小鱼盈通二零二五年年报

Corporate Information Executive Directors Pang Min QuanFoo Seck Chyn Mr. Chen Changjiong(Chairman)Mr. Chen Xiaodong(Vice Chairman)Mr. Yu QingruiMr. Wang JinsongMr. Pang Min QuanDr. Foo Seck Chyn Independent Non-Executive DirectorsMr. Chan Ngai Fan Mr. Wu MingMs. Li Meifeng Audit CommitteeMr. Chan Ngai Fan(Chairman)Mr. Wu MingMs. Li Meifeng Remuneration CommitteeMr. Chan Ngai Fan(Chairman)Mr. Chen XiaodongMs. Li Meifeng Nomination CommitteeMr Chen Changjiong(Chairman)Mr. Chan Ngai FanMs. Li Meifeng Chief Executive OfficerHe Xuqiong Company SecretarySzeto Pui Tong, Patrick AuditorKTC Partners CPA Limited Principal BankersCMB Wing Lung Bank Chong Hing Bank LimitedPublic Bank (Hong Kong) LimitedShanghai Commercial Bank LimitedHang Seng Bank Limited Registered OfficeClarendon House 2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda Head Office and Principal Place of Business5th Floor, Phase II 85 China Taiping Tower8 Sunning RoadCauseway BayHong Kong Principal Share RegistrarConyers Corporate Services (Bermuda) Limited Clarendon House2 Church StreetHamilton HM 11Bermuda Conyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM 11Bermuda Hong Kong Branch Share Registrarand Transfer Office 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong www.139hk.com Company’s Websitewww.139hk.com 139 Stock Code139 Chairman’s Statement andManagement Discussion and Analysis Review of ResultsThe Group for the year ended 31 December 2025 (the “Year”) 22,300,00075,700,00090,000,000190,700,00083,200,000GIBOHoldings LimitedGIBOGIBO235,000,000155,000,000 recorded negative revenue of approximately HK$22.3 million ascompared to the revenue of approximately HK$75.7 million lastyear. It was mainly attributable to the net realized losses on thedisposal of listed equity investments of approximately HK$90million in the financial investments and services segment. The lossbefore tax for the Year was approximately HK$190.7 million ascompared to the loss before tax of approximately HK$83.2 millionfor the year ended 31 December 2024. It was mainly attributableto the realized loss from the Group’s investment in GIBO HoldingsLimited (“GIBO”), the loss on disposal of GIBO amount to HK$235million, netting off the disposal of shares in Shandong Hi-SpeedHoldings Group Limited during the Year, which record a realizedgain on disposal of equity investment amounted to approximatelyHK$155 million. 190,700,00083,200,00011.839.74 The net loss after income tax for the Year was approximatelyHK$190.7 million as compared to the net loss after income tax ofapproximately HK$83.2 million for the year ended 31 December2024. Basic loss per share attributable to owners of the Companyfor the Year was approximately HK$11.83 cents (31 December2024: basis loss of approximately HK9.74 cents). Economy ReviewThe Hong Kong’s economy demonstrated remarkable resilience, 2.5%3.3% supported by robust export growth in goods and services, as wellas the accelerated growth in overall investment expenditure. Privateconsumption expenditure reverted to a modest increase. The changein consumption patterns of residents and visitors would still poseconstraints on driving consumption in the domestic market, thoughsustained increase in employment earnings and the Government’svarious policies to promote mega events and tourism would helpboost consumption sentiment. The real Gross Domestic Productgrowth for the Year is 3.3%, following an expansion of 2.5% in year2024. 0.13.9% In Hong Kong, the pace of job creation will continue to beaffectedby the evolvement of different industries amidst thecontinuinguncertain external environment and the changingconsumption patterns of locals and visitors. The seasonally adjustedunemployment rate posted a modest uptick of 0.1 percentage pointto 3.9% in November 2025 to January 2026. The injection of newimpetus to the market by local and non-local operators as reflectedby the numbers of registered local and foreign companies havingreached new heights in recent months. These positive developmentsshouldrender support to the labour market and sustain themomentum of Hong Kong’s economic development. Chairman’s Statement andManagement Discussion and Analysis 0.2520,06025,855 The Federal Reserve of the United States had announced to cutits benchmark interest rate by 0.25 percentage point in December2025, cutting interest rates three times in year 2025. An interestrate cut has a positive impact on the economy and stock market,but the pace of future rate cuts remains quite uncertain, which mayinfluence the interest rate environment in Hong Kong. The localstock market staged a strong performance in 2025, trading activitieswere very active with the average daily turnover surging to a recordhigh. For the Year, the Hang Seng Index opened at 20,060 pointsand closed at 25,855 points at the end of the Year. Although thegovernme