Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 58,797,000, a decrease of 61.6% from HKD 153,126,000 in 2024[4] - Gross profit for 2025 was HKD 364,000, down 83.3% from HKD 2,171,000 in 2024[4] - Net profit for the year was HKD 16,232,000, compared to a net loss of HKD 21,482,000 in 2024[5] - Basic and diluted earnings per share for 2025 were HKD 1.88, recovering from a loss of HKD 2.55 per share in 2024[5] - The group reported a net profit attributable to shareholders of HKD 16,232,000 for the year ending December 31, 2025, while total trade and other payables amounted to approximately HKD 64,877,000, indicating significant financial uncertainty[12] - The company reported a profit attributable to shareholders of HKD 16,232,000 for the year ending December 31, 2025, compared to a loss of HKD 21,482,000 in 2024, resulting in a basic and diluted earnings per share of HKD 1.88[34] - The group achieved a net profit attributable to owners of approximately HKD 16,200,000, a turnaround from a net loss of HKD 21,500,000 in the previous year[52] Assets and Liabilities - Non-current assets increased to HKD 228,580,000 in 2025 from HKD 175,881,000 in 2024, representing a growth of 29.9%[6] - Current liabilities rose to HKD 64,877,000 in 2025, up from HKD 50,213,000 in 2024, an increase of 29.2%[6] - Total assets less current liabilities amounted to HKD 277,052,000 in 2025, compared to HKD 234,748,000 in 2024, reflecting a growth of 17.9%[6] - The company's equity attributable to owners increased to HKD 257,815,000 in 2025 from HKD 227,633,000 in 2024, a rise of 13.2%[7] - Total liabilities for 2025 stand at HKD 83,099,000, with allocated liabilities of HKD 35,097,000[20] - The company’s total prepayments, deposits, and other receivables increased to HKD 105,460,000 in 2025 from HKD 91,237,000 in 2024[41] Revenue Sources - The group primarily engages in the sale of oil and gas and trading of oil-related and other products, with total revenue from oil and gas sales projected at HKD 8,000 for the U.S. market and HKD 58,789,000 for the Chinese market, totaling HKD 58,797,000[18][19] - Revenue from external customers in China for 2025 is HKD 58,789,000, compared to HKD 153,125,000 in 2024[23] - The trading segment of the group recorded revenue of approximately HKD 58,800,000 for the year, a significant decrease from HKD 153,100,000 in 2024[53] Financial Management - The group has committed to maintaining sufficient working capital to meet its financial obligations for at least the next twelve months, supported by cash flow forecasts and measures already implemented[13] - The ultimate holding company and major beneficial shareholders have pledged to provide necessary financial support, including deferring loan collections until the group is able to repay[14] - The group is considering other financing arrangements to reduce its debt-to-equity ratio and support daily operations[14] - The company issued 15,426,000 shares at HKD 0.385 per share, raising a total of HKD 5,939,000 for operational needs[50] - The net proceeds from the share placement will be allocated 50% to the development and operational needs of the group's oil fields in the United States and 50% to other business operations[71] Operational Challenges - The group faces risks related to the termination of leases due to lack of production since 2020, exacerbated by the COVID-19 pandemic and disruptions in service provision[57] - Significant estimates and judgments regarding oil and gas reserves will affect the carrying values of related assets and liabilities in the financial statements[15] - The financial performance of the oil and gas sales segment is significantly influenced by fluctuations in natural gas and oil prices, which could impact the group's reserves and profitability[58] Taxation and Compliance - The company has not made any provisions for Hong Kong profits tax due to no taxable profits reported by its subsidiaries registered in Hong Kong[27] - The estimated corporate income tax in China is calculated at a preferential rate of 15% under the Hainan Free Trade Port policy[29] - The total tax expense for the year was HKD 9,077,000, an increase from HKD 8,029,000 in the previous year[32] - The company recognized deferred tax liabilities of HKD 77,323,000 related to undistributed profits from its subsidiaries in China as of December 31, 2025[30] Future Outlook - The company anticipates improvements in trade business as China's heavy industry and manufacturing gradually recover, expecting better domestic demand for crude oil and related products by 2026[62] - The company plans to enhance production capacity by developing new drilling plans and exploring financing options to meet capital requirements[64] - The company is focusing on restoring operational capabilities in the remaining leases of the Utah oil and gas field, with three wells already maintained and one restored to production[63] - The company aims to maintain production growth while actively promoting cost efficiency and improving well quality management[65] Governance and Compliance - The board of directors has confirmed compliance with the corporate governance code throughout the year ending December 31, 2025[84] - The audit committee has reviewed the annual performance and confirmed that the financial statements have been prepared in accordance with applicable accounting standards[85] - The audit firm has confirmed that the financial statements are consistent with the audited consolidated financial statements[86]

Financial Performance - For the year ended December 31, 2025, the total revenue of Yunnan Jinxun Resources Co., Ltd. was approximately RMB 2,271.1 million, representing a growth of about 28.3% compared to RMB 1,769.8 million in 2024[3] - The gross profit for the year ended December 31, 2025, was approximately RMB 518.9 million, an increase of about 41.1% from RMB 367.7 million in 2024, with a gross margin of 22.8%, up 2 percentage points from the previous year[3] - The net profit for the year ended December 31, 2025, was approximately RMB 328.8 million, reflecting a significant increase of about 62.4% compared to RMB 202.4 million in 2024[3] - The basic earnings per share for the year ended December 31, 2025, was RMB 2.98, compared to RMB 1.84 in 2024[5] - The company reported a basic earnings per share of RMB 2.98 for 2025, an increase from RMB 1.83 in 2024, reflecting a growth of 62.9%[35] - The company reported a net loss from the disposal of property, plant, and equipment of RMB 48,000 in 2025, a decrease from a loss of RMB 2,062,000 in 2024[28] - The company’s total equity as of December 31, 2025, was RMB 823.2 million, compared to RMB 534.9 million in 2024[7] Revenue Breakdown - Copper production and processing revenue contributed RMB 1,970,690 thousand in 2025, up from RMB 1,228,967 thousand in 2024, indicating a growth of about 60.5%[21] - The Democratic Republic of Congo accounted for RMB 1,395,926 thousand of the total revenue in 2025, compared to RMB 877,004 thousand in 2024, reflecting a growth of approximately 58.9%[21] - Revenue from external customers for metal production and trading business reached RMB 1,982,674,000 in 2025, up from RMB 1,229,913,000 in 2024, representing a growth of 61.2%[28] - Revenue from non-ferrous metal product trading decreased by approximately 46.6% from RMB 539.9 million in 2024 to RMB 288.4 million in 2025 due to a reduction in trading volume[64] Cash Flow and Assets - The net cash generated from operating activities for the year ended December 31, 2025, was RMB 297.1 million, slightly up from RMB 292.6 million in 2024[9] - The cash and cash equivalents at the end of the year were RMB 295.2 million, significantly increased from RMB 123.9 million at the end of 2024[9] - The total assets less current liabilities as of December 31, 2025, amounted to RMB 950.2 million, compared to RMB 610.1 million in 2024[7] - Total current assets increased by approximately 85.6% from RMB 679.4 million as of December 31, 2024, to RMB 1,261.1 million as of December 31, 2025, primarily due to inventory increase of RMB 344.0 million and cash and cash equivalents increase of RMB 171.3 million[84] - Total current liabilities rose by approximately 62.7% from RMB 763.7 million as of December 31, 2024, to RMB 1,242.7 million as of December 31, 2025, mainly due to trade payables increase of RMB 178.4 million and short-term bank borrowings increase of RMB 143.5 million[84] Production and Operational Efficiency - The production of cathode copper from the Congo subsidiary reached approximately 23,263.4 tons in 2025, contributing to stable operational efficiency[46] - Copper production reached 28,223.9 tons in 2025, up from 20,934.8 tons in 2024, due to improved power supply and new equipment deployment at the Congo (Kinshasa) smelting plant[53] - Cobalt hydroxide production increased significantly from 128.2 tons in 2024 to 295.5 tons in 2025, with an effective annual production capacity of 4,500 tons[57] - The total production of cathode copper, copper concentrate, and cobalt hydroxide reached 28,528.4 tons in 2025, compared to 21,095.0 tons in 2024[52] Dividends and Shareholder Information - The company proposed a final cash dividend of RMB 0.33 per share (before tax) for the year ended December 31, 2025[3] - The proposed final dividend is RMB 0.33 per share (before tax), subject to approval at the annual general meeting[108] - The final dividend for H shareholders will be paid in HKD at a rate of HKD 0.373371 per share (before tax), based on the exchange rate of RMB to HKD on March 30, 2026[110] - The record date for H shareholders to qualify for the proposed final dividend is June 24, 2026[111] Management and Governance - The board believes that the dual role of the chairman and CEO is in the best interest of the group for effective management[104] - The audit committee has reviewed the annual financial performance for the year ending December 31, 2025[116] - The company emphasizes a fair and transparent employee selection and promotion process, focusing on professional training and development[103] Future Plans and Investments - The company plans to list its H shares on the Hong Kong Stock Exchange on January 9, 2026[10] - The company plans to invest in the second phase of the copper-cobalt smelting project in the Democratic Republic of the Congo, with an annual production capacity of 30,000 tons of cathode copper[98] - A capital increase of USD 10 million is planned for Anhui Jinxun New Energy Materials Co., Ltd. by Jinxun (Singapore) International Trade Co., Ltd., with the investment expected to be completed by the end of 2026[99] - The company is focused on expanding cathode copper production capacity, with key projects in Zambia and Congo (Kinshasa) aimed at enhancing operational efficiency and profitability[60] - The company plans to diversify resource acquisition through acquisitions, leasing, and partnerships to strengthen its resource base for sustainable development[61] - The company is investing in core technology research to reduce costs and improve efficiency, focusing on innovations in various metallurgical processes[62] Market Conditions - The international copper price increased by 42.0% in 2025, closing at USD 12,496.5 per ton on December 31, 2025[47] - The Shanghai Futures Exchange reported a 34.0% rise in copper prices, closing at RMB 98,240.0 per ton by the end of 2025[47] - The cobalt market underwent a significant supply-side policy change in 2025, with the Democratic Republic of Congo implementing strict annual export quotas[49] Employee and Workforce - The group has a total of 1,092 employees as of December 31, 2025, located in China, Zambia, the Democratic Republic of Congo, Singapore, and Peru[103]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported total revenue of HKD 21,352,287, a decrease of 47.8% compared to HKD 40,913,965 in 2024[2] - The gross profit for the same period was HKD 816,022, down 21% from HKD 1,032,514 in 2024[2] - The operating profit increased to HKD 754,287, a significant rise from HKD 410,311 in the previous year, reflecting a growth of 83.6%[2] - Net profit for the year was HKD 822,623, which is a 121.5% increase compared to HKD 371,921 in 2024[2] - Earnings per share (EPS) for the year was HKD 5.18, up from HKD 2.20 in 2024, representing a 135.5% increase[3] - The company's net profit for the year ended December 31, 2025, was approximately HKD 822,623,000, compared to HKD 371,921,000 for the year ending December 31, 2024, representing a significant increase[43] - The company's net profit increased from approximately HKD 371,921,000 to approximately HKD 822,623,000, representing a significant growth due to stable development in distribution, trading, processing, and financial services segments[52] Assets and Liabilities - The company's total assets increased to HKD 19,805,280, compared to HKD 16,286,472 in 2024, marking a growth of 21.5%[4] - Current liabilities rose to HKD 14,214,409 from HKD 11,725,820, indicating an increase of 21.3%[4] - The company's net asset value reached HKD 8,401,083, up from HKD 7,236,287 in 2024, reflecting a growth of 16.1%[5] - Total assets as of December 31, 2025, amounted to HKD 22,631,388,000, with distribution and trading segment assets at HKD 11,978,443,000 and financial services segment assets at HKD 7,663,760,000[18] - Total liabilities as of December 31, 2025, were HKD 14,230,305,000, with distribution and trading segment liabilities at HKD 6,710,520,000 and financial services segment liabilities at HKD 5,662,040,000[18] Revenue Breakdown - Revenue from commodity trading and processing sales was HKD 20,516,007, down 48.8% from HKD 40,036,179 in the previous year[10] - Commission income and brokerage fees from financial services increased to HKD 289,402, up 14.5% from HKD 252,719 in the previous year[10] - The segment profit for commodity trading and processing was HKD 490,531, while the financial services segment profit was HKD 248,047, leading to a total segment profit of HKD 738,578[15] - The group’s customer contract revenue for 2025 was HKD 20,794,146, with significant contributions from the Chinese market at HKD 11,105,685[13] - Revenue from Singapore for the year ended December 31, 2025, was HKD 9,983,365,000, a significant decrease from HKD 24,212,330,000 in 2024[21] Operational Issues - The group reported a loss of HKD 167,462,000 for the year ended December 31, 2024, due to misappropriation issues in its Singapore subsidiary[24] - The group has engaged legal professionals to investigate the misappropriation and has reported the matter to the Singapore police[24] - The group has ceased all operations of the Singapore subsidiary since the discovery of the misappropriation[24] - The board believes that the misappropriation issues have been controlled and did not involve other personnel or senior management[26] - The independent auditor, RSM Hong Kong, issued a qualified opinion on the consolidated financial statements for the year ending December 31, 2024, due to insufficient audit evidence related to a Singapore subsidiary[100] Future Plans and Developments - The company plans to adopt new accounting standards effective from January 1, 2026, but expects no significant impact on financial performance[8] - The company plans to focus on the continuous development of its financial services and distribution, trading, and processing businesses through 2026[53] - The company is actively seeking acquisition opportunities in markets such as China, Indonesia, Australia, and Malaysia to expand its business footprint and enhance its resource portfolio[59] - The company plans to allocate approximately 10% to 20% of the raised funds for business expansion in Indonesia through acquisitions or joint ventures[63] Shareholder Information - The company did not declare any interim or final dividends for the years ended December 31, 2025, and December 31, 2024[33] - The board did not recommend the payment of dividends for the year ending December 31, 2025, consistent with 2024[93] - The company changed its name from "Theme International Holdings Limited" to "Deep Source Holdings Limited" to better reflect its future business development[60] Employee and Staffing - The company had a total of 378 employees as of December 31, 2025, across Hong Kong, Singapore, China, and the UK[45] - The group employed a total of 378 staff as of December 31, 2025, a decrease from 399 in 2024[91] Miscellaneous - The company has no significant contingent liabilities as of December 31, 2025[73] - The company has no major acquisitions or disposals to disclose for the year ended December 31, 2025[74] - The company has approximately HKD 725.5 million in restricted deposits used as collateral for bank financing as of December 31, 2025[72] - The company emphasizes that the alleged misappropriation will not significantly impact its cash flow, financial condition, or business operations[69]

Financial Performance - Revenue for the year ended December 31, 2025, was approximately HKD 81,100,000, an increase of 157.2% compared to 2024[4] - Gross profit for the same period was approximately HKD 32,100,000, representing a 76.3% increase, with a gross margin of approximately 39.6%[4] - Loss attributable to equity shareholders for the year was approximately HKD 5,400,000, a reduction of 56.5% compared to 2024, primarily due to increased revenue[4] - The company reported a basic loss per share of HKD 1.19 for 2025, compared to HKD 2.75 for 2024[6] - The company reported a pre-tax loss of HKD 12,494,000 for 2025, compared to a loss of HKD 14,945,000 in 2024, indicating an improvement in financial performance[31] - The group reported a loss before tax of approximately HKD 5,400,000 in 2025, a decrease of about 56.6% from the loss of approximately HKD 12,500,000 in 2024[59] Assets and Liabilities - Total assets as of December 31, 2025, were HKD 51,148,000, compared to HKD 42,989,000 in 2024[7] - Cash and cash equivalents increased to HKD 41,095,000 in 2025 from HKD 37,042,000 in 2024[7] - Non-current liabilities decreased to HKD 466,000 in 2025 from HKD 1,287,000 in 2024[8] - Total equity as of December 31, 2025, was HKD 46,992,000, down from HKD 52,268,000 in 2024[8] - The company’s total liabilities were reported at HKD 13,573,000, with lease liabilities accounting for HKD 841,000[31] - The company’s total assets amounted to HKD 65,841,000, with cash and cash equivalents contributing HKD 29,270,000[31] Revenue Segments - The company reported total segment revenue of HKD 81,066,000 for the year ended December 31, 2025, with advertising services contributing HKD 81,066,000 and e-commerce contributing none[17] - Total revenue from advertising services for 2025 reached HKD 81,066,000, a significant increase from HKD 31,515,000 in 2024, representing a growth of 157%[25] - Revenue from online media surged to HKD 61,857,000 in 2025, up from HKD 11,506,000 in 2024, marking an increase of 437%[27] Corporate Governance and Compliance - The financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with relevant disclosure requirements[11] - The company has adopted the corporate governance code as per the listing rules, ensuring transparency and accountability to shareholders[79] - The audit committee has reviewed the annual performance for the year ending December 31, 2025, prior to submission for board approval[84] - The company’s auditors issued a disclaimer of opinion regarding the consolidated financial statements for the year ending December 31, 2025, which has been fully resolved[83] Employee and Operational Insights - The company employed 51 employees as of December 31, 2025, an increase from 41 employees in 2024[82] - The company emphasizes competitive salary structures and performance-based rewards for employees[82] - The company has not engaged in any purchase, sale, or redemption of its listed securities during the reporting period[86] Future Outlook and Strategy - The group plans to continue developing digital and cross-border advertising services, which have significant market potential[64] - The group aims to maintain high standards of corporate governance and strengthen risk control mechanisms to support long-term development[65] - The group will only consider investment or collaboration opportunities that are deemed appropriate and can create sustainable value for shareholders[64] - The group is focused on integrating traditional brand assets with modern digital marketing strategies to enhance its competitive position[63] Market Conditions - The overall market sentiment remains cautious due to global economic uncertainties, but the group continues to demonstrate resilience through prudent cost management and operational efficiency[63] Dividends and Shareholder Relations - The company did not recommend any dividend distribution for the year ended December 31, 2025[3] - The company did not recommend the payment of dividends for the years ending December 31, 2025, and December 31, 2024[35] - The company expresses gratitude to shareholders and business partners for their continued support and acknowledges employee contributions[90] - The company will announce the date for the annual general meeting in due course as per listing rules[87]

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 306.8 million, a decrease of 34.8% compared to RMB 470.8 million in 2024[3] - Gross profit for the same period was RMB 211.8 million, down 42.4% from RMB 367.7 million in the previous year[3] - The company reported a loss before tax of RMB 404.9 million, a 45.3% improvement from a loss of RMB 740.7 million in 2024[3] - Net loss for the year was RMB 407.7 million, a reduction of 43.2% compared to RMB 717.4 million in 2024[3] - Basic and diluted loss per share was RMB 0.93, down 42.9% from RMB 1.63 in the previous year[3] - Non-IFRS commercial profit was RMB 1.4 million, a significant decline of 98.6% from RMB 97.7 million in 2024[3] - Non-IFRS commercial profit margin decreased to 0.5%, down 20.2 percentage points from 20.7% in the previous year[3] - Non-IFRS EBITDA was a loss of RMB 289.6 million, improving by 53.4% from a loss of RMB 621.8 million in 2024[3] Assets and Liabilities - Total non-current assets decreased to RMB 1.85 billion from RMB 2.45 billion in 2024[9] - Current assets totaled RMB 667.0 million, down from RMB 802.5 million in the previous year[9] - Current liabilities totaled RMB 240,603,000, a decrease from RMB 361,749,000 in 2024, indicating improved liquidity management[15] - Non-current liabilities decreased to RMB 516,211,000 from RMB 676,922,000, reflecting a reduction in long-term financial obligations[15] - The company's total assets minus current liabilities amounted to RMB 2,278,889,000, down from RMB 2,888,021,000 in the previous year[15] Cost Management and Financing - The company is implementing stricter cost control measures and significantly reducing operational cost budgets to improve liquidity[16] - Plans are in place to dispose of non-core business assets, including a property and shares in Valgen Holding Corporation, to generate additional cash[16] - Preliminary discussions regarding equity financing with potential investors are actively progressing, with expectations for completion in 2026[16] - The company is exploring additional cash inflow channels, including potential compensation from related patent litigation[16] Revenue Breakdown - Revenue from medical equipment sales decreased to RMB 306,786 thousand in 2025 from RMB 470,833 thousand in 2024, representing a decline of approximately 35%[25] - Revenue from mainland China dropped to RMB 208,464 thousand in 2025, down 46% from RMB 388,327 thousand in 2024[25] - The company's overseas business revenue reached RMB 98.3 million in 2025, a year-on-year increase of 19.2%, with products covering nearly 70 countries and regions[57] - TAVR products generated RMB 210.3 million, accounting for 68.56% of total revenue, while TPVR products contributed RMB 96.4 million, representing 31.42% of total revenue[97] Research and Development - Research and development costs were RMB 219,342 thousand in 2025, down from RMB 256,517 thousand in 2024, indicating a decrease of approximately 14.5%[33] - The company has invested significantly in R&D, with expenses of RMB 267.4 million and RMB 341.2 million for the years ending December 31, 2024, and 2025, respectively, representing 87.2% and 72.5% of revenue during the same periods[82] - The product pipeline consists of ten innovative devices, including six commercialized TAVR products and one TPVR product, with ongoing clinical trials for new generation TAVR products[58][60] Clinical Trials and Product Development - The company completed the enrollment of 150 patients in the key clinical trial for the Cardiovalve product in Europe and has submitted a CE MDR application[53] - The company achieved nearly 3,600 valve implantations in China during the year 2025, with its business network covering nearly 700 hospitals nationwide[56] - The company has successfully transitioned its sales model from direct sales to platform sales, significantly improving accounts receivable turnover efficiency[56] - Cardiovalve's TMVR/TTVR product has completed a pivotal clinical trial with 150 patients for tricuspid regurgitation, showing an 88% overall procedural success rate and a 95% success rate in the device implantation group[76][77] Market Expansion and Future Outlook - The company is actively pursuing market expansion strategies, particularly in the Asia-Pacific region, aiming for a 30% increase in market share by 2026[165] - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by market expansion and new product launches[165] - The company plans to enhance its commercialization team and expand market penetration in China to boost product sales[143] Corporate Governance and Compliance - The company has adhered to corporate governance codes and has not identified any violations of securities trading conduct by employees[146][147] - The audit committee consists of three independent non-executive directors, ensuring compliance with listing rules[150] - The group's financial statements for the year ending December 31, 2025, have been reviewed and are consistent with the audited consolidated financial statements[152]

Financial Performance - For the fiscal year ending December 31, 2025, the total revenue was RMB 2,676,628, a decrease of 4.0% from RMB 2,789,781 in 2024[5] - Gross profit for 2025 was RMB 1,433,129, down from RMB 1,463,978 in 2024, reflecting a gross margin of approximately 53.5%[5] - The net profit for the year was RMB 198,126, a decline of 17.3% compared to RMB 239,570 in 2024[7] - Adjusted net profit (non-IFRS) was RMB 281,152, down from RMB 362,532 in the previous year[5] - The basic and diluted earnings per share for 2025 were RMB 0.09, down from RMB 0.11 in 2024[7] - The company reported a total comprehensive income of RMB 174,515 for 2025, compared to RMB 256,694 in 2024[8] - The company's profit before tax for the year ended December 31, 2025, was RMB 221,831,000, a decrease of 15.4% from RMB 262,039,000 in 2024[53] - The tax expense calculated at the applicable statutory tax rate for 2025 was RMB 55,400,000, down from RMB 71,072,000 in 2024[53] - The effective tax rate for certain subsidiaries benefiting from preferential tax rates was RMB 27,090,000 for 2025, compared to RMB 16,606,000 in 2024[53] - Net profit decreased from RMB 239.6 million in 2024 to RMB 198.1 million in 2025, with net profit margins of 8.6% and 7.4% respectively[95] - Adjusted net profit (non-IFRS measure) decreased from RMB 362.5 million in 2024 to RMB 281.2 million in 2025[96][98] Revenue Breakdown - For the fiscal year ending December 31, 2025, the total revenue from external customers was RMB 2,676,628,000, with training services contributing RMB 2,289,263,000 and other sales contributing RMB 387,365,000[27] - The total segment revenue for training services and book sales combined was RMB 2,806,752,000 for the fiscal year ending December 31, 2025[27] - Training services revenue fell by 2.2% from RMB 2,340.8 million in 2024 to RMB 2,289.3 million in 2025, primarily due to declining sales in traditional large classes[82] - The online learning products generated revenue of approximately RMB 84.7 million in 2025[71] - The large class training courses generated approximately RMB 423.3 million in revenue for 2025, with the AI question-answering system class contributing RMB 38.1 million, becoming a core growth highlight[72] - The small class training courses recorded revenue of about RMB 1,738.1 million in 2025, providing personalized training services through a blended online and offline model[72] - Other training courses, including specialized AI evaluation courses, achieved revenue of approximately RMB 43.2 million in 2025, effectively expanding the technical service scenarios[73] Assets and Liabilities - Total assets decreased to RMB 1,848,894 in 2025 from RMB 1,876,914 in 2024[10] - Total liabilities were reduced to RMB 540,209 in 2025, down from RMB 673,475 in 2024, indicating improved financial health[10] - The company reported contract liabilities of RMB 131,071,000 as of December 31, 2025, down from RMB 140,363,000 in 2024, reflecting a decrease of about 6.5%[32] - The total trade and other payables decreased to RMB 182,215,000 in 2025 from RMB 232,682,000 in 2024[63] - The company's trade payables to third parties were RMB 28,791,000 in 2025, down from RMB 34,559,000 in 2024[63] - The company's unremitted profits in mainland China as of December 31, 2025, amounted to RMB 11,241,000[52] Expenses - Employee benefits expenses for the year ended December 31, 2025, were RMB 1,373,157,000, slightly up from RMB 1,368,102,000 in 2024[42] - The company incurred logistics expenses of RMB 53,168,000 for the year ended December 31, 2025, a decrease from RMB 65,041,000 in 2024[42] - The company’s total expenses for the year ended December 31, 2025, were RMB 2,515,236,000, a decrease from RMB 2,589,206,000 in 2024[42] - R&D expenses increased by 10.6% from RMB 221.1 million in 2024 to RMB 244.6 million in 2025, driven by increased investment in AI course development[88] - Administrative expenses decreased by 6.9% from RMB 411.4 million in 2024 to RMB 383.1 million in 2025[86] - Sales and marketing expenses rose by 2.1% from RMB 630.9 million in 2024 to RMB 644.0 million in 2025, due to increased commercialization efforts for AI products[87] Cash Flow - Net cash generated from operating activities for 2025 was RMB 226.3 million, influenced by a pre-tax profit of RMB 221.8 million[120] - Net cash used in investing activities for 2025 was RMB 74.5 million, primarily due to the redemption of financial assets totaling RMB 1,800.9 million[121] - Net cash used in financing activities for 2025 was RMB 213.1 million, mainly related to share repurchases of RMB 152.3 million[122] - Cash and cash equivalents decreased from RMB 946.0 million as of December 31, 2024, to RMB 869.1 million as of December 31, 2025, mainly due to significant cash outflows for investment activities[117] Strategic Initiatives - The company plans to enhance user experience on its app, leading to continuous growth in both the number of users and user engagement[74] - The company plans to accelerate the development of online AI courses and expand into teacher-related AI courses by 2026[77] - The company aims to maintain its competitive edge in AI technology by increasing investment in product development, technical personnel, and AI computing power[78] - The company recognizes the importance of combining AI technology with industry-specific data and experience to enhance service precision[79] - The company is focusing on developing new courses and marketing activities to expand its service offerings both online and offline[145] Market Conditions - The demand for vocational examination training services in China is expected to continue growing, driven by favorable government policies and technological innovations[133] - Seasonal fluctuations affect the timing of course purchases and refund requests, which may impact mid-term operational and financial indicators[134] - Despite facing intense market competition, the company has seen rapid sales growth in AI-related courses since their launch in April 2025[76] - The overall revenue from large class courses has declined due to competitive pricing pressures, although new AI courses have increased sales volume[76] - The small class course system has shown significant growth compared to the previous year, benefiting from a slowdown in industry competition and increased student enrollment in AI courses[76] Corporate Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the annual performance and confirmed compliance with applicable accounting standards and regulations[158] - The independent auditor, PwC, confirmed that the consolidated financial statements for the reporting period are consistent with the audited financial statements[159] - The board of directors has decided not to declare any final dividends for the reporting period (2024: none)[155] - The annual general meeting is scheduled for June 26, 2026, with a record date for shareholder attendance set for June 26, 2026[156][157] Shareholder Engagement - The company expresses gratitude to shareholders, customers, suppliers, and business partners for their trust and support[162] - The company repurchased a total of 30,557,000 shares for approximately HKD 94.4 million during the reporting period, reflecting confidence in its long-term business prospects and enhancing shareholder value[149] - The company acquired 23,950,000 shares at a total cost of approximately HKD 72.8 million under the 2023 Restricted Share Unit Plan[149]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 570,067,000, a decrease of 44% compared to HKD 1,018,462,000 in 2024[5] - Gross profit for 2025 was HKD 162,955,000, down 54% from HKD 358,859,000 in the previous year[5] - The net loss for the year was HKD 76,284,000, an improvement from a net loss of HKD 177,190,000 in 2024[5] - Basic and diluted loss per share for 2025 was HKD 4.86, compared to HKD 12.03 in 2024[5] - The company reported a total loss before tax of HKD 76,284,000, with a net loss attributable to shareholders of HKD 66,717,000 for the same fiscal year[26] - The overall loss for the year decreased by 57% to approximately HKD 76,284,000, down from about HKD 177,190,000 in the previous year[111] - The adjusted loss for the year ended December 31, 2025, was HKD 73,081,000, a reduction of HKD 30,154,000 or 29% compared to the adjusted loss of HKD 103,235,000 in the previous fiscal year[144] Assets and Liabilities - Total assets decreased to HKD 360,527,000 in 2025 from HKD 387,124,000 in 2024[7] - Total liabilities decreased to HKD 332,634,000 in 2025 from HKD 363,433,000 in 2024[8] - As of December 31, 2025, the group's net current liabilities amounted to approximately HKD 84,073,000, compared to net current assets of HKD 2,804,000 in 2024[14] - The total equity attributable to the company's shareholders decreased to HKD 89,216,000 as of December 31, 2025, from HKD 103,311,000 at the beginning of the year[10] - The current liabilities net amount as of December 31, 2025, was HKD 84,073,000, compared to a net current asset position of HKD 2,804,000 as of December 31, 2024, resulting in a current ratio decline from 1.02 to 0.69[147] - The debt-to-equity ratio as of December 31, 2025, was 2.8 times, down from 4.9 times in 2024, primarily due to the conversion of HKD 60,000,000 in convertible bonds during the year[148] Cash Flow and Financing - Cash and cash equivalents at the end of 2025 were HKD 23,888,000, down from HKD 34,450,000 at the end of 2024[9] - Operating cash flow for 2025 was a net outflow of HKD 53,305,000, compared to HKD 74,524,000 in 2024[9] - The net cash used in operating activities was HKD 53,305,000 for the year ending December 31, 2025, down from HKD 74,524,000 in 2024[14] - The company reported a net financing cost of HKD (19,088,000) for 2025, compared to HKD (17,612,000) in 2024, indicating an increase in financing expenses[30] - The company’s total borrowings amounted to HKD 83,922,000 in 2025, up from HKD 55,397,000 in 2024, marking an increase of 51.6%[76] Revenue Breakdown - Revenue from digital operation services decreased to HKD 471,968 thousand in 2025 from HKD 869,555 thousand in 2024, representing a decline of approximately 45.6%[23] - Revenue from the sale of pharmaceutical and healthcare products decreased to HKD 97,869 thousand in 2025 from HKD 145,851 thousand in 2024, a decline of about 32.8%[23] - For the fiscal year ending December 31, 2025, total revenue reached HKD 570,067,000, with contributions from the Medical Industry Digital Operations Services at HKD 471,968,000, Smart Health Service Platform at HKD 97,869,000, and Entertainment and Media at HKD 230,000[26] - The revenue from the Medical Industry Digital Operation Services segment (Yizhinuo) decreased by 46% to approximately HKD 471,968,000, accounting for about 83% of total revenue[137] - The revenue from the Smart Health Service Platform segment (Mongoose Health) decreased by 33% to approximately HKD 97,869,000, representing about 17% of total revenue[137] Cost Management - The company reported a significant reduction in marketing and sales expenses, totaling HKD 156,753,000 in 2025, down from HKD 352,946,000 in 2024[5] - Research and development expenses decreased to HKD 10,372,000 in 2025 from HKD 17,321,000 in 2024[5] - Administrative expenses for the year ended December 31, 2025, were approximately HKD 51,539,000, a decrease of 27% from HKD 70,371,000 in 2024[139] - The group has continued efforts in cost and expense control, actively adopting various artificial intelligence tools[141] Business Strategy and Operations - The company plans to focus on expanding its Medical Industry Digital Operations Services and Smart Health Service Platform, which are key growth areas[26] - The company has identified three main business segments: Medical Industry Digital Operations Services, Smart Health Service Platform, and Entertainment and Media, to streamline operations and resource allocation[25] - The company is implementing operational plans to reduce costs and expenses, recover outstanding receivables, and liquidate certain non-core assets[17] - The company aims to assist the pharmaceutical industry in achieving high-end and intelligent development through technological innovation and ecological collaboration[113] - The group plans to explore suitable tracks including AI, new media, and Web 3.0, focusing on AI + cultural content business models[127] Shareholder and Governance - The company did not recommend the payment of a final dividend for the year ending December 31, 2025, consistent with the previous year[37] - The company issued 638,000,000 new ordinary shares at a par value of HKD 0.02 per share, raising approximately HKD 24,882,000[85] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with the standards set forth in the listing rules[157] - The board expresses gratitude to employees for their dedication and to shareholders, customers, banks, and business partners for their ongoing support[159] - The company emphasizes its commitment to corporate governance and transparency in its operations[159] Employee and Community Engagement - The group emphasizes a "people-oriented" talent strategy, focusing on recruitment and training to build core competitiveness[129] - The company aims to enhance stakeholder engagement through regular communication and updates[159] - The company emphasizes corporate social responsibility by supporting local community development and maintaining close communication with stakeholders[131] Market Conditions and Challenges - Over 60% of leading pharmaceutical companies suspended or reduced budgets for non-core digital marketing projects in the first half of 2025, impacting order volume and project scale[119] - The main revenue source, the digital operation service "Yizhi Nuo," generated HKD 471,968,000, down 46% year-on-year, primarily due to over 60% of major pharmaceutical companies suspending or reducing budgets for non-core digital marketing projects in the first half of 2025[110]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或任何部分內容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。 GREATIME INTERNATIONAL HOLDINGS LIMITED 廣泰國際控股有限公司 （於英屬維爾京群島註冊成立之有限公司） （股份代號：844） 截至二零二五年十二月三十一日止年度之末期業績公告 廣 泰 國 際 控 股 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）於 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度（「回顧年」） 之 經 審 核 綜 合 業 績，連 同 截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 年 度 之 比 較 數 字， 乃根據香港財務報告準則會計準則編製於下文。 – 1 – 綜合損益及其他全面收益表 截至二零二五年十二月三十一日止年度 | | | | | | | | | | 二零二五年 ...

Financial Performance - The company's revenue for the year ended December 31, 2025, was approximately HKD 59,710,000, representing an increase of about 23.3% compared to HKD 48,432,000 in 2024[2] - The net loss for the year was approximately HKD 96,208,000, an increase of about 46.23% from the net loss of HKD 65,785,000 in 2024[2] - The gross profit for the year was HKD 37,005,000, compared to HKD 31,828,000 in 2024[4] - Basic and diluted loss per share for the year was HKD 3.08, compared to HKD 2.10 in 2024[4] - The group reported a pre-tax loss of HKD 118,693,000 for the fiscal year ending December 31, 2025[19] - The company reported a loss of HKD 96,208,000 for 2025, compared to a loss of HKD 65,785,000 in 2024, representing a 46.1% increase in losses[26] - The group recorded a net loss of approximately HKD 96,200,000 attributable to shareholders, compared to a loss of approximately HKD 65,800,000 in the previous year[35] - Loss attributable to the owners of the company increased from approximately HKD 65,800,000 for the year ended December 31, 2024, to approximately HKD 96,200,000 for the current year[58] Assets and Liabilities - Total assets as of December 31, 2025, were approximately HKD 1,039,496,000, a decrease of about 2.8% from HKD 1,069,099,000 in 2024[2] - The company's total liabilities as of December 31, 2025, were HKD 495,887,000, an increase from HKD 467,602,000 in 2024[7] - The debt-to-equity ratio increased to approximately 70.1% in 2025 from 57.9% in 2024[2] - The debt-to-asset ratio increased to approximately 70.1% as of December 31, 2025, compared to 57.9% as of December 31, 2024, primarily due to the net loss incurred during the year[61] - Current liabilities net amount to approximately HKD 8,814,000, further highlighting concerns about the company's financial stability[77] Cash Flow and Financing - The company's cash and cash equivalents increased to HKD 22,300,000 in 2025 from HKD 9,721,000 in 2024[6] - The group has secured additional bank financing of approximately RMB 103,960,000, which remains undrawn as of December 31, 2025[14] - The group plans to accelerate the collection of overdue trade receivables and implement cost control measures to alleviate cash flow pressure[15] - The board believes that the group will have sufficient working capital to meet its operational and financial obligations based on cash flow forecasts covering at least the next twelve months[15] Revenue Sources - The group generated total revenue of HKD 59,710,000, with property investment business contributing HKD 34,994,000 and property management business contributing HKD 24,716,000[19] - Revenue from property investment and management businesses was approximately HKD 35,000,000 and HKD 24,700,000 respectively, compared to HKD 33,400,000 and HKD 15,000,000 in the previous year[46] - The total rental income from investment properties was HKD 34,994,000 in 2025, compared to HKD 33,354,000 in 2024, reflecting a growth of 4.9%[24] Operational Efficiency - The average credit period for trade payables is three to six months, with total trade payables amounting to HKD 29,694,000 in 2025, up from HKD 26,042,000 in 2024[32] - The company's employee costs, including directors' remuneration, increased to HKD 15,822,000 in 2025, up 7.8% from HKD 14,668,000 in 2024[24] - Administrative expenses decreased by approximately 8.4% to about HKD 25,600,000, primarily due to reduced legal and professional fees[55] Investment Properties - The company reported a fair value loss on investment properties of HKD 90,110,000 for the year, compared to HKD 79,456,000 in 2024[4] - The group experienced a fair value loss on investment properties amounting to HKD 90,110,000, impacting overall performance significantly[19] - The fair value loss on investment properties was approximately HKD 90,100,000, compared to HKD 79,500,000 in the previous year[52] Future Outlook - The company is actively seeking potential projects to diversify its business portfolio and broaden revenue sources[34] - The company plans to closely monitor domestic and international political and economic developments while actively exploring revenue sources that create long-term value for shareholders[67] - The company did not engage in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[63] Dividends - The company did not recommend any dividends for the years ended December 31, 2025, and 2024[25] - The company will not declare a dividend for the year ended December 31, 2025, consistent with the previous year[68] Uncertainties - The company reported a net loss of approximately HKD 96,208,000 for the year ending December 31, 2025, indicating significant uncertainty regarding its ability to continue as a going concern[77] - The financial statements do not include any adjustments that may result from the uncertainties mentioned, and no opinion or assurance has been provided by the auditors regarding this announcement[79]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 1,098,569,000, representing an increase of 2.4% from HKD 1,067,830,000 in 2024[3] - Gross profit for 2025 was HKD 335,947,000, up from HKD 321,590,000 in 2024, indicating a growth of 4.5%[3] - Net profit for the year was HKD 166,688,000, a decrease of 2.0% compared to HKD 170,373,000 in 2024[3] - Total comprehensive income for 2025 was HKD 174,972,000, compared to HKD 164,618,000 in 2024, reflecting an increase of 6.9%[4] - Basic and diluted earnings per share for 2025 were HKD 13.34, down from HKD 13.63 in 2024, a decline of 2.1%[4] - The group's revenue for the year ended December 31, 2025, was approximately HKD 1,099,000,000, an increase of about 2.9% compared to the previous year[34] Assets and Liabilities - Non-current assets increased to HKD 234,902,000 in 2025 from HKD 213,307,000 in 2024, marking a growth of 10.2%[5] - Current assets totaled HKD 892,148,000 in 2025, up from HKD 843,152,000 in 2024, an increase of 5.8%[5] - The company's cash and cash equivalents decreased significantly to HKD 236,302,000 in 2025 from HKD 418,507,000 in 2024, a decline of 43.5%[5] - Total equity increased to HKD 938,159,000 in 2025 from HKD 829,677,000 in 2024, representing a growth of 13.1%[5] - As of December 31, 2025, the company's debt ratio is zero, indicating a strong financial position with no bank loans against shareholders' equity[45] Revenue Breakdown - Revenue from sleepwear products increased to HKD 754,795,000 in 2025 from HKD 726,449,000 in 2024, representing a growth of 3.7%[12] - Revenue from the US market was HKD 812,053,000 in 2025, compared to HKD 793,227,000 in 2024, reflecting a growth of 2.3%[14] - Revenue from major customers A and B accounted for over 10% of total revenue, with customer A generating HKD 802,212,000 and customer B generating HKD 245,139,000 in 2025[15] Expenses - Selling and distribution expenses for 2025 were approximately HKD 57,200,000, a 9.5% increase from HKD 52,200,000 in 2024, with the expense ratio rising from 4.9% to 5.2% of revenue[38] - Administrative expenses increased by approximately 25.1% to HKD 86,500,000 in 2025, primarily due to the expansion of operations including new facilities in Cambodia and ongoing operations in Honduras[39] - The company's attributable profit decreased by about 2.1% to approximately HKD 166,700,000 for the year ended December 31, 2025, mainly due to increased administrative expenses[41] Operational Developments - The company is primarily engaged in the manufacturing and sales of sleepwear, loungewear, and fabric, with operations based in Hong Kong[6] - The company is focusing on diversifying its production bases and enhancing vertical integration to improve operational efficiency and product quality[32] - The company plans to establish production bases in Africa, Central America, and Vietnam to capitalize on upcoming demand recovery opportunities[33] - The group anticipates completing the construction of its clothing production facility in Kenya by 2026, which is expected to enhance capacity and reduce costs[42] - The group is also expanding its production base in Vietnam, with an estimated monthly capacity of about 2,000,000 pieces, expected to be trial-produced by the end of 2026 or early 2027[42] Committees and Governance - The company has established an audit committee to oversee the integrity of financial statements and internal control systems[62] - The company has established a Compensation Committee to consider the remuneration of all directors and senior management, chaired by independent non-executive director Ms. Liu Zhenni[63] - A Nomination Committee has been formed to assist the board in managing the nomination of directors, chaired by executive director Mr. Tan Guopei[64] Shareholder Information - The annual general meeting of shareholders is scheduled for June 26, 2026, at the 33rd floor of the Shun Tak Centre, Hong Kong[65] - The company will suspend the transfer of shares from June 23, 2026, to June 26, 2026, to determine shareholder voting rights at the annual general meeting[68] - The company will also suspend share transfers on July 3, 2026, to determine the entitlement to the proposed final dividend, which will be distributed around July 15, 2026[68]