獨立非執行董事的離世 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，並明確表示概不就因本公佈或任何部份內容而產生或因依賴該等內容而引致之 任何 損失承擔任何責任。 VONGROUP LIMITED 黃河實 業 有 限 公 司* （於開曼群島註冊成立之有限公司） （股份代號：318） 黃河實業有限公司 黃永祥 公司秘書 香港，二零二五年八月二十日 於本公佈日期，本公司董事會成員包括兩位執行董事，為黃達揚及徐斯平；及兩位獨立非執行董事為區 廷而及馮嘉強。 * 僅供識別 黃河實業有限公司（「本公司」）的董事會（「董事會」）沈痛宣布，獨立非執行董事 （「獨立非執行董事」）Daphne Bontein da Rosa Gohel（「Gohel 女士」）於二零二五年八月 十七日離世。Gohel 女士同時也是本公司審核、薪酬和提名委員會的成員。 董事會對 Gohel 女士的家人致以最深切的慰問，並對其為本公司作出的寶貴貢獻表示最崇高 的謝意。 隨著 Gohel 女士的離世，獨立非執行董事人數已低於《香港聯合交易所有限公司證券上市規 則》（「上市規則」）第 3. ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | Vongroup Limited | | | | | | 呈交日期: | 2025年8月1日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 00318 | 說明 | | | | | | 法定/註冊股份數目 | 面值 | | 法定/註冊股本 | | | --- | --- | --- | --- | --- | --- | | 上月底結存 | 5,000,000,000 HKD | | 0.04 HKD | | 200,000,000 | | 增加 / 減少 (-) | 0 | | HKD | | | | 本月底結存 | 5,000,000,000 ...

Group 1 - The company, Huanghe Industrial (00318.HK), reported a total revenue of approximately HKD 213 million for the fiscal year ending April 30, 2025, representing a year-on-year increase of 4.2% [1] - The profit attributable to the company's owners was HKD 10.524 million, which reflects a significant year-on-year decrease of 50.18% [1] - Earnings per share stood at HKD 0.0389 [1]

Core Viewpoint - Huanghe Industrial (00318) reported its annual results for the year ending April 30, 2025, showing a revenue of approximately HKD 213 million, representing a year-on-year growth of 4.2%. However, the profit attributable to shareholders decreased by 50.18% to HKD 10.524 million, with earnings per share at HKD 0.0389 [1] Financial Performance - Revenue for the year reached approximately HKD 213 million, marking a 4.2% increase compared to the previous year [1] - Profit attributable to shareholders was HKD 10.524 million, reflecting a significant decrease of 50.18% year-on-year [1] - Earnings per share stood at HKD 0.0389 [1]

黄河实业(00318)公布截至2025年4月30日止年度全年业绩，收益约2.13亿港元，同比增长4.2%;公司拥有 人应占溢利1052.4万港元，同比减少50.18%;每股盈利3.89港仙。 ...

Core Viewpoint - Huanghe Industrial (00318.HK) reported a total revenue increase of 4.2% to HKD 213 million for the fiscal year ending April 30, 2025, highlighting the resilience of its core business and the growing demand for its technology platform in key markets [1] Financial Performance - The annual profit was HKD 15.954 million, a decrease of 6.4% year-on-year, with earnings per share at HKD 0.0389 [1] Business Model and Strategy - The company's business model is centered on a commitment to long-term customer value, driven by a customer-centric mindset and strategic foresight [1] - By actively identifying and investing in emerging technology trends, particularly in AI and business outcome intelligence, the company aims to position itself at the forefront of enterprise transformation [1] - The ongoing customer relationships remain the cornerstone of recurring revenue, while advancements in AI-enhanced platforms open new industry and product lines, deepening relevance and expanding the addressable market [1] Future Outlook - The company plans to strengthen and expand its business through strategic investments in personnel, platforms, technology, and partnerships [1] - With diversified revenue sources and a clear innovation roadmap, the company is confident in its ability to continue delivering value to customers, partners, and shareholders [1]

Performance Overview [Financial Highlights](index=1&type=section&id=%E8%8B%A5%E5%B9%B2%E8%B4%A2%E5%8A%A1%E6%91%98%E8%A6%81) For FY2025, the Group's revenue grew 4.2% to HK$213 million, while annual profit fell 6.4% to HK$16 million FY2025 Key Financial Data Summary | Metric | FY2025 | FY2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | **Revenue** | HK$213,116,000 | HK$204,545,000 | +4.2% | | **Technology-related Revenue** | HK$206,776,000 | HK$197,368,000 | +4.8% | | **Profit for the Year** | HK$15,954,000 | HK$17,051,000 | -6.4% | | **Total Assets** | HK$624,905,000 | HK$620,828,000 | +0.7% | | **Net Assets** | HK$562,100,000 | HK$546,512,000 | +2.9% | | **Gearing Ratio** | 0.08 | 0.10 | -20% | [Company Profile and Strategy](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B) The company is a global technology firm providing integrated software, platforms, and IT services to bridge business goals with tech execution - The company provides integrated software, business technology platforms, IT services, and strategic consulting to optimize operations and accelerate digital adoption[7](index=7&type=chunk) - The company's strategy is evolving from "Business-led Technology" to "Business Hyper-intelligence" by integrating AI for smarter, autonomous business outcomes[8](index=8&type=chunk) Industry Overview and Strategic Focus [Industry Overview](index=2&type=section&id=%E8%A1%8C%E4%B8%9A%E6%A6%82%E5%86%B5) The global tech services industry is driven by BI, AI integration, and cloud migration, with strong investment in foundational capabilities expected to persist - Key industry trends for 2024-2025 are **AI-driven operating models**, cloud ecosystems, and digital proficiency, sustaining robust enterprise digital spending[11](index=11&type=chunk) - AI's business applications center on data analysis, automation, predictive analytics, and enhanced customer experiences for faster, more accurate decision-making[12](index=12&type=chunk)[13](index=13&type=chunk)[14](index=14&type=chunk)[17](index=17&type=chunk) - Despite economic headwinds, **investment in AI-related infrastructure remains strong** as enterprises view AI as a key competitive differentiator[50](index=50&type=chunk)[51](index=51&type=chunk) [Strategic Priorities and Product Layout](index=12&type=section&id=%E6%88%98%E7%95%A5%E9%87%8D%E7%82%B9%E4%B8%8E%E4%BA%A7%E5%93%81%E5%B8%83%E5%B1%80) The company is transitioning to "Business Hyper-intelligence" by upgrading capabilities in data, software, AI, and human roles while expanding internationally [Business Hyper-intelligence Transformation](index=12&type=section&id=%E4%B8%9A%E5%8A%A1%E8%B6%85%E6%99%BA%E8%83%BD%E5%8C%96%E8%BD%AC%E5%9E%8B) The company is shifting from providing "Business-led Technology" to enabling "intelligent business outcomes" through strategic investments in AI and data science - The technology business is advancing to a **"Business Hyper-intelligence" phase**, merging human expertise with AI agents, software, and data to drive superior business results[52](index=52&type=chunk) - To lead this transformation, the company is refining its product framework, evaluating strategic investments, and innovating delivery models aligned with client outcomes[55](index=55&type=chunk) [Core Technology Framework](index=13&type=section&id=%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E6%A1%86%E6%9E%B6) The technology framework is being upgraded across four core domains: data, software, AI roles, and human roles to enable more adaptive and autonomous systems - The technology framework covers four domains: **data** (multi-modal integration), **software** (adaptive systems), **AI roles** (strategic autonomy), and **human roles** (strategic coordination)[54](index=54&type=chunk) - In AI roles, the company is developing autonomous workflows and hyper-personalization engines to enable AI to handle more complex strategic tasks[56](index=56&type=chunk) [Key Solutions](index=14&type=section&id=%E5%85%B3%E9%94%AE%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A1%88) The company delivers solutions through three core products: FringeBacker Events, TeamSoft for mobile enterprise, and Greenie EdTech for corporate training - Subsidiary Claman Global's **FringeBacker Events** platform provides SaaS, EventTech, and FinTech solutions for large-scale events, integrating BI, VR, and AR[57](index=57&type=chunk) - Subsidiary TeamTech's **TeamSoft** platform is evolving into an AI-powered enterprise SaaS platform for mobile teams in industries like construction and logistics[58](index=58&type=chunk) - The **Greenie EdTech** division is integrating AI into its remote learning platforms to offer personalized corporate training and develop a future-ready workforce[59](index=59&type-chunk)[62](index=62&type=chunk) [International Market Expansion](index=15&type=section&id=%E5%9B%BD%E9%99%85%E5%B8%82%E5%9C%BA%E6%89%A9%E5%BC%A0) The company is accelerating growth in the UK, EU, and other international markets, leveraging the UK as a strategic hub for European operations - The company is accelerating growth in international markets, including the **UK and EU**, with the UK serving as a strategic hub for European clients[63](index=63&type=chunk) - The expansion strategy includes cross-border expertise transfer, localized innovation, regulatory compliance, and customer-centric engagement models[66](index=66&type=chunk) Financial Performance [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Revenue for the year ended April 30, 2025, rose 4.2% to HK$213 million, but profit for the year declined 6.4% to HK$16 million due to valuation losses Consolidated Statement of Profit or Loss Highlights (Year ended April 30) | Item | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Revenue | 213,116 | 204,545 | | Profit before income tax | 15,506 | 21,126 | | Profit for the year | 15,954 | 17,051 | | Profit attributable to owners of the Company | 10,524 | 21,123 | | Basic and diluted earnings per share | 3.89 HK cents | 8.21 HK cents | - The decline in profit was mainly due to an increased **fair value loss on investment properties** (to HK$17.7 million) and a higher **impairment loss on financial assets** (to HK$5.1 million)[19](index=19&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) As of April 30, 2025, total assets were stable at HK$625 million, while net assets grew 2.9% to HK$562 million with reduced debt levels Consolidated Statement of Financial Position Highlights (As of April 30) | Item | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | **Non-current Assets** | 334,996 | 355,090 | | Investment properties | 210,620 | 228,330 | | **Current Assets** | 289,909 | 265,738 | | **Total Assets** | 624,905 | 620,828 | | **Current Liabilities** | 56,392 | 66,481 | | Interest-bearing borrowings | 42,825 | 53,012 | | **Non-current Liabilities** | 6,413 | 7,835 | | **Net Assets (Total Equity)** | 562,100 | 546,512 | [Notes to the Financial Statements](index=5&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) The financial statements are prepared under HKFRS, with the technology segment being the primary revenue source and no dividends declared for the year [Segment Information](index=5&type=section&id=3.%20%E5%88%86%E7%B1%BB%E8%B5%84%E6%96%99) The Group operates three segments: Technology, Property, and Financial, with Technology contributing the vast majority of revenue and operating profit - The Group has three reportable operating segments: **Technology** (technology and related business), **Property** (real estate), and **Financial** (consumer finance, securities trading)[25](index=25&type=chunk)[27](index=27&type=chunk) Performance by Business Segment (Year ended April 30) | Segment (HK$'000) | Revenue (2025) | Revenue (2024) | Segment Results (2025) | Segment Results (2024) | | :--- | :--- | :--- | :--- | :--- | | **Technology** | 206,776 | 197,368 | 44,686 | 42,938 | | **Property** | 4,614 | 5,499 | (13,617) | (820) | | **Financial** | 1,726 | 1,678 | 195 | 97 | | **Consolidated** | 213,116 | 204,545 | 31,264 | 42,215 | Revenue and Non-current Assets by Geography | Region (HK$'000) | Revenue (2025) | Revenue (2024) | Non-current Assets (2025) | Non-current Assets (2024) | | :--- | :--- | :--- | :--- | :--- | | **Hong Kong** | 180,719 | 166,951 | 315,244 | 334,108 | | **Mainland China** | 2,920 | 4,560 | 5,960 | 6,390 | | **Others** | 29,477 | 33,034 | 12,200 | 13,000 | | **Total** | 213,116 | 204,545 | 333,404 | 353,498 | [Revenue Analysis](index=8&type=section&id=4.%20%E6%94%B6%E7%9B%8A) Total revenue reached HK$213 million, with technology and related services accounting for 97% of the total at HK$207 million, a 4.8% increase Revenue Composition (Year ended April 30) | Revenue Source (HK$'000) | 2025 | 2024 | | :--- | :--- | :--- | | Provision of technology and related services | 206,776 | 197,368 | | Provision of property leasing services | 4,614 | 5,499 | | Provision of financial and related services | 1,726 | 1,678 | | **Total** | **213,116** | **204,545** | [Key Expense Items](index=9&type=section&id=6.%20%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) R&D expenses decreased to HK$22.8 million, while impairment losses on financial assets, primarily from receivables, increased significantly to HK$5.1 million Major Expenses and Impairment Items (Year ended April 30) | Item (HK$'000) | 2025 | 2024 | | :--- | :--- | :--- | | R&D expenses | 22,780 | 29,000 | | Engagement fees | 125,665 | 122,329 | | Staff costs | 8,837 | 8,530 | | Net impairment losses on financial assets | 5,083 | 30 | [Dividend Policy](index=10&type=section&id=8.%20%E8%82%A1%E6%81%AF) The Board does not recommend the payment of a final dividend for the year ended April 30, 2025, consistent with the prior year - The Board of Directors **does not recommend a final dividend** for the year ended April 30, 2025, consistent with the previous year's policy[41](index=41&type=chunk) [Trade Receivables](index=10&type=section&id=10.%20%E6%87%89%E6%94%B6%E8%B3%AC%E6%AC%BE) Net trade receivables increased to HK$145 million, with a notable rise in balances aged over 180 days, indicating extended collection cycles Ageing Analysis of Trade Receivables (by invoice date) | Ageing | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Within 90 days | 39,335 | 35,050 | | 91 to 180 days | 33,238 | 43,926 | | Over 180 days | 72,784 | 47,016 | | **Total** | **145,357** | **125,992** | Business Review and Outlook [Business Review](index=15&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%BE) The Group's revenue grew 4.2% to HK$213 million, driven by a 4.8% increase in the technology business, while the property segment faced market headwinds - Total revenue for the year **grew 4.2% to HK$213 million**, driven by demand for technology platforms and core business resilience[65](index=65&type=chunk) Performance by Business Segment (Year ended April 30) | Segment | Revenue (HK$'000) | Profit/(Loss) (HK$'000) | Key Dynamics | | :--- | :--- | :--- | :--- | | **Technology Business** | 206,776 (+4.8%) | 44,686 | Stable growth with continued investment in platform innovation and AI integration | | **Property Business** | 4,614 (-16.1%) | (13,617) | Rental income and property valuation declined due to high interest rates and market weakness | | **Financial Services** | 1,726 (+2.9%) | 195 | Recorded modest growth | [Future Growth Prospects](index=15&type=section&id=%E6%9C%AA%E6%9D%A5%E5%A2%9E%E9%95%B7%E5%89%8D%E6%99%AF) Future growth will be pursued through strategic investments and partnerships focused on AI, enterprise automation, and vertical SaaS to build a robust ecosystem - The company will accelerate its transformation through **strategic investments, acquisitions, and technology partnerships** focusing on AI, enterprise automation, and vertical SaaS platforms[64](index=64&type=chunk)[69](index=69&type=chunk) - The company aims to drive **ecosystem-led growth** to expand its market footprint, integrate next-gen AI tools, accelerate product innovation, and deliver localized services globally[67](index=67&type=chunk) Risk Management and Financial Position [Risks and Uncertainties](index=17&type=section&id=%E9%A3%8E%E9%99%A9%E5%8F%8A%E4%B8%8D%E6%98%8E%E6%9C%97%E5%9B%A0%E7%B4%A0) The Group faces risks from economic volatility and market uncertainties, which could adversely impact revenue and asset valuations - The Group's primary risks include **economic fluctuations and financial and property market uncertainty**, which could negatively affect revenue and asset valuations[73](index=73&type=chunk) - The Group is exposed to foreign exchange risk as its assets, liabilities, and cash flows are mainly denominated in HKD, USD, and RMB, with no current hedging[81](index=81&type=chunk) [Liquidity and Financial Resources](index=17&type=section&id=%E6%B5%81%E5%8A%A8%E8%B5%84%E9%87%91%E4%B8%8E%E8%B4%A2%E5%8A%A1%E8%B5%84%E6%BA%90) The Group maintained a sound financial position, with the current ratio improving to 5.1 and the gearing ratio decreasing to 0.08 Key Financial Ratios (As of April 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Cash and bank balances | HK$23,176,000 | HK$53,104,000 | | Current ratio | 5.1 | 4.0 | | Gearing ratio | 0.08 | 0.10 | [Treasury Policy and Pledge of Assets](index=18&type=section&id=%E5%BA%93%E5%8A%A1%E6%94%BF%E7%AD%96%E4%B8%8E%E8%B5%84%E4%BA%A7%E6%8A%B5%E6%8A%BC) The Group funds its operations through internal resources and bank facilities, with investment properties and land pledged as collateral for borrowings - The Group relies on internal resources and bank financing, with total bank borrowings and overdraft facilities of approximately **HK$42.9 million** as of April 30, 2025[82](index=82&type=chunk) - Bank facilities are secured by **investment properties** (net book value of HK$168 million), **leasehold land and buildings** (HK$9.5 million), and an unlimited corporate guarantee[84](index=84&type=chunk)[89](index=89&type=chunk) Other Disclosures [Material Acquisitions and Investments](index=17&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B4%AD%E5%8F%8A%E5%87%BA%E5%94%AE) The proposed acquisition of a 40% stake in Rosarini International Limited, initiated in May 2021, remains uncompleted as of the reporting date - In May 2021, the company agreed to acquire a **40% stake in Rosarini International Limited for HK$22 million**, with an option to increase to 51%; the transaction is not yet complete[75](index=75&type=chunk)[76](index=76&type=chunk) - As of the reporting date, the Group had **no significant investments** accounting for 5% or more of its total assets[78](index=78&type=chunk) [Employees and Remuneration Policy](index=18&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E9%85%AC%E9%87%91%E6%94%BF%E7%AD%96) As of April 30, 2025, the Group employed 34 staff, with total employee costs for the year amounting to approximately HK$8.8 million Employee Data | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Number of employees | 34 | 38 | | Total staff costs | Approx. HK$8,800,000 | Approx. HK$8,500,000 | [Corporate Governance](index=18&type=section&id=%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB%E6%8A%A5%E5%91%8A) The company complied with most Corporate Governance Code provisions but deviated on three points, including the combined role of Chairman and CEO - The company complied with the Corporate Governance Code during the reporting period, with **three noted deviations**[88](index=88&type=chunk) - Deviations include: **no directors' liability insurance** (C.1.7), the **Chairman and CEO roles are held by the same individual** (C.2.1), and **no specific term for INEDs** (B.2.2)[88](index=88&type=chunk)[90](index=90&type=chunk)

Core Viewpoint - Huanghe Industrial (00318) anticipates a profit attributable to shareholders of HKD 10 million to HKD 12 million for the fiscal year ending April 30, 2025, a decrease of approximately HKD 9 million to HKD 11 million compared to the HKD 21.1 million profit for the fiscal year ending April 30, 2024 [1] Group 1 - The expected profit decline is primarily due to a non-cash accounting treatment reflecting a decrease in the fair value of the company's investment property portfolio by approximately HKD 17 million to HKD 18 million [1] - Management attributes the decline in fair value to the overall weakness in the property market during the current fiscal year [1] - The impairment is classified as an unrealized non-cash accounting treatment, which is not expected to have a significant impact on the company's cash flow or operations [1]

Core Viewpoint - Huanghe Industrial (00318) expects a significant decrease in profit for the fiscal year ending April 30, 2025, projecting a profit attributable to shareholders of HKD 10 million to HKD 12 million, down from approximately HKD 21.1 million for the fiscal year ending April 30, 2024, indicating a reduction of about HKD 9 million to HKD 11 million [1] Group 1 - The expected decline in profit is primarily attributed to a decrease in the fair value of the company's investment property portfolio, which is estimated to drop by approximately HKD 17 million to HKD 18 million due to weak market conditions [1] - Management believes that the decline in fair value is mainly due to the overall weakness in the property market during the current fiscal year [1] - The impairment is classified as an unrealized non-cash accounting treatment, which is not expected to have a significant impact on the company's cash flow or operations [1]

本公告乃黃河實業有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則第 13.09(2)條及香港法 例第 571 章《證券及期貨條例》第 XIVA 部之內幕消息條文而作出。 本公司董事會（「董事會」）謹此通知本公司股東及潛在投資者，基於對本公司估值師今天告知之初步物業估值草 案，以及對本公司及其附屬公司（統稱「本集團」）現有未經審核合併管理賬目草案與管理層（「管理層」）目前 可得之其他資料所作之初步審閱，預期本集團截至二零二五年四月三十日止年度（「本年度」）將錄得歸屬本公司 擁有人之應佔溢利介乎 10,000,000 港元至 12,000,000 港元，而截至二零二四年四月三十日止年度（"去年"）錄得 約 21,100,000 港元。此預期減幅介乎約 9,000,000 港元至 11,000,000 港元，主要由於根據估值初稿，本集團投資物業 組合的公平值按非現金會計處理減少約 17,000,000 港元至 18,000,000 港元所致。管理層認為此公允價值下降主要由 於本年度物業市場整體疲弱所致。由於此項減值屬未實現性質之非現金會計處理，預期不會對本集團之現金流或運 作構成重大影響。 本公告所載資 ...