Financial Performance - Revenue reached RMB 641.5 million, an increase of approximately 42.3% compared to RMB 450.7 million in 2024[4] - Profit attributable to equity shareholders was RMB 63.5 million, up about 21.4% from RMB 52.3 million in 2024[4] - Adjusted net profit (non-HKFRS) was RMB 76.2 million, a 45.6% increase from RMB 52.4 million in 2024[4] - Gross margin improved to 33.4%, up 0.4 percentage points from 33.0% in 2024[4] - Net profit for 2025 was approximately RMB 61.1 million, reflecting a 16.9% increase from RMB 52.3 million in 2024[31] - Adjusted net profit (non-HKFRS measure) for 2025 reached RMB 76.2 million, a 45.6% increase from RMB 52.4 million in 2024, driven by strong sales growth and improved cost control[34] - Total revenue for 2025 was RMB 641.5 million, up from RMB 450.7 million in 2024, reflecting a significant growth in sales[38] - Gross profit for 2025 was approximately RMB 214.3 million, a 44.0% increase from RMB 148.7 million in 2024, with a gross margin of 33.4%[21] - The company's sales cost rose to approximately RMB 427.2 million in 2025, a 41.5% increase from RMB 302.0 million in 2024, primarily due to increased production costs and material usage[22] - Cash and cash equivalents increased to RMB 419.3 million as of December 31, 2025, compared to RMB 101.8 million in 2024, primarily due to proceeds from the IPO[36] - Shareholders' equity rose from RMB 125.8 million in 2024 to RMB 530.6 million in 2025, mainly due to IPO proceeds and continued profitability[35] - Operating cash flow for 2025 was RMB 37.9 million, down from RMB 78.9 million in 2024, impacted by increased inventory and receivables[41] Market Position and Strategy - Market share in the Chinese folding bicycle market was approximately 26.3% and 36.5%, maintaining the leading position[6] - The company expanded its retail network to over 850 points in China and established a sales network in over 40 countries[8] - The company plans to expand its distribution network and enhance online operations, focusing on high-potential international markets such as the US, Europe, and Southeast Asia[15] - The global folding bicycle retail market is projected to grow from RMB 23.1 billion in 2024 to RMB 40.7 billion in 2029, with a compound annual growth rate of approximately 12.0%[13] - The company aims to upgrade its brand from "industry-known" to "consumer-desired" through cross-industry collaborations and enhanced retail experiences[13] Research and Development - Continuous investment in R&D is planned, focusing on high-end talent acquisition and enhancing the collaborative efficiency of the R&D team[13] - Research and development expenses increased to approximately RMB 24.1 million in 2025, a 37.5% rise from RMB 17.6 million in 2024, driven by hiring more R&D personnel and product development[28] - The company has 140 valid patents, including 22 invention patents, enhancing its technological leadership[8] Online and E-commerce Initiatives - The company has established online stores on major e-commerce platforms like Amazon and Walmart, enhancing its penetration and brand influence in key markets such as the US, Europe, the UK, and Australia[10] - Online sales increased significantly, contributing RMB 167.9 million in 2025, up 67.7% from RMB 100.2 million in 2024[19] Dividend and Shareholder Information - The board proposed a final dividend of RMB 1.118 per ordinary share for the year ending December 31, 2025[4] - Total dividends declared for the year ended December 31, 2025, amounted to RMB 35,000,000, with a proposed final dividend of RMB 36,658,000 pending shareholder approval[62] - The audited profit available for distribution to shareholders as of December 31, 2025, is approximately RMB 635 million[89] Financial Management and Cash Flow - The company raised approximately RMB 407.9 million from its global offering, with net proceeds of about RMB 313.9 million after expenses[74] - The company plans to allocate 30% of the net proceeds to enhance production facilities and supply chain systems, with an expected completion date of September 9, 2030[74] - Trade payables decreased to RMB 59,920,000 in 2025 from RMB 82,049,000 in 2024, indicating improved cash flow management[69] - The company has no trade receivables overdue by 90 days or more as of December 31, 2025, compared to RMB 17,967,000 in 2024, suggesting effective credit management[68] Corporate Governance and Compliance - The audit committee has reviewed the financial results for the year ending December 31, 2025, and confirmed compliance with applicable accounting standards[85] - The company is committed to maintaining high corporate governance standards to protect shareholder interests[82] - The company plans to hold the annual general meeting on May 14, 2026[91] Future Outlook - The global bicycle market is experiencing a post-pandemic demand adjustment, with some overseas markets entering destocking phases, prompting the company to focus on the more stable growth of the Chinese mainland market[11] - The "Shared 360" project aims to evolve into an open ecosystem strategy, enhancing collaboration with innovative manufacturers and technology companies[15]

Financial Performance - For the fiscal year ending December 31, 2025, the company's revenue was RMB 53,150,000, a slight decrease of 0.43% from RMB 53,380,000 in 2024[3] - The gross profit for the year was RMB 514,000, compared to a gross loss of RMB 6,208,000 in the previous year, indicating a significant recovery[3] - Operating loss increased to RMB 50,829,000 from RMB 31,546,000 in 2024, reflecting ongoing challenges in operational efficiency[3] - The company reported a net loss attributable to owners of RMB 61,932,000, compared to a loss of RMB 50,808,000 in the previous year, representing an increase in losses[3] - Basic and diluted loss per share was RMB 4.85, compared to RMB 4.45 in 2024, indicating a worsening of per-share performance[3] - The fair value loss on investment properties was RMB 18,900,000, significantly higher than the loss of RMB 7,900,000 in the previous year, impacting overall profitability[3] - The group reported a net loss attributable to shareholders of RMB 61,932,000 for the year ended December 31, 2025, compared to a loss of RMB 50,808,000 in 2024, representing an increase in losses[27] - The basic loss per share for 2025 was RMB 4.85, compared to RMB 4.45 in 2024, indicating a deterioration in per-share performance[27] - The group recorded a net loss of approximately RMB 61,932,000 for the year, with current liabilities exceeding current assets by about RMB 241,481,000[51] - The group has ongoing concerns regarding its ability to continue as a going concern due to significant uncertainties related to its financial position[51] Assets and Liabilities - The total assets decreased to RMB 940,919,000 from RMB 958,528,000 in 2024, showing a decline of approximately 1.9%[4] - Total liabilities slightly decreased to RMB 777,065,000 from RMB 784,031,000, indicating a reduction in financial obligations[5] - Current liabilities exceeded current assets by approximately RMB 241,481,000 as of December 31, 2025[14] - The company has overdue borrowings of approximately RMB 24,940,000 included in current liabilities[14] - The group has a total accounts receivable of RMB 7,614,000 as of December 31, 2025, up from RMB 7,348,000 in 2024, with a provision for impairment of RMB 5,113,000[29] - The group's accounts payable as of December 31, 2025, totaled RMB 57,222,000, with significant amounts overdue for more than one year[43] Cash Flow and Financing - Cash and cash equivalents increased to RMB 12,536,000 from RMB 1,450,000, reflecting improved liquidity[4] - The company signed a financing agreement with a bank for RMB 230,000,000 in March 2024, with an unused bank loan amount of RMB 205,060,000 as of December 31, 2025[15] - The group has successfully negotiated a repayment schedule with banks to extend the maturity of installment loans, enhancing liquidity[18] - The group has the ability to draw down unused bank financing of RMB 205,060,000 and an additional loan of RMB 50,000,000 from an independent third party, improving financial flexibility[18] - The group's total outstanding bank loans as of December 31, 2025, amounted to approximately RMB 214.2 million, with an annual loan repayment of approximately RMB 1.6 million[78] Operational Efficiency - The company continues to focus on managing its operational costs, with administrative expenses reduced to RMB 21,487,000 from RMB 26,035,000 in 2024[3] - The group's sales cost for the year was approximately RMB 52.6 million, a decrease of about 11.7% compared to RMB 59.6 million for the year ended December 31, 2024[70] - The group's selling expenses for the year were approximately RMB 3.7 million, a decrease of about 8.2% from RMB 4 million in the previous year[73] - The group's administrative expenses for the year were approximately RMB 21.5 million, a decrease of about 17.5% from RMB 26 million for the year ended December 31, 2024[74] Property Development and Sales - The group generated RMB 27,592,000 from property sales in 2025, a significant increase from RMB 8,319,000 in 2024, reflecting a strong recovery in this segment[22] - Revenue from tourism property development increased by approximately 231.7% to about RMB 27,600,000, driven by the sale and delivery of units in the Guanshan Yue Pavilion[56] - A total of 83 units of the Guanshan Yue Pavilion were sold and delivered, accounting for about 19.3% of the total saleable construction area[56] - The company plans to continue expanding its tourism property development business, with the sale of units from the joint development projects expected to continue into 2026[61] - The company anticipates that the sales of its tourism properties will continue to be a key business focus through 2026[61] Corporate Governance and Compliance - The company is committed to high standards of corporate governance and has complied with the relevant code provisions during the period[92] - The audit committee is composed entirely of independent non-executive directors and has reviewed the group's annual performance for the year[95] - The company has established an audit committee in compliance with corporate governance code requirements[95] - The board of directors does not recommend any final dividend for the current year, consistent with the previous year[90] Future Outlook - The company anticipates a gradual recovery in property sales in 2025 and maintains a cautiously optimistic outlook for the real estate market in 2026[15] - The company expects to resolve the audit issues by the fiscal year ending December 31, 2026, assuming no significant changes occur, which may lead to the removal of the audit qualification[88] - The company is actively seeking additional financing sources to improve its financial position and support operations[21]

Financial Performance - Revenue for the fiscal year 2025 reached RMB 290.9 million, a slight increase of 0.8% compared to RMB 288.5 million in fiscal year 2024[3] - Gross profit increased by 12.9% to RMB 180.0 million from RMB 159.5 million year-on-year[3] - Profit before tax decreased by 5.3% to RMB 94.9 million from RMB 100.2 million in the previous year[3] - Net profit for the year was RMB 71.4 million, down 11.4% from RMB 80.6 million in fiscal year 2024[3] - The net income for the year ending December 31, 2025, was RMB 71,356,000, down from RMB 80,635,000 in 2024, indicating a decrease of 11.6%[25] - Basic and diluted earnings per share decreased to RMB 9.26 from RMB 10.46 in the previous year[4] - The income tax expense for fiscal year 2025 was RMB 26.3 million, up from RMB 19.5 million in fiscal year 2024, due to a lower proportion of income from subsidiaries benefiting from reduced tax rates[57] - Net profit for fiscal year 2025 was RMB 71.4 million, with a net profit margin of 24.5%, down from RMB 80.6 million and 27.9% in fiscal year 2024[59] Assets and Liabilities - Total assets increased to RMB 659.9 million in fiscal year 2025, up from RMB 522.7 million in fiscal year 2024[5] - Total liabilities increased to RMB 245.3 million, compared to RMB 179.4 million in the previous year[6] - The company's equity attributable to owners increased to RMB 414.6 million from RMB 343.2 million[6] - Trade receivables rose significantly to RMB 384.3 million from RMB 203.2 million year-on-year[5] - As of December 31, 2025, the total borrowings of the group amounted to RMB 132.5 million, with 15.1% classified as non-current liabilities and 84.9% as current liabilities[61] - The capital-to-debt ratio decreased from 34.3% as of December 31, 2024, to 34.0% as of December 31, 2025, primarily due to no new leases in the fiscal year 2025[61] Revenue Breakdown - Revenue from brand services increased to RMB 116,672,000 in 2025 from RMB 100,205,000 in 2024, reflecting a growth of 16.4%[18] - Revenue from brand services was RMB 116.7 million, accounting for 40.1% of total revenue, up from RMB 100.2 million or 34.7% in fiscal year 2024[49] - Online media advertising service revenue decreased to RMB 17.6 million, a year-on-year decline of 70.9%[40] - Event execution and production service revenue increased to RMB 65.2 million, a year-on-year growth of 10.1%[42] - Advertising placement service revenue reached RMB 71.4 million, reflecting a year-on-year increase of 40.3%[44] Expenses and Costs - Selling and marketing expenses rose from RMB 18.5 million in fiscal year 2024 to RMB 26.4 million in fiscal year 2025, driven by increased staffing and operational costs[54] - Administrative and other operating expenses increased from RMB 45.1 million in fiscal year 2024 to RMB 48.6 million in fiscal year 2025, mainly due to a larger administrative team[55] - Other net income decreased from RMB 8.9 million in fiscal year 2024 to RMB 1.7 million in fiscal year 2025, primarily due to the absence of government subsidies received in the previous year[52] Corporate Governance - The company has adopted the corporate governance code and has complied with all applicable provisions except for specific deviations regarding the roles of the chairman and CEO[74][75] - The audit committee has been established in accordance with the listing rules and is responsible for reviewing the financial reporting process and internal control systems[80] - The audit committee reviewed the consolidated annual performance for fiscal year 2025 and confirmed that the financial statements were prepared in accordance with applicable accounting standards[81] - The company will continue to review and monitor its corporate governance practices to ensure compliance with the corporate governance code[77] Strategic Initiatives - The company continues to focus on expanding its brand, advertising, and marketing services in China[7] - The company plans to launch multiple AI initiatives in 2026, including the operation of an AI flagship store and the development of an autonomous ecosystem for AI robotics[36] - The company has signed new strategic cooperation agreements with key clients across various fields, including digital economy and smart governance, to expand its market presence[32] - The company is focusing on AI technology to enhance brand service efficiency and quality, particularly in advertising strategy formulation and content creation[41] - The company is exploring new consumption scenarios and AI applications in media resources, aiming to create new growth opportunities[46] Awards and Recognition - The company has received industry recognition, including a silver award at the 9th DMAA International Digital Marketing Awards for its project in urban cultural tourism[33] - The company won a silver award at the 9th DMAA International Digital Marketing Awards for the "Daiye City Cultural Tourism IP Creation" project[39] Miscellaneous - The company did not declare or pay any dividends for the years ending December 31, 2025, and 2024[24] - The company did not have any significant contingent liabilities as of December 31, 2025[66] - There were no major acquisitions or disposals of subsidiaries, associates, or joint ventures in fiscal year 2025[67] - The company did not buy, sell, or redeem any listed securities during the reporting period and held no treasury shares as of December 31, 2025[79] - The annual report for fiscal year 2025 will be sent to shareholders and made available on the company's website[83]

Financial Performance - The company's total revenue for the year ended December 31, 2025, was approximately RMB 2,196.3 million, an increase of RMB 53.0 million or 2.5% compared to RMB 2,143.3 million in 2024[4] - Gross profit for the same period was RMB 1,220.8 million, reflecting a growth of RMB 42.2 million or 3.6% from RMB 1,178.6 million in 2024[6] - Net profit for the year was RMB 222.3 million, a slight decrease of 0.8% compared to RMB 224.2 million in 2024[4] - The operating profit for the year ended December 31, 2025, was RMB 308.8 million, down from RMB 318.0 million in 2024, reflecting a decrease of approximately 2.4%[67] - The company's basic earnings per share for 2025 were RMB 2.86, slightly down from RMB 2.95 in 2024, calculated based on a weighted average of 77,602,740 shares[87] - The company incurred a total tax expense of RMB 78,387,000 in 2025, down 6.5% from RMB 84,163,000 in 2024[85] Revenue Sources - Online sales for the year reached RMB 875.5 million, an increase of RMB 37.2 million or 4.4% from RMB 838.3 million in 2024[13] - The core brand "Bama" generated revenue of RMB 1,955.9 million, showing stable growth, while "Xinjihao" and "Wanshanhong" achieved revenues of RMB 189.6 million and RMB 42.4 million respectively[17] - Revenue from self-produced products was RMB 1,289.6 million, a 21.6% increase from RMB 1,060.6 million in 2024, while revenue from third-party OEM products decreased by 16.5% to RMB 898.3 million[19] - Revenue from tea sales was RMB 1,953,366 thousand, up 2.8% from RMB 1,901,031 thousand in the previous year[76] Store and Market Expansion - The company had a total of 3,773 offline stores by the end of 2025, a net increase of 269 stores from 3,504 at the beginning of the year[8] - The number of franchise stores increased to 3,538, up from 3,255 in 2024, while direct-operated stores decreased to 235 from 249[8] - The company aims to optimize its store network and increase penetration in untapped markets, focusing on key cities and business districts[21] - The company has identified "second-tier cities" such as Foshan and Shenyang for potential market growth[110] - The company defines "new first-tier cities" as including Chengdu, Hangzhou, Chongqing, and others, indicating a focus on expanding in these regions[109] Customer Engagement and Satisfaction - The company achieved a customer satisfaction index ranking first in the tea chain store category for three consecutive years from 2023 to 2025[7] - By the end of 2025, the company had 4.1 million followers and over 26 million members on its online platforms, indicating steady growth in customer base and market penetration[13] Operational Efficiency - The real-time retail GMV grew by 90% year-on-year, driven by the integration of online and offline channels[14] - The company is actively pursuing store image upgrades and innovative transformations to enhance customer experience and drive sales growth[12] - The company utilizes SKU (Stock Keeping Unit) for inventory management, indicating a structured approach to product tracking[112] Financial Position and Assets - As of December 31, 2025, the total equity of the group was approximately RMB 1,701.0 million, an increase from RMB 1,127.5 million as of December 31, 2024[58] - Cash and cash equivalents amounted to RMB 889.1 million as of December 31, 2025, compared to RMB 347.2 million as of December 31, 2024[59] - The company reported a net asset value of RMB 1,701,048 thousand for 2025, a significant increase of 50.7% compared to RMB 1,127,472 thousand in 2024[69] - The company's total liabilities rose to RMB 507,128,000 in 2025, compared to RMB 382,446,000 in 2024, reflecting a significant increase of 32.6%[93] Expenses and Cost Management - Selling and distribution expenses increased to RMB 700.3 million, a 1.2% rise from RMB 692.2 million in 2024, with advertising costs rising significantly[33] - Administrative expenses surged by 29.8% to RMB 215.1 million, up from RMB 165.7 million in 2024, due to costs associated with global offerings[34] - Employee costs, including director remuneration, totaled RMB 356,705 thousand, reflecting an increase of 3.5% from RMB 345,881 thousand in 2024[83] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions since its listing date until December 31, 2025[101] - The audit committee has reviewed the annual performance and the audited consolidated financial statements prepared in accordance with international financial reporting standards[105] - The company has confirmed compliance with the standard code for securities transactions by directors from the listing date until December 31, 2025[102] Future Plans and Investments - The company plans to invest in multiple smart, digital factories in key tea-producing regions over the next 3 to 5 years to enhance production capacity and optimize product structure[25] - The company plans to utilize approximately 35% of the net proceeds from the global offering, amounting to HKD 136.5 million, for the expansion and upgrading of production and supply chain facilities by 2027[65] Shareholder and Dividend Policy - The company did not declare a final dividend for 2025, compared to a dividend of RMB 0.48 per share in 2024, indicating a shift in dividend policy[95] - The company has decided not to distribute profits for the current year, with a previously declared dividend of RMB 0.48 per share for the year ending December 31, 2024[97] Miscellaneous - The annual general meeting is scheduled for April 21, 2026, at 10:00 AM in Wuyishan, Fujian Province, China[98] - The H-share register will be closed from April 16 to April 21, 2026, to determine eligibility for attending and voting at the annual general meeting[99] - The company has not purchased, sold, or redeemed any of its listed securities from the listing date until December 31, 2025[103]

Financial Performance - For the year ending December 31, 2025, revenue was approximately RMB 11.82 billion, a decrease of about 26.5% compared to 2024[2] - The annual gross profit margin was 6.1%, down by 2.7 percentage points from 2024[2] - The annual loss was approximately RMB 32.42 billion, compared to RMB 34.57 billion in 2024[2] - The loss attributable to equity holders of the company was approximately RMB 30.45 billion, down from RMB 33.08 billion in 2024[2] - Basic loss per share was RMB 1.0323, compared to RMB 1.1212 in 2024[4] - The board of directors did not recommend the payment of a final dividend for the year, consistent with 2024[2] - Total assets less current liabilities amounted to RMB -6.70 billion, compared to RMB -1.42 billion in 2024[6] - Non-current assets decreased from RMB 17.57 billion in 2024 to RMB 16.40 billion in 2025[6] - The company reported a net loss of RMB 3.24 billion for the year, compared to RMB 3.46 billion in 2024[5] - The company’s cash and cash equivalents increased to RMB 420.34 million from RMB 365.39 million in 2024[6] - For the year ending December 31, 2025, the group reported a net loss of RMB 3,242 million[11] - As of December 31, 2025, the group's current liabilities and total liabilities were RMB 23,097 million and RMB 8,564 million, respectively[11] - The total amount of bank and other loans and senior notes was RMB 23,247 million, with RMB 8,624 million and RMB 13,776 million maturing within the next twelve months[12] Revenue and Sales - Revenue from property sales decreased to RMB 10,795,886 thousand in 2025 from RMB 15,073,703 thousand in 2024, representing a decline of approximately 28.5%[19] - The group generated total revenue of RMB 11,816,957 thousand in 2025, down from RMB 16,068,790 thousand in 2024, indicating a decrease of about 26.5%[19] - Property sales revenue for 2025 is projected at RMB 10,179,909,000, a decrease of 27.5% from RMB 14,013,339,000 in 2024[20] - Total revenue for 2025 is expected to be RMB 11,104,856,000, down from RMB 14,917,079,000 in 2024, indicating a decline of 25.5%[20] - The group's contracted sales significantly declined during the period, reflecting ongoing challenges in the Chinese real estate market[11] - Total contracted sales for 2025 reached RMB 8,467 million, a decrease of 16.3% compared to 2024[68] - The total contracted building area for 2025 was 1,278,000 square meters, down 14.5% from 2024[68] Cost and Expenses - Interest income decreased significantly to RMB 2,412,000 in 2025 from RMB 16,259,000 in 2024, a drop of 85.2%[21] - Total interest expenses for 2025 amounted to RMB 2,982,194,000, down from RMB 3,381,381,000 in 2024, reflecting a reduction of 11.8%[22] - Employee costs decreased to RMB 273,649,000 in 2025 from RMB 422,826,000 in 2024, a decline of 35.3%[23] - The company reported a pre-tax loss of RMB 3,045,402,000 for 2025, compared to a loss of RMB 3,307,681,000 in 2024[29] - The company recorded a net loss from the sale of properties amounting to RMB 202,670,000 in 2025[21] - Gross profit fell by 48.9% from RMB 1.42 billion in 2024 to RMB 724.34 million in 2025, with a gross margin decline from 8.8% to 6.1%[36] - Sales cost is projected to decrease from approximately RMB 14.65 billion in 2024 to RMB 11.09 billion in 2025, a reduction of 24.3% attributed to decreased area of property sales[45] - General and administrative expenses are expected to decrease from approximately RMB 711 million in 2024 to RMB 617 million in 2025, a reduction of 13.3%[46] Debt and Financial Strategy - The group announced a debt restructuring plan to ensure sufficient financial resources to meet its obligations, including seeking a comprehensive solution for offshore debt[13] - The board believes that if all plans and measures are successfully implemented, the group will have sufficient operating funds for at least 12 months from December 31, 2025[15] - The company is actively exploring potential asset sale opportunities to improve liquidity[14] - The net debt ratio improved to -261.5% in 2025 from -418.6% in 2024, indicating a reduction in financial leverage[37] - The company has signed property development commitments amounting to approximately RMB 7.15 billion as of December 31, 2025, compared to RMB 5.78 billion in 2024[54] Market and Economic Outlook - The macroeconomic outlook indicates stable economic growth in 2026, with a focus on efficiency and structural optimization, supported by fiscal tools and structural reforms[133] - The real estate market in Henan is expected to follow a gradual recovery path, supported by policies focusing on both supply and demand, with core cities like Zhengzhou and Luoyang leading the recovery[136] - The overall decline in commodity housing sales is projected to narrow, with the market confidence continuing to recover[137] - The company aims to optimize public housing loans, mortgage rates, and tax incentives to stimulate housing demand further[136] Project Development and Operations - The company has 79 ongoing projects with a total construction area of approximately 7,145,172 square meters as of December 31, 2025[71] - Six new projects commenced construction in 2025, covering an area of 354,828 square meters[69] - A total of 69 projects were delivered, with a total building area of approximately 2,797,750 square meters[77] - The company is focusing on maintaining a safe and reasonable inventory structure to improve market performance[69] - The company is actively developing new residential projects, with "Nanyang Jianye Guangming Phase I" delivering 50,263 square meters[83] Cultural and Tourism Initiatives - The company aims to enhance cultural tourism in Henan through various projects, focusing on historical cities like Zhengzhou, Kaifeng, and Luoyang[103] - The Jianye Cultural Tourism sector has become a significant representative in China's cultural tourism industry, particularly in the integration of culture and tourism[103] - The Film Town has been recognized for its cultural influence, receiving praise from international diplomats and media[106] - Cumulative audience visits exceeded 58 million since operations began, with over 18 million visits in 2025 alone and a total of 32,576 performances[108] Governance and Compliance - The board of directors is ultimately responsible for overseeing the risk management and internal control systems[145] - The company has adhered to all provisions of the Corporate Governance Code as of December 31, 2025, except for specific clauses C.1.5 and F.1.3[159] - The audit committee reviewed the annual performance and the consolidated financial statements for the year ending December 31, 2025[164] - The company confirmed that all directors complied with the standards set out in the Securities Trading Code during the year ending December 31, 2025[162]

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本文件的內容 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，概不對因本文件全部 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。 ANDRE Yantai North Andre Juice Co., Ltd.* 02218 二零二五年年度業績公佈 烟 台 北 方 安 德 利 果 汁 股 份 有 限 公 司（「 本公司 」）董 事 會 欣 然 宣 佈 本 公 司 及 其 附屬公司截至二零二五年十二月三十一日止之經審計業績。本公佈列載 本公司二零二五年年度報告全文，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佈附載的資料之要求。本公司二零二五 年年度報告將於二零二六年四月八日在香港交易及結算所有限公司的網站 www.hkexnews.hk及本公司的網站www.andre.com.cn閱覽。 * 僅供識別 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 3 | | 董事長報告書 | 5 | | 管理層討論及分析 | 10 | | 董事、監事及高級管理層 | 28 | | ...

Financial Performance - The company reported a revenue of HKD 914,709,000 for the year ending December 31, 2025, representing an increase of 1.3% from HKD 897,521,000 in 2024[3]. - The gross profit for the year was HKD 513,637,000, slightly down from HKD 516,157,000 in the previous year, indicating a gross margin of approximately 56.2%[3]. - The company incurred a total loss of HKD 482,557,000 for the year, a significant increase from a loss of HKD 99,021,000 in 2024[4]. - The basic loss per share was HKD 7.67, compared to HKD 1.35 in the previous year, reflecting a substantial decline in profitability[4]. - The company reported a pre-tax loss of HKD 454.730 million for the year 2025, compared to a loss of HKD 97.979 million in 2024, indicating a significant increase in losses[17]. - The net loss for the fiscal year was approximately HKD 482.6 million, a significant increase from a net loss of HKD 99.0 million in the previous year, with a basic loss per share of HKD 0.0767[38]. - The company recorded a net loss attributable to shareholders of HKD 427,848,000 in 2025, compared to a loss of HKD 75,537,000 in 2024, representing a significant increase in losses[25]. Revenue Breakdown - Revenue from the pharmaceutical business was HKD 716.970 million in 2025, up from HKD 682.086 million in 2024, indicating a growth of about 5.1%[17]. - The fitness business generated revenue of HKD 197.739 million in 2025, a decrease from HKD 215.435 million in 2024, reflecting a decline of approximately 8.2%[17]. - The pharmaceutical business recorded revenue and gross profit of approximately HKD 717.0 million and HKD 500.8 million for the year ended December 31, 2025, representing a year-on-year increase of about 5.1% and a slight decrease of 0.1% respectively[40]. - Tongfang Pharmaceutical achieved revenue and gross profit of approximately RMB 563.9 million and RMB 461.8 million, reflecting a year-on-year increase of about 3.8% and 0.2% respectively[41]. - Chongqing Kangle reported revenue and gross profit of approximately RMB 100.1 million and RMB 12.7 million, with year-on-year increases of approximately 19.2% and 49.2% respectively[42]. Asset and Liability Changes - The company’s total assets decreased to HKD 602,379,000 from HKD 1,145,120,000 in 2024, indicating a reduction in asset base[6]. - The net current liabilities amounted to HKD 90,788,000, a significant change from a net current asset position of HKD 114,697,000 in 2024[5]. - The total liabilities to total assets ratio increased to 7.2% in 2025 from 5.5% in 2024, with total liabilities of HKD 76.5 million and total assets of HKD 1,065.2 million[46]. Impairment and Losses - The impairment losses related to goodwill and intangible assets accounted for HKD 406,417,000 of the total loss, primarily affecting the fitness business segment[10]. - The impairment loss on goodwill for 2025 amounted to HKD 111.541 million, with no such loss reported in 2024[21]. - The increase in net loss was primarily due to the termination of the franchise business in Taiwan and a slower-than-expected recovery in the fitness business, leading to impairment losses of approximately HKD 169.3 million related to a joint venture's receivables, HKD 123.9 million related to intangible assets, and HKD 111.5 million related to goodwill[38]. Operational Developments - The company is focusing on optimizing its pharmaceutical products and fitness services to enhance customer competitiveness and brand recognition[10]. - The company has secured bank financing totaling HKD 185,000,000, with HKD 110,000,000 available for withdrawal as of December 31, 2025[8]. - The company is actively negotiating with banks to secure financing for its operations and financial obligations[10]. - The company has restructured its internal reporting framework, leading to changes in the composition of reportable segments[13]. - The company has been actively pursuing legal actions against Active Gains and PJW for breaches of the sale agreement and shareholder agreement, with ongoing litigation expected to have minimal economic outflow implications[34]. - The company has denied allegations in the Cayman Islands petition filed by Active Gains, asserting that the continuation of operations is in the best interest of True Cayman and its shareholders[35]. - The company’s fitness franchise operations in Taiwan ceased on October 1, 2025, impacting overall business performance[37]. Employee and Operational Costs - Total employee costs increased to HKD 182,509,000 in 2025 from HKD 157,529,000 in 2024, reflecting a rise of 15.8%[24]. - The total depreciation and amortization expenses decreased to HKD 91,075,000 in 2025 from HKD 99,129,000 in 2024, a decline of 8.1%[25]. - The company incurred research and development expenses of HKD 8,366,000 in 2025, a decrease from HKD 34,630,000 in 2024, indicating a reduction of 75.8%[25]. Governance and Compliance - The company has applied all applicable principles of the Corporate Governance Code as per the Hong Kong Stock Exchange, with a deviation regarding the separation of roles between the Chairman and CEO[57]. - The audit committee has reviewed the accounting principles and practices adopted by the group for the year ending December 31, 2025[58]. - The group's auditor, BDO Limited, confirmed that the financial statements for the year ending December 31, 2025, are consistent with the audited consolidated financial statements[59]. - The board consists of three executive directors, one non-executive director, and three independent non-executive directors[62]. Dividend and Shareholder Information - The company did not recommend the payment of a final dividend for the year ended December 31, 2025, consistent with no dividends declared in 2024[27]. - The board has decided not to recommend any final dividend for the year ending December 31, 2025[55]. - No shares were purchased, sold, or redeemed by the company or any of its subsidiaries for the year ending December 31, 2025[60]. Future Outlook - The group plans to focus on existing advantageous businesses and explore development potential to create long-term value in a challenging market environment[52]. - The pharmaceutical business aims to leverage the "Healthy China" strategy, enhancing product development and expanding sales channels, including online marketing and overseas markets[53]. - The fitness business in Singapore is expected to face multiple challenges, including a gradually saturated industry environment and rising customer acquisition costs[54].

Financial Performance - Revenue for the year ended December 31, 2025, was approximately RMB 2,561.3 million, an increase of about 11.7% compared to RMB 2,292.4 million in 2024[5] - Net profit attributable to shareholders for 2025 was approximately RMB 194.1 million, up about 5.6% from RMB 183.8 million in 2024[5] - Gross profit margin for 2025 was approximately 25.3%, an increase of about 1.0 percentage points from 24.3% in 2024[5] - Basic earnings per share for 2025 was approximately RMB 0.09, an increase of RMB 0.01 from RMB 0.08 in 2024[5] - The total operating costs for 2025 were RMB 1,914,566 thousand, an increase of 10.3% from RMB 1,736,359 thousand in 2024[16] - The total profit for the group in 2025 was RMB 237,576 thousand, an increase from RMB 211,102 thousand in 2024, representing a growth of approximately 12.5%[30] - The consolidated net profit for 2025 was approximately RMB 169.9 million, remaining stable compared to RMB 169.8 million in 2024[65] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 10,423.2 million, compared to RMB 9,644.2 million in 2024[8] - Total liabilities as of December 31, 2025, were RMB 4,243.8 million, an increase from RMB 2,423.3 million in 2024[9] - Current liabilities totaled RMB 2,213.2 million in 2025, compared to RMB 1,574.5 million in 2024[9] - Non-current liabilities increased to RMB 2,030.6 million in 2025 from RMB 848.8 million in 2024[9] - The company reported a total equity attributable to shareholders of RMB 5,442,416 thousand, down from RMB 6,463,117 thousand in the previous year, reflecting a decrease of 15.8%[11] - The total liabilities and equity amounted to RMB 10,423,233 thousand, an increase of 8.1% from RMB 9,644,157 thousand in 2024[11] Revenue Sources - The main business income from electrolytic nickel was RMB 1,336,394 thousand, up 15.0% from RMB 1,161,909 thousand in 2024[16] - The sales volume of electrolytic nickel in 2025 was approximately 12,585 tons, a growth of about 25.9% from 9,998 tons in 2024[67] - The total revenue from the main business for 2025 was RMB 2,533.5 million, reflecting a growth rate of 12.1% compared to RMB 2,259.8 million in 2024[66] - The average selling price of electrolytic nickel in 2025 was approximately RMB 112,964 per ton, a decrease of about 3.9% from RMB 117,604 per ton in 2024; the average selling price of cathode copper was approximately RMB 71,505 per ton, an increase of 6.2% from RMB 67,326 per ton in 2024[56] Expenses - Selling expenses for 2025 increased by approximately 9.8% to RMB 19.3 million compared to RMB 17.6 million in 2024, primarily due to increased transportation costs[72] - Management expenses for 2025 rose by approximately 14.6% to RMB 234.7 million from RMB 204.9 million in 2024, mainly due to increased employee compensation and depreciation[73] - The group reported an impairment loss of approximately RMB 70.8 million in 2025, which partially offset the revenue[65] - In 2025, the group's financial expenses amounted to approximately RMB 51.1 million, an increase of RMB 16.6 million compared to RMB 34.5 million in 2024, primarily due to the acquisition of Huawao Mining and the associated bank loan interest expenses[74] Taxation - The income tax expense for 2025 was RMB 67,713 thousand, compared to RMB 41,308 thousand in 2024, reflecting a significant increase of approximately 63.9%[30] - The company continues to benefit from a preferential tax rate of 15% for certain subsidiaries, maintaining this rate for both 2025 and 2024[27][28][28] - The group recognized a deferred tax asset of RMB 26,029 thousand for losses in 2025, compared to RMB 3,307 thousand in 2024, indicating a significant increase in deferred tax assets[30] Investments and Acquisitions - The company completed the acquisition of Xinjiang Huawao Mining Co., Ltd. in June 2025, which is classified as a business combination under common control[11] - The group completed investments of approximately RMB 131.4 million in 2025 for the Karatunk mining project, enhancing daily mining and processing capabilities[59] - The group completed investments of approximately RMB 166.8 million in 2025 for the Fukang smelting plant to improve electrolytic nickel and cathode copper refining capabilities[60] - The group completed investments of approximately RMB 66.1 million in 2025 for mining upgrades and infrastructure projects in Xinjiang Yakes[61] - The group acquired a 51% stake in Huawo Mining for approximately RMB 1,098.08 million, completed on June 12, 2025, and consolidated its financial statements[63] Production and Operational Efficiency - The company produced 13,007 tons of electrolytic nickel in 2025, maintaining its position as the second-largest producer in China using sulfide nickel resources[54] - In 2025, the group produced 13,007 tons of electrolytic nickel, an increase of approximately 26.6% compared to 2024, and 9,007 tons of cathode copper, an increase of approximately 2.4%[55] - The group maintained a focus on safety and environmental protection, achieving safety production goals and adhering to national regulations in 2025[62] Future Outlook - The company plans to produce 13,000 tons of electrolytic nickel in 2026, representing an increase of approximately 7.8% compared to the 2025 production plan[95] - The projected production of cathode copper for 2026 is 9,762 tons, which remains unchanged from the 2025 production plan[95] - The company aims to produce 122,804 tons of fluorite powder in 2026[95] - The expected GDP growth target for China in 2026 is approximately 4.5%-5%[94] Shareholder Information - The board proposed a dividend distribution of approximately RMB 110.5 million, pending approval at the annual general meeting[91] - The company will withhold and pay personal income tax at a rate of 10% for H-share individual shareholders when distributing dividends[103] - For non-resident corporate H-share holders, the company will also withhold and pay corporate income tax at a rate of 10%[104] - The company disclaims any responsibility for claims arising from the tax status or treatment of H-share holders[105]

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 481,815,000, a decrease of 18.7% compared to RMB 592,941,000 in 2024[2] - Gross profit for the same period was RMB 56,507,000, down 21.4% from RMB 71,880,000 in 2024[2] - Operating loss improved to RMB (6,031,000), a reduction of 84.3% from RMB (38,328,000) in the previous year[2] - Net loss for the year was RMB (17,102,000), a significant decrease of 74.9% compared to RMB (68,198,000) in 2024[2] - The company reported a basic and diluted loss per share of RMB (0.06) compared to RMB (0.23) in 2024[2] - The overall gross margin for fiscal year 2025 was 11.7%, down from 12.1% in fiscal year 2024[63] - The company reported a pre-tax loss of RMB 42,792,000 for 2025, compared to RMB 59,031,000 in 2024, indicating a reduction in losses[32] - The group’s net loss for fiscal year 2025 was approximately RMB 17.1 million, a reduction of RMB 51.1 million or 74.9% compared to fiscal year 2024, mainly due to a significant decrease in sales and distribution costs, along with increased other operating income[69] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 238,481,000, down 21.7% from RMB 304,700,000 in 2024[2] - Total liabilities decreased by 21.9% to RMB 173,653,000 from RMB 222,342,000 in the previous year[2] - Net asset value was RMB 64,828,000, reflecting a decline of 21.3% from RMB 82,358,000 in 2024[2] - Total assets decreased from RMB 211,206 thousand in 2024 to RMB 171,552 thousand in 2025, representing a decline of approximately 18.7%[4] - Current liabilities decreased from RMB 190,815 thousand in 2024 to RMB 159,956 thousand in 2025, showing a decrease of approximately 16.2%[4] - Total equity decreased from RMB 82,358 thousand in 2024 to RMB 64,828 thousand in 2025, a decrease of about 21.3%[5] - The company’s lease liabilities decreased from RMB 24,303 thousand in 2024 to RMB 13,287 thousand in 2025, a reduction of approximately 45.4%[4] Segment Performance - Retail segment revenue for the year ended December 31, 2024, was RMB 431,125 thousand, an increase from RMB 354,697 thousand in 2025, representing a growth of approximately 21.6%[20] - Wholesale distribution revenue for the year ended December 31, 2024, was RMB 161,816 thousand, up from RMB 127,118 thousand in 2025, indicating a growth of about 27.3%[20] - Total reported segment revenue for the year ended December 31, 2024, reached RMB 592,941 thousand, compared to RMB 481,815 thousand in 2025, reflecting an increase of approximately 23.1%[20] - The total reported segment loss for the year ended December 31, 2024, was RMB 64,258 thousand, worsening from a loss of RMB 12,724 thousand in 2025[20] Cash Flow and Financing - Cash and cash equivalents increased significantly from RMB 21,152 thousand in 2024 to RMB 40,340 thousand in 2025, an increase of about 90.3%[4] - Total financing costs for 2025 were RMB 4,049,000, a decrease of 10.1% compared to RMB 4,505,000 in 2024[31] - The group had cash and cash equivalents of approximately RMB 40.3 million as of December 31, 2025, compared to approximately RMB 21.2 million as of December 31, 2024[73] - The group had total bank borrowings of approximately RMB 62.0 million as of December 31, 2025, unchanged from December 31, 2024, with fixed annual interest rates ranging from 3.20% to 3.45%[77] Operational Changes and Strategies - The company aims to improve profitability and operational efficiency in FY2025, implementing strategies such as "one store, one policy" and optimizing supply chain management[53] - The company plans to enhance its online and offline integration, focusing on new retail channels like Douyin and optimizing its e-commerce platform operations[55] - The company is actively expanding its customer base, particularly targeting institutional and corporate group purchasing clients[55] - The company has established a franchise program allowing interested parties to apply for brand retail store franchises, contributing to wholesale distribution revenue[51] - The retail environment remains challenging due to slow consumer recovery and increased competition, necessitating strategic reforms and cost reduction efforts[53] Corporate Governance and Compliance - The board is committed to high levels of corporate governance, adhering to all principles and provisions of the corporate governance code as of December 31, 2025[90] - The audit committee has reviewed the group's accounting policies and practices, and the consolidated financial statements for the fiscal year ending December 31, 2025, have been audited and deemed compliant with applicable accounting standards[94] - The company has adopted a diversity policy for the board and employees, which was revised on May 23, 2025, to include all employees and establish a gender-diverse talent pool for board succession[92] - The audit committee believes that the group's risk management and internal control systems are sufficient and effective for the fiscal year 2025[94] Employee and Labor Relations - As of December 31, 2025, the group had a total of 477 employees, all based in mainland China, with competitive salary levels and no significant labor disputes affecting operations[82] - The company has maintained good relationships with its employees and has not faced significant difficulties in hiring experienced staff[82] Future Outlook - The company aims to focus on four main development lines for 2026: supermarket operations, group purchasing, brand agency, and incremental business[56] - The company plans to optimize its supply chain and enhance the profitability of fresh products to solidify its earnings foundation[56] - The company faces risks including consumer confidence recovery, intensified industry competition, and high employee turnover rates[57][58][59][61]

Financial Performance - The company's revenue for the year ended December 31, 2025, was RMB 28,282,000, an increase of 7.6% compared to RMB 25,359,000 for the year ended December 31, 2024[6]. - Gross profit for the year was RMB 17,769,000, representing a gross margin of 62.8%, compared to RMB 17,072,000 and a gross margin of 67.3% in the previous year[6]. - Other income increased significantly to RMB 3,311,000 from RMB 698,000, marking a growth of 373.5% year-over-year[6]. - The total comprehensive loss for the year was RMB 4,628,000, slightly higher than the loss of RMB 4,465,000 in the previous year[6]. - The company reported a loss per share of RMB 1.00 for the year ended December 31, 2025, compared to RMB 0.86 in the previous year[7]. - The company reported a pre-tax loss of RMB 5,013 thousand for 2025, compared to a loss of RMB 4,158 thousand in 2024, indicating a deterioration in financial performance[24]. - As of December 31, 2025, the company reported a loss attributable to shareholders of approximately RMB 5.0 million, an increase of about RMB 855,000 or approximately 20.6% compared to the loss of RMB 4.2 million for the year ended December 31, 2024, primarily due to a significant increase in administrative expenses of about RMB 2.3 million[71]. Assets and Liabilities - The company's total assets as of December 31, 2025, were RMB 57,262,000, compared to RMB 54,723,000 in 2024, reflecting a growth of 4.6%[8]. - Current liabilities increased to RMB 14,754,000 from RMB 11,166,000, representing a rise of 32.5% year-over-year[8]. - The net current asset value was RMB 42,508,000, slightly down from RMB 43,557,000 in the previous year[8]. - The company's net asset value as of December 31, 2025, is RMB 51,156,000, compared to RMB 54,048,000 in 2024, reflecting a decrease of approximately 5.4%[9]. - The company's total equity attributable to owners is RMB 51,131,000 in 2025, down from RMB 54,048,000 in 2024, indicating a decline of about 5.4%[9]. - The company's share capital increased to RMB 4,568,000 in 2025 from RMB 4,432,000 in 2024, representing a growth of approximately 3.1%[9]. - The company's reserves decreased to RMB 46,563,000 in 2025 from RMB 49,616,000 in 2024, showing a reduction of about 6.2%[9]. Research and Development - Research and development expenses rose to RMB 3,249,000, up from RMB 2,825,000, indicating a year-over-year increase of 15.0%[6]. - The company plans to continue investing in research and development to enhance its product offerings and market presence[5]. - Research and development expenses increased by approximately RMB 424,000 or 15.0% to approximately RMB 3.2 million for the year ending December 31, 2025, driven by increased employee costs for improving existing products and developing new infertility reagents and health products[69]. Market and Product Strategy - The company is primarily engaged in the research, production, marketing, and sales of biopharmaceuticals and health products in China[11]. - The company plans to continue expanding its market presence and product offerings, focusing on biological agents and health products[23]. - The group aims to transform its women's health division into a comprehensive health service provider, integrating functional supplements with professional nursing services[58]. - The group is strategically targeting the aging population and developing precise anti-aging solutions to meet the growing demand for longevity health[59]. - The group will continue to invest in product development in Canada and China, ensuring expansion plans are tailored to regional regulatory and competitive environments[60]. Shareholder and Corporate Governance - The company has adopted and complied with the corporate governance code as per GEM listing rules during the relevant period[89]. - The company confirms compliance with the minimum public float requirement of 25% under GEM listing rules as of the announcement date[95]. - The audit committee consists of three independent non-executive directors, ensuring compliance with GEM listing rules[102]. - The financial statements have been reviewed and deemed compliant with applicable accounting standards and GEM listing requirements[103]. - The annual report for the year ending December 31, 2025, will be distributed to shareholders and published on the company's website[104]. Employee and Operational Costs - Employee costs, including director remuneration, rose to RMB 17,060,000 in 2025 from RMB 16,153,000 in 2024, reflecting a year-over-year increase of about 5.6%[36]. - The company had 101 full-time employees as of December 31, 2025, an increase from 91 employees in the previous year, with employee costs recognized in profit or loss amounting to approximately RMB 17.1 million[82]. - The company's inventory cost included employee costs, amortization, depreciation, and other lease-related expenses totaling approximately RMB 3,035,000 in 2025, compared to RMB 2,896,000 in 2024, marking an increase of about 4.8%[36]. Acquisitions and Investments - The company acquired 91% of Hunan Keyue Biotechnology Co., Ltd. for a cash consideration of RMB 317,000, enhancing its strategy in the women's health market[50]. - The identifiable net assets of Keyue at the acquisition date were valued at approximately RMB 349,000[52]. - The revenue contribution from Keyue since the acquisition was approximately RMB 2,750,000, with a loss contribution of RMB 77,000[53]. Compliance and Legal Matters - There are no significant legal proceedings or arbitrations involving the company as of December 31, 2025[96]. - The company has not entered into any agreements that would result in the issuance of shares or require the company to enter into any agreements that may lead to share issuance[92]. - The company has not engaged in any purchases, sales, or redemptions of its listed securities during the relevant period[93].