Financial Performance - The company's revenue decreased by approximately RMB 119.1 million or 11.9% to RMB 882.1 million for the year ending December 31, 2025, compared to RMB 1,001.2 million for the year ending December 31, 2024[7]. - Gross profit fell by approximately RMB 34.9 million or 15.6% to RMB 189.3 million for the year ending December 31, 2025, down from RMB 224.2 million for the previous year[8]. - Net profit for the year decreased by 69.9% to RMB 35.8 million, compared to RMB 118.7 million in the previous year[3]. - The gross margin slightly decreased from 22.4% for the year ending December 31, 2024, to 21.5% for the year ending December 31, 2025[8]. - Operating profit for the year ended December 31, 2025, was RMB 42.3 million, down from RMB 128.5 million in 2024[32]. - Total expenses for the fiscal year 2025 were RMB 852,256,000, a reduction of 6.3% compared to RMB 909,144,000 in 2024[43]. - The company reported a net profit attributable to owners of RMB 35,881,000 for 2025, a significant decline of 69.7% from RMB 118,602,000 in 2024[50]. - Basic earnings per share for 2025 was RMB 0.09, down from RMB 0.29 in 2024[50]. Expenses and Costs - Administrative expenses increased by approximately RMB 19.2 million or 19.0% to RMB 120.4 million for the year ending December 31, 2025, primarily due to increased administrative personnel to support new production bases in Vietnam and Wuhu, Anhui Province, China[10]. - Sales and marketing expenses rose by approximately RMB 8.1 million or 26.3% to RMB 39.0 million for the year ending December 31, 2025, driven by increased advertising and promotion costs[11]. - Other losses for the year ending December 31, 2025, are approximately RMB 1.3 million, compared to other income of about RMB 33.5 million for the year ending December 31, 2024[12]. - Financial income net amount decreased from approximately RMB 3.9 million for the year ending December 31, 2024, to about RMB 0.8 million for the year ending December 31, 2025, primarily due to increased financial costs from higher bank borrowings[13]. Assets and Liabilities - The carrying amount of property, plant, and equipment increased by approximately RMB 25.7 million, mainly due to capitalized construction costs for the Wuhu production base and machinery purchased for the new production base in Vietnam[20]. - Total assets increased to RMB 1,186,785 thousand in 2025, up from RMB 1,003,309 thousand in 2024, representing a growth of 18.3%[33]. - Total liabilities increased to RMB 638,147 thousand in 2025, compared to RMB 472,540 thousand in 2024, marking a rise of 35.0%[34]. - Current liabilities totaled RMB 631,066 thousand in 2025, up from RMB 460,252 thousand in 2024, an increase of 37.1%[34]. - Cash and cash equivalents significantly increased to RMB 590,974 thousand in 2025, compared to RMB 355,512 thousand in 2024, a growth of 66.3%[33]. - The company reported a significant increase in borrowings, which rose to RMB 474,455 thousand in 2025 from RMB 270,920 thousand in 2024, an increase of 75.0%[34]. Inventory and Receivables - Inventory balance increased by approximately RMB 11.0 million or 10.8% from about RMB 101.3 million as of December 31, 2024, to approximately RMB 112.2 million as of December 31, 2025, primarily due to increased purchases of raw materials[22]. - Trade receivables decreased by approximately RMB 32.6 million or 19.6% from about RMB 166.9 million as of December 31, 2024, to approximately RMB 134.3 million as of December 31, 2025, consistent with the decline in revenue[23]. - Prepayments, deposits, and other receivables decreased by approximately RMB 21.2 million or 25.3% from about RMB 84.0 million as of December 31, 2024, to approximately RMB 62.8 million as of December 31, 2025, mainly due to a reduction in recoverable VAT[24]. - Trade receivables decreased to RMB 130,148,000 in 2025 from RMB 163,705,000 in 2024, reflecting a decline of 20.4%[52]. - The total impairment provision for trade receivables increased to RMB 4,116,000 in 2025 from RMB 3,188,000 in 2024, reflecting a rise in credit risk[56]. Production and Operations - The company established a production base in Vietnam to mitigate the impact of temporary anti-dumping duties imposed by the EU on candle products imported from China, with the base operational within the fiscal year[6]. - The temporary anti-dumping tax rate imposed by the EU on imported candles from China is 70.9%[5]. - The final anti-dumping duty rate applicable to the company on candles and similar products from China was reduced to 56.7% from a temporary rate of 70.9%[30]. - The company is exploring the establishment of another production base in Thailand and has identified suitable land for construction[31]. Governance and Compliance - The company has adhered to corporate governance codes, although the roles of Chairman and CEO are held by the same individual, which may raise governance concerns[64][65]. - The external auditor, PwC, confirmed that the financial data for the year ending December 31, 2025, is consistent with the consolidated financial statements[66]. - The audit committee has reviewed the company's performance for the year ending December 31, 2025[67]. - The annual general meeting of shareholders is scheduled for June 26, 2026[68]. - Share transfer registration will be suspended from June 23 to June 26, 2026, to determine shareholder attendance and voting rights[69]. Dividends and Shareholder Returns - The company declared a special dividend of RMB 18,155,000 for the year ended December 31, 2025, compared to RMB 33,253,000 in 2024, reflecting a reduction in profit distribution[61]. - The company did not recommend any final dividend for the year ended December 31, 2025, indicating a conservative approach to cash management[62]. - The company has not engaged in any buybacks or sales of its listed securities during the year ended December 31, 2025, maintaining a stable capital structure[63].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Joy Spreader Group Inc. 樂享集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：6988） 本集團截至2025年12月31日止年度之經營資料摘要連同2024年同期之比較數據如 下： 截至2025年12月31日止年度之年度業績公告 董事會欣然公佈本集團截至2025年12月31日止年度之經審計綜合業績，連同截至 2024年12月31日止年度之比較數字。本集團業績已經審核委員會審閱。 本集團截至2025年12月31日止年度之經審核綜合年度業績連同2024年同期之比較 數據如下： 財務業績摘要 截至12月31日止年度 同比變動 2025年 2024年 增加╱（減少） （百萬港元，百分比除外） | 收益 | 11.68 | 113.31 | (89.69)% | | --- | --- | --- | --- | | 毛利 | 5.21 | 1.05 | 396.19% | | 本 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 AV PROMOTIONS HOLDINGS LIMITED AV策劃推廣（控股）有限公司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：8419） 截至二零二五年十二月三十一日止年度之 全年業績公告 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM的特點 GEM乃為較於聯交所上市的其他公司帶有更高投資風險的中小型公司提供上 市 的 市 場。有 意 投 資 者 應 了 解 投 資 於 該 等 公 司 的 潛 在 風 險，並 應 經 過 審 慎 周 詳 考 慮 後 方 作 出 投 資 決 定。 由 於GEM上 市 公 司 一 般 為 中 小 型 公 司，在GEM買賣的證券可能會於聯交所主 板 買 賣 的 證 券 承 受 較 高 的 市 場 波 動 風 險，亦 無 法 保 證 在GEM買賣的證券會有 高 ...

Share Capital and Dividends - The company reported a total issued share capital of 450,405,288 shares, with a proposed final dividend of RMB 1.80 per 10 shares for the year ending December 31, 2025[10]. - The company plans to repurchase and cancel 1,860,000 restricted shares due to unmet performance targets, resulting in a reduction of total shares from 450,405,288 to 448,545,288[7]. - The registered capital will decrease from RMB 450,405,288 to RMB 448,545,288 following the share repurchase[7]. - The board has proposed a final dividend of RMB 1.80 per 10 shares for the year ending December 31, 2025, based on 440,328,888 shares available for distribution[113]. - The company will adjust the total distribution amount if there are changes in the total share capital before the implementation of the profit distribution plan[113]. Management Changes - The current general manager, Ms. Zhuang Hao, has resigned but will remain as an executive director and chairperson[6]. - The company will appoint Mr. Zhang Heping as the acting general manager following the resignation of Ms. Zhuang[6]. - The company reported a significant increase in overall management and strategic development under the leadership of Ms. Zhuang Hao and Mr. Zhang Heping, both with over 30 years of experience in the packaging and advertising industry[115][117]. - The company has expanded its management team, with Mr. Zhuang Shu appointed as Executive Director and Deputy General Manager, overseeing strategic and business development[121]. Financial Performance - 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[24]. - Gross profit for 2025 was RMB 3,142,598 thousand, up 30% from RMB 2,419,315 thousand in 2024[24]. - Net profit for the year was RMB 334,050 thousand, representing an increase of 81% compared to RMB 184,450 thousand in 2024[25]. - Basic earnings per share for the parent company owners was RMB 0.67, up from RMB 0.49 in 2024[24]. - Total assets as of December 31, 2025, amounted to RMB 4,321,865 thousand, compared to RMB 3,503,094 thousand in 2024[26]. - Current assets increased to RMB 2,728,097 thousand in 2025, up from RMB 1,974,093 thousand in 2024[26]. - The company reported a significant increase in cash and cash equivalents, reaching RMB 1,229,577 thousand, compared to RMB 711,062 thousand in 2024[26]. Revenue Sources and Growth - The company reported a revenue increase of 15% year-over-year, reaching RMB 1.2 billion for the fiscal year[21]. - User data showed a growth of 25% in active users, totaling 5 million by the end of the reporting period[21]. - The company provided a forward guidance of 10-12% revenue growth for the next fiscal year, anticipating continued market expansion[21]. - New product launches are expected to contribute an additional RMB 200 million in revenue, with a focus on enhancing the SaaS platform capabilities[21]. - The cross-border social e-commerce business has become a major revenue source, leveraging data insights and targeted advertising[30]. - Revenue from the cross-border social e-commerce business reached RMB 4,373.2 million in 2025, a 29.9% increase compared to the previous year, due to market expansion and brand building efforts[69]. - Revenue from the fast-moving consumer goods paper packaging business was RMB 2,345.3 million in 2025, an 11.7% increase year-on-year, attributed to increased demand in the packaging segment and international market expansion[70]. Strategic Initiatives - The company is investing RMB 50 million in R&D for new technologies aimed at improving user experience and operational efficiency[21]. - Market expansion efforts include entering two new international markets, projected to increase user base by 15%[21]. - The company is considering strategic acquisitions to enhance its product offerings and market presence, with a budget of up to RMB 300 million allocated for potential deals[21]. - The management emphasized a commitment to sustainability, aiming for a 20% reduction in operational carbon footprint by 2025[21]. - The company plans to enhance its marketing strategy, with an expected ROI of 150% on advertising expenditures[21]. AI and Technology Development - The company has developed the "Giikin" system, an AI-integrated management system that streamlines operations from product selection to logistics[42]. - The AI-driven customer service system provides efficient, precise 24/7 service to consumers in over 40 countries, reducing operational costs and supporting business expansion[45]. - The company has successfully developed AI technologies covering product selection, image design, video generation, and customer service, achieving significant digital transformation[51]. - The company anticipates explosive growth in AI model technology by 2025, enhancing its "AI e-commerce" advantages and driving intelligent upgrades in cross-border social e-commerce[43]. - The company is committed to continuous improvement in AI technology capabilities to support its cross-border e-commerce and packaging solutions[60]. Financial Management and Investments - The company plans to maintain adequate cash reserves to meet operational needs and future growth when declaring dividends[148]. - The company has not engaged in any financial assistance or guarantees that require disclosure under the relevant listing rules as of the reporting date[104]. - The company has not provided any specific financial assistance or guarantees to its subsidiaries that require disclosure under the listing rules for the year ending December 31, 2025[104]. - The company plans to provide an additional estimated guarantee amount of RMB 250 million for the performance obligations of certain subsidiaries, increasing the total guarantee amount from RMB 400 million to RMB 650 million for 2025[104]. Compliance and Governance - The company is focused on independent oversight and governance, with Dr. Zhang Guoqing serving as the Chairman of the Audit Committee, ensuring compliance and financial integrity[127]. - The company emphasizes the importance of independent judgment and oversight in its strategic decisions, as highlighted by the roles of independent non-executive directors[127]. - The company has complied with the disclosure requirements of the listing rules regarding related party transactions during the reporting period[164]. - As of December 31, 2025, there were no significant contracts between the company and its largest single shareholder group[174]. Risks and Challenges - The company has faced significant risks, including potential disruptions in relationships with third-party partners in cross-border social e-commerce[143]. - The company operates in a highly competitive B2C export social media e-commerce market in China, which may impact customer base, market share, and profitability if competition is not effectively managed[143]. - The company has actively sought to expand its market presence and develop new customers to reduce reliance on major clients[161]. Shareholder Information - As of December 31, 2025, the total number of issued shares is 450,405,288, which includes 382,495,288 A shares and 67,910,000 H shares[182]. - Ms. Zhuang Hao holds a beneficial interest of 69,623,082 shares, representing 15.46% of the company's total equity[179]. - Mr. Zhuang Shu holds a beneficial interest of 34,671,025 shares, representing 7.70% of the company's total equity[179]. - The total beneficial interest of the concert party group, including Ms. Zhuang Hao and Mr. Zhuang Shu, amounts to 48,376,553 shares, representing 10.74% of the company's total equity[179]. - The concert party agreement ensures unified voting and decision-making among the largest shareholders, including Ms. Zhuang Hao and Mr. Zhuang Shu[180].

Revenue Growth - The company recorded a revenue growth of approximately 9.5%, increasing from HKD 2,745.5 million in FY2024 to HKD 3,007.1 million in FY2025[2] - The express delivery business saw a significant increase of 84.8%, growing from HKD 315.2 million in FY2024 to HKD 582.6 million in FY2025[2] - The freight forwarding services, including air and sea freight, achieved a revenue growth of about 12.8%, rising from HKD 2,389.3 million in FY2024 to HKD 2,695.1 million in FY2025[2] - The total revenue for 2025 is HKD 3,007,077,000, an increase from HKD 2,745,518,000 in 2024, representing a growth of approximately 9.5%[14] - The air freight segment generated external sales of HKD 1,393,897,000 in 2025, up from HKD 1,178,575,000 in 2024, reflecting a growth of about 18.3%[14][15] - Revenue from external customers in Mainland China reached HKD 691,575,000 in 2025, up from HKD 638,139,000 in 2024, marking a growth of about 8.3%[17] - The logistics services demand in Europe remained resilient, with stable revenue of HKD 657.2 million in fiscal year 2025, compared to HKD 708.7 million in fiscal year 2024[51] - The Southeast Asia region showed significant growth, with Vietnam's office recording a revenue of HKD 128.6 million, a year-on-year increase of 46.1%[53] - The company’s express delivery segment, 嘉泓快递, generated revenue of approximately HKD 582.6 million in fiscal year 2025, accounting for about 19.4% of the total revenue[54] - The cruise logistics segment achieved a revenue of approximately HKD 468.5 million in fiscal year 2025, up from HKD 430.3 million in fiscal year 2024, representing about 15.6% of total revenue[56] - The air freight agency business recorded revenue of approximately HKD 1,393.9 million for the fiscal year 2025, an increase of about 18.3% compared to HKD 1,178.6 million in fiscal year 2024[61] - The sea freight agency business generated revenue of approximately HKD 832.6 million in fiscal year 2025, up about 6.7% from HKD 780.4 million in fiscal year 2024[62] - The cruise logistics segment achieved revenue of approximately HKD 468.5 million in fiscal year 2025, representing an increase of about 8.9% from HKD 430.3 million in fiscal year 2024[63] Profitability - The company maintained a net profit of HKD 22.9 million in FY2025, compared to HKD 32.0 million in FY2024[2] - Basic and diluted earnings per share decreased from 10.9 HK cents in FY2024 to 5.2 HK cents in FY2025[4] - Total comprehensive income for the year amounted to HKD 44.1 million in FY2025, compared to HKD 8.6 million in FY2024[5] - The pre-tax profit for 2025 is reported at HKD 52,584,000, a decrease from HKD 82,866,000 in 2024, indicating a decline of approximately 36.5%[15][18] - The gross profit for the logistics segment in 2025 was HKD 53,743,000, compared to HKD 46,011,000 in 2024, indicating an increase of approximately 16.7%[14][15] - The gross profit margin for the air freight segment in 2025 was approximately 9.7%, compared to 13.5% in 2024, indicating a decline in profitability[14][15] - The gross profit for fiscal year 2025 was approximately HKD 498.2 million, down from HKD 514.3 million in fiscal year 2024[58] Assets and Liabilities - The company's total assets less current liabilities increased from HKD 618.3 million in FY2024 to HKD 632.9 million in FY2025[6] - Non-current assets decreased from HKD 474.3 million in FY2024 to HKD 465.6 million in FY2025[6] - The company's net asset value increased from HKD 548.5 million in FY2024 to HKD 573.4 million in FY2025[7] - Trade and other receivables increased to HKD 737,788,000 in 2025 from HKD 642,093,000 in 2024, with trade receivables (net of impairment) at HKD 617,010,000[37] - Trade and other payables rose to HKD 407,563,000 in 2025 from HKD 385,826,000 in 2024, with trade payables at HKD 330,523,000[42] - Contract assets from freight forwarding contracts amounted to HKD 176,863,000 in 2025, up from HKD 153,233,000 in 2024[37] - The group had outstanding bank loans and overdrafts of approximately HKD 457.2 million as of December 31, 2025, compared to HKD 384.1 million on December 31, 2024[67] - The capital debt ratio was approximately 35.6% as of December 31, 2025, slightly up from 35.2% on December 31, 2024[67] Cash Flow and Dividends - The operating cash inflow for fiscal year 2025 was approximately HKD 87.3 million, compared to HKD 58.8 million in fiscal year 2024[67] - As of December 31, 2025, the group's cash and cash equivalents were approximately HKD 299.6 million, an increase of about 17.5% from HKD 255 million on December 31, 2024[67] - The board proposed a final dividend of HKD 0.01 per share for the fiscal year 2025, totaling HKD 3,004,890, subject to shareholder approval[84] - The proposed final dividend for the fiscal year 2025 is expected to be paid on July 17, 2026, pending approval at the upcoming annual general meeting[86] - The record date for determining eligibility to receive the proposed final dividend is June 26, 2026[86] Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has complied with it since the fiscal year 2025[87] - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial performance for the fiscal year 2025[90] - The independent auditor, KPMG, has confirmed that the financial figures for the year ended December 31, 2025, are consistent with the amounts presented in the financial statements[91] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[93] Market Outlook - The company anticipates global GDP growth of approximately 3.3% in 2026, reflecting a cautious but constructive outlook for the global logistics industry[78] - The global e-commerce logistics market is projected to grow from USD 628.9 billion in 2026 to over USD 1.87 trillion by 2035, with a compound annual growth rate of 12.91%[80] - The global cruise tourism market size is expected to increase from approximately USD 7.8 billion in 2025 to USD 8.54 billion in 2026, indicating a recovery in global travel activities[81] Employee and Operational Insights - As of December 31, 2025, the company employed 878 staff, with employee costs amounting to approximately HKD 348.57 million for the fiscal year 2025[82] - The company launched dedicated air logistics services in August 2025 to address the complexities of global aerospace supply chains[57] - The company is focusing on sustainability by integrating green solutions into its core logistics services and promoting the use of sustainable aviation fuel in collaboration with Finnair[57] - The group did not engage in any significant acquisitions or disposals of subsidiaries or associates during fiscal year 2025[71]

Economic Performance - In 2025, China's economy achieved a growth target of 5%[19] - Future prospects indicate that China's economy may continue to grow at around 5% in 2026, influenced by high-tech exports and government spending, but risks remain due to geopolitical factors[48] - The company anticipates a 5% growth in China's economy for 2025, driven by high-tech and green product exports, but faces pressure from slowing domestic demand and a contracting real estate sector[52] Gold Market - Gold prices increased from approximately US$2,600 per ounce at the beginning of the year to US$4,300 per ounce by year-end[19] - Gold prices surged to over US$4,300 per ounce by the end of 2025, impacting the jewellery market negatively while boosting the appeal of gold as an investment[49] - Gold prices are expected to continue rising, surpassing $4,300 per ounce by year-end 2025, impacting the sales performance of the gold jewelry market[52] - Demand for gold bars and coins rose significantly, while gold jewellery sales sharply declined due to the investment appeal of gold[19] Rehabilitation Products Segment - The Rehabilitation products segment is growing as hospitals in China adopt smart, patient-centered rehabilitation designs[19] - The company is one of the few market players in Guangdong for rehabilitation products, indicating potential for further growth in 2026[19] - Revenue from continuing operations increased to HK$11,068,000 in 2025, up from HK$7,248,000 in 2024, driven by a 129% increase in rehabilitation products sales[25] - The rehabilitation products segment achieved sales of HK$7,147,000 in 2025, a substantial increase from HK$3,116,000 in 2024, driven by aging demographics and government investment in healthcare[28] - The board believes that sales in the rehabilitation products segment will likely exceed those of other business segments due to increased government investment in healthcare infrastructure[52] Financial Performance - For the year ended 31 December 2025, the Group's loss attributable to the owners was HK$7,166,000, a significant improvement from a loss of HK$54,765,000 in 2024[24] - As of 31 December 2025, the Group had cash and bank balances of HK$2,185,000, a significant increase from HK$272,000 in 2024[31] - Sales of gold and jewellery products decreased by 5% to HK$3,921,000 in 2025, compared to HK$4,132,000 in 2024, reflecting challenges in the luxury goods market[27] - The luxury goods market contracted by approximately 3-5% in 2025, but signs of recovery were noted in the second half of the year[27] - The Group does not recommend any dividend payment for the year ended December 31, 2025, consistent with 2024, where no dividend was paid[144] Corporate Governance - The Company has established good corporate governance practices to safeguard shareholders' interests and ensure prudent decision-making[53] - The Company has resumed compliance with GEM Listing Rules following the appointment of two new independent non-executive directors on December 16, 2025[56] - The board meets at least four times a year to review financial and operational performance and discuss the group's direction and strategy[62] - The executive directors meet bi-weekly to review the company's business pipeline, receivables, and business unit performance[66] - The Audit Committee reviewed the effectiveness of the Company's risk management and internal control systems[90] Audit and Compliance - The Audit Committee reviewed the Group's interim results and audited annual results for the year ended December 31, 2025, confirming compliance with applicable accounting standards and adequate disclosures[86] - The Audit Committee's principal duties include reviewing and supervising the financial reporting process, internal control procedures, and risk management system of the Group[85] - The Company has arranged appropriate liability insurance for Directors, with coverage reviewed annually to indemnify against risks from corporate activities[77] - The Group's external auditor is Prism Hong Kong Limited, responsible for reporting on the consolidated financial statements[112] - The Directors acknowledge their responsibility for preparing financial statements that reflect the true financial position of the Group[111] Shareholder Information - The Company maintains an open and effective investor communication policy, providing timely updates on business developments[136] - Shareholders holding at least one-tenth of the paid-up capital have the right to requisition an extraordinary general meeting[130] - The Company encourages shareholder participation through general meetings and ensures separate resolutions for different issues[123] - The Chairman and relevant committee chairs are expected to attend the annual general meeting to facilitate communication with shareholders[135] Employee and Director Information - As of December 31, 2025, the company has 30 employees, maintaining the same number as in 2024, with year-end bonuses awarded based on individual performance[51] - All Directors participated in continuous professional development activities relevant to the Company's business and their responsibilities during the reporting period[74] - The Remuneration Committee was established on May 10, 2005, to make recommendations on the remuneration policy and structure for all Directors and Senior Management[91] - The Remuneration Committee reviewed and recommended remuneration packages for executive Directors and senior management[95] Share Capital and Ownership - As of December 31, 2025, Ms. Li Xia holds 804,159,697 shares, representing 41.29% of the company's issued share capital[181] - Mr. Chen Yin holds 149,455,740 shares, accounting for 7.67% of the company's issued share capital[181] - CK Hutchison Holdings Limited has an interest in 143,233,151 shares, which is 7.35% of the company's issued share capital[187] - Ocean Expert Investments Limited, wholly owned by Ms. Li Xia, is a beneficial owner of 804,159,697 shares[195] - Flourish Zone Limited, wholly owned by Mr. Chen Yin, is a beneficial owner of 149,455,740 shares[195] Risk Management - The internal control and accounting systems are designed to provide reasonable assurance that material assets are protected and significant risks are identified and monitored[128] - The Audit Committee is satisfied with the effectiveness of the internal control system based on assessments made by the Board and senior management[122] - The management team is responsible for implementing and reviewing the internal control systems and procedures[119]

香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為相比起其他在聯交所上市的公司帶有較高投資風險的中小公司 提供一個上市的市場。有意投資的人士應了解投資於該等公司的潛在風險，並應 經過審慎周詳的考慮後方作出投資決定。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不會對因本公佈全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：8087） 截至2025年12月31日止年度全年業績公佈 由於GEM 上市的公司通常為中小公司，在GEM 買賣的證券可能會較於主板買賣 的證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量 的市場。 本公佈（中國三三傳媒集團有限公司（「本公司」）的董事（「董事」）願共同及個別 地承擔全部責任）乃遵照聯交所GEM 證券上市規則（「GEM 上市規則」）而刊載， 旨在提供有關本公司的資料。董事在作出一切合理查詢後，確認就其所深知及確信， 本公佈所載資料在各重要方面均屬準確完備，沒有誤導或欺詐成分，且並無遺漏 任何 ...

Financial Performance - Revenue for the six months ended December 31, 2025, was approximately HKD 172.92 million, a decrease of about HKD 11.08 million or 6.02% compared to HKD 184 million for the same period last year[6] - Net loss attributable to shareholders for the six months ended December 31, 2025, was approximately HKD 49.31 million, an increase of about HKD 20.78 million or 72.83% compared to HKD 28.53 million for the same period last year[6] - Basic and diluted loss per share for the six months ended December 31, 2025, was HKD 0.89, compared to HKD 0.52 for the same period last year[8] - Total comprehensive loss for the six months ended December 31, 2025, was HKD 91.56 million, compared to HKD 45.57 million for the same period last year[9] - The company reported a net loss of approximately HKD 93,546,000 for the six months ended December 31, 2025, compared to a loss of HKD 35,628,000 in the same period of 2024[20] - The group reported a pre-tax loss of HKD 27,547,000 for the six months ended December 31, 2025, compared to a profit of HKD 8,364,000 in the same period of 2024[28] - The total comprehensive loss for the period was HKD 93,546,000 in 2025, compared to a loss of HKD 41,198,000 in 2024, indicating a significant increase in losses[40] Cash Flow and Liquidity - The net cash generated from operating activities for the six months ended December 31, 2025, was HKD 2,252,000, a significant decrease from HKD 66,599,000 in the same period of 2024[13] - The net cash used in investing activities increased to HKD (72,919,000) compared to HKD (17,657,000) in the previous year, indicating a substantial rise in investment outflows[13] - The net cash used in financing activities was HKD (26,474,000), a decrease from HKD (33,437,000) in the prior year, reflecting a reduction in financing costs[13] - The total cash and cash equivalents decreased by HKD 97,141,000, contrasting with an increase of HKD 15,505,000 in the previous year[13] - As of December 31, 2025, the cash and cash equivalents balance was HKD 131,970,000, down from HKD 228,010,000 a year earlier[13] - The company reported a decrease in cash balances in general accounts, indicating potential liquidity challenges[12] - The group's cash and bank balances and time deposits decreased from approximately HKD 231,691,000 as of June 30, 2025, to approximately HKD 136,198,000 as of December 31, 2025, a decrease of about HKD 95,493,000, mainly due to disputes and litigation causing bank accounts to be frozen[80] Assets and Liabilities - Non-current assets as of December 31, 2025, amounted to HKD 1,455.01 million, an increase from HKD 1,393.90 million as of June 30, 2025[10] - Current liabilities as of December 31, 2025, were HKD 949.59 million, compared to HKD 872.00 million as of June 30, 2025[11] - Net assets as of December 31, 2025, were HKD 237.64 million, a decrease from HKD 329.79 million as of June 30, 2025[12] - Current liabilities as of December 31, 2025, amounted to approximately HKD 538,965,000, with accounts payable around HKD 529,551,000, including disputed water fees[20] - The group's net current liabilities amounted to approximately HKD 538,965,000, with current assets including properties under development of about HKD 22,567,000 and cash and bank balances of approximately HKD 89,134,000[90] - The group's debt-to-asset ratio was 88% as of December 31, 2025, up from 83% on June 30, 2025, indicating a significant increase in leverage[91] Revenue Breakdown - Water supply and related services revenue decreased to HKD 139,164,000 from HKD 161,747,000, representing a decline of 13.9%[26] - Revenue from water supply and related services was approximately HKD 157,133,000, down 9.39% or about HKD 16,275,000 year-on-year, primarily due to a decrease in installation, construction, and maintenance income[58] - The property investment and development segment recorded revenue of approximately HKD 15,628,000, an increase of about HKD 5,102,000 compared to HKD 10,526,000 in the previous year, driven by improved market conditions[58] - The financial services segment reported revenue of approximately HKD 163,000, a significant increase of 146.97% compared to HKD 66,000 in the same period last year, attributed to higher corporate advisory income[59] Expenses and Costs - Employee costs for the period were HKD 30,536,000, down from HKD 33,333,000 in 2024, reflecting a reduction of 8.4%[28] - The cost of revenue for the period was approximately HKD 167,055,000, a decrease of about HKD 1,764,000 compared to the previous year, mainly due to reduced costs in water supply and related services[63] - General and administrative expenses for the period were approximately HKD 38,976,000, consistent with the previous year's expenses[65] - Financial expenses for the six months ended December 31, 2025, amounted to approximately HKD 17,228,000, a decrease of about HKD 2,571,000 from the same period last year, primarily due to the repayment of part of the bank loans[67] Legal and Regulatory Matters - The increase in net loss was primarily due to compensation losses and other expenses related to a court ruling regarding a lawsuit with a government-designated water plant[6] - The company experienced an increase in corporate income tax expenses due to a reassessment by the tax authorities in Qingyuan City[6] - The group faces legal claims totaling approximately RMB 483.3 million for water fees, with additional claimed costs of RMB 39.1 million, of which RMB 169.1 million has been settled[106] - The group has received legal advice regarding ongoing litigation related to water supply costs and is actively seeking to protect its rights[105] Corporate Governance and Shareholder Matters - The board of directors did not recommend the payment of an interim dividend for the six months ended December 31, 2025[6] - The company has adopted a share incentive plan on January 15, 2021, aimed at recognizing contributions from selected employees and attracting suitable personnel[118] - The company has established a management committee to align the interests of share incentive recipients with the long-term performance of the company[118] - The company has not complied with the listing rules, resulting in a temporary shortage of independent non-executive directors below the required minimum of three as per rule 3.10(1)[132] - The audit committee currently lacks the minimum number of three members as required by rule 3.21, and the position of the audit committee chair is temporarily vacant[135] - The company aims to ensure compliance with listing rules in a practical timeframe[135] Future Plans and Strategies - The company plans to implement measures to reduce administrative and operational costs to mitigate liquidity risks and improve financial conditions[20] - The company plans to focus on property investment and development to provide stable income sources and explore potential investment opportunities both domestically and internationally[61] - The company is considering the possibility of selling part of its water supply business subsidiaries to improve its operational and financial situation[61] - The group plans to acquire retail and commercial properties in Guangzhou, with indicative consideration not exceeding RMB 260 million (approximately HKD 285.71 million) and a refundable earnest money of RMB 100 million (approximately HKD 109.89 million) to be paid[94] - The group has entered into a non-binding memorandum of understanding to acquire controlling interests in properties in Guangdong, with indicative consideration of no less than RMB 300 million (approximately HKD 334.34 million) and a refundable earnest money of RMB 150 million (approximately HKD 167.17 million)[97]

Financial Performance - The company's revenue reached a historic high of HKD 488.8 million, representing a significant increase of 30.4% compared to HKD 374.7 million last year[2]. - Adjusted non-IFRS revenue surged by 150.1% to HKD 534.1 million from HKD 213.6 million in the previous year[2]. - The loss from continuing operations was HKD 388.2 million, a decline from a profit of HKD 54.8 million in the previous year, primarily due to investments in global expansion strategies[3]. - The company incurred operational expenses of HKD 431.3 million, up from HKD 195.9 million year-on-year[3]. - The company reported a significant increase in user data and engagement metrics, although specific figures were not disclosed in the summary[2]. - The company reported a total comprehensive loss of HKD 487,747,000 for the year ended December 31, 2025, compared to a comprehensive income of HKD 168,021,000 in 2024[4]. - The loss attributable to equity holders from continuing operations was HKD 386,773,000, a significant decrease from the profit of HKD 55,907,000 in the previous year[4]. - The basic and diluted loss per share from continuing operations was HKD 0.57 for 2025, compared to earnings of HKD 0.09 per share in 2024[6]. - The company reported a significant increase in cash and cash equivalents to HKD 1,071,925 thousand in 2025, up from HKD 635,262 thousand in 2024, representing a growth of about 68.6%[7]. - The company reported a net loss of HKD 18,270,000 from digital asset fair value adjustments in 2025, compared to a loss of HKD 480,000 in 2024[26]. Assets and Liabilities - Total assets increased to HKD 4,645,310 thousand in 2025 from HKD 1,863,737 thousand in 2024, representing a growth of approximately 149.1%[7]. - Total liabilities amounted to HKD 579,371 thousand in 2025, compared to HKD 1,359,630 thousand in 2024, indicating a decrease of about 57.4%[8]. - Current liabilities decreased to HKD 568,525 thousand in 2025 from HKD 1,337,414 thousand in 2024, a reduction of approximately 57.5%[8]. - The total equity of the company improved to HKD 4,065,939 thousand in 2025, compared to HKD 504,107 thousand in 2024, indicating a growth of approximately 705.5%[8]. - The company’s total comprehensive loss for the year was primarily driven by significant impairments and foreign exchange losses[4]. Strategic Plans and Acquisitions - The company plans to continue its strategic global expansion, focusing on hiring and operational expenditures to enhance global capabilities[2]. - The company aims to expand its business in Indonesia through the acquisition of EvergreenCrest and its subsidiaries[51]. - The company plans to leverage its acquisitions to enhance its market presence in the cryptocurrency trading sector[54]. - The company announced the acquisition of Banxa Holdings Inc for a maximum consideration of CAD 85.2 million (approximately HKD 486.7 million), which is expected to enhance its cryptocurrency integration capabilities[56]. - The company is currently assessing the financial impact of the Banxa acquisition on its financial statements[56]. Revenue Sources - Revenue from digital asset trading services was HKD 326,846,000 in 2025, up from HKD 263,061,000 in 2024, representing a 24.3% growth[26]. - Customer contract revenue for 2025 reached HKD 180,197,000, a 60.5% increase from HKD 112,166,000 in 2024[26]. - Revenue from digital asset market business increased by 25.6% to HKD 355.7 million from HKD 283.1 million in the previous fiscal year, driven by stablecoin payment services and increased institutional investor participation[79]. - Revenue from digital asset technology infrastructure business rose by 45.3% to HKD 133.1 million, attributed to an expanding customer base and payment API services[79]. Shareholder Information - The company issued a total of 158,056,000 new shares at a subscription price of HKD 14.90 per share, raising approximately HKD 2,335,781,000 after expenses[50]. - The total number of shares outstanding at the end of the year was 794,595,352, compared to 626,353,184 at the beginning of the year, reflecting a significant increase[50]. - The company has not early adopted any new accounting standards that are effective for the financial year beginning January 1, 2025[16]. - The board has resolved not to recommend a final dividend for the year, resulting in no dividend payment for the year 2024[142]. Regulatory Compliance and Risk Management - The group is committed to adhering to strict regulatory compliance across jurisdictions, including anti-money laundering requirements and regular financial audits[118]. - The group has implemented a robust risk management framework supported by a team of experienced professionals to ensure compliance and governance[119]. - The group has established guidelines and risk control procedures to manage the levels of digital assets held in "hot" wallets, ensuring security and monitoring[123]. - The group maintains insurance coverage for its "cold" and "hot" wallets provided by third-party insurers to mitigate risks associated with digital asset storage[123]. Market Trends and Future Outlook - The global stablecoin market is projected to grow from USD 203 billion in 2024 to over USD 2.251 trillion by 2029, with a compound annual growth rate (CAGR) of 61.8%[63]. - The company aims to provide high-capacity, compliant payment gateways to bridge traditional institutional capital with the digital asset ecosystem[67]. - The group is transitioning to an AI-first organization, aiming for non-linear growth in transaction volumes through AI-driven solutions[98].

Financial Performance - The group's revenue for the year ended December 31, 2025, was approximately HKD 55.23 million, compared to HKD 40.84 million for the year ended December 31, 2024, representing a growth of 35.5%[3] - The loss attributable to the owners of the company for the year ended December 31, 2025, was approximately HKD 7.44 million, compared to a loss of HKD 2.48 million for the year ended December 31, 2024, indicating an increase in losses of 199.2%[3] - The company reported a significant increase in operating expenses, totaling HKD 40.72 million for the year ended December 31, 2025, compared to HKD 20.09 million for the previous year, marking an increase of 102.5%[4] - The company’s basic and diluted loss per share for the year ended December 31, 2025, was HKD 11.7, compared to HKD 6.2 for the year ended December 31, 2024[4] - The group reported a total segment profit of HKD 2,695,000 for 2025, down from HKD 10,852,000 in 2024, indicating a decrease of 75.2%[14] - The group incurred a pre-tax loss of HKD 7,437,000 in 2025 compared to a loss of HKD 2,477,000 in 2024, reflecting a worsening of 200.5%[20] Assets and Liabilities - The total assets less current liabilities as of December 31, 2025, amounted to HKD 71.13 million, compared to HKD 75.94 million as of December 31, 2024[5] - The net asset value of the company as of December 31, 2025, was HKD 70.51 million, down from HKD 74.75 million as of December 31, 2024[5] - The total assets of the group as of December 31, 2025, were approximately HKD 77.48 million, down from approximately HKD 92.70 million in 2024[45] - The group's cash and cash equivalents amounted to approximately HKD 12.53 million as of December 31, 2025[45] - The current ratio improved to 10.7 times as of December 31, 2025, compared to 2.6 times in 2024, due to the repayment of short-term payables[45] Revenue Breakdown - Revenue from corporate finance advisory and securities consulting services decreased to HKD 5,441,000 in 2025 from HKD 15,749,000 in 2024, a decline of 65.5%[11] - Revenue from online gaming business increased significantly to HKD 44,417,000 in 2025 from HKD 20,670,000 in 2024, representing a growth of 115.0%[11] - The group's consolidated revenue for the year ended December 31, 2025, was approximately HKD 55.23 million, an increase from approximately HKD 40.84 million in 2024, primarily driven by the online gaming segment[37] - Revenue from the online gaming business reached HKD 44.42 million for the year ended December 31, 2025, compared to HKD 20.67 million in 2024, indicating significant growth[41] - The online games contributing to revenue included "Stickman Master II: Dark Earldom" with HKD 14.29 million, "奧利莊園" with HKD 12.59 million, and "Soul Archer Skull" with HKD 8.66 million[41] Shareholder Information - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2025[3] - The company did not declare a final dividend for the years ending December 31, 2025, and December 31, 2024[27] - The issued share capital as of December 31, 2025, was HKD 667,000, with 66,660,000 shares outstanding after a share consolidation[26] - The company issued 448,000,000 new ordinary shares at a par value of HKD 0.12 per share, raising approximately HKD 52,980,000 for debt repayment and business expansion[28] - The company raised approximately HKD 2.06 million from the placement of 11,110,000 new shares at a price of HKD 0.19 per share, with a net price of approximately HKD 0.185 per share[53] Business Operations - The company has expanded its business operations in financial services and car leasing in Hong Kong and Singapore, as well as online gaming services in overseas markets[6] - The automotive leasing segment generated revenue of HKD 5.37 million in 2025, an increase from HKD 4.42 million in 2024, focusing on the high-end market[40] - The car rental business saw an increase in revenue due to the acquisition of high-value luxury vehicles, maintaining a fleet of four cars as of December 31, 2025[32] - The company completed over 15 projects by December 31, 2025, despite facing intense competition in the corporate finance advisory sector[30] Future Outlook - The company has been granted publishing rights for several new online games, expected to contribute to future revenue growth, including "神仙道3" and "虛無之印" scheduled for release in 2026[36][39] - The company expects additional income from Zijing Asset Management Limited, which has been appointed as the investment manager for a fund with total assets of HKD 10 million[60] - The company plans to enhance its network gaming business by obtaining additional licenses and building an internal team for game operations[59] - The company anticipates that the Hong Kong stock market will continue to play a significant role in global capital markets in 2026, despite geopolitical uncertainties[58] Governance and Transparency - The company aims to maintain high standards of corporate governance to protect shareholder interests[61] - The board is focused on long-term growth and sustainability in its operations[65] - The company is committed to transparency and will provide updates on its financial performance and strategic initiatives[65] - The financial results will be accessible on the company's website for stakeholders[65] - The company emphasizes the importance of investor relations and communication[65] - Future announcements will include detailed performance metrics and projections[65] - The board is dedicated to maintaining high standards of corporate governance[65] Miscellaneous - The company has not applied any new accounting standards or amendments that have not yet come into effect for the current year[10] - The company has no significant contingent liabilities as of December 31, 2025[54] - The company has no major investments or acquisitions during the fiscal year ending December 31, 2025[55][56] - The company has not repurchased or sold any of its listed securities during the year[64] - The total employee cost for the year was HKD 7.47 million, a decrease from approximately HKD 9.74 million in 2024[51] - The group’s employee costs, including director remuneration, decreased to HKD 7,473,000 in 2025 from HKD 9,735,000 in 2024, a decline of 23.2%[17]