Core Viewpoint - Haotian Financial Group (01260.HK) will hold a board meeting on November 28, 2025, to review and approve the unaudited interim results for the six months ending September 30, 2025, and to consider the proposal for an interim dividend, if any [1] Summary by Relevant Sections - **Company Announcement** - The board meeting will take place at Central Center, 99 Queen's Road Central, Hong Kong [1] - The meeting is specifically for the review of the company's interim performance and potential dividend distribution [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因依賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 董事會會議通告 皓 天 財 經 集 團 控 股 有 限 公 司（「本公司」）董 事 會（「董事會」）宣 佈，本 公 司 將 於 二 零 二 五 年 十 一 月 二 十 八 日（星 期 五）於 香 港 皇 后 大 道 中99 號中環 中 心9樓 舉 行 董 事 會 會 議，以（其 中 包 括）審 議 及 批 准 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未經審計中期業績及考慮建 議 派 付 中 期 股 息（如 有）。 承董事會命 皓天財經集團控股有限公司 公司秘書 李立菊 香 港，二 零 二 五 年 十 一 月 十 七 日 於 本 公 告 日 期，本 公 司 之 執 行 董 事 為 劉 天 倪 先 生 及 劉 欣 怡 小 姐；及 本 公 司 之 獨 立 非 執 行 董 事 為 李 灵 修 女 士，林 映 融 女 ...

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: 皓天財經集團控股有限公司 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 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01260 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 ...

皓天财经集团(01260)发布公告，于2025年9月18日，公司获其经纪通知，根据重组生效日期为2025年9 月15日的佳兆业重组，公司已收到交换佳兆业票据项下交换旧佳兆业票据所得的新佳兆业组合。 公司概无就交换佳兆业票据已经╱将会支付或收取任何现金代价。 ...

Core Viewpoint - Haotian Financial Group (01260) announced that it has received new Kaisa bonds in exchange for old Kaisa bonds as part of Kaisa's restructuring effective from September 15, 2025 [1] Group 1 - The company received a notification from its broker regarding the exchange of Kaisa bonds [1] - The exchange of Kaisa bonds does not involve any cash consideration to be paid or received by the company [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 WONDERFUL SKY FINANCIAL GROUP HOLDINGS LIMITED 皓天財經集團控股有限公司 （於開曼群島註冊成立之有限責任公司） （股份代號：1260） 須予披露交易 有關根據佳兆業重組交換佳兆業票據 董 事 會 宣 佈，於 二 零 二 五 年 九 月 十 八 日，本 公 司 獲 其 經 紀 通 知，根 據 重 組 生 效 日 期 為 二 零 二 五 年 九 月 十 五 日 的 佳 兆 業 重 組，本 公 司 已 收 到 交 換 佳 兆 業 票 據 項 下 交 換 舊 佳 兆 業 票 據 所 得 之 新 佳 兆 業 組 合。 本 公 司 概 無 就 交 換 佳 兆 業 票 據 已 經╱將 會 支 付 或 收 取 任 何 現 金 代 價。 由於根據交換佳兆業票據收購新佳兆業組合的最高相關適用百分比率（定 義 見 ...

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: 皓天財經集團控股有限公司 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) | 01260 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 WONDERFUL SKY FINANCIAL GROUP HOLDINGS LIMITED 皓天財經集團控股有限公司 （於開曼群島註冊成立之有限責任公司） （股份代號：1260） 於二零二五年九月三十日舉行之股東週年大會 之投票表決的結果 董 事 會 欣 然 宣 佈，股 東 週 年 大 會 已 於 二 零 二 五 年 九 月 三 十 日 舉 行，而 所有載於股東週年大會通告中之決議案均獲得股東在股東週年大會 上 以 投 票 表 決 的 方 式 正 式 通 過。 – 2 – 除 上 述 披 露 外：(1)概 無 股 份 賦 予 股 東 權 利 出 席 股 東 週 年 大 會，但 根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）第13.40條所載須於 會 上 放 棄 表 決 贊 成 所 提 呈 決 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 皓天財經集團控股有限公司 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) | 01260 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | ...

[Financial Summary](index=3&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Performance Summary](index=3&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) The Group achieved a turnaround to profitability in FY2025, driven by investment gains and cost control despite a decline in revenue Five-Year Performance Summary | Indicator (HK$'000) | 2021 | 2022 | 2023 | 2024 | 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 371,121 | 303,597 | 276,007 | 239,055 | **190,836** | | **Profit (Loss) Before Tax** | 135,248 | (125,319) | 32,037 | (60,700) | **48,086** | | **Profit (Loss) for the Year** | 118,319 | (128,923) | 27,222 | (66,500) | **41,221** | [Assets and Liabilities Summary](index=4&type=section&id=%E8%B3%87%E7%94%A2%E5%8F%8A%E8%B2%A0%E5%82%B5%E6%91%98%E8%A6%81) The Group's financial position remained solid with total assets slightly increasing to HK$1.628 billion and total liabilities continuing to decline Five-Year Assets and Liabilities Summary | Indicator (HK$'000) | 2021 | 2022 | 2023 | 2024 | 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | 2,004,674 | 1,548,781 | 1,612,127 | 1,577,881 | **1,627,527** | | **Total Liabilities** | (361,035) | (157,632) | (137,100) | (120,636) | **(112,742)** | | **Equity Attributable to Owners of the Company** | 1,643,639 | 1,391,149 | 1,475,027 | 1,457,245 | **1,514,785** | [Corporate Information](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Chairman's Statement](index=7&type=section&id=%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A) [Results and Dividends](index=7&type=section&id=%E6%A5%AD%E7%B8%BE%E8%88%87%E8%82%A1%E6%81%AF) The Group achieved a significant turnaround to a profit of HK$41.2 million but the Board does not recommend a final dividend - For the year ended 31 March 2025, the Group recorded a **profit of approximately HK$41.2 million**, compared to a loss of approximately HK$66.5 million in the previous year[13](index=13&type=chunk) - The Board **does not recommend the payment of a final dividend** for the year ended 31 March 2025[14](index=14&type=chunk) [Business Review](index=7&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) Total revenue decreased by 20.2% to HK$191 million, with the core financial communications segment seeing a profit increase despite lower revenue - Despite the resilience of the Hong Kong IPO market, the Group's revenue **decreased by approximately 20.2%** from approximately HK$239 million in the previous year to approximately HK$191 million this year[15](index=15&type=chunk)[17](index=17&type=chunk) - The Hong Kong IPO market is undergoing a structural change, with new economy enterprises (biotech, AI, new energy) accounting for **over 75% of funds raised**, and the HKEX continuing to optimize its listing regime (e.g., Chapter 18C)[18](index=18&type=chunk) [Financial Communications Services Segment](index=9&type=section&id=%E8%B2%A1%E7%B6%93%E5%82%B3%E8%A8%8A%E6%9C%8D%E5%8B%99%E5%88%86%E9%83%A8) The core financial communications segment's revenue fell 18.9% to HK$190.8 million, but its profit grew 18.6% to HK$92.5 million Financial Communications Services Segment Performance | Indicator | 2025 | 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | **Turnover** | Approx. HK$190.8 million | Approx. HK$235.4 million | -18.9% | | **Profit** | Approx. HK$92.5 million | Approx. HK$78.0 million | +18.6% | [International Roadshow Services Segment](index=9&type=section&id=%E5%9C%8B%E9%9A%9B%E8%B7%AF%E6%BC%94%E6%9C%8D%E5%8B%99%E5%88%86%E9%83%A8) This segment recorded no revenue as the Group focused on the Hong Kong market, resulting in a minor loss of approximately HK$12,000 International Roadshow Services Segment Performance | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | **Revenue** | HK$0 | Approx. HK$3.7 million | | **Segment (Loss)/Profit** | Approx. (HK$12,000) | Approx. HK$1.9 million | [Debt Securities Investment](index=9&type=section&id=%E5%82%B5%E5%88%B8%E8%AD%89%E5%88%B8%E6%8A%95%E8%B3%87) The Group's debt securities investment generated interest income and a gain on disposal, but an impairment loss of HK$38.5 million was recognized - A **gain on derecognition/disposal of debt securities of approximately HK$0.5 million** was recorded, compared to a loss of approximately HK$53.0 million in the prior year[23](index=23&type=chunk) - Due to the deteriorating credit situation of certain listed bond issuers, the Group recognized an **impairment loss of approximately HK$38.5 million** in profit or loss[23](index=23&type=chunk) [Financial Review](index=10&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group maintained a strong financial position with total cash and time deposits increasing to HK$824.5 million and a net gearing ratio of 0% - The Group had **no bank loans** as at 31 March 2025, with a **net gearing ratio of 0%**[24](index=24&type=chunk) - As at 31 March 2025, the Group had **no pledged assets**, whereas properties of approximately HK$551 million were pledged in the prior year[26](index=26&type=chunk) Liquidity Position | Indicator | 31 March 2025 | 31 March 2024 | | :--- | :--- | :--- | | **Bank Balances and Cash** | Approx. HK$31.4 million | Approx. HK$213.7 million | | **Time Deposits** | Approx. HK$793.1 million | Approx. HK$506.3 million | | **Total** | Approx. HK$824.5 million | Approx. HK$720.0 million | [Prospects](index=11&type=section&id=%E5%89%8D%E6%99%AF%E5%B1%95%E6%9C%9B) The Group holds a cautiously optimistic outlook on the Hong Kong IPO market, balancing opportunities from potential rate cuts with global economic uncertainties - **Opportunities**: Potential interest rate cuts by major central banks could boost market risk appetite; Mainland China's economic stabilization and capital market opening will inject funds into Hong Kong; HKEX's inclusivity for specialist technology and biotech firms will continue to attract global innovative companies[29](index=29&type=chunk) - **Challenges**: Global economic uncertainty and geopolitical volatility remain potential disruptions; competition among international financial centers remains fierce; issuers need to adapt to stricter disclosure requirements and investor focus on profitability[29](index=29&type=chunk) [Employees and Remuneration Policy](index=12&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of March 31, 2025, the Group had 174 full-time employees with total staff costs amounting to approximately HK$46.7 million Employee Data | Indicator | 31 March 2025 | 31 March 2024 | | :--- | :--- | :--- | | **Number of Full-time Employees** | 174 | - | | **Total Staff Costs** | Approx. HK$46.7 million | Approx. HK$45.5 million | [Biographical Details of Directors of the Company](index=14&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%B9%8B%E5%B1%A5%E6%AD%B7) [Report of the Directors](index=17&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%A0%B1%E5%91%8A) [Principal Activities and Results](index=17&type=section&id=%E4%B8%BB%E8%A6%81%E6%A5%AD%E5%8B%99%E8%88%87%E6%A5%AD%E7%B8%BE) The Company's principal activities are investment holding and securities investment, with no significant changes during the year - The Company's principal activity is investment holding and securities investment, with its main subsidiaries engaged in services such as financial communications[50](index=50&type=chunk) - The Board **does not recommend the payment of a final dividend** for the year ended 31 March 2025[52](index=52&type=chunk) [Use of Proceeds](index=20&type=section&id=%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) As of March 31, 2025, approximately HK$165 million from the IPO and HK$348 million from the placing remain unutilized Use of Proceeds from Initial Public Offering | Allocation of Net Proceeds | Intended Use | Total Amount Used | Balance | Expected Utilisation Date | | :--- | :--- | :--- | :--- | :--- | | Approx. HK$124.9 million | Strategic mergers and acquisitions | HK$19.8 million | HK$105.1 million | 31 December 2025 | | Approx. HK$124.9 million | Financing or establishing joint ventures | HK$65.5 million | HK$59.4 million | 31 December 2025 | Use of Proceeds from Placing and Subscription | Allocation of Net Proceeds | Intended Use | Total Amount Used | Balance | Expected Utilisation Date | | :--- | :--- | :--- | :--- | :--- | | Approx. HK$423.0 million | Creation of "Wonderful Sky Cloud" platform | HK$74.6 million | HK$348.4 million | 31 December 2025 | [Major Customers and Suppliers](index=21&type=section&id=%E4%B8%BB%E8%A6%81%E5%AE%A2%E6%88%B6%E5%8F%8A%E4%BE%9B%E6%87%89%E5%95%86) The Group's customer and supplier bases are relatively diversified, with the top five customers and suppliers accounting for small percentages of revenue and purchases - The five largest customers accounted for approximately **9.6% of total revenue**, with the single largest customer accounting for approximately **2.4%**[74](index=74&type=chunk) - The five largest suppliers accounted for approximately **10.2% of total purchases**, with the single largest supplier accounting for approximately **3.2%**[76](index=76&type=chunk) [Directors' and Shareholders' Interests](index=22&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A) The report discloses the shareholdings of directors and major shareholders, with Chairman Mr. Liu Tianni holding a combined interest of approximately 70.83% - Chairman Mr. Liu Tianni, through a discretionary trust, joint interests, and family interests, holds a total of 815,616,000 shares, representing **70.83% of the issued share capital**[83](index=83&type=chunk) - Substantial shareholder Sapphire Star Investments Limited beneficially owns 750,000,000 shares, representing **65.13% of the issued share capital**[87](index=87&type=chunk) [Share Option Scheme](index=26&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) All share options granted to employees on January 26, 2018, have lapsed or been forfeited during the year Share Option Movements | Date of Grant | Exercise Price (HK$) | Outstanding at Beginning of Year | Lapsed/Forfeited During the Year | Outstanding at End of Year | | :--- | :--- | :--- | :--- | :--- | | 26.1.2018 | 1.500 | 4,000,000 | (4,000,000) | 0 | [Corporate Governance Report](index=28&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A) [Corporate Governance Practices](index=28&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The Company is committed to high standards of corporate governance, with the roles of Chairman and CEO being held by the same individual - The Company deviated from code provision A.2.1 of the Corporate Governance Code, as the roles of Chairman and Chief Executive Officer are not separate and are both performed by Mr. Liu Tianni, which the Board believes provides strong and consistent leadership[102](index=102&type=chunk) [Board of Directors and Committees](index=28&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E8%88%87%E5%A7%94%E5%93%A1%E6%9C%83) The Board comprises five directors, and its Remuneration, Nomination, and Audit Committees are all chaired by an Independent Non-executive Director - The Board consists of **2 executive Directors and 3 independent non-executive Directors** and held 4 meetings during the year[104](index=104&type=chunk) - The Remuneration Committee and Nomination Committee are both chaired by Ms. Li Lingxiu, an independent non-executive Director[110](index=110&type=chunk)[111](index=111&type=chunk) [Accountability and Audit](index=31&type=section&id=%E5%95%8F%E8%B2%AC%E5%8F%8A%E5%AF%A9%E6%A0%B8) The Group has established a three-tier internal control mechanism for risk management, with audit services fees amounting to HK$850,000 for the year - The Group has established a **three-tier internal control mechanism** involving the Board, the compliance department, and management of various business units for effective risk management[116](index=116&type=chunk)[121](index=121&type=chunk) Auditor's Remuneration | Services Rendered | Fees Paid/Payable (HK$'000) | | :--- | :--- | | Audit services | 850 | | Tax and other services | – | | **Total** | **850** | [Shareholders' Rights](index=33&type=section&id=%E8%82%A1%E6%9D%B1%E6%AC%8A%E5%88%A9) The report outlines shareholder rights, including the right for shareholders holding at least one-tenth of the paid-up capital to convene a special general meeting - Shareholders holding **not less than 10% of the paid-up share capital** have the right to request the Board to convene a special general meeting[125](index=125&type=chunk) [Environmental, Social and Governance Report](index=35&type=section&id=%E7%92%B0%E5%A2%83%E3%80%81%E7%A4%BE%E6%9C%83%E5%8F%8A%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A) [Environment](index=35&type=section&id=%E7%92%B0%E5%A2%83) The Group mitigates its environmental impact through a "Green Office Program" and reports its annual resource consumption and emissions - The Group implements a **"Green Office Program"** with measures including maintaining office temperature at 25°C, encouraging double-sided printing, and promoting a paperless office[132](index=132&type=chunk) Annual Resource Consumption and Emissions | Indicator | Quantity | | :--- | :--- | | **Electricity Consumption** | Approx. 303,779 kWh | | **CO2 Equivalent Emissions** | Approx. 246,235 kg | | **Printing Paper Usage** | Approx. 726,000 sheets | | **Gasoline Usage** | Approx. 27,079 litres | [Social](index=37&type=section&id=%E7%A4%BE%E6%9C%83) The Group provides competitive remuneration, ensures occupational health and safety, and adheres to strict anti-corruption and labor standards - The Group provides employees with competitive remuneration, medical insurance, and has established compliant human resources practices covering promotion, equal opportunities, and anti-discrimination[138](index=138&type=chunk) - The Group has established a supplier management system, conducting regular and annual assessments of suppliers, and emphasizes their legal compliance and occupational health and safety records[144](index=144&type=chunk) - The Group implements a strict anti-corruption policy and has complied with relevant laws such as the Prevention of Bribery Ordinance in Hong Kong, with **no corruption cases reported** during the fiscal year[148](index=148&type=chunk) [Independent Auditor's Report](index=40&type=section&id=%E7%8D%A8%E7%AB%8B%E6%A0%B8%E6%95%B8%E5%B8%AB%E5%A0%B1%E5%91%8A) [Audit Opinion](index=40&type=section&id=%E5%AF%A9%E8%A8%88%E6%84%8F%E8%A6%8B) The independent auditor issued an unmodified opinion, stating that the financial statements give a true and fair view of the Group's financial position - The auditor concluded that the consolidated financial statements give a true and fair view of the Group's financial position, performance, and cash flows in accordance with Hong Kong Financial Reporting Standards, and issued an **unmodified opinion**[151](index=151&type=chunk) [Key Audit Matters](index=41&type=section&id=%E9%97%9C%E9%8D%B5%E5%AF%A9%E8%A8%88%E4%BA%8B%E9%A0%85) The auditor identified the impairment assessment of trade receivables and debt instruments at FVOCI as key audit matters due to significant management judgment - **Impairment assessment of trade receivables**: Considered a key audit matter due to significant management judgment on expected credit losses; as of 31 March 2025, trade receivables were **HK$34.47 million** (net of HK$33.18 million provision)[156](index=156&type=chunk) - **Impairment assessment of debt instruments at FVOCI**: Considered a key audit matter due to significant estimation and judgment in recognizing loss allowances; as of 31 March 2025, the fair value of these instruments was **HK$85.07 million**, with an impairment loss of **HK$38.53 million** recognized during the year[158](index=158&type=chunk) [Consolidated Financial Statements](index=46&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=46&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E8%A1%A8) The Group's revenue was HK$191 million, and it achieved a profit for the year of HK$41.22 million, reversing the prior year's loss Key Consolidated Income Statement Data | Indicator (HK$'000) | 2025 | 2024 | | :--- | :--- | :--- | | **Revenue** | 190,836 | 239,055 | | **Gross Profit** | 106,760 | 122,256 | | **Profit (Loss) Before Tax** | 48,086 | (60,700) | | **Profit (Loss) for the Year** | 41,221 | (66,500) | | **Total Comprehensive Income (Loss) for the Year** | 57,540 | (17,782) | | **Basic Earnings (Loss) Per Share** | 3.58 HK cents | (5.78) HK cents | [Consolidated Statement of Financial Position](index=48&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of March 31, 2025, the Group's total assets stood at HK$1.628 billion, with net assets increasing to HK$1.515 billion Key Consolidated Statement of Financial Position Data | Indicator (HK$'000) | 2025 | 2024 | | :--- | :--- | :--- | | **Non-current Assets** | 687,402 | 742,397 | | **Current Assets** | 940,125 | 835,484 | | **Total Assets** | **1,627,527** | **1,577,881** | | **Current Liabilities** | 112,742 | 120,636 | | **Net Assets** | **1,514,785** | **1,457,245** | | **Total Equity** | 1,514,785 | 1,457,245 | [Consolidated Statement of Changes in Equity](index=50&type=section&id=%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) Total equity attributable to owners of the Company increased from HK$1.457 billion to HK$1.515 billion, driven by profit and other comprehensive income - **Total equity increased** from HK$1,457,245 thousand at the beginning of the year to HK$1,514,785 thousand at year-end, a growth of HK$57,540 thousand[184](index=184&type=chunk) - The increase in equity was primarily due to **profit for the year of HK$41,221 thousand** and **other comprehensive income of HK$16,319 thousand**[184](index=184&type=chunk) [Consolidated Statement of Cash Flows](index=53&type=section&id=%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) The Group generated positive cash from operations, but a significant increase in time deposits led to a net decrease in cash and cash equivalents Key Consolidated Cash Flow Statement Data | Indicator (HK$'000) | 2025 | 2024 | | :--- | :--- | :--- | | **Net Cash Generated from Operating Activities** | 54,254 | 47,046 | | **Net Cash (Used in) from Investing Activities** | (232,522) | 98,742 | | **Net Cash Used in Financing Activities** | – | (1) | | **Net (Decrease) Increase in Cash and Cash Equivalents** | (178,268) | 145,787 | | **Cash and Cash Equivalents at Beginning of Year** | 213,710 | 75,540 | | **Cash and Cash Equivalents at End of Year** | 31,396 | 213,710 | [Notes to the Consolidated Financial Statements](index=56&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [Note 5: Revenue and Segment Information](index=88&type=section&id=%E9%99%84%E8%A8%BB5%EF%BC%9A%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's total revenue of HK$191 million was primarily derived from the financial communications services segment Revenue by Timing of Recognition | Revenue Type | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | **Recognised at a point in time** | 152,088 | 175,394 | | **Recognised over time** | 38,748 | 63,661 | | **Total** | **190,836** | **239,055** | Segment Results (2025) | Segment | Revenue (HK$'000) | Segment Profit/(Loss) (HK$'000) | | :--- | :--- | :--- | | **Provision of financial communication services** | 190,836 | 92,525 | | **Organising and coordinating international roadshows** | – | (12) | | **Consolidated** | **190,836** | **92,513** | [Note 10: Directors', Chief Executive's and Employees' Emoluments](index=98&type=section&id=%E9%99%84%E8%A8%BB10%EF%BC%9A%E8%91%A3%E4%BA%8B%E3%80%81%E8%A1%8C%E6%94%BF%E7%B8%BD%E8%A3%81%E5%8F%8A%E5%83%B1%E5%93%A1%E8%96%AA%E9%85%AC) Total emoluments for directors and the chief executive amounted to approximately HK$4.6 million for the year Directors' and Chief Executive's Emoluments (2025) | Name | Position | Total Emoluments (HK$'000) | | :--- | :--- | :--- | | Mr. Liu Tianni | Executive Director | 3,822 | | Ms. Liu Xinyi | Executive Director | 421 | | Ms. Lin Yingrong | Independent Non-executive Director | 120 | | Ms. Li Lingxiu | Independent Non-executive Director | 120 | | Mr. Zhang Guangda | Independent Non-executive Director | 77 | | Mr. Leung Chi Wing | Independent Non-executive Director (Resigned) | 35 | | **Total** | | **4,595** | [Note 19: Trade and Other Receivables](index=108&type=section&id=%E9%99%84%E8%A8%BB19%EF%BC%9A%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E8%B3%AC%E6%AC%BE) As of March 31, 2025, the net amount of trade receivables was HK$34.47 million after a credit loss provision of HK$33.18 million Ageing Analysis of Trade Receivables (Net of Allowance) | Ageing | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Within 30 days | 7,514 | 5,184 | | 31 to 90 days | 8,053 | 13,066 | | 91 days to 1 year | 18,907 | 17,320 | | Over 1 year | – | 509 | | **Total** | **34,474** | **36,079** | [Note 21: Debt Instruments at Fair Value Through Other Comprehensive Income](index=111&type=section&id=%E9%99%84%E8%A8%BB21%EF%BC%9A%E6%8C%89%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E5%85%A5%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E7%9A%84%E5%82%B5%E5%8B%99%E5%B7%A5%E5%85%B7) The fair value of the Group's debt instruments at FVOCI was HK$85.07 million, comprising corporate and government bonds Debt Instrument Portfolio | Type | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Listed debt securities (HKEX) | 24,224 | 41,189 | | Listed debt securities (SGX) | 41,401 | 46,319 | | Government bonds (US) | 19,444 | – | | **Total** | **85,069** | **87,508** | [Note 32: Financial Instruments and Risk Management](index=120&type=section&id=%E9%99%84%E8%A8%BB32%EF%BC%9A%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E8%88%87%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group's primary financial risks include equity price, interest rate, foreign exchange, and credit risk, with significant credit loss provisions made for certain debt instruments - The Group's main financial risks include **equity price risk, interest rate risk, foreign exchange risk** (primarily RMB and USD), and **credit risk**[350](index=350&type=chunk)[351](index=351&type=chunk)[352](index=352&type=chunk)[356](index=356&type=chunk) - For the year ended 31 March 2025, the net expected credit loss on debt instruments at FVOCI amounted to **HK$38,529,000**, primarily due to the deteriorating credit quality of listed bond issuers[363](index=363&type=chunk) Credit Risk Assessment Summary of Financial Assets (2025) | Asset Class | Internal Credit Rating | ECL Basis | Gross Carrying Amount (HK$'000) | | :--- | :--- | :--- | :--- | | **Trade receivables** | Low risk/Watch list/Loss | Lifetime | 67,650 | | **Debt instruments at FVOCI** | AA+ (Low risk) | 12-month | 19,379 | | | CCC to C (Doubtful) | Lifetime | 14,372 | | | C (Loss) | Lifetime | 362,858 | | **Bank balances and time deposits** | BBB+ to A+ | 12-month | 824,503 |