格隆汇11月13日丨万保刚集团(01213.HK)公布，董事会将于2025年11月25日(星期二)举行董事会会议， 藉以考虑及批准(其中包括)(i)公司及其附属公司截至2025年9月30日止六个月之中期业绩，以及(ii)考虑 派发中期股息(如有)。 ...

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佈的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 萬保剛集團有限公司（「本公司」）董事會（「董事會」）謹此公佈，董事會將於二零二五年 十一月二十五日（星期二）舉行董事會會議，藉以考慮及批准（其中包括）(i)本公司及其附 屬公司截至二零二五年九月三十日止六個月之中期業績，以及(ii)考慮派發中期股息（如 有）。 承董事會命 萬保剛集團有限公司 主席 洪劍峯 香港，二零二五年十一月十三日 於本公佈日期，本公司董事會成員包括執行董事洪劍峯博士、楊敏儀女士、洪英峯先生 及楊國樑先生；以及獨立非執行董事葉富華先生、梁偉祥博士及古永康先生。 MOBICON GROUP LIMITED 萬保剛集團有限公司* （ 於百慕達註冊成立之有限公司） （股份代號：1213） 董事會會議通知 * 僅供識別 ...

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10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: 萬保剛集團有限公司 | 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) | 01213 | 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 | | | 200,000,000 | | 0 | | 200,000,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 200,000,000 | | 0 | | 200,000,000 | 第 2 頁 共 10 頁 v 1.1.1 呈交日期: 2025年11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 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 萬保剛集團有限公司 呈交日期: 2025年10月2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) | 01213 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 HKD | | 200,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 HKD | | 200,000,000 | (A). 股份期權（根據發行人的股份期權計劃） ...

致：香港交易及結算所有限公司 公司名稱: 萬保剛集團有限公司 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 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01213 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | II. 已發行 ...

Group 1 - A total of 85 stocks reached a 52-week high as of August 20, with notable performers including Xie Ruilin (00417) at 90.83%, Wanbao Gang Group (01213) at 47.76%, and Jin Zhi Zun Group (02882) at 45.21% [1] - The closing prices and highest prices for the top three stocks are as follows: Xie Ruilin at 1.390 and 2.290, Wanbao Gang Group at 0.455 and 0.495, and Jin Zhi Zun Group at 1.020 and 1.060 [1] - Other significant stocks that reached new highs include International Yongsheng Group (06663) at 41.41% and Hengdu Group (00725) at 41.18% [1] Group 2 - The report also lists stocks that reached new lows, with Shanghai Pioneer Holdings (01345) showing a decline of 11.47% and Hongyu Smart City Services (00265) down by 8.97% [3] - Other stocks with notable declines include Hometown Interactive (03798) at -5.56% and Fan Yuan International (02516) at -3.23% [3] - The lowest prices recorded for these stocks include Shanghai Pioneer at 1.590 and Hongyu Smart City at 0.710 [3]

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佈的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 MOBICON GROUP LIMITED 萬保剛集團有限公司 * （於百慕達註冊成立之有限公司） （股份代號：1213） 於二零二五年八月十三日舉行之 股東週年大會點票結果 於二零二五年八月十三日舉行之本公司股東週年大會上，所有載於股東週年 大會通告提呈之決議案已獲股東正式通過。 茲 提 述 萬 保 剛 集 團 有 限 公 司（「本公司」）日 期 為 二 零 二 五 年 七 月 十 一 日 之 股 東 週 年 大 會（「股東週年大會」）通 告（「股東週年大會通告」）及 通 函（「通 函」）。除 本 公 佈 另 有 所指外，本公佈所用詞彙與通函所界定者具有相同涵義。 於二零二五年八月十三日舉行之股東週年大會上，所有載於股東週年大會通告提 呈之決議案均以按股數投票方式表決。 於二零二五年八月十三日，賦予其持有人權利出席股東週年大會，並於會上投票 贊成或反對決議案之已發行股份總數為200,000,000股， ...

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 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 公司名稱: 萬保剛集團有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01213 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 HKD | | 200,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 HKD | | 200,000,000 | 本月底法定/註冊股本總額： HKD 200,000 ...

[Corporate Information](index=2&type=section&id=Corporate%20Information) This section provides essential company information including board members, committee structures, and key contact details - This section provides essential company information, including board members, committee structures, registered office, principal place of business, company secretary, auditors, share registrar, principal bankers, legal advisors, and website contact details[3](index=3&type=chunk)[4](index=4&type=chunk)[6](index=6&type=chunk) [Group Structure](index=5&type=section&id=Group%20Structure) This section visually presents the company's group structure, outlining equity relationships between the parent company and its subsidiaries across various regions - The company's group structure is presented in a diagram, clearly outlining the equity relationships between the parent company and its subsidiaries across various regions including Hong Kong, Mainland China, Taiwan, Singapore, Malaysia, South Africa, and Portugal[10](index=10&type=chunk)[11](index=11&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) This section provides an overview of the Group's financial performance, including key indicators and segment breakdowns [Financial Highlights Summary](index=5&type=section&id=Financial%20Highlights_Summary) The Group faced significant operational challenges in FY2025, with total revenue decreasing by 15.6% to HKD 287 million, shifting to an operating loss of HKD 6.12 million, and net loss expanding to HKD 10.48 million Financial Highlights Summary | Key Financial Indicators | FY2025 | FY2024 | Change Percentage | | :--- | :--- | :--- | :--- | | **Operating Results** | | | | | Revenue | 287,322 HKD thousands | 340,579 HKD thousands | (15.6)% | | Gross Profit | 75,216 HKD thousands | 89,491 HKD thousands | (16.0)% | | Operating (Loss)/Profit | (6,122) HKD thousands | 10,264 HKD thousands | (160)% | | Net (Loss)/Profit | (10,480) HKD thousands | 1,751 HKD thousands | (699)% | | **Per Share Data** | | | | | Loss Per Share | (5.9) HK cents | (2.5) HK cents | 136% | | Total Dividend Per Share | 0.75 HK cents | 1.0 HK cents | (25)% | | **Financial Ratios** | | | | | Gross Profit Margin | 26.2% | 26.3% | (0.4)% | | Current Ratio | 2.1 Times | 2.2 Times | (4.5)% | | Inventory Turnover Days | 250 Days | 229 Days | 9.2% | - By business segment, FY2025 revenue primarily derived from the **trading of electronic and electrical components (67%)**, followed by **computer business (19%)** and **cosmetics and online retail business (14%)**[19](index=19&type=chunk)[25](index=25&type=chunk) - By geographical segment, FY2025 revenue primarily originated from **Hong Kong (43%)** and **South Africa (36%)**, with the Asia Pacific region (excluding Hong Kong) contributing **17%**[13](index=13&type=chunk)[25](index=25&type=chunk) [CEO's Statement](index=7&type=section&id=CEO%27s%20Statement) This section provides the Chief Executive Officer's review of the Group's financial performance, business operations, and future development strategies [Financial Results Review](index=8&type=section&id=CEO%27s%20Statement_Financial%20Results) During the review year, the Group's turnover decreased by 15.8% to approximately HKD 287 million, shifting to an operating loss of HKD 6.1 million, with loss attributable to shareholders expanding to HKD 11.8 million Financial Performance Summary | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | Turnover | approx. HKD 287 million | approx. HKD 341 million | | Gross Profit | approx. HKD 75 million | approx. HKD 89 million | | Operating (Loss)/Profit | Loss approx. HKD 6.1 million | Profit approx. HKD 10.3 million | | Loss Attributable to Shareholders | approx. HKD 11.8 million | approx. HKD 4.9 million | | Loss Per Share | approx. HKD 0.059 | approx. HKD 0.025 | [Business Operations Review](index=9&type=section&id=CEO%27s%20Statement_Business%20Operations) The Group's three core business segments experienced revenue declines, while total operating expenses slightly increased and finance costs decreased Turnover Performance by Business Segment | Business Segment | FY2025 Turnover | FY2024 Turnover | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Electronic and Electrical Components Trading | approx. HKD 194 million | approx. HKD 223 million | -13% | | Computer Business | approx. HKD 54 million | approx. HKD 68 million | -20.6% | | Cosmetics and Online Retail | approx. HKD 39 million | approx. HKD 50 million | -22% | - The Group's total operating expenses increased by **2.4%** year-on-year to approximately **HKD 84 million**, primarily due to higher distribution and selling expenses and general and administrative expenses, while finance costs decreased by **28.2%** year-on-year to approximately **HKD 2.8 million**[30](index=30&type=chunk)[32](index=32&type=chunk) [Development Strategy and Outlook](index=10&type=section&id=CEO%27s%20Statement_Development%20Strategy%20and%20Outlook) The Group anticipates market improvement by late 2025, leveraging its global presence and focusing on South African business development, while adapting strategies for computer and online retail segments - The Group anticipates market improvement by late **2025**, leveraging its business presence in Hong Kong, Taiwan, Portugal, Malaysia, Singapore, Mainland China, and South Africa to mitigate risks[35](index=35&type=chunk)[38](index=38&type=chunk) - The South African headquarters will be key to strengthening the distribution network, shortening lead times, and optimizing inventory, with plans to expand third-party online sales channels[36](index=36&type=chunk)[38](index=38&type=chunk) - The cosmetics and online retail business (wishh!) faces intense competition and cross-border consumption challenges, with future focus on online retail and exploring new product lines, including Japanese pet supplies[40](index=40&type=chunk)[43](index=43&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed review of the Group's business performance, liquidity, financial resources, and risk management strategies [Business Review](index=12&type=section&id=MD%26A_Business%20Review) This year, all three core business segments experienced revenue declines, with electronic and electrical components trading down 13% to HKD 194 million, computer business down 20% to HKD 54 million, and cosmetics and online retail down 22% to HKD 39 million Performance by Business Segment | Business Segment | % of Total Turnover | FY2025 Gross Profit Margin | FY2024 Gross Profit Margin | | :--- | :--- | :--- | :--- | | Electronic and Electrical Components Trading | 67% | 29.3% | 29.5% | | Computer Business | 19% | 20.2% | 19.8% | | Cosmetics and Online Retail | 14% | 19.1% | 20.8% | - The electronic and electrical components trading business saw revenue decrease by **13%** year-on-year to **HKD 194 million** due to persistent demand contraction from global market challenges[48](index=48&type=chunk)[51](index=51&type=chunk) - Total turnover of overseas subsidiaries decreased by **13.9%** to **HKD 124 million**, with the South African market declining by **12.6%** due to reduced demand for electrical components[52](index=52&type=chunk)[53](index=53&type=chunk)[57](index=57&type=chunk) [Liquidity and Financial Resources](index=14&type=section&id=MD%26A_Liquidity%20and%20Financial%20Resources) As of March 31, 2025, the Group held approximately HKD 26 million in cash, with net current assets of HKD 106 million and a current ratio of 2.1, indicating sufficient financial resources Liquidity Indicators (As of March 31, 2025) | Indicator | Amount/Ratio | Same Period 2024 | | :--- | :--- | :--- | | Cash and Bank Balances | approx. HKD 26 million | approx. HKD 24 million | | Net Current Assets | approx. HKD 106 million | approx. HKD 115 million | | Current Ratio | approx. 2.1 | approx. 2.2 | | Unutilized Bank Facilities | approx. HKD 63 million | approx. HKD 63 million | - Approximately **40%** of the Group's cash and bank balances are in **HKD**, **18%** in **USD**, and **20%** in **South African Rand**[60](index=60&type=chunk)[63](index=63&type=chunk) - The Group's short-term bank loans and trade financing are secured by company guarantees and properties located in Singapore, Portugal, and South Africa, with borrowing interest rates ranging from **3.08% to 12.7%**[62](index=62&type=chunk)[65](index=65&type=chunk) [Gearing Ratio and Risk Management](index=15&type=section&id=MD%26A_Gearing%20Ratio%20and%20Risk) As of March 31, 2025, the Group's net gearing ratio remained at approximately 25%, with net borrowings of HKD 40 million and total equity of HKD 159 million, and foreign exchange risk is considered minimal Net Gearing Ratio (As of March 31) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Net Borrowings | approx. HKD 40 million | approx. HKD 38 million | | Total Equity | approx. HKD 159 million | approx. HKD 167 million | | Net Gearing Ratio | approx. 25% | approx. 25% | - The Board considers the Group's foreign exchange risk minimal, as most transactions are denominated in **HKD**, **RMB**, and **USD**, with **HKD** pegged to **USD**[67](index=67&type=chunk)[71](index=71&type=chunk) [Employment and Investment Policy](index=16&type=section&id=MD%26A_Employment%20and%20Investment) As of March 31, 2025, the Group employed 355 full-time staff, with human resources policies based on performance and market conditions, and no significant investments or acquisitions were made - As of March 31, 2025, the Group had **355** full-time employees in Hong Kong and overseas[74](index=74&type=chunk)[76](index=76&type=chunk) - During the review year, the Group did not undertake any significant investments, major acquisitions, or disposals of subsidiaries and associates[75](index=75&type=chunk)[77](index=77&type=chunk) [Directors' and Senior Management's Profile](index=16&type=section&id=Directors%27%20and%20Senior%20Management%27s%20Profile) This section details the background, experience, and responsibilities of the company's executive directors, independent non-executive directors, and senior management - This section provides detailed profiles of the company's executive directors, independent non-executive directors, and senior management, including their backgrounds, experience, professional qualifications, and responsibilities within the Group, highlighting that several core management members are founders with over **40 years** of experience in the electronics industry[78](index=78&type=chunk)[84](index=84&type=chunk)[110](index=110&type=chunk) [Corporate Governance Report](index=24&type=section&id=Corporate%20Governance%20Report) This section outlines the Group's corporate governance framework, including practices, board committees, and risk management systems [Corporate Governance Practices](index=25&type=section&id=Corporate%20Governance%20Report_Practices) The company maintains high standards of corporate governance, complying with Listing Rules with one deviation regarding Chairman and Vice Chairman retirement, and the Board comprises seven directors, including three independent non-executive directors - The company complied with the Corporate Governance Code, with one deviation: the Chairman and Vice Chairman are not required to retire by rotation every three years, which the Board believes is in the overall interest of the company and its shareholders[125](index=125&type=chunk)[127](index=127&type=chunk) - The Board comprises **seven** directors, including **four** executive directors and **three** independent non-executive directors, meeting the Listing Rules' requirements for the number of independent non-executive directors[130](index=130&type=chunk)[134](index=134&type=chunk) [Board Committees](index=30&type=section&id=Corporate%20Governance%20Report_Committees) The company has established Remuneration, Nomination, and Audit Committees to assist the Board, overseeing executive compensation, director nominations, and the effectiveness of financial reporting and internal control systems - The Remuneration Committee adopted a management bonus scheme where the total bonus is linked to the Group's net profit: if net profit is between **HKD 3 million and HKD 5 million**, the bonus will not exceed **5%**; if net profit exceeds **HKD 5 million**, the bonus will not exceed **10%**[159](index=159&type=chunk)[160](index=160&type=chunk) - The Audit Committee held **four** meetings during the review year, reviewing annual and interim financial reports, internal audit findings, accounting principles, and the effectiveness of internal control systems[175](index=175&type=chunk)[176](index=176&type=chunk) [Risk Management and Internal Control](index=36&type=section&id=Corporate%20Governance%20Report_Risk%20Management%20and%20Internal%20Control) The Board is ultimately responsible for the Group's risk management and internal control systems, regularly reviewing their effectiveness, and has established a compliance officer and internal audit function to ensure adequacy - The Board is responsible for overseeing risk management and internal control systems, conducting annual effectiveness reviews, with these systems designed to identify, analyze, assess, and mitigate risks that may affect operational efficiency[189](index=189&type=chunk)[192](index=192&type=chunk) - The Group has established an internal audit function that reports its findings and recommendations for improvement to the Audit Committee, with annual reviews covering financial reporting, the internal audit function, and the qualifications and resources of relevant personnel[191](index=191&type=chunk)[194](index=194&type=chunk) [Environmental, Social and Governance Report](index=38&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) This section details the Group's commitment and performance in environmental protection, social responsibility, and corporate governance [Environmental Performance](index=41&type=section&id=ESG_Environmental%20Performance) The Group is committed to reducing environmental impact through "reduce, reuse, recycle" strategies, focusing on emissions reduction, energy conservation, waste recycling, and addressing climate change risks Key Emissions and Resource Consumption Data | Indicator | 2024/2025 | 2023/2024 | | :--- | :--- | :--- | | Total Greenhouse Gas Emissions (Scope 1, 2, 3) | 212 tonnes | 203 tonnes | | Total Energy Consumption | 418,000 kWh | 407,000 kWh | | Non-hazardous Waste (Waste Paper) | 1,400 kg | 1,600 kg (purchased volume) | | Waste Paper/Cardboard Recycled | 5,000 kg | 8,000 kg | - The Group has set a five-year plan, aiming to reduce greenhouse gas and exhaust gas emission intensity by **5%** and energy consumption by **5%**, using the current reporting period as the baseline year[235](index=235&type=chunk)[241](index=241&type=chunk) - To address climate change risks, the Group has adopted a work contingency plan for physical risks from extreme weather and continuously assesses and monitors climate-related policies to manage transition risks[248](index=248&type=chunk)[249](index=249&type=chunk)[251](index=251&type=chunk) [Social Performance](index=46&type=section&id=ESG_Social%20Performance) The Group values human capital, employing 355 full-time staff, prioritizing employee health, safety, and development, adhering to labor standards, managing supply chain risks, ensuring product responsibility, maintaining anti-corruption policies, and actively engaging in community investment Employee Profile (2024/2025) | Category | Sub-category | Percentage/Value | | :--- | :--- | :--- | | **Gender** | Male | 57% | | | Female | 43% | | **Age** | 41-50 years | 30% | | | 51 years or above | 29% | | **Region** | Asia | 41% | | | Africa | 56% | | **Turnover Rate** | Overall | 13.5% (calculated) | | | Male | 16% | | | Female | 8% | - The Group is committed to providing a healthy and safe working environment, with no work-related fatalities or injuries exceeding **3 days** reported in the past **three years**[260](index=260&type=chunk)[264](index=264&type=chunk) - The Group holds **ISO9001** certification and manages a total of **1,058** suppliers, assessing their environmental and social risks, with suppliers primarily located in **Asia (47%)** and **Africa (42%)**[273](index=273&type=chunk)[275](index=275&type=chunk)[280](index=280&type=chunk) - The Group actively fulfills its corporate social responsibility, having received the "Caring Company" logo from the Hong Kong Council of Social Service for **18 consecutive years**, and continues to employ hearing-impaired individuals[297](index=297&type=chunk) [Report of the Directors](index=61&type=section&id=Report%20of%20the%20Directors) This section provides the Directors' report on the Group's performance, dividend appropriations, major customers and suppliers, and connected transactions [Results and Appropriations](index=62&type=section&id=Report%20of%20the%20Directors_Results%20and%20Appropriations) For the review year, the Group's results are presented in the consolidated statement of profit or loss, with total dividends declared and paid amounting to 0.75 HK cents per share FY2025 Dividend Distribution | Dividend Type | Amount Per Share (HK cents) | Total Amount (HKD) | | :--- | :--- | :--- | | Interim Dividend (Paid) | 0.5 | 1,000,000 | | Proposed Final Dividend | 0.25 | 500,000 | | **Total for Full Year** | **0.75** | **1,500,000** | [Major Customers and Suppliers](index=69&type=section&id=Report%20of%20the%20Directors_Major%20Customers%20and%20Suppliers) During the review year, the Group maintained a diversified customer base and a relatively low reliance on suppliers, with top five customers and suppliers accounting for less than 10% and 29% of sales and purchases, respectively - The Group's sales to its top five customers accounted for less than **10%**, indicating low customer concentration[363](index=363&type=chunk)[368](index=368&type=chunk) - In terms of procurement, the largest supplier accounted for **10%** of total purchases, and the top five suppliers collectively accounted for **29%**[363](index=363&type=chunk)[368](index=368&type=chunk) [Connected Transactions](index=70&type=section&id=Report%20of%20the%20Directors_Connected%20Transactions) The Group entered into property lease agreements with M-Bar Limited, an associate owned by executive directors, which waived HKD 2.784 million in rent during the review year - The Group entered into lease agreements for several properties with M-Bar Limited, a company owned by the executive directors, with a total monthly rent of **HKD 0.232 million**[373](index=373&type=chunk)[374](index=374&type=chunk)[375](index=375&type=chunk) - During the review year (April 1, 2024 to March 31, 2025), M-Bar Limited agreed to waive all rent payable, totaling **HKD 2.784 million**[378](index=378&type=chunk)[383](index=383&type=chunk) [Independent Auditors' Report](index=71&type=section&id=Independent%20Auditors%27%20Report) This section presents the independent auditor's opinion on the Group's financial statements and highlights key audit matters [Audit Opinion](index=72&type=section&id=Auditors%27%20Report_Opinion) The auditor, Grant Thornton Hong Kong Limited, issued an unmodified opinion, confirming the consolidated financial statements truly and fairly reflect the Group's financial position and performance - The auditor issued an **unmodified opinion**, stating that the financial statements truly and fairly reflect the Group's financial position and operating results[390](index=390&type=chunk)[393](index=393&type=chunk) [Key Audit Matters](index=73&type=section&id=Auditors%27%20Report_Key%20Audit%20Matters) The key audit matter identified was "Revenue Recognition" due to the high volume of transactions across various locations, with audit procedures focusing on controls, sampling, and period-end testing - The key audit matter identified was **"Revenue Recognition,"** primarily due to the Group generating a high volume of revenue transactions across various locations[396](index=396&type=chunk)[397](index=397&type=chunk) - Audit procedures included evaluating internal controls over sales transactions, sampling sales invoices and delivery notes, and sending confirmation letters to customers[399](index=399&type=chunk) [Consolidated Financial Statements](index=77&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's consolidated financial statements, including the statement of profit or loss, financial position, and cash flows [Consolidated Statement of Profit or Loss](index=78&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) In FY2025, the Group's revenue decreased by 15.6% to HKD 287 million, leading to an operating loss of HKD 6.12 million and an annual loss of HKD 10.48 million, with HKD 11.76 million attributable to equity holders Consolidated Statement of Profit or Loss Summary | Item | FY2025 (HKD thousands) | FY2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 287,322 | 340,579 | | Gross Profit | 75,216 | 89,491 | | Operating (Loss)/Profit | (6,122) | 10,264 | | (Loss)/Profit Before Income Tax | (8,875) | 6,394 | | (Loss)/Profit for the Year | (10,480) | 1,751 | | (Loss)/Profit Attributable to Equity Holders of the Company | (11,764) | (4,891) | [Consolidated Statement of Financial Position](index=80&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets decreased slightly to HKD 263 million, total liabilities remained stable at HKD 104 million, and total equity decreased to HKD 159 million due to the annual loss Consolidated Statement of Financial Position Summary | Item | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 56,361 | 59,788 | | Current Assets | 206,766 | 214,095 | | **Total Assets** | **263,127** | **273,883** | | **Liabilities and Equity** | | | | Current Liabilities | 100,628 | 99,452 | | Non-current Liabilities | 3,359 | 7,783 | | **Total Liabilities** | **103,987** | **107,235** | | **Total Equity** | **159,140** | **166,648** | [Consolidated Statement of Cash Flows](index=84&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) In FY2025, net cash from operating activities significantly decreased to HKD 8.75 million, with net cash outflows from investing and financing activities, resulting in a net increase in cash and cash equivalents to HKD 25.94 million Consolidated Statement of Cash Flows Summary | Item | FY2025 (HKD thousands) | FY2024 (HKD thousands) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 8,748 | 21,954 | | Net Cash Used in Investing Activities | (1,657) | (632) | | Net Cash Used in Financing Activities | (5,103) | (27,318) | | **Net Increase/(Decrease) in Cash and Cash Equivalents** | **1,988** | **(5,996)** | | Cash and Cash Equivalents at Beginning of Year | 23,658 | 30,434 | | **Cash and Cash Equivalents at End of Year** | **25,935** | **23,658** | [Financial Summary](index=175&type=section&id=Financial%20Summary) This section provides a five-year overview of the Group's key financial performance and position indicators [Five-Year Financial Summary](index=176&type=section&id=Financial%20Summary_5-Year) Over the past five years, the Group's revenue has declined for three consecutive years to HKD 287 million in FY2025, resulting in the first annual loss of HKD 10.48 million, with total and net assets also contracting Five-Year Performance Summary (For the year ended March 31, HKD thousands) | Indicator | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 287,322 | 340,579 | 410,421 | 501,269 | 456,369 | | (Loss)/Profit for the Year | (10,480) | 1,751 | 5,269 | 21,140 | 18,589 | | Attributable to Equity Holders of the Company | (11,764) | (4,891) | (378) | 13,211 | 12,151 | Five-Year Assets and Liabilities Summary (As of March 31, HKD thousands) | Indicator | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 263,127 | 273,883 | 320,093 | 355,925 | 334,479 | | Net Assets | 159,140 | 166,648 | 172,674 | 188,169 | 172,875 |

[Financial Statements](index=1&type=section&id=Financial%20Statements) [Consolidated Statement of Profit or Loss](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the year ended March 31, 2025, the Group's operating revenue decreased by 15.6% to HKD 287.32 million, resulting in a turn from profit to loss with a net loss of HKD 10.48 million and widened loss per share Summary of Consolidated Statement of Profit or Loss | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 287,322 | 340,579 | -15.6% | | Gross Profit | 75,216 | 89,491 | -15.9% | | Operating (Loss)/Profit | (6,122) | 10,264 | Turned from Profit to Loss | | (Loss)/Profit for the Year | (10,480) | 1,751 | Turned from Profit to Loss | | (Loss)/Profit Attributable to Owners of the Company | (11,764) | (4,891) | Loss Widened by 140.5% | - Basic loss per share was **5.88 HK cents**, an increase from **2.45 HK cents** in the prior year[4](index=4&type=chunk) [Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) For fiscal year 2025, total comprehensive expenses were HKD 7.309 million, primarily due to a loss for the year of HKD 10.48 million, partially offset by a currency translation gain of HKD 3.112 million, compared to total comprehensive expenses of HKD 4.026 million in the prior year Summary of Consolidated Comprehensive Income/Expenses | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | (Loss)/Profit for the Year | (10,480) | 1,751 | | Other Comprehensive Income/(Expenses) | 3,171 | (5,777) | | Total Comprehensive Expenses | (7,309) | (4,026) | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were HKD 263.127 million, a 3.9% decrease year-on-year, with net assets (total equity) at HKD 159.14 million, down 4.5% year-on-year, while net current assets remained stable at approximately HKD 106.138 million, indicating a relatively stable financial position Summary of Consolidated Statement of Financial Position | Metric | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Assets | 263,127 | 273,883 | -3.9% | | Total Liabilities | 103,987 | 107,235 | -3.0% | | Net Assets | 159,140 | 166,648 | -4.5% | | Net Current Assets | 106,138 | 114,643 | -7.4% | [Dividends](index=13&type=section&id=Dividends) The Board proposed a final dividend of **0.25 HK cents** per ordinary share for the year ended March 31, 2025, a 50% decrease from **0.5 HK cents** in the prior year, bringing the total annual dividend to **0.75 HK cents** per share, a 25% year-on-year reduction Dividend Distribution | Dividend Type | 2025 (HK cents per share) | 2024 (HK cents per share) | | :--- | :--- | :--- | | Interim Dividend | 0.5 | 0.5 | | Proposed Final Dividend | 0.25 | 0.5 | | **Total for the Year** | **0.75** | **1.0** | [Operating and Financial Review](index=15&type=section&id=Operating%20and%20Financial%20Review) [Overall Financial Performance](index=15&type=section&id=Overall%20Financial%20Performance) During the review year, the Group's turnover decreased by 15.8% to HKD 287 million, gross profit margin slightly declined from 26.3% to 26.2%, resulting in a turn from profit to an operating loss of HKD 6.1 million and a widened loss attributable to owners of HKD 11.8 million, while total operating expenses slightly increased by 2.4% and finance costs significantly decreased by 28.2% FY2025 Performance Overview | Metric | Amount | Year-on-Year Change | | :--- | :--- | :--- | | Turnover | HKD 287 million | -15.8% | | Gross Profit | HKD 75 million | -15.7% | | Operating Loss | HKD 6.1 million | Turned from a Profit of HKD 10.3 million to Loss | | Loss Attributable to Owners | HKD 11.8 million | Loss Widened | | Loss Per Share | HKD 0.059 | Prior year was a loss of HKD 0.025 | - Total operating expenses were approximately **HKD 84 million**, an increase of approximately **2.4%** year-on-year[33](index=33&type=chunk) - Finance costs decreased by approximately **28.2%** to approximately **HKD 2.8 million**[34](index=34&type=chunk) [Segment Business Review](index=16&type=section&id=Segment%20Business%20Review) All three of the Group's core business segments experienced double-digit declines in turnover, with the trading of electronic and electrical components remaining the primary revenue source at 67% of total turnover but recording an operating loss, while the computer and cosmetics businesses also faced challenges of declining revenue and operating losses Revenue and Performance by Business Segment (For the year ended March 31, 2025) | Business Segment | Revenue (HKD thousands) | Revenue Contribution | Segment Result (HKD thousands) | | :--- | :--- | :--- | :--- | | Trading of Electronic and Electrical Components | 193,711 | 67% | (3,083) | | Computer Business | 54,109 | 19% | (1,713) | | Cosmetics and Online Retail | 39,502 | 14% | (1,321) | [Trading of Electronic and Electrical Components Business](index=16&type=section&id=Trading%20of%20Electronic%20and%20Electrical%20Components%20Business) As the Group's primary revenue source, this business saw a 13% revenue decrease to HKD 194 million, mainly due to shrinking demand from global market challenges, with overseas subsidiaries' total turnover declining by 13.9%, including a 12.6% drop in the South African market due to reduced demand for electrical components - Due to global market challenges, demand for electronic component trading business continued to shrink, leading to a revenue decrease of approximately **13%** to **HKD 194 million** compared to the prior year[36](index=36&type=chunk) - Total turnover of overseas subsidiaries decreased by approximately **13.9%**, with the South African subsidiary's turnover declining by approximately **12.6%** due to reduced demand for electrical components[37](index=37&type=chunk) [Computer Business](index=17&type=section&id=Computer%20Business) Overall computer business revenue decreased by 20.6% to HKD 54 million, with both retail and distribution segments experiencing declines, yet despite the revenue drop, gross profit margin for this business slightly increased from 19.8% to 20.2% through optimized operational efficiency and product supply - Computer retail business turnover decreased by approximately **23.1%** to **HKD 10 million**, and computer distribution business turnover decreased by approximately **20%** to **HKD 44 million**[38](index=38&type=chunk) - Despite the decline in turnover, the gross profit margin for the computer business increased to approximately **20.2%** (from 19.8% in the prior year)[38](index=38&type=chunk) [Cosmetics and Online Retail Business](index=17&type=section&id=Cosmetics%20and%20Online%20Retail%20Business) Revenue for this business significantly declined by 22% to HKD 39 million, primarily attributed to intensified competition, low consumer confidence, and economic uncertainty, with the Group actively optimizing operations and implementing strict cost controls to stabilize business performance - Turnover decreased by approximately **22%** to **HKD 39 million**, with the significant decline in performance attributed to intensified competition, low consumer confidence, and economic uncertainty[39](index=39&type=chunk) [Development Strategies and Outlook](index=18&type=section&id=Development%20Strategies%20and%20Outlook) Looking ahead to 2025, the Group anticipates continued challenges from geopolitical and economic volatility but expects gradual improvement by year-end, with strategic priorities including leveraging the South African headquarters to enhance logistics efficiency, introducing more price-competitive brands for the computer business to enrich product offerings, optimizing the cosmetics business, and prioritizing online retail, including Japanese pet supplies, for future development - The Group anticipates a gradual market improvement by the end of 2025, driven by interest rate reductions and enhanced supply chains[40](index=40&type=chunk) - Operations at the South African headquarters have strengthened the distribution network, improved logistics efficiency, and will expand third-party online sales channels[40](index=40&type=chunk) - To address intense competition in the cosmetics business, the Group will optimize operations and prioritize online retail, including expanding Japanese pet supplies sales[41](index=41&type=chunk) [Liquidity and Capital Resources](index=19&type=section&id=Liquidity%20and%20Capital%20Resources) [Financial Position and Liquidity](index=19&type=section&id=Financial%20Position%20and%20Liquidity) As of March 31, 2025, the Group held cash and bank balances of HKD 26 million, with a current ratio of 2.1, a slight decrease from 2.2 in the prior year, and possessed total bank facilities of HKD 89 million, of which approximately HKD 63 million remained unutilized, which the directors deem sufficient for operational needs Key Financial Ratios (As of March 31, 2025) | Metric | Value | | :--- | :--- | | Cash and Bank Balances | Approx. HKD 26 million | | Net Current Assets | Approx. HKD 106 million | | Current Ratio | Approx. 2.1 | | Net Asset Value Per Share | Approx. HKD 0.8 | - The Group has secured bank facilities totaling approximately **HKD 89 million** from various banks, with approximately **HKD 63 million** remaining unutilized[43](index=43&type=chunk) [Capital Structure and Borrowings](index=19&type=section&id=Capital%20Structure%20and%20Borrowings) As of March 31, 2025, the Group's total borrowings, primarily short-term bank loans, were approximately HKD 26 million, consistent with the prior year, resulting in net borrowings of approximately HKD 40 million after deducting cash, and a stable net gearing ratio (net borrowings divided by total equity) maintained at approximately 25% - The Group's total short-term bank loans amounted to approximately **HKD 26 million**, primarily denominated in HKD[44](index=44&type=chunk) - The Group's net gearing ratio remained at approximately **25%**, consistent with the level as of March 31 of the prior year[45](index=45&type=chunk) [Other Information](index=20&type=section&id=Other%20Information) [Employee Policy](index=20&type=section&id=Employee%20Policy) As of March 31, 2025, the Group employed 355 full-time staff in Hong Kong and overseas, with remuneration policies determined by performance, merit, and market conditions, and benefits including MPF, medical insurance, and performance bonuses - As of March 31, 2025, the Group employed a total of **355** full-time staff in Hong Kong and its overseas subsidiaries[49](index=49&type=chunk) [Corporate Governance](index=22&type=section&id=Corporate%20Governance) The company complied with the Corporate Governance Code under the Listing Rules during the review year, with the sole deviation being that the company's articles of association do not require the Chairman and Vice Chairman to retire by rotation, an arrangement the Board believes is most beneficial for the company's long-term development - The company has complied with the code provisions of the Corporate Governance Code throughout the review year, with one deviation[54](index=54&type=chunk) - The deviation is that the company's articles of association do not require the Chairman and Vice Chairman to retire by rotation, which the Board considers crucial for the successful implementation of long-term business development plans[54](index=54&type=chunk) [Audit Committee](index=22&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, has reviewed the accounting principles and practices adopted by the Group with management, and has also reviewed the annual results for the current year - The Audit Committee, composed of **three** independent non-executive directors, has reviewed the annual results for the review year[56](index=56&type=chunk)