震雄集團有限公司（「本公司」）董事局（「董事局」）沉痛宣布本公司公司秘書（「公司 秘書」）、香港聯合交易所有限公司證券上市規則（「上市規則」）第3.05條所規定之 本公司授權代表（「授權代表」）及根據公司條例（ 香港法例第622章 ）第16部及上市 規 則 第 19.05 (2) 條 代 表 本 公 司 於 香 港 接 收 法 律 程 序 文 件 及 通 知 之 代 理 人（「法 律 程 序 代 理 人 」）陳 志 毅 先 生（「 陳 先 生 」）已 確 認 於 二 零 二 五 年 九 月 八 日 於 家 中 與 世 長 辭。 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。 CHEN HSONG HOLDINGS LIMITED 震 雄 集 團 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：00057） 公司秘書、授權代表及法律程序代理人辭世 承董事局命 震雄集團有限公司 ...

FF301 致：香港交易及結算所有限公司 公司名稱: 震雄集團有限公司 (於百慕達註冊成立之有限公司） 呈交日期: 2025年9月3日 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 本月底法定/註冊股本總額： HKD 100,000,000 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 I. 法定/註冊股本變動 | 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) | 00057 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | ...

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。 CHEN HSONG HOLDINGS LIMITED 震 雄 集 團 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號︰00057） 震雄集團有限公司（「本公司」）董事局（「董事局」）欣然宣布，載列於二零二五年七 月二十五日召開本公司股東特別大會之通告（「通告」）內建議通過的決議案（「該等決 議案」），已於二零二五年八月二十八日舉行之本公司股東特別大會（「股東特別大會」） 上，獲本公司股東以投票表決方式正式通過。 於股東特別大會舉行當日，本公司已發行股份總數為630,531,600股，此乃賦予股東權利出 席股東特別大會並於會上投票贊成或反對該等決議案之股份總數。本公司並無任何股份賦 予股東權利出席股東特別大會，但根據香港聯合交易所有限公司證券上市規則（「上市規 則」）第13.40條所載須於股東特別大會上放棄表決贊成決議案，亦無任何本公司股東須根 據上市規則規定於股東特別大會上放棄表決權。概無 ...

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。 CHEN HSONG HOLDINGS LIMITED 震 雄 集 團 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：00057） | | | | | | | | 普通決議案 | | 票數 （概約%） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 贊成 | 反對 | | 一 | 省 | 覽 | 截 | 至 | 二 | 零 | 二 五 十 一 | 日 止 年 度 482,988,769 | 43,093 | | | 經 | 審 | 核 | 財 | 務 | 報 | 表 與 書 | 及 師 (99.99 % ) | (0.01 % ) | | | | 告書。 | | | | | | | | | 二 | 批 | 准 ...

CHEN HSONG HOLDINGS LIMITED 震 雄 集 團 有 限 公 司 (於百慕達註冊成立之有限公司) (股份代號：00057) 董事名單與其角色和職能 震雄集團有限公司（「本公司」）董事局（「董事局」）成員載列如下，自二零二五年 八月二十八日舉行之本公司股東周年大會（「二零二五年股東周年大會」）結束後生效。 執行董事 蔣麗苑女士（主席兼集團總裁） 鍾效良先生 獨立非執行董事 許志偉先生 郭敬文先生 Anish LALVANI先生 陳慶光先生 董事局設立四個委員會，各董事局成員在這些委員會中所擔任的職位載列如下，自二零 二五年股東周年大會結束後生效。 審核委員會 陳慶光先生（主席） 許志偉先生 郭敬文先生 Anish LALVANI先生 薪酬委員會 Anish LALVANI先生（主席） 蔣麗苑女士 許志偉先生 陳慶光先生 提名委員會 蔣麗苑女士（主席） 郭敬文先生 Anish LALVANI先生 陳慶光先生 企業管治委員會 許志偉先生（主席） 郭敬文先生 Anish LALVANI先生 陳慶光先生 香港，二零二五年八月二十八日 ...

Group 1 - The company reported a revenue of 252 million yuan for the first half of 2025, representing a year-on-year decline of 37.68% [1] - The net profit attributable to shareholders of the listed company was -78.07 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -70.32 million yuan [1] - The basic earnings per share were -0.0930 yuan [1]

Core Viewpoint - New Dazhou A (000571.SZ) reported a significant decline in revenue and incurred net losses in the first half of 2025 [1] Financial Performance - The company achieved an operating revenue of 252 million yuan, representing a year-on-year decrease of 37.68% [1] - The net loss attributable to shareholders of the listed company was 78.07 million yuan [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 70.32 million yuan [1] - The basic loss per share was 0.093 yuan [1]

新大洲A最新一期业绩显示，截至2025一季报，公司营业总收入8837.29万元、同比减少56.91%，归属 净利润3340.24万元，同比减少99.53%，扣非净利润3033.96万元，同比减少116.96%，流动比率0.530、 速动比率0.457、资产负债率62.33%。 天眼查商业履历信息显示，新大洲控股股份有限公司，成立于1992年，位于海口市，是一家以从事房地 产业为主的企业。企业注册资本83912.9万人民币，实缴资本44022.98万人民币。公司法定代表人为韩东 丰。 通过天眼查大数据分析，新大洲控股股份有限公司共对外投资了15家企业，参与招投标项目1次，知识 产权方面有商标信息94条，此外企业还拥有行政许可21个。 资金流向方面，今日主力资金净流出1022.50万元，占比成交额15.57%。其中，超大单净流出807.21万 元、占成交额12.29%，大单净流出215.29万元、占成交额3.28%，中单净流出流入809.91万元、占成交 额12.33%，小单净流入212.59万元、占成交额3.24%。 来源：金融界 金融界消息 截至2025年8月13日收盘，新大洲A（000571）报收于4.62 ...

FF301 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: 震雄集團有限公司 (於百慕達註冊成立之有限公司） 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 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) | 00057 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | 本月底法定/註冊 ...

[Financial Summary](index=2&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group reported significant growth in revenue and profit, leading to improved profitability ratios for the year Financial Highlights for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousands) | 2024 (HK$ thousands) | Change | | :--- | :--- | :--- | :--- | | **Performance Summary** | | | | | Revenue | 2,594,735 | 2,009,545 | 29% | | Profit Before Tax | 189,625 | 125,142 | 52% | | Profit Attributable to Equity Holders of the Company | 154,386 | 100,853 | 53% | | **Assets and Equity** | | | | | Total Assets | 4,358,964 | 4,143,750 | 5% | | Shareholders' Equity | 3,081,570 | 3,057,530 | 1% | | **Per Share Data** | | | | | Basic Earnings Per Share (HK cents) | 24.5 | 16.0 | 53% | | Cash Dividend Per Share (HK cents) | 11.8 | 8.0 | 48% | | Net Asset Value Per Share (HKD) | 4.9 | 4.9 | 0% | | **Key Financial Ratios** | | | | | Return on Average Shareholders' Equity (%) | 5.0% | 3.3% | 52% | | Return on Average Total Assets (%) | 3.6% | 2.4% | 50% | [Corporate Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section outlines the composition of the Board of Directors and lists the company's key professional advisors - The Board of Directors is composed of Executive Directors Ms. Lai Yuen CHIANG (Chairman and Group CEO) and Mr. Hyo Young CHUNG, along with five Independent Non-executive Directors[9](index=9&type=chunk)[10](index=10&type=chunk) - The company's auditor is Ernst & Young, and its principal bankers include China Construction Bank (Asia), Hang Seng Bank, Industrial and Commercial Bank of China (Asia), and The Hongkong and Shanghai Banking Corporation[12](index=12&type=chunk)[13](index=13&type=chunk) [Chairman's Statement](index=6&type=section&id=%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A%E6%9B%B8) The Group achieved strong growth despite a complex global environment, driven by strategic industries and emerging markets [Business Review and Outlook](index=6&type=section&id=Business%20Review) The Group achieved significant growth in revenue and profit amid a complex trade environment, driven by strategic industries in China and expansion in emerging markets FY2025 Performance Overview | Metric | Amount (HKD) | Y-o-Y Growth | | :--- | :--- | :--- | | Turnover | 2.595 billion | 29% | | Profit Attributable to Equity Holders | 154 million | 53% | - In terms of the macroeconomic environment, geopolitical tensions and slowing global economic growth were present, but the Chinese government's accommodative monetary policy and support for the manufacturing sector stabilized the domestic economy, particularly in rapidly growing industries like new energy vehicles and industrial robots[16](index=16&type=chunk)[20](index=20&type=chunk) - To address market competition and customer pain points, the Group established the Smart Industry Division and launched the "iChen Smart Family" intelligent production system, which includes the "iChen AI Molder" featuring artificial intelligence mold adjustment technology[23](index=23&type=chunk)[26](index=26&type=chunk) - The Group actively expanded its overseas markets, with investments in emerging markets such as Brazil, India, Indonesia, and Vietnam showing initial success and driving significant growth in overseas sales performance[17](index=17&type=chunk)[21](index=21&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E4%B9%8B%E8%AB%96%E8%BF%B0%E5%8F%8A%E5%88%86%E6%9E%90) This section details the Group's business and financial performance, market analysis, technological advancements, and future outlook [Business Performance](index=8&type=section&id=Business%20Performance) The Group's total turnover increased by 29% to HK$2.595 billion, while profit attributable to equity holders grew by 53% to HK$154 million amid a complex global economic environment FY2025 Key Performance Indicators | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Total Turnover | HK$2.595 billion | HK$2.010 billion | | Profit Attributable to Equity Holders | HK$154 million | HK$101 million | | Basic Earnings Per Share | 24.5 HK cents | 16.0 HK cents | | Proposed Final Dividend | 8.0 HK cents | 5.0 HK cents | - The global economic environment is fraught with uncertainty, particularly due to the global trade war initiated by the new US administration, which has impacted market confidence[33](index=33&type=chunk)[35](index=35&type=chunk)[39](index=39&type=chunk) - The Group believes the increase in market demand in the second half of the year was primarily due to inventory stockpiling by businesses ahead of new US tariffs, a trend that may not be sustainable[33](index=33&type=chunk)[35](index=35&type=chunk)[39](index=39&type=chunk) [Market Analysis](index=10&type=section&id=Market%20Analysis) Turnover from Mainland China and Hong Kong grew by 27%, driven by high-tech manufacturing and pre-tariff inventory buildup, while other overseas markets saw a 37% increase due to the "China + 1" strategy Turnover by Customer's Geographical Location | Customer Region | 2025 (HK$ million) | 2024 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Mainland China and Hong Kong | 1,840 | 1,450 | +27% | | Taiwan | 39 | 38 | +3% | | Other overseas countries | 716 | 522 | +37% | | **Total** | **2,595** | **2,010** | **+29%** | - Growth in the Mainland China market was driven by the supply of a large number of high-end injection molding machines to strategic partner BYD and active inventory stockpiling by international customers in response to US tariff policies[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - International market turnover recorded **strong growth of 37%**, mainly because the Group's early strategic deployment in key markets like Europe, Mexico, Indonesia, Brazil, and India successfully captured the demand shift resulting from international brands adopting the "China + 1" supply chain strategy[48](index=48&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) [Development of New Technologies and New Products](index=12&type=section&id=Development%20of%20New%20Technologies%20and%20New%20Products) The Group advanced its product lines, launched industry-specific machines, and introduced the "iChen Smart Family" intelligent production system to drive digital transformation - The Group launched several new products and specialized machines, including a 4,500-ton two-platen machine with an ultra-large shot size and a 3,600-ton two-platen machine achieving a 200,000g ultra-large injection capacity, the latter of which was recognized for its "New Technology and New Product Achievement" by the China Plastics Machinery Industry Association[53](index=53&type=chunk)[55](index=55&type=chunk) - To accelerate industrial upgrading, the Group established the Smart Industry Division and launched the "iChen Smart Family" intelligent production system, which includes "iChen Cloud," "iChen Smart Factory," and "iChen AI Molder," providing customers with comprehensive solutions from smart factory construction to AI-powered mold adjustment[58](index=58&type=chunk)[59](index=59&type=chunk) - The Group was recognized as the "Guangdong Provincial Chen Hsong Precision Injection Molding Engineering Technology Research Center" by the Guangdong Provincial Department of Science and Technology and established a Group Digitalisation Centre to promote digital transformation[54](index=54&type=chunk)[56](index=56&type=chunk) [Production Capacity and Cost Control](index=14&type=section&id=Production%20Capacity%20and%20Cost%20Control) The Group is advancing digital factory construction through a "three-level planning system" and MES implementation while optimizing its supply chain for cost and efficiency - The Group is committed to establishing a comprehensive "three-level planning system" and has implemented an advanced MES system, initiating the construction of digital factories[61](index=61&type=chunk)[63](index=63&type=chunk) - By integrating supply chain resources, co-locating supporting resources, and standardizing designs, the Group aims to shorten delivery cycles, optimize costs, and enhance supply chain responsiveness[61](index=61&type=chunk)[64](index=64&type=chunk) [Financial Review](index=14&type=section&id=Financial%20Review) The Group maintained a strong financial position with net current assets of HK$1.998 billion, a net cash balance of HK$667 million, and no bank borrowings Liquidity and Financial Position (as of March 31, 2025) | Metric | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Net Current Assets | 1.998 billion | 1.985 billion | | Cash and Bank Balances | 667 million | 874 million | | Bank Borrowings | Nil | Nil | | Net Cash Balance | 667 million | 874 million | - The Group's capital commitments as of March 31, 2025, were **HK$22 million**, a significant increase from HK$6 million last year, primarily for the construction and upgrade of production facilities in Mainland China and the purchase of a warehouse in Europe[69](index=69&type=chunk)[74](index=74&type=chunk) - The Group's funds are mainly held in HKD, RMB, NTD, USD, and EUR, with a prudent financial management strategy in place; as most transactions are settled in RMB, currency fluctuations do not have a direct impact on operations or cash flow[79](index=79&type=chunk)[80](index=80&type=chunk)[85](index=85&type=chunk) [Human Resources](index=17&type=section&id=Human%20Resources) The Group expanded its workforce to approximately 2,700 full-time employees and continues to invest in competitive remuneration and professional training - As of March 31, 2025, the number of full-time employees in the Group increased from 2,400 to approximately **2,700**[92](index=92&type=chunk)[98](index=98&type=chunk) [Prospects for the Coming Year](index=18&type=section&id=Prospects%20for%20the%20Coming%20Year) The Group anticipates significant market uncertainty due to aggressive US policies and will continue to manage risks prudently while investing in technology and international expansion - The Group expects that the policies of the new US administration will intensify major power competition, complicate the geopolitical landscape, and accelerate the restructuring of global supply chains[100](index=100&type=chunk)[105](index=105&type=chunk) - In the face of an uncertain business environment, interest rate cycles, and tariff policies, the Group will continue to adopt prudent measures, strictly control risks, and invest in R&D, international market expansion, and brand building[101](index=101&type=chunk)[106](index=106&type=chunk) [Biographical Details of Directors](index=19&type=section&id=%E8%91%A3%E4%BA%8B%E4%B9%8B%E5%80%8B%E4%BA%BA%E8%B3%87%E6%96%99) This section details the backgrounds, professional experience, and qualifications of the company's Executive and Independent Non-executive Directors [Corporate Governance Report](index=24&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A%E6%9B%B8) This report outlines the company's corporate governance framework, compliance status, and the functions of the Board and its committees [COMPLIANCE WITH CORPORATE GOVERNANCE CODE](index=24&type=section&id=COMPLIANCE%20WITH%20CORPORATE%20GOVERNANCE%20CODE) The company complied with most provisions of the Corporate Governance Code, with noted deviations regarding the rotation of the Chairman and the combined role of Chairman and CEO - The company deviated from two provisions of the Corporate Governance Code: - **Code Provision B.2.2**: The Chairman and Managing Director are not subject to retirement by rotation every three years - **Code Provision C.2.1**: The roles of Chairman and Group CEO are held concurrently by Ms. Lai Yuen CHIANG[127](index=127&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk) [BOARD OF DIRECTORS](index=27&type=section&id=BOARD%20OF%20DIRECTORS) The Board comprises seven directors, with a majority of independent members, and is responsible for setting the Group's strategic direction and risk management policies Board Diversity Overview | Diversity Aspect | Category | Number of Directors | Approx. Percentage | | :--- | :--- | :--- | :--- | | Gender | Male | 6 | 85.7% | | | Female | 1 | 14.3% | | Age Group | Over 60 | 4 | 57.1% | | | 51–60 | 3 | 42.9% | | Role | Executive Director | 2 | 28.6% | | | Independent Non-executive Director | 5 | 71.4% | - The Board has adopted and reviewed its board diversity policy, considering the current composition to be appropriately balanced in terms of skills, experience, and cultural background; the Board aims to maintain the existing level of female representation[152](index=152&type=chunk)[153](index=153&type=chunk)[155](index=155&type=chunk) - During the reporting period, four Board meetings and one general meeting were held, with detailed attendance records for each director provided in the report[191](index=191&type=chunk)[192](index=192&type=chunk) [BOARD COMMITTEES](index=42&type=section&id=BOARD%20COMMITTEES) The Board has established Audit, Corporate Governance, Nomination, and Remuneration Committees, each chaired by and comprising a majority of Independent Non-executive Directors - The Audit Committee reviewed the Group's annual and interim financial results, internal and external audit reports, and assessed the effectiveness of the risk management and internal control systems[229](index=229&type=chunk) - The Nomination Committee reviewed the Board's structure and diversity, assessed the independence of INEDs, and made recommendations to the Board on director appointments and re-elections[252](index=252&type=chunk) - The Remuneration Committee evaluated the remuneration of directors and senior management and recommended the grant of share options, noting that the options granted do not have performance targets or clawback mechanisms[266](index=266&type=chunk)[268](index=268&type=chunk)[270](index=270&type=chunk) [ACCOUNTABILITY AND AUDIT](index=54&type=section&id=ACCOUNTABILITY%20AND%20AUDIT) The Board oversees financial reporting and maintains effective risk management and internal control systems, with independent external and internal audit functions in place - The Board confirmed that, for the year ended March 31, 2025, the Group's risk management and internal control systems were adequate and effective, and it had complied with the relevant code provisions[294](index=294&type=chunk)[297](index=297&type=chunk) - The total remuneration for the external auditor, Ernst & Young, for the financial year was **HK$3.356 million**, of which HK$2.736 million was for audit services[285](index=285&type=chunk)[289](index=289&type=chunk) - The Group has established a whistle-blowing policy and an anti-corruption policy, with regular training conducted to ensure integrity and responsible business ethics[293](index=293&type=chunk)[296](index=296&type=chunk) [RELATIONSHIP WITH SHAREHOLDERS](index=59&type=section&id=RELATIONSHIP%20WITH%20SHAREHOLDERS) The company maintains communication with shareholders through various channels and has adopted a dividend policy aimed at sustainable distributions - The company has adopted a dividend policy aiming to distribute a portion of its distributable profits to shareholders while retaining funds for future business expansion, with the Board considering factors such as profits, cash flow, and capital requirements[301](index=301&type=chunk)[305](index=305&type=chunk) - Shareholders holding not less than **10%** of the company's paid-up share capital have the right to request the convening of a special general meeting[322](index=322&type=chunk)[323](index=323&type=chunk) [Report of the Directors](index=66&type=section&id=%E8%91%A3%E4%BA%8B%E5%B1%80%E5%A0%B1%E5%91%8A%E6%9B%B8) This report covers the Group's performance, principal risks, dividend policy, and interests of directors and major shareholders in the company's shares [RESULTS AND DIVIDENDS](index=67&type=section&id=RESULTS%20AND%20DIVIDENDS) The Board proposed a final dividend of 8.0 HK cents per share, bringing the total full-year dividend to 11.8 HK cents per share FY2025 Dividend Distribution | Dividend Type | Amount per Share (HK cents) | | :--- | :--- | | Interim Dividend | 3.8 | | Proposed Final Dividend | 8.0 | | **Total Full-Year Dividend** | **11.8** | [PRINCIPAL RISKS AND UNCERTAINTIES](index=69&type=section&id=PRINCIPAL%20RISKS%20AND%20UNCERTAINTIES) The Group faces risks from macroeconomic factors, human resources challenges, and supply chain instability, which are managed through various mitigation strategies - **Macroeconomic Risks**: Mitigated through diversification of product lines and a customer base spanning 100 countries[373](index=373&type=chunk) - **Human Resources Risks**: Addressed by offering competitive remuneration, providing training, and maintaining good employee communication to attract and retain talent[374](index=374&type=chunk) - **Raw Material Supply Risks**: Managed by ensuring at least two suppliers for each raw material and signing long-term agreements with high-value strategic suppliers[375](index=375&type=chunk)[376](index=376&type=chunk) [DIRECTORS' INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES](index=79&type=section&id=DIRECTORS'%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES,%20UNDERLYING%20SHARES%20AND%20DEBENTURES) This section discloses the interests of directors and substantial shareholders in the company's shares, with Chairman Lai Yuen CHIANG holding a combined interest of approximately 64.92% Directors' Long Positions in the Company's Shares (as of March 31, 2025) | Director's Name | Capacity | Interest in Ordinary Shares/Underlying Shares | Approx. % of Issued Ordinary Shares | | :--- | :--- | :--- | :--- | | Lai Yuen CHIANG | Beneficial owner | 9,730,000 | 1.54% | | | Other | 399,641,620 | 63.38% | | Hyo Young CHUNG | Beneficial owner | 2,666,000 | 0.42% | | Hing Kwong CHAN | Beneficial owner | 484,000 | 0.08% | | Anish LALVANI | Other | 652,000 | 0.10% | Substantial Shareholders' Long Positions in the Company's Shares (as of March 31, 2025) | Shareholder's Name | Capacity | Number of Ordinary Shares/Underlying Shares | Approx. % of Issued Ordinary Shares | | :--- | :--- | :--- | :--- | | Chen Hsong Investments | Beneficial owner | 399,641,620 | 63.38% | | David Michael WEBB | Interest in controlled corporation | 48,004,000 | 7.61% | [SHARE OPTIONS](index=84&type=section&id=SHARE%20OPTIONS) The company's share option scheme expired in September 2024, and as of March 31, 2025, there were 20,210,000 outstanding share options - As of March 31, 2025, the total number of outstanding share options was **20,210,000**, an increase from 18,460,000 at the beginning of the year, with 3,350,000 options granted and 1,600,000 options lapsed during the year[421](index=421&type=chunk)[1015](index=1015&type=chunk) - The 3,350,000 share options granted during the year had an exercise price of **HK$1.44 per share**, which was the same as the closing price on the day prior to the grant[421](index=421&type=chunk)[1003](index=1003&type=chunk)[1004](index=1004&type=chunk) [Independent Auditor's Report](index=92&type=section&id=%E7%8D%A8%E7%AB%8B%E6%A0%B8%E6%95%B8%E5%B8%AB%E5%A0%B1%E5%91%8A%E6%9B%B8) The auditor provides an opinion on the truth and fairness of the consolidated financial statements [OPINION](index=92&type=section&id=OPINION) The auditor issued an unqualified opinion, stating that the financial statements give a true and fair view of the Group's financial position and performance, highlighting the impairment of trade receivables as a key audit matter - The auditor issued an **unqualified opinion** on the Group's consolidated financial statements, concluding that they give a true and fair view of the Group's financial position[458](index=458&type=chunk)[460](index=460&type=chunk) - The key audit matter identified was the **"impairment of trade receivables"**; as of March 31, 2025, the net trade receivables amounted to HK$1.131 billion with an impairment provision of HK$91.633 million, and the auditor has assessed management's evaluation methods, inputs, and assumptions[469](index=469&type=chunk) [Consolidated Financial Statements](index=100&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's consolidated income statement, statement of financial position, and statement of cash flows for the financial year [Consolidated Income Statement](index=100&type=section&id=Consolidated%20Income%20Statement) The Group's revenue increased by 29% to HK$2.595 billion, resulting in a 53% rise in profit attributable to equity holders to HK$154 million Consolidated Income Statement Summary (For the year ended March 31) | (HK$ thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 2,594,735 | 2,009,545 | | Gross Profit | 609,752 | 476,984 | | Profit Before Tax | 189,625 | 125,142 | | Profit for the Year | 154,005 | 98,859 | | Profit Attributable to Equity Holders of the Company | 154,386 | 100,853 | [Consolidated Statement of Financial Position](index=102&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) The Group's total assets grew by 5% to HK$4.359 billion, while total equity attributable to the company's equity holders stood at HK$3.082 billion Consolidated Statement of Financial Position Summary (As at March 31) | (HK$ thousands) | 2025 | 2024 | | :--- | :--- | :--- | | **Assets** | | | | Total Non-current Assets | 1,197,357 | 1,204,618 | | Total Current Assets | 3,161,607 | 2,939,132 | | **Total Assets** | **4,358,964** | **4,143,750** | | **Liabilities and Equity** | | | | Total Current Liabilities | 1,163,959 | 953,952 | | Total Non-current Liabilities | 106,633 | 115,729 | | **Net Assets** | **3,088,372** | **3,074,069** | | Equity Attributable to Equity Holders of the Company | 3,081,570 | 3,057,530 | [Consolidated Statement of Cash Flows](index=108&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) The Group experienced a net cash outflow from operating activities of HK$98.9 million, primarily due to an increase in inventories and trade receivables Consolidated Statement of Cash Flows Summary (For the year ended March 31) | (HK$ thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net cash from/(used in) operating activities | (98,872) | 323,042 | | Net cash used in investing activities | (116,410) | (64,551) | | Net cash used in financing activities | (59,097) | (68,115) | | **Net increase/(decrease) in cash and cash equivalents** | **(274,379)** | **190,376** | | Cash and cash equivalents at beginning of year | 816,952 | 644,662 | | **Cash and cash equivalents at end of year** | **528,179** | **816,952** | [Notes to Financial Statements](index=111&type=section&id=Notes%20to%20Financial%20Statements) This section provides detailed explanations of the Group's accounting policies, key estimates, segment information, and financial risk management [5. OPERATING SEGMENT INFORMATION](index=160&type=section&id=5.%20OPERATING%20SEGMENT%20INFORMATION) The Group operates in three reportable segments based on customer location, with Mainland China and Hong Kong being the largest contributor to revenue and results FY2025 Segment Results | (HK$ thousands) | Mainland China and Hong Kong | Taiwan | Other overseas countries | | :--- | :--- | :--- | :--- | | **Segment Revenue** | 1,840,082 | 38,616 | 716,037 | | **Segment Results** | 183,370 | (1,610) | 26,825 | [21. TRADE AND BILLS RECEIVABLES](index=187&type=section&id=21.%20TRADE%20AND%20BILLS%20RECEIVABLES) Total trade and bills receivables increased to HK$1.574 billion, with a loss allowance of HK$91.63 million recognized for trade receivables Composition of Trade and Bills Receivables | (HK$ thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net Trade Receivables | 1,130,754 | 1,011,630 | | Bills Receivables | 443,044 | 306,674 | | **Total** | **1,573,798** | **1,318,304** | - The loss allowance for trade receivables increased from HK$86.94 million at the beginning of the year to **HK$91.63 million** at year-end, mainly due to an increase in the expected credit loss rate for balances overdue for more than 180 days[892](index=892&type=chunk) [40. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES](index=226&type=section&id=40.%20FINANCIAL%20RISK%20MANAGEMENT%20OBJECTIVES%20AND%20POLICIES) The Group manages financial risks including interest rate, foreign currency, credit, and liquidity risks through monitoring, strict credit control, and liquidity planning - Foreign currency sensitivity analysis shows that changes in the RMB exchange rate against the HKD or USD have a significant impact on profit before tax; for instance, a **5% appreciation of the RMB against the HKD would decrease profit before tax by HK$14.86 million**[1090](index=1090&type=chunk) - The Group manages its capital by monitoring its net current asset position, which stood at **HK$1.998 billion** as of March 31, 2025, in line with its policy objective to maintain a healthy net current asset position[1107](index=1107&type=chunk)[1110](index=1110&type=chunk) [Five-Year Financial Summary](index=237&type=section&id=%E4%BA%94%E5%B9%B4%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This section provides a summary of the Group's key financial performance and position over the last five fiscal years Five-Year Performance Summary (For the year ended March 31) | (HK$ thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 2,594,735 | 2,009,545 | 2,312,584 | 2,728,763 | 2,360,553 | | Profit Before Tax | 189,625 | 125,142 | 158,941 | 238,568 | 270,802 | | Profit Attributable to Equity Holders of the Company | 154,386 | 100,853 | 130,289 | 213,309 | 203,021 | Five-Year Summary of Assets, Liabilities and Non-controlling Interests (As at March 31) | (HK$ thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 4,358,964 | 4,143,750 | 4,149,309 | 4,429,327 | 4,378,438 | | Total Liabilities | (1,270,592) | (1,069,681) | (1,081,128) | (1,200,865) | (1,365,392) |