Financial Performance - The company's revenue for the year ended December 31, 2025, was approximately RMB 383.2 million, a decrease of 37.6% from RMB 614.4 million in 2024[3]. - The net profit for the year was approximately RMB 4.2 million, down from RMB 120.3 million in 2024[3]. - Basic earnings per share for the year were RMB 0.14, compared to RMB 4.03 in 2024[3]. - The gross profit for the same period was RMB 118,028,000, down 52.0% from RMB 245,770,000 in the previous year[24]. - The total comprehensive income for the year was RMB 1,756,000, a decrease from RMB 120,678,000 in 2024[24]. - The group's profit for the year decreased by approximately RMB 116.1 million or about 96.5% to approximately RMB 4.2 million, compared to RMB 120.3 million in the previous year[86]. Revenue Breakdown - Revenue from mainland China decreased by approximately RMB 89.8 million or 28.8%, primarily due to long delivery periods for new shipbuilding orders[4]. - Overseas revenue decreased by approximately RMB 141.4 million or 46.7%, attributed to extended delivery periods and geopolitical tensions affecting the market[5]. - Revenue from the ship desulfurization system dropped by approximately 59.6% to RMB 116.2 million, due to delays in order fulfillment and increased repair costs[7]. - Revenue from ship energy-saving devices fell by approximately 77.2% to RMB 14.7 million, influenced by geopolitical market volatility and delays in retrofit plans[8]. - Revenue from the ship clean energy supply system increased by approximately 25.6% to RMB 84.2 million, driven by growing demand for clean fuels and ongoing R&D investments[9]. - Revenue from marine services was RMB 168,045,000 for 2025, down from RMB 195,181,000 in 2024, a decrease of about 13.9%[39]. Customer Impact - Customer A's revenue decreased by approximately RMB 49.8 million, a reduction of about 35.7%, primarily due to delays in new ship deliveries[12]. - Customer B's revenue decreased by 47.5%, Customer C's by 46.3%, and Customer D's by 33.1%, all attributed to the same delivery delays[12]. - Major customers contributing over 10% of total revenue included Customer A with revenue of 89,738 thousand RMB in 2025 and 139,522 thousand RMB in 2024, Customer B with 59,641 thousand RMB in 2025 and 113,595 thousand RMB in 2024, totaling 255,899 thousand RMB in 2025 and 432,943 thousand RMB in 2024[49]. Research and Development - The company incurred research and development expenses of RMB 17,587,000, which is a decrease of 35.4% from RMB 27,169,000 in the prior year[24]. - The company aims to deepen its core business and accelerate research and development innovation in the upcoming year[22]. - The company was granted 16 new patents in 2025, bringing the total to 96 patents held, including 55 invention patents[19]. - The company successfully completed the design and delivery of the first hybrid desulfurization system, optimizing five series of towers with a height reduction of approximately 9% to 13%[16]. - The ship carbon capture system has been successfully implemented, extending the lifespan of the absorbent and reducing operational costs and maintenance frequency by 50%[16]. - The company has developed a sail system that can achieve fuel savings of approximately 15% to 30% through innovative design and AI control[16]. Financial Position - Total current assets increased to RMB 745,623 thousand from RMB 386,539 thousand, representing a growth of 93% year-over-year[28]. - Cash and cash equivalents rose to RMB 215,418 thousand, up from RMB 133,402 thousand, marking a 61.5% increase[28]. - Total liabilities decreased to RMB 493,892 thousand from RMB 314,776 thousand, indicating a reduction of 40.5%[29]. - Total equity attributable to the company increased to RMB 489,257 thousand from RMB 282,422 thousand, showing a growth of 73.2%[29]. - The company reported a net current asset value of RMB 425,834 thousand, up from RMB 247,696 thousand, which is a 72% increase[29]. - The company's total assets reached RMB 493,892 thousand, compared to RMB 314,776 thousand, reflecting a growth of 57%[29]. Operational Highlights - The company remains committed to enhancing marketing capabilities and expanding its global customer reach[6]. - The company aims to diversify geographic and customer concentration risks by establishing partnerships in emerging markets and expanding its product offerings to meet diverse regional demands[13]. - The company plans to continue focusing on ESG initiatives to enhance brand value and corporate growth[21]. - The company expects to continue its operations and meet its debt obligations based on the assessment of its ability to continue as a going concern[38]. Regulatory and Compliance - The company has adopted new International Financial Reporting Standards (IFRS) effective from January 1, 2025, with no significant impact on its financial position or performance expected[33]. - The new IFRS 18 introduces new presentation and disclosure requirements, replacing the previous IFRS 1[36]. - The new IFRS 18 and related amendments will take effect from January 1, 2027, allowing for early application[37]. - The effective corporate income tax rate for the company is set at 15% for the years 2025 to 2027 due to its recognition as a high-tech enterprise[59]. Shareholder Information - The company declared a final dividend of RMB 1.6 per share for the year ending December 31, 2023, totaling RMB 48,000,000[12]. - The company has not proposed or declared any final dividend for the year ending December 31, 2025[108]. - The annual general meeting of shareholders is scheduled to be held on May 22, 2026[109]. - The public float of the company is approximately 22.73%, which is below the minimum requirement of 25% as per listing rules[117]. - The company plans to restore its public float to meet the minimum threshold by the end of August 2027[118].

Financial Performance - The company reported a net loss attributable to equity holders of CAD 1.62 million for the fourth quarter of 2025, compared to a net profit of CAD 41.85 million in the fourth quarter of 2024[8]. - The company reported a net loss attributable to shareholders of CAD 10,000 for the twelve months ending December 31, 2025[42]. - For the three months ended December 31, 2025, the operating cash flow showed a net loss of CAD 2.54 million, compared to a net loss of CAD 1.6 million in the same period of 2024[13]. - The company’s working capital deficit as of December 31, 2025, was CAD 107.94 million, compared to CAD 92.67 million in the previous year[8]. - The company’s cash position as of December 31, 2025, was CAD 1.07 million, raising concerns about its ability to continue operations without additional financing[5]. Production and Sales - The average production of oil sands heavy oil for the twelve months ended December 31, 2025, was 726.9 barrels per day, with an average diluted oil sands heavy oil sales volume of 1,018.8 barrels per day[6]. - The average daily production of oil sands heavy oil for West Ells was 0 barrels in Q4 2025, a decrease of 302 barrels per day compared to 302 barrels per day in Q4 2024, primarily due to equipment maintenance[14]. - The average daily sales of oil sands heavy oil for West Ells was 0 barrels in Q4 2025, down from 311 barrels per day in Q4 2024, attributed to the same maintenance issues[15]. - The net oil sales, after deducting royalties, were CAD 0 for the three months ended December 31, 2025, compared to CAD 3 million in the same period of 2024, reflecting the impact of zero sales volume[16]. Costs and Expenses - The company’s operating costs for the fourth quarter of 2025 were CAD 2.54 million, an increase from CAD 3.06 million in the fourth quarter of 2024[8]. - Operating costs for the three months ended December 31, 2025, were CAD 2.54 million, a decrease of CAD 0.5 million from CAD 3.06 million in the same period of 2024[21]. - General and administrative expenses for the three months ended December 31, 2025, were CAD 3.53 million, an increase of CAD 1.19 million compared to CAD 2.80 million in the same period of 2024[23]. - For the twelve months ended December 31, 2025, general and administrative expenses totaled CAD 14.32 million, up CAD 2.03 million from CAD 12.29 million in 2024[23]. Assets and Liabilities - The total assets of the company as of December 31, 2025, were CAD 735.17 million, showing a slight decrease from CAD 739.02 million as of December 31, 2024[8]. - The company’s debt-to-asset ratio as of December 31, 2025, is 96%, a slight improvement from 98% as of December 31, 2024[43]. - The total unsecured debt incurred by the company as of December 31, 2025, is USD 56.9 million (approximately CAD 78.1 million)[39]. - The company has approximately CAD 1.43 billion in available tax deductions, with unrecognized tax losses expiring between 2029 and 2043[32]. Project Developments - The company plans to enter the second phase of the West Ells project, which aims to increase production by an additional 5,000 barrels per day once financing is secured[4]. - The company is currently in a prepayment phase for the West Ells project, with royalty rates starting at 1% when WTI prices exceed CAD 55 per barrel[17]. - The company will continue to restart activities in the Muskwa and Godin regions through joint ventures[86]. Shareholder and Equity Information - Shareholders' equity increased to CAD 28.105 million from CAD 16.849 million year-over-year[33]. - The company issued 48,695,736 Class A ordinary shares at an issue price of 0.35 HKD per share to settle debts totaling approximately 17,043,508 HKD (about 3,050,787 CAD) on April 17, 2025[53]. - On October 22, 2025, the company agreed to issue 140,000,000 Class A voting shares at an issue price of 0.43 HKD per share to settle debts of 60,200,000 HKD (approximately 10,860,153 CAD)[58]. - The company has a total of 2,312,000 CAD in loans from shareholders, with repayment terms of 1 to 3 years[51]. Governance and Compliance - The company acknowledges the importance of corporate governance for effective and transparent operations, enhancing shareholder value[72]. - The company has adopted a code of conduct for directors regarding securities trading, confirming compliance with the standards set forth in the Hong Kong Listing Rules[73]. - The company’s internal controls over financial reporting were assessed as effective as of December 31, 2025[67]. Risk Management - The company is facing currency risk primarily from transactions in Hong Kong dollars, US dollars, and Chinese yuan[45]. - The company closely monitors foreign exchange risks and considers hedging significant foreign exchange risks when necessary[47]. - The company emphasizes that actual performance may differ significantly from forward-looking statements due to various risks and uncertainties[69].

Revenue Growth - Revenue for the year ended December 31, 2025, increased to RMB 220.05 million, representing a year-on-year growth of 79.91% from RMB 122.31 million in 2024[4] - Revenue for the year ended December 31, 2025, reached RMB 220,049,000, a significant increase from RMB 122,311,000 in 2024, representing an increase of 80%[15] - Revenue from the hospital-based integrated software solutions amounted to RMB 113,925,000, up from RMB 79,316,000 in the previous year, reflecting a growth of about 43%[26] - Revenue from the outpatient integrated software solutions increased to RMB 53,302,000 from RMB 26,789,000, marking a growth of approximately 99%[26] - New revenue from the sale of medical AI large language model solutions amounted to RMB 49.78 million[122] User Engagement - The number of patients using the system rose from approximately 1,800,000 times in 2024 to about 3,300,000 times by the end of 2025, indicating significant user engagement[6] - Average monthly active users increased by 99.14%, from 2,154.67 in 2024 to 4,290.75 in 2025, with December 2025 seeing 10,229 monthly active users, up 72.52% from 5,929 in December 2024[6] - Daily average usage time per user in 2025 was 23.29 minutes, reflecting strong user retention and compliance with interventions[122] Clinical Trials and Product Development - The clinical trial for the reading disorder rehabilitation software is progressing well, with 43 participants enrolled and expected to complete registration clinical research by the end of 2026[8] - The clinical trial for cognitive digital therapy in patients with cardiovascular diseases and cognitive impairment is nearing completion, with plans to submit registration documents in the second quarter of 2026[9] - The depression treatment software is set to enter the clinical trial phase in the second quarter of 2026, with commercialization expected by the end of 2028[10] - A breakthrough in ADHD treatment was achieved through a collaboration with Peking University Sixth Hospital, demonstrating significant improvement in core symptoms[11] - The digital therapy product for bone injury and pain has completed preclinical research, with plans to initiate registration clinical studies in the second quarter of 2026[12] Financial Performance - The company reported a net loss of RMB 316,364,000 for 2025, compared to a net loss of RMB 198,610,000 in 2024, reflecting a worsening financial position[15] - Gross profit for 2025 was RMB 89,454,000, compared to RMB 54,013,000 in 2024, indicating a gross margin improvement[15] - The company incurred total financial costs of RMB 23,986 thousand for the year ending December 31, 2025, compared to RMB 22,025 thousand in 2024[38] - The company reported a total loss of RMB 14,591 thousand in other expenses for the year ending December 31, 2025, compared to a gain of RMB 3,326 thousand in 2024[37] - The adjusted net loss (non-IFRS measure) for the year ended December 31, 2025, was RMB 239.15 million, compared to RMB 161.96 million in 2024[146] Research and Development - The company’s R&D expenses increased to RMB 165,904,000 in 2025 from RMB 119,424,000 in 2024, highlighting a focus on innovation[15] - The company has developed a cognitive training intervention system based on the BrainAuGPT model, aimed at providing personalized strategies for cognitive impairment patients[13] - The company has a strong R&D team of 128 professionals, with an average of over six years of experience in the digital therapy industry, focusing on unmet clinical needs and innovative technologies[98] Assets and Liabilities - The company’s non-current assets increased to RMB 71,431,000 in 2025 from RMB 51,363,000 in 2024, indicating growth in long-term investments[16] - The total assets less current liabilities improved to RMB 308,947,000 in 2025 from a negative RMB 182,512,000 in 2024, showing a positive shift in financial health[16] - Trade receivables increased to RMB 143,491,000 in 2025 from RMB 105,312,000 in 2024, reflecting a growth of 36.2%[57] - Cash and cash equivalents decreased to RMB 430,358,000 in 2025 from RMB 343,882,000 in 2024, showing a decline of 25.2%[61] - The company has bank borrowings of RMB 339,060,000 as of December 31, 2025, significantly up from RMB 14,072,000 in 2024[70] Governance and Compliance - The company’s financial statements are prepared in accordance with International Financial Reporting Standards, ensuring compliance with relevant regulations[20] - The audit committee has reviewed the annual financial performance for the year ending December 31, 2025, and found no discrepancies in the accounting policies adopted by the company[158] - The company has not engaged in any significant litigation or arbitration that could adversely affect its financial condition or operating results during the reporting period[153] Market Strategy and Expansion - The company is focused on providing digital therapy integrated software solutions for cognitive impairment in China, indicating a strategic emphasis on this market segment[19] - The company is actively expanding its digital therapy offerings internationally, particularly targeting Southeast Asia, to address the global shortage of cognitive health resources[108] - The company aims to expand its product line to cover new indications for cognitive impairment, although success is not guaranteed[87] Employee Costs and Compensation - Total employee costs for 2025 amounted to RMB 171,793,000, an increase from RMB 144,923,000 in 2024, which is an increase of approximately 18%[44] - The total remuneration for executive directors was RMB 69,623,000 for the year ending December 31, 2025, compared to RMB 46,939,000 in 2024, reflecting an increase of approximately 48%[45] - The total compensation for the five highest-paid employees in the group for the year ending December 31, 2025, is RMB 4,439,000, a decrease of 72.9% from RMB 16,376,000 in 2024[48] Shareholder Information - The company did not declare or pay any dividends for the year ending December 31, 2025, consistent with 2024[49] - The company completed a placement of 92,000,000 shares at HKD 5.6 per share, raising approximately HKD 500.68 million, with specific intended uses for the proceeds detailed in subsequent announcements[160] - The company will suspend share transfer registration from June 15 to June 18, 2026, to determine eligible shareholders for the annual general meeting on June 18, 2026[162]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported total revenue of SGD 17,735,000, a decrease of 6% from SGD 18,866,000 in the previous year[4]. - Other income and gains for the same period were SGD 307,000, significantly down from SGD 2,309,000, marking a decline of approximately 87%[4]. - The company recorded a loss before tax of SGD 4,325,000, compared to a profit of SGD 1,160,000 in the previous year, indicating a significant downturn in performance[4]. - The net loss attributable to equity holders for the year was SGD 4,073,000, compared to a profit of SGD 1,492,000 in the prior year[5]. - The company reported a basic loss per share of SGD (5.74), a decline from earnings of SGD 2.71 per share in the previous year[5]. - Total comprehensive loss for the year was SGD 4,493,000, compared to a comprehensive income of SGD 1,025,000 in the previous year[5]. - The group reported a total loss before tax of SGD 4,325 million for the year[19]. - The group incurred a segment loss of SGD 3,588 million across its business units[19]. - The group recorded a loss of approximately SGD 4.33 million for the year ending December 31, 2025, compared to a profit of approximately SGD 1.03 million in the same period of 2024[67]. Revenue Breakdown - Total revenue for the group was SGD 17,735 million, with external customer revenue contributing SGD 17,735 million and inter-segment revenue of SGD 317 million[19]. - The maintenance and repair services segment generated revenue of SGD 13,885 million, while the food and kitchen segment contributed SGD 948 million[19]. - Revenue from maintenance and repair services was SGD 13,885 thousand, down from SGD 14,281 thousand, representing a decline of 2.77%[30]. - Revenue from modification, adjustment, and beauty services, as well as the sale of parts and components, decreased to SGD 2,786 thousand from SGD 3,001 thousand, a drop of 7.15%[30]. - The company's geographical revenue breakdown shows Singapore contributing SGD 15,248 thousand, while revenue from mainland China was SGD 1,286 thousand[28]. - Revenue from Singapore operations declined by 4.0% to SGD 16.79 million, primarily due to a slowdown in maintenance and repair service income and a decrease in parts export sales[59]. - Revenue from mainland China operations fell by 31.4% to SGD 0.95 million, mainly due to ongoing macroeconomic challenges leading to cautious customer spending[59]. Cost and Expenses - The company's total costs, including material costs, marketing, and employee benefits, amounted to SGD 20,254,000, compared to SGD 19,217,000 in the previous year, reflecting an increase of about 5.4%[4]. - Total material costs amounted to SGD 9,012 million, with employee benefits expenses at SGD 6,282 million[19]. - Employee benefits expenses increased by approximately SGD 0.48 million or 8.3% to approximately SGD 6.28 million, primarily due to annual salary adjustments and increased employee-related costs[63]. - Marketing and advertising expenses totaled SGD 894 million, with depreciation and amortization expenses at SGD 1,326 million[19]. - Other expenses increased by approximately SGD 0.85 million or 30.3% to about SGD 3.65 million for the year ending December 31, 2025, largely due to increased legal and professional fees related to public subscription activities for issuing new shares and one-time losses from the termination of lease liabilities[66]. Assets and Liabilities - Non-current assets increased to SGD 6,292 million in 2025 from SGD 5,664 million in 2024, representing an increase of 11.1%[6]. - Current assets rose to SGD 17,855 million in 2025, up from SGD 16,299 million in 2024, reflecting a growth of 9.6%[6]. - Total liabilities increased to SGD 16,110 million in 2025, compared to SGD 12,150 million in 2024, marking a rise of 32.5%[6][7]. - The company's net asset value decreased to SGD 8,037 million in 2025 from SGD 8,813 million in 2024, a decline of 8.8%[7]. - Cash and cash equivalents dropped significantly to SGD 2,172 million in 2025 from SGD 5,351 million in 2024, a decrease of 59.5%[6]. - Trade and other payables increased to SGD 10,589 million in 2025, up from SGD 8,892 million in 2024, indicating a rise of 19.1%[6]. - The company's total equity was SGD 8,037 million in 2025, down from SGD 8,813 million in 2024, a decrease of 8.8%[7]. Strategic Focus and Future Plans - The company plans to focus on cost management and operational efficiency to improve future performance[4]. - There are ongoing discussions regarding potential market expansion and new product development strategies to enhance revenue streams[4]. - The group is focusing on the growth of its smart kitchen division and plans to expand its business model across various sectors, including offline retail, takeaway services, and SaaS+ empowerment[56]. - The group aims to build a refined sales and marketing strategy to create a new revenue growth curve, targeting the cultural tourism, hotel, and travel retail markets[57]. - The company has engaged in the development and manufacturing of smart kitchen appliances, indicating a focus on innovation and market expansion[10]. Share Capital and Financing - The company plans to raise up to approximately HKD 100.80 million through a rights issue, with net proceeds expected to be around HKD 96.97 million after expenses[45]. - Approximately HKD 43 million of the net proceeds from the rights issue will be used to refine sales and marketing strategies[45]. - The company completed a placement of 400,000,000 shares at HKD 0.04 per share, raising approximately HKD 15.3 million on January 23, 2025[80]. - A further placement of 9,600,000 shares at HKD 0.60 per share was completed on July 28, 2025, raising approximately HKD 5.40 million[82]. - The company's issued share capital as of December 31, 2025, was HKD 7.2 million, equivalent to approximately SGD 1.269 million, consisting of 57,600,000 shares[83]. - The company has proposed a rights issue to raise up to approximately HKD 100.80 million by issuing a maximum of 288,000,000 rights shares at a subscription price of HKD 0.35 per share[104]. - The net proceeds from the rights issue are estimated to be approximately HKD 96.97 million after deducting estimated expenses of about HKD 3.83 million[104]. Compliance and Governance - The audit committee consists of three independent non-executive directors and has reviewed the company's accounting principles and financial reporting for the year ending December 31, 2025[102]. - The company has adopted a set of conduct rules for directors' securities trading, consistent with GEM listing rules[101]. - The company has maintained compliance with the GEM listing rules regarding public float since its listing date[99]. - The board has recommended not to declare any dividends for the year ending December 31, 2025[100]. - The company has not engaged in any buybacks or sales of its listed securities during the year ending December 31, 2025[98].

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之內容概不負責，對其準確性或完整性亦不發表任何聲明， 並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 LIPPO CHINA RESOURCES LIMITED 力 寶 華 潤 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：156） 全年業績 截至 2025 年 12 月 31 日止年度 力寶華潤有限公司（「本公司」）之董事會公佈本公司及其附屬公司（統稱「本集團」）截至 2025 年 12 月 31 日 止年度之綜合全年業績，連同 2024 年同期之比較數字如下： 綜合損益表 截至 2025 年 12 月 31 日止年度 | | | 2025 年 | 2024 年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | 收入 | 4 | 864,460 | 775,302 | | 銷售成本 | | (332,623) | (300,708) | | | | ───────── | ───────── | | 溢利總額 | | 531,837 | 4 ...

Financial Performance - The total revenue for the year ended December 31, 2025, was approximately RMB 848,397,000, a decrease of about 43.39% compared to RMB 1,498,562,000 in 2024[3]. - The net loss attributable to the parent company for the year was approximately RMB 54,825,000, compared to a net loss of RMB 39,536,000 in 2024[3]. - Basic and diluted loss per share for the year was approximately RMB 0.11, compared to a loss of RMB 0.08 in 2024[6]. - The company's main business revenue for the current period is approximately ¥826.62 million, with a cost of ¥768.05 million, compared to ¥1.46 billion in revenue and ¥1.41 billion in cost for the same period last year[34]. - The total revenue for the current period is approximately ¥848.40 million, while the total cost is approximately ¥783.00 million, compared to ¥1.50 billion in revenue and ¥1.45 billion in cost for the previous year[34]. - The revenue generated from contracts with customers for the current period is approximately ¥847.57 million, with a cost of ¥782.70 million, compared to ¥1.49 billion in revenue and ¥1.45 billion in cost for the same period last year[36]. - The net loss for the year ended December 31, 2025, was approximately RMB 54,997,000, compared to a net loss of RMB 44,799,000 for the same period last year, representing a loss margin of about 6.48% of revenue[68]. - The net loss attributable to the owners of the parent company for the year ended December 31, 2025, was approximately RMB 54,825,000, with a loss margin of 6.46%, compared to 2.64% for the previous year[69]. Operating Costs and Expenses - Total operating costs for the year were RMB 892,402,749.70, down from RMB 1,550,051,247.91 in the previous year[5]. - Operating costs for the year ended December 31, 2025, were approximately RMB 783,005,000, down about 45.93% from RMB 1,448,129,000 in the previous year[63]. - Total income tax expenses decreased to RMB 2,676,548.45 from RMB 5,214,888.35, a reduction of approximately 48.8% year-over-year[41]. - Total sales expenses decreased to RMB 15,586,185.33 from RMB 20,292,689.28, a reduction of approximately 23.5% year-over-year[39]. - Management expenses increased to RMB 66,021,881.48 from RMB 56,292,650.86, representing a rise of about 17.5% year-over-year[39]. - Financial expenses decreased to RMB 3,083,932.34 from RMB 4,025,619.39, a decline of approximately 23.4% year-over-year[40]. - Impairment losses for the year were approximately RMB 15,067,000, with inventory impairment losses accounting for RMB 11,520,000[67]. Assets and Liabilities - The company reported a total asset of RMB 1,293,280,254.75 as of December 31, 2025, compared to RMB 1,232,947,050.30 at the end of the previous year[8]. - Current assets totaled RMB 1,093,290,589.80, an increase from RMB 1,021,449,372.56 in the previous year[7]. - Total liabilities amounted to RMB 936,672,950.94, up from RMB 822,938,882.22 in the previous year[8]. - The company’s total equity attributable to the parent company decreased to RMB 326,860,325.28 from RMB 381,717,665.12 in the previous year[8]. - Accounts receivable decreased to RMB 220,347,769.16 from RMB 252,539,231.04, a decline of approximately 12.7% year-over-year[45]. - The total inventory at the end of the period is ¥217,222,112.92, with a provision for inventory impairment of ¥44,266,482.32, resulting in a net inventory value of ¥172,955,630.60[49]. - Contract assets at the end of the period amount to ¥115,040,381.28, with a provision for impairment of ¥4,015,758.00, resulting in a net value of ¥111,024,623.28[51]. Research and Development - Research and development expenses for the year were RMB 20,115,734.02, compared to RMB 15,104,789.35 in 2024, indicating a focus on innovation[5]. - The company plans to increase investment in core technology research and development, particularly in high-efficiency water-saving irrigation technology and smart agriculture integration systems[71]. Corporate Governance and Compliance - The financial statements have been approved by the company's board of directors on March 31, 2026, for disclosure[11]. - The financial report complies with the accounting standards issued by the Ministry of Finance and reflects the financial position and operating results as of December 31, 2025[17]. - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance by all directors and supervisors until December 31, 2025[88]. - The audit committee has reviewed the consolidated annual performance for the fiscal year ending December 31, 2025, including discussions on audited financial statements and internal controls[92]. - The company has appointed Lixin Certified Public Accountants as the auditor for the financial statements for the fiscal year ending December 31, 2025[93]. Future Outlook - The company aims to become a leading integrated service provider in the digital agriculture industry, focusing on water-saving agriculture and enhancing operational efficiency[70]. - The company has obtained a high-tech enterprise certificate valid for three years, allowing it to enjoy a reduced corporate income tax rate of 15% for the 2025 fiscal year[31]. - Subsidiaries such as Gansu Tianye and Aksu Tianye will also benefit from the 15% corporate income tax rate under the Western Development tax incentive policy for the 2025 fiscal year[31]. Employment and Shareholder Information - The company employed a total of 430 employees as of December 31, 2025, down from 500 in the previous year[82]. - The board of directors proposed not to distribute any final dividends for the year ended December 31, 2025, consistent with the previous year[86]. - The company expresses gratitude to shareholders and business partners for their support over the past year, as well as to the board and all employees for their contributions[95].

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 3,870.9 million, a decrease of 1.5% from RMB 3,929.7 million in 2024[5]. - Net loss for the year was RMB 559.8 million, compared to a profit of RMB 478.2 million in 2024, indicating a significant negative shift[5]. - Total revenue decreased by 1.5% to RMB 3,870.9 million compared to RMB 3,929.7 million in the previous year, primarily due to regulatory changes and tightening credit liquidity[27]. - Operating loss recorded at RMB 669.5 million compared to an operating profit of RMB 636.2 million in the same period last year, attributed to increased loan default rates and reduced loan realizations in the second half of the year[41]. - Net loss amounted to RMB 559.8 million, contrasting with a net profit of RMB 478.2 million in the previous year, consistent with the operating loss situation[42]. - Non-IFRS adjusted operating loss was RMB 661.7 million, compared to an adjusted operating profit of RMB 636.7 million in the same period last year[43]. - Non-IFRS adjusted net loss was RMB 552.1 million, compared to an adjusted net profit of RMB 478.7 million in the previous year[44]. - The company reported a total loss of RMB 534,544,000 for the year ending December 31, 2025, compared to a profit of RMB 481,780,000 for the previous year, indicating a significant decline in performance[71]. - Basic loss per share for the year was RMB (1.15), down from earnings of RMB 0.98 per share in the previous year[71]. Revenue Sources - Interest and similar income increased by 8.7% to RMB 2,138.6 million from RMB 1,968.2 million[5]. - Net interest and similar income increased to RMB 1,843.7 million from RMB 1,623.1 million, representing a growth of 13.5%[70]. - Loan facilitation service fees decreased by 7.1% to RMB 1,810.6 million from RMB 1,949.2 million, mainly due to a reduction in facilitation service fees despite an increase in loan realizations under the credit enhancement model[31]. - Other income fell by 39.4% to RMB 216.6 million from RMB 357.4 million, largely due to increased guarantee losses amid a challenging macroeconomic environment[34]. - The total other income for the year ended December 31, 2025, was RMB 216,558 thousand, a decrease from RMB 357,378 thousand in 2024[88]. Loan Performance - The group achieved a loan origination volume of RMB 58.45 billion in mainland China, despite ongoing economic and regulatory pressures[7]. - In 2025, the total loan realization in mainland China reached RMB 58,452.7 million, a 4.9% increase from RMB 55,753.3 million in 2024[16]. - The average loan size for consumer loans was approximately RMB 9,967, with an average term of about 9.8 months[14]. - The proportion of repeat borrowers accounted for 80.7% of the total loan realization in mainland China[11]. - The overdue rate for first payments in Q4 2025 was 1.01%, while the one to three months overdue rate was 6.89%[20]. - Customer loans decreased by 33.3% to RMB 4,165.7 million from RMB 6,247.1 million year-on-year, primarily due to a 43.6% reduction in loan realizations in mainland China[47]. - The company’s customer loans decreased to RMB 4,165,673,000 in 2025 from RMB 6,247,054,000 in 2024, a decline of about 33.4%[72]. Operational Efficiency - Approximately 30% of coding and standardized maintenance operations have been automated, enhancing operational efficiency[9]. - Sales and marketing expenses decreased by 8.3% to RMB 56.0 million from RMB 61.1 million, attributed to improved operational efficiency[38]. - General and administrative expenses decreased by 1.1% to RMB 368.5 million from RMB 372.4 million year-on-year, mainly due to improved operational efficiency[39]. - The company plans to optimize its credit solutions and enhance brand recognition to improve customer retention and credit quality[25]. - The company aims to leverage AI technology in core business scenarios to enhance operational efficiency and risk management capabilities[25]. Market Expansion and Strategy - The company is focusing on optimizing risk models and enhancing technology standards to better serve quality borrowers[6]. - The company is exploring collaborations in the traditional finance and Web3.0 ecosystems to advance innovative solutions[9]. - Future strategies include deepening operations in existing new markets such as Hong Kong and Southeast Asia, while cautiously evaluating potential investment opportunities[23]. - The company plans to focus on expanding its market presence and enhancing its technology-driven financial services in the coming years[74]. - The company is committed to developing new financial products tailored for high-quality borrowers who are underserved by traditional financial institutions[74]. Financial Position - The total outstanding loan principal for online consumer products in mainland China was RMB 21,778.8 million as of December 31, 2025[18]. - The total borrowings and payables decreased by 42.7% from RMB 5,274,022 thousand at the end of 2024 to RMB 3,022,296 thousand at the end of 2025[56]. - The company’s capital-to-debt ratio improved to 57.6% at the end of 2025 from 60.6% at the end of 2024, a decrease of 3.0%[57]. - The company’s cash and cash equivalents at the end of 2025 were RMB 1,395,827 thousand, down from RMB 1,693,437 thousand at the end of 2024, a decrease of approximately 17.6%[61]. - The company reported a significant increase in deferred tax assets, rising to RMB 906,685,000 in 2025 from RMB 637,425,000 in 2024, an increase of approximately 42.3%[72]. Compliance and Governance - The audit committee, consisting of three independent non-executive directors and one non-executive director, is responsible for reviewing and supervising the group's financial reporting procedures[120]. - The audit committee reviewed the annual financial statements in conjunction with the company's senior management[121]. - The consolidated financial statements have been audited by PwC, confirming that the amounts are consistent with the audited financial statements[122].

Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue of $1,105,381,000, a 6.0% increase from $1,031,063,000 in 2024[1] - Gross profit rose to $634,584,000, reflecting a 10.5% increase compared to $574,092,000 in the previous year[1] - Adjusted operating profit turned positive at $330,000, a significant improvement from a loss of $123,218,000 in 2024, marking a 100.3% change[1] - Net profit for the year was $38,427,000, a turnaround from a loss of $268,459,000 in 2024, representing a 114.3% increase[1] - The company achieved a net cash flow from operating activities of $69,132,000, a 239.2% increase from a cash outflow of $49,669,000 in the previous year[1] - Total comprehensive income for the year was $(221.321) million, a significant recovery from $(318.800) million in the previous year[8] - The company reported a net loss of $255.713 million for the year ended December 31, 2025, compared to a net loss of $303.140 million in 2024, indicating an improvement in performance[8] - The company reported a total of $326,540,000 in after-tax gains from the sale of subsidiaries in 2025, compared to $98,155,000 in 2024, indicating a significant increase[33] - The company’s total comprehensive income attributable to ordinary equity shareholders was $29,888,000 for 2025, a significant recovery from a loss of $222,591,000 in 2024[46] Revenue Growth - The "Global通" commercialization platform saw a revenue increase of 78.8% year-over-year, reaching $163,900,000, with core business overseas sales growing by 286.6% and 255.0% for surgical robots and structural heart disease, respectively[3] - Revenue from the sale of medical devices is projected to be $968.675 million for 2025, compared to $899.773 million in 2024, reflecting a growth of approximately 7.6%[22] - The group’s total revenue for 2025 is projected to be $994.909 million, an increase from $924.369 million in 2024[22] - Total reported segment revenue for 2025 was $1,172,070,000, compared to $1,054,015,000 in 2024, representing an increase of approximately 11.2%[31] - The cardiovascular intervention business generated $182.2 million in revenue, reflecting an increase of 11.1% excluding foreign exchange effects and 9.9% in USD terms[111] - The orthopedic medical device business reported revenue of $235.2 million, a decrease of 6.9% in USD terms and 7.5% excluding foreign exchange effects, primarily due to supply chain fluctuations and geopolitical challenges[112] - The arrhythmia management business recorded revenue of $229.7 million, showing a 4.1% increase in USD terms, while revenue in China decreased by 6.1% due to delays in centralized procurement execution[113] - The aortic and peripheral vascular intervention business achieved revenue of $189.5 million, an increase of 12.0% excluding foreign exchange effects, driven by innovative products and market expansion efforts[114] - The structural heart disease business generated $51.3 million in revenue, a 1.2% increase in USD terms, with overseas revenue growing rapidly by 255.0% due to ongoing commercialization efforts[116] - The surgical robotics business saw revenue of $77.6 million, a significant increase of 115.4% in USD terms, attributed to breakthroughs in commercialization and successful overseas market expansion[117] - Other businesses reported revenue of $95.6 million, an increase of 84.8% in USD terms, driven by growth in emerging business segments[118] Cost Management - The company's cost of sales for the period was $470.8 million, an increase of 3.0% from $457.0 million for the year ending December 31, 2024, primarily due to increased sales volume[120] - Research and development costs decreased by 32.3% from $216.5 million to $146.5 million, attributed to active cost control and resource focus on core projects[122] - Distribution costs rose by 4.6% from $304.2 million to $318.1 million, driven by market expansion and increased sales commissions[123] - Administrative expenses decreased by 4.0% from $176.6 million to $169.6 million, reflecting resource focus and cost-saving measures[124] Financial Position - The company’s total liabilities decreased to $1.129 billion in 2025 from $1.179 billion in 2024, indicating improved financial stability[9] - The company’s equity attributable to shareholders increased to $980.815 million in 2025 from $603.473 million in 2024, reflecting a stronger balance sheet[10] - The company reported a total of $1.632 billion in current assets, a decrease from $1.734 billion in the previous year, primarily due to lower cash and inventory levels[9] - The company’s total liabilities decreased to $2,196,502,000 in 2025 from $2,488,578,000 in 2024, a reduction of approximately 11.7%[33] - The company’s cash and cash equivalents increased to $131,084,000 in 2025 from $95,171,000 in 2024, representing an increase of about 37.8%[33] - The company has a significant amount of debt maturing within one year, including $414.387 million in bank loans and $215.873 million in convertible bonds, raising concerns about liquidity[14] - The company has a total of $355,386,000 in convertible bonds and loans as of December 31, 2025, down from $521,357,000 in the previous year[60] Strategic Initiatives - The company integrated its structural heart disease and arrhythmia management businesses, enhancing operational efficiency and improving financial health[5] - The group plans to enhance liquidity through stricter cost control measures, significant reductions in operating cost budgets, and postponement of discretionary capital expenditure plans[18] - The group anticipates generating additional cash by divesting several equity-accounted investees and other assets[18] - The company is focusing on lean management to ensure steady business development amidst ongoing challenges[78] - The company aims to enhance its global competitive advantage through continuous innovation and structural transformation in the orthopedic market[84] - The company aims to lead the transformation of surgical intelligence and accelerate the conversion of innovative results into global market growth[96] Research and Development - The company’s Firehawk® coronary stent clinical study was published in the New England Journal of Medicine, showcasing its R&D capabilities and international recognition[4] - The company launched 36 new Class III medical devices in China, including TomaHawk® and YINI®, enhancing its product portfolio[80] - The company has established a global innovation network for R&D and clinical trials, obtaining 407 first-time registration certificates in 53 overseas markets[97] - The APOLLO Dream® system received FDA breakthrough device designation, marking a significant milestone in the neurointervention field[92] Market Expansion - The company expanded its market presence in China, with core products covering nearly 2,900 hospitals, establishing a solid foundation for long-term growth[89] - The company aims to consolidate its leading position in the Chinese medical device market by enhancing brand recognition and distribution networks[107] - The company plans to accelerate global expansion and integrate its operations under the 微创® brand, focusing on localized strategies[107] - The company has expanded its global presence by entering 7 new countries or regions, bringing its products to nearly 50 global markets[90] Corporate Governance - The audit report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2025[142] - The company has maintained compliance with the corporate governance code throughout the fiscal year[145] - The company has established an audit committee in line with corporate governance standards, consisting of three members[157]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 155,029,341, a decrease of 4.1% from RMB 162,359,281 in 2024[2] - Gross profit for the same period was RMB 585,652, down 16.2% from RMB 698,971 in 2024[3] - Net profit for the year increased to RMB 101,631, up 8.1% from RMB 93,361 in 2024[5] - Basic and diluted earnings per share rose to RMB 1.19, compared to RMB 1.04 in 2024, reflecting a growth of 14.4%[3] - Total revenue for 2025 was RMB 154,766,844,000, down from RMB 162,060,133,000 in 2024, indicating a decline of approximately 4.5%[22] - The overall reported loss for the company in 2025 was RMB (461,818,000), compared to a loss of RMB (223,306,000) in 2024[30] - Financial income decreased to RMB 238,865,000 in 2025 from RMB 286,804,000 in 2024, a decline of approximately 16.7%[30] - The group’s revenue from CIC and other Singapore subsidiaries reached approximately RMB 54.1 billion in the year[60] Assets and Liabilities - Total non-current assets increased to RMB 27,949,568, up from RMB 26,866,732 in 2024[2] - Total current assets decreased significantly to RMB 33,776,783 from RMB 42,618,024 in 2024, a decline of 20.8%[2] - Total liabilities decreased to RMB 47,320,782 from RMB 55,141,803, a reduction of 14.1%[2] - The net asset value increased slightly to RMB 14,405,569 from RMB 14,342,953 in 2024[2] - The company reported a net current liability of approximately RMB 6,092,982,000, indicating significant uncertainty regarding its ability to continue as a going concern[46] - Trade receivables (net of loss provisions) decreased to RMB 5,335,763,000 in 2025 from RMB 8,725,888,000 in 2024, representing a decline of approximately 39.5%[37] - The aging analysis of trade receivables shows that amounts within six months decreased to RMB 4,855,410,000 in 2025 from RMB 7,739,161,000 in 2024, a reduction of about 37.5%[39] Revenue Breakdown - Revenue from property sales and related services for 2025 was RMB 102,056,000, a decrease from RMB 243,246,000 in 2024[20] - Revenue from supply chain management and trade business for 2025 was RMB 154,581,144,000, compared to RMB 161,735,969,000 in 2024, reflecting a decline of approximately 4.5%[20] - Total rental income from investment properties for 2025 was RMB 216,107,000, down from RMB 235,643,000 in 2024[20] - The reported revenue for the property development and related services segment in 2025 was RMB 318,163,000, a decrease from RMB 478,889,000 in 2024[28] - The supply chain management and trading segment generated revenue of RMB 154,696,689, down from RMB 161,857,971 in 2024[28] Cash Flow and Financing - For the year ending December 31, 2025, the company recorded a net operating cash outflow of approximately RMB 2,358,713,000 and a net current liability of approximately RMB 6,092,982,000, indicating significant uncertainty regarding the company's ability to continue as a going concern[12] - The company plans to generate positive operating cash flow in the next twelve months by improving supply chain management and trade business revenue, as well as reducing operating costs[14] - As of December 31, 2025, the company has bank loans and other financial institution loans amounting to RMB 3,727,190,000 secured against various investment properties and other assets valued at RMB 14,751,522,000[12] - The company anticipates raising additional funds through bank loans, with investment properties valued at RMB 11,604,377,000 available as collateral[14] Corporate Governance and Compliance - The company has established an audit committee to review and supervise financial reporting, risk management, and internal control systems, consisting of three independent non-executive directors[103] - The company has complied with the corporate governance code throughout the year ending December 31, 2025[100] - There were no significant events affecting the group after the end of the fiscal year ending December 31, 2025[97] Employee and Operational Changes - As of December 31, 2025, the company employed a total of 1,381 full-time employees, a decrease from 1,575 in 2024, with employee benefits expenditure amounting to approximately RMB 294.9 million compared to RMB 315.8 million in 2024[98] - The company has adopted a stock option plan, with 15,547,407 options unexercised as of December 31, 2025, and no options were exercised or canceled during the year[99] Future Strategies and Developments - The company aims to provide digital services to over 300,000 enterprises across various sectors, enhancing supply chain resilience and security[61] - Future strategies include increasing investment in AI applications and digital technology development to improve operational efficiency[61] - The company plans to extend its services along the value chain and enhance core competitiveness through collaboration with ecosystem partners[61]

Financial Performance - Revenue for 2025 was $13,060,000, a decrease of 5% compared to $13,764,000 in 2024[5] - Loss attributable to owners of the company improved to $(15,437,000), a 68% reduction from $(48,128,000) in the previous year[5] - In 2025, the company reported revenue of approximately $13 million, a decrease of about 5.11% compared to $14 million in 2024[16] - The gross profit for 2025 was approximately $1.5 million, down from about $2.2 million in 2024[16] - The annual loss for 2025 was $16 million, a significant reduction of 67.81% from the $48 million loss in 2024[16] - Sales revenue for the group in 2025 was $13.06 million, down 5.1% from $13.76 million in 2024[36] - Gross profit for 2025 was approximately $1.48 million, a decrease of 31.8% from $2.17 million in 2024, primarily due to a slight decline in sales of health products[39] - The group recorded a loss of approximately $15.5 million for the year ending December 31, 2025, a significant reduction from a loss of $48.2 million in 2024[44] Operational Strategy - The company maintained a cautious operational strategy, focusing on cost control and inventory management amid external uncertainties[10] - The company plans to enhance operational efficiency and product value through continued technology development and market expansion[12] - The group is actively exploring potential collaboration opportunities to optimize cost structure and sales channel layout[13] - The board is focused on improving operational sustainability, debt restructuring, and enhancing core business performance[23] Business Segments - The plant stem cell business remains a core segment, with ongoing R&D investments and product optimization efforts[9] - The company continues to focus on the research and application of plant stem cell technology, aiming to provide comprehensive health solutions and product sales[17] - The company is advancing its B2B business model, supplying health products to health management platforms, distributors, and health service providers[18] - The company is exploring the feasibility of expanding into traditional Chinese medicine products based on plant stem cells[17] Environmental and Regulatory Compliance - The iron ore project in Malaysia has not resumed production, pending environmental upgrades to meet regulatory standards[13] - The iron ore business remains suspended due to environmental upgrades, with ongoing exploration to identify higher-grade mining areas[21] - The company has not reported any significant non-compliance incidents or complaints regarding environmental regulations in the fiscal year 2025[139] - The company is committed to restoring land and replanting vegetation after mining activities are completed to mitigate environmental impact[153] Financial Position and Liabilities - As of December 31, 2025, the company reported a net loss attributable to shareholders of approximately $15.44 million and faced significant liabilities totaling around $197.44 million[22] - The group’s current ratio as of December 31, 2025, was 0.22, slightly down from 0.25 in 2024, indicating a continued liquidity challenge[45] - The net current liabilities increased from approximately $182.5 million as of December 31, 2024, to about $197.4 million as of December 31, 2025, primarily due to a decrease in trade receivables by approximately $6.9 million and an increase in notes by about $14.6 million[50] Governance and Compliance - The company has complied with the corporate governance code and has maintained appropriate governance practices to protect shareholder interests[78] - The board consists of three executive directors and three independent non-executive directors as of the date of the corporate governance report[83] - The audit committee has reviewed the audited financial statements for the year ending December 31, 2025, confirming compliance with applicable accounting standards and sufficient disclosure[92] - The company has established a clear nomination policy that considers various diversity factors when evaluating potential candidates for the board[100] Employee and Workforce Management - The total employee cost, including directors' remuneration, was approximately $1.5 million for the year ended December 31, 2025, compared to $1.3 million in 2024, with the number of employees increasing from 40 to 49[66] - The employee turnover rate for those aged 30 or below decreased from 15.00% in 2024 to 10.20% in 2025, indicating improved retention among younger employees[162] - The company has implemented various policies to ensure a safe and healthy work environment, with no reported injuries in both fiscal years[164] Sustainability and Environmental Impact - The company has shifted its business focus to plant stem cells by 2025, resulting in zero mining and production activities, leading to minimal air pollutants and greenhouse gas emissions[138] - Total greenhouse gas emissions decreased from 68,098.82 kg in 2024 to 46,391.08 kg in 2025, representing a reduction of approximately 31.8%[154] - The company has implemented measures to reduce energy consumption, including using energy-efficient facilities and turning off unused lighting and appliances[151] Market Trends and Industry Outlook - The aging population in China is projected to exceed 22% by the end of 2024, driving demand for healthcare services and health management products[30] - The nutrition and health supplement market in China is experiencing stable growth, supported by rising disposable income and increasing health management awareness among the public[31] - The health industry is expected to continue expanding steadily, driven by policy support, demographic changes, and consumption upgrades[30] Risk Management - The company has identified economic recession and political instability as medium to high risks affecting its iron ore mining and sales business, particularly due to the correlation with steel production[107] - To mitigate operational risks, the company has developed comprehensive written policies for internal control procedures and will continue to engage external consultants for regular audits and risk assessments[108]