Financial Performance - Total revenue for the year ended December 31, 2025, increased by approximately 3.0% to HKD 221.2 million, compared to HKD 214.7 million for the year ended December 31, 2024[2] - The net loss attributable to owners for the year ended December 31, 2025, was approximately HKD 31.3 million, an improvement from a net loss of approximately HKD 35.0 million for the year ended December 31, 2024[2] - Adjusted loss before tax for the year ended December 31, 2025, narrowed significantly to HKD 27.4 million, improving by 18.7% from HKD 33.7 million for the year ended December 31, 2024[3] - Basic loss per share for the year ended December 31, 2025, was HKD 0.0489, compared to HKD 0.0546 for the year ended December 31, 2024[3] - Gross profit for the year ended December 31, 2025, was HKD 33.4 million, down from HKD 35.7 million for the year ended December 31, 2024[4] - Total comprehensive loss for the year ended December 31, 2025, was HKD 34.95 million, compared to HKD 31.3 million for the year ended December 31, 2024[4] Revenue Breakdown - The revenue from the Cowhide Division was HKD 195,988,000, down from HKD 203,245,000, indicating a decline of about 3.1%[18] - The revenue from the Property Renovation Services Division increased significantly to HKD 25,169,000 from HKD 11,425,000, marking a growth of approximately 120%[18] - Total revenue from customer contracts reached HKD 221,157,000 for the year ending December 31, 2024, compared to HKD 214,670,000 for the previous year, representing a growth of approximately 2.3%[20] - Revenue from elastic mixed fabric sales was HKD 172,462,000, while non-elastic fabric sales generated HKD 17,845,000, indicating strong performance in the fabric segment[20] Expenses and Liabilities - Selling and distribution expenses for the year ended December 31, 2025, were HKD 13.3 million, compared to HKD 14.0 million for the year ended December 31, 2024[4] - Research and development expenses for the year ended December 31, 2025, were HKD 7.3 million, slightly down from HKD 7.5 million for the year ended December 31, 2024[4] - Total liabilities decreased from HKD 77,935 million in 2024 to HKD 75,475 million in 2025, a reduction of approximately 3%[5] - The company’s total current liabilities decreased from HKD 56,737 million in 2024 to HKD 47,873 million in 2025, a reduction of approximately 16%[5] - The company’s total non-current liabilities increased from HKD 13,048 million in 2024 to HKD 14,457 million in 2025, an increase of about 11%[6] Assets and Equity - Non-current assets decreased from HKD 143,537 million in 2024 to HKD 139,155 million in 2025, a decline of approximately 3%[5] - Current assets decreased from HKD 188,168 million in 2024 to HKD 160,201 million in 2025, a decline of about 15%[5] - Total assets decreased from HKD 253,770 million in 2024 to HKD 223,881 million in 2025, a decline of about 12%[5] - The net asset value increased from HKD 209,424 million in 2024 to HKD 240,722 million in 2025, an increase of approximately 15%[6] - The company’s total equity remained stable at HKD 240,722 million in 2025 compared to HKD 209,424 million in 2024, reflecting a growth of approximately 15%[6] Operational Efficiency and Future Outlook - The company continues to focus on improving operational efficiency and reducing costs to enhance profitability in the upcoming fiscal year[2] - Future outlook remains cautiously optimistic, with plans for market expansion and potential new product developments[2] - The group plans to focus on increasing the utilization rate of expanded production capacity and deepening collaboration with major brand owners[46] - The overall financial outlook remains positive, with strategic plans for market expansion and product innovation set to drive future growth[20] Employee and Governance - The total employee benefits expenses amounted to HKD 51,618,000 for the year ended December 31, 2025, slightly down from HKD 52,253,000 in the previous year[24] - The company did not declare or propose any dividends for the year, maintaining the same stance as the previous year[28] - The company has adopted the Corporate Governance Code and confirmed compliance with its provisions as of December 31, 2025[61] - The audit committee consists of three independent non-executive directors and has reviewed the financial statements for the year ended December 31, 2025[63] Capital and Financing - The debt-to-equity ratio increased from 16.0% in 2024 to 18.6% due to increased borrowings to support working capital needs[39] - The available bank financing as of December 31, 2025, was HKD 81.3 million, up from HKD 71.7 million in 2024, indicating improved financial resources[51] - The group has established trade financing arrangements with banks, with outstanding receivables under these arrangements amounting to HKD 4,991,000 as of the reporting date[31] Miscellaneous - The company adopted the revised Hong Kong Accounting Standard No. 21 for the first time this year, which does not impact the consolidated financial statements due to the absence of transactions involving non-convertible currencies[14] - There have been no significant events occurring after December 31, 2025, up to the date of this announcement[64] - The company has not purchased, sold, or redeemed any of its listed securities as of December 31, 2025[59]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported a revenue of RMB 660.79 million, a significant increase of 91.2% compared to RMB 345.62 million for the fiscal year ending December 31, 2024[3]. - Gross profit for the same period was RMB 357.42 million, up 95.5% from RMB 182.85 million, with a gross margin of 54.1%, an increase of 1.2 percentage points from the previous year[5]. - The company achieved a net profit of RMB 40.15 million, reversing a loss of RMB 63.12 million from the previous year, driven by strong sales growth of the continuous glucose monitoring system and improved cost management[6]. - The company achieved total operating revenue of RMB 660,788,390.77 for the year ending December 31, 2025, representing a significant increase of 91% compared to RMB 345,615,086.92 in 2024[18]. - The net profit for the year was RMB 40,151,695.97, a turnaround from a net loss of RMB 63,118,238.98 in the previous year[18]. - The company's revenue for the year ending December 31, 2025, was RMB 660.79 million, a 91.2% increase from RMB 345.62 million for the year ending December 31, 2024, primarily driven by the rapid increase in sales of continuous glucose monitoring systems[62]. - Sales of the continuous glucose monitoring system accounted for 68.3% of total revenue in 2025, up from 52.2% in 2024, reflecting a significant increase in market demand[64]. - The company reported a significant increase in revenue, with a year-over-year growth of 25% for the fiscal year ending December 31, 2025[104]. Cost Management and Efficiency - Sales expenses decreased significantly to RMB 223.05 million, representing 33.8% of revenue, down from 59.9% in the previous year[6]. - Sales expenses for the year ending December 31, 2025, were RMB 223.05 million, with the percentage of sales expenses to total revenue decreasing from 59.9% in 2024 to 33.8% in 2025, indicating improved operational efficiency[67]. - The company is committed to enhancing organizational efficiency and performance assessment mechanisms to improve productivity and reduce costs[90]. Product Development and Innovation - The company has submitted registrations for new products, including a second-generation insulin pump system and a split continuous glucose monitoring system, to regulatory authorities[9]. - The company is advancing AI technology applications in diabetes management, enhancing its competitive edge in the market[7]. - The company is advancing the development of diabetes management products, including a second-generation patch insulin pump and an artificial pancreas system, with clinical registration planned for 2026[87]. - The introduction of learning algorithms in the patch insulin pump system will enable personalized treatment plans based on blood glucose monitoring data and medication records[89]. - The company is focusing on developing calibration-free continuous glucose monitoring technology to enhance user experience[104]. - The company is committed to continuous technological advancements and expanding its product portfolio to capture a broader market share in diabetes management[36]. - The company has developed and commercialized 15 types of blood glucose meters and 7 types of test strips in China, and has received market approval for 13 types of blood glucose meters and 6 types of test strips in overseas markets, including FDA and CE certifications[43]. Market Expansion and International Business - The company expanded its international business, achieving revenue of RMB 343.35 million, a 227.2% increase from RMB 104.95 million in the previous year[11]. - The company has successfully expanded market access and product sales in over 120 countries and regions, including Europe, the Middle East, and Latin America[86]. - The company has successfully registered its LinX continuous glucose monitoring system in over 20 countries, including key emerging markets like Brazil and India, enhancing its international market presence[60]. - The company is expanding its market presence in Europe, targeting a 15% market share by the end of 2026[102]. - The company plans to strengthen its marketing efforts in international markets, focusing on Europe and emerging countries[85]. Research and Development - The company plans to continue increasing R&D investment, particularly in continuous glucose monitoring systems and AI technologies[13]. - The company’s R&D expenses for the year were RMB 76,338,263.10, slightly down from RMB 76,558,396.48 in 2024[18]. - Research and development expenses increased by 20%, reflecting the company's commitment to innovation and new product development[104]. - The company has established a strong R&D platform with an interdisciplinary team averaging over 18 years of experience, focusing on diabetes monitoring and treatment devices[49]. Shareholder Value and Corporate Governance - The company has repurchased a total of 8,253,500 H shares, accounting for 4.88% of the total H shares, to enhance shareholder value and confidence[16]. - The board of directors has decided not to recommend a final dividend for the year ending December 31, 2025[97]. - The board of directors has approved a new corporate governance code to improve operational transparency and accountability[103]. Assets and Liabilities - The company reported a total of RMB 1,808,306,224.05 in current assets as of December 31, 2025, a decrease from RMB 1,904,814,042.37 in 2024[20]. - The company’s total assets increased to RMB 2,310,340,942.90 in 2025, up from RMB 2,146,352,845.61 in 2024[21]. - The total liabilities for 2025 were RMB 295,967,091.29, an increase of 72.3% from RMB 171,722,463.18 in 2024[22]. - The total equity attributable to shareholders reached RMB 2,014,373,851.61 in 2025, up from RMB 1,974,630,382.43 in 2024, marking an increase of 2.0%[23]. - The company's debt-to-asset ratio as of December 31, 2025, was 12.8%, with short-term borrowings amounting to RMB 63.95 million[73]. Customer Engagement and Service - A customer service team has been established to provide consultation and support, winning the "Excellent Service Brand Award" at the 5th China Customer Service Festival[84]. - The company has integrated its online and offline service networks, enhancing user satisfaction and repurchase rates through a full lifecycle service approach[56]. Future Outlook - Future guidance indicates expected revenue growth of 10-15% for the next fiscal year, driven by new product launches and market expansion[104]. - The company plans to invest $50 million in strategic acquisitions to enhance its product portfolio and market reach[104].

Company Overview - The company is recognized as one of the top ten Fabless semiconductor companies globally, according to TrendForce[12]. - The company operates under a Fabless manufacturing strategy, focusing on design and sales while collaborating with leading wafer manufacturing, packaging, and testing suppliers[14]. - The company has a diverse customer base, including major smartphone manufacturers, automotive companies, and large medical device firms[14]. - The company aims to address specific application needs across various markets through dedicated solution development teams[14]. - The company is committed to innovation in new product and technology development to maintain its competitive edge[12]. - The company is actively exploring market expansion opportunities and potential mergers and acquisitions to drive growth[12]. Financial Performance - In 2025, the company's total revenue reached RMB 28.855 billion, a year-on-year increase of 12.14%[17]. - The semiconductor design business generated revenue of RMB 23.8 billion, reflecting a year-on-year growth of 9.98%[17]. - Net profit attributable to shareholders was RMB 4.045 billion, up 21.73% year-on-year[17]. - Revenue from the automotive market in the image sensing business exceeded RMB 7.471 billion, with a year-on-year increase of 26.52%[18]. - Revenue from emerging markets in the image sensing business reached RMB 2.369 billion, with a year-on-year growth of 211.85%[19]. - The company's semiconductor design business achieved a revenue of RMB 288.55 billion in 2025, a 12.14% increase year-over-year, with semiconductor design product sales contributing RMB 238.00 billion, accounting for 82.60% of total revenue[39]. - The image sensor solutions business generated RMB 212.46 billion in revenue, making up 73.73% of main business revenue, a 10.71% increase from the previous year[44]. - The company reported a total profit of RMB 4.60 billion for 2025, compared to RMB 3.28 billion in 2024, marking an increase of approximately 40.2%[148]. Research and Development - R&D expenses for the semiconductor design business amounted to RMB 3.68 billion, representing 15.46% of the business revenue, a year-on-year increase of 13.38%[22]. - The company has 2,681 R&D personnel, with 61.06% holding a master's degree or higher, and has established 18 R&D centers globally[64]. - The company is focusing on technological innovation and product iteration in the automotive camera market, with significant advancements in resolution and performance[45]. - The company’s ongoing R&D investments in semiconductor technology are driving the transition of CIS from traditional image capture devices to intelligent sensing interfaces with front-end processing capabilities[80]. Market Trends and Opportunities - The global semiconductor market is projected to grow by 22% in 2025, reaching USD 772 billion, driven by AI-related demand[26]. - The demand for automotive image sensors (CIS) is significantly increasing due to the rapid growth of autonomous driving and advanced driver-assistance systems in China, with a notable rise in the number of cameras per vehicle expected[28]. - The global smartphone market is projected to see a shipment volume of approximately 284 million units in China for 2025, reflecting a year-on-year decline of 0.6%[31]. - The demand for 200-megapixel image sensors is anticipated to grow rapidly, with Sigmaintell forecasting that the global demand for 200-megapixel mobile CIS will exceed 100 million units by 2027[33]. - The analog integrated circuit industry is expected to maintain strong growth momentum in the medium to long term, driven by emerging applications in IoT, AI, electric vehicles, and 5G[35]. Product Development and Innovations - The company launched the OV50X, a 50-megapixel high dynamic range image sensor, which is now in mass production, enhancing its competitive edge in the high-end smartphone market[51]. - The company launched multiple new products in the automotive electronics sector, enhancing its competitive edge in intelligent driving solutions[66]. - The company introduced the OP03021, the industry's first ultra-low-power single-chip LCOS panel for next-generation smart glasses, achieving a resolution of 1632×1536 at 90Hz, enhancing AR experiences for consumers[78]. - The TheiaCel® technology has been expanded to enhance HDR capabilities in the OV50X sensor, providing superior low-light performance and autofocus[83]. Corporate Governance and Management - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules, ensuring high standards of governance and transparency[178]. - The board consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a balanced and independent decision-making process[184]. - The company has established a strong governance framework to support high-quality development and enhance shareholder value[178]. - The company emphasizes integrity, transparency, and accountability in its operations to achieve long-term goals[178]. Financial Stability and Investments - The total assets amounted to RMB 43.60 billion, an increase from RMB 38.96 billion as of December 31, 2024, reflecting a growth of 4.14%[125]. - The debt-to-asset ratio decreased to 35.43% as of December 31, 2025, down from 37.89% as of December 31, 2024, indicating improved financial stability[125]. - The company reported total operating revenue of RMB 28.85 billion for the year ending December 31, 2025, an increase from RMB 25.73 billion in 2024, representing a growth of approximately 8.3%[148]. - The company plans to use RMB 32.74 billion (70% of net proceeds) for R&D investments by December 31, 2035[145].

Financial Performance - The company achieved revenue of approximately RMB 3.12 billion, with a gross profit margin of about 40%[5] - Net profit attributable to the owners of the company was approximately RMB 419 million, a decrease from RMB 801 million in the previous year[6] - Operating cash inflow reached RMB 415.2 million, representing a growth of 42% compared to the previous fiscal year[5] - The company's revenue for the reporting period reached RMB 3,120.1 million, a decrease of 9.3% compared to RMB 3,441.2 million in the same period last year[47] - Gross profit amounted to RMB 1,238.7 million, down 27.4% from RMB 1,705.6 million year-on-year, resulting in a gross margin of 39.7%, a decline of 9.9 percentage points from 49.6%[47] - Net profit for the period was RMB 386.0 million, a decline of 51.2% from RMB 790.5 million in 2024, with profit attributable to shareholders at RMB 419.0 million, down 47.7% from RMB 801.1 million[65] Assets and Liabilities - Total non-current assets decreased to RMB 1.99 billion from RMB 2.07 billion in the previous year[8] - Total current assets decreased to RMB 4.53 billion from RMB 4.71 billion in the previous year[8] - Total liabilities decreased slightly to RMB 2.78 billion from RMB 2.79 billion in the previous year[9] - The company's equity attributable to owners decreased to RMB 3.62 billion from RMB 3.81 billion in the previous year[9] - Trade receivables decreased to RMB 341.424 million in 2025 from RMB 437.440 million in 2024, with a provision for credit losses of RMB 52.236 million[40] - The company reported a total of RMB 1.044577 billion in trade and other receivables for 2025, down from RMB 1.119432 billion in 2024[40] - Contract assets increased to RMB 1.643799 billion in 2025 from RMB 1.461817 billion in 2024, after accounting for credit loss provisions[42] - Total intangible assets as of December 31, 2025, amounted to RMB 152.613 million, down from RMB 275.392 million in 2024[38] Dividends - The proposed final dividend is RMB 0.0916 per share and a special dividend of RMB 0.0419 per share, totaling RMB 267 million, subject to shareholder approval[4] - The company declared an interim dividend of RMB 0.076 per share for the six months ending June 30, 2025, totaling RMB 152 million, compared to RMB 0 for 2024[34] - The company plans to pay the proposed final and special dividends by July 17, 2026, or earlier[45] Operational Highlights - The total construction area of newly developed projects was 35.35 million square meters, a decrease of approximately 3.1% from the previous year[5] - The company secured new contracts totaling approximately 35.35 million square meters, maintaining a market share of over 20% for ten consecutive years, with an estimated construction fee of RMB 9.35 billion, reflecting a year-on-year growth of 0.4%[51] - The company delivered 129 projects in 2025, covering various sectors, with a total delivery area of 14.51 million square meters, achieving a customer satisfaction score of 92[52] - The project milestone achievement rate reached 94.6%, with a significant improvement in project startup cycles, demonstrating enhanced operational efficiency[53] Impairment and Losses - For the fiscal year ending December 31, 2025, the company reported a total impairment loss of RMB 920,000 from expected credit loss models, with a significant portion attributed to intangible assets amounting to RMB 72,481,000[25] - The company recognized an impairment loss of RMB 72.481 million on project contract rights for the year, compared to RMB 51.149 million in 2024[39] - The company incurred a total loss of RMB 140,921,000 in other income and losses for 2025, compared to a loss of RMB 130,701,000 in 2024, driven by increased impairment losses on intangible assets and other non-current assets[28] Financing and Costs - The financing costs decreased to RMB 2,985,000 in 2025 from RMB 5,222,000 in 2024, reflecting a reduction in interest expenses on third-party loans and lease liabilities[29] - The cost of services increased by 8.4% to RMB 1,881.5 million from RMB 1,735.7 million in 2024, primarily due to an increase in project management costs[58] Taxation - The income tax expense for 2025 totaled RMB 199,935,000, down from RMB 246,520,000 in 2024, primarily due to a decrease in taxable profits[31] - The effective tax rate for the company's Chinese subsidiaries was 5% for the year, benefiting from preferential tax policies for small and micro enterprises[32] Corporate Governance - The company confirmed compliance with the corporate governance code and has implemented measures to enhance transparency and accountability to shareholders[83] - The company has established an audit committee consisting of three independent non-executive directors to oversee compliance with applicable accounting principles and standards[87] Employee Information - The company had a total of 2,390 employees as of December 31, 2025, with a gender distribution of 76.3% male and 23.7% female, reflecting a 0.5% increase in total headcount compared to December 31, 2024[81] Share Repurchase - The company repurchased a total of 10,000,000 shares at a total cost of HKD 30,671,580 during the reporting period, with all shares to be cancelled by October 28, 2025[78] - In August 2025, the company repurchased 552,000 shares at a price range of HKD 2.90 to HKD 2.85, totaling HKD 1,586,170[79] - In September 2025, the company repurchased 3,900,000 shares at a price range of HKD 3.18 to HKD 2.87, totaling HKD 12,087,830[79] - In October 2025, the company repurchased 5,548,000 shares at a price range of HKD 3.17 to HKD 2.96, totaling HKD 16,997,580[79] - As of December 31, 2025, the company had no treasury shares held[80] Future Outlook - The company aims to leverage the growing demand for urban renewal and land development, with approximately 340 million square meters of undeveloped land held by city investment enterprises[48] - The outlook for the real estate industry indicates a transition towards high-quality development, creating lasting market opportunities for professional construction services despite increased competition[55] - The company plans to continue enhancing its organizational structure and operational efficiency to adapt to the evolving market conditions and maintain its industry leadership[54]

Financial Performance - The group's revenue for the year ended December 31, 2025, was approximately RMB 513.8 million, a decrease of about 12.1% compared to the fiscal year 2024[5] - The gross profit for the same period was approximately RMB 53.0 million, down approximately 7.8% from the previous fiscal year[5] - The loss attributable to the company's owners was approximately RMB 98.3 million, an increase of about 6.7 times compared to the fiscal year 2024[5] - The basic and diluted loss per share for the year was approximately RMB 7.80[5] - Total revenue for the year ended December 31, 2024, was RMB 584,541 thousand, with a decrease to RMB 513,786 thousand in 2025, representing a decline of approximately 12.1%[23] - The gross profit for the year ended December 31, 2024, was RMB 57,494 thousand, which decreased to RMB 23,319 thousand in 2025, indicating a significant drop in profitability[23] - The group reported a pre-tax loss of RMB (99,278,000) for 2025, significantly higher than the loss of RMB (12,763,000) in 2024[39] - Basic and diluted loss per share for 2025 was RMB (7.80), compared to RMB (1.01) in 2024, indicating a substantial increase in losses per share[40] - The group recorded a net loss of approximately RMB 98.3 million for the reporting period, and a net loss of approximately RMB 12.8 million for the fiscal year 2024[97] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 390.96 million, down from RMB 492.84 million in 2024[8] - Total liabilities decreased to RMB 168.64 million in 2025 from RMB 189.16 million in 2024[9] - The company’s equity attributable to owners decreased to RMB 204.25 million from RMB 303.68 million in 2024[8] - The total assets of the company as of December 31, 2024, were RMB 492,840 thousand, which decreased to RMB 390,956 thousand in 2025, indicating a reduction in asset base[24] - The total liabilities increased from RMB 189,162 thousand in 2024 to RMB 168,643 thousand in 2025, showing a decrease in financial obligations[24] - The group’s net current assets as of December 31, 2025, were approximately RMB 147.6 million, a decrease from RMB 158.3 million in 2024, with a current ratio maintained at approximately 1.9 times[99] Cash Flow and Financing - The company’s cash and cash equivalents increased to RMB 243.35 million from RMB 231.94 million in the previous year[8] - Financing income for 2025 was RMB 1,413,000, a decrease of 48.9% from RMB 2,757,000 in 2024[35] - The net financing cost for 2025 was RMB (2,843,000), compared to a profit of RMB 158,000 in 2024[35] - The group’s borrowings as of December 31, 2025, amounted to approximately RMB 77.7 million, up from RMB 52.3 million in 2024[101] - The group’s debt-to-equity ratio as of December 31, 2025, was 0.4, compared to 0.2 in 2024[104] Segment Performance - The total revenue from external customers for the year ending December 31, 2025, was RMB 513,786,000, with contributions of RMB 81,365,000 from lace and dyeing, RMB 428,624,000 from footwear, and RMB 3,797,000 from IP products[22] - The gross profit for the group was RMB 53,004,000, with a gross loss of RMB 2,850,000 from lace and dyeing, and a gross profit of RMB 53,373,000 from footwear[22] - The total segment performance resulted in a loss before tax of RMB 99,278,000, with a significant loss of RMB 39,432,000 from lace and dyeing[22] - Major customer A contributed RMB 363,757 thousand to revenue in 2025, down from RMB 454,719 thousand in 2024, while customer B contributed RMB 57,109 thousand in 2025, which was not applicable in 2024[27] Impairment and Losses - The company reported a significant impairment loss of RMB 29.98 million on property, plant, and equipment during the reporting period[6] - The group recognized an impairment loss of approximately RMB 44,377,000 due to the deterioration of joint venture operations as of December 31, 2025[54] - The recoverable amount of non-current assets related to the lace and dyeing business is estimated at approximately RMB 59,988,000, down from RMB 104,213,000 in 2024, resulting in an impairment loss of about RMB 29,982,000 for the year ending December 31, 2025[44] - The company’s share of losses from joint ventures for the year is RMB 22,838,000, compared to RMB 100,000 in 2024[52] Administrative and Operating Expenses - The administrative expenses totaled RMB 50,618,000, with RMB 6,945,000 from lace and RMB 31,261,000 from footwear[22] - Research and development expenses amounted to RMB 12,693,000, with RMB 6,596,000 allocated to lace and dyeing and RMB 6,097,000 to footwear[22] - The total employee benefit expenses during the reporting period were approximately RMB 60.8 million, compared to RMB 54.0 million in 2024, with a total of 485 employees as of December 31, 2025[110] Strategic Initiatives - The company is strategically reallocating resources to reduce reliance on lace manufacturing and dyeing services, focusing more on the footwear and IP product segments, which show strong growth potential[74] - The company is actively adjusting its trade strategy in response to increased tariffs on imports from China and Southeast Asia, while seeking to establish manufacturing partnerships in Southeast Asia[75] - The group plans to enhance its AI capabilities to support the ongoing expansion of its IP and product business, aiming for sustainable competitive advantages and profit growth in the coming years[80] - The group aims to diversify its IP-related products, which generated approximately RMB 3.8 million in revenue during the first phase of collaboration[87] Shareholder Information - The company did not declare or pay any dividends for the years ended December 31, 2025, and 2024[71] - The old share option plan allowed for the issuance of a total of 126,000,000 shares, representing 10% of the company's issued share capital as of the adoption date, but no options were granted or exercised during the plan's duration[116] - The new share option plan, approved by shareholders, allows for the issuance of up to 125,977,000 shares, also representing 10% of the company's issued share capital, and will be effective for ten years from the adoption date[117] - The company has repurchased a total of 230,000 shares during the post-reporting period, accounting for approximately 0.018% of the total issued shares, at a total cost of approximately HKD 1.65 million[122] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements for the reporting period[126] - The external auditor confirmed that the financial figures in the announcement are consistent with the draft financial statements for the year ended December 31, 2025[127] - There have been no significant events after the reporting period up to the announcement date[128] - The annual report for the reporting period will be sent to shareholders and published on the company's website at an appropriate time[129] - The board of directors includes executive directors Mr. Cai Rongxing, Mr. Lin Minqiang, Mr. Larry Stuart Torchin, and Ms. Cai Linqi, along with independent non-executive directors Mr. Zhou Jieting, Dr. Zhao Guoxiong, and Mr. Mai Minghai[132]

財務摘要 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）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倚賴該等內容而引致的任何損失承 擔 任 何 責 任。 BoardWare Intelligence Technology Limited 博維智慧科技有限公司 （股份代號：1204） （於開曼群島註冊成立的有限公司） 截 至2025年12月31日止年度的 年度業績公告 本集團的收益由2024年財年約648.0百萬港元增加至2025年財年約733.9百萬港 元，較2024年財年增加約13.3%。 本集團的毛利由2024年財年約124.8百萬港元增加至2025年財年約144.0百萬港 元，較2024年財年增加約15.4%。 年內溢利由2024年財年約1.0百萬港元增加至2025年財年約8.1百 萬 港 元，較 2024年財年增加約710.0%。 本集團的純利率由2024年財年約0.1%增加至2025年財年約1.1%，較2 ...

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。 Shirble Department Store Holdings (China) Limited 歲 寶 百 貨 控 股（中 國）有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：00312） 截 至2025年12月31日止年度 全年業績 本集團截至2025年年度的經審核綜合業績概要載列如下： 由於本集團本年度仍錄得經營虧損，董事會決定不建議就2025年年度派付任何 本 公 司 的 末 期 股 息（2024年：無）。 – 1 – － 2025年年度的收入為人民幣191.0百 萬 元，較2024年年度的人民幣200.3百 萬元輕微地減少4.6%； － 2025年年度的經營虧損為人民幣57.1百萬元，較2024年年度的人民幣32.1 百萬元； － 2025年年度的本公司擁有人應佔虧損為人民幣96.4百萬元，而2024年年度 則為人民幣33.8百萬元； － 2025年年度的每股基本虧損為人民幣0 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was RM 123,228,000, representing a 44% increase from RM 85,473,000 in 2024[5] - Gross profit for the same period was RM 16,722,000, up from RM 7,688,000, indicating a significant improvement in profitability[5] - The company reported a pre-tax loss of RM 69,497,000 for 2025, compared to a loss of RM 7,447,000 in 2024, highlighting ongoing financial challenges[5] - The total comprehensive loss for the year was RM 73,901,000, compared to RM 12,228,000 in the previous year, reflecting increased operational difficulties[5] - Basic and diluted loss per share for the year was 7.93 sen, compared to 0.98 sen in 2024, reflecting the impact of increased losses on shareholder value[6] - The group recorded a loss attributable to owners of approximately MYR 69.8 million for the current fiscal year, compared to MYR 6.2 million in 2024, resulting in a loss per share of 7.93 sen[72] Assets and Liabilities - The company's non-current assets increased to RM 47,635,000 in 2025 from RM 11,950,000 in 2024, indicating significant investment in long-term assets[7] - Current assets rose to RM 51,685,000 in 2025, up from RM 35,379,000 in 2024, suggesting improved liquidity[7] - The company's total liabilities increased to RM 34,559,000 in 2025 from RM 23,088,000 in 2024, indicating a rise in financial obligations[8] - The net asset value of the company reached RM 64,761,000 in 2025, compared to RM 24,241,000 in 2024, showing a strong growth in equity[8] - The total assets of the company rose to 99,320 thousand MYR in 2025 from 47,329 thousand MYR in 2024, reflecting a growth of 109%[24] - The group's current assets net value was approximately MYR 22.0 million, with cash and bank balances of about MYR 6.0 million[73] Revenue Streams - Total customer contract revenue for the year ended December 31, 2025, was 123,228 thousand MYR, up from 85,473 thousand MYR in 2024, representing a growth of 44%[19] - Revenue from air freight agency and related services increased to 17,180 thousand MYR in 2025 from 10,851 thousand MYR in 2024, a growth of 58%[19] - Revenue from the sale of second-hand mobile phones rose to 45,407 thousand MYR in 2025, compared to 29,757 thousand MYR in 2024, marking a growth of 53%[19] - The total revenue from freight forwarding and related services was 43,129 thousand MYR in 2025, up from 36,741 thousand MYR in 2024, an increase of 17%[23] - The manufacturing and sales of plastic products generated revenue of 30,086 thousand MYR in 2025, compared to 18,975 thousand MYR in 2024, reflecting a growth of 59%[23] - Revenue from integrated logistics services rose by approximately 17.4% or about 6.4 million MYR, primarily due to a 58.3% increase in sea freight services compared to the previous year[59] Strategic Initiatives - The company is focused on expanding its interactive entertainment technology platform and logistics services in Malaysia and Hong Kong, aiming for growth in international markets[10] - The report indicates that the group has four operating segments, up from three in 2024, highlighting a strategic expansion in business lines[20] - The company aims to enhance its market position in logistics services in Hong Kong despite a highly competitive environment in Malaysia[39] - The interactive entertainment division focuses on expanding its operations in mature markets while improving the efficiency of its AI platform[49] - The company successfully transformed from a regional player in Asia to a global brand, establishing operations in the US market as a cornerstone of its globalization strategy, with over 100 store contracts signed by the end of 2025[50] - The company signed a strategic memorandum of understanding with a well-known hotel group to integrate its interactive AI entertainment system into five hotel properties by the end of 2025[50] Operational Challenges - The company recorded a goodwill impairment of 54,000 thousand MYR in 2025, with no such impairment reported in 2024[24] - The administrative expenses for the current fiscal year and for the year ending December 31, 2024, were MYR 20.3 million and MYR 12.8 million, respectively[69] - The financing costs for the current fiscal year were approximately MYR 0.7 million, compared to MYR 0.5 million in 2024[70] - The company has faced various risks including operational, market, liquidity, credit, and regulatory risks, and has established risk management policies to address these[82] Employee and Governance - The company employed a total of 414 full-time employees as of December 31, 2025, down from 498 in 2024, with total employee compensation reaching 13.1 million MYR in the current fiscal year, compared to 17.4 million MYR in 2024[97] - The company has confirmed compliance with the corporate governance code throughout the fiscal year and up to the announcement date[107] - The audit committee, composed entirely of independent non-executive directors, reviewed the annual performance and confirmed it was prepared in accordance with applicable accounting standards[108] Risk Management - The company has implemented risk management measures including GPS tracking and paid escort services to mitigate risks associated with cargo hijacking and theft[90] - The company has a disaster recovery plan in place covering critical application analysis, recovery time, and damage assessment to address risks related to over-reliance on information technology[93] - The company anticipates potential increases in freight and transportation costs due to factors such as fuel prices and exchange rates, and plans to pass on costs to customers where possible[92] - The company has taken steps to investigate new customers' backgrounds and report any suspicious cargo to authorities to mitigate risks associated with transporting prohibited items[91] Shareholder Actions - The company successfully placed 126,720,000 shares at a price of 0.1 HKD per share, representing approximately 16.67% of the enlarged issued share capital, with net proceeds of approximately 12.3 million HKD allocated for manufacturing and selling plastic products in Vietnam and general working capital[100] - The company has adopted a share option scheme approved by shareholders on June 17, 2016, allowing for the issuance of a total of 8,000,000 shares, representing approximately 0.74% of the company's issued share capital[103] - No shares were bought, sold, or redeemed by the company or its subsidiaries during the fiscal year[104]

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 21,014,999 thousand, representing a 26.16% increase from RMB 16,657,343 thousand in 2024[3] - Profit attributable to equity holders of the parent company was RMB 31,420 thousand, a significant recovery from a loss of RMB 253,949 thousand in the previous year, marking a 112.37% improvement[3] - Total comprehensive income for the year was RMB 12,584 thousand, a recovery from a loss of RMB 667,908 thousand in the previous year[5] - The operating profit for the year was RMB 240,524 thousand, a significant improvement from a loss of RMB 368,582 thousand in the previous year[17] - The company reported a pre-tax profit of RMB 82,649 thousand, recovering from a loss of RMB 497,774 thousand in the previous year[17] - The group reported a pre-tax profit of RMB 31,420,000 for 2025, compared to a loss of RMB 253,949,000 in 2024[26] - The company reported a net profit of RMB 61.17 million for 2025, a significant improvement from a loss of RMB 563.69 million in 2024[59] - Adjusted EBITDA for 2025 was RMB 612.25 million, up from RMB 299.23 million in 2024, indicating a strong operational performance[59] Revenue Breakdown - Data intelligence services revenue increased by 19.76% to RMB 5,588,436 thousand, while integrated supply chain services grew by 10.74% to RMB 1,932,002 thousand[3] - The data intelligence services segment generated revenue of RMB 5,604,687 thousand, up from RMB 4,692,556 thousand, reflecting a growth of approximately 19.5%[17] - The integrated supply chain services segment reported revenue of RMB 1,962,785 thousand, an increase from RMB 1,769,189 thousand, marking a growth of about 10.9%[17] - The fintech services and other businesses segment achieved revenue of RMB 13,502,306 thousand, compared to RMB 10,252,227 thousand in the previous year, representing a growth of approximately 31.8%[17] - Contract revenue from customers amounted to RMB 20,729,331,000, up 27.5% from RMB 16,363,904,000 in the previous year[19] - Software development and technical services revenue increased to RMB 7,273,702,000, a rise of 6.7% from RMB 6,818,866,000[19] - System integration business revenue surged to RMB 6,235,030,000, a significant increase of 83.5% compared to RMB 3,394,350,000[19] - E-commerce operations revenue grew to RMB 4,556,041,000, up 22.7% from RMB 3,714,152,000[19] Profitability and Dividends - Gross profit for the year was RMB 2,486,091 thousand, up from RMB 2,291,914 thousand in 2024, indicating a positive trend in profitability[4] - The gross profit for the year was RMB 2,486,091 thousand, compared to RMB 2,291,914 thousand in the previous year, indicating a year-over-year increase of about 8.5%[17] - The company proposed a final dividend of HKD 0.036 per share, subject to approval at the upcoming annual general meeting[3] - The proposed final dividend for the year ending December 31, 2025, is HKD 0.036 per share, pending shareholder approval[23] - The board proposed a final dividend of HKD 0.036 per ordinary share for the year ending December 31, 2025, totaling approximately HKD 60,249,800, pending approval at the 2026 Annual General Meeting[83] Assets and Liabilities - Non-current assets totaled RMB 8,150,489 thousand, slightly down from RMB 8,257,237 thousand in 2024[6] - Current liabilities decreased to RMB 10,269,184 thousand from RMB 9,872,017 thousand in the previous year, reflecting improved financial management[7] - The company's cash and cash equivalents increased to RMB 3,488,418 thousand from RMB 3,142,841 thousand, indicating better liquidity[6] - The net asset value stood at RMB 9,464,685 thousand, a slight decrease from RMB 9,507,454 thousand in 2024, showing stability in equity[7] - Total assets as of December 31, 2025, were approximately RMB 21.68 billion, with total liabilities of about RMB 12.21 billion[61] - Total interest-bearing loans amounted to approximately RMB 3.45 billion, with a debt-to-equity ratio of 0.60[61] Operational Efficiency - The company has established a differentiated competitive advantage through the integration of supply chain services and AI technologies, achieving a milestone in operational efficiency improvements[36] - The company achieved a 40% year-on-year increase in shipment volume for the 2025 fiscal year, with a more than 50% increase during the Double Eleven shopping festival[47] - The new AI decision-making capability "Xiao Jin" improved decision-making efficiency by over 30% in warehouse operations and increased order peak processing capacity by 280%[44] - Inventory accuracy improved to 99.98%, supporting efficient fulfillment operations[50] - The timely delivery rate reached 99.97%, and the 24-hour pickup rate improved to 99.75%[50] Employee and Costs - The total employee cost for the year ending December 31, 2025, was approximately RMB 4.401 billion, reflecting a growth of 13.57% compared to RMB 3.875 billion in the previous fiscal year[76] - The company has a total of 21,936 full-time employees as of December 31, 2025, up from 19,268 employees a year earlier[76] Future Outlook and Strategic Initiatives - The company aims to deepen the integration of AI into business processes, focusing on transforming AI applications from point tools to full-process intelligence upgrades[51] - The company plans to enhance its data intelligence decision-making platform, "Yanyun Infinity," to boost competitiveness in the supply chain sector[52] - The company has raised approximately RMB 1.149 billion from a rights issue, with RMB 939 million already utilized by December 31, 2025[79] - The remaining unutilized proceeds from the rights issue amount to approximately RMB 210 million, which the company plans to invest in healthcare big data or other potential acquisitions[79] Legal and Compliance Issues - The company is involved in ongoing litigation regarding patent infringement, with potential liabilities estimated at RMB 275.3 million[67] - The company is facing a contract dispute with Beijing Urban Construction Intelligent Control Technology Co., Ltd., which may impact future operations[68] - The company has signed procurement contracts with Digital China System Integration for a total amount of RMB 376.3 million, but has not received payment as per the contract terms[69] - The company has not implemented any foreign exchange hedging policies but is monitoring foreign exchange risks[73] - The company has reported a potential overdue payment penalty of RMB 36.5 million and legal fees of RMB 0.5 million related to the procurement contracts[69] Governance and Compliance - The company has maintained compliance with the corporate governance code, with the exception of certain deviations regarding the roles of the chairman and CEO, which are held by the same individual since June 8, 2018[84][85] - The company confirmed that all directors have adhered to the standard code of conduct for securities trading during the year ending December 31, 2025[87] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the year ending December 31, 2025[88] - The company maintained sufficient public float as required under the listing rules during the year ending December 31, 2025[89]

Financial Performance - The total revenue for the fiscal year ending December 31, 2025, was HKD 19,178,000, a decrease of 28.5% compared to HKD 26,845,000 in 2024[5] - Gross profit for the same period was HKD 16,239,000, down 23.5% from HKD 21,238,000 in the previous year[5] - The net loss for the year was HKD 38,416,000, slightly improved from a loss of HKD 38,606,000 in 2024[6] - Basic and diluted loss per share for 2025 was HKD 8.52, compared to HKD 8.58 in 2024[5] - The company reported a pre-tax loss of HKD 39,066,000 in 2025, compared to a loss of HKD 38,429,000 in 2024[14] - The company reported a loss attributable to shareholders of approximately HKD 34,014,000 for the year ended December 31, 2025, compared to a loss of HKD 34,238,000 in 2024[22] - The company recorded a net loss of approximately HKD 38,400,000 for the fiscal year 2025, a slight decrease from a net loss of HKD 38,600,000 in the previous year[40] Assets and Liabilities - Non-current assets decreased to HKD 54,335,000 from HKD 86,147,000 in 2024, reflecting a decline of 37%[7] - Total liabilities increased to HKD 54,574,000 from HKD 49,252,000 in 2024, representing a rise of 10.5%[8] - The company's equity attributable to owners decreased to HKD 161,219,000 from HKD 194,682,000, a decline of 17.1%[8] - Reported segment assets decreased to HKD 222,683,000 in 2025 from HKD 259,290,000 in 2024, reflecting a decline of 14.1%[15] - Reported segment liabilities increased to HKD 88,200,000 in 2025 from HKD 84,820,000 in 2024, an increase of 6.4%[15] Revenue Breakdown - Medical-related service revenue was HKD 2,605,000 in 2025, down 65.9% from HKD 7,637,000 in 2024[16] - Revenue significantly declined due to the downturn in the Shanghai hospital, attributed to the slowdown in the Chinese macroeconomy and reduced consumer demand[26] - The medical segment, specifically the Shanghai hospital, generated revenue of approximately HKD 1,900,000 in fiscal year 2025, down from HKD 7,600,000 in the previous year due to operational suspension for renovations[42] Cash Flow and Financing - Cash and cash equivalents increased to HKD 27,733,000 from HKD 24,468,000 in 2024, showing a growth of 9.2%[7] - The company incurred financing costs of HKD 2,992,000 in 2025, down from HKD 3,218,000 in 2024, a decrease of 7.0%[20] - The company provided loans amounting to HKD 186,002,000 in 2025, down from HKD 197,305,000 in 2024, with expected credit loss provisions of HKD 66,357,000[32] Impairment and Expenses - The company recognized goodwill impairment losses of HKD 27,248,000 in 2025, compared to HKD 23,473,000 in 2024, reflecting a 16.5% increase[20] - Depreciation and amortization expenses rose to HKD 8,572,000 in 2025 from HKD 7,979,000 in 2024, an increase of 7.4%[14] - The company recognized an impairment loss of approximately HKD 27,248,000 for the cash-generating unit related to the Shanghai hospital's medical business for the year ended December 31, 2025, compared to HKD 23,473,000 in 2024[28] Strategic Focus and Future Plans - The company is focusing on expanding its healthcare services in China, Hong Kong, and South Korea, particularly in the medical and cosmetic sectors[12] - The company plans to further develop its core business in cosmetic surgery and medical beauty services in China and other Asian markets, aiming to capture growth in consumer medical spending[46] - The group plans to enter the skincare business by the end of 2024, with initial market development expected to be completed in early 2025, featuring products like the "DA Mask" and "Pao Research" series[47] - The acquisition of a health check center is set to be completed in early 2026, marking the group's expansion into the broader "healthcare" sector, which is expected to drive new business growth[48] - The group will focus on developing new sales channels targeting occupational health check clients and enhancing high-end medical examination services to establish a stable corporate client base[48] Dividend and Shareholder Information - No final dividend was recommended for the year ended December 31, 2025, consistent with 2024[23] - The board has proposed not to declare a final dividend for the year ending December 31, 2025, consistent with the previous year[57] - The company’s basic loss per share for fiscal year 2025 was HKD 0.0852, with tangible net asset value per share decreasing from HKD 0.39 to HKD 0.38[45] Legal and Claims - The company has a legal claim against the second guarantor for an outstanding principal amount of USD 8,521,278.33, with a favorable court ruling expected by April 2026[36] - The company has submitted a claim for approximately USD 12,000,000 related to bankruptcy proceedings against the first guarantor, with a total claim accepted of about HKD 95,000,000[35] Operational Adjustments - The company strategically upgraded the Shanghai hospital in fiscal year 2025 and reopened in late October, marking a shift towards a "light medical beauty" model[46] - The company’s cash flow forecasts for impairment testing are based on a ten-year financial budget approved by management, reflecting high uncertainty due to the macroeconomic environment[26] - The company’s prepayments primarily include professional fees paid in advance to business consultants, amounting to approximately HKD 1,777,000 in 2025, down from HKD 3,546,000 in 2024[31] Investment and Portfolio Management - The group will continue to hold various securities and monitor its investment portfolio to adapt to economic conditions[50] - The group is actively seeking new business opportunities to diversify and increase revenue sources while maintaining its focus on existing business development[51] - The group will continue its lending and related businesses while adopting a cautious approach to credit assessments due to geopolitical tensions affecting the macroeconomic environment[49]