Financial Performance - For the six months ended September 30, 2025, the group's revenue was approximately HKD 6,956,000, an increase of about 16% compared to HKD 5,995,000 for the same period in 2024[5] - The profit attributable to the owners of the company for the same period was approximately HKD 727,000, up from HKD 631,000 in 2024[5] - Revenue from the sale of smart card systems, RFID systems, and IT services increased significantly by 48% to approximately HKD 2,294,000, compared to HKD 1,553,000 in the same period last year[11] - Maintenance revenue also increased by 5% to approximately HKD 4,662,000, up from HKD 4,442,000 in 2024[11] - The gross profit for the same period was HKD 3,912,000, slightly up from HKD 3,897,000, indicating a stable gross margin[21] - The pre-tax profit for the six months ended September 30, 2025, was approximately HKD 727,000, compared to HKD 631,000 for the same period in 2024, representing a year-on-year increase of 15.2%[32] Expenses and Costs - The group's gross margin decreased from 65% in the previous year to 56% during the reporting period[11] - Administrative expenses decreased by 11% to approximately HKD 3,487,000, primarily due to a reduction in employee costs[11] - Employee costs, including directors' remuneration, amounted to approximately HKD 4,000,000 for the six months ended September 30, 2025, down from HKD 4,300,000 in the previous year[17] - Employee costs, including director remuneration, totaled HKD 4,024,000 for the six months ended September 30, 2025, down from HKD 4,311,000 in 2024, reflecting a decrease of 6.7%[29] Financial Position - The group maintained a current ratio of 4.59 as of September 30, 2025, compared to 5.16 on March 31, 2025[12] - The debt-to-equity ratio was zero as of September 30, 2025, indicating no outstanding loans[14] - The total assets less current liabilities as of September 30, 2025, were HKD 18,505,000, down from HKD 19,834,000 as of March 31, 2025[22] - Trade receivables increased to HKD 1,941,000 as of September 30, 2025, from HKD 1,518,000 as of March 31, 2025, indicating a growth of 27.8%[34] - Trade payables rose to HKD 414,000 as of September 30, 2025, compared to HKD 48,000 as of March 31, 2025, showing a significant increase of 765.4%[35] - The company’s contract liabilities increased to HKD 1,702,000 as of September 30, 2025, from HKD 1,609,000 as of March 31, 2025, reflecting a growth of 5.8%[35] Cash Flow - The net cash generated from operating activities was HKD 752,000, compared to HKD 922,000 for the same period in 2024, showing a decrease of 18%[23] Dividends and Shareholder Information - The company does not recommend the payment of an interim dividend for the six months ended September 30, 2025, consistent with the previous year[5] - The company reported no interim dividend for the six months ended September 30, 2025, consistent with the previous year[31] - Basic and diluted earnings per share for the six months ended September 30, 2025, were HKD 0.08, compared to HKD 0.07 for the same period in 2024, reflecting a 14% increase[21] - The weighted average number of ordinary shares issued remained stable at 925,508,000 for both periods under review[33] - The company has no plans for share buybacks or new stock option plans following the expiration of the previous plan in August 2021[42][41] Governance and Management - The audit committee consists of three independent non-executive directors, with Mr. Liu Han Guang as the chairman, responsible for reviewing the company's annual and interim financial reports[44] - The company has adhered to all provisions of the GEM Listing Rules Corporate Governance Code during the period ending September 30, 2025[45] - Mr. Liu Han Guang has served as both chairman and CEO since the company's inception, with the board currently not seeing an urgent need to separate these roles[46] - The company has implemented a code for directors' securities trading that meets the standards required by the GEM Listing Rules[47] - The board will regularly review the effectiveness of the corporate governance structure and assess the need for insurance arrangements against legal risks faced by directors[46] Risk Management - The group continues to adopt a prudent treasury policy to maintain a healthy liquidity position and regularly assesses the financial status of its clients to mitigate credit risk[16] - The company has not implemented any hedging measures to manage foreign exchange risks, as the costs are deemed higher than the benefits[18] - The company had no significant capital commitments or contingent liabilities as of September 30, 2025[20]

Financial Performance - The company reported unaudited consolidated revenue of HKD 3,062,147,000 for the nine months ended September 30, 2025, representing a 6.97% increase from HKD 2,862,173,000 in the same period of 2024[4] - Gross profit for the same period was HKD 1,082,959,000, up from HKD 997,437,000, indicating a growth of 8.56%[4] - The net profit for the nine months ended September 30, 2025, was HKD 262,732,000, compared to HKD 255,492,000 in 2024, reflecting a 2.92% increase[4] - Basic and diluted earnings per share increased to 24.73 HKD cents from 24.07 HKD cents, marking a growth of 2.74%[4] - Adjusted EBITDA increased by 4.0% to HKD 502.3 million, with an adjusted EBITDA margin of 16.4%[19] - The profit attributable to the company's owners was HKD 258.1 million, compared to HKD 251.2 million in the same period of 2024[18] Assets and Equity - Total assets as of September 30, 2025, were HKD 3,960,106,000, compared to HKD 3,833,661,000 as of December 31, 2024, showing an increase of 3.31%[6] - Current assets amounted to HKD 2,504,669,000, up from HKD 2,419,909,000, indicating a growth of 3.52%[5] - The company’s cash and cash equivalents increased to HKD 1,369,718,000 from HKD 1,110,097,000, representing a significant rise of 23.29%[5] - The company’s non-current assets totaled HKD 2,348,501,000, slightly down from HKD 2,356,443,000, reflecting a decrease of 0.34%[5] - The company’s total equity increased to HKD 3,799,902,000 from HKD 3,669,974,000, indicating a growth of 3.54%[6] Revenue Breakdown - Revenue from external customers in Hong Kong and other regions was HKD 1,201.6 million, while revenue from mainland China was HKD 1,860.5 million[15] - The company reported a 5.4% increase in revenue from mainland China, attributed to expanded sales in inland regions and improvements in existing areas[15] - For the three months ended September 30, 2025, net sales to third parties in China reached ¥19,190 million, a 1.0% increase from ¥18,999 million in the same period of 2024[24] - The total revenue for the six months ended September 30, 2025, was ¥37,197 million, slightly up from ¥37,128 million in the same period of 2024, reflecting a growth of 0.2%[24] - The company reported a 5.8% increase in revenue to ¥37,530 million when excluding foreign exchange effects[26] Segment Performance - The company’s operating performance in Hong Kong and other regions showed a segment profit of HKD 98.5 million, while mainland China reported HKD 282.3 million[15] - Operating income for the three months ended September 30, 2025, was ¥2,585 million, an increase of 6.1% compared to ¥2,437 million in the same period of 2024[24] - Core operating profit for the six months ended September 30, 2025, was ¥3,732 million, up 1.1% from ¥3,688 million in the same period of 2024[26] Business Operations - The company is primarily engaged in the production and sale of noodles, cooked foods, frozen foods, beverages, snacks, and vegetables, with operations in Hong Kong and mainland China[7] - The sales of instant noodles in mainland China showed significant growth, particularly for the "合味道大杯麵" and "出前一丁" brands[25] - The acquisition of a Korean snack business and an Australian frozen food company contributed additional revenue to the overall performance of the company[25] - The company continues to expand its distribution channels, leading to increased revenue from instant noodles in other regions[25] Dividend Policy - The company did not recommend any dividend payment for the current period, maintaining a zero dividend for the nine months ended September 30, 2024[14] Cautionary Statements - The company has emphasized the importance of not overly relying on forward-looking statements due to inherent risks and uncertainties[28] - The CEO has urged shareholders and potential investors to exercise caution when trading the company's securities[29]

Stock Option Plan - The company has a stock option plan with a total of 100,000,000 options available for issuance, representing approximately 7.1% of the company's issued shares as of the 2024 annual report date[6] - The company has no applicable service provider sub-limits for stock options at the beginning and end of the fiscal year ending December 31, 2024[6] - The maximum allocation for any eligible participant under the stock option plan is capped at 1% of the company's issued share capital within any 12-month period[7] - The stock options can be exercised at any time within the period determined by the board, up to 10 years from the offer date[11] Guaranteed Profits - The company guarantees a minimum net profit of HKD 3 million for the fiscal years ending December 31, 2024, 2025, and 2026, as per the sale agreement[13] - The expected credit loss provision of approximately HKD 413,000 is considered a non-recurring item in evaluating guaranteed profits, as it reflects external risks rather than operational performance[14] - The company emphasizes that management fees related to project management services are classified as non-recurring items when assessing guaranteed profits[14] Financial Performance - Adjusted net profit for subsidiary B for the period from August 16, 2023, to December 31, 2024, is approximately HKD 3,189,000 after accounting for management fees and expected credit loss provisions[13] - The board believes that the adjustments made to the net loss of subsidiary B are in accordance with the terms of the sale agreement[15] Securities Disclaimer - The company has clarified that the publication does not constitute an invitation or offer to acquire, purchase, or subscribe for its securities[2]

Incentive Plan - The company granted a total of 494,595 restricted stock units under the incentive plan on December 5, 2024, with the closing price of H-shares at HKD 29.05 per share on the grant date [3]. - The number of restricted stock units granted during the reporting period represents approximately 0.82% of the weighted average number of shares issued during the reporting period, excluding treasury shares [3]. - The purchase price for the restricted stock units must generally be paid by the grantees within one month after the grant date [3].

Director Remuneration - The total remuneration for the nine directors in the fiscal year 2024 amounted to RMB 35,230,000, with the highest paid being Dr. Liang Nianjian at RMB 21,513,000[3]. - In the fiscal year 2023, the total remuneration for the nine directors was RMB 152,088,000, with Dr. Liang Nianjian receiving RMB 135,731,000, marking a significant increase from the previous year[4]. - For the fiscal year 2022, the total remuneration for the ten directors was RMB 33,319,000, with Dr. Liang Nianjian earning RMB 21,917,000, indicating a growth trend in director compensation over the years[5]. - The remuneration structure includes salary, retirement benefits, and other welfare payments, demonstrating a comprehensive approach to director compensation[3][4][5]. - The company has shown a trend of increasing director remuneration over the years, with a notable rise in the total compensation from RMB 33,319,000 in 2022 to RMB 152,088,000 in 2023[5][4]. Governance Structure - The company has maintained a consistent number of directors, with nine directors in fiscal year 2024 and eight in fiscal year 2023, reflecting stability in governance[3][4]. - The board of directors includes five executive directors, one non-executive director, and three independent non-executive directors, ensuring a diverse governance structure[7]. Financial Reporting - The financial reports for the fiscal years 2022, 2023, and 2024 have been rounded to the nearest million and thousand RMB, ensuring clarity in financial disclosures[2]. - The company’s auditor has acknowledged the changes in the remuneration details without affecting other information in the annual reports, indicating compliance with regulatory standards[6]. - The financial disclosures are consistent across the annual reports, with no significant changes apart from the remuneration details, ensuring transparency for stakeholders[6].

Financial Performance - The group's revenue for the six months ended September 30, 2025, was approximately HKD 6,956,000, an increase of about 16% compared to HKD 5,995,000 for the same period in 2024[3] - The profit attributable to the owners of the company for the six months ended September 30, 2025, was approximately HKD 727,000, up from approximately HKD 631,000 in the same period of 2024[3] - Gross profit for the same period was HKD 3,912,000, slightly up from HKD 3,897,000, indicating a stable gross margin[20] - The pre-tax profit increased to HKD 747,000 from HKD 651,000, reflecting a growth of approximately 14.7% year-over-year[20] - Basic and diluted earnings per share rose to HKD 0.08 from HKD 0.07, representing a 14.3% increase[20] Revenue Breakdown - Revenue from the sale of smart card systems and RFID systems increased significantly by 48% to approximately HKD 2,294,000, compared to HKD 1,553,000 for the same period in 2024[10] Expenses and Costs - Administrative expenses decreased by 11% to approximately HKD 3,487,000, down from HKD 3,937,000 in the same period of 2024[10] - Employee costs, including directors' remuneration, were approximately HKD 4,000,000 for the six months ended September 30, 2025, down from HKD 4,300,000 in the same period of 2024[16] Financial Ratios and Assets - The group maintained a current ratio of 4.59 as of September 30, 2025, compared to 5.16 on March 31, 2025[11] - The debt-to-equity ratio of the group was zero as of September 30, 2025, consistent with the previous period[13] - The total assets decreased to HKD 22,812,000 from HKD 23,516,000, while total liabilities increased to HKD 4,968,000 from HKD 4,554,000[21] Cash Flow - Cash generated from operating activities for the six months was HKD 752,000, down from HKD 922,000 in the previous year[22] Shareholder Information - The company reported a basic earnings of approximately HKD 727,000 for the six months ended September 30, 2025, compared to HKD 631,000 for the same period in 2024, reflecting a year-over-year increase of approximately 15.2%[30] - The company did not recommend an interim dividend for the six months ended September 30, 2025, consistent with the previous year where no dividend was declared[29] - The weighted average number of ordinary shares issued remained stable at 925,508,000 shares for both periods under review[31] - The company has not repurchased any shares during the reporting period, maintaining a consistent approach to share buybacks[40] Liabilities and Provisions - The company's trade payables rose to HKD 414,000 as of September 30, 2025, compared to HKD 48,000 as of March 31, 2025, indicating a significant increase of approximately 765.4%[33] - The company has no tax provisions for the current period, as there were no taxable profits or sufficient past tax losses to offset estimated taxable profits[5] - The company's total liabilities increased to HKD 3,944,000 as of September 30, 2025, compared to HKD 3,575,000 as of March 31, 2025, reflecting a rise of approximately 10.3%[33] Governance and Compliance - The audit committee consists of three independent non-executive directors, with Mr. Kan Hsiu Tsai as the chairman, responsible for reviewing the company's annual and interim financial reports[42] - The company has adhered to all provisions of the GEM Listing Rules Corporate Governance Code during the period ending September 30, 2025[43] - Mr. Liu Han Guang serves as both the chairman and CEO, with the board currently not seeing an urgent need to separate these roles, although it will continue to review governance effectiveness[44] - The company has implemented a code for securities trading by directors that meets or exceeds the standards set out in GEM Listing Rules[45] Strategic Focus - The group aims to develop innovative smart city solutions to meet future demands and contribute to public health and sustainability[5] - The group operates a single business segment focused on smart card systems, RFID, and IT services, with no geographical diversification reported[26] Other Information - The company reported no significant capital commitments or contingent liabilities as of September 30, 2025[19] - There were no major investments, acquisitions, or disposals of subsidiaries during the reporting period[18] - The company has not adopted any new accounting standards that would significantly impact its financial performance[25] - The company’s contract assets increased slightly to HKD 560,000 as of September 30, 2025, from HKD 550,000 as of March 31, 2025[32] - There are no new share option plans implemented since the expiration of the previous plan in August 2021[39]

Financial Performance - Total revenue for Q3 2025 increased by 14% year-over-year, reaching $116.1 million[6] - Operating loss for Q3 2025 was $48.8 million, a reduction of 28% compared to the previous year[6] - Adjusted operating loss narrowed by 42% to $28 million for Q3 2025[6] - In Q3 2025, product revenue net amounted to $115.4 million, a 13% increase year-over-year, driven by sales growth of Newzai and Dingyoule[11] - The net loss for Q3 2025 was $36 million, with a loss per share of $0.03, an improvement from a net loss of $41.7 million and a loss per share of $0.04 in the same period of 2024[11] - Total revenue for the three months ended September 30, 2025, was $116,095,000, representing a 13% increase compared to $102,265,000 in the same period of 2024[36] - Product revenue for the nine months ended September 30, 2025, reached $330,095,000, a 14% increase from $289,102,000 in the same period of 2024[38] - Operating loss for the three months ended September 30, 2025, was $(48,822,000), a 28% improvement compared to $(67,853,000) in the same period of 2024[39] - Net loss for the nine months ended September 30, 2025, was $(125,128,000), down from $(175,419,000) in the same period of 2024[37] - Adjusted operating loss for the three months ended September 30, 2025, was $(27,998,000), compared to $(48,187,000) in the same period of 2024[39] Guidance and Projections - The company has set a full-year revenue guidance of at least $460 million for 2025[6] - The company adjusted its full-year 2025 total revenue guidance to at least $460 million[22] - Future projections include expectations for revenue growth, profitability, and cash flow from commercialized products and clinical-stage candidates[31] Research and Development - Zocilurtatug Pelitecan (zoci) has shown a 68% overall response rate in the 1.6 mg/kg dose group for the treatment of extensive-stage small cell lung cancer[9] - The median duration of response (DoR) for patients in the same group is estimated at 6.1 months[9] - KarXT has been included in national treatment guidelines in China, highlighting the urgent need for new therapies in the schizophrenia field[6] - The company plans to submit a marketing authorization application for tumor treating fields therapy for pancreatic cancer in Q4 2025[9] - ZL-1503 (IL-13xIL-31R) has initiated a global Phase 1/1b study to evaluate its safety and pharmacokinetics[9] - The company is preparing for the anticipated launch of KarXT in the schizophrenia market[6] - KarXT was included in the "China Schizophrenia Prevention and Treatment Guidelines (2025 Edition)" as the first national-level guideline globally, highlighting its effectiveness in three symptom areas[11] - The company plans to submit a new drug clinical trial application for ZL-6201 for treating sarcoma patients in Q4 2025[15] - The company expects to announce key results from ongoing clinical studies in 2026, including updates on the efficacy of Zocilurtatug Pelitecan in treating various cancers[17] - The company is preparing to submit marketing authorization applications for several products, including a new treatment for first-line pancreatic cancer in Q4 2025[18] Financial Position - As of September 30, 2025, cash and cash equivalents totaled $81.72 million, down from $83.23 million as of June 30, 2025[12] - As of September 30, 2025, cash and cash equivalents increased to $717.155 million from $449.667 million as of December 31, 2024, representing a growth of approximately 59.7%[34] - Total assets decreased to $1.159 billion as of September 30, 2025, from $1.186 billion as of December 31, 2024, a decline of about 2.3%[34] - Current liabilities increased to $359.769 million as of September 30, 2025, compared to $299.385 million as of December 31, 2024, reflecting an increase of approximately 20.2%[34] - The company reported a total of $85.377 million in accounts receivable as of September 30, 2025, slightly up from $85.178 million as of December 31, 2024[34] - Inventory net increased to $67.135 million as of September 30, 2025, from $39.875 million as of December 31, 2024, indicating a rise of approximately 68.5%[34] - The company has a non-current restricted cash of $1.115 million as of September 30, 2025, consistent with $1.114 million as of December 31, 2024[34] - Total liabilities rose to $398.995 million as of September 30, 2025, compared to $344.855 million as of December 31, 2024, marking an increase of about 15.7%[34] - The total equity as of September 30, 2025, was $759,945,000, a decrease from $840,898,000 as of December 31, 2024[35] - The total liabilities and equity as of September 30, 2025, was $1,158,940,000, compared to $1,185,753,000 as of December 31, 2024[35] - The company reported a foreign currency translation adjustment loss of $(6,703,000) for the three months ended September 30, 2025[37] Operational Focus - The company emphasizes the importance of non-GAAP financial metrics for understanding operational performance and financial results[30] - The company is focused on addressing unmet medical needs in oncology, immunology, neuroscience, and infectious diseases through innovative product development[27]

Financial Performance - For the six months ended September 30, 2025, the group's revenue was approximately HKD 81.06 million, an increase of 110.4% compared to approximately HKD 38.54 million for the same period last year[4] - The group's net profit for the reporting period was approximately HKD 35.66 million, a significant increase of 595.6% from approximately HKD 5.13 million in the same period last year[4] - The basic earnings per share attributable to the owners of the company was HKD 5.4 cents, compared to HKD 0.95 cents for the same period last year[4] - Total revenue for the reporting period was HKD 81,059,737, an increase of HKD 42,524,519 or 110.4% compared to the same period last year[39] - Net profit for the reporting period was HKD 35,659,399, an increase of HKD 30,533,249 or 595.6% compared to the same period last year[39] User Growth - As of September 30, 2025, the number of registered users reached approximately 869,920, an increase of 5.5% or 45,520 users from approximately 824,400 users a year ago[4] - As of September 30, 2025, the group had approximately 869,920 registered users, an increase of 45,520 users or 5.5% from 824,400 users a year earlier[42] Assets and Liabilities - Non-current assets increased to HKD 23,823,555, up from HKD 22,332,372, representing a growth of approximately 6.7%[7] - Current assets rose significantly to HKD 364,682,362, compared to HKD 200,604,128, marking an increase of about 81.7%[7] - Total liabilities increased to HKD 45,223,520, up from HKD 37,340,410, reflecting a growth of approximately 21.4%[7] - Net asset value reached HKD 341,745,777, compared to HKD 185,478,588, indicating a substantial increase of around 84.3%[7] - The group’s total liabilities, including trade and other payables, were HKD 32,886,000 as of September 30, 2025, compared to HKD 27,879,000 as of March 31, 2025[30] Cash Flow and Investments - The company reported a profit of HKD 33,691,466 for the six months ended September 30, 2025, compared to a loss in the previous period[8] - The company reported a net cash outflow from investing activities of HKD 66,937,724, primarily due to payments for intangible assets amounting to HKD 5,425,303[9] - Cash and cash equivalents decreased by HKD 6,049,408 during the reporting period, with cash and cash equivalents at HKD 105,698,776 as of September 30, 2025[9] - The company’s cash and cash equivalents rose to HKD 222,842,583, up from HKD 162,521,973, representing a growth of about 37.1%[7] - The group’s cash and cash equivalents increased to HKD 222,843,000 as of September 30, 2025, compared to HKD 162,522,000 as of March 31, 2025[29] Revenue Breakdown - Revenue from integrated trading terminal products and system services was HKD 80,498, with significant contributions from financial services licensed under the Securities and Futures Ordinance, which generated HKD 44,343, up from HKD 8,597 in 2024[16] - Revenue from Hong Kong customers was HKD 68,138, significantly up from HKD 29,705 in the previous year, indicating a growth of approximately 129.1%[18] - Revenue from customers in China increased to HKD 12,922 from HKD 8,830, representing a growth of approximately 46.5%[18] - The company’s SaaS services revenue increased to HKD 20,414, up from HKD 13,471, marking a growth of approximately 51.5%[16] - Revenue from licensed financial services surged 415.8% to HKD 44,343,046, with underwriting and co-underwriting services revenue increasing 440.2% to HKD 38,831,633, representing 47.9% of total group revenue[43] Shareholder Information - The issued share capital as of September 30, 2025, was HKD 6,800,000, with a total of 680,000,000 ordinary shares issued[57] - Mr. Liu Yong holds a total of 226,001,789 shares, representing 33.24% of the company's equity[67] - Mr. Wan Yong also holds a total of 226,001,789 shares, representing 33.24% of the company's equity[67] - Major shareholders include Liu Xiaoming and Chen Chaoxia, each holding 226,001,789 shares, representing 33.24% of the total shares[70] Corporate Governance - The company confirmed compliance with the GEM listing rules regarding securities trading by directors during the reporting period[79] - The company adhered to all applicable corporate governance codes, with a noted deviation from the code regarding the separation of the roles of Chairman and CEO[80][81] - The Chairman and CEO roles are currently held by the same individual, which the board believes provides strong and consistent leadership[81] - The board will continue to review the corporate governance practices and consider separating the roles at an appropriate time[82] Future Plans - The company plans to enhance its SaaS platform and data service capabilities while actively developing licensed financial services, focusing on underwriting and innovative enterprises[59] - The group is preparing to advance its GEM to Main Board transfer plan, expected to initiate in the first half of 2026, to improve stock liquidity and company valuation[59] Miscellaneous - The board of directors does not recommend the payment of any dividend for the reporting period, consistent with the previous year[4] - No significant capital commitments were reported as of September 30, 2025[36] - No significant events occurred after September 30, 2025, that could materially impact the group's assets or future operations[37] - The audit committee has reviewed the unaudited consolidated financial statements for the six months ending September 30, 2025, and confirmed compliance with applicable accounting standards and GEM listing rules[90]

Credit Loss and Financial Performance - The expected credit loss for the independent after-sales company is approximately RMB 139.6 million, primarily due to the company's failure to pay interest on time [4]. - The net liabilities attributable to the independent after-sales company increased to approximately RMB 855 million as of December 31, 2024, with an operating loss of about RMB 36 million and financial costs of approximately RMB 32 million recorded for the year [4]. - The expected credit loss provision as of December 31, 2024, is RMB 712.4 million, after accounting for previous provisions [6]. - The total risk value faced by the company in the event of default by the independent after-sales company is the sum of the total advances and receivable interest [8]. - The default probability is set at 100%, consistent with the previous two years, while the default loss rate increased from 68.9% to 82.4% due to prolonged overdue periods [8]. - The expected credit loss provision is calculated using the formula: expected credit loss = default risk x default probability x default loss rate [8]. Repayment Efforts - The company received repayments totaling RMB 40 million from the independent after-sales company on October 9 and 10, 2025, and remains committed to recovering the outstanding balance [7]. - The company is in ongoing discussions with the independent after-sales company to explore feasible repayment solutions [4]. Operational Efficiency - The independent after-sales company is actively working to optimize operational efficiency, including restructuring staff and reducing operating costs [4]. - The total number of stock options available for grant under the stock option plan is 122,570,067 shares, representing 8.05% of the issued shares as of the report date [3].

Stock Options - Fenbi Ltd. reported a total of 5,020,000 unexercised stock options as of January 1, 2024, with 2,010,000 options exercised during the reporting period [8]. - The weighted average exercise price for the unexercised stock options is HKD 4.46 per share [8]. - The company has a total of 66,956,760 stock options granted from January 1, 2017, to October 25, 2022, with 37,120,790 options exercised and 29,417,810 remaining unexercised [8]. - The 2023 stock option plan allows for options to be exercised until the tenth anniversary of the grant date, subject to the terms of the plan [9]. Board of Directors - The company’s board of directors includes executive directors Zhang Xiaolong and Wei Liang, along with independent non-executive directors [9].