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)

[Company Information and Disclaimer](index=1&type=section&id=Company%20Information%20and%20Disclaimer) This section outlines the company's annual results announcement and the disclaimer regarding the content's accuracy and completeness [Company Overview](index=1&type=section&id=Company%20Overview) This report presents the audited annual results announcement for Hong Kong Communications International Holdings Limited (Stock Code: 248) for the year ended March 31, 2025 - Hong Kong Communications International Holdings Limited (Stock Code: 248) released its audited annual results announcement for the year ended March 31, 2025[2](index=2&type=chunk) [Disclaimer](index=1&type=section&id=Disclaimer) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited disclaim responsibility for this announcement's content, accuracy, or completeness, and any losses arising from its reliance - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited are not responsible for the content, accuracy, or completeness of this announcement, and disclaim liability for any losses arising from its reliance[1](index=1&type=chunk) [Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated statement of comprehensive income and financial position, highlighting key financial performance and position changes [Consolidated Statement of Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) For the year ended March 31, 2025, the company's revenue significantly decreased by 51.47% to HK$'85,561 thousand, gross profit declined by 30.04% to HK$'31,698 thousand, and loss for the year expanded by 21.76% to HK$'26,748 thousand, with basic and diluted loss per share increasing to (2.15) HK cents Consolidated Statement of Comprehensive Income Summary | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 85,561 | 176,302 | -51.47% | | Cost of sales | (53,863) | (130,929) | -58.86% | | Gross profit | 31,698 | 45,373 | -30.04% | | Other income, gains and losses | 782 | 1,818 | -56.99% | | Fair value loss on investment properties | (18,300) | (18,090) | +1.16% | | Loss before tax | (26,748) | (21,992) | +21.63% | | Loss for the year attributable to owners of the Company | (26,748) | (21,968) | +21.76% | | Loss per share – Basic and diluted (HK cents) | (2.15) | (1.76) | +22.16% | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets and total equity both decreased, with non-current assets falling by 8.9% to HK$'204,374 thousand and current assets by 18.0% to HK$'156,504 thousand, while total equity declined by 10.3% to HK$'217,396 thousand Consolidated Statement of Financial Position Summary | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current assets | 204,374 | 224,332 | -8.90% | | Current assets | 156,504 | 190,853 | -18.00% | | **Liabilities** | | | | | Current liabilities | 143,433 | 172,685 | -16.94% | | Non-current liabilities | 49 | 139 | -64.75% | | **Equity** | | | | | Total equity | 217,396 | 242,361 | -10.30% | [Notes to the Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section details the basis of financial statement preparation, application of new HKFRSs, segment information, and specific financial account analyses [Basis of Preparation](index=5&type=section&id=Basis%20of%20Preparation) The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, Hong Kong Generally Accepted Accounting Principles, and the disclosure requirements of the Hong Kong Companies Ordinance, complying with the Listing Rules, presented in HKD under the historical cost convention, with certain financial instruments and investment properties measured at fair value - The financial statements comply with Hong Kong Financial Reporting Standards, Hong Kong Generally Accepted Accounting Principles, and the disclosure requirements of the Companies Ordinance, also adhering to the Listing Rules[6](index=6&type=chunk) - The statements are prepared on a historical cost basis, with certain financial instruments and investment properties measured at fair value, presented in HKD[6](index=6&type=chunk) [Application of New and Revised HKFRSs](index=5&type=section&id=Application%20of%20New%20and%20Revised%20HKFRSs) This year saw the initial application of several revised Hong Kong Financial Reporting Standards, including those for lease liabilities in sale and leaseback transactions, liability classification, non-current liabilities with covenants, and supplier finance arrangements, which the Board assessed to have no material impact on the Group's financial performance or position - This year marks the first application of several revised Hong Kong Financial Reporting Standards, including those for lease liabilities in sale and leaseback transactions, liability classification, non-current liabilities with covenants, and supplier finance arrangements[7](index=7&type=chunk) - The Board expects that the applied and not yet effective new and revised standards will have no material impact on the Group's results and financial position[7](index=7&type=chunk)[8](index=8&type=chunk) [Segment Information](index=6&type=section&id=Segment%20Information) The Group's operating segments are categorized by product and service type, primarily including sales of mobile phones in Hong Kong, sales of IoT solutions in Hong Kong, sales of IoT solutions in Mainland China and Southeast Asia, and property investment, with all assets (except financial assets at fair value through profit or loss) and liabilities (except deferred tax liabilities) allocated to reporting segments - The Group's operating segments are classified by product and service type, encompassing sales of mobile phones in Hong Kong, sales of IoT solutions in Hong Kong, sales of IoT solutions in Mainland China and Southeast Asian countries, and property investment[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) - All assets, except financial assets at fair value through profit or loss, and all liabilities, except deferred tax liabilities, are allocated to the respective reporting segments[11](index=11&type=chunk) [Segment Revenue and Results](index=7&type=section&id=Segment%20Revenue%20and%20Results) In FY2025, external revenue from sales of mobile phones and IoT solutions in Hong Kong significantly decreased, while external revenue from IoT solutions in Mainland China and Southeast Asia slightly declined, and property investment revenue saw a modest increase, with all segments recording losses, and losses for sales of mobile phones in Hong Kong and IoT solutions in Mainland China and Southeast Asia intensifying Segment Revenue and Results Summary | Segment | 2025 External Revenue (HK$'000) | 2024 External Revenue (HK$'000) | YoY Change (%) | 2025 Segment (Loss) Profit (HK$'000) | 2024 Segment (Loss) Profit (HK$'000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Sales of mobile phones in Hong Kong | 5,921 | 29,047 | -79.62% | (4,235) | (5,670) | | Sales of IoT solutions in Hong Kong | 75,018 | 142,859 | -47.49% | 483 | 1,039 | | Sales of IoT solutions in Mainland China and other Southeast Asian countries | 3,129 | 3,168 | -1.23% | (4,126) | 3,688 | | Property investment | 1,493 | 1,228 | +21.58% | (575) | (2,627) | | **Total** | **85,561** | **176,302** | **-51.47%** | **(8,453)** | **(3,570)** | [Geographical Information](index=9&type=section&id=Geographical%20Information) In FY2025, external customer revenue from Hong Kong significantly decreased by 52.24% but remained the primary source of income, while external customer revenue from Mainland China and Singapore both declined, and non-current assets were primarily concentrated in Hong Kong Geographical Information Summary | Region | 2025 External Customer Revenue (HK$'000) | 2024 External Customer Revenue (HK$'000) | YoY Change (%) | 2025 Non-current Assets (HK$'000) | 2024 Non-current Assets (HK$'000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 82,432 | 173,023 | -52.24% | 194,313 | 214,191 | | Mainland China | 1,124 | 581 | +93.46% | 133 | 199 | | Singapore | 2,005 | 2,698 | -25.76% | 151 | 500 | | **Total** | **85,561** | **176,302** | **-51.47%** | **194,597** | **214,890** | [Reconciliation of Segment Profit/Loss and Assets/Liabilities](index=9&type=section&id=Reconciliation%20of%20Segment%20Profit%2FLoss%20and%20Assets%2FLiabilities) In FY2025, the total reported segment loss increased to HK$'8,453 thousand, with fair value loss on investment properties and fair value gains (losses) on financial assets at fair value through profit or loss significantly impacting the consolidated loss before tax, while both total assets and total liabilities decreased Reconciliation of Segment Profit/Loss and Assets/Liabilities Summary | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Total reported segment loss | (8,453) | (3,570) | | Fair value loss on investment properties | (18,300) | (18,090) | | Fair value gains (losses) on financial assets at fair value through profit or loss | 5 | (332) | | **Consolidated loss before tax** | **(26,748)** | **(21,992)** | | Total reported segment assets | 350,603 | 405,345 | | Unallocated corporate assets | 10,275 | 9,840 | | **Consolidated total assets** | **360,878** | **415,185** | | Total reported segment liabilities | 143,433 | 172,775 | | Deferred tax liabilities | 49 | 49 | | **Consolidated total liabilities** | **143,482** | **172,824** | [Major Customer Information](index=10&type=section&id=Major%20Customer%20Information) In FY2025, revenue contribution from Customer A significantly decreased by 70% but remained a major customer, while Customer B emerged as a new major customer, contributing HK$'18,286 thousand in revenue Major Customer Revenue | Customer | 2025 Revenue (HK$'000) | 2024 Revenue (HK$'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Customer A | 31,984 | 106,442 | -70.00% | | Customer B | 18,286 | Not applicable | New major customer | - Major customer revenue is derived from the sales of IoT solutions in Hong Kong segment[18](index=18&type=chunk) [Other Income, Gains and Losses](index=10&type=section&id=Other%20Income%2C%20Gains%20and%20Losses) In FY2025, total other income, gains, and losses significantly decreased by 56.99% to HK$'782 thousand, primarily due to a sharp drop in dividend income from HK$'1,378 thousand to HK$'3 thousand, while government grants slightly increased Other Income, Gains and Losses Summary | Item | 2025 (HK$'000) | 2024 (HK$'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Bank interest income | 453 | 491 | -7.74% | | Dividend income | 3 | 1,378 | -99.78% | | Loss on disposal of property, plant and equipment | (119) | (54) | +120.37% | | Exchange gains (losses) | 215 | (80) | From loss to gain | | Government grants | 47 | 31 | +51.61% | | **Total** | **782** | **1,818** | **-56.99%** | [Finance Costs](index=11&type=section&id=Finance%20Costs) In FY2025, total finance costs decreased by 28.05% to HK$'6,972 thousand, mainly attributable to a significant reduction in interest on bank borrowings Finance Costs Summary | Item | 2025 (HK$'000) | 2024 (HK$'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Interest on bank borrowings | 6,484 | 9,373 | -30.82% | | Interest on lease liabilities | 23 | 12 | +91.67% | | Bank charges | 465 | 305 | +52.46% | | **Total** | **6,972** | **9,690** | **-28.05%** | [Loss Before Tax](index=11&type=section&id=Loss%20Before%20Tax) In FY2025, the loss before tax expanded to HK$'26,748 thousand, with total staff costs slightly decreasing but inventory write-downs significantly increasing Loss Before Tax Components | Item | 2025 (HK$'000) | 2024 (HK$'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Auditor's remuneration | 620 | 703 | -11.81% | | Depreciation | 1,984 | 1,931 | +2.75% | | Total staff costs | 21,136 | 22,758 | -7.13% | | Write-down of inventories | 212 | 18 | +1077.78% | | Net rental income from investment properties under operating leases | (716) | (483) | +48.24% | - Inventory write-downs significantly increased to **HK$'212 thousand**, primarily due to certain inventories no longer being suitable for use[19](index=19&type=chunk) [Taxation](index=12&type=section&id=Taxation) No assessable profits were generated in FY2025 and FY2024, thus no provision was made for Hong Kong Profits Tax, PRC Enterprise Income Tax, Singapore Corporate Tax, or Thailand Corporate Tax - The Group had no assessable profits in Hong Kong, Mainland China, Singapore, or Thailand, hence no tax provision was made[20](index=20&type=chunk)[21](index=21&type=chunk) - Hong Kong Profits Tax operates under a two-tiered system, with the first HK$'2 million of assessable profits taxed at 8.25% and the remainder at 16.5%[20](index=20&type=chunk) [Loss Per Share](index=13&type=section&id=Loss%20Per%20Share) The basic and diluted loss per share for FY2025 was (2.15) HK cents, an increase from (1.76) HK cents in FY2024, with unexercised share options having an anti-dilutive effect and thus not included in the diluted loss per share calculation due to the net loss recorded Loss Per Share Details | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss attributable to owners of the Company (HK$'000) | (26,748) | (21,968) | | Weighted average number of ordinary shares (shares) | 1,245,331,256 | 1,245,331,256 | | Basic and diluted loss per share (HK cents) | (2.15) | (1.76) | - Unexercised share options were not included in the diluted loss per share calculation due to their anti-dilutive effect[23](index=23&type=chunk) [Dividends](index=13&type=section&id=Dividends) No dividends were paid or proposed for the year ended March 31, 2025, or after the reporting period - No dividends were paid or proposed for FY2025 or after the reporting period[24](index=24&type=chunk) [Contract Assets](index=13&type=section&id=Contract%20Assets) As of March 31, 2025, total contract assets amounted to HK$'104,324 thousand, a 12.74% decrease from 2024, primarily stemming from smart system construction services, with a slight reduction in loss allowance Contract Assets Summary | Item | 2025 (HK$'000) | 2024 (HK$'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Smart system construction services | 106,270 | 121,735 | -12.71% | | Less: Loss allowance | (1,946) | (2,182) | -10.82% | | **Total** | **104,324** | **119,553** | **-12.74%** | [Trade Receivables and Ageing Analysis](index=14&type=section&id=Trade%20Receivables%20and%20Ageing%20Analysis) As of March 31, 2025, total trade receivables significantly decreased by 41.85% to HK$'13,838 thousand compared to 2024, with an average credit period of 7 days to 1 month, though longer terms are granted to customers with good credit, and receivables over 365 days increased significantly Trade Receivables Summary | Item | 2025 (HK$'000) | 2024 (HK$'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Gross trade receivables | 15,056 | 25,056 | -39.99% | | Less: Loss allowance | (1,218) | (1,260) | -3.33% | | **Net amount** | **13,838** | **23,796** | **-41.85%** | Trade Receivables Ageing Analysis | Ageing | 2025 (HK$'000) | 2024 (HK$'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Within 30 days | 9,069 | 19,085 | -52.58% | | 31 to 60 days | 864 | 670 | +28.96% | | 61 to 90 days | 833 | 2,560 | -67.46% | | 91 to 180 days | 102 | 1,057 | -90.35% | | 181 to 365 days | 1,012 | 400 | +153.00% | | Over 365 days | 3,176 | 1,284 | +147.35% | - The average credit period ranges from **7 days to 1 month**, with longer credit terms offered to customers with good credit standing[27](index=27&type=chunk) [Trade Payables, Accruals and Other Payables and Ageing Analysis](index=15&type=section&id=Trade%20Payables%2C%20Accruals%20and%20Other%20Payables%20and%20Ageing%20Analysis) As of March 31, 2025, total trade payables increased by 43.01% to HK$'3,091 thousand compared to 2024, while accruals and deposits received significantly decreased, and the average credit period for product purchases is 30 to 60 days Trade Payables, Accruals and Other Payables Summary | Item | 2025 (HK$'000) | 2024 (HK$'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Trade payables | 3,091 | 2,160 | +43.01% | | Accruals and deposits received | 1,242 | 5,481 | -77.31% | | **Total** | **4,333** | **7,641** | **-43.29%** | Trade Payables Ageing Analysis | Ageing | 2025 (HK$'000) | 2024 (HK$'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | 0 to 30 days | 1,873 | 943 | +98.62% | | 31 to 60 days | 284 | 187 | +51.87% | | 61 to 90 days | 1 | 155 | -99.35% | | Over 90 days | 933 | 875 | +6.63% | - The average credit period for product purchases is **30 to 60 days**, with the Group implementing financial risk management policies to ensure timely settlement[30](index=30&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the company's financial performance, segment analysis, future outlook, and details on liquidity, capital, and human resources [Overall Performance Review](index=16&type=section&id=Overall%20Performance%20Review) In FY2025, turnover decreased by 51% year-on-year to HK$'86,000 thousand, and loss attributable to owners of the Company expanded to HK$'27,000 thousand, primarily due to reduced revenue and gross profit Overall Performance Summary | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Turnover | 86,000 | 176,000 | -51.14% | | Loss attributable to owners of the Company | 27,000 | 22,000 | +22.73% | - The increase in loss is primarily attributed to a decline in revenue and gross profit[31](index=31&type=chunk) [Segment Performance Analysis](index=16&type=section&id=Segment%20Performance%20Analysis) All major business segments faced challenges in FY2025, with sales of mobile phones and IoT solutions experiencing significant turnover declines and recording losses, while property investment, despite increased rental income, remained in a loss-making state - All major business segments faced challenges, with a general decline in turnover and expanding losses[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) [Sales of Mobile Phones](index=16&type=section&id=Sales%20of%20Mobile%20Phones) In FY2025, turnover from sales of mobile phones significantly decreased by 79.31% to HK$'6,000 thousand due to weak demand, resulting in a segment loss of HK$'4,000 thousand Sales of Mobile Phones Performance | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Turnover | 6,000 | 29,000 | -79.31% | | Segment loss | 4,000 | 6,000 | -33.33% | - Weak demand led to a significant decline in turnover from sales of mobile phones[32](index=32&type=chunk) [Sales of IoT Solutions](index=16&type=section&id=Sales%20of%20IoT%20Solutions) In FY2025, turnover from IoT solutions decreased by 46.58% to HK$'78,000 thousand, with the segment turning from profit to a loss of HK$'4,000 thousand Sales of IoT Solutions Performance | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Turnover | 78,000 | 146,000 | -46.58% | | Segment (loss) profit | (4,000) | 5,000 | From profit to loss | [Property Investment](index=16&type=section&id=Property%20Investment) In FY2025, property investment rental income grew by 25% to HK$'1,500 thousand, but the segment still recorded a loss of HK$'600 thousand, which was a narrower loss compared to the previous year Property Investment Performance | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Rental income | 1,500 | 1,200 | +25.00% | | Segment loss | 600 | 2,600 | -76.92% | [Outlook](index=16&type=section&id=Outlook) The Group anticipates continued weakness in the mobile phone business due to declining demand, ongoing market uncertainty for IoT solutions necessitating strict cost controls, and pressure on occupancy rates and rental income in the property investment segment from weak leasing market demand - The mobile phone business is expected to remain weak due to an overall decline in demand[35](index=35&type=chunk) - Market uncertainty for IoT solutions persists, and the Group will implement strict cost controls[35](index=35&type=chunk) - The property investment segment faces pressure on occupancy rates and rental income due to weak demand in the leasing market[36](index=36&type=chunk) [Liquidity and Financial Resources](index=16&type=section&id=Liquidity%20and%20Financial%20Resources) As of March 31, 2025, cash and bank balances decreased to HK$'12,000 thousand, and bank borrowings fell to HK$'133,000 thousand, with the Board confident that the Group possesses sufficient cash balances and bank facilities to meet operational needs Liquidity and Financial Resources Summary | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cash and bank balances | 12,000 | 25,000 | -52.00% | | Bank borrowings | 133,000 | 159,000 | -16.35% | - The Board believes the Group has sufficient cash balances and bank facilities to meet its commitments and working capital requirements[37](index=37&type=chunk) [Gearing Ratio](index=16&type=section&id=Gearing%20Ratio) As of March 31, 2025, the gearing ratio (total borrowings as a percentage of shareholders' equity) decreased to 61% from 66% in 2024 Gearing Ratio Summary | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Gearing ratio | 61% | 66% | [Capital Structure](index=17&type=section&id=Capital%20Structure) There were no changes in the Group's capital structure for the year ended March 31, 2025 - The Group's capital structure remained unchanged in FY2025[39](index=39&type=chunk) [Capital Expenditure](index=17&type=section&id=Capital%20Expenditure) During the year, the Group's capital expenditure on property, plant, and equipment amounted to HK$'100 thousand Capital Expenditure Summary | Item | 2025 (HK$'000) | | :--- | :--- | | Capital expenditure on property, plant and equipment | 100 | [Employees](index=17&type=section&id=Employees) As of March 31, 2025, the Group's total number of employees decreased to 83 (2024: 100), and total employee remuneration (excluding directors' emoluments) decreased to HK$'17,000 thousand, with the Group maintaining good relations with its employees Employee Statistics | Indicator | 2025 | 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total number of employees | 83 | 100 | -17.00% | | Total employee remuneration (HK$'000) | 17,000 | 18,000 | -5.56% | - Employee remuneration and bonuses are determined based on individual merit and performance, reviewed at least annually[41](index=41&type=chunk) [Share Option Scheme](index=17&type=section&id=Share%20Option%20Scheme) The share option scheme, adopted on August 26, 2022, aims to incentivize directors and eligible employees and is set to expire on August 26, 2032, with the number of unexercised share options decreasing to 73,992,000 shares, representing 6% of issued shares, as of March 31, 2025 - The share option scheme aims to incentivize directors and eligible employees, valid until August 26, 2032[42](index=42&type=chunk) Share Option Scheme Details | Indicator | March 31, 2025 | March 31, 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Number of unexercised share options | 73,992,000 | 88,280,000 | -16.18% | | Percentage of issued shares | 6% | 7% | -1% | [Pledge of Assets](index=17&type=section&id=Pledge%20of%20Assets) As of March 31, 2025, the Group's general banking facilities were secured by leasehold land and buildings, investment properties, bank deposits, and financial assets at fair value through profit or loss Pledged Assets | Type of Pledged Asset | 2025 Carrying/Fair Value (HK$'000) | 2024 Carrying/Fair Value (HK$'000) | | :--- | :--- | :--- | | Leasehold land and buildings | 46,691 | 47,783 | | Investment properties | 146,900 | 165,200 | | Bank deposits | 2,765 | 2,765 | | Financial assets at fair value through profit or loss | 9,340 | 9,206 | [Foreign Exchange Fluctuations](index=17&type=section&id=Foreign%20Exchange%20Fluctuations) The Group's assets, liabilities, income, and expenses are primarily denominated in HKD, RMB, and SGD, and while not exposed to significant foreign currency exchange rate fluctuation risks, it does not engage in hedging or financial derivative instruments but closely monitors financial markets - The Group's assets, liabilities, and operating activities primarily involve HKD, RMB, and SGD[44](index=44&type=chunk) - The Group is not exposed to significant foreign currency exchange rate fluctuation risks and does not engage in hedging or financial derivative instruments[44](index=44&type=chunk) [Contingent Liabilities](index=18&type=section&id=Contingent%20Liabilities) As of March 31, 2025, the Company provided corporate guarantees of HK$'138,000 thousand for general banking facilities granted to its subsidiaries, an amount consistent with the previous year Contingent Liabilities Summary | Item | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Corporate guarantees | 138,000 | 138,000 | [Other Information](index=18&type=section&id=Other%20Information) This section covers corporate governance, auditor's review, compliance, share transactions, and arrangements for the Annual General Meeting [Closure of Register of Members](index=18&type=section&id=Closure%20of%20Register%20of%20Members) The Company's register of members will be closed from August 27 to August 29, 2025, to determine eligibility for attending and voting at the Annual General Meeting - The register of members will be closed from August 27 to August 29, 2025, to determine eligibility for voting at the Annual General Meeting[46](index=46&type=chunk) [Corporate Governance](index=18&type=section&id=Corporate%20Governance) The Group complied with the Corporate Governance Code set out in Appendix 14 of the Listing Rules in FY2025, with exceptions noted for the Chairman and Chief Executive Officer being the same person and two independent non-executive directors' absence from the 2024 Annual General Meeting, though the Board believes the combined role provides strong and consistent leadership - The Group complied with the Corporate Governance Code, with exceptions for the Chairman and Chief Executive Officer being the same person and two independent non-executive directors' absence from the Annual General Meeting[47](index=47&type=chunk) - The Board believes that the arrangement of having the Chairman and Chief Executive Officer as the same person provides strong and consistent leadership[47](index=47&type=chunk) [Independent Auditor's Review](index=18&type=section&id=Independent%20Auditor's%20Review) The auditor, Shinewing (HK) CPA Limited, has reconciled the financial figures in the preliminary announcement with the audited consolidated financial statements, but their work does not constitute an assurance engagement, and thus no assurance opinion is expressed - The auditor has reconciled the financial figures in the preliminary announcement with the audited statements but does not express an assurance opinion[48](index=48&type=chunk) [Compliance with Model Code](index=19&type=section&id=Compliance%20with%20Model%20Code) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix 10 of the Listing Rules, and all Directors confirmed compliance with the Code during FY2025 - The Company adopted the Model Code in Appendix 10 of the Listing Rules, and all Directors confirmed compliance[49](index=49&type=chunk) [Audit Committee](index=19&type=section&id=Audit%20Committee) The Audit Committee has reviewed the interim and annual consolidated financial statements and discussed the audit plan, accounting policies, and financial reporting matters with management and external auditors - The Audit Committee reviewed the financial statements and discussed the audit plan, accounting policies, and financial reporting matters[50](index=50&type=chunk) [Share Transactions](index=19&type=section&id=Share%20Transactions) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed shares during FY2025 - Neither the Company nor its subsidiaries purchased, sold, or redeemed any listed shares during FY2025[51](index=51&type=chunk) [Acknowledgements](index=19&type=section&id=Acknowledgements) The Board extends its sincere gratitude to the shareholders, business partners, and all management and staff of the Group - The Board expresses its sincere gratitude to shareholders, business partners, and all staff for their contributions and support[52](index=52&type=chunk) [Annual General Meeting and Despatch of Annual Report](index=19&type=section&id=Annual%20General%20Meeting%20and%20Despatch%20of%20Annual%20Report) The Annual General Meeting is scheduled for August 29, 2025, with the annual report and notice of meeting to be published on the Company's and HKEX websites and dispatched to shareholders in due course - The Annual General Meeting is scheduled for August 29, 2025, and the annual report and notice of meeting will be published on the Company's and HKEX websites[53](index=53&type=chunk) [Board of Directors](index=19&type=section&id=Board%20of%20Directors) As of the announcement date, the Board of Directors comprises 7 executive directors and 4 independent non-executive directors, with Mr. Chan Chung Yee as Chairman - The Board of Directors consists of **7 executive directors** and **4 independent non-executive directors**, with Mr. Chan Chung Yee serving as Chairman[54](index=54&type=chunk)[55](index=55&type=chunk)

Core Viewpoint - Chengdu Xinzhu Road & Bridge Machinery Co., Ltd. (Xinzhu Co.) has resumed trading after a 10-day suspension, opening with a price of 7.19 yuan per share, reflecting a 9.94% increase [1]. Group 1: Major Asset Transactions - Xinzhu Co. announced a significant asset sale and related transactions, including the sale of 100% equity in Sichuan Development Maglev Technology Co., Ltd. and other related assets to Sichuan Shudao Rail Transit Group [2]. - The company plans to sell 100% equity in Chengdu Xinzhu Transportation Technology Co., Ltd. to Sichuan Road and Bridge Construction Group, along with other related assets and liabilities [2]. - Xinzhu Co. will issue shares and pay cash to acquire 60% equity in Sichuan Shudao Clean Energy Group, with the transaction expected to constitute a major asset restructuring and related party transaction [2]. Group 2: Strategic Focus and Financial Improvement - The company aims to strategically exit the maglev and bridge component businesses, focusing on clean energy generation, which is expected to improve operational conditions and enhance sustainable growth potential [3]. - Shudao Clean Energy, now a subsidiary, specializes in clean energy projects, including hydropower, wind power, and solar energy, with a total installed capacity of 11.5 million kilowatts [3]. - The restructuring is anticipated to concentrate resources on core competencies, allowing Xinzhu Co. to leverage Shudao Clean Energy's market share and customer base for growth in the clean energy sector [4]. Group 3: Fundraising and Future Prospects - Xinzhu Co. plans to issue shares to no more than 35 qualified investors to raise funds not exceeding 100% of the transaction price for asset acquisition, with a maximum of 30% of total shares post-transaction [4]. - The raised funds will be allocated for cash payments, taxes, intermediary fees, project construction, and debt repayment [4]. - Analysts suggest that the strategic restructuring will enhance financial conditions, market competitiveness, and corporate governance, positioning the company for a successful transformation and broader development prospects [4].