Financial Performance - For the fiscal year ending December 31, 2025, total revenue reached HKD 23,750,343, an increase of 46.6% compared to HKD 16,206,839 in 2024[4] - Gross profit for the same period was HKD 2,093,118, reflecting a gross margin of approximately 8.8%[4] - The company reported a net loss of HKD 23,093,270 for 2025, compared to a net loss of HKD 28,695,979 in 2024, indicating a 19.1% improvement in losses year-over-year[4] - Basic and diluted loss per share for 2025 was HKD (22.27), an improvement from HKD (32.55) in 2024[5] - The group reported a pre-tax loss of HKD 23,083,995 for the year ended December 31, 2025, compared to a pre-tax loss of HKD 28,688,321 in 2024, indicating an improvement in financial performance[26][28] - The group's net loss for the year decreased from approximately HKD 28.7 million for the year ended December 31, 2024, to approximately HKD 23.1 million for the year ended December 31, 2025[44] Revenue Breakdown - Machine rental income increased to HKD 8,255,020 in 2025 from HKD 5,333,709 in 2024, reflecting a growth of about 54.1%[23] - Construction services revenue rose to HKD 11,255,020 in 2025, up from HKD 7,749,283 in 2024, marking an increase of approximately 45.5%[23] - The group’s automotive rental income grew to HKD 3,215,563 in 2025 from HKD 1,471,469 in 2024, which is an increase of about 118.5%[23] - The lending business revenue decreased to HKD 447,840 in 2025 from HKD 818,932 in 2024, representing a decline of approximately 45.2%[23] - The group’s transportation and other services revenue increased significantly to HKD 576,900 in 2025 from HKD 46,000 in 2024, reflecting a growth of approximately 1,151.3%[23] Assets and Liabilities - Total assets decreased to HKD 22,574,100 in 2025 from HKD 12,486,027 in 2024, while total liabilities increased to HKD 38,236,201 from HKD 16,925,551[6] - The company's non-current assets dropped significantly to HKD 6,601,838 in 2025 from HKD 18,519,234 in 2024[6] - Current liabilities exceeded current assets, resulting in a net current liability of HKD (15,662,101) in 2025 compared to HKD (4,439,524) in 2024[6] - Total liabilities as of December 31, 2025, were HKD 38,365,394, an increase from HKD 17,202,772 in 2024[29] Operational Strategies - The company plans to focus on market expansion and new product development to improve future performance[4] - The company continues to implement plans and measures to strengthen cost control and improve operational efficiency[17] - The company is considering fundraising activities as needed to support its operations[17] - The directors believe that the company will have sufficient working capital to meet its financial obligations for at least the next twelve months[14] Employee and Administrative Costs - The total employee costs for 2025 were HKD 9,546,186, down from HKD 11,774,897 in 2024[35] - Administrative expenses decreased to approximately HKD 19.0 million for the year ending December 31, 2025, from HKD 21.0 million in 2024, primarily due to reduced promotional and employee costs[70] Share Issuance and Capital Management - The company issued 311,040,000 new shares at an issue price of HKD 0.1 per share, raising approximately HKD 29.1 million net of expenses[17] - Approximately HKD 17 million of the net proceeds from the rights issue will be used to repay loans and trade payables, while approximately HKD 9.17 million will support upcoming projects and the purchase of new premises and equipment[85] Compliance and Governance - The financial statements are prepared on a historical cost basis and in accordance with Hong Kong Financial Reporting Standards[12][11] - The company has not applied any new or revised Hong Kong Financial Reporting Standards that would have a significant impact on its financial statements[18] - The board of directors includes executive directors and independent non-executive directors, ensuring a diverse governance structure[93] Credit Risk Management - The company has implemented a loan recovery and monitoring policy applicable to all loans, ensuring effective collection processes for overdue payments[56] - The expected credit loss provision is calculated based on historical data and external information, reflecting current and forward-looking macroeconomic factors[57] - The company adheres to the "three-stage model" under Hong Kong Financial Reporting Standard 9 for estimating expected credit losses on receivables[58] Dividend Policy - The company did not declare or recommend any dividends for the year ended December 31, 2025, consistent with 2024[36] - The group does not recommend the payment of a final dividend for the year ended December 31, 2025[45]

Financial Performance - The group's revenue for the year was approximately HKD 449,700,000[2] - The group reported a loss of approximately HKD 158,200,000 for the year, with a loss attributable to shareholders of approximately HKD 114,600,000[2] - The basic loss per share for the year was approximately HKD 0.931[2] - The group's revenue for the year ending December 31, 2025, was approximately HKD 449,729,000, a decrease of about 30.61% compared to HKD 648,689,000 for the year ending December 31, 2024[26] - The group's gross profit for the year ending December 31, 2025, was HKD 44,934,000, down from HKD 64,199,000 in the previous year, representing a decline of approximately 30.06%[26] - The group's loss before tax for the year ending December 31, 2025, was HKD 147,517,000, compared to a loss of HKD 36,232,000 for the year ending December 31, 2024[26] - The total comprehensive loss for the year ending December 31, 2025, was HKD 151,090,000, significantly higher than the loss of HKD 32,197,000 in the previous year[27] - The company recorded a net loss of HKD 158,207,000 for the year ended December 31, 2025[37] Revenue Breakdown - Revenue from the media entertainment platform segment decreased by approximately 78.06%, amounting to HKD 37,131,000 compared to HKD 169,268,000 in the previous year[11] - Revenue from the satellite television equipment and antenna products segment decreased by approximately 15.78%, totaling HKD 317,242,000 compared to HKD 376,669,000 in the previous year[14] - Revenue from the Asia region decreased by approximately 31.05%, amounting to HKD 162,408,000 compared to HKD 235,542,000 in the previous year[20] - Revenue from the Europe region decreased by approximately 45.71%, totaling HKD 44,483,000 compared to HKD 81,932,000 in the previous year[20] - The group's North America revenue for the year ending December 31, 2025, was approximately HKD 216,051,000, a decrease of about 27.84% from HKD 299,419,000 in 2024[25] - The group's South America revenue for the year ending December 31, 2025, was approximately HKD 4,332,000, a decrease of about 75.17% from HKD 17,449,000 in 2024[25] - The group's Middle East revenue for the year ending December 31, 2025, was approximately HKD 22,047,000, an increase of about 61.19% compared to HKD 13,678,000 in 2024[25] Business Strategy and Future Outlook - The group is exploring new business opportunities in emerging markets to enhance revenue sources and mitigate adverse economic cycles[3] - The company plans to continue focusing on regions such as Asia, Europe, and North America, which account for a significant portion of its revenue[24] - The company plans to conduct a rights issue at a subscription price of HKD 0.75 per share to raise funds for debt repayment, with a potential net amount of HKD 90.2 million if fully subscribed[40] - The company aims to use the net proceeds from the rights issue to repay part of its outstanding loans, thereby improving its financial position by reducing debt and financing costs[84] Financial Position and Liabilities - Non-current assets decreased from HKD 430,257,000 in 2024 to HKD 385,429,000 in 2025, a decline of approximately 10.41%[28] - Current liabilities decreased from HKD 665,502,000 in 2024 to HKD 637,162,000 in 2025, a reduction of about 4.26%[28] - As of December 31, 2025, the company's current liabilities and net liabilities were HKD 325,135,000 and HKD 207,839,000, respectively[37] - The company had cash and bank balances of HKD 76,538,000 as of December 31, 2025, raising concerns about its ability to continue as a going concern[37] - The company's total liabilities decreased to HKD 365,326,000 in 2025 from HKD 388,499,000 in 2024, with trade payables slightly declining to HKD 170,150,000 from HKD 174,898,000[66] - Total borrowings amounted to approximately HKD 386,000,000 as of December 31, 2025, compared to HKD 398,100,000 in 2024[68] - The debt-to-asset ratio increased from approximately 46.28% in 2024 to about 55.34% in 2025[68] Employee and Operational Costs - Total employee benefit expenses amounted to HKD 76,796,000 in 2025, an increase from HKD 75,374,000 in 2024, with contributions to defined contribution plans (excluding directors) rising to HKD 2,278,000 from HKD 2,010,000[62] - The company’s depreciation expenses for property, plant, and equipment were HKD 7,587,000 in 2025, down from HKD 9,408,000 in 2024[62] - The company’s inventory write-down provision was HKD 5,950,000 in 2025, compared to HKD 4,445,000 in 2024, indicating a rise in inventory-related costs[60] Compliance and Governance - The group has complied with the Corporate Governance Code, with some deviations noted due to specific circumstances[91] - The independent auditor confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2025[99] Joint Ventures and Collaborations - The company has entered into a cooperation agreement with Huashan to upgrade and redevelop certain factory and dormitory buildings on industrial land in Zhongshan, Guangdong Province, subject to government approvals[85] - A joint venture named "Huashan Saint Martin Intelligent Manufacturing Park" will be established to oversee the redevelopment of the land into a precision smart manufacturing and R&D center, with funding responsibilities assigned to Huashan[87] - The group has incurred a loss of HKD 23,475,000 due to the establishment of a joint venture[90] - The group is nearing completion of the reconstruction of existing buildings on the land under the joint venture agreement[88]

Revenue Generation - The group generated revenue of approximately RMB 7,100,000 from the sale of 5,250 cubic meters of timber during the reporting period [10]. - Ginseng sales revenue amounted to approximately RMB 16,800,000, including RMB 8,850,000 from purchased ginseng and RMB 7,950,000 from self-cultivated ginseng [12]. - The health products business recorded revenue of approximately RMB 10,500,000 during the reporting period [13]. - The company recorded revenue of approximately RMB 34,400,000 during the reporting period, an increase from RMB 31,100,000 in the previous period [16]. - Revenue for the six months ended December 31, 2025, was RMB 34,393,000, an increase of 10.3% from RMB 31,112,000 in the same period of 2024 [51]. - Total revenue for the six months ended December 31, 2025, was RMB 34,393,000, an increase from RMB 31,112,000 for the same period in 2024, representing a growth of approximately 7.3% [63]. - The revenue from the forestry business was RMB 7,068,000, while the ginseng business generated RMB 16,776,000 [69]. - For the six months ended December 31, 2024, total revenue was RMB 31,112,000, with a profit of RMB 4,978,000, indicating a year-over-year increase in revenue [71]. Profit and Expenses - Gross profit for the period was approximately RMB 4,100,000, up from RMB 2,800,000 in the prior period [17]. - Selling and distribution expenses increased to RMB 499,000 from RMB 148,000, primarily due to advertising costs [18]. - Administrative expenses decreased by approximately 9.8% to RMB 8,500,000 from RMB 9,400,000 in the previous period, mainly due to a reduction in legal and professional fees [19]. - Other income was approximately RMB 11,500,000, down from RMB 13,100,000, with net gains from changes in fair value of artificial forest assets contributing approximately RMB 7,100,000 [20]. - Financing costs increased to RMB 1,800,000 from RMB 1,300,000, attributed to interest on bills payable [21]. - The company recorded a profit of approximately RMB 5,300,000, compared to RMB 5,000,000 in the previous period, with total comprehensive income attributable to owners of RMB 5,400,000, down from RMB 6,400,000 [22]. - Profit before tax for the six months was RMB 5,256,000, slightly up from RMB 5,042,000 in the previous year [51]. - Net profit for the period was RMB 5,252,000, compared to RMB 4,978,000 in 2024, reflecting a year-on-year increase of 5.5% [51]. - Total comprehensive income for the period was RMB 5,406,000, compared to RMB 6,353,000 in 2024 [51]. Assets and Liabilities - As of December 31, 2025, the company had total assets of approximately RMB 201,300,000 and net assets of approximately RMB 56,900,000, with cash and bank balances of approximately RMB 2,600,000 [23]. - The capital debt ratio as of December 31, 2025, was approximately 71.7%, down from 77.3% as of June 30, 2025 [27]. - Non-current assets totaled RMB 160,940,000 as of December 31, 2025, compared to RMB 145,376,000 as of June 30, 2025, reflecting an increase of approximately 10.7% [52]. - Current liabilities decreased to RMB 30,075,000 as of December 31, 2025, from RMB 43,073,000 as of June 30, 2025, indicating a reduction of about 30.2% [52]. - The company's total equity increased to RMB 56,886,000 as of December 31, 2025, up from RMB 46,720,000 as of June 30, 2025, marking a growth of approximately 21.5% [53]. - The total assets as of December 31, 2025, were RMB 201,318,000, a slight decrease from RMB 205,417,000 as of June 30, 2025 [72]. - The total liabilities decreased from RMB 158,697,000 as of June 30, 2025, to RMB 144,432,000 as of December 31, 2025 [72]. Share Capital and Financing - The company announced a placement of up to 17,000,000 new shares at a price of HKD 0.28 per share, aiming to raise approximately HKD 4,630,000 for general working capital [33]. - The company has issued and paid-up ordinary shares totaling 102,924,000 shares, with a par value of HKD 0.1 per share [98]. - The company underwent a share restructuring, resulting in a reduction of 9,000,000 shares on July 1, 2025 [98]. - The company raised HKD 1,700,000 through the placement of new shares during the reporting period [98]. - The book value of the issued shares as of December 31, 2025, is RMB 9,406,000 [98]. Ginseng and Health Products - The group has initiated ginseng cultivation on its forest land, with the first phase involving the planting of approximately 6 million ginseng plants [11]. - The group plans to gradually reduce reliance on suppliers for aged ginseng as it builds sufficient inventory of its own [14]. - The group has established a long-term supply framework agreement with suppliers to ensure a stable supply of aged ginseng [12]. - The group aims to expand its health products market into China in the future [14]. - The group has expanded its business into health product manufacturing and trade, opening a 150 square meter store in Hong Kong [13]. Environmental and Regulatory Risks - The group faces regulatory and environmental risks and has established environmental policies to comply with local laws [89]. - The group's revenue depends on sufficient timber harvesting capacity, which may be affected by climate and natural disasters [90]. - The group must contend with risks related to fluctuations in timber prices and sales volumes, with management conducting regular industry trend analyses to control this risk [91]. Inventory and Receivables - As of December 31, 2025, trade receivables amounted to RMB 24,442,000, a decrease of approximately 27.8% from RMB 33,796,000 as of June 30, 2025 [93]. - As of December 31, 2025, trade payables were RMB 2,493,000, down approximately 55.1% from RMB 5,535,000 as of June 30, 2025 [94]. - The inventory increased significantly to RMB 5,987,000 as of December 31, 2025, from RMB 1,480,000 as of June 30, 2025, representing a growth of approximately 303.4% [52].

Financial Performance - For the fiscal year ending December 31, 2025, the group's revenue was approximately HKD 100.0 million, a decrease of about 78.4% compared to the previous year, primarily due to a significant drop in wine business revenue from approximately HKD 461.7 million to HKD 99.4 million[11]. - The wine trading business recorded a substantial loss of approximately HKD 90.7 million in 2025, compared to a profit of approximately HKD 9.8 million in 2024, with a gross margin turning negative at approximately -91.2%[12]. - The overall revenue for the group was approximately HKD 100.0 million, a decline from the previous year's revenue, primarily due to decreased wine trade revenue reflecting a weak market atmosphere[21]. - The group recorded a net loss of approximately HKD 98.0 million for the fiscal year 2025, compared to a profit of approximately HKD 1.3 million in the previous year, primarily due to a sharp increase in inventory impairment losses[30]. - The group recorded a net loss of approximately HKD 98,030,000 for the year ended December 31, 2025, with a net cash outflow from operating activities of about HKD 5,292,000[189]. Revenue and Cost Analysis - The cost of sales and consumed inventory decreased by approximately 78.6% to about HKD 95.1 million from approximately HKD 443.8 million in the previous year, attributed to adverse market conditions affecting wine business revenue[22]. - The cost of sales for 2025 was HKD 95,077,000, compared to HKD 443,769,000 in 2024, indicating a decrease of about 78.6%[168]. - The company reported a gross loss of HKD 4,875,000 for 2025, compared to a gross profit of HKD 18,214,000 in 2024[168]. - The company recognized an inventory impairment loss of HKD 84,598,000 in 2025, a significant increase from HKD 4,872,000 in 2024[168]. Business Operations - The food business, which started selling and distributing drinking water products in 2024, saw revenue increase from HKD 0.2 million in 2024 to HKD 0.5 million in 2025, with gross profit rising from HKD 75,000 to approximately HKD 133,000[13]. - The board anticipates that both the wine and food businesses will continue to face a challenging operating environment in 2026, with cautious consumer spending and intense competition in the Hong Kong wine market[15]. - The company aims to increase brand awareness and market influence through participation in selected exhibitions and promotional activities, while also seeking suitable investment and business opportunities to broaden revenue sources[15]. Financial Position - The asset-liability ratio increased to approximately 34% in fiscal year 2025 from about 25% in the previous year[35]. - The total assets decreased from HKD 579,730,000 in 2024 to HKD 508,155,000 in 2025, reflecting a decline of approximately 12.3%[171]. - The company's equity decreased from HKD 438,536,000 in 2024 to HKD 340,506,000 in 2025, representing a decline of about 22.4%[173]. - The company's cash and cash equivalents dropped significantly from HKD 7,298,000 in 2024 to HKD 272,000 in 2025, a decrease of approximately 96.3%[171]. Management and Governance - The company has adopted a board diversity policy to enhance effectiveness by considering various factors such as gender and professional experience[120]. - The board consists of five members, including two executive directors and three independent non-executive directors[113]. - The roles of the chairman and the CEO are clearly separated to ensure independence and accountability[114]. - All independent non-executive directors have confirmed their independence according to GEM listing rules[90]. Risk Management - The company faces significant market risks, including fluctuations in costs due to changes in taxes, transportation, fuel prices, and currency exchange rates[59]. - The company has established procedures to identify and mitigate significant operational risks that could adversely affect its performance[59]. - The group is currently evaluating the specific impact of the new Hong Kong Financial Reporting Standard No. 18 on its consolidated financial statements[188]. Future Outlook - The company plans to enhance cash flow management, cost control, and risk management as part of its prudent operational strategy moving forward[15]. - The group is actively negotiating with lenders and receivers regarding overdue bank borrowings and potential solutions[192]. - The group plans to identify new investors and placement agents to facilitate capital raising activities[192]. Shareholder Information - The company has no interim dividends declared for the year, and the board does not recommend a final dividend for the current year[55][56]. - The company issued 236,832,000 shares in the rights issue, representing 19.80% of the existing share capital prior to completion and 16.53% post-issue[46]. - The shareholding structure post-rights issue shows the major shareholder holding 26.16% of the total shares, up from 13.89% prior to the issue[49].

二零二五年度全年業績公佈 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為相比起其它在聯交所上市的公司帶有較高投資風險的中小型公司提 供一個上市的市場。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。 天津泰達生物醫學工程股份有限公司 Tianjin TEDA Biomedical Engineering Company Limited （於中華人民共和國註冊成立的股份有限公 司） （股份代 號：8189） 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。 香港交易及結算所有限公司及聯交所對本公佈的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不就因本公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。 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 關天津泰達生物醫學工程股份有限公司（「本公司」）的資料；本公司董事願就本公佈的 資料共同及個別地承擔全部責任。本公司各董 ...

Financial Performance - For the fiscal year ending December 31, 2025, the group's revenue was approximately HKD 211.4 million, a decrease of about 15.7% compared to HKD 250.8 million for the fiscal year ending December 31, 2024[5]. - The loss attributable to the owners for the fiscal year 2025 was approximately HKD 25.0 million, compared to a loss of HKD 18.4 million in the fiscal year 2024[5]. - The total comprehensive loss for the fiscal year 2025 was HKD 24.5 million, compared to HKD 18.4 million in the previous year[7]. - The company reported a loss attributable to equity holders of HKD 24,955,000 for 2025, compared to a loss of HKD 18,402,000 in 2024, representing a year-over-year increase of approximately 35% in losses[8]. - The basic and diluted loss per share increased to HKD 4.16 in 2025 from HKD 3.07 in 2024, indicating a 35.5% increase in loss per share[8]. - The company reported a net loss attributable to shareholders of approximately HKD 24,955,000 for 2025, compared to HKD 18,402,000 in 2024, indicating an increase in losses[33]. Revenue Breakdown - For the fiscal year ending December 31, 2025, total revenue is projected to be HKD 211,443,000, with air freight contributing HKD 78,141,000, sea freight HKD 19,967,000, logistics and warehousing HKD 79,679,000, and e-commerce HKD 33,656,000[25]. - For the fiscal year ending December 31, 2024, total revenue is projected to be HKD 250,757,000, with air freight contributing HKD 89,559,000, sea freight HKD 30,520,000, logistics and warehousing HKD 92,711,000, and e-commerce HKD 37,967,000[25]. - Air freight agency service revenue decreased from HKD 89.6 million in 2024 to HKD 78.1 million in 2025, a decline of 11.5% due to reduced air freight tonnage handled[46]. - Sea freight agency service revenue fell from HKD 30.5 million in 2024 to HKD 20.0 million in 2025, a decrease of 34.5% attributed to reduced cargo volume and lower freight charges[47]. - Logistics and warehousing service revenue decreased from HKD 92.7 million in 2024 to HKD 79.7 million in 2025, a decline of approximately 13.0 million due to a reduction in logistics customers[48]. - E-commerce business revenue decreased from approximately HKD 38.0 million in 2024 to HKD 33.7 million in 2025, a decline of about 11.3% due to adjustments in operational strategy and increased competition[49]. Cost and Expenses - Administrative and selling expenses decreased primarily due to reduced depreciation expenses and a decrease in employee numbers and salary expenses[5]. - The total employee costs for the company were HKD 34,699,000 in 2025, down from HKD 38,557,000 in 2024, reflecting a decrease of approximately 7.5%[34]. - The company reported an administrative expense of HKD (31,193,000) for 2025 and HKD (34,150,000) for 2024, indicating a reduction in administrative costs[25]. - Total sales costs decreased by 13.9% from HKD 228.0 million in 2024 to HKD 196.4 million in 2025, primarily due to reduced cargo volumes and improved warehouse employee productivity[51]. Assets and Liabilities - Total assets decreased to HKD 24,057,000 in 2025 from HKD 63,204,000 in 2024, reflecting a significant reduction of approximately 62%[9]. - The company's total liabilities decreased to HKD 49,083,000 in 2025 from HKD 78,841,000 in 2024, a reduction of approximately 38%[10]. - The company's equity attributable to owners decreased to HKD 17,963,000 in 2025 from HKD 42,475,000 in 2024, a decline of about 58%[10]. - Trade receivables for 2025 amounted to HKD 27,355,000, a decrease of 41% from HKD 46,311,000 in 2024[36]. - Trade payables for 2025 were HKD 23,351,000, down 14% from HKD 27,289,000 in 2024[37]. Impairment and Losses - The increase in impairment losses on trade receivables contributed to the overall loss for the fiscal year 2025[5]. - The impairment loss on trade receivables was HKD 5,417,000 in 2025, compared to a reversal of HKD 1,254,000 in 2024, indicating a significant increase in impairment[34]. Strategic Initiatives - The company aims to restructure its financing sources to minimize interest expenses[5]. - The company anticipates a continued focus on enhancing service offerings in air freight, sea freight, logistics, and e-commerce to drive future growth[28]. - The company has optimized its business portfolio and restructured its cost structure to enhance operational resilience[41]. - The company plans to leverage its regulatory advantages in pharmaceutical logistics to participate in supply chain development[41]. Governance and Compliance - The board believes that integrating good corporate governance into the management structure and internal control processes is essential for protecting the interests of shareholders, customers, and employees[71]. - The audit committee has reviewed the consolidated financial statements for the fiscal year 2025 and confirmed compliance with applicable accounting standards and GEM listing rules[81]. - The company has adopted a policy to encourage employees to report unethical behavior, including violations of company policies and regulations[72]. Future Outlook - The company anticipates continued growth in 2026 despite geopolitical tensions and trade barriers affecting the logistics industry[41]. - The company is focusing on strategic positioning in response to national policies supporting Hong Kong as an international logistics hub[41].

Financial Performance - The total new contracts signed by the group amounted to RMB 976.2 million, an increase of 1.6% compared to RMB 960.7 million in the previous year[3]. - The realized revenue for the year was RMB 927.8 million, reflecting a growth of 13.2% from RMB 819.8 million in the previous year[3]. - The group recorded an uncompleted contract amount of RMB 1,093.4 million, up 27.2% from RMB 859.7 million at the end of the previous year[3]. - The gross profit for the year was RMB 325.2 million, a 6.5% increase from RMB 305.3 million in the previous year, with a gross profit margin of 35.0%, down 2.2 percentage points from 37.2%[3]. - The profit attributable to equity holders of the parent company was RMB 70.5 million, a significant increase of 219.0% compared to RMB 22.1 million in the previous year[3]. - The total comprehensive income for the year was RMB 119.6 million, compared to RMB 47.0 million in the previous year[5]. - The group reported other income and gains of RMB 69.3 million, up from RMB 38.5 million in the previous year[4]. - The financial and contract asset impairment losses were RMB 13.8 million, a decrease from RMB 36.3 million in the previous year[4]. - The company’s net profit for the year was RMB 119,600,000, an increase of RMB 72,600,000 compared to the previous year's net profit of RMB 47,000,000[91]. Assets and Liabilities - Total assets decreased from RMB 2,263,978 thousand in 2024 to RMB 2,002,289 thousand in 2025, representing a decline of approximately 11.6%[7]. - Non-current assets totaled RMB 1,056,729 thousand in 2025, down from RMB 1,128,363 thousand in 2024, a decrease of about 6.3%[6]. - Current assets increased significantly from RMB 1,709,931 thousand in 2024 to RMB 2,183,650 thousand in 2025, reflecting a growth of approximately 27.7%[6]. - Total liabilities rose from RMB 976,401 thousand in 2024 to RMB 1,207,249 thousand in 2025, an increase of around 23.6%[6]. - The company's cash and cash equivalents surged from RMB 329,888 thousand in 2024 to RMB 699,435 thousand in 2025, marking a substantial increase of approximately 112.5%[6]. - The net asset value increased from RMB 2,001,124 thousand in 2024 to RMB 2,242,285 thousand in 2025, representing a growth of about 12%[7]. - The total non-current liabilities decreased from RMB 21,693 thousand in 2024 to RMB 6,406 thousand in 2025, a significant reduction of approximately 70.5%[7]. Business Segments - Total revenue for the railway business reached RMB 519,794,000, while the energy business generated RMB 235,822,000, and the aviation business contributed RMB 172,233,000, leading to a total revenue of RMB 927,849,000[17]. - The railway segment reported a revenue of RMB 519.8 million, an increase of RMB 36.3 million or 7.5% compared to the previous year[66]. - The energy segment reported a revenue of RMB 235.8 million, a decrease of RMB 100.5 million or 29.9% compared to the previous year, primarily due to the implementation of IAS 21 accounting standards[67]. - The aviation segment reported revenue of RMB 172,200,000, with software development and technical services contributing RMB 92,000,000, system integration services contributing RMB 49,000,000, and maintenance services contributing RMB 31,200,000[70]. Investments and Acquisitions - The company has expanded its business to provide software development and technical consulting services for large clients in the aviation, manufacturing, and government sectors after acquiring Hengtuo Open Source[9]. - The company purchased a 40% stake in Beijing Zhongzhi Runbang Technology Co., Ltd. for a total consideration of RMB 80,000,000[109]. - The acquisition of a 55% stake in Beijing Jiujian Technology Co., Ltd. was completed for RMB 16,500,000, with a revenue guarantee of at least RMB 180,000,000 over two years[111]. - The company is undergoing a business merger with Hengtuo Open Source Group, which is expected to impact contract asset recognition[43]. Revenue Recognition and Taxation - The income tax expense for the year includes a current tax provision of RMB 5,866,000 for China corporate income tax, and RMB 13,905,000 for Myanmar corporate income tax[28]. - The group has a total income tax expense of RMB 21,284,000 for the year, compared to RMB 26,989,000 in the previous year[28]. - The corporate income tax rate for subsidiaries in Myanmar is 25%, while in Malaysia and Hungary, it is 24% and 18% respectively[27]. Credit and Receivables Management - Trade receivables amount to RMB 615,821,000, with a provision for impairment of RMB 148,518,000[32]. - The average credit loss rate for trade receivables was 24.12% for the year ended December 31, 2022, compared to 27.67% for the previous year[36]. - The company utilized a provisioning matrix for impairment analysis, reflecting historical credit loss experiences based on customer groups and economic conditions[36]. - The expected credit loss for trade receivables was RMB 10,066 thousand for the year ended December 31, 2022[35]. Corporate Governance and Future Strategies - The company expresses gratitude to the board, management, employees, shareholders, and business partners for their support[126]. - The company is focused on enhancing its smart transportation systems[126]. - Future strategies may include market expansion and new technology development[126]. - The company aims to strengthen partnerships to drive growth[126]. - There is a commitment to maintaining high standards of corporate governance[126].

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份內容 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。 FRONTIER SERVICES GROUP LIMITED 先豐服務集團有限公司 * （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | | | | （經重列） | | 持續經營業務 | | | | | 來自客戶合約之收入 | 3 | 651,466 | 737,132 | | 直接材料及服務費用及分包費用 | | (248,233) | (316,803) | | 數據費用 | | — | (2,177) | | 僱員福利開支 | | (306,600) | (307,115) | | 租金費用 | 6 | (23,293) | (4,344) | | 維修及保養費用 | | (17,017) | (6,655) | | 折舊及攤銷 | 6 | (2 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 4,870,175, a significant increase from HKD 938,315 in 2024, representing a growth of approximately 418%[4] - Gross profit for the same period was HKD 413,906, slightly down from HKD 420,775 in 2024, indicating a decrease of about 1%[4] - Operating profit improved to HKD 79,081 compared to an operating loss of HKD 65,772 in 2024, marking a turnaround in operational performance[4] - The company reported a net profit of HKD 59,951 for 2025, recovering from a net loss of HKD 85,077 in 2024[4] - The basic and diluted earnings per share improved to HKD 0.14 in 2025 from a loss of HKD 0.19 in 2024[5] - The company reported a net profit of HKD 57,673,000 for 2025, a significant recovery from a net loss of HKD 76,891,000 in 2024[22] - Basic earnings per share for 2025 is projected at HKD 0.14, compared to a loss of HKD 0.19 per share in 2024[22] - The company recorded a net profit of HKD 60.0 million in 2025, compared to a net loss of HKD 85.1 million in 2024[40] Assets and Liabilities - Total assets decreased to HKD 673,317 in 2025 from HKD 822,449 in 2024, reflecting a reduction of approximately 18%[6] - Current liabilities were reduced to HKD 312,508 in 2025 from HKD 419,160 in 2024, a decrease of about 25%[6] - Cash and cash equivalents increased to HKD 76,440 in 2025 from HKD 46,225 in 2024, showing a growth of approximately 65%[6] - The company’s equity attributable to owners increased to HKD 212,770 in 2025 from HKD 149,148 in 2024, representing a growth of about 43%[7] - Trade receivables as of December 31, 2025, amounted to HKD 50.426 million, down from HKD 62.469 million in 2024[24] - Trade payables decreased to HKD 81.991 million in 2025 from HKD 115.804 million in 2024[24] - As of December 31, 2025, the company's current assets net value was HKD 96.3 million, an increase of HKD 60.1 million from the previous year, mainly due to a reduction in current liabilities[42] Revenue Projections - Total revenue for the year ending December 31, 2025, is projected to be HKD 918,969,000, a decrease from HKD 978,905,000 in 2024, representing a decline of approximately 6.1%[19] - Revenue from external customers for 2025 is expected to be HKD 870,175,000, down from HKD 938,315,000 in 2024, indicating a decrease of about 7.3%[19] - The company anticipates a significant increase in retail revenue, with projections of HKD 589,612,000 for 2025 compared to HKD 724,760,000 in 2024, a decline of approximately 18.6%[20] - The group's revenue for 2025 decreased to HKD 870.2 million, a year-on-year decline of 7.3% from HKD 938.3 million in 2024[28] - Revenue in mainland China for 2025 is projected to be HKD 285.5 million, a decrease of 26.7% year-on-year, with the number of retail stores reduced to 90 from 123 in 2024, reflecting a negative growth rate of 13.5%[32] - Sales revenue from Hong Kong and other regions decreased by 54.9% year-on-year, with one new store opened and two closed in 2025, resulting in a reduction of average floor area by 626.6 square meters, or 46.6%[33] Expenses and Costs - The cost of sales for 2025 is estimated at HKD 456,269,000, which is lower than HKD 517,540,000 in 2024, reflecting a reduction of approximately 11.8%[19] - Selling and marketing expenses for 2025 are projected to be HKD 267,027,000, down from HKD 394,542,000 in 2024, a decrease of about 32.3%[19] - Depreciation and amortization expenses for 2025 are expected to be HKD 128,743,000, slightly lower than HKD 146,829,000 in 2024, indicating a decrease of approximately 12.3%[19] - The company has recorded an impairment loss of HKD 13,095,000 for 2025, compared to HKD 14,542,000 in 2024, reflecting a reduction of about 10.0%[19] - Operating expenses for sales and marketing decreased to HKD 267.0 million, a 32.3% year-on-year reduction, driven by decreases in depreciation and amortization, variable lease expenses, and employee costs[37] - Net financing costs decreased to HKD 12.5 million in 2025, a 17.5% year-on-year reduction, primarily due to lower interest on lease liabilities and borrowings[38] Market Strategy and Operations - The company plans to focus on market expansion and new product development to drive future growth[3] - The company operates as an investment holding company primarily engaged in the retail and wholesale of international fashion brands in Mainland China, Macau, and Hong Kong[8] - The group plans to continue monitoring market dynamics and adjust strategies as needed to maintain resilience[27] - The group’s business activities are influenced by seasonal fluctuations and certain holidays, affecting retail store performance[15] - The average sellable floor area decreased from 32,156 square meters in 2024 to 28,052 square meters in 2025, primarily due to store closures in mainland China[28] - The number of retail stores decreased from 155 in 2024 to 119 in 2025, with 60 closures[29] - The group's online sales recorded a decrease of 20.3% in 2025 compared to 2024[28] Governance and Compliance - The company has adopted the corporate governance code as per the Stock Exchange's Appendix C1 and has complied with its provisions up to the fiscal year ending December 31, 2025[63] - The board of directors aims to maintain a balanced composition of executive and independent non-executive directors to ensure strong independent elements for effective independent judgment[63] - The audit committee has reviewed the accounting policies and practices adopted by the company, discussing risk management and internal controls, as well as the financial performance for the fiscal year ending December 31, 2025[64] - The board has confirmed that all directors complied with the trading regulations and standards for securities transactions during the year ending December 31, 2025[60] Future Plans and Investments - The company aims to maintain a prudent approach in evaluating new opportunities and capital allocation, focusing on sustainable long-term growth and market position consolidation[48] - The company plans to allocate 50.3% of the net proceeds, amounting to HKD 70.4 million, for the establishment of new retail stores by December 31, 2025[51] - A total of HKD 33.6 million (24.0%) is designated for exploring new brands, with HKD 30.2 million already utilized and HKD 3.4 million expected to be used by December 31, 2026[51] - The total net proceeds expected to be utilized by December 31, 2025, amount to HKD 140.0 million, with HKD 136.6 million already used[51] Dividends and Shareholder Returns - The group did not declare or propose any dividends for the year ending December 31, 2025[25] - The company has not proposed any final dividends for the year ending December 31, 2025, nor any interim dividends[56] - The company has not engaged in any buybacks, sales, or redemptions of its listed securities during the year ending December 31, 2025[57] Other Information - The financial statements are presented in Hong Kong dollars, which is the company's functional currency, while subsidiaries in Mainland China use Renminbi[10] - The group has adopted the revised International Financial Reporting Standards (IFRS) without significant impact on its financial performance or position for the current and prior years[11] - The group does not expect the application of the new IFRS standards to have a significant impact on its financial condition[14] - There were no significant acquisitions or disposals reported for the year 2025[52] - The company has not identified any significant events affecting its business or financial performance after the reporting period[54]

Financial Performance - In 2025, Cloudbreak Pharma successfully raised net proceeds of approximately HK$525 million through its listing on the Main Board of the Stock Exchange, marking a significant transition to a commercial-stage chapter[14]. - For the year ended December 31, 2025, total revenue was US$21,738,000, a slight decrease from US$22,014,000 in 2024, representing a decline of approximately 1.3%[199]. - Revenue from core product CBT-001 was US$16,543,000, accounting for 76.1% of total revenue, down from US$19,409,000 (88.2%) in 2024[199]. - Revenue from CBT-009 increased to US$3,358,000, representing 15.4% of total revenue, compared to US$397,000 (1.8%) in the previous year[199]. - Other drug candidates generated revenue of US$1,837,000, making up 8.5% of total revenue, down from US$2,208,000 (10.0%) in 2024[199]. - General and administrative expenses increased compared to the previous year due to higher listing expenses and an increase in staff and share-based compensation[192]. - R&D expenses increased as the Company granted RSUs to R&D staff during the year, with clinical research expenses primarily consisting of service fees paid to CROs and CDMOs[193]. - The Group recorded net foreign exchange losses due to the conversion of deposits from USD to RMB for operational use, resulting in a net loss in foreign exchange[191]. Clinical Development - Key clinical developments include the decision to withdraw the IND application for CBT-009 to focus resources more effectively, while the Phase III design for CBT-004 has been finalized after a successful End-of-Phase II meeting with the FDA[15]. - The company is reassessing its clinical development strategy for CBT-009 in light of the latest regulatory requirements and market conditions[15]. - The company anticipates that CBT-004 could become the first targeted drug for the treatment of vascularized eyelid margin patch[15]. - CBT-001, indicated for the treatment of pterygium, has completed enrollment in a global Phase III trial across multiple countries, with top-line data expected in 2026 to support commercial filings[1]. - CBT-009, for treating pediatric myopia, has an IND application filed with the FDA, utilizing a non-aqueous formulation to address tolerability issues in the large myopia market[1]. - CBT-199, for presbyopia treatment, had its IND application submitted in December 2025, with no clinical hold from the FDA, addressing the needs of nearly two billion people[4]. - CBT-358, a new addition to the product pipeline, combines SFA+ technology with TRPM8 agonist for treating dry eye disease, potentially benefiting both evaporative and insufficient tear production types[4]. - The Phase 2 clinical trial for CBT-004 commenced in December 2023 and was completed in May 2025, meeting primary and several secondary efficacy endpoints[72]. - At the End-of-Phase 2 meeting with the FDA, agreement was reached on hyperemia reduction as a primary endpoint for CBT-004[74]. - CBT-004 has advanced to Phase 3 clinical studies, with the FDA agreeing to use the reduction of hyperemia as the primary endpoint for approval[75][76]. Market Opportunities - The global ophthalmic market is experiencing growth due to an ageing population, increased screen time, and early onset of myopia in children[14]. - The global juvenile myopia drug therapy market is projected to grow from $90.2 million in 2023 to $3.7 billion by 2033, indicating a significant unmet medical need[57]. - The presbyopia drug market is projected to grow from US$0.2 million in 2023 to US$5.6 billion by 2033, reflecting a compound annual growth rate of 86.6%[83]. - Approximately 2 billion people globally are affected by presbyopia, indicating a significant unmet medical need in ophthalmology[79][81]. - The global market for myopia treatment in adolescents is projected to grow from $90.2 million in 2023 to $3.7 billion by 2033, indicating a significant demand for effective interventions[59]. - The global market for dry eye disease is described as a multi-billion dollar opportunity, highlighting the potential impact of CBT-358[97]. Strategic Focus and Partnerships - The company is committed to its "China-US dual filing, global synchronization" strategy, leveraging the 505(b)(2) regulatory pathway for its product developments[14]. - The company is executing existing agreements with Santen and Grand Pharma while targeting one to two new licensing deals in Europe and other regions by 2026[2]. - The company plans to establish similar licensing arrangements in Europe and other regions by late 2026, following the results of its first Phase 3 study[118]. - A licensing agreement with Grand Pharma was established in April 2020, granting exclusive rights to manufacture and commercialize CBT-001 in Greater China, while the company retains control over development activities[122][125]. - A licensing agreement with Santen was signed in August 2024, covering the development and commercialization of Nintedanib-based products, including CBT-001, in several Asia-Pacific countries[117][126]. - The company is actively discussing commercialization partnerships for CBT-001, evaluating options to maximize the value of its proprietary technologies[114][119]. Intellectual Property - As of December 31, 2025, the company holds 71 granted patents and 175 pending patent applications globally, with 50 granted patents and 62 pending applications specifically for the core product CBT-001[137]. - The company has a total of 16 granted patents for CBT-001, including 3 in the US and 1 in China, with an expected expiry date of June 3, 2036[139]. - The company emphasizes the importance of maintaining and protecting its intellectual property rights as a clinical-stage ophthalmology biotechnology firm[137]. - The company is focused on expanding its market presence through strategic collaborations and licensing agreements in the ophthalmic sector[130]. - The management emphasizes the importance of intellectual property in supporting future product development and market expansion[145]. Research and Development - The company has established a pipeline of drug candidates targeting major anterior and posterior ophthalmic diseases, all of which are proprietary developments[158]. - The R&D team consists of 21 experienced professionals, including 4 senior management members and 17 dedicated R&D personnel, with 6 holding master's degrees and 4 holding PhDs[165]. - R&D operations are supported by three strategically located centers in the United States and China, enabling clinical trials across multiple jurisdictions[159]. - The management emphasizes the importance of R&D for the success of ophthalmic drug candidates throughout various development stages[158]. - The company aims to develop first-in-class or best-in-class therapies to address unmet medical needs in the global ophthalmic drug market[158]. Production and Facilities - The company has developed a pilot production facility in Suzhou, China, with a gross floor area of 1,226.43 sq.m., compliant with GMP standards in the US, China, and the EU, supporting global clinical trials[105]. - The pilot production facility is currently producing clinical trial supplies for drug candidates CBT-004 and CBT-199[106]. - The company plans to build a commercial production facility based on clinical development progress and commercialization needs, focusing on BFS manufacturing technology for Phase 3 clinical trials and future products[107]. - The company was assigned land use rights for a 33,332.9 sq.m. parcel in Suzhou in May 2023, with construction phase 1 commencing in December 2024[108].