Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 29,010,000, a decrease of 22.4% compared to HKD 37,412,000 in the same period of 2024[5] - The net loss for the period was HKD 2,469,000, an improvement of 42.5% from a loss of HKD 4,302,000 in the prior year[8] - Basic and diluted loss per share improved to HKD 0.15 from HKD 0.27 year-on-year[5] - Total revenue for the six months ended September 30, 2025, was approximately HKD 29,000,000, a decrease of 22.5% compared to HKD 37,400,000 in the same period of 2024[50] - The group reported a pre-tax loss of HKD 4,305,000 for the six months ended September 30, 2025, compared to a pre-tax loss of HKD 2,473,000 for the same period in 2024[26] - The total net loss decreased from approximately HKD 4,300,000 in the same period last year to about HKD 2,500,000 this period, primarily due to an increase in gross profit to approximately HKD 9,300,000, a reduction in sales commissions by about HKD 1,200,000, and a decrease in employee costs by about HKD 1,300,000[53] Revenue Breakdown - Revenue from the circuit board business was approximately HKD 8,500,000, down 32.0% from HKD 12,500,000 in the previous year[50] - Revenue from the printing business was approximately HKD 20,500,000, a decrease of 17.7% from HKD 24,900,000 in the same period last year[50] - The group’s revenue from customers in Hong Kong decreased to HKD 14,971,000 for the six months ended September 30, 2025, down from HKD 22,077,000 in 2024[23] Asset Management - Total assets decreased to HKD 70,946,000 from HKD 73,519,000 as of March 31, 2025[10] - Non-current assets decreased to HKD 70,088,000 from HKD 48,409,000, indicating a significant increase in long-term investments[9] - Trade receivables increased to HKD 8,814,000 from HKD 6,343,000, indicating a potential increase in sales or credit terms[9] - Trade receivables from third parties increased to HKD 8,902,000 as of September 30, 2025, compared to HKD 6,512,000 as of March 31, 2025[36] - The provision for trade receivables decreased to HKD 88,000 as of September 30, 2025, from HKD 169,000 as of March 31, 2025[38] Cost and Expenses - Total administrative expenses increased to HKD 4,114,000 for the six months ended September 30, 2025, from HKD 2,257,000 in 2024[21] - The total employee cost, including directors' remuneration, was approximately HKD 12,500,000 for the period, down from approximately HKD 15,100,000 for the six months ended September 30, 2024[61] Investments and Acquisitions - The company completed the acquisition of approximately 15.12% equity interest in Beijing Weihang Yining Health Management Group for approximately HKD 30,495,000[35] - The company provided a loan of approximately HKD 19,800,000 to Noricap Fund for investment purposes[52] - The company entered a joint venture agreement to acquire 40% equity in Noricap Fund, providing approximately HKD 19,800,000 for stable return investments[74] Corporate Governance - The company has complied with all applicable corporate governance codes, except for the separation of roles between the chairman and CEO[77] - The company has not appointed a CEO, with daily operations managed by executive directors and senior management[78] - The board of directors includes a mix of executive, non-executive, and independent non-executive directors[88] Shareholder Information - As of September 30, 2025, the company has issued a total of 1,613,287,570 shares[80] - Spring Global Enterprises Limited holds 280,000,000 shares, representing 17.36% of the total issued shares[82] - Wu Wencan holds a total of 420,988,000 shares, accounting for 26.1% of the total issued shares[82] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[84] Future Outlook - The PCB business segment showed improved sales trends compared to Q1 2025, but overall consumer spending remains under pressure due to geopolitical tensions and inflation[69] - The printing business segment experienced a rebound in sales compared to Q1 2025, yet demand continues to face challenges amid a complex macroeconomic environment[70] - The company is actively seeking trade opportunities with reliable partners in the oil and energy products trading segment, aiming to restore trading operations[73] - There are no major investments or capital asset acquisitions planned for the next twelve months[63] Miscellaneous - The group did not declare any interim dividend for the six months ended September 30, 2025[28] - The interim results for the period have not been audited by external auditors but have been reviewed by the audit committee[86] - The interim report for the six months ending September 30, 2025, will be distributed to shareholders and published on the company's website[87]

Core Viewpoint - Dachen Microline Group (00567.HK) has scheduled a board meeting on November 20, 2025, to consider and approve the publication of its unaudited interim results for the six months ending September 30, 2025, and to discuss the potential declaration of an interim dividend, if any [1] Summary by Categories - **Company Announcement** - The board meeting will take place on November 20, 2025 [1] - The meeting will focus on the approval of the unaudited interim results for the six months ending September 30, 2025 [1] - The company will also consider the declaration of an interim dividend during this meeting [1]

大昌微綫集團有限公司* 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。 DAISHO MICROLINE HOLDINGS LIMITED 承董事會命 大昌微綫集團有限公司 主席 李文光 香港，二零二五年十一月十日 於本公告日期，董事會包括一名執行董事，即李文光，兩名非執行董事，即邱伯 及黃少雄，以及三名獨立非執行董事，即林穎、陳友正及梁海明。 * 僅供識別之用 （於百慕達註冊成立之有限公司） （股份代號：0567） 董事會會議召開日期 大昌微綫集團有限公司（「本公司」）董事會（「董事會」）兹宣布，謹定於二零二五年 十一月二十日（星期四）舉行董事會會議，藉以（其中包括）考慮及批准刊發本公司 及其附屬公司截至二零二五年九月三十日止六個月之未經審核中期業績，以及考 慮派付中期股息（如有）。 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 大昌微綫集團有限公司 (於百慕達註冊成立之有限公司) 呈交日期: 2025年11月3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) | 00567 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 HKD | | 400,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.1 HKD | | 400,000,000 | 本月底法 ...

I. 法定/註冊股本變動 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年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: 大昌微綫集團有限公司 (於百慕達註冊成立之有限公司) 呈交日期: 2025年10月2日 | 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) | 00567 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 HKD | | 400,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.1 HKD | | 400,000,000 | 本月底法定 ...

董事會宣布，載於通告內之所有建議決議案已於股東週年大會上獲股東以投票 表決方式正式通過。 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。 DAISHO MICROLINE HOLDINGS LIMITED 大昌微綫集團有限公司* （於百慕達註冊成立之有限公司） （股份代號：0567） 於二零二五年九月二十三日舉行之 股東週年大會投票表決結果 於股東週年大會日期，本公司之已發行股份總數為1,613,287,570股，此乃賦予股 東權利出席股東週年大會並於會上對決議案投票表決之本公司股份總數，而本公 司並無持有庫存股份（包括持有或寄存中央結算及交收系統之任何庫存股份）。 概無任何股份賦予股東權利出席股東週年大會但須根據香港聯合交易所有限公司 證券上市規則（「上市規則」）第13.40條所載須放棄表決贊成決議案。亦無任何股東 須根據上市規則規定於股東週年大會上就任何決議案放棄投票。概無股東於通函 中表明其有意於股東週年大會上就任何決議案投票反對或放棄投票。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不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。 DAISHO MICROLINE HOLDINGS LIMITED 大昌微綫集團有限公司* 根據股東週年大會通告，本公司訂於二零二五年九月二十三日（星期二）上午十時 正假座香港灣仔軒尼詩道15號溫莎公爵社會服務大廈2樓201室舉行股東週年大會。 倘若八號或以上熱帶氣旋警告信號、黑色暴雨警告信號或香港政府公佈的「極端 情況」於二零二五年九月二十三日（星期二）上午七時正至上午九時五十九分期間 之任何時間於香港生效，股東週年大會將延期至二零二五年九月三十日（星期二） 上午十時正假座香港銅鑼灣希慎道33號利園一期23樓舉行（「延期之股東週年大會」）。 * 僅供識別之用 1 倘若股東週年大會延期舉行，該股東週年大會通告所載擬於股東週年大會上提呈 的所有決議案將維持不變，並將於延期之股東週年大會上提呈。就延期之股東週 年大會，為釐定本公司股東出席股東週年大會並於會上發言及投票之資格而暫停 辦理股份過戶登記手續之期間 ...

FF301 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) | 00567 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 HKD | | 400,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.1 HKD | | 400,000,000 | 本月底法定/註冊股本總額： HKD 400,000,000 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 大昌微綫集團有限公司 (於百慕達註冊成立之有限公司) 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00567 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 HKD | | 400,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.1 HKD | | 400,000,000 | 本月底法定/ ...

[Company Information and Financial Calendar](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99%E5%8F%8A%E8%B2%A1%E5%8B%99%E6%97%A5%E8%AA%8C) [Company Information and Financial Calendar](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99%E5%8F%8A%E8%B2%A1%E5%8B%99%E6%97%A5%E8%AA%8C) This section provides essential company details, including board members, key financial dates, and confirms no dividend distribution for the current fiscal year - The Board announced no recommendation for interim or final dividends for the year ended March 31, 2025[4](index=4&type=chunk) - The company changed its auditor in January 2025, with Pacon CPA Limited replacing RSM Hong Kong[98](index=98&type=chunk) [Chairman's Statement](index=3&type=section&id=%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A) [Business Review and Outlook](index=3&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E8%88%87%E5%B1%95%E6%9C%9B) The Group's business segments face pressure from global economic weakness and trade uncertainties, leading to sales declines in PCB and printing, while new healthcare investments aim for diversification - Global economic recovery remains weak, with new US tariffs contributing to downward pressure and high unpredictability, impacting the Group's business[5](index=5&type=chunk) - Both PCB and printing businesses experienced sales declines due to a pessimistic economic outlook and trade tensions, prompting the Group to implement cost control and optimized management[6](index=6&type=chunk)[7](index=7&type=chunk) - The Group's oil trading business is currently suspended but actively exploring new trading opportunities[8](index=8&type=chunk) - To diversify its business, the Group invested in a Chinese healthcare company in March 2025, aiming for growth and enhanced financial position[9](index=9&type=chunk) [Biographies of Directors and Senior Management](index=5&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E4%BA%BA%E5%93%A1%E5%B1%A5%E6%AD%B7) [Directors and Senior Management Profiles](index=5&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E9%AB%98%E7%AE%A1%E7%B0%A1%E4%BB%8B) This section details the personal and professional backgrounds of the company's directors and senior management, noting changes in board composition during the reporting period - During the reporting period, several board changes occurred, including Mr. Wong Siu Hung's re-designation from Executive to Non-Executive Director and resignation as COO, and Ms. Lam Wing's appointment as Independent Non-Executive Director with new roles in other listed companies[25](index=25&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=%E7%AE%A1%E7%90%86%E9%9A%8E%E5%B1%A4%E4%B9%8B%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Business and Financial Review](index=10&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's total revenue decreased by **38.0%** to **HKD 53.1 million**, driven by significant declines in printing and PCB businesses, leading to an expanded net loss of **HKD 21.1 million** Annual Financial Performance Summary | Metric | Year Ended March 31, 2025 | Year Ended March 31, 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Total Revenue (HKD million) | Approx. 53.1 | Approx. 85.6 | -38.0% | | - Printing Business Revenue (HKD million) | Approx. 33.8 | Approx. 59.0 | -42.7% | | - PCB Business Revenue (HKD million) | Approx. 19.3 | Approx. 26.5 | -27.2% | | Gross Margin | 19.3% | 20.7% | -1.4pp | | Total Net Loss (HKD million) | Approx. 21.1 | Approx. 11.9 | +77.3% | - The increase in net loss was primarily due to a **HKD 7.5 million** decrease in gross profit, **HKD 4 million** impairment loss on property, plant and equipment, and a **HKD 3.1 million** loss from disposal of a subsidiary[29](index=29&type=chunk) [Liquidity and Capital Resources](index=11&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E8%88%87%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90) At year-end, the Group's gearing ratio significantly increased to **2.8%** from **0.3%**, while the current ratio decreased to **1.80x** from **2.50x**, primarily due to a major investment deposit Liquidity and Capital Position | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Gearing Ratio | 2.8% | 0.3% | | Current Ratio | 1.80x | 2.50x | | Cash and Bank Balances (HKD million) | Approx. 19.9 | Approx. 37.6 | - The decrease in the current ratio was primarily due to a deposit payment of **RMB 23.5 million (approximately HKD 25.47 million)** to a target company[30](index=30&type=chunk) [Significant Investments](index=12&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) In March 2025, the Group agreed to subscribe for approximately **15.12%** equity in Beijing Weihang Yining Health Management Group Co., Ltd. for **RMB 28.5 million**, diversifying into AI-assisted healthcare - The Group conditionally agreed to subscribe for approximately **15.12%** equity in Beijing Weihang Yining Health Management Group Co., Ltd. for **RMB 28.5 million (approximately HKD 30.5 million)**, to be accounted for as an associate[42](index=42&type=chunk) [Prospects](index=13&type=section&id=%E5%89%8D%E6%99%AF) The PCB and printing segments face trade-related risks but show stabilization, while the Group explores resuming oil trading, completed a crypto trading platform investment, and diversifies into healthcare - The PCB and printing segments experienced initial sales declines due to macroeconomic and trade conditions but show recent recovery, with stabilization anticipated[44](index=44&type=chunk)[45](index=45&type=chunk) - The Group is actively exploring opportunities to resume its oil and energy products trading business, having signed a non-binding MOU with potential partners[50](index=50&type=chunk) - The Group's joint investment fund, Noricap Fund, completed an investment in a licensed cryptocurrency automated trading platform service company, indirectly acquiring approximately **0.86%** equity[51](index=51&type=chunk) [Report of the Directors](index=14&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%A0%B1%E5%91%8A%E6%9B%B8) [Summary of Financial Information](index=16&type=section&id=%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E6%A6%82%E8%A6%81) This section provides a five-year summary of the Group's performance and financial position, showing fluctuating revenue, consistent annual losses, and a total equity of **HKD 72.52 million** this year Five-Year Financial Performance Summary (HKD thousand) | Year Ended March 31 | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue (Continuing Operations) | 53,097 | 85,584 | 83,758 | 106,471 | 67,886 | | Loss for the Year | (21,126) | (11,873) | (26,017) | (29,128) | (66,976) | Five-Year Assets and Liabilities Summary (HKD thousand) | As at March 31 | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Equity | 72,519 | 93,813 | 105,914 | 132,661 | 95,122 | [Major Suppliers and Customers](index=19&type=section&id=%E4%B8%BB%E8%A6%81%E4%BE%9B%E6%87%89%E5%95%86%E5%8F%8A%E5%AE%A2%E6%88%B6) The Group exhibited high concentration in both procurement and sales this year, with the largest supplier accounting for **26%** of total purchases and the top five customers representing **70%** of total sales Supplier and Customer Concentration | Category | Percentage | | :--- | :--- | | Largest Supplier | 26% | | Top Five Suppliers | 55% | | Largest Customer | 29% | | Top Five Customers | 70% | [Shareholders' Equity](index=22&type=section&id=%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A) This section details shareholdings of directors and major shareholders as of March 31, 2025, with Chairman Mr. Li Man Kwong holding **10,000 shares** and Mr. Ng Man Chan and Ms. Li Mei Lai collectively being the largest shareholders with **26.10%** - Chairman Mr. Li Man Kwong beneficially owns **10,000** ordinary shares, representing approximately **0.0006%** of the issued share capital[88](index=88&type=chunk) Major Shareholders' Shareholdings (as at March 31, 2025) | Shareholder Name | Number of Shares Held (Long Position) | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | | Spring Global Enterprises Limited | 280,000,000 | 17.36% | | Ng Man Chan | 420,988,000 | 26.10% | | Li Mei Lai | 420,988,000 | 26.10% | | Ample Consulting (Hong Kong) Limited | 103,826,000 | 6.44% | [Environmental, Social and Governance Report](index=24&type=section&id=%E7%92%B0%E5%A2%83%E3%80%81%E7%A4%BE%E6%9C%83%E5%8F%8A%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A) [Environment](index=29&type=section&id=%E7%92%B0%E5%A2%83) The Group is committed to sustainability, setting 2030 environmental targets for energy, water, waste, and GHG emissions, achieving significant reductions in air pollutant and Scope 1 GHG emissions this year 2030 Environmental Target Progress (Compared to 2022 Baseline) | Category | 2030 Target | 2025 Result | | :--- | :--- | :--- | | Electricity Consumption Intensity (MWh/sqm) | -5% | 0.20 (In progress) | | Water Consumption Intensity (cubic meters/sqm) | -5% | 2.05 (Achieved) | | Non-Hazardous Waste Generation Intensity (tonnes/sqm) | -5% | 0.014 (In progress) | | GHG Emission Intensity (tonnes CO2e/sqm) | -5% | 0.13 (In progress) | Air Pollutant and GHG Emission Performance | Emission Type | Unit | 2025 | 2024 | | :--- | :--- | :--- | :--- | | Nitrogen Oxides (NOx) | kg | 6.42 | 27.93 | | Sulfur Oxides (SOx) | kg | 0.16 | 0.74 | | Particulate Matter (PM) | kg | 0.47 | 2.06 | | Total GHG Emissions | tonnes CO2e | 1,663.97 | 2,293.88* | - Significant reductions in air pollutant and Scope 1 GHG emissions are primarily attributed to reduced vehicle mileage, as Hong Kong office vehicles are now restricted to local use[120](index=120&type=chunk)[124](index=124&type=chunk) [Society](index=38&type=section&id=%E7%A4%BE%E6%9C%83) The Group prioritizes talent management, diversity, and competitive compensation, reducing employee turnover to **19%** and achieving **82%** training participation, while maintaining strong health, safety, supply chain, and anti-corruption standards Employee Turnover Rate | Category | 2025 | 2024 | | :--- | :--- | :--- | | Total Turnover Rate | 19% | 31% | | By Region - China | 20% | 33% | | By Region - Hong Kong | 18% | 9% | Health and Safety Indicators | Metric | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | Work-Related Fatalities (number of cases) | 0 | 0 | 0 | | Lost Days Due to Work Injury (days) | 48 | 40 | 9 | Employee Training Statistics | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Percentage of Employees Trained | 82% | 66% | | Average Training Hours | 3.88 | 0.78 | - During the reporting period, the Group received no complaints regarding customer privacy breaches, data leakage, or loss, nor any product recalls due to safety and health reasons[171](index=171&type=chunk)[172](index=172&type=chunk) [Corporate Governance Report](index=55&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A) [Board and Committees](index=57&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E8%88%87%E5%A7%94%E5%93%A1%E6%9C%83) The company maintains high corporate governance standards with a six-member board and three committees, though it deviates from the code by having the Chairman also serve as CEO - The company deviates from Corporate Governance Code provision C.2.1, as Chairman Mr. Li Man Kwong also serves as CEO, without an independent CEO appointment[186](index=186&type=chunk)[194](index=194&type=chunk) - The Board has an Audit Committee, Remuneration Committee, and Nomination Committee, each predominantly composed of Independent Non-Executive Directors with clear written terms of reference[207](index=207&type=chunk) - In September 2024, Ms. Lam Wing's appointment as an Independent Non-Executive Director diversified the Board's gender composition, meeting Listing Rules requirements[223](index=223&type=chunk) [Risk Management and Internal Control](index=68&type=section&id=%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E5%8F%8A%E5%85%A7%E9%83%A8%E7%9B%A3%E6%8E%A7) The Board is ultimately responsible for the Group's risk management and internal control systems, which are reviewed annually by an external independent consultant and deemed effective and adequate for the year - The Group does not have an internal audit department; its risk management and internal control systems are reviewed annually by an external independent internal control consultant[236](index=236&type=chunk) - Supported by the Audit Committee and referencing the consultant's report, the Board considers the year's risk management and internal control systems effective and adequate, covering financial, operational, compliance, and ESG aspects[239](index=239&type=chunk) [Independent Auditor's Report](index=72&type=section&id=%E7%8D%A8%E7%AB%8B%E6%A0%B8%E6%95%B8%E5%B8%AB%E5%A0%B1%E5%91%8A%E6%9B%B8) [Audit Opinion](index=73&type=section&id=%E5%AF%A9%E8%A8%88%E6%84%8F%E8%A6%8B) Pacon CPA Limited issued an unmodified audit opinion on the Group's consolidated financial statements for the year ended March 31, 2025, affirming their fair presentation and compliance with HKFRS and Hong Kong Companies Ordinance - The auditor issued an unmodified audit opinion on the consolidated financial statements for the current year[260](index=260&type=chunk) [Key Audit Matters](index=73&type=section&id=%E9%97%9C%E9%8D%B5%E5%AF%A9%E8%A8%88%E4%BA%8B%E9%A0%85) The auditor identified two key audit matters: impairment assessment of property, plant, equipment, and intangible assets in the printing segment, and the Expected Credit Loss (ECL) assessment for trade receivables and joint venture loans - One key audit matter is the impairment assessment of property, plant and equipment, and intangible assets, particularly for the printing cash-generating unit, with an impairment loss of approximately **HKD 3.965 million** recognized this year[265](index=265&type=chunk)[266](index=266&type=chunk) - Another key audit matter is the Expected Credit Loss assessment for trade receivables and joint venture loans, involving significant judgment and high uncertainty[268](index=268&type=chunk)[269](index=269&type=chunk) [Audited Consolidated Financial Statements](index=78&type=section&id=%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Consolidated Statement of Profit or Loss](index=79&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) For the year ended March 31, 2025, revenue decreased by **38.0%** to **HKD 53.1 million**, and the loss for the year expanded to **HKD 21.13 million**, resulting in a basic loss per share of **1.31 HK cents** Consolidated Statement of Profit or Loss Key Data (HKD thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 53,097 | 85,584 | | Gross Profit | 10,224 | 17,721 | | Loss Before Tax | (21,285) | (11,873) | | Loss for the Year | (21,126) | (11,873) | | Basic Loss Per Share (HK cents) | (1.31) | (0.74) | [Consolidated Statement of Financial Position](index=81&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of March 31, 2025, total assets were **HKD 104.9 million** and total liabilities were **HKD 32.4 million**, with total equity decreasing to **HKD 72.52 million** due to the annual loss and changes in asset composition Consolidated Statement of Financial Position Key Data (HKD thousand) | Item | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Non-current Assets | 48,409 | 46,896 | | Current Assets | 56,505 | 78,213 | | **Total Assets** | **104,914** | **125,109** | | Current Liabilities | 31,395 | 31,282 | | Non-current Liabilities | 1,000 | 14 | | **Total Liabilities** | **32,395** | **31,296** | | **Total Equity** | **72,519** | **93,813** | [Consolidated Statement of Cash Flows](index=84&type=section&id=%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Operating activities generated a net cash inflow of **HKD 0.226 million**, a significant improvement, but investing activities resulted in a **HKD 26.33 million** net outflow, leading to a **HKD 17.6 million** net decrease in cash and equivalents Consolidated Statement of Cash Flows Key Data (HKD thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash From Operating Activities | 226 | (7,996) | | Net Cash Used in Investing Activities | (26,330) | (3,205) | | Net Cash From Financing Activities | 8,505 | (780) | | **Net Decrease in Cash and Cash Equivalents** | **(17,599)** | **(11,981)** | | Cash and Cash Equivalents at End of Period | 19,947 | 37,605 | [Notes to the Consolidated Financial Statements](index=86&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) The notes provide detailed explanations and supplementary information on financial statement items, covering key accounting policies, segment information, significant investments, litigation, related party transactions, and financial risk management [Note 6. Segment Information](index=108&type=section&id=Note%206.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group operates four segments: PCB, oil and energy trading, printing and packaging, and investment funds; printing and packaging generated the most revenue (**HKD 33.79 million**) but also the largest segment loss (**HKD 11 million**) 2025 Fiscal Year Performance by Business Segment (HKD thousand) | Business Segment | Segment Revenue | Segment Results | | :--- | :--- | :--- | | Manufacture and Trading of PCB | 19,308 | (1,215) | | Oil and Energy Products Trading | – | (1) | | Manufacture and Trading of Printing and Packaging Products | 33,789 | (10,997) | | Investment Funds | – | 10 | [Note 14. Interests in Joint Ventures and Loans to Joint Ventures](index=122&type=section&id=Note%2014.%20%E6%96%BC%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD%E8%B2%B8%E6%AC%BE) The Group holds a **40%** interest in Noricap Fund, a joint venture that invested in a crypto automated trading platform, with a loan principal of **HKD 19.84 million** and cumulative impairment loss of **HKD 1.127 million** recognized - Joint venture Noricap Fund invested in a company providing cryptocurrency automated trading platform services, indirectly acquiring approximately **0.86%** equity in the investee[402](index=402&type=chunk) - As of March 31, 2025, a cumulative impairment loss of **HKD 1.127 million** was recognized on the loan to the joint venture[399](index=399&type=chunk)[400](index=400&type=chunk) [Note 34. Litigation](index=145&type=section&id=Note%2034.%20%E8%A8%B4%E8%A8%9F) The Group is involved in two significant litigations: defending against an injunction from Société Générale and pursuing a **HKD 14.57 million** deposit from the liquidated Inter-Pacific Group, which was fully impaired in prior years - The Group is defending against a lawsuit filed by Société Générale, believing it has reasonable grounds for defense[469](index=469&type=chunk)[473](index=473&type=chunk) - The Group is seeking to recover a **HKD 14.57 million** deposit from the liquidated Inter-Pacific Group, though this amount was fully impaired in the 2020 fiscal year[474](index=474&type=chunk)[477](index=477&type=chunk) [Note 37. Events After the Reporting Period](index=149&type=section&id=Note%2037.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Subsequent to the reporting period, in May 2025, the Group completed a significant investment, subscribing for approximately **15.12%** equity in Beijing Weihang Yining Health Management Group Co., Ltd. for **RMB 28.5 million** - In May 2025, the Group completed its investment in Beijing Weihang Yining Health Management Group Co., Ltd., holding approximately **15.12%** of its enlarged registered capital[484](index=484&type=chunk)