MOBI Development Co., Ltd. — Earnings Release 2025

Mar 27, 2026

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

MOBI摩比

MOBI Development Co., Ltd.

摩比發展有限公司

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 947)

Announcement of Final Results

for the year ended 31 December 2025

and

Proposed Amendments to the Memorandum and Articles of Association

and Proposed Adoption of the Third Amended and Restated Memorandum

and Articles of Association

• Revenue decreased to approximately RMB394.54 million, representing a decrease of approximately 23.4%
• Gross profit margin decreased from approximately 13.0% in 2024 to approximately 10.1% in 2025
• Loss and total comprehensive expense for the year was approximately RMB93.94 million
• Basic loss per share for the year was approximately RMB11.73 cents
• Do not recommend any payment of final dividend

The board (the "Board") of directors (the "Directors") of MOBI Development Co., Ltd. (the "Company") is pleased to announce the audited consolidated financial results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 December 2025.

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025

	Notes	2025 RMB’000	2024 RMB’000
Revenue	3	394,537	515,148
Cost of sales		(354,765)	(448,218)
Gross profit		39,772	66,930
Impairment losses under expected credit loss (“ECL”) model, net of reversal		(2,534)	4,779
Impairment losses on the Identified Long-lived Assets		(9,993)	(9,648)
Other income	4	23,139	31,407
Other gains and losses	4	2,418	(6,995)
Research and development expenses		(51,966)	(65,039)
Administrative expenses		(64,582)	(77,848)
Distribution and selling expenses		(27,276)	(39,227)
Finance costs	5	(3,786)	(4,593)
Share of results of associates		891	19
Loss before tax		(93,917)	(100,215)
Income tax expense	6	(18)	(20,313)
Loss and the total comprehensive expense for the year	7	(93,935)	(120,528)
Loss per share
– basic (RMB cents)	9	(11.73)	(14.93)
– diluted (RMB cents)		(11.73)	(14.93)

2

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 31 DECEMBER 2025

	Notes	2025	2024
		RMB'000	RMB'000
Non-current Assets
Property, plant and equipment		200,330	226,311
Right-of-use assets		24,967	22,753
Deposits for purchase of plant and equipment		12,281	16,747
Deferred tax assets		16,616	16,559
Intangible assets		29,276	21,471
Interests in associates		5,470	4,578
		288,940	308,419
Current Assets
Inventories		77,634	103,465
Trade and other receivables	10	273,459	363,601
Pledged bank deposits		65,392	78,735
Cash and cash equivalents		148,768	192,658
		565,253	738,459
Current Liabilities
Trade and other payables	11	408,545	538,332
Contract liabilities		12,077	10,588
Bank and other borrowings		115,100	111,850
Lease liabilities		1,729	1,065
Deferred income		24	640
		537,475	662,475
Net Current Assets		27,778	75,984
Total Assets less Current Liabilities		316,718	384,403
Non-current Liabilities
Lease liabilities		1,725	283
Deferred income		727	752
Bank and other borrowings		25,340	-
		27,792	1,035
Net Assets		288,926	383,368
Capital and Reserves
Share capital		6	6
Reserves		288,920	383,362
Total Equity		288,926	383,368

3

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR YEAR ENDED 31 DECEMBER 2025

1. GENERAL INFORMATION

MOBI Development Co., Ltd. (the "Company") is a public limited company incorporated in the Cayman Islands and its shares are listed on The Stock Exchange of Hong Kong Limited ("The Stock Exchange") on 17 December 2009. The address of its registered office is Maples Corporate Services Limited P.O. Box 309, Ugland House, Grand Cayman KY1-1104, Cayman Islands and its principal place of business is MOBI Technology Building, Genyu Road, Gongming Street, Guangming District, Shenzhen, Guangdong Province, the People's Republic of China (the "PRC").

The principal activities of the Company and its subsidiaries (the "Group") are production and sale of antennas and radio frequency subsystems.

The consolidated financial statements are presented in Renminbi ("RMB"), which is also the functional currency of the Company and its principal subsidiaries.

1. APPLICATION OF NEW AND AMENDMENTS TO HKFRS ACCOUNTING STANDARDS

Amendments to an HKFRS Accounting Standard that are mandatorily effective for the current year

In the current year, the Group has applied the following amendments to an HKFRS Accounting Standard as issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA") for the first time, which are mandatorily effective for the Group's annual period beginning on 1 January 2025 for the preparation of the consolidated financial statements:

Amendments to HKAS 21	Lack of Exchangeability
The application of the amendments to an HKFRS Accounting Standard in the current year has had no material impact on the Group's financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements.

New and amendments to HKFRS Accounting Standards in issue but not yet effective

The Group has not early applied the following new and amendments to HKFRS Accounting Standards that have been issued but are not yet effective:

Amendments to HKFRS 9 and HKFRS 7	Amendments to the Classification and Measurement of Financial Instruments²
Amendments to HKFRS 9 and HKFRS 7	Contracts Referencing Nature-dependent Electricity²
Amendments to HKFRS 10 and HKAS 28	Sale or Contribution of Assets between an Investor and its Associate or Joint Venture¹
Amendments to HKFRS Accounting Standards	Annual Improvements to HKFRS Accounting Standards – Volume 11²
HKFRS 18	Presentation and Disclosure in Financial Statements³
Amendments to HKAS 21	Translation to a Hyperinflationary Presentation Currency³

1. Effective for annual periods beginning on or after a date to be determined.
2. Effective for annual periods beginning on or after 1 January 2026.
3. Effective for annual periods beginning on or after 1 January 2027.

Except for the new HKFRS Accounting Standard mentioned below, the directors of the Company anticipate that the application of all other amendments to HKFRS Accounting Standards will have no material impact on the consolidated financial statements in the foreseeable future.

4

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HKFRS 18 Presentation and Disclosure in Financial Statements

HKFRS 18 Presentation and Disclosure in Financial Statements, which sets out requirements on presentation and disclosures in financial statements, will replace HKAS 1 Presentation of Financial Statements. This new HKFRS Accounting Standard, while carrying forward many of the requirements in HKAS 1, introduces new requirements to present specified categories and defined subtotals in the statement of profit or loss; provide disclosures on management-defined performance measures in the notes to the financial statements and improve aggregation and disaggregation of information to be disclosed in the financial statements. In addition, some HKAS 1 paragraphs have been moved to HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (the title of which will be changed to Basis of Preparation of Financial Statements upon effective of HKFRS 18) and HKFRS 7 Financial Instruments: Disclosures. Minor amendments to HKAS 7 Statement of Cash Flows and HKAS 33 Earnings per Share are also made.

HKFRS 18, and amendments to other standards, will be effective for annual periods beginning on or after 1 January 2027, with early application permitted. HKFRS 18 requires retrospective application with specific transition provisions. The application of the new standard is not expected to have significant impact on the financial performance and positions of the Group in terms of recognition and measurement. However, it is expected to affect the structure and presentation of the consolidated statement of profit or loss.

5

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6

3. REVENUE AND SEGMENT INFORMATION

Information reported to the chairman of the board of directors of the Company, being the chief operating decision maker ("CODM"), for the purposes of resource allocation and assessment of segment performance focuses on types of goods or services delivered or provided.

The Group's reportable and operating segments under HKFRS 8 are as follows:

Antenna system – manufacturing and sales of antenna system and related products

Base station Radio Frequency ("RF") subsystem – manufacturing and sales of base station RF subsystem and related products

Coverage extension solution – manufacturing and sales of a wide array of coverage products

Information of segment revenues and segment results

| | 2025
RMB'000 | 2024
RMB'000 |
| --- | --- | --- |
| Segment revenue | | |
| Antenna system | 113,791 | 162,534 |
| Base station RF subsystem | 224,234 | 279,796 |
| Coverage extension solution | 56,512 | 72,818 |
| | 394,537 | 515,148 |
| Timing of revenue recognition | | |
| A point in time | 394,537 | 515,148 |
| Segment results | | |
| Antenna system | (7,417) | (1,708) |
| Base station RF subsystem | (3,474) | (4,546) |
| Coverage extension solution | (1,530) | 4,244 |
| | (12,421) | (2,010) |
| Reconciliation of segment results to loss before tax: | | |
| Impairment losses under ECL model, net of reversal | (2,534) | 4,779 |
| Other income and expenses, other gains and losses | 25,557 | 24,412 |
| Unallocated corporate expenses | (101,624) | (122,822) |
| Finance costs | (3,786) | (4,593) |
| Share of results of associates | 891 | 19 |
| Loss before tax | (93,917) | (100,215) |
| Other segment information | | |
| Depreciation of property, plant and equipment: | | |
| Antenna system | 4,816 | 5,420 |
| Base station RF subsystem | 3,454 | 5,522 |
| Coverage extension solution | 958 | 544 |
| Segment total | 9,228 | 11,486 |
| Unallocated amount | 14,703 | 8,305 |
| Group total | 23,931 | 19,791 |

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	2025 RMB'000	2024 RMB'000
Research and development expenses:
Antenna system	26,589	32,967
Base station RF subsystem	20,221	24,440
Coverage extension solution	5,156	7,632
Group total (note 1)	51,966	65,039
Amortisation of intangible assets:
Antenna system	1,268	1,057
Base station RF subsystem	1,181	2,426
Group total	2,449	3,483
Allowance for inventories
Antenna system	4,733	7,058
Base station RF subsystem	8,134	14,396
Coverage extension solution	4,313	3,374
Group total (note 1)	17,180	24,828
Other segment information
Impairment losses on the Identified Long-lived Assets
Antenna system	228	3,862
Base station RF subsystem	-	-
Coverage extension solution	-	39
Segment total	228	3,901
Unallocated amount on corporate assets	9,765	5,747
Group total (note 1)	9,993	9,648

Note 1: Amounts included in the measure of segment results.

Revenues reported above represent revenues generated from external customers. There are no inter-segment sales for the years ended 31 December 2025 and 2024.

The accounting policies of the operating segments are the same as the Group's accounting policies. The Group does not allocate impairment losses under ECL model, net of reversal, other income and expenses, other gains and losses, unallocated corporate expenses, finance costs and share of results of associates to individual reportable segments when making decisions about resources to be allocated to the segments and assessing their performance. This is the measure reported to the CODM for the purposes of resource allocation and performance assessment.

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Disaggregation of revenue from contracts with customers and information about products

Revenues from each group of products within the operating segments are as follows:

| | 2025
RMB’000 | 2024
RMB’000 |
| --- | --- | --- |
| Segments | | |
| Antenna system | | |
| Multi-band/multi-system antennas | 69,544 | 96,730 |
| FDD+TDD antennas | 19,995 | 19,528 |
| Customized antennas | 15,463 | 19,270 |
| Microwave antennas | 5,823 | 19,633 |
| Multi-Beam antennas | 1,357 | 5,960 |
| WCDMA/FDD-LTE single-band/multi-band antennas | – | 274 |
| Other antennas | 1,609 | 1,139 |
| | 113,791 | 162,534 |
| Base station RF subsystem | | |
| FDD-LTE RF devices | 202,060 | 265,729 |
| Multi-frequency ultra-wideband RF device | 13,015 | – |
| TD/TD-LTE RF devices | 8,260 | 8,261 |
| Low-band refarming/IoT RF devices | – | 3,092 |
| GSM RF devices | – | 1,523 |
| 5G RF devices | – | 15 |
| Other devices | 899 | 1,176 |
| | 224,234 | 279,796 |
| Coverage extension solution | | |
| Aesthetic antennas | 20,379 | 22,054 |
| Solar photovoltaic equipment | 12,935 | 89 |
| GPS and specialized products | 9,291 | 8,947 |
| In-door antennas | 8,703 | 24,037 |
| Other products | 5,204 | 17,691 |
| | 56,512 | 72,818 |
| | 394,537 | 515,148 |

Information about major customers

Revenues from customers of the corresponding years contributing over 10% of the total revenue of the Group are as follows:

| | 2025
RMB’000 | 2024
RMB’000 |
| --- | --- | --- |
| Customer A¹ | 175,228 | 237,224 |
| Customer B¹ | 99,539 | 94,362 |
| Customer C¹ | N/A² | 66,453 |

¹ Revenue mainly from antenna system and base station RF subsystem.
² The revenue amount of the customer did not contribute over 10% of the total revenue of the Group in the corresponding year.

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Geographical information

Information about the Group's revenue from external customers is presented based on the location where the goods are delivered to:

| | 2025
RMB’000 | 2024
RMB’000 |
| --- | --- | --- |
| The PRC | 179,619 | 235,526 |
| Overseas | | |
| Other countries/regions in Asia | 164,532 | 159,346 |
| Europe | 34,107 | 111,488 |
| Americas | 14,867 | 6,994 |
| Others | 1,412 | 1,794 |
| Subtotal | 214,918 | 279,622 |
| | 394,537 | 515,148 |

All non-current assets (other than deferred tax assets) of the Group are located in the PRC.

4. OTHER INCOME, OTHER GAINS AND LOSSES

| | 2025
RMB’000 | 2024
RMB’000 |
| --- | --- | --- |
| Government grants | | |
| – related to expense items (note 1) | 8,435 | 11,973 |
| – related to assets | 641 | 1,131 |
| Rental income | 10,067 | 12,490 |
| Interest income from bank deposits | 3,996 | 5,813 |
| Other income | 23,139 | 31,407 |
| Loss on disposals of property, plant and equipment | (2,366) | (10,871) |
| Exchange (loss) gain | (1,801) | 5,614 |
| Gain on change in fair value of financial assets at fair value through profit or loss | 20 | – |
| Others | 6,565 | (1,738) |
| Other gains and losses | 2,418 | (6,995) |
| Total | 25,557 | 24,412 |

Note 1: The amounts represent incentives from various PRC government authorities in connection with the enterprise expansion support, technology advancement support and product development support during the year, which had no conditions imposed by the respective PRC government authorities.

5. FINANCE COSTS

| | 2025
RMB’000 | 2024
RMB’000 |
| --- | --- | --- |
| Interest on bank and other borrowings | 3,584 | 4,467 |
| Interest on lease liabilities | 202 | 126 |
| | 3,786 | 4,593 |

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1. INCOME TAX EXPENSE

| | 2025
RMB'000 | 2024
RMB'000 |
| --- | --- | --- |
| Deferred tax expense | 18 | 20,313 |
| | 18 | 20,313 |

Hong Kong

The applicable tax rate of the Company and MOBI Technology (Hong Kong) Limited (“MOBI HK”) is 16.5% of the estimated assessable profit for both years.

No provision for Hong Kong Profits Tax has been recognised as the Group had no assessable profits arising in Hong Kong for the both years.

The PRC (excluding Hong Kong)

In September 2014, MOBI Antenna Technologies (Shenzhen) Co., Ltd. (“MOBI Shenzhen”) was defined by Shenzhen Finance Bureau, Administrator of Local Taxation of Shenzhen Municipality and Shenzhen Municipal office of the State Administration of Taxation (the “SZ Authorities”) as a High and New Technology Enterprise and therefore was entitled to 15% preferential tax rate from the Enterprise Income Tax (“EIT”) for three years starting from the year ended 31 December 2014, according to the PRC EIT Law. In 2017, 2020 and 2023, the SZ Authorities have further extended the preferential tax rate for another three years starting from the year ended 31 December 2017, year ended 31 December 2020 and year ended 31 December 2023, respectively. Accordingly, the tax rate for MOBI Shenzhen is 15% for the years ended 31 December 2025 and 2024.

In November 2016, MOBI Telecommunications Technologies (Ji An) Co., Ltd. (“MOBI Jian”) was defined by Province Finance Bureau and Administrator of Local Taxation of Municipality and Municipal office of the State Administration of Taxation in Jiang Xi (the “Jiang Xi Authorities”), as a High and New Technology Enterprise and therefore was entitled to 15% preferential tax rate from the EIT for three years starting from the year ended 31 December 2016, according to the PRC EIT Law. In 2019, 2022 and 2025, the Jiang Xi Authorities have further extended the preferential tax rate for another three years starting from the year ended 31 December 2019, year ended 31 December 2022 and year ended 31 December 2025, respectively. Accordingly, the tax rate of MOBI Jian is 15% for the years ended 31 December 2025 and 2024.

In December 2019, MOBI Technology (Shenzhen) Co., Ltd. (“MOBI Technology”) was defined by the SZ Authorities as a High and New Technology Enterprise and therefore was entitled to 15% preferential tax rate from the EIT for three years starting from the year ended 31 December 2019, according to the PRC EIT Law. In 2022 and 2025, the SZ Authorities have further extended the preferential tax rate for another three years starting from the year ended 31 December 2022 and year ended 31 December 2025, respectively. Accordingly, the tax rate of MOBI Technology is 15% for the year ended 31 December 2025 and 2024.

The applicable tax rate of other PRC subsidiaries is 25% for the year ended 31 December 2025 (2024: 25%).

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1. LOSS FOR THE YEAR

Loss for the year has been arrived at after charging the following items:

| | 2025
RMB’000 | 2024
RMB’000 |
| --- | --- | --- |
| Directors’ remuneration | 3,075 | 3,179 |
| Other staff costs | 105,626 | 174,115 |
| Retirement benefits scheme contributions for other staff | 17,362 | 18,631 |
| | 126,063 | 195,925 |
| Less: amount capitalised as cost of inventories manufactured | (40,093) | (54,210) |
| | 85,970 | 141,715 |
| Auditors’ remuneration | | |
| – audit services | 1,897 | 2,002 |
| – non-audit services | 282 | 296 |
| Depreciation of property, plant and equipment | 23,931 | 19,791 |
| Depreciation of right-of-use assets | 1,859 | 906 |
| Amortisation of intangible assets | 2,449 | 3,483 |
| | 28,239 | 24,180 |
| Less: amount capitalised as cost of inventories manufactured | (6,618) | (10,302) |
| | 21,621 | 13,878 |
| Cost of inventories recognised as expenses | 337,585 | 423,390 |
| Write-down on inventories (included in cost of sales) | 17,180 | 24,828 |

1. DIVIDENDS

No dividends were recognised as distribution for both years.

No final dividend for the year ended 31 December 2025 was recommended by the directors.

1. LOSS PER SHARE

The loss for calculation of the basic and diluted loss per share attributable to the ordinary owners of the Company are based on the following data:

| | 2025
RMB’000 | 2024
RMB’000 |
| --- | --- | --- |
| Loss for the year attributable to owners of the Company
for the purpose of calculating basic and diluted loss per share | (93,935) | (120,528) |
| | 2025
'000 | 2024
'000 |
| Number of shares | | |
| Weighted average number of ordinary shares for the
purpose of calculating basic and diluted loss per share | 800,799 | 807,083 |

The computation of diluted loss per share for the year ended 31 December 2025 and 2024 did not assume the exercise of the Company’s share option as the exercise price of these option was higher than the average market price for shares for both 2025 and 2024.

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10. TRADE AND OTHER RECEIVABLES

| | 2025
RMB’000 | 2024
RMB’000 |
| --- | --- | --- |
| Trade receivables – contracts with customers | 174,497 | 248,159 |
| Less: allowance for credit losses | (23,525) | (21,392) |
| | 150,972 | 226,767 |
| Notes and bills receivables | 60,068 | 51,759 |
| Advance to suppliers | 16,237 | 34,474 |
| Value added tax receivables | 39,851 | 37,315 |
| Rental and utility deposits | 173 | 351 |
| Other receivables and deposits | 6,158 | 12,935 |
| | 273,459 | 363,601 |

The Group offers credit terms generally accepted in the antenna system, base station RF subsystem and coverage extension solution manufacturing industry to its trade customers, which range from 30 to 240 days (2024: 30 to 240 days) from the invoice dates. For the Group's major customers which are network operators and domestic and overseas wireless network solution providers with good reputation and repayment records, a longer credit term may be extended to them, depending on price, the size of the contract, credibility and reputation of them. In order to manage the credit risks associated with trade receivables effectively, credit limits of customers are evaluated periodically. Before accepting any new customer, the Group conducts research on the creditworthiness of the new customer and assesses the potential customer's credit quality.

The following is an aged analysis of trade receivables net of allowance for credit losses presented based on the invoice dates:

| | 2025
RMB’000 | 2024
RMB’000 |
| --- | --- | --- |
| 0 to 30 days | 47,687 | 46,130 |
| 31 to 60 days | 19,065 | 32,462 |
| 61 to 90 days | 17,022 | 32,406 |
| 91 to 120 days | 9,679 | 22,609 |
| 121 to 180 days | 6,751 | 26,061 |
| Over 180 days | 50,768 | 67,099 |
| | 150,972 | 226,767 |

The following is an aged analysis of notes and bills receivables presented based on the notes and bills issue dates:

| | 2025
RMB’000 | 2024
RMB’000 |
| --- | --- | --- |
| 0 to 30 days | 8,558 | 14,490 |
| 31 to 60 days | 10,349 | 6,768 |
| 61 to 90 days | 8,734 | 7,376 |
| 91 to 120 days | 7,065 | 9,759 |
| Over 120 days | 25,362 | 13,366 |
| | 60,068 | 51,759 |

All notes and bills received by the Group are with a maturity period of less than one year.

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11. TRADE AND OTHER PAYABLES

| | 2025
RMB’000 | 2024
RMB’000 |
| --- | --- | --- |
| Trade payables | 216,864 | 336,238 |
| Notes and bills payable | 139,916 | 149,082 |
| Payroll payable | 13,530 | 15,471 |
| Payable for purchase of property, plant and equipment | 12,660 | 6,536 |
| Value added taxes payable | 2,097 | 3,020 |
| Accrued expenses | 8,510 | 12,195 |
| Others | 14,968 | 15,790 |
| | 408,545 | 538,332 |

The following is an aged analysis of trade payables presented based on the invoice dates:

| | 2025
RMB’000 | 2024
RMB’000 |
| --- | --- | --- |
| 0 to 30 days | 48,191 | 66,132 |
| 31 to 60 days | 36,046 | 52,605 |
| 61 to 90 days | 23,048 | 37,491 |
| 91 to 180 days | 36,202 | 72,640 |
| Over 180 days | 73,377 | 107,370 |
| | 216,864 | 336,238 |

Typical credit term of trade payables ranges from 60 to 120 days from the invoice dates.

The following is an aged analysis of notes and bills payable presented based on the notes and bills issue dates:

| | 2025
RMB’000 | 2024
RMB’000 |
| --- | --- | --- |
| 0 to 30 days | – | – |
| 31 to 60 days | 13,366 | 15,305 |
| 61 to 90 days | 33,000 | 30,687 |
| Over 90 days | 93,550 | 103,090 |
| | 139,916 | 149,082 |

Typical credit term of notes and bills payables ranges from 90 to 180 days.

The Group has financial risk management policies in place to ensure that all payables are settled within the credit timeframe.

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14

MANAGEMENT DISCUSSION AND ANALYSIS

BUSINESS AND FINANCIAL REVIEW

Revenue

When compared with last year, the sales revenue decreased by approximately RMB120.61 million (approximately 23.4%), to approximately RMB394.54 million in 2025 (2024: approximately RMB515.15 million).

Sales of antenna system decreased by approximately 30.0% to approximately RMB113.79 million (2024: approximately RMB162.53 million), while sales of base station RF subsystem decreased by approximately 19.9% to approximately RMB224.23 million (2024: approximately RMB279.80 million). In addition, sales of coverage extension solution and other products decreased by approximately 22.4% to approximately RMB56.51 million (2024: approximately RMB72.82 million).

In 2025, challenges and opportunities coexisted. The communications industry entered a period characterized by the profound convergence of technological iteration and market adjustment. In the domestic market, 5G network construction has reached a mature stage, with the focus shifting towards the deepening of applications and the construction of computing power networks, which led to a further contraction in the demand for traditional base station construction. As for the overseas market, although it benefited from the demand for 5G deployment in emerging economies, the pace of global macroeconomic recovery fell short of expectations. Coupled with the continuous evolution of the geopolitical landscape, this resulted in a decrease in relevant market demand and a slowdown in the pace of market expansion. Consequently, the Group's overall sales revenue experienced a phased decline in 2025.

In response to the operational challenges brought about by the sluggish growth in traditional businesses, the Group is actively strategizing and accelerating its strategic transformation to open up new growth curves and mitigate the risks of cyclical fluctuations within the industry. At present, the Group has achieved breakthroughs in the field of new material applications. Leveraging our prior R&D and production layout, we have recently successfully launched new products such as WIFI dielectric filters, ceramic antennas, and positioning modules, and have completed customer sampling and certification. Concurrently, the Group has also commenced cooperation with equipment manufacturer customers in fields related to satellite communication. It is expected that the aforementioned new businesses and products will achieve scaled sales in 2026, thereby driving the growth of our performance. Looking ahead, with the accelerated pace of large-scale commercialization of 5G-A technology and the steady advancement of forward-looking deployment for 6G, the communications industry is expected to usher in an inflection point for cyclical recovery. Coupled with the successful launch and large-scale commercial rollout of the Group's new products and businesses, it is expected to effectively mitigate the impact of the industry's cyclical fluctuations. We aim to achieve a steady recovery and sustainable growth in results of operations, further enhancing our market position within the global communications industry chain.

The Group has long adhered to the core management principles of being market-oriented, innovation-driven, quality-first, talent-centric, and compliant in its operations. By deeply integrating our technological innovation capabilities with market demand, we continue to make sustained efforts in the global communications infrastructure sector, thereby consolidating the foundation for our long-term development.

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15

Antenna system

The Group’s products of antenna system are primarily sold to China’s domestic network operators and major network operators in overseas markets (such as Asia, Europe and Americas); whilst a portion of our products of antenna system are sold to operator customers worldwide by way of network solution provider customers.

In 2025, the revenue from antenna system products of the Group decreased by approximately 30.0% as compared to the corresponding period of 2024 to approximately RMB113.79 million (2024: approximately RMB162.53 million). On the one hand, the 5G capital expenditure of domestic operators exhibited a contracting trend, with their investment focus accelerating its shift towards the computing power sector. This structural shift directly led to a substantial contraction in the new procurement demand for base station antennas. On the other hand, the pace of overseas 5G construction fell short of expectations. Coupled with the impact of geopolitical and other factors, this collectively resulted in a decline in the sales of multi-band/multi-system antennas, microwave antennas, multi-beam antennas, and customized antennas. However, owing to the Group’s continuous and deepening cooperation with major domestic equipment manufacturer customers, the sales of FDD+TDD antennas increased by approximately 2.4% as compared to 2024, reaching approximately RMB20.00 million.

At present, the Group has successfully won the bids for framework agreements and secured bulk orders across multiple key projects for new-generation smart antennas. As global 5G-A networks enter the large-scale deployment phase in 2026, the aforementioned projects will progressively enter the cycle of bulk delivery and deployment, thereby providing solid support for the Group’s performance growth.

Base station RF subsystem

The Group is one of the core suppliers of RF subsystems for international communication equipment manufacturers, and provides them with a variety of products and solutions, including RF subsystem products.

In 2025, the slowdown in operators’ network construction plans led to a decline in relevant demand for base station RF subsystem. Coupled with the continuous adjustment of production layouts by major international equipment manufacturer customer, this caused a phased impact on the pace of order delivery. As a result, the revenue from the Group’s base station RF subsystem products decreased by approximately 19.9% as compared to the corresponding period of 2024 to approximately RMB224.23 million (2024: approximately RMB279.80 million). However, the Group achieved key technological breakthroughs in the field of multi-frequency ultra-wideband duplex modules, successfully completing the development of full in-house development of technologies and securing market orders. In 2025, multi-frequency ultra-wideband RF products achieved a revenue of approximately RMB13.01 million.

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At present, the Group has achieved technological breakthroughs in areas such as small metallic cavity filters and base station multi-band dielectric waveguide filters. We have successfully won bids for the framework contracts of multiple new platforms and new products from major equipment manufacturer customers, thereby strengthening our cooperative relationships in both scope and depth. Concurrently, leveraging its technological expertise, market position, and innovation capabilities in the field of communication base station filters, the Group's subsidiary, Mobi Antenna Technologies (Shenzhen) Co., Ltd. (摩比天線技術(深圳)有限公司), was successfully selected in 2025 for the second batch of the "Shenzhen Manufacturing Single Champion Enterprises (2025-2028)" list, published by the Industry and Information Technology Bureau of Shenzhen Municipality. It is believed that with the implementation of the new platforms and new product frameworks, alongside the release of new demand from equipment manufacturer customers, the Group is well-positioned to achieve a recovery in its performance.

Coverage extension solution and others

The Group is actively establishing a diversified product matrix of "traditional business + new business", continuously expanding its customer channels, forging a second growth curve, and deeply engaging in the development of the new 5G industry ecosystem.

In 2025, the revenue from the Group's coverage extension solution and other products decreased by approximately $22.4\%$ as compared to the corresponding period of 2024 to approximately RMB56.51 million (corresponding period in 2024: approximately RMB72.82 million). This was primarily due to the adjustment of operators' base station construction strategies, which led to a decline in relevant demand, resulting in a year-on-year decrease in the sales revenue of in-door antennas and aesthetic antennas. However, leveraging the accumulation of customer resources and the strategic layout of R&D technologies from previous periods, the Group continued to make breakthroughs in new business areas. In 2025, the sales of the Group's GPS and specialized products, as well as solar photovoltaic equipment products, increased by approximately $3.8\%$ and $14,433.7\%$ as compared to the same period last year to approximately RMB9.29 million and RMB12.94 million, respectively.

Facing the challenges posed by cyclical fluctuations in the industry, the Group is accelerating its strategic transformation. In recent years, the Group has actively deployed in the "communications + energy saving/new energy" sector, with related products and businesses recording substantial year-on-year growth. Concurrently, the Group has sustained its R&D and market investments in related fields such as new material applications and satellite communication. At present, prototypes have been developed and certified by relevant customers, which are expected to achieve large-scale sales in 2026. The Group believes that these new business tracks will become new drivers of performance growth for the Group.

Customers

The Group continues to deepen its strategic partnerships with major operator customers and equipment manufacturer customers, consolidating its position as a primary supplier to existing core customers. Concurrently, the Group is optimizing its customer structure, actively tapping into the market resources of potential customers, accelerating the expansion of its emerging customer footprint, and making every effort to enhance its market share and industry competitiveness.

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In 2025, the communications industry entered the "post-5G cycle", where the capital expenditure of domestic operators on the wireless network exhibited a trend of structural contraction, and the demand for newly constructed base stations slowed down. Network construction shifted from "extensive coverage" to "optimizing coverage gaps", while traditional base station antennas gradually transitioned towards being "green, intelligent, and scenario-customized", placing the industry in an adjustment period of technological transition. Consequently, the Group's sales revenue from domestic operators decreased by approximately 48.9%, as compared to the same period last year, to approximately RMB46.15 million, accounting for approximately 11.7% of the total revenue. The Group actively responded to the challenges brought by the decline in 5G investment by operators. By closely tracking the future product and technology evolution directions of operators, the Group continuously promoted the optimization of its business structure and the iterative upgrade of its products. The Group has made advance strategic layouts for the recovery of market investment, aiming to seize development opportunities and striving to achieve new breakthroughs in its domestic operator business.

Benefiting from the adjustment of procurement strategies and the expansion of the cooperation across product lines, the Group's sales revenue from domestic equipment manufacturers increased by approximately 5.5% year-on-year to approximately RMB99.54 million, accounting for approximately 25.2% of total revenue. The Group has consistently maintained its position as a primary supplier to major domestic equipment manufacturer customers, engaging in deep strategic cooperation with them on multiple key projects to strengthen cooperative ties and project engagement. Relevant new projects have already achieved bulk delivery in 2025. Through deep collaborative development with them across various product lines, the Group has laid a solid foundation for cooperation during the technological iteration period of 5G-A/6G.

Regarding international operator customers, due to factors such as network construction cycles and geopolitical factors, relevant market demand and the delivery of orders on hand were temporarily affected. As a result, the Group's direct sales to these customers decreased by approximately 16.0% as compared to the corresponding period of 2024 to approximately RMB40.51 million, accounting for approximately 10.3% of total revenue. The Group has consistently adhered to its international development strategy, actively deploying in the global communications market, continuously intensifying its efforts in overseas market expansion, and constantly promoting the in-depth expansion of its business footprint. In 2025, the Group secured multiple new project collaborations with international operators and successfully won bids for their framework agreements. The Group believes that the subsequent fulfilment of relevant orders, coupled with the new market opportunities brought about by the accelerated advancement of overseas 5G construction, will inject new performance growth momentum into the Group's overseas business.

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In 2025, the Group’s sales revenue to international equipment manufacturer customers decreased by approximately 29.0% as compared to the same period last year to approximately RMB179.79 million, accounting for approximately 45.6% of total revenue. This was primarily affected by the overseas network construction cycle, which led to a decline in relevant demand. Coupled with the strategic adjustments to the global production layouts of major international equipment manufacturer customers, the pace of order delivery slowed down, resulting in production capacity not being fully released. Nevertheless, the Group has consistently maintained strategic partnership with major international equipment manufacturer customers, keeping its market share at the forefront. In 2025, the Group successively won bids for multiple new products and new platform framework projects, including small metallic cavity filters, which are expected to bring certain incremental business opportunities to the Group in the next few years. The Group believes that with the completion of the production layout adjustments by major international equipment manufacturer customers and the continuous fulfilment of newly awarded projects, the shipment of relevant products is expected to achieve growth.

Furthermore, the Group continued to deepen its strategic industrial upgrade and transformation, forge a diversified product structure, and continuously broaden its customer channels. At present, the Group has achieved phased results in the new energy business segment, with multiple special projects for government and enterprise clients on hand, the scale of which has reached tens of millions. Meanwhile, the Group is focusing on expanding into related fields such as new material applications and satellite communication, and has already identified specific target customers. The Group believes that multi-scenario solutions will attract new customer groups, effectively mitigating the impact of cyclical industry fluctuations on traditional business, and thereby assisting the Group in opening up new avenues for profit growth.

Gross profit

In 2025, the gross profit of the Group decreased by approximately 40.6% to approximately RMB39.77 million (2024: approximately RMB66.93 million), while the gross profit margin decreased from approximately 13.0% in 2024 to approximately 10.1%. In 2025, the Group further strengthened its cost control measures across product lines, conducting cost analysis and tracking for key products. However, due to the continuous upward trend in the prices of bulk metal raw materials (such as copper, aluminum, and silver), costs remained under pressure. Meanwhile, impacted by impairment of inventories, the gross profit margin experienced a further decline. The Group will continue to control and optimize costs through multiple dimensions, including R&D and design, procurement management, production process optimization, and the enhancement of first-pass yield, thereby elevating the overall gross profit margin.

Other income

Other income decreased by approximately 26.3% to approximately RMB23.14 million, mainly due to the decrease in government grants.

Other gains and losses

Net other gains amount to approximately RMB2.42 million, mainly due to the increase in other gains.

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Distribution and selling expenses

Distribution and selling expenses decreased by approximately 30.5% from approximately RMB39.23 million in 2024 to approximately RMB27.28 million in 2025, mainly due to the decrease in wages, business expenses, advertising fees, rent and utility expenses, logistics fees, advisory fees, low-value consumables and social insurance premiums.

Administrative expenses

Administrative expenses decreased by approximately 17.0% from approximately RMB77.85 million in 2024 to approximately RMB64.58 million in 2025, mainly due to the decrease in expenses including wages, office expenses, depreciation expenses, welfare expenses, communication expenses, maintenance costs, low-value consumables, union expenses and handling expenses.

Research and development expenses

During the year, research and development expenses decreased by approximately 20.1% from approximately RMB65.04 million in 2024 to approximately RMB51.97 million in 2025, mainly due to the decrease in expenses including wages, travel expenses, rent, utility expenses, research and development materials costs and amortization of intangible assets. In 2025, the Group increased its investments in research and development of new products and new businesses, such as green antennas project, new filter products, ceramic dielectric products and energy management business. It is expected that such investments will bring more business opportunities in the future.

Finance costs

Finance costs decreased by approximately 17.4% from approximately RMB4.59 million in 2024 to approximately RMB3.79 million in 2025, mainly due to the decrease in interest expense. In 2025, the Group implemented several policy loans in combination with policies related to technological innovation and intellectual property. Such interest expenses were eligible for interest subsidies and can be reimbursed in subsequent years.

Loss before tax

Loss before taxation was approximately RMB93.92 million in 2025 (2024: approximately RMB100.22 million). Net profit margin before taxation decreased from approximately -19.5% in 2024 to approximately -23.8% in 2025.

Loss before taxation for the year was mainly due to the slowdown in domestic operators' demand for network construction and the impact of global geopolitical factors, the delivery of orders was less than expected, resulting in a decrease in sales revenue as compared with the same period of last year. At the same time, the sharp rise in the prices of bulk metal raw materials led to a decline in gross profit margin. Furthermore, the USD-denominated assets of the Group were greatly affected by the fluctuations in the USD exchange rate, resulting in exchange losses. The above collectively affected the Group's profit before taxation in 2025. On the one hand, the Group strengthened its management efforts to control expenses, reduce costs and increase efficiency, resulting in a further decrease in overall expenses for the period compared to the same period last year. On the other hand, the Group effectively reduced operational risks by strengthening billing and receivables collection and optimizing the inventory structure.

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Income tax expense

The current income tax expense for 2025 and 2024 were nil for two consecutive years. Effective tax rates calculated from the loss before tax of the Group for 2025 and 2024 were nil respectively.

Loss for the year

In 2025, loss for the year was approximately RMB93.94 million (2024: approximately RMB120.53 million). The Group's net profit margin was approximately -23.8% in 2025 as compared to approximately -23.4% in 2024.

Relationships between equipment manufacturers, operators and suppliers

The Group mainly sells antenna products and RF subsystem products to telecommunications equipment manufacturer customers who build complete networks for delivery to telecommunications operators, thus enabling the Group to establish close and stable relationships with equipment manufacturers.

The Group is also one of the few domestic technology providers offering RF solutions to both global and domestic telecommunications operators and telecommunications equipment manufacturers, which enables the Group to maintain a leading edge in product technology and continuous expansion of customer channels, and thus to build close and solid relationships with global and domestic telecommunications operators.

Suppliers of the Group include raw material suppliers and contract manufacturers. The Group has developed close and solid relationships with many of its key suppliers. Given the close and solid relationships with suppliers, the Group believes that its suppliers generally prioritize their supplies to the Group and the Group has not experienced any material shortages or delays in receiving supplies or services from the suppliers during the track record period.

Principal Risks and Uncertainties

A number of factors may affect the results and business operations of the Group. Major risks and uncertainties are summarized below.

Brand/Reputation Risk

The Group has established and maintained its MOBI brand as a business brand which aims to provide products of the Group, including antenna system, base station RF subsystem and coverage extension solution. This brand primarily targets leading system equipment manufacturers and telecommunications operators worldwide through the provision of its RF solution. If the Group is unsuccessful in promoting its MOBI brand or fails to maintain its brand position and market perception, acceptance of its MOBI brand by system equipment manufacturers and telecommunications operators may erode, and the Group's business, financial condition, results of operations and prospects may be materially and adversely affected.

Any negative publicity or dispute relating to the Group's MOBI brand, products, sponsorship activities or management, the loss of any award or accreditation associated with the Group's MOBI brand or products or the use of the "MOBI" trademark or brand name by other businesses could materially and adversely affect the Group's business, financial condition, results of operations and prospects.

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Market Trend

The Group’s success depends on the market perception and customer acceptance of the MOBI brand and the Group’s products, which largely rely on the Group’s ability to anticipate and respond to different market demands in a timely manner.

If the Group is unable to utilize new technologies and processes, anticipate and respond to market and new technology trends and customer preferences in a timely manner, demand for MOBI products may decrease. The Group’s business would also suffer if product creations or modifications do not respond to the needs of customers, are not appropriately timed with market opportunities or are not effectively brought to market. Any failure by the Group to offer products that align with changing market and customer preferences, or any shift in market trend, new technologies and processes and customer preferences away from the MOBI brand and the Group’s products, could adversely affect customers’ interest in the Group’s products.

Competition

Currently, the Group’s antenna system products, base station RF subsystem products and related products of coverage extension solution face different levels of competition in their respective market sectors. As competitors with similar brand positioning may emerge and intensify the current competition, there can be no assurance that the Group will be able to compete effectively against competitors who may have greater financial resources, greater scales of production, superior technology, better brand recognition and a wider and more diverse network. To compete effectively and maintain the Group’s market share, the Group may be forced to, among other actions, reduce prices and increase capital expenditures, which may in turn negatively affect the Group’s profit margins, business, financial condition and results of operations.

Environmental Policies and Performance

The Group’s production process is carried out with low emissions and low energy consumption, and it will not produce a large amount of pollutants. The Group has been endeavoring to ensure that the production process is in compliance with relevant environmental rules and regulations.

In the past, the Group has not breached any relevant environmental rules and regulations and has not been imposed with any relevant penalty. It is expected that the future operational activities of the Group would not be affected by the environmental policies. The Group strives for energy conservation and consumption reduction. While lowering operating costs, the Group also puts efforts in environmental protection.

Compliance with Laws and Regulations

The Group’s operations are mainly carried out by the Group’s subsidiaries in mainland China while the Group itself is listed on the Stock Exchange. The Group’s operations shall accordingly comply with relevant laws and regulations in mainland China and Hong Kong. During the year ended 31 December 2025 and up to the date of this Report, to the best of our knowledge, the Group has complied with all the relevant laws and regulations in mainland China and Hong Kong, and there is no material breach of or non-compliance with the applicable laws and regulations by the Group.

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FUTURE PROSPECTS

Outlook

Looking forward to the future, the Group will focus equally on both domestic and overseas markets, continuing to deepen its presence in the wireless mobile sector. We will concentrate on consolidating our competitive advantages in core traditional businesses such as antenna systems and RF subsystems, while simultaneously accelerating our industrial transformation strategy. By strategically prioritizing new business areas, including new material applications and satellite communications, we will drive business structure optimization through innovation, thereby building robust and sustainable development momentum for the Group.

2026 marks the opening year of the 15th Five-Year Plan and a pivotal period for the communications industry to deepen digital-intelligent integration, and cultivate and develop new quality productive forces. Domestic operators will accelerate the deployment of 5G-A networks, shifting their focus from “extensive coverage” to the deep optimization of network quality, scenario-based precision filling of coverage gaps, and enhancement of user experience. 5G-A achieves leapfrog improvements in core capabilities such as multi-gigabit rates, system capacity, low latency, and integrated sensing and communication. This places higher demands on the technological iteration of base station antennas and RF subsystems, generating incremental demand for a new generation of intelligent antennas and miniaturized, lightweight filters. Meanwhile, 6G technology is currently in the phase of cutting-edge research and international standard formulation. This will drive a generational leap and collaborative upgrade across the communications industry chain, heralding a new cycle of high-quality growth and continuously unlocking market opportunities.

In overseas markets, the global deployment of 5G networks continues to deepen, presenting a differentiated development landscape. In 2026, capital expenditures by international operators are expected to gradually recover, with network construction anticipated to see substantial acceleration. Developed markets such as Europe, the United States, Japan and South Korea will focus on the large-scale commercial adoption of 5G SA and 5G-A technologies, while emerging markets, including Southeast Asia and Latin America, will continue to expand 5G network coverage and progressively enhance foundational network capabilities. Looking ahead, the Group will further its internationalization strategy, accelerate its entry into the shortlists of overseas operators, and strengthen collaborative innovation with major international equipment manufacturer customers, thereby continuously enhancing its competitiveness and market share in the global market.

Customers

The Group is committed to the vision and goal of “becoming the world’s foremost supplier of RF technology for mobile communications”, dedicated to providing RF technology solutions to global leading system equipment manufacturers and telecommunications operators. The Group is also one of the few domestic technology suppliers offering RF solutions to both global system equipment manufacturers and telecommunications operators. This allows the Group to maintain a continuous leading edge in product technology and ongoing expansion of customer channels.

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In 2026, the Group will continue to solidify its cooperative relationships with traditional customers, including domestic and international operators and equipment manufacturers, while continuously expanding the depth and breadth of such collaborations. In terms of operator customers, the Group has deeply cultivated the domestic operator market for over two decades, engaging in comprehensive cooperation centered on a diverse range of products such as base station antennas, aesthetic antennas, and indoor distribution antennas. Leveraging its sales and service network covering provinces and cities nationwide, the Group has accumulated a solid customer foundation and market resources. At the same time, the Group is steadfastly advancing its internationalization strategy by actively exploring overseas operator markets. It has successfully secured a place on the shortlists of several multinational operators and, in 2025, achieved a breakthrough by entering the shortlist of a new operator and securing framework orders. The results of its international expansion are gradually becoming evident. In terms of equipment manufacturers, the Group firmly maintains its position as a key supplier to major domestic and international equipment manufacturers. Through deepened collaboration in core business areas such as antennas and RF components, the Group has sustained its bid-winning share and continued to expand its cooperation portfolio in new product and platform projects, securing multiple key projects in succession and steadily broadening the scope of collaboration. At present, as 5G networks globally accelerate their evolution toward 5G-A, coupled with the continued release of favorable policies, demand for network construction is poised to experience a new wave of growth. Driven by both the steady progress of ongoing awarded projects and the unleashing of industry demand, the Group is confident in further increasing its market share among operator and equipment manufacturer customers and reinforcing its leading position in the industry.

In recent years, the Group has actively expanded into new business areas and explored potential customer resources, striving to build a diversified customer structure. In 2026, the Group will focus on advancing new business development in two key areas: new material applications and satellite communications. We have already completed the development of product prototypes, including WIFI dielectric filters, ceramic antennas, positioning modules, and modules related to satellite communications, all of which demonstrate potential for large-scale sales. Clear customer targets and collaboration directions have already been established. By breaking through traditional business barriers and continuously promoting customer diversification amid industrial transformation and upgrade, the Group believes that these strategic initiatives will strongly support the future expansion of its sales network and the sustained growth of its sales performance.

Looking ahead, the Group will, on the one hand, strengthen its deep integration with operator and equipment manufacturer customers in the large-scale commercial deployment of 5G-A and preliminary research on 6G, thereby consolidating long-term strategic partnerships. On the other hand, it will focus on the growth potential of new businesses and emerging fields, leveraging technological innovation to seize valuable market opportunities and continue to achieve breakthroughs with customers and in the market. Currently, as demand for global communication network construction continues to unfold, the Group will persist in optimizing its customer structure and building a diversified business portfolio. It is confident in driving a steady recovery in its future operating performance.

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Products

With over 20 years of deep expertise in the wireless communications sector, the Group is one of the few domestic companies that possesses capabilities in both antenna systems and base station RF subsystems, and has accumulated mature technologies and processes in these two core segments. In recent years, amid challenges posed by cyclical fluctuations in the communications industry, the Group has accelerated the implementation of its industrial transformation strategy. By leveraging its technological synergies, it has actively sought valuable new opportunities and continuously expanded into emerging business areas such as the new material applications, satellite communications, and "communications + energy saving/new energy." To date, the Group has achieved breakthroughs in corresponding markets or with relevant customers. The Group has consistently upheld the development philosophy that "R&D as the core", continuously enriching its product portfolio and driving innovation in technologies, processes and workflows to comprehensively enhance its overall competitiveness.

Currently, the communications industry is entering a construction cycle centered on 5G-A, with 5G network development transitioning from a phase of large-scale expansion to one focused on deep coverage and value-driven operations. The focus of operator network construction has formally shifted from "extensive coverage" to "optimizing coverage gaps", accompanied by a continuous optimization of capital expenditure structures. Investments are now primarily directed toward enhancing network performance in scenarios involving tidal traffic, high-speed mobility, high-density buildings, and special coverage requirements. This trend is driving the evolution of base station antennas from traditional "passive radiation" to "active sensing". Next-generation smart antennas are expected to enter a phase of large-scale deployment in the coming years, becoming the mainstream product form for the high-end, scenario-specific, and intelligent upgrade of the antenna industry. Furthermore, against the strategic backdrop of the "dual carbon" goals, liquid cooling heat dissipation, low-loss materials, and structural weight reduction have become hard requirements in operator procurement. Green antennas, with their outstanding energy-saving advantages, can balance business development with energy conservation and consumption reduction, and will gradually be incorporated into operators' future network deployment plans. Existing base stations are expected to undergo a cycle of "green retrofitting and replacement". Therefore, driven by both technological iteration and scenario-based demands, base station antennas are increasingly focusing on advancements in intelligence and green performance. Keeping pace with industry trends, the Group maintains close collaboration with domestic and international operators and equipment manufacturers, achieving breakthrough progress in areas such as AI-powered intelligent tracking antennas and green antennas. By 2025, the Group have commenced mass shipments of these products and currently holds multiple orders in hand and projects under negotiation, positioning it to achieve phased results and project implementation that will contribute to the growth of its antenna system business. At the same time, the Group continues to focus on cutting-edge technology research, strategically advancing R&D in key areas such as metamaterial terahertz antennas, large-scale array antennas and $\mathrm{A + P}$ integrated antennas. By continuously strengthening its core technology reserves, the Group is laying a solid foundation for the large-scale commercial deployment of 5G-A and the evolution of 6G technology.

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In terms of base station RF subsystems, as global communication technologies continue to evolve toward 5G-A and 6G, demand for high-end products such as Massive MIMO RF modules is expected to experience rapid growth. In the future, RF filter technology will trend toward miniaturization, lightweight design and low loss. The choice of materials for filters is also expected to upgrade. Ceramic dielectric materials, with their lightweight, low-loss, and excellent high-frequency characteristics, demonstrate significant potential as base stations evolve toward higher frequency bands, and are expected to drive the widespread adoption of ceramic dielectric filters in the future. The Group continues to deepen its expertise in core filter processes and increase R&D investment. To date, it has completed the fully in-house R&D of technologies and products such as multi-band ultra-wideband duplex modules, multi-mode technology and dielectric filters. Some of these core technologies have been successfully commercialized, resulting in orders for new platforms and product categories from major equipment manufacturer customers. In the future, leveraging its solid position as a core supplier, technological advantages in high-end products, and strong quality assurance capabilities, the Group is confident in further expanding its market share in the RF business.

In the post-5G era, operators' capital expenditures for wireless networks will continue to contract, with the share of 5G investment gradually declining. Facing operational challenges arising from slowing growth in the traditional communications business and cyclical industry fluctuations, the Group is accelerating its industrial transformation, closely aligning with high-growth emerging tracks to build a second growth curve for long-term sustainable development. The National Conference on Industry and Information Technology held at the end of 2025 clearly outlined the direction for key work in 2026, emphasizing the need to "cultivate and strengthen emerging and future industries", with a focus on "developing new pillar industries such as integrated circuits, new materials, aerospace, the low-altitude economy and biomedicine". The Group will closely align with national industrial policy directions and continue to deepen its presence in new business areas such as new material applications and satellite communications. In terms of new material applications, the Group focuses on the R&D and industrialization of ceramic dielectric products. Leveraging their excellent dielectric properties and lightweight advantages, these products are expected to find broad applications in the future across multiple business scenarios, including communications, electric power, aerospace, consumer electronics, unmanned aerial vehicles, automotive electronics, and industrial and agricultural equipment. In recent years, the Group has continuously invested in dielectric R&D and production line resources, successfully launching several new products such as WIFI dielectric filters, ceramic antennas and positioning modules, and has completed customer sample submissions and certifications. Starting from 2026, it is expected that the related products will gradually generate sales on a large scale and bring continuous incremental order opportunities for the Group. In terms of satellite communications, the Group currently collaborates primarily by leveraging its resources with equipment manufacturer customers to provide module-level products. Relevant samples have been developed, and clear target customers have been identified, with plans to officially launch sales in 2026. Looking ahead, the Group will further expand into new business areas and continue to cultivate new drivers of performance growth.

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Conclusion

The large-scale commercial deployment of 5G-A and the launch of 6G pre-research will unlock new growth opportunities for the telecommunications equipment industry and continue to unleash new development momentum. The Group believes that a diversified business structure will facilitate steady expansion of market share in the future. In addition to focusing on the iteration and innovation of existing products, the Group will increase R&D investment to develop new products and platforms in response to customers' evolving needs amid the technological advancement and application innovation of 5G, 5G-A and 6G. As the scope and depth of services and collaboration with domestic and international operator and equipment manufacturer customers continue to expand, and with the ongoing expansion into new business areas, the Group will be well-positioned to secure a firm foothold in an increasingly complex competitive landscape of the future, capture more market opportunities, and create value for both shareholders and society.

CAPITAL STRUCTURE, LIQUIDITY AND FINANCIAL RESOURCES

The Group has funded the Group's operation and capital requirements with cash generated from business, trade credit from our suppliers and short-term bank borrowings. Our primary uses of cash have been for our increased working capital needs and capital expenditures on purchases of production equipment.

As at 31 December 2025, the Group had net current assets of approximately RMB27.78 million (2024: approximately RMB75.98 million), including inventories of approximately RMB77.63 million (2024: approximately RMB103.47 million), trade receivables and notes receivable of approximately RMB211.04 million (2024: approximately RMB278.53 million) and trade payables and notes payable of approximately RMB356.78 million (2024: approximately RMB485.32 million).

The Group maintained effective management of its working capital. For the year ended 31 December 2025, average inventories turnover, average receivables turnover and average payables turnover were approximately 93 days (2024: 103 days), 226 days (2024: 214 days) and 433 days (2024: 431 days) respectively. We offer credit terms generally accepted in the antenna system and base station RF subsystem manufacturing industry to our trade customers. In general, the average credit period for local network operators is longer than global network operators and solution providers.

As at 31 December 2025, the Group recorded a pledged bank balances of approximately RMB65.39 million (2024: approximately RMB78.74 million), cash and bank balances of approximately RMB148.77 million (2024: approximately RMB192.66 million) and recorded bank and other borrowings of approximately RMB140.44 million (2024: approximately RMB111.85 million). The current ratio (current assets divided by current liabilities) decreased from approximately 1.11 times as at 31 December 2024 to approximately 1.05 times as at 31 December 2025. The gearing ratio (bank borrowings divided by total assets) was approximately $16.4\%$ as at 31 December 2025 as compared with a gearing ratio of approximately $10.7\%$ as at 31 December 2024. The interest rates on the Group's bank borrowings are designated as fixed rates or floating rates based on prevailing market rates.

The Board is of the opinion that the Group has a solid and stable financial position and adequate resources to satisfy necessary operating capital requirements and foreseeable capital expenditures.

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FOREIGN EXCHANGE EXPOSURE

RMB is the functional currency of the Group. Currencies other than RMB expose the Group to foreign currency risk. We have foreign currency sales and purchases and certain trade receivables and bank balances are denominated in United States dollar ("US$"), Euro ("EUR"), Indonesian Rupiah ("Indonesian Rupiah") and Hong Kong dollars ("HK$"). We currently do not have a foreign currency hedging policy. However, the management monitors and will consider hedging of foreign currency exposure when the need arises.

EMPLOYEES AND REMUNERATION POLICIES

As at 31 December 2025, the Group had approximately 1,084 staffs. The total staff costs amounted to approximately RMB126.06 million for the year ended 2025. The remuneration of the Group's employees is determined on the basis of their responsibilities and industry practices. Regular training is provided to improve the skills and expertise of relevant staff. The Group also grants share options and discretionary bonuses to eligible staffs based on their performance.

CHARGE ON ASSETS

As at 31 December 2025, bank balances of approximately RMB65.39 million were pledged to secure bank borrowings and bills payable granted to the Group.

CONTINGENT LIABILITIES

As at 31 December 2025, the Group did not have any significant contingent liabilities.

PURCHASE, REDEMPTION OR SALE OF LISTED SECURITIES OF THE COMPANY

During 2025, a total amount of 4,328,000 shares of the Company had been repurchased at prices ranging from HK$0.109 per share to HK$0.195 per share by the Company via Stock Exchange. The Company had subsequently cancelled all these shares repurchased during the year. Save as mentioned above, neither the Company nor any of its subsidiaries had purchased or sold any of the Company's listed securities during the current year.

MODEL CODE FOR DIRECTORS' SECURITIES TRANSACTIONS

The Company adopts the Model Code for Securities Transactions by Directors of Listed Companies (the "Model Code") as set out in Appendix C3 to the Rules governing the Listing of Securities on the Stock Exchange ("Listing Rules") as the code for securities transactions by directors. All Directors have confirmed, following specific enquiries, that they complied with the code of conduct regarding securities transactions by directors set out in the Model Code for the year ended 31 December 2025 and as of the date of this announcement.

COMPLIANCE WITH CODE ON CORPORATE GOVERNANCE PRACTICES

The Company is committed to upholding high standards of corporate governance to safeguard the interests of shareholders and enhance the corporate value. The details of the corporate governance practices are set out in the annual report of the Company for the year ended 31 December 2025 ("2025 Annual Report"). The Board believes the Company has complied with the code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules during the period between 1 January 2025 and 31 December 2025 except for the following deviation:

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CODE PROVISION C.2.1

The code provision C.2.1 of the CG Code stipulates that the roles of Chairman and Chief Executive Officer should be separate and should not be performed by the same individual. Mr. Hu Xiang ("Mr. Hu") served as both the Chairman and Chief Executive Officer of the Company until 10 April 2025. Due to adjustments to the division of duties, Mr. Hu resigned as the Chief Executive Officer of the Company on 11 April 2025. At the same time, the Board of the Company has established the position of Chief Operating Officer, Ms. Zhou Lingbo ("Ms. Zhou") has been appointed as Chief Operating Officer with effect from 11 April 2025. Ms. Zhou is responsible for the overall operation and management of the Company, leading the executive team, and reporting to the Chairman and the Board on the day-to-day business operations and management. Therefore, although the Company has not established the position of Chief Executive Officer, the Board believes that the current division of responsibilities is sufficient to ensure a balance of power and authority.

AUDIT COMMITTEE

The Company established the Audit Committee ("Audit Committee") in accordance with the Listing Rules with written terms of reference. The Audit Committee comprises three independent non-executive Directors, namely Mr. Zhang Han (Chairman of the Audit Committee), Mr. Li Tianshu and Ms. Ge Xiaojing. The Audit Committee is authorized by the Board to assess matters relating to the financial statements and provide recommendations and advice, the relations between review and external auditors, the Company's financial reports (including reviewing the annual results for the year ended 31 December 2025), internal control and risk management system. The Audit Committee has reviewed the annual results for the year ended 31 December 2025.

DIVIDEND

The Board does not recommend any payment of final dividend for the year ended 31 December 2025.

SCOPE OF WORK OF MESSRS. DELOITTE TOUCHE TOHMATSU

The figures in respect of the Group's consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income and the related notes thereto for the year ended 31 December 2025 as set out in the preliminary announcement have been agreed by the Group's auditor, Messrs. Deloitte Touche Tohmatsu, to the amounts set out in the audited consolidated financial statements of the Group for the year as approved by the Board of Directors on 27 March 2026. The work performed by Messrs. Deloitte Touche Tohmatsu in this respect did not constitute an assurance engagement and consequently no opinion or assurance conclusion has been expressed by Messrs. Deloitte Touche Tohmatsu on the preliminary announcement.

ANNUAL GENERAL MEETING

The notice of the annual general meeting (the "Notice of AGM") will be published and dispatched to shareholders in the manner specified in the Listing Rules in due course.

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PROPOSED AMENDMENTS TO THE MEMORANDUM AND ARTICLES OF ASSOCIATION AND PROPOSED ADOPTION OF THE THIRD AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION

Pursuant to paragraph 14(6) of the Core Shareholder Protection Standards set out in Appendix A1 of the Listing Rules, which came into effect on 10 February 2025, an issuer must ensure that its constitutional documents enable the holding of general meetings (a) which members can attend virtually with the use of technology (including that all members' rights to speak and vote will be maintained in generally meetings attended virtually); and (b) where members can cast votes by electronic means. Issuers will have until their next annual general meeting following 1 July 2025 to make necessary changes to their constitutional documents to conform with this Core Shareholder Protection Standard.

Having regard to the above, pursuant to Rule 13.51(1) of the Listing Rules, the Company hereby announces that the Board proposes to amend the Company's existing second amended and restated memorandum and articles of association (the "Existing M&A") to, among other things: (i) enable the Company to convene general meetings in physical form, as hybrid meetings or entirely by electronic means, and to allow shareholders to attend, speak and vote at such meetings through electronic or virtual meeting technology, including the electronic submission of proxy instructions; (ii) amend the Existing M&A to align with the latest regulatory requirements under applicable laws of the Cayman Islands and the Listing Rules; and (iii) incorporate consequential and other housekeeping amendments (the "Proposed Amendments").

The Board proposes to seek the approval of the shareholders of the Company by way of a special resolution (the "Special Resolution") at the forthcoming annual general meeting ("AGM") on the Proposed Amendments and to adopt the third amended and restated memorandum and articles of association incorporating and consolidating all the Proposed Amendments (the "Third Amended and Restated M&A") in substitution for, and to the exclusion of, the Existing M&A. Full text of the Special Resolution will be contained in the Notice of AGM.

A circular containing, among other things, the details of the Proposed Amendments and the Third Amended and Restated M&A, together with the Notice of AGM, will be dispatched to the shareholders of the Company in due course.

PUBLICATION OF FINAL RESULTS AND 2025 ANNUAL REPORT

This final results announcement is published on the website of the Stock Exchange (www.hkexnews.hk) and the website of the Company (www.mobi-antenna.com). The 2025 annual report of the Company will be published on the above websites and dispatched to shareholders in due course.

On behalf of the Board
MOBI Development Co., Ltd.
Hu Xiang
Chairman

27 March 2026

As at the date of this announcement, the executive directors of the Company are Mr. Hu Xiang, Ms. Zhou Lingbo and Mr. Ye Rong; the non-executive director is Mr. Qu Deqian; and the independent non-executive directors are Mr. Li Tianshu, Mr. Zhang Han and Ms. Ge Xiaojing.