智通财经APP讯，德林控股(01709)公布，于2025年3月31日(交易时段后)，该公司(作为卖方)与各投资者 订立买卖协议，该公司拟向各投资者出售合共3152股待售股份(相当于本公告日期DL Digital Family Office已发行股本约28.0%)，按DL Digital Family Office 100%股权的隐含估值约3500万美元计算，总代 价为约980万美元(即每股DL Digital Family Office股份 3,109美元)。 公告称，该公司透过突触科技有限公司及DL Digital Family Office (HK) Limited (均为DL Digital Family Office的附属公司)一直与多个战略合作伙伴合作，开发及优化人工智能驱动的数字咨询服务平台，即 DLiFO平台(DLiFO)，该平台将运用尖端人工智能，提供精细化的投资策略及客户互动，并进一步将人 工智能代理扩展至以神经科学为基础的人工智能广泛应用于投资及金融服务领域。 董事会认为，订立买卖协议将为订约方提供更大的商业框架，以促进公司、 Qraft Technologies及投资者 在开发专有人工智 ...

Receivables and Credit Management - As of September 30, 2024, the total receivables amounted to HKD 146,078,000, an increase from HKD 132,068,000 as of March 31, 2024, representing a growth of approximately 10.6%[4] - New loans issued during the period totaled HKD 30,601,000 for receivables and HKD 5,628,000 for interest, contributing to a total of HKD 36,229,000[4] - The company recovered or repaid HKD 19,109,000 in receivables and HKD 3,550,000 in interest during the period, resulting in a total reduction of HKD 22,659,000[4] - The expected credit loss provision recognized during the period was HKD 2,930,000 for receivables and HKD 431,000 for interest, indicating proactive risk management[4] - The total trade receivables, net of expected credit loss provisions, decreased from HKD 167,960,000 as of March 31, 2024, to HKD 153,705,000 as of September 30, 2024[8] - The company’s total receivables as of April 1, 2024, were HKD 121,929,000 for loans and HKD 10,139,000 for interest, indicating a stable financial position[4] - As of September 30, 2024, the total receivables (loans and interest) net of provisions amounted to HKD 146,078,000, up from HKD 132,068,000 as of March 31, 2024, reflecting an increase of about 10.6%[70] - The expected credit loss provision for loans was HKD 7,183,000 as of September 30, 2024, compared to HKD 7,630,000 as of March 31, 2024, showing a decrease of approximately 5.9%[70] - The company maintained strict control over overdue receivables, with all loans and interest receivables being current as of September 30, 2024[69] - The company is committed to maintaining a high standard of credit quality, with all receivables due within one year as of September 30, 2024[69] Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 83,048,000, a decrease of 18% compared to HKD 101,260,000 for the same period in 2023[32] - Gross profit increased to HKD 62,259,000, up 22.5% from HKD 50,865,000 year-over-year[32] - Operating profit for the period was HKD 30,465,000, representing an increase of 181% compared to HKD 10,825,000 in the previous year[32] - Net profit for the period was HKD 7,749,000, up 11% from HKD 6,983,000 in the same period last year[32] - The company reported a total comprehensive income of HKD 7,879,000 for the period, up from HKD 6,790,000 in the previous year, indicating a growth of about 16%[37] - The company reported a basic and diluted earnings per share of HKD 0.52 for the period, compared to HKD 0.49 in the previous year[32] - The company reported a profit attributable to owners of the company of HKD 7,749,000, compared to HKD 6,983,000 for the same period in 2023, representing an increase of approximately 11%[150] - The basic earnings per share for the six months ended September 30, 2024, was HKD 0.52, up from HKD 0.49 for the same period in 2023, indicating a growth of about 6%[150] Assets and Liabilities - The total assets less current liabilities amounted to HKD 814,908,000 as of September 30, 2024, compared to HKD 734,078,000 as of March 31, 2024[33] - The company’s cash and cash equivalents increased to HKD 45,159,000 as of September 30, 2024, compared to HKD 39,842,000 as of March 31, 2024[33] - As of September 30, 2024, the total equity amounted to HKD 724,799,000, an increase from HKD 520,965,000 as of the previous year[34] - The total liabilities decreased to HKD 90,109,000 from HKD 213,113,000, reflecting a reduction of approximately 58%[34] - Total assets as of September 30, 2024, amounted to HKD 1,079,922,000, with total liabilities of HKD 699,837,000, resulting in a net asset position of HKD 380,085,000[106] Financial Costs and Income - The company experienced a significant increase in financial costs, which rose to HKD 23,394,000 from HKD 5,851,000, marking an increase of approximately 300%[39] - The company incurred financial costs of HKD 19,937 thousand, which impacted the overall profitability[119] - The company recognized a fair value loss of HKD 2,453 thousand during the reporting period[119] - The income tax expense for the period was HKD 608 thousand, indicating a tax burden on the reported earnings[119] - Financial income from bank interest for the six months ended September 30, 2024, was HKD 1,286,000, a decrease of 54.5% from HKD 2,830,000 in the previous year[146] - Total financial costs for the six months ended September 30, 2024, amounted to HKD 23,394,000, significantly higher than HKD 6,099,000 for the same period in 2023, reflecting an increase of approximately 284%[146] Shareholder Information - The company declared a final dividend of HKD 0.0198 per share for the previous fiscal year, totaling HKD 30,063,000, compared to HKD 14,976,000 for the same period in 2023[149] - As of September 30, 2024, the number of unexercised share options was 50,100,000, down from 56,100,000 as of September 30, 2023, indicating a reduction of approximately 10.7%[156] - The average exercise price of unexercised share options as of September 30, 2024, was HKD 2.7, compared to HKD 2.5 to HKD 2.7 as of September 30, 2023[158] - The company has not granted any share options for the six months ended September 30, 2024, consistent with the previous period[153] - The total number of shares granted to employees and directors for the six months ended September 30, 2024, was 975,000, compared to 979,484 for the same period in 2023[164] Business Operations and Strategy - The company operates in multiple financial services sectors, including investment advisory, asset management, and family office services, targeting ultra-high-net-worth families[42] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[36] - The company continues to explore market expansion opportunities and new product development to enhance its service offerings[42] - The company completed the acquisition of the remaining 55% stake in Derlin Family Office (Hong Kong) on November 28, 2023, expanding its family office services for ultra-high-net-worth families[97] - The company plans to continue expanding its corporate solutions services, which generated revenue of HKD 787,000 for the six months ended September 30, 2024, compared to HKD 2,195,000 in the same period of 2023[102] Compliance and Reporting - The interim financial statements were reviewed and concluded without reservation by an independent auditor on November 29, 2023[49] - The financial report is prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with relevant regulations[63] - The group has not adopted any new or revised Hong Kong Financial Reporting Standards that would significantly impact the financial statements for the six months ended September 30, 2024[91] - The board believes that the adoption of new and revised Hong Kong Financial Reporting Standards will not have a significant impact on the group's consolidated financial statements[86] - The group’s accounting policies and methods used in preparing the interim condensed consolidated financial statements are consistent with those used in the annual financial statements for 2024[85] Employee and Operational Costs - The company incurred total employee benefits expenses of HKD 29,242,000 for the six months ended September 30, 2024, an increase from HKD 22,253,000 in the same period of 2023[108] - The company purchased property, plant, and equipment amounting to approximately HKD 5,871,000 for the six months ended September 30, 2024, significantly up from HKD 85,000 for the same period in 2023[173] - The company reported no impairment losses for the six months ended September 30, 2024[176] Fair Value and Investments - The fair value of financial assets measured at fair value through profit or loss increased to HKD 218,484,000 as of September 30, 2024, compared to HKD 152,653,000 as of March 31, 2024[33] - The fair value of financial assets measured at fair value through profit or loss includes listed equity securities valued at HKD 8,514,000 and unlisted equity investments valued at HKD 142,740,000 as of September 30, 2024[183] - The company recorded a net fair value gain of HKD 29,348,000 for financial assets measured at fair value through profit or loss for the six months ended September 30, 2024, compared to HKD 5,543,000 in the same period of 2023[107]

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 83,048,000, a decrease of 18% compared to HKD 101,260,000 for the same period in 2023[3] - Gross profit increased to HKD 62,259,000, up 22.5% from HKD 50,865,000 year-on-year[3] - Operating profit rose significantly to HKD 30,465,000, compared to HKD 10,825,000 in the previous year, marking an increase of 181%[3] - Net profit for the period was HKD 7,749,000, representing a 11% increase from HKD 6,983,000 in the same period last year[3] - Total comprehensive income attributable to owners of the company was HKD 7,879,000, up from HKD 6,790,000 year-on-year[5] - The basic and diluted earnings per share for the period were both HKD 0.52, compared to HKD 0.49 in the previous year[5] - The company reported a total of HKD 146,078,000 (unaudited) in receivables and interest, net of expected credit loss provisions, as of September 30, 2024, compared to HKD 132,068,000 (audited) as of March 31, 2024[66] - The company reported a profit of approximately HKD 7.7 million for the reporting period, representing a 10.0% increase from HKD 7.0 million for the same period in 2023[96] - The group recorded a net profit of approximately HKD 7.7 million, an increase of about 10.0% compared to HKD 7.0 million for the six months ended September 30, 2023[121] Assets and Liabilities - Non-current assets increased to HKD 586,103,000 as of September 30, 2024, compared to HKD 478,442,000 as of March 31, 2024[7] - Current liabilities decreased to HKD 265,014,000 from HKD 342,354,000, indicating improved liquidity[7] - The company's total equity increased to HKD 724,799,000 from HKD 520,965,000, reflecting a strong financial position[9] - The company's total trade receivables of HKD 156,347,000 as of September 30, 2024, down from HKD 170,602,000 as of March 31, 2024, indicating a decrease of approximately 8.3%[57] - The company's financial assets at fair value through profit or loss increased to HKD 218,484,000 as of September 30, 2024, compared to HKD 152,653,000 as of March 31, 2024, reflecting a growth of approximately 43%[52] - The company has pledged securities with a market value of approximately HKD 458,804,000 as collateral for margin clients as of September 30, 2024, down from HKD 505,788,000 as of March 31, 2024[57] - The group's current assets net value as of September 30, 2024, was approximately HKD 228.8 million, down from HKD 255.6 million as of March 31, 2024[123] - The group's debt-to-equity ratio decreased from approximately 58.9% as of March 31, 2024, to about 29.0% as of September 30, 2024, primarily due to net debt repayment[128] Revenue Breakdown - Revenue from licensed financial services was HKD 44,017 thousand, down 40% from HKD 72,861 thousand year-on-year[32] - Revenue from financial advisory and investment management services was HKD 32,340 thousand, a decline of 50% compared to HKD 64,888 thousand in the previous year[32] - Revenue from family office services was approximately HKD 20.5 million during the reporting period[109] - The lending services segment reported revenue of approximately HKD 6.0 million, down from HKD 8.3 million for the same period in 2023, while segment profit increased to HKD 3.5 million from HKD 2.6 million[104] - The apparel business segment reported revenue of approximately HKD 1.8 million, down from HKD 2.6 million for the same period in 2023, with a segment loss of HKD 1.7 million[105] - The company’s margin from its licensed financial services decreased from approximately HKD 78.4 million to about HKD 48.5 million due to macroeconomic reversals and geopolitical uncertainties[101] Expenses - The company’s total expenses for the six months ended September 30, 2024, were HKD 83,465 thousand, down from HKD 104,038 thousand in the same period last year[35] - Employee benefits expenses increased to HKD 29,242 thousand, up 31% from HKD 22,253 thousand year-on-year[37] - Financial costs increased by approximately 283.6% to about HKD 23.4 million, up from HKD 6.1 million for the six months ended September 30, 2023[119] - General and administrative expenses increased by approximately 28.5% to about HKD 63.1 million, compared to HKD 49.1 million for the six months ended September 30, 2023[118] Strategic Initiatives - The company continues to focus on expanding its financial services and investment management offerings, targeting high-net-worth families and corporate clients[11] - The group completed the acquisition of the remaining 55% stake in Derlin Family Office (Hong Kong) on November 28, 2023, which provides family office services to ultra-high-net-worth families[25] - The company plans to continue expanding its licensed financial services despite challenges from international conflicts and market events[96] - The company aims to expand its capital market activities and investor base through Derlin Securities, which will continue to serve its growing corporate client base[147] - The Derlin Digital Family Office will develop additional asset management products to cater to an expanding investor group[147] Shareholder Information - The company did not recommend an interim dividend for the six months ended September 30, 2024, and 2023[44] - The board does not recommend an interim dividend for the six months ending September 30, 2024, consistent with no dividend for the same period in 2023[162] - The company successfully placed 64,370,000 shares at a price of HKD 3.50 per share, raising approximately HKD 225.2 million net of expenses[93] - The board has decided to reallocate approximately HKD 5 million of the unutilized net proceeds from the placement for investment opportunities[175] Risk Management and Governance - The audit committee, established on September 22, 2015, oversees the financial reporting system and risk management[178] - The audit committee consists of three independent non-executive directors, ensuring no conflicts of interest with previous auditors[180] - The financial statements for the reporting period were reviewed by the audit committee and prepared in accordance with Hong Kong Accounting Standards[180]

Financial Performance - The company achieved a turnaround with total revenue exceeding HKD 200 million and net profit reaching HKD 99.9 million for the 2023/2024 fiscal year[18]. - The group recorded a revenue increase of approximately 5.9%, from about HKD 191.1 million for the year ended March 31, 2023, to approximately HKD 202.4 million for the year ended March 31, 2024[23]. - Gross profit rose by approximately 27.1%, from about HKD 102.6 million to approximately HKD 130.5 million during the same period[23]. - The company reported a net profit of HKD 99,903,000 for the year ending March 31, 2024, compared to a loss of HKD 49,177,000 in the previous year[183]. - The company’s total comprehensive income for the year was HKD 99,772,000, compared to a total comprehensive loss of HKD 49,466,000 in the previous year[179]. - Basic earnings per share for the year was HKD 7.17, a recovery from a loss per share of HKD 3.52 in 2023[179]. Dividends and Shareholder Returns - A dividend of HKD 30.06 million will be distributed, marking three consecutive years of dividends and an approximate 80% increase in market value over three years[18]. - The company proposed a final cash dividend of HKD 1.98 per share, totaling approximately HKD 30,063,000, to be paid on or around October 9, 2024, pending shareholder approval[114]. Business Strategy and Expansion - The company aims to build the largest asset management platform in the Asia-Pacific region centered on global asset allocation[18]. - The company has strategically positioned itself in key financial centers, including the United States, Singapore, and Tokyo, with future plans for expansion into Europe, Dubai, New York, and the Cayman Islands[19]. - The group plans to continue expanding its financial services segment, aiming to become a leading asset management and financial services platform focused on family offices in the Asia-Pacific region[35]. - The group is committed to leveraging advanced mathematical calculations and models to enhance investment decision-making processes[21]. Asset Management and Financial Services - The company has accumulated approximately USD 3 billion in assets under management, demonstrating the stability and robustness of its family office services[20]. - The financial services segment generated revenue of approximately HKD 151.0 million, an increase from about HKD 136.9 million in the previous year[25]. - The investment management services generated service fees of approximately HKD 58.1 million, up from about HKD 18.7 million in the previous year[24]. - The insurance brokerage services generated service fees of approximately HKD 14.31 million, compared to about HKD 7.5 million in the previous year[25]. Challenges and Risks - The group anticipates ongoing challenges in the overall business environment due to global economic uncertainties and high interest rates[35]. - The expected credit loss provision for receivables and interest increased to approximately HKD 7.2 million from HKD 2.3 million in the previous year, reflecting a rise in anticipated credit losses[28]. - The company faces various financial risks, including market risks (foreign exchange, cash flow interest rate, and price risks), credit risks, and liquidity risks[115]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and regularly reviews its practices to ensure compliance[79]. - The board of directors includes experienced individuals, ensuring a balanced power structure and effective decision-making[79]. - The company has adopted a code of conduct for securities trading by directors, confirming compliance with the standards set forth in the listing rules[80]. - The company has established internal control systems to provide reasonable assurance against material misstatements in financial reporting[102]. Employee and Management Structure - The management team includes experienced executives with over 20 years in global finance, enhancing the company's strategic direction[67][68][69]. - The group employed a total of 66 and 85 full-time employees as of March 31, 2023, and 2024, respectively, with total employee benefit expenses of approximately HKD 58.7 million and HKD 54.7 million for the respective years[61]. - The company has a diverse board composition, including independent directors with significant industry experience[78]. Acquisitions and Investments - The group acquired the remaining 55% equity of Delin Family Office (Hong Kong) to further expand its financial services business[23]. - The acquisition of Delin Family Office (Hong Kong) Limited resulted in the recognition of intangible assets valued at HKD 86,997,000 and goodwill of HKD 207,033,000[172]. - The company completed the acquisition of approximately 45.0% of the issued share capital of Derlin Family Office Hong Kong on January 17, 2023, and subsequently agreed to acquire an additional 55.0% for HKD 220.0 million[55]. Financial Position and Liquidity - As of March 31, 2024, the group's net current assets amounted to approximately HKD 255.6 million, an increase from HKD 240.4 million as of March 31, 2023[48]. - The current ratio improved to approximately 1.75 as of March 31, 2024, compared to about 1.58 as of March 31, 2023[48]. - The group’s debt-to-equity ratio rose from approximately 40.0% as of March 31, 2023, to about 58.9% as of March 31, 2024[49]. Environmental and Social Responsibility - The group actively seeks to minimize its environmental impact through energy-saving and resource recycling initiatives[63]. - The company emphasizes the importance of workforce diversity and aims to increase the proportion of female employees when suitable candidates are identified[100]. Shareholder Communication - The company emphasizes the importance of active communication with shareholders and has established multiple channels for transparency, including annual reports and announcements on its website[110]. - Shareholders can request a special general meeting if they hold at least 10% of the voting rights, and the meeting must be held within two months of the request[107].

Financial Performance - The total revenue for the year ended March 31, 2024, was HKD 202,353,000, representing a 5.8% increase from HKD 191,116,000 in the previous year[2]. - Gross profit increased to HKD 130,457,000, up 27.1% from HKD 102,640,000 year-on-year[2]. - The net profit for the year was HKD 99,903,000, compared to a loss of HKD 49,177,000 in the previous year, indicating a significant turnaround[3]. - The company reported a significant increase in other income to HKD 99,343,000, compared to a loss of HKD 37,669,000 in the previous year[2]. - The earnings per share (EPS) for the year was HKD 7.17, compared to a loss per share of HKD 3.52 in the previous year[3]. - Reportable segment profit was HKD 47,647,000, compared to a loss of HKD 43,759,000 in the previous year, indicating a significant turnaround[16][17]. - The company reported a net fair value gain of HKD 8,118,000 from financial assets measured at fair value through profit or loss[16]. - The company reported a profit attributable to shareholders of HKD 99,903,000 for 2024, compared to a loss of HKD 49,177,000 in 2023, marking a significant turnaround[35]. Assets and Liabilities - The company's total assets as of March 31, 2024, were HKD 1,076,432,000, an increase from HKD 894,686,000 in the previous year[4]. - The net asset value increased to HKD 520,965,000 from HKD 435,748,000, reflecting a growth of 19.5%[5]. - The total liabilities decreased to HKD 342,354,000 from HKD 417,548,000, showing improved financial stability[4]. - The company’s cash and cash equivalents decreased to HKD 39,842,000 from HKD 83,504,000, indicating a reduction in liquidity[4]. Revenue Streams - Revenue from licensed financial services reached HKD 140,574,000, up 13.9% from HKD 123,399,000 in 2023[15]. - The family office services segment generated HKD 16,172,000 in revenue, marking its first contribution as it was acquired during the fiscal year[14]. - Revenue from clothing product sales significantly decreased to HKD 1,006,000, down 95.3% from HKD 21,616,000 in the previous year[14]. - Interest income from lending services was HKD 14,056,000, a decline of 15.5% compared to HKD 16,656,000 in 2023[14]. - The company reported a 92.5% increase in revenue from insurance brokerage services, reaching HKD 14,318,000 compared to HKD 7,486,000 in the previous year[15]. - The enterprise solutions service segment generated HKD 16,342,000, a slight increase from HKD 15,280,000 in 2023[14]. Acquisitions and Investments - The company acquired 55% of Derlin Family Office Hong Kong for HKD 220,000,000, completing the acquisition on November 28, 2023, making it a wholly-owned subsidiary[61]. - The goodwill generated from the acquisition of Derlin Family Office Hong Kong is approximately HKD 207,033,000, which includes expected synergies and future market development benefits[62]. - The company acquired 100% of Derlin Anrui for HKD 15,500,000, completed on October 18, 2022, expanding into the insurance brokerage business[66]. - The company completed the acquisition of a 27.06% stake in Carmel Reserve LLC for $5,000,000, valuing the company at approximately $35,000,000 post-transaction[100]. Financial Strategy and Future Plans - The company plans to continue expanding its financial services and product offerings to enhance market presence and profitability[6]. - The company plans to continue expanding its family office services and enhance its investment management offerings in the upcoming fiscal year[14]. - The company plans to focus on market expansion and new product development to drive future growth[16]. - The group plans to continue expanding its financial services segment, which is a major contributor to gross profit, aiming to become a leading asset management and financial services platform focused on family offices in the Asia-Pacific region[81]. - The group aims to develop new asset management products to cater to an expanding investor base, moving beyond ultra-high-net-worth families to a broader range of investors[82]. Credit and Risk Management - The company has a credit risk assessment process that categorizes loans into three stages based on credit risk changes since initial recognition[50]. - The expected credit loss provision for loans increased to HKD 7,630,000 in 2024 from HKD 2,136,000 in 2023, reflecting a significant rise of 257.5%[46]. - The group will regularly review and amend its credit policies to adapt to current market conditions and legal requirements[78]. - The group is actively monitoring repayment situations to ensure timely repayment of principal and interest by customers[77]. Corporate Governance and Compliance - The company has adhered to all corporate governance codes and standards throughout the year ending March 31, 2024[112]. - The company confirmed compliance with all relevant laws and regulations in Hong Kong during the reporting period[115]. - The company maintains a strong governance structure, with a commitment to high standards of corporate governance[112]. Employee and Operational Insights - The company employed a total of 85 full-time employees as of March 31, 2024, with total employee benefit expenses amounting to approximately HKD 54.7 million[106]. - The company emphasizes the importance of its employees as valuable assets and adheres strictly to labor laws while regularly reviewing employee benefits[117]. - General and administrative expenses increased to approximately HKD 111.1 million, up from HKD 96.0 million for the year ended March 31, 2023, representing a growth of approximately 15.7% due to increased consultancy, legal, and professional fees[91].

Financial Performance - Revenue for the six months ended September 30, 2023, was HKD 101,260,000, a decrease of 19.2% compared to HKD 125,189,000 for the same period in 2022[15] - Gross profit for the same period was HKD 50,865,000, down from HKD 66,068,000, reflecting a decline of 23.1%[15] - Operating profit for the six months was HKD 10,825,000, a significant recovery from an operating loss of HKD 20,254,000 in the previous year[15] - Net profit for the period was HKD 6,983,000, compared to a net loss of HKD 30,200,000 in the same period last year[15] - The company reported a net loss of HKD 3,858,000 before tax[39] - The company reported a profit attributable to shareholders of HKD 6,983,000 for the six months ended September 30, 2023, compared to a loss of HKD 30,200,000 in the same period of 2022, marking a significant turnaround[86] - The group reported a profit of approximately HKD 7.0 million for the period, a turnaround from a loss of HKD 30.2 million for the six months ended September 30, 2022, primarily due to the aforementioned fair value loss and a share of profits from associates of approximately HKD 6.1 million[186] Assets and Liabilities - Total assets as of September 30, 2023, were HKD 671,397,000, down from HKD 894,686,000 as of March 31, 2023[17] - Current liabilities decreased to HKD 184,832,000 from HKD 417,548,000, indicating improved liquidity[17] - The total reported liabilities as of September 30, 2023, amounted to HKD 243,832,000, with financial services at HKD 195,815,000 and lending services at HKD 161,124,000[45] - The company has a total equity of HKD 6,983,000, which reflects the net assets available to shareholders after accounting for liabilities[20] Cash Flow and Financial Management - Cash flow from operating activities showed a net outflow of HKD 215,138,000, compared to a net outflow of HKD 34,707,000 in the previous year, highlighting increased operational cash burn[22] - The company’s cash and cash equivalents decreased to HKD 57,585,000 from HKD 83,504,000, reflecting cash flow challenges[17] - The company reported a decrease in cash and cash equivalents, with a closing balance of HKD 107,994,000, down from HKD 190,618,000 in the previous year[22] - The company issued short-term bank loans amounting to HKD 41,000,000, indicating a strategy to bolster liquidity amid financial challenges[22] - The company declared a final dividend of HKD 14,976,000 for the year-end 2023, which is a significant cash outflow impacting retained earnings[20] Segment Performance - Revenue from licensed financial services was HKD 72,861,000, down 10.5% from HKD 80,994,000 year-over-year[37] - Sales from apparel products increased significantly to HKD 589,000 from HKD 16,223,000, indicating a growth of 96.4%[34] - Interest income from lending services was HKD 8,324,000, slightly up from HKD 8,259,000, reflecting a growth of 0.8%[34] - The financial services segment generated HKD 78,357,000 from external customers, while the lending services segment contributed HKD 8,324,000[39] - The apparel product sales segment is focused on providing supply chain management solutions, indicating a strategic emphasis on operational efficiency[32] Stock Options and Employee Compensation - The company granted a total of 26,600,000 stock options on March 24, 2023, with an exercise price of HKD 2.70 per share[54] - The total number of stock options granted to employees was 36,000,000, with 22,100,000 options still unexercised as of September 30, 2023[65] - The total remuneration for key management personnel for the six months ended September 30, 2023, was HKD 8,474,000, an increase from HKD 7,573,000 for the same period in 2022[150] Credit Risk and Receivables - The group conducts a series of credit assessments before granting loans, including identity checks and financial evaluations[161] - The aging analysis of outstanding loans shows that HKD 27 million is within 1 month, HKD 111.984 million is between 1 to 6 months, HKD 21.2 million is between 7 to 9 months, and HKD 23.911 million is between 10 to 12 months[172] - The expected credit loss for loans and interest as of September 30, 2023, is estimated at approximately HKD 6.292 million, with provisions of HKD 5.938 million for loans and HKD 354,000 for interest[174] - The group maintains strict control over overdue balances, with all receivables as of September 30, 2023, being current and not overdue[125] Future Plans and Strategic Focus - The company plans to focus on market expansion and new product development to drive future growth[15] - The group aims to increase assets under management (AUM) in the family office segment from approximately $2.3 billion to about $4 billion by the end of March 2024[200] - The group targets to achieve at least 1,000 professional investor (PI) client accounts in the DL flagship program by the end of March 2024[200] Regulatory and Compliance - The group has adopted new and revised Hong Kong Financial Reporting Standards effective from April 1, 2023, with no significant impact on the financial performance and position for the six months ended September 30, 2023[28] - The group has not early adopted any new standards that have been issued but are not yet effective, indicating a cautious approach to regulatory changes[30]

Financial Performance - Revenue for the six months ended September 30, 2023, was HKD 101,260,000, a decrease of 19.1% from HKD 125,189,000 in the same period of 2022[2] - Gross profit for the same period was HKD 50,865,000, down from HKD 66,068,000, reflecting a decline of 23.0%[2] - The net profit for the six months ended September 30, 2023, was HKD 6,983,000, compared to a net loss of HKD 30,200,000 in the previous year[3] - Basic and diluted earnings per share for the period were HKD 0.50, recovering from a loss of HKD 2.15 per share in the prior year[3] - The company reported a significant increase in share of profits from an associate, amounting to HKD 6,146,000, compared to no contribution in the previous year[2] - Other income for the period was HKD 7,457,000, a recovery from a loss of HKD 41,862,000 in the same period last year[2] - The company reported a profit attributable to shareholders of HKD 6,983,000 for the six months ended September 30, 2023, compared to a loss of HKD 30,200,000 in the same period of 2022[33] - The net profit for the period was approximately HKD 7.0 million, a turnaround from a net loss of HKD 30.2 million for the six months ended September 30, 2022, primarily due to the recognition of profits from associated companies[76] Assets and Liabilities - Total assets as of September 30, 2023, were HKD 446,960,000, down from HKD 657,928,000 as of March 31, 2023[4] - Current liabilities decreased to HKD 184,832,000 from HKD 417,548,000, indicating improved liquidity[4] - The company’s non-current assets decreased to HKD 224,437,000 from HKD 236,758,000, primarily due to a reduction in property, plant, and equipment[4] - The total assets reported as of September 30, 2023, were HKD 671,397,000, with total liabilities of HKD 243,832,000, reflecting a healthy asset-to-liability ratio[19] - As of September 30, 2023, total receivables amounted to HKD 187,490,000, an increase from HKD 183,248,000 as of March 31, 2023[47] - The company reported a total of HKD 184,095,000 in receivables as of September 30, 2023, with a provision for expected credit losses of HKD 5,938,000[43] Revenue Segments - The group reported revenue from licensed financial services of HKD 72,861 thousand for the six months ended September 30, 2023, a decrease of 10.5% compared to HKD 80,994 thousand for the same period in 2022[15] - Revenue from clothing product sales was HKD 589 thousand, significantly down from HKD 16,223 thousand in the previous year, indicating a decline of 96.4%[15] - The group generated interest income from lending services amounting to HKD 8,324 thousand, slightly up from HKD 8,259 thousand year-on-year, reflecting a growth of 0.8%[15] - The group’s revenue from financial advisory and investment management services was HKD 64,888 thousand, down from HKD 77,606 thousand, representing a decline of 16.4%[16] - The apparel business segment revenue was approximately HKD 2.6 million, a decrease from HKD 16.2 million for the six months ended September 30, 2022, reflecting ongoing challenges in the global business environment and intense competition[67] Expenses and Costs - The company reported a total of HKD 104,038,000 in total sales/service costs and expenses for the six months ended September 30, 2023, slightly up from HKD 103,581,000 in the previous year[23] - Employee benefits expenses increased to HKD 22,253,000 for the six months ended September 30, 2023, compared to HKD 20,680,000 in the same period of 2022[24] - General and administrative expenses increased by approximately 22.1% to about HKD 49.1 million, compared to HKD 40.2 million for the six months ended September 30, 2022, driven by higher employee benefits and consulting fees[74] - Financial costs increased by approximately 18.8% to about HKD 6.1 million, up from HKD 5.1 million for the six months ended September 30, 2022, due to increased interest expenses on bank borrowings and bonds[75] Credit and Receivables Management - The expected credit loss provisions for trade and other receivables amounted to HKD (40,000), showing a slight improvement from HKD (1,341,000) in the previous period[17][18] - The expected credit loss provision for trade receivables was HKD 40,000, significantly lower than HKD 1,341,000 in the prior period[23] - The expected credit loss provision for trade receivables increased to HKD 1,774,000 as of September 30, 2023, compared to HKD 1,734,000 as of March 31, 2023[41] - The company maintained strict control over overdue balances, with all receivables and interest not overdue as of September 30, 2023[42] Strategic Initiatives and Future Plans - The company continues to focus on expanding its financial services and supply chain management solutions, aiming for market growth despite recent performance challenges[6] - The company plans to continue focusing on market expansion and new product development to drive future growth, although specific figures were not disclosed in the call[17] - The company aims to achieve at least 1,000 professional investor accounts by the end of March 2024[89] - The establishment of the DL New Economy Research Institute aims to enhance internal research capabilities and provide macroeconomic trends and industry analysis services[90] - The group plans to complete the first phase of the Carmel project by the end of March 2024 and is actively seeking real estate investment opportunities in Hong Kong, Singapore, Japan, and the United States[91] Corporate Governance and Compliance - The Audit Committee was established on September 22, 2015, and is responsible for recommending the appointment and removal of external auditors, reviewing financial statements, and overseeing the financial reporting system, risk management, and internal control systems[104] - The Audit Committee consists of three independent non-executive directors, ensuring no members are current or former employees of the company's auditors[104] - The unaudited condensed consolidated financial statements for the reporting period were reviewed by the Audit Committee, adhering to Hong Kong Accounting Standards[104]

Financial Performance - The group recorded revenue of approximately HKD 191.1 million for the year ended March 31, 2023, a decrease of about 38.2% compared to the previous year[6]. - The net loss attributable to the owners of the company was approximately HKD 49.5 million, compared to a net profit of HKD 109.8 million for the year ended March 31, 2022[6]. - The decrease in revenue was primarily due to a reduction of approximately HKD 108.1 million in the apparel business and a slight decrease of about HKD 4.5 million in the financial services business[6]. - The company reported a revenue decrease of approximately 38.2% to about HKD 191.1 million for the reporting period, down from HKD 309.1 million in 2022[14]. - Gross profit decreased by approximately 40.6% to about HKD 102.6 million, compared to HKD 172.7 million in 2022[14]. - The company reported an operating loss of HKD 33,361,000, a significant decline from an operating profit of HKD 129,343,000 in 2022[155]. - Net loss for the year was HKD 49,177,000, compared to a profit of HKD 109,775,000 in the prior year, marking a turnaround of 144.8%[155]. - Basic and diluted loss per share was HKD 3.52, compared to earnings of HKD 7.80 in 2022, reflecting a substantial decrease[155]. Business Expansion and Strategy - The group acquired a 45% stake in DL Family Office (Hong Kong) and 100% of DL Anrui Wealth Management Limited to further expand its financial services business[6]. - The group aims to become a leading asset management and financial services platform, focusing on family offices in the Asia-Pacific region[7]. - The group plans to expand its service offerings from ultra-high-net-worth families to a broader base of high-net-worth clients, aiming to significantly increase its asset management scale[7]. - The company aims to expand its asset management scale from USD 2.3 billion to USD 4 billion in the next fiscal year[12]. - The company plans to develop standardized investment plans for high-net-worth families and professional investors, targeting at least 1,000 professional investor accounts by the end of the next fiscal year[12]. - The company has signed a strategic cooperation agreement with Dongwu Securities to enhance cross-border investment and wealth management services[13]. - The company is focusing on the high-end wealth management market in China, which has a demand of RMB 268 trillion[12]. Market Conditions and Challenges - Despite challenges in the apparel sector due to COVID-19 and global economic uncertainties, the group adopted a conservative strategy to mitigate risks[7]. - The management anticipates that 2023 will remain a challenging year but also holds potential opportunities for growth in the wealth management sector[7]. - The economic environment in China is showing signs of recovery, with many asset prices currently low, presenting investment opportunities[11]. - The family office sector is experiencing increased demand as entrepreneurs recognize the importance of wealth management during economic downturns[9]. Financial Services and Products - The revenue from the financial services segment was approximately HKD 136.9 million, slightly down from HKD 141.4 million in 2022, while segment profit decreased to approximately HKD 22.6 million from HKD 73.0 million, reflecting a decline of about 69.0%[17]. - The lending services segment generated revenue of approximately HKD 16.7 million, an increase from HKD 15.0 million in 2022, while segment profit was approximately HKD 12.0 million, down from HKD 12.8 million, a decrease of about 6.3%[17]. - The company has developed a flagship investment product that aims to provide stable returns at a lower threshold than private banking[11]. - The new flagship product is designed to be standardized, transparent, and aligned with client interests, allowing real-time monitoring[11]. - The company is expanding into the wealth management sector, focusing on high-net-worth families facing challenges in wealth preservation[10]. Asset Management and Client Base - The total assets managed by the family office have reached $2.3 billion[10]. - There are 2.06 million high-net-worth families in China, with 1.1 million families having investable assets of at least 10 million yuan[10]. - The company has identified significant growth potential by extending its investment management services to a broader high-net-worth demographic[10]. - The family office business model is stable but has limited scalability due to the high demands on personnel expertise and client trust[10]. Corporate Governance - The company has adhered to all provisions of the corporate governance code during the fiscal year ending March 31, 2023[64]. - The board composition includes a mix of executive and independent directors, promoting effective oversight and accountability[63]. - The company is committed to maintaining high standards of corporate governance and protecting shareholder interests[64]. - The company has received annual confirmations of independence from all independent non-executive directors as per listing rules[67]. Risk Management - The group has implemented credit policies to mitigate identified risks, including requiring collateral from borrowers and conducting ongoing credit assessments[146]. - The group’s credit risk management includes monitoring risk concentration by asset class, counterparty, credit rating, and geographical location[146]. - The expected credit loss assessment for trade receivables involves significant management judgment and estimates, considering historical credit loss experience, current market conditions, and forward-looking estimates[145]. Shareholder Communication and Dividends - The company has established multiple communication channels with shareholders, including annual and interim reports, announcements, and its website[94]. - The company reported a final dividend of HKD 0.0103 per share, totaling approximately HKD 15.0 million, subject to shareholder approval on September 8, 2023[97]. - The company’s dividend policy, effective from January 1, 2019, considers financial performance, cash flow, and regulatory constraints before declaring dividends[95]. Acquisitions and Investments - The company completed the acquisition of 45.0% of DL Global Holdings for HKD 63.0 million and 100% of DL Anrui for HKD 15.5 million in 2022[43]. - The acquisition of DL Anrui and DL Family Office Hong Kong was completed on October 18, 2022, and January 17, 2023, respectively, making DL Anrui a wholly-owned subsidiary[44]. - The acquisitions aim to expand the company's business into the insurance brokerage sector and enhance its revenue sources through potential dividend income from DL Family Office (Hong Kong)[136]. Financial Position and Assets - Total assets decreased from HKD 679,742,000 in 2022 to HKD 657,928,000 in 2023, a decline of approximately 3.0%[156]. - The company's cash and cash equivalents decreased from HKD 154,636,000 in 2022 to HKD 83,504,000 in 2023, a drop of about 46.0%[156]. - The total equity decreased from HKD 526,161,000 in 2022 to HKD 435,748,000 in 2023, a decline of about 17.2%[158].

Financial Performance - Total revenue for the year ended March 31, 2023, was HKD 191,116,000, a decrease of 38.1% from HKD 309,065,000 in 2022[2]. - Gross profit for the year was HKD 102,640,000, down 40.5% from HKD 172,720,000 in the previous year[2]. - The net loss for the year was HKD 49,177,000, compared to a profit of HKD 109,775,000 in 2022, representing a significant decline[3]. - Operating loss for the year was HKD 33,361,000, a decrease from an operating profit of HKD 129,343,000 in the prior year[2]. - The company reported a total comprehensive loss of HKD 49,466,000 for the year, which includes a loss of HKD 49,177,000 attributable to shareholders[7]. - The group recorded revenue of approximately HKD 191.1 million during the reporting period, a decrease of about 38.2% compared to HKD 309.1 million for the year ended March 31, 2022[90]. - The group’s total comprehensive income attributable to owners was approximately HKD 49.5 million, down from HKD 109.8 million in 2022[76]. Assets and Liabilities - Total assets as of March 31, 2023, were HKD 657,928,000, slightly down from HKD 679,742,000 in 2022[4]. - Current liabilities increased to HKD 417,548,000 from HKD 304,809,000, indicating a rise of 36.9%[4]. - The company's equity decreased to HKD 435,748,000 from HKD 526,161,000, reflecting a drop of 17.2%[5]. - The total amount of trade receivables, net of provisions, was HKD 134,318,000 in 2023 compared to HKD 211,825,000 in 2022, a decrease of 37%[43]. - The company had bank borrowings of HKD 50,000,000 as of March 31, 2023, with an average interest rate of 4.35%, compared to 2.74% in 2022[61]. - The group’s debt-to-equity ratio increased from approximately 39.5% as of March 31, 2022, to approximately 40.0% as of March 31, 2023, indicating a slight rise in leverage[102]. Revenue Breakdown - The group's revenue from licensed financial services decreased to HKD 123,399 thousand in 2023 from HKD 131,467 thousand in 2022, representing a decline of approximately 6.5%[16]. - Revenue from clothing product sales significantly dropped to HKD 21,616 thousand in 2023 from HKD 130,381 thousand in 2022, indicating a decline of about 83.4%[16]. - The group generated HKD 110,091 thousand from financial advisory and investment management services in 2023, down from HKD 122,918 thousand in 2022, a decrease of approximately 10.4%[16]. - Revenue from licensed financial services in Hong Kong increased to HKD 119,383,000 in 2023, up from HKD 99,435,000 in 2022, representing a growth of 20.1%[19]. - Revenue from lending services in Hong Kong rose to HKD 16,656,000 in 2023, compared to HKD 15,042,000 in 2022, marking an increase of 10.8%[19]. Expenses and Costs - Total expenses for the year 2023 amounted to 188,005 thousand HKD, a decrease of 13.9% compared to 218,352 thousand HKD in 2022[27]. - Employee benefits expenses increased to 58,657 thousand HKD in 2023 from 41,797 thousand HKD in 2022, representing a rise of 40.2%[28]. - Total financial costs rose from HKD 8.9 million to HKD 11.1 million, attributed to increased debt financing[97]. - General and administrative expenses increased by approximately 22.3%, from HKD 78.5 million to HKD 96.0 million, primarily due to stock option expenses[96]. Shareholder Information - The company paid dividends totaling HKD 19,271,000 during the year[7]. - Proposed final dividend for 2023 is 1.03 HKD per share, totaling approximately 14,976 thousand HKD, compared to 1.40 HKD per share and 20,022 thousand HKD in 2022[34]. - The company reported a basic loss per share for the year, calculated based on the weighted average number of ordinary shares issued[36]. - Basic loss per share for 2023 was HKD (3.52), down from HKD 7.80 in 2022, indicating a negative performance shift[37]. Acquisitions and Investments - The company acquired 100% of Delin Anrui Wealth Management Limited for HKD 15,500,000 on October 18, 2022, enhancing its insurance brokerage services[67]. - The acquisition of Delin Anrui is expected to generate approximately HKD 7,486,000 in revenue and HKD 1,123,000 in profit for the fiscal year ending March 31, 2023[71]. - The group completed the acquisition of 8,195,441 shares of DL Global Holdings for HKD 63.0 million, representing 45.0% of the total issued share capital[112]. Credit and Risk Management - The expected credit loss provisions for trade and other receivables amounted to HKD 1,068,000, compared to HKD 270,000 in the previous year, reflecting an increase in credit risk[17][18]. - The company actively reviews and updates its credit policies to adapt to current market conditions and regulatory requirements[82]. - The company emphasizes regular monitoring of repayment situations to ensure timely repayment of principal and interest by customers[82]. Corporate Governance and Compliance - The audit committee, established on September 22, 2015, is responsible for overseeing financial reporting, risk management, and internal controls[133]. - The consolidated financial statements for the year ended March 31, 2023, have been audited and are consistent with the amounts reported by the auditors[134]. - The company has complied with all relevant environmental, health, safety, and employment laws and regulations during the reporting period[128].

Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 125,189 thousand, a decrease of 20% compared to HKD 156,583 thousand for the same period in 2021[16] - Gross profit for the same period was HKD 66,068 thousand, down 25.7% from HKD 88,919 thousand in the previous year[16] - Operating loss for the six months was HKD 20,254 thousand, compared to an operating profit of HKD 57,485 thousand in the prior year[16] - Net loss for the period was HKD 30,200 thousand, a significant decline from a profit of HKD 51,589 thousand in the same period last year[16] - The company reported a basic loss per share of HKD 2.15, compared to earnings of HKD 3.66 per share in the previous year[16] - The company reported a total segment profit of HKD 23,115,000 for the six months, compared to a loss in the previous year, indicating a significant improvement in profitability[47] - The company incurred a loss before tax of HKD 25,371,000, which reflects a deterioration compared to the previous year[47] - The company recorded a net other loss of approximately HKD 41.9 million during the reporting period, compared to a net other income of approximately HKD 10.4 million for the six months ended September 30, 2021, representing a significant decline due to fair value losses on financial assets[179] Assets and Liabilities - Total assets as of September 30, 2022, were HKD 607,122 thousand, down from HKD 679,742 thousand as of March 31, 2022[17] - Current liabilities totaled HKD 288,905 thousand, a decrease from HKD 304,809 thousand as of March 31, 2022[17] - Cash and cash equivalents (general) were HKD 87,080 thousand, down from HKD 154,636 thousand as of March 31, 2022[17] - Non-current assets decreased to HKD 188,581 thousand from HKD 235,038 thousand as of March 31, 2022[17] - Total equity as of September 30, 2022, was HKD 467,702 thousand, down from HKD 526,161 thousand as of March 31, 2022[20] - The total liabilities as of September 30, 2022, were HKD 328,001 thousand, with reportable segment liabilities at HKD 795,703 thousand[52] - The group’s total unsecured loans and interest amounted to approximately HKD 193.7 million, representing 24.3% of the total assets as of September 30, 2022[164] Cash Flow - The company reported a net cash outflow from operating activities of HKD 34,707,000 for the six months ended September 30, 2022, compared to an outflow of HKD 37,378,000 for the same period in 2021[25] - The net cash inflow from investing activities was HKD 4,687,000 for the six months ended September 30, 2022, contrasting with a net outflow of HKD 3,032,000 in the previous year[25] - The cash and cash equivalents at the end of the period were HKD 190,618,000, an increase from HKD 140,190,000 as of September 30, 2021[25] Segment Performance - Revenue from licensed financial services was HKD 80,994,000, an increase from HKD 76,836,000 in the previous year, reflecting a growth of about 5.63%[45] - The lending services segment generated revenue of HKD 8,259,000, which is consistent with the previous year's revenue of HKD 8,056,000, showing a slight increase of 2.53%[44] - The apparel business saw a significant decline in revenue, dropping approximately 76.5% from HKD 69.1 million to HKD 16.2 million, resulting in a segment loss of HKD 5.2 million[170] - The corporate solutions service segment generated revenue of approximately HKD 12.0 million, with a segment profit of about HKD 0.6 million, compared to no revenue in the previous period[171] Investments and Acquisitions - The company has paid refundable deposits of HKD 6,300,000 and HKD 1,550,000 for the acquisition of 45% equity in DL Family Office and 100% equity in Anrui Wealth Management, respectively[99] - The company acquired 100% of ONE Advisory for HKD 2,000,000 on September 9, 2021, enhancing its global identity planning and wealth succession consulting services[144] - The total consideration for the acquisition of both entities amounted to HKD 78.5 million[199] Credit and Risk Management - The expected credit loss provisions for trade and other receivables amounted to HKD 866 thousand, compared to HKD 3,558 thousand in the previous year, indicating improved credit management[54] - The expected credit loss provision for trade receivables increased to HKD 2,007,000 as of September 30, 2022, compared to HKD 1,622,000 as of March 31, 2022, reflecting a rise of 23.7%[103] - The company maintained strict control over overdue receivables, with all loans and interest receivables being current as of the reporting dates[115] Shareholder Actions - The company repurchased approximately 3,331,000 shares for about HKD 8,994,000 at an average price of HKD 2.7 per share during the six months ended September 30, 2022[22] - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2022, compared to an interim dividend of HKD 14,873,000 in the previous year[82] - The company approved a bonus share issuance on September 20, 2022, resulting in the issuance of 23,835,350 new shares on October 14, 2022[151] Financial Ratios - The group's current ratio slightly decreased from approximately 2.23 as of March 31, 2022, to approximately 2.1 as of September 30, 2022[186] - The debt-to-equity ratio improved from approximately 39.6% as of March 31, 2022, to approximately 33.9% as of September 30, 2022, primarily due to the repayment of interest-bearing debts[189]