Financial Performance - The total revenue for the year ended December 31, 2025, was HKD 53,186,000, a decrease of 27% compared to HKD 72,845,000 in 2024[4] - The total loss for the year was HKD 891,968,000, improving from a loss of HKD 1,200,555,000 in 2024, representing a reduction of approximately 26%[4][5] - The basic and diluted loss per share for the year was HKD 44.6, compared to HKD 60.0 in 2024, indicating a decrease in loss per share[4] - The total comprehensive loss for the year was HKD 563,970,000, significantly improved from HKD 1,597,297,000 in 2024, representing a reduction of approximately 64.7%[5] - The group reported a pre-tax loss of HKD 891,843,000 for 2025 and HKD 1,194,079,000 for 2024[13][14] - The company reported a consolidated loss attributable to shareholders of HKD 892 million for the year ended December 31, 2025, compared to a loss of HKD 1.2 billion for 2024, primarily due to losses from joint ventures, which were mainly non-cash in nature[29] Assets and Liabilities - The group's non-current assets totaled HKD 9,102,345,000, down from HKD 9,361,021,000 in 2024, reflecting a decline of about 2.8%[6] - The group's total equity decreased to HKD 8,742,479,000 from HKD 8,982,144,000, a decline of about 2.7%[6] - The total assets of the group amounted to HKD 9,310,941,000, with segment assets for property investment at HKD 147,906,000[13] - The total assets of the group as of December 31, 2025, were HKD 9.3 billion, a decrease from HKD 9.5 billion in 2024, while total liabilities remained stable at HKD 600 million[37] - The company’s liabilities totaled HKD 568,462,000 in 2025, with segment liabilities for property investment at HKD 510,317,000[13][14] Revenue Sources - For the fiscal year ending December 31, 2025, total revenue from external sources was HKD 53,186,000, with property investment contributing HKD 49,616,000[13] - Total revenue for the year was HKD 53 million, down from HKD 73 million in 2024, with property investment business contributing 93% of total revenue, compared to 97% in 2024[29] - Revenue from external customers in Singapore decreased from HKD 53,620,000 in 2024 to HKD 33,960,000 in 2025[15] - The property investment segment's revenue decreased to HKD 50 million in the current year, down from HKD 70 million in 2024, primarily due to reduced interest income[30] Segment Performance - The segment performance showed a profit of HKD 6,347,000 from property investment, while property development incurred a loss of HKD 4,264,000[13] - The segment performance for 2024 indicated a profit of HKD 27,663,000 from property investment, while property development reported a loss of HKD 3,638,000[14] - The group recorded a loss of HKD 4 million in the property development segment due to stagnant sales in Beijing's Lippo Plaza amid a sluggish property market in mainland China[36] Cash Flow and Financing - Cash and cash equivalents increased to HKD 110,932,000 from HKD 97,330,000, marking a growth of approximately 13.9%[6] - The financing costs for the year were HKD 23,115,000, down from HKD 32,223,000 in 2024, showing a reduction of approximately 28.2%[4] - The company’s other operating expenses amounted to HKD 12 million, a decrease from HKD 14 million in 2024, while financing costs reduced to HKD 23 million from HKD 32 million, attributed to lower interest rates[29] Joint Ventures and Investments - The group's share of losses from joint ventures was HKD 876,018,000, an improvement from HKD 1,209,144,000 in 2024, indicating a reduction of about 27.5%[4] - The share of losses from the joint venture Lippo ASM Asia Property Limited (LAAPL) amounted to HKD 871 million, compared to HKD 1,205 million in 2024, mainly due to impairment losses and fair value losses on investment properties[35] - The company recognized a loss of HKD 7.329 million related to joint ventures in 2025, with no such loss reported in 2024[19] Corporate Governance and Future Outlook - The board is committed to high-quality corporate governance practices to enhance investor confidence[44] - The company has established an audit committee consisting of two independent non-executive directors and one non-executive director[46] - The independent auditor, Ernst & Young, confirmed that the financial figures in the preliminary announcement are consistent with the group's financial report for the year ending December 31, 2025[47] - The group will continue to manage its business cautiously and monitor its assets and investments amid a challenging operating environment[40] - The forecast for Singapore's GDP growth in 2026 has been revised upward to 2% to 4%, while the target for mainland China's GDP growth is set at 4.5% to 5%[40] Dividends - The company did not recommend any final dividend for the year ended December 31, 2025, consistent with 2024[26] - No final dividend will be declared for the year ending December 31, 2025, and no interim dividend will be declared for 2024[41] Employee Costs - The group has 23 full-time employees, with employee costs rising to HKD 18 million in the current year from HKD 11 million in 2024[39] Miscellaneous - The company will suspend share transfer registration from June 3, 2026, to June 8, 2026, to determine eligibility for the upcoming annual general meeting[42] - No purchase, sale, or redemption of the company's listed securities occurred for the year ending December 31, 2025[43]

企業背景 鷹君集團為香港大型地產發展商之一。本集團同時於全球各地擁有及管理一系列以朗廷及其聯屬品牌命名 之豪華酒店。本集團總部設於香港，旗下所發展、投資與管理的優質住宅、寫字樓、商場和酒店物業遍佈 亞洲、北美洲、澳紐區和歐洲。 本集團的主要資產包括持有冠君產業信託（「冠君產業信託」）的70.63%權益（截至2025年 12月 31日），及 朗廷酒店投資及朗廷酒店投資有限公司（「LHI」）的70.26%權益（截至2025年 12月 31日）。冠君產業信託 擁有位於花園道三號的甲級商用寫字樓物業及位於朗豪坊的寫字樓及商場物業。此外，冠君產業信託亦持 有位於倫敦市中心66 Shoe Lane的寫字樓物業之27%權益。LHI則於九龍核心地帶擁有三間優質酒店，包 括香港朗廷酒店、香港康得思酒店及香港逸東酒店。 本集團的發展項目包括兩個位於香港的優質住宅項目，以及持有股份權益的三個香港合營發展項目，兩個 位於美國三藩市的發展項目，一個位於美國西雅圖的發展項目和兩個分別位於日本東京及意大利威尼斯的 酒店發展項目。本集團同時經營物業管理及保修、以及建築材料貿易之業務。 本集團之酒店組合遍佈世界各地，目前共有34間酒店，客房數 ...

Financial Performance - The group's revenue increased by 7.5% from RMB 3,022.4 million for the year ended December 31, 2024, to RMB 3,249.1 million for the year ended December 31, 2025[3]. - Gross profit rose by 11.3% from RMB 909.3 million in 2024 to RMB 1,012.4 million in 2025[3]. - EBITDA increased by 22.7% from RMB 506.9 million for the year ended December 31, 2024, to RMB 621.9 million for the year ended December 31, 2025[3]. - Net profit grew by 14.6% from RMB 307.2 million in 2024 to RMB 352.1 million in 2025[3]. - Basic earnings per share for the year ended December 31, 2025, was RMB 1.49, compared to RMB 1.26 in 2024[6]. - The company reported a total comprehensive income of RMB 338.3 million for the year ended December 31, 2025, compared to RMB 319.5 million in 2024[6]. - The company reported a pre-tax profit of RMB 680,012 thousand for 2025, up from RMB 543,115 thousand in 2024, marking a growth of 25.3%[29]. - Total tax expense for 2025 is RMB 71,577,000, an increase from RMB 56,101,000 in 2024, representing a growth of approximately 27.6%[37]. - Adjusted net profit rose by 0.55% from RMB 400.4 million for the year ending December 31, 2024, to RMB 402.6 million for the year ending December 31, 2025[89]. Assets and Liabilities - Total assets decreased from RMB 2,892.8 million in 2024 to RMB 2,840.4 million in 2025[8]. - Current liabilities increased significantly from RMB 763.3 million in 2024 to RMB 1,152.1 million in 2025[8]. - Non-current liabilities rose from RMB 516.5 million in 2024 to RMB 656.0 million in 2025[8]. - The company’s goodwill increased from RMB 1,132.5 million in 2024 to RMB 1,327.5 million in 2025[7]. - As of December 31, 2025, the total interest-bearing bank loans amounted to RMB 306.7 million, a significant increase from RMB 100.1 million as of December 31, 2024[92]. Revenue Breakdown - Revenue from healthcare solutions was RMB 3,219,648 thousand in 2025, up from RMB 2,987,656 thousand in 2024, reflecting an increase of 7.7%[24]. - Revenue from sales of healthcare products decreased to RMB 29,422 thousand in 2025 from RMB 34,721 thousand in 2024, a decline of 15.3%[24]. - Revenue from mainland China accounted for RMB 3,238,764 thousand in 2025, compared to RMB 3,019,225 thousand in 2024, representing a growth of 7.3%[19]. - Revenue from offline medical institutions increased by 8.8% to RMB 2,982.7 million for the year ended December 31, 2025, compared to RMB 2,740.5 million for the year ended December 31, 2024[72]. - Revenue from the online healthcare platform decreased by 5.5% to RMB 266.4 million for the year ended December 31, 2025, down from RMB 281.9 million for the year ended December 31, 2024[72]. Operational Developments - The company plans to continue expanding its online healthcare platform, which has been operational since 2018, enhancing patient access and resource allocation[46]. - The company aims to strategically select regions for offline expansion based on online physician and customer activity levels[46]. - The company has developed a combination of traditional Chinese medicine (TCM) and Western medicine treatment methods, launching the "Gu Shengtang TCM Education and Research Project" in collaboration with Nanyang Technological University in Singapore in 2025[47]. - The company launched the "National Medicine AI Avatar" in June 2025, with a total of 13 AI avatars covering 8 core TCM specialties, addressing the shortage of quality medical resources and improving patient treatment experiences[48]. - The company aims to leverage AI technology in medical scenarios, accelerating the development of industry models and smart healthcare solutions as part of the government's push for digital TCM development[53]. Customer Engagement and Membership - The company has established a comprehensive membership system, enhancing customer engagement and loyalty through a one-year membership card program[26]. - Membership numbers increased to 477,294 in 2025, with member visit counts rising to 2,354 thousand, demonstrating strong customer loyalty[60]. - The customer base grew steadily, with new customers increasing to 968,265 in 2025 from 889,070 in 2024, and total cumulative customers reaching 5,394,132[60]. - The number of patient visits increased to 6,008 thousand in 2025, up from 5,411 thousand in 2024, indicating a rise in service utilization[60]. - The customer retention rate was 66.1% in 2025, slightly down from 67.1% in 2024, while the average spending per visit decreased to RMB 541 from RMB 559[60]. Corporate Governance and Compliance - The company has maintained compliance with corporate governance codes, except for the combined roles of Chairman and CEO held by Mr. Tu[108]. - The company is committed to reviewing and monitoring its corporate governance practices to ensure compliance with the governance code[109]. - The company established an audit committee to oversee compliance, accounting policies, and financial reporting procedures[118]. - The independent auditor has reviewed the preliminary financial results for the year ending December 31, 2025[119]. Future Plans and Investments - The company plans to enhance its OMO platform and brand value while integrating AI into traditional Chinese medicine to improve service quality and resource allocation[63]. - The company is increasing R&D investments to standardize and productize healthcare solutions, with several traditional Chinese medicine formulations receiving regulatory approval for production[65]. - The company is advancing its international strategy by acquiring 100% of Dazhongtang and expanding its presence in Singapore, with three products already certified by the Singapore Health Sciences Authority[66]. - The company is actively developing light clinics to cater to both consumer-grade and medical-grade services, leveraging the significant market potential in China's healthcare sector[66]. - The company aims to enrich its product portfolio with 10% of the placement proceeds (approximately HKD 54 million) allocated for this initiative[106].

Financial Performance - Total revenue for the six months ended December 31, 2025, was SGD 17,571,003, a decrease of 60.3% compared to SGD 44,185,932 in the same period of 2024[7] - The company reported a gross loss of SGD 786,780, compared to a gross profit of SGD 2,996,551 in the previous year, indicating a significant decline in profitability[7] - The company incurred a pre-tax loss of SGD 21,534,000, compared to a pre-tax profit of SGD 415,994 in the same period last year[7] - The net loss for the period was SGD 21,534,000, a significant decline from a profit of SGD 157,445 in 2024[7] - The total comprehensive loss attributable to owners of the company was SGD 21,582,276, compared to a total comprehensive income of SGD 120,190 in 2024[7] - Earnings per share for the period was a loss of SGD 2.15, compared to earnings of SGD 0.02 in the same period last year[7] - The company reported a total comprehensive loss of SGD 21,582,276 for the six months ended December 31, 2025, compared to a profit of SGD 157,445 for the same period in 2024[12] - The company reported a loss of approximately SGD 21.5 million for the six months ended December 31, 2025, compared to a profit of approximately SGD 0.2 million for the same period in 2024[89] Operational Costs - Administrative expenses were SGD 2,246,060, slightly down from SGD 2,409,377 in 2024, reflecting a reduction in operational costs[7] - The company experienced a significant increase in financial asset and contract asset impairment losses, totaling SGD 18,740,180, compared to SGD 486,434 in 2024[7] - Total employee costs for the six months ended December 31, 2025, amounted to SGD 3,749,574, down 18.4% from SGD 4,593,640 in 2024[38] - The total cost of materials recognized as service costs for the six months ended December 31, 2025, was SGD 10,329,627, a decrease of 50.0% from SGD 20,609,261 in 2024[38] - The company reported a significant reduction in subcontracting costs, which were SGD 4,602,479 for the six months ended December 31, 2025, down from SGD 16,163,814 in 2024, representing a decrease of 71.5%[38] Assets and Liabilities - Total assets as of December 31, 2025, amounted to SGD 12.68 billion, with a net asset value of SGD 12.67 billion[8] - Current liabilities were reported at SGD 1.21 billion, while total liabilities stood at SGD 1.76 billion[8] - The company’s equity attributable to shareholders was SGD 12.67 billion, reflecting a strong financial position[8] - The company reported a significant increase in cash and cash equivalents, totaling SGD 1.87 billion[8] - Trade receivables reached SGD 1.51 billion, indicating robust revenue collection processes[8] - The company’s total non-current assets were valued at SGD 11.47 billion, showcasing substantial long-term investments[8] - The company has a total of SGD 2.01 billion in lease liabilities, reflecting its commitment to long-term operational stability[8] - The company’s total equity as of December 31, 2025, was SGD 12,672,450, down from SGD 34,254,726 as of July 1, 2025[12] - The company’s accumulated losses increased to SGD 9,449,683 as of December 31, 2025, from SGD 21,534,000 for the same period in 2024[12] Revenue Sources - Revenue from public sector clients for the same period was SGD 17,193,004, down from SGD 44,161,409 in 2024, indicating a decrease of about 61.1%[26] - Major clients contributing over 10% of total revenue included Client I with SGD 5,764,543 and Client II with SGD 3,046,044, while Client III did not contribute in 2025[29] - The company confirmed revenue of approximately SGD 4.4 million from ongoing projects for the six months ended December 31, 2025, with the remaining revenue primarily from projects that were replaced or terminated[75] Impairment and Losses - The company experienced a significant increase in contract asset impairment losses, amounting to SGD 18,740,180 for the six months ended December 31, 2025, compared to SGD 422,612 in 2024[13] - The impairment loss on contract assets for the six months ended December 31, 2025, was SGD 18,740,180, a significant increase from SGD 422,612 in 2024[34] - The total expected credit loss for trade receivables is SGD 969,991, unchanged from the previous reporting period[51] - The total expected credit loss for the period increased to SGD 20,685,997 as of December 31, 2025, compared to SGD 1,945,817 at the end of the previous period, marking a significant rise[58] Cash Flow and Financing - Operating cash flow before changes in working capital was a loss of SGD 2,632,321 for the six months ended December 31, 2025, compared to a gain of SGD 1,074,662 in 2024[13] - The cash and cash equivalents decreased by SGD 9,851,022, resulting in an ending balance of SGD 136,841 as of December 31, 2025[13] - The company’s cash balance as of December 31, 2025, included approximately SGD 7.2 million in accounts under regulatory review, which restricted banking services[62] - The company’s financing costs decreased to SGD 8,600 for the six months ended December 31, 2025, compared to SGD 14,232 in 2024[13] Corporate Governance and Compliance - The company has adopted the standard code of conduct for securities trading by directors and has confirmed compliance until December 31, 2025[114] - The company has complied with the corporate governance code, with some deviations noted, including the absence of a separate chairman and CEO since November 2025[127] - The audit committee reviewed the unaudited interim results for the six months ended December 31, 2025, and found no objections regarding the accounting principles adopted by the management[130] Future Outlook - The company is focusing on cost management strategies to mitigate losses and improve future performance[6] - The company expects to recognize revenue from the allocated transaction prices for unsatisfied contracts between 2025 and 2029[28] - The company’s financial performance indicates a solid foundation for future expansion and investment opportunities[9]

Financial Performance - For the fiscal year ending December 31, 2025, CMON Limited reported total revenue of $9,907,433, a decrease of 73.5% compared to $37,353,249 in 2024[4]. - The cost of sales for the same period was $9,169,709, resulting in a gross profit of $737,724, down 95.9% from $17,997,494 in the previous year[4]. - The operating loss for the year was $21,170,860, compared to an operating loss of $2,559,878 in 2024, indicating a significant decline in operational performance[4]. - The net loss attributable to the owners of the company was $19,913,968, a substantial increase from $3,047,341 in the prior year, reflecting a 553.5% rise in losses[5]. - The company reported a loss of $8,055,658 in 2025, compared to a profit of $35,646 in 2024, indicating a substantial shift in financial performance[22]. - The total comprehensive loss attributable to equity holders increased from approximately $3.0 million for the year ended December 31, 2024, to approximately $19.9 million for the year ended December 31, 2025[42]. - The company's basic and diluted loss per share for the year was $(0.36), compared to $(0.05) in 2024, indicating a worsening financial position[5]. - The company's employee costs totaled approximately $2.8 million for the year ending December 31, 2025, down from approximately $4.0 million in 2024, with a reduction in the number of employees from 81 to 42[72]. Assets and Liabilities - Total assets decreased to $4,766,250 from $5,278,537 in 2024, while total liabilities increased to $11,660,251 from $9,633,617, resulting in a net (liabilities)/assets position of $(3,592,002)[6][7]. - The total non-current assets decreased from $18,485,283 in 2024 to $3,122,496 in 2025, reflecting a decline of approximately 83%[20]. - As of December 31, 2025, the company's total assets were approximately $8.8 million, with total liabilities of approximately $12.4 million, primarily consisting of current liabilities[62]. - The company had a net current liability of $6,894,001 and a net liability of $3,592,002[100]. - The company's asset-liability ratio was approximately 140.6% as of December 31, 2025, compared to approximately 47.6% as of December 31, 2024[75]. Revenue Sources - Revenue from North and South America dropped to $2,119,388 in 2025 from $15,699,195 in 2024, a decrease of about 87%[15]. - Revenue from the North American market dropped to about 21.4% of total revenue, down from approximately 42% the previous year, reflecting a strategic shift towards Asia[40]. - Revenue from the U.S. market decreased to approximately 21.4% of total revenue for the year ending December 31, 2025, down from about 42% the previous year, indicating a strategic shift towards Asia[85]. - The company shipped crowdfunding projects contributing approximately $0.2 million in revenue for the year ending December 31, 2025, compared to approximately $20.0 million in 2024, with successfully launched but unshipped crowdfunding projects amounting to approximately $3.2 million for 2025[70]. Cost Management - The cost of goods sold was $5,963,431 in 2025, down from $13,093,441 in 2024, showing a reduction of about 54%[26]. - The company reported a decrease in employee benefits expenses from $4,018,198 in 2024 to $2,844,420 in 2025, a reduction of about 29%[26]. - Sales and distribution expenses decreased from approximately $7.2 million to about $4.8 million, mainly due to a decline in sales[54]. - General and administrative expenses reduced from approximately $13.5 million to about $9.3 million, largely due to a decrease in game development expenses[55]. Strategic Initiatives - CMON Limited plans to raise approximately HKD 9.8 million through a placement of 10,320,000 shares at a price of HKD 0.9500 per share to support its operational funding needs[11]. - The company is implementing a restructuring plan to reduce cash outflows from operating activities, aiming for improved financial stability[11]. - The company aims to focus on fulfilling commitments to supporters and plans to resume crowdfunding activities in the second half of 2026 with new works from existing game series[44]. - The company is strategically shifting its focus to distribution in Asia, which has become its largest market, while North America and Europe have seen significant declines[49]. - The company has begun evaluating the impact of new and revised International Financial Reporting Standards but has not yet determined if they will significantly affect its operating performance and financial position[13]. Shareholder Information - No dividends were recommended by the board for the year ending December 31, 2025, consistent with 2024[27]. - The board does not recommend a final dividend for the year ending December 31, 2025, consistent with the previous year[86]. - The total number of shares outstanding increased from 51,600,000 to 61,920,000 post-transaction, with public shareholders holding 34.28% of shares[92]. - Major shareholders' ownership percentages decreased post-transaction, with Huang Cheng'an's share dropping from 24.09% to 20.08%[92]. Audit and Compliance - The audit committee reviewed the accounting policies and internal controls related to the financial reporting for the year ended December 31, 2025[96]. - The independent auditor, Zhonghui Anda CPA Limited, was appointed to audit the consolidated financial statements for the year ended December 31, 2025[99]. - The annual report for the year ended December 31, 2025, will be published on the company's website and sent to shareholders in due course[101].

Financial Performance - The company's revenue for the year ended December 31, 2025, was RMB 76.89 million, a decrease of 42.3% compared to RMB 133.07 million in 2024[16] - The company reported a loss before tax of RMB 33.52 million for 2025, compared to a loss of RMB 8.17 million in 2024[16] - The net loss for the year was RMB 46.59 million, worsening from a loss of RMB 8.68 million in the previous year[16] - Earnings per share for 2025 was RMB (0.12), compared to RMB (0.02) in 2024[16] - The company experienced a significant increase in tax expenses, reporting RMB 13.78 million in 2025 compared to RMB 0.51 million in 2024[16] - The total revenue for the group in the reporting period was approximately RMB 76.89 million, a decrease of 42.22% compared to RMB 133.07 million in the same period last year, primarily due to a significant reduction in revenue from the energy storage business[27] - The gross profit recorded was approximately RMB 35.07 million, down about 21.84% from RMB 44.87 million in the previous year, mainly due to a decrease in gross profit from the energy storage business[28] - The sales cost for the reporting period was approximately RMB 41.82 million, a decrease of about 52.58% from RMB 88.20 million in the previous year, primarily due to reduced sales costs in the energy storage business[29] - Other income and gains amounted to approximately RMB 24.61 million, an increase of about 381.47% from RMB 5.11 million in the previous year, mainly due to increased returns from financial assets at fair value, including a projected gain of approximately RMB 19.00 million from an investment in a company listed on the domestic A-share market[31] - Operating expenses were approximately RMB 12.12 million, a decrease of about 28.42% from RMB 16.93 million in the previous year, primarily due to cost control measures implemented by the group[32] Assets and Liabilities - The total assets as of December 31, 2025, were RMB 505,473 thousand, a decrease from RMB 557,536 thousand in 2024[17] - Total liabilities as of December 31, 2025, were RMB 109,815 thousand, down from RMB 115,285 thousand in 2024[17] - Total equity as of December 31, 2025, was RMB 395,658 thousand, a decrease from RMB 442,251 thousand in 2024[17] - The company recorded cash and cash equivalents of RMB 32.36 million as of December 31, 2025, compared to RMB 26.08 million in 2024, indicating an increase in liquidity[58] - The current ratio as of December 31, 2025, was approximately 3.35, down from 3.67 in 2024, reflecting a decrease in short-term financial health[58] - The company’s total current assets were approximately RMB 367.86 million as of December 31, 2025, down from RMB 410.06 million in 2024[58] - The company’s asset-to-liability ratio was approximately 21.73% as of December 31, 2025, compared to 20.68% in 2024, indicating a slight increase in leverage[58] Corporate Governance - The board of directors has committed to enhancing corporate governance and transparency in financial reporting[7] - The board emphasized the importance of corporate governance, adhering to high standards to ensure sustainable growth[84] - The company is committed to maintaining a strong corporate culture aligned with its vision and values, focusing on integrity and ethical practices[85] - The board consists of eight directors, including three executive directors, two non-executive directors, and three independent non-executive directors as of December 31, 2025[93] - The audit committee has reviewed the annual performance and agreed with the accounting principles adopted by the company[70] - The company’s governance practices comply with all provisions of the corporate governance code, except for a deviation regarding the separation of the roles of chairman and CEO[92] - The company has adopted a nomination policy with criteria including integrity, diversity, and relevant experience for board members[100] - The board will continue to review its structure to ensure appropriate actions are taken at the right time[92] Risk Management - The company has implemented a comprehensive risk management and internal control system to address various risks, including credit risk, liquidity risk, interest rate risk, operational risk, and legal compliance risk[125] - The board has established a risk management procedure that includes annual self-assessments to ensure compliance with risk management policies[126] - The internal audit department evaluates the effectiveness of the risk management and internal control systems, with no significant deficiencies found during the review period[125] - The company has established clear divisions of rights and responsibilities within its risk management procedures[126] Investments and Future Plans - The company plans to explore new product development and technological advancements to drive growth[4] - The company aims to participate in rapidly developing industries through its investment strategy, seeking to generate returns and expand business opportunities[64] - The company has made a significant investment of RMB 50 million in Shanghai Kuaiyi Ming Business, holding a 20.81% stake, which has reported a loss of RMB 45.76 million[65] - The company has invested RMB 30 million in Beijing Shuncheng Health Investment Enterprise, with a fair value gain of RMB 20,341,000, but also reported a loss of RMB 1,861,000[67] - There are no specific plans for significant investments or capital assets as of December 31, 2025[68] Shareholder Relations - The financial report is available on the company's website and the Hong Kong Stock Exchange for shareholder review[5] - The company emphasizes effective communication with shareholders to enhance investor relations and ensure transparency in disclosing company information[130] - The board does not recommend the payment of a final dividend for the year ending December 31, 2025[71] - The company has adopted a dividend policy, with the board evaluating the distribution based on operational performance, cash flow, and financial conditions[135] - As of December 31, 2025, the distributable reserves available for shareholders amount to RMB 31.47 million[147] Operational Highlights - The company has been focusing on expanding its market presence, particularly in the leasing sector, to improve future performance[4] - The group continues to focus on the core strategy of "doing energy storage well and using energy storage effectively," emphasizing strategic execution and deepening development in the energy storage sector[24] - The cross-border e-commerce business remains in its early development stage, with limited contribution to overall business composition, but has established a solid foundation for future expansion by connecting with mainstream cross-border e-commerce platforms[24] Audit and Compliance - The company paid a total of RMB 835.51 thousand for audit and non-audit services during the reporting period, with RMB 730.00 thousand for audit services and RMB 105.51 thousand for non-audit services[115] - The company appointed Shinewing (HK) CPA Limited as the new auditor after the previous auditor, Lixin Dehao, was not reappointed due to a disagreement over audit fees for the fiscal year ending December 31, 2023[186] - All directors confirmed compliance with the code of conduct for securities trading throughout the reporting period[111] Employee and Workforce Management - Employee expenses for the year ended December 31, 2025, were RMB 13.39 million, a decrease from RMB 19.12 million in 2024, indicating a reduction in workforce costs[60] - Training programs are being implemented to reinforce the standards of ethics and integrity across all levels of the organization[86] - The executive director remuneration policy aims to provide a reasonable compensation package reflecting individual performance, including base salary, performance bonuses, and other benefits[105]

Financial Performance - Revenue decreased by 13.5% to approximately RMB 917,341,000 (2024: RMB 1,061,082,000) [3] - Gross profit decreased by 8.3% to approximately RMB 247,905,000 (2024: RMB 270,446,000) [3] - Profit before tax decreased by 39.9% to approximately RMB 57,433,000 (2024: RMB 95,519,000) [3] - Net profit decreased by 47.8% to approximately RMB 38,892,000 (2024: RMB 74,466,000) [3] - Profit attributable to owners of the company decreased by 72.9% to approximately RMB 11,282,000 (2024: RMB 41,557,000) [3] - Basic earnings per share decreased by 73.4% to approximately RMB 1.92 (2024: RMB 7.22) [3] - Total comprehensive income for the year was RMB 22,335,000, down from RMB 74,639,000 in 2024 [5] Revenue Breakdown - Revenue from pharmaceutical products for 2025 is RMB 603,762,000, a decrease of 19.5% from RMB 749,692,000 in 2024 [16] - Revenue from healthcare products for 2025 is RMB 54,440,000, down 13.5% from RMB 62,981,000 in 2024 [16] - Total revenue for 2025 is RMB 917,341,000, a decline of 13.5% compared to RMB 1,061,082,000 in 2024 [16] - OTC and agency business saw a revenue of RMB 759.49 million in 2025, a year-on-year decline of 18.1% [43] - Hong Kong business recorded a revenue of RMB 8.534 million, a slight decrease of 2.1% year-on-year, while the Hong Kong Fozi segment achieved a revenue of RMB 11.359 million, growing by 55.5% year-on-year [43] - E-commerce business generated sales of RMB 12.29 million in 2025, down 46.5% year-on-year due to rising traffic costs and intensified platform competition [44] - The medical services segment recorded a revenue of RMB 2.01 million in 2025, reflecting a significant growth of 357.9% year-on-year [44] Cost and Expenses - The cost of sales was approximately RMB 669,436,000, a decrease of about RMB 121,200,000 or 15.3%, with gross profit of approximately RMB 247,905,000, down RMB 22,541,000 or 8.3% [88] - The group's administrative expenses increased by approximately RMB 8,497,000 or 9.4% to about RMB 99,154,000, mainly due to higher depreciation and intermediary fees [91] - Employee costs for 2025 amount to RMB 120,861,000, a decrease of 9.0% from RMB 132,850,000 in 2024 [19] Cash Flow and Financial Position - Cash and cash equivalents increased to RMB 264,410,000 from RMB 235,299,000 in 2024 [7] - As of December 31, 2025, the group had cash and cash equivalents of approximately RMB 264,410,000, an increase from RMB 235,299,000 as of December 31, 2024, primarily driven by operating income [106] - The total bank borrowings due within one year as of December 31, 2025, were approximately RMB 265,006,000, up from RMB 225,664,000 as of December 31, 2024 [102] - The capital debt ratio as of December 31, 2025, was approximately 21.8%, slightly up from 21.6% as of December 31, 2024, mainly due to a decrease in total equity [103] Dividends and Shareholder Returns - The board resolved not to recommend any final dividend for the year ended December 31, 2025 (2024: HKD 0.0317 per share) [3] - The company did not declare any final dividends for the year ending December 31, 2025, compared to a dividend of HKD 0.0317 per share in 2024 [27] Market Trends and Strategic Focus - The OTC industry in China is projected to exceed RMB 350 billion during the 14th Five-Year Plan period, with a compound annual growth rate of approximately 6% [33] - The company anticipates that the demand for healthcare products will continue to grow, driven by increasing health awareness and spending among consumers [29] - The company is focusing on enhancing supply chain resilience and flexibility in response to external pressures, including geopolitical factors and inflation [30] - The digital transformation in retail pharmacy is expected to elevate the role of pharmacies to health data interaction and professional consultation hubs, requiring improved organizational agility [34] Product Development and Innovation - The company is actively developing new products targeting women's and men's health, leveraging the unique opportunities presented by the Greater Bay Area policy [40] - The approval of 14 new traditional Chinese medicine products by the National Medical Products Administration in the first half of 2025 indicates a growing market for innovative TCM [39] - The group has launched a patented dual-brand product, "Corydalis Oral Liquid," targeting the constipation market, particularly for the elderly, with expected significant sales growth due to increasing market demand [50] - The "Jianfu Capsule," a patented product for women's reproductive health, has shown clinical value in improving hormone levels and is expanding into grassroots markets, supported by rising infertility rates and government policies [50] Corporate Governance and Compliance - The board is committed to adhering to the corporate governance code and has implemented measures to enhance internal control systems [134] - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming that all directors complied with the code during the review period [136] - The Audit Committee confirmed that the accounting policies and practices adopted by the group comply with current accounting standards and listing rules [138] Community Engagement and Corporate Social Responsibility - The company has donated nearly RMB 3 million worth of health capsules to grassroots medical networks in Guangdong, Hunan, and Jiangxi, focusing on women's health and welfare [73] - The company has donated RMB 300,000 for disaster relief efforts and provided essential supplies to affected areas, demonstrating its commitment to corporate social responsibility [72] Future Outlook and Strategic Initiatives - The company plans to officially launch its "AI Digital Platform" by 2026, focusing on marketing forecasting, user profiling, and personalized product information services to enhance decision-making and market expansion [115] - The group aims to enhance its global development momentum by deepening the layout of the global health industry value chain in line with national policy directions [113] - The group plans to optimize talent structure and incentive mechanisms to strengthen professional and youthful team building, enhancing organizational execution and innovation [69]

Financial Performance - For the fiscal year ending December 31, 2025, revenue decreased by 17.8% to approximately RMB 9,500.2 million compared to RMB 11,560.7 million in 2024[3]. - Gross profit increased by 89.9% to approximately RMB 451.8 million, with a gross profit margin of 4.8% for the fiscal year ending December 31, 2025[3]. - The profit for the fiscal year ending December 31, 2025, was approximately RMB 52,325.5 million, a significant recovery from a loss of RMB 29,228.9 million in 2024[3]. - Basic earnings per share for the fiscal year ending December 31, 2025, was RMB 6.801, recovering from a loss of RMB 4.067 in 2024[4]. - Total comprehensive income for the fiscal year ending December 31, 2025, was RMB 52,302.8 million, a turnaround from a loss of RMB 29,227.7 million in 2024[5]. - The company reported a significant loss before tax of RMB 29,085,565,000 for the fiscal year ending December 31, 2024, compared to a profit of RMB 52,806,917,000 for 2025[36][39]. - The company expects to report a net profit of RMB 52,325,543,000 for the fiscal year ending December 31, 2025, a significant recovery from the losses reported in 2024[36]. - The group recorded a profit attributable to equity holders of approximately RMB 52,554.9 million, with basic earnings per share of RMB 6.801, compared to a loss of RMB 28,533.7 million and a loss per share of RMB 4.067 in the previous year[60]. Revenue and Sales - Contracted sales, including joint ventures and associates, decreased by 17.9% to approximately RMB 5,544.4 million for the fiscal year ending December 31, 2025[3]. - Property sales for the year ended December 31, 2025, decreased to approximately RMB 6,143.7 million, down from RMB 8,056.8 million in 2024, indicating ongoing challenges in sales and pre-sales performance[14]. - Revenue from property sales is expected to be RMB 6,143,741,000 for 2025, down from RMB 8,056,756,000 in 2024, indicating a decrease of about 24%[40]. - Revenue from customer contracts for 2025 is RMB 9,019,908, a decrease of 18.5% from RMB 11,062,113 in 2024[41]. - The group recorded contract sales of approximately RMB 5,544.4 million in 2025, a decrease of 17.9% from RMB 6,757.0 million in 2024[78]. - The total construction area sold in 2025 was approximately 350,978 square meters, down 36.6% from 553,297 square meters in 2024[78]. Expenses and Costs - The company's sales and marketing costs decreased to approximately RMB 287.0 million, down from RMB 453.7 million in the previous year[19]. - Administrative expenses reduced to RMB 1,058.4 million, compared to RMB 1,388.1 million in the previous year[19]. - The company’s employee costs, including director remuneration, decreased to RMB 501,393 in 2025 from RMB 898,031 in 2024, a decline of 44.2%[47]. - Financing costs increased from approximately RMB 1,947.1 million in 2024 to about RMB 2,672.1 million in 2025, an increase of approximately RMB 725.0 million or 37.2%[98]. - Income tax expenses rose from approximately RMB 143.4 million in 2024 to about RMB 481.4 million in 2025, an increase of approximately RMB 338.0 million or 235.8%[99]. Assets and Liabilities - Non-current assets decreased from RMB 38,859,191 thousand in 2024 to RMB 34,965,152 thousand in 2025, a decline of approximately 10.0%[6]. - Current assets decreased from RMB 171,820,474 thousand in 2024 to RMB 149,180,866 thousand in 2025, a decline of about 13.2%[6]. - Total liabilities increased from RMB 222,836,146 thousand in 2024 to RMB 113,958,437 thousand in 2025, a decrease of approximately 48.9%[6]. - The company's total assets decreased from RMB 38,859,191 thousand in 2024 to RMB 34,965,152 thousand in 2025, a decline of approximately 10.0%[6]. - The company's total equity decreased from RMB 19,446,902 thousand in 2024 to RMB (31,741,800) thousand in 2025, indicating a significant loss in equity[7]. - Total borrowings decreased from RMB 135,073,562 thousand in 2024 to RMB 83,795,845 thousand in 2025, with a significant reduction in bank loans[56]. Debt and Financing - The company reported a debt restructuring gain of RMB 85,373.9 million for the fiscal year ending December 31, 2025[4]. - Approximately RMB 30,544.5 million in borrowings were in default as of December 31, 2025, compared to RMB 114,157.9 million in 2024, raising significant concerns about the group's ability to continue as a going concern[15]. - The group has extended the repayment period for approximately RMB 1,839.1 million of borrowings to 2026-2028, and about RMB 13,199.0 million of borrowings are secured by the group's assets[15]. - The group has financial guarantees for domestic bank mortgage financing amounting to approximately RMB 21,617.4 million as of December 31, 2025, down from RMB 24,312.2 million in 2024[109]. - The group has financial guarantees provided for joint ventures and third-party liabilities amounting to approximately RMB 17,409.1 million as of December 31, 2025, compared to RMB 20,767.6 million in 2024[110]. Corporate Governance and Compliance - The audit committee consists of independent non-executive directors, ensuring oversight of the financial reporting process[118]. - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2025[119]. - The company has established strict corporate governance practices to enhance investor confidence and transparency[117]. - The company has adopted the standards for directors' securities trading as per the listing rules, confirming compliance by all directors[121]. Future Outlook and Strategy - The group aims to explore innovative financing models in commercial real estate and new economic sectors to foster new growth points[71]. - The outlook for 2026 indicates a focus on stabilizing the market and building new models, with policies aimed at reducing housing costs and supporting enterprise transformation[74]. - The group plans to enhance urban renewal reserves as quality resources while promoting a full-process renewal service model to empower industrial upgrades[69]. - The group is actively transforming its business model by exploring new sectors such as cultural tourism, pet economy, and health, while collaborating with state-owned enterprises to enhance core assets[64].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 Tycoon Group Holdings Limited 滿貫集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3390） 截至2025年12月31日止年度的年度業績公告 財務摘要 滿貫集團控股有限公司（「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」或「滿貫集團」）截至2025年12月31日止年度的經審核綜合年度業績，連同2024年同期的比較數 字： 1 • 本集團截至2025年12月31日止年度（「本財政年度」或「2025年財政年度」）的收入為1,096.6百萬 港元，較截至2024年12月31日止年度（「2024年財政年度」）的876.0百萬港元增加25.2%。 • 本集團2025年財政年度的淨溢利為15.5百萬港元，較2024年財政年度的6.0百萬港元增加 156.9%。 • 本集團2025年財政年度的EBITDA（非香港財務報告準則計量） ...

Economic Performance - The overall economic performance in China showed a GDP growth of approximately 5% compared to the previous year, with expectations for this growth trend to continue into 2026[4]. Real Estate Sector Performance - Despite policy adjustments, the real estate sector's financial performance in 2025 remained relatively weak, with sales revenue failing to cover external expenditures[5]. - The monthly sales figures for 2025 showed reduced volatility compared to 2024, indicating a deeper market understanding of the industry's overall challenges[9]. - The capital market activities have contracted, primarily limited to state-owned enterprises and investment-grade issuers, with expectations for recovery lagging behind improvements in the industry fundamentals[5]. Company Restructuring Efforts - The company successfully completed the restructuring of all ten priority notes, creating space for further debt reduction and asset disposal strategies[6]. - The restructuring plan received overwhelming support from over 77% of noteholders, allowing it to progress to court approval and formal implementation stages[8]. - The plan offers four options to noteholders, including a cash option at 5% of face value and a debt-to-equity swap[7]. - The company aims to prioritize resolving domestic disputes and managing offshore debt in 2026, despite the complexities involved[9]. - The company successfully extended the repayment obligations of domestic bonds by the end of 2025, reflecting a positive outlook on managing related arrangements[9]. Financial Performance - The company's revenue for the year ended December 31, 2025, was RMB 10,942,029, a decrease of 38.9% compared to RMB 17,701,425 in 2024[11]. - The cost of sales for 2025 was RMB 12,570,875, down from RMB 18,525,325 in 2024, resulting in a gross loss of RMB 1,628,846[11]. - The operating loss for 2025 was RMB 8,872,676, slightly improved from a loss of RMB 9,262,048 in 2024[11]. - The total comprehensive loss for the year was RMB 20,203,886, compared to RMB 17,852,883 in 2024, indicating a worsening financial position[12]. - Total assets decreased to RMB 268,865,633 in 2025 from RMB 290,592,833 in 2024, reflecting a decline of 7.5%[13]. - The company's total liabilities were RMB 260,713,766 in 2025, a slight decrease from RMB 262,136,118 in 2024[14]. - The net loss attributable to the owners of the company was RMB 16,425,379 for 2025, compared to RMB 17,709,538 in 2024, showing a reduction in losses[11]. - The company's cash and cash equivalents increased to RMB 956,199 in 2025 from RMB 787,385 in 2024, indicating improved liquidity[13]. - The company reported a significant increase in other income to RMB 862,567 in 2025, up from RMB 245,664 in 2024[11]. - The company's equity attributable to owners decreased to RMB 8,151,867 in 2025 from RMB 28,456,715 in 2024, reflecting a substantial decline in shareholder value[14]. Debt and Liabilities - The group recorded a loss attributable to owners of RMB 16.425 billion for the year ending December 31, 2025, with current liabilities exceeding current assets by approximately RMB 47.008 billion[20]. - Total bank borrowings and other debts amount to RMB 108.259 billion, with RMB 101.763 billion due within the next twelve months, while the group only has cash (including restricted cash) of RMB 3.059 billion[20]. - The group is unable to repay certain bank and other borrowings totaling RMB 36.613 billion as of December 31, 2025, and has received various demand letters and legal notices regarding these defaults[21]. - The group has proposed an offshore debt restructuring plan to significantly deleverage its foreign debt, with over 77% of the planned creditors of the outstanding principal agreeing to the revised restructuring support agreement as of December 12, 2025[23]. - An onshore debt restructuring plan has been proposed, with one bond totaling RMB 1.68 billion approved for restructuring in November 2025, aimed at alleviating short-term repayment pressure and optimizing the debt structure[24]. - The group is actively negotiating with existing lenders to extend, refinance, or restructure its borrowings, and has successfully extended several loans[25]. - The group continues to seek opportunities to sell equity in project development companies to generate additional cash inflow[25]. Cash Flow and Sales - The group is accelerating the pre-sale and sale of its developed and under-development properties to improve cash flow and is adjusting sales activities to meet changing market conditions[25]. - The group reported a total revenue of RMB 11,270,985 thousand, with property development contributing RMB 7,692,276 thousand, property investment RMB 813,603 thousand, and hotel operations RMB 1,726,950 thousand[35]. - The group experienced an annual loss of RMB 16,601,396 thousand, with the largest loss from property development at RMB 15,265,265 thousand[35]. - The group reported a net loss of RMB 16.601 billion for the year, an improvement from a net loss of RMB 17.789 billion in the previous year, primarily due to declining revenue in the real estate sector[78]. - The group had approximately 10,946 employees as of December 31, 2025, down from 21,819 in the previous year, with total employee costs around RMB 1.399 billion[82]. Auditor and Governance - The company's auditor expressed an inability to issue an opinion on the financial statements due to uncertainties regarding the company's ability to continue as a going concern[58]. - The company has proposed an action plan to address the auditor's inability to express an opinion, as detailed in the annual report[86]. - The company has adopted a standard code of conduct for securities transactions by directors and supervisors, confirming compliance for the fiscal year ending December 31, 2025[88]. - The company has maintained good corporate governance practices, adhering to the relevant laws and the Corporate Governance Code for the fiscal year ending December 31, 2025[89]. - The external auditor, Hong Kong Shinewing Certified Public Accountants Limited, confirmed that the financial statements for the fiscal year ending December 31, 2025, are consistent with the audited figures[90]. - The audit committee, composed of independent non-executive directors, reviewed the accounting policies and internal controls for the fiscal year ending December 31, 2025[91].