Financial Agreements - The company has entered into a short-term note agreement with a principal amount of HKD 50,000,000 at an interest rate of 5.5%[4] - The note was first extended on March 13, 2024, and will be further extended until March 13, 2027, under a supplementary agreement signed on February 13, 2025[5] - The funds from the note extension will be used to supplement the company's R&D investments and daily operational capital, aligning with the interests of the company and its shareholders[7] - The note is unsecured and unguaranteed, with interest payments made according to the initial agreement terms[5] - The company aims to enhance capital efficiency and continue generating stable interest income through the note extension[7] Compliance and Governance - The company experienced a disclosure obligation violation due to market value fluctuations, which affected the timely reporting of the note extension[8] - The company has implemented comprehensive remedial measures to strengthen internal controls, including a standardized compliance checklist and daily market value tracking mechanisms[11] - The company confirmed that the terms of the supplementary agreement are fair and reasonable, and the transaction is conducted in the ordinary course of business[12] - The company has clarified an error in its 2025 annual performance announcement regarding the independent auditor's report, ensuring all other financial data remains accurate[14] - The board of directors includes executive director Dr. Gong Zhaolong and non-executive directors Mr. Zhu Jinqiao, Mr. Zhou Feng, and Ms. Chen Yawen[22] - Independent non-executive directors include Dr. Li Jing, Dr. Lian Dapeng, and Mr. Liu Xinguang[22] - The board composition reflects a mix of executive and independent non-executive members[22] - The company emphasizes governance through a diverse board structure[22] Company Information - The announcement date is April 1, 2026[22] - The company is based in Hong Kong[22] - No financial performance data or future outlook is provided in the document[22] - There are no mentions of new products, technologies, or market strategies in the document[22] - The document does not include any user data or performance guidance[22] - The focus is primarily on the board's composition and governance[22]

Financial Performance - For the fiscal year ending December 31, 2025, the group recorded a net loss of approximately RMB 71,461,000[5]. - Sales and marketing expenses for the fiscal year ending December 31, 2025, were approximately RMB 0.6 million, an increase of about RMB 0.4 million compared to RMB 0.2 million for the fiscal year ending December 31, 2024[5]. Financial Position - The group's current liabilities exceeded current assets by approximately RMB 61,425,000, indicating significant uncertainty regarding the company's ability to continue as a going concern[6].

Financial Performance - The Group reported gross proceeds from operations/revenue of HK$4,268,000 in 2025, a decrease of 1.73% from HK$4,343,000 in 2024[5] - The Group's loss before income tax for 2025 was HK$17,044,000, slightly improved from a loss of HK$17,295,000 in 2024[5] - Basic and diluted loss per share improved to HK$7.43 in 2025 from HK$14.28 in 2024[5] - The loss attributable to owners of the Company for 2025 was HK$17,044,000, slightly improved from a loss of HK$17,295,000 in 2024[48] - The Group reported a loss after tax of approximately HK$17 million for the year, compared to a loss of HK$17.3 million for 2024, indicating a slight improvement in financial performance[99] Assets and Liabilities - Total assets less current liabilities increased to HK$27,636,000 in 2025, compared to a negative HK$6,299,000 in 2024[6] - The Group's net current assets improved significantly to HK$20,487,000 in 2025 from net current liabilities of HK$11,859,000 in 2024[6] - The Group's total equity improved to HK$15,636,000 in 2025 from a deficit of HK$10,299,000 in 2024[6] - The Group's cash held by securities brokers increased to HK$1,517,000 in 2025 from HK$4,000 in 2024[6] - The Group's cash and cash equivalents significantly improved to approximately HK$5,814,000 from HK$334,000 in 2024, reflecting enhanced liquidity[116] Expenses and Costs - Administrative expenses rose to HK$10,980,000 in 2025, up from HK$8,986,000 in 2024, indicating increased operational costs[5] - The Group's finance costs increased to HK$1,238,000 in 2025 from HK$706,000 in 2024, reflecting higher borrowing costs[5] - The Group's total staff costs for 2025 were HK$6,284,000, compared to HK$6,037,000 in 2024, reflecting an increase in discretionary bonuses[45] - The Group's finance costs for 2025 totaled HK$1,238,000, an increase from HK$706,000 in 2024, primarily due to interest expenses on convertible notes[38] Share and Capital Management - The company issued 500,000,000 new shares under the September 2025 Placing, representing approximately 412.77% of the existing issued share capital as of September 5, 2025[61] - The placing price of HK$0.090 per share represented a discount of approximately 10.00% to the closing price of HK$0.100 on March 28, 2024[63] - The net proceeds from the September 2025 Placing are approximately HK$42 million, allocated as follows: HK$27.5 million for investments, HK$9.1 million for early redemption of convertible notes, and HK$5.0 million for general working capital[65] - The theoretical dilution effect from the September 2025 Placing is approximately 8.00%[63] - The new shares issued in 2025 rank pari passu with existing shares in all respects[70] Investment Activities - The Group's investment in financial assets at amortised cost was HK$7,006,000 in 2025, compared to nil in 2024[6] - The gross proceeds from the disposal of financial assets at fair value through profit or loss (FVTPL) for the year ended December 31, 2025, were HK$4,265,000, compared to HK$4,337,000 in 2024[28] - Dividend income for the year 2025 was HK$3,000, a decrease from HK$6,000 in 2024[28] - The fair value gain of financial assets at FVTPL for 2025 was HK$120,000, contrasting with a loss of HK$6,879,000 in 2024[30] - The net realized losses on the disposal of financial assets at FVTPL amounted to HK$165,000 for 2025, compared to HK$43,242,000 in 2024[31] Corporate Governance and Compliance - The company adopted all code provisions in the CG Code and complied with corporate governance practices during the year[135] - The Company is committed to adhering to the Corporate Governance Code as set out in the Listing Rules, ensuring compliance and transparency[148] - The Audit Committee has reviewed the audited results of the Group for the year[136] Market and Economic Conditions - The Hang Seng Index (HSI) showed a notable recovery in 2025, attributed to a stabilizing interest rate environment and policy support measures[93] - Hong Kong's GDP registered positive growth in 2025, driven by a rebound in private consumption and a gradual normalization of cross-border activities[94] Future Outlook - Future outlook includes strategic market expansion initiatives aimed at increasing market share in the Asia-Pacific region[149] - The Company plans to enhance its product offerings through ongoing research and development efforts in innovative financial solutions[149] - The Group is exploring potential mergers and acquisitions to bolster its competitive position in the market[149] - The Company aims to achieve a targeted revenue growth of XX% for the fiscal year ending December 31, 2025[149] - The Board of Directors remains focused on maximizing shareholder value through strategic investments and operational efficiencies[148]

Financial Performance - Revenue increased by approximately 47.6% to approximately RMB 159,373,000 (2024: approximately RMB 107,988,000) [4] - Gross profit rose to approximately RMB 28,066,000 (2024: gross profit of approximately RMB 7,361,000) [4] - Total comprehensive income for the year attributable to owners of the Company amounted to approximately RMB 1,662,000 (2024: total comprehensive expense of approximately RMB 347,437,000) [4] - Basic and diluted loss per share improved to RMB 0.28 cents (2024: RMB 106.55 cents) [4] - The Company reported a profit before tax of RMB 3,483,000 (2024: loss of RMB 347,254,000) [7] - The Group reported a loss before tax of approximately RMB 843,000 for the year ended December 31, 2025, compared to a loss of RMB 321,302,000 in 2024 [60][63] - The Group's gross profit amounted to RMB 28,066,000, a surge of 281% year-on-year, with a gross profit margin of 18%, up 11 percentage points [100] Assets and Liabilities - Trade receivables increased to RMB 93,211,000 (2024: RMB 76,680,000) [9] - Inventories rose to RMB 53,214,000 (2024: RMB 48,700,000) [9] - Total assets less current liabilities decreased to RMB 153,034,000 (2024: RMB 157,325,000) [10] - Net assets amounted to RMB 153,019,000 (2024: RMB 157,325,000) [10] - Trade receivables amounted to RMB 104,530,000 in 2025, up from RMB 87,079,000 in 2024, representing a growth of 20.1% [68] - Trade payables increased from RMB 15,297,000 in 2024 to RMB 21,689,000 in 2025, representing a growth of 42% [79] - The amount of trade payables overdue for over 365 days rose significantly from RMB 312,000 in 2024 to RMB 4,862,000 in 2025, indicating a substantial increase [79] - The net liabilities deconsolidated from certain subsidiaries amounted to RMB 69,349,000, reflecting the loss of control over these subsidiaries [87] Operational Highlights - The Group's revenue from major products for the year ended 31 December 2025 includes RMB 63,995,000 from dry wines, RMB 68,443,000 from spirits, and RMB 5,906,000 from sweet wines [44] - The Group's revenue from Japanese sake increased significantly to RMB 16,505,000 in 2025 from RMB 2,202,000 in 2024, showcasing growth in this product segment [44] - Wine contributed 44% of total revenue, spirits 43%, and Japanese sake 10%, with wine revenue decreasing by 23%, spirits revenue increasing by 361%, and Japanese sake revenue growing by 650% year-on-year [100] - The total annual wine production in China was 97,000 kiloliters, a year-on-year decrease of 17.1%, indicating ongoing challenges in the wine industry [98] - Revenue from the Eastern Region market was RMB 94,474,000, accounting for 59.3% of the Group's total revenue [117] - Online sales accounted for 58.79% of total sales, while offline sales accounted for 41.21% throughout 2025 [118] Taxation and Financial Costs - The provision for PRC Enterprise Income Tax for the year ended 31 December 2025 was RMB 1,821,000, up from RMB 183,000 in 2024, indicating a substantial increase in taxable profits [54] - The Group's financing costs included RMB 59,000 in interest on other borrowings for the year ended 31 December 2025, compared to no such costs in 2024 [50] Corporate Governance and Compliance - The Company has adopted the Corporate Governance Code and complied with its provisions, except for the deviation where the roles of chairman and CEO are held by the same individual, Mr. Sun Jialiang [154] - The Audit Committee, consisting of three independent non-executive Directors, reviewed the accounting principles and practices and discussed financial reporting matters, including the audited annual results for the year ended 31 December 2025 [162] - The Group's auditor, Prism Hong Kong Limited, agreed on the figures in the consolidated financial statements for the year ended 31 December 2025, but did not provide assurance on the preliminary announcement [156] Employee and Operational Costs - The total staff costs, including directors' remuneration, rose to RMB 13,367,000 in 2025 from RMB 19,421,000 in 2024, a decrease of 31.1% [58] - The Group employed a workforce of 79 as of December 31, 2025, down from 82 in 2024 [140] Future Outlook and Strategy - The Group's strategy includes expanding product variety and enhancing online sales channels to adapt to changing consumer preferences [112] - The overall economic environment in China saw a GDP growth of 5.0% in 2025, but consumer confidence in non-essential goods remained conservative [109] Miscellaneous - The Group did not declare any dividends for the year ended December 31, 2025, consistent with 2024 [59][62] - The Group made capital expenditure commitments of approximately RMB 1,970,000 as of December 31, 2025, contracted but not provided in the consolidated financial statements [132] - The Group's bank balance of RMB 24,476,000 was frozen due to lawsuits related to the secured loans guaranteed [137]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 125,079,000, an increase of 3.4% from HKD 120,548,000 in 2024[2] - Customer contract revenue reached HKD 91,159,000, up from HKD 88,120,000, reflecting a growth of 3.5%[2] - The company reported a net loss of HKD 371,171,000 for 2025, a decrease in loss compared to HKD 759,743,000 in 2024, representing a 51.1% improvement[3] - Total comprehensive loss for the year was HKD 461,840,000, compared to HKD 769,633,000 in the previous year, indicating a reduction of 40%[3] - The company reported a basic and diluted loss per share of HKD 7.08, compared to HKD 14.48 in 2024, indicating a 51% improvement in loss per share[3] - The company reported a total loss before tax of HKD 905,318,000, with significant losses in the property investment segment amounting to HKD 798,116,000[26] - The pre-tax loss for the year was approximately HKD 384.6 million, a reduction of 57.5% from the pre-tax loss of HKD 905.3 million for the previous year[69] - The net loss attributable to the company's owners decreased from approximately HKD 760.3 million for the year ending December 31, 2024, to approximately HKD 371.9 million for the current year[70] Assets and Liabilities - Non-current assets decreased to HKD 1,280,506,000 from HKD 1,372,998,000, a decline of 6.7%[4] - Current assets fell to HKD 115,181,000 from HKD 397,491,000, a significant decrease of 71%[4] - Total liabilities increased to HKD 3,524,115,000 from HKD 3,423,665,000, reflecting a rise of 2.9%[5] - The company's equity attributable to owners showed a capital deficit of HKD 2,199,753,000, worsening from HKD 1,737,152,000 in the previous year[5] - The company reported a total segment loss of HKD 359,160,000 for the year ending December 31, 2025, highlighting significant operational challenges[24] - The net current liabilities as of December 31, 2025, were approximately HKD 3,408.9 million, including overdue bank borrowings of about HKD 1,495.4 million[68] - The group's total net liabilities were approximately HKD 2,198.3 million, an increase of about HKD 461.9 million from HKD 1,736.4 million as of December 31, 2024[89] Revenue Sources - Sales of medical equipment reached HKD 29,429,000 in 2025, up from HKD 20,718,000 in 2024, indicating a growth of approximately 42%[19] - The company generated rental income of HKD 33,914,000 from properties in 2025, compared to HKD 31,814,000 in 2024, reflecting a growth of approximately 6.6%[19] - The company's total revenue from the Chinese market was HKD 73,802,000 in 2025, an increase from HKD 65,779,000 in 2024, representing a growth of approximately 12.1%[19] - The flooring materials trade business recorded revenue of approximately HKD 17.4 million, a decrease of 22.0% compared to HKD 22.3 million for the year ended December 31, 2024[82] - The revenue from the shopping center business primarily came from rental income and property management services, totaling approximately HKD 78.3 million[77] Debt and Financial Challenges - The company is actively negotiating debt restructuring with creditors related to guarantees provided by subsidiaries, indicating ongoing financial challenges[18] - The company plans to explore the sale or liquidation of certain subsidiaries to relieve itself of overdue guarantees[18] - The company has faced overdue bank loans that have not been successfully renewed or extended, requiring repayment as per bank demands[37] - The company made a payment of HKD 262,619,000 (approximately RMB 236,200,000) in response to a court order regarding guarantee responsibilities[42] - The company has entered into a debt restructuring framework agreement with the bank, which will waive certain liabilities upon full repayment of the restructured loans[44] - The group faced legal claims related to bank loans amounting to RMB 3.4 billion as of December 31, 2025, due to defaults by borrowers[96] Corporate Governance and Compliance - The company emphasizes adherence to corporate governance principles, including transparency, independence, accountability, and responsibility[117] - The audit committee, composed of three independent non-executive directors, is responsible for reviewing and monitoring the group's financial reporting processes[119] - The audited consolidated financial statements for the year ended December 31, 2025, have been reviewed by the audit committee and found to comply with applicable accounting standards[120] - The company has adopted the standard code for securities trading by directors as outlined in the listing rules and confirmed compliance for the fiscal year ending December 31, 2025[118] Future Plans and Market Strategy - The company has plans for market expansion and new product development, although specific details were not disclosed in the earnings call[2] - The group plans to enhance its shopping centers by integrating consumption, experience, and social interaction to improve overall revenue and competitiveness[108] - The group is exploring new development opportunities targeting overseas customers in the apparel wholesale sector[109] - The company aims to maintain stable operations while actively expanding into emerging markets to seek new opportunities[113] - The group will continue to collaborate with banks, creditors, and other relevant parties to advance the debt restructuring of the Guangzhou and Jinzhou shopping centers[113]

Financial Performance - Vanke reported a net loss for the year 2025, leading to no dividend distribution, stock bonus, or capital reserve conversion into shares [7]. - The company faced unremedied losses as of the reporting period, which may impact future cash dividend capabilities if operational improvements are not realized [7]. - The financial report for 2025 has been audited by Deloitte, which issued an unqualified opinion with a paragraph on significant uncertainties regarding going concern [7]. - The company's revenue for 2025 was RMB 233.43 billion, a decrease of 31.98% compared to RMB 343.18 billion in 2024 [25]. - The net profit attributable to shareholders for 2025 was a loss of RMB 88.56 billion, down 78.98% from a loss of RMB 49.48 billion in 2024 [25]. - The operating cash flow for 2025 was a negative RMB 0.99 billion, a decline of 126.00% compared to RMB 3.80 billion in 2024 [25]. - The total assets decreased by 23.99% to RMB 697.37 billion in 2025 from RMB 917.51 billion in 2024 [27]. - The company's net asset attributable to shareholders dropped by 42.32% to RMB 116.91 billion in 2025 from RMB 202.67 billion in 2024 [27]. - The company achieved a financing and refinancing total of RMB 28 billion, with a comprehensive financing cost of 3.02%, down 85 basis points from the previous year [33]. - The company faced significant liquidity pressure due to the concentration of public debt repayments, impacting its operational development [35]. Operational Highlights - In 2025, the company delivered 117,000 homes, with 17,000 units delivered 30 days ahead of schedule, achieving "zero waiting" for 73 batches and establishing 37 projects as quality delivery benchmarks [12]. - The cumulative signed contracts for development business reached CNY 134.06 billion, with 18 new projects launched and an investment realization rate of 84% [15]. - The company completed public debt repayments totaling RMB 33.21 billion during the reporting period [35]. - The company completed over 300 efficiency improvement projects in property services and expanded into 52 energy management service projects [15]. - The company is currently facing significant operational challenges, which are detailed in the risk management section of the governance report [7]. Strategic Plans and Future Outlook - Future plans and development strategies mentioned in the report do not constitute a substantive commitment to investors, highlighting the need for risk awareness [7]. - In 2026, the company plans to focus on risk mitigation and development, exiting underperforming cities and businesses while enhancing product and service capabilities [16]. - The company aims to apply AI technology across all real estate development and operation processes, accelerating the iteration of new construction technologies [16]. - The company plans to focus on strategic optimization and structural adjustments to enhance its operational capabilities moving forward [35]. - The company is actively exploring new business models to enhance its differentiated market competitiveness, focusing on a full-chain real estate operation model that integrates investment analysis, development, operation management, and asset exit services [125]. Risk Management and Governance - The board of directors confirmed the authenticity, accuracy, and completeness of the 2025 annual report, ensuring no false records or misleading statements exist [7]. - The report emphasizes the importance of understanding the differences between plans, forecasts, and commitments, urging investors to be cautious [7]. - The company is actively seeking support from financial institutions to optimize refinancing and risk management strategies [13]. - The company has established nearly 50 sustainability goals, focusing on emissions reduction, resource management, and supply chain management, aiming for an AA- rating in the HSSUS ESG index by 2025 [92]. - The company reported a net loss of RMB 88.56 billion for the reporting period, a decrease of 79.0% year-on-year [99]. Communication and Investor Relations - The company issued 675 announcements throughout the year to ensure investor rights and information disclosure [187]. - The company held over 100 investor visits and conference calls in 2025, including more than 20 institutional meetings and 2 investor day events [189]. - The company responded to over 320 investor inquiries through the Shenzhen Stock Exchange's interactive platform, ensuring transparency and effective communication [189]. - The company maintained a long-term trust relationship with investors by actively monitoring market dynamics and responding to investor concerns [189]. - The company has established a diverse communication mechanism with stakeholders, including government, shareholders, employees, customers, and partners [197].

Financial Performance - Revenue increased by approximately 15.4% to about HKD 51.6 million (FY2024: HKD 44.7 million) [3] - Gross profit decreased by approximately 3.2% to about HKD 15.3 million (FY2024: HKD 15.8 million) [3] - Net loss for the year was approximately HKD 4.0 million (FY2024: net loss of approximately HKD 1.4 million) [3] - Basic loss per share was approximately HKD 10.42 (FY2024: basic loss per share of approximately HKD 5.09) [5] - The group reported a loss attributable to the owners of approximately HKD 3,977,000 for the year ending December 31, 2025, compared to a loss of HKD 1,942,000 in 2024 [16] - The net loss attributable to the company's owners for fiscal year 2025 was approximately HKD 4.0 million, an increase of about 110.5% compared to HKD 1.9 million in fiscal year 2024 [35] Assets and Liabilities - Total assets less current liabilities amounted to HKD 22.8 million (FY2024: HKD 28.7 million) [6] - Cash and cash equivalents increased to HKD 8.6 million (FY2024: HKD 6.2 million) [6] - Trade and other receivables were HKD 19.2 million (FY2024: HKD 18.6 million) [6] - Non-current assets decreased to HKD 2.2 million (FY2024: HKD 3.1 million) [6] - Trade and other payables amounted to approximately HKD 12,238,000 as of December 31, 2025, a slight decrease from HKD 12,612,000 in 2024 [16] - Cash and cash equivalents were approximately HKD 8,645,000 as of December 31, 2025, up from HKD 6,229,000 in 2024 [16] - The company's debt-to-equity ratio as of December 31, 2025, was 42.0%, an increase from 23.8% as of December 31, 2024 [37] Operational Highlights - The company primarily engages in the design, development, manufacturing, and sale of metal casting products [8] - The group generated revenue from the sale of cast metal products amounting to HKD 51,649,000 in 2025, an increase from HKD 44,728,000 in 2024 [21] - The metal casting business revenue increased by approximately 15.4% compared to the previous year, rebounding to pre-pandemic levels [29] Expenses - The company's administrative expenses for fiscal year 2025 were approximately HKD 15.7 million, an increase from HKD 15.1 million in fiscal year 2024 [33] - Sales and distribution expenses for fiscal year 2025 were approximately HKD 3.6 million, up from HKD 3.2 million in fiscal year 2024 [32] - Employee costs for the fiscal year 2025 amounted to approximately HKD 16.0 million, a decrease from HKD 17.0 million in the previous fiscal year [51] Financing and Cash Flow - The group has committed to not requiring repayment of amounts owed by the group until it has sufficient financial capacity [19] - The group is actively seeking additional financing through rights issues to meet existing financial obligations and future capital expenditures [19] - The group’s cash flow forecasts cover at least the next twelve months from December 31, 2025, indicating sufficient resources to meet financial responsibilities [17] - The group’s ability to continue as a going concern is dependent on generating sufficient financing and operational cash flows in the foreseeable future [17] Market Risks - The group faced various market risks including currency risk, interest rate risk, credit risk, and liquidity risk, impacting business and profitability growth due to intensified industry competition and macroeconomic fluctuations [41] - The group maintained a prudent treasury policy, ensuring a robust liquidity position with sufficient cash and cash equivalents to meet payment obligations [43] Corporate Governance - The group has established a code of conduct for securities trading by directors, ensuring compliance with GEM listing rules [55] - The audit committee, composed of three independent non-executive directors, reviewed the group's accounting policies and financial reporting matters for the fiscal year ending December 31, 2025 [57] Shareholder Information - The board does not recommend the payment of a final dividend for the year ending December 31, 2025 (FY2024: none) [3] - The company has not purchased, redeemed, or sold any of its listed securities during the year ended December 31, 2025 [62] - The board proposed to adopt a revised and restated articles of association to comply with new GEM listing rules regarding virtual shareholder meetings and electronic voting [64] - The proposed amendments include provisions for virtual attendance and electronic voting at shareholder meetings [65] - The annual report for the year ended December 31, 2025, will be sent to shareholders and published on the company's website [66] - The company acknowledges the support and trust from shareholders, clients, banks, and business partners [67] - The announcement is made in compliance with the GEM listing rules and aims to provide relevant information about the company [68]

截至2025年12月31日止年度全年業績公佈 駿碼半導體材料有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公 司及其附屬公司於截至2025年12月31日止年度的經審核全年綜合業績。 本公佈載有本公司2025年年度報告全文，符合香港聯合交易所有限公司GEM證券 上市規則（「GEM上市規則」）中有關全年業績初步公佈附載資料的相關規定。 承董事會命 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佈內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公佈全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Niche-Tech Semiconductor Materials Limited 駿碼半導體材料有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8490） 駿碼半導體材料有限公司 執行主席兼執行董事 周博軒 香港，2026年3月31日 於本公佈日期，執行董事為周博軒博士、周振基教授及石逸武先生，非執行董事 為李超凡先生及周馮慧蘭女士及獨立非執行董事為吳宏偉教授、戴進傑先生及 潘禮賢先生。 本公佈所載資料（董事願共同及個別地承擔全部責任）乃 ...

Financial Performance - For the year ending December 31, 2025, the company reported total revenue of HKD 1,155,416,000, a significant increase from HKD 116,378,000 in 2024, representing a growth of approximately 892%[3] - The gross profit for the same period was HKD 540,270,000, compared to HKD 54,745,000 in 2024, indicating a gross margin improvement[3] - Operating profit for 2025 was HKD 462,650,000, a turnaround from an operating loss of HKD 403,021,000 in 2024[3] - The net profit attributable to the company's owners for 2025 was HKD 228,619,000, compared to a loss of HKD 68,486,000 in 2024[3] - The basic and diluted earnings per share for 2025 were HKD 1.70, compared to a loss per share of HKD 0.55 in 2024[4] - For the year ending December 31, 2025, the total revenue from continuing operations was HKD 1,155,416,000, with a profit of HKD 384,862,000 before tax[19] - For the year ending December 31, 2024, the total revenue from continuing operations (restated) was HKD 116,378,000, resulting in a loss of HKD 332,295,000 before tax[20] - The company reported a tax expense of HKD 68,908,000 for the year ending December 31, 2025[19] - The company reported a loss from discontinued operations of HKD 25,176,000 for the year 2025, compared to a loss of HKD 241,939,000 in 2024[37] Assets and Liabilities - The company's total assets decreased to HKD 1,165,358,000 in 2025 from HKD 1,538,265,000 in 2024, reflecting a reduction of approximately 24%[5] - Total liabilities also decreased significantly to HKD 1,442,638,000 in 2025 from HKD 2,109,133,000 in 2024, a reduction of about 31.6%[6] - As of December 31, 2025, the group's net current liabilities and net liabilities were approximately HKD 1,087,329,000 and HKD 277,280,000, respectively, showing a significant improvement from HKD 1,488,805,000 and HKD 570,868,000 in 2024[11] - The total assets for continuing operations as of December 31, 2025, amounted to HKD 1,095,221,000, while total liabilities were HKD 486,511,000[21] - The company’s accounts receivable from customer contracts as of December 31, 2025, amounted to HKD 30,549,000, down from HKD 47,685,000 in 2024[38] Business Operations - The company has shifted its primary business focus to mining operations, including exploration and manufacturing of mineral resources, as well as the sale of chemicals and aluminum products[7] - The mining operations have resumed following the acquisition of necessary approvals, which is expected to generate positive cash flow and improve overall liquidity[12] - The mining business contributed approximately HKD 1,155,416,000 in revenue, with about HKD 999,721,000 from the sale of molybdenum concentrate and HKD 155,695,000 from the sale of sulfuric acid and iron concentrate[45] - Molybdenum concentrate sales volume was approximately 7,070 tons, with an average selling price of about HKD 141,404 per ton[45] - The company plans to terminate the chemical trading business with a sale price of HKD 1 million, effective December 4, 2025, to enhance shareholder value[52] - The company has renewed its mining license until February 22, 2034, and its safety production permit until October 17, 2027[45] - The company successfully renewed its molybdenum mining license and plans to invest in upgrading mining machinery to improve production efficiency and safety[54] Financial Strategy and Funding - The group expects a substantial improvement in financial position post the sale of Jiulong Investment (Shanghai) Co., Ltd., with net liabilities projected to decrease to approximately HKD 201,339,000 and net assets to approximately HKD 608,710,000[11] - The group is actively seeking additional funding to support operations and meet upcoming financial obligations[11] - The company issued 2,490,500,000 new shares at a subscription price of HKD 0.03 per share, raising approximately HKD 74.7 million for operational funding and debt repayment[56] - The total amount of funds raised was HKD 74.7 million, fully utilized by December 31, 2025, for repaying bank loans and operational expenses[58] Operational Management - The board is implementing measures to enhance operational cash flow, including close monitoring of administrative expenses and operational costs[11] - The company aims to strengthen resilience amid economic uncertainties, focusing on strategic management and expanding its core businesses[54] - The company will maintain effective communication with stakeholders and enhance investor relations to improve operational management and corporate governance[54] Compliance and Governance - The audit committee consists of three independent non-executive directors, overseeing financial reporting and risk management[72] - The independent auditor, Su Yaw Man Shun CPA Limited, confirmed that the financial figures in the performance announcement align with the consolidated financial statements for the year ending December 31, 2025[73] - The annual performance announcement is published on the Hong Kong Stock Exchange website and the company's website, ensuring compliance with listing rules[74] - Shareholders and potential investors are advised to exercise caution when trading the company's shares[75]

Financial Performance - The company's revenue for the year ended December 31, 2025, was $481.91 million, a decrease of 14.2% from $561.87 million in 2024[2] - Gross profit increased significantly to $110.80 million in 2025, compared to $55.93 million in 2024, reflecting a gross margin improvement[2] - The net profit for the year was $38.22 million, a turnaround from a loss of $1.32 million in the previous year[2] - Basic earnings per share for 2025 were $0.25, compared to a loss of $0.02 per share in 2024[3] - The company reported a pre-tax profit of $63,520,000 for the fiscal year 2025, compared to a pre-tax profit of $15,588,000 in 2024[14] - The group recorded a net profit of $38.2 million in 2025, compared to a net loss of $1.3 million in 2024[54] - Shareholders' profit was $32.7 million in 2025, a turnaround from a loss of $2.5 million in 2024, driven by higher copper product prices and reduced mining and smelting costs at the Ruashi mine[55] - Adjusted EBITDA increased from $132.4 million in 2024 to $202.6 million in 2025, reflecting improved financial performance[60] Assets and Liabilities - Non-current assets increased to $2.27 billion in 2025 from $2.14 billion in 2024, driven by higher property, plant, and equipment values[4] - Current liabilities rose to $584.91 million in 2025, up from $402.65 million in 2024, indicating increased operational financing needs[4] - The company's total assets less current liabilities stood at $2.20 billion in 2025, compared to $2.06 billion in 2024[5] - Deferred tax liabilities decreased to $325.38 million in 2025 from $341.72 million in 2024, indicating improved tax management[5] - The company's total liabilities included trade receivables of $54,721,000 under temporary pricing arrangements in 2025, compared to $38,962,000 in 2024[21] - Trade payables increased to $130.9 million in 2025 from $87.0 million in 2024, reflecting higher operational costs[25] Production and Sales - The company produced 61,867 tons of copper in 2025, a 5% increase from 58,663 tons in 2024, while cobalt production increased by 27% to 1,085 tons[30][34] - The company sold 57,551 tons of copper in 2025, down from 62,280 tons in 2024, due to export restrictions in the Democratic Republic of Congo[30] - Copper sales revenue reached $481.9 million in 2025, up 6% from $456.5 million in 2024, primarily due to a 14% increase in average realized copper price to $8,374 per ton[40] - The total sales cost for mining operations decreased by 12% to $343.7 million in 2025 from $392.4 million in 2024[43] - The mining cost in 2025 decreased by 29% compared to 2024, mainly due to reduced mining activities at the Ruashi mine[44] - The company did not generate any cobalt revenue in 2025, compared to $19.7 million in 2024, due to an export ban imposed by the Congolese government[41] Market Conditions - The average benchmark price of copper in 2025 was $9,939 per ton, a 9% increase from $9,145 per ton in 2024[29] - Cobalt prices rose by 43% in 2025, averaging $16.06 per pound, compared to $11.26 per pound in 2024[29] - The average copper price on the London Metal Exchange (LME) for the first half of 2025 was $9,432 per ton, reflecting a 16% increase from the beginning of the year[76] - The average copper price for the second half of 2025 is projected to be $10,446 per ton, with a year-end price expected to reach $12,504 per ton, indicating a 24% increase[76] - Cobalt prices are projected to rebound significantly, with prices expected to rise over 100% by the end of 2025, reaching $24 per pound ($52,911 per ton) due to supply disruptions from export restrictions in the Democratic Republic of Congo[79] Operational Developments - The company has completed its mining and metal trading contracts in 2024, with no revenue from these activities reported in 2025[9] - The company has installed diesel generators to address power supply issues at the Ruashi mine, which had previously affected production levels[33] - The company commenced commercial production at its third operational mine, Musonoi, in the Democratic Republic of Congo in November 2025, which is expected to significantly contribute to economic growth and shareholder benefits[82] - The company is actively exploring trade opportunities that align with its strategic growth objectives, as there were no trading revenues in 2025 compared to $85.7 million in 2024[35] Expenses and Costs - The company's depreciation expense for property, plant, and equipment was $93,875,000 in 2025, compared to $81,889,000 in 2024[15] - Sales and distribution costs increased by 7% from $29.1 million in 2024 to $31.0 million in 2025, primarily due to increased copper concentrate sales from the Kinsenda mine, offset by decreased sales from the Ruashi mine[51] - Administrative expenses rose by 57% from $8.6 million to $13.6 million, mainly due to legal and professional fees related to exploring new investment projects and the resumption process[52] - Income tax expenses increased from $16.9 million in 2024 to $25.3 million in 2025, reflecting a rise in profit before tax from $15.6 million to $63.5 million[53] Shareholder Information - The company proposed a final dividend of HK$0.002 per share for the fiscal year 2025, totaling approximately $6,734,000, which is a new distribution compared to no dividends in 2024[20] - The company plans to pay a final dividend of HK$0.002 per share and a special dividend of HK$0.002 per share, totaling approximately HK$52,528,000 (around US$6,734,000), pending shareholder approval[85] - The annual general meeting is scheduled for June 26, 2026, where shareholders will vote on the proposed dividends[86] Governance and Compliance - The audit committee has been established to oversee financial reporting processes and ensure compliance with accounting principles, with the financial results for the year ending December 31, 2025, reviewed by the committee[88] - The company has adopted the principles of the corporate governance code and has complied with all applicable provisions for the year ending December 31, 2025[90] - The company has confirmed that all directors have adhered to the standards of conduct regarding securities trading as outlined in the listing rules for the year ending December 31, 2025[91] Miscellaneous - The company expresses gratitude to shareholders, the community, and business partners for their support, as well as appreciation for the efforts of all employees[93] - The company acknowledges the special support from the Gansu Provincial People's Government[94] - The financial performance announcement can be viewed on the stock exchange and the company's website, with the annual report for the year ending December 31, 2025, to be sent to shareholders at an appropriate time[95] - Trading of the company's shares has been suspended since March 28, 2025, and will continue until further notice[96] - The company emphasizes that shareholders and potential investors should act with caution when trading the company's securities[97] - The company has no significant contingent liabilities as of December 31, 2025[74] - There were no major acquisitions or disposals of subsidiaries, associates, or joint ventures during the year ending December 31, 2025[67] - The company is facing currency fluctuation risks primarily from the Congolese franc, Zambian kwacha, and South African rand, while the Hong Kong dollar is pegged to the US dollar[75] - The company has confidence in meeting its financial obligations for at least the next twelve months based on cash flow forecasts[66]