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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: PALADIN LIMITED 呈交日期: 2025年10月2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) | 00495 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | ...

Core Insights - PALADIN (00495) reported revenue of HKD 43.805 million for the year ending June 30, 2025, representing a year-on-year increase of 92.69% [1] - The company recorded a loss attributable to shareholders of HKD 145 million, which is an increase of 11.54% compared to the previous year [1] - The basic loss per share was HKD 0.0938 [1]

[Performance Summary](index=1&type=section&id=Performance%20Summary) This section provides an overview of the Group's financial performance and position, highlighting key figures from the consolidated statements of profit or loss and financial position [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) The Group recorded a loss of **145,279 thousand HKD** for the year ended June 30, 2025, an increase from **133,409 thousand HKD** in 2024, driven by a **92.7%** revenue growth but exacerbated by fair value losses on investment properties and increased operating expenses | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 43,805 | 22,733 | 92.7% | | Cost of sales and services | (20,434) | (9,142) | 123.5% | | Gross profit | 23,371 | 13,591 | 72.0% | | Other gains and losses | (122,506) | (96,558) | 26.9% | | Operating loss | (139,068) | (127,453) | 9.1% | | Loss for the year | (145,279) | (133,409) | 8.9% | | Basic loss per share (HK cents) | (9.38) | (9.29) | 1.0% | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities were **417,945 thousand HKD**, a **25.9%** decrease from 2024, reflecting a significant reduction in investment properties within non-current assets and an expanded net current liabilities, indicating financial pressure | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total non-current assets | 526,691 | 658,992 | -20.1% | | Total current assets | 29,805 | 46,476 | -35.9% | | Total current liabilities | 138,551 | 141,354 | -2.0% | | Net current liabilities | (108,746) | (94,878) | 14.6% | | Net assets | 398,861 | 543,409 | -26.6% | | Total equity | 398,861 | 543,409 | -26.6% | [Notes to the Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed notes to the consolidated financial statements, covering accounting policies, significant judgments, and breakdowns of key financial figures [Basis of Preparation and Going Concern](index=5&type=section&id=1.%20编制基準及持续经营) The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, despite the Group facing significant going concern uncertainties due to a **145,279 thousand HKD** loss and **108,746 thousand HKD** net current liabilities in FY2025, which the Board believes are mitigated by various measures [Basis of Preparation](index=5&type=section&id=1.%20編製基準) The consolidated financial statements are prepared in accordance with all applicable Hong Kong Financial Reporting Standards issued by the HKICPA and comply with the disclosure requirements of the Listing Rules and the Companies Ordinance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (including HKFRSs, HKASs, and Interpretations) issued by the Hong Kong Institute of Certified Public Accountants[7](index=7&type=chunk) - The statements also comply with the disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Companies Ordinance (Cap. 622)[7](index=7&type=chunk) [Material Uncertainty Related to Going Concern and Mitigating Factors](index=5&type=section&id=Material%20Uncertainty%20Related%20to%20Going%20Concern%20and%20Mitigating%20Factors) The Group faces significant going concern uncertainties due to a **145,279 thousand HKD** loss and **108,746 thousand HKD** net current liabilities in FY2025, which the Board has assessed and addressed with mitigating measures including shareholder support, undrawn bank facilities, and cost control strategies - As of June 30, 2025, the Group incurred a loss of approximately **145,279 thousand HKD** and had net current liabilities of approximately **108,746 thousand HKD**, constituting a material uncertainty related to going concern[8](index=8&type=chunk) - The Board has prepared cash flow forecasts for the 18 months ending December 31, 2026, and believes the Group has sufficient working capital to meet current requirements[8](index=8&type=chunk) - Mitigating factors include scheduled repayment of secured bank loans, Gold Seal Holdings Limited's agreement not to demand repayment of approximately **11,687 thousand HKD** owed by the Group, **65,000 thousand HKD** in undrawn bank facilities, and strategies to enhance revenue and control costs[10](index=10&type=chunk) [Adoption of New and Revised Hong Kong Financial Reporting Standards](index=6&type=section&id=2.%20采纳新订及经修訂香港財務報告準則會計準則) The Group has adopted several HKFRS amendments effective July 1, 2024, with no material impact on prior or current periods, while the Board is evaluating the potential significant effects of HKFRS 18 on financial statement presentation and disclosure, which is issued but not yet effective - The Group has initially applied amendments to HKAS 1, HK(IFRIC)-Int 5, and HKAS 7 & HKFRS 7, which had no material impact on prior or current periods[11](index=11&type=chunk) - HKFRS 18 (Presentation and Disclosure in Financial Statements), effective January 1, 2027, is expected to introduce significant changes to financial statement presentation, including profit or loss structure, disclosure of management-defined performance measures, and aggregation and disaggregation requirements[12](index=12&type=chunk)[13](index=13&type=chunk) [Standards Applied](index=6&type=section&id=2.(a)%20應用新訂及經修訂香港財務報告準則會計準則) The Group has adopted several HKFRS amendments effective July 1, 2024, including those on liability classification, non-current liabilities with covenants, classification of term loans with demand clauses, and supplier finance arrangements, none of which had a material impact on amounts recognized in prior periods - The Group has initially applied amendments to HKAS 1 regarding the classification of liabilities and non-current liabilities with covenants[11](index=11&type=chunk) - Amendments to HK(IFRIC)-Int 5 concerning the classification by a borrower of a term loan with a repayment on demand clause, and HKAS 7 & HKFRS 7 regarding supplier finance arrangements, have also been applied[11](index=11&type=chunk) - These amendments and interpretations had no material impact on amounts recognized in prior periods and are not expected to have a significant impact on the current or future periods[11](index=11&type=chunk) [Standards Issued But Not Yet Effective](index=6&type=section&id=2.(b)%20已頒佈但尚未生效之經修訂香港財務報告準則會計準則) The HKICPA has issued several new standards and amendments not yet effective, notably HKFRS 18 (Presentation and Disclosure in Financial Statements), which is expected to significantly alter financial statement presentation, including profit or loss structure, disclosure of management-defined performance measures, and aggregation and disaggregation requirements, with the Board currently assessing its impact - HKFRS 18 (Presentation and Disclosure in Financial Statements), effective January 1, 2027, will replace HKAS 1[12](index=12&type=chunk)[13](index=13&type=chunk) - This standard will introduce significant changes, focusing on financial performance information presented in the statement of profit or loss, thereby impacting the presentation and disclosure of financial statements[13](index=13&type=chunk) - Key changes involve the structure of the statement of profit or loss, required disclosures for management-defined performance measures, and enhanced requirements for aggregation and disaggregation of information[13](index=13&type=chunk) [Revenue](index=7&type=section&id=3.%20收%20益) Total revenue for FY2025 was **43,805 thousand HKD**, a **92.7%** increase from **22,733 thousand HKD** in 2024, primarily driven by a significant rise in goods sales, while rental income remained stable | Revenue Source | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Sale of goods | 34,794 | 13,525 | 157.2% | | Autonomous mobile robot solutions and related services | 330 | 527 | -37.4% | | Rental income | 8,681 | 8,681 | 0.0% | | **Total Revenue** | **43,805** | **22,733** | **92.7%** | - Revenue recognized at a point in time from the transfer of products was **34,794 thousand HKD** (2024: **13,525 thousand HKD**), while revenue from services transferred over time was **330 thousand HKD** (2024: **527 thousand HKD**)[15](index=15&type=chunk) [Segment Information](index=7&type=section&id=4.%20分部資料) The Group primarily operates in property investment and R&D segments, with R&D revenue significantly growing by **150%** in FY2025 while property investment revenue remained flat, and Finland's revenue contribution notably increased, with major customer revenue concentrated in these two segments - The Group has two operating segments: property investment (leasing of investment properties) and research and development (R&D, production, and sales of high-tech products and solutions)[16](index=16&type=chunk)[18](index=18&type=chunk) | Segment | 2025 Revenue (thousand HKD) | 2024 Revenue (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Property Investment | 8,681 | 8,681 | 0.0% | | R&D | 35,124 | 14,052 | 150.0% | | **Total** | **43,805** | **22,733** | **92.7%** | [Operating Segments](index=7&type=section&id=Operating%20Segments) The Group operates property investment and R&D segments; in FY2025, property investment generated **8,681 thousand HKD** revenue with a **105,320 thousand HKD** segment loss, while R&D generated **35,124 thousand HKD** revenue with a **6,739 thousand HKD** segment loss, showing significant R&D revenue growth but expanded property investment loss due to fair value losses on investment properties - The Group has two reportable operating segments: property investment (leasing of investment properties) and research and development (R&D, production, and sales of high-tech products and solutions)[16](index=16&type=chunk)[18](index=18&type=chunk) | Segment | 2025 Revenue (thousand HKD) | 2025 Segment Loss (thousand HKD) | 2024 Revenue (thousand HKD) | 2024 Segment Loss (thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Property Investment | 8,681 | (105,320) | 8,681 | (95,458) | | R&D | 35,124 | (6,739) | 14,052 | (13,800) | | **Total** | **43,805** | **(112,059)** | **22,733** | **(109,258)** | - The primary non-cash item for the property investment segment was fair value loss on investment properties, amounting to **111,439 thousand HKD** in 2025 and **100,300 thousand HKD** in 2024[19](index=19&type=chunk) [Geographical Information](index=9&type=section&id=地區資料) In FY2025, revenue contribution from Finland significantly increased by **145.1%** from **13,147 thousand HKD** in 2024 to **32,220 thousand HKD**, while Hong Kong's revenue remained stable, and other regions also saw growth | Region | 2025 Revenue (thousand HKD) | 2024 Revenue (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong | 8,681 | 8,681 | 0.0% | | Finland | 32,220 | 13,147 | 145.1% | | Others | 2,904 | 905 | 220.9% | | **Consolidated Total** | **43,805** | **22,733** | **92.7%** | - The Group's non-current assets (excluding certain property, plant, and equipment) are primarily located in Hong Kong[21](index=21&type=chunk) [Revenue from Major Customers](index=9&type=section&id=來自主要客戶之收益) In FY2025, customer A's revenue in the property investment segment remained stable at **8,681 thousand HKD**, while R&D segment customers B, C, and D experienced significant growth, with customer B's revenue increasing by **481.3%** from **1,329 thousand HKD** to **7,726 thousand HKD** | Customer | Segment | 2025 Revenue (thousand HKD) | 2024 Revenue (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | :--- | | Customer A | Property Investment | 8,681 | 8,681 | 0.0% | | Customer B | R&D | 7,726 | 1,329 | 481.3% | | Customer C | R&D | 5,181 | 2,046 | 153.2% | | Customer D | R&D | 3,865 | 1,768 | 118.6% | [Other Income](index=9&type=section&id=5.%20其他收入) Other income for FY2025 was **630 thousand HKD**, a **100.6%** increase from **314 thousand HKD** in 2024, primarily due to higher bank interest income and other miscellaneous income, with government grants no longer recognized | Income Source | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Government grants received | – | 43 | -100.0% | | Bank interest income | 480 | 244 | 96.7% | | Others | 150 | 27 | 455.6% | | **Total** | **630** | **314** | **100.6%** | [Other Gains and Losses](index=10&type=section&id=6.%20其他收益及虧損) Net other gains and losses for FY2025 resulted in a **122,506 thousand HKD** loss, a **26.9%** increase from the **96,558 thousand HKD** loss in 2024, primarily due to increased fair value losses on investment properties and a significant rise in impairment of property, plant, and equipment | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Fair value loss on investment properties | (111,439) | (100,300) | 11.1% | | Fair value gain on financial assets at FVTPL | 138 | 737 | -81.3% | | Fair value gain on convertible bonds | 3,448 | 3,831 | -10.0% | | Gain on dissolution of a subsidiary | – | 4,934 | -100.0% | | Impairment of property, plant and equipment | (15,841) | (6,398) | 147.6% | | Loss on disposal of a subsidiary | (85) | – | N/A | | Net exchange gain | 1,273 | 676 | 88.3% | | **Total** | **(122,506)** | **(96,558)** | **26.9%** | [Finance Costs](index=10&type=section&id=7.%20融資成本) Finance costs for FY2025 were **6,139 thousand HKD**, a **10.1%** increase from **5,577 thousand HKD** in 2024, primarily driven by higher interest on bank borrowings | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Interest on bank borrowings | 5,995 | 5,429 | 10.4% | | Interest on other borrowings | 144 | 148 | -2.7% | | **Total** | **6,139** | **5,577** | **10.1%** | [Income Tax Expense](index=10&type=section&id=8.%20所得稅開支) Income tax expense for FY2025 was **72 thousand HKD**, an **81.0%** decrease from **379 thousand HKD** in 2024, primarily due to reduced Hong Kong profits tax provision for the current year and an adjustment for over-provision in the prior year | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Current tax – Hong Kong profits tax provision for the year | 141 | 319 | -55.8% | | Under/(over) provision in prior year | (69) | 60 | -215.0% | | **Total** | **72** | **379** | **-81.0%** | - Hong Kong profits tax operates under a two-tiered system, with the first **2,000,000 HKD** of assessable profits taxed at **8.25%** and the remainder at **16.5%**[23](index=23&type=chunk) - Enterprise income tax in the People's Republic of China is provided at **25%**[24](index=24&type=chunk) [Loss Per Share](index=11&type=section&id=9.%20每股虧損) Basic loss per share for FY2025 was **9.38 HK cents**, slightly higher than **9.29 HK cents** in 2024, with diluted loss per share being identical due to the anti-dilutive nature of convertible bonds and option exercise prices exceeding the average market price | Metric | 2025 | 2024 | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Loss for the year attributable to owners of the Company (thousand HKD) | 145,144 | 130,130 | 11.5% | | Weighted average number of ordinary shares in issue (shares) | 1,546,826,985 | 1,401,371,757 | 10.4% | | Basic loss per share (HK cents) | (9.38) | (9.29) | 1.0% | | Diluted loss per share (HK cents) | (9.38) | (9.29) | 1.0% | - For the years ended June 30, 2025 and 2024, diluted loss per share was the same as basic loss per share because convertible bonds had an anti-dilutive effect, and the exercise price of share options was higher than the average market price of the shares[26](index=26&type=chunk) [Dividends](index=11&type=section&id=10.%20股%20息) The Company neither paid nor proposed any dividends for the year ended June 30, 2025, and no dividends have been recommended since the end of the reporting period - The Company neither paid nor proposed any dividends for FY2025 and FY2024[27](index=27&type=chunk) [Trade and Other Receivables](index=11&type=section&id=11.%20貿易及其他應收款項) As of June 30, 2025, total trade and other receivables were **5,308 thousand HKD**, a **10.7%** decrease from **5,945 thousand HKD** in 2024, driven by a significant reduction in trade receivables, while other receivables, deposits, and prepayments increased | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Trade receivables | 908 | 2,618 | -65.3% | | Other receivables | 2,110 | 1,582 | 33.4% | | Deposits | 1,307 | 1,108 | 18.0% | | Prepayments | 983 | 637 | 54.3% | | **Total** | **5,308** | **5,945** | **-10.7%** | - The credit period for trade receivables generally ranges from 30 to 90 days from the invoice date, and the Directors regularly review overdue balances[28](index=28&type=chunk) - Trade receivables aged 0 to 90 days were **908 thousand HKD** in 2025, compared to **2,183 thousand HKD** in the same period of 2024, indicating a reduction in overdue amounts[29](index=29&type=chunk) [Trade and Other Payables](index=12&type=section&id=12.%20貿易及其他應付款項) As of June 30, 2025, total trade and other payables were **18,866 thousand HKD**, a **34.0%** increase from **14,078 thousand HKD** in 2024, driven by significant increases in trade payables and accrued expenses | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Trade payables | 1,343 | 598 | 124.6% | | Accrued expenses | 5,255 | 3,182 | 65.1% | | Rental deposits received | 3,969 | 3,969 | 0.0% | | Other payables | 8,299 | 6,329 | 31.1% | | **Total** | **18,866** | **14,078** | **34.0%** | - The carrying amounts of trade payables are denominated in Euro[29](index=29&type=chunk) [Extracts from Independent Auditor's Report](index=13&type=section&id=Extracts%20from%20Independent%20Auditor's%20Report) This section presents key findings from the independent auditor's report, specifically addressing material uncertainties related to the Group's going concern ability [Material Uncertainty Related to Going Concern](index=13&type=section&id=與持續經營有關之重大不確定性) The independent auditor's report highlights a material uncertainty regarding the Group's going concern ability, stemming from a **145,279 thousand HKD** loss and **108,746 thousand HKD** net current liabilities for the year ended June 30, 2025, though the auditor's opinion remains unmodified on this matter - The auditor draws attention to the Group's loss of approximately **145,279 thousand HKD** and net current liabilities of approximately **108,746 thousand HKD** in FY2025[31](index=31&type=chunk) - These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern[31](index=31&type=chunk) - The auditor's conclusion is not modified in respect of this matter, indicating an unmodified opinion on the overall truth and fairness of the financial statements[30](index=30&type=chunk)[31](index=31&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the Group's business performance, financial position, and future outlook, including operational highlights and strategic initiatives [Business Review and Outlook](index=13&type=section&id=業務回顧及展望) The Group's FY2025 loss expanded to approximately **145,000 thousand HKD**, primarily due to reduced fair value of investment properties and impairment expenses, while property investment revenue remained stable, and high-tech product development is actively pursuing next-generation technologies, expected to be a significant revenue contributor in the future - The Group recorded a loss of approximately **145,000 thousand HKD** for FY2025, an increase from approximately **133,000 thousand HKD** in FY2024[35](index=35&type=chunk) - The loss was primarily attributable to a decrease in the fair value of investment properties by approximately **111 million HKD** and an impairment expense of **16 million HKD** for leasehold land and buildings[35](index=35&type=chunk) - The Group's principal businesses are property investment and the research and development of high-tech systems and application solutions[34](index=34&type=chunk) [Overall Financial Performance](index=13&type=section&id=Overall%20Financial%20Performance) The Group recorded a loss of approximately **145,000 thousand HKD** in FY2025, an increase from **133,000 thousand HKD** in 2024, primarily due to a **111 million HKD** decrease in fair value of investment properties and **16 million HKD** impairment expense for leasehold land and buildings - The Group recorded a loss of approximately **145,000 thousand HKD** for FY2025, compared to a loss of approximately **133,000 thousand HKD** for the corresponding period in 2024[35](index=35&type=chunk) - The loss was primarily attributable to a decrease in the fair value of investment properties by approximately **111 million HKD** and an impairment expense of **16 million HKD** for leasehold land and buildings[35](index=35&type=chunk) [Property Investment](index=14&type=section&id=物業投資) Property investment business turnover (rental income) for FY2025 was approximately **9,000 thousand HKD**, consistent with 2024, and the Group will continue to identify and explore investment opportunities to strengthen its portfolio - Property investment business turnover (including rental income) for FY2025 was approximately **9,000 thousand HKD**, remaining stable compared to 2024[36](index=36&type=chunk) - The Group will continue to identify and explore investment opportunities to strengthen its investment portfolio[37](index=37&type=chunk) [Development of High-Tech Products](index=14&type=section&id=開發高科技產品) The Group is actively developing next-generation technology applications in imaging, monitoring, navigation, and advanced semiconductor processing with substantial investments, aiming for the technology division to become a significant revenue contributor by the end of the decade, primarily through subsidiaries like Pexray Oy, Navigs Oy, and Dynim Oy - The Group is actively developing next-generation technology applications covering imaging, monitoring, navigation, and advanced semiconductor processing, having made substantial investments[38](index=38&type=chunk) - The goal is for the technology division to become a significant revenue contributor to the Group by the end of this decade[38](index=38&type=chunk) - Total sales of high-tech products for FY2025 were approximately **32,000 thousand HKD**[40](index=40&type=chunk) [Pexray Oy (Portable X-ray Detection Equipment)](index=14&type=section&id=Pexray%20Oy) Pexray Oy develops portable digital X-ray detection equipment for industrial and security applications, with total sales of approximately **32,000 thousand HKD** in FY2025, where non-destructive testing sales surpassed security sales and are the primary growth driver, and a new battery-powered portable X-ray source was launched and first shipped in 2022 - Pexray Oy develops portable digital X-ray detection equipment for industrial and security applications, including weld inspection, corrosion detection, explosive ordnance disposal (EOD), and baggage screening[39](index=39&type=chunk) - Total sales for FY2025 were approximately **32,000 thousand HKD**[40](index=40&type=chunk) - Non-destructive testing sales exceeded security sales, with growth for FY2024-2025 and FY2025-2026 primarily driven by non-destructive testing sales[42](index=42&type=chunk) - Pexray launched a new battery-powered portable X-ray source in 2022, with first shipments in April 2022, marketed as a standalone product in the non-destructive testing market[42](index=42&type=chunk) [Navigs Oy (GNSS and Imaging Positioning)](index=15&type=section&id=Navigs%20Oy) Navigs Oy specializes in advanced GNSS and imaging positioning solutions for precision agriculture, off-highway industrial vehicles, marine navigation systems, and drones, with a product portfolio including IPESSA Tiny, Base Station (first delivered December 2023), Nano (shipped FY2023-24), and Yaw Bar (sales commenced) - Navigs Oy develops state-of-the-art GNSS and imaging positioning solutions for precision agriculture, off-highway industrial vehicles, marine navigation systems, and drones[43](index=43&type=chunk) - The product portfolio includes IPESSA Tiny (prototype completed early 2021, customer trials finished), IPESSA Base Station (first base station delivered December 2023), IPESSA Nano (first units shipped in FY2023-24), and IPESSA Yaw Bar (sales commenced)[43](index=43&type=chunk) [Dynim Oy and RTK VINS Project Portfolio (Advanced Navigation Platform)](index=16&type=section&id=Dynim%20Oy及RTK%20VINS项目组合) Dynim Oy collaborates with sister companies to develop the RTK VINS series, providing high-precision, scalable positioning, sensing, and connectivity solutions for next-generation autonomous systems, with the portfolio including RTK VINS AI (NVIDIA-based, Q4 2025 release expected), RTK VINS Lite (Qualcomm-based, Android version entering new manufacturing cycle), and RTK VINS Dual Core (STM-based, first batch for testing in Q3 2025) - Dynim Oy collaborates with sister companies to develop the RTK VINS series, offering positioning, sensing, and connectivity features, aiming to provide high-precision, scalable solutions for next-generation autonomous systems[44](index=44&type=chunk)[51](index=51&type=chunk) - The RTK VINS AI (NVIDIA-based) prototype faces stereo synchronization and driver issues, with the first version expected to be released in Q4 2025[45](index=45&type=chunk) - The Android version of RTK VINS Lite (Qualcomm-based) is entering a new three-month manufacturing cycle[46](index=46&type=chunk) - The RTK VINS Dual Core (STM-based) mainboard has completed manufacturing and testing, with the first batch to be sent for further testing and development in Q3 2025[49](index=49&type=chunk) - Dynim will market its products under the Dynim brand in the EU market and is actively expanding its engineering team in Vietnam[50](index=50&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=18&type=section&id=流動資金、財政資源及資本架構) As of June 30, 2025, the Group had net current liabilities of approximately **109,000 thousand HKD**, a current ratio of **0.22**, and bank balances and cash of approximately **19,000 thousand HKD**, with total liabilities around **158,000 thousand HKD** and a debt-to-capital ratio of approximately **28%**, with most assets and borrowings denominated in HKD, posing no significant exchange rate risk - As of June 30, 2025, the Group had net current liabilities of approximately **109,000 thousand HKD** and a current ratio of **0.22**[54](index=54&type=chunk) - Bank balances and cash amounted to approximately **19,000 thousand HKD**[54](index=54&type=chunk) Composition of Outstanding Liabilities (June 30, 2025) | Item | Amount (thousand HKD) | | :--- | :--- | | Trade and other payables | 19,000 | | Amounts due to related parties | 13,000 | | Secured bank borrowings | 101,000 | | Other borrowings and liabilities | 25,000 | | **Total** | **158,000** | - The Group's debt-to-capital ratio (total liabilities divided by total assets) was approximately **28%**[55](index=55&type=chunk) - Bank borrowings are secured by investment properties and leasehold land and buildings valued at approximately **162,000 thousand HKD** and **164,000 thousand HKD**, respectively[54](index=54&type=chunk) [Material Investments, Acquisitions and Disposals](index=18&type=section&id=重大投資、收購及出售事項) For the year ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, nor any significant investments - In FY2025, the Group had no material acquisitions or disposals of subsidiaries[56](index=56&type=chunk) - As of June 30, 2025, the Group had no material investments[57](index=57&type=chunk) [Employees and Remuneration Policy](index=18&type=section&id=僱員及薪酬政策) As of June 30, 2025, the Group had a total of **43** employees, with remuneration determined based on market conditions - As of June 30, 2025, the Group had a total of **43** employees[58](index=58&type=chunk) - Employee remuneration is determined based on market conditions[58](index=58&type=chunk) [Contingent Liabilities](index=18&type=section&id=或然負債) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[59](index=59&type=chunk) [Share Purchases and Redemptions](index=18&type=section&id=買賣及贖回股份) For the year ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed shares - In FY2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed shares[60](index=60&type=chunk) [Issue of New Shares upon Redemption of Convertible Bonds](index=19&type=section&id=就贖回可換股票據而發行新股份) Convertible bonds due November 23, 2024, were converted into **243,661,670** new conversion shares, credited as fully paid, on November 25, 2024, instead of being repaid in cash - Convertible bonds due November 23, 2024, were settled by issuing conversion shares rather than cash repayment[61](index=61&type=chunk) - On November 25, 2024, outstanding convertible bonds were converted into **243,661,670** new conversion shares, credited as fully paid[61](index=61&type=chunk) [Board Diversity and Compliance with Listing Rules](index=19&type=section&id=董事會成員多元化及遵守上市規則) In accordance with Listing Rule 13.92, the Company must appoint at least one director of a different gender by December 31, 2024, to meet diversity requirements, and is actively seeking suitable candidates to fill the necessary board positions - Under Listing Rule 13.92, a single-gender board does not meet diversity requirements, and issuers must appoint at least one director of a different gender by December 31, 2024[62](index=62&type=chunk) - The Company is committed to identifying and appointing suitable candidates to fill the required board positions as soon as possible[62](index=62&type=chunk) [Update on HKEX's Decision Regarding Listing Rule 13.24](index=19&type=section&id=有關聯交所就上市規則第13.24條所作決定的最新資料) The HKEX Listing Department has determined that the Company failed to maintain sufficient operations and assets of sufficient value under Listing Rule 13.24, leading to the suspension of its shares from trading since November 27, 2024, and requiring compliance within 18 months to avoid delisting - The HKEX Listing Department has determined that the Company failed to maintain a sufficient level of operations and assets of sufficient value as required by Listing Rule 13.24[63](index=63&type=chunk) - The Company's shares have been suspended from trading on the HKEX since November 27, 2024, and will remain suspended until further notice[63](index=63&type=chunk) - The Company must take necessary actions to demonstrate compliance with Listing Rule 13.24 within 18 months from November 27, 2024, otherwise the HKEX may cancel the listing of its shares[63](index=63&type=chunk) [Other Information](index=19&type=section&id=Other%20Information) This section includes additional disclosures on corporate governance, regulatory compliance, and other pertinent information regarding the Company's operations [Review of Annual Results](index=19&type=section&id=審閱末期業績) The Audit Committee has reviewed the Group's annual results for the year ended June 30, 2025 - The Audit Committee has reviewed the Group's annual results for the year ended June 30, 2025[65](index=65&type=chunk) [Corporate Governance](index=20&type=section&id=企業管治) The Company complied with all code provisions of the Corporate Governance Code in FY2025, with exceptions including insufficient board gender diversity, non-attendance of some independent non-executive directors at general meetings, and the roles of Chairman and Chief Executive Officer being held by the same individual - The Company complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited for FY2025, with certain exceptions[66](index=66&type=chunk) - A board diversity policy has been adopted, but a suitable female director has not yet been identified[69](index=69&type=chunk) - Certain independent non-executive directors were unable to attend the annual general meeting due to other commitments[69](index=69&type=chunk) - Dr. Weng Shihu, the Chairman, temporarily holds the position of Chief Executive Officer, a structure the Board believes provides strong leadership and efficient business planning[69](index=69&type=chunk) [Continued Suspension of Trading](index=20&type=section&id=繼續暫停買賣) The Company's shares have been suspended from trading on the HKEX since 9:00 a.m. on November 27, 2024, and will remain suspended until further notice, with the Company advising shareholders and potential investors to exercise caution when dealing in its securities - The Company's shares have been suspended from trading on the HKEX since 9:00 a.m. on November 27, 2024[67](index=67&type=chunk) - Trading in the shares will remain suspended until further notice[67](index=67&type=chunk) - The Company advises shareholders and potential investors to exercise caution when dealing in the Company's securities[68](index=68&type=chunk)

本 公 司 股 份 已 自 二 零 二 四 年 十 一 月 二 十 七 日 上 午 九 時 正 起 於 聯 交 所 暫 停 買 賣，並 繼續暫停買賣直至另行通知為止。 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的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 PALADIN LIMITED （於百慕達註冊成立之有限公司） （股份代號：495） 董事會召開日期 及 繼 續暫停買賣 Paladin Limited（「本公司」）之 董 事 會（「董事會」）宣 布 將 於 二 零 二 五 年 九 月二十 九 日 舉 行 董 事 會 會 議，以（其 中 包 括）批 准本公司及其附屬公司截至二零二 五 年 六 月 三 十 日 止 年 度 之 末 期 業 績 及 其 發 佈，以 及 考 慮 派 發 末 期 股 息（如 有）。 繼續暫停買賣 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 承董事會命 Paladin Limited 主 席 翁 ...

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 致：香港交易及結算所有限公司 截至月份: 2025年8月31日 狀態: 新提交 公司名稱: PALADIN LIMITED 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) | 00495 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.01 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.01 HKD | | 500,000,000 | | 2. 股份分類 | 優先股 | 股份類別 | 不適用 | | 於香 ...

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的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 佈 全 部 或 任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 PALADIN LIMITED （於百慕達註冊成立之有限公司） （股份代號：495） 暫停買賣季度更新 茲提述Paladin Limited（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）日 期 為 二 零 二 四 年十一月十八日、二十五日及二十六日、二零二四年十二月二日、二零二五年二月 二 十 六 日 及 二 零 二 五 年 五 月 二 十 六 日 的 公 佈（統 稱「過往公佈」）。本 公 佈 乃 根 據 上 市規則第13.09條及香港證券及期貨條例第XIVA部內幕消息條文作出。 聯交所上市科為本公司列出復牌指引，大意如下： 於 本 公 佈 日 期，本 公 司 正 考 慮 可 能 採 取 的 措 施，以 令 上 市 科 信 納 本 公 司 遵 守 上 市 規則第13.24條，並 正 物 色 合 適 的 女 性 候 選 人 擔 任 ...

Financial Performance - The group's revenue for the six months ending December 31, 2024, increased by approximately 105% to about HKD 21,000,000, while the loss recorded was approximately HKD 31,000,000, compared to a loss of HKD 16,000,000 in the same period last year[6]. - The company reported revenue of HKD 21,135,000 for the six months ended December 31, 2024, representing a 105.5% increase compared to HKD 10,324,000 in the same period of 2023[54]. - Gross profit for the same period was HKD 10,088,000, up from HKD 5,698,000, indicating an increase of 77.5%[54]. - The total comprehensive loss for the period was HKD 29,696,000, compared to a loss of HKD 17,087,000 in the prior year, marking an increase of 73.5%[55]. - The net loss for the six months ended December 31, 2024, was approximately HKD 31,196,000, indicating ongoing financial challenges[61]. - The group reported a total segment loss of HKD 23,972,000 for the six months ended December 31, 2024, compared to a loss of HKD 8,597,000 for the same period in 2023, indicating a deterioration in performance[87]. - The group’s total comprehensive loss before tax for the six months ended December 31, 2024, was HKD 31,029,000, compared to a loss of HKD 15,638,000 in the same period of 2023, indicating a worsening financial position[87]. - The company incurred an operating loss of HKD 27,752,000, compared to a loss of HKD 12,860,000 in the previous year, reflecting a deterioration in operational performance[54]. - The basic loss per share was HKD 2.16, compared to HKD 0.96 in the same period last year, indicating a significant increase in losses per share[55]. - The group reported a loss of HKD 31,288,000 for the six months ended December 31, 2024, compared to a loss of HKD 13,480,000 in the same period of 2023, indicating a significant increase in losses[94]. Revenue Sources - The total sales for the six months ending December 31, 2024, were approximately HKD 18,000,000[12]. - Rental income from investment properties for the six months ending December 31, 2024, was approximately HKD 3,000,000, down from HKD 4,000,000 in the previous year[7]. - Revenue from the property investment segment was HKD 2,894,000 for the six months ended December 31, 2024, down from HKD 4,341,000 in the same period of 2023, a decline of 33.4%[88]. - Research and development segment revenue was HKD 18,241,000 for the six months ended December 31, 2024, compared to HKD 5,983,000 in the same period of 2023, showing an increase of 203.5%[85]. Investments and Future Plans - The group has invested approximately HKD 160,000,000 in collaboration with the Finnish National Technology Innovation Agency and plans to make significant further investments in the coming years[9]. - The technology department expects to generate revenue of USD 29,000,000 by 2029 from the developed technology products and systems[9]. - The group plans to continue its research and development efforts in producing and selling portable X-ray systems and advanced software solutions, indicating a focus on innovation and market expansion[83]. Financial Position - The net current liabilities of the group as of December 31, 2024, are approximately HKD 98,000,000, with a current ratio of 0.28[24]. - The total outstanding liabilities of the group amount to approximately HKD 155,000,000, including trade and other payables of about HKD 15,000,000 and secured bank borrowings of approximately HKD 103,000,000[24]. - The capital debt ratio of the group is approximately 23%, calculated as total liabilities divided by total assets[26]. - The company has significant uncertainty regarding its ability to continue as a going concern due to the net current liabilities of HKD 98,059,000[61]. - As of December 31, 2024, total non-current assets amounted to HKD 634,942,000, a decrease of 3.6% from HKD 658,992,000 as of June 30, 2024[56]. - Current assets totaled HKD 37,646,000, down 19% from HKD 46,476,000 in June 2024, primarily due to a decrease in cash and cash equivalents[56]. - The company's equity attributable to owners decreased to HKD 548,951,000 from HKD 576,503,000, a decline of 4.8%[57]. - The company’s total assets less current liabilities stood at HKD 536,883,000, down from HKD 564,114,000[57]. Share Options and Capital Structure - The company has granted a total of 397,721,900 share options under the share option plan, representing approximately 24.18% of the issued share capital as of the reporting date[37]. - The exercise price for the share options ranges from HKD 0.179 to HKD 0.321, with grant dates spanning from May 30, 2016, to November 9, 2018[39]. - The share options are a strategic tool for employee retention and motivation, aligning their interests with the company's performance[37]. - The weighted average number of ordinary shares used for calculating basic loss per share increased to 1,450,294,733 for the six months ended December 31, 2024, from 1,401,437,549 in 2023[95]. - The company has a balanced ownership structure with key shareholders each holding 50% in Gold Seal Holdings Limited[38]. Cash Flow and Liquidity - The company reported a net cash outflow from operating activities of HKD 7,401,000 for the six months ended December 31, 2024, an improvement from HKD 11,991,000 in the same period of 2023[59]. - Cash and cash equivalents at the end of the period were HKD 24,350,000, down from HKD 36,250,000 at the beginning of the period[59]. - The group has bank and cash balances of approximately HKD 24,000,000 as of December 31, 2024[24]. - The group has approximately HKD 102,730,000 in secured bank loans with repayment terms that will be repaid according to the scheduled repayment dates, and the bank will not exercise its discretion to demand immediate repayment[62]. - As of December 31, 2024, the group has undrawn available bank credit of approximately HKD 84,770,000[65]. Employee and Management Compensation - The total number of employees in the group as of December 31, 2024, is 45, with compensation determined based on market conditions[29]. - The remuneration for key management personnel was HKD 1,461,000 for the six months ended December 31, 2024, down from HKD 1,991,000 in 2023[128]. Compliance and Governance - The company is required to take necessary actions within 18 months from November 27, 2024, to comply with listing rules, or risk delisting[49]. - The company has committed to appoint at least one director of a different gender by December 31, 2024, to comply with diversity requirements[46]. - The board approved and authorized the publication of the consolidated interim financial statements on February 27, 2025[129].

Financial Performance - For the six months ended December 31, 2024, the company reported revenue of HKD 21,135,000, an increase of 104% compared to HKD 10,324,000 for the same period in 2023[3] - The gross profit for the same period was HKD 10,088,000, representing a gross margin of approximately 47.7%[3] - The operating loss increased to HKD 27,752,000 from HKD 12,860,000 year-over-year, indicating a deterioration in operational performance[3] - The net loss for the period was HKD 31,196,000, compared to a net loss of HKD 15,638,000 in the previous year, reflecting a 99% increase in losses[3] - The group reported external customer revenue of HKD 21,135,000 for the six months ended December 31, 2024, compared to HKD 10,324,000 for the same period in 2023, representing a 104.0% increase[20] - The group incurred a total segment loss of HKD 23,972,000 for the six months ended December 31, 2024, compared to a loss of HKD 8,597,000 for the same period in 2023, indicating a significant increase in losses[23] - The group’s total comprehensive loss before tax for the six months ended December 31, 2024, was HKD 31,029,000, compared to a loss of HKD 15,638,000 for the same period in 2023, indicating a worsening financial position[30] - The loss for the six months ended December 31, 2024, was approximately HKD 31,000,000, primarily due to a fair value loss of investment properties amounting to approximately HKD 21,000,000[39] Assets and Liabilities - The company's total assets as of December 31, 2024, were HKD 634,942,000, down from HKD 658,992,000 as of June 30, 2024[6] - Current liabilities amounted to HKD 135,705,000, slightly decreased from HKD 141,354,000 in the previous period[6] - The company had a net current liability of HKD 98,059,000, indicating potential liquidity challenges[10] - As of December 31, 2024, the group's current liabilities net amount is approximately HKD 98 million, with a current ratio of 0.28[59] - The group's total outstanding liabilities as of December 31, 2024, are approximately HKD 155 million, including bank borrowings of about HKD 103 million[59] - The group's capital debt ratio is approximately 23%, calculated as total liabilities divided by total assets[61] Revenue Sources - Revenue from external customers in Hong Kong decreased to HKD 2,894,000 for the six months ended December 31, 2024, down from HKD 4,341,000 in 2023, a decline of 33.4%[24] - Revenue from Finland significantly increased to HKD 17,444,000 for the six months ended December 31, 2024, compared to HKD 5,241,000 in the same period of 2023, marking a growth of 233.5%[24] Shareholder Information - Basic loss per share for the period was HKD 2.16, compared to HKD 0.96 in the previous year, indicating a significant increase in losses per share[4] - The weighted average number of ordinary shares used for calculating basic loss per share increased to 1,450,294,733 for the six months ended December 31, 2024, from 1,401,437,549 in the previous year[34] - The company has issued 243,661,670 new shares as a result of the redemption of convertible bonds, with an outstanding amount of HKD 60,394,376 as of November 25, 2024[69] - The group did not declare or propose any dividends for the six months ended December 31, 2024, consistent with the previous year[31] Corporate Governance and Compliance - The company is required to appoint at least one director of a different gender by December 31, 2024, to comply with the Hong Kong Stock Exchange's diversity requirements[70] - The company must take necessary actions within 18 months from November 27, 2024, to demonstrate compliance with Listing Rule 13.24, or risk delisting[71] - The company continues to adhere to corporate governance principles, with plans to review existing company rules at an appropriate time[75] - The interim report will be made available on the company's website and sent to shareholders at the appropriate time[76] - The chairman, Dr. Wong, is temporarily acting as the CEO, as no new CEO has been appointed[77] - The company advises shareholders and potential investors to exercise caution when trading its securities[78] - The board of directors consists of six members, including independent non-executive directors[79] Investment and Development - The company has invested approximately HKD 160,000,000 in collaboration with the Finnish National Technology Innovation Agency and plans to make significant investments in the coming years[42] - The technology department consists of about 29 R&D engineers, with expectations to generate USD 29,000,000 in revenue by 2029[42] - The portable X-ray devices developed by the subsidiary Pexray Oy are focused on security and non-destructive testing applications, with sales growth driven primarily by non-destructive testing sales[48] - Navigs Oy is developing advanced GNSS and imaging positioning solutions, with applications extending beyond agriculture to include construction and maritime sectors[49] - The IPESSA Tiny positioning solution was completed in early 2021, with customer trials delayed due to chip shortages, but completed in the first half of 2022 across Finland, Europe, and Turkey[49] - The first IPESSA Base Station, which provides RTK correction data for centimeter-level positioning, was delivered in December 2023[51] - The RTK VINS project is being developed in collaboration with Dynim Oy and aims to provide advanced positioning, sensing, and connectivity solutions[52] - The first prototype of the RTK VINS AI platform, based on NVIDIA technology, is targeted for release in Q1 2025[54] Other Financial Information - The company is implementing strategies to improve revenue and profitability, including cost control measures[10] - The group’s total unallocated expenses for the six months ended December 31, 2024, were HKD 10,305,000, slightly down from HKD 10,721,000 in the same period of 2023[23] - The financing costs increased to HKD 3,277,000 for the six months ended December 31, 2024, up from HKD 2,778,000 in the same period of 2023, reflecting a rise in interest expenses[27] - The company has not yet published its interim results for the six months ending December 31, 2024, but the audit committee has reviewed the accounting principles and internal controls[74] - Total sales for the six months ended December 31, 2024, were approximately HKD 18,000,000[46] - Trade receivables increased to HKD 5,003,000 as of December 31, 2024, compared to HKD 2,618,000 as of June 30, 2024[35]

Financial Performance - The company recorded a loss of approximately HKD 133 million for the year, compared to a loss of HKD 42 million in the same period last year, primarily due to a fair value loss of HKD 100 million on investment properties[5]. - The annual revenue, including rental income from investment properties, was approximately HKD 9 million, an increase from HKD 7 million in the previous year[6]. - Revenue for the year ended June 30, 2024, was HKD 22,733,000, an increase of 23.5% from HKD 18,386,000 in 2023[126]. - Gross profit for the same period was HKD 13,591,000, up 34.8% from HKD 10,093,000 in 2023[126]. - The company reported a net loss of HKD 133,409,000 for the year, compared to a loss of HKD 41,764,000 in 2023, indicating a significant increase in losses[126]. - Total comprehensive loss for the year was HKD 135,867,000, compared to HKD 42,169,000 in the previous year[126]. - The company has identified significant uncertainties regarding its ability to continue as a going concern, which may impact future operations[125]. - The group incurred a loss of approximately HKD 133,409,000 for the year ending June 30, 2024, with a net current liability of about HKD 94,878,000, raising significant doubts about the group's ability to continue as a going concern[134]. Investment and Growth - The technology department has invested approximately HKD 160 million in collaboration with the Finnish National Technology Innovation Agency and anticipates significant investments in the coming years[7]. - The company expects the technology department to generate USD 29 million in revenue by 2029, driven by advancements in semiconductor and artificial intelligence industries[7]. - Pexray Oy, a subsidiary, reported total sales of approximately HKD 14 million for the fiscal year ending June 30, 2024, focusing on portable X-ray inspection equipment for industrial and security applications[8]. - The portable X-ray source powered by a new battery was launched in 2022 and is expected to drive growth in the non-destructive testing market[9]. - The sales growth for the fiscal years 2023-2024 and 2024-2025 is primarily driven by non-destructive testing sales, which outpace security sales[9]. - The company is exploring investment opportunities to strengthen its investment portfolio[6]. Corporate Governance - The board of directors recommends not to declare a final dividend for the year 2023[21]. - The board consists of one executive director, two non-executive directors, and three independent non-executive directors, bringing diverse expertise in management, property market, electronics, accounting, finance, and corporate development[27]. - The company has complied with all corporate governance codes as per the Hong Kong Stock Exchange regulations, with some minor deviations disclosed[25]. - The board held four meetings and one annual general meeting during the year ending June 30, 2024, with attendance details provided[29]. - The chairman and CEO roles are currently held by Dr. Weng Shihua, with the board believing this structure provides strong leadership for effective business planning and execution[30]. - Independent non-executive directors are selected based on required skills and experience to ensure strong independent judgment within the board[29]. - The company has adopted the standard code of conduct for securities trading by directors, confirming compliance for the year ending June 30, 2024[26]. - The board is responsible for setting the strategic direction and policies of the group, overseeing management, and approving significant transactions[27]. - The company regularly reviews its corporate governance practices to ensure compliance with the established codes[25]. - The board includes members with over 45 years of experience in corporate finance, financial management, auditing, and accounting[23]. Environmental and Sustainability Efforts - The total greenhouse gas emissions for the reporting period were 149 tons, a decrease from 160 tons in the previous year, with a per employee emission of 3.17 tons compared to 2.39 tons last year[62]. - The total operational emissions from vehicles were 3.9 tons, down from 4.5 tons in the previous year, with nitrogen oxides (NOX) emissions at 3.5 kg, sulfur oxides (SOX) at 0.1 kg, and particulate matter (PM) at 0.3 kg[59]. - The company has set an environmental policy for employees, addressing significant environmental issues including emissions and resource usage, and has complied with relevant environmental laws without any major non-compliance incidents during the reporting period[57]. - The company has implemented green office initiatives to reduce environmental impact and encourages virtual meetings to avoid unnecessary travel[62]. - The company has adopted a quantitative approach to disclose key performance indicators related to environmental, social, and governance (ESG) policies[53]. - The company aims to integrate ESG measures into its strategy to minimize adverse environmental impacts[56]. Risk Management - The group faces significant business risks due to the performance of the Hong Kong real estate market, which could adversely affect financial conditions and lead to fair value losses on investment properties[89]. - The high-tech product market is characterized by intense competition and short product cycles, necessitating continuous investment in research and development[90]. - The group operates in a competitive environment in the Hong Kong property leasing market, where transparency in rental prices puts pressure on income and profitability[90]. - The group has a comprehensive risk management plan focused on minimizing potential adverse impacts on financial performance due to market unpredictability[197]. - Credit risk is managed through established policies and procedures, with individual credit assessments for customers exceeding certain limits[199]. Financial Position and Liabilities - As of June 30, 2024, the group's current liabilities net amount is approximately HKD 95 million, with a current ratio of 0.33[18]. - The group's total outstanding debt as of June 30, 2024, is approximately HKD 162 million, including secured bank loans of about HKD 104 million[18]. - The capital debt ratio of the group is approximately 22.97%[18]. - The group has available bank financing of approximately HKD 83,011,000 as of June 30, 2024, which will support its financial position[134]. - The group has implemented various strategies to enhance revenue and profitability, including cost control measures[134]. Audit and Compliance - The external auditor, Roshan Mei CPA, provided audit services costing HKD 610,000 and non-audit services costing HKD 150,000, totaling HKD 760,000 for the fiscal year ending June 30, 2024[44]. - The audit committee consists of one non-executive director and three independent non-executive directors, regularly reviewing the effectiveness of internal control systems[112]. - The auditors provided reasonable assurance that the financial statements are free from material misstatement due to fraud or error[123]. - The financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards and the Companies Ordinance[118]. - The group has complied with all relevant laws and regulations without any significant violations during the review period[91]. Employee and Workforce Management - The group employed a total of 47 employees as of June 30, 2024, with compensation determined based on market conditions[20]. - Employee turnover rate was reported at 19% in Asia, 26% in Europe, and 9% in North America, with a total of 47 employees[74]. - The workforce consists of 40 males and 7 females, with 44 full-time and 3 part-time/contract employees[74]. - The company provided training courses for employees, with an average training time of 1 hour for male employees and 0.5 hours for female employees[77]. - The remuneration policy for employees is determined based on merit, qualifications, and capabilities, while directors' remuneration is based on responsibilities and company performance[113]. Shareholder Information - The total number of shares held by major shareholders includes 508,848,531 shares (36.31%) held by Basurto Holdings Limited and 309,388,211 shares (38.39%) held by Gold Seal Holdings Limited[98]. - The company has granted stock options totaling 397,721,900 shares, which accounts for approximately 28.38% of the total issued shares as of the report date[102]. - The stock options plan was adopted on December 8, 2015, to reward selected participants contributing to the group[102]. - The company maintains a balanced ownership structure with significant shares held by family trusts and related parties[99]. - The company will hold meetings every six months to consider and declare interim or final dividends, with the possibility of special dividends as well[39].

Financial Performance - For the fiscal year ending June 30, 2024, Paladin Limited reported total revenue of HKD 22,733,000, an increase of 23.5% from HKD 18,386,000 in the previous year[2] - The gross profit margin decreased to HKD 13,591,000, down from HKD 10,093,000, reflecting a cost of sales of HKD 9,142,000 compared to HKD 8,293,000 last year[2] - The operating loss for the year was HKD 127,453,000, significantly higher than the previous year's loss of HKD 37,567,000, indicating a deterioration in operational performance[2] - The net loss for the year was HKD 133,409,000, compared to a net loss of HKD 41,764,000 in the prior year, representing an increase in losses of 219%[2] - Total comprehensive loss for the year amounted to HKD 135,867,000, compared to HKD 42,169,000 in the previous year, reflecting a substantial increase in overall losses[3] - Basic and diluted loss per share for the year was HKD 9.29, compared to HKD 2.66 in the previous year, indicating a significant increase in loss per share[3] - The company reported a pre-tax consolidated loss of HKD (133,030,000) for the fiscal year 2024, compared to a loss of HKD (41,747,000) in 2023[18] - The company reported a pre-tax loss of HKD 133,030,000 for the year ending June 30, 2024, compared to a pre-tax loss of HKD 41,747,000 in the previous year, indicating a significant increase in losses[25] - The income tax expense for the year was HKD 379,000, a substantial increase from HKD 17,000 in the previous year, reflecting the higher pre-tax losses[25] - Basic and diluted loss per share for the year was HKD 130,130, compared to HKD 37,221 for the previous year, showing a worsening in per-share performance[26] Assets and Liabilities - Non-current assets decreased to HKD 658,992,000 from HKD 771,453,000, indicating a reduction of 14.5% year-over-year[4] - Current assets also declined to HKD 46,476,000 from HKD 54,472,000, a decrease of 14.5% compared to the previous year[4] - Total liabilities increased to HKD 141,354,000 from HKD 123,806,000, reflecting a rise of 14.1% year-over-year[4] - The company's equity attributable to owners decreased to HKD 576,503,000 from HKD 710,932,000, a decline of 18.9%[5] - The group reported a net current liability of approximately HKD 94,878,000, indicating significant uncertainty regarding the group's ability to continue as a going concern[7] - As of June 30, 2024, the group's current liabilities amounted to approximately HKD 95 million, with a current ratio of 0.33[49] - The group's total outstanding debt as of June 30, 2024, was approximately HKD 162 million, including secured bank loans of about HKD 104 million[49] - The group's capital debt ratio, calculated as total liabilities over total assets, was approximately 22.97%[50] Revenue Sources - Revenue from customer contracts recognized at a specific point in time for the sale of goods was HKD 14,052,000 in 2024, compared to HKD 11,007,000 in 2023, reflecting a growth of approximately 27.7%[14] - Rental income increased to HKD 8,681,000 in 2024 from HKD 7,379,000 in 2023, representing an increase of approximately 17.6%[14] - Revenue from the Hong Kong market increased to HKD 8,681,000 in 2024 from HKD 7,379,000 in 2023, reflecting a growth of about 17.6%[19] - The R&D segment's revenue from external customers was HKD 14,052,000, up from HKD 11,007,000 in the previous year, marking an increase of approximately 27.7%[17] - Total revenue for the group was HKD 22,733,000 in 2024, up from HKD 18,386,000 in 2023, indicating an overall growth of approximately 23.5%[14] Operational Strategies - The group implemented various strategies to enhance revenue and profitability, including cost control measures[7] - The company plans to continue its focus on R&D and market expansion, particularly in the development of portable X-ray systems and advanced algorithms[15] Investments and Developments - The company has invested approximately HKD 160 million in collaboration with the Finnish National Technology Innovation Agency and plans to make significant investments in the coming years[43] - The technology department aims to generate revenue of USD 29 million by 2029 through the sale of developed technology products or systems[43] - The company has launched various improvements to its portable X-ray detection equipment, enhancing product quality and customer satisfaction[44] - The IPESSA Tiny positioning solution was completed in early 2021, with customer trials conducted in Finland, Europe, and Turkey in the first half of 2022[45] - The first IPESSA Base Station was delivered in December 2023, providing RTK correction data for enhanced positioning accuracy[45] - The IPESSA Nano module, designed for drones and compact AGVs, was launched at the end of 2021, with the first units shipped in the fiscal year 2023-2024[46] - The IPESSA Yaw Bar, a high-end positioning device for maritime applications, has begun sales of its entry-level version equipped with MEMS inertial sensors[46] - The RTK-VINS system, utilizing core technologies from Tiny and Nano, is expected to enter customer trials by the end of 2024 and commence mass production in 2025[46] Governance and Management - The company has adhered to all corporate governance codes as per the Hong Kong Stock Exchange, except for the absence of some independent non-executive directors at the annual general meeting[56] - The chairman and CEO roles are separated, with Dr. Wong Shih Wah currently serving as chairman and temporarily as CEO, ensuring strong leadership and effective business planning[57] - The annual performance announcement is available on the Hong Kong Stock Exchange and the company's website, with the annual report to be sent to shareholders at an appropriate time[58] Shareholder and Financing - The group has bank loans secured with repayment terms amounting to approximately HKD 104,489,000, which are expected to be repaid on schedule without immediate repayment demands from banks[7] - Shareholder Gold Seal Holdings Limited has agreed not to demand repayment of approximately HKD 12,960,000 owed to the group until the financial condition allows[7] - As of June 30, 2024, the group had approximately HKD 83,011,000 in unutilized bank financing available[7] Employee and Workforce - The group employed a total of 47 employees as of June 30, 2024, with compensation determined based on market conditions[52] - The company has not made any significant acquisitions or disposals of subsidiaries during the year ending June 30, 2024[51] Dividend Policy - The company has not declared any dividends for the year ending June 30, 2024, consistent with the previous year[28] - The company has not proposed any final dividends for the year, maintaining a policy of no dividend distribution[37]