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。 ELEGANCE OPTICAL INTERNATIONAL HOLDINGS LIMITED 高 雅 光 學 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：907） 股東週年大會通告 茲通告高雅光學國際集團有限公司（「本公司」）謹訂於二零二五年八月二十九日（星期五） 上午十時正假座香港皇后大道中181號新紀元廣場低座21樓舉行股東週年大會，以處理下 列事項： 作為普通事項： 普通決議案 — 1 — 1. 省覽及採納本公司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以及 董事會與核數師報告。 2. 重選朱國華女士為本公司執行董事。 3. 重選顧建國先生為本公司執行董事。 4. 重選林永耀先生為本公司非執行董事。 5. 重選李強先生為本公司非執行董事。 6. 授權本公司董事會（「董事會」或「董事」）釐定本公司董事薪酬。 7. 續聘栢淳會計師 ...

此乃重要通函 請即處理 閣下如對本通函之任何內容或應採取之行動有任何疑問，應諮詢股票經紀或其他註冊證券交易商、銀行經理、 律師、專業會計師或其他專業顧問。 閣下如已將名下之高雅光學國際集團有限公司股份全部售出或轉讓，應立即將本通函連同隨附之委任代表表 格送交買方或承讓人，或經手買賣或轉讓之銀行、股票經紀或其他註冊交易商或其他代理，以便轉交買方或 承讓人。 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函之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不會就因本通函全部或任何部分內容而產生或因倚賴該等內容而引致之任何 損失承擔任何責任。 ELEGANCE OPTICAL INTERNATIONAL HOLDINGS LIMITED 高 雅 光 學 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：907） 有關 更新發行新股份及購回股份之一般授權、 重選退任董事之建議 及 股東週年大會通告 高雅光學國際集團有限公司謹訂於二零二五年八月二十九日（星期五）上午十時正假座香港皇后大道中181號 新紀元廣場低座21樓舉行股東週年大會，召開 ...

ELEGANCE OPTICAL INTERNATIONAL HOLDINGS LIMITED 高 雅 光 學 國 ANNUAL REPORT 2024/2025 年 報 際 集 團 有 限 公 司 Contents 目錄 | Corporate Information | 2–3 | | --- | --- | | 公司資料 | | | Management Discussion and Analysis | 4–8 | | 管理層討論及分析 | | | Environmental, Social and Governance Report | 9–25 | | 環境、社會及管治報告 | | | Profiles of Directors | 26–27 | | 董事簡介 | | | Corporate Governance Report | 28–51 | | 企業管治報告 | | | Report of the Directors | 52–62 | | 董事會報告 | | | Independent Auditor's Report | 63–73 | | 獨立核數師報告 | | | Consolid ...

Group 1 - China's Q2 GDP growth reached 5.2%, exceeding expectations, leading to a rally in Hong Kong stocks [1] - The Hang Seng Technology Index surged by 2.8%, while the Hang Seng Index and the National Enterprises Index rose by 1.6% and 1.65% respectively [1][2] - Major technology stocks performed strongly, with Alibaba rising nearly 7%, Meituan and Baidu up over 4%, and Tencent increasing by 3.5% [2][4] Group 2 - The cryptocurrency sector faced challenges, with Bitcoin dropping below $117,000, leading to a decline in related stocks [2] - Real estate development investment in China fell by 11.2% year-on-year in the first half of the year, impacting domestic property stocks significantly [2][13] - The construction materials and cement stocks also saw declines, with major players like Jinyu Group and Anhui Conch Cement dropping over 6% and 4% respectively [11][12] Group 3 - The innovative drug sector showed strength, with companies like BeiGene and CSPC Pharmaceutical rising over 7% [7][8] - Stablecoin-related stocks performed well, with Yunfeng Financial increasing by 19.5% and Weishi Jiajie up by 11% [9][10] - The entertainment sector saw gains, with China Star Group rising over 10% and Tencent Music increasing by over 5% [15] Group 4 - Southbound funds recorded a net inflow of HKD 3.824 billion, indicating strong interest in Hong Kong stocks [18] - Analysts noted a shift in investor sentiment towards undervalued stocks, with some funds looking to capitalize on recent price corrections in major internet companies [17]

[Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's financial performance, position, and cash flows for the year ended March 31, 2025 [Consolidated Statement of Profit or Loss](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the year ended March 31, 2025, the Group's revenue from continuing operations significantly decreased by 39.7% to 14,457 thousand HKD, with gross profit sharply reduced to 1,034 thousand HKD, resulting in a loss of 20,205 thousand HKD, a narrower loss compared to 59,359 thousand HKD last year Consolidated Statement of Profit or Loss Key Financial Data | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 14,457 | 23,989 | -39.7% | | Cost of sales and services | (13,423) | (19,115) | -29.8% | | Gross profit | 1,034 | 4,874 | -78.8% | | Other income and gains | 1,854 | 13,338 | -86.1% | | Selling and distribution expenses | (228) | (128) | +78.1% | | Administrative expenses | (18,565) | (23,724) | -21.7% | | Other operating expenses | (5,733) | (46,395) | -87.6% | | Finance costs | (2,863) | (599) | +377.9% | | Share of loss of associates | (10,954) | (6,530) | +67.7% | | Loss before tax | (35,532) | (59,359) | -40.1% | | Income tax credit | 15,327 | – | N/A | | Loss for the year | (20,205) | (59,359) | -65.9% | | Basic loss per share (HK cents) | (2.31) | (6.80) | -66.0% | [Consolidated Statement of Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive expenses for the year significantly decreased to 20,968 thousand HKD from 68,499 thousand HKD last year, primarily due to a narrower loss for the year, despite increased other comprehensive expenses from foreign operations translation differences Consolidated Statement of Comprehensive Income Key Data | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Loss for the year | (20,205) | (59,359) | | Exchange differences on translation of foreign operations | (360) | 403 | | Reclassification of cumulative exchange fluctuation reserve upon disposal of foreign operations | – | (9,173) | | Share of exchange differences on translation of a joint venture | (8) | (11) | | Share of exchange differences on translation of associates | (395) | (359) | | Other comprehensive expenses for the year | (763) | (9,140) | | Total comprehensive expenses for the year | (20,968) | (68,499) | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets decreased to 76,166 thousand HKD from 91,820 thousand HKD, with net current liabilities expanding to 39,850 thousand HKD, leading to a net liabilities position of 3,065 thousand HKD, indicating a deteriorating financial condition Consolidated Statement of Financial Position Key Data | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 4,721 | 4,987 | | Investment properties | 27,526 | 32,121 | | Investments in associates | 5,651 | 17,000 | | **Current assets** | | | | Inventories | – | 209 | | Film rights | 25,400 | 4,162 | | Trade receivables | 747 | 4,082 | | Prepayments, deposits and other receivables | 3,386 | 13,105 | | Cash and cash equivalents | 8,735 | 7,054 | | **Current liabilities** | | | | Trade payables | 6,526 | 7,680 | | Other payables, accruals and deposits received | 25,874 | 34,278 | | Interest-bearing borrowings | 44,714 | 13,147 | | Contract liabilities | 1,004 | 1,442 | | Income tax payable | – | 15,327 | | Net current liabilities | (39,850) | (35,072) | | Net (liabilities) / assets | (3,065) | 17,903 | | Share capital | 8,728 | 8,728 | | Reserves | (11,793) | 9,175 | | Total (deficiency in capital) / equity | (3,065) | 17,903 | [Notes to the Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the consolidated financial statements, covering accounting policies, segment information, and specific financial line items [1. General Information](index=5&type=section&id=1.%20General%20Information) The Company is an investment holding company incorporated in Bermuda, with subsidiaries engaged in diverse businesses including eyewear trading, property investment, debt and securities investment, film investment and distribution, and energy operations - The Company is an investment holding company, with diversified subsidiary businesses covering eyewear, property, financial investment, film, and energy sectors[6](index=6&type=chunk) [2. Basis of Preparation of Consolidated Financial Statements](index=5&type=section&id=2.%20Basis%20of%20Preparation%20of%20Consolidated%20Financial%20Statements) The consolidated financial statements are prepared in accordance with HKFRSs, with the Board deeming the going concern basis appropriate despite a net loss of 20,205 thousand HKD and net current liabilities of 39,850 thousand HKD, supported by measures to optimize sales, control costs, and seek alternative financing - The Group recorded a **loss of 20,205 thousand HKD** in FY2025, with **net current liabilities exceeding current assets by 39,850 thousand HKD**, indicating going concern uncertainty[9](index=9&type=chunk) - Management has implemented several measures to address going concern challenges, including optimizing sales networks, implementing cost controls, and seeking alternative financing and bank borrowings[9](index=9&type=chunk)[10](index=10&type=chunk) [3. Application of Amendments to HKFRSs](index=6&type=section&id=3.%20Application%20of%20Amendments%20to%20HKFRSs) Several HKFRS amendments were first applied this year with no significant impact on the Group's financial position or performance, while HKFRS 18, effective in 2027, is expected to affect the presentation and disclosure of the statement of profit or loss, with its detailed impact currently under assessment - The application of HKFRS amendments this year had **no significant impact** on the Group's financial position or performance[11](index=11&type=chunk) - HKFRS 18, "Presentation and Disclosure in Financial Statements," effective on or after January 1, 2027, is expected to impact the presentation and disclosure of the statement of profit or loss in future financial statements, with the Group currently assessing its detailed impact[12](index=12&type=chunk)[14](index=14&type=chunk) [4. Segment Information](index=7&type=section&id=4.%20Segment%20Information) The Group operates five segments: trading, property investment, debt and securities investment, film investment and distribution, and energy business, with total revenue of 14,457 thousand HKD and total segment loss of 18,775 thousand HKD in FY2025, where trading and film segments are key revenue sources but both incurred losses, and China (including Hong Kong) remains the largest geographical revenue contributor despite an overall decline - The Group's five operating segments include: trading of eyewear frames and sunglasses, property investment, debt and securities investment, film investment and distribution, and energy business[16](index=16&type=chunk) FY2025 Segment Revenue and Loss | Segment | Revenue (thousand HKD) | Loss (thousand HKD) | | :--- | :--- | :--- | | Trading | 9,002 | (9,834) | | Property investment | 944 | (5,088) | | Debt and securities investment | – | (518) | | Film investment and distribution | 4,511 | (3,293) | | Energy business | – | (42) | | **Total** | **14,457** | **(18,775)** | FY2025 Geographical Revenue | Region | Revenue (thousand HKD) | | :--- | :--- | | Europe | 1,828 | | Americas | 4,877 | | China (including Hong Kong) | 5,578 | | Others | 2,174 | | **Total Revenue** | **14,457** | - In FY2025, Customers C, D, E, and F were the Group's major customers, with **Customer C contributing 2,866 thousand HKD** and **Customer E contributing 3,600 thousand HKD**[23](index=23&type=chunk) [5. Revenue and Other Income](index=12&type=section&id=5.%20Revenue%20and%20Other%20Income) The Group's total revenue for FY2025 was 14,457 thousand HKD, primarily from goods sales and film distribution services, while other income and gains significantly decreased to 1,854 thousand HKD due to the absence of a subsidiary disposal gain from the prior year Revenue and Other Income Composition | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Sales of goods | 9,002 | 12,907 | | Film distribution service income | 4,038 | 3,260 | | Net investment income from jointly invested film rights | 473 | 6,424 | | Rental income from investment properties | 944 | 1,398 | | **Total recognized revenue** | **14,457** | **23,989** | | Accounting service fees | 1,110 | 1,740 | | Bank interest income | 20 | 15 | | Gain on disposal of a subsidiary | – | 10,144 | | Reversal of impairment loss on investment in a joint venture and loan to a joint venture | 100 | 364 | | Others | 624 | 222 | | **Total other income and gains** | **1,854** | **13,338** | [6. Other Operating Expenses](index=13&type=section&id=6.%20Other%20Operating%20Expenses) Other operating expenses significantly decreased to 5,733 thousand HKD in the current year, primarily driven by a substantial reduction in impairment losses on prepayments, deposits, and other receivables, and a narrower loss from fair value changes of investment properties Other Operating Expenses Details | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Impairment loss on prepayments, deposits and other receivables | 583 | 30,033 | | Impairment loss on investments in associates | – | 5,111 | | Impairment loss on trade receivables | 149 | 165 | | Loss from fair value changes of investment properties | 4,601 | 9,590 | | Loss from fair value changes of financial assets at fair value through profit or loss – convertible bond investments | – | 1,496 | | Others | 400 | – | | **Total** | **5,733** | **46,395** | [7. Finance Costs](index=13&type=section&id=7.%20Finance%20Costs) Finance costs for the year substantially increased by 377.9% to 2,863 thousand HKD, primarily attributable to interest on borrowings Finance Costs | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Interest on borrowings | 2,863 | 599 | [8. Loss Before Tax](index=13&type=section&id=8.%20Loss%20Before%20Tax) The Group's loss before tax was 35,532 thousand HKD, primarily influenced by cost of inventories sold, depreciation, auditor's remuneration, short-term lease expenses, and employee benefit expenses, with cost of inventories sold and employee benefits being major components Loss Before Tax Components | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Cost of inventories sold | 7,914 | 12,575 | | Depreciation of property, plant and equipment | 211 | 389 | | Auditor's remuneration | 650 | 1,126 | | Short-term lease expenses | 600 | 1,617 | | Total employee benefit expenses | 13,014 | 13,110 | [9. Income Tax Credit](index=14&type=section&id=9.%20Income%20Tax%20Credit) An income tax credit of 15,327 thousand HKD was recognized this year, mainly from the reversal of over-provision in prior years, with no Hong Kong profits tax provision made due to the absence of taxable profits in both presented years Income Tax Credit | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Hong Kong profits tax: Over-provision in prior years | 15,327 | – | - The Group did not generate any taxable profits subject to Hong Kong profits tax in either of the two presented years, thus no Hong Kong profits tax provision was made[26](index=26&type=chunk) [10. Dividends](index=14&type=section&id=10.%20Dividends) The Board did not recommend the payment of any dividends for the year ended March 31, 2025, consistent with the prior year - The Board did not recommend the payment of any dividends for FY2025[27](index=27&type=chunk) [11. Loss Per Share](index=14&type=section&id=11.%20Loss%20Per%20Share) Basic loss per share attributable to owners of the Company significantly narrowed to 2.31 HK cents from 6.80 HK cents last year, with no diluted loss per share presented due to out-of-the-money share options and absence of other potential ordinary shares Loss Per Share Data | Indicator | 2025 (thousand HKD/thousand shares) | 2024 (thousand HKD/thousand shares) | | :--- | :--- | :--- | | Loss for the year attributable to owners of the Company | (20,205) | (59,359) | | Weighted average number of ordinary shares in issue | 872,864 | 872,864 | | Basic loss per share (HK cents) | (2.31) | (6.80) | - Diluted loss per share is not presented as the exercise price of share options was higher than the average market price of the Company's shares, and there were no other potential ordinary shares[28](index=28&type=chunk) [12. Trade Receivables](index=15&type=section&id=12.%20Trade%20Receivables) As of March 31, 2025, gross trade receivables totaled 2,568 thousand HKD, with a net amount of 747 thousand HKD after impairment losses, a significant reduction from 4,082 thousand HKD last year, and the Group maintains strict control over outstanding receivables with credit terms typically ranging from 45 to 120 days Trade Receivables and Impairment Losses | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Gross trade receivables | 2,568 | 5,754 | | Less: Recognized impairment losses | (1,821) | (1,672) | | **Net amount** | **747** | **4,082** | Ageing Analysis of Trade Receivables (Net of Impairment Losses) | Ageing | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Within 90 days | 747 | 3,128 | | 91 to 180 days | – | 86 | | 181 to 360 days | – | 868 | | **Total** | **747** | **4,082** | [13. Trade Payables](index=16&type=section&id=13.%20Trade%20Payables) As of March 31, 2025, total trade payables decreased to 6,526 thousand HKD from 7,680 thousand HKD last year, which are interest-free and generally settled within 90 days Ageing Analysis of Trade Payables | Ageing | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Within 90 days | 2,931 | 3,096 | | 91 to 180 days | 918 | 2,932 | | 181 to 360 days | 2,445 | 1,522 | | Over 360 days | 232 | 130 | | **Total** | **6,526** | **7,680** | [14. Share Capital](index=16&type=section&id=14.%20Share%20Capital) There was no change in the Company's issued share capital for the year ended March 31, 2025, with both authorized and issued and fully paid share capital remaining constant Share Capital Structure | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Authorized share capital (10,000,000,000 shares of HKD0.01 each) | 100,000 | 100,000 | | Issued and fully paid share capital (872,863,684 shares of HKD0.01 each) | 8,728 | 8,728 | - The Company's issued share capital remained **unchanged** in FY2025[31](index=31&type=chunk) [Summary of Independent Auditor's Report](index=17&type=section&id=Summary%20of%20Independent%20Auditor%27s%20Report) This section summarizes the independent auditor's findings, including the qualified opinion and the basis for such qualification, as well as a key emphasis on going concern uncertainty [Qualified Opinion](index=17&type=section&id=Qualified%20Opinion) The auditor issued a qualified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, stating that, except for the possible effects of the matters described in the Basis for Qualified Opinion, the financial statements present a true and fair view of the financial position, performance, and cash flows, and comply with disclosure requirements - The auditor issued a **qualified opinion** on the Group's consolidated financial statements[32](index=32&type=chunk) [Basis for Qualified Opinion](index=17&type=section&id=Basis%20for%20Qualified%20Opinion) The qualified opinion is primarily based on insufficient audit evidence regarding the recoverability of a 27,800 thousand HKD deposit for a 50% equity acquisition in H. Sterling LNG and 15,664 thousand HKD in other receivables related to convertible bond investments as of March 31, 2024, impacting the comparability of prior year figures despite impairment assessment evidence obtained in 2025 - The auditor could not obtain sufficient audit evidence to assess the recoverability of a **27,800 thousand HKD deposit** paid for a 50% equity acquisition in H. Sterling LNG as of March 31, 2024[33](index=33&type=chunk) - The auditor could not obtain sufficient audit evidence to assess the full recoverability of **15,664 thousand HKD** in receivables related to convertible bond investments as of March 31, 2024[34](index=34&type=chunk) - The auditor's opinion on the current year's financial statements is modified due to the impact of the aforementioned matters on the **comparability of the 2024 comparative figures**[35](index=35&type=chunk) [Going Concern Uncertainty](index=19&type=section&id=Going%20Concern%20Uncertainty) The auditor highlights a significant going concern uncertainty due to the Group's net loss of 20,205 thousand HKD and net current liabilities of 39,850 thousand HKD in FY2025, which may cast substantial doubt on its ability to continue as a going concern, though the auditor's opinion is not modified in respect of this matter - The Group's **net loss of 20,205 thousand HKD** and **net current liabilities exceeding current assets by 39,850 thousand HKD** in FY2025 indicate a significant going concern uncertainty[36](index=36&type=chunk) - The directors believe the Group will be able to continue as a going concern, but the consolidated financial statements do not include any adjustments that would be necessary if the Group were unable to continue as a going concern[36](index=36&type=chunk) [Management Discussion and Analysis](index=20&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the Group's financial performance, operational review, future outlook, and key financial resources, including responses to auditor's findings and going concern issues [Management, Board and Audit Committee's View on Auditor's Opinion](index=20&type=section&id=Management%2C%20Board%20and%20Audit%20Committee%27s%20View%20on%20Auditor%27s%20Opinion) Management has initiated legal proceedings to recover the equity investment deposit and convertible bond receivables, with management, the Board, and the Audit Committee agreeing to fully impair these amounts due to recoverability uncertainties - Management has initiated **legal proceedings** to recover the equity investment deposit and convertible bond receivables[37](index=37&type=chunk) - Management, the Board, and the Audit Committee agreed to make a **full impairment** for the deposit and convertible bond due to uncertainties in recoverability[37](index=37&type=chunk) [Business Review](index=20&type=section&id=Business%20Review) The Group's revenue from continuing operations decreased by 39.6% to 14.5 million HKD in FY2025, but the loss narrowed to 20.2 million HKD, primarily due to reduced impairment losses on prepayments and investment properties, despite revenue declines in both eyewear trading and film investment and distribution segments - The Group's revenue from continuing operations decreased by **39.6% to 14.5 million HKD**, but the **loss narrowed to 20.2 million HKD**[38](index=38&type=chunk) - The reduction in loss was primarily due to a decrease in impairment losses on prepayments, deposits, and other receivables from **30 million HKD to 600 thousand HKD**, and a narrower loss from fair value changes of investment properties[38](index=38&type=chunk) - Revenue from eyewear frames and sunglasses trading decreased from **12.9 million HKD to 9 million HKD**, with segment loss expanding to **9.8 million HKD**[38](index=38&type=chunk) - Revenue from film investment and distribution decreased from **9.7 million HKD to 4.5 million HKD**, but segment loss narrowed to **3.3 million HKD** due to reduced impairment losses on investments in associates[39](index=39&type=chunk) [Outlook](index=21&type=section&id=Outlook) The Group is shifting to a sourcing and procurement services provider model, facing challenges in the eyewear business from macroeconomic deterioration, inflation, and competition from low-cost Southeast Asian manufacturing centers, while in film investment, the Group plans to strengthen cooperation with Emperor Motion Pictures and explore new opportunities amidst a gradual but uneven recovery in the Hong Kong film industry - The Group's strategy is shifting towards a **sourcing and procurement services provider model**, but macroeconomic deterioration, inflation, and competition from low-cost Southeast Asian manufacturing centers pose challenges to the profitability of the eyewear business[42](index=42&type=chunk) - Management has initiated a long-term strategy of **supply chain diversification**, exploring cooperation with cost-competitive suppliers in Southeast Asia, though short-term performance may be affected[43](index=43&type=chunk) - The Hong Kong film industry continues a gradual but uneven recovery, and the Group's strategic cooperation with Emperor Motion Pictures aims to balance risks and returns[44](index=44&type=chunk) - The Company is actively exploring more cooperation opportunities with major Hong Kong production companies and strengthening its partnership with Emperor Motion Pictures to capture the long-term potential of the industry[44](index=44&type=chunk) [Capital Commitments](index=22&type=section&id=Capital%20Commitments) As of March 31, 2025, the Group had no significant capital commitments, consistent with the prior year - The Group had **no significant capital commitments** as of March 31, 2025[45](index=45&type=chunk) [Contingent Liabilities](index=22&type=section&id=Contingent%20Liabilities) As of March 31, 2025, the Group had no significant contingent liabilities, consistent with the prior year - The Group had **no significant contingent liabilities** as of March 31, 2025[46](index=46&type=chunk) [Liquidity, Financial Resources and Going Concern](index=23&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Going%20Concern) As of March 31, 2025, the Group's cash and cash equivalents were approximately 8.7 million HKD, total borrowings increased to 44.7 million HKD, and the gearing ratio rose to 58.7%, with net current liabilities exceeding current assets by 39.9 million HKD, indicating significant liquidity pressure, though the Group has implemented measures and secured external financial support to improve its financial position Liquidity and Financial Resources | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Cash and cash equivalents | 8,700 | 7,100 | | Total borrowings | 44,700 | 13,100 | | Gearing ratio | 58.7% | 14.3% | | Net current liabilities exceeding current assets | 39,900 | 35,100 | - The Group has implemented a series of plans and measures and secured **external financial support** to alleviate liquidity pressure and improve its financial position[47](index=47&type=chunk) [Employees and Remuneration Policy](index=23&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2025, the Group employed 25 full-time employees in Mainland China and Hong Kong, a decrease of one from the prior year, with remuneration policies determined by market conditions, employee performance, qualifications, and experience - As of March 31, 2025, the Group employed **25 full-time employees**, a decrease of one from the prior year[48](index=48&type=chunk) - Salaries, bonuses, and benefits are determined based on **market conditions, employee performance, qualifications, and experience**[48](index=48&type=chunk) [Dividends (Management Discussion)](index=23&type=section&id=Dividends%20%28Management%20Discussion%29) The Board did not recommend the payment of any dividends for the current year, consistent with the disclosure in the notes to the financial statements - The Board did not recommend the payment of any dividends for the current year[49](index=49&type=chunk) [Corporate Governance](index=23&type=section&id=Corporate%20Governance) This section outlines the Company's commitment to maintaining high standards of corporate governance, adherence to the Corporate Governance Code, and compliance with Listing Rules, including the review of annual consolidated financial statements [Corporate Governance Code](index=23&type=section&id=Corporate%20Governance%20Code) The Company is committed to maintaining high corporate governance standards and has adopted the Corporate Governance Code, with general compliance throughout the year except for the outsourced internal audit function - The Company has outsourced its internal audit function, which involves analyzing and independently evaluating the risk management and internal control systems of the film investment segment, to an independent professional firm[51](index=51&type=chunk) [Listing Rules 3.10(1), 3.21 & 3.05](index=24&type=section&id=Listing%20Rules%203%2E10%281%29%2C%203%2E21%20%26%203%2E05) Following Ms. Lai Pik Chi's resignation as an independent non-executive director, the Company failed to meet Listing Rules requirements for a minimum of three independent non-executive directors on the Board and at least three non-executive directors on the Audit Committee - Following Ms. Lai Pik Chi's resignation as an independent non-executive director, the Company failed to comply with Listing Rule 3.10(1) (at least three independent non-executive directors) and Rule 3.21 (at least three non-executive directors on the Audit Committee)[52](index=52&type=chunk) [Standard Code for Securities Transactions by Directors](index=24&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted a standard code for directors' securities transactions no less exacting than that set out in Appendix C3 of the Listing Rules, and all directors have confirmed compliance throughout the year - The Company's directors have confirmed **compliance with the Standard Code for Securities Transactions by Directors** throughout the year[53](index=53&type=chunk) [Review of Annual Consolidated Financial Statements](index=24&type=section&id=Review%20of%20Annual%20Consolidated%20Financial%20Statements) The Audit Committee, in conjunction with the auditor, has reviewed the Group's audited consolidated financial statements for the year and is satisfied that they are prepared in accordance with applicable accounting standards and present a fair view of the financial position and performance - The Audit Committee has reviewed the audited consolidated financial statements for the year and is satisfied that they are prepared in accordance with applicable accounting standards and present a fair view[54](index=54&type=chunk) [Other Information](index=25&type=section&id=Other%20Information) This section provides additional disclosures regarding the scope of work of the auditor, share transactions, publication of the annual report, and the current composition of the Board of Directors [Scope of Work of BDO Limited](index=25&type=section&id=Scope%20of%20Work%20of%20BDO%20Limited) The financial data in this preliminary announcement has been agreed upon by the Group's auditor, BDO Limited, but their work does not constitute an assurance service, and therefore BDO provides no assurance on the preliminary announcement - The auditor, BDO, has agreed to the financial data contained in the preliminary announcement, but their work does not constitute an assurance service, and therefore BDO provides no assurance on the announcement[55](index=55&type=chunk) [Purchase, Sale or Redemption of Listed Shares](index=25&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Shares) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed shares during the year - Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed shares during the year[56](index=56&type=chunk) [Publication of Annual Report](index=25&type=section&id=Publication%20of%20Annual%20Report) The Company's 2024-2025 annual report and notice of annual general meeting will be dispatched to shareholders and published on the HKEX and Company websites in due course - The Company's 2024-2025 annual report and notice of annual general meeting will be published in due course[57](index=57&type=chunk) [Board of Directors](index=25&type=section&id=Board%20of%20Directors) As of the announcement date, the Board of Directors comprises Ms. Zhu Guohua and Mr. Gu Jianguo as executive directors; Mr. Lam Wing Yiu and Mr. Li Qiang as non-executive directors; and Mr. Chan Chi Wai and Mr. Lo Ka Ming as independent non-executive directors - As of the announcement date, the Board of Directors includes **two executive directors, two non-executive directors, and two independent non-executive directors**[58](index=58&type=chunk)

智通财经APP获悉，截止5月12日收盘，有71只股票创52周新高，其中中国投融资(01226)、晋安实业 (02292)、鸿福堂(01446)创高率位于前3位，分别为122.22%、44.44%、40.30%。 52周新高排行 | 股票名称 | 收盘价 | 最高价 | 创高率 | | --- | --- | --- | --- | | 中国投融资(01226) | 1.310 | 4.000 | 122.22% | | 晋安实业(02292) | 0.850 | 1.300 | 44.44% | | 鸿福堂(01446) | 0.470 | 0.470 | 40.30% | | 高雅光学(00907) | 0.310 | 0.335 | 17.54% | | 远大医药(00512) | 8.320 | 8.950 | 16.54% | | 环球信贷集团(01669) | 0.670 | 0.710 | 10.94% | | ＸＬ二南特斯－Ｕ | 14.320 | 14.380 | 10.62% | | (09766) | | | | | 冠轈控股(01872) | 3.430 | 3.620 | 9.37% ...

Revenue Performance - Revenue from the film and film rights investment business increased from HKD 1,700,000 to HKD 2,000,000, reflecting a strategic shift towards film investment projects due to improved industry conditions[4] - The group's total revenue decreased from HKD 10,296,000 to HKD 7,096,000, representing a decline of approximately 30.6% year-on-year[22] - Revenue from external customers totaled HKD 7,096,000 for the six months ended September 30, 2024, a decrease from HKD 10,296,000 in the same period of 2023[80] - Total revenue for the six months ended September 30, 2024, was HKD 7,096,000, a decrease of 31.4% compared to HKD 10,296,000 for the same period in 2023[93] - Sales of goods at a point in time amounted to HKD 4,833,000, down 38.5% from HKD 7,859,000 in the previous year[93] - Revenue from film distribution and commission income increased to HKD 2,023,000, up 16.5% from HKD 1,737,000 in the prior year[93] - For the six months ended September 30, 2024, the eyewear business generated revenue of approximately HKD 4,800,000, a decrease from HKD 7,900,000 in the same period last year[168] - Revenue from the European market decreased to HKD 722,000 from HKD 3,010,000 year-over-year[80] Profitability and Losses - The gross profit margin decreased from HKD 1,627,000 to HKD 1,265,000, indicating a reduction in profitability[22] - The group recorded a pre-tax loss of HKD 13,787,000 compared to a loss of HKD 9,495,000 in the previous year, marking a year-on-year increase in losses of approximately 45.5%[22] - The company incurred a total comprehensive loss of (13,802) thousand HKD for the period, compared to a loss of (9,219) thousand HKD in the previous year[25] - The company reported a net loss of approximately HKD 13,787,000 for the six months ended September 30, 2024[51] - The company reported a loss attributable to owners of HKD 13,787,000 for the period, compared to a loss of HKD 9,495,000 in the same period last year[90] - The company incurred a loss before tax of HKD 13,787,000 for the reporting period[60] Financial Position and Liquidity - Cash and cash equivalents decreased from HKD 7,100,000 to HKD 4,300,000, indicating a decline in liquidity[21] - The company's cash and cash equivalents decreased to 4,021 thousand HKD from 7,192 thousand HKD year-over-year[48] - The company has a current liability exceeding current assets by 49 million HKD, an increase from 34.2 million HKD as of March 31, 2024[40] - Current liabilities exceeded current assets by approximately HKD 48,609,000 as of September 30, 2024[51] - The company has obtained external credit financing to improve its liquidity and financial condition[40] Debt and Financial Risk - Short-term borrowings increased significantly from HKD 13,100,000 to HKD 42,900,000, reflecting a rise in financial leverage[21] - The debt-to-equity ratio rose to approximately 30.8% from 6.3%, indicating increased financial risk[21] - The group has assessed that the default risk of its interest-bearing borrowings is not significant as of September 30, 2024[143] - As of September 30, 2024, the company had no debts secured against its assets[175] Operational Changes and Strategies - The company aims to strengthen partnerships within the film industry and is actively seeking further collaboration and investment opportunities[20] - The company has implemented various measures to optimize its sales network and control costs to improve profitability and cash flow[31] - The company is facing unprecedented challenges due to rising production costs in mainland China and increased competition from lower-cost Southeast Asian manufacturers[172] - The company is implementing a long-term strategy to diversify its supply chain by establishing partnerships with cost-competitive suppliers in Southeast Asia[172] - The company is shifting its focus to procurement services for eyewear products to alleviate pressure from high manufacturing costs and better meet customer demands[168] - The recent sales momentum in the eyewear business is showing positive trends despite the temporary decrease in revenue due to business transformation[168] Employee and Operational Metrics - The company employed 24 full-time employees as of September 30, 2024, a significant decrease from 166 employees in the previous year[39] - Employee benefits expenses totaled HKD 6,281,000, compared to HKD 6,948,000 in the prior year[87] Investment and Assets - The company reported an increase in inventory to 283 thousand HKD from 209 thousand HKD year-over-year[44] - The company’s investment in film copyrights increased to 25,400 thousand HKD from 4,162 thousand HKD year-over-year[44] - The company reported a net cash outflow from investing activities of (21,223) thousand HKD, compared to (10,298) thousand HKD in the previous year[48] Governance and Shareholder Information - The group has adopted and complied with the corporate governance code as per the listing rules, with no significant deviations reported[138] - Major shareholders include Zhu Guohua with 29.89% and Wang Yichuan with 11.95% of the issued ordinary shares as of September 30, 2024[135] - The company has no issued potential dilutive ordinary shares as of September 30, 2024[100] Related Party Transactions and Credit Risk - Related party transactions included accounting fees received from related companies amounting to HKD 690,000, down from HKD 990,000 in the previous year[112] - The group maintains strict control over outstanding receivables to minimize credit risk, with overdue balances reviewed regularly by senior management[121] - The group has a maximum credit period ranging from 45 to 120 days for its customers, with new customers generally required to make advance payments[121] - The group has no significant concentration of credit risk as receivables are related to multiple customers[121] Fair Value Measurements - The fair value of financial assets and liabilities is measured based on the amount that would be exchanged in an arm's length transaction between willing parties[129] - The group has not transferred between Level 1 and Level 2 in fair value measurements, nor has there been any transfer into or out of Level 3 as of March 31, 2024[130]

Financial Performance - For the six months ended September 30, 2024, the company reported a loss attributable to owners of the company of HKD 13,787,000, compared to a loss of HKD 9,495,000 for the same period in 2023, representing a 45.5% increase in losses year-over-year [4]. - The company's revenue for the six months ended September 30, 2024, was HKD 7,096,000, a decrease from HKD 10,296,000 in the same period of 2023, indicating a decline of 30.6% [2]. - Basic loss per share for the period was HKD (1.58), compared to HKD (1.09) in the previous year, reflecting a worsening in per-share performance [6]. - Total comprehensive expenses for the period, after tax, amounted to HKD 13,802,000, up from HKD 9,219,000 in the prior year, marking a 49.5% increase [11]. - The group reported a loss before tax of HKD 13,787,000 for the six months ended September 30, 2024, compared to a loss of HKD 9,495,000 for the same period in 2023 [44]. Revenue Breakdown - Total revenue for the six months ended September 30, 2024, was HKD 7,096,000, a decrease of 30.8% compared to HKD 10,296,000 for the same period in 2023 [47]. - Revenue from sales of goods decreased to HKD 4,833,000 from HKD 7,859,000, representing a decline of 38.5% [52]. - Revenue from film distribution and commission income increased to HKD 2,023,000 from HKD 1,737,000, showing a growth of 16.5% [52]. - Revenue from external customers in Europe decreased to HKD 722,000 from HKD 3,010,000, a decline of 76.0% [47]. - Revenue from external customers in the Americas decreased to HKD 2,945,000 from HKD 3,708,000, a decline of 20.5% [47]. - Revenue from the eyewear business decreased to approximately HKD 4,800,000 for the six months ended September 30, 2024, down from HKD 7,900,000 in the same period last year, reflecting a strategic repositioning of the business [73]. - Revenue from the film business increased to HKD 2,000,000 for the current period, up from HKD 1,700,000 in the previous year, due to strategic decisions to focus resources on film investment projects [74]. - Rental income from property investments decreased to HKD 500,000 for the current period, down from HKD 700,000 in the same period last year, following the sale of several investment properties [75]. Assets and Liabilities - The company's non-current assets as of September 30, 2024, totaled HKD 53,843,000, slightly down from HKD 54,108,000 as of March 31, 2024 [14]. - Current liabilities increased to HKD 97,219,000 from HKD 71,874,000, indicating a significant rise of 35.2% [18]. - The net current liabilities as of September 30, 2024, were HKD (48,609,000), compared to HKD (35,072,000) in the previous period, showing a deterioration in liquidity [19]. - As of September 30, 2024, the group's cash and cash equivalents were approximately HKD 4,300,000, down from HKD 7,100,000 as of March 31, 2024, while short-term borrowings increased to HKD 42,900,000 from HKD 13,100,000 [83]. - The debt-to-equity ratio as of September 30, 2024, was approximately 30.8%, significantly up from 6.3% as of March 31, 2024 [83]. - The group is facing a current liability exceeding current assets by HKD 49,000,000 as of September 30, 2024, compared to HKD 34,200,000 as of March 31, 2024, prompting measures to alleviate liquidity pressure [83]. Strategic Initiatives - The company is implementing various measures to optimize its sales network and control costs to improve profitability and cash flow [25]. - The company is actively seeking alternative financing and bank loans to meet its existing financial obligations and future capital expenditures [25]. - The board believes that, with the planned measures, the company will have sufficient working capital for at least the next twelve months to meet its operational needs [27]. - The company is actively seeking further collaboration and investment opportunities with major film studios to expand its presence in the film industry, leveraging the recovery in the Hong Kong film sector supported by government policies [80]. - The company is establishing partnerships with cost-competitive suppliers in Southeast Asia to diversify its supply chain, although this transformation may impact short-term performance [79]. - The eyewear business is transitioning to a procurement and purchasing service provider to enhance flexibility and cost-effectiveness, facing challenges from a deteriorating macroeconomic environment, particularly in major markets like Europe and the US, where inflation has reduced consumer purchasing power [79]. Governance and Compliance - The group has not applied any new accounting standards that have been issued but not yet effective during the reporting period [29]. - The group’s total assets and liabilities analysis is not disclosed as there is no regular submission of such information to management [46]. - The company has adopted and complied with the corporate governance code as per the Hong Kong Stock Exchange's listing rules as of September 30, 2024 [84]. - The company has not purchased, redeemed, or sold any of its listed securities during the six months ending September 30, 2024 [86]. - The interim financial information for the six months ending September 30, 2024, has not been reviewed or audited by the company's auditors but has been reviewed by the audit committee [88]. Credit and Risk Management - Accounts receivable increased to HKD 7,878,000 as of September 30, 2024, compared to HKD 5,754,000 as of March 31, 2024, indicating a rise in credit sales [66]. - The company maintained strict control over its accounts receivable to minimize credit risk, with overdue balances regularly reviewed by senior management [66]. - The company has not recorded any revenue from debt and securities investment segments during both periods, indicating a cautious approach in volatile financial markets [77]. - The company has not generated any revenue from its energy business during the current period, consistent with the previous year [78]. - The company has not made any changes to its issued share capital during the six months ended September 30, 2024 [70]. - The company has no capital commitments for the purchase of properties, plants, and equipment as of September 30, 2024, and no contingent liabilities related to bank guarantees for its subsidiaries [81].

Climate and Sustainability - The Group has not been significantly impacted by extreme weather conditions during the reporting period due to established emergency plans[3]. - The Group expects that climate-related physical risks will not have a material impact on operations and financial performance in the short or medium term[3]. - The Group is committed to monitoring existing and emerging climate-related policies and regulations to manage transition risks[3]. - The Group emphasizes the importance of sustainability and efficient use of natural resources in its operations[1]. - The Group has set safety, security, and environmental goals to reduce waste and emissions[1]. - The Group will continue to invest in energy-efficient appliances and materials to enhance sustainability[22]. Corporate Governance - The Company has maintained high standards of corporate governance practices, complying with the Corporate Governance Code throughout the year ended March 31, 2024, with some deviations noted[45]. - The Company emphasizes transparency and accountability as key components of its corporate governance framework[45]. - The Company has established a risk management process to identify and assess significant risks[107]. - The Board has established a corporate governance function to review and monitor compliance with legal and regulatory requirements[122]. - The Company has implemented an anti-corruption policy to maintain a zero-tolerance stance against bribery and corruption[139]. - The Audit Committee reviews the effectiveness of the internal control and risk management systems annually[135]. - The Company has adopted a diversity policy for its Board to enhance performance and consider various factors such as gender, age, and professional experience[120]. Financial Performance - For the financial year ended March 31, 2024, the Group reported revenue of HK$23,989,000, a decrease from HK$38,451,000 in the previous year, representing a decline of approximately 37.5%[78]. - The loss for the year was HK$59,359,000, compared to a loss of HK$45,668,000 in the prior year, indicating an increase in losses of approximately 30%[78]. - The loss attributable to the owners of the Company was HK$59,359,000, while the previous year recorded a loss of HK$77,389,000 attributable to owners and HK$31,721,000 to non-controlling interests[78]. - The Group's financial performance over the last five years shows a significant decline in revenue from HK$66,246,000 in 2020 to HK$23,989,000 in 2024[78]. - The Company reported no reserves available for distribution or paying dividends to shareholders as of the reporting year, in accordance with Bermuda's Companies Act 1981[50]. - The Company has not declared any dividends for the year ended March 31, 2024, consistent with the previous year[151]. Board Composition and Diversity - The Company appointed Mr. Law, Michael Ka Ming and Ms. Lai Pik Chi Peggy as independent non-executive directors on May 10, 2024, ensuring compliance with Listing Rules 3.10(1) and 3.21[30]. - The Board's gender diversity target of having no less than 20% female directors was achieved with the appointment of Ms. Lai Pik Chi Peggy, following a recommendation from the Nomination Committee[37]. - The Board composition reflects a diverse mix of educational background, professional knowledge, and industry experience, although it initially lacked female representation until recent appointments[36]. - The Nomination Committee will continue to review the Board's composition to maintain diversity and meet future targets[37]. - The Company has arranged appropriate directors' liability insurance coverage for its Directors and officers throughout the year[175]. Employee Management and Remuneration - The Group treats all employees equally, ensuring that employment and remuneration are not affected by social identities[6]. - The Group provides competitive compensation and benefits to attract and retain talent[7]. - The Group adopts a five to six days workweek to ensure adequate rest for employees[8]. - The remuneration policy for Directors is aligned with market practices and is subject to shareholders' approval at general meetings[65]. - The emoluments of employees are determined based on individual performance and market pay levels, including basic salaries and discretionary bonuses[65]. - The Remuneration Committee held 2 meetings during the reporting year to review the remuneration packages of all directors and senior management[115]. Risk Management - The Group has established a risk management process to identify and assess significant risks[107]. - The risk management process includes risk identification, evaluation, management measures, and control and review[134]. - The management is tasked with monitoring risks and implementing measures to mitigate them in daily operations[181]. - The Audit Committee oversees the Control Systems and reviews management's performance regarding their effectiveness annually[181]. Shareholder Engagement - The annual general meeting serves as a channel for the Board to address shareholder concerns, with notices sent at least 21 days prior to the meeting[102]. - The Company confirms that there are no material uncertainties that may cast significant doubt on its ability to continue as a going concern[84]. - The Company has confirmed that no significant transactions involving directors or their related entities occurred during the year[110].

Financial Performance - For the fiscal year ending March 31, 2024, the company reported total revenue of HKD 23,989,000, an increase of 10.5% from HKD 21,704,000 in the previous year[3] - The cost of sales and services rose to HKD 19,115,000, up from HKD 15,335,000, resulting in a gross profit of HKD 4,874,000, down 23.4% from HKD 6,369,000[3] - Other income and gains significantly increased to HKD 13,338,000 from HKD 2,988,000, marking a growth of 346.5%[3] - The company reported a loss from continuing operations of HKD 59,359,000, compared to a loss of HKD 36,826,000 in the previous year, representing a 61.0% increase in losses[3] - The total comprehensive loss for the year was HKD 68,499,000, compared to HKD 46,190,000 in the previous year, indicating a 48.3% increase in comprehensive losses[5] - The company reported a basic loss per share of HKD 6.80 for continuing operations, compared to HKD 4.22 in the previous year, indicating a 61.0% increase in loss per share[4] - The group reported a net loss of approximately HKD 59,359,000 for the year ending March 31, 2024, compared to a net loss of HKD 45,668,000 for the previous year[13] - The company reported a pre-tax loss of HKD 59,359,000 for the year ended March 31, 2024, compared to a pre-tax loss of HKD 36,826,000 for the previous year, indicating a deterioration in financial performance[35] Assets and Liabilities - The company's net assets decreased to HKD 17,903,000 from HKD 86,402,000, reflecting a decline of 79.2%[8] - Current liabilities increased to HKD 72,784,000 from HKD 60,292,000, representing a rise of 20.5%[7] - As of March 31, 2024, current liabilities exceeded current assets by approximately HKD 35,072,000[13] - Total assets as of March 31, 2024, amounted to HKD 91,820,000, a decrease from HKD 148,350,000 reported in the previous year[35] - The company reported a total liability of HKD 73,917,000 as of March 31, 2024, compared to HKD 61,948,000 in the previous year, indicating an increase in financial obligations[35] - The total borrowings of the group as of March 31, 2024, were HKD 13,100,000, compared to zero in 2023, resulting in a debt-to-asset ratio of 14.3%[83] - Current liabilities exceeded current assets by HKD 35,100,000 as of March 31, 2024, an increase from HKD 2,800,000 in 2023[83] Operational Changes - The company has ceased operations in its previous business segment after selling its subsidiary, which primarily engaged in the manufacturing and trading of eyewear[11] - The group is implementing various measures, including optimizing its sales network and effective cost control, to improve profitability and operating cash flow[13] - The company plans to continue focusing on market expansion and new product development to enhance revenue streams in the upcoming fiscal year[38] - The company is implementing a long-term strategy to diversify its supply chain, seeking partnerships with reliable suppliers in Southeast Asia[77] Revenue Breakdown - Revenue from external customers in Europe increased to HKD 5,809,000 in 2024 from HKD 4,237,000 in 2023, reflecting a growth of approximately 37.2%[38] - Revenue from external customers in the Americas rose to HKD 5,044,000 in 2024, up from HKD 2,691,000 in 2023, marking an increase of approximately 87.7%[38] - Revenue from sales of goods at a specific point in time was HKD 12,907,000 for 2024, compared to HKD 7,773,000 in 2023, indicating a significant growth of approximately 65.5%[43] - Revenue from film distribution agency and commission income decreased to HKD 3,260,000 in 2024 from HKD 12,598,000 in 2023, a decline of about 74.1%[43] - Revenue from the eyewear segment increased from HKD 7,800,000 to HKD 12,900,000, but the segment incurred a loss of HKD 7,500,000 compared to a profit of HKD 2,600,000 in the previous year[71] - The film investment and distribution segment's revenue decreased from HKD 12,600,000 to HKD 9,700,000, with losses narrowing to HKD 4,300,000 from HKD 8,400,000[72] - Rental income from property investment remained stable at HKD 1,400,000, up from HKD 1,300,000 in the previous year[73] Impairment and Losses - The company recognized an impairment loss of HKD 5,111,000 related to investments in associates during the year ended March 31, 2024[34] - The company confirmed impairment losses on prepayments and deposits of HKD 24,200,000, significantly increasing losses in the debt and securities investment segment[75] - Impairment losses recognized for deposits paid for equity investments amounted to HKD 11,450,000 during the year[64] - The impairment loss on investments in associates was HKD 5,111,000 for 2024, down from HKD 9,648,000 in 2023, reflecting a decrease of approximately 47.1%[44] Employee and Operational Costs - The company’s employee benefits expenses, including director remuneration, rose to HKD 13,110,000 in 2024 from HKD 8,379,000 in 2023, an increase of approximately 56.5%[47] - The company incurred financial expenses of HKD 599,000 in 2024, an increase from HKD 452,000 in 2023, representing an increase of about 32.6%[45] Governance and Compliance - The independent auditor's report expressed a qualified opinion regarding the recoverability of certain deposits and investments[63] - The audit committee, composed of three independent non-executive directors, reviewed the financial statements and confirmed their compliance with applicable accounting standards[92] - The company has outsourced its internal audit function to an independent professional firm to assess risk management and internal control adequacy[88] - The company failed to meet certain listing rules regarding the composition of the board and audit committee but has since rectified this situation[90] Shareholder Information - The company has not declared any dividends for the year ending March 31, 2024, consistent with the previous year[11] - The board did not recommend any dividends for the current year, consistent with the previous year[86] - The annual report for 2023 to 2024 will be sent to shareholders and published on the stock exchange and company websites[96]