EASYKNIT INT'L(01218)

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永义国际(01218) - 延迟寄发通函 - 可能主要交易 - 可能出售上市证券
2025-08-15 08:48
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。 EASYKNIT INTERNATIONAL HOLDINGS LIMITED 於本公佈日期,董事會成員包括執行董事官可欣女士及雷玉珠女士;以及獨立非執行 董事徐震港先生、劉澤恒先生及馬文鋭先生。 茲提述永義國際集團有限公司(「本公司」)發佈日期為 2025 年 7 月 25 日之 公佈(「該公佈」),內容有關(其中包括)可能出售上市證券。除文義另有 所指外,本公佈所用詞彙與該公佈所界定者具有相同涵義。 誠如該公佈所述,一份載有(其中包括)根據相關上市規則規定可能出售百福 股份的進一步資料連同股東特別大會通告的通函(「該通函」),預期將於 2025年8月15日或之前寄發予股東。 由於需要額外時間完成將載入該通函之資料,故預期該通函之寄發日期將延遲 至 2025 年 8 月 25 日或之前。 承董事會命 永義國際集團有限公司 主席兼首席行政總裁 官可欣 香港,2025年8月15日 永 義 國 際 集 團 ...
前7个月我国汽车产销均同比大幅增长
Zheng Quan Ri Bao Zhi Sheng· 2025-08-11 16:39
Core Viewpoint - The Chinese automotive market shows a clear recovery trend, with significant year-on-year growth in production and sales, particularly in the new energy vehicle (NEV) segment, driven by favorable policies and new model launches [1][2][4]. Production and Sales Data - In the first seven months of the year, China's automotive production reached 18.235 million units, and sales totaled 18.269 million units, marking year-on-year increases of 12.7% and 12%, respectively [1]. - In July, production and sales were 2.591 million and 2.593 million units, reflecting year-on-year growth of 13.3% and 14.7%, but a month-on-month decline of 7.3% and 10.7% [1][2]. Passenger Vehicle Market - The passenger vehicle segment saw production and sales of 2.293 million and 2.287 million units in July, with year-on-year increases of 13% and 14.7% [2]. - Chinese brands led the market with July sales of 1.604 million units, a year-on-year increase of 21.3%, raising their market share to 70.1% [2]. Commercial Vehicle Market - The commercial vehicle sector also demonstrated resilience, with July production and sales of 298,000 and 306,000 units, showing year-on-year growth of 16.3% and 14.1% [3]. - Heavy-duty trucks were the main growth driver, with July sales reaching 85,000 units, a year-on-year increase of 45.6% [3]. Export Performance - Automotive exports continued to show positive trends, with July exports reaching 575,000 units, a year-on-year increase of 22.6% [4]. - NEVs significantly contributed to export growth, with July exports of 225,000 units, a year-on-year surge of 120% [4]. Key Enterprises and Market Dynamics - Among the top ten exporting companies, seven reported positive growth in July, with Chery leading at 119,000 units exported, a year-on-year increase of 31.9% [5]. - BYD's exports grew impressively, reaching 81,000 units in July, a year-on-year increase of 160% [5]. Future Outlook - The automotive market is expected to maintain steady growth, supported by government policies and enhanced competitiveness of NEVs, which will play a crucial role in both domestic consumption upgrades and global export expansion [6].
奇瑞首款豪华MPV停止开发,部分项目组员工转岗至智界
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-05 23:49
Core Viewpoint - The article discusses the competitive landscape of the luxury MPV market in China, highlighting the strategic shift of Chery to prioritize its brand Zhijie over its previous model Xingjiyuan for the launch of the first MPV under the Hongmeng Zhixing platform. This decision is seen as a move to optimize resource allocation and enhance brand competitiveness in a growing segment of the automotive market. Group 1: Company Strategy - Zhijie is developing its first MPV, the EHV, based on the E0X-L platform, with plans for a launch in the first half of next year [1] - Chery has decided to stop the development of the Xingjiyuan E08 MPV, reallocating some of its project team to strengthen Zhijie's MPV development [1][2] - The decision to let Zhijie debut the luxury MPV is part of Chery's broader strategy to streamline its brand operations and reduce resource redundancy [2] Group 2: Market Dynamics - The luxury MPV segment is becoming increasingly competitive, with a notable rise in sales of new energy MPVs in China, which saw a 53.3% year-on-year increase in June [9] - The pricing strategy for Zhijie and Xingjiyuan models overlaps, with Zhijie S7 priced between 249,800 to 349,800 yuan and Xingjiyuan ES priced from 225,800 to 319,800 yuan [3] - Zhijie has shown stronger sales performance compared to Xingjiyuan, with cumulative sales of 64,300 units over the past seven months, surpassing Xingjiyuan's 44,200 units [11] Group 3: Production and Delivery Challenges - Zhijie S7 faced production delays due to equipment and hiring issues at its dedicated factory, leading to a shift in production to Chery's existing facility [3][5] - Initial delivery commitments for Zhijie S7 were extended from 4-6 weeks to over 12 weeks, causing customer dissatisfaction [5] - Chery's commitment to prioritize Zhijie as a strategic project indicates its importance in the company's future growth plans [5] Group 4: Future Prospects - The upcoming launch of the EHV MPV is seen as a critical opportunity for Zhijie to establish itself in the luxury MPV market [14] - The establishment of a dedicated factory for Zhijie is expected to alleviate resource allocation issues and enhance production efficiency [13] - The competitive landscape suggests that while Chery is entering the MPV market later than some rivals, it still has the potential to succeed with the right strategies and partnerships [15]
永义国际(01218) - 截至2025年7月31日月报表
2025-08-01 02:22
致:香港交易及結算所有限公司 公司名稱: 永義國際集團有限公司 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7月31日 狀態: 新提交 呈交日期: 2025年8月1日 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01218 | 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 | | | 73,988,403 | | 0 | | 73,988,403 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 73,988,403 | | 0 | | 73,988,403 | I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | ...
永义国际(01218) - 2025 - 年度财报
2025-07-21 09:13
[Corporate Information](index=2&type=section&id=Corporate%20Information) The report provides key company information as of June 27, 2025, including board members, committee composition, auditor, legal counsel, and office locations - The report details key company information as of June 27, 2025, covering board members, committee structures, company secretary, auditor (**Deloitte**), legal counsel, principal bankers (**Hang Seng Bank**), and office locations[5](index=5&type=chunk)[6](index=6&type=chunk)[8](index=8&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) This section presents a summary of the company's key financial performance and position for the fiscal years 2025 and 2024 Financial Highlights (HKD Thousand) | Metric (HKD Thousand) | 2025 | 2024 (Restated) | Change | | :--- | :--- | :--- | :--- | | **Continuing Operations** | | | | | Revenue | 488,489 | 196,421 | 148.7% | | Gross (Loss) Profit | (17,052) | 30,903 | N/A | | Profit (Loss) for the year attributable to owners of the Company | 15,595 | (228,344) | N/A | | **Discontinued Operations** | | | | | Revenue | – | 30,693 | (100%) | | Loss for the year attributable to owners of the Company | (733,263) | (24,891) | 2,845.9% | | **Assets and Liabilities** | | | | | Total Assets | 3,329,958 | 8,739,039 | (61.9%) | | Total Liabilities | 1,603,393 | 4,136,948 | (61.2%) | | Net Assets | 1,726,565 | 4,602,091 | (62.5%) | | **Per Share Data (HKD)** | | | | | Basic Loss Per Share | (9.71) | (3.50) | 177.4% | | Net Assets Per Share | 23.3 | 62.2 | (62.5%) | [Chairman's Statement](index=6&type=section&id=President's%20Statement) The Chairman's statement provides an overview of the company's performance, business activities, and future outlook [Financial Results](index=6&type=section&id=President's%20Statement_Financial%20Results) In FY2025, continuing operations revenue grew 148.7% to HKD 488 million, turning profitable at HKD 15.57 million, but overall consolidated loss widened to HKD 718 million due to increased losses from discontinued operations Financial Results (HKD Thousand) | Financial Metric (HKD Thousand) | FY2025 | FY2024 (Restated) | Change | | :--- | :--- | :--- | :--- | | Revenue from Continuing Operations | 488,489 | 196,421 | 148.7% | | Consolidated Profit (Loss) from Continuing Operations | 15,568 | (228,435) | N/A | | Revenue from Discontinued Operations | 0 | 30,693 | -100% | | Consolidated Loss from Discontinued Operations | (733,263) | (180,124) | 307.1% | | Consolidated Loss Attributable to Owners of the Company | (717,668) | (253,235) | 183.4% | - **Basic loss per share** expanded from HKD 3.50 in the prior year to **HKD 9.71** this year[17](index=17&type=chunk)[20](index=20&type=chunk) [Business Review](index=7&type=section&id=President's%20Statement_Business%20Review) Despite a challenging Hong Kong property market, the company's property sales progressed, with two residential projects achieving significant cumulative contract sales, and property investment income growing - The company's two major residential projects are progressing well: - **Ayton**: As of the reporting date, 52 units and 5 car parking spaces sold, with cumulative contract sales of approximately **HKD 968 million**[25](index=25&type=chunk)[26](index=26&type=chunk) - **Garden Crescent**: As of the reporting date, 22 units sold, with cumulative contract sales of approximately **HKD 221 million**[25](index=25&type=chunk)[26](index=26&type=chunk) - The Chatham Road North project obtained its occupation permit in March 2025 and will be launched to the market at an appropriate time[26](index=26&type=chunk)[29](index=29&type=chunk) - The property investment portfolio performed steadily, with rental and building management fee income from continuing operations increasing by **12.0%** to **HKD 17.15 million**; commercial and industrial unit occupancy rates were **98.7%** and **75.6%** respectively as of March 31, 2025[32](index=32&type=chunk) [Outlook](index=8&type=section&id=President's%20Statement_Outlook) The company anticipates a gradual recovery in market confidence and property prices in Hong Kong, supported by government measures and potential interest rate reductions, while continuing to focus on existing project sales - The Hong Kong government announced measures in February 2025 to stabilize the property market, including raising the maximum property value for a **HKD 100 stamp duty** to **HKD 4 million**, expected to benefit about **15%** of property transactions[41](index=41&type=chunk)[45](index=45&type=chunk) - The Group maintains a cautiously optimistic outlook, expecting interest rates to gradually decrease and market confidence to recover, supporting property sales and price stability as global monetary policies ease and Hong Kong inflation slows[43](index=43&type=chunk)[44](index=44&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the Group's operational performance, financial position, and future prospects [Overview and Financial Results](index=11&type=section&id=Management%20Discussion%20and%20Analysis_Overview) This fiscal year, the Group's core businesses are property development and investment; continuing operations revenue significantly increased by 148.7% to HKD 488 million, turning profitable at HKD 15.57 million, but overall consolidated loss widened to HKD 718 million due to a deemed disposal of a subsidiary - Following the completion of the deemed disposal of Eminence Property Group Limited (Eminence), its financial results are no longer consolidated into the Group's financial statements as of April 17, 2024[53](index=53&type=chunk) Financial Performance | Financial Performance | FY2025 | FY2024 (Restated) | | :--- | :--- | :--- | | Revenue from Continuing Operations | HKD 488 million | HKD 196 million | | Consolidated Profit (Loss) from Continuing Operations | HKD 15.57 million | (HKD 228 million) | | Consolidated Loss Attributable to Shareholders | (HKD 718 million) | (HKD 253 million) | | Basic Loss Per Share | (HKD 9.71) | (HKD 3.50) | - The Board does not recommend the payment of a final dividend for the current year[62](index=62&type=chunk) [Business Review](index=12&type=section&id=Management%20Discussion%20and%20Analysis_Business%20Review) The Group's business segments showed varied performance, with property development as the main revenue driver, property investment showing rental growth but fair value losses, and both securities investment and loan financing segments recording losses or reduced income [Property Development](index=12&type=section&id=Management%20Discussion%20and%20Analysis_Property%20Development) Property development was the Group's core growth driver this year, with HKD 467 million in revenue from continuing operations, primarily from sales of "Garden Crescent" and "Ayton" projects, and the Chatham Road North project ready for future sales Property Development Performance (HKD) | Project Name | Revenue Recognized This Year (HKD) | Cumulative Contract Sales (HKD) | | :--- | :--- | :--- | | **Garden Crescent** | Approx. 169 million | Approx. 221 million | | **Ayton** | Approx. 297 million | Approx. 968 million | - The Chatham Road North project, to be redeveloped into a residential and commercial complex with a total floor area of approximately **41,747 square feet**, obtained its occupation permit in March 2025[72](index=72&type=chunk) [Property Investment](index=13&type=section&id=Management%20Discussion%20and%20Analysis_Property%20Investment) The property investment segment provided stable cash flow, with rental and building management fee income from continuing operations increasing by 12.0% to HKD 17.15 million, but recorded a fair value loss of HKD 17.13 million on investment properties, resulting in an overall segment loss of HKD 22.05 million, a 41.1% reduction year-on-year - Rental and building management fee income from continuing operations was approximately **HKD 17.15 million**, a **12.0% year-on-year increase**[76](index=76&type=chunk) Property Occupancy Rates | Property Type | Occupancy Rate as of March 31, 2025 | Occupancy Rate as of March 31, 2024 | | :--- | :--- | :--- | | Residential Units | 0.0% | 100.0% | | Commercial Units | 98.7% | 99.2% | | Industrial Units | 75.6% | 95.0% | - A fair value loss on investment properties of approximately **HKD 17.13 million** was recorded this year, a reduction from last year's **HKD 37.77 million** loss[82](index=82&type=chunk) [Investment in Securities and Others](index=14&type=section&id=Management%20Discussion%20and%20Analysis_Investment%20in%20Securities%20and%20Others) The securities investment segment recorded a loss of HKD 1.49 million this year, a decline from last year's profit, with total financial assets at fair value decreasing to HKD 140 million, primarily comprising holdings in Pacific Legend Group, Ping An Insurance, and Eminence convertible notes Investment Portfolio (HKD Thousand) | Investment Item | Investment Cost (HKD Thousand) | Fair Value (HKD Thousand) | % of Total Assets | | :--- | :--- | :--- | :--- | | Pacific Legend Group (1488) | 41,996 | 49,571 | 1.5% | | Ping An Insurance (2318) | 23,253 | 12,408 | 0.4% | | Convertible Notes | 70,000 | 69,993 | 2.1% | | **Total** | **147,237** | **139,564** | **4.2%** | - Terms of the Eminence 2023 Convertible Notes (2023 CN) held by the Group were amended, and partial redemption was completed, reducing the outstanding principal to **HKD 70 million** with a conversion price adjusted to **HKD 0.14 per share** as of the reporting period end[94](index=94&type=chunk)[95](index=95&type=chunk) [Loan Financing](index=17&type=section&id=Management%20Discussion%20and%20Analysis_Loan%20Financing) Loan financing interest income significantly decreased by 59.6% to HKD 4.5 million due to loan repayments, with total loans receivable reducing to HKD 114 million, and the Group maintaining strict credit policies to manage risks - Interest income from loan financing from continuing operations was approximately **HKD 4.5 million**, a **59.6% year-on-year decrease**[99](index=99&type=chunk) Loan Portfolio Metrics | Loan Portfolio Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Gross Carrying Amount of Loans Receivable | HKD 114 million | HKD 196 million | | Proportion of Secured Loans | 31% | 52% | | Gross Carrying Amount of Unsecured Loans Receivable | HKD 60.39 million | HKD 91.36 million | - The Group's credit policy encompasses due diligence, credit assessment, ongoing monitoring, and recovery to minimize credit risk[106](index=106&type=chunk) [Liquidity and Financial Resources](index=19&type=section&id=Management%20Discussion%20and%20Analysis_Liquidity%20and%20Financial%20Resources) As of March 31, 2025, the Group's financial position was sound but liquidity tightened, with total bank borrowings reduced to HKD 1.27 billion, a gearing ratio of 0.7, and cash and cash equivalents significantly decreasing by 94.9% to HKD 15.64 million, primarily due to bank loan repayments and deconsolidation of Eminence Financial Position Metrics | Financial Position Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total Bank Borrowings | HKD 1.274 billion | HKD 3.672 billion | | Gearing Ratio | Approx. 0.7 | Approx. 0.8 | | Net Current Assets | HKD 592 million | HKD 3.546 billion | | Cash and Cash Equivalents | HKD 15.64 million | HKD 307 million | - Approximately **HKD 1.112 billion** (**87%** of total borrowings) is due for repayment within one year[121](index=121&type=chunk) - As of March 31, 2025, assets with a net book value of approximately **HKD 2.718 billion** were pledged as collateral for bank loans[124](index=124&type=chunk) [Significant Changes and Post-Reporting Period Events](index=22&type=section&id=Management%20Discussion%20and%20Analysis_Changes%20and%20Events) This fiscal year and post-reporting period saw significant capital activities, most notably the deconsolidation of Eminence after its shareholding dropped to 8.11% following the completion of Eminence Placing II, alongside various discloseable listed securities transactions and amendments to the 2023 Eminence convertible notes - **Very Substantial Disposal**: Following the completion of Eminence Placing II on April 17, 2024, the Group's shareholding in Eminence decreased to approximately **8.11%**, and Eminence's financial results are no longer consolidated into the Group's financial statements[136](index=136&type=chunk) - **Securities Transactions**: The Group conducted several discloseable listed securities transactions during the year, including subscribing for shares in Pacific Legend Group and disposing of shares in Pacific Legend Group and Ping An Insurance[137](index=137&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk) - **Post-Reporting Period Events**: In May 2025, the Group acquired Pacific Legend Group shares; in June 2025, the Group entered into a second supplemental deed with Eminence, agreeing to revise the conversion price of the 2023 convertible notes from **HKD 0.14** to **HKD 0.07 per share**[151](index=151&type=chunk)[152](index=152&type=chunk) [Prospects](index=25&type=section&id=Management%20Discussion%20and%20Analysis_Prospects) The Group anticipates a gradual recovery in Hong Kong's property market confidence, driven by government measures, mainland talent influx, and potential global monetary policy easing, while maintaining prudent capital management and exploring new opportunities - The Group expects Hong Kong's real estate market confidence to gradually recover as major central banks ease monetary policies and interest rates slow, despite uncertainties from US trade policies[159](index=159&type=chunk)[161](index=161&type=chunk) - The recovery of inbound tourism is expected to boost Hong Kong's retail market, although changes in tourist spending patterns and regional competition pose new challenges for office and retail leasing businesses[163](index=163&type=chunk) - The Group will continue to focus on developing its existing core businesses, implement prudent capital management, and explore other potential opportunities to create value for stakeholders[164](index=164&type=chunk) [Corporate Governance Report](index=28&type=section&id=Corporate%20Governance%20Report) This report details the company's corporate governance framework, practices, and compliance with regulatory requirements [Corporate Governance Practices](index=29&type=section&id=Corporate%20Governance%20Report_Practices) The company maintains high corporate governance standards, fully complying with the Corporate Governance Code this year, with two deviations: the Chairman and CEO roles are combined, and no internal audit function exists, both deemed appropriate by the Board for the current stage - The company deviates from Code Provision C.2.1, with Ms. Kwan Ho Yee, the Chairman, also serving as Chief Executive Officer; the Board believes this arrangement maintains leadership continuity and effective strategy execution[183](index=183&type=chunk)[186](index=186&type=chunk) - The company deviates from Code Provision D.2.5 by not establishing an internal audit function; the Board believes that close supervision by executive directors and senior management provides adequate risk management and internal controls given the Group's business scale, nature, and complexity[189](index=189&type=chunk)[191](index=191&type=chunk) [Board of Directors](index=30&type=section&id=Corporate%20Governance%20Report_Board%20of%20Directors) The Board comprises five directors, including two executive and three independent non-executive directors, ensuring independence, with detailed attendance records, established policies for director nomination and diversity, and all independent non-executive directors confirming their independence - The Board consists of **5 members**: 2 executive directors (Ms. Kwan Ho Yee, Ms. Lui Yuk Chu) and 3 independent non-executive directors (Mr. Tsui Chun Kong, Mr. Lau Chak Hang, Mr. Ma Man Yiu), meeting listing rule requirements for independent non-executive directors[190](index=190&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk) Board and Committee Meeting Attendance | Director Name | Board Meetings | Audit Committee | Remuneration Committee | Nomination Committee | | :--- | :--- | :--- | :--- | :--- | | Ms. Kwan Ho Yee | 5/5 | — | — | — | | Ms. Lui Yuk Chu | 5/5 | — | — | — | | Mr. Tsui Chun Kong | 4/5 | 2/2 | 1/1 | 1/1 | | Mr. Lau Chak Hang | 4/5 | 2/2 | 1/1 | 1/1 | | Mr. Ma Man Yiu (Appointed 2024/12/30) | 1/1 | — | — | — | - The company has adopted a Board Diversity Policy; as of March 31, 2025, **2 out of 5** Board members are female (**40%**), achieving diversity in age, tenure, and professional experience[247](index=247&type=chunk)[251](index=251&type=chunk)[253](index=253&type=chunk) [Board Committees](index=34&type=section&id=Corporate%20Governance%20Report_Board%20Committees) The Board has Audit, Remuneration, Nomination, and Executive Committees; the Audit Committee oversees financial reporting and internal controls, the Remuneration Committee reviews executive compensation, the Nomination Committee reviews board structure and nominations, and the Executive Committee executes strategies and monitors daily operations - **Audit Committee**: Composed of three independent non-executive directors, chaired by Mr. Tsui Chun Kong; held two meetings this year, reviewing annual and interim financial statements, risk management, and internal control systems, and recommending the reappointment of Deloitte as auditor[217](index=217&type=chunk)[218](index=218&type=chunk)[224](index=224&type=chunk) - **Remuneration Committee**: Composed of two independent non-executive directors and one executive director; held one meeting this year, reviewing and approving remuneration packages for directors and senior management[225](index=225&type=chunk)[226](index=226&type=chunk) - **Nomination Committee**: Composed of two independent non-executive directors and one executive director; held one meeting this year, reviewing the Board's structure, composition, and diversity, and assessing the independence of independent non-executive directors[235](index=235&type=chunk)[240](index=240&type=chunk) [Accountability, Risk Management and Internal Control](index=43&type=section&id=Corporate%20Governance%20Report_Accountability%20and%20Risk%20Management) The Board affirms its responsibility for preparing true and fair financial statements, overseeing risk management, and delegating corporate governance functions to the Audit Committee, which reviews internal controls; despite no dedicated internal audit, the existing system is deemed effective, supported by whistleblowing and anti-corruption policies - The Board has delegated corporate governance functions (including formulating and reviewing corporate governance policies, monitoring director training, and reviewing compliance) to the Audit Committee[276](index=276&type=chunk) - The Board is responsible for assessing and determining the nature and extent of risks the Group is willing to undertake, ensuring effective risk management and internal control systems are established and maintained, with independent review by the Audit Committee[285](index=285&type=chunk) - The company has adopted comprehensive **Whistleblowing** and **Anti-Corruption Policies**, maintaining a zero-tolerance stance on bribery and corruption, and providing confidential reporting channels for employees and external parties[279](index=279&type=chunk)[281](index=281&type=chunk) [Shareholders' Rights](index=47&type=section&id=Corporate%20Governance%20Report_Shareholders'%20Rights) This section outlines shareholders' rights and procedures for exercising them, including calling extraordinary general meetings, proposing resolutions, nominating directors, and making inquiries to the Board, all supported by a Shareholder Communication Policy for effective engagement - Shareholders holding not less than **one-tenth** of the paid-up capital carrying voting rights may request the Board to convene an extraordinary general meeting in writing[301](index=301&type=chunk) - The "Rules and Procedures for Election of Directors" are available on the company's website, allowing shareholders to nominate director candidates at general meetings[306](index=306&type=chunk) - The company has established a **Shareholder Communication Policy** and communicates with shareholders through various channels, including its website, annual reports, announcements, and general meetings, ensuring information transparency[308](index=308&type=chunk)[309](index=309&type=chunk) [Directors' Report](index=50&type=section&id=Directors'%20Report) This report details the Group's principal business activities, financial performance, dividend policy, available reserves, and key risks, along with information on directors and their interests [Business and Financials](index=50&type=section&id=Directors'%20Report_Business%20and%20Financials) This report outlines the Group's main business activities, including property development, property investment, securities investment, and loan financing; the Board does not recommend a final dividend, and as of March 31, 2025, distributable reserves were approximately HKD 935 million, with key business risks identified - The Group primarily engages in **property development**, **property investment**, **investment in securities and others**, and **loan financing**[321](index=321&type=chunk) - The Board does not recommend the payment of a final dividend for the current year[322](index=322&type=chunk) - As of March 31, 2025, the company's distributable reserves were approximately **HKD 935 million**[342](index=342&type=chunk) [Directors and Their Interests](index=52&type=section&id=Directors'%20Report_Directors%20and%20Their%20Interests) This section discloses director changes and confirms the independence of independent non-executive directors; Ms. Lui Yuk Chu has a competing business interest due to her directorship in Eminence, while Ms. Kwan Ho Yee and Ms. Lui Yuk Chu hold company shares and share options through various means, with details on unexercised options from the expired 2012 share option scheme - Director Ms. Lui Yuk Chu's interests are considered a competing business due to her directorship in Eminence Property Group Limited, which engages in similar businesses[363](index=363&type=chunk) Directors' Shareholdings | Director Name | Nature of Interest | Total Shares Held | Approximate % of Shareholding | | :--- | :--- | :--- | :--- | | Ms. Kwan Ho Yee | Personal and Other Interests | 29,252,480 | 39.53% | | Ms. Lui Yuk Chu | Personal and Corporate Interests | 10,002,664 | 13.51% | - The 2012 Share Option Scheme expired in July 2022, with no new options granted; as of the reporting period end, **292,000 share options** remain unexercised, primarily held by directors and associated employees[374](index=374&type=chunk)[379](index=379&type=chunk) [Substantial Shareholders and Other Information](index=59&type=section&id=Directors'%20Report_Substantial%20Shareholders%20and%20Other%20Information) This section details substantial shareholders, with Magical Profits Limited and its associates holding approximately 39.43% as the largest shareholder; it also highlights high supplier concentration (top five account for 91.1% of purchases) and moderate customer concentration (top five account for 32.5% of revenue), confirms no charitable donations, and verifies sufficient public float and auditor reappointment eligibility Substantial Shareholders | Substantial Shareholder Name | Capacity | Number of Shares Held | Approximate % of Shareholding | | :--- | :--- | :--- | :--- | | Magical Profits Limited | Beneficial Owner | 29,179,480 | 39.43% | | Mr. Kwan Wing Yee | Spouse's Interest | 10,002,664 | 13.51% | | Sea Rejoice Limited | Beneficial Owner | 9,929,664 | 13.42% | - **High supplier concentration**: The top five suppliers accounted for **91.1%** of total purchases, with the largest supplier accounting for **72.6%** - **Moderate customer concentration**: The top five customers accounted for **32.5%** of revenue, with the largest customer accounting for **7.4%**[402](index=402&type=chunk) - The company has maintained a sufficient public float, complying with listing rule requirements[415](index=415&type=chunk) [Environmental, Social and Governance Report](index=64&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) This report outlines the Group's commitment to sustainability, covering its governance structure, environmental performance, and social responsibilities [Governance Structure and Strategy](index=65&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report_Governance%20and%20Strategy) This ESG report covers all core businesses, with the Board holding ultimate responsibility for ESG matters and establishing a governance structure; through stakeholder engagement and materiality assessment, labor standards, occupational health and safety, product quality, and customer service were identified as key ESG issues guiding CSR strategy - The Board holds overall oversight and decision-making responsibility for the company's ESG matters, including policies, risks, and performance[440](index=440&type=chunk) - Through materiality matrix assessment, the Group identified key ESG issues including: **labor standards**, **occupational health and workplace safety**, **product quality**, **customer service quality**, **anti-corruption**, and **whistleblowing**[453](index=453&type=chunk)[454](index=454&type=chunk) [Environmental Performance](index=68&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report_Environment) The Group is committed to sustainable environmental management, focusing on energy conservation, resource management, and employee environmental awareness; energy consumption and emissions significantly decreased this year due to subsidiary deconsolidation, with reduction targets set and measures implemented to minimize environmental footprint and address climate-related physical risks Environmental Performance Indicators | Environmental Performance Indicator | 2024/25 | 2023/24 | | :--- | :--- | :--- | | Total GHG Emissions (tonnes CO2e) | 49.79 | 317.76 | | Total Energy Consumption (thousand kWh) | 145.98 | 461.24 | | Total Non-Hazardous Waste Generated (tonnes) | 2.49 | 10,959.02 | | Total Water Consumption (cubic meters) | 998 | 4,108 | - The Group has set reduction targets: to decrease total GHG emission intensity and non-hazardous waste generation intensity by **10%** or limit increases to within **20%** compared to the baseline year in the next reporting period[463](index=463&type=chunk)[471](index=471&type=chunk) - The Group has identified climate-related risks such as typhoons, extreme weather, and changes in rainfall patterns, and has developed corresponding preventive measures, including enhanced building inspections and improved drainage systems[485](index=485&type=chunk) [Social Performance](index=74&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report_Social) The Group values employees as core assets, providing an inclusive, safe, and supportive work environment, adhering to labor laws, prohibiting child and forced labor, offering competitive compensation, and ensuring health and safety with no reported incidents; it supports employee training, manages its supply chain for ESG compliance, and maintains strict anti-corruption and data privacy mechanisms, while engaging in community giving through the Wing Yee Charitable Foundation - As of March 31, 2025, the Group had **18 employees** (excluding directors), comprising **11 males** and **7 females**; no work-related injuries or fatalities were recorded during the reporting period or the past three years[165](index=165&type=chunk)[497](index=497&type=chunk)[509](index=509&type=chunk) - The Group provides training opportunities for employees, with **100%** of senior management trained and an average training duration of **15.5 hours**[517](index=517&type=chunk)[518](index=518&type=chunk) - The Group has established strict business ethics, including **anti-corruption policies** and **whistleblowing mechanisms**, and ensures customer data privacy; no product/service-related complaints or corruption legal cases were received during the reporting period[530](index=530&type=chunk)[531](index=531&type=chunk)[540](index=540&type=chunk) [Independent Auditor's Report](index=88&type=section&id=Independent%20Auditor's%20Report) This report presents the independent auditor's opinion on the Group's financial statements and highlights key audit matters [Audit Opinion](index=88&type=section&id=Independent%20Auditor's%20Report_Opinion) Deloitte Touche Tohmatsu issued an unmodified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, affirming they present a true and fair view in accordance with HKFRSs and the Hong Kong Companies Ordinance - The auditor believes 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[565](index=565&type=chunk) [Key Audit Matters](index=89&type=section&id=Independent%20Auditor's%20Report_Key%20Audit%20Matters) The auditor identified two key audit matters: the valuation of investment properties and the net realizable value assessment of properties held for development and sale, both significant due to their materiality and the substantial estimates and assumptions involved in determining their fair value or net realizable value - **Key Audit Matter One: Valuation of Investment Properties** - **Reason**: This balance is material to the financial statements as a whole, and determining its fair value involves significant estimates and assumptions by management and external valuers - **Audit Response**: The auditor assessed the competence and objectivity of the external valuers and evaluated the reasonableness of key input data (e.g., rental income, capitalization rates) used in the valuation[571](index=571&type=chunk)[574](index=574&type=chunk) - **Key Audit Matter Two: Net Realizable Value Assessment of Properties Held for Development and Sale** - **Reason**: The carrying amounts of these properties are material to the financial statements as a whole, and their net realizable value assessment involves significant estimates of selling prices and completion costs - **Audit Response**: The auditor assessed the reasonableness of the valuation methodology and key input data, and sampled management's estimates of completion costs[580](index=580&type=chunk)[585](index=585&type=chunk) [Consolidated Financial Statements](index=97&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 and Other Comprehensive Income](index=97&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) In FY2025, continuing operations generated HKD 488 million in revenue and a profit of HKD 15.57 million, but a substantial loss of HKD 733 million from discontinued operations (primarily the deemed disposal of Eminence) led to a total annual loss attributable to owners of HKD 718 million, with basic loss per share at HKD 9.71 Consolidated Statement of Profit or Loss and Other Comprehensive Income (HKD Thousand) | Item (HKD Thousand) | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | **Continuing Operations** | | | | Revenue | 488,489 | 196,421 | | Profit (Loss) Before Tax | 8,778 | (219,929) | | Profit (Loss) for the Year | 15,568 | (228,435) | | **Discontinued Operations** | | | | Loss for the Year | (733,263) | (180,124) | | **Overall Results** | | | | Total Loss for the Year | (717,695) | (408,559) | | Loss Attributable to Owners of the Company | (717,668) | (253,235) | | Basic Loss Per Share (HKD) | (9.71) | (3.50) | [Consolidated Statement of Financial Position](index=100&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were HKD 3.33 billion, total liabilities HKD 1.60 billion, and net assets HKD 1.73 billion; total assets and liabilities significantly decreased by over 60% compared to the previous fiscal year-end due to the deconsolidation of Eminence, with equity attributable to owners at HKD 1.73 billion Consolidated Statement of Financial Position (HKD Thousand) | Item (HKD Thousand) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Non-Current Assets | 1,297,887 | 2,404,846 | | Current Assets | 2,032,071 | 6,334,193 | | **Total Assets** | **3,329,958** | **8,739,039** | | **Liabilities and Equity** | | | | Current Liabilities | 1,440,490 | 2,788,134 | | Non-Current Liabilities | 162,903 | 1,348,814 | | **Total Liabilities** | **1,603,393** | **4,136,948** | | **Net Assets** | **1,726,565** | **4,602,091** | | Equity Attributable to Owners of the Company | 1,728,396 | 2,407,053 | | Non-Controlling Interests | (1,831) | 2,195,038 | [Consolidated Statement of Cash Flows](index=104&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) In FY2025, operating activities generated a net cash inflow of HKD 359 million, primarily from reduced properties held for sale; investing activities resulted in a net cash outflow of HKD 239 million due to the deemed disposal of a subsidiary; financing activities led to a net cash outflow of HKD 412 million, mainly for bank loan repayments, resulting in a net decrease of HKD 292 million in cash and cash equivalents, with an ending balance of HKD 15.64 million Consolidated Statement of Cash Flows (HKD Thousand) | Cash Flow Item (HKD Thousand) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 358,932 | (336,260) | | Net Cash from Investing Activities | (239,069) | 284,205 | | Net Cash from Financing Activities | (411,613) | (28,026) | | **Net Decrease in Cash and Cash Equivalents** | **(291,750)** | **(80,081)** | | Cash and Cash Equivalents at Beginning of Year | 307,435 | 398,894 | | **Cash and Cash Equivalents at End of Year** | **15,638** | **307,435** | [Financial Summary](index=255&type=section&id=Financial%20Summary) This section provides a five-year summary of key financial performance and position data, showing a significant loss in 2025 and a substantial reduction in total assets and equity due to business divestment - The report provides a summary of key performance and balance sheet data for the past five fiscal years (2021-2025); the Group recorded significant profits in 2022 but consecutive losses in the last two years, with the **2025 loss being the highest in five years**; total assets and total equity peaked in 2022-2023 before significantly shrinking in 2025 due to business divestment[1311](index=1311&type=chunk) Five-Year Financial Summary (HKD Thousand) | Item (HKD Thousand) | 2021 | 2022 | 2023 | 2024 | 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Performance** | | | | | | | Revenue | 323,382 | 350,784 | 102,674 | 227,114 | 488,489 | | (Loss) Profit Attributable to Owners of the Company | 22,308 | 979,437 | 13,280 | (253,235) | (717,668) | | **Assets and Liabilities** | | | | | | | Total Assets | 4,903,606 | 8,919,158 | 9,188,964 | 8,739,039 | 3,329,958 | | Total Liabilities | (1,673,161) | (3,981,641) | (4,196,579) | (4,136,948) | (1,603,393) | | Net Assets | 3,230,445 | 4,937,517 | 4,992,385 | 4,602,091 | 1,726,565 | [Summary of Properties](index=256&type=section&id=Summary%20of%20Properties) As of March 31, 2025, the Group's property portfolio includes investment properties (industrial, commercial, and residential units in various Hong Kong locations) and properties held for development and sale (primarily a residential project in Chatham Road North, Kowloon, completed in March 2025) - As of March 31, 2025, the Group's property portfolio includes investment properties and properties held for development and sale - **Investment Properties**: Comprise industrial, commercial, and residential units located in Cheung Sha Wan, Mong Kok, Wan Chai, and Kowloon Tong, Hong Kong - **Properties Held for Development and Sale**: Primarily a residential project located at Chatham Road North, Kowloon, which was completed in March 2025[1315](index=1315&type=chunk)[1316](index=1316&type=chunk)[1319](index=1319&type=chunk)
永义国际(01218) - 2025 - 年度业绩
2025-06-27 14:41
[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company's revenue from continuing operations grew significantly, but a gross loss and a substantial loss from discontinued operations widened the total annual loss attributable to owners Financial Highlights for FY2025 (vs. FY2024) | Indicator | 2025 | 2024 (Restated) | Change | | :--- | :--- | :--- | :--- | | **Continuing operations** | | | | | Revenue (HK$'000) | 488,489 | 196,421 | 148.7% | | (Gross loss)/gross profit (HK$'000) | (17,052) | 30,903 | N/A | | Profit/(loss) attributable to company owners (HK$'000) | 15,595 | (228,334) | N/A | | **Discontinued operations** | | | | | Loss attributable to company owners (HK$'000) | (733,263) | (24,891) | 2,845.9% | | **Overall performance** | | | | | Basic loss per share (HK$) | (9.71) | (3.50) | 177.4% | | Total assets (HK$'000) | 3,329,958 | 8,739,039 | (61.9%) | | Total liabilities (HK$'000) | 1,603,393 | 4,136,948 | (61.2%) | | Net assets (HK$'000) | 1,726,565 | 4,602,091 | (62.5%) | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Continuing operations turned profitable, but a massive loss from discontinued operations due to the deemed disposal of a subsidiary led to a significant increase in the total loss for the year Key Items of Consolidated Statement of Profit or Loss (HK$'000) | Item | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | **Continuing operations** | | | | Revenue | 488,489 | 196,421 | | (Gross loss)/gross profit | (17,052) | 30,903 | | Bargain purchase gain on deemed acquisition of an associate | 244,996 | – | | Profit/(loss) before tax | 8,778 | (219,929) | | Profit/(loss) for the year | 15,568 | (228,435) | | **Discontinued operations** | | | | Loss for the year | (733,263) | (180,124) | | **Overall results** | | | | Total loss for the year | (717,695) | (408,559) | | Loss for the year attributable to owners of the Company | (717,668) | (253,235) | - Basic loss per share widened to **HK$9.71** from HK$3.50 in the same period last year, primarily due to the significant loss from discontinued operations[8](index=8&type=chunk) [Consolidated Statement of Financial Position](index=6&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) The Group's total assets, liabilities, and net assets all experienced substantial declines of over 60%, primarily due to the deconsolidation of the Eminent Group Summary of Statement of Financial Position (HK$'000) | Item | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 1,297,887 | 2,404,846 | | Current assets | 2,032,071 | 6,334,193 | | **Total assets** | **3,329,958** | **8,739,039** | | **Liabilities and Equity** | | | | Current liabilities | 1,440,490 | 2,788,134 | | Non-current liabilities | 162,903 | 1,348,814 | | **Total liabilities** | **1,603,393** | **4,136,948** | | **Net assets** | **1,726,565** | **4,602,091** | | Equity attributable to owners of the Company | 1,728,396 | 2,407,053 | [Notes to the Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [4. Segment Information](index=9&type=section&id=4.%20Segment%20Information) The property development segment was the primary revenue source, though it and the property investment segment both recorded losses, with only the loan financing segment being profitable Segment Results for FY2025 (HK$'000) | Segment | Revenue | Segment results | | :--- | :--- | :--- | | Property investment | 17,152 | (22,047) | | Property development | 466,837 | (131,715) | | Securities and other investments | – | (1,490) | | Loan financing | 4,500 | 212 | | **Total** | **488,489** | **(155,040)** | [8. Discontinued Operations](index=13&type=section&id=8.%20Discontinued%20Operations) The dilution of the Group's shareholding in Eminent L.P. led to a loss of control, classifying its business as discontinued and resulting in a substantial loss of HK$733 million - On April 17, 2024, Eminent L.P. completed a share placement, diluting the Group's equity interest to **8.11%**, resulting in a loss of control and the classification of its business as a discontinued operation[23](index=23&type=chunk) Financial Impact of Discontinued Operations (HK$'000) | Item | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Revenue | – | 30,693 | | Loss on deemed disposal of a subsidiary | (733,263) | – | | Loss for the year | (733,263) | (180,124) | [10. Earnings (Loss) Per Share](index=17&type=section&id=10.%20Earnings%20(Loss)%20Per%20Share) Despite achieving basic earnings per share from continuing operations, a significant loss from discontinued operations resulted in a substantial overall basic loss per share Details of (Loss)/Earnings Per Share (HK$) | Item | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | **From continuing operations** | | | | – Basic | 0.21 | (3.15) | | – Diluted | (0.17) | (3.15) | | **From continuing and discontinued operations** | | | | – Basic | (9.71) | (3.50) | | – Diluted | (10.09) | (4.20) | [Management Discussion and Analysis](index=21&type=section&id=Management%20Discussion%20and%20Analysis) [Financial Performance](index=21&type=section&id=Financial%20Performance) Revenue from continuing operations grew due to property sales, but the consolidated loss attributable to shareholders widened significantly, driven by the loss on the deemed disposal of a subsidiary - Revenue from continuing operations increased by **148.7%** year-on-year, mainly due to increased property sales[42](index=42&type=chunk) - Consolidated loss attributable to shareholders widened to **HK$718 million**, primarily due to the loss on deemed disposal of a subsidiary, partially offset by reduced property write-downs, decreased fair value loss on investment properties, a gain on modification of convertible notes, and a bargain purchase gain[42](index=42&type=chunk) [Business Review](index=22&type=section&id=Business%20Review) The Group's core businesses are property development and investment, with the former driving revenue while the latter saw modest rental income growth amid market challenges [Property Development](index=22&type=section&id=Property%20Development) The property development segment's revenue grew substantially, driven by sales from the "Timber House" and "10 La Salle" projects, while another key project obtained its occupation permit - The "Timber House" project completed transactions for 17 units this year, recording revenue of approximately **HK$169 million**[47](index=47&type=chunk) - The "10 La Salle" project completed transactions for 12 units and 1 car park space, recording revenue of approximately **HK$297 million**[49](index=49&type=chunk) - The Chatham Road North project obtained its occupation permit in March 2025, with an expected total gross floor area of approximately **41,747 square feet**[48](index=48&type=chunk) [Property Investment](index=23&type=section&id=Property%20Investment) Rental income from continuing operations increased, but a weak market led to a fair value loss on investment properties, with occupancy rates varying across property types Occupancy Rate of Investment Properties | Property Type | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Residential units | 0.0% | 100.0% | | Commercial units | 98.7% | 99.2% | | Industrial units | 75.6% | 95.0% | [Securities and Other Investments](index=24&type=section&id=Securities%20and%20Other%20Investments) The Group's portfolio of financial assets at fair value decreased, and the securities investment segment recorded a loss for the year Major Financial Asset Holdings (as of March 31, 2025) | Nature of Investment | Investment Cost (HK$'000) | Fair Value (HK$'000) | Fair Value (Loss)/Gain for the Year (HK$'000) | | :--- | :--- | :--- | :--- | | Paladin Limited | 41,996 | 49,571 | (9,465) | | Ping An Insurance | 23,253 | 12,408 | 3,551 | | Convertible notes | 70,000 | 69,993 | (3,462) | | **Total** | **147,237** | **139,564** | **(10,711)** | [Loan Financing](index=25&type=section&id=Loan%20Financing) Interest income from the loan financing business declined sharply due to loan repayments, resulting in a smaller loan portfolio with high customer concentration - Interest income decreased by **59.6%** year-on-year to HK$4.5 million, mainly due to the repayment of loans receivable[56](index=56&type=chunk) - As of March 31, 2025, the gross carrying amount of loans receivable was **HK$114 million** (2024: HK$196 million)[58](index=58&type=chunk) - The top five borrowers accounted for **93%** of the total loans receivable, indicating high concentration[58](index=58&type=chunk) [Liquidity and Financial Resources](index=27&type=section&id=Liquidity%20and%20Financial%20Resources) The Group significantly reduced its bank borrowings and maintained a stable gearing ratio, though cash levels and the current ratio decreased due to loan repayments and deconsolidation Liquidity and Financial Position Indicators | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total bank borrowings (HK$'000) | 1,274,237 | 3,671,861 | | Gearing ratio | 0.7 | 0.8 | | Cash and cash equivalents (HK$'000) | 15,638 | 307,435 | | Current ratio | 1.4 | 2.3 | [Events After the Reporting Period](index=30&type=section&id=Events%20After%20the%20Reporting%20Period) Post-period end, the Group engaged in further investment activities and amended the terms of its 2023 convertible notes with Eminent L.P., lowering the conversion price - In May 2025, the Group purchased a total of 15,004,000 Paladin shares for a total consideration of approximately **HK$15 million**[77](index=77&type=chunk) - On June 4, 2025, the Group entered into an agreement with Eminent to revise the conversion price of the 2023 convertible notes from **HK$0.14 to HK$0.07** per share[78](index=78&type=chunk) [Prospects](index=32&type=section&id=Prospects) Management anticipates a gradual recovery in Hong Kong's property market, supported by government measures and potential interest rate cuts, and will focus on prudent capital management - Management expects that confidence in Hong Kong's property market will gradually recover as interest rates may ease, despite a challenging external environment[80](index=80&type=chunk) - The recovery of inbound tourism and an increase in visitors from mainland China are expected to boost demand for office and retail leasing in Hong Kong in the long run[81](index=81&type=chunk) - In the future, the Group will continue to focus on developing its existing principal businesses, implement prudent capital management, and seek new opportunities to provide stable returns for shareholders[82](index=82&type=chunk) [Corporate Governance and Other Information](index=33&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Employees](index=33&type=section&id=Employees) The Group's headcount and total staff costs decreased during the year Employee Data | Item | 2025 | 2024 | | :--- | :--- | :--- | | Number of employees (as of March 31) | 18 | 22 | | Staff costs (HK$'000) | 26,204 | 33,195 | [Corporate Governance](index=34&type=section&id=Corporate%20Governance) The company complied with most governance code provisions but deviated by combining the Chairman and CEO roles and not having an internal audit function - Deviation from code provision C.2.1: The roles of Chairman and Chief Executive Officer are both held by **Ms. Koon Ho Yan**, which the Board believes helps ensure leadership continuity and strategic execution[85](index=85&type=chunk) - Deviation from code provision D.2.5: The Group has not established an internal audit function, as the Board believes it is not immediately necessary given the Group's scale and business complexity[86](index=86&type=chunk)
整理:每日港股市场要闻速递(6月18日 周三)
news flash· 2025-06-18 01:12
Group 1: Important News - Trump announced that drug tariffs are imminent [1] Group 2: Individual Stock News - JD.com (09618.HK) subsidiary Dada has completed privatization and will voluntarily delist [2] - Haitian Flavor Industry (03288.HK) set the offering price at HKD 36.30 per H-share [2] - Liu Qiangdong stated that JD.com (09618.HK) will apply for stablecoin licenses in major currency countries [2] - Yadea Holdings (01585.HK) issued a profit warning, expecting net profit for the first half to increase to no less than HKD 1.6 billion [2] - Youjia Innovation (02431.HK) announced it has secured exclusive designation for the SAIC Maxus intelligent cockpit DMS project [2] - Hopson Development Holdings (00754.HK) reported total contract sales of approximately HKD 6.033 billion in the first five months, a year-on-year decrease of 14.66% [2] - Yongyi International (01218.HK) issued a profit warning, expecting annual comprehensive loss to expand to no less than HKD 700 million year-on-year [2] - Wang Xing cashed out over HKD 600 million in four days, with Li Auto (02015.HK) responding that it is a personal action and does not involve Meituan's shareholding [2] - Rongchang Biopharma (09995.HK) announced that Taitasip has received orphan drug designation from the EU [2] - Chow Tai Fook (01929.HK) repurchased 122 million shares at a cost of HKD 1.57 billion through a private arrangement on June 17 [2]
永义国际(01218) - 2025 - 中期财报
2024-12-23 09:44
Shareholding Structure - Magical Profits Limited holds 29,179,480 shares, representing 39.43% of the total issued share capital of 73,988,403 shares as of September 30, 2024[5]. - Sea Rejoice Limited owns 9,929,664 shares, accounting for 13.42% of the total issued share capital[4]. - Koon Wing Yee has an interest in 10,002,664 shares, which is 13.51% of the total issued share capital[4]. - The Winterbotham Trust Company Limited, as trustee, holds 29,179,480 shares through a series of controlled entities[3]. - Christopher Geoffrey Douglas Hooper and Ivan Geoffrey Douglas Hooper own approximately 99.99% of Winterbotham Holdings Limited and Markson International Holding Limited, respectively[3]. - No other persons, apart from directors or chief executives, have been reported with interests in the shares as of September 30, 2024[6]. Share Option Scheme - The 2012 Share Option Scheme allowed for the issuance of options up to 10% of the shares in issue as of August 8, 2019, totaling 91,320,403 shares[11]. - The 2012 Share Option Scheme expired on July 4, 2022, and no further options will be granted[11]. - As of September 30, 2024, a total of 365,000 share options were granted, with 292,000 options outstanding[13]. - Ms. Lui, an executive director, was granted 73,000 share options under the 2012 Share Option Scheme[4]. - No share options were granted, exercised, lapsed, or cancelled under the 2012 Share Option Scheme during the reporting period[42]. - The company has no performance targets attached to the 2012 Share Option Scheme[21]. - As of September 30, 2024, the company has no other share option schemes following the expiry of the 2012 Share Option Scheme[43]. Financial Performance - Revenue for the six months ended 30 September 2024 was HK$219,199,000, a significant increase from HK$101,460,000 in the same period of 2023, representing a growth of approximately 116.5%[66]. - Gross profit for the period was HK$5,888,000, down from HK$34,065,000 in the previous year, indicating a decline of approximately 82.7%[66]. - Loss for the period attributable to owners of the Company was HK$709,482,000, compared to a loss of HK$70,544,000 in the same period last year, reflecting a substantial increase in losses[67]. - The Company does not recommend the payment of an interim dividend for the period, consistent with the previous year where no dividend was paid[66]. - The Group reported a loss before tax of HK$22,787,000, a recovery from a loss of HK$37,929,000 in the prior year[66]. - Other comprehensive income for the period amounted to HK$38,527,000, compared to an expense of HK$17,642,000 in the previous year, indicating a positive shift[67]. - The Company recorded a write-down on properties held for sale of HK$79,511,000, compared to HK$39,471,000 in the previous year, highlighting increased impairment[66]. - The Company experienced a loss from discontinued operations of HK$733,816,000, compared to a loss of HK$147,703,000 in the same period last year, indicating a significant increase in losses from discontinued operations[67]. - The total comprehensive expense for the period was HK$670,968,000, compared to HK$203,202,000 in the previous year, reflecting a worsening financial position[67]. - The loss for the period attributable to owners of the Company was HK$709,495,000, compared to a loss of HK$185,560,000 in the same period last year, representing an increase of 282%[68]. - Total comprehensive income attributable to owners from continuing operations was HK$62,861,000, a significant recovery from a loss of HK$37,784,000 in the previous year[68]. Assets and Liabilities - Non-current assets decreased from HK$2,404,846,000 as of March 31, 2024, to HK$1,503,984,000 as of September 30, 2024, reflecting a decline of 37.4%[70]. - Current liabilities increased to HK$1,454,170,000 from HK$2,788,134,000, indicating a reduction of 47.8%[71]. - The net current assets were HK$647,209,000, down from HK$3,546,059,000, a decrease of 81.8%[71]. - The company reported a basic and diluted loss per share of HK$9.59, compared to a loss of HK$0.95 in the previous year[68]. - Total assets less current liabilities were HK$2,151,193,000, down from HK$5,950,905,000, a decrease of 63.9%[71]. - The secured bank borrowings decreased significantly from HK$2,323,047,000 to HK$1,100,923,000, a reduction of 52.5%[71]. - The company’s equity attributable to owners decreased from HK$2,407,053,000 to HK$1,736,098,000, a decline of 27.9%[71]. Strategic Focus - The company is focusing on restructuring and optimizing its asset portfolio to improve financial stability and operational efficiency moving forward[72]. - The company is focusing on market expansion and new product development as part of its strategic initiatives for future growth[79]. - The interim report indicates that the company is actively pursuing new technologies to enhance its product offerings and improve operational efficiency[79]. - The company plans to continue its efforts in mergers and acquisitions to strengthen its market position and expand its portfolio[79]. - The management has provided guidance for the upcoming quarter, anticipating a gradual recovery in revenue as market conditions improve[79]. Property Development and Sales - The company held 27,428,937 shares of Gao Shan, representing approximately 8.11% of the total issued share capital after a placement of up to 235,000,000 new shares at a price of HK$0.18 per share[22]. - The property development segment includes ongoing projects such as the redevelopment of Chatham Road North, expected to be completed by the end of 2024[150]. - The Group recorded HK$84,828,000 in revenue from property sales during the Period, with 7 units sold, compared to no sales in the 2023 Period[143]. - Revenue from property development recognized during the period was approximately HK$219,199,000, compared to HK$101,460,000 in the 2023 period[166]. - The Group launched a new residential project "Garden Crescent" in November 2023, consisting of 56 luxury apartments ranging from 260 to 2,597 square feet[166]. - As of September 30, 2024, the occupancy rates for the Group's investment properties were 0.0% for residential units, 98.7% for commercial units, and 77.2% for industrial units[174]. - The Group recorded a loss on changes in fair value of investment properties of approximately HK$530,000 during the period, compared to approximately HK$6,000,000 in the 2023 period[174]. Loan Portfolio and Financing - The Group had a total of 8 borrowers under its loan portfolio as of September 30, 2024, primarily funded by the Group's internal resources[188]. - The Group recorded interest income from its loan financing business of approximately HK$1,956,000 for the current period, a decrease of about 65.9% compared to approximately HK$5,744,000 for the same period in 2023[190]. - As of 30 September 2024, the gross carrying amount of loans receivable was HK$114,863,000, down from HK$195,657,000 as of 31 March 2024, with 48% secured by marketable securities or properties[192]. - The net carrying amount of unsecured loan receivables was HK$28,774,000 as of 30 September 2024, a decrease from HK$56,009,000 as of 31 March 2024[193]. - The Group's largest borrower accounted for approximately 42% of the total loans receivable as of 30 September 2024, up from 21% as of 31 March 2024[192]. - The Group's total bank borrowings amounted to approximately HK$1,447,835,000 as of 30 September 2024, significantly reduced from approximately HK$3,671,861,000 as of 31 March 2024[197]. - The gearing ratio of the Group remained stable at approximately 0.8 for both the current period and as of 31 March 2024[197]. - 40% of new and renewed loans had a repayment period of less than one year, while 60% had a repayment period between one and three years[195]. - The Group conducts regular reviews of loan recoverability based on borrowers' financial conditions and repayment capabilities[195]. - The Group assesses expected credit losses based on changes in credit risk since initial recognition, reflecting market conditions and borrower performance[195]. - The Group is not permitted to sell or repledge collateral in the absence of borrower default, ensuring the security of its loan portfolio[192].
永义国际(01218) - 2025 - 中期业绩
2024-11-29 11:58
Revenue and Profitability - Revenue for the six months ended September 30, 2024, was HKD 229,885,000, representing a 100.1% increase compared to HKD 114,868,000 for the same period in 2023[3] - The profit attributable to the owners of the company from continuing operations was HKD 24,334,000, a significant recovery from a loss of HKD 37,784,000 in the previous year[3] - The group reported a total revenue of HKD 229,885,000 for the six months ended September 30, 2024, compared to HKD 200,677,000 in the previous period, representing an increase of approximately 14.5%[38] - The group’s property development segment reported a revenue of HKD 101,460,000, with a segment loss of HKD 3,870,000[43][44] - The property development segment reported revenue from continuing operations of approximately HKD 219,199,000, a significant increase from HKD 101,460,000 in the same period of 2023[93] Losses and Expenses - Gross profit decreased to HKD 5,888,000, down 82.7% from HKD 34,065,000, resulting in a gross margin of 2.6%, down from 29.7%[3] - Basic and diluted loss per share increased to HKD (9.59), compared to HKD (0.95) in the previous period, reflecting a 909.5% increase in losses[3] - The company reported a loss attributable to owners of the company of HKD 670,955,000 for the six months ended September 30, 2024, compared to a loss of HKD 74,959,000 for the same period in 2023, representing an increase in loss of approximately 794.5%[22] - The total comprehensive expense attributable to owners of the company was HKD 670,955,000, significantly higher than the HKD 74,959,000 reported in the previous year, indicating a substantial decline in financial performance[22] - The company incurred a pre-tax loss of HKD 733,816,000 for the six months ended September 30, 2024, compared to a pre-tax loss of HKD 149,170,000 for the same period in 2023[60] - The total administrative expenses for the six months ended September 30, 2024, were HKD 34,285,000, reflecting a significant cost burden on operations[60] Assets and Liabilities - Total assets as of September 30, 2024, were HKD 3,605,363,000, a decrease of 58.7% from HKD 8,739,039,000[3] - Total liabilities decreased by 54.8% to HKD 1,871,082,000 from HKD 4,136,948,000[3] - The net asset value dropped to HKD 1,734,281,000, down 62.3% from HKD 4,602,091,000[3] - The company’s total assets decreased from HKD 6,334,193,000 as of March 31, 2024, to HKD 2,101,379,000 as of September 30, 2024, representing a decline of about 66.8%[24] - The company’s equity attributable to owners decreased from HKD 2,407,053,000 as of March 31, 2024, to HKD 1,736,098,000 as of September 30, 2024, a decrease of approximately 27.9%[26] Cash Flow and Financing - The company reported a net cash outflow from operating activities of zero for the six months ended September 30, 2024, compared to approximately HKD 217,100,000 for the same period in 2023[62] - The company’s cash and cash equivalents dropped significantly from HKD 307,435,000 as of March 31, 2024, to HKD 25,132,000 as of September 30, 2024, a decline of approximately 91.8%[24] - The group’s cash and cash equivalents were approximately HKD 25,132,000 as of September 30, 2024, a decrease of about 91.8% from HKD 307,435,000 on March 31, 2024[111] - The group’s bank borrowings totaled approximately HKD 1,447,835,000 as of September 30, 2024, down from HKD 3,671,861,000 on March 31, 2024[111] Discontinued Operations - The company reported a loss from discontinued operations of HKD (733,816,000), compared to a loss of HKD (32,760,000) in the previous year, marking a 2,140.0% increase in losses[3] - The company recorded a loss from discontinued operations of HKD 733,816,000 for the current period, compared to a loss of HKD 37,175,000 in the prior period, reflecting a drastic increase in losses from discontinued operations[22] - The company reported zero revenue from discontinued operations for the period, compared to HKD 15,256,000 in the same period of 2023[88] - The company’s loss from discontinued operations was approximately HKD 733,816,000 for the period, compared to HKD 32,760,000 in the previous year[89] Investments and Acquisitions - The company recognized a bargain purchase gain of HKD 244,996,000 from the acquisition of an associate during the period[7] - The group recognized a gain of HKD 244,996,000 from acquisitions during the reporting period[38] - The group’s investment in joint ventures resulted in a loss of HKD 18,415,000 during the reporting period[38] Market and Future Outlook - The group anticipates a gradual recovery in confidence in the Hong Kong real estate market as interest rates begin to ease[127] - The group will continue to focus on developing its core business while exploring potential opportunities for shareholder value enhancement[127] Corporate Governance - The group has not established an internal audit function but believes its current risk management and internal control procedures are adequate[132] - The board of directors includes executive directors and independent non-executive directors[138]
永义国际(01218) - 2024 - 年度财报
2024-07-22 08:34
Financial Performance - The Group's revenue from continuing operations for the year ended March 31, 2024, was approximately HK$227,114,000, representing a 161.8% increase from HK$86,762,000 in the previous year[6]. - The consolidated loss attributable to shareholders for the year was approximately HK$253,235,000, compared to a profit of HK$13,280,000 in the previous year[6]. - The gross profit margin decreased to 25.6% from 68.0% in the previous year, reflecting a significant decline in profitability[2]. - The consolidated loss from continuing operations for the year was approximately HK$414,214,000, compared to a profit of HK$25,341,000 in the previous year[6]. - The basic and diluted loss per share from continuing operations was HK$3.50 and HK$4.20 respectively, compared to earnings per share of HK$0.18 in the previous year[9]. - The Group's rental income from continuing operations for the year was approximately HK$43,101,000, a decrease of about 0.4% compared to HK$43,255,000 in the previous year[42]. - A loss on changes in fair value of investment properties was approximately HK$47,333,000, compared to a gain of approximately HK$191,361,000 in the previous year, resulting in a segment loss of approximately HK$60,725,000[42]. - The fair value loss from continuing operations was approximately HK$9,563,000, compared to a gain of approximately HK$78,967,000 in 2023[61]. - The loss from continuing operations for the year was HK$218,804,000, compared to a profit of HK$58,970,000 in the previous year[80]. Assets and Liabilities - The Group's total assets as of March 31, 2024, were approximately HK$8,739,039,000, a decrease of 4.9% from HK$9,188,964,000 in the previous year[2]. - As of March 31, 2024, the total bank borrowings amounted to approximately HK$3,671,861,000, up from approximately HK$3,529,177,000 in 2023, indicating a growth of 4.0%[61]. - The gearing ratio for the year was approximately 0.8, compared to 0.7 in 2023, reflecting an increase in leverage[61]. - The current ratio decreased to approximately 2.3 from 3.0 in 2023, indicating a decline in short-term liquidity[61]. - Cash and cash equivalents as of March 31, 2024, were approximately HK$307,435,000, a decrease of approximately 22.9% from HK$398,894,000 in 2023[61]. - The Group's secured bank borrowings included amounts repayable within one year of approximately HK$2,323,047,000, an increase from HK$1,615,464,000 in 2023[62]. - The annual interest rates for secured bank borrowings ranged from 4.375% to 6.785% as of March 31, 2024, compared to 4.21% to 5.86% in 2023[62]. - The net asset value of the Group was approximately HK$7,341,709,000 as of March 31, 2024, down from HK$7,851,249,000 in 2023[64]. Property and Development - The occupancy rates for the Group's investment properties remained high at 100% for residential, 99.2% for commercial, and 95.0% for industrial units as of March 31, 2024[15]. - The Group's prestigious residential project "Ayton" achieved contracted sales of approximately HK$862,981,000, with 49 units sold[12]. - Another residential project "Garden Crescent" launched in November 2023 has recorded contracted sales of approximately HK$208,303,000, with 17 units sold[13]. - The Group's attributable land bank in Hong Kong amounted to approximately 21,000 square feet, all under development for sales purposes[16]. - The Group anticipates that easing interest rates in Hong Kong will gradually restore market confidence in the property sector, supporting property sales and potentially stabilizing or slightly rebounding property prices[26][32]. - The Group will continue to focus on selling remaining units in "Ayton" and "Garden Crescent" and plans to launch Project Chatham Road North when available[26][32]. - The anticipated completion dates for new properties include May 2024 for industrial use and February 2024 for commercial use[59]. Market Conditions - The Hong Kong economy and property market faced challenges in 2023, including geopolitical tensions, high interest rates, and below-expectation GDP growth, prompting government measures to stimulate the property market in early 2024[22][23]. - The government measures included lifting property sale restrictions, suspending mortgage stress tests, and relaxing loan-to-value ratios, which led to satisfactory sales performance for new property developments[22][23]. - The local market in Hong Kong is showing signs of recovery due to the resurgence of tourism and government initiatives to boost consumer confidence[68]. - The Hong Kong retail market continued to recover, but changes in tourist spending patterns and competition pose challenges for the office and retail leasing business[124]. - The geopolitical tensions and high interest rates have pressured the Hong Kong property market, but recent government measures are expected to benefit local residents and encourage investment[122]. Corporate Governance - The Board consists of five Directors, including two executive Directors and three independent non-executive Directors[139]. - The Board meets at least four times a year and is responsible for corporate strategies, financial performance, and major operational decisions[141]. - The Company has a clear division of responsibilities, with the President and CEO roles held by the same individual, Ms. Koon Ho Yan Candy[141]. - The Audit Committee's principal functions include overseeing financial reporting and compliance[151]. - The Company has maintained a high standard of corporate governance practices, ensuring accountability, robust internal controls, and transparency for all stakeholders[156]. - The independent auditor, Deloitte Touche Tohmatsu, has been recommended for re-appointment for the upcoming fiscal year at the 2024 AGM[179]. - The Company has fully complied with the Corporate Governance Code throughout the year, with the exception of the separation of the roles of president and CEO[159]. - The Board comprises experienced individuals, with half being independent non-executive directors, ensuring a balance of power and authority[160]. Shareholding and Capital Structure - The Group held an aggregate of 1,097,157,506 shares of Eminence, representing approximately 51.60% of the total issued share capital of Eminence as of April 1, 2023[74]. - Eminence entered into a placing agreement on May 29, 2023, for a maximum of 50,000,000 new shares at a price of HK$0.50 per share, diluting the Group's shareholding from approximately 51.60% to 26.59%[76]. - The completion of the placing agreement occurred on August 3, 2023, following approval from shareholders[76]. - On January 23, 2024, Eminence entered into a second placing agreement for up to 235,000,000 new shares at HK$0.18 per share, constituting a very substantial disposal[77]. - The second placing agreement was completed on April 17, 2024, further diluting the Group's shareholding in Eminence from approximately 26.59% to 8.11%[77]. - Following the completion of the second placing, Eminence's financial results will no longer be consolidated in the Group's financial statements[77]. Employee and Operational Insights - As of March 31, 2024, the Group had 62 employees, with staff costs amounting to approximately HK$73,399,000[101]. - The Group continues to optimize its tenant portfolio to adapt to changing market trends and evolving business environments[100]. - The Company provides continuous professional development for all Directors to ensure their contributions remain informed and relevant[189].