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。 雲 南 水 務 投 資 股 份 有 限 公 司 Yunnan Water Investment Co., Limited* 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （ － 收益約為人民幣2,370百萬元，較截至二零二四年十二月三十一日止年度減少約 15.3% － 本年虧損約為人民幣2,072百萬元，較截至二零二四年十二月三十一日止年度虧損 減少約4.4% － 本公司普通股股東應佔虧損約為人民幣1,856百萬元，較截至二零二四年十二月 三十一日止年度應佔虧損增加6.7% － 每股基本虧損約為人民幣1.729元，較截至二零二四年十二月三十一日止年度每股 基本虧損增加人民幣0.271元 － 董事會不建議分派截至二零二五年十二月三十一日止年度的末期股息 合併損益及其他全面收益表 | | | 截至十二月三十一日止年度 | | | --- | --- | --- | --- ...

Financial Performance - The company reported a total revenue of HKD 49,188,000 for the year ended December 31, 2025, representing a 15.5% increase from HKD 42,432,000 in 2024[3] - The net loss for the year was HKD 81,822,000, compared to a net loss of HKD 33,087,000 in the previous year, indicating a significant increase in losses[4] - The company’s basic and diluted loss per share was HKD 8.86, up from HKD 3.56 in 2024, reflecting a worsening financial position[4] - The company recorded a pre-tax loss of HKD 78,195,000 for 2025, compared to a loss of HKD 29,514,000 in 2024, reflecting a deterioration in financial performance[30] - The net loss attributable to equity holders for the year ended December 31, 2025, was HKD 63,385,000, compared to a loss of HKD 23,731,000 for the year ended December 31, 2024[36] - The group reported a loss of approximately HKD 81,800,000 for the year, compared to a loss of HKD 33,100,000 in the previous year, primarily due to a write-down of HKD 56,300,000 on properties under development and completed properties held for sale[43] Assets and Liabilities - Total assets decreased to HKD 3,683,391,000 in 2025 from HKD 3,376,963,000 in 2024, showing a decline in asset value[5] - The company’s current liabilities increased to HKD 1,720,056,000 in 2025 from HKD 1,220,289,000 in 2024, indicating a rise in short-term financial obligations[5] - Cash and cash equivalents decreased to HKD 11,607,000 in 2025 from HKD 16,175,000 in 2024, highlighting liquidity challenges[5] - The company’s interest-bearing borrowings totaled HKD 1,456,940,000 as of December 31, 2025, with current borrowings amounting to HKD 791,477,000[11] - The company’s non-current assets decreased to HKD 126,669,000 in 2025 from HKD 135,961,000 in 2024, indicating a reduction in long-term asset investments[5] - The total receivables, including accounts receivable and other receivables, were HKD 688,064,000 for the year ended December 31, 2025, down from HKD 709,072,000 in 2024[37] - The provision for impairment losses on accounts receivable was HKD 15,491,000 for the year ended December 31, 2025, compared to HKD 14,904,000 for 2024[38] Revenue Segmentation - The revenue from the wine and trade segment was HKD 17,084,000 in 2025, significantly up from HKD 6,341,000 in 2024, marking a growth of 169.5%[25] - The art and culture segment generated revenue of HKD 359,000 in 2025, down from HKD 2,118,000 in 2024, indicating a decline of 83.1%[29] - The total external customer revenue from Hong Kong was HKD 21,485,000 in 2025, down from HKD 27,997,000 in 2024, a decrease of 23.4%[27] - Revenue from mainland China increased to HKD 27,703,000 in 2025 from HKD 14,435,000 in 2024, representing a growth of 92.1%[27] - The property development segment contributed revenue of approximately HKD 17,100,000, with a pre-tax loss of approximately HKD 96,600,000, an increase from a loss of HKD 30,700,000 in the previous year[44] - The art and culture segment generated revenue of approximately HKD 31,700,000, with a pre-tax profit of approximately HKD 23,700,000, significantly up from HKD 6,200,000 in the previous year[47] - The wine and trade segment reported revenue of approximately HKD 400,000, down from HKD 2,100,000 in the previous year, but with a pre-tax profit of approximately HKD 5,000,000, up from HKD 4,100,000[50] Financial Strategies and Support - The company is facing significant legal uncertainties that may impact its ability to continue as a going concern beyond December 31, 2025[12] - The company has engaged in multiple discussions with banks to extend the repayment of interest-bearing loans for an additional two to three years[12] - The company completed two rounds of share placements, raising approximately HKD 73,430,000 for operational funding[12] - The company is in the process of issuing convertible bonds with a total principal amount of up to HKD 323,000,000[12] - The company’s ultimate controlling party has committed to providing necessary financial support to meet operational and financial obligations[12] - The board has reviewed cash flow forecasts covering an 18-month period starting from December 31, 2025, and believes the company will have sufficient operational funds[13] Accounting and Reporting - The company has adopted revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the consolidated financial statements[18] - Future changes in accounting standards are not expected to have a significant impact on the company's performance and financial position[20] - The company manages its business by segments, with disclosures consistent with internal reporting to key decision-makers[22] - The audit committee has reviewed the financial statements for the year ended December 31, 2025[64] - The annual report for 2025 will be published on or before April 30, 2026, on the company's website and the Hong Kong Stock Exchange website[68] Capital and Commitments - The capital debt ratio as of December 31, 2025, was approximately 165.9%, compared to 161.0% as of December 31, 2024[55] - The total contingent liabilities related to guarantees provided to banks for loans to property development clients amounted to approximately HKD 357,700,000 as of December 31, 2025, up from HKD 343,200,000 in 2024[58] - The capital commitments as of December 31, 2025, were approximately HKD 781,500,000, an increase from HKD 627,600,000 in 2024[59] Other Financial Metrics - The total financing costs for the year ended December 31, 2025, amounted to HKD 115,313,000, up from HKD 82,981,000 in 2024[9] - The current tax expense for Hong Kong profits tax for the year ended December 31, 2025, was HKD 3,901,000, compared to HKD 2,727,000 for 2024[34] - The fair value loss on investment properties for the year ended December 31, 2025, was HKD 1,410,000, an improvement from a loss of HKD 4,330,000 in 2024[8] - The company recorded a deferred tax expense of HKD (337,000) for the year ended December 31, 2025, compared to HKD (1,327,000) for 2024[34] - The company reported a capital expenditure of HKD 36,000 in 2025, consistent with the previous year[25] - The company incurred depreciation expenses of HKD 2,963,000 in 2025, a decrease from HKD 3,745,000 in 2024, showing a reduction of 20.8%[30] - Interest income from prepayment to contractors was HKD 31,745,000 in 2025, slightly down from HKD 32,752,000 in 2024, a decline of 3.1%[29] - The interest income from accounts receivable was HKD 197,538,000 for the year ended December 31, 2025, compared to HKD 166,208,000 for 2024[37] Market Outlook and Innovations - The group plans to upgrade the shopping mall portion of the Silk Road International Cultural Center after successfully raising funds through convertible bonds in 2026[46] - The group is exploring blockchain, digital finance, and compliance with external experts to assess the feasibility of tokenizing real-world assets (RWA), currently in preliminary stages[51] - The group aims to leverage augmented reality technology to enhance cultural experiences and historical scene restoration, promoting a business model that integrates culture, technology, and finance[52] - The group anticipates a rebound in the cultural and art market, despite short-term uncertainties in the Chinese economy[51] Dividends and Securities - The company did not declare or recommend any dividends for the years ended December 31, 2025, and 2024[35] - The company did not recommend the payment of dividends for the year ended December 31, 2025, consistent with the previous year[60] - The company has not engaged in the purchase, sale, or redemption of any listed securities during the year ended December 31, 2025[61]

Financial Performance - The company's revenue for the year ended December 31, 2025, was HKD 59,295,000, compared to HKD 21,961,000 for the year ended December 31, 2024, representing an increase of 169.9%[3] - Gross profit for the year ended December 31, 2025, was HKD 14,186,000, up from HKD 6,601,000 in 2024, reflecting a growth of 115.5%[3] - The company reported a net loss of HKD 18,230,000 for the year ended December 31, 2025, compared to a net loss of HKD 17,072,000 in 2024, indicating a slight increase in losses of 6.8%[3] - The company’s total comprehensive loss for the year was HKD 18,507,000, compared to HKD 17,038,000 in the previous year, reflecting an increase of 8.6%[3] - The company reported a basic and diluted loss per share of HKD 3.6 for the year ended December 31, 2025, compared to HKD 4.1 in 2024, showing a decrease in loss per share of 12.2%[3] - The total reported loss before tax for the group was HKD 17,380,000 in 2025, slightly higher than the loss of HKD 17,072,000 in 2024[24] - The company reported a significant loss attributable to shareholders of approximately HKD 15,655,000 for the year ending December 31, 2025, with current liabilities and asset deficits of about HKD 15,545,000 and HKD 17,372,000 respectively[10] - The group recorded a net loss attributable to shareholders of approximately HKD 15,655,000 for the year ended December 31, 2025, compared to a net loss of approximately HKD 17,062,000 for the year ended December 31, 2024[69] Assets and Liabilities - Total assets as of December 31, 2025, amounted to HKD 39,947,000, compared to HKD 10,878,000 in 2024, showing a significant increase of 267.5%[4] - Current liabilities decreased from HKD 59,744,000 in 2024 to HKD 53,224,000 in 2025, a reduction of 11%[4] - Non-current liabilities decreased from HKD 13,155,000 in 2024 to HKD 4,095,000 in 2025, a decline of 68.9%[4] - The consolidated liabilities decreased to HKD 57,319,000 in 2025 from HKD 72,899,000 in 2024, reflecting a reduction of 21%[25] - The group recorded a significant improvement in asset deficit to approximately HKD 17,372,000 as of December 31, 2025, compared to HKD 62,021,000 in 2024[88] - The total current assets as of December 31, 2025, are approximately HKD 37,679,000, an increase from HKD 10,878,000 on December 31, 2024[87] - The asset-liability ratio improved to approximately 143.5% as of December 31, 2025, from 670.2% in 2024[88] Cash and Cash Equivalents - The company's cash and cash equivalents increased dramatically from HKD 829,000 in 2024 to HKD 27,966,000 in 2025, a growth of 3,276.5%[4] - As of December 31, 2025, the group's cash and bank deposits are approximately HKD 27,966,000, compared to HKD 829,000 on December 31, 2024[87] Share Capital and Fundraising - The company successfully completed the placement of 9,024,000 new shares at HKD 1.78 per share, raising approximately HKD 15,620,000 on March 18, 2025[13] - The company completed the placement of 15,000,000 new shares at HKD 1.42 per share, raising approximately HKD 20,800,000 on September 17, 2025[13] - The company anticipates raising approximately HKD 44,570,000 from the planned placement of 25,000,000 new shares at HKD 1.83 per share in March 2026[13] - The total issued share capital increased from 422,716,000 shares in 2024 to 461,740,000 shares in 2025, representing an increase of 9.2%[53] - The company raised approximately HKD 10,212,240 from the issuance of 10,012,000 shares at a price of HKD 1.02 per share during the year[54] Business Segments - The leather manufacturing segment generated external customer revenue of HKD 32,099,000 in 2025, up from HKD 21,433,000 in 2024, indicating a growth of about 50%[23] - The automotive services segment reported a loss of HKD 5,256,000 in 2025, compared to a loss of HKD 20,000 in 2024, reflecting a deterioration in performance[23] - The lifestyle consumer business, launched in the current year, achieved external revenue of HKD 24,387,000[23] - The leather manufacturing business accounted for approximately 54.1% of total revenue, while the lifestyle consumer business accounted for approximately 41.2% for the year ended December 31, 2025[70] Cost Management and Operational Efficiency - The company has implemented strict cost management measures to optimize operational efficiency and minimize unnecessary cash outflows[13] - The group is committed to implementing strict cost management measures to optimize operational efficiency and reduce unnecessary cash outflows[64] Future Plans and Strategies - The company plans to continue seeking alternative capital and other funding sources to support its operations and financial obligations[13] - The company continues to focus on revitalizing its business strategies and plans to improve its financial performance[13] - The company plans to enhance market penetration in Europe and mainland China while exploring developments in fashion manufacturing beyond leather products[80] - The company aims to implement a transformation strategy focusing on high-end positioning, customization, and diversification in product and market strategies for 2026[79] - The company intends to gradually integrate and close offline stores in 2026 to improve resource allocation and control operating costs in response to ongoing pressure in the offline retail market[76] Employee and Management - The group employed 128 employees as of December 31, 2025, an increase from 109 employees in the previous year[119] - Total employee costs, including director remuneration, amounted to approximately HKD 15,101,000 for the year ending December 31, 2025, compared to HKD 9,694,000 for the previous year[119] Governance and Compliance - The company has established good corporate governance practices to enhance shareholder value and protect shareholder interests[121] - The company has established an audit committee to oversee financial reporting processes, internal controls, and risk management systems[129] - The independent auditor has confirmed that the preliminary financial results align with the audited consolidated financial statements for the year ending December 31, 2025[132] Dividends - The board does not recommend any dividend payments for the years ending December 31, 2025, and December 31, 2024[35] - The board does not recommend the payment of any dividends for the year ending December 31, 2025[120]

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。 DUIBA GROUP LIMITED 兌吧集团有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：1753） 截 至2025年12月31日止年度之全年業績公告 財務資料摘要 截 至12月31日止年度 2025年 2024年 人民幣千元 人民幣千元 收 入 用戶運營SaaS平台業務 158,779 244,534 互聯網廣告業務 377,208 607,363 其 他 73,983 54,616 合 計 609,970 906,513 我們於截至2025 年12 月31 日止年度的收入較2024 年同期降低約32.7%。 – 1 – 兌吧集團有限公司（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」或「我 們」）董 事 （「董 事」）會（「董事會」）謹此公佈本集團截至2025年12月31日止年度之經審核綜 ...

Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue of $51.875 million, a decrease of 8.7% from $56.951 million in 2024[5]. - The gross profit for 2025 was $4.547 million, a significant improvement from a gross loss of $17.254 million in 2024, resulting in a gross margin of 8.8% compared to a negative margin of 30.3%[5][7]. - Adjusted net loss narrowed to approximately $20.995 million in 2025 from $42.523 million in 2024, reflecting a reduction of about 50.7%[5][7]. - Revenue decreased from approximately $57.0 million in FY2024 to $51.9 million in FY2025, primarily due to lower sales volume and pricing pressures[15]. - The company recorded a loss attributable to owners of approximately $25.5 million in FY2025, significantly improved from a loss of $41.0 million in FY2024[20]. - The group reported a pre-tax loss of $47,653,000 in 2025, compared to a loss of $69,965,000 in 2024, indicating a significant reduction in losses[60]. - The loss attributable to equity holders for 2025 was $(25,528,000), an improvement from $(40,984,000) in 2024, with the weighted average number of shares increasing from 1,185,543,093 to 1,441,248,017[68][69]. Cost Management - The company achieved a reduction of 34.3% in average cost per ton compared to the previous year, contributing to improved profitability[7]. - Cost of sales reduced from approximately $74.2 million in FY2024 to $47.3 million in FY2025, driven by lower production costs and improved inventory management[15]. - Administrative expenses decreased by 10.8% from approximately $14.8 million in FY2024 to $13.2 million in FY2025, due to better control over employee costs and professional fees[17]. - Financial costs decreased from approximately $2.9 million in FY2024 to $2.8 million in FY2025, reflecting ongoing debt management efforts[19]. - Employee costs for the fiscal year 2025 were approximately USD 7.6 million, down from USD 11.0 million in fiscal year 2024, with a total workforce of 148 employees[82]. Sales and Market Trends - Sales volume for 2025 was 17,607 tons, slightly down from 18,141 tons in 2024[6]. - The market outlook for 2026 remains challenging due to weak downstream demand in the steel industry and ongoing geopolitical tensions, with a projected 2.0% decline in crude steel production globally[10]. - Long-term trends towards decarbonization and carbon neutrality are expected to support structural demand for ultra-high power graphite electrodes, positioning the company to benefit from these trends[13]. - Revenue from graphite electrode sales for 2025 was $51,875,000, a decrease of 8.5% from $56,951,000 in 2024[56]. - Major customer B contributed $13,630,000 to total revenue in 2025, up from $7,466,000 in 2024, marking an increase of 82.5%[54]. Financial Position - As of December 31, 2025, the total interest-bearing bank and other borrowings amounted to approximately $26.4 million, a decrease from $29.7 million in 2024[29]. - The group's equity and liabilities as of December 31, 2025, were approximately $91.1 million and $81.7 million, respectively, compared to $105.8 million and $68.2 million in 2024[29]. - Total assets decreased to $99,929,000 from $118,385,000 in 2024, while total liabilities increased to $72,812,000 from $55,584,000[41]. - The company’s equity decreased to $91,071,000 from $105,751,000, primarily due to the net losses incurred during the year[42]. - The debt-to-equity ratio remained stable at approximately 28.1% as of December 31, 2024, and 29.0% as of December 31, 2025[30]. Operational Strategies - The company plans to focus on a "dual-engine" strategy to optimize production between low-cost facilities in China and high-cost facilities in Italy[9]. - The company is exploring opportunities for business growth and diversification in response to market fluctuations, while maintaining operational discipline and efficiency[14]. - The company has not reported any significant changes in its main business operations, which continue to focus on the production and sale of graphite electrodes[44]. Governance and Compliance - The company has complied with the corporate governance code as per the listing rules for the fiscal year 2025[84]. - The board of directors confirmed adherence to the standard code for securities trading for the fiscal year 2025[85]. - An audit committee has been established, consisting of three independent non-executive directors, to review financial reporting and risk management[86]. - Deloitte has agreed that the preliminary financial statements align with the audited financial statements for the fiscal year 2025[87]. Future Outlook - The group expects the new Hong Kong Financial Reporting Standard 18 to impact the structure and presentation of the consolidated income statement but not significantly affect financial performance[48]. - The group anticipates that the application of the new standards will not have a major impact on the recognition and measurement of financial performance and position[48].

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 670,580,000, representing a 1.6% increase from RMB 660,119,000 in 2024[3] - Gross profit decreased by 13.8% to RMB 188,585,000 from RMB 218,708,000 in the previous year[3] - Loss before tax improved by 16.9%, amounting to RMB (168,820,000) compared to RMB (203,263,000) in 2024[3] - The net loss for the year was RMB (162,612,000), a 16.2% improvement from RMB (194,019,000) in 2024[3] - The company reported an adjusted net loss of RMB (96,605,000), which is a 12.2% increase from RMB (86,116,000) in 2024[3] - Basic and diluted loss per share improved to RMB (2.51) from RMB (3.07) in the previous year[5] - The company reported a basic loss per share of RMB (2.51) for 2025, an improvement from RMB (3.07) in 2024, indicating a reduction in losses[26] - The net asset value at the end of 2025 was RMB 55,825,000, a decrease from RMB 108,452,000 in 2024, with impairment losses of RMB 61,583,000 recognized in 2025[29] - The company incurred audit fees of RMB 5,800,000 for 2025, an increase from RMB 4,400,000 in 2024, representing a growth of approximately 31.8%[23] - Other income decreased by 46.9% from RMB 4.9 million for the year ending December 31, 2024, to RMB 2.6 million for the year ending December 31, 2025, primarily due to reduced government subsidies received from mainland China and Hong Kong[63] Revenue Breakdown - Revenue from logistics services provided to corporate clients was RMB 476,419,000 in 2025, up from RMB 435,617,000 in 2024, indicating a growth of about 9.4%[16] - The revenue from value-added services was RMB 67,729,000 in 2025, compared to RMB 66,207,000 in 2024, reflecting a growth of approximately 2.3%[18] - The company's enterprise services contributed RMB 476.4 million to total revenue, accounting for approximately 71% of total revenue, with a year-on-year growth of 9.4%[46] - The platform services revenue decreased by 20.2% to RMB 126.4 million, primarily due to a strategic reduction in incentives, prioritizing long-term profitability over high-subsidy growth models[54] - The geographical revenue breakdown shows that revenue from mainland China was RMB 132,159,000 in 2025, down from RMB 166,386,000 in 2024, a decrease of about 20.5%[20] Expenses and Costs - The total cost of revenue, sales and marketing expenses, research and development expenses, and general and administrative expenses remained stable at RMB 781,800,000 in 2025, compared to RMB 781,764,000 in 2024[23] - Sales and marketing expenses decreased by 45.4% from RMB 151.8 million for the year ending December 31, 2024, to RMB 82.9 million for the year ending December 31, 2025, mainly due to reduced employee benefits and incentives for platform service transaction users[58] - Research and development expenses increased significantly to RMB 66,678,000 from RMB 22,285,000, reflecting a focus on innovation[4] - Research and development expenses increased by 199.1% from RMB 22.3 million for the year ending December 31, 2024, to RMB 66.7 million for the year ending December 31, 2025, primarily due to logistics business service project costs of RMB 50.4 million[60] Assets and Liabilities - Total assets decreased to RMB 428,586,000 from RMB 621,118,000 in 2024, indicating a reduction in overall financial strength[6] - Cash and cash equivalents dropped to RMB 91,785,000 from RMB 197,880,000, highlighting liquidity challenges[6] - Non-current assets in mainland China decreased to RMB 61,774,000 in 2025 from RMB 132,622,000 in 2024, a decline of approximately 53.5%[21] - Accounts receivable increased to RMB 90,557,000 in 2025 from RMB 81,983,000 in 2024, with a provision for losses of RMB 19,593,000[42] - Accounts payable rose to RMB 49,286,000 in 2025, compared to RMB 44,484,000 in 2024, indicating increased operational liabilities[43] - As of December 31, 2025, the company recorded significant investments amounting to zero, down from RMB 602 million as of December 31, 2024[75] - The company had a zero debt level as of December 31, 2025, making the capital debt ratio not applicable[81][86] Strategic Focus and Future Outlook - The company adjusted its revenue growth and cash flow forecasts due to macroeconomic conditions, including rising market interest rates and a slowdown in the logistics industry in mainland China[35] - The compound annual growth rate (CAGR) for revenue in the mainland China business is projected at 4.47% for 2025, down from 5.05% in 2024[37][38] - The company is focusing on enhancing customer interaction and optimizing operations through AI and CRM services following the acquisition of BITS[31] - The company plans to focus on accelerating growth in high-potential overseas markets, particularly in India, and optimizing proprietary AI tools for seamless logistics experiences[49] Corporate Governance - The board has appointed Mr. Lin as the Executive Chairman and Co-CEO to ensure effective execution of the group's strategy and management decisions[91] - The Audit Committee, consisting of independent non-executive directors, oversees the financial reporting process and risk management systems[94] - The Audit Committee has reviewed the consolidated financial statements for the year ending December 31, 2025, and found them compliant with applicable accounting standards and regulations[95] - The external auditor confirmed that the financial figures in the annual performance announcement are consistent with the consolidated financial statements for the year ending December 31, 2025[96] - The annual performance announcement and report will be published on the stock exchange and the company's website, with the annual report to be sent to shareholders upon request[97] Employee and Operational Metrics - The company employed 548 full-time employees as of December 31, 2025, with 46.2% in user services and operations[78][80] - Employee benefits expenses for the year ending December 31, 2025, included share-based compensation of RMB 156.3 million, a decrease of 19.8% from RMB 195.0 million in the previous year[80] - Capital expenditures for the year amounted to RMB 6.6 million[50] - Capital expenditures for the year ending December 31, 2025, were approximately RMB 6.6 million, up from RMB 2.6 million for the year ending December 31, 2024[73]

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 125,079,000, an increase of 3.4% from HKD 120,548,000 in 2024[2] - Customer contract revenue reached HKD 91,159,000, up from HKD 88,120,000, reflecting a growth of 3.5%[2] - The company reported a net loss of HKD 371,171,000 for 2025, a decrease in loss compared to HKD 759,743,000 in 2024, representing a 51.1% improvement[3] - Total comprehensive loss for the year was HKD 461,840,000, compared to HKD 769,633,000 in the previous year, indicating a reduction of 40%[3] - The company reported a basic and diluted loss per share of HKD 7.08 for 2025, compared to HKD 14.48 in 2024, indicating a 51% improvement in loss per share[3] - The company reported a total segment loss of HKD 359,160,000 for the year ending December 31, 2025, highlighting significant operational challenges[24] - The company reported a total loss before tax of HKD 905,318,000, with significant losses in the property investment segment amounting to HKD 798,116,000 and in the mining and exploration segment at HKD 12,263,000[26] - The net loss attributable to shareholders for the year 2025 was HKD 371,936,000, resulting in a basic loss per share of HKD 7.08, compared to a loss of HKD 760,267,000 and HKD 14.48 per share in 2024[32] - The company did not recommend any dividend payment for the year ended December 31, 2025, consistent with the previous year[33] Assets and Liabilities - Non-current assets decreased to HKD 1,280,506,000 from HKD 1,372,998,000, a decline of 6.7%[4] - Current assets dropped significantly to HKD 115,181,000 from HKD 397,491,000, a decrease of 71%[4] - Total liabilities increased to HKD 3,524,115,000 from HKD 3,423,665,000, reflecting a rise of 2.9%[5] - The company’s equity attributable to owners showed a significant capital deficit of HKD 2,199,753,000, worsening from HKD 1,737,152,000 in the previous year[5] - The company’s cash and cash equivalents decreased to HKD 65,019,000 from HKD 352,861,000, a decline of 81.5%[4] - The company has a net current liability of approximately HKD 3,408.9 million and total liabilities of approximately HKD 2,198.3 million, including overdue bank borrowings of about HKD 1,495.4 million[68] - The group’s total net liabilities were approximately HKD 2,198.3 million, an increase of about HKD 461.9 million from HKD 1,736.4 million as of December 31, 2024[89] Financial Guarantees and Debt Restructuring - The company is actively negotiating debt restructuring with creditors related to guarantees provided by subsidiaries, indicating ongoing financial challenges[18] - The company plans to explore the sale or liquidation of its subsidiaries to relieve itself of overdue guarantees, which may impact future financial stability[18] - The company has entered into a debt restructuring framework agreement with Renhe Investment and its actual controller, which includes provisions for the waiver of interest and penalties upon full repayment of the restructured loans[44] - The company has provided guarantees for loans totaling RMB 569,900,000 owed by five borrowers associated with Renhe Investment[41] - The company has committed to reducing Guangzhou Rongzhi's external debt to at least RMB 280.6 million within 12 months as part of a settlement agreement with Stone Wealth and Mr. Dai[45] - The company has not taken any legal action against the debtors or Mr. Dai as of the announcement date, but is considering such actions if no agreement is reached[46] - The company has been monitoring the implementation of the debt restructuring framework and the completion of the transfer related to Shengjing Bank and Jinzhou City Hua Yin[50] Revenue Sources - Sales of medical equipment generated HKD 29,429,000 in 2025, up from HKD 20,718,000 in 2024, reflecting a significant increase of approximately 42%[19] - Total revenue from rental income was HKD 33,914,000 in 2025, compared to HKD 31,814,000 in 2024, showing an increase of approximately 6.6%[19] - The flooring materials trade business recorded revenue of approximately HKD 17.4 million, a decrease of 22.0% compared to HKD 22.3 million for the year ended December 31, 2024[82] - Revenue from medical equipment trade increased to approximately HKD 29.4 million, a 42% increase from approximately HKD 20.7 million for the year ended December 31, 2024[83] - The revenue from the shopping center business primarily came from rental income and property management services, totaling approximately HKD 78.3 million[77] Operational Challenges - The company has identified a significant uncertainty regarding its ability to continue as a going concern due to its financial situation and outstanding liabilities[16] - The company continues to prepare its financial statements on a going concern basis, relying on the effectiveness of measures taken to improve liquidity[17] - The company faces significant uncertainties regarding its ability to continue as a going concern due to ongoing legal claims and defaults on certain financial guarantees[68] - The group has not recorded any revenue from its mining and exploration business due to various factors, including factory shutdowns and reduced market demand[84] Compliance and Reporting - The consolidated financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants[15] - The company’s financial reporting is subject to the applicable disclosure requirements of the Hong Kong Stock Exchange and the Hong Kong Companies Ordinance[15] - The independent auditor, Zhongrui, issued a qualified opinion regarding the financial statements for the year ending December 31, 2025, which is expected to be addressed by the company by the end of the fiscal year 2026[57] - The company plans to implement an action plan to eliminate the qualified opinion in the audited financial statements for the year ending December 31, 2026[58] - The financial statements for the year ended December 31, 2025, have been reviewed by the audit committee and external auditors, confirming their compliance with applicable accounting standards[121] Future Plans and Strategies - The group plans to enhance its shopping centers by integrating consumption, experience, and social interaction to improve overall revenue and competitiveness[108] - The Guangzhou shopping center has successfully adjusted its dining and apparel layout, introducing multiple external exhibition halls and completing infrastructure upgrades[110] - The Jinzhou shopping center is focusing on optimizing tenant structure and enhancing digital marketing to drive foot traffic and sales[111] - The Anyang shopping center plans to introduce clothing markets and themed entertainment to increase rental rates and income[112] - The flooring materials trading business aims to maintain stable operations while actively expanding into emerging markets to seek new opportunities[113] - The company will continue to collaborate with banks, creditors, and other relevant parties to advance the debt restructuring of the Guangzhou and Jinzhou shopping centers, ensuring stable business operations and asset value preservation[113]

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，並明確表示概不就因本公告全部或任何部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Putian Communication Group Limited 普天通信集團有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：1720） 截至2025年12月31日止年度之 年度業績公告 財務摘要 截至2025年12月31日止年度，本集團之經營業績概述如下： – 1 – • 總收入增加約5.5%至約人民幣700.1百萬元（2024年：約人民幣663.9百萬元）。 • 毛利增加約1.5%至約人民幣143.5百萬元（2024年：約人民幣141.4百萬元）。 • 毛利率減少約0.8%至約20.5%（2024年：約21.3%）。 • 本公司擁有人應佔年內溢利增加約37.3%至約人民幣25.4百萬元（2024年： 約人民幣18.5百萬元）。 • 來自銷售光纖及光纜的收入增加約15.2%至約人民幣183.9百萬元（2024年： 約人民幣159.7百萬元）；來自銷售數據通 ...

Revenue and Profitability - Revenue for the year ended December 31, 2025, was approximately RMB 273.4 million, a decrease of about 16.2% compared to RMB 326.0 million for the year ended December 31, 2024[2]. - Gross profit decreased by approximately 32.5% to RMB 109.8 million for the year ended December 31, 2025, down from RMB 162.6 million for the year ended December 31, 2024[2]. - The gross profit margin for the year ended December 31, 2025, was approximately 40.2%, a decrease of about 9.8% from approximately 49.9% for the year ended December 31, 2024[2]. - The loss attributable to equity holders of the company for the year ended December 31, 2025, was approximately RMB 11.8 million, significantly improved from a loss of RMB 188.8 million for the year ended December 31, 2024[2]. - Basic loss per share for the year ended December 31, 2025, was approximately RMB 1.59, compared to RMB 25.5 for the year ended December 31, 2024[2]. Operating Expenses - Total operating expenses for the year ended December 31, 2025, were RMB 10.4 million, a significant reduction from RMB 188.9 million for the year ended December 31, 2024[5]. - Research and development expenses for the year ended December 31, 2025, were RMB 13.3 million, down from RMB 106.3 million for the year ended December 31, 2024[4]. - The group’s sales and distribution expenses decreased from RMB 81.0 million for the year ending December 31, 2024, to RMB 52.1 million for 2025, aligning with the revenue decline[48]. - General and administrative expenses decreased by approximately RMB 6.2 million or 12.2% from approximately RMB 51.2 million for the year ending December 31, 2024, to approximately RMB 45.0 million for the year ending December 31, 2025[57]. - Employee costs for the year ending December 31, 2025, amounted to RMB 44,572,000, a decrease from RMB 69,250,000 in 2024, representing a reduction of approximately 35.5%[23]. Financial Position - Total assets decreased from RMB 778,549 thousand in 2024 to RMB 768,736 thousand in 2025, a decline of approximately 1.04%[6]. - Current liabilities increased from RMB 767,571 thousand in 2024 to RMB 876,647 thousand in 2025, an increase of about 14.23%[7]. - Cash and cash equivalents rose significantly from RMB 21,056 thousand in 2024 to RMB 83,843 thousand in 2025, representing an increase of approximately 297.5%[6]. - The company's equity attributable to shareholders decreased from RMB 369,671 thousand in 2024 to RMB 359,247 thousand in 2025, a decline of about 2.3%[7]. - The total liabilities increased from RMB 767,571 thousand in 2024 to RMB 876,647 thousand in 2025, reflecting a rise of approximately 14.23%[7]. Taxation and Government Grants - The group’s tax expenses for the fiscal year ending December 31, 2025, were RMB 4,198,000, compared to RMB 1,646,000 for 2024[30]. - The company received government grants totaling RMB 13,146,000 in 2025, slightly down from RMB 14,984,000 in 2024[22]. - The corporate income tax rate for the group's Chinese subsidiaries is set at 25% for both 2024 and 2025[28]. - Henan Fusen Pharmaceutical Co., Ltd. and Zhuhai Hengqin Medical Technology Co., Ltd. are recognized as high-tech enterprises, benefiting from a reduced income tax rate of 15% for 2024 and 2025[28]. Cash Flow and Liquidity - The company reported a net current liability of RMB (381,953) thousand in 2025, compared to RMB (307,959) thousand in 2024, indicating a worsening liquidity position[6]. - The group has a commitment to repay bank and other loans totaling RMB 293,280,000 within one year, including RMB 140,000,000 due within the next six months[44]. - The group successfully renewed bank loans amounting to RMB 114.5 million, maturing in March 2027, to alleviate cash flow pressure[16]. - The group has bank borrowings secured against properties, plants, and equipment with a total carrying value of RMB 55.3 million as of December 31, 2025, down from RMB 95.8 million in 2024[70]. Market and Customer Concentration - All revenue is derived from external customers located in China, including Hong Kong, indicating a concentrated market focus[20]. - The group had no transactions with customers exceeding 10% of total revenue for the year ending December 31, 2025[18]. - Two major customers contributed RMB 44,483,000 and RMB 37,400,000 to revenue for the year ending December 31, 2024, representing significant reliance on these clients[19]. - For the year ending December 31, 2025, no single customer contributed more than 10% to the group's total revenue, while in 2024, one customer contributed approximately RMB 44,470,000[21]. Future Outlook - The group anticipates a gradual recovery in revenue as core product sales stabilize and new products are launched, with 6-8 new products expected to enter the market in 2026[51]. - The overall operating situation is expected to improve further, marking a new phase of recovery and growth for the company[51]. - The group successfully obtained approval for 5 new products in 2025, with 2 already contributing to revenue, indicating a new growth point for income[49]. Corporate Governance - The company has adopted corporate governance practices in line with the Hong Kong Stock Exchange's listing rules, with some deviations noted[76]. - The Audit Committee was established on June 14, 2018, consisting of three independent non-executive directors[84]. - The Audit Committee's main responsibilities include providing independent opinions on the effectiveness of the financial reporting process, internal control procedures, and risk management systems[84]. Shareholder Matters - The board does not recommend the payment of a final dividend for the year ended December 31, 2025, consistent with the previous year[2]. - The group plans to distribute dividends of no less than 10% of distributable profits for any financial year, subject to board approval[74]. - The company has not engaged in any purchases, redemptions, or sales of its listed securities as of December 31, 2025[83].

Financial Performance - The company reported revenue of approximately HKD 39,800,000 for the year ending December 31, 2025, compared to no revenue in the previous year[4]. - The loss for the reporting period decreased from approximately HKD 41,700,000 to about HKD 10,800,000, primarily due to successful business revitalization and reduced management and financing costs[4]. - Gross profit for the year was HKD 1,850,000, a significant improvement from a gross loss of HKD 80,000 in the previous year[6]. - The company recorded a basic and diluted loss per share of HKD 12.88, down from HKD 49.69 in the previous year[8]. - The group reported a pre-tax loss of HK$10,819,000 for the year ending December 31, 2025, compared to a loss of HK$41,747,000 in 2024[35]. - Basic loss per share was approximately HK$0.129, based on a weighted average of 84,017,000 shares for both 2025 and 2024[37]. - The company incurred a loss of approximately HKD 10,800,000 during the reporting period[63]. Revenue and Sales - Revenue from external customers for the year ended December 31, 2025, was HKD 39,767,000, with HKD 33,417,000 from Hong Kong and HKD 6,350,000 from China[31]. - Major customers contributing over 10% of total revenue for the year ended December 31, 2025, included Customer A with HKD 14,117,000, Customer B with HKD 5,905,000, and Customer C with HKD 5,173,000[33]. - The company successfully secured new sales orders amounting to approximately HKD 39.8 million and HKD 46.8 million for the fiscal year ending December 31, 2025, and the three months ending March 31, 2026, respectively[20]. Financial Management and Liabilities - The estimated interest expense from convertible bonds decreased from HKD 20,035,000 to HKD 1,821,000, reflecting improved financial management[6]. - The company has a net current liability of HKD 203,700,000 and total liabilities of approximately HKD 216,300,000 as of December 31, 2025[12]. - Total debt as of March 31, 2026, is approximately HKD 220.1 million, including HKD 158.4 million in convertible notes and HKD 37.6 million in shareholder loans[14]. - The company plans to utilize approximately HKD 34 million from share subscription proceeds to settle outstanding debts, excluding debts in Vietnam[14]. - The company has extended the maturity dates of various shareholder loans, with the latest extensions pushing deadlines to 2028 for certain loans[15][16]. - The company has no outstanding bank borrowings as of December 31, 2025, and the loans from a major shareholder were approximately HKD 32,773,000[66]. Business Strategy and Operations - The company is transitioning to an online trading model for electronic products, having leased e-commerce storefronts and is in the process of establishing its own online shop[20]. - The company is focused on trading electronic components and products, having shifted its business model since 2021[20]. - The company has committed to reducing unpaid salary obligations from approximately HKD 10.5 million to HKD 2 million, with no claims to be made until June 30, 2027[18]. - The company is developing its own brand electronic products under the trademarks "RUIXIN SV" or "SV," with initial samples already produced and awaiting further optimization[75]. - The company is focusing on cost control, supplier relationship management, and flexible inventory strategies to maintain competitiveness amid market volatility[74]. - The company has been exploring equity financing options with potential investors but has not yet reached a final agreement as of December 31, 2025[64]. Corporate Governance and Compliance - The company has successfully appointed new independent non-executive directors and a company secretary to comply with listing rules[83]. - The company has been actively informing shareholders and investors about significant developments since the suspension of trading, fulfilling its obligations under the resumption guidelines[84]. - The board currently has only one independent non-executive director, failing to meet the requirement of at least three independent directors as per listing rules[85]. - The company has re-complied with listing rules regarding the composition of the board and committees after the appointment of two new independent directors on February 13, 2026[86]. - The audit committee has reviewed the consolidated financial statements during the reporting period, discussing audit, risk management, internal controls, and financial reporting matters[88]. Future Outlook - The company expects to raise approximately HKD 34 million through a subscription and settlement agreement to repay certain outstanding debts and fund ongoing operations[78]. - The group expects to have sufficient operating funds to meet financial obligations due within the next 12 months, based on cash flow forecasts reviewed by the board[21]. - The company plans to establish its flagship online store, pending necessary approvals, expected to be obtained by April 2026[75]. - The company has received guidance from the stock exchange regarding the resumption of trading, which includes publishing all outstanding financial results and addressing any audit revisions[79].