Financial Performance - For the fiscal year ending December 31, 2025, total revenue was HKD 91,102,000, a decrease from HKD 340,198,000 in the previous year, representing a decline of approximately 73%[3] - The cost of sales for the same period was HKD 82,717,000, down from HKD 324,474,000, indicating a reduction of about 74%[3] - Gross profit for the fiscal year was HKD 8,385,000, compared to HKD 15,724,000 in the previous year, reflecting a decrease of approximately 47%[3] - The net loss for the year was HKD 700,370,000, a significant improvement from the previous year's loss of HKD 1,549,092,000, showing a reduction of about 55%[4] - Other income for the fiscal year was HKD 18,538,000, down from HKD 35,828,000, representing a decline of about 48%[3] - The total comprehensive loss for the year was HKD 670,351,000, compared to HKD 1,642,720,000 in the previous year, reflecting a decrease of about 59%[4] - The company reported a basic loss per share of HKD 65.0, compared to HKD 180.0 in the previous year, indicating an improvement of approximately 64%[3] - The company reported a pre-tax loss of HKD 65,074,000 for the year ending December 31, 2025, compared to HKD 48,819,000 for the previous year, representing an increase of 33.4%[15] - The group reported a loss attributable to shareholders of approximately HKD 664,100,000, compared to HKD 1,538,300,000 in the previous year[77] Assets and Liabilities - Total non-current assets amounted to HKD 1,123,835,000, a decrease from HKD 1,317,321,000 in the previous year, representing a decline of approximately 14.7%[5] - Current assets totaled HKD 857,371,000, down from HKD 1,549,813,000, indicating a significant reduction of about 44.7%[6] - Total liabilities for current liabilities were HKD 630,465,000, a decrease from HKD 854,699,000, reflecting a decline of approximately 26.3%[6] - The net value of current assets was HKD 226,906,000, down from HKD 695,114,000, showing a decrease of around 67.4%[6] - Total assets minus current liabilities stood at HKD 1,350,741,000, down from HKD 2,012,435,000, indicating a decline of approximately 32.8%[6] - Total equity attributable to owners of the company was HKD 1,378,077,000, a decrease from HKD 1,999,653,000, representing a decline of about 31.1%[6] - The company reported cash and cash equivalents of HKD 538,828,000, an increase from HKD 464,844,000, reflecting a growth of approximately 15.9%[6] - The company’s total liabilities included interest-bearing bank loans of HKD 9,096,000, down from HKD 13,571,000, indicating a decrease of about 32.5%[6] - The company’s total non-current liabilities were HKD 37,696,000, a decrease from HKD 45,674,000, reflecting a decline of approximately 17.9%[6] Research and Development - Research and development expenses increased to HKD 222,474,000 from HKD 184,619,000, marking an increase of approximately 20%[3] - The company’s research and development costs were not specified in the provided documents, indicating a potential area for further inquiry regarding future product development and innovation strategies[15] Market Strategy and Future Plans - The company plans to focus on market expansion and new product development in the upcoming fiscal year[2] - The company aims to maintain strict control over outstanding receivables to minimize credit risk, with overdue balances reviewed regularly by senior management[34] - The company is actively expanding its electric vehicle technology roadmap, with plans to complete the development of the K-EV lightweight electric vehicle by early 2026 and begin pre-sales in the Japanese market[70] - The company is committed to enhancing brand licensing and partnership strategies, extending its unique design philosophy and brand spirit into digital, lifestyle, and entertainment ecosystems[71] - The company is focusing on research, testing, and regulatory compliance investments to ensure vehicles meet the highest performance and safety standards, laying the foundation for the future of its supercar business[69] Employee and Operational Costs - The company’s total expenses for employee benefits, including salaries and other compensations, amounted to HKD 46,263,000 for the year ending December 31, 2025, compared to HKD 30,458,000 for the previous year, an increase of 52.0%[15] - Employee costs for the year amounted to approximately HKD 65,100,000, compared to approximately HKD 48,800,000 in 2024, reflecting a significant increase[97] Corporate Governance and Compliance - The company has complied with all applicable corporate governance codes as per the listing rules[100] - The audit committee consists of three independent non-executive directors, responsible for overseeing financial controls and risk management[102] - The company has adopted internal control measures based on recommendations from its internal control consultant starting March 31, 2026[103] Dividends and Shareholder Information - The company did not recommend any dividend payment for the year ending December 31, 2025, consistent with the previous year[18] - The board does not recommend any final dividend for the current year, consistent with the previous year[88] Investments and Strategic Partnerships - The company has entered into a loan agreement to provide a loan of HKD 42,000,000 to EV Power, with an annual interest rate of 8%[92] - A joint venture company will be established with a registered capital of RMB 100,000,000, with contributions from the company and its partners totaling approximately HKD 56,000,000, HKD 50,400,000, and HKD 5,600,000 respectively[94] - The company will hold a 50% stake in the joint venture, allowing it to appoint three out of five directors, including the chairman[95] Market Trends and Projections - The global top-tier supercar market is projected to reach approximately $33.23 billion by 2025, with a compound annual growth rate (CAGR) of 26.2% expected until 2026[38] - The market is anticipated to expand further to about $100.96 billion by 2030, with a CAGR of 24.6% from 2026 to 2030[38] - The global luxury car market is projected to grow from $628 billion in 2026 to $1.09 trillion by 2035, with a compound annual growth rate (CAGR) of 6.3%[41] - The Chinese luxury car market is expected to increase from $207.19 billion in 2025 to $355.46 billion by 2033, reflecting a CAGR of 6.98%[42] - In 2025, the global electric vehicle (EV) sales are anticipated to reach 20.76 million units, representing an approximate growth of 18.2% compared to 2024[43] - By 2025, electric vehicles are projected to account for over 50% of total passenger car sales in China, solidifying its position as the largest and most mature EV ecosystem globally[44] Brand Engagement and Marketing - The company participated in the MYLE Festival 2025, showcasing Apollo IE and Apollo EVO, which increased brand exposure and engagement with industry participants and collectors[49] - Apollo IE was prominently featured in the 2025 Wynn Macau Supercar Exhibition, enhancing brand recognition among affluent consumers in China[50] - The strong response to Apollo IE at Gamescom 2024, with thousands of attendees and over a million online views, highlights the importance of virtual racing and simulation platforms for brand engagement[53] - Apollo is actively extending its brand into digital and interactive environments, enhancing its presence in the digital entertainment and esports ecosystem[52]

Financial Performance - The group's total revenue increased from approximately HKD 307.6 million in the comparable year to about HKD 308.8 million in the current year[4] - Retail segment revenue rose from approximately HKD 236.6 million in the comparable year to about HKD 241.5 million in the current year[4] - EBITDA for the current year was approximately HKD 120.3 million, a growth from about HKD 45.6 million in the comparable year[4] - The annual loss attributable to the company's owners decreased by approximately 77.0% to about HKD 32.9 million (2024: HKD 143.1 million)[4] - Total comprehensive income for the year amounted to HKD 62.931 million, compared to a loss of HKD 205.466 million in the previous year[6] - The company's basic loss per share was HKD 1.11, compared to HKD 4.81 in the previous year[5] - The group reported a gross profit of HKD 285.480 million, up from HKD 281.231 million in the previous year[5] - The company reported a loss of HKD 35,729,000 for the year ending December 31, 2025[15] - The reported loss for the fiscal year ending December 31, 2025, was HKD 30,872,000 before income tax expenses[23] - The reported loss for the fiscal year ending December 31, 2024, was HKD 141,025,000 before income tax expenses[25] - The company reported a total income of HKD 51,659,000 for 2025, an increase of 36.2% compared to HKD 37,939,000 in 2024[43] Assets and Liabilities - Non-current assets totaled HKD 3,148.492 million, slightly increasing from HKD 3,141.257 million in the previous year[7] - Current assets increased to HKD 1,373.078 million from HKD 1,274.704 million in the previous year[7] - The total current liabilities increased to HKD 1,227,763,000 in 2025 from HKD 1,162,630,000 in 2024, representing a growth of approximately 5.6%[15] - The total assets minus current liabilities amounted to HKD 3,293,807,000 in 2025, compared to HKD 3,253,331,000 in 2024, indicating a slight increase of about 1.2%[15] - The company's total equity increased to HKD 2,362,345,000 in 2025 from HKD 2,318,961,000 in 2024, reflecting a growth of approximately 1.9%[15] - The company’s total liabilities were reported at HKD 2,931,225,000 in 2025, compared to HKD 2,896,999,000 in 2024, marking an increase of approximately 1.2%[15] Revenue Segmentation - For the fiscal year ending December 31, 2025, the total revenue from external customers was HKD 308,750,000, with retail contributing HKD 246,921,000, and financial services contributing HKD 16,165,000[23] - Total revenue for the year ending December 31, 2025, was HKD 249,125,000, with significant contributions from retail (HKD 191,835,000) and brand promotion (HKD 51,100,000) segments[26] - For the year ending December 31, 2024, total revenue was HKD 238,758,000, with retail contributing HKD 179,468,000 and brand promotion contributing HKD 52,998,000[28] - Revenue from external customers in China was HKD 248,072,000 in 2025, up from HKD 231,697,000 in 2024, indicating a growth of 7.06%[34] Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.005 per ordinary share for the current year, unchanged from the previous year[4] - The company declared a final dividend of HKD 0.005 per ordinary share for the fiscal year ending December 31, 2025, totaling approximately HKD 14,871,000, consistent with the previous year[46] Operational Highlights - The core brand "尚 柏 奧 萊" achieved over 100 million HKD in sales for the first month, continuing strong growth for four consecutive years[57] - The AI market analysis system improved operational decision-making accuracy, enhancing sales conversion rates through WeChat video interactions[57] - The company received recognition as a "Retail Industry Benchmark Project" at the 12th Outlets Leaders Summit, highlighting its market position[57] - The company maintained a stable operational strategy amidst a challenging global economic environment, laying a foundation for future growth[56] Financial Management and Governance - The company has not adopted the new and revised Hong Kong Financial Reporting Standards that are expected to have no significant impact on the consolidated financial statements[19] - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange, with a noted deviation regarding the roles of the Chairman and CEO being held by the same individual, Mr. Zheng Dunni[96] - The audit committee, consisting of three independent non-executive directors, has reviewed the annual performance for the year[94] - The financial statements have been reviewed by the auditors, but no audit assurance has been provided regarding the preliminary announcement[95] Future Outlook - The company anticipates significant revenue growth for New Ito Group in the coming years due to improved operational efficiency and reduced costs[89] - The company plans to leverage policy benefits and supply chain optimization opportunities to accelerate market expansion and explore new business development opportunities[91] - The retail sector will focus on consumer upgrade trends by introducing international luxury brands and local designer brands, enhancing brand diversity[92]

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 全部或任何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 SHUANGHUA HOLDINGS LIMITED 雙樺控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1241） 截 至2025年12月31日止年度之 年度業績公佈 雙樺控股有限公司（「本公司」）之董事（「董 事」）會（「董事會」）茲公佈本公司及其 附屬公司（統 稱 為「本集團」）截 至2025年12月31日止年度（「本年度」或「報告期」） 之 經 審 核 綜 合 業 績，連 同 比 較 數 字 如 下。 – 1 – 綜合損益及其他全面收益表 截 至12月31日止年度 | 2025年 | 2024年 | 人民幣千元 | 附 | 人民幣千元 | 註 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- ...

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 209,572,000, compared to RMB 44,279,000 for the previous year, representing a significant increase of 373%[4] - Gross profit for the year was RMB 2,570,000, up from RMB 542,000, indicating a gross margin improvement[4] - The company reported a net loss of RMB 15,394,000 for the year, an improvement from a net loss of RMB 24,214,000 in the previous year, reflecting a reduction in losses by approximately 36%[4] - The basic and diluted loss per share for the year was RMB (1.69), an improvement from RMB (2.71) in the previous year[5] - The group reported a loss attributable to shareholders of RMB 15,556,000 for the year ending December 31, 2025, compared to a loss of RMB 24,520,000 for the previous year[42] - The group reported a loss attributable to shareholders of approximately RMB 15.6 million in 2025, reduced from a loss of approximately RMB 24.5 million in 2024[55] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 406,896,000, compared to RMB 417,636,000 in the previous year, showing a slight decrease of 2.0%[6] - The company’s non-current assets decreased to RMB 46,315,000 from RMB 50,070,000, a decline of 7.5%[6] - Trade receivables increased significantly to RMB 176,184,000 from RMB 13,016,000, indicating a growth of over 1,354%[6] - The total assets for the pig slaughtering and meat trading segment were RMB 447,132 thousand as of December 31, 2025, down from RMB 460,568 thousand in 2024, indicating a decrease of 3%[26] - The total liabilities for the pig slaughtering and meat trading segment were RMB (39,530) thousand in 2025, compared to RMB (41,703) thousand in 2024, showing a reduction of 5%[26] - The group's total assets as of December 31, 2025, amounted to RMB 453,211 thousand, down from RMB 467,706 thousand in 2024[27] - The group's total liabilities as of December 31, 2025, were RMB 74,392 thousand, a slight increase from RMB 74,002 thousand in 2024[27] Income and Expenses - Other income for the year was RMB 3,345,000, down from RMB 5,495,000, representing a decrease of 39.2%[4] - Administrative expenses decreased to RMB 7,688,000 from RMB 12,489,000, a reduction of 38.0%[4] - Total interest income decreased to RMB 233 thousand in 2025 from RMB 1,237 thousand in 2024, reflecting a decline of 81%[19] - The group recognized a significant cost of goods sold amounting to RMB 207,002,000 for the year ending December 31, 2025, compared to RMB 43,737,000 in the previous year[40] - The group incurred total employee costs of RMB 1,433,000 for the year ending December 31, 2025, slightly down from RMB 1,446,000 in the previous year[40] Market and Operations - The company operates primarily in the production and sale of local market pork and related meat products in China[8] - The group operates primarily in China, with 100% of total revenue derived from this region in both 2025 and 2024[32] - The overall pig production capacity in China for 2025 is expected to reach approximately 59.38 million tons, an increase of 4.1% year-on-year, marking a historical high[50] - The group anticipates capturing more market share during industry consolidation due to its established position in the regional slaughtering and meat trading sector[51] - The group increased the trade of frozen pork products to mitigate losses from declining prices, optimizing the business profit structure[51] Governance and Compliance - The company has adopted all the corporate governance rules as stated in the listing rules, ensuring compliance and continuous improvement of governance standards[74] - The Audit Committee, composed of three independent non-executive directors, is responsible for overseeing financial reporting procedures and risk management systems[76] - The Audit Committee has reviewed the accounting policies and the consolidated financial statements for the year ending December 31, 2025, ensuring their integrity[77] - The independent auditor has agreed that the figures in the annual performance announcement are consistent with the consolidated financial statements for the year[78] - The board consists of five directors, including two executive directors and three independent non-executive directors, ensuring a balanced governance structure[81] Shareholder Information - The group has not declared any final dividends for the year ending December 31, 2025[41] - The company has issued a total of 922,838,000 ordinary shares as of December 31, 2025, unchanged from the previous year[66] - The group has not issued any potential ordinary shares, thus no diluted loss per share is presented[43] Future Outlook - The company aims to enhance its competitive edge by focusing on specific niche markets to avoid direct competition with industry leaders[69] - The group plans to optimize capital allocation and expand its market share in the pork trading sector[69] - There have been no significant events occurring after the fiscal year-end as of the announcement date[70]

Financial Performance - Total revenue for the year ended December 31, 2025, was approximately RMB 583.2 million, representing an increase of 2.5% compared to RMB 568.9 million for the same period last year[2] - Gross profit for the year ended December 31, 2025, was approximately RMB 108.6 million, an increase of 6.6% from RMB 101.9 million in the previous year, with a gross margin of 18.6%, up 0.7 percentage points from 17.9%[3] - Net profit for the year ended December 31, 2025, was approximately RMB 13.1 million, a decrease of 69.9% compared to RMB 43.4 million in the previous year, resulting in a net profit margin of 2.2%[3] - Basic earnings per share for the year ended December 31, 2025, was RMB 0.14, down from RMB 0.51 in the previous year[5] - The company’s total comprehensive income for the year ended December 31, 2025, was RMB 11.4 million, compared to RMB 44.2 million in the previous year[5] - Other income and gains for the year were RMB 6.5 million, a decrease from RMB 17.7 million in the previous year[5] - Selling and distribution expenses increased to RMB 6.3 million from RMB 4.8 million in the previous year[5] - Administrative expenses rose significantly to RMB 49.1 million from RMB 30.9 million in the previous year[5] - Research and development costs were RMB 15.7 million, slightly down from RMB 16.6 million in the previous year[5] Revenue Breakdown - Sales of sucralose products amounted to RMB 279.229 million, up 17.6% from RMB 237.471 million in 2024[15] - Sales of food-grade glycine products decreased to RMB 223.710 million, down 6.4% from RMB 239.005 million in 2024[15] - Sales of industrial-grade glycine products fell to RMB 47.125 million, a decline of 29.1% from RMB 66.371 million in 2024[15] - Revenue from external customers for the year ended December 31, 2025, was RMB 583,198 thousand, an increase from RMB 568,867 thousand in 2024, representing a growth of approximately 2.3%[18] - Major customer A contributed RMB 135,768 thousand in revenue for 2025, significantly up from RMB 80,363 thousand in 2024, indicating a growth of 68.8%[19] Assets and Liabilities - Total non-current assets increased to RMB 445.806 million in 2025, compared to RMB 418.607 million in 2024, reflecting a growth of 6.5%[6] - Current assets rose significantly to RMB 685.657 million in 2025, up 73.8% from RMB 394.301 million in 2024[6] - Net current assets reached RMB 324.307 million, a substantial increase from RMB 68.693 million in 2024[6] - Total liabilities increased to RMB 469.203 million in 2025, compared to RMB 334.789 million in 2024, indicating a rise of 40.1%[7] - The company's equity increased to RMB 662.260 million in 2025, up 38.2% from RMB 479.119 million in 2024[7] Cash Flow and Financial Management - The group reported a net cash flow from operating activities of RMB -35,311 thousand, a significant decline of 921.2% compared to RMB 4,300 thousand in the same period last year[51] - The company has strengthened its financial management and optimized product pricing systems to ensure contract signing efficiency[49] - The company has pledged assets worth approximately RMB 11,998 thousand for bank loans, including properties and machinery, as collateral[66] Investments and Future Plans - The company plans to continue expanding its product lines and market presence, focusing on innovation in glycine and sucralose production[9] - The company continues to focus on the innovation and expansion of health food ingredients, developing products such as dietary syrup, curcumin, and resistant maltodextrin to enhance its functional food ingredient matrix[62] - The company plans to establish new sales offices globally and hire local sales personnel to leverage their local knowledge and networks, thereby expanding its international sales network[63] - The company aims to enhance its R&D capabilities by expanding its R&D center in China and acquiring more R&D equipment, which is crucial for maintaining its competitive position and facilitating further growth[63] Corporate Governance - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2025, and confirmed compliance with applicable accounting standards and legal requirements[87] - The company has adopted the standard code for securities trading as per the listing rules, ensuring all directors and supervisors have fully complied with it during the year[84][86] - The board of directors consists of 5 executive directors, 1 non-executive director, and 3 independent non-executive directors, ensuring a balanced composition[83] - The company’s chairman and CEO roles are held by the same individual, which the board believes benefits the group's management[83] Employee and Operational Insights - As of December 31, 2025, the group had 638 employees, with total employee compensation amounting to RMB 60,334 thousand[74] - The internal R&D team consists of 42 employees, with efforts to enhance production capacity and optimize existing products[49] Market and Economic Conditions - The company's business performance is closely linked to the demand and macroeconomic conditions in Europe, North America, and Asia, where it sells a significant portion of its products[68] - The company is monitoring the U.S. government's tariff policies, which may impact its sales of certain products, but its main product, sucralose, is exempt from these tariffs[69] IPO and Fund Utilization - The group successfully listed on the Hong Kong Stock Exchange in June 2025 and plans to utilize the raised funds primarily for industrial development and internal control optimization[57] - The net proceeds from the IPO, approximately HKD 164.15 million, will be allocated as follows: about 21.3% or HKD 35.0 million for the production expansion of isomaltulose in Thailand[81] - Approximately 55.3% or HKD 90.8 million will be used for the production of seaweed dietary fiber and amino acids, with a remaining balance of HKD 85.21 million as of December 31, 2025[85] - About 13.4% or HKD 22.0 million will be allocated to enhance R&D capabilities, with a remaining balance of HKD 21.13 million as of December 31, 2025[85] - Approximately 10.0% or HKD 16.4 million will be used for working capital and general corporate purposes, with no remaining balance as of December 31, 2025[85]

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 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。 BENG SOON MACHINERY HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：1987） 截 至2025年12月31日 止 年 度 的 年 度 業 績 公 告 Beng Soon Machinery Holdings Limited（「本 公 司」）董 事（「董 事」）會（「董 事 會」） 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至2025年12月31日 止 年 度 的 綜 合 年 度 業 績，連 同 相 關 的 比 較 數 字，詳 情 如 下： 綜 合 損 益 及 其 他 全 面 收 益 表 截 至2025年12月31日 止 年 度 | | | | ...

Financial Performance - For the fiscal year ending December 31, 2025, the company's operating revenue was RMB 903.91 million, a decrease of 1.49% compared to the same period last year[5] - The total profit for the same period was RMB 84.04 million, an increase of 63.50% year-over-year[5] - Net profit attributable to the parent company's shareholders reached RMB 73.02 million, up 36.37% from the previous year[5] - Basic earnings per share increased to RMB 0.69, reflecting a 16.95% rise compared to RMB 0.59 in the prior year[5] - Operating revenue for the year ended December 31, 2025, was approximately ¥903.91 million, a decrease of 1.5% from ¥917.61 million in 2024[9] - Net profit attributable to shareholders for 2025 was approximately ¥73.02 million, an increase of 36.5% compared to ¥53.54 million in 2024[9] - The total undistributed profits at the end of the period reached ¥506.02 million, up from ¥433.00 million at the end of the previous period[21] - The weighted average return on equity for the reporting period is 6.99%, with basic and diluted earnings per share both at ¥0.69[25] Assets and Liabilities - The company's total current assets as of December 31, 2025, amounted to RMB 1,887.14 million, an increase from RMB 1,458.14 million in the previous year[6] - The total liabilities as of December 31, 2025, were RMB 655.64 million, slightly up from RMB 644.19 million in the previous year[8] - Shareholders' equity attributable to the parent company increased to RMB 1,248.46 million from RMB 840.94 million, representing a growth of approximately 48.5%[8] - Total liabilities decreased to approximately ¥493.28 million in 2025 from ¥413.83 million in 2024, indicating a reduction in financial leverage[13] Cash Flow and Liquidity - The company reported a significant increase in cash and cash equivalents, rising to RMB 219.29 million from RMB 7.29 million[6] - The net cash flow from operating activities for 2025 was negative at approximately -¥178.34 million, compared to -¥114.03 million in 2024, indicating increased operational challenges[10] - Cash and cash equivalents at the end of 2025 rose to approximately ¥207.21 million, compared to ¥7.29 million at the end of 2024, showing improved liquidity[13] - The net cash flow from financing activities increased to RMB 378.40 million, up RMB 333.46 million or 742.06% year-over-year, driven by successful IPO fundraising[53] Revenue Breakdown - The main business revenue from cloud communication services is ¥844.21 million, down from ¥866.05 million, while smart communication solutions revenue increased to ¥48.47 million from ¥13.94 million[20] - The revenue from cloud communication services reached RMB 844.21 million for the year ending December 31, 2025, a decrease of RMB 21.84 million or 2.52% compared to RMB 866.05 million in the previous year[36] - The revenue from smart communication solutions increased to RMB 48 million, a growth of RMB 34 million or 247.67% compared to RMB 14 million in 2024, driven by the integration of data analysis and AI capabilities[37] - The revenue from other communication services and accessories fell to RMB 11 million, a decline of RMB 27 million or 70.13% from RMB 38 million in 2024, due to low profitability in this segment[38] Research and Development - Research and development expenses increased to ¥41.16 million in 2025, up from ¥38.07 million in 2024, reflecting a focus on innovation[9] - R&D expenses increased to RMB 41.16 million, up RMB 3.09 million or 8.10% year-over-year, reflecting increased investment in R&D[46] - The company is focusing on the application of AI tools and cutting-edge technologies such as AIGC and smart bodies to improve its services and solutions[74] Strategic Focus and Market Expansion - The company plans to continue expanding its cloud communication services and solutions, focusing on enhancing customer experience and operational efficiency[14] - The company is focusing on expanding its cloud communication services, particularly in CPaaS and AI-driven solutions, to capture market growth opportunities[29] - The company plans to expand its CPaaS and SaaS businesses into Southeast Asia by partnering with local telecom operators and service providers[72] - The company is exploring market expansion opportunities in the Internet of Things (IoT) sector[85] Corporate Governance and Compliance - The board of directors recommended not to declare a dividend for the fiscal year ending December 31, 2025[5] - The company has adopted a corporate governance code to ensure high standards of corporate governance and protect shareholder interests[77] - The audit committee, consisting of three independent directors, has reviewed the annual performance and financial data for the year ending December 31, 2025, ensuring compliance with applicable accounting standards[81] Operational Risks and Challenges - The company has identified several operational risks, including demand fluctuations for its services, competition, and reliance on major telecom operators[73] - The company is committed to continuous innovation and R&D to maintain its competitive edge and address rapidly evolving market demands[73] - The company has implemented measures to shorten the settlement period for trade receivables starting from 2025, including stricter payment deadlines for clients with significant receivables and monthly collection targets[74] Legal and Regulatory Matters - The company is involved in two related legal disputes with Beijing Yacon Huanyu Technology Co., Ltd. and Beijing Yunxi Technology Co., Ltd. regarding the sale of calculation module products, which has led to the freezing of funds in its bank accounts[61] - As of December 31, 2025, the company reported no significant contingent liabilities[62] - There were no major acquisitions or asset sales during the reporting period[63]

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。 本 公 佈 僅 供 說 明 用 途，並 不 構 成 收 購、購 買 或 認 購 本 公 司 任 何 證 券 的 邀 請 或 要 約。本 公 佈 僅 供 說 明 用 途，並 不 構 成 在 香 港、美 國 或 任 何 其 他 地 方 認 購 任 何 證 券 的 任 何 邀 請，本 公 佈（或 其 任 何 部 分）或 分 發 本 公 佈 之 事 實 亦 不 會 構 成 任 何 認 購 證 券 合 約 或 邀 請 的 基 準 或 有 關 依 據，且 僅 供 說 明 用 途。分 發 本 公 佈 可 能 在 若 干 司 法 管 轄 區 受 到 法 律 限 制，而 獲 得 本 公 佈 內 容 提 述 資 料 的 人 士 應 自 行 了 解 及 遵 守 任 何 該 等 限 制。任 何 未 能 遵 守 此 等 限 制 之 情 況 可 能 構 成 任 何 有 關 司 ...

Financial Performance - The total revenue for the year ended December 31, 2025, was HKD 19,708,000, representing a 37.5% increase from HKD 14,326,000 in 2024[4] - Other income increased to HKD 1,782,000 from HKD 634,000, marking a 180.3% rise year-over-year[4] - The company reported a loss before tax of HKD 924,000, significantly improved from a loss of HKD 15,060,000 in the previous year[4] - The net loss attributable to owners of the company was HKD 1,007,000, a reduction from HKD 9,801,000 in 2024, indicating a 89.7% improvement[5] - Basic and diluted loss per share decreased to HKD 0.50 from HKD 5.72, reflecting a substantial recovery in performance[5] - The group reported a revenue of HKD 19,708,000 for the year ending December 31, 2025, compared to HKD 14,326,000 for the previous year, representing a growth of approximately 37.5%[20] - The restaurant service revenue increased to HKD 19,535,000 in 2025 from HKD 13,994,000 in 2024, marking a rise of about 39.5%[23] - The group recorded a pre-tax loss of HKD 924,000 for the year ending December 31, 2025, significantly improved from a loss of HKD 15,060,000 in the previous year[23] - The company reported a pre-tax loss of 1,007 thousand HKD for 2025, a significant improvement compared to a loss of 9,801 thousand HKD in 2024[31] - The company recorded a total loss and comprehensive expenses of approximately HKD 900,000 and HKD 2,400,000 for the year ended December 31, 2025, a significant decrease from approximately HKD 15,400,000 and HKD 15,500,000 for the year ended December 31, 2024[52] Assets and Liabilities - Total assets decreased to HKD 9,772,000 from HKD 4,595,000, while total liabilities increased to HKD 25,549,000 from HKD 23,068,000[6] - Cash and cash equivalents at year-end were HKD 1,680,000, down from HKD 2,585,000 in 2024[6] - The company’s current liabilities exceeded current assets by HKD 15,777,000, compared to HKD 18,473,000 in the previous year[13] - Total trade receivables increased to 1,622 thousand HKD in 2025 from 640 thousand HKD in 2024, indicating a growth of approximately 153%[32] - Trade payables rose to 4,338 thousand HKD in 2025, compared to 3,914 thousand HKD in 2024, reflecting an increase of about 10.8%[37] - The company’s total liabilities increased to 12,074 thousand HKD in 2025 from 10,153 thousand HKD in 2024, marking a growth of approximately 18.9%[37] - Total liabilities and shareholders' deficit amounted to approximately HKD 29,500,000 as of December 31, 2025, up from approximately HKD 26,900,000 as of December 31, 2024[54] - The current ratio improved to approximately 0.4 times as of December 31, 2025, compared to approximately 0.2 times as of December 31, 2024[54] - The company has no interest-bearing loans as of December 31, 2025, down from approximately HKD 1,700,000 as of December 31, 2024[54] Operational Efficiency and Strategy - The group plans to expand its restaurant business and develop event management services, aiming to introduce a well-known Hong Kong restaurant brand to Malaysia[16] - The group aims to stabilize its financial situation and lay the foundation for future growth through various measures, including seeking new financing options and considering potential mergers or collaborations[16] - The group’s management believes that it will have sufficient operating funds to meet its financial obligations over the next twelve months, based on cash flow forecasts[14] - The group is exploring various financing solutions and restructuring options to address current challenges, including negotiating favorable terms with creditors[16] - The group’s management is focused on improving operational efficiency and controlling costs to enhance business performance[15] - The group plans to focus on expanding its restaurant business and developing event management services to diversify existing offerings[67] - The group will continue to seek alternative financing solutions and consider restructuring to address financial difficulties[67] - Management acknowledges the need for substantial efforts to achieve sustainable profitability and will continue to monitor operational efficiency and market conditions[70] - The group aims to explore more business opportunities, including but not limited to the decoration business, to diversify revenue sources and enhance long-term resilience[70] Governance and Compliance - The company has adopted the corporate governance code as per GEM listing rules and has complied with all applicable provisions for the year ending December 31, 2025[71] - The chairman and CEO roles are held by the same individual, which the board believes is in the best interest of the group due to his deep understanding of the business[72] - The audit and risk management committee has reviewed the accounting principles and policies adopted by the group for the year ending December 31, 2025[76] - The audit and risk management committee supports the management's action plan to alleviate liquidity pressure and address audit qualifications[69] Future Outlook - The group has seen significant revenue growth and a notable reduction in losses, indicating improved operational conditions[70] - The net debt has continued to decrease, strengthening the financial position as of December 31, 2025[70] - Future development prospects are expected to be encouraging, primarily due to the ongoing growth of the restaurant business and expansion in Malaysia[70] - The group plans to shift its strategic focus from Hong Kong to Southeast Asia, recognizing the growth potential and business opportunities in the region[70] - No significant events requiring disclosure have occurred between December 31, 2025, and the date of this announcement[78]

Financial Performance - For the fiscal year ending December 31, 2025, total revenue reached HKD 23,750,343, an increase of 46.5% compared to HKD 16,206,839 in 2024[4] - Gross profit for the same period was HKD 2,093,118, reflecting a gross margin of approximately 8.8%[4] - The company reported a net loss of HKD 23,093,270 for 2025, compared to a net loss of HKD 28,695,979 in 2024, indicating a 19.1% improvement in losses year-over-year[4] - Basic and diluted loss per share for 2025 was HKD (22.27), an improvement from HKD (32.55) in 2024[5] - The group reported a pre-tax loss of HKD 23,083,995 for the year ended December 31, 2025, compared to a pre-tax loss of HKD 28,688,321 in 2024[26][28] - The net loss for the year decreased from approximately HKD 28.7 million for the year ended December 31, 2024, to approximately HKD 23.1 million for the year ended December 31, 2025, primarily due to reduced impairment losses on machinery and equipment and decreased administrative expenses[44] Assets and Liabilities - Total assets decreased to HKD 22,574,100 in 2025 from HKD 12,486,027 in 2024, while total liabilities increased to HKD 38,236,201 from HKD 16,925,551[6] - Current liabilities exceeded current assets, resulting in a negative net current liability of HKD (15,662,101) in 2025[6] - As of December 31, 2025, the company's current liabilities and total liabilities were HKD 15,662,101 and HKD 9,189,456 respectively[13] - Total assets as of December 31, 2025, amounted to HKD 29,175,938, while total liabilities were HKD (38,365,394)[29] - Trade receivables increased significantly to HKD 22.6 million in 2025 from HKD 9.9 million in 2024, with a net amount of HKD 14.7 million after expected credit loss provisions[37] - Trade payables rose to HKD 15.7 million in 2025 from HKD 3.0 million in 2024, indicating a substantial increase in liabilities[39] Revenue Breakdown - Machinery rental income increased to HKD 8,255,020 in 2025 from HKD 5,333,709 in 2024, marking a growth of 54.1%[23] - Construction services revenue rose to HKD 11,255,020 in 2025, up from HKD 7,749,283 in 2024, reflecting a 45.5% increase[23] - The automotive rental income grew to HKD 3,215,563 in 2025, up from HKD 1,471,469 in 2024, indicating a significant increase of 118.5%[23] - The group's lending business revenue decreased to HKD 447,840 in 2025 from HKD 818,932 in 2024, a decline of 45.2%[23] - Transportation and other services revenue surged to HKD 576,900 in 2025 from HKD 46,000 in 2024, a remarkable increase of 1,151.3%[23] Cost Management - The total employee costs for 2025 were HKD 9,546,186, down from HKD 11,774,897 in 2024, reflecting a reduction of approximately 19%[35] - Administrative expenses decreased to approximately HKD 19.0 million for the year ending December 31, 2025, from HKD 21.0 million in 2024, attributed to reduced promotional and employee costs[70] - The group's sales and service costs increased to approximately HKD 21.7 million for the year ending December 31, 2025, from HKD 14.2 million in 2024, primarily due to increased costs in the construction services segment[66] Strategic Initiatives - The company plans to focus on market expansion and new product development to drive future growth[4] - The company has indicated potential strategies for mergers and acquisitions to enhance its market position[4] - The company continues to implement plans and measures to strengthen cost control and improve operational efficiency[17] - The company is considering fundraising activities as needed to support its operations[17] Shareholder Information - The company issued 311,040,000 new shares at an issue price of HKD 0.1 per share, raising approximately HKD 29.1 million net of expenses[17] - The group did not recommend the payment of a final dividend for the year ended December 31, 2025[45] - Shareholders and potential investors are advised to act cautiously when trading the company's shares[92] Compliance and Reporting - The financial statements are prepared based on historical cost principles and in accordance with Hong Kong Financial Reporting Standards[12][11] - The company has not applied any new or revised Hong Kong Financial Reporting Standards that would have a significant impact on its financial statements[18] - The group expects the application of Hong Kong Financial Reporting Standard No. 18 to impact the structure and presentation of the consolidated income statement but not significantly affect the financial position or performance[20] - The new accounting standards will take effect for annual periods beginning on or after January 1, 2027, with early application permitted[20] Employee and Operational Details - The group employed 13 full-time employees and 1 part-time employee as of December 31, 2025, down from 15 full-time and 2 part-time employees in the previous year[82] - The company’s machinery rental services primarily involve renting out excavators, piling machines, and drilling machines for construction projects in Hong Kong and Macau[48] - The company provides installation and maintenance services for its rental machinery, as well as insurance arrangements for projects outside Hong Kong[48]