CT Vision (International) Holdings Limited reported audited results for the year ended 31 December 2025. Revenue declined 67.02% year on year to HK$184.06 million, driven mainly by a steep fall in renewable-energy construction income. Gross profit slipped to HK$12.47 million, with gross margin edging down to 6.8% (2024: 7.2%).
The Group posted an operating loss of HK$37.80 million and a loss attributable to owners of HK$32.85 million, versus HK$23.81 million in 2024. Basic and diluted loss per share widened to 3.41 HK cents (2024: 2.59 HK cents). A HK$24.14 million expected-credit-loss provision—largely tied to a single energy project—was the principal factor behind the deeper deficit.
Segment performance • Renewable energy: Revenue plunged to HK$179.28 million (2024: HK$528.88 million) and registered a segment loss of HK$23.83 million after the ECL provision. • E-commerce: Revenue fell to HK$3.34 million (2024: HK$27.76 million) but delivered a segment profit of HK$1.16 million before operations were suspended in 2H 2025. • Building Information Modelling and other services: Revenue remained stable at HK$1.44 million, generating a modest HK$0.16 million profit.
Cost structure Selling and administrative expenses decreased 48.5% to HK$29.41 million, reflecting the cessation of e-commerce marketing spend and head-count rationalisation.
Balance-sheet highlights (31 December 2025) • Cash and bank balances: HK$105.43 million (31 December 2024: HK$42.23 million) • Total assets: HK$500.25 million; total equity: HK$142.14 million • Current ratio: 1.3 (2024: 1.2) • Gearing ratio: 18.7% (2024: 23.8%) • Net debt to equity stood at –52.2%, reflecting a net cash position.
Capital movements In July 2025 the company raised HK$65.88 million gross via the issue of 183 million new shares at HK$0.36 each; 34.6% (HK$22.62 million) of the net proceeds had been deployed by year-end, mainly to support renewable-energy projects and working capital. Post-year-end, on 29 January 2026, 50 million share options were offered to five grantees at an exercise price of HK$0.351, subject to a 12-month vesting period.
Liquidity metrics improved, aided by the equity injection and lower short-term leverage. No final dividend was declared for 2025.
Strategic outlook Management signalled continued alignment with China’s low-carbon agenda, a sharpened focus on high-quality renewable-energy EPC contracts, and the incorporation of digital-twin and BIM technologies to navigate market-based pricing reforms. The Group also announced plans to enter the commercial aerospace services and satellite-data sectors, positioning these as new growth pillars for the next Five-Year Plan period.