嘉士利集團有限公司（「本公司」或「嘉士利」）董事（「董事」）會（「董事會」）謹此公佈本公司 及其附屬公司（統稱「本集團」或「我們」）截至二零二五年十二月三十一日止年度之綜合財 務業績，連同與德勤‧關黃陳方會計師行商定的截至二零二四年度之比較數字如下： 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，並明確表示概不就因本公告全部或任何部分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。 嘉士利集團有限公司 Jiashili Group Limited （於開曼群島註冊成立的有限公司） （股份代號：1285） 截至二零二五年十二月三十一日 止年度之年度業績公告 財務摘要 | | | 截至十二月三十一日止年度 | | | --- | --- | --- | --- | | | 二零二五年 | 二零二四年 | | | | （人民幣千元） | （人民幣千元） | 增加╱減少 | | 收益 | 1,627,152 | 1,802,587 | 9.7% | | 毛利 | 481,752 | 513,233 | 6.1% | | 毛利率 | 29.6 ...

Financial Performance - Revenue for the fiscal year ending December 31, 2025, was RMB 472.4 million, a decrease of approximately 19.1% compared to the fiscal year 2024[4] - Gross profit for the fiscal year was RMB 183.5 million, a decrease of approximately 43.9% compared to the fiscal year 2024[4] - Operating loss for the fiscal year was RMB 67.9 million, compared to an operating profit of RMB 83.4 million in the fiscal year 2024[5] - Net loss for the fiscal year was RMB 51.0 million, compared to a net profit of RMB 50.2 million in the fiscal year 2024[5] - The group reported a pre-tax loss of RMB 69,394,000 for the fiscal year ending December 31, 2025[26] - For the fiscal year ending December 31, 2025, the company reported a loss attributable to equity holders of RMB (36,381) thousand, compared to a profit of RMB 56,054 thousand for 2024[38] - The basic loss per share for the fiscal year ending December 31, 2025, was RMB (0.04), down from RMB 0.07 in 2024[38] - The group recorded a net loss of RMB 51.0 million in fiscal year 2025, compared to a profit of RMB 50.2 million in fiscal year 2024, resulting in a negative net profit margin of 10.8%[83] Revenue Breakdown - Revenue from new consumer business reached RMB 316.3 million, an increase of approximately 17.2% compared to the fiscal year 2024[4] - Revenue from mainland China for the fiscal year ending December 31, 2025, was RMB 471,098,000, a decrease from RMB 571,146,000 in 2024[29] - The group's revenue from the IP creation and operation business is projected to be RMB 156.1 million in 2025, a decrease of approximately 50.3% compared to RMB 314.3 million in 2024[57] - The new consumption segment generated revenue of RMB 316.3 million in fiscal year 2025, an increase of approximately 17.2% from RMB 269.8 million in fiscal year 2024, driven by a trade business sales increase[74] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 1,876.5 million, an increase from RMB 1,246.5 million in 2024[8] - Total liabilities rose to RMB 316,216 thousand in 2025, up from RMB 286,850 thousand in 2024, reflecting an increase of 10.3%[9] - Current liabilities increased to RMB 306,651 thousand in 2025 compared to RMB 279,596 thousand in 2024, marking a rise of 9.7%[9] - The company's total assets reached RMB 1,876,460 thousand in 2025, up from RMB 1,246,515 thousand in 2024, showing a significant increase of 50.5%[9] - Retained earnings decreased to RMB 237,842 thousand in 2025 from RMB 275,482 thousand in 2024, a decline of 13.7%[9] Cash and Equivalents - Cash and cash equivalents as of December 31, 2025, were RMB 437.2 million, up from RMB 296.5 million in 2024[8] - As of December 31, 2025, the group had cash and cash equivalents of RMB 437.2 million, an increase from RMB 296.5 million as of December 31, 2024[84] Expenses - The group's total operating expenses for the fiscal year ending December 31, 2025, included RMB 120,199,000 in sales and marketing expenses and RMB 112,594,000 in general and administrative expenses[26] - Selling and marketing expenses decreased to RMB 120.2 million in fiscal year 2025, a reduction of about 16.1% from RMB 143.3 million in fiscal year 2024, mainly due to a decrease in commissions for distributors and agents[78] - The group recorded a total tax expense of RMB 18,348,000 for the fiscal year ending December 31, 2025, compared to a tax expense of RMB 36,578,000 in 2024[31] Shareholder Information - Total equity attributable to owners increased to RMB 1,568,039 thousand in 2025 from RMB 953,700 thousand in 2024, representing a growth of 64.3%[9] - The company did not recommend a final dividend for the fiscal year ending December 31, 2025, similar to 2024[36] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period, and holds no treasury shares as of December 31, 2025[115] Strategic Initiatives - The company plans to focus on expanding its new consumer business and enhancing its product offerings in the upcoming fiscal year[4] - The group plans to establish at least 1,000 robot stores by the end of 2026, with a capital expenditure of approximately RMB 15 million to enhance direct sales capabilities[68] - The group aims to open its first "Star IP Collective Store" in Shanghai in the first half of 2026, focusing on integrating popular star IP products[68] - The group is actively enhancing brand recognition and market influence through diverse media content and offline activities centered around star IPs[60] Market and Product Development - The company faced revenue pressure in its long-form video content and star IP management businesses, leading to a decline in income compared to previous periods[56] - The group has seen a substantial increase in IP and other product sales, generating approximately RMB 20.5 million in 2025, compared to RMB 6.2 million in 2024[61] - The group strategically introduced other health food brands to expand its health management product line, aiming to provide a comprehensive selection for consumers[74] Employee and Operational Metrics - As of December 31, 2025, the group had 306 employees, a decrease from 412 employees as of December 31, 2024[95] - Employee benefits expenses for FY2025 amounted to RMB 94.4 million, down from RMB 106.2 million in FY2024[96] Compliance and Governance - The company has complied with the corporate governance code as per the listing rules during the reporting period[113] - The audit committee has reviewed the accounting principles and practices adopted by the group, and there were no objections to the financial performance for the fiscal year 2025[116]

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，並明確表示概不會就本公佈全部或任何 部分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。 本公佈載有本公司2025年年度報告全文，符合香港聯合交易所有限公司GEM證券 上市規則（「GEM上市規則」）中有關全年業績初步公佈附載資料的相關規定。 承董事會命 駿碼半導體材料有限公司 Niche-Tech Semiconductor Materials Limited 駿碼半導體材料有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8490） 截至2025年12月31日止年度全年業績公佈 駿碼半導體材料有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公 司及其附屬公司於截至2025年12月31日止年度的經審核全年綜合業績。 本公佈將由刊登日期起計最少七日於香港聯合交易所有限公司網站 www.hkexnews.hk 之「最新上市公司公告」頁內刊載。本公佈亦將於本公司網站 www.nichetech.com.hk 刊載。 香港聯合交易所有限公司（「聯交所」）GEM（「GEM」）的特色 ...

Financial Performance - Revenue for the year ended December 31, 2025, was $13,060,000, a decrease of 5% compared to $13,764,000 in 2024[6] - Loss attributable to owners of the company was $(15,437,000), a significant improvement of 68% from $(48,128,000) in the previous year[6] - The company reported a net loss attributable to shareholders of approximately $15.44 million for the year ending December 31, 2025, with current liabilities and total liabilities amounting to approximately $197.44 million and $181.62 million, respectively[23] - The company recorded an annual loss of $16 million in 2025, a significant reduction of 67.81% from the $48 million loss in 2024[15] - The gross profit for the year ended December 31, 2025, was about $1.48 million, down 31.8% from $2.17 million in 2024, with a gross margin of 11.32%[37][40] - The company’s Ibam project has an estimated resource of approximately 151 million tons with an average grade of 46.5% iron, with a mining period expected to exceed 26 years[36] Operational Efficiency - The company aims to strengthen cost control and inventory management to ensure cash flow remains within a controllable range[11] - The company has implemented strict cost control measures, including optimizing labor efficiency and conducting salary reviews, with no capital expenditures reported for the quarters ending September 30 and December 31, 2025[27] - The company is committed to sustainable development and compliance optimization of its mining assets while navigating market uncertainties[15] - The company is focused on enhancing its financial systems and project feasibility assessments to drive growth[189] Market Strategy - The plant stem cell business experienced a slight decline in sales revenue due to macroeconomic changes and market demand fluctuations[11] - The company continues to focus on research and development, optimizing product quality and expanding application scenarios in plant stem cell extraction[10] - Future strategies include enhancing operational efficiency and product value while adhering to green production principles[13] - The company is exploring the diversity of plant stem cell applications and expanding its product offerings to include skincare and beauty products[18] - The company maintains a B2B business model, supplying health products to health management platforms and distributors, which helps expand market coverage[19] Debt and Financial Management - The company has ongoing debt restructuring efforts, including comprehensive proposals for debt settlement and equity swaps, and has achieved a waiver of approximately $9.9 million in accrued interest, alleviating financial burdens[26] - The company aims to improve liquidity and advance debt restructuring in 2026, with ongoing communications with potential investors and financial institutions for viable restructuring solutions[30] Environmental and Social Responsibility - The company is committed to integrating sustainability concepts into daily operations and continuously seeks opportunities to improve performance and corporate strategy[139] - The company has updated its "green policy" to align with sustainable development goals, ensuring compliance with environmental regulations in Hong Kong, China, and Malaysia[140] - The company adheres to all relevant environmental laws and regulations, with no confirmed incidents of non-compliance reported[140] - The company encourages employee participation in community service to contribute to a sustainable and harmonious society[179] Corporate Governance - The board consists of three executive directors and three independent non-executive directors, ensuring compliance with corporate governance standards[84] - The company has adhered to the corporate governance code and has implemented measures to maintain accountability and transparency[79] - The audit committee reviewed the financial statements for the year ending December 31, 2025, confirming compliance with applicable accounting standards and regulations[93] - The company has established a shareholder communication policy to ensure equal treatment and timely information dissemination to all shareholders[114] Employee Management - The company employed 49 employees in 2025, an increase of 22.5% from 40 employees in 2024[159] - The employee turnover rate for those aged 30 or below was 10.20% in 2025, down from 15.00% in 2024[163] - The company has implemented policies to ensure a safe and healthy work environment, with no reported injuries in the fiscal years 2024 and 2025[165] - The company has a commitment to training, with 85% of management and 85% of other staff receiving training in 2025[170] Risk Management - The main risk identified for 2025 is the potential decrease in business due to economic recession or political environment changes, particularly affecting steel demand[108] - The company has established a corporate risk management framework since 2016, following the COSO framework for effective risk management[107] - The risk register is maintained to track all identified major risks, with assessments conducted at least annually[110]

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，並明確表示概不就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之任何損失承擔任何責任。 本公佈乃遵照香港聯合交易所有限公司GEM證券上市規則（「GEM上市規則」）之規定而提供有 關擎華控股集團有限公司之資料。擎華控股集團有限公司各董事願就本公佈共同及個別承擔 全部責任，並經作出一切合理查詢後確認，就彼等所知及所信，本公佈所載之資料在各重大方 面均屬準確及完整，且無誤導或欺詐成份；及本公佈並無遺漏任何其他事實致使本公佈所載 任何聲明產生誤導。 Qing Hua Holding Group Company Limited 擎華控股集團有限公司 （股份代號：8082） （於開曼群島註冊成立並於百慕達存續之有限公司） 截至二零二五年十二月三十一日止年度之年度業績公佈 董事（「董事」）會謹此提呈擎華控股集團有限公司（前稱光尚文化控股有限公司）（「本公司」）及 其附屬公司（統稱「本集團」）截至二零二五年十二月三十一日止年度之綜合業績，連同截至二 零二四年十二月三十一日止年度之比較數字如下： 綜合損益及其 ...

Financial Performance - For the year ended December 31, 2025, the group's revenue was approximately RMB 20,026.9 million, an increase of about RMB 4,409.5 million or approximately 28.2% compared to the same period in 2024[2]. - The loss attributable to the owners of the company for the year ended December 31, 2025, was approximately RMB 635.0 million, with a basic and diluted loss per share of RMB 0.417[2]. - The company reported a total comprehensive loss of RMB 731.5 million for the year ended December 31, 2025, compared to RMB 343.7 million in 2024[6]. - The group reported a net loss attributable to equity holders of RMB 634,991,000 for 2025, compared to a loss of RMB 291,070,000 in 2024, indicating a deterioration in financial performance[32]. - The group recorded an operating loss of RMB 464.7 million for the year ended December 31, 2025, an increase of RMB 325.1 million compared to RMB 139.6 million in the same period of 2024[63]. Revenue Breakdown - Revenue from automobile sales and other income was RMB 17,895,990 thousand in 2025, up from RMB 13,373,660 thousand in 2024, representing a 33.0% growth[24]. - Revenue from after-sales services decreased slightly to RMB 2,098,772 thousand in 2025 from RMB 2,200,713 thousand in 2024, a decline of 4.6%[24]. - Revenue from financing lease services was RMB 32,115 thousand in 2025, down from RMB 43,074 thousand in 2024, a decrease of 25.4%[24]. - Revenue from mainland China was RMB 11,452,080 thousand in 2025, down 17.2% from RMB 13,828,956 thousand in 2024[22]. - Revenue from Hong Kong and overseas markets surged to RMB 8,574,797 thousand in 2025, a significant increase from RMB 1,788,491 thousand in 2024, representing a growth of 380.5%[22]. Sales Performance - The new car sales for the year ended December 31, 2025, reached 71,498 units, representing a year-on-year increase of 77.6%, with sales in Hong Kong and overseas accounting for 40,499 units, an increase of approximately 4.8 times compared to 2024[2]. - The sales volume in Hong Kong and overseas markets was 40,499 units, accounting for 56.6% of total sales, while domestic sales slightly decreased to 30,999 units, representing 43.4% of total sales[44]. - In 2025, the total sales volume reached 71,498 units, representing a strong year-on-year growth of 77.6%, significantly exceeding the overall market growth rate[44]. Assets and Liabilities - The total assets as of December 31, 2025, amounted to RMB 12,903.9 million, compared to RMB 12,247.3 million in 2024[7]. - The total liabilities as of December 31, 2025, were RMB 7,849.6 million, an increase from RMB 7,094.1 million in 2024[8]. - The cash and bank balances as of December 31, 2025, were RMB 1,561.8 million, compared to RMB 1,108.0 million in 2024[7]. - The inventory as of December 31, 2025, was RMB 2,351.9 million, an increase from RMB 1,921.9 million in 2024[7]. - Trade receivables at the end of 2025 amounted to RMB 388,198,000, up from RMB 285,972,000 in 2024, showing a growth of 36%[35]. Expenses - Employee costs, including director remuneration, increased to RMB 722,806,000 in 2025 from RMB 515,248,000 in 2024, representing a rise of 40%[30]. - The cost of automobile sales for 2025 was RMB 17,401,323,000, compared to RMB 13,456,049,000 in 2024, reflecting an increase of 29%[30]. - The company’s sales and distribution expenses increased by 42.6% to RMB 1,291.0 million, attributed to the expansion of the international distribution network[61]. - The company’s administrative expenses rose by 51.5% to RMB 568.4 million, driven by increased employee costs and marketing expenses[61]. - Financial expenses for 2025 totaled RMB 249,314,000, up from RMB 174,573,000 in 2024, marking an increase of 43%[29]. Strategic Initiatives - The company plans to explore increasing its business share in the new energy vehicle network sector, focusing on mainstream new energy vehicle brands in first and second-tier cities[48]. - The company has established strategic partnerships with leading battery suppliers to expand local electric vehicle and battery production in China[42]. - The company aims to accelerate the penetration and expansion of new energy vehicles in Hong Kong and overseas markets, enhancing core competitiveness[51]. - The company adjusted its wholesale and retail targets, reducing them by nearly 15% and 18% respectively, to effectively curb losses and reverse operational difficulties[46]. Corporate Governance - The company has complied with the Corporate Governance Code and maintains high standards of corporate governance[91]. - The audit committee, consisting of three independent non-executive directors, has reviewed the annual performance for compliance with relevant accounting standards and regulations[99]. - The annual performance announcement has been published on the Hong Kong Stock Exchange and the company's website, with the annual report to be sent to shareholders as required[100].

Financial Performance - The company reported a total revenue of HKD 342,056,000 for the year ending December 31, 2025, compared to HKD 34,180,000 in 2024, indicating a significant increase[2]. - The cost of revenue was HKD 580,089,000, resulting in a gross loss of HKD 238,033,000 for 2025, compared to a gross loss of HKD 185,137,000 in 2024[2]. - The company incurred an operating loss of HKD 507,893,000 in 2025, up from an operating loss of HKD 273,939,000 in 2024, reflecting a worsening financial performance[2]. - The net loss for the year was HKD 498,349,000, compared to a net loss of HKD 260,818,000 in the previous year, representing an increase of approximately 91%[3]. - The company reported a comprehensive loss of HKD 457,856,000 for the year, compared to a comprehensive loss of HKD 299,153,000 in 2024, indicating a significant increase in losses[3]. - The company reported a loss attributable to owners of the company of HKD 498,349,000 in 2025, compared to a loss of HKD 260,818,000 in 2024, indicating a deterioration in performance[31]. - Basic loss per share was HKD (0.14) in 2025, compared to HKD (0.07) in 2024, showing a decline in earnings per share[31]. - The company reported a net cash outflow from operating activities of HKD 45,486,000 for the year ending December 31, 2025[79]. Assets and Equity - Total assets decreased to HKD 1,387,693,000 in 2025 from HKD 1,948,156,000 in 2024, indicating a decline of about 29%[4]. - The company's total equity fell to HKD 696,559,000 in 2025 from HKD 1,154,415,000 in 2024, a decrease of approximately 40%[5]. - Cash and cash equivalents decreased to HKD 88,056,000 in 2025 from HKD 144,987,000 in 2024, a decline of about 39%[4]. - The group's current assets net value as of December 31, 2025, was HKD 33,279,000, a significant decrease from HKD 473,962,000 in 2024, with cash and cash equivalents at HKD 88,056,000, down from HKD 144,987,000[53]. - The current ratio as of December 31, 2025, was approximately 1.05, compared to 1.65 in 2024, indicating a decline in liquidity[53]. - Total equity as of December 31, 2025, was HKD 696,559,000, down from HKD 1,154,415,000 in 2024, with no borrowings reported, compared to HKD 42,440,000 in borrowings in 2024[53]. Revenue Sources - The group's revenue for the year 2025 reached HKD 342,056,000, a significant increase from HKD 34,180,000 in 2024, representing a growth of approximately 900%[21]. - The group's share of box office revenue for 2025 was HKD 286,876,000, compared to HKD 63,580,000 in 2024, indicating a growth of about 351%[21]. - The group reported a net loss from film investment of HKD 4,942,000 in 2025, a recovery from a loss of HKD 50,785,000 in 2024[21]. - Government grants received amounted to HKD 9,850,000 in 2025, down from HKD 12,227,000 in 2024, reflecting a decrease of approximately 19%[23]. - The group confirmed revenue from film investment amounts of approximately HKD 56,866,000, down from HKD 112,086,000 in 2024[43]. Financial Obligations and Liabilities - The company recognized contract liabilities of HKD 76,448,000 in 2025, up from HKD 16,671,000 in 2024, indicating a significant increase in obligations[38]. - The group had contract liabilities related to film and television rights prepayments of approximately HKD 76,448,000, up from HKD 15,915,000 in 2024[39]. - As of December 31, 2025, the group had outstanding film investment amounts payable to an investor of HKD 222,216,000[42]. - Impairment losses on film and television rights increased to HKD 184,520,000 from HKD 216,000 in 2024, reflecting reduced expected revenue[51]. Cost Management - The company is implementing cost control measures, including management salary adjustments and streamlining administrative costs, to improve cash flow[10]. - The total cost of revenue, sales and distribution costs, and administrative expenses rose significantly to HKD 856,818,000 in 2025 from HKD 425,293,000 in 2024, reflecting a 101.0% increase[28]. - Employee benefits expenses (excluding director remuneration) increased to HKD 54,934,000 in 2025 from HKD 46,153,000 in 2024, representing a growth of 18.1%[28]. - Advertising and marketing expenses surged to HKD 156,627,000 in 2025, up from HKD 83,667,000 in 2024, marking an increase of 87.2%[28]. Future Outlook and Strategies - The company expects to receive HKD 84,833,000 from a new investor and an additional HKD 140,267,000 in April 2026, which may improve cash flow[8]. - The company is actively working on releasing several films, which are expected to generate revenue during the cash flow forecast period[8]. - The company aims to enhance operating cash flow and working capital by accelerating the collection of outstanding receivables and obtaining additional financing sources[10]. - The company is focused on improving cash flow by deferring discretionary capital expenditures when necessary[10]. - The outlook for 2026 suggests potential recovery in the Chinese film industry, supported by government policies aimed at promoting cinema consumption[64]. - The company aims to leverage new technologies such as AI to enhance operational efficiency and open new creative avenues in the film industry[64]. - The company will continue to deepen its core strategy of high-quality content, with upcoming films including "Alone on Stage" and "In the Name of the Father" scheduled for release in the next year[65]. - The group plans to explore and promote the application of AI technology in film production and operations to shorten production cycles and enhance cost management, thereby improving overall competitiveness[65]. Compliance and Governance - The financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards and the Companies Ordinance[12]. - The company has adopted new and revised standards effective from January 1, 2025, with no significant impact expected on current or future periods[14]. - The company is committed to ensuring compliance with financial reporting standards and improving transparency in financial disclosures[12]. - The company has adopted the standard code of conduct for securities trading as per the listing rules, ensuring compliance with regulations[69]. - The company has reminded all directors of the importance of adhering to the standard code when trading the company's shares to prevent future violations[73]. - The audit committee has reviewed the accounting principles and internal controls related to the financial reporting for the year ending December 31, 2025[80]. - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2025[78]. - The company has arranged training for its directors to enhance their knowledge and skills in corporate governance practices[74]. Workforce and Employment - The company employed 50 full-time employees as of December 31, 2025, down from 85 in 2024, indicating a reduction in workforce[61].

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 127,350,000, an increase of 5.2% compared to RMB 121,076,000 in 2024[3] - The net loss for the year was RMB 359,880,000, representing a 19.6% increase from RMB 300,936,000 in 2024[3] - Basic and diluted loss per share increased to RMB 37.01 from RMB 30.05, a difference of RMB 6.96[3] - Total revenue increased from approximately RMB 121.1 million for the year ended December 31, 2024, to approximately RMB 127.4 million for the year ended December 31, 2025, driven by an increase in other income and net gains[53] - Other income and net gains rose by 4.6% from approximately RMB 119.8 million for the year ended December 31, 2024, to approximately RMB 125.3 million for the year ended December 31, 2025, primarily due to realized and unrealized gains from equity investments[55] - The company reported a total comprehensive loss of RMB 391,377,000 for 2025, compared to RMB 280,376,000 in 2024, an increase of 39.7%[104] Research and Development - Research and development costs rose by 35.3% to RMB 409,053,000 from RMB 302,394,000 in the previous year[3] - The ASC30 small molecule GLP-1 oral tablet for obesity showed a weight loss of up to 7.7% after placebo adjustment, with Phase III trials expected to start in Q3 2026[5] - ASC40, an oral FASN inhibitor, achieved a treatment success rate of 33.2% compared to 14.6% in the placebo group, with significant improvements in skin lesion counts[6] - ASC39, a selective oral GLP-1 receptor agonist, is expected to submit an IND to the FDA in Q3 2026[5] - ASC36, a monthly injectable GLP-1 receptor agonist, is anticipated to submit an IND to the FDA in Q2 2026[5] - The ASC30 oral formulation for obesity showed a statistically significant and clinically meaningful average weight loss of 5.4%, 7.0%, and 7.7% for doses of 20 mg, 40 mg, and 60 mg respectively, in a 13-week Phase II study[14] - The ASC30 oral formulation for diabetes treatment is undergoing a 13-week Phase II study in the U.S. with approximately 100 participants, expected to report top-line data in Q3 2026[18] - The ASC30 subcutaneous depot formulation for obesity treatment achieved a statistically significant average weight loss of 6.3% after 12 weeks and 7.5% after 16 weeks in a Phase II study involving 65 participants[19] Financial Position - The group's cash and cash equivalents, along with other financial instruments, amounted to approximately RMB 1,932.6 million as of December 31, 2025, compared to RMB 1,980.8 million as of December 31, 2024[7] - Cash and cash equivalents increased from RMB 864,326,000 in 2024 to RMB 1,443,513,000 in 2025, marking a growth of 67.0%[83] - Total liabilities decreased from RMB 145,188,000 in 2024 to RMB 121,789,000 in 2025, reflecting a reduction of 16.1%[80] - The company's accrued expenses increased from approximately RMB 66.0 million in 2024 to approximately RMB 69.4 million in 2025, mainly due to R&D expenses incurred but not yet invoiced[80] - The current ratio increased from 12.9 as of December 31, 2024, to 15.1 as of December 31, 2025, while the quick ratio increased from 12.8 to 15.0 during the same period[96][98] Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[161] - The board believes that having the same individual serve as both the chairman and CEO enhances efficiency in leading and managing the company[161] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[175] Clinical Trials and Pipeline Development - The group has made progress in its pipeline for metabolic diseases, immune diseases, and expanded indications, including the exclusive licensing of ASC40 for acne in the Greater China region[11] - The company plans to submit IND applications for multiple obesity treatments to the FDA in 2026, indicating ongoing commitment to product development[54] - The company is focused on research and development (R&D) in the pharmaceutical sector, particularly in innovative drug therapies[173] - The company is exploring potential collaborations and partnerships to enhance its market presence and product offerings[173] Shareholder Actions - The company repurchased a total of 9,726,000 shares for RMB 81,578,000 during 2025, with the highest price per share being HKD 14.80[146] - The company issued 28,820,000 shares at a net amount of RMB 427,975,000 in 2025, with RMB 21,000 allocated to share capital and the remainder to share premium[149] - The company raised approximately HKD 474.09 million from the 2025 subscription, with a net amount of about HKD 468.8 million allocated 90% for R&D of peptide candidates for obesity clinical trials and 10% for working capital and general corporate purposes[153]

Financial Performance - The total revenue for the fiscal year ending December 31, 2025, was approximately RMB 334,030 thousand, a decrease of about RMB 87,665 thousand or 20.79% compared to 2024[4] - Gross profit for the same period was approximately RMB 103,972 thousand, down by RMB 21,100 thousand or 16.87% from 2024[4] - The profit attributable to the owners of the company was approximately RMB 48,008 thousand, a decline of RMB 41,876 thousand or 46.59% compared to the previous year[4] - Basic and diluted earnings per share for the fiscal year were RMB 0.38, with no dividends declared[4] - The group reported revenue from capacitor film products of RMB 334,030 thousand for the year ending December 31, 2025, a decrease of 20.8% compared to RMB 421,695 thousand in 2024[16] - The net profit attributable to the company's owners for the year ending December 31, 2025, is RMB 48,008,000, a decrease of 46.4% from RMB 89,884,000 in 2024[26] - Sales costs amounted to RMB 230,058 thousand, accounting for 68.9% of total revenue, which is a decrease of 22.44% compared to the previous year[36] - The gross profit margin improved to 31.1%, an increase of 1.4 percentage points, attributed to enhanced cost management and timely adjustments in sales strategies[38] Assets and Liabilities - Non-current assets totaled RMB 398,383 thousand as of December 31, 2025, compared to RMB 210,725 thousand in 2024[6] - Current assets increased to RMB 798,076 thousand in 2025 from RMB 551,853 thousand in 2024[6] - The company's total assets less current liabilities amounted to RMB 1,159,751 thousand, up from RMB 687,201 thousand in 2024[6] - The company's equity attributable to owners was RMB 1,155,668 thousand, compared to RMB 680,761 thousand in the previous year[7] - The total liabilities decreased to RMB 28,294,000 in 2025 from RMB 52,415,000 in 2024, indicating a reduction of approximately 46.0%[30] - The group's total liabilities decreased from approximately RMB 76,559 thousand as of December 31, 2024, to approximately RMB 37,336 thousand as of December 31, 2025, mainly due to a reduction in current liabilities and bank borrowings[49] - The group's debt-to-equity ratio decreased from 3.5% as of December 31, 2024, to 0.78% as of December 31, 2025, primarily due to fundraising from the Hong Kong stock market and operational profits[55] Cash Flow and Financing - The net cash generated from operating activities for the year ending December 31, 2025, is approximately RMB 85,978 thousand, an increase of approximately RMB 34,492 thousand compared to the pre-tax profit of RMB 51,486 thousand[51] - Cash and cash equivalents increased from approximately RMB 137,288 thousand as of December 31, 2024, to approximately RMB 442,441 thousand as of December 31, 2025, primarily due to proceeds from the H-share listing[54] - The group’s financing costs decreased to RMB 1,998 thousand in 2025 from RMB 2,405 thousand in 2024, reflecting a reduction of 16.9%[21] - The actual interest rate on fixed-rate bank borrowings decreased to 0.9% in 2025 from 4.0% in 2024[29] Market and Industry Outlook - The global capacitor film market is projected to reach RMB 7.6 billion by 2029, with a compound annual growth rate (CAGR) of 15.5% from 2025 to 2029[68] - The capacitor base film market in China is projected to grow from 113,400 tons in 2024 to 224,100 tons by 2029, with a compound annual growth rate of 14.1%, driven by the rapid development of downstream new energy vehicles, photovoltaic energy storage, and AI sectors[72] - The rapid development of downstream new energy vehicles and AI industries presents significant market opportunities for the company[70] Strategic Initiatives - The company plans to continue enhancing its product offerings and market expansion strategies in response to the changing market dynamics[34] - The company aims to enhance its market leadership by focusing on the rapid development of new energy vehicles, new energy power systems, and the AI industry[74] - The company plans to use funds raised from its successful listing on the Hong Kong Stock Exchange to expand production capacity and develop cutting-edge technologies for ultra-thin capacitor base films with thicknesses below 2.5 microns[73] - The company is actively promoting the localization of core raw materials to reduce reliance on imports and enhance pricing power[75] Corporate Governance and Compliance - The company has adopted corporate governance standards to enhance shareholder value and ensure transparency[91] - The audit committee has reviewed the financial statements for the year ending December 31, 2025, and found no discrepancies[89] - The company confirms compliance with the standards for securities trading since its listing date[93] - The company has not reported any violations of information disclosure regulations by employees since its listing[93] Research and Development - The group will enhance R&D investment to focus on cutting-edge technologies such as ultra-thin capacitor films to maintain market competitiveness[77] - The company plans to continue the development of ultra-thin capacitor base films with a thickness of less than 2.5 microns and promote the localization of raw material supply[70] Production and Capacity Expansion - The company has established a new production base for capacitor base films in South China, enhancing its manufacturing capabilities[102] - The company is focusing on the procurement of production line supporting equipment to improve operational efficiency[102] - The company plans to add five new production lines for capacitor films in southern China to meet long-term demand and achieve economies of scale[78]

Financial Performance - The company reported a total revenue of RMB 7,345.0 million for the year ended December 31, 2025, a decrease of 14.7% compared to RMB 8,608.9 million in 2024[4]. - The net loss attributable to the owners of the company was RMB 245.1 million, compared to a loss of RMB 213.0 million in 2024, resulting in a basic and diluted loss per share of RMB 0.41[3][6]. - New car sales volume decreased by 11.0% to 24,116 units, with new car sales revenue declining by 13.9% to RMB 6,048.0 million[4]. - The gross profit for the year was RMB 4.4 million, with a gross margin of 0.1%, an improvement from a gross loss of RMB 29.8 million and a gross loss margin of 0.3% in 2024[4]. - The company recorded a pre-tax loss of RMB 239.2 million, compared to a pre-tax loss of RMB 187.7 million in the previous year[4][6]. - Total revenue for 2025 was RMB 7,345,048,000, a decrease of 14.6% from RMB 8,608,890,000 in 2024[19]. - Revenue from automobile sales in 2025 was RMB 6,355,564,000, down 14.7% from RMB 7,454,640,000 in 2024[19]. - After-sales service revenue decreased to RMB 989,484,000 in 2025 from RMB 1,154,250,000 in 2024, a decline of 14.3%[19]. - Other income totaled RMB 433,686,000 in 2025, a significant drop of 30.4% compared to RMB 622,290,000 in 2024[22]. - Basic and diluted loss per share for 2025 was RMB (0.41), compared to RMB (0.36) in 2024[32]. Assets and Liabilities - Total non-current assets decreased to RMB 2,239.2 million from RMB 2,432.9 million in 2024, primarily due to a reduction in property, plant, and equipment[8]. - Current assets decreased to RMB 2,898.1 million from RMB 3,232.2 million in 2024, with inventory decreasing to RMB 874.7 million[8]. - The company’s total liabilities decreased to RMB 3,095.9 million from RMB 3,411.2 million in 2024, reflecting a reduction in bank loans and other borrowings[9]. - The net asset value of the company was RMB 2,041.3 million, down from RMB 2,254.0 million in 2024[9]. Operational Strategies - The company continues to focus on the automotive sales and service sector, with all revenue and operating profit derived from this segment in China[16]. - The company implemented a multi-faceted strategy to address market challenges, achieving new car sales of 24,116 units despite economic fluctuations and industry price wars[54]. - The company enhanced its procurement management and optimized inventory structure, significantly improving cash flow stability and operational efficiency throughout 2025[54]. - The after-sales business is positioned as a core profit growth point, with an 18% year-on-year increase in renewal policy volume and a 14% increase in renewal premiums, leading to a 6 percentage point rise in renewal penetration rate[55]. - The retail service experience was optimized, increasing the retail proportion to 34%, alongside the introduction of a three-fold certification and a 7-day no-reason return policy to build consumer trust[58]. Market and Economic Outlook - In 2025, the GDP of Shaanxi Province grew by 5.1% to RMB 36,551.10 billion, with the automotive manufacturing sector increasing by 20.2%[43]. - The overall retail sales of consumer goods in Gansu Province increased by 2.5%, with new energy vehicle retail sales growing by 35.5%[44]. - In 2025, China's automobile production and sales reached 34.53 million and 34.40 million units, respectively, maintaining the world's largest market position[45]. - New energy vehicles accounted for 47.9% of total automobile sales in 2025, an increase of 7 percentage points from the previous year[45]. - The competitive landscape in the automotive market intensified in 2025, with over half of dealers failing to meet their annual sales targets due to ongoing price wars and market pressures[51]. Digital Transformation and Customer Engagement - The digital management platform implemented an intelligent early warning system to identify customer churn risks, successfully converting risk points into value enhancement points[61]. - The company aims to deepen customer operations through a data-driven approach, enhancing customer value and loyalty over their entire lifecycle[61]. - The digital transformation strategy emphasizes technology empowerment and data-driven decision-making, aiming for a fully integrated digital ecosystem[63]. - As of the end of 2025, the cumulative registered users in the membership center reached 384,080, with significant improvements in user engagement and repurchase rates due to personalized service strategies[65]. Future Plans and Projections - The economic growth forecast for China in 2026 has been adjusted to 4.5%, up by 0.3 percentage points from previous estimates[98]. - The Chinese government aims for a GDP growth target of around 5% for 2026, with a focus on maintaining stable economic performance[99]. - The group plans to expand its brand network in key regions like Shaanxi and Gansu, while deepening partnerships with leading new energy brands to increase market penetration[104]. - By 2026, the automotive market competition is expected to intensify, prompting the group to focus on core operational indicators and implement a "model battle" strategy to improve profitability[106]. - The group will enhance its digital transformation, optimizing customer relationship management and improving sales team capabilities to meet 2026 sales targets[106].