Financial Performance - For the year ending December 31, 2025, the group's revenue from continuing operations was RMB 52.107 billion, an increase of RMB 6.629 billion (14.58%) compared to 2024[2]. - The profit attributable to shareholders for the year was RMB 4.779 billion, an increase of RMB 1.258 billion (35.73%) compared to 2024[2]. - Basic and diluted earnings per share for the year were RMB 0.55, an increase of RMB 0.14 compared to 2024[2]. - The total comprehensive income for the year was RMB 5.031 billion, compared to RMB 3.579 billion in 2024[5]. - The operating profit for the year was RMB 5.813 billion, an increase from RMB 4.327 billion in 2024[3]. - The total revenue for the year ending December 31, 2025, is projected to be RMB 52,107 million, an increase from RMB 45,478 million in 2024, representing a growth of approximately 14.0%[20]. - The profit for the engineering machinery segment in 2025 is RMB 14,610 million, compared to RMB 12,810 million in 2024, indicating an increase of approximately 14.0%[21]. - The company's net profit for the year increased by 25.39% to RMB 5.027 billion for the year ending December 31, 2025, compared to RMB 4.009 billion for the year ending December 31, 2024[75]. Revenue Breakdown - The total revenue for engineering machinery in 2025 was RMB 51,509 million, an increase from RMB 44,849 million in 2024, representing a growth of approximately 14.8%[15]. - The revenue from concrete machinery in 2025 was RMB 10,043 million, up from RMB 8,004 million in 2024, indicating a growth of 25.4%[15]. - The revenue from agricultural machinery decreased to RMB 3,541 million in 2025 from RMB 4,646 million in 2024, a decline of 23.8%[15]. - Revenue from external customers in China decreased to RMB 21,592 million in 2025 from RMB 22,164 million in 2024, a decline of about 2.6%[24]. - Revenue from external customers outside China increased significantly to RMB 30,515 million in 2025, up from RMB 23,314 million in 2024, representing a growth of approximately 31.1%[24]. Assets and Liabilities - Non-current assets totaled RMB 49.077 billion, slightly down from RMB 49.234 billion in 2024[6]. - Current assets increased to RMB 84.030 billion from RMB 74.478 billion in 2024[6]. - Total assets amounted to RMB 133.107 billion, up from RMB 123.712 billion in 2024[6]. - The total equity attributable to shareholders was RMB 57.534 billion, compared to RMB 57.101 billion in 2024[7]. - The total liabilities as of December 31, 2025, amount to RMB 36.083 billion, compared to RMB 29.763 billion in 2024[57]. Research and Development - Research and development expenses for the year were RMB 2.895 billion, compared to RMB 2.769 billion in 2024[3]. - Research and development expenses for 2025 were RMB 2,895 million, compared to RMB 2,769 million in 2024, reflecting an increase of approximately 4.6%[22]. - During the reporting period, the company undertook over 1,800 R&D projects, overcoming 463 key technologies and developing 361 new products, including 3 global bests and 3 industry-first products[88]. - The company has developed the world's largest 3,600-ton wind electric boom tower crane and the longest 76-meter compliant steel boom pump truck, achieving significant technological breakthroughs[88]. Dividends and Share Repurchase - The proposed final dividend for the year ending December 31, 2025, is RMB 0.2 per share, totaling RMB 1.73 billion[102]. - The company repurchased a total of 18,746,800 H-shares during the reporting period, with a total cost of HKD 103,588,328[105]. - The cash dividend declared for the year 2024 was RMB 2,777 million[8]. Market Strategy and Growth - The company plans to continue expanding its market presence and investing in new technologies and products[12]. - The company is focusing on digitalization, globalization, and diversification strategies to drive high-quality development[79]. - The company aims for high-quality development, focusing on "precision, efficiency, and sustainability" while accelerating digital, intelligent, and green transformation[96]. - The company plans to strengthen its overseas market presence, particularly in high-end agricultural machinery and mining equipment, while expanding its domestic distribution network[98]. Compliance and Governance - The company has adopted all applicable code provisions of the Corporate Governance Code, with the exception of the separation of the roles of Chairman and CEO[103]. - The Audit Committee held 4 meetings during the year to review the financial performance and internal controls[106]. Financial Management - The company will enhance budget management and cost control to ensure the achievement of annual operational targets and maintain competitive advantages[101]. - A customer-centric service strategy will be implemented, aiming to improve customer satisfaction through enhanced service networks and digital service management[101].

Financial Performance - Revenue for the year ended December 31, 2025, was RMB 8,504,518 thousand, a decrease of 36% compared to RMB 13,195,837 thousand in 2024[3] - Gross profit for the same period was RMB 1,559,633 thousand, also down by 36% from RMB 2,427,240 thousand in 2024[3] - The company reported a loss attributable to shareholders of RMB 3,411,176 thousand, a 25% improvement from a loss of RMB 4,570,753 thousand in 2024[3] - Basic loss per share was RMB (0.2053), a decrease of 25% compared to RMB (0.2751) in the previous year[3] - The adjusted loss before tax for the year was RMB 3,387,917,000, reflecting significant operational challenges[16] - The company reported a pre-tax loss of RMB 3,509,002 for the year, compared to a loss of RMB 2,169,934 in the previous year, indicating a worsening performance[17] - The company recorded a total loss attributable to shareholders of RMB 3,411,200,000 for the year ended December 31, 2025, compared to a loss of RMB 4,570,800,000 for the previous year, reflecting a reduction in losses of RMB 1,159,600,000[45] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 62,687,180 thousand, down 18% from RMB 75,991,941 thousand in 2024[3] - The total liabilities decreased to RMB 44,978,391 thousand from RMB 54,929,281 thousand, reflecting a reduction in financial obligations[9] - The company’s net assets were RMB 17,708,789 thousand, down 16% from RMB 21,062,660 thousand in 2024[9] - The total bank loans amounted to RMB 10,980,000,000 as of December 31, 2025, with interest rates ranging from 2.65% to 5.20%[50] - As of December 31, 2025, the total outstanding loans amounted to RMB 21,519,194,000, a decrease from RMB 21,657,499,000 in 2024[53] Cash Flow and Investments - Cash and cash equivalents, including restricted funds, decreased by 43% to RMB 2,247,508 thousand from RMB 3,913,093 thousand in 2024[3] - Capital expenditures for the year were RMB 606,951,000, indicating ongoing investment in property and equipment[16] - The company recorded a fair value loss of RMB 575,700,000 on investment properties for the year ended December 31, 2025, compared to a fair value gain of RMB 66,900,000 in the previous year[42] - The company recorded rental and related service income of approximately RMB 2.3 billion from investment properties, reflecting a year-on-year growth of 3%[60] Revenue Segmentation - The total revenue for the year ending December 31, 2025, was RMB 8,504,518,000, with property development contributing RMB 7,261,237,000 and property investment and management contributing RMB 1,243,281,000[16] - The property development segment's revenue decreased to RMB 7,261,200,000, accounting for 85% of total revenue, down from RMB 11,898,400,000, which accounted for 90% of total revenue in the previous year[46] - The property investment and management segment's revenue decreased to RMB 1,243,300,000, representing a decline of 4% from RMB 1,297,500,000, with a significant loss of RMB 379,400,000 compared to a profit of RMB 935,300,000 in the previous year[47] Market Focus and Strategy - The company plans to focus on market expansion and new product development to improve future performance[4] - The company plans to focus on expanding its property management services and exploring new investment opportunities in the upcoming fiscal year[19] - The company aims to achieve a high-speed economic growth of 4.5-5% in China for 2026, anticipating a slight recovery in the real estate market[63] Operational Metrics - The occupancy rate of stabilized economic apartment projects reached 94% as of December 31, 2025, with around 12,000 rental units in operation[62] - The total area of operational commercial projects reached approximately 1.16 million square meters, generating rental income of about RMB 1.36 billion, a year-on-year increase of 14%[61] Corporate Governance - The board of directors did not recommend the payment of a final dividend for the year ending December 31, 2025[72] - The audit committee reviewed the accounting policies and practices adopted by the group, including the financial results for the year ending December 31, 2025[70] - The company has not engaged in any arrangements for its directors or senior executives to acquire shares or debt securities of the company during the review year[68] Awards and Recognition - The company received several awards, including being recognized as one of the "Top 10 Excellent Brands in China's Housing Rental Enterprises"[62]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中國交通建設股份有限公司 CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代號：1800） 截 至2025年12月31日止年度業績公告 財務概要 註 於2025年，本 集 團 收 入 為7,266.36億 元，較2024年 的7,682.43億元減少416.07億 元 或5.4%。 於2025年，營 業 利 潤 為291.25億 元，較2024年 的393.07億元減少101.82億元或 25.9%。 於2025年，母 公 司 所 有 者 應 佔 利 潤 為149.95億 元，較2024年 的238.54億元減少 88.59億元或37.1%。 於2025年，每股盈利為0.86元，而2024年 為1.40元。 於2025年，本 集 團 新 簽 訂 合 同 額 為18,836.72億 元，較2024年 的1 ...

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 2,407,213, a decrease of 9.8% from HKD 2,668,586 in 2024[4] - Gross profit for 2025 was HKD 794,528, down 10.7% from HKD 890,145 in 2024[4] - Profit before tax decreased to HKD 263,797, a decline of 16.3% compared to HKD 315,182 in the previous year[4] - Net profit for the year was HKD 212,374, representing a decrease of 16.3% from HKD 253,592 in 2024[4] - Basic earnings per share for 2025 was HKD 0.2491, down from HKD 0.2858 in 2024, a decline of 12.2%[5] - The group's revenue for the year was HKD 2,407,213 thousand, a decrease from HKD 2,668,586 thousand in the previous year, representing a decline of approximately 9.8%[24] - The group's operating profit before tax for 2025 was HKD 263,797,000, down from HKD 315,182,000 in 2024, representing a decline of 16.3%[29] - Profit attributable to owners fell by 12.5% to HKD 187,700,000 in 2025, compared to HKD 214,400,000 in 2024[55] Revenue Breakdown - Printing revenue amounted to HKD 1,560,691 thousand, down from HKD 1,738,350 thousand, indicating a decrease of about 10.3%[24] - Publishing revenue was HKD 846,522 thousand, compared to HKD 930,236 thousand, reflecting a decline of approximately 9.0%[24] - The printing segment generated revenue of HKD 1,560,691,000 in 2025, a decrease of 10.3% from HKD 1,738,350,000 in 2024[29] - The publishing segment's revenue was HKD 846,522,000 in 2025, down 8.9% from HKD 930,236,000 in 2024[29] - The sales revenue of Huixing Printing in China dropped by 17%, reflecting reduced demand for offshore printing services[60] - Papercraft in Malaysia saw a sales revenue increase of 6%, driven by expanded printing capacity and a shift of publishing clients from China due to tariff uncertainties[62] - Regal Publishing's sales revenue decreased by 18%, primarily due to a weak U.S. market and high tariffs on non-book products[64] - APOL's sales revenue decreased by 2%, primarily due to weak demand in the US and Australia, but was partially offset by strong orders from the UK and EU[63] - Quarto Group's revenue declined by 9% in 2025, reflecting a weak global illustrated book market and strategic restructuring efforts[66] Assets and Liabilities - Total assets as of December 31, 2025, were HKD 2,688,028, a slight decrease from HKD 2,590,410 in 2024[6] - The company's total assets increased to HKD 293,332,000 by the end of fiscal year 2025, up from HKD 237,804,000 in 2024, representing a growth of 23.4%[41] - The total carrying value of trade receivables as of December 31, 2025, is HKD 562,925,000, down from HKD 651,743,000 in 2024, reflecting a decrease of approximately 13.5%[47] - The net value of inventory as of December 31, 2025, is HKD 369,624,000, a decrease from HKD 390,638,000 in 2024, representing a decline of about 5.5%[46] - The total carrying value of financial assets measured at fair value through profit or loss is HKD 2,456,000 as of December 31, 2025, with no prior value reported for 2024[48] - The total bank borrowings due within one year as of December 31, 2025, is HKD 49,337,000, significantly reduced from HKD 163,878,000 in 2024, indicating a decrease of approximately 69.9%[50] - The company's total liabilities decreased to HKD 150,158,000 in 2025 from HKD 142,501,000 in 2024, reflecting a reduction in financial obligations[44] Dividends - The company declared an interim dividend of HKD 0.0231 per share for 2025, compared to HKD 0.0770 in 2024[7] - The total dividends declared for the fiscal year 2025 reached HKD 69,300,000, an increase of 12.5% compared to HKD 61,600,000 in 2024[39] - The board declared an interim dividend of HKD 0.09 per share, reflecting confidence in the group's long-term prospects[56] - The company plans to declare a second interim dividend of HKD 0.09 per share for the year ended December 31, 2025[81] Operational Efficiency - The overall gross profit margin was maintained through rigorous cost management and operational efficiency improvements[59] - The overall gross profit margin for 2025 remained stable compared to the previous year, with the printing segment's profit margin improving due to lower material costs and enhanced operational efficiency[72] - The group is implementing targeted cost-cutting measures to safeguard profit margins and enhance operational flexibility[70] Accounting Standards and Compliance - The group is reviewing its financial asset and liability derecognition practices to ensure compliance with new accounting standards[17] - New accounting standards, including HKFRS 18, will affect the presentation and disclosure of the income statement starting from 2027, but are not expected to have a significant impact on the group's financial performance[19] - The group anticipates that the adoption of new standards will enhance the disclosure of performance metrics defined by management[19] - The group is committed to ensuring that its financial reporting aligns with the latest accounting standards and practices[20] Foreign Exchange and Other Income - The group reported a net gain from foreign exchange of HKD 28,580,000 in 2025, compared to HKD 14,507,000 in 2024, an increase of 96.5%[32] - Other income increased to approximately HKD 63,500,000 from HKD 58,600,000, primarily due to a foreign exchange gain of HKD 14,100,000 driven by the appreciation of foreign currency-denominated assets[72] Investments and Acquisitions - The company completed the acquisition of Marvel Printing Ltd for a total consideration of up to AUD 7,515,000 (approximately HKD 36,974,000) on May 16, 2025[52] - The identifiable assets and liabilities from the acquisition amounted to a total of HKD 19,018,000, with cash consideration of HKD 14,834,000 and goodwill of HKD 3,438,000[54] Market Conditions - The U.S. remains the largest revenue market for the group, with ongoing tariff policies significantly impacting operations[67] - The European Parliament confirmed that printed books are exempt from the EU Deforestation Regulation, benefiting offshore printers[68] - Freight rates remain low due to structural overcapacity, with expectations of continued low costs amid geopolitical uncertainties[68] - The illustrated book market faces pressure from a 30% increase in royalty costs since the pandemic, prompting a shift towards emerging authors[69] - The global book market showed mixed performance, with US printed book unit sales down by 0.4% year-on-year[59]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 Redco Healthy Living Company Limited 力高健康生活有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2370） 截至二零二五年十二月三十一日止年度 的年度業績公告 財務摘要 – 1 – ‧ 截至二零二五年十二月三十一日止年度的收益約為人民幣400.5百萬元，較截 至二零二四年十二月三十一日止年度約人民幣419.6百萬元減少約4.6%。 ‧ 截至二零二五年十二月三十一日止年度的毛利約為人民幣96.9百萬元，較截 至二零二四年十二月三十一日止年度約人民幣113.4百萬元減少約14.6%。 ‧ 毛利率由截至二零二四年十二月三十一日止年度的約27.0%減至截至二零 二五年十二月三十一日止年度的約24.2%。 ‧ 本集團截至二零二五年十二月三十一日止年度的虧損淨額約為人民幣9.3百萬 元，較截至二零二四年十二月三十一日止年度的虧損淨額約人民幣20.1百萬 元減少約53.9 ...

Financial Performance - The company reported total revenue of $2,621,000 for the year ending December 31, 2025, a decrease of 55.3% compared to $5,867,000 in 2024[3]. - Gross profit for the year was $1,549,000, down 57.5% from $3,642,000 in the previous year[3]. - The company incurred a pre-tax loss of $5,418,000, compared to a loss of $1,756,000 in 2024, indicating a significant increase in losses[3]. - Total comprehensive loss attributable to owners of the company was $4,321,000, compared to $1,060,000 in the prior year, reflecting a worsening financial position[3]. - The company reported a significant increase in investment property fair value losses, which amounted to $4,390,000 in 2025 compared to $2,769,000 in 2024[3]. - The group recorded a net loss after tax of $4,321,000 for the year ended December 31, 2025, compared to a net loss of $1,060,000 in 2024, with revenue decreasing from $5,867,000 in 2024 to $2,621,000 in 2025[29]. - The gross profit margin declined from 62.1% in 2024 to 59.1% in 2025[29]. - The basic loss per share for the year was $0.59, compared to $0.15 in 2024[39]. Assets and Liabilities - Non-current assets decreased to $79,951,000 in 2025 from $82,415,000 in 2024, showing a decline of 4.5%[4]. - Current assets increased slightly to $13,814,000 in 2025 from $12,384,000 in 2024, representing a growth of 11.6%[4]. - Total equity decreased to $73,424,000 in 2025 from $76,283,000 in 2024, a decline of 3.7%[5]. - The company’s total liabilities increased to $18,009,000 in 2025 from $16,206,000 in 2024, indicating a rise of 11.1%[5]. - The company’s cash and cash equivalents decreased to $7,930,000 in 2025 from $8,651,000 in 2024, a drop of 8.3%[4]. - The net trade receivables decreased to $974,000 in 2025 from $1,948,000 in 2024, a decline of about 50%[22]. - Trade and other payables totaled $1,310,000 in 2025, down from $1,588,000 in 2024, a decrease of approximately 17.4%[25]. - The group has bank loans totaling $2,582,000 as of December 31, 2025, with $250,000 due within one year and $2,332,000 due after one year[26]. Revenue Breakdown - Revenue from shoe production and sales was $13,000 in 2025, down from $1,499,000 in 2024, representing a decline of 99.1%[9]. - Rental income from properties was $2,608,000 in 2025, a decrease of 40.3% from $4,368,000 in 2024[13]. - The revenue from the U.S. market for shoe production was $13,000 in 2025, down from $704,000 in 2024[13]. - The company reported a segment loss of $1,411,000 from shoe production and sales in 2025, compared to a loss of $563,000 in 2024[12]. - The rental property segment generated a profit of $1,168,000 in 2024, which turned into a loss of $2,181,000 in 2025[12]. - Major customers contributing over 10% of total revenue included Customer A with $677,000 and Customer B with $588,000 in 2025[14]. Operational Changes - The company applied revised Hong Kong Financial Reporting Standards for the first time this year, which did not significantly impact financial performance[8]. - The group plans to temporarily suspend production activities and monitor market conditions for one to two years before making further decisions[35]. - The group is actively seeking new tenants and has engaged in negotiations with several potential tenants despite market uncertainties[33]. - The group is collaborating with local government bodies and organizations to attract new tenants and transform the industrial park into a high-tech industrial zone[34]. - The group’s industrial park in Nansha has a total rental area of over 340,000 square meters, providing a steady income source[31]. Cost Management - Total employee costs decreased to $1,300,000 in 2025 from $2,024,000 in 2024, reflecting a reduction of approximately 35.7%[16]. - The group continues to implement strict cost control and efficiency policies[39]. - The group maintains a conservative policy with a low level of debt ratio in resource allocation[40]. - The average credit period for procurement of goods was maintained at 90 days, ensuring financial risk management policies are in place[25]. Tax and Provisions - The company did not recognize any tax provisions for its subsidiaries in China due to tax losses incurred in both years[18]. - The deferred tax expense increased to $(1,097,000) in 2025 from $(692,000) in 2024, showing a rise of approximately 58.6%[17]. - The group has made a provision of $27,000 for housing provident fund claims for the year ended December 31, 2025, compared to $2,000 in 2024[27]. Capital Expenditures - Capital expenditures for the year amounted to $109,000, used for the purchase and replacement of plant and machinery[42].

Financial Performance - CWT International Limited reported total revenue of HKD 46,621,655, an increase of 18.0% from HKD 39,363,662 in the previous year[3] - Gross profit for the year was HKD 1,962,979, reflecting a slight increase of 1.6% compared to HKD 1,931,046 in the prior year[3] - The company achieved a net profit of HKD 405,993, representing a 16.5% increase from HKD 348,307 in the previous year[5] - Basic and diluted earnings per share rose to HKD 3.26, up from HKD 2.67, marking a 22.1% increase[5] - The company reported a total revenue of HKD 46,143,503,000 for the fiscal year ending December 31, 2024, representing an increase from HKD 42,627,036,000 in the previous year, which is a growth of approximately 11.8%[26] - The company achieved a net profit of HKD 673,471,000 for the year, compared to HKD 402,892,000 in the previous year, reflecting a significant increase of approximately 67%[26] Revenue Segmentation - Revenue from the commodity trading and related services segment significantly increased to HKD 39,523,041,000 in 2025, up from HKD 32,108,541,000 in 2024, marking a growth of about 23.2%[17] - The logistics services segment generated revenue of HKD 1,509,471,000 in 2025, slightly down from HKD 1,528,768,000 in 2024, indicating a decrease of approximately 1.9%[17] - Revenue from financial services interest income decreased to HKD 402,892,000 in 2025 from HKD 477,768,000 in 2024, reflecting a decline of about 15.6%[17] - The company reported a significant increase in revenue from the China region, which rose to HKD 32,343,153,000 in 2025 from HKD 27,024,143,000 in 2024, an increase of approximately 19.5%[18] - The North America segment's revenue increased to HKD 627,663,000 in 2025, up from HKD 536,008,000 in 2024, representing a growth of about 17.1%[18] Assets and Liabilities - Total assets increased to HKD 27,621,235, a rise of 26.5% from HKD 21,870,424 in the previous year[6] - Current liabilities grew to HKD 24,705,322, an increase of 24.5% from HKD 19,783,347 in the previous year[7] - The company's net asset value reached HKD 5,481,742, up from HKD 4,905,448, indicating a growth of 11.7%[8] - Non-current assets totaled HKD 5,839,241, a slight increase from HKD 5,761,616 in the previous year[6] - Trade receivables amounted to HKD 5,086,914,000 in 2025, up from HKD 3,363,238,000 in 2024, marking an increase of about 51.1%[38] - Trade payables decreased to HKD 1,629,312,000 in 2025 from HKD 1,886,360,000 in 2024, a decline of approximately 13.6%[39] Operational Highlights - The cold chain logistics business demonstrated strong operational performance, solidifying its market leadership in Southeast Asia's premium wine storage ecosystem[47] - The mineral logistics and mixed services segment saw a 92.6% year-on-year increase in concentrate processing volume, driven by rising demand for copper and gold concentrates[50] - The company maintained a 100% warehouse utilization rate, with expectations for stable rental rates in the coming 12 months[46] - The logistics sector is experiencing rental pressure due to increased supply and tariff impacts, with expectations for rental recovery as demand stabilizes[46] - The company is focusing on operational optimization, customer expansion, and selective regional growth to enhance service capabilities and cost efficiency in 2026[50] Future Outlook and Strategy - The company plans to expand its market presence and invest in new product development, aiming for a revenue target of HKD 5,433,096,000 for the upcoming fiscal year[26] - The company anticipates a continued upward trend in revenue growth, projecting a target of HKD 5,503,013,000 for the next fiscal year, which would represent a growth of approximately 1.7%[26] - The company is exploring potential mergers and acquisitions to enhance its market position and expand its product portfolio in the coming years[26] - The company plans to focus on network expansion, product diversification, and organizational optimization in 2026 to address ongoing market challenges[52] Compliance and Governance - The company has complied with the corporate governance code as per the listing rules for the fiscal year ending December 31, 2025[74] - The company's auditor has issued a report on the financial statements for the year ending December 31, 2025, with no reservations or emphasis of matter noted[11] Market Conditions - The geopolitical tensions and policy uncertainties have led to increased operational costs and supply chain challenges, impacting overall profit margins[44] - The company is actively managing market volatility risks while seizing opportunities to optimize profitability amid a challenging market environment[45] - In the first half of 2025, shipping freight rates decreased compared to the same period in 2024, with rates dropping below pre-pandemic levels in August and September[51] - Straits Financial Group's financial services revenue decreased by 2.5% to HKD 1,076,363,000, while pre-tax profit slightly increased by 0.7% to HKD 200,120,000[56] Employee and Cost Management - The total employee cost for the year ending December 31, 2025, was HKD 1,536,042,000, compared to HKD 1,474,706,000 in 2024, reflecting a year-on-year increase of approximately 4.2%[68] - As of December 31, 2025, the total number of employees in the group, including joint ventures and associates, was 5,961, an increase from 5,936 in the previous year[68]

Financial Performance - For the year ended December 31, 2025, the Group reported a total comprehensive loss of RMB23.6 million, compared to a loss of RMB7.1 million in the previous year, representing a significant increase in losses [3]. - The basic loss per share for 2025 was RMB0.010, up from RMB0.003 in 2024, indicating a worsening financial performance [3]. - Total revenue for 2025 was RMB46.8 million, reflecting a year-on-year decrease of 20.0%, primarily due to rising traffic costs and a decline in main business revenue [11]. - Revenue from marketing services decreased by approximately 39.5% year-on-year to approximately RMB32.4 million, with online marketing revenue declining by approximately 48.0% to RMB23.5 million [32][33]. - Revenue from the self-owned brand business reached approximately RMB14.2 million, representing a year-on-year increase of approximately 195.6% [32][33]. - Revenue from other business operations increased to approximately RMB0.1 million, representing a year-on-year increase of approximately 825.0% [32][33]. - Gross profit for the year was approximately RMB8.8 million, reflecting a decrease of approximately 47.2% year-on-year [31]. - Operating loss for the year was approximately RMB22.7 million, representing an increase of approximately 188.0% compared to the previous year [31]. - Loss for the year was approximately RMB22.9 million, a significant increase of approximately 224.2% compared to 2024 [31]. - Total reportable segment loss increased to RMB19,590,000 in 2025 from RMB7,965,000 in 2024, reflecting a rise of 146.5% [1]. - Consolidated loss before income tax rose to RMB22,857,000 in 2025 compared to RMB7,896,000 in 2024, an increase of 189.5% [1]. Cost Management and Efficiency - The Group initiated a "Cost Reduction and Efficiency Enhancement" initiative, focusing on optimizing team structure and embedding AI technology to improve operational efficiency [14]. - Continued focus on cost structure optimization will involve deep embedding of AI technology across operations to enhance resource utilization efficiency [22]. - The Group aims to strictly control non-essential expenditures while maintaining investment in core capabilities to ensure strategic resource allocation [22]. - Sales cost for 2025 was approximately RMB37.9 million, a decrease of about 9.0%, significantly lower than the revenue decline of 20.0%, mainly due to rising traffic acquisition costs in online marketing [38]. - Gross profit decreased by approximately 47.2% year-on-year, with the gross profit margin declining from 28.6% in the previous year to 18.9% due to a decrease in total revenue without a corresponding reduction in procurement costs [39][40]. - For the marketing services business, gross profit decreased by approximately 61.0% year-on-year, with the gross profit margin dropping from 30.7% to 19.8% [41]. Strategic Initiatives - The Group plans to continue its core strategy of "Vertical Deepening, Technology-Driven Efficiency, and Lean Operations" while exploring new growth drivers in 2026 [20]. - A dynamic demand-sensing system will be developed to track omni-channel consumption behavior, aiming to enhance customer engagement and operational efficiency [21]. - The company plans to deepen cooperation with high-quality manufacturing partners and optimize product experiences in meal replacement and light meal categories [26][27]. - Proprietary brands maintained a high repurchase intent in user tests, indicating a strong foundation for future scaled expansion in the market [16]. - Management emphasizes a pragmatic approach and focused strategy to navigate industry challenges and build momentum for future growth [27]. Financial Position - As of December 31, 2025, total equity was approximately RMB26.5 million, a decrease of approximately 47.6% from RMB50.5 million as of December 31, 2024, primarily due to losses from operating activities [50][53]. - Net current assets as of December 31, 2025, were approximately RMB23.6 million, a decrease of approximately 48.3% from RMB45.7 million as of December 31, 2024, mainly due to a decrease in cash at banks and an increase in short-term borrowings [51][53]. - Cash at banks was approximately RMB23.3 million as of December 31, 2025, down 35.0% from approximately RMB35.8 million as of December 31, 2024, primarily due to payments related to operating activities [55][56]. - The gearing ratio as of December 31, 2025, was 38.8%, compared to 13.2% as of December 31, 2024 [57][61]. - Current assets decreased to RMB40.393 million in 2025 from RMB53.355 million in 2024, with cash and cash equivalents dropping to RMB23.270 million from RMB35.817 million [73]. - Current liabilities increased to RMB16.778 million in 2025 from RMB7.650 million in 2024, driven by an increase in trade payables and bank borrowings [73]. Governance and Compliance - The Audit Committee, consisting of three independent non-executive Directors, has reviewed the Group's annual results for the year ended December 31, 2025, and confirmed compliance with relevant accounting standards [166]. - The figures in the Group's consolidated financial statements for the year ended December 31, 2025, have been agreed upon by the Company's auditors [170]. - The Company has complied with all applicable code provisions of the CG Code from March 6, 2026, following the appointment of a new CEO [159]. - The Company has adopted the Model Code for directors' securities transactions, and all directors confirmed compliance throughout the year ended December 31, 2025 [164]. - The Board will continue to monitor corporate governance practices to maintain high standards [163]. - The Company has established an Audit Committee in compliance with the Listing Rules and CG Code [165]. Future Outlook - The Group's ability to continue as a going concern depends on generating adequate cash flows from business operations and raising external debt financing, with a cash flow forecast indicating sufficient working capital until June 30, 2027 [92]. - The 2026 annual general meeting (AGM) is scheduled for June 26, 2026, with notices to be sent out in April 2026 [151]. - The register of members will be closed from June 23, 2026, to June 26, 2026, during which no share transfers will be registered [152]. - The annual report for the year ending December 31, 2025, will be published on April 2026 and will include all information required by the listing rules [173].

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 1,463,562, a decrease of 1.2% compared to HKD 1,481,802 in 2024[3] - Gross profit increased by 3.8% to HKD 225,355 from HKD 217,024 in the previous year[3] - Loss attributable to equity holders of the company improved by 54.5%, reducing to HKD 27,907 from HKD 61,306 in 2024[3] - EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) rose by 31.9% to HKD 91,142 from HKD 69,079[3] - Basic loss per share decreased to HKD 3.12 from HKD 6.86, reflecting a 54.5% improvement[3] - Total comprehensive loss for the year was HKD 8,765, significantly reduced from HKD 77,847 in the previous year[6] - The reported segment profit for 2025 is HKD 12,284,000, a significant recovery from a loss of HKD 19,062,000 in 2024[22] - The company reported a pre-tax loss of HKD 23,563,000 for 2025, an improvement from a loss of HKD 51,609,000 in 2024[22] - Total depreciation and amortization expenses for 2025 were HKD 94,608,000, down from HKD 100,735,000 in 2024, reflecting a reduction of approximately 6.3%[22] - Financing costs decreased to HKD 12,242,000 in 2025 from HKD 12,866,000 in 2024, a reduction of about 4.8%[26] Assets and Liabilities - Non-current assets totaled HKD 879,975, an increase from HKD 863,191 in 2024[7] - Current assets decreased to HKD 998,588 from HKD 1,025,106 in the previous year[7] - Total liabilities decreased to HKD 603,251 from HKD 623,231, indicating improved financial stability[8] - Trade receivables decreased to HKD 429,918,000 in 2025 from HKD 490,529,000 in 2024[30] - Trade payables totaled HKD 242,426,000 in 2025, compared to HKD 286,419,000 in 2024[33] - The group reported a net cash position of HKD 73,848,000, an increase from HKD 36,003,000 in 2024[51] - The group's interest-bearing borrowings amounted to approximately HKD 202,956,000, slightly down from HKD 203,896,000 in 2024[51] - The net current assets were approximately HKD 395,337,000, compared to HKD 401,875,000 in 2024, with a current ratio of 1.7[52] Revenue by Segment - Revenue from the Chinese market (excluding Hong Kong) increased to HKD 881,567,000 in 2025, up from HKD 744,297,000 in 2024, marking a growth of approximately 18.4%[23] - Major customer revenue from the plastic segment decreased to HKD 346,830,000 in 2025 from HKD 469,177,000 in 2024, a decline of about 26.1%[24] - Revenue from the U.S. market decreased to HKD 427,875,000 in 2025 from HKD 543,491,000 in 2024, a decline of approximately 21.3%[23] - The magnesium alloy segment experienced significant growth, with revenue increasing by 34.3% to HKD 621,416,000, up from HKD 462,578,000 in 2024, accounting for approximately 42.5% of total revenue[38] - The plastic segment's revenue declined by approximately 17.8% to HKD 559,525,000, down from HKD 680,556,000 in 2024, while segment profit rose to HKD 25,185,000 from HKD 5,607,000[40] - The aluminum alloy business revenue decreased by approximately 17.9% year-on-year to HKD 199,202,000, contributing about 13.6% to the group's overall revenue in 2025, down from 16.4% in 2024[41] - Zinc alloy business revenue increased by approximately 25.5% to HKD 61,376,000, accounting for about 4.2% of the group's total revenue in 2025, up from 3.3% in 2024[42] - Other businesses saw a significant revenue decline of approximately 53.3% to HKD 22,043,000[43] Corporate Governance and Management - The company has temporarily appointed Mr. Li Yuanfa as CEO effective from December 31, 2024, following the resignation of Mr. Chu Weimin, which deviates from the corporate governance code C.2.1[66] - The Audit Committee, established in June 2007, is responsible for reviewing financial reports and overseeing the appointment and remuneration of independent auditors[68] - The Nomination Committee, also formed in June 2007, evaluates the board's structure and composition annually and recommends qualified candidates for directorship[69] - The Remuneration Committee, established in June 2007, provides recommendations on the remuneration policies for directors and senior management[70] - The Risk Management Committee was established in October 2020 to monitor and review risk management processes and internal controls[71] - The company has adopted the "Standard Code for Securities Transactions by Directors of Listed Issuers" and confirmed compliance for the fiscal year ending December 31, 2025[72] - The Audit Committee has reviewed the audited consolidated financial statements for the year ending December 31, 2025[73] - The board consists of four executive directors and four independent non-executive directors as of the announcement date[75] Future Outlook and Market Trends - The global economy is expected to grow at a moderate rate of 3.3% in 2026, with China's GDP growth target set between 4.5% and 5.0%[44] - The demand for magnesium alloys in the automotive sector is projected to grow significantly, with potential demand reaching 5.12 million tons by 2030, reflecting a compound annual growth rate of approximately 32%[47] - The lightweight materials market for low-altitude economy is expected to reach approximately RMB 1.5 trillion by the end of 2025, with significant growth anticipated in the drone and electric vertical takeoff and landing aircraft sectors[48] - The humanoid robot market in China is accelerating, with a single robot requiring about 12 kg of magnesium alloy, indicating a substantial increase in potential demand as production scales up[49] - The company is developing a new generation of high thermal conductivity magnesium alloys for the rapidly growing artificial intelligence personal computer market, successfully applied in Lenovo's ThinkPad X1 Carbon Aura AI[46] - The company is actively exploring solutions for effective thermal management in high-density computing environments, addressing challenges posed by modern high-power GPUs and accelerators[46] Capital Management - The company did not recommend a final dividend for the fiscal year ending December 31, 2025[34] - The group has not declared a final dividend for the year ended December 31, 2025, maintaining a conservative approach to capital retention[61] - There were no significant investments, acquisitions, or disposals during the year ended December 31, 2025[56] - The group has not engaged in any buybacks or sales of its listed securities during the year[63] - The group has not established any financial instruments for hedging foreign exchange risks but is monitoring its exposure[53] Employee and Operational Metrics - The group has approximately 4,288 full-time employees as of December 31, 2025, down from 4,550 in 2024[58] - The company has invested in upstream magnesium deep processing in Shaanxi, China, establishing a vertically integrated supply chain to ensure stable and high-quality raw material supply[45] - The group has entered into an agreement to acquire 40% equity in a company for a cash consideration of RMB 14.3 million[57]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 （於百慕達註冊成立之有限公司） （股份代號：00487） 截至二零二五年十二月三十一日止年度之 末期業績公告 業 績 實 德 環 球 有 限 公 司（「本公司」）董 事 會（「董事會」）宣 布 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 之 綜 合 業 績 連 同 截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 年 度 之 比 較 數 字 如 下： – 1 – 綜合損益及其他全面收益表 截至二零二五年十二月三十一日止年度 本 年 度（虧 損）╱溢 利 (410,388) 93,391 其 他 全 面 收 益╱（虧 損） 其 後 可 能 重 新 分 類 至 損 益 之 項 目： 換算海外附屬公司財務報表所產生之匯兌差額 1,233 (3,982) 於出售一間附屬 ...