FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 重新提交 呈交日期： 2025年8月14日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | | 是 | | | 證券代號 (如上市) | 01382 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括 ...

Core Viewpoint - The company, Huatai Textile (01382), announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will repurchase 2 million shares at a total cost of HKD 3 million [1] - The buyback price is set at HKD 1.5 per share [1] - The buyback is scheduled for August 14, 2025 [1]

Group 1 - The company, Huatai Textile (01382), announced a share buyback plan [1] - The company will spend HKD 3 million to repurchase 2 million shares [1] - The buyback price is set at HKD 1.5 per share [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 互太紡織控股有限公司 呈交日期： 2025年8月14日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01382 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件 ...

2025 年 8 月 14 日舉行之 股東週年大會投票結果 互太紡織控股有限公司(「本公司」)於2025年8月14日舉行之股東週年大會(「股東週年大會」)上， 日期為2025年7月15日的股東週年大會通告所載全部提呈決議案以按股數投票方式表決。 於股東週年大會舉行當日，本公司已發行股份總數為1,391,624,000股，此乃賦予持有人權利出席股 東週年大會並於會上就有關決議案投贊成或反對票之股份總數。 概無股份賦予股東權利出席股東週年大會並須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條所載於股東週年大會就提呈決議案放棄投贊成票。概無股東須按照上市規則要求於股 東週年大會上就提呈決議案放棄投票。概無本公司股東於本公司日期為2025年7月15日的通函中表明 有意於股東週年大會上投票反對任何決議案或就任何決議案放棄投票。 香港中央證券登記有限公司獲委任為股東週年大會監票人，負責在會上處理點票事宜。於股東週年 大會提呈表決之各項決議案按股數投票結果如下： | | 普通決議案** | 票數 (%) | | | --- | --- | --- | --- | | | | 贊成 | 反對 | | ...

Group 1 - The article provides an overview of the investment activities of Hong Kong-listed companies on August 11, 2025, including new stock activities, earnings announcements, shareholder meetings, and dividend distributions [1] Group 2 - New stock activities include companies such as ZhiNuo Pharmaceutical-B (currently in the IPO process) and Zhonghui Biotechnology-B (listing date) [1] - Earnings announcements are scheduled for companies like Baosheng International, Yuanyuan Group, and Kang Shifu Holdings among others [1] - Shareholder meetings will be held for companies including Huatai Textile, Shandong Gold, and Sichuan Chengyu Expressway [1] - Dividend distributions are noted for companies like Jianbei Miao Miao and Kangnait Optical, with specific ex-dividend and payment dates mentioned [1]

截至月份: 2025年7月31日 狀態: 新提交 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 公司名稱: 互太紡織控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01382 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.001 | HKD | | 5,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.001 | HKD | | 5,000,000 | 本月底法定/註冊股本 ...

[Corporate Information](index=2&type=section&id=Corporate%20Information) This section provides fundamental corporate details and contact information - The chapter details the company's fundamental information, including its board and committee members, principal bankers, auditors, registered office, and main business locations[4](index=4&type=chunk)[5](index=5&type=chunk)[6](index=6&type=chunk)[8](index=8&type=chunk) [Chairman's Statement](index=4&type=section&id=Chairman%27s%20Statement) The Chairman's Statement reviews FY2025 performance, noting similar financial results to FY2024 despite typhoon impacts, and outlines future growth strategies focusing on innovation, digitalization, and capacity expansion amidst market uncertainties - Despite the impact of Typhoon Ma-on on the Hai Duong factory in Vietnam, FY2025 financial performance was comparable to FY2024, with results expected to be better without the incident[13](index=13&type=chunk)[18](index=18&type=chunk) - Company strategic priorities include **product innovation** (developing high-elasticity functional fabrics and expanding into non-apparel markets), **digital transformation** (updating digital core, establishing integrated data platforms for AI, and providing digital product versions to shorten sales cycles), and **capacity expansion** (new Nam Dinh factory in Vietnam opened July 2024, aiming for full production of high-performance fabrics)[14](index=14&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk) - Amidst market uncertainties from US tariffs, the company prioritizes strict cost control and inventory management, expecting significant medium-term growth through product line and production base expansion[21](index=21&type=chunk)[24](index=24&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section details the Group's business and financial performance, highlighting a 6.7% revenue increase driven by volume, stable net profit, decreased gross margin, increased net debt, and reduced capital expenditure, with an optimistic outlook for medium-term growth despite short-term challenges [Business and Financial Review](index=7&type=section&id=BUSINESS%20AND%20FINANCIAL%20REVIEW) In FY2025, Group revenue grew 6.7% to **HKD 5.058 billion** driven by volume, while net profit attributable to shareholders remained stable at **HKD 168 million**, gross margin declined to **7.6%**, net debt increased, and capital expenditure significantly decreased by **69.4%** to **HKD 310 million** Key Financial Data for FY2025 (Million HKD) | Metric | FY2025 (Million HKD) | FY2024 (Million HKD) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | **Revenue** | 5,057.6 | 4,739.0 | +6.7% | | **Cost of Sales** | 4,673.6 | 4,241.6 | +10.2% | | **Gross Profit** | 384.0 | 497.4 | -22.8% | | **Profit Attributable to Shareholders** | 167.6 | 167.1 | +0.3% | | **Distribution and Selling Expenses** | 55.4 | 43.2 | +28.2% | | **Administrative Expenses** | 165.3 | 194.3 | -14.9% | | **Finance Costs** | 61.6 | 60.5 | +1.8% | Key Financial Ratios | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | **Gross Margin** | 7.6% | 10.5% | | **Return on Equity** | 5.5% | 5.8% | | **Interest Coverage Ratio** | 4.4倍 | 4.0倍 | | **Current Ratio** | 1.2 | 1.2 | | **Quick Ratio** | 0.7 | 0.8 | | **Capital Gearing Ratio** | 47.1% | 50.2% | | **Debt-to-Equity Ratio** | 84.2% | 87.6% | - Total capital expenditure decreased by **69.4%** year-on-year to **HKD 310.1 million**, primarily due to reduced investment in the Vietnam Nam Dinh factory[58](index=58&type=chunk)[60](index=60&type=chunk) - The Group hedges a portion of its foreign exchange risk through forward foreign exchange contracts, primarily involving USD, RMB, and VND[65](index=65&type=chunk)[67](index=67&type=chunk) [Environmental and Social Reporting](index=12&type=section&id=ENVIRONMENTAL%20AND%20SOCIAL%20REPORTING) The Group received recognition for its environmental protection efforts, with subsidiaries in Nansha and Hong Kong awarded 'Guangdong-Hong Kong Cleaner Production Partners (Manufacturing)' - The Group's subsidiaries in Nansha and Hong Kong were awarded 'Guangdong-Hong Kong Cleaner Production Partners (Manufacturing)' in October 2024[77](index=77&type=chunk)[84](index=84&type=chunk) [Product Research and Development](index=12&type=section&id=PRODUCT%20RESEARCH%20AND%20DEVELOPMENT) The company is committed to product innovation, with its Nansha subsidiary receiving multiple industry awards for new products, including 'Top 30 Chinese Knitting Industry Enterprises of 2023' - The company's Nansha subsidiary received multiple awards for its innovative products, including 'Top 30 Chinese Knitting Industry Enterprises of 2023' and 'Excellence Award for China Popular Fabric Enterprises'[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk)[85](index=85&type=chunk) [Employees and Remuneration Policies](index=12&type=section&id=EMPLOYEES%20AND%20REMUNERATION%20POLICIES) As of March 31, 2025, the Group's full-time employee count increased from 4,874 to 5,115, with remuneration policies remaining largely unchanged, based on performance, skills, and knowledge, supplemented by additional benefits Full-time Employee Count | Fiscal Year | Full-time Employees | | :--- | :--- | | **2025** | 5,115 | | **2024** | 4,874 | [Dividends](index=13&type=section&id=DIVIDENDS) The Board recommends a final dividend of HKD 5 cents per share, bringing the total FY2025 dividend to HKD 12 cents per share, consistent with the previous fiscal year FY2025 Dividend Details (HK Cents per Share) | Dividend Type | 2025 | 2024 | | :--- | :--- | :--- | | **Interim Dividend** | 7 | 7 | | **Final Dividend (Proposed)** | 5 | 5 | | **Total Full-Year Dividend** | 12 | 12 | [Prospect and Outlook](index=13&type=section&id=PROSPECT%20AND%20OUTLOOK) Management is optimistic about business prospects, anticipating medium-term growth in FY2026 driven by the full recovery of the Hai Duong factory, ramp-up of the Nam Dinh factory, focus on high-value functional synthetic fabrics, and expected interest rate reductions - FY2025 EBITDA increased by **12.5%** to **HKD 473.4 million**, indicating improved operational efficiency[89](index=89&type=chunk)[93](index=93&type=chunk) - Due to typhoon impact, the Vietnam Hai Duong factory shifted from a profit of **HKD 21.1 million** to a loss of **HKD 25.8 million**, with management expecting a recovery to 2024 profitability levels in FY2026[90](index=90&type=chunk)[93](index=93&type=chunk) - The newly established Vietnam Nam Dinh factory recorded a first-year loss of **HKD 103.7 million**, but management believes it has strong prospects and will contribute to the Group's growth[91](index=91&type=chunk)[94](index=94&type=chunk) - Excluding special events like the typhoon and new factory start-up losses, the Group's FY2025 profit could have reached approximately **HKD 304.2 million**[95](index=95&type=chunk)[101](index=101&type=chunk) - The Group faces a complex external environment including trade tariffs, weak consumer sentiment, and high inflation; short-term financial performance will be affected by tariff negotiations, but the company is focused on developing high-value fabric business for medium to long-term growth[96](index=96&type=chunk)[97](index=97&type=chunk)[101](index=101&type=chunk) [Profiles of Directors and Senior Management](index=14&type=section&id=Profiles%20of%20Directors%20and%20Senior%20Management) This section provides detailed biographies of the company's executive directors, independent non-executive directors, and senior management, including their ages, positions, responsibilities, professional qualifications, and extensive experience in the textile and related industries [Executive Directors](index=15&type=section&id=EXECUTIVE%20DIRECTORS) This section introduces the backgrounds of three executive directors: Chairman and CEO Mr. Okutomi Masaru, CFO and Company Secretary Mr. To Kit Wai, and Mr. Fukumoto Kyuichi, responsible for budget control and Vietnam business expansion, all possessing extensive experience in textiles, finance, and management [Independent Non-Executive Directors](index=16&type=section&id=INDEPENDENT%20NON-EXECUTIVE%20DIRECTORS) This section introduces the backgrounds of four independent non-executive directors: Dr. Chan Yu Kwong, Mr. Ng Ching Wah, Mr. Sze Kwok Wing, and Ms. Ling Chi Wo, who bring broad expertise and experience in corporate management, telecommunications, investment banking, and the apparel industry [Senior Management](index=18&type=section&id=SENIOR%20MANAGEMENT) This section introduces the company's senior management team, covering COOs, CMO, CIO, and general managers/deputy general managers for HR, R&D, engineering, finance, and sales across Vietnam and China, all with over 20 years of senior experience in their respective fields [Directors' Report](index=20&type=section&id=Directors%27%20Report) This report outlines the Group's principal activities, business review, risk factors, financial performance, dividend policy, share repurchases, major customers and suppliers, and continuing connected transactions for FY2025, confirming compliance with regulations and providing future outlook [Principal Risks and Uncertainties](index=21&type=section&id=PRINCIPAL%20RISKS%20AND%20UNCERTAINTIES) The Group faces principal risks including business risks from macroeconomic and political factors like US-China tensions and tariffs, strategic risks in achieving objectives, legal and compliance risks from contracts or regulations, and policy risks from changes in operating country policies - The Group's principal risks include **business risks** (US-China tensions, tariffs, global economic slowdown, inflation, and exchange rate fluctuations), **strategic risks** (achieving strategic objectives like acquisitions and joint ventures), **legal and compliance risks** (unenforceable contracts, litigation, or regulatory sanctions), and **policy risks** (changes in government policies, such as environmental regulations, in operating countries potentially leading to increased costs)[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk)[150](index=150&type=chunk) [Purchase, Sale or Redemption of Shares](index=24&type=section&id=PURCHASE%2C%20SALE%20OR%20REDEMPTION%20OF%20SHARES) In FY2025, the company repurchased 7.167 million shares on the Stock Exchange for approximately **HKD 11.14 million**, all of which were cancelled to enhance net asset value and earnings per share for overall shareholder benefit FY2025 Share Repurchase Details | Month of Repurchase | Number of Shares Repurchased | Highest Price per Share (HKD) | Lowest Price per Share (HKD) | Total Consideration (HKD) | | :--- | :--- | :--- | :--- | :--- | | 2024年7月 | 3,027,000 | 1.75 | 1.63 | 5,101,260 | | 2024年12月 | 4,140,000 | 1.48 | 1.42 | 6,036,710 | | **Total** | **7,167,000** | - | - | **11,137,970** | [Major Customers and Suppliers](index=25&type=section&id=MAJOR%20CUSTOMERS%20AND%20SUPPLIERS) In FY2025, the Group experienced high customer and supplier concentration, with the top five customers accounting for **74.4%** of total sales and the largest customer for **45.0%**, while the top five suppliers accounted for **64.4%** of total purchases, with the largest supplier for **39.0%** - Sales to the top five customers accounted for **74.4%** of total sales, with the largest customer accounting for **45.0%**[185](index=185&type=chunk) - Purchases from the top five suppliers accounted for **64.4%** of total purchases, with the largest supplier accounting for **39.0%**[185](index=185&type=chunk) - Major shareholder Toray accounted for approximately **0.8%** of the Group's total purchases and **0.3%** of total sales, constituting continuing connected transactions[186](index=186&type=chunk)[187](index=187&type=chunk) [Continuing Connected Transactions](index=31&type=section&id=CONTINUING%20CONNECTED%20TRANSACTIONS) The Group engaged in several continuing connected transactions in FY2025, primarily involving sales of knitted fabrics to Crystal Group and procurement of yarn and sales of fabrics with major shareholder Toray Group, all conducted within annual caps and deemed fair and reasonable Transactions with Crystal Group | Transaction Type | FY2025 Annual Cap (Million HKD) | FY2025 Actual Transaction Value (Million HKD) | | :--- | :--- | :--- | | Sales of Knitted Fabric | 1,500 | 961.4 | Transactions with Toray Group | Transaction Type | FY2025 Annual Cap (Million HKD) | FY2025 Actual Transaction Value (Million HKD) | | :--- | :--- | :--- | | Procurement of Yarn | 100 | 24.8 | | Sales of Fabric | 70 | 13.1 | [Corporate Governance Report](index=35&type=section&id=Corporate%20Governance%20Report) This report details the company's corporate governance practices for FY2025, highlighting adherence to most Code provisions with two deviations: the Chairman and CEO roles held by the same individual, and one independent non-executive director's absence from the AGM [Corporate Governance Practice of the Company](index=36&type=section&id=A.%2E%20CORPORATE%20GOVERNANCE%20PRACTICE%20OF%20THE%20COMPANY) The company complied with most applicable Code provisions in FY2025, with two deviations: the Chairman and CEO roles are combined, and an independent non-executive director was absent from the 2024 AGM - Deviation noted: The roles of Chairman and Chief Executive Officer are held by Mr. Okutomi Masaru; the company believes this arrangement provides strong leadership, with sufficient checks and balances through Board and senior management consultation on all major decisions[265](index=265&type=chunk)[268](index=268&type=chunk) - Deviation noted: Independent Non-Executive Director Dr. Chan Yu Kwong was unable to attend the Annual General Meeting on August 15, 2024, due to other commitments[266](index=266&type=chunk)[268](index=268&type=chunk) [Board Committees](index=44&type=section&id=D.%2E%20BOARD%20COMMITTEES) The Board has three main committees—Audit, Nomination, and Remuneration—all chaired by independent non-executive directors, overseeing financial reporting, internal controls, director nominations, and executive compensation, reporting regularly to the Board - **Audit Committee**: Composed of four independent non-executive directors, chaired by Mr. Sze Kwok Wing; held 4 meetings during the year, reviewed financial reports and internal control system effectiveness, and recommended re-appointment of PricewaterhouseCoopers as auditor[324](index=324&type=chunk)[325](index=325&type=chunk)[330](index=330&type=chunk) - **Nomination Committee**: Majority members are independent non-executive directors, chaired by Mr. Ng Ching Wah; held 1 meeting during the year, reviewed the implementation of the Board diversity policy, and made recommendations on director rotation and re-election[336](index=336&type=chunk)[337](index=337&type=chunk)[338](index=338&type=chunk) - **Remuneration Committee**: Majority members are independent non-executive directors, chaired by Dr. Chan Yu Kwong; held 1 meeting during the year, reviewed the remuneration of directors and senior management[351](index=351&type=chunk)[352](index=352&type=chunk)[353](index=353&type=chunk) [Risk Management and Internal Control](index=50&type=section&id=I.%2E%20RISK%20MANAGEMENT%20AND%20INTERNAL%20CONTROL) The Board is responsible for establishing and maintaining effective risk management and internal control systems, which were reviewed and deemed effective and adequate in FY2025, with no significant deficiencies identified - The Group has established a comprehensive risk management framework covering risk identification, assessment, management, and reporting, with a Risk Management Committee for oversight[369](index=369&type=chunk)[370](index=370&type=chunk) - The internal audit department independently assesses risk management, internal control, and governance systems, reporting to the Audit Committee[376](index=376&type=chunk)[377](index=377&type=chunk) - The company has a whistleblowing policy and channels for employees and business partners to raise concerns about potential misconduct[385](index=385&type=chunk)[389](index=389&type=chunk) - The Board conducted an annual review of the systems in FY2025 and deemed the risk management and internal control systems effective and adequate[386](index=386&type=chunk)[387](index=387&type=chunk) [Independent Auditor's Report](index=55&type=section&id=Independent%20Auditor%27s%20Report) The Independent Auditor's Report by PricewaterhouseCoopers provides an unmodified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, confirming a true and fair view of the financial position, performance, and cash flows, with 'Revenue Recognition' identified as a key audit matter [Opinion](index=56&type=section&id=OPINION) Auditor PricewaterhouseCoopers issued an unmodified opinion, stating that the consolidated financial statements present a true and fair view of the Group's financial position as of March 31, 2025, and its financial performance and cash flows for the year then ended, in compliance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance - The auditor issued an unmodified opinion (clean opinion) on the financial statements[410](index=410&type=chunk)[413](index=413&type=chunk) [Key Audit Matters](index=57&type=section&id=KEY%20AUDIT%20MATTERS) The key audit matter for the year was 'Revenue Recognition' due to the high volume of transactions across multiple regions and customers, with audit procedures focusing on internal control testing, sample testing of sales transactions, and cut-off testing - The key audit matter was **revenue recognition**, primarily due to the high volume of transactions involving multiple regions and customers[419](index=419&type=chunk)[424](index=424&type=chunk) - Auditor procedures included evaluating and testing internal controls over sales processes, sampling sales transaction invoices and shipping documents, testing transactions around year-end to ensure correct accounting period recognition, and testing related journal entries[425](index=425&type=chunk)[426](index=426&type=chunk) [Financial Information](index=60&type=section&id=Financial%20Information) This section contains the Group's complete consolidated financial statements for the year ended March 31, 2025, including the consolidated statement of profit or loss, balance sheet, cash flows, and detailed notes, showing annual revenue of **HKD 5.058 billion** and total equity of **HKD 2.883 billion** [Consolidated Statement of Profit or Loss](index=61&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the year ended March 31, 2025, the Group's revenue increased by 6.7% to **HKD 5.058 billion**, though gross profit decreased to **HKD 384 million** due to higher cost of sales, with profit for the year at **HKD 159 million** and basic earnings per share at **HKD 0.12** Consolidated Statement of Profit or Loss Summary (Thousand HKD) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 5,057,570 | 4,739,010 | | Gross Profit | 383,985 | 497,437 | | Operating Profit | 200,314 | 275,526 | | Profit Before Income Tax | 194,257 | 202,862 | | **Profit for the Year** | **159,417** | **172,458** | | **Profit Attributable to Equity Holders of the Company** | **167,597** | **167,118** | | Basic Earnings Per Share (HKD) | 0.12 | 0.12 | [Consolidated Balance Sheet](index=62&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2025, the Group's total assets were **HKD 5.310 billion**, a slight decrease from the previous year, with total liabilities at **HKD 2.427 billion** and total equity at **HKD 2.883 billion** Consolidated Balance Sheet Summary (Thousand HKD) | Item | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Non-current Assets** | 2,840,658 | 2,816,635 | | **Current Assets** | 2,469,708 | 2,749,336 | | **Total Assets** | **5,310,366** | **5,565,971** | | **Current Liabilities** | 2,087,294 | 2,248,121 | | **Non-current Liabilities** | 340,178 | 351,396 | | **Total Liabilities** | **2,427,472** | **2,599,517** | | **Equity Attributable to Equity Holders of the Company** | 2,882,690 | 2,954,272 | | **Total Equity** | **2,882,894** | **2,966,454** | [Consolidated Statement of Cash Flows](index=65&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the year ended March 31, 2025, the Group generated **HKD 384 million** in net cash from operating activities, used **HKD 255 million** in investing activities, and **HKD 364 million** in financing activities, resulting in a net decrease in cash and cash equivalents of **HKD 234 million** Consolidated Statement of Cash Flows Summary (Thousand HKD) | Item | 2025 | 2024 | | :--- | :--- | :--- | | **Net Cash Generated from Operating Activities** | 384,051 | 540,854 | | **Net Cash Used in Investing Activities** | (254,567) | (666,510) | | **Net Cash Used in Financing Activities** | (363,502) | (162,022) | | **Net Decrease in Cash and Cash Equivalents** | (234,018) | (287,678) | | **Cash and Cash Equivalents at Beginning of Year** | 893,889 | 1,187,110 | | **Cash and Cash Equivalents at End of Year** | 666,507 | 893,889 | [Notes to the Consolidated Financial Statements](index=66&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes to the financial statements provide detailed explanations and supplementary information on financial statement items, including accounting policies, segment information, balance sheet and profit or loss details, related party transactions, commitments, and contingent liabilities Revenue by Region (Thousand HKD) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Vietnam | 2,568,849 | 2,329,801 | | China | 1,372,531 | 1,224,907 | | Indonesia | 234,020 | 151,641 | | Bangladesh | 211,605 | 278,172 | | Cambodia | 190,000 | 178,175 | | Other | 580,565 | 576,114 | | **Total** | **5,057,570** | **4,739,010** | - High customer concentration: Customer A and Customer B accounted for approximately **45%** and **19%** of the Group's revenue, respectively[592](index=592&type=chunk) - As of March 31, 2025, the Group's total bank borrowings were **HKD 1.221 billion**, with an additional **HKD 125 million** loan from non-controlling interests; the Group has total bank financing facilities of approximately **HKD 3.669 billion**, of which **HKD 2.448 billion** remains unutilized[762](index=762&type=chunk)[766](index=766&type=chunk) [Financial Summary](index=167&type=section&id=Financial%20Summary) This section provides a summary of the Group's key financial data for the past five fiscal years (2021-2025), including consolidated results and major items from the consolidated balance sheet, illustrating trends in the Group's financial performance and position Five-Year Consolidated Results Summary (Million HKD) | Year Ended March 31 | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 5,058 | 4,739 | 5,019 | 6,066 | 5,385 | | **Gross Profit** | 384 | 497 | 490 | 776 | 862 | | **Profit Attributable to Equity Holders of the Company** | 168 | 167 | 269 | 573 | 721 | Five-Year Consolidated Balance Sheet Summary (Million HKD) | As of March 31 | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Non-current Assets** | 2,841 | 2,817 | 2,296 | 2,124 | 2,069 | | **Current Assets** | 2,470 | 2,749 | 3,233 | 3,820 | 3,143 | | **Total Assets** | 5,310 | 5,566 | 5,529 | 5,944 | 5,211 | | **Current Liabilities** | 2,087 | 2,248 | 2,191 | 2,262 | 1,625 | | **Non-current Liabilities** | 340 | 351 | 250 | 252 | 233 | | **Total Equity** | 2,883 | 2,966 | 3,089 | 3,431 | 3,354 | [Schedule of Group's Properties](index=168&type=section&id=Schedule%20of%20Group%27s%20Properties) This section lists the Group's principal properties held for own use as of March 31, 2025, including industrial and office properties in Hong Kong, Guangzhou Nansha (China), and Hai Duong and Nam Dinh provinces (Vietnam), detailing their overview, lot numbers, and lease terms - The Group holds industrial and office properties in Hong Kong, Guangzhou Nansha (China), and Hai Duong and Nam Dinh provinces (Vietnam) for its own operations[1043](index=1043&type=chunk)[1044](index=1044&type=chunk)[1047](index=1047&type=chunk) [Glossary](index=170&type=section&id=Glossary) This section defines and explains specific terms and abbreviations used in the annual report to assist readers in understanding the report's content

Core Insights - The data indicates significant trading volume increases for various companies, suggesting heightened investor interest and potential market movements [1][2][3][4][5] Group 1: Companies with Notable Volume Increases - 阳光能源 (00757) reported a volume ratio of 2.35, indicating strong trading activity [2] - 长城汽车 (02333) had a volume ratio of 2.21, reflecting increased investor engagement [2] - 郑煤机 (00564) showed a volume ratio of 1.92, suggesting a notable rise in trading [2] Group 2: Additional Companies with Increased Trading Activity - 万国数据-SW (09698) recorded a volume ratio of 1.83, indicating significant market interest [2] - 映恩生物-B (09606) had a volume ratio of 1.78, reflecting heightened trading activity [2] - 超盈国际控股 (02111) reported a volume ratio of 1.71, suggesting increased investor focus [2] Group 3: Companies with Moderate Volume Ratios - 中国能源建设 (03996) had a volume ratio of 1.70, indicating a solid level of trading activity [2] - 亚信科技 (01675) reported a volume ratio of 1.60, reflecting moderate investor interest [2] - 金宝通 (00320) showed a volume ratio of 1.53, suggesting a rise in trading volume [2] Group 4: Companies with Lower Volume Ratios - 中国水务 (00855) had a volume ratio of 1.52, indicating stable trading activity [2] - 广汽集团 (02238) reported a volume ratio of 1.52, reflecting consistent investor engagement [2] - 凯莱英 (06821) showed a volume ratio of 1.52, suggesting steady trading interest [2]

[Financial Summary](index=1&type=section&id=Financial%20Data) [Consolidated Income Statement](index=1&type=section&id=Consolidated%20Income%20Statement) In FY2025, group revenue grew 6.7% to HK$5.06 billion, but gross profit declined 22.8% to HK$384 million, lowering gross margin to 7.6%; profit attributable to equity holders remained stable at HK$168 million, with basic EPS at HK$0.12 Key Income Statement Data for FY2025 (HK$ Thousand) | Metric | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | 5,057,570 | 4,739,010 | +6.7% | | **Gross Profit** | 383,985 | 497,437 | -22.8% | | **Operating Profit** | 200,314 | 275,526 | -27.3% | | **Profit Attributable to Equity Holders of the Company** | 167,597 | 167,118 | +0.3% | | **Basic Earnings Per Share (HK$)** | 0.12 | 0.12 | 0.0% | - Total comprehensive income for the year significantly increased by **95.8%** to **HK$95.12 million** from HK$48.58 million in the prior year, primarily due to a reduced negative impact from foreign currency translation differences[5](index=5&type=chunk) [Consolidated Balance Sheet](index=3&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2025, total assets decreased 4.6% to HK$5.31 billion, total liabilities decreased 6.6% to HK$2.43 billion, and total equity slightly decreased 2.8% to HK$2.88 billion, maintaining a stable financial structure despite reduced cash and cash equivalents Key Balance Sheet Data for FY2025 (HK$ Thousand) | Metric | March 31, 2025 | March 31, 2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Total Assets** | 5,310,366 | 5,565,971 | -4.6% | | **Total Liabilities** | 2,427,472 | 2,599,517 | -6.6% | | **Total Equity** | 2,882,894 | 2,966,454 | -2.8% | | **Cash and Cash Equivalents** | 666,507 | 893,889 | -25.6% | | **Total Borrowings** | 1,346,332 | 1,480,647 | -9.1% | [Segment and Geographical Information](index=7&type=section&id=2%20Segment%20Information) The group operates a single business segment focused on textile manufacturing and trading, with Vietnam and China as the largest markets contributing 50.8% and 27.1% of revenue respectively, both showing year-on-year growth, alongside high customer concentration Revenue by Geographical Region (HK$ Thousand) | Region | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Vietnam** | 2,568,849 | 2,329,801 | +10.3% | | **China** | 1,372,531 | 1,224,907 | +12.0% | | **Bangladesh** | 211,605 | 278,172 | -23.9% | | **Hong Kong** | 75,833 | 139,698 | -45.7% | | **Americas** | 29,119 | 70,845 | -58.9% | - Customer A and Customer B accounted for **45%** and **19%** of the group's total revenue respectively, indicating high customer concentration[16](index=16&type=chunk) - The group's non-current assets are primarily located in **Vietnam (HK$1.55 billion)** and **China (HK$986 million)**[17](index=17&type=chunk) [Dividend Policy](index=11&type=section&id=8%20Dividends) The Board recommended a final dividend of HK$0.05 per share, consistent with the prior year, bringing the total FY2025 dividend to HK$0.12 per share, including the interim dividend, matching the previous fiscal year FY2025 Dividend Details | Dividend Type | Amount Per Share (HK Cents) | Total Amount (HK$ Thousand) | | :--- | :--- | :--- | | **Interim Dividend** | 7 | 97,703 | | **Proposed Final Dividend** | 5 | 69,581 | | **Total for Full Year** | 12 | 167,284 | [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) [Business and Financial Review](index=13&type=section&id=Business%20and%20Financial%20Review) During the review year, group revenue grew 6.7% driven by an 11.3% increase in sales volume, partially offset by a 4.5% decrease in average selling price; sales cost rose 10.2%, reducing gross margin to 7.6%, while administrative expenses decreased, resulting in a slight 0.3% increase in profit attributable to equity holders - Revenue growth was primarily driven by an **11.3% increase in sales volume**, partially offset by a **4.5% decrease in average selling price**[29](index=29&type=chunk) - Cost of sales increased by **10.2%**, consistent with the revenue growth trend[30](index=30&type=chunk) - The decrease in administrative expenses was mainly due to the reversal of deferred income from the previous year and the reversal of personal income tax provisions in the current year[33](index=33&type=chunk) Key Financial Ratio Changes | Ratio | 2025 | 2024 | | :--- | :--- | :--- | | **Gross Margin** | 7.6% | 10.5% | | **Return on Equity** | 5.5% | 5.8% | | **Interest Coverage Ratio** | 4.4 | 4.0 | [Liquidity, Financial Resources, and Capital Structure](index=15&type=section&id=Liquidity%2C%20Financial%20Resources%2C%20and%20Capital%20Structure) The group's net debt increased from HK$586 million to HK$680 million, with working capital primarily from sales cash flow and bank borrowings; capital expenditure significantly decreased by 69.4% to HK$310 million due to reduced investment in the Vietnam Nam Dinh plant, while liquidity and gearing ratios remained stable or improved - Net debt increased from **HK$586 million** to **HK$680 million**, primarily due to an increase in trade receivables and repayment of bank loans[39](index=39&type=chunk) - Total capital expenditure significantly decreased by **69.4%** to **HK$310 million**, mainly due to reduced capital expenditure investment in the Vietnam Nam Dinh plant[42](index=42&type=chunk) Key Liquidity and Leverage Ratios | Ratio | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Current Ratio** | 1.2 | 1.2 | | **Quick Ratio** | 0.7 | 0.8 | | **Capital Gearing Ratio** | 47.1% | 50.2% | | **Debt-to-Equity Ratio** | 84.2% | 87.6% | [Employees and Remuneration Policy](index=17&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2025, the group's full-time employee count increased to 5,115, with no significant changes in remuneration policy, which is determined by performance, skills, and knowledge, supplemented by allowances and insurance - The number of full-time employees increased from **4,874** to **5,115**[51](index=51&type=chunk) [Outlook and Prospects](index=17&type=section&id=Outlook%20and%20Prospects) [Impact of One-Off Events](index=17&type=section&id=Impact%20of%20One-Off%20Events) FY2025 profit was significantly impacted by two one-off events: a typhoon causing a HK$25.8 million loss at the Vietnam Hai Duong plant, and a HK$104 million loss from the newly commissioned Vietnam Nam Dinh plant, with the Hai Duong plant expected to return to profitability in FY2026 - The Vietnam Hai Duong plant shifted from a **HK$21.1 million profit** in FY2024 to a **HK$25.8 million loss** in FY2025 due to typhoon damage[53](index=53&type=chunk) - The newly commissioned Vietnam Nam Dinh plant recorded a **HK$103.7 million loss** in FY2025[54](index=54&type=chunk) - Excluding these special events, the group's profit was estimated to increase to approximately **HK$304.2 million**[55](index=55&type=chunk) [Market Challenges and Company Strategy](index=18&type=section&id=Market%20Challenges%20and%20Company%20Strategy) The textile industry faces complex challenges including trade tariffs, weak consumer sentiment, and high inflation; the company's strategy focuses on developing high-value functional synthetic fabrics and expanding its customer base through new markets and applications - The industry faces a complex landscape of trade tariffs, soft consumer sentiment, and high inflation, leading to intense market competition[55](index=55&type=chunk) - The company will focus on developing **high-value functional synthetic fabrics** and fostering closer collaboration with brand owners[56](index=56&type=chunk) - Management is optimistic about the business outlook, anticipating the business to enter a **medium-term growth trajectory** in FY2026[57](index=57&type=chunk) [Supplementary Information](index=18&type=section&id=Supplementary%20Information) [Share Repurchases](index=20&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Shares) In FY2025, the company repurchased 7,167,000 shares from the Stock Exchange for approximately HK$11.14 million, all of which were subsequently cancelled to enhance net asset value and earnings per share Share Repurchase Details | Month of Repurchase | Number of Shares Repurchased | Total Consideration (HK$) | | :--- | :--- | :--- | | **July 2024** | 3,027,000 | 5,101,260 | | **December 2024** | 4,140,000 | 6,036,710 | | **Total** | **7,167,000** | **11,137,970** | [Corporate Governance](index=19&type=section&id=The%20Company%27s%20Corporate%20Governance%20Practices) The company generally complied with the Corporate Governance Code in FY2025, with one deviation where the Chairman and CEO roles were combined, though the Board believes collective decision-making and committee oversight prevent excessive power concentration - The company did not comply with Corporate Governance Code Provision C.2.1, which stipulates that the roles of Chairman and Chief Executive Officer should be separate[62](index=62&type=chunk) - The Board believes that power and authority are not overly concentrated under the current structure and will review it periodically[62](index=62&type=chunk) [Audit Committee](index=20&type=section&id=Audit%20Committee) The Audit Committee, comprising four independent non-executive directors and chaired by Mr. Sze Kwok Wing, a qualified accountant, reviewed the financial statements for the fiscal year and discussed accounting principles, internal controls, and financial reporting with management and auditors - The Audit Committee has reviewed the financial statements for FY2025 and held discussions with management and the auditors[68](index=68&type=chunk) - PricewaterhouseCoopers, the auditors, have confirmed that the financial data in the preliminary results announcement is consistent with the audited consolidated financial statements[70](index=70&type=chunk)