Financial Performance - Revenue for 2025 reached RMB 2,487.5 million[7] - Net profit for 2025 increased to RMB 399.3 million, up RMB 11.4 million from 2024[7] - Total revenue for 2025 was RMB 2,487,461,000, a decrease of 2.3% from RMB 2,546,044,000 in 2024[47] - Gross profit for 2025 was RMB 1,695,227,000, reflecting a slight decrease from RMB 1,716,285,000 in 2024[47] - The company’s basic earnings per share increased to RMB 0.238 in 2025 from RMB 0.233 in 2024[108] - The company reported a pre-tax profit for 2025 of RMB 496,266,000, an increase from RMB 482,482,000 in 2024, reflecting a growth of approximately 2%[146] - The total tax expense calculated at the actual tax rate for 2025 is RMB 97,003,000, compared to RMB 94,596,000 in 2024, indicating a rise of about 2.5%[146] Cash and Assets - Cash and cash equivalents as of December 31, 2025, rose to RMB 1,054.9 million, an increase of RMB 943.2 million compared to December 31, 2024[7] - Current assets rose to RMB 2,200,571,000 in 2025, compared to RMB 1,700,020,000 in 2024, showing a growth of 29.4%[48] - The company’s total assets minus current liabilities amounted to RMB 4,391,578,000 in 2025, up from RMB 2,488,240,000 in 2024, indicating improved financial stability[48] - Trade receivables increased from RMB 319.5 million in 2024 to RMB 631.4 million in 2025, attributed to higher sales in the second half of the year[65] - The company reported a total of RMB 4,401,971,000 in non-current assets for 2025, an increase from RMB 3,740,011,000 in 2024[111] Product Development and Pipeline - The strategic merger with 嘉和生物藥業 (Jiahe Biopharmaceutical) was completed on December 30, 2025, enhancing the company's capabilities and product pipeline[8] - The company now has 7 commercialized products and 3 clinical-stage products, focusing on oncology, autoimmune diseases, cardiovascular, respiratory, and anti-infection[9] - The innovative product Rujianning® received approval from the National Medical Products Administration in May 2025, targeting HR+/HER2- breast cancer[9] - The product pipeline includes 3 clinical-stage products and multiple preclinical products, covering various therapeutic areas[12] - The innovative product pipeline includes 3 clinical-stage drugs and multiple preclinical products targeting oncology, autoimmune diseases, chronic inflammation, cardiovascular metabolism, and respiratory diseases[15] Clinical Trials and Research - The three-specific antibody GB268 entered clinical trial phase I in July 2025, showing promising safety and anti-tumor activity[10] - EDP167, targeting liver ANGPTL3, has completed Phase I studies with good safety and tolerability, and Phase II studies for HoFH are set to start in February 2026[17] - The clinical development of the core product GB268, a tri-specific antibody targeting PD-1/CTLA-4/VEGF, has entered Phase I trials for various solid tumors[31] - EDP167 completed its Phase I clinical trial in December 2025, involving 40 subjects, and demonstrated good overall safety and tolerability; results will be disclosed at an upcoming medical conference[37] Financial Management and Strategy - The company emphasizes prudent financial management, optimizing resource allocation to reduce operational expenses while maintaining cash reserves[11] - The company plans to optimize R&D resource allocation, focusing on key milestones and developing a differentiated innovative product pipeline[42] - The company has adopted a more prudent approach to cost control and has extended the timeline for utilizing the net proceeds for general corporate purposes[104] Mergers and Acquisitions - The company completed a significant acquisition of Yiteng Pharmaceutical Group, issuing 1,667,755,320 new ordinary shares, which represents 73.73% of the company's issued share capital[114][115] - The merger enhances the company's capabilities in pharmaceutical product research, manufacturing, and marketing services in China[114][115] - The identified assets and liabilities of Yiteng Pharmaceutical were recognized at fair value on the merger date, with the difference between these and the actual consideration recognized as goodwill[118] Corporate Governance and Compliance - The company has adhered to the corporate governance code, with minor deviations noted regarding the separation of the roles of chairman and CEO[88] - The company has complied with all statutory social security fund and housing fund obligations in China as of December 31, 2025[80] - The board of directors does not recommend the payment of a final dividend for the reporting period[84] Executive Changes - The company has undergone significant executive changes, with Dr. Guo resigning as CEO and Ms. Zhai resigning as an executive director, effective March 27, 2026[162][156] - Dr. Han Shuhua has been appointed as an executive director effective March 27, 2026, bringing over 30 years of experience in oncology and immunology[158] - Mr. Ni has been appointed as the CEO effective March 27, 2026, with an annual fixed salary of RMB 4,800,000[164] Future Outlook - The company expects 2026 to be a pivotal year for strategic integration and value creation, focusing on enhancing commercialization capabilities and accelerating clinical research for key pipeline products[42] - The company plans to utilize the remaining unutilized funds for product development and market expansion by 2026[107]

Financial Performance - Total retail sales (including leased merchants) reached RMB 6,382.4 million[2] - Total sales revenue and rental income amounted to RMB 5,294.8 million[2] - The company recorded a pre-tax loss of RMB 429.4 million and a net loss of RMB 243.9 million for the year[3] - Basic loss per share for the year was RMB 9.87, with the board recommending no final dividend for the year ended December 31, 2025[3] - Total revenue for 2025 was RMB 3,034.6 million, a decrease of 24.5% from RMB 4,018.4 million in 2024[3] - Operating profit decreased to RMB 142.5 million from RMB 897.3 million in the previous year, reflecting a decline of 84.1%[3] - The company reported a comprehensive loss of RMB 273.0 million for the year, compared to a loss of RMB 394.8 million in 2024[5] - The company’s equity attributable to ordinary shareholders decreased to RMB 12,444.9 million in 2025 from RMB 12,930.3 million in 2024[10] - The total sales revenue and rental income for the year ended December 31, 2025, was RMB 5,294.8 million, a decrease of 28.4% compared to 2024, primarily due to insufficient consumer confidence and a shift in the business model towards shopping center leasing[80] - The total sales from franchised counters amounted to RMB 3,113.0 million, down 37.7% from 2024, while direct sales revenue was RMB 1,071.1 million, a decrease of 10.2%, and rental income was RMB 1,110.7 million, down 8.0%[81] Assets and Liabilities - Total assets decreased to RMB 44,567.8 million in 2025 from RMB 46,462.5 million in 2024[7] - Total liabilities decreased to RMB 23,091.8 million in 2025 from RMB 24,228.0 million in 2024[8] - The group's current liabilities net amount is approximately RMB 3,581,090,000, with current bank and other borrowings due within the next 12 months amounting to RMB 5,187,109,000[16] - The company has pledged assets including land and buildings valued at RMB 2,077.8 million, investment properties at RMB 10,803.0 million, and right-of-use assets at RMB 204.5 million as collateral for borrowings[96] Operational Insights - The group operates three reportable segments: department store operations, property development, and other services including hotel operations[29] - The company has shifted its strategy from traditional leasing to a selection-based approach, focusing on empowering brands and optimizing the operational ecosystem[65] - The group is focusing on optimizing store formats based on local consumer trends, with significant upgrades in Chengdu and Jinan to enhance shopping and entertainment experiences[63] - The company aims to transition from traditional department stores to shopping centers and smart retail complexes, emphasizing high-quality development[61] - The overall performance is under pressure due to a weak supply-demand balance and ongoing industry adjustments, but certain regions like South China and Inner Mongolia remain strong[62] Revenue and Expenses - The cost of goods and real estate sales for 2025 was RMB 1,173,568, down from RMB 1,765,841 in 2024, reflecting a reduction of about 33.5%[42] - Employee expenses decreased to RMB 333,439 in 2025 from RMB 394,844 in 2024, a decline of approximately 15.6%[43] - Financing costs for 2025 were RMB 571,872, down from RMB 690,243 in 2024, representing a decrease of about 17.1%[44] - Capital expenditures for 2025 totaled RMB 216,630, compared to RMB 362,497 in 2024, indicating a reduction of approximately 40.3%[33] - The company reported a net loss attributable to equity holders of RMB 507,140 for 2025, compared to a loss of RMB 97,178 in 2024, reflecting a worsening of approximately 420.5%[33] Customer and Market Trends - The retail sales of consumer goods in China reached approximately RMB 50.12 trillion in 2025, reflecting a year-on-year growth of 3.7%[56] - The online retail sales in China were approximately RMB 15.97 trillion, with a year-on-year increase of 8.6%[56] - The company has no single customer contributing 5% or more to total revenue, indicating a diversified customer base[36] - Domestic beauty brands have captured 57.37% of the Chinese market share, while international brands face sales pressure due to price sensitivity and competition[69] Digital and Membership Initiatives - The company has enhanced its digital business platform, integrating multiple online channels to capture both public and private traffic effectively[68] - The company implemented a one-stop membership management system, "Maoyuehui," to improve customer interaction and enhance the shopping experience[68] - Total membership for "Mao Le Hui" exceeded 3.7 million, a year-on-year increase of 2.71%, while new member spending rose by 16.73% to approximately RMB 73.5 million[71] - The "Mao Yue Hui" membership management system added approximately 637,800 new members, bringing the total to about 19.29 million, with total member spending reaching approximately RMB 2.374 billion[71] Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance company value[102] - The board believes that having the same individual serve as both chairman and CEO is in the best interest of the group due to the founder's extensive experience in the retail and commercial real estate sectors[104] - The company plans to ensure compliance with corporate governance codes, including appointing a board member of a different gender to the nomination committee[103] Future Outlook - The retail industry is expected to transition towards experiential and integrated commercial models, emphasizing value creation and operational depth in 2026[74] - The group aims to achieve dual breakthroughs in department store operations and commercial management output, enhancing the shopping experience and operational quality[75] - The group is committed to enhancing the shopping experience for consumers, particularly targeting the emerging Z generation with a focus on local characteristics and digital integration[75] - Overall, the group is navigating the challenges of the retail sector by actively transforming and exploring new commercial avenues, positioning itself for future growth[73]

Financial Performance - For the year ending December 31, 2025, the revenue was approximately RMB 606.4 million, an increase of about 0.9% compared to RMB 600.8 million for the year ending December 31, 2024[5] - The loss for the year ending December 31, 2025, was approximately RMB 84.7 million, a decrease from a loss of RMB 118.0 million for the year ending December 31, 2024[5] - The loss attributable to equity holders of the parent company for the year ending December 31, 2025, was approximately RMB 71.6 million, down from RMB 95.6 million for the year ending December 31, 2024[5] - The basic loss per share for the year ending December 31, 2025, was approximately RMB 0.36, compared to RMB 0.48 for the previous year[5] - The total comprehensive loss for the year ending December 31, 2025, was approximately RMB 81.1 million, compared to RMB 124.1 million for the year ending December 31, 2024[6] - Total revenue from customer contracts for 2025 was RMB 606,401,000, an increase of 0.1% from RMB 600,802,000 in 2024[19] - The group recorded a post-tax loss of approximately RMB 84.7 million, improving from a post-tax loss of RMB 118.0 million for the year ending December 31, 2024, with post-tax profit margin rising from -19.6% to -14.0%[55] Assets and Liabilities - Non-current assets as of December 31, 2025, totaled approximately RMB 5,029.9 million, a decrease from RMB 5,189.6 million as of December 31, 2024[7] - Current assets as of December 31, 2025, amounted to approximately RMB 538.3 million, an increase from RMB 506.2 million as of December 31, 2024[7] - Current liabilities as of December 31, 2025, were approximately RMB 931.9 million, down from RMB 1,098.9 million as of December 31, 2024[7] - The net current liabilities as of December 31, 2025, were approximately RMB 393.5 million, an improvement from RMB 592.7 million as of December 31, 2024[7] - The total non-current liabilities decreased to RMB 3,354,252,000 in 2025 from RMB 3,618,513,000 in 2024, reflecting a reduction of approximately 7.3%[8] - The total equity of the company reached RMB 1,282,086,000 in 2025, compared to RMB 978,398,000 in 2024, indicating a strong improvement in financial health[8] - Total borrowings amount to approximately RMB 3,456.3 million as of December 31, 2025, down from RMB 3,669.9 million as of December 31, 2024, with 83.8% of borrowings subject to floating interest rates[59] - The debt-to-equity ratio is 269.6% as of December 31, 2025, a decrease from 375.1% as of December 31, 2024, primarily due to a reduction in bank borrowings for the Taizhou water supply system projects[59] Revenue Sources - Water sales accounted for RMB 589,443,000 in 2025, slightly up from RMB 587,684,000 in 2024, while installation services revenue rose to RMB 16,958,000 from RMB 13,118,000[19] - Major customer 1 contributed RMB 153,577,000 to revenue in 2025, an increase from RMB 149,637,000 in 2024, while major customer 2's contribution decreased to RMB 136,259,000 from RMB 141,418,000[18] - The group’s raw water sales volume for the year ended December 31, 2025, was 1,214,000 tons, a decrease of about 2.3% compared to 1,242,000 tons for the year ended December 31, 2024[48] - Municipal water sales volume is projected to reach 180.1 million tons by December 31, 2025, an increase of approximately 4.5% from 172.3 million tons for the year ending December 31, 2024[49] - Tap water sales volume is expected to be 12.5 million tons by December 31, 2025, reflecting a growth of about 3.3% from 12.1 million tons for the year ending December 31, 2024[50] - Installation service revenue is anticipated to be RMB 17.0 million by December 31, 2025, representing an increase of approximately 29.8% from RMB 13.1 million for the year ending December 31, 2024[51] Operational Highlights - The company operates solely in the water supply and installation sector, with all revenues generated from customers located in mainland China[16] - The company is committed to ongoing operational sustainability, with sufficient cash flow projected to meet its financial obligations in the foreseeable future[11] - The group aims to transition from "scale growth" to "value enhancement" and from "traditional water services" to "modern water industry group" as part of its strategic transformation for 2026[46] - The group is focusing on smart water management and sustainable development, aligning with national policies to enhance water resource conservation and efficiency[45] - The group is committed to enhancing water quality and efficiency as a key focus for future development, particularly in high-value segments like direct drinking water[45] Financial Management - The company has maintained a consistent accounting policy across its subsidiaries, ensuring uniformity in financial reporting[13] - The company has available but undrawn bank financing totaling RMB 1,777,010,000 as of December 31, 2025, ensuring sufficient liquidity for upcoming debt repayments and capital expenditures[11] - The company has established an audit committee consisting of two independent non-executive directors and one non-executive director, with the chairman being Mr. Li Weizhong[74] - The audit committee has reviewed the accounting principles and policies adopted by the company and approved the annual performance and consolidated financial statements for the year ending December 31, 2025[74] - The financial data presented in the announcement is extracted from the consolidated financial statements audited by Ernst & Young, in accordance with Hong Kong auditing standards[75] Dividend Policy - The company does not recommend the payment of a final dividend for the year ending December 31, 2025[5] - The board does not recommend the distribution of a final dividend for the year ended December 31, 2025[29] - The board does not recommend the payment of a final dividend for the year ended December 31, 2025[68]

Financial Performance - Revenue increased from RMB 53.5 million in 2024 to RMB 95.3 million in 2025, representing a growth of 78.0%[3] - Gross profit rose to RMB 63.98 million in 2025, up 66.6% from RMB 38.41 million in 2024[2] - Net loss decreased significantly from RMB 111.3 million in 2024 to RMB 44.5 million in 2025, a reduction of 60.0%[5] - The company reported revenue from the sale of medical consumables and devices amounting to RMB 95,268,000 in 2025, a significant increase from RMB 53,531,000 in 2024, representing a growth of approximately 77.9%[27] - Other income decreased significantly to RMB 1,125,000 in 2025 from RMB 19,573,000 in 2024, primarily due to a reduction in government grants[31] - The company incurred a pre-tax loss of RMB 44,456,000 in 2025, an improvement from a loss of RMB 111,143,000 in 2024[34] - The company did not declare or pay any dividends during the year, consistent with the previous year[35] - The company reported a basic loss per share attributable to ordinary equity holders of the parent, calculated based on a weighted average of 239,110,000 shares outstanding for the year[36] Research and Development - Research and development expenses decreased from RMB 73.46 million in 2024 to RMB 30.44 million in 2025[6] - The company has established a comprehensive intellectual property portfolio with 180 patents and 40 patent applications as of December 31, 2025[69] - The company plans to accelerate clinical development and commercialization of in-progress products, focusing on minimally invasive cryo-intervention technologies[71] Regulatory Approvals and Product Development - The malignant stenosis cryoablation system received approval from the National Medical Products Administration in March 2025 and was commercialized in May 2025[5] - The asthma cryoablation system was granted breakthrough medical device designation by the U.S. FDA in July 2025[5] - The cardiac cryoablation system received approval from the National Medical Products Administration in December 2023, with commercialization expected in January 2024[48] - The Cryofocus cryoablation system, designed for hypertension treatment, is anticipated to receive approval by the second half of 2027[49] - The pulmonary hypertension cryoablation system is currently in preclinical research, with expected approval by the second half of 2029[50] - The COPD cryo-spray treatment system entered confirmatory clinical trials in March 2023, with registration documents expected to be submitted in the first half of 2027[51] - The asthma cryoablation system is also in confirmatory clinical trials, with registration documents expected to be submitted in the second half of 2027 and approval anticipated in the first half of 2029[52] - The benign stricture cryoablation system is expected to enter confirmatory clinical trials in January 2024, with product registration documents to be submitted to the National Medical Products Administration (NMPA) in the first half of 2027 and anticipated approval in the second half of 2027[54] - The lung nodule cryoablation system is currently in confirmatory clinical trials, with plans to submit registration documents to the NMPA in the second half of 2026 and expected approval in the second half of 2027[55] - The cough cryo-spray treatment system is in feasibility clinical trials, with expected registration submission to the NMPA in the second half of 2027 and anticipated approval in the second half of 2028[56] - The tuberculosis cryo-spray treatment system is also in feasibility clinical trials, with plans to submit registration documents to the NMPA in the second half of 2027 and expected approval in the second half of 2028[57] - The frozen adhesion treatment system received NMPA approval for its supporting cryotherapy equipment in December 2023 and for the disposable cryo-probe in January 2024, with commercialization planned for September 2024[58] - The bladder cryoablation system was approved by the NMPA in June 2022 and was commercialized in China in December 2022[59] - The gastric cryoablation system is currently in feasibility clinical trials, with expected registration submission to the NMPA in the first half of 2027 and anticipated approval in the first half of 2028[60] - The esophageal cryo-spray treatment system is in feasibility clinical trials, with plans to submit registration documents to the NMPA in the first half of 2027 and expected approval in the first half of 2028[61] Financial Position and Assets - Total assets decreased from RMB 98.16 million in 2024 to RMB 91.23 million in 2025[8] - The company's equity total decreased from RMB 78.93 million in 2024 to RMB 48.53 million in 2025[9] - Cash and cash equivalents decreased from RMB 45.46 million in 2024 to RMB 35.03 million in 2025[8] - Trade receivables remained at RMB 74,000, with a corresponding impairment of RMB 74,000, resulting in a net book value of zero[37][39] - Other receivables decreased from RMB 22,828,000 in 2024 to RMB 23,317,000 in 2025, with impairment losses reducing from RMB 901,000 to RMB 571,000[41] - Trade payables increased significantly from RMB 1,205,000 in 2024 to RMB 2,491,000 in 2025, indicating a rise in operational liabilities[42] - Other payables and accrued expenses rose from RMB 21,841,000 in 2024 to RMB 34,879,000 in 2025, reflecting increased operational costs[43] Corporate Governance and Compliance - The company has adopted a code of conduct for securities trading by directors and senior management, confirming compliance throughout the reporting period[101] - The audit committee, consisting of one non-executive director and two independent non-executive directors, has reviewed the financial reporting and internal control systems, ensuring compliance with relevant accounting standards[103] - The company has maintained compliance with the corporate governance code throughout the reporting period and will continue to monitor its governance practices[100] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[102] - The company has proposed amendments to its articles of association to abolish the supervisory board, with the changes approved at the extraordinary general meeting[99] Market and Operational Strategy - The company operates primarily in mainland China, with nearly all revenue generated from the sale of medical consumables and devices in that region[24] - The company has a single reportable segment focused on the research and development of medical consumables and devices, with no further segment analysis provided[23] - The company focuses on innovative medical devices in minimally invasive cryotherapy, establishing high entry barriers for competitors[44] - The company aims to expand its market presence in vascular intervention and natural orifice transluminal endoscopic surgery (NOTES) for various diseases[44] Share Issuance and Financing - The company completed the issuance of 5,595,000 H shares in January 2026, raising approximately HKD 29.73 million[5] - The company announced a conditional agreement to issue 7,460,000 H-shares at a subscription price of HKD 5.36 per share, representing approximately 5.20% of the existing issued H-shares and 3.12% of the total issued shares as of the agreement date[106] - The total amount raised from the subscription agreement is approximately HKD 39.99 million, with a net amount of about HKD 39.73 million after expenses, equating to a net issue price of approximately HKD 5.33 per share[107] - The net proceeds from the subscription agreement are intended for research, production, and commercialization of minimally invasive products related to vascular intervention, respiratory intervention, and tumor intervention, with potential overseas business expansion[108] Employee and Operational Metrics - The company employed 174 full-time employees as of December 31, 2025, down from 276 in 2024, with total employee benefits expenses amounting to approximately RMB 74.3 million[96] - The company did not engage in any significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the reporting period[93] - The company does not have any significant contingent liabilities, guarantees, or litigation threats as of December 31, 2025[92]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 2,516,436,000, a decrease from RMB 2,435,830,000 in 2024[3] - Gross profit for 2025 was RMB 271,471,000, with a gross margin of 10.79% compared to the previous year's gross profit of RMB 293,879,000[4] - The company reported a net profit attributable to shareholders of RMB 14,510,000 for 2025, down from RMB 36,392,000 in 2024[4] - Basic earnings per share for 2025 was RMB 0.03, compared to RMB 0.07 in 2024[4] - The company proposed a final dividend of 1.12 HK cents per share for 2025, compared to 2.00 HK cents per share in 2024[3] - The group reported a profit before tax of RMB 24,640,000, after accounting for unallocated other income and expenses[14] - The net income from government subsidies related to revenue in 2025 is RMB 71,897,000, significantly higher than RMB 8,184,000 in 2024[21] - The total financing costs in 2025 amount to RMB 47,841,000, compared to RMB 44,732,000 in 2024, indicating an increase in financing expenses[23] - The basic earnings per share for the year is RMB 0.029, down from RMB 0.073 in the previous year[29] - The company plans to declare a final dividend of RMB 0.01 per share for the year ending December 31, 2025, totaling RMB 5,000,000, down from RMB 10,000,000 in 2024[27] - The net profit and total comprehensive income for the current year was approximately RMB 17,746,000, down from about RMB 41,304,000 in 2024, primarily due to a significant decline in gross profit from the paper packaging business[59] Revenue Breakdown - Total revenue for the year ended December 31, 2025, was RMB 2,516,436,000, with external sales of RMB 2,516,436,000[14] - The packaging paper segment generated revenue of RMB 1,904,976,000, while the paper packaging segment contributed RMB 611,460,000[14] - The revenue from the main products in 2025 is RMB 2,516,436,000, an increase from RMB 2,435,830,000 in 2024[17] - The revenue from AA grade corrugated core paper in 2025 is RMB 1,633,732,000, while in 2024 it was RMB 1,619,343,000, showing a slight increase[17] - The paper division recorded revenue of approximately RMB 1,904,976,000 for the year ending December 31, 2025, representing a growth of approximately RMB 163,991,000 or 9.42% compared to RMB 1,740,985,000 in the previous year[41] - The paper packaging division generated revenue of approximately RMB 611,460,000, a decrease of about 12.00% from RMB 694,845,000 in 2024, primarily due to reduced orders from existing appliance customers and declining sales prices[43] Expenses and Costs - Research and development expenses increased significantly to RMB 82,369,000 in 2025 from RMB 564,000 in 2024[4] - The sales cost for the group increased from approximately RMB 2,141,951,000 in 2024 to about RMB 2,244,965,000 in 2025, an increase of approximately 4.81%[48] - Distribution and selling expenses decreased from approximately RMB 88,381,000 in 2024 to about RMB 85,221,000 in the current year, a decline of approximately 3.58%[55] - Administrative expenses increased from approximately RMB 133,183,000 in 2024 to about RMB 138,204,000 in the current year, an increase of approximately 3.77%[56] - Financing costs rose from approximately RMB 44,302,000 in 2024 to about RMB 46,316,000 in the current year, an increase of approximately 4.55%[57] - R&D expenses decreased from approximately RMB 86,688,000 (3.56% of revenue) in 2024 to about RMB 82,369,000 (3.27% of revenue) in the current year, a decline of approximately 4.98%[58] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 1,817,952,000, a decrease from RMB 1,904,801,000 in 2024[6] - Current liabilities totaled RMB 1,338,920,000 in 2025, compared to RMB 971,159,000 in 2024[5] - The company’s non-current assets increased to RMB 1,805,083,000 in 2025 from RMB 1,726,327,000 in 2024[5] - The total equity attributable to shareholders was RMB 1,124,938,000 in 2025, compared to RMB 1,120,428,000 in 2024[6] - Trade receivables without notes pledged amounted to RMB 485,214,000 in 2025, with a credit loss provision of RMB 3,425,000, resulting in a net receivable of RMB 481,789,000[30] - Total trade and other receivables reached RMB 834,767,000 in 2025, compared to RMB 686,735,000 in 2024, indicating a significant increase[30] - Trade payables were reported at RMB 136,117,000 in 2025, with other payables including tax liabilities amounting to RMB 50,410,000[33] - The total debt-to-asset ratio as of December 31, 2025, was approximately 43.91%, up from 36.12% in 2024[68] Market and Operational Insights - The company experienced a decline in sales orders for paper packaging from existing home appliance customers due to uncertainties in tariff policies, prompting a focus on developing new customers[39] - The corrugated paper market showed a three-phase price trend in 2025, with initial declines followed by a recovery and subsequent drop, reflecting ongoing supply-demand imbalances[38] - The company is actively expanding its new customer base and developing new paper packaging business to counteract reduced orders from existing clients[39] - The overall economic environment remains challenging, with pressures from geopolitical tensions and trade policy uncertainties impacting market conditions[37] - The company anticipates that the uncertainty in the global economy will continue, but this may accelerate structural adjustments in the packaging paper industry, leading to a potential rebalancing of supply and demand in 2026[45] - The company plans to focus on cost control, structural optimization, and intelligent transformation to navigate the critical transition period in the paper packaging industry towards quality enhancement[46] Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has confirmed compliance with all applicable provisions until December 31, 2025[76] - The company has confirmed that it meets the public float requirement, with at least 25% of its issued shares held by the public as of the announcement date[79] - The audit committee has reviewed and discussed the annual performance for the year ending December 31, 2025[82] - The annual general meeting is scheduled for June 12, 2026, with a record date for attendance set for the same day[83] - The company will suspend share transfer registration from June 9 to June 12, 2026, to determine eligibility for the annual general meeting[84] - The company will also suspend share transfer registration from June 29 to July 2, 2026, to determine eligibility for the proposed final dividend[85] - The annual performance announcement has been published on the Hong Kong Stock Exchange and the company's website[86] - The board expresses gratitude to the management team and employees for their contributions during the year[87] - The board consists of both executive and independent non-executive directors, ensuring a diverse governance structure[88]

Financial Performance - For the fiscal year 2025, the group's revenue was approximately RMB 557.9 million, an increase from RMB 542.5 million in fiscal year 2024, representing a growth of 2.5%[3] - The net loss for fiscal year 2025 significantly decreased to approximately RMB 0.1 million, compared to a net loss of RMB 20.7 million in fiscal year 2024, marking a reduction of over 99%[3] - The basic and diluted loss per share attributable to ordinary shareholders was approximately RMB 0.01, a substantial improvement from RMB 0.92 in fiscal year 2024[3] - The gross profit for fiscal year 2025 was RMB 17.2 million, up from RMB 14.2 million in fiscal year 2024, indicating a gross profit margin increase[4] - Total comprehensive income for the year was RMB 1.8 million, a significant turnaround from a loss of RMB 20.1 million in the previous year[4] - For the fiscal year ending December 31, 2025, total revenue reached RMB 559,276 thousand, a slight increase from RMB 543,737 thousand in 2024, representing a growth of approximately 2.8%[26][27] - The company reported a pre-tax profit of RMB 1,512 thousand for 2025, a recovery from a pre-tax loss of RMB 24,591 thousand in 2024[26][27] - The company reported a significant transaction on July 30, 2019, involving the sale of Huaili Finance to Chengyu Vanadium Titanium, which included the transfer of assets related to low-grade iron concentrate sales[148] Assets and Liabilities - Non-current assets totaled RMB 1,082.2 million as of December 31, 2025, compared to RMB 1,063.3 million in 2024, reflecting a growth of 1.8%[6] - Current assets increased to RMB 231.9 million in 2025 from RMB 219.0 million in 2024, showing a growth of 5.5%[6] - The total liabilities decreased from RMB 362.1 million in 2024 to RMB 392.2 million in 2025, indicating a reduction in financial obligations[7] - Total assets as of December 31, 2025, were RMB 1,314,149 thousand, a slight decrease from RMB 1,282,309 thousand in 2024[26][27] - The total liabilities for the company as of December 31, 2025, were RMB 392,155 thousand, an increase from RMB 362,101 thousand in 2024[26][27] - The company has pledged its mining rights as collateral for bank loans[48] Revenue Segments - The sales to external customers for high-grade iron ore amounted to RMB 67,734 thousand in 2025, which is a marginal increase from RMB 67,121 thousand in 2024, accounting for 12.2% of total revenue[31] - Steel trade revenue significantly increased to RMB 470,464 thousand in 2025, up from RMB 454,879 thousand in 2024, representing 84.3% of total revenue[31] - The segment performance for the high-grade iron ore business reported a loss of RMB 3,653 thousand in 2025, compared to a loss of RMB 17,716 thousand in 2024, indicating an improvement in operational efficiency[26][27] Expenses and Costs - The cost of goods sold for the fiscal year 2025 is estimated at RMB 523,407,000, compared to RMB 512,031,000 for 2024, indicating a year-over-year increase of approximately 1.7%[39] - Employee benefits expenses for 2025 are projected to be RMB 33,192,000, up from RMB 32,275,000 in 2024, reflecting a growth of about 2.8%[39] - Administrative expenses decreased to approximately RMB 17.9 million in fiscal year 2025, down from RMB 19.1 million in fiscal year 2024, due to cost control measures[85] - Financial costs decreased to RMB 5,855,000 in 2025 from RMB 7,750,000 in 2024, representing a reduction of about 24.4%[38] Cash Flow and Investments - Cash flow from operating activities increased to RMB 34.8 million in fiscal year 2025, compared to RMB 26.2 million in fiscal year 2024[85] - Net cash used in investing activities was approximately RMB 22.5 million in fiscal year 2025, down from RMB 27.8 million in fiscal year 2024, mainly due to capital expenditures for upgrading high-grade iron ore operations[108] - Net cash used in financing activities was approximately RMB 15.0 million in fiscal year 2025, compared to net cash generated of RMB 5.4 million in fiscal year 2024, primarily due to loan repayments[109] Impairment and Asset Management - The impairment loss recognized for the high-grade iron ore cash-generating unit was approximately RMB 4,947,000 as of December 31, 2024, due to its recoverable amount being lower than its carrying amount[46] - No additional impairment losses were recognized for the high-grade iron ore cash-generating unit and the Shigou gypsum mine cash-generating unit as of December 31, 2025, as their recoverable amounts exceeded their carrying amounts[46] - The company plans to continue evaluating its assets for impairment annually on December 31 or semi-annually, based on its accounting policies[42] Joint Ventures and Partnerships - The company holds a 50% equity interest in two joint ventures, Sichuan Shengjiawei Property Service Co., Ltd. and Sichuan Yufengwei Property Service Co., Ltd., both engaged in facility management services[53] - The investment in joint ventures increased to RMB 5,013,000 as of December 31, 2025, from RMB 4,180,000 in 2024[51] - The group's share of profit and total comprehensive income from the joint ventures decreased from RMB 1,680,000 in 2024 to RMB 833,000 in 2025, representing a decline of about 50.4%[57] Market and Economic Conditions - The global economic growth forecast for 2026 is 3.3%, indicating resilience but also signs of weakness in economic performance[77] - China's GDP growth for 2025 was reported at 5.0%, reaching RMB 140.19 trillion, successfully meeting the government's annual target[78] - The crude steel production in China decreased by 4.4% in 2025 to 960.8 million tons, marking the lowest level since 2018[79] - The average Chinese steel price index (CSPI) fell by 4.2% year-on-year, from 96.09 in January 2025 to 92.03 in December 2025[80] - The Purchasing Managers' Index (PMI) for the steel industry in December 2025 was 46.3%, indicating ongoing challenges in demand and overcapacity[80] Corporate Governance and Compliance - The company has adopted a corporate governance code and believes it has complied with all applicable provisions during the fiscal year 2025[141] - The independent auditor has confirmed that the financial figures in the announcement align with the audited consolidated financial statements for the fiscal year 2025[143] - The company operates under the International Financial Reporting Standards, ensuring compliance with global accounting practices[152] Future Outlook and Strategic Plans - The company is undergoing a mine upgrade project expected to be completed in about 15 months starting from the last quarter of 2025, which may temporarily affect overall operational performance[84] - The company aims to maintain revenue from the facility management segment while enhancing technical capabilities and exploring potential opportunities for business expansion[141] - The company plans to hold its annual general meeting on May 22, 2026, which may provide further insights into future strategies and performance outlook[149]

Financial Performance - The total contracted sales amount for the group, including joint ventures and associates, was approximately RMB 36.84 billion, a decrease of about 21.8% compared to last year[2]. - The group's revenue was approximately RMB 45.12 billion, representing a decrease of about 39.0% year-on-year[3]. - The group reported a gross loss of approximately RMB 640 million, compared to a gross profit of approximately RMB 2.89 billion last year[3]. - The loss attributable to the owners of the company was approximately RMB 12.33 billion, significantly narrowing by about 52.0% from last year's loss of RMB 25.70 billion[2]. - The company reported a net loss of RMB 13,709,083 thousand for the year 2025, a decrease from RMB 27,404,027 thousand in 2024[30]. - The company reported a net loss attributable to shareholders of RMB 12,329,083 thousand for 2025, compared to a loss of RMB 25,695,200 thousand in 2024, indicating a significant improvement[48]. - The group recorded a net loss attributable to owners of approximately RMB 12.33 billion for the year ended December 31, 2025, a decrease of about RMB 13.37 billion from approximately RMB 25.7 billion for the year ended December 31, 2024[70]. - The company's gross loss for the fiscal year ending December 31, 2025, was approximately RMB 640 million, compared to a gross profit of approximately RMB 2.89 billion in the previous year, resulting in a gross margin of approximately -1.4%[62]. Debt and Liabilities - As of December 31, 2025, the total borrowings of the group were approximately RMB 188.26 billion, a substantial decrease of about RMB 71.41 billion from last year's total borrowings of RMB 259.67 billion[2]. - The group's total liabilities were approximately RMB 747.84 billion, down from RMB 827.74 billion last year[5]. - The total liabilities for 2025 were reported at RMB 747,835,647 thousand, down from RMB 827,736,783 thousand in 2024, showing a reduction in financial obligations[30]. - The total financial liabilities as of December 31, 2025, amounted to RMB 1,540.1 billion in current borrowings and RMB 342.5 billion in non-current borrowings[53]. - The company completed a domestic debt restructuring plan, resulting in the cancellation of principal amounts totaling approximately RMB 10.57 billion, with remaining domestic bond principal of RMB 4.79 billion extended to June 2034[12]. - The company recorded a restructuring gain of approximately RMB 32.97 billion for the fiscal year 2025 due to the completion of debt restructuring[82]. - The company issued approximately USD 7.26 billion in mandatory convertible bonds as part of the debt restructuring plan[39]. - The company has initiated several plans and measures to improve its liquidity and financial condition, which are critical for its ongoing operations[54]. Assets and Equity - The total equity attributable to the owners of the company was approximately RMB 34.17 billion, down from RMB 40.52 billion last year[5]. - The total assets of the group amounted to approximately RMB 794.68 billion, a decrease from RMB 882.88 billion last year[5]. - The total assets as of December 31, 2024, were RMB 828,022,329 thousand, while total liabilities stood at RMB 741,021,253 thousand[30]. - The total cash amount, including cash and cash equivalents and restricted cash, decreased from approximately RMB 19.75 billion as of December 31, 2024, to approximately RMB 12.01 billion as of December 31, 2025[71]. - The company’s investment in joint ventures decreased to RMB 44,467,980 thousand in 2025 from RMB 47,334,307 thousand in 2024, reflecting divestitures and losses[32]. - The company’s deferred tax assets were RMB 31,236,579 thousand as of December 31, 2025, slightly down from RMB 32,972,177 thousand in 2024[30]. Operational Highlights - The group achieved loan extensions totaling approximately RMB 35.71 billion and is actively negotiating further extensions and refinancing options[12]. - The company is focused on achieving sales targets and improving overall operational stability through implemented plans and measures[18]. - The company is focusing on project completion and delivery, optimizing control systems, and reducing administrative expenses to ensure stable and sustainable operations amid market challenges[60]. - The company delivered approximately 54,000 housing units in 2025, contributing to a total of over 722,000 units delivered over the past four years[83]. - The company is actively expanding its cultural tourism business, with new projects in snow sports and commercial sectors, aiming for growth in customer traffic and sales[87]. Market and Industry Conditions - The group acknowledges significant uncertainties regarding the recovery of the real estate market and the support from banks and lenders[14]. - The group faces significant risks in the real estate market, including ongoing adjustments in the industry and tightening financing conditions, which may impact liquidity management and project development[76]. - The company is actively addressing debt risk and asset revitalization to adapt to changes in policy and enhance product competitiveness in the current sales market[60]. Corporate Governance and Compliance - The company has adopted the corporate governance code and has complied with all applicable provisions for the fiscal year ending December 31, 2025[104]. - The audit committee consists of four independent non-executive directors, with Mr. Pan Zhaoguo serving as the chairman, who has professional accounting qualifications[105]. - The audit committee reviewed the financial reporting procedures and internal controls for the fiscal year ending December 31, 2025[105]. - The company emphasizes the importance of good corporate governance and has established internal reporting systems to monitor operational and business developments[104]. Employee and Organizational Changes - As of December 31, 2025, the group had a total of 31,365 employees, down from 36,364 employees as of December 31, 2024[102]. - The group conducts biannual performance evaluations for employees, which are used to assess annual salary and promotion decisions[102]. - The company adopted a team stability plan to incentivize employees through share grants, although no shares were issued under this plan by the end of the fiscal year[97].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因依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 的 股 份 有 限 公 司 ） （股份代號：6099） 截至2025年12月31日止年度之業績公告 招商證券股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及其附屬公司（「本 集團」）截至2025年12月31日止年度之經審計業績。本公告載列本公司2025年年報重要部 份，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 的要求。 董事會下屬審計委員會已審閱本集團截至2025年12月31日止年度之年度業績。 中國深圳，2026年3月27日 於本公告日期，本公司執行董事為霍達先生及朱江濤先生；本公司非執行董事為羅立女 士、劉振華先生、李德林先生、李曉霏先生、黃堅先生、張銘文先生及丁璐莎女士；本 公司獨立非執行董事為葉熒志先生、張瑞君女士、陳欣女士、曹嘯先生及豐金華先生； 以及本公司職工代表董事為馬小利先生。 目錄 重要提 ...

Financial Performance - For the fiscal year ending December 31, 2025, Nexion Technologies Limited reported a revenue increase of approximately HKD 10,636,000 or 80.3%, reaching about HKD 23,888,000 compared to HKD 13,252,000 in the previous fiscal year[14]. - The group reported an adjusted EBITDA profit of approximately HKD 1,446,000 for the cybersecurity solutions and IT software development segment in FY2025, a significant improvement from a loss of approximately HKD 3,665,000 in FY2024[23]. - The group achieved strong financial performance in the fiscal year 2025, with detailed discussions available in the management discussion and analysis section of the report[29]. - The group's revenue for the fiscal year 2025 was approximately HKD 23,888,000, an increase of about HKD 10,636,000 or 80.3% compared to HKD 13,252,000 in fiscal year 2024[47]. - The annual loss decreased from approximately HKD 15,517,000 in fiscal year 2024 to about HKD 3,852,000 in fiscal year 2025, primarily due to improved performance in the cybersecurity solutions and IT software development segments[56]. Strategic Partnerships and Business Focus - The growth was attributed to strategic partnerships, including a collaboration with a leading cloud hosting service provider in Malaysia, which enhanced opportunities for high-value project bids[14]. - The company has divested all subsidiaries operating in the underperforming Software as a Service (SaaS) business to focus resources on higher growth potential areas such as cybersecurity solutions and IT software development[15]. - The group established a strategic partnership with a leading cloud hosting service provider in Malaysia, enhancing opportunities for high-value project bids and negotiations[24]. - The group has formed a partnership with a well-known accounting software provider serving over 240,000 companies, which is expected to drive customer growth and increase demand for IT security and hosting services[26]. - The group aims to diversify its product lines and enhance service levels through strategic partnerships and collaborations[21]. Operational Efficiency and Resource Allocation - Nexion Technologies Limited aims to improve operational efficiency and financial health through this strategic resource allocation[15]. - The group plans to establish offices in the Asia-Pacific region to further expand its business footprint[21]. - The group has committed to optimizing its self-developed visitor management system (VMS) and senior care management system (SCMS) to strengthen its position in community care and healthcare[21]. Cost Management and Financial Health - Cost of goods sold increased from approximately HKD 6,736,000 in fiscal year 2024 to about HKD 6,955,000 in fiscal year 2025, reflecting the increase in hardware component purchases[48]. - Service costs surged from approximately HKD 1,375,000 in fiscal year 2024 to about HKD 8,781,000 in fiscal year 2025, aligning with the significant revenue growth[49]. - Employee costs and related expenses decreased to approximately HKD 5,625,000 in fiscal year 2025 from about HKD 6,252,000 in fiscal year 2024, due to cost control measures[50]. - General and administrative expenses remained relatively stable at approximately HKD 3,818,000 in fiscal year 2025, compared to HKD 3,834,000 in fiscal year 2024[53]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report covers the period from January 1, 2025, to December 31, 2025, aligning with the company's fiscal year[79]. - The company emphasizes the importance of social responsibility as a key goal for sustainable development[79]. - The company has implemented energy-saving measures to reduce emissions, particularly related to energy consumption in its Malaysia office and employee travel[90]. - The company fully complies with relevant environmental laws and regulations in Malaysia and Singapore, including the Environmental Quality Act and the Environmental Protection Law of the People's Republic of China[91]. - The company aims to promote sustainable lifestyles through its business operations and has set specific environmental goals to reduce greenhouse gas emissions[90]. Employee Management and Training - The workforce consists of 14 employees as of December 31, 2025, down from 16 in 2024, with a focus on maintaining a discrimination-free employment environment[126]. - The company emphasizes employee contributions and offers competitive compensation, including performance-based rewards[124]. - Employee turnover rate during the reporting period was approximately 7%, projected to rise to 21% in 2024[133]. - Percentage of trained employees increased from 42% in 2024 to 43% in 2025[138]. - Total training hours increased from 102 hours in 2024 to 122.5 hours in 2025[138]. Corporate Governance - The board has adopted the principles and code provisions of the GEM Listing Rules Corporate Governance Code to ensure ethical conduct, transparency, and compliance with applicable laws[179]. - The company has confirmed compliance with the trading rules and code of conduct for securities transactions by all directors during the fiscal year 2025[186]. - The board consists of five members, including two executive directors and three independent non-executive directors[187]. - Independent non-executive directors constitute at least one-third of the board, ensuring independent judgment in decision-making[196]. - The company complies with GEM listing rules and corporate governance codes, monitoring its governance policies and practices[192].

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。 有線寬頻通訊有限公司 （於香港註冊成立的有限公司） （股份代號：1097） 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 全 年 業 績 公 告 財 務 摘 要 | | | | | | | | | | 截 | 至 | | 十 | 二 | | 月 | 三 | 十 | 一 | 日 | 止 | 年 | 度 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ...