Financial Performance - Total revenue for the year ended December 31, 2025, was approximately RMB 299.9 million, a decrease of about 32.2% year-on-year[3]. - Gross profit for the same period was approximately RMB 24.7 million, down approximately 38.4% year-on-year[3]. - The loss attributable to the owners of the company was approximately RMB 483.8 million, compared to a loss of RMB 407.2 million in the previous year[3]. - Basic loss per share for the year was approximately RMB 0.94, compared to RMB 0.79 in the previous year[3]. - Total revenue for the year ended December 31, 2025, was RMB 299,871,000, a decrease of 32.2% from RMB 442,439,000 in 2024[18]. - Revenue from hydrogen fuel cell systems was RMB 252,433,000, down 28% from RMB 350,379,000 in the previous year[18]. - Total expenses for the year were RMB 628,211,000, a reduction of 22.3% compared to RMB 809,380,000 in 2024[21]. - The company reported a loss before tax of RMB 485,155,000 for the year ended December 31, 2025, compared to a loss of RMB 416,096,000 for 2024, representing an increase of approximately 16.6% in losses year-over-year[24]. - The basic loss per share increased to RMB 0.94 for the year ended December 31, 2025, from RMB 0.79 in 2024, reflecting a year-over-year increase of 18.99%[29]. - The group's net other income decreased by approximately RMB 42.6 million or about 68.3% to approximately RMB 19.8 million during the reporting period, mainly due to a decrease in fair value gains on financial assets recognized in profit or loss[71]. Assets and Liabilities - Total assets as of December 31, 2025, were RMB 4,103.9 million, down from RMB 4,664.1 million in 2024[7]. - Total liabilities as of December 31, 2025, were RMB 1,592.2 million, compared to RMB 1,675.7 million in 2024[8]. - Non-current assets decreased to RMB 1,138.8 million from RMB 1,244.8 million in the previous year[7]. - Current assets decreased to RMB 2,965.1 million from RMB 3,419.4 million in 2024[7]. - Trade receivables from third parties amounted to RMB 2,191,903,000 as of December 31, 2025, a slight increase from RMB 2,174,726,000 in 2024[35]. - The expected credit loss provision for trade receivables increased to RMB 660,386,000 in 2025 from RMB 489,262,000 in 2024, representing a rise of approximately 35%[35]. - As of December 31, 2025, trade payables and notes payable amounted to RMB 763,872,000, a decrease of 3.5% from RMB 791,894,000 in 2024[41]. - The aging analysis of trade payables shows that payables due within one year decreased by 40.4% to RMB 308,189,000 in 2025 from RMB 517,389,000 in 2024[42]. - Total contract liabilities decreased significantly to RMB 5,868,000 in 2025 from RMB 19,776,000 in 2024, primarily due to a reduction in hydrogen fuel cell system maintenance service liabilities[43]. Research and Development - Research and development expenses for the year were approximately RMB 132.8 million, slightly up from RMB 130.5 million in the previous year[4]. - The company is focused on R&D, production, and sales of hydrogen energy core equipment, aiming to drive the green economy through continuous technological innovation[46]. - The company retained approximately 32% of its workforce in research and development at the end of the reporting period[61]. - The company is developing breakthrough megawatt-level proton exchange membrane (PEM) electrolyzer technology and a new generation of alkaline electrolyzers with a capacity of 1,000 Nm3/h[62]. - The company aims to enhance its core product R&D investment, focusing on breakthroughs in flexible graphite bipolar plates, high-efficiency hydrogen fuel cell stacks, and hydrogen production equipment[86]. Strategic Focus and Market Development - In 2025, the company emphasized "commercialization of technological innovation" and "diversification of business" as key strategic focuses[47]. - The company has made significant advancements in fuel cell stack technology, including the development of the high-power Hongxin GIII stack and the Hongxin GIV stack for various power generation applications[47][48]. - The company has expanded its hydrogen energy applications into new areas, including hydrogen-powered ships and drones, while also enhancing its traditional transportation and power generation sectors[49]. - The company plans to deliver a 480kW hydrogen fuel cell system and a 600kWh lithium battery power system by mid-2026, marking a strategic foundation for the hydrogen energy rail transport market[52]. - The company completed the first hydrogen fuel cell-powered container ship "Dongfang Hydrogen Port" and received certification from the China Classification Society[54]. - The company was selected as a leading enterprise in future energy and participated in two major projects related to green port development and hydrogen energy transportation[55]. Corporate Governance and Management - The company appointed a new senior management team, with Mr. Chen Xiaomin as General Manager, effective February 28, 2025[96]. - The board believes that having Mr. Chen serve as both Chairman and General Manager will enhance the execution of the company's business strategy and operational efficiency[96]. - The Nomination Committee was restructured on March 31, 2026, to enhance diversity and improve corporate governance[99]. - The company has complied with all applicable corporate governance codes since its listing date until December 31, 2025[103]. - The Audit Committee, consisting of three independent non-executive directors, has reviewed the group's financial statements for the year[107]. Employee and Operational Efficiency - Employee benefits expenditure for the year is approximately RMB 98.4 million, down from RMB 185.3 million in 2024, with a total of 303 full-time employees as of December 31, 2025[92]. - The company aims to improve operational efficiency and risk management through refined management and process optimization strategies[89]. - The company will focus on optimizing internal management through talent efficiency enhancement and management system upgrades[89]. Shareholder Returns and Capital Management - The company did not declare any dividends for the year, consistent with the previous period[3]. - The company aims to use repurchased shares for purposes including employee incentives and to generate liquidity[105]. - The company repurchased a total of 7,928,500 H-shares during the year, with a total cost of HKD 43,697.53 million[104]. - The net proceeds from the global offering amount to approximately HKD 1,456.3 million, with 40% allocated to expanding hydrogen fuel cell stack and system capacity[93][94].

Financial Performance - Revenue for the year ended December 31, 2025, was HKD 99,799,000, a decrease of 23.1% from HKD 129,680,000 in 2024[3] - Gross profit for 2025 was HKD 80,264,000, resulting in a gross margin of 80.4%, compared to a gross margin of 69.5% in 2024[3] - Profit before tax for 2025 was HKD 13,987,000, a significant recovery from a loss of HKD 68,031,000 in 2024[3] - The company reported a profit attributable to owners of HKD 13,350,000 for 2025, compared to a loss of HKD 68,338,000 in the previous year[4] - Basic and diluted earnings per share for 2025 were HKD 0.05, a turnaround from a loss per share of HKD 0.28 in 2024[5] - Total comprehensive income for the year was HKD 10,009,000, compared to a total comprehensive loss of HKD 66,170,000 in 2024[5] - The segment performance for footwear products showed a loss of HKD 29,551,000 in 2025, compared to a loss of HKD 39,926,000 in 2024, indicating an improvement in performance[26][27] - The company recorded a pre-tax profit of approximately HKD 14 million for the year, compared to a pre-tax loss of approximately HKD 68 million in 2024, mainly due to gains from asset sales[66] Revenue Breakdown - For the fiscal year ending December 31, 2025, the company reported revenue from footwear sales of HKD 83,562,000, a decrease of 32.9% from HKD 124,455,000 in the previous year[22] - Retail support service revenue increased significantly to HKD 16,237,000 from HKD 5,225,000, marking a growth of 210.5%[22] - The total revenue from Hong Kong for the year ended December 31, 2025, was HKD 89,639,000, a decrease from HKD 112,883,000 in 2024, indicating a decline of approximately 20%[30] - In 2025, the company's footwear business revenue was approximately HKD 99.8 million, a decrease of 23.1% compared to HKD 129.7 million in 2024, primarily due to weak consumer sentiment amid ongoing economic uncertainty[57] Assets and Liabilities - The company's total assets decreased to HKD 71,152,000 in 2025 from HKD 112,154,000 in 2024, primarily due to a reduction in current assets[6] - Non-current liabilities decreased to HKD 3,495,000 in 2025 from HKD 8,465,000 in 2024, reflecting a reduction in employee benefit obligations and lease liabilities[7] - The company has a current liability exceeding current assets by approximately HKD 70,915,000 and total liabilities exceeding total assets by about HKD 54,440,000 as of December 31, 2025[19] - The asset-liability ratio improved to approximately -47.5% as of December 31, 2025, compared to -63.9% in 2024, attributed to the profit recorded during the year[69] Operational Challenges - The company is facing significant uncertainty regarding its ability to continue as a going concern, which may require adjustments to asset valuations and liabilities if it cannot sustain operations[21] - The company has not received any repayments on overdue loans as of the report date, constituting a default event[39] - The company is implementing cost control measures to improve operational cash flow, including close monitoring of sales, distribution costs, and administrative expenses[20] Corporate Governance and Compliance - The company has not applied new accounting standards that are not yet effective, indicating a stable approach to financial reporting[11] - The independent auditor's report did not express an opinion on the group's consolidated financial statements due to significant issues[84] - The group has complied with the corporate governance code, except for the vacancy of the chairman position[79] Asset Sales and Liquidation - The company is in the process of liquidating Shang Ying Medical, which is currently under bankruptcy review, affecting its financial reporting and control over assets[18] - The sale of Shang Ying International Group was completed for a cash consideration of HKD 1, resulting in a net loss of HKD 34,668,000[44] - The sale of Shang Ying Retail Group was completed for a cash consideration of HKD 1, resulting in a net gain of HKD 3,894,000[46] - The sale of Shang Ying Capital Group was completed for a cash consideration of HKD 500,000[48] Employee and Operational Metrics - The company incurred a total of HKD 47,329,000 in employee costs for the year ended December 31, 2025, down from HKD 56,151,000 in 2024[31] - The group employed 108 staff members as of December 31, 2025, a decrease from 111 in the previous year[76] - The company has 31 retail points in Hong Kong and 4 in Macau as of December 31, 2025, an increase from 27 and 3 respectively in 2024[59] Future Outlook and Meetings - The company plans to focus on diversifying its footwear product offerings and exploring potential business collaborations to introduce new brands with growth potential and high margins[58] - The company will hold its annual general meeting on May 20, 2026, to discuss shareholder matters[97] - Share transfer registration will be suspended from May 15, 2026, to May 20, 2026, to determine voting eligibility at the annual general meeting[98]

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 97,759,000, an increase of 29.9% compared to RMB 75,282,000 in 2024[2] - Cost of sales increased by 38.3% to RMB (93,347,000) from RMB (67,491,000), resulting in a gross profit of RMB 4,412,000, down 43.4% from RMB 7,791,000[2] - Loss before tax decreased by 24.9% to RMB (134,007,000) from RMB (178,477,000) in the previous year[2] - Net loss for the year was RMB (134,016,000), a reduction of 26.8% compared to RMB (183,076,000) in 2024[2] - Basic and diluted loss per share improved to RMB (0.1221) from RMB (0.1960), reflecting a 37.7% decrease in loss per share[4] - The total loss before income tax for the fiscal year 2025 was RMB 134,007 thousand, compared to a loss of RMB 178,477 thousand in the fiscal year 2024[18] - The company reported a net loss attributable to shareholders of RMB (112,892,000) in 2025 compared to RMB (156,819,000) in 2024, indicating an improvement in loss of about 28%[29] - The company recorded a loss of approximately RMB 134.0 million for the year, an improvement from a loss of RMB 183.1 million the previous year, mainly due to reduced impairment losses[63] Assets and Liabilities - Total assets decreased by 11.4% to RMB 558,076,000 from RMB 629,614,000[2] - Total equity decreased by 12.6% to RMB 504,761,000 from RMB 577,789,000[6] - Total liabilities increased from RMB (51,825,000) in 2024 to RMB (53,315,000) in 2025, an increase of about 2.9%[19] - Trade receivables amounted to RMB 55,671,000 in 2025, an increase from RMB 54,267,000 in 2024, while notes receivable decreased to RMB 6,929,000 from RMB 12,975,000[31] - The total accounts payable decreased to RMB 15,158,000 in 2025 from RMB 19,347,000 in 2024, with a notable increase in amounts payable within 0 to 30 days to RMB 13,981,000 from RMB 7,364,000[35] Revenue Breakdown - Total revenue for the fiscal year 2025 reached RMB 97,759 thousand, with LED products contributing RMB 68,167 thousand and GaN and other semiconductor products contributing RMB 29,592 thousand[18] - Revenue from LED sales decreased from RMB 73,922,000 in 2024 to RMB 68,167,000 in 2025, a decline of approximately 7.5%[23] - Revenue from GaN and fast charging products surged from RMB 1,360,000 in 2024 to RMB 29,592,000 in 2025, representing a significant increase of over 2,000%[23] - Revenue from LED products was approximately RMB 68.2 million, accounting for about 69.7% of total revenue, a decrease from 98.2% the previous year due to weak consumer sentiment and declining sales[52] - Revenue from GaN and other semiconductor products was approximately RMB 29.6 million, representing about 30.3% of total revenue, a significant increase from 1.8% the previous year due to increased production and sales[53] Research and Development - Research and development costs rose from RMB 23,961,000 in 2024 to RMB 37,936,000 in 2025, an increase of approximately 58%[24] - Administrative expenses for the fiscal year 2025 amounted to RMB 49,056 thousand, an increase from RMB 29,491 thousand in the previous year[18] - The company plans to use the proceeds from the rights issue to enhance R&D capabilities for LED and related semiconductor products, including establishing R&D centers and acquiring equipment[38] Market and Industry Trends - The global semiconductor market is projected to grow over 25% to reach USD 975 billion by 2025, driven by demand in data centers and AI applications[44] - The demand for GaN power devices is expected to grow from USD 46 million in 2020 to USD 1.1 billion by 2026, with a compound annual growth rate of 70%[49] - The semiconductor industry in China is experiencing rapid growth, with significant investments in R&D to overcome international restrictions[45] - The LED lighting industry is facing challenges due to a sluggish real estate market and weak consumer electronics demand[43] Corporate Governance and Compliance - The company has adopted corporate governance practices in compliance with the listing rules and has confirmed adherence to these practices during the year[92] - The group's financial statements for the year have been verified by the auditor, confirming consistency with the audited consolidated financial statements[95] - The board of directors includes Dr. Xu Zhihong, Mr. Zhao Yiwen, and Mr. Li Yang as executive directors[95] - Independent non-executive directors include Mr. Zou Haiyan, Ms. Xiao Miaowen, and Ms. Liu Wanwen[95] Capital and Investments - The company raised approximately HKD 90.1 million through a rights issue, issuing 187,763,696 shares at a subscription price of HKD 0.48 per share, with net proceeds of about HKD 87.8 million[38] - The company entered into agreements to acquire 100% of the issued share capital of Join Gain and Red Mont, with total consideration of HKD 73,388,000 and HKD 40,816,000 respectively[39] - The company has agreed to acquire a total of 12.98% equity in Shenzhen Gan Hong, with a total consideration of HKD 114,204,000 (approximately USD 14.6 million) for the acquisitions[81] Employee and Operational Metrics - The company employed 162 employees as of December 31, 2025, with total employee costs amounting to approximately RMB 51.9 million, a decrease from RMB 59.4 million in the previous year[87] - The company does not recommend the payment of a final dividend for the year to align with future business development[65]

Financial Performance - Lithium carbonate processing revenue increased approximately 722.3% to RMB 575.6 million for the year ending December 31, 2025, compared to RMB 70.0 million for the year ending December 31, 2024[2]. - Revenue from automotive fine chemicals was RMB 1,971.0 million for the year ending December 31, 2025, compared to RMB 1,835.9 million for the year ending December 31, 2024[2]. - Total revenue for the year ending December 31, 2025, was RMB 8,937.8 million, up from RMB 7,677.0 million for the year ending December 31, 2024[3]. - The company reported a net loss of RMB 149,224,000 for 2025, an improvement compared to a net loss of RMB 805,670,000 in 2024[21]. - Basic loss per share for the year ending December 31, 2025, was RMB 0.25, compared to RMB 1.11 for the year ending December 31, 2024[4]. - Gross profit increased by 127.8% to RMB 1,135.6 million in 2025, up from RMB 498.5 million in 2024, primarily due to improved gross margin in lithium iron phosphate cathode materials[50]. Assets and Liabilities - Non-current assets totaled RMB 9,069.4 million as of December 31, 2025, compared to RMB 8,856.9 million as of December 31, 2024[5]. - Current assets increased to RMB 9,602.4 million as of December 31, 2025, from RMB 7,198.3 million as of December 31, 2024[5]. - Total liabilities increased to RMB 14,894.6 million as of December 31, 2025, from RMB 12,032.2 million as of December 31, 2024[6]. - The company's equity decreased to RMB 3,777.3 million as of December 31, 2025, from RMB 4,022.9 million as of December 31, 2024[6]. - Current liabilities exceeded current assets by approximately RMB 1,222 million as of December 31, 2025, down from RMB 1,434 million in 2024[9]. Revenue Breakdown - Sales of lithium iron phosphate cathode materials contributed RMB 6,195,177 thousand, up from RMB 5,618,865 thousand, representing a growth of 10.2%[15]. - Revenue from lithium iron phosphate cathode materials rose by 10.3% to RMB 6,195.2 million in 2025, up from RMB 5,618.9 million in 2024, due to increased demand in the electric vehicle and energy storage markets[48]. - Revenue from lithium carbonate processing surged by 722.3% to RMB 575.6 million in 2025, compared to RMB 70.0 million in 2024, attributed to business expansion and increased production and sales[48]. Operational Highlights - The operational segments include sales of automotive fine chemicals and lithium iron phosphate cathode materials, with performance evaluated by the company's chief operating decision maker[19]. - The company established the world's first overseas production base for LFP materials with a capacity of over 10,000 tons, marking a key breakthrough in its international strategy[34]. - The company launched a fourth-generation high-pressure lithium iron phosphate cathode material using a "one-time sintering" process, showcasing its strong R&D capabilities[35]. Investments and Acquisitions - The company completed the acquisition of Shandong Meiduo Technology Co., Ltd. for RMB 100,539,000, enhancing its vertical integration strategy in the lithium battery recycling industry[32]. - The group has invested RMB 369.71 million in a capital increase agreement with Changzhou Lithium Source, raising its stake from approximately 64.03% to 66.42%[84]. Research and Development - The company plans to enhance R&D investment to strengthen its innovation capabilities and develop a diversified product matrix to adapt to market demands[40]. - Research and development expenses decreased by approximately 4.9% to RMB 460.9 million in 2025 from RMB 484.6 million in 2024, mainly due to streamlining R&D efforts[56]. Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance and has adopted the principles of the corporate governance code[103]. - The audit committee, consisting of three independent non-executive directors, has reviewed and confirmed the unaudited annual results for the year ending December 31, 2025[108]. Future Plans and Strategies - The company aims to accelerate overseas capacity release to build a global competitive advantage and enhance its brand image[41]. - The company will continue to seek new business development opportunities beyond the disclosed expansion plans[86]. - The company is considering a potential A-share issuance as indicated in the announcements dated August 29, 2025, and subsequent dates[94].

Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue from continuing operations of HKD 62.4 million, a decrease of 1.7% compared to HKD 63.5 million in 2024[4] - The gross profit from continuing operations was HKD 12.1 million, down 5.5% from HKD 12.8 million in the previous year[4] - The company achieved a net profit of HKD 11.0 million, a significant turnaround from a loss of HKD 44.5 million in 2024, representing a 124.7% improvement[4] - Basic and diluted earnings per share were HKD 0.92, compared to a loss of HKD 3.71 per share in the prior year, marking a 124.8% increase[4] - The group reported external customer revenue of HKD 62,399,000 for the year ended December 31, 2025, with a breakdown of HKD 61,918,000 from travel products and HKD 481,000 from private extracurricular activities[22] - The segment performance for travel products showed a profit of HKD 10,611,000, while private extracurricular activities generated a profit of HKD 479,000, leading to a total segment profit of HKD 11,090,000[22] - For the year ended December 31, 2024, the group reported external customer revenue of HKD 63,481,000, with a segment profit of HKD 12,007,000[23] - The group recorded a net loss of HKD 353,000 for the year ended December 31, 2025, after accounting for tax expenses of HKD 2,787,000[22] - The income tax expense for 2025 was HKD 2,787,000, compared to HKD 1,208,000 in 2024, reflecting an increase in taxable profits[33] - The company reported a net profit of HKD 10,988,000 for 2025, a significant recovery from a loss of HKD 44,475,000 in 2024[36] Assets and Liabilities - Total assets decreased to HKD 47.3 million in 2025 from HKD 110.8 million in 2024, reflecting a reduction of 57.4%[6] - Total liabilities also decreased to HKD 35.9 million from HKD 110.3 million, a decline of 67.4%[7] - The company’s cash and cash equivalents decreased to HKD 3.9 million from HKD 30.4 million, a decline of 87.2%[6] - Trade receivables decreased to HKD 25,143,000 in 2025 from HKD 43,855,000 in 2024, indicating improved collection efforts[39] - Trade payables as of December 31, 2025, amounted to HKD 24,266,000, a decrease of 16.7% from HKD 29,132,000 in 2024[48] - The company had no available bank financing as of December 31, 2025, compared to HKD 13,493,000 in bank credit facilities in 2024[49] - The company’s total liabilities related to the sold subsidiary were HKD 39,002,000 at the time of sale[55] Operational Changes - The company has initiated private extracurricular activity coordination services in China while terminating its operations in the US and Canada[9] - The group has ceased operations in ticket distribution and travel business process management, which are now classified as discontinued operations[21] - The company ceased operations in North America for ticket distribution and travel services as part of its strategic focus on future development in China[56] Accounting and Financial Reporting - The group plans to adopt new accounting standards effective from January 1, 2026, which may impact future financial statements[17] - The group expects that the adoption of new accounting standards will not have a significant impact on its consolidated performance and financial position[18] - The group is currently evaluating the specific impact of IFRS 18 on its consolidated financial statements, which will be effective from January 1, 2027[18] - The expected credit loss provision was reversed to approximately HKD 0.9 million for the year, compared to a provision of about HKD 0.6 million for the year ended December 31, 2024[68] - The external auditor, Hong Kong Li Xin De Hao CPA Limited, confirmed that the preliminary announcement figures are consistent with the audited consolidated financial statements[91] Cash Flow and Expenditures - The net cash used in operating activities for the year was approximately HKD 4.9 million, compared to HKD 3.2 million for the year ended December 31, 2024[69] - The group reported a capital expenditure of HKD 17,000 for the year ended December 31, 2025[22] - The cash outflow from operating activities for discontinued operations was HKD 10,171,000 in 2025, compared to HKD 2,308,000 in 2024[54] Employee and Governance - The total employee cost for continuing operations was approximately HKD 7.7 million for the year, an increase from approximately HKD 6.2 million for the year ended December 31, 2024[77] - The audit committee consists of three independent non-executive directors, with Ms. Kwan Ka-yi as the chairperson[89] - The executive directors include Mr. Liu Xuebin, Dr. Gao Songyan, and Mr. Liu Jiefeng, while the independent non-executive directors are Mr. Tan Wentao, Mr. Lu Yingjie, and Ms. Kwan Ka-yi[94] Dividends and Shareholder Returns - The company did not declare any final dividend for the fiscal year ending December 31, 2025[4] - The company did not recommend any final dividend for the year ended December 31, 2025, consistent with 2024[38] - The company did not recommend a final dividend for the year, maintaining cash for operational needs and future development[59] Market and Competitive Environment - The revenue from the travel products and services segment decreased by approximately HKD 1.7 million or 2.5% to about HKD 61.9 million, primarily due to increased competition in the Greater Bay Area[63]

Financial Performance - Contract sales amounted to approximately RMB 3,777.44 million, a decrease of about 50.96% compared to last year[2] - Revenue reached approximately RMB 7,107.58 million, down 76.13% year-on-year[2] - Gross loss was approximately RMB 4,717.99 million, compared to a gross profit of RMB 334.37 million last year[2] - The net loss for the year was approximately RMB 12,483.02 million, an increase of about 8% from last year's net loss of RMB 11,558.04 million[2] - Loss attributable to owners of the company was approximately RMB 9,958.49 million, a decrease of about 17.03% from RMB 12,002.31 million last year[2] - For the fiscal year ending December 31, 2025, the total revenue from property sales was RMB 6,691,469,000, a significant decrease from RMB 29,322,249,000 in 2024, representing a decline of approximately 77.2%[24] - The group reported a financing income of RMB 20,200,000 for the fiscal year ending December 31, 2025, compared to RMB 45,790,000 in 2024, showing a decline of about 56.0%[24] - The income tax expense for the fiscal year ending December 31, 2025, was RMB 563,112,000, down from RMB 1,792,084,000 in 2024, reflecting a decrease of approximately 68.7%[26] - The group recorded an operating loss of approximately RMB 9,712.41 million for the year ending December 31, 2025, compared to an operating loss of approximately RMB 7,274.90 million in 2024[70] - The group recorded a gross loss of approximately RMB 4,717.99 million for the year ending December 31, 2025, compared to a gross profit of approximately RMB 334.37 million in 2024, resulting in a gross loss margin of about 66.38%[65] Financial Position - The total assets amounted to RMB 81,176,961,000, a decrease from RMB 99,586,003,000 in 2024[6] - Current liabilities totaled RMB 82,490,568,000, slightly down from RMB 83,422,051,000 in the previous year[6] - The total liabilities reached RMB 87,922,110,000, compared to RMB 92,711,695,000 in 2024[6] - The company’s total equity was reported as negative RMB 6,745,149,000[6] - The debt ratio as of December 31, 2025, was -5.19, compared to 5.11 on December 31, 2024[2] - The total liabilities amounted to RMB 20,196,761,000 in current liabilities and RMB 6,745,149,000 in total liabilities[107] - The group’s borrowings secured by assets amounted to approximately RMB 24,468.44 million as of December 31, 2025, down from approximately RMB 33,775.15 million as of December 31, 2024[82] - The total amount of guarantees provided by the group for outstanding borrowings was approximately RMB 11,987.24 million as of December 31, 2025, compared to approximately RMB 20,058.79 million as of December 31, 2024[83] Operational Challenges - The company faced significant operational pressures due to changes in the real estate market and COVID-19 impacts, affecting its cash flow and debt repayment capabilities[10] - The company needs more time than expected to sell its properties to generate cash and meet its debt obligations[10] - The company is facing significant uncertainty regarding its ability to continue as a going concern due to the volatility in the Chinese real estate market and ongoing uncertainties in obtaining support from banks and creditors[15] - The company is taking measures to control administrative costs and reduce capital expenditures[16] - The company is facing significant operational pressure due to the deteriorating financing environment in the real estate industry, impacting its ability to generate cash from property sales and meet debt obligations[80] Debt and Financing - As of December 31, 2025, the company has outstanding borrowings totaling approximately RMB 32,914,260,000, with RMB 26,164,767,000 constituting a default on principal repayments[13] - The company has outstanding principal amounts of approximately RMB 14,489,681,000 related to various senior notes due in 2022, 2023, and 2024[11] - Successful refinancing of existing loans and obtaining new financing sources from various banks and financial institutions are critical for the company's financial stability[110] - The company has initiated discussions with multiple financial institutions to seek new financing sources and is actively working to expedite the pre-sale and sale of its developed properties[16] Market Conditions - The market remains in a correction phase, with new housing starts continuing to decline, indicating a need for time to stabilize and recover[40] - The real estate market is expected to stabilize in 2026, with a focus on restoring confidence and improving expectations[46] - A total of 175 market stabilization policies were introduced across 107 provinces and cities, focusing on optimizing public funds and enhancing quality[46] - The real estate industry continues to face structural adjustment pressures, with key indicators such as investment and sales showing a downward trend[43] Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange and has complied with all applicable provisions except for a specific deviation[100] - The audit committee has been established in accordance with the listing rules and is responsible for reviewing the financial reporting process and risk management[103] - The independent auditor's report indicated a "disclaimer of opinion" due to significant uncertainties regarding the group's ability to continue as a going concern[106] - The company has confirmed adherence to the standard code for directors' securities transactions throughout the reporting period[102] Future Outlook - The company believes it will have sufficient working capital to meet its operational and financial obligations within the next twelve months[14] - The company aims to accelerate the sales and collection of receivables from its development and completed properties[110] - The overall financial outlook suggests a challenging environment, with significant revenue declines anticipated in the upcoming fiscal year[60] - The company will continue to focus on property development and acquiring quality land parcels in first-tier cities in China, maintaining a cautious approach due to current market conditions[87]

Financial Performance - For the year ending December 31, 2025, the revenue from continuing operations was RMB 1,839 million, an increase of RMB 709 million compared to 2024[3]. - The net loss for 2025 was RMB 95 million, with a profit from continuing operations of RMB 125 million and a loss from discontinued operations of RMB 220 million[3]. - The profit attributable to equity holders from continuing operations was RMB 77 million, a decrease of RMB 12 million from 2024[3]. - The basic earnings per share from continuing operations for 2025 was RMB 2.84, down from RMB 3.36 in 2024[3]. - The EBITDA from continuing operations for 2025 was RMB 398 million, an increase of RMB 159 million compared to 2024[3]. - The gross profit for continuing operations was RMB 473 million, compared to RMB 338 million in 2024, reflecting a significant improvement[4]. - The operating profit for the year was RMB 204 million, up from RMB 129 million in 2024[4]. - The total comprehensive loss for the year was RMB 291 million, compared to a profit of RMB 584 million in 2024[5]. - The financial costs for 2025 were RMB 91 million, significantly higher than RMB 20 million in 2024, impacting overall profitability[4]. - The basic earnings per share (EPS) from continuing and discontinued operations was RMB (3.91) for the year, compared to RMB 19.91 in the previous year[7]. - The total interest expense on financial liabilities not measured at fair value was RMB 130,914,000 in 2025, up from RMB 77,114,000 in 2024, reflecting an increase of about 70%[24]. - The total tax expense for 2025 was RMB 5,866,000, a decrease from RMB 36,316,000 in 2024, indicating a reduction of about 84%[31]. - The company reported a net finance cost of RMB 74,083 thousand for continuing operations in 2025, an increase from RMB 11,618 thousand in 2024, attributed to increased borrowings[82]. - The net profit after tax for continuing operations rose to RMB 124,604 thousand in 2025 from RMB 81,282 thousand in 2024, despite the decline in average selling price[83]. Assets and Liabilities - Non-current assets decreased to RMB 4,531,623,000 from RMB 6,553,745,000 year-over-year[8]. - Current liabilities were reduced to RMB (1,841,696,000) from RMB (4,170,532,000), indicating improved financial health[9]. - The company's total assets less current liabilities increased to RMB 4,812,950,000 from RMB 4,458,797,000[8]. - The net asset value of the company was reported at RMB 2,693,941,000, down from RMB 3,486,245,000 in the previous year[9]. - The company’s equity attributable to owners increased to RMB 2,069,580,000 from RMB 1,971,799,000[9]. - The group’s total assets as of 2025 are valued at RMB 6,654.646 million, with total liabilities at RMB (3,960.705) million, resulting in a debt-to-asset ratio of 59.5%[98]. - The current ratio improved to 1.15 in 2025, up from 0.5 in 2024, indicating better liquidity management[97]. - The group has cash and cash equivalents totaling RMB 491,335 thousand in 2025, a decrease from RMB 1,025,545 thousand in 2024, indicating a reduction of about 52% due to increased capital expenditures related to coal mining development[104]. - The group completed the acquisition of three Indonesian coal mines (IMJ, VSE, SME), achieving 100% ownership, laying a solid foundation for future development[120]. Acquisitions and Divestitures - The company acquired 100% of PT. Widyanusa Mandiri for IDR 140,260,000,000 (approximately RMB 61,273,000), enhancing its strategic asset portfolio in coal mining[49]. - The acquisition of PT. Widyanusa Mandiri is expected to strengthen the company's market position and profitability in the coal mining sector[50]. - The cash outflow from the acquisition of PT. Widyanusa Mandiri was RMB 61,020,000 after accounting for cash and cash equivalents received[52]. - The company also acquired 100% of Treasure Bay Management Limited for USD 7,900,000 (approximately RMB 56,708,000), which holds a 70% stake in PT. Trisula Sumber Energi[53]. - The company completed the sale of a 40% stake in a subsidiary for RMB 2,950 million, with a net gain of RMB 2,260,806 thousand recognized as equity transaction income[63][64]. - The group sold 100% of a subsidiary holding five coal mines in China for RMB 30,000,000 on June 5, 2025, completing the sale on July 11, 2025[110]. - The company has terminated operations of its subsidiary Perpetual Goodluck Limited, which held significant coal mining licenses in China, with a sale price of RMB 30,000,000[59]. - The acquisition strategy is aimed at expanding the company's business scale and enhancing shareholder returns[54]. Operational Highlights - The coal business reported external customer revenue of RMB 3,110,536 thousand for 2025, a decrease of 33.3% from RMB 4,664,198 thousand in 2024[16]. - The segment's pre-tax profit for 2025 was RMB 331,657 thousand, up 43% from RMB 232,095 thousand in 2024[18]. - Revenue from external customers in China (including Hong Kong) was RMB 1,463,014 thousand in 2025, up 60.3% from RMB 913,523 thousand in 2024[20]. - The company aims to maintain a reasonable asset-liability level and borrowing costs following the sale of the discontinued operations[82]. - The SDE coal mine project is progressing well, with SDE Phase 1 operational since 2023 and Phase 2 expected to commence production on March 28, 2026, significantly boosting overall capacity[89]. - The washing system at SDE Phase 1 has been operational, achieving an annual washing capacity of 8 million tons, which enhances product quality[90]. - The company is focused on optimizing its governance structure and operational efficiency through strategic acquisitions of minority stakes in existing subsidiaries[88]. - The SDE coal mine in Indonesia achieved a historic breakthrough with the successful production launch of the 1103 ultra-long mining face on January 18, 2026, increasing daily production capacity by over 30% compared to traditional methods, with an expected annual benefit of 1 million tons[116]. Employee and Governance - As of December 31, 2025, the group employed 4,089 employees and has implemented a performance-based reward system to incentivize staff[114]. - The independent auditor's report confirms that the consolidated financial statements fairly present the group's financial position as of December 31, 2025, in accordance with International Financial Reporting Standards[126]. Future Outlook - The company plans to continue monitoring and evaluating segment performance and resource allocation on a monthly basis[14]. - The approved coal production quota for SDE coal mine in 2026 is 12.5 million tons, with SDE Mine 1 and Mine 2 allocated 8.95 million tons and 3.55 million tons respectively[118]. - The TSE Mine is designed for an annual production capacity of 8 to 10 million tons, with plans to sign a construction contract in the first half of 2026 to expedite development[121]. - The group aims to deepen relationships with local governments and partners in Indonesia to ensure smooth project development and prioritize funding for capital investments in future projects[122].

Financial Performance - The group recorded revenue of approximately HKD 3,536,600,000 for the reporting period, an increase of about 182.2% compared to HKD 1,253,000,000 in the same period last year[3]. - Gross profit for the reporting period was approximately HKD 50,900,000, up by about HKD 5,100,000 or 11.2% from HKD 45,800,000 in the previous year[3]. - The net loss for the reporting period was approximately HKD 390,300,000, compared to a net loss of about HKD 128,700,000 in the same period last year[3]. - Basic loss per share for the reporting period was HKD 0.8831, compared to HKD 0.3280 in the previous year[5]. - The group reported a total comprehensive loss of approximately HKD 368,220,000 for the year, compared to HKD 150,667,000 in the previous year[5]. - The company reported a net loss attributable to shareholders of approximately HKD 407,989,000 for the year ended December 31, 2025[11]. - The company reported a pre-tax loss of HKD 407,989,000 for the year ending December 31, 2025, compared to a loss of HKD 124,383,000 in 2024, indicating a significant increase in losses[33]. Assets and Liabilities - Trade and other receivables amounted to HKD 911,212,000, a decrease from HKD 2,135,639,000 in the previous year[6]. - Current liabilities included trade and other payables of HKD 165,687,000, down from HKD 1,562,165,000 in the previous year[6]. - The group’s total assets less current liabilities amounted to HKD 387,160,000[6]. - The company’s total assets net worth was HKD 54,634,000 in 2025, down from HKD 354,665,000 in 2024[7]. - The total non-current liabilities decreased from HKD 32,495,000 in 2024 to HKD 23,498,000 in 2025[7]. - The company has a litigation provision of HKD 30,890,000 as of December 31, 2025, reflecting new provisions made during the year[39]. - The company has a significant default on bank loans totaling approximately RMB 149,750,000 (equivalent to HKD 166,881,000) due to delayed repayments[41]. Cash Flow and Financing - As of December 31, 2025, the company's bank and other borrowings amounted to approximately HKD 454,353,000, while cash and cash equivalents were only about HKD 17,158,000[11]. - The company is currently in default on bank borrowings totaling approximately RMB 72,810,000 (equivalent to HKD 81,139,000) due to delayed payments[11]. - The company is actively negotiating with lenders to extend and defer repayments of bank loans[16]. - The company is exploring various financing options to provide operational funding in the foreseeable future[16]. - The company raised approximately HKD 42,900,000 from the subscription of new shares, with a net amount of HKD 42,300,000 allocated for purchasing agricultural products, repaying other borrowings, and general operational funds[74]. - The total bank borrowings amounted to approximately HKD 454,353,000 as of December 31, 2025, with cash and cash equivalents only around HKD 17,158,000[45]. Operational Measures - The company has taken measures to accelerate the collection of outstanding trade receivables[16]. - The company has implemented cost control measures, including optimizing human resources and adjusting management compensation[16]. - The company plans to implement strict cost control measures and accelerate the collection of trade receivables to generate positive operating cash flow[54]. - Management has taken measures to alleviate liquidity pressure and improve cash flow, recognizing significant uncertainty as highlighted by independent auditors[51]. Revenue Sources - In 2025, the company's revenue from the sale of agricultural products and commodities reached HKD 3,514,101 thousand, a significant increase from HKD 1,253,026 thousand in 2024, representing a growth of approximately 180%[24]. - Customer A contributed HKD 473,963 thousand to the company's revenue in 2025, down from HKD 536,071 thousand in 2024, a decrease of approximately 12%[24]. - Customer B was not applicable in 2025 as its revenue contribution did not exceed 10% of the total revenue, while it contributed HKD 132,662 thousand in 2024[24]. Compliance and Governance - The company has adhered to the corporate governance code and regularly reviews its governance practices to ensure compliance with the relevant regulations[110]. - The roles of the Chairman and the CEO are clearly separated to ensure a balance of power and responsibilities within the company[112]. - The company has implemented a robust internal control system to safeguard shareholder investments and assets, with the board ultimately responsible for assessing its effectiveness[114]. - The company has adopted an anti-corruption policy and established a reporting process to encourage employees to report any misconduct in a safe and confidential environment[115]. Future Outlook - The company is actively exploring high-growth businesses such as biotechnology agriculture, smart aquaculture, carbon farming, and agricultural AI software services to enhance long-term profitability and solidify its leading position in modern agriculture and food technology[108]. - The group is advancing vertical e-commerce and industry internet platform construction to enhance online sales of agricultural and meat products[105]. - The group plans to leverage a vertical platform to promote order agriculture, brand agriculture, and smart supply chains, aiming for revenue diversification and resilience against economic cycles[106]. - The group is focusing on high-quality agricultural products and regional public brands, aiming to connect quality products with households in the Greater Bay Area[107].

Financial Performance - The company reported a significant revenue increase to RMB 102,096 thousand for the year ending December 31, 2025, up 762.9% from RMB 11,832 thousand in 2024[2]. - Gross profit surged to RMB 80,679 thousand, representing a 2,213.7% increase compared to RMB 3,487 thousand in the previous year, with a gross margin of 79.0%[2]. - The net loss for the year was RMB 357,110 thousand, an increase of 64.1% from RMB 217,643 thousand in 2024, with a basic loss per share of RMB (2.33)[2]. - The company reported a total comprehensive loss of RMB 357,028 thousand for the year, compared to RMB 217,865 thousand in the previous year, indicating an increase in losses of approximately 64%[13]. - Basic and diluted loss per share for the year was RMB 2.33, worsening from RMB 1.45 in the previous year[13]. - Revenue from drug sales surged to RMB 57,844 thousand in 2025, compared to RMB 1,481 thousand in 2024, reflecting a growth of over 3,900%[24]. - The company generated RMB 33,773 thousand from external licensing income in 2025, up from RMB 5,102 thousand in 2024, an increase of approximately 563%[24]. - Government grants received increased to RMB 15,906 thousand in 2025 from RMB 7,134 thousand in 2024, representing a growth of about 123%[25]. - The company reported a net loss from foreign exchange of RMB (2,846) thousand in 2025, compared to a gain of RMB 239 thousand in 2024[26]. - The total revenue for the year reached RMB 102,096 thousand, a significant increase from RMB 11,832 thousand in the previous year, indicating a growth of approximately 764%[24]. Research and Development - The company successfully launched its innovative drug, TPN171, for treating erectile dysfunction in July 2025, contributing significantly to revenue growth[3]. - The R&D pipeline includes promising candidates such as VV116 and LV232, with ongoing clinical trials and IND applications submitted for further development[7]. - The company submitted 40 new patent applications during the reporting period, strengthening its intellectual property portfolio[9]. - The company incurred significant R&D expenses of RMB 202,502 thousand, reflecting its commitment to innovation and product development[11]. - The company has established a competitive and diversified pipeline of 9 innovative drug products, with 2 in the commercialization stage, 4 in clinical stages, and 3 in preclinical stages[43]. - TPN171, a new PDE5 inhibitor, demonstrated significant clinical efficacy with success rates of 88.67%, 90.33%, and 92.02% for penetration success at doses of 2.5mg, 5mg, and 10mg respectively, showing improvements of 40.58%, 42.43%, and 43.98%[48]. - The clinical trial for TPN171 showed a low incidence of common adverse reactions, with headache rates of 2.6%, 3.2%, and 3.7% across different doses, which is lower than existing market competitors[50]. - LV232, a core product, is expected to enter Phase II clinical trials for depression treatment in April 2025, with completion anticipated in the second half of 2026[53]. - VV116, targeting RSV infections, received IND approval in May 2023 and is included in the breakthrough therapy list as of December 2025[55]. - TPN102, a new epilepsy candidate, is currently in Phase I clinical trials as of December 2025[57]. - VV119, a multi-target serotonin-dopamine modulator for schizophrenia, received IND approval in September 2023 and is in Phase I clinical trials[58]. - VV261, a novel antiviral candidate, received IND approval in August 2024 and is in Phase I clinical trials[59]. - The company acknowledges the risk of not successfully developing and commercializing LV232, VV116, VV119, and VV261[55][60]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has complied with the principles and applicable code provisions since the listing date until December 31, 2025[99]. - The chairman and CEO roles are currently held by the same individual, Dr. Tian Guanghui, since January 2013, which deviates from the corporate governance code but is believed to ensure effective decision-making[100]. - The board of directors will hold at least four meetings annually, with two meetings conducted since the listing date until December 31, 2025[102]. - The audit committee, consisting of one non-executive director and two independent non-executive directors, is responsible for overseeing financial reporting processes and internal controls[106]. - Deloitte has reviewed the annual financial data for the year ending December 31, 2025, confirming compliance with applicable accounting standards and regulations[107]. - The company will actively promote the election of the board and supervisory committee, with further announcements to be made regarding the situation[101]. - The company will continue to review and monitor its corporate governance practices to ensure compliance with the corporate governance code[103]. Market Strategy and Expansion - The company plans to enhance its innovative drug business and market share through continuous product competitiveness improvements and strategic commercialization efforts[90]. - The company is focused on increasing its annual compound growth rate through strategic investments and product development[111]. - The company aims to expand its market presence in mainland China, excluding Hong Kong, Macau, and Taiwan[111]. - The company is exploring potential mergers and acquisitions to enhance its product offerings and market reach[112]. - The global PDE5 inhibitor market is projected to reach $10.6 billion by 2024, with China's market growing from RMB 5.5 billion in 2018 to RMB 9.3 billion in 2024, reflecting a CAGR of 9.1%[89]. - By 2035, the Chinese PDE5 inhibitor market is expected to reach RMB 15 billion, with a forecasted CAGR of 4.4% from 2024 to 2035[89]. Financial Position and Investments - The company's cash and cash equivalents increased to RMB 447,974 thousand in 2025 from RMB 121,135 thousand in 2024, showing a growth of about 270%[14]. - The company's borrowing interest increased to RMB 16,149,000 in 2025 from RMB 12,957,000 in 2024, while the interest on lease liabilities decreased to RMB 1,399,000 from RMB 1,748,000[27]. - The total depreciation and amortization expenses rose to RMB 40,951,000 in 2025, compared to RMB 35,537,000 in 2024, reflecting a significant increase in asset utilization[28]. - The company recognized investments in non-listed market funds totaling RMB 69,464,000 as of December 31, 2025, reflecting a strategic move towards short-term treasury bills[37]. - The company plans to continue its investment strategy in non-listed market funds, with recent purchases aimed at short-term investment objectives[38]. - The current ratio improved to 1.1 as of December 31, 2025, from 0.5 as of December 31, 2024, due to increased cash and bank balances[79]. - The debt-to-asset ratio decreased to 0.7 as of December 31, 2025, from 0.8 as of December 31, 2024, reflecting an optimized capital structure following fundraising[80]. - The company has committed 10% of the net proceeds (approximately HKD 52.7 million) to strengthen its sales and marketing capabilities, with a focus on recruiting experienced personnel[96]. Employee and Operational Insights - Employee costs totaled approximately RMB 262.8 million for the year ended December 31, 2025, compared to RMB 85.0 million for the year ended December 31, 2024[85]. - The number of employees increased to 315 as of December 31, 2025, from 286 as of December 31, 2024, with 46.03% in R&D[84]. - The company has a dedicated R&D team of 145 members, with over 60% holding a master's degree or higher, averaging more than 10 years of industry experience[41]. - The company is committed to adhering to the Good Manufacturing Practice (GMP) standards to ensure quality in drug production[112]. Future Plans and Commitments - The company is in the process of building a production facility in Qingdao, Shandong Province[114]. - The company allocated 10% of the net proceeds (approximately HKD 52.7 million) for the construction of its Qingdao factory, expected to be utilized by the end of 2026[95]. - A total of 20% of the net proceeds (approximately HKD 105.6 million) is earmarked for funding Phase III clinical trials for a candidate drug, with expected utilization by the end of 2028[96]. - The company will release its 2025 annual report, which will be sent to shareholders and published on the Hong Kong Stock Exchange and the company's website[109]. - The annual general meeting is scheduled for June 18, 2026, to discuss the 2025 fiscal year[110].

華鼎集團控股有限公 司 （於開曼群島註冊成立之有限公司） – 1 – 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，並明確表示概不對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。 （股份代號：3398） CHINA TING GROUP HOLDINGS LIMITED 華鼎集團控股有限公司（「本公司」或「華鼎」）董事（「董事」）會（「董事會」）宣佈本公司及其 附屬公司（統稱「本集團」）截至二零二五年十二月三十一日止年度（「二零二五財年」）的綜 合業績，連同截至二零二四年十二月三十一日止年度（「二零二四財年」）的比較數字如下： 截至二零二五年十二月三十一日止年度之 年度業績 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至十二月三十一日止年度 | | | | | 二零二五年 | 二零二四年 | 變動 | | | 百萬港元 | 百萬港元 | 百分比(%) | | 收入 | | | | | 原設備製造業務 | 891.0 | 930.0 | (4.2) | | 時裝零售業 ...