FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 歐科雲鏈控股有限公司 (於開曼群島註冊成立之有限公司) FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01499 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 5,370,510,000 | | 0 | | 5,370,510,000 | | 增加 / 減少 (-) | | | | 0 | 0 | | | | 本月底結存 | | | 5,370,510,000 | | 0 | | 5,370,510,000 | 第 2 頁 共 10 頁 v 1.1.1 呈交日期: 2025年 ...

Core Viewpoint - The implementation of the Hong Kong Stablecoin Regulation on August 1 has led to a surge in digital currency concept stocks, with many experiencing significant price increases, although the underlying business support remains insufficient [1][6]. Group 1: Market Reaction - The capital market has reacted swiftly to the upcoming stablecoin regulation, with digital currency concept stocks collectively soaring [1]. - Companies like China San San Media and Jiamu Technology have seen year-to-date increases exceeding 1000% [1]. - In the A-share market, stocks such as Dongxin Peace and Sifang Jingchuang have also surged based on announcements related to stablecoin business collaborations [1][6]. Group 2: Notable Stock Performances - Guotai Junan International's stock rose by 198% on June 25 after receiving approval for virtual asset trading services, marking the largest single-day gain in the Hong Kong fintech sector [4]. - China San San Media's stock skyrocketed by 72.73% following its announcement to apply for a stablecoin license, with a year-to-date increase of 1839% [5]. - Jiamu Technology's stock increased by 22% after announcing plans to enter the stablecoin sector, with a total year-to-date rise of 1612% [5]. Group 3: Industry Sentiment and Concerns - The Hong Kong Monetary Authority has indicated that only a few stablecoin licenses will be granted initially, leading to potential disappointment among companies [11]. - Many companies are currently in the early stages of stablecoin-related business development, with little to no actual revenue generated from these initiatives [10][11]. - There is a growing concern about the speculative nature of the market, with some companies clarifying that their involvement in stablecoins does not significantly contribute to their revenues [10][12]. Group 4: Shareholder Actions - Several shareholders of concept stocks are taking advantage of the price increases to reduce their holdings, indicating a cautious approach amidst the market hype [12][13].

Group 1 - The core viewpoint of the articles highlights the significant surge in the stock prices of companies involved in the stablecoin sector following the implementation of the Hong Kong Stablecoin Regulation on August 1 [1][2] - Companies such as China San San Media and Jiamu Technology have seen their stock prices increase by over 1000% this year, while others like Yao Cai Securities and Okex Chain have also experienced substantial gains exceeding 100% [1][5] - The A-share market has similarly witnessed a trend where companies without licenses have seen their stock prices rise due to announcements related to stablecoin business collaborations or strategic plans [1][5] Group 2 - The stock price of Guotai Junan International surged by 198% on June 25 after receiving approval from the Hong Kong Securities and Futures Commission to provide virtual asset trading services, marking the largest single-day gain in the Hong Kong fintech sector [3] - China San San Media announced its preparation for applying for a stablecoin license, leading to a 72.73% increase in its stock price on July 16, with a year-to-date increase of 1839% [4] - Jiamu Technology's stock rose by 22% after announcing that funds from a share placement would be used to enter the stablecoin market, with a year-to-date increase of 1612% [4] Group 3 - The Hong Kong Monetary Authority has indicated that only a few stablecoin licenses will be granted in the initial phase, and even with a license, the short-term profitability for companies remains uncertain due to required resource investments [1][8] - Many companies have not yet generated substantial revenue from their stablecoin-related activities, and some have issued clarifications stating that their contributions to revenue are minimal [8][9] - There is a growing concern about the speculative nature of the stablecoin market, with some companies experiencing stock price increases based solely on announcements of intentions to explore stablecoin business [5][9]

[Corporate Information](index=2&type=section&id=Corporate%20Information) The report provides essential company details including board members, committees, registered office, principal bankers, auditor, and stock code - The report provides fundamental company information, including board members, committee structures, registered office, principal place of business, principal bankers, auditor (Deloitte Touche Tohmatsu), and stock code (**1499.HK**)[3](index=3&type=chunk)[4](index=4&type=chunk)[7](index=7&type=chunk) [Chairman's Statement](index=5&type=section&id=Chairman's%20Statement) [Chairman's Statement Summary](index=5&type=section&id=Chairman's%20Statement_Summary) The Chairman's Statement reviews FY2025 operating environment and performance, highlighting steady growth in Hong Kong's economy, the company's focus on core businesses, and a narrowed loss, while actively promoting Web3 industry standards and talent development FY2025 Key Performance Indicators | Indicator | Amount (HKD) | | :--- | :--- | | **Revenue from Continuing Operations** | Approx. 424 million | | **Loss Attributable to Owners of the Company** | Approx. 15.8 million | - Globally, economic growth slowed, but Hong Kong's economy remained stable, driven by tourism recovery and fintech, providing a solid operating foundation for the Group's business[10](index=10&type=chunk)[11](index=11&type=chunk) - The crypto asset industry entered a new phase with global stablecoin market capitalization exceeding **US$260 billion**, and Real World Assets (RWA) accelerating on-chain adoption, while Hong Kong continues to advance its compliance framework as an Asian Web3 hub[12](index=12&type=chunk)[13](index=13&type=chunk) - The company actively fulfills its social responsibilities, participating as a council member of the Hong Kong Web3 Standardization Association in publishing the 'Stablecoin Development Research Report (2025)' and three standards for RWA, DePIN, and DeFi, in addition to sponsoring talent development programs[19](index=19&type=chunk)[20](index=20&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=8&type=section&id=Business%20Review) This fiscal year, the Group's revenue primarily stemmed from foundation and building construction, digital asset-related businesses, and technical services, with significant growth in construction revenue and gross profit, while digital asset revenue slightly decreased [Foundation, Building Construction Works and Ancillary Services](index=8&type=section&id=Foundation,%20Building%20Construction%20Works%20and%20Ancillary%20Services) This segment's revenue grew **34.6%** to **HKD359 million** due to high-value projects, with gross profit increasing **90.2%** to **HKD54.4 million** and margin improving to **15.2%**, though no new projects were awarded this year Financial Performance of Foundation and Building Construction Business | Indicator | FY2025 (million HKD) | FY2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | 359.0 | 266.7 | +34.6% | | **Gross Profit** | 54.4 | 28.6 | +90.2% | | **Gross Profit Margin** | 15.2% | 10.7% | +4.5pp | - As of March 31, 2025, the Group had **2** ongoing projects with a total contract value of approximately **HKD496.4 million**; **7** projects with a total contract value of approximately **HKD357 million** were completed during the year[38](index=38&type=chunk)[40](index=40&type=chunk) - A key risk is that the Group was not awarded any new projects during the current year, which could pose a significant risk to future revenue and profitability[34](index=34&type=chunk)[37](index=37&type=chunk)[85](index=85&type=chunk) [Digital Assets Related Businesses](index=10&type=section&id=Digital%20Assets%20Related%20Businesses) Digital asset-related businesses, primarily proprietary trading and trust/custody services, saw proprietary trading revenue decline **6.3%** to **HKD61.2 million**, while trust/custody revenue fell **72.2%**, resulting in a **6.8%** decrease in segment gross profit to **HKD34.3 million** despite a slight margin increase to **55.5%** Financial Performance of Digital Assets Related Businesses | Indicator | FY2025 (million HKD) | FY2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | **Proprietary Trading Revenue** | 61.2 | 65.3 | -6.3% | | **Trust and Custody Revenue** | 0.5 | 1.8 | -72.2% | | **Segment Gross Profit** | 34.3 | 36.8 | -6.8% | | **Segment Gross Profit Margin** | 55.5% | 54.8% | +0.7pp | Digital Asset Holdings and Borrowings (as of March 31, 2025) | Item | Amount (million HKD) | March 31, 2024 (million HKD) | | :--- | :--- | :--- | | **Digital Asset Market Value** | 417.6 | 1,123.1 | | **Digital Asset Borrowings** | 292.7 | 869.8 | Major Digital Assets Held (as of March 31, 2025) | Digital Asset Name | Market Value (thousand HKD) | Percentage of Group's Total Assets | | :--- | :--- | :--- | | **Stablecoins** | 325,092.9 | 47.8% | | **Bitcoin (BTC)** | 29,667.4 | 4.4% | [Technical Services and Other Businesses](index=11&type=section&id=Technical%20Services%20and%20Other%20Businesses) Technical services revenue remained stable at approximately **HKD3.1 million** with decreased gross profit, while other non-core business revenue, including securities investment and money lending, decreased to **HKD0.2 million** - Technical services revenue was approximately **HKD3.1 million**, consistent with the prior year, while gross profit was approximately **HKD0.1 million**, a decrease of **HKD0.8 million** year-on-year[53](index=53&type=chunk) - Other non-core business revenue was approximately **HKD0.2 million**, down from **HKD0.4 million** in the prior year, with the total market value of managed listed securities investment portfolio at approximately **HKD0.4 million** as of year-end[54](index=54&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) The Group's overall financial position improved this fiscal year, with total revenue increasing **25.7%** to **HKD424 million**, gross profit rising **34.4%** to **HKD89 million**, and loss attributable to owners of the Company significantly narrowing to **HKD15.8 million**, while capital structure metrics also improved Overall Financial Performance Summary | Indicator | FY2025 (million HKD) | FY2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | **Total Revenue (Continuing Operations)** | 424.0 | 337.3 | +25.7% | | **Gross Profit (Continuing Operations)** | 89.0 | 66.2 | +34.4% | | **Gross Profit Margin (Continuing Operations)** | 21.0% | 19.6% | +1.4pp | | **Loss Attributable to Owners of the Company** | 15.8 | 40.3 | Loss narrowed | Capital Structure Summary (as of March 31) | Indicator | 2025 (million HKD) | 2024 (million HKD) | | :--- | :--- | :--- | | **Total Assets** | 680.3 | 1,333.3 | | **Total Liabilities** | 530.7 | 1,165.7 | | **Gearing Ratio** | 78.0% | 87.4% | | **Asset-Liability Ratio** | 79.7% | 88.5% | - Administrative and other expenses increased **8.3%** year-on-year to **HKD108.3 million**, primarily due to higher labor costs and consulting fees for ongoing projects[62](index=62&type=chunk) - The Group faces key risks including a lack of new construction projects, credit risk, digital asset price volatility risk, digital asset custody risk, investment risk related to digital asset trading, and anti-money laundering related risks[85](index=85&type=chunk)[86](index=86&type=chunk)[91](index=91&type=chunk)[93](index=93&type=chunk)[96](index=96&type=chunk)[101](index=101&type=chunk) [Prospect](index=20&type=section&id=Prospect) Despite global economic adjustments, Hong Kong's role as an international financial center and Web3 hub presents opportunities, with the Group focusing on technological innovation, compliance, expanding blockchain data and digital asset monitoring, and prudently managing its construction business for long-term value - Core Strategy: The company will continue to focus on technological innovation and compliance development, actively expanding on-chain data and digital asset monitoring businesses to build a multi-dimensional blockchain data system[109](index=109&type=chunk) - Industry Trend: On-chain financial applications like stablecoins and Real World Asset (RWA) tokenization are expected to experience explosive growth, with the Hong Kong government actively promoting relevant compliance frameworks, creating a favorable policy environment for industry development[108](index=108&type=chunk) - Business Strategy: While expanding its blockchain business, the Group will continue to prudently manage its foundation and building construction works and ancillary services in the Hong Kong market, ensuring steady overall business progress[112](index=112&type=chunk) [Biographical Details of Directors and Senior Management](index=22&type=section&id=Biographical%20Details%20of%20Directors%20and%20Senior%20Management) [Directors and Senior Management Overview](index=22&type=section&id=Directors%20and%20Senior%20Management%20Overview) This section details the personal biographies of the company's executive, non-executive, and independent non-executive directors, as well as senior management, highlighting their diverse professional backgrounds and extensive experience in legal, financial, IT, and corporate management fields - Executive Director, Chairman, and CEO Mr. Ren Yunan holds law degrees from Peking University and Harvard Law School, and is qualified to practice law in Hong Kong and New York[122](index=122&type=chunk) - The Board members possess diverse backgrounds spanning law (Ren Yunan, Li Wenzhao, Jiang Guoliang), finance and investment (Tang Yue, Li Zhouxin), information technology (Zhang Chao), and brand management and marketing (Pu Xiaojiang), providing multi-dimensional professional perspectives for company decisions[122](index=122&type=chunk)[124](index=124&type=chunk)[127](index=127&type=chunk)[134](index=134&type=chunk)[140](index=140&type=chunk)[144](index=144&type=chunk)[149](index=149&type=chunk) - Company Secretary and Financial Controller Mr. Shi Shaoming possesses over **10 years** of experience in financial management, financial reporting, and corporate governance, holding multiple professional accountant qualifications[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk) [Report of Directors](index=28&type=section&id=Report%20of%20Directors) [Principal Activities and Business Review](index=28&type=section&id=Principal%20Activities%20and%20Business%20Review) The company, an investment holding company, primarily engages in foundation and building construction, digital asset-related businesses, and technical services, with detailed business review provided in the Management Discussion and Analysis, noting the discontinuation of construction waste treatment services in FY2024 - The Group's principal activities include: foundation and building construction works and ancillary services; digital asset-related businesses; and technical services and other businesses[160](index=160&type=chunk) [Connected Transactions and Related Party Transactions](index=28&type=section&id=Connected%20Transactions%20and%20Related%20Party%20Transactions) During the year, the Group engaged in continuing connected transactions with OKC-controlled entities, including digital asset loans totaling approximately **HKD292.7 million** at year-end, all of which were fully exempt from disclosure requirements due to meeting minimum exemption levels, with other significant related party transactions detailed in financial statement notes - The Group received financial assistance in the form of digital asset loans from companies controlled by OKC, with an outstanding balance of approximately **HKD292.7 million** as of March 31, 2025[163](index=163&type=chunk) [Key Risks and Uncertainties](index=30&type=section&id=Key%20Risks%20and%20Uncertainties) The Group faces significant risks including high customer concentration, potential cost overruns on projects, and substantial uncertainties related to its Contractual Arrangements (VIE structure) in mainland China, particularly concerning regulatory changes and enforceability - Customer Concentration Risk: The top five customers contributed **83.4%** of total revenue this year, with the largest customer accounting for **53.6%**, indicating that customer loss would significantly impact financial performance[173](index=173&type=chunk) - Contractual Arrangements (VIE Structure) Risk: The Group controls Beijing OKLink, which holds an ICP license, through contractual arrangements, a structure that may not be deemed effective by the Chinese government, or future regulatory changes could lead to business disruption, license revocation, or forced restructuring[177](index=177&type=chunk)[181](index=181&type=chunk) - Uncertainty of the Foreign Investment Law: The interpretation and implementation of China's Foreign Investment Law remain uncertain, and if the contractual arrangements are deemed foreign investment and the related business is on the 'negative list,' the Group could lose control and economic interests in Beijing OKLink[194](index=194&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk) [Directors' and Shareholders' Interests](index=38&type=section&id=Directors%27%20and%20Shareholders%27%20Interests) This section discloses directors' and major shareholders' interests in the company's shares and related corporations, noting Non-Executive Director Mr. Tang Yue's indirect **7.39%** interest in major shareholder OKC Holdings Corporation, which holds **72.71%** of the company's shares, with Mr. Xu Mingxing deemed to have an interest in these shares Major Shareholder Holdings (as of March 31, 2025) | Shareholder Name | Number of Shares Held | Shareholding Percentage | | :--- | :--- | :--- | | **OKC Holdings Corporation** | 3,904,925,001 | 72.71% | | **Mr. Xu Mingxing (Deemed)** | 3,904,925,001 | 72.71% | - Non-Executive Director Mr. Tang Yue is deemed to have an interest of approximately **7.39%** in OKC Holdings Corporation, a major shareholder of the Company[225](index=225&type=chunk) [Contractual Arrangements (VIE Structure)](index=48&type=section&id=Contractual%20Arrangements%20(VIE%20Structure)) This section details the Group's Contractual Arrangements (VIE structure) with Beijing OKLink, implemented to circumvent Chinese foreign investment restrictions on ICP license businesses, ensuring effective control and economic benefits through various agreements, while also outlining associated risks and mitigation measures - The contractual arrangements were adopted to circumvent Chinese restrictions on foreign investment in Internet Content Provider (ICP license) businesses[288](index=288&type=chunk)[309](index=309&type=chunk) - The core agreements of the contractual arrangements include: Exclusive Business Cooperation Agreement, Exclusive Equity Option Agreement, Equity Pledge Agreement, Powers of Attorney, and Spousal Undertakings, all designed to ensure the Group's effective control over Beijing OKLink and its economic benefits[294](index=294&type=chunk)[298](index=298&type=chunk)[302](index=302&type=chunk)[304](index=304&type=chunk)[309](index=309&type=chunk) - Beijing OKLink generated no revenue this fiscal year, with total assets of approximately **HKD5,000** at year-end, its importance to the Group lies in holding the crucial ICP license[293](index=293&type=chunk) [Corporate Governance Report](index=57&type=section&id=Corporate%20Governance%20Report) [Corporate Governance Practices](index=57&type=section&id=Corporate%20Governance%20Practices) The company maintains high corporate governance standards, largely complying with the code, with one deviation where the Chairman and CEO roles are combined under Mr. Ren Yunan, which the Board believes provides strong leadership with clearly defined responsibilities - The company has one deviation from the Corporate Governance Code: 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[332](index=332&type=chunk)[333](index=333&type=chunk) [Board of Directors](index=58&type=section&id=Board%20of%20Directors) The Board of Directors, comprising eight members including two executive, three non-executive, and three independent non-executive directors, is responsible for overall leadership and strategic decisions, holding four meetings during the reporting period and ensuring compliance with the code on directors' securities transactions - The Board comprises **8** directors: **2** executive directors, **3** non-executive directors, and **3** independent non-executive directors, with no financial, business, or family relationships among members[342](index=342&type=chunk)[343](index=343&type=chunk)[344](index=344&type=chunk) Board and General Meeting Attendance Record | Director Name | Board Meetings (Attended/Total) | General Meetings (Attended/Total) | | :--- | :--- | :--- | | **Mr. Ren Yunan** | 4/4 | 1/1 | | **Mr. Zhang Chao** | 4/4 | 1/1 | | **Mr. Tang Yue** | 3/4 | 1/1 | | **Mr. Pu Xiaojiang** | 4/4 | 1/1 | | **Ms. Liang Jingyan** | 1/1 | N/A | | **Mr. Li Zhouxin** | 4/4 | 1/1 | | **Mr. Li Wenzhao** | 4/4 | 1/1 | | **Mr. Jiang Guoliang** | 4/4 | 1/1 | [Board Committees](index=67&type=section&id=Board%20Committees) The company has established Nomination, Remuneration, and Audit Committees to assist the Board in its duties, overseeing board structure, executive compensation, financial reporting, risk management, and internal controls, with independent non-executive directors forming a majority and chairing each committee - The Nomination Committee, comprising three independent non-executive directors and one non-executive director, reviews Board composition, assesses director independence, and recommends appointments based on the Board Diversity Policy and Nomination Policy[387](index=387&type=chunk)[391](index=391&type=chunk) - The Remuneration Committee, composed of three independent non-executive directors, is responsible for advising the Board on the remuneration policies and structure for directors and senior management[427](index=427&type=chunk)[429](index=429&type=chunk) - The Audit Committee, consisting of three independent non-executive directors, oversees financial reporting processes and internal control systems, advises the Board on external auditor appointments, and reviewed annual and interim financial reports during the year[440](index=440&type=chunk)[441](index=441&type=chunk)[451](index=451&type=chunk) [Risk Management and Internal Control](index=81&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board is responsible for the Group's risk management and internal control systems, delegating oversight to the Audit Committee, and has established a top-down framework for risk identification, analysis, response, and monitoring, deeming the systems adequate and effective during the reporting period - The Group has established a four-tier risk management framework, encompassing the Board, Audit Committee, senior management, and subsidiary management, to ensure effective implementation of risk management[465](index=465&type=chunk)[466](index=466&type=chunk) - The risk management process includes six steps: risk identification, analysis, response, control measures, risk control, and risk management reporting[474](index=474&type=chunk) - The Group has established anti-corruption and whistleblowing policies, providing channels for employees and external partners to report misconduct while ensuring the confidentiality of whistleblowers[480](index=480&type=chunk) [Environmental, Social and Governance (ESG) Report](index=91&type=section&id=Environmental,%20Social%20and%20Governance%20(ESG)%20Report) [ESG Governance and Materiality](index=92&type=section&id=ESG%20Governance%20and%20Materiality) The Board holds ultimate responsibility for the Group's ESG strategy, with a dedicated team managing ESG matters, and through stakeholder engagement, identified information security, compliance, and occupational health and safety as key issues to be managed through ongoing policies - The Board holds ultimate responsibility for ESG matters and has established a dedicated team to execute and oversee the implementation of relevant policies, reporting to the Board at least annually[525](index=525&type=chunk) - Through materiality analysis, the Group identified key ESG issues including: information security and personal data protection, compliance and business ethics, occupational health and safety, quality management, and anti-corruption[536](index=536&type=chunk)[537](index=537&type=chunk) [Environmental](index=96&type=section&id=Environmental) The Group is committed to environmental protection, with an ISO14001-compliant management system, implementing measures to control emissions, reducing greenhouse gas and energy consumption densities, maintaining stable water usage, and developing climate change strategies to manage physical and transition risks Greenhouse Gas Emissions Performance | GHG Scope | 2025 (tonnes) | 2024 (tonnes) | | :--- | :--- | :--- | | **Scope 1 (Direct)** | 7.40 | 9.45 | | **Scope 2 (Indirect)** | 53.13 | 166.38 | | **Scope 3 (Other Indirect)** | 58.21 | 36.26 | | **Total Emissions** | 118.74 | 212.09 | | **Emissions Intensity (tonnes/project)** | 14.84 | 26.51 | Resource Consumption Performance | Resource Type | Unit | 2025 | 2024 | | :--- | :--- | :--- | :--- | | **Total Energy Consumption** | kWh | 158,506 | 361,546 | | **Energy Consumption Intensity** | kWh/project | 19,813.28 | 45,193.25 | | **Total Water Consumption** | cubic meters | 31,327 | 33,259 | | **Water Consumption Intensity** | cubic meters/project | 3,915.88 | 4,157.38 | - The Group has identified and formulated measures to address climate change-related risks, including acute physical risks like typhoons and transition risks such as policy and regulatory changes[626](index=626&type=chunk)[630](index=630&type=chunk) [Social](index=113&type=section&id=Social) The Group prioritizes social responsibility by valuing employees, ensuring fair employment practices, promoting health and safety with an OHSAS18001-compliant system, fostering development through training, adhering to labor standards, and emphasizing responsible supply chain management, product responsibility, intellectual property protection, anti-corruption, and community investment Employee Profile (as of March 31, 2025) | Category | Quantity/Ratio | | :--- | :--- | | **Total Employees** | 92 | | **Gender Ratio (Male:Female)** | 2.5 : 1 | | **Total Turnover Rate** | 84% | Health and Safety Performance | Indicator | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | **Number of Work Injuries** | 3 | 0 | 3 | | **Lost Workdays Due to Work Injuries** | 92 | 89 | 713 | - The Group has established stringent supplier and subcontractor screening and evaluation procedures, prioritizing quality, environmental, health, and safety systems (e.g., ISO certifications) as key considerations[694](index=694&type=chunk)[695](index=695&type=chunk) - The Group has formulated an 'Employee Code of Conduct' and whistleblowing policy to prevent misconduct such as corruption and fraud, and provides anti-corruption training for directors and employees[726](index=726&type=chunk)[731](index=731&type=chunk)[732](index=732&type=chunk) [Independent Auditor's Report](index=145&type=section&id=Independent%20Auditor's%20Report) [Auditor's Report Summary](index=145&type=section&id=Auditor's%20Report%20Summary) Deloitte Touche Tohmatsu issued an unmodified opinion on the company's consolidated financial statements as of March 31, 2025, with "Existence, Rights, and Obligations of Digital Asset Balances" identified as a key audit matter addressed through various procedures, noting the prior year's audit was conducted by a different firm - The auditor issued an **unmodified opinion** on the consolidated financial statements for FY2025[773](index=773&type=chunk) - A key audit matter was the 'Existence, Rights, and Obligations of Digital Asset Balances,' given the high risk of misappropriation or inaccessibility due to the Group's digital assets primarily being held in mixed wallets on trading platforms[778](index=778&type=chunk)[783](index=783&type=chunk) - The consolidated financial statements for FY2024 were audited by another auditor and received an unmodified opinion[787](index=787&type=chunk) [Consolidated Financial Statements](index=152&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=152&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the Group's operating results for the fiscal year, showing **HKD424 million** in revenue from continuing operations, **HKD89.03 million** in gross profit, and a significantly narrowed loss attributable to owners of the Company of **HKD15.75 million** compared to **HKD40.3 million** last year Key Items from Consolidated Statement of Profit or Loss (thousand HKD) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | **Revenue (Continuing Operations)** | 424,028 | 337,332 | | **Gross Profit (Continuing Operations)** | 89,033 | 66,206 | | **Operating Loss (Continuing Operations)** | (14,761) | (42,569) | | **Loss for the Year** | (16,836) | (40,899) | | **Loss Attributable to Owners of the Company** | (15,750) | (40,303) | | **Basic Loss Per Share (HK cents)** | (0.29) | (0.75) | [Consolidated Statement of Financial Position](index=154&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This statement reflects the Group's financial position at year-end, with total assets significantly decreasing to **HKD680.3 million** from **HKD1.333 billion**, primarily due to reduced digital asset holdings and borrowings, resulting in total liabilities of **HKD531 million** and net current assets of **HKD137 million** Key Items from Consolidated Statement of Financial Position (thousand HKD) | Item | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | 680,345 | 1,333,294 | | *Of which: Digital Assets* | *417,576* | *1,123,081* | | *Of which: Bank Balances and Cash* | *123,191* | *61,954* | | **Total Liabilities** | 530,728 | 1,165,710 | | *Of which: Digital Asset Borrowings* | *292,702* | *869,833* | | **Total Equity** | 149,617 | 167,584 | | **Net Current Assets** | 136,919 | 161,112 | [Consolidated Statement of Cash Flows](index=157&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This statement summarizes the Group's cash flows for the fiscal year, showing a significant net cash inflow from operating activities of **HKD103 million**, net cash outflows from investing and financing activities, and an increased year-end cash and cash equivalents balance of **HKD114 million** Key Items from Consolidated Statement of Cash Flows (thousand HKD) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | **Net Cash Inflow from Operating Activities** | 102,683 | 1,428 | | **Net Cash Outflow from Investing Activities** | (10,409) | (11,792) | | **Net Cash Outflow from Financing Activities** | (38,381) | (18,201) | | **Net Increase/(Decrease) in Cash and Cash Equivalents** | 53,893 | (28,565) | | **Cash and Cash Equivalents at Year-End** | 113,868 | 60,427 | [Notes to the Consolidated Financial Statements](index=159&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes to the financial statements provide detailed explanations and supplementary information on accounting policies, key estimates, segment information, related party transactions, and asset/liability breakdowns, which are essential for understanding the company's financial position and operating results - Note 5 (Segment Information) indicates that the foundation and building construction business was the primary contributor to revenue and segment results, while revenue and results from digital asset-related businesses decreased[1138](index=1138&type=chunk) - Note 21 (Digital Assets) details the Group's digital asset holdings, totaling **HKD418 million** at year-end, significantly lower than **HKD1.123 billion** in the prior year[1265](index=1265&type=chunk) - Note 32 (Significant Related Party Transactions) discloses transactions with companies controlled by the controlling shareholder, primarily involving transaction fees, trust service income, and technical service income[1326](index=1326&type=chunk) [Five-Year Financial Summary](index=269&type=section&id=Five-Year%20Financial%20Summary) [Five-Year Financial Summary Details](index=269&type=section&id=Five-Year%20Financial%20Summary_Details) This section provides a summary of the Group's key financial data for the past five fiscal years (2021-2025), showing revenue recovery and significantly narrowed losses in FY2025, with total assets and liabilities decreasing from their 2024 peak, primarily due to adjustments in digital asset business scale Five-Year Financial Data Summary (million HKD) | Fiscal Year Ended March 31 | 2025 | 2024 | 2023 (Restated) | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue (Continuing Operations)** | 424.0 | 337.3 | 344.9 | 385.6 | 453.0 | | **Gross Profit (Continuing Operations)** | 89.0 | 66.2 | 154.0 | 84.3 | 46.6 | | **(Loss)/Profit for the Year** | (16.8) | (40.9) | 42.3 | (58.4) | (93.9) | | **Total Assets** | 680.3 | 1,333.3 | 1,105.2 | 997.3 | 605.1 | | **Total Equity** | 149.6 | 167.6 | 208.6 | 166.6 | 219.6 |

Group 1 - The core viewpoint of the article highlights the strong performance of cryptocurrency-related stocks in the Hong Kong market, with notable gains for several companies [1] Group 2 - Blue Ocean Interactive (08267.HK) saw a significant increase of 24.19% [1] - OK Blockchain (01499.HK) experienced a rise of 6.45% [1] - New Fire Technology Holdings (01611.HK) increased by 3.59% [1] - Xiong'an Technology (01647.HK) rose by 2.34% [1]

Group 1 - The cryptocurrency concept stocks in the Hong Kong market have shown strong performance, with Okex Chain (01499.HK) rising by 4.84%, Blueport Interactive (08267.HK) also increasing by 4.84%, OSL Group (00863.HK) up by 4%, and Boya Interactive (00434.HK) gaining 1.94% [1] - Blueport Interactive has established the LK CRYPTO division to accelerate its layout in WEB3 and RWA cryptocurrency assets [1]

Group 1 - Hong Kong cryptocurrency concept stocks experienced a pullback during trading [1] - OK Group (01499.HK) fell nearly 6% [1] - Boya Interactive (00434.HK) and Guotai Junan International (01788.HK) both dropped over 4% [1] - Guofu Quantum (00290.HK) declined nearly 2.5% [1]

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%。 ...