Core Viewpoint - The company has made a strategic investment by acquiring an 18% stake in Rtree Tech Service Co., Limited for $489,000, aiming to enhance its digital asset value chain and competitiveness in the market [1] Group 1: Investment Details - The investment amount is $489,000, representing an 18% equity stake in Rtree Tech Service Co., Limited [1] - Rtree is a high-tech growth company focused on tokenizing real-world assets through a decentralized token platform [1] Group 2: Strategic Objectives - The company plans to leverage Rtree's RWA platform to promote the tokenization of its assets, including high-value artworks and supply chain operational assets [1] - The strategy aims to reflect and circulate asset value on-chain, thereby enhancing the company's core business competitiveness [1]

[Corporate Information](index=3&type=section&id=Corporate%20Information) This section outlines the company's core governance structure, including board and committee members, key appointments, and recent changes in directorship - The report details core corporate governance information, including board members, committee (audit, remuneration, nomination) members, company secretary, authorized representatives, auditor, registered office, and principal place of business[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) - During and after the reporting period, changes occurred in the board of directors, with Mr Han Hanting and Mr Li Gaofeng retiring on August 12, 2024[6](index=6&type=chunk)[7](index=7&type=chunk) [Chairman's Statement](index=6&type=section&id=Chairman's%20Statement) [Overall Performance](index=7&type=section&id=Overall%20Performance) The company demonstrated strong performance this year, with total revenue and investment income significantly increasing by 1,887.05% year-on-year, and net loss narrowing by 91.75%, alongside a substantial optimization of the balance sheet structure Overall Performance (HKD Million) | Metric | FY2025 (HKD Million) | FY2024 (HKD Million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Revenue and Net Investment Gains/(Losses) | 913.55 | 45.98 | +1,887.05% | | Net Loss | 2.53 | 30.68 | -91.75% | | Total Assets (Period End) | 4,612.10 | 1,092.19 | +322.28% | | Total Liabilities (Period End) | 686.47 | 305.35 | +124.82% | | Total Equity (Period End) | 3,925.62 | 786.84 | +398.91% | | Debt Ratio (Total Liabilities/Total Assets) | 14.88% | 27.96% | -13.08pp | | Cash and Cash Equivalents (Period End) | 92.19 | 289.26 | -68.13% | [Group Strategy and Operations](index=8&type=section&id=Strategy%20and%20Operation%20of%20the%20Group) The company comprehensively advanced its business segments during the reporting period, expanding brokerage services, leveraging cross-border asset management qualifications, providing investment banking services to over 20 enterprises, and investing in frontier technology companies - Brokerage Services: Actively expanded domestic and international institutional, corporate, and high-net-worth clients, achieving significant progress in Total Return Swap (TRS) business and establishing cross-border TRS channels[24](index=24&type=chunk)[26](index=26&type=chunk) - Asset Management: Utilized QFII, QFLP, QDIE and other cross-border qualifications, prioritized virtual asset funds, and established a quantum technology investment fund in the Cayman Islands[27](index=27&type=chunk)[29](index=29&type=chunk) - Investment Banking: Provided corporate finance and advisory services to over **20 corporate clients**, ranking among the top in project volume and financing amount within the industry[28](index=28&type=chunk)[30](index=30&type=chunk) - Sci-Tech Investment: Completed investments in innovative technology companies like RD Technologies and MaiCapital, focusing on Web 3.0, quantum technology, and blockchain[31](index=31&type=chunk)[33](index=33&type=chunk) [Harnessing Frontier Technologies for New Growth Drivers](index=10&type=section&id=Harnessing%20Frontier%20Technologies%20for%20New%20Growth%20Drivers) The company officially rebranded as "GoFintech Quantum Innovation Limited," signaling a strategic shift towards quantum technology, actively investing in quantum encryption and communication research, and leveraging its early investment in RD Technologies to explore the Hong Kong stablecoin market for new growth opportunities - The company officially rebranded as “GoFintech Quantum Innovation Limited,” clarifying its strategic direction towards quantum technology[15](index=15&type=chunk)[17](index=17&type=chunk) - The company actively invests in the research and development of quantum encryption algorithms and quantum communication technologies, and leverages its early investment in RD Technologies, a Hong Kong stablecoin issuer, to actively explore the stablecoin market[32](index=32&type=chunk)[34](index=34&type=chunk) [Refining Strategic Investments to Empower In-depth Business Integration](index=11&type=section&id=Refining%20Strategic%20Investments%20to%20Empower%20In-depth%20Business%20Integration) The company successfully acquired a 22.5% equity stake in CSOP Asset Management Limited, a leading Asian asset management institution, through the issuance of consideration shares, aiming to leverage CSOP's mature ETF product system, global market channels, and professional investment research team to achieve deep synergy with existing businesses, accelerate the integration of fintech and asset management, and explore new frontiers in asset management - The company successfully acquired a **22.5% equity stake** in CSOP Asset Management Limited, a leading Asian asset management institution, through the issuance of consideration shares, aiming for deep business synergy[35](index=35&type=chunk)[37](index=37&type=chunk) [Outlook](index=11&type=section&id=Outlook) Looking ahead, the Group will build an industrial ecosystem centered on quantum technology, underpinned by financial licenses, and supported by cultural and creative industries and trade, aiming to create a comprehensive, ecologically synergistic platform that continuously creates value for shareholders, clients, and partners - Future strategy will revolve around four major business segments: - **Technology-driven**: Quantum technology as the core engine, focusing on underlying technological innovation - **Finance-driven**: Leveraging full licenses to deepen digital asset deployment, and exploring quantum technology applications in fintech - **Cultural and Creative-driven**: Promoting the integration of “quantum + digital art” to build service systems for art auctions, financing, and RWA tokenization - **Trade-driven**: Building a quantum-enabled cross-border trade support service system[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) [Results](index=14&type=section&id=Results) During the reporting period, the Group's total revenue and fair value changes of investments reached approximately HKD 913.55 million, a year-on-year increase of 1,887.05%, primarily driven by growth in money lending, the new supply chain operations business, and equity investment activities, leading to a significant reduction in loss for the year from HKD 30.68 million to HKD 2.53 million, and a decrease in basic and diluted loss per share from 0.91 HK cents to 0.04 HK cents Financial Performance (HKD) | Financial Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Total Revenue and Fair Value Changes of Investments | Approximately 913,545,000 HKD | Approximately 45,975,000 HKD | | Loss for the Year | Approximately 2,525,000 HKD | Approximately 30,679,000 HKD | | Basic and Diluted Loss Per Share | Approximately 0.04 HK Cents | Approximately 0.91 HK Cents | [Business Review](index=15&type=section&id=Business%20Review) During the reporting year, the Group's business segments showed varied performance, with supply chain operations emerging as a new primary revenue source contributing approximately HKD 820 million, equity investment turning profitable with a net gain of approximately HKD 51.98 million, and money lending revenue increasing by 251.59% year-on-year, while securities brokerage, margin financing, and corporate finance businesses saw revenue declines but improved segment profit or turned profitable through cost control, and a new art investment business generated HKD 0.50 million in profit Business Segment Performance (HKD) | Business Segment | FY2025 Segment Revenue (HKD) | FY2025 Segment Profit/(Loss) (HKD) | FY2024 Segment Profit/(Loss) (HKD) | | :--- | :--- | :--- | :--- | | Securities Brokerage and Margin Financing | 20,884,000 | 11,938,000 (Profit) | 8,572,000 (Profit) | | Corporate Finance | 2,338,000 | 1,517,000 (Profit) | (2,789,000) (Loss) | | Money Lending | 15,969,000 | 1,724,000 (Profit) | (476,000) (Loss) | | Advisory and Insurance Brokerage | 379,000 | (98,000) (Loss) | (196,000) (Loss) | | Asset Management | 3,900,000 | (1,568,000) (Loss) | (1,262,000) (Loss) | | Equity Investment | 51,983,000 (Net Gain) | 19,311,000 (Profit) | (7,244,000) (Loss) | | Supply Chain Operations | 819,545,000 | (294,000) (Loss) | Not Applicable | | Art Investments | Not Applicable | 504,000 (Profit) | Not Applicable | [Adjusted EBITDA](index=27&type=section&id=Adjusted%20EBITDA) To supplement results prepared under Hong Kong Financial Reporting Standards, the company disclosed non-GAAP financial measures EBITDA and Adjusted EBITDA, with Adjusted EBITDA turning profitable from a loss of HKD 26.44 million in the prior year to a profit of HKD 49.59 million in the reporting year, primarily due to a significant increase in equity-settled share-based payments Adjusted EBITDA Reconciliation (HKD Thousand) | Reconciliation Item (HKD Thousand) | FY2025 | FY2024 | | :--- | :--- | :--- | | **Loss for the Year** | **(2,525)** | **(30,679)** | | Add: Depreciation | 8,840 | 1,888 | | Add: Finance Costs | 3,031 | 2,002 | | Add: Income Tax Expense | 799 | 45 | | **EBITDA (Unaudited)** | **10,145** | **(26,744)** | | Add: Equity-settled Share-based Payments | 39,443 | 306 | | **Adjusted EBITDA (Unaudited)** | **49,588** | **(26,438)** | [Fund Raising Activities](index=29&type=section&id=Fund%20Raising%20Activities) During the reporting period, the company undertook two significant equity financing activities: a 1-for-3 rights issue completed in February 2024, raising approximately HKD 471 million net proceeds fully utilized across money lending, asset management, and fintech investments, and a new share placement (June Placement) completed in July 2024, raising approximately HKD 244 million net proceeds also fully utilized to strengthen existing businesses, equity investments, and expand fintech - **Rights Issue**: Completed in February 2024, issuing approximately **4.745 billion shares** at HKD 0.10 per share, raising net proceeds of approximately **HKD 471 million**, which have been fully utilized as planned[121](index=121&type=chunk)[134](index=134&type=chunk)[137](index=137&type=chunk) - **June Placement**: Completed in July 2024, successfully placing approximately **274 million shares** at HKD 0.90 per share, raising net proceeds of approximately **HKD 244 million**, which have been fully utilized as planned[144](index=144&type=chunk)[145](index=145&type=chunk)[153](index=153&type=chunk) [Liquidity and Financial Resources](index=38&type=section&id=Liquidity%20and%20Financial%20Resources) As of March 31, 2025, the Group's financial position remained robust, with a current ratio of 1.24 times, down from 2.97 times last year, cash and cash equivalents of approximately HKD 92.19 million, and while the capital gearing ratio (total borrowings/equity) increased from 3.05% to 10.97%, the debt ratio (total debt/total assets) decreased from 27.96% to 14.88%, indicating optimized overall leverage despite asset expansion Liquidity and Financial Resources (HKD) | Metric | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Current Assets | 841,714,000 HKD | 864,100,000 HKD | | Current Liabilities | 678,890,000 HKD | 290,652,000 HKD | | Current Ratio | 1.24 times | 2.97 times | | Cash and Cash Equivalents | 92,186,000 HKD | 289,257,000 HKD | | Capital Gearing Ratio | 10.97% | 3.05% | | Debt Ratio | 14.88% | 27.96% | [Investment in Associates](index=40&type=section&id=Investment%20in%20Associates) The Group holds a significant investment in Wealthink Intelligent Investment Limited, increasing its stake to approximately 29.13% after an acquisition completed on October 18, 2024, making it an associate of the Group, with a carrying amount of approximately HKD 2.90 billion as of March 31, 2025, representing 62.81% of the Group's total assets, and the Group recognized a share of its profit of approximately HKD 10.78 million during the reporting period - After the acquisition completed on October 18, 2024, the company holds a **29.13% equity stake** in Wealthink Intelligent Investment, making it an associate of the Group[178](index=178&type=chunk) - As of March 31, 2025, the carrying amount of the investment in Wealthink Intelligent Investment was approximately **HKD 2.90 billion**, representing **62.81% of the Group's total assets**[179](index=179&type=chunk) [Material Acquisition and Disposal](index=42&type=section&id=Material%20Acquisition%20and%20Disposal) During the reporting period, the Group undertook two highly significant acquisitions: the first was the acquisition of shares in HKEX-listed Wealthink Intelligent Investment (1140.HK) completed on October 18, 2024, resulting in a 29.13% equity stake, and the second was an agreement signed on December 31, 2024, to acquire a 22.50% equity stake in CSOP Asset Management Limited for HKD 1.11 billion, to be settled by issuing consideration shares, which is pending shareholder approval - **Acquisition of Wealthink Intelligent Investment Shares**: Completed on October 18, 2024, acquiring **2,751,339,130 shares** of Wealthink Intelligent Investment through the issuance of approximately **340 million consideration shares**, resulting in a **29.13% equity stake** post-transaction[187](index=187&type=chunk)[188](index=188&type=chunk) - **Proposed Acquisition of CSOP Shares**: An agreement was signed on December 31, 2024, to acquire a **22.50% equity stake** in CSOP Asset Management Limited for **HKD 1.11 billion** through the issuance of approximately **1.405 billion consideration shares**, with the transaction pending completion[192](index=192&type=chunk)[193](index=193&type=chunk) [Events After The Reporting Period](index=45&type=section&id=Events%20After%20The%20Reporting%20Period) After the reporting period, the company engaged in two significant capital activities: a new share placement (2025 Placement) completed in April 2025, raising approximately HKD 257 million net proceeds for equity investments and new business expansion, and an agreement signed on April 29, 2025, with lenders to capitalize approximately HKD 587 million of shareholder loans by issuing approximately 459 million new shares to settle the debt - **2025 Placement**: Completed in April 2025, placing approximately **232 million new shares** at HKD 1.12 per share, raising net proceeds of approximately **HKD 257 million**[209](index=209&type=chunk)[210](index=210&type=chunk)[218](index=218&type=chunk) - **Loan Capitalization**: An agreement was signed on April 29, 2025, to capitalize approximately **HKD 587 million** of outstanding shareholder loans by issuing approximately **459 million capitalization shares** at HKD 1.28 per share[224](index=224&type=chunk)[225](index=225&type=chunk) [Biographical Details of Directors and Senior Management](index=49&type=section&id=Biographical%20Details%20of%20Directors%20and%20Senior%20Management) This section provides detailed biographical information for the company's executive directors, non-executive directors, independent non-executive directors, and senior management, including their age, educational background, professional qualifications, positions and responsibilities within the Group, and past experience in other listed companies - This section provides detailed personal biographies of the company's executive directors, non-executive directors, independent non-executive directors, and senior management, including their age, educational background, professional qualifications, positions and responsibilities within the Group, and roles and past experience in other listed companies[230](index=230&type=chunk)[235](index=235&type=chunk)[246](index=246&type=chunk) [Directors' Report](index=57&type=section&id=Directors'%20Report) [Share Option Scheme](index=59&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme on September 2, 2021, to incentivize and reward contributors to the Group, with 85,668,000 unexercised share options remaining at the end of the reporting period, and while the scheme was terminated at the EGM on May 29, 2024, no new options will be granted, but previously granted options remain valid Share Option Scheme (Shares) | Participant | As at April 1, 2024 | As at March 31, 2025 | Exercise Price (HKD) | Exercise Period | | :--- | :--- | :--- | :--- | :--- | | Ms Sun Qing | 4,168,000 | 4,168,000 | 0.480 | 2025/4/1 - 2026/3/31 | | Mr Zhang Huachen | 32,000,000 | 32,000,000 | 0.480 | 2025/4/1 - 2026/3/31 | | Mr Yuan Tianfu | 32,000,000 | 32,000,000 | 0.480 | 2025/4/1 - 2026/3/31 | | Other Employees | 23,332,000 | 17,500,000 | 0.480 | 2025/4/1 - 2026/3/31 | | **Total** | **91,500,000** | **85,668,000** | | | - The 2021 Share Option Scheme was terminated by shareholder resolution on May 29, 2024, meaning no new share options will be granted, but previously granted options remain valid and exercisable under their original terms[317](index=317&type=chunk)[319](index=319&type=chunk) [Share Award Scheme](index=65&type=section&id=Share%20Award%20Scheme) The company adopted a new share award scheme at the 2024 EGM to incentivize and retain eligible participants, granting a total of 103,680,000 share awards on July 26, 2024, with 20,064,000 awards lapsing due to employee departures, leaving 83,616,000 unvested share awards at the end of the reporting period Share Award Scheme (Shares) | Participant Category | As at April 1, 2024 | Granted During the Reporting Year | Lapsed During the Reporting Year | As at March 31, 2025 | | :--- | :--- | :--- | :--- | :--- | | Directors, Senior Management, etc | – | 25,856,000 | – | 25,856,000 | | Other Employees | – | 77,824,000 | (20,064,000) | 57,760,000 | | **Total** | **–** | **103,680,000** | **(20,064,000)** | **83,616,000** | [Substantial Shareholders' Interests](index=75&type=section&id=Substantial%20Shareholders'%20Interests) As of March 31, 2025, the company's register recorded substantial shareholders including Dr Liu Zhiwei (total interest 21.24%), Mr Wang Tao (5.44% interest), and GoFintech ESOP Limited, a trust established for the share award scheme (6.95% interest) Substantial Shareholders' Interests (Shares) | Shareholder Name | Capacity | Total Interests (Shares) | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Dr Liu Zhiwei | Beneficial Owner and Controlled Corporation Interest | 1,584,311,151 | 21.24% | | Mr Wang Tao | Beneficial Owner | 406,102,308 | 5.44% | | GoFintech ESOP Limited | Beneficial Owner | 518,400,000 | 6.95% | | PS Trust Company Limited (PS Trust) | Trustee | 518,400,000 | 6.95% | [Corporate Governance Report](index=86&type=section&id=Corporate%20Governance%20Report) This report confirms the company's compliance with the Corporate Governance Code, detailing the board's responsibilities in strategy, operations oversight, and internal control, and highlighting the separation of Chairman and CEO roles, the establishment of key committees, and robust risk management systems - The company complied with all code provisions of the Corporate Governance Code during the reporting year[439](index=439&type=chunk)[447](index=447&type=chunk) - The Board of Directors is responsible for formulating the Group's overall strategy, overseeing operations, and ensuring sound internal control and risk management systems[439](index=439&type=chunk)[447](index=447&type=chunk) - The roles of Chairman and Chief Executive Officer are held by different individuals, in compliance with corporate governance code requirements, with Mr Chan Kin Sang, an independent non-executive director, serving as Chairman, and Mr Yuan Tianfu and Mr Zhang Huachen serving as Co-Chief Executive Officers[480](index=480&type=chunk) - The company has established an Audit Committee, Remuneration Committee, and Nomination Committee, all chaired by independent non-executive directors, which regularly convene meetings to fulfill their responsibilities[488](index=488&type=chunk)[496](index=496&type=chunk)[516](index=516&type=chunk) - The company has established risk management and internal control systems, with a Compliance and Risk Management Department continuously monitoring related matters, and the Board considers the existing systems effective and adequate[562](index=562&type=chunk)[567](index=567&type=chunk)[575](index=575&type=chunk) [Environmental, Social and Governance Report](index=114&type=section&id=Environmental,%20Social%20and%20Governance%20Report) [ESG Governance and Strategy](index=115&type=section&id=ESG%20Governance%20and%20Strategy) The Group adopts a top-down approach to ESG management, with the Board holding overall responsibility for ESG strategy and reporting, identifying anti-corruption, product responsibility, and anti-money laundering as key priorities through stakeholder engagement and materiality assessment, and committing to green operations while addressing climate change risks - The Board of Directors holds overall responsibility for the Group's ESG strategy and reporting, and annually reviews related risks, opportunities, performance, and targets[588](index=588&type=chunk) - Through materiality assessment, the Group identified three priority areas for sustainable business development: anti-corruption and anti-fraud, product responsibility, and anti-money laundering and counter-terrorist financing[620](index=620&type=chunk)[622](index=622&type=chunk) [Environmental](index=139&type=section&id=Environmental) The Group is committed to environmental protection and has set emission reduction targets, with greenhouse gas emissions intensity decreasing by 67.27% year-on-year primarily due to reduced vehicle usage, non-hazardous waste disposal intensity (mainly office paper) decreasing by 50% year-on-year, and total energy consumption intensity decreasing by 84.94% year-on-year, as the Group continues to implement energy-saving and emission reduction measures for sustainable development Environmental Performance Indicators | Environmental Performance Indicator | Unit | FY2025 | FY2024 | FY2023 | | :--- | :--- | :--- | :--- | :--- | | **Total Greenhouse Gas Emissions** | tonnes of CO2 equivalent | 55.92 | 184.26 | 52.96 | | Greenhouse Gas Emissions Intensity | tonnes of CO2 equivalent/employee | 0.90 | 2.75 | 0.96 | | **Total Non-Hazardous Waste Disposed** | tonnes | 0.62 | 1.03 | 0.99 | | Non-Hazardous Waste Disposal Intensity | tonnes/employee | 0.01 | 0.02 | 0.02 | | **Total Energy Consumption** | kWh | 81,166.97 | 582,507.20 | 95,078.50 | | Total Energy Consumption Intensity | kWh/employee | 1,309.14 | 8,694.14 | 1,728.70 | - The Group has set targets to reduce greenhouse gas emissions intensity and energy consumption intensity by FY2026, and to maintain non-hazardous waste disposal intensity at no more than 0.02 tonnes/employee[723](index=723&type=chunk)[750](index=750&type=chunk)[754](index=754&type=chunk) [Social](index=123&type=section&id=Social) In terms of social responsibility, the Group emphasizes sustainable business operations, business ethics, and employee well-being, establishing strict product responsibility, customer service, and privacy protection processes with no significant complaints received during the reporting period, maintaining a zero-tolerance policy for corruption with anti-corruption and anti-money laundering training for employees, and committing to equal opportunities and a safe work environment while encouraging employee development and training, with an employee turnover rate of approximately 46.51% during the reporting period - During the reporting period, the Group received no complaints regarding customer privacy breaches, loss or misuse of customer data, nor any significant product or service-related complaints[633](index=633&type=chunk)[639](index=639&type=chunk) - The Group provided continuous professional training (CPT) courses related to anti-corruption and anti-money laundering (AML) for directors and employees[654](index=654&type=chunk) Employee Metrics | Employee Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Total Employees (Period End) | 62 | 67 | | Overall Employee Turnover Rate | 46.51% | 32.79% | | Percentage of Employees Trained | 25.00% | 26.44% | | Average Training Hours per Employee | 1.90 hours | 3.04 hours | - The Group strictly adheres to labor standards, prohibiting child and forced labor, and has recorded no work-related fatalities or injuries in the past three years, including the reporting year[698](index=698&type=chunk)[688](index=688&type=chunk) [Independent Auditor's Report](index=163&type=section&id=Independent%20Auditor's%20Report) The auditor, ZHONGHUI ANDA CPA Limited, issued an unqualified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, affirming that the statements present a true and fair view of the Group's financial position and performance - The auditor, ZHONGHUI ANDA CPA Limited, issued an unqualified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, affirming that the statements truly and fairly reflect the Group's financial position and performance[786](index=786&type=chunk) - Key audit matters include: 1. Valuation of investments and art investments measured at fair value using Level 3 fair value measurements 2. Impairment testing of loans and trade receivables[792](index=792&type=chunk)[799](index=799&type=chunk) [Consolidated Financial Statements](index=168&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=168&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This year, the Group's revenue significantly increased year-on-year to HKD 863.40 million, primarily driven by sales of goods, with gross profit rising from HKD 28.74 million to HKD 37.59 million, and the loss for the year substantially narrowed from HKD 30.68 million to HKD 2.53 million, benefiting from a turnaround in fair value changes of investments and effective cost control Consolidated Statement of Profit or Loss and Other Comprehensive Income (HKD Thousand) | Item (HKD Thousand) | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | 863,400 | 49,456 | | Gross Profit | 37,589 | 28,737 | | Fair Value Changes of Investments | 50,145 | (3,481) | | Loss Before Tax | (1,726) | (30,634) | | **Loss for the Year** | **(2,525)** | **(30,679)** | | Total Comprehensive Expense for the Year | (32,668) | (37,119) | [Consolidated Statement of Financial Position](index=169&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets increased to HKD 4.61 billion, mainly due to a significant increase in investment in associates, total liabilities rose to HKD 686.47 million primarily from new borrowings, and total equity substantially grew from HKD 786.84 million to HKD 3.93 billion due to equity financing and the acquisition of an associate, significantly strengthening the financial structure Consolidated Statement of Financial Position (HKD Thousand) | Item (HKD Thousand) | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | **Non-Current Assets** | **3,770,381** | **228,091** | | Investment in Associates | 2,991,487 | 112,898 | | Art Investments | 443,000 | – | | **Current Assets** | **841,714** | **864,100** | | **Total Assets** | **4,612,095** | **1,092,191** | | **Current Liabilities** | **678,890** | **290,652** | | Borrowings | 415,377 | – | | **Non-Current Liabilities** | **7,582** | **14,696** | | **Total Liabilities** | **686,472** | **305,348** | | **Net Assets** | **3,925,623** | **786,843** | | **Total Equity** | **3,925,623** | **786,843** | [Consolidated Statement of Cash Flows](index=172&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This year, net cash used in operating activities was HKD 92.99 million, net cash used in investing activities was substantial at HKD 753.66 million, primarily for purchasing art investments and investments at fair value through profit or loss, and net cash from financing activities was HKD 649.13 million, mainly from share issuance and new borrowings, resulting in a net decrease in cash and cash equivalents of HKD 197.53 million, with an ending balance of HKD 92.19 million Consolidated Statement of Cash Flows (HKD Thousand) | Item (HKD Thousand) | FY2025 | FY2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (92,989) | (121,718) | | Net Cash Used in Investing Activities | (753,662) | (188,568) | | Net Cash From Financing Activities | 649,126 | 489,729 | | **Net (Decrease)/Increase in Cash and Cash Equivalents** | **(197,525)** | **179,443** | | Cash and Cash Equivalents at Beginning of Year | 289,257 | 111,748 | | **Cash and Cash Equivalents at End of Year** | **92,186** | **289,257** | [Five Years Financial Summary](index=281&type=section&id=Five%20Years%20Financial%20Summary) This section provides a five-year financial summary, presenting key performance indicators such as revenue and loss attributable to owners, alongside asset and liability figures including total assets, total liabilities, and net assets, offering a concise overview of the company's financial trends over the period Five Years Financial Summary (HKD Thousand) | Item (HKD Thousand) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Results** | | | | | | | Revenue | 863,400 | 49,456 | 26,943 | 58,487 | 131,718 | | Loss for the Year Attributable to Owners of the Company | (2,525) | (30,679) | (58,855) | (79,309) | (13,495) | | **Assets and Liabilities** | | | | | | | Total Assets | 4,612,095 | 1,092,191 | 475,761 | 604,610 | 955,444 | | Total Liabilities | (686,472) | (305,348) | (179,292) | (356,751) | (631,136) | | Net Assets | 3,925,623 | 786,843 | 296,469 | 247,859 | 324,308 |

Core Viewpoint - As of July 18, 160 stocks reached their 52-week highs, with notable performances from China New Economy Investment (00080), Aoyuan Group Equity (02905), and Zhong An Holdings Group (08462) showing high growth rates of 288.89%, 55.28%, and 50.00% respectively [1][2]. Summary by Category 52-Week High Performers - China New Economy Investment (00080) closed at 0.440, with a peak price of 0.700, achieving a growth rate of 288.89% [2]. - Aoyuan Group Equity (02905) closed at 0.218, with a peak price of 0.250, achieving a growth rate of 55.28% [2]. - Zhong An Holdings Group (08462) closed at 0.221, with a peak price of 0.228, achieving a growth rate of 50.00% [2]. - Other notable performers include Hualian International (00969) with a growth rate of 40.13% and Zhongke Bio (01237) with a growth rate of 37.25% [2]. Additional High Performers - Wanma Holdings (06928) closed at 0.550 with a growth rate of 30.43% [2]. - Lepu Biopharma-B (02157) closed at 7.940 with a growth rate of 24.54% [2]. - Other stocks with significant growth include ZhiJianYueDong (06860) at 17.14% and China Jindian Group (08281) at 17.12% [2]. 52-Week Low Performers - The document also lists stocks that reached their 52-week lows, with XI Ernan CO-U (09311) showing a decline of 16.10% [6]. - Other notable declines include XI Ernan CO (07311) at -12.62% and Haotian International Construction Investment (01341) at -5.70% [6].

Group 1 - Hong Kong cryptocurrency concept stocks experienced a pullback during trading [1] - OK Group (01499.HK) fell nearly 6% [1] - Boya Interactive (00434.HK) and Guotai Junan International (01788.HK) both dropped over 4% [1] - Guofu Quantum (00290.HK) declined nearly 2.5% [1]

Group 1 - The Hong Kong government is set to implement the "Stablecoin Ordinance" in August, which will establish a licensing system for fiat-backed stablecoin issuers in Hong Kong [1][2] - The Financial Secretary, Xu Zhengyu, indicated that the number of licenses issued will be in the "single digits," with expectations to receive applications after the ordinance takes effect [2] - There are currently at least nine institutions interested in applying for stablecoin licenses, including three that are part of the Hong Kong Monetary Authority's stablecoin issuer sandbox [2] Group 2 - Following the announcement, Hong Kong's stablecoin concept stocks saw significant gains, with notable increases in share prices for companies such as Guotai Junan International (+10.77%) and Yika (+9.87%) [3] - Stablecoins are expected to facilitate cross-border payments and reduce transaction costs, serving as a local currency alternative in specific regions [4] - Analysts from various securities firms suggest that the stablecoin market is expanding beyond cryptocurrency trading into broader payment applications, indicating a rapid increase in market size and trading activity [4]

Group 1 - The cryptocurrency concept stocks in Hong Kong experienced a volatile rise in early trading, with notable gains in several companies [1] - Guotai Junan International (01788.HK) saw an increase of over 7% [1] - Other companies such as Guofu Quantum (00290.HK), New Fire Technology Holdings (01611.HK), and Boya Interactive (00434.HK) also followed with upward movements [1]

[Financial Performance and Operations Review](index=1&type=section&id=Financial%20Performance%20and%20Operations%20Review) This section reviews the company's financial performance, operational highlights, and strategic outlook for the reporting period [Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) The company reported a substantial increase in revenue to HKD 863 million and a significant reduction in net loss to HKD 2.53 million, driven by new business and strategic investments [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Revenue surged to HKD 863 million, primarily from new supply chain operations, significantly narrowing the annual loss to HKD 2.53 million due to increased revenue and investment fair value gains Key Data from Consolidated Statement of Profit or Loss | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 863,400 | 49,456 | +1645.8% | | Gross Profit | 37,589 | 28,737 | +30.8% | | Fair Value Change on Investments | 50,145 | (3,481) | Turned to profit | | Loss Before Tax | (1,726) | (30,634) | -94.4% | | **Loss for the Year** | **(2,525)** | **(30,679)** | **-91.8%** | | Basic Loss Per Share (HK cents) | (0.04) | (0.91) | -95.6% | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) Total assets surged to HKD 4.612 billion, driven by significant investment in associates, while total liabilities increased due to new borrowings, and equity grew substantially from financing activities Key Data from Consolidated Statement of Financial Position | Metric | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | **Non-current Assets** | **3,770,381** | **228,091** | **+1552.9%** | | Investment in an Associate | 2,991,487 | 112,898 | +2549.7% | | **Current Assets** | **841,714** | **864,100** | **-2.6%** | | **Total Assets** | **4,612,095** | **1,092,191** | **+322.3%** | | **Current Liabilities** | **678,890** | **290,652** | **+133.6%** | | Borrowings | 415,377 | – | N/A | | **Total Liabilities** | **686,472** | **305,348** | **+124.8%** | | **Total Equity** | **3,925,623** | **786,843** | **+398.9%** | [Summary of Notes to Financial Statements](index=5&type=section&id=Summary%20of%20Notes%20to%20Financial%20Statements) The company's revenue structure shifted significantly with new supply chain operations, equity investment segment turned profitable, and share capital increased substantially through various equity issuances [Revenue and Segment Information](index=5&type=section&id=Revenue%20and%20Segment%20Information) Total revenue surged to HKD 863 million, primarily driven by new goods sales, with equity investment and securities brokerage segments turning profitable or increasing profits, while supply chain operations incurred a minor loss Revenue by Business Type | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Goods Sales | 819,545 | – | | Securities Brokerage Business | 18,292 | 33,385 | | Money Lending Business Interest Income | 15,969 | 4,542 | | Asset Management Business | 3,900 | 4,784 | | Corporate Finance Services | 2,338 | 4,719 | | **Total Revenue** | **863,400** | **49,456** | Segment Results by Business Segment | Business Segment | 2025 Segment Result (HKD thousands) | 2024 Segment Result (HKD thousands) | | :--- | :--- | :--- | | Equity Investment | 19,311 | (7,244) | | Securities Brokerage and Margin Financing | 11,938 | 8,572 | | Money Lending | 1,724 | (476) | | Corporate Finance | 1,517 | (2,789) | | Art Investment | 504 | – | | Supply Chain Operations | (294) | – | | Asset Management | (1,568) | (1,262) | [Share Capital Changes](index=15&type=section&id=Share%20Capital%20Changes) Issued and paid-up share capital increased from HKD 633 million to HKD 746 million due to three major share issuance activities, including placings, a share award scheme, and acquisition consideration shares - New shares were issued through three main activities during the year: - **Placing (July 2024):** Issued **273,776,000** ordinary shares at HKD **0.90** per share[30](index=30&type=chunk) - **Share Award Scheme (July 2024):** Issued **518,400,000** ordinary shares to the trustee[30](index=30&type=chunk) - **Consideration Shares for Acquisition (October 2024):** Issued **340,053,151** ordinary shares at HKD **0.82** per share for the acquisition of Huake Smart Investment[30](index=30&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) Management highlights significant performance improvement with substantial revenue growth and narrowed net loss, driven by new business segments, profitable equity investments, and strategic acquisitions, despite a decrease in the current ratio [Overall Performance Review](index=16&type=section&id=Overall%20Performance%20Review) The Group's total revenue and investment fair value changes surged by 1,887% to HKD 914 million, significantly reducing the annual loss to HKD 2.53 million due to improved revenue and investment gains - The Group's overall loss improved, primarily due to improved revenue and increased investment income[31](index=31&type=chunk) [Segment Business Review](index=16&type=section&id=Segment%20Business%20Review) Segment performance was mixed, with securities brokerage and corporate finance turning profitable despite revenue declines, money lending and equity investment showing strong growth and profitability, and new supply chain and art investment segments contributing revenue and profit respectively - **Securities Brokerage and Margin Financing:** Revenue decreased by **43.6%** to HKD **20.88 million**, but segment profit increased to HKD **11.94 million** due to reduced costs[32](index=32&type=chunk) - **Money Lending:** Interest income surged by **251.6%** year-over-year to HKD **15.97 million**, with the segment turning profitable and recording a profit of HKD **1.72 million**[34](index=34&type=chunk) - **Equity Investment:** Recorded net revenue and investment income of approximately HKD **51.98 million** (compared to a loss of HKD 3.45 million last year), with segment profit reaching HKD **19.31 million**[51](index=51&type=chunk) - **Supply Chain Operations (New Business):** Recorded revenue of HKD **820 million**, with a segment loss of approximately HKD **0.29 million**[52](index=52&type=chunk) - **Art Investment (New Business):** Recorded a segment profit of HKD **0.50 million**, primarily from fair value gains on art investments[53](index=53&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) The Group's current ratio decreased to 1.24 times due to increased current liabilities, cash and cash equivalents declined, and the gearing ratio rose to 10.97% reflecting higher leverage from new borrowings Liquidity and Gearing Ratio | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Current Assets (HKD thousands) | 841,714 | 864,100 | | Current Liabilities (HKD thousands) | 678,890 | 290,652 | | **Current Ratio** | **1.24 times** | **2.97 times** | | Cash and Cash Equivalents (HKD thousands) | 92,186 | 289,257 | | **Gearing Ratio** | **10.97%** | **3.05%** | [Significant Investments and Acquisitions](index=29&type=section&id=Significant%20Investments%20and%20Acquisitions) The company acquired a 29.13% stake in Huake Smart Investment, making it an associate with a carrying value of HKD 2.897 billion, and agreed to acquire a 22.5% stake in CSOP Asset Management Limited - Acquisition of **29.13%** equity interest in Huake Smart Investment completed on October 18, 2024, making it an associate of the Group[80](index=80&type=chunk)[84](index=84&type=chunk) - As of March 31, 2025, the carrying value of the investment in Huake Smart Investment was approximately HKD **2.897 billion**, representing approximately **62.81%** of the Group's total assets[80](index=80&type=chunk) - On December 31, 2024, the company agreed to acquire a **22.50%** equity interest in CSOP Asset Management Limited for a consideration of HKD **1.11 billion**, to be settled by issuing consideration shares; the transaction was not completed by the end of the reporting period[85](index=85&type=chunk) [Capital Activities and Outlook](index=22&type=section&id=Capital%20Activities%20and%20Outlook) The company conducted significant capital raising activities exceeding HKD 970 million to fund expansion, and rebranded as "Guofu Quantum Innovation" to pursue a dual-track strategy focused on quantum computing and digital asset infrastructure [Fundraising Activities](index=22&type=section&id=Fundraising%20Activities) The company completed two major fundraising activities, a rights issue in February 2024 raising HKD 471 million and a placing in July 2024 raising HKD 244 million, to support operations, investments, and new business development - **Rights Issue (February 2024):** Conducted on a '1-for-3' basis, raising net proceeds of approximately HKD **471 million**[57](index=57&type=chunk)[63](index=63&type=chunk) - **June Placing (July 2024):** Placed new shares at HKD **0.90** per share, raising net proceeds of approximately HKD **244 million**[66](index=66&type=chunk)[70](index=70&type=chunk) [Business Outlook](index=29&type=section&id=Business%20Outlook) Renamed "Guofu Quantum Innovation Limited," the company will pursue a dual-track strategy of "quantum computing + digital asset infrastructure" to innovate financial services, empower cross-border payments, and explore applications in cultural, creative, and supply chain sectors - Established a dual-track strategy of 'quantum computing + digital asset infrastructure,' focusing on offshore RMB stablecoin issuance and compliant settlement to empower cross-border payments[81](index=81&type=chunk) - Actively exploring the application of financial services in new areas, including cultural and creative industries (art auctions, financing, asset tokenization), supply chain operations, and cross-border trade[82](index=82&type=chunk) [Post-Reporting Period Events](index=32&type=section&id=Post-Reporting%20Period%20Events) Post-reporting period, the company completed a new share placing raising HKD 257 million and agreed to capitalize approximately HKD 587 million in shareholder loans by issuing new shares to optimize its capital structure - **April 2025 Placing:** Successfully placed **231.5 million** new shares, raising net proceeds of approximately HKD **257 million**[93](index=93&type=chunk)[94](index=94&type=chunk)[98](index=98&type=chunk) - **Loan Capitalization (April 2025):** Agreement reached with lenders to capitalize approximately HKD **587 million** of loans by issuing new shares to settle debt[99](index=99&type=chunk) [Corporate Governance](index=35&type=section&id=Corporate%20Governance) The company maintains high corporate governance standards, complying with all code provisions throughout the fiscal year, and its audit committee has reviewed the annual financial statements - The company consistently complied with all code provisions of the Corporate Governance Code throughout the reporting year[106](index=106&type=chunk) - The Audit Committee reviewed the Group's accounting principles, internal controls, and annual results with management[108](index=108&type=chunk)

Group 1 - The core viewpoint of the news is that the stablecoin concept stocks in Hong Kong, A-shares, and US markets have surged significantly due to two major announcements: Ant Group's application for a stablecoin license in Hong Kong and the upcoming policy declaration from the Hong Kong government regarding digital asset development [1][2][3] - In the Hong Kong stock market, companies like ZhongAn Online, LianLian Digital, and Linklogis have seen their stocks rise over 10%, while A-share companies such as Tianyang Technology and Sifang Jingchuang have hit the 20% daily limit [1][2] - The market anticipates that the upcoming policy declaration will have a substantial impact on the industry, potentially leading to a second wave of growth in the stablecoin sector [3][5] Group 2 - Investors are particularly interested in companies that are part of the stablecoin issuance sandbox established by the Hong Kong Monetary Authority, such as ZhongAn Online and LianLian Digital, which have strong ties to Yuanbi Technology [2][3] - Guofu Quantum, a key player in the digital asset space, has a comprehensive compliance framework and holds multiple licenses from the Hong Kong Securities and Futures Commission, positioning it well for future growth [3][4] - Guofu Quantum's business model encompasses the entire digital asset value chain, including stablecoin issuance, compliant trading, custody services, and professional asset management, which enhances its competitive edge in the market [4][5] Group 3 - The strategic investments made by Guofu Quantum in digital asset banks and platforms indicate a proactive approach to capitalizing on the growing digital asset market [4][5] - The company's involvement in various digital asset initiatives, such as RWA platforms and venture accelerators, demonstrates its commitment to fostering innovation in the digital asset ecosystem [4][5] - The overall trend suggests that as regulatory frameworks evolve and major players enter the stablecoin market, investor enthusiasm for stablecoin-related investments is likely to remain high [5][6]

Group 1 - As of June 3, a total of 105 stocks reached their 52-week highs, with Huayin International Holdings (00989), Dingyifeng Holdings (00612), and Youquhui Holdings (02177) leading the high rate at 57.26%, 37.93%, and 23.02% respectively [1] - The closing prices and highest prices for the top three stocks are as follows: Huayin International Holdings at 1.370 and 1.950, Dingyifeng Holdings at 0.770 and 0.800, and Youquhui Holdings at 3.550 and 3.580 [1] - Other notable stocks that reached their 52-week highs include China Antibody-B (03681) with a high rate of 21.62% and Fengcheng Holdings (02295) at 19.52% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Des Holdings (08437) showing the largest decline at -38.79%, followed by Dimi Life Holdings (01667) at -20.50% [3] - The closing prices and lowest prices for the top three stocks that reached their lows are: Des Holdings at 0.177 and 0.071, Dimi Life Holdings at 0.140 and 0.128, and Lujizhi Technology (01745) at 0.197 and 0.194 [3] - Other stocks with significant declines include GBA Group (00261) at -11.48% and Baide International (02668) at -10.88% [3]

Group 1 - The core viewpoint of the news highlights the performance of Guofu Quantum (00290.HK), which saw a significant increase in its stock price and has outperformed the Hang Seng Index in recent months [1][2] - As of June 2, the Hang Seng Index closed at 23,157.97 points, down 0.57%, while Guofu Quantum's stock price rose by 19.72% to 1.7 HKD per share, with a trading volume of 10.89 million shares and a turnover of 16.8 million HKD [1] - Over the past month, Guofu Quantum has accumulated a 13.6% increase, and since the beginning of the year, it has risen by 79.75%, outperforming the Hang Seng Index's 16.1% increase [2] Group 2 - Financial data shows that as of September 30, 2024, Guofu Quantum achieved total operating revenue of 27.41 million HKD, a year-on-year increase of 48.88%, while the net profit attributable to shareholders was -9.84 million HKD, a year-on-year increase of 37.39%, with a debt-to-asset ratio of 17.94% [2] - Currently, there are no institutional investment ratings for Guofu Quantum, and its price-to-earnings ratio stands at -451.92, ranking 83rd in the industry, compared to other financial companies with average P/E ratios ranging from 1.93 to 3.69 [3] - Guofu Quantum is positioned as a cross-border financial technology investment platform based in Hong Kong, focusing on various financial services including investment banking, securities brokerage, asset management, and more, while actively responding to the digital economy development strategy of the Hong Kong government [3]