According to the Zhitong Finance APP, REF HOLDINGS (01631) announced its annual performance for the year ending December 31, 2025. The group achieved revenue of HKD 92.296 million, a decrease of 13.22% year-on-year; the profit attributable to the company's owners was HKD 2.975 million, a decrease of 47.52% year-on-year; earnings per share were HKD 0.0116.

In this fiscal year, the group achieved revenue of approximately HKD 92.3 million and a profit attributable to the company's owners of approximately HKD 3 million. The early expenses incurred from acquiring and executing new initial public offering projects have been reflected in the accounts, thus impacting the profit margin. With the company's long-term relationships with clients and exceptional execution capabilities, it has the ability to build and has successfully created a solid and diversified pipeline of future initial public offering projects. Additionally, through improved operational efficiency and strict cost control, the company has effectively mitigated some of the financial impacts brought about by the paperless listing mechanism