, 2025, due to optimization of sales and marketing personnel structure and reduced promotional costs [45]. - Administrative expenses decreased by approximately 14.1% from RMB 483.0 million for the year ending December 31, 2024, to about RMB 414.7 million for the year ending December 31, 2025, attributed to effective control of administrative costs [46]. - Other expenses increased significantly by approximately 209.3% from RMB 185.9 million for the year ending December 31, 2024, to about RMB 575.0 million for the year ending December 31, 2025, primarily due to impairment of goodwill and intangible assets [47]. - Financing costs decreased by approximately 3.4% from RMB 136.4 million for the year ending December 31, 2024, to about RMB 131.8 million for the year ending December 31, 2025, due to optimization of financing costs [48]. Investments and R&D - The group invested approximately RMB 500 million in education-related R&D over the past five years, focusing on "AI-enabled education" as a strategic priority [37]. - The group has invested at least RMB 1.5 billion in campus infrastructure over the past five years to enhance the teaching environment and facilities [39]. - The company incurred research and development costs of RMB 49,250,000 in 2025, down from RMB 84,682,000 in 2024 [25]. Operational Highlights - The number of full-time new students in the group's schools reached approximately 27,000, representing a year-on-year increase of about 20.0%, with undergraduate new students numbering around 22,000, up approximately 28.0% [36]. - The group has hosted or managed 10 schools across various provinces, with a total student population of nearly 100,000, including over 65,000 full-time undergraduates [35]. - The group’s schools achieved significant results in innovation and practical ability training, winning nearly 1,000 honors at various competitions [37]. Financial Resources and Future Outlook - The group has sufficient financial resources, including available financing of RMB 827,471,000 as of December 31, 2025, to meet its financial obligations in the foreseeable future [12]. - The group plans to continue developing a digital and intelligent service platform for learning, employment, and entrepreneurship, covering all aspects from enrollment to employment [40]. - The group aims to strengthen the integration of education with industry, enhancing the cultivation of applied talents through collaboration with regional industrial clusters [39]. Corporate Governance - The audit committee reviewed the accounting standards and internal controls for the group's financial reporting during the year [70]. - The independent auditor confirmed that the financial data in the preliminary announcement is consistent with the group's financial statements [71]. - The group remains bound by a court injunction preventing the enforcement of share pledges as of the announcement date [58]. Dividends and Securities - The company did not recommend any dividends for the year, consistent with the previous year [33]. - The group has not declared any final dividends for the reporting period [67]. - The group has not purchased, sold, or redeemed any listed securities during the reporting period [68].

Financial Performance - Revenue for the year ended December 31, 2025, was $14,711,323, an increase of 5.3% from $13,975,441 in 2024[5] - Gross profit for 2025 was $7,736,020, compared to $7,528,851 in 2024, reflecting a gross margin improvement[5] - Operating profit for the year was $20,304,100, a significant recovery from an operating loss of $15,193,328 in 2024[5] - The net loss for the year narrowed to $4,492,154 from $38,872,162 in the previous year, indicating a substantial improvement in financial performance[8] - The company reported a total comprehensive loss of $2,628,304 for the year, significantly lower than the loss of $40,491,305 in 2024[8] - The company reported a profit before income tax of $938,606 for the year ended December 31, 2025, a significant recovery from a loss of $38,366,314 in 2024[52] - The Group reported a loss of USD 4.5 million for the year ended December 31, 2025, a significant decrease from a loss of USD 38.9 million in 2024, largely due to a one-off gain from the disposal of an associated company[120] Expenses and Cost Management - Research and development expenses decreased to $9,802,627 from $10,867,929, showing a focus on cost management[5] - Total expenses for sales cost, research and development, selling and distribution, general and administrative expenses, and net impairment losses were $24,773,000 in 2025, down from $25,751,086 in 2024, reflecting a decrease of 3.8%[60] - Selling and distribution expenses increased by 11.2% to USD 1.8 million for the year ended December 31, 2025, mainly due to increased marketing efforts in the intelligent sense business[114] - The cost of inventories sold decreased to $4,219,302 in 2025 from $5,455,943 in 2024, reflecting a reduction of 22.7%[60] Assets and Liabilities - Total assets as of December 31, 2025, were $154,804,602, up from $151,200,295 in 2024[10] - Total liabilities increased to $27,260,390 in 2025 from $20,611,200 in 2024, representing a growth of approximately 32%[12] - Current liabilities rose significantly to $13,620,380 in 2025, up from $7,184,247 in 2024, indicating an increase of about 90%[12] - Non-current assets decreased to $97,703,845 from $122,041,973, primarily due to a reduction in investments accounted for using the equity method[10] - Trade receivables from third parties increased to USD5,225,494 in 2025 from USD3,177,238 in 2024, reflecting a significant growth in receivables[80] - The net trade receivables amounted to USD4,549,662 in 2025, up from USD3,148,722 in 2024, indicating improved collection efficiency[80] Segment Performance - For the year ended December 31, 2025, segment revenue from CAM was $11,220,573, and from intelligent sense was $3,437,443, totaling $14,711,323[50] - The segment results for CAM were $2,684,542, while intelligent sense reported a loss of $1,733,139, leading to a total segment result of $7,237,960[50] - Intelligent sense sales revenue for 2025 was approximately USD 3.4 million, accounting for 23.4% of the Group's total revenue, up from USD 2.5 million in 2024[98] Taxation - Current income tax for the year ended December 31, 2025, was $2,927,218, with an additional under provision from prior years of $759[68] - Deferred income tax for the current year was $2,502,783, leading to a total income tax expense of $5,430,760 for 2025[68] - The Group's income tax expenses rose significantly from USD 0.5 million in 2024 to USD 5.4 million in 2025, primarily due to tax expenses from the disposal of equity interest in an associated company[119] Dividend and Shareholder Information - Proposed final dividend for the year ended 31 December 2025 is HK$0.01 (approximately USD0.001) per share, totaling USD417,548, to be presented at the upcoming annual general meeting[77] - The board recommended an annual dividend of HK$0.01 per share for the year ended 31 December 2025[170] - The proposed final dividend is expected to be payable on 23 June 2026, pending shareholder approval[171] Corporate Governance - The company has complied with the Corporate Governance Code except for the separation of the roles of chairman and chief executive[186] - The company will continue to review and monitor its practices to comply with the Corporate Governance Code[187] - The Company has adopted the Model Code for securities transactions by Directors, confirming compliance by all Directors for the year ended December 31, 2025[191] Market and Business Strategy - The company is engaged in the development and sales of conditional access modules, smart sensing-oriented products, and integrated circuit solutions[18] - The Group aims to maintain market share in Europe for CAM products while expanding into emerging markets and enhancing product offerings[161] - In the smart sensing business, the Group will focus on increasing R&D reuse rates and exploring opportunities in the drone and robotics markets[162] - The company will adjust its new energy business strategy to focus on commercial and industrial energy storage products for overseas markets[164] Other Information - The consolidated financial statements are prepared in accordance with HKFRS Accounting Standards and comply with the Hong Kong Companies Ordinance[20] - There have been no significant events after the end of the reporting period[169] - The Group has no significant contingent liabilities as of December 31, 2025[148] - The Group did not enter into any foreign currency forward contracts or use derivative contracts to hedge against currency risk in 2025[152]

Financial Performance - Profit attributable to owners increased by 73.3% to HKD 71,452,000 compared to HKD 41,232,000[3] - Basic earnings per share rose by 75.0% to HKD 0.35 from HKD 0.20[3] - Total comprehensive income for the year reached HKD 93,232,000, significantly up from HKD 28,543,000[4] - The company reported a pre-tax profit of HKD 14,597,000 for the year, compared to a loss in the previous year, reflecting improved operational efficiency[13] - The group’s net profit attributable to owners for the year was approximately HKD 71,452,000, up from HKD 41,232,000 in the previous year[53] Revenue and Income - Interest and financing advisory service revenue decreased by 7.9% to HKD 93,585,000 from HKD 101,595,000[3] - Total revenue for the year ended December 31, 2025, was HKD 103,793,000, an increase from HKD 101,595,000 in 2024, representing a growth of approximately 2.15%[13] - Interest income from financial assets not measured at fair value through profit or loss totaled HKD 96,352,000, down from HKD 105,608,000 in 2024, indicating a decrease of about 8.43%[11] - Revenue from financing services was HKD 93,585,000, while education services contributed HKD 10,208,000, marking a significant entry into the education sector[13] - Revenue from the Hong Kong market decreased to HKD 22,221,000 from HKD 30,609,000, a decline of about 27.5%[15] - Revenue from the Chinese market increased slightly to HKD 71,364,000 from HKD 70,986,000, reflecting a growth of approximately 0.53%[15] Assets and Liabilities - Non-current assets increased to HKD 485,643,000 from HKD 444,088,000[5] - Current assets decreased to HKD 1,227,375,000 from HKD 1,294,508,000[5] - Total liabilities decreased to HKD 856,932,000 from HKD 985,685,000[5] - Net assets increased to HKD 834,550,000 from HKD 733,660,000[6] - Total receivables decreased from HKD 2,140,875,000 in 2024 to HKD 1,893,893,000 in 2025, with a significant reduction in impairment from HKD 1,142,804,000 to HKD 978,815,000[24] Expenses - Employee costs, including director remuneration, decreased to HKD 47,178,000 from HKD 49,424,000, a reduction of about 4.55%[19] - General and administrative expenses decreased by 9.5% to approximately HKD 111,213,000 for the fiscal year[52] - Total employee costs for the fiscal year were approximately HKD 47,178,000, a decrease of about 4.5% compared to the previous year[57] Impairment and Losses - The company reported a net loss from financial instruments of HKD 21,755,000, an improvement from HKD 44,206,000 in the previous year[3] - The impairment loss on receivables was HKD 21,755,000, a decrease from HKD 44,206,000 in 2024, showing a reduction of approximately 50.8%[19] - The company recognized a loss of HKD 4,931,000 from changes in the fair value of investment properties, compared to a loss of HKD 343,000 in 2024[18] - The company recognized a loss of HKD 3,838,000 from the sale of recovered assets during the year[26] Market and Strategic Developments - The company has expanded its operations into the UK market, generating HKD 10,208,000 in revenue for the first time[15] - The group aims to integrate generative artificial intelligence and advanced data analytics into its credit assessment process in 2026 to reduce operational costs and enhance risk prevention[36] - The group plans to launch more flexible mortgage products targeting "new citizens" in first-tier cities and small and medium-sized enterprises[39] - The group has maintained a focus on risk management to ensure long-term stability and development amid intense market competition[35] - The group anticipates a "fragile recovery" in the global economy for 2026, with continued vigilance regarding macroeconomic uncertainties[36] Capital and Financing - Total borrowings decreased from HKD 661,739,000 in 2024 to HKD 569,292,000 in 2025, with a notable increase in loans from related parties[28] - The outstanding borrowings and loans, along with unsecured bonds, amounted to approximately HKD 579,292,000, a decrease of about 13.8% compared to the previous year[54] - The group actively reviews and manages its capital structure in response to changes in economic conditions[55] Dividends and Shareholder Information - The company did not declare or propose any dividends for the two years reported[21] - The group did not recommend a final dividend for the fiscal year, consistent with the previous year[67] - The board expresses gratitude to all shareholders for their strong support during the fiscal year[78] Compliance and Reporting - The company has applied new Hong Kong Financial Reporting Standards with no significant impact on financial performance[9] - The consolidated financial statements for the year ending December 31, 2025, have been approved by the auditors and are consistent with the amounts approved by the board[76] - The annual report for the fiscal year 2025 will be published on the company's website and the Hong Kong Stock Exchange website[77] - The audit committee consists of five independent non-executive directors and has reviewed the annual financial report for compliance with relevant financial reporting standards and regulations[75]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 First Service Holding Limited 第一服务控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） 摘 要 （股 份 代 號：2107） 截 至2025年12月31日止年度之 全年業績公告 – 1 – • 截 至2025年12月31日止年度的收益為人民幣1,341.2百 萬 元，與 截 至 2024年12月31日止年度的人民幣1,327.0百萬元相比增加約1.1%。 • 截 至2025年12月31日止年度的毛利為人民幣289.2百 萬 元，與 截 至 2024年12月31日止年度的人民幣309.7百萬元相比減少約6.6%。 • 截 至2025年12月31日止年度的毛利率為21.6%，同 比 下 降 約1.7個 百 分 點。其 中，物 業 管 理 服 務 的 毛 利 率 為20.5%，增 值 服 ...

Financial Performance - For the year ending December 31, 2025, the operating revenue was RMB 12,577.27 million, an increase of 0.01% compared to the previous year[5]. - The profit before tax for the same period was RMB 2,343.59 million, a decrease of 24.83% year-on-year[5]. - The net profit attributable to the owners of the parent company was RMB 1,602.87 million, down 32.59% from the previous year[5]. - Basic earnings per share attributable to ordinary shareholders of the parent company was RMB 0.1666, a decrease of 37.04% compared to last year[5]. - Total comprehensive income for the year was RMB 1,816.196 million, down from RMB 2,617.955 million in the previous year[8]. - The company reported a decrease in operating profit to RMB 3,831.555 million from RMB 4,706.683 million in 2024[6]. - The company’s consolidated pre-tax profit for 2025 was CNY 2,343,593,000, down from CNY 3,117,869,000 in 2024, indicating a decline of approximately 24.8%[42]. - The profit attributable to the parent company's owners was RMB 1,602.87 million in 2025, a decrease of 32.59% from RMB 2,377.95 million in 2024[139]. - The profit margin for the year decreased from 20.81% in 2024 to 14.42% in 2025[138]. Assets and Liabilities - Non-current assets totaled RMB 89,504.487 million, a slight decrease from RMB 90,596.458 million in 2024[9]. - Current assets increased to RMB 25,680.583 million from RMB 24,948.074 million in 2024[9]. - Total liabilities decreased from RMB 77,970,379 thousand in 2024 to RMB 77,599,024 thousand in 2025, a reduction of approximately 0.5%[10]. - Current liabilities decreased from RMB 32,065,608 thousand in 2024 to RMB 25,172,183 thousand in 2025, a decrease of about 21.5%[10]. - Non-current liabilities increased from RMB 45,904,771 thousand in 2024 to RMB 52,426,841 thousand in 2025, an increase of approximately 14%[10]. - Total equity increased slightly from RMB 37,574,153 thousand in 2024 to RMB 37,586,046 thousand in 2025[11]. - The group’s total borrowings as of December 31, 2025, amount to RMB 69,434.26 million, reflecting a 1.72% increase from RMB 68,259.92 million in 2024[141]. Cash Flow and Financial Position - Cash and cash equivalents rose to RMB 2,411.082 million, compared to RMB 1,944.445 million in the previous year[9]. - Net current assets improved from a negative RMB 7,117,534 thousand in 2024 to a positive RMB 508,400 thousand in 2025[10]. - The group had unused bank credit facilities of approximately RMB 76,024.0 million as of December 31, 2025, with RMB 18,662.0 million not requiring renewal within the next 12 months[19]. - The company believes it has sufficient resources to meet its obligations and continue as a going concern for at least the next twelve months[20]. Revenue Sources - Total revenue from contracts with customers for 2025 was CNY 12,549,600, a slight increase from CNY 12,547,455 in 2024, representing a growth of 0.01%[46]. - Electricity sales revenue for 2025 was CNY 12,455,243, down from CNY 12,464,349 in 2024, indicating a decrease of 0.07%[46]. - Other services revenue increased to CNY 94,357 in 2025 from CNY 83,106 in 2024, reflecting a growth of 13.6%[46]. - Government grants received amounted to CNY 390,513 in 2025, compared to CNY 378,581 in 2024, showing an increase of 3.2%[50]. Expenses and Costs - Operating expenses rose by 11.40% to RMB 9,263.09 million in 2025, compared to RMB 8,314.81 million in 2024[132]. - Financial expenses net amount decreased by 6.63% to RMB 1,501.03 million in 2025, compared to RMB 1,607.62 million in 2024[135]. - The income tax expense for 2025 was RMB 529,851 thousand, compared to RMB 500,348 thousand in 2024, indicating an increase of approximately 5.9%[54]. - Employee compensation costs, including salaries and benefits, amounted to RMB 1,497,273 thousand in 2025, up from RMB 1,448,074 thousand in 2024, reflecting a year-over-year increase of about 3.4%[52]. Investments and Capital Expenditures - The company invested CNY 6,636,010,000 in non-current segment assets during the year, with CNY 3,482,725,000 in wind power and CNY 3,153,285,000 in photovoltaic assets[37]. - Capital expenditures for 2025 are projected to be RMB 7,310.61 million, a significant decrease of 57.71% from RMB 17,287.06 million in 2024[144]. Compliance and Governance - The company has adhered to the corporate governance code and has not encountered any major legal disputes requiring director liability insurance[169]. - The audit committee has reviewed the company's performance for the fiscal year 2025 and the financial statements prepared in accordance with international financial reporting standards[173]. - The company organized compliance management training for 108 employees across 19 subsidiaries to strengthen compliance awareness[124]. Future Outlook and Strategic Initiatives - The company aims to achieve a total installed capacity of 360 GW for wind and solar power by 2035, as part of the national strategy for green and low-carbon energy transition[156]. - The company plans to enhance operational capabilities and improve performance metrics by strengthening economic activity analysis and cost control measures[159]. - The company is focused on acquiring high-quality renewable energy resources and accelerating project implementation to drive growth[160]. - The company emphasizes compliance management to ensure risks are controlled and adheres to regulatory requirements[162].

Financial Performance - The group recorded a revenue decline of 14.3% compared to the previous period, with a net loss narrowing by 35.8% to approximately RMB 130.0 million (previous period: RMB 202.4 million) [3] - The group's total revenue decreased by 14.3% to approximately RMB 835.4 million compared to the previous period's RMB 974.5 million [25] - The net loss narrowed by 35.8% from approximately RMB 202.4 million to about RMB 130.0 million [11] - Revenue for the year ending December 31, 2025, is projected to be RMB 835,443,000, a decrease of 14.3% from RMB 974,488,000 in 2024 [46] - The company reported a net loss of approximately RMB 129,957,000 for the year ending December 31, 2025 [53] - The company reported a net loss attributable to shareholders of RMB 129,050,000 in 2025, an improvement from a loss of RMB 202,151,000 in 2024 [87] - Basic loss per share improved to RMB (12.12) in 2025 from RMB (25.27) in 2024 [87] Cost Management - Total sales, distribution, general, and administrative expenses decreased by 20.7% from approximately RMB 465.1 million to about RMB 369.0 million during the reporting period [3] - Employee costs decreased by 18.9% through organizational adjustments in response to market changes [10] - Selling and distribution expenses decreased by 20.5% to approximately RMB 333.0 million, mainly due to enhanced cost management [33] - General and administrative expenses fell by 22.2% to approximately RMB 36.0 million, attributed to controlled employee costs and office rent [34] - The group has implemented cost-saving measures, reducing sales and distribution expenses by approximately RMB 85,825,000, from about RMB 418,831,000 for the year ending December 31, 2024, to approximately RMB 333,006,000 [56] - General and administrative expenses have decreased by approximately RMB 10,248,000, from about RMB 46,254,000 for the year ending December 31, 2024, to approximately RMB 36,006,000 [56] Inventory and Cash Management - Total inventory significantly reduced by 35.2% to approximately RMB 148.2 million, with inventory turnover days decreasing from 141 days to 115 days [10] - Cash conversion cycle improved from 97 days to 64 days, indicating more efficient cash management [38] - Trade payables decreased from RMB 116,960,000 in 2024 to RMB 111,234,000 in 2025, indicating a reduction in short-term obligations [53] Strategic Initiatives - The group launched several new products under its Pic it brand in 2025, achieving encouraging sales performance and enhancing core competitiveness [8] - The group successfully entered the TCG market through a strategic partnership with a top global IP, launching multiple official card stores in key cities in mainland China [6] - The group plans to expand its TCG division and retail experiences related to the Pokémon brand, exploring new brands and innovative business models [11] - The company plans to continue expanding new sales channels and product lines, expecting significant positive contributions to cash flow in 2026 [54] - The company is exploring new market expansion opportunities and potential mergers and acquisitions to drive future growth [46] Operational Adjustments - The group focused on optimizing its retail network by closing underperforming stores and reallocating resources to high-potential businesses [9] - The number of self-operated retail stores decreased from 140 at the beginning of 2025 to 97 at the end of the year, with 7 new stores opened and 50 closed [16] - The number of consignment counters decreased from 378 to 330, with 16 new counters opened and 64 closed during the reporting period [18] - Online stores increased from 36 to 38, with four flagship stores opened and two closed on third-party platforms [19] - The number of distributors decreased from 270 to 256, with 74 new distributors added and 88 agreements not renewed [22] Future Projections - The strategic adjustments implemented in 2025 are expected to lay a solid foundation for continuous improvement in financial performance in 2026 and beyond [3] - The company plans to focus on improving operational efficiency and reducing costs to enhance profitability in the upcoming year [46] - The company anticipates that new sales channels and product lines will significantly improve overall operational performance and cash flow [54] Assets and Liabilities - Total assets are expected to decrease to RMB 377,668,000 from RMB 454,217,000 in 2024, reflecting a decline of 16.8% [47] - Current assets are projected to be RMB 263,691,000, down 22.2% from RMB 339,182,000 in 2024 [47] - Total liabilities for the company are projected to be RMB 348,900,000 as of December 31, 2025 [53] - As of December 31, 2025, the company's net current liabilities amounted to RMB 85,209,000, and net liabilities totaled RMB 133,540,000 [53] Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed and confirmed the group's annual performance for the reporting period [116] - The company has adopted the corporate governance code as per the listing rules and has complied with all mandatory disclosure requirements [111] - The independent auditor's report confirms that the consolidated financial statements reflect the group's financial position as of December 31, 2025, in accordance with Hong Kong Financial Reporting Standards [113]

Financial Performance - The group's revenue for the year ended December 31, 2025, was approximately HKD 28,400,000, an increase of about 11% from HKD 25,500,000 in 2024[4] - Significant increase in underwriting and placement service income, contributing approximately HKD 12,300,000, compared to HKD 6,900,000 in 2024[4] - Securities brokerage service commission income doubled to approximately HKD 1,000,000 from HKD 500,000 in 2024[4] - Net loss for the year ended December 31, 2025, was HKD 17,300,000, a reduction of approximately 45% from a net loss of HKD 31,700,000 in 2024[4] - Basic loss per share for the year ended December 31, 2025, was HKD 0.4318, compared to HKD 1.0616 in 2024 (restated)[5] - The group reported revenue from customer contracts of HKD 13,391,000 for 2025, a significant increase of 72% compared to HKD 7,751,000 in 2024[21] - The group incurred a pre-tax loss of HKD 11,531,000 for 2025, an improvement from a loss of HKD 31,289,000 in 2024[26] - The basic loss per share for 2025 was HKD 0.43, compared to HKD 1.06 in 2024, indicating a reduction in loss per share[28] - The net loss for the year ended December 31, 2025, was HKD 17.3 million, a decrease of approximately 45% compared to the net loss of HKD 31.7 million in 2024[76] Assets and Liabilities - Total assets as of December 31, 2025, amounted to HKD 182,471,000, an increase from HKD 135,471,000 in 2024[6] - Total liabilities decreased to HKD 13,207,000 in 2025 from HKD 16,500,000 in 2024[7] - The company's equity increased to HKD 195,655,000 in 2025 from HKD 138,372,000 in 2024[7] - Trade receivables from margin clients increased to HKD 102,217,000 in 2025 from HKD 76,755,000 in 2024, representing a growth of 33.2%[31] - Total trade receivables decreased to HKD 88,217,000 in 2025 from HKD 55,134,000 in 2024, reflecting a reduction of 60.1%[31] - The provision for losses on trade receivables decreased to HKD 14,261,000 in 2025 from HKD 26,378,000 in 2024, a decline of 46.1%[34] - The total loans receivable decreased to HKD 48,657,000 in 2025 from HKD 74,416,000 in 2024, a decline of 34.7%[36] - The provision for losses on loans receivable was HKD 7,007,000 in 2025, down from HKD 26,667,000 in 2024, a reduction of 73.7%[36] Revenue Sources - The income from placement and underwriting services increased to HKD 4,369,000 in 2025, compared to HKD 1,258,000 in 2024, marking a growth of 348%[21] - The total trading volume for the company's securities brokerage services in 2025 was HKD 870,300,000, a 129% increase from HKD 379,300,000 in 2024[44] - The commission income from securities brokerage services for 2025 was approximately HKD 1,000,000, doubling from HKD 500,000 in 2024[44] - The interest income from securities margin financing decreased by approximately 32% to HKD 8,100,000 in 2025, down from HKD 11,900,000 in 2024[45] - The interest income from lending services increased by approximately 17% to HKD 6,900,000 in 2025, compared to HKD 5,900,000 in 2024[45] Share and Capital Management - The total issued and paid-up shares as of December 31, 2025, were 60,910,013, with a par value of HKD 0.400[40] - The company completed a share consolidation resulting in a reduction of shares from 25 billion to 1.25 billion, maintaining the same capital amount of HKD 500,000[40] - The company issued a total of 36,546,008 shares at a subscription price of HKD 1.66 per share, raising approximately HKD 60,500,000 net of direct transaction costs[41] - The company raised approximately HKD 59.3 million through a rights issue at HKD 1.66 per share[70] - The total amount raised from the placement was approximately HKD 14.29 million, with a net amount of approximately HKD 13.86 million[67] Operational Expenses - Other operating expenses increased to HKD 19,400,000 in 2025 from HKD 11,700,000 in 2024[4] - Employee benefits expenses rose by approximately 25% to about HKD 8.6 million in 2025, up from approximately HKD 6.9 million in 2024[72] - The total operating expenses for the year increased to approximately HKD 19.4 million in 2025 from HKD 11.8 million in 2024[76] Client and Market Insights - Major clients contributing 10% or more to the group's revenue included Client I with HKD 2,723,000 in 2025, up from HKD 2,595,000 in 2024[20] - The company’s five largest clients accounted for approximately 35% of total revenue in 2025, down from 47% in 2024, with the largest client contributing about 10% of total revenue[61] - The company is optimistic about the performance of the Hong Kong and Chinese stock markets in 2026, despite ongoing geopolitical tensions and economic challenges[87] - The company anticipates that the favorable economic conditions in Hong Kong and China will boost investor confidence and market participation, positively impacting its revenue from securities and bond placements[59] Governance and Compliance - The audit committee, composed of three independent non-executive directors, has reviewed the company's financial reporting procedures and confirmed compliance with applicable accounting principles and regulations[97] - The company will continue to review its corporate governance practices to meet increasing regulatory demands and stakeholder expectations[90] - The company maintains a public float of at least 25% of its issued shares, in compliance with listing rules[89] Future Plans and Strategic Initiatives - The company plans to use the net proceeds from the share placements for general working capital[41] - The company plans to raise approximately HKD 60,700,000 through a rights issue, with net proceeds expected to be around HKD 59,300,000, allocated for various investments including virtual asset trading license applications and margin financing services[62][63] - The company aims to enhance its market positioning and maintain a robust financial status while diversifying its service offerings[88] - The company plans to explore opportunities in the virtual assets and distressed assets sectors, including potential acquisitions of companies engaged in these businesses, to drive strategic growth[88] Employee and Workforce Management - The group employed 25 employees as of December 31, 2025, down from 27 employees in 2024, with 5 new hires and 9 departures during the year[86]

Financial Performance - The group's revenue decreased by approximately RMB 241.7 million or 20.4% to about RMB 943.3 million for the year ended December 31, 2025[3]. - Gross profit fell by approximately RMB 177.2 million or 19.8% to about RMB 717.0 million compared to the year ended December 31, 2024[3]. - EBITDA decreased by approximately RMB 112.0 million or 22.9% to about RMB 377.1 million for the year ended December 31, 2025[3]. - Profit attributable to equity holders decreased by approximately RMB 67.4 million or 21.2% to about RMB 251.2 million compared to the previous year[3]. - Total comprehensive income for the year was RMB 249.0 million, down from RMB 319.4 million in the previous year[5]. - The company's revenue for the year ending December 31, 2025, was approximately RMB 943.3 million, a decrease of about RMB 241.7 million or 20.4% compared to RMB 1,185.0 million for the year ending December 31, 2024, primarily due to adjustments in marketing strategies leading to reduced procurement by distributors[49]. - Net profit for the year ending December 31, 2025, was approximately RMB 251.2 million, a decrease of RMB 67.4 million or 21.2% compared to RMB 318.6 million for the year ending December 31, 2024[62]. Assets and Liabilities - Non-current assets increased to RMB 513.4 million from RMB 495.0 million in the previous year[6]. - Current assets totaled RMB 1,775.7 million, slightly up from RMB 1,756.2 million in 2024[6]. - The net asset value decreased to RMB 1,376.7 million from RMB 1,466.3 million in the previous year[7]. - Total bank loans and other borrowings amounted to RMB 584.266 million as of December 31, 2025, compared to RMB 426.916 million as of December 31, 2024[25]. - The current ratio decreased from 2.5 on December 31, 2024, to 2.2 on December 31, 2025, with net current assets of approximately RMB 957.4 million[63]. - Total interest-bearing bank and other borrowings increased from approximately RMB 426.9 million as of December 31, 2024, to approximately RMB 584.2 million as of December 31, 2025, an increase of RMB 157.3 million[64]. - The debt-to-equity ratio increased from approximately 29.1% on December 31, 2024, to approximately 42.4% on December 31, 2025[66]. Revenue Sources - Total revenue from external customers decreased to RMB 943,258,000 in 2025 from RMB 1,185,004,000 in 2024, representing a decline of approximately 20.4%[12]. - Revenue from a major customer (Customer A) decreased to RMB 137,410,000 in 2025 from RMB 148,375,000 in 2024, a decline of about 7.9%[13]. - Revenue from the sales of Jin Sang Zi throat lozenges (OTC) was approximately RMB 873.0 million, down RMB 222.3 million or 20.3% from RMB 1,095.3 million in the previous year, attributed to a decline in sales volume[49]. - Revenue from the sales of Jin Sang Zi throat treasure series products was approximately RMB 65.3 million, a decrease of RMB 21.4 million or 24.7% compared to RMB 86.7 million in the previous year, also due to a decline in sales volume[49]. - The flagship product, Jin Sangzi throat lozenges (OTC), accounted for approximately 92.6% of the total revenue for the year ending December 31, 2025[30]. - The sales of other products accounted for approximately 0.5% of the total revenue for the year ending December 31, 2025[33]. Expenses and Costs - The pre-tax profit before deductions was impacted by a decrease in the cost of sales to RMB 226,248,000 in 2025 from RMB 290,820,000 in 2024, a reduction of approximately 22.2%[17]. - Total financial costs decreased slightly to RMB 14,384,000 in 2025 from RMB 15,363,000 in 2024, a decline of about 6.4%[18]. - Income tax expense for the year was RMB 77,658,000 in 2025, down from RMB 118,647,000 in 2024, a decrease of approximately 34.5%[19]. - Selling and distribution expenses were approximately RMB 313.5 million for the year ending December 31, 2025, down RMB 42.4 million or 11.9% from approximately RMB 355.9 million for the year ending December 31, 2024[57]. - Administrative expenses decreased from approximately RMB 117.1 million for the year ending December 31, 2024, to approximately RMB 96.8 million for the year ending December 31, 2025, a reduction of RMB 20.3 million or 17.3%[58]. - The sales cost decreased from approximately RMB 290.8 million for the year ending December 31, 2024, to approximately RMB 226.2 million for the year ending December 31, 2025, primarily due to a reduction in sales volume of Jin Sang Zi throat lozenges (OTC)[52]. Product Development and Market Strategy - The company is focusing on expanding its product range and enhancing organizational capabilities to strengthen its market position in the throat lozenge market and increase its market share in China's pharmaceutical and food sectors[45]. - The company plans to maintain and promote its "Jin Sang Zi" brand to enhance brand recognition and image in China, aiming to make it a household name for effective and safe throat lozenge products[47]. - The company is developing a new product line, Jin Sang Zi propolis soothing spray, designed for throat discomfort, which will be primarily sold through online platforms[44]. - The company is investing in the development of probiotics with proprietary strains and advanced technologies, aiming to capture the growing health-conscious consumer market in China[43]. - The company has diversified its product offerings with the Jin Sangzi throat treasure series, which includes sugar-free options to cater to different consumer preferences[31]. - The new product, Jin Sangzi Propolis Soothing Spray, was launched in 2025, targeting throat discomfort with herbal ingredients and is primarily sold online[33]. Digital Presence and Expansion - The company has established an online flagship store for Jin Sangzi throat treasure on Tmall, enhancing its digital presence and product accessibility[32]. - The company continues to adapt to the online consumption trend, having established flagship stores on platforms like Tmall and WeChat, with plans for further expansion in online sales channels by 2025[46]. - The company has expanded its international presence, exporting products to over 60 countries, with new markets including South Korea, Peru, Ecuador, and Uzbekistan in 2025[37]. - The distribution network covers all provinces and municipalities in China, with a focus on enhancing cooperation with key distributors and online pharmacies[38]. - The company has signed agency agreements with all 10 ASEAN countries, successfully exporting products to nine of them[39]. - The company has established promotional agreements with 11 promoters to leverage local market knowledge and enhance product visibility[40]. Corporate Governance and Management - The board proposed a final dividend of HKD 0.34 per share, subject to approval at the upcoming annual general meeting[3]. - The company secretary, Ms. Li, has resigned effective March 27, 2026, with no disagreements reported with the board[86]. - Ms. Qu has been appointed as the new company secretary, effective March 27, 2026, bringing over ten years of experience in corporate secretarial services[87]. - The board expresses gratitude to Ms. Li for her contributions during her tenure and welcomes Ms. Qu to her new role[88]. Future Outlook and Investments - The group plans to continue strengthening its leading position in the throat lozenge market and expand its market share in China's pharmaceutical and food sectors in 2026[74]. - The group has committed to invest approximately RMB 154 million in the construction of a new pharmaceutical production and R&D base in Liuzhou, Guangxi, by December 31, 2025[72]. - The second phase of the new base, covering 50,000 square meters, is under construction and will include a health industry production facility and R&D center, expected to enhance innovation in health products[48]. - The group is actively enhancing its production capacity, expanding its product portfolio, and strengthening R&D capabilities to promote synergy among different product segments[74]. - The unutilized proceeds from the initial public offering are expected to be fully utilized by 2028[77]. - The financial data presented does not constitute audited accounts for the year ending December 31, 2025, but is extracted from the consolidated financial statements reviewed by the auditor, Ernst & Young[84]. - The audited annual results and the 2025 annual report will be published on the Stock Exchange and the company's website in due course[85].