Financial Performance - CMOC Group Limited reported its financial performance for the year ending December 31, 2025, with a comprehensive financial performance review conducted by the Audit and Risk Committee[3]. - The company's operating revenue for 2025 was CNY 206.68 billion, a decrease of 2.98% compared to CNY 213.03 billion in 2024[16]. - Total profit for 2025 reached CNY 35.16 billion, representing a significant increase of 39.95% from CNY 25.12 billion in 2024[16]. - Net profit attributable to shareholders was CNY 20.34 billion, up 50.30% from CNY 13.53 billion in 2024[16]. - The net cash flow from operating activities decreased by 35.64% to CNY 20.84 billion, down from CNY 32.39 billion in 2024[16]. - The company's total assets increased by 18.03% to CNY 200.93 billion, compared to CNY 170.24 billion in 2024[16]. - The weighted average return on equity rose to 26.61%, an increase of 5.65 percentage points from 20.96% in 2024[17]. - Non-recurring gains and losses totaled CNY -68.50 million in 2025, a significant decrease from CNY 413.21 million in 2024[20]. - The asset-liability ratio increased by 0.82 percentage points year-on-year to 50.34%[54]. - The company's total revenue for 2025 was RMB 206,684 million, a decrease from RMB 213,029 million in 2024[74]. - The net profit attributable to shareholders for 2025 was RMB 20,339 million, up from RMB 13,532 million in 2024, reflecting a year-on-year increase of 50.5%[74]. - The total assets of the company reached RMB 200,932 million in 2025, compared to RMB 170,236 million in 2024, indicating a growth of 18%[74]. Market Operations and Strategy - The company is involved in various mining operations, including the Tenke Fungurume and Kisanfu copper-cobalt mines in the Democratic Republic of Congo[6]. - CMOC Group Limited has plans for market expansion and new product development, particularly in the renewable energy sector with investments in photovoltaic projects in the DRC[8]. - The company is also focused on strategic acquisitions and partnerships to enhance its operational capabilities and market reach[8]. - The company completed acquisitions in Ecuador and Brazil to enhance its gold resource portfolio, aiming for diversification by 2025[14]. - The company is actively expanding its gold resource layout, completing acquisitions of Ecuador's Odin Mining and four gold mines in Brazil by 2025[28]. - The company announced the acquisition of 100% equity in Aurizona Gold Mine, RDM Gold Mine, and Bahia Complex from Equinox Gold Corp. for $1.015 billion, with the deal closing in January 2026[80]. - The company plans to start gold production in 2026, further diversifying its product matrix[32]. - The company is implementing a "copper-gold dual-polar" strategy, focusing on precise acquisitions and expanding its operations in Africa, South America, and Asia[24]. Production and Resource Management - The company's copper production reached 741,100 tons, a year-on-year increase of 13.99%[54]. - The company achieved a cobalt metal production of 117,549 tons, a 2.96% increase from 114,165 tons in 2024[63]. - The company’s molybdenum metal production decreased by 9.68% to 13,906 tons from 15,396 tons in 2024[63]. - The company’s total physical trading volume decreased by 14.98% to 471,000 tons in 2025 from 554,000 tons in 2024[63]. - The TFM Copper-Cobalt Mine in the Democratic Republic of Congo produced 2,454.54 thousand tons, while the KFM Copper-Cobalt Mine produced 1,560.98 thousand tons[151]. - The TFM copper-cobalt mine has a resource volume of 1,316 million tons with a grade of 2.25%, yielding a metal amount of 2,957.3 thousand tons[141]. - The KFM copper-cobalt mine has a remaining exploitable resource of 223.9 million tons with a grade of 1.79%, yielding a metal amount of 400.8 thousand tons, with a remaining lifespan of 21 years[141]. - The Brazilian niobium mine has a resource volume of 145.5 million tons with a grade of 1.03%, yielding a metal amount of 149.2 thousand tons[141]. Corporate Governance and Compliance - The company emphasizes corporate governance and risk management as part of its operational strategy, with a dedicated Audit and Risk Committee overseeing these areas[11]. - The company aims to maintain transparency and compliance with the relevant disclosure requirements set by the Hong Kong Stock Exchange[3]. - The independent non-executive directors confirmed that the disclosed related party transactions comply with the Hong Kong Listing Rules Chapter 14A[173]. - The auditors found no issues regarding the approval of disclosed continuing connected transactions or their compliance with the company's pricing policy[172]. Environmental, Social, and Governance (ESG) - The company has a strong ESG commitment, aiming to respond to stakeholder expectations through community investment and strict environmental standards[26]. - The company received the Wind ESG AAA rating and was listed among the "Top 100 Best Practices in ESG for Chinese Listed Companies" in 2025[61]. - The company has implemented nearly 200 carbon reduction projects across its mining areas, achieving early carbon reduction targets in some regions[92]. - The company emphasizes ESG management as a key driver of long-term business value, aiming to align ESG performance with development goals and enhance its brand reputation in the global mining industry[86]. Shareholder Information - The total number of shareholders as of December 31, 2025, is 352,617, with 6,608 H-share shareholders and 346,009 A-share shareholders[175]. - The top ten shareholders hold the following percentages of the company's total share capital of 21,394,310,176 shares: Hongshang Industrial Holdings Group Limited (24.93%), Luoyang Mining Group Co., Ltd. (24.91%), and HKSCC Nominees Limited (16.82%)[175]. - The company has not established a requirement for existing shareholders to have preferential rights to subscribe for new shares[182]. - There are no known tax exemptions or reliefs available to shareholders for holding the company's securities[183]. Financial Transactions and Investments - The company announced the acquisition of four gold mines in Brazil for USD 1.015 billion, expected to enhance future performance[138]. - The company issued USD 1.2 billion zero-coupon convertible bonds due in 2027 to optimize its capital structure[140]. - The company has agreed to invest RMB 500 million in a limited partnership fund as part of a related transaction with Ningde Times[165]. - The sales and procurement framework agreement with Ningde Times has a transaction limit of USD 2.15 billion for product sales and USD 850 million for product purchases for the year ending December 31, 2025[170]. - Actual transactions under the Ningde Times sales and procurement agreement for the year ending December 31, 2025, include USD 359.21 million in sales and USD 115.41 million in purchases[170]. - The KFM sales and procurement framework agreement has a transaction limit of USD 3.5 billion for product purchases and USD 1.4 billion for equipment and services for the year ending December 31, 2025[170]. - Actual transactions under the KFM sales and procurement agreement for the year ending December 31, 2025, include USD 2.79 billion in purchases and USD 261.14 million in equipment and services[170].

Financial Performance - Revenue increased by 18.4% from RMB 388.3 million for the year ended December 31, 2024, to RMB 459.9 million for the year ended December 31, 2025[4] - Gross profit turned from a loss of RMB 67.2 million for the year ended December 31, 2024, to a profit of RMB 32.0 million for the year ended December 31, 2025[4] - Net loss decreased by 36.9% from RMB 484.8 million for the year ended December 31, 2024, to RMB 305.8 million for the year ended December 31, 2025[4] - Basic and diluted loss per share improved from RMB 0.62 for the year ended December 31, 2024, to RMB 0.34 for the year ended December 31, 2025[5] - Total revenue for 2025 was RMB 459,922,000, an increase from RMB 388,305,000 in 2024, representing a growth of approximately 18.4%[19] - Revenue from hospital business, including tumor hospitals and clinics, reached RMB 373,257,000 in 2025, up from RMB 271,579,000 in 2024, indicating a growth of about 37.4%[19] - Revenue from the sale and installation of medical equipment and software was RMB 70,214,000 in 2025, down from RMB 99,281,000 in 2024, reflecting a decline of approximately 29.3%[19] - The company reported a loss attributable to owners of RMB 256,603 thousand for 2025, a significant improvement from a loss of RMB 443,223 thousand in 2024, resulting in a basic loss per share of RMB 0.34 compared to RMB 0.62 in the previous year[23] Assets and Liabilities - Total assets decreased from RMB 5,192.9 million in 2024 to RMB 5,117.7 million in 2025[6] - Total liabilities decreased from RMB 4,005.8 million in 2024 to RMB 3,761.6 million in 2025[6] - Equity attributable to owners increased from RMB 1,647.9 million in 2024 to RMB 1,830.3 million in 2025[7] - Cash and cash equivalents increased from RMB 204.5 million in 2024 to RMB 294.5 million in 2025[6] - Trade receivables decreased to RMB 45,807 thousand in 2025 from RMB 51,480 thousand in 2024, with a provision for impairment of RMB 46,401 thousand[24] - Trade payables decreased to RMB 82,699 thousand in 2025 from RMB 112,146 thousand in 2024, indicating improved cash flow management[25] - The net current liabilities as of December 31, 2025, were RMB 576 million, an increase from RMB 422 million as of December 31, 2024, primarily due to the increase in current bank and other borrowings[88] - The total bank borrowings as of December 31, 2025, were RMB 2,712.4 million, up from RMB 1,479.9 million in 2024[85] Operational Focus and Strategy - The company continues to focus on the rental and trade of radiation therapy and imaging diagnostic equipment, as well as providing management and technical services to hospitals[8] - The group has established a light asset business model in the field of tumor treatment and hospital operations, focusing on advanced medical equipment and software services, particularly for healthcare institutions in lower-tier cities[31] - The group is actively seeking additional credit financing and aims to diversify its funding sources by establishing strong relationships with potential investors[18] - The company plans to expand its proton therapy services and deepen AI clinical integration, targeting the Southeast Asian market with a population of approximately 700 million[49] - The company aims to strengthen talent development and research capabilities, collaborating with top medical institutions for specialized training[48] - The company is focusing on building a multi-tiered medical service system to meet urgent clinical needs and enhance service differentiation[47] Research and Development - The group has actively engaged in research, with 14 ongoing projects and 17 published academic papers, enhancing its core competitiveness in proton therapy[35] - The AI medical field achieved a significant breakthrough with the development of the world's first proton therapy vertical domain large language model, enhancing clinical efficiency in treatment identification and personalized plan recommendations[40] - The medical image processing software (HXK-MAICOPPET-1-001) received regulatory approval, enabling precise identification and segmentation of lesions, thus improving diagnostic accuracy and reducing physician workload[41] Cost Management - The group is implementing strict cost control measures, including reducing administrative costs and deferring capital expenditures to maintain liquidity[18] - Administrative expenses decreased by 36.4% from RMB 210.5 million for the year ending December 31, 2024, to RMB 133.8 million for the year ending December 31, 2025, due to cost reduction initiatives[60] - R&D expenses decreased by 9.7% from RMB 31.2 million for the year ending December 31, 2024, to RMB 28.2 million for the year ending December 31, 2025, primarily due to cost efficiency measures[61] Market and Revenue Insights - Hospital business revenue accounted for 81.2% of total revenue in 2025, rising from 69.9% in 2024, with RMB 373.3 million generated[52] - The basic medical insurance fund payment ratio for hospital business decreased to 23% in 2025 from 40% in 2024[45] - The "Shenzhen Huimin Insurance" program was upgraded to include proton therapy coverage, effective from July 1, 2025, allowing for reimbursement at designated medical institutions[46] - The Guangzhou Taihe Tumor Hospital was selected as a designated medical institution under the "Hong Kong-Macao Medical Device Pass" policy, enhancing access to urgently needed medical devices[47] Corporate Governance and Compliance - The company has adopted the corporate governance code and believes it has complied with the code for the year ending December 31, 2025[108] - The audit committee, consisting of three independent non-executive directors, has reviewed the annual performance for the year ending December 31, 2025, and recommended approval to the board[110] - The company has confirmed compliance with the standard code for securities trading by all directors and relevant employees for the year ending December 31, 2025[109] Future Outlook - The company is positioned to capture a trillion-level market share in the oncology treatment sector, driven by the rising global cancer incidence and the demand for intelligent medical solutions[40] - The group anticipates that the application of the new standards will not significantly affect its financial performance and position, except for the impact of Hong Kong Financial Reporting Standard No. 18[11] - A temporary shareholders' meeting is proposed to be held on April 10, 2026, to consider providing guarantees to subsidiaries for financing needs, with a total expected amount not exceeding RMB 3.7 billion[113]

Financial Performance - Revenue for the year ended December 31, 2025, increased to RMB 140,000 thousand, up 22.6% from RMB 114,231 thousand in 2024[2] - Gross profit for the same period was RMB 26,300 thousand, a decrease of 14.5% compared to RMB 30,652 thousand in 2024[2] - Operating profit for the year was RMB 13,061 thousand, a significant recovery from an operating loss of RMB 36,758 thousand in 2024[2] - Net profit for the year reached RMB 10,641 thousand, compared to a net loss of RMB 40,928 thousand in the previous year[3] - Total comprehensive income for the year was RMB 13,709 thousand, recovering from a loss of RMB 43,420 thousand in 2024[4] - The company reported a net profit of RMB 10.641 million for the year ended December 31, 2025, compared to a loss of RMB 40.928 million in 2024, indicating a turnaround in profitability[16] - The company achieved a profit attributable to shareholders of RMB 12,909,000, a turnaround from a loss of RMB 24,418,000 in the previous year, primarily due to the recovery of previously impaired assets totaling approximately RMB 13,301,000[39] - The group recorded a net financing expense of RMB 2,522,000, a decrease of 54.58% compared to RMB 5,553,000 in the same period last year, due to a reduction in solar power station loan principal and lower interest rates[52] Assets and Liabilities - Non-current assets decreased to RMB 362,530 thousand from RMB 403,534 thousand in 2024, primarily due to a reduction in property, plant, and equipment[5] - Current assets increased slightly to RMB 671,562 thousand from RMB 665,114 thousand in 2024, with cash and cash equivalents rising to RMB 88,330 thousand[5] - Total liabilities decreased to RMB 212,390 thousand from RMB 260,655 thousand in 2024, reflecting improved financial health[6] - The company's equity attributable to owners increased to RMB 837,172 thousand from RMB 821,195 thousand in 2024[6] - Total assets for the reporting segments amounted to RMB 1,034.092 million as of December 31, 2025, compared to RMB 1,068.648 million in 2024, showing a slight decrease[17] - The group’s external borrowings as of December 31, 2025, were RMB 105,300,000, down from RMB 133,600,000 the previous year, secured by the future receivables of solar power station machinery[56] Revenue Segments - The sales of public construction services contributed RMB 59.705 million in 2025, significantly up from RMB 28.725 million in 2024, marking an increase of 108%[13] - The smart energy services segment generated RMB 26.255 million in revenue for 2025, compared to RMB 23.607 million in 2024, reflecting a growth of 11.2%[13] - The smart energy business generated revenue of approximately RMB 80,295,000, a decrease of about 6.09% compared to the same period last year, primarily due to lower power generation revenue[42] - The public construction business brought in revenue of approximately RMB 59,705,000, an increase from RMB 28,725,000 in the same period last year, with a profit of RMB 3,073,000 compared to a loss of RMB 279,000 last year[43] Expenses and Impairments - In 2025, the total expenses for sales costs, sales and distribution expenses, administrative expenses, and impairment losses on non-financial assets amounted to RMB 137,608,000, a slight increase from RMB 133,954,000 in 2024, representing a growth of approximately 2%[18] - The impairment loss on non-financial assets significantly decreased from RMB 33,322,000 in 2024 to RMB 8,981,000 in 2025, indicating a reduction of about 73%[18] - The group reported a net impairment loss on non-financial assets of approximately RMB 8,981,000, a significant decrease from RMB 33,322,000 in the same period last year[49] Trade Receivables - Trade receivables total amount for 2025 is RMB 445,789,000, a decrease of 5.75% from RMB 472,896,000 in 2024[29] - The total trade receivables after deducting loss provisions for 2025 is RMB 199,679,000, down from RMB 220,430,000 in 2024, representing a decline of 9.36%[29] - The expected loss provision for trade receivables in 2025 totals RMB 177,560,000, compared to RMB 180,438,000 in 2024, indicating a reduction of 1.04%[31] - The expected loss provision for trade and other receivables decreased to RMB 246,667,000 in 2025 from RMB 253,023,000 in 2024, with a reduction in trade receivables provision by RMB 833,000[35] Cash Flow and Financing - Cash and cash equivalents as of December 31, 2025, amounted to approximately RMB 285,679,000, an increase from RMB 221,468,000 the previous year, primarily due to operating surplus and recovery of historical debts[54] - The total current assets were approximately RMB 671,562,000, with a current ratio of 6.70, up from 5.47 the previous year, driven by an increase in cash and cash equivalents[55] - The company’s interest income from loans provided to third parties was recorded at commercial rates, contributing to financing income[24] Future Outlook and Strategy - The company continues to focus on smart energy and public construction businesses, with plans for future market expansion and product development[7] - The group expects the Chinese photovoltaic industry to enter a new phase of quality improvement and stable development by 2026, with anticipated new installations of 180-240 GW[44] - The group aims to maintain a focus on safety, stability, and efficiency, avoiding blind expansion while enhancing the operational quality of existing power stations[45] Governance and Compliance - The audit committee, composed of three independent non-executive directors, reviewed the consolidated financial statements for the year ending December 31, 2025[74] - The company has adopted the standard code of conduct for securities trading as per the listing rules[70]

Financial Performance - The contracted sales amount for the year ended December 31, 2025, was approximately RMB 160.6 million, representing a decrease of about 26.3% year-on-year[2]. - The group's revenue for the reporting period was approximately RMB 152.9 million, with property development revenue accounting for approximately RMB 151.6 million[2]. - The gross loss for the group during the reporting period was approximately RMB 63.3 million, with a gross loss from property development of approximately RMB 64.6 million[2]. - The net loss for the group was approximately RMB 271.6 million, with the loss attributable to equity holders of the parent company being approximately RMB 271.3 million[2]. - Revenue from customer contracts decreased to RMB 151,596,000 in 2025 from RMB 1,197,272,000 in 2024, indicating a significant decline in business performance[22]. - Total rental income from investment properties was RMB 152,898,000 in 2025, down from RMB 1,198,596,000 in 2024[22]. - The pre-tax loss for 2025 is RMB 271,250 thousand, compared to a loss of RMB 162,190 thousand in 2024[34]. - The total income tax expense for 2025 is a credit of RMB 25,640 thousand, compared to an expense of RMB 1,741 thousand in 2024[31]. - The company reported a total of RMB 98,947 thousand in cost of sold properties for 2025, down from RMB 1,018,339 thousand in 2024[26]. - The total loss and comprehensive income for the period increased by about 109.7% to approximately RMB 274.0 million from RMB 130.7 million in the previous year[100]. Assets and Liabilities - The total assets less current liabilities amounted to approximately RMB 1,104.1 million[7]. - The net asset value of the company was approximately RMB 953.3 million at the end of the reporting period[7]. - The company has outstanding loans totaling approximately RMB 2,263,280,000 that are classified as current liabilities due to cross-default conditions triggered by unpaid loans[13]. - The net current liabilities as of December 31, 2025, were RMB 1,254,292,000, indicating potential liquidity issues[58]. - The total bank and other borrowings as of December 31, 2025, were RMB 2,617,696,000, down from RMB 2,730,496,000 in 2024[52]. - The capital debt ratio was approximately 274.6% at the end of the reporting period, up from 222.4% on December 31, 2024, primarily due to a larger net loss compared to the decrease in total debt[107]. - The group had collateralized assets of approximately RMB 1,661.0 million securing certain borrowings at the end of the reporting period[104]. Shareholder Information - The basic loss per share for the reporting period was approximately RMB 0.45[2]. - The board of directors resolved not to declare a final dividend for the year ended December 31, 2025[2]. - The company has not declared any interim or final dividends for the year ending December 31, 2025, consistent with 2024[38]. - The board has resolved not to declare a final dividend for the year ending December 31, 2025, consistent with the previous year[116]. Market and Strategic Outlook - The real estate market in China is transitioning towards a new development model, with a focus on quality over quantity, as indicated by government policies[60]. - The demand for improved housing is anticipated to be the main growth point in sales for 2026, driven by stable income expectations and the release of demand for upgraded living spaces[68]. - The company plans to continue optimizing its product structure and enhance core competitiveness by focusing on inventory reduction and expanding the improved housing market[69]. - The company will actively seek diversified financing channels and strategic partners to strengthen the resilience of its capital chain for long-term development[69]. - The real estate industry is expected to see increased concentration, with resources continuing to flow towards companies with strong product capabilities and financial stability[68]. Operational Developments - The company is actively negotiating debt restructuring with lenders to utilize proceeds from new borrowing plans to settle existing debts[17]. - The board has developed a business strategy plan focusing on accelerating the pre-sale and sale of developed properties to generate additional operating cash flow[17]. - The company is seeking opportunities to sell equity in several project development companies to generate additional cash inflow[17]. - The company has taken legal action against a related party for unpaid receivables amounting to RMB 89,697 million, with no recovery expected in the near term[44]. Project and Development Information - The total land reserve area at the end of the reporting period reached approximately 2,116,996 square meters, with an average cost of land reserve of approximately RMB 881.7 per square meter[2]. - The group has a total completed building area of approximately 3,364,119 square meters and land reserves of approximately 2,116,996 square meters[75]. - The ongoing development area is approximately 886,621 square meters, while the planned future development area is approximately 975,839 square meters[75]. - The company has ongoing projects in multiple provinces, including Shanxi and Sichuan, indicating a broad market presence[80]. - The company has planned land use rights for 975,839 square meters across its projects[85]. Compliance and Governance - The audit committee has reviewed the group's accounting principles and policies, confirming compliance with applicable accounting standards and regulations[124]. - The company has not adopted any new or revised Hong Kong Financial Reporting Standards that would significantly impact its current or prior period performance[18]. - The company is evaluating the impact of newly issued but not yet effective financial reporting standards on its financial statements[19]. Personnel Changes - The company secretary, Ms. Li, has resigned effective March 27, 2026, with no disagreements reported with the board[127][128]. - Ms. Qu has been appointed as the new company secretary, authorized representative, and legal process agent effective March 27, 2026[128]. - Ms. Qu has over ten years of experience in corporate secretarial services and holds a Bachelor's degree in Business Administration (Honors)[129]. - The board expressed gratitude for Ms. Li's contributions during her tenure and welcomed Ms. Qu to her new role[129].

Financial Performance - For the fiscal year ending December 31, 2025, the total revenue from sales of goods and services was HKD 71,948,000, a decrease of 21.8% compared to HKD 91,932,000 in 2024[4] - The gross profit for 2025 was HKD 22,954,000, down from HKD 29,436,000 in 2024, reflecting a gross margin decline[4] - The company reported a profit from continuing operations of HKD 47,563,000 for 2025, a significant recovery from a loss of HKD 78,832,000 in 2024[4] - Total comprehensive income for the year was HKD 58,282,000, compared to a loss of HKD 87,499,000 in the previous year[6] - The basic earnings per share from continuing operations improved to HKD 0.41 from a loss of HKD 2.81 in 2024[5] - The group reported a pre-tax profit of HKD 26,799,000 for 2025, a turnaround from a loss of HKD 88,107,000 in 2024[31] - Basic and diluted earnings per share from continuing and discontinued operations for 2025 were HKD 0.95, compared to a loss of HKD 3.14 in 2024[31] Revenue Breakdown - Total revenue for 2025 is HKD 71,948,000, a decrease of 21.7% from HKD 91,932,000 in 2024[24] - Revenue from the packaging products segment for 2025 is HKD 62,277,000, down 17.9% from HKD 75,847,000 in 2024[24] - Revenue from the Rhaetian algae products segment for 2025 is HKD 9,671,000, a decline of 39.9% compared to HKD 16,085,000 in 2024[24] - The financial investment segment reported a loss of HKD 4,978,000 in 2025, compared to a profit of HKD 7,666,000 in 2024[21] Asset and Liability Management - Non-current assets decreased to HKD 521,359,000 in 2025 from HKD 376,266,000 in 2024, primarily due to changes in financial assets[7] - Current liabilities increased to HKD 591,449,000 in 2025 from HKD 557,983,000 in 2024, indicating a rise in financial obligations[8] - The company’s net asset value improved to HKD 27,391,000 in 2025 from a negative value of HKD 40,642,000 in 2024[8] - As of December 31, 2025, the group's net current liabilities amounted to approximately HKD 493,104,000, with total current liabilities including bank and other borrowings at approximately HKD 534,345,000[10] - The group's cash and cash equivalents were only about HKD 5,063,000 as of December 31, 2025, indicating significant liquidity concerns[10] Financing and Capital Structure - The group has outstanding other borrowings of approximately HKD 176,144,000 that are due for immediate repayment[10] - The group is negotiating with financial institutions to obtain new financing to repay existing loans and/or secure additional working capital[10] - The group is actively seeking additional financing sources, including potential loans from directors, to maintain relationships with existing lenders and avoid immediate repayment demands[10] - The board believes that the financial situation will improve with the implementation of these measures, allowing the group to meet its financial obligations for at least the next twelve months[11] Operational Changes - The company has ceased operations in its packaging solutions business, which was previously reported as a separate segment[9] - The company is engaged in the production and sale of packaging products, securities investment, and lending activities, indicating a focus on core business areas[9] Cost Management - Cost control measures are being implemented to reduce sales costs, administrative expenses, and capital expenditures, aiming to increase internal cash generation and operating cash flow[13] - The group may continue to seek other methods to increase working capital, such as selling non-listed investments classified at fair value[13] Employee and Corporate Governance - As of December 31, 2025, the group employed approximately 296 full-time employees in Hong Kong and China, a decrease from 485 full-time employees in 2024[95] - The company has complied with all applicable corporate governance code provisions, except for the absence of the chairman at the annual general meeting due to other business commitments[113] - The audit committee consists of three independent non-executive directors, ensuring compliance with applicable accounting standards and regulations for the financial statements for the year ending December 31, 2025[117] Stock Options and Shareholder Information - The 2022 stock option plan was approved on June 2, 2022, and will terminate on June 13, 2025, with no further options to be granted under the 2022 plan[57] - The total number of stock options granted in the year includes 47 million at an exercise price of 0.40 HKD, 68.9 million at 0.60 HKD, and 14.3 million at 1.34 HKD[60] - The company has granted stock options to three advisors, totaling 50 million options, aimed at enhancing business insights and potential investor connections[61] - The group recognized an expense of approximately HKD 1,286,000 for share-based payments in the year ended December 31, 2025, down from HKD 3,639,000 in 2024[65] Business Discontinuation - The group reported a loss of HKD 9,140,000 from the discontinued QR code business for the year ended 2025, compared to a loss of HKD 9,208,000 in 2024[68] - The group has terminated its involvement in the QR code business following the completion of the sale on August 29, 2025[67] Investment Strategy - The investment policy mandates that the total book value of financial investments must not exceed 60% of the group's total assets, ensuring a significant portion of assets is reserved for core operational needs, working capital, debt repayment, and emergency requirements[109] - The company aims to achieve an average annualized return of approximately 15% for each investment, with regular reviews of investment performance and market conditions[110] - The investment portfolio is concentrated in the financial services sector, which includes securities trading, brokerage, lending, and asset management, with expectations of recovery based on improved macroeconomic conditions[112]

Financial Performance - Total revenue for the year ended December 31, 2025, reached RMB 13,698,738, representing a 28.5% increase from RMB 10,709,648 in 2024[3] - Gross profit for 2025 was RMB 3,608,170, up 9.4% from RMB 3,297,130 in 2024[5] - Net profit attributable to owners for 2025 was RMB 161,139, a decrease of 68.1% compared to RMB 504,299 in 2024[6] - The group reported total revenue of RMB 13,698.738 million for the year ending December 31, 2025, an increase from RMB 10,709.648 million in 2024, representing a growth of approximately 27.6%[18] - The group’s operating profit for the year was RMB 1,095.073 million, with a profit margin of approximately 8%[22] - The income tax expense for 2025 was RMB 36,754,000, a significant decrease from RMB 109,447,000 in 2024, reflecting a reduction of about 66.5%[25] - The company anticipates a net profit of RMB 521.2 million for the year ended December 31, 2024, and RMB 152.6 million for the year ended December 31, 2025[53] - Net profit decreased from RMB 521.2 million in 2024 to RMB 152.6 million in 2025, reflecting the cumulative impact of the aforementioned factors[68] Assets and Liabilities - Total assets increased to RMB 10,134,961 in 2025, up 15.4% from RMB 8,779,550 in 2024[4] - Current liabilities rose to RMB 4,013,762, a significant increase of 49.9% from RMB 2,675,779 in 2024[8] - Non-current assets totaled RMB 4,137,579, reflecting a 3.1% increase from RMB 4,011,030 in 2024[7] - The total equity attributable to owners increased to RMB 3,132,425, up from RMB 3,079,521 in 2024[4] - Trade receivables from third parties increased to RMB 1,611,740,000 in 2025 from RMB 1,311,157,000 in 2024, marking a growth of about 23%[32] - Trade payables from third parties rose to RMB 1,572,026,000 in 2025, compared to RMB 1,396,100,000 in 2024, an increase of approximately 12.6%[33] - Total bank borrowings increased to RMB 1,794,934,000 in 2025 from RMB 973,800,000 in 2024, reflecting a growth of about 84.3%[36] - The company's leveraged ratio increased from 1.3 as of December 31, 2024, to 1.6 as of December 31, 2025, primarily due to an increase in interest-bearing bank loans and lease liabilities[86] Revenue Breakdown - Revenue from furniture, home appliances, and electrical products reached RMB 7,610.977 million in 2025, up from RMB 6,740.016 million in 2024, indicating a growth of about 12.9%[18] - The logistics solutions segment generated revenue of RMB 4,116.897 million in 2025, compared to RMB 2,441.456 million in 2024, reflecting a significant increase of approximately 68.5%[18] - Sales through third-party e-commerce platforms amounted to RMB 8,686.819 million in 2025, an increase from RMB 7,410.840 million in 2024, which is a growth of around 17.2%[19] - Product sales accounted for RMB 9,581,841 (69.9% of total revenue) in 2025, up 15.9% from RMB 8,268,192 (77.2%) in 2024[41] - Revenue from the European market surged by 49.8% to RMB 1,120,187 in 2025, driven by strategic market expansion efforts[42] - Revenue from other third-party platforms increased by 102.3%, primarily due to sales growth on platforms like TikTok and TEMU[44] Expenses and Costs - Sales cost increased by 36.1% from RMB 7,412.5 million for the year ending December 31, 2024, to RMB 10,090.6 million for the year ending December 31, 2025, primarily due to rising shipping costs and increased operating costs from logistics solutions[58] - Selling expenses increased by 21.3% from RMB 2,071.8 million in 2024 to RMB 2,513.1 million in 2025, consistent with revenue growth[62] - Administrative expenses rose by 14.3% from RMB 390.3 million in 2024 to RMB 446.0 million in 2025, aligning with overall revenue growth[63] - R&D expenses increased by 40.1% from RMB 130.0 million in 2024 to RMB 182.1 million in 2025, driven by an increase in R&D personnel[64] - Financing costs surged by 115.9% from RMB 122.5 million in 2024 to RMB 264.4 million in 2025, due to expanded operations leading to higher lease liabilities[66] Corporate Governance and Compliance - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance for the year ending December 31, 2025[96] - The company has complied with all applicable corporate governance code provisions as of December 31, 2025, despite deviations regarding the roles of the chairman and CEO[95] - The audit committee, consisting of three independent non-executive directors, reviewed the accounting principles and policies for the year ending December 31, 2025[102] - Deloitte Touche Tohmatsu has agreed to verify the financial figures for the year ending December 31, 2025, as approved by the board on March 27, 2026[103] Future Outlook and Strategy - The company aims to enhance its logistics solutions and expand its market presence in the coming years[9] - The company plans to utilize 80% of the raised funds for business expansion, with RMB 310.0 million allocated, of which RMB 136.0 million has been used as of the reporting period[90] - The company aims to enhance supply chain resilience and efficiency through strategic partnerships with quality suppliers and localized procurement[49] - Investment in logistics infrastructure, including overseas warehouses, is planned to improve storage capacity and delivery efficiency[51] - AI technology will be integrated across business processes to enhance operational efficiency and reduce costs[52] Employee and Shareholder Information - The company has implemented various recruitment methods and training programs to attract and retain skilled employees, with a total of 3,051 employees as of December 31, 2025[87][88] - A special dividend of RMB 0.25 per share was declared, totaling RMB 103,801,000 for the year ended December 31, 2025[27] - A special dividend of RMB 0.25 per share was approved, totaling approximately RMB 103.8 million, to be distributed to shareholders[92] - The company issued 29,894,700 new shares at a price of HKD 15.60 per share, raising approximately HKD 387.5 million net after expenses, with planned usage of funds allocated as 30% in the first year, 50% in the second year, and 20% in the third year[90]

Financial Performance - For the year ending December 31, 2025, revenue was approximately RMB 2,702 million, a decrease of about 67% compared to RMB 8,272 million for the year ending December 31, 2024[3]. - The net loss for the year ending December 31, 2025, was approximately RMB 1,926 million, compared to a net loss of RMB 982 million for the year ending December 31, 2024[3]. - The operating loss for the year ending December 31, 2025, was RMB 1,585 million, compared to RMB 571 million for the year ending December 31, 2024[4]. - The total comprehensive loss for the year was RMB 1,926 million, compared to 982 million for the year ending December 31, 2024[4]. - The total loss before tax for the fiscal year ending December 31, 2025, is RMB 1,790,920,000, compared to a loss of RMB 679,612,000 in 2024, reflecting an increase in losses of approximately 163.5%[26][27]. - The group's gross loss for the year ended December 31, 2025, was approximately RMB 1,228 million, resulting in a gross loss margin of about 45%, compared to approximately 1% in the same period of 2024[54]. Revenue and Sales - For the fiscal year ending December 31, 2025, the total revenue from property sales is RMB 2,693,754,000, a significant decrease from RMB 8,254,197,000 in 2024, representing a decline of approximately 67.4%[26]. - The company recognized property sales revenue of approximately RMB 2,694 million, with a total construction area of approximately 311,792 square meters[47]. - The average selling price for contract sales was approximately RMB 11,399 per square meter[45]. - Rental income for the fiscal year ending December 31, 2025, is RMB 8,557,000, down from RMB 18,054,000 in 2024, indicating a decrease of about 52.5%[26]. Expenses and Liabilities - Sales and marketing expenses were approximately RMB 118 million, a decrease of about 36% from RMB 184 million for the year ending December 31, 2024[3]. - General and administrative expenses were approximately RMB 202 million, a decrease of about 6% from RMB 213 million for the year ending December 31, 2024[3]. - Total liabilities decreased from RMB 15,235,843 thousand in 2024 to RMB 13,437,948 thousand in 2025, a reduction of about 11.8%[6]. - The company's total borrowings decreased from RMB 2,921,418 thousand in 2024 to RMB 3,321,340 thousand in 2025, reflecting an increase of approximately 13.7%[6]. - The net financing costs for the fiscal year ending December 31, 2025, amount to RMB 149,854,000, which is an increase from RMB 89,138,000 in 2024, representing a rise of about 68%[28]. Assets and Equity - The total assets amounted to RMB 17,367 million for the year ending December 31, 2025, down from RMB 21,623 million for the year ending December 31, 2024[5]. - Total equity attributable to the company's owners decreased from RMB 3,435,440 thousand in 2024 to RMB 2,142,258 thousand in 2025, representing a decline of approximately 37.5%[6]. - The total assets as of December 31, 2025, are RMB 18,793,979,000, a decrease from RMB 23,313,984,000 in 2024, indicating a reduction of approximately 19.4%[26][27]. - The company's total equity increased from RMB 8,078,141 thousand in 2024 to RMB 5,356,031 thousand in 2025, a decrease of about 33.5%[6]. Operational Strategy and Future Outlook - The group has implemented measures to accelerate the collection of outstanding sales proceeds and effectively control costs and expenses[17]. - The group is actively seeking alternative financing and loans to meet existing financial obligations and future operational and capital expenditures[17]. - The board believes that, considering the plans and measures in place, the group will have sufficient working capital to meet its operational and financial responsibilities within the next twelve months[18]. - The group has developed a business strategy plan focused on accelerating sales operations[18]. - The company aims to continue seeking opportunities to develop its business and provide returns to shareholders in the coming year[43]. Employee and Governance - The group had a total of 255 employees as of December 31, 2025, down from 299 employees as of December 31, 2024[79]. - Employee compensation and benefits expenses are approximately RMB 73 million for the year ending December 31, 2025, compared to approximately RMB 111 million for the year ending December 31, 2024[79]. - The group has adopted the Corporate Governance Code as its own guidelines to enhance management and protect shareholder interests[85]. Audit and Compliance - The auditors did not express an opinion on the group's consolidated financial statements[89]. - The audit committee has reviewed the annual performance announcement for the year ending December 31, 2025[95]. - The financial statements are consistent with the amounts in the annual audited consolidated financial statements[96]. Going Concern and Risks - There is significant uncertainty regarding the company's ability to continue as a going concern, dependent on various measures and negotiations with creditors[92]. - The company has a 89.7% stake held by major noteholders in its outstanding preferred notes, which is critical for future negotiations[92]. - The company has not obtained sufficient appropriate audit evidence to support the cash flow forecasts necessary for the going concern assessment[93].

香港交易及結算所有限公司及聯交所對本公佈的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 港銀控股有限公司 Loco Hong Kong Holdings Limited （於香港註冊成立的有限公司） （股份代號：8162） 截至二零二五年十二月三十一日止年度 之年度業績公佈 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上 市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應 經過審慎周詳的考慮後方作出投資決定。 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | 其他全面收益╱（虧損） | | | | | 可於其後重新分類至損益之項目： | | | | | 終止確認一間附屬公司之累計換算儲備重新分類 | | 17 | 3 | | 換算海外業務產生之匯兌差額 | | 3,452 | (1,737) | | 年度其他全面 ...

Sales Performance - SouthGobi Resources Ltd. recorded sales of 11.2 million tons in 2025, up from 7 million tons in 2024[7]. - The total coal sales volume for 2025 was 11.20 million tons, an increase from 7.02 million tons in 2024[26]. - The company's coal sales volume for Q4 2025 was 3.14 million tons, an increase from 2.66 million tons in Q4 2024, representing a growth of approximately 18%[39]. Pricing and Revenue - The average realized price per ton in 2025 was $53.5, down from $70.4 in 2024, primarily due to a shift in product mix towards lower-priced coal products[7]. - The average realized selling price per ton decreased to $53.5 in 2025 from $70.4 in 2024, a decline of about 24% due to changes in product mix influenced by the downturn in the Chinese coal market[27]. - The company recorded revenue of $598.819 million, an increase from $493.378 million in 2024, reflecting a year-over-year growth of approximately 21.4%[29]. Operating Loss and Expenses - The company reported an operating loss of $133.2 million in 2025, compared to an operating profit of $153.9 million in 2024, impacted by lower average realized prices and impairment losses totaling $77.3 million and $42 million on coal inventory and property, plant, and equipment respectively[7]. - Operating expenses rose to $507.911 million in 2025 from $288.773 million in 2024, marking an increase of approximately 76%[32]. - The company reported a net loss of $168,766 million for the year ending December 31, 2025, compared to a net profit of $92,497 in 2024, resulting in a basic loss per share of $0.569[151]. Tax Penalties and Provisions - The Mongolian tax authority imposed a tax penalty of approximately $75 million on the company following an audit of financial data from 2017 to 2020[14]. - The tax penalty was later revised to approximately $80 million after a reassessment by the Mongolian tax authority[15]. - Following an appeal, the tax penalty was further reduced to approximately $26.5 million, which the company decided not to contest further[16]. Financing and Debt - SouthGobi entered into a deferral agreement with JD Zhi Xing Fund L.P. on March 20, 2025, allowing the company to defer payments totaling approximately $111.6 million[10]. - The company agreed to defer payments related to the March 2025 convertible bond obligations until August 31, 2026, with a 6.4% annual interest rate on the unpaid balance[13]. - SGS signed a bank loan agreement with Khan Bank JSC for a principal amount of up to RMB 235 million (approximately USD 33.1 million) with an interest rate of 10% per annum[21]. Impairment Losses - The company incurred impairment losses of $77.334 million on coal inventory and $41.960 million on property, plant, and equipment in 2025[31]. - The company recorded an impairment loss of $42 million for the cash-generating unit at the Aobao Te Taalugei coal mine due to declining coal prices, with a pre-tax discount rate of 22.8% used for valuation[78]. Operational Developments - SouthGobi expanded its mining operations starting in 2024, utilizing various coal processing methods to improve coal quality and increase output, which enhanced coal export volumes to China[6]. - The company is working to diversify its coal product offerings, including mixed coal, washed coal, and dry-processed coal, to meet market demand[6]. - The company plans to expand its mining operations and enhance coal processing capabilities in 2026 to deliver higher quality products and meet changing customer demands[106]. Legal Matters - The Ontario court allowed the continuation of a class action lawsuit against the company related to alleged misstatements affecting its securities[20]. - A conditional settlement of CAD 6.8 million was reached in a class action lawsuit, which includes all liabilities and related costs, approved by the Ontario Superior Court[22]. - The company faces ongoing litigation related to past financial restatements, with a collective lawsuit allowed to proceed against it[83]. Market Outlook and Strategy - The company remains cautiously optimistic about the Chinese coal market, as coal is expected to remain a key component of China's energy structure in the foreseeable future[105]. - The company aims to optimize its product mix by improving mining operations and utilizing its coal processing plants[107]. - The company is focused on improving maintenance efficiency through enhanced spare parts management[180]. Financial Position and Liquidity - As of December 31, 2025, the company's asset deficit was $227.2 million, compared to a deficit of $49.8 million as of December 31, 2024[55]. - The company's working capital deficit reached $337 million as of December 31, 2025, up from $228.1 million as of December 31, 2024[55]. - The company anticipates generating sufficient operating cash flow to cover unpaid taxes and penalties under normal circumstances[54].

Financial Performance - Revenue decreased by approximately 29.83% to about RMB 53.80 billion, while manufacturing business revenue increased by 10.01% to approximately RMB 47.92 billion[3] - Gross profit increased by approximately 7.48% to about RMB 5.28 billion[3] - Profit attributable to shareholders increased by approximately 25.77% to about RMB 1.44 billion[3] - Basic earnings per share increased to approximately RMB 1.28[6] - Total comprehensive income for the year amounted to RMB 1.64 billion, compared to RMB 1.23 billion in the previous year[6] - The group reported a net profit of RMB 1,662,952 for the year 2025, an increase of 28.1% compared to RMB 1,297,907 in 2024[17] - The net income attributable to the company's owners for the year ended December 31, 2025, was RMB 1,436,758,000, compared to RMB 1,142,405,000 for 2024, representing an increase of approximately 25.8%[33] - Total financing costs decreased to RMB 433,508,000 in 2025 from RMB 546,530,000 in 2024, a reduction of about 20.7%[27] - The company's income tax expense for 2025 was RMB 330,250,000, down from RMB 594,106,000 in 2024, reflecting a decrease of approximately 44.4%[29] - The group's gross profit is expected to increase from approximately RMB 4.912 billion in 2024 to about RMB 5.280 billion in 2025, representing a growth of approximately 7.48%[73] - The overall gross margin is projected to rise by 3.40 percentage points from 6.41% in 2024 to 9.81% in 2025, primarily due to the increase in gross profit from lithium-ion battery business[73] Dividends and Shareholder Returns - Proposed final dividend of HKD 0.36 per share[3] - The company declared a final dividend of HKD 0.36 per share (equivalent to RMB 0.3181) for the year ended December 31, 2025, compared to HKD 0.17 per share (equivalent to RMB 0.1569) for 2024[31] - The board has proposed a final dividend of HKD 0.36 per share for the current year, compared to HKD 0.17 per share for the previous year[101] Assets and Liabilities - Non-current assets totaled RMB 21.19 billion, a decrease from RMB 22.06 billion in the previous year[7] - Current liabilities increased to RMB 29.92 billion from RMB 29.27 billion in the previous year[8] - Total equity increased to RMB 20.32 billion from RMB 18.91 billion in the previous year[8] - As of December 31, 2025, the group's total assets were approximately RMB 55.139 billion, a decrease of about 0.26% from RMB 55.281 billion on December 31, 2024[81] - The group's total liabilities as of December 31, 2025, were approximately RMB 34.821 billion, down about 4.26% from RMB 36.372 billion on December 31, 2024[82] Operational Highlights - The company continues to focus on the manufacturing and sales of lead-acid batteries, lithium-ion batteries, and recycled materials[9] - The manufacturing segment generated external sales of RMB 47,917,553 in 2025, up from RMB 43,559,147 in 2024, reflecting a growth of 8.6%[17] - The trading segment's external sales dropped significantly to RMB 5,881,351 in 2025 from RMB 33,109,666 in 2024, a decline of 82.3%[17] - The revenue from lead-acid battery products was RMB 39,765,590 in 2025, slightly down from RMB 39,853,742 in 2024[20] - Revenue from renewable resource products surged to RMB 5,549,611 in 2025, a significant increase from RMB 2,720,533 in 2024, marking a growth of 104.5%[20] - The company has established a recycling capacity exceeding 1 million tons annually in its lead-acid battery recycling business, enhancing operational growth and efficiency[41] - The company has launched a full-process production base in Vietnam, which has fully released assembly capacity during the reporting period[42] - The company has established over ten production bases domestically and has localized manufacturing capabilities in Vietnam, which has reached full production and sales status[47] Market and Product Development - The lithium-ion battery business has expanded its operational scale and effectiveness, achieving significant growth in multiple application scenarios and successfully entering overseas markets[40] - The solid-state battery business is progressing steadily, with product development and commercialization efforts focused on specific application scenarios such as electric motorcycles and drones[40] - The company is actively expanding its special industrial power battery business and has been recognized as one of the top 20 brands in the engineering machinery and mining machinery supply chain for 2025[51] - The company is focusing on the backup power market, leveraging the cost advantages and operational stability of lead-acid batteries, and has made significant progress in expanding applications in communication stations and data centers[49] - The company is advancing its product matrix for electric two-wheelers, three-wheelers, and low-speed four-wheelers, enhancing its competitive edge in the market[46] - The company has developed specialized AGM/EFB batteries for start-stop vehicles and high-performance maintenance-free starter batteries, expanding its market share with over 100 new first-level distributors added during the reporting period[50] Research and Development - The company is actively advancing solid-state battery technology and has achieved industry-leading safety and stability standards in its products[57] - The company has established a full-chain technology layout for sodium-ion batteries, achieving industry-leading levels in core materials and cell design[58] - The sodium-ion battery business has received several industry awards, reflecting its market expansion and application achievements[59] - The company has developed a comprehensive hydrogen fuel cell system with core product performance reaching advanced domestic levels, including recognition for its 80kW fuel cell system[60] Recycling and Sustainability - The group achieved external operating revenue of approximately RMB 4.34 billion from high-end environmental battery recycling business during the reporting period[62] - The lithium-ion battery resource recycling business generated operating revenue of approximately RMB 1.21 billion in the reporting period[65] - The group has established a recycling network with over 300 cooperative points, enhancing recycling reach and regional response efficiency[63] - The recovery rates for key metals in the lithium battery recycling process are maintained at industry-leading levels, with nickel, cobalt, and manganese recovery rates not lower than 99%, and lithium recovery rate not lower than 94%[66] - The group has a processing capacity of 73,000 tons of waste lithium-ion batteries per year, with stable batch delivery capabilities[67] - The group is committed to becoming a leader in the battery recycling industry with global resource integration capabilities as the industry moves towards standardization and scaling[68] Corporate Governance - The audit committee has reviewed the annual performance of the group for the reporting period[105] - The company has adopted the corporate governance code as per the listing rules, with a review of the governance structure ongoing[106] - All directors confirmed compliance with the standard code of conduct throughout the reporting period[108] - The annual general meeting is scheduled for June 8, 2026, at 2 PM in Changxing County, Zhejiang Province[109]