Helens HLS
Financials
Annual Report 2025
Explore the statements
23 tablesConsolidated Statements of Comprehensive Income (Group)
27 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December | 2024Group, year ended 31 December | Source |
|---|---|---|---|
| Income statement | |||
| RevenueRMB'000 | 539,009 | 752,206 | PDF p. 70 |
| Other incomeRMB'000 | 1,534 | 970 | PDF p. 70 |
| Raw materials and consumables usedRMB'000 | (222,829) | (316,344) | PDF p. 70 |
| Employee benefit and manpower service expensesRMB'000 | (113,129) | (173,748) | PDF p. 70 |
| Depreciation of right-of-use assetsRMB'000 | (36,097) | (60,786) | PDF p. 70 |
| Depreciation of property, plant and equipmentRMB'000 | (32,873) | (63,551) | PDF p. 70 |
| Depreciation of investment propertiesRMB'000 | (3,267) | (1,876) | PDF p. 70 |
| Amortisation of intangible assetsRMB'000 | (17) | (17) | PDF p. 70 |
| Short-term rental and other related expensesRMB'000 | (20,381) | (23,320) | PDF p. 70 |
| Utilities expensesRMB'000 | (11,900) | (19,436) | PDF p. 70 |
| Travelling and related expensesRMB'000 | (7,223) | (8,350) | PDF p. 70 |
| Advertising and promotion expensesRMB'000 | (3,805) | (12,485) | PDF p. 70 |
| Listing expensesRMB'000 | — | (13,287) | PDF p. 70 |
| Other expensesRMB'000 | (60,778) | (70,396) | PDF p. 70 |
| Impairment losses of plant and equipment and right-of-use assetsRMB'000 | (4,949) | (85,786) | PDF p. 70 |
| Impairment losses of investment propertiesRMB'000 | — | (9,466) | PDF p. 70 |
| Net impairment losses of trade receivablesRMB'000 | (51) | (16,707) | PDF p. 70 |
| Other gains, netRMB'000 | 118 | 8,639 | PDF p. 70 |
| Finance incomeRMB'000 | 21,876 | 48,364 | PDF p. 70 |
| Finance costsRMB'000 | (7,434) | (11,191) | PDF p. 70 |
| Profit/(Loss) before income taxRMB'000 | 37,804 | (76,567) | PDF p. 70 |
| Income tax expenseRMB'000 | (3,850) | (1,409) | PDF p. 70 |
| Profit/(Loss) for the year attributable to owners of the CompanyRMB'000 | 33,954 | (77,976) | PDF p. 70 |
| Other comprehensive income | |||
| Currency translation differencesRMB'000 | 15,167 | (31,535) | PDF p. 70 |
| Total comprehensive income/(loss) for the year attributable to owners of the CompanyRMB'000 | 49,121 | (109,511) | PDF p. 70 |
| Earnings per share | |||
| BasicRMB per share | 0.027 | (0.062) | PDF p. 70 |
| DilutedRMB per share | 0.027 | (0.062) | PDF p. 70 |
Definitions & sources
Original report: PDF p. 70 ↗
Profit/(loss) and total comprehensive income labels wrap across two lines in the source; the quote shows the second-line fragment only. Loss per share expressed in RMB per share. The notes on pages 75 to 140 are integral parts of these consolidated financial statements.
Consolidated Statements of Financial Position (Group) - Assets and Equity
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, as at 31 December | 2024Group, as at 31 December | Source |
|---|---|---|---|
| Non-current assets | |||
| Property, plant and equipmentRMB'000 | 159,882 | 217,911 | PDF p. 71 |
| Intangible assetsRMB'000 | 24 | 41 | PDF p. 71 |
| Right-of-use assetsRMB'000 | 78,169 | 95,676 | PDF p. 71 |
| Investment propertiesRMB'000 | 66,867 | 33,001 | PDF p. 71 |
| Deposits and prepaymentsRMB'000 | 19,782 | 37,988 | PDF p. 71 |
| Deferred tax assetsRMB'000 | 71,305 | 75,155 | PDF p. 71 |
| SubtotalRMB'000 | 396,029 | 459,772 | PDF p. 71 |
| Current assets | |||
| InventoriesRMB'000 | 15,548 | 20,122 | PDF p. 71 |
| Prepayments, deposits and other receivablesRMB'000 | 43,166 | 61,250 | PDF p. 71 |
| Trade receivablesRMB'000 | 26,239 | 28,407 | PDF p. 71 |
| Financial assets at fair value through profit or lossRMB'000 | 55,824 | — | PDF p. 71 |
| Term deposits with original maturity over three monthsRMB'000 | 443,832 | 671,832 | PDF p. 71 |
| Cash and cash equivalentsRMB'000 | 143,481 | 131,802 | PDF p. 71 |
| Restricted cashRMB'000 | 1,603 | 2,790 | PDF p. 71 |
| SubtotalRMB'000 | 729,693 | 916,203 | PDF p. 71 |
| Total | |||
| Total assetsRMB'000 | 1,125,722 | 1,375,975 | PDF p. 71 |
| Equity | |||
| Share capitalRMB'000 | 1 | 1 | PDF p. 71 |
| ReservesRMB'000 | 874,664 | 1,118,790 | PDF p. 71 |
| Total equityRMB'000 | 874,665 | 1,118,791 | PDF p. 71 |
Definitions & sources
Original report: PDF p. 71 ↗
Statement continues on the next page (liabilities).
Consolidated Statements of Financial Position (Group) - Liabilities
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, as at 31 December | 2024Group, as at 31 December | Source |
|---|---|---|---|
| Non-current liabilities | |||
| Contract liabilitiesRMB'000 | 14,417 | 21,218 | PDF p. 72 |
| Other payablesRMB'000 | 21,367 | 18,048 | PDF p. 72 |
| Lease liabilitiesRMB'000 | 60,220 | 93,847 | PDF p. 72 |
| SubtotalRMB'000 | 96,004 | 133,113 | PDF p. 72 |
| Current liabilities | |||
| Trade payablesRMB'000 | 21,750 | 28,744 | PDF p. 72 |
| Contract liabilitiesRMB'000 | 14,386 | 13,470 | PDF p. 72 |
| Other payables and accrualsRMB'000 | 19,288 | 12,648 | PDF p. 72 |
| BorrowingsRMB'000 | 40,000 | — | PDF p. 72 |
| Lease liabilitiesRMB'000 | 42,182 | 51,585 | PDF p. 72 |
| Current income tax liabilitiesRMB'000 | 17,447 | 17,624 | PDF p. 72 |
| SubtotalRMB'000 | 155,053 | 124,071 | PDF p. 72 |
| Total | |||
| Total liabilitiesRMB'000 | 251,057 | 257,184 | PDF p. 72 |
| Total equity and liabilitiesRMB'000 | 1,125,722 | 1,375,975 | PDF p. 72 |
Definitions & sources
Original report: PDF p. 72 ↗
Continuation of the Group statement of financial position.
Statement of Financial Position of the Company (Note 33)
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company, as at 31 December | 2024Company, as at 31 December | Source |
|---|---|---|---|
| Non-current assets | |||
| Investment in subsidiariesRMB'000 | 6 | 6 | PDF p. 139 |
| Amounts due from subsidiariesRMB'000 | 1,693,477 | 1,934,673 | PDF p. 139 |
| SubtotalRMB'000 | 1,693,483 | 1,934,679 | PDF p. 139 |
| Current assets | |||
| Cash and bank balancesRMB'000 | 6,459 | 89,163 | PDF p. 139 |
| SubtotalRMB'000 | 6,459 | 89,163 | PDF p. 139 |
| Total | |||
| Total assetsRMB'000 | 1,699,942 | 2,023,842 | PDF p. 139 |
| Equity | |||
| Share capitalRMB'000 | 1 | 1 | PDF p. 139 |
| ReservesRMB'000 | 1,692,138 | 2,013,655 | PDF p. 139 |
| Total equityRMB'000 | 1,692,139 | 2,013,656 | PDF p. 139 |
| Current liabilities | |||
| Other payables and accrualRMB'000 | 7,803 | 10,186 | PDF p. 139 |
| SubtotalRMB'000 | 7,803 | 10,186 | PDF p. 139 |
| Total | |||
| Total liabilitiesRMB'000 | 7,803 | 10,186 | PDF p. 139 |
Definitions & sources
Original report: PDF p. 139 ↗
The statement of financial position of the Company was approved by the Board of Directors on 31 March 2026 and was signed on its behalf.
Consolidated Statements of Comprehensive Income
27 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025, RMB'000 | 2024Group, year ended 31 December 2024, RMB'000 | Source |
|---|---|---|---|
| Profit or loss | |||
| RevenueRMB'000 | 539,009 | 752,206 | PDF p. 70 |
| Other incomeRMB'000 | 1,534 | 970 | PDF p. 70 |
| Raw materials and consumables usedRMB'000 | (222,829) | (316,344) | PDF p. 70 |
| Employee benefit and manpower service expensesRMB'000 | (113,129) | (173,748) | PDF p. 70 |
| Depreciation of right-of-use assetsRMB'000 | (36,097) | (60,786) | PDF p. 70 |
| Depreciation of property, plant and equipmentRMB'000 | (32,873) | (63,551) | PDF p. 70 |
| Depreciation of investment propertiesRMB'000 | (3,267) | (1,876) | PDF p. 70 |
| Amortisation of intangible assetsRMB'000 | (17) | (17) | PDF p. 70 |
| Short-term rental and other related expensesRMB'000 | (20,381) | (23,320) | PDF p. 70 |
| Utilities expensesRMB'000 | (11,900) | (19,436) | PDF p. 70 |
| Travelling and related expensesRMB'000 | (7,223) | (8,350) | PDF p. 70 |
| Advertising and promotion expensesRMB'000 | (3,805) | (12,485) | PDF p. 70 |
| Listing expensesRMB'000 | — | (13,287) | PDF p. 70 |
| Other expensesRMB'000 | (60,778) | (70,396) | PDF p. 70 |
| Impairment losses of plant and equipment and right-of-use assetsRMB'000 | (4,949) | (85,786) | PDF p. 70 |
| Impairment losses of investment propertiesRMB'000 | — | (9,466) | PDF p. 70 |
| Net impairment losses of trade receivablesRMB'000 | (51) | (16,707) | PDF p. 70 |
| Other gains, netRMB'000 | 118 | 8,639 | PDF p. 70 |
| Finance incomeRMB'000 | 21,876 | 48,364 | PDF p. 70 |
| Finance costsRMB'000 | (7,434) | (11,191) | PDF p. 70 |
| Profit/(Loss) before income taxRMB'000 | 37,804 | (76,567) | PDF p. 70 |
| Income tax expenseRMB'000 | (3,850) | (1,409) | PDF p. 70 |
| Profit/(Loss) for the year attributable to owners of the CompanyRMB'000 | 33,954 | (77,976) | PDF p. 70 |
| Other comprehensive income | |||
| Currency translation differencesRMB'000 | 15,167 | (31,535) | PDF p. 70 |
| Total comprehensive income | |||
| Total comprehensive income/(loss) for the year attributable to owners of the CompanyRMB'000 | 49,121 | (109,511) | PDF p. 70 |
| Profit/(Loss) per share | |||
| BasicRMB per share | 0.027 | (0.062) | PDF p. 70 |
| DilutedRMB per share | 0.027 | (0.062) | PDF p. 70 |
Definitions & sources
Original report: PDF p. 70 ↗
Profit/(loss) attributable entirely to owners of the Company; no non-controlling interests shown.
The notes on pages 75 to 140 are integral parts of these consolidated financial statements.
Consolidated Statements of Cash Flows
25 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025, RMB'000 | 2024Group, year ended 31 December 2024, RMB'000 | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Cash generated from operationsRMB'000 | 141,681 | 164,550 | PDF p. 75 |
| Income tax (paid)/refundRMB'000 | (185) | 979 | PDF p. 75 |
| Net cash generated from operating activitiesRMB'000 | 141,496 | 165,529 | PDF p. 75 |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipmentRMB'000 | (15,942) | (8,212) | PDF p. 75 |
| Purchase of financial assets at fair value through profit or lossRMB'000 | (702,771) | — | PDF p. 75 |
| Proceeds from disposal of financial assets at fair value through profit or lossRMB'000 | 657,606 | — | PDF p. 75 |
| Withdrawal of bank deposits with original maturity over three monthsRMB'000 | 968,241 | 2,099,013 | PDF p. 75 |
| Placement of bank deposits with original maturity over three monthsRMB'000 | (738,568) | (2,116,280) | PDF p. 75 |
| Proceeds from disposal of plant and equipmentRMB'000 | 2,956 | 2,715 | PDF p. 75 |
| Interest receivedRMB'000 | 20,203 | 56,728 | PDF p. 75 |
| Net cash generated from investing activitiesRMB'000 | 191,725 | 33,964 | PDF p. 75 |
| Cash flows from financing activities | |||
| Proceeds from borrowingsRMB'000 | 40,000 | — | PDF p. 75 |
| Interests paidRMB'000 | (1,145) | — | PDF p. 75 |
| Repurchase of ordinary sharesRMB'000 | (15,647) | — | PDF p. 75 |
| Dividends paidRMB'000 | (277,600) | (593,105) | PDF p. 75 |
| Payment of listing expensesRMB'000 | (1,966) | (11,413) | PDF p. 75 |
| Payment of principal element of lease liabilitiesRMB'000 | (51,865) | (80,118) | PDF p. 75 |
| Payment of interest element of lease liabilitiesRMB'000 | (6,289) | (11,191) | PDF p. 75 |
| Increase in restricted cashRMB'000 | (314) | (1,076) | PDF p. 75 |
| Decrease in restricted cashRMB'000 | 1,501 | — | PDF p. 75 |
| Net cash used in financing activitiesRMB'000 | (313,325) | (696,903) | PDF p. 75 |
| Net change in cash | |||
| Net increase/(decrease) in cash and cash equivalentsRMB'000 | 19,896 | (497,410) | PDF p. 75 |
| Cash and cash equivalents at beginning of the yearRMB'000 | 131,802 | 625,612 | PDF p. 75 |
| Effect of exchange rate changes on cash and bank balancesRMB'000 | (8,217) | 3,600 | PDF p. 75 |
| Cash and cash equivalents at end of the yearRMB'000 | 143,481 | 131,802 | PDF p. 75 |
Definitions & sources
Original report: PDF p. 75 ↗
The notes on pages 75 to 140 are integral parts of these consolidated financial statements.
Consolidated Statements of Changes in Equity – year 2024
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, Share capital, RMB'000 | 2024Group, Share premium, RMB'000 | 2024Group, Treasury Shares, RMB'000 | 2024Group, Share-based compensation reserve, RMB'000 | 2024Group, Statutory reserve, RMB'000 | 2024Group, Exchange reserve, RMB'000 | 2024Group, Accumulated losses, RMB'000 | 2024Group, Total Equity, RMB'000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| Opening balance | |||||||||
| Balance at 1 January 2024RMB'000 | 1 | 2,713,307 | (6,614) | 595,974 | 23,766 | 10,447 | (1,515,474) | 1,821,407 | PDF p. 73 |
| Comprehensive income | |||||||||
| Loss for the yearRMB'000 | — | — | — | — | — | — | (77,976) | (77,976) | PDF p. 73 |
| Other comprehensive income | |||||||||
| Currency translation differencesRMB'000 | — | — | — | — | — | (31,535) | — | (31,535) | PDF p. 73 |
| Comprehensive income | |||||||||
| Total comprehensive incomeRMB'000 | — | — | — | — | — | (31,535) | (77,976) | (109,511) | PDF p. 73 |
| Transaction with owners | |||||||||
| Appropriation to statutory reserveRMB'000 | — | — | — | — | 5670 | — | (5670) | — | PDF p. 73 |
| Cancellation of ordinary shares (Note 23)RMB'000 | — | (6,614) | 6,614 | — | — | — | — | — | PDF p. 73 |
| Dividend paid (Note 13)RMB'000 | — | (593,105) | — | — | — | — | — | (593,105) | PDF p. 73 |
| Total transaction with ownersRMB'000 | — | (599,719) | 6,614 | — | 5670 | — | (5670) | (593,105) | PDF p. 73 |
| Closing balance | |||||||||
| Balance at 31 December 2024RMB'000 | 1 | 2,113,588 | — | 595,974 | 29,436 | (21,088) | (1,599,120) | 1,118,791 | PDF p. 73 |
Definitions & sources
Original report: PDF p. 73 ↗
All columns attributable to owners of the Company; no non-controlling interests presented.
The notes on pages 75 to 140 are integral parts of these consolidated financial statements.
Consolidated Statements of Changes in Equity – year 2025
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital, RMB'000 | 2025Group, Share premium, RMB'000 | 2025Group, Treasury Shares, RMB'000 | 2025Group, Share-based compensation reserve, RMB'000 | 2025Group, Statutory reserve, RMB'000 | 2025Group, Exchange reserve, RMB'000 | 2025Group, Accumulated losses, RMB'000 | 2025Group, Total Equity, RMB'000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| Opening balance | |||||||||
| Balance at 1 January 2025RMB'000 | 1 | 2,113,588 | — | 595,974 | 29,436 | (21,088) | (1,599,120) | 1,118,791 | PDF p. 74 |
| Comprehensive income | |||||||||
| Profit for the yearRMB'000 | — | — | — | — | — | — | 33,954 | 33,954 | PDF p. 74 |
| Other comprehensive income | |||||||||
| Currency translation differencesRMB'000 | — | — | — | — | — | 15,167 | — | 15,167 | PDF p. 74 |
| Comprehensive income | |||||||||
| Total comprehensive incomeRMB'000 | — | — | — | — | — | 15,167 | 33,954 | 49,121 | PDF p. 74 |
| Transaction with owners | |||||||||
| Appropriation to statutory reserveRMB'000 | — | — | — | — | 4,450 | — | (4,450) | — | PDF p. 74 |
| Repurchase of ordinary shares (Note 23)RMB'000 | — | — | (15,647) | — | — | — | — | (15,647) | PDF p. 74 |
| Dividend paid (Note 13)RMB'000 | — | (277,600) | — | — | — | — | — | (277,600) | PDF p. 74 |
| Total transaction with ownersRMB'000 | — | (277,600) | (15,647) | — | 4,450 | — | (4,450) | (293,247) | PDF p. 74 |
| Closing balance | |||||||||
| Balance at 31 December 2025RMB'000 | 1 | 1,835,988 | (15,647) | 595,974 | 33,886 | (5,921) | (1,569,616) | 874,665 | PDF p. 74 |
Definitions & sources
Original report: PDF p. 74 ↗
All columns attributable to owners of the Company; no non-controlling interests presented.
The notes on pages 75 to 140 are integral parts of these consolidated financial statements.
Five-Year Financial Summary – Condensed Consolidated Statement of Comprehensive Income
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended December 31, 2025, RMB'000 | 2024Group, year ended December 31, 2024, RMB'000 | 2023Group, year ended December 31, 2023, RMB'000 | 2022Group, year ended December 31, 2022, RMB'000 | 2021Group, year ended December 31, 2021, RMB'000 | Source |
|---|---|---|---|---|---|---|
| Condensed consolidated statement of comprehensive income | ||||||
| RevenueRMB'000 | 539,009 | 752,206 | 1,208,613 | 1,559,308 | 1,835,616 | PDF p. 8 |
| Profit/(loss) before income taxRMB'000 | 37,804 | (76,567) | 151,964 | (1,616,472) | (176,850) | PDF p. 8 |
| Profit/(loss) for the year attributable to owners of the CompanyRMB'000 | 33,954 | (77,976) | 180,500 | (1,601,150) | (230,000) | PDF p. 8 |
| Adjusted net profit/(loss)(1)RMB'000 | 67,686 | 65,384 | 291,088 | (240,784) | 111,230 | PDF p. 8 |
Definitions & sources
Original report: PDF p. 8 ↗
(1) For the years ended December 31, 2024 and 2025, please refer to “Financial Highlights” in this annual report. For the years ended December 31, 2021, 2022 and 2023, please refer to “Financial Highlights” in our 2022 annual report, 2023 annual report and 2024 annual report, respectively.
Five-Year Financial Summary – Condensed Consolidated Statement of Financial Position
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, as of December 31, 2025, RMB'000 | 2024Group, as of December 31, 2024, RMB'000 | 2023Group, as of December 31, 2023, RMB'000 | 2022Group, as of December 31, 2022, RMB'000 | 2021Group, as of December 31, 2021, RMB'000 | Source |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Non-current assetsRMB'000 | 396,029 | 459,772 | 740,830 | 1,286,524 | 2,572,643 | PDF p. 8 |
| Current assetsRMB'000 | 729,693 | 916,203 | 1,424,154 | 1,390,244 | 1,714,123 | PDF p. 8 |
| Total assetsRMB'000 | 1,125,722 | 1,375,975 | 2,164,984 | 2,676,768 | 4,286,766 | PDF p. 8 |
| Equity and liabilities | ||||||
| Equity attributable to owners of the CompanyRMB'000 | 874,665 | 1,118,791 | 1,821,407 | 1,822,868 | 2,876,720 | PDF p. 8 |
| Non-current liabilitiesRMB'000 | 96,004 | 133,113 | 191,231 | 565,202 | 1,060,620 | PDF p. 8 |
| Current liabilitiesRMB'000 | 155,053 | 124,071 | 152,346 | 288,698 | 349,426 | PDF p. 8 |
| Total liabilitiesRMB'000 | 251,057 | 257,184 | 343,577 | 853,900 | 1,410,046 | PDF p. 8 |
| Total equity and liabilitiesRMB'000 | 1,125,722 | 1,375,975 | 2,164,984 | 2,676,768 | 4,286,766 | PDF p. 8 |
Definitions & sources
Original report: PDF p. 8 ↗
Financial Highlights – results and adjusted net profit
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended December 31, 2025, RMB in thousands | 2024Group, year ended December 31, 2024, RMB in thousands | Source |
|---|---|---|---|
| Financial Highlights | |||
| RevenueRMB in thousands | 539,009 | 752,206 | PDF p. 9 |
| Profit/(loss) before income taxRMB in thousands | 37,804 | (76,567) | PDF p. 9 |
| Profit/(loss) for the year attributable to owners of the CompanyRMB in thousands | 33,954 | (77,976) | PDF p. 9 |
| Adjusted net profit(1)RMB in thousands | 67,686 | 65,384 | PDF p. 9 |
Definitions & sources
Original report: PDF p. 9 ↗
(1) We define adjusted net profit as profit/(loss) for the year adjusted by adding back secondary listing expenses, impairment loss of office properties, losses from bars optimization and adjustment, and exchange loss/(gain). For details of non-HKFRS measures, please refer to the sub-section headed “Management Discussion and Analysis — Non-HKFRS Measures”. We consider this change in definition to be more meaningful to the management for review and analysis purposes.
(2) Losses from bars optimization and adjustment comprise impairment losses of plant and equipment and right-of-use assets, net impairment losses of trade receivables from franchisees, amortization of prepayment to franchisees, loss on disposal of plant and equipment, penalties and compensation for early termination, loss on rental deposits and gain on termination of leases.
Financial Highlights – Non-HKFRS measures (reconciliation to adjusted net profit)
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended December 31, 2025, RMB in thousands | 2024Group, year ended December 31, 2024, RMB in thousands | Source |
|---|---|---|---|
| Non-HKFRS measures | |||
| Profit/(loss) for the yearRMB in thousands | 33,954 | (77,976) | PDF p. 9 |
| Non-HKFRS measures – Add | |||
| Secondary listing expensesRMB in thousands | — | 13,287 | PDF p. 9 |
| Impairment loss of office propertiesRMB in thousands | — | 59,481 | PDF p. 9 |
| Losses from bars optimization and adjustment(2)RMB in thousands | 10,338 | 105,763 | PDF p. 9 |
| Exchange loss/(gain)RMB in thousands | 23,394 | (35,171) | PDF p. 9 |
| Non-HKFRS measures | |||
| Adjusted net profitRMB in thousands | 67,686 | 65,384 | PDF p. 9 |
Definitions & sources
Original report: PDF p. 9 ↗
Notes (1) and (2) as printed on the page: (1) adjusted net profit defined as profit/(loss) for the year adjusted by adding back secondary listing expenses, impairment loss of office properties, losses from bars optimization and adjustment, and exchange loss/(gain). (2) Losses from bars optimization and adjustment comprise impairment losses of plant and equipment and right-of-use assets, net impairment losses of trade receivables from franchisees, amortization of prepayment to franchisees, loss on disposal of plant and equipment, penalties and compensation for early termination, loss on rental deposits and gain on termination of leases.
Financial Highlights – Consolidated Statement of Financial Position
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, as at December 31, 2025 (audited), RMB in thousands | 2024Group, as at December 31, 2024 (audited), RMB in thousands | Source |
|---|---|---|---|
| Consolidated statement of financial position | |||
| Non-current assetsRMB in thousands | 396,029 | 459,772 | PDF p. 9 |
| Current assetsRMB in thousands | 729,693 | 916,203 | PDF p. 9 |
| Total assetsRMB in thousands | 1,125,722 | 1,375,975 | PDF p. 9 |
| Total equityRMB in thousands | 874,665 | 1,118,791 | PDF p. 9 |
| Non-current liabilitiesRMB in thousands | 96,004 | 133,113 | PDF p. 9 |
| Current liabilitiesRMB in thousands | 155,053 | 124,071 | PDF p. 9 |
| Net current assetsRMB in thousands | 574,640 | 792,132 | PDF p. 9 |
| Total liabilitiesRMB in thousands | 251,057 | 257,184 | PDF p. 9 |
| Total equity and liabilitiesRMB in thousands | 1,125,722 | 1,375,975 | PDF p. 9 |
Definitions & sources
Original report: PDF p. 9 ↗
Note 12 Earnings per share (basic and diluted)
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025 | 2024Group, year ended 31 December 2024 | Source |
|---|---|---|---|
| Earnings per share – Basic | |||
| Profit/(Loss) for the year attributable to owners of the Company (RMB’000)RMB'000 | 33,954 | (77,976) | PDF p. 112 |
| Weighted average number of ordinary shares in issue (Thousand) (Note 23)Thousand shares | 1,253,579 | 1,260,817 | PDF p. 112 |
| Basic profit/(loss) per share (RMB)RMB per share | 0.027 | (0.062) | PDF p. 112 |
Definitions & sources
Original report: PDF p. 112 ↗
(a) Basic: calculated by dividing the profit attributable to owners of the Company by the weighted average number of ordinary shares in issue during the years ended 31 December 2025 and 2024.
(b) Diluted: There were no dilutive potential ordinary shares during the year ended 31 December 2025 and 2024. Accordingly, diluted profit/(loss) per share for the year ended 31 December 2025 and 2024 is the same as basic profit per share.
Note 13 Dividends and MD&A gearing ratio
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group/Company, year ended or as of December 31, 2025 | 2024Group/Company, year ended or as of December 31, 2024 | Source |
|---|---|---|---|
| Note 13 Dividends – declared and paid | |||
| dividends of approximately RMB277,600,000 (2024: RMB593,105,000)RMB | 277,600,000 | 593,105,000 | PDF p. 112 |
Definitions & sources
Original report: PDF p. 112 ↗
Final dividend recommended out of the share premium account; no 2024 per-share figure is printed in this note (2024 value NA, not stated).
MD&A – Gearing ratio
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, as of December 31, 2025 | 2024Group, as of December 31, 2024 | Source |
|---|---|---|---|
| Management Discussion and Analysis – Gearing ratio | |||
| gearing ratio% | 4.6 | nil | PDF p. 23 |
Definitions & sources
Original report: PDF p. 23 ↗
The gearing ratio is calculated as total debt (including interest-bearing bank and other borrowings) divided by total equity at the end of the year, then multiplied by 100%.
Segment information — Disaggregation of revenue by major service lines and timing (single operating segment)
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025, RMB'000 | 2024Group, year ended 31 December 2024, RMB'000 | Source |
|---|---|---|---|
| Disaggregation of revenue | |||
| Revenue from self-operated barsRMB'000 | 355,682 | 557,513 | PDF p. 104 |
| Revenue from sales of goods to franchiseesRMB'000 | 182,232 | 184,626 | PDF p. 104 |
| Franchising services — grossRMB'000 | 19,183 | 36,820 | PDF p. 104 |
| Franchising services — netRMB'000 | 1,095 | 10,067 | PDF p. 104 |
| Total revenueRMB'000 | 539,009 | 752,206 | PDF p. 104 |
| Disaggregated by timing of revenue recognition | |||
| — Point in timeRMB'000 | 537,914 | 742,139 | PDF p. 104 |
| — Over timeRMB'000 | 1,095 | 10,067 | PDF p. 104 |
Definitions & sources
Original report: PDF p. 104 ↗
The Group is managed as one single reportable operating segment; no customers contributed over 10% of total revenue.
Franchising services gross is net of amortization of prepayment to franchisees of (18,088) in 2025 and (26,753) in 2024 (Note 18(b)), giving the net figure.
Segment information — Segment revenue by geographical location
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025, RMB'000 | 2024Group, year ended 31 December 2024, RMB'000 | Source |
|---|---|---|---|
| Segment revenue by customers’ geographical location | |||
| Chinese MainlandRMB'000 | 510,893 | 731,954 | PDF p. 105 |
| Outside of Chinese MainlandRMB'000 | 28,116 | 20,252 | PDF p. 105 |
| Total revenueRMB'000 | 539,009 | 752,206 | PDF p. 105 |
Definitions & sources
Original report: PDF p. 105 ↗
Revenue by geographical location is determined by the operation’s locations.
Segment information — Non-current assets by geographical location
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, as at 31 December 2025, RMB'000 | 2024Group, as at 31 December 2024, RMB'000 | Source |
|---|---|---|---|
| Non-current assets by geographical location | |||
| Chinese MainlandRMB'000 | 282,273 | 329,454 | PDF p. 105 |
| Outside of Chinese MainlandRMB'000 | 22,645 | 17,134 | PDF p. 105 |
| Total non-current assetsRMB'000 | 304,918 | 346,588 | PDF p. 105 |
Definitions & sources
Original report: PDF p. 105 ↗
As at 31 December 2025 and 2024, most of the Group’s non-current assets (other than deposits and prepayments, intangible assets and deferred tax assets) were located in the Chinese Mainland. Column header printed as 'Year ended 31 December'.
Borrowings — Note 26 Borrowings
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, as of 31 December 2025, RMB'000 | 2024Group, as of 31 December 2024, RMB'000 | Source |
|---|---|---|---|
| Borrowings | |||
| Secured with guarantee (a)RMB'000 | 40,000 | — | PDF p. 127 |
Definitions & sources
Original report: PDF p. 127 ↗
(a) As of 31 December 2025, RMB40,000,000 of borrowings were secured by certain buildings of the Group. The interest rates of these borrowings were ranging from 3.05% to 3.10% per annum and repayable in one year.
Borrowings — Liquidity risk - contractual undiscounted maturity of financial liabilities (borrowings and lease liabilities)
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, at 31 December 2025, Less than 1 year | 2025Group, at 31 December 2025, More than 1 year | 2025Group, at 31 December 2025, Total | Source |
|---|---|---|---|---|
| At 31 December 2025 | ||||
| Lease liabilitiesRMB'000 | 46,457 | 72,252 | 118,709 | PDF p. 101 |
| BorrowingsRMB'000 | 40,000 | — | 40,000 | PDF p. 101 |
Definitions & sources
Original report: PDF p. 101 ↗
Amounts are contractual undiscounted cash flows. Balances within twelve months equal their carrying balances as impact from discounting is not significant.
There were no undrawn banking facilities available to the Group as at 31 December 2025 and 2024.
Borrowings — Liquidity risk - lease liabilities maturity, 2024 comparative
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, at 31 December 2024, Less than 1 year | 2024Group, at 31 December 2024, More than 1 year | 2024Group, at 31 December 2024, Total | Source |
|---|---|---|---|---|
| At 31 December 2024 | ||||
| Lease liabilitiesRMB'000 | 58,653 | 107,093 | 165,746 | PDF p. 101 |
Definitions & sources
Original report: PDF p. 101 ↗
No borrowings at 31 December 2024 in the maturity table.
Borrowings — Consolidated statement of financial position - borrowings and lease liabilities
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, as at 31 December 2025, RMB'000 | 2024Group, as at 31 December 2024, RMB'000 | Source |
|---|---|---|---|
| Non-current liabilities | |||
| Lease liabilitiesRMB'000 | 60,220 | 93,847 | PDF p. 72 |
| Current liabilities | |||
| BorrowingsRMB'000 | 40,000 | — | PDF p. 72 |
| Lease liabilitiesRMB'000 | 42,182 | 51,585 | PDF p. 72 |
Definitions & sources
Original report: PDF p. 72 ↗
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| DIVIDEND POLICY | Payment of dividends by the Company is also subject to the Companies Act and the Articles of Association. The Board will review the dividend policy as appropriate from time to time. The declaration and payment of dividends shall be determined at the sole discretion of the Board. | Company | PDF p. 64 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| FINAL DIVIDEND | RMB0.0554 | Final dividend proposed for FY2025, per ordinary share, paid out of share premium account | PDF p. 30 |
| FINAL DIVIDEND (2024) | RMB0.1146 | Comparative: final dividend for year ended December 31, 2024, per ordinary share | PDF p. 30 |
| Final dividend payment date | Tuesday, June 2, 2026 | FY2025 proposed final dividend | PDF p. 30 |
| For Hong Kong Shareholders record date | May 21, 2026 | FY2025 proposed final dividend, Hong Kong Shareholders | PDF p. 31 |
| 13 DIVIDENDS | RMB277,600,000 | Group, dividends declared and paid during year ended 31 December 2025 | PDF p. 112 |
| 13 DIVIDENDS (2024) | RMB593,105,000 | Comparative: dividends declared and paid during year ended 31 December 2024 | PDF p. 112 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Auditor | PricewaterhouseCoopers | Group consolidated financial statements, year ended 31 December 2025 | PDF p. 69 |
| Engagement partner | WONG, Chi Yeung Andrew | Group | PDF p. 69 |
| Our opinion | give a true and fair view | Group consolidated financial statements as at and for the year ended 31 December 2025 | PDF p. 65 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment assessment of right-of-use assets and plant and equipment in bars | The key audit matter identified in our audit is related to impairment assessment of right-of-use assets and plant and equipment in bars. | Group, year ended 31 December 2025 | PDF p. 66 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
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.