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，概不就因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Feishang Anthracite Resources Limited 飛尚無煙煤資源有限公司 （於英屬維爾京群島註冊成立的有限公司） （股份代號：1738） 截至二零二五年十二月三十一日止年度之全年業績公告 全年業績 截至二零二五年十二月三十一日止年度 飛尚無煙煤資源有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈本公司及 其附屬公司（統稱「本集團」）截至二零二五年十二月三十一日止年度之綜合年度業 績，連同截至二零二四年十二月三十一日止年度的比較數字如下所示： 綜合損益表 截至二零二五年十二月三十一日止年度 | | 附註 | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | | 人民幣千元 | 人民幣千元 | | 持續經營業務 | | | | | 收益 | 5 | 356,774 | 308,308 | | 銷售成本 | 7 | (429,035 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 861,273,000, a decrease of 85.3% from RMB 5,896,669,000 in 2024[4] - Gross loss for 2025 was RMB 638,686,000 compared to a gross profit of RMB 31,671,000 in 2024[4] - Net loss for the year was RMB 1,271,624,000, significantly higher than the net loss of RMB 91,220,000 in 2024, representing an increase of 1,396.5%[4] - Basic and diluted loss per share for 2025 was RMB 211.90, compared to RMB 15.17 in 2024[5] - The company reported a significant loss of RMB 1,221,130,000 for the year, with segment losses of RMB 1,193,997,000 from cold-rolled steel products and RMB 23,428,000 from port operations[25] - The company reported a net loss attributable to shareholders of RMB 1,271,422,000 for 2025, compared to a loss of RMB 91,026,000 in 2024, indicating a significant increase in losses[38] - The company reported a loss attributable to owners of approximately RMB 1,271.6 million for the year ended December 31, 2025, compared to a loss of approximately RMB 91.2 million for the year ended December 31, 2024[81] Revenue Breakdown - Revenue for the year ending December 31, 2025, totaled RMB 861,273,000, with cold-rolled steel products contributing RMB 687,231,000 and port operations generating RMB 42,554,000[21] - Sales of cold-rolled steel products amounted to RMB 377.22 million for 2025, a significant decrease from RMB 2,932.69 million in 2024[20] - Galvanized steel product sales were RMB 208.55 million in 2025, down from RMB 2,062.60 million in 2024[20] - The group generated RMB 42.55 million from port operations and related services in 2025, compared to RMB 13.06 million in 2024[20] - Revenue from customers in China (including Hong Kong) was RMB 858,698,000 in 2025, a significant decrease from RMB 5,843,772,000 in 2024[22] - Domestic sales in the Chinese market (including Hong Kong) contributed over 99.7% of total revenue in 2025, compared to 99.1% in 2024[65] Assets and Liabilities - Non-current assets decreased to RMB 1,844,426,000 in 2025 from RMB 2,228,043,000 in 2024, a decline of 17.3%[6] - Current liabilities increased to RMB 1,707,494,000 in 2025 from RMB 2,243,122,000 in 2024, a decrease of 24%[6] - The company reported a net current liability of RMB 1,211,601,000 in 2025, compared to RMB 754,513,000 in 2024[6] - The company is in a net liability position of RMB 847,862,000 as of December 31, 2025, compared to a net asset position of RMB 423,762,000 in 2024[7] - Total assets as of December 31, 2025, amounted to RMB 2,340,319,000, with RMB 1,464,297,000 attributed to cold-rolled steel products and RMB 855,826,000 to port operations[27] Operational Challenges - The company faced significant challenges including weak market demand, intensified competition, and adverse impacts from trade environments and tariff policies[57][58] - The company is subject to significant uncertainties regarding its ability to continue as a going concern due to the recorded net loss and net debt[109] Cost Management - The group plans to implement cost-saving and cash management measures to maintain liquidity and ensure sufficient cash flow for operations[13] - Total employee benefits expenses amounted to RMB 102,590,000 in 2025, down from RMB 143,242,000 in 2024, reflecting a decrease of approximately 28.3%[35] - Sales expenses decreased to approximately RMB 29.3 million for the year ended December 31, 2025, a reduction of about RMB 12.9 million or 30.6% compared to RMB 42.2 million for the year ended December 31, 2024, primarily due to a decrease in revenue[76] - Administrative expenses decreased to approximately RMB 65.7 million for the year ended December 31, 2025, down by about RMB 7.8 million or 10.6% from RMB 73.5 million for the year ended December 31, 2024, mainly due to a reduction in general administrative salaries and employee benefits[77] Future Plans and Strategies - The company plans to continue operations based on expected cash flow and financing from banks under similar terms[11] - The company aims to optimize core business operations and enhance profitability by focusing on metal processing manufacturing and upgrading technology to meet diverse customer demands[91] - The company plans to deepen strategic partnerships with key customers in the Pearl River Delta region to improve capacity utilization and alleviate cost pressures[91] - The group plans to diversify its business layout to mitigate cyclical industry risks, focusing on establishing a specialized metal trading market covering various steel products[94] - The company is exploring supply chain finance opportunities to improve capital efficiency while adhering to regulatory requirements and risk controls[95] Governance and Compliance - The group is committed to high standards of corporate governance, ensuring transparency and accountability to attract investors and protect stakeholder interests[96] - All directors confirmed compliance with the securities trading standards set forth in the listing rules for the fiscal year ending December 31, 2025[97] - The company did not purchase, sell, or redeem any of its listed securities during the fiscal year ending December 31, 2025[98] - There were no arrangements made for directors or key executives to acquire shares or debt securities of the company during the fiscal year ending December 31, 2025[99] - The controlling shareholders have confirmed compliance with non-competition agreements throughout the fiscal year ending December 31, 2025[101] - Independent non-executive directors have verified that controlling shareholders fully complied with non-competition commitments during the fiscal year ending December 31, 2025[102] Audit and Reporting - The external auditor confirmed that the financial statements reflect the group's financial position accurately as of December 31, 2025[108] - The audit committee reviewed the accounting principles and practices adopted by the group for the year ended December 31, 2025[107] - The annual performance announcement and annual report will be published on the company's and the stock exchange's websites[110] - The environmental, social, and governance report will be published on the company's and the stock exchange's websites in due course[103]

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 106,452,000, representing a significant increase from RMB 13,524,000 in 2024, marking a growth of 689.5%[3] - The net profit attributable to owners of the company for 2025 was RMB 846,078,000, a turnaround from a loss of RMB 95,379,000 in 2024[5] - Basic and diluted earnings per share for 2025 were RMB 1.11, compared to a loss of RMB 0.16 per share in 2024[5] - Operating profit for 2025 was RMB 852,729,000, a significant recovery from an operating loss of RMB 74,474,000 in 2024[4] - Total comprehensive income for the year was RMB 845,795,000, compared to a loss of RMB 95,443,000 in the previous year[5] - The company recorded a post-tax profit of approximately RMB 845.8 million in 2025, compared to a post-tax loss of approximately RMB 95.4 million in 2024, primarily due to a one-time gain of approximately RMB 859.9 million from the sale of subsidiaries[51] Revenue Breakdown - Revenue from construction services for the year ended December 31, 2025, was RMB 104,506,000, a significant increase from RMB 13,524,000 in 2024[24] - Design service revenue for the same period was RMB 1,946,000, marking the first recorded income from this segment[24] - The group generated all its revenue from clients in China for both the years ended December 31, 2025, and 2024[22] - In 2025, the company's revenue from construction services reached RMB 104,506,000, a significant increase from RMB 13,524,000 in 2024, marking a growth of approximately 671%[25] Cost and Profitability - The company reported a total of RMB 93,422,000 in cost of sales for 2025, up from RMB 12,235,000 in 2024, representing an increase of approximately 664%[27] - The company's gross profit increased to approximately RMB 13.0 million in 2025 from RMB 1.3 million in 2024, a growth of RMB 11.7 million[60] - The gross profit margin improved to 12.24% in 2025 from 9.53% in 2024, indicating enhanced operational efficiency[3] Assets and Liabilities - Current assets decreased to RMB 93,728,000 in 2025 from RMB 195,652,000 in 2024, reflecting a reduction in trade and other receivables[6] - Current liabilities decreased significantly to RMB 168,007,000 in 2025 from RMB 1,115,140,000 in 2024, indicating improved liquidity management[6] - The company reported a net asset position of RMB (73,873,000) in 2025, a substantial improvement from RMB (930,442,000) in 2024[7] - Trade receivables decreased to RMB 47,421,000 in 2025 from RMB 688,722,000 in 2024, reflecting a reduction of about 93%[31] - The total amount of trade and other receivables decreased to RMB 47,981,000 in 2025 from RMB 114,290,000 in 2024, a decline of approximately 58%[31] - The company's trade payables decreased to RMB 43,157,000 in 2025 from RMB 690,887,000 in 2024, indicating a reduction of about 94%[37] Cash Flow and Liquidity - Cash and cash equivalents were approximately RMB 36,595,000, indicating significant liquidity concerns for the group's ongoing operations[14] - The company's cash and cash equivalents increased to RMB 36,595,000 in 2025 from RMB 507,000 in 2024, showing a substantial improvement in liquidity[35] - The current ratio improved to 55.8% as of December 31, 2025, from 17.5% as of December 31, 2024[72] Strategic Focus and Future Plans - The company continues to focus on providing interior and exterior architectural decoration and design services in China, with plans for future market expansion[8] - The company aims to enhance service quality and optimize project management processes to improve customer satisfaction and support future business expansion[50] - The company is actively working to stabilize operations, optimize structure, and mitigate risks in a challenging economic environment[48] - The company aims to achieve steady growth in core business revenue and improve financial stability in 2026, focusing on high-quality project resources[53] Challenges and Risks - The construction decoration and design industry is facing challenges such as market demand fluctuations and intensified competition, impacting overall demand[49] - The independent auditor's report highlighted uncertainties regarding the company's ability to continue as a going concern due to financial pressures[44] Corporate Governance - The group has maintained compliance with corporate governance codes throughout the year, with a commitment to high standards of ethical conduct and transparency[81] - The board does not recommend the distribution of a final dividend for the year ended December 31, 2025[77]

Financial Performance - For the year ending December 31, 2025, the total revenue was RMB 28,280,041,000, a slight decrease from RMB 28,563,107,000 in 2024[5] - The net profit for 2025 was RMB 5,030,278,000, compared to RMB 4,502,988,000 in 2024, reflecting a year-on-year growth of 11.7%[5] - Operating revenue was RMB 28.280 billion, a year-on-year decrease of 1.0%[28] - The annual profit for 2025 reached RMB 5,030,278, an increase of 11.7% compared to RMB 4,502,988 in 2024[183] - The basic and diluted earnings per share for the year were both RMB 0.40, up from RMB 0.36 in 2024[182] - The group’s total expenses amounted to RMB 21,827.1 million, a decrease from RMB 22,560.3 million in the previous year[182] Revenue Breakdown - Financing lease income accounted for 32.9% of total revenue, down 5.1 percentage points year-on-year, while operating lease income increased to 54.1%, up 3.0 percentage points[5] - The group’s financing lease income decreased to RMB 9,297.3 million from RMB 10,846.1 million in the previous year, while operating lease income increased to RMB 15,313.4 million from RMB 14,589.0 million[182] - Aircraft leasing revenue surged by 88.1% to RMB 25.2 million, driven by increased asset scale and yield[39] - Energy leasing revenue increased by 26.2% to RMB 2,529.4 million, attributed to ongoing business transformation and investment[40] - The overall revenue from the energy leasing segment increased to RMB 2,722.7 million, representing a growth of 22.3% from RMB 2,227.7 million in 2024[77] Assets and Liabilities - Total assets as of December 31, 2025, reached RMB 433,471,493,000, an increase from RMB 405,850,330,000 in 2024[10] - Total liabilities amounted to RMB 389,496,643,000, with borrowings making up 84.0% of total liabilities, a decrease of 0.7 percentage points from 2024[12] - Cash and bank balances represented 14.3% of total assets, increasing by 3.5 percentage points compared to the end of 2024[10] - The total liabilities as of December 31, 2025, were RMB 389,496.6 million, an increase of RMB 23,910.1 million or 6.5% compared to the previous year[54] - The group's borrowings amounted to RMB 326,998.6 million, an increase of RMB 17,184.5 million or 5.5%, due to financing for business scale expansion[67] Profitability Metrics - The average return on total assets for 2025 was 1.20%, up from 1.10% in 2024[15] - The net profit margin improved to 20.44% in 2025, compared to 17.70% in 2024[15] - The average return on equity (ROE) was 11.94%, and the average return on assets (ROA) was 1.20%, indicating continuous improvement in profitability[28] - The group achieved a net profit of RMB 5,030.3 million in 2025, an increase of RMB 527.3 million or 11.7% year-on-year, driven by optimized business structure and improved leasing business efficiency[33] Risk Management - The group maintains a "stable" risk preference strategy for 2025, focusing on industries with mature business models and high asset quality[117] - The group emphasizes the importance of early identification and management of risks, enhancing its risk warning system capabilities[118] - The group has established a three-line defense mechanism for risk management, with business lines as the first line of defense[117] - The group plans to enhance risk management through improved post-lease management and collateral management[123] Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[168] - The company has adopted corporate governance codes and has complied with applicable provisions during the reporting period[168] - Changes in the board of directors include the resignation of key executives, with the company actively seeking suitable candidates to fill these vacancies[169][172] - The company will continue to review and monitor its corporate governance practices to ensure adherence to governance codes[170] Investment and Development - The group achieved new investments totaling RMB 95.093 billion during the year, focusing on high-quality development[27] - The energy leasing business saw an investment of RMB 37.6 billion, representing a 41% year-on-year growth, supporting the national "dual carbon" strategy[29] - The group invested a total of RMB 95,093.4 million in leasing business in 2025, with significant allocations to energy leasing (RMB 37,629.1 million) and aircraft leasing (RMB 9,729.7 million)[73] Market Outlook - The International Monetary Fund (IMF) projects global economic growth of 3.3% in 2026, an increase of 0.2 percentage points from previous forecasts, driven by improved performance in the US and China[166] - The World Bank has raised its 2026 global economic growth forecast to 2.6%, up by 0.2 percentage points from June 2025 estimates, despite ongoing downward pressures from tariffs, protectionism, and geopolitical tensions[166] - China's economy is expected to stabilize and improve in 2026, supported by strong fundamentals and long-term positive trends, with opportunities outweighing challenges[167]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue of RMB 717,075,000, representing a 2.4% increase from RMB 700,418,000 in 2024[6] - Gross profit for the same period was RMB 513,631,000, which is a 17.4% increase compared to RMB 437,356,000 in 2024[6] - The annual profit decreased significantly by 50.8% to RMB 21,835,000 from RMB 44,358,000 in the previous year[6] - The company recorded a total comprehensive income of RMB 16,745,000 for 2025, down from RMB 44,211,000 in 2024[7] - Basic earnings per share for the year were RMB 0.06, a decrease from RMB 0.13 in 2024[8] - The company reported a net profit of RMB 21,835 thousand for 2025, a decrease from RMB 44,358 thousand in 2024, reflecting a decline of approximately 50.8%[54] Revenue Breakdown - Total revenue from customer contracts for the year ended December 31, 2025, was RMB 717,075,000, an increase from RMB 700,418,000 in 2024, representing a growth of approximately 2.4%[18] - Revenue from SaaS value-added services increased significantly to RMB 501,978,000 in 2025, up from RMB 405,170,000 in 2024, reflecting a growth of about 23.8%[18] - Revenue contribution from new energy vehicle manufacturers and their delivery service stores accounted for over 80% of the SaaS value-added service revenue, becoming a core driver of performance growth[48] Expenses and Costs - Research and development expenses increased to RMB 42,069,000 from RMB 27,852,000, indicating a focus on innovation[7] - Employee costs for the year ended December 31, 2025, totaled RMB 59,551,000, an increase from RMB 53,593,000 in 2024, reflecting a rise of about 11%[31] - Depreciation and amortization expenses for the year ended December 31, 2025, were RMB 16,407,000, compared to RMB 15,593,000 in 2024, indicating an increase of approximately 5.2%[32] - Distribution and selling expenses were approximately RMB 421.6 million, an increase of about 26.5% from RMB 333.3 million in the same period of 2024, primarily due to the expansion of SaaS value-added services[61] Assets and Liabilities - The company's non-current assets totaled RMB 242,568,000, up from RMB 208,743,000 in 2024[9] - Current assets increased to RMB 832,958,000 from RMB 699,004,000, reflecting improved liquidity[10] - Total liabilities rose to RMB 376,794,000 from RMB 226,836,000, indicating increased borrowing[10] - The company's net assets increased to RMB 683,412,000 from RMB 659,222,000, showing a solid financial position[10] - Trade receivables as of December 31, 2025, amounted to RMB 203.8 million, up from RMB 148.4 million in 2024, reflecting a growth of approximately 37.4%[35] - Trade and other receivables as of December 31, 2025, were approximately RMB 300.7 million, an increase of about 42% from RMB 211.7 million as of December 31, 2024, due to business expansion[69] - Trade payables as of December 31, 2025, were RMB 40.9 million, an increase from RMB 33.6 million in 2024[41] Government Support and Financial Losses - The company received government subsidies totaling RMB 5,894,000 in 2025, significantly higher than RMB 853,000 in 2024, marking an increase of over 590%[23] - The company reported a net loss from foreign exchange of RMB (5,381,000) for the year ended December 31, 2025, compared to a gain of RMB 1,872,000 in 2024[24] - Trade receivables impairment losses for the year ended December 31, 2025, were RMB 10,194,000, compared to RMB 3,358,000 in 2024, representing an increase of approximately 203%[24] Future Plans and Strategies - The company plans to expand its customer acquisition channels by building a "pre-sale + after-sale + online" integrated model, targeting different product categories to enhance store profitability[52] - The company aims to enhance its digital retail operation capabilities through AI technology, focusing on key dimensions such as personnel management and operational efficiency[53] - The company will continue to deepen cooperation with leading new energy vehicle manufacturers and expand its network of authorized stores[51] Corporate Governance and Shareholder Information - The company has adopted the corporate governance code and has complied with all applicable provisions as of December 31, 2025[84] - The board has resolved not to recommend the payment of a final dividend for the year ending December 31, 2025[88] - The annual general meeting is scheduled for June 18, 2026, with a record date for voting rights set for June 18, 2026[89]

Financial Performance - The company's operating revenue for the year ended December 31, 2025, was approximately RMB 184.3 million, a decrease of about 30% compared to the previous year[19]. - The company reported a loss of approximately RMB 65 million for the year, compared to a loss of RMB 56.9 million in the previous year[19]. - Revenue for the year was approximately RMB 184.3 million, a decrease of about 29.9% from RMB 263.1 million in the previous year, primarily due to industry policy adjustments and changes in end-user demand[63]. - Gross profit was approximately RMB 70.9 million, down about 34.6% from RMB 108.4 million, resulting in a gross margin of approximately 38.5%, compared to 41.2% in the previous year[64]. - R&D expenses totaled approximately RMB 26.8 million, a decrease of about 19.7% from RMB 33.4 million, reflecting a focus on cost control[67]. - The company reported a net loss of approximately RMB 65 million for the year, compared to a loss of RMB 56.9 million in the previous year, attributed to external market factors despite cost-cutting measures[70]. - The company recorded a cumulative loss of approximately RMB 81,822,000 as of December 31, 2025, resulting in no distributable reserves for shareholders[163]. Dividend Policy - The board of directors does not recommend the distribution of any dividends for the current year, consistent with the previous year[22]. - The board has decided not to declare any dividends for the current year after careful consideration of the group's financial performance, cash flow situation, and capital needs[128]. - The company reported no dividends for the fiscal year ending December 31, 2025, consistent with the previous year[156]. - The board will consider declaring dividends at an appropriate time based on the group's financial performance and funding needs[128]. Research and Development - The company is focusing on innovation and transformation in the IVD industry, emphasizing the need to adapt to market changes and challenges while seizing new opportunities[23]. - The company has established three major R&D and technology transfer centers in collaboration with institutions like the Chinese Academy of Sciences, aiming to enhance its core technological capabilities and product pipeline[26]. - The company is enhancing its product pipeline through increased R&D investment, focusing on both upgrading traditional products and developing new ones[45]. - The company launched consumer medical products, including early cancer screening and aging assessment products, filling gaps in the consumer medical market and opening new business avenues[47]. - The company achieved significant breakthroughs in R&D, with multiple projects in molecular diagnostics entering the registration approval stage, and the "Yiguan An" early cancer screening panel gaining market attention[52]. - The company is focused on enhancing its research and development capabilities to mitigate the risk of technological obsolescence, requiring increased investment in R&D and talent acquisition[134]. Market Strategy - The company is transitioning from a product-oriented approach to a value and solution-oriented marketing model, providing integrated health management solutions[28]. - The product pipeline includes biochemical, immunological, and molecular diagnostic equipment, as well as innovative services such as smart laboratory construction and clinical quality control systems[31]. - The company has accelerated its layout in regions like Russia, Southeast Asia, and Africa, enhancing its brand influence and recognition as a reputable partner in IVD international trade[32]. - The company aims to achieve a market value target of 20 billion by collaborating with BGI Group, focusing on technology research and supply chain integration[44]. - The demand for IVD products is driven by the aging population and increasing health awareness, with a notable rise in demand for chronic disease diagnostics and personalized testing solutions[41]. - Strategic partnerships with China Resources Group aim to improve market penetration across various healthcare institutions, leveraging their resources and brand influence[44]. - The company is expanding its market presence in both domestic and international arenas, targeting grassroots and private healthcare sectors for growth[46]. - The integration of AI and advanced technologies is accelerating the development of IVD products, emphasizing precision, speed, and convenience[42]. Governance and Compliance - The board of directors has undergone changes, with several appointments and resignations occurring in 2025 and 2026, impacting governance structure[85]. - The board comprises at least one-third independent non-executive directors, ensuring representation of shareholder interests[89]. - The company has mechanisms in place to enhance the recruitment process for independent non-executive directors, including evaluating their contributions annually[88]. - The board is responsible for reviewing and monitoring compliance with legal and regulatory requirements[92]. - The company has not established a corporate governance committee, delegating these functions to the board[87]. - The board has a diverse composition, with members having expertise in technology, medicine, and economics[89]. - The company is committed to ongoing training and professional development for its directors and senior management[92]. - The company has adopted a diversity policy aimed at creating an inclusive work environment, ensuring equal opportunities regardless of gender, age, or other characteristics[113]. - The company has implemented measures to ensure compliance with financial reporting and internal control principles, despite not having an internal audit department due to its size and operational structure[84]. Risk Management - The company has established a comprehensive risk management system to identify key risks in operational management processes[132]. - The company has established a comprehensive risk management framework with three lines of defense: business departments, senior management, and the board of directors, to effectively identify and manage risks[135]. - The company has implemented a whistleblower policy to provide a confidential reporting channel for employees and external parties regarding potential misconduct or illegal activities[137]. - The company has a robust internal audit structure to oversee compliance and risk management, with plans to revise relevant systems and improve organizational structure by 2026[135]. - The company has established emergency mechanisms to respond to natural disasters and public health emergencies, ensuring rapid response capabilities[134]. - The company has not reported any significant or important omissions or defects during the reporting period, confirming the effectiveness of its risk management measures[135]. Shareholder Communication - The company aims to maintain open and transparent communication with shareholders through various channels, including annual general meetings and press releases[141]. - The company encourages shareholders to actively participate in general meetings and provides timely and comprehensive information to facilitate informed decision-making[143]. - The board of directors will review the effectiveness of the shareholder communication policy, which is deemed sound and adequate[145]. - Shareholders holding 10% or more of the company's shares have the right to request a special general meeting, with a written request to the board[146]. Employee and Compensation - The total employee cost for the year was approximately RMB 90.2 million, down from RMB 103 million in 2024, with a total of 450 full-time employees as of December 31, 2025[79]. - The company maintains a competitive compensation structure for employees and directors based on qualifications, experience, and market levels[79]. - The senior management compensation breakdown shows 5 individuals earning HKD 1,000,000 or below, and 1 individual earning between HKD 1,000,001 and HKD 2,000,000[104]. - The employee gender ratio (excluding senior management) is 54:46 as of December 31, 2025, reflecting the company's commitment to diversity[112]. Corporate Structure and Ownership - The company has a significant concentration of ownership, with major shareholders holding substantial percentages of H shares[180]. - The ownership structure indicates that key individuals and entities have controlling interests in various subsidiaries[180]. - The company’s governance structure includes multiple layers of ownership through controlled companies[180]. - The report indicates no undisclosed interests or short positions in the company's shares as of December 31, 2025[178]. - The company has maintained compliance with all corporate governance code provisions, except for the internal audit function as per code provision D.2.5[182].

Financial Performance - The company's total revenue for the year ended December 31, 2025, was HKD 43,826,238, an increase from HKD 39,986,349 in the previous year, representing a growth of approximately 4.6%[3] - Gross profit for the year was HKD 1,399,178, compared to HKD 1,382,851 in the previous year, indicating a slight increase of about 1.2%[3] - The net profit attributable to shareholders for the year was HKD 400,857, up from HKD 379,266 in the previous year, reflecting an increase of approximately 5.2%[4] - The total comprehensive income for the year was HKD 505,517, compared to HKD 295,136 in the previous year, showing a significant increase of about 71.3%[4] - Basic and diluted earnings per share for the year were HKD 15.59, compared to HKD 14.75 in the previous year, representing an increase of approximately 5.7%[4] Expenses and Costs - Research and development expenses for the year were HKD 30,200, an increase from HKD 26,507 in the previous year, indicating a growth of about 10.2%[3] - Selling and distribution expenses were HKD 518,969, compared to HKD 498,713 in the previous year, reflecting an increase of approximately 4.0%[3] - The company incurred financing costs of HKD 261,659, which may impact future profitability[27] - The total employee costs, including directors' remuneration, were HKD 376,719,000 in 2024, up from HKD 364,877,000 in 2023, representing an increase of about 3.2%[34] Assets and Liabilities - Total assets as of December 31, 2025, amounted to HKD 139,323 million, an increase from HKD 132,805 million in 2024, representing a growth of approximately 3.83%[5] - Current assets reached HKD 17,301,299 million in 2025, compared to HKD 17,936,181 million in 2024, indicating a decrease of about 3.53%[5] - Non-current assets, including property and equipment, increased to HKD 4,873 million in 2025 from HKD 2,934 million in 2024, reflecting a significant growth of approximately 66.9%[5] - Total liabilities decreased to HKD 14,078,789 million in 2025 from HKD 15,076,338 million in 2024, showing a reduction of approximately 6.6%[6] - The company's equity totalled HKD 3,356,146 million in 2025, compared to HKD 2,979,155 million in 2024, marking an increase of approximately 12.7%[6] Revenue Segmentation - Revenue from ICT products amounted to HKD 18,749,348, up from HKD 17,836,456, indicating a year-over-year increase of about 5.1%[16] - The total revenue from consumer products was HKD 18,819,233, compared to HKD 17,860,891 in the previous year, marking an increase of about 5.4%[16] - The company’s professional integrated ICT solutions generated revenue of HKD 1,454,435, a significant increase from HKD 1,087,031, reflecting a growth of approximately 34%[16] - The total revenue from proprietary brand products was HKD 8,770,433, consistent with the previous year, indicating stable performance in this category[16] Strategic Initiatives - The company plans to continue investing in new product development and market expansion strategies to drive future growth[2] - The company is focusing on market expansion and new product development as part of its strategic initiatives[25] - The company plans to focus on AI technology to seize development opportunities and enhance its ecological value creation strategy[44] Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all provisions for the fiscal year ending December 31, 2025, except for the separation of roles between the Chairman and CEO[70] - The board of directors includes three independent non-executive directors, providing sufficient checks and balances despite the Chairman also serving as CEO[70] - The annual performance for the fiscal year ending December 31, 2025, has been reviewed and approved by the audit committee[72] Economic Environment - The overall economic environment remains challenging, with geopolitical tensions and trade protectionism impacting global supply chains[43] - The group plans to enhance its digital service capabilities and focus on technology services to drive high-quality growth in 2026, amidst ongoing geopolitical tensions and economic risks[50]

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 無 發 表 聲 明，並 明 確 表 示 概 不 會 就 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的任何損失承擔任何責任。 VISION SYNERGY HOLDINGS LIMITED 共生智築控股有限公司 （前稱Japan Kyosei Group Company Limited 日本共生集團有限公司） （於百慕達註冊成立的有限公司） （股份代號：00627） 截 至2025年12月31日止年度的 全年業績公告 集團財務摘要 截 至2025年12月31日止年度： 董 事 會 欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（「本集團」）截 至2025年12月31日 止 年 度（「年 內」）的 綜 合 業 績。 – 1 – • 收入約為人民幣121,704,000元（2024年：人民幣99,700,000 元）； • 共 生 智 築 控 股 有 限 公 司（「本公司」）擁 有 人 應 佔 虧 損 約 為 人 民 幣167,975,000元 （2024年：虧損人民幣85 ...

Financial Performance - The company reported its audited consolidated results for the year ending December 31, 2025[4]. - The company's revenue for the fiscal year ending December 31, 2025, is approximately RMB 184.3 million, a decrease of about 30% compared to the previous year[16]. - The company reported a loss of approximately RMB 65 million for the current year, compared to a loss of RMB 56.9 million in the previous year[18]. - The company's revenue for the year was approximately RMB 184.3 million, a decrease of about 29.9% compared to RMB 263.1 million in the previous year, primarily due to industry policy adjustments and changes in end-user demand[61]. - Gross profit for the year was approximately RMB 70.9 million, down about 34.6% from RMB 108.4 million the previous year, with a gross margin of approximately 38.5% compared to 41.2% in 2024[62]. - The annual loss was approximately RMB 65 million, compared to RMB 56.9 million last year, primarily due to industry policies and market conditions despite cost control measures[68]. - The loss attributable to the company's owners was approximately RMB 51.1 million, compared to RMB 42.5 million last year[69]. - The group reported cumulative losses of approximately RMB 81.82 million as of December 31, 2025, resulting in no distributable reserves available for shareholders according to applicable statutory provisions[165]. Corporate Governance - The company has a commitment to corporate governance and transparency as outlined in its governance report[26]. - The board of directors is responsible for overseeing the group's management, business strategy, and financial performance, including major acquisitions and capital transactions[86]. - The board has adopted a diversity policy for board appointments, considering factors such as gender, age, cultural background, and professional experience[108]. - The company has established mechanisms to enhance the recruitment process for independent non-executive directors, ensuring their independence and contribution[88]. - The company has not established a corporate governance committee, delegating these functions to the board[87]. - The company has not established an independent internal audit department but has implemented measures to fulfill internal audit functions[133]. - The company believes that the combination of the roles of chairman and CEO can enhance operational efficiency and strategy execution, despite deviating from corporate governance codes[82]. - The company has engaged external consultants to conduct internal reviews as part of its risk management and internal control measures[182]. Shareholder Engagement - The company will host the annual general meeting to engage with shareholders and respond to their inquiries[146]. - Shareholders holding 10% or more of the company's shares can request a special general meeting, with a written request to the board[148]. - The company ensures that shareholders receive timely and comprehensive information to exercise their rights effectively[145]. - The group aims to establish long-term relationships with shareholders and investors through transparency and adherence to the GEM Listing Rules[143]. Market Strategy and Expansion - The company is focusing on innovation and collaboration in the IVD industry, with strategic initiatives aimed at breaking through existing challenges and enhancing competitiveness[22]. - The company is accelerating its international expansion into regions such as Russia, Southeast Asia, and Africa, enhancing its brand influence in the IVD market[30]. - The company aims to achieve a market value target of 20 billion by deepening strategic cooperation with Boke Group, focusing on the IVD field and creating an innovative development model driven by both products and services[42]. - The company is expanding its domestic market presence by targeting grassroots medical institutions and enhancing collaboration with large hospitals, while also increasing its international market footprint in Southeast Asia, Africa, and Latin America[48]. Research and Development - The company has established three major R&D and technology transfer centers in collaboration with institutions like the Chinese Academy of Sciences, aiming to strengthen its core technology capabilities[24]. - The company is enhancing its product pipeline by increasing R&D investment, focusing on both traditional product upgrades and new product development in the IVD sector[43]. - The company intends to optimize operational management to reduce costs and improve efficiency, implementing advanced ERP and CRM systems for better data integration[58]. - Research and development expenses totaled approximately RMB 26.8 million, a decrease of about 19.7% compared to RMB 33.4 million last year[65]. Risk Management - The company has established a comprehensive risk management system, effectively identifying key operational risks and ensuring a safe and efficient working environment[134]. - The company has implemented measures to manage accounts receivable risks, maintaining them at reasonable levels through improved controls and management[136]. - The company has established emergency mechanisms to respond to natural disasters and public health events, ensuring rapid response capabilities[136]. - The company plans to revise its internal audit structure and related policies in 2026 to enhance risk management in daily operations[137]. Employee and Diversity Policies - The total employee cost for the year was approximately RMB 90.2 million, down from RMB 103 million last year, with a total of 450 full-time employees as of December 31, 2025[78]. - The employee gender ratio (excluding senior management) is 54:46 as of December 31, 2025, indicating a commitment to diversity[114]. - The company has a zero-tolerance policy towards discrimination and harassment, emphasizing the importance of diversity at all levels[117]. - The company aims to continuously review and implement measures to enhance employee diversity in line with business development and strategic planning[117]. Product Development and Innovation - The product pipeline includes biochemical, immunological, and molecular diagnostic equipment, as well as innovative services for laboratory management and clinical quality control[29]. - The integration of AI technology and other advanced techniques is accelerating the development of IVD products towards greater precision and convenience[40]. - The immunodiagnostics business continues to be a core revenue driver, with ongoing R&D and market promotion leading to increased market penetration and recognition of product value[50]. - New business segments, including flow cytometry instruments and reagents, molecular diagnostics, and POCT products, are showing significant year-on-year growth potential, with some products entering clinical trial phases[50]. Compliance and Legal Matters - The group complied with all relevant laws and regulations that significantly impact its business and operations during the year[166]. - The company has not identified any significant omissions or defects in its risk management practices during the reporting period, confirming the effectiveness of its measures[137]. - The company has maintained compliance with all provisions of the corporate governance code, except for the internal audit function as per clause D.2.5, which has not been established due to the group's scale and operational structure[183].

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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。 China Treasures New Materials Group Ltd. 中寶新材集團有限公 司 （於開曼群島註冊成立的有限公司） （股份代號：2439） 截至2025年12月31日止年度的 年度業績公告 年度業績 中寶新材集團有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事（「董事」）會（「董 事會」）欣然公佈本集團截至2025年12月31日止年度（「本年度」或「2025財年」）的經審計財 務業績，連同截至2024年12月31日止年度（「上一年度」或「2024財年」）的比較數字如下： — 1 — 綜合損益及其他全面收入表 — 2 — | | | 2025年 | 2024年 | | --- | --- | --- | --- | | | 附註 | 人民幣千元 | 人民幣千元 | | 以下人士應佔年內利潤： | | | | | 本公司擁有人 | | 29,114 | 111 ...