FF301 呈交日期: 2025年9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) | 00426 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.001 HKD | | 4,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.001 HKD | | 4,000,000 | 本月底法定/註冊股本總額： HKD 4,000,000 第 1 頁 共 10 頁 v 1.1.1 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 ...

来源：智通财经网 虽然营业额因额外的销售活动而增加，但部分增长被传统平面广告收入的下降以及员工更换和新员工聘 用导致的人工成本上升所抵消。因此，本集团取得亏损552.5万港元，上个财政年度同季的亏损则为 550.1万港元。 万华媒体(00426)发布截至2025年6月30日止3个月的第一季业绩，该集团取得营业额1044.9万港元，同比 增加22.18%;公司拥有人应占亏损552.5万港元，同比增加0.44%;每股亏损1.38港仙。 ...

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布之內容概不負責，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布全部或任何部分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。 萬華媒體集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：426） 截至二零二五年六月三十日止三個月之第一季業績公布 萬華媒體集團有限公司（「本公司」）董事（「董事」）宣布本公司及其附屬公司（統稱「本集團」）截至二零 二五年六月三十日止三個月之未經審核綜合業績，連同於二零二四年同期之比較數字如下： 綜合收益表 截至二零二五年六月三十日止三個月 | | | (未經審核) | | | --- | --- | --- | --- | | | | 截至六月三十日止三個月 | | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | 營業額 | 2 | 10,449 | 8,552 | | 已售貨品成本 | | (9,553) | (7,875) | | 毛利 | | 896 | 677 | | 其他收入 | 3 | 78 | 102 | | 銷售及分銷支出 | | ( ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，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告全部或任何部分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。 萬華媒體集團有限公司 二零二五年八月十五日舉行之股東週年大會 投票表決結果 萬華媒體集團有限公司(「本公司」)欣然宣布，於二零二五年八月十五日舉行之股東週年大會 (「股東週年大會」)上提呈之決議案的投票表決結果如下: | | 普通決議案 | 票數(%) | | | --- | --- | --- | --- | | | | 贊成 | 反對 | | 1. | 省覽及考慮截至二零二五年月三月三十一日止年度 之經審核財務報表、董事會報告及獨立核數師報告 | 292,700,000 | 0 | | | | (100.00%) | (0.00%) | | | 此決議案因超過 50%票數投票贊成而獲通過。 | | | | 2(i). | (a) 重選張聰女士為本公司董事 | 292,700,000 | 0 | | | | (100.00%) | (0.00%) | | | 此決議案因超過 50%票數投票贊成而獲通過。 ...

根據股東週年大會通告，本公司訂於二零二五年八月十四日（星期四）上午九時 三十分假座香港柴灣嘉業街十八號明報工業中心A座十五樓舉行股東週年大會。 由於二零二五年八月十四日上午七時三十分後香港懸掛黑色暴雨警告信號，股東 週年大會將予延期。本公司謹此宣佈，股東週年大會將延期至二零二五年八月十 五日（星期五）上午九時正於同一地點舉行，及該通函與股東週年大會通告所載 將於股東週年大會上提呈的所有決議案將維持不變，而所有該等決議案將於經改 期之股東週年大會上提呈。 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布之內容概不負責，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布全部或任何部分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。 萬華媒體集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：426） 由於惡劣天氣 原定於二零二五年八月十四日舉行之 股東週年大會將延期 茲提述萬華媒體集團有限公司（「本公司」）日期為二零二五年七月十六日之股 東週年大會（「股東週年大會」）通告（「股東週年大會通告」），及日期為二 零二五年七月十六日之通函（「該通函」）。除另有界定者外，本公告所用詞 ...

Group 1 - The article provides an overview of the investment activities of Hong Kong-listed companies on August 11, 2025, including new stock activities, earnings announcements, shareholder meetings, and dividend distributions [1] Group 2 - New stock activities include companies such as ZhiNuo Pharmaceutical-B (currently in the IPO process) and Zhonghui Biotechnology-B (listing date) [1] - Earnings announcements are scheduled for companies like Baosheng International, Yuanyuan Group, and Kang Shifu Holdings among others [1] - Shareholder meetings will be held for companies including Huatai Textile, Shandong Gold, and Sichuan Chengyu Expressway [1] - Dividend distributions are noted for companies like Jianbei Miao Miao and Kangnait Optical, with specific ex-dividend and payment dates mentioned [1]

董事會會議通告 萬華媒體集團有限公司 (「本公司」) 之董事會 (「董事會」) 謹此公布，本公 司董事會將於二零二五年八月二十五日（星期一）假座香港柴灣嘉業街十八號明 報工業中心A座十六樓舉行董事會會議，藉以批准（其中包括）本公司及其附屬 公司截至二零二五年六月三十日止季度之第一季季度業績。 代表董事會 萬華媒體集團有限公司 張裘昌 董事 香港，二零二五年八月八日 於本公告日期，董事會包括非執行董事張聰女士；執行董事張裘昌先生及林栢昌先 生；及獨立非執行董事俞漢度先生、劉志華先生及黃洪琬貽女士。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，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告全部或任何部分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。 萬華媒體集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：426） ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 萬華媒體集團有限公司 (於開曼群島註冊成立之有限公司) 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) | 00426 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.001 | HKD | | 4,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.001 | HKD | | ...

[Company Information](index=2&type=section&id=Company%20Information) This section provides essential company details, including board members, committee compositions, company secretary, principal bankers, auditor, office address, and share registrar information [Company Information](index=3&type=section&id=Company%20Information) This section provides essential company details, including board members, committee compositions, company secretary, principal bankers, auditor, office address, and share registrar information - The company's Chairman is Ms. Cheung Tsung, a Non-Executive Director, and the auditor is PricewaterhouseCoopers[3](index=3&type=chunk) - The company is listed on the Hong Kong Stock Exchange with stock code **426**[4](index=4&type=chunk) [Chairman's Statement](index=4&type=section&id=Chairman's%20Statement) The Chairman's Statement highlights a challenging FY2024 for the Hong Kong media industry due to macroeconomic pressures impacting group revenue, leading to strategic transformations including core publication redesigns, enhanced digital and video content, expanded content areas, and a shift from traditional print to dynamic multimedia solutions provider [Chairman's Statement](index=4&type=section&id=Chairman's%20Statement) The Chairman's Statement highlights a challenging FY2024 for the Hong Kong media industry due to macroeconomic pressures impacting group revenue, leading to strategic transformations including core publication redesigns, enhanced digital and video content, expanded content areas, and a shift from traditional print to dynamic multimedia solutions provider - The report acknowledges that US-China tariff tensions and local consumption outflow negatively impacted Hong Kong retail activities, consequently affecting the Group's revenue[7](index=7&type=chunk) - The Group comprehensively revamped its flagship publication 'Ming Pao Weekly', merging two magazines into one and enhancing real-time content and video production on digital platforms[7](index=7&type=chunk) - The Group is transforming from a print media company into a dynamic multimedia provider, offering customized business solutions including creative concept development, video advertising production, promotional campaign management, and event marketing[8](index=8&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This year, the Group's revenue declined by **18%** to **HKD 32.31 million**, with post-tax loss widening by **23%** to **HKD 25.83 million**, primarily due to reduced Hong Kong consumer spending and a weak advertising market; the Entertainment and Lifestyle segment's loss increased, while the Watches and Automotive segment, despite slight revenue growth, turned to a loss, and financially, the Group's liquidity relies on intercompany loans, with the gearing ratio significantly rising from **222.6%** to **299.0%**, as the Group anticipates continued challenges and will focus on content creation and technology application to navigate uncertainties [Performance Summary](index=7&type=section&id=Performance%20Summary) Affected by Hong Kong's economic slowdown and declining retail sales, the Group's business faced adverse conditions, with revenue decreasing by **18%** year-on-year and post-tax loss widening by **23%** for the year ended March 31, 2025 Annual Performance Summary (HKD thousands) | Metric | For the Year Ended March 31, 2025 | For the Year Ended March 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | 32,314 | 39,506 | -18% | | Loss for the Year (after tax) | 25,831 | 21,011 | +23% | [Business Review](index=7&type=section&id=Business%20Review) This year, both of the Group's core businesses faced challenges; the Entertainment and Lifestyle segment saw worsening revenue and increased losses due to weak advertising expenditure, while the Watches and Automotive segment, despite slight revenue growth, turned from profit to loss, as the Group responds to market changes through content innovation and service diversification [Entertainment and Lifestyle Business](index=7&type=section&id=Entertainment%20and%20Lifestyle%20Business) This segment's revenue decreased to **HKD 20.85 million**, with losses expanding by **18%** to **HKD 19.77 million**; to counter the weak advertising market, the Group is broadening its client base beyond retail brands and plans to enhance male-focused content through the new brand 'Ming's Bro' Entertainment and Lifestyle Business Performance (HKD thousands) | Metric | FY2025 (HKD) | FY2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Revenue | 20,854 | 28,594 | -27.1% | | Segment Loss | 19,769 | 16,752 | +18.0% | [Watches and Automotive Business](index=7&type=section&id=Watches%20and%20Automotive%20Business) This segment's revenue slightly increased by **5%** to **HKD 11.46 million**, but it shifted from a profit of **HKD 0.431 million** last year to a loss of **HKD 1.251 million**; the Group expanded short video production for 'TopGear' and added non-watch lifestyle content like jewelry and fashion to 'Ming Watch' to enhance product appeal Watches and Automotive Business Performance (HKD thousands) | Metric | FY2025 (HKD) | FY2024 (HKD) | | :--- | :--- | :--- | | Revenue | 11,460 | 10,912 | | Segment (Loss)/Profit | (1,251) | 431 | [Significant Investments](index=8&type=section&id=Significant%20Investments) The Group holds a **4.4%** equity interest in Most Kwai Chung Limited, listed on the Stock Exchange, which is considered a strategic investment; at year-end, its fair value was **HKD 4.38 million**, a slight decrease from the prior year Investment Details in Most Kwai Chung (HKD thousands) | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Shares Held | 12,000,000 shares | 12,000,000 shares | | Equity Interest | 4.4% | 4.4% | | Fair Value | 4,380 | 4,500 | [Outlook](index=8&type=section&id=Outlook) The Group anticipates continued challenges in the new fiscal year due to global trade uncertainties; to enhance adaptability, the Group will focus on strengthening content creation, improving technology for increased output and cost reduction, and recruiting talent to boost its digital content and business solutions capabilities - Facing global trade uncertainties, the Group anticipates continued challenges in the new fiscal year[20](index=20&type=chunk) - Future strategic priorities include: strengthening content creation, improving technology for efficiency and cost reduction, and recruiting professional talent[20](index=20&type=chunk) [Liquidity, Financial Resources and Gearing Ratio](index=8&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Gearing%20Ratio) At year-end, the Group's net current assets decreased, and the total deficit attributable to owners expanded; the gearing ratio (total liabilities/total assets) sharply rose from **222.6%** to **299.0%**, indicating significantly increased financial leverage, with the Group's liquidity primarily relying on cash and a **HKD 98 million** loan from a fellow subsidiary Key Financial Resources Metrics (HKD thousands) | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Net Current Assets | 20,429 | 25,607 | | Cash and Cash Equivalents | 28,948 | 29,580 | | Loans from a Fellow Subsidiary | 98,000 | 78,000 | | Gearing Ratio | 299.0% | 222.6% | [Directors' Report](index=10&type=section&id=Directors'%20Report) This report outlines the company's principal activities, performance, dividend policy, and statutory disclosures regarding directors' and shareholders' interests; during the reporting period, the company primarily engaged in investment holding, with subsidiaries operating media businesses, and the Board does not recommend a final dividend, while also detailing directors' and major shareholders' holdings, confirming sufficient public float, and covering related party transactions, environmental policies, and stakeholder relations [Results and Appropriations](index=10&type=section&id=Results%20and%20Appropriations) The Group's performance for the year is detailed in the consolidated statement of profit or loss; the Board resolved not to recommend any dividend for the year ended March 31, 2025 - For the years ended March 31, 2025, and March 31, 2024, the directors did not recommend dividend payments[40](index=40&type=chunk) [Biographies of Directors and Senior Management](index=11&type=section&id=Biographies%20of%20Directors%20and%20Senior%20Management) This section provides detailed biographies of the company's non-executive, executive, independent non-executive directors, and senior management, including their age, position, professional experience, academic background, and appointments in other listed companies - Ms. Cheung Tsung, **55 years old**, serves as the company's Chairman and Non-Executive Director, also chairing the controlling company, World Chinese Media Limited[50](index=50&type=chunk) - Mr. Tiong Kiu Chiong, **65 years old**, is the company's Vice Chairman and Executive Director, with extensive experience in the media and publishing industry[52](index=52&type=chunk) - Mr. Lam Pak Cheung, **56 years old**, is the company's Chief Executive Officer and Executive Director, responsible for overseeing the Group's overall business operations[53](index=53&type=chunk) [Major Shareholders' Interests](index=15&type=section&id=Major%20Shareholders'%20Interests) In accordance with the Securities and Futures Ordinance, this section discloses major shareholders holding **5%** or more of the company's issued share capital; World Chinese Media Limited, through its indirect wholly-owned subsidiary Comwell Investment Limited, holds **73.01%** of the company's shares, making it the company's principal controlling shareholder Major Shareholder Holdings (As of March 31, 2025) | Shareholder Name/Entity | Number of Shares Held | Capacity | Percentage of Issued Ordinary Shares | | :--- | :--- | :--- | :--- | | Tan Sri Datuk Tiong Hiew King | 292,700,000 | Interest in Controlled Corporation | 73.01% | | Dato' Sri Tiong Ik King | 292,700,000 | Interest in Controlled Corporation | 73.01% | | Comwell Investment Limited | 292,700,000 | Beneficial Owner | 73.01% | - The note explains that these shares are held by Comwell Investment Limited, an indirect wholly-owned subsidiary of World Chinese Media, making World Chinese Media the ultimate holding company of the Company[63](index=63&type=chunk) [Related Party Transactions](index=15&type=section&id=Related%20Party%20Transactions) During the year, the Group conducted transactions with related parties in the ordinary course of business, detailed in Note 31 to the financial statements; these transactions did not constitute discloseable connected transactions or continuing connected transactions under the Listing Rules - The Group has transactions with related parties in the ordinary course of business, detailed in Note 31; these transactions do not constitute discloseable connected transactions under the Listing Rules[68](index=68&type=chunk) [Corporate Governance Report](index=16&type=section&id=Corporate%20Governance%20Report) This report outlines the company's corporate governance framework and practices, confirming compliance with Appendix C1 of the Listing Rules' Corporate Governance Code throughout the reporting period; it details the Board's composition and functions, the responsibilities and operations of various committees (Executive, Remuneration, Nomination, Audit), risk management and internal control systems, and shareholder rights and communication policies, emphasizing the company's commitment to high standards of transparency, accountability, and fairness to protect shareholder interests [Board of Directors](index=17&type=section&id=Board%20of%20Directors) The Board comprises six directors, including one non-executive director (Chairman), two executive directors, and three independent non-executive directors, ensuring a balanced structure; the Board is responsible for formulating group strategy, monitoring management performance, and fulfilling corporate governance duties, having held four meetings during the reporting period with full attendance - The Board comprises six directors, with independent non-executive directors constituting half (three members), ensuring checks and balances and independence[81](index=81&type=chunk) Board Meeting Attendance | Director Name | Board Meeting Attendance | | :--- | :--- | | Ms. Cheung Tsung | **4/4** | | Mr. Tiong Kiu Chiong | **4/4** | | Mr. Lam Pak Cheung | **4/4** | | Mr. Yu Hon To | **4/4** | | Mr. Lau Chi Wah | **4/4** | | Ms. Wong Hung Yuen Yee | **4/4** | [Governance Structure (Committees)](index=19&type=section&id=Governance%20Structure%20%28Committees%29) The company has established four committees—Executive, Remuneration, Nomination, and Audit—to assist the Board in its duties; the Remuneration, Nomination, and Audit Committees are majority-led by independent non-executive directors and chaired by them, ensuring independent operation, with the report detailing each committee's members, responsibilities, and annual work summary - The Audit Committee, composed of three independent non-executive directors, oversees financial reporting, external auditor relations, and reviews risk management and internal control systems[99](index=99&type=chunk)[100](index=100&type=chunk) - The Remuneration Committee is responsible for recommending remuneration policies and structures for directors and senior management to the Board[91](index=91&type=chunk)[94](index=94&type=chunk) - The Nomination Committee reviews the Board's structure, size, and composition, and identifies suitable director candidates[93](index=93&type=chunk)[95](index=95&type=chunk) [Risk Management and Internal Control](index=26&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board is responsible for ensuring the Group establishes and maintains robust and effective risk management and internal control systems; the Group has implemented systematic procedures to identify, assess, and manage significant risks, overseen by the Audit Committee and the Executive Committee (acting as the Risk Management Committee), and has also adopted whistleblowing and anti-bribery and corruption policies; the Board reviewed the adequacy and effectiveness of these systems during the year and deemed them effective - The Group has a systematic risk management framework, with the Executive Committee acting as the Risk Management Committee, responsible for overseeing the framework's implementation[118](index=118&type=chunk)[120](index=120&type=chunk) - World Chinese Media's internal audit department, the holding company, is responsible for assessing the adequacy and effectiveness of the Group's risk management and internal control systems[122](index=122&type=chunk) - The Group has adopted whistleblowing and anti-bribery and corruption policies to ensure high levels of transparency, integrity, and accountability[123](index=123&type=chunk)[125](index=125&type=chunk) [Shareholders' Rights](index=28&type=section&id=Shareholders'%20Rights) This section clarifies the company's measures to protect shareholder rights, including communication policies and procedures for convening extraordinary general meetings; the company communicates with shareholders through various channels such as general meetings, financial reports, and announcements, and shareholders holding at least **10%** of the voting share capital may request an extraordinary general meeting - Shareholders holding not less than one-tenth of the company's paid-up share capital may submit a written request to the Board to convene an extraordinary general meeting[132](index=132&type=chunk) [Independent Auditor's Report](index=29&type=section&id=Independent%20Auditor's%20Report) PricewaterhouseCoopers, the auditor, issued an unmodified 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 operating results; 'Revenue Recognition' was specifically highlighted as a key audit matter due to its significant amount and the extensive audit effort involved [Independent Auditor's Report](index=30&type=section&id=Independent%20Auditor's%20Report) PricewaterhouseCoopers, the auditor, issued an unmodified 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 operating results; 'Revenue Recognition' was specifically highlighted as a key audit matter due to its significant amount and the extensive audit effort involved - The auditor believes the consolidated financial statements truly and fairly reflect the Group's financial position and performance in accordance with International Financial Reporting Standards, issuing an unmodified opinion[136](index=136&type=chunk) - Revenue recognition was identified as a key audit matter; the auditor, through procedures such as policy evaluation, internal control testing, and sample testing of revenue transactions, concluded that the Group's revenue recognition was adequately supported by evidence[142](index=142&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk) [Consolidated Financial Statements](index=33&type=section&id=Consolidated%20Financial%20Statements) This section contains the Group's core financial statements, comprehensively reflecting its financial performance, position, and cash flows during the reporting period; overall, the Group faced operational pressure in FY2025, with declining revenue, widening losses, deteriorating balance sheet, negative operating cash flow, and primary reliance on financing activities to sustain operations [Consolidated Statement of Profit or Loss](index=34&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the year ended March 31, 2025, the Group's revenue was **HKD 32.31 million**, an **18%** decrease from **HKD 39.51 million** last year; gross profit significantly narrowed to **HKD 0.49 million**, and due to relatively stable administrative and selling expenses, operating loss expanded to **HKD 21.73 million**, resulting in a net loss for the year of **HKD 25.83 million** and a basic loss per share of **HKD 0.064** Consolidated Statement of Profit or Loss Key Data (HKD thousands) | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | 32,314 | 39,506 | | Gross Profit | 486 | 5,081 | | Operating Loss | (21,725) | (17,733) | | Loss for the Year | (25,831) | (21,011) | | Basic Loss Per Share (HK cents) | (6.4) | (5.2) | [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 **HKD 37.86 million**, and total liabilities were **HKD 113 million**, leading to a total deficit (negative equity) of **HKD 75.33 million**, further worsening from **HKD 49.16 million** last year; the increase in liabilities primarily stemmed from loans from a fellow subsidiary rising from **HKD 78 million** to **HKD 98 million** Consolidated Statement of Financial Position Key Data (HKD thousands) | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total Assets | 37,857 | 40,091 | | Total Liabilities | 113,189 | 89,251 | | **Total Deficit** | **(75,332)** | **(49,160)** | | Cash and Cash Equivalents | 28,948 | 29,580 | | Loans from a Fellow Subsidiary | 98,000 | 78,000 | [Consolidated Statement of Cash Flows](index=39&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This year, the Group's net cash outflow from operating activities was **HKD 20.75 million**, largely consistent with last year; financing activities generated a net cash inflow of **HKD 19.93 million**, primarily from new loans from a fellow subsidiary, which was crucial for offsetting operating losses, resulting in a net decrease in cash and cash equivalents of **HKD 0.63 million** Consolidated Statement of Cash Flows Key Data (HKD thousands) | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (20,745) | (19,654) | | Net Cash From/(Used in) Investing Activities | 187 | (161) | | Net Cash From Financing Activities | 19,931 | 12,935 | | Net Decrease in Cash and Cash Equivalents | (627) | (6,880) | [Notes to the Consolidated Financial Statements](index=39&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed supplementary information to the financial statements, explaining accounting policies, key estimates, risk management, and the specific composition of various statement items; key notes include segment information (Note 5), revealing business line performance; related party transactions (Note 31), highlighting the Group's reliance on funding and services within its controlling shareholder's system; and loans from a fellow subsidiary (Note 26), which are crucial for the Group's liquidity [Note 5 Revenue and Segment Information](index=59&type=section&id=Note%205%20Revenue%20and%20Segment%20Information) This note details the Group's revenue composition and the performance of each operating segment; the Entertainment and Lifestyle business is the primary revenue source but also the largest source of loss, while the Watches and Automotive business, smaller in revenue, turned from profit to loss this year, with most revenue (approximately **84%**) recognized over time as advertising income FY2025 Segment Performance (HKD thousands) | Operating Segment | Revenue | Segment Loss | | :--- | :--- | :--- | | Entertainment and Lifestyle Business | 20,854 | (19,769) | | Watches and Automotive Business and Others | 11,460 | (1,251) | | **Total** | **32,314** | **(21,020)** | [Note 26 Loans from a Fellow Subsidiary](index=82&type=section&id=Note%2026%20Loans%20from%20a%20Fellow%20Subsidiary) This note discloses the Group's key financing source; at year-end, the Group had a loan balance of **HKD 98 million** from a fellow subsidiary, with a total facility of **HKD 150 million**; this HKD-denominated loan carries an interest rate of HIBOR plus **1.4%** and matures on March 31, 2028 Fellow Subsidiary Loan Details (HKD thousands) | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total Facility Limit | 150,000 | 100,000 | | Utilized Facility | 98,000 | 78,000 | | Unutilized Facility | 52,000 | 22,000 | [Note 31 Related Party Transactions](index=85&type=section&id=Note%2031%20Related%20Party%20Transactions) This note details transactions between the Group and its ultimate parent, World Chinese Media, and its subsidiaries; these transactions cover administrative support, information system services, office and parking space rentals, and crucial loan financing; this year, the Group paid **HKD 3.91 million** in loan interest and **HKD 2.80 million** for administrative support and other services to related parties, indicating the Group's close operational and financial ties to its controlling shareholder's system Key Related Party Transaction Expenses (FY2025, HKD thousands) | Transaction Type | Amount | | :--- | :--- | | Loan Interest Expense | 3,911 | | Administrative Support and IT Services Fees | 2,804 | | Office, Warehouse and Car Park Rental and License Fees | 1,117 | [Five-Year Financial Summary](index=88&type=section&id=Five-Year%20Financial%20Summary) This section presents key performance and financial position data for the Group's past five fiscal years; the data indicates a continuous decline in the Group's revenue since 2021 and an expanding trend in loss attributable to owners of the company, while the Group's financial position has deteriorated year-on-year, shifting from net assets in 2021 to a continuously expanding net liability (total deficit) [Five-Year Financial Summary](index=89&type=section&id=Five-Year%20Financial%20Summary) This section presents key performance and financial position data for the Group's past five fiscal years; the data indicates a continuous decline in the Group's revenue since 2021 and an expanding trend in loss attributable to owners of the company, while the Group's financial position has deteriorated year-on-year, shifting from net assets in 2021 to a continuously expanding net liability (total deficit) Five-Year Performance Trend (HKD thousands) | Fiscal Year | 2021 | 2022 | 2023 | 2024 | 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 45,943 | 45,039 | 41,166 | 39,506 | 32,314 | | Loss Attributable to Owners of the Company | (17,255) | (12,332) | (18,507) | (21,011) | (25,831) | Five-Year Assets and Liabilities Trend (HKD thousands) | Fiscal Year End | 2021 | 2022 | 2023 | 2024 | 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Capital and Reserves Attributable to Owners of the Company | 5,513 | (9,037) | (22,731) | (49,160) | (75,332) |

Financial Performance - Total revenue for the year ending March 31, 2025, was HKD 32,314,000, a decrease of 18.2% from HKD 39,506,000 in the previous year[2] - Gross profit was HKD 486,000, down from HKD 5,081,000, indicating a significant decline in profitability[2] - The company reported a net loss of HKD 25,831,000 for the year, compared to a loss of HKD 21,011,000 in the previous year, reflecting a worsening financial position[3] - The basic and diluted loss per share was HKD 6.4, compared to HKD 5.2 in the previous year, indicating increased losses per share[2] - The total comprehensive loss for the year was HKD 26,172,000, slightly down from HKD 26,429,000 in the previous year[3] - The company reported a pre-tax operating loss of HKD 25,817 million for the fiscal year ending March 31, 2025, compared to a loss of HKD 20,989 million for the previous fiscal year[14] - The operating loss for 2025 was HKD 25,831,000 compared to a loss of HKD 21,011,000 in 2024, indicating a deterioration in performance[21] - The group reported a 23% increase in net loss, amounting to HKD 25,831,000, up from HKD 21,011,000 in the previous year[35] Revenue Breakdown - For the fiscal year ending March 31, 2025, the total revenue from the watch and automotive segment was HKD 20,854 million, while the entertainment and lifestyle segment generated HKD 11,460 million, leading to a combined total of HKD 32,314 million[13] - The entertainment and lifestyle segment generated revenue of HKD 20,854,000, down from HKD 28,594,000, with losses increasing by 18% to HKD 19,769,000[36] - The watch and automotive segment recorded revenue of HKD 11,460,000, a slight increase of 5% from HKD 10,912,000, but incurred a loss of HKD 1,251,000 compared to a profit of HKD 431,000 last year[38] Expenses and Cost Management - Operating expenses totaled HKD 22,592,000, which includes selling and administrative expenses of HKD 7,361,000 and administrative expenses of HKD 15,231,000[2] - The company incurred employee benefits expenses of HKD 32,171,000 in 2025, slightly down from HKD 33,358,000 in 2024, suggesting a focus on cost control[16] - The company reported a significant decrease in advertising and promotional expenses, from HKD 643,000 in 2024 to HKD 335,000 in 2025, reflecting a strategic shift in marketing[16] - The total cost of goods sold for 2025 was HKD 3,769,000, down from HKD 4,670,000 in 2024, indicating improved cost management[16] Assets and Liabilities - Total assets decreased from HKD 40,091 million in 2024 to HKD 37,857 million in 2025, representing a decline of approximately 5.8%[4] - Total liabilities increased from HKD 89,251 million in 2024 to HKD 113,189 million in 2025, indicating a rise of about 27%[5] - Non-current liabilities rose from HKD 79,704 million in 2024 to HKD 100,356 million in 2025, reflecting an increase of approximately 25.9%[5] - Current liabilities decreased from HKD 9,547 million in 2024 to HKD 12,833 million in 2025, showing a growth of about 34.5%[5] - Total equity decreased from HKD 40,091 million in 2024 to HKD 37,857 million in 2025, a decline of approximately 5.5%[5] - Cash and cash equivalents decreased from HKD 29,580 million in 2024 to HKD 28,948 million in 2025, a reduction of about 2.1%[4] Financial Strategy and Governance - The company is focusing on restructuring strategies to improve financial performance in the upcoming fiscal year[2] - The company plans to enhance content creation capabilities and improve technology to increase production and reduce costs[43] - The company is committed to transparency and compliance with all regulatory requirements as stipulated by the listing rules[59] - The company aims to enhance shareholder communication by providing timely updates on financial performance and strategic initiatives[59] - The board is actively involved in overseeing the company's strategic direction and operational performance[58] Future Outlook - The group anticipates continued challenges in the upcoming fiscal year due to rising operational costs globally[43] - The company is focused on maintaining strong corporate governance through its board composition and oversight mechanisms[58] - The financial position and performance metrics will be disclosed in detail in the upcoming annual report, providing insights into revenue and profitability[56]