BHCC HOLDING LIMITED （於開曼群島註冊成立的有限公司） （股份代號：1552） 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 表 明 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 的 任 何 損 失 承 擔 任 何 責 任。 截 至2025年12月31日 止 年 度 年 度 業 績 公 告 BHCC Holding Limited（「本 公 司」，連 同 其 附 屬 公 司，統 稱「本 集 團」）董 事（「董 事」）會（「董 事 會」）宣 佈 本 集 團 截 至2025年12月31日 止 年 度 之 已 審 核 的 綜 合 業 績，連 同 截 至2024年12月31日 止 年 度 之 比 較 數 字，載 列 如 下： – 1 – 綜 合 損 益 及 其 他 全 面 收 益 表 截 至2025年12月31日 止 財 政 年 度 | | | | | | | ...

Financial Performance - For the fiscal year ending December 31, 2025, the company's revenue decreased by 20.1% to RMB 356.1 million from RMB 445.6 million in 2024, primarily due to account freezes related to a lawsuit in Qingdao[10]. - The gross profit for the fiscal year 2025 was RMB 327.9 million, down 19.8% from RMB 409.1 million in 2024, with a gross margin of 92.1% compared to 91.8% in the previous year[15]. - The total comprehensive loss for 2025 was RMB (184,888) thousand, an improvement from RMB (199,378) thousand in 2024, with adjusted comprehensive loss totaling RMB (160,079) thousand for 2025[20]. - Other income and net gains for the year ended December 31, 2025, were RMB 38.7 million, down from RMB 54.7 million in 2024, primarily due to a decrease in foreign exchange gains by RMB 9.0 million and fair value gains on financial assets by RMB 8.5 million[62]. - The total expenses for 2025 were RMB 101,002,000, a decrease of 9.5% from RMB 111,378,000 in 2024[115]. - The company reported a significant focus on mRNA technology, indicating ongoing research and development efforts in this area[128]. Research and Development - Research and development expenses for 2025 were RMB 156.1 million, a decrease from RMB 180.7 million in 2024[12]. - The company has successfully advanced its proprietary Radiolabeled Drug Conjugate (RDC) platform, with a novel 177Lu-labeled PSMA-targeted RDC drug entering investigator-initiated clinical trials[8]. - The AI LNP-mRNA platform has been localized, enabling the development of multiple therapeutic mRNA drugs, including a 3D125 tumor vaccine for small cell lung cancer[9]. - The development of radiolabeled drug conjugates (RDC) is a key focus area, with an integrated platform for molecular design, screening, and preclinical evaluation already established[23]. - The AI-driven LNP-mRNA platform has become a core component of the R&D system, with three mRNA cancer therapeutic vaccine projects under development targeting different solid tumor indications[27]. - The company is focusing on developing treatments for platinum-resistant ovarian cancer (PROC) and renal cell carcinoma (RCC), indicating a strategic shift towards addressing unmet medical needs[128]. Product Development and Commercialization - The company has established a global commercialization strategy, successfully partnering with Glenmark for overseas licensing of Envidat®[5]. - The company has entered 20 new domestic clinical guidelines and consensus recommendations for its commercialized product, Envidat®[10]. - Envidat® (Envolimab, a subcutaneous PD-L1 inhibitor) achieved sales revenue of RMB 356.1 million in China by 2025, with cumulative sales exceeding RMB 2 billion, benefiting tens of thousands of cancer patients[24]. - The company is actively pursuing global commercialization of Envidat®, having successfully reached licensing agreements and progressing with registration submissions in multiple countries[25]. - The company plans to accelerate product development and commercialization processes, leveraging advanced R&D platforms and partnerships to continuously introduce innovative drugs[79]. - The company is expanding its market presence in regions including India, the Asia-Pacific (excluding Singapore, Thailand, and Malaysia), the Middle East, Africa, Russia, and Latin America[129]. Strategic Focus and Innovation - The company is expanding its focus from "precision treatment of tumors" to "prevention of tumor metastasis and recurrence," marking a new phase of growth and innovation[6]. - The company is shifting its strategic focus to cancer prevention and recurrence, leveraging its RDC platform and LNP-mRNA technology to establish a cancer prevention system for high-risk populations[22]. - The company is initiating the development of next-generation radioligand therapy targeting Prostate-specific membrane antigen (PSMA), addressing unmet clinical and market needs[49]. - The company has reported a robust pipeline of new products and technologies, with a commitment to innovation in cancer therapies[130]. - The company is actively exploring potential mergers and acquisitions to enhance its product offerings and market reach[129]. Governance and Corporate Structure - The company is committed to high standards of corporate governance and has adopted the Corporate Governance Code as per the Listing Rules[90]. - The company has made changes to its board composition to enhance corporate governance and comply with new diversity regulations effective July 1, 2025[98]. - The company has established a strong governance structure with a diverse board of directors to oversee its strategic initiatives[131]. Financial Position and Cash Flow - Cash and bank balances as of December 31, 2025, were RMB 524.99 million, down from RMB 864.32 million in 2024[12]. - The company's cash and bank balances decreased significantly to RMB 170.2 million from RMB 444.3 million, a decline of about 61.7%[105]. - Cash used in operating activities for the year ended December 31, 2025, was RMB 159.3 million, compared to RMB 210.6 million in 2024, with expectations of generating more cash flow from product sales as the business expands[72]. - Cash flow used in investing activities for the year ended December 31, 2025, was RMB 21.5 million, primarily due to strategic cooperation payments and disposals of financial assets[73]. - Cash flow used in financing activities for the year ended December 31, 2025, was RMB 91.9 million, mainly due to new bank borrowings of RMB 120.0 million and repayments of bank borrowings of RMB 209.3 million[73]. Legal and Regulatory Matters - The company has entered a strategic cooperation agreement with Qingdao Hainuo, involving a total investment of RMB 98 million, aimed at resolving legal disputes and enhancing operational capabilities[46]. - The company has not made any provisions for arbitration claims due to the uncertainty surrounding the legal proceedings[75]. - The company entered into a strategic cooperation agreement with Qingdao Hainuo on March 19, 2025, following a civil lawsuit that was later withdrawn[96][97].

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 300,643,000, a decrease of 22.3% compared to HKD 386,662,000 in the previous year[3]. - Gross profit for the same period was HKD 108,202,000, down 23.6% from HKD 141,666,000 year-on-year[3]. - The company reported a net loss of HKD 111,186,000 for the year, compared to a net loss of HKD 72,825,000 in the previous year, representing a 52.5% increase in losses[4]. - Basic and diluted loss per share was HKD 14.17, compared to HKD 24.83 in the previous year[3]. - Other income for the year was HKD 1,126,000, down 57.1% from HKD 2,626,000 in the previous year[3]. - The total comprehensive loss for the year was HKD 85,675,000, compared to HKD 97,454,000 in the previous year, indicating an improvement of 12.3%[4]. - The company reported a foreign exchange gain of HKD 11,470,000, compared to a loss of HKD 16,921,000 in the previous year, reflecting a positive shift in currency impact[4]. Assets and Liabilities - Total assets decreased from HKD 463.631 billion in 2024 to HKD 384.062 billion in 2025, a decline of approximately 17.2%[5]. - Non-current assets increased from HKD 384.062 billion in 2024 to HKD 171.957 billion in 2025, a decrease of about 55.2%[5]. - Current assets rose from HKD 332.980 billion in 2024 to HKD 385.660 billion in 2025, an increase of approximately 15.8%[5]. - Total liabilities decreased from HKD 412.242 billion in 2024 to HKD 359.408 billion in 2025, a reduction of approximately 12.8%[6]. - Current liabilities increased from HKD 27.362 billion in 2024 to HKD 49.417 billion in 2025, an increase of about 81.0%[5]. - The company's equity attributable to owners decreased from HKD 249.157 billion in 2024 to HKD 229.917 billion in 2025, a decline of approximately 7.7%[6]. - The total equity decreased from HKD 383.649 billion in 2024 to HKD 336.288 billion in 2025, a decrease of about 12.3%[6]. Operational Segments - The sales of toys and gifts generated HKD 195,440,000 in 2025, down from HKD 239,744,000 in 2024, reflecting a decline of about 18.5%[19]. - The herbal medicine segment reported revenues of HKD 54,355,000 in 2025, a significant decrease from HKD 95,286,000 in 2024, representing a drop of approximately 43.0%[19]. - The beverage segment, which includes alcoholic products, generated HKD 47,501,000 in 2025, slightly down from HKD 51,632,000 in 2024, showing a decrease of about 7.0%[19]. Acquisitions and Investments - The company completed the acquisition of Heilongjiang Yingli International Trade Co., Ltd. on October 22, 2025, expanding its beverage segment to include food and beverage trading[20]. - Following the acquisition of Fujian Laojiu Investment Group Co., Ltd. on May 31, 2024, the beverage trading business became a new reportable segment for the company[21]. Future Outlook and Strategies - The group is negotiating with lenders regarding the repayment or extension of overdue loans after December 31, 2025, which includes an amount payable to a shareholder of approximately HKD 37,524,000[13]. - The board believes that the group will have sufficient working capital to meet its financial obligations due within the next 12 months from December 31, 2025, based on the successful implementation of various plans and measures[11]. - The group is considering fundraising activities to raise new capital, including but not limited to rights issues, public offerings, and convertible bond issuances[13]. - The company plans to expand its market presence and invest in new product development to drive future growth[26]. - The company is focusing on strategic acquisitions to enhance its competitive position in the market[26]. Compliance and Governance - The group has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2025, which are not expected to have a significant impact on the financial statements[12]. - The board acknowledges significant uncertainty regarding the group's ability to continue as a going concern due to the current financial situation[10]. - The group is required to adjust the carrying amounts of its assets and liabilities if it is unable to continue as a going concern[11]. - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2025[90]. - The company has adhered to all applicable corporate governance code provisions, except for a deviation noted in code provision A.6.7[92]. Share Capital and Equity - The company completed a share consolidation on June 27, 2022, adjusting the total number of ordinary shares owed to Mr. Guo from 4,000,000 to 800,000 shares[47]. - The company completed another share consolidation on April 28, 2023, adjusting the total number of ordinary shares owed to Mr. Guo from 800,000 to 160,000 shares[47]. - The company issued and allotted 80,000,000 ordinary shares at HKD 0.10 per share on May 21, 2019, as part of the repayment of HKD 17,600,000 owed to Mr. Guo[46]. - The company issued 150,000,000 ordinary shares during the period from May 2, 2024, to May 23, 2024, related to convertible bonds, involving a principal amount of HKD 45,000,000[48]. - The company has a share repurchase arrangement under which HKD 8,000,000 worth of shares were repurchased[46]. Employee and Workforce - The company has maintained a workforce of 378 employees as of December 31, 2025, up from 365 employees in the previous year[87].

Financial Performance - For the year ending December 31, 2025, the group's revenue from continuing operations increased by approximately 0.80% to approximately RMB 859 million, compared to RMB 852 million in 2024[2]. - The gross profit for the year ending December 31, 2025, was approximately RMB 143 million, down from RMB 169 million in 2024, resulting in a gross margin of approximately 16.69%, compared to 19.79% in 2024[2][4]. - The group reported a loss of approximately RMB 265 million for the year ending December 31, 2025, compared to a profit of approximately RMB 34 million in 2024[2][4]. - Basic and diluted loss per share from continuing operations was approximately RMB 14.41 for the year ending December 31, 2025, compared to RMB 8.54 in 2024[4]. - Total comprehensive loss for the year was approximately RMB 27.3 million, compared to a comprehensive income of RMB 0.53 million in 2024[5]. - Reported revenue from external customers for 2025 was RMB 85,900,000, a decrease of 5.6% from RMB 90,938,000 in 2024[27]. - Adjusted EBITDA for 2025 was a loss of RMB 7,261,000 compared to a profit of RMB 4,385,000 in 2024[27]. - Total comprehensive loss before tax for continuing and discontinued operations was RMB 26,997,000 in 2025, down from a profit of RMB 4,544,000 in 2024[27]. - The company reported a loss attributable to owners of RMB 22,040,000, compared to a profit of RMB 4,892,000 for the previous year[36]. - The company reported a substantial decrease in contract liabilities from RMB 4,147,000 in 2024 to RMB 588,000 in 2025[50]. Assets and Liabilities - Non-current assets decreased to approximately RMB 78 million as of December 31, 2025, from RMB 103 million in 2024[6]. - Current assets decreased to approximately RMB 344 million as of December 31, 2025, compared to RMB 366 million in 2024[6]. - The group's net assets decreased to approximately RMB 324 million as of December 31, 2025, from RMB 352 million in 2024[7]. - The group’s cash and cash equivalents were approximately RMB 299 million as of December 31, 2025, down from RMB 340 million in 2024[6]. - The group’s total liabilities decreased to approximately RMB 95.6 million as of December 31, 2025, from RMB 114.2 million in 2024[6]. - Total assets decreased to RMB 421,730,000 in 2025 from RMB 468,964,000 in 2024, reflecting a decline of 10.1%[27]. - Total liabilities decreased to RMB 97,630,000 in 2025 from RMB 117,358,000 in 2024, a reduction of 16.8%[27]. - Trade receivables decreased to RMB 3,678,000 in 2025 from RMB 9,561,000 in 2024, with a provision for losses of RMB 118,000 in 2025[42]. - The company’s total other receivables decreased to RMB 2,901,000 in 2025 from RMB 3,190,000 in 2024[42]. - Interest payable as of December 31, 2025, included RMB 4,676,000 related to convertible bonds, compared to RMB 3,100,000 in 2024[47]. Segment Performance - For the fiscal year ending December 31, 2025, the reported revenue from external customers for the pharmaceutical products segment was RMB 85,900,000, with an adjusted EBITDA loss of RMB (7,261,000)[16]. - The pharmaceutical products business incurred a loss of RMB 72.6 million during the reporting period, a decline from a profit of RMB 36.8 million in the previous year[62]. - The financing leasing business generated zero revenue during the reporting period, down from RMB 1.7 million in the previous year, due to the expiration of most existing contracts[63]. - The acquisition of a 51% stake in Beijing Hangyang Health Technology Co., Ltd. in May 2024 contributed approximately 68.12% to the total revenue of the pharmaceutical products business[61]. Expenses and Costs - Distribution costs for the year ended December 31, 2025, were approximately RMB 86 million, an increase of about RMB 23.5 million from RMB 62.5 million in 2024[73]. - Administrative expenses for the year ended December 31, 2025, were approximately RMB 287 million, an increase of about RMB 26.5 million from RMB 260 million in 2024[74]. - Financial costs for the year ended December 31, 2025, were approximately RMB 28.2 million, compared to RMB 22 million in 2024, mainly due to interest expenses from borrowings[76]. - Employee costs for continuing operations rose to RMB 23,199,000 in 2025 from RMB 19,509,000 in 2024, an increase of 18.0%[30]. - Research and development expenses increased to RMB 2,754,000 in 2025 from RMB 1,710,000 in 2024, an increase of 60.9%[30]. Corporate Governance and Compliance - The company is committed to high standards of corporate governance, ensuring the protection of shareholders' interests and long-term development[109]. - All directors confirmed compliance with the standard code of conduct for securities trading during the reporting period[111]. - The audit committee, consisting of three independent non-executive directors, reviewed the financial reporting procedures and internal controls, ensuring compliance with relevant accounting standards[114]. - The company confirmed that it maintains sufficient public float as required by listing rules during the reporting period[116]. Capital Management - The company plans to implement a capital restructuring involving a share consolidation and capital reduction, effective from August 13, 2024, and February 3, 2025, respectively[55]. - The total issued and paid-up capital as of December 31, 2025, was RMB 1,421,000, a decrease from RMB 35,534,000 in 2024[53]. - The company proposed a capital reduction by canceling HKD 0.24 of the paid-up capital per share, reducing the par value of each issued share from HKD 0.25 to HKD 0.01, and splitting unissued shares into 25 new shares of HKD 0.01 each[106]. Legal Matters - The company received a civil judgment from the Beijing Fourth Intermediate People's Court on December 22, 2020, regarding a lawsuit involving Fujian Sanai Pharmaceutical Co., Ltd., claiming unpaid lease payments totaling RMB 33,855,032.69 and other associated costs[99]. - The judgment required Fujian Sanai to pay a total of RMB 67,371,546.21 in principal, RMB 57,636,357.78 in overdue interest, and RMB 2,904,331.80 in penalties, with the company and its former directors jointly liable for these amounts[102]. - The company filed an appeal against the judgment on January 22, 2021, arguing that the financing lease agreement and guarantees were invalid[101].

齊屹科技（開 曼）有 限 公 司 董 事 會 欣 然 宣 佈 本 公 司、其 附 屬 公 司 及 中 國 經 營 實 體 截 至2025年12月31日 止 年 度 的 經 審 核 合 併 業 績。該 等 業 績 已 由 核 數 師 根 據 國 際 審 計 準 則 審 核，並 經 審 核 與 風 險 管 理 委 員 會 審 閱。 於 本 公 告 中，「我 們」指 本 公 司 及（倘 文 義 另 有 指 定）本 集 團。 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。 Qeeka Home (Cayman) Inc. 齊屹科技（開 曼）有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1739） 截 至2025年12月31日止年度的全年業績公告 財務摘要 | | | | | | | 2025年 | | 2024年 | | 同比變動 | | --- | --- | ...

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 75,257,000, a significant increase from HKD 19,017,000 in 2024, representing a growth of 295%[3] - Gross profit for 2025 was HKD 25,780,000, compared to HKD 18,841,000 in 2024, indicating an increase of 37%[3] - The net loss for the year was HKD 30,044,000, a substantial improvement from a net loss of HKD 210,780,000 in the previous year, reflecting a reduction of 86%[3] - Basic and diluted loss per share for 2025 was HKD 0.34, down from HKD 1.46 in 2024, showing a 77% improvement[4] - The company reported a total comprehensive loss of HKD 62,738,000 for 2025, compared to HKD 189,922,000 in 2024, a reduction of 67%[4] - The company reported a loss attributable to shareholders of HKD 26,315,000 for the year ended December 31, 2025[18] - The company reported a pre-tax loss of HKD 30,022,000 for the year, with total losses for the year amounting to HKD 30,044,000[22] - The company reported a net loss attributable to shareholders of HKD 26,315,000 for the year 2025, compared to a loss of HKD 113,482,000 in 2024[32] Assets and Liabilities - Total assets as of December 31, 2025, amounted to HKD 176,420,000, an increase from HKD 124,924,000 in 2024[5] - Current liabilities increased to HKD 992,463,000 in 2025 from HKD 903,247,000 in 2024, marking an increase of 10%[6] - Non-current liabilities decreased slightly to HKD 61,384,000 in 2025 from HKD 63,320,000 in 2024[6] - As of December 31, 2025, current liabilities exceeded current assets by HKD 904,125,000, and total liabilities exceeded total assets by HKD 904,427,000[18] - Total liabilities reached HKD 1,053,847,000, with segment liabilities primarily from loan financing at HKD 840,524,000[25] - The group’s total liabilities exceeded total assets by HKD 904,427,000 as of December 31, 2025, raising significant concerns about its ability to continue as a going concern[58] Revenue Streams - Revenue from tobacco flavor production and sales amounted to HKD 57,621,000, contributing significantly to the total revenue[22] - Revenue from industrial property development increased to HKD 15,957,000 in the fiscal year 2025 from HKD 14,669,000 in 2024, while the segment loss decreased to HKD 499,000 from HKD 3,480,000[59][60] - The tobacco flavor segment generated revenue of HKD 57,621,000 in fiscal year 2025, marking a significant contribution as it had no revenue in the previous year[59] Business Operations - The company is engaged in various sectors including investment holding, industrial property development, and asset management, indicating a diversified business model[7] - The company is actively negotiating a corporate restructuring plan, including potential loan capitalization totaling approximately HKD 45,635,000[18] - The company is implementing measures to open new business streams and enhance cost control to achieve positive operating cash flow[18] - The company plans to sell its loan financing business in Ningbo and Beijing in early 2026 due to its lack of profitability and future development plans[66] Financial Reporting and Standards - The company has not yet adopted new accounting standards that are expected to come into effect in future periods, which may impact financial reporting[9] - The company anticipates that the application of new and revised Hong Kong Financial Reporting Standards will not have a significant impact on the consolidated financial statements in the foreseeable future[10] - The new Hong Kong Financial Reporting Standard No. 18 will come into effect on January 1, 2027, or thereafter, and allows for early application, with expected impacts on the structure and presentation of the consolidated income statement[11] - The consolidated financial statements are prepared based on historical cost, except for certain financial instruments measured at fair value[13] Challenges and Legal Issues - The company has faced challenges in obtaining accounting records from certain subsidiaries due to disputes related to employee compensation, impacting the ability to prepare accurate financial statements[15] - As of September 2025, the company settled outstanding wages but still could not obtain the necessary records from the subsidiaries, leading to legal actions being taken[16] - The company has entered into agreements to sell its insurance brokerage and asset management business in Hong Kong as part of ongoing business streamlining efforts[78] Employee and Shareholder Information - The company has issued 7,775,857 shares with a par value of HKD 0.001 per share as of December 31, 2025[40] - The group had 54 employees as of December 31, 2025, down from 67 employees the previous year[80] - The board does not recommend any final dividend for the fiscal year 2025, consistent with the previous fiscal year[81] Miscellaneous - The independent auditor's report indicates an inability to express an opinion on the consolidated financial statements due to insufficient evidence[54] - The group has suspended trading of its shares since September 2, 2024, and will continue to do so until further notice[87]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported a revenue of RMB 7,541,926 thousand, a decrease of 39.93% compared to RMB 4,530,527 thousand for the fiscal year ending December 31, 2024[3]. - The company's operating costs for the fiscal year ending December 31, 2025, were RMB 7,143,977 thousand, reflecting a decrease of 42.54% from RMB 4,105,072 thousand in the previous year[3]. - Gross profit for the fiscal year ending December 31, 2025, was RMB 397,949 thousand, with a gross margin of 6.91%, compared to RMB 425,455 thousand in the previous year[3]. - The net profit attributable to the parent company for the fiscal year ending December 31, 2025, was RMB 41,915 thousand, down 5.79% from RMB 44,490 thousand in the previous year[3]. - The adjusted net profit for the parent company for the fiscal year ending December 31, 2025, was RMB 44,170 thousand, a decrease of 17.72% compared to RMB 53,681 thousand in the previous year[3]. Digital Transformation and Technology Integration - The company has successfully built a digital freight system covering the entire transportation process, enhancing its data service capabilities[4]. - AI technology has been fully integrated into the company's operations, with the digital assistant "Ting Jie" participating in over 90% of logistics project management[5]. - The company aims to explore and safeguard the achievements of digital transformation in logistics, striving to become a reliable digital infrastructure for modern logistics systems in 2026[6]. - The company operates China's largest digital freight platform, focusing on creating a sustainable logistics ecosystem through innovative technology applications and service models[8]. - The platform utilizes big data, IoT, and AI technologies to build a complete digital chain for resource management, transportation process management, and settlement services[14]. Community and Driver Support - The company has established the largest integrated online and offline community for truck drivers, promoting mutual support and resource integration[12]. - The online community has distributed approximately 106,500 union benefit packages valued at around RMB 3.8 million as of December 31, 2025[34]. - The community has launched a dedicated support center offering free legal assistance to truck drivers, addressing various business and life challenges[35]. - The company has successfully established a comprehensive service system for truck drivers, providing support to over 24,000 drivers through various initiatives[40]. - The "Love Mileage Donation" platform has seen participation from around 590,000 drivers, donating a total of 4.3 billion kilometers to aid various communities[43]. Regulatory Environment and Industry Trends - The implementation of the "Network Freight Carrier Platform Management Measures" marks a new regulatory phase for the industry, promoting standardized development[5]. - The new management regulations for network freight platforms, effective January 23, 2026, will implement classified supervision and clarify the roles of "carrying platforms" and "matching platforms"[18]. - The State Council's 2025 policies aim to support the healthy and standardized development of the network freight industry through tax optimization and improved regulatory frameworks[16]. - The new regulations will enhance data sharing between transportation and tax authorities, promoting a "data-driven taxation" approach[18]. - The company is actively exploring tax systems suitable for the platform economy, aligning with government policies on labor rights protection for truck drivers[34]. Market and Competitive Landscape - The logistics market in China is supported by world-class production, consumption, and trade scales, making it the largest road transportation market globally[13]. - In 2025, the number of network freight transportation platforms decreased to 3,192, marking a slight decline from the previous year, indicating a shift from rapid expansion to high-quality development in the industry[15]. - The top network freight transportation platforms accounted for 64.1% of the total transaction volume and 54.8% of the freight transaction value in 2025[15]. - The company is focused on creating a flexible and efficient supply chain by optimizing resource allocation and integrating social transportation resources[14]. - The company anticipates that the network freight industry will experience significant growth opportunities driven by AI technology and digital ecosystem collaboration[46]. Financial Management and Corporate Governance - The company has maintained a high standard of corporate governance, ensuring the interests of shareholders and enhancing corporate value[137]. - The auditors, Ernst & Young, confirmed the consistency of the financial figures with the consolidated financial statements for the year ending December 31, 2025[145]. - The company expresses gratitude to management and employees for their hard work over the past year, as well as to shareholders and partners for their continued support[147]. - The company will hold its annual general meeting on May 28, 2026[148]. - The company has appointed new members to the nomination committee to promote diversity in hiring[80]. Employee Development and Corporate Culture - The company is committed to establishing a competitive and fair compensation and benefits system for its employees[85]. - The company provides customized training programs for employees to enhance their skills and leadership capabilities[86]. - The company has extended its business duration to allow for more flexible long-term strategic planning and enhance market competitiveness[83]. - The company has developed an AI digital human named "Ting Jie" as part of its technological advancements[154]. - The board of directors includes executive directors Mr. Feng Lei and Mr. Du Bing, among others[157].

Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue of RMB 3,342.98 million, a decrease from RMB 3,670.76 million in 2024[2]. - The net profit attributable to the company's owners for 2025 was RMB 1,786.02 million, a significant increase of approximately RMB 1,988 million compared to a net loss of RMB 206.58 million in 2024[3]. - Adjusted net profit for 2025 was RMB 1,962.64 million, up 84% from RMB 1,064.98 million in 2024[4]. - The adjusted net profit margin for 2025 was 59%, compared to 29% in 2024[2]. - The company's basic and diluted earnings per share for 2025 were RMB 0.11419, recovering from a loss of RMB 0.01570 per share in 2024[3]. - The gross profit for the same period was RMB 1,183,741,000, down 38% from RMB 1,910,415,000 in the prior year[50]. - Operating profit significantly increased to RMB 1,658,143,000 compared to RMB 65,196,000 in the previous year, indicating a strong recovery in operational efficiency[50]. - The company recorded a net profit of RMB 1,786,023,000 for the year, a substantial turnaround from a loss of RMB 206,576,000 in the previous year[50]. - Adjusted net profit for the year ended December 31, 2025, was RMB 1,962.636 million, compared to RMB 1,064.982 million in 2024, indicating a significant year-over-year increase[35]. Market and Business Strategy - The gaming business contributed significantly to profit growth, enhancing the company's profitability structure and operational efficiency[5]. - The company plans to continue strengthening its core competitiveness in film production and distribution, with multiple successful releases during key periods[7]. - Upcoming projects include major titles such as "Cold War 1994" and "The Wandering Earth 3," which are expected to bolster the company's content portfolio[8]. - The company is actively expanding its television drama production and international market presence, enhancing the global influence of Chinese dramas[9]. - The group has diversified its content offerings across multiple genres, including suspense, reality, historical, martial arts, and urban romance, with several new titles set to launch, contributing to ongoing content output and revenue generation[10][11]. - The company anticipates continued growth in online streaming and gaming services, supported by strategic investments in new technologies and market expansion initiatives[119]. Technology and Innovation - The integration of AI technology has transformed the media business from auxiliary tools to a core engine, significantly enhancing content production efficiency and establishing a solid commercial barrier in digital asset operations[12][13]. - The AI-driven content ecosystem has achieved a comprehensive upgrade from short films to serialized and feature-length content, with benchmark works like "Acid Soul" and "White Snake: The Beginning" accumulating tens of millions of views[13]. - The group has established a scalable production process for high-quality AI-generated dramas and micro-dramas, reducing content development cycles by over 60% and optimizing production costs[14]. - The multi-modal AI platform integrates various systems to streamline the entire content creation process, fundamentally reshaping the industrial production paradigm[15][16][17]. - The AI digital asset platform has evolved to ensure the uniqueness and security of digital assets, positioning the group strategically for future virtual idol operations and IP commercialization[18]. - The large-scale application of AI technology has significantly reduced unit content production costs and increased content supply frequency, creating sustainable profit growth levers[19]. - The group aims to drive the intelligent transformation of media operations through continuous technology application and business expansion, establishing a differentiated advantage in global competition[20]. Financial Position and Assets - As of December 31, 2025, the company held cash and cash equivalents of approximately RMB 7.2438 billion, a substantial increase from RMB 3.4936 billion in 2024, driven by financing and operational performance[37]. - The company's total borrowings as of December 31, 2025, were RMB 733 million, a decrease from RMB 1.7009 billion in 2024, with a debt-to-equity ratio of 9.5%[38]. - The company's total assets reached approximately RMB 30.2603 billion as of December 31, 2025, up from RMB 21.6707 billion in 2024, reflecting strong growth in asset base[38]. - The current ratio improved to 4.3 times as of December 31, 2025, compared to 2.5 times in 2024, indicating enhanced liquidity position[38]. - The company's equity attributable to equity holders rose to RMB 23,868,944,000 in 2025 from RMB 16,345,215,000 in 2024, reflecting a growth of approximately 46.2%[52]. - The total balance of trade receivables as of December 31, 2025, was RMB 2,782,979 thousand, with total loss provisions amounting to RMB 264,995 thousand[79]. - The total balance of investments receivable as of December 31, 2025, was RMB 1,611,067 thousand, with loss provisions of RMB 207,387 thousand[81]. - The total financial assets measured at fair value as of December 31, 2025, was RMB 7,874,180 thousand[88]. Revenue Streams - Online streaming revenue was RMB 661,606 thousand in 2025, significantly up from RMB 127,043 thousand in 2024, marking an increase of over 420%[111]. - Online gaming services revenue increased to RMB 2,148,973 thousand in 2025 from RMB 1,991,719 thousand in 2024, reflecting a growth of approximately 8%[111]. - The company reported a segment profit of RMB 1,295,691 thousand for the year ended December 31, 2025, compared to a segment loss of RMB 242,050 thousand in 2024[107]. - Revenue from mainland China was RMB 3,305,633 thousand in 2025, down from RMB 3,600,630 thousand in 2024, a decrease of approximately 8%[114]. Investments and Acquisitions - The company is strategically investing in the gaming ecosystem, acquiring a 30% stake in Beijing Yonghang Technology to enhance collaboration around the "QQ Dance" IP[28]. - The strategic investment in Wanda Films enhances the synergy across the entire industry chain, improving content distribution efficiency and commercial value conversion[30]. - The company invested in 52TOYS to expand its IP derivative business, enhancing its value chain and aiming for significant revenue growth through collaboration in product design and development[31]. - The company has entered into a conditional subscription agreement for the issuance of HKD 2.341 billion convertible bonds with a 3.95% interest rate, maturing in 2030[153]. Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange, with deviations noted regarding the separation of roles between the chairman and CEO, as no CEO position is established as of December 31, 2025[161]. - The audit committee, composed of three independent non-executive directors, has reviewed the financial statements for the year ending December 31, 2025, ensuring their completeness and accuracy[163]. - The company confirms that all directors have complied with the standard code of conduct for securities trading throughout the year ending December 31, 2025[162]. - The board believes that the current governance structure enhances leadership and oversight, contributing to efficient operations[161].

Financial Performance - For the year ending December 31, 2025, total revenue was HKD 50,677,000, a decrease of approximately 13.5% compared to HKD 58,514,000 in 2024[3] - Cost of sales for 2025 was HKD 44,282,000, up from HKD 43,130,000 in 2024, resulting in a gross profit of HKD 6,395,000, down 58.5% from HKD 15,384,000[3] - The company reported an operating loss of HKD 64,706,000 for 2025, compared to an operating loss of HKD 80,514,000 in 2024, indicating an improvement of 19.6%[3] - The pre-tax loss for the year was HKD 85,462,000, compared to a pre-tax loss of HKD 71,276,000 in 2024, reflecting a decline of 20%[4] - The total comprehensive loss for 2025 was HKD 86,498,000, compared to HKD 71,105,000 in 2024, representing an increase of 21.6%[4] - Basic and diluted loss per share for 2025 was HKD 3.90, compared to HKD 2.90 in 2024, indicating a worsening of 34.5%[4] - The group reported a net loss of approximately HKD 71,401,000 for the year ending December 31, 2025, compared to a net loss of approximately HKD 86,372,000 in 2024[10] - The company reported a loss before tax of HKD 8,574,000 for 2025, compared to HKD 8,987,000 in 2024, indicating a decrease of approximately 4.6%[31] - The company reported a significant increase in overdue bank borrowings, which are classified as current liabilities due to default[45] Revenue Breakdown - Customer contract revenue for the year ended December 31, 2025, was HKD 50,677,000, a decrease of 13.4% from HKD 58,514,000 in 2024[19] - Revenue from supply and installation services was HKD 37,540,000 for 2025, up 12.4% from HKD 33,213,000 in 2024[19] - Revenue from stone sales was HKD 13,137,000 for 2025, down 48.0% from HKD 25,301,000 in 2024[19] - Revenue from major customer A was HKD 24,031,000 for 2025, an increase of 29.9% from HKD 18,505,000 in 2024[22] - Revenue from major customer B was HKD 13,218,000 for 2025, with no revenue reported in 2024[22] - Revenue from major customer C was HKD 6,620,000 for 2025, with no revenue reported in 2024[22] Assets and Liabilities - Total assets as of December 31, 2025, amounted to HKD 168,249 million, an increase from HKD 158,692 million in 2024, reflecting a growth of approximately 4%[6] - Current liabilities totaled HKD 97,195 million in 2025, down from HKD 145,164 million in 2024, indicating a significant reduction of about 33%[6] - The company reported a cumulative loss of HKD 284,404 million as of December 31, 2025, compared to HKD 213,003 million in 2024, representing an increase in losses of approximately 33%[5] - The company’s total liabilities rose to HKD 168,249 million in 2025, compared to HKD 158,692 million in 2024, reflecting an increase of about 6%[6] - The total equity as of December 31, 2025, was HKD 54,561 million, a decrease from HKD 104,589 million in 2024, indicating a decline of approximately 48%[6] Operational Challenges - The company faced challenges in the construction sector due to high interest rates and inflation, leading to delays in several private projects[8] - The company’s construction projects have been postponed, affecting the collection period of receivables[8] - The company reported a significant increase in operating costs due to labor shortages and rising material costs, impacting overall profitability[8] Financial Strategies and Future Outlook - The company anticipates continued challenges in the upcoming fiscal year, with a focus on cost management and operational efficiency to improve financial performance[4] - The company is exploring new product development and market expansion strategies to enhance revenue streams in the future[4] - There are ongoing discussions regarding potential mergers and acquisitions to strengthen market position and drive growth[4] - The group has initiated discussions with banks to extend the repayment period of overdue bank loans, with plans to repay all overdue balances after successfully raising funds through a rights issue expected to complete by June 2026[14] - The group has taken measures to alleviate cash flow pressure and improve its financial condition, including cost control initiatives[12] - The group is actively seeking various financial resources to improve liquidity, including issuing convertible bonds and seeking low-interest loans from directors[113] Compliance and Governance - The company is currently assessing the detailed impact of the new standards on its consolidated financial statements[18] - The company expects that the application of the new standards will affect the presentation of the income statement and future financial statement disclosures[18] - The group is committed to maintaining strict corporate governance and has adhered to the applicable corporate governance codes[97] - The Audit Committee has reviewed the group's management and accounting policies and discussed audit issues, risk management, and internal control systems[101] Employee and Operational Costs - Employee benefits expenses amounted to HKD 9,395,000 in 2025, down from HKD 9,778,000 in 2024, reflecting a reduction of about 3.9%[31] - The total employee costs for the year ended December 31, 2025, amounted to approximately HKD 8.5 million, a decrease from approximately HKD 9.0 million in 2024[96] - The group has a temporary cash flow limitation with unpaid salaries amounting to approximately HKD 568,000 as of December 31, 2025, compared to HKD 14,744,000 in 2024[95] Legal and Litigation Matters - The group has set aside provisions of approximately HKD 1,100,000 and HKD 10,101,000 for litigation claims and legal expenses respectively[50] - A former subcontractor's lawsuit resulted in a court order for the group to pay approximately HKD 9,000,000 plus related legal costs[50] - The group has no significant ongoing litigation cases as of the announcement date, with previous cases resolved[94]

Business Expansion and Strategy - The company is expanding its medical imaging service network, focusing on underserved areas in Jiangxi, Hunan, and Shaanxi, aiming to cover 5-8 counties and townships with shared service centers[9]. - The company is actively pursuing international expansion, providing digital solutions in Hong Kong and Macau, and offering hardware installation and remote services in Malawi and Turkey[11]. - The company aims to redefine medical service delivery by making imaging services more accessible and proactive, rather than reactive[10]. - The company is committed to creating a comprehensive solution that connects county hospitals with top experts, facilitating efficient remote diagnosis[10]. - The company is focusing on the integration of AI with the physical economy, aligning with national initiatives to enhance healthcare accessibility[10]. - The company is addressing the challenges of healthcare access in remote areas, ensuring timely and accurate diagnoses for patients[10]. - The company is transitioning from a traditional service model to a more collaborative and intelligent ecosystem, enhancing connectivity and future readiness[6]. - The company is focusing on expanding its imaging center services through strategic acquisitions and partnerships, particularly in the private healthcare market and overseas[40]. - The company aims to deepen its overseas market presence, positioning it as a key growth engine and core contribution area, with a focus on the Hong Kong-Macau market and accelerated breakthroughs in Africa and Central and Eastern Europe[80]. Financial Performance - The company's revenue for the year ended December 31, 2025, was RMB 873.1 million, representing a year-on-year increase of 14.8% compared to RMB 760.6 million in 2024[26]. - Gross profit for the same period was RMB 295.2 million, up 6.5% from RMB 277.3 million in 2024[26]. - The net loss for the year significantly improved to RMB 10.5 million from a loss of RMB 58.9 million in 2024, marking an 82.2% reduction in losses[26]. - The revenue from imaging solution services reached approximately RMB 292.6 million, a substantial increase of 93.9% from RMB 150.9 million in 2024[30]. - The company raised approximately RMB 744.4 million through share placements in 2025 to support ongoing business development[31]. - EBITDA for the year was RMB 216.2 million, reflecting a 30.8% increase from RMB 165.2 million in 2024[26]. - The company recorded revenue from data-related services of RMB 20.8 million for the year, marking a new revenue stream[101]. - The company has achieved a total of 122 software copyrights, 2 medical device product registrations, and 2 invention patents, with 3 invention patent applications pending review, establishing a comprehensive intellectual property matrix[56]. Data and AI Integration - The company is developing a data-driven medical imaging ecosystem, emphasizing the integration of AI capabilities and data asset accumulation[7]. - The AI model "MIIA" developed by the company is transitioning AI from a supportive role to a core tool in medical diagnostics, capable of multi-modal data understanding and lightweight deployment[15]. - The company aims to create a "trustworthy data space" where data can flow securely and be shared under clear ownership, facilitating clinical trials and research collaborations[14]. - The company has accumulated a high-quality imaging database covering over 300 diseases and more than 10 million cases, which is recognized as a "high-quality dataset" encouraged by national policies[13]. - The company is focusing on strengthening data governance capabilities and establishing a comprehensive governance system to ensure data quality and security[37]. - The company plans to deepen its data governance capabilities to ensure compliance and facilitate the transformation of data from "resources" to "assets," supporting commercial applications and data circulation[140]. - The company will establish a compliant data governance system by 2026, enhancing data compliance and external application convenience[141]. Organizational Development and Talent Management - The company is restructuring its organizational capabilities to enhance operational efficiency and promote a culture of continuous learning and adaptation[19]. - The company has established partnerships with 7 medical universities to enhance talent development and has created a dual-track mentoring system for its management trainees[95]. - The company has conducted a total of 325 professional training sessions, covering areas such as radiology, ultrasound, and nuclear medicine, to strengthen the professional capabilities of its medical staff[91]. - The company is committed to the continuous cultivation of young medical professionals to build a strong foundation for long-term development in the field of medical imaging[91]. - The company aims to build a comprehensive talent cultivation and incentive system, focusing on integrating medical professionals and enhancing their capabilities[88]. Corporate Governance - The company has adopted corporate governance practices in line with the corporate governance code, ensuring compliance with most recommended best practices[170]. - The board consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors[171]. - The company has established three specialized committees: the Audit Committee, the Compensation Committee, and the Nomination Committee to enhance governance[173]. - The company has complied with the listing rules regarding the appointment of independent non-executive directors, ensuring that at least one has appropriate professional qualifications or accounting expertise[177]. - The company has implemented policies to review and monitor compliance with legal and regulatory requirements[175]. - The company will annually assess the independence of its independent non-executive directors to maintain governance standards[182]. Market and Service Innovation - The company is enhancing its digital intelligence services by commercializing imaging big data in clinical research and artificial intelligence, creating a closed loop for data governance and monetization[38]. - The company aims to build a smart medical imaging ecosystem by focusing on core capabilities and diversifying its product offerings[105]. - The company has launched a series of AI products, including the world's first multimodal medical imaging foundation model and intelligent systems for chest and cranial CT diagnosis, improving diagnostic efficiency and accuracy[56]. - The company is focusing on the full lifecycle management of medical imaging equipment to address industry pain points, thereby improving operational efficiency and service quality[49]. - The company is committed to building a high-quality imaging data system, leveraging over 117 imaging centers across 20 provinces, with a daily examination volume exceeding 10,000 cases to create a leading medical imaging database in China[140].