Financial Performance - Revenue for the fiscal year ending December 31, 2025, was HKD 227,654,000, representing a 20.6% increase from HKD 188,737,000 in 2024[3] - Gross profit increased to HKD 44,266,000, up 22.9% from HKD 36,035,000 in the previous year[3] - Net loss for the year was HKD 6,242,000, a significant improvement compared to a loss of HKD 30,637,000 in 2024[4] - Total revenue for the year ended December 31, 2025, was HKD 227,654,000, an increase from HKD 188,737,000 in 2024, representing a growth of approximately 20.6%[14] - The group reported a pre-tax loss of HKD 2,300,000 for the year, with total loss for the year amounting to HKD 6,242,000[19] - The group reported a net loss of HKD 30,637,000 for the year ended December 31, 2024[20] - The company reported a net loss attributable to shareholders of HKD 9,394,000 for 2025, compared to a loss of HKD 32,652,000 in 2024, indicating a 71.2% improvement[39] - The group recorded a net loss of HKD 6.2 million for the fiscal year 2025, significantly improved from a net loss of HKD 30.6 million in fiscal year 2024[58] Assets and Liabilities - Total assets increased to HKD 572,365,000, up from HKD 445,081,000 in 2024, reflecting a growth of 28.6%[5] - Total liabilities for the group as of December 31, 2025, amounted to HKD 88,497,000, with segment liabilities of HKD 16,395,000[23] - The group's total assets increased from HKD 468,832,000 in 2024 to HKD 621,668,000 in 2025, indicating a significant growth in asset base[23] - The group's net current assets as of December 31, 2025, were HKD 483.9 million, up from HKD 328.1 million as of December 31, 2024[60] - The current ratio of the group was approximately 6.5 times as of December 31, 2025, compared to approximately 3.8 times as of December 31, 2024[60] - The group's debt-to-asset ratio was approximately 9.0% as of December 31, 2025, down from 21.3% as of December 31, 2024[62] Revenue Segmentation - Revenue from construction and fitting services was HKD 80,815,000, up from HKD 65,995,000 in the previous year, indicating a growth of about 22.4%[14] - Revenue from consumer products business, specifically alcoholic beverages, totaled HKD 146,839,000, compared to HKD 122,742,000 in 2024, reflecting an increase of approximately 19.6%[14] - Revenue from the construction and fitting services segment increased by HKD 14.8 million to HKD 80.8 million in fiscal year 2025, compared to HKD 66.0 million in fiscal year 2024[51] - Revenue from the consumer products segment reached approximately HKD 146.9 million, a 19.7% increase from HKD 122.7 million in fiscal year 2024[54] Expenses and Costs - The company's sales cost for 2025 was HKD 183,388,000, an increase of 20.1% from HKD 152,702,000 in 2024[32] - Advertising expenses rose significantly to HKD 35,508,000 in 2025, up 65% from HKD 21,492,000 in 2024[32] - Sales and distribution expenses for the consumer products segment rose by HKD 14.5 million to HKD 37.5 million in fiscal year 2025, compared to HKD 23.0 million in fiscal year 2024[55] - The group incurred financing costs of HKD 4,269,000 in 2025, a decrease from HKD 15,513,000 in 2024[31] - The company's administrative expenses decreased to HKD 9,263,000 in 2025 from HKD 13,061,000 in 2024, a reduction of 29.1%[32] - The company’s construction and related services subcontracting costs rose to HKD 78,310,000 in 2025, up from HKD 63,162,000 in 2024, an increase of 23.9%[32] Future Plans and Strategies - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming fiscal year[2] - The group has established a research and development department to enhance product quality and develop new wine products to meet market demand[53] - The company is in the process of acquiring an additional 30% stake in Jiangxi Zhongniang Brewery for HKD 41,000,000, to be financed through convertible bonds[44] Shareholder Information - The company has no plans to declare dividends for the year ending December 31, 2025, consistent with 2024[38] - The board of directors does not recommend the payment of any final dividend for the year ending December 31, 2025[76] - The company has maintained a public float of at least 25% of its issued shares as required by listing rules[83] Audit and Compliance - The Audit Committee is responsible for recommending the appointment and dismissal of external auditors and reviewing financial statements at least semi-annually[84] - The Audit Committee consists of three independent non-executive directors, with Ms. Chan as the chairperson[84] - The annual report for the fiscal year 2025 will be distributed to shareholders by April 30, 2026, and will be available on the stock exchange and the company's website[85]

Financial Performance - The total revenue for the year ending December 31, 2025, was RMB 559,115,000, compared to RMB 3,426,674,000 in 2024, indicating a significant decline[4] - The net loss for the year was RMB 526,760,000, compared to a net loss of RMB 132,575,000 in 2024, representing an increase in losses[4] - The gross profit before impairment losses was RMB 500,489,000, down from RMB 1,500,489,000 in 2024, reflecting a decrease of approximately 66.7%[4] - The operating loss for the year was RMB 361,167,000, compared to an operating loss of RMB 23,583,000 in 2024, indicating a substantial increase in operational challenges[4] - The total comprehensive loss for the year was RMB 471,778,000, compared to RMB 170,933,000 in 2024, highlighting a worsening financial position[5] - The basic and diluted loss per share was RMB 0.25, compared to RMB 0.21 in 2024, indicating a deterioration in earnings per share[4] Revenue Breakdown - For the year ending December 31, 2025, total segment revenue reached RMB 558,476,000, with property development contributing RMB 478,358,000[25] - For the year ending December 31, 2024, total segment revenue was RMB 3,428,101,000, with property development accounting for RMB 3,323,347,000[26] - Revenue from property development and sales decreased by 85.6%, from RMB 3,323.3 million in 2024 to RMB 478.4 million in 2025, accounting for 85.5% of total revenue[49] - Hotel operations revenue in 2025 was RMB 30.7 million, down 47.6% from RMB 58.6 million in 2024, primarily due to the closure of a key hotel[52] - Property management service revenue increased by 16.8% to RMB 49.4 million in 2025, compared to RMB 42.3 million in 2024, driven by stable growth in managed property area[53] - Commercial property investment revenue fell by 74.4% to RMB 0.64 million in 2025 from RMB 2.5 million in 2024, mainly due to the sale of investment properties[54] Asset and Liability Management - Total assets decreased from RMB 6,966,740 thousand in 2024 to RMB 6,213,420 thousand in 2025, a decline of approximately 10.8%[7] - Total liabilities decreased from RMB 5,851,383 thousand in 2024 to RMB 5,570,629 thousand in 2025, a reduction of about 4.8%[7] - The company’s current assets net value dropped from RMB 1,458,237 thousand in 2024 to RMB 530,780 thousand in 2025[7] - The company reported a significant increase in marketing expenses, which rose to RMB 36,040,000 from RMB 135,297,000 in 2024[4] - The company faced significant pressure on liquidity due to declining pre-sales and sales revenue in the real estate market[11] - The company has several overdue borrowings totaling RMB 1,490 million, contributing to ongoing financial distress[11] Financing and Debt Management - The company’s bank and other borrowings totaled RMB 3,448 million, with RMB 3,411 million due within 12 months[10] - The group has successfully extended the repayment period for a loan amounting to RMB 131 million due to default negotiations with all lenders[14] - The group is actively seeking alternative financing and loans to settle existing financial obligations and provide funding for future operating expenses[14] - The group is negotiating with lenders to avoid immediate repayment of overdue loans, which total RMB 1,769 million, including RMB 337 million reclassified as current liabilities[90] - The group’s net debt ratio increased to 525.19% as of December 31, 2025, compared to 277.7% at the end of 2024[73] Operational Challenges and Strategies - The group is actively managing debt and seeking long-term solutions to optimize its financial structure and mitigate liquidity risks[44] - The group is implementing plans to alleviate liquidity pressure and improve financial conditions, which are contingent on several uncertain factors[90] - The group aims to successfully complete property developments and deliver them to customers, allowing the release of restricted pre-sale proceeds for other financing obligations[16] - The group is adjusting pre-sale and sales activities to better respond to market demand and aims to accelerate the collection of sales proceeds from properties under construction and completed but unsold[14] Compliance and Governance - The group has applied the revised Hong Kong Financial Reporting Standards (HKFRS) for the current year, which will become mandatory for periods beginning on or after January 1, 2025[17] - The audit committee has reviewed the group's financial performance for the year ending December 31, 2025, and found it to comply with relevant accounting standards[85] - The independent auditor's report for the year ending December 31, 2025, states that no opinion is expressed due to uncertainties affecting the consolidated financial statements[87] - The group maintains compliance with the corporate governance code as per the Hong Kong Stock Exchange listing rules[81] Future Outlook - The company plans to focus on new product development and market expansion strategies to improve future performance[3] - The focus for 2026 includes debt restructuring and optimizing asset structure to enhance financial health[46] - The board believes that the group will have sufficient operating funds to meet its financing obligations for at least the next twelve months starting from December 31, 2025, based on projected cash flows and planned measures[15]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 1,696,978,000, a decrease of 16.7% from RMB 2,035,913,000 in 2024[4] - The company reported a gross profit of RMB 47,658,000 for 2025, down from RMB 54,734,000 in 2024, reflecting a gross margin of approximately 2.8%[4] - Basic loss per share for the year was RMB (0.14), an improvement from RMB (0.20) in the previous year[4] - The net loss for the year was RMB (123,879,000), compared to a net loss of RMB (165,554,000) in 2024, indicating a reduction in losses by 25.3%[4] - The company reported a net comprehensive loss of RMB (114,701,000) for the year, an improvement from RMB (159,473,000) in 2024[5] - The company reported a total pre-tax loss of RMB 115,671,000 for the year ending December 31, 2025, compared to a loss of RMB 140,009,000 in 2024[30] - The group reported a basic loss of approximately RMB 122 million for 2025, an improvement from a loss of RMB 162 million in 2024[56] Assets and Liabilities - Non-current assets totaled RMB 1,956,317,000 as of December 31, 2025, an increase from RMB 1,815,895,000 in 2024[6] - Current assets decreased to RMB 3,728,009,000 in 2025 from RMB 4,429,456,000 in 2024, representing a decline of 15.8%[6] - Total current liabilities decreased from RMB 4,753,909 thousand in 2024 to RMB 3,931,455 thousand in 2025, a reduction of approximately 17.3%[7] - Non-current liabilities increased from RMB 636,944 thousand in 2024 to RMB 987,275 thousand in 2025, representing a growth of about 55%[7] - The company's net assets decreased from RMB 854,498 thousand in 2024 to RMB 765,596 thousand in 2025, a decline of around 10.4%[7] - Interest-bearing bank loans and other borrowings decreased from RMB 786,621 thousand in 2024 to RMB 517,402 thousand in 2025, a reduction of approximately 34.2%[7] - The company's equity attributable to owners increased from RMB 7,281 thousand in 2024 to RMB 7,913 thousand in 2025, a growth of approximately 8.7%[7] Revenue Segmentation - The construction contracting segment generated revenue of RMB 1,526,631,000, while real estate development contributed RMB 169,262,000, and the healthcare segment added RMB 1,085,000 for a total segment revenue of RMB 1,705,637,000[29] - Revenue from a major customer in the construction contracting segment was RMB 106,235,000, down from RMB 114,046,000 in 2024, indicating a decrease of about 6.4%[33] - The company's revenue from customer contracts for the year ending December 31, 2025, was RMB 1,694,180,000, down from RMB 2,023,145,000 in 2024, marking a decline of about 16.2%[34] - Total expected revenue from remaining performance obligations for 2025 is RMB 8,488,771,000, compared to RMB 6,387,402,000 for 2024[38] Operational Developments - The company operates in construction contracting, real estate development, and elderly care sectors[12] - The group plans to enhance revenue from construction contracting, real estate development, and elderly care services, aiming to generate positive operating cash flow within the next twelve months[16] - The group is actively communicating with financial institutions and shareholders to secure sufficient financing, with a new repayment plan for overdue loans expected to be negotiated by March 2026[16] - The group intends to negotiate extended repayment terms for trade payables and other liabilities with contractors and suppliers[16] - The group is in discussions with potential investors regarding specific property development projects to raise additional funds[16] Future Outlook and Strategy - The board believes that, considering the planned measures, the group will have sufficient operating funds to meet its financial obligations in the foreseeable future[17] - There remains significant uncertainty regarding the implementation of the planned measures, which could affect the group's ability to continue as a going concern[17] - The group aims to establish a comprehensive continuous care retirement community in response to the aging population in Beijing and Hebei Province[93] - The healthcare segment aims to integrate quality medical and elderly care resources, targeting an annual capacity to accommodate 10,000 elderly residents and provide numerous medical services[134] Compliance and Governance - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2025, in accordance with International Financial Reporting Standards[142] - The audit committee, consisting of three independent non-executive directors, oversees the financial reporting process and internal control systems[144] - The company has adopted corporate governance principles and has complied with all applicable rules, except for a deviation from rule C.2.1 during the period from January 1, 2025, to March 19, 2025[127] Shareholder Information - The company does not recommend the payment of a final dividend for the year ended December 31, 2025, consistent with the previous year[3] - The company will hold its annual general meeting on May 21, 2026, with a suspension of share transfer registration from May 18 to May 21, 2026[136] - The company expresses gratitude to shareholders, customers, and partners for their ongoing support and acknowledges the contributions of all employees to the group's development[146]

Financial Performance - Revenue for the year reached approximately RMB 2.56 billion, an increase of about 38.8% compared to the previous year[2] - Profit attributable to equity holders of the parent company was approximately RMB 36 million, a decrease of about 14.2% from the previous year[2] - Gross profit margin was approximately 21.7%, down by about 5.6% compared to the previous year[2] - Basic earnings per share attributable to equity holders of the parent company was approximately RMB 0.0203, compared to RMB 0.0237 in the previous year[4] - Total comprehensive income for the year amounted to RMB 24.89 million, compared to RMB 11.86 million in the previous year[5] - The company reported a pre-tax profit of RMB 329,204,000 for 2025, compared to RMB 312,659,000 in 2024, reflecting a growth of 5.3%[22] - The group's revenue for the year was approximately RMB 2,563,960,000, an increase of about 38.8% compared to RMB 1,846,700,000 in 2024[39] Dividends - The board proposed a final dividend of RMB 0.2495 per share, compared to RMB 0.2826 per share in the previous year[2] - The proposed final dividend for 2025 is HKD 0.2826 per share, down from HKD 0.3062 per share in 2024, reflecting a decrease of 7.5%[28] - The board proposed a final dividend of RMB 0.2495 per ordinary share, equivalent to HKD 0.2826, subject to shareholder approval at the annual general meeting on June 3, 2026[72] - There was no interim dividend declared during the year[72] Assets and Liabilities - Non-current assets totaled RMB 1.86 billion, an increase from RMB 1.76 billion in the previous year[6] - Current liabilities increased to RMB 2.74 billion from RMB 1.82 billion in the previous year[7] - The net asset value was RMB 1.55 billion, slightly down from RMB 1.57 billion in the previous year[7] - Non-current assets totaled RMB 1,722,125,000 in 2025, compared to RMB 1,604,356,000 in 2024, indicating an increase of 7.4%[14] - The group's total assets as of December 31, 2025, were approximately RMB 96,744,000, a decrease from RMB 103,418,000 as of December 31, 2024[58] - The capital-to-debt ratio as of December 31, 2025, was approximately 66.9%, an increase of about 8.1% from 58.8% as of December 31, 2024[59] Revenue Breakdown - Revenue from sales of plastic and automotive parts was RMB 2,362,917,000 in 2025, up from RMB 1,701,527,000 in 2024, representing a growth of 39%[17] - The total revenue from automotive interior and exterior structural and decorative parts was approximately RMB 2,123,148,000, accounting for about 82.8% of the total revenue, with a gross margin decrease from 29.1% in 2024 to 22.3% in 2025[42] - The revenue from molds and tools was approximately RMB 201,047,000, representing about 7.8% of total revenue, with a gross margin decrease from 20.1% in 2024 to 14.3% in 2025[44] - The revenue from air conditioning and heating unit housings and storage tanks was approximately RMB 133,048,000, accounting for about 5.2% of total revenue, with a gross margin increase from 16.9% in 2024 to 19.3% in 2025[44] Costs and Expenses - Research and development costs amounted to RMB 122,002,000 in 2025, an increase from RMB 108,581,000 in 2024, showing a rise of 12.3%[22] - The group's administrative expenses increased by approximately 14.7% to RMB 383,369,000 compared to RMB 334,153,000 in 2024[47] - The group's tax expenses increased by approximately 108.3% to RMB 21,523,000 from RMB 10,332,000 in 2024[51] - The group faced rising production costs and implemented cost control measures, enhancing operational efficiency and solidifying long-term customer relationships[38] Trade Receivables and Payables - Trade receivables increased to RMB 1,245,787,000 in 2025 from RMB 790,686,000 in 2024, representing a growth of 57.5%[32] - The net value of trade receivables after impairment was RMB 1,368,780,000 in 2025, up from RMB 908,324,000 in 2024, indicating a rise of 50.7%[32] - The group recognized a provision for impairment of trade receivables amounting to RMB 94,600,000 in 2025, compared to RMB 86,945,000 in 2024, marking an increase of 8.5%[34] - Trade payables and notes payable totaled RMB 1,938,533,000 in 2025, an increase of 57.6% from RMB 1,229,534,000 in 2024[36] Cash Flow and Financing - The group's cash flow from operating activities generated a net amount of approximately RMB 199,348,000, a decrease from RMB 355,544,000 in 2024[52] - The group's financing income increased by approximately 28.6% to RMB 1,884,000 from RMB 1,465,000 in 2024[49] - As of December 31, 2025, the group's interest-bearing bank borrowings amounted to RMB 593,729,000, an increase from RMB 583,221,000 as of December 31, 2024[53] Strategic Initiatives - The group aims to expand its collaboration with traditional automotive brands and enter the new energy vehicle sector, targeting a market share increase in high-performance plastic products[64] - The group plans to establish a new production facility in Mexico to enhance global business development and attract overseas orders[64] - The group plans to acquire a 15% stake in Ningbo Hualete Automotive Decoration Fabric Co., Ltd. for a total consideration of EUR 4,500,000 (approximately RMB 34,290,000) to strengthen control and operational efficiency[60] - The group anticipates that total sales of new energy vehicles in China will reach 19 million units in 2026, representing a growth of approximately 15.2% compared to the previous year[64] Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the financial reporting process and confirmed compliance with applicable accounting standards[75] - The financial data for the year has been approved by the company's auditors and aligns with the consolidated financial statements[76] - The board believes that having the same person serve as both chairman and CEO can effectively execute the group's business strategy and operations[68] - The board will continuously review governance practices to enhance the overall best interests of the group[68] Miscellaneous - The company engaged in the manufacturing and sales of automotive interior and exterior structural parts, molds, and other non-automotive products[8] - The company did not purchase, sell, or redeem any of its listed securities during the year[71] - The company will suspend share transfer registration from May 28, 2026, to June 3, 2026, to determine shareholder voting rights at the annual general meeting[73] - A second suspension of share transfer registration will occur from June 11, 2026, to June 13, 2026, for shareholders entitled to the proposed final dividend[74] - The group has not reported any significant contingent liabilities as of December 31, 2025, consistent with the previous year[57]

Financial Performance - Total revenue for the fiscal year ended December 31, 2025, was approximately HKD 48,100,000, a decrease of about 11% from HKD 54,000,000 in 2024[10] - Net loss for the fiscal year was approximately HKD 17,900,000, compared to a net loss of HKD 21,900,000 in the previous year, indicating an improvement[10] - Revenue from the advertising and media business was approximately HKD 40,700,000, down about 12% from HKD 46,100,000 in 2024[10] - Revenue from financial services was approximately HKD 7,400,000, a decrease of about 6% from HKD 7,900,000 in 2024[10] - Gross profit for the same period was approximately HKD 22,500,000, down about 35% from HKD 34,400,000 in 2024, resulting in a gross margin decrease from 64% to 47%[29] - The company's EBITDA for the year was approximately HKD (20,900,000), down from HKD (35,200,000) in 2024, attributed to the sale of a loss-making subsidiary[32] - The company reported a net loss of approximately HKD 17,900,000 for the year, compared to a net loss of HKD 21,900,000 in the previous year[33] Assets and Liabilities - Total assets as of December 31, 2025, were HKD 174,090,452, down from HKD 177,589,424 in 2024[9] - Total liabilities increased to HKD 61,313,151 from HKD 49,308,731 in 2024[9] - The net current assets of the group as of December 31, 2025, were approximately HKD 112,000,000, compared to HKD 125,000,000 in 2024[42] - The debt ratio as of December 31, 2025, was approximately 4.2%, a significant decrease from 11.4% in 2024[43] Operational Changes - The company sold its operations in Singapore, resulting in a revenue of approximately HKD 4,500,000 from the sale[10] - The company aims to streamline operations and focus on the Hong Kong market, reallocating management and financial resources to areas with stronger local expertise[11] - The company confirmed that the financial performance of the sold subsidiary will no longer be included in the consolidated financial statements post-sale[10] - The group plans to divest its loss-making operations in Singapore to focus resources on the Hong Kong market[18] Margin Financing - Margin financing contributed approximately 93% of the revenue for the financial services segment, expected to rise to 97% in 2024[13] - As of December 31, 2025, the group provided margin loans totaling approximately HKD 63,500,000, down from HKD 89,000,000 in 2024[15] - The top five margin clients accounted for approximately HKD 62,000,000, representing about 97% of total margin loans as of December 31, 2025[15] - The annual interest rate for margin loans ranged from 8.25% to 8.5% for the fiscal year, compared to 8.5% to 9.125% in 2024[15] - The group recognized a reversal of impairment loss on margin loans of HKD 2,100,000 for the year ending December 31, 2025, compared to an impairment loss of HKD 7,400,000 in 2024[17] - The expected credit loss provision for margin loans as of December 31, 2025, is estimated at approximately HKD 23,923,000, down from HKD 26,041,000 in 2024[41] Corporate Governance - The company aims to enhance corporate governance principles and practices, recognizing it as a key factor for success and balancing the interests of shareholders, customers, and employees[64] - The board of directors is committed to continuous improvement of governance efficiency and effectiveness, adhering to the GEM Listing Rules and applicable corporate governance codes[64] - The company has adopted the trading standards outlined in GEM Listing Rules for directors' securities transactions, confirming compliance for the fiscal year ending December 31, 2025[65] - The board consists of executive and independent non-executive directors, with specific roles and responsibilities outlined for effective management and oversight[66] - The company has established multiple committees to enhance management efficiency and achieve its goals[84] - The Audit Committee is responsible for reviewing the company's financial reporting system and internal controls[85] Environmental, Social, and Governance (ESG) Initiatives - The core business of the company primarily involves (i) financial services and (ii) outdoor advertising services, emphasizing the importance of environmental, social, and governance (ESG) principles in its operations[131] - The company has established effective management policies and internal control systems regarding ESG matters, confirming compliance with ESG reporting guidelines[139] - The company aims to reduce energy consumption and carbon emissions, exploring operational models with less environmental impact[141] - The company has complied with significant environmental laws and regulations in Hong Kong, with no known serious violations affecting air and greenhouse gas emissions[142] - The company recognizes the importance of employee treatment and equal opportunity policies as part of its social responsibility[139] Employee and Workforce Management - As of December 31, 2025, the company had 39 employees, a decrease from 53 in 2024, with a gender distribution of 48.7% male and 51.3% female[167] - The employee turnover rate for males was 17.4% in 2025, while for females it was 33.3%, indicating a significant difference in retention rates[168] - The company emphasizes employee development through various training programs, including management and customer service skills, to enhance service quality[172] - The company strictly prohibits the employment of child labor or forced labor in its operations in Hong Kong and Singapore, with established recruitment processes to verify candidates' ages[174] Risk Management - The company has implemented a risk management and internal control system to identify and manage significant risks to achieve business objectives[113] - The company recognizes climate change as a potential risk, particularly from extreme weather events like typhoons and heavy rain, which could impact operations and employee safety[161] - The company has not identified any significant legal risks related to climate change or third-party litigation during the reporting period[164] Community Engagement - The group actively contributes to community development through cultural and entertainment initiatives, enhancing the quality of life for community citizens[191] - The group encourages employees to engage in volunteer work, fostering a sense of social responsibility and community awareness[191] - The group has committed to donating to charitable organizations when post-tax profits are recorded and sufficient funds are available[191]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 48,092,408, a decrease of 9.5% compared to HKD 53,982,860 in 2024[13] - The company reported a net loss of HKD 17,907,261 for the year, an improvement from a loss of HKD 21,865,887 in 2024[13] - Total assets decreased to HKD 174,090,452 from HKD 177,589,424 in 2024, reflecting a decline of 0.8%[13] - Total liabilities increased to HKD 61,313,151 from HKD 49,308,731 in 2024, representing a rise of 24.5%[13] - The loss attributable to owners of the company was HKD 18,659,755, compared to HKD 20,940,799 in the previous year, indicating a reduction of 10.9%[13] - Non-controlling interests showed a profit of HKD 752,494, a recovery from a loss of HKD 925,088 in 2024[13] - The Group recorded a loss of approximately HKD 17,900,000 for the fiscal year, compared to a loss of HKD 21,900,000 in the previous year, indicating an improvement in financial performance[14] - Gross profit for the same period was approximately HKD 22,500,000, down about 35% from HKD 34,400,000 in 2024, resulting in a gross margin decrease from 64% to 47%[33] - The net loss attributable to the owners of the parent company for the year was approximately HKD 18,700,000, compared to a loss of HKD 20,900,000 in the previous year[37] Revenue Breakdown - The Group recorded total revenue of approximately HKD 48,100,000 for the fiscal year ending December 31, 2025, down from HKD 54,000,000 in the previous year, representing a decrease of about 11%[14] - The advertising and media business generated revenue of approximately HKD 40,700,000, a decrease of about 12% compared to HKD 46,100,000 in 2024[14] - The financial services business recorded revenue of approximately HKD 7,400,000, down about 6% from HKD 7,900,000 in 2024[14] - Revenue from the advertising and media business decreased by about 12% to HKD 40,700,000, following the sale of the loss-making Singapore business[33] - Revenue from the financial services business was approximately HKD 7,400,000, a decrease of about 6% from HKD 7,900,000 in 2024, primarily due to a 10% reduction in margin interest income[33] Business Strategy and Future Plans - The company plans to focus on market expansion and new product development in the upcoming fiscal year[4] - The company plans to consolidate resources by selling its loss-making business in Singapore and focus on the Hong Kong market[22] - The management will continue to explore new investment opportunities in growth areas to achieve business diversification and sustainable development[16] - The company aims to expand its market presence through innovative product offerings and strategic partnerships[59] Corporate Governance - The board of directors confirmed the accuracy and completeness of the financial report, ensuring no misleading information was presented[4] - The company aims to enhance corporate governance principles and practices, recognizing it as a key factor for success and balancing the interests of shareholders, customers, and employees[68] - The board consists of experienced professionals with diverse backgrounds in finance, technology, and business development, ensuring strategic oversight[60] - The board is responsible for overseeing the company's performance and activities, ensuring accountability to shareholders[71] - The company has adopted the trading standards outlined in GEM Listing Rules for directors' securities transactions, confirming compliance for the fiscal year ending December 31, 2025[69] Environmental, Social, and Governance (ESG) Initiatives - The core business of the company primarily involves (i) financial services and (ii) outdoor advertising services, emphasizing the importance of environmental sustainability in its operations[135] - The company has established effective management policies and internal control systems regarding environmental, social, and governance (ESG) matters, ensuring compliance with ESG reporting guidelines[143] - The company aims to reduce energy consumption and carbon emissions, focusing on minimizing environmental impact from its operations in Hong Kong and Singapore[145] - The company has complied with significant environmental laws and regulations in Hong Kong, with no known serious violations affecting air and greenhouse gas emissions, water pollution, or waste management during the reporting period[146] Employee and Labor Practices - The company emphasizes employee development and training, offering various programs to enhance skills and ensure high-quality service delivery[176] - The company strictly prohibits the employment of child labor or forced labor in its operations and has established thorough recruitment processes to verify candidates' backgrounds[178] - The company has maintained compliance with employment laws in Hong Kong and Singapore, with no reported violations or workplace injuries during the reporting period[175] Risk Management - The company has implemented a risk management and internal control system to identify and manage significant risks, ensuring compliance with relevant laws and regulations[117] - The company has engaged an independent external consulting firm to review the effectiveness of its risk management and internal control systems annually[118] - The company has established a mechanism to prevent corruption and fraud, including a public tender process for significant projects[190] Community Engagement - The group actively contributes to community development through cultural and entertainment initiatives, enhancing the quality of life for community members[195] - The group encourages employees to engage in volunteer work, enhancing corporate values and community relations[195]

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佈的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 稀 鎂 科 技 集 團 控 股 有 限 公 司 RARE EARTH MAGNESIUM TECHNOLOGY GROUP HOLDINGS LIMITED （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （股份代號：601） 2025年全年業績公告 稀鎂科技集團控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附屬公司 截至2025年12月31日止年度的經審核業績。本公告列載本公司2025年年報全文，並符合香 港聯合交易所有限公司證券上市規則內有關全年業績初步公告須附載資料的要求。本公 司2025年年報的印刷版本將於2026年4月30日或之前寄發予本公司股東，並可於聯交所網 站 www.hkexnews.hk 及本公司的網站 www.remt.com.hk 閱覽。 承董事會命 稀鎂科技集團控股有限公司 主席 沈世捷 香港，2026年3月31日 於本公佈之日期，董事會成員包括： ...

Financial Performance - Revenue for the year ended December 31, 2025, was HKD 1,880.2 million, representing a 15.3% increase from HKD 1,631.3 million in 2024[3] - Gross profit increased by 26.0% to HKD 163.9 million, with a gross margin of 8.7%, up from 8.0% in the previous year[3] - The net loss for the year was HKD 140.3 million, an improvement from a loss of HKD 150.7 million in 2024[3] - The company reported a total comprehensive loss of HKD 124.3 million, compared to a loss of HKD 166.6 million in 2024[6] - The company reported a loss before tax of HKD 149,132,000 for the year ending December 31, 2025, compared to a loss of HKD 153,381,000 for the year ending December 31, 2024[22][23] - The net loss attributable to equity holders for 2025 was HKD 142,590,000, compared to HKD 159,101,000 in 2024, showing a reduction in losses[25][26] - The company recorded a loss of approximately HKD 140,292,000 for the fiscal year ending December 31, 2025[84] Assets and Liabilities - Total assets increased by 11.1% to HKD 5,867.7 million, compared to HKD 5,280.4 million in 2024[3] - Total equity decreased by 40.7% to HKD 181.5 million from HKD 305.9 million in the previous year[3] - The group's net current liabilities as of December 31, 2025, were HKD 194.8 million, with a net debt of HKD 1,778.8 million, resulting in a debt-to-equity ratio of 1,205.0%, up from 616.6% in the previous year[51] - As of December 31, 2025, the group had total bank borrowings of HKD 605,021,000 due to non-compliance with financial covenants[12] - The group successfully obtained a bank waiver for HKD 68,000,000 of the outstanding principal amount as of December 31, 2025[14] - The group has unused bank financing of HKD 401,757,000 as of December 31, 2025[14] Revenue Segments - The maritime construction segment generated revenue of HKD 92,772,000 in 2025, up from HKD 55,427,000 in 2024[18] - General contracting services revenue increased to HKD 1,731,075,000 in 2025 from HKD 1,571,676,000 in 2024[18] - For the year ending December 31, 2025, the total revenue from external customers was HKD 1,880,212,000, with a significant contribution from general contracting services at HKD 1,731,075,000[21] Expenses and Costs - Research and development expenses were HKD 20.6 million, slightly down from HKD 21.1 million in 2024[5] - The company incurred an impairment loss provision of HKD 75.6 million for financial assets due to economic uncertainties and a conservative assessment of default risks[42] - Other administrative expenses decreased by HKD 25.2 million to HKD 104.4 million, primarily due to reductions in employee costs, professional fees, and leasing expenses[44] - The financing costs increased by HKD 24.1 million (approximately 29.1%) to HKD 107.0 million, as the company continued to rely on external financing[45] - Total employee costs for FY2025 were approximately HKD 123.5 million, a decrease from HKD 127.2 million in FY2024[64] Cash Flow and Liquidity - The company’s cash and cash equivalents increased to HKD 215.5 million from HKD 129.4 million in 2024[7] - The group is actively monitoring market developments and enhancing collection capabilities to improve cash flow[14] - The company plans to enhance liquidity and prevent asset depreciation by negotiating with clients to settle overdue receivables with quality properties[36] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with it throughout the fiscal year 2025[73] - The audit committee, composed of three independent non-executive directors, reviewed the annual performance announcement and financial statements for the fiscal year ending December 31, 2025[81] - The independent auditor confirmed that the financial statements reflect the company's financial position and performance accurately as of December 31, 2025[83] Future Outlook - The company anticipates continued business growth in 2026, driven by the progress of major construction projects and the expansion of new trade operations[37] - The group plans to continue discussions with banks to mitigate risks associated with immediate repayment requirements due to covenant breaches[14] Dividends and Shareholder Information - The company did not recommend any dividend for the year ending December 31, 2025, consistent with the previous year[27] - The board does not recommend the payment of dividends for the fiscal year 2025[79] - The annual performance announcement will be published on the stock exchange and the company's website, with the annual report to be sent to shareholders by the end of April 2026[85]

Financial Performance - The group's net revenue for the year ended December 31, 2025, was approximately €1,280.6 million, an increase of about 3.2% compared to €1,240.3 million for the same period in 2024[3] - The group's profit for the year ended December 31, 2025, was approximately €90.1 million, up about 2.2% from €88.2 million in 2024[3] - Adjusted EBITDA for the year ended December 31, 2025, was approximately €202.8 million, reflecting a 6.7% increase from €190.0 million in 2024[3] - The company reported a total comprehensive income of €83.1 million for the year ended December 31, 2025, down from €91.4 million in 2024[5] - The basic and diluted earnings per share for the year ended December 31, 2025, were €0.27, compared to €0.26 in 2024[4] - Total net revenue for 2025 reached €1,280,556,000, an increase of 3.2% from €1,240,346,000 in 2024[29] - The adjusted EBITDA for 2025 was €202.8 million, up approximately 6.7% from €190.0 million in 2024, with an adjusted EBITDA margin of 16.5%, a 30 basis points increase from 16.2% in 2024[70] - The year-end profit increased by €1.9 million or approximately 2.2% from €88.2 million for the year ending December 31, 2024, to €90.1 million during the reporting period[120] Revenue Breakdown - Total customer contract revenue for the year ended December 31, 2025, was €1,346,590 thousand, an increase from €1,301,623 thousand in 2024, representing a growth of approximately 3.8%[22] - Revenue from composite yachts decreased to €485,789 thousand in 2025 from €558,752 thousand in 2024, a decline of approximately 13%[22] - Revenue from custom yachts increased significantly to €494,631 thousand in 2025 from €407,166 thousand in 2024, reflecting a growth of around 21.4%[22] - Revenue from superyachts rose to €190,304 thousand in 2025, up from €148,646 thousand in 2024, marking an increase of approximately 28%[22] - Revenue from used yachts decreased to €48,842 thousand in 2025 from €66,997 thousand in 2024, a decline of approximately 27%[22] - Revenue from the European region decreased to €540,462,000 in 2025, down 8.9% from €593,477,000 in 2024[29] - Revenue from the Middle East and Africa increased significantly to €372,274,000, up 38.3% from €269,326,000 in 2024[29] - Revenue from the Americas rose to €298,337,000, an increase of 10.1% compared to €270,975,000 in 2024[29] - Revenue from the Asia-Pacific region decreased to €20,641,000, down 47.9% from €39,571,000 in 2024[29] Assets and Liabilities - Total assets as of December 31, 2025, amounted to €1,719.8 million, compared to €1,661.4 million as of December 31, 2024[6] - The company’s total liabilities as of December 31, 2025, were €780.9 million, compared to €763.2 million in 2024[7] - As of December 31, 2025, the group had a net cash position of €111.0 million[70] - The total bank borrowings as of December 31, 2025, amounted to approximately €53.8 million, up from €32.5 million as of December 31, 2024[124] - The capital-to-debt ratio as of December 31, 2025, is approximately 5.7%, up from 3.7% on December 31, 2024, indicating a low debt level and a robust financial condition[126] Cash Flow and Expenses - Operating cash flow for the year ended December 31, 2025, was €168.8 million, significantly higher than €1.4 million in 2024[8] - Other income totaled €27,910,000 in 2025, a decrease of 9.8% from €30,923,000 in 2024[34] - The cost of other services increased to €121,457,000 in 2025, up 1.7% from €119,415,000 in 2024[38] - Total rental and leasing expenses increased to €12,973,000 in 2025 from €12,269,000 in 2024, representing a growth of 5.7%[42] - Total personnel costs rose slightly to €145,310,000 in 2025 compared to €144,944,000 in 2024, an increase of 0.3%[42] - Income tax expenses for 2025 amounted to €38,630,000, up from €38,217,000 in 2024, reflecting a year-over-year increase of 1.1%[46] Strategic Initiatives - The company is committed to integrating environmental, social, and governance (ESG) standards into its corporate strategy, aligning with sustainability goals for 2025[20] - The company has identified several areas for improvement to enhance compliance with the European sustainability reporting standards for the 2026 report[21] - The company is continuously assessing the impact of the Pillar Two tax legislation on its future financial performance[51] - The company plans to enhance and expand its product offerings to solidify its market leadership in composite and custom yachts, focusing on high-growth and high-profitability segments[94] - The company aims to invest in innovation and technology to reduce environmental impact and provide a more responsible boating experience[94] - The company is expanding its yacht brokerage, leasing, and management services, as well as after-sales and refit services to enhance brand extension and licensing activities[94] Corporate Governance - The board proposed a final dividend of approximately €37,233,000 for the year ended December 31, 2025, equivalent to €0.11 per share, subject to shareholder approval[3] - The board is committed to adhering to corporate governance principles and has implemented measures to enhance internal control systems[139] - The audit committee reviewed the annual performance for the year ending December 31, 2025, and confirmed compliance with relevant accounting standards[142] - The independent financial advisor's opinion regarding the offer remains unchanged, confirming that the annual performance announcement for the year ending December 31, 2025, does not affect the advisor's opinion[145] Employment and Workforce - The group had 2,074 employees as of December 31, 2025, down from 2,118 employees as of December 31, 2024[132]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 117,397,000, a decrease of 25.4% compared to HKD 157,235,000 in 2024[2] - Gross profit for 2025 was HKD 51,496,000, down 47.7% from HKD 98,344,000 in 2024[2] - The company reported a profit before tax of HKD 82,184,000, a significant recovery from a loss of HKD 175,157,000 in the previous year[2] - Net profit for the year was HKD 82,809,000, compared to a loss of HKD 174,286,000 in 2024[2] - Basic and diluted earnings per share for 2025 were HKD 0.3595, a turnaround from a loss of HKD 0.7565 per share in 2024[3] - The group reported a total external segment revenue of HKD 117,397,000 for 2025, compared to HKD 157,235,000 in 2024, indicating a decline of 25.3%[18] - The group’s net profit before tax for 2025 was HKD 82,184,000, a significant recovery from a loss of HKD 175,157,000 in 2024[18] - The group recorded a profit of approximately HKD 82,800,000 for the year ended December 31, 2025, compared to a loss of HKD 174,300,000 in 2024, primarily due to a reversal of impairment losses on receivables amounting to approximately HKD 50,900,000[47] Assets and Liabilities - Total assets decreased to HKD 538,470,000 in 2025 from HKD 754,717,000 in 2024, reflecting a reduction of 28.7%[4] - Current liabilities decreased to HKD 255,760,000 in 2025 from HKD 512,763,000 in 2024, a reduction of 50.1%[4] - The company's total equity increased to HKD 333,659,000 in 2025 from HKD 249,252,000 in 2024, representing a growth of 33.9%[5] - The company has no non-current liabilities related to bonds in 2025, compared to HKD 50,000,000 in 2024[5] - The group’s total assets as of December 31, 2025, amounted to HKD 602,220,000, down from HKD 824,714,000 in 2024, a decrease of 27%[22] - The total liabilities as of December 31, 2025, were HKD 268,561,000, compared to HKD 575,462,000 in 2024, reflecting a reduction of 53.3%[22] - The total trade payables amounted to HKD 38,656,000, an increase from HKD 27,530,000 in 2024[38] Revenue Breakdown - Revenue from medical products increased to HKD 78,544,000 in 2025 from HKD 72,234,000 in 2024, representing an increase of 4.5%[12] - Total revenue from customer contracts for 2025 was HKD 84,406,000, up from HKD 77,782,000 in 2024, marking a growth of 8.3%[12] - The group’s total revenue from the securities brokerage and asset management services segment was HKD 1,768,000 in 2025, down from HKD 3,907,000 in 2024, a decrease of 54.8%[18] - The group’s total revenue from lending and other financial services was HKD 31,893,000 in 2025, compared to HKD 76,607,000 in 2024, a decline of 58%[18] - Revenue from Hong Kong for 2025 is HKD 100,001,000, slightly up from HKD 99,872,000 in 2024[24] - Revenue from Europe dropped significantly from HKD 46,723,000 in 2024 to HKD 10,792,000 in 2025, a decline of 76.9%[24] Cash Flow and Investments - As of December 31, 2025, the company's cash and cash equivalents decreased by approximately HKD 32,800,000 to about HKD 58,300,000 compared to HKD 91,100,000 as of December 31, 2024[48] - The company sold a total of 1,560,000 shares of a subsidiary on January 12, 2026, for approximately HKD 3,300,000, expecting a realizable gain of about HKD 200,000[56] - The company did not have any pledged assets as of December 31, 2025[50] Employee and Governance - The total number of employees decreased to 101 as of December 31, 2025, from 149 in the previous year[54] - The company maintained compliance with the corporate governance code throughout the year ended December 31, 2025[61] Dividends and Provisions - The company did not recommend a final dividend for the year ending December 31, 2025, consistent with 2024[30] - The board did not recommend the distribution of a final dividend for the year ended December 31, 2025, consistent with the previous year[55] - The company’s tax provision for the current year in China was HKD 81,000, down from HKD 397,000 in 2024[28] Risk and Strategy - The group faced credit concentration risk as 62% of all loans to margin clients were from the top five margin clients[36] - The company plans to continue its focus on investment holding and may explore new strategies for market expansion and product development in the future[6] - The group plans to focus on expanding its financial services, including corporate financing and asset management, amid a challenging economic environment[45]