FY2025 revenue rose 6.6% to 1,041M yuan, but net profit fell 13.6% to 62.7M, and 20.3% to 46.5M stripped of non-recurring items — the operational core fell faster. ROE slipped to 5.29% from 6.35%. Quarterly profit ran 17.4M, 29.0M, 10.8M, 5.5M; first half up 6.5%, second half collapsed to near-breakeven Q4 (1.9M ex-items on 276M revenue). We are the smallest of our Chinese reducer-layer neighbours, and the marginal name on financial quality: profit declining and accelerating downward on a stable base.