香港通訊國際控股有限公司 (「本公司」) 董事會（「董事會」）謹此宣布，董事會會 議將於二零二五年十一月二十八日星期五假座香港黃竹坑道二十九號維他大廈 B 座十 四樓舉行，審議並批准本公司及其附屬公司截至二零二五年九月三十日止六個月之未 經審核中期業績及處理其他任何事宜。 承董事會命 香港通訊國際控股有限公司 主席 陳重義 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佈之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就本公佈全部或任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 HKC INTERNATIONAL HOLDINGS LIMITED 香港通訊國際控股有限公司* （於開曼群島註冊成立之有限公司） （股票代號︰248） 董事會召開日期 香港，二零二五年十一月十四日 於本公佈刊發日期，董事會包括執行董事陳重義先生、陳重言先生、陳明謙先生、胡 國林先生、葉文瀚先生、林文厚先生及溫文麗女士及獨立非執行董事趙雅穎先生、朱 初立醫生、羅家熊博士及黃國樑先生。 * 僅供識別 ...

Group 1 - ST Xuefa's stock opened high on November 10, reaching a limit up before experiencing a sudden drop, resulting in a "heaven and earth board" phenomenon, with a trading volume exceeding 100 million yuan [1] - The stock had previously experienced six consecutive trading days of limit up [1] Group 2 - On November 6, ST Xuefa announced that its stock price had deviated by more than 12% over three consecutive trading days (November 4, 5, and 6) [3] - The company stated that its recent operational situation is normal and that there have been no significant changes in the internal operating environment [3] - The announcement clarified that ST Xuefa and its related party, Xuesong Industrial Group Co., Ltd., are under the same actual controller but operate independently in terms of business, personnel, assets, institutions, and finance, ensuring no significant adverse impact on the company's normal operations and governance [3]

Core Viewpoint - The company plans to strategically exit its magnetic levitation and bridge component businesses while focusing on clean energy generation through significant asset restructuring involving the sale and acquisition of various subsidiaries and assets [1][3]. Group 1: Asset Transactions - The company intends to sell 100% equity of Chuanfa Maglev and related assets to Shudao Group's subsidiary, Shudao Rail Transit Group, for 1.392 billion yuan [2]. - The company will also sell 100% equity of Xinzhong Jiaoke and related assets to Sichuan Road and Bridge for an undisclosed amount, with the transaction aimed at enhancing the latter's competitive edge in bridge construction [2]. - The company plans to acquire 60% equity of Shudao Clean Energy from Shudao Group for 5.814 billion yuan, with the transaction constituting a major asset restructuring [1][4]. Group 2: Financial Performance - The company has reported continuous losses for four consecutive years, with total losses amounting to 1.55 billion yuan from 2021 to 2024 [8]. - The company's net profits for the years 2021 to 2024 were -233 million yuan, -566 million yuan, -342 million yuan, and -409 million yuan, respectively [8]. - As of the first three quarters of 2025, the company reported a loss of 42.29 million yuan [8]. Group 3: Strategic Shift - The company aims to focus on clean energy generation, marking a significant shift from its previous core businesses, which have struggled to achieve market breakthroughs and profitability [3][10]. - The decision to exit the magnetic levitation and bridge component sectors is driven by the low conversion efficiency of maglev technology and increasing competition in the bridge component industry [2][10]. Group 4: Leadership Changes - The company's chairman resigned in September 2025, following a period of significant financial losses, with total losses exceeding 1.8 billion yuan during his tenure [10].

Core Viewpoint - New筑股份 plans to sell assets worth 1.392 billion yuan and acquire 60% equity in蜀道清洁能源 for 5.814 billion yuan, marking a significant asset restructuring move [1][2] Group 1: Asset Sale and Acquisition - The company intends to sell 100% equity of 川发磁浮 and related assets to蜀道轨交集团, and 100% equity of 新筑交科 to 四川路桥, aiming to strengthen its core engineering business and enhance market competitiveness [1][2] - The transaction price for the asset sale reflects a 16.85% increase over the simulated combined book value [1] Group 2: Strategic Shift - New筑股份 is strategically exiting the low-performing magnetic levitation and bridge component businesses, focusing on clean energy generation as its future direction [2][5] - The company has faced continuous losses over the past four years, totaling 1.55 billion yuan, with net profits of -233 million yuan, -566 million yuan, -342 million yuan, and -409 million yuan from 2021 to 2024 [5][7] Group 3: Management Changes - The chairman of New筑股份 resigned in September 2025, following a period of significant losses exceeding 1.8 billion yuan during his tenure [7][8]

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) | 00248 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 HKD | | 20,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 HKD | | 20,000,000 | 本月底法定/註冊股本總額： HKD 20,000,000 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10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: 香港通訊國際控股有限公司 呈交日期: 20 ...

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 本月底法定/註冊股本總額： HKD 20,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 I. 法定/註冊股本變動 公司名稱: 香港通訊國際控股有限公司 | 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) | 00248 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 2,000,000,000 | ...

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: 香港通訊國際控股有限公司 呈交日期: 2025年9月1日 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) | 00248 | 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 | | | 1,245,331,256 | | 0 | | 1,245,331,256 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,245,331,256 | | 0 | | 1,245,331,256 | 第 2 頁 共 10 頁 v 1.1.1 III.已發行股份及/或庫存股份 ...

HKC INTERNATIONAL HOLDINGS LIMITED 香港通訊國際控股有限公司* （於開曼群島註冊成立之有限公司） （股票代號︰248） 於二零二五年八月二十九日舉行之股東週年大會投票表決結果 香港通訊國際控股有限公司 (「本公司」) 於二零二五年八月二十九日舉行之股東 週年大會 (「股東週年大會」) ，就日期為二零二五年七月二十三日之股東週年大 會通告所載之決議案，以按股數投票方式表決。 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佈之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就本公佈全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 本公司執行董事胡國林先生及溫文麗女士及獨立非執行董事羅家熊博士及黃國樑先 生出席了股東週年大會。 於股東週年大會舉行當日，本公司已發行股份總數為 1,245,331,256 股，此乃賦予持 有人權利出席股東週年大會並於會上就有關決議案投贊成或反對票之股份總數。概 無股份賦予股東權利出席股東週年大會並須根據香港聯合交易所有限公司證券上市 規則第13.40條所載規定須放棄就決議案投贊成票。並無任何股東於股東週 ...

Core Viewpoint - ST Xuefa (002485.SZ) reported a decline in revenue and net profit for the first half of 2025, indicating financial challenges faced by the company [1] Financial Performance - The company achieved operating revenue of 386 million yuan, a year-on-year decrease of 7.77% [1] - The net profit attributable to shareholders of the listed company was -21.74 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -22.21 million yuan [1] - Basic earnings per share were -0.0400 yuan [1]

[Company Information and Group Structure](index=3&type=section&id=Company%20Information%20and%20Group%20Structure) This section provides fundamental corporate details of Hong Kong Communications International Holdings Limited, including its board members, company secretary, registered office, principal place of business, share registrar, auditor, and principal bankers [Company Information](index=3&type=section&id=Company%20Information) This section provides fundamental corporate details of Hong Kong Communications International Holdings Limited, including its board members, company secretary, registered office, principal place of business, share registrar, auditor, and principal bankers - The Chairman and Chief Executive Officer of the company is Mr Chan Chung Yee[4](index=4&type=chunk) - The company's auditor is Shinewing (HK) CPA Limited[4](index=4&type=chunk) - The company's stock code on the Hong Kong Stock Exchange is 248[5](index=5&type=chunk) [Group Structure](index=4&type=section&id=Group%20Structure) Hong Kong Communications International Holdings Limited operates as a top-tier investment holding company with wholly-owned subsidiaries engaged in diverse businesses, primarily IoT solutions, mobile phone sales, and property investment across Hong Kong, Macau, mainland China, Singapore, and Thailand - The Group's businesses operate through several wholly-owned subsidiaries, covering IoT solutions, mobile phone sales, and property investment[6](index=6&type=chunk) - Business geographical coverage includes Hong Kong, Macau, mainland China (Shanghai), Singapore, and Thailand[6](index=6&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) This section analyzes the Group's financial performance, segment results, future outlook, liquidity, and human resources for the reporting period [Overall Performance](index=5&type=section&id=Overall%20Performance) For the year ended March 31, 2025, the Group faced severe challenges, with turnover significantly declining by **51%** and loss attributable to equity holders expanding to **HKD27 million**, primarily due to a substantial decrease in revenue and gross profit 2025 Financial Year Key Performance Indicators | Indicator | 2025 FY | 2024 FY | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Turnover | HKD86 million | HKD176 million | -51% | | Loss attributable to equity holders | HKD27 million | HKD22 million | Loss widened by 22.7% | [Segment Performance](index=5&type=section&id=Segment%20Performance) During the reporting year, all major business segments of the Group performed poorly, with mobile phone sales sharply declining due to weak demand, IoT solutions turning from profit to loss with halved turnover, and property investment recording a loss despite a slight increase in rental income Overview of Segment Results (2025 FY vs 2024 FY) | Business Segment | Turnover (HKD) | Segment Profit/(Loss) (HKD) | | :--- | :--- | :--- | | **Sales of Mobile Phones** | 6 million (2025) vs 29 million (2024) | (4 million) (2025) vs (6 million) (2024) | | **Sales of IoT Solutions** | 78 million (2025) vs 146 million (2024) | (4 million) (2025) vs 5 million (2024) | | **Property Investment** | 1.5 million (2025) vs 1.2 million (2024) | (0.6 million) (2025) vs (2.6 million) (2024) | [Outlook](index=5&type=section&id=Outlook) The Group maintains a cautious outlook, anticipating continued weakness in the mobile phone business due to declining overall demand, ongoing market uncertainty for IoT solutions necessitating strict cost control, and sustained impact on occupancy and rental income in property investment from weak leasing market demand - Mobile phone business: As an authorized distributor for Nokia and vivo, sales are expected to remain weak in the coming year[12](index=12&type=chunk) - IoT solutions: Market uncertainty will continue to affect demand, leading to strict cost control measures[12](index=12&type=chunk) - Property investment: Weak demand in the leasing market will continue to impact occupancy rates and rental income[13](index=13&type=chunk) [Liquidity and Financial Resources](index=5&type=section&id=Liquidity%20and%20Financial%20Resources) At the fiscal year-end, the Group's cash and bank balances decreased, while bank borrowings reduced, leading to a gearing ratio decline from **66%** to **61%**, with the Board confident in sufficient liquidity backed by pledged assets Financial Position Summary (as at March 31, 2025) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Cash and bank balances | HKD12 million | HKD25 million | | Bank borrowings | HKD133 million | HKD159 million | | Gearing ratio | 61% | 66% | - As at March 31, 2025, the Group's bank facilities were secured by leasehold land, investment properties, bank deposits, and financial assets totaling approximately **HKD205.7 million**[21](index=21&type=chunk) - The Group's assets and liabilities are primarily denominated in HKD, RMB, and SGD, with no significant foreign exchange risk or hedging arrangements[22](index=22&type=chunk) [Employees and Dividends](index=6&type=section&id=Employees%20and%20Dividends) As of March 31, 2025, the Group's employee count decreased from **100** to **83**, with a slight reduction in total remuneration expenses, and no dividends were recommended due to the annual loss Employee Information | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Total employees | 83 persons | 100 persons | | Total employee remuneration | HKD17 million | HKD18 million | - For the year ended March 31, 2025, the company did not declare or propose any dividends[25](index=25&type=chunk) [Biographies of Directors and Senior Management](index=8&type=section&id=Biographies%20of%20Directors%20and%20Senior%20Management) This section details the backgrounds of the company's executive and independent non-executive directors, highlighting the core management's decades of experience in the information, communication technology, and telecommunications industries, with Chairman and CEO Mr Chan Chung Yee being a key strategist since 1987 [Biographies of Directors and Senior Management](index=8&type=section&id=Biographies%20of%20Directors%20and%20Senior%20Management) This section details the backgrounds of the company's executive and independent non-executive directors, highlighting the core management's decades of experience in the information, communication technology, and telecommunications industries, with Chairman and CEO Mr Chan Chung Yee being a key strategist since 1987 - Chairman and Chief Executive Officer Mr Chan Chung Yee joined the Group in 1987 and possesses over thirty years of experience in the information and communication technology industry[30](index=30&type=chunk) - The executive director team members have profound professional backgrounds and long-term experience in communication technology, accounting and finance, product development, smart systems, and human resource management[30](index=30&type=chunk)[31](index=31&type=chunk) - The independent non-executive director team comprises professionals from accounting, medical, and technology fields, providing diverse external oversight and advice to the company[34](index=34&type=chunk)[35](index=35&type=chunk) [Corporate Governance Report](index=10&type=section&id=Corporate%20Governance%20Report) This report outlines the company's adherence to the Listing Rules' Corporate Governance Code, noting two deviations: the combined roles of Chairman and CEO, and the absence of some independent non-executive directors from the 2024 AGM [Corporate Governance Practices](index=10&type=section&id=Corporate%20Governance%20Practices) The company complied with the Listing Rules' Corporate Governance Code during the fiscal year, with two deviations: the combined roles of Chairman and CEO held by Mr Chan Chung Yee, and the non-attendance of some independent non-executive directors at the 2024 AGM due to other commitments - The roles of Chairman and Chief Executive Officer are not separated, both held by Mr Chan Chung Yee, which the Board believes provides strong and consistent leadership[37](index=37&type=chunk) - Two independent non-executive directors, Mr Chiu Nga Ying and Dr Chu Chor Lik, were unable to attend the Annual General Meeting on August 23, 2024[37](index=37&type=chunk) [Board of Directors](index=10&type=section&id=Board%20of%20Directors) The Board comprises seven executive and four independent non-executive directors, held nine meetings during the reporting period with some directors having low attendance, and director appointments and re-elections follow the company's articles of association, requiring at least one-third of directors to retire by rotation at each AGM - The Board of Directors consists of **11** members, including **7** executive directors and **4** independent non-executive directors[39](index=39&type=chunk) Board Meeting Attendance Record (Partial) | Director Name | Position | Meetings Attended | | :--- | :--- | :--- | | Chan Chung Yee | Executive Director | 9/9 | | Yip Man Hon | Executive Director | 0/9 | | Chu Chor Lik | Independent Non-Executive Director | 0/9 | | Law Ka Hung | Independent Non-Executive Director | 0/9 | | Wong Kwok Leung | Independent Non-Executive Director | 0/9 | [Board Committees](index=12&type=section&id=Board%20Committees) The company maintains Remuneration, Nomination, and Audit Committees, all chaired by and predominantly composed of independent non-executive directors, responsible for remuneration policy, board structure review, and oversight of financial reporting and internal controls, respectively - The Remuneration Committee consists of three members, chaired by independent non-executive director Mr Chiu Nga Ying, and is responsible for determining the remuneration policy for executive directors[49](index=49&type=chunk) - The company adopted a share option scheme in 2022 to incentivize and retain talent; during the reporting period, **8** directors and **52** employees were granted and accepted **88,280,000** share options[49](index=49&type=chunk) - The Nomination Committee comprises three independent non-executive directors, chaired by Dr Chu Chor Lik, and is responsible for reviewing the Board's composition and nominating director candidates[54](index=54&type=chunk) - The Audit Committee consists of four independent non-executive directors, chaired by Mr Chiu Nga Ying, and is responsible for reviewing financial statements and discussing internal control matters[57](index=57&type=chunk) [Internal Control and Auditor](index=14&type=section&id=Internal%20Control%20and%20Auditor) The Board is responsible for the Group's internal control system, annually reviewing its effectiveness to safeguard assets, ensure accurate accounting records, and comply with regulations, and this section also discloses audit and non-audit fees paid to auditor Shinewing (HK) CPA Limited - The Board is responsible for the Group's internal control system and has reviewed its effectiveness during the year under review, ensuring that major business risks are identified and managed[58](index=58&type=chunk)[59](index=59&type=chunk) Auditor's Remuneration (For the year ended March 31, 2025) | Service Type | Amount ('000 HKD) | | :--- | :--- | | Audit Services | 620 | | Non-Audit Services | 44 | | **Total** | **664** | [Environmental, Social and Governance Report](index=17&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) This report details the Group's environmental initiatives, including resource sustainability and energy reduction, and its social responsibilities, such as fair labor practices, employee welfare, and community engagement [Environmental (A)](index=17&type=section&id=Environmental%20%28A%29) The Group's non-production-oriented business has minimal direct environmental impact, yet the company is committed to sustainable resource use through its 4R policy (Reduce, Reuse, Recycle, Replace) and has received waste reduction and energy-saving certificates from the Hong Kong Green Organisation, with total electricity consumption decreasing during the reporting period - The Group's operations do not involve significant emissions of exhaust gas, wastewater, or hazardous waste[71](index=71&type=chunk) - The company adopts a 4R policy to promote sustainable resource use and has obtained waste reduction and energy-saving certificates from the Hong Kong Green Organisation[72](index=72&type=chunk) Resource Consumption | Resource | 2025 | 2024 | | :--- | :--- | :--- | | Total Electricity Consumption (kWh) | 172,685 | 202,885 | | Total Water Consumption (cubic meters) | 383 | 378 | [Social (B)](index=19&type=section&id=Social%20%28B%29) In terms of social responsibility, the Group emphasizes integrity and fairness, strictly adheres to labor standards prohibiting child and forced labor, reported a **3%** employee turnover rate (down from **5%**), provides staff training and tuition reimbursement, and maintains robust supply chain management, product quality control, and anti-corruption policies, earning the "Caring Company" logo for over **15** consecutive years - As of the end of the reporting period, the Group had **83** employees, with approximately **41%** aged **50** or above, and the staff turnover rate decreased from **5%** last year to **3%**[81](index=81&type=chunk) - The Group strictly adheres to labor standards, prohibiting the employment of child or forced labor, with no related violations reported during the period[84](index=84&type=chunk) - The company maintains a list of qualified suppliers and regularly reviews their product quality and safety[87](index=87&type=chunk) - The Group has been awarded the "Caring Company" logo by The Hong Kong Council of Social Service for over **15** consecutive years[92](index=92&type=chunk) [Directors' Report](index=21&type=section&id=Directors%27%20Report) This report outlines the Group's principal activities as an investment holding company, refers to the consolidated statement of comprehensive income for annual performance, states no dividends were recommended for the years ended March 31, 2025 and 2024, and notes the company's distributable reserves at the period-end [Business and Performance](index=21&type=section&id=Business%20and%20Performance) This report outlines the Group's principal activities as an investment holding company, refers to the consolidated statement of comprehensive income for annual performance, states no dividends were recommended for the years ended March 31, 2025 and 2024, and notes the company's distributable reserves at the period-end - The Board does not recommend the payment of any dividend for the year ended March 31, 2025[98](index=98&type=chunk) - As at March 31, 2025, the company's distributable reserves amounted to **HKD122,315,000**, a slight decrease from **HKD123,228,000** in the prior year[104](index=104&type=chunk) [Directors and Interests](index=22&type=section&id=Directors%20and%20Interests) The report discloses the current year's director list and those retiring by rotation and standing for re-election at the upcoming AGM, along with detailed interests of directors and chief executives in the company's shares, notably Chairman Mr Chan Chung Yee holding approximately **55.71%** interest Major Directors' Shareholdings (as at March 31, 2025) | Director Name | Total Number of Shares Interested | Approximate Percentage of Interest | | :--- | :--- | :--- | | Chan Chung Yee | 693,752,246 | 55.71% | | Chan Chung Yin | 96,315,191 | 7.73% | - Ms Lau Man Ting (spouse of Mr Chan Chung Yee) and Ms Lau Wai Han (spouse of Mr Chan Chung Yin) are deemed to have interests in the relevant shares due to their spousal relationships[121](index=121&type=chunk)[122](index=122&type=chunk) [Major Customers and Suppliers](index=26&type=section&id=Major%20Customers%20and%20Suppliers) In the current fiscal year, the Group exhibited very high customer concentration, with the top five customers contributing **87%** of total revenue and the largest customer accounting for **59%**, while supplier concentration was lower, with the top five suppliers representing **40%** of total purchases - The top five customers accounted for approximately **87%** of total revenue, with the largest customer contributing approximately **59%** of total revenue[125](index=125&type=chunk) - The top five suppliers accounted for approximately **40%** of total purchases, with the largest supplier contributing approximately **21%** of total purchases[125](index=125&type=chunk) [Independent Auditor's Report](index=28&type=section&id=Independent%20Auditor%27s%20Report) This report presents the auditor's opinion on the consolidated financial statements and highlights key audit matters that required significant attention during the audit process [Auditor's Opinion](index=28&type=section&id=Auditor%27s%20Opinion) Shinewing (HK) CPA Limited, the auditor, believes that the consolidated financial statements fairly present the Group's consolidated financial position as of March 31, 2025, and its financial performance for the year then ended, in accordance with Hong Kong Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance - The auditor issued an unmodified opinion on the Group's consolidated financial statements[133](index=133&type=chunk) [Key Audit Matters](index=29&type=section&id=Key%20Audit%20Matters) The auditor identified three key audit matters requiring particular attention due to significant management judgment and estimation: the valuation of investment properties, the impairment assessment of contract assets and trade receivables, and revenue recognition for smart system construction services - **Valuation of Investment Properties**: The fair value of the Group's investment properties, approximately **HKD147 million**, involves significant judgment and estimation, making it a key audit matter[137](index=137&type=chunk)[138](index=138&type=chunk) - **Impairment of Contract Assets and Trade Receivables**: The measurement of expected credit losses requires the application of significant judgment and assumptions, thus identified as a key audit matter[141](index=141&type=chunk)[142](index=142&type=chunk) - **Revenue Recognition for Smart System Construction Services**: Revenue recognition for this business involves measuring progress towards completion, relying on estimates of total expected costs, which entails significant management judgment, thus listed as a key audit matter[144](index=144&type=chunk)[145](index=145&type=chunk) [Consolidated Financial Statements](index=35&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's consolidated financial performance and position, including the statement of comprehensive income, statement of financial position, statement of changes in equity, and statement of cash flows [Consolidated Statement of Comprehensive Income](index=35&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) For the year ended March 31, 2025, the Group's revenue was **HKD85.56 million**, a **51%** year-on-year decrease, and the annual loss expanded to **HKD26.75 million** due to lower gross profit and fair value loss on investment properties, resulting in a basic loss per share of **2.15 HK cents** Consolidated Statement of Comprehensive Income Summary ('000 HKD) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 85,561 | 176,302 | | Gross Profit | 31,698 | 45,373 | | Loss before tax | (26,748) | (21,992) | | Loss for the year attributable to equity holders of the Company | (26,748) | (21,968) | | Basic loss per share (HK cents) | (2.15) | (1.76) | [Consolidated Statement of Financial Position](index=36&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were **HKD361 million**, a decrease from the prior year, with net assets (total equity) at **HKD217 million**, down **10.3%** year-on-year, where non-current assets primarily comprised investment properties and current assets included a significant portion of contract assets Consolidated Statement of Financial Position Summary ('000 HKD) | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 204,374 | 224,332 | | Current assets | 156,504 | 190,853 | | **Total Assets** | **360,878** | **415,185** | | **Liabilities and Equity** | | | | Current liabilities | 143,433 | 172,685 | | Non-current liabilities | 49 | 139 | | **Total Liabilities** | **143,482** | **172,824** | | **Total Equity** | **217,396** | **242,361** | [Consolidated Statement of Changes in Equity](index=38&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) During the reporting period, the Group's total equity decreased from **HKD242 million** at the beginning of the year to **HKD217 million** at year-end, primarily due to the **HKD26.75 million** loss for the year, partially offset by an increase of **HKD1.78 million** in exchange fluctuation reserve - Total equity decreased from **HKD242,361 thousand** to **HKD217,396 thousand**, mainly due to the annual loss of **HKD26,748 thousand**[169](index=169&type=chunk) [Consolidated Statement of Cash Flows](index=39&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) In the current fiscal year, the Group generated a net cash inflow of **HKD19.31 million** from operating activities, primarily due to a reduction in contract assets and trade receivables, while financing activities resulted in a net cash outflow of **HKD21.75 million**, mainly for bank loan repayments, leading to a net decrease of **HKD2.99 million** in cash and cash equivalents Consolidated Statement of Cash Flows Summary ('000 HKD) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Net cash generated from operating activities | 19,311 | (34,926) | | Net cash (used in) generated from investing activities | (557) | 20,191 | | Net cash (used in) generated from financing activities | (21,745) | 1,853 | | **Net decrease in cash and cash equivalents** | **(2,991)** | **(12,882)** | [Notes to the Consolidated Financial Statements](index=41&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed notes to the consolidated financial statements, offering further insights into specific line items and accounting policies [Note 7. Revenue](index=75&type=section&id=Note%207.%20Revenue) Total revenue for the current year was **HKD85.56 million**, with **HKD84.07 million** derived from contracts with customers; smart system construction services were the largest revenue source, contributing **HKD40.82 million**, a significant decrease from **HKD111 million** last year, while sales of goods were the second largest source Revenue Composition ('000 HKD) | Revenue Source | 2025 | 2024 | | :--- | :--- | :--- | | Smart System Construction Services | 40,815 | 111,488 | | Sales of Goods | 35,697 | 52,860 | | Maintenance Services | 6,909 | 8,705 | | Investment Property Rental | 1,493 | 1,228 | | Other Services | 647 | 2,021 | | **Total** | **85,561** | **176,302** | [Note 8. Segment Information](index=76&type=section&id=Note%208.%20Segment%20Information) The Group segments its operations by business and geography, with IoT solutions in Hong Kong being the largest revenue contributor at **HKD75.02 million**, though all sales segments recorded losses, and geographically, Hong Kong accounts for the vast majority of revenue (**HKD82.43 million**) and non-current assets (**HKD194 million**) 2025 Financial Year Segment Results ('000 HKD) | Reporting Segment | External Revenue | Segment (Loss)/Profit | | :--- | :--- | :--- | | Sales of Mobile Phones in Hong Kong | 5,921 | (4,235) | | Sales of IoT Solutions in Hong Kong | 75,018 | 483 | | Sales of IoT Solutions in Mainland China and other Southeast Asian countries | 3,129 | (4,126) | | Property Investment | 1,493 | (575) | - Revenue from the largest single customer (Customer A) was **HKD31.98 million**, accounting for **37.4%** of total revenue, a significant decrease from **HKD106 million** (60.4% of total revenue) last year, indicating a contraction in major customer business[334](index=334&type=chunk) [Note 18. Investment Properties](index=90&type=section&id=Note%2018.%20Investment%20Properties) As of March 31, 2025, the Group's investment properties had a fair value of **HKD147 million**, a decrease from **HKD165 million** at the beginning of the year, with a **HKD18.3 million** fair value loss recorded for the year reflecting market value decline, and all properties are located in Hong Kong and pledged as collateral for the Group's bank facilities Investment Property Fair Value Movement ('000 HKD) | Item | Amount | | :--- | :--- | | At beginning of year (April 1, 2024) | 165,200 | | Fair value loss | (18,300) | | **At end of year (March 31, 2025)** | **146,900** | - All investment properties' fair value measurements are classified as Level 3, meaning their valuation relies on unobservable market data such as estimated market prices and rental yields[364](index=364&type=chunk)[367](index=367&type=chunk) [Note 29. Bank Borrowings](index=103&type=section&id=Note%2029.%20Bank%20Borrowings) At the fiscal year-end, the Group's total bank borrowings amounted to **HKD133 million**, comprising **HKD123 million** in bank loans and **HKD10.58 million** in bank overdrafts, all bearing floating interest rates and secured by the Group's properties, financial assets, and bank deposits, and despite some long-term repayment plans, all are classified as current liabilities due to demand clauses Bank Borrowings Composition ('000 HKD) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Bank loans | 122,902 | 137,842 | | Bank overdrafts | 10,580 | 21,189 | | **Total** | **133,482** | **159,031** | - All bank term loans and mortgage loans, totaling approximately **HKD123 million**, contain repayment on demand clauses, thus classified as current liabilities in the statement of financial position[407](index=407&type=chunk) [Five-Year Financial Summary](index=116&type=section&id=Five-Year%20Financial%20Summary) This section presents the Group's key financial data over the past five years, showing a continuous decline in revenue since 2021 with a sharp drop in 2025, four consecutive years of increasing losses since 2022, and a consistent shrinkage in total assets and net assets (total equity) [Five-Year Financial Summary](index=116&type=section&id=Five-Year%20Financial%20Summary) This section presents the Group's key financial data over the past five years, showing a continuous decline in revenue since 2021 with a sharp drop in 2025, four consecutive years of increasing losses since 2022, and a consistent shrinkage in total assets and net assets (total equity) Five-Year Financial Data Summary ('000 HKD) | Item | 2021 | 2022 | 2023 | 2024 | 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 217,122 | 199,096 | 169,524 | 176,302 | 85,561 | | Profit/(Loss) attributable to equity holders | 4,747 | (1,943) | (19,568) | (21,968) | (26,748) | | Total Assets | 391,729 | 380,668 | 427,496 | 415,185 | 360,878 | | Total Liabilities | (110,583) | (99,866) | (164,168) | (172,824) | (143,482) | | Net Assets | 281,146 | 280,802 | 263,328 | 242,361 | 217,396 | [Property Details](index=117&type=section&id=Property%20Details) This section lists the Group's self-occupied and investment properties, all located in Hong Kong with 100% Group interest, including a commercial office in Wong Chuk Hang and a portfolio of commercial and residential investment properties in Mong Kok, Tseung Kwan O, Lockhart Road, and Wong Chuk Hang [Property Details](index=117&type=section&id=Property%20Details) This section lists the Group's self-occupied and investment properties, all located in Hong Kong with 100% Group interest, including a commercial office in Wong Chuk Hang and a portfolio of commercial and residential investment properties in Mong Kok, Tseung Kwan O, Lockhart Road, and Wong Chuk Hang - All self-occupied and investment properties held by the Group are located in Hong Kong[450](index=450&type=chunk) - The investment property portfolio includes commercial (shops, offices) and residential units in locations such as Mong Kok and Tseung Kwan O[450](index=450&type=chunk)