Global Corn Group Limited (Global Corn GP) reported a consolidated net loss of HK$131.87 million for the year ended 31 December 2025, reversing the HK$66.62 million profit recorded in 2024. The downturn was driven by lower sales, the absence of last year’s one-off gains and a sharp rise in finance costs.

Revenue and margins • Revenue fell 21.30% year-on-year to HK$491.02 million, reflecting a 15.1% drop in sales volume to 158,000 tonnes and a 7.0% decline in average sweetener prices. • Gross profit climbed 45.03% to HK$45.41 million as unit production costs declined 11.1% and the Shanghai plant’s utilisation was optimised; gross margin improved to 9.25% from 5.02%.

Operating results • Other income and gains fell 37.45% to HK$46.74 million, lacking the HK$42.22 million disposal gain and HK$167.62 million debt-restructuring gain booked in 2024. • Selling and distribution expenses declined 8.08% to HK$31.03 million, while administrative expenses dropped 16.53% to HK$55.69 million. • Finance costs surged 61.96% to HK$56.03 million due to higher bank-borrowing interest and imputed charges on the 5% convertible bonds issued in 2024. • Loss before tax totalled HK$130.18 million versus a HK$57.25 million profit in 2024.

Balance-sheet highlights • Cash and bank balances stood at HK$1.35 million (31 December 2024: HK$5.10 million). • Interest-bearing bank and other borrowings increased to HK$260.50 million; convertible-bond liability amounted to HK$64.79 million with a separate HK$5.09 million derivative liability. • Net current liabilities widened to HK$798.53 million and total net liabilities to HK$344.03 million. The gearing ratio (total debt/total assets) rose to 82.0% from 74.5%.

Going-concern uncertainty Forvis Mazars CPA Limited issued a disclaimer of opinion, citing material uncertainty over the Group’s ability to continue as a going concern. Management’s mitigation measures include: 1) negotiating debt restructuring of RMB212.5 million loans transferred to Jinzhou Huayin Asset Management, 2) seeking RMB24.0 million new bank facilities from Nanyang Commercial Bank (China) Shanghai Branch, 3) reducing operating costs and adjusting production rates, and 4) securing HK$98.65 million in shareholder and related-party financial support with no immediate repayment demand.

Capital movements • A HK$4.00 million share placement (41 million shares at HK$0.10 each) completed on 10 January 2025. • Convertible bonds totalling RMB120 million were fully issued in 2024; none were converted during 2025. • No dividend was declared.

Operational update Upstream corn-refining operations in Jinzhou remained suspended pending completion of debt restructuring and working-capital injection, while downstream sweetener production in Shanghai continued. Export sales represented 1.4% of total revenue.

Outlook Management plans to restart the Jinzhou site once financing and restructuring conclude, aiming to restore upstream–downstream integration, lower unit costs and reinforce market competitiveness.