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。 Holly Futures （ 於 中 華 人 民 共 和 國 （ 「 中 國 」 ） 註 冊 成 立 的 股 份 有 限 公 司 ， 中 文 公 司 名 稱 蘇 豪 弘 業 期 貨 股 份 有 限 公 司（前稱弘業期貨股份有限公司） ， 在 香 港 以 Holly Futures 的 名 義 開 展 業 務 ) ( 「 本 公 司 」 ) （股 份 代 號：3678） 截 至2025年12月31日止年度之年度業績公告 本 公 司 董 事 會（「董事會」）謹 此 宣 佈 本 公 司 及 其 附 屬 公 司（「本集團」）截 至2025年 12月31日 止 年 度 之 經 審 核 年 度 業 績。本 年 度 業 績 公 告 列 載 本 公 司2025年H股 年 度 報 告 全 文，並 符 合 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 ...

Financial Performance - The company recorded revenue of approximately RMB 75.6 million for the year ended December 31, 2025, a decrease of about 73.2% compared to RMB 282.1 million for the year ended December 31, 2024[2]. - The total comprehensive loss attributable to the company's owners for the year ended December 31, 2025, was approximately RMB 83.8 million, compared to a total comprehensive income of approximately RMB 54.0 million for the previous year[2]. - The gross profit for the year ended December 31, 2025, was RMB 3.1 million, down from RMB 15.7 million in 2024, indicating a significant decline in profitability[4]. - The company's operating loss for the year ended December 31, 2025, was RMB 81.4 million, compared to an operating profit of RMB 74.8 million in 2024[4]. - The company reported a basic loss per share of RMB 0.25 for the year ended December 31, 2025, compared to earnings per share of RMB 0.1765 in 2024[5]. - The company reported a loss before tax of RMB 85,088,000 for the year ended December 31, 2025, compared to a profit of RMB 66,665,000 in 2024[21]. - The income tax expense for 2025 was RMB 2,372,000, a decrease from RMB 4,942,000 in 2024[21]. - Basic loss per share for 2025 was RMB (25.00), compared to earnings of RMB 17.65 per share in 2024[24]. - The company did not declare a final dividend for the year ended December 31, 2025, consistent with 2024[22]. Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 1,154.1 million, an increase from RMB 1,015.9 million in 2024[6]. - The company's total equity decreased to RMB 462.1 million as of December 31, 2025, down from RMB 545.8 million in 2024[6]. - The company’s non-current liabilities rose significantly to RMB 551.2 million as of December 31, 2025, compared to RMB 73.7 million in 2024, primarily due to amounts payable to a former controlling shareholder[7]. - As of December 31, 2025, total borrowings amounted to approximately RMB 507.3 million, an increase from RMB 267.1 million as of December 31, 2024[88]. - The debt-to-equity ratio as of December 31, 2025, was approximately 52.3%, up from 32.9% as of December 31, 2024, primarily due to advances from a related company and a former controlling shareholder[89]. - The current ratio as of December 31, 2025, was approximately 2.12 times, an increase from 1.07 times as of December 31, 2024, mainly due to a significant reduction in current liabilities[89]. Impairment and Asset Management - The group recognized an impairment loss of RMB 50,858,000 for cash-generating units related to the Zhuge Shangyu titanium iron ore assets, with specific allocations of RMB 35,395,000 for property, plant, and equipment, RMB 9,776,000 for right-of-use assets, and RMB 5,687,000 for intangible assets[16]. - The group reported no net gain from the sale of mining rights and related assets for the year ended December 31, 2025, compared to a net gain of RMB 115,805,000 in 2024[18]. - The group recognized impairment losses of approximately RMB 35.4 million for property, plant, and equipment, RMB 9.8 million for right-of-use assets, and RMB 5.7 million for intangible assets as of December 31, 2025[97]. - A total impairment loss of approximately RMB 50.9 million was recognized due to the recoverable amount of certain assets being lower than their carrying value[99]. Operational Performance - The group’s processing service revenue decreased to RMB 8,712,000 in 2025 from RMB 38,066,000 in 2024, reflecting a significant decline in operational performance[17]. - The sales volume from trading activities for the year ended December 31, 2025, was 360.7 thousand tons, down from 673.0 thousand tons for the year ended December 31, 2024[76]. - The total sales cost for the year ended December 31, 2025, decreased by approximately RMB 193.9 million or 72.8% to about RMB 72.5 million, aligning with the drop in sales revenue[81]. - Other net income for the year ended December 31, 2025, was approximately RMB 27.4 million, down from RMB 123.4 million for the year ended December 31, 2024[85]. Future Plans and Investments - The company plans to strengthen the construction of the titanium iron ore industry chain and has initiated collaborations with various research institutions for technological advancements[48]. - The company has invested in new energy and logistics businesses, continuing to expand its operations in these sectors[47]. - The company aims to enhance its traditional iron and titanium mining operations while releasing new production capacity in response to market conditions[47]. - The company has signed a technical service contract with Shandong Zhaojin Geological Exploration Co., Ltd. to facilitate the approval process for the mining license and project[49]. - The company has completed the necessary environmental assessment and mining permit procedures for the Zhuge Shangyu mine, enabling it to commence mining operations[50]. - The company aims to leverage its logistics advantages in Xinjiang and Gansu to increase coal and coal product trading volumes, contributing to sustainable operations[51]. - The company plans to issue up to 175,143,264 new shares at a subscription price of HKD 2.88 per share, aiming to raise approximately HKD 504.4 million (net proceeds of about HKD 503.4 million) through a rights issue[105]. - The company has established a partnership to invest in mining businesses, with a total registered capital of RMB 221 million, where the company will contribute RMB 108 million, accounting for approximately 48.87% of the partnership's equity[109]. - The company plans to diversify its mining business by acquiring or investing in high-quality mining or natural resource assets, including gold and silver, to establish a long-term cash flow investment portfolio[113]. Corporate Governance and Compliance - The company has adopted the corporate governance code and believes it has complied with all relevant provisions during the year ending December 31, 2025[123]. - The audit committee, consisting of three independent non-executive directors, is responsible for overseeing the company's financial reporting and risk management systems[125]. - All directors have complied with the standards set forth in the code of conduct for securities transactions during the year ending December 31, 2025[122].

Financial Performance - Revenue for the year ended December 31, 2025, was HKD 796,041,000, representing an increase of 11.2% from HKD 715,682,000 in 2024[4] - Gross profit for the same period was HKD 324,332,000, up 13.2% from HKD 286,593,000 in 2024[4] - Net profit for the year decreased by 32.9% to HKD 56,633,000 from HKD 84,359,000 in 2024[4] - Total comprehensive income for the year was HKD 197,456,000, significantly higher than HKD 22,354,000 in 2024[6] - Basic earnings per share for 2025 was HKD 17.028, down from HKD 24.929 in 2024[6] - The company reported a net profit of HKD 56,633,000 for the year ended December 31, 2025, compared to HKD 84,359,000 in 2024, indicating a decrease of 32.9%[19] - The company's profit before tax for 2025 was HKD 102,438,000, a decrease of 19% from HKD 126,466,000 in 2024[31] - The income tax expense for 2025 was HKD 45,805,000, compared to HKD 42,107,000 in 2024, reflecting an increase of 6.4%[31] - Basic earnings per share for 2025 were HKD 17.028, down 31.5% from HKD 24.929 in 2024[33] - Diluted earnings per share for 2025 were HKD 17.026, a decrease of 31.5% from HKD 24.915 in 2024[34] Assets and Liabilities - Non-current assets increased to HKD 1,175,583,000 from HKD 885,835,000 in 2024, driven by higher property, plant, and equipment[7] - Total assets reached HKD 1,952,235,000, compared to HKD 1,599,435,000 in 2024[8] - Total liabilities increased to HKD 667,778,000 from HKD 473,721,000 in 2024, primarily due to higher lease liabilities[8] - The company reported a significant increase in goodwill, rising to HKD 369,870,000 from HKD 253,407,000 in 2024[7] - Cash and cash equivalents at year-end were HKD 695,541,000, compared to HKD 653,232,000 in 2024, indicating improved liquidity[7] Revenue Breakdown - The revenue from vision correction services was HKD 788,731,000 in 2025, up from HKD 710,875,000 in 2024, marking a growth of 10.9%[20] - The revenue from Germany in 2025 was HKD 426,788,000, up from HKD 385,195,000 in 2024, indicating a growth of 10.8%[21] - The revenue from external customers in the UK for 2025 was HKD 134,534,000, an increase from HKD 113,381,000 in 2024, showing a growth of 18.6%[21] - The revenue from training services in Denmark for 2025 was HKD 76,752,000, an increase from HKD 71,638,000 in 2024, reflecting a growth of 7.4%[21] - Revenue from the presbyopia treatment segment reached HKD 448.8 million, up 14.8%, while the Presbyond division generated HKD 33.2 million, an increase of 26.1%[46] - The group’s presbyopia treatment segment accounted for 61.2% of total revenue, up from 58.8% the previous year[46] Expenses - The total sales cost for the year ended December 31, 2025, was HKD 471,709,000, compared to HKD 429,089,000 in 2024, reflecting a rise of 9.9%[19] - The company’s total employee benefit expenses amounted to HKD 205,522,000 for the year ended December 31, 2025, compared to HKD 190,622,000 in 2024, indicating an increase of 7.8%[19] - Employee benefits expenses rose to HKD 266,647,000 in 2025, compared to HKD 246,932,000 in 2024, reflecting an increase of 7.9%[27] - The total expenses for the group in 2025 amounted to HKD 681,024,000, up from HKD 625,565,000 in 2024, marking a rise of 8.8%[27] - Sales expenses rose by 19.7% to approximately HKD 96.7 million, representing 12.1% of total revenue, compared to 11.3% last year[68] Financial Position - The group had outstanding borrowings of approximately HKD 300,000 as of December 31, 2025, down from HKD 900,000 in 2024[74] - The group has no long-term borrowings as of December 31, 2025, and continues to monitor its capital based on the debt-to-equity ratio[89] - The maximum credit risk faced by the company in 2025 was HKD 14,461,000, compared to HKD 5,469,000 in 2024[38] - The company recognized a provision for impairment of trade receivables amounting to HKD 830,000 in 2025, up from HKD 731,000 in 2024[38] Acquisitions and Future Plans - The company successfully completed an acquisition in Switzerland in October 2025, contributing HKD 11.8 million to total revenue, and is awaiting shareholder approval for a strategic acquisition in the Netherlands[47] - The total consideration for the acquisition of assets in Switzerland was CHF 12,010,000, equivalent to approximately HKD 117,029,043[80] - The company is planning a significant acquisition in the Netherlands, which is classified as a very substantial acquisition under the listing rules, requiring shareholder approval by June 30, 2026[99] - The company aims for a compound annual growth rate of 10% for revenue and 10% for EBITDA by the fiscal year ending December 31, 2028[57] Governance and Compliance - The group has complied with the corporate governance code, with a noted deviation regarding the roles of the Chairman and CEO being held by the same individual[85] - The audit committee, composed of three independent non-executive directors, reviewed the consolidated annual performance and confirmed compliance with relevant accounting standards and regulations[93] - The company has confirmed compliance with the standard code of conduct for securities trading by all directors for the fiscal year ending December 31, 2025[88] Shareholder Information - The company proposed a final dividend of HKD 0.0126 per share, amounting to approximately HKD 4,041,000, pending shareholder approval[96] - The company repurchased 5,211,000 shares, representing about 1.57% of the total issued shares as of the 2024 annual general meeting, at a total cost of HKD 18,331,120[94] - The net proceeds from the global offering, totaling approximately HKD 660.66 million, will be allocated for establishing clinics in major Chinese cities, potential acquisitions of clinic groups in Europe, increased marketing efforts, and general corporate purposes[91]

Financial Performance - The company's revenue for the year ended December 31, 2025, was approximately RMB 66,050,939,000, representing an increase of about 14.17% compared to RMB 57,852,731,000 in 2024[2] - Gross profit decreased by approximately 20.92% to RMB 1,281,123,000 from RMB 1,620,132,000 in the previous year[2] - Net profit for the year was approximately RMB 5,370,000, a decrease of about 44.04% from RMB 9,596,000 in 2024[2] - Basic earnings per share increased to RMB 0.30 from RMB 0.22 in the previous year[3] - The cost of sales for the year ending December 31, 2025, was approximately RMB 64,769,816,000, an increase of about 15.18% from RMB 56,232,599,000 in 2024, mainly due to rising raw material procurement prices[57] - Gross profit for the year ending December 31, 2025, was approximately RMB 1,281,123,000, a decrease of about 20.92% from RMB 1,620,132,000 in 2024, attributed to the dual impact of accelerated release of domestic and foreign smelting capacity and tight supply of copper concentrate[58] - Other income for the year ending December 31, 2025, was approximately RMB 61,046,000, a decrease of about 2.79% from RMB 62,796,000 in 2024[59] - Other operating expenses for the year ending December 31, 2025, were approximately RMB 98,435,000, a decrease of about 25.62% from RMB 132,332,000 in 2024, mainly due to costs incurred during the shutdown period in 2024[60] - The net other income and losses recorded a net gain of approximately RMB 43,969,000 for the year ending December 31, 2025, compared to a net loss of RMB 98,594,000 in 2024, with the increase mainly due to higher foreign exchange gains[61] - Income tax expense for the year ending December 31, 2025, was approximately RMB 29,300,000, a decrease of about 27.95% from RMB 40,669,000 in 2024, primarily due to a reduction in total profit for 2025[62] Assets and Liabilities - Current assets net value rose to RMB 5,091,102,000 from RMB 3,117,525,000 in 2024[5] - Total assets less current liabilities increased to RMB 14,941,211,000 from RMB 13,543,630,000[5] - Non-current liabilities increased to RMB 10,250,444,000 from RMB 8,857,116,000 in the previous year[5] - The company reported cash and cash equivalents of approximately RMB 1,917,761,000 and current borrowings of RMB 6,822,104,000 as of December 31, 2025[7] - As of December 31, 2025, the company's total debt was approximately RMB 16,322,850,000, compared to RMB 16,253,366,000 in 2024[68] - The company had sufficient funds to meet all outstanding liabilities and operational funding needs as of December 31, 2025[67] - The company has no contingent liabilities as of December 31, 2025, indicating a stable financial position[84] Production and Operations - The company produced approximately 18,800 tons of copper, an increase of about 3.54% year-on-year[33] - The production of cathode copper was approximately 719,000 tons, an increase of about 2.18% year-on-year[33] - The production of chemical products, including sulfuric acid, increased by approximately 31.83% to about 2,721,500 tons[33] - The company achieved copper production of 18,800 tons, refined copper of 719,000 tons, and sulfuric acid of 2.71 million tons, exceeding production targets for several products[34] - The company reduced variable mining costs by 2% and improved copper smelting recovery rates by 0.31% and 0.18% at different plants, enhancing operational efficiency[35] - The company added 73,000 tons of copper ore through exploration, achieving 183% of its annual exploration plan[34] - The company is committed to achieving a stable copper recovery rate and enhancing the recovery of by-products such as molybdenum and sulfur through improved mining techniques[45] - The mining segment targets a stepwise increase in copper production, with specific projects aimed at improving resource recovery rates and optimizing production organization[45] Investments and Future Plans - The company plans to invest RMB 32,805.3 million in fixed assets for the year 2026, focusing on four key areas: mineral resource exploration, full-process technological empowerment, traditional industry transformation, and the development of the rare metal industry chain[72] - The company aims to complete mining engineering projects with a total excavation volume of 33,161 m³ at the Fengshan Copper Mine, with an investment of RMB 21 million planned for 2026[72] - The company plans to invest RMB 1,458 million in the Copper Green Mountain Mine for the development of the IV ore body, with an excavation volume of 15,059 m³ planned for 2026[73] - The Xinjiang Sarek Copper Mine expansion project is set to complete 18,195 m³ of excavation work in 2026, with an investment of RMB 10 million[74] - The company will invest RMB 6,300 million in building a rare metal industry chain, including RMB 800 million for a pilot plant and RMB 5,500 million for comprehensive recovery projects[78] - A total of 167 sets of equipment will be updated in 2026, with an investment of RMB 57,613 million planned, excluding smart mining and smelting equipment[81] Human Resources and Governance - The company reported total employee costs of approximately RMB 996,487 million for the year, with a workforce of 5,124 employees[87] - The company hired 92 university graduates and introduced 5 mid-to-senior level talents to optimize human resources[39] - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules, confirming compliance until December 31, 2025[90] - The company has adhered to the corporate governance code, holding only two board meetings in the fiscal year ending December 31, 2024, instead of the required four[91] - The auditor, Tianzhi Hong Kong CPA Limited, has agreed that the preliminary financial statements for the year ending December 31, 2025, align with the audited financial reports[92] Strategic Focus and Challenges - The company recognized the need to improve its core profitability and address challenges in resource security and market risk resilience[40] - The company emphasizes the need to strengthen operational efficiency and profitability in the face of increasing pressures from global economic shifts and industry challenges[82] - The company aims for a comprehensive operational reform focusing on "stabilizing operations, safeguarding capital, reducing costs, and controlling risks" to achieve high-quality development in 2026[42] - The company plans to enhance cost control and operational efficiency, building on the achievements of 2025 to ensure continuous improvement[42] - The company is focused on upgrading technology to improve gold and silver recovery rates and expand into high-purity gold and silver markets[46] - The company is committed to optimizing procurement processes to reduce costs and improve material quality through centralized purchasing[47] - The company is pushing for the development of new technologies for efficient and low-cost mining, aiming to improve resource recovery rates[51] - The company is advancing the construction of intelligent mining systems and aims to complete key projects by the end of the year to support data-driven operations[50] Environmental and Safety Compliance - The company will enhance safety and environmental compliance by completing necessary permits and implementing comprehensive safety measures across its operations[43] - The company aims to transition from reactive to proactive risk management in safety and environmental practices, emphasizing prevention over post-incident responses[43] - The company is set to complete 111 key construction tasks for intelligent mining to enhance safety and operational efficiency[44]

Financial Performance - The audited consolidated annual results for the year ending December 31, 2025, have been announced by Bank of Jiujiang Co., Ltd. and its subsidiaries[3]. - Net interest income for 2025 was RMB 8,598.5 million, a decrease of 6.2% from RMB 9,170.6 million in 2024[20]. - Total operating income for 2025 reached RMB 10,477.0 million, slightly up from RMB 10,388.4 million in 2024, reflecting a growth of 0.9%[20]. - The net profit for the year 2025 was RMB 841.0 million, an increase of 10.4% compared to RMB 761.5 million in 2024[20]. - The basic earnings per share for 2025 was RMB 0.17, up from RMB 0.14 in 2024, representing a growth of 21.4%[20]. - The average return on total assets for 2025 was 0.16%, an increase from 0.15% in 2024[20]. - The core tier 1 capital adequacy ratio for 2025 was 8.87%, down from 9.44% in 2024[20]. - The cost-to-income ratio for 2025 was 34.14%, slightly up from 33.68% in 2024[20]. - The company achieved operating revenue of RMB 10.477 billion and net profit of RMB 0.841 billion for the year 2025[27]. - The total assets reached RMB 523.435 billion, an increase from RMB 516.459 billion in 2024, reflecting a growth of 1.88%[21]. - The non-performing loan ratio improved to 1.93% in 2025 from 2.19% in 2024, indicating better asset quality[21]. - The provision coverage ratio slightly decreased to 152.21% in 2025 from 154.25% in 2024, showing a stable risk management approach[21]. - Customer loans and advances net amount increased to RMB 321.286 billion in 2025, up from RMB 311.948 billion in 2024, marking a growth of 4.30%[21]. - The total liabilities amounted to RMB 474.812 billion, a marginal increase from RMB 473.926 billion in 2024[21]. - The liquidity coverage ratio was reported at 388.10% in 2025, slightly down from 394.39% in 2024, indicating strong liquidity management[21]. - The company maintained a capital adequacy ratio of 7.87% in 2025, up from 7.06% in 2024, reflecting improved capital strength[21]. Awards and Recognition - The bank has achieved recognition as a "Top 100 Self-Settlement Institutions" for seven consecutive years since 2018[7]. - In 2024, Bank of Jiujiang was awarded "Outstanding Underwriter" and "Outstanding Market Maker" in the RMB financial bond underwriting market for the sixth consecutive year[7]. - The bank was recognized as an "Advanced Unit in Green Finance Work" by the People's Bank of China, Jiujiang Branch in 2024[9]. - Bank of Jiujiang's project on intelligent risk control decision-making was selected as one of the top 20 outstanding cases in national financial technology innovation[9]. - The bank received the "2025 Annual Financial Star" award for its contribution to regional economic service in May 2025[10]. - The bank's "Smart Logistics Loan" project was recognized as an excellent case at the 10th China Supply Chain Finance Annual Conference in May 2025[10]. - The bank won the "Best Development Award" at the 6th Yangtze River Delta Financial Technology Innovation and Application Global Competition in November 2025[15]. Employee and Operational Data - As of the reporting period, Bank of Jiujiang had 6,055 employees, with an average age of 31.24 years, and 86.56% holding undergraduate or associate degrees[6]. - The bank has achieved full coverage in all district cities of Jiangxi Province through its 13 branches and 272 sub-branches[6]. - The company continues to focus on serving local economies and small to medium enterprises, aligning with its market positioning strategy[27]. - The company is committed to high-quality development and has implemented measures to support economic stability and growth[26]. Loan and Deposit Information - The total amount of customer loans and advances reached RMB 328,842.7 million, an increase of RMB 80.08 million or 2.5% compared to the previous year[101]. - The distribution of loans by type shows that corporate loans accounted for 66.4% of total loans, with a total amount of RMB 218,420.9 million, while retail loans accounted for 24.4% with RMB 80,089.8 million[106]. - The manufacturing sector received RMB 53,182.8 million in loans, representing 16.2% of the total, while the wholesale and retail sector received RMB 46,066.5 million, or 13.9%[108]. - Customer deposits totaled RMB 405,067.1 million, reflecting an increase of RMB 181.04 million, or 4.7%, from the previous year[88]. - The total amount of off-balance sheet commitments was RMB 93,987.4 million, a decrease of RMB 24,358 million or 20.6% year-on-year, primarily due to a reduction in guarantees and letters of credit[100]. Risk Management - The bank's risk management framework includes a board of directors, senior management, and various committees to ensure comprehensive risk oversight[158]. - Credit risk management focuses on optimizing asset quality and enhancing risk control processes, with a unified credit risk logic and a full-process management mechanism[159]. - The bank has implemented a digital risk management system to improve credit risk control capabilities, including a mobile risk information platform and a comprehensive risk management model[160]. - Market risk management is structured around trading and banking books, with a focus on interest rate and exchange rate risks, monitored through key metrics and stress testing[161]. - The bank's interest rate risk management aims to align actual risk levels with its risk tolerance and willingness, utilizing various management tools and strategies[165]. - The bank maintained a prudent interest rate risk preference, closely tracking loan and deposit rates, and financial market trends, ensuring stable and sustainable growth in its balance sheet[166]. Digital Transformation and Innovation - The company plans to enhance digital transformation in corporate banking, integrating various platforms to improve customer experience[133]. - The bank's digital transformation efforts include the establishment of the "Nine Silver Brain" AI model platform, which has seen a 183% increase in daily usage compared to last year, and has won multiple awards for its fintech innovations[153]. - The bank has implemented an automated loan approval system, significantly reducing approval time from hours to minutes, thereby improving service efficiency[147]. - The bank's comprehensive service platform has been integrated with supply chain financing, enhancing risk control and operational efficiency[141]. Compliance and Anti-Money Laundering - The bank's compliance risk management framework includes a board, senior management, and dedicated compliance departments, ensuring adherence to regulatory requirements[180]. - The bank has established a compliance management committee to oversee the implementation of compliance objectives and enhance overall compliance capabilities[181]. - The bank's anti-money laundering structure includes a dedicated committee led by the president, ensuring effective management of money laundering risks[183]. - The bank reported a total of 1,050,848 large transaction reports and 638 suspicious transaction reports submitted through the AML monitoring platform in 2025[184]. - The bank successfully blocked 209 abnormal account openings and intercepted 184 telecom fraud cases, recovering RMB 15.43 million in fraudulent funds[185]. Strategic Management - The company emphasizes the integration of strategic and operational management to balance short-term financial goals with long-term sustainable development[191]. - The company aims to refine strategic objectives into controllable targets and measurable indicators to ensure timely and quality implementation of plans[193]. - The company has established a strategic management system that includes goal setting, implementation measures, execution evaluation, and feedback improvement[191].

Financial Performance - Xiamen Jihong Co., Ltd. reported a revenue of RMB 1.2 billion for the fiscal year 2025, representing a year-over-year growth of 15%[4] - The company achieved a net profit of RMB 300 million, which is an increase of 20% compared to the previous year[4] - Revenue for the year ended December 31, 2025, reached RMB 6,721,612 thousand, a 21.5% increase from RMB 5,529,259 thousand in 2024[13] - Gross profit for 2025 was RMB 3,142,598 thousand, up 30% from RMB 2,419,315 thousand in 2024[13] - Net profit for the year was RMB 334,050 thousand, representing an increase of 81% compared to RMB 184,450 thousand in 2024[14] - Basic earnings per share for 2025 was RMB 0.67, compared to RMB 0.49 in 2024, reflecting a 36.7% increase[13] - The gross margin for the year was reported at 35%, a slight improvement from 32% in the previous year[4] - The company achieved operating revenue of RMB 6,721.6 million, representing a year-on-year growth of 21.6%[25] - Net profit attributable to shareholders reached RMB 276.8 million, an increase of 52.2% compared to the previous year[25] - The cross-border social e-commerce business generated revenue of RMB 4,373.2 million, growing by 29.9% year-on-year[25] - The packaging business reported operating revenue of RMB 2,345.3 million, reflecting a year-on-year increase of 11.7%[25] Market Expansion and Strategy - The company has set a revenue guidance of RMB 1.5 billion for the next fiscal year, projecting a growth rate of 25%[4] - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[4] - The company aims to expand its market presence in Asia and Europe through its cross-border e-commerce initiatives[21] - Future plans include deepening regional market penetration and accelerating global capacity layout, aiming for sustainable high-quality growth in business scale and profitability[49] - The company plans to strengthen its global strategy by establishing packaging production bases overseas and enhancing cooperation with internationally renowned enterprises[51] Research and Development - Xiamen Jihong is investing RMB 100 million in R&D for new product development, focusing on enhancing its SaaS offerings and integrating AI technologies[4] - The Giikin system, an AI-integrated operational management system, is continuously updated to enhance business process efficiency[31] - The company has developed the ChatGiiKin–6B model, which analyzes consumer preferences and demand characteristics across different regional markets, enhancing product selection strategies[33] - The AI-driven customer service system provides efficient, precise 24/7 service to consumers in over 40 countries, significantly reducing operational costs and supporting business expansion[34] - The company plans to enhance its AI capabilities and maintain high levels of digital operational efficiency through increased R&D investment and collaboration with AI model developers[52] Governance and Management - Xiamen Jihong's board of directors has undergone changes, with several new appointments aimed at strengthening governance and strategic direction[10] - The company is led by experienced executives with over 30 years in the packaging and advertising industry, including Ms. Zhuang Hao and Mr. Zhang Heping[104][106] - The management team includes Mr. Zhuang Shu, who has been with the company since 2013 and oversees strategic development and packaging operations[110] - The company has a structured governance framework with various committees, including the audit and remuneration committees, to oversee critical business matters[116] - The management team is focused on maintaining high standards of corporate governance and accountability within the organization[116] Financial Position and Assets - Total assets as of December 31, 2025, amounted to RMB 4,322,865 thousand, up from RMB 3,503,094 thousand in 2024[15] - Cash and cash equivalents increased significantly to RMB 1,229,577 thousand in 2025 from RMB 711,062 thousand in 2024[15] - The company’s non-current assets totaled RMB 1,593,768 thousand, a slight increase from RMB 1,529,001 thousand in 2024[15] - Net current assets increased from RMB 889.7 million as of December 31, 2024, to RMB 1,485.9 million as of December 31, 2025, primarily due to proceeds from a global offering[75] - Total loans and borrowings increased by approximately RMB 299.8 million or 120.8% to about RMB 548.0 million as of December 31, 2025, compared to RMB 248.2 million as of December 31, 2024[78] Shareholder and Equity Information - The company completed its H-share public offering and listing on the Hong Kong Stock Exchange on May 27, 2025[18] - The global offering on May 27, 2025, involved the issuance of 67,910,000 H shares at a price of HKD 7.68 per share, raising a net amount of approximately HKD 415.2 million[94] - The intended use of the net proceeds from the global offering includes 40% for overseas market expansion (approximately HKD 170.8 million), 35% for technology development (approximately HKD 149.4 million), 15% for expanding the brand portfolio (approximately HKD 64.0 million), and 10% for working capital (approximately HKD 42.7 million)[99] - The board has proposed a final dividend of RMB 1.80 per 10 shares for the year ending December 31, 2025, pending approval at the annual general meeting[102] - The company has arranged appropriate directors' liability insurance for directors and senior management to cover legal liabilities arising from company activities[157] Environmental and Social Responsibility - The company maintains a strong focus on sustainable packaging development in response to global plastic use restrictions[24] - The company is committed to environmental sustainability and regularly reviews its environmental practices[144] - The company has made charitable donations totaling RMB 2,776,700 as of December 31, 2025, compared to RMB 31,300 in 2024[200] Risks and Challenges - The company operates in a competitive B2C export social media e-commerce market in China, which may significantly impact customer base, market share, and profitability if competition is not effectively managed[132] - The company may face significant adverse effects from disruptions in relationships with third-party partners in cross-border social e-commerce[132]

Financial Performance - Total revenue from continuing operations for the year ended December 31, 2025, was HKD 49,962,000, a decrease of 2% compared to HKD 50,875,000 in 2024[3] - Operating loss from continuing operations increased by 163% to HKD 70,304,000 in 2025, compared to HKD 26,712,000 in 2024[4] - Loss attributable to equity shareholders for the year was HKD 75,841,000, representing a 125% increase from HKD 33,712,000 in the previous year[4] - Basic and diluted loss per share from continuing and discontinued operations was HKD (0.031) in 2025, up 121% from HKD (0.014) in 2024[5] - Gross profit decreased to HKD 27,315,000 in 2025 from HKD 31,623,000 in 2024, reflecting a decline in sales performance[4] - Other income fell significantly to HKD 4,802,000 in 2025 from HKD 9,792,000 in 2024, indicating reduced ancillary revenue streams[4] - The company reported a net loss of HKD 75,841,000 for the year, with total comprehensive loss attributable to equity shareholders amounting to HKD 54,220,000[6] - The company reported a pre-tax loss from continuing operations of HKD 71,222,000 for 2025, compared to a loss of HKD 27,483,000 in 2024, indicating a significant increase in losses[19] - The total loss from reportable segments was HKD 48,243 thousand in 2025, compared to a loss of HKD 25,992 thousand in 2024, indicating an increase in losses of 85.5%[18] Asset and Liability Management - Non-current assets totaled HKD 245,914,000 as of December 31, 2025, a slight decrease from HKD 249,392,000 in 2024[7] - Current assets decreased to HKD 429,060,000 in 2025 from HKD 463,083,000 in 2024, primarily due to a reduction in trade receivables[7] - The company's net assets decreased to HKD 610,798,000 in 2025 from HKD 665,018,000 in 2024, reflecting ongoing financial challenges[8] - Total assets decreased from HKD 712,475,000 in 2024 to HKD 674,974,000 in 2025, reflecting a decline of approximately 5.3%[19] - The total liabilities increased from HKD 47,457,000 in 2024 to HKD 64,176,000 in 2025, representing a rise of about 35.1%[19] Revenue Breakdown - Revenue from the photovoltaic segment reached HKD 49,671 thousand, accounting for 99.3% of total revenue in 2025, compared to HKD 49,515 thousand or 97% in 2024[15] - The semiconductor business generated HKD 27 thousand in revenue in 2025, a significant decrease from HKD 1,235 thousand in 2024, representing a decline of 97.8%[15] - Revenue from the photovoltaic power generation segment's major customer (Customer A) slightly increased to HKD 49,671,000 in 2025 from HKD 49,515,000 in 2024[21] - The company’s photovoltaic power generation segment generated revenue of approximately HKD 49.6 million, slightly up from approximately HKD 49.5 million for the year ended December 31, 2024[39] - The company’s semiconductor agency service revenue decreased to approximately HKD 0.1 million from approximately HKD 1.2 million for the year ended December 31, 2024[37] - The company has initiated a new business segment in cryptocurrency, generating approximately HKD 0.2 million in revenue for the year[40] Expenses and Costs - The company incurred employee costs of HKD 3,449 thousand in 2025, down from HKD 4,606 thousand in 2024, a reduction of 25.1%[18] - Depreciation and amortization expenses increased to HKD 18,310 thousand in 2025 from HKD 16,750 thousand in 2024, an increase of 9.3%[18] - Research and development expenses increased to HKD 2,726,000 in 2025 from HKD 2,105,000 in 2024, reflecting a growth of approximately 29.5%[24] - Administrative expenses decreased by approximately HKD 1.0 million or 3.1% to about HKD 31.0 million from approximately HKD 32.0 million for the year ended December 31, 2024[42] - Impairment losses increased by approximately HKD 10.2 million or 25.1% to about HKD 50.7 million from approximately HKD 40.5 million for the year ended December 31, 2024[43] - Other net losses for the year were approximately HKD 18.9 million, an increase of about HKD 24.9 million compared to other net income of approximately HKD 6.0 million for the year ended December 31, 2024[44] Cash Flow and Financial Position - As of December 31, 2025, the group's cash and cash equivalents amounted to approximately HKD 288.7 million, an increase of about HKD 47.2 million from HKD 241.5 million as of December 31, 2024[48] - The current ratio as of December 31, 2025, was 9.7, down from 16.7 in 2024[48] - The total capital expenditure for the year was approximately HKD 15.2 million[51] - The group has no bank borrowings as of December 31, 2025, and had no significant contingent liabilities[49][54] Future Outlook and Strategic Initiatives - The company expects the adoption of new accounting standards will not have a significant impact on its financial performance or position[14] - The company is evaluating the potential impact of new accounting standards that are yet to be adopted, with no significant effects anticipated on the consolidated financial statements[12] - The management anticipates rapid growth in the cloud computing and data storage market in the coming years, driven by the widespread application of generative AI and enterprise cloud migration[57] - The company plans to complete the sale of Jiangsu Jinge Run Technology Co., Ltd. for approximately HKD 24,170,000, expected to finalize in 2026[25] Dividend Policy - The company did not declare any dividends for the year ended December 31, 2025, consistent with the previous year[27] - The group has not proposed any final dividends for the year, consistent with the previous year[56] Risk Management - The group currently has no foreign exchange hedging policies in place, and the RMB risk is not significant due to the functional currency of its subsidiaries in China being RMB[50] - The group maintains a prudent financial management approach, closely monitoring liquidity to meet funding needs[58]

Financial Performance - The company's revenue for the year ended December 31, 2025, was RMB 45,313,000, a decrease of 16.8% compared to RMB 54,472,000 for the year ended December 31, 2024[4]. - Gross profit for the year was RMB 1,258,000, down 29.0% from RMB 1,771,000 in the previous year[4]. - The company reported a net profit of RMB 3,313,000 for the year, a significant recovery from a net loss of RMB 6,954,000 in the prior year[4]. - Basic and diluted earnings per share for the year were RMB 0.06, compared to a loss per share of RMB 0.13 in the previous year[5]. - Total comprehensive income for the year was RMB 3,337,000, compared to a total comprehensive loss of RMB 6,263,000 in the previous year[5]. - Other income and gains for the year ended December 31, 2025, totaled RMB 8,205,000, compared to a loss of RMB 3,697,000 in 2024, indicating a significant improvement[25]. - The profit for the year ending December 31, 2025, is approximately RMB 3.3 million, a turnaround from a loss of RMB 7.0 million for the year ending December 31, 2024, driven by fair value gains on listed investments and reduced administrative expenses[50]. Revenue Breakdown - Revenue from the production and sale of packaging products was RMB 37,612,000 in 2025, down from RMB 40,305,000 in 2024, representing a decrease of approximately 4.2%[20]. - Revenue from the sale of customized packaging products and retail products was RMB 7,701,000 in 2025, down from RMB 14,167,000 in 2024, reflecting a decline of approximately 45.6%[24]. - Total revenue for the group was RMB 45,313,000 in 2025, compared to RMB 54,472,000 in 2024, marking a decrease of about 16.8%[24]. Assets and Liabilities - The company's total assets decreased to RMB 42,279,000 from RMB 44,614,000 in the previous year[6]. - Current liabilities significantly reduced to RMB 18,650,000 from RMB 93,723,000, indicating improved liquidity[6]. - The company reported a net asset value of RMB (58,304,000), an improvement from RMB (93,598,000) in the previous year[6]. - As of December 31, 2025, the company's liabilities included bonds payable of RMB 9 million, with unsecured borrowings of approximately RMB 746 million[42]. - The company recorded a net liability of approximately RMB 58,304,000, indicating significant uncertainty regarding its ability to continue as a going concern[74]. Cost Management and Efficiency - Management is implementing measures to enhance cost control and streamline operations to improve profitability and cash flow[17]. - The company recognized a cost of goods sold of RMB 44,055,000 for the year ended December 31, 2025, down from RMB 52,701,000 in 2024, reflecting improved operational efficiency[26]. - Sales expenses for the year ending December 31, 2025, are approximately RMB 0.1 million, a decrease from RMB 1.4 million for the year ending December 31, 2024, primarily due to reduced advertising expenses[47]. - Administrative and other expenses decreased by approximately RMB 2.3 million or 33.3% from RMB 6.9 million for the year ending December 31, 2024, to RMB 4.6 million for the year ending December 31, 2025, mainly due to cost control measures[48]. - Financing costs decreased by approximately RMB 0.7 million or 43.8% from RMB 1.6 million for the year ending December 31, 2024, to RMB 0.9 million for the year ending December 31, 2025, due to a reduction in average bank loan balances[49]. Strategic Initiatives - The company plans to expand its sales channels to attract new customers in both Hong Kong and mainland China, aiming for stable growth and reduced concentration risk[40]. - The company aims to strengthen its market position in packaging materials and customized packaging solutions while expanding its retail business in daily necessities and food[40]. - The group plans to seek additional financing resources, including issuing shares or bonds, to meet its debt obligations[17]. Compliance and Governance - The company has applied revised Hong Kong Financial Reporting Standards, which did not have a significant impact on its financial position or performance[9]. - The group is assessing the impact of the new Hong Kong Financial Reporting Standard No. 18 on its consolidated financial statements, particularly regarding the presentation and disclosure of financial performance[14]. - The audit committee has reviewed the consolidated financial statements for the fiscal year ending December 31, 2025, confirming compliance with applicable accounting standards[72]. - The company has adopted the principles set out in the GEM Listing Rules and complies with all applicable code provisions[71]. Employee and Operational Metrics - The company employed 56 employees as of December 31, 2025, down from 75 employees as of December 31, 2024, with employee costs amounting to approximately RMB 2.1 million[57]. - The average credit period for trade receivables was reduced to 60-90 days in 2025 from 180 days in 2024, suggesting improved credit management practices[29]. - Trade receivables from customer contracts decreased to RMB 14,691,000 in 2025 from RMB 22,850,000 in 2024, with a net amount of RMB 14,103,000 after expected credit loss provisions[29]. - Trade payables decreased significantly to RMB 14,654,000 in 2025 from RMB 52,993,000 in 2024, reflecting improved cash flow management[30]. Investment and Market Conditions - The company holds 17 listed equity securities with a fair value of RMB 18.3 million as of December 31, 2025, and plans to diversify its investment portfolio to mitigate risks[58]. - The board believes that the future performance of the company's investments will be volatile and significantly influenced by the overall economic environment and market conditions[60]. - The company maintains a diversified investment portfolio to minimize potential financial risks[60]. - The company has not engaged in any hedging against foreign exchange risks, as most transactions are settled in RMB, and the board considers the foreign exchange risk to be minimal[61].

香 港 交 易 及 結 算 所 有 限 公 司 及 聯 交 所 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 對 因 本 公 告 之 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。 C&N Holdings Limited 春能控股有限公司* （於開曼群島註冊成立之有限公司） （股份代號：8430） 截 至2025年12月31日 止 年 度 年 度 業 績 公 告 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM的 特 色 GEM的 定 位 是 為 投 資 風 險 可 能 較 其 他 於 主 板 上 市 的 公 司 為 高 的 中 小 型 公 司 而 設 的 市 場。有 意 投 資 者 應 瞭 解 投 資 於 該 等 公 司 的 潛 在 風 險，並 須 經 過 審 慎 周 詳 的 考 慮 後 方 作 出 投 資 決 定。 由 於GEM上 市 公 司 通 常 為 中 小 型 公 司，在GEM買 賣 的 證 券 可 ...

Financial Performance - The total revenue for the year ended December 31, 2025, was RMB 479,549,000, representing a 17% increase from RMB 409,620,000 in 2024[3] - Gross profit decreased to RMB 35,008,000 in 2025 from RMB 49,722,000 in 2024, indicating a decline of approximately 29.7%[3] - The net profit for the year was RMB 44,701,000, a significant increase from RMB 2,983,000 in the previous year, reflecting a growth of over 1400%[3] - The company reported other income of RMB 58,692,000, which is a 94% increase compared to RMB 30,177,000 in 2024[3] - The basic and diluted earnings per share for 2025 were both RMB 0.48, compared to RMB 0.03 in 2024[4] - Revenue from the production and sale of wooden products increased by 16.9% to RMB 476.4 million in 2025, accounting for 99.3% of total revenue[37] - Revenue from renewable energy products rose by 41.3% to RMB 3.2 million in 2025, with a reported profit of approximately RMB 0.2 million[38] - Total revenue for the group increased by 17.1% to RMB 479.5 million in 2025, compared to RMB 409.6 million in 2024[39] - Gross profit margin decreased to 7.3% in 2025 from 12.1% in 2024, leading to a gross profit reduction to approximately RMB 35.0 million[40] - Other income increased to RMB 58.7 million in 2025, primarily due to higher bank interest income[41] - The group recorded a net other income of RMB 10.8 million in 2025, compared to a loss of RMB 22.9 million in 2024, mainly from foreign exchange gains[42] Assets and Liabilities - Total assets increased to RMB 1,078,507,000 in 2025 from RMB 1,003,345,000 in 2024, marking a growth of approximately 7.5%[6] - The company's non-current assets totaled RMB 547,062,000 in 2025, up from RMB 452,599,000 in 2024, indicating an increase of about 20.9%[5] - Trade and other receivables rose to RMB 219,547,000 in 2025 from RMB 157,009,000 in 2024, reflecting a growth of approximately 39.8%[5] - The company’s cash and cash equivalents increased to RMB 49,236,000 in 2025 from RMB 27,200,000 in 2024, a growth of about 81.2%[5] - The company’s total liabilities increased to RMB 443,829,000 in 2025 from RMB 335,972,000 in 2024, representing a rise of approximately 32.2%[6] - The total assets for the reporting segments increased to RMB 784,758,000 in 2025 from RMB 642,579,000 in 2024, reflecting a growth of approximately 22%[18] - The total liabilities for the reporting segments rose to RMB 171,441,000 in 2025 from RMB 139,832,000 in 2024, indicating an increase of about 23%[18] - The total amount of bank borrowings increased to RMB 271,810,000 in 2025 from RMB 186,400,000 in 2024, with a significant portion classified as current liabilities[30] Income and Expenses - Interest income from bank deposits significantly increased to RMB 46,193,000 in 2025 from RMB 22,524,000 in 2024, representing a growth of approximately 105%[19] - Employee costs, excluding directors' remuneration, increased to RMB 37,104,000 in 2025 from RMB 29,405,000 in 2024, reflecting a rise of about 26%[21] - The income tax expense for 2025 was RMB 6,389,000, compared to a tax credit of RMB 7,184,000 in 2024, indicating a shift from a tax benefit to an expense[22] - The company received government subsidies of RMB 1,546,000 in 2025, up from RMB 423,000 in 2024, showing an increase of approximately 266%[19] - Selling and distribution expenses rose to RMB 19.4 million in 2025, attributed to increased marketing activities in overseas markets[43] - Administrative expenses increased to RMB 39.5 million in 2025, mainly due to higher employee costs[44] - Financing costs were approximately RMB 6.8 million in 2025, up from RMB 3.9 million in 2024, primarily due to bank loan interest[45] Corporate Governance - The board of directors held only two regular meetings during the year, deviating from the corporate governance code which requires at least four meetings annually[56] - The company has adopted a standard code for securities trading, and all directors confirmed compliance with the regulations during the reporting year[57] - The audit committee has reviewed the group's annual performance for the reporting year[58] - The company does not recommend the payment of a final dividend to shareholders for the year ending December 31, 2025[60] - The annual report will be distributed to shareholders and published on the company's and the stock exchange's websites at the appropriate time[61] Market Outlook - The global wooden products industry is facing a complex and changing operating environment due to trade restructuring and increased regulatory scrutiny, yet it continues to push towards sustainable development and value-added innovation[53] - The core growth drivers such as sustainable construction and eco-friendly consumption remain strong, further reinforced by global decarbonization goals, providing significant competitive advantages for the industry[53] - The wooden garden and outdoor living segment remains a key growth pillar, benefiting from sustained consumer demand for aesthetically pleasing and durable products[53] - The company is well-positioned to respond to market fluctuations by focusing on stable markets and high-margin products, enhancing revenue resilience and creating long-term value for stakeholders[54] Shareholder Information - The company issued 3,900,000 shares under the share incentive plan, impacting the total number of shares outstanding[36] - The company has no capital commitments that are not provided for in the consolidated financial statements as of December 31, 2025[33] - Future rental income from irrevocable operating leases is projected at RMB 1,883,000 for 2025, down from RMB 5,377,000 in 2024[35]