Financial Performance - For the fiscal year ending December 31, 2025, the company reported total revenue of RMB 20,437,000, a significant increase from RMB 1,350,000 in 2024, representing a growth of approximately 1410%[2] - The cost of services provided for 2025 was RMB 3,481,000, compared to RMB 1,829,000 in 2024, resulting in a gross profit of RMB 16,956,000, up from a gross loss of RMB 479,000 in the previous year[2] - The company achieved a profit before tax of RMB 11,837,000 in 2025, a turnaround from a loss of RMB 7,596,000 in 2024[2] - Earnings per share for 2025 were RMB 4.81, compared to a loss per share of RMB 3.09 in 2024, indicating a positive shift in profitability[2] - The company reported a comprehensive income of RMB 11,659,000 for 2025, compared to a comprehensive loss of RMB 7,532,000 in 2024, showcasing a significant recovery[3] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 30,455,000, an increase from RMB 15,598,000 in 2024, reflecting a growth of approximately 95%[4] - The company's net asset value rose to RMB 15,364,000 in 2025, compared to RMB 3,705,000 in 2024, marking an increase of about 314%[5] - Current liabilities increased to RMB 7,403,000 in 2025 from RMB 4,434,000 in 2024, indicating a rise of approximately 67%[4] - The group's net current assets as of December 31, 2025, were approximately RMB 23,052,000, up from RMB 11,164,000 in 2024, with total assets of approximately RMB 41,685,000[40] Revenue Sources - Revenue from real estate-related business reached approximately RMB 20,437,000 for the year ending December 31, 2025, a significant increase from RMB 1,350,000 in 2024, with RMB 20,000,000 coming from the Foshan project[37] - Revenue from customer contracts under HKFRS 15 included RMB 437 thousand recognized at a point in time and RMB 20,000 thousand recognized over time, compared to RMB 623 thousand and RMB 727 thousand respectively in the previous year[16] - Investment income and other income totaled RMB 624 thousand, up from RMB 281 thousand in the previous year, representing a growth of approximately 122%[17] - The total rental income from investment properties was RMB 166 thousand, a decrease from RMB 396 thousand in the previous year, indicating a decline of approximately 58%[17] Market and Strategy - The company is primarily engaged in real estate-related services in the Chinese market, including development, planning, consulting, and sales agency services[7] - The group has transformed its strategy from a red ocean model focused on competition to a blue ocean strategy centered on value innovation, aiming to create new demand in uncontested market spaces[35] - The Chinese real estate market is showing early signs of recovery in 2025, driven by economic growth, urbanization, and rising living standards, despite challenges such as regulatory tightening and purchasing power pressure[39] - The group is cautiously optimistic about the market recovery and is focusing on three key trends: monitoring the recovery of the Chinese real estate market, pursuing value innovation, and adapting sales strategies for developers[43] Employee and Operational Metrics - The employee count has expanded to 30, covering management, business development, research, sales, and logistics, with targeted hiring in sales and consulting roles[36] - The group recorded employee costs of approximately RMB 5,271,000 for the year ending December 31, 2025, an increase from RMB 3,697,000 in 2024[50] - The average credit period granted to customers is 90 days, with accounts receivable amounting to RMB 24,357,000 as of December 31, 2025, compared to RMB 6,460,000 in the previous year[29] Compliance and Governance - The group has implemented measures to ensure compliance with listing rules regarding major transactions, particularly concerning the purchase of financial products[59] - The board of directors confirmed compliance with the standard code for securities trading as of December 31, 2025[61] - The audit committee has reviewed the annual financial statements for the year ending December 31, 2025, ensuring compliance with applicable standards[68] - The independent auditor confirmed that the financial figures for the year ending December 31, 2025, are consistent with the audited consolidated financial statements[69] Future Outlook and Plans - The group anticipates that the new accounting standards will not have a significant impact on its financial performance and position, although it may affect the structure and presentation of the income statement[13] - The group plans to apply the newly issued accounting standards upon their effective date, with no early adoption of standards that have been announced but are not yet effective[10] - The group has no major investment or capital asset plans for the future as of the announcement date[48] Shareholder Information - The company did not declare or recommend any dividends for the year ending December 31, 2025, consistent with the previous year[25] - Trading of the company's shares on the Hong Kong Stock Exchange was suspended as of September 9, 2025, and will remain suspended until compliance with the resumption guidelines[62] - The company has submitted a resumption proposal to the Stock Exchange, detailing its latest business operations and financial performance to demonstrate compliance with listing rules[65] - The company's annual general meeting is scheduled for June 26, 2026[71]

Financial Performance - The company's net profit attributable to shareholders reached RMB 123.85 million[4] - Operating revenue increased by 13.41% to RMB 1,669.81 million[4] - Basic earnings per share were RMB 0.4273, compared to a basic loss per share of RMB 0.0476 in 2024[4] - Net profit for 2025 was approximately $146.79 million, compared to a net loss of $6.29 million in 2024, indicating a turnaround in profitability[11] - Basic earnings per share for 2025 was $0.43, recovering from a loss of $0.05 per share in 2024[12] - The company reported a net profit attributable to shareholders of ¥123.85 million for the year, compared to a loss of ¥13.78 million in the previous year, marking a significant turnaround[44] Revenue and Costs - Total operating revenue for 2025 reached approximately $1.67 billion, an increase of 13.4% from $1.47 billion in 2024[10] - Total operating costs for 2025 were approximately $1.27 billion, up from $1.09 billion in 2024, primarily driven by increased operational activities[10] - Total operating revenue reached ¥1.67 billion, up 13.4% from ¥1.47 billion in the previous year, while operating costs increased to ¥1.27 billion from ¥1.09 billion[45] Assets and Liabilities - Current assets totaled RMB 1,836.39 million, up from RMB 1,501.36 million in 2024, reflecting a significant increase[6] - Total liabilities increased to RMB 1,456.69 million from RMB 1,169.19 million in 2024, indicating a rise in financial obligations[7] - Total assets reached RMB 2,760.74 million, compared to RMB 2,362.29 million in 2024, showing growth in the asset base[8] - Shareholders' equity amounted to RMB 1,304.05 million, up from RMB 1,193.10 million in 2024, indicating improved financial health[8] Dividends - The board proposed a final dividend of RMB 0.07 per share for the year ending December 31, 2025, consistent with the previous year[4] - The board proposed a final cash dividend of RMB 0.07 per share, totaling approximately RMB 20.29 million[68] Investment and Income - Investment income for 2025 was approximately $168.21 million, a substantial increase from $8.34 million in 2024, reflecting improved investment performance[10] - The group reported an investment income of RMB 168.21 million, primarily from the investment in Beijing Digital Certification Co., Ltd.[62] Accounts Receivable and Bad Debts - The company reported a significant increase in accounts receivable, rising to RMB 503.01 million from RMB 454.54 million in 2024[6] - The company’s accounts receivable aging shows that the amount overdue for more than three years decreased from RMB 141,165,163.80 to RMB 99,379,858.68, a reduction of about 30%[29] - The company’s provision for bad debts for accounts receivable was RMB 171,969,664.22, which is 25.48% of the total accounts receivable[30] - The year-end balance of accounts receivable was RMB 509,590,857.96, with a total bad debt provision of RMB 131,817,630.38, resulting in a provision ratio of 25.87%[32] - The bad debt provision for accounts aged over three years was 100%, totaling RMB 85,535,266.33[32] Taxation - The company reported a tax expense of approximately $17.70 million for 2025, compared to $11.41 million in 2024, reflecting higher profitability[11] - The company’s income tax rate for the main entity is set at 15%, while the parking management company has a rate of 20%[20] - The company is benefiting from tax incentives for small and micro enterprises, which allows a reduced tax rate of 20% for certain income brackets until December 31, 2027[23] Employee and R&D - Employee count increased to 2,000 as of December 31, 2025, up from 1,765 in 2024, with R&D personnel rising to 1,502[61] - The company's employee costs amounted to approximately RMB 580.45 million in 2025, compared to RMB 491.03 million in 2024[61] - Research and development expenses for 2025 were approximately $82.85 million, slightly down from $85.18 million in 2024, indicating a focus on cost management[10] Strategic Initiatives - The company is focusing on innovation-driven development and aims to enhance core competitiveness and market-oriented operational mechanisms during the "14th Five-Year Plan" period[60] - The company plans to deepen its autonomous innovation and integrate into the "AI+" initiative, aiming to become a leading smart city and data industry operator[60] - The company has invested in AI large model research and development, supporting multiple business application scenarios, and is constructing a municipal large model computing resource pool[57] Legal and Governance - The company underwent a significant change in its controlling shareholder, transferring 15% and 48.3% of shares to subsidiaries of Beijing State-owned Assets Management Company in 2025[14] - The company has initiated legal proceedings against the original shareholders regarding the acquisition of Xiamen Rongtong Information Technology Co., with a property preservation limit of RMB 335,995,436.60[52] - The board regularly reviews the group's risk management and internal control systems to ensure their effectiveness and appropriateness[78] Market and Business Development - The company has signed contracts covering over 40 central units and 15 provinces in the "Smart Government" sector, and over 200 party and government agencies, universities, hospitals, and enterprises in the "Smart Office" sector[56] - The cumulative transaction volume for medical insurance mobile payments reached approximately 14.7 million transactions in 2025, covering nearly 300 designated medical institutions in Beijing[56]

Financial Performance - Total revenue for the year ending December 31, 2025, was HKD 3,489,777, compared to HKD 9,903,716 for the previous year, indicating a decrease[2]. - Gross profit for the same period was HKD 477,038, down from HKD 529,945, reflecting a decline of approximately 9.9%[2]. - Operating profit decreased significantly to HKD 166,406 from HKD 305,646, representing a drop of about 45.5%[2]. - Net profit for the year was HKD 294,269, compared to HKD 43,391 in the previous year, showing a substantial increase[3]. - The company reported a total comprehensive income of HKD 420,554, compared to a loss of HKD 44,084 the previous year, indicating a turnaround[3]. - Earnings per share for ordinary shares increased to HKD 0.041 from HKD 0.028, reflecting a growth of approximately 46.4%[3]. - The financial income for the fiscal year 2025 was HKD 51,852,000, compared to HKD 61,397,000 in 2024, representing a decline of approximately 15.9%[27]. - The company reported a net loss of HKD 21,112,000 for the year ending December 31, 2024, compared to a net income of HKD 63,521,000 in the previous year[30]. - The company’s total profit attributable to shareholders was HKD 67,225,000 in 2025, compared to HKD 45,578,000 in 2024, representing an increase of 47.4%[33]. - Basic earnings per share for ordinary shares was HKD 0.041 in 2025, up from HKD 0.028 in 2024, reflecting a growth of 46.4%[33]. Assets and Liabilities - Total assets decreased from HKD 9,093,312 thousand to HKD 8,349,096 thousand, a decline of approximately 8.2%[5]. - Non-current assets increased from HKD 3,103,155 thousand to HKD 3,328,858 thousand, representing an increase of about 7.3%[5]. - Current assets decreased from HKD 5,990,157 thousand to HKD 5,020,238 thousand, a reduction of approximately 16.2%[5]. - Total equity increased from HKD 2,797,516 thousand to HKD 3,244,281 thousand, reflecting a growth of about 15.9%[7]. - Total liabilities decreased from HKD 6,295,796 thousand to HKD 5,104,815 thousand, a decrease of approximately 18.9%[7]. - Cash and cash equivalents decreased from HKD 1,127,809 thousand to HKD 1,083,993 thousand, a decline of about 3.9%[5]. - The company’s total liabilities for the year ending December 31, 2025, are reported at HKD 1,613,031 thousand, slightly up from HKD 1,607,451 thousand in the previous year[37]. - The group’s total interest-bearing debt decreased from approximately HKD 3.3 billion as of December 31, 2024, to about HKD 2.4 billion as of December 31, 2025[105]. Operational Strategy - The company plans to expand its market presence and invest in new product development to drive future growth[2]. - The company aims to enhance operational efficiency and reduce costs in response to the declining gross profit margin[2]. - The company plans to focus on expanding its operations in Southeast Asia, particularly in Singapore and Hong Kong, to enhance revenue streams[28]. - The company has established a non-competition agreement to minimize potential competition in Hong Kong, Macau, and Singapore[96]. - The company is actively exploring diverse asset transformation and joint development pathways with potential pharmaceutical industry partners and government-led funds[88]. Segment Performance - The company operates through four main business segments: (i) Foundation and Construction - Hong Kong and Macau; (ii) Property Development - Hong Kong; (iii) Construction - Singapore and Southeast Asia; and (iv) Property Development and Investment - Singapore and Southeast Asia[19]. - For the fiscal year ending December 31, 2025, total sales amounted to HKD 9,052,445,000, representing a significant increase from HKD 10,343,322,000 in 2024[24]. - Adjusted segment profit for the fiscal year 2025 was HKD 248,030,000, compared to HKD 346,760,000 in 2024, indicating a decrease of approximately 28.5%[24]. - The revenue from a single external customer in the "Construction - Singapore and Southeast Asia" segment was approximately HKD 4,236,595,000, accounting for 47% of total group revenue, up from 41% in 2024[24]. - Revenue from Singapore operations was HKD 5,308,201 in 2025, compared to HKD 6,532,347 in 2024, marking a decline of approximately 18.7%[28]. - Revenue from Hong Kong and Macau increased to HKD 3,211,075 in 2025 from HKD 2,956,922 in 2024, showing an increase of about 8.6%[28]. Financial Reporting Standards - The company has adopted the new Hong Kong Financial Reporting Standards effective this year, which includes amendments to HKFRS 21 and HKFRS 1, impacting the preparation of consolidated financial statements[13]. - The application of the new Hong Kong Financial Reporting Standards has not had a significant impact on the company's current and prior financial positions or disclosures[14]. - The company has not early adopted any new or amended Hong Kong Financial Reporting Standards that have been issued but are not yet effective[15]. - The new HKFRS 18, which will replace HKAS 1, introduces new requirements for the presentation and disclosure of financial statements, effective from January 1, 2027[17]. - The company is currently assessing the detailed impact of HKFRS 18 on its consolidated financial statements[18]. Market Outlook - The construction industry in Singapore is projected to have a total construction volume between SGD 32 billion and SGD 38 billion in 2025, driven by government investments in infrastructure and public housing[59]. - The public sector contributed approximately 55% of the domestic construction workload, providing a stable project source for the industry[59]. - The Singapore government plans to launch approximately 19,600 Build-To-Order (BTO) units in 2025 to ensure sufficient public housing supply, supporting long-term stability in the real estate market[61]. - The nominal value of construction works in Hong Kong for 2025 is estimated at HKD 286.6 billion, a year-on-year decrease of 1.4%, while public sector construction projects show a notable increase of 10.2% to HKD 130.1 billion[62]. - The construction market outlook in Malaysia remains cautiously optimistic, driven by government infrastructure investments and increasing demand from emerging industries[64]. Employee and Governance - Total employee compensation costs increased to approximately HKD 1.03 billion during the reporting period, up from about HKD 918.5 million in 2024[113]. - The group has adhered to the corporate governance rules as per the listing rules throughout the reporting period[115]. - The board of directors confirmed compliance with the standards for securities trading during the entire reporting period[116]. - The audit committee reviewed the accounting principles and internal controls related to the consolidated financial statements for the reporting period[117]. - The external auditor has agreed that the consolidated financial statements align with the applicable accounting standards[118].

Financial Performance - The total revenue for the year ended December 31, 2025, was HKD 30,649,000, a decrease of 54.1% compared to HKD 66,713,000 in 2024[2] - The gross profit increased to HKD 742,000 from HKD 368,000, marking a significant improvement[2] - Operating loss for the year was HKD 51,969,000, reduced from HKD 160,679,000 in the previous year, indicating a 67.6% improvement[2] - The net loss attributable to the owners of the company was HKD 26,014,000, compared to HKD 142,893,000 in 2024, reflecting an 81.8% reduction[3] - The total comprehensive expenses for the year amounted to HKD 44,029,000, down from HKD 184,258,000, a reduction of 76.1%[3] - The company reported a basic loss per share of HKD 11.16, improved from HKD 69.54 in the previous year[3] - Basic loss per share was HKD 0.11 in 2025, compared to HKD 0.69 in 2024[22] Assets and Liabilities - Total assets less current liabilities increased to HKD 225,705,000 from HKD 117,693,000, showing a growth of 92%[4] - Non-current assets rose to HKD 258,066,000 from HKD 152,597,000, an increase of 69.1%[4] - The company's cash and cash equivalents increased to HKD 16,263,000 from HKD 9,552,000, a growth of 70.5%[4] - The total assets for the lithium-ion battery segment as of December 31, 2025, were HKD 382,221,000, while total liabilities were HKD 227,552,000[14] - Total assets increased to HKD 529,272,000 in 2025 from HKD 420,160,000 in 2024[15] - Total liabilities rose to HKD 396,321,000 in 2025 compared to HKD 307,242,000 in 2024[15] - The company’s total liabilities, including trade payables and other payables, amounted to HKD 291,690,000 in 2025, up from HKD 269,140,000 in 2024, indicating a growth of 8.4%[29] Revenue Segments - The company's revenue for the year 2025 from lithium-ion power battery products was HKD 29,688,000, a significant decrease from HKD 66,713,000 in 2024, representing a decline of approximately 55.5%[12] - The charging services segment generated revenue of HKD 961,000 in 2025, marking the first year of contribution from this business line[12] - The group had two customers contributing over 10% of total revenue in 2025, up from one customer in 2024[17] - The group’s revenue from lithium-ion battery business decreased from approximately HKD 66,713,000 to about HKD 29,688,000, primarily due to reduced sales caused by the US-China trade war[40] Operational Developments - The company has initiated operations in the electric vehicle charging network, which is expected to contribute to future revenue growth[11] - The company plans to expand its charging station business, which started operations in 2025, to enhance its market presence[11] - The company plans to establish a high-speed electric vehicle charging station in Hong Kong, enhancing charging efficiency and user experience[39] - The acquisition of seven electric vehicle charging stations in Hong Kong is expected to create additional sales opportunities for the company's lithium-ion battery products[37] Cost Management - The company has suspended certain R&D activities related to battery technology, leading to a reduction in related costs and a narrowing of net losses[35] - Administrative expenses decreased from approximately HKD 129,468,000 to about HKD 49,220,000, mainly due to reduced depreciation and halted research projects[43] - Financing costs reduced to approximately HKD 1,903,000 from HKD 2,908,000 due to the repayment of other borrowings during the year[44] Corporate Governance - The board of directors consists of ten members, including three independent non-executive directors, which does not meet the requirement of one-third independence as per listing rules[62] - The company has committed to enhancing corporate governance practices and ensuring compliance with applicable guidelines[60][61] - The board plans to restructure its composition to ensure that independent non-executive directors constitute at least one-third of the board by May 12, 2026[63] - The company has confirmed that all directors have adhered to the standards set forth in the securities trading code as of December 31, 2025[64] Future Outlook - The company intends to use approximately 40% of the net proceeds from a share subscription to repay outstanding loans and another 40% to explore new business opportunities[52] - Approximately HKD 7,454,000 from the second subscription remains unutilized, expected to be used for equipment and operational expenses related to electric vehicle charging stations in 2026[55] - The company is considering various options for handling industrial land in Lishui District, Nanjing, including sale, lease, or auction[35] - The company anticipates stricter safety and regulatory standards for batteries as electric vehicles become more prevalent in Hong Kong and China[36] Legal and Compliance - The company has paid approximately HKD 23 million to settle part of a lawsuit, with an agreement to pay a total of HKD 30 million in three installments by the end of 2026[56][57] - The audit committee has reviewed the accounting principles and practices adopted by the group and discussed risk management and internal control systems[65] - The group's auditor has agreed that the consolidated financial statements for the year ending December 31, 2025, will align with the audited financial accounts[66] - The annual report containing all information required by listing rules will be published on the company's and the stock exchange's websites in due course[67]

Financial Performance - Total revenue for the year was RMB 20,022.9 million, a decrease from RMB 22,153.9 million in the previous year, representing a decline of approximately 9.6%[5] - Gross profit for the year was RMB 1,148.8 million, with a gross margin of 5.7%, down from RMB 1,561.0 million and a gross margin of 7.1% in the previous year[5] - The net loss for the year was RMB 754.0 million, compared to a net loss of RMB 2,258.8 million in the previous year, indicating an improvement[6] - Basic and diluted loss per share was RMB 56.08, an improvement from RMB 168.18 in the previous year[8] - The company reported a pre-tax loss of RMB 909,172,000 for 2025, an improvement from a loss of RMB 2,634,517,000 in 2024[37] - The company recorded a net loss of approximately RMB 754.0 million, a decrease from the loss of RMB 2,258.8 million in the same period of 2024[93] Cash Flow and Liquidity - Operating cash flow for the year was RMB 482.3 million, reflecting positive cash generation despite the net loss[5] - Net cash from operating activities amounted to RMB 482,276,000, down 44.2% from RMB 864,655,000 in the previous year[14] - Cash used in investing activities was RMB (238,574,000), a significant decrease from RMB 730,474,000 in 2024[14] - Cash used in financing activities totaled RMB (2,154,938,000), compared to RMB (1,312,183,000) in the previous year, indicating an increase in cash outflow[14] - The company reported a cash and cash equivalents balance of RMB 732,615,000 as of December 31, 2025, down from RMB 2,644,539,000 at the beginning of the year[14] Assets and Liabilities - Non-current assets decreased to RMB 3,147.6 million from RMB 4,368.2 million, primarily due to a reduction in intangible assets[10] - Current assets decreased to RMB 4,366.4 million from RMB 7,113.1 million, largely due to a decline in cash and cash equivalents[10] - Total liabilities decreased to RMB 5,377.0 million from RMB 8,576.5 million, reflecting a reduction in current liabilities[12] - The company's total liabilities decreased to approximately RMB 3,725.4 million, down from RMB 6,788.4 million as of December 31, 2024[115] - The asset-liability ratio improved to approximately 108.5% from 144.0% as of December 31, 2024[116] Revenue Breakdown - Revenue from passenger car sales was RMB 16,097,330,000, down 9.2% from RMB 17,726,326,000 in 2024[25] - Revenue from after-sales and mortgage application services was RMB 3,925,598,000, a decrease of 11.3% from RMB 4,427,626,000 in the previous year[25] - The passenger vehicle sales revenue decreased by approximately 9.2% year-on-year to about RMB 16,097.3 million, with luxury brands contributing approximately 84.8% of total new passenger vehicle sales revenue[110] Expenses and Cost Management - Employee costs increased to RMB 755,252,000 in 2025 from RMB 711,084,000 in 2024, driven by higher salaries and benefits[33] - The sales cost decreased by approximately 8.3% to about RMB 18,874.1 million, primarily due to a decline in passenger vehicle sales revenue[99] - The administrative expenses were approximately RMB 513.9 million, a decrease of 0.4 percentage points compared to the previous year[103] - The group maintained a cautious cost control approach, with total operating expenses decreasing year-on-year[103] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.0337 per ordinary share[5] - The proposed final dividend per ordinary share for 2025 is RMB 0.0337, down from RMB 0.0445 in 2024, representing a decrease of approximately 24.3%[80] - The total cash dividends declared to non-controlling shareholders for the year amounted to RMB 8,478,000, compared to RMB 16,631,000 in 2024, indicating a decline of about 49.1%[81] Impairment and Asset Management - The company recognized a non-cash impairment of goodwill and intangible assets totaling RMB 867.9 million during the year[5] - The total impairment loss for goodwill recognized was RMB 17,527,000 for the year ending December 31, 2025, compared to RMB 943,466,000 for the year ending December 31, 2024[63] - The group reported a total of RMB 1,985,523,000 in accumulated impairment losses for intangible assets as of December 31, 2024, which increased to RMB 2,835,870,000 as of December 31, 2025, marking an increase of approximately 42.91%[54] Market Conditions and Future Outlook - The company has acknowledged ongoing challenges in the automotive sector due to macroeconomic uncertainties and increased competition, leading to a downward revision of future performance expectations[59] - The automotive dealership industry is expected to face multiple adverse factors, including weak consumer demand and intensified price wars, impacting performance through 2026[124] - The management team emphasizes employee satisfaction and aims to create a better working environment and career advancement opportunities[125] Corporate Governance and Compliance - The company has complied with the corporate governance code as per the applicable rules during the year[140] - The audit committee has reviewed the company's annual performance and the announcement[142] - The company has adopted the standard code for securities trading by directors and confirmed compliance for the entire year[141]

Financial Performance - The company recorded total revenue of approximately RMB 413.4 million for the reporting period, an increase of about 38.7% compared to RMB 298.1 million for the same period last year[15]. - Gross profit was approximately RMB 23.0 million, compared to RMB 1.1 million in the previous period, with a gross margin of approximately 5.6%, an increase of 5.2 percentage points from 0.4%[17]. - The net loss for the reporting period was approximately RMB 27.8 million, a reduction from RMB 40.6 million in the previous period, primarily due to revenue growth outpacing the increase in sales costs[23]. - Revenue for the six months ended December 31, 2025, was RMB 413,351 thousand, an increase of 38.7% compared to RMB 298,106 thousand for the same period in 2024[56]. - Gross profit for the same period was RMB 22,987 thousand, significantly up from RMB 1,087 thousand, indicating a gross margin improvement[56]. - The group reported a total loss before tax of RMB 26.95 million for the six months ended December 31, 2025[83]. Costs and Expenses - Sales cost for the reporting period was approximately RMB 390.4 million, up about 31.4% from RMB 297.0 million in the previous period, primarily due to increased direct material costs[16]. - Distribution and selling expenses increased from approximately RMB 6.8 million in the previous period to about RMB 21.4 million in the reporting period, due to higher advertising and salary expenses[20]. - Administrative expenses decreased from approximately RMB 18.8 million in the previous period to about RMB 9.2 million in the reporting period, due to reduced depreciation and research and development expenses[21]. - The company reported interest expenses of RMB 1,145,000 for the six months ended December 31, 2025, significantly up from RMB 145,000 for the same period in 2024[86]. Assets and Liabilities - Total assets as of December 31, 2025, were RMB 617,274 thousand, up from RMB 365,887 thousand as of June 30, 2025[58]. - Current liabilities increased to RMB 295,731 thousand from RMB 55,593 thousand, primarily due to new borrowings of RMB 200,000 thousand[58]. - The company's total trade payables increased to RMB 83,871,000 as of December 31, 2025, compared to RMB 46,722,000 as of June 30, 2024, indicating a 79% increase[97]. - The company had trade receivables totaling RMB 376,945,000 as of December 31, 2025, compared to RMB 228,257,000 as of June 30, 2024, representing a 65% increase[94]. Cash Flow - The cash used in operating activities was RMB (261,826) thousand, compared to RMB (11,922) thousand in the previous period, while cash generated from investing activities was RMB 16,868 thousand[26]. - The total cash and cash equivalents decreased by approximately 84.4%, from about RMB 54.6 million on June 30, 2025, to approximately RMB 8.5 million on December 31, 2025[26]. - The company experienced a net cash outflow from operating activities of RMB 261,826 thousand for the six months ended December 31, 2025, compared to RMB 11,922 thousand in the previous year[62]. Shareholder Information - The company proposed a share consolidation, reducing the total issued shares from 1,120,000,000 to 56,000,000 shares, effective December 29, 2025[35]. - As of December 31, 2025, major shareholders include Shengyao Investment with 9,510,373 shares (16.98%), Prosperous Season with 4,654,012 shares (8.31%), and Nanchang Cultural Tourism Investment Co., Ltd. with 14,164,386 shares (25.29%)[42]. - The company completed a placement of 11,200,000 new shares at HKD 0.8 per share on January 22, 2026[46]. - The company did not declare or pay any dividends for the six months ended December 31, 2025, and June 30, 2024[89]. Corporate Governance - The company maintains high standards of corporate governance, believing it is essential for protecting shareholder interests and enhancing corporate value[48]. - The chairman and CEO roles are held by the same individual, Mr. Yang, which the board believes is in the best interest of the company[49]. - All directors confirmed compliance with the standards of the code for securities trading during the reporting period[51]. Business Operations - The company plans to expand its sales network and promotional efforts in Southeast China, particularly in Fujian Province, to enhance brand recognition and maximize shareholder returns[14]. - The company aims to develop and introduce new snack products in response to evolving consumer preferences and trends, leveraging long-term relationships with retail customers[14]. - Manufacturing operations have been suspended as of 2025, with future production resuming contingent on business and product development[10]. - The group primarily engages in the procurement, processing, and trading of dried mountain delicacies, snacks, dried seafood, grains, baked goods, and seasonings in China[66]. Taxation - The group's income tax expense decreased from approximately RMB 19.7 million in the previous period to about RMB 0.8 million in the reporting period, due to all subsidiaries recording losses and not generating income tax[22]. - The company has no taxable profits in Hong Kong, thus no provision for Hong Kong profits tax was made for the reporting periods[87]. - The company has a deferred tax expense of RMB 811,000 for the six months ended December 31, 2025, compared to a deferred tax benefit of RMB 40,000 for the same period in 2024[87].

Financial Performance - Revenue increased by approximately 15.4% to about HKD 51.6 million (FY2024: HKD 44.7 million) [3] - Gross profit decreased by approximately 3.2% to about HKD 15.3 million (FY2024: HKD 15.8 million) [3] - Net loss for the year was approximately HKD 4.0 million (FY2024: net loss of approximately HKD 1.4 million) [3] - Basic loss per share was approximately HKD 10.42 (FY2024: basic loss per share of approximately HKD 5.09) [5] - The group reported a loss attributable to the owners of approximately HKD 3,977,000 for the year ending December 31, 2025, compared to a loss of HKD 1,942,000 in 2024 [16] - The net loss attributable to the company's owners for fiscal year 2025 was approximately HKD 4.0 million, an increase of about 110.5% compared to HKD 1.9 million in fiscal year 2024 [35] Assets and Liabilities - Total assets less current liabilities amounted to HKD 22.8 million (FY2024: HKD 28.7 million) [6] - Current liabilities increased to HKD 23.5 million (FY2024: HKD 17.9 million) [6] - Non-current liabilities decreased to HKD 5.0 million (FY2024: HKD 7.7 million) [6] - Trade and other payables amounted to approximately HKD 12,238,000 as of December 31, 2025, a slight decrease from HKD 12,612,000 in 2024 [16] - The company's current liabilities included trade payables of HKD 3.903 million, down from HKD 4.669 million in fiscal year 2024 [27] - The company's debt-to-equity ratio increased to 42.0% as of December 31, 2025, from 23.8% as of December 31, 2024 [37] Cash and Cash Equivalents - Cash and cash equivalents increased to HKD 8.6 million (FY2024: HKD 6.2 million) [6] - Cash and cash equivalents were approximately HKD 8,645,000 as of December 31, 2025, up from HKD 6,229,000 in 2024 [16] - The company's cash and cash equivalents increased to approximately HKD 8.6 million as of December 31, 2025, compared to HKD 6.2 million as of December 31, 2024 [36] Operational Insights - The company primarily engages in the design, development, manufacturing, and sale of metal casting products [8] - The group generated revenue from the sale of cast metal products amounting to HKD 51,649,000 in 2025, an increase from HKD 44,728,000 in 2024 [21] - Other income for the group was HKD 514,000 in 2025, down from HKD 1,476,000 in 2024 [21] - Financing costs totaled HKD 489,000 in 2025, compared to HKD 523,000 in 2024 [22] - Sales and distribution expenses rose to approximately HKD 3.6 million in fiscal year 2025, compared to HKD 3.2 million in fiscal year 2024 [32] - Administrative expenses increased to approximately HKD 15.7 million in fiscal year 2025 from HKD 15.1 million in fiscal year 2024 [33] Future Outlook and Financing - The group is actively seeking additional financing through rights issues to meet existing financial obligations and future capital expenditures [19] - The group’s directors believe that, considering the measures and plans implemented, the group has sufficient cash resources to meet its operational and financial obligations for at least the next twelve months [17] - The group’s ability to continue as a going concern is dependent on generating sufficient financing and operational cash flows in the foreseeable future [17] Corporate Governance - The board does not recommend the payment of a final dividend for the year ending December 31, 2025 (FY2024: none) [3] - The group has adopted a code of conduct for directors' securities trading, ensuring compliance with GEM listing rules, reflecting a commitment to corporate governance [55] - The audit committee, composed of three independent non-executive directors, reviewed the group's accounting policies and financial reporting matters for the fiscal year ending December 31, 2025 [57] - The board proposed the adoption of a revised and restated articles of association to comply with new GEM listing rules [64] - The proposed amendments include provisions for virtual attendance and electronic voting at shareholder meetings [65] Market Risks and Strategic Initiatives - The group faced various market risks including currency risk, interest rate risk, credit risk, and liquidity risk, impacting business and profitability growth due to intensified industry competition and macroeconomic fluctuations in regions like Hong Kong, China, and Germany [41] - The group maintained a prudent treasury policy, ensuring a robust liquidity position with sufficient cash and cash equivalents to meet payment obligations [43] - The group is strategically expanding into the cassava starch sector, aiming to become an end-to-end supply chain partner, leveraging regional resources and established partnerships with local industry leaders [53] - The group emphasizes maintaining a cautious approach to the overall execution environment, prioritizing capital preservation and operational stability while pursuing high-potential growth opportunities [54] Employee Costs - Employee costs for the fiscal year 2025 amounted to approximately HKD 16.0 million, a decrease from HKD 17.0 million in the previous fiscal year, with a stable workforce of 95 employees [51] - The company reported a slight increase in employee costs to HKD 16.031 million in fiscal year 2025 from HKD 17.025 million in fiscal year 2024 [8] Shareholder Communication - The annual report for the year ended December 31, 2025, will be sent to shareholders and published on the company's website [66] - The company acknowledges the support from shareholders, customers, banks, and business partners [67] - The announcement is made in compliance with the GEM listing rules and confirms the accuracy of the information provided [68]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 - 1 - 綜合損益及其他全面收益表 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 人民幣千元 | 人民幣千元 | | 收入 | 4 | 1,939,193 | 2,174,206 | | 銷售成本 | | (1,763,500) | (2,032,718) | | 毛利 | | 175,693 | 141,488 | | 利息收益 | | 26,702 | 17,278 | | 其他收入 | 5 | 34,172 | 31,526 | | 其他收益及虧損 | 6 | (46,342) | (26,407) | | 分銷開支 | | (150,502) | (209,682) | | 行政支出 | | (295,604) | (252,702) | | 應佔一家聯營公司虧損 | | (230) | (6) | | 應佔一家合資公司虧損 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全 部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 公司謹此澄清，2025 全年業績公告中標題為「暫停辦理股份過戶登記手續」之 段落應修訂如下： 「如欲出席股東週年大會並於會上投票，請於 2026 年 6 月 5 日（星期五）下午 4 時 30 分前將所有股份過戶文件連同相關股票及轉讓表格交回本公司的香港股 份過戶登記分處卓佳證券登記有限公司，地址為香港夏慤道 16 號遠東金融中心 17 樓，辦理股份過戶登記手續。」 除上述披露外，於二零二五全年業績公告的所有其他資料及內容均維持不變。 KINETIX SYSTEMS HOLDINGS LIMITED 倢冠控股有限公司 (於開曼群島註冊成立的有限公司) (股份代號: 8606) 補充公告 有關截至二零二五年十二月三十一日止年度 之全年業績公告 茲提述倢冠控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）截 至 2025 年 12 月 31 日止年度的全年業績公告（「2025 全年業績公告」）。除非 ...

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，並表明概不對因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Shenzhen Woer Heat-Shrinkable Material Co., Ltd. 深圳市沃爾核材股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） | | | 2025年 | 2024年 | | --- | --- | --- | --- | | | 附註 | 人民幣千元 | 人民幣千元 | | 收入 | 4 | 8,442,483 | 6,920,102 | | 銷售成本 | | (5,881,505) | (4,809,739) | | 毛利 | | 2,560,978 | 2,110,363 | | 其他收入、收益及虧損 | 5 | 79,856 | 91,919 | | 銷售開支 | | (388,917) | (353,553) | | 行政開支 | | (313,074) | (345,659) | | 研發開支 | | (446,20 ...