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，並明確表示概不會就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。 Radiance Holdings (Group) Company Limited 金輝控股（集團）有限公司 1 • 收入約為人民幣14,193.8百萬元。 • 於二零二五年十二月三十一日，總有息負債為人民幣23,468.4百萬元，較二零 二四年十二月三十一日的人民幣24,602.2百萬元下降人民幣1,133.8百萬元。 • 加權平均債務成本為4.85%，較二零二四年同期5.26%下降0.41個百分點。 截至二零二五年十二月三十一日止年度之全年業績公告 金輝控股（集團）有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司 及其附屬公司（統稱「本集團」、「我們」、「我們的」或「我們」）截至二零二五年十二月 三十一日止年度的綜合業績，連同上一財政年度的比較數字如下： 綜合損益及其他全面收入表 截至二零二五年十二月三十一日止年度 | | | 二零二五年 | 二零二四年 | | --- | --- ...

Financial Performance - For the fiscal year ending December 31, 2025, the revenue was approximately RMB 1,119.8 million, a decrease of about 5.8% compared to the fiscal year ending December 31, 2024[2]. - The gross profit for the fiscal year ending December 31, 2025, was approximately RMB 190.8 million, down approximately 8.4% from the previous year[2]. - The net loss for the fiscal year ending December 31, 2025, was approximately RMB 8.7 million, an increase of about 141.7% compared to the previous year[2]. - The adjusted net profit for the fiscal year ending December 31, 2025, was approximately RMB 17.9 million, an increase of about 43.2% from the previous year[2]. - Revenue from hospital operations decreased by approximately 3.9% to RMB 914.6 million for the year ended December 31, 2025, down from RMB 952.0 million for the year ended December 31, 2024[48]. - Revenue from the supply of pharmaceuticals, medical equipment, and consumables decreased by approximately 11.3% to RMB 169.1 million for the year ended December 31, 2025, down from RMB 190.7 million for the year ended December 31, 2024[48]. - The group recorded a loss of RMB 8.7 million for the year ending December 31, 2025, compared to a loss of RMB 3.6 million for the year ending December 31, 2024[62]. - The company reported a total comprehensive loss of RMB 21,384,000 for the year, compared to a loss of RMB 2,287,000 in the previous year[114]. - The company did not recommend any final dividend for the year ended December 31, 2025[111]. Cash Flow and Assets - The operating cash flow for the fiscal year ending December 31, 2025, was approximately RMB 222.3 million, an increase of about 31.9% year-over-year[3]. - Cash and cash equivalents as of December 31, 2025, were approximately RMB 616.0 million, an increase of about 109.4% compared to the previous year[3]. - The company has a cash and cash equivalents balance of approximately RMB 616 million as of the end of 2025, providing solid support for digital infrastructure and service standardization initiatives[44]. - Cash and cash equivalents increased significantly to RMB 615,972,000 in 2025, up from RMB 294,240,000 in 2024, representing a growth of 109.5%[144]. - Total assets increased from RMB 2,203.1 million as of December 31, 2024, to RMB 2,556.1 million as of December 31, 2025, while total liabilities decreased from RMB 1,033.0 million to RMB 935.6 million, resulting in a decrease in the debt-to-asset ratio from approximately 46.9% to 36.6%[74]. - The company’s total liabilities decreased from RMB 1,033,020 thousand in 2024 to RMB 935,615 thousand in 2025, a reduction of about 9.4%[116]. - The company’s equity attributable to shareholders increased from RMB 1,069,240 thousand in 2024 to RMB 1,520,367 thousand in 2025, an increase of approximately 42.2%[116]. Operational Efficiency - The group launched an optimized version of the "Customer Standardized Service Manual," covering over 400 service touchpoints to enhance service management from experience-driven to standardized process management[19]. - The average waiting time for patients was reduced by approximately 30% due to the implementation of online appointment systems and additional blood collection windows at various hospitals[20]. - Patient satisfaction remained high, with over 13,000 patients participating in evaluations, and hospitals like Beijing Jingxi and Tianjin Shishi received ratings above 4.8 out of 5[21]. - The group established a comprehensive quality control system, integrating pre-, during-, and post-event quality control mechanisms, and launched a platform for reporting medical disputes[22]. - The group improved its digital quality management capabilities, with hospitals enhancing their electronic medical record systems and reducing regulatory violations by about 50%[24]. - The group implemented a dynamic monitoring model for operational costs, tracking key indicators such as labor costs and equipment depreciation in real-time[27]. Strategic Initiatives - The group initiated a strategic partnership with Ping An Insurance to explore the integration of medical services and commercial insurance payment systems, aiming to optimize patient structure and expand profit margins[15]. - The group aims to deepen its tumor management strategy and transition to a health management model covering the entire patient life cycle, responding to the aging population and rising cancer incidence[36]. - The group has developed an eight-link closed-loop service model for tumor management, addressing key pain points in current cancer treatment processes[37]. - The "155 strategy" framework has been established, focusing on customer satisfaction as the core measurement indicator for the next five years[39]. - The group is actively advancing revenue structure diversification to reduce reliance on traditional one-time medical service income[42]. - The group is implementing a "155 strategy" and a "dual-engine" approach focusing on standardization and intelligence to enhance operational efficiency[41]. Human Resources - The group has 2,561 medical professionals as of December 31, 2025, with 363 senior and associate senior physicians, representing 38% of the total physician count[16]. - The total employee costs for 2025 were RMB 318,335,000, slightly up from RMB 318,026,000 in 2024[133]. - The company has a total of 1,998 employees as of December 31, 2025, with a projected increase to 2,080 employees by December 31, 2024[93]. Governance and Compliance - The company has adhered to corporate governance codes and will continue to monitor its governance status[102]. - The audit committee, consisting of three independent non-executive directors, has reviewed the annual performance and recommended approval to the board[104]. - The company has established a comprehensive risk management system covering strategic, financial, market, operational, and compliance risks, ensuring zero records of corruption or bribery during the reporting period[30]. Market and Industry Trends - The group anticipates a continued trend in comprehensive oncology medical services as a core part of its business operations[46]. - The introduction of high-quality medical resources through partnerships with military hospitals has significantly improved technical penetration and customer acquisition capabilities in county markets[15]. - The group has achieved national recognition in preventive medicine with Hefei Baihui Hospital being designated as a member unit of the National Cardiovascular Disease Center Lifestyle Medical Alliance[13].

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 54,309,000, representing an increase from HKD 53,010,000 in 2024, which is a growth of approximately 2.4%[4] - Gross profit decreased to HKD 30,447,000 in 2025 from HKD 31,698,000 in 2024, reflecting a decline of about 3.9%[4] - The net loss attributable to equity holders of the company for 2025 was HKD 3,866,000, compared to a loss of HKD 807,000 in 2024, indicating a significant increase in losses[4] - The group reported a net loss of HKD 249,000 for 2025, compared to a profit of HKD 2,871,000 in 2024, marking a significant decline[34] - The company reported a basic and diluted loss per share of HKD 0.59 for 2025, compared to HKD 0.12 in 2024, indicating a worsening financial position[5] Assets and Liabilities - Total assets decreased to HKD 99,560,000 in 2025 from HKD 113,445,000 in 2024, a reduction of approximately 12.2%[6] - Total liabilities decreased to HKD 52,481,000 in 2025 from HKD 67,766,000 in 2024, a decline of about 22.5%[7] - Non-current assets totaled HKD 30,796,000 in 2025, down from HKD 39,336,000 in 2024, reflecting a decrease of approximately 21.7%[6] - The group's debt is approximately HKD 21.64 million as of December 31, 2025, compared to HKD 31.11 million on December 31, 2024, resulting in a leverage ratio of about 21.73%[65] - The net current assets are approximately HKD 23.46 million as of December 31, 2025, with a current ratio of about 1.52, up from 1.30 on December 31, 2024[65] Revenue Segmentation - Healthcare and medical business revenue reached HKD 48,353,000 in 2025, up from HKD 39,705,000 in 2024, reflecting a growth of approximately 21%[24] - Beauty and wellness business revenue decreased to HKD 5,956,000 in 2025 from HKD 13,305,000 in 2024, representing a decline of about 55%[24] - The healthcare and medical segment includes operations related to blood dialysis centers and hospitals[22] - The beauty and wellness segment focuses on the sale of beauty and wellness products and related services[22] Operational Changes - The group operates primarily in Hong Kong and the People's Republic of China, with business segments organized by the nature of operations and products or services offered[20] - The healthcare and medical business segment saw revenue growth due to increased capacity from relocating one of its hospitals[46] - The beauty and fitness business continued to incur losses, prompting the company to consider closing or selling its beauty clinics to mitigate further losses[48] Financial Management - Cash and cash equivalents at year-end were HKD 60,895,000, down from HKD 63,463,000 in 2024, a decrease of approximately 4.0%[6] - Trade receivables increased to HKD 3,593,000 in 2025 from HKD 3,441,000 in 2024, with a general credit period of 90 days[39] - Trade payables decreased significantly to HKD 2,183,000 in 2025 from HKD 4,041,000 in 2024, reflecting improved cash flow management[41] - Financing costs decreased to HKD 885,000 in 2025 from HKD 1,688,000 in 2024, a reduction of approximately 47.5%[33] - The group incurred a loss of HKD 206,000 in expected credit loss provisions for other receivables in 2025, down from HKD 435,000 in 2024, indicating an improvement[34] Corporate Governance - The board of directors has been identified as the primary decision-maker for the group, ensuring alignment in operational strategy and risk management[20] - The company has appointed a new independent non-executive director, effective July 1, 2025, to ensure compliance with corporate governance rules[85] - The audit committee consists of three independent non-executive directors, with one member possessing recognized accounting qualifications[88] - The company has established an internal audit function with the assistance of an external consultant to enhance risk management and internal controls[86] Compliance and Reporting - The group has adopted revised Hong Kong Financial Reporting Standards, which are not expected to have a significant impact on the financial position or performance of the group[14] - The financial statements for the year have been reviewed by the audit committee and are deemed to comply with applicable accounting standards[88] - The financial figures in the preliminary results announcement have been confirmed by the auditors as consistent with the audited financial statements[89] - The annual performance announcement has been published on the Hong Kong Stock Exchange and the company's website, with the 2025 annual report to be sent to shareholders by April 30, 2026[90] Dividends and Share Capital - The company did not declare any dividends for the fiscal year ending December 31, 2025, consistent with the previous year[38] - The company maintained a stable issued share capital of 659,894,693 shares for both 2025 and 2024, with a par value of HKD 0.20[44] Asset Sales and Transactions - The company has completed the sale of two beauty salons in Shenzhen for a total cash consideration of RMB 1,980,000 (approximately HKD 2,250,000)[81] - The sale of the salons includes the transfer of store assets and liabilities, effective from September 2025 and October 2025[81] - The transactions are classified as discloseable transactions under the listing rules, as the percentage ratio exceeds 5% but is below 25%[81] Employee and Resource Management - The group employed 122 employees in Hong Kong and China as of December 31, 2025[79] - The company plans to utilize the remaining HKD 42.4 million from the 2020 rights issue for management expenses if suitable acquisition targets are not identified[64]

Jilin Province Huinan Changlong Bio-pharmacy Company Limited （於中華人民共和國註冊成立之股份有限公司） （股份代號：8049） 二零二五年度業績公告 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 告 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。 吉林省輝南長龍生化藥業股份有限公司 中國吉林省 二零二六年三月三十一日 於 本 公 告 日 期，本 公 司 董 事 會 成 員 包 括 六 名 執 行 董 事 張 弘、張 曉 光、趙 寶 剛、 吳 國 文、張 翼 及 徐 向 夫；以 及 三 名 獨 立 非 執 行 董 事 白 君 貴、高 其 品 及 田 傑。 吉 林 省 輝 南 長 龍 生 化 藥 業 股 份 有 限 公 司（「本公司」）之 董 事 會（「董事會」）欣 然 宣 佈，本 公 司 及 其 附 屬 公 司 截 至 二 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 綜合損益表 NEW CITY DEVELOPMENT GROUP LIMITED 新城市建設發展集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：0456） 截至二零二五年十二月三十一日止年度之 業績公佈 財務摘要 全年業績 新 城 市 建 設 發 展 集 團 有 限 公 司（「本公司」）董 事 會（「董事會」）欣 然 公 佈 本 公 司 及 其 附 屬 公 司（統 稱 為「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 連同二零二四年度之比較數字如下： – 1 – • 營業額約為63,442,000港 元（二 零 二 四 年：98,607,000港元） • 本年度虧損約為226,739,000港 元（二 零 二 四 年：136,522,000港元） • 每股基本虧損為139.34港 仙（二 零 二 四 年：108.87港仙） 截至二零二五年十 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 234,486,000, an increase of 4.5% from HKD 223,973,000 in 2024[2] - Gross profit for the same period was HKD 128,674,000, up 15.3% from HKD 111,627,000 in 2024[2] - The company reported a net loss of HKD 343,216,000 for 2025, a decrease in loss of 17.4% compared to HKD 415,699,000 in 2024[3] - Basic and diluted loss per share for 2025 was HKD 0.93, improved from HKD 1.12 in 2024[3] - The total loss for the fiscal year ending December 31, 2025, was HKD 343,216,000, compared to a loss of HKD 415,699,000 for the fiscal year ending December 31, 2024, indicating a reduction in losses[19] Assets and Liabilities - Total assets decreased to HKD 2,334,076,000 in 2025 from HKD 2,599,323,000 in 2024, reflecting a decline of 10.2%[6] - Non-current assets decreased to HKD 1,877,254,000 in 2025 from HKD 2,133,143,000 in 2024, a reduction of 11.9%[5] - Current liabilities increased to HKD 1,074,862,000 in 2025 from HKD 1,029,812,000 in 2024, an increase of 4.4%[6] - Total equity attributable to owners of the company decreased to HKD 744,659,000 in 2025 from HKD 1,058,200,000 in 2024, a decline of 29.6%[6] Cash Flow and Financing - The company reported a foreign exchange gain of HKD 25,489,000 in 2025, compared to a loss of HKD 25,386,000 in 2024[4] - The company’s financing costs increased to HKD 90,623,000 in 2025 from HKD 71,863,000 in 2024, an increase of 25.9%[2] - The group plans to take proactive measures to recover receivables, sell non-core investment properties for immediate cash flow, and negotiate with lenders to extend existing borrowings[11] - The board has prepared cash flow forecasts excluding the operating cash flow and assets of Eternal Strategy Investment (China) Limited, believing that remaining business operations can meet liquidity needs for at least the next twelve months[10] Segment Performance - The group operates five business segments: property investment, sale of financial assets, lending, sale of jewelry products, and golf club operations[17] - For the fiscal year ending December 31, 2025, the total segment revenue was HKD 234,486,000, with the highest contribution from the golf operations segment at HKD 69,516,000[18] - Revenue from jewelry sales was HK$69,516,000 in 2025, slightly up from HK$69,284,000 in 2024[27] - Revenue from club activities was HK$65,499,000 in 2025, compared to HK$65,529,000 in 2024, indicating a stable performance[27] Impairments and Provisions - The company reported a loss of HK$50,911,000 from changes in the fair value of investment properties in 2025, an improvement from a loss of HK$50,911,000 in 2024[28] - The expected credit loss provision for loans receivable was HKD 12,733,000 for the fiscal year ending December 31, 2025[23] - The expected credit loss provision for receivables was HKD 12,733,000, a decrease of HKD 25,121,000 compared to the previous year[74] Corporate Governance - The board believes the company has complied with the corporate governance code throughout the year ending December 31, 2025, with some deviations noted[93] - The nomination committee currently consists of members of a single gender, which does not comply with the requirement to include at least one member of a different gender[94] - The company did not purchase directors' liability insurance during the year ending December 31, 2025, which is a deviation from the corporate governance code[95] Future Outlook and Strategies - The company plans to continue monitoring segment performance and resource allocation to improve overall financial health[20] - The company aims to enhance its marketing and leasing activities for commercial properties on targeted land to maintain high occupancy rates, focusing on the phased completion of four serviced apartment projects and two office buildings[90] - The company is exploring opportunities to expand into new business areas, including blockchain operations and customized hardware, although these initiatives are still in the conceptual stage[91]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue of approximately HKD 145,591,000, an increase of 144.3% compared to HKD 59,584,000 for the same period in 2024[3]. - The profit attributable to the owners of the company for the fiscal year was approximately HKD 12,482,000, compared to HKD 453,000 in 2024[5]. - The group’s revenue increased by 144% year-on-year to approximately HKD 145,600,000, with a profit attributable to owners of approximately HKD 12,500,000, marking a turnaround from loss to profit[28]. - The company's revenue for the year ending December 31, 2025, was HKD 145,591,164, a significant increase from HKD 59,583,826 in 2024, representing a growth of approximately 144.4%[43]. - Gross profit for 2025 reached HKD 81,126,480, compared to HKD 21,992,109 in 2024, indicating a gross margin improvement[43]. - Net profit for the year was HKD 12,480,561, a substantial rise from HKD 451,808 in the previous year, reflecting a year-over-year increase of over 2,600%[43]. - Basic earnings per share for 2025 was HKD 2.168, compared to HKD 0.086 in 2024, marking a significant increase[44]. - The company reported a profit attributable to owners of HKD 12,481,714,000 for 2025, a significant rise from HKD 452,961,000 in 2024[74]. Revenue Breakdown - The revenue from smart card contract production and sales was approximately HKD 56,000,000, a decrease of about 2.5% from HKD 57,400,000 in 2024[10]. - The revenue from smart card application system sales was HKD 12,490, with a profit of HKD 1,434, significantly lower than the previous year's revenue of approximately HKD 2,190,000 and profit of approximately HKD 1,670,000[11]. - The e-commerce business recorded revenue of approximately HKD 85.6 million, with a pre-tax profit of about HKD 42.2 million and a post-tax profit of around HKD 27.8 million during the reporting period[18]. - Revenue from private domain e-commerce operations amounted to HKD 85,646,035 in 2025, with no contribution in 2024[66]. - Revenue from providing artificial intelligence voice technology data services was approximately HKD 3,980,000 for the reporting period, compared to none in the previous year[88]. Investments and Future Plans - The company plans to increase resource investment to strengthen its competitive position in the international telecom SIM card OEM business while steadily expanding in the domestic market[12]. - The company aims to promote the development of eco-friendly materials, paper card packaging, and IoT cards to gradually expand its business scale and market influence[12]. - The company plans to allocate approximately 60% of the proceeds from the sale for investments in media and entertainment opportunities, with the remaining 40% for general operational funds[14]. - The company plans to promote the operation of a global digital gaming platform in 2026, focusing initially on Southeast Asia and Europe and America[32]. - The company plans to moderately increase resource investment in AI voice technology services in 2026 and is focusing on personalized customization service projects[26]. Assets and Liabilities - Total assets as of December 31, 2025, amounted to HKD 112,174,725, up from HKD 58,959,322 in 2024, showing a growth of approximately 90.5%[45]. - The total equity of the company increased to HKD 109,783,913 in 2025 from HKD 40,924,626 in 2024, reflecting a growth of approximately 168%[46]. - Total liabilities were HKD 28,859,956, with reportable segment liabilities at HKD 17,973,290[59]. - The current ratio improved to approximately 3.3, compared to 1.6 in the previous year, indicating better liquidity[103]. - The capital debt ratio was 3.9% as of December 31, 2025, a significant decrease from 26.3% in the previous year[109]. Corporate Governance and Management Changes - The company has adhered to the corporate governance code as outlined in the GEM Listing Rules Appendix C1, except for the separation of roles between the Chairman and CEO, which is currently held by the same individual[114]. - The company plans to separate the roles of Chairman and CEO, with the current CEO, Ms. Wu, resigning from the CEO position effective April 17, 2025, while continuing as Chairman[116]. - Mr. Zhang, who has been involved in the company's daily management and strategic planning, has been appointed as the new CEO effective April 17, 2025[116]. Miscellaneous - The company will not declare any final dividends for the fiscal year ending December 31, 2025[6]. - The company successfully divested its 30% investment rights in the TV drama "Snow Leopard 2" for a consideration of approximately HKD 26,593,800, achieving a slight premium over the original investment amount[13]. - The company reported a foreign exchange gain of HKD 1,036,320 in 2025, a turnaround from a loss of HKD 96,002 in 2024[43]. - The company is currently evaluating the impact of the new Hong Kong Financial Reporting Standards on future financial statements[55].

香港交易及結算所有限公司及聯交所對本公佈的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不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的任何損失承擔任何責任。 KPM HOLDING LIMITED 吉輝控股有限公 司* （於開曼群島註冊成立的有限公司） （股份代號：8027） 截至2025年12月31日止年度的 全年業績公佈 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM 的定位乃為相比其他在聯交所上市的公司帶有較高投資風險的中小型公司 提供一個上市的市場。有意投資人士應了解投資於該等公司的潛在風險，並應經 過審慎周詳考慮後方作出投資決定。 由於GEM 上市公司一般為中小型公司，在GEM 買賣的證券可能會較於主板買賣 的證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量 的市場。 綜合財務狀況表 於2025年12月31日 本公佈（吉輝控股有限公司（「本公司」）各董事（「董事」）願共同及個別對此承擔 全部責任）乃遵照聯交所GEM 證券上市規則（「GEM 上市規則」）的規定而提供有 關本公司的資料。各董事經作出一切合理查詢後確認，就彼等所深知及確信， ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 明 確 表 示 ， 概 不 對 因 本 公 告 全 部 或任何部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任 。 ( 於香港註冊成立的有限公司 ) (股份代號: 01203) 截至2025年12月31日止年度 之全年業績公告 | 截 至 12 月 | 31 | 日 止 年 度 之 財 務 摘 要 | | | | | --- | --- | --- | --- | --- | --- | | | | | 年 2025 | 年 2024 | | | | | | 千港元 | 千港元 | 變動 | | 收入 | | | 12,140,367 | 11,978,788 | 1% | | 經營溢利 | | | 187,638 | 236,146 | -21% | | 股東應佔溢利 | | | 111,616 | 140,754 | -21 ...

Revenue and Profitability - Revenue for the year ended December 31, 2025, increased by 14.9% to HKD 383,101,000 compared to HKD 333,376,000 in 2024[2] - Net profit for the year decreased by 8.0% to HKD 30,265,000, down from HKD 32,904,000 in the previous year[3] - Profit attributable to equity shareholders fell by 26.3% to HKD 23,814,000 compared to HKD 32,300,000 in 2024[3] - The reportable segment profit for 2025 was HKD 69,715,000, down from HKD 88,521,000 in 2024, indicating a decline of about 21.3%[24] - The group recorded a negative net cash position of HKD 7,980,000 as of December 31, 2025, down from HKD 26,990,000 in 2024[69] Assets and Liabilities - Total assets increased by 10.1% to HKD 607,286,000 from HKD 551,788,000 in 2024[2] - Non-current liabilities decreased from HKD 171,481,000 in 2024 to HKD 117,879,000 in 2025, representing a reduction of approximately 31.2%[6] - Total equity attributable to equity shareholders rose by 19.0% to HKD 215,160,000 compared to HKD 180,866,000 in 2024[2] - The company reported a significant increase in reserves from HKD 175,121,000 in 2024 to HKD 209,415,000 in 2025, which is an increase of around 19.6%[6] - The debt-to-equity ratio improved from 59.4% on December 31, 2024, to 46.3% on December 31, 2025[70] Cash Flow and Financial Position - Cash flow from operating activities for 2025 is approximately HKD 125,380,000, a significant increase from HKD 31,230,000 in 2024[67] - Cash and cash equivalents decreased by 34.7% to HKD 92,316,000 from HKD 141,480,000 in the previous year[2] - The company has a total of HKD 260,480,000 in prepaid items, significantly increasing from HKD 163,973,000 in 2024, an increase of 59%[32] - The group recorded cash and cash equivalents of approximately HKD 92,320,000 and trade receivables and other receivables totaling approximately HKD 54,010,000 as of December 31, 2025[71] Operational Performance - The company generated rental income of HKD 112,184,000 in 2025, compared to no rental income reported in 2024[25] - The total depreciation for the year was HKD 27,274,000, with HKD 23,709,000 attributed to the manufacturing and sales segment[23] - Research and development expenses increased to HKD 22,032,000 in 2025 from HKD 15,731,000 in 2024, reflecting a growth of approximately 40.0%[29] - The distribution costs for the fiscal year ending December 31, 2025, were approximately HKD 30.84 million, accounting for about 8.1% of the group's revenue[52] - The group recorded rental income of HKD 112.18 million for the fiscal year ending December 31, 2025, which was not present in the previous year[44] Employee and Operational Costs - The total employee costs for 2025 were HKD 131,500,000, slightly up from HKD 131,121,000 in 2024[28] - Administrative expenses for 2025 are approximately HKD 129,330,000, representing 33.8% of total revenue, an increase from 30.3% in 2024[53] - Employee costs for 2025 were approximately HKD 131,500,000, an increase from HKD 131,120,000 in 2024, primarily due to an increase in the number of full-time employees and average salaries[76] Shareholder and Corporate Governance - The company has not declared any dividends for the year ending December 31, 2025, consistent with 2024[37] - The board includes three independent non-executive directors to ensure good corporate governance and protect shareholder interests[86] - The company established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[92] - The audit committee held five meetings for the fiscal year ending December 31, 2025, to review financial performance and compliance procedures[93] Strategic Initiatives and Future Outlook - The company is exploring potential acquisitions to enhance its market position, with a budget of $500 million allocated for this purpose[104] - The group aims to develop a stable and sustainable business model focusing on light assets and stable cash flow amidst challenges in manufacturing and export due to geopolitical factors[83] - The company is in the process of negotiating the remaining conditions necessary to complete the share transfer agreement[98] - The company provided a forward guidance of 10% revenue growth for Q4 2023, projecting revenues between $1.3 billion and $1.4 billion[104]