FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年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: 信星鞋業集團有限公司（於百慕達註冊成立之有限公司） 呈交日期: 2025年9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) | 01170 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | 本月底 ...

KINGMAKER FOOTWEAR HOLDINGS LIMITED 信星鞋業集團有限公司* 第三次經修訂及重列 公司細則 （經於二零二五年八月二十八日舉行之股東週年大會上通過的特別決議案獲採納） 附註： 本公司細則中英文版本如有歧義或不一致，概以英文版本為準。 * 僅供識別 索引 | 標題 | 細則編號 | | --- | --- | | 釋義 | 1-2 | | 股本 | 3 | | 更改股本 | 4-7 | | 股份權利 | 8-9 | | 修訂權利 | 10-11 | | 股份 | 12-15 | | 股票 | 16-21 | | 留置權 | 22-24 | | 催繳股款 | 25-33 | | 沒收股份 | 34-42 | | 股東名冊 | 43-44 | | 記錄日期 | 45 | | 股份轉讓 | 46-51 | | 股份傳轉 | 52-54 | | 無法找到之股東 | 55 | | 股東大會 | 56-58 | | 股東大會通告 | 59-60A | | 股東大會議事程序 | 61-65 | | 投票權 | 66-77 | | 受委代表 | 78-83 | | 由代表代理之法團 | 84 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告 之內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不 就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之任何損失承 擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：01170） 於二零二五年八月二十八日（星期四）舉行之 股東週年大會之投票結果 茲提述信星鞋業集團有限公司（「本公司」）日期均為二零二五年七月十七日之 通函（「該通函」）及股東週年大會（「股東週年大會」，本公司將於二零二五年八 月二十八日舉行）通告（「該通告」）。除文義另有所指外，本公告所用詞彙與該 通函所界定者具有相同涵義。 * 僅供識別 1 股東週年大會之投票結果 本公司董事（「董事」）會（「董事會」）欣然宣佈，載於該通告之所有提呈決議案 已於股東週年大會上以投票方式正式通過。股東週年大會之投票結果詳情如 下： | | 普通決議案 | 票數(%) | 附註 | | --- | --- | --- | --- | | | | 贊成 | 反對 | | 1. | 省覽及考慮本公司及其附屬公司截至二零 | 413,801,099 | 0 | | | 二 ...

Core Viewpoint - Xinxing Group (01170.HK) reported an increase in orders for the first quarter ending March 31, 2026, primarily due to brand clients accelerating shipments during a 90-day tariff grace period, with growth driven by the more competitive cost structure of its Cambodia factory [1] Group Performance - The company estimates a revenue increase of approximately 7.9% for the first quarter of the 2026 fiscal year compared to the same period last year [1] Strategic Response - In light of the short-term uncertainties related to tariffs, the company remains vigilant, prioritizing financial health and business resilience [1] - The company is actively engaging with brand clients regarding product development and procurement plans [1] Operational Preparedness - The company possesses a robust production platform, ready to respond to potential new orders, and is actively strengthening its preparedness for market recovery [1] Long-term Outlook - The company maintains a positive outlook for long-term growth and development [1]

Core Viewpoint - The company, Xinxing Group, reported an increase in orders for the first quarter ending March 31, 2026, primarily due to brand clients accelerating shipments during a 90-day tariff grace period, with growth driven by a more competitive cost structure in its Cambodia facilities [1] Group 1: Financial Performance - The company estimates a revenue increase of approximately 7.9% for the first quarter of the 2026 fiscal year compared to the same period last year, based on unaudited management accounts [1] Group 2: Strategic Outlook - The company remains vigilant in the face of short-term uncertainties related to tariffs, prioritizing financial health and business resilience [1] - The company is actively engaging with brand clients regarding product development and procurement plans, indicating a proactive approach to market demands [1] - The company has a robust production platform ready to respond to potential new orders and is preparing for market recovery, maintaining a positive outlook for long-term growth and development [1]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」對本公告之內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就本公告全部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：01170） 內幕消息 業務更新 本公告乃信星鞋業集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據聯 交所證券上市規則（「上市規則」）第13.09(2)條及證券及期貨條例（香港法例第571章） 第XIVA部項下之內幕消息條文（定義見上市規則）作出。 在關稅相關的短期不確定環境下，本集團時刻保持警覺，並以財務健康和業務韌性 為優先考量。本集團正積極與品牌客戶就產品開發和採購計劃進行討論。本集團擁 有精良的生產平台，已備妥對潛在新訂單的應對能力，並積極鞏固對市場復甦的準 備。前瞻未來，本集團對長期增長和發展保持正面展望。 董事會將在適當時候向本公司股東及潛在投資者提供最新資料。 本公告所載資料僅為董事會依據管理賬目及現時可得資料的初步評估，可予敲定及 調整且並未經本公司核數師審核或審閱。本集團於二零二六財政年度上半年的財務 業績詳情將在截至二零 ...

Group 1 - DJE Investment S.A. reduced its stake in 信星集团 (Xinxing Group) by 268,000 shares at a price of HKD 0.55 per share, totaling HKD 147,400 [1] - After the reduction, DJE Investment S.A. holds 40,128,000 shares, representing a 5.97% ownership stake [1] - The transaction involved other related parties: DJE Kapital AG and Ehrhardt Dr. Jens Alfred Karl [1]

Group 1 - DJE Investment S.A. reduced its stake in 信星集团 (Xinxing Group) by 268,000 shares at a price of HKD 0.55 per share, totaling HKD 147,400 [1] - After the reduction, DJE Investment S.A. holds 40.128 million shares, representing a 5.97% ownership in the company [1] - The transaction involves other related parties, including DJE Kapital AG and Ehrhardt Dr. Jens Alfred Karl [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 信星鞋業集團有限公司（於百慕達註冊成立之有限公司） II. 已發行股份及/或庫存股份變動 | 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) | 01170 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 671,607,445 | | 0 | | 671,607,445 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 671,607,445 | | 0 | | 671,607,445 | 第 2 頁 共 11 頁 v 1.1.1 呈交日期: 2025年8月1日 I. 法定/註冊股本變 ...

[Financial Highlights](index=4&type=section&id=Financial%20Highlights) In FY2025, the company's performance significantly declined, with total revenue decreasing by 9.2% to HK$626 million, turning a profit of HK$20.22 million into a loss of HK$33.89 million, and gross margin shifting from 4.2% to -1.8% [Financial Highlights Summary](index=4&type=section&id=Financial%20Highlights_Summary) In FY2025, the company's performance significantly declined, with total revenue decreasing by 9.2% to HK$626 million, turning a profit of HK$20.22 million into a loss of HK$33.89 million, and gross margin shifting from 4.2% to -1.8% Key Financial Indicators for FY2025 | Indicator | FY2025 | FY2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | HKD 625.9 million | HKD 689.3 million | -9.2% | | **Gross Profit/(Loss)** | (HKD 11.38 million) | HKD 29.11 million | N/A | | **Gross Profit/(Loss) Margin** | (1.8)% | 4.2% | -6.0 percentage points | | **Profit/(Loss) Attributable to Equity Holders** | (HKD 33.89 million) | HKD 20.22 million | N/A | | **Basic Earnings/(Loss) Per Share** | (5.05) HK cents | 3.00 HK cents | N/A | | **Total Dividends Per Share for the Year** | 4.0 HK cents | 9.0 HK cents | -55.6% | - As of the end of FY2025, the company held cash and cash equivalents of approximately **HK$353 million**[11](index=11&type=chunk) - In terms of geographical distribution, Europe's revenue contribution increased from 26.4% to **35.2%** in FY2025, becoming the largest market, while the US market share decreased from 26.5% to **24.4%**[21](index=21&type=chunk)[25](index=25&type=chunk) [Chairman's Statement](index=6&type=section&id=Chairman%27s%20Statement) The Chairman's Statement addresses global economic uncertainties, strategic responses, and future outlook, emphasizing resilience and sustainable growth [Macroeconomic Discussion and Outlook](index=8&type=section&id=Chairman%27s%20Statement_Macroeconomic_Discussion) The global economic outlook remains highly uncertain due to US tariff policies, geopolitical risks, and low market sentiment, leading to volatile retail stocking and increased costs - Global economic visibility has decreased from low to extremely limited, with US tariff policies and geopolitical uncertainties creating significant variables for retail and manufacturing industries[34](index=34&type=chunk) - Brand customers are increasingly adopting short lead-time, small-batch order patterns, which will reduce manufacturing efficiency and increase production costs[36](index=36&type=chunk) - In the short term, the 90-day tariff reprieve stimulated inventory replenishment by retailers, leading to order growth for the group in Q1 FY2026, primarily from the more cost-competitive Cambodian factory[37](index=37&type=chunk)[38](index=38&type=chunk) [Strategies and Prospects](index=8&type=section&id=Chairman%27s%20Statement_Strategies) The group focuses on six key strategies including customer development, capacity optimization, operational excellence, cost control, talent development, and financial stability with ESG integration - The company will prioritize six strategic action plans to adapt to the rapidly changing operating environment[45](index=45&type=chunk) - Expertise in high-value athletic and fashion footwear is central to the company's value growth strategy, with continuous investment in labor skills and production equipment upgrades[43](index=43&type=chunk) - There are no immediate plans for factory expansion; instead, the focus will be on optimizing the utilization of existing facilities in Vietnam and Cambodia to enhance economies of scale[47](index=47&type=chunk)[48](index=48&type=chunk) - Cost inflation pressure will be mitigated through lean manufacturing, automation processes, and stringent cost control to maintain competitive advantage amidst market adversity[53](index=53&type=chunk) - Financial strength is the foundation of business resilience, with continued strict control over cash flow and capital expenditure, while integrating sustainability (ESG) as a core pillar of operations[61](index=61&type=chunk)[62](index=62&type=chunk) [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed review of the group's financial performance, operational highlights, and financial position for the fiscal year [Financial Results](index=15&type=section&id=Management%20Discussion%20and%20Analysis_Financial_Results) The group faced significant challenges this fiscal year, with revenue declining 9.2% to HK$626 million and a net loss of HK$34 million, primarily due to reduced sales volume, lower average selling prices, and increased labor costs Financial Results Summary | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | **Turnover** | HKD 626 million | HKD 689 million | | **Gross Loss/Profit** | (HKD 11 million) | HKD 29 million | | **Net Loss/Profit** | (HKD 34 million) | HKD 20 million | | **Basic Loss/Earnings Per Share** | (5.05) HK cents | 3.00 HK cents | - Performance decline was primarily attributed to: - Reduced economies of scale due to lower revenue - Increased labor wages, with direct labor costs rising from **19.3% to 27.1%** of revenue[93](index=93&type=chunk) - Lower average selling prices due to sluggish retail market conditions[94](index=94&type=chunk) - Expanded fair value loss from investment property revaluation to approximately **HK$16 million**[93](index=93&type=chunk) Key Financial Ratios | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | **Inventory Turnover Days** | 95 days | 109 days | | **Net Cash on Hand** | HKD 353 million | HKD 416 million | | **Gearing Ratio** | 0% | 0% | | **Current Ratio** | 2.7 | 3.2 | | **Quick Ratio** | 2.3 | 2.8 | [Operational Review](index=18&type=section&id=Management%20Discussion%20and%20Analysis_Operational_Review) The group navigated a challenging year with weak demand and rising costs, maintaining skilled labor, expanding customer base, and optimizing manufacturing operations while benefiting from stable investment property income - To address macroeconomic challenges, the group maintained stability in its skilled labor force while actively developing new customers, adding **three new European fashion and athletic brands** this year[103](index=103&type=chunk)[104](index=104&type=chunk)[106](index=106&type=chunk) [Manufacturing Operations](index=19&type=section&id=Management%20Discussion%20and%20Analysis_Operational_Review_Manufacturing) The group operates 21 production lines in Vietnam and Cambodia with an annual capacity of approximately 7 million pairs of shoes, utilizing 55.7% of capacity this year, while diversifying market presence with Europe becoming the largest market Production and Market Distribution | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | **Number of Production Lines** | 21 lines | - | | **Annual Production Capacity** | Approx. 7 million pairs | - | | **Capacity Utilization Rate** | 55.7% | 57.5% | | **US Market Revenue Share** | 24.4% | 26.5% | | **Europe Market Revenue Share** | 35.2% | 26.4% | | **Other Markets Revenue Share** | 40.4% | 47.1% | Product Category Revenue Contribution | Product Category | FY2025 Share | FY2024 Share | | :--- | :--- | :--- | | **Casual Footwear** | 75.9% | 78.6% | | **Premium Casual Footwear** | 16.8% | 15.2% | | **Infant and Toddler Footwear** | 7.3% | 6.2% | [Investments in Associates](index=21&type=section&id=Management%20Discussion%20and%20Analysis_Operational_Review_Associates) The 40%-owned associate in Vietnam, producing footwear for leading brands, saw increased turnover to HK$1.339 billion but a slight decrease in profit contribution due to higher R&D and trial production costs Associate Performance Contribution | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | **Associate Turnover** | Approx. HKD 1.339 billion | Approx. HKD 1.024 billion | | **Group's Share of Profit** | Approx. HKD 23 million | Approx. HKD 24 million | - The associate anticipates strong orders and plans to expand capacity in phases over the next two to three years, with capital expenditures primarily funded by internal resources[131](index=131&type=chunk) [Investment Properties](index=22&type=section&id=Management%20Discussion%20and%20Analysis_Operational_Review_Investment_Properties) The investment property portfolio generated stable rental income of approximately HK$26 million this year, slightly down from the previous year, with successful leasing of the Zhuhai plant - This year, the investment property portfolio generated total rental income of approximately **HK$26 million**, a decrease from HK$28 million in FY2024[135](index=135&type=chunk) [Financial Review](index=23&type=section&id=Management%20Discussion%20and%20Analysis_Financial_Review) The group maintains a robust financial position with HK$353 million in cash and no interest-bearing bank borrowings, supported by strong liquidity ratios and share repurchases to enhance shareholder value Liquidity and Financial Resources | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Cash and Cash Equivalents** | Approx. HKD 353 million | Approx. HKD 416 million | | **Interest-Bearing Bank Borrowings** | None | None | | **Gearing Ratio** | 0% | 0% | | **Current Ratio** | 2.7 | 3.2 | Share Repurchase Details | Period | Shares Repurchased | Total Consideration (Excl. Transaction Costs) | | :--- | :--- | :--- | | April 2024 | 3,222,000 | HKD 2.655 million | | January 2025 | 204,000 | HKD 0.129 million | | February 2025 | 4,036,000 | HKD 3.173 million | | March 2025 | 1,462,000 | HKD 1.208 million | | **Total** | **8,924,000** | **HKD 7.165 million** | - As of March 31, 2025, the group had approximately **6,400 employees**, with remuneration policies based on market levels and individual performance, complemented by share option and share award schemes[160](index=160&type=chunk) [Environmental, Social and Governance Report](index=26&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) This report details the group's commitment to sustainability, outlining its governance structure, social performance, and environmental initiatives [ESG Governance and Strategy](index=29&type=section&id=ESG_Governance_and_Strategy) The group has established a multi-tiered ESG governance structure, from the Board to working groups, and identified 16 key ESG issues through materiality assessment to guide its sustainability strategy - The group has established a top-down ESG governance structure, with the Board bearing ultimate responsibility, supported by a Sustainability Committee and working groups, ensuring ESG factors are integrated into strategic decisions[175](index=175&type=chunk)[178](index=178&type=chunk)[181](index=181&type=chunk) - Through materiality assessment, the group identified **16 key ESG issues**, with "Energy Consumption," "Packaging Materials," "Health and Safety," and "Development and Training" deemed the most significant to stakeholders and the company[194](index=194&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk) [Social Performance](index=35&type=section&id=ESG_Social_Performance) The group employs 6,050 staff across Vietnam and Cambodia, adheres to labor laws, provides training, manages 304 suppliers, and contributes to the community, while reporting 18 work-related injuries this year Workforce Statistics (As of March 31, 2025) | Category | 2024/25 Period | 2023/24 Period | | :--- | :--- | :--- | | **Total Employees** | 6,050 | 6,100 | | **Female Employee Ratio** | 78.1% | 80.3% | | **Vietnam Employee Ratio** | 51.4% | 49.2% | | **Cambodia Employee Ratio** | 48.6% | 50.8% | | **Total Employee Turnover Rate** | 13% | 13% | Health and Safety Data | Indicator | 2024/25 Period | 2023/24 Period | | :--- | :--- | :--- | | **Number of Work Injuries** | 18 | 19 | | **Lost Workdays** | 163 | 54 | Employee Training Data (2024/25 Period) | Category | Percentage of Employees Trained | Average Training Hours Per Employee | | :--- | :--- | :--- | | **Total** | 53.6% | 24.3 hours | | **Male** | 24.5% | 13.4 hours | | **Female** | 75.5% | 12.9 hours | - This year, the group donated **HK$162,000** to the community to fulfill its social responsibilities[283](index=283&type=chunk)[287](index=287&type=chunk) [Environmental Performance](index=52&type=section&id=ESG_Environmental_Performance) The group's total GHG emissions increased to 7,899.6 tonnes CO2e, energy consumption rose by 24%, and water usage by 12%, but hazardous and non-hazardous waste generation significantly decreased by 39.6% and 24.1% respectively Greenhouse Gas Emissions (tonnes of CO2e) | Scope | 2024/25 Period | 2023/24 Period | | :--- | :--- | :--- | | **Scope 1 (Direct)** | 166.8 | 153.4 | | **Scope 2 (Indirect - Electricity)** | 7,293.3 | 6,584.0 | | **Scope 3 (Other Indirect)** | 439.5 | 24.5 | | **Total Emissions** | 7,899.6 | 6,761.9 | Resource Consumption and Waste Generation | Indicator | Unit | 2024/25 Period | 2023/24 Period | Change | | :--- | :--- | :--- | :--- | :--- | | **Total Energy Consumption** | kWh | 14,781,110.6 | 11,965,023.7 | +23.5% | | **Total Water Consumption** | Cubic Meters | 338,166.0 | 301,431.0 | +12.2% | | **Hazardous Waste** | kg | 57,683.5 | 95,536.5 | -39.6% | | **Non-Hazardous Waste** | kg | 540,447.9 | 712,170.4 | -24.1% | - The group identified physical risks from climate change (e.g., extreme weather leading to supply chain disruptions) and transition risks (e.g., increased costs due to climate regulation changes), and has developed corresponding response strategies[364](index=364&type=chunk)[366](index=366&type=chunk)[368](index=368&type=chunk) [Corporate Governance Report](index=101&type=section&id=Corporate%20Governance%20Report) This report details the company's adherence to high corporate governance standards, including board structure, committee functions, and risk management practices [Corporate Governance Practices](index=102&type=section&id=Corporate_Governance_Practices) The company maintained high corporate governance standards, fully complying with the HKEx Listing Rules' Corporate Governance Code throughout the review period, with the Audit Committee overseeing governance responsibilities - The company applied and complied with all code provisions of the Corporate Governance Code throughout the entire review period[426](index=426&type=chunk) - The company has adopted a code of conduct for directors' securities transactions that does not deviate from the Model Code, and all directors have confirmed compliance upon inquiry[427](index=427&type=chunk) [Board of Directors](index=104&type=section&id=Board_of_Directors) The Board comprises 9 members, including 3 executive, 3 non-executive, and 3 independent non-executive directors, ensuring clear responsibilities, independent oversight, and continuous professional development - The Board consists of **9 members**, including **3 executive directors**, **3 non-executive directors**, and **3 independent non-executive directors**, meeting the Listing Rules' requirements for the number of independent non-executive directors[430](index=430&type=chunk)[432](index=432&type=chunk)[433](index=433&type=chunk)[434](index=434&type=chunk) - The roles of Chairman (Ms. Wong Sau Ngan) and Chief Executive Officer (Mr. Chan Yik Mo) are separate, with clearly defined responsibilities, in compliance with Corporate Governance Code provision C.2.1[434](index=434&type=chunk) - All directors participate in continuous professional development, and newly appointed independent non-executive director Mr. Lo Ka Kin has received legal training on the responsibilities of listed company directors[452](index=452&type=chunk)[454](index=454&type=chunk) [Board Committees](index=110&type=section&id=Board_Committees) The company has established Remuneration, Nomination, and Audit Committees to assist the Board in overseeing executive compensation, board composition and diversity, and financial reporting and internal controls, respectively - The Remuneration Committee comprises **1 executive director** and **3 independent non-executive directors**, responsible for reviewing and approving remuneration packages for directors and senior management, including share options and share awards[467](index=467&type=chunk)[468](index=468&type=chunk)[472](index=472&type=chunk) - The Nomination Committee is responsible for reviewing the Board's structure, size, and composition, and has adopted a Board Diversity Policy and Nomination Policy to ensure a balanced mix of skills and experience on the Board[478](index=478&type=chunk)[479](index=479&type=chunk)[486](index=486&type=chunk) - The Audit Committee consists of **1 non-executive director** and **3 independent non-executive directors**, responsible for reviewing financial statements, internal control systems, and fulfilling corporate governance duties[499](index=499&type=chunk)[500](index=500&type=chunk)[503](index=503&type=chunk) [Risk Management and Internal Controls](index=118&type=section&id=Risk_Management_and_Internal_Controls) The Board is responsible for maintaining robust risk management and internal control systems, reviewed annually, employing a 'three lines of defense' framework to address key risks like global economic uncertainty and rising operational costs - The group adopts a "three lines of defense" corporate governance structure, including daily monitoring by operational management, risk oversight by the finance and compliance team, and independent internal audit by external professional institutions[532](index=532&type=chunk) Key Risk Identification | Risk Area | Primary Risks | | :--- | :--- | | **Strategic Risk** | Increasingly uncertain global economic outlook | | **Operational Risk** | Increased operational cost pressure | | **Financial Risk** | No significant risks identified | | **Compliance Risk** | No significant risks identified | - The Board, through the Audit Committee, conducted an annual review of the risk management and internal control systems and deemed them effective and adequate for FY2025[518](index=518&type=chunk)[539](index=539&type=chunk) [Report of the Directors](index=143&type=section&id=Report%20of%20the%20Directors) This report provides an overview of the group's business activities, financial position, and corporate affairs for the fiscal year, including share repurchases and significant customer concentration [Business Overview and Financial Review](index=144&type=section&id=Directors_Report_Overview) The report details the group's footwear manufacturing and property investment activities, noting a loss for the year, a proposed special final dividend, share repurchases, and high customer concentration with 91.8% of sales from the top five clients - The Board recommends a special final dividend of **2.0 HK cents per share**, bringing the total annual dividend to **4.0 HK cents per share** when combined with the interim dividend already paid[617](index=617&type=chunk) - During the year, sales to the **top five customers accounted for 91.8%** of total sales, with the largest customer contributing as much as **71.5%**, indicating significant customer concentration risk[642](index=642&type=chunk) Annual Share Repurchase Summary | Period | Shares Repurchased | Total Consideration (HKD thousand) | | :--- | :--- | :--- | | April 2024 | 3,222,000 | 2,655 | | January 2025 | 204,000 | 129 | | February 2025 | 4,036,000 | 3,173 | | March 2025 | 1,462,000 | 1,208 | | **Total** | **8,924,000** | **7,165** | [Directors' and Chief Executives' Interests in Shares](index=152&type=section&id=Directors%27%20and%20Chief%20Executives%27%20Interests%20in%20Shares) As of March 31, 2025, the Chairman, Ms. Wong Sau Ngan, held 39.37% of the company's shares, with King Strike Limited as a major shareholder, and all disclosures comply with SFO requirements - The Chairman of the Board, Ms. Wong Sau Ngan, held a total of **264,460,041 shares**, representing **39.37%** of the issued shares, through personal holdings and controlled corporations, including King Strike Limited[667](index=667&type=chunk)[669](index=669&type=chunk) - King Strike Limited, as a substantial shareholder, held **263,960,041 shares**, representing **39.29%** of the company's issued share capital[687](index=687&type=chunk) - Other than the disclosed information, no other interests or short positions in shares, underlying shares, or debentures were required to be recorded by the company's directors and substantial shareholders under the Securities and Futures Ordinance[673](index=673&type=chunk)[689](index=689&type=chunk) [Audited Financial Statements](index=157&type=section&id=Audited%20Financial%20Statements) This section presents the group's audited financial statements, including the independent auditor's report, consolidated statements, and detailed notes, providing a comprehensive view of financial performance and position [Independent Auditor's Report](index=157&type=section&id=Independent_Auditor's_Report) Ernst & Young issued an unmodified opinion on the consolidated financial statements for the year ended March 31, 2025, highlighting key audit matters such as investment property fair value, tax provisions, and non-financial asset impairment assessments - The auditor believes that the consolidated financial statements truly and fairly reflect the group's financial position and performance in accordance with Hong Kong Financial Reporting Standards, and have been properly prepared[698](index=698&type=chunk) - Key audit matters include: - **Estimation of fair value of investment properties**: Involves judgments highly dependent on estimates and assumptions regarding rental values and market yields[701](index=701&type=chunk)[706](index=706&type=chunk) - **Taxation**: The determination of tax provisions involves complex judgments due to the group's operations across multiple tax jurisdictions[712](index=712&type=chunk) - **Impairment assessment of non-financial assets**: The assessment of recoverable amounts for property, plant, and equipment and right-of-use assets involves significant judgments on future cash flows, growth rates, and discount rates[719](index=719&type=chunk) [Consolidated Financial Statements](index=166&type=section&id=Consolidated_Financial_Statements) As of March 31, 2025, the group reported total assets of HK$1.394 billion, total liabilities of HK$323 million, and total equity of HK$1.072 billion, with a net loss attributable to equity holders of HK$33.89 million [Consolidated Statement of Profit or Loss](index=166&type=section&id=Consolidated_Statement_of_Profit_or_Loss) For the year, the group reported revenue of HK$625.9 million, a gross loss of HK$11.38 million, and a loss attributable to equity holders of HK$33.89 million, primarily due to sales costs exceeding revenue and other expenses Consolidated Statement of Profit or Loss Summary (HKD thousand) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | **Revenue** | 625,876 | 689,269 | | **Gross Profit/(Loss)** | (11,384) | 29,106 | | **Profit/(Loss) Before Tax** | (44,424) | 12,622 | | **Profit/(Loss) for the Year Attributable to Owners of the Company** | (33,890) | 20,221 | [Consolidated Statement of Financial Position](index=168&type=section&id=Consolidated_Statement_of_Financial_Position) As of March 31, 2025, total assets were HK$1.394 billion, with non-current assets at HK$778 million (including HK$467 million in investment properties), total liabilities at HK$323 million, and net assets of HK$1.072 billion, indicating strong short-term solvency Consolidated Statement of Financial Position Summary (HKD thousand) | Item | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Total Non-Current Assets** | 778,213 | 788,325 | | **Total Current Assets** | 616,004 | 721,120 | | **Total Assets** | **1,394,217** | **1,509,445** | | **Total Current Liabilities** | 225,904 | 226,197 | | **Total Non-Current Liabilities** | 96,728 | 97,648 | | **Total Liabilities** | **322,632** | **323,845** | | **Total Equity** | **1,071,585** | **1,185,600** | [Consolidated Statement of Cash Flows](index=172&type=section&id=Consolidated_Statement_of_Cash_Flows) Net cash from operating activities significantly decreased to HK$4.03 million, while investing activities generated HK$67.35 million, and financing activities resulted in a net outflow of HK$75.14 million, leading to a net decrease in cash and cash equivalents of HK$3.76 million Consolidated Statement of Cash Flows Summary (HKD thousand) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | **Net Cash Flows from Operating Activities** | 4,031 | 45,041 | | **Net Cash Flows from Investing Activities** | 67,354 | 2,907 | | **Net Cash Flows Used in Financing Activities** | (75,141) | (28,816) | | **Net Increase/(Decrease) in Cash and Cash Equivalents** | (3,756) | 19,132 | [Notes to Financial Statements](index=175&type=section&id=Notes%20to%20Financial%20Statements) The notes provide detailed explanations of the financial statements' basis of preparation, accounting policies, key judgments, and estimates, with in-depth analysis of segment information, revenue, investment property valuation, and receivables - **Segment Information**: The group operates in two main segments: "Manufacturing and Sales of Footwear Products" and "Property Investment," with footwear contributing the vast majority of revenue but incurring a loss, while property investment provides stable rental income and profit[968](index=968&type=chunk)[972](index=972&type=chunk) - **Investment Properties**: As of March 31, 2025, investment properties had a fair value of **HK$467 million**, with a revaluation fair value loss of **HK$15.57 million** recorded for the year[1068](index=1068&type=chunk) - **Trade Receivables**: Net trade receivables decreased from HK$167 million to **HK$112 million**, with the vast majority of balances aged within 90 days, indicating good collection performance[1091](index=1091&type=chunk)[1094](index=1094&type=chunk)