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: Allan International Holdings Limited 呈交日期: 2025年10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) | 00684 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 600,000,000 | HKD | | 0.1 | HKD | | 60,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 600,000,000 | HKD | | 0.1 | HKD | | 60 ...

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: Allan International Holdings Limited 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00684 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 600,000,000 | HKD | | 0.1 | HKD | | 60,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 600,000,000 | HKD | | 0.1 | HKD | | 60, ...

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。 - 1 - ALLAN INTERNATIONAL HOLDINGS LIMITED （ 亞 倫 國 際 集 團 有 限 公 司 ） * （於百慕達註冊成立之有限公司） （股份代號：684） 於二零二五年八月十五日舉行之股東週年大會投票結果 本公司董事欣然宣佈，於二零二五年八月十五日舉行之股東週年大會上，股東週 年大會通告內所載之全部決議案已獲本公司股東以股數投票方式正式通過。 亞倫國際集團有限公司（「本公司」）於二零二五年八月十五日假座香港銅鑼灣禮 頓道33-35號第一商業大廈3樓301室舉行之股東週年大會（「週年大會」）上， 就二零二五年七月十六日刊發之週年大會通告內所載列之全部建議通過之決議案， 以投票方式進行表決。 於週年大會舉行當日本公司之已發行股份總數為333,054,520股，此乃賦予持有人有權 出席週年大會並於會上就下列決議案投票之股份總數。根據香港聯合交易所有限公 司證券上市規則，概無 ...

公司名稱: Allan International Holdings Limited 呈交日期: 2025年8月4日 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 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) | 00684 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 600,000,000 | HKD | | 0.1 | HKD | | 60,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 600,000,000 | HKD | | 0.1 | HKD | | 60, ...

[CORPORATE INFORMATION](index=2&type=section&id=CORPORATE%20INFORMATION) This section provides an overview of the company's governance structure, including its Board of Directors and key committees, along with essential corporate registration and contact details [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) This section lists the company's Board of Directors members, members of various professional committees (Audit, Nomination, Remuneration), and their respective chairpersons, noting the presence of independent non-executive directors for governance independence - Executive Directors include Chairperson Ms. Cheung Lai Chun, Managing Director Mr. Cheung Shu Man, Ms. Cheung Lai Sze, and Dr. Cheung Shu Sang[5](index=5&type=chunk) - The company has established Audit, Nomination, and Remuneration Committees, with Ms. Choi Wai Suen, Ms. Cheung Lai Chun, and Mr. Lai Nga Ming serving as chairpersons respectively[5](index=5&type=chunk)[6](index=6&type=chunk) [Corporate Details](index=3&type=section&id=Corporate%20Details) This section provides detailed information on the company's legal advisors, principal bankers, share registrars, registered office, and principal place of business in Hong Kong, noting the stock code is 684 - The company's principal bankers are The Hongkong and Shanghai Banking Corporation Limited and Hang Seng Bank Limited[8](index=8&type=chunk) - The company's principal place of business in Hong Kong is located at Chai Wan Centre Industrial Building, 20 Lee Chung Street, Chai Wan, with stock code **684**[9](index=9&type=chunk)[10](index=10&type=chunk) [FINANCIAL HIGHLIGHTS](index=4&type=section&id=FINANCIAL%20HIGHLIGHTS) In FY2025, the company's turnover decreased by 4.0% to HKD 465 million, net loss expanded by 39.1% to HKD 96.14 million, and gross margin fell sharply to 2.5%, resulting in a significant dividend cut Key Financial Data for FY2025 | Metric | FY2025 | FY2024 | Change | | :--- | :--- | :--- | :--- | | **Turnover (HKD thousands)** | 465,170 | 484,763 | -4.0% | | **Gross Profit (HKD thousands)** | 11,635 | 39,534 | -70.6% | | **Gross Profit Margin** | 2.5% | 8.2% | -5.7pp | | **Net Loss (HKD thousands)** | (96,136) | (69,131) | +39.1% | | **Loss Per Share (HK cents)** | (28.9) | (20.8) | +38.9% | | **Total Dividend Per Share (HK cents)** | 2 | 30 | -93.3% | Key Operating Metrics for FY2025 | Metric | FY2025 (Days) | FY2024 (Days) | Change (Days) | | :--- | :--- | :--- | :--- | | **Inventory Turnover Days** | 32 | 32 | 0 | | **Trade Receivables Turnover Days** | 71 | 69 | +2 | | **Trade Payables Turnover Days** | 45 | 44 | +1 | | **Gearing Ratio** | 0.8% | 1.2% | -0.4pp | [LETTER TO SHAREHOLDERS AND MANAGEMENT DISCUSSION AND ANALYSIS](index=5&type=section&id=LETTER%20TO%20SHAREHOLDERS%20AND%20MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) This section provides a comprehensive review of the Group's financial performance, operational challenges, and strategic outlook for the fiscal year, including detailed segment performance and liquidity management [Performance Overview](index=5&type=section&id=Performance%20Overview) For the fiscal year ended March 31, 2025, the Group's sales turnover decreased by 4% to HKD 465.2 million, consolidated net loss expanded to HKD 96.1 million, and the total annual dividend was significantly reduced to HKD 2 cents per share FY2025 Performance Overview | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | **Sales Turnover** | HKD 465.2 million | HKD 484.8 million | | **Consolidated Net Loss** | HKD 96.1 million | HKD 69.1 million | | **Loss Per Share** | HKD 28.9 cents | HKD 20.8 cents | | **Total Annual Dividend** | HKD 2 cents | HKD 30 cents | [Business Review and Segment Performance](index=6&type=section&id=Business%20Review%20and%20Segment%20Performance) In FY2025, the Group's sales declined in the Americas and Europe, while Asia and other markets saw strong growth, with overall gross profit margin significantly decreasing to 2.5% due to pricing pressure and product mix changes FY2025 Sales Performance by Market | Market | Sales (HKD millions) | YoY Change | Sales Contribution | | :--- | :--- | :--- | :--- | | **Americas** | 296.6 | -8% | 64% | | **Europe** | 68.9 | -41% | 15% | | **Asia** | 81.3 | +121% | 17% | | **Other Markets** | 18.3 | +127% | 4% | - Gross profit decreased by **71%** year-on-year to **HKD 11.6 million**, with gross profit margin falling from **8.2%** to **2.5%**, primarily due to downward pressure on selling prices and changes in product mix[19](index=19&type=chunk) [Operating Expenses and Other Gains/Losses](index=7&type=section&id=Operating%20Expenses%20and%20Other%20Gains%2FLosses) This fiscal year, the Group's selling and distribution expenses and administrative expenses both increased, while other income decreased, and significant fair value losses on investment properties further exacerbated the net loss - Selling and distribution expenses increased by **14%** to **HKD 16 million**, and administrative expenses increased by **6.9%** to **HKD 78.2 million**[20](index=20&type=chunk) - Investment properties in Wan Chai, Hong Kong, saw a fair value decrease of **HKD 38 million**, while those in Huinan, China, decreased by **HKD 7.26 million**[22](index=22&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) - Other income amounted to **HKD 36.1 million**, a year-on-year decrease of **HKD 10.2 million**, mainly due to reduced interest income, rental income, and property management fee income[21](index=21&type=chunk) [Business Outlook and Challenges](index=8&type=section&id=Business%20Outlook%20and%20Challenges) The Group anticipates continued uncertainty and challenges in the business environment, particularly from geopolitical conflicts and trade tensions, and plans to mitigate tariff impacts through subcontracting in Malaysia while seeking new growth opportunities - The business environment is expected to remain uncertain, difficult, and challenging, with low consumer confidence and intense industry competition[27](index=27&type=chunk)[29](index=29&type=chunk) - Sino-US trade tensions have led to significant tariff fluctuations, materially impacting sales in the US market; to mitigate this, the company is collaborating with clients on subcontracted production in Malaysia for some products[28](index=28&type=chunk)[30](index=30&type=chunk) - The company will continue to enhance efficiency through streamlined operations, stringent cost control, and automation, while actively pursuing new clients, product categories, and expansion into the Mainland China market and online channels[31](index=31&type=chunk)[35](index=35&type=chunk) [Liquidity and Financial Resources](index=9&type=section&id=Liquidity%20and%20Financial%20Resources) As of March 31, 2025, the Group maintained a strong balance sheet with HKD 937.6 million in total assets, HKD 373.4 million in cash, and a low gearing ratio of 0.8%, demonstrating healthy liquidity and strict working capital management Financial Position as of March 31, 2025 | Metric | Amount (HKD millions) | March 31, 2024 (HKD millions) | | :--- | :--- | :--- | | **Total Assets** | 937.6 | 1,092.4 | | **Shareholders' Equity** | 717.3 | 871.0 | | **Cash and Bank Balances** | 373.4 | 479.3 | | **Total Borrowings** | 5.5 | 10.7 | | **Gearing Ratio** | 0.8% | 1.2% | - Working capital cycle management is stringent: inventory turnover days remained at **32 days**, and trade receivables turnover days slightly increased from **69 days** to **71 days**[38](index=38&type=chunk)[41](index=41&type=chunk) [Employee and Remuneration Policies](index=10&type=section&id=Employee%20and%20Remuneration%20Policies) As of March 31, 2025, the Group employed approximately 1,530 staff, primarily in Mainland China, with remuneration policies based on performance, experience, and market levels, including discretionary performance bonuses - As of March 31, 2025, the Group's total number of employees was approximately **1,530**, a slight decrease from **1,560** in 2024[44](index=44&type=chunk)[46](index=46&type=chunk) [DIRECTORS AND SENIOR MANAGEMENT](index=11&type=section&id=DIRECTORS%20AND%20SENIOR%20MANAGEMENT) This section details the profiles and responsibilities of the Group's executive and independent non-executive directors, as well as key senior management personnel, highlighting their roles in strategic oversight and operational functions [Executive Directors](index=11&type=section&id=Executive%20Directors) This section introduces the four executive directors, all members of the Cheung family, who are responsible for the Group's overall strategy, sales, manufacturing, finance, administration, engineering, and R&D, holding significant company shares - Chairperson Ms. Cheung Lai Chun is responsible for the Group's overall strategic planning[49](index=49&type=chunk) - Managing Director Mr. Cheung Shu Man is responsible for sales, marketing, and overall production operations[52](index=52&type=chunk) - Executive Director Ms. Cheung Lai Sze is responsible for the Group's financial and administrative functions[58](index=58&type=chunk) - Executive Director Dr. Cheung Shu Sang is responsible for engineering, research and development, and intellectual property management[63](index=63&type=chunk) [Independent Non-Executive Directors](index=14&type=section&id=Independent%20Non-Executive%20Directors) The company has appointed three independent non-executive directors with professional backgrounds in accounting, law, and business, providing independent judgment and oversight, and serving on key committees like the Audit and Remuneration Committees - Ms. Choi Wai Suen is a member of the Hong Kong Institute of Certified Public Accountants, with a background in accounting and financial analysis[69](index=69&type=chunk) - Mr. Lai Nga Ming is a solicitor specializing in commercial and property matters and serves as the Chairman of the Remuneration Committee[70](index=70&type=chunk) - Mr. Lo Chor Cheong has extensive experience in the jewelry industry and public service[71](index=71&type=chunk) [Senior Management](index=16&type=section&id=Senior%20Management) This section introduces the Group's senior management team, including key personnel responsible for cost innovation, subsidiary management, marketing, quality assurance, manufacturing, and corporate secretarial and financial accounting functions, with family members ensuring deep operational involvement - Mr. Cheung Shu Chuen, Director of Cost Innovation, is responsible for the Group's procurement and supplier development[74](index=74&type=chunk) - Ms. Tong On Yee, Company Secretary and Financial Accounting Manager, is responsible for company secretarial duties and the Group's financial accounting matters[84](index=84&type=chunk) [DIRECTORS' REPORT](index=17&type=section&id=DIRECTORS'%20REPORT) This report outlines the company's principal activities, stakeholder relationships, customer and supplier concentrations, directors' and substantial shareholders' interests, and the status of public float, providing a comprehensive overview of governance and operational aspects [Principal Activities & Relationship with Stakeholders](index=18&type=section&id=Principal%20Activities%20%26%20Relationship%20with%20Stakeholders) The company, an investment holding entity, primarily engages in manufacturing and trading household appliances through its subsidiaries, emphasizing strong relationships with customers, suppliers, employees, and shareholders, while also prioritizing environmental sustainability with ISO 14001 certification - The company's principal business is as an investment holding company, with subsidiaries engaged in the design, manufacturing, and trading of household appliances[87](index=87&type=chunk)[15](index=15&type=chunk) - The Group values its relationships with key stakeholders (customers, suppliers, employees, shareholders) and is committed to environmental protection, with its production facilities and Hong Kong headquarters holding ISO 14001:2004 environmental management system certification[89](index=89&type=chunk)[101](index=101&type=chunk) [Major Customers and Suppliers](index=20&type=section&id=Major%20Customers%20and%20Suppliers) This fiscal year, the Group exhibited high customer concentration, with the top five clients accounting for 95% of sales and the largest client contributing 31%, while supplier concentration was lower, and no directors or major shareholders held interests in the top five customers or suppliers Customer and Supplier Concentration | Category | Percentage | | :--- | :--- | | **Sales to Largest Customer** | 31% | | **Sales to Top Five Customers** | 95% | | **Purchases from Largest Supplier** | 8% | | **Purchases from Top Five Suppliers** | 29% | [Directors' and Chief Executives' Interests and Short Positions in Shares](index=24&type=section&id=Directors'%20and%20Chief%20Executives'%20Interests%20and%20Short%20Positions%20in%20Shares) As of March 31, 2025, the company's executive directors, all members of the Cheung family, held significant direct and indirect interests in the company's shares, with Managing Director Mr. Cheung Shu Man holding approximately 60.39%, demonstrating absolute family control Executive Directors' Shareholdings | Director Name | Capacity | Total Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | **Mr. Cheung Shu Man** | Beneficial Owner/Trust Beneficiary | 201,129,295 | 60.39% | | **Ms. Cheung Lai Chun** | Beneficial Owner/Trust Beneficiary | 154,949,960 | 46.52% | | **Ms. Cheung Lai Sze** | Beneficial Owner/Trust Beneficiary | 155,607,960 | 46.72% | | **Dr. Cheung Shu Sang** | Beneficial Owner/Trust Beneficiary | 155,249,960 | 46.61% | - The trust interest of **154,349,960 shares** pertains to the same block of shares held by The Cheung Lun Family Trust through its controlled entities (UAL, AICL, CIL), with all four executive directors being beneficiaries of this trust[146](index=146&type=chunk) [Directors' Interests in Transactions, Arrangement and Contracts of Significance](index=26&type=section&id=Directors'%20Interests%20in%20Transactions%2C%20Arrangement%20and%20Contracts%20of%20Significance) During the reporting period, the Group engaged in ongoing related party leasing transactions with subsidiaries of its major shareholders for properties in Hong Kong and Mainland China, all approved by independent non-executive directors and deemed to be on normal commercial terms - The Group leased office properties and car parking spaces in Chai Wan, Hong Kong, from related party Arlon Investment Limited, with total annual rent of approximately **HKD 1.56 million**[153](index=153&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk) - The Group leased land and properties in Huizhou, China, from related parties Ocean Glory Limited and Arlon Investment Limited, with total annual rents of **HKD 0.984 million** and **HKD 0.9 million** respectively[159](index=159&type=chunk)[160](index=160&type=chunk) [Substantial Shareholders](index=28&type=section&id=Substantial%20Shareholders) Beyond the directors, the company's substantial shareholders include Credit Suisse Trust Limited holding 46.34% as trustee and prominent investor Mr. David Michael Webb holding 13.24% through his wholly-owned company, indicating significant external institutional and individual investment alongside family control Substantial Shareholders' Shareholdings (Excluding Directors) | Shareholder Name | Number of Shares Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | | **Credit Suisse Trust Limited (as trustee)** | 154,349,960 | 46.34% | | **Webb, David Michael** | 44,086,000 | 13.24% | [Sufficiency of Public Float](index=31&type=section&id=Sufficiency%20of%20Public%20Float) The report indicates that the company's public float has consistently remained below the 25% minimum requirement since April 25, 2024, currently at approximately 24.04%, and the company is committed to taking appropriate measures to restore it as soon as possible - As of the date of this annual report, the company's public float is approximately **24.04%**, which is below the **25%** minimum standard required by the Listing Rules[185](index=185&type=chunk)[188](index=188&type=chunk) - The company will take appropriate measures to ensure the public float is restored to the minimum required percentage as soon as practicable[186](index=186&type=chunk)[189](index=189&type=chunk) [CORPORATE GOVERNANCE REPORT](index=32&type=section&id=CORPORATE%20GOVERNANCE%20REPORT) This report details the company's corporate governance framework, including the board's structure and functions, the roles of its committees, risk management and internal control systems, and policies for shareholder rights and communication [Board of Directors Functions and Composition](index=33&type=section&id=Board%20of%20Directors%20Functions%20and%20Composition) The Board of Directors, comprising four executive and three independent non-executive directors, ensures clear division of responsibilities between the Board and management, adheres to a diversity policy, and provides oversight on strategy, performance, and training - The Board of Directors comprises **4** executive directors and **3** independent non-executive directors, meeting Listing Rules requirements for the number and professional qualifications of independent non-executive directors[197](index=197&type=chunk)[201](index=201&type=chunk) - Responsibilities are clearly delineated between the Board and management, with the Board overseeing strategy, supervision, and major approvals, while daily operations are managed by the management[202](index=202&type=chunk)[205](index=205&type=chunk) - The company has adopted a Board diversity policy and disclosed the gender ratio of Board members as **4** males and **3** females[220](index=220&type=chunk)[221](index=221&type=chunk) [Board Committees](index=38&type=section&id=Board%20Committees) The company has established Audit, Nomination, and Remuneration Committees, composed of directors with relevant expertise, to strengthen corporate governance through regular meetings and oversight of financial reporting, director nominations, and remuneration policies [Audit Committee](index=38&type=section&id=Audit%20Committee) The Audit Committee, composed of three independent non-executive directors, held two meetings during the year to review financial results, assess accounting policies, and discuss risk management and internal control systems with auditors - The Audit Committee, comprising **three** independent non-executive directors, held **two** meetings during the year[229](index=229&type=chunk)[230](index=230&type=chunk) [Nomination Committee](index=39&type=section&id=Nomination%20Committee) The Nomination Committee, chaired by Ms. Cheung Lai Chun and including two independent non-executive directors, held one meeting during the year to review board structure, assess director independence, and recommend appointments and succession - The Nomination Committee, comprising the Chairperson and **two** independent non-executive directors, held **one** meeting during the year to review the Board's composition and director qualifications[234](index=234&type=chunk)[238](index=238&type=chunk) [Remuneration Committee](index=40&type=section&id=Remuneration%20Committee) The Remuneration Committee, chaired by an independent non-executive director and including another independent non-executive director and an executive director, held one meeting during the year to formulate and approve remuneration policies for directors and senior management - The Remuneration Committee, composed predominantly of independent non-executive directors, held **one** meeting during the year to approve remuneration policies and packages for directors and senior management[241](index=241&type=chunk)[243](index=243&type=chunk) [Risk Management and Internal Controls](index=44&type=section&id=Risk%20Management%20and%20Internal%20Controls) The Board oversees the Group's risk management and internal control systems, engaging external independent professionals, KLC Kennic Lui & Co., Limited, to assess and review their effectiveness, and deems the current systems to be effective and sufficient - The Board acknowledges its responsibility to continuously monitor the Group's risk management and internal control systems and conducts annual effectiveness reviews[266](index=266&type=chunk)[267](index=267&type=chunk) - The Group does not have an internal audit department but engages external independent professionals, KLC Kennic Lui & Co., Limited, to conduct internal control reviews and risk assessments[268](index=268&type=chunk)[271](index=271&type=chunk) [Shareholders' Rights and Communication](index=47&type=section&id=Shareholders'%20Rights%20and%20Communication) This report clarifies shareholders' rights, including procedures for convening extraordinary general meetings and proposing resolutions, emphasizing that shareholders holding at least 10% of paid-up capital can request an EGM, and the company values annual general meetings as key communication opportunities - Shareholders holding not less than **one-tenth** of the company's paid-up share capital have the right to request the Board to convene an extraordinary general meeting[282](index=282&type=chunk)[285](index=285&type=chunk) - The company values communication with shareholders and regards the annual general meeting as an opportunity for direct interaction between the Board and shareholders[289](index=289&type=chunk)[292](index=292&type=chunk) [INDEPENDENT AUDITOR'S REPORT](index=48&type=section&id=INDEPENDENT%20AUDITOR'S%20REPORT) This report presents the independent auditor's unqualified opinion on the consolidated financial statements and highlights the valuation of investment properties as the sole key audit matter due to its materiality and the significant judgments involved [Opinion](index=49&type=section&id=Opinion) Independent auditor Deloitte Touche Tohmatsu issued an unqualified opinion, affirming that the company's consolidated financial statements fairly present its financial position as of March 31, 2025, and its financial performance and cash flows for the year, prepared in accordance with Hong Kong Financial Reporting Standards - The auditor issued an **unqualified opinion**, stating that the financial statements truly and fairly reflect the Group's financial position and performance[294](index=294&type=chunk)[296](index=296&type=chunk) [Key Audit Matters](index=50&type=section&id=Key%20Audit%20Matters) The sole key audit matter identified was 'Valuation of Investment Properties' due to its significant amount (HKD 383 million) and the substantial assumptions and judgments involved in determining its fair value, which the auditor subjected to focused procedures - The sole key audit matter is the **'Valuation of Investment Properties'**[300](index=300&type=chunk) - This matter is key because investment properties are material (HKD **382.8 million** as of March 31, 2025), and their fair value assessment involves significant assumptions and judgments[301](index=301&type=chunk) - The auditor's procedures included assessing the competence and objectivity of external valuers, understanding their valuation techniques and key assumptions, checking the accuracy of management-provided data, and involving internal valuation specialists for assessment[303](index=303&type=chunk)[308](index=308&type=chunk) [CONSOLIDATED FINANCIAL STATEMENTS](index=55&type=section&id=CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section presents the Group's consolidated financial statements, including the statement of profit or loss, financial position, changes in equity, and cash flows, along with detailed notes providing comprehensive explanations of accounting policies, segment information, asset valuations, and financial risk management [CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME](index=55&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20PROFIT%20OR%20LOSS%20AND%20OTHER%20COMPREHENSIVE%20INCOME) In FY2025, the company's turnover was HKD 465 million, a 4% decrease year-on-year, with the annual loss expanding to HKD 96.14 million due to increased cost of sales and a HKD 45.26 million fair value loss on investment properties, resulting in total comprehensive expenses of HKD 97.06 million Key Items from Consolidated Statement of Profit or Loss (HKD thousands) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | **Turnover** | 465,170 | 484,763 | | **Gross Profit** | 11,635 | 39,534 | | **Loss on fair value change of investment properties** | (45,258) | (69,143) | | **Loss before tax** | (94,179) | (72,123) | | **Loss for the year** | (96,136) | (69,131) | | **Total comprehensive expense for the year** | (97,058) | (86,374) | [CONSOLIDATED STATEMENT OF FINANCIAL POSITION](index=56&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20FINANCIAL%20POSITION) As of March 31, 2025, the Group's total assets decreased to HKD 938 million from HKD 1.092 billion, primarily due to fair value decline in investment properties and reduced cash, while net assets decreased to HKD 717 million, maintaining a robust financial structure with HKD 346 million in net current assets and HKD 5.54 million in secured bank loans Key Items from Consolidated Statement of Financial Position (HKD thousands) | Item | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Non-current assets** | 400,764 | 452,093 | | *Of which: Investment properties* | 382,789 | 429,752 | | **Current assets** | 536,843 | 640,268 | | *Of which: Cash and short-term deposits* | 373,390 | 479,252 | | **Total assets** | 937,607 | 1,092,361 | | **Current liabilities** | 191,165 | 183,856 | | **Non-current liabilities** | 29,112 | 37,498 | | **Total liabilities** | 220,277 | 221,354 | | **Net assets** | 717,330 | 871,007 | [CONSOLIDATED STATEMENT OF CHANGES IN EQUITY](index=58&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20CHANGES%20IN%20EQUITY) This fiscal year, shareholders' equity decreased from HKD 871 million at the beginning of the year to HKD 717 million at year-end, primarily due to a net loss of HKD 96.14 million and dividends paid totaling HKD 56.62 million, with other comprehensive expenses also having a minor negative impact - Shareholders' equity decreased from **HKD 871 million** at the beginning of the year to **HKD 717 million** at year-end[339](index=339&type=chunk) - Key factors contributing to the equity reduction include a loss for the year of **HKD 96.14 million** and dividends recognized as distributed totaling **HKD 56.62 million**[339](index=339&type=chunk) [CONSOLIDATED STATEMENT OF CASH FLOWS](index=59&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS) In FY2025, the Group's cash and cash equivalents decreased by HKD 114 million, with net cash outflow from operating activities of HKD 62.53 million reflecting operational pressure, net cash inflow from investing activities of HKD 10.78 million, and net cash outflow from financing activities of HKD 62.18 million primarily for dividend payments and loan repayments Consolidated Statement of Cash Flows Summary (HKD thousands) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | **Net cash outflow from operating activities** | (62,529) | (38,407) | | **Net cash inflow from investing activities** | 10,776 | 82,945 | | **Net cash outflow from financing activities** | (62,177) | (55,779) | | **Net decrease in cash and cash equivalents** | (113,930) | (11,241) | | **Cash and cash equivalents at end of year** | 309,190 | 425,252 | [NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS](index=61&type=section&id=NOTES%20TO%20THE%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section provides detailed explanations and supplementary information for the financial statements, covering accounting policies, key judgments, segment information, asset and liability breakdowns, related party transactions, and financial instrument risk management, which are crucial for understanding the company's financial position and operating results [Note 5: Revenue and Segment Information](index=100&type=section&id=Note%205%3A%20Revenue%20and%20Segment%20Information) This note details revenue and segment performance by geographical region, showing the Americas as the largest revenue source at 64% of total income, and highlights very high customer concentration, with the top four clients contributing over 80% of revenue Major Customer Revenue Contribution (HKD thousands) | Customer | FY2025 Revenue | FY2024 Revenue | | :--- | :--- | :--- | | **Customer A** | 146,068 | 124,695 | | **Customer B** | 130,321 | 200,916 | | **Customer C** | 95,741 | 66,909 | | **Customer D** | 53,185 | 50,727 | [Note 13: Investment Properties](index=117&type=section&id=Note%2013%3A%20Investment%20Properties) This note details the fair value changes of investment properties, which stood at HKD 383 million as of March 31, 2025, with a recognized fair value decrease of HKD 45.26 million for the year, and discloses valuation techniques and key unobservable inputs - The net fair value of investment properties decreased by **HKD 45.26 million** for the year, recognized in the statement of profit or loss[586](index=586&type=chunk) - Hong Kong properties are valued using the direct comparison method, while Mainland China properties are valued using the investment term and reversion analysis method, both classified as Level 3 in the fair value hierarchy[589](index=589&type=chunk)[591](index=591&type=chunk) [Note 28: Financial Instruments and Risk Management](index=133&type=section&id=Note%2028%3A%20Financial%20Instruments%20and%20Risk%20Management) This note outlines the Group's primary financial risks, including market risk (currency and interest rate), credit risk, and liquidity risk, detailing exposure to HKD and RMB exchange rate fluctuations, high customer concentration for credit risk, and liquidity management through cash and bank borrowings - The Group primarily faces currency risk from USD, HKD, and RMB; sensitivity analysis indicates that a **10%** depreciation of each Group entity's functional currency against HKD would reduce loss after tax by **HKD 25.43 million**[664](index=664&type=chunk)[672](index=672&type=chunk) - Credit risk primarily arises from trade receivables and is highly concentrated among a few customers; the Group manages this risk through credit approval and monitoring procedures[683](index=683&type=chunk)[684](index=684&type=chunk) - Regarding liquidity risk, as of March 31, 2025, the Group's total undiscounted cash flows for non-derivative financial liabilities (including trade payables and bank loans) amounted to approximately **HKD 68.99 million**[724](index=724&type=chunk) [FINANCIAL SUMMARY](index=156&type=section&id=FINANCIAL%20SUMMARY) This section summarizes the Group's key financial data for the past five fiscal years, showing a continuous decline in turnover since FY2021, increasing losses for three consecutive years from FY2023, and a downward trend in total assets and net assets Five-Year Financial Summary (HKD millions) | Fiscal Year Ended March 31 | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Turnover** | 465.2 | 484.8 | 413.3 | 783.2 | 909.5 | | **Loss/(Profit) for the year** | (96.1) | (69.1) | (62.1) | (27.0) | 46.4 | | **Total Assets** | 937.6 | 1,092.4 | 1,248.9 | 1,412.6 | 1,583.9 | | **Total Liabilities** | 220.3 | 221.4 | 241.5 | 310.0 | 378.9 | | **Net Assets** | 717.3 | 871.0 | 1,007.3 | 1,102.5 | 1,205.0 |

Financial Performance - For the fiscal year ending March 31, 2025, the company reported a revenue of HKD 465,170,000, a decrease of 4.0% from HKD 484,763,000 in the previous year[3] - The gross profit for the same period was HKD 11,635,000, down 70.7% from HKD 39,534,000 year-on-year[3] - The company recorded a loss before tax of HKD 94,179,000, compared to a loss of HKD 72,123,000 in the previous year, indicating a 30.6% increase in losses[3] - Total comprehensive loss attributable to owners of the company for the year was HKD 97,058,000, compared to HKD 86,374,000 in the previous year, reflecting an increase of 12.5%[3] - The company reported a basic loss per share of HKD 28.9 cents, compared to HKD 20.8 cents in the previous year, indicating a worsening of performance[3] - The group reported a net loss of HKD 96.1 million for the fiscal year, an increase from a net loss of HKD 69.1 million in the previous year, resulting in a net loss margin that worsened from 14.3% to 20.7%[39] - Gross profit decreased by 71% to HKD 11.6 million, with the gross margin dropping from 8.2% to 2.5% due to pricing pressure and changes in product mix[38] Assets and Liabilities - Non-current assets decreased to HKD 400,764,000 from HKD 452,093,000, a decline of 11.4%[4] - Current assets also saw a decrease, totaling HKD 536,843,000 compared to HKD 640,268,000, a drop of 16.1%[4] - The company's net asset value decreased to HKD 717,330,000 from HKD 871,007,000, a reduction of 17.6%[5] - As of March 31, 2025, total assets amounted to HKD 937,607,000, with the Americas holding HKD 92,343,000 in assets[15] - The total liabilities as of March 31, 2025, were HKD 220,277,000, with trade payables accounting for HKD 55,975,000[16] - The total assets of the group as of March 31, 2025, were HKD 937.6 million, down from HKD 1,092.4 million in the previous year[43] Revenue Sources - For the fiscal year ending March 31, 2025, the total revenue was HKD 465,170,000, with the Americas contributing the largest share at HKD 296,581,000[12] - In the fiscal year ending March 31, 2024, total revenue was HKD 484,763,000, with the Americas again leading at HKD 323,692,000[13] - The company operates primarily in Hong Kong and China, with total revenues from these regions of HKD 400,133,000 in 2025, down from HKD 447,462,000 in 2024[19] - The Americas accounted for 64% of sales revenue, with a decrease of 8% to HKD 296.6 million, while Europe saw a significant decline of 41% to HKD 68.9 million[37] - Asian sales increased by 121% to HKD 81.3 million, representing 17% of total sales revenue, while other markets grew by 127% to HKD 18.3 million[37] Expenses and Costs - Total other income for 2025 was 36,110 thousand HKD, a decrease of 22% from 46,279 thousand HKD in 2024[23] - Total tax expense for 2025 was 2,884 thousand HKD, down from 3,150 thousand HKD in 2024, reflecting a decrease of 8.4%[25] - The total employee cost for 2025 was 158,170 thousand HKD, slightly down from 159,561 thousand HKD in 2024, a decrease of 0.9%[28] - Sales and distribution expenses increased by 14% to HKD 16 million, representing 3.4% of sales revenue, up from 2.9% in the previous year[38] Cash Flow and Investments - The net cash outflow from operating activities for the year ended March 31, 2025, was HKD 62.5 million, compared to HKD 38.4 million in 2024[44] - Total borrowings amounted to HKD 5.5 million, a decrease from HKD 10.7 million in 2024, with a debt-to-equity ratio of 0.8% compared to 1.2% in 2024[44] - The group invested approximately HKD 1.769 million in purchasing four vehicles for replacement purposes, with no significant investments in other tangible assets[46] Operational Challenges and Strategies - The group anticipates a challenging business environment due to low consumer confidence and intense competition, with geopolitical issues further complicating the outlook[40][41] - The group plans to enhance efficiency and reduce costs through improved operations, supply chain management, and the introduction of more automation systems[42] Compliance and Governance - The board confirmed compliance with corporate governance codes throughout the fiscal year ending March 31, 2025[48] - No share buybacks or repurchases were conducted by the company or its subsidiaries during the fiscal year ending March 31, 2025[50]

Company Overview - Aaron International is a Hong Kong-based company with over 40 years of experience in manufacturing quality home appliances [3] - The company focuses on OEM (Original Equipment Manufacturer) and ODM (Original Design Manufacturer) projects, providing comprehensive solutions to clients worldwide [3] - Its production facilities are located in Guangdong, China, with an annual production capacity exceeding 10 million units, enhancing its competitiveness in pricing and delivery time [3] Financial Performance - As of September 30, 2024, Aaron International reported total revenue of 249 million yuan, a year-on-year decrease of 0.12% [2] - The company recorded a net loss attributable to shareholders of 26.59 million yuan, a year-on-year decline of 41.57% [2] - The gross profit margin stands at 7.27%, and the debt-to-asset ratio is 24.71% [2] Market Performance - Over the past month, Aaron International's stock has shown a cumulative increase of 0%, while year-to-date, it has risen by 4.62%, underperforming the Hang Seng Index, which has increased by 18.09% [2] - As of the latest trading session, the stock price was 0.74 HKD per share, reflecting an increase of 8.82% with a trading volume of 286,000 shares and a turnover of 205,900 HKD [1] Valuation Metrics - Currently, there are no institutional investment ratings for Aaron International [3] - The average price-to-earnings (P/E) ratio for the household appliances and goods industry is 13.86 times, with a median of 3.8 times [3] - Aaron International's P/E ratio is -2.91 times, ranking 65th in the industry [3] Upcoming Events - The company is scheduled to disclose its annual report for the fiscal year 2024 on June 26, 2025 [4]

Company Overview - Aaron International (00684.HK) closed at HKD 0.68 per share, up 9.68% with a trading volume of 54,000 shares and a turnover of HKD 35,400 [1] - The company has over 40 years of experience in manufacturing quality home appliances, focusing on OEM and ODM projects, providing comprehensive solutions to clients worldwide [2] Financial Performance - For the fiscal year ending September 30, 2024, Aaron International reported total revenue of HKD 249 million, a year-on-year decrease of 0.12% [2] - The net profit attributable to shareholders was a loss of HKD 26.59 million, down 41.57% year-on-year [2] - The gross margin stood at 7.27%, and the debt-to-asset ratio was 24.71% [2] Stock Performance - Over the past month, Aaron International has seen a cumulative increase of 6.9%, but it has a year-to-date decline of 4.62%, underperforming the Hang Seng Index by 17.07% [2] - The company's price-to-earnings ratio is -2.65, ranking 70th in its industry, while the average TTM P/E ratio for the household appliances and goods sector is -2.22 [2] Industry Context - The household appliances and goods industry has a median P/E ratio of 1.56, with notable competitors like NVC International (02222.HK) at 1.3, Kafushan Group Holdings (08512.HK) at 1.82, and others showing higher valuations [2]

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 276,058,000, a slight decrease of 0.12% compared to HKD 276,401,000 in the same period of 2023[4] - Gross profit for the same period was HKD 20,074,000, down 5.63% from HKD 21,271,000 year-on-year[4] - The company reported a loss before tax of HKD 28,562,000, compared to a loss of HKD 19,477,000 in the previous year, indicating a deterioration in performance[4] - Total comprehensive loss for the period was HKD 20,460,000, an improvement from a loss of HKD 40,479,000 in the same period last year[6] - Basic loss per share for the period was HKD 8.85, compared to HKD 6.25 in the previous year, indicating a worsening loss per share[6] - The total comprehensive income (expenses) for the period was HKD (20,460,000), which includes a net loss of HKD 29,491,000, reflecting a significant increase in losses compared to the previous period[13] - The total loss attributable to equity holders for the six months ended September 30, 2024, was HKD (29,491,000), compared to HKD (20,831,000) in 2023[46] - The net loss for the group was HKD 29.5 million, compared to a net loss of HKD 20.8 million in the previous year[79] - Earnings per share for the group were HKD 0.0885, compared to HKD 0.0625 in the previous year[79] Cash Flow and Assets - The company experienced a cash outflow from operating activities of HKD 36,819,000 for the six months ended September 30, 2024, compared to HKD 50,544,000 for the same period in 2023, showing an improvement of approximately 27.3%[15] - The company reported a net cash decrease of HKD 89,711,000 for the period, compared to an increase of HKD 11,383,000 in the previous year, indicating a significant shift in cash flow dynamics[17] - As of September 30, 2024, the company had cash and cash equivalents of HKD 337,177,000, down from HKD 446,304,000 at the same time in 2023, reflecting a decline of approximately 24.5%[17] - Total assets as of September 30, 2024, were HKD 1.0634 billion, down from HKD 1.0924 billion as of March 31, 2024[86] - Cash and bank deposits amounted to HKD 403.8 million as of September 30, 2024, compared to HKD 479.3 million as of March 31, 2024[86] Liabilities and Equity - Current liabilities increased to HKD 230,142,000 from HKD 183,856,000, indicating a 25.1% rise[10] - The company's net assets decreased to HKD 800,589,000 from HKD 871,007,000, reflecting a decline of 8.1%[10] - The total borrowing as of September 30, 2024, was HKD 8.1 million, with a debt-to-equity ratio of 1.0%, down from 1.2% as of March 31, 2024[86] Revenue Breakdown - Total revenue for the six months ended September 30, 2024, was HKD 276,058,000, with a breakdown of HKD 45,299,000 from Europe, HKD 172,233,000 from the Americas, HKD 47,078,000 from Asia, and HKD 11,448,000 from other regions[26] - Sales revenue in Europe decreased by 36% to HKD 45.3 million, accounting for 16.4% of total sales revenue[80] - Sales revenue in the Americas decreased by 4% to HKD 172.2 million, representing 62.4% of total sales revenue[80] - Sales revenue in Asia increased by 114% to HKD 47.1 million, accounting for 17.1% of total sales revenue[80] Operational Efficiency - The company plans to complete all received purchase orders within one year, indicating a focus on operational efficiency and resource allocation[25] - The group continues to strictly control costs and optimize manufacturing processes to improve production efficiency and reduce labor costs[80] Dividends and Shareholder Returns - The company has recognized a dividend distribution of HKD 49,958,000 during the period, which reflects its commitment to returning value to shareholders despite the losses[13] - The company declared an interim dividend of HKD 0.02 per share for the six months ended September 30, 2024, totaling HKD 6,661,000, compared to no dividend in the previous year[49] - The group declared an interim dividend of HKD 0.02 per share, consistent with the previous year's interim dividend, but without a special dividend this time[79] Market Challenges - The fair value loss from investment properties amounted to HKD 17,586,000 for the six months ended September 30, 2024, compared to HKD 15,660,000 in the previous year, indicating ongoing challenges in the property market[15] - The fair value loss on investment properties was HKD (17,586,000), and financial costs were HKD (236,000)[26] Corporate Governance - The board confirms compliance with the corporate governance code as per the listing rules during the reporting period[104] - The audit committee reviewed the unaudited condensed consolidated financial statements and confirmed compliance with applicable accounting standards and regulations[107] - The company has adopted the standard code for securities transactions by directors and confirms compliance by all directors during the reporting period[106] Shareholder Information - Major shareholders include Credit Suisse Trust Limited with 154,349,960 shares (46.34%) and Unison Associates Limited with 147,779,960 shares (44.37%) as of September 30, 2024[98] - The company's public float is approximately 24.27%, which is below the minimum requirement of 25% as per the listing rules[101] - The company will take appropriate measures to restore the public float to the minimum required percentage[101]

Financial Performance - For the six months ended September 30, 2024, the company reported a revenue of HKD 276,058,000, a slight decrease of 0.1% compared to HKD 276,401,000 in the same period of 2023[3] - The gross profit for the same period was HKD 20,074,000, down from HKD 21,271,000, reflecting a decrease of approximately 5.6% year-over-year[3] - The company recorded a net loss of HKD 29,491,000 for the six months ended September 30, 2024, compared to a net loss of HKD 20,831,000 in the prior year, indicating an increase in losses of about 41%[3] - The total revenue for the six months ending September 30, 2023, was HKD 276,401,000, with a loss of HKD 15,860,000[22] - The basic loss attributable to shareholders for the six months ending September 30, 2024, was HKD 29,491,000, compared to HKD 20,831,000 for the same period in 2023[31] - The group reported a net loss of HKD 29.5 million for the six months ended September 30, 2024, compared to a net loss of HKD 20.8 million in the same period last year, resulting in a net loss margin decline from -7.5% to -10.7%[45] Assets and Liabilities - As of September 30, 2024, total assets were HKD 833,223,000, a decrease from HKD 908,505,000 as of March 31, 2024[9] - As of September 30, 2024, total assets amounted to HKD 1.0634 billion, with total liabilities of HKD 230.1 million and shareholders' equity of HKD 806 million[49] - The company has not reported any significant changes in its segment assets and liabilities for the six months ended September 30, 2024[17] Cash Flow and Investments - The company's cash and cash equivalents decreased to HKD 110,046,000 from HKD 174,556,000, representing a decline of approximately 37%[8] - The group held cash and bank deposits of HKD 403.8 million as of September 30, 2024, down from HKD 479.3 million as of March 31, 2024[50] - The company increased its property, plant, and equipment by approximately HKD 1,471,000 during the reporting period[35] - The group purchased three vehicles for approximately HKD 1.471 million during the six months ended September 30, 2024, with no significant investments in other tangible assets[52] Revenue Breakdown - The revenue from Europe was HKD 45,299,000, from the Americas was HKD 172,233,000, from Asia was HKD 47,078,000, and from other regions was HKD 11,448,000[18] - Sales revenue in Europe decreased by 36% to HKD 45.3 million, while sales in the Americas decreased by 4% to HKD 172.2 million, accounting for 62.4% of total sales[43] - Sales in Asia increased by 114% to HKD 47.1 million, representing 17.1% of total sales, and other markets saw a 203% increase to HKD 11.4 million, accounting for 4.1% of total sales[43] Operational Focus and Challenges - The company continues to focus on the manufacturing and sales of home appliances, with all received purchase orders expected to be completed within one year[16] - The group plans to seek growth opportunities through new customers and product categories, as well as online sales channels in mainland China[46] - The group anticipates continued challenges due to high inflation and geopolitical tensions, which may negatively impact consumer demand and sales in the U.S. market, currently accounting for over 60% of total sales[46] Employee and Governance - The group employed approximately 1,550 employees as of September 30, 2024, down from 1,640 employees in 2023[56] - The board confirms compliance with corporate governance codes and securities trading standards throughout the reporting period[59][61] Other Financial Metrics - The company recognized rental income of HKD 8,227,000 for the six months ending September 30, 2024, compared to HKD 8,561,000 in 2023[28] - The company reported a decrease in fair value of investment properties by HKD 17,586,000 for the six months ending September 30, 2024[34] - The group maintained strict control over all management expenses, with selling and distribution expenses increasing by 15.6% to HKD 7.9 million, representing 2.8% of sales revenue[45] - The financial position remains robust, supported by internal cash flow and available bank credit for operational needs and potential business expansion[52] Reporting and Compliance - The interim report will be made available on the Hong Kong Stock Exchange and the company's website at an appropriate time[63] - The company has not engaged in any share buybacks or sales during the six months ended September 30, 2024[58]