2025 2025 環境、社會及 管治報告 Environmental, Social and 目 錄 | 範疇及報告期 | | | 2 | | --- | --- | --- | --- | | 報告原則 | | | 2 | | 本集團之使命及願景 | | | 3 | | 董事會聲明 | | | 3 | | 持份者之參與及重要性 | | | 4 | | 持份者反饋 | | | 6 | | 獎勵及表彰 | | | 6 | | A. 環 境 | | | 7 | | A1. | 排 放 | | 7 | | A1.1 | | 氣體排放 | 7 | | A1.2 | | 溫室氣體排放 | 8 | | A1.3 | | 有害廢物 | 11 | | A1.4 | | 無害廢物 | 11 | | A1.5 | | 減少排放之措施 | 12 | | A1.6 | | 廢物處理及減少措施 | 13 | | A2. | 資源使用 | | 14 | | A2.1 | | 能源消耗 | 14 | | A2.2 | | 用 水 | 15 | | A2.3 | | 能源使用效率措施 | 16 | | A2.4 | | 用水效率措施 | ...

Ev Dynamics (Holdings) Limited 科軒動力（控股）有限公司 （於百慕達註冊成立之有限公司） （股份代號：476） 各位登記股東： 於本公司網站登載公司通訊之通知 附註： 1. 公 司 通 訊 指 本 公 司 發 出 或 將 予 發 出 以 供 其 任 何 證 券 的 持 有 人 或 投 資 大 眾 參 照 或 採 取 行 動 的 任 何 文 件，其 中 包 括 但 不 限 於：–(a)董 事 會 報 告、發 行 人 的 年 度 賬 目 連 同 核 數 師 報 告 以 及（如 適 用）財 務 摘 要 報 告；(b)中 期 報 告 及（如 適 用）中 期 摘 要 報 告；(c)會議通告；(d) 上市文件；(e)通函；及(f)委派代表書。 2. 可供採取行動的公司通訊是指任何涉及要求本公司股東指示其擬如何行使其有關本公司股東權利的公司通訊。 謹此通知 閣 下，科 軒 動 力（控 股）有 限 公 司（「本公司」）之 下 述 公 司 通 訊（「1 本次公司通訊」）之 中、英 文 版 本，現 已 登 載 於 本公司網站evdynamics.com（「本公司網站」）及 香 港 聯 合 交 易 所 ...

Ev Dynamics (Holdings) Limited 科軒動力（控股）有限公司 （於百慕達註冊成立之有限公司） （股份代號：476） 各位非登記股東1 ： 於本公司網站登載公司通訊之通知 謹此通知 閣 下，科 軒 動 力（控 股）有 限 公 司（「本公司」）之 下 述 公 司 通 訊（「2 本次公司通訊」）之 中、英 文 版 本，現 已 登 載 於 本公司網站evdynamics.com（「本公司網站」）及 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）網 站www.hkexnews.hk（「聯交所網站」）以 供閱覽： 請 於 本 公 司 網 站「投 資 者」一 欄 或 聯 交 所 網 站 內 讀 取 本 次 公 司 通 訊。若 閣下早前曾要求收取公司通訊的印刷本，本次公 司通訊的印刷本已隨函附上。 為 了 支 援 通 過 電 郵 進 行 電 子 通 訊，建 議 非 登 記 股 東 向 代 其 持 有 股 份 的 銀 行、經 紀、託 管 商 或 代 理 人（統 稱「中介機構」）提 供其有效的電郵地址。如本公司沒有收到 閣 下 的 中 介 機 構 透 過 香 港 中 央 結 算（代 理 人）有 ...

Ev Dynamics (Holdings) Limited 科軒動力（控股）有限公司 （於百慕達註冊成立之有限公司） （股份代號：476） 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通告之內容概不負 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 通 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。 股東周年大會通告 茲通告 科 軒 動 力（控 股）有 限 公 司（「本公司」）謹 訂 於 二 零 二 五 年 九 月 二 十 九 日（星 期 一）上 午 十 一 時 三 十 分 假 座 香 港 中 環 德 輔 道 中19號環球大廈2102室舉行股東周 年 大 會（或 其 任 何 續 會），以 商 議 下 列 事 項： – 1 – 1. 省 覽 及 考 慮 截 至 二 零 二 五 年 三 月 三 十 一 日 止 年 度 之 經 審 核 綜 合 財 務 報 表、 董事會報告書及獨立核數師報告； 2. (1) 重選張韌先生為執行董事； (2) 重選孫景春先生為執行董事； (3) 重 選 陳 炳 權 先 生（任 職 ...

此乃要件 請即處理 閣下如 對本通函任何方面或應採取之行動 有任何疑問，應諮詢 閣下之股票經紀或其他註 冊證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如 已 將 名 下 之 科 軒 動 力（控 股）有 限 公 司 股 份 全 部 售出或轉讓，應立即將本通函及隨附 之代表委任表格送交買主或經手買賣之銀行或股票經紀或其他代理商，以便轉交買主或承 讓人。 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通函之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不會就因本通函全部或任何部份內容而產 生或因倚賴該等內容而引致之任何損失承擔任何責任。 釋 義 於本通函內，除文義另有所指外，下列詞彙具備以下涵義： Ev Dynamics (Holdings) Limited 科軒動力（控股）有限公司 （於百慕達註冊成立之有限公司） （股份代號：476） 建議發行股份及 回購股份之一般授權、 重選退任董事及 繼續委任已任職逾九年之 獨立非執行董事、 續聘核數師 及 股東周年大會通告 科 軒 動 力（控 股）有 限 公 司（「本公司」）謹 訂 於 二 零 二 五 年 九 月 二 十 九 日（星 ...

2025 2025 年 報 Annual Report Ev D y n a mics (H oldin gs) Limited Ev Dynamics (Holdings) Limited 科軒動力（控股）有限公司 (Incorporated in Bermuda with limited liability) (Stock Code: 476) 目 錄 | | 頁 次 | | --- | --- | | 公司資料 | 2 | | 主席報告 | 3 | | 管理層討論與分析 | 5 | | 董事會報告書 | 33 | | 企業管治報告 | 48 | | 獨立核數師報告 | 63 | | 經審核綜合財務報表 | | | 綜合損益及其他全面收益表 | 65 | | 綜合財務狀況表 | 67 | | 綜合權益變動表 | 69 | | 綜合現金流量表 | 70 | | 綜合財務報表附註 | 72 | 科軒動力（控股）有限公 司 Annual Report 2025 年報 1 科軒動力（控股）有限公司 二零二五年年報 公司資料 董 事 執行董事 張韌先生 （主席兼行政總裁） 陳凱盈小姐 孫景春先生 獨立非執行董事 陳 ...

Summary of Key Points Core Viewpoint - As of July 11, a total of 167 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the stock price increases [1]. Group 1: Top Performing Stocks - The top three stocks with the highest increase rates are: - Mistrategy Equity (02902) with a high rate of 67.86% and a closing price of 1.600 [1] - Kexuan Power Holdings (00476) with a high rate of 58.73% and a closing price of 1.000 [1] - Xingzheng International (06058) with a high rate of 36.00% and a closing price of 0.590 [1] Group 2: Notable Stock Performance - Other notable stocks include: - China National Cultural Industry (00745) with a high rate of 34.62% [1] - Aluminum Corporation of China International (02068) with a high rate of 28.21% [1] - Shandong Xinhua Pharmaceutical (00719) with a high rate of 13.20% [1] Group 3: Additional Stocks with Significant Increases - Additional stocks with significant increases include: - Yuyuan Agriculture (09858) with a high rate of 12.62% [1] - WuXi AppTec (02359) with a high rate of 11.70% [1] - Kailai Ying (06821) with a high rate of 10.90% [1] Group 4: 52-Week Low Rankings - The 52-week low rankings show: - XI II Nan CO (07311) with a low rate of -12.60% [5] - XI II Nan Strategy (07399) with a low rate of -11.18% [5] - Ying Tai Medical (01501) with a low rate of -10.67% [5]

Group 1 - The core viewpoint of the news highlights the significant stock performance of Kexuan Power Holdings, with a recent increase of 69.49% in share price, outperforming the Hang Seng Index by 19.78% year-to-date [1] - Kexuan Power Holdings reported a total revenue of 2.7796 million HKD for the fiscal year ending March 31, 2025, representing a year-on-year decrease of 92.87% [1] - The company recorded a net profit attributable to shareholders of -343 million HKD, a decline of 16.5% compared to the previous year, with a gross margin of -65.41% and a debt-to-asset ratio of 13.21% [1] Group 2 - Kexuan Power Holdings is identified as an innovative solution provider, integrating leading technologies to develop high-tech products, primarily in the electric vehicle, battery, and mining sectors [2] - The company possesses unique and leading patented technology in lithium-ion polymer solid batteries and has secured the first electric bus project from the Hong Kong Productivity Council [2]

[Financial Statements](index=1&type=section&id=Financial_Statements) The group's total loss expanded to HKD 374 million this fiscal year, primarily due to a significant revenue decline and increased impairment losses on mineral assets [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Consolidated_Statement_of_Profit_or_Loss) The group's total loss for the year expanded to HKD 374 million, driven by a sharp revenue decline and increased mineral asset impairment, leading to a higher loss per share Annual Financial Performance Summary | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 3,012 | 42,239 | -92.9% | | (Gross Loss)/Gross Profit | (1,970) | 2,701 | N/A | | Loss Before Income Tax | (374,029) | (326,951) | +14.4% | | Loss for the Year | (373,908) | (326,829) | +14.4% | | Loss Attributable to Owners of the Company | (372,028) | (319,337) | +16.5% | | Basic and Diluted Loss Per Share (HKD) | (1.93) | (1.72) | +12.2% | - The increase in loss for the year is primarily due to (i) an increase in impairment loss on mineral assets to approximately **HKD 285 million** (last year: HKD 171 million); partially offset by (ii) a decrease in fair value changes and disposal losses on financial assets to approximately **HKD 21.9 million** (last year: HKD 72.1 million)[61](index=61&type=chunk) [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated_Statement_of_Financial_Position) As of March 31, 2025, the group's total assets and net assets significantly declined due to mineral asset impairment, while net current liabilities sharply increased, indicating severe liquidity challenges Balance Sheet Key Items | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Mineral Assets | 845,000 | 1,139,000 | | **Total Assets** | **976,987** | **1,351,168** | | **Current Liabilities** | 120,248 | 128,490 | | **Net Current Liabilities** | **(70,360)** | **(6,811)** | | **Total Liabilities** | 129,060 | 134,869 | | **Net Assets** | **847,927** | **1,216,299** | - The group's liquidity position deteriorated, with net current liabilities sharply increasing from **HKD 6.81 million** to **HKD 70.36 million**, indicating significant short-term repayment pressure[6](index=6&type=chunk) [Notes to Financial Statements](index=5&type=section&id=Notes_to_Financial_Statements) The financial statements are prepared under significant uncertainty regarding the going concern assumption, with auditors raising concerns despite management's plans for share placement and shareholder loan extensions [General Information and Basis of Preparation](index=5&type=section&id=General_Information_and_Basis_of_Preparation) The financial statements are prepared under significant uncertainty regarding the going concern assumption, with auditors raising concerns despite management's plans for share placement and shareholder loan extensions [Company Information](index=5&type=section&id=Company_Information) The Company is a limited company incorporated in Bermuda with shares listed on the Hong Kong Stock Exchange, primarily engaged in investment holding, with its group involved in electric vehicle development and sales, mining, and trading of metals and minerals - The group primarily engages in three businesses: **development and sales of electric vehicles**, **mining**, and **trading of metals and minerals**[7](index=7&type=chunk) [Basis of Preparation and Going Concern](index=6&type=section&id=Basis_of_Preparation_and_Going_Concern) Despite being prepared on a going concern basis, the financial statements highlight significant uncertainties due to the group's substantial losses, net current liabilities, and a post-period court ruling, with the validity of the going concern assumption critically dependent on unconfirmed financing and shareholder support - As of March 31, 2025, the group incurred a loss of **HKD 374 million** and had net current liabilities of **HKD 70.36 million**[10](index=10&type=chunk) - A post-period court ruling requires the group to refund and compensate approximately **HKD 40 million**, further exacerbating liquidity pressure[10](index=10&type=chunk) - Management plans two key measures to maintain going concern: - Expected completion of a share placement in August 2025 to raise no less than **HKD 80 million** - Shareholders' commitment not to demand repayment of approximately **HKD 12 million** in loans earlier than December 31, 2026[12](index=12&type=chunk) - The validity of the going concern assumption depends on the success of financing plans and continued financial support from shareholders, which involves significant uncertainty and may prevent the group from realizing assets and settling liabilities in the normal course of business[13](index=13&type=chunk)[16](index=16&type=chunk) [Segment Reporting](index=7&type=section&id=Segment_Reporting) The group's three segments—EVs, mining, and metal trading—showed the EV segment as the sole revenue source with a sharp decline, while the mining segment, despite no revenue, incurred significant losses from asset impairment, and revenue shifted geographically to Asia Performance by Business Segment | Business Segment | Revenue (HKD thousands) | Segment Loss (HKD thousands) | | :--- | :--- | :--- | | **2025** | | | | Development and Sales of Electric Vehicles | 3,012 | (33,754) | | Mining | – | (285,298) | | Trading of Metals and Minerals | – | (25) | | **2024** | | | | Development and Sales of Electric Vehicles | 42,239 | (47,149) | | Mining | – | (185,133) | | Trading of Metals and Minerals | – | (79) | Revenue by Geographical Region | Region | 2025 Revenue (HKD thousands) | 2024 Revenue (HKD thousands) | | :--- | :--- | :--- | | China, including Hong Kong | 2,618 | – | | Philippines | 276 | – | | Thailand | 118 | – | | Mexico | – | 42,239 | | **Total** | **3,012** | **42,239** | - This year, Customer B contributed **HKD 2.618 million** in revenue, accounting for **86.9%** of total revenue, becoming the primary customer, while last year's primary customer A (contributing HKD 42.239 million) generated no revenue this year[21](index=21&type=chunk) [Key Financial Items Breakdown](index=10&type=section&id=Key_Financial_Items_Breakdown) This year's revenue was solely from EV sales, with other income and finance costs decreasing, while the annual loss was significantly impacted by large non-cash items like mineral asset and trade receivables impairment, and no dividends were proposed - The largest item impacting loss before income tax for the year is impairment loss on mineral assets, amounting to **HKD 285 million** (last year: HKD 171 million)[25](index=25&type=chunk) - The Company does not recommend the payment of dividends for the years ended March 31, 2025 and 2024[27](index=27&type=chunk) - Basic and diluted loss per share was **HKD 1.93**, higher than last year's **HKD 1.72** (restated), with diluted loss per share being the same as basic loss per share due to the anti-dilutive effect of convertible notes and share options[28](index=28&type=chunk)[29](index=29&type=chunk) [Key Assets Analysis](index=14&type=section&id=Key_Assets_Analysis) The group's key assets, primarily mineral and other intangible assets, saw mineral assets incur a substantial impairment loss due to market and valuation changes, reducing their carrying value and freezing mining rights, while EV technology assets showed no impairment [Mineral Assets](index=14&type=section&id=Mineral_Assets) Mineral assets, specifically the Glauber's salt mine, remained inoperative and incurred a significant impairment loss due to revised market price forecasts and valuation changes, further complicated by frozen mining rights and ongoing legal disputes Mineral Assets Impairment Movement | Item | Amount (HKD thousands) | | :--- | :--- | | Carrying value as at March 31, 2024 | 1,139,000 | | Impairment loss for the year | (284,752) | | **Carrying value as at March 31, 2025** | **845,000** | - The impairment test used the multi-period excess earnings method, with key assumptions including: - Glauber's salt price per tonne: **RMB 681** (last year: RMB 752) - Post-tax discount rate: **23.08%** (last year: 23.91%)[34](index=34&type=chunk) - The commencement of mining operations faces significant legal and operational obstacles due to unresolved land use rights issues in Guangxi and the mining right being frozen by a preservation order due to a dispute with a contractor[31](index=31&type=chunk)[32](index=32&type=chunk) [Other Intangible Assets](index=16&type=section&id=Other_Intangible_Assets) Other intangible assets, primarily technical know-how and industrial proprietary rights related to electric buses, had their carrying value amortized from HKD 3.64 million to HKD 1.78 million, with directors, based on independent valuers' assessments, concluding that the recoverable amount of the electric vehicle cash-generating unit containing these assets was higher than their carrying value, thus no impairment was recognized Other Intangible Assets Carrying Value | Category | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Technical know-how | – | – | | Industrial proprietary rights | 1,778 | 3,639 | | **Total** | **1,778** | **3,639** | [Key Liabilities and Equity Analysis](index=18&type=section&id=Key_Liabilities_and_Equity_Analysis) The group's trade receivables and payables show significant aging and collection risk, while the year saw complex capital operations, including reorganization and share consolidation, substantially altering the share capital structure [Trade Receivables and Payables](index=18&type=section&id=Trade_Receivables_and_Payables) Net trade receivables and payables both show significant portions overdue by more than one year, indicating substantial collection and payment challenges - Net trade receivables amounted to **HKD 5.814 million**, with aging analysis showing all amounts overdue by more than one year, indicating significant collection risk[41](index=41&type=chunk) [Share Capital](index=19&type=section&id=Share_Capital) The year saw multiple complex capital operations, including capital reorganization, rights issue, and share consolidation, significantly altering the Company's share capital structure and issued share count - Complex share capital restructuring occurred during the year, including two share consolidations (10-for-1 in 2023, 5-for-1 in 2024), one capital reduction, and one rights issue, to adjust the capital structure and raise funds[44](index=44&type=chunk)[46](index=46&type=chunk) [Share-based Payments and Commitments](index=21&type=section&id=Share-based_Payments_and_Commitments) The Company has a share option scheme and a share award scheme, but no new share options or share awards were granted in the current or prior year, and as of year-end, the group had capital commitments of approximately HKD 38.84 million, primarily for the acquisition of property, plant and equipment, and mining-related expenditures - No new share options or share awards were granted in either of the two years[48](index=48&type=chunk)[53](index=53&type=chunk) Capital Commitments | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Acquisition of property, plant and equipment | 17,979 | 18,943 | | Mining-related expenditures | 20,839 | 21,019 | | Electric vehicle-related expenditures | 19 | 779 | | **Total** | **38,837** | **40,741** | [Independent Auditors' Report](index=23&type=section&id=Independent_Auditors_Report) The auditors issued a "Disclaimer of Opinion" on the group's consolidated financial statements, primarily due to the inability to obtain sufficient audit evidence regarding the appropriateness of the going concern assumption, raising significant doubts about the feasibility of management's proposed share placement plan and shareholder financial support commitments, thus preventing a conclusion on the group's ability to continue as a going concern [Disclaimer of Opinion](index=23&type=section&id=Disclaimer_of_Opinion) The auditors issued a "Disclaimer of Opinion" on the group's consolidated financial statements, primarily due to the inability to obtain sufficient audit evidence regarding the appropriateness of the going concern assumption, raising significant doubts about the feasibility of management's proposed share placement plan and shareholder financial support commitments, thus preventing a conclusion on the group's ability to continue as a going concern - The auditors explicitly stated a "Disclaimer of Opinion" on the group's consolidated financial statements, which is one of the most severe types of audit opinions[56](index=56&type=chunk) - The core basis for the disclaimer of opinion is the limitation of audit scope related to the "going concern assumption," as the auditors could not obtain sufficient evidence to assess the likelihood of success of management's measures to address the liquidity crisis (e.g., share placement, shareholder loan extensions)[57](index=57&type=chunk)[58](index=58&type=chunk) - The auditors warned that if the group cannot continue as a going concern, significant adjustments to assets and liabilities (e.g., asset write-downs, liability reclassification) would be required, which are not reflected in the current financial statements[59](index=59&type=chunk) [Management Discussion and Analysis](index=24&type=section&id=Management_Discussion_and_Analysis) The management discussion and analysis provides insights into the group's severe performance decline, operational challenges across segments, deteriorating financial position, and significant post-reporting date events [Overall Performance Review](index=24&type=section&id=Overall_Performance_Review) The group's overall performance severely declined this year, marked by a sharp drop in revenue, a shift to gross loss, and an expanded annual loss primarily due to increased mineral asset impairment, with no dividends proposed - Electric vehicle sales revenue significantly decreased from **HKD 42.2 million** to **HKD 3 million** due to a drop in overseas sales orders[60](index=60&type=chunk) - The annual loss expanded to **HKD 374 million**, primarily attributable to increased impairment losses on mineral assets[61](index=61&type=chunk) [Business Review by Segment](index=25&type=section&id=Business_Review_by_Segment) All of the group's business segments face severe challenges, with the EV business securing minor orders in Hong Kong but facing stalled or delayed overseas deliveries, and the "oil-to-electric" conversion business in Thailand still in early trial stages, while the mining business is completely halted due to legal disputes, asset impairment, and market pessimism, and the metal trading business had no transactions during the year [Electric Vehicles (EVs)](index=25&type=section&id=Electric_Vehicles_EVs) The EV business experienced mixed market performance, with delayed deliveries in Hong Kong and Southeast Asia, an expired large order in Mexico due to technical and geopolitical issues, and a significant arbitration ruling impacting finances - Hong Kong market: Secured a **HKD 9 million** contract to supply Electric Mobile Command Units (EMCU) to the Hong Kong Fire Services Department, but delivery is expected to be delayed until early 2026[66](index=66&type=chunk) - Southeast Asian market: Over **500 COMET** orders in the Philippines are delayed due to customer payment postponements; the Thailand market is actively expanding "oil-to-electric" conversion business, with multiple trial orders underway, and subsequent large orders depend on test results[68](index=68&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) - Americas market: A large order for **1,000 van chassis** with a Mexican customer stalled after **200 units** were delivered due to technical and geopolitical issues, and the contract has expired and was not renewed[74](index=74&type=chunk)[75](index=75&type=chunk) - The group is in arbitration with a buyer regarding the sale of its interest in Suitong Company, with a final ruling requiring the group to refund **RMB 34 million** and pay liquidated damages, causing a financial blow to the group[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) [Mining and Mineral Products](index=30&type=section&id=Mining_and_Mineral_Products) The mining business remained completely halted, incurring substantial asset impairment due to pessimistic market outlooks and facing severe legal and operational challenges, including revoked land rights, frozen mining rights, and shareholder lawsuits - This year, mineral assets again recorded a substantial impairment of **HKD 285 million**, primarily due to the expected price of Glauber's salt in the valuation model decreasing from **RMB 752** per tonne to **RMB 681** per tonne[89](index=89&type=chunk)[87](index=87&type=chunk) - The group is considering implementing a revised mining plan, which is expected to require an initial investment of approximately **RMB 350 million**, but no fundraising or cooperation opportunities have been secured yet[92](index=92&type=chunk)[93](index=93&type=chunk) - The mining business faces severe legal disputes: 1. **Land Use Rights**: Guangxi land use rights were revoked by local authorities; although an administrative lawsuit was won, the outlook remains uncertain 2. **Mining Right Freeze**: Due to a **RMB 2.5 million** payment dispute with a contractor, the mining right was judicially frozen for three years until May 2026 3. **Shareholder Litigation**: Facing a lawsuit from plaintiffs demanding payment of **RMB 21.7 million** in unpaid share capital[95](index=95&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk) [Metal and Mineral Trading](index=37&type=section&id=Metal_and_Mineral_Trading) Due to persistent industry weakness and low profit margins, the group did not enter into any metal and mineral trading contracts during the year to mitigate risks, leaving this business segment stagnant - Due to market weakness and low profit margins, the group did not engage in any metal and mineral trading business during the year[103](index=103&type=chunk) [Financial Review](index=38&type=section&id=Financial_Review) The financial review highlights a sharp deterioration in performance, marked by a significant revenue decline, a shift to gross loss, and tight liquidity, with funds raised primarily for general operations offering limited fundamental improvement Revenue by Geographical Distribution | Region | 2025 (HKD thousands) | % | 2024 (HKD thousands) | % | | :--- | :--- | :--- | :--- | :--- | | Mexico | – | – | 42,239 | 100.0% | | Hong Kong | 2,618 | 86.9% | – | – | | Philippines | 276 | 9.2% | – | – | | Thailand | 118 | 3.9% | – | – | | **Total** | **3,012** | **100.0%** | **42,239** | **100.0%** | - Administrative expenses decreased by **34.0%** year-on-year to **HKD 39.9 million**, primarily due to reductions in staff costs, legal and professional fees, and depreciation and amortization[106](index=106&type=chunk) - The group raised funds to maintain liquidity through a rights issue (net proceeds of approximately **HKD 5.83 million**), issuance of convertible notes (net proceeds of approximately **HKD 4.75 million**), and a post-period share placement (net proceeds of approximately **HKD 7.86 million**)[111](index=111&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk) - As of March 31, 2025, the group's cash and bank balances were approximately **HKD 8.4 million**, a decrease from **HKD 13.9 million** last year, with **86.5%** denominated in RMB[112](index=112&type=chunk) [Post-Reporting Date Events](index=42&type=section&id=Post-Reporting_Date_Events) Post-reporting date events include a significant arbitration ruling requiring the group to refund and pay liquidated damages for a subsidiary sale, and a share placement completed to raise funds for general working capital - Received an arbitration award from the Chongqing Arbitration Commission, requiring the group to refund **RMB 34 million** for the sale of a subsidiary and pay approximately **RMB 5.5 million** in liquidated damages[119](index=119&type=chunk) - On May 9, 2025, a placement of **27 million** new shares was completed, raising net proceeds of approximately **HKD 7.86 million** for general working capital[119](index=119&type=chunk) [Corporate Governance](index=43&type=section&id=Corporate_Governance) The corporate governance section details the company's adherence to its code, noting a deviation where the Chairman and CEO roles are combined, and outlines the Audit Committee's review of financial reporting and internal controls [Corporate Governance Practices](index=43&type=section&id=Corporate_Governance_Practices) The Company has adopted the Corporate Governance Code, but during the reporting period, there was one deviation: the roles of Chairman and Chief Executive Officer are held by the same individual, Mr. Zhang Ren, which does not comply with Code Provision C.2.1 regarding segregation of duties, though the Board believes this arrangement enhances decision-making efficiency and will review its effectiveness periodically - The Company deviates from the Corporate Governance Code, as the roles of Chairman and Chief Executive Officer are held by the same person, Mr. Zhang Ren, violating Code Provision C.2.1[121](index=121&type=chunk) [Audit Committee](index=44&type=section&id=Audit_Committee) The Company has established an Audit Committee comprising three independent non-executive directors, which has reviewed the group's accounting principles and practices with management, and discussed audit, internal control, and financial reporting matters, including the review of the annual results for the current year - The Audit Committee, composed of three independent non-executive directors, has reviewed the annual results for the current year[125](index=125&type=chunk)

Core Viewpoint - A surge in AI computing power concept stocks has been observed, with Shenghong Technology reaching a historical high in stock price, indicating strong market interest and growth potential in the AI computing sector [1][3]. Company Performance - Shenghong Technology (300476) specializes in the research, production, and sales of high-density printed circuit boards (PCBs), with a comprehensive product range including rigid and flexible circuit boards. The company is benefiting from the growing demand in AI, data centers, and smart automotive applications, leading to a significant increase in global PCB demand [3]. - For 2024, Shenghong Technology is projected to achieve total revenue exceeding 10 billion yuan and a net profit of 1.154 billion yuan, both marking historical highs. In Q1 2025, the company reported total revenue of 4.312 billion yuan, a year-on-year increase of 80.31%, and a net profit of 921 million yuan, up 339.22% year-on-year [3][4]. - The stock price of Shenghong Technology has increased significantly, rising from a low of less than 14 yuan per share in 2024 to a closing price of 101.01 yuan, representing a growth of over 6.3 times [4]. Industry Trends - The Ministry of Industry and Information Technology has issued the "Computing Power Interconnection Action Plan," aiming for standardized interconnection of public computing power by 2028. This initiative is expected to accelerate the domestic computing power rate [5]. - The computing power industry is identified as a high-growth sector, benefiting from both policy support and industry transformation. The demand for domestic AI computing power is anticipated to remain robust, with several projects already demonstrating successful implementation [5]. - As of June 5, 2023, the total market capitalization of AI computing power stocks in the A-share market reached 2.76 trillion yuan, an increase of over 1 trillion yuan since the end of 2023. Five stocks have market capitalizations exceeding 100 billion yuan [6]. Investment Opportunities - Analysts remain optimistic about the future of AI computing power stocks, with 31 stocks expected to see net profit growth exceeding 20% in 2025 and 2026. Notable stocks such as Haiguang Information and Zhongji Xuchuang have garnered significant institutional attention [6]. - The potential for substantial price increases exists, with 15 stocks showing an upside potential of over 20%, and 7 stocks having an upside potential exceeding 30% [6][7].