Annual Report 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, RMB'000 | 2024Group, RMB'000 | Source |
|---|---|---|---|
| Income statement | |||
| RevenueRMB'000 | 1,015 | 19,305 | PDF p. 65 |
| Cost of salesRMB'000 | - | (17,027) | PDF p. 65 |
| Gross profitRMB'000 | 1,015 | 2,278 | PDF p. 65 |
| Gain arising from changes in fair value less costs to sell of biological assetsRMB'000 | - | 15,776 | PDF p. 65 |
| Other lossesRMB'000 | (5,449) | (28,553) | PDF p. 65 |
| Selling and distribution expensesRMB'000 | (2,312) | (3,042) | PDF p. 65 |
| Administrative expensesRMB'000 | (42,387) | (47,772) | PDF p. 65 |
| Other operating expensesRMB'000 | (17,271) | (43,474) | PDF p. 65 |
| Impairment loss on intangible assetsRMB'000 | (4,734) | - | PDF p. 65 |
| Impairment loss on property, plant and equipmentRMB'000 | (992,478) | - | PDF p. 65 |
| Impairment loss on investment propertiesRMB'000 | (17,774) | - | PDF p. 65 |
| Impairment loss on deposit and prepaymentRMB'000 | (20,327) | - | PDF p. 65 |
| Operating lossRMB'000 | (1,101,717) | (104,787) | PDF p. 65 |
| Finance costsRMB'000 | - | - | PDF p. 65 |
| Loss before income taxRMB'000 | (1,101,717) | (104,787) | PDF p. 65 |
| Income tax creditRMB'000 | 213,900 | 5,370 | PDF p. 65 |
| Loss for the year, attributable to owners of the ParentRMB'000 | (887,817) | (99,417) | PDF p. 65 |
| Other comprehensive income | |||
| Exchange differences on translation of foreign operationsRMB'000 | 333 | (378) | PDF p. 65 |
| Other comprehensive income for the year, net of tax amounting to RMBnil (2024: RMBnil)RMB'000 | 333 | (378) | PDF p. 65 |
| Total comprehensive income | |||
| Total comprehensive loss for the year attributable to owners of the ParentRMB'000 | (887,484) | (99,795) | PDF p. 65 |
Original report: PDF p. 65 ↗
Header columns: Notes, 2025 RMB'000, 2024 RMB'000. Loss per share is for loss attributable to owners of the Parent (Note 12), printed with RMB prefix.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, as at 31 December, RMB'000 | 2024Group, as at 31 December, RMB'000 | Source |
|---|---|---|---|
| Non-current assets | |||
| Interests in subsidiariesRMB'000 | - | - | PDF p. 66 |
| Property, plant and equipmentRMB'000 | - | 1,041,913 | PDF p. 66 |
| Investment propertiesRMB'000 | - | - | PDF p. 66 |
| Deposit paid for property, plant and equipmentRMB'000 | - | 327 | PDF p. 66 |
| PrepaymentRMB'000 | - | 20,000 | PDF p. 66 |
| Intangible assetsRMB'000 | - | 4,870 | PDF p. 66 |
| SubtotalRMB'000 | - | 1,067,110 | PDF p. 66 |
| Current assets | |||
| Inventories and consumablesRMB'000 | - | 899 | PDF p. 66 |
| Trade receivablesRMB'000 | - | 9,822 | PDF p. 66 |
| Prepayments, deposits and other receivablesRMB'000 | 52 | 929 | PDF p. 66 |
| Cash and cash equivalentsRMB'000 | 90,939 | 118,652 | PDF p. 66 |
| SubtotalRMB'000 | 90,991 | 130,302 | PDF p. 66 |
| Current liabilities | |||
| Trade payablesRMB'000 | - | 1,733 | PDF p. 66 |
| Accrued liabilities and other payablesRMB'000 | 7,600 | 14,835 | PDF p. 66 |
| Amounts due to subsidiariesRMB'000 | - | - | PDF p. 66 |
| Lease liabilitiesRMB'000 | 49 | 45 | PDF p. 66 |
| Deferred government grantsRMB'000 | - | 478 | PDF p. 66 |
| Other provisionRMB'000 | 15,542 | - | PDF p. 66 |
| Provision for income taxRMB'000 | 732 | 732 | PDF p. 66 |
| SubtotalRMB'000 | 23,923 | 17,823 | PDF p. 66 |
| Net current assets | |||
| Net current assets/(liabilities)RMB'000 | 67,068 | 112,479 | PDF p. 66 |
| Total assets less current liabilitiesRMB'000 | 67,068 | 1,179,589 | PDF p. 66 |
| Non-current liabilities | |||
| Lease liabilitiesRMB'000 | 9,072 | 9,121 | PDF p. 66 |
| Deferred government grantsRMB'000 | - | 11,090 | PDF p. 66 |
| Deferred tax liabilitiesRMB'000 | - | 213,898 | PDF p. 66 |
| SubtotalRMB'000 | 9,072 | 234,109 | PDF p. 66 |
| Net assets | |||
| Net assetsRMB'000 | 57,996 | 945,480 | PDF p. 66 |
| Equity | |||
| Share capitalRMB'000 | 279,499 | 279,499 | PDF p. 66 |
| ReservesRMB'000 | (221,503) | 665,981 | PDF p. 66 |
| Total equityRMB'000 | 57,996 | 945,480 | PDF p. 66 |
Original report: PDF p. 66 ↗
Group columns of the combined Group/Company statement; Company columns are in a separate table.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company, as at 31 December, RMB'000 | 2024Company, as at 31 December, RMB'000 | Source |
|---|---|---|---|
| Non-current assets | |||
| Interests in subsidiariesRMB'000 | 98,511 | 952,120 | PDF p. 66 |
| Property, plant and equipmentRMB'000 | - | - | PDF p. 66 |
| Investment propertiesRMB'000 | - | - | PDF p. 66 |
| SubtotalRMB'000 | 98,511 | 952,120 | PDF p. 66 |
| Current assets | |||
| Cash and cash equivalentsRMB'000 | 5 | 5 | PDF p. 66 |
| SubtotalRMB'000 | 5 | 5 | PDF p. 66 |
| Current liabilities | |||
| Accrued liabilities and other payablesRMB'000 | 1,656 | 1,732 | PDF p. 66 |
| Amounts due to subsidiariesRMB'000 | 33,461 | 32,959 | PDF p. 66 |
| Other provisionRMB'000 | 15,542 | - | PDF p. 66 |
| SubtotalRMB'000 | 50,659 | 34,691 | PDF p. 66 |
| Net current assets | |||
| Net current assets/(liabilities)RMB'000 | (50,654) | (34,686) | PDF p. 66 |
| Total assets less current liabilitiesRMB'000 | 47,857 | 917,434 | PDF p. 66 |
| Net assets | |||
| Net assetsRMB'000 | 47,857 | 917,434 | PDF p. 66 |
| Equity | |||
| Share capitalRMB'000 | 279,499 | 279,499 | PDF p. 66 |
| ReservesRMB'000 | (231,642) | 637,935 | PDF p. 66 |
| Total equityRMB'000 | 47,857 | 917,434 | PDF p. 66 |
Original report: PDF p. 66 ↗
Company columns of the combined statement; rows with '-' for Company omitted where both Company cells are '-' (e.g. trade payables, lease liabilities, deferred items).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit or loss | |||
| Loss for the year, attributable to owners of the ParentRMB'000 | (887,817) | (99,417) | PDF p. 65 |
| Items that may be reclassified subsequently to profit or loss | |||
| Exchange differences on translation of foreign operationsRMB'000 | 333 | (378) | PDF p. 65 |
| Total comprehensive loss | |||
| Total comprehensive loss for the year attributable to owners of the ParentRMB'000 | (887,484) | (99,795) | PDF p. 65 |
Original report: PDF p. 65 ↗
Other comprehensive income for the year, net of tax amounting to RMBnil (2024: RMBnil): 333 (2025), (378) (2024). Loss is wholly attributable to owners of the Parent; no non-controlling interests.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| Loss before income taxRMB'000 | (1,101,717) | (104,787) | PDF p. 69 |
| Operating activities - adjustments | |||
| Bank interest incomeRMB'000 | (271) | (278) | PDF p. 69 |
| Depreciation of property, plant and equipmentRMB'000 | 17,967 | 42,573 | PDF p. 69 |
| Depreciation of right of use assetsRMB'000 | 466 | 468 | PDF p. 69 |
| Impairment loss on property, plant and equipmentRMB'000 | 992,478 | - | PDF p. 69 |
| Impairment loss on investment propertiesRMB'000 | 17,774 | - | PDF p. 69 |
| Loss of disposal of property, plant and equipmentRMB'000 | 1,090 | 1,092 | PDF p. 69 |
| Property, plant and equipment written offRMB'000 | 14,667 | 33,435 | PDF p. 69 |
| Consumable written offRMB'000 | 701 | - | PDF p. 69 |
| Impairment loss on intangible assetsRMB'000 | 4,734 | - | PDF p. 69 |
| Amortisation of intangible assetsRMB'000 | 136 | 498 | PDF p. 69 |
| Compensation receivedRMB'000 | (301) | (3,250) | PDF p. 69 |
| Impairment loss on deposit and prepaymentRMB'000 | 20,327 | - | PDF p. 69 |
| Provision for litigation claimRMB'000 | 15,542 | - | PDF p. 69 |
| Amortisation of deferred government grantsRMB'000 | (240) | (478) | PDF p. 69 |
| Release of provision for deferred government grantsRMB'000 | (11,328) | - | PDF p. 69 |
| Other payables written offRMB'000 | 7 | - | PDF p. 69 |
| Prepayments written offRMB'000 | 944 | - | PDF p. 69 |
| Other receivables written offRMB'000 | (67) | - | PDF p. 69 |
| Exchange lossRMB'000 | 184 | 31 | PDF p. 69 |
| Operating activities | |||
| Subtotal before working capital changes (unlabelled)RMB'000 | (26,907) | (30,696) | PDF p. 69 |
| Operating activities - working capital | |||
| Decrease/(increase) in inventoriesRMB'000 | 198 | (254) | PDF p. 69 |
| Decrease in trade receivablesRMB'000 | 9,822 | 23,767 | PDF p. 69 |
| Decrease/(increase) in prepayments, deposits and other receivablesRMB'000 | 944 | (94) | PDF p. 69 |
| (Decrease)/increase in trade payablesRMB'000 | (2,677) | 359 | PDF p. 69 |
| (Decrease)/increase in accrued liabilities and other payablesRMB'000 | (8,966) | 7,149 | PDF p. 69 |
| Operating activities | |||
| Cash (used in)/generated from operationsRMB'000 | (27,586) | 231 | PDF p. 69 |
| Income taxes paidRMB'000 | - | (192) | PDF p. 69 |
| Net cash (used in)/generated from operating activitiesRMB'000 | (27,586) | 39 | PDF p. 69 |
| Investing activities | |||
| Purchases of property, plant and equipmentRMB'000 | (2,020) | (5,976) | PDF p. 69 |
| Prepayment for intangible assetsRMB'000 | - | (8,000) | PDF p. 69 |
| Proceed from disposal of property, plant and equipmentRMB'000 | 235 | 5 | PDF p. 69 |
| Compensation receivedRMB'000 | 301 | 3,250 | PDF p. 69 |
| Interest receivedRMB'000 | 271 | 278 | PDF p. 69 |
| Net cash used in investing activitiesRMB'000 | (1,213) | (10,443) | PDF p. 69 |
| Financing activities | |||
| Repayment of principal on lease liabilitiesRMB'000 | (45) | (41) | PDF p. 69 |
| Repayment of interest on lease liabilitiesRMB'000 | (744) | (748) | PDF p. 69 |
| Advance/(repayment to) from a directorRMB'000 | 1,883 | (8,478) | PDF p. 69 |
| Net cash generated from/(used in) financing activitiesRMB'000 | 1,094 | (9,267) | PDF p. 69 |
| Net change in cash | |||
| Net decrease in cash and cash equivalentsRMB'000 | (27,705) | (19,671) | PDF p. 69 |
| Cash and cash equivalents at beginning of yearRMB'000 | 118,652 | 138,316 | PDF p. 69 |
| Effect of foreign exchange rate changesRMB'000 | (8) | 7 | PDF p. 69 |
| Cash and cash equivalents at end of yearRMB'000 | 90,939 | 118,652 | PDF p. 69 |
Original report: PDF p. 69 ↗
The 'Other payables written off' 2025 value 7 appears under the Notes column layout in the printed row (note ref 7 and a dash); the row prints as 'Other payables written off 7 -', so the amount is ambiguous between note reference and value. The unlabelled subtotal row (26,907)/(30,696) has no printed label.
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| Metric / unit | 2025Group - Share capital | 2025Group - Share premium | 2025Group - Statutory reserves | 2025Group - Translation reserve | 2025Group - (Accumulated losses)/Retained profits | 2025Group - Total equity | Source |
|---|---|---|---|---|---|---|---|
| Opening balance 2024 | |||||||
| Balance as at 1 January 2024RMB'000 | 279,499 | 656,811 | 15,571 | (26,645) | 120,039 | 1,045,275 | PDF p. 67 |
| Year 2024 | |||||||
| Loss for the yearRMB'000 | - | - | - | - | (99,417) | (99,417) | PDF p. 67 |
| Year 2024 - Other comprehensive income | |||||||
| - Exchange differences on translation of foreign operationsRMB'000 | - | - | - | (378) | - | (378) | PDF p. 67 |
| Year 2024 | |||||||
| Total comprehensive income for the yearRMB'000 | - | - | - | (378) | (99,417) | (99,795) | PDF p. 67 |
| Closing 2024 / opening 2025 | |||||||
| Balance as at 31 December 2024 and 1 January 2025RMB'000 | 279,499 | 656,811 | 15,571 | (27,023) | 20,622 | 945,480 | PDF p. 67 |
| Year 2025 | |||||||
| Loss for the yearRMB'000 | - | - | - | - | (887,817) | (887,817) | PDF p. 67 |
| Year 2025 - Other comprehensive income | |||||||
| - Exchange differences on translation of foreign operationsRMB'000 | - | - | - | 333 | - | 333 | PDF p. 67 |
| Year 2025 | |||||||
| Total comprehensive income for the yearRMB'000 | - | - | - | 333 | (887,817) | (887,484) | PDF p. 67 |
| Closing balance 2025 | |||||||
| Balance as at 31 December 2025RMB'000 | 279,499 | 656,811 | 15,571 | (26,690) | (867,195) | 57,996 | PDF p. 67 |
Original report: PDF p. 67 ↗
* These reserve accounts comprise the consolidated reserves of deficit RMB221,503,000 (2024: RMB665,981,000) in the consolidated statement of financial position.
Column year set to 2025 for all columns as a placeholder for the latest period; rows cover movements for both 2024 and 2025 as labelled in the section field. Rows split across lines in source; labels are the printed fragments. No non-controlling interest column is presented.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company - Share capital | 2025Company - Share premium | 2025Company - Translation reserve | 2025Company - (Accumulated losses)/Retained profits | 2025Company - Total equity | Source |
|---|---|---|---|---|---|---|
| Opening balance 2024 | ||||||
| Balance as at 1 January 2024RMB'000 | 279,499 | 656,811 | (26,792) | 11,009 | 920,527 | PDF p. 68 |
| Year 2024 | ||||||
| Loss for the yearRMB'000 | - | - | - | (1,964) | (1,964) | PDF p. 68 |
| Year 2024 - Other comprehensive income | ||||||
| - Exchange differences on translation of financial statementsRMB'000 | - | - | (1,129) | - | (1,129) | PDF p. 68 |
| Year 2024 | ||||||
| Total comprehensive income for the yearRMB'000 | - | - | (1,129) | (1,964) | (3,093) | PDF p. 68 |
| Closing 2024 / opening 2025 | ||||||
| Balance as at 31 December 2024 andRMB'000 | 279,499 | 656,811 | (27,921) | 9,045 | 917,434 | PDF p. 68 |
| Year 2025 | ||||||
| Loss for the yearRMB'000 | - | - | - | (871,345) | (871,495) | PDF p. 68 |
| Year 2025 - Other comprehensive income | ||||||
| - Exchange differences on translation of financial statementsRMB'000 | - | - | 1,768 | - | 1,768 | PDF p. 68 |
| Year 2025 | ||||||
| Total comprehensive income for the yearRMB'000 | - | - | 1,768 | (871,345) | (869,577) | PDF p. 68 |
| Closing balance 2025 | ||||||
| Balance as at 31 December 2025RMB'000 | 279,499 | 656,811 | (26,153) | (862,300) | 47,857 | PDF p. 68 |
Original report: PDF p. 68 ↗
** These reserve accounts comprise the Company’s reserves of deficit RMB231,642,000 (2024: reserves of RMB637,935,000) in the Company’s statement of financial position.
2025 loss for the year is printed as (871,345) in retained profits and (871,495) in total equity; preserved as printed (apparent inconsistency in source).
Column year 2025 used for all columns; rows cover both 2024 and 2025 movements per section field.
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Note 12 Loss per share | |||
| Weighted average number of ordinary shares in issueshares | 79,828,927 | 79,828,927 | PDF p. 85 |
Original report: PDF p. 85 ↗
No dilutive potential ordinary shares in 2025 and 2024; diluted loss per share equals basic. Loss amounts are stated in the text as full RMB (RMB887,817,000), shown here as RMB'000 equivalents of the printed figure.
Debt
| Item / unit | 2025RMB'000 | 2024RMB'000 | Source |
|---|---|---|---|
| Minimum lease payment due | |||
| - within one yearRMB'000 | 789 | 789 | PDF p. 97 |
| - more than one year, but not exceeding two yearsRMB'000 | 789 | 789 | PDF p. 97 |
| - more than two yearsRMB'000 | 24,297 | 25,086 | PDF p. 97 |
| Less: future interest expensesRMB'000 | (16,754) | (17,498) | PDF p. 97 |
| Present value of lease liabilitiesRMB'000 | 9,121 | 9,166 | PDF p. 97 |
| Present values analysed as | |||
| Current liabilitiesRMB'000 | 49 | 45 | PDF p. 97 |
| Non-current liabilitiesRMB'000 | 9,072 | 9,121 | PDF p. 97 |
As at 31 December 2025, the effective incremental borrowing rate was 8.9% (2024: 8.9%).
Total minimum lease payment 25,875 (2024: 26,664).
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Provision 11.6 – Dividend Policy | The Company does not have a policy on payments of dividends. Nonetheless, consistent with the intent of Principle 11 of the Code, the form, frequency and amount of dividends declared each year will take into consideration the Group’s profit growth, cash position, positive cash flow generated from operations, projected capital requirements for business growth and other factors as the Board may deem appropriate. The Company endeavours to pay dividends and where dividends are not paid, the Company will disclose its reason(s) accordingly. | Company | PDF p. 36 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend declared for FY2025 | No dividend was declared for FY2025 as the Company recorded a loss for FY2025. | FY2025 | PDF p. 36 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| BDO LLP | BDO LLP | Group; joint auditors | PDF p. 64 |
| BDO Limited | BDO Limited | Group; joint auditors | PDF p. 64 |
| engagement partners | Aw Vern Chun Philip from BDO LLP, and Cheung Wing Yin from BDO Limited | Group; joint auditors | PDF p. 64 |
| 7 April 2026 | 7 April 2026 | Group · As at 2026-04-07 | PDF p. 64 |
| Opinion | give a true and fair view | Group and Company, year ended 31 December 2025 | PDF p. 61 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern | the Group has sufficient financial resources to continue as a going concern | Group | PDF p. 70 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.