ACTIVATION GP (09919) Balance Sheet

0.930
-0.010-1.06%

Market Closed May 22 16:05 CST

692.61MMarket Cap8.23P/E (TTM)

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(FY)Dec 31, 2025

(Q6)Jun 30, 2025

(FY)Dec 31, 2024

(Q6)Jun 30, 2024

(FY)Dec 31, 2023

(Q6)Jun 30, 2023

(FY)Dec 31, 2022

(Q6)Jun 30, 2022

(FY)Dec 31, 2021

(Q6)Jun 30, 2021

Assets

Current assets

Accounts receivable

-0.45%263.74M

3.20%211.27M

-33.37%264.94M

-9.27%204.72M

28.74%397.64M

20.72%225.64M

33.31%308.86M

-28.35%186.92M

4.04%231.69M

233.96%260.87M

Advance deposits and other receivables

-23.81%21.44M

5.79%27.72M

62.95%28.14M

-23.74%26.2M

10.85%17.27M

-9.12%34.36M

-52.08%15.58M

-24.15%37.81M

4.64%32.51M

65.79%49.85M

Cash and equivalents

-21.40%298.04M

0.02%288.69M

23.48%379.19M

-7.84%288.63M

2.27%307.08M

17.59%313.17M

-26.01%300.27M

-11.33%266.32M

33.96%405.82M

-9.63%300.35M

Secured deposit

0.00%665K

-1.34%665K

--665K

Total current assets

-13.23%583.89M

1.56%528.35M

-6.88%672.93M

-9.34%520.21M

15.56%722.65M

16.70%573.83M

-6.76%625.37M

-19.62%491.71M

20.33%670.69M

38.71%611.74M

Non-current assets

Property, plant and equipment

-31.07%3.08M

-16.09%3.97M

-7.87%4.47M

-18.61%4.74M

-24.37%4.86M

-12.59%5.82M

21.17%6.42M

270.24%6.66M

181.71%5.3M

-8.82%1.8M

Advance payment

79.28%701K

----

-44.22%391K

----

0.00%701K

----

--701K

----

Associated company interest

21.17%9.98M

23.23%7.75M

61.33%8.24M

1,063.89%6.29M

462.44%5.11M

--540K

--908K

----

-12.40%4.81M

Interests in Joint Venture

40.45%6.01M

--5.04M

--4.28M

----

25.00%510K

----

--408K

Other investments

49.64%20.02M

2.09%13.38M

-19.89%13.1M

--16.35M

----

Intangible assets

-33.86%463K

-30.47%575K

-18.70%700K

-3.61%827K

178.64%861K

185.05%858K

-27.46%309K

-24.37%301K

21.37%426K

87.74%398K

Goodwill

0.00%10.23M

Deferred tax assets

100.59%3.76M

238.45%1.88M

54.75%554K

-67.00%358K

24.57%1.09M

107.06%1.09M

59.23%871K

Other illiquid assets

----

-44.22%391K

----

0.00%701K

----

-95.67%701K

----

--16.2M

----

Total non-current assets

3.49%75.52M

-2.43%74.39M

0.31%72.98M

-9.29%76.24M

-15.28%72.75M

-0.65%84.05M

88.49%85.87M

87.90%84.59M

45.92%45.56M

36.77%45.02M

Total assets

-11.60%659.41M

1.05%602.73M

-6.22%745.91M

-9.34%596.45M

11.83%795.4M

14.16%657.88M

-0.70%711.25M

-12.25%576.3M

21.69%716.24M

38.58%656.76M

Liabilities

Current liabilities

Accounts payable

-16.45%246.23M

2.88%206.58M

-13.17%294.7M

-18.62%200.8M

17.20%339.41M

103.16%246.73M

30.59%289.6M

-32.76%121.45M

54.58%221.76M

212.91%180.61M

Tax payable

-42.64%8.73M

13.75%7.97M

-36.20%15.22M

-29.30%7.01M

78.26%23.86M

139.32%9.92M

-38.49%13.38M

-69.28%4.14M

66.67%21.76M

462.00%13.49M

Dividend payable

----

-98.78%395K

----

395.92%32.32M

----

--6.52M

----

Other payables and accrued expenses

-48.05%33.11M

-37.35%34.09M

2.43%63.73M

63.91%54.41M

49.46%62.22M

40.82%33.19M

21.10%41.63M

-38.04%23.57M

-24.13%34.38M

-12.18%38.05M

Financial lease liabilities-current liabilities

40.05%2.68M

17.38%2.62M

-41.98%1.91M

-29.88%2.23M

5.41%3.29M

14.83%3.18M

113.17%3.12M

-8.45%2.77M

-67.41%1.47M

-19.17%3.03M

Total current liabilities

-22.58%290.74M

-5.13%251.26M

-12.41%375.56M

-18.60%264.84M

23.31%428.77M

105.33%325.35M

24.48%347.73M

-32.62%158.45M

35.40%279.35M

119.40%235.17M

Net current assets

-1.42%293.15M

8.50%277.09M

1.19%297.37M

2.77%255.37M

5.85%293.88M

-25.44%248.49M

-29.05%277.64M

-11.50%333.26M

11.47%391.33M

12.80%376.57M

Total assets less current liabilities

-0.45%368.67M

5.99%351.47M

1.01%370.35M

-0.28%331.61M

0.86%366.63M

-20.42%332.53M

-16.79%363.52M

-0.89%417.85M

14.29%436.89M

14.95%421.58M

Non-current liabilities

Financial lease liabilities-non-current liabilities

-5.60%5.56M

4.96%6.92M

79.08%5.89M

35.92%6.6M

-49.20%3.29M

-41.45%4.85M

-10.97%6.48M

0.55%8.29M

-21.35%7.27M

-28.97%8.24M

Deferred tax liability

-4.83%3.16M

21.77%3.31M

-1.49%3.32M

-20.29%2.72M

-2.46%3.37M

1,508.96%3.41M

1,599.51%3.45M

11.58%212K

3.05%203K

-13.24%190K

Total non-current liabilities

-5.32%8.72M

9.87%10.23M

38.34%9.21M

12.72%9.31M

-32.96%6.65M

-2.78%8.26M

32.76%9.93M

0.79%8.5M

-20.84%7.48M

-28.68%8.43M

Total liabilities

-22.17%299.46M

-4.62%261.49M

-11.63%384.77M

-17.82%274.15M

21.74%435.43M

99.83%333.61M

24.69%357.66M

-31.47%166.95M

32.94%286.83M

104.69%243.6M

Total assets less total liabilities

-0.33%359.96M

5.88%341.24M

0.32%361.14M

-0.61%322.3M

1.81%359.98M

-20.79%324.27M

-17.66%353.59M

-0.92%409.35M

15.17%429.41M

16.41%413.15M

Total equity and non-current liabilities

-0.45%368.67M

5.99%351.47M

1.01%370.35M

-0.28%331.61M

0.86%366.63M

-20.42%332.53M

-16.79%363.52M

-0.89%417.85M

14.29%436.89M

14.95%421.58M

Equity

Share capital

0.00%659K

-0.15%659K

-1.20%659K

-1.20%660K

-1.04%667K

-2.20%668K

Reserve

0.40%342.07M

6.64%324.12M

0.47%340.7M

0.18%303.95M

1.03%339.11M

-21.32%303.38M

-17.26%335.65M

-2.77%385.6M

12.91%405.65M

452.30%396.6M

Shareholders' Equity

0.40%342.73M

6.62%324.78M

0.47%341.36M

0.18%304.6M

1.03%339.77M

-21.29%304.04M

-17.23%336.31M

-2.77%386.26M

12.89%406.32M

15.67%397.27M

Non-controlling interest

-12.94%17.22M

-6.93%16.47M

-2.09%19.78M

-12.53%17.69M

16.93%20.21M

-12.42%20.23M

-25.19%17.28M

45.42%23.09M

78.95%23.1M

38.67%15.88M

Total equity

-0.33%359.96M

5.88%341.24M

0.32%361.14M

-0.61%322.3M

1.81%359.98M

-20.79%324.27M

-17.66%353.59M

-0.92%409.35M

15.17%429.41M

16.41%413.15M

Total equity and total liabilities

-11.60%659.41M

1.05%602.73M

-6.22%745.91M

-9.34%596.45M

11.83%795.4M

14.16%657.88M

-0.70%711.25M

-12.25%576.3M

21.69%716.24M

38.58%656.76M

Currency Unit

CNY

Accounting Standards

HKAS

Audit Opinions

Unqualified Opinion

Auditor

Ernst & Young

	(FY)Dec 31, 2025	(Q6)Jun 30, 2025	(FY)Dec 31, 2024	(Q6)Jun 30, 2024	(FY)Dec 31, 2023	(Q6)Jun 30, 2023	(FY)Dec 31, 2022	(Q6)Jun 30, 2022	(FY)Dec 31, 2021	(Q6)Jun 30, 2021
Assets
Current assets
Accounts receivable	-0.45%263.74M	3.20%211.27M	-33.37%264.94M	-9.27%204.72M	28.74%397.64M	20.72%225.64M	33.31%308.86M	-28.35%186.92M	4.04%231.69M	233.96%260.87M
Advance deposits and other receivables	-23.81%21.44M	5.79%27.72M	62.95%28.14M	-23.74%26.2M	10.85%17.27M	-9.12%34.36M	-52.08%15.58M	-24.15%37.81M	4.64%32.51M	65.79%49.85M
Cash and equivalents	-21.40%298.04M	0.02%288.69M	23.48%379.19M	-7.84%288.63M	2.27%307.08M	17.59%313.17M	-26.01%300.27M	-11.33%266.32M	33.96%405.82M	-9.63%300.35M
Secured deposit	0.00%665K	0.00%665K	0.00%665K	0.00%665K	0.00%665K	0.00%665K	0.00%665K	0.00%665K	-1.34%665K	--665K
Total current assets	-13.23%583.89M	1.56%528.35M	-6.88%672.93M	-9.34%520.21M	15.56%722.65M	16.70%573.83M	-6.76%625.37M	-19.62%491.71M	20.33%670.69M	38.71%611.74M
Non-current assets
Property, plant and equipment	-31.07%3.08M	-16.09%3.97M	-7.87%4.47M	-18.61%4.74M	-24.37%4.86M	-12.59%5.82M	21.17%6.42M	270.24%6.66M	181.71%5.3M	-8.82%1.8M
Advance payment	79.28%701K	----	-44.22%391K	----	0.00%701K	----	--701K	----	----	----
Associated company interest	21.17%9.98M	23.23%7.75M	61.33%8.24M	1,063.89%6.29M	462.44%5.11M	--540K	--908K	----	----	-12.40%4.81M
Interests in Joint Venture	40.45%6.01M	--5.04M	--4.28M	----	----	----	----	25.00%510K	----	--408K
Other investments	49.64%20.02M	2.09%13.38M	2.09%13.38M	-19.89%13.1M	-19.89%13.1M	--16.35M	--16.35M	----	----	----
Intangible assets	-33.86%463K	-30.47%575K	-18.70%700K	-3.61%827K	178.64%861K	185.05%858K	-27.46%309K	-24.37%301K	21.37%426K	87.74%398K
Goodwill	0.00%10.23M	0.00%10.23M	0.00%10.23M	0.00%10.23M	0.00%10.23M	0.00%10.23M	0.00%10.23M	0.00%10.23M	0.00%10.23M	0.00%10.23M
Deferred tax assets	100.59%3.76M	238.45%1.88M	238.45%1.88M	54.75%554K	54.75%554K	-67.00%358K	-67.00%358K	24.57%1.09M	107.06%1.09M	59.23%871K
Other illiquid assets	----	-44.22%391K	----	0.00%701K	----	-95.67%701K	----	--16.2M	----	----
Total non-current assets	3.49%75.52M	-2.43%74.39M	0.31%72.98M	-9.29%76.24M	-15.28%72.75M	-0.65%84.05M	88.49%85.87M	87.90%84.59M	45.92%45.56M	36.77%45.02M
Total assets	-11.60%659.41M	1.05%602.73M	-6.22%745.91M	-9.34%596.45M	11.83%795.4M	14.16%657.88M	-0.70%711.25M	-12.25%576.3M	21.69%716.24M	38.58%656.76M
Liabilities
Current liabilities
Accounts payable	-16.45%246.23M	2.88%206.58M	-13.17%294.7M	-18.62%200.8M	17.20%339.41M	103.16%246.73M	30.59%289.6M	-32.76%121.45M	54.58%221.76M	212.91%180.61M
Tax payable	-42.64%8.73M	13.75%7.97M	-36.20%15.22M	-29.30%7.01M	78.26%23.86M	139.32%9.92M	-38.49%13.38M	-69.28%4.14M	66.67%21.76M	462.00%13.49M
Dividend payable	----	----	----	-98.78%395K	----	395.92%32.32M	----	--6.52M	----	----
Other payables and accrued expenses	-48.05%33.11M	-37.35%34.09M	2.43%63.73M	63.91%54.41M	49.46%62.22M	40.82%33.19M	21.10%41.63M	-38.04%23.57M	-24.13%34.38M	-12.18%38.05M
Financial lease liabilities-current liabilities	40.05%2.68M	17.38%2.62M	-41.98%1.91M	-29.88%2.23M	5.41%3.29M	14.83%3.18M	113.17%3.12M	-8.45%2.77M	-67.41%1.47M	-19.17%3.03M
Total current liabilities	-22.58%290.74M	-5.13%251.26M	-12.41%375.56M	-18.60%264.84M	23.31%428.77M	105.33%325.35M	24.48%347.73M	-32.62%158.45M	35.40%279.35M	119.40%235.17M
Net current assets	-1.42%293.15M	8.50%277.09M	1.19%297.37M	2.77%255.37M	5.85%293.88M	-25.44%248.49M	-29.05%277.64M	-11.50%333.26M	11.47%391.33M	12.80%376.57M
Total assets less current liabilities	-0.45%368.67M	5.99%351.47M	1.01%370.35M	-0.28%331.61M	0.86%366.63M	-20.42%332.53M	-16.79%363.52M	-0.89%417.85M	14.29%436.89M	14.95%421.58M
Non-current liabilities
Financial lease liabilities-non-current liabilities	-5.60%5.56M	4.96%6.92M	79.08%5.89M	35.92%6.6M	-49.20%3.29M	-41.45%4.85M	-10.97%6.48M	0.55%8.29M	-21.35%7.27M	-28.97%8.24M
Deferred tax liability	-4.83%3.16M	21.77%3.31M	-1.49%3.32M	-20.29%2.72M	-2.46%3.37M	1,508.96%3.41M	1,599.51%3.45M	11.58%212K	3.05%203K	-13.24%190K
Total non-current liabilities	-5.32%8.72M	9.87%10.23M	38.34%9.21M	12.72%9.31M	-32.96%6.65M	-2.78%8.26M	32.76%9.93M	0.79%8.5M	-20.84%7.48M	-28.68%8.43M
Total liabilities	-22.17%299.46M	-4.62%261.49M	-11.63%384.77M	-17.82%274.15M	21.74%435.43M	99.83%333.61M	24.69%357.66M	-31.47%166.95M	32.94%286.83M	104.69%243.6M
Total assets less total liabilities	-0.33%359.96M	5.88%341.24M	0.32%361.14M	-0.61%322.3M	1.81%359.98M	-20.79%324.27M	-17.66%353.59M	-0.92%409.35M	15.17%429.41M	16.41%413.15M
Total equity and non-current liabilities	-0.45%368.67M	5.99%351.47M	1.01%370.35M	-0.28%331.61M	0.86%366.63M	-20.42%332.53M	-16.79%363.52M	-0.89%417.85M	14.29%436.89M	14.95%421.58M
Equity
Share capital	0.00%659K	0.00%659K	0.00%659K	0.00%659K	0.00%659K	-0.15%659K	-1.20%659K	-1.20%660K	-1.04%667K	-2.20%668K
Reserve	0.40%342.07M	6.64%324.12M	0.47%340.7M	0.18%303.95M	1.03%339.11M	-21.32%303.38M	-17.26%335.65M	-2.77%385.6M	12.91%405.65M	452.30%396.6M
Shareholders' Equity	0.40%342.73M	6.62%324.78M	0.47%341.36M	0.18%304.6M	1.03%339.77M	-21.29%304.04M	-17.23%336.31M	-2.77%386.26M	12.89%406.32M	15.67%397.27M
Non-controlling interest	-12.94%17.22M	-6.93%16.47M	-2.09%19.78M	-12.53%17.69M	16.93%20.21M	-12.42%20.23M	-25.19%17.28M	45.42%23.09M	78.95%23.1M	38.67%15.88M
Total equity	-0.33%359.96M	5.88%341.24M	0.32%361.14M	-0.61%322.3M	1.81%359.98M	-20.79%324.27M	-17.66%353.59M	-0.92%409.35M	15.17%429.41M	16.41%413.15M
Total equity and total liabilities	-11.60%659.41M	1.05%602.73M	-6.22%745.91M	-9.34%596.45M	11.83%795.4M	14.16%657.88M	-0.70%711.25M	-12.25%576.3M	21.69%716.24M	38.58%656.76M
Currency Unit	CNY	CNY	CNY	CNY	CNY	CNY	CNY	CNY	CNY	CNY
Accounting Standards	HKAS	HKAS	HKAS	HKAS	HKAS	HKAS	HKAS	HKAS	HKAS	HKAS
Audit Opinions	Unqualified Opinion	--	Unqualified Opinion	--	Unqualified Opinion	--	Unqualified Opinion	--	Unqualified Opinion	--
Auditor	Ernst & Young	--	Ernst & Young	--	Ernst & Young	--	Ernst & Young	--	Ernst & Young	--

FY: Financial Year. Refers to the 10-K file disclosed by the listed company to the SEC.

Q: Quarter. Refers to the 10-Q file disclosed by the listed company to the SEC. Q1, Q2, Q3, and Q4 are quarterly reports each with a span of 3 months; Q6 and Q9 are cumulative reports, with Q6 including 6 months and Q9 9 months.

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