Financial Performance - The company's total revenue for the year ended December 31, 2025, was HKD 4.076 billion, a decrease of 2% compared to the previous year[3]. - The net loss for the year was HKD 272 million, with a loss from discontinued operations amounting to HKD 503 million, while profit from continuing operations was HKD 231 million[3]. - The group's revenue for the year ended December 31, 2025, was HKD 4,076,499, a decrease of 2.2% from HKD 4,168,838 in 2024[15]. - Gross profit for the same period was HKD 1,212,104, down 19.4% from HKD 1,504,654 in 2024[15]. - The operating income decreased to HKD 308,825, a decline of 35.8% compared to HKD 480,559 in the previous year[15]. - The net profit from continuing operations was HKD 230,670, down 36.0% from HKD 360,439 in 2024[15]. - The total comprehensive income for the year was HKD 87,461, compared to a loss of HKD 4,710 in 2024[16]. - The group reported a loss attributable to equity holders of HKD 282,070, compared to a profit of HKD 105,972 in the previous year[15]. - The company proposed a final dividend of HKD 0.01 per share for the year ended December 31, 2025, compared to no dividend in the previous year[3]. - The company anticipates a cautious optimism regarding overall business fundamentals moving forward[12]. Assets and Liabilities - Cash and bank balances as of December 31, 2025, stood at HKD 2.992 billion, with total assets of HKD 18.325 billion and a debt-to-equity ratio of 39%[3]. - Total assets decreased from HKD 24,531,934 thousand in 2024 to HKD 18,325,399 thousand in 2025, representing a decline of approximately 25.4%[17]. - Non-current assets decreased from HKD 16,555,763 thousand in 2024 to HKD 14,572,056 thousand in 2025, a reduction of about 12.0%[17]. - Current assets significantly dropped from HKD 7,976,171 thousand in 2024 to HKD 3,753,343 thousand in 2025, a decrease of approximately 52.9%[17]. - Total equity decreased from HKD 18,131,893 thousand in 2024 to HKD 13,267,523 thousand in 2025, reflecting a decline of around 26.9%[18]. - Total liabilities decreased from HKD 6,400,041 thousand in 2024 to HKD 5,057,876 thousand in 2025, a decline of approximately 20.9%[18]. Tourism and Business Strategy - Domestic tourism in China reached 6.522 billion trips in 2025, surpassing the pre-pandemic level of 6.006 billion trips in 2019, indicating a shift from recovery to growth in the tourism sector[7]. - The company plans to strengthen its core business areas, focusing on natural and cultural scenic spots, theme parks, and leisure vacation destinations, with a strategic emphasis on operational efficiency and market influence[4]. - The company aims to enhance its operations in Hong Kong and Hainan, focusing on innovative projects and integrating various tourism products[9]. - The company is actively planning new IP products and enhancing existing attractions to drive growth and market engagement[5]. - The company aims to become a "world-class tourism destination investment and operation service provider," focusing on theme parks, leisure resorts, and natural cultural scenic areas, with an emphasis on IP and technological innovation[67]. - The company plans to establish a strategic planning system for the 14th Five-Year Plan, focusing on theme parks and natural cultural scenic areas as core businesses, and aims to create a second growth curve through new business models and IP development[68]. Corporate Governance and Compliance - The company is committed to corporate governance and risk management, aiming to improve compliance and internal control systems[10]. - The company has adopted a code of conduct for directors' securities trading, ensuring compliance with the standards set forth in the listing rules[95]. - The audit committee has reviewed the accounting principles and practices adopted by the company, discussing matters related to audit, risk management, and financial reporting for the year ending December 31, 2025[96]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance shareholder value[93]. Market Outlook and Economic Conditions - The company anticipates a GDP growth of approximately 5.0% in China for 2025, despite facing complex international challenges[85]. - The outlook for Hong Kong and mainland China's economy in 2026 is expected to maintain slow growth, influenced by geopolitical factors and international trade issues[86]. - The company maintains a cautiously optimistic outlook for business prospects despite global economic volatility, emphasizing long-term growth and profitability[87]. Strategic Acquisitions and Developments - The company completed the acquisition of Jilin Songhua Lake International Resort Development Co., Ltd. and China Travel (Beijing) Ice and Snow Sports Development Co., Ltd., enhancing its presence in the core ice and snow industry[5]. - The company agreed to acquire 100% equity of Songhua Lake Company for RMB 275 million, enhancing its strategic positioning in the ice and snow economy[60]. - The company plans to restructure its tourism real estate business by transferring rights to the China Travel Health Group, which will be spun off, resulting in a one-time loss of approximately HKD 152 million due to reclassification of cumulative exchange differences[71]. Digital Transformation and Innovation - The company is advancing digital transformation and has supported 31 projects through its digital platform, achieving significant year-on-year growth in transaction volume and new member numbers[72]. - The company has launched AI applications, including an AI travel companion and customer review analysis tools, processing nearly 100,000 internal inquiries and over 450,000 review data points[73]. - Looking ahead to 2026, the company aims to enhance AI applications and upgrade its smart tourism platform to drive high-quality business development through technological innovation[73].

Financial Performance - Revenue for the year ended December 31, 2025, increased by approximately RMB 9.75 million or 3.74% to approximately RMB 270.4 million compared to RMB 260.6 million for the year ended December 31, 2024[4]. - Net profit attributable to the owners of the parent company for the year ended December 31, 2025, was approximately RMB 17.9 million, a decrease of approximately RMB 7.03 million or 28.16% from RMB 24.97 million for the year ended December 31, 2024[4]. - The company reported a basic and diluted earnings per share of approximately RMB 0.03 for 2025[5]. - The group reported a net profit of RMB 17,937 thousand for 2025, down from RMB 24,967 thousand in 2024, reflecting a decline of approximately 28.1%[17]. - The pre-tax profit for 2025 was RMB 19,524 thousand, down 23.4% from RMB 25,497 thousand in 2024[37]. - The effective tax rate for the group in 2025 was significantly lower due to various tax incentives, with total tax expenses amounting to RMB 1,587 thousand compared to RMB 530 thousand in 2024[38]. - The company declared an interim dividend of RMB 5,756 thousand for 2025, compared to no dividend in 2024[39]. - Net profit decreased by approximately 28.16% from RMB 25.0 million for the year ending December 31, 2024, to RMB 17.9 million for the year ending December 31, 2025, with a net profit margin declining from approximately 9.6% to 6.6%[64]. Revenue Breakdown - The revenue breakdown by solution category shows that the Precision Omnichannel Marketing Solutions generated RMB 121.85 million, accounting for 45.07% of total revenue, while the Physician Platform Solutions generated RMB 92.96 million, accounting for 34.38%[3]. - Revenue from customer contracts for 2025 reached RMB 270,374 thousand, an increase of 3.1% from RMB 260,623 thousand in 2024[30]. - The breakdown of revenue for 2025 shows that medical services contributed RMB 92,958 thousand, precision omnichannel marketing solutions contributed RMB 121,848 thousand, real-world research solutions contributed RMB 43,208 thousand, and data and AI solutions contributed RMB 12,360 thousand[31]. - Revenue from precision omnichannel marketing solutions rose by 5.87% to approximately RMB 121.8 million in 2025, compared to RMB 115.1 million in 2024[50]. - Revenue from RWS solutions grew by 20.84% to approximately RMB 43.2 million in 2025, up from RMB 35.8 million in 2024[53]. - Revenue from physician platform solutions decreased by 15.32% to approximately RMB 93.0 million in 2025, down from RMB 109.8 million in 2024[52]. Assets and Liabilities - Total non-current assets increased to RMB 31,305,000 from RMB 28,269,000, representing an increase of 7.3% year-over-year[19]. - Current assets rose to RMB 1,354,406,000, up from RMB 1,320,987,000, reflecting a growth of 2.5%[19]. - Trade receivables increased significantly to RMB 41,329,000, a 25.2% rise from RMB 33,026,000[19]. - Total liabilities increased to RMB 201,357,000 from RMB 179,361,000, marking a rise of 12.3%[19]. - Net asset value reached RMB 1,181,037,000, compared to RMB 1,169,688,000, indicating a growth of 1.0%[20]. - The company had no bank borrowings or other interest-bearing debts as of December 31, 2025, resulting in a debt-to-equity ratio of zero[69]. Operational Strategy - The company is focusing on enhancing its capabilities in artificial intelligence, integrating AI technology into product development, content production, and operational management to improve efficiency and cost-effectiveness[8]. - The introduction of two new intelligent evidence-based solutions, SeekEvidence and DeepEvidence, aims to enhance the company's service capabilities in evidence generation, dissemination, and decision-making[9][10]. - The company is leveraging over 20 years of accumulated medical content resources and evidence-based medicine capabilities to drive new business growth and maintain its leading position in digital medical services[9]. - The company is committed to optimizing its business structure and upgrading its capabilities to focus on long-term value and growth potential in response to industry trends and customer needs[8]. - The group is focusing on evidence-driven marketing and real-world research to support the high-quality development of innovative drugs[14]. - The company aims to accelerate the commercialization of AI technologies in 2025, with expectations for rapid revenue growth from AI services[15]. - The company is committed to building a global healthcare ecosystem by integrating digital and medical services, enhancing international service models and technical capabilities[16]. Market Position and Expansion - The Chinese pharmaceutical industry is undergoing significant reforms, with ongoing policy support for high-quality development of innovative drugs and digital transformation, creating favorable conditions for the company's growth[7]. - The group has over 5.82 million registered users on its doctor platform, with approximately 3.56 million certified doctors and a coverage rate of 71% for associate and chief physicians[11]. - The group has served 628 pharmaceutical companies, achieving a 100% coverage rate of the global top 20 pharmaceutical companies[11]. - The establishment of a Southeast Asia headquarters in Singapore is part of the strategy to deepen market penetration in the region[16]. - The company successfully expanded cooperation with domestic and international growth-oriented innovative pharmaceutical companies, driving revenue growth[49]. - The company is exploring market expansion opportunities to enhance its competitive edge[93]. Research and Development - The group's R&D expenses for 2025 were RMB 30,661 thousand, up 31.9% from RMB 23,238 thousand in 2024, indicating a focus on innovation and development[36]. - R&D expenses increased to approximately RMB 30.7 million for the year ending December 31, 2025, from RMB 7.5 million, driven by investments in AI technology and product development[59]. - The company is focused on research and development (R&D) to enhance its product offerings and market position[93]. - The company aims to leverage real-world data through Real World Studies (RWS) to improve clinical applications and outcomes[93]. - The company is focused on integrating evidence-based medicine into its research methodologies[93]. Corporate Governance - The company was listed on the Hong Kong Stock Exchange on April 27, 2023[22]. - The financial statements were prepared in accordance with International Financial Reporting Standards, reflecting a commitment to transparency and compliance[23]. - The board confirmed compliance with corporate governance codes as of December 31, 2025, and will continue to monitor governance practices[76]. - The board of directors includes both executive and independent non-executive members, ensuring diverse governance[93]. - The company is committed to corporate governance as per the guidelines outlined in the Listing Rules[92].

Financial Performance - The company reported a revenue of RMB 15,206.7 million for the year ending December 31, 2025, representing a 50.1% increase compared to RMB 10,129.1 million for the same period in 2024[6]. - Gross profit reached RMB 1,104.2 million, up 24.1% from RMB 889.4 million year-on-year[6]. - Operating profit was RMB 532.4 million, reflecting a 24.4% increase from RMB 427.9 million in the previous year[6]. - Net profit for the year was RMB 310.2 million, a 13.4% increase compared to RMB 273.5 million in the prior year[6]. - The company's revenue for the year ended December 31, 2025, was approximately RMB 15,206.7 million, an increase of about RMB 5,077.6 million or approximately 50.1% compared to RMB 10,129.1 million in 2024[30]. - The gross profit for the year ended December 31, 2025, was approximately RMB 1,104.2 million, representing an increase of about 24.1% from RMB 889.4 million in 2024, with a gross margin of 7.3%[32]. - Operating profit for the year ended December 31, 2025, was approximately RMB 532.4 million, an increase of about RMB 104.5 million from RMB 427.9 million in 2024[29]. - The company's profit attributable to equity shareholders for the year ending December 31, 2025, is approximately RMB 214.8 million, an increase of about RMB 24.9 million or 13.1% from RMB 189.9 million in 2024, driven by increased operating profit[40]. - The total profit before tax for the year ended December 31, 2025, was RMB 394,955 thousand, compared to RMB 309,051 thousand in 2024, reflecting a 27.8% increase[71]. Business Strategy and Development - The company’s core business, focusing on AI chip technology, generated 62.6% of revenue from technical solutions, 37.0% from distribution, and 0.4% from self-developed products[8]. - The company aims to transition from chip distribution to technology integration, leveraging its extensive ecosystem for market insights and customized solutions[10]. - The company is actively developing AI applications in sectors like smart devices and industrial automation, capitalizing on the growing demand for high-performance AI processors[9]. - The company has established deep collaborations with leading chip manufacturers such as NVIDIA, Intel, and AMD, enhancing its supply chain capabilities[7]. - The company plans to enhance customer loyalty and increase procurement volume per customer by utilizing advanced market analysis tools[25]. - The company aims to develop an open and prosperous ecosystem for the electronic manufacturing value chain, which is expected to drive long-term business growth[24]. - The company plans to expand its business through strategic partnerships and acquisition opportunities to optimize operations and enhance its market position[27]. - The company is focusing on developing new supporting services to provide comprehensive solutions for customers, investing more resources in customer service and order fulfillment capabilities[26]. - The company plans to proceed with a proposed spin-off and A-share listing, as confirmed by the Hong Kong Stock Exchange on November 21, 2025[47]. Operational Efficiency - The company has integrated AI technology into its internal operations, improving efficiency and reducing operational costs[9]. - 科通技术的经调整分销成本（ADC）库存约为人民币772.0百万，库存周转天数约为21天[14]. - R&D expenses for the year ending December 31, 2025, are approximately RMB 106.8 million, an increase of about RMB 2.7 million or 2.6% compared to RMB 104.1 million in 2024, primarily due to increased spending on IC chip distribution and application design R&D, AIoT products, and custom technology solutions[35]. - Administrative and other operating expenses for the year ending December 31, 2025, are approximately RMB 219.7 million, a decrease of about RMB 2.0 million or 0.9% from RMB 221.7 million in 2024, mainly due to a reduction in amortization of intangible assets[36]. Market Trends and Projections - The global semiconductor market is projected to reach USD 717 billion by 2025, growing at an annual rate of 13.8%[8]. - The company expects AI算力供应链将实现加速增长，抓紧国内智能变革的业务契机[21]. - The company plans to utilize the net proceeds from the subscription for acquiring shares in Shenzhen Ketong and for general operational funding[81]. Corporate Governance and Compliance - The company has maintained strict corporate governance practices, ensuring compliance with applicable codes and enhancing transparency and accountability to shareholders[84]. - The company has adopted the "Standard Code of Conduct for Directors' Securities Transactions" as per the listing rules, ensuring all directors have complied with the standards during the reporting period[86]. - The Audit Committee, consisting of three independent non-executive directors, has reviewed the group's annual performance for the reporting period[87]. - There are no significant litigations or arbitrations involving the company as of December 31, 2025, and the directors are not aware of any ongoing significant claims[90]. - The company did not declare or recommend any dividends for the years ended December 31, 2025, and 2024[73]. - The Board does not recommend the distribution of a final dividend for the year ending December 31, 2025[91]. - The company will arrange to hold the Annual General Meeting as soon as possible, with notifications to be published in accordance with listing rules[92]. - The annual performance announcement and annual report will be published on the Hong Kong Stock Exchange website and the company's website[93].

Financial Performance - The total revenue for the year ending December 31, 2025, was RMB 324,158,000, a decrease from RMB 379,600,000 in 2024, representing a decline of approximately 14.6%[3] - The gross profit for the same period was RMB 96,100,000, compared to RMB 52,600,000 in 2024, indicating an increase of approximately 82.8%[3] - The net loss for the year was RMB 26,255,000, a significant improvement from a net loss of RMB 53,357,000 in 2024, reflecting a reduction of approximately 50.8%[4] - The basic and diluted loss per share for the year was RMB 4.22, down from RMB 20.20 in 2024, representing an improvement of approximately 79.0%[4] - The group reported a net loss of approximately RMB 26.3 million for the year ended December 31, 2025, a reduction of about 50.8% from RMB 53.4 million in 2024[85] - The net loss before tax for 2025 was RMB (26,255,000), an improvement from RMB (53,480,000) in 2024[36] Assets and Liabilities - The total assets as of December 31, 2025, were RMB 331,986,000, compared to RMB 317,890,000 in 2024, showing an increase of approximately 4.3%[5] - The total liabilities decreased from RMB 725,065,000 in 2024 to RMB 621,096,000 in 2025, a reduction of approximately 14.3%[5] - As of December 31, 2025, the company's total liabilities amounted to approximately RMB 605,734,000, with net liabilities of RMB 273,833,000[13] - The total borrowings of the company were approximately RMB 316,126,000, with RMB 42,705,000, RMB 245,316,000, and RMB 28,105,000 being overdue and required to be repaid within the next twelve months[13] - The company's cash and bank balances were only approximately RMB 7,221,000 as of December 31, 2025[13] Revenue Breakdown - The group generated revenue of RMB 24,158,000 for the year ending December 31, 2025, compared to RMB 37,960,000 for the year ending December 31, 2024, reflecting a decline of approximately 36.7%[21] - The agency service revenue increased significantly to RMB 9,629,000 in 2025 from RMB 374,000 in 2024, marking a growth of over 2,500%[21] - The healthcare-related service revenue decreased to RMB 14,529,000 in 2025 from RMB 37,586,000 in 2024, representing a decline of approximately 61.3%[21] Cash Flow and Financing - The group is actively negotiating with lenders to extend the repayment dates of overdue loans and to secure new financing sources to repay these debts[18] - The group plans to secure new financing sources or strategic capital investments within the next twelve months to support its operations[22] - The group is facing significant uncertainty regarding its ability to continue as a going concern, contingent on successful negotiations with lenders and the realization of its future plans[19] - The group has cash and bank balances of only approximately RMB 7.2 million, indicating significant liquidity pressure[92] - The company is actively negotiating with major lenders to restructure debt arrangements, including extending repayment terms and seeking waivers for certain restrictive covenants[121] Strategic Plans and Developments - The company plans to continue its market expansion and product development strategies, although specific figures and timelines were not disclosed in the report[6] - The company aims to develop a comprehensive platform covering health product supply and health screening services, integrating AI for bone health and offering personalized medical care[18] - The company is transitioning from traditional pharmaceutical sales to an AI-driven health management platform covering the entire cycle of "detection - treatment - recovery"[74] - The group is focusing on developing an AI-enabled Health Management Platform, which includes three layers: professional medical, medical technology, and recovery/management interfaces[95] Governance and Compliance - The company has complied with the Corporate Governance Code, with a separation of roles between the Chairman and the CEO effective from May 19, 2025[107] - The audit committee has acknowledged the significant uncertainty regarding the effectiveness of the measures taken to ensure the group's ongoing viability[94] - The audit committee reviewed the audited annual results for the year ending December 31, 2025, and recommended their adoption by the board[113] Shareholder and Equity Changes - Following the loan capitalization completed on February 21, 2025, Golden Base's shareholding in the company increased from 15.26% to 45.08%[7] - The company issued 410,156,509 new shares to Golden Base and Mr. Yang, with 263,636,363 shares for a debt settlement of approximately HKD 71,103,000 and 146,520,146 shares for a debt of RMB 44,000,000[69] - The company's share capital as of December 31, 2025, was adjusted to 674,246,000 shares after a share consolidation and capitalized loans[67] Legal and Regulatory Matters - The company has not received any updates regarding the second-instance court proceedings related to the financial data disclosure case as of the date of the consolidated financial statements[49] - The court ruled in favor of the company, ordering Beijing Kangchen Bio to provide all financial data since its establishment in 2017, but the company has appealed this decision[49]

Financial Performance - Revenue for the year ended December 31, 2025, was $7,290,000, an increase of 14.0% compared to $6,394,000 in 2024[2] - Operating profit surged to $716,000, reflecting a significant increase of 359.0% from $156,000 in the previous year[2] - The company reported a net loss of $60,000 for the year, a dramatic improvement of 99.4% compared to a loss of $9,459,000 in 2024[3] - Total revenue for the year ending December 31, 2025, was $7.29 million, with segment revenue from CMMB business at $3.468 million and trade business at $3.822 million[16] - The group reported a loss attributable to the company owners of approximately $0.4 million and a net cash outflow from operating activities of about $1.8 million for the year ending December 31, 2025[10] - The group incurred a loss of $60,000 for the year, with a segment profit of $1.523 million, primarily driven by CMMB business[16] - Revenue from major products and services increased to $7,290,000 in 2025 from $6,394,000 in 2024, representing a growth of approximately 14%[20] - The revenue from printed circuit board materials, broadcasting and media production equipment, and other AI products trade rose to $3,822,000 in 2025, up from $2,913,000 in 2024, marking a significant increase of about 31%[20] - The company recorded a loss of approximately $0.1 million for the year ending December 31, 2025, compared to a loss of about $9.5 million in 2024[44] - Gross profit remained at approximately $2.9 million, mainly due to the need to lower profit margins to maintain competitiveness[47] Assets and Liabilities - Total assets increased by 8.4% to $39,464,000 from $36,393,000 in 2024[2] - Total liabilities decreased by 25.1% to $9,539,000, down from $12,734,000 in the previous year[2] - The company's net asset value rose by 26.5% to $29,925,000 compared to $23,659,000 in 2024[2] - Trade receivables increased to $5,157,000 in 2025 from $1,474,000 in 2024, reflecting a growth of approximately 250%[30] - The net trade receivables after impairment losses were $4,925,000 in 2025, compared to $1,438,000 in 2024, indicating a substantial increase of about 243%[30] - Current assets increased to approximately $9.9 million from $7.3 million in 2024, including trade and other receivables of about $4.9 million[56] - Current liabilities were approximately $3.3 million, with trade and other payables around $1.1 million[57] - The company maintained a current ratio of approximately 2.93, up from 2.33 in 2024, indicating improved liquidity[57] - The company has convertible bonds amounting to approximately $6.2 million, down from $9.6 million in 2024, reflecting a solid financial position[59] Impairment and Expenses - The impairment loss on intangible assets significantly decreased by 90.8% to $444,000 from $4,817,000 in 2024[3] - The company incurred a total financial cost of $762,000 in 2025, slightly up from $731,000 in 2024, representing an increase of about 4%[24] - The total tax expense for the year 2025 was $669,000 for U.S. income tax, slightly down from $673,000 in 2024[25] - Administrative expenses decreased from approximately $0.9 million in 2024 to about $0.6 million in the current year due to cost control measures[48] - The company's share of losses from the associate Silkwave Holdings was approximately $0.2 million, down from $0.5 million in 2024, as regulatory approvals for commercial services were delayed[52] Shareholder and Capital Management - The company does not recommend any final dividend for the year ending December 31, 2025[37] - The company issued a total of 19,063,898 shares at a nominal value of HKD 0.01 per share, raising approximately HKD 11,438,000 (equivalent to USD 1,471,000) for general working capital purposes[33] - Following the record date, the company completed a rights issue of 359,821,602 new ordinary shares at a subscription price of HKD 0.455 per share, raising approximately HKD 162 million (equivalent to about USD 21 million)[38] - The estimated net proceeds from the rights issue will be allocated as follows: approximately HKD 54.27 million for technology development, HKD 47.30 million for trade business development, and HKD 26.41 million for general working capital[72] - The company completed a subscription agreement on February 24, 2025, raising approximately HKD 4.765 million from the issuance of 5,700,000 new shares at a subscription price of HKD 0.85 per share[68] - The net proceeds from the subscription will be used for general working capital, with approximately HKD 2.0 million allocated for professional fees and HKD 2.8 million for operational expenses[69] - On September 18, 2025, the company completed another subscription agreement, raising approximately HKD 11.3 million from the issuance of 19,063,898 new shares at a subscription price of HKD 0.60 per share[70] - The net proceeds from the September subscription will also be used for general working capital, with allocations of approximately HKD 4.0 million for professional fees and HKD 3.0 million to enhance cash flow in trade operations[71] Business Strategy and Market Position - The company is focused on developing multimedia and interactive services through proprietary ground infrastructure, including a UHF television network in the U.S.[7] - The company remains optimistic about its position in the U.S. television market despite rapid market changes, focusing on collaboration with other broadcasters[40] - The trade business includes PCB trading and various technical components for AI applications, with increasing market acceptance of integrated AI-related hardware[41] - The company aims to diversify its trade business product portfolio and expand operations in a capital-light manner to enhance profitability and margins[42] - The company is actively expanding into the broadcasting and content creation business to meet the significant demand from emerging small video production teams in Asia, introducing cameras, lenses, lighting, and audio equipment[77] - The demand for high-quality printed circuit boards remains strong due to the proliferation of IoT, smart devices, and consumer electronics, providing stable market assurance for the company's trading business[78] - The company recognizes the accelerating paradigm shift in satellite multimedia services, with low Earth orbit satellite constellations offering lower latency and higher throughput, complementing geostationary satellites[79] - The company is strategically integrating the advantages of geostationary and low Earth orbit systems while carefully assessing the regulatory environment to ensure compliance and address data privacy issues[80] - The group is actively exploring other business opportunities and diversifying its revenue sources to enhance shareholder returns[67] Governance and Compliance - The company has adopted a revised code of conduct for securities trading by directors, ensuring compliance with the standards set forth in the listing rules[81] - The audit committee has reviewed the group's annual performance and financial statements for the year ending December 31, 2025, in collaboration with the auditors[82] - The auditors confirmed that the preliminary announcement aligns with the audited financial statements for the year ending December 31, 2025, although no assurance was provided[83] - The company has adopted the corporate governance code and is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance performance[84] - The roles of the chairman and CEO are currently held by the same individual, which the board believes provides strong and consistent leadership, although a clear division of responsibilities is established[85] - The annual performance announcement will be published on the stock exchange and the company's website, with the annual report to be sent to shareholders at an appropriate time[86]

Financial Performance - For the fiscal year ending December 31, 2025, the group reported a net loss of approximately SGD 5.57 million, an increase of SGD 4.37 million or 364.2% compared to the net loss of SGD 1.20 million in 2024[8]. - Revenue decreased by approximately SGD 2.27 million, reflecting a decline in the performance of the fund management and project management business segments[8]. - The group recorded a financial asset impairment loss of SGD 4.17 million, mainly related to transitional loans to funds and trade receivables[10]. - The group reported a pre-tax loss of SGD 6,656,000, significantly higher than the previous year's loss of SGD 1,089,000[19]. - The group recorded a loss of SGD 5,573,000 for the year, compared to a loss of SGD 1,204,000 in the previous year, indicating a worsening financial performance[17]. - Total revenue for the year ended December 31, 2025, was SGD 2,697,000, a decrease of 45.6% from SGD 4,964,000 in 2024[145]. - The company reported a significant increase in loans to related parties, amounting to SGD 1,014,000 in 2025, compared to no loans in 2024[21]. Assets and Liabilities - The total assets as of December 31, 2025, were SGD 27.28 million, down from SGD 33.08 million in 2024, representing a decrease of approximately 17.0%[7]. - Total liabilities increased to SGD 12.99 million in 2025 from SGD 12.65 million in 2024, marking a rise of about 2.7%[7]. - The group's net asset value decreased to SGD 14.28 million in 2025 from SGD 20.43 million in 2024, a decline of approximately 30.2%[7]. - Current assets for the group decreased to SGD 25,528,000 from SGD 30,992,000, representing a decrease of about 17.6% year-over-year[15]. - The group's equity decreased to SGD 14,284,000 from SGD 20,427,000, a decline of approximately 30.1% year-over-year[15]. - The group's cash and bank balances decreased to SGD 3,940,000 from SGD 5,314,000, a decline of about 25.8% year-over-year[14]. Employee and Operational Costs - Employee costs were reduced by approximately SGD 0.78 million, and other expenses decreased by about SGD 0.18 million due to operational streamlining measures[8]. - The number of employees decreased from 33 to 27, reflecting strict cost control measures implemented during the year[8]. - Employee costs totaled SGD 2,973,000 in 2025, down 20.7% from SGD 3,750,000 in 2024[149]. Cash Flow - The group's net cash flow from operating activities was negative SGD 1,361,000, compared to negative SGD 1,710,000 in the previous year, showing an improvement[19]. - The net cash flow from investing activities for the year ended December 31, 2025, was a negative SGD 616,000, compared to a negative SGD 10,192,000 in 2024, indicating a significant improvement[21]. - The net cash flow from financing activities was a negative SGD 1,807,000 in 2025, a decrease from a positive SGD 2,606,000 in 2024, reflecting changes in financing strategies[21]. Revenue Recognition - Revenue is recognized when the group fulfills its performance obligations by transferring control of goods or services to customers[80]. - The group recognizes fixed pre-agreed investment management fee income on a time-apportioned basis during the estimated real estate development period[84]. - Performance fees from a major investor are recognized only when it is highly probable that there will not be a significant reversal of the cumulative revenue recognized[84]. - The group provides investment management services through special purpose companies, generating fixed management fees and establishment fees from investors[89]. Impairment and Credit Losses - The group assesses whether there are indications of asset impairment at each reporting date, estimating the recoverable amount if such indications exist[75]. - Impairment losses are recognized in profit or loss and classified under the expense category consistent with the impaired asset's function[77]. - The specific impairment loss provision for financial assets related to the iProsperity Group is SGD 5,085,000, reflecting inherent uncertainty regarding the recovery of the remaining balance[131]. - The company recognized an expected credit loss of SGD 886,000 related to financial guarantees issued for special purpose entities, based on qualitative and quantitative factors including project profit forecasts[120]. Investments and Subsidiaries - The company holds 100% equity in several subsidiaries, including ZACD International Pte. Ltd. and ZACD Capital Pte. Ltd., both engaged in investment management services[187]. - The company’s investment in subsidiaries was valued at SGD 8,251,000, down from SGD 11,775,000 in 2024[186]. - The company manages 9 special purpose companies and 12 private real estate funds as of December 31, 2025, indicating a stable management role without controlling all entities[124]. Taxation - The total tax expense for the year ended December 31, 2025, was a loss of SGD 1,083,000, compared to a tax expense of SGD 115,000 for the year ended December 31, 2024[164]. - Deferred tax assets and liabilities are measured based on expected tax rates applicable in the year of asset realization or liability settlement[108]. Accounting Policies - The company has not adopted any new accounting standards that are effective from January 1, 2025, indicating a stable accounting policy environment[31]. - The group will adopt new accounting standards effective January 1, 2025, impacting financial reporting practices[32]. - The consolidated financial statements include the financials of subsidiaries as of December 31, 2025, prepared under consistent reporting periods and accounting policies[33].

Financial Performance - For the year ending December 31, 2025, the company reported revenue of HKD 124,945,000, an increase of 13.5% from HKD 109,950,000 in 2024[2] - The gross profit for 2025 was HKD 10,024,000, compared to a gross loss of HKD 12,883,000 in 2024, indicating a significant turnaround[2] - The company recorded a net loss of HKD 14,452,000 for 2025, an improvement from a net loss of HKD 43,338,000 in 2024, representing a reduction of 66.7%[2] - For the fiscal year ending December 31, 2025, total revenue reached HKD 124,945,000, an increase from HKD 109,950,000 in 2024, representing a growth of approximately 13.6%[14] - The gross profit for the year was approximately HKD 10.0 million, a significant increase of about 177.8% compared to a gross loss of approximately HKD 12.9 million for the previous year, resulting in a gross profit margin of about 8%[45] - The company reported a significant recovery in credit loss provisions, with a net recovery of HKD 2,348,000 in 2025 compared to a provision of HKD 21,510,000 in 2024[30] - The company's net loss attributable to shareholders decreased by approximately HKD 28.8 million or about 66.7% to approximately HKD 14.5 million for the year, mainly due to a shift from gross loss to gross profit and impairment loss reversal[50] Assets and Liabilities - Total assets increased to HKD 62,798,000 in 2025 from HKD 42,260,000 in 2024, reflecting a growth of 48.7%[4] - Cash and cash equivalents rose to HKD 31,117,000 in 2025, up from HKD 10,539,000 in 2024, marking an increase of 194.5%[4] - The company’s total liabilities decreased to HKD 9,306,000 in 2025 from HKD 27,124,000 in 2024, suggesting improved financial stability[36] - The asset-to-liability ratio as of December 31, 2025, was approximately 71.1%, compared to about 54.0% as of December 31, 2024[57] Revenue Segments - The construction services segment generated revenue of HKD 116,042,000 in 2025, up from HKD 109,584,000 in 2024, indicating a growth of about 5.3%[14] - The beauty and health services segment reported revenue of HKD 8,903,000 in 2025, with a loss of HKD 13,955,000, highlighting the need for strategic adjustments in this area[22] - The construction information technology services segment reported a minimal revenue of HKD 366,000 in 2024, with no revenue reported in 2025, suggesting a need for reevaluation of this service line[23] Operational Developments - The company has not reported any new product launches or technological advancements in the current financial year[7] - There are no significant mergers or acquisitions reported in the current financial year[7] - The company has introduced a new segment for beauty and health services, which commenced operations in 2025, reflecting a strategic expansion into this market[21] - The group successfully secured contracts worth approximately HKD 273.4 million for ongoing projects as of December 31, 2025, with an estimated total contract value of about HKD 152.2 million for projects currently in the bidding process[39] - The group plans to adopt a conservative strategy in its construction business due to challenges in the Hong Kong construction industry, particularly from reduced land acquisition by property developers[40] - The group aims to expand its customer base and market share in the civil engineering sector by continuously providing high-quality services[40] - The group is exploring opportunities outside the Hong Kong market to enhance future development and solidify its revenue base[43] Employee and Administrative Costs - The group employed a total of 260 employees as of December 31, 2025, compared to 13 employees as of December 31, 2024[63] - Total employee costs, including director remuneration, were approximately HKD 15.3 million for the year, up from approximately HKD 5.0 million for the previous year[63] - The group's administrative expenses for the year were approximately HKD 26.7 million, an increase of about 199.5% compared to approximately HKD 8.9 million for the year ended December 31, 2024[48] Financing and Shareholder Matters - The company’s financing costs for the fiscal year 2025 were recorded at HKD 459,000, which is a slight increase compared to HKD 214,000 in 2024[22] - The company completed a placement of 62,400,000 new shares at a price of HKD 0.241 per share, raising net proceeds of approximately HKD 14.1 million, with plans to allocate funds for new business and office renovations[52] - The company plans to increase its authorized share capital from HKD 40 million to HKD 120 million by issuing an additional 800,000,000 new shares[71] - The board has decided not to recommend a final dividend for the year[65] - The company did not declare any dividends for the year ending December 31, 2025, consistent with the previous year[34] Compliance and Governance - The audit committee has reviewed the group's annual performance and confirmed compliance with applicable accounting standards and listing rules[70] - The company confirmed it maintains sufficient public float as required by the listing rules[69] - The company appointed a new auditor, Guo Wei, effective December 11, 2025, to replace the previous auditor[72] - The annual results announcement and annual report for 2025 will be published on the company's website and the Hong Kong Stock Exchange website[74]

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 會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。 China Fortune Holdings Limited 中國長遠控股有限公司 * （於 百 慕 達 註 冊 成 立 之 有 限 公 司，以CFH Limited之 名 稱 於 香 港 進 行 業 務） （股 份 代 號：110） 截至二零二五年十二月三十一日止年度之 全年業績公佈 中 國 長 遠 控 股 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）宣 佈 本 公 司 及 其 附 屬 公 司（統 稱 為「本 集 團」）截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 的 綜 合 全 年 業 績，連 同 比 較 數 字 如 下： * 僅供識別 – 1 – 綜合損益表及其他全面收入表 截至二零二五年十二月三十一日止年度 | 二零二五年 | 二零二四年 | 附 | 千港元 | 註 | 千港元 | | ...

Financial Performance - For the year ended December 31, 2025, the total revenue was HKD 79,186,000, a decrease of 52.8% compared to HKD 167,673,000 in 2024[2]. - The gross profit for 2025 was HKD 8,263,000, down 91.8% from HKD 101,317,000 in 2024[2]. - The net loss from continuing operations for 2025 was HKD 27,500,000, significantly improved from a loss of HKD 355,815,000 in 2024[2]. - The total comprehensive loss for the year was HKD 22,603,000, compared to a loss of HKD 496,370,000 in the previous year[3]. - The company reported a basic and diluted loss per share from continuing operations of HKD 1.9 for 2025, compared to HKD 22.7 in 2024[3]. - The company reported a net loss of HKD 27,500,000 from continuing operations for the year ending December 31, 2025[14]. - The company recognized impairment losses of HKD 21,741,000 related to non-financial assets in 2025, compared to HKD 357,606,000 in 2024, indicating a reduction in impairment[23]. - The company recorded a net gain of HKD 37,439,000 from various activities in 2025, compared to HKD 25,184,000 in 2024, reflecting improved operational performance[20]. - The company achieved revenue of approximately HKD 79,186,000 for the fiscal year ending December 31, 2025, despite a challenging business environment[42]. - The gross profit from continuing operations decreased from HKD 101,317,000 (60.4% margin) for the year ending December 31, 2024, to HKD 8,263,000 (10.4% margin) for the year ending December 31, 2025[44]. Cash and Liabilities - The company's cash and cash equivalents at the end of 2025 were HKD 32,105,000, down from HKD 37,949,000 in 2024[4]. - Total liabilities decreased to HKD 166,856,000 in 2025 from HKD 578,320,000 in 2024, indicating a reduction in financial obligations[4]. - Current liabilities and total liabilities as of December 31, 2025, were HKD 49,163,000 and HKD 48,511,000, respectively[14]. - The company has outstanding convertible bonds with a principal amount of HKD 46,000,000 and accrued interest of approximately HKD 19,402,000[14]. - The total debt of the company decreased from HKD 149,202,000 in 2024 to HKD 80,075,000 in 2025, including borrowings of HKD 13,596,000[48]. - The asset-liability ratio increased to 1.4 times as of December 31, 2025, compared to 1.1 times in 2024, indicating a higher level of leverage[49]. Equity and Shareholder Information - The total equity attributable to the owners of the company showed a deficit of HKD 73,895,000 in 2025, compared to a deficit of HKD 54,339,000 in 2024[5]. - The company did not declare any dividends for the years ended December 31, 2025, and 2024, indicating a focus on retaining earnings[26]. - The company did not recommend a final dividend for the fiscal year ending December 31, 2025, consistent with the previous year[40]. - The company’s weighted average number of ordinary shares used for calculating basic loss per share remained constant at 1,065,454,000 shares for both years[28]. Operational Changes and Strategy - The company is primarily engaged in big data services, indicating a focus on technology and data-driven solutions[7]. - The company is actively pursuing a proposed debt restructuring plan to address existing debt obligations and improve its capital structure[16]. - The company is considering a fundraising activity to support the proposed restructuring, with terms still under negotiation[16]. - The company’s largest shareholder has provided ongoing financial support to ensure operational continuity for at least the next 15 months[16]. - The company has implemented cost-cutting measures, resulting in a decrease in distribution and selling expenses from HKD 38,787,000 to HKD 11,801,000[47]. - The company is actively diversifying its business by expanding into various industries such as education and telecommunications through its SaaS/PaaS cloud platform and AI capabilities[42]. - The company aims to shift its big data business focus from "scale-driven" to "value-driven" by enhancing its SaaS/PaaS architecture and AI-driven decision-making capabilities[55]. - The company has exited the third-party payment business to reaffirm its strategic focus on core big data and data intelligence services[54]. Employee and Workforce Information - The company employed 67 employees as of December 31, 2025, down from 172 employees in 2024, indicating a significant reduction in workforce[52]. - The company had a total employee cost of HKD 9,226,000 in 2025, down from HKD 59,024,000 in 2024, showing a significant reduction in labor expenses[23]. Market and Industry Context - The company continues to face significant challenges in the big data business due to increased competition and regulatory pressures, impacting its digital risk management services[41]. - The overall retail credit growth is expected to slow down due to new personal loan regulatory rules, which increase compliance costs and compress profit margins for consumer credit institutions[55]. - The Chinese fintech market is projected to expand at a mid-to-high single-digit CAGR until 2027, with AI and data intelligence infrastructure as key growth drivers[55]. - The competitive landscape in the industry is fragmented, with competitive advantages increasingly dependent on deep expertise, quality of AI models, and compliance with stringent data security standards[53]. Compliance and Governance - The company has maintained compliance with corporate governance codes, although it did not have a designated CEO following the resignation of the previous CEO on July 23, 2025[58]. - The consolidated financial statements for the year ending December 31, 2025, have been audited and confirmed by the auditor, Tianzhi Hong Kong CPA Limited[64]. - The annual report containing all information required by the listing rules will be sent to shareholders and available on the company's website at an appropriate time[66]. - The board of directors includes executive directors Gu Zhongli (Chairman), Li Yunjiao, and Jin Peiyi, along with non-executive and independent non-executive directors[67].

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 59,718,000, an increase of 139.8% from RMB 24,885,000 in 2024[3] - Gross profit for the same period was RMB 13,753,000, with a gross margin of 23%, down from 57% in 2024[4] - The net loss attributable to the owners of the parent company was RMB 141,081,000, a slight improvement from a loss of RMB 147,606,000 in 2024[4] - Total comprehensive loss for the year was RMB 144,867,000, compared to RMB 165,724,000 in 2024[5] - The company reported a basic and diluted loss per share of RMB 0.24, compared to RMB 0.25 in 2024[4] - The company recorded a net loss of approximately RMB 142,203,000 for the year ending December 31, 2025[13] - The group reported a pre-tax loss of RMB 175,525,000 for the year ended December 31, 2025, compared to a pre-tax loss of RMB 179,364,000 for the year ended December 31, 2024[33] - The group reported a net loss of RMB 35,994,000 from unallocated other losses and corporate expenses for the year ended December 31, 2025[33] - The group reported a pre-tax loss of RMB 16,056,000 for 2025, an improvement from a loss of RMB 24,312,000 in 2024, indicating a reduction in losses by 34.5%[47] - The company did not declare any final dividends for the years ended December 31, 2025, and 2024[52] Assets and Liabilities - Non-current assets decreased to RMB 1,265,047,000 from RMB 1,369,357,000 in 2024[7] - Current assets increased to RMB 764,044,000 from RMB 721,660,000 in 2024[7] - Total liabilities increased to RMB 2,001,920,000 from RMB 1,922,058,000 in 2024[8] - Current liabilities exceeded current assets by approximately RMB 793,113,000 as of December 31, 2025[13] - Total interest-bearing bank and other borrowings amounted to approximately RMB 563,710,000, with RMB 341,449,000 due within the next twelve months[13] - The company has limited cash and cash equivalents of only approximately RMB 13,205,000, raising significant doubts about its ability to continue as a going concern[13] - Total assets decreased to RMB 1,369,357 million, while total liabilities reached RMB 1,460,662 million, resulting in a net asset value of RMB 141,564 million[25] - Total non-current liabilities amounted to RMB 475,772 million, with bank loans and other borrowings contributing RMB 354,999 million[24] Cash Flow and Financing - The company plans to accelerate project progress and recover outstanding trade and other receivables to manage liquidity needs[13] - A financial support agreement has been established with Green Land Digital and Green Land Finance for a minimum of 12 months post-approval of the audited financial statements[13] - The company is reviewing its debt structure and seeking external financing opportunities, including potential equity financing[14] - The cash flow statement reflects a net decrease in cash and cash equivalents of RMB (13,918) thousand for the year, highlighting liquidity challenges[26] - The net cash used in financing activities is projected to be RMB (3,163) thousand, which includes new bank loans and borrowings of RMB 33,414 thousand and repayments of RMB (27,762) thousand[26] Business Operations - The company has been involved in landscaping, hydropower operation and maintenance, and property management services[9] - The company changed its name to China Green Broad Ecological Technology Company Limited effective November 11, 2025[10] - The group operates in three reportable segments: landscaping and gardening services, hydropower station operation and maintenance services, and other business activities including property management services[32] - The group has begun engaging in hydropower station operation and maintenance services following the acquisition of ZDX Energy International Co., Ltd, which is now considered a new operating segment[31] - The group is expanding its business boundaries while consolidating its traditional landscaping business, with ongoing developments in renewable energy projects such as photovoltaic and hydropower stations[85] Acquisitions and Investments - A share transfer agreement was signed for the acquisition of 100% equity in a target company for approximately RMB 4.6 million[16] - The acquisition is considered a common control transaction and will be accounted for under the merger accounting method[17] - The acquisition of 51% of ZDX Energy International Co., Ltd was completed on March 26, 2025, with a consideration of 219,354,839 new shares issued, valued at approximately RMB 2,871,000[71][74] - The acquired identifiable net assets of ZDX amounted to RMB 9,905,000, resulting in a bargain purchase gain of RMB 2,228,000 recognized in the consolidated profit and loss[78] - ZDX is expected to generate a guaranteed net profit of no less than RMB 11,000,000 for the fiscal years ending December 31, 2025, 2026, and 2027, with additional cash flow guarantees[74] Risk Management and Future Outlook - The company is focusing on enhancing project management efficiency and accelerating cash collection to ensure timely fund recovery, which is crucial for stable development[83] - The company is actively exploring opportunities in the renewable energy sector, particularly in photovoltaic power generation and energy storage technologies, to support its green transformation[83] - The company has identified potential risks and issues in existing projects and is coordinating resources to eliminate obstacles in project advancement[83] - The group is actively seeking to terminate projects that cannot proceed due to incomplete procedures, aiming to control potential risks and optimize resource allocation[85] - The group plans to deepen its investment in photovoltaic power generation and energy storage technologies, aiming to create benchmark projects with demonstration effects[90] Compliance and Governance - The audit committee reviewed the group's annual performance and confirmed compliance with applicable accounting standards[97] - The independent auditor's report states that the financial statements fairly reflect the group's financial position as of December 31, 2025[99] - There were no significant events occurring after the reporting period[104] - The company will publish its annual report for 2025 and send it to shareholders as required[105]