Financial Performance - The group's total revenue for the year ended December 31, 2025, was RMB 27.859 billion, a decrease from RMB 43.346 billion in 2024[3]. - The net loss for the year was RMB 21.983 billion, compared to a net loss of RMB 17.539 billion in 2024, representing a year-on-year increase of 25.5%[3]. - Total revenue for the year ended December 31, 2025, was CNY 27,859,229, a decrease from CNY 43,345,885 in 2024, representing a decline of approximately 35.7%[10]. - The gross loss for 2025 was CNY 4,906,222, compared to a gross loss of CNY 521,194 in 2024, showing a significant increase in losses[10]. - Total comprehensive loss for 2025 was CNY 22,425,543, compared to CNY 17,166,940 in 2024, an increase of approximately 30.7%[11]. - The group reported a significant operating loss of RMB 14,976,916, with the Property Development segment alone incurring a loss of RMB 13,121,612[31]. - The net loss for the year amounted to RMB 21,982,573, reflecting ongoing challenges in the market[32]. - The company reported a loss attributable to shareholders of RMB 22.569 billion, an increase of 31.1% compared to RMB 17.216 billion in 2024[60]. Sales and Presales - The group's presale amount was RMB 8.57 billion, with a total presale building area of 939,000 square meters, reflecting a year-on-year decrease of 44.7%[4]. - The average presale price was RMB 9,129 per square meter, down 31.7% compared to the previous year[6]. - The group's confirmed property development revenue for the year was RMB 12.729 billion, a decrease of 52.1% compared to RMB 26.552 billion in 2024[63]. - The total confirmed sales area was 1.26 million square meters, down 44.5% from 2024[63]. - Property management revenue for the year was RMB 12.826 billion, a decrease of 6.2% from RMB 13.675 billion in 2024[64]. Assets and Liabilities - Total assets decreased from RMB 195,495,530 thousand in 2024 to RMB 171,460,063 thousand in 2025, representing a decline of approximately 12.3%[12]. - Total liabilities decreased from RMB 155,216,494 thousand in 2024 to RMB 153,506,961 thousand in 2025, a reduction of about 1.1%[13]. - Total equity decreased significantly from RMB 40,279,036 thousand in 2024 to RMB 17,953,102 thousand in 2025, indicating a decline of approximately 55.5%[13]. - The company's cash and bank balances totaled RMB 5.579 billion as of December 31, 2025[5]. - The total borrowings as of December 31, 2025, amounted to RMB 46.806 billion, with bank loans and other borrowings at RMB 27.321 billion[78]. Financial Management and Restructuring - The group aims to stabilize operations and enhance financial flexibility through restructuring efforts with major creditors[8]. - The company is facing significant uncertainty regarding its ability to continue as a going concern, prompting the board to evaluate financial resources and liquidity plans[22]. - The board has implemented multiple measures to improve liquidity, including restructuring existing debt and negotiating with creditors[22]. - Successful negotiations with existing lenders regarding default loans are crucial to avoid court confirmation of petitions that could lead to liquidation[26]. - The company is exploring opportunities to sell non-core assets to generate cash flow, potentially collaborating with local governments on property buyback plans[25]. Accounting and Reporting Standards - The Hong Kong Institute of Certified Public Accountants has issued several new accounting standards and amendments that will take effect after December 31, 2025, which the group has not yet adopted[16]. - The group is currently evaluating the impact of the new Hong Kong Financial Reporting Standards on the presentation and disclosure of its consolidated financial statements[19]. - The group has not experienced significant changes in its accounting policies or financial condition due to the adoption of the revised Hong Kong Financial Reporting Standards[15]. Employee and Operational Management - The company had a total of RMB 27.321 billion in other borrowings as of December 31, 2025, compared to RMB 29.063 billion in 2024[79]. - The total salary cost for the year ending December 31, 2025, was RMB 5.632 billion, down from RMB 6.270 billion as of December 31, 2024[96]. - The group has a total of 84,126 employees as of December 31, 2025, with total compensation costs reflecting a decrease compared to the previous year[96]. Future Outlook - The group plans to focus on key urban clusters such as the Pearl River Delta and Yangtze River Delta for future development[8]. - The company anticipates continued growth in both property development and management sectors, supported by strategic investments and market expansion initiatives[33]. - The group plans to accelerate property sales and enhance collection of receivables through real-time monitoring and incentive programs for employees[25]. - The group anticipates further challenges in the upcoming fiscal year, with a focus on restructuring and improving operational efficiency[32].

Financial Performance - The total revenue for the year ended December 31, 2025, was HKD 2,181,165,000, a decrease of 7.1% from HKD 2,348,984,000 in 2024[2] - Gross profit for the same period was HKD 836,864,000, down 26.2% from HKD 1,134,963,000 in 2024[2] - Operating profit decreased significantly to HKD 260,936,000, compared to HKD 652,072,000 in the previous year, reflecting a decline of 59.9%[2] - The net profit for the year was HKD 237,821,000, a decrease of 59.6% from HKD 588,684,000 in 2024[3] - Basic earnings per share dropped to HKD 11.59 from HKD 28.94, representing a decline of 59.9%[3] - The total comprehensive income for the year was HKD 301,425,000, down 44.0% from HKD 537,942,000 in 2024[4] Assets and Liabilities - The total assets as of December 31, 2025, were HKD 3,814,452,000, a decrease from HKD 4,174,001,000 in 2024[6] - The total liabilities decreased to HKD 1,224,689,000 from HKD 1,702,975,000, indicating a reduction of 28.0%[6] - Trade receivables decreased to HKD 206.018 million in 2025 from HKD 350.166 million in 2024, indicating improved collection efficiency[23] - Trade payables slightly decreased to HKD 403.938 million in 2025 from HKD 416.869 million in 2024, showing stable supplier relationships[24] - The company holds cash and cash equivalents of HKD 617.1 million as of December 31, 2025, down from HKD 743.0 million in 2024[32] - The company’s net current assets were HKD 1,704.6 million as of December 31, 2025, an increase from HKD 1,563.6 million in 2024[33] Dividends - The company proposed a dividend of HKD 73,075,000, significantly lower than HKD 182,688,000 in the previous year[3] - The company proposed a dividend of HKD 73.075 million for the year, down from HKD 182.688 million in 2024, with a proposed dividend per share of HKD 0.036 (2024: HKD 0.090)[21] Research and Development - Research and development costs recognized as expenses for the year amounted to HKD 495.723 million, an increase from HKD 447.646 million in 2024, primarily due to employee costs of HKD 283.503 million (2024: HKD 252.473 million)[17] - Research and development costs for the fiscal year ending December 31, 2025, amounted to HKD 495.7 million, representing 22.7% of revenue, up from 19.1% in 2024[29] Market and Sales - The total sales volume increased by 13.3% compared to the previous year, driven by successful launches of competitive new products in the security chip market[27] - The overall gross margin for the fiscal year ending December 31, 2025, declined due to intense market competition, impacting the sales prices of smart cards and security chips[28] - Selling and marketing expenses increased to HKD 57.1 million, accounting for 2.6% of revenue, compared to 1.9% in the previous year[28] - Administrative expenses rose to HKD 607.1 million, representing 27.8% of revenue, up from 24.0% in 2024, primarily due to increased R&D costs[28] Innovation and Patents - The company added 17 new patents and registered 6 new software copyrights during the year, reflecting ongoing innovation in integrated circuit design[26] Taxation - The effective tax rate for the year was impacted by tax exemptions and deductions, resulting in a total tax expense of HKD 13.708 million compared to HKD 45.090 million in 2024[19] Employment - The company employs approximately 490 staff, with total employee benefit expenses of HKD 395.0 million for the year[35] Future Plans - The company plans to expand its market presence in security master control chips and security SE chips, leveraging opportunities from the domestic eSIM commercial pilot[30]

Financial Performance - Revenue decreased by 1.5% to RMB 2,024.2 million compared to RMB 2,055.7 million in the previous year[4] - Profit increased by 802.4% to RMB 94.5 million, up from RMB 10.5 million in the previous year[4] - Profit attributable to owners of the company rose by 549.4% to RMB 99.6 million, compared to RMB 15.3 million in the previous year[4] - Adjusted EBITDA increased by 24.9% to RMB 286.8 million, up from RMB 229.6 million in the previous year[4] - Basic earnings per share were RMB 29.8 cents, compared to RMB 4.6 cents in the previous year[4] - Total comprehensive income for the year was RMB 114.6 million, compared to RMB 10.5 million in the previous year[7] - The group’s consolidated revenue for the reporting period was RMB 2,024.2 million, a decrease of 1.5% compared to RMB 2,055.7 million in the previous year[65] - Consolidated profit for the group was RMB 94.5 million, an increase of 802.4% from RMB 10.5 million in the previous year, primarily due to the sale of a 55% stake in Kangxin Hospital[66] - The group’s pre-tax profit was RMB 142.3 million, up from RMB 63.1 million in the previous year, indicating strong growth in profitability[122] Revenue Breakdown - Revenue from hospital services amounted to RMB 1,799,605 thousand, down from RMB 1,838,532 thousand, reflecting a decline of 2.1%[23] - The revenue from blood dialysis services increased to RMB 88,892 thousand, up 17.3% from RMB 75,770 thousand in the previous year[23] - Revenue from rehabilitation and other medical services totaled RMB 120,902 thousand, a decrease from RMB 128,449 thousand in the previous year[23] - The elderly medical services segment reported revenue of RMB 14.8 million, a growth of 14.6% from RMB 12.9 million in the previous year, attributed to improved utilization rates[70] - The hospital services segment recorded revenue of RMB 1,799.6 million, a decrease of 2.1% from RMB 1,838.5 million in the previous year, with patient visits down 9.3%[67] - Revenue for Kanghua Hospital was RMB 1,568.0 million, an increase of 1.7% year-on-year[75] - Revenue for Renkang Hospital was RMB 221.3 million, a decrease of 4.7% year-on-year[76] Cost Management - Administrative expenses decreased to RMB 207.4 million from RMB 277.1 million, reflecting cost control measures[6] - The group implemented strict cost control measures, resulting in significant reductions in employee costs, maintenance expenses, and office expenses by 23.3%, 35.7%, and 26.0% respectively compared to the previous year[117] - Financing costs for the reporting period were RMB 16.0 million, down 32.4% from RMB 23.6 million in the previous year, attributed to various interest expenses including bank loans[118] - The group’s employee-related costs decreased by 4.6% year-on-year, mainly due to the financial impact of the sale of Kangxin Hospital and strict cost control measures[110] Asset and Liability Management - Non-current assets increased to RMB 1,631,054 thousand in 2025 from RMB 1,582,526 thousand in 2024, reflecting a growth of 3.1%[8] - Current assets totaled RMB 1,110,481 thousand in 2025, slightly up from RMB 1,096,373 thousand in 2024, indicating a growth of 1.3%[8] - Total liabilities decreased from RMB 873,578 thousand in 2024 to RMB 813,070 thousand in 2025, a reduction of 6.9%[8] - The company's net asset value rose to RMB 1,526,318 thousand in 2025, compared to RMB 1,462,347 thousand in 2024, marking an increase of 4.4%[9] - The company’s cash and cash equivalents stood at RMB 232,760 thousand in 2025, compared to RMB 242,604 thousand in 2024, reflecting a decrease of 4.1%[8] - The total accounts receivable for 2025 is RMB 233,632,000, down from RMB 265,599,000 in 2024, reflecting a decrease of approximately 12%[38] - The total amount of accounts payable and other payables for 2025 is RMB 777,335,000, an increase from RMB 758,754,000 in 2024, representing an increase of about 2.3%[40] Investment and Financing Activities - The company has committed capital expenditures for property, plant, and equipment amounting to RMB 118,163,000 for the year ending December 31, 2025[51] - The group made investments totaling RMB 482.6 million as of December 31, 2025, compared to RMB 394.0 million in 2024, including RMB 32.6 million in fund investments[138] - The net cash flow from operating activities for the reporting period was RMB 282.7 million, a 0.9% increase from RMB 280.1 million in 2024, attributed to improved adjusted EBITDA performance[141] - The net cash flow used in investing activities increased by 12.6% to RMB (98.3) million from RMB (87.3) million in 2024[140] - The net cash flow used in financing activities decreased by 21.4% to RMB (197.7) million from RMB (251.7) million in 2024[140] Dividends and Shareholder Information - The board proposed a final dividend of RMB 0.16 per share for the year ending December 31, 2025, subject to shareholder approval at the annual general meeting[174] - The annual general meeting is scheduled for June 18, 2026, where shareholders will consider various resolutions, including the final dividend proposal[175] - The proposed final dividend will be distributed to shareholders listed on June 29, 2026, pending approval[177] Operational Highlights - The group operates four reportable segments: hospital services, rehabilitation and other medical services, blood dialysis services, and elderly medical services[24] - The group operates 12 dialysis centers, serving over 970 regular dialysis patients, and performed over 139,000 dialysis procedures during the reporting period[62] - The integrated elderly care center at Renkang Hospital has 108 beds, aiming to provide high-quality elderly care services in Dongguan[63] - The healthcare industry in China is undergoing significant transformation, with over 92% of medical institutions adopting the DRG and DIP payment reform, leading to a focus on cost management and quality improvement[64] Future Outlook - The group plans to adopt new international financial reporting standards when they become effective, which may impact the presentation of the income statement and future financial disclosures[20] - The group is exploring innovative strategies and strengthening partnerships to address challenges in the competitive rehabilitation medical industry[84] - The company aims to strengthen key specialties and improve patient visits through optimized management and recruitment of qualified specialists[95] - The group is investing in smart hospital construction, utilizing artificial intelligence and big data analytics for informed decision-making[97]

Financial Performance - Revenue decreased by approximately 10.8% to approximately RMB 2,247.2 million[2] - Gross profit decreased by approximately 1.0% to approximately RMB 462.7 million, while gross margin increased by approximately 2.1 percentage points to approximately 20.6%[2] - The net loss attributable to the company's owners for the year ended December 31, 2025, was approximately RMB 42.4 million, compared to a net profit of approximately RMB 42.2 million for the year ended December 31, 2024[2] - Basic loss per share for the year ended December 31, 2025, was approximately RMB 0.097, compared to basic earnings per share of approximately RMB 0.097 for the year ended December 31, 2024[2] - Operating profit decreased to RMB 109.1 million for the year ended December 31, 2025, from RMB 140.2 million for the year ended December 31, 2024[3] - The company reported a total comprehensive loss of RMB 42.8 million for the year ended December 31, 2025, compared to a total comprehensive income of RMB 74.2 million for the year ended December 31, 2024[4] - Profit before tax decreased by approximately RMB 37.0 million or 41.7% to about RMB 51.7 million for the fiscal year 2025[69] - Income tax expenses increased by approximately RMB 78.8 million or 511.6% to about RMB 94.2 million for the fiscal year 2025, mainly due to increased withholding tax on dividends paid within the group[70] Assets and Liabilities - Total assets decreased to RMB 5,926.0 million as of December 31, 2025, from RMB 5,666.2 million as of December 31, 2024[5] - Non-current assets increased to RMB 2,128.4 million as of December 31, 2025, from RMB 1,737.9 million as of December 31, 2024[5] - Current liabilities increased to RMB 1,419.9 million as of December 31, 2025, from RMB 1,229.7 million as of December 31, 2024[6] - The total liabilities of the group as of December 31, 2025, are approximately RMB 2,619,041,000, compared to RMB 2,319,095,000 in 2024, resulting in a debt-to-asset ratio of 53%[87] - The group’s current liabilities as of December 31, 2025, are approximately RMB 1,419,907,000, up from RMB 1,229,692,000 in 2024[84] Segment Performance - The group operates through reportable segments including Integrated Circuits and Digital Technology, New Energy and Services, and Wireless Communication, focusing on specific product and service lines[16][18] - The revenue from the Integrated Circuits and Digital Technology segment for 2025 was RMB 267,059 thousand, compared to RMB 238,345 thousand in 2024, reflecting an increase of approximately 12.1%[25] - The revenue from the Wireless Communication segment decreased significantly from RMB 2,095,671 thousand in 2024 to RMB 1,774,945 thousand in 2025, a decline of about 15.4%[25] - The total revenue from the New Energy and Services segment increased to RMB 205,195 thousand in 2025 from RMB 185,971 thousand in 2024, marking an increase of approximately 10.4%[25] - The segment profit before tax for the fiscal year 2025 was RMB 72,448 thousand, down from RMB 105,881 thousand in 2024, indicating a decrease of about 31.5%[20] Research and Development - Research and development expenses for the fiscal year 2025 amounted to RMB 159,058 thousand, an increase from RMB 148,317 thousand in 2024, representing a growth of approximately 7.8%[28] - The company plans to prioritize R&D resources and capital expenditures towards AI computing chips, solar thermal coupling systems, and integrated communication technologies, ensuring the formation of differentiated technological barriers[94] Cash Flow and Financing - The total bank loans outstanding reached RMB 1,895,116,000 in 2025, compared to RMB 1,498,019,000 in 2024[49] - Secured bank loans amounted to RMB 97,553,000 in current liabilities and RMB 1,085,588,000 in non-current liabilities as of December 31, 2025[47] - Unsecured bank loans increased to RMB 661,680,000 in current liabilities and RMB 50,295,000 in non-current liabilities in 2025[48] Shareholder and Equity Information - Major shareholder Jin Yong holds 108,868,662 shares, representing approximately 23.38% of the issued share capital[100] - The company has adopted an employee equity incentive plan and a share reward plan, with no shares purchased under the share reward plan during the reporting period[101] - The company has approved a share incentive plan to attract and retain qualified participants, including full-time employees and service providers, to promote further development[143][144] Corporate Governance and Compliance - The consolidated financial statements are prepared in accordance with all applicable International Financial Reporting Standards and comply with the Hong Kong Companies Ordinance and the Listing Rules of the Hong Kong Stock Exchange[8] - The company has complied with all corporate governance code provisions as of the fiscal year ending December 31, 2025[153] Future Outlook and Strategic Initiatives - The company anticipates further development in the integrated circuit and digital technology, as well as new energy and services segments, contributing to long-term sustainable growth and profitability[63] - The company plans to launch an AI predictive maintenance and digital twin technology-based smart energy operation platform to optimize energy efficiency and minimize operational costs by 2026[92] - The company aims to cultivate emerging businesses into a significant growth driver within the wireless communication sector by 2026, transitioning from a communication equipment supplier to a "global connectivity solution provider"[93] Related Party Transactions - Significant related party transactions included sales of goods and services totaling RMB 88,941,000 in 2025, up from RMB 57,774,000 in 2024[50] Legal and Regulatory Matters - There are no significant contingent liabilities as of December 31, 2025[108] - The company has no involvement in any significant litigation or arbitration matters as of December 31, 2025[111]

Financial Performance - For the fiscal year ending December 31, 2025, total revenue increased to RMB 525,607,000 from RMB 381,091,000 in the previous year, representing a growth of approximately 38%[3] - Gross profit for the fiscal year was RMB 35,411,000, compared to RMB 19,027,000 in the previous year, indicating a significant increase of about 86%[3] - The company reported a net loss of RMB 348,306,000 for the fiscal year 2025, a reduction from a loss of RMB 616,669,000 in the previous year, reflecting an improvement of approximately 44%[3][4] - Other income and gains rose to RMB 68,010,000 from RMB 64,387,000, showing a slight increase of about 4%[3] - Selling and distribution expenses increased to RMB 100,166,000 from RMB 70,706,000, marking a rise of approximately 42%[3] - Administrative expenses decreased to RMB 128,942,000 from RMB 135,441,000, indicating a reduction of about 5%[3] - The company recognized a loss of RMB 70,115,000 in expected credit losses, compared to RMB 52,147,000 in the previous year, representing an increase of approximately 34%[3] - The fair value changes of investment properties resulted in a loss of RMB 51,062,000, compared to a gain of RMB 1,978,000 in the previous year[3] - The basic and diluted loss per share for the year was RMB 13.495, improving from RMB 24.327 in the previous year[3] - The total comprehensive loss for the year amounted to RMB 737,079,000, compared to RMB 340,375,000 in the previous year, reflecting a significant increase in losses[4] - The company reported a loss of approximately RMB 617 million for the year ending December 31, 2025[9] Assets and Liabilities - Cash and cash equivalents amounted to approximately RMB 78 million, while short-term borrowings were around RMB 710 million, indicating significant liquidity concerns[9] - Total assets decreased from RMB 2,025,611 thousand in 2024 to RMB 1,266,663 thousand in 2025, reflecting a decline of approximately 37.5%[6] - Non-current assets decreased from RMB 3,002,462 thousand in 2024 to RMB 3,231,212 thousand in 2025, an increase of approximately 7.6%[5] - Current liabilities decreased from RMB 2,664,761 thousand in 2024 to RMB 1,256,495 thousand in 2025, a reduction of approximately 52.8%[6] - The company's equity decreased from RMB 1,446,149 thousand in 2024 to RMB 709,070 thousand in 2025, a decline of approximately 51.0%[6] - Trade receivables decreased from RMB 232,020 thousand in 2024 to RMB 204,658 thousand in 2025, a decrease of approximately 11.7%[5] - The company’s investment properties decreased from RMB 601,178 thousand in 2024 to RMB 550,116 thousand in 2025, a decline of approximately 8.5%[5] - The company’s goodwill decreased significantly from RMB 25,052 thousand in 2024 to RMB 3,952 thousand in 2025, a reduction of approximately 84.2%[5] - The company’s total liabilities decreased from RMB 3,579,924 thousand in 2024 to RMB 2,532,310 thousand in 2025, a decrease of approximately 29.3%[6] Financing and Liquidity - The group has secured bank and other loans amounting to RMB 631 million, down from RMB 1,334 million in 2024, with guarantees provided by Science City[12] - Science City has agreed to continue providing guarantees for all existing and new bank loans up to a total of RMB 2,000 million over the next twelve months[12] - As of December 31, 2025, the group holds unencumbered investment properties valued at approximately RMB 550 million, which can be used as collateral for new bank loans[12] - The group successfully renewed or obtained new bank loans totaling RMB 280 million after the year-end, compared to RMB 424 million in 2024[12] - The board has reviewed cash flow forecasts covering at least twelve months from December 31, 2025, and believes the group will have sufficient working capital to meet its financial obligations[10] - The group plans to sell certain equity interests and other assets in joint ventures and subsidiaries to improve liquidity[12] - The group aims to enhance operational performance by accelerating the collection of outstanding sales proceeds and other receivables[12] - The group will continue to implement cost control measures to improve financial performance[12] - There is significant uncertainty regarding the group's ability to execute its plans and continue as a going concern[11] Revenue and Segment Performance - The segment revenue from furniture manufacturing and sales was RMB 365,408 thousand, while the hotel business generated RMB 15,500 thousand in revenue for the same period[25] - The group reported a total segment profit of RMB 19,027 thousand for 2025, down from RMB 35,411 thousand in 2024, indicating a decline of approximately 46%[26] - The group recognized revenue of RMB 320,785 thousand at a point in time and RMB 60,306 thousand over time for the year ending December 31, 2025[31] - The group had no sales revenue from a single customer that accounted for 10% or more of total revenue during the year[27] - The group received government grants amounting to RMB 3,325 thousand, which are recognized as deferred government assistance[32] Operational Strategies and Developments - The group is actively pursuing a brand quality development strategy, having been selected for the fourth consecutive year as one of the "Top 500 Most Valuable Brands in China"[54] - The company is enhancing its operational efficiency through the establishment of a digital marketing system and collaboration with AI design and marketing technology firms[55] - The group has officially established an overseas business unit, expanding its e-commerce channels and local brand sales strategies[57] - The company is focusing on asset restructuring to promote non-core asset disposal, successfully completing the sale of an 18.06% stake in Science City Financing Leasing and the full equity sale of Hengcheng[58] - The overall retail business is advancing steadily, with a focus on optimizing product structure and accelerating the development of smart home products[56] - The government’s "old-for-new" policy is being leveraged to stimulate retail business growth, with significant promotional activities planned[56] Financial Health and Governance - As of December 31, 2025, the group's net current assets amounted to RMB 10.2 million, a significant improvement from net current liabilities of RMB 699.2 million in 2024[60] - The group's cash and cash equivalents increased to RMB 78.3 million in 2025, up from RMB 20.5 million in 2024, with a current ratio rising to 1.01 from 0.76[61] - The debt-to-asset ratio as of December 31, 2025, was 86%, compared to 72% in 2024, indicating a higher leverage position[62] - The company anticipates continued supportive macroeconomic policies from the Chinese government in 2026, aimed at stabilizing the real estate market and promoting technological innovation[63] - The group plans to strengthen its "home improvement" segment and expand its engineering business, focusing on accelerating the market introduction of core new products through e-commerce and precision marketing[64] - The company will enhance digital and intelligent upgrades, applying AI technology in product development and consumer service systems to build competitive advantages[65] - The group aims to significantly increase its overseas market expansion efforts, targeting high-potential regions such as Europe, North America, and Southeast Asia[65] - The company will optimize resource allocation and improve operational efficiency across business lines to address market challenges[66] - Financial planning will focus on optimizing the asset and debt structure to effectively reduce financing costs and improve overall liquidity and financial health[66] Compliance and Reporting - The independent auditor's report confirms the integrity of the consolidated financial statements for the group as of December 31, 2025[75] - The company reported that the consolidated financial statements reflect a true and fair view of its financial position as of December 31, 2025[76] - There are significant uncertainties regarding the company's ability to continue as a going concern, as noted in the financial statements[77] - The company has adhered to the corporate governance code, with a noted deviation regarding the roles of the Chairman and CEO being held by the same individual[78] - Mr. Lin Ru Hai serves as both Chairman and CEO, which the company believes provides strong and stable leadership for effective strategy implementation[79] - The company did not recommend a final dividend for the year ending December 31, 2025, consistent with the previous year[85] - The company maintained sufficient public float as required by listing rules throughout the year[86] - The annual performance announcement and report will be published on the company's website and the stock exchange's website[87]

Yuanda China Holdings Limited 遠 大 中 國 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2789） 截至2025年12月31日止年度之業績公佈 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分內容 而產生或因依賴該等內容而引致之任何損失承擔任何責任。 遠大中國控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本公司及其附屬 公司（統稱「本集團」）截至2025年12月31日止年度（「報告期間」）之經審核合併年度業績， 連同截至2024年12月31日止年度之比較數字。 | 財務摘要 | 2025年 | 2024年 | | --- | --- | --- | | | （概約） | （概約） | | （人民幣百萬元） 收入 | 2,814.6 | 2,212.4 | | 毛利率 | 26.1% | 19.5% | | （人民幣百萬元） 合併淨利潤╱（虧損） | 352.5 | (354.0) | | （人民幣 年內 ...

Financial Performance - For the fiscal year ending December 31, 2025, the total revenue decreased by 17.7% to SGD 83.9 million from SGD 101.9 million in 2024, primarily due to the transition from lower-margin D2C business to higher-margin, technology-driven D2B business [4]. - The group reported a significant reduction in losses, narrowing from SGD 269.8 million in 2024 to SGD 51.5 million in 2025, attributed to cost optimization and improved operational efficiency [7]. - Adjusted EBITDA remained stable with a loss of SGD 3.8 million in 2025 compared to a loss of SGD 3.9 million in 2024, reflecting improved cost control [7]. - The gross profit margin decreased to 24.8% in 2025 from 30.8% in 2024, with gross profit falling by 33.7% to SGD 20.8 million [7]. - The company reported a basic loss per share of 11.53 Singapore cents for 2025, compared to 62.08 Singapore cents in 2024 [9]. - The company reported a net loss attributable to shareholders of SGD 51.490 million for 2025, compared to a loss of SGD 269.767 million in 2024, indicating a significant improvement [17]. - The company recorded a net loss of SGD 51.5 million in 2025, compared to a net loss of SGD 269.8 million in 2024, resulting in a net loss margin of 61.4% [49]. Revenue Breakdown - Total revenue for 2025 was SGD 83.874 million, a decrease of 17.7% from SGD 101.861 million in 2024 [14]. - D2C revenue through omnichannel sales was SGD 56.014 million, down 18.7% from SGD 68.905 million in 2024 [14]. - D2B revenue from digital solutions was SGD 27.860 million, a decline of 15.5% from SGD 32.956 million in 2024 [14]. - The D2B segment contributed 33.2% to total revenue, up from 32.4% in the previous year, indicating continued adoption of the group's digital commerce solutions by brand partners [4]. - D2B revenue accounted for 33.2% of total revenue in 2025, reflecting a strong performance in the transition from D2C, which saw a decline in revenue by 18.7% to SGD 56.0 million [35][36]. Assets and Liabilities - As of December 31, 2025, adjusted net assets were SGD 76.2 million, down from SGD 100.9 million in 2024 [7]. - Cash and cash equivalents increased to SGD 76.202 million in 2025 from SGD 47.909 million in 2024, reflecting a growth of 59.2% [10]. - Total assets decreased to SGD 103.229 million in 2025 from SGD 78.446 million in 2024, a decline of 31.6% [10]. - Trade receivables decreased to SGD 13.680 million in 2025 from SGD 18.905 million in 2024, a reduction of 27.4% [18]. - Trade payables decreased significantly to SGD 18.018 million in 2025 from SGD 27.588 million in 2024, a decline of 34.7% [19]. - The company reported net current assets of SGD 41.5 million, an improvement from net current liabilities of SGD 75.9 million as of December 31, 2024 [53]. Strategic Initiatives - The company launched Geene, an enterprise-level AI platform integrating large language models, blockchain infrastructure, and advanced data analytics, enhancing its technological capabilities [4]. - The group aims to strengthen its digital commerce ecosystem through technological innovation and strategic partnerships, positioning itself for sustainable long-term growth [5]. - The company launched the Geene AI platform, integrating large language models, blockchain infrastructure, and data analytics, enhancing AI capabilities for secure and scalable solutions [28]. - The company established a strategic partnership with Byteplus to enhance its Geene AI platform, aiming to meet the growing demand for enterprise-level AI capabilities in Asia [30]. - The company aims to expand its cross-border business initiatives through the "SEA the Future" program, targeting Southeast Asian market opportunities [68]. Cost Management - Sales costs for the D2B model increased by 13.0% to SGD 10.0 million in 2025, attributed to providing more digital solutions to brand partners [38]. - Sales and distribution expenses decreased from SGD 15.5 million in 2024 to SGD 8.8 million in 2025, representing a reduction from 15.2% to 10.4% of total revenue, attributed to the focus on the D2B business model [45]. - General and administrative expenses decreased from SGD 117.5 million in 2024 to SGD 113.0 million in 2025, but as a percentage of total revenue, it increased from 115.4% to 134.8% due to declining revenue [46]. - Financial costs significantly reduced from SGD 1.7 million in 2024 to SGD 1.0 million in 2025, with the percentage of total revenue decreasing from 1.7% to 1.1% [47]. Corporate Governance and Compliance - The company has adopted a corporate governance code and has complied with all applicable provisions during the reporting period [75]. - The audit committee, composed entirely of independent non-executive directors, reviewed the group's annual performance and agreed on the accounting principles adopted [78]. - Deloitte has verified the financial statements for the year ending December 31, 2025, ensuring consistency with the amounts approved by the board [79]. Future Outlook - The company plans to enhance its digital commerce ecosystem through technological innovation and strategic partnerships, focusing on operational improvements [68]. - The group is positioned to capitalize on opportunities arising from the ongoing evolution of digital commerce and cross-border digital trade in Asia [69]. - The company is strategically expanding its global business beyond Southeast Asia, including regions like Hong Kong and Spain [28].

Financial Performance - Revenue for the fiscal year ending December 31, 2025, is approximately HKD 112.9 million, a decrease of 34.8% from HKD 173.3 million in the fiscal year 2024[5] - Gross profit for the fiscal year 2025 is approximately HKD 16.5 million, down 69.6% from HKD 54.2 million in fiscal year 2024[5] - Profit for the fiscal year 2025 is approximately HKD 69.1 million, a decrease of 39.8% from HKD 114.6 million in fiscal year 2024[5] - Total comprehensive income for the fiscal year 2025 is approximately HKD 75.2 million, compared to HKD 112.3 million in fiscal year 2024[6] - Basic earnings per share for fiscal year 2025 is HKD 19.33, down from HKD 264.51 in fiscal year 2024[6] - Other income and net gains for fiscal year 2025 amounted to approximately HKD 69.9 million, significantly up from HKD 0.4 million in fiscal year 2024, primarily due to gains from creditor loan waivers and bond issuance[55] - Net profit for fiscal year 2025 was approximately HKD 69.1 million, down from HKD 114.6 million in fiscal year 2024, mainly due to decreased revenue and gross profit[56] Operating Expenses - Total operating expenses for fiscal year 2025 are approximately HKD 13.8 million, a reduction of 49.3% compared to HKD 27.2 million in fiscal year 2024[5] - The group reported a total tax expense of HKD 1,562,000 for the year, a significant decrease from HKD 11,413,000 in 2024[28] - The group's employee costs increased to HKD 4,623,000 in 2025 from HKD 3,536,000 in 2024, reflecting a rise of 30.8%[26] - Financing costs for fiscal year 2025 were approximately HKD 2.2 million, similar to HKD 2.7 million in fiscal year 2024[56] Assets and Liabilities - Current assets total approximately HKD 88.6 million, an increase from HKD 79.1 million in fiscal year 2024[7] - Current liabilities amount to approximately HKD 66.1 million, a decrease from HKD 309 million in fiscal year 2024[7] - Total assets less current liabilities show a net value of approximately HKD 108.3 million, compared to a negative value of HKD 228.1 million in fiscal year 2024[7] - The group's total assets were approximately HKD 174.4 million as of December 31, 2025, up from HKD 80.9 million in the fiscal year 2024, while total liabilities decreased to approximately HKD 94.6 million from HKD 309.5 million[68] - The asset-liability ratio as of December 31, 2025, was approximately 17.1%, a significant decrease from 244.6% in the fiscal year 2024, due to an increase in total assets and a reduction in borrowings[68] Dividends - The board does not recommend the payment of dividends for the fiscal year 2025, consistent with the previous fiscal year[5] - No dividends were declared or recommended for the years ending December 31, 2025, and December 31, 2024[29] - The board does not recommend any dividend payment for the fiscal year 2025, consistent with no dividends in fiscal year 2024[75] Capital and Financing - The company completed a capital restructuring and subscription in the first quarter of 2025, leading to a substantial improvement in financial condition[12] - The net proceeds from the placement to new investors in March 2026 amounted to approximately HKD 160.68 million[14] - The company completed a placement on March 13, 2025, issuing 312,432,503 new shares at HKD 0.6 each, raising approximately HKD 234 million, with a net amount of approximately HKD 233.1 million after expenses[65] - The company issued a total of HKD 48,300,000 in 10-year non-listed secured bonds, with an initial interest rate of 0% for the first 3 years, 3% for the next 3 years, and 5% for the remaining 4 years[45] - Interest expense for the bonds amounted to HKD 2,030,000 for the year ending December 31, 2025[46] Strategic Initiatives - The company is actively expanding its product portfolio to meet new customer demands and enhance market competitiveness[14] - The company has recognized the need to upgrade its product ecosystem to integrate artificial intelligence as a strategic business move[10] - The company plans to establish proprietary data infrastructure by 2026 to balance business demands and regulatory compliance, enhancing its AI-integrated product ecosystem[57] - The company aims to leverage its established sales and procurement channels to drive product sales and development in AI and IoT technologies[58] - The company is actively pursuing strategic transformation to address intense competition in the electronics market, focusing on various electronic products including smart wearable devices and smart home products[51] Legal and Compliance - The company is involved in a legal dispute regarding unpaid subcontracting fees amounting to approximately HKD 5,454,000, with a remaining balance of HKD 2,591,000 as of December 31, 2025[48] - The company has no other significant litigation or arbitration that could materially affect its financial position or performance[49] - The company has established a compliance audit framework to ensure adherence to the Personal Information Protection Law and data localization requirements in its future operations[60] Shareholder Information - A mandatory unconditional cash offer was made by Horizon Heights Limited for all issued shares, representing approximately 72.10% of the company's total issued share capital[92] - The company has not engaged in any purchase, sale, or redemption of its listed securities as of December 31, 2025[95] - The annual results announcement and annual report for the year ending December 31, 2025, will be published on the Hong Kong Stock Exchange and the company's website[96]

Financial Performance - Revenue decreased by approximately 66.18% to about RMB 2,374,592 thousand[3] - Profit attributable to owners of the parent company decreased by approximately 20.98% to about RMB 382,940 thousand[3] - Earnings per share was approximately RMB 0.18, down from RMB 0.23 in the previous year[4] - Proposed final dividend for the year 2025 is RMB 0.12 per share (tax included)[3] - Gross profit increased to RMB 819,186 thousand from RMB 740,590 thousand, indicating a positive trend despite revenue decline[4] - Customer contract revenue for 2025 was RMB 2,369,995 thousand, a significant decrease from RMB 7,020,098 thousand in 2024, representing a decline of approximately 66.3%[19] - The total revenue for 2025, including rental income of RMB 4,597 thousand, was RMB 2,374,592 thousand, down from RMB 7,021,823 thousand in 2024[19] - Total revenue from customer contracts for 2025 is RMB 85,467,000, a decrease of 20.5% from RMB 107,465,000 in 2024[27] - Pre-tax profit for 2025 is RMB 517,921,000, down 21.3% from RMB 657,269,000 in 2024[31] - Financial costs increased to RMB 274,569,000 in 2025 from RMB 72,843,000 in 2024, representing a significant rise[29] - The total tax expense for 2025 is RMB 131,919,000, a decrease from RMB 158,877,000 in 2024[31] - The impairment loss for accounts receivable increased to RMB 40,115,000 in 2025 from RMB 35,540,000 in 2024, reflecting a rise of 13.5%[52] Assets and Liabilities - Total non-current assets decreased slightly to RMB 18,910,106 thousand from RMB 19,013,898 thousand[5] - Current liabilities decreased to RMB 3,357,037 thousand from RMB 4,851,534 thousand, improving liquidity position[6] - Net current liabilities improved to RMB (1,770,068) thousand from RMB (2,789,814) thousand, indicating better financial health[6] - Total assets less current liabilities increased to RMB 17,140,038 thousand from RMB 16,224,084 thousand[6] - Total equity increased to RMB 6,427,022 thousand from RMB 6,224,626 thousand, reflecting a stronger balance sheet[6] - The company's prepaid amounts to suppliers increased significantly to RMB 88,391,000 in 2025 from RMB 23,439,000 in 2024, representing a growth of 276%[45] - The total amount of financial assets measured at amortized cost decreased to RMB 303,715,000 in 2025 from RMB 775,074,000 in 2024, a decline of 61%[45] - The net accounts receivable rose to RMB 557,720,000 in 2025, up from RMB 537,448,000 in 2024, indicating a growth of 3.5%[49] - The company recorded a gain from the sale of intangible assets amounting to RMB 11,938,000 in 2025, with no such gain reported in 2024[27] Revenue Sources - Revenue from highway operations accounted for RMB 1,716,847 thousand, while construction and other services contributed RMB 653,148 thousand in 2025[21] - Revenue from construction and industrial product sales was approximately RMB 653,148 thousand, a decline of about 89.07% from RMB 5,975,302 thousand last year, largely due to the completion of the Jinan-Heze Expressway project[72] - Revenue from highway operations was approximately RMB 1,716,847 thousand, an increase of about 64.32% from last year's RMB 1,044,796 thousand, with toll revenue from Jihe Highway rising approximately 152.68% to RMB 1,289,026 thousand[61] Operational Highlights - The company operates and manages the Jinan to Heze section of the Jinan-Heze Expressway, with a total length of approximately 153.6 kilometers[104] - The average daily traffic on Jihe Highway increased by approximately 113.71% to about 79,500 vehicles, while traffic on Deshang and Xinnan Highways decreased by approximately 13.82% and 20.91%, respectively[61] - The company aims to enhance its core business and profitability by leveraging the advantages of the Jihe Expressway expansion to increase traffic flow and revenue[90] - The company is focused on transforming its operational model from "sitting merchants" to "active merchants," expanding market space through group collaboration[91] - The company is committed to creating long-term stable value for shareholders by focusing on becoming a leading comprehensive service provider for expressways[89] Governance and Compliance - The company has adopted all applicable provisions of the Corporate Governance Code and has complied with the relevant standards throughout the year[95] - The company confirmed that all directors complied with the standards regarding securities transactions as stipulated in the Standard Code, with no instances of non-compliance[96] - The board of directors includes both executive and independent non-executive members, ensuring diverse governance[106] Future Outlook - The company is optimistic about the opportunities and practical actions in 2026, aiming for higher quality development and increased profitability[92] - Future projects may include further expansions and upgrades to existing expressways to meet increasing traffic demands[104] - The company plans to deepen reform and innovation, enhancing management efficiency and attracting high-end talent to support its transformation[91]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 184,056,000, a decrease of 67.0% from HKD 558,058,000 in 2024[4] - Gross profit for 2025 was HKD 12,472,000, down 68.8% from HKD 39,915,000 in 2024[4] - The company reported a net loss of HKD 32,837,000 for 2025, compared to a net loss of HKD 26,507,000 in 2024, representing a 23.0% increase in losses[4] - Revenue from renewable energy projects decreased to HKD 175,649,000 in 2025 from HKD 498,456,000 in 2024, a decline of 64.7%[13] - The group reported a total loss of HKD 32,837,000 for the fiscal year ending December 31, 2025, compared to a loss of HKD 26,507,000 in 2024[17][18] - Basic loss per share for 2025 was HKD (3.41), compared to HKD (2.59) in 2024, reflecting increased losses per share[23] - Total revenue for the group decreased by approximately HKD 374.0 million or 67.02% to about HKD 184.1 million for the year ending December 31, 2025, primarily due to cautious investment sentiment following new photovoltaic energy policies[32] - The company reported a loss attributable to shareholders of approximately HKD 32.8 million for the year, significantly impacted by the renewable energy segment's loss[33] - Gross profit for the year was approximately HKD 12.5 million, down from HKD 39.9 million in 2024, with a gross margin contraction from 7.2% to 6.8%[34] Assets and Liabilities - The company’s total assets increased to HKD 500,248,000 in 2025, up from HKD 412,061,000 in 2024, reflecting a growth of 21.4%[6] - Cash and bank balances rose significantly to HKD 105,431,000 in 2025 from HKD 42,226,000 in 2024, an increase of 149.5%[6] - Trade receivables and other receivables decreased to HKD 219,308,000 in 2025 from HKD 237,216,000 in 2024, a decline of 7.5%[6] - The company’s equity increased to HKD 142,141,000 in 2025 from HKD 105,152,000 in 2024, a growth of 35.2%[7] - Trade payables increased to HKD 170,888,000 in 2025 from HKD 140,449,000 in 2024, indicating a rise in operational liabilities[25] - Expected credit loss provisions amounted to approximately HKD 24.1 million, reflecting a prudent assessment of the receivables portfolio due to increased credit risk in a volatile market[35] Operational Changes - The company did not declare or propose any dividends for both fiscal years 2024 and 2025[21] - The e-commerce business contributed revenue of approximately HKD 3.3 million in 2025, down from HKD 27.8 million in 2024, leading to a strategic decision to terminate operations in this non-core segment[30] - Selling and administrative expenses decreased to approximately HKD 29.4 million from HKD 57.1 million in 2024, primarily due to the cessation of the e-commerce business[36] Future Outlook and Strategic Initiatives - The company anticipates that the continuous improvement of the Green Electricity Certificate (GEC) mechanism will enhance the economic benefits of renewable energy projects in 2026[47] - The company is entering the commercial aerospace sector, aiming to diversify its business and enhance long-term growth potential, aligning with national strategies for advanced aerospace capabilities[47] - The company plans to establish two synergistic business pillars: an international commercial aerospace service and trading platform, and a global satellite data computing and storage center[48][50] Governance and Compliance - The audit committee is composed of three independent non-executive directors, ensuring compliance with corporate governance codes[59] - The audit committee is responsible for reviewing the accounting policies and practices adopted by the group, as well as discussing audit and financial reporting matters[60] - The board is currently seeking suitable candidates to fill the vacancies of chairman and CEO following the passing of the former chairman and resignation of the former CEO in 2023[56] Investment and Funding - The total estimated proceeds from the subscription agreements amount to approximately HKD 65.88 million, with a net amount of HKD 65.38 million intended for renewable energy development and general operating funds[51] - As of December 31, 2025, 34.59% of the net proceeds have been utilized, with HKD 17.158 million used for renewable energy development and HKD 5.458 million for general operating funds[52] - The company has not held any significant investments, acquisitions, or disposals of subsidiaries and associates for the year ending December 31, 2025[44]