CONCH MAT TECH (02560) announced its financial results for the year ended December 31, 2025. The group recorded revenue of 2.314 billion yuan, representing a decrease of 2.93% compared to the previous year. Profit attributable to equity shareholders was 109 million yuan, down 12.95% year-on-year. Earnings per share stood at 0.19 yuan, and the board proposed a final dividend of 0.16 yuan per share. During the reporting period, the group's research and development costs amounted to 43.08 million yuan, a reduction of 11.92 million yuan, or 21.67%, from the prior year. This decline was primarily due to the industrialization of several key R&D initiatives and the phased progression of research projects. As core projects, including solid water reducers, viscosity-reducing agents, and early-strength water reducers, have largely achieved industrial-scale targets, and ten other projects—such as powder hexavalent chromium reducing agents, magnesium phosphate repair mortar, and EC key technologies—have been successfully completed, R&D expenditures are currently in a consolidation phase, with several new projects still in early-stage research.