Financial Performance - For the year ended December 31, 2025, the company's revenue was approximately HKD 48,288,000, a decrease of about 64.9% compared to 2024[6] - The loss attributable to shareholders for the year ended December 31, 2025, was approximately HKD 9,001,000, an increase of about 11.1% from 2024[6] - Basic and diluted loss per share for the year ended December 31, 2025, was HKD 0.0368, compared to HKD 0.0431 for the year ended December 31, 2024[6] - The total comprehensive loss for the year ended December 31, 2025, was HKD 8,790,000, compared to HKD 8,346,000 in 2024[7] - The group reported a consolidated loss before tax of HKD 9,034,000 for the year ending December 31, 2025, compared to a loss of HKD 8,149,000 in 2024[29] - The company recorded a pre-tax loss of HKD 9,001,000 for 2025, compared to a loss of HKD 8,103,000 in 2024, representing an increase in losses[43] - The company recorded a net other income of approximately HKD 372,000 for the year ending December 31, 2025, compared to a net loss of HKD 293,000 in the previous year[93] Revenue Breakdown - The group's total revenue for the year ending December 31, 2025, was HKD 48,288,000, a decrease from HKD 137,424,000 in 2024, representing a decline of approximately 64.8%[23] - Revenue from telecommunications services was HKD 6,959,000 in 2025, down from HKD 10,852,000 in 2024, indicating a decrease of about 35.5%[23] - Distribution business revenue fell significantly to HKD 41,329,000 in 2025 from HKD 126,572,000 in 2024, a decline of approximately 67.3%[23] - Revenue from telecommunications services for the year ended December 31, 2025, was approximately HKD 6,772,000, a decrease of about 37.4% compared to HKD 10,812,000 in the previous year[75] - The distribution business in Hong Kong generated revenue of approximately HKD 27,506,000 for the year ended December 31, 2025, a decrease of about 58.0% from HKD 65,416,000 in the previous year[77] - The distribution business in China reported revenue of approximately HKD 1,460,000 for the year ended December 31, 2025, a decrease of about 81.0% from HKD 7,678,000 in the previous year[80] Assets and Liabilities - Total assets less current liabilities as of December 31, 2025, amounted to HKD 26,458,000, down from HKD 35,241,000 in 2024[9] - The company's net assets as of December 31, 2025, were HKD 26,006,000, a decrease from HKD 34,796,000 in 2024[9] - Cash and cash equivalents as of December 31, 2025, were HKD 17,889,000, a decrease from HKD 26,571,000 in 2024[9] - Trade receivables from third parties decreased to HKD 25,062,000 in 2025 from HKD 30,919,000 in 2024, with a provision for losses of HKD 16,076,000[59] - The company’s trade payables decreased to HKD 3,404,000 in 2025 from HKD 3,527,000 in 2024, with a notable portion overdue for more than 12 months[66] - Contract liabilities related to prepaid telecommunications services amounted to HKD 42,000 in 2025, down from HKD 45,000 in 2024, reflecting the recognition of revenue from services rendered[68] Operational Expenses - Employee costs for 2025 totaled HKD 4,249,000, a decrease from HKD 4,416,000 in 2024, showing a reduction in workforce expenses[35] - Administrative and other operating expenses for the year ended December 31, 2025, were approximately HKD 11,900,000, a decrease of about 11.0% from HKD 13,378,000 in the same period last year[95] - Financial costs for the year ended December 31, 2025, were approximately HKD 37,000, a decrease of about 82.2% from HKD 208,000 in the same period last year[96] Dividends and Shareholder Information - The company did not recommend the payment of a final dividend for the year ended December 31, 2025[5] - The board did not recommend the payment of a final dividend for the year ended December 31, 2025[109] - As of December 31, 2025, the total equity attributable to equity holders was approximately HKD 26,006,000, down from HKD 34,796,000 as of December 31, 2024[99] - New Everich holds 104,437,500 shares, representing 42.65% of the company's equity[115] - Guo Jinghua has a controlled interest in 104,437,500 shares, equating to 42.65% of the company's equity[115] - Guo Jinghua also holds a spouse interest of 65,062,500 shares, which is 26.57% of the company's equity[115] - Golden Brand Holdings Limited owns 16,500,000 shares, accounting for 6.74% of the company's equity[115] Corporate Governance and Compliance - The company has complied with the GEM Listing Rules and corporate governance codes to protect shareholder interests[134] - The audit committee, consisting of three independent non-executive directors, oversees financial reporting and risk management systems[137] - The audit committee reviewed the audited results for the year ending December 31, 2025, and confirmed compliance with applicable accounting standards[139] - The company has established a high standard of business ethics and corporate governance to align with its vision and strategy[134] Future Outlook and Strategies - The company is actively seeking suitable business opportunities and investment in the telecommunications sector, including discussions with service providers to lower unit costs[86] - The company maintains a cautious yet optimistic outlook on the medium to long-term business prospects despite ongoing global economic uncertainties[85] - The company is exploring new sales models and seeking suppliers of various product categories to broaden revenue sources and improve business performance amid a weak economic environment[79] - The company plans to launch an upgraded roaming plan in 2026, integrating AI real-time translation and eSIM technology to enhance product competitiveness[85] - The company is actively negotiating with service providers to further reduce unit costs of call time and mobile data, aiming to lower prices of prepaid products and enhance competitiveness[76] Impairment and Asset Management - The company identified an impairment loss of approximately HKD 42,000 for 2025, compared to HKD 112,000 in 2024, indicating a reduction in impairment[47] - The company’s cash-generating unit related to the Hong Kong telecommunications division has a recoverable amount estimated at HKD 761,000 for 2025, compared to HKD 575,000 in 2024[47] - The carrying amount of right-of-use assets increased by approximately HKD 932,000 in 2025, compared to HKD 490,000 in 2024, primarily due to capitalized lease payments related to new agreements[49] Stock Options and Share Issuance - The total number of shares available for issuance under the share option scheme is capped at 15,562,500 shares, which is approximately 6.36% of the company's issued shares as of December 31, 2025[124] - The share option scheme aims to incentivize eligible participants to enhance their performance for the benefit of the group[122] - The company has a stock option plan that allows a maximum of 1% of issued shares to be granted to each eligible participant within any twelve-month period[125] - No stock options were granted or cancelled under the plan during the year, and as of December 31, 2025, there will be no unexercised stock options remaining[130] - The exercise price for stock options is determined by the board and cannot be lower than the highest of the closing price on the offer date, the average closing price over the five trading days prior, or the par value of the shares[128] - The stock option plan is valid for 10 years from its adoption date of May 11, 2016, and will terminate on the earlier of a shareholder resolution or the end of the ten-year period[130]

Financial Performance - The company's revenue for the year ended December 31, 2025, was HKD 130,593,000, a decrease of 4% from HKD 136,109,000 in 2024[2] - Gross profit increased to HKD 40,673,000, up 40% from HKD 29,074,000 in the previous year[2] - The company reported a loss before tax of HKD 8,380,000, significantly improved from a loss of HKD 29,199,000 in 2024[2] - Total comprehensive income for the year was a loss of HKD 8,513,000, compared to a loss of HKD 29,373,000 in the prior year[3] - Basic and diluted loss per share was HKD 2.13, an improvement from HKD 7.69 in 2024[3] - The company reported a total loss of HKD 8,513,000 for 2025, compared to a loss of HKD 29,373,000 in 2024, indicating a significant improvement in financial performance[15] - The loss attributable to the company's owners for the year was approximately HKD 7,713,000, an improvement from a loss of HKD 27,020,000 in 2024[40] - The basic and diluted loss per share for the year was HKD 0.0213, compared to HKD 0.0769 in 2024[40] - The core business recorded a loss of HKD 2,312,000, significantly improved from a loss of HKD 23,433,000 in 2024[40] Assets and Liabilities - Non-current assets decreased to HKD 24,098,000 from HKD 26,207,000 in 2024[4] - Current assets increased significantly to HKD 112,292,000 from HKD 56,291,000 in the previous year[4] - The company's total equity rose to HKD 83,544,000, compared to HKD 43,010,000 in 2024, indicating a strong improvement in financial position[5] - Total assets increased to HKD 136,390,000 in 2025 from HKD 82,498,000 in 2024, reflecting a growth of approximately 65%[18] - Total liabilities rose to HKD 52,846,000 in 2025, compared to HKD 39,488,000 in 2024, marking an increase of about 34%[16] Revenue Sources - The revenue from toy products accounted for approximately 93% of total revenue in 2025, with sales to the largest customer generating HKD 121,605,000[19] - The company's toy business faced significant challenges in 2025, with revenue decreasing by approximately 4% year-on-year due to a decline in toy sales[51] Expenses and Costs - The company incurred financial expenses of HKD 1,472,000 in 2025, up from HKD 1,108,000 in 2024, representing a rise of approximately 33%[21] - The distribution costs increased by approximately 3% to about HKD 1,929,000, while administrative expenses decreased by approximately 14% to about HKD 50,336,000[43] - The company recorded a decrease in employee costs, which amounted to HKD 78,833,000 in 2025 compared to HKD 89,301,000 in 2024[7] Cash Flow and Financing - The company's cash and bank balances as of December 31, 2025, were approximately HKD 25,493,000, compared to HKD 24,547,000 in 2024[45] - The company raised approximately HKD 48,220,000 through a rights issue, which was used for general working capital and the development of large AI models[16] - The net proceeds from the rights issue amount to approximately HKD 46,740,000[69] AI and Technology Development - The company established a wholly-owned subsidiary, Weifa Intelligent (Hong Kong) Limited, in June 2025 to focus on AI large model-based technology services, including database services and intelligent interaction[52] - The company is developing AI-driven solutions for digital advertising, cloud services, database optimization, and financial risk management, with clients expected to pay for various service fees[54] - The company is enhancing production efficiency in its toy business through AI applications, including an internal AI human resources system for smart scheduling and performance management[55] - The company is optimizing its supply chain management by establishing a digital supply chain system to monitor raw material prices and delivery schedules in real-time[57] - The company is exploring AI-assisted design and high-value product line upgrades, focusing on personalized customization and interactive smart products[57] - The board believes that the core capabilities developed through AI large models can support the digital transformation of its toy business to address existing challenges[55] Corporate Governance - The company has adopted a code of conduct for directors' securities transactions, complying with the standards set out in the listing rules[70] - The company has established an audit committee consisting of all independent non-executive directors[75] - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2025[75] - The annual results announcement will be published on the company's website and the Hong Kong Stock Exchange's website[77] Dividends and Shareholder Information - The company did not recommend a final dividend for the year ending December 31, 2025, consistent with the previous year[24] - A total of 163,461,803 rights shares were offered, with 97,303,647 shares (59.53%) accepted by eligible shareholders[60] - The rights issue was completed at a subscription price of HKD 0.295 per share, with the net price estimated at HKD 0.286 per share[61]

Financial Performance - Revenue decreased by 8.7% from RMB 407.1 million for the year ended December 31, 2024, to RMB 371.6 million for the year ended December 31, 2025[4] - Net profit decreased by 19.0% from RMB 62.5 million for the year ended December 31, 2024, to RMB 50.6 million for the year ended December 31, 2025[4] - Adjusted net profit (non-IFRS measure) decreased by 11.1% from RMB 68.3 million for the year ended December 31, 2024, to RMB 60.7 million for the year ended December 31, 2025[4] - Total revenue for 2025 was RMB 371,571 thousand, a decrease of 8.7% from RMB 407,083 thousand in 2024[11] - Revenue from orthodontic services in 2025 was RMB 70,643 thousand, down 4.0% from RMB 74,115 thousand in 2024[11] - Revenue from dental implant services decreased by 14.9% to RMB 98,400 thousand in 2025 from RMB 115,647 thousand in 2024[11] - Comprehensive dental treatment services revenue fell to RMB 202,528 thousand, a decline of 6.8% from RMB 217,321 thousand in 2024[11] - Pre-tax profit for 2025 was RMB 28,175 thousand, down 32.8% from RMB 41,916 thousand in 2024[21] - Gross profit decreased by 8.0% from RMB 152.3 million to RMB 140.1 million, while gross margin increased from 37.4% to 37.7% due to effective cost control[48] - Net profit decreased by 19.0% from RMB 62.5 million to RMB 50.6 million, with net profit margin declining from 15.4% to 13.6%[53] Operational Highlights - The number of patient visits reached 729,404, with 159,535 new patient visits during the year ended December 31, 2025[4] - The company opened 8 new dental clinics and 2 dental offices during the year ended December 31, 2025[4] - The company operates a growing dental service network under the unified brand "Aishang Dazhong Dental" in Hubei and Hunan provinces[24] - The company opened 8 new dental clinics and 2 dental offices in 2025, bringing the total to 92 dental medical institutions, including 4 hospitals, 80 clinics, and 8 offices[25] - As of December 31, 2025, 54.8% of dentists held intermediate or higher professional titles, ensuring high-quality medical services[34] - The company has a total of 1,015 employees, with 932 (92%) working in dental medical institutions[33] Financial Position - Total assets minus current liabilities increased from RMB 242.9 million in 2024 to RMB 424.0 million in 2025[6] - Cash and deposits increased significantly from RMB 95.0 million in 2024 to RMB 251.5 million in 2025[6] - Total liabilities decreased from RMB 218.98 million in 2024 to RMB 140.71 million in 2025[7] - Net assets increased from RMB 159.01 million in 2024 to RMB 374.27 million in 2025[7] - Trade receivables increased to RMB 7,415 thousand in 2025 from RMB 5,836 thousand in 2024[22] - Trade payables decreased to RMB 9,778 thousand in 2025 from RMB 14,678 thousand in 2024[23] - The current ratio improved to 3.4 times as of December 31, 2025, compared to 0.9 times as of December 31, 2024[58] - Cash and deposits increased from RMB 95.0 million as of December 31, 2024, to RMB 251.5 million as of December 31, 2025, primarily due to increased funds raised from the listing[58] Dividend and Shareholder Information - Proposed final dividend of RMB 0.668 per share (tax included) for the year ended December 31, 2025[4] - The company proposed a final dividend of RMB 0.668 per share, totaling RMB 32,985 thousand, pending shareholder approval[19] - The board proposed a final dividend of RMB 0.668 per share, totaling RMB 32,985,200, subject to shareholder approval at the 2025 annual general meeting[71] - The proposed final dividend is expected to be distributed no later than June 30, 2026, contingent upon shareholder approval[71] - The 2025 annual general meeting is scheduled for May 29, 2026, with relevant documents to be sent to shareholders[75] - Share transfer registration will be suspended from May 26 to May 29, 2026, to determine the list of shareholders eligible to attend and vote at the annual general meeting[76] - A similar suspension of share transfer registration will occur from June 4 to June 5, 2026, to determine shareholders eligible for the proposed final dividend[77] - The annual report for the year ending December 31, 2025, will be sent to shareholders and published on the company's and the stock exchange's websites[78] Strategic Outlook - The company aims to enhance operational efficiency and profitability in the central China market, focusing on fine-tuned operations and cost control[37] - The company plans to pursue high-quality expansion through strategic acquisitions and self-built facilities, emphasizing investment returns[38] - The Chinese dental medical service market is projected to reach RMB 200.4 billion by 2029, driven by increasing health management awareness and demographic changes[35] - The central China region is expected to see dental service demand continue to grow, outpacing the national average growth rate[36] - The company is committed to a market strategy that focuses on Wuhan, covering Hubei and radiating throughout central China[37] Cost Management and Efficiency - Administrative expenses decreased by 16.3% from RMB 34.9 million to RMB 29.2 million, primarily due to optimization of functional and personnel structure[51] - Sales and distribution expenses increased by 4.8% from RMB 40.5 million to RMB 42.4 million, mainly due to increased advertising and promotional expenses[50] - Cost management strategies resulted in a 5% reduction in operational expenses, improving overall profitability[84] Market Performance - The company reported a revenue increase of 15% year-over-year, reaching RMB 5 billion in Q3 2023[84] - User data showed a growth of 20% in active users, totaling 10 million by the end of the quarter[84] - The company provided a forward guidance of 10% revenue growth for the next quarter, projecting RMB 5.5 billion[84] - New product launches contributed to a 25% increase in sales, with three new products introduced in the last quarter[84] - Market expansion efforts have led to a 30% increase in market share in Southeast Asia[84] - The company completed a strategic acquisition of a competitor for RMB 1 billion, expected to enhance its product offerings[84] - The company plans to enter the European market by Q2 2024, targeting a revenue contribution of RMB 500 million[84] - Customer satisfaction ratings improved by 15%, reflecting the success of recent service enhancements[84]

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 Group reported a loss before tax of approximately RMB 843,000 for the year ended 31 December 2025, a significant improvement 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] - The Group's other income, including sundry income and net gain on disposal of financial assets, totaled RMB 312,000 in 2025, compared to a loss of RMB 790,000 in 2024 [48] 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 decreased to RMB 153,019,000 (2024: RMB 157,325,000) [10] - Total trade receivables increased to RMB 104,530,000 in 2025 from RMB 87,079,000 in 2024, with a loss allowance of RMB 11,319,000 compared to RMB 10,399,000 in the previous year [68][70] - 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 in long-term liabilities [79] - The deconsolidation of certain subsidiaries resulted in net liabilities of RMB 69,349,000 being removed from the consolidated financial statements [87] Operational Efficiency - The Group's trade receivables turnover days stood at 195 days, with trade receivables amounting to RMB 93,211,000 [111] - Inventory turnover days improved to approximately 142 days from 329 days in the previous year, due to effective inventory management [110] - The cost of inventories sold rose to RMB 121,090,000 in 2025, up from RMB 91,809,000 in 2024, indicating increased operational costs [58] - Staff costs, including salaries and benefits, increased to RMB 13,367,000 in 2025 from RMB 19,421,000 in 2024, reflecting a reduction in equity-settled share-based payments [58] Market and Sales - The Group's major customers included Customer B1, contributing RMB 22,877,000 in revenue for the year ended 31 December 2024, which was over 10% of total revenue [42] - The Group's total revenue from spirits saw a dramatic increase from RMB 14,849,000 in 2024 to RMB 68,443,000 in 2025, marking a growth of approximately 360% [44] - 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] Corporate Governance and Compliance - The Company has adopted the Corporate Governance Code and complied with most 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 for the year ended 31 December 2025 [162] - All Directors confirmed compliance with the Model Code for Securities Transactions during the year, ensuring adherence to the required standards [155] Future Outlook and Strategic Initiatives - The Company is focused on investment holding and aims to enhance its market position through strategic initiatives [11] - The Group is currently assessing the impact of HKFRS 18 on its consolidated financial statements, which will be effective from 1 January 2027 [30] - The Company has not early applied new and amended HKFRS Accounting Standards that are issued but not yet effective, anticipating no material impact on future consolidated financial statements [24] Shareholder Information - The Board does not recommend the payment of any final dividend for the year ended December 31, 2025 [129] - The Company expressed appreciation to shareholders, investors, business partners, and customers for their continued support, highlighting the dedication of the senior management team and staff [164] - The annual results for the year ended 31 December 2025 will be published on the websites of the Stock Exchange and the Company, with the full annual report to be dispatched to shareholders in due course [163]

Financial Performance - The company's revenue for the year ended December 31, 2025, was approximately RMB 321,383,000, a decrease of about 14.9% or RMB 56,460,000 compared to 2024[4] - Gross profit for the reporting period was approximately RMB 25,716,000, a decrease of about 32.5%, resulting in a gross margin of 8.0%, down from 10.1% in 2024[5] - The net loss for the period was approximately RMB 66,655,000, narrowing by about 10.0% compared to a net loss of RMB 74,044,000 in 2024[5] - Revenue for the year ended December 31, 2025, was RMB 321,383 thousand, a decrease of 15% from RMB 377,843 thousand in 2024[34] - Gross profit decreased to RMB 25,716 thousand in 2025, down 32% from RMB 38,075 thousand in 2024[34] - Operating loss for 2025 was RMB 61,968 thousand, slightly improved from a loss of RMB 65,064 thousand in 2024[34] - The net loss attributable to the owners of the company for 2025 was RMB 63,519 thousand, an improvement from a loss of RMB 74,998 thousand in 2024[35] - The company reported a net loss per share of RMB 8.6 for 2025, compared to RMB 11.4 in 2024[35] - The group reported a loss of approximately RMB 66,655,000 for the year ending December 31, 2025, indicating significant uncertainty regarding its ability to continue as a going concern[43] - Total revenue decreased to RMB 321,383,000 for the year ending December 31, 2025, down from RMB 377,843,000 in 2024, representing a decline of approximately 15%[50] Revenue Breakdown - The data solutions business accounted for 18.1% of total revenue, down from 39.2%, with a revenue decline of approximately 60.6% or RMB 89,739,000[4] - The integrated services segment, which includes software and hardware sales, increased its revenue contribution to 45.7%, up from 26.2%, with a revenue increase of approximately 48.4% or RMB 47,942,000[4] - Revenue from data solutions was RMB 58,257,000, a significant drop of 60% from RMB 147,996,000 in the previous year[47] - The group’s revenue from integrated services, including hardware and software sales, was RMB 146,999,000, an increase of approximately 48% from RMB 99,057,000 in the previous year[47] - The segment revenue from technology services was RMB 206,169,000 in 2025, compared to RMB 253,002,000 in 2024, indicating a decrease of about 18.5%[50] Cost Management - The company implemented operational optimizations, resulting in a reduction of sales expenses by approximately RMB 2,513,000 (down 30%), administrative expenses by RMB 7,338,000 (down 13.7%), and R&D expenses by RMB 21,037,000 (down 67.7%)[5] - Sales expenses during the reporting period were approximately RMB 5,874,000, a decrease of about 30% or RMB 2,513,000 compared to 2024, accounting for about 1.8% of revenue[85] - R&D expenses were approximately RMB 10,036,000, a decrease of about 67.7% or RMB 21,037,000 compared to 2024, representing about 3.1% of revenue[86] - Administrative expenses were approximately RMB 46,215,000, a decrease of about 13.7% or RMB 7,338,000 compared to 2024[87] Strategic Initiatives - The company is focusing on AI big data and marketing technology, indicating significant growth potential in this sector[12] - The company has established a three-year cooperation agreement with a state-owned data enterprise in Quanzhou to develop digital financial services and a credit evaluation model for small and micro enterprises[19] - The company is actively exploring the financial industry's blue ocean by initiating the development of a "virtual cryptocurrency trading system" in collaboration with a leading financial technology enterprise in Hong Kong[21] - The company is expanding its core business in data technology services, focusing on data solutions, software and hardware sales, and IT maintenance and support services[13] - The company plans to invest HKD 80 million in Web3 and cryptocurrency asset initiatives over the next two years, focusing on compliant digital asset investments and infrastructure development[25] Market Outlook - The Chinese economy is projected to grow by 5% in 2025, providing a favorable environment for companies focused on big data and fintech[6] - The data industry in China is expected to maintain an average annual growth rate of over 15% from 2025 to 2030, with the industry scale projected to exceed RMB 13 trillion by 2030[7] - The financial technology market is anticipated to grow at a compound annual growth rate of approximately 13.3%, reaching RMB 650 billion by 2028[9] Cryptocurrency and Digital Assets - The company introduced new revenue streams from cryptocurrency amounting to approximately RMB 8,049,000 during the reporting period[4] - As of October 2025, the global cryptocurrency market capitalization reached approximately $3.85 trillion, an increase of 11.30% from the previous quarter[11] - The number of users owning cryptocurrencies or using Web3 tools exceeded 560 million globally by October 2025[11] - The group reported a new revenue stream from cryptocurrency mining amounting to RMB 8,049,000 during the reporting period[83] Financial Position - Total assets increased to RMB 365,220 thousand in 2025, up from RMB 298,852 thousand in 2024, reflecting a growth of 22%[36] - The company’s total liabilities increased to RMB 353,882,000 in 2025 from RMB 255,971,000 in 2024, representing a rise of approximately 38.2%[51] - Cash and cash equivalents increased to RMB 31,882 thousand in 2025, compared to RMB 16,399 thousand in 2024, marking a growth of 95%[36] - The net debt ratio as of December 31, 2025, was approximately 1,623.30%, up from 277.90% in 2024, mainly due to an increase in loans payable to directors[102] Corporate Governance - The group has complied with corporate governance codes, ensuring a separation of roles between the chairman and CEO[112] - The group has re-established compliance with listing rules regarding independent non-executive directors after recent appointments[113] Shareholder Actions - The company completed a placement of 130,000,000 shares at a price of HKD 0.301 per share, raising a net amount of approximately HKD 38.65 million, which represents about 16.44% of the issued share capital post-placement[117] - The net proceeds from the share placement were allocated as follows: 20% (HKD 7.73 million) for general working capital and 80% (HKD 30.92 million) for repaying group borrowings, with all proceeds fully utilized as intended[118] - The board of directors decided not to recommend any final dividend for the reporting period, with no dividends being waived by shareholders[119]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported total revenue of HKD 29,619,000, a slight decrease of 0.96% from HKD 29,904,000 in the previous year[5] - The gross profit for the same period was HKD 19,700,000, significantly up from HKD 3,226,000, indicating a substantial improvement in profitability[5] - Operating profit increased to HKD 8,358,000 from HKD 781,000, reflecting a positive operational performance[5] - The net loss for the year was HKD 15,924,000, an improvement compared to a net loss of HKD 21,912,000 in the previous year[5] - The group reported a pre-tax loss of HKD 15,924,000 in 2025, an improvement from a loss of HKD 21,912,000 in 2024[23] - For the year ending December 31, 2025, the group reported a loss attributable to shareholders of HKD 11,604,000, compared to a loss of HKD 10,179,000 in 2024[37] - The group experienced a loss of HKD 341,000 in other income and losses for 2025, a significant decrease from a gain of HKD 4,691,000 in 2024[33] Assets and Liabilities - Total assets rose to HKD 44,470,000, up from HKD 26,332,000, indicating growth in the company's asset base[7] - The company's total liabilities increased to HKD 214,249,000 from HKD 188,281,000, reflecting higher financial obligations[8] - The group’s capital deficit was approximately HKD 169,779,000 as of December 31, 2025, compared to HKD 161,949,000 in 2024[16] - The group had cash and cash equivalents of approximately HKD 8,043,000 as of December 31, 2025, down from HKD 14,038,000 in 2024[16] - The company’s equity attributable to owners decreased to HKD (75,789,000) from HKD (77,334,000), showing a slight improvement in capital structure[9] Cash Flow and Liquidity - The net cash used in operating activities was approximately HKD 7,808,000 for the year ending December 31, 2025, while there was no cash used in 2024[16] - Cash and cash equivalents decreased to HKD 8,043,000 from HKD 14,038,000, indicating a reduction in liquidity[7] - The group has taken measures to alleviate liquidity pressure and improve its financial condition[19] Operational Strategy - The company plans to continue focusing on operational efficiency and cost management to improve future financial performance[5] - The group plans to improve operational performance in its engineering business in Hong Kong and China to generate sufficient cash inflows[19] - The group is exploring opportunities to obtain additional funding from external resources[19] - The group plans to continue obtaining additional funding from external resources and/or fundraising opportunities[21] Revenue Breakdown - The engineering business generated revenue of HKD 29,259,000 in 2025, slightly down from HKD 29,301,000 in 2024, while the food sales business revenue decreased to HKD 360,000 from HKD 603,000[23] - Major clients contributing over 10% of revenue included Client C with HKD 19,009,000 and Client D with HKD 4,810,000 in 2025[29] - Revenue recognized at a point in time was HKD 24,267,000 in 2025, significantly higher than HKD 3,051,000 in 2024[30] Corporate Governance - The company has not appointed a CEO as of December 31, 2025, and is actively seeking a suitable candidate to comply with corporate governance codes[79] - The board of directors has confirmed compliance with the securities trading standards throughout the fiscal year ending December 31, 2025[83] - The company has implemented corporate governance measures focusing on shareholder integrity, quality of information disclosure, transparency, and accountability[79] - The company has maintained compliance with the GEM listing rules and corporate governance codes as of December 31, 2025[80] Future Outlook - The company is expanding into the smart home sector and enhancing retail operations through cloud computing and big data analysis[62] - By 2025, the company aims to deepen the integration of artificial intelligence with its business and expand talent training[68] - The retail business expansion is expected to open new revenue channels and strengthen the company's growth strategy[68] - By 2026, the company will continue to increase R&D investment in artificial intelligence, cloud computing, and smart home technologies[69]

Financial Performance - Revenue for the year ending December 31, 2025, is approximately RMB 356.6 million, a decrease of 19.3% compared to RMB 442.0 million in 2024, primarily due to a decline in home appliance sales and liquor business revenue [4]. - Gross profit margin for 2025 is 23.5%, down from 26.7% in 2024 [4]. - Operating loss for 2025 is approximately RMB 419.9 million, significantly reduced from RMB 2,218.7 million in 2024 [4]. - Net loss for 2025 is approximately RMB 428.2 million, compared to RMB 2,226.9 million in 2024 [4]. - Basic and diluted loss per share for 2025 is RMB 0.232, down from RMB 2.519 in 2024 [6]. - The company reported a total loss before tax of RMB 424,279,000 for 2025, compared to a loss of RMB 2,229,528,000 in 2024 [32]. - The company reported a total annual loss of RMB 418,391,000 for the year ending December 31, 2025, compared to a loss of RMB 2,221,688,000 in 2024, indicating a significant improvement in financial performance [45]. - Gross profit for 2025 was approximately RMB 83.7 million, a decrease of 28.9% from RMB 117.8 million in 2024 [88]. - Pre-tax loss for 2025 was approximately RMB 424.3 million, down 81.0% from RMB 2,229.5 million in 2024 [95]. Assets and Liabilities - Total assets as of December 31, 2025, amount to RMB 500.1 million, a decrease from RMB 596.1 million in 2024 [9]. - Total liabilities as of December 31, 2025, are RMB 363.6 million, down from RMB 385.9 million in 2024 [9]. - Current liabilities exceeded current assets by RMB 48,875,000 as of December 31, 2025 [130]. - The debt-to-equity ratio as of December 31, 2025, was 72.7%, an increase from 64.7% as of December 31, 2024 [103]. Operational Changes and Strategies - The company plans to divest underperforming subsidiaries in the home appliance business to reduce operational losses and improve its financial condition [18]. - The company is focused on generating sufficient cash flow through successful collaboration with Muxi and the divestment of underperforming subsidiaries [19]. - The company plans to gradually divest underperforming home appliance businesses to reduce operating losses and optimize asset structure [106]. - The company plans to optimize its capital structure by negotiating with creditors to repay part of its outstanding debt through equity issuance, aiming to improve its debt-to-equity ratio [110]. Revenue Breakdown - Revenue from home appliances was RMB 236,098,000 in 2025, down 13.1% from RMB 271,790,000 in 2024 [26]. - The education segment generated revenue of RMB 57,394,000 in 2025, a decline of 15.4% from RMB 67,908,000 in 2024 [26]. - The live e-commerce segment contributed RMB 3,082,000 in revenue for 2025, with no revenue reported in 2024 [26]. - Total revenue for 2025 was RMB 356,585,000, a decrease of 19.3% from RMB 441,994,000 in 2024 [26]. Cash Flow and Financial Support - Cash and cash equivalents as of December 31, 2025, were approximately RMB 36.2 million, an increase of 30.7% from RMB 27.7 million in 2024 [98]. - Financial support of RMB 12,000,000 has been received from the company's major shareholder to assist in fulfilling its obligations [18]. - The company anticipates sufficient financial resources to meet its operational funding needs for the 15 months following December 31, 2025, based on cash flow forecasts and planned measures [17]. Corporate Governance and Compliance - The company adheres to high standards of corporate governance to enhance transparency and accountability, ensuring shareholder interests are protected [118]. - The independent auditor issued an unqualified opinion on the consolidated financial statements, indicating they fairly represent the group's financial position [129]. - There were no disagreements between the board and the audit committee regarding the appointment or dismissal of external auditors during the year [123]. Market and Industry Context - The AI industry is experiencing rapid growth, with significant demand for computing power and a focus on domestic alternatives, leading to a strategic shift in the group's operations [80]. - The training industry is facing significant challenges, with a notable decline in market demand and ongoing regulatory pressures impacting performance [83]. - In 2025, China's retail sales of consumer goods exceeded RMB 50.1 trillion, contributing 52% to economic growth [79]. Acquisitions and Investments - The acquisition of HuiLiu was completed on December 15, 2025, for a total consideration of HKD 460,000,000, settled by issuing 94,069,530 shares at HKD 4.89 per share [67]. - The goodwill generated from the acquisition amounted to RMB 238,596,000, attributed to the assembled workforce of HuiLiu [70]. - HuiLiu's new business contributed a profit of RMB 1,578,000 and annual commission income of RMB 3,082,000 to the group's performance [73]. - If the acquisition had been completed on January 1, 2025, the group's projected annual revenue would have been RMB 60,515,000, with a profit of RMB 33,331,000 [73]. Employee and Operational Metrics - As of December 31, 2025, the company had 263 employees, a decrease of 7.1% from 283 employees as of December 31, 2024 [113]. - The company’s average weighted ordinary shares outstanding increased to 1,804,179,000 shares in 2025 from 882,081,000 shares in 2024, resulting in a basic loss per share of RMB 0.232 [45].

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之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Wuxi Life International Holdings Group Limited ⽝䏝㯹◉教㉥佟斄◖㗇攎 ⊶ （於開曼群島註冊成立之有限公司） （股份代號：8148） 截至二零二五年十二月三十一日止年度 之全年業績公佈 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交 所上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在 風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主板 買賣之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流 通量的市場。 本公佈的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在 提供有關悟喜生活國際控股集團有限公司（「本公司」）的資料；本公司董事（「董 事」）願就本公佈的資料 ...

Financial Performance - For the year ending December 31, 2025, total revenue was RMB 17,807,000, compared to RMB 42,431,000 in 2024, representing a decrease of approximately 58%[3] - The net investment income for 2025 was RMB 231,565,000, a significant recovery from a loss of RMB 704,669,000 in 2024[3] - The profit attributable to the owners of the company for 2025 was RMB 195,812,000, compared to a loss of RMB 891,485,000 in 2024[3] - Total revenue and investment income for 2025 reached RMB 249,372 thousand, a significant recovery from a loss of RMB 662,238 thousand in 2024[47] - The company reported a net profit of RMB 195,541 thousand for 2025, compared to a net loss of RMB 893,038 thousand in 2024, indicating a turnaround in financial performance[47] - The company reported a significant unrealized loss of RMB (1,327,948) thousand on financial assets measured at fair value for 2025, compared to a gain of RMB 161,120 thousand in 2024[50] - The company reported a pre-tax profit of RMB 126,489 thousand for 2025, a significant recovery from a loss of RMB 1,011,893 thousand in 2024[50] - The earnings per share improved to RMB 0.28 in 2025 from a loss of RMB 1.29 in 2024, indicating better profitability[47] Asset Management - The total assets under management reached approximately RMB 20.4 billion, including RMB 16 billion in fund assets and RMB 4.4 billion in direct investments[4] - The total number of funds managed by the company is 22, comprising 10 consolidated funds and 12 non-consolidated funds[7] - As of December 31, 2025, 81.7% of the committed capital under management was raised from external fund investors, while 18.3% was contributed by the company itself[5] Investment Strategy - In 2025, the company plans to diversify asset allocation through corporate venture capital (CVC), consumer infrastructure, and revenue-sharing investment strategies, focusing on biotechnology, robotics, and data centers[16] - By 2026, the company aims to establish clear investment themes and a mature post-investment empowerment system, with a focus on data centers, Web3 infrastructure, and cryptocurrency investment opportunities[17] - The company is committed to exploring new investment opportunities in emerging sectors while optimizing its equity investment layout[17] - The company has built a diversified return structure that combines defensive and growth characteristics[16] - The company emphasizes organic integration of traditional advantages with emerging growth engines to enhance its investment strategy[17] Cash Flow and Financial Stability - Cash and cash equivalents decreased from RMB 1,203.4 million as of December 31, 2024, to RMB 885.6 million as of December 31, 2025, primarily due to net bond repayments of RMB 500.0 million[34] - The net cash generated from operating activities for the year ended December 31, 2025, was RMB 625.9 million, with a pre-tax profit of RMB 126.5 million, reflecting a significant impact from unrealized losses of RMB 1,200.9 million and unrealized gains of RMB 1,327.9 million from financial assets measured at fair value[35] - The net cash used in financing activities was RMB 925.3 million, mainly due to redemptions of capital by third-party holders of structured entities amounting to RMB 466.3 million and bond repayments of RMB 874.0 million[37] - Total debt decreased from RMB 1,023.7 million as of December 31, 2024, to RMB 521.8 million as of December 31, 2025, primarily due to net bond repayments of RMB 500.0 million[38] - The debt-to-asset ratio as of December 31, 2025, was approximately 51.3%, down from 54.5% as of December 31, 2024[39] Corporate Governance and Compliance - The financial statements are prepared in accordance with International Financial Reporting Standards, ensuring compliance with relevant regulations[54] - The company has maintained compliance with corporate governance codes throughout the reporting period[77] - The audit committee, consisting of three directors, oversees the financial reporting process and internal controls[82] Future Plans and Investments - The company plans to focus on expanding its market presence and developing new technologies to drive future growth[47] - The company plans to prioritize the use of unutilized proceeds to repay group debts to ensure effective capital allocation in response to changing market conditions[74] - The company has not disclosed any significant future investment or capital asset plans beyond those mentioned in the prospectus and announcements[44] Shareholder Information - The company has not declared or proposed any dividends for the years ending December 31, 2025, and December 31, 2024[67] - The board will determine any dividend distribution based on the group's overall financial performance for 2026[85] - The company has not engaged in any buybacks or sales of its listed securities during the reporting period[80] Employee and Compensation - As of December 31, 2025, the total employee compensation cost was RMB 61.2 million, compared to RMB 62.8 million in 2024, indicating relative stability in employee costs[45] - Employee costs decreased to RMB (61,203) thousand in 2025 from RMB (62,831) thousand in 2024, showing cost management efforts[47]

Financial Performance - Revenue for 2025 decreased by 30.52% year-on-year to RMB 6.751 billion[5] - Profit attributable to owners for 2025 was RMB 24.93 billion, compared to a loss of RMB 11.97 billion in 2024[6] - The company reported a net profit of RMB 21.25 billion for 2025, compared to a loss of RMB 14.77 billion in 2024[7] - Basic and diluted earnings per share for 2025 were RMB 2,414.22, compared to a loss of RMB 1,615.39 in 2024[6] - The company's total annual profit attributable to shareholders for the year ending December 31, 2025, is RMB 24,930,477,000[10] - Excluding one-time, non-cash, and non-core business gains, the company recorded an annual loss attributable to shareholders of RMB 9,717,926,000[10] - The group recorded a gross profit of RMB 117.49 million in 2025, a decline of 33.22% from RMB 175.94 million in 2024, with a gross margin decreasing from 1.81% to 1.74%[65] - The group recorded a fair value loss on investment properties of RMB 1.15876 billion in 2025, compared to RMB 1.04803 billion in 2024[66] Revenue Sources - Contract sales amount for 2025 was RMB 6.728 billion, a decline of 15.40% year-on-year[5] - Property sales revenue decreased to RMB 6,296,953,000 in 2025 from RMB 9,226,399,000 in 2024, representing a decline of approximately 31.3%[15] - The property sales revenue reached RMB 6,296,953,000, accounting for 93.27% of the total revenue, with an average sales price of RMB 9,047 per square meter[47] - The total contract sales amount for the year was RMB 6,728,330,000, a decrease of 15.40% year-on-year[44] Assets and Liabilities - Cash and bank balances, including restricted cash, decreased by 17.48% year-on-year to RMB 2.458 billion[5] - Total non-current assets as of December 31, 2025, were RMB 17.795 billion, down from RMB 20.892 billion in 2024[8] - Total current assets decreased from RMB 62.175 billion in 2024 to RMB 49.527 billion in 2025[8] - Total liabilities decreased significantly from RMB 94.802 billion in 2024 to RMB 57.265 billion in 2025[9] - Trade payables as of the end of the reporting period amounted to RMB 1,149,172,000 for 2025, a decrease from RMB 4,784,145,000 in 2024, indicating a significant reduction of approximately 76%[32] - The total amount of corporate bonds due in 2025 is RMB 1,692,000,000, down from RMB 1,800,000,000 in 2024, reflecting a decrease of about 6%[33] Cash Flow and Financing - The company will continue to monitor cash flow and engage with professional advisors to mitigate default risks on outstanding debts[13] - The financing costs for 2025 were RMB 3,084,650,000, a decrease from RMB 3,964,401,000 in 2024[23] - The total borrowings, including bank loans and bonds, decreased by 37.05% to approximately RMB 33.12 billion as of December 31, 2025, from RMB 52.62 billion in 2024, due to the foreign debt restructuring[82] - The net debt ratio as of December 31, 2025, was 304.96%, reflecting the total interest-bearing debt minus cash and cash equivalents relative to total equity[83] Strategic Initiatives - The company plans to accelerate property sales and improve collection rates of sales proceeds to alleviate liquidity pressure[10] - The company aims to implement asset disposal plans for investment properties to supplement liquidity[10] - The company plans to maintain strategic focus and resource integration through business optimization and equity divestments[10] - The company aims to enhance brand vitality and user interaction through innovative marketing strategies, resulting in a 27% year-on-year increase in sales and a 26% increase in foot traffic[55] - The company plans to continue its strategy of regional deep cultivation to optimize development in key areas for sustained revenue contributions[47] Market Conditions - The real estate market in 2025 is expected to continue adjusting, with a gradual recovery in market confidence and a marginal improvement in sales performance towards the end of the year[51] - The real estate market is expected to continue its critical phase of bottoming out and structural transformation in 2026, with a shift from "scale expansion" to "high-quality development" as per the national "14th Five-Year Plan"[118] - The logic of home purchasing among residents has shifted from "investment appreciation" to "residential value and asset security," which will have a lasting impact on the market[118] Employee and Organizational Management - The group has a total of 975 employees as of December 31, 2025, down from 1,012 in 2024[90] - The group aims to enhance organizational effectiveness and team vitality, focusing on talent selection, utilization, development, and retention[88] - The group emphasizes employee well-being and conducts various employee care activities[88] Corporate Governance - The board did not recommend any final dividends for the years ended December 31, 2025, and 2024[29] - The audit committee reviewed the accounting policies and the consolidated financial statements for the year ending December 31, 2025, with no disagreements noted between the board and the audit committee[115] - The company's auditor confirmed that the financial figures in the preliminary announcement were consistent with the draft annual consolidated financial statements[116]