Annual Results Announcement [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The Group's revenue from continuing operations grew 25.7% to HKD 424 million, with loss attributable to owners significantly narrowing to HKD 15.8 million and basic loss per share decreasing to 0.29 HK cents FY2025 Financial Highlights | Metric | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue from continuing operations | HKD 424 million | HKD 337 million | +25.7% | | Loss attributable to owners of the Company | HKD 15.8 million | HKD 40.3 million | Loss narrowed by 60.8% | | Basic loss per share (continuing operations) | 0.29 HK cents | 0.83 HK cents | Loss narrowed | | Equity attributable to owners of the Company | HKD 149 million | HKD 166 million | -10.3% | | Final Dividend | Not recommended | Nil | - | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements reflect growth in revenue and gross profit, a significant narrowing of loss, and a leaner financial structure due to strategic reduction in digital asset business scale [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) Revenue from continuing operations increased 25.7% to HKD 424 million, with gross profit growing 34.5% to HKD 89.03 million, leading to a significant narrowing of loss for the year Key Data from Consolidated Statement of Profit or Loss (Continuing Operations) | Metric (HKD thousand) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 424,028 | 337,332 | | Gross Profit | 89,033 | 66,206 | | Operating Loss | (14,761) | (42,569) | | Loss before income tax | (16,546) | (45,069) | | Loss for the year | (16,836) | (45,069) | - Loss attributable to owners of the Company narrowed from **HKD 40.30 million** in the previous fiscal year to **HKD 15.75 million**[4](index=4&type=chunk) [Consolidated Statement of Financial Position](index=5&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) Total assets decreased 49.0% to HKD 680 million and total liabilities fell 54.5% to HKD 531 million, primarily due to a strategic reduction in digital asset holdings and related intercompany borrowings Key Data from Consolidated Statement of Financial Position | Metric (HKD thousand) | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Total Assets | 680,345 | 1,333,294 | | Total Liabilities | 530,728 | 1,165,710 | | Total Equity | 149,617 | 167,584 | | Net Current Assets | 136,919 | 161,112 | - Total digital assets (inventories and financial assets) significantly decreased from approximately **HKD 1.123 billion** to approximately **HKD 418 million**[6](index=6&type=chunk)[32](index=32&type=chunk) - Digital asset borrowings from an intercompany subsidiary significantly decreased from approximately **HKD 870 million** to approximately **HKD 293 million**[7](index=7&type=chunk)[36](index=36&type=chunk) [Notes to the Financial Statements](index=7&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes detail accounting policies, segment performance, and key financial items, highlighting foundation and building construction as the main revenue driver and a significant reduction in digital assets to mitigate risk [Revenue, Other Income and Segment Information](index=9&type=section&id=4%20%E6%94%B6%E7%9B%8A%E3%80%81%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E3%80%81%E6%94%B6%E7%9B%8A%E5%8F%8A%EF%BC%88%E虧%E6%90%8D%EF%BC%89%E6%B7%A8%E9%A1%8D%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) Total revenue reached HKD 424 million, primarily driven by a 34.2% growth in foundation and building construction revenue, with over 99.9% of revenue originating from Hong Kong Revenue by Business Segment (HKD thousand) | Business Segment | 2025 Revenue | 2024 Revenue | | :--- | :--- | :--- | | Foundation, building construction works and ancillary services | 358,220 | 266,721 | | Net fair value changes of digital assets | 61,208 | 65,288 | | Technology services | 3,068 | 3,144 | | Trust and custody services | 506 | 1,801 | | Others | 1,020 | 378 | - Geographically, revenue from Hong Kong was **HKD 424 million**, accounting for the vast majority of total revenue[22](index=22&type=chunk) [Loss Per Share](index=16&type=section&id=7%20%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) Basic loss per share from continuing operations significantly narrowed to 0.29 HK cents from 0.83 HK cents, with diluted loss per share being identical Basic Loss Per Share Calculation | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Loss attributable to owners (continuing operations, HKD thousand) | (15,750) | (44,473) | | Weighted average number of ordinary shares (thousand shares) | 5,370,510 | 5,370,510 | | Basic loss per share (HK cents) | (0.29) | (0.83) | [Dividends](index=18&type=section&id=8%20%E8%82%A1%E6%81%AF) The Board decided not to recommend any final dividend for the year ended March 31, 2025, consistent with the prior year's policy - The Board does not recommend a final dividend for the current year (2024: Nil)[30](index=30&type=chunk) [Digital Assets and Related Borrowings](index=19&type=section&id=10%20%E6%95%B8%E5%AD%97%E8%B3%87%E7%94%A2%20%26%2012%20%E4%BE%86%E8%87%AA%E4%B8%80%E9%96%93%E5%90%8C%E7%B3%BB%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E6%95%B8%E5%AD%97%E8%B3%87%E7%94%A2%E5%80%9F%E6%AC%BE) Digital asset holdings significantly decreased to HKD 418 million from HKD 1.123 billion, with related borrowings also falling to HKD 293 million, reflecting a strategic risk reduction and primarily comprising stablecoins and Bitcoin Digital Assets and Borrowings Movement (HKD thousand) | Item | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Market value of own digital assets | 417,576 | 1,123,081 | | Digital asset borrowings from intercompany subsidiary Aux | 292,702 | 869,833 | - As at March 31, 2025, major digital assets held included stablecoins valued at approximately **HKD 325 million** and Bitcoin valued at approximately **HKD 29.67 million**[43](index=43&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) Management highlights strong growth in foundation and building construction, offsetting digital asset contraction, leading to overall revenue growth and narrowed losses, while planning prudent construction operations and seizing virtual asset opportunities in Hong Kong [Business Review](index=22&type=section&id=Business%20Review) Revenue growth was primarily driven by a 34.6% increase in foundation and building construction, while digital asset business scale was reduced for risk mitigation, leading to a slight revenue decrease in that segment [Foundation, Building Construction Works and Ancillary Services](index=22&type=section&id=Foundation%2C%20Building%20Construction%20Works%20and%20Ancillary%20Services) The foundation and building construction segment saw strong performance with revenue growing 34.6% to HKD 359 million and gross profit margin improving to 15.2%, though no new projects were awarded this year, posing future revenue risk Foundation and Building Construction Business Performance | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | Approx. HKD 359 million | Approx. HKD 267 million | | Gross Profit | Approx. HKD 54.4 million | Approx. HKD 28.6 million | | Gross Profit Margin | Approx. 15.2% | Approx. 10.7% | - The Group was not awarded any new projects during the current year[39](index=39&type=chunk)[61](index=61&type=chunk) [Digital Asset Related Business](index=25&type=section&id=Digital%20Asset%20Related%20Business) Digital asset business, including proprietary trading and trust/custody services, saw reduced holdings and borrowings to HKD 418 million for risk mitigation, with proprietary trading revenue slightly down and trust/custody services revenue decreasing 72.2% - To reduce risk exposure, the Group repaid some digital asset borrowings, leading to a decrease in year-end digital asset market value from **HKD 1.123 billion** to **HKD 418 million**, and digital asset loans from **HKD 870 million** to **HKD 293 million**[42](index=42&type=chunk) - Trust and custody services revenue decreased by **72.2%** year-on-year due to reduced transaction volume, from **HKD 1.8 million** to **HKD 0.5 million**[44](index=44&type=chunk) [Technology Services and Other Businesses](index=27&type=section&id=Technology%20Services%20and%20Other%20Businesses) Technology services revenue remained flat at HKD 3.1 million with decreased gross profit, while non-core other businesses saw revenue decline from HKD 0.4 million to HKD 0.2 million - Technology services revenue was approximately **HKD 3.1 million**, consistent with the prior year[45](index=45&type=chunk) - Other businesses (securities investment and money lending) recorded revenue of approximately **HKD 0.2 million**, compared to **HKD 0.4 million** in the prior year[46](index=46&type=chunk) [Financial Review](index=27&type=section&id=Financial%20Review) Financial performance significantly improved with total revenue growing 25.7% to HKD 424 million, gross profit increasing 34.4% to HKD 89 million, and loss attributable to owners narrowing to HKD 15.8 million Financial Performance Overview | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | HKD 424 million | HKD 337 million | | Gross Profit | HKD 89 million | HKD 66 million | | Gross Profit Margin | 21.0% | 19.6% | | Loss attributable to owners | HKD 15.8 million | HKD 40.3 million | [Liquidity and Capital Structure](index=30&type=section&id=流動資金%E3%80%81%E8%B2%A1%E5%8B%99%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90) The Group's financial position improved with the debt ratio decreasing to 78.0% and gearing ratio falling to 79.7%, while bank balances and cash increased to HKD 123 million, indicating enhanced liquidity Capital Structure and Liquidity Ratios | Metric | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Debt Ratio | 78.0% | 87.4% | | Gearing Ratio | 79.7% | 88.5% | | Bank Balances and Cash | HKD 123 million | HKD 62 million | [Risk Disclosure](index=31&type=section&id=Risk%20Disclosure) The Group faces operational risks from not securing new construction projects, financial risks from digital asset price volatility, uninsured custody, and quantitative trading, alongside evolving anti-money laundering regulatory challenges - Lack of new projects risk: No new projects were awarded during the current year, posing a significant risk to future revenue and profitability[61](index=61&type=chunk) - Digital asset price risk: The Group holds substantial digital assets (stablecoins, Bitcoin, etc.), whose price fluctuations could significantly impact financial performance[64](index=64&type=chunk) - Digital asset custody risk: The Group primarily stores digital assets on cryptocurrency exchanges without insurance, facing significant loss risks from exchange failures, cyberattacks, or theft[65](index=65&type=chunk) - Investment risk of digital asset trading: Quantitative trading strategies may incur significant losses during black swan events and carry inherent risks such as algorithmic errors and hacking[66](index=66&type=chunk) [Prospects](index=36&type=section&id=Prospects) The Group plans a dual-track strategy: prudently managing Hong Kong's construction business while actively seizing virtual asset and Web3 opportunities, focusing on on-chain data, digital asset monitoring, and growth in stablecoins and RWA tokenization - The Group will leverage Hong Kong's favorable policy environment for virtual asset market and Web3 industry development to seek business growth opportunities[70](index=70&type=chunk) - Strategic focus on technological innovation and compliant development, expanding on-chain data and digital asset monitoring businesses, and exploring growth potential in **stablecoins** and **Real World Asset (RWA) tokenization**[71](index=71&type=chunk)[73](index=73&type=chunk) - The Group will continue to prudently manage its foundation, building construction works and ancillary services in Hong Kong, ensuring steady progress for the overall business[73](index=73&type=chunk) [Corporate Governance and Other Disclosures](index=38&type=section&id=Corporate%20Governance%20and%20Other%20Disclosures) The company largely complied with the Corporate Governance Code, with a deviation where the Chairman and CEO roles are combined, and the Audit Committee reviewed annual results, with no share repurchases or final dividend recommended - The Board did not declare any final dividend for the current year[80](index=80&type=chunk) - The company complied with the Corporate Governance Code, except for a deviation from Code Provision **C.2.1**, where the roles of Chairman and Chief Executive Officer are combined and held by Mr. Ren Yunan, which the Board believes provides strong and consistent leadership[82](index=82&type=chunk)[83](index=83&type=chunk) - The Audit Committee reviewed the annual results for the current year with management and external auditors[86](index=86&type=chunk)

Group 1: Regulatory and Industry News - The Financial Regulatory Bureau has issued a notice to the industry stating that the dividend levels of participating insurance must not engage in "involutionary" competition [3] - In the photovoltaic sector, a "production reduction order" is expected to be upgraded in the third quarter, with a 10% decrease in operating rates and low-price sales subject to audit [3] - A video conference was held by three departments to strengthen the safety management of new energy vehicles, emphasizing not to engage in "involutionary" competition and not to sacrifice product performance or quality for short-term cost reduction [3] Group 2: Company-Specific News - The Shenzhen Stock Exchange has included Heng Rui Pharmaceutical in the list of eligible securities for Hong Kong Stock Connect [3] - Sanhua Intelligent Control has set the offering price for its H-shares at HKD 22.53 per share [3] - Feifan Lingyue has acquired a total of 18.09 million shares of Li Ning [3] - Jin Jing New Energy has officially launched a global lithium battery recycling network platform in collaboration with Yiwei Lithium Energy [3] - Nanjing Panda Electronics is selling its ENC equity to optimize its asset structure [3] - HYPEBEAST reported an annual loss of HKD 21.031 million, transitioning from profit to loss year-on-year [3] - NIO is speculated to be seeking strategic investors for its chip business, although this remains unconfirmed [3] - OK Blockchain Chain expects its annual loss attributable to shareholders to be no more than HKD 20 million, narrowing year-on-year [3] - Huadian International Power has received approval from the China Securities Regulatory Commission for the registration of its infrastructure REIT [3] - Xunhe Group anticipates an annual net loss of approximately HKD 4 million to HKD 7 million, transitioning from profit to loss year-on-year [3] - Shandong Xinhua Pharmaceutical has completed the Phase II clinical trial for OAB-14, a treatment for mild to moderate Alzheimer's disease, with the first patient enrolled in China [3]

智通财经6月16日电，港股加密货币概念股走高，新火科技控股涨超8%，欧科云链涨超6%，雄岸科技 涨超5%。 ...

华夏时报（www.chinatimes.net.cn）记者 卢梦雪 北京报道 美国《GENIUS法案》通过，香港《稳定币条例》正式成为法例，英国发布稳定币监管提案……近期稳定币监管 环境不断迎来新变化，也带动了稳定币概念股的大幅波动。 近日，二级市场上的稳定币概念股大幅波动，6月3日，多只稳定币概念股暴涨。其中，翠微股份、恒宝股份、御 银股份涨停。 相关分析人士指出，近期国内外稳定币监管等层面的相关动态频出，提升了投资者对数字货币的信心，形成全球 资金对相关资产的再度聚集。但数字货币板块历来波动剧烈，题材炒作背后的"兑现能力"仍需时间检验。 稳定币概念股暴涨 5月27日，英国金融行为监管局（FCA）发布针对稳定币发行、加密资产托管及相关企业财务稳健性的监管提案， 旨在为加密行业建立更明确的合规路径。该提案要求受监管的稳定币维持价值稳定，并向用户明确披露储备资产 管理方式。 5月20日，美国参议院通过《GENIUS法案》，标志着美国稳定币立法过程中迎来重要进展。 与此同时，西班牙桑坦德银行（BancoSantanderSA）表示，正考虑扩大其在数字资产方面的业务，包括推出稳定 币的初步计划，以及为其数字银行的零 ...

智通财经6月3日电，港股加密货币概念股、ETF盘初表现强势，欧科云链涨超11%，雄岸科技涨超5%； 华夏以太币、博时以太币、FA南方以太币、嘉实以太币均涨约5%。 ...

Group 1: Digital Currency Market - The Hong Kong digital currency sector remains active, with Lianlian Digital surging over 60% and Okex Chain rising by 41.21% [1] - The Hong Kong government has officially implemented the Stablecoin Regulation, enhancing the regulatory framework for digital assets [1] Group 2: Quantum Communication - A Chinese research team has proposed a new theoretical framework for long-distance scalable quantum direct communication, achieving a 300-kilometer quantum communication network [2] - The experiment demonstrated a fidelity of over 85% in shared quantum states among nodes, confirming the reliability of the communication method [2] Group 3: Brain-Computer Interface - Clinical trials for implantable brain-computer interfaces have commenced, aiming to validate the effectiveness and safety of the treatment for spinal cord injury patients [3] - Shanghai plans to establish a specialized committee for brain-computer interfaces, integrating various sectors to foster innovation [3] Group 4: Robotics - Galaxy General has launched TrackVLA, an end-to-end navigation model that utilizes visual perception and natural language instructions for robotic actions [4] Group 5: U.S. Debt Concerns - The International Financial Association warns that the rising U.S. debt could trigger a global bond market crisis, as borrowing costs in other countries often correlate with U.S. Treasury fluctuations [5] Group 6: Fund Performance - In the first five months of the year, some funds have reported returns exceeding 70%, particularly those focused on innovative pharmaceuticals and new consumer sectors [6] Group 7: Bond ETF Growth - Bond ETFs have seen significant inflows, with over 40 billion yuan in net inflows in May, indicating strong market interest despite overall weak bond market returns [7] Group 8: Consumer Goods Sales - The sales of consumer goods through trade-in programs have surpassed 1 trillion yuan this year, significantly boosting consumption [8] Group 9: Green Data Centers - China's first national standard for evaluating green data centers has been implemented, providing guidelines for energy efficiency and sustainable practices in data center operations [9] Group 10: Tesla Sales Decline - Tesla's new car registrations in France fell by 67% in May, marking the lowest level in nearly three years, despite the launch of a redesigned Model Y [10]

港股数字货币概念股走强，众安在线涨11%，移卡盘中涨35%；连连数字此前一度涨近80%，欧科云链 涨超45%。 ...

Group 1 - The core viewpoint of the article highlights a significant surge in Hong Kong's cryptocurrency concept stocks following the formal enactment of the stablecoin regulation [1] Group 2 - Lianlian Digital (02598.HK) experienced a nearly 80% increase in its stock price [1] - OKLink (01499.HK) saw its stock rise by over 30% [1] - New Huo Technology Holdings (01611.HK) recorded a nearly 9% increase in its stock price [1]

Group 1 - Bitcoin has surpassed $100,000, leading to positive performance in Hong Kong's Bitcoin-related stocks [1] - OK Group (01499) has seen an increase of over 13% [1] - Xiong'an Technology (01647.HK) has risen by more than 6% [1] - Boya Interactive (00434.HK) has also increased by 6% [1]

Revenue and Profitability - Revenue from continuing operations for the period was approximately HK$195.7 million, an increase from approximately HK$123.5 million for the same period in 2023[10]. - Loss attributable to the owners of the company for the period amounted to approximately HK$3.4 million, down from approximately HK$9.2 million for the same period in 2023[10]. - Basic and diluted loss per share for the period was approximately HK cents 0.06, compared to approximately HK cents 0.17 for the same period in 2023[10]. - Revenue from foundation and building construction works and ancillary services was approximately HK$157.0 million, representing an increase of approximately 74.6% compared to approximately HK$89.9 million for the corresponding period in 2023[15]. - Gross profit for the construction segment was approximately HK$13.7 million, an increase of approximately HK$3.3 million from approximately HK$10.4 million for the same period in 2023[16]. - Gross profit margin for the construction segment was approximately 8.7%, a decrease of 2.9 percentage points from approximately 11.6% for the same period in 2023[16]. - Gross profit from continuing operations amounted to approximately HK$42.2 million, an increase of approximately 23.8% compared to approximately HK$34.1 million for the same period in 2023[49]. - The gross profit margin from continuing operations decreased by 6.0 percentage points to approximately 21.6% due to increased revenues from foundation projects with lower margins[49]. - The total comprehensive loss for the period was HK$3,615,000, significantly reduced from HK$9,673,000 in the same period last year, indicating a positive trend[130]. - The loss for the period attributable to owners of the Company was HK$3,396,000, compared to a loss of HK$9,188,000 in the same period last year, representing a 63.0% improvement[132]. Digital Assets and Trading - Major sources of revenue included digital assets related businesses and technical services in addition to construction works[10]. - Revenue from proprietary trading in digital assets was approximately HK$35.9 million, representing an increase of approximately 16.6% compared to approximately HK$30.8 million for the corresponding period in 2023[29]. - The gross profit from digital assets related businesses amounted to approximately HK$28.4 million, an increase of approximately HK$5.4 million compared to approximately HK$23.0 million for the corresponding period in 2023[38]. - The gross profit margin for digital assets related businesses was approximately 75.2%, an increase of 2.7 percentage points from approximately 72.5% for the corresponding period in 2023[38]. - The market value of the Group's digital assets as of September 30, 2024, was approximately HK$420.1 million, a decrease from approximately HK$1,123.1 million as of March 31, 2024[29]. - Digital assets decreased significantly to HK$420,111,000 from HK$1,123,081,000, reflecting a 62.6% decline[136]. Project and Operational Updates - The group was not awarded any new projects during the period[17]. - As of September 30, 2024, the Group had 5 ongoing projects with a total contract value of approximately HK$640.2 million[21]. - During the period, the Group completed 3 projects with a total contract value of approximately HK$210.8 million[23]. - The increase in revenue was primarily due to the commencement of certain projects with higher contract values during the period[15]. - The Group's revenue from foundation and building construction works was approximately HK$157.0 million, a 74.6% increase compared to the same period last year[85]. Financial Position and Assets - Total assets as of 30 September 2024 amounted to approximately HK$685.1 million, a decrease from approximately HK$1,333.3 million as of 31 March 2024[68]. - The Group's debt ratio was approximately 76.1% as of 30 September 2024, down from approximately 87.4% as of 31 March 2024[68]. - The total assets of the Group's custody clients were approximately HK$71.8 million, an increase of approximately 13.6% compared to approximately HK$63.2 million as of March 31, 2024[35]. - The equity attributable to the owners of the Company was HK$162,212,000, slightly down from HK$165,685,000, a decrease of 2.8%[136]. Cash Flow and Expenses - For the six months ended September 30, 2024, net cash generated from operating activities was HK$92,491,000, a significant increase from HK$10,012,000 in the same period of 2023, representing a growth of 820%[149]. - Net cash used in investing activities decreased to HK$946,000 from HK$9,722,000 year-on-year, indicating a reduction in investment outflows[149]. - Net cash used in financing activities increased to HK$11,129,000 compared to HK$6,764,000 in the previous year, reflecting higher financing costs[149]. - The net increase in cash and cash equivalents for the period was HK$80,416,000, contrasting with a decrease of HK$6,474,000 in the same period last year[149]. - Cash and cash equivalents at the end of the period stood at HK$142,057,000, up from HK$83,456,000 in the previous year, marking a year-on-year increase of 70%[149]. Governance and Compliance - The Company did not declare any interim dividend during the period, consistent with the previous year[115]. - The Audit Committee reviewed the interim financial results, confirming compliance with applicable accounting standards and adequate disclosures[121]. - The Company has maintained compliance with the Corporate Governance Code, with a commitment to high standards of governance practices[115]. - The roles of Chairman and Chief Executive Officer are held by the same individual, Mr. Ren Yunan, which the Board believes provides strong leadership[115]. - The Company continues to focus on improving its financial reporting and internal control procedures through the established Audit Committee[120]. Strategic Focus and Future Plans - The company believes that digital assets will drive future development, with on-chain data being fundamental to this growth[88]. - The group will continue to focus on innovation-driven business development and customer-oriented strategies to contribute to the blockchain technology's widespread application and the development of the Web3 industry[88]. - The group did not have any significant investments or material acquisitions or disposals as of September 30, 2024[94]. - There are no future plans for material investments or capital assets as of September 30, 2024[94].