Financial Performance - In 2025, the company reported a consolidated revenue of HKD 735.443 million, an increase of 0.5% compared to HKD 731.589 million in 2024[17]. - The gross profit rose from HKD 305 million to HKD 318 million, with the gross margin improving from 41.7% to 43.2%[17]. - The loss attributable to shareholders from continuing operations narrowed by 17.6% to HKD 202 million, primarily due to a decrease in financing costs[17]. - The total revenue from continuing operations for TOM Group was HKD 735 million, representing a 0.5% increase compared to the previous year[31]. - The financial performance for the year ending December 31, 2025, showed a total revenue of HKD 1.2 billion, representing a 10% increase compared to the previous year[67]. Business Segments - The publishing business in Taiwan saw a revenue increase of 1.8% to HKD 715.5 million, with segment profit rising by 2.9% to HKD 61 million[18]. - The media business segment generated total revenue of HKD 715 million, with a segment profit of HKD 61 million, reflecting a 1.8% increase in revenue and a 2.9% increase in profit[32]. - The advertising business segment recorded total revenue of HKD 16 million, down from HKD 24 million the previous year, resulting in a segment loss of HKD 200,000[32]. - The technology platform and investment segment reported total revenue of HKD 4 million, down from HKD 5 million the previous year, with a segment loss narrowing by 42.9% to HKD 400,000[32]. Investments and Strategic Focus - The company invested in the e-commerce business operated by China Post, with a net loss of RMB 29 million in 2025 compared to RMB 11 million in 2024[17]. - The company aims to enhance its digital integration in the publishing sector to seek growth amidst market challenges[18]. - The group aims to continue driving revenue growth while enhancing operational efficiency and cost control[27]. - The group is focusing on investment strategies that remain flexible and responsive to market changes and high-potential growth areas, particularly in artificial intelligence[27]. - The company is exploring potential mergers and acquisitions to strengthen its market position, with a focus on technology firms[66]. Financial Position and Assets - Total assets increased to HKD 3.189 billion from HKD 2.801 billion in 2024, while total liabilities decreased to HKD 605.644 million[12]. - The group’s net asset value increased to approximately HKD 2.583 billion as of December 31, 2025, from a net liability of approximately HKD 1.664 billion as of December 31, 2024[36]. - As of December 31, 2025, TOM Group's cash and bank balances (excluding pledged deposits) were approximately HKD 954 million[36]. - The group's current ratio as of December 31, 2025, was 2.30, compared to 1.44 on December 31, 2024[36]. Governance and Management - The company has appointed a new non-executive director and chairman, who has over 40 years of experience in law, global financing, and risk management[51]. - The CEO has been with the company since March 2008 and has a background in business development strategy and operational management in telecommunications and e-commerce[52]. - The company has a strong focus on sustainable development, with the CEO also serving as the chairman of the sustainability committee[52]. - The board includes members with extensive experience in internet business and early-stage investment, indicating a strategic focus on technology and innovation[56]. - The company has a diverse board with members holding advanced degrees in law, engineering, and business management, enhancing its governance and strategic decision-making capabilities[55][58]. Risk Management - The company has established a comprehensive risk governance framework to systematically identify, assess, manage, and monitor risks that may significantly impact its strategic and business objectives[181]. - The company adopts the COSO framework for enterprise risk management, which facilitates a systematic approach to identifying, assessing, managing, and monitoring risks, including sustainability and cybersecurity risks[191]. - The audit committee and sustainability committee are tasked with reviewing and evaluating the effectiveness of the company's risk management and internal control systems[184]. - The company emphasizes the importance of cultivating an appropriate risk culture across all operational levels[185]. Corporate Governance - The company has adopted corporate governance principles and practices, complying with all applicable code provisions during the fiscal year ending December 31, 2025, except for one instance[126]. - The board consists of seven members, including independent non-executive directors, ensuring compliance with listing rules[133]. - The company prioritizes effective communication with shareholders and stakeholders to foster trust and accountability[134]. - The company has established effective mechanisms to maintain board independence, which is crucial for good corporate governance[143]. Shareholder Engagement - The board has decided not to declare any dividends for the year, focusing on reinvestment strategies[67]. - The company has made charitable donations amounting to approximately HKD 168,000 during the year, a decrease from HKD 181,000 in 2024[70]. - The company emphasizes sustainable and recurring profitability while maintaining financial strength and stability[130]. Audit and Compliance - The audit committee reviewed the group's interim and annual performance, ensuring compliance with applicable disclosure requirements[168]. - The audit committee confirmed the independence and objectivity of PricewaterhouseCoopers, which provided written confirmation of its independence for the year 2025[172]. - The audit committee reviewed the financial management and procedures policy, including updates on cybersecurity policies and the adoption of artificial intelligence application security standards[173].

Financial Performance - Total revenue increased by 5% to HKD 36.553 billion, with EBITDA rising by 4% to HKD 14.234 billion, and adjusted cash flow increasing by 4% to HKD 6.199 billion[14]. - Hong Kong Telecom's total revenue reached HKD 36.553 billion, reflecting a 5% year-on-year growth[27]. - The total capital expenditure for the year was HKD 1.977 billion, reflecting a 3% decrease compared to the previous year[155]. - The profit attributable to shareholders increased by 4% to HKD 5.286 billion, compared to HKD 5.070 billion in 2024[179]. - Adjusted free cash flow increased by 4% to HKD 6.199 billion, driven by a 4% increase in EBITDA and prudent capital expenditure investments[183]. - The total debt as of December 31, 2025, was HKD 44.75 billion, with a debt-to-asset ratio of 37%[180]. Customer Growth and Services - The number of customers using the upgraded 2500M+ service increased by 93% year-on-year, with an average revenue per user (ARPU) increase of approximately HKD 70[17]. - The 5G customer base exceeded 2 million, accounting for 60% of the postpaid customer base as of December 2025[18]. - The number of installed pay TV users reached 1.464 million, with OTT customers growing by 16% year-on-year[19]. - The number of registered users for the DrGo app reached 410,000, contributing to the digital ecosystem[26]. - The number of The Club members increased by 349,400, reflecting a 2% growth[26]. - The average revenue per user (ARPU) for the new 2500M service increased by approximately HKD 70, with a 93% year-on-year growth in customer numbers[162]. Technological Advancements - The launch of the 800G AI Superhighway service supports AI-driven workflows and supercomputing resources, powered by a core network with over 100T capacity[15]. - The establishment of a new AI facility in the Lok Ma Chau Loop area aims to serve the Northern Metropolis and enhance data flow in the Greater Bay Area[15]. - The company delivered AI smart operation centers and related solutions to various industries, including banking and utilities, enhancing operational efficiency and customer experience[11]. - AI-driven systems have significantly improved upselling and cross-selling conversion rates, with users subscribing to three or more services increasing by 14% year-on-year[22]. - The company is focused on expanding its digital transformation solutions, including AI-driven applications for various industries, enhancing operational efficiency and decision-making[163]. Market Expansion - Revenue from mainland Chinese enterprises rose by 13% year-on-year, indicating successful market expansion[20]. - The company secured over HKD 5 billion in new project orders, supporting an 8% revenue growth target for the enterprise business by 2025[153]. - The company is expanding its global business through scalable and robust communication infrastructure, facilitating cross-border expansion for enterprises[53]. Governance and Board Composition - The company emphasizes the importance of experienced directors in guiding strategic decisions and enhancing corporate governance[39][40][41][43][46]. - The board composition reflects a diverse range of expertise, including telecommunications, finance, and management consulting, which is crucial for navigating market challenges[39][40][41][43][46]. - The board of directors consists of 11 members, including 2 executive directors, 4 non-executive directors, and 5 independent non-executive directors[61]. - The company has adopted the Corporate Governance Code as per the Hong Kong Stock Exchange's Listing Rules, ensuring compliance and transparency[55]. - The company has established various committees under the board, including the remuneration committee, nomination committee, and audit committee, with most members being independent non-executive directors[76]. Risk Management and Compliance - The company emphasizes a strong risk management culture embedded in its daily operations to ensure informed decision-making[116]. - The internal audit department adopts a risk-based audit approach, focusing on major risks affecting operations and reporting findings to the audit committee[124]. - The group has implemented extensive testing procedures for internal controls and conducts annual certifications to evaluate the effectiveness of its risk management system[134]. - The company has established a clear organizational structure for risk management, with regular reviews of the effectiveness of internal controls by the board and committees[120]. - The company has a robust internal knowledge base and industry expertise, supplemented by external consultants when necessary, to address potential impacts on brand value[142]. Sustainability and Corporate Responsibility - The company has established a sustainable development policy outlining its commitments and goals related to environmental, social, and governance issues[52]. - The company has optimized its governance framework and introduced new policies, including a Climate Change Policy and Occupational Safety and Health Policy, to enhance sustainability efforts[198]. - The group aims to manage risks associated with supply chain sustainability by implementing a Supplier Code of Conduct[199]. - The company emphasizes the importance of effective project management to ensure timely and quality delivery of business projects[140]. Shareholder Engagement - The company encourages effective communication with shareholders and investors, providing comprehensive and accessible information through its website and regular reports[148]. - The proposed final distribution for the year ending December 31, 2025, is HKD 0.4797 per share unit, pending approval at the upcoming annual general meeting[188].

Company Overview - CMOC Group Limited is a leading producer of copper, cobalt, molybdenum, tungsten, and tantalum, with significant operations in Asia, Africa, South America, and Europe[11]. - CMOC ranked 138th in the 2025 Fortune China 500 and 630th in the 2025 Forbes Global 2000 list[11]. - The company has established a global metal trading network covering over 80 countries, enhancing its market presence[29]. Financial Performance - Operating revenue for 2025 was CNY 206.68 billion, a decrease of 2.98% compared to 2024[13]. - Total profit for 2025 reached CNY 35.16 billion, an increase of 39.95% from 2024[13]. - Net profit attributable to shareholders was CNY 20.34 billion, up 50.30% year-over-year[13]. - Basic earnings per share for 2025 was CNY 0.95, reflecting a 50.79% increase compared to 2024[14]. - Weighted average return on equity increased to 26.61%, up 5.65 percentage points from 2024[14]. - The company reported a total of CNY -68.50 million in non-recurring gains and losses for 2025[17]. - The company achieved a net profit attributable to shareholders of RMB 20.339 billion in 2025, representing a year-on-year growth of 50.30%[32]. - The company’s overall operating income for 2025 was RMB 206.684 billion, a slight decrease of 2.98% year-on-year[51]. Production and Operations - Copper production reached 741,100 tons, a year-on-year increase of 13.99%[51]. - Cobalt production was 117,500 tons, with a year-on-year growth of 2.96%[51]. - The company plans to start gold production in 2026, expanding its product matrix[25]. - The company plans to produce between 76-82 million tons of copper metal in 2026, with cobalt metal production guidance set at 10-12 million tons[72]. - The company plans to expand KFM with an additional copper production capacity of 100,000 tons per year, expected to commence in 2027[55]. Strategic Initiatives - The company is actively expanding its gold resource segment as part of its growth strategy[11]. - The strategic focus includes a "copper-gold dual-polar" strategy to enhance growth through targeted acquisitions in Africa, South America, and Asia[21]. - The company aims to leverage technological advancements to reduce costs and improve efficiency in mining operations[20]. - The company aims to enhance copper production through technological improvements and expansion projects in Africa, targeting a stable increase in output[80]. Sustainability and ESG Practices - The company is committed to responsible mining practices, emphasizing sustainability and resource management[1]. - The company is committed to sustainable development, with a focus on ESG governance and community investment totaling RMB 4.88 billion[34]. - The company maintains a high standard of ESG practices, with a focus on responsible production in the metal value chain[31]. - The company has established a leading ESG management system, with nearly 200 carbon reduction projects underway across its mining areas, some achieving carbon reduction targets 2-3 years ahead of schedule, contributing to global sustainable development[89]. Governance and Management - The company maintains a strong governance structure with a diverse board of directors and various committees overseeing strategic and operational decisions[7]. - The board of directors includes experienced professionals with backgrounds in finance, engineering, and resource management, enhancing corporate governance and sustainable development[199][200]. Market and Economic Conditions - The global cobalt market shifted from oversupply to structural supply-demand imbalance, with global cobalt production decreasing by 3.4% to approximately 270,000 tons in 2025[64]. - The average price of copper in 2025 was $9,944.94 per ton, an 8.73% increase year-on-year, while cobalt prices surged 42.81% to $16.08 per pound[61]. - Recent domestic policies in China, such as the new Mineral Resources Law effective July 1, 2025, aim to optimize the mining business environment and promote high-quality, green transformation in the mining industry[185]. Risks and Challenges - The company faces risks from price fluctuations of key products such as copper, cobalt, and molybdenum, which are major profit sources, and is focused on maintaining low production costs to enhance economic efficiency[91]. - The company operates in regions with varying political and economic conditions, which may impact operations due to geopolitical and policy risks, and is committed to compliance and maintaining constructive relationships with stakeholders[92]. Shareholder Information - The total number of shareholders as of December 31, 2025, is 352,617, with the top ten shareholders holding a combined 75.56% of the total shares[172]. - The company plans to distribute a cash dividend of RMB 2.55 per 10 shares, totaling approximately RMB 5.46 billion for the fiscal year 2024[157]. - For the fiscal year 2025, the proposed cash dividend is RMB 2.86 per 10 shares, with an estimated total payout of RMB 6.12 billion, representing a cash dividend ratio of about 30.08%[158].

Financial Performance - The company achieved original insurance premium income of RMB 555.77 billion in 2025, representing a year-on-year growth of 3.3%[10] - The underwriting profit reached RMB 12.54 billion, a significant increase of 119.4% compared to the previous year[10] - Total investment income amounted to RMB 38.64 billion, with a total investment return rate of 5.8%[15] - Net profit for the year was RMB 40.38 billion, reflecting a 25.5% increase from the previous year[10] - The comprehensive cost ratio stood at 97.5%, indicating improved operational efficiency[20] - Total assets increased by 10.6% to RMB 860.50 billion, while total liabilities rose by 10.5% to RMB 571.80 billion[11] - The solvency ratio was reported at 232.4%, indicating strong financial stability[15] - The company's original insurance premium income reached 555.78 billion yuan, a year-on-year increase of 3.3%, capturing 31.6% of the property insurance market in China[28] - Insurance service revenue amounted to 511.59 billion yuan, reflecting a year-on-year growth of 5.4%, maintaining industry leadership[28] - The net cash flow from operating activities was 43.05 billion yuan, reflecting an 18.1% year-on-year increase[29] - The company's pre-tax profit for 2025 was RMB 477.01 billion, a year-on-year increase of RMB 9.69 billion (or 25.5%) compared to 2024[67] - Net profit rose to RMB 403.77 billion in 2025, an increase of RMB 8.22 billion (or 25.5%) from RMB 321.61 billion in 2024, with basic earnings per share at RMB 1.815[69] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.44 per share, in addition to an interim dividend of RMB 0.24 per share[20] - The company plans to distribute a total dividend of RMB 0.68 per share for the fiscal year 2025, with an interim dividend of RMB 0.24 per share already distributed[87] - The board of directors has approved a dividend payout of $0.50 per share, reflecting a commitment to returning value to shareholders[116] Market Position and Growth - The company maintained a market share of 31.6%, solidifying its position as an industry leader[15] - The company insured 15.56 million new energy vehicles, marking a year-on-year growth of 34.3%[27] - The company developed insurance products tailored for cultural, tourism, sports, and performance consumption, with premium income from cultural tourism insurance increasing by 14.7% year-on-year[27] - The company is focusing on expanding into six key growth markets: technology, shipping, small and micro enterprises, health, overseas, and service governance[94] Risk Management and Compliance - The company emphasizes compliance and risk management, aiming to maintain a robust internal control system and enhance risk prevention measures[94] - The company has not engaged in interest rate swap operations in 2025, indicating a cautious approach to managing interest rate risk[85] - The company faces foreign exchange risks due to some operations being denominated in foreign currencies, primarily USD[82] - The company emphasizes the importance of risk management, particularly in credit risk and natural disaster-related insurance claims, anticipating increased pressure on payouts[125] - The company plans to enhance its risk management systems and improve risk awareness across all levels of the organization by 2026[125] Investment Strategy - The company continues to invest in high-quality equity assets while ensuring liquidity safety, reflecting a strategic shift towards long-term value investments[56] - Fixed income investments are being steadily expanded to stabilize investment returns, with flexible adjustments to duration and variety strategies based on interest rate market trends[95] - The company is actively increasing its allocation to high-dividend assets and expanding its investments in technology innovation aligned with national strategic directions[95] Employee and Corporate Governance - As of December 31, 2025, the company had 165,656 employees and paid a total of RMB 42.288 billion in salaries, including fixed wages and performance bonuses[89] - The company has established a consumer rights protection system that is effective and clearly defined, focusing on enhancing service quality[133] - The company has maintained a good overall compliance status in its management activities in 2025, with no significant systemic compliance risks reported[131] - The company is actively involved in the development of its employees and promotes a compliance culture within the organization[131] Strategic Partnerships and Collaborations - The company has established partnerships with two major industry players to enhance distribution channels, expected to boost sales by 15%[115] - The company signed a reinsurance cooperation framework agreement with PICC Hong Kong for 2025, with a premium cession cap of CNY 1.1 billion and a fee income cap of CNY 495 million[174] - The company also signed a reinsurance cooperation framework agreement with PICC Re for 2025, with a premium cession cap of CNY 6 billion and a fee income cap of CNY 2.7 billion[176] Charitable Contributions - The company made charitable donations totaling HKD 42 million during the year, with HKD 39 million allocated for public welfare[146]

Financial Performance - The company's revenue for the year ended December 31, 2025, was RMB 591,908,000, representing an increase of 18.6% compared to RMB 498,972,000 in 2024[4] - Gross profit for the same period was RMB 89,934,000, up 58.0% from RMB 56,917,000 in the previous year[4] - The operating profit for 2025 was RMB 183,620,000, a significant recovery from an operating loss of RMB 137,496,000 in 2024[4] - Net profit for the year was RMB 159,581,000, compared to RMB 66,194,000 in 2024, marking an increase of 141.5%[4] - The total comprehensive income for the year was RMB 304,713,000, up from RMB 143,855,000 in 2024, reflecting a growth of 111.4%[5] - The basic and diluted earnings per share for 2025 were RMB 11.0, compared to RMB 6.1 in 2024, an increase of 80.3%[5] - The company reported a net profit of RMB 165,990,000 for 2025, up from RMB 92,919,000 in 2024, marking an increase of approximately 78.6%[53] Assets and Liabilities - The company's total assets as of December 31, 2025, were RMB 5,552,677,000, slightly up from RMB 5,495,410,000 in 2024[6] - Non-current assets increased to RMB 5,104,188,000 from RMB 4,414,864,000, indicating a growth of 15.6%[6] - The company's equity attributable to owners increased to RMB 4,024,044,000 from RMB 3,700,893,000, representing a growth of 8.7%[7] - As of December 31, 2025, the group's current liabilities exceed its current assets by approximately RMB 608.7 million[17] - The group has approximately RMB 686.9 million in current bank and other loans, with cash and cash equivalents of only about RMB 123.9 million[17] - The current ratio decreased to 0.42 from 1.04 in 2024, indicating a decline in short-term liquidity[97] - The debt-to-equity ratio decreased to 21.2% from 25.1% in 2024, reflecting a reduction in bank and other loans during the year[97] Impairment and Receivables - The company reported a significant recovery in trade and other receivables, with a net reversal of impairment losses amounting to RMB 229,126,000 in 2025, compared to a loss of RMB 77,294,000 in 2024[4] - Trade receivables decreased from RMB 169,623,000 in 2024 to RMB 126,504,000 in 2025, a reduction of approximately 25.4%[55] - The aging analysis of trade receivables shows that amounts less than 3 months decreased from RMB 118,720,000 in 2024 to RMB 108,175,000 in 2025, a decline of about 8.7%[56] Revenue Segmentation - Revenue from metal products increased to RMB 350.028 million in 2025, compared to RMB 319.389 million in 2024[36] - Revenue from the tourism development business reached approximately RMB 155.7 million for the year ending December 31, 2025, a 36.1% increase from RMB 114.4 million in 2024[78] - Revenue from the LED devices segment was approximately RMB 68.8 million, representing a year-on-year growth of 22.4% from RMB 56.2 million[83] - Revenue from external customers for 2025 reached RMB 591,908,000, an increase from RMB 498,972,000 in 2024, representing a growth of approximately 18.6%[46] Financial Management and Governance - The group has violated certain financial covenants related to bank loans totaling approximately RMB 144.5 million, which may require immediate repayment[17] - The board believes that the group will have sufficient working capital to meet its obligations during the forecast period, considering ongoing negotiations with banks to extend loan repayment terms[18] - The company did not recommend a final dividend for the year ending December 31, 2025, consistent with the previous year[54] - The board confirmed compliance with all corporate governance code provisions as per GEM Listing Rules for the year ending December 31, 2025[100] - An audit committee has been established in accordance with GEM Listing Rules, consisting of three independent non-executive directors, responsible for overseeing financial reporting and risk management[101] Strategic Investments and Acquisitions - The company established a joint venture in China with a registered capital of RMB 100,000,000, where the company will hold a 49% stake, aimed at expanding its investment in tourism projects[60] - Guangdong Liuming entered into a conditional equity transfer agreement to acquire 70% of Beijing Qingniao Vocational Education Technology Development Co., Ltd. for RMB 13,054,150[76] - The acquisition of Qingniao Vocational Education is seen as a strategic opportunity to diversify the company's business into vocational education, addressing the high demand for such services in China[76] - The company has acquired 100% ownership of Shanghai Shengjin Venture Capital for RMB 130,472,000, focusing on high-growth sectors such as new materials and energy conservation[69] Challenges and Future Outlook - The company anticipates challenges in the external operating environment for 2026 due to ongoing inflationary pressures and geopolitical uncertainties[77] - The company plans to maintain a cautious approach in evaluating potential investment opportunities, focusing on a balanced and diversified investment portfolio[77] - The group is actively negotiating with other lenders regarding the renewal of several loans due within twelve months[17] - The company will continue to monitor and control costs while implementing measures to enhance productivity and operational efficiency[77] Miscellaneous - An independent forensic investigation is underway regarding a case of embezzlement involving a subsidiary's cashier, which has been reported to the local police[21] - The misappropriated funds amounted to RMB 27.127 million, with RMB 822,000 returned by the cashier[23] - The misappropriated funds of RMB 20.867 million led to significant prior year errors, requiring restatement of the financial statements[25] - The restated operating loss increased to RMB 137.496 million from the previously reported RMB 116.629 million[28] - The total comprehensive income for the year was restated to RMB 143.855 million, down from RMB 164.722 million[32] - Cash and cash equivalents were restated to RMB 126.767 million, a decrease from the previously reported RMB 147.634 million[30]

Financial Performance - Revenue for the year ending December 31, 2025, is approximately RMB 356.6 million, a decrease of 19.3% compared to RMB 442.0 million in 2024, primarily due to a decline in home appliance sales and liquor business revenue [4]. - Gross profit margin for 2025 is 23.5%, down from 26.7% in 2024 [4]. - Operating loss for 2025 is approximately RMB 419.9 million, significantly reduced from RMB 2,218.7 million in 2024 [4]. - Net loss for 2025 is approximately RMB 428.2 million, compared to RMB 2,226.9 million in 2024 [4]. - Basic and diluted loss per share for 2025 is RMB 0.232, a decrease from RMB 2.519 in 2024 [6]. - The company reported a pre-tax loss of RMB 424,279,000 for the year ended December 31, 2025 [32]. - The company reported a total annual loss of RMB 418,391,000 for the year ending December 31, 2025, compared to a loss of RMB 2,221,688,000 in 2024, indicating a significant improvement in financial performance [45]. - Gross profit for 2025 was approximately RMB 83.7 million, down 28.9% from RMB 117.8 million in 2024 [88]. - Other income for 2025 was approximately RMB 2.3 million, compared to RMB 5.3 million in 2024 [89]. - Sales and marketing expenses increased by 57.2% to approximately RMB 134.4 million in 2025, up from RMB 85.5 million in 2024 [91]. Assets and Liabilities - Total assets as of December 31, 2025, amount to RMB 500.1 million, down from RMB 596.1 million in 2024 [9]. - Total liabilities as of December 31, 2025, are RMB 363.6 million, compared to RMB 385.9 million in 2024 [9]. - Non-current assets total RMB 299.4 million in 2025, a decrease from RMB 460.8 million in 2024 [8]. - Cash and cash equivalents as of December 31, 2025, are RMB 36.2 million, an increase from RMB 27.7 million in 2024 [8]. - Current liabilities exceeded current assets by RMB 48,875,000 as of December 31, 2025 [130]. - The debt-to-equity ratio increased to 72.7% in 2025 from 64.7% in 2024 [103]. Business Operations - The company continues to engage in various business activities including home appliances, liquor, education services, and data analysis [11]. - The appliance business generated revenue of RMB 236,098,000 in 2025, down 13.1% from RMB 271,790,000 in 2024 [26]. - The liquor business revenue decreased by 41.2% to RMB 60,011,000 in 2025 from RMB 102,296,000 in 2024 [26]. - The education training services segment reported revenue of RMB 57,394,000 in 2025, a decline of 15.4% from RMB 67,908,000 in 2024 [26]. - The live e-commerce segment generated RMB 3,082,000 in commission income in 2025, with no prior year comparison available [26]. - The company plans to divest underperforming subsidiaries in the home appliance business to reduce operational losses and improve its financial condition [18]. - The company is focused on generating sufficient cash flow through successful collaboration with Muxi and the divestment of underperforming subsidiaries [19]. - The company plans to focus on AI-related business development and gradually divest underperforming home appliance operations to improve financial health [106]. Shareholder and Governance - The company did not declare or recommend any dividends for the year ending December 31, 2025, consistent with the previous year [46]. - The board does not recommend any final dividend for the year ending December 31, 2025, consistent with the previous year [111]. - The independent auditor issued an unqualified opinion on the consolidated financial statements, indicating they fairly represent the group's financial position [129]. - The audit report highlighted significant uncertainties regarding the group's ability to continue as a going concern due to the reported losses and liabilities [130]. - The company adheres to high standards of corporate governance to enhance transparency and accountability, ensuring shareholder interests are protected [118]. - The audit committee has held two meetings during the year to review financial performance and internal controls, with all members in attendance [122]. - There were no disagreements between the board and the audit committee regarding the appointment or dismissal of external auditors during the year [123]. Future Outlook - The company anticipates sufficient financial resources to meet its operational funding needs for the 15 months following December 31, 2025, based on cash flow forecasts and planned measures [17]. - The company anticipates a stable macroeconomic environment in 2026, with a focus on expanding domestic demand and promoting industrial upgrades, particularly through the integration of AI technologies [114]. - The AI business will focus on becoming a core service provider in the domestic computing power sector, enhancing product offerings and deepening collaborations with leading chip manufacturers [115]. - The company aims to expand its national distribution channels and enhance brand exposure while maintaining product quality and innovation to capture younger consumer demographics [116]. - The training and home appliance sectors will undergo resource optimization to align with industry trends, ensuring stable cash flow to support the company's core strategies [117]. Acquisitions and Investments - The acquisition of HuiLiu was completed on December 15, 2025, for a total consideration of HKD 460,000,000, settled by issuing 94,069,530 shares at HKD 4.89 per share [67]. - The fair value of the consideration shares at the acquisition date was RMB 302,430,000, excluding acquisition-related costs of approximately RMB 770,000 [68]. - The acquired assets included intangible assets valued at RMB 43,657,000 and trade receivables of RMB 51,903,000, resulting in total net assets of RMB 63,834,000 [69]. - The acquisition generated goodwill of RMB 238,596,000, attributed to the assembled workforce of HuiLiu [70]. - HuiLiu's new business contributed a profit of RMB 1,578,000 and annual commission income of RMB 3,082,000 to the group's performance [73]. - If the acquisition had been completed on January 1, 2025, the group's projected annual revenue would have been RMB 60,515,000, with a profit of RMB 33,331,000 [73]. - HuiLiu is committed to achieving audited revenues of no less than RMB 50,000,000 in 2025 and RMB 60,000,000 in 2026, with cumulative audited net profits of at least RMB 44,000,000 during the performance commitment period [74].

Financial Verification - The company clarified that the financial data for the year ending December 31, 2025, has been verified and is consistent with the audited financial statements approved by the board on March 31, 2026[3]. - The board of directors confirmed that all information provided in the announcement is accurate and complete, with no misleading or fraudulent elements[4]. Announcement Integrity - The announcement serves as a supplementary notice to the annual performance announcement, maintaining the integrity of the previously disclosed information[3].

Financial Performance - For the fiscal year 2025, revenue was approximately RMB 216.2 million, a decrease of about 1.2% compared to RMB 218.8 million in fiscal year 2024[2] - The gross profit margin for fiscal year 2025 was approximately 6.5%, down by about 1.9% from 8.4% in fiscal year 2024[2] - The loss for fiscal year 2025 was approximately RMB 82.7 million, an increase of about 35.4% from a loss of RMB 61.1 million in fiscal year 2024[2] - Basic and diluted loss per share for fiscal year 2025 was approximately RMB 12.4 cents, an increase of about 26.5% from RMB 9.8 cents in fiscal year 2024[2] - The group reported a loss of approximately RMB 82,715,000 for the fiscal year ending December 31, 2025[74] - The company reported a basic loss attributable to owners of approximately RMB 82,701,000 for the year ended December 31, 2025, compared to RMB 61,063,000 for the year ended December 31, 2024[25] Assets and Liabilities - Total assets less current liabilities amounted to RMB 222.37 million in fiscal year 2025, down from RMB 303.65 million in fiscal year 2024[4] - Non-current assets decreased from RMB 178.48 million in fiscal year 2024 to RMB 170.22 million in fiscal year 2025[4] - The company's total equity decreased from RMB 285.88 million in fiscal year 2024 to RMB 217.72 million in fiscal year 2025[5] - The total trade receivables amounted to RMB 333,937,000 as of December 31, 2025, down from RMB 356,774,000 as of December 31, 2024[27] - The net trade receivables after expected credit loss provisions were RMB 231,035,000 for the year ended December 31, 2025, compared to RMB 301,262,000 for the year ended December 31, 2024[27] - The company’s bank borrowings (secured) increased to RMB 77,845,000 in 2025 from RMB 72,101,000 in 2024[30] - Cash and bank balances as of December 31, 2025, were approximately RMB 7.52 million, while current bank and other borrowings were about RMB 133.26 million[7] Revenue Breakdown - Revenue from customer contracts within the scope of HKFRS 15 for 2025 was RMB 216,163,000, a slight decrease of 1% from RMB 218,773,000 in 2024[16] - Sales of car models contributed RMB 184,057,000 in 2025, down from RMB 215,410,000 in 2024, representing a decline of approximately 14.5%[16] - Revenue from electronic products was RMB 32,106,000 in 2025, with no sales reported in 2024[16] - Revenue from smart toys decreased by approximately 14.6% year-on-year, with smart car models generating RMB 184,057 thousand in FY2025 compared to RMB 215,410 thousand in FY2024[40][41] - The group did not record any revenue from traditional toys in FY2025, similar to FY2024, due to a sluggish retail market in China[43] Expenses and Costs - Interest expenses on bank loans increased to RMB 5,193,000 in 2025 from RMB 4,862,000 in 2024, reflecting a rise of approximately 6.8%[20] - Total financing costs rose to RMB 14,732,000 in 2025, compared to RMB 11,606,000 in 2024, marking an increase of about 26.5%[20] - Administrative expenses decreased by approximately 15.9% from RMB 336 million in FY2024 to RMB 283 million in FY2025, mainly due to a further decline in employee expenses[49] Financial Management and Strategy - The company has implemented measures to improve business development and cost control to achieve profitability and positive cash flow[7] - The group has adopted a prudent financial management policy to maintain a healthy financial position and regularly reviews its funding status[62] - The company is currently assessing the impact of the new HKFRS 18 on its financial statements, particularly regarding the structure of the income statement and cash flow statement[14] - The new accounting standards will require entities to classify all income and expenses into five categories, which may affect the presentation of financial performance in the consolidated financial statements[14] - The company plans to disclose additional performance metrics (MPM) in the notes to the financial statements as required by the new standards[15] Shareholder Information - The company does not recommend a final dividend for the year ended December 31, 2025, consistent with the previous year[24] - The board does not recommend the payment of a final dividend for the fiscal year 2025, similar to the decision for fiscal year 2024[67] - The annual report for the fiscal year 2025 will be sent to shareholders and published on the company's website[75] Employment and Operations - The group has 26 full-time employees as of December 31, 2025, down from 32 in the previous year, primarily due to outsourcing production processes[65] - The group will enhance production capacity and efficiency by outsourcing part of its production processes to suppliers and subcontractors[68] Market and Future Outlook - The group plans to focus on overseas markets by maintaining relationships with existing customers and expanding its customer base, particularly in China[68] - The group aims to diversify its product offerings through the development of smart new products and global licensing strategies[68] - The group has no significant investments or acquisitions planned for FY2025, except for a canceled acquisition of a 51% stake in Times Logistics Investment Co., Ltd.[55][56] Audit and Compliance - The audit committee has reviewed and approved the audited annual results for the fiscal year ending December 31, 2025[72] - The independent auditor confirmed that the figures in the consolidated financial statements are consistent with the group's annual financial report[73] - There are significant uncertainties regarding the group's ability to continue as a going concern due to the reported losses and cash position[74]

Financial Performance - For the year ending December 31, 2025, the company reported total revenue of HKD 60,629,000, a decrease of 54.4% compared to HKD 132,584,000 in 2024[3] - The gross profit for 2025 was HKD 12,505,000, down 68.9% from HKD 40,217,000 in the previous year[3] - The company incurred a loss before tax of HKD 153,662,000, compared to a loss of HKD 103,839,000 in 2024, representing a 47.9% increase in losses[3] - The total comprehensive loss for the year was HKD 73,166,000, a significant improvement from a loss of HKD 163,963,000 in 2024[4] - The company reported a basic and diluted loss per share of HKD 3.73 in 2025, compared to HKD 2.73 in 2024, marking a 36.5% increase in loss per share[4] - The company did not recommend any dividend distribution for the years ending December 31, 2025, and 2024[31] - The company incurred a total income tax expense of HKD (5,307,000) for the year ending December 31, 2025, compared to an income tax expense of HKD 4,823,000 in 2024[30] - The loss attributable to the company's owners for the year was approximately HKD 148,360,000, compared to a loss of HKD 108,660,000 in the previous year, primarily due to decreased revenue and various impairment losses[36] Assets and Liabilities - The company's net assets decreased to HKD 604,841,000 in 2025 from HKD 678,007,000 in 2024, reflecting a decline of 10.8%[6] - Non-current assets totaled HKD 1,155,021,000 in 2025, slightly down from HKD 1,158,225,000 in 2024[5] - Current liabilities increased to HKD 1,168,919,000 in 2025 from HKD 1,132,326,000 in 2024, indicating a rise of 3.2%[5] - The total current assets as of December 31, 2025, were approximately HKD 762,730,000, while total current liabilities were approximately HKD 1,168,920,000, resulting in a debt-to-equity ratio of about 3.5%[52] - The total capital commitments as of December 31, 2025, were approximately HKD 410,910,000, an increase from HKD 398,810,000 as of December 31, 2024[53] - The group recorded contingent liabilities of approximately RMB 155,630,000 (equivalent to about HKD 173,440,000) as of December 31, 2025, unchanged from the previous year[56] Cash Flow and Financial Support - The company’s cash and bank balances decreased to HKD 16,962,000 in 2025 from HKD 32,760,000 in 2024, a decline of 48.2%[5] - The group has confirmed that a major shareholder will provide financial support of approximately HKD 973,972,000 to meet financial obligations when due[11] - As of December 31, 2025, the group's bank balance and cash amounted to approximately HKD 16,960,000, a decrease from HKD 32,760,000 as of December 31, 2024[52] Revenue Sources - Property sales revenue was HKD 49,914,000 for the year ending December 31, 2025, down 59.1% from HKD 122,322,000 in 2024[27] - The company recognized property sales of approximately HKD 49,910,000 from the Jinbao City project for the year, a significant decrease from HKD 122,320,000 in the previous year[41] - Revenue from the Dongfang Xintiandi project was approximately HKD 1,260,000 for the year, down from HKD 1,410,000 in the previous year[39] - The company’s property management income increased to HKD 9,460,000 in 2025 from HKD 8,850,000 in 2024, representing a growth of 6.9%[27] - The company’s interest income from banks decreased to HKD 24,000 in 2025 from HKD 254,000 in 2024, a decline of 90.6%[27] Legal and Compliance Matters - The group has taken all necessary actions to recover the loan from the associate company, including legal proceedings in China[16] - The group has submitted a written request for retrial to the Supreme People's Court regarding the contractor's claims[43] - The group has appealed the judgment, and the High Court subsequently ordered a payment of approximately RMB 16,700,000 (equivalent to about HKD 18,100,000) to the contractor[43] - The group has made a provision of approximately RMB 14,000,000 (equivalent to about HKD 15,800,000) for the contractor's claimed unpaid construction costs as of December 31, 2020[42] - The group has fully complied with the corporate governance code as per the listing rules during the reporting period[62] Employee and Operational Matters - The employee count increased to 102 as of December 31, 2025, from 81 in the previous year, with related employee costs amounting to approximately HKD 17,190,000[60] - The group has not hedged its foreign exchange risks, which could impact operational performance due to fluctuations in the exchange rates of RMB and HKD[54] - The group did not engage in any significant investments, acquisitions, or disposals during the year ended December 31, 2025[55] Future Outlook and Strategy - The group plans to focus on mid-to-high-end commercial and tourism property development and investment in response to market conditions[51] - The group is actively reassessing the positioning of the Honghaiwan project, which is currently on hold pending market conditions and local government guidelines[41] - The group will continue to seek high-quality and cost-effective investment opportunities to enhance investment returns and diversify income sources[51]

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 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM之定位，乃為較於聯交所上市之其他公司帶有更高投資風險之公司提供一個上市之市 場。有意投資之人士應了解投資於該等公司之潛在風險，並應經過審慎周詳之考慮後方作出 投資決定。 由於GEM ...