Financial Performance - For the year ending December 31, 2025, the company achieved a total profit of RMB 5.618 billion, with a year-on-year increase in renewable energy generation of 11.82%, amounting to 76.469 billion kWh[8][13]. - The company's revenue for 2025 is projected to be RMB 39,872 million, showing a slight increase from RMB 39,862 million in 2024[23]. - The pre-tax profit for 2025 is expected to reach RMB 10,340 million, up from RMB 8,488 million in 2023, indicating a growth of approximately 22%[21]. - The net profit attributable to equity holders for 2025 is forecasted at RMB 7,433 million, compared to RMB 6,410 million in 2023, reflecting an increase of about 16%[27]. - Earnings per share (EPS) for 2025 is projected to be RMB 89.32, a significant rise from RMB 58.62 in 2022, representing an increase of approximately 52%[25]. - The company's operating revenue in 2025 was RMB 30.253 billion, down 3.8% from RMB 31.464 billion in 2024, primarily due to a decline in wind power sales revenue[138]. - Wind power sales revenue in 2025 was RMB 25.995 billion, a decrease of RMB 2.764 billion or 9.6% from RMB 28.761 billion in 2024[138]. - Solar power sales revenue increased to RMB 3.809 billion in 2025, up 56.0% from RMB 2.441 billion in 2024, driven by growth in installed capacity and power generation[138]. - The company's operating profit for 2025 was RMB 10.574 billion, a decline of 16.4% from RMB 12.646 billion in 2024[156]. - The group's net profit for 2025 was RMB 5.618 billion, a decrease of 27.1% from RMB 7.702 billion in 2024, mainly due to a significant reduction in net profit from the wind power segment, which outweighed the increase in the solar segment[165]. Capacity and Production - The company successfully secured development indicators of 8.63 GW and added installed capacity of 4.85 GW, bringing the total controlled installed capacity close to 46 GW[7][12]. - The total installed capacity for wind power is expected to reach 30,408.77 MW in 2025, compared to 26,192 MW in 2024, marking an increase of about 16%[29]. - The total controlled capacity reached 45,994.29 MW, comprising 32,147.37 MW from wind, 13,840.82 MW from solar, and 6.10 MW from other renewable sources[100]. - The total electricity generation for 2025 was 76,469,353.00 MWh, with wind generation at 63,086,188.00 MWh (up 4.19% year-on-year) and solar generation at 13,377,458.00 MWh (up 70.92% year-on-year)[100]. - In 2025, the company added a total of 4,851.10 MW of new renewable energy capacity, including 1,738.60 MW from wind and 3,142.50 MW from solar, while reducing biomass capacity by 30.00 MW[100]. Assets and Liabilities - The total assets of the company reached RMB 265.077 billion by the end of the year[13]. - The total assets of the company are projected to grow to RMB 265,076 million by 2025, up from RMB 238,262 million in 2023, indicating a growth of approximately 11%[39]. - Total liabilities as of December 31, 2025, were RMB 1766.55 billion, an increase of RMB 47.49 billion from RMB 1719.06 billion in 2024, primarily due to increases in long-term and short-term borrowings[186]. - The group's current liabilities amounted to RMB 79.802 billion, an increase of RMB 0.632 billion from RMB 79.170 billion on December 31, 2024, primarily due to an increase in short-term borrowings[192]. - The group's net current liabilities as of December 31, 2025, were RMB 29.840 billion, up by RMB 1.083 billion from RMB 28.757 billion on December 31, 2024; the current ratio decreased to 0.63 from 0.64[194]. Innovation and Technology - The company filed 184 new patent applications and published 134 national and industry standards, reinforcing its leadership in renewable energy technology[15]. - The company is focusing on AI and data integration through the development of the "Qingyuan" large model, which aims to enhance its capabilities in the renewable energy sector[63]. - The company launched the "Qingyuan" AI model for the renewable energy sector, achieving dual filing for "generative AI services" and "deep synthesis service algorithms"[124]. - The company achieved a significant breakthrough by being the only entity recognized for its high-quality wind power data set by national authorities[124]. - The company completed 25 technology innovation projects in 2025, with 12 achieving certification, 7 of which were recognized as internationally leading[125]. Market Expansion and Strategy - The company is advancing its international expansion, having qualified for a 2.2 million kW wind power project in Saudi Arabia and signed a memorandum of understanding with South Africa's Eskom[12]. - Longyuan Power's market expansion strategy includes significant investments in new energy technologies and projects across various provinces in China[49]. - The company established a green energy investment platform abroad, focusing on strategic areas for sustainable growth[128]. - The company is actively pursuing new strategies for market expansion and technological innovation in the renewable energy sector[48]. Environmental Commitment - The company is committed to achieving carbon peak and carbon neutrality goals, aligning with national energy security strategies[42]. - The company is focused on enhancing safety and environmental management, aiming for zero accidents and losses through a comprehensive safety production management system[101]. - The renewable energy consumption ratio for key industries such as steel and cement is mandated to be between 25.2% and 70% by 2025, with data centers required to use 80% green electricity[96]. - The government has set a target for the green power consumption ratio in key industries to not be lower than the national average by 2030, supporting the development of the green certificate market[94]. Awards and Recognition - Longyuan Power was recognized in the 2025 Fortune China ESG Impact List for its outstanding performance in environmental, social, and governance aspects[58]. - The company received the "Green Energy Star" award for its innovative wind power project in Guangdong, highlighting its commitment to technological advancement[56]. - The company won the first prize for its key technology and application in intelligent operation and maintenance of wind turbine units at the 2025 China Energy Research Association Science and Technology Progress Awards[76]. - The company was awarded the "Most Investment Value" Golden Bull Award at the 2025 Listed Company High-Quality Development Forum, indicating strong investor confidence[72].

Financial Performance - Revenue increased by approximately 16.9% from RMB 525.2 million in the previous year to RMB 614.2 million for the year ending December 31, 2025, primarily due to rapid growth in domestic and outbound travel activities in China[3]. - Net profit for the reporting period was approximately RMB 58.7 million, a decrease of 28.3% compared to RMB 81.9 million in the previous year[4]. - Gross profit margin decreased from approximately 31.4% to 25.3% year-on-year[10]. - Revenue from online electronic guides sold through online travel platforms reached RMB 602.5 million in 2025, representing a 24.0% increase from RMB 485.9 million in 2024, accounting for about 98.1% of total revenue[27]. - Total sales cost increased by approximately 27.3% from about RMB 360.3 million to approximately RMB 458.5 million, primarily due to the growth in commissions retained by online travel platforms[30]. - Gross profit decreased by approximately 5.6% from about RMB 164.9 million to approximately RMB 155.7 million, with gross margin dropping from approximately 31.4% to 25.3%[31]. - The company reported a foreign exchange loss of RMB 1,609 thousand in 2025, compared to a gain of RMB 539 thousand in 2024[53]. - The total income tax expense for 2025 was RMB 58,147 thousand, an increase from RMB 41,121 thousand in 2024, representing a growth of approximately 41%[82]. - The group reported a financing cost of RMB 3,887 thousand in 2025, compared to RMB 2,300 thousand in 2024, indicating an increase of approximately 69%[77]. - The group has not declared or paid any dividends for the year ending December 31, 2025, consistent with 2024[83]. Operational Highlights - The number of online electronic guides increased from 75,943 to 89,952, while the number of covered tourist attractions in China rose from 49,734 to 56,221 during the same period[5]. - The company has expanded its online electronic guide coverage to include 921 domestic AAAAA-level tourist attractions, 5,323 AAAA-level attractions, and 5,873 AAA-level attractions by December 31, 2025[13]. - The company is focused on enhancing the user experience of electronic guides and developing customized content to maintain its market-leading position[12]. - The company is collaborating with content creators on mobile internet platforms to enhance product visibility and user conversion rates, contributing to a dual growth trend in online travel platforms[9]. - The company has established deep collaborations with various tourism bureaus and travel agencies to transform service models and enhance consumer travel experiences[16]. - The company continues to focus on expanding its online electronic navigation services in China, with a 100% ownership in its subsidiaries[57]. Technology and Innovation - The company is leveraging AR, MR, and AI technologies to enhance user experience and create a new sensory experience between the real and virtual worlds[6]. - The company is committed to integrating innovative technologies such as AI and MR into its services, enhancing the overall tourist experience with seamless content transitions[18]. - The "Lüji MR" product offers immersive experiences and supports multiple users interacting in the same virtual space, which is expected to become a significant growth driver for the company[18]. - The introduction of national-level IP virtual characters using AR technology is expected to significantly increase user conversion rates and engagement, leading to substantial growth in the online electronic guide market[15]. - The company is leveraging large model technology to create proactive, scenario-based, and highly interactive travel intelligence, transforming traditional electronic maps into a 24/7 personal tour guide[19]. Cost Management - Sales and distribution expenses significantly reduced by approximately 45.3% compared to the previous year, while administrative expenses (excluding share-based payment expenses) increased by approximately 15.1%[7]. - Selling and distribution expenses decreased by approximately 45.3% from about RMB 13.7 million to approximately RMB 7.5 million, primarily due to reduced offline promotional services and online marketing expenses[33]. - Administrative expenses increased by approximately 15.1% from about RMB 25.6 million to approximately RMB 29.4 million, mainly due to increased consulting fees related to a rights issue[34]. Assets and Liabilities - As of December 31, 2025, cash and cash equivalents amounted to approximately RMB 193.0 million, a decrease from RMB 219.5 million as of December 31, 2024[43]. - Current liabilities net value increased to approximately RMB 5.6 million from RMB 2.1 million year-over-year[43]. - Total equity reached approximately RMB 1,210.6 million, up from RMB 1,009.2 million as of December 31, 2024, indicating a growth of about 19.9%[43]. - Non-current assets increased to RMB 1,216,664 thousand in 2025, up from RMB 1,021,309 thousand in 2024, reflecting a growth of 19.1%[54]. - Current liabilities rose to RMB 348,908 thousand in 2025, compared to RMB 280,688 thousand in 2024, an increase of 24.3%[54]. Corporate Governance - The company has complied with all applicable corporate governance codes and disclosure requirements during the reporting period[101]. - The board of directors has been restructured to meet the requirement of having at least three independent non-executive directors[100]. - The company continues to review and monitor its corporate governance practices to ensure compliance[102]. - The company has adopted a standard code of conduct for securities trading, confirming compliance by all directors during the reporting period[103]. - The audit committee, consisting of three independent non-executive directors, reviewed the company's accounting principles and annual financial performance, confirming compliance with relevant standards[106]. Future Outlook - The Chinese tourism market is expected to recover rapidly, driven by government measures to stimulate domestic consumption and increasing consumer demand for contactless travel experiences[20]. - The company aims to enhance its market leadership in the online electronic guide sector by continuously optimizing its guiding products and integrating technologies such as MR and AI[22]. - The online travel product penetration rate is projected to continue increasing, supported by the government's push for technological innovation in the tourism sector[21]. - The company plans to create a one-stop smart tourism ecosystem that connects various consumer services, enhancing the overall travel experience[23].

Financial Performance - For the fiscal year ending December 31, 2025, the company's revenue increased by approximately RMB 32,870,000 or 5.80%, totaling approximately RMB 599,345,000 compared to RMB 566,475,000 in 2024[3] - The gross profit for the year rose by approximately RMB 27,866,000 or 10.8%, amounting to approximately RMB 285,165,000, up from RMB 257,299,000 in the previous year[3] - The company recorded a net loss of approximately RMB 1,774,000 for the year, compared to a net profit of approximately RMB 30,015,000 in 2024[3] - Basic and diluted earnings per share were RMB 0.35, a decrease from RMB 4.17 in the previous year[4] - The company reported a total comprehensive income of RMB 8,547,000 for the fiscal year ending December 31, 2025, compared to RMB 35,504,000 for the previous year[19] - The net profit attributable to the owners of the company for 2025 was RMB 2,493,000, a significant decrease from RMB 30,030,000 in 2024[36] - Basic earnings per share for 2025 were RMB 0.35, down from RMB 4.17 in 2024, reflecting a decline of 91.6%[37] Revenue Breakdown - For the fiscal year ending December 31, 2025, the total revenue from the artificial leather chemicals business was RMB 247,942,000, while the baijiu business generated RMB 351,403,000, resulting in a combined revenue of RMB 599,345,000[19] - Revenue from the sale of artificial leather chemicals decreased to RMB 247,942,000 in 2025 from RMB 262,495,000 in 2024, representing a decline of 5.5%[25] - Revenue from the sale of liquor increased to RMB 351,403,000 in 2025, up 15.6% from RMB 303,980,000 in 2024[25] - The white liquor business generated revenue of approximately RMB 351,403,000 in 2025, an increase of RMB 47,423,000 or 15.6% from RMB 303,980,000 in 2024[50] Assets and Liabilities - Total assets less current liabilities increased to RMB 693,498,000 from RMB 672,031,000 in 2024[8] - Non-current assets increased to RMB 284,088,000 from RMB 270,273,000 in the previous year[8] - The company's total equity increased to RMB 688,998,000 from RMB 668,744,000 in the previous year[9] - The total assets of the company increased to RMB 886,878,000 in 2025 from RMB 827,684,000 in 2024, indicating a growth of approximately 7.1%[20] - The total liabilities for the artificial leather chemicals business rose to RMB 174,695,000 in 2025 from RMB 141,054,000 in 2024, while the baijiu business liabilities decreased to RMB 1,746,000 from RMB 2,553,000[20] - The company’s total liabilities, including trade and notes payables, were RMB 69,623,000 as of December 31, 2025, compared to RMB 70,282,000 in 2024[41] Expenses and Costs - The company reported other income of RMB 3,830,000 for the fiscal year ending December 31, 2025, compared to RMB 4,269,000 for the previous year[19] - The company’s financial costs for the fiscal year ending December 31, 2025, were RMB 1,794,000, an increase from RMB 1,400,000 in 2024[19] - Total sales and distribution expenses for 2025 were RMB 218,166,000, an increase from RMB 182,381,000 in 2024, marking a rise of 19.6%[30] - Research and development expenses for 2025 were RMB 8,284,000, a decrease from RMB 8,977,000 in 2024[30] Dividends and Shareholder Returns - The board of directors has resolved not to declare a final dividend for the year[5] - The company did not declare any dividends for the year ended December 31, 2025, consistent with 2024[35] - The board has resolved not to declare a final dividend for the year ending December 31, 2025[51] Strategic Initiatives - The company plans to promote its white liquor products through advertising at airports and train stations, as well as hosting tasting events and exhibitions in China[50] - The group has entered into a strategic cooperation framework agreement with Shanghai Jiu Yue You Pin Commercial Management Co., Ltd. to jointly develop the sales of alcoholic beverages and other food products[55] - The group plans to enhance market promotion to increase market share, focusing on synthetic leather chemicals and liquor business[54] Governance and Compliance - The company has adopted corporate governance codes and is committed to transparency and accountability to shareholders, with ongoing reviews to enhance governance practices[72] - The audit committee has been established in accordance with listing rules to oversee financial reporting and internal controls[81] - The audit committee consists of four independent non-executive directors, with Mr. Li Changyue serving as the chairman[81] - The annual performance announcement has been published on the Hong Kong Stock Exchange website and the company's website[82] - The company has verified the financial data disclosed in the annual performance announcement against the audited consolidated financial statements[80] Employment and Workforce - The company employed 203 staff as of December 31, 2025, down from 217 in 2024, and offers competitive compensation and benefits in line with industry practices[71]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 40,152,000, an increase of 36% from HKD 29,431,000 in 2024[3] - Gross profit for the same period was HKD 15,439,000, up 187% from HKD 5,378,000 in 2024[3] - Net loss attributable to equity holders for the year was HKD 9,808,000, a significant improvement from a loss of HKD 24,195,000 in 2024[3] - Total segment revenue for 2025 reached HKD 40,152,000, compared to HKD 29,431,000 in 2024, reflecting a 36.2% increase[17] - The company reported a net loss of HKD 9,808,000 for 2025, compared to a loss of HKD 24,195,000 in 2024, indicating an improvement[17] - The company reported a net loss of HKD 9,808,000 for the year ended December 31, 2025, compared to a loss of HKD 24,195,000 for the previous year, representing a 59.5% improvement in losses[30] Assets and Liabilities - Cash and cash equivalents increased to HKD 13,984,000 from HKD 6,903,000, representing a 102% rise[4] - Total assets as of December 31, 2025, amounted to HKD 71,317,000, compared to HKD 60,777,000 in 2024, reflecting an 17% increase[4] - Total assets increased to HKD 76,496,000 in 2025 from HKD 65,961,000 in 2024, a growth of 15.5%[18] - Total liabilities slightly increased to HKD 41,642,000 in 2025 from HKD 41,173,000 in 2024[18] - The company’s total liabilities decreased slightly to HKD 40,896,000 in 2025 from HKD 41,088,000 in 2024, showing a 0.5% reduction[14] Equity and Current Assets - The company’s net current assets improved to HKD 29,675,000 from HKD 19,604,000, an increase of 51%[4] - The company’s equity attributable to equity holders rose to HKD 34,854,000 from HKD 24,788,000, a growth of 40%[4] - As of December 31, 2025, the total equity of the group was HKD 34,900,000, an increase of approximately HKD 10,100,000 from HKD 24,800,000 as of December 31, 2024[55] Revenue Streams - Revenue from travel media increased to HKD 950,000 in 2025 from HKD 500,000 in 2024, representing an 90% growth[11] - Revenue from financial magazines and other media services rose to HKD 37,250,000 in 2025 from HKD 29,000,000 in 2024, a 28.8% increase[11] - Total customer contract revenue for 2025 was HKD 38,200,000, up from HKD 29,500,000 in 2024, marking a 29.5% growth[11] - The travel media business generated revenue of HKD 1,000,000, a 100.0% increase from HKD 500,000 in 2024, accounting for 2.4% of total revenue[43] - The financial magazine and other media business reported revenue of HKD 37,300,000, representing 92.8% of total revenue, with a loss reduced from HKD 17,400,000 to HKD 1,500,000[45] - The lending business generated revenue of HKD 900,000, accounting for 2.2% of total revenue, with outstanding loans totaling approximately HKD 8,900,000[47] Impairment and Losses - The company reported a decrease in expected credit loss impairment to HKD 12,647,000 from HKD 20,401,000, a reduction of 38%[3] - Impairment losses on receivables amounted to HKD 12,647,000 for the year ended December 31, 2025, down from HKD 20,401,000 in 2024, indicating a 38.1% reduction[25] - The company recorded a net impairment loss of approximately HKD 12,600,000 for expected credit losses, down from HKD 20,400,000 in 2024[41] - Other losses recorded during the year amounted to HKD 2,100,000, primarily due to the deregistration loss of a subsidiary[40] Operational Insights - The company is engaged in various business segments including advertising services, event organization, and securities investment, indicating a diversified revenue stream[5] - The company has not applied any new accounting standards that would significantly impact the financial statements in the foreseeable future[9] - The company has not proposed any dividends for the year ending December 31, 2025, consistent with the previous year[67] - The company did not declare or recommend any dividends for the year 2025, consistent with the previous year where no dividends were paid[29] - The company plans to expand into other East Asian markets for financial magazines in 2026, focusing on process management and risk reduction[42] - The group plans to invest further in its core business and consider expanding its financial magazine and media services to diversify revenue sources[54] Staff and Governance - The group employed 20 staff members as of December 31, 2025, a decrease from 22 in 2024[62] - The board of directors includes executive directors Wang Tao and Yu Dazhi, as well as independent non-executive directors Yang Wanfu, Zhou Qiting, and Li Yanhua[73] Audit and Reporting - The audit committee has reviewed the accounting principles and practices adopted by the group, as well as the consolidated financial statements for the year ending December 31, 2025[71] - The company's annual report for 2025 is expected to be sent to shareholders by April 30, 2026, and will be published on the designated websites at the appropriate time[72]

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 會 就 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 之 任 何 損 失 承 擔 任 何 責 任。 中國育兒網絡控股有限公司 （股份代號：1736） （於開曼群島註冊成立之有限公司） 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 全 年 業 績 公 佈 China Parenting Network Holdings Limited 中 國 育 兒 網 絡 控 股 有 限 公 司（「本 公 司」或「育 兒 網」及 其 附 屬 公 司，統 稱「本 集 團」或「我 們」）董 事（「董 事」）會（「董 事 會」）欣 然 宣 佈 本 集 團 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度（「年 內」或「報 告 期」）的 經 審 核 綜 合 業 績。 摘 要 本 集 團 截 至 二 零 二 ...

Dividend Proposal - The board of directors proposed a final dividend of HKD 0.069 per ordinary share for the year ending December 31, 2025, pending approval at the upcoming annual general meeting [3]. - The proposed final dividend represents an increase from HKD 0.04 per share in 2024, indicating a growth of 72.5% year-over-year [4]. - The clarification announcement aims to avoid confusion regarding the dividend amount, correcting the previous rounding error in the financial statements [4].

Financial Performance - The total revenue for the year ending December 31, 2025, is RMB 193,631,000, a decrease of 6.5% compared to RMB 206,392,000 for the year ending December 31, 2024[2]. - The gross profit for the same period is RMB 32,177,000, down 10.0% from RMB 35,990,000 in the previous year[2]. - The operating loss increased to RMB 80,430,000 in 2025 from RMB 53,704,000 in 2024, reflecting a significant decline in operational performance[2]. - The net loss attributable to the company’s equity holders for the year is RMB 79,777,000, compared to RMB 66,884,000 in 2024, indicating a worsening financial position[3]. - The basic loss per share for continuing operations is RMB (3.81), compared to RMB (3.46) in the previous year, showing a decline in earnings per share[4]. - The total comprehensive loss for the year is RMB 104,239,000, up from RMB 68,776,000 in 2024, highlighting increased financial challenges[3]. Revenue Breakdown - For the fiscal year ending December 31, 2025, the total revenue from external customers was RMB 193.631 million, with contributions from the segments being RMB 31.599 million from wigs, RMB 162.032 million from apparel and others, and no revenue from property leasing[21]. - Revenue from wigs was RMB 31,599,000, down from RMB 32,186,000 in the previous year, while revenue from clothing and others was RMB 162,032,000, down from RMB 174,206,000[28]. - The group generated 64.0% of its revenue, amounting to RMB 143,344,000, from a single customer, compared to 74.0% or RMB 178,159,000 in 2024[26]. Asset and Liability Changes - Total non-current assets decreased from RMB 217,548 thousand in 2024 to RMB 190,154 thousand in 2025, a decline of approximately 12.6%[5]. - Current assets decreased from RMB 199,561 thousand in 2024 to RMB 89,971 thousand in 2025, representing a significant drop of about 55.1%[5]. - Total liabilities decreased from RMB 48,151 thousand in 2024 to RMB 17,175 thousand in 2025, a reduction of approximately 64.3%[5]. - The company's net asset value decreased from RMB 363,690 thousand in 2024 to RMB 258,401 thousand in 2025, a decline of about 29%[6]. - The company's equity attributable to owners decreased from RMB 344,225 thousand in 2024 to RMB 258,401 thousand in 2025, a decrease of approximately 25%[6]. Operational Costs - The company reported a significant increase in selling expenses to RMB 11,201,000 in 2025 from RMB 2,206,000 in 2024, indicating higher costs associated with sales efforts[2]. - Other income decreased to RMB 15,854,000 in 2025 from RMB 18,711,000 in 2024, reflecting reduced ancillary revenue streams[2]. - The financing costs rose to RMB 622,000 in 2025 from RMB 351,000 in 2024, suggesting increased borrowing costs[2]. Discontinued Operations - The company has ceased operations in the personal care and home cleaning product business after selling High Kelee Investment Holdings Limited and its subsidiaries[8]. - The company reported a loss from discontinued operations of RMB 11,331,000 in 2025, up from RMB 8,841,000 in 2024, indicating a year-over-year increase of approximately 28%[38]. - The revenue from the discontinued cleaning products business for the period ended November 19, 2025, was RMB 31,071,000, a decrease from RMB 33,935,000 for the year ended December 31, 2024, representing a decline of about 8.4%[41]. Capital Expenditures and Investments - Capital expenditures for the fiscal year ending December 31, 2025, amounted to RMB 38.577 million, with RMB 24.538 million allocated to wigs and RMB 14.039 million to apparel and others[21]. - The company plans to utilize the proceeds from the sale of Zhejiang Zhongpai for expanding and upgrading its manufacturing base in Yichun, Jiangxi Province, with specific allocations for various construction activities totaling RMB 24.15 million[101]. Governance and Compliance - The company has fully complied with the corporate governance code as of December 31, 2025[109]. - The audit committee, consisting of three independent non-executive directors, is responsible for reviewing the financial reporting procedures and internal control systems[112]. - The board of directors consists of three executive directors and three independent non-executive directors[116]. Future Outlook - The company anticipates a recovery in consumer spending and increased demand for affordable fashion, which is expected to drive export growth[107]. - Challenges such as inflation, rising labor costs, and ongoing geopolitical tensions may impact profitability[107]. - The company aims to enhance operational efficiency and effectiveness while seeking opportunities for acquisitions of intellectual property with growth potential[108].

Financial Performance - The company reported a revenue of approximately RMB 24,333.6 million for the year ending December 31, 2025, representing an increase of about 11.1% compared to RMB 21,909.6 million for the year ending December 31, 2024[3]. - The profit attributable to equity holders of the parent company for the year ending December 31, 2025, was approximately RMB 1,778.8 million, a significant increase of about 61.5% from RMB 1,101.6 million for the previous year[3]. - Basic earnings per share for the year ending December 31, 2025, were RMB 0.51, up from RMB 0.32 in 2024[5]. - The total comprehensive income for the year ending December 31, 2025, was RMB 1,670.5 million, compared to RMB 1,093.2 million in 2024[6]. - Total revenue for the year ending December 31, 2025, reached RMB 26,012,212 thousand, with a breakdown of RMB 9,403,619 thousand from mining equipment, RMB 8,962,611 thousand from logistics equipment, RMB 2,795,491 thousand from oil and gas equipment, and RMB 4,850,491 thousand from emerging industry equipment[18]. - The operating profit before tax amounted to RMB 2,178,540 thousand, with a net profit of RMB 1,748,028 thousand after tax expenses of RMB 430,512 thousand[18]. - The company reported a pre-tax profit of RMB 1,004,955,000 for 2025, up from RMB 815,511,000 in 2024[35]. - Other income and gains amounted to approximately RMB 1,005.0 million, a 23.2% increase from RMB 815.5 million in the previous year, primarily due to increased bank interest income and government subsidies[68]. - The company's gross profit margin for the fiscal year was approximately 22.3%, a slight decrease of 0.1 percentage points from 22.4% in the previous year[70]. Assets and Liabilities - Non-current assets increased to RMB 15,276.4 million as of December 31, 2025, from RMB 14,700.6 million in 2024[7]. - Current assets rose to RMB 29,644.9 million as of December 31, 2025, compared to RMB 26,227.1 million in 2024[7]. - The total assets of the group were reported at RMB 44,921,214 thousand, while total liabilities stood at RMB 31,752,155 thousand, resulting in a net asset position[18]. - The group’s total liabilities included RMB 11,492,684 thousand in unallocated corporate liabilities, indicating a significant portion of the total liabilities[18]. - The group’s assets included RMB 6,698,393 thousand in unallocated corporate and other assets, reflecting the overall asset management strategy[18]. - The company’s total liabilities increased to RMB 11,060,721 thousand in 2025 from RMB 9,934,599 thousand in 2024, representing an increase of about 11.4%[59]. - The group recorded a net financing cash outflow of approximately RMB 28,328 million for the year ended December 31, 2025, a significant increase from a net cash inflow of RMB 894.5 million for the year ended December 31, 2024, mainly due to increased loan repayments[81]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.35 per share for the year ending December 31, 2025[4]. - The proposed final dividend for ordinary shares is HKD 0.35 per share, an increase from HKD 0.29 per share in 2024, totaling HKD 1,151,399,000 (approximately RMB 1,162,151,000) for 2025[8]. - Each convertible preferred share is entitled to a final dividend of HKD 0.35, totaling approximately HKD 167,923,361.9[91]. Market and Sales Performance - The revenue from mainland China was RMB 15,099,376,000 for 2025, up from RMB 13,739,986,000 in 2024, indicating a growth of about 9.9%[22]. - International sales revenue reached RMB 9,234.2 million, marking a 13.0% year-over-year growth, with mining equipment international revenue at RMB 3,822.5 million, up 6.8%[65]. - The company plans to expand its market presence, particularly in Asia, where revenue increased to RMB 3,993,421,000 in 2025 from RMB 2,992,260,000 in 2024[22]. - The company generated approximately RMB 5,353,065,000 in revenue from sales to affiliated companies, up from RMB 3,304,883,000 in 2024[24]. Research and Development - Research and development costs for 2025 were RMB 1,435,262,000, a decrease from RMB 1,524,346,000 in 2024[36]. - Research and development expenses were approximately RMB 1,435.3 million, down 5.8% from RMB 1,524.3 million, with R&D expenses as a percentage of revenue decreasing to 5.9% from 7.0%[72]. Inventory and Receivables - Total inventory increased to RMB 5,844,803,000 in 2025 from RMB 5,047,840,000 in 2024, with raw materials at RMB 1,001,090,000 and finished goods at RMB 2,828,468,000[48]. - Trade receivables rose to RMB 12,899,286,000 in 2025 from RMB 11,692,009,000 in 2024, with a provision for impairment of RMB 915,515,000[52]. - The group has recorded approximately RMB 14,038.7 million in accounts receivable and notes receivable as of December 31, 2025, representing a 9.5% increase from RMB 12,823.7 million as of December 31, 2024, mainly due to increased sales revenue[78]. Corporate Governance and Compliance - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules for the year ending December 31, 2025[92]. - The audit committee has reviewed the consolidated annual results for the year ending December 31, 2025, with no discrepancies found by the external auditor[100]. Future Outlook - The company aims to achieve sales of RMB 57.5 billion and a gross profit margin of 24% by 2028, continuing to focus on globalization, digitalization, and low-carbon strategies[66].

Financial Performance - For the year ended December 31, 2025, confirmed revenue was RMB 2.062717 billion, a decrease of 26.0% compared to RMB 2.787231 billion in the same period of 2024[2]. - The company reported a negative gross profit of RMB 2.91 million for 2025, a decline of 100.7% from a gross profit margin of 14.5% in 2024 to -0.1% in 2025[2]. - Net loss increased from RMB 2.324987 billion in 2024 to RMB 3.079853 billion in 2025[3]. - Basic loss per share attributable to ordinary equity holders was RMB 119.03 cents, compared to RMB 90.37 cents in 2024[3]. - The board declared no final dividend for the year ended December 31, 2025[2]. - The company reported a total loss before tax of RMB 3,172,295,000 for the fiscal year 2025, compared to a loss of RMB 2,313,636,000 in 2024, reflecting an increase in losses[27]. - The company reported a net loss attributable to ordinary equity holders of RMB 3,075,821,000 for the year ended December 31, 2025, compared to a loss of RMB 2,335,106,000 in 2024[39]. - The group recorded a pre-tax loss of RMB 3.1723 billion in the current year, compared to a pre-tax loss of RMB 2.31364 billion in 2024, with net loss increasing from RMB 2.32499 billion to RMB 3.07985 billion[99]. Assets and Liabilities - Total non-current assets decreased from RMB 20.649343 billion in 2024 to RMB 18.492710 billion in 2025[6]. - Total current assets decreased from RMB 13.230643 billion in 2024 to RMB 12.115434 billion in 2025[6]. - Total liabilities decreased slightly from RMB 26.479011 billion in 2024 to RMB 26.287437 billion in 2025[7]. - The company's total equity attributable to owners decreased from RMB 7.400975 billion in 2024 to RMB 4.320707 billion in 2025[7]. - The company's total liabilities reached RMB 79,662,944,000, with the property development segment contributing RMB 44,714,915,000[27]. - As of December 31, 2025, the group's current liabilities exceeded current assets by RMB 12,320,753,000[13]. - The total overdue borrowings amounted to RMB 6,517,634,000, with RMB 1,579,510,000 owed to the settlement party as of December 31, 2025[13][14]. - The group had bank loans totaling RMB 11,535,353,000, slightly down from RMB 11,670,884,000 in 2024, with interest rates ranging from 3.50% to 12.00%[49]. - The group’s total other loans included priority notes with a book value of RMB 1,813,566,000, which constituted a default event[52]. - The total amount of loans that remain unpaid as of December 31, 2025, is RMB 4,963,172,000, which may require immediate repayment if demanded by lenders[130]. Cash Flow and Financing - The group is actively negotiating with lenders to avoid immediate repayment demands and to secure new financing sources[16]. - The group plans to accelerate the pre-sale and sale of properties under development to improve cash flow[22]. - The group is seeking opportunities to sell certain assets at reasonable prices to generate cash inflow and alleviate liquidity pressure[22]. - The company has implemented several plans to alleviate liquidity pressure and improve financial conditions, focusing on debt management and risk mitigation[56]. - The group is implementing measures to enhance cash flow management, including sales acceleration, debt collection, and cost control, although results may take time to materialize[138]. - The company is actively negotiating with banks and financial institutions regarding future financing arrangements and is seeking alternative financing sources[130]. - The company has engaged in discussions with Andoufang regarding debt resolution, although no effective proposals have been formed yet[136]. - The company’s cash flow forecasts have been considered in assessing the adequacy of working capital needs for at least the next twelve months[135]. Market Conditions and Business Operations - The real estate industry in China faced significant adjustments and challenges, with a prolonged sales cycle and downward price pressure impacting overall market conditions[58]. - The overall market remains under pressure with slow recovery in demand and high inventory levels, indicating a challenging environment for the real estate sector[74]. - The company is focusing on asset revitalization, debt risk control, sales recovery, and project construction as core tasks to navigate the current market difficulties[72]. - The company aims to stabilize existing operations and improve rental rates by establishing dedicated customer liaison mechanisms and addressing diverse demands from key clients[71]. - The company plans to enhance operational strategies to address market challenges and improve cash flow through optimized sales channels and dynamic pricing systems[72]. Legal and Compliance Issues - The company is obligated to pay approximately USD 108 million related to a put option as per the final arbitration ruling[116]. - The total payment obligation to the claimant was reduced to USD 175 million under a settlement agreement[117]. - The company has not fulfilled all payment obligations under the settlement agreement as of the announcement date[118]. - The company was ordered to pay approximately RMB 296.6 million due to bribery-related charges against its subsidiary[123]. - The subsidiary Dalian Shengbei failed to repay a loan of approximately RMB 194 million, leading to enforcement actions by the creditor[124]. - The company is involved in a legal case where it is required to repay approximately RMB 482 million in principal and related interest, totaling about RMB 612 million by September 21, 2025[125]. - Another legal case involves a claim for RMB 294 million in principal from three defendants, with additional penalties and interest until actual repayment[126]. - The company has faced multiple breaches of loan agreements due to liquidity issues and the detention of a former executive, impacting several loan covenants[127]. Operational Highlights - The group successfully delivered approximately 183,000 square meters of projects in Dalian and Zhengzhou, fulfilling its commitment to deliver properties despite market challenges[59]. - The company recorded a new leasing area of approximately 23,200 square meters in the Dalian Software Park, but faced a reduction of about 71,200 square meters due to client business adjustments[70]. - The total constructed area of the business parks held by the company is approximately 1.929 million square meters, with a leasable area of about 1.368 million square meters[69]. - The business park operations generated revenue of approximately RMB 171 million, a year-on-year decrease of 18.1% due to reduced client business operations[78]. - The construction, decoration, and landscaping business recorded revenue of approximately RMB 294 million, an increase of 12.9% year-on-year, attributed to increased construction output[79]. Employee and Governance - The group had a total of 289 full-time employees as of December 31, 2025, a decrease from 348 employees in 2024[107]. - The audit committee has reviewed and approved the annual performance, focusing on cash flow forecasts and plans to alleviate liquidity pressure[141]. - The audit committee consists of three independent non-executive directors, ensuring compliance with listing rules[140].

Financial Performance - The company reported a revenue of RMB 759.0 million for the year ended December 31, 2025, representing a year-on-year growth of 16.0%[4]. - Gross profit reached RMB 141.4 million, with a gross margin of 18.6%, an increase of 2.6 percentage points from 2024[4][8]. - The company experienced an operating loss of RMB 414.1 million, compared to a loss of RMB 222.5 million in 2024[4]. - The net loss for the year was RMB 416.3 million in 2025, compared to RMB 227.7 million in 2024, representing a significant increase in losses[74]. - Adjusted net loss (non-IFRS measure) for 2025 was RMB 376.7 million, compared to RMB 166.7 million in 2024, with an adjusted net loss margin of 49.6%[60]. - Total comprehensive loss for the year increased by 83% from RMB 227.7 million in 2024 to RMB 416.5 million in 2025[58]. - The overall revenue for 2025 is projected to be RMB 759.0 million, compared to RMB 654.5 million in 2024[48]. - The revenue from intelligent components and solutions segment reached RMB 648.9 million, accounting for approximately 85.5% of the total revenue during the reporting period[23]. - The revenue from unmanned vehicles and operational services reached RMB 65.0 million in 2025, marking the first year of commercialization[49]. - The revenue from other businesses, including vehicle-road collaboration, decreased by 32.5% from RMB 66.8 million in 2024 to RMB 45.1 million in 2025, reflecting a slowdown in market demand[49]. Research and Development - The R&D team consists of 545 employees, accounting for approximately 67.0% of the total workforce, with a focus on diverse expertise from top universities[40]. - Research and development expenses surged by 113% from RMB 156.1 million in 2024 to RMB 332.6 million in 2025, driven by significant increases in R&D personnel costs and technical service fees[54]. - The company is developing new chip platform solutions to offer more cost-effective options for OEMs in the intelligent driving space[24]. - The company has established a comprehensive data closed-loop R&D system, utilizing millions of kilometers of real driving data and extensive simulation data[37]. - The core technical advantage stems from a full-stack self-research capability, covering key areas such as algorithms, hardware design, and verification, which supports continuous technical iteration and business extension[39]. Market Expansion and Partnerships - The company secured 12 overseas project contracts covering regions such as the EU, Australia, and Singapore in 2025[16]. - A strategic partnership with global automotive parts leader ZF Friedrichshafen has been established, with products entering mass production in 2025[16]. - The company plans to deploy 1,000 units of autonomous logistics vehicles in Saudi Arabia by 2030, marking its first overseas expansion in L4 autonomous driving[16]. - The company is expanding its intelligent cockpit business to joint venture brands and luxury brands, while deepening cooperation with international Tier 1 suppliers for overseas localization[31]. - The company plans to expand its market presence in China, focusing on the development and sales of intelligent driving products and solutions[78]. Product Development and Innovation - The iPilot 4 series products achieved mass production delivery, with revenue growth of 39.0% year-on-year[13]. - The intelligent cockpit business maintained strong growth, with a revenue increase of 80.2%[13]. - The company plans to launch the iPilot 4 Plus and iPilot 4 Max solutions in 2025, enhancing the adaptability and efficiency of its intelligent driving solutions[27]. - The company has provided mass production solutions for over 40 automotive OEMs, with 43 new project contracts from OEMs and tier-one suppliers during the reporting period[22]. - The company is exploring new business models by integrating intelligent equipment, technical solutions, and operational scenarios to create a sustainable autonomous driving ecosystem[43]. Financial Position and Liabilities - Total assets increased from RMB 1,678,290 thousand in 2024 to RMB 2,010,860 thousand in 2025, representing a growth of approximately 19.7%[76]. - Non-current liabilities rose significantly from RMB 45,359 thousand in 2024 to RMB 164,327 thousand in 2025, an increase of about 262.5%[77]. - Current liabilities increased from RMB 489,806 thousand in 2024 to RMB 723,705 thousand in 2025, reflecting a growth of approximately 47.8%[77]. - Total borrowings increased from RMB 191.5 million in 2024 to RMB 372.5 million in 2025, primarily due to increased cash needs for business expansion[62]. - The company reported a cumulative loss of RMB (623,662) thousand in 2024, which increased to RMB (1,023,811) thousand in 2025, indicating a worsening financial position[76]. Corporate Governance and Compliance - The company has adhered to the corporate governance code, except for one specific provision, ensuring high standards of corporate governance[121]. - The roles of Chairman and CEO are currently held by Dr. Liu Guoqing, who has made significant contributions to the company since its establishment[122]. - The audit committee consists of independent non-executive directors and has reviewed the consolidated financial statements for the reporting period[126]. - The company has adopted standard rules to regulate the trading behavior of its directors and employees with insider information, confirming compliance as of December 31, 2025[124]. - The company is committed to transparency and accuracy in its financial reporting and disclosures[136].