CHINA NATIONAL CULTURE GROUP LIMITED 中國國家文化產業集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：745） 將於二零二五年九月十八日舉行的股東週年大會適用的代表委任表格 本人╱吾等1 地址為 附註： 的持有人，茲委任大會主席3 ，或 地址為 ， 為本人╱吾等的代表，代表本人╱吾等出席本公司謹訂於二零二五年九月十八日（星期四）上午十一時正假座香港 皇后大道中99號中環中心12樓2室舉行的股東週年大會（「大會」）（或其任何續會），以考慮並酌情通過召開大會通 告所載的普通決議案，並於大會（或其任何續會）上代表本人╱吾等以本人╱吾等名義，按如下指示就有關決議案 投票，如無給予任何指示，則本人╱吾等的代表可自行酌情投票。本人╱吾等的代表亦將有權就於大會上正式提呈 的任何事宜自行酌情投票。 除文義另有所指外，本代表委任表格所用詞彙與本公司日期為二零二五年八月二十二日的通函所界定者具有相同涵義。 | | 普通決議案 | 贊成4 | 反對4 | | --- | --- | --- | --- | | 1. | 省覽及審議截至二零二五年三月三十一日止年度之經審核綜合財務報 | ...

1 香港交易及結算所有限公司以及香港聯合交易所有限公司對本通告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本通告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA NATIONAL CULTURE GROUP LIMITED 中國國家文化產業集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：745） 股東週年大會通告 茲通告中國國家文化產業集團有限公司（「本公司」）謹訂於二零二五年九月十八 日（星期四）上午十一時正假座香港皇后大道中99號中環中心12樓2室舉行股東週 年大會，藉以處理下列事項： 普通決議案 「動議 1. 省覽及審議截至二零二五年三月三十一日止年度之經審核綜合財務報表及本 公司董事會報告與核數師報告。 2. 重選董事並授權董事會釐定各董事之酬金。 3. 續聘本公司核數師，並授權董事會釐定其酬金。 4. 作為特別事項，考慮並酌情通過下列決議案為本公司的普通決議案（不論有 否修訂）： (a) 在本決議案第(c)段的規限下，根據香港聯合交易所有限公司（「聯交所」） 主板證券上市規則（「上市規則」），一般及無條件批准本公司董事於有關 ...

此乃要件 請即處理 閣下如對本通函的任何方面有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券商、銀行經 理、律師、專業會計師或其他專業顧問。 發行及購回股份的一般授權； 重選董事； 採納新購股權計劃； 及 股東週年大會通告 中國國家文化產業集團有限公司謹訂於二零二五年九月十八日（星期四）上午十一時正假座香 港皇后大道中99號中環中心12樓2室舉行股東週年大會，召開大會的通告載於本通函第41至44頁。 無論 閣下能否出席股東週年大會，均務請按隨附代表委任表格所印指示填妥代表委任表格， 並須盡快及無論如何在不遲於股東週年大會或其任何續會（視情況而定）指定舉行時間48小時 前交回本公司的香港股份過戶登記分處卓佳證券登記有限公司，地址為香港夏愨道16號遠東 金融中心17樓。填妥及交回代表委任表格後， 閣下仍可依願親身出席股東週年大會或其任何 續會，並在會上投票。 二零二五年八月二十二日 | 釋義 | | 1 | | --- | --- | --- | | 董事會函件 | | 4 | | 附錄一 購回股份的說明函件 | － | 16 | | 附錄二 膺選連任的董事詳情 | － | 20 | | 附錄三 購股權計劃的主要 ...

FF301 | | | 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) 00745 說明 普通股 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 100,000,000,000 HKD 0.01 HKD 1,000,000,000 增加 / 減少 (-) HKD 本月底結存 100,000,000,000 HKD 0.01 HKD 1,000,000,000 | 2. 股份分類 | 優先股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 無表決權可換股優先股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 14,000,000,000 HKD | | 0.035 HKD | | 490,000,000 | | 增加 / 減少 (-) | | | | | HKD | | | 股份發行人及根據《上市規則》 ...

[Company Information](index=3&type=section&id=Company%20Information) This section outlines the company's fundamental registration details, board composition, key officers, and listing information - Provides a list of executive directors, independent non-executive directors, and members of the audit, remuneration, and nomination committees[4](index=4&type=chunk) - The Company Secretary changed from Mr. Leung Cho Yi to Mr. Lam Chi Sum on July 2, 2024[4](index=4&type=chunk) - The company is listed on the Main Board of The Stock Exchange of Hong Kong Limited under stock code **745**[5](index=5&type=chunk) [Chairman's Statement](index=4&type=section&id=Chairman's%20Statement) [Annual Review](index=4&type=section&id=Annual%20Review) During the reporting period, the Group continued to focus on advertising and e-commerce, benefiting from Hong Kong's economic recovery, but recorded a net loss due to reduced gross profit and losses from subsidiary disposals - The Group continued to focus on advertising and e-commerce businesses, benefiting from Hong Kong's economic recovery and increased retail sales reflecting rising consumer demand[8](index=8&type=chunk) - The Group recorded a net loss for the year, primarily due to decreased gross profit and losses incurred from the disposal of a subsidiary[8](index=8&type=chunk) [Outlook](index=4&type=section&id=Outlook) The Group remains confident in future growth, seeing opportunities in Hong Kong's strong economic recovery and digital economy expansion, planning to develop existing businesses and explore new sectors like media and culture through acquisitions or collaborations - The Group remains confident in accelerating growth, driven by Hong Kong's strong economic recovery and the expanding digital economy[9](index=9&type=chunk) - Future plans include: - Continuing to develop advertising and e-commerce related businesses - Expanding related businesses through acquisitions, product portfolio expansion, and/or collaborations - Extending business into other sectors, such as media and culture-related businesses[12](index=12&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) [Business and Financial Review](index=5&type=section&id=Business%20Review) For the year ended March 31, 2025, total revenue grew **57%** to **HKD 43.71 million**, driven by advertising and e-commerce; despite a gross margin decline to **9.0%**, the annual loss significantly narrowed to **HKD 4.78 million** due to expense control Financial Performance Summary | Metric | FY2025 (HKD thousands) | FY2024 (HKD thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 43,708 | 27,883 | +57% | | Gross Profit | 3,947 | 5,439 | -27.4% | | Gross Margin | 9.0% | 19.5% | -10.5pp | | Loss Attributable to Owners of the Company | (4,782) | (43,668) | Loss narrowed by 89% | - The increase in revenue was primarily driven by higher turnover from the advertising and e-commerce segments[13](index=13&type=chunk) - The decline in gross margin was mainly due to an increased proportion of revenue generated from the lower-margin e-commerce segment[13](index=13&type=chunk) [Segment Business Analysis](index=5&type=section&id=Segment%20Business%20Analysis) The Group's core businesses are advertising and e-commerce; advertising revenue surged **136%** after a strategic shift to the Hong Kong market, while e-commerce, primarily focused on used iPhones and parts, saw significant growth driven by market demand and plans to diversify into non-electronic goods [Advertising Business](index=5&type=section&id=Advertising%20Business) Facing challenges in the Chinese market, the Group strategically shifted its advertising focus to Hong Kong from FY2024, achieving significant success with advertising revenue surging **136%** year-on-year to approximately **HKD 13.7 million** in FY2025, benefiting from Hong Kong's robust economic growth - Facing multiple challenges in the Chinese market, the Group strategically shifted its focus to the Hong Kong market starting from FY2024[14](index=14&type=chunk) Advertising Revenue | Fiscal Year | Advertising Revenue (HKD) | Y-o-Y Growth | | :--- | :--- | :--- | | 2025 | 約13,700,000 | +136% | | 2024 | 約5,800,000 | - | [E-commerce Business](index=5&type=section&id=E-commerce%20Business) The Group's e-commerce wholesale business, primarily in used iPhones and parts, experienced significant revenue growth driven by increased market demand; the Group is diversifying its product portfolio to include non-electronic goods such as apparel, frozen seafood, and food - The e-commerce business primarily involves wholesale of used iPhones and components, with significant revenue growth mainly due to increased market demand[15](index=15&type=chunk) - The Group is diversifying its product portfolio to include non-electronic goods, such as apparel, frozen seafood, and food (e.g., health foods and tea)[16](index=16&type=chunk) [Significant Investments](index=6&type=section&id=Significant%20Investments) As of March 31, 2025, the Group held financial assets at fair value through profit or loss valued at approximately **HKD 17.12 million** and equity instruments at fair value through other comprehensive income valued at approximately **HKD 1.08 million**, primarily including Hong Kong-listed Capital Strategic Investment Limited and Asia Resources Holdings Limited Financial Assets at Fair Value Through Profit or Loss (As of March 31, 2025) | Financial Assets at FVTPL (As of March 31, 2025) | Fair Value (HKD thousands) | % of Total Group Assets | | :--- | :--- | :--- | | Capital Strategic Investment Limited | 1,838 | 3.5% | | Asia Resources Holdings Limited | 948 | 1.8% | | Other Listed Securities | 14,338 | 27.6% | | **Total** | **17,124** | **32.9%** | Equity Instruments at Fair Value Through Other Comprehensive Income (As of March 31, 2025) | Equity Instruments at FVOCI (As of March 31, 2025) | Fair Value (HKD thousands) | % of Total Group Assets | | :--- | :--- | :--- | | Regal Time Group Limited | 514 | 1.0% | | Other Listed Securities | 567 | 1.1% | | **Total** | **1,081** | **2.1%** | [Capital Structure and Use of Proceeds](index=8&type=section&id=Capital%20Structure) During the reporting period, the company completed a capital reorganization (involving capital reduction and share split) and a rights issue, raising net proceeds of approximately **HKD 15.1 million** at **HKD 0.1** per share, primarily allocated for e-commerce business development (**HKD 11.3 million**) and general working capital (**HKD 3.8 million**) - During the year, the company completed a capital reorganization (capital reduction and share split) and a rights issue[27](index=27&type=chunk) Use of Rights Issue Proceeds | Use of Rights Issue Proceeds | Planned Amount (HKD) | Amount Utilized (As of 2025/3/31) | | :--- | :--- | :--- | | Development of e-commerce business | 約11,300,000 | - | | General working capital | 約3,800,000 | 約800,000 | | **Net Proceeds** | **約15,100,000** | **約800,000** | [Liquidity, Financing and Others](index=8&type=section&id=Liquidity%20and%20Financing) As of March 31, 2025, the Group's total cash and bank balances significantly increased to approximately **HKD 15.04 million**, with a notable improvement in net current assets; the Group had no bank borrowings, resulting in a zero gearing ratio, and the number of employees decreased from **22** to **17** during the year Liquidity Position | Liquidity Position | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Cash and bank balances | 15,042 | 727 | | Total current assets | 50,795 | 29,772 | | Total current liabilities | 7,301 | 15,289 | | Bank borrowings | 0 | 0 | - As of March 31, 2025, the Group had **17** employees, a decrease from **22** in the previous year[38](index=38&type=chunk) [Directors' Report](index=9&type=section&id=Directors'%20Report) [Business and Financial Review](index=10&type=section&id=Principal%20Businesses) The Company's principal business is investment holding, with subsidiaries engaged in advertising and e-commerce; as the Group recorded a loss for the year, the Board does not recommend paying any dividends - The Company's principal business is investment holding, with details of its subsidiaries' main businesses provided in Note 21 to the financial statements[40](index=40&type=chunk) - The Board does not recommend paying any dividends for the year ended March 31, 2025[42](index=42&type=chunk) [Share Option Scheme](index=10&type=section&id=Share%20Option%20Scheme) The company's share option scheme adopted on August 29, 2014, expired on August 28, 2024; during the reporting year, no new share options were granted, exercised, or cancelled, but **9,665,200** options lapsed, leaving **5,888,400** unexercised as of the reporting date - The company's share option scheme adopted on August 29, 2014, expired on August 28, 2024[46](index=46&type=chunk)[61](index=61&type=chunk) - During the review year, no share options were granted, exercised, or cancelled, but **9,665,200** share options lapsed; as of the reporting date, **5,888,400** share options remained unexercised[46](index=46&type=chunk)[49](index=49&type=chunk) [Major Customers and Suppliers](index=13&type=section&id=Major%20Customers%20and%20Suppliers) This year, sales to the top five customers accounted for **44.93%** of total sales, with the largest customer at **9.15%**, a significant decrease from last year's **89.96%** and **53.07%** respectively; for suppliers, the top five accounted for **100%** of total purchases, with the largest supplier's share decreasing from **73.91%** to **43.01%** Customer and Supplier Concentration | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Sales to Top 5 Customers % | 44.93% | 89.96% | | Sales to Largest Customer % | 9.15% | 53.07% | | Purchases from Top 5 Suppliers % | 100.00% | 100.00% | | Purchases from Largest Supplier % | 43.01% | 73.91% | [Key Risks and Uncertainties](index=14&type=section&id=Key%20Risks%20and%20Uncertainties) The Group's key risks include operational risk from non-recurring contracts and customer churn, equity price risk from financial asset market fluctuations, and liquidity risk related to meeting payment obligations - **Operational Risk**: Revenue primarily derives from non-recurring contracts, and failure to secure new contracts continuously will adversely affect operations and financial performance[69](index=69&type=chunk) - **Equity Price Risk**: Arises from fluctuations in market prices of the Group's financial asset investments[70](index=70&type=chunk) - **Liquidity Risk**: Refers to the possibility of the Group failing to meet its payment obligations when due, managed by monitoring cash flows and maintaining sufficient cash[71](index=71&type=chunk) [Directors' and Shareholders' Interests](index=17&type=section&id=Directors'%20and%20Chief%20Executives'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) The report discloses four directors each holding interests in **490,700** unlisted share options; as of the reporting date, no substantial shareholders held **5%** or more interests requiring disclosure under the SFO, and the company maintained a sufficient public float of not less than **25%** of its issued shares Directors' Interests in Unlisted Share Options | Director Name | Number of Unlisted Share Options | % of Issued Share Capital | | :--- | :--- | :--- | | Ms. Sun Wei | 490,700 | 0.21% | | Ms. Man Hau Chun | 490,700 | 0.21% | | Ms. Wong Miu Kwan | 490,700 | 0.21% | | Ms. Wong Yuk Kit | 490,700 | 0.21% | - As of March 31, 2025, no person held **5%** or more of the share capital requiring disclosure under the Securities and Futures Ordinance[96](index=96&type=chunk) - As of the date of this annual report, the Company maintained a sufficient public float of not less than **25%** of its issued shares[97](index=97&type=chunk) [Corporate Governance Report](index=20&type=section&id=Corporate%20Governance%20Report) [Board and Committees](index=20&type=section&id=Board%20of%20Directors) The Board comprises six directors, including three executive and three independent non-executive directors, meeting Listing Rules requirements; during the reporting period, the Board held **6** meetings, and the audit, remuneration, and nomination committees also met, fulfilling their respective duties with **100%** attendance from all members - The Board currently comprises **six** directors, including **three** executive directors and **three** independent non-executive directors, complying with Listing Rules requirements[104](index=104&type=chunk) - The company has established a Remuneration Committee, Audit Committee, and Nomination Committee to enhance Board functions[108](index=108&type=chunk) Board and Committee Meeting Attendance | Committee/Board | Meetings Held (During the Year) | Member Attendance Rate | | :--- | :--- | :--- | | Board of Directors | 6 | 100% | | Remuneration Committee | 1 | 100% | | Audit Committee | 2 | 100% | | Nomination Committee | 1 | 100% | [Director Nomination and Diversity Policy](index=23&type=section&id=Board%20Diversity%20Policy) The company has adopted director nomination and board diversity policies to ensure a diverse range of backgrounds, skills, and experiences, considering factors like gender, age, and professional background during selection; the current board exhibits diversity in age, gender, educational background, and professional experience - The company has adopted a nomination policy and a board diversity policy, considering factors such as gender, age, cultural and educational background, professional qualifications, and skills when selecting director candidates[117](index=117&type=chunk)[121](index=121&type=chunk) - The current Board composition demonstrates diversity in age (**30 to 69 years**), gender (**4 female, 1 male**), educational background (e.g., finance, accounting), and professional experience (e.g., accounting, management, media)[122](index=122&type=chunk)[123](index=123&type=chunk) [Risk Management and Shareholder Communication](index=26&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board is fully responsible for establishing, maintaining, and reviewing the company's risk management and internal control systems, engaging an independent consultant for annual reviews; additionally, the company has formulated shareholder communication and dividend policies to ensure effective communication and sound dividend distribution decisions - The Board is fully responsible for the risk management and internal control systems, having appointed an independent internal control review consultant for annual reviews[130](index=130&type=chunk) - The company has established a shareholder communication policy, utilizing various channels such as annual reports, circulars, and general meetings to communicate with shareholders[133](index=133&type=chunk) - The company adopted a dividend policy in March 2019, where dividend decisions consider factors such as the Group's financial performance, capital requirements, and liquidity position[136](index=136&type=chunk)[138](index=138&type=chunk) [Biographies of Directors](index=29&type=section&id=Biographies%20of%20Directors) [Biographies of Directors](index=29&type=section&id=Biographies%20of%20Directors) This section provides detailed biographies of the executive and independent non-executive directors, including their personal backgrounds, academic qualifications, professional credentials, and extensive experience across various industries - **Ms. Sun Wei (Executive Director)**: Holds a Master of Science degree in Finance from Clark University, USA, with over **five** years of experience in accounting and administration[139](index=139&type=chunk) - **Mr. Liu Kwong Sang (Independent Non-Executive Director)**: A practicing accountant in Hong Kong with over **27** years of experience in the accounting profession and a fellow member of several professional accounting bodies[140](index=140&type=chunk) - **Ms. Wong Miu Kwan (Independent Non-Executive Director)**: Possesses over **10** years of experience in the information technology and media industries, with extensive operational and management expertise[143](index=143&type=chunk) [Environmental, Social and Governance Report](index=30&type=section&id=Environmental,%20Social%20and%20Governance%20Report) [Environmental Aspect](index=33&type=section&id=Environmental%20Aspect) The Group's environmental impact is limited, primarily from office electricity consumption; total greenhouse gas emissions were **2.4 tonnes CO2e** from purchased electricity, with a target to reduce Scope 2 emissions and energy intensity by **5%** from 2024 levels by 2028, and climate change-related physical and transition risks have been assessed Environmental Performance Indicators (2024/25) | Environmental Performance Indicator (2024/25) | Data | Unit | | :--- | :--- | :--- | | Total GHG Emissions (Scope 2) | 2.4 | tonnes CO2e | | GHG Emissions Intensity (per employee) | 0.14 | tonnes CO2e/employee | | Total Energy Consumption | 4.0 | MWh | | Energy Consumption Intensity (per employee) | 0.235 | MWh/employee | - The Group has set a target to reduce both Scope 2 emissions intensity and energy intensity by **5%** from the 2024 baseline year by **2028**[157](index=157&type=chunk)[162](index=162&type=chunk) - The Group has identified and assessed climate change risks, including physical risks from extreme weather and transition risks such as increased compliance costs and technological shifts[166](index=166&type=chunk)[167](index=167&type=chunk) [Social Aspect](index=37&type=section&id=Social%20Aspect) The Group strictly adheres to labor laws, committed to providing equal opportunities and a healthy, safe work environment; during the reporting period, total employees were **17** with a **6%** turnover rate, all receiving an average of **2.5** hours of training, with no work-related fatalities, and established supply chain management, product responsibility, and anti-corruption policies - The Group complies with labor laws in China and Hong Kong, adheres to "open, fair, and just" recruitment principles, and has adopted an equal employment opportunity policy[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk) Employment and Safety Indicators (2024/25) | Employment and Safety Indicator (2024/25) | Data | | :--- | :--- | | Total Employees | 17 persons | | Total Employee Turnover Rate | 6% | | Percentage of Employees Trained | 100% | | Average Training Hours per Employee | 2.5 hours | | Work-related Fatalities | 0 persons | - The Group has established supply chain management, product responsibility (including data privacy protection), and anti-corruption policies, with no significant violations or corruption cases reported during the period[179](index=179&type=chunk)[182](index=182&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk) [Independent Auditor's Report](index=47&type=section&id=Independent%20Auditor's%20Report) [Independent Auditor's Report](index=48&type=section&id=Independent%20Auditor's%20Report) The auditor, BDO Limited, issued an unmodified opinion on the Group's consolidated financial statements, deeming them to fairly present the Group's financial position as of March 31, 2025, and its financial performance and cash flows for the year; "Expected credit losses on trade receivables" was identified as a key audit matter due to its significance and subjective management judgment - The auditor concluded that the consolidated financial statements fairly present the Group's financial position, performance, and cash flows in accordance with Hong Kong Financial Reporting Standards, issuing an unmodified opinion[194](index=194&type=chunk) - A key audit matter identified was "Expected credit losses on trade receivables" due to its material significance to the consolidated financial position and the subjective judgment and management estimates involved in its assessment[199](index=199&type=chunk)[201](index=201&type=chunk) - The consolidated financial statements for the prior year (ended March 31, 2024) were audited by another auditor, who issued an unmodified opinion[202](index=202&type=chunk) [Consolidated Financial Statements](index=52&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss](index=53&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the year ended March 31, 2025, the Group's revenue was **HKD 43.71 million**, a **57%** year-on-year increase, while gross profit was **HKD 3.95 million**, down **27%**; the annual loss significantly narrowed from **HKD 43.67 million** to **HKD 4.78 million** due to reversal of impairment losses on trade receivables and controlled expenses, with basic loss per share at **4.84 HK cents** Consolidated Statement of Profit or Loss (For the Year Ended March 31) | Consolidated Statement of Profit or Loss (For the Year Ended March 31) | 2025 (HKD thousands) | 2024 (HKD thousands, Restated) | | :--- | :--- | :--- | | Revenue | 43,708 | 27,883 | | Gross Profit | 3,947 | 5,439 | | Net Reversal/(Provision) for Impairment Losses on Trade Receivables | 6,668 | (34,451) | | Loss Before Tax | (4,782) | (44,434) | | Loss for the Year Attributable to Owners of the Company | (4,782) | (43,668) | | Loss Per Share (Basic and Diluted) | (4.84) HK cents | (45.44) HK cents | [Consolidated Statement of Financial Position](index=55&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were **HKD 51.88 million**, a **62%** increase year-on-year, while total liabilities significantly decreased to **HKD 7.30 million**; total equity increased from **HKD 16.75 million** to **HKD 44.58 million** due to the rights issue and narrowed losses, indicating a substantial improvement in the financial position Consolidated Statement of Financial Position (As of March 31) | Consolidated Statement of Financial Position (As of March 31) | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 1,081 | 2,267 | | Current assets | 50,795 | 29,772 | | **Total Assets** | **51,876** | **32,039** | | **Equity and Liabilities** | | | | Total equity | 44,575 | 16,750 | | Current liabilities | 7,301 | 15,289 | | **Total Liabilities** | **7,301** | **15,289** | | **Total Equity and Liabilities** | **51,876** | **32,039** | [Consolidated Statement of Cash Flows](index=58&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the year ended March 31, 2025, net cash outflow from operating activities improved to **HKD 0.96 million** from **HKD 5.64 million** last year; financing activities generated a net cash inflow of **HKD 15.30 million** from the rights issue, leading to a significant increase in year-end cash and cash equivalents from **HKD 0.73 million** to **HKD 15.04 million** Consolidated Statement of Cash Flows (For the Year Ended March 31) | Consolidated Statement of Cash Flows (For the Year Ended March 31) | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | (955) | (5,638) | | Net cash used in investing activities | (34) | – | | Net cash from financing activities | 15,304 | – | | Net increase/(decrease) in cash and cash equivalents | 14,315 | (5,638) | | Cash and cash equivalents at end of year | 15,042 | 727 | [Notes to the Consolidated Financial Statements](index=59&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the financial statements, covering accounting policies, segment information, financial instrument risks, related party transactions, and equity changes; key highlights include advertising and e-commerce as primary revenue sources, significant impairment provisions for aged trade receivables, and the completion of capital reorganization and rights issue during the year, which significantly altered the equity structure - The Group's principal businesses are advertising (revenue of **HKD 13.69 million**) and e-commerce (revenue of **HKD 30.02 million**)[331](index=331&type=chunk)[337](index=337&type=chunk) - As of March 31, 2025, total trade receivables amounted to **HKD 55.74 million**, with impairment provisions of **HKD 39.27 million**, including **HKD 43.01 million** for receivables aged over **365** days[366](index=366&type=chunk) - During the year, the company completed a capital reorganization (capital reduction and share split) and a rights issue, increasing issued ordinary shares from **78.12 million** to **234.37 million**, and changing the par value from **HKD 0.4** to **HKD 0.01**[374](index=374&type=chunk)[375](index=375&type=chunk) [Financial Summary](index=117&type=section&id=Financial%20Summary) [Five-Year Financial Summary](index=117&type=section&id=Financial%20Summary) This section summarizes the Group's key financial data over the past five fiscal years, showing a revenue rebound this year after several years of decline, though annual losses persisted; total assets and net assets also recovered this year following continuous decreases, partly due to the rights issue Five-Year Performance Summary | Five-Year Performance Summary (HKD thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 43,708 | 27,883 | 43,019 | 67,457 | 78,095 | | Loss for the Year Attributable to Owners of the Company | (4,782) | (43,668) | (1,498) | (34,551) | (56,317) | Five-Year Assets and Liabilities Summary | Five-Year Assets and Liabilities Summary (HKD thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 51,876 | 32,039 | 78,006 | 87,103 | 101,806 | | Total Liabilities | (7,301) | (15,289) | (17,025) | (30,768) | (35,956) | | Net Assets | 44,575 | 16,750 | 60,981 | 56,335 | 65,850 |

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

Group 1 - The core viewpoint of the article highlights the significant stock performance of China National Cultural Industry, with a recent increase of 25.0% and a cumulative rise of 202.33% over the past month, outperforming the Hang Seng Index by 19.78% [1] - As of March 31, 2025, China National Cultural Industry reported total revenue of 40.3351 million yuan, a year-on-year increase of 56.76%, and a net profit attributable to shareholders of -4.413 million yuan, reflecting a year-on-year growth of 89.05% [1] - The company's gross profit margin stands at 9.03%, with a debt-to-asset ratio of 14.07% [1] Group 2 - Currently, there are no institutional investment ratings for China National Cultural Industry [2] - In terms of industry valuation, the media and entertainment sector has an average price-to-earnings (P/E) ratio of -15.24 times, while China National Cultural Industry has a P/E ratio of -25.49 times, ranking 54th in the industry [2] - The company primarily engages in providing advertising media services and film production and distribution [2]

Summary of Key Points Core Viewpoint - As of July 7, a total of 102 stocks reached their 52-week highs, indicating a positive market trend with notable performances from specific companies such as China National Cultural Industry, Shoujia Technology, and Yunzhisheng [1]. Group 1: Stocks Reaching 52-Week Highs - China National Cultural Industry (00745) achieved a closing price of 0.430 with a peak of 0.435, marking a high rate of 24.29% [1]. - Shoujia Technology (00103) closed at 0.550, reaching a high of 0.610, reflecting a 17.31% increase [1]. - Yunzhisheng (09678) had a closing price of 386.800 and a peak of 391.600, with a high rate of 15.65% [1]. - Other notable stocks include Charoen Pokphand International (03839) at 15.09%, Japan Kyosei (00627) at 13.92%, and China San San Media (08087) at 11.05% [1]. Group 2: Additional Stocks with Significant Increases - Green Tea Group (06831) reached a high of 10.33% with a closing price of 9.080 [1]. - Beihai Kangcheng-B (01228) and Pinchuang Holdings (08066) both achieved a high rate of 10.00% [1]. - Other companies with notable increases include Zhongshen Jianye (02503) at 9.45% and Baishida Holdings (01168) at 7.73% [1]. Group 3: Stocks with Lower Performance - The report also highlights stocks that did not perform as well, with some reaching 52-week lows, such as Aidewei Construction Group (06189) with a low rate of -11.11% [3]. - Other underperformers include Macau Legend (01680) at -6.33% and Gu Dou Holdings (08308) at -6.00% [3].

Group 1 - As of July 4, 96 stocks reached a 52-week high, with Tongyuan International (03830), ITE HOLDINGS (08092), and China National Cultural Industry (00745) leading the high rate at 36.07%, 25.49%, and 25.00% respectively [1] - The top three stocks by closing price that reached a 52-week high are Tongyuan International at 0.078, ITE HOLDINGS at 0.052, and China National Cultural Industry at 0.300 [1] - Other notable stocks that reached a 52-week high include Nippon Kyoei (00627) at 21.54% and Sanofi (02257) at 21.50% [1] Group 2 - The 52-week low rankings show that Health Road (02587) had the largest decline at -18.31%, followed by Rongda Technology (09881) at -12.43% [3] - Other stocks that reached a 52-week low include New Stone Culture (01740) at -8.62% and Emperor Entertainment Hotel (00296) at -5.00% [3] - The list of stocks with significant declines also includes Qiyi Technology (01739) at -3.38% and Huanying Media (01003) at -2.86% [3]

Summary of Key Points Core Viewpoint - As of July 3, a total of 120 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the list [1]. Group 1: Top Performers - The top three stocks with the highest increase rates are: - 富誉控股 (Fuyou Holdings) at 90.76%, closing at 0.435 with a peak of 0.475 [1] - 信义能源 (Xinyi Energy) at 65.00%, closing at 1.200 with a peak of 1.980 [1] - 中国三三传媒 (China San San Media) at 42.86%, closing at 1.710 with a peak of 1.900 [1] Group 2: Additional Notable Stocks - Other notable stocks include: - ITE HOLDINGS at 34.21% increase, closing at 0.047 with a peak of 0.051 [1] - 星凯控股 (Xingkai Holdings) at 30.00%, closing at 0.480 with a peak of 0.650 [1] - 北京北辰实业股份 (Beijing Beichen Industrial) at 26.47%, closing at 0.940 with a peak of 1.290 [1] Group 3: Overall Market Trends - The overall trend shows a significant number of stocks achieving new highs, reflecting positive investor sentiment and market conditions [1].