Financial Performance - For the year ending December 31, 2025, the group's revenue was approximately RMB 1,919.5 million, a decrease of about RMB 237.5 million or approximately 11.0% compared to the same period in 2024[4] - The group's gross profit for the year was approximately RMB 226.0 million, an increase of about RMB 10.8 million or approximately 5.0% compared to the previous year[4] - The net profit for the year was approximately RMB 29.7 million, a significant increase of approximately RMB 31.2 million from a net loss of RMB 1.5 million in 2024[4] - The basic and diluted loss per share attributable to ordinary equity holders of the parent was approximately RMB 0.01, a decrease of RMB 0.01 from RMB 0.02 in 2024[4] - The company reported a total comprehensive income of approximately RMB 26.5 million for the year, compared to a total comprehensive loss of RMB 6.996 million in 2024[5] - The company reported a net loss of RMB 5,284,000 for the year, compared to a net loss of RMB 21,098,000 in the previous year[10] - The company reported a pre-tax profit of RMB 30,362,000 for 2025, with a tax expense calculated at the statutory rate of 25% amounting to RMB 7,591,000[47] Dividends - The board proposed a final dividend of HKD 0.005 per ordinary share, subject to shareholder approval, bringing the total dividend for the year to HKD 0.021 per ordinary share if approved[4] - The company declared an interim dividend of RMB 0.015 per share for 2025, totaling approximately RMB 14,531,000, compared to RMB 4,978,000 for the same period in 2024[52] - The board proposed a final dividend of HKD 0.005 per ordinary share for the year ended December 31, 2025, with a total estimated dividend payout of approximately HKD 4.839 million[133] Assets and Liabilities - Non-current assets totaled approximately RMB 1,903.7 million, a decrease from RMB 1,945.1 million in 2024[7] - Current assets amounted to approximately RMB 1,507.3 million, down from RMB 1,562.3 million in the previous year[7] - Current liabilities increased to approximately RMB 1,330.4 million from RMB 1,200.0 million in 2024[8] - Total equity was approximately RMB 1,938.0 million, slightly down from RMB 1,953.1 million in 2024[8] - The total assets for the segments amounted to RMB 3,976,123,000, with the battery materials segment holding RMB 1,656,217,000, the dye and agricultural chemicals segment RMB 1,622,824,000, and the pigment intermediates and new materials segment RMB 697,082,000[28] - The total liabilities for the segments were RMB 2,052,899,000, with the battery materials segment at RMB 1,516,525,000, the dye and agricultural chemicals segment at RMB 427,262,000, and the pigment intermediates and new materials segment at RMB 109,112,000[28] Cash Flow - Cash generated from operating activities for 2025 was RMB 209,768,000, slightly down from RMB 249,918,000 in 2024, but the net cash flow from operating activities remained stable at RMB 174,696,000 compared to RMB 173,915,000 in the previous year[11] - The company reported a net cash outflow from investing activities of RMB 54,482,000 in 2025, compared to RMB 31,602,000 in 2024, reflecting increased investment expenditures[13] - Financing activities resulted in a net cash outflow of RMB 50,684,000 in 2025, an improvement from RMB 162,528,000 in 2024, indicating better management of financing costs[13] - The total cash and cash equivalents at the end of 2025 increased to RMB 335,928,000 from RMB 266,789,000 at the beginning of the year, showing a positive cash flow trend[14] Segment Performance - The total revenue from external customers for the year ending December 31, 2025, was RMB 1,919,485,000, with contributions from the battery materials segment at RMB 549,405,000, the dye and agricultural chemicals segment at RMB 863,426,000, and the pigment intermediates and new materials segment at RMB 506,654,000[28] - The adjusted profit before tax for the segments was RMB 30,362,000, with the battery materials segment reporting a loss of RMB 154,647,000, the dye and agricultural chemicals segment a profit of RMB 35,668,000, and the pigment intermediates and new materials segment a profit of RMB 171,315,000[28] - Revenue from external customers in mainland China for the year 2025 was RMB 1,547,230,000, a decrease from RMB 1,827,395,000 in 2024[30] Inventory and Receivables - The total inventory increased from RMB 273,091,000 in 2024 to RMB 326,413,000 in 2025, reflecting a growth of approximately 19.6%[61] - Trade receivables decreased from RMB 293,699,000 in 2024 to RMB 284,246,000 in 2025, with a provision for impairment loss of RMB 9,596,000[61] - The expected credit loss for trade receivables was RMB 9,596,000 as of December 31, 2025, compared to RMB 9,835,000 in 2024, indicating a slight improvement[64] Financial Management - The company experienced a decrease in financial costs from RMB 38,332,000 in 2024 to RMB 36,560,000 in 2025, reflecting improved cost management[11] - The total financial costs for 2025 amount to RMB 36,560,000, down from RMB 38,332,000 in 2024[40] - The group recognized a provision for impairment of RMB 404,000 in 2025, down from RMB 1,377,000 in 2024, reflecting improved credit risk management[70] Research and Development - Research and development costs for 2025 are reported at RMB 20,196,000, a decrease from RMB 22,650,000 in 2024[41] - The company is actively developing new manganese iron lithium and sodium-ion battery materials to seize market opportunities and expand its product offerings[95] - The company is committed to increasing R&D investment and enhancing safety production management to achieve breakthroughs in technology across all product segments[101] Corporate Governance - The group is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[137] - The audit committee reviewed the accounting principles and practices adopted by the group for the fiscal year ending December 31, 2025[147] - The preliminary announcement of the group's performance for the fiscal year ending December 31, 2025, was verified by the auditor, Tianjian International CPA Limited[148]

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。 HUNG FOOK TONG GROUP HOLDINGS LIMITED 1 • 在香港及中國內地具挑戰的經營環境下，本集團憑藉嚴謹的執行力及成本管 控，展現出韌性及穩健的營運能力。 • 顧客信心保持強勁，於二零二五年十二月三十一日的預收款項增加約3.5% 至168,300,000港元（二零二四年十二月三十一日：162,600,000港元），相當 於零售業務逾四個月之收入。此反映顧客持續惠顧，以及鴻福堂健康品牌 深得顧客支持。 • 本集團維持穩健的流動資金狀況，於二零二五年十二月三十一日持有現金 及現金等價物119,000,000港元（二零二四年十二月三十一日：110,200,000 港元），並有未動用的銀行融資90,200,000港元（二零二四年十二月三十一 日：82,300,000港元）作補充，為未來增長提供充足之財務靈活性。 • 本集團憑藉其專注健康養生的強勢品牌、穩定的現金流及堅實的財務基 礎 ...

Financial Performance - For the fiscal year ending December 31, 2025, the company reported total revenue of RMB 111,524,000, a significant increase from RMB 23,322,000 in the previous year, representing a growth of approximately 377%[3] - The cost of sales for the same period was RMB 111,535,000, resulting in a gross loss of RMB 11,000 compared to a gross profit of RMB 20,000 in the prior year[3] - The company incurred a loss before tax of RMB 69,675,000, which is an increase from the loss of RMB 53,349,000 reported in the previous year[3] - The net loss for the year was RMB 65,829,000, compared to a net loss of RMB 53,347,000 in the previous year, indicating a worsening of approximately 23.5%[3] - Basic and diluted loss per share for the year was RMB 13.67, slightly improved from RMB 14.17 in the previous year[3] Assets and Liabilities - Total assets decreased to RMB 464,913,000 from RMB 566,471,000, reflecting a decline of approximately 18%[5] - The company's net current assets decreased to RMB 63,743,000 from RMB 114,680,000, a reduction of about 44.4%[5] - Non-current liabilities decreased to RMB 10,482,000 from RMB 15,060,000, a decline of approximately 30%[6] - The company's equity attributable to owners decreased to RMB 110,732,000 from RMB 140,459,000, a drop of about 21.1%[6] Revenue Sources - Revenue from property sales in China for 2025 reached RMB 34,044,000, while revenue from Hong Kong was RMB 77,480,000, totaling RMB 111,524,000[14] - The group’s revenue for the year was approximately RMB 111.5 million, with RMB 34.0 million from real estate development and RMB 77.5 million from trading operations[43] - The trading business generated a copper trading volume of approximately RMB 57 million and tin trading volume of approximately RMB 21 million[39] Taxation and Deferred Tax - Deferred tax liabilities for the current year amounted to RMB (3,846,000), compared to RMB (2,000) in the previous year, indicating a notable increase in tax liabilities[23] - The company has no taxable profits for both 2025 and 2024, resulting in no provisions for Hong Kong tax liabilities[23] - The company has unrecognized deferred tax assets related to deductible temporary differences amounting to approximately RMB 398,639,000 for 2025, up from RMB 353,526,000 in 2024[26] Employee Costs - The company incurred total employee costs of RMB 4,035,000 in 2025, down from RMB 8,354,000 in 2024, indicating a reduction in personnel expenses[28] - The total employee compensation for the year ending December 31, 2025, is approximately RMB 4.0 million, a decrease from RMB 8.4 million in 2024, with 22 full-time employees as of the reporting date[53] Future Outlook and Plans - The company expects future property sales proceeds to support ongoing development funding needs, with a focus on delivering and selling remaining units of the second Maoming project in 2026[38] - The company plans to complete the overall construction and delivery of the second Maoming project by 2028, with sales and development of remaining properties starting from 2026[38] - The management anticipates a gradual recovery in the real estate market, supported by government policies, which will enhance market sentiment[41] - The group aims to explore opportunities in property fintech services and collaborate with strategic partners to optimize its business development strategy[42] Share Placement and Funding - The company successfully placed 75,474,291 shares at a price of HKD 0.180 per share, representing a discount of approximately 7.69% compared to the closing price of HKD 0.195 on October 16, 2025[47] - The total net proceeds from the placement are approximately HKD 13.52 million, which will be used for general working capital, including employee costs, professional fees, and rent[48] - The net proceeds from the May 2025 share placement amounted to approximately HKD 6.2 million, intended for general working capital[46] - The group is actively seeking various funding solutions to support its operational capital and commitments in the foreseeable future[40] Financial Position and Audit - The independent auditor confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2025, in accordance with Hong Kong Financial Reporting Standards[67] - The group reported a loss attributable to shareholders of approximately RMB 50.3 million, primarily due to low gross margins in trading operations and provisions for properties under construction[43] - The group reported an annual loss of approximately RMB 65,829,000 for the year ending December 31, 2025, indicating significant uncertainty regarding the group's ability to continue as a going concern[70] Miscellaneous - The company has no declared or proposed dividends for the years ending December 31, 2025, and 2024[29] - There are no significant post-reporting period events that would impact the company's financial position or operations[59] - The company has no significant contingent liabilities as of December 31, 2025[58] - The annual report for 2025 will be sent to shareholders by April 30, 2026, and will be published on the Hong Kong Stock Exchange website and the company's website[71]

Company Overview - OmniVision Integrated Circuits Group, Inc. reported audited financial results for the year ending December 31, 2025[3]. - The company will publish its annual report on the same day as this announcement, available on the Hong Kong Stock Exchange and its website[3]. - The company is headquartered in Shanghai, China, with a major operational location in Hong Kong[9]. - The company is listed on both the Hong Kong Stock Exchange (H-shares) and the Shanghai Stock Exchange (A-shares)[10]. - The report period covers January 1, 2025, to December 31, 2025[7]. Board of Directors and Governance - The board of directors includes four executive directors and three independent non-executive directors[3]. - The board has established various committees, including audit, nomination, and remuneration committees[9]. - The company emphasizes its commitment to corporate governance and compliance with relevant regulations[7]. - The board consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors[184]. - The company has appointed several independent directors with extensive experience in law and finance, enhancing its governance structure[168][171][172]. - The company is committed to enhancing its corporate governance practices, as reported for the fiscal year ending December 31, 2025[177]. - The company is committed to high-quality governance standards to ensure long-term goals are achieved with integrity and transparency[178]. - The board regularly reviews its composition to ensure a balance of skills, experience, and diversity[183]. - Independent non-executive directors play a crucial role in ensuring high standards of regulatory reporting and providing independent judgment[190]. - The company has arranged appropriate liability insurance for directors and senior management against legal actions arising from corporate activities[191]. Financial Performance - The company achieved a total revenue of RMB 28.855 billion in 2025, representing a year-on-year growth of 12.14%[17]. - Net profit attributable to shareholders reached RMB 4.045 billion, reflecting a year-on-year growth of 21.73%[17]. - The semiconductor design business achieved a revenue of RMB 238.00 billion, accounting for 82.60% of total revenue, a 9.98% increase year-over-year[39]. - The company's total revenue for 2025 is projected to be RMB 288.55 billion, representing a 12.14% increase from the previous year[39]. - The gross profit for the main business in 2025 reached RMB 8,814,731,708.66, with a gross margin of 30.59%, compared to RMB 7,537,770,248.58 and 29.36% in 2024, indicating an improvement in profitability[116]. - The company reported a total comprehensive income of ¥3.99 billion for 2025, up from ¥3.64 billion in 2024[149]. Revenue Breakdown - Revenue from the automotive market's image sensing business exceeded RMB 7.471 billion, marking a significant year-on-year increase of 26.52%[18]. - Revenue from emerging markets in image sensing reached RMB 2.369 billion, showing a remarkable year-on-year growth of 211.85%[19]. - Revenue from automotive analog ICs was RMB 296 million, accounting for 18.32% of the analog solutions business, with a year-on-year growth of 47.54%[18]. - The display solutions business generated revenue of RMB 9.41 billion in 2025, accounting for 3.27% of total revenue, a decrease of 8.47% year-over-year[44]. - Revenue from the security market for the company's image sensors reached approximately RMB 1.776 billion, an increase of 10.76% year-on-year[52]. Research and Development - The company invested RMB 3.680 billion in R&D for semiconductor design, which is 15.46% of the segment's revenue, reflecting a year-on-year increase of 13.38%[22]. - The company has a total of 2,681 R&D personnel, with 61.06% holding a master's degree or higher, and has established 18 R&D centers globally[64]. - Research and development expenses increased to RMB 2,842,872,872.68, representing 9.85% of revenue in 2025, compared to RMB 2,622,086,780.18 and 10.19% in 2024, reflecting an 8.42% increase year-over-year[123]. Market Trends and Opportunities - The global semiconductor market is projected to grow by 22% in 2025, reaching $772 billion, driven by AI-related demand and infrastructure for logic and memory chips[26]. - The automotive electronics market is experiencing continuous growth due to the increasing demand for in-car cameras driven by advancements in autonomous driving and driver monitoring systems[28]. - The demand for image sensors in the smartphone market is expected to see significant growth, with the 200-megapixel image sensor market projected to enter a rapid development phase, potentially exceeding 100 million units by 2027[33]. - The medical imaging sector is witnessing rapid expansion, driven by the demand for high-performance CMOS image sensors in minimally invasive procedures and portable devices[34]. Strategic Initiatives - The company aims to embrace opportunities in AI and deepen its global market layout, focusing on high-quality development amidst industry changes[23]. - The company emphasizes the importance of creating value for customers and returns for shareholders to achieve sustainable growth[23]. - The company is focusing on the integration of CIS chips with neural processing units (NPU) for smart glasses, addressing key challenges in real-time processing and power consumption[49]. - The company plans to continue increasing investment in automotive analog chip development to capture growth opportunities in the intelligent and electric vehicle markets[56]. Corporate Social Responsibility - The company has committed to short-term, long-term, and net-zero greenhouse gas reduction targets, which were validated by SBTi[95]. - The company has established a three-tier ESG governance structure to ensure effective management of ESG matters[95]. Leadership and Management - The company was founded in 2007 by Mr. Yu Renrong, who has 35 years of experience in the electronics industry[152]. - The new general manager, Dr. Gao, has a strong background in semiconductor technology and has held multiple leadership roles in leading companies[173]. - The company emphasizes the importance of experienced leadership in driving its growth and innovation strategies[152][155]. Financial Management - The company has completed the transfer of RMB 382 million in surplus raised funds to permanently supplement its working capital[89]. - The company has raised a total of RMB 46.77 billion from its H-share issuance, with approximately 10% allocated for global market penetration and business expansion[143]. - The company expects no significant changes in financing available to support its operations in the future[130].

Financial Performance - Total revenue for the year ended December 31, 2025, was SGD 3,034 million, representing a 7.2% increase from SGD 2,831 million in 2024[3] - Gross profit increased by 30.7% to SGD 1,219 million, with a gross margin of 40.2%, up from 32.9% in the previous year[3] - The company reported a net loss of SGD 3,710 million for the year, which is a 41.1% increase compared to a net loss of SGD 2,630 million in 2024[3] - Total revenue for 2025 reached SGD 3,033,859, an increase from SGD 2,830,774 in 2024, representing a growth of approximately 7.2%[25] - The total loss before tax for 2025 was SGD 3,708,622, compared to SGD 2,630,030 in 2024, reflecting an increase in losses of approximately 41%[27] - The group reported a loss of approximately SGD 3,710,000 for the year, compared to a loss of SGD 2,630,000 in the previous year, marking an increase in losses of about 41.1%[46] Assets and Liabilities - Cash and cash equivalents rose significantly by 99.0% to SGD 9,811 million, compared to SGD 4,929 million in 2024[3] - Total assets increased by 44.4% to SGD 16,188 million, up from SGD 11,210 million in the previous year[3] - Total liabilities surged by 326.7% to SGD 2,526 million, compared to SGD 592 million in 2024[3] - Total assets for the company amounted to SGD 16,188,499 in 2025, compared to SGD 11,210,366 in 2024, representing an increase of approximately 44.5%[24] - The company’s total liabilities increased to SGD 2,526,395 in 2025 from SGD 591,794 in 2024, indicating a substantial rise of about 326%[24] Equity and Shareholder Information - Total equity increased by 28.7% to SGD 13,662 million, up from SGD 10,619 million in 2024[3] - The company’s total issued and paid-up capital increased to SGD 1,168,532 by December 31, 2025, from SGD 793,357 at the end of 2024[36] - The company has no plans to declare or pay dividends for the years ending December 31, 2024, and December 31, 2025[31] - The board does not recommend the payment of a final dividend for the year[68] Operational Segments - The company is primarily engaged in the sale and installation of automotive leather interiors and electronic accessories, as well as the sale of electronic and automotive parts[7] - The group is divided into three main business segments, with performance evaluated based on adjusted profit or loss before tax[18] - The strong growth in the high-margin passenger car electronic components business, which increased by approximately 29.8%, offset declines in the leather interior and automotive parts segments[50] Expenses and Costs - Employee benefits expenses, including directors' remuneration, totaled SGD 3,976,246 in 2025, slightly up from SGD 3,961,679 in 2024[27] - The sales and distribution expenses surged by approximately 116.8%, increasing from about SGD 482,000 to SGD 1,045,000, primarily due to increased marketing activities and customer development efforts[53] - Administrative expenses increased from approximately SGD 3,864,000 to about SGD 4,095,000, representing a growth of approximately 6.0% due to higher professional service fees and office expenses[54] Financial Reporting and Compliance - The financial statements are presented in Singapore dollars, which is the functional currency of the company[8] - The company has not early adopted the newly issued but not yet effective International Financial Reporting Standards (IFRS) accounting standards and their amendments[10] - The directors expect that the application of all other new IFRS accounting standards and their amendments will not have a significant impact on the consolidated financial statements in the foreseeable future[11] - The independent auditor's report indicates that the consolidated financial statements reflect the group's financial position as of December 31, 2025, in accordance with international financial reporting standards[79] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2025, and believes they comply with applicable accounting standards and legal requirements[85] Risk Management and Governance - The company currently does not have any insurance for potential legal actions against its directors, believing that the risk is relatively low due to effective risk management[74] - The company has not complied with the corporate governance code regarding the separation of the roles of Chairman and CEO as of December 31, 2025[75] - The company has adhered to all corporate governance codes as of December 31, 2025[73] Future Outlook and Strategy - The company anticipates ongoing challenges in the business environment and structural changes in market demand, particularly with the automotive industry's shift towards electrification[47] - Management plans to optimize cost control while maintaining aggressive marketing and business expansion efforts to increase market share in high-margin segments[48] - The company aims to enhance operational efficiency and strengthen partnerships with customers and suppliers to improve financial performance[49] - The group continues to focus on its core strategy objectives, aiming for long-term stable development amidst industry transformation opportunities[49]

Financial Performance - The company's revenue for the year ended December 31, 2025, was approximately RMB 6,916.9 million, a decrease of about 27.5% compared to RMB 9,542.1 million in 2024[6] - Gross profit for the year was approximately RMB 548.2 million, an increase of about 51.0% from RMB 363.1 million in 2024[6] - Loss attributable to the owners of the company was approximately RMB 856.0 million, a reduction of about 60.8% compared to RMB 2,182.0 million in 2024[6] - Basic loss per share for the year was approximately RMB 44.7 cents, compared to RMB 114.0 cents in 2024[6] - The company reported a total comprehensive loss of RMB 846.1 million for the year, compared to RMB 2,161.4 million in 2024[8] - As of December 31, 2025, the group reported a net loss of approximately RMB 859,204,000[13] - The company reported an adjusted pre-tax loss of RMB (697,852) for 2025, an improvement from RMB (1,681,724) in 2024[26] - The company reported a pre-tax loss of RMB 856,036 thousand for 2025, significantly improved from a loss of RMB 2,181,963 thousand in 2024, representing a reduction of approximately 60.8%[36] Assets and Liabilities - Total non-current assets as of December 31, 2025, amounted to RMB 1,024.3 million, down from RMB 1,213.9 million in 2024[9] - Current assets totaled RMB 31,972.8 million as of December 31, 2025, compared to RMB 38,283.8 million in 2024[9] - Current liabilities were RMB 31,673.6 million as of December 31, 2025, down from RMB 37,142.9 million in 2024[9] - The net current asset value was RMB 299.2 million, a decrease from RMB 1,140.9 million in 2024[9] - The total assets less current liabilities amounted to RMB 1,323.5 million, down from RMB 2,354.8 million in 2024[9] - The total non-current liabilities decreased from RMB 1,392,149,000 in 2024 to RMB 1,218,082,000 in 2025, a reduction of about 12.5%[10] - The total liabilities decreased to RMB 32,891,668 thousand in 2025 from RMB 38,535,051 thousand in 2024, a reduction of about 14.7%[28] - The company's total liabilities, including accrued construction costs, were RMB 8,326,067 thousand in 2025, down from RMB 9,664,515 thousand in 2024[41] Cash Flow and Financing - The group's cash and cash equivalents stood at RMB 210,517,000 as of December 31, 2025, compared to RMB 4,358,341,000 in bank and other borrowings[13] - The group's total borrowings, including bank and other loans, amounted to approximately RMB 14,070.4 million as of December 31, 2025, down from approximately RMB 14,573.8 million in 2024[68] - The total financing cost from bank and other borrowings was RMB 438,450 thousand in 2025, up from RMB 289,651 thousand in 2024, marking an increase of approximately 51.5%[29] - The group faced liquidity pressure, having not paid interest on the 2025 notes amounting to USD 3,621,730 due on September 12, 2024, resulting in a default event[70] - The group confirmed a fair value gain on financial assets of approximately RMB 25.2 million this year, contrasting with a fair value loss of approximately RMB 89.3 million in 2024[65] Revenue Breakdown - Revenue from property sales in mainland China for 2025 is RMB 6,810,120, a decrease of 28.0% from RMB 9,436,079 in 2024[22] - Revenue from project management services in mainland China for 2025 is RMB 13,337, down 23.5% from RMB 17,498 in 2024[26] - Revenue from hotel operations in mainland China for 2025 is RMB 34,886, a slight decrease from RMB 36,226 in 2024[26] - The total external customer contract revenue for 2025 is RMB 6,858,343, a decrease of 27.0% from RMB 9,489,803 in 2024[23] - The revenue from property development in mainland China was approximately RMB 6,810.1 million, a decrease from RMB 9,436.1 million in 2024, with a segment loss of RMB 737.5 million compared to RMB 1,592 million in 2024[57] Operational Strategies - The group plans to implement various strategies to increase property sales and project management revenue, aiming to generate additional operating cash flow[18] - The group has developed plans to alleviate cash flow pressure and improve financial conditions, including cost control measures[15] - The group continues to adopt conservative measures and implement cost-cutting plans to maintain sustainable business development amid a challenging real estate market[60] - The group aims to diversify its business into a light asset model, focusing on project management services to generate management fee income[84] Market Outlook - The Chinese real estate industry is expected to gradually recover in 2026, supported by government policies such as relaxed purchasing restrictions and lower mortgage rates[81] - The company is optimistic about the long-term development prospects of the real estate industry and plans to accelerate property development and sales in mainland China by 2026[85] Corporate Governance - The audit committee is responsible for reviewing and monitoring the group's financial reporting processes, risk management, and internal control systems[96] - The board of directors does not recommend the payment of a final dividend for the year ending December 31, 2025[101] Employee and Operational Metrics - Total employee costs, including director remuneration, amounted to approximately RMB 24.3 million for the year[77] - The group employed 283 employees as of December 31, 2025[78] Shareholder Communication - The company expresses gratitude to shareholders for their continued support and to employees for their contributions[104] - The annual report will be published on the company's website and the Hong Kong Stock Exchange's website for public access[105]

財務摘要 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：02307） 截至二零二五年十二月三十一日止年度之 全年業績公佈 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部 分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 | | 二零二五年 | 二零二四年 | | --- | --- | --- | | | 千港元 | 千港元 | | 年內溢利╱（虧損） | (109,411) | 28,495 | | 其他全面收益 | | | | 於其後期間不會重新分類至損益的其他全面收益： | | | | 物業重估收益 | 100,331 | 49,418 | | 所得稅影響 | (15,049) | (7,413) | | 於其後期間不會重新分類至損益的其他全面收益淨額 | 85,282 | 42,005 | | 年內其他全面收益，已扣除稅項 | 85,282 | 42,005 | | 年內全面收益╱（虧損）總額 | (24,129) | 70,500 | | 應佔： | | | | ...

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 4,968,130,028.88, representing an increase of 4.0% from RMB 4,775,571,527.88 in 2024[4] - Operating profit decreased to RMB 329,613,894.09 in 2025, down 28.5% from RMB 460,725,635.36 in 2024[4] - Net profit for 2025 was RMB 287,731,906.72, a decline of 28.3% compared to RMB 401,248,216.33 in 2024[5] - Basic and diluted earnings per share decreased to RMB 0.27 in 2025 from RMB 0.37 in 2024[5] - The total profit for 2025 was approximately RMB 344.5 million, a decline of about 26.2% year-on-year, while net profit decreased by approximately 28.3% to RMB 287.7 million[27][28] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 7,638,472,504.79, an increase from RMB 7,361,549,780.96 in 2024[8] - Total liabilities increased to RMB 3,809,414,632.44 in 2025, compared to RMB 3,676,433,841.24 in 2024[8] - Current assets decreased to RMB 1,573,675,105.76 in 2025 from RMB 2,004,055,122.24 in 2024[6] - Cash and cash equivalents decreased to RMB 432,162,184.95 in 2025 from RMB 569,899,108.46 in 2024[6] - Long-term borrowings decreased to RMB 397,700,000.00 in 2025 from RMB 557,440,000.00 in 2024[7] Revenue Breakdown - The revenue from power supply contracts amounted to RMB 4,522,335,655.14 in 2025, up from RMB 4,339,330,250.74 in 2024, reflecting a growth of approximately 4.21%[11] - The general power supply business generated revenue of approximately RMB 4,193.7 million, accounting for about 84.7% of total operating revenue[33] - Revenue from power engineering construction services and related businesses reached approximately RMB 426.9 million for the year ending December 31, 2025, accounting for about 8.6% of total operating revenue[35] Operating Costs and Expenses - The cost of goods sold for 2025 was RMB 4,300,673,463.31, compared to RMB 3,978,882,555.40 in 2024, indicating an increase of about 8.09%[10] - Operating costs for the main business increased by approximately 8.2% from about RMB 3,970.5 million in 2024 to approximately RMB 4,295.3 million in 2025, primarily due to increased costs in the general power supply business[47] - General power supply business operating costs rose approximately 10.1% from about RMB 3,287.2 million in 2024 to approximately RMB 3,619.2 million in 2025, accounting for about 84.3% of total operating costs[48] Profitability and Margins - Gross profit for the main business is expected to decline by approximately 16.7% from RMB 784.8 million for the year ending December 31, 2024, to about RMB 653.9 million for the year ending December 31, 2025, with gross margins recorded at 16.5% and 13.2%, respectively[51] - General power supply business gross profit is anticipated to decrease by approximately 17.7% from RMB 698.0 million for the year ending December 31, 2024, to about RMB 574.6 million for the year ending December 31, 2025, with gross margin dropping from 17.5% to 13.7%[52] Investments and Future Plans - The total planned investment for 2026 is approximately RMB 1,422.46 million, including RMB 284.61 million for infrastructure and RMB 361.07 million for fixed asset upgrades[80] - The company is actively developing 110 kV and 220 kV project constructions to improve power grid capacity and reliability, including projects in Yibin and Liangshan[86] Governance and Compliance - The company has adhered to the corporate governance code as per the listing rules for the year ending December 31, 2025[96] - The audit committee, chaired by Mr. Xiao Zhixiong, reviewed the financial performance for the year ending December 31, 2025, confirming that the financial statements comply with applicable accounting standards[98] Employee and Operational Metrics - The employee costs for the year ending December 31, 2025, amounted to approximately RMB 546.4 million, with a total of 2,669 full-time employees[81] - The company introduced 82 core talents and organized training for 9,250 personnel, optimizing team structure and enhancing governance mechanisms[38] Market and Industry Context - The total electricity consumption in China is projected to reach 10,368.2 billion kWh in 2025, with a year-on-year growth of 5.0%[25] - The company experienced a decline in profit due to new pricing policies implemented by the Sichuan Provincial Development and Reform Commission, affecting profit margins[28]

Financial Performance - For the fiscal year ending December 31, 2025, the company's revenue was approximately RMB 1,529.12 million, an increase of about 16.41% compared to RMB 1,313.61 million for the fiscal year ending December 31, 2024[2]. - The gross profit for the fiscal year was approximately RMB 378.95 million, reflecting a growth of about 20.21% from RMB 315.25 million in the previous year[2]. - The net profit for the fiscal year was approximately RMB 156.27 million, which is an increase of about 20.16% compared to RMB 130.05 million for the previous year[2]. - The basic and diluted earnings per share for the fiscal year were both approximately RMB 0.13, up from RMB 0.11 in the previous year[2]. - The total revenue for the group reached RMB 1,529,116,494 for the year ending December 31, 2025, representing a 16.4% increase from RMB 1,313,611,769 in 2024[14]. - The gross profit for the group was RMB 378,951,889 for the year ending December 31, 2025, compared to RMB 315,246,834 in 2024, reflecting a gross margin increase from 24% to approximately 24.8%[14]. - The group's profit before tax for 2025 was RMB 201,787,813, an increase of 26.6% from RMB 159,453,279 in 2024[27]. - The net profit attributable to shareholders was approximately RMB 156.27 million, up 20.16% from RMB 130.05 million in 2024[57]. Revenue Sources - Revenue from industrial gas supply was RMB 1,176,834,722 in 2025, up from RMB 961,497,921 in 2024, indicating a growth of 22.4%[19]. - The group’s supply of liquefied natural gas and gas transportation services generated revenue of RMB 216,644,732 in 2025, slightly up from RMB 213,195,599 in 2024, reflecting a marginal increase of 2.3%[19]. - Revenue from pipeline industrial gases was approximately RMB 1,176.83 million, a 22.40% increase from RMB 961.50 million in 2024[58]. Expenses and Costs - The total expenses for utilities consumed in 2025 were RMB 957,055,336, which is a 25.0% increase from RMB 765,895,043 in 2024[30]. - The income tax expense for the group increased to RMB 45,521,476 in 2025 from RMB 29,406,635 in 2024, representing a 54.8% increase[26]. - The group reported a net financial cost of RMB (12,923,017) for 2025, an improvement from RMB (18,476,621) in 2024, indicating a reduction in financial expenses[25]. - The provision for credit losses on trade receivables increased to RMB 34,081,435 in 2025 from RMB 26,577,192 in 2024, marking a 28.2% rise[40]. - Financial costs decreased by approximately 30.06% to RMB 12.92 million from RMB 18.48 million in 2024[63]. Assets and Liabilities - The total assets less current liabilities amounted to RMB 2,026.55 million as of December 31, 2025, compared to RMB 1,896.47 million in the previous year[5]. - The total current assets increased by approximately 9.12% to RMB 915.88 million as of December 31, 2025, compared to RMB 839.31 million in 2024[66]. - The total current liabilities decreased by approximately 22.90% to RMB 421.50 million as of December 31, 2025, down from RMB 546.68 million in 2024[66]. - The company's debt-to-asset ratio improved to 15.4% as of December 31, 2025, down from 28.2% as of December 31, 2024[2]. - The net debt was approximately RMB 126.69 million as of December 31, 2025, down from RMB 279.81 million in 2024[65]. Research and Development - Research and development expenses increased to RMB 81.20 million from RMB 66.25 million in the previous year, indicating a focus on innovation[3]. - The group’s research and development expenses are eligible for a 200% super deduction for tax purposes, effective from 2023[28]. Dividends and Shareholder Information - The company did not recommend a final dividend for the reporting period, consistent with the previous year[2]. - The group did not recommend the payment of a final dividend for the reporting period, consistent with the previous year[67]. - The annual general meeting is scheduled for June 17, 2026[88]. - The annual report for the year ended December 31, 2025, will be sent to shareholders in late April 2026[92]. Corporate Governance - The company has adopted the principles and code provisions of the Corporate Governance Code as a benchmark for its corporate governance practices[82]. - The company confirmed that it maintained the public float as required by the listing rules during the reporting period[84]. - The external auditor, Crowe Horwath, confirmed that the financial figures in the announcement are consistent with the audited consolidated financial statements for the year ended December 31, 2025[86]. - The audit committee reviewed the audited consolidated financial statements and confirmed they were prepared in accordance with applicable accounting standards[87]. Market and Industry Outlook - The company anticipates a challenging year for the steel industry in 2025 due to high raw material prices and declining steel prices, impacting profitability[49]. - The geopolitical situation and conflicts are expected to significantly impact global energy and commodity markets, affecting production costs for industrial gases[50]. - The company faces risks related to trade policies and the US-China trade relationship, which could affect demand from steel manufacturers, its primary customers[51]. Other Information - The group confirmed revenue related to contract liabilities of RMB 10,951,041 in 2025, significantly higher than RMB 4,679,308 in 2024, marking an increase of 133.5%[22]. - The government grants received amounted to RMB 6,839,162 in 2025, up from RMB 5,995,730 in 2024, indicating a growth of 14%[23]. - The total employee cost for the year ended December 31, 2025, was approximately RMB 54.36 million, compared to RMB 52.64 million in 2024[79]. - China Gas Investors Ltd. agreed to sell 468,096,000 shares, representing approximately 39.01% of the company's issued share capital, for a total consideration of $30,100,000[80]. - The acquisition agreement was completed on February 10, 2026, with the offeror and its concert parties acquiring the shares[80].

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之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 威華達控股有限公司 * （於百慕達註冊成立之有限公司） （股份代號：622） 截至2025年12月31日止年度全年業績 2 | | | 2025年 | 2024年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | 其他全面（開支）收入： | | | | | 將不會重新分類至損益之項目 | | | | | 以按公平值列賬及列入其他全面收益表 | | | | | 計量之股本投資（「指定按公平值列賬及 | | | | | 列入其他全面收益表」）的公平值變動 | 14 | (50,852) | (449,420) | | 應佔聯營公司之其他全面開支 | | (46,654) | (54,126) | | 應佔一間合營企業之其他全面收入（開支） | | 1,021 | (1,249) | | | | (96,485) | (504,795) | | 已重新分類或 ...