SUCCESS DRAGON(01182)

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胜龙国际(01182) - 2025 - 年度财报
2025-07-24 08:33
[Statement from the Board of Directors](index=5&type=section&id=Statement%20from%20the%20Board%20of%20Directors) [Statement from the Board of Directors](index=5&type=section&id=Statement%20from%20the%20Board%20of%20Directors) The Board Chairman reviewed and provided an outlook on the company's performance for the fiscal year ended March 31, 2025, anticipating geopolitical risks and tariff wars to support gold prices, with central bank demand as a key driver, while the company focuses on its core gold processing business and explores other investment opportunities to maximize shareholder value - Looking ahead, geopolitical risks, tariff wars, and persistent inflation are expected to continue driving demand for gold as a safe-haven asset, with prices anticipated to reach new highs, primarily propelled by central bank demand[10](index=10&type=chunk)[13](index=13&type=chunk) - The Group's core strategy is to consolidate and develop its gold processing business, leveraging existing experience and expertise to capture market opportunities while actively exploring other investment avenues to diversify revenue streams and maximize shareholder value[11](index=11&type=chunk)[13](index=13&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) [FINANCIAL REVIEW](index=6&type=section&id=FINANCIAL%20REVIEW) In FY2025, the Group's total revenue significantly decreased by 70.4% to **HKD 125 million**, primarily due to reduced gold ore processing in Henan caused by supplier mine infrastructure construction, yet gross margin improved from 8.8% to 24.5% due to high-grade gold-bearing carbon supply, higher-margin business mix, and rising gold prices, leading to a net profit increase to **HKD 8.5 million** Key Financial Indicators for FY2025 | Indicator | FY2025 (Million HKD) | FY2024 (Million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | 125.2 | 422.7 | -70.4% | | **Cost of Sales** | 94.5 | 385.5 | -75.5% | | **Gross Profit** | 30.7 | 37.2 | -17.5% | | **Gross Margin** | 24.5% | 8.8% | +15.7pp | | **Profit for the Year** | 8.5 | 6.2 | +37.1% | - Revenue from gold-bearing carbon processing decreased from **HKD 153.8 million** to **HKD 108.2 million**, primarily because the company chose to stockpile gold bars for future sale at higher prices[17](index=17&type=chunk) - Revenue from gold ore processing plummeted from **HKD 268.9 million** to **HKD 17 million**, due to insufficient gold ore supply and reduced output caused by infrastructure construction at two supplier mine sites in Henan[18](index=18&type=chunk) [LIQUIDITY, FINANCIAL RESOURCES AND FOREIGN CURRENCY EXPOSURE](index=8&type=section&id=LIQUIDITY%2C%20FINANCIAL%20RESOURCES%20AND%20FOREIGN%20CURRENCY%20EXPOSURE) As of March 31, 2025, the Group maintained healthy liquidity with a current ratio of **1.9 times**, while inventory significantly increased to **HKD 92 million** due to gold ingot stockpiling in Yunnan and business recovery in Henan, with zero gearing ratio indicating no borrowings, and directors believe sufficient working capital is available for the next 12 months' financial obligations Liquidity Indicators (As of March 31) | Indicator | 2025 (Million HKD) | 2024 (Million HKD) | | :--- | :--- | :--- | | Current Assets | 189.4 | 193.6 | | - Cash and Cash Equivalents | 73.0 | 79.8 | | - Inventories | 92.0 | 12.8 | | Current Liabilities | 99.8 | 85.9 | | **Current Ratio** | **1.9 times** | **2.3 times** | | **Net Current Assets** | **89.5** | **107.7** | - The Group's gearing ratio (total borrowings/total equity) is **zero**, indicating the company has no bank loans or other forms of debt financing[39](index=39&type=chunk)[43](index=43&type=chunk) [USE OF PROCEEDS FROM THE RIGHTS ISSUE](index=9&type=section&id=USE%20OF%20PROCEEDS%20FROM%20THE%20RIGHTS%20ISSUE) The company reallocated the remaining **HKD 64.1 million** from rights issue proceeds to invest in and upgrade leased plants, acquire machinery and equipment, and supplement working capital for gold processing and trading business, with **HKD 40.734 million** utilized and **HKD 23.366 million** remaining as of March 31, 2025, expected to be fully used by March 31, 2026 Use of Proceeds from Rights Issue (As of March 31, 2025) | Item | Revised Allocation (Thousand HKD) | Actual Use (Thousand HKD) | Remaining Proceeds (Thousand HKD) | Expected Utilization Timeline | | :--- | :--- | :--- | :--- | :--- | | Investment and Upgrade of Leased Plants | 14,100 | 2,168 | 11,932 | March 31, 2026 | | Acquisition of Machinery and Equipment | 35,000 | 23,566 | 11,434 | March 31, 2026 | | Working Capital | 15,000 | 15,000 | – | - | | **Total** | **64,100** | **40,734** | **23,366** | | [MATERIAL ACQUISITIONS, DISPOSALS AND SIGNIFICANT INVESTMENT](index=10&type=section&id=MATERIAL%20ACQUISITIONS%2C%20DISPOSALS%20AND%20SIGNIFICANT%20INVESTMENT) On February 18, 2025, the company's indirect wholly-owned subsidiary, Shenglong Technology (Pu'er) Co., Ltd., acquired a batch of filter press, leaching, crushing, and grinding machinery and equipment for gold-bearing carbon processing for approximately **HKD 23.573 million**, with no other material acquisitions, disposals, or investments during the year - On February 18, 2025, the company's subsidiary agreed to acquire a batch of machinery and equipment for gold-bearing carbon processing for RMB 22,030,877.51 (approximately **HKD 23,573,000**)[50](index=50&type=chunk)[56](index=56&type=chunk) [FUTURE DEVELOPMENTS IN THE BUSINESS OF THE GROUP](index=10&type=section&id=FUTURE%20DEVELOPMENTS%20IN%20THE%20BUSINESS%20OF%20THE%20GROUP) The Group remains optimistic about its core gold processing business, anticipating global economic uncertainties and central bank demand to continue driving gold prices higher, with Henan operations, previously suspended due to supplier mine infrastructure, having resumed in March 2025 and expected to significantly rebound next year's revenue, while plans for building a self-owned factory are paused in favor of upgrading existing leased plants and expanding capacity as a more cost-effective strategy - The Group anticipates continued strong gold demand, driven by global central banks stockpiling gold to hedge against USD risks and investors viewing gold as a safe-haven asset during economic instability, and will focus on developing its core gold processing business to capitalize on industry upside opportunities[54](index=54&type=chunk)[55](index=55&type=chunk)[60](index=60&type=chunk) - The suspension of gold ore processing operations in Henan, which significantly impacted this year's revenue, has been resolved with mine infrastructure construction completed and production resumed in March 2025, leading the Board to anticipate a significant revenue recovery next year[62](index=62&type=chunk)[66](index=66&type=chunk) - The Group has suspended plans to build its own gold processing plant due to significant increases in land costs and the cost-effectiveness of leased facilities, reallocating related funds to invest in and upgrade existing leased plants and acquire equipment to support current business expansion[63](index=63&type=chunk)[64](index=64&type=chunk)[67](index=67&type=chunk) [EMPLOYEES AND REMUNERATION POLICY](index=12&type=section&id=EMPLOYEES%20AND%20REMUNERATION%20POLICY) As of March 31, 2025, the Group employed **84 staff**, an increase of **4** from the previous year, with a remuneration policy based on market conditions and individual performance, offering benefits such as pension schemes, discretionary bonuses, share options, medical, and housing allowances, aiming to foster a fair, transparent, and high-performance corporate culture - As of March 31, 2025, the Group's total number of employees was approximately **84**, an increase from **80** in 2024[70](index=70&type=chunk) [PRINCIPAL RISKS AND UNCERTAINTIES](index=13&type=section&id=PRINCIPAL%20RISKS%20AND%20UNCERTAINTIES) The Group faces principal risks including strategic enterprise risks (e.g., economic instability leading to growth stagnation), operational risks (e.g., loss of key personnel), financial risks (e.g., liquidity, foreign exchange, and credit risks), and compliance risks, which management addresses through feasibility assessments, standardized operating procedures, cash flow monitoring, and collaboration with external professionals [Strategic Enterprise Risks](index=13&type=section&id=Strategic%20Enterprise%20Risks) Strategic risks primarily stem from economic, governmental, and political instability, potentially leading to stagnation or decline in existing business growth and delays in implementing new business agreements, which management monitors through feasibility assessments and forecasts, taking timely measures - The Group faces risks of stagnation or negative growth in existing businesses and delays in implementing new business agreements due to economic, governmental, and political instability[79](index=79&type=chunk)[83](index=83&type=chunk) [Operational Risks](index=13&type=section&id=Operational%20Risks) Principal operational risks include high turnover of key personnel and crisis events that could disrupt business operations, which the Group manages through standardized operating procedures, authority, and reporting frameworks across various functional departments - Key operational risks include high employee turnover, particularly among core operational staff, and crisis events that could lead to business interruptions[85](index=85&type=chunk) [Financial Risks](index=14&type=section&id=Financial%20Risks) Financial risks encompass liquidity risk, foreign exchange risk, and credit risk, which the Group manages by monitoring cash flows and maintaining adequate cash levels for liquidity, closely monitoring foreign exchange exposure, and minimizing credit risk through dedicated teams setting credit limits and recovering overdue debts - The Group manages liquidity risk by monitoring cash flows and maintaining adequate cash levels, while closely monitoring foreign exchange risk and considering hedging when necessary[87](index=87&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk) [Compliance Risk](index=14&type=section&id=Compliance%20Risk) Compliance risk refers to the risk of being reprimanded by authorities for non-compliance with regulations, which management addresses by collaborating with external professionals to ensure business processes and documentation fully comply with applicable local laws and regulations - To address compliance risk, management collaborates with external professionals to ensure business procedures and documentation fully comply with applicable local laws and regulations[89](index=89&type=chunk)[93](index=93&type=chunk) [Directors' and Senior Management's Profile](index=15&type=section&id=Directors%27%20and%20Senior%20Management%27s%20Profile) [EXECUTIVE DIRECTORS](index=15&type=section&id=EXECUTIVE%20DIRECTORS) This section introduces the backgrounds of three executive directors: Chairman Mr. Liu Shiwei, experienced in banking and investment, whose daughter is a major shareholder; CEO Mr. Wang Baozhi, with over **25 years** of financial experience; and COO Mr. Ding Lei, holding a Master's in Finance and extensive management experience in mining, who is related to Chairman Mr. Liu Shiwei and the major shareholder - Chairman Mr. Liu Shiwei, **54 years old**, holds a Master of Science degree from the University of South Florida and previously held senior management positions in investment banking departments at Ping An Bank and Industrial and Commercial Bank of China; his daughter, Ms. Liu Shannon Shuting, is a substantial shareholder of the company, holding **71.74%** of the shares[95](index=95&type=chunk)[96](index=96&type=chunk) - CEO Mr. Wang Baozhi, **57 years old**, holds a Master of Economics degree from Jiangxi University of Finance and Economics, possesses over **25 years** of experience in the financial sector, and previously served as Managing Director at Zhongrong International Trust[98](index=98&type=chunk)[99](index=99&type=chunk) - COO Mr. Ding Lei, **34 years old**, holds a Master of Finance degree from the University of Texas at Dallas, has held senior management positions in several mining companies, and is the nephew of Chairman Mr. Liu Shiwei[104](index=104&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk) [INDEPENDENT NON-EXECUTIVE DIRECTORS](index=17&type=section&id=INDEPENDENT%20NON-EXECUTIVE%20DIRECTORS) This section introduces the backgrounds of three independent non-executive directors: Mr. Tang Yougao, holding a Master of Economics degree with diverse management roles across industries; Ms. Wong Chi Yan, a Hong Kong Certified Public Accountant and Chartered Secretary with extensive experience in auditing, accounting, and M&A; and Professor Cheung Ka Yu, a Hong Kong practicing accountant with over **30 years** of experience in corporate finance, compliance, and corporate governance - Mr. Tang Yougao, **58 years old**, holds a Master of Economics degree and has served as chairman, director, and supervisor in companies across various industries[111](index=111&type=chunk)[112](index=112&type=chunk) - Ms. Wong Chi Yan, **43 years old**, is a member of the Hong Kong Institute of Certified Public Accountants and the Hong Kong Institute of Chartered Secretaries, possessing extensive experience in auditing, accounting, finance, and M&A, and has served as an independent non-executive director for several listed companies[117](index=117&type=chunk)[118](index=118&type=chunk) - Professor Cheung Ka Yu, **53 years old**, is a Hong Kong practicing accountant with a Doctor of Business Administration degree, possessing profound experience in regulation, corporate finance, compliance, and corporate governance, and has served as a director for several listed companies[123](index=123&type=chunk)[125](index=125&type=chunk) [Directors' Report](index=20&type=section&id=Directors%27%20Report) [PRINCIPAL ACTIVITIES](index=20&type=section&id=PRINCIPAL%20ACTIVITIES) The Group's principal activity is engaging in gold processing operations within the People's Republic of China (PRC) - The Group's principal business is gold processing in China[130](index=130&type=chunk)[135](index=135&type=chunk) [RESULTS, DIVIDEND AND DIVIDEND POLICY](index=20&type=section&id=RESULTS%2C%20DIVIDEND%20AND%20DIVIDEND%20POLICY) The Board does not recommend paying any dividend for the year ended March 31, 2025, as the company has no preset dividend payout ratio, and dividend decisions will comprehensively consider the Group's financial performance, retained earnings, capital requirements, and overall economic conditions - The Directors do not recommend the payment of any dividend for the year ended March 31, 2025 (2024: nil)[131](index=131&type=chunk)[137](index=137&type=chunk) [PURCHASE, REDEMPTION OR SALE OF LISTED SECURITIES](index=21&type=section&id=PURCHASE%2C%20REDEMPTION%20OR%20SALE%20OF%20LISTED%20SECURITIES) During the year, the company repurchased **7,385,000 shares** on the Stock Exchange for a total consideration of **HKD 3,227,300** under shareholder authorization, holding these shares as treasury stock, which directors believe enhances net asset value per share and long-term shareholder value Details of Share Repurchases | Repurchase Month | Number of Shares Repurchased | Highest Price Per Share (HKD) | Lowest Price Per Share (HKD) | Total Consideration Paid (HKD) | | :--- | :--- | :--- | :--- | :--- | | December 2024 | 1,600,000 | 0.335 | 0.275 | 521,525 | | January 2025 | 1,495,000 | 0.435 | 0.340 | 593,525 | | February 2025 | 2,975,000 | 0.530 | 0.440 | 1,438,900 | | March 2025 | 1,315,000 | 0.550 | 0.475 | 673,350 | | **Total** | **7,385,000** | | | **3,227,300** | [MAJOR CUSTOMERS AND SUPPLIERS](index=23&type=section&id=MAJOR%20CUSTOMERS%20AND%20SUPPLIERS) The Group exhibits very high customer and supplier concentration, with the top five customers accounting for **91.3%** of total turnover and the largest customer for **43.4%**, while the top five suppliers accounted for **93.9%** of total purchases and the largest supplier for **46.6%** during the year - The top five customers accounted for approximately **91.3%** of total turnover, with the largest customer contributing approximately **43.4%**[159](index=159&type=chunk)[164](index=164&type=chunk) - The top five suppliers accounted for approximately **93.9%** of total purchases, with the largest supplier contributing approximately **46.6%**[160](index=160&type=chunk)[164](index=164&type=chunk) [SUBSTANTIAL SHAREHOLDERS](index=26&type=section&id=SUBSTANTIAL%20SHAREHOLDERS) As of March 31, 2025, Ms. Liu Shannon Shuting, through her wholly-owned company Stone Steps Investments Limited, held **250,729,906 shares**, representing **71.74%** of the issued share capital, making her the company's substantial controlling shareholder Substantial Shareholders' Shareholding (As of March 31, 2025) | Shareholder Name | Capacity | Number of Shares Held (Long Position) | Shareholding Percentage | | :--- | :--- | :--- | :--- | | Ms. Liu Shannon Shuting | Interest in controlled corporation | 250,729,906 | 71.74% | | Stone Steps Investments Limited | Beneficial owner | 250,729,906 | 71.74% | [Corporate Governance Report](index=31&type=section&id=Corporate%20Governance%20Report) [BOARD OF DIRECTORS](index=33&type=section&id=BOARD%20OF%20DIRECTORS) The Board of Directors comprises **six directors**, including **three executive** and **three independent non-executive directors**, meeting the Listing Rules' requirement for at least one-third independent non-executive directors, responsible for major company decisions, financial statement approval, and internal controls, while delegating daily operations to management, with all directors attending all **three Board meetings** and the Annual General Meeting during the reporting period - The Board of Directors comprises **3 executive directors** and **3 independent non-executive directors**, meeting the Listing Rules' requirements for board independence[236](index=236&type=chunk)[238](index=238&type=chunk) Board Meeting Attendance (FY2025) | Director | Capacity | Attendance at Regular Board Meetings | Attendance at Annual General Meeting | | :--- | :--- | :--- | :--- | | Liu Shiwei | Executive Director and Chairman | 3/3 | 1/1 | | Wang Baozhi | Executive Director and CEO | 3/3 | 1/1 | | Ding Lei | Executive Director and COO | 3/3 | 1/1 | | Tang Yougao | Independent Non-Executive Director | 3/3 | 1/1 | | Wong Chi Yan | Independent Non-Executive Director | 3/3 | 1/1 | | Cheung Ka Yu | Independent Non-Executive Director | 3/3 | 1/1 | [BOARD COMMITTEES](index=39&type=section&id=BOARD%20COMMITTEES) The company has established a Remuneration Committee, Nomination Committee, and Audit Committee to enhance corporate governance, with the Remuneration and Nomination Committees both comprising a majority of independent non-executive directors responsible for reviewing executive remuneration and director nominations respectively, while the Audit Committee, composed entirely of independent non-executive directors, oversees financial reporting and internal controls, with all committees holding meetings and fulfilling their duties during the year - The Remuneration Committee comprises **two independent non-executive directors** and **one executive director**, responsible for reviewing the remuneration policies and packages for directors and senior management[282](index=282&type=chunk) - The Nomination Committee consists of **one executive director** (Chairman) and **two independent non-executive directors**, responsible for reviewing the Board's structure, size, and composition, and making recommendations on director appointments and succession planning[291](index=291&type=chunk) - The Audit Committee is composed of **three independent non-executive directors**, responsible for reviewing financial statements, internal control systems, and communication with external auditors[321](index=321&type=chunk) [RISK MANAGEMENT AND INTERNAL CONTROL](index=47&type=section&id=RISK%20MANAGEMENT%20AND%20INTERNAL%20CONTROL) The Board of Directors bears ultimate responsibility for establishing and maintaining effective risk management and internal control systems, with the Group having engaged an independent consulting firm to perform internal audit functions and report regularly to the Audit Committee, and following an annual review, the Board deems the Group's risk management and internal control systems effective and adequate across financial, operational, and compliance aspects, with no significant control deficiencies identified during the reporting period - The Board of Directors is responsible for establishing, maintaining, and reviewing effective risk management and internal control systems[330](index=330&type=chunk) - The Group has engaged an independent consulting firm to perform internal audit functions, reporting regularly to the Audit Committee, and annual review results indicate the Group's internal control system is effective with no material deficiencies identified[332](index=332&type=chunk) [SHAREHOLDERS' RIGHTS](index=49&type=section&id=SHAREHOLDERS%27%20RIGHTS) The company safeguards shareholder rights, including the right to convene a Special General Meeting (SGM) and propose resolutions at general meetings, with shareholders holding at least **10%** of the paid-up share capital with voting rights able to request the Board in writing to convene an SGM, and shareholders may submit inquiries and suggestions to the Board through the company secretary - Shareholders holding not less than **one-tenth** of the company's paid-up share capital carrying voting rights have the right to request the Board to convene a Special General Meeting by written requisition[342](index=342&type=chunk) [Environment, Social and Governance Report](index=54&type=section&id=Environment%2C%20Social%20and%20Governance%20Report) [SOCIAL SUSTAINABILITY](index=59&type=section&id=SOCIAL%20SUSTAINABILITY) Regarding social sustainability, the Group emphasizes product responsibility, implementing strict quality control from procurement to production with product recall procedures, respects intellectual property, and protects customer data privacy, collaborating with approximately **30 suppliers** and integrating social and environmental standards into procurement contracts, prioritizing employee health and safety through strict policies and training, achieving zero work-related fatalities in the past three years, and is committed to equal employment opportunities with a total workforce of **84 employees** and a near-balanced gender ratio - The Group implements stringent product quality control, covering the entire process from raw material procurement to production and processing, ensuring the purity and standards of final products, with no product recalls due to safety and health reasons during the reporting period[409](index=409&type=chunk)[413](index=413&type=chunk) - The Group highly prioritizes employee health and safety, complying with relevant laws and regulations, and has established detailed risk management measures, particularly for chemical handling and high-temperature/high-pressure operations, with no safety incidents and zero work-related fatalities in the past three years during the reporting period[430](index=430&type=chunk)[431](index=431&type=chunk)[440](index=440&type=chunk) Employee Profile (As of March 31, 2025) | Category | Breakdown | Number of Employees | Percentage | | :--- | :--- | :--- | :--- | | **Total Employees** | | **84** | **100%** | | **Gender** | Male | 43 | 51% | | | Female | 41 | 49% | | **Age** | 20-35 years | 23 | 27% | | | 36-50 years | 42 | 50% | | | Over 50 years | 19 | 23% | | **Location** | Henan | 33 | 39% | | | Yunnan | 34 | 40% | | | Shenzhen | 9 | 11% | | | Hong Kong | 8 | 10% | [ENVIRONMENTAL SUSTAINABILITY](index=69&type=section&id=ENVIRONMENTAL%20SUSTAINABILITY) In terms of environmental sustainability, the Group is committed to reducing its operational environmental impact, primarily through the adoption of cyanide-free hydrometallurgical technology for gold recovery, which is more environmentally friendly than traditional methods, with the main environmental footprint stemming from electricity consumption for heating during production (Scope 2 emissions), and actively practices resource conservation and recycling through heat recovery and reuse, internal solution circulation, and returning activated carbon to suppliers for regeneration - The Group utilizes cyanide-free technology for gold recovery, avoiding the use of highly toxic chemicals, thereby making the production process more environmentally friendly than traditional methods[496](index=496&type=chunk) Greenhouse Gas Emissions (During Reporting Period) | Scope | Emissions (kg CO2e) | Intensity (kg CO2e/Thousand HKD Revenue) | | :--- | :--- | :--- | | Scope 1 (Direct Emissions) | 15,259 | 0.12 | | Scope 2 (Indirect Emissions) | 851,206 | 6.80 | | Scope 3 (Other Indirect Emissions) | 2,557 | 0.02 | Resource Consumption (During Reporting Period) | Resource | Consumption | Intensity (Per Thousand HKD Revenue) | | :--- | :--- | :--- | | Electricity | 13,112,820 kWh | 104.7 kWh | | Water | 3,625 cubic meters | 0.03 cubic meters | [Independent Auditor's Report](index=81&type=section&id=Independent%20Auditor%27s%20Report) [Independent Auditor's Report](index=81&type=section&id=Independent%20Auditor%27s%20Report) Independent auditor Zhongzheng Tianheng Certified Public Accountants Limited issued an unmodified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, affirming that the statements present a true and fair view of the Group's financial position and operating results, with inventory valuation highlighted as a key audit matter due to its significant amount (approximately **HKD 91.952 million**) and the complex, subjective judgments involved in management's provision estimates - The auditor concluded that the consolidated financial statements present a true and fair view of the Group's financial position and performance in accordance with Hong Kong Financial Reporting Standards, issuing an unmodified opinion[538](index=538&type=chunk)[541](index=541&type=chunk) - A key audit matter is inventory valuation; as of March 31, 2025, the Group's inventory amounted to approximately **HKD 91,952,000**, and due to the significant scale of inventory and the substantial management judgment involved in its provision estimates, the auditor paid particular attention to this area[540](index=540&type=chunk)[545](index=545&type=chunk)[546](index=546&type=chunk) [Consolidated Financial Statements](index=87&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=87&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the fiscal year ended March 31, 2025, the Group's revenue was **HKD 125 million**, a significant decrease from **HKD 423 million** last year; however, due to a more substantial reduction in cost of sales, gross profit only slightly decreased from **HKD 37.2 million** to **HKD 30.7 million**, ultimately leading to an increase in profit for the year (net profit) from **HKD 6.18 million** to **HKD 8.51 million** Consolidated Statement of Profit or Loss Summary | Item (Thousand HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 125,245 | 422,733 | | Gross Profit | 30,725 | 37,237 | | Profit Before Tax | 13,119 | 12,512 | | **Profit for the Year** | **8,514** | **6,178** | | Basic Earnings Per Share (HK cents) | 2.44 | 1.77 | [Consolidated Statement of Financial Position](index=88&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were **HKD 223 million**, total liabilities **HKD 101 million**, and net assets **HKD 122 million**, with the most significant asset-side change being a substantial increase in inventories from **HKD 12.81 million** to **HKD 91.95 million**, while trade payables on the liability side rose from **HKD 29.82 million** to **HKD 61.52 million** Consolidated Statement of Financial Position Summary (As of March 31) | Item (Thousand HKD) | 2025 | 2024 | | :--- | :--- | :--- | | **Non-Current Assets** | 33,229 | 11,291 | | **Current Assets** | 189,391 | 193,558 | | Of which: Inventories | 91,952 | 12,813 | | Of which: Bank and Cash Balances | 72,972 | 79,751 | | **Total Assets** | **222,620** | **204,849** | | **Current Liabilities** | 99,846 | 85,858 | | **Non-Current Liabilities** | 700 | 1,034 | | **Total Liabilities** | **100,546** | **86,892** | | **Net Assets** | **122,074** | **117,957** | [Consolidated Statement of Cash Flows](index=91&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This fiscal year, the Group generated a net cash inflow of **HKD 24.36 million** from operating activities, a significant improvement from last year's net outflow of **HKD 6.76 million**, primarily due to a substantial decrease in other receivables, while net cash outflow from investing activities was **HKD 25.26 million**, mainly for purchasing property, plant, and equipment, and net cash outflow from financing activities was **HKD 5.16 million**, primarily for share repurchases and lease liability repayments, with cash and cash equivalents decreasing to **HKD 72.97 million** at year-end Consolidated Statement of Cash Flows Summary | Item (Thousand HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Generated From/(Used In) Operating Activities | 24,364 | (6,760) | | Net Cash (Used In)/Generated From Investing Activities | (25,262) | 1,206 | | Net Cash Used In Financing Activities | (5,156) | (3,807) | | **Net Decrease in Cash and Cash Equivalents** | **(6,054)** | **(9,361)** | | Cash and Cash Equivalents at Year End | 72,972 | 79,751 | [Five-Year Financial Summary](index=172&type=section&id=Five-Year%20Financial%20Summary) [Five-Year Financial Summary](index=172&type=section&id=Five-Year%20Financial%20Summary) This section provides a summary of the Group's key financial data for the past five fiscal years (2021-2025), showing that while revenue peaked in 2024 and significantly declined in 2025, the profit for the year in 2025 was the highest in five years, with total assets and net assets demonstrating a steady growth trend over the period Five-Year Performance Summary (Thousand HKD) | Fiscal Year | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 125,245 | 422,733 | 363,764 | 182,032 | 175,196 | | **Profit/(Loss) for the Year** | 8,514 | 6,178 | 816 | 2,032 | (10,544) | Five-Year Assets and Liabilities Summary (Thousand HKD) | Fiscal Year | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | 222,620 | 204,849 | 211,983 | 141,916 | 104,321 | | **Total Liabilities** | (100,546) | (86,892) | (96,113) | (92,036) | (56,975) | | **Net Assets** | 122,074 | 117,957 | 115,870 | 49,880 | 47,346 |
胜龙国际(01182) - 2025 - 年度业绩
2025-06-27 10:54
[Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) In FY2025, revenue significantly decreased by 70.4% to HKD 125.2 million, yet net profit rose 37.8% to HKD 8.514 million due to cost reductions and improved gross margin, with basic EPS at 2.44 HK cents Key Profit or Loss Data for FY2025 | Indicator (HKD Thousand) | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Revenue** | 125,245 | 422,733 | -70.4% | | **Gross Profit** | 30,725 | 37,237 | -17.5% | | **Profit from Operations** | 13,447 | 11,898 | +13.0% | | **Profit for the Year** | 8,514 | 6,178 | +37.8% | | **Total Comprehensive Income for the Year** | 7,355 | 2,087 | +252.4% | Earnings Per Share | Earnings Per Share (HK Cents) | 2025 | 2024 | | :--- | :--- | :--- | | **Basic** | 2.44 | 1.77 | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, total assets reached HKD 223 million and net assets HKD 122 million, both slightly up year-on-year, with significant increases in non-current assets and inventory, offset by a sharp decrease in other receivables Key Balance Sheet Data | Indicator (HKD Thousand) | March 31, 2025 | March 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Non-current Assets** | 33,229 | 11,291 | +194.3% | | **Current Assets** | 189,391 | 193,558 | -2.1% | | **Current Liabilities** | 99,846 | 85,858 | +16.3% | | **Net Assets** | 122,074 | 117,957 | +3.5% | - Inventory significantly increased from approximately **HKD 12.81 million** to **HKD 91.95 million**, primarily due to gold ingot stockpiling from Yunnan gold-loaded carbon processing and the resumption of Henan gold ore processing[5](index=5&type=chunk)[42](index=42&type=chunk) - Other receivables, deposits, and prepayments significantly decreased from approximately **HKD 90.83 million** to **HKD 16.93 million**[5](index=5&type=chunk) [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) [General Information and Business Overview](index=5&type=section&id=General%20Information%20and%20Business%20Overview) Success Dragon International Holdings Limited is an investment holding company incorporated in Bermuda and listed on the Hong Kong Stock Exchange, primarily engaged in gold processing and trading in China - The Group is primarily engaged in gold processing and trading business in the People's Republic of China ("China")[7](index=7&type=chunk) - The ultimate controlling party of the Company is Ms. Liu Shuting[7](index=7&type=chunk) [Segment and Geographical Information](index=7&type=section&id=Segment%20and%20Geographical%20Information) All Group revenue is derived from gold processing and trading in China, thus no operating segment information is presented, with Customers A and E being major contributors, and non-current assets primarily located in China - All Group revenue of **HKD 125,245 thousand** is derived from the China region[16](index=16&type=chunk) - Two major customers (Customer A and Customer E) contributed over 10% of total revenue this year, totaling approximately **HKD 100 million**[16](index=16&type=chunk) - The vast majority of the Group's non-current assets (approximately **HKD 28.02 million**, accounting for **84%**) are located in China[18](index=18&type=chunk) [Key Financial Items Breakdown](index=8&type=section&id=Key%20Financial%20Items%20Breakdown) This section details key financial statement items including revenue, expenses, taxation, earnings per share, and balance sheet accounts, noting that no dividends were recommended for the current year [Revenue and Other Net Gains/Losses](index=8&type=section&id=Revenue%20and%20Other%20Net%20Gains%2FLosses) All HKD 125 million in revenue this year originated from gold processing and trading, recognized at a point in time when control of goods transferred, with other net gains/losses of HKD 2.85 million primarily from bank interest and reversal of trade receivables impairment - All revenue from contracts with customers is derived from gold processing and trading business, recognized at a point in time[18](index=18&type=chunk) - Other net gains/losses primarily consist of bank deposit interest income (**HKD 1.1 million**) and reversal of impairment loss on trade receivables (**HKD 1.21 million**)[21](index=21&type=chunk) [Profit Before Tax](index=10&type=section&id=Profit%20Before%20Tax) Profit before tax is net of various expenses, notably a significant year-on-year decrease in cost of inventories sold to HKD 94.52 million, while total staff costs remained stable at HKD 11.64 million Key Deductions | Item (HKD Thousand) | 2025 | 2024 | | :--- | :--- | :--- | | **Cost of Inventories Sold** | 94,520 | 385,496 | | **Total Staff Costs** | 11,637 | 11,380 | | **Depreciation of Property, Plant and Equipment** | 2,690 | 907 | [Earnings Per Share](index=11&type=section&id=Earnings%20Per%20Share) Basic earnings per share are calculated based on profit attributable to owners of the Company of HKD 8.514 million and weighted average ordinary shares of 348.3 million, with no diluted EPS presented due to the absence of potential dilutive ordinary shares during the period - Profit used for basic earnings per share calculation was **HKD 8,514 thousand**, with a weighted average number of shares of **348,335 thousand**[26](index=26&type=chunk) - Diluted earnings per share are not applicable as no potential ordinary shares were issued in either year[27](index=27&type=chunk) - The Board does not recommend the payment of any dividend for the year ended March 31, 2025[25](index=25&type=chunk) - The aging structure of trade receivables improved, with a significant increase in amounts due within 90 days and a notable decrease in amounts overdue by more than 91 days[29](index=29&type=chunk) [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) [Financial Review](index=14&type=section&id=Financial%20Review) The year's financial performance saw a 70.4% revenue drop due to suspended Henan gold ore processing, yet net profit grew year-on-year, driven by higher-grade raw materials, rising gold prices, and cost control, which boosted the overall gross margin from 8.8% to 24.5% [Revenue Analysis](index=14&type=section&id=Revenue%20Analysis) Total revenue decreased 70.4% year-on-year to HKD 125 million, with gold-loaded carbon processing revenue falling to HKD 108 million due to gold bar stockpiling, and gold ore processing revenue sharply declining from HKD 269 million to HKD 17 million due to insufficient supply from supplier mine infrastructure Revenue Breakdown by Business Segment | Business Segment | 2025 Revenue (HKD Million) | 2024 Revenue (HKD Million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Gold-Loaded Carbon Processing** | 108.2 | 153.8 | -29.7% | | **Gold Ore Processing** | 17.0 | 268.9 | -93.7% | | **Total** | 125.2 | 422.7 | -70.4% | - Gold ore processing revenue significantly decreased, primarily due to insufficient gold ore supply caused by infrastructure construction at two Henan suppliers' mining areas[34](index=34&type=chunk) [Cost and Gross Profit Analysis](index=14&type=section&id=Cost%20and%20Gross%20Profit%20Analysis) Cost of sales decreased 75.5% to HKD 94.5 million in line with revenue, yet gross profit only slightly fell 17.5% to HKD 30.7 million, with gross margin significantly improving from 8.8% to 24.5% due to higher-grade gold-loaded carbon, reduced low-margin gold ore processing, and rising gold prices - Cost of sales decreased from **HKD 386 million** to **HKD 94.5 million**, a reduction of approximately **75.5%**[35](index=35&type=chunk) - Overall gross margin significantly increased from approximately **8.8%** in FY2024 to **24.5%** this year[36](index=36&type=chunk) [Expenses and Profit Analysis](index=15&type=section&id=Expenses%20and%20Profit%20Analysis) Administrative and other operating expenses decreased 29.7% year-on-year to HKD 20.1 million, mainly due to reduced impairment losses and depreciation, with finance costs and income tax expenses also declining, resulting in net profit attributable to owners increasing to HKD 8.5 million this year - Administrative and other operating expenses decreased by approximately **HKD 8.5 million** (**-29.7%**), primarily due to reduced impairment loss on trade receivables, write-off of other receivables, and depreciation of right-of-use assets[38](index=38&type=chunk) - The Group recorded a net profit attributable to owners of the Company of approximately **HKD 8.5 million** for the current year (FY2024: **HKD 6.2 million**)[41](index=41&type=chunk) [Liquidity, Financial Resources and Foreign Currency Risk](index=16&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Foreign%20Currency%20Risk) As of March 31, 2025, the Group held approximately HKD 73 million in cash and equivalents with a current ratio of 1.9 times, indicating a sound financial position and sufficient working capital, maintaining a zero gearing ratio and prudent foreign exchange risk management policies Liquidity Indicators | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Cash and Cash Equivalents** | HKD 73 Million | HKD 79.8 Million | | **Net Current Assets** | HKD 89.5 Million | HKD 107.7 Million | | **Current Ratio** | 1.9 times | 2.3 times | - As of March 31, 2025, the Group's gearing ratio (calculated as total borrowings divided by total equity) was **zero**[43](index=43&type=chunk) [Capital Structure and Use of Proceeds](index=16&type=section&id=Capital%20Structure%20and%20Use%20of%20Proceeds) As of March 31, 2025, the company had 349.5 million ordinary shares issued, disclosing that approximately HKD 40.73 million of the HKD 64.1 million net proceeds from rights issue were used for plant upgrades, equipment, and working capital, with the remaining HKD 23.37 million planned for use by March 31, 2026 - As of March 31, 2025, the total number of ordinary shares issued by the Company was **349,519,567**[45](index=45&type=chunk) Use of Proceeds from Rights Issue | Item | Revised Allocation (HKD Thousand) | Actual Use (HKD Thousand) | Remaining Proceeds (HKD Thousand) | | :--- | :--- | :--- | :--- | | **Investment and Upgrading of Leased Plants** | 14,100 | 2,168 | 11,932 | | **Acquisition of Machinery and Equipment** | 35,000 | 23,566 | 11,434 | | **Working Capital** | 15,000 | 15,000 | – | | **Total** | 64,100 | 40,734 | 23,366 | [Significant Investments and Future Outlook](index=18&type=section&id=Significant%20Investments%20and%20Future%20Outlook) The Group made a significant acquisition of gold-loaded carbon processing equipment for HKD 23.57 million this year. Anticipating a substantial revenue rebound next year as Henan mining infrastructure completes, the Group will continue its core gold processing business, reallocating funds from a suspended self-owned plant construction to upgrading existing leased facilities, driven by increased demand for gold as a safe-haven asset [Significant Acquisitions, Disposals and Material Investments](index=18&type=section&id=Significant%20Acquisitions%2C%20Disposals%20and%20Material%20Investments) In February 2025, the Group's indirect wholly-owned subsidiary agreed to acquire gold-loaded carbon processing machinery and equipment for approximately HKD 23.57 million, with no other significant acquisitions, disposals, or investments during the year - On February 18, 2025, the Company's indirect wholly-owned subsidiary agreed to acquire gold-loaded carbon processing machinery and equipment for RMB **22,030,877.51** (equivalent to approximately **HKD 23,573,000**)[47](index=47&type=chunk) [Future Development of the Group's Business](index=18&type=section&id=Future%20Development%20of%20the%20Group%27s%20Business) Facing global central bank gold accumulation and investor safe-haven demand, the Group is optimistic about the gold market and will continue its core gold processing business. With Henan mining infrastructure complete, production has resumed, anticipating a substantial revenue rebound next year, and the company has decided to suspend new processing plant construction, reallocating funds to upgrade existing leased facilities and expand business - Global economic downturn has increased gold's attractiveness as a safe-haven asset, and the Group will continue to develop its core gold processing business[51](index=51&type=chunk) - Gold ore production in Henan resumed in March 2025, and the Board anticipates a substantial revenue rebound in the coming year[52](index=52&type=chunk) - The Board decided to suspend the construction of a new beneficiation plant, reallocating the remaining net proceeds to expand existing gold processing and trading businesses[52](index=52&type=chunk)[53](index=53&type=chunk) [Other Disclosures](index=19&type=section&id=Other%20Disclosures) [Operations and Risk Management](index=19&type=section&id=Operations%20and%20Risk%20Management) As of March 31, 2025, the Group employed approximately 82 staff members, having identified and managed key risks including strategic enterprise, operational, financial, and compliance risks, monitored through various functional departments and management - As of March 31, 2025, the Group employed approximately **82** staff members[54](index=54&type=chunk) - Key risks identified by the Group include: strategic enterprise risk, operational risk (e.g., staff turnover), financial risk (e.g., liquidity, foreign exchange, credit risk), and compliance risk[59](index=59&type=chunk)[60](index=60&type=chunk)[62](index=62&type=chunk)[64](index=64&type=chunk) [Corporate Governance](index=21&type=section&id=Corporate%20Governance) The company adopted and complied with applicable Corporate Governance Code provisions this year. The Audit Committee, comprising three independent non-executive directors, reviewed annual results, and an independent consulting firm's internal control review confirmed the Group's effective internal control system and adequate accounting and financial reporting resources - The Board is confident that the Company has complied with the applicable code provisions of the Corporate Governance Code throughout the year[68](index=68&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has reviewed the annual results[69](index=69&type=chunk) - The Group engaged an independent consulting firm to conduct an internal control review, whose report indicated that the Group has an effective internal control system with no material control deficiencies found[70](index=70&type=chunk) [Purchase, Redemption or Sale of Listed Securities](index=23&type=section&id=Purchase%2C%20Redemption%20or%20Sale%20of%20Listed%20Securities) This year, the company repurchased 7,385,000 shares for approximately HKD 3.23 million in the open market under a repurchase mandate, holding them as treasury shares, which the directors believe enhances shareholder value Share Repurchase Details | Month of Repurchase | Number of Shares Repurchased | Total Consideration Paid (HKD) | | :--- | :--- | :--- | | **December 2024** | 1,600,000 | 521,525 | | **January 2025** | 1,495,000 | 593,525 | | **February 2025** | 2,975,000 | 1,438,900 | | **March 2025** | 1,315,000 | 673,350 | | **Total** | 7,385,000 | 3,227,300 | - The Directors believe that the share repurchases will increase net asset value per share and/or earnings per share, enhancing long-term shareholder value[74](index=74&type=chunk)
胜龙国际(01182.HK)4月30日收盘上涨23.53%,成交18.57万港元
Jin Rong Jie· 2025-04-30 08:30
Company Overview - Victory International Holdings Limited is a management service provider registered in Bermuda and listed on the Hong Kong Stock Exchange, with its headquarters in Hong Kong and an office in Macau [2] - The company's vision is to enable its partners to succeed by providing quality services for customer experiences, while its mission is to become a leading supplier of gaming operation management and related IT services, enhancing shareholder investment value and driving growth [2] Financial Performance - As of September 30, 2024, Victory International reported total revenue of 64.21 million yuan, a year-on-year decrease of 46.09% [1] - The company recorded a net profit attributable to shareholders of -3.07 million yuan, representing a year-on-year decrease of 314.37% [1] - The gross profit margin stood at 9.14%, and the debt-to-asset ratio was 40.91% [1] Stock Performance - As of April 30, the Hang Seng Index rose by 0.51% to 22,119.41 points [1] - Victory International's stock closed at 0.63 HKD per share, up 23.53%, with a trading volume of 330,000 shares and a turnover of 185,700 HKD, showing a volatility of 41.18% [1] - Over the past month, the stock has seen a cumulative decline of 7.27%, but it has increased by 52.24% year-to-date, outperforming the Hang Seng Index by 9.71% [1] Valuation Metrics - Currently, there are no institutional investment ratings for Victory International [2] - The average price-to-earnings (P/E) ratio for the gold and precious metals industry is 23.31 times, with a median of 19.98 times [2] - Victory International's P/E ratio is 146.19 times, ranking 12th in the industry, compared to other companies such as Long Resources at 7.06 times and Zijin Mining at 11.81 times [2] Corporate Actions - On April 23, 2025, the company repurchased 60,000 shares at a price of 0.62 HKD per share, totaling 37,200 HKD [3]
胜龙国际(01182) - 2025 - 中期财报
2024-12-19 09:07
Financial Performance - Revenue for the six months ended September 30, 2024, was HK$71,200,000, a decrease of 46.1% compared to HK$132,063,000 for the same period in 2023[27]. - Gross profit for the same period was HK$6,511,000, down 44.5% from HK$11,709,000 in 2023[27]. - Loss for the period was HK$3,402,000, compared to a profit of HK$1,587,000 in the previous year, indicating a significant decline[13]. - Total comprehensive loss for the period was HK$25,000, a decrease from a loss of HK$2,726,000 in the same period last year[13]. - Basic and diluted loss per share was HK$0.97, compared to earnings of HK$0.45 per share in the same period last year[13]. - The group reported a loss before tax of HK$2,879,000 for the six months ended September 30, 2024, compared to a profit of HK$3,507,000 in the same period of 2023[114]. Expenses and Costs - Finance costs increased to HK$2,740,000 from HK$139,000, reflecting a substantial rise in financial expenses[13]. - Administrative and other operating expenses rose to HK$10,115,000 from HK$8,330,000, indicating increased operational costs[13]. - Staff costs increased to HK$5,079,000 for the six months ended September 30, 2024, up from HK$3,836,000 in 2023, representing a growth of approximately 32.5%[35]. Cash Flow and Liquidity - For the six months ended September 30, 2024, the Group reported a net cash used in operating activities of HK$8,136,000, compared to a net cash generated of HK$30,063,000 in the same period of 2023[37]. - The Group's cash and cash equivalents at the end of the period were HK$72,102,000, down from HK$117,251,000 in the previous year, indicating a decrease of about 38.5%[37]. - The Group's cash flows from investing activities generated a net cash inflow of HK$91,000 for the six months ended September 30, 2024, compared to a net cash outflow of HK$31,000 in 2023[37]. Assets and Liabilities - The total current assets as of September 30, 2024, were HK$189,070,000, a slight decrease from HK$193,558,000 as of March 31, 2024, reflecting a decrease of about 2.3%[98]. - The company's total equity as of September 30, 2024, was HK$117,932,000, a slight decrease from HK$117,957,000 as of March 31, 2024, representing a decrease of about 0.02%[98]. - As of September 30, 2024, the total trade payables amounted to HK$32,071,000, an increase from HK$29,823,000 as of March 31, 2024, representing an increase of approximately 7.5%[82]. Revenue Sources and Customer Contributions - There were no customers contributing over 10% of total revenue for the six months ended September 30, 2024[28]. - Customer A contributed HK$9,183,000 to revenue in the gold processing and trading segment, a decline of 72% from HK$33,329,000 in 2023[135]. - Customer B's revenue contribution fell to HK$10,040,000 from HK$65,523,000, representing an 85% decrease[135]. Investments and Future Plans - The unutilized proceeds amount to approximately HK$64.1 million, which will be allocated for investment and upgrades in leased plants, acquisition of machinery and equipment, and working capital for the gold processing and trading business[150][153][175]. - The Group plans to reallocate financial resources to expand its existing gold processing and trading business instead of constructing the New Plant[175]. - The Group's long-term goal is to establish a self-owned gold processing plant to generate higher revenues and maximize profits[194]. Compliance and Standards - The company has not yet applied new HKFRSs that have been issued but are not yet effective, and is assessing their potential impact[20]. - The group has adopted new and revised Hong Kong Financial Reporting Standards effective from April 1, 2024, with no significant changes to accounting policies[127]. Employee and Management Information - As of September 30, 2024, the Group had 80 employees, maintaining a focus on competitive remuneration packages and employee benefits[156]. - The remuneration for key management personnel during the period was HK$1,672,000, compared to HK$672,000 in the previous year[200]. Shareholder Information - The company does not recommend the payment of any dividend for the six months ended September 30, 2024 and 2023[9]. - The weighted average number of ordinary shares in issue remained approximately 349,520,000 for both periods ended 30 September 2024 and 2023[10].
胜龙国际(01182) - 2025 - 中期业绩
2024-11-28 09:00
Financial Performance - Revenue for the six months ended September 30, 2024, was HK$71,200,000, a decrease of 46.1% from HK$132,063,000 in the same period of 2023[9] - Gross profit for the period was HK$6,511,000, down 44.7% from HK$11,709,000 in the previous year[9] - The company reported a loss before tax of HK$2,879,000 compared to a profit of HK$3,507,000 in the prior period[9] - Loss for the period amounted to HK$3,402,000, a significant decline from a profit of HK$1,587,000 in the same period last year[9] - Basic and diluted loss per share was HK$0.97, compared to earnings of HK$0.45 per share in the previous year[9] - Total comprehensive loss for the period was HK$25,000, compared to a total comprehensive loss of HK$2,726,000 in the previous year[9] - The total comprehensive income for the six months ended September 30, 2024, showed a loss of HK$3,402,000, compared to a loss of HK$2,726,000 in the same period of 2023[1] - The Group reported a net loss attributable to owners of the Company of approximately HK$3.4 million for the Reporting Period, compared to a net profit of approximately HK$1.6 million in the corresponding period[121] - The Group recorded a net loss attributable to shareholders of approximately HK$3.4 million, compared to a net profit of approximately HK$1.6 million in the same period last year[126] Expenses and Costs - Administrative and other operating expenses increased to HK$10,115,000 from HK$8,330,000, reflecting a rise of 21.5%[9] - Finance costs rose significantly to HK$2,740,000 from HK$139,000, indicating a substantial increase in financial burden[9] - The total staff costs for the six months ended September 30, 2024, amounted to HK$5,783,000, compared to HK$4,486,000 for the same period in 2023, reflecting an increase of approximately 28.9%[64] - Unallocated corporate expenses rose to HK$6,838,000 in the current period from HK$4,561,000 in the previous year[36] - The income tax expense for the six months ended September 30, 2024, was HK$523,000, significantly lower than HK$1,920,000 for the same period in 2023[61] Assets and Liabilities - As of September 30, 2024, total assets less current liabilities amounted to HK$118,461,000, a slight decrease from HK$118,991,000 as of March 31, 2024[1] - The net current assets increased to HK$107,935,000 from HK$107,700,000, indicating a stable liquidity position[1] - The Group's consolidated assets as of 30 September 2024 were HK$199,596,000, a decrease from HK$204,849,000 as of 31 March 2024[39] - Total liabilities decreased to HK$81,664,000 as of 30 September 2024 from HK$86,892,000 as of 31 March 2024[39] - The aging analysis of trade receivables shows that as of September 30, 2024, HK$7,300,000 was overdue by more than 91 days, compared to HK$8,856,000 as of March 31, 2024[73] - The loss provision for impairment of trade receivables was HK$7,353,000 as of September 30, 2024, down from HK$12,541,000 as of March 31, 2024[73] - The aging analysis of trade payables showed a significant increase in the 0-90 days category, rising to HK$17,149,000 from HK$7,611,000, representing a growth of approximately 125.5%[80] - Total trade payables as of 30 September 2024 were HK$32,071,000, up from HK$29,823,000 as of 31 March 2024, marking an increase of about 7.5%[80] Revenue Sources - Revenue from external customers in the gold processing and trading business decreased to HK$71,200,000 for the six months ended 30 September 2024, down 46% from HK$132,063,000 in the same period of 2023[36] - Segment profit for the gold processing and trading business was HK$3,379,000, a decline of 57% compared to HK$7,929,000 in the previous year[36] - Revenue from gold-laden carbon processing was approximately HK$61.1 million, an increase from HK$36.1 million in the corresponding period[106] - Revenue from gold ore processing dropped to approximately HK$10.1 million from HK$95.9 million in the corresponding period, primarily due to insufficient supply of gold ore[108] Strategic Focus and Future Plans - The company is expected to focus on improving operational efficiency and exploring new market opportunities in the upcoming periods[9] - The Group aims to establish a self-owned gold processing plant to enhance revenue and profit generation, with a designed annual processing capacity of 600,000 tonnes[145] - The preparation for the new gold ore processing plant in Henan Province was suspended due to land acquisition challenges and the need for long-term land-use approval[146] - The board has decided to reallocate remaining net proceeds towards the expansion of existing gold processing and trading operations instead of pursuing the new plant construction[153] - The remaining net proceeds will be used for investment and upgrades in leased plants, acquisition of machinery, and working capital for existing operations[154] Shareholder Information - The total number of issued ordinary shares was 349,519,567 at a par value of HK$0.01 each as of 30 September 2024[133] - As of September 30, 2024, Ms. Shannon Liu holds 232,974,906 shares, representing 66.66% of the total shareholding[176] - Stone Steps Investments Limited, a substantial shareholder, also holds 232,974,906 shares, equating to 66.66%[178] - The Company has not declared any interim dividend for the reporting period, consistent with the previous period where no dividend was declared[191] Compliance and Governance - The Board is satisfied that the Company complied with the Corporate Governance Code throughout the reporting period[200] - There were no competing business interests reported by the Directors during the reporting period[199] - The Company did not enter into any significant contracts during the reporting period where a Director had a material interest[197]
胜龙国际(01182) - 2024 - 年度财报
2024-07-25 08:55
Compliance and Governance - The Group has complied with all relevant laws and regulations that significantly impact its business and operations for the fiscal year 2024[2]. - The management of the Group works with external professionals to ensure compliance with applicable local laws and regulations[9]. - The Group's management is committed to ensuring that business procedures and documentation comply fully with applicable laws and regulations[9]. - The Company has ensured compliance with corporate governance codes, with some exceptions noted regarding the attendance of the Chairman at the AGM[81]. - The Company complied with the applicable code provisions throughout the financial year ended 31 March 2024, with the exception of the Chairman's attendance at the AGM[105]. - The Company has adopted the Corporate Governance Code and Model Code as its corporate governance code and code of conduct for Directors' securities transactions[104]. - The Company has adopted high standards of corporate governance, with explicit policies for ethical conduct and accountability[180]. - The Company has implemented adequate measures to balance power and safeguard interests within its governance structure[153]. Risk Management - The Group's financial condition and results of operations may be affected by various risks and uncertainties, including high staff turnover rates and crisis events[4]. - Key operational risks include high turnover rates among key operational staff and potential business disruptions due to crisis events[5]. - The Group's management regularly identifies and assesses key operational exposures to implement appropriate risk mitigation measures[5]. - The Group has a structured framework for managing operational risks, guided by standard operating procedures and reporting frameworks[5]. - The Group will closely monitor its foreign currency exposure and consider hedging significant foreign currency risks as necessary[8]. - The Group's future business prospects may be influenced by unidentified risks that could become material over time[6]. Financial Performance and Dividends - No dividend is recommended for the year ended March 31, 2024, consistent with the previous year[24]. - The Group's financial performance and future expansion plans will be considered when evaluating any potential dividends[24]. - The Company does not have any pre-determined dividend payout ratio[24]. - The Directors have the absolute discretion to recommend any dividends based on various financial factors[24]. - As of March 31, 2024, the Company has no reserves available for distribution[26]. - Details of the Group's share capital and reserves are available in the consolidated financial statements[26]. Shareholding and Directors - As of March 31, 2024, Ms. Liu Shannon Shuting holds 232,974,906 shares, representing 66.66% of the company's total shareholding[55]. - The percentage of shareholding for Wang Baozhi is approximately 1.70%, with 5,950,000 shares held[98]. - The Company has not disclosed any significant interests held by directors in major customers or suppliers[57]. - The directors are not aware of any competing business interests that may conflict with the company's operations for the year ended March 31, 2024[68]. - The directors' service contracts are of no fixed term and are subject to retirement by rotation and re-election[64]. - The Company has not entered into any management contracts concerning the administration of its business during the year[51]. Corporate Governance Practices - The Company has committed to providing high-quality gold processing services in the People's Republic of China to further develop its business[85]. - The Company recognizes the importance of Board independence for effective corporate governance, with mechanisms in place to ensure independent views are considered[141]. - The Company has a policy for the performance evaluation of Independent Non-Executive Directors to assess their contributions annually[117]. - The Nomination Committee and the Remuneration Committee assess the independence and qualifications of independent non-executive directors annually[89]. - The Company has arranged appropriate insurance cover for possible legal actions against the Directors[151]. - The Company has arranged appropriate liability insurance for directors to cover liabilities arising from corporate activities, with annual reviews of the insurance coverage[184]. Meetings and Training - During the year, the Board held 3 meetings, with all Directors attending regularly[119]. - The Board held 3 meetings during the Year, with draft minutes prepared and circulated for comments[147]. - All Directors participated in continuous professional development to ensure their contributions remain informed and relevant[156]. - The Directors participated in continuous professional training to enhance their awareness of good corporate governance practices[130]. Audit and Financial Review - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed financial reporting matters, including the annual results for the year ended March 31, 2024[74]. - The business review for the year ended March 31, 2024, is detailed in the "Management Discussion and Analysis" section of the annual report[74]. - There were no significant transactions or arrangements involving Directors that could potentially compete with the Group's business during the year[93]. - No Director had a material interest in any significant transactions related to the Group during the year[93].
胜龙国际(01182) - 2024 - 年度业绩
2024-06-28 11:02
[Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended March 31, 2024, the Group's revenue increased 16.2% to HKD 423 million, with profit attributable to owners rising to HKD 6.178 million Annual Consolidated Performance Summary | Metric | 2024 (HKD thousands) | 2023 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Revenue (Continuing Operations)** | 422,733 | 363,764 | +16.2% | | **Gross Profit** | 37,237 | 33,787 | +10.2% | | **Profit from Continuing Operations** | 6,178 | 4,619 | +33.7% | | **Profit for the Year Attributable to Owners of the Company** | 6,178 | 816 | +657.1% | | **Basic Earnings Per Share (HK cents)** | 1.77 | 0.27 | +555.6% | - The FY2023 results included a loss from discontinued operations of approximately **HKD 3.803 million**, while FY2024 had no such impact, which was one of the reasons for the significant improvement in annual profit[62](index=62&type=chunk)[63](index=63&type=chunk) [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2024, the Group's total assets were HKD 205 million, with net assets at HKD 118 million and a current ratio improving to 2.3 times, reflecting a stable financial position Financial Position Summary | Metric | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | **Non-current Assets** | 11,291 | 11,811 | | **Current Assets** | 193,558 | 200,172 | | **Total Assets** | 204,849 | 211,983 | | **Current Liabilities** | 85,858 | 92,747 | | **Non-current Liabilities** | 1,034 | 3,366 | | **Total Liabilities** | 86,892 | 96,113 | | **Net Assets (Total Equity)** | 117,957 | 115,870 | - Current assets primarily include bank and cash balances of **HKD 79.75 million**, other receivables, deposits and prepayments of **HKD 90.83 million**, and trade receivables of **HKD 10.17 million**[64](index=64&type=chunk) [Notes to the Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [Segment Information](index=6&type=section&id=Segment%20Information) The Group's core business is gold processing and trading in China, which constitutes all revenue, with previous outsourced business process management and money lending services terminated in FY2023 - The Group currently has only one reportable segment: gold processing and trading, which contributed all **HKD 423 million** in revenue in FY2024[96](index=96&type=chunk)[81](index=81&type=chunk) - Outsourced business process management and money lending services were classified as discontinued operations in prior years[79](index=79&type=chunk)[97](index=97&type=chunk) - Geographically, all of the Group's revenue is derived from the Chinese market[88](index=88&type=chunk) [Key Financial Data Notes](index=10&type=section&id=Key%20Financial%20Data%20Notes) This section provides detailed explanations of key financial items, noting a significant increase in trade receivables and no recommended dividend for the current year - The Board does not recommend the payment of any dividend for the year ended March 31, 2024, consistent with the prior year[2](index=2&type=chunk)[132](index=132&type=chunk) Earnings Per Share Calculation | Metric | 2024 | 2023 | | :--- | :--- | :--- | | **Profit Attributable to Owners of the Company (HKD thousands)** | 6,178 | 816 | | **Weighted Average Number of Ordinary Shares (thousands)** | 349,520 | 301,510 | | **Basic Earnings Per Share (HK cents)** | 1.77 | 0.27 | - Total trade receivables surged from **HKD 1.528 million** to **HKD 12.541 million**, with a significant portion overdue by more than 90 days, and an impairment provision of **HKD 2.373 million** was recognized[5](index=5&type=chunk)[6](index=6&type=chunk)[121](index=121&type=chunk) - Net proceeds of approximately **HKD 71.3 million** from the rights issue completed in June 2022 were originally intended for establishing a gold ore processing plant; however, most funds remain in bank accounts due to site selection delays[27](index=27&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) [Financial Review](index=17&type=section&id=Financial%20Review) In FY2024, revenue grew 16.2% to HKD 423 million, but gross margin declined to 8.8% due to lower ore grades, and administrative expenses increased, resulting in a net profit of HKD 6.2 million Revenue by Business Segment | Business Segment | FY2024 Revenue (HKD millions) | FY2023 Revenue (HKD millions) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Gold-loaded Carbon Processing** | 153.8 | 134.7 | +14.2% | | **Gold Ore Processing** | 268.9 | 228.7 | +17.6% | | **Total** | 422.7 | 363.8 | +16.2% | - Gross profit margin decreased from **9.3%** in the previous fiscal year to **8.8%** in the current fiscal year, primarily due to lower gold ore grades supplied by vendors, leading to a decline in the gross profit margin for gold ore processing[47](index=47&type=chunk) - Administrative and other operating expenses increased by **24.4%** year-on-year to **HKD 28.6 million**, mainly due to increased depreciation from new processing plant leases, higher impairment losses on trade receivables, and increased directors' remuneration[49](index=49&type=chunk) [Liquidity, Financial Resources and Foreign Currency Risk](index=19&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Foreign%20Currency%20Risk) The Group maintains a robust financial position with HKD 79.8 million in cash, a current ratio of 2.3 times, and zero gearing, adopting a prudent treasury policy without hedging foreign exchange risk Liquidity Indicators | Metric | As of March 31, 2024 | As of March 31, 2023 | | :--- | :--- | :--- | | **Cash and Cash Equivalents** | HKD 79.8 million | HKD 91.8 million | | **Current Ratio** | 2.3 times | 2.2 times | | **Gearing Ratio** | Zero | Zero | - The Group's foreign exchange risk primarily stems from its USD and RMB bank deposits, which management will closely monitor and consider hedging when necessary[54](index=54&type=chunk)[55](index=55&type=chunk) [Use of Proceeds from Rights Issue](index=20&type=section&id=Use%20of%20Proceeds%20from%20Rights%20Issue) The company raised HKD 67.2 million from a 2022 rights issue for a new beneficiation plant, with HKD 64.1 million unutilized and expected to be used by June 30, 2025 Use of Proceeds from Rights Issue (As of March 31, 2024) | Item | Intended Use (HKD thousands) | Actual Use (HKD thousands) | Remaining Funds (HKD thousands) | | :--- | :--- | :--- | :--- | | **Preparation Costs** | 3,100 | 3,100 | – | | **Construction Costs** | 64,100 | – | 64,100 | | **Total** | **67,200** | **3,100** | **64,100** | [Future Development of the Group's Business](index=21&type=section&id=Future%20Development%20of%20the%20Group%27s%20Business) The Group monitors gold price trends, with its planned Henan plant suspended due to land issues, now evaluating a new plant in Yunnan to achieve higher revenue and profits - The Group's profitability is highly dependent on gold prices, which are influenced by geopolitical factors such as US interest rates and the global economic environment[8](index=8&type=chunk) - The original plan to establish a new gold ore processing plant in Luanchuan County, Henan, has been suspended, primarily due to land and tailings dam construction approval issues[138](index=138&type=chunk) - To advance its own processing plant construction plan, the Group is actively considering and evaluating the possibility of establishing a new plant in Yunnan Province, currently engaged in preliminary discussions with local governments[138](index=138&type=chunk)[9](index=9&type=chunk) [Principal Risks and Uncertainties](index=23&type=section&id=Principal%20Risks%20and%20Uncertainties) The Group faces strategic, operational, financial, and compliance risks, including economic instability, staff turnover, and liquidity issues, which management monitors and manages - Strategic risks: Economic, governmental, and political instability may lead to business stagnation or delays in new business expansion[164](index=164&type=chunk)[143](index=143&type=chunk) - Operational risks: Include loss of key operating personnel and crisis events that could lead to business interruption[20](index=20&type=chunk)[144](index=144&type=chunk)[159](index=159&type=chunk) - Financial risks: Encompass liquidity risk, foreign exchange rate risk, and credit risk, managed by the Group through monitoring cash flow, maintaining sufficient cash, and assigning teams for credit control[21](index=21&type=chunk)[166](index=166&type=chunk) [Corporate Governance and Other Information](index=24&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Corporate Governance](index=24&type=section&id=Corporate%20Governance) The company complies with Listing Rules' Corporate Governance Code, with the Audit Committee reviewing annual results, noting only the Chairman's absence from the 2023 AGM as a deviation - The company has adopted the Corporate Governance Code in Appendix C1 and the Model Code for Securities Transactions by Directors in Appendix C3 of the Listing Rules[16](index=16&type=chunk) - Mr. Liu Shiwei, the Chairman of the Board, was unable to attend the 2023 Annual General Meeting due to other business commitments, constituting a deviation from Corporate Governance Code provision F.2.2[24](index=24&type=chunk)[17](index=17&type=chunk) - The Audit Committee has reviewed the annual results and discussed the Group's accounting principles, internal controls, and financial reporting matters[148](index=148&type=chunk)
胜龙国际(01182) - 2024 - 中期财报
2023-12-21 09:20
Financial Performance - Revenue for the six months ended September 30, 2023, increased to HK$132,063,000, up 62.5% from HK$81,187,000 in the same period last year[9]. - Gross profit rose to HK$11,709,000, representing a 21.5% increase compared to HK$9,624,000 in the previous year[9]. - Profit from continuing operations reached HK$3,791,000, a significant increase of 127.3% from HK$1,667,000 in the prior year[9]. - Profit for the period from continuing operations was HK$1,587,000, compared to HK$115,000 in the same period last year, marking a substantial increase[9]. - Total comprehensive loss for the period was HK$2,726,000, an improvement from a loss of HK$6,287,000 in the previous year[9]. - The company reported a basic earnings per share of HK$0.45, compared to a loss per share of HK$0.61 in the previous year[9]. - For the six months ended September 30, 2023, the total comprehensive income was a loss of HK$2,726,000, compared to a loss of HK$6,287,000 for the same period in 2022, indicating an improvement of approximately 57%[12]. - The company reported a loss before tax of HK$3,507,000 for the six months ended September 30, 2023, compared to a profit of HK$1,048,000 in the previous year[34]. - The Group reported a net profit attributable to owners of approximately HK$1.6 million for the Reporting Period, compared to a net loss of approximately HK$1.6 million in the Corresponding Period[150]. Cash Flow and Liquidity - The net cash generated from operating activities for the six months ended September 30, 2023, was HK$30,063,000, a significant recovery from a cash outflow of HK$10,717,000 in the previous year[16]. - Cash and cash equivalents at the end of the period increased to HK$117,251,000, up from HK$74,604,000 at the same time last year, representing a growth of approximately 57%[16]. - Bank and cash balances improved to HK$117,251,000, up from HK$91,789,000 at the end of the previous fiscal year[11]. - The bank and cash balances increased to HK$117,251,000 as of September 30, 2023, up from HK$91,789,000 as of March 31, 2023, indicating improved liquidity[37]. - The effect of changes in foreign exchange rates resulted in a decrease of HK$3,065,000 in cash and cash equivalents during the current period[16]. Assets and Liabilities - Current assets increased to HK$226,346,000 as of September 30, 2023, compared to HK$200,172,000 as of March 31, 2023[11]. - Net assets decreased slightly to HK$113,144,000 from HK$115,870,000 as of March 31, 2023[11]. - The total liabilities for continuing operations increased to HK$118,719,000 as of September 30, 2023, compared to HK$90,385,000 as of March 31, 2023, representing a rise of 31.2%[37]. - The company had a total accumulated losses of HK$1,181,217,000 as of September 30, 2023, slightly reduced from HK$1,185,171,000 a year earlier[12]. Operational Highlights - The company continues to focus on expanding its market presence and enhancing operational efficiency to drive future growth[9]. - The principal activities of the company remain focused on gold processing and trading in the People's Republic of China[19]. - Revenue from gold processing and trading business for the six months ended September 30, 2023, was HK$132,063,000, representing an increase of 62.5% compared to HK$81,187,000 in the same period of 2022[46]. - The segment profit for gold processing and trading business was HK$7,929,000, up from HK$5,008,000 in the previous year, reflecting a year-on-year increase of 58.4%[34]. - Revenue from gold ore processing was approximately HK$95.9 million during the reporting period, compared to HK$42.7 million in the corresponding period[135]. - Revenue from gold-laden carbon processing was approximately HK$36.1 million during the reporting period, slightly down from HK$38.2 million in the corresponding period[130]. Employee and Compensation - The Group had 67 employees as of September 30, 2023, a slight decrease from 68 employees as of March 31, 2023[185]. - The Group continues to review employee remuneration packages, offering various benefits including a provident fund, discretionary bonuses, and medical allowances[186]. - The Group's key management personnel received total compensation of HK$672,000 during the reporting period, down from HK$890,000 in the previous year[120]. Share Capital and Ownership - As of September 30, 2023, Liu Shiwei holds 230,214,906 shares, representing approximately 65.87% of the company's total shareholding[196]. - Stone Steps Investments Limited, beneficially owned by Liu Shiwei, also holds 230,214,906 shares, equating to 65.87% of the total shareholding[200]. - Wang Baozhi, as a beneficial owner, holds 5,950,000 shares, which is approximately 1.70% of the total shareholding[196]. - The company's authorized share capital remains at HK$300,000,000, with issued and fully paid shares also unchanged at HK$3,495,000 as of September 30, 2023[99]. Taxation and Compliance - The Group recognized a current PRC Enterprise Income Tax expense of HK$1,920,000 for the six months ended September 30, 2023, up from HK$503,000 in the previous year[65]. - The Group had no assessable profit for Hong Kong Profits Tax for the six months ended September 30, 2023, and 2022, thus no provision was required[67]. - The tax rate for subsidiaries in the PRC remained at 25% for both periods under the EIT Law[66]. Discontinued Operations - The company has discontinued its money lending services, which were previously part of its operations[33]. - For the six months ended September 30, 2023, the discontinued operations reported no revenue, compared to HK$7,634,000 for the same period in 2022[95]. - The loss from discontinued operations for the period was HK$1,666,000, resulting in a loss per share of HK$0.00, compared to a loss per share of HK$0.66 in 2022[95][96]. Future Outlook - The Group expects gold prices to remain stably high and rise further in the coming years, focusing on gold processing and trading as its core business[171]. - The establishment of a self-owned gold processing plant remains a long-term goal, as it can generate higher revenues and maximize profits[172]. - The preparation works for the new gold ore processing plant in Henan Province have been suspended due to land acquisition issues, with ongoing assessments for a new plant in Yunnan Province[176].
胜龙国际(01182) - 2024 - 中期业绩
2023-11-28 11:25
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,概不就因本公告全部或任何部份 內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Success Dragon International Holdings Limited 勝 龍 國 際 控 股 有 限 公 司 (於百慕達註冊成立之有限公司) (股份代號:1182) 截至二零二三年九月三十日止六個月 中期業績公告 勝龍國際控股有限公司(「本公司」)董事(「董事」)會(「董事會」)謹此宣佈本公司及其附 屬公司截至二零二三年九月三十日止六個月之未經審核業績。本公告載列本公司二零 二三至二零二四年中期報告(「二零二三至二零二四年中期報告」)全文,符合香港聯合 交易所有限公司(「聯交所」)證券上市規則中有關中期業績初步公告附載資料之相關規 定。二零二三至二零二四年中期報告之印刷本將適時寄發予本公司股東,並可於聯交 所網站www.hkexnews.hk及本公司網站www.successdragonintl.com查閱。 承董事會命 Success Dragon International H ...
胜龙国际(01182) - 2023 - 年度财报
2023-07-24 09:54
Business Focus and Operations - The Group has fully transitioned to a business focused solely on gold processing and trading, ceasing operations in outsourced business process management for electronic gaming machines and money lending[11]. - The Group's principal activity is gold processing in the People's Republic of China[179]. - The Group has entered into lease agreements for four gold processing plants in Henan province, which commenced operations during the Year[31]. - The Group has entered into lease agreements for several gold processing plants in Henan Province to maintain business momentum and has commenced operations, generating significant revenue and profits during the year[105]. - The establishment of a self-owned gold ore processing plant remains a long-term goal, but construction has been delayed due to pending responses from local government regarding land-use approvals[14]. - The establishment of a new gold ore processing plant in Luanchuan County, Henan Province, with a designed annual processing capacity of 600,000 tonnes has faced delays due to land acquisition issues[99]. - The Group is considering establishing the new plant in other locations, such as Yunnan Province, and is currently conducting feasibility studies and preliminary preparations[106]. Financial Performance - The Group recorded revenue of approximately HK$363.8 million for FY2023, a significant increase of approximately 152.4% compared to HK$144.1 million in FY2022[25]. - Revenue from gold ore processing during the Year was approximately HK$228.7 million, contributing significantly to the overall revenue growth[31]. - Revenue from gold-laden carbon processing was approximately HK$134.7 million, showing stability compared to HK$137.2 million in FY2022[26]. - The Group's trading of gold and other precious metals contributed approximately 0.1% or HK$0.4 million of the revenue, a significant drop from approximately 4.8% or HK$6.9 million in FY2022[32]. - The outsourced business process management revenue decreased by approximately 77.4% from HK$31.5 million in FY2022 to HK$7.1 million in FY2023 due to limited operation time[33]. - The money lending business generated revenue of approximately HK$0.5 million in FY2023, down from approximately HK$6.4 million in FY2022[38]. - The significant increase in revenue was mainly attributed to the commencement of operations in gold ore processing in Henan[25]. - Revenue from gold processing and trading business increased to approximately HK$363.8 million, a rise of 152.4% compared to FY2022's HK$144.1 million[53]. - Cost of sales rose by approximately HK$206.6 million or 167.4%, from approximately HK$123.4 million in FY2022 to approximately HK$330.0 million for the Year[58]. - Gross profit increased by approximately HK$13.1 million or 63.3%, from approximately HK$20.7 million in FY2022 to approximately HK$33.8 million for the Year[59]. - Gross profit margin decreased from approximately 14.4% in FY2022 to 9.3% for the Year due to lower gold content supplied and reduced trading revenue[59]. - Administrative and other operating expenses increased by approximately HK$7.7 million or 50.2%, from approximately HK$15.3 million for FY2022 to approximately HK$23.0 million for the Year[65]. - The Group reported a net profit attributable to owners of the Company of approximately HK$0.8 million for the Year, down from HK$2.0 million in FY2022[69]. Market Outlook - The Group anticipates rising demand and prices for gold in 2023 due to increasing recession and geopolitical risks, which are expected to drive gold as a safe-haven asset[12]. - The Group expects gold prices to remain stably high and rise further in the coming years, focusing on gold processing and trading as its core business to diversify income streams and increase shareholder returns[98]. Shareholder Value and Investments - The Group plans to leverage its experience and business networks to capture market opportunities and deliver sustainable returns to shareholders[19]. - The Group will proactively explore other investment opportunities to expand its gold processing portfolio, maximizing shareholder value[20]. - The Group aims to explore other investment opportunities to expand its existing gold processing portfolio for maximum shareholder value[22]. - The net proceeds from the Rights Issue were approximately HK$67.2 million, intended for financing the costs of preparation and construction of a new processing plant with an annual capacity of 600,000 tonnes[89]. Risk Management - The Group's management is actively monitoring financial risks, including liquidity risk, foreign exchange rate risk, and credit risk, to ensure operational stability[133]. - The Group will conduct regular reviews and follow-up actions on overdue amounts to minimize credit risk exposure[51]. - If loan defaults persist beyond three months, collection procedures will commence, including engaging lawyers for recovery actions[52]. - The Group's credit assessment includes evaluating repayment ability and creditworthiness of potential clients[50]. - The management conducts feasibility assessments and projections to manage strategic enterprise risks related to economic and political instability[125]. Compliance and Governance - The Group has complied with relevant laws and regulations that significantly impact its business and operations during FY2023[116]. - The Group's management collaborates with external professionals to ensure compliance with applicable local laws and regulations, mitigating compliance risk[135]. - The Group emphasizes the importance of maintaining good relationships with business partners, suppliers, and customers to achieve short-term and long-term goals[121]. - The company emphasizes the importance of a robust governance framework to support its operational and financial objectives[160]. Management and Employees - The company has a diverse management team with significant financial and operational experience[160]. - The management structure includes a mix of executive and independent non-executive directors to ensure governance and oversight[159]. - The company is focused on maintaining strong leadership with experienced professionals in key positions[160]. - The management team has a background in finance, investment, and technology sectors, enhancing the company's strategic direction[160]. - The Group has identified high staff turnover rates, particularly among key operational staff, as a significant operational risk[131]. - As of March 31, 2023, the Group employed approximately 68 employees, an increase from 60 in the previous year[113]. Financial Statements and Dividends - The audited consolidated financial statements for the year ended March 31, 2023, are presented in the annual report[178]. - For the financial year ended March 31, 2023, the Directors do not recommend any dividend payment, consistent with the previous year[180]. - The Company currently has no pre-determined dividend payout ratio, with the Board considering various financial factors before recommending dividends[181]. - As of March 31, 2023, there are no distributable reserves available for the Company[192]. - The board does not recommend any dividend payment for the year ended March 31, 2023, similar to the previous year[186].