Financial Performance - The total revenue for the year ended December 31, 2025, was RMB 694.916 million, representing an increase of 3.99% from RMB 673.558 million in 2024[3] - Gross profit for the same period was RMB 118.363 million, up from RMB 100.700 million, indicating a growth of 17.54%[3] - The net profit for the year was RMB 25.163 million, a decrease of 48.92% compared to RMB 49.226 million in 2024[4] - Basic and diluted earnings per share were RMB 1.42, down from RMB 3.02 in the previous year, reflecting a decline of 52.87%[3] - The company reported a pre-tax profit of RMB 24,069 thousand for the fiscal year ending December 31, 2025, compared to RMB 59,231 thousand in 2024, indicating a decrease of approximately 59.3%[20] - The company's net profit decreased from approximately RMB 49.2 million in FY2024 to approximately RMB 25.2 million in FY2025, resulting in a net profit margin drop from 7.3% to 3.6%[45] Revenue and Income Sources - The revenue from cleaning and maintenance services was RMB 666,031 thousand in 2025, slightly down from RMB 673,558 thousand in 2024, indicating a decrease of about 1.3%[19] - The company reported a significant increase in other income, which rose to RMB 15.318 million from RMB 2.433 million, a growth of 530.73%[3] - Other income, including rental income and government grants, totaled RMB 15,318 thousand in 2025, significantly up from RMB 2,433 thousand in 2024[21] - The net financial income for 2025 was RMB 1,688 thousand, an increase from RMB 1,451 thousand in 2024, showing a growth of about 16.3%[21] Assets and Liabilities - Total assets increased to RMB 671.548 million in 2025 from RMB 570.323 million in 2024, marking a growth of 17.74%[7] - Total liabilities rose to RMB 212.272 million, compared to RMB 185.421 million in 2024, an increase of 14.48%[7] - The total trade receivables increased to RMB 339,030,000 in 2025 from RMB 292,599,000 in 2024, representing a growth of about 16%[29] - Trade payables rose to RMB 31,079,000 in 2025 from RMB 19,991,000 in 2024, marking an increase of approximately 55%[30] - Cash, bank balances, and restricted bank deposits amounted to approximately RMB 68.1 million as of December 31, 2025, down from RMB 92.5 million as of December 31, 2024[49] - Total borrowings, including lease liabilities and bank loans, were approximately RMB 81.7 million as of December 31, 2025, compared to RMB 59.7 million as of December 31, 2024[49] Operational Developments - The company plans to continue expanding its cleaning and maintenance services in China, focusing on enhancing operational efficiency and service quality[8] - The company expanded its service coverage to 17 provincial regions in China, enhancing its market presence[32] - The company plans to leverage its public listing to improve brand recognition and market reputation, facilitating future business opportunities[34] - The company has been focusing on the development of bio-based materials and green circular economy industries, indicating a strategic shift towards sustainability[32] - The company aims to explore opportunities in recycling waste materials for packaging production and designing biodegradable materials[35] Shareholder and Governance Information - The company did not declare or pay any dividends for the years ending December 31, 2024, and December 31, 2025[24] - The company has adhered to corporate governance standards since its listing on December 5, 2023, with no significant deviations reported[70] - The audit committee consists of three independent non-executive directors, including Dr. Wang Hui as the chairman[75] - The board of directors includes four executive directors and three independent non-executive directors as of the announcement date[78] Capital and Investment Activities - The company successfully raised approximately HKD 39.35 million from the placement of 130,980,000 new shares, with 90% allocated for acquisitions and investments in the value chain[46] - The company successfully placed 193,755,000 new shares at a price of HKD 0.250 per share, raising approximately HKD 47.71 million net after related commissions and expenses[48] - The net proceeds will be allocated as follows: 50% for developing the waste recycling business, 10% for potential acquisitions in cleaning and maintenance service providers, and 40% for general working capital[48] - The company has not engaged in any major acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[66] Employee and Welfare Information - Employee welfare expenses totaled RMB 403.2 million for the reporting period, an increase from RMB 379.9 million in the previous fiscal year[68] - The total number of employees decreased to 7,902 as of December 31, 2025, down from 8,160 the previous year[68] Future Outlook and Standards - The company expects the new Hong Kong Financial Reporting Standard 18 to have no significant impact on its financial performance but will affect the structure and presentation of consolidated financial statements[14] - The company anticipates that the new accounting standards will be applied retrospectively, with specific transitional provisions in place[14]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 512.5 million, a decrease of 7.0% compared to RMB 551.2 million in 2024[5]. - Gross profit was RMB 217.5 million, with a gross margin of 42.4%, up from 40.8% in 2024, reflecting a 1.6 percentage point increase[5][8]. - Net loss for the year was RMB 50.7 million, a significant reduction of 76.7% from RMB 217.4 million in 2024[8]. - Adjusted net loss (excluding listing expenses and share-based payments) was RMB 49.5 million, down 13.6% from RMB 57.3 million in 2024[8]. - Total revenue decreased by 7% from RMB 551.2 million in 2024 to RMB 512.5 million in 2025, reflecting a strategic focus on higher-margin businesses[22]. - Gross profit decreased by 3.3% from RMB 224.9 million in 2024 to RMB 217.5 million in 2025, while gross margin improved from 40.8% to 42.4% due to enhanced profitability of the AI clinical development platform[25]. - The net loss for the year was RMB 50.7 million in 2025, a significant improvement from a net loss of RMB 217.4 million in 2024[34]. - Adjusted EBITDA for 2025 was a loss of RMB 34.3 million, compared to a loss of RMB 42.3 million in 2024, indicating a narrowing of losses[38]. - The company reported a basic loss attributable to owners of RMB (42,846) thousand for 2025, an improvement from a loss of RMB (214,609) thousand in 2024, reflecting a reduction in losses by approximately 80%[77]. - The basic loss per share for 2025 is RMB (0.08), compared to RMB (0.39) for 2024, showing a significant improvement in per-share performance[77][78]. - Total expenses for the year ending December 31, 2025, amounted to RMB 575,678 thousand, down from RMB 822,253 thousand in 2024, indicating a reduction of approximately 30%[74]. Revenue Breakdown - New contract value increased by 36.3% to RMB 697.5 million, indicating stronger platform demand and a shift towards larger multi-year contracts[8]. - The AI clinical development platform revenue decreased by 7.5% to RMB 376.1 million, with a gross margin of 52.4%, higher than 48.8% in 2024[12]. - Clinical trial services revenue is expected to decrease by 5.7% year-on-year to RMB 136.4 million in 2025, with a gross margin of 15.0%, down from 18.4% in 2024[15]. - Revenue from the AI clinical development platform fell by 7.5% from RMB 406.6 million in 2024 to RMB 376.1 million in 2025, driven by strategic adjustments to focus on core business[23]. - Revenue from clinical trial services decreased by 5.7% from RMB 144.6 million in 2024 to RMB 136.4 million in 2025, attributed to a smaller execution team and a selective strategy prioritizing quality over volume[23]. - Revenue from mainland China was RMB 497,867 million in 2025, down from RMB 522,090 million in 2024, indicating a decline of about 4.6%[70]. - Revenue from SaaS and AI products for 2025 is expected to be RMB 168,238 thousand, while for 2024 it was RMB 161,926 thousand, indicating a growth of about 3%[72]. Operational Efficiency - The company has supported over 10,000 clinical trials and serves more than 1,600 pharmaceutical companies globally, including 20 of the top 25 pharmaceutical companies[6][9]. - Nearly 60% of new drugs approved by the National Medical Products Administration in 2025 were developed using the company's AI clinical development platform[9]. - The company aims to address structural inefficiencies in drug development, which are major bottlenecks in commercializing potential drug candidates[10]. - The company aims to enhance the functionality and quality of its AI capabilities on the Wiz.AI platform, supporting various application scenarios including AI-assisted information retrieval and data-driven scientific analysis[19]. - The company’s AI tools are designed to shorten development cycles, optimize resource allocation, and increase success rates through automation and data flow integration[15]. - The company is committed to leveraging its existing clinical development capabilities to support and accelerate early clinical research, particularly in Phase I and II trials[21]. Strategic Initiatives - The company has restructured its operations into two main units: AI clinical development platform and clinical trial services, to better align with customer needs[11]. - The company plans to expand its AI-driven modular product offerings and launch a comprehensive AI solution set by 2026, aimed at enhancing workflow integration and consistency in clinical development[18]. - The Clinical Pipeline Equity Fund was established in December 2025 to invest in early-stage clinical assets with strong commercial potential, supporting development through strategic collaboration[16]. - The company plans to further expand its international business in 2026, providing solutions for global multi-center clinical research and cross-border collaboration[20]. - The company anticipates that the Clinical Pipeline Equity Fund will gradually invest in selected early clinical assets in 2026, focusing on early product lines with development potential[21]. - The company serves clients in 30 countries, including Singapore, Japan, South Korea, Australia, and the United States, and aims to selectively expand its international market presence[15]. - The company aims to enhance its international business revenue contribution by strengthening platform connectivity and providing digital solutions for global pharmaceutical and medical device companies[20]. Corporate Governance - The company has maintained high standards of corporate governance to protect shareholder rights and enhance corporate value[87]. - The board of directors consists of six executive directors and three independent non-executive directors, ensuring strong independence[89]. - The audit committee, composed of three independent non-executive directors, has reviewed the accounting policies and internal controls, confirming compliance with relevant accounting standards[93]. - The chairman and CEO roles are currently held by Mr. Zhao, which constitutes a deviation from corporate governance guidelines, but the board believes it ensures effective leadership[88]. - The company has confirmed compliance with the standard code of conduct for trading securities during the reporting period[90]. - The company plans to continue reviewing and monitoring its corporate governance practices to ensure compliance[87]. Future Outlook - Significant events occurring after December 31, 2025, may impact the company's future operations and financial condition[95]. - The company submitted an application to the China Securities Regulatory Commission on September 29, 2025, to convert 363,186,467 domestic shares into H-shares for listing on the Hong Kong Stock Exchange[97]. - The conversion and listing are pending final approval from the China Securities Regulatory Commission and the Hong Kong Stock Exchange, which is expected to enhance share liquidity and broaden the investor base[97]. - The annual general meeting is scheduled for June 23, 2026, with a record date for H-share holders to vote set for June 23, 2026[98][99]. - H-share transfer registration will be suspended from June 17 to June 23, 2026, to determine eligibility for attending and voting at the annual general meeting[99]. - The annual report for the year ending December 31, 2025, will be published on the Hong Kong Stock Exchange and the company's website at the appropriate time[100].

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份內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Pharmaron Beijing Co., Ltd. 康 龍 化 成（ 北 京 ）新 藥 技 術 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：3759） 截至2025年12月31日止年度全年業績公告 財務摘要及要點 截至12月31日止年度 | | 2025年 | 2024年 | 變動 | | --- | --- | --- | --- | | | 人民幣千元 | 人民幣千元 | % | | 收益 | 14,095,079 | 12,275,775 | 14.8 | | 毛利 | 4,857,334 | 4,149,255 | 17.1 | | 母公司擁有人應佔利潤 | 1,663,899 | 1,793,351 | (7.2) | | 母公司擁有人應佔非國際財務報告 | | | | | 準則經調整淨利潤 | 1,816,129 | 1,606,852 | 13.0 | ...

Financial Performance - The group's revenue for the year ended December 31, 2025, was approximately RMB 35,382,000, a decrease of about 8.3% compared to the previous year[3]. - The loss attributable to the company's owners for the year was approximately RMB 927,000, a reduction of about 88.9% from the previous year[3]. - The basic and diluted loss per share for the year was approximately RMB 0.26[4]. - The group's operating profit for the year was RMB 3,323,000, compared to an operating loss of RMB 3,244,000 in the previous year[4]. - The company's operating loss for 2025 was RMB 3,323 thousand, compared to an operating loss of RMB 3,244 thousand in 2024[21]. - The net loss before tax for 2025 was RMB 927 thousand, significantly improved from a loss of RMB 8,363 thousand in 2024[21]. - The company's loss before tax for the year ended December 31, 2025, was RMB 927,000, compared to a loss of RMB 8,363,000 for the year ended December 31, 2024, indicating a significant improvement in performance[30]. Revenue Breakdown - The lending segment generated revenue of RMB 25,622 thousand in 2025, down from RMB 28,140 thousand in 2024, representing a decline of 5.8%[21]. - The electronic components segment reported revenue of RMB 9,760 thousand in 2025, a decrease of 6.5% from RMB 10,443 thousand in 2024[21]. - Interest income from the lending business was approximately RMB 25,622,000, accounting for about 72.4% of total revenue, while revenue from electronic components processing and trading was approximately RMB 9,760,000, accounting for about 27.6%[41]. - The group recorded a total revenue of approximately RMB 35,382,000 for the fiscal year ending December 31, 2025, representing a decrease of about 8.3% compared to RMB 38,583,000 in 2024[42]. Assets and Liabilities - The total assets less current liabilities amounted to RMB 301,107,000, a slight decrease from RMB 307,433,000 in the previous year[5]. - The net asset value of the company was RMB 277,480,000, down from RMB 289,795,000 in the previous year[5]. - The total assets of the lending segment decreased to RMB 253,511 thousand in 2025 from RMB 301,388 thousand in 2024, a decline of 16.0%[22]. - The total liabilities of the electronic components segment increased to RMB 6,310 thousand in 2025 from RMB 4,988 thousand in 2024, an increase of 26.5%[22]. - The group’s trade receivables, loans receivable, and other receivables totaled approximately RMB 259,797,000, down from RMB 308,608,000 in 2024[44]. - The company reported a total of RMB 252,227,000 in receivables as of December 31, 2025, down from RMB 301,388,000 in 2024, indicating a decrease of approximately 16%[36]. Employee and Operational Costs - Total employee costs decreased from RMB 1,571,000 in 2024 to RMB 1,259,000 in 2025, reflecting a reduction of approximately 20%[30]. - General and administrative expenses increased by approximately RMB 5,648,000 or 56.3% to about RMB 15,686,000, mainly due to increased corporate expenses[43]. - Financial expenses decreased by approximately RMB 869,000 or 17.0% to about RMB 4,250,000, primarily due to reduced interest expenses on unsecured bonds[43]. - The employee cost for the year is approximately RMB 1,259,000, a decrease from RMB 1,571,000 in the previous year[63]. Credit and Receivables - Trade receivables increased from RMB 5,324,000 in 2024 to RMB 7,180,000 in 2025, representing a growth of about 35%[32]. - The company’s expected credit loss provision for trade receivables increased from RMB 7,000 in 2024 to RMB 1,196,000 in 2025, indicating a significant rise in anticipated credit losses[33]. - The expected credit loss provision for receivables was approximately RMB 132,554,000, an increase from RMB 114,862,000 in 2024, primarily due to adverse impacts from economic recession on borrowers' financial conditions[46]. Dividends and Share Capital - The company did not recommend the payment of a final dividend for the year[3]. - The company did not declare any dividends for the year ended December 31, 2025, consistent with the previous year[28]. - The statutory capital remains unchanged at HKD 1,000,000,000, divided into 100,000,000,000 shares with a par value of HKD 0.01 each[59]. - As of December 31, 2025, the total number of issued shares is 356,072,058, with a par value of HKD 0.01 per share[60]. - The company plans to issue up to 106,000,000 new shares, representing approximately 22.94% of the enlarged issued share capital, to enhance its shareholder and capital base for future growth[86]. Compliance and Risk Management - The company has adopted all applicable International Financial Reporting Standards and has not identified any significant impact on the financial statements from these new standards[9]. - The audit committee reviewed the group's financial performance and confirmed compliance with applicable standards and regulations, ensuring effective internal controls and risk management[80]. - The company maintains a prudent but reasonable risk management policy to balance risk and return in its loan portfolio[66]. Future Outlook and Strategic Plans - The company anticipates ongoing operational challenges and a downward trend in economic growth, which may impact financial performance[66]. - The company plans to invest in electronic component processing and trade to achieve product upgrades and implement cost-saving measures[67]. - The company aims to expand into the natural rubber and related agricultural sectors, exploring other potential investment opportunities[67]. - The company established a strategic cooperation with Chengmai Junli Rubber Co., Ltd. to develop and expand its business in natural rubber and related agricultural fields[85].

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 11,480.3 million, a decrease of 3.9% compared to RMB 11,940.4 million in 2024[4] - EBITDA increased by 14.3% to RMB 1,785.4 million from RMB 1,562.6 million in 2024[4] - Profit attributable to owners of the company rose by 26.5% to RMB 340.4 million, compared to RMB 269.0 million in 2024[4] - Basic earnings per share increased by 24.7% to RMB 17.75 from RMB 14.23 in the previous year[6] - Total comprehensive income for the year was RMB 503.1 million, up from RMB 405.8 million in 2024[6] - Other income for the year ended December 31, 2025, is RMB 229,846,000, an increase of 10.4% from RMB 208,262,000 in 2024[27] - The net profit for the year rose by RMB 84.4 million or 21.8% to RMB 472.2 million, compared to RMB 387.8 million in 2024[68] Revenue Breakdown - Revenue from truck radial tire steel cord was RMB 6,523,781, down 2.71% from RMB 6,705,213 in the previous year[18] - Revenue from passenger car radial tire steel cord was RMB 3,491,192, a decrease of 1.33% compared to RMB 3,538,542 in the prior year[18] - Revenue from tire bead wire and other steel wire was RMB 1,465,355, down 13.61% from RMB 1,696,668 in the previous year[18] - Revenue from China is RMB 7,608,875,000, accounting for 66.4% of total revenue, while revenue from India is RMB 556,222,000, showing a slight increase from RMB 554,658,000 in 2024[25] Assets and Liabilities - Non-current assets totaled RMB 9,962.98 million, slightly down from RMB 9,980.77 million in 2024[7] - Current assets decreased to RMB 11,230.72 million from RMB 12,400.75 million in 2024[7] - Total liabilities decreased to RMB 10,474.30 million from RMB 12,393.92 million in 2024[7] - Total equity increased to RMB 8,867.92 million from RMB 8,686.25 million in 2024[8] Cash Flow and Financing - As of December 31, 2025, the group's cash and bank balances increased by RMB 319.6 million or 38.2% to RMB 1,155.2 million, driven by cash generated from operating activities[70] - The group's borrowings decreased by RMB 364.8 million or 4.7% to RMB 7,420.8 million, with fixed interest rates ranging from 0.55% to 3.00%[71] - Total financing costs decreased to RMB 202,329,000 in 2025 from RMB 220,707,000 in 2024, reflecting a reduction of 8.3%[28] Employee and Operational Metrics - The group employed approximately 8,300 full-time employees as of December 31, 2025, down from approximately 8,600 employees in 2024[87] - Employee costs, including directors' remuneration, totaled RMB 1,171,600,000 for the year ended December 31, 2025, compared to RMB 1,236,900,000 in 2024[87] - The average credit period for purchasing goods is 90 days, which can be extended to 120 or 180 days upon negotiation with suppliers[41] Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance, including transparency and accountability, in line with the corporate governance code[99][100] - The audit committee has reviewed the accounting principles and practices used by the group, discussing audit and financial reporting matters for the year ending December 31, 2025[102] - The consolidated financial statements for the year ending December 31, 2025, have been audited by Deloitte, which issued an unqualified opinion[103] Future Outlook - The company anticipates a challenging economic environment in 2026, with a cautious outlook on industry supply and demand relationships due to weak domestic demand and high base effects impacting consumer spending[92] - The company plans to focus on intelligent transformation and green upgrades of existing production capacity to reduce manufacturing costs in 2026[92] - The company expects profit growth to gradually increase in the second half of 2026 due to the implementation of domestic demand expansion policies and infrastructure investment[93]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 81,916,000, a significant decrease from HKD 17,862,000 in 2024[3] - The company reported a net loss of HKD 77,796,000 from financial assets measured at fair value through profit or loss in 2025[3] - The company achieved a pre-tax profit of HKD 114,202,000 in 2025, a turnaround from a loss of HKD 211,837,000 in 2024[4] - Basic earnings per share for 2025 was HKD 18.63, compared to a loss per share of HKD 20.91 in 2024[5] - The company reported a net profit of HKD 115,787,000 for the year, after tax credits of HKD 1,585,000[15] - For the year ending December 31, 2025, the company reported a profit attributable to shareholders of HKD 177,641,000, compared to a loss of HKD 197,692,000 in 2024, indicating a significant turnaround in performance[31] - The group recorded a total loss of approximately HKD 17.9 million for the year ended December 31, 2025, compared to a profit of approximately HKD 81.9 million for the previous year[49] - The comprehensive profit for the year was approximately HKD 115.8 million, a significant improvement from a loss of approximately HKD 212.7 million in the previous year[49] Revenue Breakdown - Total revenue for the financial services segment was HKD 23,336,000, with a significant contribution from interest income of HKD 11,124,000 from margin clients[15] - The total revenue for the year ended December 31, 2025, was HKD 27,772 million, an increase from HKD 22,452 million in 2024[24] - The company generated HKD 15,560,000 from corporate advisory services, contributing to the overall revenue[15] - The total revenue for the year was HKD 131,644,000, with significant contributions from various segments[15] - Revenue from financial advisory services increased to HKD 6,108 million in 2025, up from HKD 4,730 million in 2024[24] - Interest income from credit and lending services increased from approximately HKD 3,200,000 to about HKD 10,700,000, driven by an increase in loans granted[58] - Revenue from other financial services was approximately HKD 38,900,000, down from HKD 67,900,000 in the previous year[67] Asset and Liability Management - Total assets increased to HKD 1,096,960,000 in 2025 from HKD 859,150,000 in 2024[6] - The company's net asset value rose to HKD 2,075,153,000 in 2025, up from HKD 1,596,873,000 in 2024[7] - The total assets as of December 31, 2025, amounted to HKD 2,323,089,000, with the financial services segment holding HKD 584,471,000[19] - The total liabilities for the company were HKD 247,936,000, with financial services liabilities at HKD 9,003,000[19] - The net asset value of the group as of December 31, 2025, is approximately HKD 2,075,200,000, an increase from approximately HKD 1,596,900,000 in the previous year[69] - The group's debt ratio decreased to 9.7% as of December 31, 2025, down from 14.3% in 2024, attributed to an increase in total equity[74] Impairment and Losses - The company reported a significant recovery in impairment losses on receivables, with a reversal of HKD 36,655,000 in 2025 compared to a loss of HKD 35,544,000 in 2024[4] - The company reported a total loss of HKD 77,796,000 from the sale of financial assets measured at fair value through profit or loss[15] - The company incurred a total financing cost of HKD 10,463 million for the year ended December 31, 2025, down from HKD 15,552 million in 2024[25] - The group recorded a reversal of impairment losses on margin loans of approximately HKD 36.7 million during the year[51] - The group incurred a segment loss of approximately HKD 101,500,000 in property investment and leasing, with a fair value loss of investment properties amounting to HKD 94,000,000[61] - The group recorded a comprehensive profit of approximately HKD 115,800,000, compared to a loss of approximately HKD 212,700,000 in the previous year[68] Strategic Direction and Future Plans - The company plans to continue focusing on financial services and property investment as part of its strategic direction[8] - The group plans to strengthen its integrated financial services system and expand into technology-driven financial services, including cryptocurrency financing and trading[66] - The group is actively exploring investment opportunities and has announced two subscription transactions with strategic partners to enhance asset strength and business opportunities in financial services[63] Operational Efficiency - The company reported direct operating expenses from investment properties of HKD 984,000 in 2025, a decrease from HKD 2,965,000 in 2024, suggesting improved cost management[26] - The company's current tax expense for the year was HKD (592,000) in 2025, a decrease from HKD (1,646,000) in 2024, suggesting improved tax efficiency[28] - Deferred tax assets recognized increased by HKD 1,027,000 in 2025, indicating potential future tax benefits[28] Shareholder Information - The company did not recommend any dividend payments for the years ending December 31, 2025, and 2024, indicating a focus on reinvestment[29] - The weighted average number of ordinary shares issued increased to 953,294,798 in 2025 from 945,527,675 in 2024, reflecting a growth in share capital[31] - The annual general meeting is scheduled for May 27, 2026, with a suspension of share transfer registration from May 21 to May 27, 2026[91] - The annual report for the year 2025 will be published on the company's website and sent to shareholders in due course[92] Corporate Governance and Compliance - The group has adopted and complied with the corporate governance code throughout the year, ensuring best practices in corporate governance[84] - The group has no significant contingent liabilities as of December 31, 2025, consistent with the previous year[75] - The group has no capital commitments related to property and equipment acquisitions as of December 31, 2025[72]

Financial Performance - For the year ending December 31, 2025, the total revenue was RMB 582,358,000, an increase of 24.79% compared to RMB 466,683,000 in 2024[3] - The net profit for the year ending December 31, 2025, was RMB 177,029,000, reflecting a growth of 30.09% from RMB 136,079,000 in 2024[3] - Earnings per share for the year ending December 31, 2025, were RMB 2.55, up 26.24% from RMB 2.02 in 2024[3] - The total pre-tax profit for 2025 was RMB 198,076 thousand, up from RMB 148,994 thousand in 2024, reflecting an increase of about 32.9%[18] - The company reported a significant increase in sales of pharmaceutical products, with revenue rising to RMB 581,055 thousand in 2025 from RMB 461,529 thousand in 2024, marking a growth of approximately 25.8%[15] - The company's annual profit for 2025 was RMB 177,029,000, up 30.1% from RMB 136,079,000 in 2024[27] - Gross profit for the year ended December 31, 2025, was RMB 485,557,000, up 25.40% from RMB 387,194,000 for the year ended December 31, 2024, with a gross margin of 83.38%[49] Research and Development - Research and development expenses for the year were RMB 73,504,000, compared to RMB 67,525,000 in 2024, indicating an increase in investment in innovation[4] - The innovative drug division's R&D expenses for 2025 were RMB 48,954 thousand, compared to RMB 47,804 thousand in 2024, showing a slight increase of about 2.4%[20] - The company has two product development platforms, including a multi-target innovative drug development platform and a generic drug development platform, which support its research and development capabilities[40] - The company is focused on advancing innovative drug research projects and expects significant progress in clinical trials and additional IND submissions[46] - The company has made significant progress in its R&D efforts, with a focus on identifying high-potential therapeutic targets for commercialization[40] Financial Position - The total assets less current liabilities amounted to RMB 1,618,418,000 as of December 31, 2025, compared to RMB 573,746,000 in 2024[5] - Cash and cash equivalents increased significantly to RMB 645,054,000 from RMB 38,282,000 in 2024, indicating improved liquidity[5] - The company’s total equity reached RMB 1,593,733,000, a substantial increase from RMB 541,327,000 in 2024, reflecting strong financial health[6] - The company’s current assets as of December 31, 2025, were RMB 1,212,210,000, with a current ratio of 6.31, significantly up from RMB 164,185,000 and a current ratio of 1.9 as of December 31, 2024[58] - Total liabilities decreased to RMB 131,919,000 in 2025 from RMB 144,317,000 in 2024, indicating a reduction of 8.5%[30] Market and Product Development - The company is engaged in the research, development, production, and sales of pharmaceutical products, indicating a focus on the healthcare sector[8] - As of December 31, 2025, the company has commercialized a product portfolio primarily consisting of 15 approved generic drugs, contributing to its status as a major player in China's pharmaceutical industry[33] - The company has a diverse pipeline of innovative drugs, including one oral drug for wAMD/DME/RVO, which is currently in clinical development[42] - The innovative drug C019199, targeting multiple cancer types, has completed Phase I clinical trials for osteosarcoma and TGCT, with Phase III trials expected to start in China in the first half of 2026[43] - HXP056, an innovative drug aimed at treating retinal diseases, is anticipated to be the first oral treatment for wAMD/DME/RVO, with promising initial safety and efficacy data from Phase I trials[44] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions since its listing date on October 20, 2025[78] - The audit committee has approved the annual performance and consolidated financial statements for the reporting period, which will be submitted to the board for approval[82] - The remuneration and assessment committee is responsible for evaluating the performance standards of directors and senior management, as well as overseeing the implementation of compensation plans[83] - The strategic committee is tasked with researching the company's long-term development strategy and major investments, ensuring effective implementation of these strategies[85] - The company has confirmed compliance with the standard code for securities trading by all directors and supervisors since its listing date[79] Capital and Financing - The net proceeds from the global offering completed on October 20, 2025, amounted to approximately HKD 940.13 million[73] - The planned allocation of the net proceeds includes 52.0% for ongoing R&D investments, 23.0% for enhancing R&D capabilities, and 8.0% for expanding market influence[74] - The company's financing costs decreased to RMB 5,736,000 for the year ended December 31, 2025, down from RMB 7,221,000 for the year ended December 31, 2024, mainly due to a reduction in the book value of other borrowings[53] - The debt-to-equity ratio increased from 3.29% as of December 31, 2024, to 4.93% as of December 31, 2025, primarily due to the increase in share capital and retained earnings[64] - Approximately 75.68% of total borrowings were at fixed interest rates, while 24.32% were at floating rates, with the board considering the interest rate risk from floating rate borrowings to be minimal[62] Legal and Regulatory Matters - The company has not entered into any hedging transactions for foreign exchange or interest rate risks as of December 31, 2025[65] - There were no significant legal proceedings or contingent liabilities as of December 31, 2025[70] - The company did not declare any dividends for the years ending December 31, 2025, and 2024[26] - The board does not recommend the distribution of a final dividend for the year ended December 31, 2025[75] - The company has not purchased, sold, or redeemed any listed securities from its listing date until December 31, 2025, and holds no treasury shares as of December 31, 2025[81]

Financial Performance - Operating revenue for the year ended December 31, 2025, was RMB 10,531,096 thousand, a decrease of RMB 1,712,063 thousand compared to RMB 12,243,159 thousand in 2024, representing a decline of approximately 14%[2] - Gross profit decreased to RMB 1,201,629 thousand from RMB 1,520,669 thousand, reflecting a reduction of RMB 319,040 thousand, with a gross margin of 11.4%, down from 12.4%[2] - Net profit attributable to shareholders was RMB 138,432 thousand, down from RMB 153,678 thousand, a decrease of RMB 15,246 thousand, indicating a decline of approximately 9.9%[2] - The company reported a net profit margin of 1.8%, slightly up from 1.7% in the previous year[2] - The total comprehensive income attributable to the parent company's shareholders for 2025 is CNY 144,518,000, down from CNY 155,934,000 in 2024, indicating a decrease of about 7.3%[11] - The company's total revenue for the reporting period was RMB 10,531,096 thousand, a decrease of 13.98% compared to RMB 12,243,159 thousand for the year ended December 31, 2024[90] - Total profit for 2025 was RMB 200,380 thousand, a decrease of 10.96% from RMB 225,038 thousand, primarily due to reduced construction engineering income[110] Dividends and Shareholder Returns - The company plans to distribute dividends of RMB 27,991 thousand for the year ending December 31, 2025, compared to RMB 6,232 thousand for the year ending December 31, 2024[2] - Proposed final dividend for 2025 is 27,991 thousand RMB, significantly higher than 6,232 thousand RMB in 2024, marking an increase of approximately 348%[56] - The board has proposed a final dividend of RMB 0.20380 per share for the year ending December 31, 2025, amounting to a total of RMB 28 million[144] Assets and Liabilities - Total assets increased to RMB 26,022,226 thousand as of December 31, 2025, up from RMB 24,124,181 thousand in 2024, representing a growth of approximately 7.9%[6] - Current liabilities rose to RMB 18,099,996 thousand from RMB 17,502,012 thousand, an increase of RMB 597,984 thousand, or about 3.4%[6] - Long-term borrowings increased significantly to RMB 4,157,530 thousand from RMB 2,970,909 thousand, reflecting an increase of RMB 1,186,621 thousand, or approximately 40%[6] - The company's borrowings increased to RMB 7,843,747 thousand from RMB 6,118,923 thousand as of December 31, 2024, primarily to support daily operational cash needs[116] Revenue Breakdown - The main business revenue from professional industrial engineering was CNY 7,573,193 thousand in 2025, a decline of 16.7% from CNY 9,091,213 thousand in 2024[42] - Revenue from the professional supporting engineering segment increased by 26.21% to RMB 1,141,421 thousand from RMB 904,378 thousand in 2024, driven by higher income from drainage and environmental protection projects[94] - Revenue from other engineering services decreased by 35.52% to RMB 815,302 thousand from RMB 1,264,455 thousand in 2024, mainly due to the completion of ongoing educational and health construction projects[95] - Revenue from other businesses in 2025 was CNY 74,127 thousand, an increase of 68.5% from CNY 43,989 thousand in 2024[41] Research and Development - Research and development expenses were RMB 220,745 thousand, a significant decrease from RMB 593,406 thousand in 2024, indicating a reduction of approximately 62.8%[9] - R&D expenses are eligible for an additional tax deduction of 100%, effective from October 1, 2022, enhancing the company's tax efficiency[55] Market and Industry Trends - The construction industry in China remains stable, with a focus on green building and smart construction, providing a favorable market environment for the company[68] - By the end of 2025, China's cumulative installed capacity of renewable energy is expected to reach 389 GW, representing a year-on-year growth of 16.1%[72] - The energy storage industry is anticipated to grow rapidly, with a cumulative installed capacity of 213.3 GW by 2025, marking a year-on-year increase of 54%[73] - The market size of China's petrochemical industry is projected to reach RMB 2,688.4 billion by 2027, driven by government policies supporting the sector[79] Operational Risks and Governance - The company faces significant operational risks due to reliance on the overall economic situation in China and changes in government policies related to the engineering industry[130] - The company has committed to maintaining high standards of corporate governance to enhance shareholder value and transparency[137] - The audit committee has reviewed the accounting principles and policies adopted by the group and confirmed that the annual performance has been prepared in accordance with applicable accounting standards[141] Future Plans and Strategies - The company aims to enhance its core capabilities and market competitiveness by focusing on high-end and refined engineering sectors, promoting modularization and integration[123] - The company plans to optimize public resource allocation in rural areas, supporting economic revitalization and urbanization efforts in county-level regions[87] - The company is actively involved in the "Belt and Road" initiative, with new contracts signed for overseas projects amounting to RMB 20,658.7 billion, reflecting an 8.5% year-on-year increase[88]

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。 ANJOY FOODS GROUP CO., LTD. 安井食品集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2648） 截至2025年12月31日止年度之全年業績公告 安井食品集團股份有限公司（「本公司」或「公司」）董事會（「董事會」）謹此宣佈本 公司及其附屬公司（合稱「本集團」）截至2025年12月31日止年度（「報告期」）之綜 合業績，連同截至2024年12月31日止年度的業績比較數字。 全年業績摘要 截至2025年12月31日止年度，本集團實現營業收入人民幣16,192,613千元，同 比增長7.05%（2024：人民幣15,126,652千元）。 截至2025年12月31日止年度，本集團歸屬於母公司股東的淨利潤為人民幣 1,359,237千元，同比減少8.46%（2024：人民幣1,484,831千元）。 於2025年12月31日，本集團總資產為人民幣20,766, ...

Financial Performance - The company's total revenue for the fiscal year ended December 31, 2025, was approximately RMB 2,196.3 million, representing an increase of RMB 53.0 million or 2.5% compared to RMB 2,143.3 million in 2024[12]. - Gross profit for the same period was RMB 1,220.8 million, up by RMB 42.2 million or 3.6% from RMB 1,178.6 million in 2024[12]. - The revenue from self-produced products was RMB 1,289.6 million, a 21.6% increase from RMB 1,060.6 million in 2024, while third-party OEM revenue decreased by 16.5% to RMB 898.3 million[25]. - The core brand "Bama" generated revenue of RMB 1,955.9 million, showing stable growth compared to RMB 1,881.9 million in 2024[22]. - Profit before tax for the reporting period was RMB 300.7 million, a decrease of 2.5% from RMB 308.4 million in 2024[45]. - The adjusted net profit for the year was RMB 241.3 million, compared to RMB 234.7 million in 2024, with an adjusted net profit margin of 11.0%[49]. - Other income for the reporting period was RMB 181 million, an increase of 11.5% compared to RMB 162 million in 2024, primarily due to an increase in government subsidies received[41]. Store Expansion and Market Presence - As of the end of 2025, the company operated a total of 3,773 offline stores, an increase of 269 stores from 3,504 at the beginning of the year, covering all provinces and municipalities in mainland China[13]. - The company has been actively expanding its market presence, focusing on both direct sales and franchise models, as well as enhancing its online and offline sales networks[10]. - The number of stores in tier-2 and above cities increased by 156 stores (7.3%), while tier-3 and below cities saw an increase of 113 stores (8.2%) during the reporting period[16]. - The company had 1,250 franchisees as of December 31, 2025, with 791 having partnered for over three years[16]. - The company plans to optimize its store network and expand into untapped markets to increase national store penetration[27]. - The company implemented a store closure strategy for underperforming locations while enhancing the image of core stores with a new design concept[16]. Online Sales and Customer Engagement - Online channel GMV reached RMB 875.5 million, a year-on-year increase of RMB 37.2 million (4.4%) from RMB 838.3 million in 2024[18]. - The total number of online channel fans reached 41 million, with membership exceeding 26 million, indicating steady growth in customer base and market penetration[18]. - The company achieved a 90% year-on-year growth in real-time retail GMV through platforms like "Taobao Flash Sale" and "Meituan Flash Delivery"[19]. Financial Health and Assets - Non-current assets totaled RMB 707.8 million in 2025, while current assets reached RMB 1,790.9 million, indicating a significant increase in liquidity[8]. - Total equity increased to RMB 1,701.0 million in 2025, reflecting strong financial health and growth potential[8]. - Cash and cash equivalents increased significantly from RMB 347.2 million as of December 31, 2024, to RMB 889.1 million as of December 31, 2025[74]. - Trade receivables increased from RMB 634.0 million as of December 31, 2024, to RMB 857.4 million as of December 31, 2025, reflecting a growth in business scale[59]. Corporate Governance and Compliance - The company has adopted corporate governance policies to ensure compliance with legal and regulatory requirements, maintaining high standards of corporate governance[172]. - The board of directors is responsible for overall management and control, aiming to enhance shareholder value through strategic policies and plans[173]. - The company has established a corporate governance report covering the period from its listing date to December 31, 2025[169]. - The company has complied with all relevant laws and regulations without any significant violations during the reporting period[87]. Strategic Initiatives and Future Plans - The company plans to invest in smart, digital factories in key tea-producing regions over the next 3 to 5 years to enhance production capacity and supply chain efficiency[32]. - The company aims to enhance store experiences by transforming traditional stores into "tea culture experience spaces" and promoting digital marketing strategies[28]. - A multi-brand strategy will be implemented to enhance brand recognition and develop a diverse product matrix[31]. - The company is exploring new channels and accelerating the integration of online and offline sales, focusing on instant retail formats[29]. Shareholder Structure and Equity - The company has issued a total of 85,000,000 shares as of December 31, 2025, with 32,013,125 domestic shares and 52,986,875 H-shares[168]. - The total number of shares held by major shareholders indicates a significant concentration of ownership within a few entities[162]. - The company has maintained a minimum public float of 25%, with approximately 46.3% of total issued shares held by the public as of December 31, 2025[128]. - Major shareholders include Chen Yajing with 1,109,550 shares (3.47% of domestic shares) and 30,753,075 shares (96.06% of total shares) held jointly[162]. Risks and Challenges - The company faces several risks, including potential declines in market demand and fluctuations in raw material prices[103]. - The company has not identified any specific acquisition targets but is considering investments in reputable companies within the Chinese tea industry that reported positive revenue and profit in the last fiscal year[98].