Financial Performance - Total revenue for the twelve months ended December 31, 2025, was approximately MOP 12.2 million, an increase of about MOP 3.4 million or 38.6% compared to MOP 8.8 million for the same period in 2024[17] - The group recorded a loss of approximately MOP 72.6 million for the twelve months ended December 31, 2025, compared to a loss of approximately MOP 48.9 million for the same period in 2024[17] - The group's gross profit for the twelve months ended December 31, 2025, was approximately MOP 0.3 million, compared to a gross loss of approximately MOP 4.8 million for the twelve months ended December 31, 2024, resulting in a gross margin of approximately 2.3%[20] - The net loss for the period was MOP 72,597,000, compared to a net loss of MOP 48,923,000 in the previous year, indicating a deterioration in performance[73] - The total comprehensive loss for the year was MOP 72,597,000, with a cumulative loss of MOP 331,969,000 as of December 31, 2025[78] Costs and Expenses - Direct costs decreased by approximately MOP 1.7 million or 12.5% to about MOP 11.9 million for the twelve months ended December 31, 2025, down from approximately MOP 13.6 million for the same period in 2024[19] - Administrative expenses for the twelve months ended December 31, 2025, were approximately MOP 17.6 million, down from MOP 19.1 million in the previous period, representing approximately 144.3% and 217.0% of total revenue respectively[23] - The financing costs for the twelve months ended December 31, 2025, were approximately MOP 6.4 million, a decrease of approximately MOP 1.3 million from MOP 7.7 million in the previous period[25] - The total employee cost for the twelve months ended December 31, 2025, was approximately MOP 4.0 million, down from MOP 8.2 million in the previous period, primarily due to a reduction in the number of employees[42] Assets and Liabilities - Cash and cash equivalents, including pledged bank deposits, totaled approximately MOP 19.9 million as of December 31, 2025, an increase of approximately 22.8% from MOP 16.2 million as of December 31, 2024[29] - The company reported a negative net asset value of MOP 137,054,000 as of December 31, 2025, compared to a negative net asset value of MOP 64,457,000 the previous year[75] - Total liabilities increased from MOP 202,297,000 to MOP 234,576,000, indicating a rise in financial obligations[75] - The company has defaulted on bank loans totaling approximately MOP 57,617,000, which may lead to immediate repayment if lenders exercise their rights[103] Shareholder Information - The board proposed a name change from "Wai Hung Group Holdings Limited" to "Zhongke Group Holdings Limited," which was approved by shareholders[15] - As of December 31, 2025, Mr. Li holds 214,093,000 shares, representing approximately 35.35% of the issued shares[46] - The company is primarily owned by Chiu Yu Limited, which is 100% owned by Mr. Li, also holding 35.35% of the shares[47] - Ms. Wu, as Mr. Li's spouse, is deemed to hold the same number of shares, totaling 214,093,000 shares or 35.35%[51] - The total issued and paid-up shares remain at 605,580,000 as of December 31, 2025, unchanged from the previous year[106] Business Operations - The group currently has four ongoing projects in Hong Kong with a total contract value of approximately MOP 47 million[11] - The group is in discussions for a potential subcontracting opportunity for a large theme park project in Hong Kong, with an estimated contract value of about MOP 60 million, expected to commence before the second quarter of 2026[11] - The company’s main business operations focus on providing renovation and maintenance services in Macau, primarily to hotel and entertainment operators[87] - The group is exploring new business opportunities to improve overall performance despite challenges faced in acquiring new projects[11] Governance and Compliance - The company aims to maintain high corporate governance standards to protect shareholder interests and enhance corporate value[65] - The interim financial report for the twelve months ending December 31, 2025, has been reviewed by the audit committee with no objections raised[107] - The company has adopted new accounting standards that did not have a significant impact on the financial statements for the reporting period[86] Dividends and Share Options - The board does not recommend any interim dividend for the twelve months ended December 31, 2025, considering the overall operating performance and financial condition of the group[44] - The company has not declared any dividends for the twelve months ending December 31, 2025, considering overall operational performance and financial condition[69] - The company has adopted a share option scheme approved on March 18, 2019, to incentivize directors and eligible employees[54] - The total number of shares that may be issued under the share option scheme is capped at 50,000,000 shares, equivalent to 8.26% of the issued shares as of the report date[58]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 539,009,000, a decrease from RMB 752,206,000 in 2024, representing a decline of approximately 28.3%[4] - Adjusted net profit for 2025 was RMB 67,686,000, compared to RMB 65,384,000 in 2024, showing an increase of about 3.3%[5] - Same-store sales for 135 locations in mainland China for 2025 were RMB 414,650,900, down 18.4% from RMB 508,037,200 in 2024[12] - The average daily sales per same-store in mainland China decreased to RMB 1,141.5 in 2025 from RMB 1,399.8 in 2024, reflecting a decline of 18.5%[12] - In 2025, the company recorded revenue of RMB 539 million, a decrease of 28.3% from RMB 752 million in 2024, primarily due to a reduction in the number of directly operated stores and a decline in same-store performance[17] - The company's profit before tax for the year ended December 31, 2025, was RMB 37.8 million, a significant improvement from a loss of RMB 76.6 million for the year ended December 31, 2024[44] - The company reported a profit attributable to owners of RMB 33.954 million for the fiscal year ending December 31, 2025, compared to a loss of RMB 77.976 million in the previous year[79] - Basic earnings per share improved to RMB 0.027 in 2025 from a loss of RMB 0.062 in 2024[109] Assets and Liabilities - The total assets as of December 31, 2025, were RMB 1,125,722,000, a decrease from RMB 1,375,975,000 in 2024, representing a decline of approximately 18.2%[6] - Total equity as of December 31, 2025, was RMB 874,665,000, down from RMB 1,118,791,000 in 2024, indicating a decrease of about 21.8%[6] - Non-current assets decreased from RMB 459,772 thousand in 2024 to RMB 396,029 thousand in 2025, a reduction of about 13.8%[80] - Current assets also fell from RMB 916,203 thousand in 2024 to RMB 729,693 thousand in 2025, representing a decrease of approximately 20.4%[80] - Total liabilities slightly decreased from RMB 257,184 thousand in 2024 to RMB 251,057 thousand in 2025, a decline of about 2.4%[81] - The company's debt-to-equity ratio was 4.6% as of December 31, 2025, compared to zero as of December 31, 2024[69] Revenue Sources - Revenue from directly operated taverns decreased to RMB 355,682,000 in 2025 from RMB 557,513,000 in 2024, representing a decline of 36.2%[92] - Revenue from franchising services netted RMB 1,095,000 in 2025, a significant drop of 89.1% compared to RMB 10,067,000 in 2024[92] - Revenue from mainland China accounted for RMB 510,893,000 in 2025, down 30.2% from RMB 731,954,000 in 2024[94] Cost Management - The cost of raw materials and consumables decreased by 29.6% to RMB 222.8 million in 2025, down from RMB 316.3 million in 2024, mainly due to lower sales revenue from directly operated stores[23] - Employee benefits and human resources expenses decreased by 34.9% to RMB 113.1 million in 2025, down from RMB 173.7 million in 2024, due to adjustments in the store network[24] - Advertising and promotion expenses decreased by 69.6% to RMB 3.8 million in 2025, down from RMB 12.5 million in 2024, due to refined online promotion management[31] Operational Adjustments - The company plans to enhance same-store performance through various measures, including product innovation and improving customer experience[12] - The company plans to continue expanding its directly operated store network while optimizing the franchise model and enhancing supply chain management capabilities[16] - The company has implemented a competitive salary and benefits package, including discretionary performance bonuses, to incentivize employees[73] Impairment and Valuation - The company recognized an impairment loss of RMB 0 for investment properties as of December 31, 2025, compared to RMB 9.5 million for the year ended December 31, 2024[38] - The company conducted an impairment assessment for properties, with market value per square meter ranging from approximately RMB 10,000 to RMB 10,426, considering various factors[35] - The company engaged independent professional valuers for the valuation of investment properties, using market comparison methods to determine fair value[39] Shareholder Information - The proposed final dividend for the year ending December 31, 2025, is RMB 0.0554 per share, compared to RMB 0.1146 for 2024[146] - The company repurchased a total of 475,000 shares at a total cost of HKD 466,740, representing approximately 0.0375% of the issued shares as of December 31, 2025[140] - All repurchased shares have been cancelled after the reporting period[140] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, reviewed the audited consolidated financial statements for the year ending December 31, 2025, and found them compliant with applicable accounting standards[143] - There were no significant lawsuits or arbitrations involving the company during the reporting period[142] - The company has not discovered any violations of the standard code by employees during the reporting period[139]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 88,447,000, a decrease of 43% compared to RMB 155,740,000 in 2024[3] - Gross profit for 2025 was RMB 22,127,000, down 65% from RMB 62,786,000 in 2024[3] - The company reported a loss before tax of RMB 31,378,000 for 2025, compared to a profit of RMB 26,309,000 in 2024[3] - Basic and diluted loss per share for 2025 was RMB (0.03), compared to earnings of RMB 0.02 per share in 2024[4] - Other income for the year was RMB 6,154,000, a decrease from RMB 8,583,000 in 2024, primarily due to lower government grants[28] - The company recorded a net loss of approximately RMB 299 million, an increase of RMB 474 million or 270.9% (2024: RMB 175 million) due to the cumulative impact of the aforementioned factors[72] Assets and Liabilities - Non-current assets totaled RMB 57,439,000 as of December 31, 2025, slightly down from RMB 58,686,000 in 2024[5] - Current assets decreased to RMB 213,250,000 in 2025 from RMB 245,482,000 in 2024, reflecting a decline of 13%[5] - The company's net assets were RMB 232,276,000 as of December 31, 2025, down from RMB 260,506,000 in 2024[6] - Total bank borrowings decreased to RMB 12,764,000 in 2025 from RMB 17,712,000 in 2024, with secured borrowings remaining constant at RMB 7,500,000[43] - As of December 31, 2025, the company's debt-to-equity ratio decreased by 1.3 percentage points to 5.5% from 6.8% as of December 31, 2024, primarily due to a reduction in interest-bearing bank borrowings[80] Revenue Breakdown - Revenue from medical imaging film products accounted for approximately 85% of total revenue in 2025, compared to 76% in 2024[17] - Revenue from medical imaging film products and software decreased by approximately RMB 603 million or 41.2% to about RMB 862 million (2024: RMB 1,465 million) due to lower average selling prices and reduced sales volume[62] - Revenue from medical imaging cloud services decreased by approximately RMB 70 million or 76.1% to about RMB 22 million (2024: RMB 92 million), following the decline in film product sales[63] Operational Focus - The company is involved in the sale of medical imaging film products and the provision of medical imaging cloud services, indicating ongoing operational focus[9] - The company plans to expand its customer base and strengthen its market position in Shandong Province by extending its services to other regions[53] - Strategic acquisitions and upgrades of software and hardware are intended to enhance the supply of medical imaging cloud services[53] - The company believes that developing medical imaging cloud services and expanding its product range will enhance its long-term revenue and solidify its role as a one-stop medical imaging solution provider[56] Employee and Governance - The company has a total of 56 employees as of December 31, 2025, a slight decrease from 57 employees in the previous year[84] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[103] Future Outlook - The medical device industry in China is expected to maintain stable growth driven by technological advancements and increasing healthcare demands[54] - The national medical insurance imaging cloud is being deployed across 27 provinces, aiming to create a unified national medical insurance imaging network by 2027[55] Shareholder Information - The company did not declare any dividends for the year 2025, consistent with 2024[33] - The board does not recommend the payment of a final dividend for 2025, consistent with the previous year[83] - The annual general meeting is scheduled for May 29, 2026[92] Compliance and Reporting - The audit committee, along with the management and independent auditor, reviewed the accounting principles and policies adopted by the group, confirming that the annual performance aligns with applicable accounting standards and regulations[95] - The consolidated financial statements for the year ending December 31, 2025, have been agreed upon by the group's auditor, ensuring consistency with the audited financial statements[96] - The annual performance announcement will be published on the Hong Kong Stock Exchange and the company's website, containing all information required by the listing rules[97]

Financial Performance - The company reported total revenue of HKD 21,909,000 for the year ending December 31, 2025, a decrease of 45.8% compared to HKD 40,369,000 in 2024[4] - Other income and gains increased significantly to HKD 57,557,000 from HKD 15,832,000, marking a growth of 263.5%[4] - The company achieved a profit before tax of HKD 203,310,000, compared to a loss of HKD 26,051,000 in the previous year[4] - The net profit for the year was HKD 202,851,000, a turnaround from a loss of HKD 28,382,000 in 2024[5] - Basic and diluted earnings per share increased to HKD 1.68 from a loss of HKD 0.29 per share in the previous year[5] - The group reported a profit attributable to equity holders of the parent of HKD 202,851,000 for the year ended December 31, 2025, compared to a loss of HKD 28,382,000 in 2024, resulting in a basic and diluted earnings per share of HKD 1.68[35] - The company recorded a net profit attributable to shareholders of approximately HKD 202.9 million for the year ending December 31, 2025, compared to a net loss of HKD 28.4 million in 2024, marking a significant turnaround[57] Assets and Liabilities - Total non-current assets decreased to HKD 125,975,000 from HKD 303,703,000, a decline of 58.6%[7] - Current liabilities were reported at HKD 326,292,000, down from HKD 824,780,000, a reduction of 60.5%[8] - The company's cash and cash equivalents decreased to HKD 13,220,000 from HKD 38,826,000, a decline of 65.9%[7] - The group recorded a net current liability of approximately HKD 262,078,000 and a net loss of approximately HKD 136,103,000 as of December 31, 2025[87] - The total interest-bearing borrowings and financial liabilities amounted to approximately HKD 263,206,000, while cash and cash equivalents were only about HKD 13,220,000[87] Business Operations and Strategy - The group is exploring equity financing to support new business opportunities, including satellite services, to broaden its customer base and increase shareholder returns[8] - The group aims to enhance profitability and cash inflows through the implementation of business strategies[8] - The company is exploring new business opportunities, including satellite business, traffic AI, and smart vehicle networking, to broaden its customer base and revenue streams[58] - The company plans to collaborate with Mango Media in Malaysia to produce two web series, expected to be released in the first half of 2026[58] - New business is expected to commence in 2026, potentially generating new revenue streams, but several business cooperation agreements are still under discussion and have not been signed[92] Financial Challenges and Concerns - The company is facing significant uncertainties regarding its ability to continue as a going concern due to its current liabilities exceeding cash reserves[12] - The independent auditor's report indicated a significant uncertainty regarding the group's ability to continue as a going concern due to financial difficulties[86] - The group is actively negotiating with lenders for refinancing and/or extending overdue loan repayment periods, but has not yet provided the auditors with written agreements or confirmations[91] - The company anticipates that the long-term negative impacts of the economic downturn and COVID-19 will continue to affect its financial performance in the coming years[58] Shareholder and Governance Matters - The group did not declare or pay any dividends for the years ended December 31, 2025, and 2024[33] - The company has not faced significant foreign exchange risks, as most of its assets, liabilities, and transactions are denominated in HKD, RMB, and USD, which remained stable during the year[76] - The audit committee has been established with a clear written scope of authority to review and supervise the group's financial reporting processes[83] - The group has complied with all applicable provisions of the corporate governance code for the year ending December 31, 2025[79] - No significant matters need to be disclosed to shareholders after the reporting period, except as stated in the announcement[78] Employee and Operational Metrics - The group achieved a total employee benefit expense of HKD 5,456,000 in 2025, up from HKD 4,424,000 in 2024, primarily due to increased wages and retirement plan contributions[29] - As of December 31, 2025, the company employed 26 staff members, an increase from 20 in 2024[77] Revenue Sources and Customer Contributions - Major customers contributing over 10% of total revenue included Customer A with HKD 15,891 thousand and Customer B with HKD 4,570 thousand for 2025[24] - The group reported revenue from the US market at HKD 21,909 thousand for 2025, a decrease from HKD 40,369 thousand in 2024[22] - The media and cultural business generated revenue and gross profit of approximately HKD 21.9 million for the year 2025, down from HKD 40.4 million in 2024[42]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported a revenue of RMB 85,915,000, a slight increase of 0.57% compared to RMB 85,428,000 in 2024[4] - The gross profit for the same period was RMB 15,500,000, down 8.12% from RMB 16,872,000 in 2024[4] - The operating loss decreased significantly to RMB 25,708,000 from RMB 57,686,000 in 2024, indicating an improvement in operational efficiency[4] - The net loss for the year was RMB 26,881,000, a reduction of 54.7% compared to RMB 59,292,000 in 2024[5] - The company reported a basic and diluted loss per share of RMB 0.045, improved from RMB 0.101 in the previous year[4] - The company incurred a loss before tax of RMB 1,656,000 in 2025, a significant improvement compared to a loss of RMB 5,552,000 in 2024[23] - The loss attributable to the company's owners decreased to RMB 26.4 million, down 55.6% from RMB 59.5 million in 2024, primarily due to a reduction in expected credit loss provisions[55][63] Revenue Breakdown - Revenue from the ethanol fuel industry increased significantly to RMB 44,507,000 in 2025 from RMB 26,696,000 in 2024, marking a growth of 67.5%[14] - Revenue from the alcohol beverage industry decreased to RMB 13,474,000 in 2025 from RMB 26,077,000 in 2024, a decline of 48.3%[14] - The company reported a total of RMB 2,304,000 in other income for 2025, up from RMB 1,208,000 in 2024, an increase of 90.5%[22] - The five largest projects generated revenue of 63.39 million RMB, accounting for 73.78% of the total revenue during the reporting period[48] Assets and Liabilities - Total assets decreased to RMB 239,756,000 from RMB 266,564,000 in 2024, while total liabilities increased to RMB 257,052,000 from RMB 246,788,000[6][7] - The company is currently in a net liability position of approximately RMB 17,296,000, raising concerns about its ability to continue as a going concern[9] - The company had a net current liability of approximately RMB 780.6 million as of December 31, 2025, compared to RMB 593.6 million in 2024[64] - The total debt of the group was approximately RMB 257.05 million, with a debt-to-equity ratio of approximately -14.86[64] Cash Flow and Liquidity - The company’s cash and cash equivalents decreased to RMB 3,272,000 from RMB 4,166,000 in 2024, reflecting liquidity challenges[6] - The company is implementing plans to improve its liquidity and financial position, which are critical for its ongoing operations[81] - The company aims to maintain relationships with existing lenders to avoid immediate repayment demands on overdue debts[10] - The board believes that the group will have sufficient working capital to meet its financial obligations within the next twelve months[81] Research and Development - The company’s research and development costs increased to RMB 7,772,000 in 2025 from RMB 2,686,000 in 2024, reflecting a focus on innovation[25] - The company has developed 35 proprietary technologies through its R&D efforts, collaborating with institutions like the Chinese Academy of Sciences[43] - Research and development expenses amounted to 7.77 million RMB, focusing on biomass fuel projects and small hydrogen production devices[47] - The company is eligible for a 100% additional tax deduction on qualified R&D expenses starting from 2021, enhancing its financial position[29] Corporate Governance - The board held three regular meetings during the year, which is below the required four meetings as per the corporate governance code[78] - The audit committee consists of three independent non-executive directors, ensuring oversight of the financial reporting process[78] - The independent auditor's report raised significant doubts about the group's ability to continue as a going concern due to financial conditions[80] Future Outlook - The company plans to secure additional financing and implement measures to accelerate the collection of receivables and control costs[10] - The company aims to strengthen its domestic market position through technological innovation and diversification in hydrogen equipment and bio-based materials[51] - The company is actively seeking to expand into emerging overseas markets, focusing on high-potential projects and ensuring a diverse business portfolio[52] - By 2030, China's advanced biofuel production is projected to reach 23.98 million tons of standard coal, with demand expected to hit 27.46 million tons[49] Miscellaneous - The company has not applied any new or revised international financial reporting standards that are expected to have a significant impact on the consolidated financial statements in the foreseeable future[13] - The company has no plans to declare any dividends for 2025, consistent with 2024[31] - The company did not engage in any significant investments or acquisitions during the reporting year and has no plans for major investments or capital asset acquisitions as of December 31, 2025[67] - The annual report for the year ending December 31, 2025, will be published at an appropriate time and made available to shareholders[84]

Financial Performance - The Group reported gross proceeds from operations of HK$4,268,000 in 2025, a decrease of 1.73% from HK$4,343,000 in 2024[5] - The Group's revenue for 2025 was HK$3,000, a significant drop from HK$6,000 in 2024[5] - The loss before income tax for 2025 was HK$17,044, slightly improved from a loss of HK$17,295 in 2024[5] - Basic and diluted loss per share improved to HK$7.43 in 2025 from HK$14.28 in 2024[5] - The loss attributable to owners of the Company for 2025 was HK$17,044,000, slightly improved from HK$17,295,000 in 2024[48] - The Group reported a loss after tax of approximately HK$17 million for the year, compared to a loss of HK$17.3 million for 2024, indicating a slight improvement in financial performance[99] Assets and Liabilities - Total assets less current liabilities amounted to HK$27,636, compared to a negative HK$6,299 in 2024, indicating a significant turnaround[6] - The Group's net assets increased to HK$15,636 in 2025 from a net liability of HK$10,299 in 2024[6] - The Group's cash held by securities brokers rose to HK$1,517,000 from HK$4,000 in 2024, showing improved liquidity[6] - The Group's cash and cash equivalents at year-end were approximately HK$5.814 million, a significant increase from HK$334,000 in 2024[116] - The gearing ratio improved to 50.85% at year-end, down from 268.23% in 2024, reflecting better financial stability[117] - The capital debt ratio as of the year-end is 50.85%, a significant decrease from 268.23% on December 31, 2024[122] Expenses - Administrative expenses increased to HK$10,980, up from HK$8,986 in 2024, reflecting a rise of 22.14%[5] - Staff costs for 2025 amounted to HK$6,284,000, an increase from HK$6,037,000 in 2024[45] - The Group's finance costs for 2025 totaled HK$1,238,000, an increase from HK$706,000 in 2024[38] - The Group's depreciation expense for owned assets was HK$124,000 in 2025, down from HK$162,000 in 2024[45] - The investment management expenses were reduced to HK$102,000 from HK$480,000 in 2024, reflecting a change in management services[114] Share Capital and Financing - The total issued share capital increased to 621,132,020 shares as of December 31, 2025, following a placement of 500,000,000 new shares[61] - The net proceeds from the September 2025 Placing were approximately HK$42 million, allocated as follows: HK$27.5 million for investments, HK$9.1 million for early redemption of convertible notes, and HK$5.0 million for general working capital[65] - The Group issued convertible notes with an aggregate principal amount of HK$4,000,000 on 29 December 2023, maturing on 29 December 2025, with an interest rate of 8% per annum[54] - The Group utilized approximately HK$9.1 million for the early redemption of convertible notes during the current year[39] - The Group issued a bond of HK$7 million on 28 November 2025, with an interest rate of 8% per annum, maturing in 2027[57] Trading and Market Activity - Trading of the company's shares was suspended on April 2, 2024, due to a qualified opinion in the annual report for the fiscal year ending December 31, 2023[17] - The company resumed trading on the Stock Exchange on October 15, 2025, after fulfilling all conditions of the Resumption Guidance[19] - Trading in the Company's shares was fully resumed on October 15, 2025, marking a pivotal moment for restoring shareholder value and market confidence[96] Investments and Future Plans - The Group's investment in Wealth Spread was classified as financial assets at fair value through other comprehensive income, with a fair value of approximately HK$5,293,000 as of December 31, 2024[8] - Easy Ace was placed into liquidation on September 29, 2025, following the approval of the Proposed Liquidation by its sole shareholder and shareholders[18] - Easy Ace will be deconsolidated from the Group's financial statements effective September 29, 2025, due to the loss of control[20] - The Group's investments in financial assets at amortized cost included bonds from WLS Holdings Limited and Hao Wen Holdings Limited, each with a principal amount of HK$3,500,000[51] - The Company plans to issue up to 250,000,000 shares, representing approximately 40.2% of the existing issued share capital as of February 10, 2026, and approximately 28.7% after the issuance[78] - The estimated gross proceeds from the share placement are approximately HK$30 million, with a net amount of approximately HK$29 million allocated for investment acquisitions and general working capital[79] Corporate Governance - The audit committee has reviewed the audited results of the group for the year[136] - The company adopted all code provisions in the CG Code as its own corporate governance practices[135] - The Group's focus remains on prudent investment management and maintaining high standards of corporate governance following the resumption of trading on October 15, 2025[98]

Financial Performance - For the fiscal year ending December 31, 2025, revenue increased by RMB 41.8 million to RMB 1,034.8 million, representing a growth of 4.2% compared to RMB 993.0 million for the fiscal year ending December 31, 2024[3] - Gross profit for the fiscal year ending December 31, 2025, rose by RMB 25.3 million to RMB 987.2 million, a 2.6% increase from RMB 961.9 million in the previous fiscal year[3] - Profit for the fiscal year ending December 31, 2025, increased by RMB 48.0 million to RMB 195.1 million, marking a significant growth of 32.6% compared to RMB 147.1 million for the fiscal year ending December 31, 2024[3] - Total revenue for the year ended December 31, 2025, was RMB 1,034,823,000, representing an increase of 4.1% from RMB 993,029,000 in 2024[51] - Gross profit for the same period was RMB 987,215,000, up from RMB 961,891,000, indicating a growth of 2.6%[51] - Operating profit increased to RMB 416,654,000 in 2025, compared to RMB 352,113,000 in 2024, reflecting a rise of 18.3%[51] - Net profit attributable to equity shareholders for 2025 was RMB 195,146,000, a 32.6% increase from RMB 147,128,000 in 2024[53] - Basic and diluted earnings per share for 2025 were RMB 38.93, compared to RMB 29.43 in 2024, marking a growth of 32.3%[53] E-commerce Performance - The core e-commerce platform, Yang Xiaomei, achieved a GMV exceeding RMB 10 billion, reflecting a growth of 30.59% year-over-year and a remarkable 400% increase compared to 2022, with over 1.2 million transactions[5] - Revenue from the core e-commerce platform Yang Xiaomei was RMB 1,024.4 million, accounting for 99.0% of total revenue, up from RMB 925.1 million or 93.2% of total revenue in the previous year[11] - Revenue from the main online marketplace, specifically from "Yang Xiaomei," was RMB 1,024,439,000 in 2025, up from RMB 925,124,000 in 2024, reflecting a growth of 10.7%[64] User Growth - The cumulative registered users on the platform surpassed 63.65 million, with a net increase of 6.87 million users during the year, providing sustained traffic momentum for business expansion[6] Cost and Expenses - In 2025, the cost of sales increased by 52.9% to RMB 476 million from RMB 311 million in 2024, primarily due to the expansion of the operational team to support the scaling of operations[14] - Research and development expenses rose by 37.2% to RMB 513 million in 2025 from RMB 374 million in 2024, driven by increased investment in AI technology[17] - General and administrative expenses increased by 23.7% to RMB 1,417 million in 2025 from RMB 1,146 million in 2024, mainly due to the expansion of the administrative department and increased professional service fees related to the IPO[18] - Sales and marketing expenses decreased by 33.4% to RMB 3,135 million in 2025 from RMB 4,703 million in 2024, as the company focused on high-conversion channels and eliminated inefficient advertising costs[19] Financial Position - Cash and cash equivalents increased by 67.0% to RMB 5,244 million as of December 31, 2025, from RMB 3,139 million as of December 31, 2024, primarily due to proceeds from the IPO[30] - Total assets as of December 31, 2025, were RMB 1,558,228,000, compared to RMB 978,912,000 in 2024, an increase of 59.0%[54] - Accounts receivable increased to RMB 1,054,645,000 in 2025 from RMB 648,776,000 in 2024, indicating a rise of 62.4%[74] Tax and Income - Income tax expenses rose by 36.6% to RMB 652 million in 2025 from RMB 477 million in 2024, in line with profit growth[23] - The company’s income tax expense for 2025 was RMB 65,156,000, up from RMB 47,694,000 in 2024, representing an increase of 36.6%[70] Investment and Funding - The net proceeds from the global offering amounted to approximately RMB 27.5 million, which includes RMB 12.2 million from the initial offering and RMB 15.3 million from the partial exercise of the over-allotment option[41] - The company has allocated 55% of the net proceeds from the global offering (approximately RMB 15.13 million) to enhance R&D capabilities and improve the technical infrastructure of its matching services, with a planned usage deadline of March 31, 2027[41] Corporate Governance - The audit committee reviewed the financial statements and confirmed compliance with applicable accounting standards and regulations[48] - The company did not recommend the payment of any final dividend during the reporting period[50] - The company did not declare or pay any dividends during the reporting period[78] Future Outlook - The company plans to leverage AI technology to enhance operational efficiency and marketing capabilities, aiming for a dual-driven growth model focusing on technology empowerment and deepening consumer scenarios[8] - The company is committed to building a value ecosystem based on technology and trust, aiming to create sustainable long-term value for users, partners, and shareholders[8] Miscellaneous - The company was registered in the Cayman Islands on March 31, 2022, and its shares were listed on the main board of the Hong Kong Stock Exchange on November 27, 2025[84] - The annual general meeting of the company is scheduled for June 26, 2026[81] - Share transfer registration will be suspended from June 23 to June 26, 2026, to determine eligible shareholders for voting[82] - The annual performance announcement and annual report will be published on the Hong Kong Stock Exchange and the company's website[83] - The company has implemented strict internal control policies to manage accounts receivable collections, indicating a low level of credit risk associated with accounts receivable[34] - The company has not engaged in any buybacks or repurchases of its listed securities since its listing date[40] - The company did not apply any new accounting standards or interpretations that were not yet effective during the reporting period[62] - The company operates an O2O platform that integrates online channels with offline purchases[88]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 MILLENNIUM PACIFIC GROUP HOLDINGS LIMITED 匯思太平洋集團控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8147） 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 之 年 度 業 績 公 告 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM之 特 色 GEM的 定 位，乃 為 中 小 型 公 司 提 供 一 個 上 市 的 市 場，此 等 公 司 相 比 起 其 他 在 聯 交 所 上 市 的 公 司 帶 有 較 高 投 資 風 險。有 意 投 資 的 人 士 應 ...

Financial Performance - For the fiscal year ending December 31, 2025, the total revenue of the group was approximately RMB 323.6 million, representing an increase of about 38.3% compared to RMB 233.9 million for the fiscal year ending December 31, 2024[4]. - The gross profit for the fiscal year ending December 31, 2025, was approximately RMB 194.3 million, an increase of about 47.4% from approximately RMB 131.8 million for the fiscal year ending December 31, 2024, resulting in a gross margin of approximately 60.0%[4]. - The profit attributable to the owners of the company for the fiscal year ending December 31, 2025, was approximately RMB 88.5 million, up about 47.5% from approximately RMB 60.0 million for the fiscal year ending December 31, 2024[5]. - Basic earnings per share attributable to the owners of the company for the fiscal year ending December 31, 2025, was approximately RMB 0.088, compared to approximately RMB 0.060 for the fiscal year ending December 31, 2024[5]. - The operating profit for the fiscal year ending December 31, 2025, was RMB 115.6 million, compared to RMB 78.8 million for the fiscal year ending December 31, 2024[7]. - Total revenue for the year ended December 31, 2025, was RMB 323,637,000, an increase of 38.4% from RMB 233,908,000 in 2024[22]. - The company reported a net profit of RMB 88,324,000 for the year ended December 31, 2025, compared to RMB 59,772,000 in 2024, representing a growth of 47.8%[28]. - The company reported a total of RMB 88,498,000 in profit attributable to owners for the year ending December 31, 2025, compared to RMB 60,012,000 in 2024, which is an increase of approximately 47.4%[42]. Revenue Sources - Revenue from the sale of sulfur concentrate increased to RMB 161,731,000 in 2025, up 40.6% from RMB 115,181,000 in 2024[22]. - The company’s hazardous waste treatment services generated revenue of RMB 38,769,000 in 2025, down from RMB 41,506,000 in 2024[22]. - Revenue from the sale of sulfur concentrate and revenue from sulfur concentrate and sulfuric acid processed products recorded year-on-year growth of approximately 50.5% and 40.4%, respectively[83]. - Sales of refined sulfur increased by 31.5% to RMB 101,853 thousand in 2025, compared to RMB 67,663 thousand in 2024[81]. Expenses and Costs - Research and development expenses for the fiscal year ending December 31, 2025, were RMB 19.3 million, an increase from RMB 12.8 million for the fiscal year ending December 31, 2024[7]. - The total operating expenses for the year ending December 31, 2025, amounted to RMB 207,052,000, up from RMB 156,208,000 in 2024, which is an increase of about 32.5%[36]. - The income tax expense for the year ending December 31, 2025, was RMB 21,671,000, significantly higher than RMB 13,472,000 in 2024, representing an increase of approximately 60.8%[40]. - The company's administrative expenses for the fiscal year ending December 31, 2025, were approximately RMB 53.2 million, an increase of about 35.7% from approximately RMB 39.2 million for the fiscal year ending December 31, 2024[89]. Assets and Liabilities - The total assets of the company as of December 31, 2025, were RMB 1,169.7 million, compared to RMB 921.2 million as of December 31, 2024[10]. - As of December 31, 2025, the total liabilities of the company amounted to RMB 537,675,000, an increase from RMB 378,290,000 in the previous year, representing a growth of approximately 42.3%[12]. - The company's current liabilities totaled RMB 318,710,000, up from RMB 248,462,000, indicating a year-over-year increase of about 28.3%[12]. - The company’s long-term borrowings increased significantly to RMB 117,789,000 from RMB 33,800,000, indicating a rise of over 248%[12]. - The company’s deferred tax liabilities rose to RMB 9,033,000 from RMB 6,167,000, reflecting a growth of approximately 46%[12]. - The net current liabilities as of December 31, 2025, are approximately RMB 6.1 million, a decrease from RMB 56.8 million as of December 31, 2024[104]. Financing and Investments - The net financing costs for the fiscal year ending December 31, 2025, were RMB 5.6 million, compared to RMB 5.5 million for the fiscal year ending December 31, 2024[7]. - The company invested RMB 211,450,000 in non-current assets during the year ended December 31, 2025[28]. - The total net book value of assets pledged as collateral for bank loans and finance lease borrowings is approximately RMB 104.0 million for buildings and RMB 96.7 million for machinery as of December 31, 2025[100]. - The company completed the acquisition of a target company for a total consideration of RMB 71.17 million, focusing on production facilities for chemical products[112]. Corporate Governance and Compliance - The company has adopted corporate governance principles and complied with applicable rules to safeguard shareholder interests and enhance corporate value[121]. - The board of directors is responsible for overseeing the company's corporate governance policies and compliance with legal and regulatory requirements[122]. - The audit committee has reviewed the group's accounting principles and discussed matters related to audit, internal control, and financial reporting for the year ending December 31, 2025[124]. - The financial information in the annual performance announcement has been agreed upon by the group's auditor, ensuring consistency with the audited consolidated financial statements[125]. Strategic Initiatives and Future Outlook - The company aims to enhance its resource recycling industry system and extend its industrial chain to improve profitability and diversify its business[70]. - The group plans to expand production capacity by approximately 200,000 tons of sulfuric acid following a key acquisition of an adjacent production facility in February 2026[75]. - The company has commenced production of a new ammonium sulfate and magnesium sulfate fertilizer production line, expected to provide an annual capacity of 30,000 tons of ammonium sulfate and 180,000 tons of magnesium sulfate[70]. - The group aims to deepen its ESG strategy and enhance resource recycling efficiency to support sustainable development goals[80]. - The company is focused on expanding its operations in hazardous waste management as per the relevant regulations[129].

Financial Performance - The group recorded revenue of approximately HKD 13.3 million for the year ended December 31, 2025, compared to HKD 11.6 million for the year ended December 31, 2024, representing an increase of about 14.7%[5] - The group reported a profit attributable to owners of the company of approximately HKD 178.3 million for the year ended December 31, 2025, compared to a loss of approximately HKD 146.5 million for the year ended December 31, 2024[5] - The total comprehensive income for the year reached HKD 176,767 million, compared to HKD 154,536 million in the previous year, representing an increase of approximately 14.3%[8] - The total comprehensive income attributable to the company's owners was HKD 178,310 million, compared to HKD 146,461 million, reflecting a significant increase of approximately 21.7%[8] - The group reported a loss before tax of HKD 5,984 million in 2025, compared to a loss of HKD 5,498 million in 2024, indicating a worsening of 8.8%[33] - The group reported a total loss of HKD 44,921,000 from non-current asset impairment as of December 31, 2024[25] Profitability and Losses - The basic loss per share was approximately HKD 0.4529 for the year ended December 31, 2025, compared to HKD 0.4395 for the year ended December 31, 2024[5] - The total comprehensive loss for the year ended December 31, 2025, was HKD 88.135 million, compared to a loss of HKD 78.078 million for the year ended December 31, 2024[7] - The company reported a foreign exchange loss of HKD 8,004 million, compared to a loss of HKD 6,295 million in the previous year, indicating a worsening of approximately 27.2%[8] - The company incurred a significant loss from investment properties, amounting to HKD 48.092 million for the year ended December 31, 2025, compared to a loss of HKD 12.639 million in the previous year[7] - The company reported a total impairment loss on non-current assets of HKD 14,315,000 for the year ended December 31, 2025[24] Revenue Breakdown - The company reported external revenue of HKD 27,678,000 for the year ended December 31, 2025, with contributions from hotel operations in Japan (HKD 13,291,000) and asset management in Singapore (HKD 14,387,000)[19] - Total revenue for the group reached HKD 27,678 million in 2025, compared to HKD 41,661 million in 2024, indicating a decrease of approximately 33.6%[30] - Revenue from continuing operations in hotel room services was HKD 7,639 million in 2025, up from HKD 7,588 million in 2024, reflecting a slight increase of 0.7%[30] - Revenue from food and beverage services increased to HKD 5,257 million in 2025, compared to HKD 3,712 million in 2024, representing a growth of 41.6%[30] - The total revenue from food and beverage sales in Japan was HKD 5,257,000, showing a year-on-year increase from HKD 3,712,000[28] Expenses and Costs - Total operating expenses for the year ended December 31, 2025, were HKD 22.711 million, slightly down from HKD 23.768 million in the previous year[7] - Employee compensation costs increased to HKD 5,826 million in 2025 from HKD 4,224 million in 2024, reflecting a rise of 38%[33] - The total expenses, including depreciation and amortization, were HKD 14,315 million in 2025, compared to HKD 44,921 million in 2024, a decrease of 68.2%[33] - The cost of employee benefits, excluding directors' remuneration, was HKD 18,951,000 for the year, up from HKD 5,406,000, indicating a rise in operational costs[34] Assets and Liabilities - Non-current assets totaled HKD 208,660,000 as of December 31, 2025, compared to HKD 457,304,000 in 2024, indicating a decrease of approximately 54.4%[9] - Current assets amounted to HKD 20,388,000, down from HKD 39,226,000 in the previous year, representing a decline of about 48.0%[9] - Total current liabilities were HKD 120,650,000, a reduction from HKD 538,826,000, reflecting a decrease of approximately 77.6%[9] - The net current liabilities stood at HKD (100,262,000), compared to HKD (499,600,000) in the prior year, showing an improvement of about 79.9%[9] - The company reported a total non-current liabilities of HKD 38,988,000, down from HKD 8,974,000, which is an increase of approximately 334.5%[10] Shareholder Information - The board of directors did not recommend any dividend for the year ended December 31, 2025, consistent with the previous year[5] - The company did not declare a final dividend for the year ending December 31, 2025, consistent with the previous year[43] - The issued share capital increased to 5,026,000 shares with a par value of HKD 0.025 per share as of December 31, 2025[62] - The company completed a share consolidation on March 5, 2025, merging every 25 existing shares into one share[62] Strategic Initiatives - The company is focusing on enhancing its asset management strategies to improve overall financial performance moving forward[9] - The company plans to expand its operations in Singapore, with projected revenue of HKD 456,399,000 for the year ended December 31, 2025[23] - The company aims to enhance its operations in the Japanese hotel business, which remains a long-term development pillar[96] - The company plans to continue expanding its operations in key markets, including Japan and China, to enhance revenue growth[26] Compliance and Governance - All directors confirmed compliance with trading rules for securities transactions during the year[100] - The audit committee reviewed the annual performance and confirmed compliance with relevant accounting standards and regulations[104] - No significant events affecting the group occurred after the fiscal year-end[102] - The annual general meeting is scheduled for May 29, 2026, with a temporary suspension of share registration from May 26 to May 29, 2026[105]