香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ，中 文 公 司 名 稱 為 「東 方 証 券 股 份 有 限 公 司 」， 在 香 港 以「 東 方 證 券」（中 文 ）及「DFZQ」（ 英 文 ） 開 展 業 務 ） （股份代號：03958） 截至 2025年 12月 31日止年度之業績公告 東 方 證 券 股 份 有 限 公 司（「公 司 」）董 事 會（「董事會 」）謹 此 宣 佈 公 司 及 其 附 屬 公 司 （「本集團」）截至 2025年 12月 31日止年度之經審計業績。本公告列載公司 2025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告 附載的資料之要求。 公司審計委員會已審閱本集團截至 2025年 12月 31日止之年度業績。 刊登年度業績公告及年度報告 本業績公告將分別在香港聯合交易所有限公司網站 ( www.hk ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 2025年年度報告摘要 一 重要提示 建議以2025年12月31日的總股本913,838,529股 為 基 數，向 全 體 股 東 每10股派發現金紅利人民幣0.10元（含 稅），共 派 發 現 金 紅 利 總 額為人民幣9,138,385.29元（含 稅），剩 餘 部 分 結 轉 下 一 年 度，公 司 不 實 施 資 本 公 積 金 轉 增 股 本。 截 至 報 告 期 末，母 公 司 存 在 未 彌 補 虧 損 的 相 關 情 況 及 其 對 公 司 分 紅 等 事 項 的 影 響：不 適 用 – 1 – 1 本 年 度 報 告 摘 要 來 自 南 京 熊 猫 電 子 股 份 有 限 公 司（「公 司」或「本 公 司」）及 其 附 屬 公 司（總 稱「本集團」）年 度 報 告 全 文，為 全 面 了 解 本 公 司 的 經 營 成 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 45,956,000, a decrease of 4.5% from HKD 48,042,000 in 2024[2] - Gross profit for 2025 was HKD 14,739,000, compared to HKD 15,064,000 in 2024, reflecting a decline of 2.2%[2] - The company reported a loss before tax of HKD 15,814,000 for 2025, down from a loss of HKD 32,392,000 in 2024, indicating an improvement of 51.1%[2] - The total comprehensive loss for the year was HKD 15,584,000, compared to HKD 31,821,000 in the previous year, representing a reduction of 51.0%[4] - Basic and diluted loss per share for 2025 was HKD 4.34, improved from HKD 9.53 in 2024[4] - The company's net loss decreased by 51% to approximately HKD 15,583,000, influenced by a reduction in gross profit and an increase in impairment losses on right-of-use assets[33] - Revenue for the year decreased by approximately 4% to HKD 45,956,000, primarily due to declines in hair design revenue, hospitality service income, and securities investment income by 4%, 2%, and 33% respectively[33] Assets and Liabilities - Non-current assets decreased to HKD 298,123,000 in 2025 from HKD 315,685,000 in 2024, a decline of 5.6%[5] - Current assets increased slightly to HKD 65,132,000 in 2025 from HKD 64,146,000 in 2024, an increase of 1.5%[5] - Total liabilities remained stable at HKD 146,266,000 in 2025, compared to HKD 146,103,000 in 2024[6] - The company's equity attributable to owners decreased to HKD 207,147,000 in 2025 from HKD 221,297,000 in 2024, a decrease of 6.4%[6] - The total assets for the group decreased from HKD 379,831,000 in 2024 to HKD 363,255,000 in 2025, a decline of approximately 4.4%[16] - The total liabilities for the group slightly decreased from HKD 159,178,000 in 2024 to HKD 158,186,000 in 2025[16] - The net asset value of the company as of December 31, 2025, was approximately HKD 205,069,000, with a net asset value per share of approximately HKD 0.63[34] - Total assets and total liabilities were approximately HKD 363,255,000 and HKD 158,186,000 respectively[34] - The total equity of the group as of December 31, 2025, was HKD 205,069,000, with fixed liabilities of HKD 12,741,000, floating liabilities of HKD 116,270,000, and interest-free liabilities of HKD 29,175,000, representing 6%, 57%, and 14% of total equity respectively[59] Revenue by Segment - The company recognized revenue from hair design services of HKD 12,041,000 in 2025, down from HKD 12,397,000 in 2024, a decline of 2.9%[10] - The segment profit for the hair design division in 2025 was a loss of HKD 1,029,000, compared to a profit of HKD 12,000 in 2024[13] - The property investment segment reported a revenue of HKD 2,928,000 in 2025, down from HKD 3,174,000 in 2024, representing a decrease of 7.8%[13] - The hotel and hospitality services segment reported a loss of HKD 9,844,000 in 2025, compared to a loss of HKD 3,276,000 in 2024[13] - The hairdressing business segment reported a revenue decline of approximately 4% to HKD 12,412,000, with service revenue down by 3% and product sales decreasing by 21%[40] Impairment and Losses - The group recognized an impairment loss of HKD 11,808,000 for the year 2025, compared to HKD 1,378,000 in 2024[17] - The impairment loss on right-of-use assets increased by HKD 10,960,000 compared to the previous year[33] - The valuation loss of investment properties amounted to HKD 7,400,000, leading to a segment loss of HKD 12,871,000 for the year, with total valuation of investment properties declining to HKD 79,700,000[35] Operational Insights - The group plans to open a new "key-in-hand" salon to attract younger customers with more affordable services, expanding its market presence[44] - The group is committed to enhancing operational efficiency and prudent cost management to drive revenue growth amid competitive pressures in the hotel industry[44] - The group anticipates a challenging operational environment in 2026 due to structural challenges in the hotel industry and changing consumer preferences[65] - The group remains confident in the long-term prospects of its core markets, including Hong Kong and Macau, supported by national development plans[64] Market and Economic Conditions - The Hong Kong retail sales showed a moderate recovery with an annual growth of about 1%, marking the first positive cumulative growth since March 2024[37] - Macau's GDP grew by 4.7%, driven by a strong recovery in tourism and gaming services, although structural challenges remain for overall economic breakthrough[37] - The Hong Kong tourism industry welcomed 49.9 million visitors in 2025, a 12% increase year-on-year, with mainland Chinese visitors growing by 11%[45] - The government is implementing a HKD 1.2 billion initiative to support the tourism industry, which is expected to enhance growth in retail, dining, and hotel sectors[48] - The rise of lifestyle hotels is becoming a key growth driver, reflecting a shift in traveler preferences towards experiential stays rather than just accommodation[48] Investments and Financial Markets - The performance of the group's securities investment portfolio is influenced by global and regional economic conditions, as well as financial market volatility[49] - The group's financial assets measured at fair value amounted to approximately HKD 52,733,000 as of December 31, 2025, compared to HKD 43,000,000 as of December 31, 2024[50] - The group recorded dividend income from securities investments of HKD 1,785,000 during the year[50] - The Hang Seng Index surged by 27.8% in 2025, driven by factors such as inflows from the "Southbound Trading" scheme, optimism regarding AI development, and interest rate cuts[50] - The S&P 500 index increased by 16% to 18% in 2025, marking the third consecutive year of double-digit growth, with AI-related tech stocks contributing over half of the index's returns[51] Employee and Operational Costs - The total employee cost (excluding director remuneration) for the year ended December 31, 2025, was approximately HKD 13,363,000, compared to HKD 13,166,000 in 2024[61] - The group employed approximately 45 staff as of December 31, 2025, consistent with the previous year[61] Corporate Governance - The group did not recommend the payment of a final dividend for the year ended December 31, 2025[62] - The group did not have any significant investments, acquisitions, or disposals during the year ended December 31, 2025[60] - The company's financial statements for the year ending December 31, 2025, have been verified for consistency with the audited financial statements[68] - No shares were repurchased, bought, or sold by the company or its subsidiaries during the year[69] - The company has adopted the standard code of conduct for securities transactions as per the listing rules, and all directors confirmed compliance during the review year[71] - The annual performance announcement and the 2025 annual report will be published on the Hong Kong Stock Exchange's website and the company's website[72]

Financial Performance - For the fiscal year ending December 31, 2025, the company's total revenue was RMB 4,158.2 million, a decrease of 25.4% compared to RMB 5,580.1 million in 2024[10]. - The net profit for the year was RMB 1,560.2 million, significantly up from RMB 44.0 million in 2024, marking a substantial increase[10]. - The gross profit for 2025 was RMB 2,373.9 million, down 41.0% from RMB 4,024.3 million in 2024, resulting in a gross margin of 57.1% compared to 72.1% in 2024[38]. - Other income and gains significantly increased to RMB 1,882.3 million in 2025, up 1,055.3% from RMB 162.9 million in 2024, primarily due to fair value gains on financial instruments[39]. - The company recorded a profit of RMB 1,560.2 million for the year ended December 31, 2025, a significant increase from RMB 44.0 million in 2024, driven by fair value gains and reduced expenses[48]. - Total comprehensive income for the year was RMB 1,958,141 thousand, up from RMB 42,765 thousand in 2024[82]. - Basic earnings per share for 2025 was RMB 2.83, compared to a loss in 2024[82]. - The total income tax expense for 2025 is RMB 408,702,000, compared to RMB 54,396,000 in 2024[102]. Market Trends - The global gaming market is projected to reach USD 197 billion in 2025, with a year-on-year growth of 7.5%, while the mobile gaming market is expected to reach USD 108 billion, growing by 7.7%[5]. - The domestic gaming market in China is forecasted to generate actual sales revenue of RMB 350.79 billion in 2025, reflecting a year-on-year growth of 7.68%[7]. - The number of domestic gaming users in China is expected to reach 683 million in 2025, with a growth rate of 1.35% year-on-year[7]. - The small program game market in China is projected to reach RMB 53.54 billion in 2025, reflecting a significant year-on-year growth of 34.39%[18]. Business Strategy and Development - The company aims to leverage AI technology to enhance its game publishing business, focusing on precision marketing and long-cycle operations to maximize product value[11]. - The company has adopted a multi-platform distribution strategy, including apps and mini-programs, to reach a broader user base and expand its audience[11]. - The company is expanding its game offerings into new genres, including casual games and strategy games, to broaden its user base and create a sustainable gaming ecosystem[20]. - The company has established a comprehensive AI-driven game business model covering the entire lifecycle from development to marketing[24]. - The company is leveraging AI technology to improve operational efficiency and user engagement, enhancing game development, content creation, and player services[34]. Intellectual Property and Product Development - The "Legend" IP is projected to have a market size of RMB 35.55 billion in 2025, maintaining a consistent value around RMB 30 billion annually[13]. - The company successfully transitioned the "Legend" IP games from PC to mobile internet, achieving significant success in mini-program distribution, with notable titles ranking in the top sales charts[14]. - "热血江湖：归来" achieved top rankings on multiple platforms, including 1 on App Store free charts in South Korea and Taiwan, showcasing strong global appeal[15]. - The company has successfully launched over 30 multilingual games in international markets, achieving top rankings on iOS and Google Play for titles like "原始传奇" and "全民江湖" in various regions[21]. - The company is actively adapting classic IPs for small program games, successfully driving cross-platform user engagement[18]. Financial Management and Investments - The company plans to repurchase up to HKD 300 million of its shares within 12 months, having already repurchased 11,418,000 shares, representing 2.1% of its total issued share capital[32]. - The company successfully issued zero-coupon convertible bonds totaling HKD 468 million, fully subscribed by LMR Multi-Strategy Master Fund Limited, to support AI-related strategic investments[33]. - 50% of the net proceeds from the convertible bonds will be allocated to AI-related business development, including infrastructure and technology upgrades[72]. - The company plans to use the remaining 50% of the net proceeds from the convertible bonds for potential acquisitions in the AI sector[72]. Operational Efficiency - Selling and distribution expenses decreased by 46.7% to RMB 1,875.9 million in 2025 from RMB 3,516.7 million in 2024, attributed to AI technology optimization and reduced customer acquisition costs[40]. - Administrative expenses decreased by 11.3% to RMB 170.4 million in 2025 from RMB 192.1 million in 2024, mainly due to reduced overall compensation related to administrative personnel[41]. - Research and development costs decreased by 23.0% to RMB 98.3 million in 2025 from RMB 127.7 million in 2024, reflecting a reduction in compensation for R&D personnel[42]. - The company has achieved an AI penetration rate exceeding 80% in art content generation, with efficiency improvements of over 70%[26]. Corporate Governance - The company changed its name from "ZX Inc." to "Tanwan Inc." effective August 8, 2025[64]. - The board has been authorized to repurchase up to 10% of the issued shares as of June 21, 2024, and again on June 19, 2025[69]. - The company will not declare a final dividend for the year ending December 31, 2025[71]. - The audit committee has reviewed the financial performance for the year ending December 31, 2025, confirming compliance with relevant accounting standards[75]. - The board will continue to review the effectiveness of the corporate governance structure[68].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部份內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 1518 截至二零二五年十二月三十一日止年度的年度業績公告 二零二五年度業績摘要 以下載列本集團截至二零二五年十二月三十一日止年度的主要業績摘要： 主要經營數據 | | 截至十二月三十一日止年度 | | | | | --- | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | 變動 | | 門診醫療服務收益 （人民幣千元） | | 362,031 | 481,113 | -24.8% | | 門診人次 | | 207,448 | 279,396 | -25.8% | | （人民幣千元） 住院醫療服務收益 | | 200,159 | 304,329 | -34.2% | | 住院人次 | | 6,740 | 9,088 | -25.8% | – 1 – 1. 我們於截至二零二五年十二月三十一日止年度錄得收益約人民幣600.1百 萬元，與截至二零二四年十二月三十一日 ...

Financial Performance - Revenue for the year ended December 31, 2025, increased to RMB 1,680,081,000 from RMB 1,394,084,000, representing a growth of approximately 20.5%[2] - Net profit attributable to equity shareholders rose to RMB 134,779,000, up from RMB 122,611,000, reflecting an increase of about 9.4%[3] - Basic and diluted earnings per share improved to RMB 0.12 from RMB 0.11, marking a 9.1% increase[3] - Total comprehensive income for the year was RMB 126,287,000, up from RMB 101,190,000, indicating a growth of approximately 24.8%[4] - The group’s total reported segment revenue for 2025 was RMB 1,739,778 thousand, compared to RMB 1,478,527 thousand in 2024, reflecting an overall increase of approximately 17.7%[29] - The group’s profit before tax increased by approximately RMB 11.0 million to about RMB 177.1 million, attributed to the factors mentioned above[96] - Profit attributable to equity shareholders increased by approximately RMB 12.2 million to about RMB 134.8 million, driven by the factors mentioned above[98] Operational Efficiency - Operating profit margin decreased to 17.6% from 21.9% year-on-year, indicating a decline in operational efficiency[3] - The company reported a net profit margin of 7.3%, slightly down from 7.6% in the previous year[2] - The group's operating profit decreased by approximately RMB 9.6 million or 3.2% to about RMB 295.4 million, with an operating profit margin dropping from 21.9% to 17.6% due to reduced gains from asset disposals and foreign exchange losses[94] Assets and Liabilities - Total assets increased to RMB 5,662,318,000 from RMB 5,222,749,000, showing a growth of approximately 8.4%[2] - Current liabilities exceeded current assets by RMB 794,445,000 as of December 31, 2025, compared to RMB 764,466,000 as of December 31, 2024, reflecting an increase of about 3.5%[10] - Total equity attributable to shareholders decreased to RMB 1,032,698,000 in 2025 from RMB 1,149,748,000 in 2024, a decline of about 10.2%[6] - The company reported a total of RMB 2,784,462,000 in non-current liabilities as of December 31, 2025, compared to RMB 2,329,733,000 in 2024, reflecting an increase of about 19.5%[6] - The company's total borrowings, including bank loans and other borrowings, rose to RMB 2,602,300,000 in 2025 from RMB 2,210,861,000 in 2024, an increase of approximately 17.7%[6] Revenue Segments - Revenue from leasing and facility services amounted to approximately RMB 462.6 million, a slight increase of RMB 0.8 million or 0.2% from the previous year, primarily due to an increase in average daily leased area[80] - Wastewater treatment fees increased by approximately RMB 28.3 million or 9.8% to about RMB 318.7 million, mainly due to increased freshwater usage by customers in multiple regions[82] - The sales of goods and accessories segment saw external customer revenue rise to RMB 634,695 thousand in 2025, compared to RMB 406,767 thousand in 2024, marking a significant increase of approximately 56%[29] - The group’s revenue from wastewater treatment and public utilities totaled approximately RMB 582.8 million, reflecting growth in customer consumption[81] Accounting and Compliance - The group has adopted new accounting standards effective from January 1, 2025, which will impact future financial statements[13] - The new accounting standards and amendments are not expected to have a significant impact on the group's financial performance or position[18] - The group’s financial reporting is in compliance with Hong Kong Financial Reporting Standards, ensuring accuracy and reliability[12] Employee and Operational Costs - Employee costs, including director remuneration, amounted to RMB 185,815 thousand for the year ending December 31, 2025, up from RMB 168,633 thousand for the year ending December 31, 2024, indicating an increase of about 10%[38] - The cost of goods sold was RMB 691,123 thousand for the year ending December 31, 2025, compared to RMB 474,897 thousand for the year ending December 31, 2024, representing a significant increase of approximately 46%[41] - Depreciation and amortization expenses for fixed assets and investment properties were RMB 311,226 thousand for the year ending December 31, 2025, compared to RMB 265,994 thousand for the year ending December 31, 2024, reflecting an increase of approximately 17%[41] Future Outlook and Strategy - The company’s total revenue for the fiscal year ending December 31, 2025, is projected to grow based on anticipated cash flow from operations and financing sources[10] - The group plans to continue expanding its customer base in various regions to sustain revenue growth in the upcoming fiscal year[78] - The group is focused on upgrading its industry and accelerating the growth of new productive forces, with artificial intelligence and green transformation as core growth drivers[64] Shareholder and Dividend Information - The board of directors recommended not to declare a final dividend for the year ended December 31, 2025, compared to a dividend of HKD 0.15 per share in 2024[2] - The proposed final dividend for the year is RMB 153,866,000, with a dividend of HKD 0.15 per share for 2024[48] Risk Management - The group has limited foreign exchange risk due to most transactions being conducted in the functional currency of related businesses, primarily in RMB[113] - Credit risk is mainly attributed to trade receivables, with limited exposure due to counterparties being banks and financial institutions[116] - The group regularly monitors its liquidity needs and compliance with borrowing covenants to ensure sufficient cash reserves[117]

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 1,000.57 million, a decrease of 19.81% compared to RMB 1,247.72 million in 2024[2] - Gross profit for the same period was RMB 15.24 million, down 83.22% from RMB 90.83 million in 2024, resulting in a gross margin of 1.52%[3] - Loss before tax increased by 44.47% to RMB 416.56 million, compared to RMB 288.34 million in 2024[2] - Loss attributable to equity shareholders rose by 44.17% to RMB 415.67 million, with a basic and diluted loss per share of RMB 1.70, compared to RMB 1.27 in 2024[2] - The company did not recommend a final dividend for the year ended December 31, 2025, consistent with 2024[2] - The company reported a net loss of RMB (288,339) thousand for the year, increasing total accumulated losses to RMB (508,741) thousand by December 31, 2024[7] - The net cash outflow from operating activities for the year ended December 31, 2025, was RMB 175.30 million, a decrease of RMB 229.68 million compared to RMB 404.98 million in 2024[84] - The net cash used in operating activities for 2025 was RMB (175,300) thousand, an improvement from RMB (404,983) thousand in 2024[8] - The company reported a basic loss per share of RMB 1.70 for the year ended December 31, 2025, compared to RMB 1.27 for 2024, reflecting an increase in losses of approximately 33.9%[33] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 1,735.97 million, an increase from RMB 1,560.92 million in 2024[4] - Non-current assets increased to RMB 572.46 million from RMB 411.67 million in 2024, driven by property, plant, and equipment growth[4] - Current assets totaled RMB 1,163.51 million, slightly up from RMB 1,149.25 million in 2024[5] - Total liabilities increased to RMB 865.41 million from RMB 657.90 million in 2024, with non-current liabilities rising significantly[5] - The company’s equity attributable to shareholders decreased to RMB 866.47 million from RMB 903.02 million in 2024[6] - The total borrowings of the company rose to RMB 478,294,000 in 2025, up from RMB 314,898,000 in 2024, indicating an increase of about 52%[42] - The capital debt ratio as of December 31, 2025, was 54.94%, up from 34.87% as of December 31, 2024[92] Revenue Breakdown - The company's largest customer, Geely Group, contributed RMB 610.30 million to total revenue, accounting for about 61.00% of total revenue in 2025, down from 83.66% in 2024[17] - Revenue from combined driving assistance solutions and products was approximately RMB 926.16 million, a decrease of 22.34% compared to RMB 1,192.58 million in 2024, accounting for about 92.56% of total revenue[60] - Revenue from self-developed iDC series combined driving assistance domain controllers was approximately RMB 195.67 million, an increase of 108.67% compared to RMB 93.77 million in 2024[60] - Revenue from intelligent front-view camera sales was approximately RMB 143.60 million, a year-on-year increase of 147.73% compared to RMB 57.97 million in 2024[60] - Revenue from intelligent driving-related R&D services was approximately RMB 62.36 million, an increase from RMB 41.66 million in 2024, accounting for about 6.23% of total revenue[61] Expenses and Costs - Research and development expenses for 2025 total RMB 322,784,000, up from RMB 280,651,000 in 2024, marking an increase of 15.04%[26] - Employee benefits expenses increased to RMB 293,142,000 in 2025 from RMB 239,968,000 in 2024, a rise of 22.08%[27] - The administrative expenses for the year ended December 31, 2025, were RMB 80.32 million, an increase of 39.69% compared to RMB 57.50 million in 2024[77] - The sales and service costs amounted to RMB 985.33 million, a decrease of RMB 171.56 million or 14.83% compared to the same period in 2024[72] Cash Flow and Investments - Cash and cash equivalents increased by RMB 83,329 thousand in 2025, ending the year at RMB 260,699 thousand compared to RMB 181,114 thousand at the beginning of the year[8] - Investment activities resulted in a net cash outflow of RMB (265,240) thousand in 2025, slightly higher than RMB (264,818) thousand in 2024[8] - The company invested RMB 191,837 thousand in property, plant, and equipment during 2025, compared to RMB 180,340 thousand in 2024[8] Market and Industry Insights - In 2025, China's automobile production and sales reached 34.53 million and 34.40 million units, respectively, representing year-on-year growth of 10.4% and 9.4%[53] - The penetration rate of combined driving assistance systems reached approximately 66.12%, an increase of about 10 percentage points compared to 2024[56] - The market share of Chinese brand passenger cars reached 69.5%, an increase of 4.3 percentage points from the previous year[53] - The production and sales of new energy vehicles reached 16.63 million and 16.49 million units, respectively, with year-on-year growth of 29.0% and 28.2%, achieving a market share of 47.9%[53] Strategic Developments - The company secured 37 project letters from notable OEM clients including Chery, Leapmotor, Geely, and Dongfeng, marking its successful expansion into new business areas such as unmanned logistics vehicles and heavy-duty commercial vehicles, with production expected between 2025 and 2027[63] - The company established a wholly-owned subsidiary, Aimos Robotics (Suzhou) Co., Ltd., to focus on the commercialization of embodied intelligence technology[66] - A joint venture agreement was signed with Delloyd Technology Berhad to establish a local operation in Malaysia, with the first production line expected to commence in the first half of 2026[69] - The company plans to enhance its production capacity in 2026 to meet the growing demand for mass production deliveries[102] - The company aims to deepen and diversify its OEM customer base by expanding its product solutions to more vehicle models[104] - The company is focusing on continuous R&D investment to strengthen its technological leadership in autonomous driving solutions[103] Corporate Governance and Compliance - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2025, and confirmed the effectiveness of the risk management and internal control systems[131] - The company has adopted the corporate governance code as per the listing rules and has confirmed compliance with all applicable provisions during the reporting period[129] - The board has approved proposed amendments to the company's articles of association to reflect changes in the scope of business, which will be presented to shareholders for approval[134] Share Placements and Fund Utilization - The net proceeds from the global offering, amounting to approximately RMB 575.83 million (around HKD 595.23 million), have been fully utilized as per the intended purposes outlined in the prospectus dated December 12, 2023[111] - The 2024 placement is expected to generate a net amount of approximately HKD 73.28 million, which will be allocated to R&D for advanced intelligent driving solutions, capital expenditures for R&D and production facilities, and expanding overseas sales and service networks[112] - The company plans to utilize 25.0% of the net proceeds from the 2025 February placement for working capital and general corporate purposes, which has been fully utilized[118] - The company has fully utilized HKD 57.68 million, which accounts for 25% of the funds, for working capital and general corporate purposes[123]

Financial Performance - JX Energy Ltd. reported total revenue of CAD 7,401,498 for the year ended December 31, 2025, representing a 49.2% increase from CAD 4,968,093 in 2024[7]. - The company's net income for the year was CAD 6,792,292, up from CAD 4,881,875 in the previous year, indicating a growth of 39.1%[7]. - The company reported a basic and diluted loss per share of CAD 0.04 for both 2025 and 2024, indicating no change year-over-year[7]. - For the year ended December 31, 2025, the company reported a pre-tax loss of C$23,467,769, compared to a loss of C$20,267,110 in 2024, indicating a deterioration in financial performance[9]. - The company reported a total comprehensive loss of CAD 23,467,769 for the year, compared to a loss of CAD 20,267,110 in 2024, an increase in loss of 10.8%[7]. - The company reported a pre-tax loss of CAD (23,467,769) for the year ended December 31, 2025, compared to CAD (20,267,110) in 2024, reflecting an increase in losses of 10.8%[190]. Revenue Sources - Natural gas sales contributed CAD 6,480,085 to total revenue in 2025, compared to CAD 3,840,586 in 2024, marking a growth of about 68%[160]. - Major customer A accounted for 71% of total revenue in 2025, up from 62% in 2024, highlighting increased dependency on this customer[162]. Operating Costs and Expenses - Operating costs increased to CAD 15,594,382 in 2025 from CAD 13,500,830 in 2024, reflecting a rise of 15.5%[7]. - The company incurred approximately CAD 7 million in administrative costs recoverable under the agreements with Gexin for the year ended December 31, 2025, down from CAD 17 million in 2024[198]. - Interest expenses for the year ended December 31, 2025, totaled CAD 594,427, compared to CAD 472,150 in 2024, representing an increase of approximately 26.0%[93]. - The company’s interest expenses and financing costs for term debt decreased significantly to CAD 216,250 in 2025 from CAD 329,789 in 2024[186]. Assets and Liabilities - Total assets decreased to CAD 18,405,167 as of December 31, 2025, down from CAD 25,888,121 in 2024, a decline of 29.0%[5]. - Total liabilities increased to CAD 57,787,252 in 2025, compared to CAD 47,349,096 in 2024, marking a rise of 22.5%[6]. - Current liabilities exceeded current assets by C$30,972,581 as of December 31, 2025, raising concerns about liquidity[16]. - Long-term payables increased significantly to CAD 31,035,457 as of December 31, 2025, from CAD 20,696,153 in 2024, marking an increase of approximately 50.5%[88]. - The company’s long-term debt portion decreased to CAD 15,465,435 in 2025 from CAD 4,544,566 in 2024, an increase of 240.5%[5]. Cash Flow and Liquidity - The company experienced a net cash outflow from operating activities of C$3,478,143 in 2025, an increase from C$2,975,042 in 2024[9]. - Cash generated from investing activities was C$166,550 in 2025, a significant decrease from C$1,571,555 in 2024, primarily due to the sale of exploration and evaluation assets[10]. - Financing activities generated a net cash inflow of C$3,184,035 in 2025, up from C$1,260,198 in 2024, driven by cash issued for shares[10]. - The company has implemented a liquidity plan to alleviate financial pressure and improve its financial condition, with confidence in meeting financial obligations over the next 12 months[17]. Impairment and Write-offs - The company recorded impairment losses and write-offs of C$7,124,025 in 2025, compared to C$4,471,173 in 2024, reflecting increased asset devaluation[9]. - The company recognized a write-off of CAD 3,763,831 for exploration and evaluation assets due to lease expirations as of December 31, 2025, compared to CAD 148,336 in 2024[100]. - Impairment indicators were identified for fixed assets within the Basing, Voyager, and Dawson CGUs due to changes in commodity prices and well performance[170]. Shareholder and Equity Information - Shareholders' equity decreased to CAD 229,265,223 in 2025 from CAD 222,417,603 in 2024, a slight increase of 3.8%[6]. - The company has arranged to repay approximately $1.08 million (equivalent to about CAD 1.48 million) of principal in shares rather than cash under the convertible bond agreement[18]. - The company has signed a loan capitalization agreement to partially repay specific long-term debts and payables amounting to approximately CAD 3.84 million and CAD 7.49 million by issuing shares to lenders[18]. - The company has successfully negotiated with lenders to defer the payment of accrued natural gas processing and compression fees for two years, with a total payable amount of approximately CAD 27.26 million[18]. Stock Options and Compensation - The company uses the fair value method to assess stock options granted, with all corresponding compensation costs measured at the fair value on the grant date and recognized as an expense over the vesting period[70]. - The company granted 3,780,000 stock options at an exercise price of HK$0.52 on May 18, 2020, with a validity of 5 years[149]. - The company recognized a share-based payment expense of CAD 5,927 for the year ended December 31, 2025, down from CAD 16,004 in 2024[157]. Future Outlook and Risks - There is significant uncertainty regarding the company's ability to implement the aforementioned plans and measures, which depend on future events and conditions[19]. - If the company fails to implement these plans, it may not be able to continue as a going concern and may need to adjust asset values and liabilities accordingly[19]. - The ongoing global impacts of the Ukraine and Middle East conflicts, along with supply chain disruptions, have significantly affected the company's operational performance[16]. Regulatory and Compliance - The company confirmed that the current income tax expense is calculated based on the taxable income for the year, which differs from the pre-tax profit reported in the income statement due to timing differences in tax qualification[59]. - The company has not recognized any deferred tax assets or liabilities as of December 31, 2025, due to uncertainties regarding future taxable profits[87]. - The company will apply the amendments to International Financial Reporting Standards (IFRS) effective from January 1, 2025, but these amendments are not expected to have a significant impact on the company's performance and financial position for the year ending December 31, 2025[71].

Financial Performance - The company's revenue for the six months ended January 31, 2026, was HKD 2,633 million, representing a 1.4% increase compared to HKD 2,597 million in the same period last year[3]. - The adjusted EBITDA for the group was HKD 407.2 million, down 21.7% from HKD 519.8 million in the previous year, primarily due to losses from the sale of residential properties[3][4]. - The net loss attributable to the company's owners was HKD 682.3 million, a significant increase from a net loss of HKD 123.3 million in the same period last year, driven by property sales losses and fair value losses on investment properties[4]. - The company reported a net loss of HKD 1,370,404,000 for the six months ended January 31, 2026, compared to a loss of HKD 298,690,000 for the same period in 2025, representing an increase in losses of approximately 359%[8]. - Total comprehensive income for the period was HKD 585,525,000, a significant improvement from a comprehensive loss of HKD 201,738,000 in the previous year[8]. - The adjusted net loss, excluding fair value changes and other non-cash items, was approximately HKD 219.5 million, slightly improved from HKD 228.7 million in the previous year[4]. Revenue Breakdown - Property development and sales contributed HKD 668 million, an increase of 8.2% from HKD 617 million year-on-year, while property investment revenue decreased by 7.2% to HKD 623 million[3]. - Total revenue for the group reached HKD 2,774.83 million, an increase from HKD 2,760.72 million in the previous year, reflecting a growth of approximately 0.5%[18]. - Revenue from property sales reached HKD 667,802,000, up from HKD 617,205,000, indicating an increase of about 8.2% year-over-year[20]. - The restaurant and catering segment generated revenue of HKD 667.80 million, up from HKD 617.21 million, marking an increase of about 8.5%[18]. - The hotel business experienced a loss of HKD 25.30 million, an improvement from a loss of HKD 41.86 million in the previous year[18]. - The media and entertainment segment's revenue was HKD 114.38 million, up from HKD 104.23 million, showing an increase of around 9.9%[18]. Asset Management and Sales - The group is actively pursuing asset sales, with a target of achieving total sales of HKD 8 billion over the next two years, including HKD 6 billion from the company and HKD 2 billion from its subsidiary[6]. - The net cash from the sale of properties is expected to be HKD 2.4 billion from the sale of interests in Surearn Profits Limited, anticipated to complete in Q2 2026[6]. - The company plans to achieve asset sales totaling HKD 8,000,000,000 over the next two years, with expected proceeds of approximately HKD 7,000,000,000 after completing the sales[55]. - The company is actively discussing the sale of other non-core assets to improve liquidity and strengthen its balance sheet[56]. Financial Stability and Liquidity - The group successfully refinanced bank loans totaling HKD 924 million and HKD 3,457 million during the reporting period, enhancing its financial stability[6]. - The company has plans to mitigate liquidity pressure and improve cash flow, including legal advice on the repayment of outstanding loans[14]. - The company’s total equity decreased to HKD 30,298,482,000 from HKD 31,104,847,000, reflecting a decline of approximately 2.6%[10]. - The company’s investment in joint ventures decreased significantly from HKD 4,804,796,000 to HKD 1,610,796,000, a drop of about 66%[9]. - The group successfully refinanced a bank loan amounting to HKD 3,049,300,000, with a one-year term that can be extended under certain conditions[15]. - The board reviewed cash flow forecasts and believes the group will have sufficient operating funds to meet financial obligations for the next twelve months[16]. Market Conditions and Outlook - The global economic outlook for 2026 anticipates GDP growth of approximately 3.3%, driven by resilient technology investments and private sector adaptability[37]. - The company emphasizes the importance of resilience as a foundation for its development amidst ongoing geopolitical risks and market volatility[37]. - Hong Kong's GDP grew by 3.5% in 2025, significantly higher than the 2.6% growth in 2024, supported by factors such as interest rate cuts in the US and a rebound in visitor numbers to 49.9 million, a 12% year-on-year increase[38]. - The office vacancy rate in Hong Kong was approximately 17.5% at the beginning of 2026, indicating a competitive market with oversupply, yet the group maintained an average occupancy rate of 90% or above in its office and retail leasing businesses[39]. Property Development and Projects - The company plans to launch new residential sales projects in Hong Kong in 2026 and aims to sell more residential buildings in Hengqin[6]. - The Bal Residence project achieved total sales of approximately HKD 830.2 million, with an average selling price of HKD 15,193 per square foot, reflecting a strong market response[42]. - The total sales area of the Bal Residence was about 62,148 square feet, including 156 residential units, all of which have been sold out[42]. - The construction of the residential project at Kowloon Tong is expected to be completed in the first half of 2026, providing approximately 46 units[43]. - The first phase of the Hengqin Innovation Hub has successfully established a significant industrial cluster with over 420 companies, focusing on cross-border e-commerce, new technology, and health industries[47]. Challenges and Strategic Responses - The company anticipates that 2026 will be a year filled with uncertainties due to geopolitical conflicts and challenges in the commercial real estate market in Hong Kong and mainland China[56]. - The cinema operations faced a 16% decline in box office revenue in 2025, marking the lowest level in 13 years due to changing consumer habits and high operational costs[51]. - The group is focusing on providing management services in the hotel sector, particularly in Shanghai, Guangzhou, Zhongshan, and Hengqin[126]. Governance and Management - The audit committee consists of three independent non-executive directors who reviewed the unaudited interim results for the six months ending January 31, 2026[150]. - The board of directors includes six executive directors and four independent non-executive directors, ensuring a diverse governance structure[150].

Financial Performance - For the year ending December 31, 2025, the company reported total revenue of HKD 68,243,000, an increase from HKD 54,639,000 in 2024, representing a growth of approximately 24.0%[3] - The gross profit for 2025 was HKD 22,593,000, up from HKD 18,398,000 in 2024, indicating a gross profit margin improvement from 33.7% to 33.1%[3] - The net profit for the year was HKD 6,950,000, a significant decrease from HKD 326,317,000 in the previous year, reflecting a decline of approximately 97.9%[3] - The basic and diluted earnings per share for 2025 were HKD 0.012, compared to HKD 1.0 in 2024, indicating a substantial decline in earnings per share[3] - The company reported a net profit attributable to owners of HKD 6,950,000 for 2025, a significant decrease from HKD 326,317,000 in 2024[25] - The company recorded a net profit attributable to shareholders of HKD 7.0 million for the year ended December 31, 2025, down from HKD 326.3 million in 2024[35] Assets and Liabilities - The company's total assets as of December 31, 2025, were HKD 48,062,000, slightly down from HKD 49,812,000 in 2024, a decrease of about 3.5%[4] - Current liabilities decreased significantly from HKD 51,660,000 in 2024 to HKD 21,004,000 in 2025, a reduction of approximately 59.5%[4] - The total liabilities of the company amounted to HKD 21,171,000 as of December 31, 2025, compared to HKD 52,211,000 in 2024[18] - Total borrowings decreased significantly from HKD 33.1 million in 2024 to HKD 12.1 million in 2025[29] Equity and Cash Flow - The company’s total equity increased to HKD 27,406,000 in 2025 from HKD 2,456,000 in 2024, marking a significant improvement in financial stability[4] - The company’s net asset value increased to HKD 27.4 million in 2025, up from HKD 2.5 million in 2024[37] - The net cash inflow from operating activities for the year ended December 31, 2025, was HKD 5.4 million, an increase from HKD 3.9 million in 2024[38] - The net cash inflow from investing activities for the same period was HKD 1.2 million, up from HKD 0.2 million in 2024[38] Revenue Segmentation - Revenue from medical and health equipment distribution increased to HKD 68,243,000 in 2025, up from HKD 54,639,000 in 2024, representing a growth of approximately 24.8%[13] - The adjusted profit before tax for the medical and health segment was HKD 15,595,000 in 2025, compared to HKD 12,265,000 in 2024, reflecting an increase of about 27.5%[18] - Total assets for the medical and health segment were HKD 48,150,000 as of December 31, 2025, while total liabilities stood at HKD 20,117,000[18] Shareholder Information - The company did not declare any dividends for the year ended December 31, 2025, consistent with the previous year[24] - The total number of issued shares increased to 2,126,036,828 shares as of December 31, 2025, from 326,036,828 shares in 2024, with issued share capital rising to HKD 3,048,660,000[38] - The company issued 1.8 billion new shares to repay loans, increasing total issued shares to 2.126 billion by December 31, 2025[31] Operational Insights - The company is primarily engaged in the distribution of medical and health equipment and products, with a focus on expanding its market presence[5] - The company aims to improve its business model and processes, increase market penetration, and expand product offerings to achieve organic growth in a challenging economic environment[39] - The company will continue to seek new business opportunities to achieve profit growth and enhance long-term stakeholder value despite current economic uncertainties[39] Financial Reporting and Standards - The company has not early adopted any new or revised Hong Kong Financial Reporting Standards that are not yet effective, indicating a cautious approach to financial reporting[7] Market Outlook - The healthcare equipment market in Hong Kong is expected to grow at an annual rate of 7.3% from 2025 to 2029, driven by local demand for high-quality products[33] Other Financial Metrics - Interest expenses for bank and other borrowings increased to HKD 1,355,000 in 2025 from HKD 1,285,000 in 2024, indicating a rise of about 5.4%[21] - The company’s income tax expense for 2025 was HKD 2,498,000, up from HKD 1,637,000 in 2024, reflecting an increase of approximately 52.5%[23] - The depreciation of property, plant, and equipment decreased to HKD 64,000 in 2025 from HKD 171,000 in 2024, showing a reduction of about 62.6%[22] - Trade receivables decreased from HKD 16.739 million in 2024 to HKD 15.084 million in 2025[26] - The aging analysis of trade receivables showed an increase in amounts due within 30 days from HKD 3.362 million in 2024 to HKD 5.264 million in 2025[27]