Financial Performance - Total revenue for the year ending December 31, 2025, increased by approximately 4.1% to approximately RMB 904.9 million from RMB 868.9 million for the year ending December 31, 2024[2] - Profit attributable to equity holders for the year ending December 31, 2025, rose by 12.4% to approximately RMB 97.8 million from RMB 87.0 million for the year ending December 31, 2024[2] - Basic earnings per share for the year ending December 31, 2025, increased by 9.4% to approximately RMB 16.49 from RMB 15.08 for the year ending December 31, 2024[2] - Gross profit for the year ending December 31, 2025, was RMB 282.7 million, compared to RMB 245.0 million for the year ending December 31, 2024[3] - Net profit for the year was RMB 99.4 million, a 12.2% increase from RMB 88.6 million in the previous year[89] - The group reported a pre-tax profit of RMB 130,026,000 for 2025, up from RMB 92,339,000 in 2024, representing an increase of approximately 41%[32] Revenue Breakdown - Revenue from property management services reached RMB 636,982,000 in 2025, up from RMB 570,548,000 in 2024, indicating a growth of about 11.6%[18] - The group reported a significant decrease in revenue from property engineering services, which fell to RMB 57,354,000 in 2025 from RMB 83,211,000 in 2024, a decline of approximately 30.9%[18] - Property management services contributed RMB 636.98 million, accounting for 70.5% of total revenue, up from 65.7% in 2024[82] - The company's value-added services revenue for 2025 reached RMB 206,635,000, a slight increase from RMB 203,863,000 in 2024, representing a growth of approximately 0.9%[69] - Revenue from residential properties was 477,219 thousand yuan, representing 75% of total property management service revenue, while non-residential revenue was 159,763 thousand yuan, making up 25%[67] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 1,064.4 million, compared to RMB 1,039.8 million as of December 31, 2024[5] - Current liabilities as of December 31, 2025, were RMB 644.7 million, compared to RMB 652.4 million as of December 31, 2024[5] - Net current assets as of December 31, 2025, were RMB 419.7 million, an increase from RMB 387.5 million as of December 31, 2024[5] - Total non-current liabilities decreased from RMB 39,686,000 in 2024 to RMB 20,739,000 in 2025, representing a reduction of approximately 47.8%[6] - Trade payables to third parties rose to RMB 150,641,000 in 2025 from RMB 114,897,000 in 2024, an increase of approximately 31%[43] Dividends - The board proposed a final dividend of HKD 0.0191 per share for the year ending December 31, 2025, compared to HKD 0.0273 per share for the year ending December 31, 2024[2] - The proposed final dividend for the year ended December 31, 2025, is HKD 0.0191 per share, totaling approximately HKD 11,327,000 (equivalent to RMB 9,969,000)[33] Employee and Operational Expenses - The group's employee benefits expenses for 2025 amounted to RMB 264,357,000, an increase of 16% from RMB 227,909,000 in 2024[24] - Administrative expenses for the year ending December 31, 2025, were RMB 95.2 million, slightly up from RMB 93.1 million for the year ending December 31, 2024[3] - Total depreciation and amortization expenses for 2025 were RMB 28,829,000, compared to RMB 19,168,000 in 2024, indicating a 50% increase[24] Impairments and Provisions - The group recorded a trade receivables impairment provision of RMB 58,693,000 for 2025, a significant increase from RMB 14,841,000 in 2024[24] - The impairment provision for trade receivables increased to RMB 275,141,000 in 2025 from RMB 180,497,000 in 2024, indicating a rise of about 52.4%[40] - The group’s total impairment provisions for other receivables amounted to RMB 48,925,000 in 2025, compared to RMB 36,172,000 in 2024, showing an increase of 35%[24] Business Strategy and Operations - The company operates primarily in property management services, value-added services, pre-delivery and consulting services, and property engineering services[11] - The company is focusing on quality growth, emphasizing "local deep cultivation and strategic expansion," and has diversified its service offerings across residential, commercial, and industrial sectors[48] - The company has successfully transitioned its business model from traditional rental operations to an asset management platform model, improving profitability quality[48] - The company aims to enhance its community service system through digital operations and resource integration, focusing on improving business scale and profitability[68] Corporate Governance - The company has adopted corporate governance principles and has complied with the relevant rules during the fiscal year ending December 31, 2025[135] - The audit committee, consisting of three independent non-executive directors, has reviewed the annual performance announcement and financial statements for the year ending December 31, 2025[139] - The board will continue to review the separation of the roles of Chairman and CEO as necessary to enhance operational efficiency[135] Future Plans and Investments - The company plans to allocate 30% of the unutilized funds (RMB 73.4 million) for strategic investments, acquisitions, and expanding property management and value-added services by September 30, 2026[117] - The company aims to enhance its financial position and expand its shareholder base through the 2021 placement and subscription[113] - The company continues to evaluate the implementation plan for the unutilized funds to adapt to changing market conditions[119]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00670） 截至二零二五年十二月三十一日止年度 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 人民幣百萬元 | 人民幣百萬元 | | 收入 | 4 | 139,941 | 132,120 | | 其他經營收入和利得 | 6 | 7,459 | 6,503 | | 經營支出 | | | | | 飛機燃料 | | (43,690) | (45,499) | | 折舊與攤銷 | | (27,894) | (26,644) | | 工資、薪金及福利 | | (29,688) | (26,552) | | 飛機起降費 | | (19,342) | (17,535) | | 飛機維修費 | | (6,576) | (6,171) | | 航空餐食供應 | | (4,631) | (4,227 ...

Financial Performance - The total revenue for the year ended December 31, 2025, was HKD 393,085,000, representing a 17.2% increase from HKD 335,346,000 in 2024[5] - Gross profit for the same period was HKD 78,635,000, up from HKD 66,505,000, indicating a growth of 18.1%[5] - The operating profit turned positive at HKD 3,903,000 compared to an operating loss of HKD 6,594,000 in 2024[5] - The net profit for the year was HKD 3,227,000, a significant recovery from a loss of HKD 6,851,000 in the previous year[6] - Basic and diluted earnings per share improved to HKD 0.17 from a loss of HKD 0.33 in 2024[5] - For the fiscal year ending December 31, 2025, the total reported segment revenue was HKD 393,085,000, an increase of 17.2% from HKD 335,346,000 in 2024[20] - The gross profit for the fiscal year 2025 was HKD 78,635,000, compared to HKD 66,505,000 in 2024, reflecting a gross margin improvement[20][21] - The company reported a net profit of HKD 3,227,000 for 2025, a recovery from a net loss of HKD 6,851,000 in 2024[20][21] - Revenue for the fiscal year 2025 increased to HKD 3,931 million, up from HKD 3,353 million in 2024, representing a growth of approximately 17.2%[51] - Gross profit rose to HKD 786 million in 2025, compared to HKD 665 million in 2024, maintaining a gross margin of 20.0%[51] - Operating profit improved to HKD 39 million in 2025, a turnaround from an operating loss of HKD 66 million in 2024[51] - Pre-tax profit for 2025 was HKD 33 million, compared to a pre-tax loss of HKD 68 million in 2024[51] - Net profit for the fiscal year 2025 was HKD 32 million, recovering from a net loss of HKD 69 million in 2024[51] Assets and Liabilities - Total assets increased to HKD 259,614,000 in 2025, up from HKD 182,726,000 in 2024, reflecting a growth of 42.1%[7] - Total liabilities rose to HKD 192,006,000 from HKD 118,245,000, an increase of 62.4%[8] - The equity attributable to owners of the company increased to HKD 77,384,000 from HKD 74,978,000, a growth of 3.0%[7] - Cash and cash equivalents rose to HKD 51,208,000 from HKD 31,188,000, marking a 64.4% increase[7] - Trade and other receivables increased to HKD 122,559,000 from HKD 70,955,000, a growth of 72.8%[7] - Trade receivables increased to HKD 76,282,000 in 2025 from HKD 55,757,000 in 2024, with a provision for impairment of HKD 13,676,000[38] - Trade payables decreased to HKD 17,518 million in 2025 from HKD 33,407 million in 2024, reflecting improved cash flow management[47] Market Performance - Revenue from the Hong Kong market increased to HKD 391,484,000 in 2025, up from HKD 331,065,000 in 2024, representing a growth of 18.2%[24] - Revenue from IT infrastructure solutions reached HKD 2,197 million, accounting for 55.9% of total revenue, a significant increase of approximately 22.7% from HKD 1,790 million[57] - Revenue from IT development solutions was HKD 1,246 million, representing 31.7% of total revenue, an increase of 14.8% from approximately HKD 1,085 million[58] - Revenue from IT maintenance and support services was approximately HKD 488 million, accounting for 12.4% of total revenue, a slight increase of about 2.0% from approximately HKD 478 million[59] Financial Management - The company maintained a strong liquidity position with cash and cash equivalents of approximately HKD 51.2 million as of December 31, 2025, compared to HKD 31.2 million as of December 31, 2024[69] - The capital-to-equity ratio as of December 31, 2025, was 20.9%, up from 11.1% as of December 31, 2024, primarily due to an increase in contract liabilities[69] - The company has maintained a prudent financial management approach to ensure a stable liquidity position throughout fiscal year 2025[70] Strategic Initiatives - The company plans to focus on market expansion and innovation to sustain revenue growth moving into 2026[51] - The company plans to reassess its strategic focus in the electric vehicle sector due to delays in utilizing approximately HKD 11.9 million for development and cultivation opportunities[61] - The company aims to explore collaboration opportunities in adjacent fields to create synergies and enhance growth potential[62] Compliance and Governance - The company plans to adopt the new Hong Kong Financial Reporting Standard No. 18, effective January 1, 2027, to enhance financial statement transparency[17] - The company is currently reviewing its accounting policy disclosures to ensure compliance with new standards[17] - The audit committee, composed of three independent non-executive directors, reviewed the group's annual performance for the year ended December 31, 2025[88] - The board proposed not to distribute any dividends for the year ended December 31, 2025[78] - The company is committed to adhering to GEM listing rules in providing information to shareholders[91] - The company takes full responsibility for the accuracy of the information provided in the announcement[91] - The announcement does not contain any misleading or fraudulent elements[91] - The company will ensure that no material facts are omitted that could mislead stakeholders[91] - The announcement is part of the company's compliance with regulatory requirements[91] Miscellaneous - The company did not declare any dividends for the year ending December 31, 2025, consistent with the previous year[37] - The group had no capital commitments related to equipment as of December 31, 2025, consistent with the previous year[74] - The group did not engage in any purchases, redemptions, or sales of its listed securities during the fiscal year 2025[77] - There were no significant events occurring after December 31, 2025[76] - The annual report for the year ending December 31, 2025, will be sent to shareholders and published on the stock exchange and the company's website[91] - The announcement will be available on the stock exchange website for at least seven days from the publication date[91]

Financial Performance - The company achieved a revenue of RMB 52.3 billion for the year ending December 31, 2025, a decrease of 12.9% compared to RMB 60.1 billion in 2024[5] - Net profit reached RMB 529.4 million, representing a year-on-year growth of 14.6% from RMB 461.8 million in 2024[5] - The gross margin improved to 4.5%, an increase of 0.7 percentage points, marking an 18% growth year-on-year[4] - The trading business segment's revenue decreased from RMB 59,269.2 million in 2024 to RMB 51,529.4 million in 2025, a decline of 13.1%[21] - Gross profit for the trading business increased to RMB 1,720 million in 2025, a year-on-year growth of nearly 5%, with a gross margin of 3.3%, up over 18%[22] - Subscription service revenue decreased by 17.6% to RMB 421 million, while AI products and services generated RMB 106.2 million, accounting for nearly 20% of service revenue[23][25] - The total revenue for 2025 was RMB 52,297,458,000, a decrease of 12.9% compared to RMB 60,059,328,000 in 2024[61] - The revenue from product sales was RMB 51,529,380,000, down from RMB 59,269,204,000 in the previous year, indicating a decline of 13.9%[61] Strategic Initiatives - The company launched three major smart supply chain projects, resulting in a 50%+ revenue increase from new product categories[7] - The company entered the fast-moving consumer goods discount chain sector with the launch of the "Zhe Zhe Feng" brand, opening ten stores in Nanjing in December 2025[10] - Strategic acquisitions included the purchase of high-end manufacturing company Jintongling and e-commerce AI firm Xizang Bianjie Information Technology Co., enhancing the company's capabilities in AI and smart manufacturing[11] - In 2026, the company aims to transform its core business from slow-moving consumer goods to fast-moving consumer goods, focusing on deepening its presence in lower-tier markets through various strategies such as self-operated, joint ventures, and acquisitions[13] - The company plans to enhance its AI+ strategy by developing a vertical AI model tailored for retail scenarios, aiming to improve operational efficiency and data-driven decision-making[14] - The company is focusing on building an innovative supply chain centered on fast-moving consumer goods, utilizing AI and big data for precise matching between supply and demand[17] Financial Position - The company reported a net cash inflow of RMB 419 million, indicating a strong financial position[4] - Cash and cash equivalents decreased from RMB 2,781.3 million as of December 31, 2024, to RMB 2,543.2 million as of December 31, 2025[40] - The company reported a net decrease in cash and cash equivalents of RMB 237,773,000 for 2025, compared to a decrease of RMB 967,809,000 in 2024[52] - The total assets less current liabilities amounted to RMB 10,424,862,000 in 2025, an increase from RMB 9,860,132,000 in 2024, reflecting a growth of 5.7%[51] - The net assets of the company increased to RMB 10,021,785,000 in 2025 from RMB 9,610,500,000 in 2024, marking a growth of 4.3%[51] - The financing activities resulted in a net cash outflow of RMB 1,222,031,000 in 2025, compared to RMB 363,004,000 in 2024, indicating increased financing activities[52] Operational Efficiency - The total number of registered member stores increased by 2.4% to 254,590, while active member stores rose by 17.0% to 111,295[6] - The company’s proprietary brand revenue exceeded RMB 140 million, with a year-on-year growth of 37% and a gross margin exceeding 40%[7] - Research and development costs decreased by 10.8% to RMB 59.8 million in 2025, attributed to improved R&D efficiency and integration of AI technology[29][30] - Sales and marketing expenses decreased by 10.5% to RMB 962.2 million, maintaining a stable ratio of 1.8% of revenue[26] - Administrative and other operating expenses fell by 10.0% to RMB 328.1 million, also maintaining a ratio of 0.6% of revenue[27] - Inventory decreased from RMB 2,032.7 million as of December 31, 2024, to RMB 1,886.2 million as of December 31, 2025, with inventory turnover days improving from 15 days to 14 days[41][42] Shareholder Returns - The company is committed to shareholder returns, planning to improve profit distribution mechanisms and actively share development results through cash dividends[18] - The board of directors decided not to declare a final cash dividend for the year ending December 31, 2025, to prioritize investments in high-return business transformations[112] - The company plans to utilize share buybacks and other tools to reward shareholders based on market conditions[112] Corporate Governance - The company is committed to maintaining good corporate governance to protect shareholder interests and enhance corporate value[114] - The audit committee reviewed the financial statements for the year ending December 31, 2025, ensuring compliance with accounting standards and adequate disclosures[117] - The annual performance announcement will be published on the Hong Kong Stock Exchange and the company's website, with all required information for the year ending December 31, 2025[121] - The company is in the process of electing a new non-executive director, which will be presented for shareholder approval at the upcoming annual general meeting[120]

Financial Performance - The company reported total revenue of RMB 388.6 million for the year ended December 31, 2025, a decrease of 36.2% compared to RMB 609.2 million in 2024[4]. - The company recorded a loss attributable to owners of RMB 35.3 million, a significant decline from a profit of RMB 32.8 million in the previous year, representing a change of 207.6%[4]. - Total revenue for the reporting period was approximately RMB 388.6 million, a decrease of about RMB 220.6 million or 36.2% compared to RMB 609.2 million in 2024[19]. - Gross profit for 2025 was approximately RMB 186.6 million, down 46.0% from RMB 345.9 million in 2024[50]. - The company reported a net loss of RMB 35,335,000 for the year 2025, compared to a profit of RMB 32,843,000 in 2024[66]. User Metrics - Average monthly active users (MAUs) decreased by 55.7% to 1,503,434, while average monthly paying users (MPUs) fell by 35.9% to 67,664[10]. - Cumulative registered users increased by 3.8% to approximately 271 million, indicating a growing user base[10]. - The average revenue per paying user (ARPPU) remained relatively stable at RMB 479, a slight decrease of 0.4% compared to the previous year[10]. - The revenue from a single game developer accounted for 71.5% of total revenue in 2025, compared to 70.4% in 2024[61]. Market Trends - The Chinese gaming market is projected to reach actual sales revenue of RMB 350.8 billion in 2025, with a year-on-year growth of 7.7%[5]. - The mobile gaming market in China is expected to generate actual sales revenue of RMB 257.1 billion in 2025, reflecting a year-on-year growth of 7.9%[5]. - The Chinese mobile gaming market is projected to reach RMB 350.8 billion in 2025, with a year-on-year growth of 7.68% and a player base of 683 million[16]. Regulatory Environment - The issuance of gaming publication licenses by the National Press and Publication Administration (NPPA) increased by approximately 25% to 1,771 licenses in 2025[7]. - The gaming regulatory environment in China is improving, with 1,771 game approvals in 2025, a 25% increase year-on-year, and expectations for over 2,100 approvals in 2026[16]. Cost Management - The company plans to optimize its cost structure by reallocating resources from less effective promotional channels to support new game launches, actively reducing sales and marketing expenses[15]. - Sales and marketing expenses decreased by approximately 54.3% to about RMB 101.9 million, improving the ratio of sales and marketing expenses to revenue from approximately 36.6% to 26.2%[24]. - The total employee cost for the reporting period is approximately RMB 66.3 million, down from RMB 96.9 million in the previous year[78]. - The company has a total of 151 employees as of December 31, 2025, a decrease from 245 employees as of December 31, 2024[78]. Research and Development - Research and development expenses increased by approximately 13.6% to about RMB 73.5 million, reflecting the company's commitment to enhancing its game development capabilities[27]. - The company is exploring the integration of artificial intelligence into game development and operations to enhance efficiency and optimize user acquisition costs[18]. Future Plans - The company is exploring overseas market opportunities, launching several games in international markets during the reporting period[9]. - A new game is expected to undergo testing in overseas markets in the first half of 2026, with commercial release dependent on test results and market conditions[17]. - The company aims to enrich its domestic game product line and is prepared to launch new titles when market conditions are favorable[17]. - The company continues to seek potential game projects to enhance its game portfolio, with expectations of generating additional revenue opportunities in domestic and overseas markets once new games are launched[32]. Financial Position - The company maintains a strong financial position with cash and cash equivalents totaling approximately RMB 666.2 million and a debt ratio of zero as of December 31, 2025[18]. - The group's current assets as of December 31, 2025, were approximately RMB 807.5 million, an increase from RMB 761.0 million in 2024[41]. - The current ratio improved to 5.4 as of December 31, 2025, compared to 4.4 in 2024, indicating better liquidity management despite strategic investments in fixed deposits[41]. - The group had no bank borrowings or debt financing obligations as of December 31, 2025, resulting in a debt-to-equity ratio of zero[42]. Miscellaneous - The company did not declare any dividends for the year ending December 31, 2025, consistent with 2024[65]. - The audit committee has reviewed the annual performance and confirmed compliance with applicable accounting principles and regulations[84]. - The annual report for the year 2025 will be published on the company's website and the stock exchange website[85]. - The company expresses gratitude to all employees and management for their hard work during the reporting period[86].

Financial Performance - Revenue for the year ended December 31, 2024, was HKD 233,835,000, a decrease of 56.43% compared to HKD 536,631,000 in the previous year[3] - Gross profit for the same period was HKD 4,467,000, down 94.87% from HKD 87,125,000[3] - The company reported a net loss of HKD 300,511,000, compared to a loss of HKD 334,025,000 in the previous year, representing a decrease of 10.03%[3] - The loss attributable to shareholders was HKD 276,023,000, down from HKD 322,282,000, a reduction of 14.35%[3] - EBITDA for the year was HKD (139,414,000), compared to HKD (80,144,000) in the previous year[3] - The company's revenue for the year ending December 31, 2025, is projected to be HKD 233,835,000, compared to HKD 536,631,000 for the year ending December 31, 2024, indicating a significant decline[4] - Gross profit for the year ending December 31, 2025, is expected to be HKD 4,467,000, down from HKD 87,125,000 in the previous year, reflecting a decrease in profitability[4] - The net loss for the year ending December 31, 2025, is projected at HKD 300,511,000, compared to a net loss of HKD 334,025,000 for the year ending December 31, 2024, showing a slight improvement[4] - Total comprehensive loss for the year amounted to HKD 276,309,000, which is an improvement from HKD 348,501,000 in the previous year, reflecting a 21% reduction in overall losses[5] - The company reported a net income from other operating income of HKD 15,812,000 for the year ending December 31, 2025, compared to a loss of HKD 4,780,000 in 2024[4] Assets and Liabilities - The asset-to-liability ratio was 56.56%, an increase from 54.51% in the previous year[3] - The current ratio decreased to 0.93 times, down from 1.25 times in the previous year[3] - Total assets were HKD 876,121,000, down from HKD 1,055,032,000 in the previous year[3] - The company’s net asset value per share was HKD 1.02, a decrease from HKD 2.77 in the previous year[3] - Non-current assets decreased from HKD 1,318,984 thousand in 2024 to HKD 1,043,551 thousand in 2025, representing a decline of approximately 20.8%[6] - Current assets increased slightly from HKD 1,000,187 thousand in 2024 to HKD 973,155 thousand in 2025, a decrease of about 2.7%[6] - The total liabilities decreased from HKD 1,000,187 thousand in 2024 to HKD 973,155 thousand in 2025, indicating a reduction of approximately 2.7%[6] - The total equity decreased from HKD 1,000,187 thousand in 2024 to HKD 973,155 thousand in 2025, a decrease of approximately 2.7%[6] - The company’s financial assets measured at fair value through profit or loss decreased from HKD 2,633 thousand in 2024 to HKD 538 thousand in 2025, a decline of approximately 79.6%[6] Cash Flow and Financing - Cash and cash equivalents at year-end were HKD 42,168,000, compared to HKD 45,156,000 in the previous year[3] - The company has outstanding debts totaling HKD 9,012,000 owed to four individual creditors, which they intend to support in the upcoming court hearing[12] - The company is currently in discussions with creditors regarding the restructuring of IFC debts, with hearings postponed to April 29, 2026[13] - The board has reviewed cash flow forecasts for at least the next 12 months, believing the company will have sufficient operating funds to meet financial obligations[15] - A transitional loan agreement was established on February 16, 2026, providing a loan of RMB 118 million (approximately HKD 131.33 million) at an interest rate of 10%[17] - A standby loan of HKD 400 million has been secured from a major shareholder, maturing on December 31, 2029[17] - The company is implementing measures to accelerate the collection of outstanding receivables and enhance financial performance[17] - The board is considering various plans to improve liquidity and financial condition, including negotiations with banks for loan renewals and refinancing arrangements[14] Revenue Streams and Business Segments - The total revenue for the reporting period was HKD 536,631,000, with significant contributions from various segments[30] - The "Water Supply and Wastewater Treatment" segment generated revenue of HKD 291,660,000, accounting for approximately 54.3% of total revenue[30] - The "Renewable Energy Development and Sales" segment reported revenue of HKD 191,186,000, representing about 35.6% of total revenue[30] - The "Waste Management and Recycling" segment earned revenue of HKD 53,785,000, contributing around 10% to total revenue[30] - The company has ceased its water supply business as of September 2024, which may impact future revenue streams[25] - The company reported a significant impairment loss of HKD 50,572,000 during the period, affecting overall profitability[30] - The revenue from the sale of electricity to provincial power grid companies includes adjustments from government authorities[21] - The company has not reported any inter-segment sales during the current year, maintaining a focus on external customer revenue[31] Legal and Regulatory Matters - The company has received a winding-up petition from the International Finance Corporation related to outstanding debts of RMB 216,602,900[11] - The company is currently involved in ongoing legal proceedings related to construction contracts and payment disputes with various parties[56] - The company has initiated arbitration proceedings against the borrower to enforce the supplemental loan agreement and guarantees[45] - The company has a total debt of approximately HKD 35,400,000 related to legal proceedings ongoing in China[46] - The company has received a judgment for HKD 3,900,000 in principal and interest from Tai Heng, with an annual interest rate of 8% calculated from October 23, 2017, to December 31, 2018, and 8.08% from January 1, 2019, until payment[46] Employee and Governance - As of December 31, 2025, the group had 354 employees, a decrease from 376 employees as of December 31, 2024, with total employee benefit expenses amounting to HKD 74,630,000, down from HKD 91,680,000 in the previous fiscal year[175] - The company has adopted the corporate governance code as per the listing rules and aims to improve governance practices to meet shareholder expectations[184] - The audit committee consists of three independent non-executive directors and has reviewed the accounting principles and internal controls adopted by the group[191] Future Outlook and Strategic Plans - The company aims to continue its efforts in market expansion and product development to enhance future performance and shareholder value[5] - The company plans to enhance accounts receivable collection efforts and optimize operational cost structures in 2026[196] - The company is focusing on stabilizing operations while exploring new growth opportunities in 2026[195]

Financial Performance - The company's revenue for the year ended December 31, 2025, was approximately RMB 17.75 billion, a year-on-year decrease of about 9.9%[2] - Gross profit amounted to approximately RMB 2.09 billion, representing a year-on-year decline of about 12.0%, with a gross profit margin of 11.76%, down by 0.27 percentage points[2] - Total comprehensive income reached RMB 39.99 billion, a year-on-year decrease of approximately 15.1%, with a comprehensive income rate of 22.53%, down by 1.37 percentage points[2] - Operating loss was approximately RMB 181 million, a reduction in loss of about RMB 76 million year-on-year, with a net loss attributable to shareholders of RMB 200 million, down by RMB 159 million year-on-year[2] - The group reported a consolidated pre-tax loss of RMB 175,150,000 in 2025, an improvement from a loss of RMB 251,070,000 in 2024[25] - The company reported a pre-tax loss of RMB 175,150,000 for 2025, compared to a loss of RMB 251,070,000 in 2024, representing a 30.2% improvement year-over-year[37] - The net loss attributable to shareholders was approximately RMB 200 million, a decrease in loss of about RMB 159 million year-on-year, with a net loss margin of 1.13%, down by 0.69 percentage points year-on-year[63] Revenue Breakdown - Revenue from merchandise sales was RMB 17,753,295,000, down from RMB 19,710,114,000 in the previous year, representing a decline of 9.9%[16] - The performance of the large-scale supermarket segment reported a revenue of RMB 7,632,300,000 in 2025, down 16.8% from RMB 9,174,143,000 in 2024[25] - The supermarket segment generated revenue of RMB 9,993,472,000 in 2025, a decline of 6.6% compared to RMB 10,705,355,000 in 2024[25] - The convenience store segment's revenue decreased to RMB 1,302,653,000 in 2025, down 11.4% from RMB 1,470,005,000 in 2024[25] - The other business segment saw an increase in revenue to RMB 67,755,000 in 2025, up 8.3% from RMB 62,461,000 in 2024[25] Assets and Liabilities - Non-current assets totaled RMB 9.16 billion, a decrease from RMB 11.38 billion in the previous year[4] - Total assets amounted to RMB 18.02 billion, down from RMB 19.66 billion in the previous year[5] - The company's equity attributable to shareholders was negative at RMB 130 million, compared to negative RMB 286 million in the previous year[5] - Current liabilities net amount was negative at RMB 6.03 billion, an improvement from negative RMB 7.45 billion in the previous year[6] - The group reported net current liabilities of RMB 6,033,284,000, down from RMB 7,454,930,000 in 2024, indicating a significant reduction in liquidity risk[14] Store Operations - The company opened 216 new stores during the review period, including 200 supermarkets and 16 convenience stores[2] - A total of 216 new stores were opened during the year, with 147 in the Yangtze River Delta region, accounting for 68.1% of new openings; 266 stores were closed, resulting in a net decrease of 50 stores compared to the end of 2024[83][85] - The company has 3,067 stores as of December 31, 2025, with approximately 83.9% located in the East China region[85] - The supermarket segment opened 200 new stores and closed 154, achieving a net increase of 46 stores[89] - The convenience store segment opened 16 new stores but closed 108, resulting in a net decrease of 92 stores[90] Cost Management - Distribution costs and administrative expenses were approximately RMB 39.81 billion, a year-on-year decrease of about RMB 726 million, accounting for approximately 22.42% of revenue, down by 1.46 percentage points[2] - Total employee costs decreased to RMB 1,635,338,000 in 2025 from RMB 1,935,739,000 in 2024, reflecting a reduction of approximately 15.5%[1] - Distribution and selling costs were approximately RMB 3.388 billion, a decrease of about RMB 602 million or 15.1% year-on-year, due to adjustments in unprofitable store scales and enhanced operational cost control[57] - Administrative expenses were approximately RMB 592 million, a decrease of about RMB 124 million or 17.3% year-on-year[58] Strategic Initiatives - The company implemented a "1+1+1" product incubation strategy, focusing on one strategic JBP product, one growing brand product, and one developing private label product to enhance core product competitiveness[91] - The company initiated a "Top 100 Products" cultivation plan in key regions to drive strategic implementation and enhance supply chain responsiveness[91] - The group implemented a marketing strategy focused on "100 billion traffic and gold medal breakout," achieving significant sales conversion through targeted consumer vouchers and themed marketing campaigns[93] - The group enhanced brand influence and user stickiness through a comprehensive marketing layout and regional precision operations, resulting in substantial growth in online business and order volume on major platforms like Meituan and Taobao[94] - The group established a systematic cost control framework, focusing on optimizing rental costs, which effectively reduced operational pressure and improved cost structure[95] Governance and Compliance - The company optimized its governance structure by abolishing the supervisory board, which is expected to reduce governance costs and improve governance efficiency[82] - The group will implement a series of strategic measures to ensure effective achievement of its strategic goals, including enhancing compliance management and risk control systems[113] - The company held its annual general meeting on June 19, 2025, where all ordinary and special resolutions were successfully passed[124] - The board of directors consists of executive directors Wang Xiaoyan and Zhang Huiqin, non-executive directors Pu Shaohua, Shen Chen, Cao Hailun, and Yang Qin, and independent non-executive directors Xia Dawei, Li Guoming, Chen Wei, and Zhao Xinseng[128] Market Challenges - The group faces operational risks due to intense competition in the retail sector and a slow recovery in consumer spending, impacting overall sales growth[100] - The group plans to enhance its differentiated product system and immersive experience to stabilize and expand its core customer base amid market challenges[101] - The group is adjusting its overall strategic planning to improve store quality, resulting in the closure of some locations and a decrease in overall sales scale[102]

Financial Performance - Revenue increased by 11.9% from RMB 471.6 million for the year ending December 31, 2024, to RMB 527.9 million for the year ending December 31, 2025[5]. - Gross profit rose by 5.4% from RMB 424.0 million for the year ending December 31, 2024, to RMB 447.0 million for the year ending December 31, 2025[5]. - Net profit attributable to shareholders decreased by 2.4% from RMB 245.6 million for the year ending December 31, 2024, to RMB 239.7 million for the year ending December 31, 2025[5]. - The company proposed a final dividend of RMB 0.5 per share (tax included) for the year ending December 31, 2025, down from RMB 0.62 per share (tax included) for the year ending December 31, 2024[5]. - The company's operating revenue is projected to increase from RMB 471.6 million for the year ending December 31, 2024, to RMB 527.9 million for the year ending December 31, 2025, representing an 11.94% growth[24]. - Net profit for 2025 was ¥239,727,919.85, a decrease of 2.9% from ¥245,559,893.33 in 2024[71]. - The total comprehensive income attributable to the parent company for the period was RMB 239,727,919.85, compared to RMB 245,559,893.33 in the previous period, reflecting a decrease of approximately 2.3%[73]. - Basic and diluted earnings per share for the period were both RMB 0.69, down from RMB 0.71 in the previous period, indicating a decline of about 2.8%[73]. Research and Development - R&D expenses grew by 0.3% from RMB 58.0 million for the year ending December 31, 2024, to RMB 58.1 million for the year ending December 31, 2025[5]. - The company is focusing on biodegradable medical devices and exploring advanced fields such as heart valves and mechanical circulatory support[6]. - The company is in the clinical preparation phase for several new products, including the biodegradable left atrial appendage delivery system[8]. - The company is committed to exploring new technologies and innovations in structural heart disease, including biodegradable technology applications[17]. - Research and development expenses totaled RMB 58,147,363.10 for the year ended December 31, 2025, compared to RMB 46,000,000.00 in 2024, an increase of approximately 26.25%[100]. Product Development and Commercialization - The company has a total of 32 commercialized products, with 3 products under registration review and 27 products in various stages of development[6]. - The company has successfully commercialized several products, including the MemoSorb® biodegradable occluder system and various heart occluders[7]. - The company has commercialized 11 congenital heart disease occluder products, with the third-generation MemoCarna® occluder series becoming a key product since its approval in 2020[9]. - The fourth-generation MemoSorb® biodegradable occluder system received regulatory approval in 2022 and is expected to achieve commercialization by August 2024[9]. - The third-generation MemoSorb® biodegradable foramen ovale occluder was approved for market launch in September 2023, gaining significant market attention and sales performance[11]. - The company is developing a transcatheter aortic valve system for aortic regurgitation patients, currently in the clinical initiation phase[13]. - The company plans to continue expanding its product offerings in the structural heart disease market, leveraging existing technological and market resources[14]. - The company has entered the Mechanical Circulatory Support (MCS) device sector, with plans to start clinical trials for its short-term support system in the second half of 2026[15]. Sales and Market Strategy - The company plans to enhance its marketing team and expand its sales network in China, aiming to improve brand recognition and market penetration[23]. - The company aims to optimize its sales strategies for the oval foramen closure market, targeting a 30% increase in sales volume compared to the previous year[28]. - The company will actively explore overseas sales channels and enhance the international market presence of its products, focusing on biodegradable occluders and valves[23]. - Sales revenue from congenital heart disease occluder products is expected to rise from RMB 245.9 million (52.2% of total revenue) in 2024 to RMB 253.3 million (48.0% of total revenue) in 2025, marking a 3.0% increase[26]. - Sales revenue from cardiogenic stroke prevention products is anticipated to decrease from RMB 143.9 million (30.5% of total revenue) in 2024 to RMB 137.0 million (26.0% of total revenue) in 2025, reflecting a 4.8% decline[27]. - Sales revenue from access products is projected to grow from RMB 81.3 million (17.2% of total revenue) in 2024 to RMB 83.0 million (15.6% of total revenue) in 2025, indicating a 2.1% increase[29]. Financial Position and Liquidity - As of December 31, 2025, the total cash and cash equivalents increased by 2.7% to RMB 1,151.3 million from RMB 1,121.3 million as of December 31, 2024, primarily due to net cash generated from operating activities of RMB 221.1 million[47]. - Current assets increased by 2.6% to RMB 1,367.6 million as of December 31, 2025, compared to RMB 1,333.0 million as of December 31, 2024, driven by increases in cash, accounts receivable, and inventory[49]. - The current ratio improved to 23.5 times as of December 31, 2025, compared to 16.8 times as of December 31, 2024[60]. - The debt-to-asset ratio decreased to 3.0% as of December 31, 2025, from 4.1% as of December 31, 2024[60]. - The company had no outstanding borrowings or unused bank financing as of December 31, 2024, and December 31, 2025[48]. - The company has no significant concerns regarding its ability to continue as a going concern for the next 12 months[81]. Cost Management - The company's operating costs are expected to rise significantly from RMB 47.6 million in 2024 to RMB 81.0 million in 2025, representing a 70.1% increase[32]. - Raw materials and consumables cost increased by 175.9% from RMB 14.5 million in 2024 to RMB 40.1 million in 2025, primarily due to the commercialization of heart valve products and increased production volume of other products[34]. - Labor costs rose by 6.0% from RMB 15.2 million in 2024 to RMB 16.1 million in 2025, attributed to increased production volume and workforce[35]. - Amortization of intangible assets increased by 52.3% from RMB 12.6 million in 2024 to RMB 19.2 million in 2025, due to the amortization of patents and medical device registrations[35]. - Sales expenses surged by 50.2% from RMB 71.1 million in 2024 to RMB 106.8 million in 2025, driven by the expansion of the marketing team and increased promotional activities for new products[39]. Corporate Governance and Compliance - The financial statements were approved by the board of directors on March 30, 2026[79]. - The company adheres to the accounting standards set forth by the Ministry of Finance, ensuring that the financial statements accurately reflect its financial position and results of operations[82]. - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2025, ensuring compliance with accounting principles[113]. - The annual general meeting is scheduled for May 22, 2026[115].

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 1,487,561,000, a decrease from RMB 1,829,233,000 in 2024, representing a decline of approximately 18.7%[5] - The cost of sales for 2025 was RMB 1,556,461,000, compared to RMB 1,684,040,000 in 2024, resulting in a gross loss of RMB 68,900,000[5] - The net loss for the year was RMB 497,401,000, which is an increase from the net loss of RMB 265,045,000 in 2024, indicating a rise of approximately 87.5%[6] - Basic and diluted loss per share for 2025 was RMB 0.63, compared to RMB 0.34 in 2024, reflecting a significant increase in losses per share[5] - The company reported a total comprehensive loss of RMB 497,730,000 for the year, compared to RMB 265,567,000 in 2024, indicating a worsening financial position[6] - The total equity attributable to equity shareholders was RMB 2,119,596,000, down from RMB 2,613,760,000 in 2024, reflecting a decrease of approximately 19%[14] - The company reported a loss of approximately RMB 497.4 million in 2025, compared to a loss of RMB 265.0 million in 2024, with a net margin decline from -14.5% to -33.4%[71] Revenue Segmentation - Revenue from the smart transportation segment was RMB 227,192,000, while the smart building and park segment generated RMB 572,777,000, and the smart energy segment brought in RMB 687,592,000[22] - The smart energy segment's revenue decreased from RMB 720,259,000 in 2024 to RMB 687,592,000 in 2025, reflecting a decline of approximately 4.5%[22] - The smart building and park segment saw an increase in revenue from RMB 435,196,000 in 2024 to RMB 572,777,000 in 2025, representing a growth of approximately 31.6%[22] - The revenue breakdown for 2025 shows that the Smart Transportation segment generated RMB 227.2 million (15.3% of total revenue), Smart Buildings and Parks generated RMB 572.8 million (38.5%, down 20.5% from RMB 720.3 million in 2024), and Smart Energy generated RMB 687.6 million (46.2%, up 2.1% from RMB 673.8 million in 2024)[59][60][61][62] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 3,689,888,000, a decrease from RMB 4,497,478,000 in 2024[11] - Current liabilities were RMB 2,656,974,000, compared to RMB 2,887,395,000 in 2024, showing a reduction of approximately 8%[10] - The company’s financial liabilities measured at amortized cost were RMB 2,176,472 thousand in 2025[39] - The group’s trade and other payables decreased by 9.3% to approximately RMB 2,176.5 million as of December 31, 2025, down from RMB 2,400.3 million as of December 31, 2024[74] Operational Insights - The company has not provided specific guidance for future performance or new product developments in the current report[4] - The company expects to continue facing challenges in revenue generation and profitability in the upcoming fiscal periods[27] - The company aims to enhance operational efficiency and risk resistance by increasing R&D investment and optimizing business layout, focusing on digital technology and green low-carbon integration[43] - The group is committed to the integration of digital technology and green low-carbon innovation, focusing on new smart city core scenarios to enhance resource coordination and collaborative efficiency[56] Employee and Operational Costs - Employee costs for 2025 amounted to RMB 190,171,000, an increase from RMB 168,497,000 in 2024, reflecting a rise of approximately 12.5%[31] - Administrative and other operating expenses increased by 66.6% to approximately RMB 273.6 million in 2025, primarily due to increased R&D investment and impairment provisions[67] - Sales and distribution expenses for 2025 were approximately RMB 55.7 million, a decrease of 35.1% compared to RMB 85.8 million in 2024, representing 3.7% of total revenue[66] Cash Flow and Financing - As of December 31, 2025, the group's cash and cash equivalents were approximately RMB 322.6 million, representing 15.1% of the group's net assets[75] - The group had short-term bank loans of approximately RMB 263.7 million with an average annual interest rate of 2.92% as of December 31, 2025[75] - The net debt of the group was approximately RMB 2.5 million as of December 31, 2025, compared to RMB 2.9 million as of December 31, 2024[76] Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code as of December 31, 2025, except for the deviation mentioned in paragraph C.5.1[85] - The board of directors held only two regular meetings during the year to approve the interim and annual financial results, but maintained regular communication regarding the overall operations and strategies of the group[85] - The audit committee has reviewed the consolidated financial results for the year ending December 31, 2025, confirming compliance with applicable accounting standards and legal requirements[94]

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，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 無錫先導智能裝備股份有限公司（「本公司」、「公司」或「先導智能」）董事（「董 事」）會（「董事會」）欣然宣佈本公司及其附屬公司（統稱「本集團」或「我們」）截至 2025年12月31日止年度（「報告期」）的經審計綜合業績，連同截至2024年12月31 日止年度的業績比較數字。 財務摘要 截至2025年12月31日止年度： 1 • 本集團的收入為人民幣14,358.0百萬元，同比增長22.0%。 • 本集團的淨利潤為人民幣1,559.8百萬元，同比增長482.0%。 • 本公司擁有人應佔年內每股基本及攤薄盈利分別為人民幣1.01元及人民幣 1.00元（2024年：分別為人民幣0.18元及人民幣0.18元）。 WUXI LEAD INTELLIGENT EQUIPMENT CO., LTD. 無錫先導智能裝備股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：0470） 截至2025年12月3 ...