Hong Kong-listed Ficus Technology Holdings Limited (Ficus Tech) released its audited results for the year ended 31 December 2025.

Revenue and Profitability • Revenue rose 38.4% year on year to HK$21.61 million, driven entirely by the Apparel & Other Products SCM segment, which expanded in the Mainland China market. • Gross profit fell 79.9% to HK$1.41 million as cost of sales surged 134.9% to HK$20.21 million, compressing gross margin to 6.5% (2024: 44.9%). • Net loss attributable to shareholders narrowed 34.9% to HK$39.86 million; basic loss per share decreased to 2.90 HK cents (2024: 4.52 HK cents). • No dividend was declared.

Segment Performance • Apparel & Other Products SCM generated HK$21.61 million (2024: HK$6.74 million). • Construction Materials and Innovative SCM Solutions recorded no revenue in 2025 (2024: HK$46,000 and HK$8.83 million respectively). • Major customers in the apparel segment accounted for 95% of total revenue; three customers each contributed more than 10%.

Operating Expenses • Administrative expenses declined 29.9% to HK$25.84 million following workforce restructuring (headcount down to 18 from 31). • Impairment losses dropped to HK$10.48 million (2024: HK$29.49 million) with no further write-downs on investment properties or intangible assets. • Finance costs fell 51.2% to HK$0.57 million after full repayment of bank borrowings.

Balance Sheet and Liquidity • Cash and bank balances stood at HK$0.37 million; the Group held net current liabilities of HK$28.27 million and recorded a shareholders’ deficit of HK$27.94 million. • Non-current assets shrank to HK$0.34 million following disposal of investment properties for HK$16.05 million, which generated a disposal gain of HK$0.76 million. • All outstanding bank borrowings were repaid, leaving gearing at zero (2024: 1,388.1%). • Trade receivables (net) increased to HK$22.95 million with a lifetime expected credit-loss allowance of HK$26.52 million.

Capital Actions • Two share placements in January and February 2025 raised a combined HK$10.80 million, fully applied to staff costs, professional fees and other operating needs. • In March 2025 the Company signed a US$25 million share subscription agreement with Arena Business Solutions Global SPC II, Ltd.; no shares had been issued under the facility by year-end.

Going Concern and Audit Opinion • Management relies on planned capital raising, financial support from the controlling shareholder and operational restructuring to address liquidity pressure. • The auditor issued a disclaimer of opinion, citing material uncertainty over the Group’s ability to continue as a going concern due to the preliminary stage of these measures.

Corporate Governance • The Board reported full compliance with the Hong Kong Corporate Governance Code during the year, except for transitional deviations later rectified regarding board diversity and the chief executive role.

Outlook Management plans to concentrate on the core apparel SCM business, deepen penetration in Mainland China and exercise strict cost control while pursuing the capital-raising plans outlined above.