Customer Concentration - The Group's largest customer accounted for approximately 33.7% of total revenues in the Current Year, up from 30.0% in the previous period[30]. - The five largest customers contributed approximately 96.1% of total revenues for the Current Year, compared to 89.9% in the previous period[30]. - The largest customer accounted for approximately 33.7% of the Group's total revenue in the current year, compared to 30.0% in the previous period[36]. - The top five customers represented about 96.1% of the Group's total revenue this year, up from 89.9% in the previous period[36]. Financial Performance - The Group recorded a consolidated revenue of approximately HK$579.4 million for the Current Year, representing a decrease of approximately 39.6% compared to HK$959.1 million in the previous period[143]. - The gross profit for the Current Year amounted to approximately HK$39.5 million, a decrease of approximately 20.9% from HK$49.9 million in the previous period[143]. - Administrative and selling expenses decreased to approximately HK$75.1 million, down 26.5% from HK$102.3 million in the previous period, due to tight control on operation costs[144]. - Finance costs for the Current Year were approximately HK$29.2 million, representing a significant decrease of 59.8% compared to HK$72.6 million in the previous period[148]. - The Group recorded a loss of approximately HK$10.3 million for the Current Year, a decrease of 92.5% from a loss of approximately HK$137.3 million in the previous period[149]. - Revenue from the Ecological Governance and Civil Engineering Business amounted to approximately HK$556.8 million, a decrease from approximately HK$657.4 million in the previous period[164]. - The gross profit for the Ecological Governance and Civil Engineering Business was approximately HK$34.2 million, representing a gross profit margin of approximately 6.1%[164]. - The Group's revenue from civil engineering projects was approximately HK$24.88 million, down from approximately HK$42.16 million in the previous year, indicating a decrease of about 41.0%[168]. Environmental Commitment - The Group's commitment to environmental protection includes promoting green measures and reducing energy consumption in daily operations[15]. - The Group regularly reviews its environmental practices and considers implementing further eco-friendly measures[16]. - The Group aims to achieve negative carbon emissions of 100 million tonnes through nature-based and technology-based solutions, contributing to reducing China's 2% carbon dioxide emissions[154]. - The Group successfully developed the first manure intensive treatment project in China registered on the Verified Carbon Standard (VCS) platform, reducing 76,000 tCO2e annually, totaling 760,000 tCO2e over ten years[151]. - The waste incineration power generation project in Yingkou registered on the VCS platform achieved an annual reduction of 245,000 tCO2e[151]. - The Jiyuan Weiheng Cow Breeding Farm Biogas Recovery and Utilization Project in Henan reduced 37,500 tCO2e annually, with a total reduction of 265,000 tCO2e over the first seven years[151]. Corporate Governance - The Board did not recommend the payment of any final dividend for the Current Year, consistent with the previous period[13]. - There was no material breach of applicable laws and regulations by the Group during the Current Year[17]. - The Company has received annual confirmations of independence from all Independent Non-executive Directors[64]. - The Directors and chief executives' interests in shares and debentures will be disclosed in accordance with the Securities and Future Ordinance[72]. - No management contracts concerning the administration of the Group's business were entered into during the Current Year[29]. - No Directors had any service contracts that are not determinable within one year without compensation, other than statutory compensation[78]. - There were no material interests in transactions or contracts of significance involving Directors during the Current Year[79]. Share Capital and Options - As of June 30, 2025, the total issued share capital of the Company was 642,960,000 shares[75]. - Mr. Geng Zhiyuan holds 22,000,000 ordinary shares, representing 3.42% of the Company's total equity[74]. - Quick Tycoon Limited is a beneficial owner of 133,970,000 shares, accounting for 19.43% of the Company's total equity[88]. - Mr. Sha Tao has an interest in a controlled corporation with a total of 173,970,000 shares, which is 25.23% of the Company's total equity[88]. - China Eco Fund Investment Limited holds 40,000,000 shares, representing 5.80% of the Company's total equity[88]. - The maximum number of unexercised share options available under the Scheme is 20,000,000 shares, representing approximately 3.11% of the issued shares as of the report date[98]. - The Scheme will expire on March 28, 2026, with options grantable within 10 years from March 29, 2016[111]. Strategic Initiatives - The Group plans to innovate and develop a distributed photovoltaic business model and engage in graded utilization of waste batteries through partnerships with relevant companies[142]. - The Group has signed a strategic cooperation agreement with Beijing Zhonghong Blue Ocean to develop carbon neutrality and new energy projects, including a "Dual Carbon Digital Management and Control Platform" for carbon emissions and energy consumption[170]. - The Group has completed the acquisition of a 60% equity interest in Henan Zailiang New Energy, a lithium battery recycling enterprise, which holds one of only 52 graded utilization licenses in China[175]. - The Group's dual-carbon management platform aims to enhance operational efficiency and advance sustainable development goals, with plans to replicate successful projects in other cities in Henan and nationwide[177]. - The Group has established a partnership with BRICS Capital Management to create a global carbon asset management fund focused on carbon asset monetization and tokenization[187]. Future Outlook - The Group has no future plans for material investments or capital assets[132]. - The Group plans to invest more resources into the New Energy and Renewable Energy business segments to drive future growth[170]. - By 2025, China's retired power battery volume is projected to reach 306 GWh, increasing over 20-fold in the next five years, indicating significant growth potential for the new energy business segment[189].

Financial Performance - Total operating revenue for the third quarter reached RMB 61.25 billion, a year-on-year increase of 20.51%[9] - Net profit attributable to shareholders was RMB 2.30 billion, representing a decrease of 31.23% compared to the same period last year[9] - The total profit for the period was RMB 2.94 billion, down 21.25% year-on-year[9] - Basic earnings per share decreased by 30.77% to RMB 0.27[9] - The company experienced a decrease in net profit margin from 4.42% to 2.70%[9] - The net profit attributable to shareholders, excluding non-recurring gains and losses, for the current reporting period is -30.23 million RMB, indicating a decline compared to the previous year[17] - The company achieved a year-on-year increase in sales volume and operating revenue, but increased investment in new models and technology led to fluctuations in net profit[17] - Basic and diluted earnings per share for the first three quarters of 2025 were CNY 1.01, down from CNY 1.22 in 2024, indicating a decrease of approximately 17.2%[40] - Net profit for the first three quarters of 2025 was ¥8.63 billion, a decrease of 17% from ¥10.40 billion in the same period of 2024[39] - The company reported a net profit of -CNY 13,709,340.01 from the merged entity in the current period, compared to -CNY 29,322,152.64 in the previous period[40] Cash Flow and Assets - The net cash flow from operating activities for the nine months ended September 30 was RMB 21.39 billion, an increase of 50.90% year-on-year[9] - The net cash flow from operating activities for the year-to-date is 50.90 million RMB, primarily due to increased cash receipts from direct sales and differences in funding return strategies[17] - Cash flow from operating activities for the first three quarters of 2025 was CNY 21,386,307,349.86, an increase of 50.9% compared to CNY 14,172,525,070.64 in 2024[43] - The total cash and cash equivalents at the end of the first three quarters of 2025 stood at CNY 20,584,837,373.87, down from CNY 37,147,612,191.65 at the end of 2024[45] - The company's cash and cash equivalents decreased to RMB 23.20 billion from RMB 30.77 billion, representing a decline of about 24.5%[33] - The total current assets of Great Wall Motors amounted to RMB 134.98 billion, a slight increase from RMB 133.54 billion as of December 31, 2024, reflecting a growth of approximately 1.08%[33] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 137,540, with no preferred shareholders having restored voting rights[18] - The largest shareholder, Baoding Innovation Great Wall Asset Management Co., Ltd., holds 5,115,000,000 shares, representing 59.77% of the total shares[19] - HKSCC Nominee Limited, the second-largest shareholder, holds 2,305,219,511 shares, accounting for 26.94% of the total shares[19] Investments and Expenses - Research and development expenses for the first three quarters of 2025 were ¥6.64 billion, compared to ¥6.21 billion in the same period of 2024, showing an increase of 6.9%[38] - The company reported a financial expense of -¥1.56 billion in the first three quarters of 2025, a significant improvement compared to ¥239.26 million in the same period of 2024[38] - Total operating costs for the first three quarters of 2025 were ¥147.23 billion, up from ¥133.58 billion in 2024, reflecting a year-on-year increase of 10.3%[38] Equity and Liabilities - Total assets at the end of the reporting period were RMB 220.94 billion, an increase of 1.48% from the previous year[12] - Total liabilities as of September 30, 2025, amounted to ¥134.52 billion, a slight decrease from ¥138.73 billion at the end of 2024[36] - Current liabilities totaled ¥121.92 billion as of September 30, 2025, compared to ¥122.57 billion at the end of 2024, indicating a marginal decrease[35] - Non-current liabilities decreased from ¥16.16 billion at the end of 2024 to ¥12.60 billion as of September 30, 2025, representing a reduction of 22%[36] - Total equity attributable to shareholders increased to ¥86.43 billion as of September 30, 2025, from ¥78.98 billion at the end of 2024, marking an increase of 9.2%[36] Employee Incentives and Plans - The company has implemented an employee stock ownership plan and convertible bond initiatives, which are part of its incentive strategies[23] - The company continues to focus on employee incentive plans to enhance performance and align interests[27] - The company announced the implementation of the repurchase and cancellation of part of the restricted stock from the 2023 incentive plan[27] - The first phase of the restricted stock from the 2023 incentive plan has met the conditions for lifting restrictions[27] - The first exercise period of the stock option incentive plan for 2023 has met the exercise conditions[28] - The company has extended the restriction period for stock options[28] - The first lock-up period of the second employee stock ownership plan has expired, and the unlocking conditions have been met[28] - The company has completed the cancellation of part of the stock options from the 2023 incentive plan[28] - The company has announced the results of the conversion of convertible bonds and the stock option incentive plan for 2021[29] - The company has adjusted the exercise price of the stock options from the 2021 incentive plan[29] - The company has published multiple announcements regarding the stock option and restricted stock plans on the Shanghai Stock Exchange and Hong Kong Stock Exchange[26][27][28][29]

Stock Options and Equity Plans - The total number of stock options available for grant under the stock option plan as of December 31, 2024, is 99,544,000 shares[2] - The total equity available for issuance under the Tianbao Electronics (Huizhou) share incentive plan is RMB 24,746,341, accounting for approximately 10% of the registered capital as of April 8, 2024[3] - The equity available for issuance under the Tianbao Electronics (Huizhou) share incentive plan as of December 31, 2024, is RMB 3,336,341, representing about 1.24% of the registered capital[3] - The percentage of registered capital that can be issued as rewards under all plans for Tianbao Electronics (Huizhou) for the year ending December 31, 2024, is 8.33%[3]

Revenue Performance - For the nine months ended September 30, 2025, the company's revenue was RMB 581.1 million, a decrease of 13% compared to RMB 667.87 million in the same period of 2024[7]. - The average daily toll revenue for the Guangzhou-Shenzhen Expressway decreased by 2% year-on-year to RMB 8.168 million, while the average daily mixed traffic volume remained stable at 685 thousand vehicles[3]. - The average daily toll revenue for the Guangzhou-Zhuhai West Line Expressway fell by 14% year-on-year to RMB 3.258 million, attributed to increased competition from nearby expressways[5]. - The average daily toll revenue for the Shenzhen section of the Jiangjiang Expressway increased by 11% year-on-year to RMB 2.283 million, benefiting from the opening of the second phase of the expressway in June 2024[5]. Profitability - The company's net profit for the nine months ended September 30, 2025, was RMB 476.79 million, slightly up from RMB 473.43 million in the same period of 2024[8]. - The basic earnings per share for the period was RMB 12.36, compared to RMB 12.07 in the previous year[7]. - The company reported a gross profit of RMB 242.01 million for the nine months ended September 30, 2025, down from RMB 255.47 million in the same period of 2024[7]. - The company’s other comprehensive income for the period was RMB 60.32 million, compared to RMB 31.99 million in the previous year[8]. Assets and Liabilities - The total assets of the company as of September 30, 2025, amounted to RMB 13.17 billion, an increase from RMB 12.80 billion as of December 31, 2024[9]. - As of September 30, 2025, the total liabilities amounted to RMB 5,446,179 thousand, an increase from RMB 5,163,167 thousand as of December 31, 2024, representing a growth of 5.5%[10]. - The total equity reached RMB 7,721,240 thousand as of September 30, 2025, compared to RMB 7,639,168 thousand at the end of 2024, indicating an increase of 1.1%[10]. - The company’s total assets reached RMB 13,167,419 thousand as of September 30, 2025, compared to RMB 12,802,335 thousand at the end of 2024, indicating an increase of 2.8%[10]. Cash Flow and Financing - Cash generated from operating activities for the nine months ended September 30, 2025, was RMB 462,615 thousand, up from RMB 437,551 thousand in the same period of 2024, reflecting a growth of 5.7%[11]. - The net cash generated from operating activities after tax payments was RMB 415,575 thousand for the nine months ended September 30, 2025, compared to RMB 437,489 thousand in 2024, showing a decrease of 5.0%[11]. - New bank loans amounted to RMB 3,920,297 thousand in the nine months ended September 30, 2025, significantly higher than RMB 1,522,012 thousand in the same period of 2024, marking an increase of 157.5%[11]. - The net increase in cash and cash equivalents was RMB 222,281 thousand for the nine months ended September 30, 2025, compared to RMB 228,560 thousand in 2024, indicating a slight decrease of 2.0%[11]. - The total cash and cash equivalents as of September 30, 2025, stood at RMB 953,860 thousand, up from RMB 704,250 thousand at the end of 2024, representing an increase of 35.4%[11]. - The company paid dividends of RMB 218,019 thousand to equity shareholders during the nine months ended September 30, 2025, compared to RMB 366,481 thousand in the same period of 2024, reflecting a decrease of 40.5%[11]. Real Estate Performance - The average contract sales amount for residential units was approximately RMB 1.127 billion, with an average selling price of about RMB 19,000 per square meter[6].

目錄 | 公司資料 | 2 | | --- | --- | | 主席報告書 | 3 | | 管理層討論及分析 | 5 | | 企業管治報告 | 11 | | 環境、社會及管治報告 | 28 | | 董事及高級管理層履歷詳情 | 74 | | 董事會報告 | 77 | | 獨立核數師報告 | 94 | | 綜合損益表 | 99 | | 綜合損益及其他全面收益表 | 100 | | 綜合財務狀況表 | 101 | | 綜合權益變動表 | 103 | | 綜合現金流量表 | 104 | | 綜合財務報表附註 | 105 | | 財務概要 | 186 | 年報 2025 百本醫護控股有限公司 1 公司資料 董事會 執行董事 奚曉珠小姐 （主席兼行政總裁） 鄭守崗先生（於二零二四年十二月一日獲委任） 獨立非執行董事 陳繼宇博士 王幹文先生 林國明先生（於二零二五年八月一日辭任） 鄧以海先生（於二零二五年八月一日獲委任） 董事委員會 審核委員會 王幹文先生 （主席） 陳繼宇博士 林國明先生（於二零二五年八月一日辭任） 鄧以海先生（於二零二五年八月一日獲委任） 薪酬委員會 林國明先生 （主席） （於二零二五年八月一日辭任） ...

Financial Performance - In Q3 2025, the group achieved a revenue of RMB 19.78 billion and an operating profit of RMB 1.03 billion[5] - For the first nine months of 2025, the group reported a total revenue of RMB 103 billion and an operating profit of RMB 13.15 billion[5] Property Sales and Acquisitions - The group recorded a contract property sales amount of RMB 170.5 billion, with a corresponding sales area of 7.58 million square meters for the first nine months of 2025[4] - In Q3 2025, the group acquired nine new land parcels in five cities in mainland China, with a total land reserve area of 1.49 million square meters and a total land cost of RMB 60.5 billion[4] Financial Stability and Market Outlook - The group maintains a strong financial position with a net gearing ratio and financing costs at the lowest range in the industry[5] - The real estate market in China is stabilizing, with a narrowing year-on-year decline in national commodity housing sales[3] - The group emphasizes its robust cash position and excellent asset quality, enhancing its resource aggregation capabilities[3] - The group is confident in maintaining sustainable high-quality development despite external risks and challenges[3] - The company continues to implement targeted macro policies to support housing demand and stabilize the real estate market[3] - The announcement contains forward-looking statements that may involve risks and uncertainties, and actual performance may differ[6]

Financial Performance - Group revenue decreased by approximately 26.3% to approximately HK$218.3 million for the year ended 30 June 2025, compared to HK$296.2 million in the previous year[8]. - The Group recorded a loss attributable to owners of the Company of approximately HK$88.6 million, a significant decline from a profit of approximately HK$17.1 million in the prior year[9]. - Gross profit dropped by approximately 26.4% from approximately HK$83.7 million for the year ended 30 June 2024 to approximately HK$61.6 million for the year ended 30 June 2025[28]. - The net loss for the year ended 30 June 2025 was approximately HK$88.6 million, a turnaround from a profit of approximately HK$17.1 million for the year ended 30 June 2024[29]. - The net profit margin decreased from approximately 5.8% for the year ended 30 June 2024 to a net loss margin of approximately 40.6% for the year ended 30 June 2025[29]. - Basic loss per share for the year ended 30 June 2025 was HK18.47 cents, compared to basic earnings per share of HK3.57 cents for the year ended 30 June 2024[30]. Asset and Liability Management - The total assets of the Group decreased to approximately HK$515.3 million as of 30 June 2025, down from HK$632.4 million in the previous year[5]. - Total liabilities decreased to approximately HK$143.9 million as of 30 June 2025, compared to HK$152.7 million in the previous year[5]. - Equity attributable to owners of the Company was approximately HK$371.4 million as of 30 June 2025, down from HK$479.7 million in the previous year[5]. - The Group's net assets decreased from approximately HK$479.7 million as of 30 June 2024 to approximately HK$371.4 million as of 30 June 2025, primarily due to impairment losses[71]. Cash Flow and Dividends - Cash and cash equivalents as of 30 June 2025 were approximately HK$276.7 million, down from approximately HK$317.0 million in the previous year[10]. - The Board recommended a special dividend of HK1.0 cent per share and a final dividend of HK2.5 cents per share, bringing the total dividend for the year to HK4.5 cents per share, up from HK3.5 cents in the previous year[11]. - The Directors recommended a total dividend of HK4.5 cents per share for the current year, up from HK3.5 cents per share in the previous year[83]. Operational Strategy - Strategic initiatives are in place to navigate uncertain market conditions and capture future opportunities in the 2025/2026 financial year[12]. - The Group is advancing the establishment of a manufacturing hub in Indonesia to enhance cost competitiveness and strengthen supply chain resilience[23]. - A strategic investment in ESG Print Limited is being completed to address the growing demand for ESG-related printing solutions[23]. - The Group plans to invest in advanced printing technologies and automation to enhance quality and turnaround times while expanding smart packaging and sustainable product offerings[50]. - The Group is evaluating Indonesia as a second manufacturing hub to diversify production and improve supply chain robustness[50]. Revenue Breakdown - The revenue contribution from packaging printing services was 42.2% for the year ended 30 June 2025, compared to 24.8% for the year ended 30 June 2024[36][38]. - The contribution from card printing services decreased significantly from 6.4% in 2024 to 5.3% in 2025, reflecting changing customer sentiment[36][38]. - Revenue from packaging printing increased by approximately 25.8% to approximately HK$92.2 million for the year ended 30 June 2025, compared to approximately HK$73.3 million for the year ended 30 June 2024[39]. - Revenue from paper gift set printing decreased by approximately 45.9% to approximately HK$102.0 million for the year ended 30 June 2025, down from approximately HK$188.4 million for the year ended 30 June 2024[40]. - Revenue from card printing services decreased by approximately 39.5% to approximately HK$11.5 million for the year ended 30 June 2025[41]. - Revenue from smart package printing dropped by approximately 45.3% to approximately HK$5.2 million for the year ended 30 June 2025[42]. - Revenue from other printing increased by approximately 23.3% to approximately HK$7.4 million for the year ended 30 June 2025[43]. Cost Management - Gross profit margin remained stable at approximately 28.2%, compared to approximately 28.3% in the previous year, indicating effective cost management[10]. - Administrative expenses decreased from approximately HK$72.1 million for the year ended 30 June 2024 to approximately HK$65.2 million for the year ended 30 June 2025, due to a deterioration in overall results and stricter cost control policies[65]. - Other operating income dropped from approximately HK$3.7 million for the year ended 30 June 2024 to approximately HK$0.6 million for the year ended 30 June 2025, primarily due to an impairment loss of trade receivables of approximately HK$2.0 million[66]. - Impairment losses of property, plant and equipment and right-of-use assets increased significantly from approximately HK$1.2 million for the year ended 30 June 2024 to approximately HK$87.7 million for the year ended 30 June 2025, reflecting worsened operating performance[67]. - Other income and government grants decreased from approximately HK$17.3 million for the year ended 30 June 2024 to approximately HK$14.3 million for the year ended 30 June 2025, attributed to lower time deposit balances[68]. - Finance costs reduced from approximately HK$7.9 million for the year ended 30 June 2024 to approximately HK$7.0 million for the year ended 30 June 2025, mainly due to continuous repayment of lease liabilities[69]. Corporate Governance - The Company emphasizes accountability and transparency in its corporate governance practices, aiming to continuously improve these practices[100]. - The board consists of 8 directors, including 4 executive directors, 3 independent non-executive directors, and 1 non-executive director, ensuring a balanced composition for effective management[102]. - All independent non-executive directors have confirmed their independence in accordance with the guidelines set out in the Listing Rules[104]. - The attendance record for board meetings shows a 100% attendance rate for all directors since June 30, 2024[118]. - The Company Secretary ensures compliance with procedures and regulations, maintaining minutes of board meetings available for inspection[119]. - Directors have full access to Group information and can obtain independent professional advice when necessary[120]. - Newly appointed directors receive comprehensive induction and ongoing professional development to understand the Company's operations and responsibilities[121]. - The Company has engaged AE Majoris Corporate Services Company Limited for compliance and company secretarial services to adapt to regulatory changes[127]. - The Company Secretary completed no less than 15 hours of relevant professional training for the year ended June 30, 2025, as required by the Listing Rules[128]. Audit and Remuneration - The auditors received approximately HK$1,398,000 for audit services for the year ended June 30, 2025, compared to HK$1,358,000 in 2024[145]. - Non-audit services provided to the Group amounted to approximately HK$65,500 for the year, down from HK$80,000 in 2024[145]. - The Remuneration Committee reviewed the remuneration policy and structure for all directors and senior management, which includes basic salary and performance bonuses[153]. - The Remuneration Committee held two meetings since June 30, 2024, with a 100% attendance rate by all members[155]. Shareholder Engagement - The Company emphasizes the importance of communication with shareholders and has adopted a Shareholders Communication Policy to provide timely information[189]. - Voting at general meetings will be conducted by poll, with detailed procedures explained to shareholders at the start of the meeting[191]. - The Company has established procedures for shareholders to move resolutions at general meetings through requisitioning an EGM[200]. - The Company’s governance report highlights the importance of shareholder engagement and the presence of external auditors at the AGM to address shareholder inquiries[190].

Stock Option Plan - The company provided additional information regarding its stock option plan in the annual report[3] - The exercise period for stock options can be determined at the discretion of the board, not exceeding ten years from the grant date[4] - The annual report remains unchanged except for the disclosed information in this announcement[4]

Financial Performance - For the fiscal year ending June 30, 2025, the company demonstrated resilience with stable performance despite external challenges, maintaining a strong cash flow for future investments[10]. - The company's attributable operating profit increased by 7% year-on-year to HKD 4,466.2 million for the fiscal year 2025[43]. - Attributable profit to shareholders rose by 4% to HKD 2,162.0 million, reflecting the company's ability to create value for shareholders in a challenging environment[44]. - Total revenue for 2025 was HKD 24,285.3 million, compared to HKD 26,421.6 million in 2024[26]. - Adjusted EBITDA for 2025 was HKD 7,315.8 million, slightly up from HKD 7,240.5 million in 2024[26]. - The company's total assets increased to HKD 172,895.6 million in 2025 from HKD 155,083.7 million in 2024[26]. - Cash and bank balances rose to HKD 20,210.7 million in 2025, compared to HKD 14,788.0 million in 2024[26]. - The net debt ratio increased to 37% in 2025 from 35% in 2024[26]. - The company's overall financial performance was impacted by non-operating items, resulting in a net profit attributable to shareholders of HKD 2,162.0 million, a slight decrease from HKD 2,084.2 million in 2024[57]. Dividends and Shareholder Returns - The company has maintained a sustainable and progressive dividend policy, having distributed dividends for 22 consecutive years[17]. - The board proposed a final ordinary dividend of HKD 0.35 per share for fiscal year 2025, consistent with the previous year, resulting in a total dividend of HKD 0.95 per share for the fiscal year[54]. Strategic Investments and Acquisitions - The company is actively seeking acquisition opportunities that align with its long-term vision, focusing on sustainable and risk-adjusted returns[11]. - The group announced the acquisition of a 43.93% stake in uSMART, a leading tech-driven financial services company, to enhance its wealth management offerings, with the deal expected to accelerate the development of the financial services segment[47]. - The company strategically optimized its business portfolio, completing the sale of its duty-free business in December 2024[45]. - The group completed the sale of its entire stake in Hyva Group, with an enterprise value of USD 425 million, resulting in a net gain of approximately HKD 1.2 billion[95]. - The group announced the acquisition of a 65% stake in external asset management company Junling, enhancing its wealth management capabilities[97]. Operational Performance - The company operates 13 toll road projects in mainland China, with a total length of approximately 880 kilometers, showcasing its extensive infrastructure involvement[15]. - For the fiscal year 2025, Hong Kong operations contributed 58% to the group's operating profit, while mainland China contributed 40%, with adjusted EBITDA increasing by 1% to HKD 7.3158 billion[48]. - The logistics segment's attributable operating profit increased by 3% to HKD 740.4 million, while the construction segment saw a 2% increase to HKD 719.3 million[60]. - The facilities management segment's attributable operating profit decreased by 61% to HKD 88.5 million, but excluding the sold duty-free store business, it showed a 16% year-on-year growth[60]. - The average remaining concession period for the company's road portfolio is approximately 12 years as of June 30, 2025[66]. Sustainability and Environmental Initiatives - The company has received SBTi certification for its short-term greenhouse gas reduction targets, marking significant progress towards its net-zero emissions goal[11]. - The group’s sustainable finance initiatives reached approximately HKD 18.6 billion as of June 30, 2025, up from about HKD 14.1 billion a year earlier[52]. - The company integrates ESG due diligence into investment analysis and decision-making processes to address sustainability and governance challenges[181]. - The company is committed to operational optimization and delivering superior products as part of its sustainability initiatives[184]. Governance and Board Composition - The company has complied with all applicable provisions of the Corporate Governance Code as of the fiscal year 2025, reflecting its commitment to good corporate governance principles[164]. - The board consists of 13 members, including 5 executive directors, 2 non-executive directors, and 6 independent non-executive directors, reflecting a balanced tenure among directors[185]. - The company has implemented a Board Diversity Policy, revised in September 2022, to enhance decision-making by considering diverse backgrounds and experiences[188]. - The board promotes a culture that supports diversity and strong business performance while avoiding excessive risk-taking[178]. - The company emphasizes the importance of ESG responsibilities, with 7 board members possessing relevant expertise to drive sustainability initiatives[195]. Market Position and Future Outlook - The company is focused on expanding its strategic investments and enhancing its governance structure through experienced board members[130][131][134][135][138][139]. - The group is focusing on operational efficiency and prudent cost control to maintain competitiveness in key logistics hubs[101]. - The group is optimistic about the long-term prospects of its facilities management segment, leveraging government incentives and expanding into emerging fields[107]. - The construction group is poised to benefit from the expected recovery of the Hong Kong construction market, with opportunities in various sectors including residential and infrastructure projects[105]. - The expansion of e-commerce is anticipated to drive long-term demand for efficient logistics services, particularly in prime locations[103].

Financial Performance - The company's revenue for the fiscal year 2025 reached RMB 193,546,000, representing a 39.0% increase compared to RMB 139,203,000 in 2024[5] - Operating profit turned positive at RMB 17,592,000, a significant improvement from an operating loss of RMB 33,236,000 in the previous year, marking a 152.9% increase[5] - The net profit attributable to shareholders was RMB 17,445,000, recovering from a loss of RMB 32,735,000 in 2024, reflecting a 153.3% turnaround[5] - Gross profit increased by 86.9% to RMB 65,469,000, indicating strong sales growth in automation instruments and technology products[8] - The sales revenue from high-precision industrial automation instruments and technology products accounted for 100.0% of total revenue, with a reported profit of RMB 18,189,000 compared to a loss of RMB 14,009,000 in 2024[13] - Basic and diluted earnings per share for the year were RMB 1.68, a recovery from a loss of RMB 3.16 per share in the previous year[24] - The profit attributable to shareholders was approximately RMB 17,445,000, compared to a loss of RMB 32,735,000 in the previous year[23] Assets and Liabilities - The company maintained a net asset value of RMB 1,708,309,000, a slight increase of 1.0% from RMB 1,690,688,000 in the previous year[5] - The company's debt-to-equity ratio as of June 30, 2025, was approximately 0.06, compared to 0.05 in the previous year[30] - The company maintained a healthy liquidity position, with cash and cash equivalents amounting to approximately RMB 1,456,416,000 as of June 30, 2025[26] - The company has no bank borrowings as of June 30, 2025, consistent with the previous year[28] Research and Development - The company continues to focus on R&D and innovation to enhance its core competitive capabilities and adapt to market demands[9] - The company plans to utilize the net proceeds from its listing for research and development, with RMB 24 million expected to be used by the end of 2030[31] Corporate Governance - The company has maintained compliance with the corporate governance code as per the listing rules, with most provisions adhered to, except for specific deviations noted in section B.7 and D.1.2[52] - The board of directors consists of four executive directors and four independent non-executive directors, ensuring a balanced composition with relevant knowledge and experience[55] - The board held six meetings during the fiscal year ending June 30, 2025, with full attendance from all executive and independent non-executive directors[59] - The company emphasizes accountability, transparency, independence, fairness, and responsibility in its corporate governance practices[52] - The independent non-executive directors attended the annual general meeting, ensuring they understood shareholder opinions[60] Environmental and Social Responsibility - The company has received ISO certifications including ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018, valid until January 2028[95] - The company aims to maintain a harmless emission environment and has set a goal to minimize all necessary harmless emissions[99] - The company has established a waste emission management system to comply with national laws and regulations[99] - The board conducts at least one annual meeting to assess environmental, social, and governance (ESG) risks and strategies[93] - The company emphasizes the integration of social responsibility measures into its corporate culture for sustainable development[93] Employee Management - The workforce increased to 448 employees as of June 30, 2025, up from 436 in the previous year, with employee costs amounting to approximately RMB 40,070,000[35] - Employee turnover rate for 2025 is 11.2%, with male turnover at 9.2% and female turnover at 2.0%[118] - The company has implemented a comprehensive training program for employees, including safety training and professional skills enhancement[123][124] - The company has not reported any work-related injuries or fatalities in the past three years, maintaining a safe working environment[122] Supply Chain and Production - The company has established relationships with over 100 independent suppliers located in China, ensuring a stable supply of raw materials and components[130] - The company has not faced any significant difficulties in obtaining sufficient supplies for production, indicating a robust supply chain[130] - All products have undergone internal production monitoring and quality assurance testing, with compliance to health and safety regulations[134] Shareholder Communication - The company maintains a proactive shareholder communication policy to strengthen relationships with investors and enhance confidence[92] - Shareholders have the right to submit inquiries to the board in writing, which must be addressed to the investor relations department[90] Audit and Compliance - The independent auditor's report indicates that the audit was conducted in compliance with Hong Kong auditing standards, ensuring the reliability of the financial statements[195] - The audit committee has held three meetings in the year ending June 30, 2025, to review the board's structure, composition, and diversity[82] - The company has obtained appropriate insurance coverage for potential legal claims against directors, demonstrating risk management practices[191] Risk Management - The company emphasizes the importance of risk management and internal control systems, which have been reviewed annually for effectiveness[87] - The audit committee has received confirmation from management regarding the effectiveness of the risk management and internal control systems for the year[87] Stock Options and Share Capital - The company has adopted a share option scheme on February 13, 2025, allowing for the issuance of up to 10% of the total issued shares[171] - A total of 33,474,000 stock options were granted during the year, representing approximately 3.23% of the company's issued share capital as of June 30, 2025[178] - The exercise price for the stock options is set at HKD 0.255, which is the highest of the closing price on the grant date, the average closing price over the five trading days prior, and the par value of the shares[181]