Financial Performance - Total revenue for the fiscal year ending December 31, 2025, was HKD 556,266,000, an increase of 29.9% from HKD 428,353,000 in 2024[5] - Gross profit decreased to HKD 133,419,000 in 2025 from HKD 152,941,000 in 2024, representing a decline of 12.8%[5] - The net loss for the year was HKD 914,198,000, slightly improved from a loss of HKD 956,468,000 in 2024[6] - The total comprehensive loss for the year was HKD 645,389,000, a decrease from HKD 1,148,208,000 in 2024, showing a significant improvement[8] - The company reported a significant decrease in interest income, which fell to HKD 64,988,000 from HKD 71,019,000, a decline of 8.9%[5] - The company reported a net loss of HKD 914,198,000 for the year ending December 31, 2025, which may impact future operational strategies[13] - The company reported a significant net loss of HKD 405,260,000 across its business segments, highlighting operational difficulties[30] - The company experienced a pre-tax loss of HKD 938,193,000, indicating challenges in operational performance[30] Revenue Breakdown - The company reported total revenue of HKD 556.266 million for the year ending December 31, 2025, with significant contributions from various segments including HKD 421.621 million from environmental services and HKD 88.513 million from financial services[25] - Revenue from automotive parts sales amounted to HKD 1.029 million, while waste management services generated HKD 421.621 million, indicating a strong performance in these sectors[25] - The company recognized revenue from customer contracts totaling HKD 456.437 million, with HKD 434.619 million recognized at a point in time and HKD 21.818 million recognized over time[25] - Rental income was reported at HKD 34.841 million, contributing to the overall revenue stream[25] - The financial services segment generated HKD 88,513,000 in revenue, reflecting its importance in the overall business model[30] - The environmental segment's revenue increased to HKD 421,600,000 in fiscal year 2025 from HKD 229,200,000 in fiscal year 2024, an increase of HKD 192,400,000[90] Assets and Liabilities - Non-current assets increased to HKD 9,741,364,000 in 2025 from HKD 9,494,071,000 in 2024, reflecting a growth of 2.6%[9] - Current assets rose to HKD 10,363,359,000 in 2025, up from HKD 9,494,466,000 in 2024, marking an increase of 9.1%[9] - Current liabilities totaled HKD 2,621,795,000 in 2025, a significant decrease from HKD 9,487,649,000 in 2024, indicating improved liquidity[10] - Total assets as of December 31, 2025, amounted to HKD 20,104,723,000, an increase from HKD 18,988,537,000 as of December 31, 2024[33] - Total liabilities as of December 31, 2025, were HKD 16,699,009,000, compared to HKD 14,917,727,000 as of December 31, 2024[33] Shareholder Information - The company’s basic and diluted loss per share for continuing operations was HKD 59.28, slightly improved from HKD 61.76 in 2024[6] - The company's equity attributable to owners decreased to HKD 2,079,155,000 in 2025 from HKD 2,701,739,000 in 2024, indicating a decline in retained earnings[11] - The weighted average number of ordinary shares used to calculate basic loss per share was 1,441,687,414 for 2025, slightly up from 1,440,709,880 in 2024[43] - The board does not recommend the distribution of a final dividend for the years ended December 31, 2025, and December 31, 2024[134] Operational Strategies - The company has implemented measures to enhance project cost control and explore feasible financial arrangements to improve cash flow[15] - The board believes that the company will have sufficient operating funds to meet its financial obligations over the next 12 months[14] - The company plans to continue its market expansion and product development strategies to enhance future performance[28] - The group plans to continue focusing on property investment, financial services, and environmental industries as key business segments moving forward[71] Regulatory and Compliance - The adoption of new Hong Kong Financial Reporting Standards is not expected to have a significant impact on the company's financial statements[18] - The company is assessing the impact of the new Hong Kong Financial Reporting Standard No. 18 on its consolidated income statement and cash flow statement structure[22] - The new accounting standards will take effect from January 1, 2027, requiring retrospective application under specific transitional provisions[22] Employee and Governance - The company employed a total of 181 staff as of December 31, 2025, with 52 in Hong Kong, 82 in mainland China, 37 in Japan, and 10 in Grenada[137] - The audit committee has reviewed the accounting principles and practices adopted by the group and discussed matters related to auditing, risk management, and financial reporting[143] Market Conditions - The global economic environment remains challenging due to geopolitical tensions and trade uncertainties, impacting overall business performance[100] - The financial services segment is expected to achieve stable business growth in 2026 despite ongoing geopolitical conflicts and economic uncertainties[124]

Financial Performance - For the year ended December 31, 2025, revenue was $1,692.8 million, a decrease of 13.2% compared to $1,951.3 million for the year ended December 31, 2024[2] - Profit attributable to equity shareholders for the year ended December 31, 2025, was $275.9 million, an increase of 11.2% from $248.0 million for the year ended December 31, 2024[2] - Earnings per share for the year ended December 31, 2025, was 6.43 cents, up 11.2% from 5.78 cents for the year ended December 31, 2024[5] - The company reported a total comprehensive income of $327.8 million for the year ended December 31, 2025, compared to $143.9 million in 2024[5] - Operating profit for the year ending December 31, 2025, was $406.71 million, compared to $383.83 million in 2024, indicating an increase of about 5.9%[15] - Operating profit for 2025 was $480.7 million, down 9.0% from $528.3 million in 2024[28] - Profit attributable to equity shareholders increased by $27.9 million or 11.2% to $275.9 million in 2025[25] Dividends - The board proposed a final dividend of 1.61 cents per share, totaling approximately $69.0 million, which represents 25% of the profit attributable to equity shareholders for the fiscal year 2025[2] - The proposed final dividend for the year ending December 31, 2025, is $0.0161 per share, totaling approximately $69.0 million based on 4,289,924,000 shares outstanding, representing a payout ratio of 25% of the profit attributable to equity shareholders for the fiscal year 2025[37] Operating Expenses - Total operating expenses for the year ended December 31, 2025, were $1,212.1 million, down from $1,423.0 million in 2024, reflecting a decrease of 14.8%[4] - Financial expenses decreased by $22.3 million or 12.3% to $158.9 million in 2025, attributed to a reduction in the weighted average interest rate on bank loans and loans from subsidiaries[32] - The company is implementing efficiency improvements in existing projects and cost management strategies, leading to a continuous optimization of electricity generation costs[100] Assets and Liabilities - Non-current assets increased to $7,353.8 million as of December 31, 2025, from $6,922.7 million in 2024, representing a growth of 6.2%[6] - Current liabilities increased to $3,148.8 million as of December 31, 2025, compared to $2,431.7 million in 2024, indicating a rise of 29.5%[7] - The company's net assets as of December 31, 2025, were $2,017.6 million, an increase from $1,759.5 million in 2024, reflecting a growth of 14.7%[8] - The total assets of the group as of December 31, 2025, were $9,090.66 million, an increase from $8,717.71 million in 2024, reflecting a growth of about 4.3%[16] - The total liabilities of the group as of December 31, 2025, were $7,073.02 million, compared to $6,958.17 million in 2024, indicating an increase of approximately 1.6%[16] Revenue Sources - Revenue from Chinese wind power projects was $651.9 million, a decrease of 5.1% from $687.0 million in 2024, primarily due to lower electricity prices[26] - The company recognized a gain of $23.9 million from the sale of a subsidiary in 2025, contributing to the increase in profit[2] - Other income for 2025 was $33.1 million, a decrease of 9.5% from $42.6 million in 2024, mainly due to reduced compensation income from a fuel cell project[29] Renewable Energy Capacity - By the end of 2025, renewable energy installed capacity reached 2,337 GW, accounting for over 60% of the total installed capacity in the country, an increase of 3.5 percentage points from 2024[45] - As of December 31, 2025, the company's equity installed capacity in China and South Korea is approximately 10,905.3 MW, with China accounting for 80.1% and South Korea for 19.9%[56] - Clean and renewable energy projects, including wind, solar, gas, hydro, and biomass, represent 86.3% of the company's total equity installed capacity[56] - The total installed capacity of the group's power generation assets reached 10,905.3 MW as of December 31, 2025, an increase of 452.9 MW or 4.3% year-on-year[63] Market and Regulatory Environment - The National Development and Reform Commission and the National Energy Administration issued guidelines to promote the development of green electricity direct connection, aiming to enhance the consumption of renewable energy[46] - The government plans to establish a multi-level renewable energy consumption regulation system by 2030 and a new power system compatible with a high proportion of renewable energy by 2035[48] - The market-oriented reform of renewable energy grid connection pricing was emphasized, with all renewable energy projects expected to enter the electricity market for pricing[49] - The company is facing regulatory risks in China and South Korea that could impact operational aspects such as generation capacity and pricing due to potential changes in government regulations[92] Technological Innovation - The company is focusing on technological innovation in renewable energy, particularly in offshore wind and solar projects, to support national marine power development[81] - The company has successfully integrated new AI technologies into its green energy operations, enhancing real-time data access and management across multiple business areas[81] - The company has implemented a digitalized operation and maintenance system for green energy, enhancing efficiency and data integration across its operations[81] Social Responsibility and Awards - The company has initiated various social responsibility projects, including donations to local education charities and community support activities[83] - The company received the "Diverse Green Energy Contribution Award" at the 2025 ESG Excellence Awards for its achievements in environmental, social, and governance areas[86] - The company won six awards at the HKIRA Investor Relations Awards, including "Best Investor Relations Company" and "Best ESG (Environmental)"[87]

Financial Performance - The company's revenue for the year ended December 31, 2025, was approximately HKD 22.2 million, a decrease of about 55.7% compared to HKD 50.1 million for the year ended December 31, 2024[6]. - Gross profit for the year ended December 31, 2025, was approximately HKD 6.3 million, compared to a gross loss of HKD 2.0 million for the previous year[6]. - The net loss for the year ended December 31, 2025, was approximately HKD 43.1 million, a significant improvement from a net loss of approximately HKD 107.7 million for the year ended December 31, 2024[6]. - The company reported a basic and diluted loss per share of HKD (41.27) for the year ended December 31, 2025, compared to HKD (117.19) for the previous year[7]. - The company recorded a pre-tax loss of HKD 43,082,000 for 2025, compared to a loss of HKD 107,688,000 in 2024[49]. - The group recorded a loss of approximately HKD 43.1 million for the year ending December 31, 2025, a decrease from a loss of approximately HKD 107.7 million for the year ending December 31, 2024, primarily due to improved gross margins and effective cost control measures[72]. Dividend and Shareholder Information - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2025, consistent with the previous year[6]. - The board does not recommend the distribution of a final dividend for the year ending December 31, 2025, consistent with the previous year[90]. Assets and Liabilities - Total assets less current liabilities amounted to approximately HKD (114.8) million as of December 31, 2025, compared to HKD (65.2) million in the previous year[9]. - Non-current assets decreased to approximately HKD 2.4 million from HKD 85.7 million in the previous year[8]. - Current liabilities increased to approximately HKD 201.8 million from HKD 162.4 million in the previous year[9]. - The group's current liabilities net amount was approximately HKD 117.3 million as of December 31, 2025, compared to approximately HKD 150.9 million as of December 31, 2024, with a current ratio of 0.42[73]. - As of December 31, 2025, the group's current liabilities and total liabilities were approximately HKD 117,271,000 and HKD 115,485,000, respectively[101]. - The total amount of bank loans and overdrafts was approximately HKD 126,000,000, with a significant portion in default due to missed repayments[29]. Cash Flow and Financing - The company had cash and cash equivalents of approximately HKD 605,000 as of December 31, 2025, down from HKD 849,000 in the previous year[8]. - The group is actively seeking new financing sources to meet upcoming financial obligations and has secured funding from a lender in Q4 2025[32]. - The group plans to improve liquidity and financial conditions through negotiations with banks, seeking new financing sources, and exploring new business opportunities[102]. Operational Changes and Strategy - The group has resumed operations in Hong Kong and is renting a factory unit in Chai Wan for document typesetting, color proofing, and quality control[32]. - The group plans to focus on the Hong Kong capital market and Southeast Asian customers, while reducing traditional publishing and printing business in Europe and the US[56]. - The group aims to enhance its core printing services by providing high-value financial printing services to Hong Kong listed companies and financial institutions, leveraging over 30 years of industry experience[57]. - The group has upgraded its packaging and gift box printing services to meet the needs of customers in Hong Kong and Southeast Asia, transitioning from "single printing" to "brand packaging solutions"[57]. - The group plans to diversify its revenue sources by expanding its service offerings and product types, including advanced technology and eco-friendly printing materials[75]. Accounting and Audit Issues - The company identified an overstatement of deferred tax liabilities by approximately HKD 6,694,000 as of December 31, 2023, leading to a corresponding reduction in cumulative losses[18]. - The group has identified accounting errors related to deferred tax liabilities, resulting in an overstatement of approximately HKD 6.7 million as of December 31, 2023[61]. - The independent auditor's report for the consolidated financial statements for the year ending December 31, 2025, states that no opinion is expressed due to insufficient audit evidence[100]. - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2025, confirming the accounting principles and practices adopted by the group[99]. Customer and Revenue Details - Major customers contributed significantly to revenue, with Customer A generating HKD 4,736,000, Customer B HKD 4,441,000, and Customer C HKD 4,214,000 in 2025[44]. - Revenue recognition for sales of books and paper products occurs when control of the goods has transferred to the customer[37]. - The group has only one operating segment, which is the production of books and paper products[38]. Cost Management - The group continues to implement cost control measures and assess the need for further reductions in non-essential expenditures[32]. - Administrative expenses decreased from approximately HKD 43.1 million for the year ending December 31, 2024, to about HKD 14.1 million for the year ending December 31, 2025, primarily due to reductions in employee salaries and depreciation[69]. - Financial costs increased by approximately 52.2%, from about HKD 9.2 million for the year ending December 31, 2024, to approximately HKD 14.0 million for the year ending December 31, 2025, due to increased interest rates and bank borrowing[70]. Future Outlook and Concerns - The group is facing significant uncertainty regarding its ability to continue as a going concern, dependent on the success of its financial plans and measures[102]. - The group has no significant capital expenditures planned for the fiscal year ending December 31, 2025[79]. - The group has no significant investments or acquisitions planned as of the announcement date[80].

Financial Performance - Total revenue for the year ended December 31, 2025, reached RMB 5,286,428 thousand, representing a 114.6% increase compared to RMB 2,463,426 thousand in 2024[4] - Gross profit for the same period was RMB 627,986 thousand, a significant increase of 395.3% from RMB 126,793 thousand in 2024[4] - Operating loss decreased by 39.6% to RMB (291,797) thousand from RMB (483,453) thousand in 2024[4] - Net loss for the year was RMB (293,035) thousand, a reduction of 48.1% from RMB (564,182) thousand in 2024[4] - Basic and diluted loss per share improved to RMB (1.49) from RMB (3.99) in the previous year, marking a 62.7% decrease in loss per share[4] - The company reported a pre-tax loss of RMB 202,411,000 for 2025, an improvement from a loss of RMB 368,953,000 in 2024, reflecting a reduction of approximately 45%[26] - The net loss for the year ending December 31, 2025, was RMB 293.0 million, a reduction of 48.1% from RMB 564.2 million in 2024[73] - Adjusted net loss (non-IFRS measure) for the year ending December 31, 2025, was RMB 288.2 million, a decrease of 37.0% from RMB 457.8 million in 2024[75] Revenue Sources - Ride-hailing services generated revenue of RMB 5,091,559,000 in 2025, compared to RMB 2,196,924,000 in 2024, marking an increase of about 132%[19] - Total transaction volume for the year was RMB 6,425.6 million, up from RMB 2,978.8 million in 2024, representing a growth of 115.0%[5] - Technology services revenue grew by 487.4% from RMB 27.3 million in 2024 to RMB 160.2 million in 2025, attributed to enhanced sales and marketing efforts[57] - The fleet sales and maintenance business generated revenue of RMB 28,909,000 in 2025, a decline from RMB 237,189,000 in 2024, representing a decrease of approximately 88%[25] Operational Metrics - The number of orders increased to 233 million in 2025, up from 113 million in 2024, reflecting a growth of 106.2%[5] - The average transaction value per order rose to RMB 27.6 in 2025, compared to RMB 26.4 in 2024, indicating a 4.5% increase[5] - Trade receivables increased to RMB 77,615,000 in 2025 from RMB 28,597,000 in 2024, reflecting a growth of 171%[37] - Trade payables surged to RMB 156,341,000 in 2025, up from RMB 66,838,000 in 2024, representing a 134% increase[40] Expenses and Cost Management - Research and development expenses totaled RMB 118,943,000 in 2025, down from RMB 141,361,000 in 2024, indicating a decrease of about 16%[30] - Sales and marketing expenses for the year ending December 31, 2025, were RMB 710.9 million, an increase of 98.3% compared to RMB 358.4 million in 2024, mainly due to increased spending on third-party mobility service platforms[65] - General and administrative expenses decreased by 18.1% to RMB 111.1 million for the year ending December 31, 2025, compared to RMB 135.7 million in 2024, attributed to reduced listing expenses and improved operational efficiency[66] - Credit losses on trade and other receivables decreased by 88.5% to RMB 1.2 million for the year ending December 31, 2025, compared to RMB 10.5 million in 2024, as no full loss provisions were made in 2025[68] Cash Flow and Liquidity - Cash and cash equivalents decreased to RMB 320,798 thousand from RMB 1,016,618 thousand in 2024, indicating a decline of 68.4%[8] - As of December 31, 2025, the company had cash and cash equivalents of RMB 320.8 million and time deposits of RMB 449.1 million, totaling RMB 769.9 million, down from RMB 1,016.6 million as of December 31, 2024[77] - Net cash used in operating activities for the year ending December 31, 2025, was RMB 215.7 million, a decrease from RMB 529.9 million in 2024, primarily due to changes in working capital[77] - The current ratio decreased from 455.8% as of December 31, 2024, to 307.3% as of December 31, 2025, mainly due to cash outflows affecting current assets[82] Shareholder Information - The company did not declare or pay any dividends for the year ended December 31, 2025, consistent with 2024[43] - The company has not proposed a final dividend for the year ending December 31, 2025[100] - The annual general meeting is scheduled for June 26, 2026, to discuss shareholder matters[101] Strategic Initiatives - The company plans to expand its ride-hailing and Robotaxi services internationally, leveraging its competitive advantages and successful experiences in key regions[52] - The company aims to optimize its ride-hailing platform and improve operational efficiency through data analysis and enhanced brand awareness[52] - The company has developed a comprehensive AI data and model solution platform to support the autonomous driving industry, enhancing its technological capabilities[51] Corporate Governance - The company has adhered to all applicable corporate governance codes during the reporting period, except for the absence of the chairman at the annual general meeting due to other commitments[103] - The audit committee has reviewed the annual performance and confirmed that the financial statements are prepared in accordance with applicable accounting standards[106] Future Outlook - The smart mobility and autonomous driving industry in China continues to expand rapidly, driven by urbanization and rising disposable incomes, supported by favorable government policies[46] - The company is focusing on developing Robotaxi vehicles equipped with L4 and L5 autonomous driving technology[111] - The report period ends on December 31, 2025, indicating a long-term outlook for the company's performance[111]

Financial Performance - For the fiscal year ending December 31, 2025, the total revenue reached RMB 1,761,625,563.47, an increase of approximately 29.88% compared to RMB 1,356,346,670.03 in the previous year[6]. - The net profit attributable to equity owners was RMB 5,155,602.79, a significant recovery from a loss of RMB 43,699,833.39 in the same period last year[6]. - Earnings per share for the year was approximately RMB 0.01, compared to a loss per share of RMB 0.05 in the previous year[6]. - The company reported a total comprehensive income of RMB 5,420,217.04, compared to a loss of RMB 44,893,348.26 in the previous year[8]. - The company reported a significant increase in net profit of 111.80% year-on-year, amounting to RMB 5,155,602.79[47]. Operating Costs and Expenses - The total operating costs amounted to RMB 1,791,092,545.00, up from RMB 1,572,301,308.13, indicating a rise in operational expenses[7]. - Research and development expenses increased to RMB 46,689,481.30 from RMB 29,309,446.94, reflecting a focus on innovation[7]. - The total segment operating profit for 2025 is RMB 148,178,431.27, compared to a loss of RMB 2,399,771.46 in 2024, showing a substantial turnaround in profitability[22]. Assets and Liabilities - The total assets amounted to RMB 2,140,817,484.74, compared to RMB 1,935,407,894.38 in the previous year, indicating overall growth in asset base[9]. - Total assets increased to $2,682,126,082.65, up from $2,420,182,877.14, representing a growth of approximately 10.8% year-over-year[10]. - Current liabilities rose to $2,120,304,820.70 from $1,916,905,267.36, reflecting an increase of approximately 10.6%[10]. - Total liabilities reached $2,184,571,800.52, up from $1,928,288,812.05, marking a growth of around 13.3%[11]. - Shareholders' equity totaled $497,554,282.13, compared to $491,894,065.09, showing a slight increase of about 1.3%[11]. Cash Flow and Liquidity - Cash and cash equivalents rose to RMB 273,493,158.99 from RMB 86,788,890.12, indicating improved liquidity[9]. - Accounts receivable increased to RMB 464,170,047.25 from RMB 220,326,415.43, suggesting growth in sales and credit management[9]. - The accounts receivable balance for 2025 was RMB 503,277,067.76, with a net amount of RMB 464,170,047.25 after bad debt provisions[36]. Dividend and Shareholder Information - The company does not recommend the distribution of a final dividend for the fiscal year ending December 31, 2025[6]. - The board does not recommend the distribution of a final dividend for the year ending December 31, 2025, pending shareholder approval[60]. Market and Industry Outlook - The industry outlook for 2025 indicates a continued increase in oil and gas exploration and development investments, supporting demand for oil and gas equipment and services[44]. - The global oil and gas industry is expected to enter a new development environment by 2026, with a focus on energy security and an increase in oil and gas production capabilities[49]. Strategic Initiatives - The company has expanded its product offerings in the energy equipment sector, focusing on oil drilling machinery and gas transportation equipment, which are critical for various energy sectors[16]. - The company plans to deepen its core business and enhance development quality through technology upgrades and strategic partnerships[51]. - The company aims to expand its market share in the Middle East, Central Asia, and Africa, enhancing profitability and local production capabilities[51]. - The company is targeting deep-sea technology for future industry focus, collaborating with research institutions to overcome key technical challenges[52]. Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the audited performance for the year ending December 31, 2025[64]. - The company confirmed that all directors fully complied with the standards set out in the Code of Conduct for Securities Transactions by Directors during the entire year ending December 31, 2025[65]. - There were no repurchases, sales, or redemptions of any listed securities by the company or its subsidiaries for the year ending December 31, 2025[66].

Financial Performance - The company's revenue for the year ending December 31, 2025, was HKD 134,191,000, an increase of 2.9% from HKD 131,289,000 in 2024[3] - The net loss for the year was HKD 63,388,000, compared to a loss of HKD 38,978,000 in the previous year, indicating a deterioration in financial performance[3] - Basic and diluted loss per share increased to HKD 0.05 from HKD 0.03, highlighting the impact of the increased losses on shareholder value[3] - Total comprehensive loss for the year was HKD 60,084,000, compared to HKD 33,154,000 in 2024, showing a significant increase in overall losses[4] - The group recorded a net loss of HKD 63,388,000 and generated negative operating cash flow of HKD 32,363,000 for the year ending December 31, 2025[9] - The company reported a loss before tax of HKD 63,410 thousand for 2025, compared to a loss of HKD 38,976 thousand in 2024, indicating a significant increase in losses[27] - The group reported a loss before tax of HKD 64,099,000 for the year ended December 31, 2025, compared to a loss of HKD 40,140,000 in 2024, with a weighted average of 1,313,962,560 shares outstanding[36] - The net loss for the fiscal year 2025 was approximately HKD 63,400,000, an increase of about HKD 24,400,000 or 62.6% compared to approximately HKD 39,000,000 for the fiscal year 2024[62] - Loss attributable to equity holders for fiscal year 2025 was approximately HKD 64.1 million, an increase of about HKD 24 million or 59.9% compared to HKD 40.1 million in fiscal year 2024[70] Operational Costs - The cost of sales rose to HKD 70,562,000, up from HKD 62,042,000, reflecting a significant increase in operational costs[3] - The cost of sales increased to HKD 70,562,000 in 2025 from HKD 62,042,000 in 2024, reflecting a rise of approximately 13.5%[32] - Employee benefits expenses, excluding directors and CEO remuneration, rose to HKD 36,222,000 in 2025 from HKD 35,090,000 in 2024, an increase of about 3.2%[32] - General and administrative expenses decreased by approximately HKD 7,300,000 to about HKD 42,700,000 for the fiscal year 2025, compared to approximately HKD 50,000,000 for the fiscal year 2024[63] - Non-operating expenses for fiscal year 2025 were approximately HKD 19.7 million, an increase from HKD 18.4 million in fiscal year 2024, primarily due to losses related to Win Dynamic and additional credit loss provisions[68] Assets and Liabilities - Non-current assets decreased to HKD 217,590,000 from HKD 266,636,000, indicating a reduction in long-term asset value[5] - Current assets increased to HKD 95,802,000 from HKD 77,306,000, suggesting improved liquidity in the short term[5] - The company's total liabilities decreased to HKD 75,835,000 from HKD 81,536,000, reflecting a reduction in financial obligations[6] - The equity attributable to the company's shareholders turned negative at HKD (13,699,000), down from HKD 46,590,000, indicating a significant decline in net worth[6] - As of December 31, 2025, the group's net current liabilities amounted to HKD 172,834,000, while total net liabilities were HKD 141,990,000[9] - The total assets as of December 31, 2025, amounted to HKD 313,392 thousand, while total liabilities were HKD 281,086 thousand, resulting in a net asset position[25] - The group's debt ratio as of December 31, 2025, was approximately 648%, up from 195% as of December 31, 2024[75] Financing and Support - A related company has agreed to provide a loan facility of up to HKD 260,000,000, with an interest rate of HIBOR plus 5%, to support the group's operations[10] - The group has unutilized loan financing of HKD 63,786,000 as of December 31, 2025[10] - Management's cash flow forecasts cover a period of at least 18 months from December 31, 2025, based on key assumptions regarding operational cash flows and continued financial support from related companies[10] - The board believes the group will have sufficient financial resources to continue as a going concern, considering operational performance and financial support from related companies[11] Legal Matters - The company is pursuing legal action against Win Dynamic to enforce the agreement and recover the funds from the share sale, estimated at HKD 260,435,000[48] - The High Court issued a temporary injunction preventing Win Dynamic from disposing of assets in Hong Kong valued up to the amount of the funds owed[49] - The company and Win Dynamic agreed to amend the claim to include the company as a co-plaintiff in the legal proceedings against Win Dynamic[50] - The High Court raised the legal cost cap for Win Dynamic to HKD 13,000,000 as part of the amended injunction[52] - The company asserts that the agreement is enforceable and cannot be revoked legally[52] Corporate Governance - The company has complied with the corporate governance code, except for the attendance of independent non-executive directors at the annual general meeting[83] - The board of directors has adhered to the standard code for securities transactions throughout the fiscal year 2025[84] - The audit committee, consisting of three independent non-executive directors, has reviewed the accounting principles and financial reporting of the group[86] Future Outlook - The company continues to operate in retail, securities trading, and life insurance, with ongoing evaluations for market expansion and new strategies[7] - There are significant uncertainties regarding the group's ability to continue as a going concern, as noted in the financial statements[82] - The board expresses gratitude to all employees and stakeholders for their contributions and support during the year[91]

Financial Performance - For the year ended December 31, 2025, the group's sales revenue was RMB 538 million, an increase of 13.50% compared to RMB 474 million in the same period last year[3]. - Gross profit was RMB 25 million, a decrease of 66.22% from RMB 74 million in the previous year[3]. - Loss attributable to owners of the parent company was RMB 5,944 million, a reduction of 48.89% from RMB 11,629 million in the same period last year[3]. - Basic loss per share was RMB 0.126, compared to RMB 0.246 in the previous year[4]. - Total revenue from customer contracts for 2025 was RMB 538,055,000, an increase of 13.6% from RMB 473,816,000 in 2024[26]. - The company reported a pre-tax loss of RMB 1,813,115,000 for 2025, down from RMB 1,993,264,000 in 2024, indicating a reduction in financial costs[31]. - The attributable loss to equity holders of the parent company was RMB 5,944 million, a 48.89% reduction from RMB 11,629 million in the previous year[50]. - Excluding non-operating losses, the loss would be RMB 939 million, down 24.15% from RMB 1,238 million year-on-year[50]. - The group recorded a loss of RMB 5,969,350,000 for the year ending December 31, 2025[87]. Cash Flow and Liquidity - The net cash outflow from operating activities was RMB 25 million, compared to RMB 12 million in the previous year[3]. - As of December 31, 2025, the group's cash and cash equivalents stood at RMB 56,145,000, while interest-bearing bank and other borrowings totaled RMB 23,569,167,000, most of which are in default or cross-default[10]. - Cash and cash equivalents at the end of the reporting period were RMB 56 million, an increase from RMB 49 million at the end of 2024[65]. - The group recorded a net cash outflow from operating activities of RMB 25 million, compared to RMB 12 million in the same period last year[70]. Debt and Liabilities - Total non-current assets decreased to RMB 13,848 million from RMB 17,816 million in the previous year[6]. - Total current liabilities increased to RMB 42,249 million from RMB 41,271 million in the previous year[7]. - The company's net debt stood at RMB 26,868 million, up from RMB 20,620 million in the previous year[7]. - The group reported a loss of RMB 5,969,350,000 for the year ending December 31, 2025, with current liabilities exceeding current assets by RMB 40,379,656,000[10]. - As of December 31, 2025, the total overdue interest-bearing bank and other borrowings amounted to RMB 17.2 billion and RMB 23.2 billion, respectively[72]. - The debt-to-deficit ratio is 87.72%, compared to 112.45% last year, while the debt ratio is 149.95%, compared to 109.74% last year[76]. Operational Strategy and Management - The company operates retail stores and online sales networks for electronics and general merchandise in China[8]. - The group focused on core business and streamlined operations due to debt issues, leading to a sales revenue increase[52]. - The group achieved significant progress in debt resolution, laying a crucial foundation for returning to normal operations and new development[51]. - The management maintains a cautiously optimistic outlook for 2026, focusing on risk resolution and debt disposal as a priority[80]. - The company plans to implement a light asset development strategy and optimize its franchise network, particularly in community stores and urban experience centers[80]. - The group aims to deepen lean management and enhance operational efficiency across all business segments[80]. Restructuring and Negotiations - The group is actively negotiating with banks and creditors to restructure loans, including extending repayment periods and converting unsecured loans into equity[12]. - The group is seeking to settle overdue payables with suppliers and service providers through debt capitalization and other restructuring arrangements[13]. - The group is negotiating with holders of convertible bonds to restructure a total overdue principal amount of USD 273,742,000 (approximately RMB 1,924,076,000) along with accrued interest and penalties[14]. - The group is exploring options to convert debts owed to various creditors into equity[90]. - The group is also negotiating to restructure convertible bonds and extend repayment terms for existing secured bank loans[90]. Financial Position and Assets - The company's total non-current assets located in mainland China accounted for over 99% of its total non-current assets[24]. - The fair value of investment properties in mainland China increased to RMB 84,857,000 in 2025 from RMB 53,936,000 in 2024, suggesting growth in asset value[39]. - The company has secured bank loans amounting to RMB 23,562,894,000 in 2025, compared to RMB 23,087,992,000 in 2024, indicating an increase in leverage[40]. - The group has a capital commitment of RMB 478 million and has no significant guarantees to third parties, except for financial guarantees for bankrupt subsidiaries[72]. Legal and Compliance - The independent auditor was unable to express an opinion on the financial statements due to significant uncertainties regarding the group's ability to continue as a going concern[86]. - The audit committee has reviewed the inability to express an opinion and agrees with the management's assessment that it will not significantly impact daily operations if the outlined measures are successfully executed[91]. - Legal actions have been initiated by several banks and financial institutions regarding overdue debts, impacting operations significantly[87]. Employee and Governance - The group employed 364 employees as of December 31, 2025, down from 606 in 2024[79]. - The company has adhered to corporate governance codes as per the listing rules throughout the reporting period[82]. - The company expressed gratitude to shareholders and business partners for their continued support[97].

Financial Performance - Total revenue for the year ended December 31, 2025, was SGD 327,924,000, representing an increase of 71.8% compared to SGD 190,894,000 in 2024[4] - Gross profit for the same period was SGD 29,557,000, up from SGD 21,300,000, indicating a growth of 38.7%[4] - The company reported a net loss of SGD 5,996,000 for 2025, compared to a net loss of SGD 3,068,000 in 2024, reflecting an increase in losses of 95.3%[5] - The company reported a total loss of 5,996 thousand New Taiwan dollars for the year ended December 31, 2025, compared to a loss of 3,068 thousand New Taiwan dollars in 2024, indicating a worsening of financial performance[17] - The group recorded a loss of approximately SGD 6.0 million in FY2025, compared to a loss of approximately SGD 3.1 million in FY2024, with a net loss margin of approximately 1.9% in FY2025[66] Assets and Liabilities - Total assets as of December 31, 2025, amounted to SGD 283,790,000, a significant increase from SGD 137,753,000 in 2024, marking a growth of 105.5%[6] - The company's equity attributable to owners increased to SGD 158,010,000 in 2025 from SGD 70,860,000 in 2024, representing a growth of 123.5%[6] - Non-current assets rose to SGD 92,125,000 in 2025, compared to SGD 59,913,000 in 2024, an increase of 53.5%[6] - The total liabilities for the automotive sales segment increased to 59,811 thousand New Taiwan dollars in 2025 from 45,917 thousand New Taiwan dollars in 2024, reflecting a growth of 30%[18] - Total borrowings increased to 71,833 thousand SGD in 2025 from 55,251 thousand SGD in 2024, indicating a rise in financial leverage[36] Cash and Financing - The company’s cash and bank balances increased to SGD 23,735,000 in 2025 from SGD 11,200,000 in 2024, reflecting a growth of 112.5%[6] - The company’s financing costs decreased to SGD 1,612,000 in 2025 from SGD 2,784,000 in 2024, a reduction of 42.1%[4] - The net financing cost decreased to 1,612 thousand New Taiwan dollars in 2025 from 2,784 thousand New Taiwan dollars in 2024, showing an improvement of 42%[19] - The company reported a significant increase in short-term loans to 16,833 thousand SGD in 2025 from 2,159 thousand SGD in 2024, reflecting a shift in financing strategy[36] Revenue Streams - The company's automotive sales revenue for the year ended December 31, 2025, reached 311,248 thousand New Taiwan dollars, a significant increase from 177,003 thousand New Taiwan dollars in 2024, representing a growth of 76%[13] - Total sales and rental income for the automotive segment amounted to 321,018 thousand New Taiwan dollars in 2025, compared to 180,099 thousand New Taiwan dollars in 2024, indicating a year-over-year increase of 78%[16] - The financing commission income rose to 7,211 thousand New Taiwan dollars in 2025, up from 3,321 thousand New Taiwan dollars in 2024, reflecting a growth of 117%[13] - New car sales revenue rose by approximately 125.9 million SGD or 94.9%, with the number of new cars sold increasing from 905 in FY2024 to 1,473 in FY2025[46] - Used car sales revenue increased by approximately 8.3 million SGD or 18.8%, with the number of used cars sold rising from 565 in FY2024 to 1,147 in FY2025[47] Expenses - Employee benefits expenses increased to 16,557,000 SGD in 2025 from 11,468,000 SGD in 2024, marking a rise of approximately 44.5%[20] - The cost of goods sold rose sharply to 293,778,000 SGD in 2025, up from 164,708,000 SGD in 2024, indicating an increase of about 78.3%[20] - Sales and distribution expenses rose from approximately SGD 4.0 million in FY2024 to approximately SGD 8.5 million in FY2025, an increase of 112.5% attributed to higher sales commissions and increased advertising and marketing expenses[62] - General and administrative expenses increased from approximately SGD 18.2 million in FY2024 to approximately SGD 27.6 million in FY2025, a rise of 51.6% due to higher employee benefits, legal and professional fees, and short-term lease-related rental expenses[63] Corporate Governance and Compliance - The company has not adopted new or revised international financial reporting standards that have been issued but are not yet effective, indicating a cautious approach to regulatory changes[12] - The company has complied with all applicable corporate governance codes, except for certain deviations regarding the separation of the roles of chairman and CEO[92] - The independent auditor's report indicated that the financial statements fairly reflect the group's financial position as of December 31, 2025, in accordance with international financial reporting standards[100] Future Plans and Strategies - The company plans to continue expanding its automotive financing and insurance services, as well as its sales of automotive parts and accessories[8] - The company anticipates recognizing revenue of 17,084 thousand SGD within one year from unfulfilled performance obligations in 2025[35] - The company has initiated new business lines, including the development and distribution of hair growth products and the production of lithium niobate crystals and films, although these contributed minimal revenue in FY2025[42] - The company anticipates a challenging operating environment due to slow economic recovery and global uncertainties, but will focus on prudent business strategies[43]

Financial Performance - For the fiscal year ending December 31, 2025, the group's revenue was approximately RMB 628,798,000, an increase of about 25.9% compared to RMB 499,505,000 in 2024[3]. - The net profit for the fiscal year was approximately RMB 144,332,000, a decrease of about 1.6% from RMB 146,608,000 in 2024[3]. - Basic and diluted earnings per share attributable to ordinary shareholders were approximately RMB 5.30, an increase of about 1.1% from RMB 5.24 in 2024[3]. - The profit attributable to the owners of the parent company was approximately RMB 110,647,000, an increase of about 5.6% from RMB 104,760,000 in 2024[3]. - The company reported a total comprehensive income of RMB 128,739,000 for the year, down from RMB 151,346,000 in 2024[7]. - The group's profit before tax for 2025 was RMB 242,880 thousand, an increase of 13.6% compared to RMB 213,809 thousand in 2024[113]. - The income tax expense for the year totaled RMB 98,548 thousand in 2025, a significant increase of 46.6% from RMB 67,201 thousand in 2024[113]. - The group's gross profit was approximately RMB 331,378,000, an increase of about 30.6% from RMB 253,759,000 in 2024, with a gross profit margin of approximately 52.7%, up from 50.8% in 2024[133]. Assets and Liabilities - Total non-current assets increased to RMB 1,125,630,000 in 2025 from RMB 567,571,000 in 2024[8]. - Current assets rose to RMB 1,167,328,000 in 2025, compared to RMB 687,391,000 in 2024[8]. - Total liabilities increased significantly, with current liabilities totaling RMB 397,172,000 in 2025, up from RMB 139,376,000 in 2024[8]. - The net asset value increased to RMB 1,600,628,000 in 2025 from RMB 1,053,459,000 in 2024[9]. - As of December 31, 2025, the group's net working capital was approximately RMB 770,156,000, with cash and cash equivalents increasing to about RMB 1,092,630,000 from RMB 639,599,000 in 2024[140][141]. - The total debt ratio at the end of the reporting period was 15.3%, with total liabilities including interest-bearing bank loans of approximately RMB 244,242,000[144]. Revenue Recognition - Revenue from customer contracts is recognized when control of goods or services is transferred to customers, reflecting the expected amount the group has the right to receive[81]. - Revenue from the sale of goods is recognized at the point when control of the asset is transferred to the customer, typically upon delivery[83]. - Revenue increased by approximately 25.9% to about RMB 628,798,000, up from RMB 499,505,000 in 2024[126]. - Revenue from gold sales increased to RMB 628,798 thousand in 2025, up 26% from RMB 499,505 thousand in 2024[109]. Costs and Expenses - The cost of goods sold for 2025 was RMB 297,420 thousand, up 21% from RMB 245,746 thousand in 2024[110]. - Employee benefits expenses rose to RMB 97,728 thousand in 2025, an increase of 65% from RMB 59,140 thousand in 2024[110]. - Administrative expenses increased by approximately 37.7% to about RMB 76,433,000 from RMB 55,497,000 in 2024, mainly due to costs related to Yantai Mijin and share-based payments to directors and senior management[135]. - Financing costs rose by approximately RMB 6,389,000 to about RMB 8,846,000 from RMB 2,457,000 in 2024, primarily due to increased interest expenses on bank loans and financing costs related to Yantai Mijin's mining rights[137]. Financial Reporting Standards - The financial statements are prepared in accordance with International Financial Reporting Standards and presented in Renminbi[13]. - The company plans to adopt new and revised international financial reporting standards (IFRS) when they become effective, including IFRS 18, IFRS 19, IFRS 9, and IFRS 7 amendments[19]. - The effective date for the new IFRS standards is set for January 1, 2027, with early adoption permitted[20]. - The company is currently analyzing the impact of IFRS 18 on its financial statement presentation and disclosures[21]. Mining Operations - The company operates as an investment holding company with subsidiaries engaged in gold mining, selection, and sales in China[10]. - The company's total gold production for the year was approximately 847.4 kg (or about 27,243.4 ounces), a decrease of approximately 6.3% compared to the previous year[115]. - The company’s subsidiary, Yantai Mu Jin, suspended production from July to September 2025 due to a safety incident[125]. - The company completed all required safety improvement work by the end of June 2025[125]. Shareholder Information - The board of directors did not recommend the payment of a final dividend for the fiscal year ending December 31, 2025[4]. - The company declared an interim dividend of approximately HKD 60,000,000 on August 29, 2025, with no further annual dividend recommended for the year[120]. - The board does not recommend a final dividend for the year ending December 31, 2025[162]. Corporate Governance - The company has complied with the corporate governance code as per the listing rules for the year ending December 31, 2025[170]. - The company has not separated the roles of Chairman and CEO, with Dr. Shao concurrently holding both positions since 2019, which the board believes is in the best interest of the group[172]. - The board consists of at least one-third independent non-executive directors, ensuring no individual has absolute decision-making power, allowing for effective governance[173]. - The Audit Committee, composed of three independent non-executive directors, has reviewed the audited consolidated financial statements for the year and confirmed compliance with applicable accounting standards[176]. Market Conditions - The gold market experienced a strong bull market driven by macroeconomic and geopolitical factors, with central bank demand playing a crucial role in supporting gold prices throughout the year[121]. - Future gold prices are expected to be closely linked to the evolving geopolitical environment, with potential support for prices if global growth slows[154]. - The average global gold spot price for the year was USD 3,441.33 per ounce, with a peak price of USD 4,549.74 per ounce in December 2025[123]. - The highest gold spot price in China reached RMB 1,017.19 per gram in December 2025, with an average price of RMB 795.21 per gram for the year[124].

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。 Rainmed Medical Limited 潤邁德醫療有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2297） 截至2025年12月31日止年度之年度業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至12月31日止年度 | | | | | 2025年 | 2024年 | 變動 | | 人民幣百萬元 | | 人民幣百萬元 | | | （百分比除外）（百分比除外） | | | | | （經審核） | | （經審核） | | | 收入 | 19.2 | 39.8 | (51.8%) | | 毛利 | 9.0 | 23.9 | (62.3%) | | 毛利率 | 46.9% | 60.1% | | | 本公司股東之應佔虧損 | (77.1) | (113.5) | (32.1%) | | 經調整非香港財務報告準則之 | | | | | 附註 本公 ...