股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 東方企控集團有限公司 | | | 呈交日期: | 2025年9月1日 | | | I. 法定/註冊股本變動 不適用 | | | | 備註： | | | | 東方企控集團有限公司並無法定股本，及其股本並無股份面值。 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00018 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | ...

Oriental Enterprise Holdings Limited 東方企控集團有限公司 之 組織章程細則 （經2025年8月20日通過的特別決議案採納） 於一九六九年一月十四日註冊成立 附註： 本組織章程細則應以英文本為準，任何中文譯本不得更改或影響其解釋。 （副本） 編號：16672 註冊證書 本人茲證明 ORIENTAL DAILY NEWS LIMITED 東方報業有限公司 於本日在香港依據公司條例註冊成為有限公司。 簽署於一九六九年一月十四日。 香港公司註冊處處長 was incorporated in Hong Kong as a limited company under the Companies Ordinance on 已在香港依據公司條例註冊成為有限公司，其註冊日期為 the Fourteenth day of January,1969； 一九六九年一月十四日； And whereas by special resolution of the Company and with the approval of the Registrar of Companies, it has ch ...

（於香港註冊成立之有限公司） （股份代號：18） 董事名單與其角色及職能 東方企控集團有限公司董事會（「董事會」）成員載列如下： 董事會設有六個委員會。有關董事會成員在委員會中擔任的職位如下： | 董事會 | 常務 | 審核 | 薪酬 | 提名 | 投資 | 企業社會 | | --- | --- | --- | --- | --- | --- | --- | | 委員會 董事 | 委員會 | 委員會 | 委員會 | 委員會 | 委員會 | 責任委員會 | | 馬澄發先生 | C | | | | | C | | 馬竟豪先生 | M | | | | C | | | 林順泉先生 | M | | | M | M | | | 黎慶超先生 | | M | | | | | | 林日輝先生 | | C | C | C | M | | | 葉靜華女士 | | M | M | M | | M | | 曾鴻基先生 | | | | | | M | 附註： C 有關董事會委員會的主席 非執行董事 黎慶超先生 獨立非執行董事 林日輝先生 葉靜華女士 曾鴻基先生 執行董事 馬澄發先生，BBS，主席 馬竟豪先生，副主席 林順泉先生，行政總裁 ...

（於香港註冊成立之有限公司） （股份代號：18） 於 2025 年 8 月 20 日舉行之 2025 年股東周年大會投票表決結果 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 由於上述每項普通決議案均獲得超過50%的票數贊成，且上述特別決議案獲得不少於 75%的票數贊成，因此所有普通決議案均已正式通過為本公司的普通決議案，而特別決 議案亦已正式通過為本公司的特別決議案。 本公司於 2025 年股東周年大會當日之已發行股份總數為 2,397,917,898 股，此乃給予持 有人出席 2025 年股東周年大會，並於會上發言及表決贊成或反對所有提呈議案權利之 股份總數。根據上市規則第 13.40 條所載，股東於 2025 年股東周年大會上就任何提呈的 決議案進行投票時，並無受到任何限制。概無任何股東須根據上市規則之規定於 2025 年股東周年大會上放棄表決，亦無股東於本公司日期為 2025 年 7 月 18 日的通函（「通 函」）中表明其有意於2025年 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00018 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,397,917,898 | | 0 | | 2,397,917,898 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 2,397,917,898 | | 0 | | 2,397,917,898 | | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 東方企 ...

[Management Discussion and Analysis](index=4&type=section&id=Management%20Discussion%20and%20Analysis) [Results Overview](index=4&type=section&id=Results) The Group's total revenue decreased by 13% to HKD 545 million, and profit attributable to owners fell 30% to HKD 52.43 million, mainly due to print media and property valuation declines FY2025 Performance Summary | Metric | FY2025 (HKD) | FY2024 (HKD) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 545,087,000 | 628,996,000 | -13% | | Profit Attributable to Owners | 52,434,000 | 75,096,000 | -30% | - Profit decline was primarily due to reduced publishing and advertising revenue from the print media business and a decrease in investment property valuations[7](index=7&type=chunk) [Financial Resources and Liquidity](index=4&type=section&id=Financial%20Resources%20and%20Liquidity) The Group maintained ample liquidity with net current assets of approximately HKD 1.04 billion and cash and bank balances of HKD 526 million as of March 31, 2025, with a low capital gearing ratio of 0.4% Financial Position Summary (As of March 31, 2025) | Metric | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Net Current Assets | 1,039,603,000 | 1,137,831,000 | | Time Deposits, Bank Balances & Cash | 526,248,000 | 560,937,000 | | Capital Gearing Ratio | 0.4% | 0.4% | [Dividends](index=4&type=section&id=Dividends) The Board recommended a final dividend of HKD 0.01 per share, bringing the total annual dividend to HKD 0.02 per share, a significant reduction from HKD 0.06 last year Dividend Comparison | Dividend Type | FY2025 (HK cents/share) | FY2024 (HK cents/share) | | :--- | :--- | :--- | | Interim Dividend | 1 | 0 | | Final Dividend | 1 (Proposed) | 3 | | Special Dividend | 0 | 3 | | **Total for the Year** | **2** | **6** | [Business Review](index=5&type=section&id=Business%20Review) All major business segments faced challenges, with media revenue declining due to changing consumption patterns, partially offset by cost controls, while Hong Kong investment property valuations fell, Australian hotel operations remained stable, and financing business scaled back due to high interest rates and falling property prices - Overall media business revenue decreased by **11% year-on-year**, with Oriental Daily publishing and advertising revenue down **10%** and digital media revenue down **18%**, mitigated by strict control over raw material costs (**-25%**) and staff costs (**-6%**)[14](index=14&type=chunk) - Hong Kong investment property valuations decreased by **10%**, partially offset by an approximate **1%** increase in Australian hotel property valuations[15](index=15&type=chunk) - Loans and interest receivable in the financing business decreased by **11% year-on-year** to approximately **HKD 469 million**, with interest income plummeting by **43% year-on-year**; the Group is pursuing legal action for three overdue loans totaling approximately **HKD 353 million** and has taken possession of one collateralized asset[17](index=17&type=chunk) [Business Outlook](index=6&type=section&id=Business%20Outlook) Management anticipates a prolonged Hong Kong economic recovery, continued media business challenges, but expects stabilization through cost-saving measures and a new e-paper subscription, while commercial property rents and valuations face downward pressure, and the financing business will implement stringent risk controls - To address media business pressures, the Group increased the retail price of Oriental Daily in October 2024 and launched a paid e-paper version in March 2025[18](index=18&type=chunk) - The Group will continue to actively seek buyers for its Australian hotel properties to lock in profits and increase cash flow[20](index=20&type=chunk) [Employees and Remuneration Policy](index=7&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2025, the Group's employee count was 779, a decrease of 77 from the previous year, with remuneration determined by industry practice, individual performance, and market conditions Employee Count Change | Date | Employee Count | | :--- | :--- | | March 31, 2025 | 779 | | March 31, 2024 | 856 | [Directors' Report](index=8&type=section&id=Directors%27%20Report) [Principal Activities](index=8&type=section&id=Principal%20Activities) The Company operates as an investment holding company and provides corporate management services, with details of its principal subsidiaries' businesses outlined in Note 37 to the financial statements - The Company is an investment holding company providing corporate management services[25](index=25&type=chunk) [Environmental Policies and Performance](index=9&type=section&id=Environmental%20Policies%20and%20Performance) The Group is committed to environmental protection through waste and pollution reduction and resource optimization, implementing measures such as solar power, energy-efficient lighting, water-saving systems, paperless operations, compliant waste disposal, and upgrading all factory vehicles to Euro V emission standards - The Group's environmental policy aims to reduce waste and pollution and optimize resource utilization, believing this contributes to environmental protection and lower production costs[37](index=37&type=chunk) - Specific environmental measures include installing solar photovoltaic systems, using energy-efficient fluorescent tubes, implementing water-saving systems, promoting paperless operations, recycling printer cartridges, and utilizing virtual server architecture[41](index=41&type=chunk) [Compliance with Laws and Regulations](index=10&type=section&id=Compliance%20with%20Laws%20and%20Regulations) The Group complies with relevant laws and regulations across business operations, human resource management, and corporate governance, with no significant violations identified during the reporting period, and has established insider information procedures ensuring compliance with intellectual property, privacy, labor laws, and listing rules - At the business level, the Group emphasizes copyright protection and advertising content review, complying with intellectual property laws and the Personal Data (Privacy) Ordinance[40](index=40&type=chunk) - At the corporate level, the Group complies with the Companies Ordinance, Listing Rules, and Securities and Futures Ordinance, and has established internal control procedures for handling and disclosing inside information[44](index=44&type=chunk) - During the reporting period, the Company found no violations of relevant laws and regulations that had a significant impact on the Company[45](index=45&type=chunk) [Relationships with Stakeholders](index=11&type=section&id=Relationships%20with%20Stakeholders) The Group values employees as key assets, providing training and incentives, resulting in a reduced staff turnover rate from 10.6% to 6.6%, and maintains long-term stable relationships with major customers and suppliers without significant disputes during the period - During the reporting period, the natural staff turnover rate was approximately **6.6%**, a decrease from **10.6%** last year[49](index=49&type=chunk) - The Group has established long-term stable business relationships with advertisers, readers, and suppliers, with no serious or significant disputes occurring during the period[49](index=49&type=chunk) [Major Customers and Suppliers](index=17&type=section&id=Major%20Customers%20and%20Suppliers) The Group exhibits high customer and supplier concentration, with the top five customers accounting for 62% of total turnover and the largest customer for 29%, while the top five suppliers represent 73% of total purchases and the largest supplier 21% Customer and Supplier Concentration | Category | Percentage | | :--- | :--- | | Top Five Customers | Approx. 62% of Turnover | | Largest Customer | Approx. 29% of Turnover | | Top Five Suppliers | Approx. 73% of Total Purchases | | Largest Supplier | Approx. 21% of Total Purchases | [Corporate Governance Report](index=20&type=section&id=Corporate%20Governance%20Report) [Board of Directors](index=21&type=section&id=Board%20of%20Directors) The Board comprises three executive, one non-executive, and three independent non-executive directors with diverse expertise, holding four meetings during the reporting period with full attendance, effectively fulfilling its guidance and oversight responsibilities for Group affairs - The Board consists of **7 members**, including **3 executive directors**, **1 non-executive director**, and **3 independent non-executive directors**, meeting the Listing Rules' requirement for independent non-executive directors to comprise at least one-third of the Board[99](index=99&type=chunk) - Four Board meetings were held during the reporting period, with all directors attending all meetings[106](index=106&type=chunk) [Board Committees](index=25&type=section&id=Board%20Committees) The Board has six committees—Executive, Audit, Remuneration, Nomination, Investment, and Corporate Social Responsibility—each fulfilling its duties according to its terms of reference, ensuring proper company oversight and high corporate governance standards - The Audit Committee, comprising two independent non-executive directors and one non-executive director, is responsible for overseeing financial reporting, risk management, and internal control systems[112](index=112&type=chunk) - The Remuneration Committee, composed of two independent non-executive directors, is responsible for reviewing and recommending remuneration for directors and senior management[114](index=114&type=chunk) - The Nomination Committee, consisting of one executive director and two independent non-executive directors, is responsible for reviewing Board structure and diversity, and recommending director appointments[115](index=115&type=chunk) [Risk Management and Internal Control](index=29&type=section&id=Risk%20Management%20and%20Internal%20Control) The Group has established a comprehensive risk management and internal control system, maintained and annually reviewed by the Board, with independent professional consultants "Grand Ascent International" conducting internal audits that found no material deficiencies, deeming the system effective and adequate - The Board is responsible for maintaining the risk management and internal control system and reviewing its effectiveness at least once annually[131](index=131&type=chunk) - The Group engaged independent professional consultant "Grand Ascent International Appraisal Limited" for internal audits, which reviewed areas such as loan financing, corporate governance, sales revenue, and cash management during the reporting period, concluding that the Group's risk management and internal control system is effective and adequate[136](index=136&type=chunk)[137](index=137&type=chunk) - The Group has not yet established an internal audit function, but the Audit Committee and the Board will continue to review this need annually[137](index=137&type=chunk) [Auditor's Remuneration](index=31&type=section&id=Auditor%27s%20Remuneration) During the reporting period, total remuneration paid to auditors for audit and non-audit services was approximately HKD 1.429 million Auditor's Remuneration Details | Auditor | Remuneration (HKD thousand) | | :--- | :--- | | Forvis Mazars CPA Limited | 1,180 | | Local Australian Auditor | 249 | | **Total** | **1,429** | [Independent Auditor's Report](index=36&type=section&id=Independent%20Auditor%27s%20Report) [Auditor's Opinion](index=36&type=section&id=Auditor%27s%20Opinion) Forvis Mazars CPA Limited, the auditor, believes the consolidated financial statements fairly and accurately reflect the Group's financial position as of March 31, 2025, and its financial performance and cash flows for the year then ended, having been properly prepared in compliance with the Companies Ordinance - The auditor issued an unmodified opinion on the Group's consolidated financial statements[163](index=163&type=chunk) [Key Audit Matters](index=36&type=section&id=Key%20Audit%20Matters) The auditor identified two key audit matters: impairment assessment of property, plant, and equipment due to its materiality and significant management judgments on future cash flows and discount rates, and valuation of investment properties due to their materiality and fair value measurement involving significant judgments - Key Audit Matter One: Impairment assessment of property, plant, and equipment (PP&E); due to challenges in the traditional newspaper industry, management identified impairment indicators and engaged independent valuers, with the auditor focusing on the reasonableness of valuation methodologies and key assumptions such as discount rates and cash flow forecasts[167](index=167&type=chunk)[168](index=168&type=chunk) - Key Audit Matter Two: Investment property valuation; investment properties are measured at fair value, representing approximately **19.1%** of total assets, and their valuation relies on independent professional valuers' assessments involving significant judgment, with the auditor focusing on the reasonableness of valuation models, significant assumptions, and input data[170](index=170&type=chunk)[171](index=171&type=chunk) [Consolidated Financial Statements](index=41&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=41&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This year, the Group's revenue was HKD 545 million, a 13% year-on-year decrease; profit before tax was HKD 64.11 million, down 31%; profit for the year was HKD 53.11 million, down 31%; and basic earnings per share were HKD 0.0219, lower than last year's HKD 0.0313 FY2025 Key Performance Indicators (HKD thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 545,087 | 628,996 | | Profit Before Tax | 64,106 | 93,422 | | Profit for the Year | 53,107 | 76,538 | | Profit Attributable to Owners of the Company | 52,434 | 75,096 | | Basic Earnings Per Share | 2.19 cents | 3.13 cents | [Consolidated Statement of Financial Position](index=42&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were HKD 1.809 billion, total liabilities HKD 149 million, and net assets HKD 1.660 billion, with both total assets and net assets decreasing compared to the previous year Financial Position Summary (HKD thousand) | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Non-current Assets | 699,535 | 739,925 | | Current Assets | 1,109,557 | 1,216,846 | | **Total Assets** | **1,809,092** | **1,956,771** | | Current Liabilities | 69,954 | 79,015 | | Non-current Liabilities | 79,458 | 83,316 | | **Total Liabilities** | **149,412** | **162,331** | | **Net Assets** | **1,659,680** | **1,794,440** | [Consolidated Statement of Cash Flows](index=46&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This year, operating activities generated a net cash inflow of approximately HKD 126 million, compared to a net outflow of HKD 113 million last year, primarily due to improved working capital; investing activities generated a net inflow of HKD 20.89 million; financing activities resulted in a net cash outflow of HKD 170 million due to dividend payments; ultimately, cash and cash equivalents decreased by HKD 22.92 million Cash Flow Summary (HKD thousand) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash From/(Used In) Operating Activities | 125,782 | (113,193) | | Net Cash From Investing Activities | 20,886 | 17,680 | | Net Cash Used In Financing Activities | (169,589) | (1,300) | | **Net Decrease in Cash and Cash Equivalents** | **(22,921)** | **(96,813)** | [Notes to the Consolidated Financial Statements](index=48&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes to the financial statements provide detailed explanations on key accounting policies, critical accounting estimates, segment information, asset and liability breakdowns, related party transactions, and risk management [Note 7 Segment Information](index=75&type=section&id=Note%207%20Segment%20Information) The Group's business is divided into three segments: newspaper publishing, loan business, and other operations; newspaper publishing is the largest revenue source, contributing HKD 500 million in revenue and HKD 64.61 million in profit, while the loan business contributed HKD 25.84 million in revenue and HKD 15.16 million in profit; geographically, most revenue (**98%**) and non-current assets (**70%**) are from Hong Kong FY2025 Segment Performance (HKD thousand) | Segment | Revenue | Performance (Profit/Loss) | | :--- | :--- | :--- | | Newspaper Publishing | 500,434 | 64,611 | | Loan Business | 25,843 | 15,159 | | All Other Operating Segments | 18,810 | (7,187) | FY2025 Revenue and Non-current Assets by Geographical Area (HKD thousand) | Region | Revenue from External Customers | Non-current Assets | | :--- | :--- | :--- | | Hong Kong | 533,699 | 473,332 | | Australia | 11,388 | 205,538 | [Note 23 Loans and Interest Receivable](index=91&type=section&id=Note%2023%20Loans%20and%20Interest%20Receivable) As of the reporting period end, total loans and interest receivable amounted to HKD 476 million, fully collateralized by Hong Kong properties, with a weighted average effective annual interest rate of **10.69%**; the Directors believe no impairment provision is needed for overdue loans due to sufficient collateral value - Total loans and interest receivable amounted to **HKD 476 million**, a **9.6% year-on-year decrease**; all loans are collateralized by Hong Kong properties, with a weighted average effective annual interest rate of **10.69%**[376](index=376&type=chunk) - Three loans from three borrowers, totaling approximately **HKD 353 million**, are overdue, and the Group has initiated legal proceedings for recovery; considering the collateral market value of approximately **HKD 388 million**, the Directors believe no loss allowance is required[17](index=17&type=chunk)[420](index=420&type=chunk) [Note 36 Financial Risk Management](index=98&type=section&id=Note%2036%20Financial%20Risk%20Management) The Group's primary financial risks include foreign currency risk (mainly AUD), credit risk, and interest rate risk; there is no formal foreign currency hedging policy; credit risk from receivables and loans involves customer concentration but is managed through collateral and continuous monitoring; interest rate risk is primarily related to bank deposits - Credit risk concentration is high, with the largest customer and top five customers in the newspaper publishing segment accounting for **17%** and **32%** of trade receivables, respectively; and the largest customer and top five customers in the loan business segment accounting for **32%** and **99%** of total loans receivable, respectively[414](index=414&type=chunk)[417](index=417&type=chunk) - Interest rate sensitivity analysis indicates that a **0.5%** overall increase/decrease in interest rates would increase/decrease the Group's profit before tax by approximately **HKD 1.73 million**[426](index=426&type=chunk) [Note 40 Directors' Remuneration](index=109&type=section&id=Note%2040%20Directors%27%20Remuneration) During the reporting period, total remuneration paid to directors was approximately HKD 40.36 million, an increase from HKD 38.55 million last year, with Executive Directors Mr. Ma Ching Fat and Mr. Ma King Ho receiving the highest remuneration at HKD 20.82 million and HKD 16.27 million, respectively FY2025 Total Directors' Remuneration | Category | Total Remuneration (HKD thousand) | | :--- | :--- | | Executive Directors | 39,796 | | Non-executive Directors | 150 | | Independent Non-executive Directors | 515 | | **Total** | **40,361** | [Five-Year Financial Summary](index=112&type=section&id=Five-Year%20Financial%20Summary) [Five-Year Financial Summary](index=112&type=section&id=Five-Year%20Financial%20Summary) Over the past five years, the Group's revenue and profit have shown a continuous downward trend, with revenue decreasing from approximately HKD 700 million in FY2021 to HKD 545 million in FY2025, and profit attributable to owners significantly declining from HKD 211 million in FY2021 to HKD 52.43 million in FY2025 Five-Year Financial Data Summary (HKD thousand) | Fiscal Year | 2021 | 2022 | 2023 | 2024 | 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 699,619 | 735,782 | 677,165 | 628,996 | 545,087 | | Profit Attributable to Owners | 211,238 | 166,744 | 166,564 | 75,096 | 52,434 | | Total Assets | 2,082,411 | 2,057,888 | 1,892,177 | 1,956,771 | 1,809,092 | | Total Liabilities | (143,956) | (193,833) | (162,322) | (162,331) | (149,412) |

Financial Performance - Total revenue for the year ended March 31, 2025, was HKD 545,087,000, a decrease of 13.3% compared to HKD 628,996,000 in 2024[4] - Net profit for the year was HKD 53,107,000, down 30.6% from HKD 76,538,000 in the previous year[4] - Basic and diluted earnings per share decreased to HKD 2.19 from HKD 3.13, representing a decline of 30.0%[5] - Total comprehensive income for the year was HKD 33,095,000, a decrease of 48.7% compared to HKD 64,585,000 in 2024[5] - The pre-tax profit for the group fell from HKD 93,422,000 in 2024 to HKD 64,106,000 in 2025, a decrease of approximately 31.5%[30] - The audited consolidated annual profit attributable to the company's owners was approximately HKD 52,434,000, down about HKD 22,662,000 or approximately 30% from HKD 75,096,000 in the previous year[41] - The group's overall revenue decreased by approximately HKD 63,742,000, or about 11%, compared to the same period last year[45] Revenue Breakdown - Revenue from newspaper publishing and advertising was HKD 419,017,000, down 9.8% from HKD 464,813,000[24] - Internet subscription and advertising revenue decreased by 18.1% to HKD 81,417,000 from HKD 99,363,000[24] - Revenue from restaurant operations was HKD 3,908,000, down 8.8% from HKD 4,284,000[24] - The reported segment revenue for the publishing division decreased from HKD 564,176,000 in 2024 to HKD 500,434,000 in 2025, a decline of approximately 11.3%[26] - The revenue contribution from major customers in the publishing division decreased from HKD 317,727,000 in 2024 to HKD 301,099,000 in 2025, a decline of about 5.2%[29] - The total revenue from external customers decreased from HKD 628,996,000 in 2024 to HKD 545,087,000 in 2025, a decline of approximately 13.3%[28] Assets and Liabilities - Non-current assets decreased to HKD 699,535,000 from HKD 739,925,000, reflecting a decline of 5.4%[6] - Current assets decreased to HKD 1,109,557,000 from HKD 1,216,846,000, a reduction of 8.8%[6] - Total liabilities decreased to HKD 79,458,000 from HKD 83,316,000, a decline of 4.4%[7] - Total equity attributable to owners of the company decreased to HKD 1,646,645,000 from HKD 1,781,397,000, a decrease of 7.6%[7] - The total assets of the group decreased from HKD 1,956,771,000 in 2024 to HKD 1,809,092,000 in 2025, reflecting a reduction of about 7.5%[27] - The total liabilities of the group decreased from HKD 162,331,000 in 2024 to HKD 149,412,000 in 2025, reflecting a decline of about 7.9%[27] Cash Flow and Dividends - The group's cash and cash equivalents decreased from HKD 560,937,000 in 2024 to HKD 526,248,000 in 2025, a reduction of approximately 6.2%[27] - The proposed final dividend is HKD 0.01 per share, compared to HKD 0.03 per share for the final dividend and special dividend in 2024[42] - The interim dividend of HKD 0.01 per share has been declared and paid to shareholders, with total dividends for the year amounting to HKD 0.02 per share[42] - The total proposed dividends for the year amounted to HKD 167,855,000, compared to no dividends in the previous year[35] Operational Challenges and Strategies - The company plans to continue focusing on cost management and exploring new market opportunities to enhance future performance[8] - The group anticipates continued challenges in the media business and a decline in rental income due to high vacancy rates in commercial properties[49] - The group plans to increase the retail price of "Oriental Daily" and has launched a paid electronic newspaper version to alleviate operational pressure[49] Employee and Expenditure Information - The group employed 779 employees as of March 31, 2025, a decrease from 856 employees in 2024[56] - Capital expenditures during the reporting period were approximately HKD 6,051,000, down from HKD 16,117,000 in 2024[53] Accounting Standards and Compliance - The company reported no significant impact on consolidated financial statements from the adoption of the revised Hong Kong Accounting Standards[12][14][16][18][20] - The company plans to adopt new or revised Hong Kong Financial Reporting Standards in the future without significant impact on financial performance[22][23] - The company has adopted the standard code for directors' securities trading as per the listing rules[60] - No purchase, sale, or redemption of the company's listed securities occurred during the reporting period[61] Upcoming Events - The 2025 Annual General Meeting is scheduled for August 20, 2025[62] - The annual report will be published on the company's website and the Hong Kong Stock Exchange website in accordance with listing rules[63]

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 280,177, a decrease of 10.2% from HKD 312,085 in the same period of 2023[4] - Net profit for the period was HKD 25,363, down 20.1% from HKD 31,789 in the previous year[4] - Basic and diluted earnings per share were HKD 1.05 cents, down from HKD 1.28 cents in the previous year[5] - The company's profit before tax for the six months ended September 30, 2024, was HKD 30,241,000, a decrease of 13.5% compared to HKD 34,758,000 in 2023[12] - The group reported a pre-tax profit of HKD 25,098,000, compared to HKD 30,744,000 for the six months ended September 30, 2023, reflecting a decline of 18.5%[44] - The group incurred total tax expenses of HKD 4,878,000, an increase from HKD 2,969,000 for the same period last year[42] Comprehensive Income - Total comprehensive income for the period increased significantly to HKD 47,012, compared to HKD 14,680 in the same period last year[5] - The total comprehensive income for the period was HKD 14,177,000, compared to a total comprehensive loss of HKD 16,567,000 in the previous year[18] Assets and Liabilities - Non-current assets as of September 30, 2024, amounted to HKD 731,402, a slight decrease from HKD 739,925 as of March 31, 2024[9] - Current assets totaled HKD 1,137,635, down from HKD 1,216,846 as of March 31, 2024[9] - Total liabilities increased to HKD 83,583 from HKD 83,316 as of March 31, 2024[10] - The group reported a total asset value of HKD 1,868,037,000 as of September 30, 2024, compared to HKD 1,956,771,000 as of March 31, 2024[31] - The group’s liabilities as of September 30, 2024, were HKD 171,461,000, an increase from HKD 162,331,000 as of March 31, 2024[31] Cash Flow and Financing - Operating cash flow before changes in working capital was HKD 36,802,000, down 27.5% from HKD 50,775,000 in the previous year[12] - The net cash used in financing activities was HKD 144,743,000, compared to a net cash inflow of HKD 29,284,000 in the same period last year[14] - The company reported a net cash decrease of HKD 32,418,000 for the period, compared to a decrease of HKD 123,205,000 in the previous year[14] - The group maintained strict monitoring of its approved loans and receivables, with total receivables amounting to HKD 484,112,000 as of September 30, 2024, down from HKD 526,839,000[51] - The group incurred finance costs of HKD 304,000, significantly lower than HKD 828,000 for the same period last year[39] Revenue Breakdown - The revenue from publishing and advertising was HKD 202,260,000, down from HKD 233,675,000, representing a decline of 13.5%[27] - Revenue from the newspaper publishing segment contributed approximately HKD 140,701,000, down from HKD 159,756,000 for the same period last year[36] - Digital media business revenue was approximately HKD 43,685,000, down by about HKD 6,397,000 or 13% year-on-year[86] - The overall revenue of the company for the reporting period was approximately HKD 202,260,000, a decrease of about HKD 31,415,000 or 13% compared to the same period last year[86] Investment Properties - The company experienced a net loss on fair value of investment properties of HKD 10,355,000, compared to a loss of HKD 6,553,000 in the previous year[4] - The net fair value loss on investment properties during the reporting period was approximately HKD 10,355,000, compared to HKD 6,553,000 for the six months ended September 30, 2023[25] - The group's investment properties were valued at HKD 369,089,000 as of September 30, 2024, compared to HKD 367,679,000 as of March 31, 2024[49] Employee and Operational Costs - Employee costs, including directors' remuneration, decreased to HKD 178,637 from HKD 185,644 in the previous year[4] - The group has 817 employees as of September 30, 2024, down from 856 on March 31, 2024, indicating a focus on cost control[97] Dividends - The company paid dividends amounting to HKD 143,876,000 during the period, which was not applicable in the previous year[14] - The group announced a final dividend of HKD 0.03 per share, totaling approximately HKD 143,876,000, compared to no dividends declared for the same period last year[43] - The company announced an interim dividend of HKD 0.01 per share, to be distributed on December 27, 2024[78] Market Outlook and Challenges - The group anticipates continued challenges in the media sector due to changing consumer patterns and a weak market environment, with advertising clients expected to increase promotional spending as the government promotes tourism[92] - The group holds stable rental income from commercial properties, but faces downward pressure on rental prices due to high vacancy rates in the local market[93] - The financing business remains optimistic, with steady growth in interest income, despite uncertainties in the property market and low transaction prices for second-hand residential properties[95] Shareholding Structure - As of September 30, 2024, Conyers Trustee Services (BVI) Limited holds 1,547,851,284 shares, representing 64.55% of the company's equity[111] - Ocean Greatness Limited also holds 1,547,851,284 shares, equivalent to 64.55% of the company's equity[111] - Marsun Holdings Limited possesses 1,547,851,284 shares, accounting for 64.55% of the company's equity[111] - Magicway Investment Limited owns 1,222,941,284 shares, which is 51.00% of the company's equity[111] - Ever Holdings Limited has 324,910,000 shares, representing 13.55% of the company's equity[111] - Perfect Deal Trading Limited holds 149,870,000 shares, equivalent to 6.25% of the company's equity[111] - Ms. Hong Meifang, as a spouse, has rights to 1,697,721,284 shares, which is 70.80% of the company's equity[111] - The total number of issued shares as of September 30, 2024, is 2,397,917,898 shares[116] - No other individuals hold any recorded interests or short positions in the company's shares as of September 30, 2024[116]

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 280,177,000, a decrease of 10.2% compared to HKD 312,085,000 for the same period in 2023[3]. - The net profit for the period was HKD 25,363,000, down 20.1% from HKD 31,789,000 in the previous year[3]. - Total comprehensive income for the period was HKD 47,012,000, significantly up from HKD 14,680,000 in the same period last year, reflecting a strong recovery in foreign exchange differences[3]. - Basic and diluted earnings per share were HKD 1.05 cents, compared to HKD 1.28 cents for the same period in 2023, indicating a decline of 17.9%[5]. - The profit before tax for the six months ended September 30, 2024, was HKD 30,241,000, down from HKD 34,758,000 in the same period of 2023, representing a decline of 12.2%[34]. - The unaudited consolidated profit attributable to the company's owners was approximately HKD 25,098,000, a decrease of about HKD 5,646,000 or approximately 18% year-on-year[66]. Revenue Breakdown - Advertising revenue from newspaper publishing was HKD 202,260,000, down 13.4% from HKD 233,675,000 year-over-year[22]. - Internet subscription and advertising revenue decreased to HKD 43,685,000, a decline of 12.7% from HKD 50,082,000 in the previous year[22]. - The publishing segment's revenue was HKD 245,945,000 for the six months ended September 30, 2024, compared to HKD 283,757,000 for the same period in 2023, reflecting a decrease of 13.3%[34]. - The loan business generated revenue of HKD 25,710,000 for the six months ended September 30, 2024, compared to HKD 19,046,000 in the same period of 2023, indicating an increase of 35.4%[34]. Assets and Liabilities - Current assets totaled HKD 1,137,635,000, down from HKD 1,216,846,000 as of March 31, 2024[7]. - The net current asset value was HKD 1,049,757,000, a decrease from HKD 1,137,831,000 in the previous period[7]. - Non-current assets amounted to HKD 731,402,000, slightly down from HKD 739,925,000[8]. - The group's total assets as of September 30, 2024, were HKD 1,869,037,000, down from HKD 1,956,771,000 as of March 31, 2024[28]. - The group's total liabilities as of September 30, 2024, were HKD 171,461,000, compared to HKD 162,331,000 as of March 31, 2024, showing an increase of 5.1%[28]. - Total liabilities decreased to HKD 83,583,000 from HKD 83,316,000, indicating stable financial management[10]. - The company's equity attributable to owners was HKD 1,683,541,000, down from HKD 1,781,397,000[10]. Investment Properties - The net fair value loss on investment properties for the period was approximately HKD 10,355,000, compared to HKD 6,553,000 for the same period last year[20]. - The total value of investment properties at the end of the reporting period was HKD 369,089,000, slightly up from HKD 367,679,000 at the end of March 2024[47]. - The fair value of investment properties decreased by HKD 10,355,000 during the reporting period, reflecting market conditions[45]. - The company's investment properties in Australia were valued at HKD 226,189,000 as of September 30, 2024, compared to HKD 213,179,000 as of March 31, 2024[47]. Cash Flow and Expenses - The group's cash and cash equivalents as of September 30, 2024, amounted to HKD 540,773,000, down from HKD 560,937,000 as of March 31, 2024[28]. - The group incurred depreciation expenses of HKD 10,198,000 for the six months ended September 30, 2024, down from HKD 14,868,000 in the same period of 2023, a decrease of 31.5%[35]. - The company announced a profit tax expense of HKD 4,878,000 for the six months ended September 30, 2024, compared to HKD 2,969,000 for the same period in 2023, representing a 64% increase[39]. Dividends - The company declared a final dividend of HKD 0.03 per share and a special dividend of HKD 0.03 per share, totaling approximately HKD 143,876,000, compared to no dividends declared for the same period in 2023[41]. - The group announced an interim dividend of HKD 0.01 per share for the reporting period, to be distributed on December 27, 2024[73]. Operational Insights - The company continues to focus on resource allocation and performance review across its operating segments, including newspaper publishing and loan business[24]. - The group anticipates ongoing challenges in the media business due to a prolonged economic recovery in Hong Kong and changing advertising client strategies[86]. - The retail price of the "Oriental Daily" was increased from HKD 10 to HKD 12 to alleviate operational pressures in the media sector[86]. - The group plans to enhance its advertising offerings through innovative formats and digital technologies to attract more clients[87]. - The group is optimistic about its financing business, with steady growth in interest income from high-quality mortgage clients[89]. Employee and Management - The group has 817 employees as of September 30, 2024, down from 856 on March 31, 2024[91]. - The company has maintained strict monitoring of approved loans and receivables to mitigate credit risk, with a total of HKD 358,604,000 in overdue but unimpaired loans as of September 30, 2024[50]. Market Conditions - Local commercial property rental income remains stable, but high vacancy rates indicate continued low valuations and downward pressure on rents[87]. - The group continues to seek high-return investment opportunities in the local property market despite ongoing valuation challenges[87]. - The group has no current foreign currency hedging policy but is monitoring exchange rate risks, particularly with the Australian dollar[90]. Miscellaneous - The company has not made any acquisitions or disposals of investment properties during the reporting period[20]. - The group had no significant investments or acquisitions of subsidiaries, associates, or joint ventures during the reporting period[69]. - No significant events affecting the group occurred after the reporting period[97].

[Management Discussion and Analysis](index=4&type=section&id=Management%20Discussion%20and%20Analysis) [Performance Overview](index=4&type=section&id=Performance) The company's profit attributable to owners decreased by approximately 55% to HK$75.1 million, with revenue down 7% to HK$629 million, primarily due to reduced media business income and the absence of prior-year one-off gains and subsidies FY2024 Performance Summary | Metric | FY2024 (HKD) | FY2023 (HKD) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | Approx. 628,996,000 | Approx. 677,165,000 | -7% | | Profit attributable to owners of the company | Approx. 75,096,000 | Approx. 166,564,000 | -55% | - Overall performance declined due to decreased publishing and advertising revenue in the media business[60](index=60&type=chunk) - Absence of government support subsidies during the reporting period (approximately **HK$22.28 million** in the prior year)[60](index=60&type=chunk) - Prior year included a gain from the disposal of Australian property and a reversal of expected credit losses on operating license receivables, totaling approximately **HK$19.47 million**[60](index=60&type=chunk) [Financial Resources and Liquidity](index=4&type=section&id=Financial%20Resources%20and%20Liquidity) The Group maintained ample liquidity with net current assets of approximately HK$1.138 billion and a low gearing ratio of 0.4% as of March 31, 2024 Financial Position Indicators (as of March 31) | Metric | 2024 (HKD) | 2023 (HKD) | | :--- | :--- | :--- | | Net Current Assets | Approx. 1,137,831,000 | Approx. 1,029,465,000 | | Time Deposits, Bank Balances and Cash | Approx. 560,937,000 | Approx. 665,196,000 | | Gearing Ratio | 0.4% | 0.4% | [Dividend Distribution](index=4&type=section&id=Dividends) The Board recommended a total annual dividend of HK$0.06 per share, comprising a final dividend and a special dividend of HK$0.03 each, surpassing the prior year's HK$0.05 Dividend Details (Per Share) | Dividend Type | FY2024 (HKD) | FY2023 (HKD) | | :--- | :--- | :--- | | Interim Dividend | 0 | HK$0.03 | | Special Interim Dividend | 0 | HK$0.02 | | Proposed Final Dividend | HK$0.03 | 0 | | Proposed Special Dividend | HK$0.03 | 0 | | **Total for the Year** | **HK$0.06** | **HK$0.05** | [Business Review](index=5&type=section&id=Business%20Review) The Group's media business revenue declined by 10% amid economic challenges, while its financing business grew strongly with a 75% increase in loan receivables, and property investment valuations were mixed - Facing economic recession and an uncertain operating environment, the Group's media business encountered significant challenges, with overall revenue decreasing by approximately **10%** year-on-year[99](index=99&type=chunk) Media Business Revenue Breakdown | Business Segment | FY2024 Revenue (HKD) | Year-on-Year Change | | :--- | :--- | :--- | | **Total Media Business** | - | **-10%** | | Oriental Daily News Publishing and Advertising | Approx. 464,813,000 | -9% | | Digital Media Business | Approx. 99,363,000 | -14% | - The financing business continued to develop, with loan receivables totaling approximately **HK$524 million** at period-end, an increase of approximately **75%** year-on-year; total loan interest income was approximately **HK$45.45 million**, up approximately **47%** year-on-year, with a prudent approach primarily focused on first mortgages on properties and no bad debt recorded during the period[101](index=101&type=chunk) - In property investment, the valuation of Hong Kong investment properties decreased by approximately **12%**, but the valuation of Australian hotel properties increased by approximately **9%**, partially offsetting local losses[73](index=73&type=chunk) [Business Outlook](index=8&type=section&id=Business%20Outlook) The Group anticipates improved media advertising revenue from economic stimulus and sports events, expects steady expansion in its financing business, and remains cautious on Hong Kong property while seeking to sell its Australian hotel - Government economic stimulus measures and major sporting events (European Championship, Olympic Games) are expected to create a positive consumer atmosphere, helping to boost the Group's advertising revenue[104](index=104&type=chunk) - Regarding the financing business, despite uncertain property price trends, the market has become more active, and management expects the business to expand steadily in the coming year, remaining optimistic about its prospects[109](index=109&type=chunk) - In property, Hong Kong office rental income is expected to decline, but Australian hotel operating fee income is growing steadily, and the Group continues to actively seek buyers for the hotel[106](index=106&type=chunk) [Report of the Directors](index=10&type=section&id=Report%20of%20the%20Directors) [Principal Activities and Performance](index=10&type=section&id=Principal%20Activities) The Company, an investment holding entity providing corporate management services, reported its performance in the consolidated financial statements, with the Board recommending a total dividend of HK$0.06 per share - The Company's principal activities are investment holding and providing corporate management services[115](index=115&type=chunk) - The Board recommended a final dividend of **HK$0.03** per share and a special dividend of **HK$0.03** per share[117](index=117&type=chunk) [Environmental, Social and Governance (ESG)](index=11&type=section&id=Environmental%20Policy%20and%20Performance) The Group is committed to environmental protection and social responsibility through various initiatives, including solar power and compliance with labor laws, reporting a 10.6% employee turnover rate - The Group implemented various environmental measures, including installing solar photovoltaic power systems, using energy-efficient equipment, promoting paperless operations, and recycling resources[128](index=128&type=chunk)[130](index=130&type=chunk)[158](index=158&type=chunk) - The Group strictly complies with the Personal Data (Privacy) Ordinance and other relevant labor laws, safeguarding the data security and rights of employees and customers[159](index=159&type=chunk)[162](index=162&type=chunk) - During the reporting period, the Group's natural employee turnover rate was **10.6%**[166](index=166&type=chunk) [Major Customers and Suppliers](index=19&type=section&id=Major%20Customers%20and%20Suppliers) The Group exhibits high customer and supplier concentration, with the top five customers accounting for 59% of turnover and the top five suppliers for 75% of total purchases Customer and Supplier Concentration | Category | Percentage | | :--- | :--- | | Top Five Customers | Approx. 59% of turnover | | Largest Customer | Approx. 26% of turnover | | Top Five Suppliers | Approx. 75% of total purchases | | Largest Supplier | Approx. 26% of total purchases | [Corporate Governance Report](index=21&type=section&id=Corporate%20Governance%20Report) [Board of Directors](index=22&type=section&id=Board%20of%20Directors) The Board, composed of executive, non-executive, and independent non-executive directors, provides balanced leadership, held four meetings during the period, and ensured all directors met professional development requirements - The Board comprises **3** executive directors, **1** non-executive director, and **3** independent non-executive directors, with independent non-executive directors constituting more than one-third, meeting listing rule requirements[201](index=201&type=chunk) - During the reporting period, the Board held **4** meetings, and all directors attended all meetings they were required to attend[257](index=257&type=chunk)[267](index=267&type=chunk) [Board Committees](index=26&type=section&id=Board%20Committees) The Board has established six committees—Executive, Audit, Remuneration, Nomination, Investment, and Corporate Social Responsibility—each with clear duties to ensure high corporate governance standards - The Board has established six committees, including the Executive Committee, Audit Committee, Remuneration Committee, Nomination Committee, Investment Committee, and Corporate Social Responsibility Committee[273](index=273&type=chunk) - The Audit Committee comprises **two** independent non-executive directors and **one** non-executive director, responsible for overseeing financial reporting, risk management, and internal control systems[274](index=274&type=chunk) - Both the Remuneration Committee and Nomination Committee are majority-led by independent non-executive directors who also serve as chairpersons, responsible for remuneration policies and director nominations, respectively[277](index=277&type=chunk)[278](index=278&type=chunk) [Risk Management and Internal Control](index=30&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board ensures the effectiveness of the Group's risk management and internal control systems through annual reviews and independent internal audits, deeming them effective and adequate during the reporting period - The Board is responsible for maintaining the Group's risk management and internal control systems and reviews their effectiveness at least once annually[296](index=296&type=chunk) - The Group has engaged an independent professional consulting firm, 'Wise Management Professionals Limited,' to conduct internal audit work and submit reports to the Audit Committee and the Board[303](index=303&type=chunk) - Following review, the Board concluded that the Group's risk management and internal control systems were effective and adequate during the reporting period, with no significant deficiencies identified[302](index=302&type=chunk) [Independent Auditor's Report](index=36&type=section&id=Independent%20Auditor's%20Report) The auditor issued an unmodified opinion on the Group's consolidated financial statements, with key audit matters including impairment assessments of receivables, property, plant and equipment, and investment property valuations [Opinion](index=36&type=section&id=Opinion) The auditor believes the consolidated financial statements present a true and fair view of the Group's financial position, performance, and cash flows as of March 31, 2024, in accordance with Hong Kong Financial Reporting Standards - The auditor issued an **unmodified opinion** on the Group's consolidated financial statements[333](index=333&type=chunk) [Key Audit Matters](index=36&type=section&id=Key%20Audit%20Matters) Key audit matters include impairment assessments of receivables, property, plant and equipment, and the valuation of investment properties, all involving significant management judgment and estimates - Key Audit Matter One: Impairment assessment of trade and other receivables, due to their material balance and the high degree of management judgment required to assess expected credit losses (ECL)[338](index=338&type=chunk)[339](index=339&type=chunk) - Key Audit Matter Two: Impairment assessment of property, plant and equipment, due to their material balance and the significant judgment and estimation involved in management's assessment of impairment, including key assumptions like discount rates and future cash flows[342](index=342&type=chunk)[343](index=343&type=chunk) - Key Audit Matter Three: Valuation of investment properties, due to their material balance and the significant judgment and estimation involved in fair value measurement, relying on independent professional valuers' assessments[346](index=346&type=chunk)[350](index=350&type=chunk) [Consolidated Financial Statements](index=42&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=42&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's FY2024 revenue was HK$629 million, down 7%, with annual profit significantly decreasing by 55% to HK$76.54 million due to lower income and fair value losses, resulting in basic earnings per share of HK$0.0313 Key Items from Consolidated Statement of Profit or Loss (For the year ended March 31) | Item (HK$ thousand) | 2024 | 2023 | | :--- | :--- | :--- | | Revenue | 628,996 | 677,165 | | Profit before tax | 93,422 | 212,778 | | Profit for the year | 76,538 | 170,923 | | Profit attributable to owners of the Company | 75,096 | 166,564 | | Basic earnings per share | HK$0.0313 | HK$0.0695 | [Consolidated Statement of Financial Position](index=43&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2024, the Group's total assets increased to HK$1.957 billion, total liabilities remained stable at HK$162 million, and total equity rose to HK$1.794 billion, indicating robust liquidity Key Items from Consolidated Statement of Financial Position (as of March 31) | Item (HK$ thousand) | 2024 | 2023 | | :--- | :--- | :--- | | **Non-current assets** | 739,925 | 776,549 | | **Current assets** | 1,216,846 | 1,115,628 | | **Total assets** | 1,956,771 | 1,892,177 | | **Current liabilities** | 79,015 | 86,163 | | **Non-current liabilities** | 83,316 | 76,159 | | **Total liabilities** | 162,331 | 162,322 | | **Total equity** | 1,794,440 | 1,729,855 | [Consolidated Statement of Cash Flows](index=47&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) Net cash outflow from operating activities was HK$113 million, primarily due to increased loan receivables, while investing activities generated HK$17.68 million, and cash and cash equivalents decreased to HK$561 million at period-end Summary of Consolidated Statement of Cash Flows (For the year ended March 31) | Item (HK$ thousand) | 2024 | 2023 | | :--- | :--- | :--- | | Net cash from/(used in) operating activities | (113,193) | 92,281 | | Net cash from investing activities | 17,680 | 191,653 | | Net cash used in financing activities | (1,300) | (263,772) | | **Net (decrease)/increase in cash and cash equivalents** | **(96,813)** | **20,162** | | Cash and cash equivalents at end of period | 560,937 | 665,196 | [Notes to the Consolidated Financial Statements](index=49&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes detail the Group's significant accounting policies, key estimates, and judgments, providing supplementary information on material items, including segment information, revenue, asset/liability details, and financial risk management [Note 4: Significant Accounting Policies](index=51&type=section&id=Note%204.%20Significant%20Accounting%20Policies) This note outlines the Group's significant accounting policies, including financial instrument classification and impairment, revenue recognition, leases, investment properties, and foreign currency translation, all prepared under Hong Kong Financial Reporting Standards - Financial assets are classified into three categories based on business model and cash flow characteristics: measured at amortized cost, at fair value through other comprehensive income (FVOCI), and at fair value through profit or loss (FVTPL)[430](index=430&type=chunk) - The Group applies the expected credit loss (ECL) model to recognize loss allowances for financial assets measured at amortized cost, categorized into 12-month ECL and lifetime ECL[8](index=8&type=chunk) - Revenue recognition follows HKFRS 15, recognized when control of goods or services is transferred to the customer; specific policies include newspaper revenue recognized upon delivery, advertising revenue upon publication, and subscription revenue upon authorization[36](index=36&type=chunk)[39](index=39&type=chunk) - Investment properties are subsequently measured using the fair value model, with changes in fair value recognized in profit or loss for the period[420](index=420&type=chunk) [Note 7: Segment Information](index=75&type=section&id=Note%207.%20Segment%20Information) The Group's three reportable segments are newspaper publishing, loan business, and other operations; newspaper publishing revenue declined in FY2024, while the loan business grew significantly, with most revenue and non-current assets in Hong Kong Segment Revenue and Results (HK$ thousand) | Segment | 2024 Revenue | 2023 Revenue | 2024 Results | 2023 Results | | :--- | :--- | :--- | :--- | :--- | | Newspaper Publishing | 564,176 | 625,062 | 66,311 | 106,864 | | Loan Business | 45,453 | 30,975 | 34,510 | 22,999 | | Other Operating Segments | 19,367 | 21,128 | (5,556) | 71,118 | | **Total** | **628,996** | **677,165** | **95,265** | **200,981** | Revenue and Non-current Assets by Geographical Area (HK$ thousand) | Region | 2024 Revenue | 2023 Revenue | 2024 Non-current Assets | 2023 Non-current Assets | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 617,461 | 664,796 | 504,711 | 548,438 | | Australia | 11,535 | 12,369 | 213,869 | 203,397 | [Note 23: Loan and Interest Receivables](index=91&type=section&id=Note%2023.%20Loan%20and%20Interest%20Receivables) Total loan and interest receivables significantly increased to HK$527 million at period-end, all secured by Hong Kong properties with an effective annual interest rate of 10.36%, and management considers credit risk controllable Loan and Interest Receivables (HK$ thousand) | Category | 2024 | 2023 | | :--- | :--- | :--- | | Current | 523,219 | 292,832 | | Non-current | 3,620 | 8,385 | | **Total** | **526,839** | **301,217** | - All loan receivables are secured by properties located in Hong Kong, with a total market value of collateral approximately **HK$705 million**, exceeding the total loan amount[604](index=604&type=chunk)[581](index=581&type=chunk) - Given no significant change in credit risk and sufficient collateral value, the Directors believe no loss allowance for expected credit losses is required for these balances[665](index=665&type=chunk) [Note 37: Financial Risk Management and Fair Value Measurement](index=98&type=section&id=Note%2037.%20Financial%20Risk%20Management%20and%20Fair%20Value%20Measurement) The Group manages key financial risks, including foreign currency, credit, interest rate, and liquidity, through continuous monitoring, maintaining ample liquidity and a robust capital structure - The primary foreign currency risk arises from the Australian Dollar (AUD); a **10%** appreciation of AUD against HKD would increase profit before tax by approximately **HK$0.1 million**[654](index=654&type=chunk)[655](index=655&type=chunk)[657](index=657&type=chunk) - Credit risk is concentrated: the largest and top five receivables in the newspaper publishing segment account for **20%** and **34%** of that segment's total receivables, respectively; for the loan business segment, the largest and top five receivables account for **29%** and **92%** of the total loans, respectively[688](index=688&type=chunk)[691](index=691&type=chunk) - Interest rate risk primarily stems from short-term bank deposits; a **0.5%** increase/decrease in interest rates would increase/decrease profit before tax by approximately **HK$2.57 million**[695](index=695&type=chunk)[696](index=696&type=chunk) - The Group manages liquidity risk by utilizing bank and other borrowings to maintain a balanced funding position; financial liabilities at period-end are primarily due within one year[697](index=697&type=chunk)[671](index=671&type=chunk)